We have decided to remove our A rating of the Investec Emerging Markets Equity fund. Since the launch of this fund in 2012, the manager has struggled to meet his performance objective. Whilst some funds may have certain style factors which can lead to them lagging the market at various points in the cycle, one of the attractions of this fund was that it has a process that considers a range of key factors designed to help deliver performance through the cycle. Unfortunately, this has not been the case and our conviction in the approach employed to deliver on the manager’s objective, has waned over time. The emerging markets equity universe is a dynamic and competitive space, with a number of experienced managers and proven investment processes. At present, we feel that there are more attractive strategies on offer.