REHAB: Heading into the final lap of the Rehab Great Investment Race, Hibernian's lead looks unassailable.

Although its portfolio lost 1 per cent of its value last month, Hibernian remains well ahead of the pack with just a month of the contest left to run.

In the competition, six teams of fund managers are pitted against the market and each other for one year. The aim is to make as much money as possible, with all profits going to the Rehab group.

Technology stocks, which made a lot of money for Hibernian in the early stages of the race last year, proved its downfall last month when the Nasdaq lost more than 10 per cent.

"We got our fingers burned with technology," said Hibernian's Mr Dara Fitzgerald. "So we moved into cash for the remainder of the month."

But with just weeks to go, Hibernian is not resting on its laurels. The fund manager took the plunge and moved back into technology stocks at the start of this month. Just a week into March, its fund had gained around 7 per cent.

"We are aiming to double that and we have three weeks to do it," Mr Fitzgerald said. But he added that the fund manager was watching its investment very carefully and would switch back into cash at the first sight of trouble.

Lying in second place is Bank of Ireland Asset Management (BIAM), which was one of just two funds to make gains in February.

Fund manager Mr Chris Reilly remained invested in Riverdeep, Independent Newspapers & Media and Anglo Irish Bank, to notch up a 3.9 per cent gain, in a month when the overall ISEQ fell by more than 6 per cent.

Overall, BIAM's fund was up 34.3 per cent at €134,337, according to race monitor Mercer.

Friends First remains in third place overall, with a fund worth 8.4 per cent more than at the start of the race. Last month, it gained 1.2 per cent as it sold its Irish holdings, Kerry Group, Riverdeep and Irish Continental Group.

The fund is left holding two overseas stocks, Spirent and InterTrust Technologies, as well as investments in two unit funds. But Mr Gerry Mangan said the fund also had a substantial amount - more than €46,500 - in cash.

"We are trying to avoid going negative at this stage. We want to give Rehab some return," he said.

At the bottom of the table, the remaining three funds were all nursing losses at the end of February. Irish Life continues to languish at the bottom of the table, with a fund worth 18 per cent less than at the outset.

The fund lost 8.9 per cent last month, as manager Mr Seamus Magner sold his shares in all but two stocks. At the end of the month, he was holding some 90 per cent in cash but has not yet decided whether to just hang onto it or invest it in a last-ditch attempt to recover lost ground.

"I'm not sure yet. I'm going to wait and see," he said.

Meanwhile, Pioneer and Setanta lie in fourth and fifth place, with losses of 7 per cent and 9 per cent respectively. Neither made any changes to its fund last month.

Overall, the original €600,000 fund was worth €688,939 at the end of February, down more than €6,500 from the previous month. But if their luck holds and March proves kinds, the fund managers should be able to deliver a gain of close to €100,000 for Rehab before the race ends.