While the performance of overseas equities, like UK shares, has taken a dive in the last three years, some funds are outstripping the competition.
There are a number of factors to explain why some global equity funds are bucking the trend, according to Standard&Poor's.
These include using cash or short-term bonds in asset allocations. Another is focusing on small cap stocks, which have outperformed larger companies in the last three years, said S&P. It added that in many instances long-term investment experience played a part in outperforming the market.
Investec, Merrill Lynch and Gartmore are among the investment managers included in S&P's top performers.
John Hildebrand, a fund manager at Investec, said the Trustee Act 2000 had led many charities to consider a wider range of overseas funds when putting together their investment strategies.