IRELAND - The average Irish managed pension fund returned 11.7% in the quarter ending September 30, but recent gains weren't enough to wipe out negative returns over the past year.
Returns for the past 12 months were down 0.7%, according to data by Hewitt Associates. But the Hewitt Managed Fund Index was up 2.5% in September and 17.6% year to date.
Hewitt investment consultant Brian Delaney said it is too soon to know if the recent upturn in returns will stick.
He said: "Equity markets have consolidated significantly since the lows of 2008 and 2009, however it remains uncertain if we have reached the top of the rally and whether there will be any further increases in equity markets. Investors will now require firm evidence of improving economic fundamentals in order to support the recent rally and sustain any advance from here."
According to Hewitt, the Acorn Life Managed Fund was the strongest performer in September with returns of 3.8% and the Merrion Investment Managers Managed Fund had the best one-year return at 4.3%
The top slot for the three and five years performance goes to Eagle Star Balanced Fund with returns of -4.2% and 4.1%, respectively.
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