Rory Powe's Invesco GT European Growth fund has lost almost 50% in assets in less than a year, write...
Rory Powe's Invesco GT European Growth fund has lost almost 50% in assets in less than a year, writes Kira Nickerson.
The fund has shrunk from £3bn to £1.86bn by the end of June 2001 as a result of underperformance.
In September 2000, Investment Week wrote the fund had passed the £3bn mark and, according to recently issues figures from Lipper, as of the end of March 2001, the fund had dropped to £2bn.
According to Autif, as at June the size of the fund had further fallen to £1.86bn. For the 12 months to the 25 July, the fund has fallen 51.2%, showing the loss in assets is down almost entirely to negative absolute returns.
Merrill Lynch UK Equity is another fund which has shown heavy losses, falling from £3.3bn a year ago to £2.9bn in March 2001. It now has £2.1bn in assets. For the 12 months to the 25 July the fund has returned -17.9%.
According to Lipper, the top 10 funds by size in the UK industry as at the 31 March 2001, had all shown losses in assets under management, however, by June some had bounced back.
The Invesco Perpetual High Income fund has gone from £2.3bn in assets as of June 2000 to £2.6bn by June 2001, while Legal & General UK Index trust has moved from £1.9bn in assets in June 2000 to £2.02bn a year later.
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