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Arcus leads managed fund revival

Friday 25th July 2003

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Arcus Investment Management topped the performance of wholesale superannuation fund managers as overseas sharemarkets contributed to largely positive returns in the June quarter, the Mercer Investment Consulting survey shows.

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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