On a three-year basis, China funds continued to top the ranking of the best performing funds. The Allianz China A-Shares Fund and the Schroder China Equity Alpha Fund again top the ranking, but they are joined this month by the Hang Seng China A Industry Top Index ETF.
Another ETF, the Harvest MSCI China A50 Index ETF is the fourth best-performing China equity fund, having delivered 77.56% over the past three years. The presence of the two ETFs in the top four illustrates how difficult it is for active managers to outperform passive funds when the market rallies.
Top three-year performers
| Fund | Three-year return in US dollars |
| Allianz China A-Shares | 108.04% |
| Schroder China Equity Alpha | 90.85% |
| Hang Seng China A Industry Top Index ETF | 84.12% |
Data: FE, cumulative performance in US dollars, on 30 September 2017
Top one-year performers
On a one-year basis, the Old Mutual UK Smaller Companies Focus Fund as well as the iShares Euro Stoxx Banks 30-15 Ucits ETF illustrate how good the past 12 months have been for European equities. The Natixis H2O Mulitstrategies Fund, an absolute-return product has also had a good year, delivering almost 63% by 30 September.
| Fund | One-year return in US dollars |
| Old Mutual UK Smaller Companies Focus | 63.69% |
| Natixis H2O Multistrategies | 62.91% |
| iShares Euro Stoxx Banks 30-15 Ucits ETF | 62.39% |
Data: FE, performance in US dollars, on 30 September 2017
The bottom
While the energy sector has rebounded the past three months, the euro-denominated UBS CMCI Oil ETF still lingers on the list of poor performers on a three-year basis. The Castlestone Aliquot Precious Metals Fund, a passive product, still tops the list, with its poor returns compounded by the recent reversal in the price of gold.
In early September, the price of an ounce of gold grew to $1,346 from $1,132 in January. However, by the end of September the price slumped back to $1,282, down by almost 5%.
The mixed-asset hedge fund Odey Swan can’t seem to be able to recover, with losses over the past one-, three- and six-month periods.
Bottom three-year performers
| Fund | Three-year return in US dollars |
| Castlestone Aliquot Precious Metals | -65.57% |
| Odey Swan | -59.89% |
| UBS ETF (CH) CMCI Oil ETF | -59.15% |
Data: FE, cumulative performance in US dollars, on 30 September 2017
Bottom one-year performers
The Castlestone Precious Metals fund tops the list of the worst performers on the one-year basis as well, joined by the Odey Swan hedge fund and the managed futures an arbitrage strategy, the Magma Fund, managed by Apollo Multi Asset Management.
| Fund | One-year return in US dollars |
| Castlestone Aliquot Precious Metals | -39.96% |
| Odey Swan | -27.02% |
| AMAM The Magma | -23.69% |
