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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 €50.9m*
Latest Bid Price €3.0618 
Price Date 19/01/2018 

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
Q3 2017 had several geopolitical events that could have brought more volatility to the market however the various announcements and the German elections in September caused very little stir for investors and low volatility in both equity and currency markets prevailed.

Perhaps the single most noteworthy characteristic of the financial markets during July was indeed the lack of volatility. Uncertainty regarding US domestic policy and international policy, particularly relations with Russia, North Korea and China seemed to be largely ignored by investors as the VIX (Volatility) Index hit a historic low.

The US dollar continued to weaken against the Euro. Investor sentiment toward Eurozone economic prospects continued to recover, evidenced by the oversubscribed auction of the first issuance of Greek sovereign debt since the crisis. The Euro finished the month close to 1.18 vs the USD having started the year close to 1.04.

In August market volatility picked up following geopolitical uncertainty relating to the ongoing and escalating situation in North Korea. The US dollar decline halted in August following better than expected economic numbers and lack of clarity on the timing of the next increase in US interest rates from the FOMC. At the Jackson Hole meeting Fed Chairman Janet Yellen refrained from any strong policy remarks and ECB president Mario Draghi did not overtly focus on the strength of the Euro, leading to the US dollar weakening at the end of the month.

In September, Central Banks were active. The Bank of Canada raised interest rates for a second time across the summer. ECB President Mario Draghi made several references to the potential hazards of over-strengthening of the Euro. The US Federal Reserve announced the start of its balance sheet reduction program and its commitment to the planned interest rate rise in December boosting the US dollar. Chancellor Merkel won the German general election however, the total number of seats was lower than expected, the result produced more sellers of the Euro.

Performance Review

July provided opportunities for our trend capture models where we made our strongest gains for the quarter in both our slow trend model and fast trend model in movements in the EUR/USD and AUD/ USD. Four of the five models traded, produced positive returns. July Return = +6.8%

August proved to be a more challenging environment with the small negative contributions being seen from our fast trending, Momentum of yield and Ranging models. August Return = -2.61%

In September four out of the five trading models that make up the program produced positive returns during the month of September. The strongest gains were in the fast trend model with gains from EUR/JPY and USD/JPY. September Return = 1.98% (30th Sept 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 30/09/2017

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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