Technology picks keep AIB in top position with 9% gain

All six players held on tightly to their positions in the Rehab Great Investment Race last month, as the overall investment return rose to 20 per cent. Holding strong at the top as April closed was AIB Investment Managers, where Lance Graham presided over an 8.9 per cent monthly gain.

Graham did well on an earlier stock pick: Edinburgh-based microchip developer Wolfson Microelec. He bought the stock as it emerged from results and held on as May began.

AIB also drew strength in April from US software company Citrix, but Graham's total performance was held back by a holding in Glaxosmithkline. He held Glaxo into May, along with a stake in bluetooth firm CSR and a portion of cash. His return to date stood at a cool 45.8 per cent as the month changed.

Almost €16,500 below Graham but still biting at his heels in April was Seamus Magner at Irish Life Investment Managers (ILIM).

Magner delivered a 5.1 per cent monthly return after trading in a number of stocks where he identified "special situations". Particular performers for ILIM were Irish Estates, EasyJet and biotech company Serono. Magner also took profits from Greencore and Paddy Power.

He held Independent News & Media as his only stock as the month ended, with his overall gain standing at 29.4 per cent.

Third position goes to Hibernian Investment Managers (HIM), where Roy Asher produced a healthy 5.3 per cent monthly gain. Asher's best result came on a position in oil services company Petrofac, which gained 7 per cent during April.

He held this stock into May, having registered a small April loss on specialist healthcare business, Ark Therapeutics. He also moved into May with a stake in copper miner, Southern Copper.

Asher's overall return at this stage was 21.8 per cent.

Sticking at fourth at the end of April was Richard Dunn of Oppenheim Investment Managers, whose portion of the fund fell by 2 per cent over the month.

The setback, which left Dunn's overall gain at 11 per cent, came as he bought gaming machines company International Game Technology and sold out of solar energy stock Xsunx. Dunn entered May with a portfolio of three stocks: semiconductor business ASM, Krispy Kreme Doughnuts and home-grown Datalex.

Chris Reilly at Bank of Ireland Asset Management (BIAM) held steady at fifth position in April, as his one-stock strategy failed to produce positive returns.

Reilly's 100 per cent position in Pfizer translated into a 2.3 per cent decline at the end of the month, leaving him with 10.5 per cent return for the race to date.

The April result was due to a weaker dollar and a simple decline in Pfizer's share price. Reilly was sticking with the stock as May commenced.

Setanta Asset Management remained at the bottom of the table at the end of April, with James McSweeney's 4.7 per cent monthly gain not sufficient to shake up the placings. Earlier declines meant that McSweeney's overall position was just 3 per cent in the black as May began.

The April result came as McSweeney disposed of his position in the Oil Services exchange-traded fund and built up stakes in Newcourt and Glaxosmithkline.

Throughout April, he sold a stake in Argos owners GUS and a little bit of Glaxo. He held Newcourt into May, along with the remainder of his position in Glaxo and 15 per cent of his fund in cash.