Median equity commingled funds beat the S&P 500 in the first quarter, but all but small-cap growth funds lagged the index for the year ended March 31, PIPER's flash report shows.
Median overall equity commingled funds returned 5.8% for the quarter, vs. 5.4% for the S&P 500. For the year ended March 31, the median commingled equity fund returned 30.6% vs. the S&P 500's 32.1%. The median small-cap growth fund returned 6.9% for the quarter and 32.3% for the year.
For the quarter, the median growth equity fund returned 6.1% and the median value equity returned fund, 5.7%. For the year, median growth equity funds returned 29.9% and median value equity funds, 29.4%.
Reversing the trend in 1995, limited and intermediate duration fixed-income commingled funds outperformed the Salomon Broad for the first quarter. Broad market and long duration commingled bond funds, the stronger performers in 1995, underperformed the index for the quarter but bested it for the year ended March 31.