We're always a little interested in changes to fund ratings - though it seems like everyone and their dog has a fund rating system these days.

But Square Mile recently published changes to its fund academy which we thought were of interest.

Another thing we noted was the fact the BNY Mellon Sustainable Global Dynamic Bond fund has been stripped of its rating after the news its manager Paul Brain was being promoted to deputy chief investment officer of multi-asset.

This fund is the single most popular absolute return fund in our ESG database with five holders.

Square Mile is concerned that several changes are being implemented to portfolio construction and they believe it will take time to fully appreciate the impact of those changes.

They also cite disappointing returns, but citing returns in relation to an absolute return fund sometimes feels as useful as citing football scores in relation to the price of fish.

On more positive news, Square Mile has added two funds with a smaller following in our database to its 'academy of funds'.

The first of these is Brown Advisory Global Leaders which is held by three allocators in our database. Those three have held it for some time and there have been no new buyers for a few years.

But the £2.2bn fund has outperformed its sector in three of the past four years (all apart from 2021).

The second of these is Aikya Global Emerging Markets which hit its three year milestone late last year and which is only held by one allocator in our database.

This £640mn fund invests in companies which make a positive contribution to sustainable development within the countries in which they operate.

It did not have a good 2023 but is priced competitively: in the second-cheapest fee quintile among its peers according to Morningstar.

It has also, for those who have read our lead story today, placed an even bet on India and China with 17.7 per cent exposure to the former and 17 per cent exposure to the latter.