P&I SURVEY: Fixed-income managers shine while equities get hammered; Last-quarter rally can't stop bleeding for beleaguered stock funds.(Special Report: Mutual Funds)(Pensions and Investments survey)

Pensions & Investments, February, 2003

Byline: Dave Kovaleski The equity market rebounded nicely in the fourth quarter but it was too little too late for stock managers in the Pensions & Investments survey of mutual funds most used in defined contribution plans. In 2002, every equity fund in the P&I universe finished the year in negative territory.

On the other hand, it was a great year for fixed-income managers, who saw their funds post better returns than in 2001. The negative equity returns reflect a market that was badly beaten in 2002. Despite a more than 8% gain in the fourth quarter, the Russell 1000 index finished the year at -21% while the Standard & Poor's 500 closed the year at -22%. It's the third straight down year for the benchmarks, marking the first time since the 1930s...

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