1. Positive returns indicate that the manager is skillful in terms of share picking ability. Specifically, UK Growth and Income and UK Smaller Companies display positive NAV figures of 3.17% and 4.12%. Global Smaller Companies shows positive NAV figure of 2.45%. North America Smaller Companies displays a positive NAV figure of 1.67%. Europe and European Smaller Companies display positive NAV figures of 6.57% and 2.55%. Japan also shows a positive NAV figure of 3;Twelve out of the sixteen sectors display positive figures for the NAV average returns
2. The numerical values are 0.53 or 53%, 0.67 and 0.77 respectively. In contrast, UK Growth displays low figures of Treynor, Sharpe and information ratio. The numerical values are 0.22 or 22%, 0.26 or 26% and 0.38 respectively. UK Smaller Companies displays high figures of Treynor, Sharpe and information ratio. The numerical values are 0.55 or 55%, 0.67 or 67% and 0.88 or 88% respectively. Far East (Including Japan) displays high figures of Treynor, Sharpe and information ratio. The numerical values are 0.68 or 68%, 0.89 or 89% and 0.98 or 98% respectively. In contrast, North America displays low figures of Treynor, Sharpe and information ratio. The numerical values are 0.18 or 18%, 0.11 or 11% and 0.15 or 15% respectively. Far East (Excluding Japan) displays high figures of Treynor, Sharpe and information ratio. The numerical values are 0.84 or 84%, 0.95 or 95% and 0.93 or 93% respectively. Japanese Smaller Companies displays low figures of Treynor, Sharpe and information ratio. The numerical values are 0.23 or 23%, 0.28 or 28% and 0.31 or 31% respectively. In contrast, Japan shows high figures of Treynor, Sharpe and information ratio. The numerical values are 0.66 or 66%, 0.68 or 68% and 0.62 or 62% respectively. Europe displays high figures of Treynor, Sharpe and information ratio. The numerical values are 0.75 or 75%, 0.73 or 73% and 0.88 or 88% respectively. European Smaller Companies displays high figures of Treynor, Sharpe and information ratio. The numerical values are 0.67 or 67%, 0.72 or 72% and 0.77 or 77% respectively;High values of the Treynor, Sharpe and information ratio are an indication of a skillful manager that adds value in terms of better performance persistence of the funds under each category,1996
3. On Taking the 'Alternative' Route: Risks, Rewards, Style and Performance Persistence of Hedge Funds
4. A Test of the Persistence in the Performance of UK Managed Funds;Allen D E Tan;Journal of Business Finance and Accounting,1999
5. The performance of U.K. investment trusts;Y Bal;Services Industry Journal,1996