Friday 25th July 2003
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Arcus achieved the highest return for the quarter of 11.8% before tax and fees. Almost 45% of the Arcus fund was invested in overseas shares over the quarter, versus a benchmark allocation of 46%, the highest of the surveyed funds. The median return for the quarter was 8.8%.
During the period, international equity markets rebounded strongly, with double-digit returns recorded by most major overseas markets over the quarter in local currency terms.
Returns for the past 12 months ranged between a gross return of 9.0% (Arcus) and a -1.1% return (Colonial Investment Management). The median return for the 12 months was 2.4% before tax and fees.
The lowest exposure to overseas equities was 26.8% (BNZ Asset Management), with all other managers maintaining an allocation over 30%.
The highest exposure to domestic (or transtasman) equities was 23.6% from ING New Zealand.
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