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CALM Euro Equity Fund
Fund Snapshot
Launch Date 27/05/2015
Fund Manager Alder Capital
Risk Rating Risk Rating 4
Fund Type Asset Class Specialist Specialist
Stocks & Holdings 50
Regions Covered Regions Covered 1
Fund Size €38.6m*
Latest Bid Price €0.9367 
Price Date 20/11/2017 

Fund Performance

Performance Line Graph

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Fund Summary
The CALM Euro Equity fund follows a rule-based or systematic investment strategy which gives investors exposure to the performance of Eurozone equities while aiming to control the volatility normally associated with this type of investment. The target level of volatility is c. 8%. It controls volatility by increasing or decreasing its exposure to equites depending on the predicted level of volatility in the market. The fund Primarily invests in Eurozone Equities using derivatives and will also hold cash deposits and government bonds. This fund is expected to be less volatile than an equity fund and hence the fund carries a medium risk profile.

Market Commentary
In July Equity market volatility remained at very low levels. The VIX Index of the S&P500 hit a record low and both realised volatility and the CALM forecast volatility for the EURO STOXX 50 index continued to register low levels, allowing the CALM Equity Program to invest in higher levels of equity across the month. The EURO STOXX 50 index appeared to lose momentum in July and finished the month very slightly negative. Investor sentiment toward Eurozone economic prospects continued to recover, this was most clearly seen in the oversubscribed auction of the first issuance of Greek sovereign debt since the crisis.

Low levels of volatility continued again across the month of August and the CALM forecast volatility for the EURO STOXX 50 index continued to register levels below 15% for most of the month. The impact of geopolitical risk was reflected in a couple of small spikes following concerns in global equity markets over tensions between North Korea and the USA. This was reflected in a move lower of more than 3% for equities for a short period. The EURO STOXX 50 index traded in a tight range during August giving small negative returns for the month.

Equity market volatility remained at low levels again during September, with the exception of the first few trading days of the month, the EURO STOXX 50 index rallied consistently throughout the month. With the low level of forecast volatility during the month the CALM Equity Program maintained high exposure to the market index during September. As forecast volatility fell further during the middle of September, the Program's level of exposure reached the highest levels seen since live trading commenced in May 2015.

The recovery in the European economy has provided the backdrop for the strength of the Euro during 2017, these same factors appeared to be behind the equity market strength during September.

Economic sentiment continued to improve in Europe with both corporate earnings and GDP data providing support to the equity market. German unemployment fell to a record low in September and Eurozone inflation remained stable. A key driver of the September rally was banking stocks, on expectations that central banks in the US and Europe will tighten monetary policy in the coming months.

(30th Sept 2017)

Management Charge
1.00% pa of fund assets. Please refer to policy conditions for policy charges.

This fund should be considered as being a medium-long term investment. To be able to change its exposure to equities swiftly, cheaply, and frequently this fund may include financial derivative instruments. Access to your investment in this fund may in periods of adverse investment conditions be restricted for up to one month. Asset Information source: Alder Capital, 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: 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

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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