"Diversification is protection against ignorance. It makes little sense if you know what you are doing" - Warren Buffett
How many funds should you have in a portfolio? Furthermore how many should you have within the same sector? These are two questions which most investment commentators shy away from. But in this article I will answer the latter question and shed some light on the former. In doing so I will also expose some uncomfortable truths about the fund management industry.
It's war!
DIY investors need to accept that, despite the millions spent on marketing material trying to convince you otherwise, fund managers and the companies they work for don't care about their investors. The thing fund managers care about most is keeping their well paid jobs and their big houses. The fund management companies in turn care about how popular their funds are because the more money they have under management the more they earn from their percentage annual management charge.
Fund managers are benchmarked against their peers. In the world of fund management it doesn't matter how right or wrong you are but how you compare against your peers. If the fund managers lose their investors a lot of money from a bad judgement call then it doesn't matter too much (and they'll keep their jobs) as long as plenty of other fund managers have done as badly.
It's like being in a battle. Stick your head above the trenches (i.e doing something different) you risk getting shot. Your odds of survival are much better if you go 'over the top' as part of an army. Of course there are brave souls who have gone 'over the top' on their own and survived to tell the tale. Trailblazers who've entered folklore and become heroes. Fund management has them (Neil Woodford is one example) but just like legendary battle heroes sometimes their deeds become exaggerated and the true facts are lost or buried. For every manager that goes 'over the top' and returns a hero there are countless more who disappear to be never heard of again.
What this means is that fund managers tend to follow each other when constructing their portfolios. It's true that there are a finite number of companies out there in which to buy shares but there are almost an infinite number of ways to construct a portfolio from them. If you ever sit with a fund manager and discuss their portfolio you will hear them say things like "'I'm underweight financial stocks but overweight utilities."
This is in reference to their benchmark (i.e. the market). But while being aware of a benchmark is not necessarily a bad thing it does mean that decisions become based around it.
So does that mean that fund managers tend to copy each other to keep their jobs, so much so that their fund's holdings just end up mirroring each other? Or in other words do they charge a lot of money to 'actively' run it yet constantly seek to be average? The evidence shows that the answer to both these questions is 'yes'!
Fund managers only care about avoiding the sack and the best way to do this is to follow the herd.
Copycats and correlation
To see whether there is any evidence of this 'herding' going on I analysed the biggest fund sector (in terms of number of funds), to see how managers run their money. In the UK All Companies sector, which contains funds investing in UK companies, there are 248 funds.
It takes some doing but it is possible to track the average performance of all these fund managers over time. This average acts as a benchmark of what the herd is doing. Now if a fund manager is simply following the herd and simply concerned with keeping hold of his/her job then their performance will move up and down in line with the herd (the sector average).
If on the other hand a manager is trying to follow his/her own convictions, rather than the herd, then the movement in their performance will not occur in lock-step with the herd (sector average).
There is a statistical measure that exists to show whether two things follow each other or not and it is known as correlation.
You can work out whether two things are correlated by working out what is known as the correlation coefficient. It is complicated to work out but it is very easy to use. The correlation figure can range between -1 and 1. A figure of 1 would suggest that the two objects follow each other while a score of -1 suggests that as one rises the other falls and vice versa. A score of 0 means that the two assets are not correlated.
So I tested to see how correlated every fund manager's performance was with the sector average over the last 12 months. Or to put it another way I tested how much each fund manager simply followed the herd and copied what everyone else was doing.
The first table below (Table 1) shows how correlated each fund was to the herd. To make it easier to read I've concentrated on the larger funds which are those over £100m in size which reduces the number of funds to 163. In addition I've highlighted those funds that are simply herding in red, those that are making an attempt to be a bit different in orange while those following their convictions are in green.
What you will see is how much these managers simply follow the crowd. Of course there are a number of equity trackers in there (those run by computers to just match the FTSE 100) and these mostly appear in red. What it does highlight is that there are a lot of managers not doing much more than what equity trackers do. So why would you pay more to have a fund manager run a fund when he's not actively doing anything to add value?
The boundaries I've chose for each colour code are probably on the generous side to the fund managers. In truth many of the orange funds could have also been coloured red.
The point is that out of 163 funds only 33 (the green ones) could lay any kind of claim to be doing anything different from the herd
So most fund managers just follow the herd. To truly diversify a portfolio you need to pick fund managers that are doing different things and following their own convictions.
