The Schroders Wholesale Australian Equity Fund was elevated to five stars from four, while the BlackRock Wholesale Australian Share Fund was lowered to two stars from three.
The Schroders product now shares the highest rating along with the BT Wholesale Core Australian Share Fund in the peer group.
"We upgraded the Schroders Wholesale Australian Equity Fund to five stars based on our overall conviction in the team and the durability of the investment process," S&P fund analyst James Gunn said.
