The S&P 500 stock index with, a 13.9% return, beat all median managed equity accounts in the PIPER universe in the first quarter. The closest contender was the median large-cap growth account, which also led for the year ended March 31. That account returned 13.8% for the quarter and 49.6% for the year. The index returned 48% for the year.
The median midcap value equity account in the PIPER managed accounts universe had the lowest return for the quarter with 10.8%. The median large-cap value equity account returned 41.3%, the bottom one-year return for median equity accounts.
For PIPER managed bond accounts the median long-duration bond account topped other median accounts and the index for both the quarter and the year with 1.7% and 18.8%, respectively. The Salomon Broad Bond index returned 1.6% and 12% for the two periods respectively. The median limited-duration bond account turned in the worst performance for the two periods with 1.5% and 7.6% for the quarter and the year respectively.