Out of the 13 funds rated, the Arrowstreet Global Equity and Arrowstreet Global Equity Hedged were the only ones given five stars by the research house.
New four-star ratings were awarded to the BT Wholesale Core Global Share and Wholesale Core Hedged Global Share funds.
Funds including BlackRock Scientific International Equity, BT Wholesale International Share, Colonial First State Acadian Wholesale Geared Global Equity and Schroder Global Active Value all kept their four-star ratings.
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The Invesco Wholesale Global Matrix Unhedged and Hedged funds were both downgraded to three stars from four.
"This peer group remains highly competitive, with successful approaches replicated over time," S&P fund analyst John Huynh said.
