Wilshire TUCS, a benchmark measuring US pension funds against one another, saw a median plan return of 1.13% for the first quarter.

Strong bond returns were offset by weak US and falling developed market equities, California-based Wilshire Associates said in a statement.

The main exception in performance for the first quarter was the US real estate asset class due to a strong March.

Robert J. Waid, a managing director at Wilshire Associates, said the 1.13% average return “lags any annualized target."

Public pensions managed a median 1.24% return and are down 0.74% for the year. The average annual return target is around 7%. 

City and state funds with more than $5bn in assets, which have more invested with hedge funds and private-equity funds, performed slightly worse than others. 

Meanwhile all plan-types, including corporate funds and foundations, remain in negative territory for the year, except Taft Hartley Health and Welfare Funds.

In general, Wilshire’s stats show large plans again outperformed smaller plans in the first three months of 2016.

All plan types with assets greater than $1bn had median returns of 1.32% and -0.73% for the quarter and year.

Plans with assets less than $1bn had median returns of 1.05% and -1.38% respectively.