Thames River Multi-Capital says the most consistent two sectors for top-quartile returns over the last three years are the IMA global emerging markets and the IMA Europe ex-UK sectors.
In its latest FundWatch survey, the firm says 10 per cent of funds in the IMA global emerging markets sector and 5 per cent of funds in the IMA Europe ex-UK sector are consistent top- quartile performers in the three years to March 31.
The firm says both sectors contain funds that are homogenous, with many well-known managers investing across the market capitalisation spectrum. These sectors comprise funds that are spread across countries and stocks, with few specialist funds in them.
The quarterly survey also found that the IMA UK equity income, IMA Japan and IMA sterling strategic bond sectors contained no funds that had achieved top-quartile consistency over the last three years.
Thames River suggests that the lack of top-quartile consistency in the IMA UK equity income sector reflects different attitudes to the banking sector.
The lack of top-quartile consistency in the IMA sterling strategic bond sector is attributed by the survey to funds being run in different ways within a wide remit.