Participants in Manulife USA lifecycle funds have reaped higher returns on their investment in the last five years than do-it-yourself asset allocations, a recent survey conducted by investment consulting firm Burgess + Associates shows.

During the period from 1999 to 2003, participants directing all their 401(k) contributions to one of Manulife's lifecycle portfolios, which the company calls "lifestyle funds," earned on average 3.4% higher returns than those who selected their own investment options, according to the survey.

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