Phillips & Drew has gone from the bottom to the top of the pooled pension charts during March, accor...
Phillips & Drew has gone from the bottom to the top of the pooled pension charts during March, according to a survey from HSBC Actuaries & Consultants.
The IMAGE survey, covering 40 discretionary balanced pooled pension funds, showed that for the one month period to the end of March, Phillips & Drew was in first place with a return of 5.6%. However, the group is bottom over one year to the end of February on a return of 1.2%.
The group has seen its ranking improve in the wake of the recent sell off of technology, media and telecoms stocks, many of which Phillips & Drew continues to believe are overvalued.
Adrian Herring, senior investment consultant at HSBC Actuaries & Consultants, said: "March was an extraordinary month for equity managers, with the world turned on its head, compared to the previous 12 months. Those managers that had been propping up the performance tables in the IMAGE survey up to the end of February, suddenly found themselves at the top of the March table."
Bank of Ireland is second over one month to March this year on a return of 5.2% while Schroders is ranked in third place offering a return of 3.5%.
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