Halfway
into
2024,
it
is
time
to
take
stock
of
how
funds
have
performed.
Artificial
intelligence
has
been
one
of
the
big
success
stories
for
markets
and
we’ve
seen
the
first
rate
cut,
which
came
from
the
European
Central
Bank.
So:
which
funds
have
managed
to
grow,
and
which
funds
have
fallen?
Overall,
almost
90%
of
the
3,112
funds
in
our
dataset
(Morningstar
rated
and
available
for
sale
in
the
UK)
are
up
this
year.
The
best-performing
fund
was
up
30.45%
and
a
total
of
545
funds
have
grown
in
the
double
digits
so
far
this
year.
The
worst
performer
was
down
20.40%,
but
only
20
funds
in
total
had
double-digit
losses
over
the
half-year
period.
Category
wise,
India
equity
has
had
the
strongest
six-month
period.
The
average
return
for
the
23
funds
in
the
category
is
16.23% –
but
this
is
closely
followed
by
US
large
cap
blend
and
growth
equity
categories.
The
largest
fund
category,
GBP
allocation
60-80%
equity
(with
248
funds
available
to
UK
investors)
is
up
5.86%
on
average.
Only
four
categories
have
average
returns
below
5%
and
the
worst,
albeit
small
categories,
are
Brazil
and
Latin
American
equities.
These
funds
were
also
the
worst
performers
individually
–
and
more
on
that
below.
Technology
and
Large-Caps
are
Winning
in
2024
The
best
10
funds
have
all
benefited
from
the
AI
trend,
the
main
driver
behind
the
strong
S&P
500
returns.
We
need
to
look
to
18th
place
to
find
anything
not
focused
on
US
or
global
large-cap
growth
or
thematic
technology
–
and
in
this
case,
that’s
India
equity,
which
is
no
surprise
looking
at
the
category
chart
above.
These
were
the
three
best-performing
funds
in
H1.
Neuberger
Berman
5G
Connectivity
Fund
• Morningstar
Medalist
Rating:
Bronze
• Morningstar
Category:
Equity
Technology
• Fund
Size:
£928
million
In
the
second
quarter,
the
actively
managed
Neuberger
Berman
5G
Connectivity
Fund
rose
9.02%,
while
the
average
equity
technology
fund
gained
3.28%.
The
£928
million
fund
has
climbed
30.45%
year
to
date,
outperforming
the
average
fund
in
its
category,
which
rose
12.42%.
Janus
Henderson
Global
Technology
Leaders
Fund
• Morningstar
Medalist
Rating:
Neutral
• Morningstar
Category:
Equity
Technology
• Fund
Size:
£1.5
billion
The
£1.5
billion
Janus
Henderson
Global
Technology
Leaders
Fund
rose
9.20%
in
the
second
quarter.
The
gain
on
the
actively-managed
fund
beat
the
3.28%
gain
on
the
average
fund
in
the
equity
technology
category.
Year
to
date,
the
Janus
Henderson
fund
is
up
29.96%,
while
the
average
fund
in
its
category
is
up
12.42%.
Legal
&
General
Global
Technology
Index
Trust
•
Morningstar
Medalist
Rating:
Gold
• Morningstar
Category:
Equity
Technology
• Fund
Size:
£3.5
billion
The
passively-managed
Legal
&
General
Global
Technology
Index
Trust
is
up
13.97%
in
the
second
quarter,
outperforming
the
average
fund
in
the
equity
technology
category,
which
rose
3.28%.
The
£3.5
billion
fund
has
gained
29.51%
year
to
date,
while
the
average
fund
in
its
category
is
up
12.42%.
Latin
America
and
Small-Caps
Fall
Behind
There
aren’t
many
funds
in
the
red
for
the
past
six
months –
the
only
major
equity
indices
that
fell
were
the
CAC
40
in
France,
the
SSE
Composite
in
China
and
the
Bovespa
in
Brazil,
Dan
Coatsworth,
investment
analyst
at
AJ
Bell,
says.
