Members 2014

The Investment Adviser 100 Club consists of our five selections across 20 investment categories. Click on each fund to find out why it was chosen as a leading light in its sector.

Category winner

Passive Investment Groups

  • BlackRock
  • Vanguard
  • iShares
  • L&G
  • ETF Securities

Large Investment Group

  • Baillie Gifford
  • Invesco Perpetual
  • JPMorgan Asset Management
  • Standard Life Invesments
  • Threadneedle Investments

Small to Mid Investment Group

  • Argonaut Capital
  • Henderson Global Investors
  • Old Mutual Global Investors
  • Premier Asset Management
  • Royal London Asset Management

Selection Criteria (Click to show/hide details)

The Investment Adviser 100 Club enables mutual funds and investment trusts to compete for membership, with trusts’ share price total returns considered. It also includes a selection of the best passive investment providers, making it an RDR-ready tool for intermediaries.

The calculation process is based on funds’ total returns over one and five years relative to the total returns of broadly relevant benchmark index or sector. The benchmark is chosen so a large group of funds can be reasonably compared with it. The data source was FE Analytics and all performance figures quoted are bid-to-bid and rebased in sterling where currencies differed. The performance figures range to May 31 2014.

Candidate funds are ranked by their outperformance of a relevant benchmark in the year to May 31 2014. Then potential 100 Club members are screened to ensure they delivered strong five-year returns. A fund must have put a double-digit gap – 10 percentage points or more – between its performance and that of its index in the past five years for it to convince us that it has long-term staying power. We expect it to deliver at least half that level of outperformance over one year – 5 percentage points or more for equity funds – to ensure it has delivered the kind of elite returns that would place it in our annual club of 100 funds.

Sometimes it is impossible to find funds in a sector that outperform by this demanding margin of 5 and 10 percentage points, so we narrow the margin proportionally – to 4 and 8, then 3 and 6 and so forth. Funds that underperformed the relevant benchmark in either one or five years are never included.

Candidate funds are then further screened to exclude the following, in order to ensure relevance to intermediaries:- Fund manager tenure less than 3 years.

– Mutual funds with less than £50m, trusts with a market cap below £100m (market capitalisation as at May 31 2014).

– Enhanced index or other ‘passive-plus’ funds.- Products that are not UK authorised or available for distribution to retail investors, or funds which have an excessively selective distribution policy.

– Repeat funds from the same fund manager. If a fund manager qualifies more than once in any one category, best performing product gains entry.

– Soft- and hard-closed funds, and funds earmarked for soft closure at the time of calculation, are disqualified to ensure membership is relevant to fund buyers.

– Funds with no sterling share class.- Funds that fail to make basic information such as performance, minimum investment, tenure, how to invest etc available to data providers and the public.

When the best funds have achieved Investment Adviser 100 Club membership, the five large and mid-to-small investment managers with the most Club member funds enter two provider categories. Where managers have an equal number of funds, the combined one-year outperformance of the investment manager’s member funds breaks the tie. A large investment manager is defined as having at least £100bn in global assets, including the assets of its parent group.
The Passive Investment Groups category is populated based on the views of a series of respected multi-asset fund managers who were given a series of criteria and asked to nominate their favourite three providers, with the members selected in a points system.

In the Absolute Return sector, we assess funds’ long-term performance over one and three years, rather than the usual one and five. To screen out absolute funds with excessive long-only risk funds with rolling three-year month-end maximum drawdown greater than 8 per cent are excluded.

 

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Name of fund:

Private equity: Graphite Enterprise Trust plc

Stated aim

"The objective is to provide shareholders with long term capital growth through investment in unquoted companies, mostly through specialist funds but also directly"

Management group

Graphite Capital Management

Category

Specialist Sectors and Assets

Related benchmark used

No benchmark used

One-year total return outperformance (actual return)

24.45%

Five-year total return outperformance (actual return)

107.45%

Assets/Market capitalisation

445.1m

Name of manager(s)/management team(s)

Graphite Team

Start date of longest serving manager(s)/management team(s)

1/1/1981

Selection Criteria
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Name of fund:

Technology: Allianz Technology Trust plc

Stated aim

"Aims to achieve long-term capital growth by investing principally in the equity securities of quoted technology companies on a worldwide basis with the aim of achieving long-term capital growth"

Management group

Allianz Global Investors

Category

Specialist Sectors and Assets

Related benchmark used

No benchmark used

One-year total return outperformance (actual return)

23.70%

Five-year total return outperformance (actual return)

139.66%

Assets/Market capitalisation

144.2m

Name of manager(s)/management team(s)

Walter Price

Start date of longest serving manager(s)/management team(s)

4/30/2007

Selection Criteria
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Name of fund:

Henderson Horizon Pan European Property Equities Fund

Stated aim

"To seek long-term capital appreciation by investing at least 75% of its total assets in quoted equity securities of companies or Real Estate Investment Trusts (or their equivalents) having their registered offices in the EEA and listed or traded on a regulated market, which derive the main part of their revenue from the ownership, management and/or development of real estate in Europe"

Management group

Henderson Global Investors

Category

Property

Related benchmark used

IMA Property sector average

One-year total return outperformance (actual return)

12.54% (17.26%)

Five-year total return outperformance (actual return)

38.18% (97.32%)

Assets/Market capitalisation

391m

Name of manager(s)/management team(s)

Patrick Sumner, Guy Barnard

Start date of longest serving manager(s)/management team(s)

7/1/2008

Selection Criteria
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Name of fund:

Picton Property Income Limited

Stated aim

"The Company’s aim is to provide shareholders with an attractive level of income together with the potential for capital growth"

Management group

Picton Capital

Category

Property

Related benchmark used

AIC Property Direct - UK sector average

One-year total return outperformance (actual return)

12.71% (32.52%)

Five-year total return outperformance (actual return)

94.32% (187.06%)

Assets/Market capitalisation

271.2m

Name of manager(s)/management team(s)

Picton Team

Start date of longest serving manager(s)/management team(s)

10/25/2005

Selection Criteria
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Name of fund:

Premier Pan European Property Share Fund

Stated aim

"To provide income and long term capital growth from a portfolio which will mainly consist of European property company shares"

Management group

Premier Asset Management

Category

Property

Related benchmark used

IMA Property sector average

One-year total return outperformance (actual return)

16.90% (21.62%)

Five-year total return outperformance (actual return)

58.17% (117.31%)

Assets/Market capitalisation

106.5m

Name of manager(s)/management team(s)

Alex Ross

Start date of longest serving manager(s)/management team(s)

7/1/2005

Selection Criteria
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Name of fund:

Schroder Real Estate Investment Trust

Stated aim

"Aims to provide shareholders with an attractive level of income together with the potential for income and capital growth from investing in a diversified portfolio of UK commercial property"

Management group

Schroders

Category

Property

Related benchmark used

AIC Property Direct - UK sector average

One-year total return outperformance (actual return)

11.91% (31.72%)

Five-year total return outperformance (actual return)

76.71% (169.45%)

Assets/Market capitalisation

252.3m

Name of manager(s)/management team(s)