Is being different a good thing?
A fund manager being different is one thing, but does it make investors more money? If you scroll all the way down to Table 2 I have repeated the analysis in Table 1 but this time ranked the fund manager by their investment performance over the last 12 months.
The top performers are at the top and the worst performers are at the bottom. The sector average is in black. Immediately you will be struck by how the top performers tend to be those funds breaking away from the heard (i.e. in green). Around the sector average and below is a flood of red and orange.
The evidence shows that to increase your chances of outperforming the market then you need to invest in a manager that successfully backs his convictions otherwise you may as well just buy a tracker fund and settle for the market average.
Interestingly there are a few managers who have backed their convictions but their convictions have been wrong. An example is M&G Recovery which lost 4.39% over the last year when the average UK equity fund manager made 6.82%! That's a huge amount to be behind. Does that mean it is a terrible fund or that the manager is useless? Well no, it means his convictions were wrong or they don't suit the current market. The manager of that fund is a chap called Tom Dobell whom I've personally listened to talk about his strategy and holdings. He tends to pick undervalued companies and holds for the long term. He is also a former darling of the industry, previously topping the performance tables. However right now his strategy is not working. Industry commentators would argue that you should buy for the long term and stick with him. But why? Already in just 12 months you could have been 10% wealthier if you'd backed a manager who's strategy was working.
Do not feel obliged to reward a fund manager with your loyalty when he's already charged you for the privilege of losing you money. That's reward enough.
The optimum number of funds per sector
The evidence suggests that holding lots of funds within a sector means that you increase your chances of paying over the odds for average performance rather than outperforming the market.
By holding fewer funds you increase the chances of outperforming as your winners have a greater influence on your returns. Clearly that means that your losers also have a greater impact on your profits. The key is to diversify between managers who are not just following the heard. That increases your chances of picking a fund manager who will outperform and reduces the impact of any poor choices.
How many funds is the right amount. Well when I created the 80-20 algorithm I analysed the impact of holding any number of funds. The sweet spot between consistency of returns (i.e. a greater chance of outperforming at any time) and the size of the outperformance was between 3-5 funds a sector.
How do you pick the trail blazing fund managers to follow?
One way would be to do a similar correlation analysis as I've just done and then wittle down the funds to a potential shortlist before looking at how each manager is trying to invest their money. That would take days to do.
But there is an easy way. Take a look at those funds sitting at the top of the performance table (table 2) and coloured green. You will notice that they are the very funds that have regularly been highlighted by the 80-20 Investor algorithm in recent months for the UK All Companies sector. In fact a number of them appear in the current Best of the Best Selection.
In short the 80-20 Investor algorithm highlights funds that are working in the current environment and have a good chance of maintaining that momentum. That is those fund managers that have not only backed their convictions but whose convictions are correct.
Similarly if Tom Dobell's fortunes do turn around and his investment style starts to be rewarded our algorithm will highlight his fund long before everyone else starts backing him. You can then enjoy the ride upwards as remember every dog (and fund manager) has its day.
Table 1 - Following the herd
Funds coloured red are those following the heard. Orange funds are still heavily influenced by the herd while the funds in green are attempting to break rank.
