2016 PM MASTER Prospectus Cover ENG (PR022592-1104169) FA-D.ai 1 4/14/2016 11:38:01 AM
Responsibility Statement
This Master Prospectus has been reviewed and approved by the directors of Public Mutual Berhad and they
collectively and individually accept full responsibility for the accuracy of the information. Having made all reasonable
enquiries, they confirm to the best of their knowledge and belief, that there are no false or misleading statements,
or omission of other facts which would make any statement in this Master Prospectus false or misleading.
Statements of Disclaimer
The Securities Commission Malaysia has authorised the funds and a copy of this Master Prospectus has been
registered with the Securities Commission Malaysia.
The authorisation of the funds, and the registration of this Master Prospectus, should not be taken to indicate that
Securities Commission Malaysia recommends the said funds or assumes responsibility for the correctness of any
statement made, opinion expressed or report contained in this Master Prospectus.
The Securities Commission Malaysia is not liable for any non-disclosure on the part of the management company
responsible for the said funds and takes no responsibility for the contents in this Master Prospectus. The Securities
Commission Malaysia makes no representation on the accuracy or completeness of this Master Prospectus, and
expressly disclaims any liability whatsoever arising from, or in reliance upon, the whole or any part of its contents.
INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE MERITS AND RISKS OF THE
INVESTMENT. IF INVESTORS ARE UNABLE TO MAKE THEIR OWN EVALUATION, THEY ARE ADVISED TO
CONSULT PROFESSIONAL ADVISERS.
Additional Statement
Investors should note that they may seek recourse under the Capital Markets and Services Act 2007 for breaches
of securities laws and regulations including any statement in the Master Prospectus that is false, misleading, or
from which there is a material omission; or for any misleading or deceptive act in relation to the Master Prospectus
or the conduct of any other person in relation to the funds.
No units will be issued or sold based on this Master Prospectus later than one year after the date of
this Master Prospectus.
PREFACE
This Master Prospectus encompasses the following 47 unit trust funds:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
Public Savings Fund
Public Growth Fund
Public Index Fund
Public Industry Growth Fund
Public Aggressive Growth Fund
Public Regular Savings Fund
Public SmallCap Fund
Public Equity Fund
Public Focus Select Fund
Public Dividend Select Fund
Public Far-East Select Fund
Public Regional Sector Fund
Public Global Select Fund
Public Far-East Dividend Fund
Public China Select Fund
Public Far-East Property & Resorts Fund
Public South-East Asia Select Fund
Public Sector Select Fund
Public Far-East Consumer Themes Fund
Public China Titans Fund
Public Far-East Telco & Infrastructure Fund
Public Select Alpha-30 Fund
Public Worldwide Equity Fund (formerly known as Public Natural Resources Equity Fund)
Public Australia Equity Fund
Public Far-East Alpha-30 Fund
Public Optimal Growth Fund
Public Indonesia Select Fund
Public Singapore Equity Fund
Public Strategic SmallCap Fund
Public Strategic Growth Fund
Public Select Treasures Equity Fund
Public Advantage Growth Equity Fund
Public Regular Savings Sequel Fund
Public Emerging Opportunities Fund
Public Tactical Allocation Fund
Public Select Mixed Asset Growth Fund
Public Select Mixed Asset Conservative Fund
Public Balanced Fund
Public Far-East Balanced Fund
Public Growth Balanced Fund
Public Bond Fund
Public Institutional Bond Fund
Public Enhanced Bond Fund
Public Select Bond Fund
Public Strategic Bond Fund
Public Enterprises Bond Fund
Public Money Market Fund
You may refer to pages 11 to 39 of Chapter 1: Key Features of the Funds for a better understanding of the
objective and key strategies of each of the funds, risks of investing in the funds, profile of investors suitable to
invest in the funds and fees and charges payable when investing in the funds, and to help you to decide on the
fund that is most compatible with your personal investment temperament and financial goals.
Units of the funds can be bought from our unit trust consultants who are registered with the Federation of
Investment Managers Malaysia. Public Mutual Customer Service Centres are located at its nationwide branch
offices to service unitholders who may need to do an enquiry or a transaction with us. Please refer to pages 276
to 279 for the Directory of Public Mutual Branch and Agency Offices.
Yeoh Kim Hong
Chief Executive Officer
CONTENTS
GLOSSARY OF TERMS/ABBREVIATIONS
3-7
MANAGER, TRUSTEES AND ADVISERS
8-10
1.
11-39
KEY FEATURES OF THE FUNDS
1.1
1.2
1.3
1.4
1.5
1.6
2.
11
35
36
37
39
39
ABOUT UNIT TRUST FUNDS
2.1
2.2
2.3
3.
Summary of Key Data of The Funds
Fees and Charges
Information on Transaction of Units
Distribution Policy
Unclaimed Monies
Lodging a Complaint
40-41
The Unit Trust Fund
Benefits of Investing in Unit Trust Funds
Risk Factors
40
40
40
DETAILED INFORMATION ON THE FUNDS
42-162
3.1
3.2
3.3
3.4
3.5
3.6
3.7
Categories of Funds
Fund Profiles
Investment Risks
Permitted Investments
Investment Restrictions
Valuation of Permitted Investments
Policy on Gearing
42
43
154
155
156
161
162
4.
PERFORMANCE OF THE FUNDS
163-205
5.
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS
206-232
5.1
5.2
6.
GETTING STARTED WITH PUBLIC MUTUAL
6.1
6.2
6.3
6.4
7.
Investing with Public Mutual
How to Purchase, Redeem or Switch Units of The Funds
Statements and Reports
Keeping Track of the Daily Prices of Units
TRANSACTION INFORMATION
7.1
7.2
8.
Extracts of Financial Statements of The Funds
Expenses Incurred by The Funds
233-238
233
233
237
238
239-241
Determination of Prices
Computation of Prices
239
240
FEES, CHARGES AND EXPENSES
8.1
8.2
8.3
206
229
242-243
Charges Imposed on Purchase and Redemption of Units
Fees and Expenses of The Funds
Policy on Stockbroking Rebates and Soft Commissions
1
242
243
243
CONTENTS (CONT’D)
9.
THE MANAGER
9.1
9.2
9.3
9.4
9.5
9.6
9.7
9.8
9.9
9.10
9.11
244-257
Corporate Profile of Public Mutual
Organisation of Public Mutual
Functions, Duties and Responsibilities of The Manager
Financial Performance of Public Mutual
The Board of Directors
Profile of Key Management Staff
Profile of Key Investment Personnel
The Investment Committee
Related Party Transactions/Conflict of Interest
Policies and Procedures on Money Laundering Activities
Documents Available for Inspection
10. THE TRUSTEES
10.1
10.2
10.3
10.4
10.5
258-263
The Trustees’ Willingness to Assume Position
Duties and Responsibilities of The Trustees
Profile of AmanahRaya Trustees Berhad
Profile of Maybank Trustees Berhad
Profile of CIMB Commerce Trustee Berhad
11. SALIENT TERMS OF THE DEED
11.1
11.2
11.3
11.4
11.5
11.6
11.7
11.8
11.9
244
244
244
245
245
248
249
256
256
257
257
258
258
258
259
262
264-272
Unitholders’ Rights and Liabilities
Jointholders
Maximum Fees and Charges Permitted by The Deed
Permitted Expenses Payable Out of The Funds
Retirement, Removal and Replacement of The Manager
Retirement, Removal and Replacement of The Trustee
Termination of The Funds
Unitholders’ Meeting
The Deed
264
264
265
270
271
271
272
272
272
TAXATION OF THE FUNDS AND UNITHOLDERS
273-275
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES
276-278
NETWORK OF PUBLIC MUTUAL AGENCY OFFICES
279
2
GLOSSARY OF TERMS/ABBREVIATIONS
ART
AmanahRaya Trustees Berhad (766894-T)
blue chip stocks
High quality stocks of companies which have a track record of stable earnings and
dividends of at least 10 years.
Bursa Securities
Bursa Malaysia Securities Berhad
Business Day(s)
Each weekday in which Bursa Securities is open for dealing.
Note: The Manager may declare certain Business Days to be a non-Business Day,
although Bursa Securities is open for business, if one or more of the foreign markets
in which the fund(s) are invested therein are closed for business. This is to ensure that
you will be given a fair valuation of the fund(s) at all times, be it when purchasing
or redeeming units of the fund(s).
CCTB
CIMB Commerce Trustee Berhad (313031-A)
CMSA 2007
Capital Markets and Services Act 2007 as originally enacted and amended from
time to time.
CMSRL
Capital Markets Services Representative’s Licence
cooling-off right
The right of a unitholder who is investing with Public Mutual for the first time, to
change his mind and cancel an investment within 6 Business Days from the date
of receipt by Public Mutual, of the application form and payment and will obtain
a full refund of the said investment within 10 days of receipt of cooling-off notice
by Public Mutual. For EPF unitholders, the cooling-off period will commence from
the date of receipt of the application form by Public Mutual.
The cooling-off right, however, does not extend to a corporation or institution, the
staff of Public Mutual and persons registered to deal in unit trust funds.
defensive stocks
Stocks which have relatively stable earnings through various economic cycles.
deposits
Cash placements with licensed financial institutions which are fixed deposits, money
market deposits with maturities not longer than one year offered by the treasury
department of a bank and current account balances.
dividend stocks
Stocks which offer consistent dividend yields.
Eligible Market
A market that –
(a) is regulated by a regulatory authority;
(b) operates regularly;
(c) is open to the public; and
(d) has adequate liquidity for the purposes of the fund in question.
EPF
Employees Provident Fund
EPF-MIS
Employees Provident Fund – Members Investment Scheme
Extraordinary Resolution
A resolution passed at a meeting of unitholders duly convened and held in accordance
with the provisions of the Deed and carried by a majority consisting of not less than
three quarters of the unitholders voting thereat upon a show of hands or if a poll is
duly demanded and taken by a majority consisting of not less than three quarters
in number of the votes given on such poll. For the purposes of termination or
winding-up of a fund, an extraordinary resolution is passed by a majority in number
representing at least three-fourth of the value of the units held by unitholders at the
meeting duly convened and held in accordance with the provisions of the Deed.
FDR
fixed deposit rate
FIMM
Federation of Investment Managers Malaysia
3
GLOSSARY OF TERMS/ABBREVIATIONS (CONT’D)
forward pricing
The purchase or redemption of units is based on the NAV per unit of the fund next
determined or calculated after the application to purchase or redemption request
from unitholder(s) is received by the Manager in proper form.
Fund Manager(s)
Designated Fund Manager(s) and co-Fund Manager(s) of the respective funds.
GDP
Refers to Gross Domestic Product which is the monetary value of all finished goods
and services produced within a country in a specific period of time.
growth stocks
Stocks of companies with potential price appreciation where the earnings growth
potential of the companies is projected to exceed the GDP growth of the country
in which the stock is listed in.
GST
Goods and Services Tax
high growth stocks
Stocks of companies with brighter earnings growth prospects than growth stocks.
incidental
The term “incidental” in relation to distribution policy of the funds implies that the
main focus of the funds will be on securing capital growth.
index stocks
Index component stocks of a selected benchmark market index.
IPOs
Initial Public Offerings (IPOs)
KLIBOR
Kuala Lumpur Interbank Offered Rate
long term
Long term refers to a period of more than 5 years.
LPD
Refers to Latest Practicable Date which is 29 January 2016. All information provided
herein shall remain current and relevant as at such date.
Master Prospectus
Master Prospectus of Public Series of Funds dated 30 April 2016 and expires on
29 April 2017.
medium term
Medium term refers to a period of 3 to 5 years.
medium to long term
Medium to long term refers to a period of 3 years or more.
MER
Management Expense Ratio (MER) is the ratio of the sum of the fees and the
recovered expenses of the unit trust fund to the average value of the unit trust
fund calculated on a daily basis, i.e.:
(Fees + Recovered expenses) of the unit trust fund
x 100
Average value of the unit trust fund calculated on a daily basis
Where:
Fees
=
All ongoing fees deducted/deductible directly from the unit
trust fund in respect of the year or period covered by the
management expense ratio, expressed as a fixed amount
calculated on a daily basis. This would include the annual
management fee, the annual trustee fee and any other fees
deducted/deductible directly from the unit trust fund.
Recovered
expenses
=
All expenses recovered from/charged to the unit trust fund as
a result of the expenses incurred by the operation of the unit
trust fund, expressed as a fixed amount.
Average
value of
the unit
trust fund
=
The NAV of the unit trust fund, including net income value
of the fund, less expenses on an accrued basis, in respect of
the year or period covered by the management expense ratio,
calculated on a daily basis.
4
GLOSSARY OF TERMS/ABBREVIATIONS (CONT’D)
This expense ratio is directly comparable with that of other funds (under the same
fund category) in determining the fund that is more cost effective, all other things
being equal or held constant. The lower the expense ratio of a fund the better, in
the universal comparison of the expenses of funds.
MSCI AC Far-East Ex-Japan
Index
Morgan Stanley Capital International All Country Far-East Ex-Japan Index
MSCI All Country World
Index
Morgan Stanley Capital International All Country World Index
MTB
Maybank Trustees Berhad (5004-P)
NAV
Net Asset Value (“NAV”) of the fund is determined by deducting the value of all
the fund’s liabilities (include all amounts payable by the fund, accrued expenses
and taxes, and any appropriate provisions for contingencies) from the value of the
fund’s assets, at the valuation point.
For the purpose of computing the annual management fee and the annual trustee
fee, the NAV of the fund should be inclusive of the management fee and trustee
fee for the relevant day.
NAV per unit
The NAV per unit is the NAV of a fund divided by the number of units in circulation
at the valuation point. It forms the basis upon which the prices of units of a fund
are calculated.
OTC
Over-the-counter
PMO
Refers to Public Mutual Online. PMO is an online facility which allows you to perform
fund transactions (such as purchase, redemption and switching of units) and gives
you quick and easy access to information on your investments.
Investors can apply for PMO by submitting the PMO Service Application Form
personally at any Public Mutual or Public Bank branch. Alternatively, you may
also register for PMO through our Customer Service Centre kiosk or Public Bank’s
Automated Teller Machines (ATMs) if you are a Public Bank ATM user or via
www.pbebank.com.my if you are a subscriber of PBe.
Portfolio Turnover Ratio
(PTR)
(Total acquisitions of the fund for the year + total disposals of the fund for the
year) / 2
Average value of the fund for the year calculated on a daily basis
The annual portfolio turnover ratio will indicate whether the fund purchases and
sells securities frequently or whether it takes a longer term approach to investment
management. A portfolio turnover ratio of 1 time means that the fund has been
turned over once for that particular year or period.
promising
Promising refers to the potential to achieve positive returns.
Public Bank
Public Bank Berhad (6463-H)
Public Mutual or the
Manager
Public Mutual Berhad (23419-A)
Public Series of Funds
This series of funds comprises the non-Shariah-based unit trust funds covered under
this Master Prospectus.
5
GLOSSARY OF TERMS/ABBREVIATIONS (CONT’D)
Public Series of ShariahBased Funds
This series of funds comprises Public Ittikal Fund, Public Islamic Equity Fund, Public
Islamic Opportunities Fund, Public Islamic Dividend Fund, Public Asia Ittikal Fund,
Public Islamic Asia Dividend Fund, Public Islamic Sector Select Fund, Public China
Ittikal Fund, Public Islamic Select Treasures Fund, Public Islamic Optimal Growth Fund,
Public Islamic Select Enterprises Fund, Public Islamic Asia Leaders Equity Fund, Public
Islamic Alpha-40 Growth Fund, Public Islamic Treasures Growth Fund, Public Ittikal
Sequel Fund, Public Islamic Savings Fund, Public Islamic Growth & Income Fund,
Public Islamic Enterprises Equity Fund, Public Islamic Advantage Growth Equity Fund,
Public Islamic Emerging Opportunities Fund, Public Islamic Mixed Asset Fund, Public
Islamic Asia Tactical Allocation Fund, Public Ehsan Mixed Asset Growth Fund, Public
Ehsan Mixed Asset Conservative Fund, Public Islamic Growth Balanced Fund, Public
Islamic Bond Fund, Public Islamic Enhanced Bond Fund, Public Islamic Select Bond
Fund, Public Islamic Infrastructure Bond Fund, Public Islamic Strategic Bond Fund,
Public Sukuk Fund, Public Islamic Income Fund and Public Islamic Money Market
Fund.
recovering sectors
Economic/business sectors that are seen to be recovering from a market downturn
or economic recession.
RM
Ringgit Malaysia
SC
Securities Commission Malaysia
SC Guidelines
Guidelines on Unit Trust Funds issued by SC and as may be amended or replaced
from time to time.
short term
Short term refers to a period of less than 3 years.
situational stocks
Stocks of companies with impending major corporate developments and the demand
for these stocks depends very much on current market focus or themes.
stocks that trade at
attractive valuations
Stocks that have the possibility to be rerated positively in terms of valuations such
as price earnings ratio given the potential earnings growth of the stocks.
stocks which offer
attractive dividend yields
Stocks with consistency in rewarding shareholders via dividend payouts.
the Deed
The Deed means the master deed dated 28 January 1999 and all supplemental
deeds entered into between the trustee and the Manager for the registered holders
of the funds.
“the funds”/”the fund”
The following 47 funds covered under this Master Prospectus are collectively called
“the funds” and individually called “the fund”:
Public Savings Fund
Public Growth Fund
Public Index Fund
Public Industry Growth Fund
Public Aggressive Growth Fund
Public Regular Savings Fund
Public SmallCap Fund
Public Equity Fund
Public Focus Select Fund
Public Dividend Select Fund
Public Far-East Select Fund
Public Regional Sector Fund
Public Global Select Fund
Public Far-East Dividend Fund
Public China Select Fund
Public Far-East Property & Resorts Fund
Public South-East Asia Select Fund
6
PSF
PGF
PIX
PINDGF
PAGF
PRSF
P SmallCap
PEF
PFSF
PDSF
PFES
PRSEC
PGSF
PFEDF
PCSF
PFEPRF
PSEASF
GLOSSARY OF TERMS/ABBREVIATIONS (CONT’D)
Public Sector Select Fund
Public Far-East Consumer Themes Fund
Public China Titans Fund
Public Far-East Telco & Infrastructure Fund
Public Select Alpha-30 Fund
Public Worldwide Equity Fund
(formerly known as Public Natural
Resources Equity Fund)
Public Australia Equity Fund
Public Far-East Alpha-30 Fund
Public Optimal Growth Fund
Public Indonesia Select Fund
Public Singapore Equity Fund
Public Strategic SmallCap Fund
Public Strategic Growth Fund
Public Select Treasures Equity Fund
Public Advantage Growth Equity Fund
Public Regular Savings Sequel Fund
Public Emerging Opportunities Fund
Public Tactical Allocation Fund
Public Select Mixed Asset Growth Fund
Public Select Mixed Asset Conservative Fund
Public Balanced Fund
Public Far-East Balanced Fund
Public Growth Balanced Fund
Public Bond Fund
Public Institutional Bond Fund
Public Enhanced Bond Fund
Public Select Bond Fund
Public Strategic Bond Fund
Public Enterprises Bond Fund
Public Money Market Fund
PSSF
PFECTF
PCTF
PFETIF
PSA30F
PWEF
PAUEF
PFA30F
POGF
PINDOSF
PSGEF
PSSCF
PSTGF
PSTEF
PAVGEF
PRSSQF
PEMOF
PTAF
PSMAGF
PSMACF
PBF
PFEBF
PGRBF
P BOND
PIN BOND
PEBF
PSBF
PSTBF
PENTBF
PMMF
UIC
Units in circulation (“UIC”) refers to the total number of units in issue at a point in
time.
valuation point
Valuation point refers to such a time(s) on a Business Day as may be decided by the
Manager wherein the NAV of the fund is calculated. Under normal circumstances,
only one valuation is conducted on each Business Day.
For funds with no foreign investments, the valuation of the funds is conducted
on each Business Day at the close of Bursa Securities. For funds with foreign
investments, the valuation of funds will be conducted after the close of business of
Bursa Securities for the relevant day. As certain foreign markets in which the funds
may invest in have yet to close due to the different time zones of these countries,
the valuation point may be extended to 9.00 a.m. (or any other such time as may
be permitted by the relevant authorities from time to time) on the following day in
which the Manager is open for business.
7
MANAGER, TRUSTEES AND ADVISERS
MANAGER
Public Mutual Berhad (23419-A)
Registered and business address:
Block B, Sri Damansara Business Park
Persiaran Industri, Bandar Sri Damansara
52200 Kuala Lumpur
Tel: 03-6279 6800 Fax: 03-6277 9800
Hotline: 03-6207 5000
e-mail: customer@publicmutual.com.my
Web: http://www.publicmutual.com.my
Board of Directors
Tan Sri Dato’ Sri Dr. Teh Hong Piow (Non-Executive Director/Chairman)
Tan Sri Dato’ Sri Tay Ah Lek (Non-Executive Director)
Dato’ Sri Lee Kong Lam (Non-Executive Director)
Dato’ (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff (Non-Executive Independent Director)
Dato’ Haji Abdul Aziz Bin Dato’ Dr. Omar (Non-Executive Independent Director)
Mr. Quah Poh Keat (Non-Executive Director)
Dato’ Mohammed Najeeb Bin Abdullah (Non-Executive Independent Director)
Ms. Yeoh Kim Hong (Chief Executive Officer/Executive Director)
Members of the Investment Committee
Tan Sri Dato’ Sri Tay Ah Lek
Dato’ Sri Lee Kong Lam
Dato’ (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff (Independent)
Dato’ Haji Abdul Aziz Bin Dato’ Dr. Omar (Independent)
Mr. Quah Poh Keat
Dato’ Mohammed Najeeb Bin Abdullah (Independent)
Ms. Yeoh Kim Hong
Members of the Audit, Risk and Compliance Committee
Tan Sri Dato’ Sri Tay Ah Lek
Dato’ Sri Lee Kong Lam
Dato’ (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff
Dato’ Haji Abdul Aziz Bin Dato’ Dr. Omar
Mr. Quah Poh Keat
Dato’ Mohammed Najeeb Bin Abdullah
Company Secretaries
Ms. Tang Pueh Fong (MIA 8078)
c/o Public Mutual Berhad
2nd Floor, Block B, Sri Damansara Business Park
Persiaran Industri, Bandar Sri Damansara
52200 Kuala Lumpur
Ms. Ting Lee Ling (MIA 16237)
c/o Public Mutual Berhad
2nd Floor, Block B, Sri Damansara Business Park
Persiaran Industri, Bandar Sri Damansara
52200 Kuala Lumpur
TRUSTEES
AmanahRaya Trustees Berhad (766894-T)
Registered address:
Tingkat 11, Wisma AmanahRaya
No. 2, Jalan Ampang
50508 Kuala Lumpur
Business address:
Tingkat 2, Wisma AmanahRaya II
No. 21, Jalan Melaka
50100 Kuala Lumpur
Tel: 03-2036 5129 Fax: 03-2072 0322
Web: http://www.artrustees.com.my
8
MANAGER, TRUSTEES AND ADVISERS (CONT’D)
Trustee’s Delegate
Citibank, NA, Singapore Branch
Registered and business address:
8 Marina View
#21-00 Asia Square Tower 1
Singapore 018960
Tel: 65-6657 5440
Web: http://www.citibank.com
Maybank Trustees Berhad (5004-P)
Registered and business address:
8th Floor, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur
Tel: 03-2078 8363/03-2070 8833
email: mtb@maybank.com.my
Trustee’s Delegates
Malayan Banking Berhad (3813-K)
Custody Services
Registered address:
14th Floor, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur
Business address:
8th Floor, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur
Tel: 03-2074 8158
Citibank, NA, Singapore Branch
Registered and business address:
8 Marina View
#21-00 Asia Square Tower 1
Singapore 018960
Tel: 65-6657 5440
Web: http://www.citibank.com
CIMB Commerce Trustee Berhad (313031-A)
Registered address:
Level 13, Menara CIMB
Jalan Stesen Sentral 2
Kuala Lumpur Sentral
50470 Kuala Lumpur
Tel: 03-2261 8888
Web: http://www.cimb.com
Business address:
Level 21, Menara CIMB
Jalan Stesen Sentral 2
Kuala Lumpur Sentral
50470 Kuala Lumpur
Tel: 03-2261 8888
Trustee’s Delegates
CIMB Bank Berhad(13491-P)
Registered address:
Level 13, Menara CIMB
Jalan Stesen Sentral 2
Kuala Lumpur Sentral
50470 Kuala Lumpur
Tel: 03-2261 8888
Web: http://www.cimb.com
Business address:
Level 21, Menara CIMB
Jalan Stesen Sentral 2
Kuala Lumpur Sentral
50470 Kuala Lumpur
Tel: 03-2261 8888
Citibank, NA, Singapore Branch
Registered and business address:
8 Marina View
#21-00 Asia Square Tower 1
Singapore 018960
Tel: 65-6657 5440
Web: http://www.citibank.com
9
MANAGER, TRUSTEES AND ADVISERS (CONT’D)
AUDITORS
Ernst & Young
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
TAX AGENT
KPMG Tax Services Sdn Bhd
Level 10, KPMG Tower
8, First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
LEGAL ADVISER
Soon Gan Dion & Partners
1st Floor, No. 73 Jalan SS21/1A
Damansara Utama
47400 Petaling Jaya
Selangor Darul Ehsan
PRINCIPAL BANKER
Public Bank Berhad
Menara Public Bank
No. 146, Jalan Ampang
50450 Kuala Lumpur
FEDERATION OF INVESTMENT MANAGERS MALAYSIA
19-06-1, 6th Floor, Wisma Tune
No. 19, Lorong Dungun
Damansara Heights
50490 Kuala Lumpur
The Trustees and Delegates, Auditors, Tax Agent, Legal Adviser and Principal Banker have given and have not
withdrawn their written consent to the inclusion in this Master Prospectus of their names and statements
in the manner and context in which such names and statements appear.
10
1 KEY FEATURES OF THE FUNDS
This section is only a summary of the salient information about the funds and investors should read and
understand the whole Master Prospectus before making investment decisions.
1.1 SUMMARY OF KEY DATA OF THE FUNDS
The Manager
Public Mutual Berhad (23419-A)
Fund name
Launch
date
Category of
fund
Type of fund
Trustee
Public Savings Fund
29.3.1981
Equity
Capital Growth
ART
Public Growth Fund
11.12.1984
Equity
Capital Growth
ART
2.3.1992
Equity
Capital Growth
ART
18.11.1993
Equity
Capital Growth
MTB
25.4.1994
Equity
Capital Growth
MTB
Public Index Fund
Public Industry Growth Fund
Public Aggressive Growth Fund
Public Regular Savings Fund
25.4.1994
Equity
Capital Growth
MTB
Public SmallCap Fund
13.6.2000
Equity
Capital Growth
ART
Public Equity Fund
15.8.2001
Equity
Capital Growth
ART
25.11.2004
Equity
Capital Growth
CCTB
3.5.2005
Equity
Income
ART
Public Far-East Select Fund
22.11.2005
Equity
Capital Growth
ART
Public Regional Sector Fund
21.3.2006
Equity
Capital Growth
CCTB
28.9.2006
Equity
Capital Growth
ART
28.11.2006
Equity
Income
ART
Public Focus Select Fund
Public Dividend Select Fund
Public Global Select Fund
Public Far-East Dividend Fund
Public China Select Fund
5.6.2007
Equity
Capital Growth
ART
Public Far-East Property & Resorts Fund
10.7.2007
Equity
Capital Growth
and Income
ART
Public South-East Asia Select Fund
2.10.2007
Equity
Capital Growth
ART
Public Sector Select Fund
Public Far-East Consumer Themes Fund
13.11.2007
Equity
Capital Growth
ART
8.1.2008
Equity
Capital Growth
ART
Public China Titans Fund
1.4.2008
Equity
Capital Growth
ART
Public Far-East Telco & Infrastructure Fund
8.7.2008
Equity
Capital Growth
ART
Public Select Alpha-30 Fund
7.4.2009
Equity
Capital Growth
ART
30.6.2009
Equity
Capital Growth
ART
Public Australia Equity Fund
8.9.2009
Equity
Capital Growth
ART
Public Far-East Alpha-30 Fund
6.4.2010
Equity
Capital Growth
ART
Public Optimal Growth Fund
8.6.2010
Equity
Income and
Capital Growth
ART
Public Indonesia Select Fund
1.9.2010
Equity
Capital Growth
ART
Public Worldwide Equity Fund
(formerly known as Public Natural Resources
Equity Fund)
Public Singapore Equity Fund
7.6.2011
Equity
Capital Growth
ART
Public Strategic SmallCap Fund
20.3.2012
Equity
Capital Growth
ART
Public Strategic Growth Fund
8.12.2014
Equity
Capital Growth
ART
Public Select Treasures Equity Fund
22.7.2015
Equity
Capital Growth
ART
8.9.2015
Equity
Capital Growth
ART
15.1.2016
Equity
Capital Growth
ART
Public Advantage Growth Equity Fund
Public Regular Savings Sequel Fund
11
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Launch
date
Public Emerging Opportunities Fund
30.3.2016
Equity
Capital Growth
ART
Public Tactical Allocation Fund*
23.1.2007
Mixed Asset
Capital Growth
ART
16.10.2014
Mixed Asset
Capital Growth
ART
Mixed Asset
(Conservative)
Income and
Capital Growth
ART
7.6.1995
Balanced
Income and
Capital Growth
MTB
Public Far-East Balanced Fund*
23.1.2007
Balanced
Income and
Capital Growth
ART
Public Growth Balanced Fund
7.10.2015
Balanced
Capital Growth
ART
Public Select Mixed Asset Growth Fund
Public Select Mixed Asset Conservative Fund 16.10.2014
Public Balanced Fund*
Category of
fund
Type of fund
Trustee
Public Bond Fund
11.6.1996
Bond
Income
MTB
Public Institutional Bond Fund
30.4.2003
Bond
Income
ART
Public Enhanced Bond Fund
19.1.2005
Bond
Income and
Capital Growth
ART
Public Select Bond Fund
22.11.2005
Bond
Income
ART
Public Strategic Bond Fund
30.12.2010
Bond
Income
ART
20.3.2012
Bond
Income
ART
16.12.2003
Money Market
Income
MTB
Public Enterprises Bond Fund
Public Money Market Fund
Notes:
* Free insurance coverage is provided for unitholders of these funds, subject to terms and conditions. Please refer to the brochure
on free insurance for more information.
For the list of funds that are approved under the EPF-MIS, please visit our website at www.publicmutual.com.my.
The fund objective, strategy, principal risks and investor profile of each of the funds is tabulated below.
Fund name
Public
Savings
Fund
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
To achieve longterm capital
appreciation
while at the same
time producing a
reasonable level
of income*.
The fund invests a minimum
of 40% of its NAV in index
stocks with the balance
invested in a diversified
portfolio of blue chip stocks
and companies with growth
prospects that are listed
primarily on Bursa Securities.
To achieve increased
diversification, the fund may
invest in foreign markets.
The fund may also invest in
fixed income securities to
generate additional returns.
Its equity content in terms of
NAV will range in the region
of 70% to 98% of the NAV
of the fund. The balance
of the fund’s NAV will be
invested in fixed income
securities and liquid assets
which include money market
instruments and deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
12
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Growth
Fund
To achieve longterm capital
appreciation
with income*
considered
incidental.
The fund focuses on a
diversified portfolio of blue
chip stocks and companies
with growth prospects
that are listed primarily on
Bursa Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The fund may
also invest in fixed income
securities to generate
additional returns. Its equity
content in terms of NAV will
range in the region of 70%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
Public Index
Fund
To achieve longterm capital
appreciation
while at the same
time attempting
to outperform
the FTSE Bursa
Malaysia Top 100
Index.
The fund invests a minimum
of 60% of its NAV in index
stocks with the balance
invested in a diversified
portfolio of blue chip
stocks and companies with
growth prospects that are
listed on Bursa Securities.
The fund may also invest in
fixed income securities to
generate additional returns.
Its equity content in terms
of NAV will range in the
region of 80% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Top
100 Index.
13
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Industry
Growth
Fund
To achieve a high
level of capital
appreciation
over the medium
to long term
period through
investments in
growth industries.
The fund focuses on
a diversified portfolio
of stocks in industries
undergoing earnings
recovery and growth stocks
that are listed primarily on
Bursa Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The fund may
also invest in fixed income
securities to generate
additional returns. Its equity
content in terms of NAV will
range in the region of 70%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market risk,
specific
security risk,
liquidity risk
and industry/
sector risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
Public
Aggressive
Growth
Fund
To seek high
capital growth
over the medium
to long term
period through
investments in
situational and
high growth
stocks.
The fund focuses on a
diversified portfolio of
situational stocks and
high growth stocks
listed primarily on Bursa
Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The fund may
also invest in fixed income
securities to generate
additional returns. Its equity
content in terms of NAV will
range in the region of 75%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
14
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Regular
Savings
Fund
To achieve
consistent capital
growth over the
medium to long
term period and
to achieve a
steady growth in
income*.
The fund focuses on a
diversified portfolio of blue
chip stocks and companies
with growth prospects
that are listed on Bursa
Securities. The fund may
also invest in fixed income
securities to generate
additional returns. Its equity
content in terms of NAV will
range in the region of 70%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
90% FTSE
Bursa Malaysia
Top 100 Index
and 10%
3-Month
KLIBOR.
Public
SmallCap
Fund
To achieve
high capital
growth through
investments in
companies with
small market
capitalisation with
special focus on
growth stocks.
The fund focuses on a
diversified portfolio of
companies with small
market capitalisation with
growth prospects that are
listed on Bursa Securities.
To achieve increased
diversification, the fund may
invest in foreign markets.
The fund may also invest in
fixed income securities to
generate additional returns.
Its equity content in terms
of NAV will range in the
region of 70% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Small
Cap Index.
Notes:
The fund will invest
in companies
with small market
capitalisation at the
point of purchase.
The fund may
remain invested
in counters which
have moved
above the market
capitalisation range
stated in the fund’s
investment policy.
15
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public Equity To achieve capital
growth through
Fund
the aggressive
selection of
growth stocks
from diversified
economic sectors.
The fund focuses on a
diversified portfolio of index
linked companies, blue chip
stocks and growth stocks
that are listed primarily on
Bursa Securities. To achieve
increased diversification,
the fund may invest in
foreign markets. The
fund may also invest in
fixed income securities to
generate additional returns.
Its minimum equity content
is 80% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
Public Focus
Select Fund
The fund focuses on a
diversified portfolio of
primarily Malaysia equities
and fixed income securities.
The fund will invest in
medium and small-sized
companies listed on the
domestic market and
selected foreign markets.
The fund may also invest in
fixed income securities to
generate additional returns.
Its equity content in terms
of NAV will range in the
region of 70% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Mid
70 Index.
To achieve capital
growth through
investments in
medium and
small-sized
companies in
terms of market
capitalisation
from diversified
economic sectors.
Note:
The fund may
remain invested
in counters which
have moved
above the market
capitalisation range
stated in the fund’s
investment strategy.
16
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Dividend
Select Fund
To provide steady
recurring income*
by investing in a
portfolio of stocks
which offer or
have the potential
to offer attractive
dividend yields.
The fund seeks to achieve
its goal of providing
steady recurring income
by investing in a diversified
portfolio of stocks that
offer or have the potential
to offer attractive dividend
yields. To achieve increased
diversification, the fund may
invest in foreign markets.
The fund may also invest in
fixed income securities to
generate additional returns.
Its equity content in terms
of NAV will range in the
region of 75% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of annual
income*
and capital
growth.
90% FTSE
Bursa Malaysia
Top 100 Index
and 10%
3-Month
KLIBOR.
Public FarEast Select
Fund
To seek longterm capital
appreciation
by investing in
blue chips and
growth stocks
in domestic and
regional markets.
The fund seeks to achieve
its goal of capital growth by
investing in blue chip stocks
and growth stocks listed
on Bursa Securities and
selected regional markets.
The fund may also invest in
fixed income securities to
generate additional returns.
Its equity content in terms
of NAV will range in the
region of 75% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
MSCI AC FarEast Ex-Japan
Index.
17
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Regional
Sector Fund
To seek longterm capital
appreciation
by investing in
selected market
sectors.
The fund seeks to achieve
its goal of capital growth
by investing in the most
promising market sectors in
the domestic and regional
equity markets. The fund
will invest in a maximum
of 6 sectors but will
maintain its investments
in a minimum of 3 sectors
at all times. The fund
maintains equity exposures
within a range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk,
country risk
and industry/
sector risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
90% MSCI
AC Far-East
Ex-Japan
Index and
10% 3-Month
KLIBOR.
Public
Global
Select Fund
To seek longterm capital
appreciation
by investing
in equities
and collective
investment
schemes in
domestic and
global markets.
The fund seeks to achieve
its goal of capital growth
by investing in collective
investment schemes which
focus on a diversified
portfolio of blue chip
stocks, index stocks and
growth stocks listed on
selected global stock
markets. The fund will also
invest in blue chip stocks,
index stocks and growth
stocks listed on selected
global stock markets. The
fund maintains equity
exposures within a range
of 75% to 98% against its
NAV. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
90% MSCI All
Country World
Index and
10% 1-Month
KLIBOR.
18
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Far-East
Dividend
Fund
To provide
income* by
investing in a
portfolio of stocks
in domestic and
regional markets
which offer or
have the potential
to offer attractive
dividend yields.
The fund seeks to achieve
its goal of providing income
by investing in a diversified
portfolio of stocks in
domestic and regional
markets that offer or have
the potential to offer
attractive dividend yields.
The fund may also invest in
fixed income securities to
generate additional returns.
The fund maintains equity
exposures within a range
of 75% to 98% against its
NAV. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of annual
income*
and capital
growth.
90% MSCI
AC Far-East
Ex-Japan High
Dividend Yield
Index and
10% 3-Month
KLIBOR.
Public China
Select Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments in
the greater China
region namely
in Hong Kong,
China and Taiwan
markets and
including China
based companies
listed on overseas
markets. The fund
may also invest
in companies
listed on Bursa
Securities and
other foreign
markets which
have significant
or potentially
significant
business
operations in the
greater China
region.
The fund seeks to achieve
its goal of capital growth by
investing in a portfolio of
investments in the greater
China region namely in
Hong Kong, China and
Taiwan markets and China
based companies listed
on overseas markets.
The fund may also invest
in companies listed on
the domestic and other
foreign markets which have
significant or potentially
significant business
operations in the greater
China region. The fund
maintains equity exposures
within a range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
MSCI Golden
Dragon Index.
19
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Public
Far-East
Property
& Resorts
Fund
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Seeks to
achieve capital
growth over
the medium to
long term period
by investing in
companies that
are principally
engaged
in property
investment and
development,
hotel and resorts
development
and investment
and real estate
investment
trusts (REITs) in
domestic and
regional markets.
The fund may
also invest in
companies which
have significant*
property or real
estate assets.
The fund seeks to achieve
its goal of capital growth
by investing in companies
that are principally engaged
in property investment and
development, hotel and
resorts development and
investment and real estate
investment trusts (REITs)
in domestic and regional
markets. The fund may also
invest in companies which
have significant property
or real estate assets, i.e.
companies which have at
least 70% of their assets
comprised of property or
real estate assets. Its equity
content in terms of NAV will
range in the region of 75%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV is invested in
fixed income securities and
liquid assets which include
money market instruments
and deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk,
country risk
and industry/
sector risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
A customised
index by S&P
Dow Jones
Indices, LLC
based on the
constituents
within the
real estate
sector of S&P
BMI Asia
Pacific Index
customised to
20% Japan,
20% Australia,
20% Malaysia
and the
balance 40%
for the rest of
the countries
within the
index universe
currently
including
China ‘H’
Shares,
Hong Kong,
Indonesia,
New Zealand,
Philippines,
Singapore,
Taiwan, South
Korea and
Thailand. The
real estate
sector is as
defined by
the thencurrent Global
Industry
Classification
Standard
(GICS).
Note:
* Companies
which have at
least 70% of their
assets comprised
of property or real
estate assets.
20
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Public
South-East
Asia Select
Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments in
South-East Asia
markets.
The fund seeks to achieve
its goal of capital growth
by investing in a diversified
portfolio of blue chip
stocks, index stocks and
growth stocks listed on
South-East Asia stock
markets. The fund may
also invest in fixed income
securities (sovereign and
corporate), money market
instruments and deposits
to help generate returns.
The fund maintains equity
exposures within a range
of 75% to 98% against its
NAV. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE/ASEAN
40 Index.
Public
Sector
Select Fund
To seek longterm capital
appreciation
by investing in
a portfolio of
securities from
selected market
sectors in the
domestic market.
The fund seeks to
achieve the long-term
goal of capital growth by
identifying the market
sectors in the domestic
market which offer the
most promising investment
returns. The fund will
invest in a maximum of
6 of the most promising
sectors determined by the
Fund Manager. To ensure
sufficient diversification,
the fund will maintain
investments in a minimum
of 3 sectors at all times.
The fund maintains equity
exposures within a range
of 75% to 98% against its
NAV. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market risk,
specific
security risk,
liquidity risk
and industry/
sector risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Top
100 Index.
21
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Far-East
Consumer
Themes
Fund
To achieve long
term capital
appreciation
by investing in
securities, mainly
equities, in the
consumer sector
in the domestic
and foreign
markets.
The fund seeks to achieve
the long-term goal of
capital growth by investing
in securities, mainly
equities, in the consumer
sector in the domestic
and foreign markets. The
fund may also invest in
multinational corporations
in the consumer sector
which have a presence in
the Far-East region and are
listed on the United States,
Europe and Australian
markets. The fund
maintains equity exposures
within a range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk,
country risk
and industry/
sector risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
A customised
index by S&P
Dow Jones
Indices, LLC
based on
constituents
within the
selected
sectors of the
S&P BMI Asia
Ex-Japan Index
comprising
Malaysia,
Singapore,
Thailand,
Indonesia,
Philippines,
Hong Kong,
China ‘H’
Shares,
Taiwan and
South Korea.
The selected
sectors are
the Consumer
Discretionary
and Consumer
Staples sectors
as defined by
the thencurrent Global
Industry
Classification
Standard
(GICS).
Public China
Titans Fund
To achieve capital
growth over
the medium to
long-term period
by investing
in companies
with market
capitalisation
of RM10 billion
and above in the
greater China
region namely
China, Hong
Kong and Taiwan
markets and
including China
based companies
listed on overseas
markets.
The fund invests in
companies with market
capitalisation of RM10
billion and above in the
greater China region
namely China, Hong Kong
and Taiwan markets and
including China based
companies listed on
overseas markets. The fund
maintains equity exposures
within a range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
40% Hang
Seng China
Enterprises
Index, 30%
Hang Seng
Index and
30% MSCI
Taiwan Index.
22
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public FarEast Telco &
Infrastructure
Fund
To achieve capital
growth over
the medium to
long term period
by investing in
securities, mainly
equities, in the
telecommunication,
infrastructure and
utilities sectors in
Far-East markets.
The fund seeks to achieve
long-term capital growth
by focusing its investment
in the telecommunications,
infrastructure and utilities
sectors in the domestic and
foreign markets. The fund
maintains equity exposures
within a range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk,
country risk
and industry/
sector risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
A customised
index by S&P
Dow Jones
Indices, LLC
based on the
constituents
within the
selected
sectors of the
S&P BMI Asia
Ex-Japan Index
comprising
Malaysia,
Singapore,
Thailand,
Indonesia,
Philippines,
Hong Kong,
China ‘H’
Shares,
Taiwan and
South Korea.
The selected
sectors are
customised
to 40%
Telecommunication
Service, 30%
Construction
& Materials
and 30%
Utilities sectors
as defined by
the thencurrent Global
Industry
Classification
Standard
(GICS).
Public Select
Alpha-30
Fund
To achieve capital
growth over the
medium to long
term period by
investing in up to
a maximum of 30
stocks primarily
listed on Bursa
Securities.
The fund seeks to achieve
its goal of capital growth
by investing in up to a
maximum of 30 stocks
primarily listed on Bursa
Securities. To achieve
increased diversification,
the fund may invest in
foreign markets. The fund
maintains equity exposures
within a range of 75%
to 98% against its NAV.
The balance of the fund’s
NAV may be invested in
fixed income securities and
liquid assets which include
money market instruments
and deposits to generate
additional returns.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
23
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Worldwide
Equity Fund
To achieve capital
growth over the
medium to longterm period by
investing in global
markets.
The fund seeks to achieve
its long-term goal of capital
growth by investing in blue
chip stocks, index stocks
and growth stocks listed
on selected global markets.
The fund may also invest
in collective investment
schemes which focus on a
diversified portfolio of blue
chip stocks, index stocks
and growth stocks listed
on selected global stock
markets. The fund maintains
equity exposures within
a range of 75% to 98%
against its NAV. The balance
of the fund’s NAV will be
invested in fixed income
securities and liquid assets
which include money market
instruments and deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
50% Dow
Jones
Industrial
Average, 30%
STOXX Europe
50 Index, 10%
TOPIX Core
30 Index and
10% 3-Month
KLIBOR.
Public
Australia
Equity Fund
To achieve capital
growth over the
medium to longterm period by
investing in the
Australian market
with the balance
invested in the
New Zealand
and domestic
markets.
The fund seeks to achieve
its goal of capital growth
by investing in a diversified
portfolio of blue chip
stocks, index stocks and
growth stocks listed on
the Australian market
with the balance invested
in the New Zealand and
domestic markets. The fund
maintains equity exposures
within a range of 75% to
98% against its NAV. The
fund may also invest in
fixed income securities and
liquid assets which include
money market instruments
and deposits to help
generate additional returns.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
S&P/ASX 200
Index.
Public
Far-East
Alpha-30
Fund
To achieve capital
appreciation over
the medium to
long term period
by investing in
the domestic and
regional markets.
The fund seeks to achieve
its goal of capital growth
by investing in up to a
maximum of 30 stocks in
the domestic and regional
markets. The fund maintains
equity exposures within
a range of 75% to 98%
against its NAV. The balance
of the fund’s NAV may be
invested in fixed income
securities and liquid assets
which include money market
instruments and deposits to
generate additional returns.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
80%
customised
index by MSCI
based on
the Top 30
constituents
of MSCI AC
Far-East ExJapan Index,
10% Tokyo
Stock Price
Index and
10% 3-Month
KLIBOR.
(formerly
known
as Public
Natural
Resources
Equity Fund)
24
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Public
Optimal
Growth
Fund
To provide
income* and
capital growth
by investing in
stocks which
offer attractive
dividend yields
and growth
stocks in the
domestic market.
The fund seeks to achieve
its goal of achieving income
and capital growth by
investing in stocks which
offer attractive dividend
yields and growth stocks
in the domestic market.
50% of the fund’s equity
investment will be invested
in a diversified portfolio
of stocks which offer
attractive dividend yields
in the domestic market.
The remaining 50% of the
fund’s equity investment will
be invested in a diversified
portfolio of growth stocks
that are listed on the
Bursa Securities. The fund
maintains equity exposure
within a range of 75% to
98% against its NAV. The
fund may also invest in
fixed income securities and
liquid assets which include
money market instruments
and deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of annual
income*
and capital
growth.
FTSE Bursa
Malaysia Top
100 Index.
Public
Indonesia
Select Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments
primarily in the
Indonesia market.
The fund seeks to achieve
its goal of capital growth
by investing in a diversified
portfolio of blue chip
stocks, index stocks and
growth stocks listed on the
Indonesia market with the
balance of up to 30% of its
NAV in the domestic and
global markets. The fund
maintains equity exposures
within a range of 75% to
98% against its NAV. The
fund may also invest in
domestic and foreign fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
Jakarta LQ-45
Index (LQ 45).
25
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Public
Singapore
Equity Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments
primarily in
the Singapore
market.
The fund seeks to achieve
its goal of capital growth
by investing in a diversified
portfolio of blue chip
stocks, index stocks and
growth stocks listed on the
Singapore market with the
balance of up to 30% of its
NAV in the domestic and
global markets. The fund
maintains equity exposures
within a range of 75% to
98% against its NAV. The
fund may also invest in
domestic and foreign fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk,
liquidity risk,
currency risk
and country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
MSCI
Singapore
Index.
Public
Strategic
SmallCap
Fund
To achieve capital
appreciation
over the medium
to long term
period through
investments
primarily in
companies with
small market
capitalisation.
The fund focuses on a
diversified portfolio of
companies with small
market capitalisation with
growth prospects that are
listed on Bursa Securities.
To achieve increased
diversification, the fund
may invest in foreign
markets. The fund may
also invest in fixed income
securities to generate
additional returns. The fund
maintains equity exposures
within a range of 70% to
98% against its NAV. The
balance of the fund’s NAV
may be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Small
Cap Index.
The fund seeks to meet its
objective by investing in
a diversified portfolio of
domestic and foreign listed
equities. Its equity content
in terms of NAV will range
between 75% and 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
60% FTSE
Bursa Malaysia
KLCI, 15%
Dow Jones
Industrial
Average, 15%
customised
index by MSCI
based on
the Top 30
constituents of
MSCI AC FarEast Ex-Japan
Index and
10% 3-Month
KLIBOR.
Notes:
The fund will invest
in small sized
companies at the
point of purchase.
The fund may
remain invested
in counters which
have moved
above the market
capitalisation range
stated in the fund’s
investment policy.
Public
Strategic
Growth
Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a diversified
portfolio of
stocks.
26
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public Select
Treasures
Equity Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments
comprising
small and
medium-sized
companies in
terms of market
capitalisation
from diversified
economic sectors.
The fund will invest in
small and medium-sized
companies listed on Bursa
Malaysia within the market
capitalisation range of
FTSE Bursa Malaysia Small
Cap Index and FTSE Bursa
Malaysia Mid 70 Index
respectively at the point of
purchase. Its equity content
in terms of NAV will range
between 75% and 98%
of the NAV of the fund.
The balance of the fund’s
NAV will be invested in
fixed income securities and
liquid assets which include
money market instruments
and deposits. To achieve
increased diversification, the
fund may invest in equities
and fixed income securities
of selected foreign markets.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
70% FTSE
Bursa Malaysia
Mid 70 Index,
20% FTSE
Bursa Malaysia
Small Cap
Index and
10% 3-Month
KLIBOR.
The fund seeks to meet its
objective by investing in
stocks of companies with
potential earnings growth
that is above the average
earnings growth rate of the
market. The fund may also
invest in index stocks and
blue chip stocks. To achieve
increased diversification, the
fund may invest in foreign
markets. Its equity content
in terms of NAV will range
between 75% and 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
Note:
The fund may
remain invested
in counters which
have moved
above the market
capitalisation range
stated in the fund’s
investment strategy.
Public
Advantage
Growth
Equity Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a diversified
portfolio of
stocks.
27
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Regular
Savings
Sequel Fund
To achieve capital
growth and
provide income*
over the medium
to long-term
period.
The fund seeks to meet
its objective by investing
70% to 98% of its NAV
in a diversified portfolio
of blue chip stocks, index
stocks, growth stocks and
stocks that offer or have the
potential to offer attractive
dividend yields that are
listed on Bursa Securities.
The balance of the fund’s
NAV will be invested in
fixed income securities and
liquid assets which include
money market instruments
and deposits.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth
and annual
income*.
90% FTSE
Bursa Malaysia
Top 100 Index
and 10%
3-Month
KLIBOR.
Public
Emerging
Opportunities
Fund
To achieve capital
growth through
investments
in companies
with mid and
small market
capitalisation.
The fund is actively
managed to achieve its
goal of capital growth by
investing in medium and
small-sized companies listed
on Bursa Securities within
the market capitalisation
range of FTSE Bursa
Malaysia Small Cap Index
and FTSE Bursa Malaysia
Mid 70 Index respectively
at the point of purchase.
Its equity content in
terms of NAV will range
between 75% and 98%
of the NAV of the fund.
The balance of the fund’s
NAV will be invested in
fixed income securities and
liquid assets which include
money market instruments
and deposits. To achieve
increased diversification, the
fund may invest in equities
and fixed income securities
of selected foreign markets.
Market risk,
specific
security risk
and liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
60% FTSE
Bursa Malaysia
Mid 70 Index,
30% FTSE
Bursa Malaysia
Small Cap
Index and
10% 3-Month
KLIBOR.
Note:
The fund may
remain invested
in counters which
have moved
above the market
capitalisation range
stated in the fund’s
investment strategy.
28
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Tactical
Allocation
Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
equities, collective
investment
schemes and
fixed income
securities in
domestic and
foreign markets.
The fund seeks to achieve
its goal of providing capital
growth by adopting a
tactical asset allocation
strategy of investing
in equities, collective
investment schemes and
fixed income securities
in domestic and foreign
markets. Its equity content
will range in the region of
between 30% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market risk,
specific
security risk,
interest rate
risk, credit
risk, liquidity
risk, currency
risk and
country risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth
through
a tactical
asset
allocation
strategy.
70% MSCI
AC Far-East
Ex-Japan
Index and
30% 3-Month
KLIBOR.
Public Select
Mixed Asset
Growth
Fund
To achieve capital
growth over
the medium to
long-term period
primarily through
a portfolio
allocation across
equities and fixed
income securities.
The fund seeks to achieve
its goal of achieving capital
growth by adopting a mixed
asset allocation strategy
of investing 40% to 70%
of its NAV in equities. The
balance of the fund’s NAV
will be invested in fixed
income securities and
liquid assets which include
money market instruments
and deposits. To achieve
increased diversification, the
fund may invest in equities
and fixed income securities
of selected foreign markets.
Market risk,
specific
security risk,
interest rate
risk, credit
risk and
liquidity risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth
through a
mixed asset
allocation
strategy.
70% FTSE
Bursa Malaysia
KLCI and
30% 3-Month
KLIBOR.
Public Select
Mixed Asset
Conservative
Fund
To provide
income* and
achieve capital
growth over
the medium to
long-term period
primarily through
a portfolio
allocation across
fixed income
securities and
equities.
The fund will invest in
fixed income securities,
equities and money market
instruments to meet its
objective of providing
income and capital growth
to its unitholders. The fund
will invest 60% to 75%
of its NAV in fixed income
securities. The fund may
invest up to 35% of its NAV
in equities. The balance
of the fund’s NAV will be
invested in money market
instruments and deposits.
To achieve increased
diversification, the fund
may invest in equities and
fixed income securities of
selected foreign markets.
Specific
security risk,
interest rate
risk, credit
risk, market
risk and
liquidity risk.
Medium to
long-term
investors
who seek
annual
income*
and capital
growth
through a
conservative
mixed asset
allocation
strategy.
65% 3-Month
KLIBOR and
35% FTSE
Bursa Malaysia
KLCI.
29
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
Public
Balanced
Fund
To provide a
steady income*
and capital
growth over the
medium to longterm period.
The fund invests 40%
to 60% of its NAV in a
diversified portfolio of blue
chip stocks and companies
with growth prospects
that are listed primarily on
Bursa Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The balance of
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market risk,
specific
security risk,
interest rate
risk, credit
risk and
liquidity risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth and
to a lesser
extent
income*.
Public
Balanced
Equity Index
(PBEIX) is a
composite
index whose
value is subject
to the daily
changes in
the FTSE Bursa
Malaysia
KLCI and
the 3-Month
KLIBOR on a
60:40 basis.
Public
Far-East
Balanced
Fund
To provide
income* and
capital growth
over the medium
to long-term
period.
The fund invests 40%
to 60% of its NAV in a
diversified portfolio of blue
chip stocks and companies
with growth prospects
that are listed on selected
regional markets. The
balance of fund’s NAV will
be invested in fixed income
securities and liquid assets
which include money
market instruments and
deposits.
Market risk,
specific
security risk,
interest rate
risk, credit
risk, liquidity
risk, currency
risk and
country risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth and
to a lesser
extent
income*.
60% MSCI
AC Far-East
Ex-Japan
Index and
40% 3-Month
KLIBOR.
Public
Growth
Balanced
Fund
To achieve capital
growth over
the medium
to long-term
period through
a balanced
asset allocation
approach.
The fund seeks to meet its
objective by adhering to a
balanced asset allocation
approach of investing 40%
to 60% of the NAV of the
fund in equities primarily
listed on Bursa Securities.
The balance of the fund’s
NAV will be invested in
fixed income securities and
liquid assets which include
money market instruments
and deposits. To achieve
increased diversification, the
fund may invest in foreign
markets.
Market risk,
specific
security risk,
interest rate
risk, credit
risk and
liquidity risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth and
to a lesser
extent
income*.
60% FTSE
Bursa Malaysia
KLCI and
40% 3-Month
KLIBOR.
30
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Public Bond
Fund
To provide a
steady stream
of income*
returns through
investment in the
money market
and private debt
securities.
The fund invests in a
diversified portfolio of fixed
income securities (sovereign
and corporate), money
market instruments and
deposits. The fund may
also invest in redeemable
loan stocks with convertible
features to enhance
overall returns. To achieve
increased diversification, the
fund may invest in foreign
fixed income securities.
The fund maintains fixed
income securities exposures
within the range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in money
market instruments and
deposits.
Interest rate
risk, credit
risk and
liquidity risk.
Mediumterm
investors
who seek
annual
income*.
12-Month
FDR quoted
by Malayan
Banking
Berhad.
Public
Institutional
Bond Fund
To provide annual
income* through
investment in
private debt
securities.
The fund invests in a
diversified portfolio of
fixed income securities
(sovereign and corporate),
money market instruments
and deposits. 50% of the
fund’s holdings of fixed
income securities must be
in fixed income securities
of credit ratings no lower
than AA with the balance
of its fixed income securities
holdings invested in fixed
income securities with
minimum credit ratings of
A. The fund may also invest
in redeemable loan stocks
with convertible features
to enhance overall returns.
The fund maintains fixed
income securities exposures
within the range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in money
market instruments and
deposits.
Interest rate
risk, credit
risk and
liquidity risk.
Mediumterm
investors
who seek
annual
income*.
Corporate
Bond Index
– 1 Year And
Above.
31
Investor
profile
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Public
Enhanced
Bond Fund
Seeks to provide
a combination of
annual income*
and modest
capital growth
primarily through
a portfolio
allocation across
quality bonds and
equities.
The fund invests primarily
in a diversified portfolio
of fixed income securities
(sovereign and corporate),
redeemable loan stocks
with convertible features
and money market
instruments. To achieve
increased diversification,
the fund may invest in
foreign markets. The fund
maintains a fixed income
securities exposure within
the range of 70% to 85%
against its NAV. The fund
may invest up to 20% of its
NAV in equities comprising
largely defensive stocks to
enhance the fund’s returns.
The balance of the fund’s
NAV will be invested in
money market instruments
and deposits.
Specific
security risk,
interest rate
risk, credit
risk and
liquidity risk.
Medium to
long-term
investors
who seek
annual
income*
and to
a lesser
extent
capital
growth.
12-Month
FDR quoted
by Malayan
Banking
Berhad.
Public Select
Bond Fund
To provide annual
income* through
investments in
fixed income
securities which
have a remaining
maturity of
7 years and
below and
money market
instruments.
The fund seeks to provide
annual income by investing
in a portfolio of fixed
income securities which
have a remaining maturity
of 7 years and below.
Investments in redeemable
loan stocks with convertible
features to enhance the
fund’s returns are also
considered. The fund
maintains a fixed income
securities exposure within
the range of 75% to 98%
against its NAV. The balance
of the fund’s NAV will be
invested in money market
instruments and deposits.
Interest rate
risk, credit
risk and
liquidity risk.
Mediumterm
investors
who seek
annual
income*.
12-Month
FDR quoted
by Malayan
Banking
Berhad.
32
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Public
Strategic
Bond Fund
To provide annual
income* to
investors through
investments in
fixed income
securities and
money market
instruments.
The fund seeks to provide
annual income to investors
through investments in
fixed income securities and
money market instruments.
The fund will invest at least
75% of its NAV in fixed
income securities. 50% of
the fund’s fixed income
securities investment
will be invested in fixed
income securities which
have remaining maturities
of 5 years and below.
The remaining 50% of
the fund’s fixed income
securities investment
will be invested in fixed
income securities which
have remaining maturities
of more than 5 years.
The balance of the fund’s
NAV will be invested in
money market instruments
and deposits. To achieve
increased diversification, the
fund may invest up to 25%
of its NAV in foreign fixed
income securities.
Interest rate
risk, credit
risk and
liquidity risk.
Mediumterm
investors
who seek
annual
income*.
12-Month FDR
quoted by
Public Bank.
Public
Enterprises
Bond Fund
To provide annual
income* through
investments in
fixed income
securities and
money market
instruments.
The fund seeks to meet
its objective of providing
annual income by investing
at least 75% of its NAV
in fixed income securities
(sovereign and corporate)
issued by entities with
total assets exceeding
RM3 billion at the point
of purchase. The fixed
income securities invested
must have minimum credit
rating of BBB for long-term
instruments and P1 for
short-term instruments as
rated by a local or foreign
rating agency, at the point
of purchase. The balance
of the fund’s NAV will be
invested in other corporate
bonds, money market
instruments and deposits.
To achieve increased
diversification, the fund
may invest up to 30% of its
NAV in foreign fixed income
securities.
Interest rate
risk, credit
risk and
liquidity risk.
Mediumterm
investors
who seek
annual
income*.
12-Month FDR
quoted by
Public Bank.
33
Investor
profile
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Public
Money
Market
Fund
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark
To provide
liquidity and
current income*,
while maintaining
capital stability.
The fund invests in money
market instruments
comprising bankers’
acceptances and negotiable
instruments of deposits
(NIDs) and short-dated
private debt securities which
include commercial papers.
The fund is permitted to
invest up to 10% of its NAV
in fixed income securities
with maturity periods
exceeding 365 days but not
longer than 732 days. The
fund invests up to 100% of
its NAV in money market
instruments and deposits.
Interest rate
risk, credit
risk and
liquidity risk.
Short-term
investors
who seek
capital
preservation.
90% Public
Bank 1-Month
FDR and 10%
Public Bank
Savings Rate –
ACE Account.
Note:
This is neither
a capital
guaranteed
nor a capital
protected
fund.
Notes:
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
The risk profile of the funds is not the same as the risk profile of their benchmark.
You may refer to Chapter 3: Detailed Information on The Funds for a better understanding of the characteristics
and objective of each fund, to help you decide on the fund that is most compatible with your personal investment
temperament and financial goals.
The names of the designated Fund Managers are tabulated in Chapter 3: Detailed Information on The Funds.
For profiles of designated Fund Managers, please refer to Chapter 9: The Manager. For more information on the
trustees, please refer to Chapter 10: The Trustees.
