The research house said lower conviction led it to downgrade the Goldman Sachs Global Small Companies Fund, managed by Wellington Management Company, to three stars from four.
"Our conviction in the manager's ability to deliver strong risk-adjusted returns has decreased. Despite a good team and process, it is not translating into consistent performance," S&P fund analyst Simone Gavin said.
S&P upgraded the Dimensional Global Small Company Trust's rating to four stars from three after the manager made several enhancements to its trading capability.
