2016 PM SYARIAH Green_R1.pdf
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4/19/16
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2016 PM SYARIAH MASTER Prospectus Cover ENG (PR022589-1104169)Green_R1.ai 1 4/14/2016 7:19:20 PM
35
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 the 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 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 Statements
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.
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 have been certified as Shariahcompliant by the Shariah Adviser appointed for 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 33 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.
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
Public Islamic Money Market Fund
You may refer to pages 11 to 34 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 225
to 228 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.
11-34
KEY FEATURES OF THE FUNDS
1.1
1.2
1.3
1.4
1.5
1.6
2.
11
29
31
32
33
34
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
35-37
The Unit Trust Fund
Benefits of Investing in Unit Trust Funds
Risk Factors
35
35
35
DETAILED INFORMATION ON THE FUNDS
38-132
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
Categories of Funds
Fund Profiles
Investment Risks
Permitted Investments
Investment Restrictions
Valuation of Permitted Investments
Policy on Gearing
Shariah Screening Process for the Funds
Cleansing Process for The Funds
Zakat for The Funds
38
39
123
124
126
130
131
131
132
132
4.
PERFORMANCE OF THE FUNDS
133-161
5.
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS
162-179
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
180-185
180
180
184
185
186-188
Determination of Prices
Computation of Prices
186
187
FEES, CHARGES AND EXPENSES
8.1
8.2
8.3
162
177
189-190
Charges Imposed on Purchase and Redemption of Units
Fees and Expenses of The Funds
Policy on Stockbroking Rebates and Soft Commissions
1
189
190
190
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
191-204
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
205-209
The Trustees’ Willingness to Assume Position
Duties and Responsibilities of The Trustees
Profile of AmanahRaya Trustees Berhad
Profile of Maybank Trustees Berhad
11. THE SHARIAH ADVISER
11.1
11.2
11.3
11.4
205
205
205
206
210-212
Role of The Shariah Adviser
Responsibilities of The Shariah Adviser
General Information on ZICO Shariah
Profile of Designated Persons Responsible for Shariah Matters
Relating to The Funds
12. SALIENT TERMS OF THE DEED
12.1
12.2
12.3
12.4
12.5
12.6
12.7
12.8
12.9
191
191
191
192
192
195
196
203
203
204
204
210
210
210
211
213-221
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
213
213
214
219
220
220
221
221
221
TAXATION OF THE FUNDS AND UNITHOLDERS
222-224
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES
225-227
NETWORK OF PUBLIC MUTUAL AGENCY OFFICES
228
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).
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.
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.
FIMM
Federation of Investment Managers Malaysia
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.
3
GLOSSARY OF TERMS/ABBREVIATIONS (CONT’D)
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.
GIA
General Investment Account
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
IIMM
Islamic Interbank Money Market
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
Islamic deposits
Sum of money placed with licensed financial institutions in accordance with Shariah
principles and the Islamic Financial Services Act 2013.
Islamic investment
accounts
Cash placements with licensed financial institutions for the purpose of investments,
including for the provision of finance, in accordance with Shariah principles which
are mudharabah, musyarakah and wakalah investment accounts.
LPD
Refers to Latest Practicable Date which is 29 January 2016. All information provided
herein shall remain current and relevant as at such date.
long term
Long term refers to a period of more than 5 years.
Master Prospectus
Master Prospectus of Public Series of Shariah-based 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.
4
GLOSSARY OF TERMS/ABBREVIATIONS (CONT’D)
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.
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.
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.
Net Investment Income
Net Investment Income is the income of the fund less trustee fee and all permitted
or allowable expenses under the Deed.
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 through 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)
5
GLOSSARY OF TERMS/ABBREVIATIONS (CONT’D)
Public Series of Funds
This series of funds comprises non-Shariah-based unit trust funds namely, 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 Select Mixed Asset Growth Fund, Public Select Mixed Asset Conservative
Fund, Public Tactical Allocation 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 and Public Money Market Fund.
Public Series of
Shariah-Based Funds
This series of funds comprises the Shariah-based unit trust funds covered under this
Master Prospectus.
recovery stocks
Stocks of economic/business sectors that are seen to be recovering from a market
downturn or economic recession.
RM
Ringgit Malaysia
SACSC
Shariah Advisory Council of the Securities Commission 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.
Shariah
Islamic law originating from the Qur`an (the holy book of Islam), and its practices
and explanations rendered by the prophet Muhammad (pbuh) and ijtihad of ulamak
(personal effort by qualified Shariah scholars to determine the true ruling of the
divine law on matters whose revelations are not explicit).
Shariah requirements
Is a phrase or expression which generally means making sure that any human
conduct must not involve any elements which are prohibited by the Shariah and
that in performing that conduct all the essential elements that make up the conduct
must be present and each essential element must meet all the necessary conditions
required by the Shariah for that element.
short term
Short term refers to a period of less than 3 years.
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.
sukuk
Sukuk is a financing instrument for the purpose of fund raising exercise whereby
the underlying transaction may be structured based on various Shariah principles/
contracts.
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.
6
GLOSSARY OF TERMS/ABBREVIATIONS (CONT’D)
“the funds”/“the fund”
The following 33 funds covered under this Master Prospectus are collectively called
“the funds” and individually called “the fund”.
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
Public Islamic Money Market Fund
P ITTIKAL
PIEF
PIOF
PIDF
PAIF
PIADF
PISSF
PCIF
PISTF
PIOGF
PISEF
PIALEF
PIA40GF
PITGF
PITSEQ
PISVF
PISGIF
PIENTEF
PIAVGEF
PIEMOF
PIMXAF
PIATAF
PESMAGF
PESMACF
PIGRBF
PI BOND
PIEBF
PISBF
PIINFBF
PISTBF
PSKF
PI INCOME
PIMMF
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.
ZICO Shariah or
the Shariah Adviser
ZICO Shariah Advisory Services Sdn. Bhd. (769433-D)
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
SHARIAH ADVISER
ZICO Shariah Advisory Services Sdn. Bhd. (769433-D)
Suite 2-4, Level 2
Tower Block, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
Tel: 03-2093 3999 Fax: 03-2093 2999
Website: http://www.zicoholdings.com
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
9
MANAGER, TRUSTEES AND ADVISERS (CONT’D)
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, Shariah Adviser, 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
Fund name
Public Mutual Berhad (23419-A)
Launch
date
Category of
fund
Type of
fund
Shariah
adviser
Trustee
Public Ittikal Fund*
10.4.1997
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
MTB
Public Islamic Equity Fund
28.5.2003
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Opportunities
Fund
28.6.2005
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Dividend Fund
14.2.2006
Equity
(Shariah-compliant)
Income
ZICO
Shariah
ART
Public Asia Ittikal Fund
22.8.2006
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Asia Dividend
Fund
3.4.2007
Equity
(Shariah-compliant)
Income
ZICO
Shariah
ART
Public Islamic Sector Select Fund
13.11.2007
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public China Ittikal Fund
20.11.2007
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Select Treasures
Fund
26.2.2008
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Optimal Growth
Fund
8.4.2008
Equity
(Shariah-compliant)
Income and
Capital Growth
ZICO
Shariah
ART
Public Islamic Select Enterprises
Fund
14.8.2008
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Asia Leaders Equity
Fund
19.1.2010
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Alpha-40 Growth
Fund
16.11.2010
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Treasures Growth
Fund
19.7.2011
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Ittikal Sequel Fund*
11.10.2011
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Savings Fund
15.12.2011
Equity
(Shariah-compliant)
Income
ZICO
Shariah
ART
Public Islamic Growth & Income
Fund
7.1.2014
Equity
(Shariah-compliant)
Capital
Growth and
Income
ZICO
Shariah
ART
Public Islamic Enterprises Equity
Fund
18.3.2015
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
11
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Launch
date
Category of
fund
Type of
fund
Shariah
adviser
Trustee
Public Islamic Advantage Growth
Equity Fund
8.9.2015
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Emerging
Opportunities Fund
30.3.2016
Equity
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Mixed Asset Fund*
20.9.2005
Mixed Asset
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Asia Tactical
Allocation Fund*
21.8.2007
Mixed Asset
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Ehsan Mixed Asset
Growth Fund
25.11.2014
Mixed Asset
(Shariah-compliant)
Capital
Growth
ZICO
Shariah
ART
Public Ehsan Mixed Asset
Conservative Fund
25.11.2014
Mixed Asset
(conservative)
(Shariah-compliant)
Income and
Capital Growth
ZICO
Shariah
ART
Public Islamic Growth Balanced
Fund
7.10.2015
Balanced (Shariahcompliant)
Capital
Growth
ZICO
Shariah
ART
Public Islamic Bond Fund
15.8.2001
Sukuk
Income
ZICO
Shariah
ART
Public Islamic Enhanced
Bond Fund
28.11.2006
Sukuk
Income and
Capital Growth
ZICO
Shariah
ART
Public Islamic Select Bond Fund
10.7.2007
Sukuk
Income
ZICO
Shariah
ART
Public Islamic Infrastructure
Bond Fund
16.11.2010
Sukuk
Income
ZICO
Shariah
ART
Public Islamic Strategic
Bond Fund
30.12.2010
Sukuk
Income
ZICO
Shariah
ART
Public Sukuk Fund
19.7.2011
Sukuk
Income
ZICO
Shariah
ART
Public Islamic Income Fund
14.8.2008
Fixed income
(Shariah-compliant)
Income
ZICO
Shariah
ART
Public Islamic Money
Market Fund
5.6.2007
Islamic money
market
Income
ZICO
Shariah
ART
Notes:
* Free takaful coverage is provided for unitholders of these funds, subject to terms and conditions. Please refer to the brochure
on free takaful for more information.
For the list of funds that are approved under the EPF-MIS, please visit our website at www.publicmutual.com.my.
12
KEY FEATURES OF THE FUNDS (CONT’D)
The fund objective, strategy, principal risks and investor profile of each of the funds is tabulated below.
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Public Ittikal
Fund
To achieve steady
capital growth
over the medium
to long term
period by investing
in a portfolio of
investments that
complies with
Shariah principles.
P ITTIKAL seeks to achieve
its objective by investing
in a diversified portfolio of
Shariah-compliant equities
listed in domestic and
foreign markets and sukuk.
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 sukuk
and Islamic liquid assets
which include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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
EMAS
Shariah
Index.
Public Islamic
Equity Fund
To achieve capital
growth through a
diverse selection
of growth stocks
that complies with
Shariah principles.
PIEF seeks to achieve its
objective by investing in
a diversified portfolio of
Shariah-compliant equities
listed on the domestic and
foreign markets and sukuk.
Its minimum equity content
is 80% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in sukuk and Islamic liquid
assets which include Islamic
money market instruments,
Islamic investment accounts
and Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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
EMAS
Shariah
Index.
13
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Benchmark
Public Islamic
Opportunities
Fund
PIOF invests in Shariahcompliant companies with
small market capitalisation
to achieve long term
capital growth. The fund
may also invest in sukuk
to generate additional
returns. To achieve increased
diversification, the fund may
Notes:
invest in foreign markets.
The fund will invest
The fund maintains equity
in companies
exposures within a range
with small market
capitalisation at the
of between 70% and
point of purchase.
98% against its NAV. The
balance of the fund’s NAV
The fund may remain
will be invested in sukuk
invested in counters
and Islamic liquid assets
which have moved
which include Islamic money
above the market
market instruments, Islamic
capitalisation range
investment accounts and
stated in the fund’s
investment policy.
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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
Shariah
Index.
Public Islamic
Dividend
Fund
To provide
income* by
investing in a
portfolio of stocks
that complies
with Shariah
requirements and
which offer or
have the potential
to offer attractive
dividend yields.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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
EMAS
Shariah
Index
and 10%
3-Month
IIMM rate.
To achieve capital
growth through
investments in
companies with
small market
capitalisation
which comply with
Shariah principles.
PIDF seeks to achieve its
goal of providing income
by investing in a diversified
portfolio of Shariahcompliant stocks that offer
or have the potential to
offer attractive dividend
yields. The fund may
also invest in sukuk to
generate additional returns.
To achieve increased
diversification, the fund may
invest in foreign markets. 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 sukuk and Islamic liquid
assets which include Islamic
money market instruments,
Islamic investment accounts
and Islamic deposits.
14
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Benchmark
Public Asia
Ittikal Fund
To achieve capital
growth over the
medium to long
term period by
investing in a
portfolio of
investments in
domestic and
regional markets
that complies
with Shariah
requirements.
PAIF seeks to achieve its
goal of capital growth by
investing in Shariahcompliant index stocks,
blue chip stocks and growth
stocks listed on Bursa
Securities and selected
regional markets. The fund
may also invest in sukuk 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
is invested in sukuk and
Islamic liquid assets which
include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk,
currency
risk, country
risk and risk
of noncompliance
with Shariah
requirements.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
70% S&P
Shariah BMI
Asia ExJapan
Index, 15%
customised
index by S&P
Dow Jones
Indices, LLC
based on
top 20
constituents
by market
capitalisation
of the S&P
BMI Shariah
Japan Index
and 15%
FTSE Bursa
Malaysia
Hijrah
Shariah
Index.
Public Islamic
Asia Dividend
Fund
To provide
income* by
investing in a
portfolio of stocks
in domestic and
regional markets
that complies
with Shariah
requirements and
which offer or
have the potential
to offer attractive
dividend yields.
PIADF seeks to achieve
its goal of providing
income by investing in
a diversified portfolio of
Shariah-compliant stocks
in domestic and regional
markets that offer or have
the potential to offer
attractive dividend yields.
The fund may also invest in
sukuk 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 is invested in sukuk
and Islamic liquid assets
which include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk,
currency
risk, country
risk and risk
of noncompliance
with Shariah
requirements.
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.
70% S&P
Shariah
BMI Asia
Ex-Japan
Index, 20%
FTSE Bursa
Malaysia
Hijrah
Shariah
Index
and 10%
3-Month
IIMM rate.
15
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Public Islamic
Sector Select
Fund
To seek longterm capital
appreciation
by investing
in a portfolio
of securities,
mainly equities,
that complies
with Shariah
requirements from
market sectors
in the domestic
market.
PISSF 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 sukuk and Islamic liquid
assets which include Islamic
money market instruments,
Islamic investment accounts
and Islamic deposits.
Market risk,
specific
security risk,
liquidity risk,
industry/
sector risk,
and risk
of noncompliance
with Shariah
requirements.
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
EMAS
Shariah
Index.
Public China
Ittikal Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
Shariah-compliant
investments in
the greater China
region and the
balance in the
domestic market.
PCIF seeks to achieve its
goal of capital growth by
investing in a portfolio
of Shariah-compliant
investments in the greater
China region and the
balance in the domestic
market. A minimum of
70% of the fund’s NAV will
be invested in the greater
China region namely in
Hong Kong, China and
Taiwan markets and 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 sukuk, Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk,
currency
risk, country
risk and risk
of noncompliance
with Shariah
requirements.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
50% S&P
Shariah BMI
Hong Kong
and China
‘H’ Shares
Index, 30%
S&P Shariah
BMI Taiwan
Index and
20% FTSE
Bursa
Malaysia
Hijrah
Shariah
Index.
16
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Benchmark
Public
Islamic Select
Treasures
Fund
To achieve capital
growth through
investment
in companies
with market
capitalisation of
up to RM6 billion
which comply
with Shariah
requirements
in the domestic
market.
PISTF invests in Shariahcompliant securities with
market capitalisation of
up to RM6.0 billion in the
domestic market to achieve
long-term capital growth.
The fund may also invest in
sukuk and Islamic money
market instruments to
generate additional returns.
The fund 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 sukuk
and Islamic liquid assets
which include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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 FTSE
based on the
constituents
with market
capitalisation
below RM6
billion
within the
FTSE Bursa
Malaysia
EMAS
Shariah
Index.
Public Islamic
Optimal
Growth Fund
To provide
income* and
capital growth
by investing in
Shariah-compliant
stocks which offer
attractive dividend
yields and growth
stocks in the
domestic market.
PIOGF seeks to achieve its
goal of achieving income
and capital growth by
investing in Shariahcompliant 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 Shariahcompliant 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
Shariah-compliant growth
stocks that are listed on
Bursa Securities. The fund
maintains equity exposures
within a range of 75%
to 98% against its NAV.
The fund can also invest
in sukuk, Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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
EMAS
Shariah
Index.
17
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Public
Islamic Select
Enterprises
Fund
To achieve capital
growth through
investments in
the largest 50
companies in
terms of market
capitalisation
(at the point of
purchase) listed on
Bursa Securities
which comply
with Shariah
requirements.
PISEF seeks to meet its
objective by focusing its
investments primarily in
the largest 50 Shariahcompliant stocks in terms
of market capitalisation
(at the point of purchase)
listed on Bursa Securities.
The fund maintains equity
exposures within a range
of 75% and 98% against
its NAV. The balance of the
fund’s NAV will be invested
in sukuk, Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits to generate
additional returns.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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
EMAS
Shariah
Index.
Public Islamic
Asia Leaders
Equity Fund
To achieve capital
growth over
the medium to
long-term period
by investing
mainly in stocks
of companies
with market
capitalisation
of US$1 billion
and above in
domestic and
regional markets
that complies
with Shariah
requirements.
PIALEF seeks to achieve
its goal of capital growth
by investing mainly in
Shariah-compliant stocks
of companies with market
capitalisation of US$1 billion
and above in 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 sukuk
and Islamic liquid assets
which include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk,
currency
risk, country
risk and risk
of noncompliance
with Shariah
requirements.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
90%
customised
index by S&P
Dow Jones
Indices, LLC
based on
Top 100
constituents
by market
capitalisation
of the S&P
Shariah BMI
Asia ExJapan Index
and 10%
3-Month
IIMM rate.
18
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Benchmark
Public Islamic
Alpha-40
Growth Fund
To achieve
capital growth by
investing in stocks
which comply
with Shariah
requirements.
PIA40GF seeks to achieve
its goal of capital growth
by investing in stocks
which comply with Shariah
requirements. PIA40GF will
invest in up to a maximum
of 40 stocks that comply
with Shariah requirements.
The fund will invest in the
domestic market. To achieve
increased diversification,
the fund may invest up to
30% of its NAV in selected
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 sukuk, Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits to generate
additional returns.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
75% FTSE
Bursa
Malaysia
EMAS
Shariah
Index, 15%
customised
index by S&P
Dow Jones
Indices, LLC
based on
Top 100
constituents
by market
capitalisation
of the S&P
Shariah BMI
Asia ExJapan Index
and 10%
3-Month
IIMM rate.
Public Islamic
Treasures
Growth Fund
PITGF seeks to meet its
objective by investing
primarily in small and
medium sized Shariahcompliant securities which
have promising growth
prospects in the medium to
long term period. To achieve
increased diversification,
the fund may invest in
foreign markets. The fund
Notes:
may also invest in sukuk
The fund will invest
in small and medium and Islamic money market
instruments to generate
sized companies
at the point of
additional returns. The fund
purchase.
maintains equity exposures
within a range of 75% to
The fund may remain
98% against its NAV. The
invested in counters
balance of the fund’s NAV
which have moved
may be invested in sukuk
above the market
and Islamic liquid assets
capitalisation range
which include Islamic money
stated in the fund’s
investment policy.
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
90%
customised
index by
FTSE based
on the
constituents
with market
capitalisation
below
RM6 billion
within the
FTSE Bursa
Malaysia
EMAS
Shariah
Index
and 10%
3-Month
IIMM rate.
To achieve capital
growth over
the medium to
long-term period
by investing
primarily in small
and medium
sized companies,
which comply with
Shariah principles.
19
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Public Ittikal
Sequel Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments that
complies with
Shariah principles.
PITSEQ seeks to achieve
its objective by investing
in a diversified portfolio of
Shariah-compliant equities
listed in domestic and
foreign markets and sukuk.
Its equity content in terms
of NAV may range in the
region of 70% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
may be invested in sukuk
and Islamic liquid assets
which include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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
EMAS
Shariah
Index.
Public Islamic
Savings Fund
To provide
income* over
the medium to
long-term period
by investing in
a portfolio of
investments
that complies
with Shariah
requirements and
which offer or
have the potential
to offer attractive
dividend yields.
PISVF seeks to achieve its
goal of providing income
by investing in a diversified
portfolio of Shariahcompliant stocks that offer
or have the potential to
offer attractive dividend
yields. To achieve increased
diversification, the fund may
invest in foreign markets.
Its equity content in terms
of NAV may range in the
region of 75% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
may be invested in sukuk
and Islamic liquid assets
which include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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
EMAS
Shariah Index
and 10%
3-Month
IIMM rate.
Public Islamic
Growth &
Income Fund
To seek capital
growth and
income* by
investing in a
portfolio of
Shariah-compliant
growth and
dividend stocks.
PISGIF seeks to achieve its
goal of achieving capital
growth and income by
investing in a portfolio of
Shariah-compliant growth
and dividend stocks. The
fund maintains equity
exposures within a range of
75% to 98% of the NAV
of the fund. The fund can
also invest in sukuk and
Islamic liquid assets which
include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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
EMAS
Shariah
Index.
20
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Benchmark
Public Islamic
Enterprises
Equity Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments
that complies
with Shariah
requirements.
PIENTEF seeks to achieve
capital growth by investing
in the largest 50 Shariahcompliant companies
in terms of market
capitalisation, at the point
of purchase, listed on Bursa
Securities and also Shariahcompliant companies
listed on foreign markets
with market capitalisation
equivalent to or greater than
the 50th largest Shariahcompliant company in terms
of market capitalisation
listed on Bursa Securities
(at the point of purchase).
The fund maintains equity
exposures within a range of
75% to 98% of the NAV
of the fund. The fund can
also invest in sukuk and
Islamic liquid assets which
include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
75% FTSE
Bursa
Malaysia
Hijrah
Shariah
Index, 15%
customised
index by S&P
Dow Jones
Indices, LLC
based on
Top 100
constituents
by market
capitalisation
of the S&P
Shariah BMI
Asia ExJapan Index;
and 10%
3-Month
IIMM rate.
Public Islamic
Advantage
Growth
Equity Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a diversified
portfolio of stocks
that complies
with Shariah
requirements.
PIAVGEF seeks to meet
its objective by investing
in Shariah-compliant
stocks of companies with
potential earnings growth
that is above the average
earnings growth rate of the
market. The fund may also
invest in Shariah-compliant
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 sukuk and
Islamic liquid assets which
include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
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
Hijrah
Shariah
Index.
21
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Benchmark
Public Islamic
Emerging
Opportunities
Fund
PIEMOF is actively managed
to achieve its goal of capital
growth by investing in
Shariah-compliant medium
and small-sized companies
listed on Bursa Securities.
Its equity content in terms
of NAV will range between
75% and 98% of the NAV
Note:
The fund may remain of the fund. The balance
of the fund’s NAV will
invested in counters
be invested in sukuk and
which have moved
above the market
Islamic liquid assets which
capitalisation range
include Islamic money
stated in the fund’s
market instruments, Islamic
investment strategy.
investment accounts and
Islamic deposits. To achieve
increased diversification, the
fund may invest in Shariahcompliant equities and
sukuk of selected foreign
markets.
Market risk,
specific
security risk,
liquidity risk
and risk
of noncompliance
with Shariah
requirements.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
90%
customised
index by
FTSE based
on the
constituents
with market
capitalisation
below
RM6 billion
within the
FTSE Bursa
Malaysia
EMAS
Shariah
Index
and 10%
3-Month
IIMM rate.
Public Islamic
Mixed Asset
Fund
To achieve capital
growth over the
medium to longterm period by
investing in a
portfolio of
investments that
complies with
Shariah
requirements.
Market risk,
specific
security risk,
interest rate
risk, credit
risk, liquidity
risk and risk
of noncompliance
with Shariah
requirements.
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
EMAS
Shariah Index
and 30%
3-Month
IIMM rate.
To achieve capital
growth through
investments in
Shariah-compliant
companies
with mid and
small market
capitalisation.
PIMXAF seeks to achieve
its goal of providing capital
growth by adopting a mixed
asset allocation strategy of
investing in a portfolio of
investments that complies
with Shariah requirements.
Its equity content will range
in the region of between
40% to 70% of the NAV of
the fund. The balance of
the fund’s NAV will be
invested in sukuk and
Islamic liquid assets which
include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
22
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Benchmark
Public Islamic
Asia Tactical
Allocation
Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments in
domestic and
regional markets
that complies
with Shariah
requirements.
PIATAF seeks to achieve its
goal of providing capital
growth by adopting a
tactical asset allocation
strategy of investing in a
portfolio of investments
that complies with Shariah
requirements. 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 sukuk and Islamic liquid
assets which include Islamic
money market instruments,
Islamic investment accounts
and Islamic deposits.
Market risk,
specific
security risk,
interest rate
risk, credit
risk, liquidity
risk, currency
risk, country
risk and risk
of noncompliance
with Shariah
requirements.
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% S&P
Shariah BMI
Asia ExJapan Index
and 30%
3-Month
IIMM rate.
Public Ehsan
Mixed Asset
Growth Fund
To achieve capital
growth over
the medium to
long-term period
primarily through
a portfolio
allocation across
Shariah-compliant
equities and
sukuk.
PESMAGF 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 Shariah-compliant
equities. The balance of the
fund’s NAV will be invested
in sukuk and Islamic liquid
assets which include Islamic
money market instruments,
Islamic investment accounts
and Islamic deposits.
To achieve increased
diversification, the fund may
invest in Shariah-compliant
equities and sukuk of
selected foreign markets.
Market risk,
specific
security risk,
interest rate
risk, credit
risk, liquidity
risk and risk
of noncompliance
with Shariah
requirements.
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
Hijrah
Shariah
Index and
30%
3-Month
IIMM rate.
23
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Public Ehsan
Mixed Asset
Conservative
Fund
To provide
income* and
achieve capital
growth over
the medium to
long-term period
primarily through
a portfolio
allocation across
sukuk and
Shariah-compliant
equities.
PESMACF invests in sukuk,
Shariah-compliant equities
and Islamic 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 sukuk and up to
35% of its NAV in Shariahcompliant equities. The
balance of the fund’s NAV
will be invested in Islamic
money market instruments,
Islamic investment accounts
and Islamic deposits.
To achieve increased
diversification, the fund may
invest in Shariah-compliant
equities and sukuk of
selected foreign markets.
Specific
security risk,
interest rate
risk, credit
risk, market
risk, liquidity
risk and risk
of noncompliance
with Shariah
requirements.
Medium to
long-term
investors
who seek
annual
income*
and capital
growth
through a
conservative
mixed asset
allocation
strategy.
65%
3-Month
IIMM rate
and
35% FTSE
Bursa
Malaysia
Hijrah
Shariah
Index.
Public Islamic
Growth
Balanced
Fund
To achieve capital
growth over
the medium
to long-term
period through
a balanced
asset allocation
approach.
PIGRBF 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 Shariah-compliant
equities primarily listed
on Bursa Securities. The
balance of the fund’s NAV
will be invested in sukuk
and Islamic liquid assets
which include Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits. To achieve
increased diversification, the
fund may invest in foreign
markets.
Market risk,
specific
security risk,
interest rate
risk, credit
risk, liquidity
risk and risk
of noncompliance
with Shariah
requirements.
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
Hijrah
Shariah
Index;
and 40%
3-Month
IIMM rate.
24
Benchmark
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Public Islamic
Bond Fund
To provide annual
income* to
investors through
investment in
Islamic debt
securities.
PI BOND seeks to meet
its objective by investing
in a portfolio of sukuk
such as sovereign sukuk
and corporate sukuk with
the balance invested in
Islamic money market
instruments, Islamic
investment accounts and
Islamic deposits. To achieve
increased diversification, the
fund may invest in foreign
sukuk. The fund maintains
sukuk exposures within
the range of 75% to 98%
against its NAV. The balance
of the fund’s NAV will be
invested in Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Public Islamic
Enhanced
Bond Fund
Seeks to provide
a combination of
annual income*
and modest capital
growth primarily
through a
portfolio allocation
across Islamic
debt securities
and equities
which comply
with Shariah
requirements.
PIEBF invests primarily in
a diversified portfolio of
sukuk and Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits. The fund
maintains sukuk exposures
within the range of 70%
to 85% against its NAV.
The fund may invest up
to 20% of its NAV in
Shariah-compliant equities
to enhance the fund’s
returns. To achieve increased
diversification, the fund may
invest in foreign markets.
25
Investor
profile
Benchmark
Interest rate
risk, credit
risk and
liquidity risk.
Mediumterm
investors
who seek
annual
income*.
12-Month
GIA rate
quoted by
Bank Negara
Malaysia.
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
GIA rate
quoted by
Bank Negara
Malaysia.
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Public Islamic
Select Bond
Fund
To provide annual
income* through
investments
in Islamic debt
securities which
have remaining
maturities of 7
years and below
and Islamic
money market
instruments.
PISBF seeks to meet its
objective by investing in a
portfolio of sukuk which
have remaining maturities
of 7 years and below
comprising sovereign and
corporate sukuk, Islamic
money market instruments,
Islamic investment accounts
and Islamic deposits.
To achieve increased
diversification, the fund
may invest in foreign sukuk.
The fund maintains sukuk
exposures within the range
of 75% to 98% against
its NAV. The balance of
the fund’s NAV will be
invested in Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Public Islamic
Infrastructure
Bond Fund
To provide annual
income* to
investors through
investments
in sukuk of
companies in the
infrastructure
sector.
PIINFBF seeks to meet its
objective by investing up
to 98% of its NAV in a
portfolio of sukuk in the
infrastructure sector with
the balance invested in
Islamic money market
instruments, Islamic
investment accounts and
Islamic deposits. To achieve
increased diversification, the
fund may invest up to 25%
of its NAV in foreign sukuk.
26
Investor
profile
Benchmark
Interest rate
risk, credit
risk and
liquidity risk.
Mediumterm
investors
who seek
annual
income*.
12-Month
GIA rate
quoted by
Bank Negara
Malaysia.
Interest rate
risk, credit
risk, liquidity
risk and
industry/
sector risk.
Mediumterm
investors
who seek
annual
income*.
12-Month
GIA rate
quoted by
Bank Negara
Malaysia.
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Public Islamic
Strategic
Bond Fund
To provide annual
income* to
investors through
investments in
sukuk and Islamic
money market
instruments.
PISTBF seeks to provide
annual income to investors
through investments in
sukuk, Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits. The fund
will invest at least 75% of
its NAV in sukuk. 50% of
fund’s sukuk investment will
be invested in sukuk which
have remaining maturities
of 5 years and below. The
remaining 50% of the
fund’s sukuk investment will
be invested in sukuk which
have remaining maturities
of more than 5 years. The
balance of the fund’s NAV
will be invested in Islamic
money market instruments,
Islamic investment accounts
and Islamic deposits.
To achieve increased
diversification, the fund may
invest up to 25% of its NAV
in foreign sukuk.
Public Sukuk
Fund
To provide annual
income* through
investments in
sukuk and Islamic
money market
instruments.
PSKF seeks to meet its
objective of providing
annual income by investing
at least 75% of its NAV
in a portfolio of sukuk
with the balance invested
in Islamic money market
instruments, Islamic
investment accounts and
Islamic deposits. To achieve
increased diversification,
the fund may invest up to
30% of its NAV in foreign
sukuk. Its sukuk investments
comprise sovereign sukuk
and corporate sukuk (listed
and unlisted).
27
Investor
profile
Benchmark
Interest rate
risk, credit
risk and
liquidity risk.
Mediumterm
investors
who seek
annual
income*.
12-Month
GIA rate
quoted by
Bank Negara
Malaysia.
Interest rate
risk, credit
risk and
liquidity risk.
Mediumterm
investors
who seek
annual
income*.
12-Month
GIA rate
quoted by
Bank Negara
Malaysia.
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund
objective
Investment
strategy
Principal
risks
Investor
profile
Benchmark
Public Islamic
Income Fund
To provide annual
income* over
the medium to
long-term period
by investing in
sukuk and Islamic
money market
instruments.
PI INCOME seeks to meet
its objective by investing in
a portfolio of sukuk, Islamic
money market instruments,
Islamic investment accounts
and Islamic deposits. Up
to 60% of the fund’s NAV
will be invested in sukuk
while the balance will be
invested in Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits. To achieve
increased diversification,
the fund may invest in listed
sukuk with convertible
features to enhance the
fund’s return.
Interest rate
risk, credit
risk and
liquidity risk.
Mediumterm
investors
who seek
annual
income*.
12-Month
GIA rate
quoted by
Bank Negara
Malaysia.
Public Islamic
Money
Market Fund
To provide liquidity
and current
income*, while
maintaining
capital stability
by investing
in instruments
that comply
with Shariah
requirements.
PIMMF seeks to achieve
its objective by investing
in Islamic money market
instruments, sukuk, Islamic
investment accounts and
Islamic deposits that mature
within 365 days or 1 year.
Nevertheless the fund is
permitted to invest up to
10% of its NAV in permitted
instruments with maturity
periods exceeding 365 days
but not longer than 732
days. The fund generally
invests up to 100% of
its NAV in Islamic money
market instruments, Islamic
investment accounts and
Islamic deposits.
Interest rate
risk, credit
risk and
liquidity risk.
Short-term
investors
who seek
capital
preservation.
