PHEIM ASSET MANAGEMENT
Intelligent Investors,
Jakarta, Indonesia
Presented by: Dr. Tan Chong Koay
PHEIM ASSET MANAGEMENT
PHEIM AM
1
DISCLAIMER
While the informational materials contained within this presentation are believed to be reliable and gathered from credible sources, there is no warranty or guarantee of
the accuracy of the information provided by the company and its group affiliates, employees or directors. The material provided is for information purposes only and of itself
does not constitute nor should be construed as an offer to sell or any solicitation or any offer of invitation to purchase or subscribe for interests or securities in Singapore or
any other jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with any, contract or commitment whatsoever.
The information is intended for institutional and accredited investors and the recipient should be aware of the securities laws and regulation of your jurisdiction in your
review of the material. The material should not be construed as formal investment, legal, tax or accounting advice and such formal advice should be acquired by any
individual investor prior to making an investment.
The strategies, instruments and/or opinions in that regard contained within the material may not be suitable or appropriate for all investors. The material does not account
for the individual investor’s risk requirements, needs, circumstances and objectives. Past performance is not indicative or a warranty of future results.
The funds presented are not managed by Pheim Singapore. They are managed by Pheim Malaysia and supervised by our Chief Strategist. They have not been approved for
sale in Singapore. The information provided is not intended for, nor shall it be considered as, marketing of Pheim Malaysia products/services.
Pheim Singapore expressly disclaims any liability, including incidental or consequential damages arising from errors or omissions in this publication. The value of interests or
securities in the Funds and the income derived from them may fall as well as rise. The interests or securities in the Funds are not obligations of, deposits in, or guaranteed by
Pheim Singapore or any of its group affiliates. All investment products, including without limitation to derivatives products, are subject to investment risks, including possible
loss to principal investments held.
This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from
those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without
limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected
levels of property rental income and occupancy, changes in operating expenses, including employee wages, benefits and training, property expense and governmental and
public policy changes and the continued availability reliance on these forward-looking statements, which are based on Pheim Singapore’s current view of future events.
This presentation has been prepared by Pheim Singapore. The information in this presentation has not been independently verified. No representation, warranty, express
or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation.
Neither Pheim Singapore nor any of its agents or advisers, nor any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or
otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.
Neither this presentation, nor any copy or portion of it, may be sent, taken, transmitted or distributed, directly or indirectly, in or into the United States, Japan or Canada, or
to any U.S. person (as such term is defined in Regulation S under the Securities Act of 1933, as amended). It is not an offer of securities for sale into the United States. The
interests or securities in the Funds may not be offered or sold into the United States, Canada or Japan or to, or for the account or benefit of, U.S. persons unless they are
registered or exempt from registration. The interests or securities in the Fund have not been and will not be registered under the Securities Act or the securities laws of any
state of the United States. There will be no public offer of securities in the United States.
PHEIM AM
2
PHEIM ASSET MANAGEMENT
NEVER FULLY INVEST AT ALL TIMES
Dr Tan Chong Koay
Founder & Chief Strategist
PHEIM AM
3
PHEIM ASSET MANAGEMENT
Past performance is not indicative of the
future performance.
PHEIM AM
4
DANA MAKMUR PHEIM
Mixed Asset MYR Balanced Islamic Fund
Ranked No. 1
under Lipper Ranking Table for
all 1-Year, 3-Year, 5-Year, 10Year & 15-Year periods ended
31 December 2019
PHEIM AM
5
DANA MAKMUR PHEIM
PHEIM AM
6
DANA MAKMUR PHEIM
Mixed Asset MYR Balanced Islamic Fund
(As at December 31, 2019)
PHEIM AM
7
DANA MAKMUR PHEIM
Mixed Asset MYR Balanced Islamic Fund
(As at December 31, 2019)
PHEIM AM
8
DANA MAKMUR PHEIM
Mixed Asset MYR Balanced Islamic Fund
PHEIM AM
9
PHEIM ASSET MANAGEMENT
Mixed Asset MYR Balanced Islamic Fund
PHEIM AM
10
Pheim Asia Ex-Japan Islamic Fund
PHEIM AM
11
Pheim Asia Ex-Japan Islamic Fund
As at December 31, 2019
PHEIM AM
12
Pheim Asia Ex-Japan Islamic Fund
As at December 31, 2019
PHEIM AM
13
WORDS OF WISDOM
Pheim investment philosophy for equity investment is
“NEVER FULLY INVEST AT ALL TIMES” in a volatile market
environment.
-Dr. Tan Chong Koay
PHEIM AM
14
WORDS OF WISDOM
Although Pheim investment philosophy of “NEVER FULLY
INVEST AT ALL TIMES” is not a perfect formula, it has
proven to be able to outperform the index in the long run
after weathering through many major crises.
-Dr. Tan Chong Koay
PHEIM AM
15
WORDS OF WISDOM
Pheim asset management Sdn Bhd has followed its own
value-investing investment philosophy of “NEVER FULLY
INVEST AT ALL TIMES” since it started operation in January
1994. It now has established a long term track record. The
philosophy has worked for the past 25 years and will
remain relevant for many more years to come.
-Dr. Tan Chong Koay
PHEIM AM
16
WORDS OF WISDOM
Value investing is one of the most widely practised
investment approach for centuries. The main reason being
it is a relatively simple approach that can be executed with
a good chance of success.
-Dr. Tan Chong Koay
PHEIM AM
17
WORDS OF WISDOM
An equity fund should be fully invested near the bottom of
the market and trimmed near the peak. But it should
never be fully invested at all times.
-Dr. Tan Chong Koay
PHEIM AM
18
WORDS OF WISDOM
An investor who has the skills and wisdom to take
advantage of the market’s peak and trough is a true value
investor.
-Dr. Tan Chong Koay
PHEIM AM
19
WORDS OF WISDOM
During boom times, investors are generally overoptimistic. When the trend reverses, investors usually are
ultra-pessimistic.
-Dr. Tan Chong Koay
PHEIM AM
20
WORDS OF WISDOM
One of the biggest problems during prolonged periods of a
declining market is no one likes to buy and temporarily
underperform, even though the market is grossly undervalued.
