US - The median corporate and public pension funds posted positive returns in the third quarter, with results of 12.1% and 11.7%, respectively, according to data compiled by Mercer.
In the year ending September 30, corporate pension funds returned 2.1%, while public funds were up 1%. The results were published in Mercer's Summary Performance of US Institutional Portfolios survey.
Mercer said: "While concerns remain about the strength of a recovery, low interest rates and investors' expectations regarding the rebound in corporate profits have supported the continued surge in equity returns."
Active managers in both the large-cap and small-cap universe outperformed passive managers over a ten-year period, Mercer said. Large-cap value managers have beaten their core and growth counterparts over the past ten years, with the median value manager returning 4.3% versus 1.8% and 0.8% for core and growth respectively.
The median small-cap value manager returned 10.4% in the ten years ended September 30; small-cap core, 8.1% and small-cap growth, 4.7%.
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