Following a period of review we have decided to remove our A rating from the Invesco Global Financial Capital fund. This is a strategy we have been monitoring closely as we have been aware of outflows causing a decline in its level of assets and following a significant drawdown in Q1 2020, the fund's AUM currently stands below £20m. The fund has also produced a disappointing performance profile and has shown weakness against its composite benchmark for some time.

We appreciate the fund's specialist remit but given the concerns mentioned, we do not anticipate any significant investor demand for the strategy in the immediate future. We therefore feel it appropriate to remove the fund from our Academy.