WM Performance Services has released its preliminary charity fund results for the second quarter, finding that charity funds gained 3.7% on the back of robust equity performance.

WM reported that the average charity fund had returned 15.3% for the last 12 months, and 16% over the past three years, representing a real return of around 12% per annum for the average charity.

Jeanette Patrizio, head of WM Performance Services, said: “Equity markets advanced strongly during April and May before returning some of these gains in June. With bond values falling during the quarter, charity investors were well placed to benefit from having more than three quarters of their assets, on average, invested in equities.”