The £230m Argonaut Absolute Return fund delivered the worst performance this year. It posted a loss of 26pc, dropping its three-year returns to a loss of 3pc.
Barry Norris, manager of the fund, said many previously winning positions had reversed this year.
He said: “We have always said that the fund will experience losses, but that these will be uncorrelated to the market. This continues to be the case.”
Next is Invesco Korean Equity, which is down 24pc despite the fact that South Korea’s main index is up 4pc in the year.
A spokesman for the firm said that the manager takes a “high-conviction” approach, meaning they concentrate their fund assets in a small number of holdings.
The spokesman added that “despite short-term performance, the fund continues to demonstrate a very strong long-term track record against Korean fund peers”.
Candriam Equities L Biotechnology rounds out the top three, having returned -19pc to investors this year.
Biotechnology has had a rocky year, but this fund has performed significantly worse than the sector as a whole.
Investment analytics firm Morningstar’s “Equity Biotechnology” sector, which groups together all funds investing in biotechnology equities, is down 4pc so far this year.