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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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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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Threadneedle Enhanced Commodities - Downgraded

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JPM Natural Resources - Downgraded

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Legg Mason US Smaller Companies - Rating suspended

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JO Hambro CM UK Dynamic - New rating

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Woodford Equity Income

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JPM Europe Dynamic ex UK - New rating

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John Laing Environmental Assets Group (JLEN)

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Newton Higher Income Fund - Rating suspended

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TwentyFour Select Monthly Income (LSE:SMIF)

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JPM Europe Dynamic ex UK - New rating

The JPM Europe Dynamic ex UK fund has been awarded a three-star rating. The fund invests in European equities, excluding the UK, and what sets this apart from other European equity funds is the application of behavioural finance principles to the investment process. This is part of JPMorgan’s flagship behavioural finance strategy, and is managed in a distinct style that is based much more on qualitative assessment using the significant analyst base dedicated to the strategy. As a result, this fund stands apart from other more quantitatively-driven behavioural finance strategies (including JPMorgan’s own US behavioural finance team, which uses a somewhat different process).

Rather than focusing on company fundamentals directly, the team “analyses the analysts” to determine behaviours that are likely to lead to biases in trading and investment activity, which in turn can give the team an advantageous insight. A common example of such a bias is so-called ‘herding’ where analysts tend to avoid straying too far from the consensus when changing their estimates. As a result, rather than changing their estimate by a large amount in one move (to where they think the true estimate is likely to be) they will move in a series of smaller steps as consensus also ‘catches up’.

The result of the team’s efforts is a ‘best ideas’ portfolio that consists of around 100 stocks which the team believes are being mispriced in the short-term due to behavioural biases. Due to the short-term nature of these strategies, turnover is very high, with a typical holding period of approximately three months.

Both the strategy itself and the management team overseeing the process have an established track record of generating good returns from this flagship and differentiated investment style. This is a particularly interesting proposition, and could be a useful complement to more traditional investment styles in Europe. There is also a sterling-hedged shareclass available.

This fund is awarded three stars and added to our Premier Selection of rated funds.

The property market is illiquid and this can, in exceptional circumstances, lead to times in which clients are unable to dispose of part or all of their holding. Property valuations are made by independent agents but are ultimately subjective and a matter of judgement.

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. This article does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Different funds carry varying levels of risk depending on the geographical region and industry sector in which they invest. You should make yourself aware of these specific risks prior to investing.