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Almost £5bn of assets in underperforming UK equity income funds

Almost £5bn of assets have been invested in consistently underperforming UK income funds, according to Principal Investment Management.

A host of big names are among the 14 funds sitting in the Principal black list of funds which have struggled to perform based on consistent total returns and risk over five years.

The biggest fund in the list is the £2bn Jupiter Income trust, managed by Tony Nutt (pictured). The fund is fourth quartile in the Investment Management Association UK equity income sector over three years to July 30, 2012, having returned 34.7 per cent, compared to an average return of 44.1 per cent.

Other large funds in the list include £642m Standard Life UK Equity High Income fund, managed by Karen Robertson, and the £684m Scottish Widows UK High Income fund, managed by Chris Fontenla. Both funds are also fourth quartile in the IMA UK equity income sector over three years.

Ignis, Henderson, Axa Framlington and Liontrust are among the other big names with funds in the strugglers list.

New entrants in the black list include the £282m Liontrust Income fund, managed by Gary West and James Inglis-Jones, the £304m Henderson UK Equity Income fund, managed by James Henderson, and Thomas Moore’s £89m Standard Life UK Equity Income Unconstrained offering.

Full black list below:

£282m Liontrust Income

£2bn Jupiter Income Trust

£75m Henderson Global Care UK Income

£85m Ignis UK Equity Income

£267m JPM UK Higher Income

£304m Henderson UK Equity Income

£642m Standard Life UK Equity Income

£23m Marlborough UK Income and Growth Trust

£89m Standard Life UK Equity Income Unconstrained

£87m Axa Framlington Monthly Income

£684m Scottish Widows UK Equity Income

£141m Axa Framlington Equity Income

£61m Swip UK Income

£83m GLG UK Income

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