Scottish Widows Investment Partnership (Swip), BlackRock, Baillie Gifford, F&C and Jupiter have been named and shamed as fund groups managing the largest number of underperforming funds.
According to Bestinvest’s bi-annual ‘Spot the Dog' report of underperforming funds the Investment Management Association’s (IMA) North American sector holds the largest number of dogs with 18 funds.
Swip and BalckRock were named as the worst offenders with four ‘dog funds’ each.
Bestinvest said a ‘dog fund’ was one that predominantly invests in equities and had failed to beat its benchmark by 10% or more over three years.
The report said Swip had attempted to address its failures by removing a number of UK equity managers, but the effects of this move would take time to come through.
Baillie Gifford's Emerging Markets Growth, Emerging Markets Leading Companies and its Greater China fund were named as 'dogs'.
F&C also had three underperforming funds mentioned in the report. These were its Pacific Growth fund, the Global Thematic Opportunities fund and the North American fund.
Jupiter did not escape, with its Jupiter China and Jupiter Ecology funds on the dog list.