90% Public
Islamic Bank
1-Month
Term
Deposit-i
and 10%
Public Islamic
Bank Wadiah
Savings
Account-i.
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 32 to 33 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. You may refer to page 132
of Chapter 3: Detailed Information on The Funds for more information on zakat. 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.
28
KEY FEATURES OF THE FUNDS (CONT’D)
The funds are governed by a master deed dated 28 January 1999, first supplemental master deed dated 30 April
1999, second supplemental master deed dated 28 October 1999, fifth supplemental master deed dated
23 October 2000, sixth supplemental master deed dated 29 June 2001, eighth supplemental master deed dated
30 April 2002, ninth supplemental master deed dated 22 April 2003, fourteenth supplemental master deed dated
9 June 2005, fifteenth supplemental master deed dated 26 August 2005, seventeenth supplemental master deed
dated 17 January 2006, nineteenth supplemental master deed dated 2 August 2006, twenty first supplemental
master deed dated 6 November 2006, twenty third supplemental master deed dated 12 February 2007, 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 eighth supplemental master deed dated
11 July 2007, thirtieth supplemental master deed dated 7 August 2007, thirty first supplemental master deed dated
26 September 2007, thirty second supplemental master deed dated 6 December 2007, thirty third supplemental
master deed dated 6 December 2007, thirty sixth supplemental master deed dated 17 March 2008, thirty seventh
supplemental master deed dated 11 April 2008, fortieth supplemental master deed dated 11 June 2008, forty sixth
supplemental master deed dated 12 November 2009, forty seventh supplemental master deed dated 12 November
2009, forty eighth supplemental master deed dated 8 April 2010, fifty fourth supplemental master deed dated
21 October 2010, fifty sixth supplemental master deed dated 3 June 2011, fifty seventh supplemental master
deed dated 13 July 2011, fifty ninth supplemental master deed dated 19 September 2011, sixtieth supplemental
master deed dated 6 October 2011, sixty second supplemental master deed dated 6 November 2012, sixty fourth
supplemental master deed dated 24 February 2014, sixty sixth supplemental master deed dated 7 March 2014,
sixty ninth supplemental master deed dated 1 July 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 fifth supplemental master deed dated 27 February 2015 and seventy
seventh supplemental master deed dated 30 September 2015.
1.2 FEES AND CHARGES
Charges Imposed on Purchase or Redemption of Units
The 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
Sukuk and Fixed Income
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 182 and 183 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.
29
KEY FEATURES OF THE FUNDS (CONT’D)
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 PESMACF:
1.25% per annum of the
fee
NAV.
P ITTIKAL, PIEF, PIOF, PIDF,
PISSF, PISTF, PIOGF, PISEF,
PIA40GF, PITSEQ, PISVF,
PISGIF, PIENTEF, PIAVGEF,
PIMXAF, PESMAGF and
PIGRBF:
1.50% per annum of the
NAV.
Sukuk and Fixed Income
Funds
PI BOND:
15% of Net Investment
Income of the fund.
Money Market Fund
PIMMF:
0.375% per annum of the
NAV.
PIEBF:
1.0% per annum of the NAV.
PISBF, PI INCOME, PIINFBF,
PISTBF and PSKF:
0.75% per annum of the
NAV.
PAIF, PIADF, PCIF, PIALEF,
PITGF, PIEMOF and PIATAF:
1.65% 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.
Any other
fees payable
by an
investor
Nil.
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.
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.
30
KEY FEATURES OF THE FUNDS (CONT’D)
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 180 to 182 and pages 187 to 188 for more information
on purchase and redemption of units).
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).
A notice on non-Business Days will be posted on Public Mutual’s website.
(Please refer to pages 130 to 131 for more information on valuation of
investments in such circumstances).
Minimum initial
investment***
RM1,000
Minimum additional
investment
RM100
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 181 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
Shariah-Based Funds and Public Series of 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 182 to 183 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.
(Please refer to page 183 for more information on transfer of units).
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. You 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.
31
KEY FEATURES OF THE FUNDS (CONT’D)
Minimum units for
redemption, switching or
transfer
1,000 units
Minimum account balance
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 Ittikal Fund
Incidental
Public Islamic Equity Fund
Incidental
Public Islamic Opportunities Fund
Incidental
Public Islamic Dividend Fund
Semi-annual
Public Asia Ittikal Fund
Incidental
Public Islamic Asia Dividend Fund
Annual
Public Islamic Sector Select Fund
Incidental
Public China Ittikal Fund
Incidental
Public Islamic Select Treasures Fund
Incidental
Public Islamic Optimal Growth Fund
Annual
Public Islamic Select Enterprises Fund
Incidental
Public Islamic Asia Leaders Equity Fund
Incidental
Public Islamic Alpha-40 Growth Fund
Incidental
Public Islamic Treasures Growth Fund
Incidental
Public Ittikal Sequel Fund
Incidental
Public Islamic Savings Fund
Semi-annual
Public Islamic Growth & Income Fund
Annual
Public Islamic Enterprises Equity Fund
Incidental
Public Islamic Advantage Growth Equity Fund
Incidental
Public Islamic Emerging Opportunities Fund
Incidental
Mixed Asset Funds
Public Islamic Mixed Asset Fund
Incidental
Public Islamic Asia Tactical Allocation Fund
Incidental
Public Ehsan Mixed Asset Growth Fund
Incidental
Public Ehsan Mixed Asset Conservative Fund
Annual
Balanced Fund
Public Islamic Growth Balanced Fund
Incidental
32
KEY FEATURES OF THE FUNDS (CONT’D)
1.4 DISTRIBUTION POLICY (cont’d)
Fund name (cont’d)
Distribution policy
Sukuk Funds
Public Islamic Bond Fund
Annual
Public Islamic Enhanced Bond Fund
Annual
Public Islamic Select Bond Fund
Annual
Public Islamic Infrastructure Bond Fund
Annual
Public Islamic Strategic Bond Fund
Annual
Public Sukuk Fund
Annual
Fixed Income Fund
Public Islamic Income Fund
Annual
Money Market Fund
Public Islamic Money Market Fund
Annual
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.
33
KEY FEATURES OF THE FUNDS (CONT’D)
1.6 LODGING A COMPLAINT
You may 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) via phone
(b) via fax
(c) via email
(d) 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) via phone to the Aduan Hotline : 03-6204 8999
(b) via fax
: 03-6204 8991
(c) via email
: aduan@seccom.com.my
(d) via online complaint form available at www.sc.com.my
(e) 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 35.
Past performance of the funds is not an indication of their future performance.
34
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, sukuk 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 as well as the
operations and administration of unit trust funds 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 sukuk. Further diversification can also be achieved by
investing in stocks and/or sukuk 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 sukuk that will bring returns at lower risks compared with investing directly in
stock and/or sukuk 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 (Shariah-compliant equities and sukuk) 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.
35
ABOUT UNIT TRUST FUNDS (CONT’D)
6.
Loan/Margin financing risk: It is not advisable for you to finance the fund units through margin financing.
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 margin of financing (where units
are used as collateral) when the market goes down, or suffer the higher cost of financing when financing
rates trend upwards. If additional funds required to top up your margin of financing are not made available
by you within the time prescribed, your units may be sold towards settling your financing. 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.
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.
Risk of non-compliance with Shariah requirements: For Shariah-compliant funds, this risk refers to the
risk that the currently held Shariah-compliant equities in the fund may be reclassified as Shariah non-compliant
in the periodic review of the equities by the SACSC, the Shariah Adviser or the Shariah boards of the relevant
Islamic indices. If this occurs, the Manager will take the necessary steps to dispose such equities. There may
be opportunity loss to the fund due to the fund not being allowed to retain the excess capital gains derived
from the disposal of the Shariah non-compliant equities. The value of the fund may also be adversely affected
in the event of a disposal of Shariah non-compliant equities at a price lower than the investment cost. (Please
refer to page 132 for Cleansing Process for the Funds.)
9.
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.
10.
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 Manager does not encourage the practice of loan/margin financing in the purchase of unit trust funds.
The fund’s investments in Shariah-compliant warrants and utilisation of options, OTC options (if any), futures
contracts and foreign exchange forward contracts (approved as Shariah-compliant by the Shariah Adviser of the
fund) 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 sukuk and Islamic 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 sukuk
and Islamic liquid assets.
Investment in sukuk: When interest rates rise, sukuk prices generally decline and this will lower the market
value of the fund’s investment in sukuk. The reverse applies when interest rates fall. Although sukuk are not
interest bearing instruments, their valuations are impacted by interest rate movements.
Investment in Islamic liquid assets: As the returns of the fund’s investments in Islamic liquid assets move
in tandem with interest rates, a decline in interest rates will lower the returns of the fund’s investments in
Islamic liquid assets correspondingly.
36
ABOUT UNIT TRUST FUNDS (CONT’D)
2.
Credit risk: Credit risk relates to the creditworthiness of the issuer of the sukuk or Islamic liquid assets which
is dependent on the issuer’s ability to make timely payments of profit and/or principal. In the event that the
issuer of a sukuk or Islamic liquid assets defaults in the payment of profit and/or principal, the value of the
fund may be adversely affected. For sukuk investments, credit risk can be managed by holding a diversified
portfolio of sukuk 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.
37
3
DETAILED INFORMATION ON THE FUNDS
3.1 CATEGORIES OF FUNDS
Public Mutual currently promotes various categories of Shariah-compliant funds, namely equity fund, mixed asset
fund, balanced fund, sukuk/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, sukuk and
Islamic 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 sukuk (but to a lesser extent than a bond fund). A sukuk/fixed income fund, concentrates
chiefly on investing in sukuk 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 Shariah-compliant 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), policy on gearing (paragraph 3.7), Shariah screening process for
the funds (paragraph 3.8), cleansing process for the funds (paragraph 3.9) and zakat for the funds (paragraph 3.10).
38
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
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
Mixed Asset Funds
Public Islamic Mixed Asset Fund
Public Islamic Asia Tactical Allocation Fund
Public Ehsan Mixed Asset Growth Fund
Public Ehsan Mixed Asset Conservative Fund
Balanced Fund
Public Islamic Growth Balanced Fund
Sukuk Funds
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
Fixed Income Fund
Public Islamic Income Fund
Money Market Fund
Public Islamic Money Market Fund
Designated Fund Managers
Lum Ming Jang and Liew Mun Hon
Lum Ming Jang and Mat Radzuan bin Abd Razak
Mat Radzuan bin Abd Razak and
Andrew Seah Saik Weng
Lum Ming Jang and Mat Radzuan bin Abd Razak
Lum Ming Jang and Mat Radzuan bin Abd Razak
Lum Ming Jang and Mat Radzuan bin Abd Razak
Lum Ming Jang and Andrew Seah Saik Weng
Lum Ming Jang and Mat Radzuan bin Abd Razak
Mat Radzuan bin Abd Razak and
Andrew Seah Saik Weng
Chiang Kang Pey and Shahnaz bin Saiful Mulok
Mat Radzuan bin Abd Razak and
Pitta Sham bin Ahmad Morshidi
Mat Radzuan bin Abd Razak and
Pitta Sham bin Ahmad Morshidi
Tan Kok Keong and Mohd Hafizh bin Shamsul Ariffin
Andrew Seah Saik Weng and
Pitta Sham bin Ahmad Morshidi
Lum Ming Jang and Tan Kok Keong
Mat Radzuan bin Abd Razak and
Mohd Hafizh bin Shamsul Ariffin
Andrew Seah Saik Weng and
Mohd Hafizh bin Shamsul Ariffin
Pitta Sham bin Ahmad Morshidi and
Mohd Hafizh bin Shamsul Ariffin
Andrew Seah Saik Weng and Tan Kok Keong
Andrew Seah Saik Weng and Cheong Kooi Seong
Pages
40-41
42-43
44-46
Chiang Kang Pey and Shahnaz bin Saiful Mulok
Chiang Kang Pey and
Mohd Hafizh bin Shamsul Ariffin
Cheong Kooi Seong and
Mohd Hafizh bin Shamsul Ariffin
Vivian Looi Voon Ai and
Mohd Hafizh bin Shamsul Ariffin
91-93
94-96
47-49
50-52
53-55
56-57
58-60
61-62
63-64
65-66
67-69
70-72
73-75
76-77
78-80
81-82
83-85
86-87
88-90
97-99
100-102
Andrew Seah Saik Weng and Tan Kok Keong
103-105
Lum Ming Jang and Zaharudin bin Ghazali
Zaharudin bin Ghazali and
Mat Radzuan bin Abd Razak
Zaharudin bin Ghazali and Haniza Binti Yang Razali
Zaharudin bin Ghazali and Vivian Looi Voon Ai
Zaharudin bin Ghazali and Evelyn Cheong Sun Ngean
Evelyn Cheong Sun Ngean and
Haniza Binti Yang Razali
106-107
108-110
111-112
113-114
115-116
117-118
Zaharudin bin Ghazali and Vivian Looi Voon Ai
119-120
Zaharudin bin Ghazali and Haniza Binti Yang Razali
121-122
39
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ITTIKAL FUND (P ITTIKAL)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Shariah-compliant growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits if the investment climate is
deemed to be unfavourable and weakness in the equity markets is expected.
Fund Objective
To achieve steady capital growth over the medium to long term period by investing in a portfolio of investments
that complies with Shariah principles.
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
P ITTIKAL invests in a diversified portfolio of primarily Shariah-compliant Malaysian equities and sukuk 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 sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
The scope of investments in the fund is confined to assets that are in compliance with Shariah requirements. The
fund is actively managed and seeks to achieve the long-term goal of capital growth by investing in a diversified
portfolio of Shariah-compliant 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 Shariah-compliant equities and sukuk 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.
40
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities or other permitted foreign
markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic or selected foreign markets, and Shariah-compliant warrants. The fund may also
invest in sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through Shariah-compliant 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 sukuk 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 sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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.
As investments in Shariah-compliant warrants can potentially increase the volatility of the fund’s returns, the fund’s
investments in Shariah-compliant 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 P ITTIKAL
As P ITTIKAL will focus its investments in the domestic market, the benchmark for P ITTIKAL is the FTSE Bursa
Malaysia EMAS Shariah Index, a free float adjusted capitalisation-weighted index comprising constituents of the
FTSE Bursa Malaysia EMAS Index, which have been designated as Shariah-compliant securities by the Shariah
Advisory Council of the SC.
Information on the FTSE Bursa Malaysia EMAS Shariah 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 ITTIKAL 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 EMAS SHARIAH 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.
41
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC EQUITY FUND (PIEF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
Minimum 80% of NAV
Stock Selection Profile of Fund
Shariah-compliant growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 a diverse selection of growth stocks that complies with Shariah principles.
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
PIEF invests in a diversified portfolio of primarily Shariah-compliant Malaysian equities and sukuk 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 sukuk and Islamic liquid assets which include Islamic money market instruments, Islamic investment
accounts and Islamic deposits.
Investment Strategy
The scope of investments in the fund is confined to assets that are in compliance with Shariah requirements. The
fund is actively managed and seeks 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 Shariah-compliant 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 Shariah-compliant equities and sukuk of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, 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 also participate in IPOs of companies seeking a listing on Bursa Securities or other permitted foreign
markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic and foreign markets, and Shariah-compliant warrants. The fund may also invest in
sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market instruments, Islamic
investment accounts and Islamic deposits to help generate returns.
42
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 Shariah-compliant 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 diversification strategy employed is 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 sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PIEF
As PIEF will focus its investments in the domestic market, the benchmark for PIEF is the FTSE Bursa Malaysia EMAS
Shariah Index, a free float adjusted capitalisation-weighted index comprising constituents of the FTSE Bursa Malaysia
EMAS Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council of the SC.
Information on the FTSE Bursa Malaysia EMAS Shariah 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 PIEF 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 EMAS SHARIAH 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.
43
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC OPPORTUNITIES FUND (PIOF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
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, which comply with Shariah requirements
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 small market capitalisation which comply with
Shariah principles.
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
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 invests in a diversified portfolio of primarily Shariah-compliant Malaysian equities and sukuk to meet
its investment objective. The fund will invest in Shariah-compliant securities with market capitalisation of up to
RM1.25 billion at the point of purchase, which have promising growth prospects in the medium to long-term. The
fund may also invest in the component stocks of the FTSE Bursa Malaysia Small Cap Shariah Index and small cap
stock market indexes of selected foreign markets at the point of purchase. The fund may also invest in Shariahcompliant securities which at the point of purchase form the bottom 15% of the cumulative market capitalisation
of the market which the Shariah-compliant stock is listed on.
Emphasis is placed on the accumulation of stocks with earnings growth prospects in the medium to long-term. Such
stocks are found in a wide variety of business sectors from plantations to manufacturing 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 sukuk and Islamic liquid assets which include Islamic money market
instruments, Islamic investment accounts and Islamic deposits.
44
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Investment Strategy
PIOF is actively managed and focuses on investing in companies with small market capitalisation, with the aim of
achieving high capital growth over the long term through investments in companies that possess long-term growth
prospects. The fund seeks to achieve this goal by investing in a diversified portfolio of 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.
To achieve increased diversification, the fund may invest in Shariah-compliant equities and sukuk 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 also consider investments in unlisted Shariah-compliant 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 Shariah-compliant collective investment schemes both in the domestic or selected
foreign markets, and Shariah-compliant warrants. The fund may also invest in sukuk (sovereign and corporate)
and Islamic liquid assets which include Islamic money market instruments, Islamic investment accounts and Islamic
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 companies with small market capitalisation which comply with Shariah requirements. 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 may potentially face liquidity risk especially with regard to investments in shares of smaller sized companies.
Essentially, the asset allocation, 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
as a temporary defensive strategy.
With regards to the investment in sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of
the issuer. As such, exposure to sukuk in the portfolio are actively managed to ensure that the risks levels are
commensurate with the potential returns. The performance of Islamic money market instruments, Islamic investment
accounts and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options (approved as Shariah-compliant
by the Shariah Adviser of the fund) for hedging purposes and investments in Shariah-compliant 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”.
45
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Selected Performance Benchmark for PIOF
As PIOF will focus its investments in the domestic market, the benchmark for PIOF is the FTSE Bursa Malaysia Small
Cap Shariah Index, a free float adjusted capitalisation-weighted index comprising constituents of the FTSE Bursa
Malaysia Small Cap Index that are Shariah-compliant according to the SC’s Shariah Advisory Council screening
methodology.
Information on the FTSE Bursa Malaysia Small Cap Shariah 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 PIOF 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 SHARIAH 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.
46
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC DIVIDEND FUND (PIDF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Income
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Shariah-compliant 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 Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 that complies with Shariah requirements and 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 32 to 33 for
more information on distribution policy.
Investment Policy
PIDF invests in a diversified portfolio of primarily Shariah-compliant Malaysian equities and sukuk 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 sukuk and Islamic liquid assets which include Islamic money
market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
The fund is actively managed to achieve its goal of providing income by investing in a diversified portfolio of Shariahcompliant 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 Shariah-compliant
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 Shariah-compliant equities and sukuk of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, 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.
47
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities or other permitted foreign
markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic and foreign markets, and Shariah-compliant warrants. The fund may also invest in
sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market instruments, Islamic
investment accounts and Islamic deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in a diversified portfolio of Shariah-compliant 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 higher or lower depending
on the Fund Manager’s assessment of the stock market outlook. It also maintains investments in sukuk 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 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 sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PIDF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% FTSE Bursa Malaysia EMAS Shariah Index (FBMS), and
10% 3-Month IIMM rate
As PIDF maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PIDF
is a composite benchmark index comprising a hypothetical investment in the FBMS and 3-Month IIMM rate 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 FBMS and 10% from 3-Month IIMM rate interest earned for the same period of time.
The component stocks of FBMS comprise major Shariah-compliant stocks listed in Bursa Securities. This composite
benchmark index represents an appropriate performance benchmark for PIDF as the fund generally has an equity
weight of 90% of its NAV over the medium to long-term.
48
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The 3-Month IIMM rate provided by Bank Negara Malaysia is published in the business sections of the daily
newspapers. Information on the FTSE Bursa Malaysia EMAS Shariah 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 PIDF 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 EMAS SHARIAH 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.
49
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ASIA ITTIKAL FUND (PAIF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Shariah-compliant 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 Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 domestic
and regional markets that complies with Shariah requirements.
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
PAIF invests in a diversified portfolio of Shariah-compliant domestic and regional equities 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 sukuk and Islamic liquid assets which include Islamic money market
instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
The scope of investments in the fund is confined to assets that are in compliance with Shariah requirements. The
fund is actively managed and seeks to achieve the goal of long-term capital growth by investing in a diversified
portfolio of Shariah-compliant index-linked companies, blue chip stocks and companies with growth prospects
that are listed on the Bursa Securities and selected regional stock markets. 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.
Up to 98% of the fund’s NAV can be invested in Shariah-compliant equities and sukuk of selected foreign markets
which include South Korea, China, Japan, Taiwan, Hong Kong, India, 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.
50
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities or other permitted foreign
markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic or selected foreign markets, and Shariah-compliant warrants. The fund may also
invest in sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits to generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity markets
through Shariah-compliant investments in a diversified portfolio of Shariah-compliant index stocks, blue chip stocks
and growth stocks listed on Bursa Securities and selected foreign stock markets. The equity exposures of the fund
are managed actively with exposures ranging from 75% to 98% depending on the outlook for the domestic and
regional markets. It also maintains investments in sukuk to generate income to the fund.
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 as a temporary defensive strategy.
With regards to the investment in sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) to hedge its holdings of
foreign investment from foreign currency movements. This will enable the fund to mitigate risks arising from
foreign currency exposure.
As participation in foreign exchange forward contracts (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PAIF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
70% S&P Shariah BMI Asia Ex-Japan Index,
15% customised index by S&P Dow Jones Indices, LLC based on top 20 constituents by market capitalisation
of the S&P BMI Shariah Japan Index, and
15% FTSE Bursa Malaysia Hijrah Shariah Index
51
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The benchmark chosen for PAIF is a composite benchmark index comprising a hypothetical investment in the S&P
Shariah BMI Asia Ex-Japan Index, customised index of the S&P BMI Shariah Japan Index and FTSE Bursa Malaysia
Hijrah Shariah Index in a ratio of 70:15:15. Therefore, the returns for the benchmark index for any given period
of time would comprise of 70% from S&P Shariah BMI Asia Ex-Japan Index, 15% from the customised index of
the S&P BMI Shariah Japan Index and 15% from the returns of the FTSE Bursa Malaysia Hijrah Shariah Index. The
component stocks of S&P Shariah BMI Asia Ex-Japan Index comprise major stocks from key regional markets including
South Korea, China, Taiwan, Hong Kong, Singapore, Philippines, Thailand and Indonesia. The component stocks
of the customised index comprises the top 20 constituents by market capitalisation within the component stocks
of the S&P BMI Shariah Japan Index while the FTSE Bursa Malaysia Hijrah Shariah Index comprise top 30 Shariahcompliant stocks listed in Bursa Securities. The ratio stated in the composite benchmark index is representative of
the markets that the fund is permitted to invest in over the medium to long term.
Information on the FTSE Bursa Malaysia Hijrah Shariah Index is sourced from FTSE International Limited while the
customised index of the S&P BMI Shariah Japan Index and the S&P Shariah BMI Asia Ex-Japan Index are 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 PAIF 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 PAIF 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 PAIF.”
The PAIF 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 HIJRAH SHARIAH 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.
52
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC ASIA DIVIDEND FUND (PIADF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Income
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Shariah-compliant 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 Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 that complies with Shariah
requirements and 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 32 to 33 for
more information on distribution policy.
Investment Policy
PIADF invests in a diversified portfolio of Shariah-compliant domestic and regional equities and sukuk 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 sukuk and Islamic liquid assets which include Islamic money
market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
The fund is actively managed to achieve its goal of providing income by investing in a diversified portfolio of Shariahcompliant 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 Shariah-compliant
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 Shariah-compliant equities and sukuk of selected foreign markets
which include South Korea, China, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand, Australia,
New Zealand 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.
53
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also consider investments in unlisted Shariah-compliant 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 Shariah-compliant collective investment schemes both in the domestic or selected regional
markets, and Shariah-compliant warrants. The fund may invest in sukuk (sovereign and corporate) and Islamic
liquid assets which include Islamic money market instruments, Islamic investment accounts and Islamic deposits
to generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in a diversified portfolio of Shariah-compliant stocks
which offer or have the potential to offer attractive dividends yields. 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 sukuk to help generate returns for the fund.
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 as a temporary defensive strategy.
With regards to the investment in sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options (approved as Shariah-compliant
by the Shariah Adviser of the fund) for hedging purposes and investments in Shariah-compliant 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 PIADF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
70% S&P Shariah BMI Asia Ex-Japan Index;
20% FTSE Bursa Malaysia Hijrah Shariah Index; and
10% 3-Month IIMM rate.
The benchmark chosen for PIADF is a composite benchmark index comprising a hypothetical investment in the
S&P Shariah BMI Asia Ex-Japan Index, FTSE Bursa Malaysia Hijrah Shariah Index and 3-Month IIMM rate 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 S&P Shariah BMI Asia Ex-Japan Index, 20% from FTSE Bursa Malaysia Hijrah Shariah Index
and 10% from 3-Month IIMM rate interest earned for the same period of time. The component stocks of the S&P
Shariah BMI Asia Ex-Japan Index comprise major stocks from key regional markets including South Korea, China,
Taiwan, Hong Kong, Singapore, Philippines, Thailand and Indonesia, while the component stocks of FTSE Bursa
Malaysia Hijrah Shariah Index comprise top 30 Shariah-compliant stocks listed on Bursa Securities. The ratio stated
in the composite benchmark index is representative of the markets that the fund is permitted to invest in over the
medium to long term.
54
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Information on the FTSE Bursa Malaysia Hijrah Shariah Index and S&P Shariah BMI Asia Ex-Japan Index are sourced
from FTSE International Limited and S&P Dow Jones Indices, LLC. The 3-Month IIMM rate provided by Bank
Negara Malaysia 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 S&P Shariah BMI Asia Ex-Japan Index 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 PIADF 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 S&P Shariah BMI Asia Ex-Japan Index.”
The PIADF 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 HIJRAH SHARIAH 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.
55
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC SECTOR SELECT FUND (PISSF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Shariah-compliant 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 Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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, mainly equities, that complies with
Shariah requirements from 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
PISSF invests in a diversified portfolio of Shariah-compliant equities in the domestic market 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. The balance of
the fund’s NAV will be invested in sukuk and Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits.
Investment Strategy
PISSF 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 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.
To ensure sufficient diversification, the fund will maintain investments in a minimum of 3 sectors at all times. 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.
56
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The sector allocations for PISSF 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 PISSF 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 Shariah-compliant 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 also participate in IPOs of companies seeking a listing on Bursa Securities which are classified as
Shariah-compliant. The fund may also invest in Shariah-compliant collective investment schemes in the domestic
market, and Shariah-compliant warrants. The fund may also invest in sukuk (sovereign and corporate) and Islamic
liquid assets which include Islamic money market instruments, Islamic investment accounts and Islamic 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 Shariah-compliant 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 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 sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 Shariah-compliant warrants can potentially increase the volatility of the fund’s returns, the fund’s
investments in Shariah-compliant 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 PISSF
As PISSF will focus its investments in the domestic market, the benchmark for PISSF is the FTSE Bursa Malaysia EMAS
Shariah Index, a free float adjusted capitalisation-weighted index comprising constituents of the FTSE Bursa Malaysia
EMAS Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council of the SC.
Information on the FTSE Bursa Malaysia EMAS Shariah 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 PISSF 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 EMAS SHARIAH 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 CHINA ITTIKAL FUND (PCIF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Shariah-compliant 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 Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 Shariah-compliant
investments in the greater China region and the balance 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
PCIF invests in a diversified portfolio of Shariah-compliant investments in the greater China region and the balance
in the domestic market. A minimum of 70% of the fund’s NAV will be invested in the greater China region namely
in Hong Kong, China and Taiwan markets. The fund can 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 maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the fund’s
NAV will be invested in sukuk, Islamic money market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
PCIF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of
Shariah-compliant blue chip stocks, index stocks and companies with growth prospects in the greater China region
and the balance in the domestic market. A minimum of 70% of the fund’s NAV will be invested in the greater China
region namely in Hong Kong, China and Taiwan markets. The fund can also invest in China based companies listed
on overseas markets such as Singapore and United States of America and other permitted markets. 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.
Up to 98% of the fund’s NAV will be invested in Shariah-compliant equities and sukuk 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.
58
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities or other permitted foreign
markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic and foreign markets, and Shariah-compliant warrants. The fund may also invest in
sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market instruments, Islamic
investment accounts and Islamic 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 Shariah-compliant blue chip stocks, index stocks and growth stocks in the greater China region and the balance
in the domestic market.
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 as a temporary defensive strategy.
With regards to the investment in sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) to hedge its holdings of
foreign investment from foreign currency movements. This will enable the fund to mitigate risks arising from
foreign currency exposure.
As participation in foreign exchange forward contracts (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PCIF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
50% S&P Shariah BMI Hong Kong and China ‘H’ Shares Index,
30% S&P Shariah BMI Taiwan Index, and
20% FTSE Bursa Malaysia Hijrah Shariah Index.
The benchmark chosen for PCIF is a proprietary composite benchmark index comprising a hypothetical investment
in the S&P Shariah BMI Hong Kong and China ‘H’ Shares Index, S&P Shariah BMI Taiwan Index and FTSE Bursa
Malaysia Hijrah Shariah Index in a ratio of 50:30:20. Therefore, the returns for the benchmark index for any given
period of time would comprise of 50% from the returns of the S&P Shariah BMI Hong Kong and China ‘H’ Shares
Index, 30% from S&P Shariah BMI Taiwan Index and 20% from FTSE Bursa Malaysia Hijrah Shariah Index. The
component stocks of the 2 S&P indexes comprise major stocks from their respective markets namely Hong Kong,
China ‘H’ Shares and Taiwan, while the component stocks of FTSE Bursa Malaysia Hijrah Shariah Index comprise
top 30 Shariah-compliant stocks listed on Bursa Securities. As such, this composite benchmark index represents an
appropriate performance benchmark for PCIF as the fund invests a minimum of 70% of its NAV in a portfolio of
Shariah-compliant stocks in the greater China region and the balance in the domestic market.
59
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Information on the FTSE Bursa Malaysia Hijrah Shariah Index as well as S&P Shariah BMI Hong Kong and China ‘H’
Shares Index and S&P Shariah BMI Taiwan Index are sourced from FTSE International Limited and S&P Dow Jones
Indices, LLC respectively. The performance of the fund and its benchmark is available on Public Mutual’s website
at www.publicmutual.com.my.
“The S&P Shariah BMI Hong Kong and China ‘H’ Shares Index and S&P Shariah BMI Taiwan Index are products of S&P Dow Jones
Indices LLC (“SPDJI”), and have 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 PCIF 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 S&P
Shariah BMI Hong Kong and China ‘H’ Shares Index and S&P Shariah BMI Taiwan Index.”
The PCIF 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 HIJRAH SHARIAH 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.
60
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC SELECT TREASURES FUND (PISTF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Companies with market capitalisation of up to RM6.0
billion, at the point of purchase, which comply with
Shariah requirements
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 investment in companies with market capitalisation of up to RM6 billion which
comply with Shariah requirements 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
The fund invests in a diversified portfolio of Shariah-compliant Malaysian equities and sukuk to meet its investment
objective. The fund will invest in Shariah-compliant securities with market capitalisation of up to RM6.0 billion, which
have promising growth prospects in the medium to long term. Thereafter, should the stock’s market capitalisation
move above 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.
Emphasis is placed on the accumulation of stocks with earnings growth prospects in the medium to long term.
Such stocks are found in a wide variety of business sectors which include infrastructure, plantations, manufacturing
and information technology.
The fund maintains equity exposures within a range of between 75% and 98% against its NAV. However, the
equity range of the fund may be lower depending on the Fund Manager’s assessment of the stockmarket. The
balance of the fund’s NAV will be invested in sukuk and Islamic liquid assets which include Islamic money market
instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
PISTF is actively managed and focuses on investing in Shariah-compliant securities with market capitalisation of
up to RM6.0 billion in the domestic market with the aim of achieving capital growth over the long term. The fund
seeks to achieve this goal by investing in a diversified portfolio of 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.
61
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities which are classified as
Shariah-compliant. The fund may invest in Shariah-compliant collective investment schemes in the domestic market,
and Shariah-compliant warrants. The fund may also invest in sukuk (sovereign and corporate) and Islamic liquid
assets which include Islamic money market instruments, Islamic investment accounts and Islamic 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 up to RM6.0 billion which comply with Shariah requirements in the
domestic market. 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 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 equity exposure is reduced to below the levels indicated as a temporary
defensive strategy.
With regards to the investment in sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of
the issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 Shariah-compliant warrants can potentially increase the volatility of the fund’s returns, the fund’s
investments in Shariah-compliant 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 PISTF
As PISTF will focus its investments in the domestic market, the benchmark for PISTF is a customised index by FTSE
based on the constituents with market capitalisation below RM6.0 billion within the FTSE Bursa Malaysia EMAS
Shariah Index.
