Morningstar OBSR has downgraded the JPMorgan Cautious Total Return Fund, removing its bronze rating to put it on neutral.
The fund research and rating firm said the downgrade also applies to the fund's offshore equivalent - JPMorgan Global Capital Preservation.
Both funds had previously held the bronze rating, but Morningstar OBSR took the decision after JPM announced the investment process had been amended following an extended period of disappointing performance.
"While Morningstar OBSR recognises that the very challenging market conditions have created a difficult environment for the funds, it feels a neutral rating is now more appropriate".
The group said it would continue to monitor the progress of the funds.