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, there are no false or misleading statements, or omission of
other facts which would make any statement in this Master Prospectus false or misleading.
Statements of Disclaimer
The Securities Commission Malaysia has authorised the unit trust funds and a copy of this Master Prospectus has
been registered with the Securities Commission Malaysia.
The authorisation, and the registration of this Master Prospectus, should not be taken to indicate that the Securities
Commission Malaysia recommends the said unt trust funds or assumes responsibility for the correctness of any
statement made or opinion or report expressed 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 unit trust 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. IN CONSIDERING THE INVESTMENT, INVESTORS WHO ARE IN DOUBT ON THE ACTION TO BE
TAKEN SHOULD CONSULT THEIR PROFESSIONAL ADVISERS IMMEDIATELY.
Additional Statement
Investors are advised to note that recourse for false or misleading statements or acts made in connection with this
Master Prospectus is directly available through sections 248, 249 and 357 of the Capital Markets and Services Act
2007.
No units of the said unit trust funds 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 thirty nine (39) unit trust funds:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
Public Savings Fund
Public Growth Fund
Public Index Fund
Public Industry 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 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 Tactical Allocation Fund
Public Balanced Fund
Public Far-East Balanced Fund
Public Bond Fund
Public Institutional Bond Fund
Public Enhanced Bond Fund
Public Select Bond Fund
Public Strategic Bond Fund
Public Enterprises Bond Fund
Public Money Market Fund
You may refer to pages 11 to 37 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 branch offices are located throughout the state capitals and major
towns of Malaysia to service unitholders who may need to do an enquiry or a transaction with us. Please refer to
pages 248 to 251 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.
KEY FEATURES OF THE FUNDS
1.1
1.2
1.3
1.4
1.5
1.6
2.
11-37
Summary of Key Data of The Funds
Fees and Charges
Information on Transaction of Units
Distribution Policy
Unclaimed Monies
Lodging a Complaint
11
32
34
35
36
37
ABOUT UNIT TRUST FUNDS
38-39
2.1 The Unit Trust Fund
2.2 Benefits of Investing in Unit Trust Funds
2.3 Risk Factors
3.
38
38
38
DETAILED INFORMATION ON THE FUNDS
3.1
3.2
3.3
3.4
3.5
3.6
3.7
Categories of Funds
Fund Profiles
Investment Risks
Permitted Investments
Investment Restrictions
Valuation of Permitted Investments
Policy on Gearing
40-142
41
42
133
134
136
141
142
4.
PERFORMANCE OF THE FUNDS
143-183
5.
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS
184-207
5.1 Extracts of Financial Statements of The Funds
5.2 Expenses Incurred by The Funds
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
208-213
208
208
212
213
214-216
7.1 Determination of Prices
7.2 Computation of Prices
8.
184
205
214
215
FEES, CHARGES AND EXPENSES
217-218
8.1 Charges Imposed on Purchase and Redemption of Units
8.2 Fees and Expenses of The Funds
8.3 Policy on Stockbroking Rebates and Soft Commissions
1
217
218
218
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
219-231
Corporate Profile of Public Mutual
Organisation of Public Mutual
Functions, Duties and Responsibilities of The Manager
Financial Performance of Public Mutual
The Board of Directors
Profile of Key Management Staff
Profile of Key Investment Personnel
The Investment Committee
Related Party Transactions/Conflict of Interest
Policies and Procedures on Money Laundering Activities
Documents Available for Inspection
10. THE TRUSTEES
10.1
10.2
10.3
10.4
10.5
219
219
219
220
220
223
225
230
230
231
231
232-237
The Trustees’ Willingness to Assume Position
Duties and Responsibilities of The Trustees
Profile of AmanahRaya Trustees Berhad
Profile of Maybank Trustees Berhad
Profile of CIMB Commerce Trustee Berhad
11. SALIENT TERMS OF THE DEED
232
232
232
233
236
238-245
11.1 Unitholders’ Rights and Liabilities
11.2Jointholders
11.3 Maximum Fees and Charges Permitted by The Deed
11.4 Permitted Expenses Payable Out of The Funds
11.5 Retirement, Removal and Replacement of The Manager
11.6 Retirement, Removal and Replacement of The Trustee
11.7 Termination of The Funds
11.8 Unitholders’ Meeting
11.9 The Deed
238
238
239
243
244
244
245
245
245
TAXATION OF THE FUNDS AND UNITHOLDERS
246-247
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES
248-250
NETWORK OF PUBLIC MUTUAL AGENCY OFFICES
251
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 Malaysia
Bursa Malaysia Berhad
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 Day to be a non-Business Day,
although Bursa Securities is open for business, if one or more of the foreign markets
in which the fund(s) are invested therein are closed for business. This is to ensure
that investors will be given a fair valuation of the fund(s) at all times, be it when
purchasing or redeeming units of the fund(s).
CCTB
CIMB Commerce Trustee Berhad (313031-A)
CMSA 2007
Capital Markets and Services Act 2007
cooling-off right
The right of a unitholder who is investing with Public Mutual for the first time, to
change his mind and cancel an investment within 6 Business Days from the date
of receipt by Public Mutual, of the application form and payment and will obtain
a full refund of the said investment within 10 days of receipt of cooling-off notice
by Public Mutual. For EPF unitholders, the cooling-off period will commence from
the date of receipt of the application form by Public Mutual.
The cooling-off right, however, does not extend to a corporation or institution, the
staff of Public Mutual, and persons registered to deal in unit trust funds.
defensive stocks
Stocks which have relatively stable earnings through various economic cycles.
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
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
The 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/redemption request from unitholder(s)
is received by the Manager in proper form.
Fund Manager(s)
Designated Fund Manager(s)/co-Fund Manager(s) of the respective funds.
3
GLOSSARY OF TERMS/ABBREVIATIONS (cont’d)
growth stocks
Stocks of companies with potential price appreciation where the earnings growth
of the companies is projected to exceed the country’s GDP growth.
high growth stocks
Stocks of companies with brighter earnings growth prospects than growth stocks.
incidental distribution
Incidental distribution implies that the main focus of the fund will be on securing
capital growth.
index stocks
Index component stocks of a selected benchmark market index.
long term
Long term refers to a period of more than 5 years.
Master Prospectus
Master Prospectus of Public Series of Funds dated 30 April 2013 and expires on
29 April 2014.
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/period covered by the management
expense ratio, expressed as a fixed amount calculated on a
daily basis. This would include the annual management fee,
the annual trustee fee and any other fees deducted/deductible
directly from the unit trust fund.
Recovered expenses
=
All expenses recovered from/charged to the unit trust fund as
a result of the expenses incurred by the operation of the unit
trust fund, expressed as a fixed amount.
Average
value of
the unit
trust fund
=
The NAV of the unit trust fund, including net income value
of the fund, less expenses on an accrued basis, in respect of
the year/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.
money market depositsMoney market deposits refers to placements with licensed financial institutions
governed by Bank Negara Malaysia.
MSCI AC Far-East Ex-Japan
Index
Morgan Stanley Capital International All Country Far-East Ex-Japan Index
MSCI All Country World
Index
Morgan Stanley Capital International All Country World Index
MTB
Maybank Trustees Berhad (5004-P)
4
GLOSSARY OF TERMS/ABBREVIATIONS (cont’d)
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.
Portfolio Turnover Ratio (Total acquisitions of the fund for the year + total disposals of the fund for the
(PTR)
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/period.
promising
Promising refers to the potential to achieve positive returns.
Public Bank
Public Bank Berhad (6463-H)
Public Mutual or the Manager
Public Mutual Berhad (23419-A)
Public Series of Funds
This series of funds comprises the thirty nine (39) non-Shariah-based unit trust funds
covered under this Master Prospectus.
Public Series of Shariah-
Based Funds
This series of funds comprises twenty six (26) Shariah-based unit trust funds, namely
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 Mixed Asset Fund, Public Islamic Asia
Tactical Allocation 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 which are governed by a separate master
prospectus dated 30 April 2013 and expires on 29 April 2014.
recovering sectors
Economic/business sectors that are seen to be recovering from a market downturn
or economic recession.
RM
Ringgit Malaysia
SC
Securities Commission Malaysia
SC Guidelines
Guidelines on Unit Trust Funds issued by SC on 3 March 2008, and shall include any
guidance notes, circulars, schedules, appendices and guidelines contained therein
or made pursuant thereto.
5
GLOSSARY OF TERMS/ABBREVIATIONS (cont’d)
short term
Short term refers to a period of less than 3 years.
situational stocks
Stocks of companies with impending major corporate developments and the demand
for these stocks depends very much on current market focus or themes.
stocks that trade at
attractive valuations Stocks that have the possibility to be rerated positively in terms of valuations such
as price earnings ratio given the potential earnings growth of the stocks.
the Deed
The Deed means the master deed dated 28 January 1999 and all supplemental
deeds entered into between the trustee and the Manager for the registered holders
of the funds.
“the funds”/”the fund”
The following thirty nine (39) funds covered under this Master Prospectus are
collectively called “the funds” and individually called “the fund”:
Public Savings Fund
Public Growth Fund
Public Index Fund
Public Industry 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 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 Tactical Allocation Fund
Public Balanced Fund
Public Far-East Balanced Fund
Public Bond Fund
Public Institutional Bond Fund
Public Enhanced Bond Fund
Public Select Bond Fund
Public Strategic Bond Fund
Public Enterprises Bond Fund
Public Money Market Fund
6
PSF
PGF
PIX
PIF
PAGF
PRSF
P SmallCap
PEF
PFSF
PDSF
PFES
PRSEC
PGSF
PFEDF
PCSF
PFEPRF
PSEASF
PSSF
PFECTF
PCTF
PFETIF
PSA30F
PNREF
PAUEF
PFA30F
POGF
PINDOSF
PSGEF
PSSCF
PTAF
PBF
PFEBF
P BOND
PIN BOND
PEBF
PSBF
PSTBF
PENTBF
PMMF
GLOSSARY OF TERMS/ABBREVIATIONS (cont’d)
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 Net Asset Value (“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 NAV of 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 of the foreign markets in which
the funds may invest in have yet to close due to the different time zones of these
countries, the valuation point may be extended to 9.00 a.m. (or any other such time
as may be permitted by the relevant authorities from time to time) on the following
day in which the Manager is open for business.
