Fidelity Growth & Income fund rating upgraded to Superior

Morningstar has upgraded its rating for Fidelity Growth & Income from Standard to Superior. Morningstar fund analyst Tom Whitelaw comments: "The change in management and approach aboard Fidelity Growth & Income gives us renewed confidence in the fund's ability to outperform. For that reason we are upgrading it to Superior.  However income-oriented investors may need to look elsewhere as the fund's yield focus is reduced."

Scottish Widows UK Small Companies receives an Inferior rating. Morningstar fund analyst Chetan Modi comments: "Scottish Widows UK Smaller Companies has failed to deliver for shareholders. Despite a seasoned and long-tenured manager in Gregor MacDonald at the helm, the fund has underperformed over the long term and we see no reason for a turnaround in that trend. Given the poor relative returns and the issues at parent company SWIP, we rate the fund Inferior."   

Meanwhile, M&G Global Basics retains its Elite rating.  Jackie Beard, Morningstar director of UK fund research comments: "Our opinion of M&G Global Basics hasn't changed: a strong manager and team, with a time tested process, makes this one of the most attractive, if higher risk, propositions in its Morningstar category.  French takes a truly long-term approach to investment and won't get caught up in momentum markets.  Despite this, and by slavishly following his process, he beat his category average peer by over 10 percentage points in 2009.  The fund retains its Elite status."