Investment Week and Morningstar's latest look at the most consistent fund managers across the unit trust and OEIC universe.
This week's data covers the three years to 18 May 2018.
There are six new entrants to the Consistent 50 this week, although some are new share classes of existing entrants.
Two UK gilts funds were featured as new entrants in 43rd and 44th place; the £295m Santander Sterling Government Bond managed by David Scammell and the £210m HSBC UK Gilt Index fund managed by Amrita Chauhan Sanyal.
David Hambidge's £100m Sentinel Universal fund was new in 16th place and the £1.1bn Vanguard Global Small-Cap Index fund in 39th place.
The £123m MI Hawksmoor Distribution fund and the £135 MI Hawksmoor Vanbrugh fund were listed as new entrants in fourth and 22nd place but this is because they are the C share class rather than B share class featured in previous weeks.
The Distribution fund is managed by Daniel Lockyer while the Vanbrugh fund is managed by Richard Scott.
The £1.2bn LF Miton UK Multi Cap Income sat in the top spot for the third week running, managed by Gervais Williams.
This was followed by the T. Rowe Price US Smaller Companies fund which is £1bn in size and managed by Ryan Burgess in second place. Rory Powe's £1.5bn Man GLG Continental European Growth fund was in third place, £123m MI Hawksmoor Distribution in fourth place and Amit Mehta's £1.4bn JPM Emerging Markets Small Cap fund in fifth place.
There were a large number of funds at over at £1bn in assets under management this week, including half the top ten funds.
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.
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