One size does not fit all

The arithmetic mean of the 47 funds in the sector shows an annualised return of 10.91%, with annualised standard deviation of 10.2%.

At the higher risk/return end of the spectrum, Magnum Capital Growth, for example, shows an annualised return of 47.67% over the period, with annualised standard deviation of 27.5%. Magnum US equity has an annualised return of 33.39% at the price of volatility of 27.31%.

David Friedland, director of Magnum, says: "All of the funds of funds that we run have different

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