Stock selection made or broke managers in the third quarter of 2000, almost irrespective of style, leaving Phillips & Drew (P&D) among the underperformers over the 12-month period.

P&D posted returns of -1.5% against a third quarter estimated median of -0.8%, according to mixed with property pooled pension fund return estimates compiled, net of fees, by efinancialnews.com. Over 12 months, P&D posted gains of 7.6% against an estimated median of 10.6%.