After much deliberation we have taken the decision to remove the A ratings of the Liontrust Macro UK Growth and Liontrust UK Equity Income funds. The decision was primarily based on the retirement of the architect of the investment process and philosophy, Jan Luthman.

We acknowledge the input of Mr Luthman's colleagues, Stephen Bailey and Jamie Clark, but these ratings were initially based on the experience of Mr Luthman. We will continue to monitor these strategies going forwards to see if there is any meaningful departure from the current investment approach.