Best and worst: Unit Trust Performance

TOP and bottom positions in the performance table for unit trusts over the month to 1 February were heavily influenced by sudden reversals of fortune on the stock markets of two of the principal economies in the Far East, observes Caroline Merrell.

The Japanese market had been a poor performer in recent years, but it moved sharply upwards in January, while Malaysia, which had been among the best performers, fell off by about 18 per cent.

The result was that 21 of the top 25 performers among unit trusts for the month were those invested in Japan, while the funds at the bottom for the month were mainly invested in Singapore and Malaysia - or in Japanese hedging funds designed to fall when the market rises or rise when it falls.

NM, which manages a Singapore and Malaysia fund, described the one-month fall as a minor setback. It said that the market would have been hit by profit-taking from foreign share buyers, and that returns to investors would have been further depleted by the depreciation of the Malaysian ringgit.

Richard Royds, managing director of Mercury, said: 'We are happy that the Mercury fund is at the bottom. It is designed to behave that way. The fund sells when the market rises.' He said the fund was mainly used by institutions and he was campaigning to have the hedging funds taken out of statistics.

The performance of South Korean funds was boosted by a change in the way they are allowed to show prices. Stephen Burr, director of Barings, pointed out that there is limited stock in South Korea for foreign investors, and said: 'All this money moving in is driving up the price of shares to a premium for foreign investors.'

He said the premium was not been adequately reflected in the price of the funds, and that UK fund managers had been lobbying Imro to allow for this premium of about 11 per cent to be included.

Fund managers said the long-term outlook for the Korean market was good.

----------------------------------------------------------------- UNIT TRUST PERFORMANCE ----------------------------------------------------------------- The best % 1 Waverley Australasian Gold. . . . . . . . . . .38.35 2 Baring Korea. . . . . . . . . . . . . . . . . .30.60 3 GT Korean Securities. . . . . . . . . . . . . .21.95 4 Laurentian Japanese. . . . . . . . . . . . . . 19.87 5 Edinburgh Tokyo. . . . . . . . . . . . . . . . 19.24 The worst 1388 Mercury WT Japanese. . . . . . . . . . . . -13.11 1389 NM Singapore & Malaysian. . . . . . . . . .-13.37 1390 Govett MIS Japan Bear. . . . . . . . . . . -14.68 1391 Fidelity Asean. . . . . . . . . . . . . . .-14.72 1392 Fidelity Japan Reverse Index. . . . . . . .-16.05 ----------------------------------------------------------------- The chart shows performance over one month until 1 February 1994 (offer to offer; net income reinvested). ----------------------------------------------------------------- Source: Micropal -----------------------------------------------------------------

News
The current recommendation from Britain's Chief Medical Officer, is that people refrain from drinking on at least two days a week
food + drinkTheory is that hangovers are caused by methanol poisoning
Life and Style
techConcept would see planes coated in layer of micro-sensors and able to sense wear and tear
News
Patrick Stewart in the classiest ice bucket to date
people
Sport
Premier League Live Saturday 23 August
sportAll the action from today's Premier League matches
PROMOTED VIDEO
News
ebooksAn evocation of the conflict through the eyes of those who lived through it
Life and Style
techCould new invention save millions in healthcare bills?
Sport
David Moyes gets soaked
sport Moyes becomes latest manager to take part in the ALS challenge
Voices
A meteor streaks across the sky during the Perseid Meteor Shower at a wind farm near Bogdanci, south of Skopje, Macedonia, in the early hours of 13 August
voicesHagel and Dempsey were pure Hollywood. They only needed Tom Cruise, says Robert Fisk
Life and Style
Horst P Horst mid-fashion shoot in New York, 1949
fashionFar-reaching retrospective to celebrate Horst P Horst's six decades of creativity
News
Members and supporters of the lesbian, gay, bisexual, transgender (LGBT) community walk with a rainbow flag during a rally in July
i100
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

JavaScript Developer (C++ / C# / HTML, Java Angular.js) London

£50000 - £60000 per annum: Harrington Starr: A world leading business intellig...

