Advisers plan to continue mainly recommending products denominated in sterling despite the rising local currency causing an overwhelming majority of global funds to perform poorly this year.
US and Japanese funds have particularly struggled, with 90% of US and Japanese funds underperforming their respective benchmarks indices this year, as UK managers' struggle to deliver on the soaring sterling. With the pound up almost 13% against the dollar and nearly 20% higher on the yen so far this year, just seven out of 76 UK-domiciled funds in sterling terms are outperforming the US benchmark S&P 500 in dollar terms this year. Meanwhile, just four funds from 56 are beating Japan's Topix index in yen. Both indices are returning about 4.2% year-to-date. Sterling hit a year-high of 1.17...
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