Rating upgraded

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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M&G American - Downgraded

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GAM Star GAMCO US Equity - Downgraded

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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

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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

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TR Property IT (TRY) - Downgraded

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Premier Pan European Property Share - Downgraded

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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

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Fulcrum Commodity - Downgraded

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JPM Natural Resources - Downgraded

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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

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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

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

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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

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Standard Life Equity Income IT - New rating

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Schroder Global Property Income Maximiser - Downgraded

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Schroder Global Property Securities - Downgraded

New Rating

Unicorn UK income - New rating

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JO Hambro CM UK Dynamic - New rating

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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

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Woodford Equity Income - New rating

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JO Hambro CM UK Equity Income - New rating

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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

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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

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Artemis Income - Downgraded

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

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GCP Infrastructure C-shares - New rating

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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

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HSBC FTSE 250 Index - New rating

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Morgan Stanley Diversified Alpha Plus - New rating

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Edinburgh Investment Trust - New rating

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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

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M&G Property Portfolio - Rating upgraded

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Henderson UK Property - Rating upgraded

Rating downgraded

Schroder Global Property Income Maximiser - Downgraded

Rating downgraded

Henderson UK Property - Downgraded

The fund aims to achieve a high income together with some growth of both income and capital through investment primarily in commercial property and property-related assets. Approximately three-quarters of its assets are invested directly in bricks and mortar property with the balance in cash and UK listed property company shares. The focus is mainly on prime (as opposed to secondary) bricks and mortar properties, located principally in the South East of England. The current portfolio is overweight to regional offices and lower risk tenants.

The portfolio consists of 77 quality properties, negligible voids and long leases. Around 60% of the portfolio is invested in the South East. It also has an above average allocation to higher quality tenants. It has around 25% in cash which gives it flexibility to invest quickly and to meet redemption requests, but could also be a drag on performance and dividends. This fund is merging with the Old Mutual Property fund, which completes in early 2015. This will add to the numbers of properties and tenants that will need managing. In November 2014 we reduced the rating of this fund, to reflect the cash drag on performance and the large size of the fund – this could limit its ability to buy smaller properties in the UK regions where there is more scope for capital value growth.

Rating reduced from five to four stars. This fund remains on our Premier Selection list of funds.