Performance

Equities: Tiger cubs triumph

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In a range-bound year with just two big themes in the equities markets - energy and, at the end of the year, Japan - funds that beat their peers in 2005 had to offer something other than trend following. For the Tiger cubs, a number of whom trounced the industry benchmarks last year, that something was probably fundamental research, a key element of the classic Tiger formula.

Global equities performed better than any other strategy in 2005. With big advances in Europe and Asia, the Absolute Return Global Equity Index closed the year up 14.34% on a 2.62%