Real assets and emerging market debt funds rise to the top in FE fundinfo’s January Crown Ratings rebalance

FE fundinfo, a leading financial data company connecting the investment industry across the UK, Europe and Asia Pacific through its Nexus platform, today announced the results of its January 2026 Crown Ratings rebalance. 

The latest rebalance highlights a noticeable shift in investor sentiment, with real assets and emerging market debt (EMD) funds being used as key hedges amid a softening US dollar, rising inflation concerns and heightened geopolitical tensions across Europe and Asia. As global markets grapple with uncertainty, from trade frictions to energy market volatility, investors are increasingly seeking strategies that offer resilience and diversification.

The data also underscores the continued momentum of several high-profile fund managers who have successfully transitioned into new firms. Their ability to deliver consistent, top-tier performance underlines the robustness of their investment processes and their capacity to navigate complex, shifting market conditions with confidence.

New 5-Crown Rated Funds 

Overall, 10 newly reviewed funds gained a 5-Crown rating for the first time since the last ratings were published in July 2025, bringing the total number of 5-Crown funds to 366. BlackRock achieved the most new entrants due to its Futurewise range, alongside funds such as Man Dynamic Income, WS Guinness European Equity Income and Guinness Sustainable Energy.

Sectors and Groups 

The 2026 Crown Ratings show that investors are looking for ways to diversify in a world of a softening US dollar and ongoing global trade tensions. Real assets are standing out as a go-to hedge, with tangible, inflation-resistant investments providing a safe haven amid rising geopolitical uncertainty. Funds such as Cohen & Steers Diversified Real Assets and Brookfield Real Assets Securities have largely impressed with strong risk-adjusted returns over this period, moving from a 1-Crown rating to a 5-Crown rating.

At the same time, emerging market debt is enjoying a comeback. A weaker dollar has opened up opportunities for funds such as Muzinich Emerging Markets Short Duration and Barclays GlobalAccess Emerging Markets Debt, which have risen to 5-Crown ratings, offering investors a way to diversify away from US-centric risk.

This trend is also reflected across various sectors, with the most highly rewarded category being IA Global EM Bonds, with over 26% of its funds being recognised as 5-Crown rated. The IA Sterling Strategic Bond fund group also scored highly, with 23% of its funds achieving a 5-Crown rating. 

This rebalance demonstrates how sector trends and fund group strategies are evolving in response to global macroeconomic pressures, with increasing awards for fund managers who can deliver resilience and consistent performance in a changing landscape.

Top performing fund groups

Manager moves: Delivering consistency and quality

A notable theme in the latest rebalance is the strong performance of experienced fund managers who have successfully embedded their investment processes within new firms, delivering consistency and quality of returns. At Man Group, Jonathan Golan secured a 5-Crown rating for Man Dynamic Income, reinforcing the group’s strength in credit and adding to its existing top-rated UK and Japanese value strategies. 

Meanwhile, Will James saw the Guinness European Equity Income fund achieve a 5-Crown rating, a milestone that reflects the effectiveness of a well-executed leadership transition. Since joining Guinness Global Investors in November 2023, James has applied his long-standing European income expertise to the platform, helping the fund climb into the top 10% of its peer group.

Charles Younes, Deputy Chief Investment Officer at FE Investments, said:

“The January 2026 rebalance shows a market that’s evolving and becoming more diverse. Real assets and emerging market debt funds are climbing to the top, proving that managers can successfully navigate the challenges of a softening US dollar. Meanwhile, the strong results from managers who have relocated, like Jonathan Golan at Man Group and Will James, who joined Guinness in late 2023, show that repeatable investment processes can continue to deliver consistent performance, even when it’s applied in a new environment or platform.”

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Methodology  

FE fundinfo’s Crown Ratings are quantitative ratings ranging from one to five, designed to help investors identify funds which have displayed superior performance in terms of stockpicking, consistency and risk control. Crown Ratings are updated twice a year - in January and July - and apply across all major FE fundinfo universes, including unit trusts and OEICs, investment trusts, life funds, pension funds and offshore funds.

Each fund is assigned a Crown Score built around three core pillars: Alpha, which measures outperformance against a relevant benchmark; Volatility, which assesses risk-adjusted returns; and Consistency, which looks at how reliably a fund has delivered returns across successive quarterly periods. All calculations are made relative to an appropriate benchmark, ensuring meaningful comparisons within each asset class.

Ratings are awarded based on a percentile distribution of scores:

• Top 10%: 5 Crowns

• Next 15%: 4 Crowns

• Next 25%: 3 Crowns

• Next 25%: 2 Crowns

• Bottom 25%: 1 Crown

The Crown Fund Ratings are one of FE fundinfo’s key investment rating metrics, including Passive Fund Ratings, Alpha Manager Ratings and the FE AdviserAsset Platinum Ratings, providing a range of well-established and impartial benchmarks to empower the financial ecosystem in making informed decisions.

For more information, please visit Ratings | FE fundinfo.