Growth fund returns down in July

InTech Financial Services' survey of 35 growth funds for July found that all lost money, with the median return around minus 3 per cent for the month. For 2002, the median fund manager return was minus 4.3 per cent.

AMP was the top performer for July, at -1.87 – one per cent better than the median. This was achieved despite having a somewhat higher exposure to international shares, 25 per cent, than its benchmark of 23 per cent.

Suncorp also finished in the top five managers for July, with a -2.19 per cent return. Other top performers in July were United-SMF at -1.88 per cent, Citigroup Balanced with a return of -2.06, and Maple-Brown Abbott at -2.08 per cent.

The bottom 10 funds' returns were those of AXA (-4.50 per cent), Merrill Lynch (-3.95 per cent), BTFM (-3.80 per cent), INVESCO (-3.69 per cent), and Credit Suisse with -3.67 per cent.