We are pleased to announce the reinstatement of our A rating on the JPM Unconstrained Bond fund. We had previously suspended the rating following the departure of one of the fund's co-managers, Nick Gartside.

We have since met with the remaining management team of the fund and are confident that the fund's managers, Iain Stealey and Bob Michele, have ample experience and capabilities to continue managing this fund to the best interests of investors.

Importantly, the underlying investment teams at JP Morgan remain unchanged, therefore the sources of stock ideas coming through to the managers should be of the same high quality as they have been previously.