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

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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

Rating downgraded

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

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

Rating downgraded

BlueCrest AllBlue - Downgraded

Rating downgraded

BlueCrest AllBlue - Downgraded

BlueCrest is pulling out of managing the BlueCrest AllBlue Investment Company (BABS) and is returning cash to the fund. Originally the intention was simply to return this cash to investors and wind-up the fund. This may have triggered a capital gains tax event for investors so the board of BABS was encouraged to consider a rollover option, moving the management to another group whilst keeping a similar objective and investment process to those used by BlueCrest.

There was a “beauty parade” of proposed new managers and the board have chosen Highbridge Capital Management, a subsidiary of JPMorgan, based in New York. If these proposals are approved by shareholders BABS will invest all its assets in the Highbridge Multi-Strategy Fund, a global multi-strategy hedge fund focused on relative value strategies that invests in 12 distinct strategies across Fundamental Equity, Quantitative Equity, Event Driven Equity, Capital Structure Arbitrage, Convertible & Volatility Arbitrage, Fundamental Credit and Macro.

We have not met the new managers nor assessed the investment process and track record of their fund. Therefore in keeping with our investment philosophy we will downgrade our rating of this fund from a high conviction 5 stars to a 2-star HOLD rating whilst we continue our due diligence. The fund will no longer feature on our top-rated funds – our research team’s premier selection.

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.

Investments in hedge funds may present a higher risk to an investor due to the underlying assets and more complex structures. Investors should read the documentation relating to each fund and make sure they understand the risks prior to investing. Investment trusts are similar to funds in that they provide a means of pooling your money but they are publicly listed companies whose shares are traded on the London Stock Exchange. The price of their shares will fluctuate according to investor demand and changes in the value of their underlying assets. This is not advice to invest.