Nick Montgomery, Duncan Owen

Start date of longest serving manager(s)/management team(s)

7/16/2004

Selection Criteria
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Name of fund:

Standard Life Investments Property Income Trust Limited

Stated aim

"To provide an attractive level of income along with the prospect of income and capital growth from investing in a diversified UK commercial property portfolio"

Management group

Standard Life Investments

Category

Property

Related benchmark used

AIC Property Direct - UK sector average

One-year total return outperformance (actual return)

23.93% (43.74%)

Five-year total return outperformance (actual return)

56.00% (148.74%)

Assets/Market capitalisation

107.9m

Name of manager(s)/management team(s)

Jason Baggaley

Start date of longest serving manager(s)/management team(s)

9/2/2006

Selection Criteria
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Name of fund:

FP Argonaut Absolute Return Fund

Stated aim

"To provide positive absolute returns in Sterling share class currency over a 3 year rolling period, utilising a variety of asset classes and regardless of market conditions"

Management group

Argonaut Capital

Category

Absolute Return

Related benchmark used

LIBOR GBP 3 months

One-year total return

27.03% (27.55%)

Five-year total return

49.47% (51.58%)

Assets/Market capitalisation

74m

Name of manager(s)/management team(s)

Barry Norris

Start date of longest serving manager(s)/management team(s)

2/18/2009

Selection Criteria
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Name of fund:

Henderson UK Absolute Return Fund

Stated aim

"The fund aims to provide a positive return over the long term whether markets go up or down by investing in UK company shares"

Management group

Henderson Global Investors

Category

Absolute Return

Related benchmark used

LIBOR GBP 3 months

One-year total return

8.15% (8.67%)

Five-year total return

17.03% (19.14%)

Assets/Market capitalisation

405m

Name of manager(s)/management team(s)

Ben Wallace, Luke Newman

Start date of longest serving manager(s)/management team(s)

4/30/2009

Selection Criteria
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Name of fund:

RWC US Absolute Alpha Fund

Stated aim

"To provide a positive absolute return in a variety of market environments over a 36 month period in excess of the return on short-term instruments, through a long/short equity strategy, using derivative strategies where appropriate, to gain exposure primarily to US equity securities"

Management group

RWC Partners

Category

Absolute Return

Related benchmark used

LIBOR GBP 3 months

One-year total return

7.69% (8.21%)

Five-year total return

23.85% (25.96%)

Assets/Market capitalisation

150.4m

Name of manager(s)/management team(s)

Mike Corcell

Start date of longest serving manager(s)/management team(s)

9/25/2009

Selection Criteria
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Name of fund:

Merian Global Equity Absolute Return Fund ⭐

Stated aim

"The objective of the fund is capital appreciation while closely controlling risk"

Management group

Old Mutual Global Investors

Category

Absolute Return

Related benchmark used

LIBOR GBP 3 months

One-year total return

6.53% (7.05%)

Five-year total return

29.35% (31.46%)

Assets/Market capitalisation

340.7m

Name of manager(s)/management team(s)

Ian Heslop (Quantitative Strategies Team)

Start date of longest serving manager(s)/management team(s)

6/30/2009

Selection Criteria
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Name of fund:

Threadneedle UK Absolute Alpha Fund

Stated aim

"The aim of the Fund is to make a positive return for you over a rolling 12 month period, notwithstanding changing market conditions"

Management group

Threadneedle Investments

Category

Absolute Return

Related benchmark used

LIBOR GBP 3 months

One-year total return

5.67% (6.19%)

Five-year total return

14.90% (17.01%)

Assets/Market capitalisation

274.7m

Name of manager(s)/management team(s)

Chris Kinder, Mark Westwood

Start date of longest serving manager(s)/management team(s)

9/10/2010

Selection Criteria
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Name of fund:

Henderson Global Growth Fund

Stated aim

"To achieve above average long term capital growth"

Management group

Henderson Global Investors

Category

Global Equity

Related benchmark used

MSCI AC World index

One-year total return outperformance (actual return)

5.22% (11.12%)

Five-year total return outperformance (actual return)

48.64% (131.56%)

Assets/Market capitalisation

311.40m

Name of manager(s)/management team(s)

Ian Warmerdam

Start date of longest serving manager(s)/management team(s)

4/9/2009

Selection Criteria
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Name of fund:

JOHCM Global Select Fund

Stated aim

"The primary investment objective of the fund is to achieve long-term total returns"

Management group

J O Hambro Capital Management

Category

Global Equity

Related benchmark used

MSCI AC World index

One-year total return outperformance (actual return)

7.34% (13.24%)

Five-year total return outperformance (actual return)

13.50% (96.42%)

Assets/Market capitalisation

1.3bn

Name of manager(s)/management team(s)

Christopher Lees, Nudgem Richyal

Start date of longest serving manager(s)/management team(s)

9/30/2008

Selection Criteria
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Name of fund:

Scottish Mortgage Investment Trust plc

Stated aim

"This Trust is a low cost investment trust that aims to maximise total returns from a focused and actively managed portfolio"

Management group

Baillie Gifford

Category

Global Equity

Related benchmark used

MSCI AC World index

One-year total return outperformance (actual return)

14.17% (20.07%)

Five-year total return outperformance (actual return)

88.73% (171.65%)

Assets/Market capitalisation

2.5bn

Name of manager(s)/management team(s)

James Anderson, Tom Slater

Start date of longest serving manager(s)/management team(s)

4/1/2000

Selection Criteria
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Name of fund:

Standard Life Investments Global Equity Unconstrained Fund

Stated aim

"The fund aims to provide long term growth by investing in a diversified portfolio of global equity assets"

Management group

Standard Life Investments

Category

Global Equity

Related benchmark used

MSCI AC World index

One-year total return outperformance (actual return)

7.94% (13.84%)

Five-year total return outperformance (actual return)

34.77% (117.69%)

Assets/Market capitalisation

105.8m

Name of manager(s)/management team(s)

Mikhail Zverev

Start date of longest serving manager(s)/management team(s)

01/07/2010

Selection Criteria
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Name of fund:

Witan Investment Trust plc

Stated aim

"Long-term growth in income and capital through active investment in global equities, using a multi-manager approach"

Management group

Witan

Category

Global Equity

Related benchmark used

MSCI AC World index

One-year total return outperformance (actual return)

12.32% (18.22%)

Five-year total return outperformance (actual return)

43.24% (126.16%)

Assets/Market capitalisation

1.4bn

Name of manager(s)/management team(s)

Andrew Bell

Start date of longest serving manager(s)/management team(s)

4/1/2010

Selection Criteria
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Name of fund:

Baillie Gifford Emerging Markets Growth Fund

Stated aim

"The Emerging Markets Growth Fund aims to maximise total returns, mainly through capital growth"

Management group

Baillie Gifford

Category

Global Emerging Markets

Related benchmark used

MSCI Emerging Markets index

One-year total return outperformance (actual return)

5.90% (0.14%)

Five-year total return outperformance (actual return)

5.08% (48.78%)

