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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 18
Regions Covered Regions Covered 1
Fund Size €25.5M*
Latest Bid Price €26.613 
Price Date 22/09/2017 

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 generated positive returns over the quarter, with the ISEQ index rising by 2.9% in euro terms. Ireland's economy showed continued positive momentum, with especially strong growth in exports. The Federal Reserve hiked interest rates to 1.25%, while also outlining plans to reduce the size of its balance sheet. This was despite some weaker readings from the US economy, including slower inflation. Meanwhile, the European Central Bank signalled it was becoming more confident on the outlook, viewing less need for monetary easing. On the political front, there was some good news as the triumph of centrist candidate Emmanuel Macron in the French presidential election was viewed as reducing risk across the eurozone. Ireland appointed Leo Varadkar as its new Taoiseach. In the UK, June's snap general election resulted in a hung parliament, leaving the government appearing weak as it faces the challenges of Brexit negotiations.

Activity

During the period, the main purchase was Allied Irish Banks. The bank, which was nationalised a decade ago, rejoined the benchmark after the Irish government sold 25% of the stock to investors following a restructuring.

Performance

The fund outperformed its benchmark over the quarter (3.2% vs 2.9%). An overweight position in travel and leisure and zero exposure to energy and mining were the main contributors to the outperformance, although an underweight in real estate and overweights in construction and food producers detracted. Strong stock selection in travel and leisure, led by Ryanair, boosted performance. The Irish no-frills airline continues to benefit from cost discipline and market share gains. However, weak stock selection in construction and food producers detracted, with Glanbia and CRH - which was hurt by weakness in its European business - among the worst performing stocks. Glanbia declined on concerns about a possible spinoff of its dairy division. (30 June 2017)

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

Sector Split as at 30/06/2017

Top 10 Stocks as at 30/06/2017

Holding
CRH Plc 25.42%
Ryanair Holdings Plc 21.79%
Kerry Group Plc Class A 11.91%
Paddy Power Betfair plc 6.87%
Smurfit Kappa Group Plc 6.69%
Bank of Ireland 6.65%
Kingspan Group Plc 4.09%
AIB 3.69%
Glanbia 3.42%
Aryzta 1.68%

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.

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

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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