Investment Week and Morningstar's latest look at the most consistent fund managers across the unit trusts and OEIC universe.
This week's data covers the three years to 12 January 2018.
There are five new entrants to this week's Consistent 50 with the highest new entrant being Hawksmoor Distribution fund managed by Daniel Lockyer, which enters in second place.
The £110m fund is the second Hawksmoor fund to sit in the table; its £130m Hawksmoor Vanbrugh fund, managed by Richard Scott, also features in eighth place.
Also joining the table this week were the £13m Legg Mason MC Greater China, £400m Russell Investors Japan Equity, £229m Schroder ISF Global Smaller Companies and £51m Jupiter Merlin Conservative fund.
These are managed by James Chong, Makiko Hakozaki, Matthew Dobbs and Algy Smith-Maxwell respectively.
Gervais Williams' LF Miton UK Multi Cap Income fund retained the top spot for the seventh week in a row, having recently passed £1bn in assets under management.
Also making up the top five were George Luckraft's £298m AXA Framlington Monthly Income in third place, Ian Wright's £562m LF Morant Wright Nippon Yield in fourth and Rory Powe's £1.2bn Man GLG Continental European Growth in fifth place.
China funds were popular this week with six funds featured on the table from the China sector. These were £13m Legg Mason MC Greater China, £1.3bn Janus Henderson China Opportunities, £59m Fidelity China Consumer, £116m Baillie Gifford Greater China, £99m Old Mutual Henderson China Opportunities and £5m Legg Mason IF MC China.
Please note, Morningstar has begun running data on the RDR-friendly clean share classes that groups have launched in the past few years, which are now included in the charts.
The Consistent 50 is based on an assessment of all IA funds in the UK as monitored by Morningstar. Each fund is assessed for its consistency against other similarly invested vehicles as classified by IA sectors.
In the first step, all funds without a three-year track record are excluded. In order to ensure statistical validity, sectors with less than 20 funds are also excluded, as are those that do not allow like-for-like comparison, such as Specialist, Guaranteed/Protected and Money Market.
The three-year consistency score is then calculated by measuring a fund's average decile ranking (ADR) of quarterly performance periods rolling back on a month-by-month basis over three years.
The better a fund performs against its peers over a single period, the higher up the ranks it sits and the lower its decile rank. An average of a fund's decile rank as measured over the multiple time periods provides an indication of how much it moves up or down the ranks relative to its peers.
The bottom 60% of the funds across all sectors are then excluded based on the average decile rank. The remaining 40% of funds across all qualifying IA sectors are then sorted according to how they rank against their peers in terms of volatility and Gain/Loss Profile (with those funds with lower volatility being rewarded and equal weighting given to both measures). The top 50 funds are shortlisted to make the Consistent 50.
All data is calculated on a bid-to-bid, net income re-invested, sterling basis.
Average Decile Rank (ADR) is the funds average decile ranking of quarterly performance periods rolling back on a month-by-month basis over three years. The closer the rank to one, the more consistent the fund.
Gain/Loss Ratio is the sum of positive percentage fund returns divided by the sum of negative percentage fund returns over the chosen calculation period. The higher the resultant ratio, the greater the proportion of positive returns versus negative returns, therefore the better the fund's performance.
Volatility is the standard deviation of the fund's monthly returns over the past 36-months. The greater the volatility figure the greater the deviation in a funds monthly returns. Volatility can be used as a measure of risk.
The Morningstar RatingTM is calculated based on a fund's total returns, adjusted for risk and sales charges, relative to other funds in its Morningstar category. The overall Morningstar Rating published here is based on a weighted average of a fund's 3-, 5-, and 10-year ratings, depending on the length of its record.
3-Year Sector Average is the average performance of all funds in the IMA sector over three years. Comparing the fund's cumulative three-year performance to the sector average highlights how the fund has performed against its peers.
Morningstar Equity Style Box is a graphical depiction of an equity [share] fund's dominant investment style at a given point in time. The style box combines two dimensions: size (large shares, medium-sized shares, small shares) and valuation (growth, blend, value), resulting in nine possible style combinations. More information at www.morningstar.co.uk
(TER) and Fund Size are supplied from the fund management companies and are the latest available to Morningstar.
Data Source: © 2018 Morningstar, Inc. All Rights Reserved.
Nairn returning to Franklin Templeton
Brett hires former Aberdeen colleagues
'Every company must make a positive contribution to society'
Five new entrants to table
Moving to segregated mandates