Nearly 90% of absolute return funds across the globe failed to produce positive performance in the 12 months to the end of February, with managers rather than poor markets guilty of failing investors, Fitch Ratings has said.

Just 11% of funds showed positive performance over 12 months to the end of February, Fitch said in a March 16 note, with even the top quartile losing an average of 1.3%. In the previous 12-month period, some 80% of funds produced positive returns averaging 3% across the sector.