We are pleased to announce that we have reinstated the rating of the BlackRock Continental European Income fund, at a reduced level of A (previously AA then suspended).

We have met with this fund's manager, Andreas Zoellinger, and other members of the wider BlackRock European team on several occasions since the departure of the fund's previous co-manager. In our opinion, the manager has demonstrated that he is capable and well equipped to run the fund on a sole basis. We believe the manager has a promising future in delivering the fund's longer-term objectives, but the reduced rating reflects our lower level of conviction, given the manager's limited track record of running the fund on his own.

Conversely, we have removed our rating of the BlackRock GF European Focus fund. Although we have a positive view on the new fund manager, Stefan Gries, we think it prudent to monitor his progress, as he transitions the portfolio to align it with his approach.