Following an extensive and successful career, this fund's longstanding manager, Nigel Thomas, will be retiring in March 2019. In preparation for his departure, he will be handing over the management of the AXA UK Select Opportunities fund to the fund's co-manager, Chris St John, on the 31st December 2018. Mr St John has been the manager of the A rated AXA Framlington UK Mid Cap fund since 2011, and he has also been the manager of this fund's offshore equivalent, the AXA World Funds Framlington UK fund, since its launch in 2016.

We acknowledge Mr St John's experience and long-term track record running UK mid and small cap equities strategies, but his fund management capabilities are yet to be fully tested at the upper end of the market cap range. In reflection of this, we have adjusted the fund's rating from AAA to Positive Prospect (PP). Nevertheless, we hold Mr St John in high regard and look forward to seeing how the fund progresses under his leadership.

We would like to take this opportunity to acknowledge the contribution that Mr Thomas has made to the industry over his career and to wish him a long and very happy retirement.