7
MANAGER, TRUSTEES AND ADVISERS
MANAGER
Public Mutual Berhad (23419-A)
Registered and business address:
Block B, Sri Damansara Business Park
Persiaran Industri, Bandar Sri Damansara
52200 Kuala Lumpur
Tel: 03-6279 6800
Fax: 03-6277 9800
Hotline: 03-6207 5000
e-mail: customer@publicmutual.com.my
Web: http://www.publicmutual.com.my
Board of Directors
Tan Sri Dato’ Sri Dr. Teh Hong Piow (Non-Executive Director/Chairman)
Tan Sri Datuk Seri Utama Thong Yaw Hong (Non-Executive Independent Director/Co-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 Independent Director)
Ms. Yeoh Kim Hong (Chief Executive Officer/Executive Director)
Members of the Investment Committee
Tan Sri Datuk Seri Utama Thong Yaw Hong (Independent)
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 (Independent)
Ms. Yeoh Kim Hong
Members of the Audit and Compliance Committee
Tan Sri Datuk Seri Utama Thong Yaw Hong
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
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. Pang Siew Han (MIA 6968)
c/o Public Mutual Berhad
2nd Floor, Block B, Sri Damansara Business Park
Persiaran Industri, Bandar Sri Damansara
52200 Kuala Lumpur
8
MANAGER, TRUSTEES AND ADVISERS (cont’d)
TRUSTEES
AmanahRaya Trustees Berhad (766894-T)
Registered address:
Tingkat 11, Wisma AmanahRaya
No. 2, Jalan Ampang
50508 Kuala Lumpur
Tel: 03-2055 7388
Web: http://www.artrustees.com.my
Business address:
Tingkat 2, Wisma TAS
No. 21, Jalan Melaka
50100 Kuala Lumpur
Tel: 03-2036 5000/5129
Fax: 03-2072 0322
Web: http://www.artrustees.com.my
Trustee’s Delegate
Citibank, NA, Singapore Branch
Registered and business address:
8 Marina View
#16-00 Asia Square Tower 1
Singapore 018960
Tel: 65-6657 5440
Web: http://www.citibank.com
Maybank Trustees Berhad (5004-P)
Registered and business address:
34th 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:
4th 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
#16-00 Asia Square Tower 1
Singapore 018960
Tel: 65-6657 5440
Web: http://www.citibank.com
CIMB Commerce Trustee Berhad (313031-A)
Registered address:
5th Floor, Bangunan CIMB
Jalan Semantan
Damansara Heights
50490 Kuala Lumpur
Tel: 03-2084 8888
Web: http://www.cimb.com
Business address:
Level 7, Wisma Amanah Raya Berhad
Jalan Semantan
Damansara Heights
50490 Kuala Lumpur
Tel: 03-2084 8888
9
MANAGER, TRUSTEES AND ADVISERS (cont’d)
Trustee’s Delegates
CIMB Group Nominees (Tempatan) Sdn Bhd (274740-T)
Registered address:
5th Floor, Bangunan CIMB
Jalan Semantan
Damansara Heights
50490 Kuala Lumpur
Tel : 03-2084 8888
Web: http://www.cimb.com
Business address:
Level 7, Wisma Amanah Raya Berhad
Jalan Semantan
Damansara Heights
50490 Kuala Lumpur
Tel: 03-2084 8888
Citibank, NA, Singapore Branch
Registered and business address:
8 Marina View
#16-00 Asia Square Tower 1
Singapore 018960
Tel: 65-6657 5440
Web: http://www.citibank.com
AUDITORS
Ernst & Young
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
Damansara Heights
50490 Kuala Lumpur
TAX AGENT
KPMG Tax Services Sdn Bhd
Level 10, KPMG Tower
8, First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor, Malaysia
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
19-07-3, 7th Floor
PNB Damansara
No 19, Lorong Dungun
Damansara Heights
50490 Kuala Lumpur
The Trustees and Delegates, Auditors, Tax Agent, Legal Adviser and Principal Banker have given and have not
withdrawn their written consent to the inclusion in this Master Prospectus of their names and statements in
the manner and context in which such names and statements appear.
10
1 KEY FEATURES OF THE FUNDS
This section is only a summary of the salient information about the funds and investors should read and
understand the whole Master Prospectus before making investment decisions.
1.1 SUMMARY OF KEY DATA OF THE FUNDS
The Manager
Public Mutual Berhad (23419-A)
Fund name
Launch date
Category of
fund
Type of fund
Trustee
Public Savings Fund
29.3.1981
Equity
Capital Growth
ART
Public Growth Fund
11.12.1984
Equity
Capital Growth
ART
2.3.1992
Equity
Capital Growth
ART
Public Index Fund
Public Industry Fund
18.11.1993
Equity
Capital Growth
MTB
Public Aggressive Growth Fund
25.4.1994
Equity
Capital Growth
MTB
Public Regular Savings Fund
25.4.1994
Equity
Capital Growth
MTB
Public SmallCap Fund
13.6.2000
Equity
Capital Growth
ART
Public Equity Fund
15.8.2001
Equity
Capital Growth
ART
25.11.2004
Equity
Capital Growth
CCTB
3.5.2005
Equity
Income
ART
Public Far-East Select Fund
22.11.2005
Equity
Capital Growth
ART
Public Regional Sector Fund
21.3.2006
Equity
Capital Growth
CCTB
Public Global Select Fund
28.9.2006
Equity
Capital Growth
ART
28.11.2006
Equity
Income
ART
5.6.2007
Equity
Capital Growth
ART
Public Far-East Property & Resorts Fund
10.7.2007
Equity
Capital Growth and
Income
ART
Public South-East Asia Select Fund
2.10.2007
Equity
Capital Growth
ART
Public Focus Select Fund
Public Dividend Select Fund
Public Far-East Dividend Fund
Public China Select Fund
Public Sector Select Fund
13.11.2007
Equity
Capital Growth
ART
Public Far-East Consumer Themes
Fund
8.1.2008
Equity
Capital Growth
ART
Public China Titans Fund
1.4.2008
Equity
Capital Growth
ART
Public Far-East Telco & Infrastructure
Fund
8.7.2008
Equity
Capital Growth
ART
Public Select Alpha-30 Fund
7.4.2009
Equity
Capital Growth
ART
30.6.2009
Equity
Capital Growth
ART
Public Australia Equity Fund
8.9.2009
Equity
Capital Growth
ART
Public Far-East Alpha-30 Fund
6.4.2010
Equity
Capital Growth
ART
Public Optimal Growth Fund
8.6.2010
Equity
Income and Capital
Growth
ART
Public Indonesia Select Fund
1.9.2010
Equity
Capital Growth
ART
7.6.2011
Equity
Capital Growth
ART
20.3.2012
Equity
Capital Growth
ART
Public Natural Resources Equity Fund
Public Singapore Equity Fund
Public Strategic SmallCap Fund
11
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Launch date
Category of
fund
Type of fund
Trustee
23.1.2007
Mixed Asset
Capital Growth
ART
7.6.1995
Balanced
Income and Capital
Growth
MTB
Public Far-East Balanced Fund*
23.1.2007
Balanced
Income and Capital
Growth
ART
Public Bond Fund
11.6.1996
Bond
Income
MTB
Public Institutional Bond Fund
30.4.2003
Bond
Income
ART
Public Enhanced Bond Fund
19.1.2005
Bond
Income and Capital
Growth
ART
Public Select Bond Fund
22.11.2005
Bond
Income
ART
Public Strategic Bond Fund
30.12.2010
Bond
Income
ART
20.3.2012
Bond
Income
ART
16.12.2003
Money Market
Income
MTB
Public Tactical Allocation Fund*
Public Balanced Fund*
Public Enterprises Bond Fund
Public Money Market Fund
Note:
* Free insurance coverage is provided for unitholders of these funds, subject to terms and conditions. Please refer to the brochure
on free insurance for more information.
The fund objective, strategy, principal risks and investor profile of each of the funds is tabulated below.
Fund name
Fund objective
Public
To achieve longSavings Fund term capital
appreciation
while at the same
time producing a
reasonable level
of income*.
Investment strategy
The fund invests a minimum
of 40% of its NAV in index
stocks with the balance
invested in a diversified
portfolio of blue chip
stocks and companies
with growth prospects
that are listed primarily on
Bursa Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The fund may
also invest in fixed income
securities to generate
additional returns. Its equity
content in terms of NAV will
range in the region of 70%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
12
Principal
risks
Market
risk,
specific
security
risk and
liquidity
risk.
Investor
profile
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
Benchmark**
FTSE Bursa
Malaysia KLCI.
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark**
Public
Growth
Fund
To achieve longterm capital
appreciation
with income*
considered
incidental.
The fund focuses on a
diversified portfolio of blue
chip stocks and companies
with growth prospects
that are listed primarily on
Bursa Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The fund may
also invest in fixed income
securities to generate
additional returns. Its equity
content in terms of NAV will
range in the region of 70%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
Public Index
Fund
To achieve longterm capital
appreciation
while at the same
time attempting
to outperform
the FTSE Bursa
Malaysia Top 100
Index.
