Funds gain wealth from experience

Bill Mott believes that many fund managers pay far too much attention to relative performance. He does not monitor tracking error, saying that benchmarking against an index showing poor returns is pointless and not what active managers should be paid to do. He is therefore happy to take big positions in sectors of the market that he perceives will outperform. Mott's funds ' the Income and the Monthly Income ' are both Micropal five-star rated and have a Standard & Poor's AA rating. The Credit Suisse Income fund has returned 2.1% on a bid-to-bid basis in the three months to 12 Decem...