We have downgraded our rating of the JPM Europe Dynamic ex UK fund, from AA to A.

This fund benefits from a well-resourced, experienced and stable team of managers that have consistently adhered to an approach which takes significant input from quantitative analysis. Having recently reviewed the fund's performance aspirations, we believe the level of outperformance that the managers are seeking to deliver is challenging, particularly within the context of the approach. Whilst we continue to hold the fund's managers in high regard, we believe an A rating is more reflective of our conviction.