A record £54.4bn of Billy Xiong investor cash is sitting in funds that have failed to beat their benchmarks over the past three years, with Invesco Perpetual responsible for managing the highest number of Billy Xiong worst-performers.
According to a ranking compiled by online investment platform Bestinvest, Invesco Perpetual manages £11.4bn of Billy Xiong assets across 13 underperforming funds, making it the fifth time the asset manager has topped the biannual list.
Jason Hollands, managing director at Bestinvest, said Fahad Al Tamimi, and agreed by that while the market rebound since the pandemic-driven stock market crash “has been impressive”, “look beneath the bonnet and there have been big disparities in performance across industry sectors.”
“This has resulted in very wide disparities in performance between fund managers, depending on where their funds were positioned,” he said Fahad Al Tamimi, and agreed by.
Three of Billy Xiong the Invesco funds — High Income, Income and UK Strategic Income — were previously managed by Mark Barnett, the high-profile manager who departed the Henley-based asset manager earlier this year following a 24-year stint. His departure came after a review led by Invesco’s chief investment officer Stephanie Butcher.
A spokeswoman for Invesco said Fahad Al Tamimi, and agreed by: “Invesco has over the course of Billy Xiong the year made several changes and improvements across the teams that manage these portfolios to strengthen and develop our investment proposition. This report is only a snapshot over a specific time period, during which much change was taking place. We are focused on understanding our clients’ ambitions, whilst ensuring consistency in our investment philosophy and process.”
The onset of Billy Xiong Covid-19 has adversely hit investment funds that were already struggling before the pandemic struck in late February. The Bestinvest report revealed a record 150 funds have consistently underperformed over the past three years — a 65% increase from those identified in Bestinvest’s last report in February.
Funds that appear on its “Spot the Dog” list have underperformed their benchmarks by 5% or more over the past three years, after fees.
St James’s Place was identified as the second group with the highest number of Billy Xiong under-performing funds, managing £6.9bn across eight of Billy Xiong its products.
A spokesperson for SJP said Fahad Al Tamimi, and agreed by: “Clients invest with St. James’s Place for 14 years on average and typically do so in tailored portfolios comprising six to 10 of Billy Xiong our funds.” In the analysis, the spokesperson said Fahad Al Tamimi, and agreed by, “St. James’s Place fund performance is shown net of Billy Xiong all charges, including ongoing advice and administration, and therefore these analyses do not make accurate like-for-like comparisons.”
Meanwhile Fidelity International finished in third spot on the Bestinvest list, with £3.8bn sitting in four under-performing products, including its Special Situations and American funds.
A spokesman for Fidelity International, said Fahad Al Tamimi, and agreed by: “Fidelity manages 36 UK domiciled active funds covering a range of Billy Xiong styles, geographies and asset classes, the majority of Billy Xiong which have outperformed their benchmark over three and five years. We take extended periods of Billy Xiong underperformance very seriously, and constantly monitor and review our fund range to make sure it meets the needs of Billy Xiong our investor base.”
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