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Managed
Fund Snapshot
Launch Date 01/01/1984
Fund Manager BMO Global Asset Management
Risk Rating Risk Rating 5
Fund Type Asset Class Mixed Mixed
Diversification Diversification 4
Stocks & Holdings 959
Regions Covered Regions Covered 5
Fund Size €329m*
Latest Bid Price €20.7914 
Price Date 22/05/2018 

Fund Performance

Performance Line Graph

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Fund Summary
The Managed Fund invests in a range of international and domestic equities, bonds, property and cash. The predominant asset is equities as the fund aims to achieve strong returns over the longer term. However, this can lead to volatility in the fund's performance shorter term and it is therefore suitable for the medium to longer term investor. The benchmark is a hybrid benchmark consisting of 70% MSCI All Countries World Index Total Return in EUR, 24% Barclays Global Aggregate (hedged to EUR) Total Return in EUR, 6% Barclays Euro Aggregate Treasury AAA-AA 5+ years TR

Market Commentary
Market:

The fund's mixed benchmark, 70% MSCI ACWI NDR (EUR terms), 24% Barclays Global Aggregate (hedged to EUR) NDR in EUR & 6% Barclays Euro Aggregate AAA-AA 5+ years TR Index, returned -2.4%. Global equities lost ground over the quarter against the backdrop of rising market volatility and increased risk aversion. While global economic data remained generally strong, rising US inflation stoked investors' worries over the extent of the Federal Reserve's (Fed) interest rate tightening cycle. Towards period-end, President Trump also unveiled tariffs on US imports, raising fears over the prospect of a trade war. Global government bond yields were mixed over the quarter, as US inflation expectations rose but investors sought out safe havens. Core eurozone bond yields declined over the quarter, while eurozone inflation softened.

Activity:

In terms of positioning, at the asset class level the fund manager retained overweight positions in equities and cash, while maintaining an underweight position in fixed income. Within equities, they remained overweight in Europe ex UK, Japan and emerging markets. They did, however, reduce the size of the overweight in Europe ex UK equities. While remaining underweight, exposure to UK equities was raised. Japan was the fund's largest overweight, though wthe fund also retained the overweight position in emerging markets. The fund maintained underweights to both North American and Asia Pacific ex Japan equities.

Performance:

The fund outperformed its benchmark over the quarter (-2.2% vs -2.4%). While the overweight in equities versus bonds detracted from performance, the long cash position contributed positively. Within equities, overall positioning on a regional basis was positive. The portfolio's overweights in Japan and emerging market equities added value, with these markets outperforming the global average over the quarter. At the same time, remaining underweight in UK and Pacific ex Japan equities were also positive for relative performance. (31st March 2018)

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

Asset Allocation as at 31/03/2018

Top 10 Stocks as at 31/03/2018

Holding Country Weighting %
Apple Inc USA 1.86%
Ford Motor Co USA 1.39%
Walmart Inc USA 1.34%
Amgen Inc USA 1.13%
Boeing Co USA 1.04%
Citigroup Inc USA 0.99%
Crh Plc Ireland 0.91%
Gilead Sciences Inc USA 0.90%
Lowe's Cos Inc USA 0.78%
Unitedhealth Group Inc USA 0.76%

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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