Manek Growth fund is the worst performing fund over the past three years and should be dropped like "a hot stone" from investment portfolios, according to Chelsea Financial Services' latest dog fund review.
In its latest 'RedZone' survey, which names and shames the worst performing funds, the IFA firm revealed Manek Growth managed to lose its investors more than 34% over the three-year period to 1 August 2012, compared with the average positive return of 33% in its sector.
Overall, it underperformed its sector by a whopping 68%.
It is followed by UBS Smaller Companies and Allianz Global Eco Trends, which have underperformed their respective sector averages by 49% and 41% respectively.
THE TOP 10 FUNDS TO DROP
|POSITION||FUND||% UNDERPERFORMANCE IN SECTOR|
|2||UBS UK Smaller Companies||49.81%|
|3||Allianz Global Eco Trends||41.81%|
|4||Barmac The Castleton Growth||39.75%|
|5||Neptune Japan Opportunities||37.05%|
|6||Standard Life Investments UK Opportunities||31.31%|
|7||SVM Global Opportunities||30.1%|
|8||JPM Cautious Total Return||25.07%|
|9||Templeton Global Emerging Markets||24.57%|
|10||Fulcrum Global Diversified||23.32%|