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

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Cullen North American High Dividend Value - New rating

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Dodge & Cox Worldwide US Stock - New rating

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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

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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

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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

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Woodford Equity Income

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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

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John Laing Environmental Assets Group (JLEN)

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GAM Star Technology - New rating

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Newton Higher Income Fund - Rating suspended

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Renewables Infrastructure Group C-share (TRGC)

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

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John Laing Environmental Assets Group (JLEN) - New rating

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TwentyFour Select Monthly Income (LSE:SMIF)

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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

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Schroder Global Property Securities - Downgraded

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SWIP Property Trust - Rating upgraded

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M&G Property Portfolio - Rating upgraded

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Henderson UK Property - Rating upgraded

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Schroder Global Property Income Maximiser - Downgraded

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Ignis Absolute Return Government Bond - Rating suspended

Standard Life announced today that Russ Oxley and two other senior members of his rates team who were instrumental in running the Ignis Absolute Return Government Bond Fund have left the company with immediate effect. This announcement comes as surprise – the message had been that the Ignis rates team had all signed up to merger, with Standard Life keen to protect the integrity of the process and the business momentum behind the Ignis rates team.

The departing personnel represent the core of the team responsible for building and running the product, consequently there is considerable uncertainty that the replacement investment professionals can generate the same level of continuity. Whilst the longer term track record of the original team has been the strong, they have found the rates and currency markets more of a challenge through 2014, with the strategy down just over 2% YTD.

This was a unique product with few if any direct comparables available, so any alternative product will likely offer a different emphasis. That said, it is difficult to build a high conviction case to remain invested given the uncertainty created. We have removed our buy rating on the fund and it will no longer appear on our Premier Selection of rated funds.

Historical or current yields quoted should not be considered an indication of future returns. The value of investments, and the income derived from them, can go down as well as up and you may get back less than you originally invested. Due to their nature, specialist funds can be subject to specific sector risks. Investors should ensure they read all relevant information in order to understand the nature of such investments and the specific risks involved. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.