The first quarter to March 31 was a relatively successful one for actively managed UK equity funds, with the median active manager outperforming the benchmark, according to investment consultant Mercer.

But global core and US large cap value equity and UK non-government fixed-income funds did less well, with the median active manager underperforming the benchmark. However, market returns were negative for all four asset classes over the first quarter and over the year to the end of March.