Rating downgraded

Specialist First State Funds - Downgraded

New launch

Neptune launches China Max Alpha fund

New launch

Neptune Global Long/Short Sector fund

New launch

Legg Mason US Equity Income

New launch

Acuim UK Multi Cap Income Fund

New launch

JO Hambro CM Asia ex Japan

New launch

JO Hambro CM Asia ex Japan Small and Mid Cap

Rating upgraded

Legg Mason Global Credit Absolute Return - Upgraded

New launch

GAM Star Emerging Asia Equity

New launch

MFM Slater Income

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Fidelity European Opportunities - Downgraded

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Rensburg UK Blue Chip Growth - Downgraded

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City Natural Resources High Yield IT - New Rating

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HSBC American Index - New Rating

Suspended

Legal and General High Income Trust - Rating suspended

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Muzinich Short Duration High Yield and Enhanced Yield Funds

Rating downgraded

AXA Short Duration High Yield - Downgraded

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Schroder US Mid Cap - Downgraded

Suspended

Royal London Japan Growth - Rating Suspended

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First State Indian Subcontinent - New Rating

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BlackRock European Dynamic - Upgraded

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BlackRock UK Dynamic - Downgraded

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Schroder Global Property Income Maximiser - New Rating

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Artemis European Growth

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Invesco Perpetual European Equity - Downgraded

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GAM UK Diversified - Downgraded

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Investec European - Downgraded

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Rensburg UK Select Growth - Downgraded

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Fidelity European - Downgraded

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Ignis European Income - Downgraded

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BlackRock UK Dynamic Downgraded

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Newton Asian Income awarded 4 stars

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Henderson Asian Dividend Income Downgraded to 3 stars

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Invesco Perpetual European Equity - Downgraded

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iShares S&P 500 Downgraded to 3 Star Rating

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Land Securities - Downgraded

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Templeton Frontier Markets - New Rating

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Jupiter Financial Opportunities - Downgraded

Rating upgraded

Fidelity South East Asia - Upgraded

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IFSL Barclays Defined Returns Autocall Fund - New Rating

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M&G UK Inflation Linked Corporate Bond - New Rating

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Invesco Perpetual European Equity - Downgraded

David Dudding may already be well known to some investors because he is also the manager of the 4 star rated Threadneedle European Smaller Companies fundwhich is currently our top European small cap recommendation.

Dudding took over management of the Threadneedle European Select fund in July 2008 and has been running it for over 3 years. During this time he has demonstrated his ability to run a multi cap European fund having consistently outperformed the index. Dudding is a pragmatic investor, identifying and investing in quality companies that are growing their businesses and earnings over the long term.

Dudding is not a defensive manager in the sense that he buys defensive stocks or sectors when he becomes more bearish. Instead, he relies on the fact that the strength of the earnings of his underlying companies are such that the companies share prices will be better supported should the market fall. We have seen evidence of this in the recent market falls and this approach contributes a considerable proportion of his outperformance.