Following a lengthy review, we have taken the decision to remove the ratings of the BMO European Smaller Companies ex UK fund and its Luxembourg-domiciled, pan European sister strategy, the BMO European Smaller Companies fund.

Both of these funds have struggled to achieve their investment objectives in recent years and although we acknowledge that the managers and their supporting team have made some efforts to address these performance issues, our conviction in the managers' stock selection abilities has waned. As a result, we no longer feel the funds can achieve their aims over the long term and have therefore removed them from our Academy.