The enclosed guide explains how we score different investment funds, looking at four different metrics which affect all funds.

1)  How risky is the market in which the fund invests?

2)  How much currency exposure is there, and to which currencies?

3)  How much do we know about the manager? How consistently has the fund

      performed, and what are the prospects for continuity of management?

4)  How cheap or expensive is the market in which this fund invests?

Our research in all these areas contributes to an overall score out of 30.  1-10 is a low risk fund, 11-20 is medium, and 21-30 is higher risk.

Please contact your usual adviser if you would like some more information.