There are risks involved in investing with the funds. The general risks of investing with unit trust funds are tabulated
in Chapter 2: About Unit Trust Funds, while information on specific fund risks are presented in Chapter 3:
Detailed Information on The Funds.
The funds are governed by a master deed dated 28 January 1999, a first supplemental master deed dated 30 April
1999, second supplemental master deed dated 28 October 1999, third supplemental master deed dated 22 May
2000, fourth supplemental master deed dated 29 May 2000, fifth supplemental master deed dated 23 October
2000, seventh supplemental master deed dated 24 July 2001, eighth supplemental master deed dated 30 April
2002, ninth supplemental master deed dated 22 April 2003, tenth supplemental master deed dated 1 December
2003, eleventh supplemental master deed dated 3 November 2004, twelfth supplemental master deed dated 27
December 2004, thirteenth supplemental master deed dated 13 April 2005, sixteenth supplemental master deed
dated 25 October 2005, eighteenth supplemental master deed dated 22 February 2006, twentieth supplemental
master deed dated 1 September 2006, twenty first supplemental master deed dated 6 November 2006, twenty
second supplemental master deed dated 20 December 2006, twenty fourth supplemental master deed dated 13
April 2007, twenty fifth supplemental master deed dated 28 May 2007, twenty sixth supplemental master deed
dated 27 June 2007, twenty seventh supplemental master deed dated 10 July 2007, twenty ninth supplemental
master deed dated 20 July 2007, thirty first supplemental master deed dated 26 September 2007, thirty fourth
supplemental master deed dated 17 December 2007, thirty fifth supplemental master deed dated 17 December
2007, thirty sixth supplemental master deed dated 17 March 2008, thirty seventh supplemental master deed dated
11 April 2008, thirty eighth supplemental master deed dated 27 May 2008, thirty ninth supplemental master deed
dated 11 June 2008, forty first supplemental master deed dated 8 July 2008, forty third supplemental master deed
dated 8 July 2008, forty fifth supplemental master deed dated 7 July 2009, forty seventh supplemental master deed
dated 12 November 2009, forty eighth supplemental master deed dated 8 April 2010, fiftieth supplemental master
deed dated 13 April 2010, fifty third supplemental master deed dated 21 October 2010, fifty fifth supplemental
master deed dated 1 March 2011, fifty eighth supplemental master deed dated 21 July 2011, fifty ninth supplemental
master deed dated 19 September 2011, sixty third supplemental master deed dated 24 February 2014, sixty fifth
supplemental master deed dated 24 February 2014, sixty sixth supplemental master deed dated 7 March 2014,
sixty seventh supplemental master deed dated 7 March 2014, seventieth supplemental master deed dated 17
September 2014, seventy first supplemental master deed dated 6 November 2014, seventy second supplemental
master deed dated 28 November 2014, seventy third supplemental master deed dated 17 December 2014, seventy
fourth supplemental master deed dated 16 February 2015, seventy sixth supplemental master deed dated 25 June
2015, seventy seventh supplemental master deed dated 30 September 2015, eightieth supplemental master deed
dated 1 March 2016 and eighty first supplemental master deed dated 1 March 2016.
34
KEY FEATURES OF THE FUNDS (CONT’D)
1.2 FEES AND CHARGES
Charges Imposed on Purchase or Redemption of Units
This table below describes the charges that you may directly incur when you purchase or redeem units of the funds.
% / RM
Charges
Sales charge
per unit
Equity, Mixed Asset and
Balanced Funds
Bond Funds
Purchase of units through
unit trust consultants and the
Manager:
Up to 5.5% of NAV per unit.
Purchase of units through
unit trust consultants and the
Manager:
Up to 1.0% of NAV per unit.
Investments under the EPFMIS will be levied a sales
charge of up to 3% of NAV
per unit, as regulated by EPF.
The Manager may at its
discretion charge a lower
sales charge based on the
size of investment and/or
other criterion as may be
determined from time to time.
The Manager may at its
discretion charge a lower
sales charge based on the
size of investment and/or
other criterion as may be
determined from time to time.
Money Market Fund
Nil.
Redemption
charge per
unit
Nil.
Switching
charges
Please refer to pages 235 and 236 for charges on switching transactions.
Transfer
charges
An administration fee of RM25 will be charged for each transfer transaction.
Bank charges, courier charges and any other indirect charges may be incurred as a result of purchase and/or
redemption transactions.
Fees Incurred on Investing in The Funds
This table describes the fees that you may indirectly incur when you invest in the funds.
% / RM
Fees
Equity, Mixed Asset and
Balanced Funds
Management PSMACF:
1.25% per annum of the NAV.
fee
PSF, PGF, PIX, PINDGF, PAGF,
PRSF, P SmallCap, PEF, PFSF,
PDSF, PSSF, PSA30F, POGF,
PSSCF, PSTGF, PSTEF, PAVGEF,
PRSSQF, PSMAGF, PBF and
PGRBF:
1.50% per annum of the NAV.
PFES, PRSEC, PFEDF, PCSF,
PSEASF, PCTF, PFA30F, PSGEF
and PFEBF:
1.60% per annum of the NAV.
PAUEF, PEMOF and PTAF:
1.65% per annum of the NAV.
PFEPRF, PFECTF, PFETIF, PWEF
and PINDOSF:
1.70% per annum of the NAV.
PGSF:
1.80% per annum of the NAV.
Bond Funds
Money Market Fund
P BOND, PSBF, PSTBF and PMMF:
PENTBF:
0.375% per annum of the
0.75% per annum of the NAV. NAV.
PEBF:
1.0% per annum of the NAV.
PIN BOND:
0.5% per annum of the NAV.
35
KEY FEATURES OF THE FUNDS (CONT’D)
Fees
(cont’d)
% / RM
Equity, Mixed Asset and
Balanced Funds
Bond Funds
Money Market Fund
Trustee fee
0.06% per annum of NAV,
subject to a minimum fee of
RM18,000 and a maximum fee
of RM600,000 per annum.
0.035% per annum of NAV,
subject to a minimum fee of
RM18,000 and a maximum
fee of RM300,000 per annum.
0.02% per annum of NAV,
subject to a minimum fee of
RM18,000 and a maximum
fee of RM300,000 per annum.
Any other
fees payable
by an
investor
Nil.
For more details on fees, charges and expenses of the funds, you may refer to Chapter 7: Transaction Information
and Chapter 8: Fees, Charges and Expenses.
Note: All the above fees and charges are subject to GST which are payable by you.
There are fees and charges involved and investors are advised to consider them before investing in
the funds.
1.3 INFORMATION ON TRANSACTION OF UNITS
Purchase and redemption
of units
Units may be purchased or redeemed daily on any Business Day*.
There is no restriction on the frequency of purchase and redemption of
units.
There is a single price for the purchase and redemption of units of the funds
which is at NAV per unit of the respective funds. Unit prices of the funds
are published daily under the Unit Trusts Column in major newspapers**
and on our website at www.publicmutual.com.my.
(Please refer to pages 233 to 235 and 240 to 241 for more information on
purchase and redemption of units).
Note: The Manager may declare certain Business Day to be a non-Business
Day, although Bursa Securities is open for business, if one or more of the
foreign markets in which the fund(s) are invested therein are closed for
business. This is to ensure that you will be given a fair valuation of the
fund(s) at all times, be it when purchasing or redeeming units of the fund(s).
A notice on non-Business Days will be posted on Public Mutual’s website.
(Please refer to pages 161 to 162 for more information on valuation of
investments in such circumstances).
Minimum initial investment***
PIN BOND
: RM10,000,000
All other funds : RM1,000
Minimum additional investment
PIN BOND
: RM5,000,000
All other funds : RM100
Notes:
*
In the event that purchase and redemption requests are received by the Manager on days which are non-Business Days,
then such requests will automatically be carried forward to the first Business Day following therefrom. This elaboration holds
particular significance on the issue of entitlement to distribution payable by a fund at the close of its financial year or period.
**
While the Manager can ensure that the prices forwarded to the press for publication are accurate, it, however, cannot be
held liable for any error in prices finally published in the press since that would be beyond its realm of control. Investors may
contact the Customer Service or branch to further confirm the unit prices if you so desire.
*** The Manager may vary the minimum initial investment amount from time to time.
36
KEY FEATURES OF THE FUNDS (CONT’D)
Cooling-off right
If you are investing with Public Mutual for the first time, you may exercise
your cooling-off right within 6 Business Days from the date of receipt by
Public Mutual, of the application form and payment. The refund for every
unit held will be the sum of the price of a unit on the day the units were
purchased and the sales charge imposed (and GST) on the day the units
were purchased. For EPF unitholders, the cooling-off period will commence
from the date of receipt of application form by Public Mutual. (Please refer
to page 234 for more information on cooling-off right).
Switching between funds
Switching of units is considered a withdrawal or redemption of investment
from a unit trust fund and an application to purchase units of another unit
trust fund.
You may switch your investments between funds under the Public Series of
Funds and Public Series of Shariah-Based Funds on any Business Day subject
to terms and conditions.
Switching of units may be subject to switching fee or sales charge which is
deductible from the redemption proceeds.
(Please refer to pages 235 to 236 for more information on switching).
Transfer of units
You may fully or partially transfer your units in the fund(s) to another
unitholder subject to terms and conditions. An administration fee will be
charged for each transaction.
This transfer facility is not available for PIN BOND.
(Please refer to page 236 for more information on transfer of units).
Minimum units for redemption,
switching or transfer
PIN BOND
: 1,000,000 units (transfer facility is not available for PIN
BOND)
All other funds : 1,000 units
Minimum account
balance
PIN BOND
: 1,000,000 units
All other funds : 1,000 units
In the case of partial redemption, switching or transfer, the Manager may elect
to redeem, switch or transfer the entire account if the partial redemption,
switching or transfer results in less than the required minimum balance of
units being held in your account with the fund.
1.4 DISTRIBUTION POLICY
Fund name
Distribution policy
Equity Funds
Public Savings Fund
Annual
Public Growth Fund
Incidental
Public Index Fund
Incidental
Public Industry Growth Fund
Incidental
Public Aggressive Growth Fund
Incidental
Public Regular Savings Fund
Annual
Public SmallCap Fund
Incidental
Public Equity Fund
Incidental
Public Focus Select Fund
Incidental
Public Dividend Select Fund
Semi-annual
Public Far-East Select Fund
Incidental
37
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Distribution policy
Equity Funds (cont’d)
Public Regional Sector Fund
Incidental
Public Global Select Fund
Incidental
Public Far-East Dividend Fund
Annual
Public China Select Fund
Incidental
Public Far-East Property & Resorts Fund
Annual
Public South-East Asia Select Fund
Incidental
Public Sector Select Fund
Incidental
Public Far-East Consumer Themes Fund
Incidental
Public China Titans Fund
Incidental
Public Far-East Telco & Infrastructure Fund
Incidental
Public Select Alpha-30 Fund
Incidental
Public Worldwide Equity Fund
Incidental
Public Australia Equity Fund
Incidental
Public Far-East Alpha-30 Fund
Incidental
Public Optimal Growth Fund
Annual
Public Indonesia Select Fund
Incidental
Public Singapore Equity Fund
Incidental
Public Strategic SmallCap Fund
Incidental
Public Strategic Growth Fund
Incidental
Public Select Treasures Equity Fund
Incidental
Public Advantage Growth Equity Fund
Incidental
Public Regular Savings Sequel Fund
Annual
Public Emerging Opportunities Fund
Incidental
Mixed Asset Funds
Public Tactical Allocation Fund
Incidental
Public Select Mixed Asset Growth Fund
Incidental
Public Select Mixed Asset Conservative Fund
Annual
Balanced Funds
Public Balanced Fund
Incidental
Public Far-East Balanced Fund
Incidental
Public Growth Balanced Fund
Incidental
Bond Funds
Public Bond Fund
Annual
Public Institutional Bond Fund
Annual
Public Enhanced Bond Fund
Annual
Public Select Bond Fund
Annual
Public Strategic Bond Fund
Annual
Public Enterprises Bond Fund
Annual
Money Market Fund
Public Money Market Fund
Annual
38
KEY FEATURES OF THE FUNDS (CONT’D)
Distribution, if any, is declared at the end of each financial year, or for any other specified period. Any distribution(s)
so paid will be subject to the availability of realised income and/or realised gains. Please refer to Chapter 4:
Performance of The Funds for past distributions of the respective funds.
Distribution (if any) will be reinvested unless you opt for distribution to be paid out to you by indicating in the
application form. If you opt for the pay out option, you are required to provide your bank account details for
distribution to be credited into your bank account. Payment will only be effected if your bank account has been
registered with the Manager. In the absence of a registered bank account, the distribution (if any) will be reinvested.
Distribution reinvestments will be reinvested at NAV per unit, computed at the close of the first Business Day following
the distribution declaration date. No sales charge will be imposed on distribution reinvestments.
You must notify the Manager within 14 Business Days prior to each date fixed for the distribution of any change in
your distribution instructions.
Auto-Reinvestment of Distribution Amount of Less Than RM100
Payment of distribution, if any, of an amount less than RM100 per account will automatically be reinvested (as it is
deemed uneconomical to pay out) at NAV per unit, computed at the close of the first Business Day following the
distribution declaration date.
1.5 UNCLAIMED MONIES
Any monies payable to you which remain unclaimed after such period (currently being 1 year) will be paid to
Register of Unclaimed Monies by the Manager in accordance with the provisions of the Unclaimed Moneys Act
1965 and (Amendment) 2002.
1.6 LODGING A COMPLAINT
You can contact our Customer Service Hotline at 03-6207 5000 for internal dispute resolution.
If you are dissatisfied with the outcome of the internal dispute resolution process, you can refer your dispute to
the Securities Industry Dispute Resolution Center (SIDREC):
(a)
(b)
(c)
(d)
via phone
via fax
via email
via letter
:
:
:
:
03-2282 2280
03-2282 3855
info@sidrec.com.my
Securities Industry Dispute Resolution Center (SIDREC)
Unit A-9-1, Level 9, Tower A
Menara UOA Bangsar
No. 5, Jalan Bangsar Utama 1
59000 Kuala Lumpur
You can also direct your complaint to SC even if you have initiated a dispute resolution process with SIDREC. To
make a complaint, please contact the SC’s Investor Affairs & Complaints Department:
(a)
(b)
(c)
(d)
(e)
via phone to the Aduan Hotline : 03-6204 8999
via fax
: 03-6204 8991
via email
: aduan@seccom.com.my
via online complaint form available at www.sc.com.my
via letter
: Investor Affairs & Complaints Department
Securities Commission Malaysia
No. 3, Persiaran Bukit Kiara
Bukit Kiara
50490 Kuala Lumpur
You can direct your complaint to FIMM if you feel your complaint has not been satisfactorily resolved.
Prospective unitholders should read and understand the contents of the Master Prospectus and, if
necessary, consult your adviser(s).
Unit prices and distributions payable, if any, may go down as well as up.
For information concerning certain risk factors which should be considered by prospective investors,
see “risk factors” commencing on page 40.
Past performance of the funds is not an indication of their future performance.
39
2
ABOUT UNIT TRUST FUNDS
2.1 THE UNIT TRUST FUND
A unit trust fund is a professionally managed, collective investment scheme that pools unitholders’ monies and
invests it toward a specific goal as declared by the investment objective of the unit trust fund. Such a unit trust
fund usually aims to provide returns in the form of distribution and/or capital growth with reasonable risks, to
investors through investing in a broadly diversified portfolio of stocks, fixed income securities or other instruments.
A unit trust fund may be illustrated as a tripartite relationship between the Manager, the trustee and unitholders
governed by a legally binding deed registered with the SC. The SC regulates the unit trust industry through the
CMSA 2007 and the SC Guidelines.
2.2 BENEFITS OF INVESTING IN UNIT TRUST FUNDS
Benefits of investing in unit trust funds include:
1.
Diversification: Diversification involves the process of spreading risk over a broad portfolio of asset classes
which include but are not limited to stocks and/or fixed income securities. Further diversification can also be
achieved by investing in stocks and/or fixed income securities in different companies, sectors, countries or
regions. Unit trust funds facilitate the diversification process by providing you with an avenue to pool monies
for the purchase of a diversified portfolio of stocks and/or fixed income securities that will bring returns at
lower risks compared with investing directly in stock and/or fixed income securities markets.
2.
Professional management: Unit trust funds are managed by professional fund managers with the expertise
and resources to manage the assets of the fund. You can thus benefit from this professional fund management
of investments via the fund at a shared (affordable) cost.
3.
Liquidity: You may redeem all or part of your units on any Business Day and have your proceeds mailed to
you within 10 days.
4.
Ease of transactions: Unit trust funds do not require cumbersome administrative or paperwork or record
keeping on your part in managing your investments.
5.
Capital gains: Unit trust funds which seek to achieve capital growth over the long-term provide the
opportunity for you to achieve capital gains.
2.3 RISK FACTORS
Any investment carries with it an element of risk. A unit trust fund is exposed to a variety of risks by nature of the
investments it is engaged in. As such, there is the risk that you could experience capital losses through investments
in unit trust funds.
General risks of investing in unit trust funds include:
1.
Market risk: The purchase of securities (equities and fixed income securities) represents a risk since the prices
of securities fluctuate in response to various factors which include economic and global financial market
trends as well as non-financial factors such as political developments and natural disasters. Such movements
in the prices of the securities underlying the investment portfolio will cause the fund’s NAV, and consequently
the prices of units, to fall as well as rise.
2.
Specific security risk: Prices of a particular security may fluctuate in response to the circumstances affecting
individual companies. As such, adverse price movements of a particular security invested by the fund may
adversely affect the fund’s NAV and unit price. This impact can, however, be mitigated through the process
of portfolio diversification by the fund managers.
3.
Liquidity risk: Liquidity risk is defined as the risk of the fund manager having to liquidate the fund’s holdings
of illiquid securities at a discount to its fair value to meet the redemption requirements. This may adversely
impact the fund’s NAV and unit price. This impact can, however, be mitigated through the process of security
selection and portfolio diversification by the fund managers.
4.
Unlisted security risk: This risk relates to investments in securities which are not listed on a securities
exchange, such as stocks of unlisted companies. Investment in unlisted securities may subject the fund to
liquidity risks upon the disposal of these securities which may impact the value of the fund.
5.
Fund manager risk: Although a fundamental investment approach is undertaken by fund managers, there
is a risk that investment decisions undertaken pertaining to asset allocation and stock selection may not be
in line with market movements. This could adversely impact the performance of the fund.
40
ABOUT UNIT TRUST FUNDS (CONT’D)
6.
Loan financing risk: It is not advisable for you to finance the fund units through borrowings. The price/
value of units will fluctuate with the underlying fund portfolio and you may find yourself faced with the
scenario of being forced to provide additional funds to top up on your loan margins (where units are used
as collateral) when the market goes down, or suffer the higher cost of financing when interest rates trend
upwards. If additional funds required to top up your loan margins are not made available by you within
the time prescribed, your units may be sold towards settling your loan. Investing in unit trust funds involves
market risks and it would be considered unwise for you to undertake borrowing to purchase units as it may
serve to accentuate any capital loss incurred by you.
The Manager does not encourage the practice of loan financing in the purchase of unit trust funds.
7.
Risk of non-compliance: The risk arising from non-conformance with regulations and internal policies and
procedures by the Manager due to situations such as system failures may adversely affect the investment of
unitholders. However, the risk can be mitigated by internal controls put in place by the Manager.
8.
Currency risk: If the fund invests in foreign currency or assets denominated in foreign currency, the fund
may be exposed to currency fluctuation risks. Fluctuations in foreign exchange rates will affect the value of
the fund’s foreign investments upon conversion to local currency and subsequently impact the value of your
investments. To mitigate such risk, the fund may undertake hedging strategies. However, the fund would
not benefit from any potential upside if currencies move in the opposite direction of the hedging strategy.
9.
Country risk: Overseas investments of the fund may be affected by changes in the political and economic
conditions of the country in which the investments are made. Such political and economic factors may
influence the growth and development of business enterprises and impact the financial markets. In addition,
certain countries require the application of an investment licence or registration of an investor code before
investments can be made in these countries. If investments in such countries are undertaken and if the licence
to invest is not renewed by the relevant authority, the fund’s investments in these countries will be affected.
To mitigate this, the Manager will closely monitor the investment regulatory requirements in these countries.
The fund’s investments in warrants and utilisation of options, OTC options (if any), futures contracts and foreign
exchange forward contracts may result in the following risk:
1.
Derivatives risk: Derivatives allow for the use of leverage* which may increase the volatility of the fund’s
NAV during periods of adverse market movements. The use of non-exchange traded or OTC derivatives
involve counterparty risk arising from counterparties’ default or a decline in the counterparties’ credit rating.
In such circumstances, efforts will be taken to liquidate the derivative position. The use of derivatives also
present liquidity risk, whereby an illiquid market could impact the efficient pricing of derivative products or
prevent the fund from closing out its derivative position.
* The use of leverage involves the utilisation of instruments to obtain an increased exposure to an underlying
investment asset.
Investment in fixed income securities and liquid assets brings forth the following specific investment risks:
1.
Interest rate risk: Interest rate risk refers to the impact of interest rate changes on the valuation of fixed
income securities and liquid assets.
Investment in fixed income securities: When interest rates rise, fixed income securities prices generally decline
and this will lower the market value of the fund’s investment in fixed income securities. The reverse applies
when interest rates fall.
Investment in liquid assets: As the returns of the fund’s investments in liquid assets move in tandem with
interest rates, a decline in interest rates will lower the returns of the fund’s investments in liquid assets
correspondingly.
2.
Credit risk: Credit risk relates to the creditworthiness of the issuer of the securities or liquid assets which is
dependent on the issuer’s ability to make timely payments of interest and/or principal. In the event that the
issuer of a security or liquid assets defaults in the payment of interest and/or principal, the value of the fund
may be adversely affected. For fixed income securities investments, credit risk can be managed by holding
a diversified portfolio of fixed income securities and monitoring the issuers’ fundamentals on an ongoing
basis.
Please refer to Chapter 3: Detailed Information on The Funds for information on the fund specific risks and
risk management.
41
3
DETAILED INFORMATION ON THE FUNDS
3.1 CATEGORIES OF FUNDS
Public Mutual currently promotes various categories of funds, namely equity fund, mixed asset fund, balanced
fund, bond/fixed income fund and money market fund. In terms of these fund categories, the difference among
them lies with the (asset) allocation among the various asset classes i.e. between equities, fixed income securities
and money market instruments, resulting thus in different emphasis being placed on capital growth and income.
Generally, to be categorised as an equity fund denotes that a higher proportion of the fund assets will be invested
in stocks/shares in order to secure capital growth for unitholders, with income considered incidental. A mixed
asset fund adopts a mixed asset/tactical asset allocation strategy where investments are allocated across the
different asset classes based on its investment mandate. A balanced fund, in turn, would focus on attaining a
balance between capital growth and income by investing partly in stocks/shares (though not to the same extent
as an equity fund), and partly in fixed income securities (but to a lesser extent than a bond fund). A bond/fixed
income fund, concentrates chiefly on investing in fixed income securities to secure and distribute annual income
to unitholders, with capital growth considered incidental to the investment process. A money market fund, on
the other hand, invests primarily in short-term debentures and money market instruments to secure and distribute
annual income to unitholders.
For the equity funds managed by Public Mutual, it is important to note that whilst the general investment strategies
pertaining to the respective funds are almost similar, however, the key difference between them lies in the selection of
equity range of the individual funds and their fund-specific investment strategies as set out in this Master Prospectus.
The forthcoming paragraphs under this Chapter provides further information on the funds’ profiles (paragraph
3.2), investment risks (paragraph 3.3), permitted investments (paragraph 3.4), investment restrictions (paragraph
3.5), valuation of permitted investments (paragraph 3.6) and policy on gearing (paragraph 3.7).
42
DETAILED INFORMATION ON THE FUNDS (CONT’D)
3.2 FUND PROFILES
The following section lays out the investment objective, policy, strategy and other key features of each of the funds
to assist you in making an informed judgement of the distinctive features of each fund. You are requested to read
the fund profiles carefully before making an investment decision.
Equity Funds
Fund Managers
Pages
Public Savings Fund
Tan Chee Chin and Lum Meng Seng
45-46
Public Growth Fund
Lum Ming Jang and Liew Mun Hon
47-48
Public Index Fund
Chiang Kang Pey and Ng Joo Tsong
49-51
Public Industry Growth Fund
Chiang Kang Pey and Ng Joo Tsong
52-53
Public Aggressive Growth Fund
Lum Ming Jang and Andrew Seah Saik Weng
54-55
Public Regular Savings Fund
Lum Ming Jang and Chen Yuet Fong
56-57
Public SmallCap Fund
Lum Ming Jang and Loo See Seong
58-59
Public Equity Fund
Lum Ming Jang and Lum Meng Seng
60-61
Public Focus Select Fund
Andrew Seah Saik Weng and Lum Meng Seng
62-64
Public Dividend Select Fund
Tan Chee Chin and Liew Mun Hon
65-66
Public Far-East Select Fund
Tan Chee Chin and Chen Yuet Fong
67-68
Public Regional Sector Fund
Lum Ming Jang and Liew Mun Hon
69-70
Public Global Select Fund
Liew Mun Hon and Oh Siew Wei
71-72
Public Far-East Dividend Fund
Chiang Kang Pey and Lim Wai Yin
73-75
Public China Select Fund
Chiang Kang Pey and Chen Yuet Fong
76-77
Public Far-East Property & Resorts Fund
Lum Peck Woon and Loo See Seong
78-79
Public South-East Asia Select Fund
Lum Peck Woon and Chong Kok Wai
80-81
Public Sector Select Fund
Lum Ming Jang and Loo See Seong
82-83
Public Far-East Consumer Themes Fund
Lum Ming Jang and Tan Chee Chin
84-85
Public China Titans Fund
Lum Ming Jang and Tan Chee Chin
86-87
Public Far-East Telco & Infrastructure Fund
Lum Peck Woon and Chong Kok Wai
88-89
Public Select Alpha-30 Fund
Lum Ming Jang and Andrew Seah Saik Weng
90-91
Public Worldwide Equity Fund
(formerly known as Public Natural Resources
Equity Fund)
Liew Mun Hon and Oh Siew Wei
92-93
Public Australia Equity Fund
Lum Ming Jang and Chen Yuet Fong
94-95
Public Far-East Alpha-30 Fund
Chiang Kang Pey and Ng Joo Tsong
96-98
Public Optimal Growth Fund
Lum Ming Jang and Liew Mun Hon
99-100
Public Indonesia Select Fund
Lum Peck Woon and Chong Kok Wai
101-102
Public Singapore Equity Fund
Tan Chee Chin and Lum Meng Seng
103-104
Public Strategic SmallCap Fund
Lum Ming Jang and Loo See Seong
105-107
Public Strategic Growth Fund
Liew Mun Hon and Tan Kok Keong
108-110
Public Select Treasures Equity Fund
Andrew Seah Saik Weng and Loo See Seong
111-113
Public Advantage Growth Equity Fund
Andrew Seah Saik Weng and Tan Kok Keong
114-115
Public Regular Savings Sequel Fund
Chiang Kang Pey and Ng Joo Tsong
116-117
Public Emerging Opportunities Fund
Andrew Seah Saik Weng and Loo See Seong
118-120
43
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Mixed Asset Funds
Fund Managers
Public Tactical Allocation Fund
Chiang Kang Pey and Ng Joo Tsong
121-123
Pages
Public Select Mixed Asset Growth Fund
Tan Kok Keong and Shahnaz bin Saiful Mulok
124-126
Public Select Mixed Asset Conservative Fund
Evelyn Cheong Sun Ngean and Lum Meng Seng
127-129
Public Balanced Fund
Lum Ming Jang and Loo See Seong
130-132
Public Far-East Balanced Fund
Tan Chee Chin and Lum Meng Seng
133-135
Public Growth Balanced Fund
Andrew Seah Saik Weng and Loo See Seong
136-138
Public Bond Fund
Lum Ming Jang and Zaharudin bin Ghazali
139-140
Public Institutional Bond Fund
Zaharudin bin Ghazali and Vivian Looi
141-142
Public Enhanced Bond Fund
Zaharudin bin Ghazali and Loo See Seong
143-145
Balanced Funds
Bond Funds
Public Select Bond Fund
Lum Ming Jang and Zaharudin bin Ghazali
146-147
Public Strategic Bond Fund
Zaharudin bin Ghazali and Vivian Looi
148-149
Public Enterprises Bond Fund
Evelyn Cheong Sun Ngean and Vivian Looi
150-151
Zaharudin bin Ghazali and Haniza binti Yang Razali
152-153
Money Market Fund
Public Money Market Fund
44
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC SAVINGS FUND (PSF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Minimum of 40% in index stocks, with the balance in
growth stocks
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve long-term capital appreciation while at the same time producing a reasonable level of income*.
Notes:
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment
objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PSF is actively managed to achieve the long-term goal of capital growth by investing in a diversified portfolio of indexlinked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. In
identifying such companies, the fund relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets,
and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which
include money market instruments and deposits to help generate income returns.
45
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. The equity
exposures of the fund are managed actively with exposures ranging from 70% to 98% depending on the market
and economic environment such that it may outperform the equity market over the long run. It also maintains
investments in fixed income securities to help generate income to the fund.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSF
As PSF will focus its investments in the domestic market, the benchmark for PSF is the FTSE Bursa Malaysia KLCI
(FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main
Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood
representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The PSF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia Berhad
(“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA MALAYSIA
nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from
the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at any particular time
on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA
nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor BURSA
MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
46
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC GROWTH FUND (PGF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
High concentration of growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve long-term capital appreciation with income* considered incidental.
Notes:
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PGF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment
objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PGF is actively managed to achieve the long-term goal of capital growth by investing in a diversified portfolio
of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa
Securities. In identifying such companies, the fund relies on fundamental research where the financial health,
industry prospects, management quality and past track records of the companies are assessed. Although the fund
is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign
markets, and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits to help generate returns.
47
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. There is however
greater emphasis on capital growth with lower emphasis on income and as such its equity exposures are in the range
of between 70% and 98%. It is thus potentially a stronger performer in a rising market than a savings oriented
equity fund. Commensurate with that, it is also likely to be more volatile in terms of returns.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PGF
As PGF will focus its investments in the domestic market, the benchmark for PGF is the FTSE Bursa Malaysia KLCI
(FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main
Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood
representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The PGF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia Berhad
(“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA MALAYSIA
nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from
the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at any particular time
on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA
nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor BURSA
MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
48
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC INDEX FUND (PIX)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
80% to 98%
Stock Selection Profile of Fund
Minimum of 60% index stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve long-term capital appreciation while at the same time attempting to outperform the FTSE Bursa Malaysia
Top 100 Index.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PIX invests in a diversified portfolio of Malaysian equities and fixed income securities to meet its investment objective.
Its equity content in terms of NAV will range in the region of 80% to 98% of NAV of the fund; with a minimum
of 60% of NAV invested in index stocks. The balance of the fund’s NAV will be invested in fixed income securities
and liquid assets which include money market instruments and deposits.
Investment Strategy
PIX is actively managed and invests mainly in index stocks with the objective of outperforming the index and
achieving capital growth over the long term. The fund aims to achieve this by maintaining a reasonably high level
of exposure to equities over time with a minimum of 60% of NAV invested in index stocks at all times. PIX is
not a passive index fund but will invest in a diversified portfolio of index-linked companies, blue chip stocks and
companies with growth prospects that are listed on the Bursa Securities. In identifying such companies, the fund
relies on fundamental research where the financial health, industry prospects, management quality and past track
records of the companies are assessed. Although the fund is actively managed, the frequency of its trading strategy
will very much depend on market opportunities.
As a result of the high equity exposure and heavy emphasis on index stocks, the fund is likely to track the
benchmark very closely. However, there may exist differences in the fund’s performance when compared to the
benchmark due to various reasons such as investments in non-index stocks, variation in equity weightings and the
weighting strategies employed for the index components. As a result, the fund will not exactly replicate or track
the underlying benchmark’s return. The fund undergoes portfolio rebalancing on an ongoing basis with the view
of outperforming the benchmark.
The fund may participate in IPOs of companies seeking a listing on Bursa Securities. The fund may also invest in
collective investment schemes in the domestic market, and warrants. The fund may also invest in fixed income
securities (sovereign and corporate) and liquid assets which include money market instruments and deposits to
help generate returns.
49
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The close link between the performance of the fund and that of the benchmark that it tracks may result in the fund
experiencing significant volatilities in times of adverse market movements. The diversification and asset allocation
strategies employed would help in mitigating the market risks and result in improving the performance of the fund.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks that are primarily
components of the FTSE Bursa Malaysia Top 100 Index (FBM 100). As it also maintains a fairly high equity exposure
range between 80% and 98%, its performance tends to track the benchmark more closely than non-index funds.
It is not a passive index fund but nevertheless is a useful investment vehicle for investors who wish to use it for
market timing purposes.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
As investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s investments in
warrants will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PIX
PIX is set up to outperform the FTSE Bursa Malaysia Top 100 Index (FBM 100). Hence, the FBM 100 is the benchmark
for the fund. The FBM 100 is a free-float adjusted market capitalisation weighted index which comprises the Bursa
Malaysia Main Market’s top 100 large and mid cap companies by full market capitalisation.
Information on the FBM 100 is sourced from FTSE International Limited. The performance of the fund and its
benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The PIX is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia Berhad
(“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA MALAYSIA
nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the
use of the FTSE BURSA MALAYSIA TOP 100 INDEX (“the Index”), and/or the figure at which the said Index stands at any particular
time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA
nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor BURSA
MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
50
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Top 10 Holdings in % of NAV as at 31 January 2016
FBM 100
% Weight
in Index
PIX
% of
NAV
1
Public Bank Berhad
8.9
Public Bank Berhad
8.4
2
Tenaga Nasional Berhad
7.5
Tenaga Nasional Berhad
7.7
3
Malayan Banking Berhad
7.2
LPI Capital Berhad
6.1
4
Sime Darby Berhad
4.1
Malayan Banking Berhad
5.5
5
Axiata Group Berhad
3.9
Axiata Group Berhad
4.3
6
CIMB Group Holdings Berhad
3.5
Sime Darby Berhad
4.0
7
Petronas Chemicals Group Berhad
3.2
CIMB Group Holdings Berhad
3.0
8
IHH Healthcare Berhad
2.9
Telekom Malaysia Berhad
2.9
9
DiGi.Com Berhad
2.8
IOI Corporation Berhad
2.9
10
Petronas Gas Berhad
2.8
Genting Berhad
2.8
Additional Disclosure
The FBM 100 is a market capitalisation weighted index of 100 stocks designed to measure the performance of
Bursa Securities. The index is constructed to reflect the performance of listed companies that are representative of
the major sectors of the Malaysian economy. The index is rebalanced periodically based on criteria as determined
by the FTSE Bursa Malaysia Advisory Committee.
A minimum of 60% of the fund’s NAV will be maintained in component stocks of the FBM 100. PIX is not a passive
index fund and will also invest in non-FBM 100 stocks with good growth prospects and attractive valuations to
enhance its investment performance.
Tracking error of the fund’s movements vs the FBM 100 may arise as the fund may invest in non-index stocks.
Differences in weights of index stocks held by the fund vs the respective stock’s weightings in the FBM 100 will
also contribute to tracking errors. As a result, there is no guarantee that the fund will exactly replicate or
track the underlying benchmark’s return. However the fund will be rebalanced on an ongoing basis to manage
its tracking error versus the benchmark.
The risk of investing in equity index funds relate to risks arising from its equity holdings which will fluctuate in line
with the stockmarket’s movements. Risk of price movements on a stock specific basis can also affect the fund’s
overall returns.
There is no guarantee or assurance of exact or identical replication at any time of the performance
of the index.
The index composition may change and component securities of the underlying index may be delisted.
The investment of the fund may be concentrated in securities of a single issuer or several issuers.
51
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC INDUSTRY GROWTH FUND (PINDGF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
High concentration of stocks in recovering or high
growth sectors
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve a high level of capital appreciation over the medium to long term period through investments in growth
industries.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PINDGF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its
investment objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of
the fund. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PINDGF is actively managed to achieve the medium to long-term goal of capital growth by investing in a diversified
portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the
Bursa Securities. In identifying such companies, the fund relies on fundamental research where the financial health,
industry prospects, management quality and past track records of the companies are assessed. Although the fund
is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign
markets, and warrants issued during corporate exercises by companies listed on Bursa Securities in which the fund
holds shares in. The fund may also invest in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits to help generate returns.
52
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks with particular
attention paid to the industrial themes with good growth potential or undergoing cyclical recovery. The fund
typically maintains a fairly high equity exposure range of between 70% and 98%. It is thus potentially a stronger
performer in a rising market than a savings oriented equity fund. Commensurate with that, it is also likely to be
more volatile in terms of returns.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PINDGF
As PINDGF will focus its investments in the domestic market, the benchmark for PINDGF is the FTSE Bursa Malaysia
KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia
Main Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily
understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The PINDGF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at any
particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor BURSA
MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE
nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
53
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC AGGRESSIVE GROWTH FUND (PAGF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
High concentration of high growth stocks and
situational stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To seek high capital growth over the medium to long term period through investments in situational and high
growth stocks.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PAGF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its
investment objective. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of
the fund. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PAGF is actively managed to achieve the medium to long-term goal of capital growth by investing in a diversified
portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the
Bursa Securities. In identifying such companies, the fund relies on fundamental research where the financial health,
industry prospects, management quality and past track record of the companies are assessed. The fund will also
invest in situational plays where the risks are deemed reasonably mitigated. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign
markets, and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits to help generate returns.
54
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks with the aim of
maximising medium to long-term capital growth. In doing so, its equity exposure is typically maintained within a
high equity exposure range of between 75% and 98%. It is thus set up to perform in a more aggressive manner
through a more active trading strategy. Commensurate with that, it is also likely to be significantly more volatile
in terms of returns.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PAGF
As PAGF will focus its investments in the domestic market, the benchmark for PAGF is the FTSE Bursa Malaysia
KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia
Main Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily
understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The PAGF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia Berhad
(“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA MALAYSIA
nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from
the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at any particular time
on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA
nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor BURSA
MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
55
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC REGULAR SAVINGS FUND (PRSF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Blue chip stocks and growth stocks
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve consistent capital growth over the medium to long term period and to achieve a steady growth in income*.
Notes:
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PRSF invests in a diversified portfolio of Malaysian equities and fixed income securities to meet its investment
objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PRSF is actively managed to achieve the goal of medium to long-term capital growth by investing in a diversified
portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on
the Bursa Securities. In identifying such companies, the fund relies on fundamental research where the financial
health, industry prospects, management quality and past track records of the companies are assessed. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
The fund may participate in IPOs of companies seeking a listing on Bursa Securities. The fund may also invest in
collective investment schemes in the domestic market, and warrants. The fund may also invest in fixed income
securities (sovereign and corporate) and liquid assets which include money market instruments and deposits to
help generate income returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. The equity
exposures of the fund are managed actively with exposures ranging from 70% to 98% depending on the market and
economic environment. It also maintains investments in fixed income securities to help generate income to the fund.
56
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
As investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s investments in
warrants will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PRSF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% FTSE Bursa Malaysia Top 100 Index (FBM 100), and
10% 3-Month KLIBOR
As PRSF maintains an equity exposure ranging between 70% to 98% of its NAV, the benchmark chosen for PRSF
is a composite benchmark index comprising a hypothetical investment in the FBM 100 and 3-Month KLIBOR in
a ratio of 90:10. Therefore, the returns for the benchmark index for any given period of time would comprise of
90% from the returns of the FBM 100 and 10% from 3-Month KLIBOR interest earned for the same period of
time. The component stocks of FBM 100 comprises top 100 large and mid cap stocks listed on Bursa Securities. This
composite benchmark index represents an appropriate performance benchmark for PRSF as the fund is an equity
fund which generally has an equity weight of 90% of its NAV over the medium to long term.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. Information on the FBM 100 is sourced from FTSE International Limited. The
performance of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The PRSF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA TOP 100 INDEX (“the Index”), and/or the figure at which the said Index
stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither
FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the
Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
57
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC SMALLCAP FUND (P SmallCap)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Companies with small market capitalisation, at the
point of purchase, with special focus on growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve high capital growth through investments in companies with small market capitalisation with special
focus on growth stocks.
Notes:
The fund will invest in companies with small market capitalisation at the point of purchase.
The fund may remain invested in counters which have moved above the market capitalisation range stated in the fund’s
investment policy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
P SmallCap invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its
investment objective. The fund will invest in stocks with market capitalisation of up to RM1.25 billion at the point
of purchase. The fund may also invest in the component stocks of the FTSE Bursa Malaysia Small Cap Index and
small cap stock market indexes of selected foreign markets at the point of purchase. The fund may also invest in
companies which at the point of purchase form the bottom 15% of the cumulative market capitalisation of the
market which the stock is listed on. The fund will maintain an equity exposure of between 70% to 98% of its NAV.
The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money
market instruments and deposits.
Investment Strategy
P SmallCap is actively managed and focuses primarily on investing in companies with small market capitalisation, with
the aim of achieving high capital growth over the long term through investments in such companies that possess
the capacity to grow strongly. The fund seeks to achieve this goal by maintaining a diversified portfolio of small to
medium-sized companies with growth prospects that are listed on the Bursa Securities. Such stocks are likely to be
found in business sectors that focus on high value-added manufacturing and infrastructural development, modern
telecommunications, utilities, consumer products, services and information technology sectors. In identifying such
companies, the fund relies on fundamental research where the financial health, industry prospects, management
quality and past track record of the companies are assessed. Although the fund is actively managed, the frequency
of its trading strategy will very much depend on market opportunities.
58
DETAILED INFORMATION ON THE FUNDS (CONT’D)
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing
on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also
invest in collective investment schemes both in the domestic and foreign markets, and warrants. The fund may
also invest in fixed income securities (sovereign and corporate) and liquid assets which include money market
instruments and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of promising companies with small market capitalisation which as an investment group is generally under researched
by the investment community. The focus of the fund is on identifying stocks of companies that have good earnings
growth potential and trade at attractive valuations.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from significant
volatilities in times of adverse market movements, foreign currency exposure and foreign interest rate movements,
the fund may employ hedging strategies which include futures contracts, foreign exchange forward contracts and
options to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options for hedging purposes and
investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s participation in these
instruments will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for P SmallCap
As P SmallCap will focus its investments in the domestic market, the benchmark for P SmallCap is the FTSE Bursa
Malaysia Small Cap Index which comprises of eligible companies within the top 98% of the Bursa Malaysia Main
Market excluding constituents of the FTSE Bursa Malaysia Top 100 Index.
Information on the FTSE Bursa Malaysia Small Cap Index is sourced from FTSE International Limited. The performance
of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The P SmallCap is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa
Malaysia Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor
BURSA MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to
be obtained from the use of the FTSE BURSA MALAYSIA SMALL CAP INDEX (“the Index”), and/or the figure at which the said
Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However,
neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in
the Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
59
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC EQUITY FUND (PEF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
At least 80%
Stock Selection Profile of Fund
Growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth through the aggressive selection of growth stocks from diversified economic sectors.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PEF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment
objective. Its minimum equity content is 80% of the NAV of the fund. The balance of the fund’s NAV will be invested
in fixed income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PEF is actively managed to achieve the long-term goal of capital growth by maintaining a high level of exposure
to equities of 80% and above at all times. The equity investment of the fund primarily focuses on a diversified
portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on
the Bursa Securities. In identifying such companies, the fund relies on fundamental research where the financial
health, industry prospects, management quality and past track records of the companies are assessed. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign
markets, and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits to help generate returns.
60
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. The fund however
places a lower emphasis on asset allocation by committing at least 80% of total funds to the equity market at all
times. As such, the fund is likely to benefit very meaningfully from a bullish equity market. On the downside, it
may have little leeway in avoiding the full brunt of a bearish market. It is thus potentially a stronger performer in
a rising market than a savings oriented equity fund. Commensurate with that, it is also likely to be significantly
more volatile in terms of returns.
Fund Specific Risk Management
The liquidity management and diversification strategies employed are therefore central to the efforts to manage
the risks posed to the fund. There may even be situations such as when a severe downturn in the equity markets
is expected and liquidity risks are high, that the equity exposure is reduced to below the minimum levels indicated.
With regards to the investment in fixed income securities, it should be noted that the performance of the fixed
income securities might be adversely affected should interest rates rise sharply. The value of fixed income securities
may also fluctuate based on the credit quality of the issuer. As such, exposure to fixed income securities in the
portfolio are managed to ensure that risks levels are commensurate with the potential returns. The performance of
money market instruments and deposits may also be impacted by the fluctuations in interest rates and the credit
risk of the financial institutions. To manage the credit risk of these instruments, the credit ratings of the financial
institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PEF
As PEF will focus its investments in the domestic market, the benchmark for PEF is the FTSE Bursa Malaysia KLCI
(FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main
Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood
representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The PEF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at
any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor
BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and
neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
61
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC FOCUS SELECT FUND (PFSF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Medium and small-sized companies
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth through investments in medium and small-sized companies in terms of market capitalisation
from diversified economic sectors.
Notes:
The fund may remain invested in counters which have moved above the market capitalisation range stated in the fund’s
investment strategy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFSF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment
objective. The fund will invest in medium and small-sized companies listed on the domestic market and selected
foreign markets.
Emphasis is placed on the accumulation of stocks with promising high earnings growth prospects in the medium
to long-term horizon. Such stocks are found in a wide variety of business sectors from plantations to banking to
information technology.
The fund maintains equity exposures within a range of between 70% and 98% against its NAV. However the
equity range of the fund may be lower depending on the fund manager’s assessment of the stock market. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PFSF is actively managed to achieve its goal of capital growth by investing in medium and small-sized companies
listed on Bursa Securities within the market capitalisation range of FTSE Bursa Malaysia Small Cap Index and FTSE
Bursa Malaysia Mid 70 Index respectively at the point of purchase.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund will also invest in component stocks of the mid and small cap stock market indices of selected foreign
markets at the point of purchase. If mid and small cap stock market indices are not available for a foreign market,
the fund will invest in stocks of companies which form the bottom 30% of the cumulative market capitalisation of
the market in which the stock is listed on at the point of purchase. The stock universe for each market in which the
stock is listed on is sorted by market capitalisation and is ranked in descending order. Beginning with stocks with
the smallest market capitalisation, the market capitalisation of stocks is aggregated until the cumulative market
capitalisation of these stocks reaches 30%. In identifying such companies, the fund relies on fundamental research
where the financial health, industry prospects, management quality and past track record of the companies are
assessed. Although the fund is actively managed, the frequency of its trading strategy will very much depend on
market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets, and warrants. The fund may also invest in collective investment schemes both in the domestic and
foreign markets. The fund may also invest in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits to generate additional returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of medium and small-sized companies. The focus of the fund is on identifying stocks of companies that have good
earnings growth potential and trade at attractive valuations.
Fund Specific Risk Management
The fund faces liquidity risk especially with regard to investments in shares of medium and small-sized companies.
For that reason, the equity exposures of the fund are managed within a fairly conservative range of between 70%
and 98%. Essentially, the asset allocation, liquidity management and diversification strategies employed are central
to the efforts to manage the risks posed to the fund. There may be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the fund’s equity exposure is reduced to below the
levels indicated as a temporary defensive strategy.
With regards to the investment in fixed income securities, it should be noted that the performance of the fixed
income securities might be adversely affected should interest rates rise sharply. The value of fixed income securities
may also fluctuate based on the credit quality of the issuer. As such, exposure to fixed income securities in the
portfolio are managed to ensure that risks levels are commensurate with the potential returns. The performance of
money market instruments and deposits may also be impacted by the fluctuations in interest rates and the credit
risk of the financial institutions. To manage the credit risk of these instruments, the credit ratings of the financial
institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Selected Performance Benchmark for PFSF
As PFSF will focus its investments in the domestic market, the benchmark for PFSF is the FTSE Bursa Malaysia Mid
70 Index which comprises of the remaining 70 companies in the FTSE Bursa Malaysia EMAS Index ranked by full
market capitalisation, excluding the 30 members in the FTSE Bursa Malaysia KLCI.
Information on the FTSE Bursa Malaysia Mid 70 Index is sourced from FTSE International Limited. The performance
of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The PFSF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA MID 70 INDEX (“the Index”), and/or the figure at which the said Index
stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither
FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the
Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
64
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC DIVIDEND SELECT FUND (PDSF)
Fund Profile
Category of Fund
Equity
Type of Fund
Income
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Stocks which offer or have the potential to offer
attractive dividend yields
Distribution Policy
Semi-annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To provide steady recurring income* by investing in a portfolio of stocks which offer or have the potential to offer
attractive dividend yields.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of annual income* and capital growth.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
PDSF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its
investment objective. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the
fund. The balance of the fund’s NAV is invested in fixed income securities and liquid assets which include money
market instruments and deposits.
Investment Strategy
The fund is actively managed to achieve its goal of providing steady recurring income by investing in a diversified
portfolio of stocks that offer or have the potential to offer attractive dividend yields. In terms of stock selection,
the fund essentially focuses on investing in companies that have demonstrated consistency in rewarding their
shareholders via dividend pay outs. Although the fund is actively managed, the frequency of its trading strategy will
very much depend on market opportunities. Notwithstanding this, the fund may also invest in growth or recovery
stocks that have the potential to eventually adopt a dividend payout policy. In identifying such companies, the
fund relies on fundamental research where the financial health, industry prospects, management quality and past
track records of the companies are assessed.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets,
and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which
include money market instruments and deposits to help generate interest income.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in a diversified portfolio of stocks which distribute or
have the potential to distribute reasonably attractive dividends. The equity exposures of the fund are managed
actively with exposures ranging from 75% to 98% depending on the Fund Manager’s assessment of the market
and economic environment. However, the fund’s equity range may be lower depending on the Fund Manager’s
assessment of the stock market outlook. It also maintains investments in fixed income securities to help generate
interest income for the fund.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PDSF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% FTSE Bursa Malaysia Top 100 Index (FBM 100), and
10% 3-Month KLIBOR
As PDSF maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PDSF
is a composite benchmark index comprising a hypothetical investment in the FBM 100 and 3-Month KLIBOR in
a ratio of 90:10. Therefore, the returns for the benchmark index for any given period of time would comprise of
90% from the returns of the FBM 100 and 10% from 3-Month KLIBOR interest earned for the same period of
time. The component stocks of FBM 100 comprise top 100 large and mid cap stocks listed on Bursa Securities. This
composite benchmark index represents an appropriate performance benchmark for PDSF as the fund is an equity
fund which generally has an equity weight of 90% of its NAV over the medium to long term.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. Information on the FBM 100 is sourced from FTSE International Limited. The
performance of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The PDSF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA TOP 100 INDEX (“the Index”), and/or the figure at which the said Index
stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither
FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the
Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
66
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC FAR-EAST SELECT FUND (PFES)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To seek long-term capital appreciation by investing in blue chips and growth stocks in domestic and regional markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFES invests in a diversified portfolio of blue chip stocks and growth stocks listed on Bursa Securities and selected
regional stock markets to meet its investment objective. The fund maintains equity exposures within a range of 75%
to 98% against its NAV. However, the equity range of the fund may be lower depending on the Fund Manager’s
assessment of the equity markets. The balance of the fund’s NAV will be invested in fixed income securities and
liquid assets which include money market instruments and deposits.
Investment Strategy
PFES is actively managed to achieve the long-term goal of capital growth by investing in a diversified portfolio of blue
chip stocks and companies with growth prospects listed on Bursa Securities and selected regional stock markets. In
identifying such companies, the fund relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected regional markets
which include South Korea, China, Hong Kong, Taiwan, Singapore, Philippines, Thailand, Indonesia and other
permitted markets. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign
markets, and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits to help generate returns.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks and growth stocks listed on Bursa Securities and selected regional stock markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFES
The benchmark of the fund is MSCI AC Far-East Ex-Japan Index. The daily closing index for the MSCI AC Far-East
Ex-Japan Index is available on Bloomberg L.P. The performance of the fund and its benchmark is available on Public
Mutual’s website at www.publicmutual.com.my.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any
of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
68
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC REGIONAL SECTOR FUND (PRSEC)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Index stocks, blue chip stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To seek long-term capital appreciation by investing in selected market sectors.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PRSEC invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. The
fund will invest in a maximum of 6 sectors but will maintain its investments in a minimum of 3 sectors at all times.
The fund maintains equity exposures within a range of 75% to 98% against its NAV. However the equity range of
the fund may be lower depending on the Fund Manager’s assessment of the equity markets. The balance of the
fund’s NAV will be invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
PRSEC is actively managed to achieve the long-term goal of capital growth by identifying the market sectors
which offer the most promising investment returns. The fund will invest in a maximum of 6 of the most promising
sectors determined by the Fund Manager. To ensure sufficient diversification, the fund will maintain investments in
a minimum of 3 sectors at all times. To facilitate the transition of one sector to another, the fund may temporarily
invest in more than 6 sectors when it is undertaking the above portfolio rebalancing exercise. The selection of market
sectors to be invested by the fund is based primarily on the growth prospects of the sectors. The equity investment
of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip stocks and companies
with growth prospects. In identifying such companies, the fund relies on fundamental research where the financial
health, industry prospects, management quality and past track records of the companies are assessed. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
A minimum of 50% of the fund’s NAV and up to a maximum of 98% of the fund’s NAV can be invested in equities
and fixed income securities of selected regional markets which include South Korea, China, Japan, Hong Kong,
Taiwan, Singapore, Philippines, Thailand, Indonesia and other permitted markets. Investments in certain foreign
markets require the application of an investment licence or registration of an investor code. As such, the necessary
approvals from the relevant foreign regulatory authorities, where required, will be obtained prior to investing in
the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
regional markets. The fund may also invest in collective investment schemes both in the domestic and foreign
markets, and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits to help generate returns.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of index stocks, blue chip stocks and growth stocks of performing market sectors.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PRSEC
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% MSCI AC Far-East Ex-Japan Index*, and
10% 3-Month KLIBOR
As PRSEC maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PRSEC
is a composite benchmark index comprising a hypothetical investment in the MSCI AC Far-East Ex-Japan Index and
3-Month KLIBOR in a ratio of 90:10. Therefore, the returns for the benchmark index for any given period of time
would comprise of 90% from the returns of the MSCI AC Far-East Ex-Japan Index and 10% from 3-Month KLIBOR
interest earned for the same period of time. The component stocks of MSCI AC Far-East Ex-Japan Index comprise
major stocks in several sectors from key regional markets including China, Hong Kong, Indonesia, South Korea,
Malaysia, Philippines, Singapore, Taiwan, and Thailand. This composite benchmark index represents an appropriate
performance benchmark for PRSEC as the fund is an equity fund which generally has an equity weight of 90% of
its NAV over the long term.
* As indices which focus on Far-East markets have a relatively high index weight for Japanese stocks, an index
which excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for the MSCI AC Far-East Ex-Japan Index is available
on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any
of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
70
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC GLOBAL SELECT FUND (PGSF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To seek long-term capital appreciation by investing in equities and collective investment schemes in domestic and
global markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PGSF invests in collective investment schemes which focus in a diversified portfolio of blue chip stocks, index stocks
and growth stocks listed on selected global markets. The fund will also invest in a diversified portfolio of blue chip
stocks, index stocks and growth stocks listed on selected global stock markets to meet its investment objective.
The fund maintains equity exposures within a range of 75% to 98% against its NAV. However the equity range of
the fund may be lower depending on the Fund Manager’s assessment of the equity markets. The balance of the
fund’s NAV will be invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
PGSF is actively managed to achieve the long-term goal of capital growth by investing in collective investment
schemes which focus on a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on selected
global stock markets. The fund will also invest in blue chip stocks, index stocks and growth stocks listed on selected
global markets. In identifying such companies, the fund relies on fundamental research where the financial health,
industry prospects, management quality and past track records of the companies are assessed. Although the fund
is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected global markets
which include United States of America, Canada, United Kingdom, Germany, France, Finland, Switzerland, Spain,
Italy, Luxembourg, Australia, New Zealand, South Korea, China, Japan, Hong Kong, Taiwan, Singapore, Malaysia,
India, Philippines, Thailand, Indonesia and other permitted markets. Investments in certain foreign markets require
the application of an investment licence or registration of an investor code. As such, the necessary approvals
from the relevant foreign regulatory authorities, where required, will be obtained prior to investing in the abovementioned permitted markets.
71
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or selected global
markets. The fund’s investments may also include warrants. The fund may also invest in fixed income securities
(sovereign and corporate) and liquid assets which include money market instruments and deposits to help generate
returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks listed on selected global stock markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PGSF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% MSCI All Country World Index (MSCI ACWI), and
10% 1-Month KLIBOR
As PGSF maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PGSF
is a composite benchmark index comprising a hypothetical investment in the MSCI ACWI and 1-Month KLIBOR
in a ratio of 90:10. Therefore, the returns for the benchmark index for any given period of time would comprise
of 90% from the returns of the MSCI ACWI and 10% from 1-Month KLIBOR interest earned for the same period
of time. The component stocks of MSCI ACWI comprise major stocks from key global markets including United
States of America, Europe, Japan, Asia and Australia. This composite benchmark index represents an appropriate
performance benchmark for PGSF as the fund is an equity fund which generally has an equity weight of 90% of
its NAV over the long term.
Information on the 1-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for the MSCI All Country World Index is available
on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)
Fund Profile
Category of Fund
Equity
Type of Fund
Income
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Stocks which offer or have the potential to offer
attractive dividend yields
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To provide income* by investing in a portfolio of stocks in domestic and regional markets which offer or have the
potential to offer attractive dividend yields.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of annual income* and capital growth.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
PFEDF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. Its
equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance of
the fund’s NAV is invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
The fund is actively managed to achieve its goal of providing income by investing in a diversified portfolio of
stocks that offer or have the potential to offer attractive dividend yields. In terms of stock selection, the fund
essentially focuses on investing in companies that have demonstrated consistency in rewarding their shareholders
via dividend pay outs. Although the fund is actively managed, the frequency of its trading strategy will very much
depend on market opportunities. Notwithstanding this, the fund may also invest in growth or recovery stocks that
have the potential to eventually adopt a dividend payout policy. In identifying such companies, the fund relies on
fundamental research where the financial health, industry prospects, management quality and past track records
of the companies are assessed.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected regional markets
which include South Korea, China, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand and other
permitted markets. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected regional markets within a timeframe of two years. The fund may invest
in collective investment schemes both in the domestic or selected regional markets, and warrants. The fund may
invest in fixed income securities (sovereign and corporate) and liquid assets which include money market instruments
and deposits to help generate interest income.
Fund Specific Benefits
The fund provides you with the opportunity to participate in a diversified portfolio of stocks which distribute or
have the potential to distribute reasonably attractive dividends. The equity exposures of the fund are managed
actively with exposures ranging from 75% to 98% depending on the Fund Manager’s assessment of the market
and economic environment. However, the fund’s equity range may be lower depending on the Fund Manager’s
assessment of the outlook for equity markets. It also maintains investments in fixed income securities to help
generate interest income for the fund.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from significant
volatilities in times of adverse market movements, foreign currency exposure and foreign interest rate movements,
the fund may employ hedging strategies which include futures contracts, foreign exchange forward contracts and
options to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options for hedging purposes and
investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s participation in these
instruments will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFEDF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% MSCI AC Far-East Ex-Japan High Dividend Yield Index, and
10% 3-Month KLIBOR
As PFEDF maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PFEDF
is a composite benchmark index comprising a hypothetical investment in the MSCI AC Far-East Ex-Japan High
Dividend Yield Index and 3-Month KLIBOR in a ratio of 90:10. Therefore, the returns for the benchmark index for
any given period of time would comprise of 90% from the returns of the MSCI AC Far-East Ex-Japan High Dividend
Yield Index and 10% from 3-Month KLIBOR interest earned for the same period of time. The component stocks of
MSCI AC Far-East Ex-Japan High Dividend Yield Index comprises securities in the MSCI AC Far-East Ex-Japan Index
that have higher-than-average dividend yield, a track record of consistent dividend payments and the capacity
to sustain future dividend payments. This composite benchmark index represents an appropriate performance
benchmark for PFEDF as the fund is an equity fund which generally has an equity weight of 90% of its NAV over
the medium to long term.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. Information on the MSCI AC Far-East Ex-Japan High Dividend Yield Index is
sourced from MSCI. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any
of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
75
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC CHINA SELECT FUND (PCSF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in the
greater China region namely in Hong Kong, China and Taiwan markets and including China based companies listed
on overseas markets. The fund may also invest in companies listed on Bursa Securities and other foreign markets
which have significant or potentially significant business operations in the greater China region.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PCSF invests in a diversified portfolio of investments in the greater China region namely in Hong Kong, China and
Taiwan markets. The fund will also invest in China based companies listed on overseas markets such as Singapore,
United States of America and other permitted markets to meet its investment objective. The fund may also invest in
companies listed on Bursa Securities and foreign markets which have significant or potentially significant business
operations in the greater China region. The fund maintains equity exposures within a range of 75% to 98% against
its NAV. However the equity range of the fund may be lower depending on the Fund Manager’s assessment of the
equity markets. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which
include money market instruments and deposits.
Investment Strategy
PCSF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of blue
chip stocks, index stocks and companies with growth prospects in the greater China region namely in Hong Kong,
China and Taiwan markets. The fund will also invest in China based companies listed on overseas markets such
as Singapore and United States of America and other permitted markets. The fund may also invest in companies
listed on Bursa Securities and foreign markets which have significant or potentially significant business operations
in the greater China region. In identifying such companies, the Fund Manager relies on fundamental research
where the financial health, industry prospects, management quality and past track records of the companies are
assessed. Although the fund is actively managed, the frequency of its trading strategy will very much depend on
market opportunities.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include Hong Kong, China, Taiwan, Singapore, United States of America and other permitted markets.
Investments in certain foreign markets require the application of an investment licence or registration of an investor
code. As such, the necessary approvals from the relevant foreign regulatory authorities, where required, will be
obtained prior to investing in the above-mentioned permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing
on the markets within a timeframe of two years. The fund may also invest in collective investment schemes both
in the domestic and foreign markets, and warrants. The fund may also invest in fixed income securities (sovereign
and corporate) and liquid assets which include money market instruments and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks in the greater China region.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Country risks, currency risks and liquidity risks associated with the fund’s investments in the greater China region
will be monitored on an ongoing basis. To mitigate risks arising from significant volatilities in times of adverse
market movements, foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies which include futures contracts, foreign exchange forward contracts and options to manage the risks
posed to the fund. The fund’s other overseas investments will also be monitored to focus in markets with the
potential to achieve positive returns that are commensurate with the associated risks.
