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Fidelity American - Rating suspended

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Newton Global Higher Income - Rating upgraded

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Newton Higher Income

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Aberforth UK Small Companies - Downgraded

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Old Mutual UK Select Smaller Companies - Downgraded

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SWIP Property Trust -Rating unchanged

SWIP Property Trust, managed by Gerry Ferguson who has over 7 years experience in managing mutual funds in this sector, has seen a 3% price drop following a switch to ‘mid pricing’. Here we explain why

Why it went down?

SWIP have monitored fund flows into and out of this fund throughout 2011. In the first and second quarter of 2011 there were inflows, but this has since turned flat to marginally negative (i.e. outflows).  For this reason SWIP decided, as of close of business on 9/2/12 to move the fund onto a mid basis. The effect of this is a price fall of 3%.

Why are we keeping this at 5 stars?

The portfolio has good, quality prime buildings and the rental yield should more than match any falls in capital value. The price fall by 3% is a black mark and there is a risk that it could fall by a further 3% if there are fund out flows. We will feed this into our next review of the property sector and the funds we recommend.

What clients should do?

Hold for now.

Our current view on property:

The wider UK commercial property market is likely to see capital falls in 2012. Income will be the main source of return. Returns will be about asset management skills of the property managers and of the specific property he/she holds. In general we prefer funds investing in property securities which are more nimble than bricks and mortar funds and are able to switch quickly between property sectors and countries.

The property market can be illiquid; consequently, there can be times when investors will be unable to sell their holdings.  Property valuations are subjective and a matter of judgement.

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.