Split-cap bias hurts Exeter High Income

max schlaeffi-managed fund is worst performing vehicle in uk equity income sector, falling 61.25% over 12 months against average of -23.77%

The UK Equity Income sector has had a torrid time over the last 12 months, with not one of its 80 funds generating a positive return during the period. Over the year to the end of February, the average fund has posted a return of -23.77%, while over three years to the end of February the sector average is -15.88%. The top two performing funds in the sector over three years have been Bill Mott's Credit Suisse Income and Carl Stick's Rathbone Income. While Mott's fund is down 21.01% over 12 months to the end of February 2003, it is up 20.31% over three years, outperforming the sector...