The median manager in the non-U.S. equity pension fund universe of InterSec Research Corp. returned 4.6% in the first quarter besting the 3% return of the MSCI EAFE index. Managers typically added value through ``positive implicit and explicit currency gains,'' market gains achieved by underweighting Japan's equity market, and gains from stock selection in European markets, particularly the United Kingdom. Modest overweighting to emerging markets also enhanced results, according to InterSec.
InterSec's universe contained 93 managers and 114 portfolios.
