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Despite the spectacular fall of New Star, no protest was evident from investors over his £5.7m pay packet earlier this year, possibly because he has been one of the best performing funding managers in his sector - European growth stocks.
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Six of the top ten performing funds in January were US funds, according to Lipper.
One explanation may be that poorly performing fund managers are fired.
"Investors often jump into strong performing funds or asset classes believing outperformance will continue," warns Patrick Connolly of IFA Chase de Vere.
It was the second worst performing fund of the year, losing 15.7% and beaten to the bottom only by an absolute return fund from Argonaut Partners.
One of them, Spectra, was the ninth-best performing fund in the 1990's, according to Morningstar, a Chicago company that ranks mutual funds.
While it might make sense to pull money out of poorly performing funds, investors might also exit funds that are doing well to offset losses elsewhere.
But investors did not withdraw nearly as much money from the badly performing funds as they had thrown in when the results looked good.
Until the credit crisis, the YieldPlus Fund was consistently one of the top performing funds in its category for eight years".
This problem of voluntary reporting adds to what is known as survivorship bias, by which poorly performing funds that shut down drop out of the index.
The arrangements can increase investors' costs, diminish returns, and may result in poorly performing funds being offered on a 401(k) menu while better funds are left off the list.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com