With the three-month performance, year-to-date returns rebounded from the negative 7.9% median return posted in the first quarter to a level of 9.4%. However, that return just missed the MSCIEAFE benchmark index return of 9.5% year-to-date, which was boosted by the index’s 19.3% performance in the second three-month session, according to data from the InterSec Research Corp. a subsidiary of State StreetCorporation.
Additionally, the preliminary results from the emerging markets equity universe showed a median manager return of 24.1% for the quarter, making themedian manager year-to-date return 16.4%. Comparatively, the MSCI EMF benchmarkindex has returned 23.4% for the quarter and 16.0% so far in 2003.
“A rising tide does raise all ships, highlighting the importance of relativereturn measures in these types of markets”, commented William Libby,Director of InterSec Research Corp., in a statement. “It is good for the asset class to showpositive absolute returns too, and this is the best quarter of medianmanager performance since the fourth quarter of 1999 – and second best sinceearly 1986.”
Overall, manager returns ranged from a low of 5.2% to a high of 16.2% year-to-date, with 60% of the InterSec universe participants reporting.