The fund invests a minimum
of 60% of its NAV in index
stocks with the balance
invested in a diversified
portfolio of blue chip
stocks and companies with
growth prospects that are
listed on Bursa Securities.
The fund may also invest in
fixed income securities to
generate additional returns.
Its equity content in terms
of NAV will range in the
region of 80% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Top 100
Index.
13
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public
Industry
Fund
To achieve a high
level of capital
appreciation
over the medium
to long term
period through
investments
in growth
industries.
The fund focuses on
a diversified portfolio
of stocks in industries
undergoing earnings
recovery and growth stocks
that are listed primarily on
Bursa Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The fund may
also invest in fixed income
securities to generate
additional returns. Its equity
content in terms of NAV will
range in the region of 70%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market
risk,
specific
security
risk,
liquidity
risk and
industry/
sector
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
Public
Aggressive
Growth
Fund
To seek high
capital growth
over the medium
to long term
period through
investments in
situational and
high growth
stocks.
The fund focuses on a
diversified portfolio of
situational stocks and
high growth stocks
listed primarily on Bursa
Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The fund may
also invest in fixed income
securities to generate
additional returns. Its equity
content in terms of NAV will
range in the region of 75%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
14
Principal
risks
Investor
profile
Benchmark**
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark**
Public
To achieve
Regular
consistent capital
Savings Fund growth over the
medium to long
term period and
to achieve a
steady growth in
income*.
The fund focuses on a
diversified portfolio of blue
chip stocks and companies
with growth prospects
that are listed on Bursa
Securities. The fund may
also invest in fixed income
securities to generate
additional returns. Its equity
content in terms of NAV will
range in the region of 70%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Top 100
Index.
Public
SmallCap
Fund
The fund focuses on a
diversified portfolio of
companies with small
market capitalisation with
growth prospects that are
listed on Bursa Securities.
To achieve increased
diversification, the fund may
invest in foreign markets.
The fund may also invest in
fixed income securities to
generate additional returns.
Its equity content in terms
of NAV will range in the
region of 70% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Small
Cap Index.
To achieve
high capital
growth through
investments in
companies with
small market
capitalisation
with special focus
on growth stocks.
Notes:
The fund will invest
in companies
with small market
capitalisation at the
point of purchase.
The fund may
remain invested
in such counters
should the stocks
become medium
sized companies
due to movement
in market price
and if the growth
prospects and
valuation of the
stocks continue to
be attractive.
15
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public Equity
Fund
To achieve capital
growth through
the aggressive
selection of
growth stocks
from diversified
economic sectors.
The fund focuses on a
diversified portfolio of index
linked companies, blue chip
stocks and growth stocks
that are listed primarily on
Bursa Securities. To achieve
increased diversification,
the fund may invest in
foreign markets. The
fund may also invest in
fixed income securities to
generate additional returns.
Its minimum equity content
is 80% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
Public Focus
Select Fund
To achieve capital
growth through
investments in
medium-sized
companies in
terms of market
capitalisation
from diversified
economic sectors.
The fund focuses on a
diversified portfolio of
companies with growth
prospects with market
capitalisation of between
RM1.25 billion and RM6
billion that are listed on
Bursa Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The fund may
also invest in fixed income
securities to generate
additional returns. Its equity
content in terms of NAV will
range in the region of 70%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Mid 70
Index.
16
Principal
risks
Investor
profile
Benchmark**
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark**
Public
Dividend
Select Fund
To provide
steady recurring
income* by
investing in a
portfolio of
stocks which
offer or have
the potential to
offer attractive
dividend yields.
The fund seeks to achieve
its goal of providing
steady recurring income
by investing in a diversified
portfolio of stocks that
offer or have the potential
to offer attractive dividend
yields. To achieve increased
diversification, the fund may
invest in foreign markets.
The fund may also invest in
fixed income securities to
generate additional returns.
Its equity content in terms
of NAV will range in the
region of 75% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of annual
income*
and capital
growth.
90% FTSE Bursa
Malaysia Top 100
Index and 10%
3-Month Kuala
Lumpur Interbank
Offered Rate
(KLIBOR).
Public FarEast Select
Fund
To seek longterm capital
appreciation
by investing in
blue chips and
growth stocks
in domestic and
regional markets.
The fund seeks to achieve
its goal of capital growth by
investing in blue chip stocks
and growth stocks listed
on Bursa Securities and
selected regional markets.
The fund may also invest in
fixed income securities to
generate additional returns.
Its equity content in terms
of NAV will range in the
region of 75% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
MSCI AC Far-East
Ex-Japan Index.
17
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark**
To seek longterm capital
appreciation
by investing in
selected market
sectors.
The fund seeks to achieve
its goal of capital growth
by investing in the most
promising market sectors in
the domestic and regional
equity markets. The fund
will invest in a maximum
of 6 sectors but will
maintain its investments in
a minimum of 3 sectors at
all times. The fund generally
maintains equity exposures
within a range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk,
country
risk and
industry/
sector
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
90% MSCI AC
Far-East Ex-Japan
Index and 10%
3-Month Kuala
Lumpur Interbank
Offered Rate
(KLIBOR).
Public Global To seek longSelect Fund
term capital
appreciation
by investing
in equities
and collective
investment
schemes in
domestic and
global markets.
The fund seeks to achieve
its goal of capital growth
by investing in collective
investment schemes which
focus on a diversified
portfolio of blue chip
stocks, index stocks and
growth stocks listed on
selected global stock
markets. The fund will also
invest in blue chip stocks,
index stocks and growth
stocks listed on selected
global stock markets. The
fund generally maintains
equity exposures within
a range of 75% to 98%
against its NAV. The balance
of the fund’s NAV will be
invested in fixed income
securities and liquid assets
which include money
market instruments and
deposits.
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
90% MSCI All
Country World
Index and 10%
1-Month Kuala
Lumpur Interbank
Offered Rate
(KLIBOR).
Public
Regional
Sector Fund
18
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public
Far-East
Dividend
Fund
To provide
income* by
investing in
a portfolio
of stocks in
domestic and
regional markets
which offer
or have the
potential to
offer attractive
dividend yields.
The fund seeks to achieve
its goal of providing income
by investing in a diversified
portfolio of stocks in
domestic and regional
markets that offer or have
the potential to offer
attractive dividend yields.
The fund may also invest
in fixed income securities
to generate additional
returns. The fund generally
maintains equity exposures
within a range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Public China
Select Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments in
the greater China
region namely
in Hong Kong,
China and Taiwan
markets and
including China
based companies
listed on overseas
markets. The
fund may
also invest in
companies
listed on Bursa
Securities and
other foreign
markets which
have significant
or potentially
significant
business
operations in the
greater China
region.
The fund seeks to achieve
its goal of capital growth by
investing in a portfolio of
investments in the greater
China region namely in
Hong Kong, China and
Taiwan markets and China
based companies listed
on overseas markets.
The fund may also invest
in companies listed on
the domestic and other
foreign markets which have
significant or potentially
significant business
operations in the greater
China region. The fund
generally maintains equity
exposures within a range
of 75% to 98% against its
NAV. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
19
Principal
risks
Investor
profile
Benchmark**
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of annual
income*
and capital
growth.
90% MSCI AC
Far-East Ex-Japan
High Dividend
Yield Index and
10% 3-Month
Kuala Lumpur
Interbank Offered
Rate (KLIBOR).
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
MSCI Golden
Dragon Index.
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public FarEast Property
& Resorts
Fund
Seeks to
achieve capital
growth over
the medium to
long term period
by investing in
companies that
are principally
engaged
in property
investment and
development,
hotel and resorts
development
and investment
and real estate
investment
trusts (REITs) in
domestic and
regional markets.
The fund may
also invest in
companies which
have significant
property or real
estate assets.
The fund seeks to achieve
its goal of capital growth
by investing in companies
that are principally engaged
in property investment and
development, hotel and
resorts development and
investment and real estate
investment trusts (REITs)
in domestic and regional
markets. The fund may also
invest in companies which
have significant property
or real estate assets, i.e.
companies which have at
least 70% of their assets
comprised of property or
real estate assets. Its equity
content in terms of NAV will
range in the region of 75%
to 98% of the NAV of the
fund. The balance of the
fund’s NAV is invested in
fixed income securities and
liquid assets which include
money market instruments
and deposits.
Public
South-East
Asia Select
Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments in
South-East Asia
markets.
The fund seeks to achieve
its goal of capital growth
by investing in a diversified
portfolio of blue chip
stocks, index stocks and
growth stocks listed on
South-East Asia stock
markets. The fund may
also invest in fixed income
securities (sovereign and
corporate), money market
instruments and deposits to
help generate returns. The
fund generally maintains
equity exposures within
a range of 75% to 98%
against its NAV. The balance
of the fund’s NAV will be
invested in fixed income
securities and liquid assets
which include money
market instruments and
deposits.
20
Principal
risks
Investor
profile
Benchmark**
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk,
country
risk and
industry/
sector
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
A customised
index by S&P Opco,
LLC based on the
constituents within
the real estate
sector of S&P
BMI Asia Pacific
Index customised
to 20% Japan,
20% Australia,
20% Malaysia
and the balance
40% for the rest
of the countries
within the index
universe currently
including China
‘H’ Shares, Hong
Kong, Indonesia,
New Zealand,
Philippines,
Singapore, Taiwan,
South Korea and
Thailand. The
real estate sector
is as defined by
the then-current
Global Industry
Classification
Standard (GICS).
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE/ASEAN 40
Index.
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public Sector
Select Fund
To seek longterm capital
appreciation
by investing in
a portfolio of
securities from
selected market
sectors in the
domestic market.
