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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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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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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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Edinburgh Dragon IT - Downgraded

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Murray International - Downgraded

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Artemis Global Income - Rating upgraded

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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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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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Old Mutual UK Equity Income - New rating

The Old Mutual UK Equity Income fund has been run by Stephen Message since November 2009. Message invests primarily in larger companies and has a pragmatic approach, investing in both income and growth stocks. The latter may include companies with low or zero yields, though he does look for dividend growth.

The fund has been one of the top performers in the UK Equity Income sector in recent years. This is particularly impressive given the large-cap focused asset allocation - around 75% of the portfolio is invested in the FTSE 100. Many of the other top performers in the sector have achieved their success through high weightings to mid and small-cap companies, both of which have outperformed large-caps in recent years.

Message is relatively inexperienced for a fund manager and his track record has been generated in the generally benign post-crisis period. However, we draw reassurance from the strong team around him. Message sits on Old Mutual’s UK Large Cap team which includes Richard Buxton, manager of the five star rated Old Mutual UK Alpha fund.

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. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.

Current or past yield figures provided should not be considered a reliable indicator of future performance.

Funds may carry different levels of risk depending on the industry sector(s) in which they invest. You should ensure that you understand the nature of any fund before you invest in it. Any yields quoted cannot be considered reliable indicators of future returns