Whilst we continue to have a positive view of the management teams behind these three funds, we believe that market conditions have changed somewhat in recent years and other emerging markets and Asian equity franchises have developed more compelling propositions in what is a highly competitive space. Our ratings are an expression of our conviction in managers' abilities to meet their objectives.

We are pleased to announce the addition of the HSBC Global Strategy Adventurous and Conservative Portfolios to the Square Mile Academy of Funds and have awarded a Recommended rating.

We are pleased to announce the upgrade of the Fidelity Special Situations fund from Positive Prospect to an A rating. This is a reflection of the fact that the manager, Alex Wright, who took over the strategy in January 2014, has since then consistently managed the fund very much in line with his investment philosophy and process.

Square Mile has taken the decision to remove the GS Global Strategic Income Bond Portfolio from the Academy of Funds. This fund is backed up the considerable resources of Goldman Sachs, and managed by an able team.

The Square Mile research team has taken the decision to remove the ratings of the Veritas Global Focus and the Veritas Global Equity Income funds. Having rated the funds since the launch of our Academy, ongoing access to the managers has proved challenging.

We are pleased to upgrade the Vontobel TwentyFour Absolute Return Credit fund from a Positive Prospect to a A rating. Whilst the strategy is still relatively new as the fund was launched in August 2015, the fund has managed to weather several market dips in this time

We have decided to remove the GS India Equity Portfolio and move the Jupiter Merlin range of funds from AAA to AA from our Academy of Funds. The fund's AA rating was suspended when the manager took the decision in April to depart Goldman Sachs to pursue other opportunities. We have since then had a meeting with the new manager, Hiren Dasani, to discuss his plans for the fund.

It is with sadness that we announce the removal of the Kames High Yield Bond fund and the Kames Strategic Bond fund from the Square Mile Academy of funds following the news that David Roberts, Head of Fixed Income, and Phil Milburn, Head of Fixed Income Investment Strategy, would both be leaving the company.

Mr Roberts and Mr Milburn were both named managers on the Kames Strategic Bond fund, along with Juan Valenzuela who remains a manager on the fund. We will seek to meet with the new co-manager, Alex Pelteshki, as soon as possible, but in the meantime feel it more prudent to remove our rating on the fund.

We are delighted to announce the upgrade of the Schroder European Alpha Income fund from a Positive Prospect rating to an A rating.

Mr James Sym has held sole responsibility for the fund since the departure of the previous manager in 2013 and the change in rating reflects our increased conviction in his ability to deliver his stated objective.

We are pleased to announce the addition of the Cornelian Risk Managed Range to the Square Mile Academy of Funds and have awarded a Recommended rating. The rating has been awarded to five funds; Cornelian Defensive, Cautious, Managed Growth, Growth and Progressive.

We believe this range represents a robust proposition for investors and has a number of areas of differentiation compared to other risk targeted funds. We like the clear, measurable and tangible performance target that each fund has and the link to real capital appreciation.