| Fund Name | UK All Companies |
| AXA Framlington UK Growth R | 0.99 |
| F&C Responsible UK Equity Growth 1 | 0.99 |
| L&G Ethical I | 0.99 |
| Royal London UK Equity A | 0.99 |
| Schroder MM UK Growth A | 0.99 |
| Schroder UK Alpha Plus A | 0.99 |
| Scot Mut UK Equity | 0.99 |
| Scottish Widows Multi-Manager UK Equity Focus A | 0.99 |
| Scottish Widows Multi-Manager UK Equity Growth A | 0.99 |
| Threadneedle UK Institutional | 0.99 |
| Threadneedle UK Inc | 0.99 |
| Aberdeen Foundation Growth A | 0.98 |
| Aviva Inv UK Equity A | 0.98 |
| BlackRock 350 UK Equity Tracker A | 0.98 |
| BlackRock UK Equity Tracker A | 0.98 |
| BlackRock Invest Mgrs UK Ltd Charishare Common Invest Gr | 0.98 |
| CAF UK Equitrack | 0.98 |
| F&C FTSE All Share Tracker 1 | 0.98 |
| Fidelity Index UK P | 0.98 |
| Halifax UK FTSE All Share Index Tracker C | 0.98 |
| Henderson UK Index A | 0.98 |
| HSBC FTSE All Share Index C | 0.98 |
| Investec UK Alpha A | 0.98 |
| JPM UK Strategic Equity Income A | 0.98 |
| L&G (A&L) Capital Growth | 0.98 |
| L&G (N) Tracker Trust A | 0.98 |
| L&G UK Index R | 0.98 |
| L&G UK Select Equity A | 0.98 |
| Old Mutual UK Alpha A | 0.98 |
| Old Mutual UK Equity A | 0.98 |
| Old Mutual UK Index A | 0.98 |
| Royal Bank of Scot Growth | 0.98 |
| Royal London UK FTSE4Good Tracker Trust | 0.98 |
| Santander Premium UK Equity A | 0.98 |
| Schroder UK Equity A | 0.98 |
| Threadneedle UK Overseas Earnings Z Inc | 0.98 |
| Aberdeen UK Enhanced Equity A | 0.97 |
| Aviva Inv UK Growth A | 0.97 |
| Aviva Inv UK Opportunities 1 | 0.97 |
| AXA General Trust R | 0.97 |
| BlackRock 100 UK Equity Tracker A | 0.97 |
| BlackRock UK Special Situations A | 0.97 |
| Fidelity UK Select | 0.97 |
| Halifax Special Situations C | 0.97 |
| Halifax UK Growth C | 0.97 |
| Henderson UK Alpha A | 0.97 |
| HSBC FTSE 100 Index C | 0.97 |
| L&G UK 100 Index R | 0.97 |
| Liontrust Special Situations R | 0.97 |
| Royal London UK Growth Trust | 0.97 |
| Santander Stockmarket 100 Tracker Growth RA | 0.97 |
| Schroder The Growth Trust For Charities | 0.97 |
| Scottish Widows HIFML Special Situations 1 | 0.97 |
| Scottish Widows HIFML UK Growth 1 | 0.97 |
| SJP UK Growth | 0.97 |
| Aberdeen UK Equity A | 0.96 |
| Barclays UK Core A | 0.96 |
| Halifax UK FTSE 100 Index Tracking C | 0.96 |
| HSBC UK Focus A Inst | 0.96 |
| HSBC UK Growth & Income B | 0.96 |
| JOHCM UK Dynamic B | 0.96 |
| Jupiter Growth & Income | 0.96 |
| Kames UK Equity A | 0.96 |
| Liontrust UK Growth R | 0.96 |
| Majedie UK Equity A | 0.96 |
| NFU Mutual UK Growth A | 0.96 |
| Royal London UK Opportunities A | 0.96 |
| Schroder Core UK Equity A | 0.96 |
| Schroder UK Opportunities A | 0.96 |
| SJP UK & General Progressive | 0.96 |
| SVM UK Growth A | 0.96 |
| Threadneedle UK Growth & Income | 0.96 |
| Aviva Inv UK Index Tracking 1 | 0.95 |
| CF Canlife UK Equity B | 0.95 |
| EdenTree UK Equity Growth A | 0.95 |
| FP Russell UK Growth Assets C | 0.95 |
| Franklin UK Managers' Focus A | 0.95 |
| Henderson UK Equity Income & Growth A | 0.95 |
| Investec UK Special Situations A | 0.95 |
| JPM UK Dynamic A | 0.95 |
| JPM UK Managed Equity A | 0.95 |
| Kames Ethical Equity A | 0.95 |
