Artemis Global Income, Merian Global Equity Absolute Return and Invesco Global Focus have been removed from FE Investments' latest Approved List, following "disappointing returns" from the two former vehicles and a management change from the latter.
Three funds were also added in the bi-annual review, with BlackRock Emerging Markets, Unicorn UK Ethical Income and AB US Concentrated Equity earning a place on the list.
Charles Younes, research manager at FE Investments, said the latest rebalance highlights how this year's challenging market conditions have had a greater impact on some funds more than others, depending on their investing style and remit.
"We have been disappointed with the performance of both the Artemis Global Income and Merian Global Equity Absolute Return funds," he said.
"While the value style of the Artemis fund is out of favour, it has not been helped by some poor stock-picking which has delivered periods of consistent underperformance.
"Merian Global Equity Absolute Return meanwhile has, we believe, lost an unacceptable amount for a fund that is aiming to target absolute returns in all market conditions.
"While the managers have made several changes recently, it is too early to say whether they will be successful."
Invesco Global Focus was removed from the list following a rebrand of the fund from its original title Invesco Global Opportunities in February, and its change in manager from Stephen Anness to Randall Dishmon.
"The reshuffle of managers at Invesco will likely lead to a change in style and our reasons for investing in the fund are no longer supported," Younes added.
On the buy side, Younes said they chose BlackRock Emerging Markets - which is managed by Gordon Fraser and Stephen Andrews - for its high-turnover approach to investing in emerging markets.
"Gordon Fraser took over the strategy in 2017, the fund has produced consistent top quartile performance," he continued.
"[Fraser Mackersie and Simon Moon's) Unicorn UK Ethical Income meanwhile has been a solid performer in our portfolios.
"It employs the same strategy as the Unicorn UK Income fund, but has hired dedicated staff to work on the environmental, social and governance (ESG) side."
From the IA Unclassified sector, the FE Investments team chose the AB US Concentrated Equity Portfolio, which is headed up by James T. Tierney.
"The fund takes a very concentrated approach to investing in large-sized companies in the US," Younes explained.
"The fund focuses on quality, seasoned businesses with clear competitive advantages and James T. Tierney has managed the strategy since 2013 - delivering consistent top quartile performance."
Earlier this month, it was announced that Artemis Global Equity Income would be rolled into the Artemis Global Income fund following a 95% fall in AUM over the last three years and a prolonged period of underperformance.
Artemis Global Income has been managed by Jacob de Tusch-Lec since 2010 and by co-managers Sam Morley and James Davidson since 2016 and 2018 respectively.
Merian Global Equity Absolute Return has been managed by Amadeo Alentorn, Ian Heslop and Mike Servent since 2009.