Rating upgraded

JO Hambro CM UK Dynamic - Rating upgraded

Rating downgraded

BlackRock UK Special Situations - Downgraded

Rating downgraded

JPM US - Downgraded

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M&G American - Downgraded

Rating downgraded

GAM Star GAMCO US Equity - Downgraded

Suspended

Findlay Park American - Rating suspended

New Rating

Cullen North American High Dividend Value - New rating

New Rating

Dodge & Cox Worldwide US Stock - New rating

New Rating

Invesco Perpetual Global Targeted Returns - New rating

Suspended

Henderson European Selected Opportunities - Rating suspended

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Henderson UK Property - Downgraded

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Starwood European Real Estate Finance (SWEF) - Downgraded

Rating downgraded

TR Property IT (TRY) - Downgraded

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Premier Pan European Property Share - Downgraded

New Rating

UK Commercial property trust - New rating

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Aviva Investors Property - Downgraded

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Investec Enhanced Natural Resources - Downgraded

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Gold Bullion Securities - Downgraded

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ETFS Physical Gold - Downgraded

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BlackRock World Mining Investment Trust - Downgraded

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City Natural Resources High Yield Investment Trust - Downgraded

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First State Global Resources - Downgraded

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BlackRock Gold & General - Downgraded

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Threadneedle Enhanced Commodities - Downgraded

Rating downgraded

Fulcrum Commodity - Downgraded

Rating downgraded

JPM Natural Resources - Downgraded

Suspended

LXB Retail Properties - Rating suspended

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Schroder Global Real Estate Securities (SGRE) - Downgraded

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Schroder Global Property Income Maximiser - Downgraded

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Schroder Global Property Securities - Downgraded

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Legg Mason US Smaller Companies - Downgraded

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Legg Mason US Smaller Companies - Rating suspended

New Rating

Legal & General All Stock Gilt - New rating

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Ignis Absolute Return Government Bond - Rating suspended

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M&G Recovery - Downgraded

Rating upgraded

F&C UK Real Estate Investments (FCRE) - Rating upgraded

New Rating

Kames Property Income - New rating

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Ediston Property (EPIC) - Rating suspended

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Veritas Global Equity Income - Rating suspended

New Rating

Ediston Property - New rating

New Rating

Standard Life Equity Income IT - New rating

Rating downgraded

Schroder Global Property Income Maximiser - Downgraded

Rating downgraded

Schroder Global Property Securities - Downgraded

New Rating

Unicorn UK income - New rating

New Rating

JO Hambro CM UK Dynamic - New rating

New Rating

Majedie UK Equity - New rating

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Unicorn UK Income - Rating suspended

New launch

Woodford Equity Income

New Rating

JPM Europe Dynamic ex UK - New rating

New Rating

Woodford Equity Income - New rating

New Rating

JO Hambro CM UK Equity Income - New rating

New Rating

Ignis Absolute Return Government Bond - New rating

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F&C Macro Global Bond - Rating suspended

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L&G Dynamic Bond fund - Downgraded

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Legal & General bond funds - Rating suspended

New launch

John Laing Environmental Assets Group (JLEN)

New Rating

GAM Star Technology - New rating

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Newton Higher Income Fund - Rating suspended

New launch

Renewables Infrastructure Group C-share (TRGC)

New Rating

Renewables Infrastructure Group C-share (TRGC) - New rating

New Rating

John Laing Environmental Assets Group (JLEN) - New rating

New launch

TwentyFour Select Monthly Income (LSE:SMIF)

Rating upgraded

Standard Life UK Equity Income Unconstrained - Rating upgraded

Rating downgraded

Artemis Income - Downgraded

New Rating

TwentyFour Select Monthly Income (LSE:SMIF) - New rating

New Rating

GCP Infrastructure C-shares - New rating

New Rating

iShares £ Corporate Bond 1 to 5 years - New rating

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3i Infrastructure (3IN) - Rating suspended

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Schroder UK Core - Rating suspended

New Rating

HSBC FTSE 250 Index - New rating

New Rating

Morgan Stanley Diversified Alpha Plus - New rating

New Rating

Edinburgh Investment Trust - New rating

Rating downgraded

Redefine International (RDI) - Downgraded

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Investec UK Alpha and UK Smaller Companies - Suspended

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BlackRock Commodities Income - Suspended

New Rating

F&C Global Real Estate Securities - New rating

Rating downgraded

Schroder Global Property Securities - Downgraded

Rating upgraded

SWIP Property Trust - Rating upgraded

Rating upgraded

M&G Property Portfolio - Rating upgraded

Rating upgraded

Henderson UK Property - Rating upgraded

Rating downgraded

Schroder Global Property Income Maximiser - Downgraded

Suspended

Henderson European Selected Opportunities - Rating suspended

The Henderson European Selected Opportunities fund aims to provide long-term capital growth by investing in European company shares. It is managed by John Bennett, a highly experienced investor in European equities with a strong long-term track record. Bennett also manages the four-star rated Henderson European Focus fund and Henderson European Focus Investment Trust, as well as the unrated Henderson European Absolute Return fund. This relatively large fund of close to £2 billion in size was previously managed by Roger Guy at Gartmore. Bennett took over in 2011 following Guy’s departure and the purchase of Gartmore by Henderson. He has gradually shifted the fund from close to being a tracker fund to a slightly more actively managed one, reducing the number of holdings from around 85 to a range of 50-60.

Following our recent meeting with Bennett, whom we hold in high regard, we have learned that the fund remains managed with a relatively close eye on the benchmark. We believe this does not play to Bennett’s ability and we favour more actively managed funds where good managers are allowed free rein.

We have decided to suspend the rating of this fund. We have higher conviction ideas elsewhere such as those on our Premier Selection list of funds.

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.

Current or past yield figures provided should not be considered a reliable indicator of future performance.

Funds may carry different levels of risk depending on the industry sector(s) in which they invest. You should ensure that you understand the nature of any fund before you invest in it. Any yields quoted cannot be considered reliable indicators of future returns