Talk about rubbing your nose in it! The Hibernian Telecoms Fund has marked its first anniversary with returns of 51.7 per cent for the first 12 months to June 23rd. This compares with a fall of approximately 30 per cent for those who put their money into Eircom shares, says Hibernian. The results reflect the advantage of a diversified fund where a number of stocks are included compared with a single stock pick, said brand manager Mr Michael Quinn.

The fund is still open but investors should be aware that past performance is no guarantee of future returns. The minimum investment is £3,000. Charges are an initial 5 per cent bid offer spread and an annual one per cent management charge.