Upon the recent news that the co-manager of the Artemis European Opportunities fund, Mark Page, will be retiring with immediate effect, leaving the fund to be solely managed by the existing co-manager, Laurent Millet, we have decided to downgrade our rating on the fund from AA to A.

Our rating downgrade is to reflect the loss of Mr Page's lengthy experience from the fund but having co-managed the fund alongside Mr Page since launch, we believe Mr Millet is a very capable investor and will continue to uphold the fund's investment philosophy and process.