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(June-2002) Stocks hit hard during month of April
April was another cruel month for stock markets with the median fund manager struggling to keep its nose above the water, according to InTech Research.
While the median Australian share manager produced a positive return for the year to the end of April (of 5.5 per cent, which is 1.4 per cent above the benchmark), the best managers could muster for the month was a loss of 0.1 per cent, achieved by Concord.
The returns for Australian share managers for the year to end of April were widely spread — ranging from JFCP’s -4.91 per cent and Tyndall Value’s impressive 25 per cent gain. Other star performers for the year were Perennial Value and Lazard, with 23.3 and 22.2 per cent respectively.
Value style Australian equity managers again outperformed growth funds. The best manager, the value orientated Tyndall, attributes its success to “continued rotation out of growth stocks into value stocks during the course of the year”.
International share managers also found little to smile about in April, with only two ending up in positive territory for the month (Marathon with 1.2 per cent and Bernstein just better than breaking even). But for the year to the end of April, even the best international managers could not stay out of the red, with top performer Marathon returning -0.3 per cent. Some managers suffered heavily, with Invesco showing the biggest drop (25.9 per cent).
Bonds did slightly better than cash for the year, and produced positive returns for the month. The median return was 1.5 per cent for April and 5.1 per cent for the year.
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ACS FIXED INT - AUSTRALIA/GLOBAL BOND
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1
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3
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Pengana High Conviction Equities B
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