Fund Return 2019-2020

Fund return to 31 December 2019




1 month

Scheme Year to Date

1 Year




CERS Multi Asset Fund



13.2 %

CERS Bond Fund




CERS Cash Fund




CERS Equity Fund




CERS Property Fund




CERS Alternative Asset Fund




Investment Commentary

Provided by Mercer - CERS 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.

1 Year performance is the cumulative performance of the last 12 months to the most recent month shown.

Multi Asset Fund performance assumes no lifestyling.

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 CERS 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 CERS Team at

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