New Rating

TM Hearthstone UK Residential Fund - New rating

Rating downgraded

Newton Global Income - Downgraded

New Rating

Fundsmith Equity - New rating

New Rating

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

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British Empire IT - Downgraded

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F&C Real Estate Securities - New rating

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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

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Blackrock World Mining Trust - Downgraded

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Aberdeen Global Indian Equity - Downgraded

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Aberdeen Asian Income Fund - Downgraded

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Aberdeen Global Asian Smaller Companies - Downgraded

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Aberdeen Asian Smaller Companies IT - Downgraded

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Edinburgh Dragon IT - Downgraded

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Aberdeen New Dawn IT - Downgraded

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Aberdeen Asia Pacific & Japan Equity - Downgraded

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Aberdeen Asia Pacific Equity - Downgraded

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Aberdeen Global Asia Pacific Equity - Downgraded

New launch

P2P Global Investments C-share issue

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Murray International - Downgraded

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Aberdeen World Equity Income - Downgraded

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Aberdeen World Equity - Downgraded

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Artemis Global Income - Rating upgraded

New Rating

Threadneedle Dynamic Real Return - New rating

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BlackRock UK Special Situations - Rating suspended

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Templeton Emerging Markets Trust (TEM) - Downgraded

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iShares S&P SmallCap 600 UCITS ETF - New rating

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SSGA SPDR Barclays 1-5 year Gilt UCITS ETF - New rating

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Standard Life UK Smaller Companies IT - Downgraded

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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

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Artemis UK Smaller Companies - Downgraded

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Old Mutual UK Smaller Companies - Downgraded

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Franklin UK Smaller Companies - Rating upgraded

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Newton Asian Income - Downgraded

New Rating

F&C UK Property fund - New rating

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Lazard Emerging Markets - Downgraded

New Rating

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

New Rating

Fidelity UK Smaller Companies - New rating

New Rating

AXA Framlington UK Smaller Companies - New rating

New Rating

Tritax Big Box - New rating

New Rating

Woodford Patient Capital Trust - New rating

New Rating

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

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BlueCrest BlueTrend (BBTS) - Downgraded

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Artemis UK Smaller Companies - Downgraded

Mark Niznik took full responsibility of the fund in 2011, following a four-year tenure as a co-manager alongside John Dodd. The fund has underperformed its benchmark in the last three discrete years and year to date, whilst lagging the peer group over the same period. Formerly this fund had a large proportion of its assets in natural resources stocks, particularly oil companies, which included a large allocation to unquoted stocks. These exposures have since been reduced under Niznik, so the fund now appears more balanced. That said, we have more conviction in alternative smaller companies mandates that offer a cleaner track record and consequently investors may consider switching.

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 article is not a personal recommendation or advice to invest.