Fund managers escape carnage
Most fund managers have walked away virtually unscathed from the carnage brought about by the fall in technology stocks last month.
Most fund managers have walked away virtually unscathed from the carnage brought about by the fall in technology stocks last month.
The month of April will be forever imprinted in the minds of investors and fund managers, as one of the worst months for technology stocks around the world. Growth stocks dropped sharply, with the Nasdaq following suit by falling 14.2 per cent.
But according to an InTech survey of pooled superannuation trusts, the month of April was not as disastrous as it first appeared.
Twenty of the 33 funds surveyed by Intech recorded a positive return for the month. BT Funds Management, the worst performer, fell by only 1.1 per cent, and did little to dent its annual returns of nearly 10 per cent, remaining among the sur-vey’s top ten managers. Mercantile Mutual, SMF and Maple Brown Abbott were the best performers, recording 1.1 per cent returns for the month.
The domestic market growth stocks — measured by the ASX Growth Index — fell 2.9 per cent while value stocks rose 3.5 per cent. International growth stocks fell 4.8 per cent while value stocks were marginally up by 0.2 per cent.
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