The change to recommended by Zenith is unlikely to have any impact.
The impact from Lonsec's review will naturally depend on what their new recommendation would be. IMO if Lonsec downgrades to either 'Investment Grade' or 'Redeem' then Magellan have a substantial problem.
Financial advisers and AFSL's are heavily influenced by Lonsec ratings. Inclusion of a managed fund on an APL often relies on a sufficient rating by a research house, otherwise the fund is no longer considered an approved fund. If Lonsec lowered their rating to investment grade rating then this could substantially impact flows from financial adviser.
My personal view is that Lonsec will maintain a recommended rating. The investment team remains high calibre and Chris Mackay / Nikki Thomas should help. However it's a very clear and substantial risk.
Zenith cuts ratings on Magellan global funds - AFR 10/02/2022, page-2
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