The top
On a three-year basis, three China equity funds: the Allianz China A-shares Fund, the UBS (Cay) China A Opportunity Fund and the Schroder China Equity Alpha Fund continued to top our ranking of the best performing funds, partly thanks to their strong performance in August.
Top three-year performers
| Fund | Three-year return in US dollars |
| Allianz China A-Shares | 110.42% |
| UBS (Cay) China A Opportunity | 109.38% |
| Schroder China Equity Alpha | 95.44% |
Data: FE, cumulative performance in US dollars, on 31 August 2017
On a one-year basis, two funds that topped our list in July remain on the list: the Old Mutual UK Smaller Companies Focus Fund and the BOCHK Wise CSI HK Listed Mainland Real Estate Tracker, both delivering more than 60% in the past 12 months. The BCM Vitruvius Greater China Equity Fund joins the list, delivering nearly 58%.
Top one-year performers
| Fund | One-year return in US dollars |
| Old Mutual UK Smaller Companies Focus | 66.35% |
| BOCHK Wise CSI HK Listed Mainland Real Estate Tracker | 60.30% |
| BCM Vitruvius Greater China Equity | 57.84% |
Data: FE, cumulative performance in US dollars, on 31 August 2017
The bottom
On a three-year basis, energy and natural resources funds fill the list of the most poorly performing funds, with the energy sector delivering on average a 32.4% loss. Fifteen of the bottom 20 worst performing funds belong to the energy or natural resources sector.
Three-year performance of the poorest performing energy sector mutual funds, compared to the MSCI ACWI Energy Index and the category average
Bottom Three-year Performers
| Fund | Three-year return in US dollars |
| Castlestone Aliquot Precious Metals | -66.86% |
| UBS CMCI Oil ETF | -64.17% |
| Schroder ISF Global Energy | -61.99% |
Data: FE, cumulative performance in US dollars, on 31 August 2017
On a one-year basis, alternative strategies, such as arbitrage trading, did not fare well. The list of the worst one-year performers is joined this month by the Magma Fund, managed by Apollo Multi Asset Management, a UK-based firm. It combines “two non-correlated assets: managed futures and arbitrage trading,” aiming to provide medium- to long-term returns, according to the firm’s website.
Two other corporate arbitrage funds are among the bottom ten worst one-year performers: the Schroders Gaia Paulson Merger Arbitrage Fund and the SHK Corporate Arbitrage Manager Fund, delivering 18% and 16% losses, respectively.
Bottom one-year performers
| Fund | One-year return in US dollars |
| Castlestone Aliquot Precious Metals | -38.02% |
| Odey Swan | -23.84% |
| AMAM The Magma | -21.26% |
Data: FE, cumulative performance in US dollars, on 31 August 2017
The Castlestone fund is passive, so its poor performance reflects the market prices of the precious metals in which it invests.
The Odey Swan, run by the former hedge fund manager Crispin Odey, remains on the list.
