The research house kept its five-star rating on Perpetual's industrials sector strategy and upgraded Axa's industrials sector strategy, managed by Alliance Growth Equities, to four stars from three.
S&P also kept its three-star rating on Investors Mutual's industrials sector fund and Aberdeen's financial sector fund.
"S&P continues to rate Perpetual's flagship industrials strategy the highest in the peer group, reflecting our continued confidence in the team and the clearly-structured investment process," S&P fund services analyst Nathan Bode said.
"The decision to upgrade Axa's industrials sector strategy reflects S&P's increased conviction in the Alliance team's ability to add consistent risk-adjusted alpha."
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