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Special Report

Impact investing


UK funds survive shaky year

UK mixed with property pooled funds produced median returns of 14.4% for 1998, with the upper quartile results peaking at 15.7% and the lower quartile coming out at 11.9%, according to the CAPS survey, covering 81 separate institutions and over £129bn (E187bn) in assets.
In a rollercoaster year, the survey shows that gains over the first two quarters were completely wiped out by the third quarter crash, which saw returns plunge to -13%, but then rallied by the year end to their earlier peaks.
The survey also shows that the best returns were achieved in European and US equities, which both ended the year giving returns of over 25%.
Emerging markets equities saw similar levels of negative return at -25%, with Japanese equities returning -5% on the year.
The best fund performer, with year end returns of 21.2% was Fuji-Lord Abbett, followed by Singer & Friedlander (18%), Swiss Life (17.9%) and Ulster Bank (17.7%). Abbey Life was the worst performer with 5.7%.
Two of the UK’s largest pooled fund managers, Morgan Grenfell MFS and Britannia Investment Managers grew in terms of assets over the year from £1,198m to £1,859m and £1,610m to £2,314m respectively, reflecting their positions as two of the best performers over 10 year periods, with Britannia IM no 1 over the period.

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