Rating Release

Agusto & Co. hereby upgrades the rating of CardinalStone Asset Management Limited to ‘A+(IM)’.

The rating expires on 11 August 2027

Agusto & Co. hereby upgrades the rating of CardinalStone Asset Management Limited (‘CAML’ or ‘the Manager’) to ‘A+(IM)’. The rating upgrade reflects improvements in operational risk management with the establishment of distinct and adequately staffed control and audit functions as well as the introduction of a business intelligence tool that provides a dashboard view of key metrics, enabling timely identification and monitoring of operational risks. The rating also reflects good performance of CAML’s collective investment schemes, experienced and qualified decision-making committees, good quality research output and well-documented investment and risk management policies. We also view the Manager’s membership of an established financial services group positively. However, we have taken into consideration the sub-optimal board composition and the growing uncertainty in the macroenvironment which has the potential to heighten investment and business risks