The research firm gave its highest rating to less than 7 per cent of the sector.
Just over 50 funds received a recommended rating or higher, which makes them eligible for inclusion in client model portfolios.
The Aberdeen Emerging Opportunities Fund and Goldman Sachs International Wholesale Fund were upgraded from recommended to highly recommended. The Acadian Global Equity Fund, GVI Global Industrial Share Fund, GVI Global Industrial Share Fund Hedged, Perpetual Wholesale International Fund and Franklin Templeton Global Growth Fund were all changed to 'not rated'. Zenith does not have a rating below recommended.