-Dr. Tan Chong Koay
PHEIM AM
21
WORDS OF WISDOM
The major benefit of buying during a crisis period is: good
shares are selling at bad prices. Emotions overtake
rationalities.
-Dr. Tan Chong Koay
PHEIM AM
22
WORDS OF WISDOM
Very few, if not none, knows the lowest point. Buying near
the lows is the best you can do.
-Dr. Tan Chong Koay
PHEIM AM
23
PHEIM ASSET MANAGEMENT
CRISIS CREATES PROBLEMS BUT
ALSO OPPORTUNITIES
PHEIM AM
24
Value Investing Summit 2020
PHEIM AM
25
PHEIM ASSET MANAGEMENT
Major Type of CRISIS :
 Company ;
 Industry ;
 Market.
PHEIM AM
26
PHEIM ASSET MANAGEMENT
Value Investing Works Most of the Time,
but Not All the Time.
PHEIM AM
27
PHEIM ASSET MANAGEMENT
PAST CRISIS
1.
Oil shocks – February 1973 to December 1974 (1 year & 11 months).
2.
Iran-Iraq war – September 1980.
3.
Black Monday – 19 October 1987 to January 1988 (3 months +).
4.
U.S. recession – August 1990 to late 1992 (1 year +).
5.
Asian financial crisis – February 1997 to August 1998 (1 year & 6 months).
6.
Tech bubble – February 2000 to June 2001 (1 year & 4 months).
7.
911 terrorist attack in U.S. – September 2001.
8.
SARS – April 2002.
9. Subprime crisis – January 2008 to March 2009 (1 year & 3 months).
10. Euro Financial Crisis - 2011
11. ASEAN – May 2013 to September 2013 (5 months).
PHEIM AM
28
PHEIM ASSET MANAGEMENT
Black Monday
19 October 1987 to January 1988 (3 months+)
KLCI -52.54%
PHEIM AM
29
PHEIM ASSET MANAGEMENT
“As at December 31 1987,
the three funds showed
returns ranging from 27 per
cent to 35 percent,
compared with the KLSE
Composite Index which
registered 3.99% for the
year 1987.”
Source: Bloomberg
PHEIM AM
30
PHEIM ASSET MANAGEMENT
C
Dow plunges 508.2 points in record
crash (AWSJ, 20 Oct 1987)
BLACK MONDAY
A
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
31
PHEIM ASSET MANAGEMENT
C
Fed steps in to stem another Wall Street
slide (NSTP, 22 Oct 1987)
BLACK MONDAY
A
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
32
PHEIM ASSET MANAGEMENT
C
Rebounds fail to quell worries of further
falls (Business Times, 22 Oct 1987)
BLACK MONDAY
A
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
33
PHEIM ASSET MANAGEMENT
C
Panic selling pushes prices broadly lower
(The Star, 24 Oct 1987)
BLACK MONDAY
A
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
34
PHEIM ASSET MANAGEMENT
C
Worst week in history of exchange
(Business Times,26 Oct 1987)
BLACK MONDAY
A
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
35
PHEIM ASSET MANAGEMENT
C
Stock market crash brings back memories
of the 1929 depression (NSTP, 26 Oct 1987)
BLACK MONDAY
A
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
36
PHEIM ASSET MANAGEMENT
C
Wall Street firms expect huge trading losses
(The Star, 28 Oct 1987)
BLACK MONDAY
A
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
37
PHEIM ASSET MANAGEMENT
Dow plunges 508.2 points in record crash
(AWSJ, 20 Oct 1987) 19 Oct 1987 - KLCI 302.31
Fed steps in to stem another Wall Street slide
(NSTP, 22 Oct 1987) 20 Oct 1987 - KLCI 302.31
Rebounds fail to quell worries of further falls
(Business Times, 22 Oct 1987) 20 Oct 1987 - KLCI 302.31
Panic selling pushes prices broadly lower
(The Star, 24 Oct 1987) 23 Oct 1987 - KLCI 305.31
Worst week in history of exchange
(Business Times,26 Oct 1987) 23 Oct 1987 - KLCI 305.31
Stock market crash brings back memories of the 1929 depression
(NSTP, 26 Oct 1987) 23 Oct 1987 - KLCI 305.31
Wall Street firms expect huge trading losses
(The Star, 28 Oct 1987) 27 Oct 1987 - KLCI 267.03
PHEIM AM
38
PHEIM ASSET MANAGEMENT
C
Over-bearish!
New York Stock Exchange Chief says
market still imperilled (Boston Globe, 1 Jan 1988)
BLACK MONDAY
A
Date
Price
Crisis Low : 7 Dec 1987
232.12
Date of Article : 1 Jan 1988
261.18
% Return
12.52%
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
39
PHEIM ASSET MANAGEMENT
C
Over-bearish!
Factory orders report suggest softer economy
(The San Francisco Chronicle, 1 Jan 1988)
BLACK MONDAY
A
Date
Price
Crisis Low : 7 Dec 1987
232.12
Date of Article : 1 Jan 1988
261.18
% Return
12.52%
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
40
PHEIM ASSET MANAGEMENT
C
Over-bearish!
Stocks show no interest in low rates
(Philadelphia Daily News,15 Feb 1988)
BLACK MONDAY
A
Date
Price
Crisis Low : 7 Dec 1987
232.12
Date of Article : 15 Feb
1988
268.13
% Return
15.51%
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
41
PHEIM ASSET MANAGEMENT
C
Over-bearish!
Economic clues pointing to trouble
(Chicago Sun Times, 3 March 1988)
BLACK MONDAY
A
Date
Price
Crisis Low : 7 Dec 1987
232.12
Date of Article : 3 Mar 1988
276.60
% Return
19.16%
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
42
PHEIM ASSET MANAGEMENT
Over-bearish!
C
Confusion remains in market
(Miami Herald, 3 April 1988)
BLACK MONDAY
A
Date
Price
Crisis Low : 7 Dec 1987
232.12
Date of Article : 3 Apr 1988
286.52
% Return
23.44%
KLCI
Period
% Change
Bear Market - 52.54 %
Bull Market + 177.87 %
A -> B
B -> C
B
Source: Bloomberg
PHEIM AM
43
PHEIM ASSET MANAGEMENT
Over-bearish!