Brazil,
which
is
strongly
tied
to
the
commodity
cycle,
has
often
featured
at
the
bottom
of
the
monthly
roundups,
and
occasionally
at
the
top,
showing
the
volatile
nature
of
the
market.
Watch
our
recent
interview
with
Artemis
EM
manager
Raheel
Altaf
to
find
out
what’s
currently
driving
the
Brazil
market.
These
were
the
worst
three
performers
in
H1.
HSBC
Global
Investment
Funds
–
Brazil
Equity
• Morningstar
Medalist
Rating:
Negative
• Morningstar
Category:
Brazil
Equity
• Fund
Size:
£95.9
million
In
the
second
quarter,
the
actively
managed
HSBC
Global
Investment
Funds –
Brazil
Equity
fell
14.19%,
while
the
average
Brazil
equity
fund
lost
13.09%.
The
£95.9
million
fund
has
dropped
20.40%
year
to
date,
falling
further
than
the
average
fund
in
its
category,
which
fell
18.13%.
BlackRock
Global
Funds
–
Latin
American
Fund
•
Morningstar
Medalist
Rating:
Neutral
• Morningstar
Category:
Latin
America
Equity
• Fund
Size:
£495.2
million
The
£495.2
million
BlackRock
Global
Funds
–
Latin
American
Fund
fell
15.06%
in
the
second
quarter.
The
loss
on
the
actively
managed
fund
was
worse
than
the
13.60%
loss
on
the
average
fund
in
the
Latin
America
equity
category.
Year
to
date,
the
BlackRock
fund
is
down
19.52%,
while
the
average
fund
in
its
category
is
down
15.41%.
Barings
Emerging
Markets
Umbrella
Fund
–
Barings
Latin
America
Fund
•
Morningstar
Medalist
Rating:
Gold
• Morningstar
Category:
Latin
America
Equity
• Fund
Size:
£153.4
million
In
the
second
quarter,
the
actively
managed
Barings
Emerging
Markets
Umbrella
Fund –
Barings
Latin
America
Fund
fell
13.48%,
while
the
average
Latin
America
equity
fund
lost
13.60%.
The
£153.4
million
fund
has
dropped
16.45%
year
to
date,
falling
further
than
the
average
fund
in
its
category,
which
fell
15.41%.
June
Followed
2024
Trends
Three
quarters
of
all
funds
in
the
dataset
had
a
positive
June.
We
find
both
technology
and
India
among
the
best
performers
although
neither
secured
the
top
spot.
At
the
bottom,
we
find
climate
change
and
energy
transition
focused
funds.
These
are
the
best
and
worst
five
funds
for
the
past
month.
The
Best
Performer:
FSSA
Asia
All-Cap
Fund
•
Morningstar
Medalist
Rating:
Gold
• Morningstar
Category:
Asia-Pacific
ex-Japan
Equity
• Fund
Size:
£7.1
million
In
the
second
quarter,
the
actively
managed
FSSA
Asia
All-Cap
Fund
rose
12.21%,
while
the
average
Asia-pacific
ex-Japan
equity
fund
gained
5.20%.
The
£7.1
million
fund
has
climbed
13.32%
year
to
date,
outperforming
the
average
fund
in
its
category,
which
rose
8.19%.
The
Worst
Performer:
GMO
Climate
Change
Investment
Fund
•
Morningstar
Medalist
Rating:
Gold
• Morningstar
Category:
Equity
Ecology
• Fund
Size:
£535.7
million
The
£535.7
million
GMO
Climate
Change
Investment
Fund
fell
9.01%
in
the
second
quarter.
The
loss
on
the
actively
managed
fund
was
worse
than
the
0.40%
loss
on
the
average
fund
in
the
equity
ecology
category.
Year
to
date,
the
GMO
fund
is
down
13.93%,
while
the
average
fund
in
its
category
is
up
4.04%.
This
article
was
generated with
the
help
of
automation and
reviewed
by
Morningstar
editors
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