We are pleased to award an A rating to the GAM Star Japan Leaders fund. This fund is run by a pair of experienced managers who seek to invest in a portfolio of 20 to 30, high quality, large and medium sized companies, each with a competitive advantage. The managers have followed their investment approach since 2008 and given Japanese market conditions over that period, we believe that very few investors could emulate a similar level of success.

We see this as a differentiated strategy, offering investors access to a selection of leading Japanese companies and feel the managers' ability to identify attractive opportunities sets this fund apart from many of its peers.