New York Stock Exchange Chief says market still imperiled
(Boston Globe, 1 Jan 1988) 30 Dec 1987 - KLCI 243.23
Factory orders report suggest softer economy
(The San Francisco Chronicle, 1 Jan 1988) 30 Dec 1987 - KLCI 243.23
Stocks show no interest in low rates
(Philadelphia Daily News,15 Feb 1988) 12 Feb1988 - KLCI 262.46
Economic clues pointing to trouble
(Chicago Sun Times, 3 March 1988) 2 Mar 1988 - KLCI 273.41
Confusion remains in market
(Miami Herald, 3 April 1988) 1 Apr 1988 - KLCI 286.52
PHEIM AM
44
PHEIM ASSET MANAGEMENT
Asian Financial Crisis
February 1997 to August 1998 (1 year & 6 months)
KLCI -79.34%
FTSE AW ASEAN -85.31%
PHEIM AM
45
PHEIM ASSET MANAGEMENT
A
Stocks drop due to profit worries
(Washington Post ,31 Oct 1997)
C
ASIAN FINANCIAL CRISIS
B
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
46
PHEIM ASSET MANAGEMENT
A
South Korea close to seeking IMF bailout
(USA Today, 21 Nov 1997)
C
ASIAN FINANCIAL CRISIS
B
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
47
PHEIM ASSET MANAGEMENT
A
Stocks up but Asian woe is still contagious
(The Washington Times, 23 Nov 1997)
C
ASIAN FINANCIAL CRISIS
B
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
48
PHEIM ASSET MANAGEMENT
A
Crisis spread beyond Asia
(USA Today, 1 Dec 1997)
C
ASIAN FINANCIAL CRISIS
B
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
49
PHEIM ASSET MANAGEMENT
Stocks drop due to profit worries
(Washington Post ,31 Oct 1997) 29 Oct 1997 - KLCI 662.48
South Korea close to seeking IMF bailout
(USA Today, 21 Nov 1997) 20 Nov 1997 - KLCI 536.62
Stocks up but Asian woe is still contagious
(The Washington Times, 23 Nov 1997) 21 Nov 1997 - KLCI 560.09
Crisis spread beyond Asia
(USA Today, 1 Dec 1997) 21 Nov 1997 - KLCI 662.48
PHEIM AM
50
PHEIM ASSET MANAGEMENT
A
Asian fallout may hurt U.S
(Chicago Sun Times, 9 Dec 1997)
C
ASIAN FINANCIAL CRISIS
B
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
51
PHEIM ASSET MANAGEMENT
Indonesia’s economy meltdown shows that
Asian Financial Crisis is only getting worse
(Newsweek, 19 Jan 1998)
A
C
ASIAN FINANCIAL CRISIS
B
Source: Bloomberg
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
A -> B
B -> C
52
PHEIM ASSET MANAGEMENT
Thailand nationalizes 3 faltering private banks
(The New York Times, 7 Feb 1998)
A
C
ASIAN FINANCIAL CRISIS
B
Source: Bloomberg
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
A -> B
B -> C
53
PHEIM ASSET MANAGEMENT
Economist warns China of
problems ahead –
(Business Times, 8 May 1998)
A
massive
C
ASIAN FINANCIAL CRISIS
B
Source: Bloomberg
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
A -> B
B -> C
54
PHEIM ASSET MANAGEMENT
Asian fallout may hurt U.S
(Chicago Sun Times, 9 Dec 1997) 8 Dec 1997 - KLCI 676.47
Indonesia’s economy meltdown shows that Asian Financial
Crisis is only getting worse
(Newsweek, 19 Jan 1998) 16 Jan 1998- KLCI 539.97
Thailand nationalizes 3 faltering private banks
(The New York Times, 7 Feb 1998) 6 Feb 1998- KLCI 728.19
Economist warns China of massive problems ahead –
(Business
Times, 8 May 1998) 7 May 1998- KLCI 586.83
PHEIM AM
55
PHEIM ASSET MANAGEMENT
Thrust of various policies to restore
business confidence
(The New Straits Times, 24 July 1998)
A
C
ASIAN FINANCIAL CRISIS
B
Source: Bloomberg
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
A -> B
B -> C
56
PHEIM ASSET MANAGEMENT
A
Asia tries to spend its way out of recession
(The New Straits Times, 3 Aug 1998)
C
B
Source: Bloomberg
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
A -> B
B -> C
57
PHEIM ASSET MANAGEMENT
Malaysia sinks into recession
(BBC News, 27 Aug 1998)
A
C
ASIAN FINANCIAL CRISIS
B
Source: Bloomberg
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
A -> B
B -> C
58
PHEIM ASSET MANAGEMENT
Thrust of various policies to restore business
confidence
(The New Straits Times, 24 July 1998) 23 July 1998 - KLCI 415.40
Asia tries to spend its way out of recession
(The New Straits Times, 3 Aug 1998) 31 July 1998 - KLCI 402.65
Malaysia sinks into recession
(BBC News, 27 Aug 1998) 26 Aug 1998 - KLCI 324.49
PHEIM AM
59
PHEIM ASSET MANAGEMENT
Over-bearish!
Mutual fund industry taking a wait and
see attitude in 1999
(The New Straits Times, 22 Dec 1998)
A
C
ASIAN FINANCIAL CRISIS
Date
Price
Crisis Low : 9 Jan 1998
262.70
Date of Article : 22 Dec 1998
537.22
% Return
104.49%
B
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
60
PHEIM ASSET MANAGEMENT
Over-bearish!
A
Asian economic crisis may ease after 2000
(Indian Express, 8 Apr 1998)
C
ASIAN FINANCIAL CRISIS
Date
Price
Crisis Low : 9 Jan 1998
262.70
Date of Article : 8 Apr 1998
664.28
% Return
152.86%
B
KLCI
Period
% Change
Bear Market - 79.34 %
Bull Market + 263.34 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
61
PHEIM ASSET MANAGEMENT
Over-bearish!
