The report which looks at the performance of fund managers with identifiable career track records in a specific sector of at least five years, equally weights each managers’ average monthly performance across their entire career, their return over the last five years and their consistency, measured as the percentage of months each fund manager has beaten their benchmark index. Each manager in the Top 100 must have delivered a positive absolute return over the past five years,
According to these metrics, Tulloch’s performance over the year helped shift him from the number six position to number one, partly, Tilney explained because of his cautious approach.
The head of Asia Pacific Equities at Stewart Investors, part of First State Investments (a team he established in 1988), Tullouch is Tilney said “a very cautious manager and this has helped him weather the recent stormy Asian markets far better than the competition.”
“First State Investments recently announced that Angus Tulloch would hand over the reins on his funds in July 2016 while remaining as a member of the investment team. David Gait will be taking over control of Tulloch’s flagship Asia Pacific Leaders fund. Gait appears in our Top 25 twice this year, so he is a worthy successor,” it added.
While no longer top dog, Hargreave, chairman of Hargreave Hale and manager of the Marlborough Special Situations and UK Micro Cap Growth funds, only fell one place. The two funds recorded a five year cumulative return of 212.7% and 225.6% respectively.
In third place is Mark Slater, chairman and CIO at Slater Investments. According to Tilney: “Slater Investments’ core methodology focuses on selecting companies able to produce reliable, above-average earnings growth supported by healthy cash flow, many of which are medium-sized and smaller companies. Shares in these companies are only acquired when the price/earnings ratio is attractive in relation to the growth rate. This approach has produced strong gains over the years, outperforming stock market indices by a substantial margin, with the company’s growth fund winning numerous industry awards.”
Neil Woodford’s remarkable form in 2015 has seen him rise up the ranks from 23 last year to fourth this year. The manager of the Woodford Equity Income Fund has had a busy year at his new firm, Tilney said: “In little over a year, he has hoovered up an incredible £7 billion of assets into his Equity Income fund and has also launched an investment trust.”
Rounding out the top five is the man who replaced Woodford as lead manager on the Invesco Perpetual Income and High Income funds, jumping an impressive 13 places.
“Barnett was faced with a difficult job in the aftermath [of Woodford’s departure],” Tilney said, “as the funds reportedly saw some £3.5bn of outflows in the six months following the ‘star’ manager’s departure. However, Barnett stepped up to the challenge, and has since positioned the funds effectively to achieve his notable position.”
The full list can be found here.
