AUSTRALIA - The median return of domestic fund managers was only 0.9% in the month of February, according to research from Intech Investment Consultants.
Thus far into the 2004-2005 financial year, the median return of Australian fund managers is 9.9%, Intech said. The best performing managers so far have been Perpetual at 13.9%, INVESCO at 12.1% and AMP Balanced Growth at 11.4%. Australian shares had the strongest performance in February with a 2.2% return, driven by large cap resource stocks, particularly BHP Billiton. Domestic equity’s three month return has been 7% and their one year return was 29.7%. The slowdown in February could point to signs that Australian stocks are “running out of steam,” Intech said.
Although international equities in all major markets rose between 2 and 3% in February, the continued appreciation of the Australian dollar against the American dollar and the Yen cut the overall unhedged return on international stocks to 0.7%, Intech noted.
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