For the first time since October 2012, Irish managed pension funds declined in June, with an average return of -2.8% for the month.

Setanta Asset Management took top spot with a return of -2.3% for the month, while Irish Life Investment Managers propped up the league table with a return of -3.2%. Over the second quarter of 2013, the average managed fund fell back 0.5%.

Over the quarter, the Setanta Asset Management fund delivered the top-ranking return of 0.3%, while the Kleinwort Benson Investors managed fund was the lowest ranked, with a return of -1.3%. With gains in five of the six months of the year so far, managed funds have now returned 6.8% on average in 2013. Setanta Asset Management delivered the strongest return over the year to date at 10.8%, while Kleinwort Benson Investors and Merrion Investment Managers produced the weakest returns, gaining 5.9% over the same period. Over the past twelve months, the average fund return was 14.6%. Returns for the year ranged from 18.5% (Setanta Asset Management) to 12.8% (Zurich Life).

Fiona Daly, managing director of Rubicon Investment Consulting said: "The average managed fund return has been a healthy 8.8% per annum over the past three years. The five-year average return is 4.1% per annum. Irish group pension managed fund returns over the past ten years have been 5.3% per annum on average, compared with the Irish inflation rate of 1.6% per annum over the same time horizon. All of the managed funds surveyed outperformed inflation over this period."

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