Revealed: All the winners of the 2020 PA Fund Awards

Fidelity and HSBC scoop up inaugural passive gongs

PA Fund Awards 2020


Artemis, Baillie Gifford, Fidelity and M&G were all double winners at this year’s PA Fund Awards – though the 2020 vintage was notable for the broad spread of asset management groups recognised overall.

Fidelity picked up platinum awards in two passive fund categories, along with five gold awards, while Artemis scooped both the US Equity and US Smaller Companies platinum awards. M&G topped two of the four fixed income categories while Baillie Gifford won platinum for its Global Discovery and Japanese funds.

In pictures: PA Fund Awards 2020

In recognition of the growing variety of assets UK fund selectors need to be considering for their clients, the awards included Infrastructure and Private Assets categories for the first time, as well as a specific ESG fund accolade, which was won by Liontrust Sustainable Future Global Growth.

The platinum and gold winners across a total of 27 categories were revealed at a gala lunch held at prestigious City of London venue The Ned on 30 January 2020. All the shortlists and winners, along with the methodology underpinning the awards, can be viewed below.

‘Breadth and depth of quality’

Portfolio Adviser group editor Julian Marr said: “When it comes to fund selection, portfolios risk growing ever more homogenous, so we wanted our awards to reflect the breadth and depth of quality funds and managers available.

“As such the Portfolio Adviser Fund Awards are not intended to be a reward for past performance, for ‘the usual suspects’ or simply for those with the largest sales and marketing budgets. Instead, they are deliberately designed to reward those funds that, in the opinion of our panel of top UK fund selectors, are best placed to deliver clients strong risk-adjusted future returns.”

This year’s panel of judges comprised: Aberdeen Standard Investments’ Multi-Manager Strategies Team, Ryan Hughes of AJ Bell, Nathan Sweeney of Architas, Shane Balkham of Beaufort Investment, Paul Green of BMO Global Asset Management, Ben Willis of Chase de Vere, Darius McDermott of Chelsea FS, James Calder of City Asset Management, Jeremy Ward of Coutts & Co, Ayesha Akbar of Fidelity Multi Asset, Juliet Schooling Latter of FundCalibre, Rory Maguire of Fundhouse, James Sullivan of MitonOptimal, Abika Martin of Parmenion, Ian Rees of Premier Fund Managers, Alex Moore of Rathbones, Ben Stoves of Rowan Dartington, Paris Jordan of Sanlam UK, Tony Lawrence of 7IM, Charlie Lloyd of Skerritts, James Burns of Smith & Williamson, Victoria Hasler of Square Mile, Ben Seager-Scott of Tilney, Gill Hutchison of The Adviser Centre and Richard Philbin of Wellian Investment Solutions.

Morningstar Investment Management chief investment officer EMEA Dan Kemp offered an extra layer of due diligence by verifying all the eventual winners fulfilled the requisite criteria. “The PA Fund Awards would not have been possible without the considerable amount of insight, time and effort from all our expert judges,” said Marr. “Our sincere thanks to all of them and, of course, many congratulations to all this year’s winners from everyone at Portfolio Adviser.”


