This update is primarily intended to refine our classifications for Global Equity funds and Islamic funds and to clarify the naming convention for duration-specific bond categories. The update created more refined Islamic categories defined by geographic and currency focus. The Islamic categories, with the exception of Islamic Global Bond, were renamed and the ratings also removed from the small number of funds remaining in them given their heterogeneity. For Global Equity, we carved out a pure Global Small-Cap Equity category from the Global Small/Mid-Cap Equity category. As the funds remaining in the old category invest across the market-cap spectrum, the category was renamed Global Flex-Cap Equity and redefined accordingly.
We also clarified the names of duration-specific bond categories to avoid any potential confusion between funds with short-term or long-term duration exposures, and funds that sell securities short or buy long positions. We have also added an ILS Cautious Allocation,10% Equity Cap category and a ZAR/NAD Flexible Bond category to accommodate specific fund types in Israel and South Africa, respectively. For the new definitions methodology, please click here. 
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