According to an IPD study of 48 funds worth a combined £33 billion (€40 billion), four delivered quarterly returns of at least 6 per cent to March last, while the majority saw returns exceeding 3 per cent. In comparison, returns for bonds and equities for the three-month period were 2.5 per cent and -1.5 per cent. Although returns in the unlisted sector fell back, the strong performance of underlying real estate was reflected in a continued rise in the annual rate of return, which hit 11.4 per cent for the 12 months to last March.