January 12, 2015Bulletin

News Release
Contact:
Prosek Partners:
Tel: +44 7384 787585
pro-columbiaUK@prosek.com

COLUMBIA THREADNEEDLE MULTI-MANAGER Q2 2024 FUND WATCH SURVEY:
IA JAPAN SECTOR TOPS THE CHARTS FOR THE FOURTH REPORT IN A ROW BUT ONLY A
LIMITED NUMBER OF FUNDS BEAT PEERS ON A CONSISTENT BASIS•In Q2 2024, 28 funds delivered consistent top quartile performance (falling to 1.9% of the universe andlower than the historical average)•IA Japan sector topped the table for the fourth report in a row – 9% of funds delivered top quartile
performance in three consecutive rolling years to Q2 2024 (although down from 11.8% in Q1 2024)•258 funds delivered above median returns consistently (17.9% of the universe)•The IA India/Indian Subcontinent sector had a stellar Q2 (up 10.5%), supported by strong economic
fundamentals•

16 of the 56 IA sectors had negative returns – the Latin America sector was again the worst performing

LONDON, 17 July 2024: The percentage of funds delivering top quartile returns over three consecutive 12month periods fell to 28 out of 1,440 funds in Q2 2024, equating to 1.9% of the selected universe, compared
to 38 out of 1,425 funds (2.7%) in Q1 2024, according to the latest Columbia Threadneedle Investments
Multi-Manager Fund Watch survey.
Fund Watch, a quarterly survey launched in 2008 by the Multi-Manager team at Columbia Threadneedle,analyses the performance of the funds universe and the IA sectors, providing investors with insight into wherevalue can be found within active management. The CT MM Consistency Ratio’s historical average range isbetween 2-4%. A copy of the full Q2 2024 survey can be downloaded here.
For the fourth quarterly report in a row, the IA Japan sector had the most consistently performing funds, with9% delivering a top quartile performance. The next best was the IA UK Smaller Companies sector, with 4.8%of funds achieving this target. At the other end of the spectrum, the IA North America, £ Corporate Bond, and
UK All Companies sectors had no funds deliver top quartile returns consistently.
Lowering the hurdle rate to above median in each of the last three 12-month periods saw a slight decrease in
the number of funds delivering above median returns consistently. A total of 258 out of 1,440 funds (17.9%)

were above the median, compared to 18.1% in Q1 2024. Again, the IA Japan sector had the most consistently
above average funds, with 31.3% delivering above median returns. The next best was the IA UK Smaller
Companies sector, with 23.8% of its funds qualifying. The IA £ Strategic Bond sector yielded the lowest ratio ofconsistent performers, with only 13% of funds above the median.
Adam Norris, Investment Manager in the Multi-Manager team at Columbia Threadneedle Investments,
comments: "While disappointing to see the CT MM Consistency Ratio fall below the long-term average, it isencouraging to see certain sectors showing resilience and strong fund returns.
The growth in Indian equities is becoming a lasting trend, benefiting from geopolitical dynamics and a robust
demographic profile. While Japan continues to score highly and Asia Pacific ex-Japan equities show signs ofimprovement, the rise in bond yields and lack of consistent fixed income funds performing well speak loudly to
the gyrations of the market’s reading of the monetary policy backdrop and central banks’ actions. While themajority of active managers are struggling against global indices, especially the IA North America sector as
mega cap technology stocks dominate overall returns, this reasoning does not hold up when comparing fundreturns within their respective sectors outside of the US.
Looking ahead and despite challenges in fixed income, we remain optimistic about equity markets, especiallyin underappreciated areas such as UK equities, small caps and alternative investment trusts.”
Other highlights from Q2 2024 survey included:•Indian equities surged despite political uncertainty. While the IA India/Indian Subcontinent was a best
performing sector of the quarter, runner up was the IA Technology and Telecoms sector, and third was theIA UK Smaller Companies.

•The Stewart Investors Indian Subcontinent Sustainable Fund topped the Q2 2024 leaderboard with a returnof 14.7%, while the Luxembourg Selection – Active Solar Fund was the worst performer, highlighting thechallenges faced by funds with dual mandates of delivering investment performance while addressing
social and environmental challenges.

•The 100th percentile was also swamped by Latin American funds, influenced by political events andcurrency weaknesses.

•Precious metals funds thrived amidst economic volatility, with Jupiter Gold & Silver and Baker Steel Gold &Precious Metals performing exceptionally well.

•Royal London Global Equity Select and MI Thornbridge Global Opportunities Fund have almost doubled
the MSCI World TR return of 35% over the past year, showing meaningful fund outperformance is stillachievable despite the narrowly-led equity market.

ENDSNotes to editors:
About Fund Watch
The Fund Watch survey uses the Columbia Threadneedle Investments Multi-Manager team’s process tohighlight the past quarter’s developments in the fund world. It is fact-based and uses performance analysis
techniques which form part of the team’s investment process. All data is from Lipper for Investment Management,using the Investment Association (IA) sectors and is calculated in total return terms in sterling for periods ending
30 June 2024.
The Columbia Threadneedle Investments Multi-Manager team has worked together since 1996 and runs twofund ranges - CT MM Lifestyle, a range of five risk targeted funds, and CT MM Navigator, a range of five risk
profiled funds. Full details can be found online here.
CT MM Lifestyle
CT MM Lifestyle 3 FundCT MM Lifestyle 4 FundCT MM Lifestyle 5 FundCT MM Lifestyle 6 FundCT MM Lifestyle 7 FundCT MM Navigator Range
CT MM Navigator Balanced FundCT MM Navigator Boutiques FundCT MM Navigator Cautious FundCT MM Navigator Distribution FundCT MM Navigator Growth Fund

About Columbia Threadneedle Investments
Columbia Threadneedle Investments is a leading global asset manager, entrusted with US$652bn / €604bn /£516bn[1] on behalf of individual, institutional and corporate clients around the world.
We have more than 2500 people including over 650 investment professionals based in North America, Europeand Asia[2]. We offer our clients a wide range of strategies across equities, fixed income and alternatives, as well
as specialist responsible investment capabilities and a comprehensive suite of solutions.
Columbia Threadneedle Investments is the global asset management group of Ameriprise Financial, Inc.
(NYSE:AMP), a leading US-based financial services provider. As part of Ameriprise, we are supported by a largeand well-capitalised diversified financial services firm.
www.columbiathreadneedle.com
Follow us on Linkedin
In the UK: Issued by Threadneedle Asset Management Limited, No. 573204 and/or Columbia Threadneedle
Management Limited, No. 517895, both registered in England and Wales and authorised and regulated in theUK by the Financial Conduct Authority.
Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle
group of companies.

[1]
[2]

Ameriprise Q1 2024 results
As at 31 March 2024, Columbia Threadneedle Investments