Anfield

Portfolio managers at Anfield tend not to invest alongside their shareholders, detracting from the overall stewardship assessment. None of the firm’s assets are covered by an invested manager. Open-end and exchange-traded fund fees are a weakness at the firm, contributing negatively to the rating. On average, the firm charges fees on its funds that are in the second most-expensive quintile of category peers. With the current market environment of fee compression, this is cause for concern, as investors may flock to alternate asset managers over time to get a better deal. Anfield has exhibited a reliable and stable portfolio management culture over the past five years, as evidenced by lower-than-average turnover, strengthening the assessment of the firm's stewardship.