Noble Crus, a wine fund with EUR109 million in assets, has been the subject of some discussion recently, after its valuation methodology was questioned in the Financial Times. Elite Advisers, the manager of Noble Crus, just published its response to the FT report. What makes this interesting is that Elite Advisers also runs a watch fund, Precious Time, with just under EUR20 million under management (as at end August 2012). Unsurprisingly the bulk of the fund is in vintage Patek Philippe and Rolex. Readers can sign up on the Elite Advisers website for more information on the watch fund. – SJX

Investment grade?