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Brief

Two European funds help break the dominance of UK tracker funds in the Standard & Poor&#39s Micropal list of top unit trusts.

The Newton European fund moves into seventh for its performance in the past 12 months. It has returned 37.01 per cent over a year. At number eight is the Fidelity Europe (ex UK) unit trust, which has returned 36.65 per cent over a year. The Newton fund was launched in June 1987 and has grown to £56.5m. Managed by Keiran Gallagher, it has a 21.4 per cent weighting in France, 16.5 per cent in Germany, 14.3 per cent in Holland and 11.4 per cent in Switzerland.

The £309m Fidelity unit trust was launched in May 1996 and is run James Rutherford.

New at number five is the Schroder US smaller companies unit trust.

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