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

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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

Henderson Asian Growth Investment Trust - New rating

Henderson Asian Growth Investment Trust is the subject of a change of management vote, due on 15 March which, if successful, will see a management move to Robin Parbrook and Lee King Fuei of Schroder, who are both embedded with the locally-based analyst team. We expect the new management to change the investment policy to bring it in line with their highly successful Schroder Asian Total Return fund, though we expect the investment trust version to have slightly higher exposure to mid- and small-cap names. There will be significant similarity between this fund and other Schroder Asia Pacific mandates, so investors should be wary of concentration risk.

Under the new management, the investment trust will invest in a portfolio of 50-70 names based on the analyst team’s assessment of company fundamentals and a view on the absolute upside potential of each stock. The managers then apply a top-down view that incorporates a twelve-month country outlook for each country in the region as well as a tactical view of market conditions on a three-to-six month view. Where the managers have negative views they will use hedging techniques to mitigate some of the downside risks, such as using country index futures and protective puts against the portfolio. Through these mechanisms, the managers are able to focus on targeting a total return to investors, though such downside protection will only be used where they are deemed cost-effective and are ultimately dependent on the managers’ judgement.

The managers have an exceptionally strong record in delivering a high level of performance to investors through their open-ended vehicle, and we have every faith that they will be able to bring their expertise to this investment trust. Note that the managers won’t take over management of the fund until after the 15 March, assuming a successful vote, and there will be a short transitional period before the portfolio can be considered fully positioned as the new managers intend. As a result, there will be greater clarity on the investment case for the investment trust in a few weeks’ time.

However, given the investment trust structure and the possibility of the discount closing further or moving to a premium between now and that point, investors may wish to act sooner rather than later.

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. We aim to provide investors with information to help them make their own investment decisions although this should not be construed as advice or an investment recommendation. 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.