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1999 Investment Conference, 5-7 May 1999

In the first plenary session of the conference, Mr Martin Cumberworth and the Portfolio Risk and Return Working Party demonstrated that there was no evidence of persistency in the levels of performance achieved by either institutional or retail United Kingdom equity fund managers over the period since 1988. A plot of relative performance of funds achieved in any 36-month period against the subsequent 36 months showed no evidence of correlation. Their conclusion was that the past gave no guide to the future, and was of no help in selecting investment funds.