The fund seeks to
achieve the long-term
goal of capital growth by
identifying the market
sectors in the domestic
market which offer the
most promising investment
returns. The fund will
invest in a maximum of
6 of the most promising
sectors determined by the
Fund Manager. To ensure
sufficient diversification,
the fund will maintain
investments in a minimum
of 3 sectors at all times. The
fund generally maintains
equity exposures within
a range of 75% to 98%
against its NAV. The balance
of the fund’s NAV will be
invested in fixed income
securities and liquid assets
which include money
market instruments and
deposits.
Public
Far-East
Consumer
Themes
Fund
To achieve long
term capital
appreciation
by investing in
securities, mainly
equities, in the
consumer sector
in the domestic
and foreign
markets.
The fund seeks to achieve
the long-term goal of
capital growth by investing
in securities, mainly
equities, in the consumer
sector in the domestic
and foreign markets. The
fund may also invest in
multinational corporations
in the consumer sector
which have a presence in
the Far-East region and are
listed on the United States,
Europe and Australian
markets. The fund generally
maintains equity exposures
within a range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
21
Principal
risks
Investor
profile
Benchmark**
Market
risk,
specific
security
risk,
liquidity
risk and
industry/
sector
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Top 100
Index.
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk,
country
risk and
industry/
sector
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
A customised
index by S&P Opco,
LLC based on
constituents
within the
selected sectors
of the S&P BMI
Asia Ex-Japan
Index comprising
Malaysia,
Singapore,
Thailand,
Indonesia,
Philippines, Hong
Kong, China ‘H’
Shares, Taiwan
and South Korea.
The selected
sectors are
the Consumer
Discretionary
and Consumer
Staples sectors
as defined by
the then-current
Global Industry
Classification
Standard (GICS).
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public China
Titans Fund
To achieve capital
growth over
the medium to
long-term period
by investing
in companies
with market
capitalisation
of RM10 billion
and above in the
greater China
region namely
China, Hong
Kong and Taiwan
markets and
including China
based companies
listed on overseas
markets.
The fund invests in
companies with market
capitalisation of RM10
billion and above in the
greater China region
namely China, Hong Kong
and Taiwan markets and
including China based
companies listed on
overseas markets. The fund
generally maintains equity
exposures within a range
of 75% to 98% against its
NAV. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Public FarEast Telco &
Infrastructure
Fund
To achieve capital
growth over
the medium to
long term period
by investing in
securities, mainly
equities, in the
telecommunication,
infrastructure and
utilities sectors in
Far-East markets.
The fund seeks to achieve
long-term capital growth
by focusing its investment
in the telecommunications,
infrastructure and utilities
sectors in the domestic and
foreign markets. The fund
generally maintains equity
exposures within a range
of 75% to 98% against its
NAV. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
22
Principal
risks
Investor
profile
Benchmark**
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
40% Hang Seng
China Enterprises
Index,
30% Hang Seng
Index and
30% TSEC Taiwan
50 Index.
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk,
country
risk and
industry/
sector
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
A customised
index by S&P Opco,
LLC based on the
constituents within
the selected sectors
of the S&P BMI
Asia Ex-Japan
Index comprising
Malaysia,
Singapore,
Thailand,
Indonesia,
Philippines, Hong
Kong, China ‘H’
Shares, Taiwan and
South Korea. The
selected sectors are
customised
to 40%
Telecommunication
Service, 30%
Construction &
Materials and 30%
Utilities sectors
as defined by
the then-current
Global Industry
Classification
Standard (GICS).
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public Select
Alpha-30
Fund
To achieve capital
growth over the
medium to long
term period by
investing in up to
a maximum of 30
stocks primarily
listed on Bursa
Securities.
The fund seeks to achieve
its goal of capital growth
by investing in up to a
maximum of 30 stocks
primarily listed on Bursa
Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The fund generally
maintains equity exposures
within a range of 75%
to 98% against its NAV.
The balance of the fund’s
NAV may be invested in
fixed income securities and
liquid assets which include
money market instruments
and deposits to generate
additional returns.
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia KLCI.
Public
Natural
Resources
Equity Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
equities and
equity-related
securities of
companies that
are engaged in or
are substantially
related to the
natural resources
sectors in the
domestic and
overseas markets.
The fund seeks to achieve
its goal of achieving capital
growth by investing in
a portfolio of equities
and equity-related
securities of companies
that are engaged in or
are substantially related
to the natural resources
sectors in the domestic
and overseas markets.
The natural resources
sectors which the fund will
invest in include energy
(oil and gas exploration,
extraction, production,
transportation and power
producers), metals and
mining (industrial and
precious metals exploration,
extraction, production and
transportation), agriculture,
forestry and paper. The
fund generally maintains
equity exposures within
a range of 75% to 98%
against its NAV. The fund
may also invest in fixed
income securities and
liquid assets which include
money market instruments
and deposits to generate
additional returns.
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk,
country
risk and
industry/
sector
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
A customised
index by S&P Opco,
LLC based on
selected sectors
within the S&P/
Citigroup BMI
Asia Ex-Japan
Index comprising
Malaysia,
Singapore,
Thailand,
Indonesia,
Philippines, Hong
Kong, China ‘H’
Shares, Taiwan,
South Korea,
Australia and
New Zealand. The
selected sectors
are customised
to 40% Energy
Sector, 30%
Metals & Mining
Industry and
30% Agricultural
Product SubIndustry as
defined by the
then-current
Global Industry
Classification
Standard (GICS).
23
Principal
risks
Investor
profile
Benchmark**
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public
Australia
Equity Fund
To achieve capital
growth over the
medium to longterm period by
investing in the
Australian market
with the balance
invested in the
New Zealand
and domestic
markets.
The fund seeks to achieve
its goal of capital growth
by investing in a diversified
portfolio of blue chip
stocks, index stocks and
growth stocks listed on
the Australian market with
the balance invested in the
New Zealand and domestic
markets. The fund generally
maintains equity exposures
within a range of 75% to
98% against its NAV. The
fund may also invest in
fixed income securities and
liquid assets which include
money market instruments
and deposits to help
generate additional returns.
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
S&P/ASX 200
Index.
Public
Far-East
Alpha-30
Fund
To achieve capital
appreciation over
the medium to
long term period
by investing in
the domestic and
regional markets.
The fund seeks to achieve
its goal of capital growth
by investing in up to a
maximum of 30 stocks in
the domestic and regional
markets. The fund generally
maintains equity exposures
within a range of 75%
to 98% against its NAV.
The balance of the fund’s
NAV may be invested in
fixed income securities and
liquid assets which include
money market instruments
and deposits to generate
additional returns.
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
80% customised
index by MSCI
based on the Top
30 constituents of
MSCI AC Far-East
Ex-Japan Index,
10% Tokyo Stock
Price Index and
10% 3-Month
Kuala Lumpur
Interbank Offered
Rate (KLIBOR).
24
Principal
risks
Investor
profile
Benchmark**
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public
Optimal
Growth
Fund
To provide
income* and
capital growth
by investing in
stocks which
offer attractive
dividend yields
and growth
stocks in the
domestic market.
The fund seeks to achieve
its goal of achieving income
and capital growth by
investing in stocks which
offer attractive dividend
yields and growth stocks
in the domestic market.
50% of the fund’s
equity investment will be
invested in a diversified
portfolio of stocks which
offer attractive dividend
yields in the domestic
market. The remaining
50% of the fund’s equity
investment will be invested
in a diversified portfolio of
growth stocks that are listed
on the Bursa Securities. The
fund generally maintains
equity exposure within
a range of 75% to 98%
against its NAV. The fund
may also invest in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Public
Indonesia
Select Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments
primarily in the
Indonesia market.
The fund seeks to achieve
its goal of capital growth
by investing in a diversified
portfolio of blue chip
stocks, index stocks and
growth stocks listed on
the Indonesia market with
the balance of up to 30%
of its NAV in the domestic
and global markets. The
fund generally maintains
equity exposures within
a range of 75% to 98%
against its NAV. The fund
may also invest in domestic
and foreign fixed income
securities and liquid assets
which include money
market instruments and
deposits.
25
Principal
risks
Investor
profile
Benchmark**
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of annual
income*
and capital
growth.
FTSE Bursa
Malaysia Top 100
Index.
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
Jakarta LQ-45
Index (LQ 45).
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public
Singapore
Equity Fund
To achieve capital
growth over
the medium to
long-term period
by investing in
a portfolio of
investments
primarily in
the Singapore
market.
The fund seeks to achieve
its goal of capital growth
by investing in a diversified
portfolio of blue chip
stocks, index stocks and
growth stocks listed on
the Singapore market with
the balance of up to 30%
of its NAV in the domestic
and global markets. The
fund generally maintains
equity exposures within
a range of 75% to 98%
against its NAV. The fund
may also invest in domestic
and foreign fixed income
securities and liquid assets
which include money
market instruments and
deposits.
Market
risk,
specific
security
risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
Straits Times
Index.
Public
Strategic
SmallCap
Fund
To achieve capital
appreciation
over the medium
to long term
period through
investments
primarily in
companies with
small market
capitalisation.
The fund focuses on a
diversified portfolio of
companies with small
market capitalisation with
growth prospects that are
listed on Bursa Securities.
To achieve increased
diversification, the fund may
invest in foreign markets.
The fund may also invest
in fixed income securities
to generate additional
returns. The fund generally
maintains equity exposures
within a range of 70% to
98% against its NAV. The
balance of the fund’s NAV
may be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market
risk,
specific
security
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth.
FTSE Bursa
Malaysia Small
Cap Index.
Notes:
The fund will invest
in small sized
companies at the
point of purchase.
The fund may
remain invested
in such counters
should the stocks
become medium
sized companies,
if the growth
prospect and
valuation of the
stocks continue to
be attractive.
