The 10 worst performing funds of 2011

With equity markets around the world diving in the latter half of the year amid the turmoil in Europe and global growth fears, a number of funds were hit particularly hard.

Below is a list of the ten worst performing funds of 2011 which are registered in the UK (according to Morningstar, 31/12/10 to 9/12/11)

SF t1ps Smaller Companies Gold - loss of 42.19%

Run by Tom Winnifrith, the fund invests predominantly in London-listed gold miners, with some exposure to companies listed overseas.
A move out of risk in the latter half of the year has caused performance to plunge, as investors piled out of cyclicals into defensives.

HSBC GIF Indian Equity - loss of 39.25%

Still a fantastic performer over three years, its returns have been dented by 2011's performance, with the fund down sharply as Indian equity markets sold off.
The £2bn fund lost 11% alone in the last three months, along with peers in the Indian equity space.

Junior Oils Trust - loss of 39.04%

Another fund which has delivered returns well above most developed markets over three years, Angelos Damaskos' trust has nonetheless endured a brutal year.
The £53m trust dived sharply in April, and despite a reasonably stable oil price, its focus on smaller oil and gas exploration and production companies has hurt it in the second half of the year as investors went to risk-off mode.

SF t1ps Smaller Companies Growth - loss of 37.15%

Another fund run by Winnifrith, this £13m portfolio has plunged as smaller companies in the UK felt the brunt of the sell-off amid the eurozone crisis.

Manek Growth - loss of 35.54%

Jayesh Manek's fund has the dubious honour of being the worst performer of all the 291 funds in the IMA UK All Companies sector this year.
Well below the average loss of just 1.7%, Manek's fund has been hurt by exposure to a number of smaller companies in which Manek has taken some hefty bets. In October he had 10.2% in Blinkx, the online video search engine, which sold off heavily the following month.