Monthly fund performance figures from Hibernian Investment Managers show a spectacular performance from its Latin American Equity fund. Gross returns for the year to the end of July show the fund up 44.5 per cent, compared with a 4.5 per cent rise from the next best performer, the Target 20 fund and a 1.8 per cent rise in Irish Equity. All the other equity funds were in negative territory over the period.

But Hibernian is not advising investors to rush into notoriously volatile Latin American equities. It seems its Latin American Equity Fund is a very small fund invested in just a few stocks in Mexico, mainly cement companies and electrical utilities. The handful of investors involved have done very well so far but Hibernian says it has no plans to increase the size of the fund.