Europe ex-UK funds have had a tough time over the 12 months to the end of February, with not one fun...
Europe ex-UK funds have had a tough time over the 12 months to the end of February, with not one fund in the sector able to post a positive return.
The most consistent provider of positive returns was Tim McCarron's Fidelity European fund, which finished the 12 months 11.49% down, compared to the sector average decline of 28.69%.
The fund suffered five months of negative growth during the period, compared to the average of eight.
While McCarron's largest monthly gain of 6.69% was less than the sector average largest gain of 9.16%, its largest monthly fall of 12.12% was also smaller than the sector average of 14.36%, highlighting the consistency of the management style.
The fund that posted the best return over 12 months was Odey Continental European, just failing to generate positive growth with a loss of 0.63%.
While the fund experienced six negative months, it proved one of the more consistent in the sector, with its largest monthly gain being 7.4% and its largest fall, 8.28%.
The Old Mutual European Blue Chip fund, formerly managed by Adrian Farthing and now run by David Ross, posted the worst return over 12 months, falling 39.63%, having sustained nine months of negative returns.
In its best month, the fund grew 9.67%, beating the average largest gain. However, the fund's volatility showed in its worst month when it fell 16.92%, also larger than the average monthly fall. For capital to be recovered over the next 12 months, the fund needs to grow some 65.65%.
The Schroder European Dynamic fund, managed by Andrew Lynch, posted the second worst return over the 12-month period, falling 39.49%.
Over this time, the fund also went through nine months of negative returns, the worst of which was in September when it fell 17.13%. As such, the fund needs to grow by 65.26% on average to repay capital invested for 12 months, while the average fund needs to grow 40.23%.
Investment Week is running performance tables for different IMA sectors every week. The data on managers since launch is incomplete as some houses have yet to supply the information.
Latest Financial Stability Report
After strategic review
As annual profits almost double
Industry Voice: One of the most serious problems with GDP is that it fails to measure the impact of economic growth on the planet's finite environmental resources. As economist Kenneth Boulding once put it: "Anyone who believes that exponential growth...