Stock markets around the globe experienced quite a volatile month in February, as uncertainty over Chinese economic growth, still-falling oil prices and the calling of a referendum in June on Britain's possible exit from the European Union, weighed on investor sentiment.

February was a disappointing month overall for Irish pension funds, which fell back 0.7% on average. Some funds made gains however, with Setanta Asset Management ranked top this month with a return of +0.7%, while Merrion Investment Managers propped up the league table with a return of -1.7%. So far, 2016 has been a gloomy year, with pension funds down 5.0% on average. Returns for the year to date ranged from -2.4% (Setanta Asset Management) to -7.4% (Standard Life Investments). Over the past twelve months, the average fund return was a disappointing -5.7%. Setanta Asset Management top the table over the past year with a return of -3.8%, while Friends First/BMO and Standard Life Investments produced the lowest returns at -7.5%.

The average managed fund return has been a very strong 10.5% per annum over the past three years. The five-year average return is a healthy 9.0% per annum. Irish group pension managed fund returns over the past ten years have been 3.9% per annum on average.