Morningstar upgrades Schroder UK Alpha Plus fund to Elite

Morningstar has upgraded its qualitative rating for the Schroder UK Alpha Plus fund from Superior to Elite. Morningstar fund analyst Tom Whitelaw comments: "Under Richard Buxton investors are guided by someone whom we consider to be one of the industry's top fund managers. His macro views and willingness to back his calls with high conviction positions result in a concentrated portfolio. This obviously raises the fund's risk profile and makes it suitable only for those with the stomach for the volatility it shows."

Retaining its Elite rating is M&G Recovery.  Jackie Beard, director of UK fund research at Morningstar comments: "M&G Recovery retains its Elite rating. Tom Dobell continues to deliver excellent returns for his investors: he protected a little better in the down market of 2008 and more than made up for the losses he had incurred last year, when he finished the year in his category's top decile."

M&G Recovery fund manger Tom Dobell was recently named as nominee in the Morningstar UK Equity Fund Manager of the Year awards.

M&G Global Leaders receives its first qualitative rating from Morningstar - and is rated Superior.  Tom Whitelaw comments: "M&G Global Leaders achieves our Superior rating. The fund benefits from a highly experienced fund manager who is supported by a strong team of fellow fund managers and analysts. Underperformance in 2008 caused a slight adaptation of process to limit unintended risks. This may reduce the extent of future returns, but also lessen volatility."