| M&G Index Tracker A | 0.95 |
| Old Mutual Equity 2 A | 0.95 |
| Premier Ethical A | 0.95 |
| Royal London UK Growth A | 0.95 |
| Santander UK Growth RA | 0.95 |
| SSgA UK Equity Tracker | 0.95 |
| Threadneedle UK Select | 0.95 |
| Vanguard FTSE U.K. All Share Index A | 0.95 |
| AXA Framlington UK Select Opportunities R | 0.94 |
| BlackRock UK A | 0.94 |
| EdenTree Amity UK A | 0.94 |
| Family Charities Ethical | 0.94 |
| FP CAF UK Equity A | 0.94 |
| Henderson Global Care UK Income A | 0.94 |
| JOHCM UK Opportunities B | 0.94 |
| Jupiter UK Special Situations | 0.94 |
| Premier UK Growth A | 0.94 |
| R&M UK Equity High Alpha A | 0.94 |
| Scottish Widows UK Growth A | 0.94 |
| Standard Life Investments UK Equity Growth | 0.94 |
| Virgin UK Index Tracking | 0.94 |
| Artemis Capital R | 0.93 |
| Artemis UK Growth R | 0.93 |
| Invesco Perpetual UK Strategic Income | 0.93 |
| JPM UK Strategic Growth A | 0.93 |
| L&G Growth E | 0.93 |
| Marks & Spencer UK Select Portfolio | 0.93 |
| Schroder Charity Equity A | 0.93 |
| Schroder Income A | 0.93 |
| Scottish Widows UK Tracker G | 0.93 |
| SJP UK High Income | 0.93 |
| Standard Life Investments Ignis Balanced Growth A | 0.93 |
| Barclays UK Alpha A | 0.92 |
| BlackRock Mid Cap UK Equity Tracker A | 0.92 |
| Fidelity UK Growth | 0.92 |
| HSBC FTSE 250 Index C | 0.92 |
| Invesco Perpetual Childrens | 0.92 |
| Invesco Perpetual Income & Growth | 0.92 |
| Invesco Perpetual UK Growth | 0.92 |
| Majedie UK Focus A | 0.92 |
| Marks & Spencer UK 100 Companies | 0.92 |
| Alliance Trust Sustainable Future UK Growth 1 | 0.91 |
| Fidelity Moneybuilder Growth | 0.91 |
| Invesco Perpetual High Income | 0.91 |
| Invesco Perpetual Income | 0.91 |
| Man GLG Undervalued Assets Professional C | 0.91 |
| R&M UK Equity Long Term Recovery A | 0.91 |
| Alliance Trust UK Ethical A | 0.9 |
| BlackRock UK Focus FF | 0.9 |
| M&G UK Growth A | 0.9 |
| Old Mutual UK Mid Cap A | 0.9 |
| Royal London UK Mid-Cap Growth A | 0.9 |
| SVM UK Opportunities A | 0.9 |
| Architas MM UK Equity A | 0.89 |
| Old Mutual Equity 1 A | 0.89 |
| Standard Life Investments UK Ethical | 0.89 |
| AXA Framlington UK Mid Cap R | 0.88 |
| Baillie Gifford UK Equity Alpha A | 0.88 |
| Fidelity Special Situations A | 0.88 |
| GAM UK Diversified | 0.88 |
| Invesco Perpetual UK Aggressive | 0.88 |
| Newton UK Equity | 0.88 |
| Artemis UK Special Situations R | 0.87 |
| L&G UK Special Situations I | 0.87 |
| Newton UK Opportunities | 0.87 |
| Standard Life Investments UK Equity Unconstrained | 0.86 |
| Standard Life Investments UK Opportunities | 0.86 |
| M&G Recovery A | 0.85 |
| Jupiter UK Growth | 0.84 |
| Franklin UK Mid Cap W | 0.83 |
| Man GLG UK Select A ail | 0.82 |
| Schroder Recovery A | 0.82 |
| SJP Equity Income | 0.81 |
| Threadneedle UK Mid 250 | 0.8 |
| Royal London Sustainable Leaders Trust C | 0.79 |
| MFM Slater Growth | 0.75 |
| Cavendish Opportunities A | 0.73 |
| Neptune UK Mid Cap A | 0.7 |
| CF Miton UK Value Opportunities A | 0.69 |
| L&G UK Alpha I | 0.69 |
| Schroder UK Mid 250 A | 0.68 |
Table 2 - It pays to be different
| Fund Name | 1 year return % |
| Old Mutual Equity 1 A | 31.77 |
