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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Legg Mason IF Japan Equity - New rating

The Legg Mason IF Japan Equity fund has a growth style and invests in small and medium-sized companies with the aim of producing a capital return above the Topix index.

This fund is managed by Hideo Shiozumi, who is based in Tokyo with a small team of only three analysts. Shiozumi believes that Japan is experiencing cultural and social changes which he dubs “New Japan.” His portfolio is primarily focused on e-commerce as consumers increase their use of the internet, and healthcare, where companies aim to take advantage of the unfavourable demographics in Japan. His team then looks for companies with rapid and consistent earnings growth, specifically companies that have grown by a minimum of 20% per year and whilst there are no guarantees, it is predicted to continue to grow by at least this level in the future.

Stocks are held strategically over a long time period and the portfolio tends to be concentrated, holding 30-50 stocks.

Given the concentrated portfolio and unconstrained nature, this fund has high volatility and therefore is only appropriate for higher risk investors or as part of a diversified portfolio.

The fund has been awarded a three 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. 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. Current or past yield figures provided should not be considered a reliable indicator of future performance. This is not advice to invest.