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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 €160m*
Latest Bid Price €5.1049 
Price Date 19/01/2018 

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
F&C Responsible Global Equity returned 2.3% during the third quarter of 2017, outperforming its benchmark the MSCI World NR (EUR) Index, which rose by 1.2%. The fund also outperformed over one year.Attribution Summary

The fund outperformed the benchmark during the quarter, largely on positive stock selection. Various holdings benefited from strong financial results over the period, including Keyence, Mastercard and water technology company Xylem. This was partially offset by weaker performance in some healthcare names, such as Henry Schein and Cardinal Health where results disappointed. On a sector basis, the biggest overall positive contributions came from consumer discretionary and consumer staples, where stock selection was most favourable. Sector allocation was neutral, with the zero exposure to energy hindering performance, offset by positive contribution from the overweight to IT and underweight to consumer staples. On a regional basis, asset allocation was also largely neutral.

Key activity

During the quarter, the fund manager initiated a new position in Wolters Kluwer, the Netherlands-based information services provider, where they foresee steady growth driven by its provision of high-quality information database systems. They added to their existing holding in healthcare co. Henry Schein, where they view the recent negativity as overdone. They also increased their position in stock market operator Japan Exchange. They disposed of a holding in healthcare provider Raffles Medical as they believe its expansion into China is lowering visibility around the margin outlook. They trimmed their positions in Japanese electronic equipment manufacturer Keyence and UK-based testing specialist Intertek following strong stock price performances.

Positioning & outlook

The global macroeconomic backdrop remains supportive for equities to continue their grind higher. Fears that the US would run into capacity constraints are not materialising and the gradual increase in interest rates and planned tapering of the Fed's balance sheet have failed to derail markets. Elsewhere, the improvement in global economic growth without any pick up in inflationary pressures means we are seeing coordinated global growth allowing volatility to continue to run at very subdued levels. The portfolio positioning retains its 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, the fund manager has taken the opportunity to reduce some of the fund's exposure to these highly rated names, reinvesting into stocks that are more defensive in nature. They still believe that higher quality companies should outperform over the long-term, due to their robust cash flow, focus on improving total shareholder returns and increasing franchise value. (30th Sept 2017)

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

Geographical Split as at 30/09/2017

Sectoral Split as at 30/09/2017

Top 10 Stocks as at 30/09/2017

Holding Country Weighting %
Apple Inc. US 3.86%
Xylem Inc US 3.57%
Mastercard US 3.49%
US Bancorp US 2.67%
Mettler-toledo International US 2.59%
ING Group Netherlands 2.57%
Amdocs US 2.56%
Roper Industries US 2.53%
Prudential UK 2.49%
Kubota Corp Japan 2.48%

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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