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Gary Potter and Rob Burdett, co-heads of multi-manager at Thames River, indicated no funds in the sector had consistently outperformed the median, although 139, or 14.6 per cent, of the 952 portfolios in the 10 mainstream peer groups had done so.

However, only 24, or 2.5 per cent, of these vehicles had finished top quartile over these time frames, with just one in each of the UK Corporate Bond, Japan, Asia Pacific ex Japan and Global Emerging Markets sectors.

The other groupings surveyed were UK All Companies, UK Equity Income, Europe ex UK, North America, and Global Growth.

The concentration of top-quartile funds in these five sectors was highest in Global Growth, where five out of 153 funds cleared the hurdle, and in Europe ex UK, where three passed it out of a peer group of 92.

But although Global Emerging Markets had only one top-quartile performer, the relatively small sector size meant the concentration was as high as in these other two areas.