Multi-manager vehicles lead the charge

Husselbee and Chatfeild-Roberts are among managers at top of sector, both benefiting from well-timed moves out of bonds and property

Multi-manager vehicles dominate the Cautious Managed sector on three-year performance, with City Financial, Cazenove and Jupiter leading the way. The top performers have all avoided restrictive benchmarking, with some benefiting from large emerging market positions while others targeted asset class diversity. All the top funds were bearish on fixed interest and UK property in time to avoid downturns in these classes. City Financial's MultiManager Income is the sector leader, delivering a 37.6% return over three years to 7 January. The vehicle was sold to CF by Neptune last November,...