However, the majority of funds in the IMA North America sector have done little better.
Of the 96 funds in the IMA North America sector with a one-year track record, just 26 managed to outperform the S&P 500 index (rebased into sterling) over the 12 months to 30 June 2011. Thirty-one out of 84 did better than the index over the longer three-year period while 30 out of 71 managed it over five years, according to performance data from FE.
But on a consistent basis just seven portfolios have managed to beat the index over all three cumulative time periods.
Janus Capital US All Cap Growth is top decile in the IMA sector over all three investment periods as well as the shorter six months to 30 June 2011. Axa Framlington American Growth, Blackrock US Opportunities, Gartmore US Growth, Threadneedle American, Threadneedle American Select and GAM North American Growth are the six other funds that have fared better than the S&P 500 over the cumulative 12-month, three and five-year periods.
Consistency wanes even further when fund returns versus the index are examined on a discrete annual basis. Of the seven funds mentioned above just one has beaten the S&P 500 in every calendar year since 2005, Threadneedle American.
Next best on this basis is Janus Capital underperforming just once since 2005, in 2008. Both the Blackrock and Axa Framlington US portfolios lagged in 2008 and in 2006 while the remaining three funds have underperformed in three calendar years since 2005, FE data shows.