Asian economic crisis may ease after 2000
(Indian Express, 8 Apr 1998) 6 Apr 1998 - KLCI 663.77
Mutual fund industry taking a wait and see attitude in 1999
(The New Straits Times, 22 Dec 1998) 21 Dec 1998 - KLCI 550.84
PHEIM AM
62
PHEIM’S TOP 3 PICKS DURING ASIAN CRISIS
1) Unisem M Berhad (Bursa Malaysia)
Jul 30, 1998
Feb, 2000
IPO
Sold last batch close to
Return
RM 5.10
RM 44.00
763%
2) Dialog Berhad (Bursa Malaysia)
Jun & Oct 1998
Feb, 2000
Bought
Sold some
Return
RM 3.12
RM 1.73
RM 1.04
RM 12.26
1079%
(ex 4:5 Bonus Issue)
(ex 2:3 Bonus Issue)
3) PT Tempo Scan (Jakarta Stock Exchange)
Nov 1998 to Mar 1999
Dec, 1999
PHEIM AM
Bought
Sold
Return
RP 412 to RP 428
RP 6,000
1356% to 1302%
63
PHEIM ASSET MANAGEMENT
Tech Bubble
February 2000 to June 2001 (1 year & 4 months)
KLCI -45.39%
FTSE AW ASEAN -44.28%
PHEIM AM
64
PHEIM ASSET MANAGEMENT
A
Equities golden era are gone
(The Seattle Times, 20 April 2001)
KLCI: TECH BUBBLE FEB 2000
C
B
KLCI
Period
% Change
Bear Market - 45.39 %
Bull Market
+ 37.53 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
65
PHEIM ASSET MANAGEMENT
A
techrally
stockfor
rally
is it another
Is techIsstock
realfor
or real
is it or
another
bubblebubble
(Saint Paul Pioneer Press, 8 May 2001)
(Saint Paul Pioneer Press, 8 May 2001)
KLCI: TECH BUBBLE FEB 2000
C
B
KLCI
Period
% Change
Bear Market - 45.39 %
Bull Market
+ 37.53 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
66
PHEIM ASSET MANAGEMENT
A
Many Americans showing reluctance to invest in
stocks (The Miami Herald, 27 May 2001)
KLCI: TECH BUBBLE FEB 2000
C
B
KLCI
Period
% Change
Bear Market - 45.39 %
Bull Market
+ 37.53 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
67
PHEIM ASSET MANAGEMENT
Equities golden era are gone
(The Seattle Times, 20 April 2001) 19 Apr 2001 - KLCI 570.01
Is tech stock rally for real or is it another bubble
(Saint Paul Pioneer Press, 8 May 2001) 4 May 2001 - KLCI 576.99
Many Americans showing reluctance to invest in stocks
(The Miami Herald, 27 May 2001) 25 May 2001 - KLCI 563.72
PHEIM AM
68
PHEIM ASSET MANAGEMENT
Over-bearish!
A
Stock market scare send mix signals
(The Patriot News, 24 June 2001)
KLCI: TECH BUBBLE FEB 2000
Date
Price
Crisis Low : 9 Apr 2001
554.34
Date of Article : 24 Jun 2001
595.24
% Return
7.38%
C
B
KLCI
Period
% Change
Bear Market - 45.39 %
Bull Market
+ 37.53 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
69
PHEIM ASSET MANAGEMENT
Over-bearish!
A
Excess and tech slump may slump U.S
market hopes (Tribune Business News, 29
June 2001)
KLCI: TECH BUBBLE FEB 2000
Date
Price
Crisis Low : 9 Apr 2001
554.34
Date of Article : 29 Jun 2001
592.99
% Return
6.97%
C
B
KLCI
Period
% Change
Bear Market - 45.39 %
Bull Market
+ 37.53 %
PHEIM AM
Source: Bloomberg
A -> B
B -> C
70
PHEIM ASSET MANAGEMENT
Stock market scare send mix signals
(The Patriot News, 24 June 2001) 22 Jun 2001 - KLCI 587.89
Excess and tech slump may slump U.S market hopes
(Tribune Business News, 29 June 2001) 28 June 2001 - KLCI 586.96
PHEIM AM
71
PHEIM ASSET MANAGEMENT
Staying true to Pheim’s philosophy of selling when
the market is overvalued, Pheim had already shed
more than 90% of its holdings of technology stocks
by February, 2000.
Tech and Internet stocks by then were selling at 80100 times PER.
PHEIM AM
72
PHEIM’S INVESTMENT DURING THE TECH BUBBLE
Ventured into India market in second half of
2001, when the market was depressed.
1) Satyam Computer Services ADRs
Sept 19 to Nov 12, 2001 Bought
US$ 6.30 to US$ 6.99
2) Satyam Infoway
Nov 2-8, 2001
Bought
US$ 0.97 to US$ 0.99
In less than 3 months
Sold all investments,
realised returns
82% to 167%
PHEIM AM
73
PHEIM’S INVESTMENT DURING THE TECH BUBBLE
Hyflux (SGX)
Jan, 2001
Feb & Mar 2002
IPO
Sold around
Return
$ 0.32
$ 1.30
288%
Food Junction Holding Ltd (Sesdaq, Singapore)
Dec, 2001
1H 2003
IPO
Sold most shares
Return
S$ 0.20
S$ 0.51 to S$ 0.65
155% to 225%
KNM Group Berhad (Bursa Malaysia)
Sept & Oct 2005
1H 2008
PHEIM AM
Bought @ average price RM 3.39
Sold some at 12 to 14 times the initial cost
74
PHEIM ASSET MANAGEMENT
Subprime Crisis
January 2008 to March 2009 (1 year & 3 months)
KLCI -45.10%
FTSE AW ASEAN -55.05%
PHEIM AM
75
PHEIM ASSET MANAGEMENT
A
JPMorgan to buy Bear Stearns for $236m
(Financial Times, 17 March 2008)
KLCI: Subprime Crisis – Jan 2008
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
C
A -> B
B -> C
B
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
76
PHEIM ASSET MANAGEMENT
A
U.S.
