Fund reports 11% return

The Montgomery Oppenheim Managed Fund has reported a return of 11.1 per cent in the nine months to September 30th. This compares with the pooled fund average of 6.1 per cent achieved by 17 Irish fund managers.

These results follow Montgomery Oppenheim's returns for 1999 when the fund earned a return of 34.2 per cent compared with a pooled fund average of 19.7 per cent.

The Montgomery Oppenheim Managed Fund provides an investment vehicle for Irish pension funds. It maintains the number-one ranking for one, three and five years to the end of September 2000.

Mr Paul Montgomery, managing director of Montgomery Oppenheim, said the fund responded to the difficult market conditions of the past two quarters by "maintaining a below average equity rating and by rotating the distribution of the fund into defensive sectors such as utilities and financials".