RESULT HIGHLIGHTS

For funds to appear in our tables in "The back testing" there are three criteria:

1) the fund must have appeared in our monthly “topTen” analysis on at least 4 occasions in the previous 12 months

2) the fund must also have appeared at least once in the last 6 months

3) and it must have a rating (bronze or above) at the time of publication

The results of this back-testing again highlight the considerable value of this analysis. The details sector by sector, are in "The back testing", and a couple of examples illustrate the point.

For example, over the last 12 months there were 120 possible TopTen slots in the UK All Company sector. Of these slots, over 12 months 66% were filled by only 10 qualifying funds. In other words, the same funds were cropping up time after time, month after month. The qualifying TopTen funds are those that have appeared in at least four months out of the 12 months of our analysis, thereby illustrating a high level of consistency.

As well as a high level of consistency, the outperformance of the index by these qualifying funds is impressive, for example:

• Over 12 months the UK All Company selection outperformed the index by 3.1% on average, and over 36 months by 28.5% (these figures being net of annual management), and

Over 12 months the UK All Company section outperformed the sector by 5.3% on average, and over 36 months by 26.1%

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