The lazy days of August produced mostly positive results for the Rehab Great Investment Race, with all but one of the six players presiding over very respectable returns.

As expected, there was no knocking Lance Graham of AIB from the top spot, even though his monthly return of 4 per cent was only fourth best.

The result came largely on the back of Graham's old favourite, microchip developer Wolfson Microelec, which gained 7 per cent over the month. He also used some cash to buy Gamestop, the world's largest retailer of video games.

The plan here is to benefit from the launch of the PS3 console and continued growth in Xbox 360s.

Graham held Gamestop, Wolfson, bluetooth firm CSR, mining group Xstrata and Linde, the German builder of hydrogen production facilities, into September.

He remains well ahead of the pack in the overall rankings with a return to date of 54.2 per cent and just three months to go.

Holding steady in second place last month was Irish Life Investment Managers, where Séamus Magner delivered a 3.2 per cent monthly return and saw his overall gain rise to 36.5 per cent.

The performance reflected characteristically active trading, with Magner trading in and out of six stocks and finishing the month in cash.

His best performer in August was Spanish stock NH Hotels, with short-term trades in Dell and Gazprom also bringing positive returns.

This was balanced against losses in US housebuilder Toll Brothers and chemicals group Ciba.

July's shake-up at the third spot was reversed in August, as Oppenheim Investment Managers overtook Bank of Ireland Asset Management (BIAM).

The shift came as Richard Dunn at Oppenheim presided over the month's top return of 11.4 per cent. This left him with an overall gain of 24.4 per cent, giving him everything to play for.

Dunn's performance was again the result of active trading, with a play on the technology sector bringing the best rewards. Like Magner, he benefited particularly from a short-term position in Dell, which continues to pass through a problematic period.

Dunn finished the month with four technology holdings: gaming software group Playtech, online auction stock Ebay, online travel firm Expedia and internet traffic solutions provider F5 Networks. He was, however, considering a move into cash.

BIAM's move back from third to fourth position came as Chris Reilly maintained his long-term position in US pharmaceutical giant Pfizer. He made a 6.5 per cent gain over the month, lifting his return to date to 20.2 per cent. Reilly had no plans to make changes as the month turned.

Hibernian Investment Managers delivered an impressive 9.8 per cent monthly return in August, but the increase wasn't enough to lift the firm from the fifth spot.

Roy Asher had a quiet month, deciding to stick with the three stocks he had held in July. Of these, the best performer was oil services group Petrofac, which was up nearly 18 per cent at the end of the month.

US housebuilder KB Homes was more or less unchanged over the same period, while German property manager Speymill was ahead by about 7 per cent. Aim-listed Speymill is due to issue results soon.

Languishing at the bottom of the table as September began was Setanta Asset Management, where James McSweeney suffered a 1.3 per cent monthly decline.

The fall was the result of an eclectic mix of trades, with McSweeney entering and exiting stocks including US Bancorp and Prudential.

He held Newcourt, Ford, Pan American Silver and Ahold into September.