In explaining its decision for the upgrade, Lonsec said it had “high regard for the fund’s senior portfolio managers Darren Harvey and Christopher Joye, and places the quality of the expanded investment team towards the upper end of the spectrum”.

“The manager’s thorough understanding of the Australian market dynamics, deep research capabilities, the active allocation between credit and cash equivalents and strong performance driven culture are attractive features of this offering,” Lonsec said.

The research house added that a recommended rating indicates that it has a strong conviction the financial product can generate risk-adjusted returns in line with relevant objectives, and that the financial product “is considered an appropriate entry point to this asset class or strategy”.