AIM Constellation ACSTGX

Morningstar Rating

Fund Research and Analysis

by Ryan Leggio

Recent portfolio moves overshadow AIM Constellation's high-quality portfolio.

This fund boasts one of the highest-quality domestic-equity portfolios in AIM's lineup--a distinction it has held for some time. By high quality, we mean that Morningstar's equity analysts think many of the companies in the fund (like Johnson & Johnson JNJ) have durable competitive advantages (what we and some others call economic moats). Read more

Kudos

Fund's new management has posted good long-term results at its other charge.

Fund holds many financially stable and still growing companies. Read more

Risks

Style purists may not like the fund's all-cap portfolio.

The fund's price tag is considerably higher than management's other charge, despite its much larger asset base. Read more

Strategy

Under current management this fund will take several more steps away from its former, momentum-leaning approach. Instead, skippers Rob Lloyd and Ryan Amerman look for profitable growers with healthy cash flows across a broad range of sectors. Read more

Management

This fund's former lead manager Lanny Sachnowitz left the fund and AIM Investments in February 2008. His lieutenants, Gabe Birdsall and Kirk Anderson, are also out of the picture. Rob Lloyd, who has served as a comanager on the team since May 2003, has stepped into the lead role. Read more

Inside Scoop

Management tries to find the best growth companies that meet its investment criteria. Valuation is only one of many factors they look at in deciding whether and where to invest. Read more

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