Following a recent review of our emerging markets offerings, we have decided to downgrade the AA rating of the MI Somerset Emerging Markets Dividend Growth fund to an A rating. Although not disastrous, the fund has experienced some performance difficulties relative to its MSCI Emerging Markets benchmark, which has resulted in its manager, Ed Lam, making some subtle adjustments to his investment approach.

We retain conviction in the fund and Mr Lam's capability in meeting his objective of delivering attractive risk-adjusted returns to investors over the long run, but we now believe an A rating for this fund is more appropriate given its relative merits within what is a diverse and very competitive sector.