Dublin-based wealth manager Covestone has got off to a strong start since launching its Empiricus fund last June. The business is led by former Matheson managing partner Donal Roche, son of the CRH founder of the same name.

On its first appearance on the MoneyMate global equities list, the fund bested those of more gilded rivals including Davy, Merrion, Irish Life and Zurich. It has about €28 million invested on behalf of the Roche family and others.

Neil Osborne, chief investment officer with Covestone and a former Davy executive, says the fund favours "cheap, financially-strong companies that have fallen out of favour with investors".

“We don’t make macroeconomic forecasts or pontificate about big themes, we work off the empirical data. We back cold hard data over alluring narrative as we aim to minimise the effect of emotion on our decision making.”

The fund is ahead 20.8 per cent to date. A cove that provides financial shelter.