We have a high regard for the manager, Andrew Rose, and his very disciplined and sensible approach to investing in this market. However, the fund's objective is to outperform the TOPIX benchmark by 2.5% p.a. over rolling three years and to deliver top quartile returns within the IA Japan peer group. We think the index plus target is a difficult one to achieve on a consistent basis (for any manager) and especially when risk is being taken in such a measured and considered manner.

Following the recent news that Miles Geldard is going to step back from fund management at the beginning of next year, while co-manager, Lee Manzi, will assume the role of lead portfolio manager from September 2017, we have decided to suspend the Jupiter Strategic Reserve fund's rating.

Following the news that long standing member of Henderson Multi Asset Team and portfolio manager, Chris Forgan, has decided to leave the group, Square Mile has decided to remove the fund ratings on Henderson Multi Manager Income & Growth, Henderson Core 3 Income, Henderson Core 4 Income, Henderson Core 5 Income and Henderson Core 6 Income & Growth.

BlackRock have recently announced that the following funds will change name, effective as at 30th June 2017.

BlackRock 100 UK Equity Tracker to iShares 100 UK Equity Tracker

BlackRock 350 UK Equity Tracker to iShares 350 UK Equity Tracker

BlackRock Continental European Equity Tracker to iShares Continental European Equity Tracker

We are pleased to introduce the Invesco Perpetual Global Targeted Returns fund to our Academy of Funds with an A rating. This is an absolute return fund in which the managers aim to achieve a return of 3 month LIBOR plus 5% gross of fees (equivalent to about LIBOR plus 4% net of fees) over rolling three year time periods with volatility of no more than half that of equities.

Following the news that long standing member of Henderson Multi Asset Team and portfolio manager, Chris Forgan, has decided to leave the group, Square Mile has decided to suspended the fund ratings on Henderson Multi Manager Income & Growth, Henderson Core 3 Income, Henderson Core 4 Income, Henderson Core 5 Income and Henderson Core 6 Income & Growth.

Following a prolonged period of review Square Mile has taken the decision to remove the MFS Meridian UK Equity Fund's A rating with immediate effect.

We have decided to re-instate this fund's A rating following a meeting with the new Head of the Global Resources team, Todd Warren, and the new lead manager of this fund, Tal Lomnitzer. The fund was previously suspended after news of the impending retirement of Dr Joanne Warner, who was lead manager of this fund and head of the Global Resources team since 2010.

Following the recent announcement of Dr Warner's retirement in August 2017, we have decided to suspend the First State Global Resources fund's rating. Dr Warner has been lead manager on this fund since 2007 and has headed the global resources team since 2010.