New Rating

TM Hearthstone UK Residential Fund - New rating

Rating downgraded

Newton Global Income - Downgraded

New Rating

Fundsmith Equity - New rating

New Rating

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

Rating downgraded

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

Rating upgraded

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

Rating downgraded

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

New Rating

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

Rating downgraded

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

New launch

P2P Global Investments C-share issue

Rating downgraded

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

New Rating

Threadneedle Dynamic Real Return - New rating

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BlackRock UK Special Situations - Rating suspended

Rating downgraded

Templeton Emerging Markets Trust (TEM) - Downgraded

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iShares S&P SmallCap 600 UCITS ETF - New rating

New Rating

SSGA SPDR Barclays 1-5 year Gilt UCITS ETF - New rating

Rating downgraded

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

Rating upgraded

Franklin UK Smaller Companies - Rating upgraded

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Newton Asian Income - Downgraded

New Rating

F&C UK Property fund - New rating

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Lazard Emerging Markets - Downgraded

New Rating

Fidelity Emerging Markets - New rating

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F&C European Small Cap ex UK Fund - New rating

Rating downgraded

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

Rating downgraded

TM Sanditon European fund - New rating

Suspended

UK Commercial Property Trust - Rating suspended

Rating downgraded

BlueCrest BlueTrend (BBTS) - Downgraded

Rating downgraded

Old Mutual UK Smaller Companies - Downgraded

The investment philosophy of the fund is a combination of top-down and-bottom up inputs, with the former impacting on the balance of growth versus value type companies within the portfolio according to changes in the business cycle. More recently, the portfolio had a tilt towards growth with an emphasis on ROE, earnings growth, sales growth and forecasted sales growth. Both short and long-term momentum factors remain significant, meaning it may be more challenging to implement the investment strategy given the fund’s relatively large AUM.

The manager, Dan Nickols, looks after a lot of money – a total of approximately £850 million across the OEIC and an offshore version of the fund. The fund’s performance was lagging the benchmark during 2014, performing roughly in line with the index since 2009. Attribution analysis points to stock selection (not sectors) as the main detractor over the period. The fund’s portfolio (as of May 2015) included 117 companies, meaning the performance of individual companies may become diluted. We have a number of higher conviction options within the sector.

The Old Mutual UK Smaller Companies fund will no longer 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 may 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.

This article is not a personal recommendation or advice to invest.