As a result, most North American unit trusts have shown losses over the past two years to July 1 and over three years have only shown small gains.
However, some mana-gers have managed to outperform the average over three years by a considerable margin.
Felix Wintle of Neptune US opportunities has shown growth of 47 per cent to June 1, more than 30 percentage points above the average fund, and many fund managers now believe that the US stockmarket could outperform other developed markets this year.
HSBC, for example, is forecasting that the dollar will strengthen over the next 12 months, that corporate earnings in many sectors will increase and that the US economy should come out of the recession earlier than the other major economies.
Many managers believe that some of the big US multinationals which derive a significant percentage of their revenues from overseas operations are an attractive investment opportunity, especially as they are now selling at reasonable prices.
Felix Wintle also believes that the healthcare sector is attractive. He is a particular expert in this sector and some of his bigger gains have been there.
Unlike many managers, he has a top-down approach, first choosing the sectors which he believes will outperform and then analysing the companies in those sectors and selecting the ones that he thinks will perform the best. This approach has certainly been successful.
Other funds I like in that sector are Gartmore US growth and Martin Currie North America.