Rating downgraded

Specialist First State Funds - Downgraded

New launch

Neptune launches China Max Alpha fund

New launch

Neptune Global Long/Short Sector fund

New launch

Legg Mason US Equity Income

New launch

Acuim UK Multi Cap Income Fund

New launch

JO Hambro CM Asia ex Japan

New launch

JO Hambro CM Asia ex Japan Small and Mid Cap

Rating upgraded

Legg Mason Global Credit Absolute Return - Upgraded

New launch

GAM Star Emerging Asia Equity

New launch

MFM Slater Income

Rating downgraded

Fidelity European Opportunities - Downgraded

Rating downgraded

Rensburg UK Blue Chip Growth - Downgraded

New Rating

City Natural Resources High Yield IT - New Rating

New Rating

HSBC American Index - New Rating

Suspended

Legal and General High Income Trust - Rating suspended

New Rating

Muzinich Short Duration High Yield and Enhanced Yield Funds

Rating downgraded

AXA Short Duration High Yield - Downgraded

Rating downgraded

Schroder US Mid Cap - Downgraded

Suspended

Royal London Japan Growth - Rating Suspended

New Rating

First State Indian Subcontinent - New Rating

Not rated

BlackRock European Dynamic - Upgraded

Rating downgraded

BlackRock UK Dynamic - Downgraded

New Rating

Schroder Global Property Income Maximiser - New Rating

Rating downgraded

Artemis European Growth

Rating downgraded

Invesco Perpetual European Equity - Downgraded

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GAM UK Diversified - Downgraded

Rating downgraded

Investec European - Downgraded

Rating downgraded

Rensburg UK Select Growth - Downgraded

Rating downgraded

Fidelity European - Downgraded

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Ignis European Income - Downgraded

Rating downgraded

BlackRock UK Dynamic Downgraded

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Newton Asian Income awarded 4 stars

Rating downgraded

Henderson Asian Dividend Income Downgraded to 3 stars

New Rating

Invesco Perpetual European Equity - Downgraded

Rating downgraded

iShares S&P 500 Downgraded to 3 Star Rating

Rating downgraded

Land Securities - Downgraded

New Rating

Templeton Frontier Markets - New Rating

Rating downgraded

Jupiter Financial Opportunities - Downgraded

Rating upgraded

Fidelity South East Asia - Upgraded

New Rating

IFSL Barclays Defined Returns Autocall Fund - New Rating

New Rating

M&G UK Inflation Linked Corporate Bond - New Rating

New launch

Acuim UK Multi Cap Income Fund

Run by Gervais Williams, the new managing director of MAM funds, the Acuim UK Multi Cap Income fund targets an income of 4-4.5%, payable quarterly. It will invests in companies of all sizes but will have a bias to small caps (up to 65% of the fund), making it part of a growing wave of income funds seeking opportunities away from the large companies that have traditionally dominated the sector.

Williams believes we are at the beginning of a long term trend in small cap dividend growth. The portfolio will consists of around 100 companies, roughly equally weighted, with an emphasis on what the manager describes as “good and growing income”. The fund is a mirror of the Diverse Income Trust, an investment trust which raised £50m on its listing earlier this year.

Williams was previously a star manager at Gartmore (now part of Henderson), achieving strong returns over 15 years on their UK and Irish Smaller Companies funds as well as running several investment trusts. However, his experience on income funds is limited and we would like to see him establish a track record before considering this new fund for a rating. Investors seeking a UK equity income fund with exposure to mid and small cap companies could consider Threadneedle UK Equity Income, rated 5 stars by Bestinvest, though this will have more large companies than the Acuim fund.

Target yields/returns are not guaranteed, and should not be considered an indication of future performance. Funds investing in the same geographical area may carry different levels of risk depending on the industry sector(s) and size of company in which they invest. You should ensure you understand the nature of any fund before you invest in it.

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. We aim to provide investors with information to help them make their own investment decisions although this should not be construed as advice or an investment recommendation. If you are unsure about the suitability of an investment or if you need advice on your specific requirements, we strongly suggest that you consider professional financial advice.

The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.