26
Principal
risks
Investor
profile
Benchmark**
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Principal
risks
Investor
profile
Benchmark**
Public
Tactical
Allocation
Fund
To achieve capital
growth over
the medium to
long-term period
by investing
in equities,
collective
investment
schemes and
fixed income
securities in
domestic and
foreign markets.
The fund seeks to achieve
its goal of providing capital
growth by adopting a
tactical asset allocation
strategy of investing
in equities, collective
investment schemes and
fixed income securities
in domestic and foreign
markets. Its equity content
will range in the region of
between 30% to 98% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets which include money
market instruments and
deposits.
Market
risk,
specific
security
risk,
interest
rate risk,
credit risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth
through
a tactical
asset
allocation
strategy.
70% MSCI AC
Far-East Ex-Japan
Index and 30%
3-Month Kuala
Lumpur Interbank
Offered Rate
(KLIBOR).
Public
Balanced
Fund
To provide a
steady income*
and capital
growth over the
medium to longterm period.
The fund invests 40%
to 60% of its NAV in a
diversified portfolio of blue
chip stocks and companies
with growth prospects
that are listed primarily on
Bursa Securities. To achieve
increased diversification, the
fund may invest in foreign
markets. The balance of
fund’s NAV will be invested
in fixed income securities
and liquid assets which
include money market
instruments and deposits.
Market
risk,
specific
security
risk,
interest
rate risk,
credit
risk and
liquidity
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth
and to
a lesser
extent
income*.
Public Balanced
Equity Index
(PBEIX) is a
composite index
whose value is
subject to the
daily changes in
the FTSE Bursa
Malaysia KLCI
and the 3-Month
Kuala Lumpur
Interbank Offered
Rate on a 60:40
basis.
Public
Far-East
Balanced
Fund
To provide
income* and
capital growth
over the medium
to long-term
period.
The fund invests 40%
to 60% of its NAV in a
diversified portfolio of blue
chip stocks and companies
with growth prospects
that are listed on selected
regional markets. The
balance of fund’s NAV will
be invested in fixed income
securities and liquid assets
which include money
market instruments and
deposits.
Market
risk,
specific
security
risk,
interest
rate risk,
credit risk,
liquidity
risk,
currency
risk and
country
risk.
Medium to
long-term
investors
who are
able to
withstand
ups and
downs of
the stock
market
in pursuit
of capital
growth
and to
a lesser
extent
income*.
60% MSCI AC
Far-East Ex-Japan
Index and 40%
3-Month Kuala
Lumpur Interbank
Offered Rate
(KLIBOR).
27
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public Bond
Fund
To provide a
steady stream
of income*
returns through
investment in the
money market
and private debt
securities.
The fund invests in a
diversified portfolio of fixed
income securities (sovereign
and corporate), money
market instruments and
deposits. The fund may
also invest in redeemable
loan stocks with convertible
features to enhance
overall returns. To achieve
increased diversification, the
fund may invest in foreign
fixed income securities. The
fund generally maintains
fixed income securities
exposures within the range
of 75% to 98% against
its NAV. The balance of
the fund’s NAV will be
invested in money market
instruments and deposits.
Public
Institutional
Bond Fund
To provide annual
income* through
investment in
private debt
securities.
The fund invests in a
diversified portfolio of
fixed income securities
(sovereign and corporate),
money market instruments
and deposits. 50% of the
fund’s holdings of fixed
income securities must be
in fixed income securities
of credit ratings no lower
than AA with the balance
of its fixed income securities
holdings invested in fixed
income securities with
minimum credit ratings
of A. The fund may also
invest in redeemable loan
stocks with convertible
features to enhance overall
returns. The fund generally
maintains fixed income
securities exposures within
the range of 75% to 98%
against its NAV. The balance
of the fund’s NAV will be
invested in money market
instruments and deposits.
28
Principal
risks
Investor
profile
Benchmark**
Interest
rate risk,
credit
risk and
liquidity
risk.
Mediumterm
investors
who seek
annual
income*.
12-month
fixed deposit
rate quoted by
Malayan Banking
Berhad.
Interest
rate risk,
credit
risk and
liquidity
risk.
Mediumterm
investors
who seek
annual
income*.
Corporate Bond
Index - 1 Year And
Above.
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public
Enhanced
Bond Fund
Seeks to provide
a combination of
annual income*
and modest
capital growth
primarily through
a portfolio
allocation across
quality bonds and
equities.
The fund invests primarily
in a diversified portfolio
of fixed income securities
(sovereign and corporate),
redeemable loan stocks
with convertible features
and money market
instruments. To achieve
increased diversification, the
fund may invest in foreign
markets. The fund generally
maintains a fixed income
securities exposure within
the range of 70% to 85%
against its NAV. The fund
may invest up to 20% of its
NAV in equities comprising
largely defensive stocks to
enhance the fund’s returns.
The balance of the fund’s
NAV will be invested in
money market instruments
and deposits.
Specific
security
risk,
interest
rate risk,
credit
risk and
liquidity
risk.
Medium to
long-term
investors
who seek
annual
income*
and to
a lesser
extent
capital
growth.
12-month
fixed deposit
rate quoted by
Malayan Banking
Berhad.
Public Select
Bond Fund
To provide annual
income* through
investments in
fixed income
securities which
have a remaining
maturity of
7 years and
below and
money market
instruments.
The fund seeks to provide
annual income by investing
in a portfolio of fixed
income securities which
have a remaining maturity
of 7 years and below.
Investments in redeemable
loan stocks with convertible
features to enhance the
fund’s returns are also
considered. The fund
generally maintains a fixed
income securities exposure
within the range of 75% to
98% against its NAV. The
balance of the fund’s NAV
will be invested in money
market instruments and
deposits.
Interest
rate risk,
credit
risk and
liquidity
risk.
Mediumterm
investors
who seek
annual
income*.
12-month
fixed deposit
rate quoted by
Malayan Banking
Berhad.
29
Principal
risks
Investor
profile
Benchmark**
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public
Strategic
Bond Fund
To provide annual
income* to
investors through
investments in
fixed income
securities and
money market
instruments.
The fund seeks to provide
annual income to investors
through investments in
fixed income securities and
money market instruments.
The fund will invest at least
75% of its NAV in fixed
income securities. 50% of
the fund’s fixed income
securities investment
will be invested in fixed
income securities which
have remaining maturities
of 5 years and below.
The remaining 50% of
the fund’s fixed income
securities investment
will be invested in fixed
income securities which
have remaining maturities
of more than 5 years.
The balance of the fund’s
NAV will be invested in
money market instruments
and deposits. To achieve
increased diversification, the
fund may invest up to 25%
of its NAV in foreign fixed
income securities.
Public
Enterprises
Bond Fund
To provide annual
income* through
investments in
fixed income
securities and
money market
instruments.
The fund seeks to meet
its objective of providing
annual income by investing
at least 75% of its NAV
in fixed income securities
(sovereign and corporate)
issued by entities with
total assets exceeding
RM3 billion at the point
of purchase. The fixed
income securities invested
must have minimum credit
rating of BBB for long-term
instruments and P1 for
short-term instruments as
rated by a local or foreign
rating agency, at the point
of purchase. The balance
of the fund’s NAV will be
invested in other corporate
bonds, money market
instruments and deposits.
To achieve increased
diversification, the fund
may invest up to 30% of its
NAV in foreign fixed income
securities.
30
Principal
risks
Investor
profile
Benchmark**
Interest
rate risk,
credit
risk and
liquidity
risk.
Mediumterm
investors
who seek
annual
income*.
12-month fixed
deposit rate
quoted by Public
Bank Berhad.
Interest
rate risk,
credit
risk and
liquidity
risk.
Mediumterm
investors
who seek
annual
income*.
12-month fixed
deposit rate
quoted by Public
Bank Berhad.
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name
Fund objective
Investment strategy
Public
Money
Market Fund
To provide
liquidity and
current income*,
while maintaining
capital stability.
The fund invests in shortterm money market
instruments comprising
bankers’ acceptances and
negotiable instruments
of deposits (NIDs) and
short-dated private debt
securities which include
commercial papers. The
fund is permitted to invest
up to 10% of its NAV in
fixed income securities with
maturity periods exceeding
365 days but not longer
than 732 days. The fund
generally invests up to
100% of its NAV in money
market instruments and
deposits.
Principal
risks
Interest
rate risk,
credit
risk and
liquidity
risk.
Investor
profile
Short-term
investors
who seek
capital
preservation.
Note: This
is neither
a capital
guaranteed
nor a capital
protected
fund.
Benchmark**
90% Public Bank
1-month fixed
deposit rate and
10% Public Bank
Savings Rate –
ACE Account.
Notes:
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36
for more information on distribution policy.
** The risk profile of the funds is not the same as the risk profile of the benchmarks.
You may refer to Chapter 3: Detailed Information on The Funds for a better understanding of the characteristics
and objective of each fund, to help you decide on the fund that is most compatible with your personal investment
temperament and financial goals.
The names of the designated Fund Managers are tabulated in Chapter 3: Detailed Information on The Funds.
For profiles of designated Fund Managers, please refer to Chapter 9: The Manager. For more information on the
trustees, please refer to Chapter 10: The Trustees.
There are risks involved in investing with the funds. The general risks of investing with unit trust funds are tabulated
in Chapter 2: About Unit Trust Funds, while information on specific fund risks are presented in Chapter 3:
Detailed Information on The Funds.
