Not all bad news for share funds
The median Australian share fund lost 1.54 per cent in the year to June 30, 2003, although there was a 6 per cent rebound in the sharemarket in the final quarter. Of 48 funds, 40 per cent managed positive returns in the year, despite the Australian sharemarket falling around 1.7 per cent.
Value-oriented Australian share fund managers held their place as top performers, with Lazard Asset Management leading the list, returning 5.08 per cent. In second place is Perpetual with a 4.39 per cent return, while Tyndall Value was in third place.
Lazard's managing director Rob Prugue was cautiously optimistic about sharemarket returns in 2003-2004. Growth assets such as shares remain significantly undervalued, he said.