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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 €154M*
Latest Bid Price €4.6777 
Price Date 22/09/2017 

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
The fund outperformed its benchmark, the MSCI World NR (EUR) Index, which fell by 2.5%. The fund also outperformed over one year compared to the benchmark.Attribution Summary

The fund outperformed the benchmark during the quarter, helped by both asset allocation and stock selection. The portfolio benefitted from overweight positions in both information technology and financials, as well as a zero-weight position in energy. Strong stock selection was especially beneficial for the fund, with performance helped by consensus-beating quarterly results from Mettler-Toledo, PayPal, ING, and Suez. Japan Exchange Group also contributed strongly to performance on account of an investor rotation into diversified financials, helped by an increased share buyback from Japan Exchange. Holding back relative performance were companies reporting results that fell short of market expectations. These included Tractor Supply, MEDNAX, SVB Financial, and Toray Industries. On a regional basis, the fund was helped by being underweight in North American equities, as well as the overweight exposure in both Europe and Japan.

Key activity

During the quarter, the fund manager did not initiate any new positions. However, we added to Xylem, a water infrastructure and technology company. They also increased holdings in a number of financial stocks, including Prudential, Japan Exchange, Intercontinental Exchange, and US Bancorp, although they reduced their exposure to Japan Exchange later in the period following a sharp bounce in the share price. Among disposals, they sold a small holding in Tomra Systems after its share price also performed strongly. They also exited MEDNAX following a profit warning that suggested further cost pressures and limited visibility as to when they can expect improvements. Finally, they reduced the holdings in a number of technology and automation companies following strong performance.

Positioning & outlook

Despite a number of disappointing US economic readings towards quarter-end, the Federal Reserve raised rates and reaffirmed plans to begin unwinding its balance sheet in the second half of the year. Should progress be made by the US administration to deliver economic stimulus (tax reform and infrastructure spending) then this could lead to a further acceleration in growth prospects and corporate profitability. In Europe, consumer confidence and business sentiment continues to improve. In Japan, near-term earnings prospects appear robust and we maintain our view that latent value on Japan's cash-laden corporate balance sheets should continue to be unlocked. (30th June 2017)

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

Geographical Split as at 30/06/2017

Sectoral Split as at 30/06/2017

Top 10 Stocks as at 30/06/2017

Holding Country Weighting %
Apple Inc. US 3.87%
Xylem Inc US 3.36%
Mastercard US 3.23%
US Bancorp US 2.77%
Amdocs US 2.73%
Henry Schein, Inc. US 2.64%
ING Group Netherlands 2.59%
Mettler-toledo International US 2.59%
Prudential plc UK 2.58%
Roper Technologies US 2.56%

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.

  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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