XPS FM Watch | Fiduciary Managers struggle to deliver their performance targets
2018 was the worst year for financial markets since 2011 making it a real test for Fiduciary Managers’ (FMs’) growth portfolios and for many FMs the first real test. In the first XPS FM Watch report, we have compared their growth portfolio performance to each other and Diversified Growth Funds (DGFs) to assess how well they’re doing.
Whilst FMs really struggled in 2018, this is to be expected in this sort of market environment. It is also consistent with our view that growth portfolios should be constructed such that performance is driven by market exposures rather than manager skill.