Star managers prove their worth in downturn

A handful of star fund managers have produced exceptional returns during the downturn, while the Cautious Managed sector and many others wallow in negative territory, according to a study by wealth manager HFM Columbus. "Mark Lyttleton at BlackRock has put the arguably overpaid and overrated hedge fund community to shame with his market-neutral UK Absolute Alpha," said Rob Pemberton, investment director at HFMC. The fund returned 16% for the year ended June 2008, a period over which the FTSE All-Share fell 13%. Pemberton believes the Asian team at First State and most of the Neptune tea...