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The median return achieved by discretionary funds in the CAPS Quarterly Survey of UK Pooled Pension Funds in 1996 was 10.7% for those funds permitted to in-vest in property (mixed with property funds) and 10.6% for non-property mixed funds which may invest in all asset categories bar property.

Within these categories the Glasgow Integrated Pension Scheme Investments Exempt Fund (GIPSI) was once again the top performing fund, re-turning 28.2%. GIPSI ach-ieved its outstanding performance, for the fourth successive year, largely through well above average stock selection within UK equities.

Over the past five years, on the back of exceptional in-vestment performance, this fund has grown from £2m to £26m in 1996.

As was the case the previous year, large funds generally had a disappointing year in 1996. The Scottish Widows Fund, the largest in the survey at £4.5bn, achieved a re-turn of 8.9%, 1.8% below the median. The Mercury Managed Fund Service (£3.5bn) also had a disappointing year, returning 9.8%. SLC Asset Management (£1.5bn) re-turned just 8%, the Gartmore Long Term Balance Fund (£1bn) 9.6%, the PDFM Managed Exempt Fund (£1bn) 8.1% and the Clerical Medical Fund (£0.9bn) 9.5%. There were above-av-erage performances from Morgan Grenfell's Managed Fund Service (£0.9bn) which returned 12.2%, Prudential (£1.7bn) 11.9% and Scottish Equitable 'B' (£3.3bn) 11.5%. The Schroder Fund (£1.9bn) achieved a return identical to the median at 10.7%, maintaining its im-pressive record of producing average or above-average performance in each of the past 10 years. Phil Butler of CAPS

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