Anfield Universal Fixed Income ETF's Average Process Pillar and People Pillar ratings result in a Morningstar Medalist Rating of Neutral. Fees are a weakness here. The strategy's lofty fees are a high hurdle to clear, as it is priced within the second-highest quintile among peers.  

 The strategy earns an Average Process Pillar rating. This management team has a wealth of experience, but still gets an Average People Pillar rating. The strategy's parent organization still has a way to go to reach the industry standard, evidenced by a lack of inside investments from portfolio managers and a cohort of unseasoned portfolio managers. As a result, the firm obtains a Below Average Parent Pillar rating.

Analyst Rating

Morningstar's style-agnostic evaluation of this fund's process seeks to understand whether the strategy has a performance objective and sensible, repeatable execution. Anfield Universal Fixed Income ETF earns an Average Process Pillar rating.    The main driver of the rating is the firm's five-year retention rate of 100% over the period. The size of the portfolio management team also contributes to the process. With four portfolio managers, the fund is reasonably well-resourced. Lastly, the process is limited by the parent firm's five-year risk-adjusted success ratio of 0%. The measure indicates the percentage of a firm's funds that survived and outperformed their respective category's median Morningstar Risk-Adjusted Return for the period. The parent's subpar success ratio suggests that the firm could do better across its fund lineup.

 The investment strategy as stated in the fund's prospectus is as follows: 


The investment seeks current income.  The fund is an actively managed exchange-traded fund ("ETF") that normally invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments. The principal investments of the fund include corporate bonds, U.S. government and agency securities, master-limited partners ("MLPs") (tied to energy-related commodities), private debt, foreign sovereign bonds, convertible securities, bank loans, asset-backed securities, mortgage-backed securities, and and cash equivalent instruments.

 This strategy's 12-month yield is 6.1%, higher than its average peer's 5.3%. Typically, higher yields come at the cost of higher credit risk.

Average

Process

Anfield Universal Fixed Income ETF earns an Average People Pillar rating. The most important driver of the rating is the firm's five-year retention rate of 100%. The stability of the management team also influences the rating. Specifically, the fund has not seen a manager change in the last five years. Lastly, the rating is limited by the parent firm's five-year success ratio of 0%. The measure indicates the percentage of a firm's funds that survived and outperformed their respective category's median return for the period. The parent's subpar success ratio suggests that the firm could do better across its fund lineup.


David Young, the longest-tenured manager on the strategy, provides strong guidance, bringing forward over 25 years of listed portfolio management experience. The strategies they currently manage have an average Morningstar Rating of 2.8 stars, demonstrating disappointing risk-adjusted performance compared with category peers. The team boasts an experienced corps of listed portfolio managers, with three others supporting David Young. Together, they average 14 years of listed portfolio management experience. None of the managers here invest any money in the strategy, which is disappointing, as such investments help align managers' interests with fundholders.

People

In an increasingly competitive industry, Regents Park Funds falls behind on a number of key metrics, resulting in a Below Average Parent Pillar rating. None of the firm’s assets are covered by an invested manager. Team members’ investments are viewed as helping to encourage long-term thinking and align portfolio manager and investor interests. A notable weakness of Regents Park Funds is the inexperience of its longest-tenured managers compared with other asset managers. Managing capital through a full market cycle is a challenging prospect for seasoned managers, but with only four years of average asset-weighted tenure, there's cause for concern. The firm's stable portfolio management over the past five years, indicated by a higher-than-average retention ratio, positively impacts its rating.

Below Average

Parent

Anfield Universal Fixed Income ETF

AFIF is an actively managed, diversified global portfolio of fixed income instruments.

Anfield Capital Management launches another actively managed ETF. 

News for Anfield Universal Fixed Income ETF ETF (AFIF)