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 13 October 2017.
There are five new entrants to this week's Consistent 50, sitting across a variety of IA sectors.
The largest new entrant is the £1bn Threadneedle UK Property fund managed by Don Jordison which sits in 30th place.
Elsewhere, the £150m Liontrust European Growth, £68m JPM Global Equity, £50m Fidelity China Consumer and £491m CF Morant Wright Japan were the other new entrants.
These sat in third, 29th, 38th and 49th place respectively.
The CF Morant Wright fund is the second fund for manager Ian Wright to feature in the table. His £489m CF Morant Wright Nippon Yield fund sits in second place, up from third place last week.
Wright is the only manager this week to have two funds featured on the same table.
Gervais Williams' £946m CF Miton UK Multi Cap Income fund held onto the top spot for the second week.
The largest funds on the table were the Vanguard US Equity Index fund which is £4.5bn in size followed by the iShares UK Gilts All Stocks Index fund which is £4.3bn and managed by Panayotis Ferendinos.
China funds were the most-common sector with seven funds sitting in the IA China/Greater China sector. As well as the new entrant from Fidelity, these were the £1bn Henderson China Opportunities, £68m Baillie Gifford Greater China, £782m Schroder ISF Greater China, £90m Old Mutual Henderson China Opportunities, £165m Henderson Horizon China and £12m Legg Mason MC Greater 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: © 2017 Morningstar, Inc. All Rights Reserved.
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