We have downgraded our rating for the Lazard Emerging Markets fund, from AA to A. Whilst we continue to have a high regard for the manager and his relative value investment approach, which he has applied consistently over his lengthy tenure and through different market conditions, we believe the performance objective which he seeks to achieve over the cycle is a challenging one. We therefore believe an A rating is more reflective of our conviction in his ability to meet his objective over the longer term.