Who topped the Tilney Bestinvest Spot the Dog list?

Bestinvest spot the dog 07/14

Aberdeen Asset Management has topped Tilney Bestinvest’s Spot the Dog list of underperforming funds with 18 funds.

The list, which identifies funds that have underperformed for three consecutive years and by more than 10 per cent over three years, includes Aberdeen’s £1.1bn Asia Pacific Equity fund and 10 other from the group.

However, Aberdeen is also the underlying manager of three Scottish Widows funds, two Halifax funds, one TU Fund Manager fund and one St James’s Place fund which also appear on the list.

The report says: “Three of the funds on the list are in Aberdeen’s name, but the situation is worse than that – Aberdeen also runs the Scottish Widows and Halifax funds. When the firm took on these funds, we hoped they could turn them around. So far, no such luck.”

However, M&G took the ‘Top Dog’ spot again having the most assets on the Spot the Dog list for the fourth report in a row. Its £3.8bn M&G Recovery fund remains “the undisputed leader” of the ‘dog’ list, accounting for 21 per cent of all fund assets in the list.

Spot the dog table worst offenders

The past six months have seen a 46 per cent increase in the number of dog funds to 54, up from 37 funds in the previous edition of the list.

The level of assets held in dog funds, however, remained flat at £18bn, compared to £17.6bn in Bestinvest’s last report.

Sector-wise, global equities had the largest number of dog funds overall, with 18 funds across the combined IA Global and IA Global Equity sectors, representing 14 per cent of the total funds in these sectors.

In UK Equities only eight funds out of 246 made the list and in Europe there were just four mutts out of 97 funds.

Tilney Bestinvest managing director Jason Hollands says: “Many UK equity managers have outperformed the FTSE All Share index in recent times by avoiding or underweighting the troubled oil and gas and mining sectors, unlike index trackers, which have remained fully exposed to their sliding fortunes.”