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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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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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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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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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Newton Global Emerging Markets W - New rating

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BlackRock UK Special Situations - Rating suspended

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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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Empiric Student Property - New rating

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TM Sanditon European fund - New rating

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

SSGA SPDR Barclays 1-5 year Gilt UCITS ETF is a low-cost passive option for those looking for exposure to UK government debt with a lower duration than the standard index. As the name implies, the ETF tracks an index of UK government bonds with maturities from one year to five years, with effective duration of 2.9 years and a yield of 0.9%. Costs are very competitive; we estimate internal costs of 0.16% per annum (reported TER is 0.15%) whilst external costs, as measured by bid-offer spread, are approximately 0.12%.

The ETF uses effectively full physical replication – we also particularly approve of the fact that the ETF does not engage in any securities lending, unlike some of its peers, which further reduces the potential for counter-party risk. Overall, we believe this is a good option for investors seeking simple, low-cost and transparent exposure to UK government debt with a reduced duration exposure.

SSGA SPDR Barclays 1-5 year Gilt UCITS ETF has been rated three stars and will now feature on our top-rated funds – our research team’s premier selection.

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. Any yields quoted cannot be considered reliable indicators of future income.