U.S. to
to takeover
takeover AIG
AIG in
in USD85
USD85 bill
bill bailout
bailout
The
The Wall
Wall Street
Street Journal
Journal (16
(16 Sept
Sept 2008)
2008)
KLCI: Subprime Crisis – Jan 2008
B
C
KLCI
KLCI
Period
% Change
Period
%
Change
Bear Market - 45.10 % A -> B
Bear
Market
% %A ->BB-> C
Bull
Market - 45.10
+ 53.19
Bull Market
+ 53.19 % B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
77
PHEIM ASSET MANAGEMENT
A
Washington Mutual is seized, Sold to JP Morgan,
in largest failure in U.S. banking history
The Wall Street Journal (26 Sept 2008)
C
KLCI: Subprime Crisis – Jan 2008
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
78
PHEIM ASSET MANAGEMENT
JPMorgan to buy Bear Stearns for $236m
(Financial Times, 17 March 2008) 14 Mar 2008 - KLCI 1,194.84
U.S. to takeover AIG in USD85 bill bailout
The Wall Street Journal (16 Sept 2008) 15 Sept 2008 - KLCI 1,031.63
Washington Mutual is seized, Sold to JP Morgan, in
largest failure in U.S. banking history
The Wall Street Journal (26 Sept 2008) 25 Sept 2008 - KLCI 1,024.74
PHEIM AM
79
PHEIM ASSET MANAGEMENT
A
Bailout may not lift U.S. economy
(The WSJ, 30 Sept 2008)
C
KLCI: Subprime Crisis – Jan 2008
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
80
PHEIM ASSET MANAGEMENT
A
Demise of Lehman triggered a
cash crunch around the globe
(The WSJ, 30 Sept 2008)
C
KLCI: Subprime Crisis – Jan 2008
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
81
PHEIM ASSET MANAGEMENT
A
Regulators Approve Wells Fargo
Takeover of Wachovia
(The New York Times, 9 Oct 2008)
C
KLCI: Subprime Crisis – Jan 2008
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
82
PHEIM ASSET MANAGEMENT
Bailout may not lift U.S. economy
(The WSJ, 30 Sept 2008) 29 Sept 2008 - KLCI 1,019.72
Demise of Lehman triggered a cash crunch around
the globe
(The WSJ, 30 Sept 2008) 29 Sept 2008 - KLCI 1,019.72
Regulators Approve Wells Fargo Takeover of
Wachovia
(The New York Times, 9 Oct 2008) 8 Oct 2008 - KLCI 970.19
PHEIM AM
83
PHEIM ASSET MANAGEMENT
A
Global economy looks even darker in IMF report
(The WSJ, 9 October 2008)
C
KLCI: Subprime Crisis – Jan 2008
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
84
PHEIM ASSET MANAGEMENT
A
Global fears drive steep drops in Asia, Europe
indexes (The WSJ, 13 October 2008)
C
KLCI: Subprime Crisis – Jan 2008
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
85
PHEIM ASSET MANAGEMENT
A
Asia’s good times at risk
(Time,13 October 2008)
C
KLCI: Subprime Crisis – Jan 2008
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
86
PHEIM ASSET MANAGEMENT
Global economy looks even darker in IMF report
(The WSJ, 9 October 2008) 8 Oct 2008 - KLCI 970.19
Global fears drive steep drops in Asia, Europe indexes
(The WSJ, 13 October 2008) 10 Oct 2008 - KLCI 934.01
Asia’s good times at risk
(Time,13 October 2008) 10 Oct 2008 - KLCI 934.01
PHEIM AM
87
PHEIM ASSET MANAGEMENT
A
The bear that refuses to leave
(The Edge Singapore, 20 October 2008)
C
KLCI: Subprime Crisis – Jan 2008
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
88
PHEIM ASSET MANAGEMENT
It is not just financial crisis: higher taxes,
energy costs and health spending also
threaten growth
(Newsweek Business, 10 November 2008)
A
C
KLCI: Subprime Crisis – Jan 2008
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
89
PHEIM ASSET MANAGEMENT
A
Toxic Assets: Still no Takers
(Business Week, 1 December 2008)
C
KLCI: Subprime Crisis – Jan 2008
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
90
PHEIM ASSET MANAGEMENT
The bear that refuses to leave
(The Edge Singapore, 20 October 2008) 17 Oct 2008 - KLCI 905.23
It is not just financial crisis: higher taxes, energy
costs and health spending also threaten growth
(Newsweek Business, 10 November 2008) 7 Nov 2008 - KLCI 893.95
Toxic Assets: Still no Takers
(Business Week, 1 December 2008) 28 Nov 2008 - KLCI 866.14
PHEIM AM
91
PHEIM ASSET MANAGEMENT
A
General Motors: Death of American Dream.
How GM got it so wrong for so long
(Fortune Magazine (8 December 2008)
C
KLCI: Subprime Crisis – Jan 2008
Over-bearish!
Date
Price
Crisis Low : 29 Oct 2008
829.41
Date of Article : 8 Dec 2008
838.28
Crisis High: 11 Jan 2008
1516.22
% Return
80.87%
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:Bloomberg
Bloomberg
Source:
PHEIM AM
92
PHEIM ASSET MANAGEMENT
A
Can Citigroup Survive?
(Fortune Magazine, 8 December 2008)
C
KLCI: Subprime Crisis – Jan 2008
Over-bearish!
Date
Price
Crisis Low : 29 Oct 2008
829.41
Date of Article : 8 Dec 2008
838.28
Crisis High: 11 Jan 2008
1516.22
% Return
80.87%
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source: Bloomberg
Bloomberg
Source:
PHEIM AM
93
PHEIM ASSET MANAGEMENT
Iceland’s three biggest banks are in
receivership, the stock market lost 90% of its
value and GDP could drop 10% in 2009
(Fortune Magazine, 8 December 2008)
A
C
KLCI: Subprime Crisis – Jan 2008
Over-bearish!
