SquareMile analysts announce drop in ratings following Causer and Read retirement news

by | Jun 16, 2021

In view of the news today from Invesco that Paul Causer and Paul Read will retire as Co-Heads of the Henley Fixed Interest team and that their leadership responsibilities will be assumed by Michael Matthews and Thomas Moore, Square Mile’s team of analysts have made the following ratings changes.

  • Invesco Corporate Bond AAA to A
  • Invesco Sterling Bond AAA to A
  • Invesco Monthly Income Plus AA to A
  • Invesco Tactical Bond AAA to Suspended
  • Invesco Distribution AA to Suspended

Commenting on these changes, Square Mile’s research team says:

“For the Invesco Corporate Bond, Invesco Sterling Bond and Invesco Monthly Income Plus funds, the bulk of our conviction has always come from the credit selection capability of the analyst team. We are also very comfortable with Michael Matthews, who has been a named manager on both the Invesco Corporate Bond and Invesco Sterling Bond funds since 2013 and 2006 respectively.

“We feel however that the impact of Paul Causer’s departure is likely to be more heavily felt in those funds where asset allocation is more significant to the way the funds are managed. We have therefore Suspended our ratings on the Invesco Tactical Bond and Invesco Distribution funds pending review meetings with the newly announced management teams (effective January 2022).

“Finally, we would like to take the opportunity to congratulate Paul Causer and Paul Read on their excellent careers and wish them all the best in their retirements.”

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