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

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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

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Lazard Global Listed Infrastructure Equity - New rating

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MedicX Fund - Downgraded

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Fidelity UK Smaller Companies - Downgraded

New Rating

Henderson UK & Irish UK Smaller Companies - New Rating

Rating upgraded

Newton Global Income - Upgraded

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Alliance Trust - Downgraded

New Rating

Fidelity Global Dividend - New rating

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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

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Guinness Global Energy - New rating

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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

New Rating

Aviva Investors Multi-Strategy Target Income - New rating

This product was established following the arrival of Euan Munro at Aviva as CEO. Munro was the original architect of the popular Standard Life  Global Absolute Return Strategies (GARS) Fund model. Since moving to Aviva he has re-established the process around a new team, in part consisting of ex-GARS team members. The team draws on the Aviva group’s global investment capability and benefits from direct sponsorship from the company's CEO, which reinforces the collaboration the company aims at the product.

The fund leverages off the same investment philosophy and risk principles as its sister mandate, the Aviva Multi-Strategy Target Return Fund. However, it differs in having a specific 4% income target, whilst at the same time aiming to maintain capital values after fees. Whilst there can be some commonality in underlying strategies employed by the two mandates, the yield focus of Target Income entails different risk exposures, so investors should expect some variation in performance between the two.

The fund is awarded an initial four-star rating.