Rating upgraded

JO Hambro CM UK Dynamic - Rating upgraded

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BlackRock UK Special Situations - Downgraded

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JPM US - Downgraded

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M&G American - Downgraded

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GAM Star GAMCO US Equity - Downgraded

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Findlay Park American - Rating suspended

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Cullen North American High Dividend Value - New rating

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Dodge & Cox Worldwide US Stock - New rating

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Invesco Perpetual Global Targeted Returns - New rating

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Henderson European Selected Opportunities - Rating suspended

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Henderson UK Property - Downgraded

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Starwood European Real Estate Finance (SWEF) - Downgraded

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TR Property IT (TRY) - Downgraded

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Premier Pan European Property Share - Downgraded

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UK Commercial property trust - New rating

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Aviva Investors Property - Downgraded

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Investec Enhanced Natural Resources - Downgraded

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Gold Bullion Securities - Downgraded

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ETFS Physical Gold - Downgraded

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BlackRock World Mining Investment Trust - Downgraded

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City Natural Resources High Yield Investment Trust - Downgraded

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First State Global Resources - Downgraded

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BlackRock Gold & General - Downgraded

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Threadneedle Enhanced Commodities - Downgraded

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Fulcrum Commodity - Downgraded

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JPM Natural Resources - Downgraded

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LXB Retail Properties - Rating suspended

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Schroder Global Real Estate Securities (SGRE) - Downgraded

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Schroder Global Property Income Maximiser - Downgraded

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Schroder Global Property Securities - Downgraded

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Legg Mason US Smaller Companies - Downgraded

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Legg Mason US Smaller Companies - Rating suspended

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Ignis Absolute Return Government Bond - Rating suspended

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F&C UK Real Estate Investments (FCRE) - Rating upgraded

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Kames Property Income - New rating

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Ediston Property (EPIC) - Rating suspended

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Ediston Property - New rating

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Schroder Global Property Income Maximiser - Downgraded

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Schroder Global Property Securities - Downgraded

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Unicorn UK income - New rating

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JO Hambro CM UK Dynamic - New rating

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Majedie UK Equity - New rating

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Woodford Equity Income

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JPM Europe Dynamic ex UK - New rating

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John Laing Environmental Assets Group (JLEN)

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Newton Higher Income Fund - Rating suspended

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TwentyFour Select Monthly Income (LSE:SMIF)

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iShares £ Corporate Bond 1 to 5 years - New rating

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Schroder Global Property Securities - Downgraded

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SWIP Property Trust - Rating upgraded

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M&G Property Portfolio - Rating upgraded

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Henderson UK Property - Rating upgraded

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Schroder Global Property Income Maximiser - Downgraded

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Schroder Global Property Securities - Downgraded

Schroders have decided to bring the management of its two flagship funds of property shares in house. Nine years ago Schroders appointed specialist property security manager Jim Rehlaender of EII Capital Management to act as adviser to the Schroder Global Property Securities and Schroder Global Property Income Maximiser funds. From 15 August 2014 Rehlaender will be replaced by new Schroder employees Tom Walker and Hugo Machin, both recently hired from AMP. These two will form the basis of a new Schroder Global Property Securities team within Schroder Property Investment Management.

At AMP Walker was Deputy Head of Global Listed Real Estate and Machin was Head of European Listed Real Estate. Both were part of the team that managed AMP Capital Global Property Securities fund. The duo will be joined by fund analyst Ben Forster, who will transfer from Schroders’ existing property team where he has 7 years of experience as an analyst in their Property Multi Manager team. A further experienced analyst will join the team in August. The new team will report to Neil Turner, Head of Indirect Property Investment, and will work in conjunction with the Schroders Property Securities teams already based in Asia and the USA.

We have a high regard for Jim Rehlaender and always looked forward to our meetings. He has over 35 years’ experience in the property sector, both directly and through managing global property securities funds; his historical track record against reference benchmarks has been particularly strong.

We will need to see how the new team settles in at Schroders and to assess their track records. Pending the outcome of our investigation and in compliance with our research procedures we will downgrade the Schroder Global Property Securities and Schroder Property Income Maximiser funds to 2-star HOLD/REVIEW ratings.

In the meantime investors may consider the F&C Global Real Estate Securities (3 stars), a relatively new fund managed by Marcus Phayre-Mudge. This fund is a combination of passive and active exposure, the latter being applied only to regions where the manager has a high conviction that he can add value consistently.

The property market is illiquid and this can, in exceptional circumstances, lead to times in which clients are unable to dispose of part or all of their holding. Property valuations are made by independent agents but are ultimately subjective and a matter of judgement.