Only one retirement fund out-performed expected inflation over the one-year period ending December 31, 2002, Absa Consultants & Actuaries' quarterly survey of the performance of retirement fund portfolio managers shows.
"In the light of the uncertainty and difficult market conditions that have prevailed during the past year, it is probably not surprising to see that only one portfolio managed to out-perform expected inflation over the past year. More than 70 percent of all the portfolios had a negative return for the year ending December 2002," Coenraad de Jager, the executive director of Absa Consultants & Actuaries, says.
"It is, however, a concern that only 45 percent of the portfolios in the survey have managed to out-perform inflation over the past three years," De Jager says.