Median returns for funds in the Russell/Mellon Analytical Services universes were positive in the second quarter, according to a quarterly Mercer Investment Consulting survey. The median return for public pension plans was 2.4% for the quarter, vs. a median of 2.2% for the median corporate pension plan and the median foundation and endowment, according to Mercer's summary. Public plans posted median gains of 1.5% for the year to date through June 30, while corporate plans earned 1.3% and foundations and endowments, 1.1%.
The median large-cap growth equity manager outperformed value and core managers during the second quarter, earning 2.6%, compared with 1.8% for value and 1.7% for core. The three large-cap investment styles also outpaced their respective indexes: the Russell 1000 Growth index earned 2.5%, while the Russell 1000 Value index posted a 1.7% gain and the median core equity manager, 1.4% for the quarter. The median core fixed-income manager matched the Lehman Brothers Aggregate index's 3% gain for the quarter, but barely outperformed the index in the first six months, gaining 2.6% vs. 2.5% for the index.
The survey polled 486 funds in the Russell/Mellon universe.