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

Rating upgraded

Legg Mason Global Credit Absolute Return - Upgraded

Following our meeting with the newly appointed fund managers we have reinstated a 3 star buy rating. Going forward the Legg Mason Global Credit Absolute Return fund will be the responsibility of Mike Buchanan, head of high yield, and Prashant Chandran, Global Head of Derivatives.

Buchanan is chairman of the Global Credit Committee which former manager Dip Sherwaram previously contributed to. Going forward Buchanan’s main focus will be selecting credit opportunities for the portfolio, whilst Chandran will use his expertise in derivatives to implement the Fund’s credit and interest rate management strategies in the most efficient way possible and manage tail risk.

Chandran has been running a mandate for US based investors, which in many respects is similar to this fund, since Aug 2008. This strategy has returned gross 9.8% year to date and 7.7% over one year (both to the end of July).

The fund is awarded three stars.

Investors should be aware that Absolute funds do not guarantee a positive return and you could get back less than you invested much like any other investment. Additionally, the underlying assets of Absolute funds generally use complex hedging techniques through the use of derivative products