We have taken the difficult decision to remove the ratings of the Aberdeen Emerging Markets Equity fund, Aberdeen Asia Pacific Equity fund, Aberdeen Asia Pacific & Japan Equity fund and Aberdeen Latin American Equity fund. We feel that as market conditions have changed over time, the team and process have not adapted quickly enough to cope with this. This coincides with other emerging markets and Asian equity franchises gaining in strength and qualitative edge and hence having developed more compelling propositions in what is a highly competitive space. Our ratings are a reflection of our conviction of the managers' ability to meet their performance objectives and for these four strategies our conviction has waned. Consequently, we have removed them from our Academy of Funds.
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