Rating downgraded

Specialist First State Funds - Downgraded

New launch

Neptune launches China Max Alpha fund

New launch

Neptune Global Long/Short Sector fund

New launch

Legg Mason US Equity Income

New launch

Acuim UK Multi Cap Income Fund

New launch

JO Hambro CM Asia ex Japan

New launch

JO Hambro CM Asia ex Japan Small and Mid Cap

Rating upgraded

Legg Mason Global Credit Absolute Return - Upgraded

New launch

GAM Star Emerging Asia Equity

New launch

MFM Slater Income

Rating downgraded

Fidelity European Opportunities - Downgraded

Rating downgraded

Rensburg UK Blue Chip Growth - Downgraded

New Rating

City Natural Resources High Yield IT - New Rating

New Rating

HSBC American Index - New Rating

Suspended

Legal and General High Income Trust - Rating suspended

New Rating

Muzinich Short Duration High Yield and Enhanced Yield Funds

Rating downgraded

AXA Short Duration High Yield - Downgraded

Rating downgraded

Schroder US Mid Cap - Downgraded

Suspended

Royal London Japan Growth - Rating Suspended

New Rating

First State Indian Subcontinent - New Rating

Rating downgraded

BlackRock European Dynamic - Upgraded

Rating downgraded

BlackRock UK Dynamic - Downgraded

New Rating

Schroder Global Property Income Maximiser - New Rating

Rating downgraded

Artemis European Growth

Rating downgraded

Invesco Perpetual European Equity - Downgraded

Rating downgraded

GAM UK Diversified - Downgraded

Rating downgraded

Investec European - Downgraded

Rating downgraded

Rensburg UK Select Growth - Downgraded

Rating downgraded

Fidelity European - Downgraded

Rating downgraded

Ignis European Income - Downgraded

Rating downgraded

BlackRock UK Dynamic Downgraded

Rating downgraded

Newton Asian Income awarded 4 stars

Rating downgraded

Henderson Asian Dividend Income Downgraded to 3 stars

New Rating

Invesco Perpetual European Equity - Downgraded

Rating downgraded

iShares S&P 500 Downgraded to 3 Star Rating

Rating downgraded

Land Securities - Downgraded

New Rating

Templeton Frontier Markets - New Rating

Rating downgraded

Jupiter Financial Opportunities - Downgraded

Rating upgraded

Fidelity South East Asia - Upgraded

New Rating

IFSL Barclays Defined Returns Autocall Fund - New Rating

New Rating

M&G UK Inflation Linked Corporate Bond - New Rating

New Rating

IFSL Barclays Defined Returns Autocall Fund - New Rating

This six year fund has the payout profile of a structured product but benefits from having an open ended fund wrapper. The fund has potential kickouts at the end of the years 3, 4, 5 and 6. If the FTSE 100 is above 100% of its initial level at the end of year 3, 4, 5 or 6, the plan closes with investors receiving the issue price (100p) plus an uplift depending on how long this fund has been held for. This is 19.5p (three years), 26p (four years), 32.5p (five years) or 39p (six years) for each unit held.

The plan carries 60% soft protection, meaning that if the index is below 60% of the initial level at maturity date of the plan, investors will lose their capital in line with the drop in the FTSE 100. Should the FTSE 100 finish between 60% and 100% of its initial level, investors will receive back the issue price but no more than that.

Unlike other listed securities, structured products are subject to a counterparty risk, which makes them dependent on the solvency of the investment banks that they are supported by. This product uses Barclays Bank PLC as counterparty. To reduce the risk the fund is required to provide to an independent depository government bonds rated at least AA as collateral.

The fund has legal rights to these bonds and should Barclays Bank PLC fail, these bonds will be sold and the proceeds will be paid into the fund. When tracking the index in this manner, investors do not gain any benefit from dividends - these would be received if they held the underlying shares.

Retail investors will be able to buy and sell the shares in the fund throughout the life of the product.

This is an innovative structured product packaged within a fund. It is easy to invest in compared to a standard structured product, although liquidity is provided by Barclays bank and we are yet to see how easy it will be to buy and sell this product during its life.

The product is available in an ISA if invested in at least five years prior to maturity and in a SIPP at any time during its life. This product is available to Cofunds clients only – it cannot be bought directly from Barclays.

The IFSL Barclays Defined Returns Autocall has been awarded a three star rating.