UK - Active UK equity managers have beaten the FTSE-all share index in the first quarter of 2004, returning 1.3%, against the index return of 0.6%, according to Russell/Mellon.
Managers also beat the index over three years, returning –3.5% p.a. against –3.8% p.a. and over five years, returning –1.7% p.a. against –2.7% p.a.
However, these funds underperformed over the short and long-term with the median performance over one year at 30.7% against 31.0%. Over 10 years, the median return was 6.7% p.a. against 6.9% p.a.
The performance measurer said that UK smaller companies managers continued to outperform, beating the FTSE Small Cap index over the quarter as well as over one, three, five and 10 years to 31 March 2004.
Over 10 years the median return, after fees, was 9% p.a. compared with 6.2% p.a. for the index.
Meanwhile, UK pooled balanced funds returned 1.1% in Q1 2004 with index-linked gilts achieving the best market return of 2.8%, while property returned 1.9%. UK equities, which is the single biggest asset class in balanced pooled funds, achieved an index return of 0.6%.
Japanese equities provided by far the best performance of 12.2% within overseas equities, while Pacific ex Japan returned and emerging markets returned 3.2% and 6.7% respectively.
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