With a median return of 3.9%, pooled balanced funds in the UK have posted positive performance for the second consecutive quarter, according to data released by Russell/Mellon Caps.

Daniel Hall, publications and statistics manager for Russell/Mellon Caps, said: "This brings the median performance of pooled balanced funds to 14.6% for the last 12 months - a leap back into positive territory. Before this quarter, the last time these funds achieved a positive one-year return was in the 12 months to the end of January 2001."