Star manager culture is no longer as prominent as it once was in the fund management industry. Companies have generally become more cautious about putting too much emphasis on one individual, preferring instead to talk about the strategy and team behind an actively managed fund.
But fund management remains, at its heart, a people business. Investment decisions are made by individuals, and investors still build conviction by understanding how those people think, behave and respond when markets move against them.
Identifying genuine rising stars is difficult. Fund buyers typically focus on experience and long-term performance track records, therefore short-term performance alone isn’t always enough. It can also be worthwhile to focus on fund managers with established industry experience who have delivered strong performance since taking over a fund.
We’ve crunched the data to unearth the top performing managers across different sectors, with track records of at least two years and up to five. The strongest average monthly excess performance has come from technology, emerging markets, Asia Pacific excluding Japan, and selected global equity strategies.
The 2026 data shows that rising star fund managers are still out there, even if the industry is less comfortable using the phrase than it once was. The best examples are not simply the managers of funds with the highest short-term numbers, but those where strong performance is backed by a credible process, sensible portfolio construction and support from a broader investment team.
The strongest candidates this year are clustered in areas that have enjoyed favourable market conditions, especially technology, AI-linked global equities, emerging markets ex-China and Asia Pacific. Some of the returns may reflect genuine stock-picking skill, but some will also reflect powerful market tailwinds.
Rising stars should therefore be considered carefully rather than blindly followed. However, our data suggests that talent continues to come through.
Storm Uru and Clare Pleydell-Bouverie – Liontrust Global Technology
The standout result from the 2026 data comes from Liontrust Global Technology. Since Storm Uru became manager in February 2023 (Clare Pleydell-Bouverie joined in April the same year), the fund has returned 222.1% compared with 120.9% for the IA Technology & Telecoms peer group, producing an excess return of 101.2% over 40 months. That equates to an average monthly excess return of 2.53% percentage points, the highest in our table.
The fund has clearly benefited from a period in which technology companies, particularly those exposed to AI, semiconductors and digital infrastructure, have dominated global equity markets. The obvious risk is that technology leadership has been narrow and valuations in parts of the sector are demanding. A strong technology fund can look brilliant when the market backdrop is supportive, but the true test comes when leadership rotates or expensive growth stocks come under pressure.
Dominic Rizzo – T. Rowe Price Global Technology Equity
T. Rowe Price also features strongly in technology. Dominic Rizzo took over the firm’s global technology strategies in December 2022, and the data shows T. Rowe Price Global Technology Equity Qd GBP returning 219.0% versus 139.9% for the wider peer group. That equates to 79.0% of excess return over 42 months – equivalent to 1.88% a month.
This reinforces the point that technology has been fertile ground for rising-star performance, though it also makes manager selection more difficult. Strong absolute returns across the sector can mask the difference between genuine stock-picking skill and simply being in the right part of the market at the right time.
The better question for fund buyers is not just who has performed best in the AI-led rally, but who has a process capable of adapting when the next phase of the cycle arrives.
Charles Bond and James McDermottroe – Invesco Emerging Markets ex China
Invesco Emerging Markets ex China also stands out. Since Charles Bond became manager in March 2022, the fund has returned 138.8% versus 62.0% for the peer group, generating 76.9% of excess return over 50 months, or 1.54% a month.
The fund sits in one of the more interesting areas of emerging markets. Excluding China changes the opportunity set materially and gives investors greater exposure to countries such as India, Taiwan, South Korea, Brazil and others. That has been a helpful structural tailwind in recent years, particularly as China has faced economic and market headwinds.
The performance is impressive, but investors should have a clear idea of what they are buying. An emerging markets ex-China strategy is not simply a lower-risk version of emerging markets. It is a different allocation with its own biases, including potentially greater exposure to India, technology hardware, semiconductors and country-specific valuation risks.
Paul Angell: Head of Investment Research
Paul Angell is AJ Bell's Head of Investment Research. Paul began his investment career with a global investment bank in 2010, holding various roles across London and Hong Kong over the following years. In 2016...
