The median commingled large-cap growth equity fund in the PIPER universe beat the S&P 500 in the second quarter, returning 3.7%, compared with 3.3% for the index. For the year ended June 30, only the core large-cap median equity fund beat the index with a 31% return versus 30.2% for the S&P 500.
The median small-cap value equity fund took the biggest hit for the quarter, falling 4.8%. For the year, the worst performer median small-cap fund with a 19% return.
Overall, the median equity manager in the PIPER universe returned 0.2% for the quarter and 24.8% for the year.
For fixed income, the median long-duration manager performed the best for both periods, with a return of 3.4% for the quarter and 15.9% for the year.
The worst bond performance for the two periods was the median limited-duration fixed-income fund with a return of 1.6% for the quarter and 7% for the year.
The median bond manager for the overall universe returned 2.2% for the quarter and 10.2% for the year ended June 30. The Salomon Broad Bond index returned 2.3% for the quarter and 10.6% for the year.
