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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 41
Regions Covered Regions Covered 4
Fund Size $1.79bn*
Latest Bid Price €1.1717 
Price Date 20/11/2017 

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 advanced 4.1% in euro terms, with the asset class finding support from general strength across the global economy and some improvement in commodity prices. Brazil (19.1%) led over the quarter amid improving sentiment on the nation's economic outlook and optimism surrounding the government's proposals for economic reform. Russia (13.7%) benefited from rising crude prices, while Chile (12.7%) was bolstered by strong performance from the mining sector. Greece (-13.8%) underperformed amid worries over its banking sector and high levels of non-performing loans. Indonesia (-4.4%) was also among the weaker performing countries amid concerns over its domestic economy. Chinese economic data were mixed, with signs of slowing momentum in the third quarter after second-quarter growth surprised on the upside, at an annual pace of 6.9%.

Activity

During the quarter, there were no material new purchases. However, we exited East African Breweries and continued to trim some positions in India on valuation grounds.

Performance

The fund underperformed its benchmark during the period (-1.1% vs 4.1%). On a sector basis, the fund's zero exposure to internet software and services companies and overweights in tobacco, food products, and food and staples retailing detracted from performance. Stock selection was also weak. ITC was the worst-performing stock in the portfolio, hurt by a tax hike on tobacco and confusion about the impact of a new goods and services tax. Other stocks that detracted from performance were Universal Robina Corp. and Icici Bank. The best-performing stock was Yes Bank. Sands China also contributed, helped by its exposure to the resilient mass market gaming segment in Macau. (30 Sept 2017)

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

Geographical Split as at 30/09/2017

Sectoral Split as at 30/09/2017

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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