The median equity fund in PIPER's commingled universe handily beat the S&P 500 in the third quarter, according to PIPER's Flash Report for Commingled Funds.
The overall median equity commingled fund returned 10.3% for the quarter, compared with the S&P 500 at 7.5%. Small-cap fared the best, with the median small-cap growth fund returning 16.8% for the period.
For the year ended Sept. 30, the small-cap value median fund trounced the S&P 500, gaining 45.5% compared with 40.5% for the index, while the median small-cap growth commingled fund returned only 26%.
In other PIPER commingled equity categories, only the median core large-cap equity fund beat the S&P, returning 40.9% for the year. The same median fund returned just 8.4% for the quarter, underperforming all other categories.
In PIPER's commingled bond universe, the median broad market fund returned 3.4% for the quarter and 9.9% for the year, compared with 3.3% and 9.7%, respectively, for the Salomon Broad Bond Index. The median limited duration bond fund fared the worst for the two periods, with 2.1% and 6.4% respectively.
Pensionskasse der Schweizerischen Elektrizitätswerke, Zurich, plans to award a 100 million Swiss franc global private equity mandate late this year or early next year, said Franz Winkler, head of capital markets for the SF5.1 billion (U.S.$3.4 billion) fund.
Officials also expect to name in December a manager for a SF50 million emerging markets equity mandate and hire a firm to run a SF30 million European small-cap portfolio.
Also, three U.S. small-cap equity managers have been awarded an additional SF15 million, following the termination of an unnamed manager: SBC Brinson, Prudential Insurance and Schroders. Each now runs between SF55 million and SF66 million.
Another SF20 million has been allocated to a SF30 million Eastern European emerging markets portfolio run by Fleming Investment. Assets will come from global equity pooled funds that are being dropped, and cash flow.
Pension Portfolio Consulting, Zurich, is the fund's consultant.
Washtenaw County Retirement System, Ann Arbor, Mich., will allocate $5 million to $6 million to a new small-cap growth stock manager around the end of the year, said Monica Lawrence, retirement administrator.
The $168 million system will fund the new portfolio from the proceeds of a portfolio run by Sirach Capital, which managed $25 million in equities and was let go earlier this year.
The rest of Sirach's portfolio has been divided between existing large-cap value equity manager Scudder Stevens & Clark and large-cap growth equity manager GLOBALT.
SEI Capital Resources is assisting.
Shell Oil Co., Houston, soon will allow participants in its two DC plans to use their contribution money to buy stock of parent company Royal Dutch Petroleum. So far, this option is only provided through company - not employee - contributions, and only in the 401(m) plan, not the 401(k) plan. The DC plans have combined assets of $9 billion.
