Bestinvest has downgraded the £343m Investec Global Free Enterprise fund to a one-star, sell rating.
The fund was previously downgraded in 2010 “following substantial underperformance in the 2008 banking crisis”.
Analyst Tom White says the fund’s investment process is partly dependent on the Investec 4Factor quantitative system, “and in common with other quant-based funds tends to struggle during market turning points”.
He adds: “In the years since, the fund has failed to recapture its former glories.”