Assets/Market capitalisation

473.5m

Name of manager(s)/management team(s)

Richard Sneller

Start date of longest serving manager(s)/management team(s)

3/1/2005

Selection Criteria
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Name of fund:

Genesis Emerging Markets Fund

Stated aim

"To achieve long-term capital growth, primarily through investment in equity markets of developing countries (investment trust)"

Management group

Genesis Investment Management

Category

Global Emerging Markets

Related benchmark used

MSCI Emerging Markets index

One-year total return outperformance (actual return)

2.21% (-3.55%)

Five-year total return outperformance (actual return)

36.05% (79.75%)

Assets/Market capitalisation

724.7bn

Name of manager(s)/management team(s)

Andrew Elder

Start date of longest serving manager(s)/management team(s)

1/1/2004

Selection Criteria
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Name of fund:

Hermes Global Emerging Markets Fund

Stated aim

"To achieve long-term capital appreciation by investing primarily in a diversified portfolio of equity securities and equity related securities with an emerging markets bias quoted or traded on Regulated Markets worldwide"

Management group

Hermes Fund Managers

Category

Global Emerging Markets

Related benchmark used

MSCI Emerging Markets index

One-year total return outperformance (actual return)

2.91% (-2.85%)

Five-year total return outperformance (actual return)

3.16% (46.86%)

Assets/Market capitalisation

285.3m

Name of manager(s)/management team(s)

Gary Greenberg, Samir Patel

Start date of longest serving manager(s)/management team(s)

10/1/2009

Selection Criteria
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Name of fund:

Invesco Perpetual Emerging Countries Fund

Stated aim

"The Fund aims to achieve capital growth primarily through a portfolio of shares in companies established and/or operating in countries where, in the opinion of the Manager, there is an emerging market"

Management group

Invesco Perpetual

Category

Global Emerging Markets

Related benchmark used

MSCI Emerging Markets index

One-year total return outperformance (actual return)

3.54% (-2.22%)

Five-year total return outperformance (actual return)

11.02% (54.72%)

Assets/Market capitalisation

152m

Name of manager(s)/management team(s)

Dean Newman

Start date of longest serving manager(s)/management team(s)

4/1/2007

Selection Criteria
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Name of fund:

Lazard Emerging Markets Fund

Stated aim

"The Fund aims to outperform the MSCI Emerging Markets Index with lower than index levels of volatility"

Management group

Lazard Asset Management

Category

Global Emerging Markets

Related benchmark used

MSCI Emerging Markets index

One-year total return outperformance (actual return)

3.45% (-2.31%)

Five-year total return outperformance (actual return)

19.87% (63.57%)

Assets/Market capitalisation

673.5m

Name of manager(s)/management team(s)

James Donald

Start date of longest serving manager(s)/management team(s)

5/26/1997

Selection Criteria
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Name of fund:

FP Matterley Undervalued Assets Fund

Stated aim

"The investment objective of the Fund is to achieve long-term capital growth"

Management group

Charles Stanley & Co

Category

UK Equity

Related benchmark used

FTSE All Share index

One-year total return outperformance (actual return)

17.16% (26.02%)

Five-year total return outperformance (actual return)

77.01% (169.84%)

Assets/Market capitalisation

101.4m

Name of manager(s)/management team(s)

Henry Dixon

Start date of longest serving manager(s)/management team(s)

8/15/2008

Selection Criteria
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Name of fund:

L&G UK Alpha Trust

Stated aim

"To provide the potential for long-term growth by investing in a concentrated portfolio of UK equities from smaller companies as well as medium to larger companies which may be selected from all economic sectors"

Management group

Legal & General Unit Trust Managers

Category

UK Equity

Related benchmark used

FTSE All Share index

One-year total return outperformance (actual return)

16.10% (24.96%)

Five-year total return outperformance (actual return)

61.16% (153.99%)

Assets/Market capitalisation

218m

Name of manager(s)/management team(s)

Richard Penny

Start date of longest serving manager(s)/management team(s)

5/27/2007

Selection Criteria
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Name of fund:

MFM Slater Growth Fund

Stated aim

"To seek long term capital growth, principally through investment in UK companies"

Management group

Slater Investments

Category

UK Equity

Related benchmark used

FTSE All Share index

One-year total return outperformance (actual return)

25.36% (34.22%)

Five-year total return outperformance (actual return)

164.99% (257.82%)

Assets/Market capitalisation

102.2m

Name of manager(s)/management team(s)

Mark Slater

Start date of longest serving manager(s)/management team(s)

3/30/2005

Selection Criteria
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Name of fund:

R&M UK Equity Long Term Recovery Fund

Stated aim

"The investment objective of the Fund is to achieve capital growth"

Management group

River and Mercantile Asset Management

Category

UK Equity

Related benchmark used

FTSE All Share index

One-year total return outperformance (actual return)

24.48% (33.34%)

Five-year total return outperformance (actual return)

74.96% (167.79%)

Assets/Market capitalisation

179.2m

Name of manager(s)/management team(s)

Hugh Sergeant

Start date of longest serving manager(s)/management team(s)

7/17/2008

Selection Criteria
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Name of fund:

S&W Revera UK Dynamic Fund

Stated aim

"The fund aims to deliver superior investment performance through targeted stock selection across the full spectrum of the UK equity market"

Management group

Revera Asset Management

Category

UK Equity

Related benchmark used

FTSE All Share index

One-year total return outperformance (actual return)

12.74% (21.60%)

Five-year total return outperformance (actual return)

41.59% (134.42%)

Assets/Market capitalisation

59m

Name of manager(s)/management team(s)

Glen Nimmo, Stephen Grant

Start date of longest serving manager(s)/management team(s)

10/7/2008

Selection Criteria
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Name of fund:

Lowland Investment Company plc

Stated aim

"The Company aims to give shareholders a higher than average return with growth of both capital and income over the medium to long term"

Management group

Henderson Global Investors

Category

UK Equity Income

Related benchmark used

FTSE All Share index

One-year total return outperformance (actual return)

11.11% (19.97%)

Five-year total return outperformance (actual return)

136.37% (229.20%)

Assets/Market capitalisation

390.6m

Name of manager(s)/management team(s)

James Henderson

Start date of longest serving manager(s)/management team(s)

1/1/1990

Selection Criteria
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Name of fund:

PFS Chelverton UK Equity Income Fund

Stated aim

"The objective of the Fund is to provide a progressive income stream and achieve long-term capital growth by investing primarily in a portfolio of fully listed and AIM traded UK equities"

Management group

Chelverton Asset Management

Category

UK Equity Income

Related benchmark used

FTSE All Share index

One-year total return outperformance (actual return)

13.35% (22.21%)

Five-year total return outperformance (actual return)

101.87% (194.70%)

Assets/Market capitalisation

281.7m

Name of manager(s)/management team(s)

David Horner, David Taylor

Start date of longest serving manager(s)/management team(s)

12/4/2006

Selection Criteria
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Name of fund:

Royal London UK Equity Income Fund

Stated aim

"The Fund seeks to achieve a combination of income and some capital growth"

