The fund was put on hold in late 2007, after both portfolio managers, Tom Plodr and Anthony Vordanous, left.
Peter McGann took over the responsibility for the fund. He was previously a member of Colonial's core team, specialising in large-cap research. He was joined by co-portfolio manager Dawn Kanelleas in January 2008.
S&P lifted the on-hold rating and reinstated its previous rating now the new portfolio managers have successfully run the fund for some time.
"Although their track record together is still relatively short, S&P sees encouraging signs of a robust co-portfolio manager dynamic, which has so far translated into strong performance of the fund relative to its benchmark and peers," S&P Fund Services analyst Tom Mills said.
"S&P would now hope to see a stable team managing the fund over an extended period."
