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.
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