Friends First Home
compare funds  Send Link as email  Download PDF
Indexed Eurozone Equity Fund
Fund Snapshot
Launch Date 01/04/2010
Fund Manager State Street Global Advisors
Risk Rating Risk Rating 6
Fund Type Asset Class Regional Equity Regional Equity
Diversification Diversification 4
Stocks & Holdings 292
Regions Covered Regions Covered 1
Fund Size €49M*
Latest Bid Price €1.7109 
Price Date 22/09/2017 

Fund Performance

Performance Line Graph

From     To expand graph

Fund Summary
The objective of this fund is to provide broad exposure to Eurozone equity markets. It does so by aiming to track the performance of an underlying index of Eurozone shares rather than by active management. The fund is currently aiming to track the FTSE Developed Eurozone Index through an SSgA Ireland managed fund but may elect to track other appropriate Eurozone indices. The FTSE Developed Eurozone Index comprises large and mid cap stocks providing coverage of the 11 developed markets in the Eurozone. 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.

Market Commentary
The second quarter of 2017 delivered largely positive returns for investors in risk assets, as the economic and political landscape became more favourable amid strengthening data and diminishing concerns about the rise of anti-EU populism. At the start of the year, headlines had been dominated by political instability and its potential to undermine the eurozone recovery. However, Emmanuel Macron's resounding success in the French presidential and parliamentary elections largely removed this concern, while the anti-EU Five Star Movement in Italy failed to make an expected breakthrough in municipal elections. Meanwhile, opinion polls indicate that Angela Merkel's Christian Democrat Party is building momentum ahead of the German state elections in September. There was nochange in European Central Bank (ECB) policy, but towards the end of June the bank's President Mario Draghi indicated that it may be able to commence a normalisation of monetary policy soon; this was the catalyst for a late-quarter sell-off in bond markets.

Data out of the eurozone was generally positive with first-quarter GDP growth reported at 0.6%, suggesting that growth can at least match last year's 1.8% number. Forward-looking indicators, such as the Markit Composite Purchasing Manager Index (PMI), suggest there is reasonable momentum in the region, while steady improvements in the labour market and solid retail sales data are also supportive. There is little evidence that inflation is likely to break higher with the most recent CPI readings at 1.3% and 1.1% for headline and core respectively. The eurozone's main stock markets had a flattish second quarter with Germany's DAX Index up 0.1% and France's CAC 40 Index flat, while the Euro Stoxx 600 gained 1.2%. The main stories were centred on Italy, Spain and Greece, with bank bailouts the main news in the first two and the latest round of bailout funds being approved by eurozone governments for Greece. On the back of this, Greece's ASE Index advanced 23.7%, while Italy's FTSE MIB Index was up 0.5% and Spain's IBEX 35 Index was down 0.2%.

(30th June 2017)

Additional Information

Management Charge
0.65% pa of fund assets. Please refer to policy conditions for policy charges.

Geographical Split as at 30/06/2017

Top 10 holdings as at 30/06/2017

Total 2.49%
Bayer 2.44%
Siemens 2.39%
Sanofi 2.34%
Banco Santander 2.16%
SAP 2.16%
Allianz 2.04%
Unllever 1.97%
BASF 1.94%
Anheuser-Bushc InBev 1.91%

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: Asset Information source: SSgA, unless otherwise stated. State Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. 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: 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.

  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