UK – Balanced pooled funds’ UK equity weightings are at a new low, according to the latest CAPS pooled pension fund update.

During November managers continued to move money out of UK equities and into overseas equities, Mellon’s CAPS said.

“As a consequence, the average balanced pooled fund weighting in UK equities fell from 49.0% to 48.5% over the month.

“This represents a new low for UK Equity weightings since our records began at the end of 1989.” Meanwhile, the average weighting in overseas equities rose from 35.1% to 36.1%.

CAPS said balanced pooled funds achieved a median return of 4.2% in November.

It added: “Over one, three and five years to 30 November 2005, balanced pooled funds returned 20.2%, 13.3% p.a. and 2.4% p.a. respectively.

CAPS surveys 77 separate asset managers with more than £393bn in pooled funds.