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- Aberdeen World Equity Income - Downgraded
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Newton Global Income - Downgraded
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Fundsmith Equity - New rating
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CC Japan Income & Growth Trust (CCJI) - New rating
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Legg Mason IF Japan Equity - New rating
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Old Mutual North American Equity - New rating
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AXA Framlington Japan - New rating
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T Rowe Price US Smaller Companies Equity - New rating
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City Natural Resources High Yield Trust - Rating suspended
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Vanguard FTSE Developed Europe ex-UK Equity Index - New rating
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Vanguard FTSE Developed World ex-UK Equity Index - New rating
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Vanguard FTSE UK Equity Income Index - New rating
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Vanguard UK Government Bond Index - New rating
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Vanguard UK Inflation-Linked Gilt Index - New rating
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Vanguard US Equity Index - New rating
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Fidelity Index Pacific ex Japan - New rating
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Fidelity Index Japan - New rating
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Fidelity Index Emerging Markets - New rating
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Insight Strategic Bond - New rating
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Henderson Fixed Interest Monthly Income - New rating
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Fulcrum Diversified Core Absolute Return - New rating
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JPM Multi-Asset Macro - New rating
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F&C Responsible Global Equity - New rating
Rating downgraded
Aberdeen Ethical World Equity - Downgraded
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Standard Life Investments Property Income Trust - New rating
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ETFS Physical Gold GBP - New Rating
Rating upgraded
BlackRock Gold & General - Upgraded
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JPM Emerging Markets Income - New rating
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Loomis Sayles US Equity Leaders - New Rating
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Old Mutual Global Equity - New rating
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Jo Hambro CM Global Opportunities - New rating
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Fidelity Global Enhanced Income - New rating
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Ardevora Global Long Only Equity - New rating
Rating downgraded
British Empire IT - Downgraded
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F&C Real Estate Securities - New rating
Rating downgraded
Morgan Stanley Diversified Alpha Plus - Downgraded
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Ardevora UK Income - New rating
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Old Mutual UK Equity Income - New rating
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Newton Global Emerging Markets W - New rating
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RobecoSAM Smart Materials Fund - New rating
Rating downgraded
Blackrock World Mining Trust - Downgraded
Rating downgraded
Aberdeen Global Indian Equity - Downgraded
Rating downgraded
Aberdeen Asian Income Fund - Downgraded
Rating downgraded
Aberdeen Global Asian Smaller Companies - Downgraded
Rating downgraded
Aberdeen Asian Smaller Companies IT - Downgraded
Rating downgraded
Edinburgh Dragon IT - Downgraded
Rating downgraded
Aberdeen New Dawn IT - Downgraded
Rating downgraded
Aberdeen Asia Pacific & Japan Equity - Downgraded
Rating downgraded
Aberdeen Asia Pacific Equity - Downgraded
Rating downgraded
Aberdeen Global Asia Pacific Equity - Downgraded
New launch
P2P Global Investments C-share issue
Rating downgraded
Murray International - Downgraded
Rating downgraded
Aberdeen World Equity Income - Downgraded
Rating downgraded
Aberdeen World Equity - Downgraded
Rating upgraded
Artemis Global Income - Rating upgraded
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Threadneedle Dynamic Real Return - New rating
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BlackRock UK Special Situations - Rating suspended
Rating downgraded
Templeton Emerging Markets Trust (TEM) - Downgraded
Rating downgraded
iShares S&P SmallCap 600 UCITS ETF - New rating
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SSGA SPDR Barclays 1-5 year Gilt UCITS ETF - New rating
Rating downgraded
Standard Life UK Smaller Companies IT - Downgraded
Rating downgraded
Standard Life UK Smaller Companies - Downgraded
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Schroder UK 250 Mid Cap - Downgraded
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Montanaro UK Smaller Companies - Downgraded
Rating downgraded
Artemis UK Smaller Companies - Downgraded
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Old Mutual UK Smaller Companies - Downgraded
Rating upgraded
Franklin UK Smaller Companies - Rating upgraded
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Newton Asian Income - Downgraded
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F&C UK Property fund - New rating
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Lazard Emerging Markets - Downgraded
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Fidelity Emerging Markets - New rating
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F&C European Small Cap ex UK Fund - New rating
Rating downgraded
Templeton Emerging Markets Investment Trust - Downgraded
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Fidelity UK Smaller Companies - New rating
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AXA Framlington UK Smaller Companies - New rating
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Tritax Big Box - New rating
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Woodford Patient Capital Trust - New rating
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Artemis Global Income - New rating
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Empiric Student Property - New rating
Rating downgraded
TM Sanditon European fund - New rating
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UK Commercial Property Trust - Rating suspended
Rating downgraded
BlueCrest BlueTrend (BBTS) - Downgraded
Rating downgraded
Aberdeen World Equity Income - Downgraded
Aberdeen's Global Equities Team took over this fund in 2009 implementing the same process to that of Murray International investment trust. The team is experienced and feeds off Aberdeen’s regional teams. Aberdeen Asset Management is in a process of making a number of organisational changes which saw Devan Kaloo, a former head of emerging markets’ equities, promoted to global head of equities within the group, whilst Hugh Young, the pioneer of the investment process at Aberdeen, will pursue a broader role within the group. At present, the members of the Aberdeen Global Equities Team have a combined role of portfolio manager/sector analyst. Given the recent changes in the management structure, we are looking to understand whether the process is likely to be affected.
The performance of the fund has suffered since 2010 partially due to cautious positioning and a large underweight to the US, whilst allocating more capital to Asia and emerging markets, and specifically LatAm. The portfolio remains cautiously positioned whilst the team maintains its constructive view on Asia and emerging markets, although we are yet to see whether the fund can navigate its way in the current market environment. For these reasons, we are downgrading this fund from a four-star rating to 2 stars.
Funds may carry different levels of risk depending on the industry sector(s) in which they invest. You should ensure that you understand the nature of any fund before you invest in it. Any yields quoted cannot be considered reliable indicators of future returns.