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Insight Currency Fund
Fund Snapshot
Launch Date 02/03/2001
Fund Manager Alder Capital
Risk Rating Risk Rating 5
Fund Type Asset Class Currency Currency
Diversification Diversification 2
Stocks & Holdings 7 currencies
Regions Covered Regions Covered 5
Fund Size €49.3m*
Latest Bid Price €2.9341 
Price Date 22/05/2018 

Fund Performance

Performance Line Graph

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Fund Summary
The Insight Currency fund seeks to profit from movements and trends in exchange rates.The Fund is offered as a portfolio diversifier as it has tended to have its periods of positive and negative performance at different times to certain other investments. The fund primarily invests in currencies using derivatives and will also hold cash deposits and government bonds. The fund can be volatile over the shorter term and hence has a medium to high risk profile. It is therefore more suitable for the medium to longer term investor who would seek to hold this fund as part of a diversified portfolio of assets.

Market Commentary
After the equity market rally/ `risk-on' trade of January and the subsequent equity market fall/ `risk-off' trades that dominated February; the markets traded by the program were much more-range-bound in March. These range-bound markets in March were driven by several economic and political news events that gave many investors a short-term and changing focus.

On the economic front, the US Federal Reserve increased interest rates by 25bp to 1.75% as widely expected; the accompanying statement noted that the "economic outlook has strengthened in recent months" and hinted that the path of rate hikes could be more aggressive than previously predicted. However, the political uncertainty surrounding the lack of detail of President Trump's nascent plans to impose trade tariffs, particularly which countries would be exempt, and the separate issues leading to a sell-off in Facebook and other tech stocks, ensured there was also continued selling pressure on the US dollar. In Europe, ECB President Draghi delivered a somewhat dovish assessment of the risks facing the continuing European economic recovery. As a result of the mixed news flow, the EUR/USD rate in March traded in a range. The expiration of February's `risk-off' trade was also seen in the range-bound moves of the Japanese Yen in March.

Only one of the five models in the Program produced a positive return during March. The slower trend model was able to generate small positive returns that were greater than the combined small negative returns from the Range, Yield Momentum and Yield models. The main performance attribution story in March was the small negative returns seen consistently from the faster trending model - by the end of the month these consistent small losses culminated in the majority of the Program's return. Exposures in the faster trend model changed often during March. The model started the month with a short position in the Euro and changed the direction of the exposure eight times before month end, similar effects were seen in the USD (six changes to net exposure) and the Japanese Yen (five changes). Except for a short-period in the middle of the month, these positions changes were largely loss-making as the markets traded in a range.

The five models continued to identify independent effects, illustrated by the continued low correlation of the returns from each.

(31st March 2018)


Additional Information

Management Charge
2.00% pa of fund assets plus a monthly performance fee of 20% of any investment growth over 7% pa. Please refer to policy conditions for policy charges.

Risk Weight of Potential Return Drivers as at 31/03/2018

This fund should be considered as being a medium-long term investment. This fund may include features such as borrowing, using derivatives, and short selling that will result in leveraged/geared returns which means gains and losses will be multiplied. Access to your investment in this fund may in periods of adverse investment conditions be restricted for up to one month. Asset Information source: Alder Capital, 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

Fund Performance To Date
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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