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Aberdeen Global Asian Smaller Companies - Downgraded
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Aberdeen Asian Smaller Companies IT - Downgraded
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P2P Global Investments C-share issue
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Murray International - Downgraded
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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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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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Woodford Patient Capital Trust - 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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Montanaro UK Smaller Companies - Downgraded
The new manager, Anna Lunden, replaced David Lindley in October 2014. She previously managed a European smaller companies fund between 2006 and 2011. Due to the team-based approach at Montanaro, there were no major changes to the investment process or the investment style. The portfolio remains invested primarily in UK-listed smaller companies with a focus on businesses with market capitalisation of between £100m and £2.5bn. The investment universe excludes AIM listed stocks and any unlisted investments, with the portfolio holding between 55-80 quality growth stocks. Given no direct experience in the UK smaller companies sector per se, we would need the new manager to establish a minimum performance track record prior to considering the trust for a higher rating.