Mott enters Chelsea's Relegation Zone for first time

PSigma's highly-regarded manager Bill Mott has made the Chelsea Financial Services Relegation Zone of 86 underperforming funds for the first time after switching into defensives too early.

The inclusion of Mott, manager of the £473m PSigma Income fund is “the biggest shock” of the latest list, according to Chelsea. Mott has conceded he took a defensive position too early and shunned miners, leading to underperformance. PSigma said in a statement: “We perhaps underestimated the ability of the market to ‘climb the wall of worry’ and keep going forward in the hope this is a normal V-shaped recovery. “December 2010 was particularly hard for us. The UK market enjoyed a massive ‘Santa rally’, with the All-Share index up over 7% in the month. If you annualised that number, the...