The median corporate pension plan in the Mellon Analytical Solutions universe returned -5.5% in the first quarter, while the median public plan returned -5.1% and the median foundation and endowment, -5.0%, according to a new Mercer report.
Core fixed-income managers reported the best performance in the quarter, with a median 1.5% return vs. 2.2% for the Lehman Brothers Aggregate Bond index. Some of the best-performing managers, at the 5th percentile, earned 3.3% for the quarter.
Small-cap growth managers reported the worst performance, with a median -14.5% return in the period vs. -12.8% for the Russell 2000 Growth index. Managers at the 95th percentile lost 22.6%.
Median large-cap core, large-cap value and large-cap growth equity managers reported losing 9.6%, 8.8% and 10.9% respectively, all trailing their respective benchmarks. The median international equity manager matched its MSCI EAFE benchmark, which was -8.9% for the quarter.