Best Australian share funds earn twice the return of the worst

The best fund managers who have beaten the stock market this financial year have done so by about one third, while those who have dragged the chain have still recorded returns for the year of around 15 per cent. Data compiled by Mercer Investment Consulting shows that the median active Australian shares fund returned 22.4 per cent in the 11 months to May 31, against 20.6 per cent from the S&P/ASX200. Those returns are expressed before management fees. The MIR Investment Value fund recorded the highest return, of 30.3 per cent. Others to perform well were Lazard's Select Australian Equity Fund and ABN Amro's Australian Equity Fund. Laggards include Westpeak's Australian Equity Strategy fund, PM Capital's Australian Equities Fund and Aberdeen's Australian Equity Fund.