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Irish Equity
Fund Snapshot
Launch Date 01/01/1984
Fund Manager BMO Global Asset Management
Risk Rating Risk Rating 6
Fund Type Asset Class Regional Equity Regional Equity
Diversification Diversification 1
Stocks & Holdings 19
Regions Covered Regions Covered 1
Fund Size €23.8m*
Latest Bid Price €28.7842 
Price Date 22/05/2018 

Fund Performance

Performance Line Graph

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Fund Summary
The Irish Equity Fund invests primarily in stocks which are listed on the Irish Stock Exchange. As an equity fund, this fund has a potentially high return but also a high risk profile given the risks inherent in investing in equities. The fund can be volatile over short to medium term periods. The underlying benchmark is the ISEQ Index.

Market Commentary
Market:

Irish equities, as measured by the ISEQ index, fell -5.7% in euro terms over the quarter. In common with global stocks in general, Irish equities suffered from increased risk aversion. Although global economic data remained generally robust, rising US inflation stoked investors' worries over the extent of the Federal Reserve's (Fed) interest rate tightening cycle. Irish economic data continued its strong run, with official estimates indicating the economy grew by 7.8% in 2017. Sentiment on Ireland was also supported by news in March that the EU and UK had agreed the terms of a transitional Brexit deal.

Activity:

There were no significant purchases or disposals in the course of the quarter.

Performance:

The fund outperformed its benchmark (-5.0% vs -5.7%), helped by good stock selection. Being overweight general industrials and food producers also contributed positively to performance. An underweight in Aryzta, a multinational food group, was the biggest contributor to the relative outperformance as the shares fell on weak revenues. Overweights in Irish paper and packaging maker Smurfit Kappa and discount airline Ryanair were also positive. Smurfit Kappa received a takeover approach during the period, boosting its share price. Zero weight positions in Hostelworld and Irish insurer FBD Holdings held back the fund's performance. (31st March 2018)

Management Charge
0.75% pa of fund assets. Please refer to policy conditions for policy charges.

Sector Split as at 31/03/2018

Top 10 Stocks as at 31/03/2018

Holding
CRH Plc 25.76%
Kerry Group Plc Class A 14.26%
Ryanair Holdings Plc 10.85%
Smurfit Kappa Group Plc 8.45%
Paddy Power Betfair plc 7.72%
Bank of Ireland Group Plc 7.65%
Kingspan Group Plc 5.74%
AIB Group PLC 4.45%
Glanbia Plc 3.21%
Cairn Homes PLC 1.87%

This fund should be considered as being a medium-long term investment. Access to your investment in this fund may in periods of adverse investment conditions be restricted for up to one month. Asset Information source: BMO Global Asset Management, unless otherwise stated. Performance figures are as per 'price date'. * Fund size refers to assets under management in underlying fund.

The returns shown include the reinvestment of net income and are net of trading costs and management fees but before other insurance contract charges and as such do not represent the returns on insurance contracts linked to these funds. Details of all charges for a particular product are available on request.

The information in this document does not constitute investment advice. It does not take into account the investment objectives, financial position or needs of any particular investor. Before making an investment decision, you should consult suitably qualified and independent investment, taxation, and regulatory advisors to discuss your specific situation and investment objectives. The investment strategies and risk profiles outlined in this document may not be suitable for your specific investment needs.

The funds referred to on this page may be linked to an insurance-based investment product and the Key Information Document (KID) for this product is available at www.friendsfirst.ie/kids. The Risk Ratings of the funds referred to in this document differ from the corresponding Summary Risk Indicators shown in the KID. An explanation of the differences between the Risk Rating and the Summary Risk Indicator is available at the location above.

Warning: Past performance is not a reliable guide to future performance.
Warning: The value of your investment may go down as well as up.
Warning: Funds may be affected by changes in currency exchange rates.
Warning: If you invest in this product you may lose some or all of the money you invest.



The information provided is intended for use by retail investment customers and is based on our understanding of current law and revenue practice.

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Fund Performance

Fund Performance To Date
Fund Description Fund 1 mth YTD 1YR 3YR p.a. 5YR p.a. 10YR p.a. Launch p.a

The funds referred to on this page may be linked to an insurance-based investment product and the Key Information Document (KID) for this product is available at www.friendsfirst.ie/kids. The Risk Ratings of the funds referred to in this document differ from the corresponding Summary Risk Indicators shown in the KID. An explanation of the differences between the Risk Rating and the Summary Risk Indicator is available at the location above.

Warning: Past performance is not a reliable guide to future performance.
Warning: The value of your investment may go down as well as up.
Warning: Funds may be affected by changes in currency exchange rates.
Warning: If you invest in this product you may lose some or all of the money you invest.

FUND WARNINGS:
  1. Performance Fees: The growth of the Insight Currency fund will be subject to a 20% monthly performance fee which only applies when the growth rate exceeds 7% p.a. The Market Neutral Equity fund will be subject to a performance fee of 10% of any growth achieved above cash returns (specifically 3-month EURIBID).
  2. The price protection on the Protected Equity+ Fund, Series 3 is provided by Deutsche Bank AG.
  3. Money invested in the Deposit fund is placed with one or more Banks. The payment of interest and security of capital is provided by the Bank(s). The Bank(s) and not Friends First are providing the security on the Deposit fund. Please refer to the Fund Factsheet.
  4. The property fund managers reserve the right to place a withdrawal limit or/and to defer encashment for up to six months or such time as is necessary to facilitate the sale of assets if required.
Fund Performance

Daily Fund Prices and Performance

Fund Name Bid Price Price Date 1Mth (%) YTD (%) 1Yr (%) 3Yrs (%) 5Yrs (%) 10Yrs (%) Since Launch (%)
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