While long-tenured lead manager Andrew Mattock remains at the helm and provides meaningful continuity, the scale and persistence of turnover at both the strategy and firm levels have eroded confidence in the depth of research support underpinning his stock selection. Reflecting this, we downgrade the Process rating to Average from Above Average, while maintaining the People rating at Average.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable MCH’s performance objective and investment process is for both security selection and portfolio construction.
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