As participation in futures contracts, foreign exchange forward contracts and options for hedging purposes and
investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s participation in these
instruments will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PCSF
The benchmark for PCSF is the MSCI Golden Dragon Index which is a market capitalisation weighted index designed
to represent the performance of the equity markets of China, Taiwan and Hong Kong.
The daily closing index for MSCI Golden Dragon Index is available on Bloomberg L.P. The performance of the fund
and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any
of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
77
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth and income
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Property, hotel and resorts stocks and real estate
investment trusts
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
Seeks to achieve capital growth over the medium to long term period by investing in companies that are principally
engaged in property investment and development, hotel and resorts development and investment and real estate
investment trusts (REITs) in domestic and regional markets. The fund may also invest in companies which have
significant* property or real estate assets.
Notes:
* Companies which have at least 70% of their assets comprised of property or real estate assets.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFEPRF invests in a diversified portfolio of equities, REITs and fixed income securities to meet its investment objective.
Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance
of the fund’s NAV is invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
The fund is actively managed to achieve its goal of providing capital growth by investing in companies that are
principally engaged in property investment and development, hotel and resorts development and investment and
real estate investment trusts (REITs) in domestic and regional markets. The fund may also invest in companies which
have significant property or real estate assets, i.e. companies which have at least 70% of their assets comprised of
property or real estate assets. In identifying such companies, the fund relies on fundamental research where the
financial health, industry prospects, management quality and past track records of the companies are considered.
The fund’s investment process also includes assessing various valuation ratios such as the Price Earnings Ratio (PER)
and Price to Net Tangible Asset Ratio (Price/NTA) of the stock/REIT. The dividend yields of property stocks and REITs
are also assessed. Although the fund is actively managed, the frequency of its trading strategy will very much
depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected regional markets
which include South Korea, China, Japan, Taiwan, Hong Kong, Australia, New Zealand, Philippines, Indonesia,
Singapore, Thailand and other permitted markets. Investments in certain foreign markets require the application of
an investment licence or registration of an investor code. As such, the necessary approvals from the relevant foreign
regulatory authorities, where required, will be obtained prior to investing in the above-mentioned permitted markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or selected
regional markets. The fund may invest in collective investment schemes both in the domestic or selected regional
markets, and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of stocks of companies that are principally engaged in property investment and development, hotel and resorts
development and investment and real estate investment trusts (REITs) in domestic and regional markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFEPRF
The benchmark of the fund is a customised benchmark by S&P Dow Jones Indices, LLC based on the constituents
within the real estate sector of S&P BMI Asia Pacific Index which is customised to the following weights i.e. 20%
Japan, 20% Australia, 20% Malaysia and the balance of the 40% for the rest of the countries within the index
universe currently including China ‘H’ Shares, Hong Kong, Indonesia, New Zealand, Philippines, Singapore, Taiwan,
South Korea and Thailand. The real estate sector is as defined by the then-current Global Industry Classification
Standard (GICS). Therefore, the returns for the customised index for any given period of time would comprise of the
returns from the real estate sector of S&P BMI Asia Pacific Index in Japan, Australia, Malaysia and other countries
in a ratio of 20:20:20:40. This customised benchmark index represents an appropriate performance benchmark for
PFEPRF as it is representative of the markets that the fund is permitted to invest in over the medium to long term.
Information on the fund’s benchmark is sourced from S&P Dow Jones Indices, LLC. The performance of the fund
and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The “customised benchmark index for PFEPRF” is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use
by Public Mutual. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”);
Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); Standard & Poor’s® , S&P® and
Dow Jones® are trademarks of the SPDJI; and these trademarks have been licensed for use by SPDJI and sublicensed for certain
purposes by Public Mutual. Public Mutual’s PFEPRF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their
respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s)
nor do they have any liability for any errors, omissions, or interruptions of the “customised benchmark index for PFEPRF”.
79
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in SouthEast Asia markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSEASF will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on domestic
and regional markets in South-East Asia to meet its investment objective. The fund maintains equity exposures
within a range of 75% to 98% against its NAV. The balance of the fund’s NAV will be invested in fixed income
securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PSEASF is actively managed to achieve the medium to long-term goal of capital growth by investing in blue chip
stocks, index stocks and growth stocks listed on domestic and regional markets in South-East Asia. In identifying
companies for investment, the fund relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected regional markets
which include Indonesia, Philippines, Singapore, Thailand, Vietnam and other permitted markets. Investments in
certain foreign markets require the application of an investment licence or registration of an investor code. As such,
the necessary approvals from the relevant foreign regulatory authorities, where required, will be obtained prior to
investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the domestic and regional markets
in South-East Asia. The fund may invest in collective investment schemes both in the domestic or selected regional
markets, and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits to help generate returns.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks listed on domestic and regional markets in South-East Asia.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSEASF
The benchmark of the fund is FTSE/ASEAN 40 Index. To obtain the latest information on the FTSE/ASEAN 40 Index,
investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for
a list of the component stocks of the FTSE/ASEAN 40 Index and transactional information such as last traded price,
previous closing price, volume traded, high and low for the day and other information. The performance of the
fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The PSEASF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by the London
Stock Exchange Group companies (“LSEG”) and neither FTSE nor LSEG makes any warranty or representation whatsoever, expressly
or impliedly, either as to the results to be obtained from the use of the FTSE/ASEAN 40 INDEX (“the Index”) and/or the figure
at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated
by FTSE in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore
Exchange Securities Trading Limited and the Stock Exchange of Thailand (the “Exchanges”). However, neither FTSE nor LSEG
nor the Exchanges shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE
nor the LSEG nor the Exchanges shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the LSEG and are used by FTSE International Limited under licence.
81
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC SECTOR SELECT FUND (PSSF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Index stocks, blue chip stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To seek long-term capital appreciation by investing in a portfolio of securities from selected market sectors in the
domestic market.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSSF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. The
fund will invest in a maximum of 6 sectors in the domestic market but will maintain its investments in a minimum
of 3 sectors at all times. The fund maintains equity exposures within a range of 75% to 98% against its NAV. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PSSF is actively managed to achieve the long-term goal of capital growth by identifying the market sectors in
the domestic market which offer the most promising investment returns. Market sectors are defined as industry
groups which the companies are classified based on Bloomberg classification. There are a total of 10 sectors under
Bloomberg’s classification namely Basic Materials, Communications, Consumer Cyclical, Consumer Non-Cyclical,
Diversified Groups, Energy, Financials, Industrials, Technology and Utilities. The fund will invest in a maximum of 6
of the most promising sectors determined by the Fund Manager. To ensure sufficient diversification, the fund will
maintain investments in a minimum of 3 sectors at all times. To facilitate the transition of one sector to another, the
fund may temporarily invest in more than 6 sectors when it is undertaking the above portfolio rebalancing exercise.
The selection of market sectors to be invested by the fund is based primarily on the growth prospects of the
sectors. This analysis will include a consideration of key macro factors such as business cycles of selected sectors
and income levels and demographic trends which have an effect on various industries’ growth prospects. After the
sectors are identified, the Fund Manager will subsequently review the stocks available in the market for selected
sectors and build up the fund’s investment portfolio accordingly. Stocks will be selected by assessing earnings
growth potential and various valuation ratios such as Price Earnings Ratio (PER), Price to Net Tangible Asset Ratio
(Price/NTA) and dividend yield.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The sector allocations for PSSF will be monitored on an ongoing basis and fund’s sector exposure will be rebalanced
on a dynamic basis to ensure that the fund’s sector allocations are positioned to optimise the fund’s returns.
Information on the sector selections of PSSF are updated monthly and can be obtained from Public Mutual’s website.
The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip
stocks and companies with growth prospects. In identifying such companies, the fund relies on fundamental research
where the financial health, industry prospects, management quality and past track records of the companies are
assessed. Although the fund is actively managed, the frequency of its trading strategy will very much depend on
market opportunities.
The fund may participate in IPOs of companies seeking a listing on Bursa Securities. The fund may also invest in
collective investment schemes in the domestic market, and warrants. The fund may also invest in fixed income
securities (sovereign and corporate) and liquid assets which include money market instruments and deposits to
help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of index stocks, blue chip stocks and growth stocks of performing market sectors.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
As investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s investments in
warrants will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSSF
The FTSE Bursa Malaysia Top 100 Index (FBM 100) is the benchmark for the fund. The FBM 100 is a free-float
adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Market’s top 100 large
and mid cap companies by full market capitalisation.
Information on FBM 100 is sourced from FTSE International Limited. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
The PSSF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA TOP 100 INDEX (“the Index”), and/or the figure at which the said Index
stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither
FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the
Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
83
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Consumer sector stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve long term capital appreciation by investing in securities, mainly equities, in the consumer sector in the
domestic and foreign markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFECTF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective.
The fund will focus its investments in stocks in the consumer sector in the domestic and foreign markets. The fund
may also invest in multinational corporations in the consumer sector which have their products sold in Far-East
markets or have distribution outlets/establishments in the Far-East region and are listed in United States, Europe
and Australian markets. The fund maintains equity exposures within a range of 75% to 98% against its NAV. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PFECTF is actively managed to achieve the long-term goal of capital growth by focusing its investment in stocks in
the consumer sector in the domestic and foreign markets. The fund may also invest in multinational corporations in
the consumer sector which have their products sold in Far-East markets or have distribution outlets/establishments
in the Far-East region and are listed in United States, Europe and Australian markets. These companies should have
at least 25% of their existing revenue derived from the Far-East region or are projected to derive at least 25% of
revenue from the Far-East region in the next two to three years. The sales contribution of these companies from
the Far-East region will be evaluated annually.
Given the positive demographic factors and rising affluence of the population base in the Far-East region, the longterm outlook for companies in the consumer sector is promising. Robust economic growth and rising disposable
incomes in the Far-East region is projected to lead to increased consumer spending which will benefit companies in
the consumer sector. These companies include companies involved in the food, beverage, tobacco, household goods,
fashion, textiles, apparel, footwear, and consumer electronics and appliances industries. The services segment within
the consumer sector include companies in retailing, restaurants, services and leisure industries. In identifying such
companies, the fund relies on fundamental research where the financial health, industry prospects, management
quality and past track records of the companies are assessed. The fund’s investment process also involves assessing
the various valuation ratios such as the Price Earnings Ratio (PER), Price to Net Tangible Asset Ratio (Price/NTA) and
dividend yield of the stocks. Although the fund is actively managed, the frequency of its trading strategy will very
much depend on market opportunities.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include Japan, Korea, Taiwan, China, Hong Kong, Singapore, Thailand, Philippines, Indonesia, United States,
Europe, Australia and other permitted markets. Investments in certain foreign markets require the application of an
investment licence or registration of an investor code. As such, the necessary approvals from the relevant foreign
regulatory authorities, where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign
markets, and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of stocks in the consumer sector listed on the domestic and foreign markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFECTF
The benchmark of the fund is a customised index by S&P Dow Jones Indices, LLC based on the constituents within
the selected sectors of the S&P BMI Asia Ex-Japan Index* comprising Malaysia, Singapore, Thailand, Indonesia,
Philippines, Hong Kong, China ‘H’ Shares, Taiwan and South Korea. The selected sectors are the Consumer
Discretionary and Consumer Staples sectors as defined by the then-current Global Industry Classification Standard
(GICS). Therefore, the returns for the customised index for any given period of time would comprise of the returns
from the Consumer Discretionary and Consumer Staples sectors of S&P BMI Asia Ex-Japan Index. This customised
benchmark index represents an appropriate performance benchmark for PFECTF as the fund invests in a portfolio
of stocks in the consumer sector in the domestic and foreign markets.
* As indices which focus on Asian markets have a relatively high index weight for Japanese stocks, an index
which excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
Information on the fund’s benchmark is sourced from S&P Dow Jones Indices, LLC. The performance of the fund
and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The “customised benchmark index for PFECTF” is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use
by Public Mutual. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”);
Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); Standard & Poor’s® , S&P® and
Dow Jones® are trademarks of the SPDJI; and these trademarks have been licensed for use by SPDJI and sublicensed for certain
purposes by Public Mutual. Public Mutual’s PFECTF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their
respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s)
nor do they have any liability for any errors, omissions, or interruptions of the “customised benchmark index for PFECTF”.
85
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC CHINA TITANS FUND (PCTF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Companies with market capitalisation of RM10 billion
and above, at the point of purchase
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in companies with market capitalisation
of RM10 billion and above in the greater China region namely China, Hong Kong and Taiwan markets and including
China based companies listed on overseas markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
The fund will invest in companies with market capitalisation of RM10 billion and above in the greater China region
namely China, Hong Kong and Taiwan markets and including China based companies listed on overseas markets.
Should the stock’s market capitalisation move below the stated range for a period of six consecutive months, the
fund’s holdings of the stock will be disposed within a 6 month period subject to the availability of market liquidity.
The Fund Manager will take into consideration factors which include trading liquidity and availability of market
bids at prevailing market valuations before deciding on the manner and time frame of divestment.
The fund maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the fund’s NAV
will be invested in fixed income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PCTF is actively managed and focuses on investing in companies with market capitalisation of RM10 billion and
above in the greater China region namely China, Hong Kong and Taiwan markets and including China based
companies listed on overseas markets with the aim of achieving capital growth over the medium to long term. The
fund may also invest in companies listed on Bursa Securities and other foreign markets which have significant or
potentially significant business operations in the greater China region. In identifying companies for investment, the
Fund Manager relies on fundamental research where the financial health, industry prospects, management quality
and past track records of the companies are assessed. Although the fund is actively managed, the frequency of its
trading strategy will very much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include Hong Kong, China, Singapore, United States of America and other permitted markets. Investments
in certain foreign markets require the application of an investment licence or registration of an investor code. As
such, the necessary approvals from the relevant foreign regulatory authorities, where required, will be obtained
prior to investing in the above-mentioned permitted markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may consider investments in IPOs of companies seeking a listing on the permitted markets. The fund may
also invest in collective investment schemes both in the domestic and foreign markets, and warrants. The fund
may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money market
instruments and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of companies with market capitalisation of RM10 billion and above in the greater China region namely China,
Hong Kong and Taiwan markets and including China based companies listed on overseas markets. The focus of
the fund is on identifying stocks of companies that have good earnings growth potential and trade at attractive
valuations with sound fundamentals.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Country risks, currency risks and liquidity risks associated with the fund’s investments in the greater China region will
be monitored on an ongoing basis. The fund may utilise foreign exchange forward contracts to hedge its holdings
of foreign investments from foreign currency movements. This will enable the fund to mitigate risks arising from
foreign currency exposure. The fund’s other overseas investments will also be monitored to focus in markets with
the potential to achieve positive returns that are commensurate with the associated risks.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PCTF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
40% Hang Seng China Enterprises Index (HSCEI),
30% Hang Seng Index (HSI), and
30% MSCI Taiwan Large Cap Index
The benchmark chosen for PCTF is a composite benchmark index comprising a hypothetical investment in the
HSCEI, HSI and MSCI Taiwan Large Cap Index in a ratio of 40:30:30. Therefore, the returns for the benchmark
index for any given period of time would comprise of 40% from the returns of the HSCEI, 30% from HSI and 30%
from MSCI Taiwan Large Cap Index. The component stocks of these 3 indexes comprise major stocks from their
respective markets namely China ‘H’ Shares, Hong Kong and Taiwan. This composite benchmark index represents
an appropriate performance benchmark for PCTF as it is representative of the markets that the fund is permitted
to invest in over the medium to long term.
The information on Hang Seng China Enterprises Index, Hang Seng Index and MSCI Taiwan Large Cap Index is
obtainable from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any
of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
87
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC FAR-EAST TELCO & INFRASTRUCTURE FUND (PFETIF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Telecommunications, infrastructure and utilities stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long term period by investing in securities, mainly equities, in the
telecommunications, infrastructure and utilities sectors in Far-East markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFETIF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective.
The fund will focus its investments in stocks in the telecommunications, infrastructure and utilities sectors in the
domestic and foreign markets. The fund maintains equity exposures within a range of 75% to 98% against its NAV.
The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money
market instruments and deposits.
Investment Strategy
PFETIF is actively managed to achieve the medium to long-term goal of capital growth by focusing its investment in
the telecommunications, infrastructure and utilities sectors in the domestic and foreign markets. In identifying such
companies, the fund relies on fundamental research where the financial health, industry prospects, management
quality and past track records of the companies are assessed. The fund’s investment process also involves assessing
the various valuation ratios such as the Price Earnings Ratio (PER), Price to Net Tangible Asset Ratio (Price/NTA) and
dividend yield of the stocks. Although the fund is actively managed, the frequency of its trading strategy will very
much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include South Korea, China, Japan, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand and
other permitted markets. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets,
and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which
include money market instruments and deposits to help generate income returns.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of stocks in the telecommunications, infrastructure and utilities sectors in the domestic and foreign markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFETIF
The benchmark of the fund is a customised index by S&P Dow Jones Indices, LLC based on the constituents within
the selected sectors of the S&P BMI Asia Ex-Japan Index* comprising Malaysia, Singapore, Thailand, Indonesia,
Philippines, Hong Kong, China ‘H’ Shares, Taiwan and South Korea. The selected sectors are customised to the
following weights i.e. 40% Telecommunication Service, 30% Construction & Materials and 30% Utilities sectors as
defined by the then-current Global Industry Classification Standard (GICS). Therefore, the returns for the customised
index for any given period of time would comprise of the returns from the Telecommunication Service, Construction
& Materials and Utilities sectors of S&P BMI Asia Ex-Japan Index in a ratio of 40:30:30. This customised benchmark
index represents an appropriate performance benchmark for PFETIF as it is representative of the sectors that the
fund is permitted to invest in over the medium to long term.
* As indices which focus on Asian markets have a relatively high index weight for Japanese stocks, an index
which excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
Information on the fund’s benchmark is sourced from S&P Dow Jones Indices, LLC. The performance of the fund
and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The “customised benchmark index for PFETIF” is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use
by Public Mutual. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”);
Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); Standard & Poor’s® , S&P® and
Dow Jones® are trademarks of the SPDJI; and these trademarks have been licensed for use by SPDJI and sublicensed for certain
purposes by Public Mutual. Public Mutual’s PFETIF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their
respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s)
nor do they have any liability for any errors, omissions, or interruptions of the “customised benchmark index for PFETIF”.
89
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC SELECT ALPHA-30 FUND (PSA30F)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected
Fund Objective
To achieve capital growth over the medium to long-term period by investing in up to a maximum of 30 stocks
primarily listed on Bursa Securities.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSA30F will invest in up to a maximum of 30 stocks primarily listed on Bursa Securities to meet its investment
objective. The fund maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the
fund’s NAV may be invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
PSA30F is actively managed to achieve its goal of achieving capital growth by investing in up to a maximum of
30 stocks primarily listed on Bursa Securities. To achieve increased diversification, the fund may invest in selected
foreign markets which include Singapore, Taiwan, South Korea, Japan, Australia, New Zealand, Hong Kong, China,
Thailand, Indonesia, Philippines and other markets. The fund’s investment in foreign markets is incidental to its
primary focus of investing in the domestic market. Investments in certain foreign markets require the application of
an investment licence or registration of an investor code. As such, the necessary approvals from the relevant foreign
regulatory authorities, where required, will be obtained prior to investing in the above-mentioned permitted markets.
In identifying companies for investment, the Fund Manager relies on fundamental research where the financial
health, industry prospects, management quality and past track records of the companies are assessed. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes in the domestic and foreign markets,
and warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which
include money market instruments and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a portfolio comprising
of up to 30 selected stocks listed primarily on Bursa Securities.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSA30F
As PSA30F will focus its investments in the domestic market, the benchmark for PSA30F is the FTSE Bursa Malaysia
KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia
Main Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily
understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The PSA30F is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at
any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor
BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and
neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
91
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC WORLDWIDE EQUITY FUND (PWEF)
(formerly known as Public Natural Resources Equity Fund)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in global markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PWEF invests in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on selected global
stock markets to meet its investment objective. The fund may also invest in collective investment schemes which
focus in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on selected global markets.
The fund’s equity exposure will range between 75% to 98% against its NAV. The balance of the fund’s NAV will
be invested in fixed income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PWEF is actively managed to achieve the long-term goal of capital growth by investing in blue chip stocks, index
stocks and growth stocks listed on selected global markets. The fund may also invest in collective investment
schemes which focus on a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on selected
global stock markets. In identifying such companies, the fund relies on fundamental research where the financial
health, industry prospects, management quality and past track records of the companies are assessed. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected global markets
which include United States of America, Canada, United Kingdom, Germany, France, Finland, Switzerland, Spain,
Italy, Luxembourg, Australia, New Zealand, South Korea, China, Japan, Hong Kong, Taiwan, Singapore, Malaysia,
India, Philippines, Thailand, Indonesia and other permitted markets. Investments in certain foreign markets require
the application of an investment licence or registration of an investor code. As such, the necessary approvals from
the relevant foreign regulatory authorities, where required, will be obtained prior to investing in the abovementioned
permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected global markets within a timeframe of two years. The fund’s investments
may also include warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits to help generate returns.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the growth potential of a diversified portfolio of blue
chip stocks, index stocks and growth stocks listed on selected global stock markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from significant
volatilities in times of adverse market movements, foreign currency exposure and foreign interest rate movements,
the fund may employ hedging strategies which include futures contracts, foreign exchange forward contracts and
options to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options for hedging purposes and
investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s participation in these
instruments will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PWEF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
•
50% Dow Jones Industrial Average;
30% STOXX Europe 50 Index;
10% TOPIX Core 30 Index; and
10% 3-Month KLIBOR
As PWEF’s equity exposure will range between 75% to 98% of its NAV, the benchmark chosen for PWEF is a
composite benchmark index comprising a hypothetical investment in the Dow Jones Industrial Average, STOXX
Europe 50 Index, TOPIX Core 30 Index and 3-Month KLIBOR in a ratio of 50:30:10:10. Therefore, the returns for
the benchmark index for any given period of time would comprise of 50% from the returns of the Dow Jones
Industrial Average, 30% from STOXX Europe 50 Index, 10% from TOPIX Core 30 Index and 10% from the 3-Month
KLIBOR interest earned for the same period of time. The component stocks of Dow Jones Industrial Average,
STOXX Europe 50 Index and TOPIX Core 30 Index comprise major stocks from their respective markets. The ratio
stated in the composite benchmark index is representative of the fund’s investments in global markets over the
medium to long-term.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for the Dow Jones Industrial Average, STOXX Europe 50
Index and TOPIX Core 30 Index are available on Bloomberg L.P. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC AUSTRALIA EQUITY FUND (PAUEF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in the Australian market with the
balance invested in the New Zealand and domestic markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PAUEF will invest primarily in the Australian market. Up to 30% of the fund’s NAV can be invested in the New
Zealand and domestic markets. PAUEF will invest in a diversified portfolio of blue chip stocks, index stocks and
growth stocks to meet its investment objective. The fund maintains equity exposures within a range of 75% to
98% against its NAV. The fund may also invest in fixed income securities and liquid assets which include money
market instruments and deposits.
Investment Strategy
PAUEF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of blue
chip stocks, index stocks and growth stocks listed on the Australian stock market to meet its investment objective.
The fund can also invest in the New Zealand and domestic markets. In identifying companies for investment, the
Fund Manager relies on fundamental research where the financial health, industry prospects, management quality
and past track records of the companies are assessed. Although the fund is actively managed, the frequency of its
trading strategy will very much depend on market opportunities.
The fund may consider investments in IPOs of companies seeking a listing on the Australian, New Zealand and
domestic markets. The fund may also invest in collective investment schemes with similar investment objectives
in the Australia, New Zealand and domestic markets, and warrants. The fund may also invest in fixed income
securities (sovereign and corporate) and liquid assets which include money market instruments and deposits to
help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks in the Australian, New Zealand and domestic markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Country risks, currency risks and liquidity risks associated with the fund’s investments in the Australia market will
be monitored on an ongoing basis. The fund may utilise foreign exchange forward contracts to hedge its holdings
of foreign investments from foreign currency movements. This will enable the fund to mitigate risks arising from
foreign currency exposure. The fund’s other overseas investments will also be monitored to focus in markets with
the potential to achieve positive returns that are commensurate with the associated risks.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PAUEF
The benchmark of the fund is the S&P/ASX 200 Index. The daily closing index for the S&P/ASX 200 Index is obtainable
from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
95
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC FAR-EAST ALPHA-30 FUND (PFA30F)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital appreciation over the medium to long term period by investing in the domestic and regional
markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFA30F will invest in up to a maximum of 30 stocks in the domestic and regional markets. The fund maintains
equity exposures within a range of 75% to 98% against its NAV. The balance of the fund’s NAV may be invested
in fixed income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PFA30F is actively managed to achieve its goal of achieving capital growth by investing in up to a maximum of 30
stocks in the domestic and regional markets. In identifying companies for investment, the Fund Manager relies on
fundamental research where the financial health, industry prospects, management quality and past track records
of the companies are assessed. Although the fund is actively managed, the frequency of its trading strategy will
very much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected Far-East markets
which include South Korea, China, Taiwan, Japan, Hong Kong, Philippines, Indonesia, Singapore, Thailand, India,
Australia and other permitted markets. The fund may invest in equity linked participation notes for selected FarEast stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed
to track designated securities. The movement of these notes are similar to the underlying shares listed in their
respective markets. These notes are issued by international foreign broking houses for investment by investors who
are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors in
a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty risk
whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these notes
may not track the movement of their underlying shares closely. Investments in certain foreign markets require the
application of an investment licence or registration of an investor code. As such, the necessary approvals from the
relevant foreign regulatory authorities, where required, will be obtained prior to investing in the above-mentioned
permitted markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected regional markets within a timeframe of two years. The fund may invest
in collective investment schemes both in the domestic or selected regional markets, and warrants. The fund may
invest in fixed income securities (sovereign and corporate) and liquid assets which include money market instruments
and deposits to generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a portfolio comprising
of up to 30 stocks listed on Bursa Securities and selected regional markets. It also maintains investments in fixed
income securities and liquid assets which include money market instruments and deposits to help generate returns
for the fund.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from significant
volatilities in times of adverse market movements, foreign currency exposure and foreign interest rate movements,
the fund may employ hedging strategies which include futures contracts, foreign exchange forward contracts and
options to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options for hedging purposes and
investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s participation in these
instruments will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFA30F
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
80% customised index by MSCI based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index,
10% Tokyo Stock Price Index (TOPIX), and
10% 3-Month KLIBOR
As PFA30F maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for
PFA30F is a composite benchmark index comprising a hypothetical investment in the customised index based on
the Top 30 constituents of MSCI AC Far-East Ex-Japan Index, TOPIX and 3-Month KLIBOR in a ratio of 80:10:10.
Therefore, the returns for the benchmark index for any given period of time would comprise of 80% from the
returns of the customised index based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index, 10% from
TOPIX and 10% from 3-Month KLIBOR interest earned for the same period of time. The component stocks of the
customised index based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index comprise major stocks from
key regional markets including China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan
and Thailand, while the component stocks of TOPIX comprise major stocks from Japan. This composite benchmark
index represents an appropriate performance benchmark for PFA30F as the fund is an equity fund which generally
has an equity weight of 90% of its NAV over the medium to long term.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for Tokyo Stock Price Index is available on Bloomberg
L.P. Information on the customised index based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index
is sourced from MSCI. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Public Mutual Berhad.
The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities,
financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating
the MSCI data (the “MSCI Parties”) makes any express or implied warranties or representations with respect to such data (or
the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all the warranties of originality,
accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of
the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential
or any other damages (including lost profits) even if notified of the possibility of such damages.
98
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC OPTIMAL GROWTH FUND (POGF)
Fund Profile
Category of Fund
Equity
Type of Fund
Income and capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Stocks which offer attractive dividend yields and growth
stocks
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To provide income* and capital growth by investing in stocks which offer attractive dividend yields and growth
stocks in the domestic market.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of annual income* and capital growth.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
50% of the fund’s equity investment will be invested in stocks which offer attractive dividend yields in the domestic
market. The remaining 50% of the fund’s equity investment will be invested in growth stocks. The fund can also
invest in fixed income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
POGF is actively managed to achieve its goal of achieving income and capital growth by investing in stocks which
offer attractive dividend yields and growth stocks in the domestic market. 50% of the fund’s equity investment
will be invested in a diversified portfolio of stocks which offer attractive dividend yields in the domestic market.
The remaining 50% of the fund’s equity investment will be invested in a diversified portfolio of growth stocks that
are listed on the Bursa Securities.
In identifying such companies, the Fund Manager relies on fundamental research where the financial health, industry
prospects, management quality and past track records of the companies are assessed. Although the fund is actively
managed, the frequency of its trading strategy will depend on market opportunities.
The fund may participate in IPOs of companies seeking a listing on Bursa Securities. The fund may invest in collective
investment schemes with similar investment objectives in the domestic market, and warrants. The fund may also
invest in fixed income securities (sovereign and corporate) and liquid assets which include money market instruments
and deposits to help generate returns.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of dividend stocks and growth stocks in the domestic market.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
As investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s investments in
warrants will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for POGF
The FTSE Bursa Malaysia Top 100 Index (FBM 100) is the benchmark for the fund. The FBM 100 is a free-float
adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Market’s top 100 large
and mid cap companies by full market capitalisation.
Information on FBM 100 is sourced from FTSE International Limited. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
The POGF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA TOP 100 INDEX (“the Index”), and/or the figure at which the said Index
stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither
FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the
Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
100
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC INDONESIA SELECT FUND (PINDOSF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments primarily
in the Indonesia market.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PINDOSF will invest primarily in the Indonesia market. Up to 30% of the fund’s NAV can be invested in the domestic
and global markets. The fund will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks
to meet its investment objective. The fund maintains equity exposures within a range of 75% to 98% against
its NAV. The fund may also invest in domestic and foreign fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PINDOSF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of
blue chip stocks, index stocks and growth stocks listed on the Indonesia market. To achieve increased diversification,
the fund may invest up to 30% of its NAV in the domestic and global markets. The fund’s investment in the domestic
and global markets is incidental to its primary focus of investing in the Indonesia market. In identifying companies
for investment, the Fund Manager relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed. Although the fund is actively managed,
the frequency of its trading strategy will depend on market opportunities.
The fund may consider investments in IPOs of companies seeking a listing on the Indonesia, domestic and global
markets. The fund may also invest in collective investment schemes with similar investment objectives in the
Indonesia, domestic and global markets, and warrants. The fund may also invest in domestic and foreign fixed
income securities (sovereign and corporate) and liquid assets which include money market instruments and deposits
to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks in the Indonesia, domestic and global markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Country risks, currency risks and liquidity risks associated with the fund’s investments in the Indonesia market will
be monitored on an ongoing basis. The fund may utilise foreign exchange forward contracts to hedge its holdings
of foreign investments from foreign currency movements. This will enable the fund to mitigate risks arising from
foreign currency exposure. The fund’s other overseas investments will also be monitored to focus in markets with
the potential to achieve positive returns that are commensurate with the associated risks.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PINDOSF
The benchmark of the fund is the Jakarta LQ-45 Index (LQ 45). The daily closing index for the LQ 45 is obtainable
from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC SINGAPORE EQUITY FUND (PSGEF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments primarily
in the Singapore market.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSGEF will invest primarily in the Singapore market. Up to 30% of the fund’s NAV can be invested in the domestic
and global markets. PSGEF will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks
to meet its investment objective. The fund maintains equity exposures within a range of 75% to 98% against
its NAV. The fund may also invest in domestic and foreign fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PSGEF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio
of blue chip stocks, index stocks and growth stocks listed on the Singapore stock market. To achieve increased
diversification, the fund may invest up to 30% of its NAV in the domestic and global markets. The fund’s investment in
the domestic and global markets is incidental to its primary focus of investing in the Singapore market. In identifying
companies for investment, the Fund Manager relies on fundamental research where the financial health, industry
prospects, management quality and past track records of the companies are considered. Although the fund is
actively managed, the frequency of its trading strategy will depend on market opportunities.
The fund may consider investments in IPOs of companies seeking a listing on the Singapore, domestic and global
markets. The fund may also invest in collective investment schemes with similar investment objectives in the
Singapore, domestic and global markets, and warrants. The fund may also invest in domestic and foreign fixed
income securities (sovereign and corporate) and liquid assets which include money market instruments and deposits
to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks in the Singapore, domestic and global markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Country risks, currency risks and liquidity risks associated with the fund’s investments in the Singapore market will
be monitored on an ongoing basis. The fund may utilise foreign exchange forward contracts to hedge its holdings
of foreign investments from foreign currency movements. This will enable the fund to mitigate risks arising from
foreign currency exposure. The fund’s other overseas investments will also be monitored to focus in markets with
the potential to achieve positive returns that are commensurate with the associated risks.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSGEF
The benchmark of the fund is the MSCI Singapore Index. The daily closing index for the MSCI Singapore Index is
obtainable from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any
of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
104
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC STRATEGIC SMALLCAP FUND (PSSCF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Companies with small market capitalisation, at the
point of purchase, with special focus on growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital appreciation over the medium to long term period through investments primarily in companies
with small market capitalisation.
Notes:
The fund will invest in small-sized companies at the point of purchase.
The fund may remain invested in counters which have moved above the market capitalisation range stated in the fund’s
investment policy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSSCF will invest primarily in small market capitalisation companies which have promising growth prospects in the
medium to long-term period. The fund will invest in stocks with market capitalisation of up to RM1.25 billion at
the point of purchase. The fund may also invest in the component stocks of the FTSE Bursa Malaysia Small Cap
Index and small cap stock market indexes of selected foreign markets at the point of purchase. The fund may also
invest in companies which at the point of purchase form the bottom 15% of the cumulative market capitalisation
of the market which the stock is listed on. The stock universe for each market in which the stock is listed on is
sorted by market capitalisation and is ranked in descending order. Beginning with stocks with the smallest market
capitalisation, the market capitalisation of stocks is aggregated until the cumulative market capitalisation of these
stocks reaches 15%.
The fund maintains equity exposures within a range of 70% to 98% against its NAV. The balance of the fund’s NAV
may be invested in fixed income securities and liquid assets which include money market instruments and deposits.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Investment Strategy
PSSCF is actively managed and focuses primarily on investing in companies with small market capitalisation, with
the aim of achieving high capital growth over the medium to long term through investments in such companies
that possess the capacity to grow strongly. The fund seeks to achieve this goal by investing in a diversified portfolio
of small market capitalisation companies with growth prospects that are listed on the Bursa Securities. In identifying
such companies, the fund relies on fundamental research where the financial health, industry prospects, management
quality and past track record of the companies are assessed. Although the fund is actively managed, the frequency
of its trading strategy will very much depend on market opportunities.
The fund will focus its investments in the domestic market. To achieve increased diversification, the fund may invest
up to 30% of its NAV in equities and fixed income securities of selected foreign markets which include South
Korea, China, Hong Kong, Taiwan, Singapore, Philippines, Thailand, Indonesia, Australia, Luxembourg and other
permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing in the
domestic market. The fund may also invest in equity linked participation notes for selected regional stocks listed on
the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated
securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These
notes are issued by international foreign broking houses for investment by investors who are not able to invest
directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to
the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer
of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the
movement of their underlying shares closely. Investments in certain foreign markets require the application of an
investment licence or registration of an investor code. As such, the necessary approvals from the relevant foreign
regulatory authorities, where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected foreign markets within a timeframe of two years. The fund may invest in
collective investment schemes both in the domestic or selected foreign markets, and warrants. The fund may also
invest in fixed income securities (sovereign and corporate) and liquid assets which include money market instruments
and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the medium to long-term growth potential of a diversified
portfolio of promising companies with small market capitalisation which as an investment group is generally under
researched by the investment community. The focus of the fund is on identifying stocks of companies with good
earnings growth potential and trade at attractive valuations.
Fund Specific Risk Management
The lack of liquidity in small-capitalised stocks in the fund’s equity portfolio may result in the fund experiencing
significant volatility in times of adverse market conditions. The asset allocation, liquidity management and
diversification strategies employed are central to the efforts to manage the risks posed to the fund. There may be
situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the
fund’s equity exposure is reduced to below the levels indicated as a temporary defensive strategy. The fund may also
utilise futures contracts and listed options to hedge against market volatility. Investments in fixed income securities
may be adversely affected if interest rates were to move up sharply. As such, the fund’s exposure to fixed income
securities are managed accordingly to ensure that risks levels are commensurate with the potential returns. The
performance of money market instruments and deposits may also be impacted by the fluctuations in interest rates
and the credit risk of the financial institutions. To manage the credit risk of these instruments, the credit ratings of
the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from significant
volatilities in times of adverse market movements, foreign currency exposure and foreign interest rate movements,
the fund may employ hedging strategies which include futures contracts, foreign exchange forward contracts and
options to manage the risks posed to the fund.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
As participation in futures contracts, foreign exchange forward contracts and options for hedging purposes and
investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s participation in these
instruments will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSSCF
As PSSCF will focus its investments in the domestic market, the benchmark for PSSCF is the FTSE Bursa Malaysia
Small Cap Index which comprises of eligible companies within the top 98% of the Bursa Malaysia Main Market
excluding constituents of the FTSE Bursa Malaysia Top 100 Index.
Information on the FTSE Bursa Malaysia Small Cap Index is sourced from FTSE International Limited. The performance
of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The PSSCF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA SMALL CAP INDEX (“the Index”), and/or the figure at which the said Index
stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither
FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the
Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
107
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC STRATEGIC GROWTH FUND (PSTGF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Index stocks, blue chip stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a diversified portfolio of stocks.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSTGF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its
investment objective. Its equity content in terms of NAV will range between 75% and 98% of the NAV of the fund.
The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money
market instruments and deposits. 50% to 75% of the fund’s NAV will be invested in the domestic equity market
with the balance equity holdings invested in foreign markets.
Investment Strategy
PSTGF is actively managed and seeks to achieve the medium to long-term goal of capital growth by investing 75%
to 98% of its NAV in a diversified portfolio of index stocks, blue chip stocks and growth stocks. The balance of the
fund’s NAV will be invested in fixed income securities and liquid assets which include money market instruments
and deposits. 50% to 75% of the fund’s NAV will be invested in domestic equity market with the balance equity
holdings invested in foreign markets. In identifying such companies, the fund relies on fundamental research
where the financial health, industry prospects, management quality and past track records of the companies are
assessed. Although the fund is actively managed, the frequency of its trading strategy will very much depend on
market opportunities.
To achieve increased diversification, the fund may invest up to 30% of its NAV in equities and fixed income
securities of selected foreign markets which include China, South Korea, Japan, Taiwan, Hong Kong, Singapore,
Indonesia, Thailand, Philippines, United States of America and other permitted markets. The fund’s investment in
foreign markets is incidental to its primary focus of investing in the domestic market. Investments in certain foreign
markets require the application of an investment licence or registration of an investor code. As such, the necessary
approvals from the relevant foreign regulatory authorities, where required, will be obtained prior to investing in
the above-mentioned permitted markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign
markets, and warrants issued during corporate exercises by companies listed in Bursa Securities in which the fund
holds shares in. The fund may also invest in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the medium to long-term growth potential of the
equity market through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are central to the efforts to
manage the risks posed to the fund. There may be situations such as when a severe downturn in the equity markets
is expected and liquidity risks are high, that the fund’s equity exposure is reduced to below the levels indicated as a
temporary defensive strategy. With regards to the investment in fixed income securities, it should be noted that the
performance of the fixed income securities might be adversely affected should interest rates rise sharply. The value
of fixed income securities may also fluctuate based on the credit quality of the issuer. As such, exposure to fixed
income securities in the portfolio are managed to ensure that the risks levels are commensurate with the potential
returns. The performance of money market instruments and deposits may also be impacted by the fluctuations in
interest rates and the credit risk of the financial institutions. To manage the credit risk of these instruments, the
credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSTGF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
•
60% FTSE Bursa Malaysia KLCI (FBM KLCI),
15% Dow Jones Industrial Average,
15% customised index by MSCI based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index*, and
10% 3-Month KLIBOR
As PSTGF will invest 75% to 98% of its NAV in equities, the benchmark chosen for PSTGF is a composite benchmark
index comprising a hypothetical investment in the FBM KLCI, Dow Jones Industrial Average, a customised index
by MSCI based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index and 3-Month KLIBOR in a ratio
of 60:15:15:10. Therefore, the returns for the benchmark index for any given period of time would comprise of
60% from the returns of the FBM KLCI, 15% from the Dow Jones Industrial Average, 15% from the customised
index by MSCI based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index and 10% from the 3-Month
KLIBOR interest earned for the same period of time. The component stocks of FBM KLCI and Dow Jones Industrial
Average comprises major stocks from Malaysia and the United States of America. The component stocks of the
customised index based on the Top 30 constituents of MSCI Far-East Ex-Japan Index comprises major stocks from
key regional markets including China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan
and Thailand. This composite benchmark index represents an appropriate performance benchmark for PSTGF as the
fund is an equity fund which invests in domestic and foreign markets as well as generally having an equity weight
of 90% of its NAV over the medium to long term.
* As indices which focus on Asian markets have relatively high index weight for Japanese stocks, an index which
excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. To obtain the latest information on the FBM KLCI, investors can refer to the Bursa
Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks
of the FBM KLCI and transactional information such as last traded price, previous closing price, volume traded,
high and low for the day and other information. The daily closing index for the Dow Jones Industrial Average and
MSCI AC Far-East Ex-Japan Index are available on Bloomberg L.P. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
The PSTGF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at
any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor
BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and
neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Public Mutual Berhad.
The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities,
financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating
the MSCI data (the “MSCI Parties”) makes any express or implied warranties or representations with respect to such data (or
the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all the warranties of originality,
accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of
the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential
or any other damages (including lost profits) even if notified of the possibility of such damages.
110
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC SELECT TREASURES EQUITY FUND (PSTEF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Small and medium-sized companies, at the point of
purchase
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
market is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments comprising
small and medium-sized companies in terms of market capitalisation from diversified economic sectors.
Notes:
The fund may remain invested in counters which have moved above the market capitalisation range stated in the fund’s
investment strategy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSTEF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its
investment objective. The fund will invest in small and medium-sized companies listed on the domestic market and
selected foreign markets at the point of purchase.
The fund generally maintains equity exposures within a range of between 75% and 98% against its NAV. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PSTEF is actively managed to achieve its goal of capital growth by investing in small and medium-sized companies
listed on Bursa Malaysia within the market capitalisation range of FTSE Bursa Malaysia Small Cap Index and FTSE
Bursa Malaysia Mid 70 Index respectively at the point of purchase. The fund will also invest in component stocks
of the small and mid cap stock market indices of selected foreign markets at the point of purchase.
If small and mid cap stock market indices are not available for a foreign market, the fund will invest in stocks
of companies which form the bottom 30% of the cumulative market capitalisation of the market in which the
stock is listed on at the point of purchase. The stock universe for each market in which the stock is listed on is
sorted by market capitalisation and is ranked in descending order. Beginning with stocks with the smallest market
capitalisation, the market capitalisation of stocks is aggregated until the cumulative market capitalisation of these
stocks reaches 30%.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects,
management quality and past track record of the companies are assessed. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest up to 25% of its NAV in equities and fixed income securities
of selected foreign markets which include China, South Korea, Japan, Taiwan, Hong Kong, Singapore, Indonesia,
Thailand, Philippines and other permitted markets. The fund’s investment in foreign markets is incidental to its
primary focus of investing in the domestic market. Investments in certain foreign markets require the application of
an investment licence or registration of an investor code. As such, the necessary approvals from the relevant foreign
regulatory authorities, where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities or other permitted foreign
markets. The fund may invest in collective investment schemes both in the domestic and foreign markets, and
warrants issued during corporate exercises by companies listed in Bursa Securities in which the fund holds shares
in. The fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which include
money market instruments and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the medium to long-term growth potential of a
diversified portfolio of small and medium-sized companies listed on domestic and foreign markets. The focus of
the fund is on identifying stocks of companies that have good earnings growth potential and stocks that have the
possibility to be rerated positively in terms of valuations.
Fund Specific Risk Management
The fund may face liquidity risk especially with regard to investments in shares of small and medium-sized companies.
The asset allocation, liquidity management and diversification strategies employed are central to the efforts to
manage the risks posed to the fund. There may be situations such as when a severe downturn in the equity markets
is expected and liquidity risks are high, that the fund’s equity exposure is reduced to below the levels indicated as
a temporary defensive strategy. With regards to the investment in fixed income securities, it should be noted that
the performance of the fixed income securities might be adversely affected should interest rates rise sharply. The
value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such, exposure to
fixed income securities in the portfolio are managed to ensure that risks levels are commensurate with the potential
returns. The performance of money market instruments and deposits may also be impacted by the fluctuations in
interest rates and the credit risk of the financial institutions. To manage the credit risk of these instruments, the
credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSTEF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
70% FTSE Bursa Malaysia Mid 70 Index;
20% FTSE Bursa Malaysia Small Cap Index; and
10% 3-Month KLIBOR
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
As PSTEF generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen
for it is a composite benchmark index comprising a hypothetical investment in the FTSE Bursa Malaysia Mid 70
Index, FTSE Bursa Malaysia Small Cap Index and 3-Month KLIBOR in a ratio of 70:20:10. Therefore, the returns
for the benchmark index for any given period of time would comprise of 70% from the returns of the FTSE Bursa
Malaysia Mid 70 Index, 20% from the returns of the FTSE Bursa Malaysia Small Cap Index and 10% from the
3-Month KLIBOR interest earned for the same period of time. The FTSE Bursa Malaysia Mid 70 Index comprises of
the remaining 70 companies in the FTSE Bursa Malaysia Emas Index ranked by full market capitalisation, excluding
the 30 members in the FTSE Bursa Malaysia KLCI. The FTSE Bursa Malaysia Small Cap Index comprises of eligible
companies with the top 98% of the Bursa Malaysia Main Market excluding constituents of the FTSE Bursa Malaysia
Top 100 Index. This composite benchmark index represents an appropriate performance benchmark for PSTEF
which is an equity fund that invests in small and mid cap stocks and generally has an equity weight of 90% of its
NAV over the medium to long term.
Information on the FTSE Bursa Malaysia Mid 70 Index and the FTSE Bursa Malaysia Small Cap Index are sourced
from FTSE International Limited. Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which
is published in the business sections of the daily newspapers. The performance of the fund and its benchmark is
available on Public Mutual’s website at www.publicmutual.com.my.
The PSTEF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG” and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA MID 70 INDEX and FTSE BURSA MALAYSIA SMALL CAP INDEX (“the
Indices”), and/or the figure at which the said Indices stands at any particular time on any particular day or otherwise. The
Indices are compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in
negligence or otherwise) to any person for any error in the Indices and neither FTSE nor BURSA MALAYSIA nor LSEG shall be
under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie® “ are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA “is a trade
mark of BURSA MALAYSIA.
113
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ADVANTAGE GROWTH EQUITY FUND (PAVGEF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Growth stocks, index stocks and blue chip stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a diversified portfolio of stocks.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PAVGEF invests in a diversified portfolio of primarily Malaysian equities to meet its investment objective. Its equity
content in terms of NAV will range between 75% and 98% of the NAV of the fund. The balance of the fund’s NAV
will be invested in fixed income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PAVGEF is actively managed and seeks to achieve its medium to long-term goal of capital growth by investing in
stocks of companies with potential earnings growth that is above the average earnings growth rate of the market.
The fund may also invest in index stocks and blue chip stocks. In identifying such companies, the fund relies on
fundamental research where the financial health, industry prospects, management quality and past track records
of the companies are assessed. Although the fund is actively managed, the frequency of its trading strategy will
very much depend on market opportunities.
To achieve increased diversification, the fund may invest up to 25% of its NAV in equities and fixed income securities
of selected foreign markets which include China, South Korea, Japan, Taiwan, Hong Kong, Singapore, Indonesia,
Thailand, Philippines, United States of America, Europe and other permitted markets. The fund’s investment in
foreign markets is incidental to its primary focus of investing in the domestic market. Investments in certain foreign
markets require the application of an investment licence or registration of an investor code. As such, the necessary
approvals from the relevant foreign regulatory authorities, where required, will be obtained prior to investing in
the above-mentioned permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected global markets within a timeframe of two years. The fund may invest in
collective investment schemes both in the domestic and foreign markets, and warrants. The fund may also invest
in fixed income securities (sovereign and corporate) and liquid assets which include money market instruments
and deposits to help generate returns.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the medium to long-term growth potential of the
equity market through investments in a diversified portfolio of growth stocks, index stocks and blue chip stocks.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are central to the efforts to
manage the risks posed to the fund. There may even be situations such as when a severe downturn in the equity
markets is expected and liquidity risks are high, that the fund’s equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from significant
volatilities in times of adverse market movements, foreign currency exposure and foreign interest rate movements,
the fund may employ hedging strategies which include futures contracts, foreign exchange forward contracts and
options to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options for hedging purposes and
investments in warrants can potentially increase the volatility of the fund’s return, the fund’s participation in these
instruments will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PAVGEF
As PAVGEF will focus its investment in the domestic market, the benchmark for PAVGEF is the FTSE Bursa Malaysia
KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia
Main Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily
understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The PAVGEF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at
any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor
BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and
neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
115
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC REGULAR SAVINGS SEQUEL FUND (PRSSQF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks, growth stocks and
stocks that offer or have the potential to offer attractive
dividend yields
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth and provide income* over the medium to long-term period.
Notes:
Any material changes to the investment objective of the fund would require unitholders’ approval.
This is neither a capital guaranteed nor a capital protected fund.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth and annual income*.
Note:
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
PRSSQF invests in a diversified portfolio of Malaysian equities comprising blue chip stocks, index stocks, growth
stocks and stocks that offer or have the potential to offer attractive dividend yields with the balance invested in
fixed income securities to meet its investment objective. Its equity content in terms of NAV will range between
70% and 98% of the NAV of the fund. The balance of the fund’s NAV will be invested in fixed income securities
and liquid assets which include money market instruments and deposits.
Investment Strategy
PRSSQF is actively managed and seeks to achieve its objective by investing 70% to 98% of its NAV in a diversified
portfolio of blue chip stocks, index stocks, growth stocks and stocks that offer or have the potential to offer
attractive dividend yields that are listed on the Bursa Securities. In identifying such companies, the fund relies on
fundamental research where the financial health, industry prospects, management quality and past track records
of the companies are assessed. Although the fund is actively managed, the frequency of its trading strategy will
very much depend on market opportunities.
The fund may consider investments in IPOs of companies seeking a listing on Bursa Securities. The fund may also
invest in collective investment schemes in the domestic market, and warrants issued during corporate exercises by
companies listed on Bursa Securities in which the fund holds shares in. The fund may also invest in fixed income
securities (sovereign and corporate) and liquid assets which include money market instruments and deposits to
help generate returns.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the medium to long-term growth potential of the equity
market through investments in a diversified portfolio of blue chip stocks, index stocks, growth stocks and stocks
that offer or have the potential to offer attractive dividend yields. The equity exposures of the fund are managed
actively with exposures ranging from 70% to 98% depending on the market and economic environment. It also
maintains investments in fixed income securities to help generate income to the fund.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are central to the efforts to
manage the risks posed to the fund. There may be situations such as when a severe downturn in the equity markets
is expected and liquidity risks are high, that the fund’s equity exposure is reduced to below the levels indicated as a
temporary defensive strategy. With regards to the investment in fixed income securities, it should be noted that the
performance of the fixed income securities might be adversely affected should interest rates rise sharply. The value
of fixed income securities may also fluctuate based on the credit quality of the issuer. As such, exposure to fixed
income securities in the portfolio are managed to ensure that the risks levels are commensurate with the potential
returns. The performance of money market instruments and deposits may also be impacted by the fluctuations in
interest rates and credit risk of the financial institutions. To manage the credit risk of these instruments, the credit
ratings of the financial institutions are monitored on an ongoing basis.
As investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s investments in
warrants will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PRSSQF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% FTSE Bursa Malaysia Top 100 Index (FBM 100); and
10% 3-Month KLIBOR
As PRSSQF will invest 70% to 98% of its NAV in equities, the benchmark chosen for PRSSQF is a composite
benchmark index comprising a hypothetical investment in the FBM 100 and 3-Month KLIBOR in a ratio of 90:10.
Therefore, the returns for the benchmark index for any given period of time would comprise 90% from the returns
of the FBM 100 and 10% from the 3-Month KLIBOR interest earned for the same period of time. FBM 100 is a
free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Market’s top
100 large and mid-cap companies by full market capitalisation. This composite benchmark index represents an
appropriate performance benchmark for PRSSQF as it is reflective of the fund’s equity investments in the domestic
market over the medium to long term.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. Information on the FBM 100 is sourced from FTSE International Limited. The
performance of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The PRSSQF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA TOP 100 INDEX (“the Index”), and/or the figure at which the said Index
stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither
FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the
Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
117
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC EMERGING OPPORTUNITIES FUND (PEMOF)
Fund Profile
Category of Fund
Equity
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Medium and small-sized companies, at the point of
purchase
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth through investments in companies with mid and small market capitalisation.
Notes:
The fund may remain invested in counters which have moved above the market capitalisation range stated in the fund’s
investment strategy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PEMOF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. The
fund will invest in medium and small-sized companies listed on the domestic market and selected foreign markets
at the point of purchase.
The fund maintains equity exposures within arrange of 75% and 98% against its NAV. The balance of the fund’s NAV
will be invested in fixed income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PEMOF is actively managed to achieve its goal of capital growth by investing in medium and small-sized companies
listed on Bursa Securities within the market capitalisation range of FTSE Bursa Malaysia Small Cap Index and FTSE
Bursa Malaysia Mid 70 Index respectively at the point of purchase. The fund will also invest in component stocks
of the mid and small cap stock market indices of selected foreign markets at the point of purchase.
If mid and small cap stock market indices are not available for a foreign market, the fund will invest in stocks
of companies which form the bottom 30% of the cumulative market capitalisation of the market in which the
stock is listed on at the point of purchase. The stock universe for each market in which the stock is listed on is
sorted by market capitalisation and is ranked in descending order. Beginning with stocks with the smallest market
capitalisation, the market capitalisation of stocks is aggregated until the cumulative market capitalisation of these
stocks reaches 30%.
In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects,
management quality and past track record of the companies are assessed. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
To achieve increased diversification, the fund may invest up to 25% of its NAV in equities and fixed income
securities of selected foreign markets which include China, South Korea, Japan, Taiwan, Hong Kong, Singapore,
Indonesia, Thailand, Philippines, Australia and other permitted markets. The fund’s investment in foreign markets is
incidental to its primary focus of investing in the domestic market. Investments in certain foreign markets require the
application of an investment licence or registration of an investor code. As such, the necessary approvals from the
relevant foreign regulatory authorities, where required, will be obtained prior to investing in the above-mentioned
permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected global markets within a timeframe of two years. The fund may invest in
collective investment schemes both in the domestic and foreign markets, and warrants. The fund may also invest
in fixed income securities (sovereign and corporate) and liquid assets which include money market instruments
and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the medium to long-term growth potential of a
diversified portfolio of medium and small-sized companies listed on domestic and foreign markets. The focus of
the fund is on identifying stocks of companies that have good earnings growth potential and stocks that have the
possibility to be rerated positively in terms of valuations.
Fund Specific Risk Management
The fund may face liquidity risk especially with regard to investments in shares of medium and small-sized companies.
The asset allocation, liquidity management and diversification strategies employed are central to the efforts to
manage the risks posed to the fund. There may be situations such as when a severe downturn in the equity markets
is expected and liquidity risks are high, that the fund’s equity exposure is reduced to below the levels indicated as
a temporary defensive strategy.
With regards to the investment in fixed income securities, it should be noted that the performance of the fixed
income securities might be adversely affected should interest rates rise sharply. The value of fixed income securities
may also fluctuate based on the credit quality of the issuer. As such, exposure to fixed income securities in the
portfolio are managed to ensure that the risks levels are commensurate with the potential returns. The performance
of money market instruments and deposits may also be impacted by the fluctuations in interest rates and the credit
risk of the financial institutions. To manage the credit risk of these instruments, the credit ratings of the financial
institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from significant
volatilities in times of adverse market movements, foreign currency exposure and foreign interest rate movements,
the fund may employ hedging strategies which include futures contracts, foreign exchange forward contracts and
options to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options for hedging purposes and
investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s participation in these
instruments will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PEMOF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
60% FTSE Bursa Malaysia Mid 70 Index;
30% FTSE Bursa Malaysia Small Cap Index; and
10% 3-Month KLIBOR
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
As PEMOF generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen
for it is a composite benchmark index comprising a hypothetical investment in the FTSE Bursa Malaysia Mid 70
Index, FTSE Bursa Malaysia Small Cap Index and 3-Month KLIBOR in a ratio of 60:30:10. Therefore, the returns
for the benchmark index for any given period of time would comprise of 60% from the returns of the FTSE Bursa
Malaysia Mid 70 Index, 30% from the returns of the FTSE Bursa Malaysia Small Cap Index and 10% from the
3-Month KLIBOR interest earned for the same period of time. The FTSE Bursa Malaysia Mid 70 Index comprises of
the remaining 70 companies in the FTSE Bursa Malaysia Emas Index ranked by full market capitalisation, excluding
the 30 members in the FTSE Bursa Malaysia KLCI. The FTSE Bursa Malaysia Small Cap Index comprises of eligible
companies with the top 98% of the Bursa Malaysia Main Market excluding constituents of the FTSE Bursa Malaysia
Top 100 Index. This composite benchmark index represents an appropriate performance benchmark for PEMOF
which is an equity fund that invests in small and mid cap stocks and generally has an equity weight of 90% of its
NAV over the medium to long term.
Information on the FTSE Bursa Malaysia Mid 70 Index and the FTSE Bursa Malaysia Small Cap Index are sourced
from FTSE International Limited. Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which
is published in the business sections of the daily newspapers. The performance of the fund and its benchmark is
available on Public Mutual’s website at www.publicmutual.com.my.
The PEMOF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa
Malaysia Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor
BURSA MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results
to be obtained from the use of the FTSE BURSA MALAYSIA MID 70 INDEX and FTSE BURSA MALAYSIA SMALL CAP INDEX
(“the Indices”), and/or the figure at which the said Indices stands at any particular time on any particular day or otherwise. The
Indices are compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in
negligence or otherwise) to any person for any error in the Indices and neither FTSE nor BURSA MALAYSIA nor LSEG shall be
under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA “is a trade
mark of BURSA MALAYSIA.
120
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC TACTICAL ALLOCATION FUND (PTAF)
Fund Profile
Category of Fund
Mixed asset
Type of Fund
Capital growth
Equity Range of Fund
30% to 98%
Investment Asset Selection Profile of Fund
Blue chip stocks, index stocks, growth stocks, fixed
income securities, money market instruments and
deposits
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money
market instruments and deposits if the investment climate is deemed to be unfavourable and weakness in
the equity markets is expected. If the outlook for fixed income securities and money market instruments is
also unfavourable, the fund will move its investments into deposits.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in equities, collective investment
schemes and fixed income securities in domestic and foreign markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth through a tactical asset allocation strategy.
Investment Policy
PTAF will adopt a tactical asset allocation strategy and has the flexibility to rebalance its asset allocation between
the different asset classes of equities, fixed income securities and money market instruments accordingly, depending
on the market outlook. Its equity content may range between 30% to 98% of the NAV of the fund. The balance of
the fund’s NAV will be invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
PTAF is actively managed and seeks to achieve its goal of providing capital growth over the medium to long-term
period by adopting a tactical asset allocation strategy of investing 30% to 98% of the fund’s NAV in equities. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits to help generate returns. Although the fund is actively managed, the frequency of its
trading strategy will very much depend on market opportunities.
The fund employs both the top-down and bottom-up approach to evaluate its investments in equities, fixed income
securities and money market instruments. From the top-down perspective, the fund manages its exposures to each
of the asset classes of equities, fixed income securities and money market instruments actively bearing in mind the
risk-reward profile of the respective asset class. Depending on the market outlook, the fund has the flexibility to
rebalance its asset allocation between the different asset classes accordingly. The fund may invest up to 98% of
its NAV in a portfolio of equities when the market outlook is positive.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
However, the fund may adopt temporary defensive strategies by lowering its equity exposure below the above
stated range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected. If the outlook for fixed income securities and money market instruments is also unfavourable,
the fund will move its investments into deposits.
For its equity investments, the fund will invest in a diversified portfolio of blue chip stocks, index stocks and growth
stocks listed in domestic and selected foreign stock markets. In identifying such companies, the fund adopts
the bottom-up approach which relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed. The fund may invest in collective
investment schemes which invests in stocks listed in domestic and foreign markets, and warrants.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected foreign markets within a timeframe of two years.
The non-equity portion of the fund is invested in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits. Where investment climate is deemed to be unfavourable
and weakness in equity markets is expected, the fund will increase its holdings in fixed income securities and
money market instruments. The fund will invest in fixed income securities of various tenures which will enable
it to rebalance its asset allocation and capitalise on market opportunities between the different asset classes in
a timely manner. The asset allocation between long-tenured fixed income securities, short-tenured fixed income
securities and money market instruments may be varied taking into account economic growth, interest rate trends
and market liquidity conditions. Redeemable loan stocks with convertible features to enhance the fund’s returns
may also be invested by the fund. To manage the credit risks of its fixed income securities investments, the fund
will rely on credit analysis and focus on securities issued by companies with sound financial position i.e. gearing
ratio and interest cover ratio of the issuer are within acceptable levels of the industry in which the issuer company
operates. The money market instruments invested by the fund are issued by financial institutions. To manage the
credit risk of these instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include South Korea, Hong Kong, Japan, China, Taiwan, Singapore, India, Thailand, Indonesia, Philippines,
Australia, New Zealand and other permitted markets such as United States of America, Germany, France and United
Kingdom. Investments in certain foreign markets require the application of an investment licence or registration of
an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities, where required,
will be obtained prior to investing in the above-mentioned permitted markets.
Fund Specific Benefits
The fund provides you with the opportunity to participate in tactical asset allocation strategy where investments
are allocated between the different asset classes of equities, fixed income securities and money market instruments
based on a flexible investment mandate. The fund may capitalise on potential investment opportunities if the
market outlook is positive while reducing its equity exposure when weakness in the equity markets is expected.