Date
Price
Crisis Low : 29 Oct 2008
829.41
Date of Article : 8 Dec 2008
838.28
Crisis High: 11 Jan 2008
1516.22
% Return
80.87%
B
KLCI
Period
% Change
Bear Market - 45.10 %
Bull Market
+ 53.19 %
A -> B
B -> C
Source:
Source:Bloomberg
Bloomberg
PHEIM AM
94
PHEIM ASSET MANAGEMENT
General Motors: Death of American Dream. How GM got it
so wrong for so long
(Fortune Magazine 8 December 2008) 5 Dec 2008 - KLCI 838.28
Can Citigroup Survive?
(Fortune Magazine, 8 December 2008) 5 Dec 2008 - KLCI 838.28
Iceland’s three biggest banks are in receivership, the stock
market lost 90% of its value and GDP could drop 10% in
2009
(Fortune Magazine, 8 December 2008) 5 Dec 2008 - KLCI 838.28
PHEIM AM
95
PHEIM ASSET MANAGEMENT
ASEAN
May 2013 to September 2013 (5 months)
FTSE AW ASEAN -20.50%
PHEIM AM
96
PHEIM ASSET MANAGEMENT
A
ASEAN Crisis – May 2013
C
B
Source: Bloomberg
FTSE AW ASEAN
Period
% Change
Bear Market - 20.50 %
Bull Market
+ 14.30 %
PHEIM AM
A -> B
B -> C
97
PHEIM’S INVESTMENT DURING THE
SUBPRIME CRISIS
1) PT Astra Agro (Jakarta Stock Exchange)
Feb 26, 2008
Mid Oct, 2008
Oct 28, 2008
Jan & Feb 2010
Trades
Bought
Bought again
Sold some
Return
Rp 35,300
Rp 8,200
Rp 4,600
Rp 23,000
400%
2) PT Bukit Assam (Jakarta Stock Exchange)
Oct, 2008
Mid 2009 to Mid 2010
Bought
Sold
Return
Rp 5,400
Rp 11,000 to Rp 18,000
100% to 200%
3) China State Construction (Hong Kong Stock Exchange)
2009 - 2011
PHEIM AM
Bought and
sold with returns over
100%
98
PHEIM’S INVESTMENT DURING THE ASEAN CRISIS
1) Adhi Karya (Persero) Tbk PT (Jakarta Stock Exchange)
Mid Apr 2012
June, 2013
Bought
Rp 875 to Rp 980
Sold at 260% to 300% profit when it became hot favourite
2) Matrix Concepts Holdings Bhd (Bursa Malaysia)
May, 2013
Sept 30, 2017
IPO
Last Price
Return
RM 2.20
RM 1.47
RM 1.26
RM 1.01
RM 2.16
114%
(ex 1:2 Bonus Issue)
(ex 1:6 Bonus Issue)
(ex 1:4 Bonus Issue)
3) Inari Amerton Bhd (Bursa Malaysia)
Aug - Sept 2013
Bought Inari Share
Inari Share
Bought warrants
Apr to Jun 2014
Sept 30, 2017
PHEIM AM
RM 0.79 to RM 0.93
RM 0.63 to RM 0.74
RM 0.32 to RM 0.37
RM 0.42 to RM 0.49
(ex 1:4 Bonus Issue)
(ex 1:1 Bonus Issue)
Sold some warrants @ 360% to 417% profit
Inari Share
RM 2.54
Return
583% to 704%
99
RECENT INDUSTRY & COMPANY CRISIS
2) Hibiscus Petroleum Berhad (Bursa Malaysia)
Jun, 2016
Bought
RM0.18
Dec 18, 2019
Last Price
RM0.93
Return
594%
PHEIM AM
100
PHEIM’S INVESTMENT DURING
MALAYSIA’S POST-ELECTION CRISIS
Gabungan AQRS Bhd
Bought
@
RM0.89
Source: Bloomberg
PHEIM AM
101
PHEIM’S INVESTMENT DURING
MALAYSIA’S POST-ELECTION CRISIS
Cahya Mata Sarawak Berhad
Bought @
RM2.62 &
RM2.35
Source: Bloomberg
PHEIM AM
102
PHEIM’S INVESTMENT DURING
MALAYSIA’S POST-ELECTION CRISIS
Econpile Holdings Bhd
Bought
@
RM0.77
Source: Bloomberg
PHEIM AM
103
PHEIM’S INVESTMENT DURING
MALAYSIA’S POST-ELECTION CRISIS
IJM Corporation
Bought @
RM1.77 &
RM1.82 &
RM1.83
Source: Bloomberg
PHEIM AM
104
PHEIM’S INVESTMENT DURING
MALAYSIA’S POST-ELECTION CRISIS
JHM Consolidation Berhad
Bought @
RM1.02 &
RM1.04
Source: Bloomberg
PHEIM AM
105
PHEIM’S INVESTMENT DURING
MALAYSIA’S POST-ELECTION CRISIS
MB World Group Berhad
Bought
@
RM1.60
Source: Bloomberg
PHEIM AM
106
PHEIM’S INVESTMENT DURING
MALAYSIA’S POST-ELECTION CRISIS
Malaysian Resources Corporation Berhad
Bought
@
RM0.63
Source: Bloomberg
PHEIM AM
107
PHEIM’S INVESTMENT DURING
MALAYSIA’S POST-ELECTION CRISIS
MyEG Services Berhad
Bought @
RM0.78 &
RM0.97 &
RM0.99
Source: Bloomberg
PHEIM AM
108
PHEIM’S INVESTMENT DURING
MALAYSIA’S POST-ELECTION CRISIS
PIE Industrial Bhd
Bought
@
RM1.26
Source: Bloomberg
PHEIM AM
109
PHEIM’S INVESTMENT DURING
MALAYSIA’S POST-ELECTION CRISIS
Taliworks Corporation Berhad
Bought @
RM0.80 &
RM0.83
Source: Bloomberg
PHEIM AM
110
PHEIM’S RECENT INVESTMENT
1) Datasonic Group Berhad (Bursa Malaysia)
May, 2018
Bought
RM0.90
Dec 18, 2019
Last Price
RM1.16
Return
29%
2) Greatech Technology Berhad (Bursa Malaysia)
June, 2019
Bought
RM0.73
Dec 18, 2019
Last Price
RM2.26
Return
210%
PHEIM AM
111
OBSERVATIONS & PERSPECTIVES
1. Some very experienced investors get panic and
redeem investments near the trough.
