Value is more than a number …
Learn More
The Cash Fund is an actively managed Fund that may invest in:
i) Euro denominated short-dated term deposits with banks and/or eligible credit institutions on Canada Life’s approved short-term borrowers list which have a minimum credit rating of A2/P2 and which are authorised to carry on a banking business in the State under Section 9 of the Central Bank Act, 1971 and/or
(ii) Euro denominated bonds issued by governments or corporates subject to a minimum average credit rating of individual securities of ‘A’ and for the portfolio an average rating of ‘AA’.
The Fund seeks to provide modest returns in exchange for relative capital security. The maximum average duration of the Fund is 4.5 months, and the maximum duration of any one asset is 1 year. The Fund has a diversified exposure, with no more than 30% credit exposure to any one entity and consideration is given to the underlying credit worthiness of the financial institution, the return and the tenure of the deposit.
The investment objective of the Cash Fund is to provide capital preservation, liquidity and yield while generating a total return above the return of 3 Month Interbank Deposit EUR (100%).
| 1 month | YTD | 1 Year | 3 Year p.a. | 5 Year p.a. | 10 Year p.a. | |
| Fund | 0.2% | 1.1% | 1.1% | 1.3% | 2.6% | 2.6% |
| Benchmark | 0.1% | 1.0% | 1.0% | 1.2% | 2.6% | 2.6% |
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| Fund | 2.9% | 4.2% | 4.8% | 1.8% | 1.0% | 1.1% |
| Benchmark | 3.1% | 4.2% | 4.8% | 1.4% | 0.8% | 1.0% |
| Counterparty | % OF FUND |
| BELGIUM TREASURY BILL | 11.4% |
| ACC BANK | 8.7% |
| FMS WERTMANAGEMENT | 8.6% |
| CAISSE D'AMORETISSEMENT DE LA DETTE | 8.6% |
| EUROPEAN FINANCIAL STABILITY FACILITY | 7.1% |
| Assets | Fund Weight |
| COMMERCIAL PAPER | 35.7% |
| GOVT. BILLS | 31.4% |
| FLOATING RATE NOTES | 14.8% |
| TIME DEPOSITS | 10.5% |
| SHORT-TERM BONDS | 2.7% |
| CASH | 5.0% |
David Ryan, CFA joined Setanta in 2003. He has 13 years experience in the asset management industry, covering equity, bond and cash mandates, most recently as a Fixed Interest manager at Swiss Re Asset Management. David’s sector responsibilities include all Fixed Interest & Cash mandates and forms part of our 3-person multi-asset team. He has a BBS Hons. (Finance) from Dublin City University and is a CFA Charterholder.
Gary Edge joined Setanta in 2000. Gary has 11 years industry experience, being with Setanta for 9 of those. Since the end of 2007 he has worked as a trader on our front desk. This role focuses on Fixed Income, money market and FX trading. Recently he has been given responsibility for managing a number of our reinsurance Fixed Income portfolios under the guidance of David Ryan. Gary has a BBS from Dublin City University. He is also a candidate of the CFA program.
Performance Source: Setanta Asset Management Limited. Benchmark: 3 Month Interbank Deposit EUR (100%). The Fund returns stated (in Euro) are based on the movements in the unit prices of a representative account, based on mid to mid prices, and are gross of management fees. The performance will be reduced by the impact of management fees paid, the amount of which varies.
The Cash Fund is managed by Setanta Asset Management Limited and is a representative account of Setanta’s cash management strategy. The Fund is currently available in Ireland via a unit-linked offering of Canada Life Assurance (Ireland) Limited. For this life assurance product, investors should refer to the relevant policy conditions. The strategy is also available on a segregated basis.
WARNING: Past performance is not a reliable indicator of future results. The price of units and the income from them may go down as well as up and investors may not get back the amount invested. The return may increase or decrease as a result of currency fluctuations. Forecasts are not a reliable indicator of future performance.
