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Legal & General Dynamic Bond – Downgraded

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Artemis Strategic Bond – Downgraded

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Fidelity Global Inflation Linked Bond – Downgraded

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Goldman Sachs High Yield Portfolio – Downgraded

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Invesco Perpetual High Yield – Downgraded

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Invesco Sterling Bond – Downgraded

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Newton International Bond – Downgraded

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PIMCO Diversified Income – Downgraded

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PIMCO Emerging Markets – Downgraded

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Royal London Duration Hedged Credit – Downgraded

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Templeton Global Bond – Downgraded

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Legg Mason IF Royce US Smaller Companies - Downgraded

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GAM Star GAMCO - Downgraded

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GAM International Growth & Value - Downgraded

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M&G Global Leaders - Downgraded

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Artemis Global Growth - Downgraded

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Aberdeen Global World Equity/Aberdeen World Equity - Downgraded

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CF Odey Opus - Downgraded

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Standard Life UK Equity High Income - Downgraded

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Artemis Capital - Downgraded

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Franklin UK Equity Income - Downgraded

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Fidelity Special Situations - Downgraded

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Jupiter UK Growth - Downgraded

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Old Mutual UK Mid Cap - Downgraded

New Rating

Aviva Investors Multi-Strategy Target Income - New rating

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Man GLG Japan CoreAlpha Professional - Downgraded

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AXA Framlington UK Smaller Companies - Downgraded

Suspended

AXA Framlington UK Smaller Companies - Rating suspended

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Evenlode Income - New rating

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Lazard Global Listed Infrastructure Equity - New rating

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MedicX Fund - Downgraded

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Fidelity UK Smaller Companies - Downgraded

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Henderson UK & Irish UK Smaller Companies - New Rating

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Newton Global Income - Upgraded

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Alliance Trust - Downgraded

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Fidelity Global Dividend - New rating

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Newton Asian Income - Downgraded

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Henderson European Selected Opportunities - Downgraded

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Schroder European Alpha Plus - Downgraded

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AXA distribution – Rating suspended

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Trojan Income - New rating

New launch

Jupiter Asian Income

New Rating

Jupiter Asian Income - New rating

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First State Greater China Growth - Upgraded

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Guinness Global Energy - New rating

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SSGA SPDR Barclays US Treasury Bond ETF GBP - New rating

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Vanguard US Government Bond Index GBP Hedged - New rating

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Jupiter Merlin Growth Portfolio - Downgraded

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Jupiter Merlin Worldwide Portfolio - Downgraded

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BlueCrest AllBlue - Downgraded

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Guinness Global Energy - New rating

Since late 2014, the oil price has fallen by some 2/3. The current price of crude ($30-35/ bl) is unsustainable over the medium and long term.

In order to restore industry returns to more typical levels, and to therefore stimulate the investment needed to meet future projected demand, the oil price needs to recover to $70/ bl. When such a prospect does materialise, there will be an opportunity to capitalise upon it.

An active energy equity fund offers the most efficient way of achieving this objective.

Within the universe of active energy funds, the Guinness Global Energy Fund has a strong peer relative track record and a rigorous investment process. As a result, we have awarded the fund a new 2 star rating.

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.

Funds which invest in specific sectors may carry more risk than those spread across a number of different sectors. In particular, gold, technology and other focused funds can suffer as the underlying stocks can be more volatile and less liquid