Fund of the week: Cautious bear ekes out returns

Despite a dismal economic backdrop, this fund's cautious approach has delivered ten years of consecutive growth.

Miton Special Situations fund manager Martin Gray is bearish on the global economy. "I can't see where normal growth is going to come from," he tells FE Trustnet, pointing out that small businesses are either "starved of cash" or risk-averse at a time "when there is no guarantee" of growth.

Against this backdrop, Gray's cautious approach has reaped rewards. His fund has returned 15% over three years and 29% over five years (against a 1.27% loss for the average IMA Flexible Investment Fund), and has delivered ten years of consecutive growth.

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Fidelity ILF USD3.3
Thames River Global Bond3.2
Schroder Asian Bond3.2
Goldman Sachs Yen Liquid Res Inst.2.9
GLG Japan CoreAlpha Fund2.9
DB x-trackers S&P 500 Inverse Daily ETF (USD)2.6
JP Morgan Japanese Investment Trust2.4
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NB Distressed Debt Investment Fund2.3
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