Bestinvest’s bi-annual report listed 64 funds that are the very “worst of the worst”, compared with 116 last time round.
Once again, big fund houses dominated the Spot the Dog list, with Scottish Widows Investment Partnership retaining the top dog position with nearly £4bn of assets invested in its four dog funds.
Next in line was BlackRock, which also had four dog funds in its artillery and £1.2bn invested within them. BlackRock moved up the list from fifth place in the summer edition to second this time around.
Meanwhile, Baillie Gifford joined the dog house with three dog funds and just over £1bn in dog assets under management.
F&C also climbed the ranks, from eleventh place last summer to fourth in the latest report, and has more than £600m of client money invested in its three dog funds.
To conclude the five biggest dog fund asset managers Bestinvest listed Jupiter, which has two dog funds and more than £500m invested in them. Edward Bonham Carter’s group has moved up from 20th position in the dog report last year.
Bestinvest analyses UK domiciled and regulated Oeics that invest predominantly in equities in order to compile its dog funds list.
It filters the fund universe to identify those that have failed to beat their benchmark over three consecutive 12-month period to strip out those that may have had a short run of bad luck.
To drill down further, and shorten the list, a second filter is applied, which means the fund must have underperformed its benchmark by 10% or more over the entire three-year period of analysis.
Keep your eyes peeled for further coverage on Portfolio Adviser of the dog funds in each sector.