Information on the customised index by FTSE 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 PISTF 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 customised index by FTSE based on the constituents with market capitalisation below RM6.0 billion within
the FTSE Bursa Malaysia EMAS Shariah 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.
62
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC OPTIMAL GROWTH FUND (PIOGF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Income and capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Shariah-compliant stocks which offer attractive dividend
yields and Shariah-compliant growth stocks
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 Shariah-compliant 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 32 to 33 for
more information on distribution policy.
Investment Policy
50% of the fund’s equity investment will be invested in Shariah-compliant stocks which offer attractive dividend
yields in the domestic market. The remaining 50% of the fund’s equity investment will be invested in Shariahcompliant growth stocks. The fund can also invest in sukuk, Islamic money market instruments, Islamic investment
accounts and Islamic deposits.
Investment Strategy
PIOGF is actively managed to achieve its goal of achieving income and capital growth by investing in Shariah-compliant
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 Shariah-compliant 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 Shariah-compliant growth stocks that are listed on the Bursa Securities.
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities which are classified as
Shariah-compliant. The fund may invest in Shariah-compliant collective investment schemes in the domestic market,
and Shariah-compliant warrants. The fund may also invest in sukuk (sovereign and corporate) and Islamic liquid
assets which include Islamic money market instruments, Islamic investment accounts and Islamic 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 Shariah-compliant dividend stocks and growth stocks in the domestic market.
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 equity exposure is reduced to below the levels indicated
as a temporary defensive strategy.
With regards to the investment in sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 Shariah-compliant warrants can potentially increase the volatility of the fund’s returns, the fund’s
investments in Shariah-compliant 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 PIOGF
As PIOGF will focus its investment in the domestic market, the benchmark for PIOGF is the FTSE Bursa Malaysia
EMAS Shariah Index, a free float adjusted capitalisation-weighted index comprising constituents of the FTSE Bursa
Malaysia EMAS Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council
of the SC.
Information on the FTSE Bursa Malaysia EMAS Shariah 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 PIOGF 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 EMAS SHARIAH 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 ISLAMIC SELECT ENTERPRISES FUND (PISEF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Largest 50 companies in terms of market capitalisation,
at the point of purchase, listed on Bursa Securities,
which comply with Shariah requirements
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 the largest 50 companies in terms of market capitalisation (at
the point of purchase) listed on Bursa Securities which comply with Shariah requirements.
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
PISEF invests in a diversified portfolio of Shariah-compliant Malaysian equities and sukuk to meet its investment
objective. PISEF will invest in the largest 50 Shariah-compliant stocks in terms of market capitalisation (at the point
of purchase) listed on Bursa Securities. Thereafter, should the companies be excluded from the list of largest 50
companies in terms of market capitalisation for a period of three consecutive months, the fund’s holdings of the
stock will be disposed within a 3 month period. The rationale of the above proposal is to alleviate the fund from
having to dispose off its stock holdings as a result of short term fluctuations in market price.
The fund maintains equity exposures within a range of between 75% 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 sukuk and Islamic liquid assets which include Islamic money market
instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
The scope of investments in the fund is confined to assets that are in compliance with Shariah requirements. PISEF
is actively managed and focuses its investments in the largest 50 Shariah-compliant stocks in terms of market
capitalisation (at the point of purchase) listed on Bursa Securities, with the aim of achieving capital growth over
the long term. 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)
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities which are classified as
Shariah-compliant. The fund may invest in Shariah-compliant collective investment schemes in the domestic market,
and Shariah-compliant warrants. The fund may also invest in sukuk (sovereign and corporate) and Islamic liquid
assets which include Islamic money market instruments, Islamic investment accounts and Islamic 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 the largest 50 Shariah-compliant companies in terms of market capitalisation, listed on Bursa Securities. 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 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 sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. As such, exposure to sukuk in the portfolio are managed to ensure that
the risks levels are commensurate with the potential returns. The performance of Islamic money market instruments,
Islamic investment accounts and Islamic deposits may also be impacted by the fluctuation 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 Shariah-compliant warrants can potentially increase the volatility of the fund’s returns, the fund’s
investments in Shariah-compliant 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 PISEF
As PISEF will focus its investments in the domestic market, the benchmark for PISEF is the FTSE Bursa Malaysia EMAS
Shariah Index, a free float adjusted capitalisation-weighted index comprising constituents of the FTSE Bursa Malaysia
EMAS Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council of the SC.
Information on the FTSE Bursa Malaysia EMAS Shariah 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 PISEF 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 EMAS SHARIAH 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 ISLAMIC ASIA LEADERS EQUITY FUND (PIALEF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Companies with market capitalisation of US$1 billion
and above, at the point of purchase, which comply with
Shariah requirements
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 mainly in stocks of companies with market
capitalisation of US$1 billion and above in domestic and regional markets that complies with Shariah requirements.
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
PIALEF will invest in a diversified portfolio of primarily Shariah-compliant equities to meet its investment objective.
The fund will invest mainly in Shariah-compliant securities with market capitalisation of US$1 billion and above in
domestic and regional markets, at the point of purchase.
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 sukuk and Islamic liquid assets which include Islamic money market instruments, Islamic
investment accounts and Islamic deposits.
Investment Strategy
PIALEF is actively managed and focuses on investing mainly in Shariah-compliant securities with market capitalisation
of US$1 billion and above in domestic and regional markets with the aim of achieving capital growth over the
medium to long term period. 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.
To achieve increased diversification, the fund may invest up to 98% of its NAV in Shariah-compliant equities and
sukuk in selected Asian 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.
67
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also participate in IPOs of companies seeking a listing on Bursa Securities or other permitted regional
markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic and foreign markets, and Shariah-compliant warrants. The fund may also invest in
sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market instruments, Islamic
investment accounts and Islamic 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 US$1 billion and above in domestic and regional markets that complies
with Shariah requirements. The focus of the fund is on identifying Shariah-compliant stocks of companies that
have good earnings growth potential and trade at attractive valuations. It also maintains investments in sukuk to
help generate returns for 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 equity exposure is reduced to below the levels indicated
as a temporary defensive strategy.
With regards to the investment in sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) to hedge its holdings of
foreign investment from foreign currency movements. This will enable the fund to mitigate risks arising from
foreign currency exposure.
As participation in foreign exchange forward contracts (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PIALEF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% customised index by S&P Dow Jones Indices, LLC based on Top 100 constituents by market capitalisation
of the S&P Shariah BMI Asia Ex-Japan Index; and
10% 3-Month IIMM rate
The benchmark chosen for PIALEF is a composite benchmark index comprising a hypothetical investment in a
customised index of the S&P Shariah BMI Asia Ex-Japan Index and 3-Month IIMM rate 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
customised index of S&P Shariah BMI Asia Ex-Japan Index and 10% from 3-Month IIMM rate interest earned for
the same period of time. The component stocks of the customised index of S&P Shariah BMI Asia Ex-Japan Index
comprise top 100 Shariah-compliant stocks from key regional markets including Malaysia, South Korea, China,
Taiwan, Hong Kong, Singapore, Philippines, Thailand and Indonesia. This composite benchmark index represents
an appropriate performance benchmark for PIALEF as the fund invests primarily in a portfolio of stocks with market
capitalisation of US$1 billion and above that complies with Shariah requirements and is representative of the markets
that the fund is permitted to invest in over the medium to long-term.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Information on the customised index is sourced from S&P Dow Jones Indices, LLC. The 3-Month IIMM rate
provided by Bank Negara Malaysia 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 customised benchmark index for PIALEF 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 PIALEF 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 PIALEF.”
69
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC ALPHA-40 GROWTH FUND (PIA40GF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Maximum of 40 stocks that comply with Shariah
requirements
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits if the investment climate is
deemed to be unfavourable and weakness in the equity markets is expected.
Fund Objective
To achieve capital growth by investing in stocks which comply with Shariah requirements.
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
PIA40GF will invest in up to a maximum of 40 stocks which comply with Shariah requirements. 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 sukuk, Islamic money market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
The fund is actively managed to achieve its goal of achieving capital growth by investing in stocks which comply with
Shariah requirements. PIA40GF will invest in up to a maximum of 40 stocks that comply with Shariah requirements.
The fund will invest in the domestic market. To achieve increased diversification, the fund may invest up to 30% of
its NAV in Shariah-compliant equities and sukuk of selected foreign markets which include Singapore, Taiwan, South
Korea, Japan, Australia, New Zealand, 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. 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 very much depend on market opportunities.
The Fund Manager may adopt temporary defensive strategies by lowering the equity exposure of the fund below
the above stated range if the investment climate is deemed to be unfavourable and the equity markets are expected
to be weak.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also consider investments in IPOs of companies seeking a listing on Bursa Securities or other permitted
foreign markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective
investment schemes both in the domestic or selected regional markets, and Shariah-compliant warrants. The fund
may also invest in sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market
instruments, Islamic investment accounts and Islamic deposits to generate returns.
The high equity exposures maintained at all times, in particular, may result in the fund experiencing significant
volatilities in times of adverse market movements.
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 40 selected Shariah-compliant stocks listed primarily on Bursa Securities and selected foreign markets. It
also maintains investments in sukuk to help generate returns for 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 equity exposure is reduced to below the levels indicated
as a temporary defensive strategy. Investments in sukuk may be adversely affected if interest rates were to move
up sharply. As such, the fund’s exposures to sukuk in the portfolio are managed to ensure that the risks levels are
commensurate with the potential returns. The performance of Islamic money market instruments, Islamic investment
accounts and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PIA40GF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
75% FTSE Bursa Malaysia EMAS Shariah Index (FBMS);
15% customised index by S&P Dow Jones Indices, LLC based on Top 100 constituents by market capitalisation
of the S&P Shariah BMI Asia Ex-Japan Index*; and
10% 3-Month IIMM rate
The benchmark chosen for PIA40GF is a composite benchmark index comprising a hypothetical investment in the
FBMS, a customised index of the S&P Shariah BMI Asia Ex-Japan Index and 3-Month IIMM rate in a ratio of 75:15:10.
Therefore, the returns for the benchmark index for any given period of time would comprise of 75% from the
returns of the FBMS, 15% from the returns of the customised index of the S&P Shariah BMI Asia Ex-Japan Index
and 10% from the 3-Month IIMM rate interest earned for the same period of time. The component stocks of FBMS
comprise major Shariah-compliant stocks listed in Bursa Securities while the component stocks of the customised
index of S&P Shariah BMI Asia Ex-Japan Index comprise top 100 Shariah-compliant stocks from key regional markets
including Malaysia, South Korea, China, Taiwan, Hong Kong, Singapore, Philippines, Thailand and Indonesia. This
composite benchmark index represents an appropriate performance benchmark for PIA40GF as the fund invests
in a portfolio of stocks that complies with Shariah requirements and the ratio stated in the composite benchmark
index is representative of the markets that the fund is permitted to invest in over the medium to long-term.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
* 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.
To obtain the latest information on the FTSE Bursa Malaysia EMAS Shariah 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 Bursa Malaysia EMAS Shariah Index and transactional information such as last traded price,
previous closing price, volume traded, high and low for the day and other information. Information on the FTSE
Bursa Malaysia EMAS Shariah Index is sourced from FTSE International Limited while the index based on the S&P
Shariah BMI Asia Ex-Japan Index is sourced from S&P Dow Jones Indices, LLC. The 3-Month IIMM rate provided
by Bank Negara Malaysia 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 PIA40GF 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 EMAS SHARIAH 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.
“The customised benchmark index for PIA40GF 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 PIA40GF 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 PIA40GF.”
72
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC TREASURES GROWTH FUND (PITGF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Small and medium-sized Shariah-compliant securities
at the point of purchase
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 primarily in small and medium sized
companies, which comply with Shariah principles.
Notes:
The fund will invest in small and medium 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
PITGF will invest primarily in small and medium sized Shariah-compliant securities which have promising growth
prospects in the medium to long-term period.
The fund will invest in Shariah-compliant securities with market capitalisation of up to RM6.0 billion at the point of
purchase or companies which form the bottom 30% of the cumulative market capitalisation of the market 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%.
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 sukuk and Islamic liquid assets which include Islamic money market instruments, Islamic
investment accounts and Islamic deposits.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Investment Strategy
PITGF will invest primarily in small and medium sized Shariah-compliant securities which have promising growth
prospects in the medium to long term period. The fund will invest in Shariah-compliant securities with market
capitalisation of up to RM6.0 billion at the point of purchase or companies which form the bottom 30% of the
cumulative market capitalisation of the market which the stock is listed on at the point of purchase. The fund
seeks to achieve this goal by investing in a diversified portfolio of small and medium sized 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 Shariah-compliant equities and sukuk of selected foreign markets. The fund’s investment
in foreign markets is incidental to its primary focus of investing in the domestic market. The foreign markets
which the fund may invest in include South Korea, China, Hong Kong, Taiwan, Singapore, Philippines, Thailand,
Indonesia, Australia, Luxembourg 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 IPOs of companies seeking a listing on Bursa Securities or other permitted
foreign markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective
investment schemes both in the domestic or selected regional markets, and Shariah-compliant warrants. The fund
may also invest in sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market
instruments, Islamic investment accounts and Islamic deposits to generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate primarily in small and medium sized Shariah-compliant
securities which have promising growth prospects in the medium to long term period.
The fund will invest in Shariah-compliant securities with market capitalisation of up to RM6.0 billion at the point
of purchase or companies which form the bottom 30% of the cumulative market capitalisation of the market
which the stock is listed on at the point of purchase. 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 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. Investments in
sukuk may be adversely affected if interest rates were to move up sharply. As such, the fund’s exposure to sukuk
in the portfolio are managed to ensure that the risks levels are commensurate with the potential returns. The
performance of Islamic money market instruments, Islamic investment accounts and Islamic deposits may also be
impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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.
74
DETAILED INFORMATION ON THE FUNDS (CONT’D)
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 PITGF
The benchmark of the fund and their respective percentages are as follows:
•
•
90% customised index by FTSE based on the constituents with market capitalisation below RM6.0 billion
within the FTSE Bursa Malaysia EMAS Shariah Index, and
10% 3-Month IIMM rate
As PITGF will focus its investments in the domestic market, the benchmark chosen for PITGF is a composite
benchmark index comprising a hypothetical investment in the customised index by FTSE and 3-Month IIMM rate
in a ratio of 90:10. As the fund maintains its equity exposures within a range of 75% to 98% against its NAV,
the returns for the benchmark index for any given period of time would comprise of 90% from the returns of the
customised index by FTSE and 10% from 3-Month IIMM rate interest earned for the same period of time. The
customised index by FTSE comprises stocks with market capitalisation below RM6.0 billion within the FTSE Bursa
Malaysia EMAS Shariah Index.
The 3-Month IIMM rate provided by Bank Negara Malaysia is published in the business sections of the daily
newspapers. Information on the customised index by FTSE are 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 PITGF 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 customised index by FTSE based on the constituents with market capitalisation below RM6.0 billion within
the FTSE Bursa Malaysia EMAS Shariah 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.
75
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ITTIKAL SEQUEL FUND (PITSEQ)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Shariah-compliant growth stocks
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 that
complies with Shariah principles.
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
PITSEQ invests in a diversified portfolio of primarily Shariah-compliant Malaysian equities and sukuk to meet its
investment objective. Its equity content in terms of NAV may range in the region of 70% to 98% of the NAV of
the fund. The balance of the fund’s NAV may be invested in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
The scope of investments in the fund is confined to assets that are in compliance with Shariah requirements. The
fund is actively managed and seeks to achieve medium to long-term goal of capital growth by investing in diversified
portfolio of Shariah-compliant 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 will focus its investments in the domestic market. To achieve increased diversification, the fund may invest
up to 30% of its NAV in Shariah-compliant equities and sukuk of selected foreign markets. The fund’s investment
in foreign markets is incidental to its primary focus of investing in the domestic market. The foreign markets which
the fund may invest in include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia,
Philippines, India, Australia, United States of America, United Kingdom, Germany, France, Luxembourg 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.
76
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also consider investments in IPOs of companies seeking a listing on Bursa Securities or other permitted
foreign markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective
investment schemes both in the domestic or selected regional markets, and Shariah-compliant warrants. The fund
may also invest in sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market
instruments, Islamic investment accounts and Islamic deposits to 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 Shariah-compliant investments in a diversified portfolio of Shariah-compliant 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 sukuk
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. Investments in sukuk may be adversely affected if interest rates were to move
up sharply. As such, the fund’s exposure to sukuk in the portfolio are managed to ensure that the risks levels are
commensurate with the potential returns. The performance of Islamic money market instruments, Islamic investment
accounts and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PITSEQ
As PITSEQ will focus its investments in the domestic market, the benchmark for PITSEQ is the FTSE Bursa Malaysia
EMAS Shariah Index, a free float adjusted capitalisation-weighted index comprising constituents of the FTSE Bursa
Malaysia EMAS Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council
of the SC.
Information on the FTSE Bursa Malaysia EMAS Shariah 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 PITSEQ 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 EMAS SHARIAH 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.
77
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC SAVINGS FUND (PISVF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Income
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Shariah-compliant 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 Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits if the investment climate is
deemed to be unfavourable and weakness in the equity markets is expected.
Fund Objective
To provide income* over the medium to long-term period by investing in a portfolio of investments that complies
with Shariah requirements and 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 32 to 33 for
more information on distribution policy.
Investment Policy
PISVF invests in a diversified portfolio of primarily Shariah-compliant Malaysian equities and sukuk to meet its
investment objective. Its equity content in terms of NAV may range in the region of 75% to 98% of the NAV of
the fund. The balance of the fund’s NAV may be invested in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
The fund is actively managed to achieve its goal of providing income by investing in a diversified portfolio of Shariahcompliant 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 Shariah-compliant
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.
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 Shariah-compliant equities and sukuk of selected foreign markets. The fund’s investment
in foreign markets is incidental to its primary focus of investing in the domestic market. The foreign markets which
the fund may invest in include Singapore, Taiwan, South Korea, Japan, Hong Kong, Thailand, Indonesia, Philippines,
Luxembourg 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.
78
DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also consider investments in IPOs of companies seeking a listing on Bursa Securities or other permitted
foreign markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective
investment schemes both in the domestic or selected foreign markets, and Shariah-compliant warrants. The fund
may also invest in sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market
instruments, Islamic investment accounts and Islamic deposits to generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in a diversified portfolio of Shariah-compliant stocks
which offer or have the potential to offer attractive dividend yields. 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 higher or lower depending on the Fund
Manager’s assessment of the stock market outlook. It also maintains investments in sukuk to help generate returns
for 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. Investments in sukuk may be adversely affected if interest rates were to move
up sharply. As such, the fund’s exposure to sukuk in the portfolio are managed to ensure that the risks levels are
commensurate with the potential returns. The performance of Islamic money market instruments, Islamic investment
accounts and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PISVF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% FTSE Bursa Malaysia EMAS Shariah Index (FBMS), and
10% 3-Month IIMM rate
As PISVF maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PISVF
is a composite benchmark index comprising a hypothetical investment in the FBMS and 3-Month IIMM rate 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 FBMS and 10% from 3-Month IIMM rate interest earned for the same period of time.
The FBMS is selected as the fund’s equity benchmark as the fund will focus its investments in the domestic market.
FBMS is a free float adjusted capitalisation-weighted index comprising constituents of the FTSE Bursa Malaysia
EMAS Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council of the
SC. This composite benchmark index of 90% in FBMS and 10% in 3-Month IIMM rate represents an appropriate
performance benchmark for PISVF as the fund is an equity fund which generally has an equity weight of 90% of
its NAV over the medium to long term.
79
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Information on the FTSE Bursa Malaysia EMAS Shariah Index is sourced from FTSE International Limited. The 3-Month
IIMM rate provided by Bank Negara Malaysia 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 PISVF 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 EMAS SHARIAH 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.
80
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC GROWTH & INCOME FUND (PISGIF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth and income
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Shariah-compliant growth and dividend stocks
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits if the investment climate is
deemed to be unfavourable and weakness in the equity markets is expected.
Fund Objective
To seek capital growth and income* by investing in a portfolio of Shariah-compliant growth and dividend 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 annual income* and capital growth.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 32 to 33 for
more information on distribution policy.
Investment Policy
The fund will invest in a portfolio of Shariah-compliant growth and dividend stocks. The fund can also invest in
sukuk and Islamic liquid assets which include Islamic money market instruments, Islamic investment accounts and
Islamic deposits.
Investment Strategy
PISGIF is actively managed to achieve its goal of achieving capital growth and income by investing in a portfolio of
Shariah-compliant growth and dividend stocks. To achieve increased diversification, the fund may invest up to 25%
of its NAV in 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 which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic and foreign markets, and Shariah-compliant warrants. The fund may also invest in
sukuk (sovereign and corporate) and Islamic liquid assets which include Islamic money market instruments, Islamic
investment accounts and Islamic deposits to generate returns.
81
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth and income potential of a
diversified portfolio of Shariah-compliant growth stocks and dividend stocks 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 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 sukuk, it should be noted that the
performance of the sukuk might be adversely affected should interest rates rise sharply. The value of sukuk may
also fluctuate based on the credit quality of the issuer. As such, exposure to sukuk in the portfolio are managed
to ensure that the risks levels are commensurate with the potential returns. The performance of Islamic money
market instruments, Islamic investment accounts and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PISGIF
As PISGIF will focus its investments in the domestic market, the benchmark for PISGIF is the FTSE Bursa Malaysia
EMAS Shariah Index, a free float adjusted capitalisation-weighted index comprising constituents of the FTSE Bursa
Malaysia EMAS Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council
of the SC.
Information on the FTSE Bursa Malaysia EMAS Shariah 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 PISGIF 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 EMAS SHARIAH 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.
82
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC ENTERPRISES EQUITY FUND (PIENTEF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Largest 50 Shariah-compliant companies in terms
of market capitalisation, at the point of purchase,
listed on Bursa Securities, which comply with Shariah
requirements and Shariah-compliant companies listed
on foreign markets with market capitalisation equivalent
to or greater than the 50th largest Shariah-compliant
company in terms of market capitalisation listed on
Bursa Securities
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 that
complies with Shariah requirements.
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
PIENTEF will invest in a diversified portfolio of Shariah-compliant Malaysian equities and sukuk to meet its objective.
The fund will invest in the largest 50 Shariah-compliant companies in terms of market capitalisation (at the point
of purchase) listed on Bursa Securities. The fund may also invest in Shariah-compliant companies listed on foreign
markets with market capitalisation equivalent to or greater than the 50th largest Shariah-compliant company in
terms of market capitalisation listed on Bursa Securities (at the point of purchase).
The fund 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 sukuk and Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits.
Investment Strategy
The investment scope of the fund is to focus on assets that are in compliance with Shariah requirements. PIENTEF
is actively managed and focuses its investments in the largest 50 Shariah-compliant companies in terms of market
capitalisation (at the point of purchase) listed on 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.
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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 Shariah-compliant equities and
sukuk of selected foreign markets which include South Korea, China, Hong Kong, Taiwan, Japan, Singapore,
Philippines, Thailand, Indonesia and other permitted markets. The fund will invest in Shariah-compliant companies
listed on foreign markets with market capitalisation equivalent to or greater than the 50th largest Shariah-compliant
company in terms of market capitalisation listed on Bursa Securities (at the point of purchase), with the aim of
achieving capital growth over the long term. 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 which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic and foreign markets, and Shariah-compliant warrants issued during corporate exercises
by companies listed in Bursa Securities in which the fund holds shares in. The fund may invest in sukuk (sovereign
and corporate) and Islamic liquid assets which include Islamic money market instruments, Islamic investment
accounts and Islamic 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 the largest 50 Shariah-compliant companies in terms of market capitalisation listed on Bursa Securities and
Shariah-compliant companies listed on foreign markets with market capitalisation equivalent to or greater than the
50th largest Shariah-compliant company in terms of market capitalisation listed on Bursa Securities.
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 Shariah-compliant equity exposure is reduced to
below the levels indicated as a temporary defensive strategy.
With regards to the investment in sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PIENTEF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
75% FTSE Bursa Malaysia Hijrah Shariah Index;
15% customised index by S&P Dow Jones Indices, LLC based on Top 100 constituents by market capitalisation
of the S&P Shariah BMI Asia Ex-Japan Index*; and
10% 3-Month IIMM rate.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The benchmark chosen for PIENTEF is a composite benchmark index comprising hypothetical investment in the FTSE
Bursa Malaysia Hijrah Shariah Index, a customised index by the S&P Shariah BMI Asia Ex-Japan Index and 3-Month
IIMM rate in a ratio of 75:15:10. Therefore, the returns for the benchmark index for any given period of time would
comprise of 75% from the returns of the FTSE Bursa Malaysia Hijrah Shariah Index, 15% from the customised index
by the S&P Shariah BMI Asia Ex-Japan Index and 10% from the 3-Month IIMM rate interest earned for the same
period of time. The component Shariah-compliant stocks of FTSE Bursa Malaysia Hijrah Shariah Index comprise
top 30 Shariah-compliant stocks listed on Bursa Securities while the component Shariah-compliant stocks of the
customised index of S&P Shariah BMI Asia Ex-Japan Index comprise top 100 Shariah-compliant stocks from key
regional markets including Malaysia, South Korea, China, Taiwan, Hong Kong, Singapore, Philippines, Thailand
and Indonesia. This composite benchmark index represents an appropriate performance benchmark for PIENTEF as
the fund invests in a portfolio of Shariah-compliant stocks that complies with Shariah requirements and the ratio
stated in the composite benchmark index is representative of the markets that the fund is permitted to invest 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 FTSE Bursa Malaysia Hijrah Shariah Index and S&P Shariah BMI Asia Ex-Japan Index are sourced
from FTSE International Limited and S&P Dow Jones Indices, LLC. The 3-Month IIMM rate provided by Bank
Negara Malaysia 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 PIENTEF 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 FTSE BURSA MALAYSIA HIJRAH SHARIAH 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.
“The customised benchmark index for PIENTEF 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 PIENTEF 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 S&P Shariah BMI Asia Ex-Japan Index.”
85
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC ADVANTAGE GROWTH EQUITY FUND (PIAVGEF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Shariah-compliant 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 Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 that
complies with Shariah-requirements.
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
PIAVGEF invests in a diversified portfolio of primarily Shariah-compliant 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 sukuk and Islamic liquid assets which include Islamic money market
instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
PIAVGEF is actively managed and seeks to achieve its medium to long-term goal of capital growth by investing in
Shariah-compliant stocks of companies with potential earnings growth that is above the average earnings growth
rate of the market. The fund may also invest in Shariah-compliant 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 Shariah-compliant equities and sukuk
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.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund may also consider investments in unlisted Shariah-compliant 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 Shariah-compliant collective investment schemes both in the domestic and foreign markets,
and Shariah-compliant warrants. The fund may also invest in sukuk (sovereign and corporate) and Islamic liquid
assets which include Islamic money market instruments, Islamic investment accounts and Islamic 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 Shariah-compliant 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 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 sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options (approved as Shariah-compliant
by the Shariah Adviser of the fund) for hedging purposes and investments in Shariah-compliant 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 PIAVGEF
As PIAVGEF will focus its investment in the domestic market, the benchmark for PIAVGEF is the FTSE Bursa Malaysia
Hijrah Shariah Index. The component Shariah-compliant stocks of FTSE Bursa Malaysia Hijrah Shariah Index comprise
top 30 Shariah-compliant stocks listed on Bursa Securities.
Information on the FTSE Bursa Malaysia Hijrah Shariah 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 PIAVGEF 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 HIJRAH SHARIAH 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.
87
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC EMERGING OPPORTUNITIES FUND (PIEMOF)
Fund Profile
Category of Fund
Equity (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Medium and small-sized Shariah-compliant 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 Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 Shariah-compliant 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
PIEMOF invests in a diversified portfolio of equities and sukuk to meet its investment objective. The fund will invest
in medium and small-sized Shariah-compliant companies listed on the domestic market and selected foreign markets
at the point of purchase.
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 sukuk and Islamic liquid assets which include Islamic money market instruments, Islamic
investment accounts and Islamic deposits.
Investment Strategy
PIEMOF is actively managed to achieve its goal of capital growth by investing in Shariah-compliant medium and
small-sized companies listed on Bursa Securities. The fund will also invest in Shariah-compliant 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
Shariah-compliant 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 Shariah-compliant equities and
sukuk 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 Shariah-compliant 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 Shariah-compliant collective investment schemes both in the domestic and foreign markets,
and Shariah-compliant warrants. The fund may also invest in sukuk (sovereign and corporate) and Islamic liquid
assets which include Islamic money market instruments, Islamic investment accounts and Islamic 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 Shariah-compliant 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 Shariahcompliant 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 Shariah-compliant equity exposure is
reduced to below the levels indicated as a temporary defensive strategy.
With regards to the investment in sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic 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 (approved as Shariah-compliant
by the Shariah Adviser of the fund) for hedging purposes and investments in Shariah-compliant 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 PIEMOF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% customised index by FTSE based on the constituents with market capitalisation below RM6.0 billion
within the FTSE Bursa Malaysia EMAS Shariah Index, and
10% 3-Month IIMM rate.
As PIEMOF will focus its investments in the domestic market, the benchmark chosen for PIEMOF is a composite
benchmark index comprising a hypothetical investment in the customised index by FTSE and 3-Month IIMM rate
in a ratio of 90:10. As the fund maintains its equity exposures within a range of 75% to 98% against its NAV,
the returns for the benchmark index for any given period of time would comprise of 90% from the returns of the
customised index by FTSE and 10% from 3-Month IIMM rate interest earned for the same period of time. The
customised index by FTSE comprises stocks with market capitalisation below RM6.0 billion within the FTSE Bursa
Malaysia EMAS Shariah Index.
The 3-Month IIMM rate provided by Bank Negara Malaysia is published in the business sections of the daily
newspapers. Information on the customised index by FTSE are 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 PIEMOF 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 customised index by FTSE based on the constituents with market capitalisation below RM6.0 billion
within the FTSE BURSA MALAYSIA EMAS SHARIAH 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.
90
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC MIXED ASSET FUND (PIMXAF)
Fund Profile
Category of Fund
Mixed asset (Shariah-compliant)
Type of Fund
Capital growth
Sukuk Range of Fund
30% to 60%
Equity Range of Fund
40% to 70%
Sukuk Selection Profile of Fund
Sovereign and corporate sukuk
Stock Selection Profile of Fund
Shariah-compliant 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 Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits if the investment climate is
deemed to be unfavourable and weakness in equity markets is expected. If the outlook for sukuk and Islamic
money market instruments is also unfavourable, the fund will move its investments into Islamic investment
accounts and Islamic deposits.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments that
complies with Shariah requirements.
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
The fund will invest in a mixture of primarily Shariah-compliant equities, sukuk and Islamic money market instruments
issued by companies domiciled in Malaysia to meet its investment objective. Its Shariah-compliant equity content
may range between 40% to 70%* of the NAV of the fund. The balance of the fund’s NAV will be invested in
sukuk and Islamic liquid assets which include Islamic money market instruments, Islamic investment accounts and
Islamic deposits.
Investment Strategy
PIMXAF is actively managed and seeks to meet its objective of pursuing medium to long-term capital growth by
adopting a mixed asset allocation strategy of investing 40% to 70%* of the fund’s NAV in Shariah-compliant equities.
The balance of the fund’s NAV will be invested in sukuk and Islamic liquid assets which include Islamic money
market instruments, Islamic investment accounts and Islamic deposits to help generate returns. If the outlook for
equity markets is positive, the fund’s equity weight can be increased further above the stated range to participate
in investment opportunities offered by the domestic and foreign markets. 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 Shariah-compliant
equities, sukuk and Islamic money market instruments. From the top-down perspective, the fund manages its
exposures to each of the asset classes of Shariah-compliant equities, sukuk and Islamic money market instruments
actively bearing in mind the risk-reward profile of the respective asset class.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The Shariah-compliant equity investment of the fund primarily focuses on a diversified portfolio of Shariah-compliant
index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities.
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 also participate in IPOs of companies seeking a listing on Bursa Securities or other permitted foreign
markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic and foreign markets, and Shariah-compliant warrants.
The non-equity portion of the fund is invested in sukuk (sovereign and corporate) and Islamic liquid assets which
include Islamic money market instruments, Islamic investment accounts and Islamic deposits. The fund will invest in
sukuk 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 sukuk, shorttenured sukuk and Islamic money market instruments may be varied taking into account economic growth, profit
rate trends and market liquidity conditions. Where yields are attractive and profit rate trends are favourable, the
investments in sukuk are increased. The investment in sukuk is often raised at the expense of equity allocations
when the equity markets are anticipated to be weak and the risk-reward profile of investments in sukuk is better.
Conversely, when the equity markets are expected to perform better than sukuk, the fund will rebalance its asset
allocation from sukuk to Shariah-compliant equities. To manage the credit risks of its sukuk investments, the fund will
rely on credit analysis and focus on sukuk 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 Islamic 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 Shariah-compliant equities and
sukuk of selected foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, 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.
* 70% is an indicative figure. Equity investments of the fund can be increased above 70% of the fund’s NAV in
situations where the outlook for equity market is positive.
