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

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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

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

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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

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

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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

New Rating

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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F&C Global Real Estate Securities - New rating

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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

New Rating

John Laing Environmental Assets Group (JLEN) - New rating

This is a new London-listed investment company, targeting an annual dividend of 6p and total return of 7.5 to 8.5% over the longer term. It invests in environmental infrastructure, defined as projects that use natural or waste resources. This covers renewable energy generation (solar, wind, hydropower and biomass technologies), the supply and treatment of water, the treatment and processing of waste, and projects that promote energy efficiency. John Laing Investments will hold 24.9% of the fund as a cornerstone investor.

This is a new infrastructure investment company and hopes to raise £160 million to £174 million. Like John Laing Infrastructure Fund (JLIF) this is spinning out assets that have been built by the John Laing Group so the management team should know the assets well. About one third of the portfolio will be invested in public-private partnerships (PPP) or private finance initiative (PFI) projects (such as waste water treatment) which have government guaranteed cash flows. The rest of the portfolio is evenly split in wind farms and solar energy projects, where there is some exposure to the variability of wholesale power prices. Similar infrastructure investment companies that only invest in PFI assets are currently trading at wide premiums, though those investing solely in renewable energy projects trade at only modest premiums.

This is awarded a new 3-star rating and will appear on our premier selection list of funds.

New timetable

21/03/14 supplementary prospectus

24/03/14 offer for subscription closes

25/03/14 placing closes

31/03/14 trading starts on LSE

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. 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. 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. This article is not a personal recommendation or advice to invest.