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Equities win – sometimes.

The latest edition of Pension Fund Indicators from Phillips & Drew, the UBS-owned fund management group, reveals that UK equities have generated average total returns of 14.9% a year over the 36 year period 1963-1998. Over the past ten years, returns from UK equities have averaged 15.9%. The average UK pension fund, however, has generated annual returns of 12.1% over the past 36 years, rising to just 13.0% over the past ten years. “Over most extended time periods, active fund managers have not, on average, outperformed the market indices,” says the report.

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