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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 35
Regions Covered Regions Covered 4
Fund Size $1.91bn*
Latest Bid Price €1.1847 
Price Date 22/05/2018 

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 outperformed the global average returning -1.0% in euro terms. Despite a pickup in global market volatility amid worries over rising US inflation, emerging markets were largely unfazed by the Federal Reserve's move to tighten US interest rates by 0.25% in March. A buoyant global growth outlook also helped to counteract worries over increased protectionism as President Trump imposed tariffs on US imports. Egypt (11.4%) was the strongest performing market over the quarter, lifted by expectations that Abdel-Fattah El-Sisi would be overwhelmingly re-elected as president. Brazil (9.4%) was another top performer, supported by the judicial decision to uphold the conviction of former president Luiz Inácio Lula da Silva and continued improvement in the economic outlook. The Philippines (-12.8%) was the worst performer amid currency weakness and worries over the government's fiscal strategy.

Activity:

During the quarter, the fund manager invested in Eastern Tobacco and Chinese instant noodle maker Tingyi. We sold shares in Mexican food firm Grupo Herdez and Hanjaya Mandala Sampoerna, an Indonesian tobacco company.

Performance:

The fund underperformed its benchmark during the period (-3.9% vs -1.0%). Overweights in tobacco and personal products, and underweight positions relative to the benchmark in oil, gas, and consumable fuels and in semiconductors, held back performance. In terms of individual contributors, overweights in South African apparel retailer Mr Price, Egypt's Commercial International Bank, and Chinese flavourings group Foshan Haitian were positive for the portfolio. However, overweight positions in BAT Malaysia and Indian conglomerate were among those that detracted.

(31st Dec 2017)

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

Geographical Split as at 31/03/2018

Sectoral Split as at 31/03/2018

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.

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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