Manek Growth fund

Manek Growth is not a fund that has attracted a lot of attention in recent years – and possibly for good reason. Well known as the winner of The Sunday Times Fantasy Fund Manager competitions in 1994 and 1995, Jayesh Manek set out to create a fund which is dedicated to producing capital growth over a long-term investment horizon. So how is he doing?

Well a quick glance at the performance chart of the fund since launch paints a revealing picture. From 16/09/1997 - 01/06/2017, the fund has delivered a return of -46.27%.

Performance chart

All performance is shown in GBP currency

Performance from 16/12/1997 – 01/06/2017 Source: Financial Express

Such a return is disappointing for those who decided to invest their hard earned money in the fund. Unfortunately, as the discrete performance table below shows, even the more recent performance is equally poor.

Name 1m 3m 6m 1yr 3yr 5yr Since Launch
Manek Growth 1.36 1.02 -0.09 1.76 -18.89 -12.92 -46.27

Performance data as at 01/06/2017 Source: Financial Express

A reasonable question at this point would be to ask what such a fund charges for such a performance. At the time of writing, the Key Investor Information Document (KIID) reveals that the ongoing charge for the fund is an incredible 4.42%! This is compared to the vast majority of funds that charge in the region of 0.75% - 1.5% for a far better performance.

It's not our place to say whether charging 4.42% for the Manek Growth fund is right or wrong, however you can look at the fund's performance, compare it to its peers and then come to your own conclusion as to whether its charge is fair to investors given its achievements to date.

Performance is calculated on a bid-to-bid or mid-to-mid basis with income reinvested. It is important to know that unit prices reflect the value of the underlying assets of the funds and so can go down as well as up. Past performance is not indicative of future performance. Where a fund invests in overseas securities, the unit prices may also rise and fall purely on account of exchange rate fluctuations.

Uploaded - 7 June 2017

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