Fund managers inch towards positive year

Global stockmarkets returned 12.4 per cent in the three months to May raising hopes Australian fund managers will end this financial year in the black. The median fund manager returned 0.7 per cent in May, according to InTech, outperforming the Australian sharemarket index which returned 0.4 per cent.

Twenty per cent of the fund managers surveyed posted positive returns for the year to date compared with no managers in positive territory for the full year when surveyed in February. For the financial year to date, the Australian sharemarket is now down only 2.9 per cent.