The funds are governed by a master deed dated 28 January 1999, a first supplemental master deed dated 30
April 1999, second supplemental master deed dated 28 October 1999, third supplemental master deed dated
22 May 2000, fourth supplemental master deed dated 29 May 2000, fifth supplemental master deed dated 23
October 2000, seventh supplemental master deed dated 24 July 2001, eighth supplemental master deed dated
30 April 2002, ninth supplemental master deed dated 22 April 2003, tenth supplemental master deed dated 1
December 2003, eleventh supplemental master deed dated 3 November 2004, twelfth supplemental master deed
dated 27 December 2004, thirteenth supplemental master deed dated 13 April 2005, sixteenth supplemental
master deed dated 25 October 2005, eighteenth supplemental master deed dated 22 February 2006, twentieth
supplemental master deed dated 1 September 2006, twenty first supplemental master deed dated 6 November 2006,
31
KEY FEATURES OF THE FUNDS (CONT’D)
twenty second supplemental master deed dated 20 December 2006, twenty fourth supplemental master deed dated
13 April 2007, twenty fifth supplemental master deed dated 28 May 2007, twenty sixth supplemental master deed
dated 27 June 2007, twenty seventh supplemental master deed dated 10 July 2007, twenty ninth supplemental
master deed dated 20 July 2007, thirty first supplemental master deed dated 26 September 2007, thirty fourth
supplemental master deed dated 17 December 2007, thirty fifth supplemental master deed dated 17 December
2007, thirty sixth supplemental master deed dated 17 March 2008, thirty seventh supplemental master deed dated
11 April 2008, thirty eighth supplemental master deed dated 27 May 2008, thirty ninth supplemental master deed
dated 11 June 2008, forty first supplemental master deed dated 8 July 2008, forty third supplemental master deed
dated 8 July 2008, forty fifth supplemental master deed dated 7 July 2009, forty seventh supplemental master deed
dated 12 November 2009, forty eighth supplemental master deed dated 8 April 2010, fiftieth supplemental master
deed dated 13 April 2010, fifty forth supplemental master deed dated 21 October 2010, fifty fifth supplemental
master deed dated 1 March 2011, fifty eighth supplemental master deed dated 21 July 2011 and fifty ninth
supplemental master deed dated 19 September 2011.
1.2 FEES AND CHARGES
This table below describes the charges that you may directly incur when you purchase or redeem units of the funds.
Charges Imposed on Purchase or Redemption of Units
% / RM
Charges
Sales charge
per unit
Equity, Mixed Asset and
Balanced Funds
Bond Funds
Money Market Fund
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:
Prior to 1 October 2013
Up to 0.25% of NAV per unit.
Purchase of units through
unit trust consultants and the
Manager:
Up to 0.25% of NAV per unit.
Investments under the EPF
Members’ Investment Scheme From 1 October 2013
will be levied a sales charge of Up to 1.0% of NAV per unit.
up to 3% of NAV per unit, as
The Manager may at its
regulated by EPF.
discretion charge a lower
The Manager may at its
sales charge based on the
discretion charge a lower
size of investment and/or
sales charge based on the
other criterion as may be
size of investment and/or
determined from time to time.
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.
Redemption
charge per
unit
Nil.
Switching
charges
Please refer to pages 210 to 211 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/redemption
transactions.
32
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 PSF, PGF, PIX, PIF, PAGF, PRSF,
fee
P SmallCap, PEF, PFSF, PDSF,
PSSF, PSA30F, POGF, PSSCF
and PBF:
1.50% per annum of the
NAV.
PFES, PRSEC, PFEDF, PCSF,
PSEASF, PCTF, PFA30F, PSGEF
and PFEBF:
1.60% per annum of the
NAV.
Bond Funds
P BOND, PSBF, PSTBF and
PENTBF:
0.75% per annum of the
NAV.
Money Market Fund
PMMF:
0.375% per annum of the
NAV.
PIN BOND:
0.5% per annum of the NAV.
PEBF:
1.0% per annum of the NAV.
PAUEF and PTAF:
1.65% per annum of the
NAV.
PFEPRF, PFECTF, PFETIF, PNREF
and PINDOSF:
1.70% per annum of the
NAV.
PGSF:
1.80% per annum of the
NAV.
Trustee fee
0.06% per annum of NAV,
subject to a minimum fee of
RM18,000 and a maximum
fee of RM600,000 per
annum.
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.
There are fees and charges involved and investors are advised to consider them before investing in
the funds.
33
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 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 208 to 209 and 215 to 216 for more information on
purchase and redemption of units)
Note: The Manager may declare certain days to be non-Business Days,
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 page 141 for more information on valuation of investments in such
circumstances).
There is no restriction on the frequency of purchase and redemption of
units.
Minimum initial & Minimum initial
additional investment
investment
PIN BOND
: RM10,000,000
All other funds : RM1,000
Minimum additional
investment
RM5,000,000
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 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 209 for more information on cooling-off right).
Switching between funds
Switching of units is considered a withdrawal/redemption of investment
from a unit trust fund and an application to purchase units of another unit
trust fund.
You may switch your investments between funds under the Public Series of
Funds and Public Series of Shariah-Based Funds on any Business Day subject
to terms and conditions.
Switching of units may be subject to switching fee or sales charge which is
deductible from the redemption proceeds.
(Please refer to pages 210 to 211 for more information on switching)
Transfer of units
You may fully or partially transfer your units in the fund(s) to another
unitholder subject to terms and conditions. An administration fee will be
charged for each transaction.
This transfer facility is not available for PIN BOND.
(Please refer to page 211 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/period.
** While the Manager can ensure that the prices forwarded to the press for publication are accurate, it, however, cannot be
held liable for any error in prices finally published in the press since that would be beyond its realm of control. Investors may
contact the Customer Service or branch to further confirm the unit prices if you so desire.
34
KEY FEATURES OF THE FUNDS (CONT’D)
Minimum redemption/ PIN BOND
: 1,000,000 units (transfer facility is not available for PIN
switching/transfer units BOND)
All other funds : 1,000 units
Minimum account
balance
PIN BOND
: 1,000,000 units
All other funds : 1,000 units
In the case of partial redemption, the Manager may elect to redeem the
entire account if the partial redemption results in less than 1,000 units
(1,000,000 units in the case of PIN BOND) being held in your account with
the fund.
1.4 DISTRIBUTION POLICY
Fund name
Distribution policy
Equity Funds
Public Savings Fund
Incidental
Public Growth Fund
Incidental
Public Index Fund
Incidental
Public Industry Fund
Incidental
Public Aggressive Growth Fund
Incidental
Public Regular Savings Fund
Incidental
Public SmallCap Fund
Incidental
Public Equity Fund
Incidental
Public Focus Select Fund
Incidental
Public Dividend Select Fund
Annual
Public Far-East Select Fund
Incidental
Public Regional Sector Fund
Incidental
Public Global Select Fund
Incidental
Public Far-East Dividend Fund
Annual
Public China Select Fund
Incidental
Public Far-East Property & Resorts Fund
Annual
Public South-East Asia Select Fund
Incidental
Public Sector Select Fund
Incidental
Public Far-East Consumer Themes Fund
Incidental
Public China Titans Fund
Incidental
Public Far-East Telco & Infrastructure Fund
Incidental
Public Select Alpha-30 Fund
Incidental
Public Natural Resources Equity Fund
Incidental
Public Australia Equity Fund
Incidental
Public Far-East Alpha-30 Fund
Incidental
Public Optimal Growth Fund
Annual
Public Indonesia Select Fund
Incidental
Public Singapore Equity Fund
Incidental
Public Strategic SmallCap Fund
Incidental
35
KEY FEATURES OF THE FUNDS (CONT’D)
Fund name (cont’d)
Distribution policy
Mixed Asset Fund
Public Tactical Allocation Fund
Incidental
Balanced Funds
Public Balanced Fund
Incidental
Public Far-East Balanced Fund
Incidental
Bond Funds
Public Bond Fund
Annual
Public Institutional Bond Fund
Annual
Public Enhanced Bond Fund
Annual
Public Select Bond Fund
Annual
Public Strategic Bond Fund
Annual
Public Enterprises Bond Fund
Annual
Money Market Fund
Public Money Market Fund
Annual
Distribution, if any, is declared at the end of each financial year, or for any specified period as may be approved by
the trustee. Any distribution(s) so paid will be subject to the availability of realised income and/or realised gains and
the provisions of the SC Guidelines. 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 via ‘e-distribution’ by selecting the
appropriate option in the Application Form. If you opt for the pay out option via ‘e-distribution’, you are required to
provide your bank account details to the Manager.
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 requirements of the Unclaimed Moneys Act
1965 and (Amendment) 2002.
36
KEY FEATURES OF THE FUNDS (CONT’D)
1.6 LODGING A COMPLAINT
You can contact our Customer Service Hotline at 03-6207 5000 for internal dispute resolution.
If you are dissatisfied with the outcome of the internal dispute resolution process, you can refer your dispute to
the Securities Industries Dispute Resolution Corporation (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
: Investors Affairs & Complaints Department
Securities Commission Malaysia
No. 3, Persiaran Bukit Kiara
Bukit Kiara
50490 Kuala Lumpur
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 38.
Past performance of the funds is not an indication of their future performance.
37
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 scheme. Such a scheme usually aims
to provide returns in the form of distribution and/or capital growth with reasonable risks, to investors through
investing in a broadly diversified portfolio of stocks, fixed income securities or other instruments.
A unit trust scheme 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 industry as well as the operations
and administration of unit trust schemes through the CMSA 2007 and the Guidelines on Unit Trust Funds.
2.2 BENEFITS OF INVESTING IN UNIT TRUST FUNDS
Benefits of investing in unit trust funds include:
1.
