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Explorer (Emerging Markets)
Fund Snapshot
Launch Date 24/10/2007
Fund Manager LGM Investments
Risk Rating Risk Rating 6
Fund Type Asset Class Regional Equity Regional Equity
Diversification Diversification 4
Stocks & Holdings 39
Regions Covered Regions Covered 4
Fund Size $532M*
Latest Bid Price €1.1756 
Price Date 22/09/2017 

Fund Performance

Performance Line Graph

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Fund Summary
The objective of the Fund is to exploit opportunities for capital growth provided by investment in the world's less developed countries. The portfolio will comprise of ordinary shares of those countries and may include investment in funds and schemes which in turn invest in those countries or certificates representing securities in those countries. The Fund looks to provide access to our best investment ideas through a concentrated, aggressively managed portfolio of shares in emerging markets. As an equity fund, this fund has a potentially high return but also a very high risk profile given the risks inherent in investing in emerging market equities.

Market Commentary
Market

The MCSI Emerging Markets NR index returned -0.3% in euro terms, owing to the appreciation of the euro versus most currencies (6.2% versus the US dollar). Despite faltering commodities prices, interest rate tightening from the Federal Reserve and a more hawkish tone being adopted by certain other major central banks, investor risk appetite generally remained buoyant. Greece (26.6%) stood out as by far the strongest performer over the three-month period in euro terms as another €8.5bn tranche of bailout funds was approved. Turkey (12.3%) was boosted by a resumption in growth along with the removal of political uncertainty following its referendum on constitutional amendments. Russia (-15.4%) was hit by waning oil prices and a widening of US imposed sanctions. Brazil (-12.8%) lagged due to corruption allegations levelled at President Michel Temer and weaker commodity prices.

Activity

During the quarter, the fund manager initiated a position in Western Union, the global money transfer operation. They reduced positions in both India and Indonesia on valuation grounds. The fund manager exited Indian positions in Jyothy Laboratories and Mahindra & Mahindra, while trimming several other holdings including Yes Bank and Titan. In Indonesia, they sold shares in Unilever Indonesia, Sampoerna, and Kalbe.

Performance

The fund outperformed its benchmark during the period. Strong stock selection was the main contributor, with many of the portfolio's holdings continuing to rebound in value following a weak performance in the fourth quarter. Yum China, a fast food restaurant chain that serves the mainland Chinese market, was the best-performing stock, helped by an increase in mobile payments and home deliveries. Turkish retailer Bim Birlesik Magazalar also performed well. On an asset allocation basis, the overweight in banks helped the portfolio's relative outperformance. However, a holding in Yes Bank, where there was profit taking following an increase in the share price, detracted. (30 June 2017)

Management Charge
1.15% pa of fund assets. Please refer to policy conditions for policy charges.

Geographical Split as at 30/06/2017

Sectoral Split as at 30/06/2017

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: LGM Investments, 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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