Some of Britain’s most high-profile managers have been singled out in a survey of the country’s worst-performing “dog” funds.

Some of Britain’s most high-profile managers have been singled out in a survey of the country’s worst-performing “dog” funds.

Investors have a staggering £14.2 billion in serial underperformers, according to the survey by Bestinvest, the financial adviser — with some big name managers among them.

Schroders, for example, has £1.76 billion under management in poorly performing funds, owing largely to the surprise inclusion of Andy Brough’s £1.7 billion UK Mid 250 fund, which invests in small and medium-sized firms.

To be included in Bestinvest’s survey, a dog fund must have underperformed its benchmark in each of the past three years as well as by 10% or more cumulatively over that period. Brough’s fund is down 12.39% over the past three years compared with a gain of 0.42% in the FTSE 250, according to Bestinvest’s figures.

Schroders said: “To put the Bestinvest report into context, over one year and in the recent rally, not one mid-cap fund has outperformed the index. Against its benchmark, the Schroder Mid 250 fund is the second-best performing fund of its type in the year to date (up 18%) and over six months (up 46%). We are confident the fund will continue to deliver for investors in the years to come.”

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