Peter Dalgliesh joined Parmenion more than a decade ago, following an 18-year career managing emerging markets and Asia Pacific equity in a variety of roles at F&C, Gartmore, Jupiter and Barings.

He says the worst decision of the last year was failing to take enough risk out of funds in Q1, while the best was underweighting fixed income and overweighting alternatives.

To be included in his almost 200-strong buy list, you need to have at least a three-year track record as well as a minimum size of £250m. Style drift is the number one red flag that will cause him to sell a fund.

He recommends ‘investing as early as you can, be long term, be disciplined, and don’t follow headlines. They tend to be sensationalist and divert attention from core underlying structural trends which are the key drivers of compounding growth’.