Following the news that Alex Wright, co-manager of the Fidelity UK Smaller Companies fund, will be stepping away from managing the strategy and passing on full responsibility to fellow co-manager, Jonathan Winton, we have reduced the fund's AA rating to A, within our Academy of Funds.

We recognise the positive contribution Mr Winton has made to the fund, having become co-manager in 2013, and his continued working relationship with Mr Wright, but this represents his first role as sole lead fund manager running a retail strategy and we therefore feel it appropriate to reflect this in our rating.