We have decided to re-instate this fund's A rating following a meeting with the new Head of the Global Resources team, Todd Warren, and the new lead manager of this fund, Tal Lomnitzer. The fund was previously suspended after news of the impending retirement of Dr Joanne Warner, who was lead manager of this fund and head of the Global Resources team since 2010.

Our recent meeting with Mr Warren, Dr Warner and Mr Lomnitzer, has reassured us that this recent development does not alter the fund's investment philosophy and process. Mr Warren is an experienced investor and a long-standing senior member of the team, and thus a natural successor. Furthermore, he and Mr Lomnitzer will continue to work closely on this strategy, as they have for several years. We wish Dr Warner a long and happy retirement and thank her for her contribution to the industry.