UK smaller companies continued to stretch their lead over the mainstream CAPS sectors during the thi...
UK smaller companies continued to stretch their lead over the mainstream CAPS sectors during the third quarter.
The median return for the CAPS pooled mixed with property funds over the quarter to September 1999 was -3.4%. However, positive returns from earlier in the year were not wiped out by the downturn. The pooled mixed with property median is still 5.1% for the year to the end of September.
The median returns for pooled UK smaller company funds was 2.9% in the third quarter, 7% ahead of the pooled UK equity standard fund median. For the year to date, the pooled UK smaller company median was up 31.7% and the pooled UK equity standard median was 6.3.3%.
All the pooled UK smaller company funds in the survey showed positive returns in the third quarter, with 21 of 26 funds outperforming the FTSE Small Cap Index return of 1.7%. In the first nine months of 1999, just under half of the pooled UK smaller company funds outperformed the index.
Only 12 of 65 pooled UK equity standard funds in the survey outperformed the FTSE All-Share in the third quarter and only 17 out of 63 outperformed the index for the year to date. Pure pooled property has also been in positive territory throughout the year. On average, pooled mixed with property funds have held just 1.4% of all assets in property, this has had a positive but not significant effect on overall returns.
The top five pension funds in the pooled mixed with property category over the quarter were Orbitex Exempt Balanced, which returned 0.2%, followed by Tilney Balanced at -0.9%, Scottish Provident at -1.3%, Albert E Sharp at -1.4% and Swiss Life at -1.4.4%.
Bottom five over the same timeframe are BAM Balanced Managed and SEAM Global, both of which returned -4.6%. Also included were Nicam EUT (previously Fraser) which returned -5%, while Guinness Flight returned -5.1 and J Rothschild returned -5.6.6.
Over the 12 months to 30 September, the top five funds were Fuji-Lord Abbett, returning 38.9% and Albert E Sharp returning 27.7%. Others are Newton Exempt Intrepid at 25.5%, SG Managed Fund Service at 24.4% and Swiss Life at 23.1.1%.
The bottom five over the same period are P&D Managed Exempt, returning 14.9%, Abbey Life at 14.8% and Threadneedle at 14.7%. SEAM Global and J Rothschild (Cazenove) were also in this category, returning 13.8% and 13% respectively.
Moves to overweight equities and fixed income
The Big Interview: Focus on ethical investment
View from the front row
'No control or oversight'
359 new customers in 2018