Following the Morningstar OBSR Analyst Ratings Meeting on 10th October 2013, we have downgraded the
Morningstar OBSR Analyst Rating™ on the Legal & General Multi-Manager Balanced fund to Neutral. The fund previously held a Bronze Rating. While acknowledging the long- term and high conviction approach taken by the managers of this fund, the risk return profile of the fund has been disappointing when compared to other peers and we have reduced conviction in the managers’ investment approach. We therefore believe that a Neutral rating is now appropriate.
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