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

New Rating

GAM Star GAMCO US Equity - New rating

The GAM Star GAMCO US Equity fund is run by Mario Gabelli who has more than 40 years’ experience and is CIO and chairman of the GAMCO management group - formerly called Gabelli Asset Management. His investment process is ‘Private Market Value with a Catalyst’, which is founded on the principles of value investing pioneers Graham & Dodd. The team of more than 30 analysts focus on the value of a business ie, what the whole company would be worth to a trade buyer. Companies are compared against peers on a global basis using extensive proprietary research. They buy companies that trade significantly below their ‘Private Market Value, have strong management and where they can identify a catalyst that could trigger a re-rating in the next three to five years. Whilst they are not activist investors they work hard with leading companies in a global peer group to encourage both mergers and demergers. These are often trigger points to realising value. Other catalysts could be new products, management change, industry consolidation or technological changes.

This unique approach has done well in different business cycles - times when US companies are demerging divisions and when they are on the acquisitions trail. In 2009 Mario Gabelli was instrumental and vocal about the Kraft takeover of Cadbury, Britain's venerable chocolatier.

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. Takeover premiums typically run at 20-30% above the market price and 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. Some transactions can take a long time to work through so this fund is more suitable for long-term investors.

We have given this fund a new five-star rating. The GAM Star GAMCO US Equity fund will now appear on our Premier Selection list of rated funds.

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.If you are unsure about the suitability of an investment or if you need advice on your specific requirements, we strongly suggest that you consider professional financial advice.

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. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.