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. This has been borne out in the positioning and performance of the strategy and for those seeking a fund that is run with a contrarian small and medium sized company bias this is a very worthy option. Ultimately, we believe that this investment style and fund manager can continue to add value on an absolute basis and relative to its FTSE All Share benchmark.