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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 €34.7M*
Latest Bid Price €0.9354 
Price Date 22/09/2017 

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
The first half of the second quarter saw European equities continue the strong rally seen in the previous six months. A combination of diminishing political risk and positive economic data release saw the Eurostoxx 50 Index rise over 5% within Q2, however, the gains did not last to the end of the quarter as belief that the ECB could start to tighten policy became more of a concern for investors.

Much of the gains were seen in response to the result of the first round of the French presidential election, the market rallied over 3.5% on the 24 April, the day after Emmanuel Macron and Marine Le Pen were confirmed as the two candidates that would progress to the second round. The market rally was a clear response to the broad expectation the Macron would secure victory in the second round, as this became more apparent the market rallied further, the total gain for the Index in the 9 days from 24 April was 6.5%.

Economic news continued to be positive throughout the quarter, indicators such as the German Ifo business survey reached a record high in June, corporate earnings were positive with many companies showing growth in both sales and profits. Inflation data also remained subdued with Eurozone annual inflation hitting 1.3% in June, down slightly from 1.4% in the previous month.

After the Index reached its high for the quarter in early May there was a general weakening trend toward the end of the month. This trend accelerated in the last few days of the quarter as positive remarks by ECB President Draghi in the last week of the quarter were interpreted to mean that economic stimulus measures could be withdrawn sooner than previously expected. This pull-back wiped away much of the market gains with the Index finishing the quarter up less than 1%.

Equity market volatility rose around the time of the first round of the French election but generally remained low compared to its history. The Fund produced a return broadly in line with the Index for the quarter with a volatility of returns in line with the 8% target level, this was approximately two-thirds of the volatility of the Index returns during the quarter.

(30th June 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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