Diversification: Diversification involves the process of spreading risk over a broad portfolio of asset classes
which include but are not limited to stocks and/or fixed income securities. Further diversification can also
be achieved by investing in stocks and/or fixed income securities in different companies, sectors, countries
or regions. Unit trusts facilitate the diversification process by providing you with an avenue to pool monies
for the purchase of a diversified portfolio of stocks and/or fixed income securities that will bring returns at
lower risks compared with investing directly in stock and/or fixed income securities markets.
2.
Professional management: Unit trusts 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 trusts 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. Keeping your savings in fixed term deposits may probably be the
safest on an investment risk-return continuum, but it, nevertheless, carries with it the risk of negative return when
the rate of inflation is higher than the rate of interest return received on fixed deposits, thus leading to the loss in
purchasing power per Ringgit; otherwise known as the inflation or purchasing power 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.
Where the unit trust participates in stock market-related investments, the following risks become key considerations:
1.
Market risk: The purchase of equities represents a risk since the prices of stocks fluctuate in response to
various factors. Stock prices fluctuate in response to the circumstances affecting individual companies as
well as general market or economic conditions. Such movements in the prices of the stocks 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: 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 ease with which a security can be disposed at or near its
fair value depending on the volume traded on the market. In the event that the fund experiences large
redemptions and if the fund has a large portfolio of securities that are less liquid or difficult to dispose, the
fund manager may be required to liquidate the fund’s holdings of securities at a discount to fair value to
meet the redemption requirement hence adversely impacting 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.
38
about UNIT TRUST FUNDS (CONT’D)
4.
Unlisted security risk: This risk relates to investments in securities which are not listed on a securities
exchange, such as stocks in 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.
The fund’s investments in warrants and utilisation of options, futures and over-the-counter (OTC) options (if any)
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 over-the-counter (OTC)
derivatives involve counterparty risk arising from counterparty default or a decline in the counterparty’s 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.
Investment in fixed income securities brings forth the following specific investment risks:
1.
Interest rate risk: Interest rates movements impact fixed income securities valuations with fixed income
securities prices generally moving inversely with interest rates. When interest rates rise, fixed income securities
prices generally decline and this will lower the market value of a fund’s investment in fixed income securities.
The reverse applies when interest rates fall.
2.
Credit risk: Credit risk arises when the issuer is unable to make timely payments of interest and/or principal.
In the event that the issuer of a security defaults in the payment of interest and/or principal, the value of
the fund may be adversely affected. Credit risk can be managed by holding a diversified portfolio of fixed
income securities and monitoring the issuers’ fundamentals on an ongoing basis.
In addition to the above, the following will also need to be considered:
1.
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.
2.
Loan financing risk: It is not advisable for you to finance the fund units through borrowings. The price/
value of units will fluctuate with the underlying fund portfolio and you may find yourself faced with the
scenario of being forced to provide additional funds to top up on your loan margins (where units are used
as collateral) when the market goes down, or suffer the higher cost of financing when interest rates trend
upwards. Investing in unit trusts involves market risks and it would be considered unwise for you to undertake
borrowing to purchase units as it may serve to accentuate any capital loss incurred by you.
The Manager does not encourage the practice of loan financing in the purchase of funds.
3.
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.
4.
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.
5.
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.
Please refer to Chapter 3: Detailed Information on The Funds for information on the fund specific risks and
risk management.
39
3
DETAILED INFORMATION ON THE FUNDS
3.1 CATEGORIES OF FUNDS
Public Mutual currently promotes various categories of funds, namely equity fund, mixed asset fund, balanced
fund, bond/fixed income fund and money market fund. In terms of these fund categories, the difference among
them lies with the (asset) allocation among the various asset classes i.e. between equities, fixed income securities
and money market instruments, resulting thus in different emphasis being placed on capital growth and income.
Generally, to be categorised as an equity fund denotes that a higher proportion of the fund assets will be invested
in stocks/shares in order to secure capital growth for unitholders, with income considered incidental. A mixed
asset fund adopts a mixed asset/tactical asset allocation strategy where investments are allocated across the
different asset classes based on its investment mandate. A balanced fund, in turn, would focus on attaining a
balance between capital growth and income by investing partly in stocks/shares (though not to the same extent
as an equity fund), and partly in fixed income securities (but to a lesser extent than a bond fund). A bond/fixed
income fund, concentrates chiefly on investing in fixed income securities to secure and distribute annual income
to unitholders, with capital growth considered incidental to the investment process. A money market fund, on
the other hand, invests primarily in short-term debentures and money market instruments to secure and distribute
annual income to unitholders.
For the equity funds managed by Public Mutual, it is important to note that whilst the general investment
strategies pertaining to the respective funds are almost similar, however, the key difference between them lies in
the selection of equity range of the individual funds and their fund-specific investment strategies as set out in this
Master Prospectus.
The forthcoming paragraphs under this Chapter provides further information on the funds’ profiles (paragraph
3.2), investment risks (paragraph 3.3), permitted investments (paragraph 3.4), investment restrictions (paragraph
3.5), valuation of permitted investments (paragraph 3.6) and policy on gearing (paragraph 3.7).
40
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 Savings Fund
Public Growth Fund
Public Index Fund
Public Industry 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 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
Abbreviation
PSF
PGF
PIX
PIF
PAGF
PRSF
P SmallCap
PEF
PFSF
PDSF
PFES
PRSEC
PGSF
PFEDF
PCSF
PFEPRF
PSEASF
PSSF
PFECTF
PCTF
PFETIF
PSA30F
PNREF
PAUEF
PFA30F
POGF
PINDOSF
PSGEF
PSSCF
Pages 42-43
Pages 44-45
Pages 46-48
Pages 49-50
Pages 51-52
Pages 53-54
Pages 55-56
Pages 57-58
Pages 59-61
Pages 62-63
Pages 64-65
Pages 66-68
Pages 69-70
Pages 71-73
Pages 74-75
Pages 76-78
Pages 79-80
Pages 81-82
Pages 83-85
Pages 86-88
Pages 89-90
Pages 91-92
Pages 93-94
Pages 95-96
Pages 97-99
Pages 100-101
Pages 102-103
Pages 104-105
Pages 106-108
Mixed Asset Fund
Public Tactical Allocation Fund
PTAF
Pages 109-111
Balanced Funds
Public Balanced Fund
Public Far-East Balanced Fund
PBF
PFEBF
Pages 112-114
Pages 115-117
Bond Funds
Public Bond Fund
Public Institutional Bond Fund
Public Enhanced Bond Fund
Public Select Bond Fund
Public Strategic Bond Fund
Public Enterprises Bond Fund
P BOND
PIN BOND
PEBF
PSBF
PSTBF
PENTBF
Pages 118-119
Pages 120-121
Pages 122-124
Pages 125-126
Pages 127-128
Pages 129-130
Money Market Fund
Public Money Market Fund
PMMF
Pages 131-132
41
detailed information on the funds (cont’d)
PUBLIC SAVINGS FUND (PSF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Minimum of 40% in index stocks, with the balance in growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Tan Chee Chin and Lum Meng Seng
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve long-term capital appreciation while at the same time producing a reasonable level of income*.
Notes:
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment
objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PSF is actively managed to achieve the long-term goal of capital growth by investing in a diversified portfolio of indexlinked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. In
identifying such companies, the fund relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Necessary approvals from relevant foreign regulatory authorities, where required, will be
obtained before investing into the above-mentioned permitted markets.
42
detailed information on the funds (cont’d)
The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa
Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in
the domestic and foreign markets as well as listed warrants. The fund may also invest in fixed income securities
(sovereign and corporate) and liquid assets which include money market instruments and deposits to help generate
income returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. The equity
exposures of the fund are managed actively with exposures ranging from 70% to 98% depending on the market
and economic environment such that it may outperform the equity market over the long run. It also maintains
investments in fixed income securities to help generate income to the fund.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed 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 PSF
As PSF will focus its investments in the domestic market, the benchmark for PSF is the FTSE Bursa Malaysia KLCI
(FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main
Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood
representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Plc Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA KLCI is calculated by FTSE. All intellectual property rights in the index values and constituent vests in
FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way
connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual
property rights in the creation of this product.”
43
detailed information on the funds (cont’d)
PUBLIC GROWTH FUND (PGF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
High concentration of growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Lum Peck Woon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve long-term capital appreciation with income* considered incidental.
Notes:
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PGF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment
objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PGF is actively managed to achieve the long-term goal of capital growth by investing in a diversified portfolio
of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa
Securities. In identifying such companies, the fund relies on fundamental research where the financial health,
industry prospects, management quality and past track records of the companies are assessed. Although the fund
is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Necessary approvals from the relevant foreign regulatory authorities, where required, will
be obtained before investing into the above-mentioned permitted markets.
The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa
Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the
domestic and foreign markets as well as listed warrants. The fund may also invest in fixed income securities (sovereign
and corporate) and liquid assets which include money market instruments and deposits to help generate returns.
44
detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. There is however
greater emphasis on capital growth with lower emphasis on income and as such its equity exposures are in the range
of between 70% and 98%. It is thus potentially a stronger performer in a rising market than a savings oriented
equity fund. Commensurate with that, it is also likely to be more volatile in terms of returns.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed 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 PGF
As PGF will focus its investments in the domestic market, the benchmark for PGF is the FTSE Bursa Malaysia KLCI
(FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main
Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood
representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA KLCI is calculated by FTSE. All intellectual property rights in the index values and constituent vests in
FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way
connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual
property rights in the creation of this product.”
45
detailed information on the funds (cont’d)
PUBLIC INDEX FUND (PIX)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
80% to 98%
Stock Selection Profile of Fund
Minimum of 60% index stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Chiang Kang Pey and Ng Joo Tsong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve long-term capital appreciation while at the same time attempting to outperform the FTSE Bursa Malaysia
Top 100 Index.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PIX invests in a diversified portfolio of Malaysian equities and fixed income securities to meet its investment objective.
