Investments  

Best long-serving fund managers for Isas revealed

Best long-serving fund managers for Isas revealed

Giles Hargreave, who has run the £1.4bn Marlborough Special Situations fund, has been named the best long-serving fund manager for individual savings accounts (Isas).

Data from FE Trustnet and compiled by AJ Bell, showed Mr Hargreave's fund was one of 53 funds to have been managed by the same individual for the twenty years that Isas have existed.

Mr Hargreave, who launched his fund in 1998, has returned 2,470 per cent in these twenty years, compared with 550 per cent for the average fund in its sector, UK Smaller Companies.

The fund manager with the longest record of continuous service on a UK fund was Hugh Young, who has managed the Aberdeen Asia Pacific and Japan equity fund for 33 years, which returned 583 per cent over 20 years.

Among the largest investment trusts on the list was the £1.4bn City of London trust, run for the past 27 years by Job Curtis.

During that time the trust has increased its dividend every year, and the quarterly dividend now is greater than the annual dividend was when Mr Curtis took over.

Laura Suter, personal finance analyst at AJ Bell, said: "The average fund manager runs a fund for five years, so it’s pretty rare to find managers running the same fund for 20 years.

"The benefit of investing with a manager who has been running the same fund for two decades or more is that they will have invested through all market cycles, having experienced downturns as well as bull markets.

"These managers will also know their investment markets inside out, they will have been burnt by their past investment errors and will hopefully be wise to these traps in the future, and will know the companies in their sectors inside out."

She added: "The downside of this experience is that some investors might be put off investing with older managers for fear they’ll have lost their hunger for investing and become more cautious.

"Investors can check for signs of this by comparing the type of companies the fund manager is investing in now, compared to previous years.

"They should also be aware of contingency planning, as retirement is a real prospect with some managers who have been running portfolios for a long time."

The 20 largest funds with fund managers that have been in situ for at least 20 years:

Fund

Manager Tenure

Fund Manager

Fund Size

20-year performance (%)

Peer group 20-year performance

Aberdeen Asia Pacific & Japan Equity

Aberdeen Asia Pacific Equity

Aberdeen New Dawn Investment Trust

33

31

29

Hugh Young

£1.1bn in total

583.1%

885.9%

1,311.2%

400.3%

579.0%

174.7%

Carmignac Patrimoine

29

Edouard Carmignac

£12.5bn

347.2%

163.9%

Aberforth Smaller Companies Trust plc

28

Alistair Whyte & Richard Newbery

£1.1bn

928.9%

194.5%

City of London Investment Trust

27

Job Curtis

£1.4bn

248.8%

78.1%

The Mercantile Investment Trust

25

Martin Hudson

£1.5bn

961.4%

92.6%

Herald Investment Trust plc

25

Katie Potts

£809m

545.20%

300.3%

JPM Emerging Markets Investment Trust

JPM Emerging Markets

25

21

Austin Forey

£2.3bn in total

1,034.1%

721.1%

1,015.8%

541%

Worldwide Healthcare Trust

23

Sven H Borho

£1.4bn

1,691.4%

481.7%

Schroder Asia Pacific

23

Matthew Dobbs

£715m

1,044.60%

174.7%

Invesco Corporate Bond (UK)

23

Paul Causer

£4.3bn

186.3%

127.3%

Standard Life Investments UK Smaller Companies

22

Harry Nimmo

£1.3bn

995.8%

555.3%

Legg Mason IF Japan Equity

22

Hideo Shiozumi

£917m

614.5%

148.7%

Jupiter Merlin Income Portfolio

Jupiter Worldwide Portfolio

Jupiter Growth Portfolio

21

John Chatfieild-Roberts and Algy Smith-Maxwell

£4.5bn in total

217.2%

361.9%

388.5%

114.8%

188.4%

163.9%

BlackRock GF World Mining

21

Evy Hambro

£3.7bn

668.4%

260.4%

Lazard Emerging Markets

21

James Donald

£1.1bn

621.9%

541.0%

Liontrust UK Smaller Companies

21

Anthony Cross

£864m

954.6%

555.3%

Morgan Stanley US Growth

21

Dennis Lynch & Sam Chainani

£1.9bn

395.9%

198.8%

Threadneedle Property

20

Chris Morrogh

£1.6bn

351.6%

151.1%

Premier Multi-Asset Distribution

20

David Hambidge

£1.4bn

163.2%

114.8%

Marlborough Special Situations

20

Giles Hargreave

£1.4bn

2,470.3%

555.3%

Source: AJ Bell. Data accurate to 08/03/19.

 

david.thorpe@ft.com