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Indexed US Equity
Fund Snapshot
Launch Date 03/04/2013
Fund Manager State Street Global Advisors
Risk Rating Risk Rating 6
Fund Type Asset Class Regional Equity Regional Equity
Diversification Diversification 2
Stocks & Holdings 633
Regions Covered Regions Covered 1
Fund Size $1,685m*
Latest Bid Price €1.9349 
Price Date 19/01/2018 

Fund Performance

Performance Line Graph

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Fund Summary
The objective of this fund is to provide broad exposure to US Equity markets. It does so by aiming to track the performance of underlying indices rather than by active management. The fund is currently aiming to track the MSCI USA Index through an SSgA managed fundbut may elect to track other appropriate indices. The fund is expected to achieve strong returns in the longer term based on the performance of equity markets. This fund is also expected to be more volatile than a mixed asset fund given the higher equity content and is suited to a longer term investment horizon.

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.

The Federal Reserve (Fed) announced plans to start `normalising' its balance sheet from October. It will begin gradually decreasing the reinvestment of principal payments received when securities bought under its asset purchasing program mature. The market also placed a higher probability on rate increase in December, with three similar hikes anticipated to follow in 2018.

US economic data was generally strong, with Q2 GDP growth recorded at 3.1% annualised. The jobs market remains healthy, notwithstanding the impact from Hurricanes Harvey and Irma that temporarily drove jobless claims higher. The storms will result in slower Q3 growth, but the reconstruction process will likely boost Q4 growth. The Conference Board's consumer confidence index remains close to a 16-year high, although annual wage growth was stuck at 2.5% in each of the five months to August.

The S&P 500 Index was up 3.6% for the quarter. Corporate newsflow was generally positive - US earnings growth of c.10.3% in Q2 meant that profits grew by double-digits in consecutive quarters for the first time since 2011. Sector leadership came from technology, energy and materials; consumer staples and discretionary stocks were among the poorest performers, joined by real estate as interest rates looked set to rise.

(30th Sept 2017)

Additional Information

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

Sector Breakdown v Benchmark (MSCI USA) as at 30/09/2017

Sector Fund (%) Benchmark (%)
Information Technology 22.37 23.40%
Financials 14.52 14.52%
Health Care 14.19 14.20%
Consumer Discretionary 12.53 12.47%
Industrials 9.92 9.92%
Consumer Staples 8.05 8.04%
Energy 6.11 6.11%
Utilities 3.04 3.06%
Materials 3.03 3.04%
Real Estate 3.02 3.03%
Telecommunication 2.2 2.21%

Top 10 stocks 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: 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: 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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