Management group

Royal London Asset Management

Category

UK Equity Income

Related benchmark used

FTSE All Share index

One-year total return outperformance (actual return)

9.33% (18.19%)

Five-year total return outperformance (actual return)

50.20% (143.03%)

Assets/Market capitalisation

954.7m

Name of manager(s)/management team(s)

Martin Cholwill

Start date of longest serving manager(s)/management team(s)

3/1/2005

Selection Criteria
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Name of fund:

Standard Life Investments UK Equity Income Unconstrained Fund

Stated aim

"The fund aims to provide income and some capital growth over the longer term by investing in UK equities"

Management group

Standard Life Investments

Category

UK Equity Income

Related benchmark used

FTSE All Share index

One-year total return outperformance (actual return)

11.18% (20.04%)

Five-year total return outperformance (actual return)

54.63% (147.46%)

Assets/Market capitalisation

532.2m

Name of manager(s)/management team(s)

Thomas Moore

Start date of longest serving manager(s)/management team(s)

1/1/2009

Selection Criteria
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Name of fund:

Threadneedle UK Equity Alpha Income Fund

Stated aim

"The aim of the Fund is to provide income with the potential to grow the amount you invested as well"

Management group

Threadneedle Investments

Category

UK Equity Income

Related benchmark used

FTSE All Share index

One-year total return outperformance (actual return)

10.09% (18.95%)

Five-year total return outperformance (actual return)

26.52% (119.35%)

Assets/Market capitalisation

746.6m

Name of manager(s)/management team(s)

Leigh Harrison, Richard Colwell

Start date of longest serving manager(s)/management team(s)

5/8/2006

Selection Criteria
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Name of fund:

Aberforth Smaller Companies Trust plc

Stated aim

"The Trust's objective is to achieve a net asset value total return (with dividends reinvested) greater than on the Numis Smaller Companies Index (Excluding Investment Companies) over the long term by investing in a diversified portfolio of small UK quoted companies."

Management group

Aberforth Partners

Category

UK Smaller Companies

Related benchmark used

FTSE Small Cap (ex Investment Trusts) index

One-year total return outperformance (actual return)

12.80% (36.67%)

Five-year total return outperformance (actual return)

38.33% (182.40%)

Assets/Market capitalisation

1.1bn

Name of manager(s)/management team(s)

Aberforth Team

Start date of longest serving manager(s)/management team(s)

12/10/1990

Selection Criteria
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Name of fund:

BlackRock Smaller Companies Trust plc

Stated aim

"To achieve long term capital growth for shareholders through investment mainly in smaller UK quoted companies"

Management group

BlackRock

Category

UK Smaller Companies

Related benchmark used

FTSE Small Cap (ex Investment Trusts) index

One-year total return outperformance (actual return)

0.46% (24.33%)

Five-year total return outperformance (actual return)

136.58% (280.65%)

Assets/Market capitalisation

390.2m

Name of manager(s)/management team(s)

Mike Prentis

Start date of longest serving manager(s)/management team(s)

9/1/2002

Selection Criteria
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Name of fund:

Liontrust UK Smaller Companies Fund

Stated aim

"The investment objective is to provide long-term capital growth by investing primarily in smaller UK companies displaying a high degree of Intellectual Capital and employee motivation through equity ownership in their business model"

Management group

Liontrust Asset Management

Category

UK Smaller Companies

Related benchmark used

FTSE Small Cap (ex Investment Trusts) index

One-year total return outperformance (actual return)

7.64% (31.51%)

Five-year total return outperformance (actual return)

69.63% (213.70%)

Assets/Market capitalisation

293.1m

Name of manager(s)/management team(s)

Anthony Cross, Julian Fosh

Start date of longest serving manager(s)/management team(s)

1/8/2008

Selection Criteria
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Name of fund:

Marlborough UK Micro Cap Growth Fund

Stated aim

"The objective of the scheme is to provide a total return of capital and income in excess of that achieved by the FTSE Small Cap Index (excluding investment companies) over the medium to long term"

Management group

Marlborough Fund Managers

Category

UK Smaller Companies

Related benchmark used

FTSE Small Cap (ex Investment Trusts) index

One-year total return outperformance (actual return)

11.74% (35.61%)

Five-year total return outperformance (actual return)

74.78% (218.85%)

Assets/Market capitalisation

396.8m

Name of manager(s)/management team(s)

Giles Hargreave, Guy Feld

Start date of longest serving manager(s)/management team(s)

10/4/2004

Selection Criteria
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Name of fund:

Schroder UK Smaller Companies Fund

Stated aim

"The fund's investment objective is to achieve capital growth by investing in UK smaller companies"

Management group

Schroders

Category

UK Smaller Companies

Related benchmark used

FTSE Small Cap (ex Investment Trusts) index

One-year total return outperformance (actual return)

0.69% (24.56%)

Five-year total return outperformance (actual return)

39.57% (183.64%)

Assets/Market capitalisation

490.6m

Name of manager(s)/management team(s)

Andrew Brough, Rosemary Banyard

Start date of longest serving manager(s)/management team(s)

3/1/1994

Selection Criteria
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Name of fund:

JPM US Select Fund

Stated aim

"To invest in a portfolio of North American securities"

Management group

JPMorgan Asset Management

Category

North American Equity

Related benchmark used

S&P 500 index

One-year total return outperformance (actual return)

0.74% (8.93%)

Five-year total return outperformance (actual return)

7.77% (124.44%)

Assets/Market capitalisation

185.4m

Name of manager(s)/management team(s)

Susan Bao, Tom Luddy, Helge Skibeli

Start date of longest serving manager(s)/management team(s)

8/1/2008

Selection Criteria
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Name of fund:

Legg Mason Capital Management Opportunity Fund

Stated aim

"The Fund seeks to achieve long-term capital appreciation by investing in equity securities, debt securities, derivatives and other financial instruments"

Management group

Legg Mason Capital Management

Category

North American Equity

Related benchmark used

S&P 500 index

One-year total return outperformance (actual return)

6.86% (15.05%)

Five-year total return outperformance (actual return)

24.52% (141.19%)

Assets/Market capitalisation

159.4m

Name of manager(s)/management team(s)

Samantha McLemore

Start date of longest serving manager(s)/management team(s)

2/4/2009

Selection Criteria
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Name of fund:

Legg Mason Clearbridge US Aggressive Growth Fund

Stated aim

"The Fund seeks to generate long-term capital appreciation by investing in the securities of U.S. companies of any market capitalisation that the Sub-Investment Manager believes are experiencing, or have potential to experience, above-average growth of earnings and/or cash flow"

Management group

Clearbridge Investments

Category

North American Equity

Related benchmark used

S&P 500 index

One-year total return outperformance (actual return)

3.35% (11.54%)

Five-year total return outperformance (actual return)

24.6% (141.27%)

Assets/Market capitalisation

1.41bn

Name of manager(s)/management team(s)

Evan Bauman, Richie Freeman

Start date of longest serving manager(s)/management team(s)

4/20/2007

Selection Criteria
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Name of fund:

