The Cazenove UK Growth & Income fund has been suspended from Hargreaves Lansdown list of favourite funds.
The fund has been removed from the Hargreaves Lansdown Wealth 150 following the performance of manager David Docherty.
Richard Troue, analyst at Hargreaves Lansdown, said although Docherty had delivered positive returns since taking over in January 2009, the fund had lagged peers.
He said: “Even the best fund managers will experience periods when performance is disappointing.”
However, Troue said the manager had a bias towards large, defensive companies, but has been unable to consistently identify the best opportunities.
The analyst said the fund had also had limited exposure to economically sensitive, small and medium-sized companies which benefited from last year’s stock market rally.
“Good examples of these cyclical stocks are resources companies, such as miners and those that supply materials to the construction industry,” said Troue.
“These companies have generally performed very well, partly on the back of strong demand for their products, particularly from emerging economies.”
However, the analyst said it was not a recommendation to sell and would continue to monitor the fund.
Troue added: “This fund sits in a large and competitive sector which is home to many talented fund managers.”