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Stewardship Ethical
Fund Snapshot
Launch Date 13/01/1997
Fund Manager BMO Global Asset Management
Risk Rating Risk Rating 5
Fund Type Asset Class Global Equity Global Equity
Diversification Diversification 2
Stocks & Holdings 53
Regions Covered Regions Covered 5
Fund Size £658m*
Latest Bid Price €4.9095 
Price Date 17/12/2018 

Fund Performance

Performance Line Graph

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Fund Summary
The Stewardship Fund is an international equity fund which aims to achieve growth through investing only in companies which meet certain ethical criteria. As an equity fund this fund has a potentially high return but also a very high risk profile given the risks inherent in inverting in equities. The fund can be volatile over short to medium term periods.

Market Commentary
Market Review:

The MSCI ACWI NDR (EUR terms) gained 4.8% in euro terms. Global equities rallied strongly over the quarter, supported by positive corporate earnings and generally robust global economic growth. US equities outperformed as the domestic economy continued to strengthen. Technology was a bright spot within the US market, with Apple becoming the first stock in history to reach a market capitalisation of over $1tn. In line with market forecasts, the Federal Reserve raised its funds rate by 0.25% to 2.25% after its September meeting. Eurozone growth was far more restrained, while the region's equities were held back by worries over Italy's debt levels and spending plans. There were also concerns over eurozone banks' exposures to Turkey, given further dramatic falls in the lira. Asia Pacific equities trailed the global average, hit by further escalation in the trade dispute between the US and China. Performance:

The fund outperformed the benchmark over the quarter, driven by positive stock selection. Among the top individual contributors to performance was water technology solutions provider Xylem, which was buoyed by strong quarterly results and growing orders. Semiconductor maker Taiwan Semiconductor Manufacturing Company outperformed as it gained market share in key chip segments and as overall demand for smartphone handsets improved. US retailer Tractor Supply Company was boosted by strong operational performance. Shares in A. O. Smith declined as sentiment was hit by the escalating trade dispute between the US and China. Among the other detractors were auto parts companies Continental and Aptiv, as investors fretted over production halts from emissions testing bottlenecks. In terms of sector allocation, the overweight in technology sector was positive, while the overweight in auto components and the zero exposure to pharmaceuticals weighed. Outlook:

At current valuation levels, markets remain vulnerable to unexpected surprises. Trade wars, emerging market challenges, and rising bond yields are among the main risks that could take markets lower. Overall, we continue to be constructive towards equities, with our stance driven by improving corporate profitability and healthy mergers & acquisitions activity. Our portfolio positioning retains a bias towards higher quality, sustainable growth companies that can prosper in spite of any near-term economic and policy-driven volatility. Where valuations have begun to look elevated, we are continuing to take the opportunity to reduce some of the fund's exposure, reinvesting into stocks that are either more defensive in nature or where there appears to be better valuation support.

30th Sept 2018

Management Charge
1.125% pa of fund assets. Please refer to policy conditions for policy charges.

Geographical Split as at 30/09/2018

Sectoral Split as at 30/09/2018

Top 10 Stocks as at 30/09/2018

Holding Country Weighting %
Apple US 4.65%
MasterCard US 3.64%
Xylem UK 3.38%
Amazon.com US 3.31%
Prudential UK 3.23%
Accenture US 2.68%
Union Pacific US 2.59%
Roper Technologies US 2.51%
Tractor Supply Company US 2.50%
Praxair US 2.39%

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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