The products given the ratings as part of a global equities regional sector review include the BT Wholesale-European Share Fund, BT Wholesale-Japanese Share Fund, Fidelity Europe Fund and Fidelity Japan Fund.
BT outsources management of its funds to MFS International (United Kingdom).
MFS uses a team-based approach to investing with all members effectively contributing equally to the process.
The Fidelity model gives the portfolio manager a high degree of latitude over the investment style and composition of the final portfolio.
But Fidelity has a significant global equities analyst team providing research.
"The two managers in the peer group use very different styles and team structure to invest and we have not judged one approach to be superior to the other," S&P fund analyst Simone Arblaster said.
"There are positives and negatives with each specific fund."
All four funds' performances may diverge considerably from their respective benchmarks given their unconstrained investment approaches and the ability to buy ex-benchmark stocks.
"Investors should not use these funds as stand-alone investments, but ideally to complement a broader, balanced portfolio," Arblaster said.
