Worst performing funds of Q1
By Sonia Rach, 4 Apr 18
Markets stumbled in 1Q18 after a positive run in 2017. While economic data was largely positive, Italy delivered an inconclusive election result, a new US Fed chair was appointed, and Donald Trump took the first steps towards a trade war.
The worst performer was the Jupiter India fund, managed by Avinash Vazirani, which produced returns of -14.7%.
Last year, this fund ranked as the second-best performer of 1Q17.
The £1045.2m fund, which launched in 2008, is overweight in financials (22.75%), consumer goods (21%), oil and gas (12.78%) and healthcare (10.65%). Since this time last year, Vazirani has decreased his exposure to industrials from 12.26% to 9.7%.
Chelsea Financial Services’ managing director Darius McDermott said India certainly had “a difficult quarter”.
He added: “Jupiter India has been one of the best performing India funds over the last five years and India itself has been a really good market.
“But it had looked as if it got a bit frothy as they made furthers changes to some legislation and India did sell off.
“It’s very popular with retail clients but it was quite clearly the worst performing fund of that quarter.”
Tags: Blackrock | Investment Strategy | Jupiter | Smith & Williamson
