Over the opening nine months of 2016, the average member of the IA UK All Companies sector only made around half the gains of the FTSE All Share after the Brexit result, underperforming mid-caps and a commodity rebound seemingly took active managers by surprise. 
If you look at the sector’s top quartile over the five years to the end of 2015, only a handful have gone on to repeat this over year to date. Of the 59 top-quartile IA UK All Companies, close to one-third are in the bottom quartile over 2016 to the end of September.
Likewise, this year’s top quartile now includes a lot of funds that were in the bottom quartile over the previous five years – 25 of the sector’s lowest returning members over five years are now in the top quartile.
However, there were five IA UK All Companies funds that have managed to make top-quartile returns over both these periods and in this study we take a closer look at them, ranked in order of their 2016 returns.
