TMPI, whose investment data is based exclusively on discretionary funds held in trust, found low risk portfolios increased in value by 4.61%, medium risk by 7.20% and high risk by 8.41%. In comparison the FTSE 100 posted a capital return of 8.71%, or a rise of 9.96% on a total return basis when including dividends.
James Painter, managing director of Enhance Group, said: "These first quarter returns demonstrate solid performance. On average discretionary investment managers have maintained a measured position given the strong market movements which have been in contrast to the continued economic headwinds."
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"The indices are not aggressively positioned, with allocations into high risk investments such as equities, not at the higher end of expected ranges. Nevertheless we found more active Discretionary Managers reaped the benefits of increasing short-term exposure to equities to take advantage of market movements despite recent economic and political concerns".
Portfolios asset allocation changed over the quarter and across the low risk portfolios there was an average reduction of 4% to fixed income with an increase of 2% to equities and 2% to alternatives assets. Both medium and high risk strategies saw the equity exposure increase by 5% with 1% reduction in cash and 4% reduction to hedge and alternative strategies.
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