Three managers in as many years

radar alert: schroder north american

In a falling market the Schroder North American fund has underperformed the S&P 500 index and the IMA sector average and now has assets of £4m

The Schroder North American fund may have recently only reached its third birthday but it has had a turbulent childhood. The appointment of the group's head of US equity research, Grant Cowley, in March gave the fund its third manager in as many years. The performance of the primarily large-cap fund has also been troubled. Launched on 1 June 2001, the £4m portfolio has fallen 41.9% from 4 June that year to 1 June 2004, ranking it 62 out of 73 North American funds, on an offer-to-bid basis in sterling terms. Over this period, US equities have themselves not had the best of times. The mean ...