Rating downgraded

Legal & General Dynamic Bond – Downgraded

Rating downgraded

Artemis Strategic Bond – Downgraded

Rating downgraded

Fidelity Global Inflation Linked Bond – Downgraded

Rating downgraded

Goldman Sachs High Yield Portfolio – Downgraded

Rating downgraded

Invesco Perpetual High Yield – Downgraded

Rating downgraded

Invesco Sterling Bond – Downgraded

Rating downgraded

Newton International Bond – Downgraded

Rating downgraded

PIMCO Diversified Income – Downgraded

Rating downgraded

PIMCO Emerging Markets – Downgraded

Rating downgraded

Royal London Duration Hedged Credit – Downgraded

Rating downgraded

Templeton Global Bond – Downgraded

Rating downgraded

Legg Mason IF Royce US Smaller Companies - Downgraded

Rating downgraded

GAM Star GAMCO - Downgraded

Rating downgraded

GAM International Growth & Value - Downgraded

Rating downgraded

M&G Global Leaders - Downgraded

Rating downgraded

Artemis Global Growth - Downgraded

Rating downgraded

Aberdeen Global World Equity/Aberdeen World Equity - Downgraded

Rating downgraded

CF Odey Opus - Downgraded

Rating downgraded

Standard Life UK Equity High Income - Downgraded

Rating downgraded

Artemis Capital - Downgraded

Rating downgraded

Franklin UK Equity Income - Downgraded

Rating downgraded

Fidelity Special Situations - Downgraded

Rating downgraded

Jupiter UK Growth - Downgraded

Rating downgraded

Old Mutual UK Mid Cap - Downgraded

New Rating

Aviva Investors Multi-Strategy Target Income - New rating

Rating downgraded

Man GLG Japan CoreAlpha Professional - Downgraded

Rating downgraded

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

Rating downgraded

Henderson European Selected Opportunities - Downgraded

Rating downgraded

Schroder European Alpha Plus - Downgraded

Rating downgraded

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

Rating downgraded

Jupiter Merlin Worldwide Portfolio - Downgraded

Rating downgraded

BlueCrest AllBlue - Downgraded

Rating downgraded

AXA Framlington UK Smaller Companies - Downgraded

The fund aims to provide capital growth through investment in UK smaller companies. The focus is predominantly on companies with a market value in excess of £100 million, although the portfolio will have some allocation to companies with sub £100 million market capitalisation as well as larger stocks within the smaller companies’ universe, those with capitalisation in excess of £750 million.

Following the departure of Henry Lowson, the former manager of the AXA Framlington UK Smaller Companies fund, and our meeting with the new manager Dan Harlow, we have given this fund a 1* Switch rating.

In our view Harlow’s track record of co-managing the AXA American Growth fund is less relevant to managing this fund, while the Montanaro UK Smaller Companies IT admittedly followed a more value-orientated GARP (Growth At a Reasonable Price) approach. As a result, we would need to see some more evidence that the manager can add value in the UK Smaller Companies sector.

Alternative funds investors can consider are:

  • Henderson Smaller Companies IT
  • Franklin UK Smaller Companies
  • Aberforth Smaller Companies IT
  • Unicorn UK Income
  • AXA Framlington UK Mid Cap
  • Franklin UK Mid Cap

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.

This guide does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance.

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.

Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.