Fund Specific Risk Management
The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central
to the efforts to manage the risks posed to the fund. There may be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated and the exposure to fixed income securities and liquid assets which include money market instruments
are increased as a temporary defensive strategy. If the outlook for fixed income securities and money market
instruments is also unfavourable, the fund will move its investments into deposits. However, should the Fund
Manager judge market conditions incorrectly or apply an unsuitable investment strategy, the performance of the
fund may be adversely affected.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from significant
volatilities in times of adverse market movements, foreign currency exposure and foreign interest rate movements,
the fund may employ hedging strategies which include futures contracts, foreign exchange forward contracts and
options to manage the risks posed to the fund.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
As participation in futures contracts, foreign exchange forward contracts and options for hedging purposes and
investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s participation in these
instruments will be assessed on an ongoing basis and managed accordingly.
With regards to the investment in fixed income securities, it should be noted that the performance of the fixed
income securities might be adversely affected should interest rates rise sharply. The value of fixed income securities
may also fluctuate based on the credit quality of the issuer. As such, exposures to fixed income securities in the
portfolio are managed to ensure that risks levels are commensurate with the potential returns. The performance of
money market instruments and deposits may also be impacted by the fluctuations in interest rates and the credit
risk of the financial institutions. To manage the credit risk of these instruments, the credit ratings of the financial
institutions are monitored on an ongoing basis.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PTAF
The benchmarks of the fund and their respective percentages are as follows:
•
•
70% MSCI AC Far-East Ex-Japan Index*, and
30% 3-Month KLIBOR
As PTAF adopts a tactical asset allocation strategy with equity exposure range between 30% to 98% of the fund’s
NAV, the benchmark chosen for PTAF is a composite benchmark index comprising a hypothetical investment in the
MSCI AC Far-East Ex-Japan Index and 3-Month KLIBOR in a ratio of 70:30. Therefore, the returns for the benchmark
index for any given period of time would comprise of 70% from the returns of the MSCI AC Far-East Ex-Japan Index
and 30% from 3-Month KLIBOR interest earned for the same period of time. The MSCI Far-East Ex-Japan Index is
selected as the fund’s equity benchmark as it is more representative of the foreign markets that the fund invests in
which include China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand.
This composite benchmark index represents an appropriate performance benchmark for PTAF as it is reflective of
the fund’s asset allocation which will typically be 70% of NAV in equities over the medium to long term.
* As indices which focus on Far-East markets have a relatively high index weight for Japanese stocks, an index
which excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for the MSCI AC Far-East Ex-Japan Index is available
on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any
of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
123
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC SELECT MIXED ASSET GROWTH FUND (PSMAGF)
Fund Profile
Category of Fund
Mixed asset
Type of Fund
Capital growth
Equity Range of Fund
40% to 70%
Fixed Income Securities Range of Fund
30% to 60%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Fixed Income Securities Selection Profile of Fund
Sovereign and corporate fixed income securities
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the
equity market is expected. If the outlook for fixed income securities and money market instruments is also
unfavourable, the fund will move its investments into deposits.
Fund Objective
To achieve capital growth over the medium to long-term period primarily through a portfolio allocation across
equities and fixed income securities.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth through a mixed asset allocation strategy.
Investment Policy
PSMAGF will invest primarily in equities, fixed income securities and money market instruments issued by companies
domiciled in Malaysia to meet its investment objective. Its equity content will range between 40% to 70% of the
fund’s NAV. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PSMAGF is actively managed and seeks to achieve its goal of providing capital growth over the medium to longterm period by adopting a mixed asset allocation strategy of investing 40% to 70% of the fund’s NAV in equities.
The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money
market instruments and deposits. Although the fund is actively managed, the frequency of its trading strategy will
very much depend on market opportunities.
The fund employs both the top-down and bottom-up approach to evaluate its investments in equities, fixed income
securities and money market instruments. From the top-down perspective, the fund manages its exposures to each
of the asset classes of equities, fixed income securities and money market instruments actively bearing in mind the
risk-reward profile of the respective asset class.
For its equity investments, the fund will invest in a diversified portfolio of blue chip stocks, index stocks and growth
stocks listed in domestic and selected foreign stock markets. In identifying such companies, the fund adopts
the bottom-up approach which relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed.
124
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The non-equity portion of the fund is invested in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits. The fund will invest in fixed income securities of various
tenures. The asset allocation between long-tenured fixed income securities, short-tenured fixed income securities
and money market instruments may be varied taking into account economic growth, interest rate trends and
market liquidity conditions. Redeemable loan stocks with convertible features to enhance the fund’s returns may
also be considered. To manage the credit risks of its fixed income securities investments, the fund will rely on credit
analysis and focus on securities issued by companies with sound financial position. The money market instruments
invested by the fund are issued by financial institutions. To manage the credit risk of these instruments, the credit
ratings of the financial institutions are monitored on an ongoing basis.
To achieve increased diversification, the fund may invest up to 30% of its NAV in equities and fixed income securities
of selected foreign markets which include China, South Korea, Japan, Taiwan, Hong Kong, Singapore, Indonesia,
Thailand, Philippines and other permitted markets. The fund’s investment in foreign markets is incidental to its
primary focus of investing in the domestic market. Investments in certain foreign markets require the application of
an investment licence or registration of an investor code. As such, the necessary approvals from the relevant foreign
regulatory authorities, where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities or other permitted foreign
markets. The fund may invest in collective investment schemes both in the domestic and foreign markets, and
warrants issued during corporate exercises by companies listed in Bursa Securities in which the fund holds shares in.
Fund Specific Benefits
The fund provides you with the opportunity to achieve capital growth via the fund’s participation in a portfolio of
investments in equities, fixed income securities and money market instruments.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the efforts
to manage the risks posed to the fund. There may be situations such as when a severe downturn in the equity
markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated
as a temporary defensive strategy.
With regards to the investment in fixed income securities, it should be noted that the performance of the fixed
income securities might be adversely affected should interest rates rise sharply. The value of fixed income securities
may also fluctuate based on the credit quality of the issuer. As such, exposures to fixed income securities in the
portfolio are managed to ensure that risks levels are commensurate with the potential returns. The performance of
money market instruments and deposits may also be impacted by the fluctuations in interest rates and the credit
risk of the financial institutions. To manage the credit risk of these instruments, the credit ratings of the financial
institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSMAGF
The benchmarks of the fund and their respective percentages are as follows:
•
•
70% FTSE Bursa Malaysia KLCI (FBM KLCI), and
30% 3-Month KLIBOR
125
DETAILED INFORMATION ON THE FUNDS (CONT’D)
As PSMAGF may invest up to 70% of its NAV in equities, the benchmark chosen for PSMAGF is a composite
benchmark index comprising a hypothetical investment in the FBM KLCI and 3-Month KLIBOR in a ratio of 70:30.
Therefore, the returns for the benchmark index for any given period of time would comprise of 70% from the
returns of the FBM KLCI and 30% from the 3-Month KLIBOR interest earned for the same period of time. The FBM
KLCI is selected as the fund’s equity benchmark as the fund will focus its investments in the domestic market. The
FBM KLCI is a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main
Market’s 30 largest companies by full market capitalisation. This composite index of 70% in FBM KLCI and 30%
in 3-Month KLIBOR represents an appropriate performance benchmark for PSMAGF as it is reflective of the fund’s
asset allocation in equities and fixed income securities over the medium to long term.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. To obtain the latest information on the FBM KLCI, investors can refer to the Bursa
Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks
of the FBM KLCI and transactional information such as last traded price, previous closing price, volume traded,
high and low for the day and other information. The performance of the fund and its benchmark is available on
Public Mutual’s website at www.publicmutual.com.my.
The PSMAGF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa
Malaysia Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor
BURSA MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to
be obtained from the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at
any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor
BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and
neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie® “ are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
126
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC SELECT MIXED ASSET CONSERVATIVE FUND (PSMACF)
Fund Profile
Category of Fund
Mixed asset (conservative)
Type of Fund
Income and capital growth
Fixed Income Securities Range of Fund
60% to 75%
Equity Range of Fund
Up to 35%
Fixed Income Securities Selection Profile of Fund
Sovereign and corporate fixed income securities
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its fixed income securities and equity
exposures below the respective range and limit stated above while increasing its investments in liquid assets
which include money market instruments and deposits if the investment climate is deemed to be unfavourable
and weakness in the fixed income securities and equity markets are expected.
Fund Objective
To provide income* and achieve capital growth over the medium to long-term period primarily through a portfolio
allocation across fixed income securities and equities.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who seek annual income* and capital growth through a
conservative mixed asset allocation strategy.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
PSMACF invests in a portfolio of fixed income securities, equities and money market instruments to meet its objective
of providing income and capital growth to its unitholders. The fund maintains fixed income securities exposures of
within 60% to 75% of its NAV. The fund may invest up to 35% of its NAV in equities. The balance of the fund’s
NAV will be invested in liquid assets which include money market instruments and deposits.
Investment Strategy
PSMACF is actively managed and seeks to meet its objective by investing in fixed income securities, equities and
money market instruments.
To provide income, the fund will invest a significant portion of between 60% to 75% of its NAV in fixed income
securities (sovereign and corporate). The fund’s investments in fixed income securities of various tenures will depend
on economic conditions, interest rate trends and market liquidity conditions. Redeemable loan stocks with convertible
features may also be considered. To manage credit risks of its fixed income securities investments, the fund will
rely on credit analysis and focus on fixed income securities issued by companies with sound financial positions.
To achieve capital growth, the fund can invest up to 35% of its NAV in equities. The equity investments of the
fund focus on a diversified portfolio of index stocks, blue chip stocks and growth stocks that are listed on the
Bursa Securities. In identifying such companies, the fund relies on fundamental research where the financial health,
industry prospects, management quality and past track records of the companies are assessed.
127
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The balance of the fund’s NAV will be invested in liquid assets which include money market instruments and deposits.
The money market instruments invested in by the fund are issued by financial institutions. To manage the credit risk
of these instruments, the credit ratings of the financial institutions are monitored on an ongoing basis. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest up to 25% of its NAV in foreign equities and fixed income
securities in markets which include China, South Korea, Taiwan, Hong Kong, Japan, Singapore, Thailand, Indonesia,
Philippines and other permitted markets. Investments in certain foreign markets require the application of an
investment licence or registration of an investor code. As such, the necessary approvals from the relevant foreign
regulatory authorities, where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities or other permitted foreign
markets. The fund may invest in collective investment schemes both in the domestic and foreign markets, and
warrants issued during corporate exercises by companies listed in Bursa Securities in which the fund holds shares in.
Fund Specific Benefits
The fund provides you with the opportunity to receive income and achieve capital growth via the fund’s participation
in a portfolio of investments in fixed income securities, equities and money market instruments.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund.
With regards to the investment in fixed income securities, it should be noted that the performance of the fixed
income securities might be adversely affected should interest rates rise sharply. The value of fixed income securities
may also fluctuate based on the credit quality of the issuer. As such, exposure to fixed income securities in the
portfolio are managed to ensure that the risk levels are commensurate with the potential returns. The performance
of money market instruments and deposits may also be impacted by the fluctuations in interest rates and the credit
risk of the financial institutions. To manage the credit risk of these instruments, the credit ratings of the financial
institutions are monitored on an ongoing basis.
As for the fund’s equity portfolio, a severe downturn in the equity markets may adversely impact the value of the
fund’s investment. When valuations of the equity markets are deemed to be unfavourable, the equity exposure of
the fund will be reduced accordingly.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSMACF
The benchmarks of the fund and their respective percentages are as follows:
•
•
65% 3-Month KLIBOR, and
35% FTSE Bursa Malaysia KLCI (FBM KLCI)
128
DETAILED INFORMATION ON THE FUNDS (CONT’D)
As PSMACF maintains a fixed income securities exposure ranging between 60% to 75% of its NAV, the benchmark
chosen for PSMACF is a composite benchmark index comprising a hypothetical investment in the 3-Month KLIBOR
and FBM KLCI in a ratio of 65:35. Therefore, the returns for the benchmark index for any given period of time would
comprise of 65% from 3-Month KLIBOR interest earned and 35% from the returns of the FBM KLCI for the same
period of time. The FBM KLCI is selected as the fund’s equity benchmark as the fund will focus its investments in the
domestic market. FBM KLCI is a free-float adjusted market capitalisation weighted index which comprises the Bursa
Malaysia Main Market’s 30 largest companies by full market capitalisation. This composite benchmark index of 65%
in 3-Month KLIBOR rate and 35% in FBM KLCI represents an appropriate performance benchmark for PSMACF as
it is reflective of the fund’s asset allocation in fixed income securities and equities over the medium to long term.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. To obtain the latest information on the FBM KLCI, investors can refer to the Bursa
Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks
of the FBM KLCI and transactional information such as last traded price, previous closing price, volume traded,
high and low for the day and other information. The performance of the fund and its benchmark is available on
Public Mutual’s website at www.publicmutual.com.my.
The PSMACF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at
any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor
BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and
neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
129
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC BALANCED FUND (PBF)
Fund Profile
Category of Fund
Balanced
Type of Fund
Income and capital growth
Equity Range of Fund
40% to 60%
Fixed Income Securities Range of Fund
40% to 60%
Stock Selection Profile of Fund
Index stocks, blue chip stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To provide a steady income* and capital growth over the medium to long-term period.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth and to a lesser extent income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
To create a prudent mix of primarily Malaysian equities and fixed income securities in the ratio of 60:40 which is in
line with the fund’s objective. Its equity content in terms of NAV will range between 40% to 60% of the NAV of
the fund. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PBF is actively managed and seeks to meet its objectives of producing a steady and recurring income while pursuing
long-term capital growth by adhering to a balanced asset allocation approach of investing 40% to 60% of the NAV
in equities. The balance of the fund’s NAV would be invested in fixed income securities to generate the required
recurring income. Although the fund is actively managed, the frequency of its trading strategy will very much
depend on market opportunities.
The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip
stocks and companies with growth prospects that are listed on the Bursa Securities. In identifying such companies,
the fund relies on fundamental research where the financial health, industry prospects, management quality and
past track records of the companies are assessed.
130
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The non-equity portion of the fund is invested in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits. To generate the required recurring income, the fund will
generally maintain investments in fixed income securities of 40% to 60% of its NAV. The fund will invest in a
portfolio of fixed income securities of various tenures depending on economic growth, interest rate trends and
market liquidity conditions. To manage credit risks of its investments in fixed income securities, the fund will rely on
the credit analysis and focus on fixed income securities issued by the companies with sound financial position i.e.
gearing ratio and interest cover ratio of the issuer are within acceptable levels of the industry in which the issuer
company operates. Where yields are attractive and interest rate trends are favourable, the investments in fixed
income securities are increased. Notwithstanding the need for a stable and recurring income stream, the investment
in fixed income securities and liquid assets is often raised at the expense of equity allocations when weaknesses in
the equity markets are anticipated. Conversely, when the equity markets are expected to perform well, the funds
are reallocated from fixed income securities and liquid assets to equities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign
markets, and warrants.
Fund Specific Benefits
The fund provides you with the opportunity to invest in equities and fixed income securities through a balanced asset
allocation approach to spread out the risks. The potentially large but highly volatile returns from equity investments
are moderated by the fairly stable performance from the fixed income securities. The returns of the fund should
be significantly less volatile than the equity market as a result.
Fund Specific Risk Management
Normally, the equity content will range from 40% to 60% of the fund. In times of actual or anticipated stock
market weaknesses, the equity portfolio may be reduced accordingly. The asset allocation between the various
investment assets referred to above and the decision to invest, sell or trade are based on the decision of the Fund
Managers who adopt an active fund management approach.
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
131
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Selected Performance Benchmark for PBF
To better reflect the scope and parameters of the fund especially with regards to the equity constraints of 60%,
the Public Balanced Equity Index (PBEIX) was created. PBEIX is a composite index whose value is subject to the
daily changes in the FTSE Bursa Malaysia KLCI (FBM KLCI) and the 3-Month KLIBOR on a 60:40 basis. The index is
assumed to be rebalanced to 60% equity exposure at the end of each trading day.
Public Balanced Equity Index (PBEIX) is a proprietary composite benchmark index comprising of a hypothetical
investment in the FBM KLCI and 3-Month KLIBOR in a 60:40 ratio. Therefore, the returns for PBEIX for any given
period of time would be made up of 60% from the returns of the FBM KLCI and 40% from 3-Month KLIBOR
interest earned for the same period of time. The FBM KLCI is a free-float adjusted market capitalisation weighted
index which comprises the Bursa Malaysia Main Market’s 30 largest companies by full market capitalisation. As
it is also very widely followed and easily understood representation of the Bursa Securities, it is deemed that the
most appropriate equity benchmark for this fund is the FBM KLCI. For the purpose of this index, the returns for
3-Month KLIBOR is calculated by accruing interest earned on a daily basis from the daily closing quoted 3-Month
KLIBOR. This index represents an appropriate performance benchmark for gauging the performance of PBF in view
of the fund’s 60% equities portfolio composition. The performance of the fund and its benchmark is available on
Public Mutual’s website at www.publicmutual.com.my.
The PBF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at
any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor
BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and
neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade
mark of BURSA MALAYSIA.
132
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC FAR-EAST BALANCED FUND (PFEBF)
Fund Profile
Category of Fund
Balanced
Type of Fund
Income and capital growth
Equity Range of Fund
40% to 60%
Fixed Income Securities Range of Fund
40% to 60%
Stock Selection Profile of Fund
Index stocks, blue chip stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To provide income* and capital growth over the medium to long-term period.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth and to a lesser extent income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
To create a prudent mix of equities and fixed income securities in the ratio of 60:40 which is in line with the
fund’s objective. Its equity content will range in the region of between 40% to 60% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PFEBF is actively managed and seeks to meet its objective of producing income while pursuing long-term capital
growth by adhering to a balanced asset allocation approach of investing 40% to 60% of the NAV in equities. The
balance of the fund’s NAV would be invested in fixed income securities to generate the required recurring income.
Although the fund is actively managed, the frequency of its trading strategy will very much depend on market
opportunities.
The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue
chip stocks and companies with growth prospects that are listed on Bursa Securities and selected regional stock
markets. In identifying such companies, the fund relies on fundamental research where the financial health, industry
prospects, management quality and past track records of the companies are assessed.
133
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The non-equity portion of the fund is invested in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits. To generate the required recurring income, the fund will
generally maintain investments in fixed income securities of 40% to 60% of its NAV. The fund will invest in a
portfolio of fixed income securities of various tenures depending on economic growth, interest rate trends and
market liquidity conditions. To manage credit risks of its investments in fixed income securities, the fund will rely
on the credit analysis and focus on fixed income securities issued by the companies with sound financial position
i.e. gearing ratio and interest cover ratio of the issuer are within acceptable levels of the industry in which the
issuer company operates. Where yields are attractive and interest rate trends are favourable, the investments in
fixed income securities are increased. Notwithstanding the need for a stable and recurring income stream, the
investment in fixed income securities and liquid assets are often raised at the expense of equity allocations when
weaknesses in the equity markets are anticipated. Conversely, when the equity markets are expected to perform
well, the funds are reallocated from fixed income securities and liquid assets to equities.
Up to 60% of the fund’s NAV can be invested in equities and fixed income securities of selected regional markets
which include South Korea, China, Hong Kong, Taiwan, Japan, Singapore, Philippines, Thailand, Indonesia and
other permitted markets. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign
markets, and warrants.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of index stocks, blue chip stocks and growth stocks listed on selected regional stock markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFEBF
The benchmarks of the fund and their respective percentages are as follows:
•
•
60% MSCI AC Far-East Ex-Japan Index*, and
40% 3-Month KLIBOR
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The benchmark chosen for PFEBF is a composite benchmark index comprising a hypothetical investment in the
MSCI AC Far-East Ex-Japan Index and 3-Month KLIBOR in a ratio of 60:40. Therefore, the returns for the benchmark
index for any given period of time would comprise of 60% from the returns of the MSCI AC Far-East Ex-Japan
Index and 40% from 3-Month KLIBOR interest earned for the same period of time. The component stocks of the
MSCI AC Far-East Ex-Japan Index comprise major stocks from key regional markets including China, Hong Kong,
Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand. This composite benchmark index
represents an appropriate performance benchmark for PFEBF as the fund may only invest up to 60% of its NAV
in a portfolio of stocks in domestic and regional markets, while the balance of the fund’s NAV is invested in fixed
income securities and liquid assets.
* As indices which focus on Far-East markets have a relatively high index weight for Japanese stocks, an index
which excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for the MSCI AC Far-East Ex-Japan Index is available
on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any
of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
135
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC GROWTH BALANCED FUND (PGRBF)
Fund Profile
Category of Fund
Balanced
Type of Fund
Capital growth
Equity Range of Fund
40% to 60%
Fixed Income Securities Range of Fund
40% to 60%
Stock Selection Profile of Fund
Index stocks, blue chip stocks and growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period through a balanced asset allocation approach.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth and to a lesser extent income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
PGRBF invests in a diversified portfolio of primarily in Malaysian equities and fixed income securities to meet the
objective of the fund. Its equity content will range in the region of 40% to 60% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PGRBF is actively managed and seeks to meet its objective by adhering to a balanced asset allocation approach of
investing 40% to 60% of the NAV in equities. The balance of the fund’s NAV would be invested in fixed income
securities and liquid assets which include money market instruments and deposits. Although the fund is actively
managed, the frequency of its trading strategy will very much depend on market opportunities.
The equity investment of the fund primarily focuses on a diversified portfolio of index stocks, blue chip stocks and
growth stocks that are listed on the Bursa Securities. In identifying such companies, the fund relies on fundamental
research where the financial health, industry prospects, management quality and past track records of the companies
are assessed.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The non-equity portion of the fund is invested in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits. The fund will generally maintain investments in
fixed income securities of 40% to 60% of its NAV. The fund will invest in a portfolio of fixed income securities of
various tenures depending on economic growth, interest rate trends and market liquidity conditions. To manage
the credit risks of its investments in fixed income securities and money market instruments, the fund will rely on
credit analysis and focus on fixed income securities and money market instruments issued by companies with sound
financial position i.e. gearing ratio and interest cover ratio of the issuer are within acceptable levels of the industry
in which the issuer company operates.
To achieve increased diversification, the fund may invest up to 25% of its NAV in foreign equities and fixed income
securities markets which include China, South Korea, Japan, Taiwan, Hong Kong, Singapore, Indonesia, Thailand,
Philippines and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus
of investing in the domestic market. Investments in certain foreign markets require the application of an investment
licence or registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory
authorities, where required, will be obtained prior to investing in the above-mentioned permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may
invest in collective investment schemes both in the domestic and foreign markets, and warrants.
Fund Specific Benefits
The fund provides you with the opportunity to invest in equities and fixed income securities through a balanced asset
allocation approach to spread out the risks. The potentially large but highly volatile returns from equity investments
are moderated by the fairly stable performance from the fixed income securities. The returns of the fund should
be significantly less volatile than the equity market as a result.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risk arising from significant
volatilities in times of adverse market movements, foreign currency exposure and foreign interest rate movements,
the fund may employ hedging strategies which include futures contracts, foreign exchange forward contracts and
options to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options for hedging purposes and
investments in warrants can potentially increase the volatility of the fund’s returns, the fund’s participation in these
instruments will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PGRBF
The benchmarks of the fund and their respective percentages are as follows:
•
•
60% FTSE Bursa Malaysia KLCI (FBM KLCI); and
40% 3-Month KLIBOR
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The benchmark chosen for PGRBF is a composite benchmark index comprising a hypothetical investment in the
FBM KLCI and 3-Month KLIBOR in a ratio of 60:40. Therefore, the returns for the benchmark index for any given
period of time would comprise of 60% from the returns of FBM KLCI and 40% from the 3-Month KLIBOR interest
earned for the same period of time. The FBM KLCI is selected as the fund’s equity benchmark as the fund will
focus its investments in the domestic market. The component stocks of FBM KLCI is a free-float adjusted market
capitalisation weighted index which comprises the Bursa Malaysia Main Market’s 30 largest companies by full market
capitalisation. This composite benchmark index of 60% in FBM KLCI and 40% in 3 Month-KLIBOR represents an
appropriate performance benchmark for PGRBF as it is reflective of the fund’s asset allocation in equities and fixed
income securities over the medium to long term.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. To obtain the latest information on the FBM KLCI, investors can refer to the Bursa
Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks
of the FBM KLCI and transactional information such as last traded price, previous closing price, volume traded,
high and low for the day and other information. The performance of the fund and its benchmark is available on
Public Mutual’s website at www.publicmutual.com.my.
The PGRBF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by Bursa Malaysia
Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA
MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the FTSE BURSA MALAYSIA KLCI (“the Index”), and/or the figure at which the said Index stands at
any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor
BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and
neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trademarks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA “is a trade
mark of BURSA MALAYSIA.
138
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC BOND FUND (P BOND)
Fund Profile
Category of Fund
Bond
Type of Fund
Income
Fixed Income Securities Range of Fund
75% to 98%
Investment Asset Selection Profile of Fund
Fixed income securities and money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure below the
above stated range and increasing its investments in liquid assets which include money market instruments
and deposits if the investment climate is deemed to be unfavourable and weakness in the fixed income
securities markets is expected.
Fund Objective
To provide a steady stream of income* returns through investment in the money market and private debt securities.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium-term investors who seek annual income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
P BOND is actively managed and invests in fixed income securities and money market instruments to meet its
objective of providing annual income to unitholders. Its fixed income securities investments comprise government
and government-sponsored bonds and private debt securities (listed and unlisted). Investments in redeemable loan
stocks with convertible features to enhance the fund’s returns are included. The fund maintains a fixed income
securities exposure within the range of 75% to 98% against its NAV. The balance of the fund’s NAV will be invested
in money market instruments and deposits.
Investment Strategy
P BOND seeks to meet its objective of producing a steady and recurring annual income stream by investing in a
portfolio of fixed income securities (sovereign and corporate) with the balance invested in money market instruments
and deposits. Investments in redeemable loan stocks with convertible features to enhance the fund’s returns are
also considered. These loan stocks may not be converted but will be disposed prior to or held to maturity. The loan
stocks which are held to maturity will not be converted to equity. Instead, the loan stocks will be redeemed for cash
at its maturity date. Although the fund is actively managed, the frequency of its trading strategy will very much
depend on market opportunities. To achieve increased diversification, the fund may invest in foreign fixed income
securities. The foreign markets which the fund may invest in include Singapore, Japan, Hong Kong, Australia,
United Kingdom and other permitted markets. Investments in certain foreign markets require the application of an
investment licence or registration of an investor code. As such, the necessary approvals from the relevant foreign
regulatory authorities, where required, will be obtained prior to investing in the above-mentioned permitted markets.
Fund Specific Benefits
The fund provides you access to the fixed income securities market, which is usually inaccessible to the average
investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund
invests in a diversified portfolio of fixed income securities that have different profiles in maturities, credit ratings
and sectors, to produce returns that are generally higher than fixed deposits.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
The fund will seek to maximise its potential return by investing in fixed income securities that command higher
yields than money market instruments. In doing so, the fund will likely be exposed to the risks of adverse interest
rate movements and credit rating downgrades. On the other hand, should interest rates turn favourable i.e. fall,
or if credit rating of the fixed income securities improves, then the fund stands to benefit from the resultant price
appreciation. Nevertheless, the credit risks assumed are limited to the extent that any fixed income securities
invested in must have a minimum credit rating of BBB at the point of purchase. Notwithstanding this, the fund’s
exposure to the potential risks and returns have to be managed actively to achieve the risk-reward tradeoff that
is reasonable to the fund.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from foreign
currency exposure and foreign interest rate movements, the fund may employ hedging strategies which include
futures contracts, foreign exchange forward contracts and options to manage the risks posed to the fund.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for P BOND
The benchmark for P BOND is based on FDR as opposed to a more conventional corporate bond index as the
fund is essentially managed in a fairly conservative manner with the primary aim of outperforming fixed deposit
returns. It is therefore appropriate to benchmark the fund against an accumulation index based on the 12-Month
FDR quoted by Malayan Banking Berhad. The performance of the fund and its benchmark is available on Public
Mutual’s website at www.publicmutual.com.my.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)
Fund Profile
Category of Fund
Bond
Type of Fund
Income
Fixed Income Securities Range of Fund
75% to 98%
Investment Asset Selection Profile of Fund
Fixed income securities and money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure below the
above stated range and increasing its investments in liquid assets which include money market instruments
and deposits if the investment climate is deemed to be unfavourable and weakness in the fixed income
securities markets is expected.
Fund Objective
To provide annual income* through investment in private debt securities.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium-term investors who seek annual income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
PIN BOND is actively managed and invests in fixed income securities and money market instruments to meet its
objective of providing annual income to unitholders. Its fixed income securities investments comprise government
and government-sponsored bonds and private debt securities (listed and unlisted). Investments in redeemable loan
stocks with convertible features to enhance the fund’s returns are also considered. 50% of the fund’s holding in
fixed income securities must be in fixed income securities with credit rating no lower than AA, as rated by RAM or
its equivalent, on a standalone basis or with a bank guarantee. The remainder of the fund’s holding in fixed income
securities will be invested in fixed income securities with a minimum credit rating of A at the point of purchase. The
fund maintains a fixed income securities exposure within the range of 75% to 98% against its NAV. The balance
of the fund’s NAV will be invested in money market instruments and deposits.
Investment Strategy
PIN BOND seeks to meet its objective of producing a steady and recurring annual income by investing in a portfolio
of fixed income securities (sovereign and corporate) with the balance invested in money market instruments and
deposits. Investments in redeemable loan stocks with convertible features to enhance the fund’s opportunity for
capital gains are also considered. These loan stocks may not be converted but will be disposed prior to or held to
maturity. The loan stocks which are held to maturity will not be converted to equity. Instead, the loan stocks will
be redeemed for cash at its maturity date. Although the fund is actively managed, the frequency of its trading
strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest
in foreign fixed income securities.
Fund Specific Benefits
The fund provides you with the opportunity to invest in the fixed income securities market for returns that are
potentially higher than fixed deposits. The fund essentially offers you the benefits of risk management, proper
diversification and liquidity management.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
The fund will seek to maximise its potential returns by investing in fixed income securities that command higher
yields than money market instruments. In doing so, the fund will likely be exposed to the risks of adverse interest
rate movements and credit rating downgrades. On the other hand, should interest rates turn favourable i.e. fall,
or credit rating of the fixed income securities improves, then the fund stands to benefit from the resultant price
appreciation. Nevertheless, the credit risks assumed are limited to the extent that 50% of the fund’s holding in fixed
income securities must be invested in fixed income securities of credit rating no lower than AA and the balance
in fixed income securities with a minimum credit rating of A at the point of purchase. Notwithstanding this, the
exposure to the potential risks and returns need to be managed actively to achieve the risk-reward tradeoff that
is reasonable to the fund.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from foreign
currency exposure and foreign interest rate movements, the fund may employ hedging strategies which include
futures contracts, foreign exchange forward contracts and options to manage the risks posed to the fund.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PIN BOND
The benchmark chosen for PIN BOND will be the Corporate Bond Index – 1 Year And Above (CORP 1V) developed
and maintained by CIMB Berhad. The bond index tracks the aggregate performance of all domestic corporate debt
with maturities of 1 year and above. The rationale of the selection of this index is that it essentially represents the
broad bond market that the fund will be primarily invested in. Thus, to provide above average returns relative to
the market, the fund will be managed with the goal of outperforming this benchmark. The performance of the
fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ENHANCED BOND FUND (PEBF)
Fund Profile
Category of Fund
Bond
Type of Fund
Income and capital growth
Fixed Income Securities Range of Fund
70% to 85%
Equity Range of Fund
Up to 20%
Security Selection Profile of Fund
Fixed income securities and equities
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure below
the above stated range as well as its equity exposure while increasing its investments in liquid assets which
include money market instruments and deposits if the investment climate is deemed to be unfavourable
and weakness in the fixed income securities and equity markets are expected.
Fund Objective
Seeks to provide a combination of annual income* and modest capital growth primarily through a portfolio
allocation across quality bonds and equities.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who seek annual income* and to a lesser extent capital growth.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
PEBF is actively managed and invests primarily in fixed income securities and money market instruments to meet its
objective of providing annual income to its unitholders. The fixed income securities investments of the fund comprise
largely of private debt securities (listed and unlisted) and to a lesser extent government and government-sponsored
bonds. Investments in redeemable loan stocks with convertible features are also considered. The fund is allowed
to participate in the equity markets with the aim of producing enhanced returns to supplement that of the fixed
income securities portfolio. To that end, in view of the increased volatility or risks associated with investments in
equities, the fund’s investments in equities are capped at 20% of the NAV of the fund.
Investment Strategy
PEBF aims to meet its objectives of producing a steady and recurring stream of income by committing a significant
portion of between 70% to 85% of its NAV in fixed income securities. To produce the desired level of returns, the
fixed income securities portfolio focuses primarily on private debt securities (listed and unlisted) and to a lesser
extent government and government-sponsored bonds. Investments in redeemable loan stocks with convertible
features are also considered. These loan stocks held by the fund may be redeemed at maturity or converted to
equities. Although the fund is actively managed, the frequency of its trading strategy will very much depend
on market opportunities. To achieve increased diversification, the fund may invest in equities and fixed income
securities of selected foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China,
Thailand, Indonesia, Philippines and other permitted markets. Investments in certain foreign markets require the
application of an investment licence or registration of an investor code. As such, the necessary approvals from the
relevant foreign regulatory authorities, where required, will be obtained prior to investing in the above-mentioned
permitted markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund employs both the top-down and bottom-up approach to maximise its potential returns while at the
same time strives to manage risks within reasonable limits. From the top-down perspective, the fund manages its
exposures to each of the three main asset classes of equities, fixed income securities and cash actively bearing in
mind the risk-reward profile of the respective asset class.
Since the fund is primarily a bond fund i.e. the fund generates most of its returns from its investments in fixed income
securities, the focus of the fund’s asset allocation strategies therefore lies chiefly with the fixed income securities
portfolio. The fund’s fixed income securities exposures are managed according to the risk-reward characteristics of
the fixed income securities asset class, which is defined by the inverse relationship between prices of fixed income
securities and interest rates. Essentially, where interest rate trends are favourable (i.e. a trend of declining interest
rates), the exposure to fixed income securities is generally increased in view of its positive impact on prices of fixed
income securities. Conversely, the fund’s exposure to fixed income securities is reduced when interest rates are
anticipated to trend upwards.
Within the fixed income securities portfolio, fixed income securities issues of longer duration are more sensitive to
interest rate movements than fixed income securities of shorter duration. The interest rate sensitivity of the fixed
income securities portfolio and by extension, the fund’s portfolio as a whole, can be effectively managed through
changing the duration or term structure of the portfolio. In short, the fund has the added option of changing its
duration profile as well as overall fixed income securities exposures to meet the challenges of changing interest
rates trends.
To mitigate credit and liquidity risks, the fund ensures that its fixed income securities portfolio is sufficiently diversified
in its investment concentration. Diversified portfolio of fixed income securities have different profiles in maturities,
credit ratings and sectors. The fund also places particular emphasis on the bottom-up approach of focusing on
credit analysis to minimise such risks as well as to seek attractive investment opportunities in bond issues that
potentially give better yields compared to prevailing market rates.
As for its equity investments, the fund adopts a more market timing and bottom-up approach to investing as the
fund’s equity exposure is capped at a maximum of 20% of NAV. Given that the risk tolerance of the fund is lower
than that of equity or even balanced funds, the equity investments adopted by the fund would generally include
stocks with defensive profiles. For example, should the downside to the equity market appear limited, the fund may
look towards investing in defensive low beta blue chip stocks that are supported by high dividend yields. Therefore,
even if the equity market was to remain weak, these defensive stocks are likely to hold up relatively better than
the market at large and in addition, their dividends may help mitigate declining stock prices. However, should the
equity market perform well as anticipated, the same stocks should benefit meaningfully from the general rise in
the market. The fund’s equity exposure can be invested in selected foreign markets.
The fund may look favourably towards investing in redeemable bonds that are also convertible into equities as they
offer downside protection, reasonable yields and upside participation in the equity position of the issuer.
The fund may consider investments in IPOs of companies seeking a listing on the Bursa Securities or other permitted
foreign markets. The fund may invest in collective investment schemes both in the domestic or selected global
markets, and warrants. The balance of the fund’s assets will be invested in cash equivalents and money market
instruments.
Fund Specific Benefits
The fund provides you with the usual benefits of steady income stream and low price or volatility risks of a
conventional bond fund. In addition to that, the fund provides you with the additional benefit of participating in
the upside potential of the equity market due to its equity exposure. Nevertheless, the equity upside is limited in
size and scope given that the fund’s equity exposure is capped to a maximum of 20% of NAV.
Fund Specific Risk Management
As mentioned above, the fund adopts asset allocation, diversification and market timing strategies to manage the
risks posed to the fund in its pursuit of investment returns. In particular, the fund may likely resort to having no
equity exposures at all in the face of an anticipated decline in the equity market. However, under more promising
equity market conditions, the fund may adopt a conservative equity investment approach to generate additional
returns to supplement that of its fixed income securities investments.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
As participation in foreign exchange forward contracts for hedging purposes and investments in warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PEBF
The benchmark for PEBF is based on FDR as opposed to a more conventional corporate bond index as the fund is
essentially managed in a fairly conservative manner with the primary aim of outperforming fixed deposit returns.
It is therefore appropriate to benchmark the fund against an accumulation index based on the 12-Month FDR
quoted by Malayan Banking Berhad. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC SELECT BOND FUND (PSBF)
Fund Profile
Category of Fund
Bond
Type of Fund
Income
Fixed Income Securities Range of Fund
75% to 98%
Investment Asset Selection Profile of Fund
Fixed income securities and money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure below the
above stated range and increasing its investments in liquid assets which include money market instruments
and deposits if the investment climate is deemed to be unfavourable and weakness in the fixed income
securities markets is expected.
Fund Objective
To provide annual income* through investments in fixed income securities which have a remaining maturity of 7
years and below and money market instruments.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium-term investors who seek annual income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
PSBF is actively managed and invests in fixed income securities which have a remaining maturity of 7 years and below.
Investment Strategy
PSBF seeks to meet its objective of providing annual income by investing in a portfolio of fixed income securities
which have remaining maturities of 7 years and below; comprising sovereign and corporate bonds. The balance
of the fund’s assets will be invested in money market instruments and deposits. Investments in redeemable loan
stocks with convertible features to enhance the fund’s returns are also considered. These loan stocks may not be
converted but will be disposed prior to or held to maturity. The loan stocks which are held to maturity will not be
converted to equity. Instead, the loan stocks will be redeemed for cash at its maturity date. Although the fund is
actively managed, the frequency of its trading strategy will very much depend on market opportunities. The fund
maintains fixed income securities exposure within the range of 75% to 98% against its NAV. The balance of the
fund’s NAV will be invested in money market instruments and deposits.
Fund Specific Benefits
The fund provides you access to the fixed income securities market, which is usually inaccessible to the average
investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund
invests in a diversified portfolio of fixed income securities that have different profiles in maturities, credit ratings
and sectors, to produce returns that are generally higher than fixed deposits.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
The fund will seek to invest in fixed income securities that command higher yields than money market instruments. In
doing so, the fund will likely be exposed to the risks of adverse interest rate movements and credit rating downgrades.
On the other hand, should interest rates turn favourable i.e. fall, or if credit rating of the fixed income securities
improves, then the fund stands to benefit from the resultant price appreciation. The fund’s exposure to the potential
risks and returns have to be managed actively to achieve the risk-reward tradeoff that is reasonable to the fund.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSBF
The benchmark for PSBF is based on FDR as opposed to a more conventional corporate bond index as the fund is
essentially managed in a fairly conservative manner with the primary aim of outperforming fixed deposit returns.
It is therefore appropriate to benchmark the fund against an accumulation index based on the 12-Month FDR
quoted by Malayan Banking Berhad. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC STRATEGIC BOND FUND (PSTBF)
Fund Profile
Category of Fund
Bond
Type of Fund
Income
Fixed Income Securities Range of Fund
At least 75%
Investment Asset Selection Profile of Fund
Fixed income securities and money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure below the
above stated range and increasing its investments in liquid assets which include money market instruments
and deposits if the investment climate is deemed to be unfavourable and weakness in the fixed income
securities markets is expected.
Fund Objective
To provide annual income* to investors through investments in fixed income securities and money market instruments.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium-term investors who seek annual income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
PSTBF seeks to provide annual income to investors through investments in fixed income securities and money
market instruments. The fund will invest at least 75% of its NAV in fixed income securities. 50% of the fund’s fixed
income securities investment will be invested in fixed income securities which have remaining maturities of 5 years
and below. The remaining 50% of the fund’s fixed income securities investment will be invested in fixed income
securities which have remaining maturities of more than 5 years. The balance of the fund’s NAV will be invested in
money market instruments and deposits. To achieve increased diversification, the fund may invest up to 25% of
its NAV in foreign fixed income securities.
Investment Strategy
The fund will invest at least 75% of its NAV in fixed income securities. 50% of the fund’s fixed income securities
investment will be invested in fixed income securities which have remaining maturities of 5 years and below. The
remaining 50% of the fund’s fixed income securities investment will be invested in fixed income securities which
have remaining maturities of more than 5 years. The balance of the fund’s NAV will be invested in money market
instruments and deposits.
The fund is actively managed and its portfolio of fixed income securities investments would be exposed to risks of
adverse interest rate movements and credit rating changes. On the other hand, should interest rates decline or credit
rating of the fixed income securities improves, then the fund stands to benefit from the resultant price appreciation.
Notwithstanding this, the fund’s exposure to the potential risks and returns need to be managed actively in order
to achieve the risk-reward trade-off that is reasonable to the fund. Although the fund is actively managed, the
frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification,
the fund may invest up to 25% of its NAV in foreign fixed income securities. The foreign markets which the fund
may invest in include Australia, Indonesia, South Korea, Singapore, Hong Kong, United States of America and
other permitted markets. Investments in certain foreign markets require the application of an investment licence or
registration of an investor code. As such, the necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained prior to investing in the above-mentioned permitted markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you access to the fixed income securities market, which is usually inaccessible to the average
investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund
invests in a diversified portfolio of fixed income securities that have different profiles in maturities, credit ratings
and sectors, to produce returns that are generally higher than money market deposits.
Fund Specific Risk Management
Essentially, the risk management process in PSTBF focuses on managing the impact of changes in the general
interest rate trend and credit risk profile of the individual fixed income securities issuer.
The Fund Manager will take reasonable steps to ensure that the above potential risks are managed by adopting
various investment strategies, such as varying the asset allocation between long-tenured fixed income securities,
short-tenured fixed income securities and money market instruments to adjust the risk and return characteristics of
the fund. However, should the Fund Manager judge market conditions incorrectly or apply an unsuitable investment
strategy, the performance of the fund may be adversely affected.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSTBF
The benchmark for PSTBF is based on FDR as opposed to a more conventional corporate bond index as the fund is
essentially managed in a fairly conservative manner with the primary aim of outperforming fixed deposit returns. It
is therefore appropriate to benchmark the fund against an accumulation index based on the 12-Month FDR quoted
by Public Bank. The accumulation index is derived from the daily compounding of the average FDR, which in turn
is the FDR expressed on a per annum basis divided by 365 days. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ENTERPRISES BOND FUND (PENTBF)
Fund Profile
Category of Fund
Bond
Type of Fund
Income
Fixed Income Securities Range of Fund
At least 75%
Investment Asset Selection Profile of Fund
Fixed income securities and money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure below the
above stated range and increasing its investments in liquid assets which include money market instruments
and deposits if the investment climate is deemed to be unfavourable and weakness in the fixed income
securities markets is expected.
Fund Objective
To provide annual income* through investments in fixed income securities and money market instruments.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium-term investors who seek annual income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 37 to 39 for
more information on distribution policy.
Investment Policy
PENTBF is actively managed and invests in a diversified portfolio of fixed income securities and money market
instruments to meet its objective of providing annual income. Its fixed income securities investments comprise
sovereign bonds and corporate bonds (listed and unlisted). The fixed income securities invested must have a
minimum credit rating of BBB for long-term instruments and P1 for short-term instruments as rated by a local or
foreign rating agency, at the point of purchase. In the event the credit rating of a particular debt issue is downgraded
below the stipulated minimum investment grade, the Manager will take into consideration factors which include
trading liquidity and availability of market bids at prevailing market valuations before deciding on the manner and
time frame of divestment. The fund will invest at least 75% of its NAV in sovereign bonds and corporate bonds
issued by entities with total assets exceeding RM3 billion at the point of purchase. The balance of the fund’s NAV
will be invested in other corporate bonds, money market instruments and deposits. Redeemable loan stocks with
convertible features to enhance the fund’s returns are also included in the fund’s portfolio.
Investment Strategy
PENTBF seeks to meet its objective of providing annual income by investing at least 75% of its NAV in sovereign
bonds and corporate bonds issued by entities with total assets exceeding RM3 billion at the point of purchase. The
fund’s focus on these bonds will enable the fund to invest in bonds issued by larger and more stable corporations/
entities. The balance of the fund’s NAV will be invested in other corporate bonds and money market instruments
and deposits. Investments in redeemable loan stocks with convertible features to enhance the fund’s returns are
also considered. These loan stocks may not be converted but will be disposed prior to or held to maturity. The loan
stocks which are held to maturity will not be converted to equity. Instead, the loan stocks will be redeemed for
cash at its maturity date. To achieve increased diversification, the fund may invest up to 30% of its NAV in foreign
fixed income securities. The foreign markets which the fund may invest in include Singapore, Japan, Hong Kong,
Australia, United Kingdom, Indonesia, United States of America, South Korea and other permitted markets. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
Investments in certain foreign markets require the application of an investment licence or registration of an investor
code. As such, the necessary approvals from the relevant foreign regulatory authorities, where required, will be
obtained prior to investing in the above-mentioned permitted markets.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you access to the fixed income securities market, which is usually inaccessible to the average
investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund
invests in a diversified portfolio of fixed income securities that have different profiles in maturities, credit ratings
and sectors, to produce returns that are generally higher than fixed deposits. The fund’s focus on sovereign bonds
and corporate bonds issued by entities with total assets exceeding RM3 billion at the point of purchase will enable
the fund to invest in fixed income securities issued by larger and more stable corporations/entities.
Fund Specific Risk Management
Essentially, the risk management process in PENTBF focuses on managing the impact of changes in the general
interest rate trend and credit risk profile of the individual fixed income securities issuer.
The Fund Manager will take reasonable steps to ensure that the above potential risks are managed by adopting
various investment strategies which include portfolio diversification and varying the asset allocation between longtenured fixed income securities, short-tenured fixed income securities and money market instruments to adjust the
risk and return characteristics of the fund. However, should the Fund Manager judge market conditions incorrectly
or apply an unsuitable investment strategy, the performance of the fund may be adversely affected.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. The fund may utilise foreign exchange
forward contracts to hedge its holdings of foreign investments from foreign currency movements. This will enable
the fund to mitigate risks arising from foreign currency exposure.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PENTBF
The benchmark for PENTBF is based on FDR as opposed to a more conventional corporate bond index as the fund is
essentially managed in a fairly conservative manner with the primary aim of outperforming fixed deposit returns. It
is therefore appropriate to benchmark the fund against an accumulation index based on the 12-Month FDR quoted
by Public Bank. The accumulation index is derived from the daily compounding of the average FDR, which in turn
is the FDR expressed on a per annum basis divided by 365 days. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC MONEY MARKET FUND (PMMF)
Fund Profile
Category of Fund
Money market
Type of Fund
Income
Money Market Range of Fund
Up to 100%
Investment Asset Selection Profile of Fund
Debentures and money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
Short term
Fund Objective
To provide liquidity and current income*, while maintaining capital stability.
Notes:
* Current income refers to distributable income. Distribution (if any) will be reinvested unless unitholders opt for distribution to
be paid out. Please refer to pages 37 to 39 for more information on distribution policy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for short-term investors who seek capital preservation.
Note: This is neither a capital guaranteed nor a capital protected fund.
Investment Policy
PMMF is a money market fund that is actively managed to provide liquidity to meet the short-term cash flow
requirements of its unitholders while providing current income. Consequently, the fund invests up to 100% of
its NAV in money market instruments and deposits. The investments of PMMF are largely confined to money
market instruments, deposit placements and short-dated fixed income securities that are highly liquid. These are
typically deposits and securities that mature within 365 days or 1 year. Nevertheless, the fund is permitted to
invest in instruments with maturity periods exceeding 365 days but not longer than 732 days, which is equivalent
to approximately 2 years. These longer-dated investments are subject to a cap of 10% of the NAV of the fund.
The money market instruments that the fund invests in include bankers’ acceptances and negotiable instruments
of deposits (NIDs). Its fixed income securities investments comprise government and government-sponsored bonds
and short-dated private debt securities which include commercial papers.
Investment Strategy
The investment focus of the fund is geared towards liquid money market instruments and fixed income securities
of high quality credit rating. Although the fund is actively managed, the frequency of its trading strategy will very
much depend on market opportunities.
Fund Specific Benefits
PMMF provides a safe option for you to park your monies on a short-term basis.
Fund Specific Risk Management
At least 90% of the NAV of the fund must be invested in money market instruments and fixed income securities
that mature within 365 days or 1 year. An allowance of up to 10% of the NAV of the fund is given to the fund to
invest in instruments with maturity periods exceeding 365 days but not longer than 732 days.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The money market instruments which the fund invests in are not rated instruments. These instruments are issued by
licensed and rated financial institutions. In the event that the credit rating of the financial institution is downgraded
below the predetermined rating, the fund will take measures to reduce its exposure to the said institution accordingly.
The credit risks assumed are limited to the extent that any fixed income securities invested in must have a minimum
credit rating of BBB for long-term instruments and P1 for short-term instruments, at the point of purchase. In the
event that the credit rating of a particular debt issue is downgraded below the stipulated minimum investment
grade, the Manager will take the necessary steps to divest the asset at risk. However, in order to protect the best
interest of the fund, the Manager has the discretion to take into consideration all relevant factors that affect the
fair value of the investment via an internal credit assessment process before deciding on the manner and time
frame of the liquidation.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Essentially, the fund has been structured such that it is confined to instruments of short duration to maturity in
order to minimise the impact of fluctuations in interest rates on the performance of the fund over the short term
while the credit risks it may face are mitigated by strict limits on concentration of investments and due diligence
in the credit assessments by ensuring high credit ratings as mentioned above.
Selected Performance Benchmark for PMMF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% Public Bank 1-Month FDR, and
10% Public Bank Savings Rate – ACE Account
The benchmark chosen for PMMF is a composite benchmark index comprising a hypothetical investment in the
Public Bank 1-Month FDR and Public Bank Savings Rate – ACE Account in the ratio of 90:10. Therefore, the returns
of the benchmark index for any given period of time would comprise 90% from the returns of the Public Bank
1-Month FDR and 10% Public Bank Savings Rate – ACE Account for the same period of time. This composite
benchmark represents an appropriate performance benchmark for PMMF as it is reflective of the fund’s investments
in short-term instruments. The performance of the fund and its benchmark is available on Public Mutual’s website
at www.publicmutual.com.my.
Investment in the fund is not the same as placement in a deposit with a financial institution. There
are risks involved and investors should rely on their own evaluation to assess the merits and risks
when investing in the fund.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
3.3 INVESTMENT RISKS
Specific Risks of the Funds
Equity, Mixed Asset and Balanced Funds
Liquidity risk
Liquidity risk is defined as the risk of the fund manager having to liquidate the fund’s holdings of illiquid securities
at a discount to its fair value to meet the redemption requirements. For P SmallCap, PSSCF, PSTEF and PEMOF,
the lack of liquidity in small-capitalised stocks in the fund’s equity portfolio may result in the fund experiencing
significant volatility in times of adverse market conditions. This may adversely impact the fund’s NAV and unit price.
This impact can, however, be mitigated through the process of security selection and portfolio diversification by
the Fund Managers.
Country risk
Funds with foreign investments may be affected by changes in the political and economic conditions of the country
in which the investments are made. Such political and economic factors may influence the growth and development
of business enterprises and impact the financial markets. In addition, certain countries require the application of
an investment licence or registration of an investor code before investments can be made in these countries. If
investments in such countries are undertaken and if the licence to invest is not renewed by the relevant authority,
the fund’s investments in these countries will be affected. To mitigate this, the Manager will closely monitor the
investment regulatory requirements in these countries.
Regional/country funds which may invest a greater portion of their NAV in foreign markets and may be more
affected by changes in the political and economic conditions of the region/country in which the investments are
made are as follows:
•
•
•
•
•
•
•
PFES, PRSEC, PFEDF, PFEPRF, PFETIF, PFECTF, PFA30F, PTAF and PFEBF may be affected by changes in the political
and economic conditions of the Far-East and regional markets.
PGSF and PWEF may be affected by changes in the political and economic conditions of the global markets.
PCSF and PCTF may be affected by changes in the political and economic conditions of the greater China
markets.
PSEASF may be affected by changes in the political and economic conditions of the South-East Asian markets.
PAUEF may be affected by changes in the political and economic conditions of Australia and New Zealand.
PINDOSF may be affected by changes in the political and economic conditions of Indonesia.
PSGEF may be affected by changes in the political and economic conditions of Singapore.
Industry/sector risk
Industry/sector risk arises when the fund is predominantly invested in specific industries or sectors. Due to the
reduced degree of diversification by industries/sectors, the fund may be more vulnerable to factors associated
with the particular industries/sectors it is invested in. Particular investment considerations for each of the following
funds are set out as below:
•
•
•
•
PFEPRF: Any material changes associated with the property investment and development sector and real estate
investment trusts (REITs) may have an adverse impact on the NAV of the fund.
PFECTF: Any material changes associated with the consumer sector may have an adverse impact on the NAV
of the fund.
PFETIF: Any material changes associated with the telecommunications and infrastructure sector may have an
adverse impact on the NAV of the fund.
PINDGF, PRSEC and PSSF: Any material changes associated with the sectors that the funds invest in may have
an adverse impact on the NAV of the funds.
Other risks of investing in equity, mixed asset and balanced funds include market risk, specific security risk, derivatives
risk and currency risk which has been described on pages 40 to 41 of this Master Prospectus.
Bond and Money Market Funds
Risks of investing in bond and money market funds include interest rate risk, credit risk, liquidity risk and country
risk. As PEBF has investment in equities, specific security risk is also applicable to the fund. These risks have been
described on pages 40 to 41 of this Master Prospectus.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
3.4 PERMITTED INVESTMENTS
The Manager has absolute discretion, subject to the Deed, the investment policy for each of the funds and the
requirements of the SC and other regulatory body, as to how the assets of the funds are invested.
Equity, Mixed Asset and Balanced Funds
(a)
All equity, mixed asset and balanced funds will invest in the following:
i.
Equity securities of companies listed in the respective Eligible Markets;
Note:
The funds may invest in warrants of companies listed in the respective Eligible Markets. For funds
which are offered under the EPF-MIS, investments in warrants will be subject to EPF’s requirements.
(b)
(c)
ii.
IPOs of companies seeking a listing in the respective Eligible Markets;
iii.
Listed fixed income securities traded in the respective Eligible Markets;
iv.
Unlisted fixed income securities traded in the respective Eligible Markets;
v.
Sovereign fixed income securities traded in the respective Eligible Markets;
vi.
Malaysian Government Securities, Treasury Bills, Bank Negara Monetary Notes, Government Investment
Issues and other Government approved and/or guaranteed securities;
vii.
Deposits and money market instruments with licensed domestic and foreign financial institutions;
viii.
Units of other collective investment schemes; and
ix.
Any other form of investments which is in line with the objective of the funds as may be agreed upon
by the Manager and the trustee from time to time.
P SmallCap, PFEDF, PFA30F, PCSF, PWEF, PSSCF, PAVGEF, PEMOF, PTAF and PGRBF will also invest in/utilise
the following:
i.
Unlisted equity securities whether or not approved for listing and quotation in the respective Eligible
Markets, which are offered directly by the company to the funds; and
ii.
Futures contracts and options traded on the futures and options market of an exchange company
approved, or exempt futures and options market declared, by the Minister under the CMSA 2007.
PFA30F and PSSCF will also invest in participation notes of equity securities of companies listed in Eligible
Markets.
The funds may participate in lending of securities within the meaning of the SC Guidelines on Securities Borrowing
and Lending when permitted by the SC and other relevant authorities.
Bond Funds
(a)
All bond funds will invest in the following:
i.
Listed fixed income securities traded in the respective Eligible Markets;
ii.
Unlisted fixed income securities traded in the respective Eligible Markets;
iii.
Sovereign bonds traded in the respective Eligible Markets;
iv.
Malaysian Government Securities, Treasury Bills, Bank Negara Monetary Notes, Government Investment
Issues and other Government approved and/or guaranteed securities;
v.
Deposits and money market instruments with licensed domestic and foreign financial institutions;
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
vi.
Units of other collective investment schemes; and
vii.
Any other form of investments which is in line with the objective of the funds as may be agreed upon
by the Manager and the trustee from time to time.
(b)
P BOND, PIN BOND and PENTBF will also utilise futures contracts and options traded in the futures and
options market of an exchange company approved, or exempt futures and options market declared, by the
Minister under the CMSA 2007.
(c)
PEBF will also invest in the following:
i.
Equity securities of companies listed in the respective Eligible Markets;
Note:
The fund may invest in warrants of companies listed in the respective Eligible Markets. If the fund is
offered under the EPF-MIS, investments in warrants will be subject to EPF’s requirements.
ii.
IPOs of companies seeking a listing in the respective Eligible Markets.
The funds may participate in lending of securities within the meaning of the SC Guidelines on Securities Borrowing
and Lending when permitted by the SC and other relevant authorities.
Money Market Fund
(a)
PMMF will invest in the following:
i.
Listed RM denominated fixed income securities traded in the Eligible Markets;
ii.
Unlisted RM denominated fixed income securities traded in the Eligible Markets;
iii.
Malaysian Government Securities, Treasury Bills, Bank Negara Monetary Notes, Government Investment
Issues and other Government approved and/or guaranteed securities;
iv.
Deposits and money market instruments with licensed domestic and foreign financial institutions;
v.
Units of other collective investment schemes; and
vi.
Any other form of investments which is in line with the objective of the fund as may be agreed upon
by the Manager and the trustee from time to time.
3.5 INVESTMENT RESTRICTIONS
The funds are subject to the following investment restrictions in the course of execution of their investment policies
and strategies:
Equity, Mixed Asset and Balanced Funds
Investment Spread Limits
(a)
The value of each of the fund’s investments in ordinary shares issued by any single issuer must not exceed
10% of the respective fund’s NAV.
(b)
The value of each of the fund’s investments in transferable securities and money market instruments issued
by any single issuer must not exceed 15% of the respective fund’s NAV.
(c)
The value of each of the fund’s placement in deposits with any single institution must not exceed 20% of
the respective fund’s NAV.
(d)
For investments in derivatives, the exposure to the underlying assets must not exceed the investment spread
limits stipulated in this section; and the value of each of the fund’s OTC derivative transaction with any single
counter-party must not exceed 10% of the respective fund’s NAV.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
(e)
The value of each of the fund’s investments in structured products issued by a single counter-party must not
exceed 15% of the respective fund’s NAV.
(f)
The aggregate value of each of the fund’s investments in transferable securities, money market instruments,
deposits, OTC derivatives and structured products issued by or placed with, as the case may be, any single
issuer/institution must not exceed 25% of the respective fund’s NAV.
(g)
The value of each of the fund’s investments in units of any collective investment scheme must not exceed
20% of the respective fund’s NAV.
(h)
The value of each of the fund’s investments in transferable securities and money market instruments issued
by any group of companies must not exceed 20% of the respective fund’s NAV.
Note: For PIX, the single issuer limit and single group limit specified in clause (a) and (h) may be exceeded
provided that the fund’s investment in any component securities does not exceed its respective weightings in the
FBM 100.
Investment Concentration Limits
(a)
Each of the fund’s investments in transferable securities (other than debentures) must not exceed 10% of
the securities issued by any single issuer.
(b)
Each of the fund’s investments in debentures must not exceed 20% of the debentures issued by any single
issuer.
(c)
Each of the fund’s investments in money market instruments must not exceed 10% of the instruments issued
by any single issuer.
Note: The limit in (c) does not apply to money market instruments that do not have pre-determined issue size.
(d)
Each of the fund’s investments in collective investment schemes must not exceed 25% of the units in any
one collective investment scheme.
Note: Transferable securities refer to equities, debentures and warrants.
General
(a)
The value of each fund’s investments in unlisted securities must not exceed 10% of the respective fund’s
NAV. This exposure limit does not apply to:i.
equities not listed or quoted on a stock exchange but have been approved by the relevant authority
for such listing and quotation, and are offered directly to the fund by the issuer;
ii.
debentures traded on an organised OTC market; and
iii.
structured products.
(b)
For PBF, listed fixed income securities, unlisted loan stocks and corporate debt invested by the fund must
either be bank guaranteed, or rated ‘BBB’ by RAM and/or other recognised rating agencies;
(c)
PSF, PGF, PINDGF, PAGF, P SmallCap, PEF, PFSF, PDSF, PSA30F, PSSCF, PBF, PSTGF and PSMAGF may invest up
to 30% of the respective fund’s NAV in foreign markets.
Holdings in foreign investments of PFES, PFEDF, PSEASF, PRSEC, PGSF, PFEPRF, PCSF, PFECTF, PCTF, PFETIF,
PAUEF, PWEF, PFA30F, PINDOSF, PSGEF and PTAF shall not exceed 98% of the respective fund’s NAV.
Holdings in foreign investments of PFEBF shall not exceed 60% of the fund’s NAV.
Holdings in foreign investments of PSTEF, PAVGEF, PEMOF, PSMACF and PGRBF shall not exceed 25% of
the fund’s NAV.
(d)
Each of the fund’s exposure from derivatives position must not exceed the NAV of the respective funds at all
times.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Bond Funds
P BOND, PIN BOND, PSBF, PSTBF and PENTBF
Investment Spread Limits
(a)
The value of each of the fund’s investments in debentures issued by any single issuer must not exceed 20%
of the respective fund’s NAV. This single issuer limit may be increased to 30% if the debentures are rated by
any domestic or global rating agency to be of the best quality and offer highest safety for timely payment
of interest and principal.
(b)
The value of each of the fund’s placement in deposits with any single institution must not exceed 20% of
the respective fund’s NAV.
