Hargreaves Lansdown has advised clients to ditch Axa fund manager Mark Tinker and switch into Jupiter’s John Chatfeild-Roberts instead.
Tinker joined Axa Investment Managers in November 2006 and took over the £195m Axa Framlington global opportunities fund in early 2007, in addition to hedge fund mandates.
But his performance slipped in the financial crisis of 2008, and over the past three years it lost 16.3 per cent versus a median loss of just 4.3 per cent in the IMA global growth fund sector – ranking bottom-quartile.
Hargreaves Lansdown senior analyst Meera Patel says: “Initially the fund performed well, but more recently it has disappointed and we now believe investors should consider their options.
“While the fund has recovered some lost ground since markets began to rebound in 2009, returns have been below average for the sector.
“Our analysis suggests that the fund has suffered because Mark Tinker has made poor decisions on which areas of the market offer the best prospects. In our opinion he has also been slow to react to changes in market sentiment.”
Patel says a better alternative is the £268m Jupiter global managed fund, which is headed by Chatfeild-Roberts overall while other Jupiter managers decide on stock selection in individual regions.
Patel adds: “Over the past five years the fund has delivered growth of 38 per cent, during a period where the AXA Framlington global opportunities fund has grown by 1 per cent.”