Fund Specific Benefits
The fund provides you with the opportunity to participate in investments with mixture of Shariah-compliant
equities, sukuk and Islamic money market instruments. The potentially large but highly volatile returns from equity
investments are moderated by the fairly stable performance from the sukuk. As such, the returns of the fund would
be generally less volatile than the returns from equity market indices.
Fund Specific Risk Management
The asset allocation between the various asset classes 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 be situations such as when a severe downturn in the equity markets is expected
and liquidity risks are high, that the equity exposures are reduced below the minimum level indicated and the
exposure to sukuk and Islamic liquid assets which include Islamic money market instruments are increased as a
temporary defensive strategy. If the outlook for sukuk and Islamic money market instruments is also unfavourable,
the fund will move its investments into Islamic investment accounts and Islamic 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. The fund may utilise foreign exchange
forward contracts (approved as Shariah-compliant by the Shariah Adviser of the fund) to hedge its holdings of
foreign investments from foreign currency movements. This will enable the fund to mitigate risks arising from
foreign currency exposure.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
As participation in foreign exchange forward contracts (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 PIMXAF
The benchmarks of the fund and their respective percentages are as follows:
•
•
70% FTSE Bursa Malaysia EMAS Shariah Index (FBMS), and
30% 3-Month IIMM rate.
As the PIMXAF invests up to 70% of its NAV in equities, the benchmark chosen for PIMXAF is a composite benchmark
index comprising a hypothetical investment in the FBMS and 3-Month IIMM rate 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
FBMS and 30% from 3-Month IIMM rate interest earned for the same period of time. The FBMS is selected as the
fund’s equity benchmark as the fund will focus its investments in the domestic market. FBMS is a free float adjusted
capitalisation-weighted index comprising constituents of the FTSE Bursa Malaysia EMAS Index, which have been
designated as Shariah-compliant securities by the Shariah Advisory Council of the SC. This composite benchmark
index of 70% in FBMS and 30% in 3-Month IIMM rate represents an appropriate performance benchmark for
PIMXAF as the fund is a mixed asset fund which generally invests up to 70% of its NAV in equities.
Information on the FTSE Bursa Malaysia EMAS Shariah Index is sourced from FTSE International Limited. The 3-Month
IIMM rate provided by Bank Negara Malaysia 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 PIMXAF 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 EMAS SHARIAH 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.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC ASIA TACTICAL ALLOCATION FUND (PIATAF)
Fund Profile
Category of Fund
Mixed asset (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
30% to 98%
Investment Asset Selection Profile of Fund
Shariah-compliant index stocks, blue chip stocks, growth
stocks, sukuk, Islamic money market instruments,
Islamic investment accounts and Islamic deposits
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits if the investment climate is
deemed to be unfavourable and weakness in equity markets is expected. If the outlook for sukuk and Islamic
money market instruments is also unfavourable, the fund will move its investments into Islamic investment
accounts and Islamic deposits.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in domestic
and regional markets that complies with Shariah requirements.
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
The fund will adopt a tactical asset allocation strategy and has the flexibility to rebalance its asset allocation between
the different asset classes of domestic and regional Shariah-compliant equities, sukuk and Islamic 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 sukuk and Islamic liquid assets which
include Islamic money market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
PIATAF is actively managed and seeks to meet its objective of pursuing medium to long-term capital growth by
adopting a tactical asset allocation strategy of investing 30% to 98% of the fund’s NAV in Shariah-compliant
equities. The balance of the fund’s NAV will be invested in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 Shariah-compliant
equities, sukuk and Islamic liquid assets which include Islamic money market instruments, Islamic investment
accounts and Islamic deposits. From the top-down perspective, the fund manages its exposures to each of the
asset classes of Shariah-compliant equities, sukuk and Islamic 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 Shariah-compliant 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 Shariah-compliant equity exposure
below the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits if the investment climate is deemed
to be unfavourable and weakness in equity markets is expected. If the outlook for sukuk and Islamic money market
instruments is also unfavourable, the fund will move its investments into Islamic investment accounts and Islamic
deposits.
The Shariah-compliant equity investment of the fund primarily focuses on a diversified portfolio of Shariah-compliant
index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities
and selected regional 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 also consider investments in unlisted Shariah-compliant equities particularly in companies that are
expected to seek listing on the Bursa Securities or other permitted regional markets within a timeframe of two years.
The fund may also invest in Shariah-compliant collective investment schemes both in the domestic and regional
markets, and Shariah-compliant warrants.
The non-equity portion of the fund is invested in sukuk (sovereign and corporate) and Islamic money market
instruments. Where investment climate is deemed to be unfavourable and weakness in equity markets is expected,
the fund will increase its holdings in sukuk and Islamic money market instruments. The fund will invest in sukuk 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 sukuk, short-tenured sukuk
and Islamic money market instruments may be varied taking into account economic growth, profit rate trends and
market liquidity conditions. To manage the credit risks of its sukuk investments, the fund will rely on credit analysis
and focus on sukuk 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 Islamic 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 Shariah-compliant equities and sukuk of selected regional markets
which include Japan, South Korea, China, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand, Australia,
New Zealand and other permitted markets. The fund may invest in equity linked participation notes for selected
Asian 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.
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 Shariah-compliant equities, sukuk and Islamic 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 exposures are reduced to below the levels
indicated and the exposure to sukuk and Islamic liquid assets which include Islamic money market instruments are
increased as a temporary defensive strategy. If the outlook for sukuk and Islamic money market instruments is also
unfavourable, the fund will move its investments into Islamic investment accounts and Islamic 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.
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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. 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options (approved as Shariah-compliant
by the Shariah Adviser of the fund) for hedging purposes and investments in Shariah-compliant 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 sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic deposits may also be impacted by the fluctuation 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 PIATAF
The benchmarks of the fund and their respective percentages are as follows:
•
•
70% S&P Shariah BMI Asia Ex-Japan Index*, and
30% 3-Month IIMM rate.
As PIATAF adopts a tactical asset allocation strategy with equity exposure range between 30% to 98% of the fund’s
NAV, the benchmark chosen for PIATAF is a composite benchmark index comprising a hypothetical investment in
the S&P Shariah BMI Asia Ex-Japan Index and 3-Month IIMM rate 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 S&P Shariah BMI Asia
Ex-Japan Index and 30% from 3-Month IIMM rate interest earned for the same period of time. The S&P Shariah BMI
Asia Ex-Japan Index is selected as the fund’s equity benchmark as it is more representative of the regional markets
that the fund invests in which include Malaysia, South Korea, China, Taiwan, Hong Kong, Singapore, Philippines,
Thailand and Indonesia. This composite benchmark index of 70% in S&P Shariah BMI Asia Ex-Japan Index and 30%
in 3-Month IIMM rate represents an appropriate performance benchmark for PIATAF as it is reflective of the fund’s
asset allocation which will typically be 70% of NAV in Shariah-compliant equities 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 S&P Shariah BMI Asia Ex-Japan Index is sourced from S&P Dow Jones Indices, LLC. The 3-Month
IIMM rate provided by Bank Negara Malaysia 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 S&P Shariah BMI Asia Ex-Japan Index 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 PIATAF 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 S&P Shariah BMI Asia Ex-Japan Index.”
96
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC EHSAN MIXED ASSET GROWTH FUND (PESMAGF)
Fund Profile
Category of Fund
Mixed asset (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
40% to 70%
Sukuk Range of Fund
30% to 60%
Stock Selection Profile of Fund
Shariah-compliant blue chip stocks, index stocks and
growth stocks
Sukuk Selection Profile of Fund
Sovereign and corporate sukuk
Distribution Policy
Incidental
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits if the investment climate is
deemed to be unfavourable and weakness in the equity markets is expected. If the outlook for sukuk and
Islamic money market instruments is also unfavourable, the fund will move its investments into Islamic
investment accounts and Islamic deposits.
Fund Objective
To achieve capital growth over the medium to long-term period primarily through a portfolio allocation across
Shariah-compliant equities and sukuk.
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
PESMAGF will invest primarily in Shariah-compliant equities, sukuk and Islamic money market instruments issued
by companies domiciled in Malaysia to meet its investment objective. Its Shariah-compliant equity content may
range between 40% to 70% of the fund’s NAV. The balance of the fund’s NAV will be invested in sukuk and Islamic
liquid assets which include Islamic money market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
PESMAGF 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 Shariahcompliant equities. The balance of the fund’s NAV will be invested in sukuk and Islamic liquid assets which include
Islamic money market instruments, Islamic investment accounts and Islamic 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 Shariah-compliant
equities, sukuk and Islamic money market instruments. From the top-down perspective, the fund manages its
exposures to each of the asset classes of Shariah-compliant equities, sukuk and Islamic money market instruments
actively bearing in mind the risk-reward profile of the respective asset class.
For its Shariah-compliant equity investments, the fund will invest in a diversified portfolio of Shariah-compliant 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.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The non-equity portion of the fund is invested in sukuk (sovereign and corporate) and Islamic liquid assets which
include Islamic money market instruments, Islamic investment accounts and Islamic deposits. The fund will invest
in sukuk of various tenures. The asset allocation between long-tenured sukuk, short-tenured sukuk and Islamic
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 sukuk investments, the fund will rely on credit analysis and focus on
sukuk issued by companies with sound financial position. The Islamic 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 Shariah-compliant equities and sukuk
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 which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic and foreign markets, and Shariah-compliant 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 Shariah-compliant equities, sukuk and Islamic 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 Shariah-compliant equity exposure is reduced to
below the levels indicated as a temporary defensive strategy.
With regards to the investment in sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of
the issuer. As such, exposures to sukuk in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PESMAGF
The benchmarks of the fund and their respective percentages are as follows:
•
•
70% FTSE Bursa Malaysia Hijrah Shariah Index; and
30% 3-Month IIMM rate
As PESMAGF may invest up to 70% of its NAV in Shariah-compliant equities, the benchmark chosen for PESMAGF
is a composite benchmark index comprising hypothetical investment in the FTSE Bursa Malaysia Hijrah Shariah Index
and 3-Month IIMM rate 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 FTSE Bursa Malaysia Hijrah Shariah Index and 30% from
the 3-Month IIMM rate interest earned for the same period of time.
The FTSE Bursa Malaysia Hijrah Shariah Index is selected as the fund’s equity benchmark as the fund will focus its
investments in the domestic market. The component stocks of FTSE Bursa Malaysia Hijrah Shariah Index comprise
top 30 Shariah-compliant stocks listed on Bursa Securities. This composite benchmark index of 70% in FTSE Bursa
Malaysia Hijrah Shariah Index and 30% in 3-Month IIMM rate represents an appropriate performance benchmark
for PESMAGF as it is reflective of the fund’s asset allocation in Shariah-compliant equities and sukuk over the
medium to long term.
Information on the 3-Month IIMM rate is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. To obtain the latest information on the FTSE Bursa Malaysia Hijrah Shariah Index,
investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section)
for a list of the component stocks of FTSE Bursa Malaysia Hijrah Shariah 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 PESMAGF 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 HIJRAH SHARIAH 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.
99
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC EHSAN MIXED ASSET CONSERVATIVE FUND (PESMACF)
Fund Profile
Category of Fund
Mixed asset (conservative) (Shariah-compliant)
Type of Fund
Income and capital growth
Sukuk Range of Fund
60% to 75%
Equity Range of Fund
Up to 35%
Sukuk Selection Profile of Fund
Sovereign and corporate sukuk
Stock Selection Profile of Fund
Shariah-compliant index stocks, 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 sukuk and Shariah-compliant equity
exposures below the respective range and limit stated above while increasing its investments in Islamic liquid
assets which include Islamic money market instruments, Islamic investment accounts and Islamic deposits
if the investment climate is deemed to be unfavourable and weakness in the sukuk 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 sukuk and Shariah-compliant 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 32 to 33 for
more information on distribution policy.
Investment Policy
PESMACF invests in a portfolio of sukuk, Shariah-compliant equities and Islamic money market instruments to meet
its objective of providing income and capital growth to its unitholders. The fund generally maintains sukuk exposures
of within 60% to 75% of its NAV. The fund may invest up to 35% of its NAV in Shariah-compliant equities. The
balance of the fund’s NAV will be invested in Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits.
Investment Strategy
PESMACF is actively managed and seeks to meet its objective by investing in sukuk, Shariah-compliant equities
and Islamic money market instruments.
To provide income, the fund will invest a significant portion of between 60% to 75% of its NAV in sukuk (sovereign
and corporate). The fund’s investments in sukuk of various tenures will depend on economic growth, interest rate
trends and market liquidity conditions. Redeemable loan stocks with convertible features may also be considered.
To manage the credit risks of its sukuk investments, the fund will rely on credit analysis and focus on sukuk issued
by companies with sound financial position.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
To achieve capital growth, the fund can invest up to 35% of its NAV in Shariah-compliant equities. The Shariahcompliant equity investments of the fund focuses on a diversified portfolio of Shariah-compliant 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.
The balance of the fund’s NAV will be invested in Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits. The Islamic 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. 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 Shariah-compliant equities
and sukuk in markets which include China, South Korea, Japan, Taiwan, Hong Kong, Singapore, Indonesia, Thailand,
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 which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective investment
schemes both in the domestic and foreign markets, and Shariah-compliant 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 sukuk, Islamic money market instruments and Shariah-compliant equities.
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 sukuk, it should be noted that the performance of the sukuk might be adversely
affected should interest rates rise sharply. The value of sukuk may also fluctuate based on the credit quality of the
issuer. As such, exposure to sukuk in the portfolio are managed to ensure that the risk levels are commensurate
with the potential returns. The performance of Islamic money market instruments, Islamic investment accounts
and Islamic 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 Shariah-compliant 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
Shariah-compliant 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PESMACF
The benchmarks of the fund and their respective percentages are as follows:
•
•
65% 3-Month IIMM rate; and
35% FTSE Bursa Malaysia Hijrah Shariah Index.
As PESMACF generally maintains a sukuk exposure ranging between 60% to 75% of its NAV, the benchmark
chosen for PESMACF is a composite benchmark index comprising a hypothetical investment in the 3-Month IIMM
rate and FTSE Bursa Malaysia Hijrah Shariah Index 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 IIMM rate interest earned and 35%
from the returns of the FTSE Bursa Malaysia Hijrah Shariah Index for the same period of time. The FTSE Bursa
Malaysia Hijrah Shariah Index is selected as the fund’s equity benchmark as the fund will focus its investments in
the domestic market. FTSE Bursa Malaysia Hijrah Shariah Index comprise top 30 Shariah-compliant stocks listed on
Bursa Securities. This composite benchmark index of 65% in 3-Month IIMM rate and 35% in FTSE Bursa Malaysia
Hijrah Shariah Index represents an appropriate performance benchmark for PESMACF as it is reflective of the fund’s
asset allocation in sukuk and Shariah-compliant equities over the medium to long term.
The 3-Month IIMM rate provided by Bank Negara Malaysia is published in the business sections of the daily
newspapers. Information on the FTSE Bursa Malaysia Hijrah Shariah 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 PESMACF 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 HIJRAH SHARIAH 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.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC GROWTH BALANCED FUND (PIGRBF)
Fund Profile
Category of Fund
Balanced (Shariah-compliant)
Type of Fund
Capital growth
Equity Range of Fund
40% to 60%
Sukuk Range of Fund
40% to 60%
Stock Selection Profile of Fund
Shariah-compliant 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 Shariah-compliant equity exposure below
the above stated range and increasing its investments in sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic 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 32 to 33 for
more information on distribution policy.
Investment Policy
PIGRBF invests in a diversified portfolio of primarily Malaysian Shariah-compliant equities and sukuk to meet the
objective of the fund. Its Shariah-compliant 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 sukuk and Islamic liquid assets which include Islamic
money market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
PIGRBF 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 Shariah-compliant equities. The balance of the fund’s NAV would be invested
in sukuk and Islamic liquid assets which include Islamic money market instruments, Islamic investment accounts
and Islamic deposits. Although the fund is actively managed, the frequency of its trading strategy will very much
depend on market opportunities.
The Shariah-compliant equity investment of the fund primarily focuses on a diversified portfolio of Shariah-compliant
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 sukuk (sovereign and corporate) and Islamic liquid assets which
include Islamic money market instruments, Islamic investment accounts and Islamic deposits. The fund will generally
maintain investments in sukuk of 40% to 60% of its NAV. The fund will invest in a portfolio of sukuk of various
tenures depending on economic growth, interest rate trends and market liquidity conditions. To manage credit risks
of its investments in sukuk and Islamic money market instruments, the fund will rely on credit analysis and focus on
sukuk and Islamic 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 Shariah-compliant equities
and sukuk in 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 Shariah-compliant 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 Shariah-compliant collective investment schemes both in the domestic and foreign
markets, and Shariah-compliant warrants.
Fund Specific Benefits
The fund provides you with the opportunity to invest in Shariah-compliant equities and sukuk 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 sukuk. 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 sukuk, it should be noted that the
performance of the sukuk might be adversely affected should interest rates rise sharply. The value of sukuk may
also fluctuate based on the credit quality of the issuer. As such, exposures to sukuk in the portfolio are managed
to ensure that risks levels are commensurate with the potential returns. The performance of Islamic money market
instruments, Islamic investment accounts and Islamic 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) to manage the risks posed to the fund.
As participation in futures contracts, foreign exchange forward contracts and options (approved as Shariah-compliant
by the Shariah Adviser of the fund) for hedging purposes and investments in Shariah-compliant 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 PIGRBF
The benchmarks of the fund and their respective percentages are as follows:
•
•
60% FTSE Bursa Malaysia Hijrah Shariah Index; and
40% 3-Month IIMM rate.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The benchmark chosen for PIGRBF is a composite benchmark index comprising a hypothetical investment in the
FTSE Bursa Malaysia Hijrah Shariah Index and 3-Month IIMM rate 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 FTSE Bursa Malaysia
Hijrah Shariah Index and 40% from 3-Month IIMM rate interest earned for the same period of time. FTSE Bursa
Malaysia Hijrah Shariah Index is selected as the fund’s equity benchmark as the fund will focus its investments in
the domestic market. The component stocks of FTSE Bursa Malaysia Hijrah Shariah Index comprise top 30 Shariahcompliant stocks listed on Bursa Securities. This composite benchmark index of 60% in FTSE Bursa Malaysia Hijrah
Shariah Index and 40% in 3-Month IIMM rate represents an appropriate performance benchmark for PIGRBF as it
is reflective of the fund’s asset allocation in Shariah-compliant equities and sukuk over the medium to long term.
Information on the FTSE Bursa Malaysia Hijrah Shariah Index is sourced from FTSE International Limited. The 3-Month
IIMM rate provided by Bank Negara Malaysia 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 PIGRBF 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 HIJRAH SHARIAH 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.
105
DETAILED INFORMATION ON THE FUNDS (CONT’D)
PUBLIC ISLAMIC BOND FUND (PI BOND)
Fund Profile
Category of Fund
Sukuk
Type of Fund
Income
Sukuk Range of Fund
75% to 98%
Investment Asset Selection Profile of Fund
Sukuk and Islamic money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its sukuk exposure below the above stated
range and increasing its investments in Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits if the investment climate is deemed to be unfavourable
and weakness in the sukuk markets is expected.
Fund Objective
To provide annual income* to investors through investment in Islamic 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 32 to 33 for
more information on distribution policy.
Investment Policy
PI BOND invests in a diversified portfolio of sukuk and Islamic money market instruments in order to meet its
objective of providing annual income to unitholders. The fund maintains sukuk exposures within the range of
75% to 98% against its NAV. The balance of the fund’s NAV will be invested in Islamic money market instruments,
Islamic investment accounts and Islamic deposits.
Investment Strategy
PI BOND seeks to meet its objective of producing a steady and recurring annual income by investing in a portfolio of
sukuk such as sovereign sukuk and corporate sukuk with the balance invested in Islamic money market instruments,
Islamic investment accounts and Islamic deposits.
The fund is actively managed and seeks to maximise its potential returns by investing in sukuk that command higher
yields than Islamic money market instruments. In doing so, the fund could 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
sukuk 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 to achieve the risk-reward tradeoff
that is reasonable to the fund. To achieve increased diversification, the fund may invest in foreign sukuk. 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. 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)
Fund Specific Benefits
The fund provides you access to the sukuk 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 sukuk which comprises sukuk that have different profiles in maturities, credit rating and sectors, to
produce returns that are generally higher than Islamic investment accounts and Islamic deposits.
Fund Specific Risk Management
Essentially, the risk management process in PI BOND focuses on managing the impact of changes in the general
interest rate trend and credit risk profile of the individual sukuk issuers.
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, etc. 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. 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 (approved as Shariah-compliant by the Shariah
Adviser of the fund) to manage the risks posed to the fund.
Participation in eligible futures contracts and options (approved as Shariah-compliant by the Shariah Adviser of the
fund) should also help reduce the overall risk in the fund’s portfolio by providing a useful hedging tool against undue
short-term volatilities. Nevertheless, as in other investment activities, the effectiveness of any attempts to hedge
is subject to errors of judgement and execution that may result in significant underperformance and even losses.
While the fund may be expected to produce positive total returns over the long term, however losses may be
incurred in any particular year. Therefore, the fund is not suitable for speculative investors seeking short term gains.
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 PI BOND
The benchmark for PI BOND is based on average 12-Month GIA rate 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
Islamic investment account returns. It is therefore appropriate to benchmark the fund against an accumulation
index based on the 12-Month GIA rate quoted by Bank Negara Malaysia. The accumulation index is derived from
the daily compounding of the average GIA rate, which in turn is the GIA rate 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 ISLAMIC ENHANCED BOND FUND (PIEBF)
Fund Profile
Category of Fund
Sukuk
Type of Fund
Income and capital growth
Sukuk Range of Fund
70% to 85%
Equity Range of Fund
Up to 20%
Security Selection Profile of Fund
Sukuk and Shariah-compliant equities
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its sukuk and Shariah-compliant equity
exposures below the range and limit stated above while increasing its investments in Islamic liquid assets
which include Islamic money market instruments, Islamic investment accounts and Islamic deposits if the
investment climate is deemed to be unfavourable and weakness in the sukuk 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 Islamic debt securities and equities which comply with Shariah requirements.
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 32 to 33 for
more information on distribution policy.
Investment Policy
PIEBF is actively managed and invests primarily in sukuk, Islamic money market instruments, Islamic investment
accounts and Islamic deposits to meet its objective of providing annual income to its unitholders. The sukuk
investments of the fund comprise largely of private sukuk (listed and unlisted) and to a lesser extent government
and government-sponsored sukuk. The fund is allowed to participate in equity markets with the aim of producing
enhanced returns to supplement that of the sukuk portfolio. To that end, in view of the increased volatility or risks
associated with investments in equities, the fund’s investments in Shariah-compliant equities are capped at 20%
of the NAV of the fund.
Investment Strategy
The fund 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 sukuk. However, the investment in sukuk may move
below the above stated range depending on the Fund Manager’s assessment of the sukuk market outlook. To
produce the desired level of returns, the sukuk portfolio focuses primarily on corporate sukuk (listed and unlisted)
and to a lesser extent government and government-sponsored sukuk. To achieve increased diversification, the
fund may invest in 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. 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)
The fund employs both the top-down and bottom-up approach to maximise its return potential 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, debt securities and cash actively bearing in mind the
risk-reward profile of the respective asset classes.
Since the fund is primarily a sukuk fund i.e. the fund generates most of its returns from its investments in sukuk,
the focus of the fund’s asset allocation strategies therefore lies chiefly with the sukuk portfolio. The fund’s sukuk
exposure is managed according to the risk-reward characteristics of the sukuk asset class, which is defined by the
inverse relationship between sukuk prices and interest rates. Essentially, where interest rate trends are favourable
(i.e. a trend of declining interest rates), the exposure to sukuk is generally increased in view of its positive impact
on sukuk prices. Conversely, the fund’s exposure to sukuk is reduced when interest rates are anticipated to trend
upwards.
Within the sukuk portfolio, sukuk of longer duration are more sensitive to interest rate movements than sukuk
issues of shorter duration. This interest rate sensitivity of the sukuk portfolio and by extension, the fund 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 sukuk exposures to meet the challenges of
changing interest rates trends.
To mitigate credit and liquidity risks, the fund ensures that its sukuk portfolio is sufficiently diversified in its investment
concentration. Diversified sukuk portfolio comprises sukuk that have diversified profiles in maturities, credit ratings
and sectors. The fund also places particular emphasis on the bottom-up approach of focusing on credit quality
research to minimise such risks as well as to seek attractive and mis-priced debt issues.
As for its Shariah-compliant 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. The Shariah-compliant equity
investment of the fund is actively managed and would include Shariah-compliant stocks with defensive profiles and
Shariah-compliant stocks that are supported by high dividend yields. However, the fund may also invest in a diversified
portfolio of Shariah-compliant index-linked companies, blue chip stocks and companies with growth prospects
to enhance the returns of the fund. The fund’s equity exposure can be fully invested in selected foreign markets.
The fund may look favourably towards investing in redeemable sukuk that are also convertible into equity stocks
as they offer downside protection, reasonable yields and upside participation in the equity position of the issuer.
The fund may also consider investments in IPOs of companies seeking a listing on Bursa Securities or other permitted
foreign markets which are classified as Shariah-compliant. The fund may invest in Shariah-compliant collective
investment schemes both in the domestic or selected foreign markets, and Shariah-compliant warrants. The balance
of the fund’s assets will be invested in cash equivalents and Islamic money market instruments.
Fund Specific Benefits
The fund provides the usual benefits of steady income stream and low price or volatility risks of a bond fund. In
addition to that, the fund provides the investor with the additional benefit of participating in the upside potential
of the Shariah-compliant equity market due to its equity exposure. Nevertheless, the Shariah-compliant 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 Shariah-compliant equity investment approach to
generate additional returns to supplement that of its sukuk investments.
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 (approved as Shariah-compliant by the Shariah Adviser of the fund) to hedge its holdings of
foreign investments from foreign currency movements. This will enable the fund to mitigate risks arising from
foreign currency exposure.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
As participation in foreign exchange forward contracts (approved as Shariah-compliant by the Shariah Adviser
of the fund) for hedging purposes and investments in Shariah-compliant 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 PIEBF
The benchmark for PIEBF is based on average 12-Month GIA rate 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
Islamic investment account returns. It is therefore appropriate to benchmark the fund against an accumulation
index based on the 12-Month GIA rate quoted by Bank Negara Malaysia. The accumulation index is derived from
the daily compounding of the average GIA rate, which in turn is the GIA rate 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 ISLAMIC SELECT BOND FUND (PISBF)
Fund Profile
Category of Fund
Sukuk
Type of Fund
Income
Sukuk Range of Fund
75% to 98%
Investment Asset Selection Profile of Fund
Sukuk and Islamic money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its sukuk exposure below the above stated
range and increasing its investments in Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits if the investment climate is deemed to be unfavourable
and weakness in the sukuk markets is expected.
Fund Objective
To provide annual income* through investments in Islamic debt securities which have remaining maturities of
7 years and below and Islamic 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 32 and 33 for
more information on distribution policy.
Investment Policy
PISBF is actively managed and invests in sukuk which have remaining maturities of 7 years and below. The fund
maintains sukuk exposures within the range of 75% to 98% against its NAV. The balance of the fund’s NAV will
be invested in Islamic money market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
PISBF seeks to meet its objective of providing annual income by investing in a portfolio of sukuk which have a
remaining maturity of 7 years and below comprising sovereign and corporate sukuk. The fund’s sukuk selection
process includes assessing the credit rating, credit quality and cashflow projections of the issuer and collateral of
the sukuk issue. Other criteria which include the debt to equity ratio and finance service coverage ratio of the issuer
are also evaluated. The balance of the fund’s assets will be invested in Islamic money market instruments. 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 sukuk. 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 sukuk 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 sukuk which comprises sukuk that have different profiles in maturities, credit rating and sectors, to
produce returns that are generally higher than Islamic investment accounts and Islamic deposits.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
The fund will seek to invest in sukuk that command higher yields than Islamic money market instruments. In doing
so, the fund will likely be exposed to the risks of adverse interest rate movements and credit rating changes. On
the other hand, should interest rates turn favourable i.e. fall, or if credit rating of the sukuk improves, then the
fund stands to benefit from the resultant price appreciation. The fund’s exposure to the potential risks and returns
has to be managed actively to achieve the risk-reward trade-off 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. The fund may utilise foreign exchange
forward contracts (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 PISBF
The benchmark for PISBF is based on average 12-Month GIA rate 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
Islamic investment account returns. It is therefore appropriate to benchmark the fund against an accumulation
index based on the 12-Month GIA rate quoted by Bank Negara Malaysia. The accumulation index is derived from
the daily compounding of the average GIA rate, which in turn is the GIA rate 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 ISLAMIC INFRASTRUCTURE BOND FUND (PIINFBF)
Fund Profile
Category of Fund
Sukuk
Type of Fund
Income
Sukuk Range of Fund
75% to 98%
Investment Asset Selection Profile of Fund
Sukuk and Islamic money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its sukuk exposure below the above stated
range and increasing its investments in Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits if the investment climate is deemed to be unfavourable
and weakness in the sukuk markets is expected.
Fund Objective
To provide annual income* to investors through investments in sukuk of companies in the infrastructure sector.
Notes: 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 32 to 33 for
more information on distribution policy.
Investment Policy
The fund will invest in sukuk of companies in the infrastructure sector. The fund maintains sukuk exposures within
the range of 75% to 98% against its NAV. The balance of the fund’s NAV will be invested in Islamic money market
instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
PIINFBF seeks to meet its objective of providing annual income over the medium to long-term period by investing up
to 98% of its NAV in a portfolio of sukuk of companies involved in the infrastructure sector (e.g. power producers,
highway concessionaires, utilities, ports, public conveyance related businesses and telecommunication companies)
and the balance of its assets in Islamic money market instruments, Islamic investment accounts and Islamic deposits.
The fund is actively managed and seeks to invest in sukuk that command higher yields than Islamic money market
instruments. In doing so, the fund 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 sukuk 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 increase diversification, the fund may invest up to 25% of its NAV in foreign sukuk. The
foreign markets which the fund may invest in include Singapore, United Kingdom, Japan, Australia, Hong Kong 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 sukuk market, which is usually inaccessible to the average investor as it is
a market for institutions where the minimum transaction block amounts to RM5 million. The fund invests in a
diversified portfolio of sukuk in the infrastructure sector which comprises mainly corporate sukuk to produce returns
that are higher than Islamic investment accounts and Islamic deposits.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
Essentially, the risk management process in PIINFBF focuses on managing the impact of changes in the general
interest rate trend and credit risk profile of the individual sukuk 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, etc. 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 PIINFBF
The benchmark for PIINFBF is based on average 12-Month GIA rate 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
Islamic investment account returns. It is therefore appropriate to benchmark the fund against an accumulation
index based on the 12-Month GIA rate quoted by Bank Negara Malaysia. The accumulation index is derived from
the daily compounding of the average GIA rate, which in turn is the GIA rate 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 ISLAMIC STRATEGIC BOND FUND (PISTBF)
Fund Profile
Category of Fund
Sukuk
Type of Fund
Income
Sukuk Range of Fund
At least 75%
Investment Asset Selection Profile of Fund
Sukuk and Islamic money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its sukuk exposure below the above stated
range and increasing its investments in Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits if the investment climate is deemed to be unfavourable
and weakness in the sukuk markets is expected.
Fund Objective
To provide annual income* to investors through investments in sukuk and Islamic 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 32 to 33 for
more information on distribution policy.
Investment Policy
PISTBF seeks to provide annual income to investors through investments in sukuk, Islamic money market instruments,
Islamic investment accounts and Islamic deposits. The fund will invest at least 75% of its NAV in sukuk. 50% of
the fund’s sukuk investment will be invested in sukuk which have remaining maturities of 5 years and below.
The remaining 50% of the fund’s sukuk investment will be invested in sukuk which have remaining maturities of
more than 5 years. The balance of the fund’s NAV will be invested in Islamic money market instruments, Islamic
investment accounts and Islamic deposits. To achieve increased diversification, the fund may invest up to 25% of
its NAV in foreign sukuk.
Investment Strategy
The fund will invest at least 75% of its NAV in sukuk. 50% of the fund’s sukuk investment will be invested in sukuk
which have remaining maturities of 5 years and below. The remaining 50% of the fund’s sukuk investment will be
invested in sukuk which have remaining maturities of more than 5 years. The balance of the fund’s NAV will be
invested in Islamic money market instruments, Islamic investment accounts and Islamic deposits. The Fund Manager
may adopt temporary defensive strategies by lowering the sukuk exposure of the fund below 75% and increasing
its investments in Islamic money market instruments, if the investment climate is deemed to be unfavourable and
weakness in the sukuk markets are expected.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
The fund is actively managed and its portfolio of sukuk 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
bond 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 increase diversification, the fund may invest up to 25% of its
NAV in foreign sukuk. 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.
Fund Specific Benefits
The fund provides you access to the sukuk market, which is usually inaccessible to the average investor as it is a
market for institutions where the standard transaction lot is RM5 million. The fund invests in a diversified portfolio
of sukuk which comprises sukuk that have different profiles in maturities, credit rating and sectors, to produce
returns that are higher than Islamic investment accounts and Islamic deposits.
