After a tumultuous start to the year, the second quarter provided fund managers with reasons to be cheerful, including double-digit returns for some.

While most fixed-income managers did not beat their benchmarks, figures from data provider Camradata revealed exclusively to Financial News showed that 19 out of a selected universe of 60 global fixed-income funds beat the Lehman Global Aggregate Index, the main benchmark for bond investors, which rose only 1.78% in the second quarter.