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Ardevora Global Long Only Equity - New rating
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British Empire IT - Downgraded
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Morgan Stanley Diversified Alpha Plus - Downgraded
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Ardevora UK Income - New rating
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RobecoSAM Smart Materials Fund - New rating
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Aberdeen Asian Income Fund - Downgraded
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Aberdeen Global Asian Smaller Companies - Downgraded
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Aberdeen New Dawn IT - Downgraded
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Aberdeen Asia Pacific & Japan Equity - Downgraded
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Aberdeen Global Asia Pacific Equity - Downgraded
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P2P Global Investments C-share issue
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Murray International - Downgraded
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Aberdeen World Equity Income - Downgraded
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Artemis Global Income - Rating upgraded
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Templeton Emerging Markets Trust (TEM) - Downgraded
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iShares S&P SmallCap 600 UCITS ETF - New rating
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SSGA SPDR Barclays 1-5 year Gilt UCITS ETF - New rating
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Standard Life UK Smaller Companies IT - Downgraded
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Standard Life UK Smaller Companies - 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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F&C UK Property fund - New rating
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Lazard Emerging Markets - Downgraded
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F&C European Small Cap ex UK Fund - New rating
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Templeton Emerging Markets Investment Trust - Downgraded
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Fidelity 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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TM Sanditon European fund - New rating
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UK Commercial Property Trust - Rating suspended
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BlueCrest BlueTrend (BBTS) - Downgraded
Rating downgraded
Templeton Emerging Markets Investment Trust - Downgraded
Templeton Emerging Markets Investment Trust – TEM – is one of the longest-running emerging market investment trusts. It is managed by a well-resourced team, with employees spread all over the world. Mark Mobius has authority over the fund, but decisions on individual investments are generally driven by a portfolio manager based in the region. The trust tends to invest in large and mid-cap stocks with a value bias based on five-year earnings forecasts, which are calculated internally.
We have downgraded TEM, which has lagged both its benchmark MSCI Emerging Markets Index and our rated peer over the past three years and shorter periods. Performance is looking to be on a deteriorating trend. The downgrade is only by one notch to a three-star rating, which means it is a fund we expect to deliver above average returns over the medium to longer term. The downgrade reflects our concerns about weakness in performance. We will continue to monitor the fund, which includes meeting the manager.
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.