2. Banks turn ultra conservative.
3. Many investors are confused and analysis is at the
minimum.
Source: Thomson Reuters Lipper
PHEIM AM
112
OBSERVATIONS & PERSPECTIVES
4. Good shares are selling at bad prices.
5. Most investors take shorter term views.
6. Not all shares drop to the lowest at the same time.
Example: Many plantation shares in Indonesia dropped to
the lowest point at end-October 2008.
Source: Thomson Reuters Lipper
PHEIM AM
113
PHEIM ASSET MANAGEMENT
NEVER FULLY INVEST AT ALL TIMES
《绝不在所有时候全部投入》
Predominantly A Value Investor.
“Due to the volatility of Asian markets, WE NEVER FULLY
INVEST AT ALL TIMES. Rather, we seek to trim our equity
exposure when we believe that the market is near its peak in order
to preserve capital. Conversely, we seek to increase equity
exposure when we believe that the market is near its bottom.”
PHEIM AM
114
PHEIM ASSET MANAGEMENT
The Beauty of
Value Investing
&
Pheim’s Investment Philosophy,
Never Fully Invest At All Times
PHEIM AM
115
PHEIM ASSET MANAGEMENT
PHEIM’S PHILOSOPHY
Fund managers are not willing to sell
shares in rising market because they
are likely to underperform even
though it may be temporary.
PHEIM AM
116
NEVER FULLY INVEST AT ALL TIMES
Increasing
Reducing
exposure
exposure
(Under Perform) (Out Perform)
Fund
Index
Source: Rising Above Financial Storms, Dr Tan Chong Koay
PHEIM AM
117
NEVER FULLY INVEST AT ALL TIMES
PHEIM SICAV-SIF – ASEAN Emerging Companies Fund (Est. 1995)
January to December 2013
2013
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Equity
Exposure
75.23%
76.39%
72.21%
79.56%
69.56%
58.82%
71.88%
71.35%
94.50%
95.68%
94.60%
94.37%
Morningstar
Ranking
7
42
56
52
10
2
1
1
1
1
1
1
YTD Fund
Return
4.70%
6.31%
6.92%
11.32%
16.26%
10.82%
12.85%
4.88%
13.54%
20.15%
9.48%
7.28%
YTD FTSE AW
Outperformance/
ASEAN (USD) Index Underperformance
0.96%
3.75%
3.66%
2.66%
4.74%
2.18%
8.04%
3.28%
4.08%
12.19%
-0.30%
11.12%
-1.40%
14.25%
-9.69%
14.57%
-5.65%
19.19%
-0.43%
20.58%
-5.30%
14.78%
-7.51%
14.79%
Source: Morningstar
PHEIM AM
118
NEVER FULLY INVEST AT ALL TIMES
Dana Makmur Pheim Vs Weighted Average of 60% of FBM EMAS SI Return & 40% of
Maybank 1 year GIA Rate & FBMSC index
31 December 2017 to 30 June 2019
8.00%
100.0%
4.00%
0.00%
80.0%
-4.00%
-8.00%
-12.00%
-16.00%
60.0%
53.4% 56.0%
51.9%
-20.00%
-24.00%
48.0%
43.0%
51.6%
50.5% 49.6%
47.7%
55.1% 54.4%57.2% 54.6%
50.2%
43.5%
43.4%
38.9%37.5%
42.8%
40.0%
-28.00%
20.0%
-32.00%
-36.00%
0.0%
-40.00%
Equity Exposure
Dana Makmur Pheim
Benchmark 60% EMAS SI : 40% 1 year GIA Rate
Source: Thomson Reuters Lipper
PHEIM AM
119
PHEIM ASSET MANAGEMENT
Market Outlook
&
Market Strategy
PHEIM AM
120
Market Outlook
Index
YTD Return
(Local
Currency)
YTD Return
(USD)
Ended December 2019
DOW JONES INDUS. AVG
STXE 600 (EUR) Pr
MSCI AC ASIA x JAPAN
FTSE Bursa Malaysia KLCI
PSEi - PHILIPPINE SE IDX
JAKARTA COMPOSITE INDEX
HO CHI MINH STOCK INDEX
Straits Times Index STI
STOCK EXCH OF THAI INDEX
KOSPI INDEX
TAIWAN TAIEX INDEX
HANG SENG INDEX
S&P BSE SENSEX INDEX
NIKKEI 225
FTSE Bursa Mal Small Cap
22%
21%
8%
-6%
5%
2%
8%
5%
1%
8%
23%
9%
14%
18%
18%
22%
16%
8%
-5%
8%
6%
8%
6%
10%
4%
26%
10%
12%
20%
17%
PE
2020F
17.2
15.1
14.0
15.8
15.2
14.4
13.3
12.8
15.4
11.5
16.0
10.6
23.0
17.7
14.5
GDP (%)
2021F
15.6
13.9
12.2
14.9
13.8
12.6
11.4
12.1
14.2
9.4
14.5
9.8
18.3
16.5
12.1
2020F
1.8
1.2
5.2
4.7
6.1
5.0
6.7
1.4
3.0
2.2
2.3
0.1
5.1
0.4
-
2021F
1.8
1.4
5.3
4.5
6.3
5.3
6.7
2.0
3.3
2.3
2.3
2.0
6.2
0.8
-
Source: Bloomberg, Malaysia Budget 2020
PHEIM AM
121
The Edge Malaysia December 30, 2019
PHEIM AM
122
Market Strategy
• Sectors to look out for in 2020 will be in the area concerning Industry 4.0,
encapsulates technologies such as 5G, Artificial Intelligence (AI),
Internet of Things (IoT), cloud computing, automation and
cybersecurity.
• Besides, companies involve in renewable energy and battery
technology which focus on Impact Investing are expected to gain
favoritism in 2020.
• Plantation sector is also expected to experience earnings growth
following the recovery of CPO prices.
• Oil and gas providers are expected to show further improvement into
2020 as a result of increase in Petronas upstream spending. However,
significant rally this year may cap further upside potential in 2020, unless
earnings continue to surprise on the upside.
