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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 2869
Regions Covered Regions Covered 5
Fund Size €62.3m*
Latest Bid Price €1.1724 
Price Date 22/05/2018 

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.

Market

The MSCI ACWI NDR (EUR terms) fell 3.3% in euro terms, against the backdrop of rising market volatility and increased risk aversion. While global economic data remained generally strong, rising US inflation stoked investors' worries over the extent of the Federal Reserve's (Fed) interest rate tightening cycle. US survey data on manufacturing and services continued to point to robust expansion. Citing a strengthening economic outlook, the Fed raised interest rates by 0.25% to a range of 1.5% to 1.75%. In contrast, the European Central Bank appeared more likely to extend its quantitative easing programme beyond September as eurozone inflation eased. Chinese economic data was generally robust, suggesting the economy was experiencing solid momentum. However, President Trump's decision to impose tariffs on US imports raised fears over a possible trade war.

Activity

In terms of geographical positioning, the fund manager retained overweight positions in Europe ex UK, Japan and emerging markets. They did, however, reduce the size of the overweight in Europe ex UK equities. While remaining underweight, they raised the exposure to UK equities. Japan was the fund's largest overweight, though they also retained the overweight position in emerging markets. They maintained underweights to both North American and Asia Pacific ex Japan equities.

Performance

The fund outperformed its benchmark over the quarter (-2.7% vs -3.3%). Overall positioning on a regional basis contributed positively. The portfolio's overweights in Japan and emerging market equities added value, with these markets outperforming the global average over the quarter. At the same time, our underweights in UK and Pacific ex Japan equities were also positive for relative performance.

(31st March 2018)

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

Asset Allocation as at 31/03/2018

Equity Geographical Split as at 31/03/2018

Top 10 Stocks as a % of Equities as at 31/03/2018

Holding Country % of Equities
Apple Inc United States 2.93%
Microsoft Corp United States 1.69%
Cisco Systems United States 1.52%
Home Depot United States 1.47%
Citigroup United States 1.44%
Unitedhealth Group United States 1.44%
Boeing Co United States 1.42%
Walmart United States 1.38%
Jpmorgan Chase and Co United States 1.34%
Amgen Inc United States 1.29%

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.

The funds referred to on this page may be linked to an insurance-based investment product and the Key Information Document (KID) for this product is available at www.friendsfirst.ie/kids. The Risk Ratings of the funds referred to in this document differ from the corresponding Summary Risk Indicators shown in the KID. An explanation of the differences between the Risk Rating and the Summary Risk Indicator is available at the location above.

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

The funds referred to on this page may be linked to an insurance-based investment product and the Key Information Document (KID) for this product is available at www.friendsfirst.ie/kids. The Risk Ratings of the funds referred to in this document differ from the corresponding Summary Risk Indicators shown in the KID. An explanation of the differences between the Risk Rating and the Summary Risk Indicator is available at the location above.

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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