Irish pension managed funds lost ground during June, with an average return of -2.1% for the month. Fund returns are also down in the first half of 2011.

AIB Investment Managers took top spot with a return of -1.8% in June, while Setanta Asset Management propped up the league table with a return of -2.5%.

As a result of the falls in June, managed funds suffered a 0.7% loss on average over the second quarter of the year. Friends First/F&C and Zurich Life delivered the best performances over the three months to the end of June, with returns of -0.3%, while the worst performing managed fund over the quarter was Merrion Investment Managers’ with a decline of 1.7%. The average managed fund returned -1.5% over the first half of 2011; with returns ranging from a high of -0.1% (Irish Life Investment Managers) to a low of -3.8% (Merrion Investment Managers). Over the past twelve months the average fund returned 7.4%. Returns for the past year ranged from 10.5% (Standard Life Investments) to 3.9% (Merrion Investment Managers).

Fiona Daly, managing director of Rubicon Investment Consulting said:"The average managed fund return has been a disappointing 0.6% per annum over the past three years. The five year returns to the end of June are mostly negative, with an average return of -1.1% per annum over this period. Irish group pension managed fund returns over the past ten years have been a disappointing 0.9% per annum on average, well below the Irish inflation rate of 2.3% per annum over the same time horizon. Indeed, only one of the managed funds surveyed (that of Zurich Life) outperformed inflation over this period."