A quick skim through the top five and bottom five performing funds in the IMA North American sector over three years makes for interesting reading.
According to statistics provided by Financial Express, only one fund in the sector has produced a positive return over the time period, Neptune US Opportunities. The fund, managed by Felix Wintle, returned 8.02% over three years.
The next best fund, Jupiter North American Income, is down 7.64% over the same time period, a whole 15.66 percentage points lower. The average return in the sector was a fall of 22.56%, while over the same time period, the total return of the S&P 500 is a decline of 35.2%.
Many argue it is nigh on impossible to outperform the S&P 500 consistently over a long time period given the level of market efficiency. It is little wonder, then, that the Neptune fund recently broke the £100m barrier.
The key question, however, is whether or not Wintle can sustain this outperformance over the long term.