North Atlantic Smaller Companies Investment Trust plc

Stated aim

"The objective of the Company is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean"

Management group

Harwood Capital

Category

North American Equity

Related benchmark used

Russell 2000 index

One-year total return outperformance (actual return)

17.79% (22.96%)

Five-year total return outperformance (actual return)

5.13% (133.12%)

Assets/Market capitalisation

288.2m

Name of manager(s)/management team(s)

Christopher Mills

Start date of longest serving manager(s)/management team(s)

1/1/1997

Selection Criteria
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Name of fund:

Old Mutual North American Equity Fund

Stated aim

"To achieve long term capital growth through the active management of a diversified portfolio invested primarily in North American stock markets  "

Management group

Old Mutual Global Investors

Category

North American Equity

Related benchmark used

S&P 500 index

One-year total return outperformance (actual return)

3.32% (11.51%)

Five-year total return outperformance (actual return)

25.14% (141.81%)

Assets/Market capitalisation

322m

Name of manager(s)/management team(s)

Ian Heslop (Quantitative Strategies Team)

Start date of longest serving manager(s)/management team(s)

12/1/2004

Selection Criteria
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Name of fund:

Argonaut European Alpha Fund

Stated aim

"To achieve above average returns and attempt to perform a top quartile profile when measured against competing funds in the same sector"

Management group

Argonaut Capital

Category

European Equity

Related benchmark used

MSCI Europe index

One-year total return outperformance (actual return)

10.19% (21.52%)

Five-year total return outperformance (actual return)

27.68% (101.76%)

Assets/Market capitalisation

266m

Name of manager(s)/management team(s)

Barry Norris, Greg Bennett

Start date of longest serving manager(s)/management team(s)

5/12/2005

Selection Criteria
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Name of fund:

Henderson European Focus Trust plc

Stated aim

"The Company seeks to maximise total return from a focused portfolio of listed Continental European Stocks"

Management group

Henderson Global Investors

Category

European Equity

Related benchmark used

MSCI Europe index

One-year total return outperformance (actual return)

15.76% (27.09%)

Five-year total return outperformance (actual return)

56.34% (130.42%)

Assets/Market capitalisation

167.2m

Name of manager(s)/management team(s)

John Bennett, Asim Rahman

Start date of longest serving manager(s)/management team(s)

2/1/2010

Selection Criteria
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Name of fund:

Invesco Perpetual European Equity Fund

Stated aim

"The Fund aims to achieve capital growth in Continental Europe"

Management group

Invesco Perpetual

Category

European Equity

Related benchmark used

MSCI Europe index

One-year total return outperformance (actual return)

14.63% (25.96%)

Five-year total return outperformance (actual return)

10.39% (84.47%)

Assets/Market capitalisation

1.3bn

Name of manager(s)/management team(s)

Jeffrey Taylor

Start date of longest serving manager(s)/management team(s)

1/2/2001

Selection Criteria
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Name of fund:

JPM Europe Dynamic (ex-UK) Fund

Stated aim

"To maximise long-term capital growth by investing primarily in continental European equities"

Management group

JPMorgan Asset Management

Category

European Equity

Related benchmark used

MSCI Europe index

One-year total return outperformance (actual return)

11.61% (22.94%)

Five-year total return outperformance (actual return)

35.05% (109.13%)

Assets/Market capitalisation

156.9m

Name of manager(s)/management team(s)

John Baker, Jonathan Ingram, Blake Crawford

Start date of longest serving manager(s)/management team(s)

1/1/2005

Selection Criteria
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Name of fund:

Waverton European Fund

Stated aim

"The investment objective of the fund is to generate long term capital growth through investing in equities of European Companies in developed European equity markets, primarily amongst larger capitalised companies"

Management group

Waverton Investment Management

Category

European Equity

Related benchmark used

MSCI Europe index

One-year total return outperformance (actual return)

29.17% (40.50%)

Five-year total return outperformance (actual return)

79.94% (154.02%)

Assets/Market capitalisation

708.5m

Name of manager(s)/management team(s)

Oliver Kelton

Start date of longest serving manager(s)/management team(s)

4/1/2010

Selection Criteria
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Name of fund:

Baillie Gifford Japan Trust plc

Stated aim

"This Trust aims to achieve long-term capital growth principally through investment in medium to smaller sized Japanese companies which are believed to have above average prospects for growth"

Management group

Baillie Gifford

Category

Japanese Equity

Related benchmark used

TSE Topix index

One-year total return outperformance (actual return)

16.44% (13.21%)

Five-year total return outperformance (actual return)

116.25% (149.9%)

Assets/Market capitalisation

228.1m

Name of manager(s)/management team(s)

Sarah Whitley

Start date of longest serving manager(s)/management team(s)

1/1/1991

Selection Criteria
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Name of fund:

CF Morant Wright Nippon Yield Fund

Stated aim

"We seek to generate absolute returns (see below) by investing in undervalued Japanese companies that have strong balance sheets, sound business franchises and attractive dividend yields"

Management group

Morant Wright Management Limited

Category

Japanese Equity

Related benchmark used

TSE Topix index

One-year total return outperformance (actual return)

1.37% (-1.86%)

Five-year total return outperformance (actual return)

34.37% (68.02%)

Assets/Market capitalisation

148.1m

Name of manager(s)/management team(s)

Stephen Morant

Start date of longest serving manager(s)/management team(s)

9/29/2008

Selection Criteria
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Name of fund:

JP Morgan Japanese Investment Trust plc

Stated aim

"Capital growth from Japanese investments"

Management group

JPMorgan Asset Management

Category

Japanese Equity

Related benchmark used

TSE Topix index

One-year total return outperformance (actual return)

2.98% (-0.25%)

Five-year total return outperformance (actual return)

31.81% (65.46%)

Assets/Market capitalisation

338.9m

Name of manager(s)/management team(s)

Nicholas Weindling

Start date of longest serving manager(s)/management team(s)

12/1/2007

Selection Criteria
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Name of fund:

M&G Japan Fund

Stated aim

"The fund invests in the shares of Japanese companies that are deemed to be undervalued, with the aim of achieving long-term capital growth"

Management group

M&G Investments

Category

Japanese Equity

Related benchmark used

TSE Topix index

One-year total return outperformance (actual return)

2.51% (-0.72%)

Five-year total return outperformance (actual return)

14.77% (48.42%)

Assets/Market capitalisation

60.9m

Name of manager(s)/management team(s)

Dean Cashman, Max Godwin

Start date of longest serving manager(s)/management team(s)

5/2/2006

Selection Criteria
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Name of fund:

Schroder Japan Growth Fund plc

Stated aim

"The Company's principal investment objective is to achieve capital growth from an actively managed portfolio principally comprising securities listed on the Japanese stock markets, with the aim of achieving growth in excess of the TSE First Section Total Return Index over the longer term."

