In response to Chris St John assuming responsibility of this fund at the start of 2019, we adjusted our rating to a Positive Prospect (PP). We made this decision because, although we acknowledged Mr St John's experience and long-term track record running UK mid and small cap equities strategies, we felt that, at that point, his fund management capabilities had not yet been fully tested in terms of running money further up the market cap scale. However, having monitored his progress, and indeed success, over the intervening period, we believe that we are now in a position to upgrade the fund to an A rating within our Academy of Funds.

We hold Mr St John in high regard and look forward to seeing how the fund progresses under his tenure.