Cautious: Cazenove Income and Growth. This is a mainstream UK fund that has a conservative investment process. Tim Russell, the manager, follows the business cycle, moving the portfolio to maintain maximum benefit from the current economic situation.

Aggressive: Framlington UK Smaller Companies. It has an excellent record and Roger Whiteoak, the manager, delves into areas of the smaller companies market that many funds avoid.

Donna Bradshaw, IFG Financial Services

Cautious: New Star Managed Distribution Fund. It has roughly 60 per cent invested in bonds and the rest in shares. Theodora Zemek, the manager, has enjoyed excellent returns since the fund’s launch two years ago.

Aggressive: Invesco Perpetual UK Aggressive. This is a pure stockpicking fund holding a concentrated number of shares. Its small size allows Ed Burke, the manager, to take opportunities that larger funds may not be able to grasp.

Mick Gilligan, Killik & Co

Cautious: Jupiter Distribution. The 60-40 mix of bonds and equities gives it a cautious tilt, though we think that equities will be the engine for growth. The fund has two excellent managers: John Hamilton, for bonds, and Tony Nutt, for equities.

Aggressive: Cazenove UK Dynamic. Neil Pegrum, the manager, had an excellent track record at M&G and Insight before Cazenove. His concentrated portfolio of stocks has produced a very good performance since the fund’s launch last September.