Domestic growth assets recorded poor results in May this year, according to Morningstar's Australian Institutional Sector Survey.
The survey, which provides coverage of the performance of Australian institutional investment strategies to 31 May 2013, found the Australian shares index was down -4.5 per cent
The median Australian share fund manager outperformed the index only slightly with a return of -3.9 per cent.
However, the return over the financial year to date still sits at 24.9 per cent.
According to Morningstar, the best performers in this sector were Millinium, Dalton Nicol Reid and Investors Mutual.
"International shares provided the highlight of the month of May with an 8.8 per cent return," Morningstar stated.
"Australian real estate investment trusts returned -3.7 per cent and global property -.5.7 per cent."
Magellan, Orbis and Wellington were the best-performing international share strategies over the three years to end of May, 2013.
Property also provided negative returns for the month, but grew 13.4 per cent over the last three years, with Zurich, Legg Mason and APN executing the best strategies over the past three years.