As markets continued to recover from Covid-19 induced losses, Irish pension managed funds gained 2.5% on average during May. Zurich Life topped the table over the month, with a return of 4.3%, while New Ireland lagged the peer group with a return of 0.5%.

Following on from the worst quarterly performance since the financial crisis, April and May’s gains have merely tempered the losses so far this year. Over the first five months of 2020, Irish pension managed funds have lost an average of 6.2%. Of the funds surveyed, Merrion Investment Managers’ delivered the best - and only positive - performance over the year to date, with a return of 3.4%, while New Ireland’s underperformed the rest of the peer group, with a return of -14.3%. Over the past twelve months, Irish pension managed funds have delivered a 3.8% gain on average. Returns for the past year ranged from +11.1% (Zurich Life) to -4.8% (Setanta Asset Management).

The average managed fund return has been 3.5% per annum over the past three years. The five-year average return is just 3.2% per annum. Irish group pension managed fund returns over the past ten years have been a somewhat healthier 7.9% per annum on average.