For some people February was a good month, for others it wasn't, and I'm not just talking about love.
AIB Investment Managers, which in January recorded the highest monthly gain of the six investment managers participating in the Rehab Great Investment Race, saw its monthly return disappear as the value of its fund declined by 7.3 per cent in February, ranking it at the bottom of the list on a monthly basis.
The fund, which is managed by Lance Graham, slipped into second place in the overall rankings of the charity investment competition, with a return-to-date of 17.6 per cent since the contest started in mid-November.
The decline came as two technology stocks held by Graham posted double-digit declines: Wolfson Microlect, a UK electronics group that rose by about 35 per cent in January, and US group Citrix Systems.
With AIB losing its way slightly, the field was left open for another fund to shine and this opportunity wasn't lost on Oppenheim Investment Managers. The fund, managed by Richard Dunn, topped the table with a 5.3 per cent return on its investments in February.
However, in the overall rankings Oppenheim's investments held steady in fifth place, with a 10.6 per cent gain-to-date.
Dunn attributed most of the monthly gain to US technology stock Akamai, which he sold after the company reported better-than-expected fourth-quarter results, sending the share price up by about 25 per cent. The fund made as much as €6,000 through the sale of the stock and added a further €1,200 through the sale and purchase of shares in Irish drinks and snacks maker C&C, all of which took place within the month of February.
During the period he also bought Datalex and held on to Getmobile, Falconbridge and Zeon into March.
The main beneficiary however was Bank of Ireland Asset Managers, which moved up from second to first place in the overall rankings, with a gain-to-date of 20.8 per cent. Its monthly return was 4.8 per cent, second only behind Oppenheim. The growth came as manager Chris Reilly held on yet again to one single stock, US pharmaceutical giant Pfizer.
Third place at the end of February went again to Irish Life Investment Managers, whose manager Séamus Magner sold five of the six stocks he bought within the month, holding on only to Novartis. Its monthly gain was 1.6 per cent, making a 16.9 per cent gain to date. The main contributors to the gains were French steel giant Arcelor and Irish pharmaceutical group Elan.
Elsewhere, Hibernian Investment Managers held steady in fourth place, with an overall return of 16.3 per cent. On the month, the fund recorded a gain of 1.5 per cent.
The main contributors to the positive performance were Swedish company Sandvik, which the fund's manager Roy Asher sold. He then invested in two UK companies in areas he believes are good long-term bets: Ark Therapeutics in the pharmaceutical sector and Petrofac in the oil market.
At the end of February, 40 per cent of the fund comprised cash ahead of an anticipated drop in the markets, yet to materialise.
Setanta Asset Management continued to trail its peers in sixth place. The firm recorded a 2.8 per cent decline in value in February, dragging its overall return in a negative direction to 2.7 per cent.
The decline came as fund manager James McSweeney engaged in some active trading, buying five stocks and selling six. The focus on the energy sector, seen in his January portfolio, diminished as he sold French oil firm Total and S&P Energy and switched into the pharmaceuticals with the purchase of GlaxoSmithKline and Astrazeneca.
At the end of the month he held on to US oil and gas company EnCana, the two pharmaceutical stocks, Fyffes and software group Quest.
