Flat fourth quarter for charity funds

Finance | Gareth Jones | 24 Jan 2008

The latest figures from WM show that charity funds ended the year on a marginally positive note, gaining 0.5 per cent during the fourth quarter to close up 6 per cent for the year. The return for the last three years is nearly 13 per cent per annum, representing a real return of 9 per cent for the average charity.

The Pacific ex-Japan and emerging markets areas recorded equity returns in excess of 30 per cent. Continental Europe gained more than 6 per cent in local currency terms, but the strong euro resulted in a return closer to 16 per cent for a sterling investor. UK equities returned 5.3 per cent for the year, and although the North American market returned close to 7.5 per cent in local currency terms, the weakness in the dollar meant sterling investors only enjoyed 5.5 per cent.

Overseas bonds (9 per cent) and both conventional (5.3 per cent) and index-linked (8.4 per cent) UK government bonds produced excellent positive returns. However, corporate bonds were lower at approximately 2 per cent and suffered from the flight to quality on the back of the liquidity squeeze. Property suffered its first reversal since 1990, with a return of approximately -3 per cent.

Directory: WM Performance

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