Rating downgraded

Veritas Global Equity Income

Rating downgraded

Aviva Investors US Equity Income

Rating downgraded

T Rowe Price US Smaller Companies Equity

Rating downgraded

Schroder US Mid Cap

Rating downgraded

Schroder US Smaller Companies

Rating downgraded

Invesco Perpetual Asian

Rating downgraded

Invesco Perpetual Pacific

Rating downgraded

Janus Henderson Asian Dividend Income

Rating downgraded

JPM Emerging Markets Income

Rating downgraded

Lazard Emerging Markets

Rating downgraded

Fidelity Asia

Rating downgraded

Henderson European Focus

Rating downgraded

Marlborough UK Micro Cap Growth

Rating downgraded

Ardevora Global Long Only

Rating downgraded

Fidelity Global Enhanced Income

Rating downgraded

Old Mutual Global Equity

Rating downgraded

JPM Europe Dynamic (ex-UK)

Rating downgraded

F&C European Small Cap ex UK

Rating downgraded

JO Hambro CM Continental European

Rating downgraded

Legg Mason IF Japan Equity

Rating downgraded

AXA Framlington Japan

Rating downgraded

Schroder Tokyo

Rating downgraded

Old Mutual North American Equity

Rating downgraded

Cullen North American High Dividend

Rating downgraded

Artemis Income

Rating downgraded

Schroder Income Maximiser

Rating downgraded

Fidelity Moneybuilder Dividend

Rating downgraded

Old Mutual UK Equity Income

Rating upgraded

JO Hambro UK Dynamic

New Rating

BlackRock Continental European Income

Rating downgraded

Standard Life European Equity Income

Rating downgraded

Schroder Tokyo

New Rating

Baillie Gifford Japanese

Rating downgraded

Kames Strategic Bond

Rating downgraded

FP Argonaut European Alpha

Rating downgraded

TM Sanditon European

Rating downgraded

Aberdeen Global Asia Pacific Equity

Rating downgraded

Aberdeen Asia Pacific Equity

Rating downgraded

Aberdeen Global Asian Smaller Companies

Rating downgraded

Aberdeen Asia Pacific & Japan Equity

Rating downgraded

First State Greater China Growth

Rating downgraded

Aberdeen Global Indian Equity

Rating downgraded

Stewart Investors Indian Subcontinent

Rating downgraded

Stewart Investors Latin America

Rating downgraded

TM Fulcrum Diversified Core Absolute Return

Rating downgraded

Newton Real Return Institutional

Rating downgraded

Absolute Insight Equity Market Neutral

Rating downgraded

Insight Absolute Insight

Rating downgraded

BNY Mellon Absolute Insight

Rating downgraded

Artemis US Absolute Return

Rating downgraded

Kames UK Equity Absolute Return

Rating downgraded

BH Global Plc

Rating downgraded

First State Global Resources

Rating upgraded

JO Hambro UK Opportunities

Rating downgraded

Aberdeen Emerging Markets Equity

Rating downgraded

Aberdeen Global Emerging Markets Equity

Rating downgraded

Aberdeen Global Emerging Markets Smaller Companies

Rating downgraded

GAM Star Technology

Rating downgraded

JO Hambro CM Japan

Rating downgraded

Jupiter Financial Opportunities

Rating downgraded

Polar Capital Global Insurance

Rating downgraded

Templeton Frontier Markets

New launch

Woodford Income Focus

Rating downgraded

JO Hambro UK Opportunities

New Rating

Lindsell Train UK Equity - New rating

New Rating

Lindsell Train Global Equity - New rating

Rating downgraded

Stewart Investors Latin America

We have undertaken a review of our list of rated Emerging Market equity funds and have decided to downgrade the star ratings of a number of funds we currently cover in our research, including Stewart Investors Latin America.

We are looking to focus our research on a more limited number of equity fund ideas in which we have higher levels of conviction. We have more conviction in broader emerging market funds such as Fidelity Emerging Markets and Somerset Emerging Markets Dividend Growth.

This fund is now rated as a one-star ‘switch’ – this is to reflect the withdrawal of future coverage. Our alternative, high-conviction ideas will benefit from our ongoing monitoring.

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.

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.

Underlying investments in emerging markets are generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could both increase or decrease. These investments therefore carry more risk.