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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 €50.6m*
Latest Bid Price €1.035 
Price Date 19/01/2018 

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
The fund's performance was a +0.99% over the quarter and was supported by positive results in most of the underlying strategies

Henderson European Absolute Return Fund [+0.47%]

The fund delivered 0.47% over the quarter. The long and short positions in the fund yielded mixed results. The financials and consumer discretionary sectors were the main contributors to performance on the long side. The short position in equity indices, used as portfolio insurance, detracted from performance. Financials remain the single largest sector weight in the long portfolio.Alder Currency 6% Volatility [+3.08%]

The fund gained 3.08% over the period. The fund's performance benefitted from some pronounced moves in the direction of the Dollar, the Euro and the Japanese Yen, specifically on the back of political events as well as fiscal and monetary policy announcements. The US dollar continued to weaken in July, but its decline was halted in August following better than expected economic numbers and lack of clarity on the timing of the next increase in US interest rates. In the latter part of the quarter the strongest gains were generated from movements in the Euro and the Dollar relative to the Japanese Yen.BMO Global Equity Market Neutral [1.88%]

The fund gained 1.88% over the third quarter. The strategy returns are based on equity investment styles. The GARP style was the largest contributor to performance, as stocks that exhibit consistent earnings growth but are priced at attractive valuations were the best performing. Other styles that yielded positive results were Value and Low Volatility. The main purchases for the fund comprised Boeing, PNC Financial Services, and PayPal. Finally, principal disposals consisted of Johnson & Johnson, US Bancorp, and Bank of America. Deutsche AM Multi Strategy Global Bond [+0.00%]

The fund's performance was flat over the quarter. The manager continues to be defensively positioned across core bond markets. Duration, the interest rate sensitivity of the portfolio relative to European bonds is negative on expectations of higher rates. Duration of the portfolio is close to zero in the US and has been further reduced across the UK fixed income holdings. Positions were added to corporate bonds within the financial sector, switching out of lower yielding bonds to higher yielding ones. In addition, the fund added selectively to short dated US and European corporate bonds Deutsche AM Concept K [-0.14%]

Performance of the fund over the quarter was slightly negative. The equity exposure in the fund contributed positively in Q3, likewise positions in government bonds and corporate bonds had a positive impact on the performance of the fund. The negative performance contribution came mainly from the fund's currency allocation. In particular, the losses of the US Dollar vs the Euro negatively impacted the fund's performance during the past three months. (30 Sept 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 30/09/2017

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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