Following a review of the Santander Atlas Portfolios, we have decided to remove the Recommend ratings on the range, which includes Atlas Portfolio 3, Atlas Portfolio 4, Atlas Portfolio 5, Atlas Portfolio 6 and Atlas Portfolio 7.

We have been monitoring these funds very closely over 2016, following a tweak to the permitted investment limits, which effectively allows the managers greater flexibility over the asset allocation. Following this change, our understanding was that this should lead to the funds being more resilient during periods of market weakness. This has not manifested itself to the level we would have expected since then and has fallen short of expectations. The relatively large number of underlying investments which the portfolios invest into is also aimed at providing a high level of diversification and seeks to protect the funds in the case of market risk. The application of this has also been disappointing more recently. The combination of these factors has resulted in a decreased level of conviction in the range and ultimately to the removal of the ratings.