Fund Specific Risk Management
Essentially, the risk management process in PISTBF focuses on managing the impact of changes in the general
interest rate trend and credit risk profile of the individual sukuk 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 sukuk, short-tenured sukuk
and Islamic 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 PISTBF
The benchmark for PISTBF is based on 12-Month GIA rate 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
Islamic investment account returns. It is therefore appropriate to benchmark the fund against an accumulation
index based on the 12-Month GIA rate quoted by Bank Negara Malaysia. The accumulation index is derived
from the daily compounding of the average GIA rate, which in turn is the GIA rate 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 SUKUK FUND (PSKF)
Fund Profile
Category of Fund
Sukuk
Type of Fund
Income
Sukuk Range of Fund
75% to 98%
Investment Asset Selection Profile of Fund
Sukuk and Islamic money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its sukuk exposure below the above stated
range and increasing its investments in Islamic liquid assets which include Islamic money market instruments,
Islamic investment accounts and Islamic deposits if the investment climate is deemed to be unfavourable
and weakness in the sukuk markets is expected.
Fund Objective
To provide annual income* through investments in sukuk and Islamic 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 32 to 33 for
more information on distribution policy.
Investment Policy
PSKF is actively managed and invests in a diversified portfolio of sukuk and Islamic money market instruments to
meet its objective of providing annual income to unitholders. Its sukuk investments comprise sovereign sukuk and
corporate sukuk (listed and unlisted). The fund maintains sukuk exposures within the range of 75% to 98% against
its NAV. The balance of the fund’s NAV will be invested in Islamic money market instruments, Islamic investment
accounts and Islamic deposits.
Investment Strategy
PSKF seeks to meet its objective of providing annual income by investing at least 75% of its NAV in a portfolio of
sukuk such as sovereign sukuk and corporate sukuk (listed and unlisted) with the balance invested in Islamic money
market instruments, Islamic investment accounts and Islamic deposits.
To achieve increased diversification, the fund may invest up to 30% of its NAV in foreign sukuk. 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. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
Fund Specific Benefits
The fund provides you access to the sukuk 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 sukuk which comprises sukuk that have different profiles in maturities, credit rating and sectors, to
produce returns that are generally higher than Islamic investment accounts and Islamic deposits.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
Essentially, the risk management process in PSKF focuses on managing the impact of changes in the general interest
rate trend and credit risk profile of the individual sukuk 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
long-tenured sukuk, short-tenured sukuk and Islamic 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) 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 PSKF
The benchmark for PSKF is based on average 12-Month GIA rate 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
Islamic investment account returns. It is therefore appropriate to benchmark the fund against an accumulation
index based on the 12-Month GIA rate quoted by Bank Negara Malaysia. The accumulation index is derived from
the daily compounding of the average GIA rate, which in turn is the GIA rate 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 ISLAMIC INCOME FUND (PI INCOME)
Fund Profile
Category of Fund
Fixed income (Shariah-compliant)
Type of Fund
Income
Sukuk Range of Fund
Up to 60%
Investment Asset Selection Profile of Fund
Sukuk and Islamic money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
3 years
The fund may adopt temporary defensive strategies by lowering its sukuk exposure and increasing its
investments in Islamic liquid assets which include Islamic money market instruments, Islamic investment
accounts and Islamic deposits if the investment climate is deemed to be unfavourable and weakness in the
sukuk markets is expected.
Fund Objective
To provide annual income* over the medium to long-term period by investing in sukuk and Islamic 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 32 to 33 for
more information on distribution policy.
Investment Policy
The fund will invest up to a maximum of 60% of its NAV in sukuk in the domestic market. The balance of the
fund’s NAV will be invested in Islamic money market instruments, Islamic investment accounts and Islamic deposits.
Investment Strategy
PI INCOME seeks to meet its objective of providing annual income over the medium to long-term period by investing
up to a maximum of 60% of its NAV in sukuk and the balance of its assets in Islamic money market instruments,
Islamic investment accounts and Islamic deposits in the domestic market.
The fund is actively managed and seeks to invest in sukuk that command higher yields than Islamic money market
instruments. In doing so, the fund could 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 sukuk 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 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.
Fund Specific Benefits
The fund provides you access to the sukuk 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 sukuk, which comprises sukuk that have different profiles in maturities, credit rating and sectors, to
produce returns that are higher than Islamic investment accounts and Islamic deposits.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
Essentially, the risk management process in PI INCOME focuses on managing the impact of changes in the general
interest rate trend and credit risk profile of the individual sukuk 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, etc. 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.
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 PI INCOME
The benchmark for PI INCOME is based on average 12-Month GIA rate 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 Islamic investment account returns. It is therefore appropriate to benchmark the fund against
an accumulation index based on the 12-Month GIA rate quoted by Bank Negara Malaysia. The accumulation
index is derived from the daily compounding of the average GIA rate, which in turn is the GIA rate 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 ISLAMIC MONEY MARKET FUND (PIMMF)
Fund Profile
Category of Fund
Islamic money market
Type of Fund
Income
Money Market Range of Fund
Up to 100%
Investment Asset Selection Profile of Fund
Islamic debentures and Islamic money market instruments
Distribution Policy
Annual
Suggested Minimum Investment Period
Short term
Fund Objective
To provide liquidity and current income*, while maintaining capital stability by investing in instruments that comply
with Shariah requirements.
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 32 to 33 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
PIMMF is an Islamic 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 investments of PIMMF are
largely confined to Islamic investment accounts, Islamic deposits, Islamic money market instruments and short-dated
sukuk that are highly liquid and mature within 365 days or 1 year. Nevertheless the fund is permitted to invest in
permitted 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 Islamic money market instruments that the fund invests in include Islamic accepted bills and negotiable Islamic
debt certificate (NIDC). The fund also invests in short-dated sukuk, which are also known as Islamic commercial
papers. Its sukuk investments comprise government and government-sponsored sukuk and corporate sukuk (listed
and unlisted).
Investment Strategy
The investment focus of the fund is geared towards liquid Islamic money market instruments and sukuk 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
PIMMF provides a safe option for you to park your monies on a short term basis.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Fund Specific Risk Management
At least 90% of the NAV of the fund must be invested in Islamic money market instruments and sukuk 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
permitted instruments with maturity periods exceeding 365 days but not longer than 732 days.
The Islamic 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 sukuk invested in must have a minimum credit rating
of A 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 sukuk 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 permitted 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 PIMMF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% Public Islamic Bank 1-Month Term Deposit-i, and
10% Public Islamic Bank Wadiah Savings Account-i
The benchmark chosen for PIMMF is a composite benchmark index comprising a hypothetical investment in the
Public Islamic Bank 1-Month Term Deposit-i and Public Islamic Bank Wadiah Savings Account-i in a ratio of 90:10.
Therefore, the returns of the benchmark index for any given period of time would comprise of 90% from the
returns of the Public Islamic Bank 1-Month Term Deposit-i and 10% Public Islamic Bank Wadiah Savings Account-i
for the same period of time. This composite benchmark index represents an appropriate performance benchmark
for PIMMF 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 placements in Islamic investment accounts and/or Islamic
deposits with licensed financial institutions. 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 PIOF, PITGF and PIEMOF, 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:
•
•
PAIF, PIADF, PIALEF and PIATAF may be affected by changes in the political and economic conditions of the
Asian markets.
PCIF may be affected by changes in the political and economic conditions of the greater China markets.
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.
•
For PISSF, any material changes associated with the sectors that the fund invests in may have an adverse
impact on the NAV of the fund.
Other risks of investing in equity, mixed asset and balanced funds include market risk, specific security risk, derivatives
risk, currency risk and risk of non-compliance with Shariah requirements which has been described on pages 35
to 36 of this Master Prospectus.
Sukuk/Fixed Income and Money Market Funds
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.
•
For PIINFBF, any material changes associated with the infrastructure sector may have an adverse impact on
the NAV of the fund.
Other risks of investing in sukuk/fixed income and money market funds include interest rate risk, credit risk, liquidity
risk and country risk. As PIEBF has investment in equities, specific security risk is also applicable to the fund. These
risks have been described on pages 35 to 37 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 Deeds, 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. The funds’
Shariah-compliant investments are further subject to Shariah requirements as approved by the Shariah Adviser, list
of Shariah-compliant securities determined by the SACSC and the funds’ investment objective.
Equity, Mixed Asset and Balanced Funds
(a)
All equity, mixed asset and balanced funds will invest in the following:
i.
Shariah-compliant equity securities of companies listed in the respective Eligible Markets. The Manager
will invest in securities that are approved/verified by the Shariah Adviser;
Note:
The funds may invest in Shariah-compliant warrants of companies listed in the respective Eligible
Markets. For funds which are offered under the EPF-MIS, investments in Shariah-compliant warrants
will be subject to EPF’s requirements.
(b)
(c)
ii.
IPOs of Shariah-compliant companies seeking a listing in the respective Eligible Markets;
iii.
Listed sukuk traded in the respective Eligible Markets;
iv.
Unlisted sukuk traded in the respective Eligible Markets;
v.
Sovereign sukuk traded in the respective Eligible Markets;
vi.
Government Investment Issues (GII), Islamic Accepted Bills, Bank Negara Monetary Notes and any other
Government approved and/or guaranteed Islamic securities;
vii.
Islamic investment accounts, Islamic deposits and Islamic money market instruments with licensed
domestic and foreign financial institutions;
viii.
Units of other Shariah-compliant collective investment schemes; and
ix.
Any other form of Shariah-compliant 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.
PIOF, PIADF, PIAVGEF, PIEMOF, PIATAF and PIGRBF will also invest in/utilise the following:
i.
Unlisted Shariah-compliant 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 (approved as Shariah-compliant by the Shariah Adviser of the funds)
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.
PIATAF will also invest in participation notes of equity securities of companies listed in Eligible Markets.
The funds may participate in lending of Shariah-compliant securities within the meaning of the SC Guidelines on
Securities Borrowing and Lending when permitted by the SC and other relevant authorities.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Sukuk/Fixed Income Funds
(a)
(b)
All sukuk/fixed income funds will invest in the following:
i.
Listed sukuk traded in the respective Eligible Markets;
ii.
Unlisted sukuk traded in the respective Eligible Markets;
iii.
Sovereign sukuk traded in the respective Eligible Markets;
iv.
Government Investment Issues (GII), Islamic Accepted Bills, Bank Negara Monetary Notes and any other
Government approved and/or guaranteed Islamic securities;
v.
Islamic investment accounts, Islamic deposits and Islamic money market instruments with licensed
domestic and foreign financial institutions;
vi.
Units of other Shariah-compliant collective investment schemes; and
vii.
Any other form of Shariah-compliant 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.
PI BOND will utilise:
i.
(c)
Futures contracts and options (approved as Shariah-compliant by the Shariah Adviser of the fund)
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.
PIEBF will also invest in the following:
i.
Shariah-compliant equity securities of companies listed in the respective Eligible Markets. The Manager
will invest in securities that are approved/verified by the Shariah Adviser; and
Note:
The fund may invest in Shariah-compliant warrants of companies listed in the respective Eligible Markets.
If the fund is offered under the EPF-MIS, investments in Shariah-compliant warrants will be subject to
EPF’s requirements.
ii.
IPOs of Shariah-compliant companies seeking a listing in the respective Eligible Markets.
The funds may participate in lending of Shariah-compliant securities within the meaning of the Securities Commission
Guidelines on Securities Borrowing and Lending when permitted by the SC and other relevant authorities.
Note: For sukuk funds, interest income received from foreign currency accounts which are non-Shariah compliant
shall be channelled to charitable bodies as advised by the Shariah Adviser.
Money Market Fund
(a)
PIMMF will invest in the following:
i.
Listed RM denominated sukuk traded in the Eligible Markets;
ii.
Unlisted RM denominated sukuk traded in the Eligible Markets;
iii.
Government Investment Issues (GII), Islamic Accepted Bills, Bank Negara Monetary Notes and other
Government approved and/or guaranteed Islamic securities;
iv.
Islamic investment accounts, Islamic deposits and Islamic money market instruments with licensed
domestic and foreign financial institutions;
v.
Units of other Shariah-compliant collective investment schemes; and
vi.
Any other form of Shariah-compliant 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.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
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 Shariah-compliant 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 Shariah-compliant securities and Islamic 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 Islamic investment accounts and/or Islamic deposits with any
single institution must not exceed 20% of the respective fund’s NAV.
(d)
For investments in Islamic 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 Islamic derivative transaction
with any single counter-party must not exceed 10% of the respective fund’s NAV.
(e)
The value of each of the fund’s investments in Islamic 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 Shariah-compliant securities, Islamic
money market instruments, Islamic investment accounts and/or Islamic deposits, OTC Islamic derivatives and
Islamic 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 Shariah-compliant 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 Shariah-compliant securities and Islamic money
market instruments issued by any group of companies must not exceed 20% of the respective fund’s NAV.
Investment Concentration Limits
(a)
Each of the fund’s investments in transferable Shariah-compliant securities (other than Islamic debentures)
must not exceed 10% of the securities issued by any single issuer.
(b)
Each of the fund’s investments in Islamic debentures must not exceed 20% of the Islamic debentures issued
by any single issuer.
(c)
Each of the fund’s investments in Islamic money market instruments must not exceed 10% of the Islamic
instruments issued by any single issuer.
Note: The limit in (c) does not apply to Islamic money market instruments that do not have pre-determined
issue size.
(d)
Each of the fund’s investments in Shariah-compliant collective investment schemes must not exceed 25%
of the units in any one Shariah-compliant collective investment scheme.
Note: Transferable securities refer to Shariah-compliant equities, Islamic debentures and Shariah-compliant
warrants.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
General
(a)
The value of each fund’s investments in unlisted Shariah-compliant securities must not exceed 10% of the
respective fund’s NAV. This exposure limit does not apply to:i.
Shariah-compliant 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.
Islamic debentures traded on an organised OTC market; and
iii.
Islamic structured products.
(b)
For PIMXAF, listed corporate sukuk invested by the fund must either be bank guaranteed, or rated ‘BBB’ or
higher by RAM and/or other recognised rating agencies.
(c)
P ITTIKAL, PIEF, PIDF, PIOF, PIA40GF, PITGF, PITSEQ, PISVF, PIMXAF and PESMAGF may invest up to 30% of
the respective fund’s NAV in foreign markets.
Holdings in foreign investments of PISGIF, PIENTEF, PIAVGEF, PIEMOF, PESMACF and PIGRBF shall not exceed
25% of its NAV.
Holdings in foreign investments of PAIF, PIADF, PCIF, PIALEF and PIATAF shall not exceed 98% of the respective
fund’s NAV.
(d)
Each of the fund’s exposure from Islamic derivatives position must not exceed the NAV of the respective
funds at all times.
Sukuk/Fixed Income Funds
PI BOND, PISBF, PIINFBF, PISTBF, PSKF, PI INCOME
Investment Spread Limits
(a)
The value of each of the fund’s investments in Islamic 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 Islamic debentures
are rated by any domestic or global rating agency to be of the best quality and offer highest safety for timely
payment of profits and principal.
(b)
The value of each of the fund’s placement in Islamic investment accounts and/or Islamic deposits with any
single institution must not exceed 20% of the respective fund’s NAV.
(c)
For investments in Islamic 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 Islamic 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 Islamic 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 Islamic debentures, Islamic money market instruments,
Islamic investment accounts and/or Islamic deposits, OTC Islamic derivatives and Islamic 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 Shariah-compliant collective investment scheme
must not exceed 20% of the respective fund’s NAV.
(g)
The value of each of the fund’s investments in Islamic debentures issued by any group of companies must
not exceed 30% of the respective fund’s NAV.
127
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Investment Concentration Limits
(a)
Each of the fund’s investments in Islamic debentures must not exceed 20% of the Islamic debentures issued
by any single issuer.
(b)
Each of the fund’s investments in Islamic money market instruments must not exceed 10% of the instruments
issued by any single issuer.
Note: The limit in (b) does not apply to Islamic money market instruments that do not have pre-determined
issue size.
(c)
Each of the fund’s investments in Shariah-compliant collective investment schemes must not exceed 25%
of the units in any one collective investment scheme.
General
(a)
(b)
The value of each of the fund’s investments in unlisted Shariah-compliant securities must not exceed 10%
of the respective fund’s NAV. This exposure limit does not apply to:i.
Islamic debentures traded on an organised OTC market; and
ii.
Islamic structured products.
Holdings in foreign investments of PI BOND, PSKF and PISBF shall not exceed 30% of the respective fund’s
NAV.
Holdings in foreign investments of PIINFBF and PISTBF shall not exceed 25% of the respective fund’s NAV.
(c)
Each of the fund’s exposure from Islamic derivatives position must not exceed the NAV of the respective
funds at all times.
PIEBF:
Investment Spread Limits
(a)
The value of the fund’s investments in Islamic 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 Islamic debentures are rated by
any domestic or global rating agency to be of the best quality and offer highest safety for timely payment
of profits and principal.
(b)
The value of the fund’s investments in Shariah-compliant 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 Islamic investment accounts and/or Islamic deposits with any single
institution must not exceed 20% of the fund’s NAV.
(d)
The aggregate value of the fund’s investments in transferable Shariah-compliant securities, Islamic money
market instruments, Islamic investment accounts and/or Islamic 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).
(e)
The value of the fund’s investments in units of any Shariah-compliant collective investment scheme must not
exceed 20% of the fund’s NAV.
(f)
The value of the fund’s investments in Islamic debentures issued by any group of companies must not exceed
30% of the fund’s NAV.
(g)
The value of the fund’s investments in transferable Shariah-compliant securities (other than Islamic debentures)
and Islamic money market instruments issued by any group of companies must not exceed 20% of the fund’s
NAV.
128
DETAILED INFORMATION ON THE FUNDS (CONT’D)
Investment Concentration Limits
(a)
The fund’s investments in Islamic debentures must not exceed 20% of the Islamic debentures issued by any
single issuer.
(b)
The fund’s investments in transferable Shariah-compliant securities (other than Islamic debentures) must not
exceed 10% of the securities issued by any single issuer.
(c)
The fund’s investments in Islamic money market instruments must not exceed 10% of the instruments issued
by any single issuer.
Note: The limit in (c) does not apply to Islamic money market instruments that do not have pre-determined
issue size.
(d)
The fund’s investments in Shariah-compliant collective investment schemes must not exceed 25% of the
units in any one collective investment scheme.
General
(a)
The value of the fund’s investment in unlisted Shariah-compliant securities must not exceed 10% of the
fund’s NAV. This exposure limit does not apply to Islamic 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 Islamic derivatives position must not exceed the NAV of the fund at all times.
Money Market Fund
PIMMF:
Investment Spread Limits
(a)
The value of the fund’s investments in Islamic debentures and Islamic 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 Islamic debentures are rated by any domestic or global rating agency to be of the best quality and offer
highest safety for timely payment of profits and principal.
(b)
The value of the fund’s placement in Islamic investment accounts and/or Islamic deposits with any single
financial institution must not exceed 20% of the fund’s NAV.
(c)
The value of the fund’s investments in Islamic debentures and Islamic 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 Shariah-compliant collective investment scheme must not
exceed 20% of the fund’s NAV.
Investment Concentration Limits
(a)
The fund’s investments in Islamic debentures must not exceed 20% of the securities issued by any single
issuer.
(b)
The fund’s investments in Islamic money market instruments must not exceed 20% of the instruments issued
by any single issuer.
(c)
The fund’s investments in Shariah-compliant collective investment schemes must not exceed 25% of the
units in any collective investment scheme.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
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 bonds with minimum credit rating of A 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 PIMMF refer to Islamic debentures, Islamic money market instruments, Islamic
investment accounts and Islamic deposits with licensed financial institutions.
The above limits and restrictions 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 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.
3.6 VALUATION OF PERMITTED INVESTMENTS
Listed Shariah-compliant equities, warrants and options (approved as Shariah-compliant by the Shariah Adviser
of the fund) – 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 Shariah-compliant 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 sukuk – for listed sukuk, 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 sukuk,
the sukuk 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 sukuk 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 sukuk 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
sukuk 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 sukuk which include foreign unlisted sukuk are valued daily based on fair value by reference to the average
indicative yield quoted by at least three independent and established institutions.
Islamic commercial papers – Islamic commercial papers are valued at purchase yields with profit accrued daily.
Islamic money market instruments – Islamic money market instruments which include negotiable Islamic debt
certificate are valued at market yields based on the remaining days to maturity.
Islamic investment accounts and Islamic deposits – the value of such investments shall be determined on a
daily basis by reference to their nominal values and the accrued profit thereon for the relevant period.
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DETAILED INFORMATION ON THE FUNDS (CONT’D)
Units in other Shariah-compliant 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 (approved as Shariah-compliant by the Shariah Adviser of the fund) – all
foreign exchange forward contracts (approved as Shariah-compliant by the Shariah Adviser of the fund) are markedto-market daily and valued at fair value using forward rate of the remaining tenure to maturity.
Futures contracts (approved as Shariah-compliant by the Shariah Adviser of the fund) – all futures contracts
(approved as Shariah-compliant by the Shariah Adviser of the fund) are marked-to-market at the end of each
trading day. Any gains or losses are immediately reflected upon marking to market.
Suspended Shariah-compliant 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 Shariah-compliant securities and assets – all foreign Shariah-compliant 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).
Illustration:
For the market close of 2 September 2016, the valuation date will be next day in which the Manager is open
for trading, that is, 3 September 2016. Thus the newspaper publication date for the prices as at 2 September
2016 will be 4 September 2016.
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 a non-Business Day, 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.
3.8 SHARIAH SCREENING PROCESS FOR THE FUNDS
The funds’ investments in unlisted equities in the domestic and foreign markets will be selected in accordance with
the equities classified as Shariah-compliant by the Shariah Adviser. For equities to be reviewed by the Shariah Adviser,
the Fund Manager will first identify the equities which fulfil their investment criteria. All the relevant documents
with the latest information pertaining to the business activities, financial statements and other related information
will be submitted to the Shariah Adviser for Shariah stock screening process which involves both quantitative and
qualitative analysis.
131
DETAILED INFORMATION ON THE FUNDS (CONT’D)
For domestic listed equities, reference is made to the list of Shariah-compliant equities determined by SACSC on a
half-yearly basis. For the funds’ investments in unlisted equities in the domestic market, the Shariah Adviser applies
the two-tier quantitative approach based on the business activity and financial ratio benchmarks in determining
the Shariah status of the equities. For business activity benchmarks, the contribution of Shariah non-compliant
activities such as conventional banking and insurance, gambling, liquor, pork and non-halal food and beverage,
tobacco, interest income, Shariah non-compliant entertainments and other related activities deemed non-compliant
according to Shariah, to the group revenue or group profit before taxation of the equities must be less than 5%.
For the contribution of hotel and resort operations, share trading, stockbroking business, and rental received from
Shariah non-compliant activities to the group revenue or group profit before taxation of the equities must be less
than 20%. For financial ratio benchmark, the Shariah Adviser will determine if the financial ratios (i.e. non-compliant
debt and cash ratio is less than 33%) of the equities, comply with the financial thresholds. In addition to the above
two-tier quantitative criteria, the Shariah Adviser also takes into account the qualitative aspect which involves public
perception or image of the company’s activities from the perspective of Islamic teaching.
For foreign listed equities, reference is made to the list of the approved Islamic indices on a monthly basis. For
the funds’ investments in listed and unlisted equities in the foreign markets which are not within the list of the
approved Islamic indices, the Shariah Adviser applies the two-tier approach which applies the sector-based and
accounting-based screens, in determining the Shariah status of the equities. For sector-based screens, core business
activities related to advertising and media, alcohol, cloning, conventional banking and insurance, gambling, pork,
pornography, tobacco and trading of gold and silver as cash on deferred basis will not be appropriate for Islamic
investment purpose. For accounting-based screen, the Shariah Adviser will determine if the conventional debt ratio,
conventional cash ratio, account receivable ratio and non-permissible income ratio of the equities comply with
the financial thresholds as approved by the Islamic indices subscribed by the funds. These benchmarks may vary
in accordance with the development of Islamic capital markets and the jurisdiction of the Islamic indices providers
that are being referred to. Should any of the calculation fail to satisfy the financial benchmark, the Shariah Adviser
will not accord Shariah-compliant status for the equities. To ensure strict compliance with Shariah requirements,
foreign equities which are approved by the Shariah Adviser will be reviewed twice yearly.
The funds’ investments in domestic sukuk will be selected from the list of sukuk readily available at the SC website.
The funds’ investments in foreign sukuk will be selected after consultation with the Shariah Adviser. To ensure
strict compliance with Shariah requirements, the Shariah Adviser will review the information memorandum or the
prospectus of the foreign sukuk for details regarding the Shariah approvals and fatwa certifying such sukuk. The
Shariah Adviser will review the structure, contracts, assets and terms for the foreign sukuk issuance to ascertain if
they comply with Shariah principles.
3.9 CLEANSING PROCESS FOR THE FUNDS
Shariah-compliant equities which are reclassified to be Shariah non-compliant upon review of the equities by the
SACSC or the Shariah Adviser will result in the Shariah non-compliant equities being disposed off should their
market value/valuation exceed the original investment cost on the announcement/review day. For the purpose of
cleansing of the funds, any capital gain arising from the disposal of the Shariah non-compliant equities made at
the time of the announcement/review day can be kept. However, gains derived from the disposal of the Shariah
non-compliant equities after the announcement/review day at a market price/valuation that is above the closing
price/valuation on the announcement/review day should be channelled to charitable bodies in accordance with the
rulings by the SACSC for listed domestic equities or per cleansing mechanism as may be advised by the Shariah
Adviser for unlisted domestic equities and foreign equities.
3.10 ZAKAT FOR THE FUNDS
The funds do not pay zakat on behalf of Muslim individuals and Islamic legal entities who are investors of the
funds since doing so would not satisfy completely their zakat obligations. Such investors are thus required to pay
on their own behalf.
132
4 PERFORMANCE OF THE FUNDS
This section covers the following funds that have been in operation for 1 financial year or more:
Public Ittikal Fund (P ITTIKAL)
Public Islamic Equity Fund (PIEF)
Public Islamic Opportunities Fund (PIOF)
Public Islamic Dividend Fund (PIDF)
Public Asia Ittikal Fund (PAIF)
Public Islamic Asia Dividend Fund (PIADF)
Public Islamic Sector Select Fund (PISSF)
Public China Ittikal Fund (PCIF)
Public Islamic Select Treasures Fund (PISTF)
Public Islamic Optimal Growth Fund (PIOGF)
Public Islamic Select Enterprises Fund (PISEF)
Public Islamic Asia Leaders Equity Fund (PIALEF)
Public Islamic Alpha-40 Growth Fund (PIA40GF)
Public Islamic Treasures Growth Fund (PITGF)
Public Ittikal Sequel Fund (PITSEQ)
Public Islamic Savings Fund (PISVF)
Public Islamic Growth & Income Fund (PISGIF)
Public Islamic Enterprises Equity Fund (PIENTEF)
Public Islamic Mixed Asset Fund (PIMXAF)
Public Islamic Asia Tactical Allocation Fund (PIATAF)
Public Islamic Bond Fund (PI BOND)
Public Islamic Enhanced Bond Fund (PIEBF)
Public Islamic Select Bond Fund (PISBF)
Public Islamic Infrastructure Bond Fund (PIINFBF)
Public Islamic Strategic Bond Fund (PISTBF)
Public Sukuk Fund (PSKF)
Public Islamic Income Fund (PI INCOME)
Public Islamic Money Market Fund (PIMMF)
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Page 161
Notes:
The total returns and average annual returns of the funds presented on pages 134 to 161 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.
Please visit our website for the latest updates on fund performance.
Performance of PESMAGF, PESMACF, PIAVGEF, PIGRBF and PIEMOF are not tabulated as the funds will be having
their first financial period ending on 30 April 2016, 30 September 2016, 31 October 2016 and 31 January 2017
respectively.
Past performance of the funds is not an indication of their future performance.
133
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ITTIKAL FUND (P ITTIKAL)
Average Annual Returns for the following periods ended 31 May 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
3.13
10.37
10.93
15.19
21.09
-4.26
5.80
9.45
11.56
3.55
P ITTIKAL (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 31 May
P ITTIKAL (%)
Benchmark index (%)**
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
12.91
46.13
2.98 -16.07
14.25
23.60
-4.55
18.02
7.67
3.13
7.12
48.04
-1.95 -19.04
16.35
21.77
3.04
15.74
5.90
-4.26
*
The figure shown is for the period since the fund’s commencement (9 May 1997).
**
Prior to 1 November 2007, the fund’s benchmark was Kuala Lumpur Syariah Index (KLSI).
Effective from 1 November 2007, Bursa Malaysia replaced the KLSI with the FTSE Bursa Malaysia EMAS
Shariah Index (FBMS). As such, the FBMS has been adopted as the new benchmark for the fund.
1-Year Fund Performance Review
For the financial year ended 31 May 2015, P ITTIKAL registered a total return of +3.13% as compared to the
benchmark’s return of -4.26% over the same period.
Asset Allocation
Shariah-compliant equities
2013
2014
2015
88.0%
96.3%
95.9%
Sukuk
3.4%
1.6%
1.5%
Islamic money market instruments & others
8.6%
2.1%
2.6%
The fund’s equity weighting increased from 88.0% (83.5% after distribution reinvestment) for the financial year
ended 2013 to 96.3% (89.8% 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 subsequently decreased to 95.9% (89.8% after distribution reinvestment) to lock in profits on
selected equity investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.44
0.38
0.32
The fund’s PTR decreased from 0.44 times for the financial year ended 2013 to 0.38 times for the financial year
ended 2014 and decreased further to 0.32 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
6.65
6.00
Net distribution per unit (sen)
4.94
6.63
6.00
Distribution is in the form of cash.
134
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC EQUITY FUND (PIEF)
Average Annual Returns for the following periods ended 31 May 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
0.80
8.61
11.72
15.87
19.78
-4.26
5.80
9.45
11.56
13.19
PIEF (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 31 May
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
PIEF (%)
9.41
45.36
3.16 -13.88
15.47
22.80
2.65
15.82
7.74
0.80
Benchmark index (%)**
7.12
48.04
-1.95 -19.04
16.35
21.77
3.04
15.74
5.90
-4.26
*
The figure shown is for the period since the fund’s commencement (17 June 2003).
**
Prior to 1 November 2007, the fund’s benchmark was Kuala Lumpur Syariah Index (KLSI).
Effective from 1 November 2007, Bursa Malaysia replaced the KLSI with the FTSE Bursa Malaysia EMAS
Shariah Index (FBMS). As such, the FBMS has been adopted as the new benchmark for the fund.
1-Year Fund Performance Review
For the financial year ended 31 May 2015, PIEF registered a total return of +0.80% as compared to the benchmark’s
return of -4.26% over the same period.
Asset Allocation
Shariah-compliant equities
2013
2014
2015
98.4%
93.4%
89.0%
Sukuk
1.1%
0.7%
0.0%
Islamic money market instruments & others
0.5%
5.9%
11.0%
The fund’s equity weighting decreased from 98.4% (93.3% after distribution reinvestment) for the financial year
ended 2013 to 93.4% (87.4% after distribution reinvestment) for the financial year ended 2014 and decreased
further to 89.0% (82.6% after distribution reinvestment) for the financial year ended 2015 to weather the market’s
consolidation phase.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.20
0.16
0.18
The fund’s PTR decreased from 0.20 times for the financial year ended 2013 to 0.16 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.18 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
2.65
Net distribution per unit (sen)
1.97
2.48
2.65
Distribution is in the form of cash.
135
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC OPPORTUNITIES FUND (PIOF)
Average Annual Returns for the following periods ended 31 July 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
5.17
15.77
14.54
26.66
26.61
-15.81
13.13
14.50
15.13
15.55
PIOF (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 31 July
2008
2009
2010
2011
2012
2013
2014
2015
PIOF (%)
2006*
9.80
72.21 -15.20
2007
6.59
24.47
8.55
8.07
22.37
14.46
5.17
Benchmark index (%)**
2.64
54.87 -16.72
-0.10
12.35
13.91
8.70
28.78
28.57 -15.81
*
The figure shown is for the period since the fund’s commencement (12 July 2005).
**
Prior to 30 April 2013, the fund’s benchmark was FTSE Bursa Malaysia EMAS Shariah Index (FBMS) (replacement
of Kuala Lumpur Shariah Index by Bursa Malaysia with effect from 1 November 2007).
Effective from 30 April 2013, the fund’s benchmark was changed to FTSE Bursa Malaysia Small Cap Shariah
Index.
1-Year Fund Performance Review
For the financial year ended 31 July 2015, PIOF registered a total return of +5.17% as compared to the benchmark’s
return of -15.81% over the same period.
Asset Allocation
2013
2014
2015
Shariah-compliant equities & Islamic derivatives
84.0%
71.1%
64.9%
Islamic money market instruments & others
16.0%
28.9%
35.1%
The fund’s equity weighting decreased from 84.0% (78.8% after distribution reinvestment) for the financial year
ended 2013 to 71.1% (66.2% after distribution reinvestment) for the financial year ended 2014 and decreased
further to 64.9% (61.0% after distribution reinvestment) for the financial year ended 2015 following new fund
inflows and the disposal of selected Shariah-compliant equity investments to realise profits.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.16
0.18
0.10
The fund’s PTR increased from 0.16 times for the financial year ended 2013 to 0.18 times for the financial year
ended 2014 due to higher level of rebalancing activities. The fund’s PTR subsequently decreased to 0.10 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)
2.50
3.00
2.50
Net distribution per unit (sen)
2.46
2.97
2.50
Distribution is in the form of cash.
