Median commingled large-cap equity funds outperformed median commingled small-cap funds and the S&P 500 index for the third quarter but failed to beat the index for the 12-month period, according to the PIPER Flash Report.
The median commingled large-cap fund returned 3.5% for the quarter, compared with the S&P's 3.1%. Median large-cap growth funds performed best for the quarter, returning 4.2%. Median commingled large-cap core funds beat the index for the year ended Sept. 30, returning 20.5%, vs. 20.3% for the S&P 500. But, overall, the median large-cap commingled equity fund returned 19.6%.
Median small-cap commingled equity funds underperformed the S&P 500 with 2.5% for the quarter and 17.3% for the year, But those funds outperformed the Russell 2000 small-cap stock index, which returned 0.3% for the quarter and 13.2% for the year.
Median commingled fixed-income funds in PIPER returned 1.8%, compared with 1.9% for the Salomon Broad Bond Index for the quarter. For the year, the bond funds returned 5.2%, vs. 4.9% for the index. Median commingled limited duration fixed-income funds bettered all median fixed-income funds for the year with a return of 5.6%.
