Healthy returns for Rehab race competitors

Nearly all competitors in the Rehab Great Investment Race made solid returns in September, but the monthly laurels went to Irish Life Investment Managers (ILIM), which made a 6.6 per cent gain on the month to put its fund at €101,539.

The result boosted the very active ILIM from seventh to sixth place in the overall standings with a total return to date of 1.5 per cent. Credit Agricole proved a strong performer, according to Mr Séamus Magner, and a few trades in this stock produced very healthy returns during September.

Opportunistic buying of Compass also helped. ILIM bought as the price hit a trough in the wake of a profit warning, and sold as it bounced several days later. Closer to home, Kingspan and Warner Chilcott, a takeover target, also delivered the goods.

Second place went to AIB Investment Managers (AIBIM), headed by Mr Lance Graham,which added 5.9 per cent to €104,586. The good performance failed to shift it from fifth place in the overall race.

Hong Kong-based Li & Fung, which had a bad August, repaid Mr Graham's faith to give a 12 per cent return.

US hi-tech Scandisk rallied by 25 per cent. AIBIM also sold US exploration play, Rowan, for a 15 per cent gain, which it reinvested in Compass. AIBIM is holding that stock for the short term.

Montgomery Oppenheim took third place in the monthly standings with a 4 per cent gain, but headed the field in the overall race during the month with a 10.5 per cent return for the year. Noble Energy, bought and sold in the month, and UTV, which made good gains in the period, were the main contributors, according to Mr Michael Lernihan.

Setanta Asset Management, led by Mr James McSweeney, took fourth place - and the same position in the overall standings - with a 2.5 per cent gain - largely down to trades in insurers Axa, Allianz and a small profit from Spanish retailer, Inditex, which reported during the month.

Bank of Ireland Asset Management took fifth place in the monthly standings with a 2.4 per cent profit, and has second place in the overall race with a total return of 9.6 per cent. Mr Chris Reilly broke with precedent this time around and sold CRH stock for a decent profit, and bailed out of Greencore at a small loss.

Hibernian Investment Managers took sixth in the monthly league with a 1.8 per cent gain and third overall with a total return of 6.8 per cent. A sale of CRH also helping to boost this entry.

Edinburgh-based Standard Life Investments was bottom of the table on both monthly and overall terms with a 3.9 per cent loss for September and a 5.4 per cent loss for the year. Mr Tony Hood and his team hung on grimly to Marks & Spencer during the period.