136
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC DIVIDEND FUND (PIDF)
Average Annual Returns for the following periods ended 30 April 2015
1-Year
3-Year
5-Year
Since Commencement*
2.85
9.08
12.41
17.51
-0.56
6.96
8.33
12.07
PIDF (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 30 April
2007*
2008
2009
2010
2011
2012
2013
2014
2015
PIDF (%)
40.69
4.55
-14.51
27.73
16.29
9.52
11.83
10.62
2.85
Benchmark index (%)**
49.12
0.04
-24.21
31.44
12.36
4.33
8.24
12.29
-0.56
*
The figure shown is for the period since the fund’s commencement (6 March 2006).
**
Prior to 30 April 2010, the fund’s benchmark was FTSE Bursa Malaysia EMAS Shariah Index (FBMS) (replacement
of Kuala Lumpur Syariah Index by Bursa Malaysia with effect from 1 November 2007).
Effective from 30 April 2010, the fund’s benchmark has been replaced with 90% FBMS and 10% 3-Month
IIMM rate as this composite benchmark index is a better representative of the fund’s investments.
1-Year Fund Performance Review
For the financial year ended 30 April 2015, PIDF registered a total return of +2.85% as compared to the benchmark’s
return of -0.56% over the same period.
Asset Allocation
Shariah-compliant equities
Sukuk
Islamic money market instruments & others
2013
2014
2015
86.3%
83.4%
83.2%
1.0%
1.4%
0.8%
12.7%
15.2%
16.0%
The fund’s equity weighting decreased from 86.3% (82.0% after distribution reinvestment) for the financial year
ended 2013 to 83.4% (77.3% after distribution reinvestment) for the financial year ended 2014 and decreased
further to 83.2% (81.0% after distribution reinvestment) for the financial year ended 2015 as the fund locked in
profits on its Shariah-compliant equities.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.15
0.22
0.22
The fund’s PTR increased from 0.15 times for the financial year ended 2013 to 0.22 times for the financial year
ended 2014 due to higher level of rebalancing activities. The fund’s PTR remained at 0.22 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)
2.00
3.00
2.00
Net distribution per unit (sen)
1.97
2.99
2.00
Distribution is in the form of cash.
137
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ASIA ITTIKAL FUND (PAIF)
Average Annual Returns for the following periods ended 31 October 2015
1-Year
3-Year
5-Year
Since Commencement*
PAIF (%)
20.57
12.17
9.43
9.35
Benchmark index (%)**
21.30
15.43
11.28
9.79
Annual Total Return for the Financial Years Ended 31 October
2007*
2008
2009
2010
2011
2012
PAIF (%)
44.01
-41.76
Benchmark index (%)**
47.40
-49.22
2013
2014
2015
41.90
5.89
-2.84
45.16
11.48
-2.76
10.99
7.12
5.68
20.57
10.01
11.44
8.20
21.30
*
The figure shown is for the period since the fund’s commencement (11 September 2006).
**
Prior to 1 January 2009, the fund’s benchmark was a composite index of 70% Dow Jones Islamic Market
Asia Ex-Japan IndexSM and 30% FTSE Bursa Malaysia EMAS Shariah Index (replacement of Kuala Lumpur
Syariah Index by Bursa Malaysia with effect from 1 November 2007).
Effective from 1 January 2009, the fund’s foreign equity benchmark has been replaced with S&P Shariah
BMI Asia Ex-Japan Index as this index has a broader stock coverage in the regional markets.
Effective from 30 April 2011, the fund’s domestic equity benchmark was changed to FTSE Bursa Malaysia
Hijrah Shariah Index.
Effective from 30 April 2013, the fund’s benchmark has been replaced with 70% S&P Shariah BMI Asia ExJapan Index, 15% FTSE Bursa Malaysia Hijrah Shariah Index and 15% customised index by S&P Dow Jones
Indices, LLC based on top 20 constituents by market capitalisation of the S&P BMI Shariah Japan Index.
1-Year Fund Performance Review
The PAIF registered a total return of +20.57% for the financial year ended 31 October 2015 as compared to the
benchmark’s return of +21.30% over the same period.
Asset Allocation
2013
2014
2015
Shariah-compliant equities & Islamic derivatives
87.2%
84.5%
92.5%
Islamic money market instruments & others
12.8%
15.5%
7.5%
The fund’s equity weighting decreased from 87.2% (84.9% after distribution reinvestment) for the financial year
ended 2013 to 84.5% (81.6% after distribution reinvestment) for the financial year ended 2014 as the fund locked
in profits on its Shariah-compliant equities. The fund’s equity weighting subsequently increased to 92.5% (89.8%
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
0.54
0.53
0.54
The fund’s PTR decreased from 0.54 times for the financial year ended 2013 to 0.53 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.54 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)
0.75
1.00
1.00
Net distribution per unit (sen)
0.74
1.00
1.00
Distribution is in the form of cash.
138
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC ASIA DIVIDEND FUND (PIADF)
Average Annual Returns for the following periods ended 30 April 2015
1-Year
3-Year
5-Year
Since Commencement*
PIADF (%)
11.58
10.88
10.33
6.20
Benchmark index (%)**
17.06
12.79
10.40
5.77
Annual Total Return for the Financial Years Ended 30 April
PIADF (%)
2008*
2009
2010
2011
2012
2013
2014
2015
-1.83
-21.35
27.85
9.92
4.05
7.48
10.58
11.58
4.55
-29.26
30.13
12.02
-1.92
6.40
11.11
17.06
Benchmark index (%)**
*
The figure shown is for the period since the fund’s commencement (23 April 2007).
**
Prior to 1 January 2009, the fund’s benchmark was a composite index of 70% Dow Jones Islamic Market Asia
Ex-Japan IndexSM and 30% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) (replacement of Kuala Lumpur
Syariah Index by Bursa Malaysia with effect from 1 November 2007).
Effective from 1 January 2009, the fund’s foreign equity benchmark has been replaced with S&P Shariah
BMI Asia Ex-Japan Index as this index has a broader stock coverage in the regional markets.
Effective from 30 April 2011, the fund’s domestic equity benchmark has been replaced with 20% of FTSE
Bursa Malaysia Hijrah Shariah Index and 10% of 3-Month IIMM rate provided by Bank Negara Malaysia.
1-Year Fund Performance Review
For the financial year ended 30 April 2015, PIADF registered a total return of +11.58% as compared to the
benchmark’s return of +17.06% over the same period.
Asset Allocation
2013
Shariah-compliant equities & Islamic derivatives
Islamic money market instruments & others
2014
2015
92.4%
82.8%
93.4%
7.6%
17.2%
6.6%
The fund’s equity weighting decreased from 92.4% (91.1% after distribution reinvestment) for the financial year
ended 2013 to 82.8% (81.6% after distribution reinvestment) for the financial year ended 2014 as the fund locked
in profits on its Shariah-compliant equities. The fund’s equity weighting subsequently increased to 93.4% (90.4%
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
0.48
0.55
0.74
The fund’s PTR increased from 0.48 times for the financial year ended 2013 to 0.55 times for the financial year
ended 2014 and increased further to 0.74 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)
0.40
0.40
1.00
Net distribution per unit (sen)
0.39
0.40
1.00
Distribution is in the form of cash.
139
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC SECTOR SELECT FUND (PISSF)
Average Annual Returns for the following periods ended 30 November 2015
1-Year
3-Year
5-Year
Since Commencement*
PISSF (%)
-2.51
6.13
6.63
7.75
FBMS (%)**
-4.06
4.71
5.45
2.79
Annual Total Return for the Financial Years Ended 30 November
2008*
2009
2010
2011
2012
2013
2014
2015
PISSF (%)
-32.20
35.46
32.45
FBMS (%)**
-42.31
42.76
16.68
3.96
8.20
16.92
3.87
-2.51
0.20
11.26
16.22
2.37
-4.06
*
The figure shown is for the period since the fund’s commencement (3 December 2007).
**
The FTSE Bursa Malaysia EMAS Shariah Index (FBMS) is the selected benchmark for this fund as it is a free
float adjusted capitalisation-weighted index which comprises constituents of the FTSE Bursa Malaysia EMAS
Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council of the
SC.
1-Year Fund Performance Review
The PISSF registered a total return of -2.51% for the financial year ended 30 November 2015 as compared to the
benchmark’s return of -4.06% over the same period.
Asset Allocation
Shariah-compliant equities
Islamic money market instruments & others
2013
2014
2015
91.7%
80.5%
81.4%
8.3%
19.5%
18.6%
The fund’s equity weighting decreased from 91.7% (81.9% after distribution reinvestment) for the financial year
ended 2013 to 80.5% (73.3% after distribution reinvestment) for the financial year ended 2014 to weather the
consolidation phase in the domestic market. The fund’s equity weighting subsequently increased to 81.4% (78.4%
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
0.68
0.29
0.29
The fund’s PTR decreased from 0.68 times for the financial year ended 2013 to 0.29 times for the financial year
ended 2014 on account of lower level of rebalancing activities. The fund’s PTR remained at 0.29 times for the
financial year ended 2015 due to ongoing of rebalancing activities undertaken by the fund.
Distribution
2013
2014
2015
Gross distribution per unit (sen)
3.50
2.75
1.00
Net distribution per unit (sen)
3.50
2.75
1.00
Distribution is in the form of cash.
140
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC CHINA ITTIKAL FUND (PCIF)
Average Annual Returns for the following periods ended 30 November 2015
1-Year
3-Year
5-Year
Since Commencement*
PCIF (%)
10.23
13.83
3.49
-0.28
Benchmark index (%)**
14.41
15.72
8.66
3.19
Annual Total Return for the Financial Years Ended 30 November
2008*
2009
2010
2011
2012
2013
2014
2015
PCIF (%)
-43.24
42.07
3.27
Benchmark index (%)**
-48.48
54.74
8.20
-20.37
4.22
14.35
12.25
10.23
-12.52
11.34
15.65
11.22
14.41
*
The figure shown is for the period since the fund’s commencement (10 December 2007).
**
Prior to 1 January 2009, the fund’s benchmark was a composite index of 50% Dow Jones Islamic Market
Hong Kong IndexSM, 30% Dow Jones Islamic Market Taiwan IndexSM and 20% FTSE Bursa Malaysia EMAS
Shariah Index (FBMS).
Effective from 1 January 2009, the fund’s foreign equity benchmarks has been replaced with 50% S&P Shariah
BMI Hong Kong and China ‘H’ Shares Index and 30% S&P Shariah BMI Taiwan Index as these indices have
a broader stock coverage in the greater China markets.
Effective from 30 April 2011, the fund’s domestic equity benchmark has been replaced with the FTSE Bursa
Malaysia Hijrah Shariah Index.
1-Year Fund Performance Review
The PCIF registered a total return of +10.23% for the financial year ended 30 November 2015 as compared to the
benchmark’s return of +14.41% over the same period.
Asset Allocation
Shariah-compliant equities & Islamic derivatives
Islamic money market instruments & others
2013
2014
2015
91.9%
81.1%
95.7%
8.1%
18.9%
4.3%
The fund’s equity weighting decreased from 91.9% for the financial year ended 2013 to 81.1% for the financial
year ended 2014 to weather the market’s consolidation phase. The fund’s equity weighting subsequently increased
to 95.7% for the financial year ended 2015 to capitalise on investment opportunities in the greater China and
domestic markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.46
0.44
0.46
The fund’s PTR decreased from 0.46 times for the financial year ended 2013 to 0.44 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.46 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)
-
-
-
141
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC SELECT TREASURES FUND (PISTF)
Average Annual Returns for the following periods ended 31 May 2015
1-Year
3-Year
5-Year
Since Commencement*
3.12
10.83
13.09
10.89
-7.88
16.03
17.15
12.38
PISTF (%)
Benchmark index (%)**
Annual Total Return for the Financial Years Ended 31 May
2009*
PISTF (%)
Benchmark index (%)**
2010
2011
2012
2013
2014
2015
-5.20
13.80
26.10
-0.95
27.38
0.82
3.12
-12.42
16.35
21.77
3.04
35.69
18.39
-7.88
*
The figure shown is for the period since the fund’s commencement (17 March 2008).
**
Prior to 30 April 2013, the fund’s benchmark was FTSE Bursa Malaysia EMAS Shariah Index (FBMS).
From 30 April 2013 to 29 April 2015, the fund’s benchmark was changed to FTSE Bursa Malaysia Small Cap
Shariah Index.
Effective from 30 April 2015, the fund’s benchmark has been replaced with a customised index by FTSE
based on the constituents with market capitalisation below RM6.0 billion within the FBMS.
1-Year Fund Performance Review
For the financial year ended 31 May 2015, PISTF registered a total return of +3.12% as compared to the benchmark’s
return of -7.88% over the same period.
Asset Allocation
2013
2014
2015
Shariah-compliant equities
84.2%
82.3%
93.3%
Islamic money market instruments & others
15.8%
17.7%
6.7%
The fund’s equity weighting decreased from 84.2% (79.8% after distribution reinvestment) for the financial year
ended 2013 to 82.3% (76.6% after distribution reinvestment) for the financial year ended 2014 on the back
of inflow of new monies into the fund. 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
0.16
0.13
0.09
The fund’s PTR decreased from 0.16 times for the financial year ended 2013 to 0.13 times for the financial year
ended 2014 and decreased further to 0.09 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
2.50
2.00
Net distribution per unit (sen)
1.95
2.47
1.98
Distribution is in the form of cash.
142
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC OPTIMAL GROWTH FUND (PIOGF)
Average Annual Returns for the following periods ended 31 January 2016
1-Year
3-Year
5-Year
Since Commencement*
PIOGF (%)
-1.57
5.65
5.93
7.38
FBMS (%)**
-3.35
3.93
4.34
4.41
Annual Total Return for the Financial Years Ended 31 January
2009*
2010
2011
2012
2013
2014
2015
2016
PIOGF (%)
-24.08
34.59
18.75
4.07
6.54
13.44
4.69
-1.57
FBMS (%)**
-34.87
40.67
20.45
2.84
5.85
13.42
1.97
-3.35
*
The figure shown is for the period since the fund’s commencement (28 April 2008).
**
The FTSE Bursa Malaysia EMAS Shariah Index (FBMS) is the selected benchmark for this fund as it is a free
float adjusted capitalisation-weighted index which comprises constituents of the FTSE Bursa Malaysia EMAS
Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council of the
SC.
1-Year Fund Performance Review
The PIOGF registered a total return of -1.57% for the financial year ended 31 January 2016 as compared to the
benchmark’s return of -3.35% over the same period.
Asset Allocation
Shariah-compliant equities
Islamic money market instruments & others
2014
2015
2016
96.4%
85.9%
78.6%
3.6%
14.1%
21.4%
The fund’s equity weighting decreased from 96.4% (92.0% after distribution reinvestment) for the financial year
ended 2014 to 85.9% (81.3% after distribution reinvestment) for the financial year ended 2015 and decreased
further to 78.6% (75.9% 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
0.23
0.13
0.14
The fund’s PTR decreased from 0.23 times for the financial year ended 2014 to 0.13 times for the financial year
ended 2015 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.14 times for
the financial year ended 2016 due to higher level of rebalancing activities undertaken by the fund.
Distribution
2014
2015
2016
Gross distribution per unit (sen)
1.50
1.75
1.00
Net distribution per unit (sen)
1.46
1.71
1.00
Distribution is in the form of cash.
143
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC SELECT ENTERPRISES FUND (PISEF)
Average Annual Returns for the following periods ended 31 July 2015
1-Year
3-Year
5-Year
Since Commencement*
PISEF (%)
-2.41
6.17
12.93
17.34
FBMS (%)**
-7.55
3.24
7.16
9.48
Annual Total Return for the Financial Years Ended 31 July
2009*
2010
2011
2012
2013
2014
2015
20.64
10.61
24.88
11.30
12.34
8.09
-2.41
8.45
12.35
13.91
8.70
9.71
8.16
-7.55
PISEF (%)
FBMS (%)**
*
The figure shown is for the period since the fund’s commencement (3 September 2008).
**
The FTSE Bursa Malaysia EMAS Shariah Index (FBMS) is the selected benchmark for this fund as it is a free
float adjusted capitalisation-weighted index which comprises constituents of the FTSE Bursa Malaysia EMAS
Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council of the
SC.
1-Year Fund Performance Review
For the financial year ended 31 July 2015, PISEF registered a total return of -2.41% as compared to the benchmark’s
return of -7.55% over the same period.
Asset Allocation
2013
2014
2015
Shariah-compliant equities
84.6%
84.3%
75.9%
Islamic money market instruments & others
15.4%
15.7%
24.1%
The fund’s equity weighting decreased marginally from 84.6% (80.2% after distribution reinvestment) for the
financial year ended 2013 to 84.3% (79.5% after distribution reinvestment) for the financial year ended 2014
and decreased further to 75.9% (71.7% after distribution reinvestment) for the financial year ended 2015 as the
fund locked in profits on its Shariah-compliant equities.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.20
0.25
0.21
The fund’s PTR increased from 0.20 times for the financial year ended 2013 to 0.25 times for the financial year
ended 2014 due to higher level of rebalancing activities. The fund’s PTR subsequently decreased 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)
2.25
2.50
2.25
Net distribution per unit (sen)
2.24
2.50
2.25
Distribution is in the form of cash.
144
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC ASIA LEADERS EQUITY FUND (PIALEF)
Average Annual Returns for the following periods ended 30 November 2015
1-Year
3-Year
5-Year
Since Commencement*
PIALEF (%)
15.42
11.22
5.89
6.40
Benchmark index (%)**
13.52
11.97
9.08
10.08
Annual Total Return for the Financial Years Ended 30 November
2010*
2011
2012
2013
2014
2015
PIALEF (%)
5.96
-8.64
6.04
9.36
5.90
15.42
Benchmark index (%)**
9.05
-4.68
12.23
10.49
8.37
13.52
*
The figure shown is for the period since the fund’s commencement (8 February 2010).
**
The benchmark of the fund is a composite index of 90% customised index by S&P Dow Jones Indices, LLC
based on Top 100 constituents by market capitalisation of the S&P Shariah BMI Asia Ex-Japan Index and 10%
3-Month IIMM rate.
1-Year Fund Performance Review
The PIALEF registered a total return of +15.42% for the financial year ended 30 November 2015 as compared to
the benchmark’s return of +13.52% over the same period.
Asset Allocation
Shariah-compliant equities & Islamic derivatives
Islamic money market instruments & others
2013
2014
2015
95.0%
84.6%
93.8%
5.0%
15.4%
6.2%
The fund’s equity weighting decreased from 95.0% for the financial year ended 2013 to 84.6% for the financial
year ended 2014 as the fund locked in profits on its Shariah-compliant equities. The fund’s equity weighting
subsequently increased to 93.8% 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
0.57
0.59
0.61
The fund’s PTR increased from 0.57 times for the financial year ended 2013 to 0.59 times for the financial year
ended 2014 and increased further to 0.61 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)
-
-
-
145
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC ALPHA-40 GROWTH FUND (PIA40GF)
Average Annual Returns for the following periods ended 30 November 2015
PIA40GF (%)
Benchmark index (%)**
1-Year
3-Year
Since Commencement*
0.57
6.22
7.09
-0.50
5.89
5.74
Annual Total Return for the Financial Years Ended 30 November
2011*
PIA40GF (%)
Benchmark index (%)**
2012
2013
2014
2015
0.36
13.65
14.12
3.38
0.57
-1.37
10.84
14.25
3.51
-0.50
*
The figure shown is for the period since the fund’s commencement (6 December 2010).
**
The benchmark of the fund is a composite index of 75% FTSE Bursa Malaysia EMAS Shariah Index (FBMS),
15% customised index by S&P Dow Jones Indices, LLC based on Top 100 constituents by market capitalisation
of the S&P Shariah BMI Asia Ex-Japan Index and 10% 3-Month IIMM rate.
1-Year Fund Performance Review
The PIA40GF registered a total return of +0.57% for the financial year ended 30 November 2015 as compared to
the benchmark’s return of -0.50% over the same period.
Asset Allocation
2013
2014
2015
Shariah-compliant equities
90.0%
78.6%
83.6%
Islamic money market instruments & others
10.0%
21.4%
16.4%
The fund’s equity weighting decreased from 90.0% (86.4% after distribution reinvestment) for the financial year
ended 2013 to 78.6% (75.2% after distribution reinvestment) for the financial year ended 2014 as the fund locked
in profits on its Shariah-compliant equities. The fund’s equity weighting subsequently increased to 83.6% (82.1%
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
0.42
0.66
0.47
The fund’s PTR increased from 0.42 times for the financial year ended 2013 to 0.66 times for the financial year
ended 2014 due to higher level of rebalancing activities. The fund’s PTR subsequently decreased to 0.47 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)
1.25
1.25
0.50
Net distribution per unit (sen)
1.20
1.25
0.50
Distribution is in the form of cash.
146
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC TREASURES GROWTH FUND (PITGF)
Average Annual Returns for the following periods ended 31 August 2015
1-Year
3-Year
Since Commencement*
PITGF (%)
-10.67
4.31
8.86
Benchmark index (%)**
-20.50
7.44
9.81
Annual Total Return for the Financial Years Ended 31 August
2012*
2013
2014
2015
PITGF (%)
20.40
16.04
8.93
-10.67
Benchmark index (%)**
14.32
21.60
26.49
-20.50
*
The figure shown is for the period since the fund’s commencement (8 August 2011).
**
Prior to 30 April 2013, the fund’s benchmark was a composite index of 90% FTSE Bursa Malaysia EMAS
Shariah Index (FBMS) and 10% 3-Month IIMM rate.
From 30 April 2013 to 29 April 2015, the fund’s equity benchmark was changed to FTSE Bursa Malaysia
Small Cap Shariah Index.
Effective from 30 April 2015, the fund’s equity benchmark has been changed to a customised index by FTSE
based on the constituents with market capitalisation below RM6.0 billion within the FTSE Bursa Malaysia
EMAS Shariah Index as it is a better representative of the fund’s investments.
1-Year Fund Performance Review
The PITGF registered a total return of -10.67% for the financial year ended 31 August 2015 as compared to the
benchmark’s return of -20.50% over the same period.
Asset Allocation
2013
2014
2015
Shariah-compliant equities
82.7%
89.0%
64.9%
Islamic money market instruments & others
17.3%
11.0%
35.1%
The fund’s equity weighting increased from 82.7% (77.8% after distribution reinvestment) for the financial year
ended 2013 to 89.0% (82.5% after distribution reinvestment) for the financial year ended 2014 to capitalise on
investment opportunities in the domestic and regional markets. The fund’s equity weighting subsequently decreased
to 64.9% (61.4% after distribution reinvestment) for the financial year ended 2015 following new fund inflows
and the disposal of selected Shariah-compliant equity investments to realise profits.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.58
0.64
0.53
The fund’s PTR increased from 0.58 times for the financial year ended 2013 to 0.64 times for the financial year
ended 2014 due to higher level of rebalancing activities. The fund’s PTR subsequently decreased to 0.53 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
2.50
1.50
Net distribution per unit (sen)
1.97
2.48
1.50
Distribution is in the form of cash.
147
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ITTIKAL SEQUEL FUND (PITSEQ)
Average Annual Returns for the following periods ended 30 November 2015
PITSEQ (%)
Benchmark index (%)**
1-Year
3-Year
Since Commencement*
2.83
9.93
10.60
-4.06
4.71
6.37
Annual Total Return for the Financial Years Ended 30 November
2012*
2013
2014
2015
PITSEQ (%)
10.40
18.29
6.70
2.83
Benchmark index (%)**
10.40
16.22
2.37
-4.06
*
The figure shown is for the period since the fund’s commencement (31 October 2011).
**
The FTSE Bursa Malaysia EMAS Shariah Index (FBMS) is the selected benchmark for this fund as it is a free
float adjusted capitalisation-weighted index which comprises constituents of the FTSE Bursa Malaysia EMAS
Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council of the
SC.
1-Year Fund Performance Review
The PITSEQ registered a total return of +2.83% for the financial year ended 30 November 2015 as compared to
the benchmark’s return of -4.06% over the same period.
Asset Allocation
Shariah-compliant equities & Islamic derivatives
Islamic money market instruments & others
2013
2014
2015
95.7%
97.5%
86.3%
4.3%
2.5%
13.7%
The fund’s equity weighting increased from 95.7% (90.4% after distribution reinvestment) for the financial year
ended 2013 to 97.5% (92.1% after distribution reinvestment) for the financial year ended 2014 to capitalise
on investment opportunities in the domestic and regional markets. The fund’s equity weighting subsequently
decreased to 86.3% (84.9% after distribution reinvestment) for the financial year ended 2015 to weather the
market’s consolidation phase.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.75
0.63
0.76
The fund’s PTR decreased from 0.75 times for the financial year ended 2013 to 0.63 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.76 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
0.50
Net distribution per unit (sen)
1.74
1.73
0.50
Distribution is in the form of cash.
148
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC SAVINGS FUND (PISVF)
Average Annual Returns for the following periods ended 31 December 2015
1-Year
3-Year
Since Commencement*
PISVF (%)
6.40
6.84
8.76
Benchmark index (%)**
2.54
3.74
5.85
Annual Total Return for the Financial Years Ended 31 December
2012*
2013
2014
2015
PISVF (%)
12.08
13.09
0.16
6.40
Benchmark index (%)**
10.98
12.28
-3.39
2.54
*
The figure shown is for the period since the fund’s commencement (30 December 2011).
**
The benchmark of the fund is a composite index of 90% FTSE Bursa Malaysia EMAS Shariah Index (FBMS)
and 10% 3-Month IIMM rate.
1-Year Fund Performance Review
The PISVF registered a total return of +6.40% for the financial year ended 31 December 2015 as compared to the
benchmark’s return of +2.54% over the same period.
Asset Allocation
2013
2014
2015
Shariah-compliant equities
85.5%
85.3%
95.5%
Islamic money market instruments & others
14.5%
14.7%
4.5%
The fund’s equity weighting decreased from 85.5% (83.4% after distribution reinvestment) for the financial year
ended 2013 to 85.3% (83.9% 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 subsequently increased
to 95.5% (93.9% after distribution reinvestment) for the financial year ended 2015 to capitalise on investment
opportunities in the domestic and regional equity markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.36
0.34
0.46
The fund’s PTR decreased from 0.36 times for the financial year ended 2013 to 0.34 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.46 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)
0.75
1.00
1.00
Net distribution per unit (sen)
0.74
1.00
1.00
Distribution is in the form of cash.
149
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC GROWTH & INCOME FUND (PISGIF)
Average Annual Returns for the following periods ended 31 December 2015
1-Year
Since Commencement*
PISGIF (%)
2.48
1.59
Benchmark index (%)**
2.35
1.72
Annual Total Return for the Financial Years Ended 31 December
2014*
2015
PISGIF (%)
0.56
2.48
Benchmark index (%)**
0.95
2.35
*
The figure shown is for the period since the fund’s commencement (27 January 2014).
**
The FTSE Bursa Malaysia EMAS Shariah Index (FBMS) is the selected benchmark for this fund as it is a free
float adjusted capitalisation-weighted index which comprises constituents of the FTSE Bursa Malaysia EMAS
Index, which have been designated as Shariah-compliant securities by the Shariah Advisory Council of the
SC.
1-Year Fund Performance Review
The PISGIF registered a total return of +2.48% for the financial year ended 31 December 2015 as compared to the
benchmark’s return of +2.35% over the same period.
Asset Allocation
2014
2015
Shariah-compliant equities & Islamic derivatives
83.3%
98.5%
Islamic money market instruments & others
16.7%
1.5%
The fund’s equity weighting increased from 83.3% (81.7% after distribution reinvestment) for the financial period
ended 2014 to 98.5% (96.5% after distribution reinvestment) for the financial year ended 2015 to capitalise on
investment opportunities in the local and regional equity markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2014
2015
0.66
0.32
The fund’s PTR decreased from 0.66 times for the financial period ended 2014 to 0.32 times for the financial year
ended 2015 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2014
2015
Gross distribution per unit (sen)
0.50
0.50
Net distribution per unit (sen)
0.50
0.50
Distribution is in the form of cash.
150
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC ENTERPRISES EQUITY FUND (PIENTEF)
Total Return for the following period ended 30 September 2015
Since Commencement*
PIENTEF (%)
-1.72
Benchmark index (%)**
-8.83
Annual Total Return for the Financial Period Ended 30 September
2015*
PIENTEF (%)
-1.72
Benchmark index (%)**
-8.83
*
The figure shown is for the period since the fund’s commencement (7 April 2015).
**
The benchmark of the fund is a composite index of 75% FTSE Bursa Malaysia Hijrah Shariah Index, 15%
customised index by S&P Dow Jones Indices, LLC based on Top 100 constituents by market capitalisation of
the S&P Shariah BMI Asia Ex-Japan Index and 10% 3-Month IIMM rate.
Fund Performance Review
The PIENTEF registered a total return of -1.72% for the financial period ended 30 September 2015 as compared
to the benchmark’s return of -8.83% over the same period.
Asset Allocation
2015
Shariah-compliant equities & Islamic derivatives
50.4%
Islamic money market instruments & others
49.6%
Following its launch, the fund’s equity weighting progressively increased to 50.4% for the financial period ended
2015 to capitalise on investment opportunities in the local and regional equity markets. There is no comparison
figure as the commencement date of the fund was 7 April 2015.
Portfolio Turnover Ratio (PTR)
2015
PTR (time)
0.30
The fund recorded a PTR of 0.30 times for financial period ended 2015. There is no comparison figure as the
commencement date of the fund was 7 April 2015.
Distribution
2015
Gross distribution per unit (sen)
-
Net distribution per unit (sen)
-
151
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC MIXED ASSET FUND (PIMXAF)
Average Annual Returns for the following periods ended 30 November 2015
1-Year
3-Year
Since Commencement*
PIMXAF (%)
-1.61
4.05
4.93
Benchmark index (%)***
-1.62
4.49
5.96
Annual Total Return for the Financial Years Ended 30 November
2006**
2007
2008
2009
2010
2011
2012
30.11.119.12.11
12.12.11-*
30.11.12
2013
2014
2015
PIMXAF (%)
17.90
21.72 -26.42
24.68
10.98
0.96
0.08
6.64
10.00
3.62
-1.61
Benchmark
index (%)***
11.80
23.80 -25.80
25.30
10.93
1.54
-0.11
9.01
12.25
2.75
-1.62
*
The figure shown is for the period since the fund’s (formerly known as Public Islamic Balanced Fund (PIBF))
commencement (12 December 2011). Upon the issuance of supplementary prospectus on 12 December
2011, PIBF has adopted its new name Public Islamic Mixed Asset Fund (PIMXAF) to reflect the change in
fund objective, investment policy, investment strategy and benchmark.
**
The figure shown is for the period since PIBF’s commencement (10 October 2005).
*** Prior to 12 December 2011, the fund’s benchmark was a composite index of FTSE Bursa Malaysia EMAS
Shariah Index (replacement of Kuala Lumpur Syariah Index by Bursa Malaysia with effect from 1 November
2007) and 3-Month IIMM rate in the ratio of 60:40.
Effective from 12 December 2011, the ratio of the equity and money market components in the fund’s
benchmark was changed to 70:30 as it is more reflective of the new investment strategy of the fund.
1-Year Fund Performance Review
The PIMXAF registered a total return of -1.61% for the financial year ended 30 November 2015 as compared to
the benchmark’s return of -1.62% over the same period.
Asset Allocation
2013
2014
2015
Shariah-compliant equities
74.2%
69.1%
73.9%
Sukuk
23.4%
21.9%
21.7%
2.4%
9.0%
4.4%
Islamic money market instruments & others
The fund’s equity weighting decreased from 74.2% (70.0% after distribution reinvestment) for the financial
year ended 2013 to 69.1% (64.4% after distribution reinvestment) for the financial year ended 2014 to lock in
profits on selected equity investments. The fund’s equity weighting subsequently increased to 73.9% (68.4%
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
0.47
0.43
0.50
The fund’s PTR decreased from 0.47 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 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
2.00
2.00
Net distribution per unit (sen)
1.73
1.98
2.00
Distribution is in the form of cash.
152
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC ASIA TACTICAL ALLOCATION FUND (PIATAF)
Average Annual Returns for the following periods ended 31 October 2015
1-Year
3-Year
Since Commencement*
PIATAF (%)
18.10
12.35
13.04
Benchmark index (%)***
17.28
12.57
12.18
Annual Total Return for the Financial Years Ended 31 October
2008**
2009
2010
2011
2012
31.10.119.12.11
2013
2014
2015
12.12.11-*
31.10.12
PIATAF (%)
-28.88
25.08
4.18
-5.15
-1.32
10.05
9.22
6.22
18.10
Benchmark index (%)***
-30.12
27.21
6.49
-1.66
-1.25
7.09
10.60
6.13
17.28
*
The figure shown is for the period since the fund’s (formerly known as Public Islamic Asia Balanced Fund
(PIABF)) commencement (12 December 2011). Upon the issuance of supplementary prospectus on
12 December 2011, PIABF has adopted its new name Public Islamic Asia Tactical Allocation Fund (PIATAF) to
reflect the change in fund objective, investment policy, investment strategy and benchmark.
