The Australian share market recorded a monthly loss in October, its first since February this year.
The loss followed seven consecutive months of growth, according to the Mercer Sector Survey.
"Despite broadly stronger domestic economic data and higher base metal prices, the domestic market failed to hold on to any early gains and instead posted a sharp decline in the last week of the month," the industry report said.
"This was attributable to mixed economic readings from the US and UK, which renewed concerns on the strength of the global economic recovery. The S&P/ASX 300 index dropped 2.1 per cent for the month."
The top three performing Australian long only share fund managers were Legg Mason Australian Value Equity (42.7 per cent), Independent Asset Management (41.1 per cent) and Hyperion Australian Growth (40.1 per cent).
The global share market also finished the month of October lower, with a significant increase in volatility.
"Poor economic readings from both the US and UK reinforced investor concerns over the sustainability of the economic recovery, which together with profit taking dragged the market into negative territory," the report said.
"Most regions posted losses over the month in Australian dollar terms, with developed markets performing particularly poorly and emerging markets slightly outperforming their peers. In local currency terms, all major developed market countries were down with Italy, France and Germany being the worst."
The top three performing international equity managers were Fiducian International Share Fund, Deutsche Global Thematic ex Australia and Perennial Global Shares High Alpha.
