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Protected Equity+ 3 Fund
Fund Snapshot
Launch Date 01/06/2010
Fund Manager BMO Global Asset Management
Risk Rating Risk Rating 4
Fund Type Asset Class Specialist Specialist
Diversification Diversification 4
Stocks & Holdings 2815
Regions Covered Regions Covered 5
Fund Size €73M*
Latest Bid Price €1.1645 
Price Date 22/09/2017 

Fund Performance

Performance Line Graph

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Fund Summary
This is a unit linked fund investing in international equities and cash. It provides dynamic asset allocation with daily rebalancing between asset classes. There is price protection in that the fund bid price cannot fall below 85% of its highest ever value. This fund is expected to be less volatile than an equity fund and hence the fund carries a medium risk profile.

Market Commentary
Protected Price PE+3 €1.0949.


The MSCI ACWI NDR (EUR terms) declined by 2.2%, with an appreciation in the euro versus other major currencies adversely impacting returns for eurozone-based investors (6.2% versus the US dollar). The Federal Reserve increased interest rates to 1.25%, while also outlining plans to reduce the size of its balance sheet. This was despite some weaker readings from the US economy, including slower inflation. Elsewhere, the European Central Bank signalled it was becoming more confident on the outlook, viewing less need for monetary easing. On the political front, there was some good news as the triumph of centrist candidate Emmanuel Macron in the French presidential election was viewed as reducing risk across the eurozone. In the UK, however, June's snap general election resulted in a hung parliament, leaving the government appearing weak as it faces the challenges of Brexit negotiations.


In terms of geographical positioning, we increased our overweight positions in Europe and emerging markets, and maintained an overweight in Japan. For the UK, we reduced the underweight position. Our allocation in Pacific ex-Japan was increased but still remains underweight.


The fund outperformed its benchmark over the quarter (-1.4% vs -2.2%). Within equities, our overweight positions in Europe ex UK and Japan contributed positively, as did the underweights in the US and Pacific ex Japan. (30 June 2017)

Management Charge
1.35% pa of fund assets. Please refer to policy conditions for policy charges.

Asset Allocation as at 30/06/2017

Equity Geographical Split as at 30/06/2017

Top 10 Stocks as a % of Equities as at 30/06/2017

Holding Country % of Equities
Apple Inc United States 2.68%
JP Morgan Chase United States 1.68%
Citigroup Inc United States 1.58%
Amgen Inc United States 1.43%
Boeing United States 1.36%
Gilead Sciences United States 1.36%
Home Depot United States 1.36%
United Health United States 1.35%
Cisco Systems United States 1.32%
Wal-mart Stores United States 1.27%

Price Protection for PE+3 investors is provided by Deutsche Bank AG London branch (an investment bank with a current long term counterparty Standard and Poors rating of BBB+). In the event the price protection is called upon by Friends First, and Deutsche Bank, London Branch fails to pay Friends First then Friends First will not be responsible for making up any shortfall and the price protection will not apply. 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. If equity markets fall significantly, the fund could become 100% invested in cash. In this situation, the fund will then only earn cash rates of return. Asset Information source: BMO Ireland, 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
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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.

  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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