Fund Return 2017-2018

Fund return to 31 May 2018




1 month

Scheme Year to Date

1 Year




CERS Multi Asset Fund




CERS Bond Fund




CERS Cash Fund




CERS Equity Fund




CERS Property Fund

0.5 %



CERS Alternative Asset Fund




Investment Commentary

Provided by Mercer - CERS Investment Adviser

Market developments

May was a turbulent month for financial markets as political risks, such as the possibility of a global trade war, tensions relating to North Korea and the Iran nuclear deal, rose.

In Italy, the two populist parties failed to form a government as the interim president vetoed their choice of the finance minister. In response, the 2-year Italian bond yield rose by about 3%.

Despite the intra-month volatility, a positive economic backdrop, strong corporate earnings and subdued inflation expectations, led developed market equities to rise slightly.

Emerging market equities lagged, posting a loss of about 2% (in local currency terms).

The commodity market rallied.

In currency markets, the US Dollar rose against most currencies on the back of stronger economic data.

Economic data

The global economy remains in good shape, despite some signs of slowing from the rapid rate seen at the start of the year.

In the US, the labour market tightened further with the unemployment rate falling to 3.8% (the equal lowest in 50 years) and wage growth picking up slightly. In addition, US business and consumer confidence remained at high levels.

In the Eurozone, economic data softened somewhat, but remained at high levels. The labour market remains strong with unemployment at 8.5%, the lowest since 2009.

In the UK, economic data was satisfactory, although consumer confidence remained at below average levels as Brexit uncertainty persisted. The UK unemployment remained at 4.2%, the lowest level in 40 years.

In Japan, economic data weakened slightly.

In China, leading growth indicators remained at strong levels.

Elsewhere in Emerging Markets, we saw a continuation of economic strength, despite problems in Turkey and Argentina.


Scheme Year to date performance is the period from 1 June 2017 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 a Financial Adviser.The CERS Trustee preferred Financial Adviser is Milestone Advisory DAC.  You can contact them or your own 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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