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KBI Emerging Mkts Hi Yield Eq
Fund Snapshot
Launch Date 30/03/2015
Fund Manager KBI Global Investors
Risk Rating Risk Rating 6
Fund Type Asset Class Regional Equity Regional Equity
Stocks & Holdings 119
Regions Covered Regions Covered 4
Fund Size €240m*
Latest Bid Price €1.041 
Price Date 22/05/2018 

Fund Performance

Performance Line Graph

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Fund Summary
This is an equity fund which invests in high quality companies across the emerging economies of the world which are paying sustainable, higher dividends relative to their industry peers. The strategy adopts a rigorous stock selection process to eliminate regional and industry sector bias. 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. The fund can be volatile over short to medium term periods.

Market Commentary
Market_Commentary_Photo_6.jpg Global equity markets sold off as the quarter progressed as risk-off sentiment gathered momentum. The recovery following the initial sell-off in early February was short lived following the introduction of import tariffs by the Trump administration and some concern that the Federal Reserve might raise rates four times during 2018. Global growth in conjunction with robust earnings growth as well as a weaker US dollar helped emerging markets to outperform developed markets over the quarter. The MSCI Emerging Markets Index registered a decline of 1%.

There were few clear trends in terms of industry group performance with semiconductors and energy among the best performing groups alongside defensive industry groups such as pharmaceuticals, healthcare and utilities. Media was the worst performing industry group while automobiles also had a very difficult month. Several defensive industries performed poorly including insurance, telecoms and household and personal products. Latin America was the best performing region posting a strong rise, led by Brazil due to faster than expected economic recovery while investors also responded positively to the upholding of ex-President Lula's corruption conviction. Both Asian and EMEA equities declined over the quarter. Value marginally outperformed growth over the quarter. Growth continued to outperform in Asia while value outperformed by a significant margin in EMEA and in Latin America. High yield outperformed buoyed by particularly strong performance in EMEA although it underperformed in Latin America. Quality characteristics were not favoured by investors. Mid cap stocks were the best performers over the quarter whereas small cap stocks struggled. The strategy registered a slight decline but outperformed the index.

Relative stock selection contributed positively to performance in banks, technology hardware and real estate. In banks, the Agricultural Bank of China rose strongly as preliminary results showed an improved margin due to effective loan repricing and funding cost control. In technology hardware, Taiwanese Micro-Star International rose strongly as the company revealed very strong sales revenue in the first two months of 2018 as its gaming market scale continues to expand given the demand for raised hardware specification in the gaming market and the launch of several innovative mobile games. Relative stock selection detracted from performance in software, diversified financials and consumer durables.

Dividend Yield at end of the quarter was 3.5%(31st March 2018)

Management Charge
0.85% pa of fund assets. Please refer to policy conditions for policy charges.

Sector Split as at 31/03/2018

Sector Fund % Index %
INFORMATION TECHNOLOGY 28.11 27.77%
FINANCIALS 23.97 24.02%
CONSUMER DISCRETIONARY 9.77 9.46%
MATERIALS 7.46 7.32%
ENERGY 6.6 7.19%
CONSUMER STAPLES 6.58 6.44%
INDUSTRIALS 6.5 5.19%
TELECOMMUNICATION SERVICES 5.16 4.58%
REAL ESTATE 1.7 2.84%
HEALTH CARE 2.43 2.82%
UTILITIES 1.73 2.37%

Top 10 Holdings as at 31/03/2018

Holding Country % of Fund
TAIWAN SEMICON.MNFG. TAIWAN 5.83%
CHINA CON.BANK -H- CHINA 3.96%
TATA CONSULTANCY SVS. INDIA 3.17%
NCSOFT KOREA 2.98%
INDL&COML.BOC.-H- CHINA 2.91%
NETEASE ADR 1:25 CHINA 2.64%
INFOSYS INDIA 2.53%
BAJAJ AUTO INDIA 2.25%
HCL TECHNOLOGIES INDIA 2.19%
HINDUSTAN UNILEVER INDIA 1.76%

Geographical Split as at 31/03/2018

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: KBI, 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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