Following the news that Angus Tulloch will retire at the end of September, we are not making any changes to the Square Mile ratings of the Stewart Investors funds. These ratings reflect the very high conviction that we have in the Stewart Investors team, which includes some extremely experienced portfolio managers who have worked alongside Mr Tulloch for many years. The loss of such a seasoned investor will have an impact on the team but the quality of remaining investment professionals means that this will not meaningfully change our view.

We would like to take this opportunity to wish Mr Tulloch all the best for his retirement and acknowledge the contribution that he has made to Asian and global emerging markets investing over a number of decades.