PA Fund Awards 2020: Shortlists and winners


UK Equity

Investec UK Alpha

JOHCM UK Dynamic – Platinum

Liontrust Special Situations – Gold

Man GLG Undervalued Assets


UK Equity Income

Artemis Income

TB Evenlode Income – Gold

Man GLG UK Income – Platinum

Schroder Income


UK Passive

Fidelity Index UK – Platinum

iShares UK Equity Index

Legal & General UK Index Trust – Gold

Vanguard FTSE UK All Share Index


UK Smaller Companies

Aberforth UK Smaller Companies

LF Gresham House UK Micro Cap – Platinum

Merian UK Smaller Companies – Gold

TB Amati UK Smaller Companies



Impax Environmental Markets – Gold

Liontrust Sustainable Future Global Growth – Platinum

Pictet Global Environmental Opportunities

Stewart Investors Worldwide Sustainability


Private Assets

HG Capital

NB Private Equity Partners – Platinum

Princess Private Equity Holding – Gold



First State Global Listed Infrastructure – Gold

Lazard Global Listed Infrastructure Equity – Platinum

Legg Mason IF RARE Global Infrastructure Income

VT Gravis UK Infrastructure Income



BMO European Real Estate Securities

Janus Henderson UK Property PAIF – Gold

Kames Property Income

Legal & General UK Property – Platinum


Absolute Return

Merian UK Specialist Equity

Natixis H2O MultiReturns – Gold

SVS Church House Tenax Absolute Return Strategies

Jupiter Absolute Return – Platinum


UK Fixed Income

BlackRock Corporate Bond – Gold

Liontrust Monthly Income Bond

Royal London Corporate Bond

TwentyFour Corporate Bond – Platinum


Developed Market Fixed Income

Janus Henderson Strategic Bond – Gold

M&G Global Macro Bond – Platinum

PIMCO Global Investment Grade

Royal London Short Duration Global High Yield Bond


Emerging Markets Fixed Income

Barings Emerging Markets Debt Blended Total Return

Fidelity Funds – Emerging Market Debt – Gold

M&G Emerging Markets Bond – Platinum

Vontobel Fund – Emerging Markets Debt


Unconstrained Fixed Income

Allianz Strategic Bond – Platinum

Baillie Gifford Strategic Bond

Janus Henderson Strategic Bond – Gold

Jupiter Strategic Bond


Europe Equity

BlackRock Continental European Income – Platinum

BlackRock European Dynamic

LF Miton European Opportunities

TM CRUX European Special Situations – Gold


Europe Passive

Fidelity Index Europe ex UK

HSBC European Index – Platinum

iShares Continental European Equity Index – Gold

Vanguard FTSE Developed Europe ex UK Equity Index


Europe Smaller Companies

Baring Europe Select Trust – Platinum

Montanaro European Smaller Companies – Gold

Threadneedle European Smaller Companies

T. Rowe Price European Smaller Companies Equity


US Equity

Artemis US Select – Platinum

Edgewood L Select – US Select Growth – Gold

JPM US Equity Income

LF Miton US Opportunities


US Passive

Fidelity Index US – Platinum

HSBC American Index – Gold

iShares US Equity Index

L&G US Index Trust


US Smaller Companies

Artemis US Smaller Companies – Platinum

Brown Advisory US Smaller Companies – Gold

Hermes US SMID Equity

T. Rowe Price US Smaller Companies Equity


Japan Equity

Baillie Gifford Japanese – Platinum

JPM Japan

Jupiter Japan Income

Man GLG Japan CoreAlpha – Gold


Asia excluding Japan Equity

Fidelity Asia Pacific Opportunities – Gold

Fidelity Asia

Hermes Asia ex-Japan Equity

Schroder Asian Total Return Investment Company – Platinum


Global Emerging Markets Equity

Artemis Global Emerging Markets

Fidelity Emerging Markets – Gold

Hermes Global Emerging Markets Equity

RWC Global Emerging Markets – Platinum


International Equity

Fidelity Global Special Situations

Fundsmith Equity

Rathbone Global Opportunities – Gold

T. Rowe Price Global Focused Growth Equity – Platinum


International Equity Income

BNY Mellon Global Income – Platinum

Fidelity Global Dividend – Gold

Guinness Global Equity Income

TB Evenlode Global Income


International Passive

Fidelity Index World – Gold

L&G International Index Trust

Vanguard FTSE Developed World ex-UK Equity Index – Platinum


International Smaller Companies

ASI Global Smaller Companies – Gold

Baillie Gifford Global Discovery – Platinum

Invesco Global Smaller Companies


Sector Specialist

BlackRock Gold & General

Polar Capital Global Insurance – Platinum

Polar Capital Technology Trust – Gold

Awards methodology

The criteria

All Portfolio Adviser Fund Awards judges are asked to address a single question when considering their nominations: “Looking ahead, for a brand-new client with cash to invest, an average risk tolerance for the asset class in question and an investment horizon of at least three years, what are your top three fund recommendations in each category?”

The judges are instructed their nominations should represent their confidence in the future returns generated, for a certain level of risk, of the funds they nominate. We encourage them to make use of whatever criteria they currently do to make fund selections for their or their firm’s portfolios.

The funds with the most judges’ nominations in each category make up the shortlists and those with the most and second-most recommendations respectively win the ‘platinum’ and ‘gold’ accolades.

The fund universe

We do not provide any initial shortlists of funds – preferring instead to rely on the expertise of our judging panel. As such, we ask them to include: UK-domiciled funds as well as offshore funds that are registered for sale in the UK; funds with at least a three-year track record; funds of any size – in other words, no minimum AUM; investment trusts; and exchange-traded funds and other passive funds.

On the other hand, the judges are asked to exclude: funds that are ‘soft’ or ‘hard’ closed; and funds that are not regulated. Morningstar once again kindly agreed to provide an extra layer of due diligence for the awards by verifying all the eventual winners do fulfil these criteria.


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