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TM Hearthstone UK Residential Fund - New rating

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Newton Global Income - Downgraded

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Fundsmith Equity - New rating

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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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Fidelity Index Pacific ex Japan - 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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Aberdeen Ethical World Equity - Downgraded

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Standard Life Investments Property Income Trust - New rating

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Jo Hambro CM Global Opportunities - New rating

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Woodford Patient Capital Trust - New rating

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Empiric Student Property - New rating

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

CC Japan Income & Growth Trust is a new investment trust from Coupland Cardiff. The trust is managed by Richard Aston and mirrors his open-ended offshore fund which launched in February 2013. As it grows the overlap with the offshore fund will be 85% with the trust likely to have a higher allocation to smaller companies. The trust aims to provide income and capital growth and is the first income focused trust in the Japanese sector. It targets a minimum yield of 3% and can employ up to 20% gearing to boost returns.

Aston invests in companies that are undervalued with strong balance sheets and favourable attitudes to shareholder returns. Coincidentally around 80% of the portfolio are companies within the Nikkei 400 index. The portfolio is concentrated and consists of 30-40 stocks. Portfolio composition is unconstrained to any benchmark and is from a bottom-up process with companies screened and divided into three buckets: dividend growth, stable yield and special situations.

We believe this fund could provide diversification along with a source of income for investors that are looking for an alternative outside of the UK, although there are no guarantees.

Please be aware that the use of gearing, if employed, could boost performance but could also magnify losses.

The trust has been awarded a three-star rating and will feature on our top-rated funds list – 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.

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. 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.