【明報專訊】ACCORDING TO the Hong Kong Monetary Authority, the Exchange Fund's investment returns for the third quarter amounted to HK$41.2 billion. While this may appear to be an improvement compared with the fund's poor performance in the second quarter, the improved performance was basically in keeping with the general market trend, and cannot be ascribed to any brilliant investment strategy on the part of the Monetary Authority. There is no cause for celebration, for the fund lost as much as HK$41.4 billion in the third quarter last year. Unstable as its performance is, the fund cannot be expected to generate any steady investment returns.