However, an area of strength for the firm is that they've delivered strong risk-adjusted returns for shareholders, with an average three-year Morningstar Rating of 4.0 stars across its open-end and exchange-traded products. The metric measures the risk-adjusted performance of an asset manager's currently live funds. The firm tends to offer open-end and exchange-traded products at lower costs, a strength of the firm. On average, expenses for the firm's funds land in the cheapest quintile of category peers. SP Funds's longest-tenured managers do not possess comparable experience as teams at other firms, a cause for concern. Specifically, average tenure within the firm is two years. As such, there is less confidence in the group's ability to manage capital through a full market cycle effectively.
In a competitive industry, SP Funds does n't differentiate itself enough, leading to an Average Parent Pillar rating.