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Fixed Interest
Fund Snapshot
Launch Date 01/01/1984
Fund Manager BMO Global Asset Management
Risk Rating Risk Rating 4
Fund Type Asset Class Fixed Interest Fixed Interest
Diversification Diversification 3
Stocks & Holdings 85
Regions Covered Regions Covered 2
Fund Size €57.4M*
Latest Bid Price €17.8896 
Price Date 22/09/2017 

Fund Performance

Performance Line Graph

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Fund Summary
The Fixed Interest fund invests in primarily in AAA-AA rated Eurozone Government Bonds. This fund is suitable for the risk averse investor and will perform well if interest rates are falling. In a rising interest rate environment, this fund can produce negative results. The benchmark is 100% Barclay's Euro Aggregate Treasury AAA-AA 5+ years.

Market Commentary

Core eurozone bond yields ended the quarter little changed. This was despite a sharp sell-off over the final trading days of the period after ECB President Mario Draghi talked of "reflationary" pressures and a "firming and broadening" of the eurozone recovery. The ECB had also used its June meeting to update policy guidance on interest rates, eliminating its pledge to reduce rates further as needed. Eurozone economic data remained strong, while first-quarter eurozone growth was upwardly revised from 0.5% to 0.6%. A dampening impact from lower energy prices saw eurozone inflation decline to 1.3% in June versus 1.4% in May and 1.9% in April. Meanwhile, victory for Emmanuel Macron in the French presidential election was viewed as reducing political risk. Yields on 10-year German bunds rose from 0.33% to 0.46% over the quarter.


During the first half of the second quarter, the fund manager pared back the overall level of risk as a combination of European political worries and global geopolitical events caused yields to fall sharply. Following the results of the French presidential election, they increased short duration, semi core and peripheral exposures. Given strong outperformance, they pared back the overweights in Ireland and the Netherlands. They continued to increase exposure to government related paper, where new issues continued to offer substantial discounts to the secondary market.


The fund outperformed the benchmark over the quarter. The underweight duration stance as well as positioning to take advantage of spread narrowing in semi-core and periphery bonds added to performance, with core eurozone yields rising and European political risk subsiding in the final month of the period. Outperformance of government related paper also contributed to performance.

METRICS: Average Duration 10.6 years, Average Maturity 12.97 Years (30 June 2017)

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

Geographical Split as at 30/06/2017

Bond Split as at 30/06/2017

Credit Rating as at 30/06/2017

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.
Warning: Credit Ratings do change from time to time.

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.

  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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