Only seven out of 57 fund managers made money for investors in global equities during the three years to the end of June, according to new research that highlights the impact of the last quarter’s extreme market volatility on long-term performance figures.

Of the 57 funds investing in global equities, Aberdeen Asset Management's £458.4m World Equity fund, managed by Stephen Docherty, was the top performer with an annualised 1.3% return over the period, according to the latest quarterly data on institutional pooled funds performance from BNY Mellon Asset Servicing.