Ethna Aktiv - ¿Que pasa en M*?

¿Alguien me puede decir por qué tiene el rating en neutral?

Espero que no haya pasado nada "gordo"...si alguien sabe algo..

Un abrazo y gracias

?????? Yo lo llevo tb. Pues como hayan cambiado algo, junto con el gan prudence y el pioneer defensive 20, son 3 mixtos que me tocan xd

Parece que lleva así desde Marzo 2014, o al menos el último informe en la web de morningstar.de es de esa fecha. Traducción del alemán, http://www.morningstar.de/de/funds/snapshot/snapshot.aspx?id=F000003XJR&tab=11&reportlang=de:

Luca Pesarini and Arnoldo Valsangiacomo manage Ethna-ACTIVE E since inception. With the Prospectus 2007/08 amending its equity exposure to max was. 49% limited, in practice, is remarkably lower. Since May 2008, Guido Barthels completes the team on the bond side, which gained importance in the fund. The little formalized approach thrives on the experience and feel for the market manager. While you enjoy great freedom, but always avoiding losses at a glance. You are open to new investment opportunities, but possibly pull. Also quickly restore the ripcord. The control of the equity allocation and the allocation on the bond side had been crucial to the success of the Fund. He is more than 6 billion EUR has grown by inflows to become what it is increasingly limited to titles with a high market value / volume emission. As a result, small cap stocks have lost liquidity reasons relevance. The remaining small-cap stocks the Managers shall consider strategic positions. The Manager will be an increasing emphasis on top-down decisions, which means on equity side increased use of representative blue chips and index futures. This seems useful not only for liquidity reasons. Thus, provided the stock selection in recent years mixed results and is not to be regarded as a core competence due to the manageable teams of analysts. The equity exposure is limited, on the side bonds but are accented positions in riskier segments (eg high-yield or subordinated) possible. Thus, the Fund is not alone, but were the risk ratios more than the category average, EUR Cautious - Global '. Even the very pragmatic managed process raises the question of the repeatability of the results so far. Therefore, we believe that a further observation and appropriate first awarded the rating, Neutral '.

Alguien me puede decir como es la RF que lleva este fondo? Es que estoy interesado pero con todo lo que se dice de la RF y viendo que su calidad crediticia es media y que en cuanto a sensibilidad a los cambios de tipos de interés tambien esta en zona media pues me da un poco de reparo entrar. Lo recomendáis para una cartera conservadora? En caso de que vengan mal dadas podría aguantar? Ya digo que lo que mas me interesa para quedarme tranquilo es lo de La RF.
Un saludo, gracias.

Aquí puedes leer el informe de 2013, no entiendo como todavía no tienen colgado el informe de 2014.

http://www.ethenea.com/eo/media?id=636

Eso si, aparecen tropecientas participaciones de bonos, ahí ya es complicado saber si son buenas o no.