Management group

Schroders

Category

Japanese Equity

Related benchmark used

TSE Topix index

One-year total return outperformance (actual return)

5.31% (2.08%)

Five-year total return outperformance (actual return)

44.22% (77.87%)

Assets/Market capitalisation

144.7m

Name of manager(s)/management team(s)

Andrew Rose

Start date of longest serving manager(s)/management team(s)

11/1/2007

Selection Criteria
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Name of fund:

Fidelity Asian Values plc

Stated aim

"Aims to produce long-term capital growth through investment in an actively managed portfolio of equities primarily in the South East Asian region (excluding Japan)"

Management group

Fidelity Worldwide Investment

Category

Asia Pacific Equity

Related benchmark used

MSCI AC Asia Pacific ex Japan index

One-year total return outperformance (actual return)

6.45% (4.79%)

Five-year total return outperformance (actual return)

15.72% (83.53%)

Assets/Market capitalisation

122m

Name of manager(s)/management team(s)

John Lo

Start date of longest serving manager(s)/management team(s)

9/1/2001

Selection Criteria
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Name of fund:

First State Asia Pacific Leaders Fund

Stated aim

"The Fund aims to grow your investment"

Management group

First State Investments

Category

Asia Pacific Equity

Related benchmark used

MSCI AC Asia Pacific ex Japan index

One-year total return outperformance (actual return)

0.77% (-0.89%)

Five-year total return outperformance (actual return)

12.77% (80.58%)

Assets/Market capitalisation

5.9bn

Name of manager(s)/management team(s)

Angus Tulloch, Richard Jones

Start date of longest serving manager(s)/management team(s)

12/1/2003

Selection Criteria
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Name of fund:

Invesco Asia Trust plc

Stated aim

"The objective is to provide long-term capital growth by investing in a diversifi ed portfolio of Asian and Australasian companies"

Management group

Invesco Perpetual

Category

Asia Pacific Equity

Related benchmark used

MSCI AC Asia Pacific ex Japan index

One-year total return outperformance (actual return)

7.38% (5.72%)

Five-year total return outperformance (actual return)

11.49% (79.30%)

Assets/Market capitalisation

184.5m

Name of manager(s)/management team(s)

Stuart Parks

Start date of longest serving manager(s)/management team(s)

1/1/2004

Selection Criteria
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Name of fund:

Investec Asia Ex Japan Fund

Stated aim

"The Fund aims to grow the value of your investment over the long term"

Management group

Investec Asset Management

Category

Asia Pacific Equity

Related benchmark used

MSCI AC Asia Pacific ex Japan index

One-year total return outperformance (actual return)

2.19% (0.53%)

Five-year total return outperformance (actual return)

12.00% (79.81%)

Assets/Market capitalisation

125.6m

Name of manager(s)/management team(s)

Greg Kuhnert

Start date of longest serving manager(s)/management team(s)

4/1/2003

Selection Criteria
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Name of fund:

M&G Asian Fund

Stated aim

"The fund invests in shares of companies throughout Asia (excluding Japan), or companies that conduct the majority of their business activities in these countries, with the aim of generating long-term capital growth"

Management group

M&G Investments

Category

Asia Pacific Equity

Related benchmark used

MSCI AC Asia Pacific ex Japan index

One-year total return outperformance (actual return)

1.38% (-0.28%)

Five-year total return outperformance (actual return)

12.96% (80.77%)

Assets/Market capitalisation

495m

Name of manager(s)/management team(s)

Matthew Vaight, Colm D'Olier

Start date of longest serving manager(s)/management team(s)

2/29/2008

Selection Criteria
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Name of fund:

7IM Adventurous Fund

Stated aim

"This Fund aims to provide capital growth"

Management group

Seven Investment Management

Category

Mixed Asset

Related benchmark used

IMA Flexible Investment sector average

One-year total return outperformance (actual return)

4.70% (8.50%)

Five-year total return outperformance (actual return)

13.83% (73.15%)

Assets/Market capitalisation

63.4m

Name of manager(s)/management team(s)

7IM Asset Allocation Team

Start date of longest serving manager(s)/management team(s)

12/12/2003

Selection Criteria
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Name of fund:

Henderson Multi-Manager Global Select Fund

Stated aim

"To achieve capital growth"

Management group

Henderson Global Investors

Category

Mixed Asset

Related benchmark used

IMA Flexible Investment sector average

One-year total return outperformance (actual return)

6.25% (10.05%)

Five-year total return outperformance (actual return)

34.19% (93.51%)

Assets/Market capitalisation

75.8m

Name of manager(s)/management team(s)

Paul Craig

Start date of longest serving manager(s)/management team(s)

5/1/2004

Selection Criteria
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Name of fund:

Investec Managed Growth Fund

Stated aim

"The Fund aims to provide an income and grow the value of your investment"

Management group

Investec Asset Management

Category

Mixed Asset

Related benchmark used

IMA Flexible Investment sector average

One-year total return outperformance (actual return)

5.42% (9.22%)

Five-year total return outperformance (actual return)

41.17% (100.49%)

Assets/Market capitalisation

77m

Name of manager(s)/management team(s)

Philip Saunders, Max King

Start date of longest serving manager(s)/management team(s)

5/1/2004

Selection Criteria
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Name of fund:

JPM Portfolio Fund

Stated aim

"To invest in a portfolio of regulated collective investment schemes operated or managed by JPMorgan"

Management group

JPMorgan Asset Management

Category

Mixed Asset

Related benchmark used

IMA Flexible Investment sector average

One-year total return outperformance (actual return)

4.62% (8.42%)

Five-year total return outperformance (actual return)

28.29% (87.61%)

Assets/Market capitalisation

58.4m

Name of manager(s)/management team(s)

Jonathan Cummings, David Chan, Katy Thorneycroft

Start date of longest serving manager(s)/management team(s)

3/1/2010

Selection Criteria
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Name of fund:

Kames Ethical Cautious Managed Fund

Stated aim

"To provide a combination of income and long term capital growth by investing in a diversified range of UK equities, bonds and cash, which meet the fund’s predefined ethical criteria"

Management group

Kames Capital

Category

Mixed Asset

Related benchmark used

IMA Mixed Investment 20-60% Shares sector average

One-year total return outperformance (actual return)

5.88% (9.60%)

Five-year total return outperformance (actual return)

43.79% (91.12%)

Assets/Market capitalisation

181.1m

Name of manager(s)/management team(s)

Audrey Ryan, Iain Buckle

Start date of longest serving manager(s)/management team(s)

3/1/2007

Selection Criteria
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Name of fund:

F&C MM Navigator Distribution Fund

Stated aim

"The Fund aims to achieve income and capital growth through investment in shares or units of regulated and/or unregulated collective investment schemes and/or closed ended funds"

Management group

F&C Investments

Category

Mixed Asset Income

Related benchmark used

IMA Mixed Investment 20-60% Shares sector average

One-year total return outperformance (actual return)

2.15% (5.87%)

Five-year total return outperformance (actual return)

12.45% (59.78%)

Assets/Market capitalisation

903.2m

Name of manager(s)/management team(s)

Rob Burdett, Garry Potter

Start date of longest serving manager(s)/management team(s)

10/1/2007

Selection Criteria
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Name of fund:

Invesco Perpetual Distribution Fund

Stated aim

"The Fund aims to achieve a combination of income and capital growth over the medium to long term"

