The median US corporate and public pension plan had positive performance in the first quarter of 2002, with value style managers beating growth style managers, according to a survey by Mercer Investment Consulting.

US corporate funds returned 1%, while public funds and foundations and endowment returned 1.2%. Both large and small cap value managers were forecast to return 10% for the year and achieved strong first-quarter results of 3.5% and 9.4%, respectively. However, first-quarter returns for US growth managers were negative at -2.4%, while manager expectations for the year were quite high, 10% for large cap growth and 12% for small cap growth.