The past 12 months of fund manager performance in global equities have been the weakest ever reviewed by Standard & Poor's Fund Services.

The median mainstream global equities fund, based on the returns of 68 funds, underperformed the S&P Global 1200 index by roughly 4 percentage points over the year to June 2001. This contrasts with a median fund outperformance by same amount in the year to June 2000, said S&P.