Dobell: I am working harder than ever to rectify performance

Tom Dobell, manager of the £7.5bn M&G Recovery fund, has told investors he is working harder than ever to turn around the fund's performance after a difficult spell over the past couple of years.

The popular fund has slumped to the bottom quartile of the IMA UK All Companies sector on a three-year view, posting a 17.1% return against the sector average gain of 28.1% to 5 April, according to Morningstar. In an update to unitholders this week, Dobell (pictured) apologised for the underperformance, arguing stock selection has been the main reason behind the sub-par returns, as opposed to the fund's size. "The performance has not been great, and I am very sorry, we are not going to hide when the figures are inconvenient. I am working harder than ever to make a success of this fund...