Mercer's New Zealand managed funds survey

Friday 9th February 2001

Returns for periods ending December 31, 2000

Manager/fund	3 months		1 year		3 years		5 years
	%	Rank	%	Rank	%	Rank	%	Rank
AMP Henderson Global Investors	-6.2	11	0.6	10	8.5	11	10.4	8
AMP Henderson Global Investors	-6.2	11	0.6	10	8.5	11	10.4	8
ANZ Asset Management	-1.5	2	3.9	4	10.4	6	11.8	5
Arcus Investment Management	-2.3	4	3.4	7	11.8	1	N/A
Armstrong Jones	-5.5	10	-0.8	11	10.7	5	12.4	2
AXA New Zealand	-5.0	9	3.1	8	9.4	10	10.5	7
BNZ Investment Management	-3.2	5	3.9	4	10.0	8	11.9	4
BT Funds Management	-3.9	8	5.5	3	11.8	1	12.6	1
Colonial First State Inv Management	-2.1	3	7.6	1	10.8	4	9.8	10
Guardian Trust Funds Management	-3.5	6	2.4	9	10.9	3	12.4	2
Tower Asset Management	-0.8	1	5.9	2	9.8	9	11.5	6
Westpac Trust Inv Management	-3.5	6	3.7	6	10.4	6	10.2	9
Number of Funds	11		11		11		10
Upper quartile	-2.2		4.7		10.8		12.2
Median	-3.5		3.7		10.4		11.6
Lower quartile	-4.5		2.8		9.9		10.4
Managed Fund	-4.0	9	3.8	6	10.3	8	11.1	7

All rates of return are before tax and before management fees in New Zealand dollars. Rates of return are annualised for periods exceeding one year. Past investment performance is not an adequate test of comparative performance, nor a reliable indicator of the expected absolute level of returns in the future.

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