UK - Pension funds have failed to beat returns generated by the FTSE All-Share for 2003, provisional figures from Russell/Mellon CAPS reveal.
CAPS found that the median return for balanced funds for the year to December 31, was 18%, compared to the -18.1% registered the previous year.
However, they failed to beat the FTSE All-Share, which returned 20.9% over the 12 months to December 31, compared to the previous year’s 22.7% loss
Scottish Widows Investment Partnership’s £1.5bn fund returned 18.7% for 2003, against the -17.5% posted the previous year. Standard Life Investments’ £1.1bn balanced fund also beat the median, returning 18.8% compared to the 18% loss registered the previous year.
Schroder Investment Management’s £1.2bn fund performed well, returning 19.3% for the year to December 31, compared to the -17.6% return posted the previous year. Axa Investment Managers returned 17.1%, compared to the -11.2% loss it suffered the previous year.
The biggest improvement came from Baillie Gifford, which had previously failed to beat the median during the first, second and third quarters of 2003.
The performance of its £1bn fund picked up during the fourth quarter, leaving Baille Gifford with a total return of 18.1% for 2003, compared to the -16.9% loss it registered the previous year.
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