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Fidelity American - Rating suspended

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Trojan Fund - Rating upgraded

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Newton Global Higher Income - Rating upgraded

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Newton Higher Income

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Old Mutual UK Select Smaller Companies - Downgraded

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Trojan Fund - Rating upgraded

The Trojan Fund sits in the Flexible Managed sector but has much in common with the funds of the Absolute Return sector - low volatility and a focus on capital preservation. However, unlike the funds in that sector, manager Sebastian Lyon does not engage in shorting (selling stocks he does not own to benefit from falling prices).

Instead, he invests in a combination of mainstream asset classes - equities, index linked bonds, gold and cash - adjusting the weightings between them in accordance with his view of the macroeconomic environment.

Lyon founded Troy Asset Management with the late Lord Weinstock in 2000 and has been running the Trojan Fund since 2001. As well as outperforming both cash and equity markets over that time period, the fund has also produced extremely attractive returns on a risk-adjusted basis. In view of our increased conviction in the fund and its manager we have upgraded it from 3 to 4 stars.

Investors should be aware that Absolute Return funds do not guarantee a positive return and you could get back less than you invested much like any other investment. Additionally, the underlying assets of Absolute Return funds generally use complex hedging techniques through the use of derivative products.

If you are unsure about the suitability of an investment or if you need advice on your specific requirements, we strongly suggest that you consider professional financial advice.

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.