PHEIM AM
123
Market Strategy
• The US-China trade tensions continue to exert downward pressure on the
global economy.
• However, the market is expected to be supported by expectations that a
US-China trade deal of some sort will be reached before the US election.
• In the long run, ASEAN will benefit from the relocation of orders and
production facilities away from China. We are optimistic on the ASEAN
market’s long term prospect.
• We are cautiously optimistic on the equity market outlook for 2020. We will
increase our equity exposure when we see valuations have become
compelling especially for quality stocks that have strong foreseeable
earnings growth with low gearing and trim equity exposure on stocks which
have rallied beyond their fundamentals.
PHEIM AM
124
WORDS OF WISDOM
If you believe the equity market is efficient, you will never
be a star.
- Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
125
WORDS OF WISDOM
When you sell stocks on the way up and approach the
peak, you are likely to underperform but you will be the
winner when the market crashes.
- Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
126
WORDS OF WISDOM
Equities will outperform cash when the market or shares
are selling at great discounts.
- Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
127
WORDS OF WISDOM
Keeping cash when the equity market is at the extreme
low is not a good alternative, as chances of equities
outperforming cash improve significantly.
- Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
128
WORDS OF WISDOM
If you want to make money, you need to take calculated
risks, and you do not want the market to function
efficiently and perfectly.
- Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
129
WORDS OF WISDOM
Think long term when the market is, in your opinion, low.
- Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
130
WORDS OF WISDOM
During the crisis period, buy a share that corrects sharply
with low gearing, price earnings ratio and has potential
earnings growth.
- Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
131
WORDS OF WISDOM
Never hesitate to sell shares when you think it is grossly
overvalued.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
132
WORDS OF WISDOM
Being fully invested at all times works some of the time
but not all the time.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
133
WORDS OF WISDOM
Pheim Investment Philosophy of “Never Fully Invest At All
Times” is one of the excellent ways to mitigate the volatile
ASEAN equity market in the long run.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
134
WORDS OF WISDOM
ETF Investing works some of the time but not all the time.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
135
WORDS OF WISDOM
Knowledge belongs to society and not individuals, and the
sharing of investing knowledge is good for society.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
136
WORDS OF WISDOM
The key to outperformance is to sell shares and raise cash
when markets are too high, though you may temporarily
underperform.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
137
WORDS OF WISDOM
If you try to find out what you do not know at all times,
you are likely to perform better.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
138
WORDS OF WISDOM
Investing in shares which meet your criteria may not work
all the time.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
139
WORDS OF WISDOM
Tracking Error indicates how closely a portfolio follows the
Index to which it is benchmarked. When the benchmark is
down, keeping cash in the portfolio will deviate from the
benchmark. This higher tracking error should not be
treated as higher risk as the good asset allocation and
stock picks protect the principal well.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
140
WORDS OF WISDOM
There is nothing wrong in buying when most if not all are
not buying as long as you think the share is selling at a
deep discount and meet your criteria.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
141
WORDS OF WISDOM
Crisis is an opportunity but very few know how to take
advantage. It requires knowledge, skill and experience.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
142
WORDS OF WISDOM
Respect for fund managers comes from their integrity,
consistency and long term track record.
-Dr. Tan Chong Koay
Source: Thomson Reuters Lipper
PHEIM AM
143
PHEIM ASSET MANAGEMENT
Q&A
SESSION
PHEIM AM
144
CONTACT US
PHEIM Asset Management Sdn Bhd
4th Floor, UBN Tower (Letter Box 18)
Jalan P. Ramlee, 50250 Kuala Lumpur
Tel : (603) 2031 6407
Fax: (603) 2031 6408
Website: http://www.pheim.com.my/
PHEIM Unit Trusts Bhd
7th Floor, Menara Hap Seng (Letter Box 12)
No. 1 & 3 Jalan P. Ramlee, 50250 Kuala Lumpur
Tel : (603) 2142 8888
Fax: (603) 2141 9199
Website: http://www.pheimunittrusts.com
PHEIM Asset Management (Asia) Pte Ltd
43, Duxton Road, Singapore 089507
Tel : (65) 6227-9928
Fax: (65) 6225-9912
Website: http://www.pheim.com.sg/
PHEIM AM
145
PHEIM ASSET MANAGEMENT
APPENDICES
PHEIM AM
146
PHEIM MALAYSIA
PHEIM AM
147
PHEIM MALAYSIA
PHEIM AM
148
PHEIM SINGAPORE
PHEIM AM
149
World Wealth Creation Conference 2017
PHEIM AM
150
Peking University International Wealth
Management Forum 2019
Invited as speaker on how to advise
entrepreneurs from China to invest in
ASEAN the right way AND shared
Pheim’s investment experience in
ASEAN on November 16, 2019
PHEIM AM
151
Peking University Featured
Dana Makmur Pheim
Dana Makmur Pheim, a Balanced Islamic Fund was featured in Peking
University Chinese Entrepreneur Review Magazine March 2019 Edition
PHEIM AM
152
Peking University 120th Anniversary Talk 2018
Speaker on One Belt One Road on Peking University’s 120th Anniversary
on November 24, 2018
PHEIM AM
153
Peking University 2018
Honoured by Peking University in 2018
PHEIM AM
154
8th Economic Forum in Peking University 2017
One of the 8 Speakers on Peking University’s 8th Economics Forum on
December 27, 2017
PHEIM AM
155
8th Economic Forum in Peking University 2017
PHEIM AM
156
One Belt One Road Initiatives
PHEIM AM
157
Peking University Investment Talk 2016
Investment Talk to the MBA students and Professors of Economics
Faculty of Peking University, Beijing on October 19, 2016
PHEIM AM
158
Euromoney Conference 2018
PHEIM AM
159
Euromoney Conference 2017
PHEIM AM
160
ASLI Malaysian Capital Market Summit 2017
PHEIM AM
161
DTCC – Malaysia Industry Forum 2018
PHEIM AM
162
Rising Above Financial Storms
PHEIM AM
163
《超越金融风暴》
PHEIM AM
164