Fund of funds performance data

The M&G Managed fund retains its position at the top of the one-year table of Balanced Managed funds of funds, with a 12-month return to June 27 of 17.9%, comfortably beating the sector average gain (funds of funds only) of 13.72%.

The distribution of returns in the sector is similar to the last time we examined it (May 30), with a gap of roughly eight percentage points between the best and worst funds.

The M&G fund, a fettered portfolio run by head of equities David Jane, has grown in size from 690m last month to 716m. It still has as its top three holdings the M&G Pan European, Income and UK Growth funds, which between them make up a little under a third of the portfolio.

The second-placed fund in the sector, F&C Multi Manager Balanced, is also the biggest riser in the one-year table, up eight places from last month with a 12-month return of 16.89%, according to Standard & Poor’s. The fund, launched in 1993, has 56% of its assets in British equities, with the largest single holding being George Luckraft’s Framlington Equity Income fund.
Percentage returns, volatility and fund size for funds of funds in the Balanced Managed sector over one and three years to June 27, 2005.Source: Standard & Poor’sIn third spot over one year is the 303.66m Prudential Managed fund, which has above-average volatility at 2.24%, and has risen one place in the rankings since last month.
The Fitzwilliam Multi Manager fund, profiled opposite, fell seven places to 12th in the one-year table, but sits at the top of the three-year leader board with a return of 31.35%. In second place, unchanged from last month, is the 5.21m CF London York Select Income fund.
Rising from fourth to third in the three-year table is Invesco Perpetual World Income, a fettered fund of funds managed by Ian Brady. Launched in 1997, it has 11 funds in its portfolio, with the biggest share going to Neil Woodford’s Invesco Perpetual Income fund, at 17.9%.
None of the funds of funds in the Balanced Managed sector has lost money over one or three years. The worst performer over one year, CF Miton Strategic Portfolio – which has fallen from first to fifth place over three years – returned 9.38%, while the last-placed fund over three years, Sackville Balanced Portfolio, was up 10.84%.