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JO Hambro CM UK Dynamic - Rating upgraded

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BlackRock UK Special Situations - Downgraded

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JPM US - Downgraded

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GAM Star GAMCO US Equity - Downgraded

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Findlay Park American - Rating suspended

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Cullen North American High Dividend Value - New rating

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Dodge & Cox Worldwide US Stock - New rating

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TR Property IT (TRY) - Downgraded

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Premier Pan European Property Share - Downgraded

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Aviva Investors Property - Downgraded

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Woodford Equity Income

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John Laing Environmental Assets Group (JLEN)

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TwentyFour Select Monthly Income (LSE:SMIF)

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GAM Star GAMCO US Equity - Downgraded

The fund aims for capital growth from long-only positions in predominantly US-listed stocks. It invests primarily in equities across large, medium and smaller sized companies with an emphasis on value and risk aversion. The portfolio is focused on companies identified as trading substantially below underlying intrinsic value and, most importantly, where there is a catalyst to unlock this discrepancy. They dub this "Private Market Value (PMV) with a Catalyst™".

The US economy continues to improve and companies are getting more positive on their future. This is encouraging capital expenditure and a rising level of global inter-company transactions including: asset sales, spin offs, liquidations, mergers and acquisitions. These are a natural feeding ground for Mario Gabelli and his team at GAMCO. They are particularly successful at encouraging company to company M&A deals between global industry leaders, especially in the food, drinks and consumer sectors.

We appreciate that some transactions can take a long time to work through, but we had expected that the manager's focus on companies that could benefit from takeovers or demergers might provide a boost to performance now that US M&A activity is on the rise. In fact they have had some notable successes which justifies their approach yet this has not made a material effect on performance. We have some concerns that this may be because of the long list of stocks - this held just 40 stocks at launch and now holds 130.

We are investigating this performance anomaly and are in discussions with the managers. Pending the outcome of this we have moved the fund to a two-star HOLD/REVIEW rating and have removed this from our Premier Selection list of funds.

Bonds issued by major governments and companies will be more stable that those issued by emerging markets or smaller corporate issuers; in the event of an issuer experiencing financial difficulty, there may be a risk to some or all of the capital invested. Please note that historical or current yields should not be considered reliable indicator of future performance.

The value of investments, and the income derived from them, can go down as well as up and you may get back less than you originally invested.

This article is not a personal recommendation or advice to invest.