New Rating

Premier Pan European Property Share - New rating

Suspended

Edinburgh Worldwide - Rating suspended

New launch

F&C Global Real Estate Securities

New Rating

Henderson Asia Pacific Capital Growth - New rating

New Rating

Artemis European Opportunities - New rating

New Rating

Standard Life UK Equity Income Unconstrained - New rating

Rating downgraded

M&G Recovery - Downgraded

New Rating

Franklin UK Smaller Companies - New rating

New Rating

Investec UK Alpha - New rating

Rating upgraded

Jupiter Absolute Return - Rating upgraded

New Rating

Invesco PowerShares FTSE RAFI US 1000 - New rating

Rating downgraded

Invesco Perpetual Income and High Income - Downgraded

New Rating

Battle Against Cancer Investment Trust - New rating

New Rating

Foresight Solar Fund - New rating

New launch

Lindsell train global equity

New Rating

Aviva Investors US Equity Income Fund 2 - New rating

Rating downgraded

Aviva Investors US Equity Income - Downgraded

Rating downgraded

RENN Universal Growth - Downgraded

New launch

Fidelity global enhanced income

Rating downgraded

iShares S&P 500 ETF (Inc) - Downgraded

New Rating

Vanguard S&P 500 ETF - New rating

Suspended

Martin Currie North America - Rating suspended

Suspended

iShares S&P 500 ETF (Inc) - Rating suspended

New launch

Invesco perpetual global targeted returns

New Rating

Lazard Emerging Markets - New rating

New Rating

Old Mutual UK Alpha - New rating

New Rating

Cazenove UK Equity Income - New rating

Rating downgraded

Old Mutual UK Dynamic Equity - Downgraded

Rating downgraded

Franklin Mid Cap Fund - Downgraded

New Rating

AXA Framlington UK Mid Cap - New rating

New Rating

The Renewables Infrastructure Group (TRIG) - New rating

New Rating

BlackRock Frontiers Investment Trust - New rating

New Rating

Bluefield Solar Income - New rating

New Rating

GAM Star GAMCO US Equity - New rating

Rating upgraded

AXA US Short Duration High Yield - Rating upgraded

Rating downgraded

Jupiter Absolute Return - Downgraded

New Rating

Polar Capital Global Financials Trust - New rating

Suspended

Cazenove European - Rating suspended

New launch

Jupiter Global Equity Income

New Rating

Henderson European Focus - New rating

New Rating

Baring Europe Select - New rating

Rating downgraded

Neptune European Opportunities - Downgraded

Rating downgraded

JPM European Smaller Companies - Downgraded

New Rating

Morant Wright Nippon Yield - New rating

Rating downgraded

Blackrock UK Income - Downgraded

Rating downgraded

Fidelity UK Smaller Companies - Downgraded

Suspended

BlackRock UK Dynamic and UK Absolute Alpha - Rating suspended

New Rating

Greencoat UK Wind Investment Trust - New rating

Suspended

Schroder UK Alpha Plus and Schroder UK Growth IT - Rating suspended

New launch

TwentyFour Income fund

New Rating

Doric Nimrod Air Two - New rating

Rating downgraded

Aberdeen Emerging Markets - Rating downgraded

New Rating

Henderson Asian Growth Investment Trust - New rating

New Rating

Newton Higher Income - New rating

New Rating

Blackrock UK Income - New rating

New Rating

Threadneedle European Smaller Companies - New rating

New launch

JO Hambro CM Global Opportunities

Suspended

Edinburgh Worldwide - Rating suspended

The board of the Edinburgh Worldwide Investment Trust has proposed changing its investment policy and fund manager. The trust is currently run by Baillie Gifford’s Mark Urquhart, who invests in a concentrated portfolio of large cap stocks from around the world, with a bias to fast growing companies, particularly in the technology sector.

The proposed new manager is Douglas Brodie, also of Baillie Gifford and currently manager of the Baillie Gifford Global Discovery OEIC. Under Brodie the trust would pursue a similar approach to the Global Discovery fund, investing in smaller companies (below US$5 billion in market value) from around the world.

Under Urquhart the trust has significantly outperformed the benchmark since he took over in 2003, but this has been accompanied by significant volatility - the trust dropped sharply during the 2008 banking crisis. Meanwhile the Global Discovery fund has outperformed both the MSCI World and the MSCI World Small Cap indices since Brodie took over in 2011.

As a result of these changes we are suspending our three star rating on the fund. We will review this in due course when the changes have gone through and we have met the new manager.

Clients looking for an alternative investment trust could consider Scottish Mortgage, rated four stars by Bestinvest. This has a similar approach and a similar portfolio to Edinburgh Worldwide and is run by James Anderson who works alongside Mark Urquhart at Baillie Gifford. However, Scottish Mortgage is less concentrated and in practice has offered slightly better performance than Edinburgh Worldwide with lower volatility.

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.