(c)
For investments in derivatives, the exposure to the underlying assets must not exceed the investment spread
limits stipulated in this section; and the value of each of the fund’s OTC derivative transaction with any single
counter-party must not exceed 10% of the respective fund’s NAV.
(d)
The value of each of the fund’s investments in structured products issued by a single counter-party must not
exceed 15% of the respective fund’s NAV.
(e)
The aggregate value of each of the fund’s investments in debentures, money market instruments, deposits,
OTC derivatives and structured products issued by or placed with, as the case may be, any single issuer/
institution must not exceed 25% of the respective fund’s NAV. However this limit may be increased to 30%
of the respective fund’s NAV if the single issuer limit is increased to 30% pursuant to item (a).
(f)
The value of each of the fund’s investments in units of any collective investment scheme must not exceed
20% of the respective fund’s NAV.
(g)
The value of each of the fund’s investments in debentures issued by any group of companies must not exceed
30% of the respective fund’s NAV.
Investment Concentration Limits
(a)
Each of the fund’s investments in debentures must not exceed 20% of the debentures issued by any single
issuer.
(b)
Each of the fund’s investments in money market instruments must not exceed 10% of the instruments issued
by any single issuer.
Note: The limit in (b) does not apply to money market instruments that do not have pre-determined issue size.
(c)
Each of the fund’s investments in collective investment schemes must not exceed 25% of the units in any
one collective investment scheme.
General
(a)
The value of each of the fund’s investments in unlisted securities must not exceed 10% of the respective
fund’s NAV. This exposure limit does not apply to:i.
debentures traded on an organised OTC market; and
ii.
structured products.
(b)
For PIN BOND, 50% of the fund’s holding in fixed income securities must comprise of fixed income securities
with credit rating no lower than AA, as rated by RAM or its equivalence, either on a standalone basis or with
a bank guarantee. The remainder of the fund’s holding in fixed income securities must be invested in fixed
income securities with minimum credit rating of A at the point of purchase.
(c)
Holdings in foreign investments of P BOND, PIN BOND and PENTBF shall not exceed 30% of the respective
fund’s NAV.
Holdings in foreign investments of PSTBF shall not exceed 25% of the fund’s NAV.
158
DETAILED INFORMATION ON THE FUNDS (CONT’D)
(d)
Each of the fund’s exposure from derivatives position must not exceed the NAV of the respective funds at all
times.
PEBF
Investment Spread Limits
(a)
The value of the fund’s investments in debentures issued by any single issuer must not exceed 20% of the
fund’s NAV. This single issuer limit may be increased to 30% if the debentures are rated by any domestic or
global rating agency to be of the best quality and offer highest safety for timely payment of interest and
principal.
(b)
The value of the fund’s investments in ordinary shares issued by any single issuer must not exceed 10% of
the fund’s NAV.
(c)
The value of the fund’s placement in deposits with any single institution must not exceed 20% of the fund’s
NAV.
(d)
For investments in derivatives, the exposure to the underlying assets must not exceed the investment spread
limits stipulated in this section.
(e)
The aggregate value of the fund’s investments in transferable securities, money market instruments and
deposits issued by or placed with, as the case may be, any single issuer/institution must not exceed 25% of
the fund’s NAV. However this limit may be increased to 30% of the fund’s NAV if the single issuer limit is
increased to 30% pursuant to item (a).
(f)
The value of the fund’s investments in units of any collective investment scheme must not exceed 20% of
the fund’s NAV.
(g)
The value of the fund’s investments in debentures issued by any group of companies must not exceed 30%
of the fund’s NAV.
(h)
The value of the fund’s investments in transferable securities (other than debentures) and money market
instruments issued by any group of companies must not exceed 20% of the fund’s NAV.
Investment Concentration Limits
(a)
The fund’s investments in debentures must not exceed 20% of the debentures issued by any single issuer.
(b)
The fund’s investments in transferable securities (other than debentures) must not exceed 10% of the securities
issued by any single issuer.
(c)
The fund’s investments in money market instruments must not exceed 10% of the instruments issued by
any single issuer.
Note: The limit in (c) does not apply to money market instruments that do not have pre-determined issue size.
(d)
The fund’s investments in collective investment schemes must not exceed 25% of the units in any one
collective investment scheme.
General
(a)
The value of the fund’s investments in unlisted securities must not exceed 10% of the respective fund’s NAV.
This exposure limit does not apply to debentures traded on an organised OTC market.
(b)
The fund’s holdings in foreign investments shall not exceed 30% of the fund’s NAV.
(c)
The fund’s exposure from derivatives position must not exceed the NAV of the fund at all times.
159
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Money Market Fund
PMMF
Investment Spread Limits
(a)
The value of the fund’s investments in debentures and money market instruments issued by any single issuer
must not exceed 20% of the fund’s NAV. This single issuer limit may be increased to 30% if the debentures
are rated by any domestic or global rating agency to be of the best quality and offer highest safety for timely
payment of interest and principal.
(b)
The value of the fund’s placement in deposits with any single financial institution must not exceed 20% of
the fund’s NAV.
(c)
The value of the fund’s investments in debentures and money market instruments issued by any group of
companies must not exceed 30% of the fund’s NAV.
(d)
The value of the fund’s investments in units of any collective investment scheme must not exceed 20% of
the fund’s NAV.
Investment Concentration Limits
(a)
The fund’s investments in debentures must not exceed 20% of the securities issued by any single issuer.
(b)
The fund’s investments in money market instruments must not exceed 20% of the instruments issued by
any single issuer.
(c)
The fund’s investments in collective investment schemes must not exceed 25% of the units in any collective
investment scheme.
General
(a)
The value of the fund’s investments in permitted investments must not be less than 90% of the fund’s NAV.
(b)
The value of the fund’s investments in permitted investments which have a remaining maturity period of not
more than 365 days must not be less than 90% of the fund’s NAV.
(c)
The value of the fund’s investments in permitted investments which have a remaining maturity period of
more than 365 days but fewer than 732 days must not exceed 10% of the fund’s NAV.
(d)
The fund may only invest in fixed income securities with minimum credit rating of BBB for long-term instruments
and P1 for short-term instruments at the point of purchase, as rated by RAM or equivalent rating by other
recognised rating agencies.
Note:
Permitted investments of PMMF refer to debentures, money market instruments and placements of deposits with
financial institutions.
The above limits and restrictions stated shall be complied with at all times based on the most up-to-date
value of the respective funds, and the value of their investments and instruments. However, a 5 per
cent allowance in excess of any limits or restrictions may be permitted where the limit or restriction is
breached through the appreciation or depreciation in value of the each fund’s investment or instruments,
or as a result of redemption of units or payment made from the fund. The Manager should, within a
reasonable period of not more than 3 months from the date of the breach, take all necessary steps and
actions to rectify the breach.
Such limits and restrictions, however, do not apply to securities that are issued or guaranteed by the
Government or Bank Negara Malaysia.
160
DETAILED INFORMATION ON THE FUNDS (CONT’D)
3.6 VALUATION OF PERMITTED INVESTMENTS
Listed equities, warrants and options – valuation is based on market price of the respective exchanges. If no
market price is available or valuation based on market price does not represent the fair value of investments, the
securities will be valued at fair value, as determined in good faith by the Manager, based on the methods or bases
approved by the trustee after appropriate technical consultation.
Unlisted equities – fair valuations which are based on methods that are acceptable to the Manager, verified by
the auditor and approved by the trustee.
Listed and unlisted fixed income securities – for listed fixed income securities, the last traded prices quoted
on a recognised exchange will be used. If no market price is available or valuation based on market price does not
represent the fair value of the fixed income securities, the fixed income securities will be valued at fair value, as
determined in good faith by the Manager, based on the methods or bases approved by the trustee after appropriate
technical consultation.
In the case of unlisted fixed income securities denominated in RM, valuations are carried out on a daily basis using
fair value prices quoted by a Bond Pricing Agency (BPA) registered with the SC. If the Manager is of the view that
the price quoted by the BPA for a specific fixed income security differs from the ‘market price’ by more than 20
basis points, the Manager may use the ‘market price’ provided that the Manager adheres to the requirements
stipulated by the SC. Market price for fixed income securities are derived from market quotations obtained from
the panel of at least three active financial institutions that are governed by the Financial Services Act 2013 and/or
Islamic Financial Services Act 2013 (FSA/IFSA). Other unlisted fixed income securities which include foreign unlisted
fixed income securities are valued daily based on fair value by reference to the average indicative yield quoted by
at least three independent and established institutions.
Commercial papers – commercial papers are valued at purchase yields with interest accrued daily.
Money market instruments – money market instruments which include negotiable instrument of deposits are
valued at market yields based on the remaining days to maturity.
Deposits – the value of such investments shall be determined on a daily basis by reference to their nominal values
and the accrued interest thereon for the relevant period.
Units in other collective investment schemes – the last published repurchase price per unit or if not available,
the units will be valued at fair value as determined in good faith by the Manager, based on methods or bases
approved by the trustee after appropriate technical consultation.
Foreign exchange forward contracts – all foreign exchange forward contracts are marked-to-market daily and
valued at fair value using forward rate of the remaining tenure to maturity.
Futures contracts – all futures contracts are marked-to-market at the end of each trading day. Any gains or losses
are immediately reflected upon marking to market.
Suspended securities – will be valued at their suspended price unless there is conclusive evidence to indicate
that the value of such stocks have gone below the suspended price, whereupon their value will be ascertained in
a manner as agreed upon by the Manager and trustee.
Translation of foreign securities and assets – all foreign securities and assets are translated into RM based on
the bid exchange rate quoted by Bloomberg at United Kingdom time 4:00 p.m. the same day.
Note:
For funds with no foreign investments, the valuation of the funds is conducted on each Business Day at the close
of Bursa Securities. For funds with foreign investments, the valuation of funds will be conducted after the close of
business of Bursa Securities for the relevant day. As certain foreign markets in which the funds may invest in have
yet to close due to the different time zones of these countries, the valuation point may be extended to 9:00 a.m.
(or any other such time as may be permitted by the relevant authorities from time to time) on the following day
in which the Manager is open for business. As a result of having a valuation point later than 5:00 p.m., the daily
prices of the funds will not be published on the next Business Day but instead will be published the next following
Business Day (i.e. the prices will be 2 days old).
161
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Illustration:
For the market close of 2 September 2015, the valuation date will be next day in which the Manager is open
for trading, that is, 3 September 2015. Thus the newspaper publication date for the prices as at 2 September
2015 will be 4 September 2015.
You may obtain the latest prices of units of the funds by contacting the Manager directly.
The Manager may declare certain Business Days to be non-Business Days, although Bursa Securities is open for
business, if one or more of the foreign markets in which the funds are invested therein are closed for business. This
is to ensure that you will be given a fair valuation of the funds at all times, be it when purchasing or redeeming
units of the funds. A notice on non-Business Days will be posted on Public Mutual’s website.
3.7 POLICY ON GEARING
Save and except where permitted or approved by the SC, the funds are prohibited from gearing or borrowing cash
or other assets (including the borrowing of securities) to finance the purchase of investments.
162
4
PERFORMANCE OF THE FUNDS
This section covers the following funds that have been in operation for 1 financial year or more:
Public Savings Fund (PSF)
Public Growth Fund (PGF)
Public Index Fund (PIX)
Public Industry Growth Fund (PINDGF)
Public Aggressive Growth Fund (PAGF)
Public Regular Savings Fund (PRSF)
Public SmallCap Fund (P SmallCap)
Public Equity Fund (PEF)
Public Focus Select Fund (PFSF)
Public Dividend Select Fund (PDSF)
Public Far-East Select Fund (PFES)
Public Regional Sector Fund (PRSEC)
Public Global Select Fund (PGSF)
Public Far-East Dividend Fund (PFEDF)
Public China Select Fund (PCSF)
Public Far-East Property & Resorts Fund (PFEPRF)
Public South-East Asia Select Fund (PSEASF)
Public Sector Select Fund (PSSF)
Public Far-East Consumer Themes Fund (PFECTF)
Public China Titans Fund (PCTF)
Public Far-East Telco & Infrastructure Fund (PFETIF)
Public Select Alpha-30 Fund (PSA30F)
Public Worldwide Equity Fund (PWEF)
(Formerly known as Public Natural Resources Equity Fund)
Public Australia Equity Fund (PAUEF)
Public Far-East Alpha-30 Fund (PFA30F)
Public Optimal Growth Fund (POGF)
Public Indonesia Select Fund (PINDOSF)
Public Singapore Equity Fund (PSGEF)
Public Strategic SmallCap Fund (PSSCF)
Public Strategic Growth Fund (PSTGF)
Public Tactical Allocation Fund (PTAF)
Public Select Mixed Asset Growth Fund (PSMAGF)
Public Select Mixed Asset Conservative Fund (PSMACF)
Public Balanced Fund (PBF)
Public Far-East Balanced Fund (PFEBF)
Public Bond Fund (P BOND)
Public Institutional Bond Fund (PIN BOND)
Public Enhanced Bond Fund (PEBF)
Public Select Bond Fund (PSBF)
Public Strategic Bond Fund (PSTBF)
Public Enterprises Bond Fund (PENTBF)
Public Money Market Fund (PMMF)
Page 164
Page 165
Page 166
Page 167
Page 168
Page 169
Page 170
Page 171
Page 172
Page 173
Page 174
Page 175
Page 176
Page 177
Page 178
Page 179
Page 180
Page 181
Page 182
Page 183
Page 184
Page 185
Page 186
Page 187
Page 188
Page 189
Page 190
Page 191
Page 192
Page 193
Page 194
Page 195
Page 196
Page 197
Page 198
Page 199
Page 200
Page 201
Page 202
Page 203
Page 204
Page 205
Notes:
The total returns and average annual returns of the funds presented on pages 164 to 205 are calculated on NAVto-NAV basis, and are sourced from Lipper.
Average annual returns of the funds are derived by dividing the total returns of the funds with the number of
years under review.
Commencement date is the last day of the initial offer period.
Performance of PSTEF, PAVGEF, PGRBF, PEMOF and PRSSQF are not tabulated as the funds will be having their
first financial period ending on 31 August 2016, 30 September 2016, 31 October 2016, 31 January 2017 and 28
February 2017 respectively.
Please visit our website for the latest updates on fund performance.
Past performance of the funds is not an indication of their future performance.
163
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SAVINGS FUND (PSF)
Average Annual Returns for the following periods ended 31 December 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PSF (%)
-1.71
3.10
3.08
13.54
30.85
Benchmark index (%)**
-3.90
0.07
2.28
8.80
6.86
Annual Total Return for the Financial Years Ended 31 December
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
PSF (%)
24.24
36.77 -28.32
43.90
16.40
-5.28
11.49
12.39
-1.06
-1.71
Benchmark index (%)**
21.83
31.82 -39.33
45.17
19.34
0.78
10.34
10.54
-5.66
-3.90
*
The figure shown is for the period since the fund’s commencement (27 April 1981).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30
largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PSF registered a total return of -1.71% for the financial year ended 31 December 2015 in comparison to the
benchmark’s return of -3.90% over the same period.
Asset Allocation
2013
2014
2015
95.5%
96.3%
100.9%
Fixed income securities
0.5%
1.1%
1.2%
Money market instruments & others
4.0%
2.6%
-2.1%
Equities
The fund’s equity weighting increased from 95.5% (91.0% after distribution reinvestment) for the financial year
ended 2013 to 96.3% (89.9% after distribution reinvestment) for the financial year ended 2014 and increased
further to 100.9% (95.3% after distribution reinvestment) for the financial year ended 2015 to capitalise on
investment opportunities in the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.37
0.31
0.35
The fund’s PTR decreased from 0.37 times for the financial year ended 2013 to 0.31 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.35 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
3.00
4.00
3.00
Net distribution per unit (sen)
2.92
3.95
3.00
Distribution is in the form of cash.
164
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC GROWTH FUND (PGF)
Average Annual Returns for the following periods ended 31 July 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PGF (%)
-3.46
7.14
7.20
14.01
35.49
Benchmark index (%)**
-7.92
1.87
5.32
8.37
16.22
Annual Total Return for the Financial Years Ended 31 July
PGF (%)
Benchmark index (%)**
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
4.78
51.85
-7.75
5.29
14.26
23.08
-8.97
16.13
8.30
-3.46
46.79 -15.33
1.02
15.83
13.81
5.35
8.64
5.57
-7.92
-0.16
*
The figure shown is for the period since the fund’s commencement (9 January 1985).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30
largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PGF registered a total return of -3.46% for the financial year ended 31 July 2015 as compared to its benchmark
which registered a total return of -7.92% over the same period.
Asset Allocation
2013
2014
2015
96.3%
99.9%
98.2%
Fixed income securities
0.0%
0.5%
0.5%
Money market instruments & others
3.7%
-0.4%
1.3%
Equities
The fund’s equity weighting increased from 96.3% (90.8% after distribution reinvestment) for the financial year
ended 2013 to 99.9% (93.9% after distribution reinvestment) for the financial year ended 2014 to capitalise on
investment opportunities in the domestic and selected regional markets. The fund’s equity weighting subsequently
decreased to 98.2% (91.6% after distribution reinvestment) for the financial year ended 2015 to weather the
consolidation phase in the domestic and selected regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.33
0.28
0.40
The fund’s PTR declined from 0.33 times for the financial year ended 2013 to 0.28 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.40 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
3.00
3.25
3.25
Net distribution per unit (sen)
2.96
3.22
3.25
Distribution is in the form of cash.
165
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC INDEX FUND (PIX)
Average Annual Returns for the following periods ended 31 January 2016
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PIX (%)
-3.04
4.73
4.44
12.27
30.08
Benchmark index (%)**
-5.83
1.10
2.15
8.86
8.00
Annual Total Return for the Financial Years Ended 31 January
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
PIX (%)
33.29
19.82 -36.07
45.02
23.15
1.50
5.44
15.95
1.55
-3.04
Benchmark index (%)**
30.12
17.14 -36.52
42.62
23.49
1.77
5.34
11.49
-1.62
-5.83
*
The figure shown is for the period since the fund’s commencement (31 March 1992).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the benchmark of the fund has been replaced by the FTSE Bursa Malaysia Top 100 Index (FBM 100)
which is the closest substitute for the KLCI among the various new indices made available by Bursa Malaysia
and would least affect the investment strategy, risk profile and investor’s profile of the fund. The FBM 100
comprises top 100 large and mid cap companies by full market capitalisation listed on the Bursa Malaysia
Main Market.
1-Year Fund Performance Review
The PIX registered a total return of -3.04% for the financial year ended 31 January 2016 as compared to the
benchmark’s return of -5.83% over the same period.
Asset Allocation
Equities
Money market instruments & others
2014
2015
2016
99.6%
94.2%
89.0%
0.4%
5.8%
11.0%
The fund’s equity weighting decreased from 99.6% (93.3% after distribution reinvestment) for the financial year
ended 2014 to 94.2% (87.8% after distribution reinvestment) for the financial year ended 2015 and decreased
further to 89.0% (85.9% after distribution reinvestment) for the financial year ended 2016 to weather the
consolidation phase in the domestic market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2014
2015
2016
0.24
0.14
0.18
The fund’s PTR decreased from 0.24 times for the financial year ended 2014 to 0.14 times for the financial year ended
2015 due to lower level of rebalancing activities. For the financial year ended 2016, the fund’s PTR subsequently
increased to 0.18 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2014
2015
2016
Gross distribution per unit (sen)
5.00
5.00
2.25
Net distribution per unit (sen)
4.80
4.92
2.25
Distribution is in the form of cash.
166
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC INDUSTRY GROWTH FUND (PINDGF)
Average Annual Returns for the following periods ended 31 October 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
0.82
5.67
7.21
13.89
12.87
-10.21
-0.15
2.12
8.29
2.29
PINDGF (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 31 October
PINDGF (%)
Benchmark index (%)**
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
18.05
59.69 -40.11
35.63
14.68
4.21
11.60
9.07
6.39
0.82
8.51
43.04 -38.91
43.96
21.11
-0.91
12.14
8.00
2.67 -10.21
*
The figure shown is for the period since the fund’s commencement (17 December 1993).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30
largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PINDGF registered a total return of +0.82% for the financial year ended 31 October 2015 as compared to its
benchmark’s return of -10.21% over the same period.
Asset Allocation
Equities
Money market instruments & others
2013
2014
2015
104.5%
99.0%
99.5%
-4.5%
1.0%
0.5%
The fund’s equity weighting decreased from 104.5% (95.4% after distribution reinvestment) for the financial
year ended 2013 to 99.0% (90.0% after distribution reinvestment) for the financial year ended 2014 to lock in
profits on selected equity investments. For the financial year ended 2015, the fund’s equity weighting increased
to 99.5% (94.6% after distribution reinvestment) to capitalise on investment opportunities in the domestic and
regional equity markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.72
0.59
0.44
The fund’s PTR decreased from 0.72 times for the financial year ended 2013 to 0.59 times for the financial year
ended 2014 and decreased further to 0.44 times for the financial year ended 2015 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
5.00
5.00
2.50
Net distribution per unit (sen)
4.99
4.98
2.50
Distribution is in the form of cash.
167
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC AGGRESSIVE GROWTH FUND (PAGF)
Average Annual Returns for the following periods ended 31 March 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
2.61
6.58
7.71
16.64
12.10
-1.00
4.89
7.72
11.00
4.09
PAGF (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 31 March
PAGF (%)
Benchmark index (%)**
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
12.28
42.39
9.30 -28.69
54.32
23.78
-6.52
2.99
13.32
2.61
6.34
34.56
0.05 -30.06
51.35
17.00
3.31
4.72
10.62
-1.00
*
The figure shown is for the period since the fund’s commencement (24 May 1994).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30
largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PAGF registered a total return of +2.61% as compared to the benchmark’s return of -1.00% for the financial
year ended 31 March 2015.
Asset Allocation
Equities
Fixed income securities
Money market instruments & others
2013
2014
2015
88.5%
97.6%
97.8%
0.2%
0.2%
0.2%
11.3%
2.2%
2.0%
The fund’s equity weighting increased from 88.5% (85.1% after distribution reinvestment) for the financial year
ended 2013 to 97.6% (94.1% after distribution reinvestment) for the financial year ended 2014 and increased
further to 97.8% (93.5% after distribution reinvestment) for financial year ended 2015 to capitalise on investment
opportunities in the domestic and selected regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.41
0.47
0.22
The fund’s PTR increased from 0.41 times for the financial year ended 2013 to 0.47 times for the financial year ended
2014 due to higher level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
decreased to 0.22 times due to lower level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
2.50
2.50
3.00
Net distribution per unit (sen)
2.43
2.45
3.00
Distribution is in the form of cash.
168
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC REGULAR SAVINGS FUND (PRSF)
Average Annual Returns for the following periods ended 31 March 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
3.61
9.00
12.58
20.33
26.07
-1.59
4.69
8.18
11.51
4.31
PRSF (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 31 March
PRSF (%)
Benchmark index (%)**
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
11.75
33.39
3.24 -23.24
57.65
18.41
8.33
7.69
13.84
3.61
6.34
34.56
0.05 -30.06
52.44
18.88
3.92
4.76
10.66
-1.59
*
The figure shown is for the period since the fund’s commencement (24 May 1994).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the benchmark of the fund has been replaced by the FTSE Bursa Malaysia Top 100 Index (FBM 100)
which is the closest substitute for the KLCI among the various new indices made available by Bursa Malaysia.
The FBM 100 comprises top 100 large and mid cap companies by full market capitalisation listed on the
Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PRSF registered a total return of +3.61% as compared to the benchmark’s return of -1.59% over the financial
year ended 31 March 2015.
Asset Allocation
2013
2014
2015
92.5%
90.1%
93.3%
Fixed income securities
4.2%
3.0%
2.7%
Money market instruments & others
3.3%
6.9%
4.0%
Equities
The fund’s equity weighting decreased from 92.5% (85.8% after distribution reinvestment) for the financial year
ended 2013 to 90.1% (84.4% after distribution reinvestment) for the financial year ended 2014 due to inflow of
new funds. The fund’s equity weighting subsequently increased to 93.3% (87.9% after distribution reinvestment)
for the financial year ended 2015 to capitalise on investment opportunities in the domestic market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.24
0.19
0.27
The fund’s PTR declined from 0.24 times for the financial year ended 2013 to 0.19 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.27 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
5.00
4.50
4.00
Net distribution per unit (sen)
4.87
4.44
3.97
Distribution is in the form of cash.
169
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SMALLCAP FUND (P SmallCap)
Average Annual Returns for the following periods ended 31 August 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
-4.46
13.93
12.08
30.32
35.61
-25.98
4.33
4.72
8.36
7.34
P SmallCap (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 31 August
P SmallCap (%)
Benchmark index (%)**
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
11.42
55.60
-2.13
9.66
35.15
-0.46
13.67
21.55
22.03
-4.46
32.96 -14.75
10.01
13.55
1.71
7.56
18.53
28.77 -25.98
4.88
*
The figure shown is for the period since the fund’s commencement (3 July 2000).
**
Prior to 30 April 2008, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 30 April 2008, the fund’s benchmark has been replaced with FTSE Bursa Malaysia Small Cap
Index which comprises eligible companies within the top 98% of the Bursa Malaysia Main Market excluding
constituents of the FTSE Bursa Malaysia Top 100 Index. This index is more representative of the fund’s
investment objective of investing in companies with small market capitalisation.
1-Year Fund Performance Review
The P SmallCap registered a total return of -4.46% for the financial year ended 31 August 2015 as compared to
its benchmark’s return of -25.98% over the same period.
Asset Allocation
2013
2014
2015
90.1%
90.1%
84.2%
Fixed income securities
1.4%
0.0%
0.0%
Money market instruments & others
8.5%
9.9%
15.8%
Equities & derivatives
The fund’s equity weighting remain unchanged at 90.1% for the financial year ended 2013 and 2014. For the
financial year ended 2015, the fund’s equity weighting decreased to 84.2% (78.4% after distribution reinvestment)
to weather the consolidation phase in the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.21
0.09
0.09
The fund’s PTR declined from 0.21 times for the financial year ended 2013 to 0.09 times for the financial year
ended 2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR remained
at 0.09 times due to ongoing rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
6.00
8.00
6.00
Net distribution per unit (sen)
5.87
7.72
6.00
Distribution is in the form of cash.
170
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC EQUITY FUND (PEF)
Average Annual Returns for the following periods ended 31 October 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
-1.78
5.73
4.10
13.75
20.38
-10.21
-0.15
2.12
8.29
10.04
PEF (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 31 October
PEF (%)
Benchmark index (%)**
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
15.26
51.35 -41.53
58.52
21.92
-2.69
5.68
14.99
3.75
-1.78
8.57
43.04 -38.91
43.96
21.11
-0.91
12.14
8.00
*
The figure shown is for the period since the fund’s commencement (4 September 2001).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
2.67 -10.21
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30
largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PEF registered a total return of -1.78% for the financial year ended 31 October 2015 in comparison to the
benchmark’s return of -10.21% over the same period.
Asset Allocation
2013
2014
2015
98.7%
97.7%
92.8%
Fixed income securities
0.6%
0.6%
0.7%
Money market instruments & others
0.7%
1.7%
6.5%
Equities
The fund’s equity weighting decreased from 98.7% (92.3% after distribution reinvestment) for the financial year
ended 2013 to 97.7% (91.2% after distribution reinvestment) for the financial year ended 2014 to weather
the consolidation phase in the domestic and regional markets. The fund’s equity weighting decreased further to
92.8% (86.0% after distribution reinvestment) for the financial year ended 2015 to lock in profits on selected
equity investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.55
0.26
0.25
The fund’s PTR declined from 0.55 times for the financial year ended 2013 to 0.26 times for the financial year
ended 2014 and declined further to 0.25 times for the financial year ended 2015 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
2.00
2.00
2.00
Net distribution per unit (sen)
1.98
1.99
2.00
Distribution is in the form of cash.
171
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FOCUS SELECT FUND (PFSF)
Average Annual Returns for the following periods ended 31 December 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PFSF (%)
6.30
4.43
8.00
18.61
18.04
Benchmark index (%)**
0.54
2.16
4.10
12.25
10.99
Annual Total Return for the Financial Years Ended 31 December
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
PFSF (%)
30.59
29.62 -32.89
42.66
26.16
5.17
17.52
6.65
-0.07
6.30
Benchmark index (%)**
21.83
31.82 -42.57
51.95
31.79
6.22
6.55
14.98
-7.88
0.54
*
The figure shown is for the period since the fund’s commencement (15 December 2004).
**
Prior to 30 April 2008, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 30 April 2008, the fund’s benchmark has been replaced with FTSE Bursa Malaysia Mid 70 Index
which comprises the remaining 70 companies in the FTSE Bursa Malaysia EMAS Index ranked by full market
capitalisation, excluding the 30 members in the FTSE Bursa Malaysia KLCI. The index is more representative
of the fund’s investment objective of investing in medium-sized companies.
1-Year Fund Performance Review
The PFSF achieved a total return of +6.30% for the financial year ended 31 December 2015 as compared to the
benchmark’s return of +0.54% over the same period.
Asset Allocation
2013
2014
2015
Equities
86.9%
88.0%
92.7%
Money market instruments & others
13.1%
12.0%
7.3%
The fund’s equity weighting increased from 86.9% (81.1% after distribution reinvestment) for the financial year
ended 2013 to 88.0% (83.3% after distribution reinvestment) for the financial year ended 2014 and increased further
to 92.7% (89.3% after distribution reinvestment) for the financial year ended 2015 to capitalise on investment
opportunities in the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.38
0.19
0.19
The fund’s PTR declined from 0.38 times for the financial year ended 2013 to 0.19 times for the financial year
ended 2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR remained
at 0.19 times due to ongoing rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
2.00
1.50
1.00
Net distribution per unit (sen)
1.98
1.47
1.00
Distribution is in the form of cash.
172
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC DIVIDEND SELECT FUND (PDSF)
Average Annual Returns for the following periods ended 31 May 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PDSF (%)
-3.32
6.52
11.47
17.22
17.11
Benchmark index (%)**
-5.44
3.77
7.53
10.70
9.95
Annual Total Return for the Financial Years Ended 31 May
2006*
2007
2008
2009
2010
2011
2012
2013
2014
2015
PDSF (%)
9.03
42.33
2.75 -10.16
20.59
26.24
4.27
15.37
7.15
-3.32
Benchmark index (%)**
4.08
45.17
-5.26 -18.18
23.97
21.68
1.66
13.36
3.81
-5.44
*
The figure shown is for the period since the fund’s commencement (17 May 2005).
**
Prior to 30 April 2010, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI) and subsequently
changed to FTSE Bursa Malaysia Top 100 Index (FBM 100) upon the replacement of KLCI by Bursa Malaysia
on 6 July 2009.
Effective from 30 April 2010, the fund’s benchmark has been replaced with a composite index of 90% FBM
100 and 10% 3-Month KLIBOR as this composite benchmark index is a better representative of the fund’s
investments.
1-Year Fund Performance Review
The PDSF registered a total return of -3.32% for the financial year ended 31 May 2015 as compared to the
benchmark’s return of -5.44% over the same period.
Asset Allocation
Equities
Fixed income securities
Money market instruments & others
2013
2014
2015
82.6%
82.8%
87.4%
0.0%
1.3%
1.1%
17.4%
15.9%
11.5%
The fund’s equity weighting increased from 82.6% (77.6% after distribution reinvestment) for the financial year
ended 2013 to 82.8% (77.0% after distribution reinvestment) for the financial year ended 2014 and increased further
to 87.4% (84.3% after distribution reinvestment) for the financial year ended 2015 to capitalise on investment
opportunities in the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.26
0.31
0.41
The fund’s PTR increased from 0.26 times for the financial year ended 2013 to 0.31 times for the financial year
ended 2014 and increased further to 0.41 times for the financial year ended 2015 due to higher level of rebalancing
activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
2.00
2.35
2.00
Net distribution per unit (sen)
1.98
2.31
1.99
Distribution is in the form of cash.
173
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST SELECT FUND (PFES)
Average Annual Returns for the following periods ended 31 May 2015
1-Year
3-Year
5-Year
Since Commencement*
PFES (%)
31.08
19.43
6.45
11.40
Benchmark index (%)**
23.42
16.89
11.12
9.66
Annual Total Return for the Financial Years Ended 31 May
2006*
2007
2008
2009
2010
2011
2012
2013
2014
2015
PFES (%)
4.47
38.74
16.87 -14.49
8.54
22.83 -31.95
13.37
6.45
31.08
Benchmark index (%)**
5.52
29.91
2.43 -21.92
12.24
20.54 -14.30
13.14
7.83
23.42
*
The figure shown is for the period since the fund’s commencement (12 December 2005).
**
Prior to 30 April 2010, the fund’s benchmark was a composite index of 70% MSCI AC Far-East Ex-Japan
Index and 30% FTSE Bursa Malaysia KLCI (FBM KLCI) (replacement of Kuala Lumpur Composite Index by
Bursa Malaysia with effect from 6 July 2009).
Effective from 30 April 2010, the fund’s benchmark has been replaced with MSCI AC Far-East Ex-Japan Index
as this index is a better representative of the fund’s investments.
1-Year Fund Performance Review
The PFES registered a total return of +31.08% for the financial year ended 31 May 2015 as compared to its
benchmark’s return of +23.42% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2013
2014
2015
92.6%
96.3%
95.1%
7.4%
3.7%
4.9%
The fund’s equity weighting increased from 92.6% for the financial year ended 2013 to 96.3% for the financial
year ended 2014 to capitalise on investment opportunities in the domestic and selected regional markets. For the
financial year ended 2015, the fund’s equity weighting subsequently decreased to 95.1% (90.8% after distribution
reinvestment) to lock in profits on selected equity investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.75
0.26
0.59
The fund’s PTR declined from 0.75 times for the financial year ended 2013 to 0.26 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.59 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
-
1.50
Net distribution per unit (sen)
-
-
1.48
Distribution is in the form of cash.
174
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC REGIONAL SECTOR FUND (PRSEC)
Average Annual Returns for the following periods ended 31 May 2015
1-Year
3-Year
5-Year
Since Commencement*
PRSEC (%)
16.99
17.97
5.20
7.93
Benchmark index (%)**
21.32
15.42
10.37
6.24
Annual Total Return for the Financial Years Ended 31 May
2007*
2008
2009
2010
2011
2012
2013
2014
2015
PRSEC (%)
27.65
11.39
-10.60
7.70
21.30
-32.48
18.63
10.82
16.99
Benchmark index (%)**
15.94
5.41
-21.66
8.08
18.72
-12.53
12.16
7.42
21.32
*
The figure shown is for the period since the fund’s commencement (10 April 2006).
**
The fund’s benchmark is a composite index of 90% MSCI AC Far-East Ex-Japan Index and 10% 3-Month
KLIBOR.
1-Year Fund Performance Review
The PRSEC registered a total return of +16.99% for the financial year ended 31 May 2015 as compared to its
benchmark’s return of +21.32% over the same period.
Asset Allocation
2013
2014
2015
Equities & derivatives
82.0%
82.4%
97.4%
Money market instruments & others
18.0%
17.6%
2.6%
The fund’s equity weighting increased from 82.0% for the financial year ended 2013 to 82.4% for the financial
year ended 2014 and increased further to 97.4% (86.8% after distribution reinvestment) for the financial year
ended 2015 to capitalise on investment opportunities in the domestic and selected regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
1.03
0.43
1.17
The fund’s PTR declined from 1.03 times for the financial year ended 2013 to 0.43 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 1.17 times for
the financial year ended 2015 due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
-
3.00
Net distribution per unit (sen)
-
-
2.98
Distribution is in the form of cash.
175
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC GLOBAL SELECT FUND (PGSF)
Average Annual Returns for the following periods ended 31 May 2015
1-Year
3-Year
5-Year
Since Commencement*
PGSF (%)
16.81
21.24
12.95
4.05
Benchmark index (%)**
16.17
20.62
13.62
3.19
Annual Total Return for the Financial Years Ended 31 May
2008
2009
2010
2011
2012
2013
2014
2015
PGSF (%)
2007*
7.41
-11.11
-19.28
6.25
12.29
-10.34
21.37
15.40
16.81
Benchmark index (%)**
6.76
-7.07
-28.13
4.69
14.57
-8.39
18.61
17.38
16.17
*
The figure shown is for the period since the fund’s commencement (18 October 2006).
**
The fund’s benchmark is a composite index of 90% MSCI All Country World Index and 10% 1-Month KLIBOR.
1-Year Fund Performance Review
The PGSF registered a total return of +16.81% for the financial year ended 31 May 2015 in comparison to its
benchmark’s return of +16.17% over the same period.
Asset Allocation
2013
2014
2015
Equities & derivatives
81.1%
90.4%
97.7%
Money market instruments & others
18.9%
9.6%
2.3%
The fund’s equity weighting increased from 81.1% for the financial year ended 2013 to 90.4% for the financial
year ended 2014 and increased further to 97.7% (95.3% after distribution reinvestment) for the financial year
ended 2015 to capitalise on investment opportunities in the global and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.93
0.73
1.31
The fund’s PTR declined from 0.93 times for the financial year ended 2013 to 0.73 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 1.31 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
-
0.75
Net distribution per unit (sen)
-
-
0.74
Distribution is in the form of cash.
176
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)
Average Annual Returns for the following periods ended 30 November 2015
PFEDF (%)
Benchmark index (%)**
1-Year
3-Year
5-Year
Since Commencement*
13.00
11.28
2.72
4.12
2.37
5.55
2.83
3.59
Annual Total Return for the Financial Years Ended 30 November
2008
2009
2010
2011
2012
2013
2014
2015
PFEDF (%)
30.17
2007*
-39.86
44.04
6.86
-16.04
1.10
7.87
9.79
13.00
Benchmark index (%)**
30.77
-48.91
58.16
9.19
-11.50
10.60
7.22
6.26
2.37
*
The figure shown is for the period since the fund’s commencement (18 December 2006).
**
Prior to 30 April 2010, the fund’s benchmark was a composite index of 70% MSCI AC Far-East Ex-Japan
Index and 30% FTSE Bursa Malaysia KLCI (FBM KLCI) (replacement of Kuala Lumpur Composite Index by
Bursa Malaysia with effect from 6 July 2009).
From 30 April 2010 to 29 April 2013, the fund’s benchmark was a composite index of 90% MSCI AC Far-East
Ex-Japan Index and 10% 3-Month KLIBOR.
Effective from 30 April 2013, the equity component of the fund’s benchmark has been replaced with the
MSCI AC Far-East Ex-Japan High Dividend Yield Index as this benchmark index is a better representative of
the fund’s investment strategy.
1-Year Fund Performance Review
The PFEDF registered a total return of +13.00% for the financial year ended 30 November 2015 as compared to
the benchmark’s return of +2.37% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2013
2014
2015
91.3%
96.1%
89.9%
8.7%
3.9%
10.1%
The fund’s equity weighting increased from 91.3% for the financial year ended 2013 to 96.1% (94.5% after
distribution reinvestment) for the financial year ended 2014 to capitalise on investment opportunities in the
domestic and regional equity markets. The fund’s equity weighting subsequently decreased to 89.9% (88.6%
after distribution reinvestment) for the financial year ended 2015 to lock in profits on selected equity investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
1.31
0.25
0.42
The fund’s PTR decreased from 1.31 times for the financial year ended 2013 to 0.25 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.42 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
0.40
0.40
Net distribution per unit (sen)
-
0.40
0.40
Distribution is in the form of cash.
177
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC CHINA SELECT FUND (PCSF)
Average Annual Returns for the following periods ended 31 July 2015
1-Year
3-Year
5-Year
Since Commencement*
PCSF (%)
23.97
21.59
6.82
-0.02
Benchmark index (%)**
17.64
17.45
8.36
3.56
Annual Total Return for the Financial Years Ended 31 July
2008*
PCSF (%)
2009
2010
2011
2012
2013
2014
2015
-18.07
0.21
-9.34
11.68
-27.11
16.88
13.72
23.97
-6.72
3.26
-5.65
4.59
-10.99
12.94
14.63
17.64
Benchmark index (%)**
*
The figure shown is for the period since the fund’s commencement (25 June 2007).
**
Prior to 1 January 2009, the fund’s benchmark was a composite index of 40% Hang Seng China Enterprises
Index, 30% Hang Seng Index and 30% Taiwan Index.
Effective from 1 January 2009, the fund’s benchmark has been replaced with the MSCI Golden Dragon Index
as this index is a better representative of the performance of the greater China markets.
1-Year Fund Performance Review
The PCSF registered a total return of +23.97% for the financial year ended 31 July 2015 as compared to the
benchmark’s return of +17.64% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2013
2014
2015
92.2%
94.9%
94.7%
7.8%
5.1%
5.3%
The fund’s equity weighting increased from 92.2% for the financial year ended 2013 to 94.9% for the financial
year ended 2014 to capitalise on investment opportunities in the greater China markets. For the financial year
ended 2015, the fund’s equity weighting decreased marginally to 94.7% to weather the consolidation phase in
the greater China markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.87
0.36
0.39
The fund’s PTR declined from 0.87 times for the financial year ended 2013 to 0.36 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.39 times for
the financial year ended 2015 due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
-
-
Net distribution per unit (sen)
-
-
-
178
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)
Average Annual Returns for the following periods ended 31 July 2015
1-Year
3-Year
5-Year
Since Commencement*
PFEPRF (%)
4.29
11.41
13.66
6.58
Benchmark index (%)**
6.48
10.96
11.15
-0.62
Annual Total Return for the Financial Years Ended 31 July
2008*
2009
2010
2011
2012
2013
2014
2015
PFEPRF (%)
-29.04
25.76
1.61
14.01
10.03
25.30
2.71
4.29
Benchmark index (%)**
-32.06
-7.43
-3.00
12.41
4.32
17.09
6.57
6.48
*
The figure shown is for the period since the fund’s commencement (30 July 2007).
**
Prior to 1 January 2009, the fund’s benchmark, the Dow Jones Asia Pacific Real Estate Sector IndexSM, was
customised to the following weights, i.e. 20% Japan, 20% Australia, 20% Malaysia and the balance of
40% for the rest of the countries within the index universe currently including Hong Kong, Indonesia, New
Zealand, Philippines, Singapore, Taiwan, Thailand and South Korea.
Effective from 1 January 2009, the benchmark of the fund has been replaced with a customised index by
S&P Dow Jones Indices, LLC based on the constituents within the real estate sector of S&P BMI Asia Pacific
Index customised to 20% Japan, 20% Australia, 20% Malaysia and the balance 40% for the rest of the
countries within the index universe currently including China ‘H’ Shares, Hong Kong, Indonesia, New Zealand,
Philippines, Singapore, Taiwan, South Korea and Thailand. The real estate sector is as defined by the thencurrent Global Industry Classification Standard (GICS). The new benchmark index is more representative of
the performance of the stock markets which it represents.
1-Year Fund Performance Review
The PFEPRF registered a total return of +4.29% for the financial year ended 31 July 2015 as compared to the
benchmark’s return of +6.48% over the same period.
Asset Allocation
Equities & derivatives
Fixed income securities
Money market instruments & others
2013
2014
2015
74.2%
95.5%
90.6%
3.6%
3.8%
4.1%
22.2%
0.7%
5.3%
The fund’s equity weighting increased from 74.2% (69.6% after distribution reinvestment) for the financial year
ended 2013 to 95.5% (88.0% after distribution reinvestment) for the financial year ended 2014 to capitalise on
investment opportunities in the domestic and regional markets. For the financial year ended 2015, the fund’s equity
weighting decreased to 90.6% (83.2% after distribution reinvestment) to weather the consolidation phase in the
domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.64
0.39
0.40
The fund’s PTR declined from 0.64 times for the financial year ended 2013 to 0.39 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.40 times for
the financial year ended 2015 due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
2.00
2.50
2.50
Net distribution per unit (sen)
1.99
2.50
2.49
Distribution is in the form of cash.
179
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)
Average Annual Returns for the following periods ended 31 October 2015
1-Year
3-Year
5-Year
Since Commencement*
PSEASF (%)
6.37
7.72
7.71
6.98
Benchmark index (%)**
1.86
3.81
3.36
3.15
Annual Total Return for the Financial Years Ended 31 October
2009
2010
2011
2012
2013
2014
2015
PSEASF (%)
-42.12
2008*
54.73
25.73
-2.35
15.26
7.56
7.62
6.37
Benchmark index (%)**
-45.61
60.09
22.52
-1.90
6.87
5.78
3.42
1.86
*
The figure shown is for the period since the fund’s commencement (22 October 2007).
**
Prior to 30 April 2010, the fund’s benchmark was a composite index of 35% Straits Times Index (STI), 30%
FTSE Bursa Malaysia KLCI (FBM KLCI) (replacement of Kuala Lumpur Composite Index by Bursa Malaysia with
effect from 6 July 2009), 15% Jakarta Composite Index (JCI), 15% Stock Exchange of Thailand Index (SET)
and 5% Philippine Stock Exchange Index (PSEi).
Effective from 30 April 2010, the fund’s benchmark has been replaced with FTSE/ASEAN 40 Index as this
index is a better representative of the fund’s investments.
1-Year Fund Performance Review
The PSEASF registered a total return of +6.37% for the financial year ended 31 October 2015 against the benchmark’s
return of +1.86% over the same period.
Asset Allocation
Equities & derivatives
Fixed income securities
Money market instruments & others
2013
2014
2015
96.6%
95.0%
100.0%
5.1%
5.1%
0.0%
-1.7%
-0.1%
0.0%
The fund’s equity weighting decreased from 96.6% (92.5% after distribution reinvestment) for the financial year
ended 2013 to 95.0% (90.3% after distribution reinvestment) for the financial year ended 2014 to weather the
consolidation phase in the domestic and selected South-East Asia markets. For the financial year ended 2015, the
fund’s equity weighting subsequently increased to 100.0% (95.0% after distribution reinvestment) to capitalise
on investment opportunities in the domestic and selected South-East Asia markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.40
0.33
0.62
The fund’s PTR declined from 0.40 times for the financial year ended 2013 to 0.33 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.62 times for
the financial year ended 2015 due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
1.25
1.50
1.50
Net distribution per unit (sen)
1.25
1.50
1.50
Distribution is in the form of cash.
180
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SECTOR SELECT FUND (PSSF)
Average Annual Returns for the following periods ended 31 October 2015
1-Year
3-Year
5-Year
Since Commencement*
-1.79
5.52
6.30
8.39
-10.08
0.16
2.66
2.69
PSSF (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 31 October
2009
2010
2011
2012
2013
2014
2015
PSSF (%)
-36.64
2008*
52.90
30.59
1.25
11.47
11.98
5.97
-1.79
Benchmark index (%)**
-39.15
43.96
22.18
0.54
12.15
9.74
1.83
-10.08
*
The figure shown is for the period since the fund’s commencement (3 December 2007).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the benchmark of the fund has been replaced by the FTSE Bursa Malaysia Top 100 Index (FBM 100)
which is the closest substitute for the KLCI among the various new indices made available by Bursa Malaysia.
The FBM 100 comprises top 100 large and mid cap companies by full market capitalisation listed on the
Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PSSF generated a total return of -1.79% for the financial year ended 31 October 2015 as compared to its
benchmark’s total return of -10.08% over the same period.
Asset Allocation
2013
2014
2015
96.9%
88.3%
85.5%
Fixed income securities
1.4%
1.4%
1.2%
Money market instruments & others
1.7%
10.3%
13.3%
Equities
The fund’s equity weighting decreased from 96.9% (92.5% after distribution reinvestment) for the financial year
ended 2013 to 88.3% (83.0% after distribution reinvestment) for the financial year ended 2014 and decreased
further to 85.5% (79.8% after distribution reinvestment) for the financial year ended 2015 to weather the
consolidation phase in the domestic market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.28
0.13
0.22
The fund’s PTR declined from 0.28 times for the financial year ended 2013 to 0.13 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.22 times for
the financial year ended 2015 due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
1.50
2.00
2.00
Net distribution per unit (sen)
1.46
1.98
2.00
Distribution is in the form of cash.
181
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)
Average Annual Returns for the following periods ended 30 June 2015
1-Year
3-Year
5-Year
Since Commencement*
PFECTF (%)
-1.22
5.92
5.66
7.27
Benchmark index (%)**
-0.12
7.32
9.01
7.43
Annual Total Return for the Financial Years Ended 30 June
2008*
2009
2010
2011
2012
2013
2014
2015
PFECTF (%)
-5.44
9.09
16.32
19.69
-8.96
9.05
9.33
-1.22
Benchmark index (%)**
-8.13
-10.23
29.67
28.29
-7.28
9.10
11.93
-0.12
*
The figure shown is for the period since the fund’s commencement (28 January 2008).
**
Prior to 1 January 2009, the fund’s benchmark was a customised index based on selected sectors within
the Dow Jones Asia Pacific IndexSM comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong
Kong, Taiwan and South Korea. The stock universe also includes China ‘H’ Shares from the Dow Jones China
Offshore IndexSM.
Effective from 1 January 2009, the fund’s benchmark has been replaced with a customised index by S&P
Dow Jones Indices, LLC based on the constituents within the selected sectors of the S&P BMI Asia Ex-Japan
Index comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China ‘H’ Shares, Taiwan
and South Korea. The selected sectors are the Consumer Discretionary and Consumer Staples sectors as
defined by the then-current Global Industry Classification Standard (GICS). The new benchmark index is more
representative of the performance of the stock markets it represents.
1-Year Fund Performance Review
The PFECTF registered a total return of -1.22% for the financial year ended 30 June 2015 in comparison to the
benchmark’s return of -0.12% over the same period.
Asset Allocation
2013
2014
2015
Equities & derivatives
76.4%
99.5%
99.3%
Money market instruments & others
23.6%
0.5%
0.7%
The fund’s equity weighting increased from 76.4% for the financial year ended 2013 to 99.5% (93.5% after
distribution reinvestment) for the financial year ended 2014 to capitalise on investment opportunities in the regional
markets. For the financial year ended 2015, the fund’s equity weighting subsequently decreased to 99.3% (92.8%
after distribution reinvestment) to weather the consolidation phase in the regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.60
0.48
0.50
The fund’s PTR declined from 0.60 times for the financial year ended 2013 to 0.48 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.50 times for
the financial year ended 2015 due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
1.75
1.75
Net distribution per unit (sen)
-
1.75
1.75
Distribution is in the form of cash.
182
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC CHINA TITANS FUND (PCTF)
Average Annual Returns for the following periods ended 31 May 2015
1-Year
3-Year
5-Year
Since Commencement*
PCTF (%)
34.79
19.45
8.37
4.69
Benchmark index (%)**
41.51
22.75
11.02
4.83
Annual Total Return for the Financial Years Ended 31 May
2009*
2010
2011
2012
2013
2014
2015
-4.32
-1.76
9.67
-18.28
9.49
7.23
34.79
-14.82
1.70
13.89
-19.00
11.33
6.71
41.51
PCTF (%)
Benchmark index (%)**
*
The figure shown is for the period since the fund’s commencement (21 April 2008).
**
The fund’s benchmark is a composite index of 40% Hang Seng China Enterprises Index (HSCEI), 30% Hang
Seng Index (HSI) and 30% FTSE TWSE Taiwan 50 Index.
1-Year Fund Performance Review
The PCTF registered a total return of +34.79% for the financial year ended 31 May 2015 in comparison to the
benchmark’s return of +41.51% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2013
2014
2015
90.7%
92.4%
87.8%
9.3%
7.6%
12.2%
The fund’s equity weighting increased from 90.7% for the financial year ended 2013 to 92.4% for the financial year
ended 2014 to capitalise on investment opportunities in the greater China markets. For the financial year ended
2015, the fund’s equity weighting subsequently decreased to 87.8% to lock in profits on selected equity investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.53
0.52
0.54
The fund’s PTR declined from 0.53 times for the financial year ended 2013 to 0.52 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.54 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
-
-
Net distribution per unit (sen)
-
-
-
183
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST TELCO & INFRASTRUCTURE FUND (PFETIF)
Average Annual Returns for the following periods ended 30 April 2015
1-Year
3-Year
5-Year
Since Commencement*
PFETIF (%)
24.31
17.37
8.90
14.17
Benchmark index (%)**
27.73
17.37
13.32
6.55
Annual Total Return for the Financial Years Ended 30 April
2009*
2010
2011
2012
2013
2014
2015
15.24
17.53
25.59
-24.34
14.02
7.32
24.31
-17.70
5.21
9.64
-0.08
16.54
2.19
27.73
PFETIF (%)
Benchmark index (%)**
*
The figure shown is for the period since the fund’s commencement (28 July 2008).
**
Prior to 1 January 2009, the fund’s benchmark was based on selected sectors of the Dow Jones IndexesSM
customised to the following weights, i.e. 40% Telecommunications, 30% Construction & Materials and 30%
Utilities sectors comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, Taiwan and
South Korea, as well as China ‘H’ Shares from the Dow Jones China Offshore IndexSM.
Effective from 1 January 2009, the benchmark of the fund has been replaced with a customised index by S&P
Dow Jones Indices, LLC based on the constituents within the selected sectors of the S&P BMI Asia Ex-Japan
Index comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China ‘H’ Shares, Taiwan
and South Korea. The selected sectors are customised to 40% Telecommunication Service, 30% Construction
& Materials and 30% Utilities sectors as defined by the then-current Global Industry Classification Standard
(GICS). The new benchmark index is more representative of the performance of the stock markets which it
represents.
1-Year Fund Performance Review
The PFETIF registered a total return of +24.31% for the financial year ended 30 April 2015 as compared to the
benchmark’s return of +27.73% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2013
2014
2015
96.3%
95.2%
96.8%
3.7%
4.8%
3.2%
The fund’s equity weighting decreased from 96.3% for the financial year ended 2013 to 95.2% (90.9% after
distribution reinvestment) for the financial year ended 2014 to weather the consolidation phase in the domestic and
regional markets. For the financial year ended 2015, the fund’s equity weighting subsequently increased to 96.8%
(93.1% after distribution reinvestment) to capitalise on investment opportunities in the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.53
0.34
0.41
The fund’s PTR declined from 0.53 times for the financial year ended 2013 to 0.34 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.41 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
1.50
1.50
Net distribution per unit (sen)
-
1.48
1.50
Distribution is in the form of cash.
184
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SELECT ALPHA-30 FUND (PSA30F)
Average Annual Returns for the following periods ended 30 November 2015
1-Year
3-Year
5-Year
Since Commencement*
PSA30F (%)
-8.43
2.75
2.68
9.94
Benchmark index (%)**
-8.17
1.27
2.52
10.70
Annual Total Return for the Financial Years Ended 30 November
2009*
2010
2011
2012
2013
2014
2015
PSA30F (%)
25.76
16.11
-4.26
9.42
16.34
1.59
-8.43
Benchmark index (%)**
28.46
17.96
-0.88
9.42
12.53
0.45
-8.17
*
The figure shown is for the period since the fund’s commencement (27 April 2009).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30
largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PSA30F registered a total return of -8.43% for the financial year ended 30 November 2015 in comparison to
the benchmark’s return of -8.17% over the same period.
Asset Allocation
Equities
Money market instruments & others
2013
2014
2015
99.0%
94.5%
84.6%
1.0%
5.5%
15.4%
The fund’s equity weighting decreased from 99.0% (92.8% after distribution reinvestment) for the financial year
ended 2013 to 94.5% (88.2% after distribution reinvestment) for the financial year ended 2014 to weather the
consolidation phase in the domestic and selected regional markets. The fund’s equity weighting decreased further
to 84.6% (78.6% after distribution reinvestment) for the financial year ended 2015 to lock in profits on selected
equity investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.54
0.52
0.39
The fund’s PTR declined from 0.54 times for the financial year ended 2013 to 0.52 times for the financial year
ended 2014 and declined further to 0.39 times for the financial year ended 2015 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
2.25
2.25
2.00
Net distribution per unit (sen)
2.17
2.23
2.00
Distribution is in the form of cash.
185
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC WORLDWIDE EQUITY FUND (PWEF)
(Formerly known as Public Natural Resources Equity Fund)
Average Annual Returns for the following periods ended 30 November 2015
PWEF (%)
Benchmark index (%)**
1-Year
3-Year
5-Year
Since Commencement*
-7.62
-1.41
-5.12
-2.60
-11.89
-7.73
-7.54
-3.55
Annual Total Return for the Financial Years Ended 30 November
2010*
2011
2012
2013
2014
2015
PWEF (%)
12.12
-19.49
-3.51
9.80
-5.57
-7.62
Benchmark index (%)**
24.30
-11.77
-8.14
-1.65
-11.36
-11.89
*
The figure shown is for the period since the fund’s commencement (20 July 2009).
**
The benchmark of the fund is a customised index by S&P Dow Jones Indices, LLC based on selected sectors
within the S&P/Citigroup BMI Asia Ex-Japan Index comprising Malaysia, Singapore, Thailand, Indonesia,
Philippines, Hong Kong, China ‘H’ Shares, Taiwan, South Korea, Australia and New Zealand. The selected
sectors are customised to the following weights i.e. 40% Energy Sector, 30% Metals and Mining Industry
and 30% Agricultural Product Sub-Industry as defined by the then-current Global Industry Classification
Standard (GICS).
1-Year Fund Performance Review
The PWEF registered a total return of -7.62% for the financial year ended 30 November 2015 in comparison to
the benchmark’s return of -11.89% over the same period.
Asset Allocation
Equities & derivatives
Fixed income securities
Money market instruments & others
2013
2014
2015
85.3%
93.3%
73.1%
2.4%
3.3%
3.7%
12.3%
3.4%
23.2%
The equity exposure of the fund increased from 85.3% for the financial year ended 2013 to 93.3% for the financial
year ended 2014 to capitalise on investment opportunities in the natural resources sectors. For the financial year
ended 2015, the fund’s equity weighting subsequently decreased to 73.1% to weather the consolidation phase
in the equity markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.74
0.34
0.27
The fund’s PTR declined from 0.74 times for the financial year ended 2013 to 0.34 times for the financial year
ended 2014 and declined further to 0.27 times for the financial year ended 2015 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
-
-
Net distribution per unit (sen)
-
-
-
186
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC AUSTRALIA EQUITY FUND (PAUEF)
Average Annual Returns for the following periods ended 31 July 2015
1-Year
3-Year
5-Year
Since Commencement*
PAUEF (%)
-4.09
7.04
7.68
6.15
S&P/ASX 200 Index (%)
-4.37
4.61
4.73
2.27
Annual Total Return for the Financial Years Ended 31 July
2010*
2011
2012
2013
2014
2015
PAUEF (%)
-1.84
16.18
-1.61
7.81
17.14
-4.09
S&P/ASX 200 Index (%)
-8.46
11.48
-2.53
4.61
13.79
-4.37
*
The figure shown is for the period since the fund’s commencement (28 September 2009).
1-Year Fund Performance Review
The PAUEF registered a total return of -4.09% for the financial year ended 31 July 2015 in comparison to the
benchmark’s return of -4.37% over the same period.
Asset Allocation
2013
2014
2015
88.0%
104.2%
99.0%
Fixed income securities
2.8%
0.0%
0.0%
Money market instruments & others
9.2%
-4.2%
1.0%
Equities & derivatives
The equity exposure of the fund increased from 88.0% (84.8% after distribution reinvestment) for the financial year
ended 2013 to 104.2% (97.4% after distribution reinvestment) for the financial year ended 2014 to capitalise on
investment opportunities in the Australian market. The fund’s equity weighting subsequently decreased to 99.0%
(91.8% after distribution reinvestment) for the financial year ended 2015 to weather the consolidation phase in
the Australian market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.59
0.33
0.36
The fund’s PTR declined from 0.59 times for the financial year ended 2013 to 0.33 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.36 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
1.00
2.00
2.00
Net distribution per unit (sen)
1.00
2.00
2.00
Distribution is in the form of cash.
187
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST ALPHA-30 FUND (PFA30F)
Average Annual Returns for the following periods ended 30 November 2015
1-Year
3-Year
5-Year
Since Commencement*
PFA30F (%)
19.07
15.62
3.85
5.15
Benchmark index (%)**
16.00
15.17
8.31
8.64
Annual Total Return for the Financial Years Ended 30 November
2011
2012
2013
2014
2015
PFA30F (%)
2010*
8.00
-20.48
2.13
16.37
5.98
19.07
Benchmark index (%)**
4.46
-10.85
9.13
16.79
7.40
16.00
*
The figure shown is for the period since the fund’s commencement (26 April 2010).
**
Prior to 30 April 2013, the benchmark of the fund was a composite index of 80% MSCI AC Far-East Ex-Japan
Index, 10% Tokyo Stock Price Index and 10% 3-Month KLIBOR.
Effective from 30 April 2013, the MSCI AC Far-East Ex-Japan Index in the fund’s benchmark has been replaced
with the Top 30 constituents of MSCI AC Far-East Ex-Japan Index as it is a better representative of the fund’s
investment strategy.
1-Year Fund Performance Review
The PFA30F registered a total return of +19.07% for the financial year ended 30 November 2015 as compared to
the benchmark’s return of +16.00% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2013
2014
2015
93.1%
90.4%
84.7%
6.9%
9.6%
15.3%
The fund’s equity weighting decreased from 93.1% for the financial year ended 2013 to 90.4% for the financial
year ended 2014 to weather the consolidation phase in the regional markets. The fund’s equity weighting decreased
further to 84.7% for the financial year ended 2015 to lock in profits on selected equity investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
1.23
0.30
0.37
The fund’s PTR decreased from 1.23 times for the financial year ended 2013 to 0.30 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.37 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
-
-
Net distribution per unit (sen)
-
-
-
188
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC OPTIMAL GROWTH FUND (POGF)
Average Annual Returns for the following periods ended 31 July 2015
1-Year
3-Year
5-Year
Since Commencement*
POGF (%)
-3.61
7.76
11.25
11.84
FBM 100 (%)**
-8.55
1.75
5.84
6.42
Annual Total Return for the Financial Years Ended 31 July
2011*
2012
2013
2014
2015
POGF (%)
18.20
10.01
13.13
13.04
-3.61
FBM 100 (%)**
19.98
5.09
9.94
4.69
-8.55
*
The figure shown is for the period since the fund’s commencement (28 June 2010).
**
The benchmark of the fund is the FTSE Bursa Malaysia Top 100 Index (FBM 100) which comprises top 100
large and mid cap companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The POGF registered a total return of -3.61% for the financial year ended 31 July 2015 in comparison to its
benchmark’s return of -8.55% over the same period.
