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Gold funds hit by big losses in March

Resources funds were the worst-performing portfolios of March, with products targeting gold being hit especially hard.

Analysis of FE Analytics figures shows the top-ten list of worst-performing funds is dominated by products targeting miners, with gold funds accounting for more than half.

Angelos Damaskos’ MFM Junior gold fund was the worst-performing portfolio in March, as the sterling share class made a loss of 19.02 per cent.

The WAY Charteris gold portfolio followed after falling by 18.55 per cent over the month, while Daniel Sacks and Bradley George’s Investec global gold fund lost 15.85 per cent.

Ani Markova and Robert Lyon’s Smith & Williamson global gold & resources fund dropped by 14.34 per cent and the CF Ruffer Baker Steel gold fund, run by David Baker and Trevor Steel, fell by 14.05 per cent.

Evy Hambro’s BlackRock gold & general, Tom Winnifrith’s SF t1ps Smaller companies gold, Neil Gregson’s JPM natural resources, Hambro and Catherine Raw’s BlackRock global funds World Mining and Nicole Vettise’s JPM global mining complete the ten worst-performing funds in March.

A global property portfolio managed by Huet Capital was the best performing fund across the course of March, the research also shows.

The HC FCM Salamanca global property 1 fund posted the strongest growth to the end of March, with the sterling share class returning 11.33 per cent over the four-week period.

Michael Sjöström’s Pictet biotech fund showed the second best one-month performance during March, growing by 5.04 per cent, followed by Max Godwin’s M&G Japan smaller companies fund with returns of 4.93 per cent.

The Tiburon Taiko fund, managed by Rupert Kimber, gained 4.79 per cent last month, while Nick Evans and Ben Rogoff’s Polar Capital global technology fund added 4.68 per cent.

Completing the top-ten of March’s best performers are the J Chahine Digital Stars US fund, Chisako Hardie’s Axa Framlington Japan Smaller Companies fund, Paul Marriage and John Warren’s Cazenove UK Smaller Companies fund, the S&W Wood Street Microcap Investment fund and John MacDougall’s Baillie Giff Japanese Smaller Companies fund.

In terms of sectors, IMA Japanese Smaller Companies was the strongest performer of March with an average return of 2.97 per cent. The IMA China/Greater China sector was the worst, with the average fund losing 5.92 per cent.

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