| Old Mutual UK Mid Cap A | 30.19 |
| CF Miton UK Value Opportunities A | 24.49 |
| Threadneedle UK Mid 250 | 22.62 |
| Neptune UK Mid Cap A | 22.03 |
| Franklin UK Mid Cap W | 21.72 |
| Standard Life Investments UK Opportunities | 19.74 |
| AXA Framlington UK Mid Cap R | 19.4 |
| Franklin UK Managers' Focus A | 19.18 |
| Royal London UK Mid-Cap Growth A | 18.97 |
| Standard Life Investments UK Ethical | 18.58 |
| MFM Slater Growth | 18.32 |
| SVM UK Growth A | 17.98 |
| Alliance Trust UK Ethical A | 17.19 |
| Jupiter UK Growth | 16.54 |
| Alliance Trust Sustainable Future UK Growth 1 | 16.53 |
| EdenTree UK Equity Growth A | 16.21 |
| Newton UK Equity | 16.09 |
| Premier Ethical A | 16.06 |
| Newton UK Opportunities | 15.96 |
| Henderson Global Care UK Income A | 15.69 |
| Fidelity UK Select | 15.55 |
| Kames Ethical Equity A | 15.36 |
| Royal London Sustainable Leaders Trust C | 15.18 |
| HSBC FTSE 250 Index C | 14.44 |
| Standard Life Investments UK Equity Unconstrained | 14.36 |
| Fidelity Moneybuilder Growth | 14.23 |
| BlackRock Mid Cap UK Equity Tracker A | 14.21 |
| L&G UK Special Situations I | 14.04 |
| L&G Ethical I | 13.91 |
| JPM UK Dynamic A | 13.9 |
| Invesco Perpetual UK Strategic Income | 13.61 |
| Invesco Perpetual High Income | 13.49 |
| EdenTree Amity UK A | 13.24 |
| Artemis UK Growth R | 13.2 |
| Invesco Perpetual Income | 12.98 |
| Fidelity Special Situations A | 12.95 |
| Henderson UK Alpha A | 12.79 |
| Majedie UK Focus A | 12.75 |
| Threadneedle UK Select | 12.04 |
| SVM UK Opportunities A | 11.86 |
| Schroder UK Mid 250 A | 11.57 |
| BlackRock UK Focus FF | 11.52 |
| JPM UK Strategic Growth A | 11.03 |
| Standard Life Investments Ignis Balanced Growth A | 11.01 |
| Premier UK Growth A | 10.8 |
| Kames UK Equity A | 10.76 |
| Man GLG Undervalued Assets Professional C | 10.48 |
| Cavendish Opportunities A | 10.46 |
| SJP UK High Income | 10.1 |
| CF Canlife UK Equity B | 10 |
| F&C Responsible UK Equity Growth 1 | 9.93 |
| Royal Bank of Scot Growth | 9.63 |
| Artemis Capital R | 9.22 |
| BlackRock UK A | 9.21 |
| L&G Growth E | 9.13 |
| Threadneedle UK Growth & Income | 9.09 |
| Aviva Inv UK Equity A | 9.05 |
| Invesco Perpetual Income & Growth | 8.96 |
| Fidelity UK Growth | 8.76 |
| Aviva Inv UK Opportunities 1 | 8.63 |
| Investec UK Alpha A | 8.44 |
| Threadneedle UK Inc | 8.11 |
| HSBC UK Growth & Income B | 8.05 |
| Royal London UK Growth Trust | 7.96 |
| Threadneedle UK Overseas Earnings Z Inc | 7.88 |
| FP CAF UK Equity A | 7.78 |
| BlackRock Invest Mgrs UK Ltd Charishare Common Invest Gr | 7.74 |
| Liontrust Special Situations R | 7.61 |
| BlackRock UK Special Situations A | 7.54 |
| HSBC UK Focus A Inst | 7.41 |
| JOHCM UK Opportunities B | 7.23 |
| Royal London UK Opportunities A | 7.08 |
| Man GLG UK Select A ail | 7.01 |
| SJP UK & General Progressive | 6.86 |
| Liontrust UK Growth R | 6.82 |
| UK All Companies ail | 6.82 |
| Scottish Widows Multi-Manager UK Equity Focus A | 6.68 |
| JPM UK Strategic Equity Income A | 6.61 |
| Scot Mut UK Equity | 6.61 |
| Schroder UK Equity A | 6.59 |
| Architas MM UK Equity A | 6.55 |
| Barclays UK Alpha A | 6.5 |
| Aviva Inv UK Growth A | 6.47 |
