We are pleased to announce that we have lifted our suspended rating of the Threadneedle European Select fund and are replacing it with an A rating. Since the departure of the previous co-manager, Mark Nichols, and two other members of the team, we have met with the new management pairing of long serving co-manager, David Dudding, and the more recently appointed co-manager, Benjamin Moore. Mr Moore has a background in European smaller companies, and so he is building his knowledge of some of Europe's largest companies. Nonetheless, we believe the managers have provided a good level of consistency and adherence to the funds investment process throughout the period and we have therefore reflected our level of conviction in the fund's new rating.