Archived article: This article was correct at the time of publishing. Tax, investments and pension rules can change over time so the information below may not be current.

Fund downgrades from the Japanese, North American and European equity sectors

After reviewing our list of rated funds, we have decided to downgrade the star ratings of a number of funds from the Japanese, North American and European equity sectors.

Why have we downgraded these funds?

We have reviewed our list of rated funds as we are looking to focus our research on fewer investment ideas from these equity sectors. We have higher conviction in the investment ideas from our more focused list.

Each of the below funds is now rated as a one-star ‘switch’ – this is to reflect the withdrawal of future coverage. Our alternative, high-conviction ideas will benefit from our ongoing monitoring.

We have downgraded the ratings of the following funds:


  • Schroder Tokyo
  • AXA Framlington Japan
  • Legg Mason IF Japan Equity

North America

  • Cullen North American High Dividend
  • Old Mutual North American Equity


  • JO Hambro CM Continental European
  • F&C European Small Cap ex UK
  • JPM Europe Dynamic (ex-UK)

To see our top-rated funds, including funds from the above sectors, please visit here.

For more information

You can keep an eye on our fund rating changes here. If you would like to know more about these recent fund downgrades, or you have questions about your investments in general, please call on 020 7189 2400, email or request a call back.

Important information

This article does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Different funds carry varying levels of risk depending on the geographical region and industry sector in which they invest. You should make yourself aware of these specific risks prior to investing.