Global equity mandates managed by Capital International, part of one of the oldest and largest US fund managers, underperformed the competition in the year ended March 31.

Average performance by the non-US business arm was 2.8% against 7.4% produced by the median global equity performer, according to Mercer Investment Consulting. Over three years, Capital International climbed out of the bottom quartile with an annualised return of minus 3.4% but its performance was below the minus 2.4% median.