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Fund H1 2022 performance review – just 6% of investment funds make positive return in first half of the year

Date: 05 July 2022

5 July 2022

Nick Wood, head of fund research at Quilter Cheviot:

"The first half of 2022 has been a torrid time for most investors, with both equities and bonds seeing significant declines. It was no different in the world of investment funds, where only 6% of all funds in the Investment Association funds universe managed to register a positive return in sterling terms in the first half of the year.

"For a small number of funds, it proved to be a good start to the year, especially for those with energy exposure, who filled the top five positions and eight of the top 10. Absolute return manager AQR filled the other two of the top ten places.

Ten best performing funds in IA universe YTD 30/6/2022


Total returns (%) in GBP

BGF World Energy D2


Schroder ISF Global Energy Z Acc EUR


GS NA Engy & Engy Infras Eq R Acc USD


TB Guinness Global Energy I Acc


Vontobel Commodity I USD


Multicooperation GAM Commodity USD C


Guinness Global Energy Y GBP Acc


AQR Systematic Total Return UCITS C1




LO Funds Cmdty Risk Premia USD NA


Ten worst performing funds in IA universe YTD 30/6/2022


Total returns (%) in GBP

T. Rowe Price Glb Tech Eq CAccGBP


T. Rowe Price Glb Tech Eq Qd GBP


Morgan Stanley US Advantage I Acc GBP


Fidelity Emerg Eur Mid East&Africa W Acc


Morgan Stanley Global Insight I GBP Acc


Baillie Gifford American B Acc


MS INVF US Advantage I


Nikko AM ARK Disruptive Innovation D GBP




Liontrust Russia C Acc GBP


Source: Morningstar, Quilter Cheviot as at 30/6/2022


"At the other end of the table, it was no surprise to see Liontrust Russia propping up the table, the fund now suspended for obvious reasons. Likewise, the Fidelity Emerging Europe, Middle East & Africa Fund also suffered from significant Russia exposure.

"The other eight funds are dominated by those firms heavily biased towards higher growth stocks. That included four run by Morgan Stanley, along with representation from T. Rowe Price and  Baillie Gifford – all three well known growth investors. Lastly, Cathy Wood, who runs the ARK funds in the US, and who has been regularly in the headlines given the extremes of performance, was also in the bottom ten via a vehicle white labelled by Nikko Asset Management."

Alex Berry

Alex Berry

External Communications Manager