2012 was a particularly tough year for some sectors, notably commodities and gold, as fears over global growth weighed on demand for materials.
In the UK stock market, this was mostly clearly seen in the mining sector, with general miners such as Kazakhmys and ENRC among the worst stocks in the UK's blue chip index in 2012.
This meant many general mining funds lost investors money over the past 12 months, while gold mining funds were also impacted by the lacklustre performance of the precious metal, as well as stock specific issues at a number of key precious metals companies.
While many markets made decent gains by the end of the year, the funds below dragged investors through the wringer, in some cases losing investors over a third of their capital in just one year.
Revealed: The ten worst funds of 2012
Below are the ten worst funds of 2012.
SF t1ps Smaller Companies Gold - lost 42.98%
The worst fund of the year changed hands in the middle of the year when Peter Webb's asset management firm took over.
It has suffered from not only the risk-off trade which impacted miners, but also stock specific issues at smaller gold miners such as Ariana Resources. A share placing in the middle of the year also added to shareholders' woes.
SF t1ps Smaller Companies Growth - lost 35.73%
Another fund taken over by Webb Capital, it lost investors over a third of their cash in 2012 under the stewardship of Tom Winnifrith of t1ps.
The £7m vehicle had been managed by the Share Centre's sister company ShareFunds before the hand over in May last year.
Junior Gold - lost 32.01%
Angelos Damaskos' fund endured a painful correction in 2012 as its focus on the "mining giants of tomorrow" left it exposed to some hefty losses from smaller sized miners.
The £17.7m fund has shed almost a third of its value in the past 12 months as volatile small-cap gold miners sold off sharply.
WAY Charteris Gold Portfolio - lost 22%
This is another gold fund - this time run by Charteris' chairman Ian Williams - which has tumbled, albeit less so than small-cap focused peers.
The portfolio invests predominantly in blue-chip gold miners, meaning it should offer less volatility to investors, but it is still a higher beta play on gold miners and, following a decline last year for the sector, has duly suffered sharp falls.
Schroder ISF Global Small Cap Energy - lost 20.83%
In a year which saw major energy indices return next to nothing, Schroder's ISF Global Small Cap Energy fund lost investors a fifth of their capital.
John Coyle and Ben Stanton's punchy fund - it has just 37 holdings currently - avoids many of the more well-known energy majors such as Royal Dutch Shell and BP, but last year its focus on small-cap energy firms hurt the fund as risk averse investors shied away from more volatile shares.
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