Volatility in the equity markets turned manager rankings on their heads in the middle of last year, according to figures released by Mellon Analytical Solutions.

This data showed the four funds topping performance charts for either global or UK equities in the second quarter of 2008 languished at the bottom of the lower decile at the close of the third quarter. The funds were run by managers including Cowen, Axa Rosenberg and Liontrust.