Following the announcement from Kames Capital of the departure of Claire McGuckin, co-manager of the Kames High Yield Bond fund, we have taken the decision to suspend our rating on the fund. This decision was not taken lightly, as we hold the Kames Fixed Income team in high regard and believe them to have many very capable managers among their number. Fellow co-manager Phil Milburn is currently on an extended leave of absence due to a period of ill health, but is expected to return to the business and to managing this fund in H2 2016. In the meantime David Roberts, Head of Fixed Interest at Kames Capital, will assume responsibility for the Kames High Yield Bond fund, ably supported by Stephen Baines. Kames have also hired David Ennis, an experienced fixed income manager, from Standard Life Investments. Mr Ennis is expected to join Kames Capital in August 2016 and, upon joining, will be named co-manager on this fund alongside Mr Milburn. Whilst we have no immediate concerns over the fund or how it is run, our suspension reflects a few unanswered questions which remain over both Mr Milburn's return to full health and over how Mr Ennis will fit into the wider team. We will seek to meet with the current caretaker of the fund, Mr Roberts, as soon as possible with a view to resolving any unanswered questions.