Application Support Analyst-(UNIX, Linux, Financial Services)

£40000 - £60000 per annum: Harrington Starr: Application Support Analyst-(UNIX...

Application Support Analyst - SQL, UNIX, Linux

£30000 - £50000 per annum: Harrington Starr: Application Support Analyst - SQL...

Application Support - FIX protocol, UNIX, SQL, Windows, OMS

£40000 - £60000 per annum: Harrington Starr: Application Support - FIX protoco...

Day In a Page

All this talk of an ‘apocalyptic’ threat is simply childish

Robert Fisk: All this talk of an ‘apocalyptic’ threat is simply childish

Chuck Hagel and Martin Dempsey were pure Hollywood. They only needed Tom Cruise
Mafia Dons: is the Camorra in control of the Granite City?

Mafia Dons: is the Camorra in control of the Granite City?

So claims an EU report which points to the Italian Mob’s alleged grip on everything from public works to property
Emmys look set to overhaul the Oscars as Hollywood’s prize draw

Emmys look set to overhaul the Oscars as Hollywood’s prize draw

Once the poor relation, the awards show now has the top stars and boasts the best drama
What happens to African migrants once they land in Italy during the summer?

What happens to migrants once they land in Italy?

Memphis Barker follows their trail through southern Europe
French connection: After 1,300 years, there’s a bridge to Mont Saint-Michel

French connection: After 1,300 years, there’s a bridge to Mont Saint-Michel

The ugly causeway is being dismantled, an elegant connection erected in its place. So everyone’s happy, right?
Frank Mugisha: Uganda's most outspoken gay rights activist on changing people's attitudes, coming out, and the threat of being attacked

Frank Mugisha: 'Coming out was a gradual process '

Uganda's most outspoken gay rights activist on changing people's attitudes, coming out, and the threat of being attacked
Radio 1 to hire 'YouTube-famous' vloggers to broadcast online

Radio 1’s new top ten

The ‘vloggers’ signed up to find twentysomething audience
David Abraham: Big ideas for the small screen

David Abraham: Big ideas for the small screen

A blistering attack on US influence on British television has lifted the savvy head of Channel 4 out of the shadows
Florence Knight's perfect picnic: Make the most of summer's last Bank Holiday weekend

Florence Knight's perfect picnic

Polpetto's head chef shares her favourite recipes from Iced Earl Grey tea to baked peaches, mascarpone & brown sugar meringues...
Horst P Horst: The fashion photography genius who inspired Madonna comes to the V&A

Horst P Horst comes to the V&A

The London's museum has delved into its archives to stage a far-reaching retrospective celebrating the photographer's six decades of creativity
Mark Hix recipes: Try our chef's summery soups for a real seasonal refresher

Mark Hix's summery soups

Soup isn’t just about comforting broths and steaming hot bowls...
Tim Sherwood column: 'It started as a three-horse race but turned into the Grand National'

Tim Sherwood column

I would have taken the Crystal Palace job if I’d been offered it soon after my interview... but the whole process dragged on so I had to pull out
Eden Hazard: Young, gifted... not yet perfect

Eden Hazard: Young, gifted... not yet perfect

Eden Hazard admits he is still below the level of Ronaldo and Messi but, after a breakthrough season, is ready to thrill Chelsea’s fans
Tim Howard: I’m an old dog. I don’t get too excited

Tim Howard: I’m an old dog. I don’t get too excited

The Everton and US goalkeeper was such a star at the World Cup that the President phoned to congratulate him... not that he knows what the fuss is all about
Match of the Day at 50: Show reminds us that even the most revered BBC institution may have a finite lifespan – thanks to the opposition

Tom Peck on Match of the Day at 50

The show reminds us that even the most revered BBC institution may have a finite lifespan – thanks to the opposition