The latest edition of Bestinvest’s Spot the Dog survey has landed, a longstanding overseer of duffers in the fund management industry. 

As a brief reminder, its remit is identifying funds which have underperformed their benchmark over three consecutive 12-month periods and underperformed by 5 per cent or more over that whole three-year period.

So what’s changed since they last checked six months ago? 

Some of the biggest funds across the UK investment landscape have made it onto the list, with 10 funds over £1bn accounting for more than half of the total ‘dog fund’ AUM. 

Mandates from Fidelity, Baillie Gifford and St James’s Place comprised some of the biggest mandates on the naughty list. But Fundsmith and Lindsell Train escaped their fate this time around, having been singled out for poor performance in the previous iteration of the report. 

Indeed the team at You Asset Management told us recently that they were sticking by Train’s approach through thick and thin, and the latest report may indicate that perhaps they are out of the woods.

We thought we’d do a quick reccy to see how widely-held some of these duds were among DFMs, and here’s what we found. 

Several Fidelity funds were on the list, including the £3.4bn Fidelity Global Special Situations. Despite its size, it is owned by just one allocator we cover but the £1.5bn Fidelity Emerging Markets is a relatively more popular mandate, owned by three allocators. 

Schroders told us they use the Fidelity fund to access overweight exposure to technology, financial services and consumer cyclical sectors in their most adventurous portfolios, although it has turned £100 into £81 over three years. 

Some Japanese funds have also tanked, too. 

Martin Currie Japan has lost investors 64 per cent of their money over the past three years, with all but one allocator running for the hills. 

But three shops are sticking by the much-maligned Baillie Gifford Japanese, even as its woes persist. 

Investec continues to hold this fund and last year they told us that its high active share and tracking error helps to differentiate it from the pack – for better or worse. 

Should any more funds consistently underperform then we’ll be sure to let you know.