UK - Bank of Ireland has ranked bottom of Mellon Analytical Solutions' balanced fund universe for 2005, returning 15.8% against a balanced median return of 21.6%.
Over five years, Bank of Ireland ranked 54 out of 64 funds, returning 1.6%pa against a universe median return of 3%pa.
At the other end of the spectrum, Framlington (Balanced Man.) ranked top of the universe over the 12 months to end December 2005, returning 29.8%.
Dexia UK (Man.Pen.) ranked in second place with a 12-month return of 28.7%. In third place came Neptune Balanced with 28.3%.
While the database reported that active UK equity managers beat the FTSE All-Share index in Q4 2005 with a median return, after fees, of 4.6% against 4.3%, it also found that they underperformed over one, three, five and 10 years.
Over 10 years this underperformance was 0.4% pa with managers returning 7.5%pa against 7.9% pa for the All-Share index. However, on a gross of fees basis, managers achieved a median return of 8.3%pa over 10 years, beating the index by 0.4%pa.
Active managers were shown to have been successful in other sectors over the longer-term. Over 10 years, managers beat the index in UK smaller companies, Europe ex-UK, Japan, Pacific ex Japan and emerging market equities, as well as in UK bonds – standard, index-linked, cash and property.
The Pooled Pension Fund Database covers 77 separate asset managers who manage over £410bn in pooled funds, both balanced and specialist.
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