Ten serial underperformers to drop from client portfolios

From time to time most funds endure a period of underperformance, but below Chelsea has identified the ten funds which have consistently lagged their peers by the widest margin over the last three years. Names in its first 'DropZone' of 2013 include UBS' £12m UK Smaller Companies fund, run by Frank Manduca, as well as Invesco Perpetual's £31m Japanese Smaller Companies fund, headed by Osamu Tokuno. Both funds are significantly behind the returns achieved by their sectors, lagging the average return by 44.13% and 26.82% respectively. Investment Week, IFAonline's sister title, revealed ...