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Eurozone Equity Fund
Fund Snapshot
Launch Date 01/02/2002
Fund Manager BMO Global Asset Management
Risk Rating Risk Rating 6
Fund Type Asset Class Regional Equity Regional Equity
Diversification Diversification 2
Stocks & Holdings 36
Regions Covered Regions Covered 1
Fund Size €27.4m*
Latest Bid Price €2.6987 
Price Date 22/05/2018 

Fund Performance

Performance Line Graph

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Fund Summary
The Eurozone Equity Fund (formerly the European Equity Fund) invests in stocks listed in Eurozone markets. As an equity fund, this fund has a potentially high return but also a high risk profile given the risks inherent in investing in equities. The fund can be volatile over short to medium term periods. The underlying benchmark is the Dow Jones Eurostoxx index.

Market Commentary
Market review:

As represented by the Euro Stoxx NR Index in euros, European ex-UK equity markets returned -2.8%. European equities fell over the quarter as global stocks suffered from increased risk aversion. Although manufacturing and services survey data pointed to signs of slowing momentum, eurozone economic data continued to be generally buoyant. A survey from the European Commission also showed eurozone consumer confidence had dipped for the first time since July. Eurozone inflation fell to 1.1% in February from 1.3% in the prior month as the earlier appreciation in the euro continued to dampen price levels. Comments from European Central Bank officials suggested they viewed the subdued nature of eurozone inflation as making the bank's quantitative easing policy more likely to be extended beyond September. The eurozone economy was confirmed to have grown by 0.6% in the fourth quarter.

Activity:

During the period, our main purchase was Amadeus IT Group, an IT provider for the travel and tourism industry. It has attractive growth prospects and a solid client base. The main disposal was French insurer Axa Group. The company is increasing its exposure to property and casualty insurance, and reducing exposure to life insurance, with the acquisition of Bermuda's XL Group. This changes the basis on which we hold the shares so we decided to exit.

Performance:

The fund outperformed its benchmark (-1.6% vs -2.8%) over the quarter mainly because of good stock selection. An overweight in Irish paper and packaging group Smurfit Kappa was the main contributor to the relative outperformance as its shares rose following a takeover approach. Overweights in Deutsche Boerse, a German financial exchange operator, and French software group Dassault Systemes also contributed positively. Holdings in Neinor Homes, hurt by fears of delays in the Spanish firm's house-building pipeline, and Irish food maker Kerry Group were negative for the fund.

(31st March 2018)

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

Geographical Split as at 31/03/2018

Top 10 Stocks as at 31/03/2018

Holding Country Weighting %
SAP SE Germany 4.74%
ASML Holding NV Netherlands 4.13%
Bayer AG Germany 4.05%
Allianz SE Germany 3.98%
Schneider Electric SE France 3.60%
Deutsche Boerse AG Germany 3.55%
ING Groep NV Netherlands 3.47%
Deutsche Post AG Germany 3.41%
Air Liquide SA France 3.37%
Intesa Sanpaolo S.p.A. Italy 3.14%

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

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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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