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

New Rating

Legg Mason IF Japan Equity - New rating

New Rating

Old Mutual North American Equity - New rating

New Rating

AXA Framlington Japan - New rating

New Rating

T Rowe Price US Smaller Companies Equity - New rating

Suspended

City Natural Resources High Yield Trust - Rating suspended

New Rating

Vanguard FTSE Developed Europe ex-UK Equity Index - New rating

New Rating

Vanguard FTSE Developed World ex-UK Equity Index - New rating

New Rating

Vanguard FTSE UK Equity Income Index - New rating

New Rating

Vanguard UK Government Bond Index - New rating

New Rating

Vanguard UK Inflation-Linked Gilt Index - New rating

New Rating

Vanguard US Equity Index - New rating

New Rating

Fidelity Index Pacific ex Japan - New rating

New Rating

Fidelity Index Japan - New rating

New Rating

Fidelity Index Emerging Markets - New rating

New Rating

Insight Strategic Bond - New rating

New Rating

Henderson Fixed Interest Monthly Income - New rating

New Rating

Fulcrum Diversified Core Absolute Return - New rating

New Rating

JPM Multi-Asset Macro - New rating

New Rating

F&C Responsible Global Equity - New rating

Rating downgraded

Aberdeen Ethical World Equity - Downgraded

New Rating

Standard Life Investments Property Income Trust - New rating

New Rating

ETFS Physical Gold GBP - New Rating

Rating upgraded

BlackRock Gold & General - Upgraded

New Rating

JPM Emerging Markets Income - New rating

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Loomis Sayles US Equity Leaders - New Rating

New Rating

Old Mutual Global Equity - New rating

New Rating

Jo Hambro CM Global Opportunities - New rating

New Rating

Fidelity Global Enhanced Income - New rating

New Rating

Ardevora Global Long Only Equity - New rating

Rating downgraded

British Empire IT - Downgraded

New Rating

F&C Real Estate Securities - New rating

Rating downgraded

Morgan Stanley Diversified Alpha Plus - Downgraded

New Rating

Ardevora UK Income - New rating

New Rating

Old Mutual UK Equity Income - New rating

New Rating

Newton Global Emerging Markets W - New rating

New Rating

RobecoSAM Smart Materials Fund - New rating

Rating downgraded

Blackrock World Mining Trust - Downgraded

Rating downgraded

Aberdeen Global Indian Equity - Downgraded

Rating downgraded

Aberdeen Asian Income Fund - Downgraded

Rating downgraded

Aberdeen Global Asian Smaller Companies - Downgraded

Rating downgraded

Aberdeen Asian Smaller Companies IT - Downgraded

Rating downgraded

Edinburgh Dragon IT - Downgraded

Rating downgraded

Aberdeen New Dawn IT - Downgraded

Rating downgraded

Aberdeen Asia Pacific & Japan Equity - Downgraded

Rating downgraded

Aberdeen Asia Pacific Equity - Downgraded

Rating downgraded

Aberdeen Global Asia Pacific Equity - Downgraded

New launch

P2P Global Investments C-share issue

Rating downgraded

Murray International - Downgraded

Rating downgraded

Aberdeen World Equity Income - Downgraded

Rating downgraded

Aberdeen World Equity - Downgraded

Rating upgraded

Artemis Global Income - Rating upgraded

New Rating

Threadneedle Dynamic Real Return - New rating

Suspended

BlackRock UK Special Situations - Rating suspended

Rating downgraded

Templeton Emerging Markets Trust (TEM) - Downgraded

Rating downgraded

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

Rating downgraded

Standard Life UK Smaller Companies - Downgraded

Rating downgraded

Schroder UK 250 Mid Cap - Downgraded

Rating downgraded

Montanaro UK Smaller Companies - Downgraded

Rating downgraded

Artemis UK Smaller Companies - Downgraded

Rating downgraded

Old Mutual UK Smaller Companies - Downgraded

Rating upgraded

Franklin UK Smaller Companies - Rating upgraded

Rating downgraded

Newton Asian Income - Downgraded

New Rating

F&C UK Property fund - New rating

Rating downgraded

Lazard Emerging Markets - Downgraded

New Rating

Fidelity Emerging Markets - New rating

New Rating

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

Rating downgraded

Templeton Emerging Markets Investment Trust - Downgraded

New Rating

Fidelity UK Smaller Companies - New rating

New Rating

AXA Framlington UK Smaller Companies - New rating

New Rating

Tritax Big Box - New rating

New Rating

Woodford Patient Capital Trust - New rating

New Rating

Artemis Global Income - New rating

New Rating

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

Standard Life UK Smaller Companies - Downgraded

The Standard Life UK Smaller Companies Fund (unit trust) was previously rated five stars by Bestinvest and was then downgraded to a two-star hold in 2011 after it was soft closed to new investors to limit growth in assets under management. However assets under management for the fund remain high. We believe they are likely to continue to compromise the manager’s ability to implement his investment style efficiently and, in doing so, his ability to deliver outperformance on a par with the past. We have higher conviction in alternative mandates that we believe are less constrained in this respect and have downgraded our rating to a 1 star.

The UK Smaller Companies investment trust also managed by Nimmo has historically outperformed his unit trust, although this distinction has become less pronounced over the last three years. The trust pursues an identical investment strategy and has a reasonably high degree of overlap with his open ended fund, consequently we would also expect it to be subject to the same challenges going forward. The trust is currently trading marginally below its rolling one-year discount to NAV, consequently we have downgraded our rating to a two star.

The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.

Current or past yield figures provided should not be considered a reliable indicator of future performance.