U.K. pension plans' £391 billion ($720 billion) in pooled fund assets returned an average -5.3% in May on the heels of negative equity market returns, according to Mellon Analytical Solutions (Europe).
Balanced pooled funds returned 18.2%, 14.8% and 4.1% for the respective one-, three- and five-year periods.
Emerging market equities were the worst-performing sector during May, with a -13% investment return. Property had the best return, 1.3%.
Average equity weightings fell to 83.6% for the month from 85.2% in April, as managers increased their cash allocations by 0.7 percentage points to 5.7%.