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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Legal & General All Stock Gilt - New rating

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Ignis Absolute Return Government Bond - Rating suspended

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M&G Recovery - Downgraded

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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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Veritas Global Equity Income - Rating suspended

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Ediston Property - New rating

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Standard Life Equity Income IT - 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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Unicorn UK Income - Rating suspended

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Woodford Equity Income

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JPM Europe Dynamic ex UK - New rating

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Woodford Equity Income - New rating

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JO Hambro CM UK Equity Income - New rating

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Ignis Absolute Return Government Bond - New rating

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F&C Macro Global Bond - Rating suspended

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L&G Dynamic Bond fund - Downgraded

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Legal & General bond funds - Rating suspended

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John Laing Environmental Assets Group (JLEN)

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GAM Star Technology - New rating

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Newton Higher Income Fund - Rating suspended

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Renewables Infrastructure Group C-share (TRGC)

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Renewables Infrastructure Group C-share (TRGC) - New rating

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John Laing Environmental Assets Group (JLEN) - New rating

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TwentyFour Select Monthly Income (LSE:SMIF)

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Standard Life UK Equity Income Unconstrained - Rating upgraded

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Artemis Income - Downgraded

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TwentyFour Select Monthly Income (LSE:SMIF) - New rating

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GCP Infrastructure C-shares - New rating

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iShares £ Corporate Bond 1 to 5 years - New rating

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3i Infrastructure (3IN) - Rating suspended

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Schroder UK Core - Rating suspended

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HSBC FTSE 250 Index - New rating

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Morgan Stanley Diversified Alpha Plus - New rating

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Edinburgh Investment Trust - New rating

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Redefine International (RDI) - Downgraded

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Investec UK Alpha and UK Smaller Companies - Suspended

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BlackRock Commodities Income - Suspended

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F&C Global Real Estate Securities - 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

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 has been replaced by new Schroders employees Tom Walker and Hugo Machin, both recently hired from AMP. The duo are making further new hires and are rolling out a new detailed investment process across their internationally based analysts.

We had confidence in the former manager Jim Rehlaender who we have known for many years. He was based in New York and had good relationships with CEOs of property companies both in the US and in the UK. The new team have only recently added a US-based analyst to their team. Since fifty percent of the fund’s portfolio is in North America, the loss of Rehlaender’s US experience could be vital for the fund. The new managers’ investment process seems good and logical, however it is new to the wider Schroder REIT analysts and it has not yet proved itself within its new environment. We will need to see how well the new process works and how well it is rolled out across their globally spread analyst teams.

In the meantime we have downgraded Schroder Global Property Securities from a 2-star HOLD/REVIEW to a 1-star SELL rating.

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. 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. Due to their nature, specialist funds can be subject to specific sector risks. Investors should ensure they read all relevant information in order to understand the nature of such investments and the specific risks involved. This article is not a personal recommendation or advice to invest.