The median active stock manager in PIPER's commingled universe underperformed the Standard & Poor's 500 Index for the quarter and year ended June 30. The median fund returned 16.2% for the quarter and 29.4% for the year, compared with returns of 17.5% and 34.7%, respectively, for the index.
Among equity categories, value stocks did best for the 12 months, but worst for the quarter. Large-cap value stocks' median fund returned 30.4% and small-cap value's median fund returned 30.2% for the year. For the quarter, the median large-cap value fund gained 14.9%; the small-cap value median fund, 15.6%.
Among commingled bond funds, the median commingled overall bond fund returned 3.5% for the quarter and 7.8% for the year, compared with the Salomon Broad Bond Index, which returned 3.6% and 8.2% for the periods respectively. The median limited duration commingled bond fund fared the worst, returning 2.2% for the quarter and 6.6% for the 12 months. The median broad market bond fund showed the best performance with 3.7% and 8.3%, respectively, for the same periods.