New Rating

Fidelity Special Situations

Rating downgraded

Aviva Investors Multi-Strategy Target Income

New Rating

FP WHEB Sustainability

New Rating

Liontrust UK Ethical

Rating downgraded

Man GLG Japan CoreAlpha

Rating downgraded

Man GLG Japan CoreAlpha Equity

Rating downgraded

Invesco Perpetual Income

Rating downgraded

Invesco Perpetual High Income

Rating downgraded

Standard Life Global Absolute Return Strategies (SLIM GARS) – downgrade

Rating downgraded

AXA Framlington UK Select Opportunities - downgrade

New Rating

Artemis US Absolute Return

Rating downgraded

Old Mutual UK Alpha

Rating downgraded

Unicorn UK Income

Rating downgraded

Marlborough Special Situations

Rating downgraded

M&G Strategic Corporate Bond - downgrade

Rating downgraded

Woodford Equity Income - downgrade

New Rating

Jupiter UK Special Situations

Rating downgraded

JO Hambro UK Opportunities

New Rating

Jupiter Income Trust

New Rating

Schroder ISF Asian Total Return

Rating downgraded

F&C UK Property

Rating downgraded

Schroder UK Alpha Income

Rating downgraded

Henderson European Focus

New Rating

CRUX European Special Situations

Rating downgraded

Standard Life Global Absolute Return Strategies (SLIM GARS) – downgrade

More generally, diversified multi-strategy products have to some degree experienced diminishing total return outcomes in recent years although this has been more pronounced at SLIM GARS, which is becoming more of a test of patience. Outside of equity related themes, the mandate has struggled to deliver positive return contributions from the remaining asset class categories (credit, rates, currency and volatility) over the last 36 months.  Separately, in recent years the GARS team has also had to contend with defections of senior investment decision makers to competing products launched by Invesco Perpetual and Aviva. We have reduced the fund’s rating from 3 to 2 stars.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.