The Summit Growth Fund run by EBS Asset Managers produced a return of 25.1 per cent after tax for investors in 1999, according to the EBS building society. This brought the average annual after-tax return on the fund to 15.1 per cent since its launch in 1990.

EBS Asset Managers general manager, Ms Sarah Loftus, attributed last year's strong return to active daily management of the investments as well as the purchase at reasonable prices of shares in companies delivering sustained earnings growth.

Investors are getting the advantage of the mutual pricing package offered by the funds - for example lump-sum investors pay no entry or exit costs, she said.