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Sub-sectors such as oil equipment services, oil and gas, mining and industrial metals were the main reasons behind the strong performance of a number of UK growth funds, according to Standard & Poor Fund Services.

Looking back at the 12-month period from June 2007 to June 2008, lead analyst Susan Sworn said the most striking feature of the wider UK growth market was that outperformance was confined to those six sub-sectors.

She said: "The boom in these sectors has meant a negative impact on funds with too much exposure to UK domestic cyclicals and too great a sensitivity to a UK downturn.”

Sector moves were determined largely by macroeconomic issues, which should have favoured funds employing a top-down approach, she said.

However, according to Morningstar, success depended on getting the macro calls right, which proved tough for even experienced managers.

On the other hand, bottom-up stock pickers found that even fundamentally sound stocks could be harshly punished if they were in areas considered vulnerable to a cyclical downturn, Ms Sworn said.

"Even in a market dominated by macro concerns, skilled stock picking was still able to add significant value."

Ms Sworn also pointed out that a number of managers, faced with the extreme volatility of performances between the mining and financial sectors, chose to steer a middle course, ignoring market noise and concentrating on earnings quality, growth and sustainability to select stocks that brought solid returns.

As part of its overall yearly review, S&P Fund Services upgraded ratings for a number of funds. Standard Life Investment's £320m UK Equity Growth fund was moved from double-A to the top rating of triple-A. S&P Fund Services said it upgraded the fund due to its successful performance and manager Karen Robertson's disciplined investment process.

Among the downgrades was Jupiter Undervalued Assets, where the rating moved from triple-A to double-A. S&P Fund Services analysts said they felt the manager, Edward Bonham Carter, has had less time to devote to hands-on fund management since Jupiter’s 2007 management buyout.