Following the recent news of the impending retirements of Mr Steve Harker and Mr Neil Edwards at the end of March 2021, we have decided to lower the Man GLG Japan CoreAlpha fund's AAA rating to AA. Jeff Atherton, who is a senior member of the team and has been with the firm since 2011, will be taking sole charge of the strategy. He will be closely supported by Adrian Edwards, who has been with the firm from 2014, and assistant portfolio managers, Emily Badger and Stephen Harget. The four are value investors and are strongly committed to maintaining the integrity of the philosophy and the process. The change of rating reflects the fact that the team are going to lose two very seasoned investors in this space, but also recognises our ongoing conviction in and high regard for Mr Atherton and his team.