Baillie Gifford climbs rankings in latest Boring Money customer value survey

Find out which fund managers are the best rated by their customers

Baillie Gifford and BMO Global Asset Management are the biggest climbers in the latest Boring Money customer value ratings published today.

The value ratings, used by a number of retail fund managers to inform their assessment of value reports, reveal the investment management firms most highly rated by their own customers.

The figures show Baillie Gifford rising from 15th to 4th in the latest quarterly rankings, with BMO also rising from 16th to 8th.

Vanguard and HSBC Asset Management are the only providers to feature consistently in the top three since Boring Money’s value tracking project launched in 2019.

The latest findings indicate that brands linked most closely with performance are more likely to experience the biggest swings in sentiment. Firms that depend more on factors like cost and service see less variation in customer value scores.

Over the last two years the research has also shown there to be a substantial time lag in relatively stronger or poorer performance translating into higher or lower value scores respectively. The findings indicate it typically takes about 6-12 months to feed through into sentiment.

Q1 2021 top rated in Boring Money value tracker:

Boring Money CEO, Holly Mackay, says:

“Some brands are almost exclusively being judged on performance and their Value rankings tend to be more volatile. For example, Lindsell Train has fallen from 4th place in 2019 to 16th today. Other brands have customers who value a broader suite of inputs than performance alone. Those managers with less confident investors who tend to place more emphasis on clarity, communication and brand, will typically see less fluctuation over time in investor value assessment.

“Interestingly we are also able to identify an element of Grumpy Old Man syndrome. Those firms with an older, more confident male investor audience tend to get more harshly judged when it comes to overall delivery of value. So in part, Baillie Gifford’s ascendancy is not just about performance – its relative increase also nods to a changing customer base which includes younger and less confident investors.”


Boring Money’s value tracking is based on the quarterly Investor Tracker survey of UK fund investors. The Investor Tracker goes to more than 1,500 retail fund investors in the last month of every quarter.  

Respondents are asked which of the fund managers they invest with offer “good value” and to score those brands on a range of factors based on their view of the overall value offered by each company. These factors include performance, charges, trust and quality of service and are used to understand the factors which determine overall value for customers.

The table above illustrates the latest top 10 rankings based on the proportion of customers of each brand that say they off good value. The scores for Q1 2021 are illustrated alongside the net average rankings for 2019 and 2020, allowing firms to compare both their historic average ranking and the latest trend in customer value perception.

The scores for Q1 2021 are based on responses from 1,529 fund investors interviewed in March 2021. The total rankings for 2020 and 2019 are based on the total responses collected in from the four surveys conducted in the final month of each quarter of that year.  A total of 6,614 fund investors were interviewed across 2020 and 6,670 in the course of 2019.

The Investor Tracker also includes a wide range of additional questions about the investments, sentiment and intention of customers, providing additional context on what investors think about their investments and how they will invest in the future.

For more information on this press release contact Mike Glenister on 07503 178 178



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