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Fund Return 2018-2019

Fund return to 31 December 2019


Fund Name

Net Fund Return

1 month

Net Fund Return

Scheme Year to date

CIRT Multi Asset Fund 1.39% 8.23%
CIRT Cash Fund -0.13% -0.68%
CIRT Bond Fund -1.83% 4.38%
CIRT Equity Fund 2.14% 14.11%
CIRT Alternative Asset Fund


CIRT Property Fund 0.35% 2.82%

Investment Commentary


Provided by Mercer - CIRT Trustee Investment Adviser 


Market Developments

September offered some relief to risk assets as the trade tensions didn’t escalate further and a number of central banks cut interest rates. In particular, the US Federal Reserve cut rates by 0.25% for the second time this year. The European Central Bank followed by delivering a stimulus package (cut rates by 0.1%, restarted the quantitative easing program and committed not to raise rates until inflation was close to target and sustainably so). Developed market equities rallied by 3.2 in US dollar terms, outperforming emerging markets. Emerging market bonds and lower quality developed market bonds had a mixed month. Developed market government bonds fell with the yield on the US 10-year government bond rising to as high as 1.9%. In commodities, precious metals sold off but that was offset by rallying agriculture. In currency markets, the yen fell by 1.4% while the US dollar and emerging market currencies rose by 1.0% and 0.6% respectively.


Economic Data

The global economy has slowed and is now growing at a below trend (or average) pace. The US economy, however, is still in reasonable shape. US consumer confidence remains elevated because of low unemployment and rising wages. In the Eurozone, we continue to see sharp weakness in the manufacturing sector (particularly in Germany) but that is offset to some extent by the services sector which continues to do well. The labour market is in good shape with unemployment at 7.4%, the lowest since 2008. In the UK, economic growth remained soft because of Brexit uncertainty. In fact, some economic activity indicators already suggest the UK economy is in recession. However, the UK labour market is strong, with the unemployment rate at 3.8%, close to lowest in 40 years. The Japanese economy continues to struggle, as shown by sluggish industrial production growth. That is partially balanced by low unemployment (2.2%) which should support wage growth in turn aiding consumer spending. In the emerging world, Chinese data has been soft with August monthly industrial production weakest since 2002. Taiwan and South Korea continued to struggle because of the trade tensions, as shown by poor export data and weak growth in manufacturing sector. In fact, the early measure of September South Korean exports shrank by c.22% in a year, the lowest since 2009.



  • Scheme Year to date performance is the period from 1 June 2019 to the most recent month shown.
  • Performance shown is net of annual management charge.
  • The investment choices offered by the Trustee will be regularly reviewed and may be varied from time to time.
  • Before you choose a fund we recommend that you speak to an Independent Financial Adviser.  The CIRT Trustee preferred Independent Financial Adviser is Milestone Advisory DAC.  You can contact them or your own independent financial adviser to assist you to review your investment choices.  You can contact Milestone Advisory DAC. at Canal House, Canal Road, Dublin 6, at or call them on 01 4068020. Their website is

If you require further information please contact the CIRT Team at