UK - Pension funds returned 0.8% for the second quarter of 2004, underperforming UK equities, new figures from Russell/Mellon reveal.
Preliminary results from its CAPS survey show the median return for balanced managers was 0.8%, compared to the FTSE All-Share, which returned 0.9% for the three months to June 30.
Out of the eight largest balanced funds, the best performer was Newton Investment Management’s £1bn Newton Exempt Fund, which returned 2.1% for the quarter.
Second was Schroder Investment Management’s £1.2bn balanced fund, which posted a 1.3% return, while in third was Deutsche Asset Management’s £845m Deutsche Life Balanced Fund, which returned 1.2%.
Insight Investment, Standard Life Investments and Scottish Widows Investment Partnership all managed to beat the index.
Insight’s £933.5m balanced fund returned 1% for the quarter, as did SLI’s £1.2bn managed fund. SWIP’s £1.4bn balanced fund returned 0.84%.
The worst performing manager was Baillie Gifford – its £1bn MPF fund posted a return of -0.4%.
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As a hectic 2018 draws to an end, Jonathan Stapleton wishes readers a quieter 2019.