Fidelity and Jupiter have proved themselves the best money managers over the past bull and bear mar...
Fidelity and Jupiter have proved themselves the best money managers over the past bull and bear market cycles, according to research carried out for Investment Week by Standard & Poor's.
Both groups topped the performance charts based on a £1,000 lump sum investment made on 1 July 1997 with the investment spread proportionally across the retail portfolios of each of the top 20 retail managers by assets under management.
Of the two giants of the industry, Fidelity shows greater strength of performance across its entire fund range during both the bull market, assumed as 1 July 1997 to 2 January 2000, and the bear market from 3 January 2000 to 1 July 2002.
Although the bear market is widely accepted to have begun in early March, S&P assumed the January date as there was in reality little difference in the levels of major indices between the two dates.
Despite lagging Fidelity's overall performance during both the bull and bear runs, S&P found that a £1,000 investment split proportionally between Jupiter's 13 funds, those that were available for the whole period, would have outperformed an investment across the 23 Fidelity funds also available over the full period.
A £1,000 investment made across Jupiter's 13 funds in 1997 would have grown to £1,436.59 on an offer-to-bid basis with net income reinvested. By comparison the same investment across Fidelity's 23 funds would have yielded £1,388.95, S&P said. The strong Jupiter performance reflects the track records of its older funds such as Jupiter Income, once managed by William Littlewood and now by Tony Nutt, as well as Philip Gibbs Financials fund, which was launched in May 1997, and Edward Bonham Carter's Undervalued Assets.
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