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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 €46.7M*
Latest Bid Price €1.0235 
Price Date 22/09/2017 

Fund Performance

Performance Line Graph

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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.

Market Commentary
Results of the underlying strategies in the Magnet Absolute fund were mixed over the quarter, but ultimately the fund registered a negative performance.

Henderson European Absolute Return Fund [+2.13%]

Financials and industrials were the main contributors to performance with energy detracting. The fund remains positioned for a better inflationary outlook and the most important sector to express this view is financials. Improving market conditions in Europe, with ongoing efforts by the largest European banks to streamline their business models, have helped these banks increase their capital ratios. In addition, expectations of higher interest rates ahead lend further support to the financial sector. Notwithstanding weaker performance toward the quarter end, the managers believe European equities remain in a bull market, with value stocks set to outperform.

Alder Currency 6% Volatility [+1.82%]

The fund gained 1.82% over the period. The positive performance during Quarter 2 was broad-based. Trends in the direction of the Euro and the US dollar were the main source of outperformance. Despite a further increase in interest rates in the US, the US dollar continued to weaken. In Europe economic data continued to improve, this combined with supportive comments regarding the economic health of the Eurozone from ECB President Mario Draghi, added further strength to the Euro. BMO Global Equity Market Neutral [-2.45%]

Performance of the fund over the period was disappointing. The Growth component of the underlying strategy performed well, though this was partially off-set by a detraction from the Value component. The Quality block was flat over the period. In terms of sectors, overweight positions in autos and telecoms were the main source of underperformance.

Deutsche AM Multi Strategy Global Bond [+0.18%]

The fund registered a modest gain over the quarter. The duration in the fund was gradually reduced, bringing duration to less to 0.9 year at the end of June. The portfolio manager remains cautious on credit spreads at current tight levels and reduced exposure to credit risk going into quarter end. Profit was taken on selected emerging market positions. In the US the fund added selectively to new asset backed securities. Deutsche AM Concept K -0.49%

Performance of the fund over the quarter was slightly negative. Macro news dominated the headlines: positive economic data as well as a relief over the victory of Macron in the French presidential elections led to a positive mood across capital markets in Europe. In the US the Trump administration continued to cause headlines and led to a short-term increase in volatility. The weakness of the US-Dollar against the Euro weighed on the performance of the global equity market from a Euro investor perspective. Commodities saw the biggest downside moves as the price of oil remained under pressure. (30 June 2017)

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 30/06/2017

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.

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

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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.

  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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