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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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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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T Rowe Price US Smaller Companies Equity - New rating

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City Natural Resources High Yield Trust - Rating suspended

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Aberdeen Ethical World Equity - Downgraded

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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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F&C Real Estate Securities - New rating

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Morgan Stanley Diversified Alpha Plus - Downgraded

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Ardevora UK Income - New rating

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Old Mutual UK Equity Income - New rating

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Newton Global Emerging Markets W - New rating

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RobecoSAM Smart Materials Fund - New rating

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Edinburgh Dragon IT - Downgraded

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Schroder UK 250 Mid Cap - Downgraded

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Montanaro UK Smaller Companies - Downgraded

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Artemis UK Smaller Companies - Downgraded

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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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Lazard Emerging Markets - 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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Artemis Global Income - 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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T Rowe Price US Smaller Companies Equity - New rating

T Rowe Price is Baltimore based and has a team of 140 equity analysts. The company has run funds investing in US smaller companies since the 1960s and now manages more than US$100 billion in this strategy. Its long history and large size means it has unrivalled access to companies’ senior management – the team meets more than 1,000 companies each year. Smaller companies are much less well covered by other stock market professionals which means having a large, experienced in-house team of analysts is a distinct advantage.

The T Rowe Price US Smaller Companies Equity fund has a growth style and rather than having a high risk focused portfolio, it has a more diverse 200-300 stock portfolio - the approach is “broad brush” rather than “shot gun”. The risks of investing in small companies are somewhat offset by holding several companies in any given sector - for example in biotechnology where each company is reliant on the success (or otherwise) of a single drug, the manager will take positions in several such companies. The fund’s holdings are often taken over by larger rivals, often at significant premia to the prevailing share price, giving an added fillip to its performance.

The T Rowe Price US Smaller Companies Equity fund has been given a new four star rating and will feature on our top-rated funds list - our research team’s premier selection.

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. 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. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk. Current or past yield figures provided should not be considered a reliable indicator of future performance. This is not advice to invest.