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SURVEY SHOWS NEGATIVE RETURNS

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The latest CAPS pooled pension fund survey shows pension funds suffered negative returns in the third quarter of 19...
The latest CAPS pooled pension fund survey shows pension funds suffered negative returns in the third quarter of 1999, with

the median return a disappointing - 3.4% following an adjustment in equity markets.

But the downturn did not wipe out positive returns from earlier in the year and, for the year to date, the pooled mixed with property median stands at 5.1%.

The third quarter saw Orbitex retain the top spot it held in the second quarter. But returns fell from 13.7% to 0.2%. At the other end of the table, J Rothschild (SJP) posted returns of -5.6% for the three months to 30 September.

Over the longer term, Fuji-Lord Abbett continues to holds the top spot over one, three and five years. In contrast, Murray Johnstone remains at the foot of both the three and five-year tables.

CAPS reports a resurgence among UK small company funds, with the median return 2.9% in the third quarter - 7% ahead of the pooled UK standard fund median.

Mixed with property funds

Quarter to 30 september 1999 (median = -3.4%)

Top fiveReturn %Bottom fiveReturn %

1 Orbitex0.21 BAM Balanced Managed-4.6

2 Tilney Balanced-0.92 SEAM Global-4.6

3 Scottish Provident-1.33 Nicam EUT-5.0

4 Albert E Sharp-1.44 Guinness Flight-5.1

5 Swiss Life-1.45 J Rothschild (SJP)-5.6

12 months to 30 September 1999 (median = 18.3%)

Top fiveReturn %Bottom fiveReturn %

1 Fuji-Lord Abbett38.91 P&D Managed Exempt14.9

2 Albert E Sharp27.72 Abbey Life14.8

3 Newton Exempt Intrepid25.53 Threadneedle14.7

4 SG Managed Fund Service24.44 SEAM Global13.8

5 Swiss Life23.15 J Rothschild (Cazenove)13.0

Three years to 30 September 1999 (median = 12.3%)

Top fiveReturn % paBottom fiveReturn % pa

1 Fuji-Lord Abbett20.21 J Rothschild (Schroder)9.5

2 Tilney Balanced14.62 Schroders UT9.1

3 Glasgow Investment Managers14.13 Mercury Life8.9

4 Swiss Life14.14 National Mutual Life8.0

5 Nicam EUT14.15 Murray Johnstone UT7.6

Five years to 30 September 1999 (median = 13.0%)

Top fiveReturn % paBottom fiveReturn % pa

1 Fuji-Lord Abbett22.91 Gartmore Long Term Balanced11.2

2 Glasgow Investment Managers20.62 P&D Managed Exempt11.0

3 Swiss Life16.43 J Rothschild (Cazenove)10.7

4 Ivory & Sime 15.84 National Mutual Life10.6

5 Albert E Sharp 14.65 Murray Johnstone UT9.8

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