Management group

Invesco Perpetual

Category

Mixed Asset Income

Related benchmark used

IMA Mixed Investment 20-60% Shares sector average

One-year total return outperformance (actual return)

2.61% (6.33%)

Five-year total return outperformance (actual return)

40.06% (87.39%)

Assets/Market capitalisation

2.9bn

Name of manager(s)/management team(s)

Paul Causer, Paul Read, Ciaran Mallon

Start date of longest serving manager(s)/management team(s)

1/26/2004

Selection Criteria
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Name of fund:

Jupiter Distribution Fund

Stated aim

"To provide a sustainable level of income and the prospect of capital growth over the long term by investing in an actively balanced portfolio of fixed interest securities and mainly UK equities"

Management group

Jupiter Asset Management

Category

Mixed Asset Income

Related benchmark used

IMA Mixed Investment 0-35% Shares sector average

One-year total return outperformance (actual return)

2.66% (4.47%)

Five-year total return outperformance (actual return)

17.70% (56.61%)

Assets/Market capitalisation

413.9m

Name of manager(s)/management team(s)

Alastair Gunn, Rhys Petheram

Start date of longest serving manager(s)/management team(s)

7/1/2010

Selection Criteria
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Name of fund:

Premier Multi Asset Distribution Fund

Stated aim

"The aim of the Fund is to give you an income, paid to you each quarter, and grow the value of your original investment over the long term"

Management group

Premier Asset Management

Category

Mixed Asset Income

Related benchmark used

IMA Mixed Investment 20-60% Shares sector average

One-year total return outperformance (actual return)

5.19% (8.91%)

Five-year total return outperformance (actual return)

33.56% (80.89%)

Assets/Market capitalisation

317.9m

Name of manager(s)/management team(s)

David Hambidge

Start date of longest serving manager(s)/management team(s)

10/1/1995

Selection Criteria
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Name of fund:

Standard Life Investments Dynamic Distribution Fund

Stated aim

"The fund aims to provide long term growth from a combination of income and capital growth by investing in a range of collective investment schemes managed or operated within the Standard Life Investments group"

Management group

Standard Life Investments

Category

Mixed Asset Income

Related benchmark used

IMA Mixed Investment 20-60% Shares sector average

One-year total return outperformance (actual return)

8.28% (12.00%)

Five-year total return outperformance (actual return)

34.30% (81.63%)

Assets/Market capitalisation

233.2m

Name of manager(s)/management team(s)

Jacqueline Lowe

Start date of longest serving manager(s)/management team(s)

2/14/2006

Selection Criteria
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Name of fund:

Invesco Perpetual Corporate Bond Fund

Stated aim

"The Fund aims to achieve a combination of income and capital growth over the medium to long term"

Management group

Invesco Perpetual

Category

Sterling Corporate Bond

Related benchmark used

IMA £ Corporate Bond sector average

One-year total return outperformance (actual return)

1.80% (4.16%)

Five-year total return outperformance (actual return)

4.25% (58.23%)

Assets/Market capitalisation

5.5bn

Name of manager(s)/management team(s)

Paul Causer, Paul Read, Michael Matthews

Start date of longest serving manager(s)/management team(s)

24/07/1995

Selection Criteria
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Name of fund:

M&G Strategic Corporate Bond Fund

Stated aim

"The fund aims to maximise long-term total return (the combination of income and growth of capital) by investing mainly in investment grade, or high quality, corporate bonds"

Management group

M&G Investments

Category

Sterling Corporate Bond

Related benchmark used

IMA £ Corporate Bond sector average

One-year total return outperformance (actual return)

1.38% (3.74%)

Five-year total return outperformance (actual return)

2.83% (56.81%)

Assets/Market capitalisation

5bn

Name of manager(s)/management team(s)

Richard Woolnough

Start date of longest serving manager(s)/management team(s)

2/20/2004

Selection Criteria
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Name of fund:

Premier Corporate Bond Monthly Income Fund

Stated aim

"Aims to deliver attractive returns on a risk-adjusted basis"

Management group

Premier Asset Management

Category

Sterling Corporate Bond

Related benchmark used

IMA £ Corporate Bond sector average

One-year total return outperformance (actual return)

2.59% (4.95%)

Five-year total return outperformance (actual return)

9.98% (63.96%)

Assets/Market capitalisation

51.1m

Name of manager(s)/management team(s)

Paul Smith

Start date of longest serving manager(s)/management team(s)

01/08/2009

Selection Criteria
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Name of fund:

Rathbone Ethical Bond Fund

Stated aim

"The objective of the fund is to provide a regular, above average income through investing in a range of bonds and bond market instruments that meet strict criteria ethically and financially"

Management group

Rathbone Unit Trust Management

Category

Sterling Corporate Bond

Related benchmark used

IMA £ Corporate Bond sector average

One-year total return outperformance (actual return)

3.27% (5.63%)

Five-year total return outperformance (actual return)

21.92% (75.90%)

Assets/Market capitalisation

179.4m

Name of manager(s)/management team(s)

Bryn Jones

Start date of longest serving manager(s)/management team(s)

01/11/2004

Selection Criteria
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Name of fund:

Royal London Sterling Credit Fund

Stated aim

"The fund seeks to achieve a combination of mainly income with some capital growth over the medium (5 years) to long term (7 years)"

Management group

Royal London Asset Management

Category

Sterling Corporate Bond

Related benchmark used

IMA £ Corporate Bond sector average

One-year total return outperformance (actual return)

1.57% (3.93%)

Five-year total return outperformance (actual return)

13.87% (67.85%)

Assets/Market capitalisation

344.8m

Name of manager(s)/management team(s)

Sajiv Vaid

Start date of longest serving manager(s)/management team(s)

01/09/2008

Selection Criteria
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Name of fund:

Artemis High Income Fund

Stated aim

"The fund aims to achieve an above average level of income together with the prospect of rising income and some capital growth over the longer term"

Management group

Artemis

Category

Sterling Strategic Bond

Related benchmark used

IMA £ Strategic Bond sector average

One-year total return outperformance (actual return)

6.28% (10.46%)

Five-year total return outperformance (actual return)

42.34% (100.35%)

Assets/Market capitalisation

914.6m

Name of manager(s)/management team(s)

Adrian Frost, Adrian Gosden, Alex Ralph

Start date of longest serving manager(s)/management team(s)

09/09/2002

Selection Criteria
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Name of fund:

Aviva Investors Strategic Bond Fund

Stated aim

"To provide a high total return from a diversified portfolio of global debt securites through diversified investment in global fixed interest securities, including non-investment grade"

Management group

Aviva Investors

Category

Sterling Strategic Bond

Related benchmark used

IMA £ Strategic Bond sector average

One-year total return outperformance (actual return)

3.01% (7.19%)

Five-year total return outperformance (actual return)

13.45% (71.46%)

Assets/Market capitalisation

196.6m

Name of manager(s)/management team(s)

Chris Higham

Start date of longest serving manager(s)/management team(s)

22/09/2008

Selection Criteria
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Name of fund:

