Following the Morningstar OBSR Analyst Ratings Meeting on 8th May 2013, we have downgraded the JOHCM Global Emerging Markets Opportunities fund to a Morningstar OBSR Analyst Rating™ of Neutral. The fund previously held a Bronze Rating. While we acknowledge the managers’ experience in emerging markets equities, the risk and return characteristics of the fund since its launch in June 2011 have been disappointing. We believe a Neutral Rating is a more appropriate reflection of our conviction in the fund’s relative merits at the present time.
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