US funds defensive despite stability

High beta North American funds, such as Fidelity American Special and Abbey US Emerging Companies, have outperformed in the three years to the end of February 2001 but high returns were not restricted to the more volatile funds. Fidelity American, with a beta of 1.1%, achieved the highest returns over the three year period with 178.3% while Baillie Gifford American beat the three year sector average and well outperformed the market the past year. Over three years to the end of February 2001 Baillie Gifford American has returned 45.91%, while the annualised return over one year to the en...