SVM UK Opportunities Rating Removal
Following a review of the UK All Companies sector we have decided to remove the A rating of the SVM UK Opportunities fund. We have followed the long-tenured fund manager Neil Veitch over many years, and so this is not a decision we have made lightly but is in part an acknowledgement of diminishing investor interest for UK actively managed equities over recent years. In addition, whilst acknowledging the tough environment for UK equity strategies that invest across the market cap spectrum, we have concerns over the fund's medium-term return profile within what is a competitive landscape. Consequently, our conviction has deteriorated to a level where we feel we can no longer support the fund’s rating.