Fund managers including Hyperion, Orbis and Legg Mason were the best performers in the Australian shares long only category of Mercer's May 2010 sector survey.
Hyperion Australian Growth topped the category, gaining 34.6 per cent for the 12 months to May.
The Orbis/SM Australian Equity Fund and Legg Mason Australian Value Equity were the second and third best performers within the category and in that timeframe, respectively.
The Orbis/SM and Legg Mason's strategies added 31.7 per cent and 29.9 per cent, respectively.
However, over the long term, ING Select Leaders, Alleron Growth and Independent Asset Management were the best performers, all gaining 13 per cent annually for the five years to May, the data showed.
Challenger Select Australian Share and Lazard Select Australian Equity were among funds that came in at the bottom of the category on a five year horizon.
The Challenger and Lazard strategies added 1.5 per cent and 2.6 per cent annually, compared to a 7.6 per cent gain for the media manager.
The survey included 99 managers that reported one year performance and 60 managers that reported five year performance for the Australian shares long only category.
