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

Not rated

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

New launch

MFM Slater Income

UK equity boutique Slater Investments have launched a new income fund for chairman and chief investment officer Mark Slater. Slater believes that high yielding equities currently offer the most attractive source of income, with bond yields low following quantitative easing and interest rates on cash deposits also unattractive.

The initial yield on MFM Slater Income is anticipated to be around 4.1%, with dividends payable quarterly. The fund will distinguish itself from sector rivals by having a bias towards medium and smaller companies – at launch it will have around 40% in smaller companies including AiM, with 27% in the FTSE 250 and just 34% in FTSE 100 companies.

Mark Slater has an outstanding career record in the UK All Companies sector and his Slater Growth and Slater Recovery funds have been amongst the top performers in the peer group in recent years. However, his experience on income funds is limited and we would like to see him establish a track record before considering this new fund for a rating. Investors seeking a UK equity income fund with exposure to mid and small cap companies could consider Threadneedle UK Equity Income, rated 5 stars by Bestinvest, though this will have more large companies than the Slater fund.