International equity funds have recorded solid growth of more than 19% in the year to March 31 and actively managed New Zealand share funds are up 22% and their passive counterparts growing a remarkable 28%, research house FundSource says.
Monday, April 19th 2004, 8:21PM
by The Landlord
Average performance for active New Zealand funds in March was over 4%, which saw New Zealand equity fund managers returning on average 22% for the year.
The top performer was the AXA Australasian Selected Equities fund with 4.49% for the month and 24.73% for the year. It was closely followed by the BT NZ - NZ Plus Share fund with 24.06% for the year after a 3.85% return in March.
"There has been a combination of factors providing a catalyst for positive New Zealand equity fund return over the past year, including increased corporate activity, price/earnings ratio expansion and a general increase in appetite for risk by investors" FundSource business manager Tim Anderson says.
