Following the news that Alastair Mundy will be stepping down as manager of the Investec Cautious Managed and Investec UK Special Situations funds with immediate effect for an extended period of absence due to health reasons, we have decided to remove the Square Mile AA ratings from both funds.

As the architect and team head of Ninety One's Value franchise we believe that Mr Mundy is integral to the management of both the team and the funds. Therefore, we believe it is prudent to remove the ratings and allow the team to adapt to the change in structure and leadership.

We will continue to monitor the funds and would like to sincerely wish Mr Mundy well in his recovery.