FundCalibre’s inaugural Annual Performance Report has found that 93% of Elite Rated funds with a manager track record of at least ten years have outperformed their IA sector average over the past decade.
The independent fund ratings service, which launched in 2014, says the findings validate its robust quantitative and qualitative selection process, which uses its proprietary AlphaQuest tool to identify consistent manager skill rather than short-term performance or style-driven trends.
The report assessed performance across Elite Rated funds where the lead manager has been in place for at least ten years, analysing net returns after fees between 30 June 2015 and 30 June 2025. It also reviewed volatility, yield, and the reasons behind underperformance, using AlphaQuest data.
Darius McDermott, managing director at FundCalibre, commented:
“This report is designed to test whether our Elite Rating genuinely helps investors identify long-term winners. These results are strong validation of our approach. Of course, past performance isn’t everything, but it’s a helpful guide – particularly when assessed over multiple market cycles.
Fidelity Global Technology returned over 600% across the decade, proving that even in fast-moving areas like tech, skilled active management can deliver outstanding results. But the breadth of our top performers is just as important. Yes, US exceptionalism has been a dominant theme, but we also saw standout performance from funds focused on global insurance, gold, and European equities – proving that long-term outperformance can come from many corners of the market.”
Top 10 Elite Rated Funds by 10-Year Performance
| Fund name | 10-Year Return (%) | IA Sector |
| Fidelity Global Technology | 606.34 | IA Technology & Technology Innovation |
| Baillie Gifford American | 410.22 | IA North America |
| Comgest Growth America | 314.02 | IA North America |
| Guinness Global Innovators | 287.80 | IA Global |
| Ninety One Global Gold | 285.53 | IA Commodity/Natural Resources |
| M&G North American Dividend | 278.69 | IA North America |
| IFSL Marlborough European Special Situations | 262.63 | IA Europe Excluding UK |
| Fundsmith Equity | 247.11 | IA Global |
| Polar Capital Global Insurance | 247.06 | IA Financials and Financial Innovation |
| Liontrust European Dynamic | 241.53 | IA Europe Excluding UK |
* FundCalibre, 30 June 2015 – 30 June 2025
McDermott highlighted two funds in particular:
“IFSL Marlborough European Special Situations is a great example of what active stock picking can achieve in an often-overlooked region. It delivered more than 260% over the past decade by focusing on undervalued small and mid-cap European companies. These are precisely the kinds of area where skilled active managers can uncover mispriced opportunities and avoid value traps, turning market inefficiency into long-term outperformance.
“Another standout is Guinness Global Innovators. This high-conviction, tightly disciplined strategy has delivered nearly 290% by focusing on innovation across a wide range of sectors, not just mega-cap tech. It’s a clear demonstration that a repeatable, thematic process can offer both strong returns and genuine diversification.”
The FundCalibre Elite Rating is only awarded to managers who pass a detailed assessment of both qualitative factors and AlphaQuest quantitative analysis – which adjusts for market conditions to evaluate whether managers have delivered repeatable value.
The report also highlights FundCalibre’s commitment to continuous improvement. Any Elite Rated fund that underperforms over the long term undergoes a detailed review to assess whether structural or cyclical factors are to blame, and whether the rating remains justified.
McDermott added:
“Active investing has a vital role to play in helping people build long-term portfolios, but only if investors can separate conviction from marketing. That’s what we aim to deliver. This new annual report gives investors a clearer view of where long-term value has been delivered, and where it hasn’t.”
The full Annual Performance Report, including fund-by-fund breakdowns, is now available on FundCalibre’s website.
