Friends First Home
compare funds  Send Link as email  Download PDF
KBI Eurozone High Yield Equity
Fund Snapshot
Launch Date 01/04/2007
Fund Manager Kleinwort Benson Investors
Risk Rating Risk Rating 6
Fund Type Asset Class Regional Equity Regional Equity
Diversification Diversification 3
Stocks & Holdings 55
Regions Covered Regions Covered 1
Fund Size €75.5m*
Latest Bid Price €1.2754 
Price Date 20/11/2017 

Fund Performance

Performance Line Graph

From     To expand graph

Fund Summary
This is a Euro equity fund which invests in companies that pay higher dividends than their industry peers. In addition it adopts a quantitative stock selection process to eliminate industry sector bias. As an equity fund, this fund has a potentially high return but also a high risk profile given the risks inherent in investing in equities. The fund can be volatile over short to medium term periods.

Market Commentary
Market_Commentary_Photo_6.jpg The tenth anniversary of what many regard as the beginning of the global financial crisis passed with little fanfare in the third quarter. Stock markets remain buoyant, and increasingly fuelled by positive earnings news, the long rally underway since March 2009 shows little sign of abating. The MSCI EMU Index was up 4.3% on the quarter.

There was very little to choose between value and growth over the quarter with value outperforming by a relatively modest 0.4%. Quality remained out of favour while high yield also struggled. Small cap stocks generated the best returns as large cap stocks struggled on a relative basis.

The Fund registered a strong gain, slightly underperforming the benchmark on the quarter. Relative stock selection contributed positively to performance in consumer durables, software and diversified financials. In consumer durables, Hugo Boss made strong gains as second quarter results announced at the start of August showed positive like for like sales in its own retail business following a long lean spell. Management reiterated that 2017 will be a year of transition following the measures introduced in 2016 to restructure the group.

In software, Cap Gemini, the French information technology consulting corporation, registered a strong rise as market positioning is improving in the shift to digital and this improved position will support accelerating growth. Cap Gemini is one of the few companies that can provide digital expertise while at the same time enabling companies to fund that investment through rationalising traditional IT, all on a global basis.

Relative stock selection detracted from performance in utilities, capital goods and automobiles. In automobiles, the underweight position in Fiat Chrysler detracted from performance as it posted a strong rise. Shares traded up sharply on press speculation about the sale of brands and components. The CEO stated in September that Maserati and Alfa are "too immature" to be spun off while acknowledging that the company must be purified from some non-core assets in the component business. Investors are concerned that Fiat Chrysler doesn't have the critical mass and balance sheet to successfully transition into the future mobility world.

Dividend Yield at end of the quarter was 3.9% (30th Sept 2017)

Additional Information

Management Charge
0.85% pa of fund assets. Please refer to policy conditions for policy charges.

Sector Split as at 30/09/2017

Sector Fund % Index %
FINANCIALS 23.87 20.92%
INDUSTRIALS 15.91 14.68%
CONSUMER DISCRETIONARY 13.14 13.62%
CONSUMER STAPLES 8.46 10.09%
HEALTH CARE 8.09 8.46%
MATERIALS 9.75 8.40%
INFORMATION TECHNOLOGY 3.97 7.91%
ENERGY 7.05 5.11%
UTILITIES 4.88 5.06%
TELECOMMUNICATION SERVICES 1.98 4.03%
REAL ESTATE 2.91 1.72%

Top 10 Holdings as at 30/09/2017

Holding Country % of Fund
DAIMLER GERMANY 6.04%
SANOFI FRANCE 5.80%
TOTAL FRANCE 4.67%
INTESA SANPAOLO RSP ITALY 4.56%
BASF GERMANY 4.28%
EVONIK INDUSTRIES GERMANY 4.06%
NATIXIS FRANCE 3.96%
GAS NATURAL SDG SPAIN 3.94%
AXA FRANCE 3.92%
BNP PARIBAS FRANCE 3.24%

Geographical 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: KBI, 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
Fund Description Performance


From     To

expand graph     Add/Remove Fund

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 (%)

You have selected the maximum number of funds (5)

Banner Banner

 

© Friends First, Friends First House, Cherrywood Business Park, Loughlinstown, Dublin 18
Friends First Life Assurance Company dac is regulated by the Central Bank of Ireland.
Friends First is part of Achmea