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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 41
Regions Covered Regions Covered 1
Fund Size €26.6M*
Latest Bid Price €2.5565 
Price Date 22/09/2017 

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 1.3%. Eurozone economic data remained strong, with business confidence across the bloc reaching its highest level for several years in June. First-quarter eurozone growth was upwardly revised from 0.5% to 0.6%. The European Central Bank (ECB) eliminated its pledge to reduce rates further as needed, while ECB President Mario Draghi later talked of a "broadening recovery." Victory for Emmanuel Macron in the French presidential election against far-right candidate Marine Le Pen reduced political risk and buoyed investor confidence. A dampening impact from lower energy prices saw eurozone inflation decline to 1.3% in June, though ahead of expectations. Among the strongest-performing markets were Austria (14.3%) and Denmark (8.0%), while Portugal (-2.2%) was the weakest.

Activity

During the period, the fund sold the holding in Akzo Nobel after the Dutch paints and chemicals group refused to consider a takeover offer from US-based PPG Industries. The fund manager purchased holdings in Grenke Leasing, a finance company benefiting from strong growth opportunities, and Lenzing, the Austrian textile group that is transitioning to a speciality fibre manufacturer.

Performance

The fund outperformed its benchmark. Zero exposure to energy, an overweight in travel & leisure and an underweight in general industries - combined with strong stock selection in both - were positive for the portfolio. No-frills carrier Ryanair and Smurfit Kappa, a paper and packaging group, were among the best performers. Weak stock selection in the electronics, chemicals and personal goods sectors contributed to the small relative underperformance. Rexel, a distributor of electrical goods, and German chemicals company BASF detracted. (30 June 2017)

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

Geographical Split as at 30/06/2017

Top 10 Stocks as at 30/06/2017

Holding Country Weighting %
SAP SE Germany 4.59%
Bayer AG Germany 3.92%
Allianz SE Germany 3.80%
ING Groep NV Netherlands 3.55%
Unilever NV United Kingdom 3.42%
BASF SE Germany 3.30%
AXA SA France 3.07%
Air Liquide SA France 3.06%
Intesa Sanpaolo S.p.A. Italy 2.99%
ASML Holding NV Netherlands 2.87%

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.

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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