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Newton Global Income - Downgraded

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CC Japan Income & Growth Trust (CCJI) - 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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Insight Strategic Bond - New rating

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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

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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

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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

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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

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F&C UK Property fund - New rating

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Lazard Emerging Markets - Downgraded

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Fidelity Emerging Markets - New rating

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F&C European Small Cap ex UK Fund - New rating

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Templeton Emerging Markets Investment Trust - Downgraded

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Fidelity UK Smaller Companies - New rating

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AXA Framlington UK Smaller Companies - New rating

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Tritax Big Box - New rating

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Artemis Global Income - New rating

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Empiric Student Property - New rating

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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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BlueCrest BlueTrend (BBTS) - Downgraded

This is a LSE-listed hedge fund and feeds into a strategy run by Systematica, a group that spun out of BlueTrend in January 2015. This is a trend-following systematic strategy covering over 150 different markets including equity, debt, interest rate, currency, commodity and energy instruments. The strategy principally monitors highly liquid exchange traded futures. The computerised algorithms mean there is very little manual intervention. It targets 15-20% returns pa and 15%-20% volatility.

This investment company (IC) has performed well since 1Q14 but the discount has persisted. It has been true to its discount control remit and regularly buys back shares to limit the discount to no wider than 2%. This has had the effect of making the IC smaller and smaller. A recent tender offer and wind-up of the US Dollar share class has also shrunk the fund so that the total market value is now only £38 million.

An additional control in place at IPO was a continuation vote triggered if net assets fall below US$100 million. This prevents the fixed running costs becoming too expensive as a percentage of shareholder’s funds - also it is not cost effective for the management to run.

At £38 million ($58 million) this has now breached the $100 million limits and triggered a continuation vote. It is very likely to wind up. Investors may decide to hold on to the shares for now and wait for the cash exit in the event of a wind up.

We have downgraded this from four to two-star HOLD/REVIEW rating. This will no longer appear on our Premier Selection list of funds.

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.