We have decided to remove the rating of the Charlemagne Magna Latin American fund. We continue to have a high regard for the manager Ian Simmons and his investment approach. However, in common with many other Latin American funds in the region this fund has also seen its share of strong outflows from global investors over the past year. Therefore this fund's size has shrunk significantly and fallen to a level that we believe is now below critical mass, and as such we have decided to remove coverage.