Irish pension funds stood still last month with the average fund returning a gain of just 0.1 per cent last month.

Currency volatility undermined gains in US and Asian markets for Irish funds although Irish stocks, which account for around 18 per cent of the average fund, advanced by 1.1 per cent in November.

Acorn Life was the strongest performer last month with a gain of 0.7 per cent.

At the other end of the scale, KBC Asset Management lost 0.4 per cent of its value over the same period.

In the first 11 months of the year, the average Irish fund has recorded an investment gain of 9.2 per cent, with Acorn Life and Eagle Star proving the strongest performers over that term with a gain of 10.3 per cent.

By virtue of very strong gains last December, the one-year average for domestic funds is 13.1 per cent, with AIB Investment Managers (AIBIM) leading the way with a return of 14.5 per cent.

Bank of Ireland Asset Management (BIAM) has been a consistently poor performer recently. It is the second poorest performer over the last quarter and the poorest performer over the year-to-date, 12-month and three-year terms.

Eagle Star has proven the strongest performer over the three-year term with an annual gain of 15.8 per cent. It also leads over the five-year period, which includes the impact of the dotcom collapse, with annual investment returns of 7.5 per cent.