**
The figure shown is for the period since PIABF commencement (10 September 2007).
*** Prior to 1 January 2009, the fund’s benchmark was a composite index of 60% Dow Jones Islamic Market
Asia Ex-Japan IndexSM and 40% 3-Month IIMM rate.
Effective from 1 January 2009, the fund’s equity benchmark has been replaced with S&P Shariah BMI Asia
Ex-Japan Index as this index has a broader stock coverage in the regional markets.
Effective from 12 December 2011, the fund’s benchmark has been replaced with 70% S&P Shariah BMI Asia
Ex-Japan Index and 30% 3-Month IIMM rate as it is more reflective of the new investment strategy of the fund.
1-Year Fund Performance Review
The PIATAF registered a total return of +18.10% for the financial year ended 31 October 2015 as compared to the
benchmark’s return of +17.28% over the same period.
Asset Allocation
Shariah-compliant equities & Islamic derivatives
2013
2014
2015
87.9%
79.2%
92.7%
Sukuk
7.9%
0.0%
0.0%
Islamic money market instruments & others
4.2%
20.8%
7.3%
The fund’s equity weighting decreased from 87.9% for the financial year ended 2013 to 79.2% for the financial year
ended 2014 to weather the market’s consolidation phase. The fund’s equity weighting subsequently increased to 92.7%
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
0.70
0.62
0.76
The fund’s PTR decreased from 0.70 times for the financial year ended 2013 to 0.62 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.76 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)
-
-
-
153
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC BOND FUND (PI BOND)
Average Annual Returns for the following periods ended 31 October 2015
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PI BOND (%)
3.77
3.56
5.12
6.64
8.62
12-Month GIA (%)**
3.09
3.14
3.33
3.74
4.10
Annual Total Return for the Financial Years Ended 31 October
2006 2007
2008
2009
2010
2011 2012
2013
2014
2015
PI BOND (%)
3.90
4.10
3.27
10.07
7.75
7.47 5.63
3.21
3.34
3.77
12-Month GIA (%)**
3.45
3.69
3.55
3.03
2.89
3.22 3.33
3.04
2.96
3.09
*
The figure shown is for the period since the fund’s commencement (4 September 2001).
**
The benchmark 12-Month GIA rate is computed from the average 12-Month investment account rate quoted
by Bank Negara Malaysia.
1-Year Fund Performance Review
The PI BOND registered a total return of +3.77% for the financial year ended 31 October 2015 as compared to
the benchmark’s return of +3.09% over the same period.
Asset Allocation
2013
Sukuk
Islamic money market instruments & others
2014
2015
92.7%
76.4%
91.4%
7.3%
23.6%
8.6%
The fund’s sukuk weighting decreased from 92.7% (87.5% after distribution reinvestment) for the financial year
ended 2013 to 76.4% (72.0% after distribution reinvestment) for the financial year ended 2014 to weather rising
yields in the domestic sukuk market. The fund’s sukuk weighting subsequently increased to 91.4% (86.1% after
distribution reinvestment) for the financial year ended 2015 due to outflows of funds following redemption of units.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.29
0.20
0.36
The fund’s PTR decreased from 0.29 times for the financial year ended 2013 to 0.20 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.36 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)
6.00
6.00
6.00
Net distribution per unit (sen)
6.00
6.00
6.00
Distribution is in the form of cash.
154
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC ENHANCED BOND FUND (PIEBF)
Average Annual Returns for the following periods ended 31 December 2015
1-Year
3-Year
5-Year
Since Commencement*
PIEBF (%)
4.37
3.79
4.86
4.95
12-Month GIA (%)**
3.19
3.15
3.35
3.65
Annual Total Return for the Financial Years Ended 31 December
2007*
2008
2009
2010
2011
2012
2013
2014
2015
PIEBF (%)
5.81
-4.73
10.18
4.87
6.09
5.22
2.80
3.80
4.37
12-Month GIA (%)**
3.83
3.45
3.00
2.93
3.24
3.33
2.99
2.98
3.19
*
The figure shown is for the period since the fund’s commencement (18 December 2006).
**
The benchmark 12-Month GIA rate is computed from the average 12-Month investment account rate quoted
by Bank Negara Malaysia.
1-Year Fund Performance Review
The PIEBF registered a total return of +4.37% for the financial year ended 31 December 2015 as compared to the
benchmark’s return of +3.19% over the same period.
Asset Allocation
2013
2014
2015
Shariah-compliant equities
17.6%
15.9%
18.0%
Sukuk
63.3%
66.5%
71.6%
Islamic money market instruments & others
19.1%
17.6%
10.4%
The fund’s sukuk weighting increased from 63.3% (60.5% after distribution reinvestment) for the financial year
ended 2013 to 66.5% (63.9% after distribution reinvestment) for the financial year ended 2014 and increased further
to 71.6% (68.7% after distribution reinvestment) for the financial year ended 2015 to capitalise on investment
opportunities in the sukuk market. The fund’s equity weighting decreased from 17.6% (16.8% after distribution
reinvestment) for the financial year ended 2013 to 15.9% (15.3% after distribution reinvestment) for the financial
year ended 2014 to weather the market’s consolidation phase. The fund’s equity weighting subsequently increased
to 18.0% (17.3% after distribution reinvestment) for the financial year ended 2015 to capitalise on investment
opportunities in the equity market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.30
0.13
0.29
The fund’s PTR decreased from 0.30 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 0.29 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)
5.00
4.25
4.50
Net distribution per unit (sen)
5.00
4.25
4.50
Distribution is in the form of cash.
155
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC SELECT BOND FUND (PISBF)
Average Annual Returns for the following periods ended 31 July 2015
1-Year
3-Year
5-Year
Since Commencement*
PISBF (%)
3.91
3.48
4.37
4.81
12-Month GIA (%)**
3.06
3.14
3.32
3.53
Annual Total Return for the Financial Years Ended 31 July
2008*
2009
2010
2011
2012
2013
2014
2015
PISBF (%)
0.25
7.10
5.88
4.79
5.30
3.20
2.99
3.91
12-Month GIA (%)**
3.67
3.17
2.84
3.12
3.36
3.14
2.93
3.06
*
The figure shown is for the period since the fund’s commencement (30 July 2007).
**
The benchmark 12-Month GIA rate is computed from the average 12-Month investment account rate quoted
by Bank Negara Malaysia.
1-Year Fund Performance Review
The PISBF registered a total return of +3.91% for the financial year ended 31 July 2015 as compared to the
benchmark’s return of +3.06% over the same period.
Asset Allocation
2013
2014
2015
Sukuk
88.7%
80.2%
84.6%
Islamic money market instruments & others
11.3%
19.8%
15.4%
The fund’s sukuk weighting decreased from 88.7% (85.7% after distribution reinvestment) for the financial year
ended 2013 to 80.2% (77.1% after distribution reinvestment) for the financial year ended 2014 to weather rising
yields in the domestic sukuk market. The fund’s sukuk weighting subsequently increased to 84.6% (81.5% after
distribution reinvestment) for the financial year ended 2015 to capitalise on investment opportunities in the sukuk
market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.35
0.25
0.16
The fund’s PTR decreased from 0.35 times for the financial year ended 2013 to 0.25 times for the financial year
ended 2014 and decreased further to 0.16 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
3.75
Net distribution per unit (sen)
3.50
4.00
3.75
Distribution is in the form of cash.
156
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC INFRASTRUCTURE BOND FUND (PIINFBF)
Average Annual Returns for the following periods ended 30 November 2015
1-Year
3-Year
Since Commencement*
PIINFBF (%)
3.44
3.94
4.46
12-Month GIA (%)**
3.18
3.14
3.34
Annual Total Return for the Financial Years Ended 30 November
2011*
2012
2013
2014
2015
PIINFBF (%)
5.81
3.31
3.59
4.36
3.44
12-Month GIA (%)**
3.18
3.33
3.01
2.96
3.18
*
The figure shown is for the period since the fund’s commencement (6 December 2010).
**
The benchmark 12-Month GIA rate is computed from the average 12-Month investment account rate quoted
by Bank Negara Malaysia.
1-Year Fund Performance Review
The PIINFBF registered a total return of +3.44% for the financial year ended 30 November 2015 as compared to
the benchmark’s return of +3.18% over the same period.
Asset Allocation
2013
2014
2015
Sukuk
89.4%
84.1%
87.9%
Islamic money market instruments & others
10.6%
15.9%
12.1%
The fund’s sukuk weighting decreased from 89.4% (85.8% after distribution reinvestment) for the financial
year ended 2013 to 84.1% (80.6% after distribution reinvestment) for the financial year ended 2014 due to the
disposal of selected sukuk investments. The fund’s sukuk weighting subsequently increased to 87.9% (84.5% after
distribution reinvestment) for the financial year ended 2015 as the fund capitalised on investment opportunities
in the sukuk market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.38
0.10
0.39
The fund’s PTR decreased from 0.38 times for the financial year ended 2013 to 0.10 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)
4.25
4.50
4.00
Net distribution per unit (sen)
4.25
4.50
4.00
Distribution is in the form of cash.
157
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC STRATEGIC BOND FUND (PISTBF)
Average Annual Returns for the following periods ended 31 December 2015
1-Year
3-Year
5-Year
Since Commencement*
PISTBF (%)
3.46
3.52
4.36
4.36
12-Month GIA (%)**
3.19
3.15
3.35
3.35
Annual Total Return for the Financial Years Ended 31 December
2011*
2012
2013
2014
2015
PISTBF (%)
6.33
3.66
3.16
3.58
3.46
12-Month GIA (%)**
3.24
3.33
2.99
2.98
3.19
*
The figure shown is for the period since the fund’s commencement (30 December 2010).
**
The benchmark 12-Month GIA rate is computed from the average 12-Month investment account rate quoted
by Bank Negara Malaysia.
1-Year Fund Performance Review
The PISTBF registered a total return of +3.46% for the financial year ended 31 December 2015 as compared to
the benchmark’s return of +3.19% over the same period.
Asset Allocation
2013
2014
2015
Sukuk
83.4%
91.4%
87.3%
Islamic money market instruments & others
16.6%
8.6%
12.7%
The fund’s sukuk weighting increased from 83.4% (80.6% after distribution reinvestment) for the financial year
ended 2013 to 91.4% (88.0% after distribution reinvestment) for the financial year ended 2014 due to outflows
of funds following the redemption of units. The fund’s sukuk weighting subsequently decreased to 87.3% (83.9%
after distribution reinvestment) for the financial year ended 2015 due to the disposal of selected sukuk investments.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.21
0.13
0.29
The fund’s PTR decreased from 0.21 times for the financial year ended 2013 to 0.13 times for the financial year ended
2014 due to lower level of rebalancing activities undertaken by the fund. The fund’s PTR subsequently increased to
0.29 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)
3.50
4.00
4.25
Net distribution per unit (sen)
3.50
4.00
4.25
Distribution is in the form of cash.
158
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SUKUK FUND (PSKF)
Average Annual Returns for the following periods ended 31 August 2015
1-Year
3-Year
Since Commencement*
PSKF (%)
2.95
3.12
3.66
12-Month GIA (%)**
3.06
3.14
3.27
Annual Total Return for the Financial Years Ended 31 August
2012*
2013
2014
2015
PSKF (%)
5.05
2.39
3.73
2.95
12-Month GIA (%)**
3.55
3.10
2.94
3.06
*
The figure shown is for the period since the fund’s commencement (8 August 2011).
**
The benchmark 12-Month GIA rate is computed from the average 12-Month investment account rate quoted
by Bank Negara Malaysia.
1-Year Fund Performance Review
The PSKF registered a total return of +2.95% for the financial year ended 31 August 2015 as compared to the
benchmark’s return of +3.06% over the same period.
Asset Allocation
2013
2014
2015
Sukuk
88.5%
94.6%
99.9%
Islamic money market instruments & others
11.5%
5.4%
0.1%
The fund’s sukuk weighting increased from 88.5% (85.6% after distribution reinvestment) for the financial year
ended 2013 to 94.6% (91.0% after distribution reinvestment) for the financial year ended 2014 due to outflows
of funds following the redemption of units by unitholders. The fund’s sukuk weighting increased further to 99.9%
(96.3% after distribution reinvestment) for the financial year ended 2015 to capitalise on investment opportunities
in the sukuk market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.43
0.18
0.24
The fund’s PTR decreased from 0.43 times for the financial year ended 2013 to 0.18 times for the financial year
ended 2014 due to lower level of rebalancing activities. The fund’s PTR subsequently increased to 0.24 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)
3.50
4.00
3.75
Net distribution per unit (sen)
3.50
4.00
3.75
Distribution is in the form of cash.
159
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC INCOME FUND (PI INCOME)
Average Annual Returns for the following periods ended 31 July 2015
1-Year
3-Year
5-Year
Since Commencement*
PI INCOME (%)
4.21
3.23
4.30
5.01
12-Month GIA (%)**
3.06
3.14
3.32
3.38
Annual Total Return for the Financial Years Ended 31 July
2009*
2010
2011
2012
2013
2014
2015
PI INCOME (%)
5.48
5.01
5.48
5.05
2.40
2.79
4.21
12-Month GIA (%)**
2.86
2.84
3.12
3.36
3.14
2.93
3.06
*
The figure shown is for the period since the fund’s commencement (3 September 2008).
**
The benchmark 12-Month GIA rate is computed from the average 12-Month investment account rate quoted
by Bank Negara Malaysia.
1-Year Fund Performance Review
The PI INCOME registered a total return of +4.21% for the financial year ended 31 July 2015 as compared to the
benchmark’s return of +3.06% over the same period.
Asset Allocation
2013
2014
2015
Sukuk
58.1%
55.8%
59.1%
Islamic money market instruments & others
41.9%
44.2%
40.9%
The fund’s sukuk weighting decreased from 58.1% (56.1% after distribution reinvestment) for the financial
year ended 2013 to 55.8% (53.7% after distribution reinvestment) for the financial year ended 2014 due to the
disposal of selected sukuk investments. The fund’s sukuk weighting subsequently increased to 59.1% (57.0% after
distribution reinvestment) for the financial year ended 2015 due to outflows of funds following redemption of units.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.36
0.15
0.09
The fund’s PTR decreased from 0.36 times for the financial year ended 2013 to 0.15 times for the financial year
ended 2014 and decreased further to 0.09 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)
3.75
4.00
3.75
Net distribution per unit (sen)
3.75
4.00
3.75
Distribution is in the form of cash.
160
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ISLAMIC MONEY MARKET FUND (PIMMF)
Average Annual Returns for the following periods ended 30 June 2015
1-Year
3-Year
5-Year
Since Commencement*
PIMMF (%)
3.25
3.13
3.11
3.04
Benchmark index (%)**
2.78
2.94
3.08
3.26
Annual Total Return for the Financial Years Ended 30 June
2008*
2009
2010
2011
2012
2013
2014
2015
PIMMF (%)
3.06
2.60
1.90
2.60
2.94
2.92
2.96
3.25
Benchmark index (%)**
3.25
3.03
2.29
2.75
3.24
3.02
2.77
2.78
*
The figure shown is for the period since the fund’s commencement (5 June 2007).
**
Prior to 30 April 2010, the fund’s benchmark was based on 3-Month IIMM rate provided by Bank Negara
Malaysia.
From 30 April 2010 to 29 April 2013, the fund’s benchmark was based on 1-Month IIMM rate provided by
Bank Negara Malaysia.
From 30 April 2013 to 29 April 2015, the fund’s benchmark was a composite index of 90% Public Islamic
Bank 1-Month Mudharabah General Investment Account-i and 10% Public Islamic Bank Wadiah Savings
Account-i.
Effective from 30 April 2015, the Public Islamic Bank 1-Month Mudharabah General Investment Account-i
in the fund’s benchmark has been replaced with Public Islamic Bank 1-Month Term Deposit-i as it is a better
representative of the fund’s investments.
1-Year Fund Performance Review
For the financial year ended 30 June 2015, PIMMF registered a total return of +3.25% as compared to the
benchmark’s return of +2.78% over the same period.
Asset Allocation
Islamic money market instruments & others
2013
2014
2015
100.0%
100.0%
100.0%
The fund focuses its investments in short-term Islamic money market instruments that are highly liquid and Islamic
investment accounts and Islamic deposits with licensed financial institutions.
Portfolio Turnover Ratio (PTR)
PTR (time)
2013
2014
2015
0.24
0.20
0.18
The fund’s PTR decreased from 0.24 times for the financial year ended 2013 to 0.20 times for the financial year
ended 2014 and decreased further to 0.18 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)
2.50
3.00
3.25
Net distribution per unit (sen)
2.50
3.00
3.25
Distribution is in the form of cash.
161
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 Ittikal Fund (P ITTIKAL)
Public Islamic Equity Fund (PIEF)
Public Islamic Opportunities Fund (PIOF)
Public Islamic Dividend Fund (PIDF)
Public Asia Ittikal Fund (PAIF)
Public Islamic Asia Dividend Fund (PIADF)
Public Islamic Sector Select Fund (PISSF)
Public China Ittikal Fund (PCIF)
Public Islamic Select Treasures Fund (PISTF)
Public Islamic Optimal Growth Fund (PIOGF)
Public Islamic Select Enterprises Fund (PISEF)
Public Islamic Asia Leaders Equity Fund (PIALEF)
Public Islamic Alpha-40 Growth Fund (PIA40GF)
Public Islamic Treasures Growth Fund (PITGF)
Public Ittikal Sequel Fund (PITSEQ)
Public Islamic Savings Fund (PISVF)
Public Islamic Growth & Income Fund (PISGIF)
Public Islamic Enterprises Equity Fund (PIENTEF)
Public Islamic Mixed Asset Fund (PIMXAF)
Public Islamic Asia Tactical Allocation Fund (PIATAF)
Public Islamic Bond Fund (PI BOND)
Public Islamic Enhanced Bond Fund (PIEBF)
Public Islamic Select Bond Fund (PISBF)
Public Islamic Infrastructure Bond Fund (PIINFBF)
Public Islamic Strategic Bond Fund (PISTBF)
Public Sukuk Fund (PSKF)
Public Islamic Income Fund (PI INCOME)
Public Islamic Money Market Fund (PIMMF)
Page 163
Page 163
Page 164
Page 164
Page 165
Page 165
Page 166
Page 166
Page 167
Page 167
Page 168
Page 168
Page 169
Page 169
Page 170
Page 170
Page 171
Page 171
Page 172
Page 172
Page 173
Page 173
Page 174
Page 174
Page 175
Page 175
Page 176
Page 176
Note: There are no extracts of Statement of Income and Expenditure and Statement of Assets and Liabilities for PESMAGF
PESMACF, PIAVGEF, PIGRBF and PIEMOF as the funds will be having their first financial period ending on
30 April 2016, 30 September 2016, 31 October 2016 and 31 January 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.
162
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ITTIKAL FUND (P ITTIKAL)
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
218,633
(79,423)
390,114
(74,043)
679,183
(66,962)
Net investment income
139,210
316,071
612,221
Net income before taxation
139,210
316,071
612,221
Net income after taxation
136,526
313,271
609,678
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
4,494,288
223,818
4,173,089
277,654
3,728,348
266,766
Total assets
4,718,106
4,450,743
3,995,114
(309,512)
(310,954)
(223,932)
4,408,594
4,139,789
3,771,182
Extract of Statement of Assets and Liabilities as at 31 May
Total liabilities
NAV/Unitholders’ capital
PUBLIC ISLAMIC EQUITY FUND (PIEF)
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
54,424
(37,679)
190,054
(34,563)
293,217
(30,156)
Net investment income
16,745
155,491
263,061
Net income before taxation
16,745
155,491
263,061
Net income after taxation
15,995
154,968
262,065
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
2,226,339
60,059
2,225,710
19,978
1,920,987
38,449
Total assets
2,286,398
2,245,688
1,959,436
(168,206)
(151,607)
(109,056)
2,118,192
2,094,081
1,850,380
Extract of Statement of Assets and Liabilities as at 31 May
Total liabilities
NAV/Unitholders’ capital
Note: Unitholders’ capital refers to the NAV attributable to unitholders.
163
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC OPPORTUNITIES FUND (PIOF)
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
58,407
(14,870)
83,880
(9,144)
78,188
(6,102)
Net investment income
43,537
74,736
72,086
Net income before taxation
43,537
74,736
72,086
Net income after taxation
43,427
74,603
71,568
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
893,923
9,734
723,800
14,867
404,950
27,282
Total assets
903,657
738,667
432,232
Total liabilities
(61,536)
(52,005)
(27,085)
NAV/Unitholders’ capital
842,121
686,662
405,147
Extract of Statement of Assets and Liabilities as at 31 July
PUBLIC ISLAMIC DIVIDEND FUND (PIDF)
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
207,521
(76,800)
462,407
(66,414)
375,883
(49,299)
Net investment income
130,721
395,993
326,584
Net income before taxation
130,721
395,993
326,584
Net income after taxation
129,472
394,634
324,613
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
4,777,982
136,572
4,380,158
96,261
3,474,260
53,014
Total assets
4,914,554
4,476,419
3,527,274
(128,781)
(324,905)
(181,054)
4,785,773
4,151,514
3,346,220
Extract of Statement of Assets and Liabilities as at 30 April
Total liabilities
NAV/Unitholders’ capital
164
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ASIA ITTIKAL FUND (PAIF)
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
47,909
(4,975)
17,775
(4,840)
23,020
(5,510)
Net investment income
42,934
12,935
17,510
Net income before taxation
42,934
12,935
17,510
Net income after taxation
42,375
12,574
17,080
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
227,360
15,867
193,724
23,520
216,159
22,643
Total assets
243,227
217,244
238,802
(7,496)
(9,038)
(7,403)
235,731
208,206
231,399
Extract of Statement of Assets and Liabilities as at 31 October
Total liabilities
NAV/Unitholders’ capital
PUBLIC ISLAMIC ASIA DIVIDEND FUND (PIADF)
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
41,272
(7,056)
40,668
(7,143)
38,860
(8,916)
Net investment income
34,216
33,525
29,944
Net income before taxation
34,216
33,525
29,944
Net income after taxation
33,682
32,997
29,274
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
292,768
19,571
296,846
25,512
322,214
20,310
Total assets
312,339
322,358
342,524
Total liabilities
(10,845)
(5,941)
(7,671)
NAV/Unitholders’ capital
301,494
316,417
334,853
Extract of Statement of Assets and Liabilities as at 30 April
165
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC SECTOR SELECT FUND (PISSF)
Extract of Statement of Income and Expenditure for the financial years ended 30 November
2015
RM’000
2014
RM’000
2013
RM’000
Investment (loss)/income
Total expenses
(14,096)
(35,303)
71,704
(25,948)
142,975
(16,369)
Net investment (loss)/income
(49,399)
45,756
126,606
Net (loss)/income before taxation
(49,399)
45,756
126,606
Net (loss)/income after taxation
(49,399)
45,815
126,602
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
2,150,202
15,126
1,910,875
35,434
1,120,069
33,458
Total assets
2,165,328
1,946,309
1,153,527
(80,982)
(207,852)
(132,675)
2,084,346
1,738,457
1,020,852
Extract of Statement of Assets and Liabilities as at 30 November
Total liabilities
NAV/Unitholders’ capital
PUBLIC CHINA ITTIKAL FUND (PCIF)
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
44,345
(7,864)
50,868
(7,832)
62,461
(8,550)
Net investment income
36,481
43,036
53,911
Net income before taxation
36,481
43,036
53,911
Net income after taxation
35,641
42,357
53,132
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
332,457
6,587
327,828
36,447
380,163
18,609
Total assets
339,044
364,275
398,772
(1,106)
(1,772)
(3,754)
337,938
362,503
395,018
Extract of Statement of Assets and Liabilities as at 30 November
Total liabilities
NAV/Unitholders’ capital
166
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC SELECT TREASURES FUND (PISTF)
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
53,399
(19,478)
31,497
(20,938)
272,424
(17,959)
Net investment income
33,921
10,559
254,465
Net income before taxation
33,921
10,559
254,465
Net income after taxation
33,801
10,036
253,428
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
1,162,043
2,583
1,250,438
4,916
1,151,076
19,837
Total assets
1,164,626
1,255,354
1,170,913
(72,925)
(91,843)
(62,899)
1,091,701
1,163,511
1,108,014
Extract of Statement of Assets and Liabilities as at 31 May
Total liabilities
NAV/Unitholders’ capital
PUBLIC ISLAMIC OPTIMAL GROWTH FUND (PIOGF)
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
347
(25,037)
89,054
(23,917)
180,990
(21,999)
Net investment (loss)/income
(24,690)
65,137
158,991
Net (loss)/income before taxation
(24,690)
65,137
158,991
Net (loss)/income after taxation
(24,737)
65,097
157,488
2016
RM’000
2015
RM’000
2014
RM’000
Total investments
Total other assets
1,409,341
37,111
1,506,290
4,143
1,416,122
2,681
Total assets
1,446,452
1,510,433
1,418,803
(50,537)
(82,865)
(66,195)
1,395,915
1,427,568
1,352,608
Extract of Statement of Assets and Liabilities as at 31 January
Total liabilities
NAV/Unitholders’ capital
167
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC SELECT ENTERPRISES FUND (PISEF)
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
(21,768)
(48,151)
241,110
(42,637)
215,717
(27,571)
Net investment (loss)/income
(69,919)
198,473
188,146
Net (loss)/income before taxation
(69,919)
198,473
188,146
Net (loss)/income after taxation
(70,017)
198,347
188,004
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
2,875,282
1,370
2,801,990
1,940
2,138,081
58,197
Total assets
2,876,652
2,803,930
2,196,278
(181,815)
(159,195)
(124,965)
2,694,837
2,644,735
2,071,313
Extract of Statement of Assets and Liabilities as at 31 July
Total liabilities
NAV/Unitholders’ capital
PUBLIC ISLAMIC ASIA LEADERS EQUITY FUND (PIALEF)
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
6,592
(982)
3,178
(920)
5,231
(1,089)
Net investment income
5,610
2,258
4,142
Net income before taxation
5,610
2,258
4,142
Net income after taxation
5,511
2,192
4,053
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
41,244
1,088
34,072
3,617
42,891
1,570
Total assets
42,332
37,689
44,461
(150)
(230)
(466)
42,182
37,459
43,995
Extract of Statement of Assets and Liabilities as at 30 November
Total liabilities
NAV/Unitholders’ capital
168
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC ALPHA-40 GROWTH FUND (PIA40GF)
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
6,273
(4,715)
4,359
(2,481)
12,253
(1,592)
Net investment income
1,558
1,878
10,661
Net income before taxation
1,558
1,878
10,661
Net income after taxation
1,433
1,854
10,638
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
240,360
9,940
221,633
3,386
77,087
4,308
Total assets
250,300
225,019
81,395
(6,475)
(25,506)
(3,647)
243,825
199,513
77,748
Extract of Statement of Assets and Liabilities as at 30 November
Total liabilities
NAV/Unitholders’ capital
PUBLIC ISLAMIC TREASURES GROWTH FUND (PITGF)
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
(22,263)
(5,269)
13,991
(3,224)
10,550
(1,667)
Net investment (loss)/income
(27,532)
10,767
8,883
Net (loss)/income before taxation
(27,532)
10,767
8,883
Net (loss)/income after taxation
(27,534)
10,736
8,800
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
340,718
10,226
175,055
7,450
106,079
4,661
Total assets
350,944
182,505
110,740
Total liabilities
(21,081)
(14,360)
(9,648)
NAV/Unitholders’ capital
329,863
168,145
101,092
Extract of Statement of Assets and Liabilities as at 31 August
169
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ITTIKAL SEQUEL FUND (PITSEQ)
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
29,529
(18,783)
15,616
(4,451)
19,868
(2,330)
Net investment income
10,746
11,165
17,538
Net income before taxation
10,746
11,165
17,538
Net income after taxation
10,282
11,127
17,306
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
1,601,438
88,046
321,062
16,693
145,364
13,093
Total assets
1,689,484
337,755
158,457
(61,077)
(31,095)
(10,420)
1,628,407
306,660
148,037
Extract of Statement of Assets and Liabilities as at 30 November
Total liabilities
NAV/Unitholders’ capital
PUBLIC ISLAMIC SAVINGS FUND (PISVF)
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
6,074
(1,411)
1,155
(1,083)
5,829
(787)
Net investment income
4,663
72
5,042
Net income before taxation
4,663
72
5,042
Net income after taxation
4,617
54
5,031
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
91,571
3,315
60,483
1,100
51,140
2,712
Total assets
94,886
61,583
53,852
Total liabilities
(4,537)
(1,087)
(1,358)
NAV/Unitholders’ capital
90,349
60,496
52,494
Extract of Statement of Assets and Liabilities as at 31 December
170
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC GROWTH & INCOME FUND (PISGIF)
Extract of Statement of Income and Expenditure for the financial period/year ended 31 December
From 7.1.14
2015 To 31.12.14
RM’000
RM’000
Investment income
Total expenses
13,130
(5,605)
4,941
(4,730)
Net investment income
7,525
211
Net income before taxation
7,525
211
Net income after taxation
7,322
131
2015
RM’000
2014
RM’000
Total investments
Total other assets
296,535
4,290
285,230
6,962
Total assets
300,825
292,192
(8,896)
(5,951)
291,929
286,241
Extract of Statement of Assets and Liabilities as at 31 December
Total liabilities
NAV/Unitholders’ capital
PUBLIC ISLAMIC ENTERPRISES EQUITY FUND (PIENTEF)
Extract of Statement of Income and Expenditure for the financial period ended 30 September
From 18.3.15
To 30.9.15
RM’000
Investment loss
Total expenses
(392)
(581)
Net investment loss
(973)
Net loss before taxation
(973)
Net income after taxation
(982)
Extract of Statement of Assets and Liabilities as at 30 September
2015
RM’000
Total investments
Total other assets
58,557
832
Total assets
59,389
Total liabilities
(2,231)
NAV/Unitholders’ capital
57,158
171
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC MIXED ASSET FUND (PIMXAF)
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
772
(6,298)
19,290
(6,531)
43,835
(7,018)
Net investment (loss)/income
(5,526)
12,759
36,817
Net (loss)/income before taxation
(5,526)
12,759
36,817
Net (loss)/income after taxation
(5,555)
12,769
36,457
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
299,491
10,543
352,350
1,196
364,827
7,886
Total assets
310,034
353,546
372,713
Total liabilities
(23,368)
(29,914)
(22,763)
NAV/Unitholders’ capital
286,666
323,632
349,950
Extract of Statement of Assets and Liabilities as at 30 November
PUBLIC ISLAMIC ASIA TACTICAL ALLOCATION FUND (PIATAF)
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
8,144
(1,065)
4,443
(1,204)
7,856
(1,618)
Net investment income
7,079
3,239
6,238
Net income before taxation
7,079
3,239
6,238
Net income after taxation
6,989
3,144
6,129
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
42,182
1,862
35,020
5,971
64,454
1,982
Total assets
44,044
40,991
66,436
(929)
(56)
(530)
43,115
40,935
65,906
Extract of Statement of Assets and Liabilities as at 31 October
Total liabilities
NAV/Unitholders’ capital
172
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC BOND FUND (PI BOND)
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
25,660
(4,840)
24,557
(5,193)
27,519
(6,904)
Net investment income
20,820
19,364
20,615
Net income before taxation
20,820
19,364
20,615
Net income after taxation
20,820
19,364
20,615
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
483,619
288
578,277
134
637,122
57
Total assets
483,907
578,411
637,179
Total liabilities
(29,099)
(34,408)
(36,618)
NAV/Unitholders’ capital
454,808
544,003
600,561
Extract of Statement of Assets and Liabilities as at 31 October
PUBLIC ISLAMIC ENHANCED BOND FUND (PIEBF)
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
4,069
(884)
3,738
(860)
3,060
(905)
Net investment income
3,185
2,878
2,155
Net income before taxation
3,185
2,878
2,155
Net income after taxation
3,159
2,854
2,134
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
66,828
3,624
75,043
3,416
77,984
1,537
Total assets
70,452
78,459
79,521
Total liabilities
(2,939)
(3,025)
(3,834)
NAV/Unitholders’ capital
67,513
75,434
75,687
Extract of Statement of Assets and Liabilities as at 31 December
173
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC SELECT BOND FUND (PISBF)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2015
RM’000
2014
RM’000
2013
RM’000
10,282
(1,790)
9,122
(1,953)
9,195
(1,842)
Net investment income
8,492
7,169
7,353
Net income before taxation
8,492
7,169
7,353
Net income after taxation
8,492
7,169
7,353
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
226,699
1,508
231,036
85
257,512
54
Total assets
228,207
231,121
257,566
(8,257)
(9,194)
(9,271)
219,950
221,927
248,295
Investment income
Total expenses
Extract of Statement of Assets and Liabilities as at 31 July
Total liabilities
NAV/Unitholders’ capital
PUBLIC ISLAMIC INFRASTRUCTURE BOND FUND (PIINFBF)
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
7,069
(1,425)
8,148
(1,306)
8,126
(1,488)
Net investment income
5,644
6,842
6,638
Net income before taxation
5,644
6,842
6,638
Net income after taxation
5,644
6,842
6,638
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
187,033
127
157,110
127
175,864
54
Total assets
187,160
157,237
175,918
(7,363)
(6,667)
(10,729)
179,797
150,570
165,189
Extract of Statement of Assets and Liabilities as at 30 November
Total liabilities
NAV/Unitholders’ capital
174
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC STRATEGIC BOND FUND (PISTBF)
Extract of Statement of Income and Expenditure for the financial years ended 31 December
2015
RM’000
2014
RM’000
2013
RM’000
10,531
(2,057)
11,272
(2,122)
13,955
(2,834)
Net investment income
8,474
9,150
11,121
Net income before taxation
8,474
9,150
11,121
Net income after taxation
8,474
9,150
11,121
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
250,023
57
250,884
1,324
306,999
58
Total assets
250,080
252,208
307,057
Total liabilities
(10,836)
(9,455)
(10,271)
NAV/Unitholders’ capital
239,244
242,753
296,786
Investment income
Total expenses
Extract of Statement of Assets and Liabilities as at 31 December
PUBLIC SUKUK FUND (PSKF)
Extract of Statement of Income and Expenditure for the financial years ended 31 August
2015
RM’000
2014
RM’000
2013
RM’000
Investment income
Total expenses
4,972
(1,100)
7,184
(1,377)
5,944
(1,547)
Net investment income
3,872
5,807
4,397
Net income before taxation
3,872
5,807
4,397
Net income after taxation
3,872
5,807
4,397
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
134,317
212
137,616
55
207,224
4,933
Total assets
134,529
137,671
212,157
(4,848)
(5,657)
(7,096)
129,681
132,014
205,061
Extract of Statement of Assets and Liabilities as at 31 August
Total liabilities
NAV/Unitholders’ capital
175
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC ISLAMIC INCOME FUND (PI INCOME)
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
36,346
(5,967)
33,064
(7,573)
38,393
(8,750)
Net investment income
30,379
25,491
29,643
Net income before taxation
30,379
25,491
29,643
Net income after taxation
30,379
25,491
29,643
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
669,605
8,398
814,816
2,987
1,145,722
4,887
Total assets
678,003
817,803
1,150,609
Total liabilities
(25,331)
(32,557)
(52,834)
NAV/Unitholders’ capital
652,672
785,246
1,097,775
Extract of Statement of Assets and Liabilities as at 31 July
PUBLIC ISLAMIC MONEY MARKET FUND (PIMMF)
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
21,155
(2,405)
22,609
(2,757)
21,336
(2,619)
Net investment income
18,750
19,852
18,717
Net income before taxation
18,750
19,852
18,717
Net income after taxation
18,750
19,852
18,717
2015
RM’000
2014
RM’000
2013
RM’000
Total investments
Total other assets
560,997
13,140
605,557
5,522
819,573
6,725
Total assets
574,137
611,079
826,298
Total liabilities
(17,791)
(20,760)
(38,776)
NAV/Unitholders’ capital
556,346
590,319
787,522
Extract of Statement of Assets and Liabilities as at 30 June
176
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.
