The biggest issue with the IMA sectors is the level of survivorship bias. The sectors are a hopeless method of assessing performance - for example over a 5 year period typically half the funds have disappeared (the poor performers one assumes). This means the average sector return is massively overstated - investors don't experience returns any where these averages. Ignore sectors and only ever use indices or composite indices for comparison. And beware when a poor fund is merged into a good one and takes the good record - it isn't what the investor actually gets!