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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 €50M*
Latest Bid Price €3.0663 
Price Date 22/09/2017 

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
Similar to Q1, the second quarter of 2017 provided much in the way of economic data releases, monetary policy announcements and political developments; however, the impact of the political newsflow appeared to diminish as the quarter progressed.

In summary, April saw two major political events in Europe with the first round of the French presidential elections and a snap general election called in the UK. The Euro continued to weaken in the first half of April, however, as the date of the first round of the elections approached and it became more clear that Macron and Le Pen had progressed to the second round, the Euro saw a broad level of support. The announcement of the UK general election also led to a strengthening of the local currency as the market assumed a strong win for the government in the June poll.

May saw the expected victory of Macron in the French election and, despite a short-lived sell off in the Euro immediately after the second-round result was confirmed, the Euro continued to strengthen. The strength of the Euro in May was much more driven by positive economic data. In contrast, GBP was more range-bound as the Conservative Party poll lead narrowed as the month progressed. The USD weakened during May partly as a result of the Euro strength but also as a consequence of weakness in commodity prices, weaker than expected US retail sales and the distractions in Washington from the ongoing Trump/ Russia investigation.

In June markets appeared to dismiss the political news in the UK following the surprise election result and focus more on the developing economic fundamentals. Despite a further increase in interest rates in the US (developing further the divergence in interest rates between the US and Europe), the US dollar continued to weaken. The weakness was seen against a range of currencies as US economic data continued to be softer than expected and the expected legislative changes in the US Congress did not materialise as the much-discussed healthcare reforms showed no real signs of reaching a conclusion. Economic data in Europe continued to improve, this combined with supportive comments regarding the economic health of the Eurozone from ECB President Mario Draghi - the strength of the Euro was the main theme of the month.

The positive performance during Q2 was broad-based, with three of the five models traded in the strategy making positive returns. The development of the trends in both the Euro and US dollar during the quarter was reflected in the fact that the fast trend model provided the largest contribution to return. After a negative return in April, the slow trend model also picked up the developing market moves and produced positive returns in both May and June (reducing the impact of the April contribution). The yield momentum and ranging models were both positive contributors over the quarter with the yield model slightly negative. (30th June 2017)

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 30/06/2017

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.

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.
Selected Funds
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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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