despite being able to switch out of equities, only london york select fund has managed a positive total return over the past three years
Being able to hold significant weightings in fixed interest has not prevented the balanced managed sector seeing large drops in value over the past three years. From the start of June 2000 to the end of May 2003, the average return for funds was -22.58% on a bid-to-bid basis. The largest dip in value was seen by the Aegon Balanced Portfolio, which saw its value fall by 36.55% over the period. As its position at the bottom right of chart A shows, this fund also exhibited a high level of volatility. Only one fund, London York Select, saw an increase, going up 0.39% over the three ...
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