The report shows that 92 of the 688 funds have qualified for the list by failing to beat their benchmark index in each of the last three years while underperforming the index by at least 10 per cent in that time.
In total £19.2bn of assets under management is run in the underperforming vehicles.
Newton heads the list of the five worst offenders with £2.9bn in dog funds, much of which is thanks to the underperformance of Tineke Frikkee’s higher income fund.
M&G/Prudential is second on the list with £1.8bn in dog funds, while HSBC Investments is third with £1.2bn. Axa Framlington and Threadneedle placed fourth and fifth with £1bn and £927m respectively.
UK dogs saw a marked rise thanks to market volatility with 41 funds and £12.5bn of assets. UK equity income was the prime offender, accounting 80 per cent of the funds on the list.