AXA Framlington Managed Income Fund

Stated aim

"To generate a high level of income with capital growth"

Management group

Axa Investment Managers

Category

Sterling Strategic Bond

Related benchmark used

IMA £ Strategic Bond sector average

One-year total return outperformance (actual return)

5.24% (9.60%)

Five-year total return outperformance (actual return)

56.57% (114.58%)

Assets/Market capitalisation

123.6m

Name of manager(s)/management team(s)

George Luckraft

Start date of longest serving manager(s)/management team(s)

09/09/2002

Selection Criteria
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Name of fund:

Old Mutual Monthly Income Bond Fund

Stated aim

"The fund aims to maximise total return by investing primarily in a diversified portfolio of fixed, variable and zero rate bond investments, including convertible securities"

Management group

Old Mutual Global Investors

Category

Sterling Strategic Bond

Related benchmark used

IMA £ Strategic Bond sector average

One-year total return outperformance (actual return)

3.38% (7.56%)

Five-year total return outperformance (actual return)

28.97% (86.98%)

Assets/Market capitalisation

116.2m

Name of manager(s)/management team(s)

Christine Johnson

Start date of longest serving manager(s)/management team(s)

01/09/2010

Selection Criteria
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Name of fund:

Royal London Sterling Extra Yield Bond Fund

Stated aim

"The Fund’s objective is to achieve a high level of income"

Management group

Royal London Asset Management

Category

Sterling Strategic Bond

Related benchmark used

IMA £ Strategic Bond sector average

One-year total return outperformance (actual return)

6.45% (10.63%)

Five-year total return outperformance (actual return)

85.07% (143.08%)

Assets/Market capitalisation

802.3m

Name of manager(s)/management team(s)

Eric Holt

Start date of longest serving manager(s)/management team(s)

14/04/2003

Selection Criteria
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Name of fund:

Aberdeen Global Select High Yield Bond Fund

Stated aim

"Long-term total return by investing in Sub-Investment Grade fixed interest securities issued by corporations or government related bodies"

Management group

Aberdeen Asset Management

Category

Specialist Bond Funds

Related benchmark used

IMA Global Bonds sector average

One-year total return outperformance (actual return)

8.88% (5.70%)

Five-year total return outperformance (actual return)

114.61% (147.88%)

Assets/Market capitalisation

51.1m

Name of manager(s)/management team(s)

High Yield Bond Team

Start date of longest serving manager(s)/management team(s)

3/24/2006

Selection Criteria
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Name of fund:

Legg Mason Brandywine Global Fixed Income Fund

Stated aim

"The Fund aims to maximise total investment return consisting of a combination of interest income, capital appreciation and currency gains by investing principally in a portfolio of fixed or floating rate debt securities and debt obligations issued by government or government-related issuers worldwide"

Management group

Brandywine Global Investment Management

Category

Specialist Bond Funds

Related benchmark used

IMA Global Bonds sector average

One-year total return outperformance (actual return)

4.88% (1.70%)

Five-year total return outperformance (actual return)

13.52% (46.79%)

Assets/Market capitalisation

708.6m

Name of manager(s)/management team(s)

David F Hoffman

Start date of longest serving manager(s)/management team(s)

9/30/2003

Selection Criteria
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Name of fund:

New Capital Total Return Bond Fund

Stated aim

"Long-term total return by investing in Sub-Investment Grade fixed interest securities issued by corporations or government related bodies"

Management group

EFG Asset Management

Category

Specialist Bond Funds

Related benchmark used

IMA Global Bonds sector average

One-year total return outperformance (actual return)

8.49% (5.31%)

Five-year total return outperformance (actual return)

7.23% (40.50%)

Assets/Market capitalisation

153.5m

Name of manager(s)/management team(s)

Michael Leithead

Start date of longest serving manager(s)/management team(s)

8/15/2003

Selection Criteria
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Name of fund:

Templeton Global Bond Fund

Stated aim

"The Fund aims to maximise total investment return consisting of a combination of interest income, capital appreciation and currency gains by investing principally in a portfolio of fixed or floating rate debt securities and debt obligations issued by government or government-related issuers worldwide"

Management group

Franklin Templeton Investments

Category

Specialist Bond Funds

Related benchmark used

IMA Global Bonds sector average

One-year total return outperformance (actual return)

6.32% (3.14%)

Five-year total return outperformance (actual return)

11.03% (44.30%)

Assets/Market capitalisation

22.7bn

Name of manager(s)/management team(s)

Michael Hasenstab, Sonal Desai

Start date of longest serving manager(s)/management team(s)

6/1/2002

Selection Criteria
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Name of fund:

Threadneedle European Corporate Bond Fund

Stated aim

"The aim of the Fund is to provide income with the potential to grow the amount you invested as well"

Management group

Threadneedle Investments

Category

Specialist Bond Funds

Related benchmark used

IMA Global Bonds sector average

One-year total return outperformance (actual return)

2.57% (-0.61%)

Five-year total return outperformance (actual return)

4.69% (37.96%)

Assets/Market capitalisation

72.9m

Name of manager(s)/management team(s)

Alasdair Ross

Start date of longest serving manager(s)/management team(s)

9/1/2007

Selection Criteria
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Name of fund:

Financials: Jupiter Global Financials Fund

Stated aim

"The Fund objective is to achieve long-term capital growth through investment in equities of financial sector companies on an international basis"

Management group

Jupiter Asset Management

Category

Specialist Sectors and Assets

Related benchmark used

No benchmark used

One-year total return outperformance (actual return)

3.22%

Five-year total return outperformance (actual return)

49.63%

Assets/Market capitalisation

63.6m

Name of manager(s)/management team(s)

Robert Mumby, Guy de Blonay

Start date of longest serving manager(s)/management team(s)

8/1/2010

Selection Criteria
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Name of fund:

Frontier markets: Advance Frontier Markets Fund Limited plc

Stated aim

"To provide shareholders with long term capital growth by investing in the Frontier Markets of Africa, the Middle East, Eastern Europe, Asia and Latin America."

Management group

Advance Emerging Capital

Category

Specialist Sectors and Assets

Related benchmark used

No benchmark used

One-year total return outperformance (actual return)

13.59%

Five-year total return outperformance (actual return)

79.68%

Assets/Market capitalisation

109m

Name of manager(s)/management team(s)

Dr Slim Feriani

Start date of longest serving manager(s)/management team(s)

31/03/2005

Selection Criteria
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Name of fund:

Healthcare/biotech: Polar Capital Healthcare Opportunities Fund

Stated aim

"The Company’s investment objective is to generate capital growth and income by investing in a global portfolio of healthcare stocks"

Management group

Polar Capital

Category

Specialist Sectors and Assets

Related benchmark used

No benchmark used

One-year total return outperformance (actual return)

27.81%

Five-year total return outperformance (actual return)

151.85%

Assets/Market capitalisation

435.2m

Name of manager(s)/management team(s)

Dan Mahony, Gareth Powell

Start date of longest serving manager(s)/management team(s)

12/3/2007

Selection Criteria