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Compass Cautious
Fund Snapshot
Launch Date 03/04/2013
Fund Manager Friends First
Risk Rating Risk Rating 3
Fund Type Asset Class Mixed Mixed
Diversification Diversification 4
Stocks & Holdings > 1000
Regions Covered Regions Covered 8
Fund Size €123.9M*
Latest Bid Price €1.2156 
Price Date 22/09/2017 

Fund Performance

Performance Line Graph

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Fund Summary
Compass Cautious is a low to medium risk fund. This fund mainly invests in defensive assets such as government and corporate bonds but will have some exposure to equity markets and other growth and alternative assets. There is strong emphasis on diversification within the fund. The fund targets a volatility range of 2% to 5% over a rolling five year period. The fund will predominantly use indexed funds to provide cost effective exposure to various asset classes. The underlying assets of the fund may change.

Market Commentary
Central bank policy shifts dominated market sentiment during the quarter. The US Federal Reserve led the way by raising its benchmark interest rate a second time since the beginning of 2017. The ECB signalled tighter monetary conditions ahead. Similarly, the Bank of England, which started phasing out its asset purchase program in 2014, is also considering hiking interest rates.

Despite policy concerns, financial assets were generally well supported over the past three months, as both bonds and equities advanced globally. Results in the Compass multi-asset funds, however, were broadly negative due to the decline in non-euro equities and a drop in commodity prices.

Eurozone equities advanced in the second quarter as markets responded positively to political events in France with the election of pro-EU candidate Emmanuel Macron.

The Irish Property Fund has been active with new lettings and acquisitions with performance slightly dampened by redevelopment projects due to tenants vacating in anticipation of works. The UK Select Property Fund had an exceptional uplift as the two Bromley properties contracted to sell at a 45% premium.

The largest detractor from performance over the quarter were commodities mainly driven by lower prices in the energy and precious metal sector. Base metals in general were down on concerns of weaker demand from China. Absolute Return Funds had a positive contribution to performance: the Market Neutral and Multi Strategy Global Bond posted modest gains, while the Insight Currency fund reversed losses from the previous quarter and gained 3.42%.

As we enter the second half of the year macroeconomic and policy risks remain at the forefront. The unwinding of unprecedented Central Bank intervention carries significant uncertainty for investors; challenges as well as opportunities abound into today's financial markets. Far from making predictions as to what economic or interest rate environment we can expect going forward, it is important to ignore unpredictable market gyrations and focus instead on long-term investment objectives.

The Compass Range maintains a disciplined investment approach that consistently seeks to deliver reliable outcomes for clients. Based on your capacity for risk, each profile seeks efficient ways to capitalise on the long-term potential of traditional and alternative asset classes, whilst minimising risk across diversified sources of risk and return. (30th June 2017)

Additional Information

Management Charge
0.75% pa of fund assets. Please refer to policy conditions for policy charges.

Asset Allocation as at 30/06/2017

Underlying Funds as at 30/06/2017

Fund Manager %
Indexed European Corporate Bond SSgA 20.07%
Indexed Eurozone Goverment Bond SSgA 14.93%
European Corporate Bond F&C 9.92%
Indexed Global (Ex Euro) Equity SSgA 9.06%
Multi Strategy Global Bond Deutsche 8.77%
CALM Euro Equity Alder 7.61%
Market Neutral Insight 6.37%
Indexed Eurozone Long Bond SSgA 4.88%
Irish Commercial Friends First 4.40%
Indexed Eurozone Equity SSgA 3.85%
Insight Currency Alder 2.90%
Commodities Optimum Yield Deutsche 2.74%
Indexed Emerging Markets SSgA 1.95%
Emerging Markets High Yield Equity KBI 1.31%
UK Select Friends First 1.24%

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. Performance figures are as per 'price date'. Asset Information source: Friends First, unless otherwise stated. * 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
Fund Description Performance

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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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