Asset Allocation
2013
2014
2015
Equities
88.4%
88.1%
82.5%
Money market instruments & others
11.6%
11.9%
17.5%
The fund’s equity weighting decreased marginally from 88.4% (81.8% after distribution reinvestment) for the
financial year ended 2013 to 88.1% (81.8% after distribution reinvestment) for the financial year ended 2014
and decreased further to 82.5% (78.5% after distribution reinvestment) for the financial year ended 2015 to lock
in profits on selected equity investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.82
0.93
0.40
The fund’s PTR increased from 0.82 times for the financial year ended 2013 to 0.93 times for the financial year
ended 2014 due to higher level of rebalancing activities. For the financial year ended 2015, the fund’s PTR decreased
to 0.40 times due to lower level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
2.50
2.50
1.50
Net distribution per unit (sen)
2.47
2.49
1.50
Distribution is in the form of cash.
189
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC INDONESIA SELECT FUND (PINDOSF)
Average Annual Returns for the following periods ended 31 August 2015
1-Year
3-Year
Since Commencement*
PINDOSF (%)
-8.03
0.36
4.15
Benchmark index (%)**
-2.91
0.29
1.96
Annual Total Return for the Financial Years Ended 31 August
2011*
2012
2013
2014
2015
PINDOSF (%)
10.96
7.41
-5.85
16.75
-8.03
Benchmark index (%)**
14.15
-4.63
-6.47
11.06
-2.91
*
The figure shown is for the period since the fund’s commencement (21 September 2010).
**
Prior to 30 April 2011, the benchmark of the fund was Jakarta Composite Index (JCI).
Effective from 30 April 2011, the fund’s benchmark has been replaced with the Jakarta LQ-45 Index which
comprises 45 largest companies by market capitalisation listed on the Indonesia Stock Exchange as this index
is a better representative of the performance of the Indonesia market.
1-Year Fund Performance Review
The PINDOSF registered a total return of -8.03% for the financial year ended 31 August 2015 in comparison to its
benchmark’s return of -2.91% over the same period.
Asset Allocation
2013
2014
2015
88.2%
92.3%
91.7%
Fixed income securities
6.1%
3.5%
3.7%
Money market instruments & others
5.7%
4.2%
4.6%
Equities & derivatives
The fund’s equity weighting increased from 88.2% (82.9% after distribution reinvestment) for the financial year
ended 2013 to 92.3% (88.9% after distribution reinvestment) for the financial year ended 2014 to capitalise on
investment opportunities in the Indonesian market. For the financial year ended 2015, the fund’s equity weighting
subsequently decreased to 91.7% (88.0% after distribution reinvestment) to weather the consolidation phase in
the Indonesian market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.49
0.46
0.69
The fund’s PTR decreased from 0.49 times for the financial year ended 2013 to 0.46 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.69 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
1.50
1.00
1.00
Net distribution per unit (sen)
1.50
1.00
1.00
Distribution is in the form of cash.
190
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SINGAPORE EQUITY FUND (PSGEF)
Average Annual Returns for the following periods ended 30 September 2015
1-Year
3-Year
Since Commencement*
PSGEF (%)
6.30
5.54
5.65
Straits Times Index (%)
2.36
4.37
3.52
Annual Total Return for the Financial Years Ended 30 September
2012*
2013
2014
2015
PSGEF (%)
6.36
7.60
2.00
6.30
Straits Times Index (%)
1.65
7.92
2.43
2.36
*
The figure shown is for the period since the fund’s commencement (27 June 2011).
1-Year Fund Performance Review
The PSGEF registered a total return of +6.30% for the financial year ended 30 September 2015 in comparison to
its benchmark’s return of +2.36% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2013
2014
2015
96.5%
98.2%
85.7%
3.5%
1.8%
14.3%
The fund’s equity weighting increased from 96.5% (93.2% after distribution reinvestment) for the financial year
ended 2013 to 98.2% (93.9% after distribution reinvestment) for the financial year ended 2014 to capitalise on
investment opportunities in the Singapore market. For the financial year ended 2015, the fund’s equity weighting
subsequently decreased to 85.7% (82.0% after distribution reinvestment) to weather the consolidation phase in
the Singapore market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.38
0.16
0.25
The fund’s PTR decreased from 0.38 times for the financial year ended 2013 to 0.16 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.25 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
1.00
1.25
1.25
Net distribution per unit (sen)
1.00
1.25
1.25
Distribution is in the form of cash.
191
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC STRATEGIC SMALLCAP FUND (PSSCF)
Average Annual Returns for the following periods ended 30 September 2015
PSSCF (%)
Benchmark index (%)**
1-Year
3-Year
Since Commencement*
-4.53
9.38
9.70
-21.37
8.30
5.08
Annual Total Return for the Financial Years Ended 30 September
PSSCF (%)
Benchmark index (%)**
2012*
2013
2014
2015
4.32
17.75
14.03
-4.53
-5.83
29.87
22.35
-21.37
*
The figure shown is for the period since the fund’s commencement (9 April 2012).
**
The fund’s benchmark is the FTSE Bursa Malaysia Small Cap Index which comprises eligible companies within
the top 98% of the Bursa Malaysia Main Market excluding constituents of the FTSE Bursa Malaysia Top 100
Index. This index is more representative of the fund’s investment objective of investing in companies with
small market capitalisation.
1-Year Fund Performance Review
The PSSCF registered a total return of -4.53% for the financial year ended 30 September 2015 in comparison to
its benchmark’s return of -21.37% over the same period.
Asset Allocation
2013
2014
2015
Equities & derivatives
71.4%
69.3%
68.9%
Money market instruments & others
28.6%
30.7%
31.1%
The fund’s equity weighting decreased from 71.4% (69.1% after distribution reinvestment) for the financial year
ended 2013 to 69.3% (67.3% after distribution reinvestment) for the financial year ended 2014 and decreased
further to 68.9% (66.7% after distribution reinvestment) for the financial year ended 2015 due to inflows of new
monies into the fund.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.51
0.37
0.21
The fund’s PTR declined from 0.51 times for the financial year ended 2013 to 0.37 times for the financial year
ended 2014 and declined further to 0.21 times for the financial year ended 2015 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
1.00
1.00
1.00
Net distribution per unit (sen)
0.99
0.98
1.00
Distribution is in the form of cash.
192
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC STRATEGIC GROWTH FUND (PSTGF)
Total Return for the following period ended 31 August 2015
Since Commencement*
PSTGF (%)
2.08
Benchmark index (%)**
-2.03
Annual Total Return for the Financial Period Ended 31 August
2015*
PSTGF (%)
2.08
Benchmark index (%)**
-2.03
*
The figure shown is for the period since the fund’s commencement (28 December 2014).
**
The benchmark of the fund is a composite index of 60% FTSE Bursa Malaysia KLCI (FBM KLCI), 15% Dow
Jones Industrial Average, 15% customised index by MSCI based on the Top 30 constituents of MSCI AC FarEast Ex-Japan Index and 10% 3-Month KLIBOR.
Fund Performance Review
The PSTGF registered a total return of +2.08% for the financial period ended 31 August 2015 in comparison to
its benchmark’s return of -2.03% over the same period.
Asset Allocation
2015
Equities & derivatives
87.9%
Money market instruments & others
12.1%
Following its launch, the fund’s equities weighting progressively increased to 87.9% (86.8% after distribution
reinvestment) for the financial period ended 2015 to capitalise on investment opportunities in the domestic and
regional equity markets. There is no comparison figure as the commencement date of the fund was 28 December
2014.
Portfolio Turnover Ratio (PTR)
2015
PTR (time)
0.96
The fund recorded a PTR of 0.96 times for the financial period ended 2015. There is no comparison figure as the
commencement date of the fund was 28 December 2014.
Distribution
2015
Gross distribution per unit (sen)
0.30
Net distribution per unit (sen)
0.30
Distribution is in the form of cash.
193
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC TACTICAL ALLOCATION FUND (PTAF)
Average Annual Returns for the following periods ended 30 April 2015
1-Year
3-Year
Since Commencement*
PTAF (%)
25.57
13.30
13.56
Benchmark index (%)***
18.86
10.96
12.11
Annual Total Return for the Financial Years Ended 30 April
2008**
2009
2010
2012
2011 30.4.11- 12.12.11*9.12.11
30.4.12
2013
2014
2015
PTAF (%)
-5.62
-15.76
14.68
2.53
-7.74
4.35
4.81
6.30
25.57
Benchmark index (%)***
-2.31
-19.73
13.97
6.01
-5.11
6.17
5.72
5.75
18.86
*
The figure shown is for the period since the fund’s (formerly known as Public Global Balanced Fund (PGBF))
commencement (12 December 2011). Upon the issuance of supplementary prospectus on 12 December
2011, PGBF has adopted its new name Public Tactical Allocation Fund (PTAF) to reflect the change in fund
objective, investment policy, investment strategy and benchmark.
**
The figure shown is for the period since PGBF’s commencement (12 February 2007).
*** Prior to 12 December 2011, the fund’s benchmark was a composite index of 60% MSCI All Country World
Index and 40% 3-Month KLIBOR.
Effective from 12 December 2011, the fund’s benchmark has been replaced with 70% MSCI AC Far-East
Ex-Japan Index and 30% 3-Month KLIBOR as it is more reflective of the new investment strategy of the fund.
1-Year Fund Performance Review
The PTAF registered a total return of +25.57% for the financial year ended 30 April 2015 as compared to the
benchmark’s return of +18.86% over the same period.
Asset Allocation
Equities & derivatives
Fixed income securities
Money market instruments & others
2013
2014
2015
72.2%
77.7%
80.2%
2.1%
2.3%
0.0%
25.7%
20.0%
19.8%
The fund’s equity weighting increased from 72.2% for the financial year ended 2013 to 77.7% for the financial
year ended 2014 and increased further to 80.2% for the financial year ended 2015 to capitalise on investment
opportunities in the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
1.27
0.58
0.58
The fund’s PTR decreased from 1.27 times for the financial year ended 2013 to 0.58 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR remained at 0.58 times for the financial
year ended 2015 due to ongoing rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
-
-
Net distribution per unit (sen)
-
-
-
194
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SELECT MIXED ASSET GROWTH FUND (PSMAGF)
Total Return for the following period ended 30 April 2015
Since Commencement*
PSMAGF (%)
3.84
Benchmark index (%)**
-0.21
Annual Total Return for the Financial Period Ended 30 April
2015*
PSMAGF (%)
3.84
Benchmark index (%)**
-0.21
*
The figure shown is for the period since the fund’s commencement (5 November 2014).
**
The fund’s benchmark is a composite index of 70% FTSE Bursa Malaysia KLCI (FBM KLCI) and 30% 3-Month
KLIBOR.
Fund Performance Review
The PSMAGF registered a total return of +3.84% for the financial period ended 30 April 2015 in comparison to
its benchmark’s return of -0.21% over the same period.
Asset Allocation
2015
Equities & derivatives
59.2%
Fixed income securities
8.8%
Money market instruments & others
32.0%
Following its launch, the fund’s equities weighting progressively increased to 59.2% for the financial period ended
2015 to capitalise on investment opportunities in the domestic market. The fund’s fixed income securities weighting
gradually increased to 8.8% for the financial period ended 2015 to capitalise on investment opportunities in
the fixed income securities market. There is no comparison figure as the commencement date of the fund was
5 November 2014.
Portfolio Turnover Ratio (PTR)
2015
PTR (time)
0.53
The fund recorded a PTR of 0.53 times for the financial period ended 2015. There is no comparison figure as the
commencement date of the fund was 5 November 2014.
Distribution
2015
Gross distribution per unit (sen)
-
Net distribution per unit (sen)
-
195
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SELECT MIXED ASSET CONSERVATIVE FUND (PSMACF)
Total Return for the following period ended 30 April 2015
Since Commencement*
PSMACF (%)
4.60
Benchmark index (%)**
0.83
Annual Total Return for the Financial Period Ended 30 April
2015*
PSMACF (%)
4.60
Benchmark index (%)**
0.83
*
The figure shown is for the period since the fund’s commencement (5 November 2014).
**
The fund’s benchmark is a composite index of 65% 3-Month KLIBOR and 35% FTSE Bursa Malaysia KLCI
(FBM KLCI).
Fund Performance Review
The PSMACF registered a total return of +4.60% for the financial period ended 30 April 2015 in comparison to its
benchmark’s return of +0.83% over the same period.
Asset Allocation
2015
Equities & derivatives
27.7%
Fixed income securities
26.2%
Money market instruments & others
46.1%
Following its launch, the fund’s equities weighting gradually increased to 27.7% (27.5% after distribution
reinvestment) for the financial period ended 2015 to capitalise on investment opportunities in the domestic and
regional equity markets. There is no comparison figure as the commencement date of the fund was 5 November 2014.
Portfolio Turnover Ratio (PTR)
2015
PTR (time)
0.58
The fund recorded a PTR of 0.58 times for the financial period ended 2015. There is no comparison figure as the
commencement date of the fund was 5 November 2015.
Distribution
2015
Gross distribution per unit (sen)
0.20
Net distribution per unit (sen)
0.20
Distribution is in the form of cash.
196
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC BALANCED FUND (PBF)
Average Annual Returns for the following periods ended 31 May 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
3.28
6.75
5.00
11.30
11.35
-2.59
3.61
5.77
7.67
5.40
PBF (%)
PBEIX (%)**
Annual Total Return for the Financial Years Ended 31 May
PBF (%)
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
11.60
38.85
4.00
-8.46
15.50
15.79 -10.22
8.38
7.40
3.28
5.98
27.18
-1.35
-9.87
14.42
13.68
8.43
4.90
-2.59
PBEIX (%)**
2.30
*
The figure shown is for the period since the fund’s commencement (6 July 1995).
**
The Public Balanced Equity Index (PBEIX) is a composite index computed based on accumulated daily returns
from the FTSE Bursa Malaysia KLCI (replacement of Kuala Lumpur Composite Index by Bursa Malaysia with
effect from 6 July 2009) and 3-Month KLIBOR in the ratio of 60:40. It is the appropriate benchmark for
balanced funds, which have equity weightings capped at a maximum 60% of the fund’s NAV.
1-Year Fund Performance Review
The PBF registered a total return of +3.28% as compared to the benchmark’s return of -2.59% for the financial
year ended 31 May 2015.
Asset Allocation
2013
2014
2015
Equities
57.5%
54.4%
60.9%
Fixed income securities
33.3%
31.5%
31.1%
9.2%
14.1%
8.0%
Money market instruments & others
The fund’s equity weighting decreased from 57.5% (55.4% after distribution reinvestment) for the financial year
ended 2013 to 54.4% (51.6% after distribution reinvestment) for the financial year ended 2014 to weather the
consolidation phase in the domestic and selected regional markets. For the financial year ended 2015, the fund’s
equity weighting subsequently increased to 60.9% (58.1% after distribution reinvestment) to capitalise on investment
opportunities in the domestic and selected regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.36
0.17
0.19
The fund’s PTR declined from 0.36 times for the financial year ended 2013 to 0.17 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.19 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
2.50
3.75
3.25
Net distribution per unit (sen)
2.49
3.71
3.24
Distribution is in the form of cash.
197
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST BALANCED FUND (PFEBF)
Average Annual Returns for the following periods ended 30 April 2015
1-Year
3-Year
5-Year
Since Commencement*
PFEBF (%)
13.15
7.69
4.72
3.50
Benchmark index (%)**
16.61
9.86
7.06
5.24
Annual Total Return for the Financial Years Ended 30 April
2009
2010
2011
2012
2013
2014
2015
PFEBF (%)
2008*
4.60
-15.33
17.60
6.49
-5.70
3.02
5.59
13.15
Benchmark index (%)**
9.58
-18.43
18.28
8.35
-3.86
5.40
5.44
16.61
*
The figure shown is for the period since the fund’s commencement (12 February 2007).
**
The fund’s benchmark is a composite index of 60% MSCI AC Far-East Ex-Japan Index and 40% 3-Month
KLIBOR.
1-Year Fund Performance Review
The PFEBF registered a total return of +13.15% for the financial year ended 30 April 2015 in comparison to the
benchmark’s return of +16.61% over the same period.
Asset Allocation
2013
2014
2015
Equities & derivatives
58.5%
55.8%
59.5%
Fixed income securities
35.2%
24.3%
25.8%
6.3%
19.9%
14.7%
Money market instruments & others
The fund’s equity weighting decreased from 58.5% for the financial year ended 2013 to 55.8% for the financial year
ended 2014 to lock in profits on selected equity investments. The fund’s equity weighting subsequently increased
to 59.5% (59.1% after distribution reinvestment) for the financial year ended 2015 to capitalise on investment
opportunities in the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.40
0.31
0.46
The fund’s PTR declined from 0.40 times for the financial year ended 2013 to 0.31 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.46 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
-
-
0.20
Net distribution per unit (sen)
-
-
0.19
Distribution is in the form of cash.
198
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC BOND FUND (P BOND)
Average Annual Returns for the following periods ended 31 July 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
P BOND (%)
4.22
3.66
5.73
6.51
14.15
12-Month FDR (%)**
3.30
3.31
3.34
3.78
6.04
Annual Total Return for the Financial Years Ended 31 July
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
P BOND (%)
2.90
8.75
-1.33
8.01
7.64
8.78
6.58
3.43
2.96
4.22
12-Month FDR (%)**
3.77
3.75
3.71
3.09
2.49
2.91
3.18
3.15
3.15
3.30
*
The figure shown is for the period since the fund’s commencement (10 July 1996).
**
The benchmark 12-Month FDR (12-MFD) is computed based on daily returns from 12-MFD quoted by Malayan
Banking Berhad.
1-Year Fund Performance Review
The P BOND registered a total return of +4.22% for the financial year ended 31 July 2015 as compared to its
benchmark’s return of +3.30% over the same period.
Asset Allocation
Fixed income securities
Money market instruments & others
2013
2014
2015
96.5%
96.7%
99.3%
3.5%
3.3%
0.7%
The fund’s fixed income securities weighting increased from 96.5% (91.5% after distribution reinvestment) for
the financial year ended 2013 to 96.7% (91.3% after distribution reinvestment) for the financial year ended 2014
and increased further to 99.3% (94.5% after distribution reinvestment) for the financial year ended 2015 due to
outflows of funds following redemption of units by unitholders.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.28
0.10
0.14
The fund’s PTR declined from 0.28 times for the financial year ended 2013 to 0.10 times for the financial year
ended 2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR increased
to 0.14 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
5.25
5.50
4.75
Net distribution per unit (sen)
5.25
5.50
4.75
Distribution is in the form of cash.
199
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)
Average Annual Returns for the following periods ended 30 April 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PIN BOND (%)
4.03
3.63
3.88
4.32
4.47
CORP 1V (%)**
6.47
4.89
6.62
8.48
7.96
Annual Total Return for the Financial Years Ended 30 April
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
PIN BOND (%)
2.71
4.09
2.93
4.37
4.46
3.93
3.59
3.23
3.27
4.03
CORP 1V (%)**
6.45
10.13
2.76
7.39
7.32
8.34
7.15
5.47
2.13
6.47
*
The figure shown is for the period since the fund’s commencement (20 May 2003).
**
The benchmark CORP 1V Index is essentially a bond index developed by CIMB Berhad to track the changes
in values of a basket comprising of all corporate bonds with maturities of 1 year and above.
1-Year Fund Performance Review
The PIN BOND registered a total return of +4.03% for the financial year ended 30 April 2015 as compared to the
benchmark’s return of +6.47% over the same period.
Asset Allocation
2013
2014
2015
Fixed income securities
86.3%
89.9%
85.9%
Money market instruments & others
13.7%
10.1%
14.1%
The fund’s fixed income securities weighting increased from 86.3% for the financial year ended 2013 to 89.9%
for the financial year ended 2014 to capitalise on investment opportunities in the fixed income securities markets.
For the financial year ended 2015, the fund’s fixed income securities weighting subsequently decreased to 85.9%
due to the disposal of selected bond investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.13
0.37
0.10
The fund’s PTR increased from 0.13 times for the financial year ended 2013 to 0.37 times for the financial year ended
2014 due to higher level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
decreased to 0.10 times due to lower level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
3.71
3.61
3.87
Net distribution per unit (sen)
3.71
3.61
3.87
Distribution is in the form of cash.
200
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ENHANCED BOND FUND (PEBF)
Average Annual Returns for the following periods ended 31 January 2016
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PEBF (%)
3.64
4.14
4.74
6.53
7.00
12-Month FDR (%)**
3.29
3.33
3.39
3.75
3.87
Annual Total Return for the Financial Years Ended 31 January
PEBF (%)
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
10.99
7.75
-5.62
8.83
8.81
4.54
5.28
4.07
4.21
3.64
3.84
3.70
3.67
2.53
2.80
3.07
3.16
3.14
3.23
3.29
12-Month FDR (%)**
*
The figure shown is for the period since the fund’s commencement (2 February 2005).
**
The benchmark 12-Month FDR (12-MFD) is computed based on daily returns from 12-MFD quoted by Malayan
Banking Berhad.
1-Year Fund Performance Review
The PEBF registered a total return of +3.64% for the financial year ended 31 January 2016 as compared to the
benchmark’s return of +3.29% over the same period.
Asset Allocation
2014
2015
2016
Equities
19.6%
16.8%
13.4%
Fixed income securities
75.2%
72.4%
80.3%
5.2%
10.8%
6.3%
Money market instruments & others
The fund’s fixed income securities weighting decreased from 75.2% (71.8% after distribution reinvestment) for
the financial year ended 2014 to 72.4% (69.0% after distribution reinvestment) for the financial year ended 2015
due to an increase in the fund’s NAV following inflows of new funds. The fund’s fixed income securities weighting
subsequently increased to 80.3% (76.7% after distribution reinvestment) for the financial year ended 2016 to
capitalise on investment opportunities in the bond market. The fund’s equity weighting decreased from 19.6%
(18.7% after distribution reinvestment) for the financial year ended 2014 to 16.8% (16.0% after distribution
reinvestment) for the financial year ended 2015 and decreased further to 13.4% (12.8% after distribution
reinvestment) for the financial year ended 2016 to weather the consolidation phase in the domestic equity market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2014
2015
2016
0.10
0.09
0.17
The fund’s PTR decreased from 0.10 times for the financial year ended 2014 to 0.09 times for the financial year ended
2015 due to lower level of rebalancing activities. For the financial year ended 2016, the fund’s PTR subsequently
increased to 0.17 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2014
2015
2016
Gross distribution per unit (sen)
5.00
5.00
4.75
Net distribution per unit (sen)
4.96
4.93
4.75
Distribution is in the form of cash.
201
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SELECT BOND FUND (PSBF)
Average Annual Returns for the following periods ended 31 May 2015
1-Year
3-Year
5-Year
Since Commencement*
PSBF (%)
4.01
3.49
3.98
4.97
12-Month FDR (%)**
3.27
3.30
3.32
3.72
Annual Total Return for the Financial Years Ended 31 May
2006*
2007
2008
2009
2010
2011
2012
2013
2014
2015
PSBF (%)
1.28
6.95
2.89
3.78
6.00
3.57
4.82
3.71
2.40
4.01
12-Month FDR (%)**
1.72
3.79
3.70
3.29
2.51
2.86
3.16
3.15
3.14
3.27
*
The figure shown is for the period since the fund’s commencement (12 December 2005).
**
The benchmark 12-Month FDR (12-MFD) is computed based on daily returns from 12-MFD quoted by Malayan
Banking Berhad.
1-Year Fund Performance Review
The PSBF registered a total return of +4.01% for the financial year ended 31 May 2015 as compared to the
benchmark’s return of +3.27% over the same period.
Asset Allocation
2013
2014
2015
Fixed income securities
87.7%
95.3%
95.8%
Money market instruments & others
12.3%
4.7%
4.2%
The fund’s fixed income securities weighting increased from 87.7% (84.9% after distribution reinvestment) for
the financial year ended 2013 to 95.3% (92.3% after distribution reinvestment) for the financial year ended 2014
and increased further to 95.8% (92.6% after distribution reinvestment) for the financial year ended 2015 due to
outflows of funds following redemption of units by unitholders.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.40
0.19
0.12
The fund’s PTR declined from 0.40 times for the financial year ended 2013 to 0.19 times for the financial year
ended 2014 and declined further to 0.12 times for the financial year ended 2015 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
3.25
3.25
3.50
Net distribution per unit (sen)
3.25
3.25
3.50
Distribution is in the form of cash.
202
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC STRATEGIC BOND FUND (PSTBF)
Average Annual Returns for the following periods ended 31 December 2015
1-Year
3-Year
5-Year
Since Commencement*
PSTBF (%)
4.13
3.48
4.41
4.41
12-Month FDR (%)**
3.35
3.35
3.40
3.40
Annual Total Return for the Financial Years Ended 31 December
2011*
2012
2013
2014
2015
PSTBF (%)
6.41
3.87
2.50
3.46
4.13
12-Month FDR (%)**
3.04
3.17
3.15
3.24
3.35
*
The figure shown is for the period since the fund’s commencement (30 December 2010).
**
The benchmark 12-Month FDR (12-MFD) is computed based on the daily compounding of the average 12MFD quoted by Public Bank.
1-Year Fund Performance Review
The PSTBF registered a total return of +4.13% for the financial year ended 31 December 2015 as compared to the
benchmark’s return of +3.35% over the same period.
Asset Allocation
Fixed income securities
Money market instruments & others
2013
2014
2015
98.9%
89.6%
90.8%
1.1%
10.4%
9.2%
The fund’s fixed income securities weighting decreased from 98.9% (95.7% after distribution reinvestment) for the
financial year ended 2013 to 89.6% (86.2% after distribution reinvestment) for the financial year ended 2014 due
to the disposal of selected bond investments. The fund’s fixed income securities weighting subsequently increased
to 90.8% (87.4% after distribution reinvestment) for the financial year ended 2015 to capitalise on investment
opportunities in the bond market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.21
0.17
0.11
The fund’s PTR declined from 0.21 times for the financial year ended 2013 to 0.17 times for the financial year
ended 2014 and declined further to 0.11 times for the financial year ended 2015 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
3.50
4.00
4.00
Net distribution per unit (sen)
3.50
4.00
4.00
Distribution is in the form of cash.
203
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ENTERPRISES BOND FUND (PENTBF)
Average Annual Returns for the following periods ended 30 September 2015
1-Year
3-Year
Since Commencement*
PENTBF (%)
3.41
3.10
3.30
12-Month FDR (%)**
3.35
3.34
3.35
Annual Total Return for the Financial Years Ended 30 September
2012*
2013
2014
2015
PENTBF (%)
1.95
2.75
2.89
3.41
12-Month FDR (%)**
1.47
3.17
3.19
3.35
*
The figure shown is for the period since the fund’s commencement (9 April 2012).
**
The benchmark 12-Month FDR (12-MFD) is computed based on the daily compounding of the average 12MFD quoted by Public Bank.
1-Year Fund Performance Review
The PENTBF registered a total return of +3.41% for the financial year ended 30 September 2015 as compared to
the benchmark’s return of +3.35% over the same period.
Asset Allocation
Fixed income securities
Money market instruments & others
2013
2014
2015
97.8%
93.1%
90.9%
2.2%
6.9%
9.1%
The fund’s fixed income securities weighting decreased from 97.8% (94.5% after distribution reinvestment) for the
financial year ended 2013 to 93.1% (90.4% after distribution reinvestment) for the financial year ended 2014 and
decreased further to 90.9% (87.9% after distribution reinvestment) for the financial year ended 2015 following
the disposal of selected bond investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.45
0.24
0.41
The fund’s PTR decreased from 0.45 times for the financial year ended 2013 to 0.24 times for the financial year ended
2014 due to lower level of rebalancing activities. For the financial year ended 2015, the fund’s PTR subsequently
increased to 0.41 times due to higher level of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
3.50
3.00
3.50
Net distribution per unit (sen)
3.50
3.00
3.50
Distribution is in the form of cash.
204
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC MONEY MARKET FUND (PMMF)
Average Annual Returns for the following periods ended 31 January 2016
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PMMF (%)
3.51
3.28
3.25
3.33
3.50
Benchmark index (%)**
3.03
3.05
3.19
3.54
3.63
Annual Total Return for the Financial Years Ended 31 January
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
PMMF (%)
3.21
3.13
3.14
2.05
2.37
2.84
2.93
2.88
3.11
3.51
Benchmark index (%)**
3.75
3.62
3.58
2.17
2.71
3.04
3.10
2.90
2.94
3.03
*
The figure shown is for the period since the fund’s commencement (16 December 2003).
**
Prior to 30 April 2010, the fund’s benchmark was 3-Month KLIBOR.
From 30 April 2010 to 29 April 2013, the fund’s benchmark has been replaced with 1-Month KLIBOR.
Effective from 30 April 2013, the fund’s benchmark has been replaced to a composite benchmark index of
90% Public Bank 1-Month FDR and 10% Public Bank Savings Rate – ACE Account as this benchmark is a
better representative of the fund’s investments.
1-Year Fund Performance Review
The PMMF registered a total return of +3.51% for the financial year ended 31 January 2016 as compared to the
benchmark’s return of +3.03% over the same period.
Asset Allocation
Money market instruments & others
2014
2015
2016
100.0%
100.0%
100.0%
The fund focuses its investments in short-term money market instruments that are highly liquid and deposit
placements with licensed financial institutions.
Portfolio Turnover Ratio (PTR)
PTR (time)
2014
2015
2016
0.27
0.36
0.06
The fund’s PTR increased from 0.27 times for the financial year ended 2014 to 0.36 times for the financial year ended
2015 due to higher level of rebalancing activities. For the financial year ended 2016, the fund’s PTR subsequently
decreased to 0.06 times due to lower level of rebalancing activities undertaken by the fund.
Distribution
2014
2015
2016
Gross distribution per unit (sen)
3.00
2.50
3.00
Net distribution per unit (sen)
3.00
2.50
3.00
Distribution is in the form of cash.
205
5
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS
5.1 EXTRACTS OF FINANCIAL STATEMENTS OF THE FUNDS
This section covers the extracts of the following funds’ audited Statement of Income and Expenditure and Statement
of Assets and Liabilities for the past 3 financial years preceding the date of this Master Prospectus:
Public Savings Fund (PSF)
Page 208
Public Growth Fund (PGF)
Page 208
Public Index Fund (PIX)
Page 209
Public Industry Growth Fund (PINDGF)
Page 209
Public Aggressive Growth Fund (PAGF)
Page 210
Public Regular Savings Fund (PRSF)
Page 210
Public SmallCap Fund (P SmallCap)
Page 211
Public Equity Fund (PEF)
Page 211
Public Focus Select Fund (PFSF)
Page 212
Public Dividend Select Fund (PDSF)
Page 212
Public Far-East Select Fund (PFES)
Page 213
Public Regional Sector Fund (PRSEC)
Page 213
Public Global Select Fund (PGSF)
Page 214
Public Far-East Dividend Fund (PFEDF)
Page 214
Public China Select Fund (PCSF)
Page 215
Public Far-East Property & Resorts Fund (PFEPRF)
Page 215
Public South-East Asia Select Fund (PSEASF)
Page 216
Public Sector Select Fund (PSSF)
Page 216
Public Far-East Consumer Themes Fund (PFECTF)
Page 217
Public China Titans Fund (PCTF)
Page 217
Public Far-East Telco & Infrastructure Fund (PFETIF)
Page 218
Public Select Alpha-30 Fund (PSA30F)
Page 218
Public Worldwide Equity Fund (PWEF)
(Formerly known as Public Natural Resources Equity Fund)
Page 219
Public Australia Equity Fund (PAUEF)
Page 219
Public Far-East Alpha-30 Fund (PFA30F)
Page 220
Public Optimal Growth Fund (POGF)
Page 220
Public Indonesia Select Fund (PINDOSF)
Page 221
Public Singapore Equity Fund (PSGEF)
Page 221
Public Strategic SmallCap Fund (PSSCF)
Page 222
Public Strategic Growth Fund (PSTGF)
Page 222
206
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
Public Tactical Allocation Fund (PTAF)
Page 223
Public Select Mixed Asset Growth Fund (PSMAGF)
Page 223
Public Select Mixed Asset Conservative Fund (PSMACF)
Page 224
Public Balanced Fund (PBF)
Page 224
Public Far-East Balanced Fund (PFEBF)
Page 225
Public Bond Fund (P BOND)
Page 225
Public Institutional Bond Fund (PIN BOND)
Page 226
Public Enhanced Bond Fund (PEBF)
Page 226
Public Select Bond Fund (PSBF)
Page 227
Public Strategic Bond Fund (PSTBF)
Page 227
Public Enterprises Bond Fund (PENTBF)
Page 228
Public Money Market Fund (PMMF)
Page 228
Note:
There are no extracts of Statement of Income and Expenditure and Statement of Assets and Liabilities for PSTEF,
PAVGEF, PGRBF, PEMOF and PRSSQF as the funds will be having their first financial period ending on 31 August
2016, 30 September 2016, 31 October 2016, 31 January 2017 and 28 February 2017 respectively.
Past performance of the funds is not an indication of their future performance.
The audited financial statements of the funds are disclosed in the respective fund’s annual report.
The fund’s annual report is available upon request.
207
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC SAVINGS FUND (PSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 December
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
522
(34,533)
11,675
(35,870)
255,617
(32,176)
Net investment (loss)/income
(34,011)
(24,195)
223,441
Net (loss)/income before taxation
(34,011)
(24,195)
223,441
Net (loss)/income after taxation
(34,487)
(24,858)
220,942
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
1,875,969
24,619
1,929,711
114,642
2,164,963
26,772
Total assets
1,900,588
2,044,353
2,191,735
Extract of Statement of Assets and Liabilities as at 31 December
Total liabilities
(110,337)
NAV/Unitholders’ capital
1,790,251
(140,381)
1,903,972
(107,457)
2,084,278
PUBLIC GROWTH FUND (PGF)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2015
RM’000
2014
RM’000
2013
RM’000
Investment (loss)/income
Total expenses
(18,822)
(19,264)
108,536
(19,374)
172,786
(18,479)
Net investment (loss)/income
(38,086)
89,162
154,307
Net (loss)/income before taxation
(38,086)
89,162
154,307
Net (loss)/income after taxation
(38,351)
88,557
153,358
2015
RM’000
2014
RM’000
2013
RM’000
988,961
49,575
1,098,856
43,811
1,056,039
37,413
1,038,536
1,142,667
1,093,452
Extract of Statement of Assets and Liabilities as at 31 July
Total investments
Total other assets
Total assets
Total liabilities
(77,419)
NAV/Unitholders’ capital
961,117
Note: Unitholders’ capital refers to the NAV attributable to unitholders.
208
(70,598)
1,072,069
(62,550)
1,030,902
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC INDEX FUND (PIX)
Extract of Statement of Income and Expenditure for the financial years ended 31 January
2016
RM’000
2015
RM’000
2014
RM’000
Investment (loss)/income
Total expenses
(13,509)
(15,817)
27,499
(15,449)
138,504
(14,720)
Net investment (loss)/income
(29,326)
12,050
123,784
Net (loss)/income before taxation
(29,326)
12,050
123,784
Net (loss)/income after taxation
(29,366)
12,018
122,670
2016
RM’000
2015
RM’000
2014
RM’000
Total investments
Total other assets
906,288
1,130
935,882
507
907,125
7,948
Total assets
907,418
936,389
915,073
Extract of Statement of Assets and Liabilities as at 31 January
Total liabilities
(34,289)
NAV/Unitholders’ capital
873,129
(66,508)
869,881
(58,247)
856,826
PUBLIC INDUSTRY GROWTH FUND (PINDGF)
Extract of Statement of Income and Expenditure for the financial years ended 31 October
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
8,418
(5,174)
16,945
(4,075)
19,036
(3,596)
Net investment income
3,244
12,870
15,440
Net income before taxation
3,244
12,870
15,440
Net income after taxation
3,291
12,753
15,348
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
323,239
9,759
237,721
11,997
190,973
2,736
Total assets
332,998
249,718
193,709
Extract of Statement of Assets and Liabilities as at 31 October
Total liabilities
(23,558)
NAV/Unitholders’ capital
309,440
209
(24,378)
225,340
(17,086)
176,623
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC AGGRESSIVE GROWTH FUND (PAGF)
Extract of Statement of Income and Expenditure for the financial years ended 31 March
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
20,154
(8,106)
72,171
(9,353)
23,057
(9,772)
Net investment income
12,048
62,818
13,285
Net income before taxation
12,048
62,818
13,285
Net income after taxation
11,988
62,288
12,691
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
445,754
19,263
504,234
9,046
461,588
45,052
Total assets
465,017
513,280
506,640
Extract of Statement of Assets and Liabilities as at 31 March
Total liabilities
(21,952)
NAV/Unitholders’ capital
443,065
(21,244)
492,036
(23,534)
483,106
PUBLIC REGULAR SAVINGS FUND (PRSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 March
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
247,578
(79,990)
495,780
(59,021)
257,404
(47,456)
Net investment income
167,588
436,759
209,948
Net income before taxation
167,588
436,759
209,948
Net income after taxation
166,540
433,559
205,236
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
5,267,931
18,068
4,319,449
46,068
2,991,817
13,661
Total assets
5,285,999
4,365,517
3,005,478
Extract of Statement of Assets and Liabilities as at 31 March
Total liabilities
(343,034)
NAV/Unitholders’ capital
4,942,965
210
(280,523)
4,084,994
(227,708)
2,777,770
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC SMALLCAP FUND (P SmallCap)
Extract of Statement of Income and Expenditure for the financial years ended 31 August
2015
RM’000
2014
RM’000
2013
RM’000
Investment (loss)/income
Total expenses
(33,179)
(17,906)
218,509
(16,546)
193,355
(15,395)
Net investment (loss)/income
(51,085)
201,963
177,960
Net (loss)/income before taxation
(51,085)
201,963
177,960
Net (loss)/income after taxation
(51,792)
200,933
174,602
2015
RM’000
2014
RM’000
2013
RM’000
996,015
29,079
1,093,864
16,997
875,275
62,771
1,025,094
1,110,861
938,046
Extract of Statement of Assets and Liabilities as at 31 August
Total investments
Total other assets
Total assets
Total liabilities
(76,592)
NAV/Unitholders’ capital
948,502
(90,068)
1,020,793
(68,528)
869,518
PUBLIC EQUITY FUND (PEF)
Extract of Statement of Income and Expenditure for the financial years ended 31 October
2015
RM’000
2014
RM’000
2013
RM’000
Investment (loss)/income
Total expenses
(855)
(14,948)
49,055
(15,686)
130,818
(15,668)
Net investment (loss)/income
(15,803)
33,369
115,150
Net (loss)/income before taxation
(15,803)
33,369
115,150
Net (loss)/income after taxation
(15,943)
33,063
114,597
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
822,670
6,944
893,337
11,295
864,497
21,162
Total assets
829,614
904,632
885,659
Extract of Statement of Assets and Liabilities as at 31 October
Total liabilities
(65,061)
NAV/Unitholders’ capital
764,553
211
(61,076)
843,556
(57,754)
827,905
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC FOCUS SELECT FUND (PFSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 December
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
60,416
(13,969)
11,912
(13,068)
37,638
(10,699)
Net investment income/(loss)
46,447
(1,156)
26,939
Net income/(loss) before taxation
46,447
(1,156)
26,939
Net income/(loss) after taxation
46,111
(1,592)
25,824
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
770,960
43,906
686,779
72,896
738,233
12,541
Total assets
814,866
759,675
750,774
Extract of Statement of Assets and Liabilities as at 31 December
Total liabilities
(29,540)
NAV/Unitholders’ capital
785,326
(40,674)
719,001
(51,095)
699,679
PUBLIC DIVIDEND SELECT FUND (PDSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2015
RM’000
2014
RM’000
2013
RM’000
Investment (loss)/income
Total expenses
(32,131)
(31,792)
130,984
(25,705)
171,384
(18,284)
Net investment (loss)/income
(63,923)
105,279
153,100
Net (loss)/income before taxation
(63,923)
105,279
153,100
Net (loss)/income after taxation
(64,291)
104,247
151,253
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
1,765,825
75,522
1,643,846
72,717
1,182,020
69,750
Total assets
1,841,347
1,716,563
1,251,770
Extract of Statement of Assets and Liabilities as at 31 May
Total liabilities
(64,884)
NAV/Unitholders’ capital
1,776,463
212
(121,164)
1,595,399
(79,304)
1,172,466
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC FAR-EAST SELECT FUND (PFES)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
97,278
(6,657)
28,410
(6,698)
52,992
(7,744)
Net investment income
90,621
21,712
45,248
Net income before taxation
90,621
21,712
45,248
Net income after taxation
89,882
21,040
44,611
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
355,041
17,516
316,812
9,139
366,129
25,451
Total assets
372,557
325,951
391,580
Extract of Statement of Assets and Liabilities as at 31 May
Total liabilities
(20,800)
NAV/Unitholders’ capital
351,757
(2,225)
323,726
(8,538)
383,042
PUBLIC REGIONAL SECTOR FUND (PRSEC)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
43,743
(6,120)
31,256
(4,969)
47,022
(5,809)
Net investment income
37,623
26,287
41,213
Net income before taxation
37,623
26,287
41,213
Net income after taxation
37,192
25,825
40,792
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
215,766
28,950
208,131
35,231
230,983
36,349
Total assets
244,716
243,362
267,332
Extract of Statement of Assets and Liabilities as at 31 May
Total liabilities
(29,422)
NAV/Unitholders’ capital
215,294
213
(1,026)
242,336
(1,373)
265,959
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC GLOBAL SELECT FUND (PGSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
24,836
(3,514)
16,615
(2,436)
17,888
(1,883)
Net investment income
21,322
14,179
16,005
Net income before taxation
21,322
14,179
16,005
Net income after taxation
20,805
13,793
15,751
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
154,065
3,731
130,017
10,774
69,113
14,452
Total assets
157,796
140,791
83,565
Extract of Statement of Assets and Liabilities as at 31 May
Total liabilities
(6,012)
NAV/Unitholders’ capital
151,784
(1,601)
139,190
(369)
83,196
PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)
Extract of Statement of Income and Expenditure for the financial years ended 30 November
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
41,979
(5,919)
31,427
(5,447)
35,888
(9,188)
Net investment income
36,060
25,980
26,700
Net income before taxation
36,060
25,980
26,700
Net income after taxation
35,244
25,051
25,700
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
260,857
11,307
269,160
9,352
302,480
15,820
Total assets
272,164
278,512
318,300
Extract of Statement of Assets and Liabilities as at 30 November
Total liabilities
(4,819)
NAV/Unitholders’ capital
267,345
214
(5,877)
272,635
(1,327)
316,973
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC CHINA SELECT FUND (PCSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
193,235
(15,359)
114,517
(15,260)
147,536
(18,939)
Net investment income
177,876
99,257
128,597
Net income before taxation
177,876
99,257
128,597
Net income after taxation
175,267
97,314
126,172
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
787,913
27,924
730,462
27,979
749,096
50,202
Total assets
815,837
758,441
799,298
Extract of Statement of Assets and Liabilities as at 31 July
Total liabilities
(9,889)
NAV/Unitholders’ capital
805,948
(3,726)
754,715
(5,431)
793,867
PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
21,063
(6,723)
15,489
(7,363)
86,137
(8,194)
Net investment income
14,340
8,126
77,943
Net income before taxation
14,340
8,126
77,943
Net income after taxation
13,749
7,499
77,316
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
285,442
29,191
323,411
16,866
330,601
75,406
Total assets
314,633
340,277
406,007
Extract of Statement of Assets and Liabilities as at 31 July
Total liabilities
(26,809)
NAV/Unitholders’ capital
287,824
215
(29,284)
310,993
(25,536)
380,471
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)
Extract of Statement of Income and Expenditure for the financial years ended 31 October
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
34,314
(9,060)
37,973
(7,987)
43,639
(9,046)
Net investment income
25,254
29,986
34,593
Net income before taxation
25,254
29,986
34,593
Net income after taxation
24,697
29,375
33,733
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
390,809
3,942
391,334
12,702
420,769
5,142
Total assets
394,751
404,036
425,911
Extract of Statement of Assets and Liabilities as at 31 October
Total liabilities
(20,291)
NAV/Unitholders’ capital
374,460
(22,835)
381,201
(20,285)
405,626
PUBLIC SECTOR SELECT FUND (PSSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 October
2015
RM’000
2014
RM’000
2013
RM’000
Investment (loss)/income
Total expenses
(830)
(8,890)
37,588
(8,408)
56,464
(8,010)
Net investment (loss)/income
(9,720)
29,180
48,454
Net (loss)/income before taxation
(9,720)
29,180
48,454
Net (loss)/income after taxation
(9,869)
28,959
47,973
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
498,355
1,468
522,443
273
488,311
5,261
Total assets
499,823
522,716
493,572
Extract of Statement of Assets and Liabilities as at 31 October
Total liabilities
(36,128)
NAV/Unitholders’ capital
463,695
216
(32,424)
490,292
(22,529)
471,043
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)
Extract of Statement of Income and Expenditure for the financial years ended 30 June
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
1,463
(3,084)
17,457
(3,313)
17,915
(3,676)
Net investment (loss)/income
(1,621)
14,144
14,239
Net (loss)/income before taxation
(1,621)
14,144
14,239
Net (loss)/income after taxation
(1,812)
13,965
14,065
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
122,739
7,668
136,562
11,898
142,171
14,177
Total assets
130,407
148,460
156,348
Extract of Statement of Assets and Liabilities as at 30 June
Total liabilities
(8,664)
NAV/Unitholders’ capital
121,743
(12,513)
135,947
(463)
155,885
PUBLIC CHINA TITANS FUND (PCTF)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
27,025
(1,806)
7,203
(1,805)
7,712
(1,624)
Net investment income
25,219
5,398
6,088
Net income before taxation
25,219
5,398
6,088
Net income after taxation
25,006
5,135
5,859
2015
RM’000
2014
RM’000
2013
RM’000
93,530
10,843
71,585
3,968
84,724
4,949
104,373
75,553
89,673
Extract of Statement of Assets and Liabilities as at 31 May
Total investments
Total other assets
Total assets
Total liabilities
(707)
NAV/Unitholders’ capital
103,666
217
(165)
75,388
(839)
88,834
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC FAR-EAST TELCO & INFRASTRUCTURE FUND (PFETIF)
Extract of Statement of Income and Expenditure for the financial years ended 30 April
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
17,760
(1,585)
6,767
(1,544)
11,266
(1,613)
Net investment income
16,175
5,223
9,653
Net income before taxation
16,175
5,223
9,653
Net income after taxation
16,068
5,086
9,533
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
85,924
3,105
64,920
5,105
76,031
1,648
Total assets
89,029
70,025
77,679
Extract of Statement of Assets and Liabilities as at 30 April
Total liabilities
(3,483)
NAV/Unitholders’ capital
85,546
(3,576)
66,449
(56)
77,623
PUBLIC SELECT ALPHA-30 FUND (PSA30F)
Extract of Statement of Income and Expenditure for the financial years ended 30 November
2015
RM’000
2014
RM’000
2,348
(1,590)
2013
RM’000
Investment (loss)/income
Total expenses
(5,802)
(1,529)
9,546
(1,171)
Net investment (loss)/income
(7,331)
758
8,375
Net (loss)/income before taxation
(7,331)
758
8,375
Net (loss)/income after taxation
(7,331)
758
8,316
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
75,932
2,176
87,176
647
72,134
2,091
Total assets
78,108
87,823
74,225
Extract of Statement of Assets and Liabilities as at 30 November
Total liabilities
(5,553)
NAV/Unitholders’ capital
72,555
218
(6,054)
81,769
(5,056)
69,169
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC WORLDWIDE EQUITY FUND (PWEF)
(Formerly known as Public Natural Resources Equity Fund)
Extract of Statement of Income and Expenditure for the financial years ended 30 November
2015
RM’000
Investment (loss)/income
Total expenses
2014
RM’000
2013
RM’000
(9,249)
(3,050)
(3,903)
(3,713)
25,350
(4,981)
Net investment (loss)/income
(12,299)
(7,616)
20,369
Net (loss)/income before taxation
(12,299)
(7,616)
20,369
Net (loss)/income after taxation
(12,466)
(7,775)
20,117
Extract of Statement of Assets and Liabilities as at 30 November
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
137,864
11,973
146,856
3,132
188,146
15,045
Total assets
149,837
149,988
203,191
Total liabilities
(1,905)
NAV/Unitholders’ capital
147,932
(687)
149,301
(900)
202,291
PUBLIC AUSTRALIA EQUITY FUND (PAUEF)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2015
RM’000
2014
RM’000
2013
RM’000
Investment (loss)/income
Total expenses
(4,281)
(4,789)
46,925
(4,990)
26,613
(5,528)
Net investment (loss)/income
(9,070)
41,935
21,085
Net (loss)/income before taxation
(9,070)
41,935
21,085
Net (loss)/income after taxation
(9,156)
41,801
21,002
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
225,302
11,317
253,394
5,436
262,765
7,800
Total assets
236,619
258,830
270,565
Extract of Statement of Assets and Liabilities as at 31 July
Total liabilities
(17,826)
NAV/Unitholders’ capital
218,793
219
(20,500)
238,330
(17,966)
252,599
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC FAR-EAST ALPHA-30 FUND (PFA30F)
Extract of Statement of Income and Expenditure for the financial years ended 30 November
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
19,981
(2,164)
7,797
(2,092)
22,121
(3,204)
Net investment income
17,817
5,705
18,917
Net income before taxation
17,817
5,705
18,917
Net income after taxation
17,570
5,451
18,633
2015
RM’000
2014
RM’000
2013
RM’000
97,087
10,353
91,707
7,371
115,160
6,760
107,440
99,078
121,920
Extract of Statement of Assets and Liabilities as at 30 November
Total investments
Total other assets
Total assets
Total liabilities
(389)
NAV/Unitholders’ capital
107,051
(540)
98,538
(1,085)
120,835
PUBLIC OPTIMAL GROWTH FUND (POGF)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2015
RM’000
Investment (loss)/income
Total expenses
2014
RM’000
2013
RM’000
(5,014)
(5,470)
12,231
(2,031)
4,745
(726)
Net investment (loss)/income
(10,484)
10,200
4,019
Net (loss)/income before taxation
(10,484)
10,200
4,019
Net (loss)/income after taxation
(10,577)
10,127
3,932
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
338,552
2,556
214,013
4,516
38,961
271
Total assets
341,108
218,529
39,232
Extract of Statement of Assets and Liabilities as at 31 July
Total liabilities
(17,167)
NAV/Unitholders’ capital
323,941
220
(20,579)
197,950
(3,372)
35,860
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC INDONESIA SELECT FUND (PINDOSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 August
2015
RM’000
Investment (loss)/income
Total expenses
2014
RM’000
2013
RM’000
(6,360)
(5,423)
41,705
(4,780)
(15,484)
(3,262)
Net investment (loss)/income
(11,783)
36,925
(18,746)
Net (loss)/income before taxation
(11,783)
36,925
(18,746)
Net (loss)/income after taxation
(12,200)
36,360
(19,118)
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
201,235
6,353
223,755
12,365
149,802
6,083
Total assets
207,588
236,120
155,885
Extract of Statement of Assets and Liabilities as at 31 August
Total liabilities
(12,939)
NAV/Unitholders’ capital
194,649
(9,243)
226,877
(9,382)
146,503
PUBLIC SINGAPORE EQUITY FUND (PSGEF)
Extract of Statement of Income and Expenditure for the financial years ended 30 September
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
18,091
(4,392)
9,146
(4,163)
19,130
(4,116)
Net investment income
13,699
4,983
15,014
Net income before taxation
13,699
4,983
15,014
Net income after taxation
13,652
4,908
14,932
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
201,882
27,025
215,427
9,366
218,329
4,080
Total assets
228,907
224,793
222,409
Extract of Statement of Assets and Liabilities as at 30 September
Total liabilities
(10,074)
NAV/Unitholders’ capital
218,833
221
(11,461)
213,332
(8,832)
213,577
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC STRATEGIC SMALLCAP FUND (PSSCF)
Extract of Statement of Income and Expenditure for the financial years ended 30 September
2015
RM’000
2014
RM’000
2013
RM’000
Investment (loss)/income
Total expenses
(14,371)
(9,103)
41,633
(5,413)
17,318
(1,957)
Net investment (loss)/income
(23,474)
36,220
15,361
Net (loss)/income before taxation
(23,474)
36,220
15,361
Net (loss)/income after taxation
(23,553)
36,171
15,073
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
546,716
6,106
474,217
9,299
181,444
6,061
Total assets
552,822
483,516
187,505
Extract of Statement of Assets and Liabilities as at 30 September
Total liabilities
(18,285)
NAV/Unitholders’ capital
534,537
(17,210)
466,306
(8,017)
179,488
PUBLIC STRATEGIC GROWTH FUND (PSTGF)
Extract of Statement of Income and Expenditure for the financial period ended 31 August
From
8.12.14
to 31.8.15
RM’000
Investment income
Total expenses
596
(461)
Net investment income
135
Net income before taxation
135
Net income after taxation
124
Extract of Statement of Assets and Liabilities as at 31 August
2015
RM’000
Total investments
Total other assets
26,515
3,309
Total assets
29,824
Total liabilities
(483)
NAV/Unitholders’ capital
29,341
222
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC TACTICAL ALLOCATION FUND (PTAF)
Extract of Statement of Income and Expenditure for the financial years ended 30 April
2015
RM’000
Investment income
Total expenses
2014
RM’000
2013
RM’000
10,894
(988)
4,056
(1,051)
3,819
(1,415)
Net investment income
9,906
3,005
2,404
Net income before taxation
9,906
3,005
2,404
Net income after taxation
9,816
2,904
2,270
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
40,954
6,700
36,587
7,273
42,519
6,971
Total assets
47,654
43,860
49,490
Extract of Statement of Assets and Liabilities as at 30 April
Total liabilities
(434)
NAV/Unitholders’ capital
47,220
(355)
43,505
(227)
49,263
PUBLIC SELECT MIXED ASSET GROWTH FUND (PSMAGF)
Extract of Statement of Income and Expenditure for the financial period ended 30 April
From
16.10.14
to 30.4.15
RM’000
Investment income
Total expenses
546
(118)
Net investment income
428
Net income before taxation
428
Net income after taxation
428
Extract of Statement of Assets and Liabilities as at 30 April
2015
RM’000
Total investments
Total other assets
12,274
528
Total assets
12,802
Total liabilities
(54)
NAV/Unitholders’ capital
12,748
223
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC SELECT MIXED ASSET CONSERVATIVE FUND (PSMACF)
Extract of Statement of Income and Expenditure for the financial period ended 30 April
From
16.10.14
to 30.4.15
RM’000
Investment income
Total expenses
238
(25)
Net investment income
213
Net income before taxation
213
Net income after taxation
213
Extract of Statement of Assets and Liabilities as at 30 April
2015
RM’000
Total investments
Total other assets
5,314
440
Total assets
5,754
Total liabilities
(51)
NAV/Unitholders’ capital
5,703
PUBLIC BALANCED FUND (PBF)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
19,524
(6,825)
35,220
(6,706)
37,864
(6,964)
Net investment income
12,699
28,514
30,900
Net income before taxation
12,699
28,514
30,900
Net income after taxation
12,567
28,292
30,574
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
384,483
8,337
383,250
19,699
390,589
14,897
Total assets
392,820
402,949
405,486
Extract of Statement of Assets and Liabilities as at 31 May
Total liabilities
(19,090)
NAV/Unitholders’ capital
373,730
224
(22,453)
380,496
(20,581)
384,905
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC FAR-EAST BALANCED FUND (PFEBF)
Extract of Statement of Income and Expenditure for the financial years ended 30 April
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
20,129
(2,913)
13,938
(3,519)
10,814
(4,309)
Net investment income
17,216
10,419
6,505
Net income before taxation
17,216
10,419
6,505
Net income after taxation
17,072
10,241
6,245
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
126,142
13,295
150,044
17,092
187,616
8,226
Total assets
139,437
167,136
195,842
Extract of Statement of Assets and Liabilities as at 30 April
Total liabilities
(2,031)
NAV/Unitholders’ capital
137,406
(905)
166,231
(1,082)
194,760
PUBLIC BOND FUND (P BOND)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
55,859
(9,010)
44,772
(9,540)
55,620
(10,325)
Net investment income
46,849
35,232
45,295
Net income before taxation
46,849
35,232
45,295
Net income after taxation
46,605
34,974
44,590
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
1,107,523
305
1,176,458
194
1,287,087
363
Total assets
1,107,828
1,176,652
1,287,450
Extract of Statement of Assets and Liabilities as at 31 July
Total liabilities
(65,504)
NAV/Unitholders’ capital
1,042,324
225
(66,909)
1,109,743
(70,561)
1,216,889
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)
Extract of Statement of Income and Expenditure for the financial years ended 30 April
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
82,697
(9,588)
66,482
(9,210)
63,926
(8,953)
Net investment income
73,109
57,272
54,973
Net income before taxation
73,109
57,272
54,973
Net income after taxation
73,109
57,272
54,973
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
1,901,086
669
1,813,129
66
1,755,828
69
Total assets
1,901,755
1,813,195
1,755,897
Extract of Statement of Assets and Liabilities as at 30 April
Total liabilities
(16,205)
NAV/Unitholders’ capital
1,885,550
(755)
1,812,440
(732)
1,755,165
PUBLIC ENHANCED BOND FUND (PEBF)
Extract of Statement of Income and Expenditure for the financial years ended 31 January
2016
RM’000
2015
RM’000
2014
RM’000
Investment income
Total expenses
15,245
(3,736)
16,847
(3,478)
15,585
(3,328)
Net investment income
11,509
13,369
12,257
Net income before taxation
11,509
13,369
12,257
Net income after taxation
11,435
13,302
12,006
2016
RM’000
2015
RM’000
2014
RM’000
Total investments
Total other assets
320,449
216
334,886
244
314,545
1,371
Total assets
320,665
335,130
315,916
Extract of Statement of Assets and Liabilities as at 31 January
Total liabilities
(15,399)
NAV/Unitholders’ capital
305,266
226
(15,632)
319,498
(15,110)
300,806
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC SELECT BOND FUND (PSBF)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
55,199
(9,226)
46,079
(11,583)
71,449
(12,346)
Net investment income
45,973
34,496
59,103
Net income before taxation
45,973
34,496
59,103
Net income after taxation
45,973
34,496
59,103
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
1,064,913
351
1,301,102
64
1,850,298
114
Total assets
1,065,264
1,301,166
1,850,412
Extract of Statement of Assets and Liabilities as at 31 May
Total liabilities
(43,906)
NAV/Unitholders’ capital
1,021,358
(45,298)
1,255,868
(73,947)
1,776,465
PUBLIC STRATEGIC BOND FUND (PSTBF)
Extract of Statement of Income and Expenditure for the financial years ended 31 December
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
19,703
(3,314)
19,105
(3,650)
20,159
(4,851)
Net investment income
16,389
15,455
15,308
Net income before taxation
16,389
15,455
15,308
Net income after taxation
16,310
15,379
15,182
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
401,575
178
405,993
1,405
542,043
60
Total assets
401,753
407,398
542,103
Extract of Statement of Assets and Liabilities as at 31 December
Total liabilities
(16,217)
NAV/Unitholders’ capital
385,536
227
(15,345)
392,053
(18,935)
523,168
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ENTERPRISES BOND FUND (PENTBF)
Extract of Statement of Income and Expenditure for the financial years ended 30 September
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
3,267
(662)
3,494
(831)
3,482
(875)
Net investment income
2,605
2,663
2,607
Net income before taxation
2,605
2,663
2,607
Net income after taxation
2,605
2,663
2,607
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
84,967
57
82,439
73
125,301
341
Total assets
85,024
82,512
125,642
Extract of Statement of Assets and Liabilities as at 30 September
Total liabilities
(3,069)
NAV/Unitholders’ capital
81,955
(2,869)
79,643
(4,335)
121,307
PUBLIC MONEY MARKET FUND (PMMF)
Extract of Statement of Income and Expenditure for the financial years ended 31 January
2016
RM’000
2015
RM’000
2014
RM’000
Investment income
Total expenses
15,018
(1,307)
11,823
(1,380)
12,028
(1,495)
Net investment income
13,711
10,443
10,533
Net income before taxation
13,711
10,443
10,533
Net income after taxation
13,711
10,443
10,533
2016
RM’000
2015
RM’000
2014
RM’000
Total investments
Total other assets
368,681
3,776
363,430
2,545
364,487
3,960
Total assets
372,457
365,975
368,447
Extract of Statement of Assets and Liabilities as at 31 January
Total liabilities
(13,204)
NAV/Unitholders’ capital
359,253
228
(9,445)
356,530
(10,878)
357,569
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
5.2 EXPENSES INCURRED BY THE FUNDS
The table below shows the total annual expenses incurred by the funds in their respective preceding financial year.
