WM Performance Services has released the results of the WM Performance Services Swiss Balanced Universe for the third quarter of 2004.
The median manager in the Swiss Balanced Universe returned 0.1% for the quarter, up from -1.1% in the previous quarter. This compares with benchmark returns of 0.7% for the InterSec Balanced Benchmark (IBB) and 1.3% for the Pictet BVG/LPP index.
The median manager in their Swiss Equities Universe returned -3.0% for the quarter, against the Swiss Performance Index (SPI) return of -2.6% – the 12-month return for both the universe and the index is 11.9%. The median manager in their Global Equities Universe was -2.3% for the quarter, well below the MSCI World index return of -1.2%.
“The underperformance of Swiss pension funds in the quarter is down to both security selection and overweight positions in the two asset classes of Swiss and foreign equities,” said Peter Leutenegger, Vice President of Marketing and Sales of WM Performance Services in Zurich.