Despite the recent news that one of the fund's deputy managers, Mark Wharrier, has left Troy Asset Management (TAM) we have decided not to make any changes to the fund's AA rating. Mr Wharrier joined TAM during 2017 and although he has lengthy experience of running UK equity income mandates, we do not believe his departure will materially impact the management of this strategy.

Mr Wharrier will join Majedie Asset Management during the third quarter of 2018, where he will assume responsibility for their UK income strategy. He will also work closely with the team responsible for the Majedie UK Equity fund, which is also AA rated within our Academy of Funds.