Following the news that fund manager Priyan Kodeeswaran is leaving Man GLG, we have removed our A rating on the Man GLG Innovation Equity Alternative fund. Although the fund's newly-appointed manager Mike Corcell, who joined Man GLG in October 2019, is known to us through his past employments, we believe it is prudent to remove the rating while we assess the likely changes to the fund's investment strategy.

Having recently suspended our ratings in February 2020, we have now decided to remove the Oyster Continental European Selection and Oyster European Selection funds from our Academy. Whilst we have a high regard for the lead manager, Mike Clements, as well as his investment approach and process, there have been a number of recent developments, which we believe are notable. These include falls in the two funds' assets under management, some departures within the team and changes at the firm ownership level, with the recent announcement of iM Global Partner's intention to acquire Syz Group's Luxembourg based asset management business, which is awaiting regulatory approval. We have therefore taken a difficult decision to remove these funds, which Mr Clements is in charge of. We wish him and his team all the best in their future endeavours.

We are pleased to re-introduce the Artemis US Absolute Return Fund into the Academy of Funds with an A rating.

Although William Warren has only been the named portfolio manager of fund since October 2019, he worked closely with the fund's previous manager for eleven years, both at Artemis and at their prior employer. There is also evidence that Mr Warren contributed significantly to the fund's past track record. We are confident that Mr Warren will continue the fund's impressive record of providing investors with steady absolute returns, as well as protecting capital in market downturns due to the fund's low net market exposure.

Following the announcement that lead manager, Nick Clay, and his supporting team will be departing BNY Mellon in the coming months, we have decided to remove our A rating of the BNY Mellon Global Income fund.

Mr Clay and his team will continue to manage the fund for the time being, whilst the firm transition management of the strategy to a new Global Equity Income team. The new team will be headed by Ilga Haubelt with direct support provided by co-lead portfolio managers Robert Hay, Paul Flood and Jon Bell. In time, we will be meeting with the new team to discuss their approach and to gain further clarity around the timeline of the transition.

However, ultimately we feel that Mr Clay is key to the success of this strategy and we feel the most appropriate course of action at this point is to remove the fund's rating.

Following the decision by Legal and General to suspend dealing in the L&G UK Property Fund (and its associated L&G feeder fund) , we have suspended our recommended rating on the fund. The fund's valuers, Knight Frank, have advised Legal and General that there is material uncertainty over the valuation of the portfolio given uncertainty in the market in light of the Covid-19 pandemic. As a result and in agreement with the fund's depositary, the decision has been taken to suspend trading in the fund to protect the interests of investors. Although dealing in the fund has been suspended, it will continue to be actively managed and fund reporting will continue as normal. We will continue to monitor the fund while it remains in this suspension period.

Following the announcement that James Sym, manager of the Schroder European Alpha Income fund, will be leaving the firm, we have decided to remove our rating.

Mr Sym will remain in place until 31st March 2020, upon when Martin Skanberg will assume portfolio management responsibilities. Given the material change in manager, and that Mr Skanberg will be following a different investment approach, we think it is prudent to remove our rating at this juncture. We wish Mr Sym the very best in the future.

Following the decision by Janus Henderson to suspend dealing in the Janus Henderson UK Property PAIF (and its associated Janus Henderson PAIF feeder) , we have suspended our recommended rating on the fund. The fund's valuers, CBRE, have advised Janus Henderson that there is material uncertainty over the valuation of the portfolio given the current uncertainty in the market in light of the Covid-19 pandemic. As a result and in agreement with the fund's depositary, the decision has been taken to suspend trading the fund to protect the interests of investors. Although dealing in the fund has been suspended, it will continue to be actively managed and fund reporting will continue as normal. We will continue to monitor the fund while it remains in this suspension period.

We are pleased to introduce the Comgest Growth Europe Smaller Companies fund into our Academy of Funds with an A rating.

We think the fund has a number of attractive features, namely, its well-established investment philosophy that is followed firmwide, and its managers, who have been investing in small and medium sized European companies for close to two decades. The fund broadens our European universe, for it invests in smaller sized companies in Europe including the UK. We believe it should appeal to discerning investors seeking long-term exposure to the region.

The LF Majedie UK Equity fund’s rating was suspended in May 2019, following the departure of Richard Staveley, who left the group, and Matthew Smith, who stepped back from this strategy to focus on the Majedie Tortoise strategy. Mr Smith was replaced by Imran Sattar, co-manager of the UK Focus fund, whilst Mr Staveley was replaced by John King. We have now met with Mr Sattar and Mr King, who joined the group in December 2019, and we believe that the fund remains in capable and competent hands. Therefore, we have decided to reintroduce the fund into the Academy of Funds with an A rating.

We are delighted to announce the addition of the Legg Mason Clearbridge US Equity Sustainability Leaders fund into our Academy of Funds, with a Responsible Positive Prospect Rating.

This addition broadens out our responsible research coverage and the fund enters the Academy of Funds with our highest ESG integration assessment. Furthermore, it marks our first responsibly rated North American equity fund. We think this is a compelling option for investors seeking to gain exposure to US listed companies through a strategy where the managers invest in businesses that take ESG factors seriously, whilst avoiding those that do not.