Fund name
Management fee
Trustee fee
Other expenses
Total annual
expenses
RM’000
%#
RM’000
%#
RM’000
%#
RM’000
%#
PSF
29,889
1.46
618
0.03
236
0.01
30,743
1.50
PGF
16,160
1.46
610
0.06
185
0.01
16,955
1.53
PIX
14,178
1.50
567
0.06
116
0.01
14,861
1.57
PINDGF
4,230
1.50
170
0.06
94
0.03
4,494
1.59
PAGF
7,148
1.48
289
0.06
95
0.02
7,532
1.56
PRSF
72,366
1.50
600
0.01
575
0.01
73,541
1.52
P SmallCap
16,707
1.50
613
0.06
142
0.01
17,462
1.57
PEF
13,012
1.46
536
0.06
151
0.01
13,699
1.53
PFSF
12,403
1.50
496
0.06
119
0.01
13,018
1.57
PDSF
27,030
1.50
600
0.03
381
0.02
28,011
1.55
PFES
4,954
1.48
201
0.06
149
0.04
5,304
1.58
PRSEC
3,839
1.60
144
0.06
143
0.06
4,126
1.72
PGSF
2,505
1.79
84
0.06
118
0.08
2,707
1.93
PFEDF
4,748
1.60
178
0.06
132
0.04
5,058
1.70
PCSF
12,201
1.45
503
0.06
296
0.04
13,000
1.55
PFEPRF
5,639
1.70
199
0.06
134
0.04
5,972
1.80
PSEASF
6,703
1.60
251
0.06
238
0.06
7,192
1.72
PSSF
7,840
1.50
314
0.06
77
0.01
8,231
1.57
PFECTF
2,332
1.70
82
0.06
110
0.08
2,524
1.84
PCTF
1,344
1.58
51
0.06
70
0.08
1,465
1.72
PFETIF
1,247
1.67
45
0.06
82
0.11
1,374
1.84
PSA30F
1,250
1.49
50
0.06
33
0.04
1,333
1.59
PWEF
2,622
1.69
93
0.06
63
0.04
2,778
1.79
PAUEF
4,109
1.64
151
0.06
111
0.04
4,371
1.74
PFA30F
1,728
1.60
65
0.06
72
0.07
1,865
1.73
POGF
4,558
1.49
183
0.06
58
0.02
4,799
1.57
PINDOSF
3,777
1.66
137
0.06
202
0.09
4,116
1.81
PSGEF
3,762
1.60
142
0.06
138
0.06
4,042
1.72
PSSCF
8,061
1.49
324
0.06
91
0.02
8,476
1.57
PSTGF
264
1.47
14
0.08
37
0.21
315
1.76
PTAF
712
1.65
26
0.06
65
0.15
803
1.86
58
1.06
10
0.19
16
0.30
84
1.55
PSMAGF
6
0.25
1
0.06
7
0.37
14
0.68
PBF
PSMACF
6,000
1.50
240
0.06
108
0.03
6,348
1.59
PFEBF
2,237
1.60
84
0.06
106
0.07
2,427
1.73
229
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
Fund name
Management fee
Trustee fee
Total annual
expenses
Other expenses
RM’000
%#
RM’000
%#
RM’000
%#
RM’000
%#
P BOND
8,626
0.75
302
0.02
82
0.01
9,010
0.78
PIN BOND
9,273
0.50
300
0.02
15
-
9,588
0.52
PEBF
3,466
1.00
122
0.03
46
0.01
3,634
1.04
PSBF
8,834
0.75
300
0.02
92
0.01
9,226
0.78
PSTBF
3,118
0.74
148
0.03
48
0.02
3,314
0.79
608
0.75
29
0.03
25
0.03
662
0.81
1,194
0.28
83
0.02
30
0.01
1,307
0.31
PENTBF
PMMF
# Reflected as a percentage of average NAV.
^ Less than 0.01%
Note: Other expenses exclude brokerage fee.
The MER of the funds for the past 3 financial years is as follows:
Fund name
MER (%)
Fund name
MER (%)
PSF
31 December 2015
31 December 2014
31 December 2013
1.50
1.54
1.55
PDSF
31 May 2015
31 May 2014
31 May 2013
1.55
1.56
1.57
PGF
31 July 2015
31 July 2014
31 July 2013
1.53
1.58
1.57
PFES
31 May 2015
31 May 2014
31 May 2013
1.58
1.71
1.68
PIX
31 January 2016
31 January 2015
31 January 2014
1.57
1.57
1.57
PRSEC
31 May 2015
31 May 2014
31 May 2013
1.72
1.71
1.71
PINDGF
31 October 2015
31 October 2014
31 October 2013
1.59
1.60
1.59
PGSF
31 May 2015
31 May 2014
31 May 2013
1.93
1.91
1.90
PAGF
31 March 2015
31 March 2014
31 March 2013
1.56
1.58
1.58
PFEDF
30 November 2015
30 November 2014
30 November 2013
1.70
1.72
1.72
PRSF
31 March 2015
31 March 2014
31 March 2013
1.52
1.52
1.52
PCSF
31 July 2015
31 July 2014
31 July 2013
1.55
1.69
1.67
P SmallCap
31 August 2015
31 August 2014
31 August 2013
1.57
1.58
1.59
PFEPRF
31 July 2015
31 July 2014
31 July 2013
1.80
1.80
1.77
230
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
Fund name
MER (%)
Fund name
MER (%)
PEF
31 October 2015
31 October 2014
31 October 2013
1.53
1.58
1.57
PSEASF
31 October 2015
31 October 2014
31 October 2013
1.72
1.72
1.72
PFSF
31 December 2015
31 December 2014
31 December 2013
1.57
1.58
1.57
PSSF
31 October 2015
31 October 2014
31 October 2013
1.57
1.58
1.56
PFECTF
30 June 2015
30 June 2014
30 June 2013
1.84
1.83
1.83
PBF
31 May 2015
31 May 2014
31 May 2013
1.59
1.59
1.59
PCTF
31 May 2015
31 May 2014
31 May 2013
1.72
1.74
1.71
PFEBF
30 April 2015
30 April 2014
30 April 2013
1.73
1.72
1.71
PFETIF
30 April 2015
30 April 2014
30 April 2013
1.84
1.87
1.85
PTAF
30 April 2015
30 April 2014
30 April 2013
1.86
1.86
1.83
PSA30F
30 November 2015
30 November 2014
30 November 2013
1.59
1.63
1.63
P BOND
31 July 2015
31 July 2014
31 July 2013
0.78
0.78
0.78
PWEF
30 November 2015
30 November 2014
30 November 2013
1.79
1.81
1.80
PIN BOND
30 April 2015
30 April 2014
30 April 2013
0.52
0.52
0.52
PAUEF
31 July 2015
31 July 2014
31 July 2013
1.74
1.74
1.73
PEBF
31 January 2016
31 January 2015
31 January 2014
1.04
1.05
1.05
PFA30F
30 November 2015
30 November 2014
30 November 2013
1.73
1.73
1.73
PSBF
31 May 2015
31 May 2014
31 May 2013
0.78
0.77
0.77
POGF
31 July 2015
31 July 2014
31 July 2013
1.57
1.61
1.65
PSTBF
31 December 2015
31 December 2014
31 December 2013
0.79
0.79
0.79
PINDOSF
31 August 2015
31 August 2014
31 August 2013
1.81
1.77
1.80
PENTBF
30 September 2015
30 September 2014
30 September 2013
0.81
0.82
0.80
231
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
Fund name
MER (%)
PSGEF
30 September 2015
30 September 2014
30 September 2013
1.72
1.72
1.72
PSSCF
30 September 2015
30 September 2014
30 September 2013
1.57
1.59
1.55
PSMAGF*
30 April 2015
1.55
Fund name
* These funds were launched for less than 3 financial years.
232
MER (%)
PMMF
31 January 2016
31 January 2015
31 January 2014
0.31
0.41
0.40
PSTGF*
31 August 2015
1.76
PSMACF*
30 April 2015
0.68
6
GETTING STARTED WITH PUBLIC MUTUAL
6.1 INVESTING WITH PUBLIC MUTUAL
Public Mutual distributes units of the funds through a network of dedicated unit trust consultants who are registered
with FIMM. You have the right to view the authorisation card issued by FIMM to the attending unit trust consultant,
permitting him to deal in unit trust products.
Public Mutual Customer Service Centres are located at its nationwide branch offices to service unitholders who may
need to do an enquiry or a transaction with us. Please refer to the Directory of Public Mutual Branch and Agency
Offices on pages 276 to 279 of the Master Prospectus for details of their addresses and telephone numbers.
6.2 HOW TO PURCHASE, REDEEM OR SWITCH UNITS OF THE FUNDS
Read and Understand the Prospectus and Product Highlights Sheet of the Funds
It is important that you should fully understand unit trust investments, and what investing with the funds would
mean to you in terms of the potential benefits and risks. First ask the unit trust consultant attending to you for
information on the funds, and be sure to request for a copy of the prospectus and product highlights sheet. It is
important that you read the prospectus and product highlights sheet carefully, and seek further clarification on
any matter that may concern you.
In reading the prospectus, do make sure that you fully understand:
•
•
•
•
•
•
the nature of collective investment schemes;
the fund category, objective and its distribution policy;
the types of fund transactions available;
your rights as a unitholder;
the nature and amount of fees and expenses of the fund which you would have to bear;
the reports that you will receive as a unitholder which keeps you fully informed about the performances of
the fund.
To Open an Account
For prospective PIN BOND investors, please contact our corporate sales desk at 03-6279 6829 for further
assistance.
For prospective investors of other funds, you would need to complete the fund application form that comes
with the prospectus and product highlights sheet obtainable free upon request. Your application form, together
with the investment amount made out in a cheque can then be submitted to any of the Public Bank branches
(please refer to How You Should Write Your Cheque on page 234 for more details). Please ensure that you obtain
the bank-validated copy of the application form for your record and future reference.
If you are a first time investor of Public Mutual, you are also required to complete the new investor form.
For existing investors who are PMO subscribers, you may purchase units of the funds online.
For investors who are investing under the EPF-MIS (of which application to invest will be subject to the approval
by EPF), you are required to complete the application form for EPF-MIS and KWSP 9N (AHL) Form and submit them
together with a copy of your NRIC to the unit trust consultant attending to you.
For non-individual or corporate applicants, the application must be submitted together with the requisite
statutory documents. Please refer to the new investor form for details of the documents required by the different
customer types i.e. a Malaysian company, partnership, sole proprietor or others. Please contact the corporate sales
desk at 03-6279 6829 should you need further assistance.
Minimum initial investment* - PIN BOND
: RM10,000,000
All other funds : RM1,000
Note:
* The Manager may vary the minimum initial investment amount from time to time.
233
GETTING STARTED WITH PUBLIC MUTUAL (CONT’D)
Adding Regularly to Your Account
You may invest regularly into your investment account. This can be easily done through issuing direct debit
authorisation with banks. Ask your unit trust consultant about investing regularly and get a head start on the
benefits of dollar-cost-averaging that comes with the regular purchase of units.
Alternatively, you may add to your investment account as and when you feel so inclined by depositing your cheque
into the collection accounts maintained at Public Bank (please refer to How You Should Write Your Cheque for
more details).
For existing investors who are PMO subscribers, you may purchase additional units of the funds online.
Minimum additional investment - PIN BOND
: RM5,000,000
All other funds : RM100
Under the Deed, the Manager is given the exclusive right to effect the issue of units for the account of the fund
and has absolute discretion to accept or reject in whole or in part any application for units.
How You Should Write Your Cheque
Your cheques for investment are to be issued in the following manner:
Initial investment
: For individual investors, cheque must be made payable to “Public Mutual Berhad”
followed by “new NRIC No. of first holder”.
For corporate investors, cheque must be made payable to “Public Mutual Berhad”
followed by your “company registration number”.
Additional investment : Cheque issued must be made payable to “Public Mutual Berhad” followed by
“Account No. of targeted fund/new NRIC No. of first holder”.
You are advised to write down your name, new NRIC/passport number/company registration number and
telephone number at the back of the cheque.
You are advised NOT TO MAKE PAYMENT IN CASH to any of our unit trust consultants or staff when
purchasing units of the funds. If you wish to pay in cash, you are advised to do so personally at any
Public Bank branch counter, and ensure that a bank-validated copy of the fund application form/
bank-in-slip is obtained before leaving the bank.
Exercise of Cooling-off Right
If you are investing with Public Mutual for the first time, the request to exercise your cooling-off right must be
submitted either to the Public Mutual Head Office or to any of its branch offices within 6 Business Days from
the date of receipt by Public Mutual, of the application form and payment. You will be paid a full refund of your
investment within 10 days from the date of exercise of this cooling-off right. The refund for every unit held will
be the sum of the price of a unit on the day the units were purchased and the sales charge imposed (and GST) on
the day the units were purchased.
For EPF unitholders, the cooling-off period will commence from the date of receipt of application form by Public
Mutual.
Corporates or institutions, staff of the Manager and persons registered to deal in unit trust funds are not entitled
to the cooling-off right.
234
GETTING STARTED WITH PUBLIC MUTUAL (CONT’D)
Exercise of Redemption, Switching and Transfer of Units
Redemption
Units of the funds may be redeemed on any Business Day. There is no restriction on the frequency of redemption.
Should you need to partially or fully redeem your units, you would need to complete and submit the repurchase form
to your nearest Public Mutual branch office or Public Mutual Head Office. You can also execute your redemption
request using PMO. You will be paid the redemption proceeds within 10 days from our receipt of your redemption
request.
For EPF unitholders, the net redemption proceeds will be remitted to EPF for crediting into your provident accounts.
Switching
You may move your investments between various funds under the Public Series of Funds and Public Series of
Shariah-Based Funds on any Business Day subject to fees and conditions. You would need to complete and return
the switching form to your nearest Public Mutual branch office or Public Mutual Head Office. You can also execute
your switching request using PMO.
(A) For switching made within 90 days from the date of purchase or switching of units into that fund:
To Recipient
Fund
Switch-out /
(Exit) From
Equity /
Mixed Asset /
Balanced funds
Bond funds
Money Market
fund
Equity / Mixed Asset /
Balanced funds
Switching fee of up to
0.75%*
Switching fee of up to
0.75%*
Switching fee of up to
0.75%*
- Loaded units #
Switching fee of up to
0.25%*
Switching fee of up to
0.25%*
Switching fee of up to
0.25%*
- 1%-load units ##
Sales charge of up to
4.5%
Switching fee of up to
0.25%*
Switching fee of up to
0.25%*
- Low-load units ###
Sales charge of up to
5.25%
Sales charge of up to
0.75%
Switching fee of up to
0.25%*
- Loaded units #
Switching fee of up to
RM25
Switching fee of up to
RM25
Switching fee of up to
RM25
- 1%-load units ##
Sales charge of up to
4.5%
Switching fee of up to
RM25
Switching fee of up to
RM25
- Low-load units ###
Sales charge of up to
5.25%
Sales charge of up to
0.75%
Switching fee of up to
RM25
- Zero-load units ####
Sales charge of up to
5.5%
Sales charge of up to
1.0%
Switching fee of up to
RM25
Bond funds
Money Market funds
Note:
*
Subject to a minimum of RM50, whichever is the higher. This switching fee will be retained by the switch-out funds.
235
GETTING STARTED WITH PUBLIC MUTUAL (CONT’D)
(B) For switching made after 90 days from the date of purchase or switching of units into that fund:
To Recipient
Fund
Switch-out /
(Exit) From
Equity /
Mixed Asset /
Balanced funds
Bond funds
Money Market fund
Equity / Mixed Asset /
Balanced funds
Switching fee of up to
RM25
Switching fee of up to
RM25
No switching fee
- Loaded units #
Switching fee of up to
RM25
Switching fee of up to
RM25
No switching fee
- 1%-load units ##
Sales charge of up to
4.5%
Switching fee of up to
RM25
No switching fee
- Low-load units ###
Sales charge of up to
5.25%
Sales charge of up to
0.75%
No switching fee
- Loaded units #
Switching fee of up to
RM25
Switching fee of up to
RM25
No switching fee
- 1%-load units ##
Sales charge of up to
4.5%
Switching fee of up to
RM25
No switching fee
- Low-load units ###
Sales charge of up to
5.25%
Sales charge of up to
0.75%
No switching fee
- Zero-load units ####
Sales charge of up to
5.5%
Sales charge of up to
1.0%
No switching fee
Bond funds
Money Market funds
Notes:
#
##
###
####
Loaded units are units which have incurred a sales charge of 3% or more.
1%-load units are units which have incurred a sales charge of 1.0%.
Low-load units are units which have incurred a sales charge of 0.25% or less.
Zero-load units are units which have not incurred any sales charge.
The Manager reserves the right to reject any switching requests of unitholders of the funds if it regards the switching
requests as disruptive to efficient portfolio management of the targeted funds; or if deemed by the Manager to
be contrary to the best interest of the targeted funds. Switching requests that are rejected by the Manager would
be treated as a redemption of units.
Transfer
You may fully or partially transfer your units in the fund(s) to another unitholder subject to terms and conditions.
An administration fee of RM25 is charged on each transfer transaction. For transfer of units, you need to complete
and submit the transfer form to your nearest Public Mutual branch office or Public Mutual Head Office. Transfer
facility is not available for PIN BOND.
All the above fees and charges are subject to GST which are payable by you.
236
GETTING STARTED WITH PUBLIC MUTUAL (CONT’D)
Minimum Units for Redemption, Switching or Transfer
PIN BOND
All other funds
:
:
1,000,000 units (transfer facility is not available for PIN BOND)
1,000 units
Minimum Account Balance
Whatever you may do by way of redemption, switching or transfer of funds, you must always ensure that you
leave the following minimum balance of units in your account at all times in order to stay invested with the fund:
PIN BOND
All other funds
:
:
1,000,000 units
1,000 units
In the case of partial redemption, switching or transfer, the Manager may elect to redeem, switch or transfer the
entire account if the partial redemption, switching or transfer results in less than the required minimum balance
of units being held in your account with the fund.
Pledging of Units as Collateral
Units held by you may be pledged as collateral for securing financing with Public Bank under the Unit Trust FlexiLoan Express (UNIFLEX) Plan. The UNIFLEX Plan has many advantages. For more details on the UNIFLEX Plan, you
may call Public Bank Hotline: 1800-22-9999. You should be aware of the loan financing risk as stated on page 41
of this Master Prospectus and are advised to read and understand the Loan Financing Risk Disclosure Statement
that forms part of the fund application form.
Borrowing to Purchase Units
Investing in unit trust funds involves market risks and it would be considered unwise for you to undertake borrowing
to purchase units as it may serve to accentuate any capital loss incurred by you. Consequently, investing in a unit
trust fund with borrowed money is more risky than investing with your own savings. Please refer to loan financing
risk on page 41 of this Master Prospectus.
You are advised to read and fully understand the Loan Financing Risk Disclosure Statement that forms part of the
fund application form before signing off on the form.
It is our policy to discourage the use of loan financing in the purchase of units.
6.3 STATEMENTS AND REPORTS
Statements to Confirm and Record Transactions
Computer-generated statements will be issued to provide you with a record of transactions made in your account so
that you may confirm the status and accuracy of your transactions, as well as an updated record of your investment
account(s) with us.
Annual/Interim Statement of Investment
Annual and interim Statements of Investment which include a Summary of Distribution (if any), will be sent to you
together with the funds’ annual and interim reports.
For Mutual Gold Elite and Mutual Gold Members, additional Monthly Statement and Quarterly Statement of
Accounts respectively will be generated as part of the Manager’s Priority Client Service.
Annual and Interim Reports
The investment strategies, performances, portfolio holdings and accounts of the funds are detailed twice a year in
annual and interim reports which are sent within 2 months from the close of each financial year or interim period.
You may refer to pages 37 to 39 for more information on the mode of distributions and policies and procedures
on unclaimed monies/distributions.
237
GETTING STARTED WITH PUBLIC MUTUAL (CONT’D)
6.4 KEEPING TRACK OF THE DAILY PRICES OF UNITS
Units are valued at their NAV per unit on every Business Day.
You may check for the current NAV/price of the funds by referring to the Unit Trusts Column published daily in major
newspapers or by visiting our website at www.publicmutual.com.my. (Please refer to page 239 for Determination
of Prices).
Feel free to contact Public Mutual Hotline: 03-6207 5000 for general enquiries or specific assistance
regarding your investments with us.
You can also access PMO, our e-commerce website for online transactions, account enquiries and
e-statements and e-reports.
238
7
TRANSACTION INFORMATION
7.1 DETERMINATION OF PRICES
Valuation Point
Valuation point refers to such a time(s) on a Business Day as may be decided by the Manager wherein the NAV of
the fund is calculated.
For funds with no foreign investments, the valuation of the funds is conducted on each Business Day at the close
of Bursa Securities. For funds with foreign investments, the valuation of funds will be conducted after the close of
business of Bursa Securities for the relevant day. As certain foreign markets in which the funds may invest in have
yet to close due to the different time zones of these countries, the valuation point may be extended to 9.00 a.m.
(or any other such time as may be permitted by the relevant authorities from time to time) on the following day in
which the Manager is open for business.
NAV per Unit
The NAV per unit is obtained by dividing the NAV of the fund by the number of units in issue.
Illustration 1: Computation of NAV per unit
The following is a hypothetical example of the valuation carried out for PEF for the Business Day of 15 July 2016:
Total NAV (RM)
1,625,250,000
UIC (units)
3,250,500,000
NAV per unit (RM)
0.50000000
(Total NAV/UIC)
Forward Pricing for both Purchase and Redemption Transactions
Both the purchase and redemption transactions are traded at prices next determined. A request issued today by you
to purchase units of the fund will be carried out at a price next determined i.e. the transaction will be calculated at
the next valuation point after the application to purchase units is received and accepted by the Manager. Similarly,
a request to redeem units by you will be done at the price next determined i.e. the transaction will be executed at
the next valuation point after the redemption request is received by the Manager.
Investments banked in over the counter through Public Bank branches on any Business Day will be processed based
on the price determined for the same Business Day. Investments and transaction requests made via electronic
channels before or at 4:00 p.m. on any Business Day will be processed based on the price determined for the
same Business Day; whilst investments and transaction requests made after 4:00 p.m. via these channels will be
processed based on the price determined for the next Business Day. Any investment and transaction requests made
on a non-Business Day will be treated as investments or transaction requests made on the following Business Day.
In the event of any incorrect pricing of units of the funds, the Manager shall take immediate remedial action where
that incorrect pricing –
(i)
(ii)
is equal or more than zero point five per centum (0.5%) of the NAV per unit; and
results in a sum total of Ringgit Malaysia Ten (RM10.00) or more to be reimbursed to the affected unitholder
for each purchase or redemption transaction.
Subject to any regulatory requirements, the Manager shall have the right to amend, vary or revise the abovesaid
limits or threshold from time to time.
239
TRANSACTION INFORMATION (CONT’D)
7.2 COMPUTATION OF PRICES
Purchase and redemption of units are quoted and transacted at a single price, which is at the NAV per unit of the
fund(s). Sales charge and redemption charge (if any) that are to be levied on the purchase and redemption of units
will not be incorporated in the quoted prices of the funds. These charges will be computed and charged separately.
Making an Investment
Purchase of units is transacted at the NAV per unit of the funds. Upon the purchase of units of the funds, a sales
charge of up to 5.5% of NAV per unit is levied for equity, mixed asset and balanced funds and up to 1.0% of
NAV per unit is levied for bond funds. No sales charge is levied for money market funds. For investments under
the EPF-MIS, a sales charge of up to 3% of NAV per unit is levied for equity, mixed asset and balanced funds (as
regulated by EPF).
Illustration 2: Purchase of Units by Investors
Let us assume that on 15 July 2016, Investor A decides to invest RM10,000 in PEF. Following through on illustration
1, the NAV per unit of PEF is at RM0.50000000. The sales charge levied on the purchase of units in the fund is 5.5%.
Based on the above, Investor A would have 20,000 units credited into his investment account as shown below:
Units credited
to investor’s account
Amount invested
=
NAV per unit
Sales charge per unit
RM10,000
RM0.50000000
=
NAV per unit
=
RM0.50000000
=
RM0.02750000
Total sales charge incurred by Investor A
20,000 units
x
Sales charge (%)
x
5.5%
=
Sales charge per unit
=
RM0.02750000
=
RM550
x
x
Units credited to investor
20,000 units
Following the above, the total amount payable by Investor A:
=
Amount invested in PEF
=
RM10,000
=
RM10,550
+
+
Sales charge incurred
RM550
You are advised NOT TO MAKE PAYMENT IN CASH to any of our unit trust consultants or staff when
purchasing units of the funds. If you wish to pay in cash, you are advised to do so personally at any
Public Bank branch counter, and ensure that a bank-validated copy of the fund application form/
bank-in-slip is obtained before leaving the bank.
240
TRANSACTION INFORMATION (CONT’D)
Redeeming an Investment
Redemption of units is transacted at the NAV per unit of the funds. The Manager does not impose a redemption
charge on the redemption of units of the funds.
Illustration 3: Redemption of Units by Investors
Let us assume that Investor B decides to redeem 20,000 units of PEF. He submits his repurchase form to a branch
office of Public Mutual. There is no redemption charge levied on the redemption of units of the fund.
Based on the above, the amount redeemed from PEF
Redemption charge per unit
=
Units redeemed
=
20,000 units
=
RM10,000
=
NAV per unit
=
RM0.50000000
=
Nil
Total redemption charge incurred by Investor B
x
Amount redeemed from PEF
=
RM10,000
=
RM10,000
-
-
x
x
RM0.50000000
0%
=
Redemption charge per unit
=
RM0
=
Nil
x
20,000 units
Redemption charge incurred
RM0
Note: All the above fees and charges are subject to GST which are payable by you.
241
NAV per unit
Redemption charge (%)
Following the above, the redemption proceeds received by Investor B:
=
x
x
Units redeemed
8
FEES, CHARGES AND EXPENSES
8.1 CHARGES IMPOSED ON PURCHASE AND REDEMPTION OF UNITS
Purchase and redemption of units are quoted and transacted at a single price, which is at the NAV per unit of the
funds. Sales charge and redemption charge (if any) that are to be levied on the purchase and redemption of units
will not be incorporated in the quoted prices of the funds. These charges will be computed and charged separately.
For the purpose of calculating sales charge and redemption charge, the computation is based on the NAV per unit
of the fund that has not been rounded up.
Charges imposed on Purchase or Redemption of Units
% / RM
Charges
Equity, Mixed Asset and
Balanced Funds
Bond Funds
Sales charge
per unit
Purchase of units through
unit trust consultants and
the Manager:
Up to 5.5% of NAV per
unit.
Purchase of units through
unit trust consultants and
the Manager:
Up to 1.0% of NAV per
unit.
Investments under the
EPF-MIS will be levied
a sales charge of up to
3% of NAV per unit, as
regulated by EPF.
The Manager may at its
discretion charge a lower
sales charge based on the
size of investment and/or
other criterion as may be
determined from time to
time.
The Manager may at its
discretion charge a lower
sales charge based on the
size of investment and/
or other criterion as may
be determined from time
to time.
Money Market Fund
Nil.
Example:
Let us assume that the NAV per unit of PEF is RM0.50000000 and the sales charge
is 5.5%.
Sales charge per unit
=
NAV per unit
x Sales charge
=
RM0.50000000 x
=
RM0.02750000
5.5%
Redemption charge
per unit
Nil.
Switching charges
Please refer to pages 235 and 236 for charges on switching transactions.
Transfer charges
An administration fee of RM25 will be charged for each transfer transaction.
242
FEES, CHARGES AND EXPENSES (CONT’D)
8.2 FEES AND EXPENSES OF THE FUNDS
Operating a fund involves a variety of expenses for portfolio management, the manager’s fee, fees for trustee,
foreign custodian, auditor, tax agent, administrative charges such as printing of interim and annual reports, postage
and other services incurred in the administration of the fund. These costs are paid out of the fund’s assets.
Manager’s Fee and Trustee’s Fee
% / RM
Fees
Equity, Mixed Asset and
Balanced Funds
Bond Funds
Management PSMACF:
1.25% per annum of the NAV.
fee
P BOND, PSBF, PSTBF and
PENTBF:
0.75% per annum of the
PSF, PGF, PIX, PINDGF, PAGF, PRSF, NAV.
P SmallCap, PEF, PFSF, PDSF, PSSF,
PSA30F, POGF, PSSCF, PSTGF, PSTEF, PEBF:
PAVGEF, PRSSQF, PSMAGF, PBF and 1.0% per annum of the
PGRBF:
NAV.
1.50% per annum of the NAV.
PIN BOND:
PFES, PRSEC, PFEDF, PCSF, PSEASF, 0.5% per annum of the
PCTF, PFA30F, PSGEF and PFEBF:
NAV.
1.60% per annum of the NAV.
Money Market Fund
PMMF:
0.375% per annum of the
NAV.
PAUEF, PEMOF and PTAF:
1.65% per annum of the NAV.
PFEPRF, PFECTF, PFETIF, PWEF and
PINDOSF:
1.70% per annum of the NAV.
PGSF:
1.80% per annum of the NAV.
Trustee fee
0.06% per annum of NAV,
subject to a minimum fee of
RM18,000 and a maximum fee of
RM600,000 per annum.
0.035% per annum
of NAV, subject to a
minimum fee of RM18,000
and a maximum fee of
RM300,000 per annum.
0.02% per annum of NAV,
subject to a minimum
fee of RM18,000 and
a maximum fee of
RM300,000 per annum.
The management fee is calculated and accrued daily, and payable monthly to the Manager. The trustee fee is
calculated and accrued daily, and payable monthly to the trustees.
Note: All the above fees and charges are subject to GST which are payable by you.
8.3 POLICY ON STOCKBROKING REBATES AND SOFT COMMISSIONS
The management company does not receive any form of rebates from any broker/dealer. The management company
may receive goods or services which include research materials, data and quotation services and investment related
publications by way of soft commissions provided they are of demonstrable benefit to the funds and unitholders.
There are fees and charges involved and investors are advised to consider them before investing in
the funds.
243
9
9.1
THE MANAGER
CORPORATE PROFILE OF PUBLIC MUTUAL
The funds listed under this Master Prospectus are managed by Public Mutual, a wholly owned subsidiary of Public
Bank. Public Mutual is a licensed fund manager and Private Retirement Scheme (PRS) Provider and is the largest
private unit trust manager in terms of NAV. Incorporated on 21 July 1975 under its former name Kuala Lumpur
Mutual Fund Berhad, Public Mutual began its operations on 2 July 1980 and was among the early pioneers of the
industry. Public Mutual has been managing unit trust funds in Malaysia for over two decades. As at LPD, Public
Mutual manages 115 unit trust funds and 9 PRS funds with a total NAV of over RM63.1 billion. In terms of NAV
and market position within the Malaysian private unit trust industry, Public Mutual maintains the largest market
share of assets under management1.
9.2
ORGANISATION OF PUBLIC MUTUAL
Staff Strength
As at LPD, Public Mutual has a staff strength of approximately 940 personnel to manage and administer its unit
trust funds.
Sales Network
Sale of the Public Series of Funds and Public Series of Shariah-Based Funds are conducted through Public Mutual’s
dedicated direct sales agency force comprising individual unit trust consultants registered with FIMM.
Public Mutual has a broad network of Customer Service Centres which are located at its nationwide branches to
service its unitholders and markets. This comes in addition to a national web of support networks comprising the
branches of Public Bank that act as collection centres for the banking-in of investments by unitholders.
Customer Service, Mutual Gold and Public Mutual Online
Customer Service of Public Mutual attends to unitholders’ enquiries on the status of their investment transactions,
statements, distributions and other matters pertaining to their investments with the funds. Unitholders can also
conduct transactions and access to their account details through PMO.
Priority clients may access the exclusive Mutual Gold Service for value-added, time saving services.
Call our Hotline: 03-6207 5000 for direct access to Customer Service and Mutual Gold.
9.3
FUNCTIONS, DUTIES AND RESPONSIBILITIES OF THE MANAGER
The Manager of a unit trust fund pools together the collective investments of unitholders and professionally invests
the monies within prescribed limits, restrictions and guidelines to meet the objective of the unit trust fund. The
Manager is under a fiduciary duty to act in good faith and to avoid advancing a conflicting interest and to exercise
due care and diligence when managing the monies of a unitholder and when making any investments for the
unit trust fund. The fund management function of funds under the management of Public Mutual is carried out
internally by Public Mutual.
The general functions, duties and responsibilities of the Manager include, but is not limited to, the following:–
•
•
•
•
•
1
to ensure that a unit trust fund is managed within the ambit of the Deed, the CMSA 2007, the securities
laws and the relevant guidelines at all times;
any application to the SC e.g. the renewal of the Master Prospectus etc.;
the success in the launch and sales of any unit trust fund, and to provide customer support and distribution
agency networks to best serve the unitholders of the fund;
to keep the unitholders informed of the management and performance of the unit trust fund through the
interim and annual reports;
to ensure that the interest of the unitholders is best served and protected at all times.
Source: Lipper, 29 January 2016
244
THE MANAGER (CONT’D)
9.4
FINANCIAL PERFORMANCE OF PUBLIC MUTUAL
The following is a summary of the past performance of Public Mutual based on the audited financial statements
for the past 3 financial years ended 31 December:
Paid-up capital
Shareholders’ funds
Turnover
Profit before tax
Profit after tax
2013
RM’000
2014
RM’000
2015
RM’000
6,000
141,213
1,026,601
426,228
365,912
6,000
149,386
1,092,536
489,888
419,173
6,000
159,948
1,166,041
541,199
460,562
As at LPD, the Manager is not engaged in any material litigation and arbitration, either as plaintiff or defendant,
and is not aware of any proceedings, pending or threatened or of any facts likely to give rise to any proceedings
which might materially and adversely affect its business or financial position.
9.5
THE BOARD OF DIRECTORS
Responsibility of the Board
The Board of Directors meets monthly, and is involved in determining the corporate policies and direction of the
Company. The detailed day-to-day running of the Company is left largely with the management of Public Mutual.
As at LPD, the names of the members on the Board and their profiles are set out below.
Board Members
Tan Sri Dato’ Sri Dr. Teh Hong Piow – Non Independent Director (Chairman)
Tan Sri Dato’ Sri Tay Ah Lek – Non Independent Director
Dato’ Sri Lee Kong Lam – Non Independent Director
Dato’ (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff – Independent Director
Dato’ Haji Abdul Aziz Bin Dato’ Dr. Omar – Independent Director
Mr. Quah Poh Keat – Non Independent Director
Dato’ Mohammed Najeeb Bin Abdullah – Independent Director
Ms. Yeoh Kim Hong – Chief Executive Officer / Non Independent Executive Director
Director (Chairman) – Non Independent
Tan Sri Dato’ Sri Dr. Teh Hong Piow is a Director of Public Mutual since September 2006. He began his banking
career in 1950 and has 65 years experience in the banking and finance industry. He founded Public Bank in 1965 at
the age of 35. He was appointed as a Director of Public Bank on 30 December 1965 and had been the Chief Executive
Officer of Public Bank since its commencement of business operations in August 1966. He was re-designated as
Chairman of Public Bank and Chairman of Public Bank Group with effect from 1 July 2002.
Tan Sri Dato’ Sri Dr. Teh Hong Piow had won both domestic and international acclaim for his outstanding achievements
as a banker and the Chief Executive Officer of a leading financial services group. Awards and accolades that he
had received include:
•
•
•
•
•
•
•
•
•
•
•
Asia’s Commercial Banker of the Year 1991
The ASEAN Businessman of the Year 1994
Malaysia’s Business Achiever of the Year 1997
Malaysia’s CEO of the Year 1998
Best CEO in Malaysia 2004
The Most PR Savvy CEO 2004
The Asian Banker Leadership Achievement Award 2005 for Malaysia
Award for Outstanding Contribution to the Development of Financial Services in Asia 2006
Lifetime Achievement Award 2006
Award for Lifetime Achievement in Corporate Excellence, Dedication and Industry 2006
Asia’s Banker of High Distinction Award 2006
245
THE MANAGER (CONT’D)
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
The BrandLaureate Brand Personality Award 2007
ASEAN Most Astute Banker Award 2007
Lifetime Entrepreneurship Achievement Award 2007
The Pila Recognition Award 2007
Asian Banker Par Excellence Award 2008
Best CEO in Malaysia 2009
Asia’s Banking Grandmaster 2010
Asian Corporate Director Recognition Award 2010 for Malaysia
Value Creator: Malaysia’s Outstanding CEO 2010
The BrandLaureate - Tun Dr. Mahathir Mohamad Man of the Year Award 2010–2011
Best CEO (Investor Relations) 2011 for Malaysia
Asian Corporate Director Recognition Award 2011 for Malaysia
The BrandLaureate Premier Brand Icon Leadership Award 2011
Best CEO (Investor Relations) 2012 for Malaysia
Asian Corporate Director Recognition Award 2012 for Malaysia
Best CEO (Investor Relations) 2013 for Malaysia
Asian Corporate Director Recognition Award 2013 for Malaysia
BrandLaureate Banker of the Year Award 2012–2013
Best CEO (Investor Relations) 2014 for Malaysia
Asian Corporate Director Recognition Award 2014 for Malaysia
Banker Extraordinaire 2015
Global Chinese Entrepreneur Lifetime Achievement Award 2015
BrandLaureate “Icon of Icons - The King of Banking”
Best CEO (Investor Relations) 2015 for Malaysia
William “Bill” Seidman Lifetime Achievement in Financial Service Industry Award 2015
Asian Corporate Director Recognition Award 2015 for Malaysia
Tan Sri Dato’ Sri Dr. Teh Hong Piow was awarded the Medal ‘For the Course of Vietnamese Banking’ by the State
Bank of Vietnam in 2002 for his contributions to the Vietnamese banking industry over the past years. Tan Sri Dato’
Sri Dr. Teh Hong Piow was conferred the Recognition Award 2007 by the National Bank of Cambodia in appreciation
of his excellent achievement and significant contribution to the banking industry in Cambodia.
In recognition of his contributions to society and the economy, he was conferred the Doctor of Laws (Honorary)
from University of Malaya in 1989.
He had served in various capacities in public service bodies in Malaysia; he was a member of the Malaysian Business
Council from 1991 to 1993; a member of the National Trust Fund from 1988 to 2001; a founder member of the
Advisory Business Council since 2003; and is a member of the IPRM Accreditation Privy Council.
He is an Emeritus Fellow of the Malaysian Institute of Management and is a Fellow of the Asian Institute of Chartered
Bankers (formerly known as the Institute of Bankers Malaysia); the Chartered Institute of Bankers, United Kingdom;
the Institute of Administrative Management, United Kingdom; and the Governance Institute of Australia.
Director – Non Independent
Tan Sri Dato’ Sri Tay Ah Lek is a Director of Public Mutual since August 1995. He has 54 years’ experience in
the banking and finance industry. He was appointed as an Executive Director of Public Bank on 18 June 1997 and
was re-designated as Managing Director/Chief Executive Officer with effect from 1 July 2002. He joined the Public
Bank Group as a pioneer staff in 1966. He was the Executive Vice-President of Public Bank from 1995 to 1997 and
prior to this appointment, he was the Executive Vice-President of the former Public Finance Bhd.
Tan Sri Dato’ Sri Tay Ah Lek holds a Master’s degree in Business Administration from Henley, United Kingdom and
attended the Advanced Management Program at Harvard Business School. He is an Emeritus Fellow of the Malaysian
Institute of Management and is a Fellow of CPA Australia, the Financial Services Institute of Australasia, and the
Asian Institute of Chartered Bankers (formerly known as the Institute of Bankers Malaysia).
He is presently the Chairman of the Association of Hire Purchase Companies Malaysia and is a Member of the
National Payments Advisory Board.
246
THE MANAGER (CONT’D)
Director – Non Independent
Dato’ Sri Lee Kong Lam is a Director of Public Mutual since July 1999. He has 48 years experience in the banking
and finance industry. He joined Public Bank in November 1996 as General Manager and was subsequently appointed
Senior General Manager in 1997 and Executive Vice-President in 1998. He was appointed as an Executive Director
of Public Bank on 28 November 2001 and was re-designated as Non-Independent Non-Executive Director of Public
Bank with effect from 28 November 2013, following his retirement as Executive Director/Deputy Chief Executive
Officer of Public Bank. He was appointed as Non-Independent Non-Executive Deputy Chairman of Public Bank
with effect from 1 September 2015.
Prior to joining Public Bank, he was with Bank Negara Malaysia (BNM) and was involved primarily in the supervision
and examination of banking institutions. He retired in August 1996 as the Head of BNM’s Examination Department
and as a member of BNM’s Management Committee.
He is a Fellow of CPA Australia and the Chartered Institute of Bankers, United Kingdom; and a Chartered Accountant
of the Malaysian Institute of Accountants.
Director – Independent
Dato’ (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff is a Director of Public Mutual since December 1993.
He is a qualified Professional Chartered Town Planner and a Professional Landscape Architect from the University
of Newcastle-upon-Tyne, England. He was honoured by the University of Newcastle-upon-Tyne, England with the
Honorary Degree of Doctor in Civil Law in May 1993. He is a Fellow of the Royal Town Planning Institute London;
Fellow of Malaysian Institute of Planners; and Fellow of Institute of Landscape Architects Malaysia.
He had served in various State and Federal Governments before retiring in 1993. He was a member of the Advisory
Board of the City of Kuala Lumpur (Dewan Bandaraya Kuala Lumpur) until December 2004. Over the years and
through his involvement as a Director of several public listed companies, he has accumulated vast experiences in
various sectors namely, property and housing development, hotel management, food manufacturing and expressway
management.
Dato’ Mohamed Ishak is the Chairman of Yee Lee Corporation Berhad. He is also a Trustee of Yayasan Seni Selangor
(Galeri Shah Alam) and Director of MIMA Holdings Enterprise Sdn Bhd.
Director – Independent
Dato’ Haji Abdul Aziz Bin Dato’ Dr. Omar is a Director of Public Mutual since December 1993. He qualified as
a Chartered Accountant from the Institute of Chartered Accountants in England & Wales, and is also a Chartered
Accountant of the Malaysian Institute of Accountants.
During his previous banking experiences, he became a Fellow of the Institute of Bankers Malaysia. He was the
President and Chief Executive Officer of a Malaysian bank from 1986 to 1993. His 45 years experience also include
the areas of audit and accounting, taxation, property, plantation, hotelling, trading and manufacturing, both locally
and abroad.
Dato’ Haji Abdul Aziz is a Member of the Boards of Directors of PB Trustee Services Berhad and AIA PUBLIC Takaful
Berhad.
Director – Non Independent
Mr. Quah Poh Keat is a Director of Public Mutual since 1 September 2009. He was appointed as Deputy Chief
Executive Officer II of Public Bank on 1 October 2013 and was redesignated as Deputy Chief Executive Officer
on 28 November 2013. He retired as Deputy Chief Executive Officer on 31 December 2015. He is a Fellow of the
Malaysian Institute of Taxation and the Association of Chartered Certified Accountants; and a Member of the
Malaysian Institute of Accountants, the Malaysian Institute of Certified Public Accountants and the Chartered
Institute of Management Accountants.
He was a partner of KPMG since October 1982 and appointed Senior Partner (also known as Managing Partner
in other practices) in October 2000 until 30 September 2007. He retired from the firm on 31 December 2007.
He is experienced in auditing, tax and insolvency practices and had worked in Malaysia and United Kingdom; his
experiences include restructuring, demergers and privatisation.
Mr. Quah also sits as a Director on the Boards of Directors of Public Financial Holdings Ltd, Public Bank (Hong Kong)
Ltd, Cambodian Public Bank Plc, Campu Lonpac Insurance Plc, LPI Capital Bhd and Lonpac Insurance Bhd. He is
also a Director of Kuala Lumpur Kepong Berhad.
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THE MANAGER (CONT’D)
Director – Independent
Dato’ Mohammed Najeeb bin Abdullah is a Director of Public Mutual since September 2014. He is an MBA
graduate of the University of Charles Darwin, Australia and is also a graduate from the Chartered Institute of
Marketing (UK). He has more than 35 years experience in both conventional and Islamic banking.
He started his career in banking in a local bank and later worked in Public Bank Berhad for over 27 years. Through
the years he has built an exciting and successful career in banking, attaining a top management position.
In April 2010, Dato’ Mohammed Najeeb was appointed as a Senator of the Upper House of Parliament, by the
Government of Malaysia for a 3-year term. Having accepted the appointment, he relinquished his position as
General Manager of Public Islamic Bank Bhd, in compliance with Bank Negara Malaysia’s regulations. As a Senator,
he participated in many international forums and conferences. In October 2012, he led a Senatorial delegation to
the United Nations 67th General Assembly, New York, where he presented Malaysia’s two policy statements at the
Second Committee Meeting on Economic & Financial.
Dato’ Mohammed Najeeb is an Independent Non-Executive Director of Public Islamic Bank Bhd, Cambodian Public
Bank Plc, Campu Lonpac Insurance Plc and a member of the Audit Committee of Public Islamic Bank Berhad. He is
also a member of the Board of Trustees for Yayasan Negeri Sembilan and the Director of Ambienz Holidays Sdn Bhd.
Chief Executive Officer / Executive Director – Non Independent
Ms. Yeoh Kim Hong, CA(M), CPA, CFP has more than 20 years experience in the unit trust industry. Ms. Yeoh is
the Chief Executive Officer of Public Mutual since July 2007. She is also a member of the Board of Directors and
the Investment Committees of Public Mutual.
Ms. Yeoh has played an active role in the development of the unit trust industry. She sits in the Board of the FIMM and
is a member of the Industry Development Committee, Regulatory Committee, Governance Committee, Disciplinary
Committee and Audit Committee. Prior to that, Ms. Yeoh was a member of the Board of Governors as well as the
Chairman of the Education and Examination Committee in the Financial Planning Association Malaysia (FPAM).
Prior to joining Public Mutual, Ms. Yeoh was with an international public accounting firm for more than 12 years
during which she gained exposures in auditing and management consultancy and advisory, both locally and in
the United States. She is a member of the Malaysian Institute of Certified Public Accountants and the Malaysian
Institute of Accountants.
9.6
PROFILE OF KEY MANAGEMENT STAFF
Chief Executive Officer / Executive Director
Ms. Yeoh Kim Hong – Please refer to her profile as set out in Section 9.5 (page 248) of this Chapter.
Senior General Manager – Investment
Mr. Lum Ming Jang holds an honours degree in Accountancy from the National University of Singapore and is
a Chartered Financial Analyst. He joined Public Mutual in 2001 as Senior Manager – Investment Research and
assumed the position of Senior Manager – Fund Management and co-designated fund manager of various funds
in 2003. He was promoted to General Manager – Investment in 2004 and subsequently Senior General Manager
– Investment in 2007.
Mr. Lum has more than 25 years of experience in fund management, investment research and stockbroking.
Prior to joining Public Mutual, Mr. Lum held management positions at various established local and foreign
stockbroking houses, overseeing their investment research functions and institutional sales. Mr. Lum’s investment
research experience include assessing corporate earnings growth prospects, evaluating management track record,
computation of stock valuations and financial analysis of listed companies on the Bursa Securities. He is also familiar
with analysis of financial and economic trends which affect stockmarket movements. On the fund management
side, Mr. Lum has served as a co-fund manager of selected unit trust funds managed by Public Mutual since 2003
before assuming the position of General Manager – Investment in 2004 and subsequently Senior General Manager
– Investment in 2007.
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THE MANAGER (CONT’D)
Senior General Manager – Retail Business & Support
Mr. Lee Kean Gie, CFP, ChFC, graduated with an honours degree in Economics and Chinese Studies from the
University of Malaya. He joined Public Mutual as Sales Manager in 1994. Prior to joining Public Mutual, he was
with a leading insurance company involved in the marketing of insurance products and agency development. He
was promoted to Deputy Senior Manager in 1996 and subsequently Senior Manager – Sales and Training in 1999.
He was appointed as General Manager – Sales & Training in 2004 and re-designated as General Manager – Agency
Operations in 2006. He assumed his current position as Senior General Manager in 2014. He currently oversees
areas relating to nationwide agency development and monitoring performance of branches network.
Senior General Manager – Information Technology
Mr. Richard Tan Koon Eam holds a diploma in Computer Science and has over 20 years experience in the
information technology sector. Mr. Tan possesses a wide knowledge base which includes software design &
development, project management, consultancy and web-based application development. He joined Public Mutual
in 2000. Prior to joining Public Mutual, he was a Chief Technical Officer of a MSC status company specialising in
E-commerce solutions. He is responsible for Public Mutual’s information technology strategies and operations.
General Manager – Customer Service & Unit Trust Operations
Ms. Hang Siew Eng joined Public Mutual in 1980 and was appointed as General Manager in 2007. Ms. Hang is
responsible for the overall fundholder administration and the management of customer transactions and records.
In addition, she is in charge of Customer Service and Mutual Gold for Public Mutual. She holds a diploma in
Administrative Management and has more than 20 years experience in the various aspects of unit trust management.
General Manager – Finance, Fund Administration & Support
Ms. Tang Pueh Fong, CA(M), CPA, is a member of the Malaysian Institute of Certified Public Accountants and a
Chartered Accountant of the Malaysian Institute of Accountants. Ms. Tang joined Public Mutual on 1 July 2007 and
assumed her position as General Manager in January 2010. Ms. Tang oversees the areas relating to finance, fund
accounting, fund operations, product development, AML & operational standards, administration and properties.
Prior to joining Public Mutual, Ms. Tang was a director with an international public accounting firm for more than
15 years during which she gained extensive knowledge and experience in auditing and business process advisory
services with specialisation in fund management operations.
General Manager – Business Learning & Development
Ms. Evelyn Chu Swee Yin, CFP, graduated with an honours degree in Food Science & Nutrition from University
Kebangsaan Malaysia. She is a Certified Financial Planner licensee, Member of MAPS (Malaysian Association of
Professional Speakers), MAFa (Malaysian Association of Facilitators) and Neuro-Linguistic Programming (NLP)
practitioner. Evelyn has more than 20 years of agency training and development exposure in both the insurance
and unit trust industries. Prior to joining Public Mutual, she was with a multi-national insurance company and
was involved in training, agency development and financial planning. She subsequently headed the training and
financial planning operations of an agency based unit trust management company. Evelyn joined Public Mutual as
Deputy General Manager – Agency Development & Training in 2006 and assumed her present post in 2013. She
is responsible for Public Mutual’s agency development and training operations.
Assistant General Manager – Compliance
En. Abdul Samad B. Jaafar is the designated person responsible for compliance matters. He holds a BA (Hons)
degree in Accounting and Management Control from Sheffield Hallam University, UK and a Master in Business
Administration from International Islamic University Malaysia. He joined Public Mutual in 1998. He has more than
20 years working experience in audit and compliance. He first joined Public Mutual as the Internal Audit Manager
and assumed his present post in 2010.
9.7
PROFILE OF KEY INVESTMENT PERSONNEL
The investment management of the unit trust funds under the management of Public Mutual is undertaken by
the Investment Department of Public Mutual which is headed by Mr. Lum Ming Jang, Senior General Manager –
Investment. He reports directly on the management of the funds to the Chief Executive Officer.
Mr. Lum is assisted by more than 20 portfolio managers and a research team of more than 30 research analysts
who are involved in monitoring macro-economic variables and developments as well as undertaking financial
analyses of various listed companies.
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THE MANAGER (CONT’D)
The profiles of the key investment personnel are as follows:
Senior General Manager – Investment
Mr. Lum Ming Jang – Mr. Lum obtained his CMSRL on 31 December 2004. Mr. Lum’s profile is set out in Section
9.6 (page 248) of this Chapter.
Head of Research – Investment
Ms. Lilian Pang Wui Lie – Ms. Lilian Pang graduated with a First Class Honours degree in Civil Engineering from
the National University of Singapore and also holds a Master of Business Administration degree from the University
of Edinburgh, United Kingdom. Ms. Lilian Pang joined Public Mutual in 2013 as Head of Research – Investment.
Ms. Lilian Pang has over 13 years of investment and fund management experience. Prior to joining Public Mutual,
Ms. Lilian Pang was attached with a global fund management company. She is also experienced in undertaking
investments in private equities.
Deputy General Manager – Investment, Equities Section
Mr. Chiang Kang Pey – Mr. Chiang obtained his CMSRL on 8 February 2005.
Mr. Chiang holds a Master of Financial Management (Dean’s Honours List) degree from the Rotterdam School of
Management, Erasmus University in the Netherlands and a Bachelor of Economics in Accounting from Monash
University in Australia. He is a CFA charterholder and has over 18 years of experience in investment analysis
and portfolio management. Mr. Chiang joined Public Mutual in 2004 as Manager – Investment Research and
was subsequently re-designated as Manager – Investment, Equities Section where he was involved in managing
selected equity funds. He was promoted to the position of Senior Portfolio Manager – Investment, Equities Section
in 2005 and assumed the position of co-fund manager of various equity funds. From 2006 onwards, Mr. Chiang
was appointed as the designated fund manager of selected equity funds. He was promoted to the position of
Assistant General Manager in 2008 and subsequently Deputy General Manager in 2015. In this capacity, he actively
constructs, monitors and rebalances the equity portfolios to achieve the stated objective of the respective funds.
Mr. Chiang commenced his investment career in 1995 as an equity analyst at a stockbroking firm and subsequently,
joined the investment department of a life insurance company. Prior to joining Public Mutual, he was attached
to an asset management company initially as an assistant fund manager responsible for analysing and valuing
listed companies. He was later made fund manager, jointly managing Asia Pacific (ex-Japan) portfolios where he
specialised in Malaysian and Thailand equities.
Assistant General Manager – Investment, Research
Mr. Philip Wong Chee Pin – Mr. Wong obtained his CMSRL on 15 November 2013.
Mr. Wong holds a Master of Investment Analysis degree from the University of Stirling and a Bachelor of Arts degree
in Accountancy Studies from the University of Huddersfield in the United Kingdom. Mr. Wong joined Public Mutual
in 2013 as Assistant General Manager – Investment Research.
Mr. Wong has over 20 years of experience in investment research and portfolio management. Prior to joining
Public Mutual, Mr. Wong was the Chief Investment Officer for a foreign investment management company. He
also accumulated extensive experience when he served as Senior Vice President – Institutional Equity Investment,
at an established investment management company.
Assistant General Manager – Investment, Fixed Income Section
Mr. Chan Kam Khoon – Mr. Chan obtained his CMSRL on 8 February 2005.
Mr. Chan joined Public Bank in 1974 and has more than 30 years of banking experience. He was mainly involved
in various aspects of Treasury activities involving foreign exchange trading, swaps and other derivative products. In
1985, he became Head of the Swap Desk and also managed the Asian Currency Unit desk of the bank. In 1990, he
was transferred to Public Finance Bhd and assumed the position of Head of Money Market Department. His functions
include the optimum utilisation of funds available and he also led a team into active bond trading activities, both in
private debt securities and Malaysian government securities. Apart from this, he was also an active member of the
Public Finance Management team where he assisted in formulating the various funding policies of the company. In
2002, Mr. Chan was transferred back to Public Bank to head the Funding and Fixed Income Sections of the Treasury
Division. In 2004, Mr. Chan assumed the position of Senior Manager – Investment in Public Mutual, overseeing
the Fixed Income Section of the Investment Department. He was promoted to Assistant General Manager in 2005.
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THE MANAGER (CONT’D)
Assistant General Manager – Investment, Fixed Income Section
En. Zaharudin bin Ghazali – En. Zaharudin obtained his CMSRL on 12 September 2005.
En. Zaharudin, CFP, holds a Bachelor in Library Science from Universiti Teknologi MARA. He joined Public Mutual in
early 1991 as an Executive in the Investment Department. In late 1992, he was assigned to assist the fund managers
in the cash management operations of the funds. En. Zaharudin was promoted to Assistant Manager – Investment
in 1997 and later to Manager – Fixed Income Management in 2001. He was subsequently re-designated as Manager
– Investment, Fixed Income Section in 2004 and later promoted to Senior Portfolio Manager – Investment, Fixed
Income Section in 2006. He was promoted to Assistant General Manager in 2013. En. Zaharudin has been involved
in overseeing and formulating the investment strategy for fixed income portfolios and has contributed to the
development and advancement of operations and system capabilities of the Fixed Income section.
Assistant General Manager – Investment, Equities Section
Ms. Tan Chee Chin – Ms. Tan obtained her CMSRL on 8 February 2005.
Ms. Tan graduated with a Bachelor of Commerce (Hons) in Accounting and Finance from the University of Western
Australia and is a CFA charterholder. She joined Public Mutual in 2003 as Assistant Manager, Investment Research.
She was made Deputy Manager – Investment, Equities Section and designated co-fund manager of selected funds
managed by Public Mutual in 2005. Ms. Tan assumed her position of Portfolio Manager – Investment, Equities
Section in 2006 and Senior Portfolio Manager – Investment, Equities Section in 2008. She was promoted to Assistant
General Manager – Investment, Equities Section in 2014.
Ms. Tan previously worked in a foreign financial institution with a global presence before embarking into a career
in the financial markets. She was an investment analyst for an established local stockbroking house for a period of
time before moving on to the asset management industry. Ms. Tan has over 10 years experience in the Malaysian
equity market.
Assistant General Manager – Investment, Equities Section
En. Mat Radzuan bin Abd Razak – En. Mat Radzuan obtained his CMSRL on 8 February 2005.
En. Mat Radzuan holds a Bachelor of Science Degree in Actuarial Science and Finance from Roosevelt University,
USA. He is a CFA charterholder and a member of the CFA Institute and CFA Malaysia. He joined Public Mutual
in 2004 as Assistant Manager – Investment, Equities Section and was subsequently made co-fund manager of
selected funds managed by Public Mutual in 2005. En. Mat Radzuan assumed his position of Portfolio Manager –
Investment, Equities Section in 2006 and Senior Portfolio Manager – Investment, Equities Section in 2008. He was
promoted to Assistant General Manager – Investment, Equities Section in 2014.
En. Mat Radzuan has more than 15 years of experience in the Malaysian equity market. Prior to joining Public
Mutual, En. Mat Radzuan had worked with various companies including asset management, insurance, stock
broking and futures broking companies.
Senior Portfolio Manager – Investment, Equities Section
Ms. Chen Yuet Fong – Ms. Chen obtained her CMSRL on 19 October 2005.
Ms. Chen graduated with a Bachelor of Economics from the University of Malaya. She is a CFA charterholder. She
joined Public Mutual in 2005 as Assistant Manager, Investment and assumed the position of Portfolio Manager –
Investment, Equities Section in 2006. She was subsequently promoted to Senior Portfolio Manager – Investment,
Equities Section in 2012. Prior to joining Public Mutual, Ms. Chen was attached to a local asset management
company as a fund manager. Her fund management experience includes setting the investment strategy for the
assets under management and management of equity and fixed income portfolios. Ms. Chen was also previously
an investment analyst for a local stockbroking house and her investment research experience includes assessing
corporate earnings growth prospects, computation of stock valuations and financial analysis of listed companies.
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THE MANAGER (CONT’D)
Senior Portfolio Manager – Investment, Equities Section
Ms. Lum Peck Woon – Ms. Lum obtained her CMSRL on 15 January 2007.
Ms. Lum holds an honours degree in Accounting and Financial Management and Economics from the University of
Sheffield, England. She is a CFA charterholder. She joined Public Mutual in 2005 as Senior Analyst, Investment. Ms.
Lum was promoted to Assistant Manager – Investment, Equities Section in 2007. Ms. Lum assumed her position as
Deputy Manager – Investment, Equities Section in 2008 and subsequently Manager – Investment, Equities Section
in 2011. In 2013, Ms. Lum was subsequently promoted to Senior Manager – Investment Equities Section. Prior to
joining Public Mutual, Ms. Lum was attached to a local asset management company as an Assistant Manager in
equity investment and was responsible for assisting in portfolio management and equity research. Ms. Lum was
also previously an investment analyst for a local venture capital company and her investment research experience
includes assessing corporate earnings growth prospects and financial analysis of listed and unlisted companies.
Senior Portfolio Manager – Investment, Equities Section
Mr. Liew Mun Hon – Mr. Liew obtained his CMSRL on 7 November 2008.
Mr. Liew holds an honours degree in Business from the Nanyang Technological University of Singapore and is a
Chartered Financial Analyst. He joined Public Mutual in 2008 as Deputy Manager – Investment, Equities Section.
Mr. Liew assumed his position of Portfolio Manager – Investment, Equities Section in 2008. He was subsequently
promoted to Senior Portfolio Manager – Investment, Equities Section in 2013. Prior to joining Public Mutual,
Mr. Liew was attached to a foreign insurance company as a fund manager. His fund management experience
includes setting the investment strategy, constructing and rebalancing various investment mandates to achieve its
stated objectives. Mr. Liew was also previously an investment analyst/fund manager at a local unit trust and asset
management company where he was actively involved in the areas of portfolio management and equity research.
Mr. Liew has more than 10 years of experience in the Malaysian equity market.
Senior Portfolio Manager – Investment, Fixed Income Section
Ms. Evelyn Cheong Sun Ngean – Ms. Evelyn Cheong obtained CMSRL on 7 March 2013.
Ms. Evelyn Cheong holds a Master in Business Administration majoring in Finance from International Islamic University
Malaysia (IIUM) and is an Associate Member of The Institute of Chartered Secretaries and Administrators, United
Kingdom. She joined Public Mutual in 2009 as Manager, Investment Fixed Income and assumed her position as
Senior Manager – Investment, Fixed Income Section in 2013. Her responsibilities in the Fixed Income Section include
dealing in fixed income securities and foreign exchange operations.
Ms. Evelyn Cheong has 20 years experience in the banking industry. Prior to joining Public Mutual, she was attached
to various domestic commercial banks and was involved in Treasury dealings and operations, financial markets and
risk management activities.
Portfolio Manager – Investment, Equities Section
Mr. Andrew Seah Saik Weng – Mr. Seah obtained his CMSRL on 25 October 2008.
Mr. Seah graduated with a Bachelor of Social Science, majoring in Economics from Universiti Sains Malaysia. He
joined Public Mutual in 2008 as Deputy Manager – Investment, Equities Section and assumed his present position
of Portfolio Manager – Investment, Equities Section in 2008.
Mr. Seah has worked in various local stockbroking companies and a regional research house as an equity analyst
before moving on to the fund management industry. Prior to joining Public Mutual, Mr. Seah was attached to a
foreign owned insurance company as a fund manager, where he specialised in Malaysian and Singapore equities.
Mr. Seah has more than 10 years of experience in the Malaysian equity market.
Portfolio Manager – Investment, Equities Section
En. Pitta Sham bin Ahmad Morshidi – En. Pitta Sham obtained his CMSRL on 13 February 2013.
En. Pitta Sham holds a Degree in Bachelor of Business Administration (Hons) Finance with Multimedia from Multimedia
University, Cyberjaya and Graduate Diploma in Investment and Applied Finance from Securities Institute of Australasia/
PNB Institute, Kuala Lumpur. He joined Public Mutual in 2012 as Manager – Investment, Equities Section.
Prior to joining Public Mutual, En. Pitta Sham worked as a Portfolio Manager in an asset management company
of a banking group. He started off his career as an equity analyst in an asset management company and has more
than 10 years of experience in the Malaysian equity market.
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THE MANAGER (CONT’D)
Portfolio Manager – Investment, Equities Section
Ms. Ng Joo Tsong – Ms. Ng obtained her CMSRL on 5 February 2013.
Ms. Ng graduated with a Bachelor of Commerce in Accounting from University of New South Wales, Australia.
She is a CFA charterholder and also a Certified Practicing Accountant, Australia. She joined Public Mutual in 2013
as Portfolio Manager – Investment, Equities Section.
Prior to joining Public Mutual, she worked as a fund manager in a local asset management company. She has
18 years of experience in investment research and fund management, including financial analysis of listed and
unlisted companies.
Portfolio Manager – Investment, Equities Section
Mr. Loo See Seong – Mr. Loo obtained his CMSRL on 20 January 2008.
Mr. Loo graduated with a Bachelor of Economics from the University of Putra. He joined Public Mutual in 2001 as an
Executive in the Investment Department. He was assigned to supervise the generation of statistics reports on stock
valuation, fund and benchmark returns and fund attribution analysis. In 2004, his responsibilities were widened to
include analysis of domestic and regional telecommunications stocks. He was subsequently promoted to Assistant
Manager – Investment in 2005 and his stock coverage was expanded. In 2008, his job scope was further expanded
to include portfolio management and he was promoted to the position of Deputy Manager – Investment in 2011.
