We are very pleased to announce that we have upgraded the rating of the Liontrust Strategic Bond fund from a Positive Prospect to an A rating. We hold the managers of this fund in high regard and believe that they have proved themselves more than capable of successfully managing money as a small yet very competent team of three. Indeed, the fund has delivered above average returns, in what has been a challenging time for the managers' value driven approach, whilst the managers have stayed entirely focused on their core commitments of running money and servicing their clients.

We look forward to seeing this fund progress and maintain our conviction in the managers, their approach and their ability to continue to deliver attractive returns moving forwards.