Rating downgraded

Legal & General Dynamic Bond – Downgraded

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Artemis Strategic Bond – Downgraded

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Fidelity Global Inflation Linked Bond – Downgraded

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Goldman Sachs High Yield Portfolio – Downgraded

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Invesco Perpetual High Yield – Downgraded

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Invesco Sterling Bond – Downgraded

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Newton International Bond – Downgraded

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PIMCO Diversified Income – Downgraded

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PIMCO Emerging Markets – Downgraded

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Royal London Duration Hedged Credit – Downgraded

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Templeton Global Bond – Downgraded

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Legg Mason IF Royce US Smaller Companies - Downgraded

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GAM Star GAMCO - Downgraded

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GAM International Growth & Value - Downgraded

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M&G Global Leaders - Downgraded

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Artemis Global Growth - Downgraded

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Aberdeen Global World Equity/Aberdeen World Equity - Downgraded

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CF Odey Opus - Downgraded

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Standard Life UK Equity High Income - Downgraded

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Artemis Capital - Downgraded

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Franklin UK Equity Income - Downgraded

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Fidelity Special Situations - Downgraded

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Jupiter UK Growth - Downgraded

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Old Mutual UK Mid Cap - Downgraded

New Rating

Aviva Investors Multi-Strategy Target Income - New rating

Rating downgraded

Man GLG Japan CoreAlpha Professional - Downgraded

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AXA Framlington UK Smaller Companies - Downgraded

Suspended

AXA Framlington UK Smaller Companies - Rating suspended

New Rating

Evenlode Income - New rating

New Rating

Lazard Global Listed Infrastructure Equity - New rating

Rating downgraded

MedicX Fund - Downgraded

Rating downgraded

Fidelity UK Smaller Companies - Downgraded

New Rating

Henderson UK & Irish UK Smaller Companies - New Rating

Rating upgraded

Newton Global Income - Upgraded

Rating downgraded

Alliance Trust - Downgraded

New Rating

Fidelity Global Dividend - New rating

Rating downgraded

Newton Asian Income - Downgraded

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Henderson European Selected Opportunities - Downgraded

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Schroder European Alpha Plus - Downgraded

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AXA distribution – Rating suspended

New Rating

Trojan Income - New rating

New launch

Jupiter Asian Income

New Rating

Jupiter Asian Income - New rating

Rating upgraded

First State Greater China Growth - Upgraded

New Rating

Guinness Global Energy - New rating

New Rating

SSGA SPDR Barclays US Treasury Bond ETF GBP - New rating

New Rating

Vanguard US Government Bond Index GBP Hedged - New rating

Rating downgraded

Jupiter Merlin Growth Portfolio - Downgraded

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Jupiter Merlin Worldwide Portfolio - Downgraded

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BlueCrest AllBlue - Downgraded

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Artemis Global Growth - Downgraded

We recently carried out a review of funds that have a Bestinvest star rating and we have downgraded a number of them to one star. Artemis Global Growth is one of them.

Artemis uses a quantitative system it calls ‘Smart GARP’ (growth at reasonable price) when managing this fund. Despite decent performance, the strategy has its limitations, particularly at times of inflexion points in markets – 2008 was a particularly trying period.

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. 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. This is not advice to invest.