Management fee
Trustee fee
Other
expenses
Fund name
P ITTIKAL
PIEF
PIOF
PIDF
PAIF
PIADF
PISSF
PCIF
PISTF
PIOGF
PISEF
PIALEF
PIA40GF
PITGF
PITSEQ
PISVF
PISGIF
PIENTEF
PIMXAF
PIATAF
PI BOND
PIEBF
PISBF
PIINFBF
PISTBF
PSKF
PI INCOME
PIMMF
#
RM’000
%
#
RM’000
70,092
34,413
13,411
69,753
3,868
5,120
31,222
6,221
17,962
22,939
43,851
683
3,635
4,221
13,681
1,082
4,646
432
5,089
718
4,582
760
1,672
1,327
1,931
1,021
5,629
2,228
1.50
1.50
1.49
1.50
1.65
1.65
1.50
1.65
1.50
1.50
1.50
1.64
1.50
1.64
1.50
1.50
1.50
1.49
1.50
1.64
0.80
0.99
0.74
0.74
0.74
0.74
0.75
0.37
600
600
537
600
141
186
613
226
600
627
600
25
145
154
548
44
186
18
204
26
202
27
79
63
91
48
263
119
#
RM’000
0.01
0.03
0.06
0.01
0.06
0.06
0.03
0.06
0.05
0.04
0.02
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.04
0.04
0.03
0.03
0.03
0.04
0.03
0.02
864
516
154
1,158
149
189
312
190
261
262
402
64
88
74
246
60
161
31
96
87
56
43
39
35
35
31
75
58
%
Reflected as a percentage of average NAV.
Note: Other expenses exclude brokerage fee and payment to charitable bodies (if any).
177
Total annual
expenses
#
RM’000
%
0.02
0.02
0.02
0.03
0.06
0.06
0.01
0.05
0.02
0.02
0.01
0.16
0.04
0.03
0.03
0.08
0.05
0.11
0.03
0.20
0.01
0.06
0.02
0.02
0.01
0.02
0.01
0.01
71,556
35,529
14,102
71,511
4,158
5,495
32,147
6,637
18,823
23,828
44,853
772
3,868
4,449
14,475
1,186
4,993
481
5,389
831
4,840
830
1,790
1,425
2,057
1,100
5,967
2,405
1.53
1.55
1.57
1.54
1.77
1.77
1.54
1.76
1.57
1.56
1.53
1.86
1.60
1.73
1.59
1.64
1.61
1.66
1.59
1.90
0.84
1.08
0.79
0.79
0.79
0.80
0.79
0.40
%
#
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
The MER of the funds for the past 3 financial years is as follows:
Fund name
MER (%)
Fund name
P ITTIKAL
31 May 2015
31 May 2014
31 May 2013
1.53
1.54
1.54
PITGF
31 August 2015
31 August 2014
31 August 2013
1.73
1.75
1.79
PIEF
31 May 2015
31 May 2014
31 May 2013
1.55
1.55
1.55
PITSEQ
30 November 2015
30 November 2014
30 November 2013
1.59
1.61
1.63
PIOF
31 July 2015
31 July 2014
31 July 2013
1.57
1.58
1.58
PISVF
31 December 2015
31 December 2014
31 December 2013
1.64
1.66
1.67
PIDF
30 April 2015
30 April 2014
30 April 2013
1.54
1.54
1.54
PIMXAF
30 November 2015
30 November 2014
30 November 2013
1.59
1.59
1.59
PAIF
31 October 2015
31 October 2014
31 October 2013
1.77
1.77
1.78
PIATAF
31 October 2015
31 October 2014
31 October 2013
1.90
1.84
1.82
PIADF
30 April 2015
30 April 2014
30 April 2013
1.77
1.77
1.76
PI BOND
31 October 2015
31 October 2014
31 October 2013
0.84
0.87
1.04
PISSF
30 November 2015
30 November 2014
30 November 2013
1.54
1.56
1.59
PIEBF
31 December 2015
31 December 2014
31 December 2013
1.08
1.09
1.09
PCIF
30 November 2015
30 November 2014
30 November 2013
1.76
1.77
1.76
PISBF
31 July 2015
31 July 2014
31 July 2013
0.79
0.80
0.79
PISTF
31 May 2015
31 May 2014
31 May 2013
1.57
1.57
1.58
PIINFBF
30 November 2015
30 November 2014
30 November 2013
0.79
0.80
0.80
PIOGF
31 January 2016
31 January 2015
31 January 2014
1.56
1.56
1.57
PISTBF
31 December 2015
31 December 2014
31 December 2013
0.79
0.80
0.79
PISEF
31 July 2015
31 July 2014
31 July 2013
1.53
1.54
1.54
PSKF
31 August 2015
31 August 2014
31 August 2013
0.80
0.79
0.80
178
MER (%)
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
Fund name
MER (%)
Fund name
MER (%)
PIALEF
30 November 2015
30 November 2014
30 November 2013
1.86
1.87
1.84
PI INCOME
31 July 2015
31 July 2014
31 July 2013
0.79
0.79
0.78
PIA40GF
30 November 2015
30 November 2014
30 November 2013
1.60
1.63
1.65
PIMMF
30 June 2015
30 June 2014
30 June 2013
0.40
0.40
0.40
PISGIF*
31 December 2015
31 December 2014
1.61
1.62
PIENTEF*
30 September 2015
1.66
* These funds were launched for less than 3 financial years.
179
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 225 to 228 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 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 181 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* - RM1,000
Note:
* The Manager may vary the minimum initial investment amount from time to time.
180
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 - RM100
Under the Deed, the Manager is given the exclusive right to effect the issue of units for the account of the funds 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.
181
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 Shariah-Based Funds and Public
Series of 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
Equity /
Mixed Asset /
Balanced funds
Sukuk / Bond /
Fixed Income funds
Money Market funds
Switching fee of up to
0.75%*
Switching fee of up to
0.75%*
Switching fee of up to
0.75%*
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%*
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
Switch-out /
(Exit) From
Equity / Mixed Asset /
Balanced funds
Sukuk / Bond /
Fixed Income funds
- Loaded units #
Money Market funds
- Loaded units #
Note:
* Subject to a minimum of RM50, whichever is higher. This switching fee will be retained by the switch-out funds.
182
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
Equity /
Mixed Asset /
Balanced funds
Sukuk / Bond /
Fixed Income funds
Switching fee of up to
RM25
Switching fee of up to
RM25
No switching fee
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
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
Switch-out /
(Exit) From
Equity / Mixed Asset /
Balanced funds
Sukuk / Bond /
Fixed Income funds
- Loaded units #
Money Market funds
- Loaded units #
Notes:
#
##
###
####
Money Market funds
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.
Switching from a Shariah-compliant fund to a conventional fund is discouraged especially for Muslim unitholders.
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.
All the above fees and charges are subject to GST which are payable by you.
183
GETTING STARTED WITH PUBLIC MUTUAL (CONT’D)
Minimum Units for Redemption, Switching or Transfer
The minimum number of units for redemption, switching or transfer is 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
a minimum balance of 1,000 units in your account at all times in order to stay invested with the fund.
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 36
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/Financing 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 36 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 32 to 33 for more information on the mode of distributions and policies and procedures
on unclaimed monies/distributions.
184
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 186 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.
185
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 PIEF for the Business Day of 15 July 2016:
Total NAV (RM)
UIC (units)
NAV per unit (RM)
(Total NAV/UIC)
2,610,250,000
5,220,500,000
0.50000000
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 request 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.
186
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, up to 1.0% of NAV
per unit is levied for sukuk/fixed income 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 PIEF. Following through on illustration
1, the NAV per unit of PIEF 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:
Amount invested
RM10,000
Units credited
to investor’s account
RM0.50000000
20,000 units
=
NAV per unit
Sales charge per unit
=
NAV per unit x Sales charge (%)
=
RM0.50000000 x 5.5%
=
RM0.02750000
Total sales charge incurred by Investor A =
Sales charge per unit x Units credited to investor
=
RM0.02750000 x 20,000 units
=
RM550
Following the above, the total amount payable by Investor A:
=
Amount invested in PIEF + Sales charge incurred
=
RM10,000 + RM550
=
RM10,550
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 who 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.
187
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 PIEF. 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 PIEF =
Units redeemed x NAV per unit
=
20,000 units x RM0.50000000
=
RM10,000
Redemption charge per unit
=
NAV per unit x Redemption charge (%)
=
RM0.50000000 x 0%
=
Nil
Total redemption charge incurred by Investor B = Redemption charge per unit x Units redeemed
= RM0
x
20,000 units
= Nil
Following the above, the redemption proceeds received by Investor B:
=
Amount redeemed from PIEF – Redemption charge incurred
=
RM10,000 - RM0
=
RM10,000
Note: All the above fees and charges are subject to GST which are payable by you.
188
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
Sales charge
per unit
Equity, Mixed Asset and
Balanced Funds
Sukuk and Fixed Income
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.
Example:
Let us assume that the NAV per unit of PIEF is RM0.50000000 and the sales charge is 5.5%.
Sales charge per unit
=
NAV per unit x sales charge
=
RM0.50000000 x 5.5%
=
RM0.02750000
Redemption
charge per
unit
Nil.
Switching
charges
Please refer to pages 182 to 183 for charges on switching transactions.
Transfer
charges
An administration fee of RM25 will be charged for each transfer transaction.
189
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, Shariah Adviser, 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
Management
fee
Equity, Mixed Asset and
Balanced Funds
Sukuk and Fixed Income
Funds
PESMACF:
1.25% per annum of the
NAV.
PI BOND:
15% of Net Investment
Income of the fund.
P ITTIKAL, PIEF, PIOF, PIDF,
PISSF, PISTF, PIOGF, PISEF,
PIA40GF, PITSEQ, PISVF,
PISGIF, PIENTEF, PIAVGEF,
PIMXAF, PESMAGF and
PIGRBF:
1.50% per annum of the
NAV.
PIEBF:
1.0% per annum of the NAV.
Money Market Fund
PIMMF:
0.375% per annum of the
NAV.
PISBF, PI INCOME, PIINFBF,
PISTBF and PSKF:
0.75% per annum of the NAV
PAIF, PIADF, PCIF, PIALEF,
PITGF, PIEMOF and PIATAF:
1.65% 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.
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9 THE MANAGER
9.1 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
191
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
192
THE MANAGER (CONT’D)
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Award for Lifetime Achievement in Corporate Excellence, Dedication and Industry 2006
Asia’s Banker of High Distinction Award 2006
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.
193
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.
194
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 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 Bhd. 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 195) 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.
195
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.
196
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 195) 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 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.
197
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 stock broking 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 stock broking house and her investment research experience includes assessing
corporate earnings growth prospects, computation of stock valuations and financial analysis of listed companies.
198
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 her 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 Section 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.
199
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 stock broking house and an asset management
company as an investment analyst responsible for equity research in the Malaysian capital market.
200
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.
201
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.
202
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 193 to 195.
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:
•
•
•
•
•
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.
9.9 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.
203
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 into
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.
204
10 THE TRUSTEES
10.1 THE TRUSTEES’ WILLINGNESS TO ASSUME POSITION
AmanahRaya Trustees Berhad (“ART”) and Maybank Trustees Berhad (“MTB”) 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 trustee 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
20
20
20
20
20
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)
205
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.
206
THE TRUSTEES (CONT’D)
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.
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.
207
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 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 (“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 Civil Suit No. D-22NCC-1622-11/2012
(“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.
208
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.
209
11 THE SHARIAH ADVISER
11.1 ROLE OF THE SHARIAH ADVISER
ZICO Shariah Advisory Services Sdn. Bhd. (“ZICO Shariah”) is the Shariah Adviser to the Shariah-compliant funds
listed under this Master Prospectus. As the Shariah Adviser, the role of ZICO Shariah is to ensure that the operations
and investments of the funds are in compliance with Shariah requirements. The Shariah Adviser reviews the funds’
investments on a monthly basis to ensure compliance with Shariah requirements at all times and meets with the
Manager on a quarterly basis to review and advise on the funds’ compliance with Shariah requirements. For the
funds’ investment in both domestic Shariah-compliant equity and sukuk, Islamic investment accounts, Islamic
deposits, Islamic money market instruments and Islamic negotiable instruments, the screening of such investments
are based on the “List of Shariah-compliant Securities by the SACSC”, the list of sukuk issued by the SC, the list of
Islamic money market instruments provided by Bank Negara Malaysia; and the list of Islamic investment accounts
and Islamic deposits provided by the Manager on a monthly basis as required by the Shariah Adviser to ensure
that all placements are in accordance with the Shariah. For the funds’ investment in foreign securities, reference
is made to recognised market indices on which such foreign securities are listed (i.e. Shariah indices compiled by
established index providers which are approved by the Shariah Adviser) and/or subject to review process which
involves both quantitative and qualitative analysis by the Shariah Adviser. Final responsibility for ensuring Shariah
compliance of the funds in all relevant aspects rests solely with the Manager.
11.2 RESPONSIBILITIES OF THE SHARIAH ADVISER
In line with the SC Guidelines, the roles of the Shariah Adviser are:
1.
Ensuring that the funds are managed and administered in accordance with Shariah principles;
2.
Providing advice, expertise and guidance for the funds in all matters from the perspective of Shariah principles,
including on the funds’ deed and prospectus, their structure and investment process, and other operational
and administrative matters;
3.
Consulting the SC who may consult its Shariah Advisory Council (“SAC”) where there is any ambiguity or
uncertainty as to an investment, instrument, system, procedure and/or process in relation to the funds;
4.
Scrutinising the funds’ compliance reports as provided by the Manager’s compliance officer, transaction
reports provided by or duly approved by the trustee and any other report deemed necessary for the purpose
of ensuring that the funds’ investments are in line with Shariah principles;
5.
Preparing reports to be included in the funds’ interim and annual reports certifying whether the funds have
been managed and administered in accordance with the Shariah principles;
6.
Ensuring that the funds comply, with any guideline, ruling or decision issued by the SC and its SAC, with
regard to Shariah matters;
7.
Vetting and advising on the promotional materials of the funds;
8.
Assisting and attending to any ad-hoc meeting called by the SC and/or any other relevant authority.
11.3 GENERAL INFORMATION ON ZICO SHARIAH
ZICO Shariah is a leading provider of Shariah advisory services in the ASEAN region and beyond. It was set up in
response to a growing demand for Shariah related counsel in Islamic banking and finance, wealth management
and Islamic law in general.
ZICO Shariah is a dedicated Shariah advisory company and offers the full range of services on Shariah related matters.
As a specialised Shariah services provider, it has built a solid reputation for informed Shariah advice and guidance
to its clients. ZICO Shariah is licensed by the SC to advise on sukuk issuances, Islamic funds as well as other Islamic
capital market products and instruments. It is also approved by the Central Bank of Malaysia to provide Shariah
advice, Shariah review and Shariah audit services to Islamic financial institutions.
ZICO Shariah is a member of ZICO Holdings, the first and only integrated network of legal and professional related
services provider in the ASEAN region and it has the added advantage of obtaining and sharing resources with all
its offices in ASEAN.
210
THE SHARIAH ADVISER (CONT’D)
ZICO Shariah has the relevant experience as Shariah Adviser for Shariah-compliant funds and investments:
•
•
•
•
•
•
•
•
Acting as the Shariah adviser to a sukuk investment fund ensuring the fund structure, operations and
investment portfolio are Shariah compliant.
Acting as the Shariah adviser to the Australia investment fund ensuring the fund structure, operations and
investment portfolio are Shariah compliant.
Advising on the potential restructuring of a statutory body’s deposit accounts and offering of a new type of
account for depositors geared towards Shariah-compliant investments.
Advising (on-going) on the issuance of the first corporate sukuk in Thailand. Provided specialised training
for the ministry officials and other industry players on Islamic finance, particularly in sukuk.
Advised on potential sukuk structures within the Japanese legal framework in relation to proposals for tax
law reform to facilitate sukuk issuances.
Advised on sukuk structuring for a possible first onshore Japanese issuance.
Advised on the establishment of a Shariah-compliant private equity fund for infrastructure projects in the
Middle East.
Advised on the establishment of a Shariah-compliant private equity fund in relation to investments in East
Asia.
As at LPD, ZICO Shariah has a staff strength of 14 employees and is the Shariah Adviser for 45 funds.
Board of Directors
Dato’ Dr Nik Norzrul Thani – Director
Dr. Aida Othman – Director
Ahmad Ab Hamid – Director
Zahrul Annuar Mat Desa – Director
Kamaruzaman Ashari – Director
11.4 PROFILE OF DESIGNATED PERSONS RESPONSIBLE FOR SHARIAH MATTERS RELATING
TO THE FUNDS
The designated persons responsible for Shariah matters relating to the funds are:
Professor Dr Mohamad Akram Laldin (Shariah Adviser)
Professor Dr Mohamad Akram is currently the Executive Director of International Shari’ah Research Academy for
Islamic Finance (ISRA). At present, he is the Member of Bank Negara Malaysia (BNM) Shariah Advisory Council,
Shariah Advisory Committee of Employee Provident Fund (EPF), Member of Yassar Limited Shariah Advisory Board,
EAB (London) Shariah Advisory Board, Chairman of Islamic Advisory Board HSBC Insurance Singapore, Shariah
Adviser to ZICO Advisory Malaysia, Member of Shariah Advisory Council International Islamic Financial Market
(IIFM) Bahrain, Shariah Advisor to Dar al-Takaful Dubai, Committee member of AAOIFI Shariah Standards, Bahrain
and other Boards locally and internationally.
Prior to joining ISRA he was an Assistant Professor at the Kulliyah of Islamic Revealed Knowledge and Human
Sciences, International Islamic University, Malaysia (IIUM). In the period 2002-2004, he was a Visiting Assistant
Professor at the University of Sharjah, Sharjah, United Arab Emirates.
Professor Dr Akram holds a B.A. Honours degree in Islamic Jurisprudence and Legislation from the University of
Jordan, Amman, Jordan and a Ph.D. in Principles of Islamic Jurisprudence (Usul al-Fiqh) from the University of
Edinburgh, Scotland, United Kingdom. He is also a member of the Board of Studies of the Institute of Islamic
Banking and Finance, International Islamic University Malaysia.
He is a registered Shariah Adviser for Islamic securities with the SC and has acted as Shariah Adviser in the issuance
of several sukuk. In addition, he is also prolific author of academic works specifically in the areas of Islamic banking
and finance. He is the recipient of the Zaki Badawi Award 2010 for Excellence in Shariah Advisory and Research.
211
THE SHARIAH ADVISER (CONT’D)
Professor Dr Ashraf bin Md Hashim (Shariah Adviser)
Professor Dr Ashraf bin Md Hashim is a senior researcher at the International Shariah Research Academy for Islamic
Finance (ISRA) and a Professor at International Centre for Education in Islamic Finance (INCEIF). He is also Chief
Executive Officer of ISRA Consultancy.
Professor Dr Ashraf bin Md Hashim attained a PhD (Islamic Law) from the University of Birmingham, UK, 1999; A
Masters degree (1995) in Fiqh and Usul al-Fiqh from University of Jordan; Bachelor degree (1991) in Shari’ah from
Islamic University in Medina. He has also obtained a Postgraduate Diploma in Islamic Law and Practice (2001) from
International Islamic University Malaysia.
Previously, he was an academic staff at the Department of Fiqh and Usul Fiqh, Kulliyyah of Islamic Revealed
Knowledge and Human Sciences, International Islamic University Malaysia. He was also seconded to Al-Madinah
International University as Deputy Rector (Academic Affairs) for two years. He has to his credit two books and a
number of articles published in local and international journals. He has been a Chevening Fellow at the Oxford
Centre for Islamic Studies, United Kingdom.
Professor Dr Ashraf has vast experience in providing Shariah views on retail and investment banking products, sukuk
structuring and unit trusts. He is also actively involved in advising Takaful and Retakaful companies. Currently, he is
a member of Shariah Advisory Council, Central Bank of Malaysia and the SC. He is also a member of the National
Fatwa Council of Malaysia and is currently the Chairman of the Shariah Committee of Bursa Malaysia. He also
serves as Shariah Advisor to a number of Islamic Financial Institutions in Malaysia and abroad.
Dr. Aida Othman
Dr. Aida Othman is a Partner at Zaid Ibrahim & Co. She is also a Director with ZICO Shariah. Dr. Aida advises on
Islamic banking and finance transactions and documentation; in particular, she has advised on Shariah compliance
issues, structured Islamic products, Islamic financing documentation, sukuk issuance, takaful, regulatory framework
for Islamic financial services, Islamic wealth management, Islamic private equity and unit trust funds.
Dr. Aida holds a Doctor of Philosophy in Comparative Law & Middle Eastern Studies from Harvard University, United
States of America. She also obtained her Masters of Law from Cambridge University, United Kingdom and Bachelor
of Laws (First Class Honours) and Bachelor of Islamic Law (Syariah) (First Class Honours) from International Islamic
University, Malaysia.
Dr. Aida sits on the Shariah Advisory Board of Syarikat Takaful Malaysia Berhad.
212
12 SALIENT TERMS OF THE DEED
12.1 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.
12.2 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.
213
SALIENT TERMS OF THE DEED (CONT’D)
12.3 MAXIMUM FEES AND CHARGES PERMITTED BY THE DEED
Fund
Management fee
Trustee fee
Sales charge
P ITTIKAL
1.5% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily on
the NAV.
7% of the NAV
per unit.
5 sen per unit.
PIEF
1.5% per annum of
the NAV.
Not exceeding 0.15% per
annum, calculated daily on
the NAV, but subject to any
minimum fee (inclusive of
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.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIOF
1.5% per annum of
the NAV.
Not exceeding 0.06% per
annum, calculated daily on
the NAV, but subject to any
minimum fee (inclusive of
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.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIDF
1.5% per annum of
the NAV.
Not exceeding 0.06% per
annum, calculated daily on
the NAV, but subject to any
minimum fee (inclusive of
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.
7% of the NAV
per unit.
3% of the NAV per
unit.
PAIF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIADF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
214
Redemption charge
SALIENT TERMS OF THE DEED (CONT’D)
Fund
Management fee
Trustee fee
Sales charge
PISSF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PCIF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PISTF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIOGF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PISEF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIALEF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIA40GF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PITGF
2.0% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
215
Redemption charge
SALIENT TERMS OF THE DEED (CONT’D)
Fund
Management fee
Trustee fee
Sales charge
PITSEQ
2.0% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PISVF
2.0% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PISGIF
2.0% per annum of
the NAV.
Not exceeding 0.06% per
annum, calculated daily
on the NAV, but subject to
any minimum fee (inclusive
of the custodian fee) per
annum and/or a maximum
fee (inclusive of the
custodian fee) per annum
as shall be agreed upon
by the Manager and the
trustee.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIENTEF
2.0% per annum of
the NAV.
Not exceeding 0.06% per
annum, calculated daily
on the NAV, but subject to
any minimum fee (inclusive
of the custodian fee) per
annum and/or a maximum
fee (inclusive of the
custodian fee) per annum
as shall be agreed upon
by the Manager and the
trustee.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIAVGEF
2.0% per annum of
the NAV.
Not exceeding 0.06% per
annum, calculated daily
on the NAV, but subject to
any minimum fee (inclusive
of the custodian fee) per
annum and/or a maximum
fee (inclusive of the
custodian fee) per annum
as shall be agreed upon
by the Manager and the
trustee.
7% of the NAV
per unit.
3% of the NAV per
unit.
216
Redemption charge
SALIENT TERMS OF THE DEED (CONT’D)
Fund
Management fee
Trustee fee
Sales charge
PIEMOF
2.0% per annum of
the NAV.
Not exceeding 0.06% per
annum, calculated daily
on NAV, but subject to any
minimum fee (inclusive
of the custodian fee) per
annum and/or a maximum
fee (inclusive of the
custodian fee) per annum
as shall be agreed upon
by the Manager and the
trustee.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIMXAF
1.5% per annum of
the NAV.
Not exceeding 0.06% per
annum, calculated daily
on the NAV, but subject to
any minimum fee (inclusive
of the custodian fee) per
annum and/or a maximum
fee (inclusive of the
custodian fee) per annum
as shall be agreed upon
by the Manager and the
trustee.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIATAF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PESMAGF
2.0% per annum of
the NAV.
Not exceeding 0.06% per
annum, calculated daily
on the NAV, but subject to
any minimum fee (inclusive
of the custodian fee) per
annum and/or a maximum
fee (inclusive of the
custodian fee) per annum
as shall be agreed upon
by the Manager and the
trustee.
7% of the NAV
per unit.
3% of the NAV per
unit.
PESMACF
2.0% per annum of
the NAV.
Not exceeding 0.06% per
annum, calculated daily
on the NAV, but subject to
any minimum fee (inclusive
of the custodian fee) per
annum and/or a maximum
fee (inclusive of the
custodian fee) per annum
as shall be agreed upon
by the Manager and the
trustee.
7% of the NAV
per unit.
3% of the NAV per
unit.
217
Redemption charge
SALIENT TERMS OF THE DEED (CONT’D)
Fund
Management fee
Trustee fee
Sales charge
PIGRBF
2.0% per annum of
the NAV.
Not exceeding 0.06% per
annum, calculated daily
on the NAV, but 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.
7% of the NAV
per unit.
3% of the NAV per
unit.
PI BOND
Profit sharing
scheme with the
Manager and the
fund in the ratio of
15:85 respectively
based on Net
Investment Income,
which is the income
of the fund less the
trustee’s fee and
all permitted or
allowable expenses
under the deed.
Not exceeding 0.08% per
annum, calculated daily on
the NAV.
3% of the NAV
per unit.
3% of the NAV per
unit.
PIEBF
1.5% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PISBF
1.5% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIINFBF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PISTBF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
218
Redemption charge
SALIENT TERMS OF THE DEED (CONT’D)
Fund
Management fee
Trustee fee
Sales charge
Redemption charge
PI INCOME
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PSKF
1.8% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
7% of the NAV
per unit.
3% of the NAV per
unit.
PIMMF
1.0% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily
on the NAV, but subject to
a minimum fee (inclusive
of custodian fee) of
RM18,000.00 per annum.
1% of the NAV
per unit.
1% of the NAV per
unit.
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.
12.4 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.
219
SALIENT TERMS OF THE DEED (CONT’D)
12.5 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.
12.6 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.
220
SALIENT TERMS OF THE DEED (CONT’D)
12.7 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.
12.8 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.
12.9 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.
221
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
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 (“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. Under
Section 2(7) of the Act, any reference to interest in the Act shall apply, mutatis mutandis, to gains or profits received
and expenses incurred, in lieu of interest, in transactions conducted in accordance with the principles of Shariah.
Gains from the realisation of investments by the Funds will not be subject to income tax.
Interest income or profit 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.
222
TAXATION OF THE FUNDS AND UNITHOLDERS (CONT’D)
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.
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, they are 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 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.
223
TAXATION OF THE FUNDS AND UNITHOLDERS (CONT’D)
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 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 unit 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.
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 gains 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
224
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
225
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES (CONT’D)
Central Region (cont’d)
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
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 Bahru
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
226
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.
227
NETWORK OF PUBLIC MUTUAL AGENCY OFFICES
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
Sarawak (Sarikei)
Ling Chai Kua Agency Office
No. 43, 1st Floor, Jalan Masjid Lama,
96100 Sarikei, Sarawak.
Tel: 084-654108 Fax: 084-653318
228
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229
PRO22589-1104169
2016 MASTER PROSPECTUS OF PUBLIC SERIES OF SHARIAH-BASED FUNDS
MANAGER OF THE FUNDS
Public Mutual Berhad (23419-A)
(Incorporated in Malaysia under the Companies Act 1965)
HEAD OFFICE ADDRESS
Block B, Sri Damansara Business Park
Persiaran Industri, Bandar Sri Damansara
52200 Kuala Lumpur
INVESTORS ARE ADVISED TO READ AND UNDERSTAND THE CONTENTS OF THE MASTER PROSPECTUS. IF IN DOUBT,
PLEASE CONSULT A PROFESSIONAL ADVISER.
FOR INFORMATION CONCERNING CERTAIN RISK FACTORS WHICH SHOULD BE CONSIDERED BY PROSPECTIVE INVESTORS,
SEE “RISK FACTORS” COMMENCING ON PAGE 34.
This Master Prospectus is dated 30 April 2016 and expires on 29 April 2017
THIS MASTER PROSPECTUS ENCOMPASSES THE FOLLOWING 33 UNIT TRUST FUNDS:
Funds
Equity Funds
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
Date of Constitution Funds
Mixed Asset Funds
10 April 1997
Public Islamic Mixed Asset Fund
28 May 2003
Public Islamic Asia Tactical Allocation Fund
28 June 2005
Public Ehsan Mixed Asset Growth Fund
14 February 2006
Public Ehsan Mixed Asset Conservative Fund
22 August 2006
3 April 2007
Balanced Fund
13 November 2007
Public Islamic Growth Balanced Fund
20 November 2007
26 February 2008
Sukuk Funds
8 April 2008
Public Islamic Bond Fund
14 August 2008
Public Islamic Enhanced Bond Fund
19 January 2010
Public Islamic Select Bond Fund
16 November 2010
Public Islamic Infrastructure Bond Fund
19 July 2011
Public Islamic Strategic Bond Fund
11 October 2011
Public Sukuk Fund
15 December 2011
7 January 2014
Fixed Income Fund
18 March 2015
Public Islamic Income Fund
8 September 2015
30 March 2016
Money Market Fund
Public Islamic Money Market Fund
Date of Constitution
20 September 2005
21 August 2007
25 November 2014
25 November 2014
7 October 2015
15 August 2001
28 November 2006
10 July 2007
16 November 2010
30 December 2010
19 July 2011
14 August 2008
5 June 2007
MASTER PROSPECTUS
of Public Series of Shariah-Based Funds
TELEPHONE
03 6279 6800
THE MANAGER:
FACSIMILE
03 6277 9800
WEBSITE
www.publicmutual.com.my
CUSTOMER SERVICE HOTLINE
03 6207 5000
TRUSTEES:
AmanahRaya Trustees Berhad (766894-T)
Maybank Trustees Berhad (5004-P)
PUBLIC MUTUAL BERHAD (23419-A)