Anderl defends European Equity underperformance

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The manager of UBS European Equity, Max Anderl, believes his short-term underperformance is more tha...

The manager of UBS European Equity, Max Anderl, believes his short-term underperformance is more than offset by the fact investors are not sitting on 10% losses over three years like the average fund in the sector. According to Standard & Poor's, the fund has returned 21.6% over one year to the end of April 2004 after charges, compared with a sector average of 22.6%. Performance is much stronger over five years, with the fund losing just 1.73% compared with an average 10.03% fall from the peer group. Anderl said the valuation-driven stock selection process on the fund means it will per...