Domestic bonds take pole position
During a year most investors would rather forget, domestic bonds have taken out pole position as the best performing asset class for the first time since 1992, according to Morningstar research.
The Australian fixed interest index returned 14.95 per cent for 2008. It eclipsed hedged international bonds, which returned a healthy 9.21 per cent for the same period.
Meanwhile, treacherous market conditions brought active management back to the fore with over 70 per cent of Australian large-cap share fund managers in the Morningstar league tables outperforming the benchmark index return on an after fee basis.
Boutique newcomer Magellan also managed to contain its losses to 2.65 per cent in 2008, putting it at the top of the international equities league table for 2008.
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