Best performance in Europe comes from funds that prepared for the bear

Over the past three years, the division between the winners and losers in the European equity arena has been straightforward: who prepared best for the bear? Although the situation has now changed, the three-year figures are overwhelmingly determined by what happened in 2000 and 2001. Funds that took a value approach and adopted a defensive position minimised their losses, while those using growth strategies and invested in TMT have not had time to recover and so they are still languishing at the bottom of the league tables. The Fidelity Funds European Growth Fund has performed w...