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Asset manager makes latest list

Aberdeen in doghouse as funds underperform

SwipAberdeen Asset Management scaled up significantly when it acquired Scottish Widows Investment Partnership last year. But its ranking in a list of worst performing funds is not something it will be too eager to mention.

Nine Aberdeen funds have made the twice-yearly Tilney Bestinvest’s so-called ‘dog list’ of underperforming funds.

The wealth manager’s report names OEICs and unit trusts that have underperformed for three consecutive years, and by more than 10% over a three-year period. A total of 60 funds made the latest list this year, up from 49 in July.

Aberdeen contributed just one to the last list, but the number has leapt in the latest ranking, partly as a result of its acquisition of Swip which has featured in previous lists.

Aberdeen contributed three global funds, two UK, one European, and one North America fund to the latest Spot the Dog’ list, as well as two funds from Scottish Widows and Halifax. This is the highest number of funds listed from one firm over the last ten years.

Tilney Bestinvest managing director said: “The US has been one of the best performing stock markets over the last three years, reaching a record high. Whether [Aberdeen] decides to shift its asset allocation, or if the current positioning will turn in the group’s favour, remains to be seen.”

Neptune has five funds on the list: Neptune European Opportunities, European Income, Emerging Markets, US Income, and Global Special Situations.

M&G was another underperformer, accounting for 34% of dog fund assets.

Fund groups in the doghouse

Group  Number of funds Value (£m)
 Aberdeen  9  1,581.98
 Neptune  5  555.94
 M&G  2  7,944.77
 BNY Mellon  2  4,860.57
 Santander  2  974.72
 St James’s Place  2  902.72
 Baillie Gifford  2  781.30
 Fidelity  1  990.29
 Morgan Stanley  1  606.29
 Majedie  1  405.65

 Source: Tilney Bestinvest

 

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