Man or mandate?

The difference in performance between investment sectors and investment trust performance, where manager mandates permit investment in any sector, is a strong indicator of whether mandate or manager is king

According to fund managers, it is a mug's game predicting the future of markets and yet, according to the FSA, it is a mug's game predicting the performance of managers. "Trust us with your money," say their advertisements. "We have broader coverage and greater depth of experience to respond to changing circumstances." But how many of them have used their global reach to exploit the seismic shifts in markets effectively over the past three years? That was the question I posed about unit trusts when writing recently for Investment Week's sister publication, International Investment, and...