“Don’t bet against the UK” is not a surprising soundbite to hear from a UK equity fund manager, but also one that not all can utter with much conviction based on recent history. A 28.9 per cent return in the five years to the start of 2021 might put the average UK equity growth fund marginally ahead of the troubled FTSE All-Share index, but such performance looks pitiful compared with much stronger gains made overseas (see table).
Keith Ashworth-Lord, the manager who warned investors not to bet against domestic shares in a recent conversation with the IC, can at least back his words with enviable past performance. His CFP SDL UK Buffettology Fund (GB00BF0LDZ31) made an 83.4 per cent return in the five-year period, putting it notably ahead of its UK peers and not far behind the S&P 500.
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