UK - Pension funds have returned an average of 1.1% for the first quarter of 2004, according to provisional figures from Russell/Mellon CAPS.
The figures – based upon a sample of over 50% of the fund managers in the CAPS universe earlier this month – show the median return for balanced managers at the end of the first quarter was 1.1%.
Out of nine of the largest balanced funds within the CAPS universe, the best return was generated by Baillie Gifford’s £1.1bn managed pension Fund, which posted a 1.5% return for the quarter.
In second place was Newton Investment Management’s £1bn exempt fund, which returned 1.3%, while third place was shared by Schroder Investment Management’s £1.3bn fund, Merrill Lynch Investment Managers’ £840m balanced fund and Insight Investment’s £929m balanced fund. All funds returned 1.2%.
Standard Life Investments’ £1.2bn managed fund met the median.The worst performer was Deutsche Asset Management’s £839.2m balanced fund, which returned 0.4%.
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