New Rating

TM Hearthstone UK Residential Fund - New rating

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Newton Global Income - Downgraded

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Fundsmith Equity - New rating

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CC Japan Income & Growth Trust (CCJI) - New rating

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Legg Mason IF Japan Equity - New rating

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Old Mutual North American Equity - New rating

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AXA Framlington Japan - New rating

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T Rowe Price US Smaller Companies Equity - New rating

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City Natural Resources High Yield Trust - Rating suspended

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Vanguard FTSE Developed Europe ex-UK Equity Index - New rating

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Vanguard FTSE Developed World ex-UK Equity Index - New rating

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Vanguard FTSE UK Equity Income Index - New rating

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Vanguard UK Government Bond Index - New rating

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Vanguard UK Inflation-Linked Gilt Index - New rating

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Vanguard US Equity Index - New rating

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Fidelity Index Pacific ex Japan - New rating

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Fidelity Index Japan - New rating

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Fidelity Index Emerging Markets - New rating

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Insight Strategic Bond - New rating

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Henderson Fixed Interest Monthly Income - New rating

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Fulcrum Diversified Core Absolute Return - New rating

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JPM Multi-Asset Macro - New rating

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F&C Responsible Global Equity - New rating

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Aberdeen Ethical World Equity - Downgraded

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Standard Life Investments Property Income Trust - New rating

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ETFS Physical Gold GBP - New Rating

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BlackRock Gold & General - Upgraded

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JPM Emerging Markets Income - New rating

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Loomis Sayles US Equity Leaders - New Rating

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Old Mutual Global Equity - New rating

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Jo Hambro CM Global Opportunities - New rating

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Fidelity Global Enhanced Income - New rating

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Ardevora Global Long Only Equity - New rating

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British Empire IT - Downgraded

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F&C Real Estate Securities - New rating

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Morgan Stanley Diversified Alpha Plus - Downgraded

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Ardevora UK Income - New rating

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Old Mutual UK Equity Income - New rating

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Newton Global Emerging Markets W - New rating

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RobecoSAM Smart Materials Fund - New rating

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Blackrock World Mining Trust - Downgraded

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Aberdeen Global Indian Equity - Downgraded

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Aberdeen Asian Income Fund - Downgraded

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Aberdeen Global Asian Smaller Companies - Downgraded

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Aberdeen Asian Smaller Companies IT - Downgraded

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Edinburgh Dragon IT - Downgraded

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Aberdeen New Dawn IT - Downgraded

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Aberdeen Asia Pacific & Japan Equity - Downgraded

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Aberdeen Asia Pacific Equity - Downgraded

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Aberdeen Global Asia Pacific Equity - Downgraded

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P2P Global Investments C-share issue

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Murray International - Downgraded

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Aberdeen World Equity Income - Downgraded

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Aberdeen World Equity - Downgraded

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Artemis Global Income - Rating upgraded

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Threadneedle Dynamic Real Return - New rating

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BlackRock UK Special Situations - Rating suspended

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Templeton Emerging Markets Trust (TEM) - Downgraded

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iShares S&P SmallCap 600 UCITS ETF - New rating

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SSGA SPDR Barclays 1-5 year Gilt UCITS ETF - New rating

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Standard Life UK Smaller Companies IT - Downgraded

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Standard Life UK Smaller Companies - Downgraded

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Schroder UK 250 Mid Cap - Downgraded

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Montanaro UK Smaller Companies - Downgraded

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Artemis UK Smaller Companies - Downgraded

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Old Mutual UK Smaller Companies - Downgraded

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Franklin UK Smaller Companies - Rating upgraded

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Newton Asian Income - Downgraded

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F&C UK Property fund - New rating

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Lazard Emerging Markets - Downgraded

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Fidelity Emerging Markets - New rating

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F&C European Small Cap ex UK Fund - New rating

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Templeton Emerging Markets Investment Trust - Downgraded

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Fidelity UK Smaller Companies - New rating

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AXA Framlington UK Smaller Companies - New rating

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Tritax Big Box - New rating

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Woodford Patient Capital Trust - New rating

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Artemis Global Income - New rating

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Empiric Student Property - New rating

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TM Sanditon European fund - New rating

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UK Commercial Property Trust - Rating suspended

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BlueCrest BlueTrend (BBTS) - Downgraded

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JPM Multi-Asset Macro - New rating

This is the flagship absolute return vehicle from JPM’s multi-asset solutions team based in London. The current strategy was adopted initially through an offshore fund (Capital Appreciation) in November 2012 and more recently was made available through the above UK domiciled version. The product benefits from JPM’s extensive asset class coverage and investment capabilities and does not carry a performance fee. Essentially it is designed to provide an enhancement over traditional balanced mandates by incorporating an unconstrained approach to asset allocation as well as employing relative value and derivative strategies with a view to delivering positive returns over the medium term. However prospective investors should be aware this mandate can adopt a relatively more aggressive risk profile if appropriate, to enable the portfolio managers to capture investment opportunities they have identified.

The fund is awarded a 4 star rating and will feature on our top-rated funds list - our research team’s premier selection.

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. Funds may carry different levels of risk depending on the industry sector(s) in which they invest. Targeted Absolute Return funds do not guarantee a positive return and you could get back less than you invested, as with any other investment. Additionally, the underlying assets of these funds generally use complex hedging techniques through the use of derivative products, which can carry additional risks which may not be immediately apparent. This is not advice to invest.