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Consensus
Fund Snapshot
Launch Date 11/01/1999
Fund Manager State Street Global Advisors
Risk Rating Risk Rating 5
Fund Type Asset Class Mixed Mixed
Diversification Diversification 4
Stocks & Holdings
Regions Covered Regions Covered 5
Fund Size €617m*
Latest Bid Price €2.9814 
Price Date 20/11/2017 

Fund Performance

Performance Line Graph

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Fund Summary
The Consensus Fund is a passively managed multi asset fund which, although predominately invested in equities, also invests in other assets. Up until 08/06/2015 the asset allocation reflected the collective views of the average balanced fund manager. As the universe of traditional managed funds has reduced substantially over the last few years this strategy is therefore less insulated from the calls of individual active managers than previously. Since 08/06/2015, the funds benchmark moved to a fixed asset allocation which was guided by, but not limited to, the long term managed fund allocations over a 26 year period. The Fund now has an allocation of 70% equities, 15% bonds, 10% alternatives (including property) and 5% cash. The allocations will be rebalanced to these proportions monthly. The investment objective accordingly changes to one of seeking to generate capital growth over the long term.

Market Commentary
The third quarter of 2017 was a broadly positive period for the world's financial markets, with a narrative of healthy economic data and strong corporate profitability underpinning equity gains. Against this robust macro backdrop, and hawkish signals from major central banks, government bonds reversed the gains achieved in the first two months of the quarter. While equity volatility remained remarkably low through much of the quarter, investors were intermittently rattled by geopolitical shifts; most notably, the ramping up of tensions between the US and North Korea over the latter's missile tests. In Europe, minimal progress was made on the terms of the UK's exit from the European Union, while unexpected gains by a right-wing party in Germany's September general election weighed on market sentiment.

The S&P 500 Index was up 3.6% for the quarter. Corporate newsflow was generally positive - US earnings growth of c.10.3% in Q2 meant that profits grew by double-digits in consecutive quarters for the first time since 2011. European equities also did well in Q3, with the Eurostoxx Index up 4.5%. Emerging markets equities have benefited from the weak dollar in 2017 which, alongside improving economic growth and stronger earnings, helped attract investors. Rising oil and related commodity prices bolstered some market gains. The MSCI Emerging Markets Index returned 7.9% in USD terms. A recovery in sterling on rising expectations of a near-term rate hike dragged on UK equities as the FTSE 100 underperformed its peers with a three-month return of just 0.8%. The FTSE250 did relatively better in returning 2.8%. In Japan the Nikkei 225 returned 1.6% in Q3.

Having advanced through much of the quarter, major bond markets weakened as central bank signals on tighter monetary policy was reflected in climbing yields - bond prices typically move inversely to interest rates. The Fed's announcement that it would begin to reduce its holdings in government and mortgage-backed debt from October was a key moment in the quarter, as was a US debt ceiling deal between the White House and Democrats. Market speculation that the ECB may `taper' its bond purchases in 2018 prompted a reversal of earlier bond gains. German 10-year yields were unchanged at 0.46%, rising from a low of 0.31% in early September.

(30th Sept 2017)

Additional Information

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Management Charge
0.65% pa of fund assets. Please refer to policy conditions for policy charges.

Asset Split as at 30/09/2017

Geographical Split as at 30/09/2017

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: Asset Information source: SSgA, unless otherwise stated. State Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. 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.

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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