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Fund managers 'are underperforming'

Very few funds have consistently ranked towards the top of performance tables since 2000, T Bailey has claimed.Just five out of the 160 funds in IMA's UK All Companies Sector which have been operational over the past eight years have made the top quartile.In total, there are 338 funds in the sector, FT Adviser reports.Since 2000, there has been successive bull and bear markets, with the dotcom bubble followed by a sharp downturn - which was, in turn, followed by the property boom and the credit crunch.The FTSE 100, for example, has retreated by around 2,500 points from last summer's high.Elliot Farley, senior analyst for T Bailey, commented: "It means an investor needs to monitor his fund portfolio constantly. This is where funds of funds deliver benefits."Multi-managers are an effective way of delivering active management. We are constantly looking to replace good managers with better ones."

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