The average median return of active international equity managers...

The average median return of active international equity managers overall in 2004 was slightly below the MSCI EAFE index, the first such underperformance since 1998, according to research compiled by InterSec Research. The median return for active EAFE managers was 20.02% for the year ended Dec. 31, while the EAFE index returned 20.24%. Returns of managers ranged from 32.5% to 9.5%. William Libby, an InterSec director, said underperforming managers tended to have trouble picking stocks in Europe and Japan, while outperforming managers benefited from small investments in emerging markets stocks.