The median manager in the Non-U.S. Equity Pension Fund Universe of InterSec Research Corp. posted an 11.6% return in 1995.
That was a fraction better than the 11.5% for Morgan Stanley Capital International Europe Australasia Far East index.
In InterSec's universe of 95 managers and 125 portfolios, returns ranged from 4.9% to 17.7%.
By comparison, in 1994, the median manager in InterSec's non-U.S. equity universe posted a 3.5% return - noticeably lower than EAFE's 8% advance.
According to InterSec, international equities managers last year typically added value by underweighting the market of market and outperforming the U.K. market.
But gains were checked by losses from two main sources: a modest overweighting to emerging markets that had negative returns, such as Mexico's market, and by the inclusion of underperforming Japanese stocks.
According to InterSec, currency movements were not a major influence on returns for the year as a whole, because the dollar's strength late in the year offset earlier declines.