| Majedie UK Equity A | 6.45 |
| AXA Framlington UK Select Opportunities R | 6.18 |
| Baillie Gifford UK Equity Alpha A | 6.15 |
| Standard Life Investments UK Equity Growth | 6.13 |
| Invesco Perpetual Childrens | 6.12 |
| Jupiter Growth & Income | 5.96 |
| AXA Framlington UK Growth R | 5.8 |
| Schroder Income A | 5.69 |
| Invesco Perpetual UK Growth | 5.65 |
| JOHCM UK Dynamic B | 5.59 |
| Threadneedle UK Institutional | 5.58 |
| AXA General Trust R | 5.51 |
| FP Russell UK Growth Assets C | 5.39 |
| Santander Premium UK Equity A | 5.38 |
| Schroder Charity Equity A | 5.38 |
| M&G UK Growth A | 5.35 |
| SJP UK Growth | 5.35 |
| Scottish Widows Multi-Manager UK Equity Growth A | 4.82 |
| Henderson UK Equity Income & Growth A | 4.78 |
| Jupiter UK Special Situations | 4.63 |
| R&M UK Equity High Alpha A | 4.54 |
| GAM UK Diversified | 4.52 |
| Old Mutual UK Equity A | 4.22 |
| Royal London UK Equity A | 4.21 |
| L&G UK Select Equity A | 4.15 |
| Marks & Spencer UK Select Portfolio | 4.14 |
| Artemis UK Special Situations R | 4 |
| SJP Equity Income | 3.94 |
| Schroder UK Alpha Plus A | 3.65 |
| Old Mutual Equity 2 A | 3.62 |
| Schroder MM UK Growth A | 3.4 |
| Santander UK Growth RA | 3.19 |
| Old Mutual UK Index A | 3.14 |
| BlackRock 350 UK Equity Tracker A | 3.06 |
| SSgA UK Equity Tracker | 3.02 |
| HSBC FTSE All Share Index C | 2.96 |
| Investec UK Special Situations A | 2.81 |
| Vanguard FTSE U.K. All Share Index A | 2.79 |
| Fidelity Index UK P | 2.78 |
| JPM UK Managed Equity A | 2.77 |
| Royal London UK FTSE4Good Tracker Trust | 2.77 |
| CAF UK Equitrack | 2.68 |
| M&G Index Tracker A | 2.65 |
| L&G UK Index R | 2.63 |
| F&C FTSE All Share Tracker 1 | 2.6 |
| BlackRock UK Equity Tracker A | 2.59 |
| Old Mutual UK Alpha A | 2.53 |
| Scottish Widows HIFML UK Growth 1 | 2.36 |
| Barclays UK Core A | 2.31 |
| Henderson UK Index A | 2.31 |
| Scottish Widows UK Growth A | 2.29 |
| Royal London UK Growth A | 2.2 |
| Invesco Perpetual UK Aggressive | 2.04 |
| Halifax UK FTSE All Share Index Tracker C | 2.02 |
| Aviva Inv UK Index Tracking 1 | 1.95 |
| Halifax UK Growth C | 1.91 |
| L&G (N) Tracker Trust A | 1.91 |
| Aberdeen Foundation Growth A | 1.85 |
| L&G (A&L) Capital Growth | 1.5 |
| Schroder Recovery A | 1.11 |
| Virgin UK Index Tracking | 1.11 |
| Marks & Spencer UK 100 Companies | 1.02 |
| Schroder UK Opportunities A | 0.86 |
| NFU Mutual UK Growth A | 0.85 |
| Scottish Widows UK Tracker G | 0.66 |
| R&M UK Equity Long Term Recovery A | 0.57 |
| L&G UK 100 Index R | 0.53 |
| HSBC FTSE 100 Index C | 0.44 |
| Aberdeen UK Enhanced Equity A | 0.43 |
| Santander Stockmarket 100 Tracker Growth RA | 0.29 |
| BlackRock 100 UK Equity Tracker A | 0.16 |
| Family Charities Ethical | -0.11 |
| Halifax UK FTSE 100 Index Tracking C | -0.31 |
| Aberdeen UK Equity A | -0.73 |
| L&G UK Alpha I | -1.08 |
| Schroder The Growth Trust For Charities | -2.24 |
| Scottish Widows HIFML Special Situations 1 | -2.57 |
| Halifax Special Situations C | -2.58 |
| M&G Recovery A | -4.39 |
| Schroder Core UK Equity A | -4.98 |
(image by dan via freedigitalphotos.net)
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