Exempt pooled pension funds investing solely in UK equities (excluding small caps) produced the best re-sults for all sectors in the 12 months to the end of June, according to the latest quarterly figures from performance measurers CAPS.

The median returns for the 52 funds monitored in the sector were 21.1%.

The top five performing funds were Equitable Pelican (25.8%), Britannia (25.2%), Hill Samuel 45 Trust (24.2%), Scottish Life (23.8%) and Eagle Star (23.7%).

However, the FTSE All Share index rose 22.6% and any of 10 UK index tracking exempt funds would have produced better returns than the median active, the poorest index performer Norwich Union Index Tracker coming in at 22.0% is still ahead of the median active.

But how does this pan out over the longer term - say a more rigorous five year per-iod to June 30. The median active fund out of the 40 available comes in below the FTSE, as do all but one of the tracker funds, though in the case of four of these they are are only marginally adrift.

The two index tracking funds not on the list are not that far from the median ac-tive fund, but well away from the index being tracked: the Norwich Union's fund returned 16.6% and Swiss Life's 16.2%. So choosing a tracker for UK equities, should mean beating the median active performers, but it need not guarantee it.

Fennell Betson