Relative investment performance of broker funds as at 1 January 1996.

Median Median % of funds at % of funds at

performance performance zero zero

against the against the performance performance

benchmark index of each or above or above

of each fund fund against the against the

(% per annum) (% per annum) benchmark index

582 life funds -1.4 -1.1 29% 37%

445 pension funds -1.7 -1.4 30% 35%

130 offshore life funds -1.7 -1.7 29% 23%

36 unit trusts 0.0 -1.4 50% 26%

A benchmark is designated by PIA as the nearest equivalent offered by the product provider (i.e. a managed fund). An index is the one nominated by the IFA as the one most appropriate to the fund objective.

Source: PIA