Mississauga, Ont.-based Excel Funds Management Inc. Tuesday announced a change in the risk rating of one of its mutual funds.

In accordance with its methodology for classifying fund volatility, Excel has changed the investment risk level of Excel China Fund from “medium-to-high” to “high”.

Excel says a risk rating of “high: is typically associated with an investment in equity portfolios that concentrate their investments in specific regions or in specific sectors of the economy where there is a substantial risk of loss (e.g., emerging markets).