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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 298
Regions Covered Regions Covered 1
Fund Size €51m*
Latest Bid Price €1.7214 
Price Date 20/11/2017 

Fund Performance

Performance Line Graph

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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 third quarter of 2017 was a broadly positive period for the world's financial markets, with a narrative of healthy economic data and strong corporate profitability underpinning equity gains. Against this robust macro backdrop, and hawkish signals from major central banks, government bonds reversed the gains achieved in the first two months of the quarter. While equity volatility remained remarkably low through much of the quarter, investors were intermittently rattled by geopolitical shifts; most notably, the ramping up of tensions between the US and North Korea over the latter's missile tests. In Europe, minimal progress was made on the terms of the UK's exit from the European Union, while unexpected gains by a right-wing party in Germany's September general election weighed on market sentiment. European equities also did well in Q3, with the Eurostoxx Index up 4.5%.

The broad thrust of economic data continues to be positive, with GDP growing by 0.6% for the second consecutive quarter in Q2 for annual year-on-year growth of 2.3% - the fastest annual pace since early 2011. Data in the third quarter thus far indicate continuing momentum, with the IHS Markit Purchasing Managers' Index for manufacturing hitting a six-year high in September. While unemployment is higher relative to the US and UK at 9.1% in August, it still represents an eight-year low. Inflation remains low at 1.5%, with core inflation at 1.1%. Eurozone markets generally had a good quarter, with Italy's FTSE MIB Index up 10.3% as banks and auto makers rallied. Portugal's All-Share Index gained 6% as Standard & Poor's reinstated its investment grade credit rating. Elsewhere, Germany's DAX and France's CAC 40 were each up a little over 4%. Skittishness ahead of the Catalan independence referendum weighed on Spanish shares, with the IBEX Index down 0.6% for the three months.

(30th Sept 2017)

Additional Information

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

Geographical Split as at 30/09/2017

Top 10 holdings as at 30/09/2017

Holdings
Total 2.49%
Bayer 2.35%
Banco Santander 2.30%
Sanofi 2.26%
Siemens 2.23%
Allianz 2.09%
SAP 2.07%
BASF 2.03%
Anheuser-Bushc InBev 1.89%
Unilever 1.88%

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.
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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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