Less than half of the stock picks in Axa Rosenberg's global equities strategy made money in the two years that followed the start of the credit crunch, according to analysis of a portfolio managed for a London pension scheme.

The £580m (€650m) Newham scheme appointed Inalytics, a data analysis company, to assess trading data from May 2007 to June 2009 in a £71m global equities portfolio managed by Axa Rosenberg.