He assumed his current position as Manager – Investment, Equities Section in 2014.
Portfolio Manager – Investment, Equities Section
Mr. Lum Meng Seng – Mr. Lum obtained his CMSRL on 25 October 2008.
Mr. Lum holds a Bachelor of Economics (Hons) from the University of Malaya. He joined Public Mutual in 2007
as Assistant Manager – Investment, Equities Section and assumed his position as Deputy Manager – Investment,
Equities Section in 2012. He was promoted to Manager – Investment, Equities Section in 2014. Mr. Lum has more
than 10 years of experience in the Malaysia equity and fixed income markets. Prior to joining Public Mutual, Mr.
Lum was attached to a local investment management company as an Assistant Manager in Investment, responsible
for assisting in management of equity and fixed income portfolios. He started off his career as an investment
analyst in an asset management company in 2000, responsible for equity research in the Malaysian capital market.
Portfolio Manager – Investment, Equities Section
Mr. Cheong Kooi Seong – Mr. Cheong obtained his CMSRL on 13 January 2015.
Mr. Cheong holds a Bachelor of Science (Hons) in Accounting and Finance from the University of London. He joined
Public Mutual in 2014 as Manager – Investment, Equity Section.
Prior to joining Public Mutual, Mr. Cheong was attached to a local asset management company as a fund manager.
Mr. Cheong was also previously a fund manager at a foreign owned insurance firm where he was involved in the
areas of portfolio management and equity research. He has more than 10 years of experience in investment research
and portfolio management in the Malaysian equity market.
Portfolio Manager – Investment, Equities Section
Mr. Tan Kok Keong – Mr. Tan obtained his CMSRL on 23 December 2010.
Mr. Tan graduated with a Bachelor of Business from the Charles Sturt University, Australia. He joined Public Mutual in
2007 as a Senior Analyst in the Investment Department. Mr. Tan was promoted to Assistant Manager – Investment,
Equities Section in 2011. Mr. Tan was subsequently promoted to Deputy Manager – Investment, Equities Section
in 2014 and Manager – Investment, Equities Section in 2015.
Prior to joining Public Mutual, Mr. Tan was attached to a local stockbroking house and an asset management
company as an investment analyst responsible for equity research in the Malaysian capital market.
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THE MANAGER (CONT’D)
Portfolio Manager – Investment, Fixed Income Section
Ms. Vivian Looi Voon Ai – Ms. Vivian obtained her CMSRL on 5 March 2013.
Ms. Vivian graduated with a Bachelor of Economics from Universiti Putra Malaysia. She joined Public Mutual in
2004 as an Executive in the Investment Department. Her responsibilities in the Fixed Income Section include money
market operations, bond valuations and fixed income credit research. Her job scope was expanded to portfolio
management and she assumed her current position Portfolio Manager – Investment, Fixed Income Section in 2013.
Prior to joining Public Mutual, Ms. Vivian was attached to a local money broking house and was involved in
institutional sales in fixed income instruments, money market instruments and foreign exchange.
Portfolio Manager – Investment, Equities Section
En. Shahnaz bin Saiful Mulok – En. Shahnaz obtained his CMSRL on 5 October 2006.
En. Shahnaz holds a Bachelor of Accountancy (Hons) from Universiti Teknologi MARA and is an affiliate of The
Association of Chartered Certified Accountants (ACCA), United Kingdom. He joined Public Mutual in 2006 as
Assistant Manager – Investment, Equities Section and was promoted to Deputy Manager – Investment, Equities
Section in 2008.
Prior to joining Public Mutual, En. Shahnaz was attached to a local asset management company. He started off in
the asset management company as an investment analyst. His investment research experience include assessing
corporate earnings growth prospects, evaluating management track record, computation of stock valuations and
financial analysis of listed companies on the Bursa Securities. His fund management experience includes formulating
investment strategy and management of equity and fixed income portfolios.
Portfolio Manager – Investment, Equities Section
Mr. Oh Siew Wei – Mr. Oh obtained his CMSRL on 22 March 2015.
Mr. Oh graduated with a Masters of Commerce (Accounting) with Merit from University of Sydney and Bachelor
of Science (Theoretical Physics) from University of Adelaide. He joined Public Mutual in 2014 as Portfolio Manager
– Investment, Equities Section.
Prior to joining Public Mutual, Mr. Oh was an investment manager at a private fund management company where
he was responsible for managing a global equity fund and a multi-asset fund of funds. He was also previously an
equity analyst at a local asset management company.
Portfolio Manager – Investment, Fixed Income Section
Cik Haniza binti Yang Razali – Cik Haniza obtained her CMSRL on 8 February 2005.
Cik Haniza holds a Masters in Business Administration majoring in Finance from International Islamic University
Malaysia (IIUM) and BA (Hons) in Accounting & Finance from London South Bank University. She joined Public Mutual
in 2004 as Assistant Manager – Investment, Fixed Income Section and assumed her position as co-fund manager
in 2005. She was re-designated as Portfolio Manager – Investment, Fixed Income Section in 2006.
Prior to joining Public Mutual, Cik Haniza was attached to an investment advisory company and was involved in
providing portfolio management and investment services. She was also previously attached to a local unit trust
management company as a designated fund manager and was responsible for the portfolio management and asset
allocation decisions for bond and Islamic equity funds. She also has experience in developing procedures and internal
guidelines and monitoring of trading activities to ensure compliance with stipulated procedures and regulations.
Portfolio Manager – Investment, Equities Section
En. Mohd Hafizh bin Shamsul Ariffin – En. Mohd Hafizh obtained his CMSRL on 5 March 2012.
En. Mohd Hafizh is an affiliate of The Association of Chartered Certified Accountants (ACCA), United Kingdom.
He joined Public Mutual in 2012 as Deputy Manager – Investment, Equities Section and assumed his position of
Portfolio Manager – Investment, Equities Section in 2012.
Prior to joining Public Mutual, En. Mohd Hafizh was attached to a local financial institution and was responsible
for undertaking investment research and financial analysis on listed companies. He started off his career as an
investment analyst in an asset management company, responsible for assessing corporate earnings growth prospects,
computation of stock valuation and financial analysis of listed companies on Bursa Securities and Asia Ex-Japan
equity markets.
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THE MANAGER (CONT’D)
Portfolio Manager – Investment, Equities Section
Mr. Chong Kok Wai – Mr. Chong obtained his CMSRL on 13 September 2013.
Mr. Chong holds a Bachelor of Commerce, majoring in Banking and Finance from Liverpool John Moores University.
He joined Public Mutual in 2013 as Assistant Manager – Investment, Equities Section and was subsequently promoted
to Deputy Manager – Investment, Equities Section in 2015.
Prior to joining Public Mutual, Mr. Chong was attached to a foreign owned asset management company as a fund
manager. Mr. Chong was also previously an investment analyst at a local asset management company where he
had gained experience in equity research and portfolio construction.
Portfolio Manager – Investment, Equities Section
Mr. Lim Wai Yin – Mr. Lim obtained his CMSRL on 16 December 2014.
Mr. Lim holds a Bachelor of Applied Science (Honours), majoring in Mathematics and Economics from Universiti Sains
Malaysia. He is a CFA charterholder. He joined Public Mutual in 2007 as an Analyst – Investment, Equities Section
and was promoted to Senior Analyst – Investment, Equities Section in 2011. Subsequently, he was promoted to
Assistant Manager – Investment, Equities Section in 2014. His experience in investment research includes financial
analysis of companies listed on domestic and regional markets.
Portfolio Manager – Investment, Equities Section
Mr. James See Yuin Fong – Mr. James obtained his CMSRL on 16 December 2015.
James holds a Bachelor of Economics (Hons) from Universiti Kebangsaan Malaysia and is a Fellow Member of The
Association of Chartered Certified Accountants (ACCA), United Kingdom. He joined Public Mutual in 2014 as Senior
Analyst and was promoted to Assistant Manager – Investment, Equities Section in 2015.
Prior to joining Public Mutual, James was attached to a local asset management company and was responsible for
portfolio management and investment research. He started off his career as an analyst in an asset management
company in 2007 and was responsible for fundamental research of listed companies in Malaysia.
Portfolio Manager – Investment, Equities Section
Mr. Ng Boon Keat – Mr. Ng obtained his CMSRL on 26 February 2016.
Mr. Ng is a CFA charterholder and graduated with a Bachelor of Science (Hons) in Computing from Staffordshire
University, United Kingdom. He joined Public Mutual in 2006 as an Analyst – Investment, Equities Section and was
promoted to Senior Analyst – Investment, Equities Section in 2010. He was subsequently promoted to Assistant
Manager – Investment, Equities Section in 2012 and assumed his position as Deputy Manager – Equity Portfolio
of Investment Department in 2016. Prior to joining Public Mutual, Mr. Ng was attached to a local equity research
firm as an Analyst responsible for conducting research on Malaysian equities.
Assistant General Manager – Investment, Economic Research & Communications Section
Mr. Long Shih Rome – Mr. Long obtained his CMSRL on 26 September 2007.
Mr. Long holds a Bachelor of Science Honours degree majoring in International Trade & Economic Development
from the London School of Economics, London. He joined Public Mutual in 2003 as Manager in the Investment
Department and was promoted to Senior Manager in 2007. He was subsequently promoted to Assistant General
Manager in 2016. Mr. Long oversees the economics team which has developed statistical models and databases for
economic research covering various regional economies. On the communications front, Mr. Long is responsible for
updating the company’s agents and unitholders with investment talks and regular publications about the market
and economic outlook for local and foreign markets.
Prior to joining Public Mutual, Mr. Long was the managing editor of an established investment magazine and had
written articles covering stock market investments, unit trusts, financial planning and economics. Mr. Long was
also previously a senior investment analyst with more than 10 years of experience covering various sectors of the
Malaysia and Singapore equity markets.
255
THE MANAGER (CONT’D)
9.8
THE INVESTMENT COMMITTEE
Public Mutual’s investment team comprises a group of portfolio managers and investment research analysts who
possess the necessary expertise and experience to undertake the fund management of its unit trust funds. The
investment methodology that is applied is mainly based on fundamental analysis. The overall responsibility to oversee
and review the portfolio strategies recommended by the fund managers rests with the Investment Committee.
Investment Committee
The Investment Committee oversees the investment process of the funds, particularly with regard to reviewing the
asset allocation and investment strategies proposed by the fund manager and his team.
Members of the Investment Committee
Tan Sri Dato’ Sri Tay Ah Lek
Dato’ Sri Lee Kong Lam
Dato’ (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff (Independent)
Dato’ Haji Abdul Aziz Bin Dato’ Dr. Omar (Independent)
Mr. Quah Poh Keat
Dato’ Mohammed Najeeb Bin Abdullah (Independent)
Ms. Yeoh Kim Hong
For profiles of the members of the Investment Committee, please refer to pages 246 to 248.
The Investment Committee meets twice a month and keeps in purview the achievement of the long-term investment
objective of the funds. The detailed functions of the Investment Committee are as follows:
•
•
•
•
•
9.9
Review the performance and portfolios of the funds.
Review the performance of the markets and their respective outlook.
Review and approve the portfolio strategies recommended by the Investment Department.
Review the foreign portfolio strategies of the funds.
Review the reports on weekly sale and purchase of investments.
RELATED PARTY TRANSACTIONS/CONFLICT OF INTEREST
All transactions carried out for or on behalf of the funds are executed on terms that are best available to the funds
and which are no less favourable than arm’s length transactions between independent parties.
The related-party transactions of the funds may include:
•
•
•
dealings on sale and purchase of investment securities and instruments by the funds.
money market deposits and placements by the funds.
holding of units in the funds by related parties.
All related-party transactions of the funds are transacted at arms length and are established on terms and conditions
that are stipulated in the applicable regulations of respective stock exchanges and/or other applicable laws and
market convention.
Where a conflict of interest arises due to the Investment Committee member or director holding substantial
shareholding or directorships of public companies, and the fund(s) invests in that particular share or stock belonging
to a public listed company, the said committee member or director shall abstain from any decision making relating
to that particular share or stock of the fund(s).
Employees of the Manager who are directly involved in the investment management of the fund(s) or who have
direct and timely access to the daily trades done by the fund managers, are required to obtain prior written approval
and declare their dealings in securities.
256
THE MANAGER (CONT’D)
9.10 POLICIES AND PROCEDURES ON MONEY LAUNDERING ACTIVITIES
The Manager has established a set of policies and procedures to counter the risk involving money laundering and
financing of terrorism, in compliance with the provisions of Anti-Money Laundering, Anti-Terrorism Financing and
Proceeds of Unlawful Activities Act 2001. The policies and procedures encompassed the following key initiatives:
•
•
•
Provision of training and education on the subject matter to all employees, with emphasis on front-line
personnel and members of the agency force;
Setting up specific measures and controls with regard to customer identification and acceptance which
include verification of the identity of customer via relevant identification documents;
Ensuring prompt reporting of suspicious transactions to the Financial Intelligence and Enforcement Department
of Bank Negara Malaysia.
9.11 DOCUMENTS AVAILABLE FOR INSPECTION
For a period of at least 12 months from the date of this Master Prospectus, copies of the following documents (where
applicable) may be inspected at the registered office of the Manager or such other place as the SC may determine:
(a)
(b)
(c)
(d)
(e)
(f)
The master deed and supplemental deeds;
Each material contract disclosed in this Master Prospectus and, in the case of contracts not reduced to writing,
a memorandum which gives full particulars of the contracts;
The audited financial statements of the funds for the current financial year (where applicable) and for the
last 3 financial years or if the funds have been established/incorporated for a period of less than 3 years, the
entire period preceding the date of this Master Prospectus;
All reports, letters or other documents, valuations and statements by any expert, any part of which is extracted
or referred to in this Master Prospectus. Where a summary expert’s report is included in this Master Prospectus,
the corresponding full expert’s report is available for inspection;
Writ and relevant cause papers for all material litigation and arbitration disclosed in this Master Prospectus
(if any); and
All consents given by experts disclosed in this Master Prospectus.
257
10
THE TRUSTEES
10.1 THE TRUSTEES’ WILLINGNESS TO ASSUME POSITION
AmanahRaya Trustees Berhad (“ART”), Maybank Trustees Berhad (“MTB”) and CIMB Commerce Trustee Berhad
(“CCTB”) have indicated their willingness to assume the position of trustees to the funds and to undertake all the
obligations that are attached to it under the Deed, all relevant written laws and rule of law.
10.2 DUTIES AND RESPONSIBILITIES OF THE TRUSTEES
The trustees of the funds will perform among others, the following duties and responsibilities:
1.
To act as the custodian of the funds and safeguard the interest of the unitholders;
2.
To exercise all due diligence and vigilance in carrying out its functions and duties in accordance with the
Deed, SC Guidelines, CMSA 2007 and securities laws;
3.
To ensure that the Manager manages and administers the funds in accordance with the Deed, SC Guidelines,
CMSA 2007 and securities laws;
4.
To ensure proper records are kept of all transactions, dividends, interest and income received and distributed
in respect of the funds;
5.
To ensure that the Manager keeps the trustees fully informed of the details of the Manager’s policies in
investments and any changes thereof; and
6.
To ensure the accounts are audited at the end of each accrual period by the auditors and the Manager,
on behalf of the trustees forwards to the unitholders (at their last known registered address) a copy of the
audited annual accounts within two months after the financial year end.
10.3 PROFILE OF AMANAHRAYA TRUSTEES BERHAD (“ART”)
ART was incorporated under the Companies Act 1965 on 23 March 2007 and registered as a trust company under
the Trust Companies Act 1949. ART is a subsidiary of Amanah Raya Berhad (ARB) which is wholly owned by the
Minister of Finance (Incorporated). ART took over the corporate trusteeship functions of ARB and acquired ARB’s
experience of more than 48 years in trustee business. ART has been registered and approved by the SC to act as
trustee to unit trust funds and has 201 unit trust funds under ART’s trusteeship. As at LPD, ART has 82 staff (60
Executives and 22 Non-Executives).
ART has an authorised capital of RM5,000,000. Its issued and paid-up share capital is RM2,000,000 and RM1,000,000
respectively.
The shareholders of ART are:
% of equity
Amanah Raya Berhad (344986-V)
AmanahRaya Development Sdn Bhd (546094-U)
Amanah Raya Capital Sdn Bhd (549057-K)
AmanahRaya Investment Bank Ltd (LL05633)
AmanahRaya Hartanah Sdn Bhd (760290-W)
20
20
20
20
20
258
THE TRUSTEES (CONT’D)
Financial Performance
The following is a summary of ART’s performance based on its audited financial statements for the past 3 financial
years ended 31 December:
Paid-up share capital
Shareholders’ funds
Turnover
Profit before tax
Profit after tax
2013
2014
RM’000
RM’000
2015
(Unaudited)
RM’000
1,000
9,421
27,861
20,332
15,281
1,000
9,657
30,326
22,806
17,236
1,000
11,144
32,205
24,311
18,887
As at LPD, the trustee and its delegate are not engaged in any material litigation and arbitration, either as plaintiff or
defendant, and the trustee and its delegate are not aware of any proceedings, pending or threatened or of any facts
likely to give rise to any proceedings which might materially and adversely affect their financial position or business.
Board of Directors
Dato’ Haji Ismail bin Ibrahim – Director (Chairman)
Dato’ Haji Che Pee bin Samsudin – Director
Datuk Johar bin Che Mat – Director
Tuan Haji Mansor bin Salleh – Director
Tuan Haji Zulkifly bin Sulaiman – Director
Puan Mahfuzah binti Baharin – Director
Chief Executive Officer
Puan Hajjah Habsah binti Bakar
Delegation of Custodian Function
ART has delegated its custodian function for the foreign investments of the funds to Citibank N.A, Singapore
branch. Citibank N.A in Singapore began providing a security service in the mid-1970’s and a fully operational
global custody product was launched in the early 1990’s. To date their securities services business claims a global
client base of premier banks, fund managers, broker dealers and insurance companies.
The roles and duties of the trustee’s delegate, Citibank N.A, Singapore, are as follows:
•
•
•
To act as sub-custodian for the selected cross-border investment of the funds including the opening of cash
and custody accounts and to hold in safe keeping the assets of the funds such as equities, bonds and other
assets.
To act as paying bank for the selected cross-border investment which include trade settlement and fund
transfer services.
To provide corporate action information or entitlements arising from the above underlying assets and to
provide regular reporting on the activities of the invested portfolios.
10.4 PROFILE OF MAYBANK TRUSTEES BERHAD (“MTB”)
MTB was incorporated under the name of Mayban Trustees Berhad on 12 April 1963 and registered as a trust
company under the Trust Companies Act 1949 on 11 November 1963. It was one of the first local trust companies
to provide trustee services with the objective of meeting the financial needs of both individual and corporate clients.
The name of the company was changed to Maybank Trustees Berhad effective from 19 March 2012. MTB has been
registered and approved by the SC to act as trustee to unit trust funds.
With more than 23 years of experience as trustee to unit trust funds, MTB has under its trusteeship a total of 60
unit trust funds, 6 wholesale funds, 1 private retirement scheme (consisting of 4 funds) and 4 real estate investment
trust/property funds. As at LPD, MTB has a total of 33 staff, comprising 26 Executives and 7 non-Executives.
259
THE TRUSTEES (CONT’D)
Financial Performance
The following is a summary of the past performance of MTB based on audited financial statements for the past 3
financial years ended 31 December:
Paid-up share capital
Shareholders’ funds
Turnover
Profit before tax
Profit after tax
2013
2014
RM’000
RM’000
2015
(unaudited)
RM’000
500
21,002
21,316
11,826
8,895
500
31,451
25,574
14,091
10,448
500
36,999
19,199
8,977
5,548
Material Litigation and Arbitration
As at LPD, save for the suits mentioned herein below, the trustee is not engaged in any material litigation as plaintiff
or defendant and the trustee is not aware of any proceedings, pending or threatened or of any facts likely to give
rise to any proceedings which might materially and adversely affect its financial position or business.
The bondholders of the Al-Bai Bithaman Ajil (“ABBA”) bonds (“bondholders”) issued by Pesaka Astana (M) Sdn
Bhd (“PASB”) have sued PASB for its failure to meet its bonds payment obligations under Kuala Lumpur High Court
Civil Suit No. D5(D6)-22-1810-2005 (the “ABBA Suit”) and cited the trustee as one of 12 co-defendants in the
ABBA Suit. The claim in the ABBA Suit is for RM149,315,000.00 or any other sum that the Court deems fit. The
other defendants in the ABBA Suit include among others the Arranger, PASB’s Chief Executive Officer, one of PASB’s
directors and associate companies of the Chief Executive Officer and the said director. The trustee has defended
the ABBA Suit and its trial has concluded.
The trustee had appealed against the decision made by the High Court on 30 June 2010 in respect of the ABBA
Suit in awarding judgement against it. The appeals proceeded on 22, 23, 26, 27, 28, 29 and 30 September 2011
and 3 October 2011. The Court of Appeal had on 8 November 2011 awarded the trustee and the Arranger a
limited indemnity against PASB, PASB’s Chief Executive Officer, one of PASB’s directors and associate companies of
the Chief Executive Officer and the said director (collectively “PASB And Their Associated Defendants”) but found
the trustee and the Arranger equally liable to the bondholders. The Federal Court had on 5 April 2012 granted the
trustee leave to appeal to the Federal Court against certain parts of the decision of the Court of Appeal (“Federal
Court Appeal”). The Federal Court Appeal was heard on 6, 7, 8, 20, 21 and 23 November 2012 and on 2, 3 and
4 January 2013. The hearing dates of 17 to 19 October 2012 and 19 November 2012 were vacated.
The Federal Court had on 10 February 2014 delivered its decision (“Decision”) wherein it had, among others,
allowed the trustee a full indemnity against PASB And Their Associated Defendants and reduced the judgement
sum against the trustee to approximately RM107 million without apportionment of liability against the Arranger.
PASB’s Chief Executive Officer and associate companies of the Chief Executive Officer (collectively the “Pesaka
Defendants”) had filed an application for the Federal Court to grant leave to review its Decision against them
(“Review Application 1”). On 29 September 2014, the Federal Court allowed the Pesaka Defendants’ application
to withdraw Review Application 1.
Most of the bondholders had filed an application for the Federal Court to grant leave to review its Decision in
finding the Arranger not liable (“Review Application 2”). On 29 September 2014, the Federal Court dismissed
Review Application 2.
260
THE TRUSTEES (CONT’D)
Connected to the ABBA Suit, Amanah Short Deposits Berhad [now MIDF Amanah Investment Bank Berhad (“MIDF”)],
a Noteholder of the Combined Commercial Papers and/or Medium Term Notes/Letters of Credit/Financial Guarantee
Facilities (“CP/MTN”) totalling RM13 million and issued by PASB, has also sued PASB for full payment under the
CP/MTN arising from a cross-default by PASB under its ABBA bonds under Kuala Lumpur High Court Civil Suit No.
D2-22-1085-2006 (the “CP/MTN Suit”). The trustee was cited as one of 5 co-defendants in the CP/MTN Suit. The
claim in the CP/MTN Suit is for RM13 million or any other sum that the Court deems fit and damages. The other
defendants in the CP/MTN Suit are the Arranger, PASB’s Chief Executive Officer and one of PASB’s directors. MIDF
withdrew its claim against the Arranger in November 2014. The trustee has defended the CP/MTN Suit and trial
has concluded. On 14 August 2015, the High Court dismissed MIDF’s claim against the trustee (“Dismissal”) and
found PASB’s Chief Executive Officer and one of PASB’s directors liable for MIDF’s loss. MIDF has filed a Notice of
Appeal against the Dismissal (“Appeal”). The Appeal is scheduled for hearing on 16 March 2016.
The trustee has obtained leave of the court to proceed with the actions against PASB given that further to an unrelated
suit a provisional liquidator had been appointed against PASB. The trustee has also obtained leave of the court to
proceed with the actions against PASB following the court’s order to wind-up PASB further to the unrelated suit.
In any event, any successful claim that may be established against the trustee will be covered by the trustee’s insurer
and/or Malayan Banking Berhad as the ultimate holding company of the trustee. As such, the ABBA Suit and the
CP/MTN Suit will not materially affect the business or financial position of the trustee.
Several holders of the bonds (“bondholders”) issued by Aldwich Berhad [In Receivership] (“Aldwich”) have sued
Aldwich for its failure to settle its indebtedness to the bondholders following the default of the said bonds in 2010
and cited the trustee as one of 6 co-defendants under Kuala Lumpur High Court Suit No. D-22NCC-1622-11/2012
(the “Aldwich Bondholders’ Suit”). The claim against the trustee is for the sum of RM177,248,747.31 or any other
sum that the Court deems fit. The other defendants are the holding company of Aldwich, the Chief Executive
Officer of the holding company of Aldwich, the Security Agent and the Reporting Accountant. The trustee does
not admit liability to the Aldwich Bondholders’ Suit and has defended it. Trial has concluded and oral submissions
are fixed on 17 and 24 February 2016. The Aldwich Bondholders’ Suit will not materially affect the business or
financial position of the trustee.
Board of Directors
En. Zainal Abidin Jamal
Dato’ Mohd. Hanif bin Suadi
Dato’ Dr Tan Tat Wai
Ms. Ong Sau Yin
–
–
–
–
Non-Independent Non-Executive Director & Chairman
Non-Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Chief Executive Officer
Mr. Chong Kin Tuck – Chief Executive Officer
Delegation of Custodian Function
MTB has appointed Malayan Banking Berhad, as the custodian of the local assets of the funds. The custodian
function is run under Maybank Custody Services (“MCS”), a unit within Malayan Banking Berhad. MCS commenced
operations in 1983 and has been appointed as custodian of unit trust funds since 1989. MCS provides clearing
and custody services for Malaysian equity and fixed income securities to domestic and foreign institutional clients.
In addition, MCS offers global custody services to domestic institutions/clients who have foreign investments.
The roles and duties of the trustee’s delegate, MCS, are as follows:
•
•
•
•
•
•
Safekeep, reconcile and maintain assets holdings records of funds against trustee’s instructions;
Act as settlement agent for shares and monies to counterparties against trustee’s instructions;
Act as agents for money market placement where applicable against trustee’s instructions;
Disseminate listed companies’ announcements to and follow through for corporate actions instructions from
trustee;
Compile, prepare and submit holdings report to trustee and beneficial owners where relevant; and
Other ad-hoc payments for work done for the funds against trustee’s instructions, etc.
261
THE TRUSTEES (CONT’D)
MTB has delegated its custodian function for the foreign investments of the funds to Citibank N.A, Singapore
branch. Citibank N.A in Singapore began providing a security service in the mid-1970’s and a fully operational
global custody product was launched in the early 1990’s. To date, their securities services business claims a global
client base of premier banks, fund managers, broker dealers and insurance companies.
The roles and duties of the trustee’s delegate, Citibank N.A, Singapore, are as follows:
•
•
•
To act as sub-custodian for the selected cross-border investment of the funds including the opening of cash
and custody accounts and to hold in safe keeping the assets of the funds such as equities, bonds and other
assets.
To act as paying agent for the selected cross-border investment which include trade settlement and fund
transfer services.
To provide corporate action information or entitlements arising from the above underlying assets and to
provide regular reporting on the activities of the invested portfolios.
10.5 PROFILE OF CIMB COMMERCE TRUSTEE BERHAD (“CCTB”)
CCTB was incorporated under the name of BHLB Trustee Berhad on 25 August 1994. It was registered as a trust
company under the Trust Companies Act 1949 on 3 July 1995 and commenced operations on 1 September 1995.
The name of the company was changed to CIMB Commerce Trustee Berhad effective from 2 March 2012. CCTB
has been registered and approved by the SC to act as trustee to unit trust funds.
With 20 years of experience as a trustee to unit trust funds, CCTB has under its stewardship a total of 56 unit trust
funds, 15 wholesale funds, 1 Real Estate Investment Trust and 1 private retirement scheme (5 funds) and a staff
strength of 25 employees, comprising of 25 Executives as at LPD.
Financial Performance
The following is a summary of the past performance of CCTB based on financial statements for the past 3 financial
years ended 31 December:
Paid-up share capital
Shareholders’ funds
Turnover
Profit before tax
Profit after tax
2013
2014
RM’000
RM’000
2015
(Unaudited)
RM’000
1,750
11,739
8,502
4,216
3,138
1,750
10,375
9,872
5,692
4,236
1,750
14,255
10,179
4,960
3,880
As at LPD, the trustee and its delegates are not engaged in any material litigation and arbitration, either as plaintiff or
defendant, and the trustee and its delegate are not aware of any proceedings, pending or threatened or of any facts
likely to give rise to any proceedings which might materially and adversely affect their financial position or business.
Board of Directors
En. Zahardin Omardin
En. Mohamad Safri Bin Shahul Hamid
Ms. Liew Pik Yoong
Chief Executive Officer
Ms. Liew Pik Yoong
262
THE TRUSTEES (CONT’D)
Delegation of Custodian Function
CCTB has appointed CIMB Bank Berhad (CIMB Bank) as the Custodian of the funds’ assets. CIMB Bank’s ultimate
holding company is CIMB Group Holdings Berhad, a listed company in Bursa Malaysia and currently the second
largest financial services provider in Malaysia. CIMB Bank provides full fledged custodial services, typically clearing,
settlement and safekeep all types of investment assets and classes, to a cross section of investors and intermediaries
client base, both locally and overseas.
For the local Ringgit assets, they are held through its wholly owned nominee subsidiary “CIMB Group Nominees
(Tempatan) Sdn Bhd”. For foreign non-Ringgit assets, CIMB Bank appoints global custodian as its agent bank to
clear, settle and safekeep on its behalf and to its order.
CCTB has delegated its custodian function for the foreign investments of the funds to Citibank N.A, Singapore
branch. Citibank N.A in Singapore began providing a security service in the mid-1970’s and a fully operational
global custody product was launched in the early 1990’s. To date their securities services business claims a global
client base of premier banks, fund managers, broker dealers and insurance companies.
All investments are automatically registered in the name of the funds. CIMB Bank Berhad acts only in accordance
with instructions from the trustee.
The roles and duties of the trustee’s delegates, CIMB Bank Berhad and Citibank N.A, Singapore, are as follows:
•
•
•
To act as sub-custodian for the selected cross-border investment of the fund(s) including the opening of cash
and custody accounts and to hold in safe keeping the assets of the fund(s) such as equities, bonds and other
assets.
To act as paying agent for the selected cross-border investment which include trade settlement and fund
transfer services.
To provide corporate action information or entitlements arising from the above underlying assets and to
provide regular reporting on the activities of the invested portfolios.
263
11
SALIENT TERMS OF THE DEED
11.1 UNITHOLDERS’ RIGHTS AND LIABILITIES
A unitholder is a person registered in the register as a holder of units or fractions of units in a fund
which automatically accord him rights and interests in the fund.
Unitholders shall be entitled to receive the distributions of the funds (if any), participate in any increase in the capital
value of the units, and to other rights and privileges as are provided for in the Deed.
Unitholders are vested with the powers to call for a unitholders’ meeting, and to vote for the removal of the trustee
or the Manager through an Extraordinary Resolution.
Investors who are investing with Public Mutual for the first time are entitled to a cooling-off right. This cooling-off
right, however, shall not extend to a corporation or institution, the staff of Public Mutual and persons registered
to deal in unit trust funds.
In addition, unitholders shall receive annual and interim reports of the funds which are sent within two months
from the close of each financial year or period.
No unitholder shall be entitled to require the transfer to him of any of the assets comprised in the funds or be
entitled to interfere with or question the exercise by the trustee or the Manager on his behalf of the rights of the
trustee as owner of such assets.
No unitholders shall by reason of the provisions of the Deed and the relationship created thereby between the
unitholders, the trustee and the Manager be liable for any amount in excess of the purchase price paid for the
unit, and shall not be under any obligation to indemnify the trustee and/or the Manager in the event that the
liabilities incurred by the trustee and the Manager in the name of or on behalf of the funds pursuant to and/or in
the performance of the provisions of the Deed exceed the assets of the funds, and any right of indemnity of the
trustee and/or Manager will be limited to recourse to the funds.
11.2 JOINTHOLDERS
Units may be registered in the name of more than one unitholder subject to a maximum number of two jointholders.
If the units are held by jointholders of whom one is a minor, the first registered unitholder must be an adult who
is not less than 18 years of age.
In the event of the demise of a jointholder, the Manager shall only recognise the surviving jointholder as the rightful
person having title or right of interest to the units in the account. However, if the surviving jointholder is a minor,
the units in the account shall be vested in the estate of the deceased jointholder upon receipt by the Manager of
the necessary documentation.
264
SALIENT TERMS OF THE DEED (CONT’D)
11.3 MAXIMUM FEES AND CHARGES PERMITTED BY THE DEED
Fund
Management fee
Trustee fee
Sales charge
Redemption
charge
PSF
1.5% per annum of Not exceeding 0.2% per annum 7% of the NAV 5 sen per unit.
the NAV.
and not less than 0.08% per per unit.
annum, calculated daily on the
NAV.
PGF
1.5% per annum of Not exceeding 0.2% per annum 7% of the NAV 5 sen per unit.
the NAV.
and not less than 0.08% per per unit.
annum, calculated daily on the
NAV.
PIX
1.5% per annum of Not exceeding 0.2% per annum 7% of the NAV 5 sen per unit.
the NAV.
and not less than 0.08% per per unit.
annum, calculated daily on the
NAV.
PINDGF
1.5% per annum of Not exceeding 0.08% per annum, 7% of the NAV 5 sen per unit.
the NAV.
calculated daily on the NAV.
per unit.
PAGF
1.5% per annum of Not exceeding 0.08% per annum, 7% of the NAV 5 sen per unit.
the NAV.
calculated daily on the NAV.
per unit.
PRSF
1.5% per annum of Not exceeding 0.08% per annum, 7% of the NAV 5 sen per unit.
the NAV.
calculated daily on the NAV.
per unit.
P SmallCap
2.0% per annum of Not exceeding 0.15% per annum, 7% of the NAV 5 sen per unit.
the NAV.
calculated daily on the NAV.
per unit.
PEF
1.5% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV.
per unit.
per unit.
PFSF
1.5% per annum of Not exceeding 0.07% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall agreed upon by the
Manager and trustee.
PDSF
1.5% per annum of Not exceeding 0.07% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall agreed upon by the
Manager and trustee.
PFES
1.6% per annum of Not exceeding 0.06% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall agreed upon by the
Manager and trustee.
265
SALIENT TERMS OF THE DEED (CONT’D)
Fund
Management fee
Trustee fee
Sales charge
Redemption
charge
PRSEC
1.6% per annum of Not exceeding 0.07% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall agreed upon by the
Manager and trustee.
PGSF
2.0% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
per unit.
the NAV.
calculated daily on the NAV, per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PFEDF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
per unit.
the NAV.
calculated daily on the NAV, per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PCSF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PFEPRF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PSEASF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PSSF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PFECTF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PCTF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
266
SALIENT TERMS OF THE DEED (CONT’D)
Fund
Management fee
Trustee fee
Sales charge
Redemption
charge
PFETIF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PSA30F
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PWEF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PAUEF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
per unit.
the NAV.
calculated daily on the NAV, per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PFA30F
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
POGF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PINDOSF
2.0% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PSGEF
2.0% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
calculated daily on the NAV, per unit.
the NAV.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PSSCF
2.0% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
267
SALIENT TERMS OF THE DEED (CONT’D)
Fund
Management fee
Trustee fee
Sales charge
Redemption
charge
PSTGF
2.0% per annum of Not exceeding 0.06% per annum, 7% of the NAV 3% of the NAV
calculated daily on the NAV, but per unit.
per unit.
the NAV.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall be agreed upon by
the Manager and the trustee.
PSTEF
2.0% per annum of Not exceeding 0.06% per annum, 7% of the NAV 3% of the NAV
calculated daily on the NAV, but per unit.
per unit.
the NAV.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall be agreed upon by
the Manager and the trustee.
PAVGEF
2.0% per annum of Not exceeding 0.06% per annum, 7% of the NAV 3% of the NAV
calculated daily on the NAV, but per unit.
per unit.
the NAV.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall be agreed upon by
the Manager and the trustee.
PRSSQF
2.0% per annum of Not exceeding 0.06% per annum, 7% of the NAV 3% of the NAV
calculated daily on the NAV, but per unit.
per unit.
the NAV.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall be agreed upon by
the Manager and the trustee.
PEMOF
2.0% per annum of Not exceeding 0.06% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall be agreed upon by
the Manager and the trustee.
PTAF
2.0% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PSMAGF
2.0% per annum of Not exceeding 0.06% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall be agreed upon by
the Manager and trustee.
268
SALIENT TERMS OF THE DEED (CONT’D)
Fund
Management fee
Trustee fee
Sales charge
Redemption
charge
PSMACF
2.0% per annum of Not exceeding 0.06% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall be agreed upon by
the Manager and trustee.
PBF
1.5% per annum of Not exceeding 0.08% per annum, 7% of the NAV 5 sen per unit.
the NAV.
calculated daily on the NAV.
per unit.
PFEBF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
per unit.
the NAV.
calculated daily on the NAV, per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PGRBF
2.0% per annum of Not exceeding 0.06% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall be agreed upon by
the Manager and the trustee.
P BOND
0.75% per annum of Not exceeding 0.04% per annum, 3% of the NAV 3 sen per unit.
the NAV.
calculated daily on the NAV.
per unit.
PIN BOND
1.25% per annum of Not exceeding 0.1% per annum, 3% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall agreed upon by the
Manager and trustee.
PEBF
1.5% per annum of Not exceeding 0.07% per annum, 3% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall agreed upon by the
Manager and trustee.
PSBF
1.5% per annum of Not exceeding 0.06% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall agreed upon by the
Manager and trustee.
269
SALIENT TERMS OF THE DEED (CONT’D)
Fund
Management fee
Trustee fee
Sales charge
Redemption
charge
PSTBF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
per unit.
the NAV.
calculated daily on the NAV, per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PENTBF
1.8% per annum of Not exceeding 0.08% per annum, 7% of the NAV 3% of the NAV
the NAV.
calculated daily on the NAV, per unit.
per unit.
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
PMMF
1.0% per annum of Not exceeding 0.1% per annum, 1% of the NAV 1% of the NAV
the NAV.
calculated daily on the NAV, but per unit.
per unit.
subject to any minimum fee
(inclusive of the custodian fee)
per annum and/or maximum fee
(inclusive of the custodian fee) per
annum as shall agreed upon by the
Manager and trustee.
A lower fee and/or charges than what is stated in the Deed may be charged. All current fees and charges are
disclosed in the Master Prospectus.
Any increase of the fees and/or charges above that stated in the current Master Prospectus may be made provided
that a supplemental prospectus is issued and the maximum stated in the Deed shall not be breached.
Any increase of the fees and/or charges above the maximum stated in the Deed shall require unitholders’ approval.
All the above fees and charges are subject to GST. The Manager shall charge and the unitholder shall pay the
amount of GST imposed on any transaction requested by the unitholder.
11.4 PERMITTED EXPENSES PAYABLE OUT OF THE FUNDS
Only expenses directly related and necessary in operating and administering a fund may be paid out of the fund.
The major expenses that are recoverable directly from the funds include:
(i)
commission and/or fees paid to brokers in effecting dealings in the investments of the funds, shown on the
contract notes or confirmation notes or difference accounts;
(ii)
(where the foreign custodial function is delegated by the relevant trustee for foreign markets investment),
charges/fees paid to the sub-custodian;
(iii) tax and other duties charged on the funds by the government and other authorities;
(iv) the fee and other expenses properly incurred by the auditor and all professional and accounting fees and
disbursements approved by the relevant trustee;
(v)
fees for the valuation of any investment of the funds by independent valuers for the benefit of the funds;
(vi) costs incurred for the modification of the Deed other than those for the benefit of the Manager or the trustee;
(vii) costs incurred for any meeting of unitholders other than those convened by the Manager or trustee for its
own benefit;
(viii) the costs of printing and dispatching to unitholders the accounts of the funds, tax certificates, distribution
warrants, notices of meeting of unitholders, newspaper advertisement and such other similar costs as may
be approved by the relevant trustee; and
(ix) any other expenses properly incurred by the relevant trustee in the performance of its duties and responsibilities.
270
SALIENT TERMS OF THE DEED (CONT’D)
11.5 RETIREMENT, REMOVAL AND REPLACEMENT OF THE MANAGER
The Manager may retire upon giving 12 months notice to the trustee of its desire to do so, or such shorter period
as the Manager and the trustee shall agree upon, in favour of some other corporation.
The Manager may be removed and another corporation appointed as manager by Extraordinary Resolution of the
unitholders at a unitholders’ meeting convened in accordance with the Deed either by the trustee or the unitholders.
The trustee shall take reasonable steps to remove and replace the Manager as soon as practicable after becoming
aware of any such circumstances:
(a)
(b)
(c)
(d)
An Extraordinary Resolution to that effect has been duly passed by the unitholders at a meeting called for
that purpose;
The Manager is in breach of its obligations under the Deed;
The Manager has failed or neglected to carry out its duties to the satisfaction of the trustee and the trustee
considers that it would be in the interests of unitholders for it to do so, after the trustee has given notice
and reasons and has considered any representations made by the Manager in respect of that opinion, and
after consultation with the relevant authorities and with the approval of the unitholders; or
The Manager has gone into liquidation (except a voluntary liquidation for the purpose of amalgamation or
reconstruction or some similar purpose) or has had a receiver appointed or has ceased to carry on business,
and the Manager shall not accept any extra payment or benefit in relation to such removal or replacement or
retirement.
In any of the cases aforesaid the Manager for the time being shall upon receipt of such notice by the trustee
cease to be the Manager and the trustee shall by writing under its seal appoint some other corporation to be the
Manager of the fund subject to such corporation entering into a deed or deeds with the trustee and thereafter act
as Manager during the remainder period of the fund.
11.6 RETIREMENT, REMOVAL AND REPLACEMENT OF THE TRUSTEE
The trustee may retire upon giving 12 months notice to the Manager of its desire to do so, or such shorter period as
the Manager and the trustee shall agree upon, and may appoint a new trustee in his stead or as additional trustee.
The Manager shall take reasonable steps to remove and replace a trustee as soon as practicable after becoming
aware of any such circumstances:
(a)
(b)
(c)
(d)
(e)
(f)
The trustee has ceased to exist;
The trustee has not been validly appointed;
The trustee is not eligible to be appointed or to act as trustee under section 290 of the CMSA 2007;
The trustee has failed or refused to act as trustee in accordance with the provisions or covenants of the Deed
or the provision of the CMSA 2007;
A receiver is appointed over the whole or a substantial part of the assets or undertaking of the existing
trustee and has not ceased to act under the appointment, or a petition is presented for the winding up of the
existing trustee (other than for the purpose of and followed by a reconstruction, unless during or following
such reconstruction the existing trustee becomes or is declared to be insolvent); or
The trustee is under investigation for conduct that contravenes Trust Companies Act 1949, the Trustee Act
1949, the Companies Act 1965 or any securities law.
In addition to the above, the trustee may be removed and another trustee appointed by Extraordinary Resolution
of the unitholders at a unitholders’ meeting convened in accordance with the Deed either by the Manager or the
unitholders.
271
SALIENT TERMS OF THE DEED (CONT’D)
11.7 TERMINATION OF THE FUNDS
A fund may be terminated or wound-up upon the occurrence of any of the following events:
(a)
(b)
(c)
(d)
the SC’s approval is revoked under Section 212(7)(A) of the CMSA 2007;
an Extraordinary Resolution is passed at a unitholders’ meeting to terminate or wind-up that fund, following
the occurrence of events stipulated under Section 301(1) of the CMSA 2007 and the court has confirmed
the resolution, as required under Section 301(2) of the CMSA 2007;
an Extraordinary Resolution is passed at a unitholders’ meeting to terminate or wind-up the fund; or
the effective date of an approved transfer scheme, as defined under the SC Guidelines, has resulted in the
fund, which is the subject of the transfer scheme, being left with no asset/property.
11.8 UNITHOLDERS’ MEETING
A unitholders’ meeting may be called by the Manager, trustee and/or unitholders. Any such meeting must be
convened in accordance with the Deed and/or the SC Guidelines.
Every question arising at any meeting shall be decided in the first instance by a show of hands unless a poll is
demanded or if it be a question which under the Deed requires an Extraordinary Resolution, in which case a poll
shall be taken. On a show of hands every unitholder who is present in person or by proxy shall have one vote.
The quorum for a meeting of unitholders of a fund is 5 unitholders of that fund, whether present in person or by
proxy, provided always that for a meeting which requires an Extraordinary Resolution the quorum for that meeting
shall be 5 unitholders, whether present in person or by proxy, holding in aggregate at least 25% of the units in
issue for that fund at the time of the meeting. If the fund has 5 or less unitholders, the quorum required shall be 2
unitholders, whether present or by proxy and if the meeting requires an Extraordinary Resolution the quorum for
that meeting shall be 2 unitholders, whether present in person or by proxy, holding in aggregate at least 25% of
the units in issue for that fund at the time of the meeting.
11.9 THE DEED
Copies of the Deed may be obtained from the Manager at a cost of RM20 each or may be inspected free of charge
during normal working hours at the offices of the Manager.
All unitholders of units will be entitled to the benefit of, be bound by and be deemed to have notice of the provisions
of the Deed, copies of which are available as mentioned above.
272
TAXATION OF THE FUNDS AND UNITHOLDERS
Public Mutual Berhad
Block B, Sri Damansara Business Park
Persiaran Industri
Bandar Sri Damansara
52200 Kuala Lumpur
4 March 2016
Dear Sirs
Re: Taxation of the Funds and Unit Holders
This letter has been prepared for inclusion in this Master Prospectus in connection with the offer of units in the Public
Savings Fund, Public Growth Fund, Public Index Fund, Public Industry Growth Fund, Public Aggressive Growth Fund,
Public Regular Savings Fund, Public SmallCap Fund, Public Equity Fund, Public Focus Select Fund, Public Dividend
Select Fund, Public Far-East Select Fund, Public Regional Sector Fund, Public Global Select Fund, Public Far-East
Dividend Fund, Public China Select Fund, Public Far-East Property & Resorts Fund, Public South-East Asia Select
Fund, Public Sector Select Fund, Public Far-East Consumer Themes Fund, Public China Titans Fund, Public Far-East
Telco & Infrastructure Fund, Public Select Alpha-30 Fund, Public Worldwide Equity Fund (formerly known as Public
Natural Resources Equity Fund), Public Australia Equity Fund, Public Far-East Alpha-30 Fund, Public Optimal Growth
Fund, Public Indonesia Select Fund, Public Singapore Equity Fund, Public Strategic SmallCap Fund, Public Strategic
Growth Fund, Public Select Treasures Equity Fund, Public Advantage Growth Equity Fund, Public Regular Savings
Sequel Fund, Public Emerging Opportunities Fund, Public Tactical Allocation Fund, Public Select Mixed Asset Growth
Fund, Public Select Mixed Asset Conservative Fund, Public Balanced Fund, Public Far-East Balanced Fund, Public
Bond Fund, Public Institutional Bond Fund, Public Enhanced Bond Fund, Public Growth Balanced Fund, Public Select
Bond Fund, Public Strategic Bond Fund, Public Enterprises Bond Fund and Public Money Market Fund (“the funds”).
Taxation of the Funds
The funds are unit trusts for Malaysian tax purposes. The taxation of the funds are therefore governed principally
by Sections 61 and 63B of the Income Tax Act, 1967 (“the Act”).
Subject to certain exemptions, the income of the funds in respect of investment income derived from or accruing
in Malaysia is liable to income tax at the rate of 24% with effect from Year of Assessment (“YA”) 2016.
Gains from the realisation of investments by the funds will not be subject to income tax.
Interest income earned by the funds from the following are exempt from tax:–
•
any savings certificates issued by the Government; or
•
securities or bonds issued or guaranteed by the Government; or
•
debentures or sukuk, other than convertible loan stock, approved or authorized by, or lodged with, the Securities
Commission; or
•
Bon Simpanan Malaysia issued by the Central Bank of Malaysia; or
•
a bank or financial institution licensed under the Financial Services Act 2013 or Islamic Financial Services Act
2013; or
•
any development financial institution regulated under the Development Financial Institutions Act 2002; or
•
sukuk originating from Malaysia, other than convertible loan stocks, issued in any currency other than Ringgit
and approved or authorized by, or lodged with, the Securities Commission, or approved by the Labuan Financial
Services Authority.
The funds may receive dividends, interest and other income from investments outside Malaysia. Income derived
from sources outside Malaysia and received in Malaysia by a resident unit trust is exempt from Malaysian income
tax. However, such income may be subject to tax in the country from which it is derived.
Discounts earned by the funds from the following are also exempt from tax:–
•
securities or bonds issued or guaranteed by the Government; or
•
debentures or Islamic Securities, other than convertible loan stock, approved by the Securities Commission; or
•
Bon Simpanan Malaysia issued by the Central Bank of Malaysia.
Tax deductions in respect of the funds’ expenses such as manager’s remuneration, expenses on maintenance of
a register of unit holders, share registration expenses, secretarial, audit and accounting fees, telephone charges,
printing and stationery costs and postage (“permitted expenses”) are allowed based on a prescribed formula subject
to a minimum of 10% and a maximum of 25% of the total permitted expenses.
Single tier dividends received by the funds are exempt from tax and expenses incurred by the funds in relation to
such dividend income are disregarded.
273
TAXATION OF THE FUNDS AND UNITHOLDERS (CONT’D)
Real Property Gains Tax (“RPGT”)
Gains on disposal of investments by the funds will not be subject to income tax in Malaysia. However, such gains
may be subject to RPGT in Malaysia, if the gains are derived from sale of Malaysian real properties and shares in
Malaysian real property companies. Such gains would be subject to RPGT at the applicable rate depending on the
holding period of the chargeable assets.
Goods and Services Tax (“GST”)
GST has been implemented with effect from 1 April 2015 to replace Sales Tax and Service Tax. The GST prevailing
rate is 6%.
The issue, holding or redemption of any unit under a trust fund is regarded as an exempt supply. The investment
activities of the funds such as buying and selling of securities are exempt supplies and thus not subject to GST.
Thus, if the funds are just making such exempt supplies, it is not required to be registered for GST.
However, certain expenses incurred by the funds such as fund manager’s fees, trustee fees and professional fees
will be subject to GST at a standard rate if the service providers are registered persons. If the funds are only making
exempt supplies, any input tax incurred by the funds for the aforementioned expenses are not claimable.
Taxation of Unit Holders
Unit holders are taxed on an amount equivalent to their share of the total taxable income of the funds, to the
extent that this is distributed to them. The income distribution from the funds may carry with it applicable tax
credits proportionate to each unit holder’s share of the total taxable income in respect of the tax paid by the funds.
Unit holders will be entitled to utilise the tax credit as a set off against the tax payable by them. Any excess over
their tax liability will be refunded to the unit holders. No other withholding tax will be imposed on the income
distribution of the funds.
Corporate unit holders, resident or non resident in Malaysia, would be taxed at the corporate tax rate of 24%
(effective from YA 2016) on distributions of income from the funds to the extent of an amount equivalent to
their share of the total taxable income of the funds. Corporate unit holders in Malaysia with paid-up capital in
the form of ordinary shares of RM2.5 million and below will be subject to a tax rate of 19% (effective from YA
2016) on chargeable income of up to RM500,000. For chargeable income in excess of RM500,000, the tax rate
of 24% (effective from YA 2016) is still applicable. However, the said tax rate of 19% on chargeable income of
up to RM500,000 would not apply if more than 50% of the paid up capital in respect of ordinary shares of that
corporate unit holder is directly or indirectly owned by a related company which has a paid up capital exceeding
RM2.5 million in respect of ordinary shares, or vice versa, or more than 50% of the paid up capital in respect of
ordinary shares of both companies are directly or indirectly owned by another company.
Individuals and other non-corporate unit holders who are resident in Malaysia will be subject to income tax at scale
rates. The scale tax rates range from 0% to 28% with effect from YA 2016.
Individuals and other non-corporate unit holders who are not resident in Malaysia, for tax purposes, will be subject
to Malaysian income tax at the tax rate of 28% with effect from YA 2016. Non resident unit holders may also be
subject to tax in their respective jurisdictions and depending on the provisions of the relevant tax legislation and
any double tax treaties with Malaysia, the Malaysian tax suffered may be creditable in the foreign tax jurisdictions.
The distribution of single-tier dividends and tax exempt income by the funds will not be subject to tax in the hands
of the unit holders in Malaysia. Distribution of foreign income will also be exempt in the hands of the unit holders.
Units split by the funds will be exempt from tax in Malaysia in the hands of the unit holders.
Any gains realised by the unit holders (other than financial institutions, insurance companies and those dealing in
securities) from the transfers or redemptions of the units are generally treated as capital gains which are not subject
to income tax in Malaysia. However, certain unit holders may be subject to income tax in Malaysia on such gains,
due to specific circumstances of the unit holders.
274
TAXATION OF THE FUNDS AND UNITHOLDERS (CONT’D)
The following gains or income received by the unit holders are not subject to GST:• the distribution of income from the funds to the unit holders which may comprise of dividends, interest income
and gain from realisation of investments;
•
distribution of foreign income from the funds;
•
unit split by the funds and reinvestment of distribution; and
•
gain made from selling or redemption of units.
Any fee based charges in relation to buying of the units and transferring of units should generally be subject to
GST if the supplier is GST registered.
The tax position is based on the Malaysian tax legislations as they stand at present. All prospective investors should
not treat the contents of this letter as advice relating to taxation matters and are advised to consult their own
professional advisers concerning their respective investments.
Yours faithfully
Ong Guan Heng
Executive Director
KPMG Tax Services Sdn Bhd
275
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES
Head Office
Block B, Sri Damansara Business Park,
Persiaran Industri, Bandar Sri Damansara,
52200 Kuala Lumpur.
Tel: 03-62796800 Fax: 03-62779800
Hotline: 03-62075000
Web: http://www.publicmutual.com.my
Mutual Gold Centre
No. 1 & 3, 3rd Floor,
Jalan Solaris 1,
Solaris Mont Kiara,
50480 Kuala Lumpur.
Tel: 03-62075000
Fax: 03-62036682
Financial Planning Centre
15th Floor, Bangunan PBB,
No. 6 Jalan Sultan Sulaiman,
50000 Kuala Lumpur.
Tel: 03-20316300
Fax: 03-22732188
Branches and Customer Service Centres
West Malaysia
Northern Region
Alor Star
1888A & 1888B, Jalan Stadium,
05100 Alor Star, Kedah.
Tel: 04-3055000 Fax: 04-7310178
Senior Branch Manager: Khaw Bee Ruh
Butterworth
4223, Jalan Bagan Luar,
12000 Butterworth, Penang.
Tel: 04-3055000 Fax: 04-3317775
Senior Branch Manager: Charmane Chew Hui Hsia
Ipoh
37 & 39, Persiaran Greentown 4,
Greentown Business Centre,
30450 Ipoh, Perak.
Tel: 05-2105000 Fax: 05-2559859
Senior Branch Manager: Foong Kuan Mun
Penang
16, Lintang Burma,
10250 Pulau Tikus, Penang.
Tel: 04-3055000 Fax: 04-2295171
Senior Branch Manager: Vincent Seow Weng Sim
Sungai Petani
9D & 9E, Jalan Kampung Baru,
08000 Sungai Petani, Kedah.
Tel: 04-3055000 Fax: 04-4230663
Branch Manager: Annie Ong Sok Nee
Bukit Mertajam
2646 - 2648, 2nd Floor,
Jalan Che Bee Noor, 14000 Bukit Mertajam,
Seberang Prai Tengah, Penang.
Tel: 04-3055000 Fax: 04-5376580
Branch Manager: Cheryl Oon Lay Pheng
Central Region
1 Utama Shopping Centre
Lot LG-313-E,
1, Lebuh Bandar Utama,
Bandar Utama City Centre, Bandar Utama,
47800 Petaling Jaya, Selangor.
Tel: 03-62075000 Fax: 03-77263811
Cheras
44-2, 44-3, 44-4 & 34-2,
Cheras Commercial Centre, Jalan 5/101C,
Off Jalan Kaskas, 56100 Cheras, Kuala Lumpur.
Tel: 03-62075000 Fax: 03-91321022
Senior Branch Manager: Khoo Peng Seng
Bangsar
11, 15 & 17, Jalan Bangsar Utama 3,
Bangsar Utama,
59000 Kuala Lumpur.
Tel: 03-62075000 Fax: 03-22835739
Senior Branch Manager: Chooi Chan Yen
Klang
28, 30 & 32, Lorong Batu Nilam 3B,
Bandar Bukit Tinggi,
41200 Klang, Selangor.
Tel: 03-62075000 Fax: 03-33235632
Branch Manager: Ng Tong Chia
Damansara Perdana
1 & 3, Jalan PJU 8/5 I,
Perdana Business Centre,
Bandar Damansara Perdana,
47820 Petaling Jaya, Selangor.
Tel: 03-62075000 Fax: 03-77222475
Senior Branch Manager: Ong Chen Hung
Puchong
39 & 41, Jalan Puteri 1/4,
Bandar Puteri Puchong,
47100 Puchong, Selangor.
Tel: 03-62075000 Fax: 03-80653010
Branch Manager: Bryan Koh Yi Earl
276
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES (CONT’D)
Central Region (cont’d)
Shah Alam
54 & 56, Jalan Pahat G15/G,
Kompleks Otomobil,
Persiaran Selangor,
Seksyen 15,
40200 Shah Alam, Selangor.
Tel: 03-62075000
Fax: 03-55139288
Southern Region
Batu Pahat
119, Jalan Chengal,
Taman Makmur,
83000 Batu Pahat, Johor.
Tel: 07-4325688 Fax: 07-4326588
Branch Manager: Rui Lee Chong Siew
Johor Bahru
B-19, Jalan Molek 1/5A,
Taman Molek,
81100 Johor Bahru, Johor.
Tel: 07-3607500 Fax: 07-3548600
Senior Branch Manager: Teng Lee Yen
Kluang
3, Jalan Dato Teoh Siew Khor,
86000 Kluang, Johor.
Tel: 07-7736193/4 Fax: 07-7736195
Branch Manager: Tan Kheng Aun
Melaka
No. 929 & 930, Jalan Merdeka,
Taman Melaka Raya,
75000 Melaka.
Tel: 06-2837654 Fax: 06-2837354
Senior Branch Manager: Carl Wong Yon Lian
Muar
46, Jalan Sayang,
84000 Muar, Johor.
Tel: 06-9542323/5323 Fax: 06-9536830
Branch Manager: Angie Ng Seow Mai
Seremban
1A & 1B,
Jalan Tuanku Munawir,
70000 Seremban, Negeri Sembilan.
Tel: 06-6372500 Fax: 06-7644237
Branch Manager: Michael Wong Cheong Tee
East Coast Region
Kota Bharu
PT304 and PT305, Jalan Kebun Sultan,
15300 Kota Bharu, Kelantan.
Tel: 09-7476021 Fax: 09-7476026
Branch Manager: Puan Abiesharni Abdul Kadir
Kuala Terengganu
1-C, Jalan Air Jernih,
20300 Kuala Terengganu, Terengganu.
Tel: 09-6317020/40 Fax: 09-6317030
Branch Manager: Wee Suat Hwee
Kuantan
71 & 73, Jalan Haji Abdul Aziz,
25000 Kuantan, Pahang.
Tel: 09-5118500 Fax: 09-5161223
Branch Manager: Sharon Ting Mooi Choon
Temerloh
10, 11 & 12, 2nd Floor,
Jalan Ahmad Shah,
Bandar Sri Semantan,
28000 Temerloh, Pahang.
Tel: 09-2968068 Fax: 09-2968060
Branch Manager: Agnes Choong Lee Yoon
277
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES (CONT’D)
East Malaysia
Sabah
Sandakan
Lot 16, Block B, Ground Floor,
Bandar Maju Commercial Centre,
Mile 1.5, North Road,
90000 Sandakan, Sabah.
Postal Address :
Public Mutual Berhad, Sandakan Branch
P.O. Box No. 3488, 90739 Sandakan, Sabah.
Tel: 089-222922 Fax: 089-222889
Senior Branch Manager: Jonathan Yong Lok Sang
Kota Kinabalu
Lot 1-0-10,
Ground & 1st Floor,
Lorong Api-Api 1,
Api-Api Centre,
88000 Kota Kinabalu, Sabah.
Tel: 088-231080/2 Fax: 088-238389
Branch Manager: Lim Shaw Siang
Tawau
TB 4437, Lot 28, Block D,
Sabindo Square,
Jalan Dunlop,
91000 Tawau, Sabah.
Tel: 089-765325 Fax: 089-765326
Branch Manager: Janice Chong Mui Lin
Sarawak
Bintulu
4, Lot 2646,
Jalan Tun Ahmad Zaidi,
97000 Bintulu, Sarawak.
Tel: 086-334718 Fax: 086-330221
Branch Manager: Lilian Lo Fui Ping
Kuching
Lot 205 & 206, Section 49,
Jalan Tunku Abdul Rahman,
93100 Kuching, Sarawak.
Tel: 082-239285 Fax: 082-239825
Senior Branch Manager: Jones Chen Chung Sze
Miri
Lot 1380 (Ground & 1st Floor) & Lot 1381 (1st Floor),
Block 10, Center Point Commercial Centre,
Phase II, Jalan Kubu,
98000 Miri, Sarawak.
Tel: 085-429066 Fax: 085-416195
Branch Manager: Allan Ngo Say Khiang
Sibu
10, Lorong 2,
Jalan Tuanku Osman,
96000 Sibu, Sarawak.
Tel: 084-317463 Fax: 084-330269
Branch Manager: Wayne Moh Yuon Fat
Public Mutual offices are open on Mondays to Fridays, except public holidays, from 9:00 a.m. to 5:00 p.m.
278
NETWORK OF PUBLIC MUTUAL AGENCY OFFICES
Sarawak (Sarikei)
Ling Chai Kua Agency Office
No. 43, 1st Floor, Jalan Masjid Lama,
96100 Sarikei, Sarawak.
Tel:084-654108 Fax:084-653318
Penang (Bayan Baru)
Liang Wing Sim Agency Office
104, 1st Floor, Jalan Mayang Pasir,
Taman Sri Tunas,
Bayan Baru,
11950 Bayan Lepas, Penang.
Tel: 04-6422170/1 Fax: 04-6411268
279
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