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Concept K
Fund Snapshot
Launch Date 03/05/2016
Fund Manager Deutsche AM
Risk Rating Risk Rating 4
Fund Type Asset Class Specialist Specialist
Stocks & Holdings >100
Regions Covered Regions Covered 8
Fund Size €6.4bn*
Latest Bid Price €1.1001 
Price Date 22/05/2018 

Fund Performance

Performance Line Graph

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Fund Summary
Concept K is an investment fund which aims to produce long term growth but with less of the volatility usually associated with stock market investing. The fund looks to produce a return for investors by investing across many different markets in whatever proportions the fund managers consider appropriate depending on market conditions. The fund primarily invests in company shares, government & corporate bonds, cash, gold and currencies. It can also use derivatives to implement investment ideas.

Market Commentary
Performance:

Deutsche Concept Kaldemorgen performed negatively in Q1 2018, mainly due to negative developments in the global equity markets. With the Euro strengthening, FX CCY positions moved negatively (especially USD positions); but the effect was reduced by FX hedge positions of the portfolio. At the end of March the dividend yield of the equity portfolio was at 3.5% and the yield of the fixed income portfolio was at 2.6%

Allocation:

The net equity allocation was increased after equity markets started to correct at the end of January. At the end of March the net equity allocation was increased to 40% versus 27%, during start of the year. The regional focus is still on Europe; however the net equity allocation in US equities was increased during the period, by reducing the hedge positions. The allocation to fixed income instruments was on average 28%, with focus on corporate bonds versus government bonds. Duration was still kept low at almost 0 years. The USD exposure was at around 20% on average throughout Q1.

Outlook:

Deutsche do not believe there would be an escalation in the trade war discussions; but whilst discussions are happening, they do believe this might cause more volatility in the coming period. Additionally, they expect interest rates would rise in the US; and with relatively better developments in the US over the European economy, there is a good reason for the USD to appreciate. In the fixed income portfolio our intention is to continue with lower duration strategy. And on equity side, our focus would be on European stocks with attractive dividend yields.

(31st March 2018)

Additional Information

Management Charge
1.00% pa of fund assets plus a performance fee of 15% of growth above the higher of 0% or EONIA, (the Euro Overnight Index average rate) subject to a High Water Mark calculated at the end of the previous year. For more details see the link to "Funds that incur Performance Fees" shown above.

Asset Allocation as at 31/03/2018

Asset Allocation
Equities 40.40%
Cash 20.29%
Corporate Bonds 19.06%
Government Bonds 14.30%
Gold 6.00%
Equity Derivatives -0.71%
Fixed Interest Derivatives -4.97%

Equities, Regional Breakdown as at 31/03/2018

Region
Eurozone 21.90%
North America 8.40%
Switzerland 3.50%
United Kingdom 2.60%
Asia ex Japan 2.10%
Japan 2.00%

Fixed Income, Regional Breakdown as at 31/03/2018

Region
Eurozone 13.80%
North America 13.00%
Europe exEU 3.40%
Latin America 2.20%
Others 1.00%

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: Deutsche Asset Management, 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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