Friends First Home
compare funds  Send Link as email  Download PDF
Magnet Absolute
Fund Snapshot
Launch Date 03/05/2016
Fund Manager Friends First
Risk Rating Risk Rating 3
Fund Type Asset Class Specialist Specialist
Stocks & Holdings 5
Regions Covered Regions Covered 8
Fund Size €57m*
Latest Bid Price €1.0149 
Price Date 22/05/2018 

Fund Performance

Performance Line Graph

From   To expand graph

Fund Summary
Magnet Absolute is a low to medium risk multi-manager fund of funds. It invests in number of underlying strategies each of which is aiming to produce returns which are less dependent on market direction than traditional investments. It aims for steady long term growth with a strong emphasis on minimising significant short term fluctuations in value. Magnet Absolute has two clear performance objectives:1. Aim for annualised return of cash* + 3.5% (before charges) over rolling three year periods.2. Maintain an ESMA risk rating of 3 out of 7. This equates to keeping its 5 year annualised volatility within a range of 2% to 5% a year.In doing so Friends First select complementary strategies which aim to smooth out returns and reduce over-reliance on a singleinvestment manager.

Market Commentary
The fund's performance was -2.52% over the quarter.

Henderson European Absolute Return Fund [-0.00%]

The fund return was flat over Quarter 1. The long equity positions detracted by approximately 170 basis points from performance, while the short positions contributed by approximately 150 basis points. As markets fell in March, the short equity index futures hedges proved beneficial. The performance was adversely affected by the fund's holding in British American Tobacco. There are encouraging signs that volatility and stock dispersion are making a long overdue return, providing opportunities for active fund managers in the long/short space.

Alder Currency 6% Volatility [-0.72%]

After the equity market rally/ `risk-on' trade of January and the subsequent equity market fall/ `risk-off' trades that dominated February; the markets traded by the program were more-range-bound in March. Only one of the five models in the Program produced a positive return during March. The slower trend model was able to generate small positive returns that were greater than the combined small negative returns from the Range, Yield Momentum and Yield models.

BMO Global Equity Market Neutral [-4.95%]

Quarter 1 of 2018 was challenging with four of the five styles generating a negative return. True Value and True GARP were the biggest detractors at the style level. True Momentum the only factor to produce a positive return. Walmart was the largest detractor after it issued a disappointed update on its online performance. Holdings in Nippon Electric Glass and ONO Pharmaceutical also made a negative impact. Royal Mail, L Brands and UPM-Kymmene were the biggest positive contributors.

Deutsche AM Multi Strategy Global Bond [-0.76%]

Results in the fund were mixed during the three first months of the year but ultimately the strategy performed negatively. A global equity sell-off driven by technology stocks in the US and trade tensions rising between US and China negatively impacted the corporate credit exposure during the quarter. With interest rates rising in the US, duration risk was also poorly rewarded, but bonds eventually rallied as markets sold off in March. Inflation concerns in the US remain the biggest concern over the coming months.

Deutsche AM Concept K [-3.49%]

Concept K performed negatively in Q1 2018, mainly due to negative developments in global equity markets. In addition, with the Euro strengthening, global equity exposure was negatively impacted (especially USD positions). Allocation to equities was increased after equity markets started to correct at the end of Jan. and at the end of March the net equity allocation was increased to 40% from 27%. For the remainder of 2018, the manager expects interest rates to rise in the US and duration in the fund is kept very low in the fund as a result.

(31st March 2018)

Additional Information

Management Charge
0.95% pa of fund assets plus a performance fee of typically 10% of any growth achieved above Cash.

Component Strategies 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: Friends First, 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.

Selected Funds
Fund Description Performance


From     To

expand graph     Add/Remove Fund

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 (%)
Banner Banner

 

© Friends First, Friends First House, Cherrywood Business Park, Loughlinstown, Dublin 18
Friends First Life Assurance Company dac is regulated by the Central Bank of Ireland.
Friends First is part of Achmea