Global sector changes propel First State fund to top spot

Four sector specific funds have taken the top performing slots in the newly-named IMA Global sector after moving across from the Specialist peer group.

Last October the IMA announced it was consulting members on allowing more sector-focused or thematic funds into the Global Growth sector, as long as they had 80% invested in global equities.

This was given the go-ahead in November and 15 funds moved into the sector, which dropped the ‘growth' tag, on 1 January, 2011.

First State Global Resources, Martin Currie Global Resources, Fidelity Funds Global Industrials and Martin Currie Global Energy moved straight to the top of the performance tables over one year, knocking the previous best performer, JO Hambro Capital Management Global Select Retail fund, into fifth position.

JOHCM declined to comment on the IMA changes but says the group is happy with the fund's performance.

Over three years, two out of the top four funds are new members to the group.

All but one of the funds moved across from the Specialist sector, with the offshore Investec Global Franchise becoming classified in the IMA's sectors for the first time.

The Global Return fund, Macquarie Global Infrastructure Securities, Fidelity Funds' Global Consumer Industries, Global Financial Services and Healthcare funds have all joined the Global sector.

First State's Global Listed Infrastucture, J.P. Morgan's Global Consumer Trends, L&G Global Health & Pharmaceutical Index Trust and Schroder's Global Energy and Medical Discovery funds have also moved across.