PERFORMANCE TABLES: TOP EUROPEAN FUNDS

Despite the fact that oil and gas prices eased during the final quarter of 2006 energy costs remain considerably higher than they were a year ago. Yet natural resources equity funds have all but disappeared from the latest Standard & Poor's performance tables with the notable exception of JP Morgan's Natural Resources which has turned a €1,000 stake into €4,433 in five years.

The dominant investment themes over both one and five years are funds with a stake in China, Russia and eastern Europe. While all three might be expected to prosper again in 2007, the handsome returns of the past 12 months could be hard to replicate. There will, however, be no shortage of candidates to take up the running.

Over the one-year term expect to some of the property funds launched last year begin to make their debut in the league tables and towards the end of the year the recent crop of low-carbon and clean-tech funds could also feature. Over five years the status quo is expected to remain, until the spring at least. The first quarter will see Russian, Chinese and eastern European funds continue to produce a useful return for their followers. Some of the gains have been so good that investors could well feel that the time has come to cover their initial stake money and bank some of the profit as well.

The S&P figures show the value of €1,000 invested in equity funds worth more than €150m, over one and five years with no charges taken into account.