Its equity content in terms of NAV will range in the region of 80% to 98% of NAV of the fund; with a minimum
of 60% of NAV invested in index stocks. The balance of the fund’s NAV will be invested in fixed income securities
and liquid assets which include money market instruments and deposits.
Investment Strategy
PIX is actively managed and invests mainly in index stocks with the objective of outperforming the index and
achieving capital growth over the long term. The fund aims to achieve this by maintaining a reasonably high level
of exposure to equities over time with a minimum of 60% of NAV invested in index stocks at all times. PIX is
not a passive index fund but will invest in a diversified portfolio of index-linked companies, blue chip stocks and
companies with growth prospects that are listed on the Bursa Securities. In identifying such companies, the fund
relies on fundamental research where the financial health, industry prospects, management quality and past track
records of the companies are assessed. Although the fund is actively managed, the frequency of its trading strategy
will very much depend on market opportunities.
As a result of the high equity exposure and heavy emphasis on index stocks, the fund is likely to track the
benchmark very closely. However, there may exist differences in the fund’s performance when compared to the
benchmark due to various reasons such as investments in non-index stocks, variation in equity weightings and the
weighting strategies employed for the index components. As a result, the fund will not exactly replicate or track
the underlying benchmark’s return. The fund undergoes portfolio rebalancing on an ongoing basis with the view
of outperforming the benchmark.
The fund may participate in Initial Public Offerings (IPOs) of companies seeking a listing on Bursa Securities. The
fund may also invest in collective investment schemes in the domestic market as well as listed warrants. The fund
may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money market
instruments and deposits to help generate returns.
46
detailed information on the funds (cont’d)
The close link between the performance of the fund and that of the benchmark that it tracks may result in the fund
experiencing significant volatilities in times of adverse market movements. The diversification and asset allocation
strategies employed would help in mitigating the market risks and result in improving the performance of the fund.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks that are primarily
components of the FTSE Bursa Malaysia Top 100 Index (FBM 100). As it also maintains a fairly high equity exposure
range between 80% and 98%, its performance tends to track the benchmark more closely than non-index funds.
It is not a passive index fund but nevertheless is a useful investment vehicle for investors who wish to use it for
market timing purposes.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed warrants will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PIX
PIX is set up to outperform the FTSE Bursa Malaysia Top 100 Index (FBM 100). Hence, the FBM 100 is the benchmark
for the fund. The FBM 100 is a free-float adjusted market capitalisation weighted index which comprises the Bursa
Malaysia Main Market’s top 100 large and mid cap companies by full market capitalisation.
Information on the FBM 100 is sourced from FTSE International Limited. The performance of the fund and its
benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA TOP 100 INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent
vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not
in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such
intellectual property rights in the creation of this product.”
47
detailed information on the funds (cont’d)
Top 10 Holdings in % of NAV as at 15 February 2013
FBM 100
% Weight PIX
in Index
% of
NAV
1
Public Bank Berhad
8.6
Public Bank Berhad
9.7
2
Malayan Banking Berhad
8.3
Malayan Banking Berhad
7.1
3
Sime Darby Berhad
6.3
Axiata Group Berhad
5.5
4
Axiata Group Berhad
6.1
Sime Darby Berhad
5.4
5
CIMB Group Holdings Berhad
6.0
CIMB Group Holdings Berhad
4.4
6
Tenaga Nasional Berhad
4.4
LPI Capital Berhad
4.3
7
Digi.Com Berhad
4.3
Genting Berhad
4.2
8
Genting Berhad
4.2
Tenaga Nasional Berhad
4.1
9
IOI Corporation Berhad
3.6
Digi.Com Berhad
3.9
10
Petronas Chemicals Group Berhad
3.0
IOI Corporation Berhad
3.1
Additional Disclosure
The FBM 100 is a market capitalisation weighted index of 100 stocks designed to measure the performance of
Bursa Securities. The index is constructed to reflect the performance of listed companies that are representative of
the major sectors of the Malaysian economy. The index is rebalanced periodically based on criteria as determined
by the FTSE Bursa Malaysia Advisory Committee.
A minimum of 60% of the fund’s NAV will be maintained in component stocks of the FBM 100. PIX is not a passive
index fund and will also invest in non-FBM 100 stocks with good growth prospects and attractive valuations to
enhance its investment performance.
Tracking error of the fund’s movements vs the FBM 100 may arise as the fund may invest in non-index stocks.
Differences in weights of index stocks held by the fund vs the respective stock’s weightings in the FBM 100 will
also contribute to tracking errors. As a result, there is no guarantee that the fund will exactly replicate or
track the underlying benchmark’s return. However the fund will be rebalanced on an ongoing basis to manage
its tracking error versus the benchmark.
The risk of investing in equity index funds relate to risks arising from its equity holdings which will fluctuate in line
with the stockmarket’s movements. Risk of price movements on a stock specific basis can also affect the fund’s
overall returns.
There is no guarantee or assurance of exact or identical replication at any time of the performance
of the index.
The index composition may change and component securities of the underlying index may be delisted.
The investment of the fund may be concentrated in securities of a single issuer or several issuers.
48
detailed information on the funds (cont’d)
PUBLIC INDUSTRY FUND (PIF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
High concentration of stocks in recovering or high growth
sectors
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Chiang Kang Pey and Tan Kok Keong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve a high level of capital appreciation over the medium to long term period through investments in growth
industries.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PIF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment
objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PIF is actively managed to achieve the medium to long-term goal of capital growth by investing in a diversified
portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on
the Bursa Securities. In identifying such companies, the fund relies on fundamental research where the financial
health, industry prospects, management quality and past track records of the companies are assessed. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Necessary approvals from the relevant foreign regulatory authorities, where required, will
be obtained before investing into the above-mentioned permitted markets.
The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa
Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the
domestic and foreign markets as well as listed warrants. The fund may also invest in fixed income securities (sovereign
and corporate) and liquid assets which include money market instruments and deposits to help generate returns.
49
detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks with particular
attention paid to the industrial themes with good growth potential or undergoing cyclical recovery. The fund
typically maintains a fairly high equity exposure range of between 70% and 98%. It is thus potentially a stronger
performer in a rising market than a savings oriented equity fund. Commensurate with that, it is also likely to be
more volatile in terms of returns.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed 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 PIF
As PIF will focus its investments in the domestic market, the benchmark for PIF is the FTSE Bursa Malaysia KLCI
(FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main
Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood
representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA KLCI is calculated by FTSE. All intellectual property rights in the index values and constituent vests in
FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way
connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual
property rights in the creation of this product.”
50
detailed information on the funds (cont’d)
PUBLIC AGGRESSIVE GROWTH FUND (PAGF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
High concentration of high growth stocks and situational
stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Andrew Seah
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To seek high capital growth over the medium to long term period through investments in situational and high
growth stocks.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PAGF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its
investment objective. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of
the fund. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PAGF is actively managed to achieve the medium to long-term goal of capital growth by investing in a diversified
portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the
Bursa Securities. In identifying such companies, the fund relies on fundamental research where the financial health,
industry prospects, management quality and past track record of the companies are assessed. The fund will also
invest in situational plays where the risks are deemed reasonably mitigated. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Necessary approvals from the relevant foreign regulatory authorities, where required, will
be obtained before investing into the above-mentioned permitted markets.
The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa
Securities or other permitted foreign markets as well as listed warrants. The fund may also invest in collective
investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities
(sovereign and corporate) and liquid assets which include money market instruments and deposits to help generate
returns.
51
detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks with the aim of
maximising medium to long-term capital growth. In doing so, its equity exposure is typically maintained within a
high equity exposure range of between 75% and 98%. It is thus set up to perform in a more aggressive manner
through a more active trading strategy. Commensurate with that, it is also likely to be significantly more volatile
in terms of returns.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed 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 PAGF
As PAGF will focus its investments in the domestic market, the benchmark for PAGF is the FTSE Bursa Malaysia
KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia
Main Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily
understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA KLCI is calculated by FTSE. All intellectual property rights in the index values and constituent vests in
FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way
connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual
property rights in the creation of this product.”
52
detailed information on the funds (cont’d)
PUBLIC REGULAR SAVINGS FUND (PRSF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Blue chip stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Chen Yuet Fong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve consistent capital growth over the medium to long term period and to achieve a steady growth in income*.
Notes:
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PRSF invests in a diversified portfolio of Malaysian equities and fixed income securities to meet its investment
objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PRSF is actively managed to achieve the goal of medium to long-term capital growth by investing in a diversified
portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on
the Bursa Securities. In identifying such companies, the fund relies on fundamental research where the financial
health, industry prospects, management quality and past track records of the companies are assessed. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
The fund may participate in Initial Public Offerings (IPOs) of companies seeking a listing on Bursa Securities. The
fund may also invest in collective investment schemes in the domestic market as well as listed warrants. The fund
may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money market
instruments and deposits to help generate income returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. The equity
exposures of the fund are managed actively with exposures ranging from 70% to 98% depending on the market and
economic environment. It also maintains investments in fixed income securities to help generate income to the fund.
53
detailed information on the funds (cont’d)
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed warrants will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PRSF
The FTSE Bursa Malaysia Top 100 Index (FBM 100) is the benchmark for the fund. The FBM 100 is a free-float
adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Market’s top 100 large
and mid cap companies by full market capitalisation.
Information on FBM 100 is sourced from FTSE International Limited. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA TOP 100 INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent
vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not
in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such
intellectual property rights in the creation of this product.”
54
detailed information on the funds (cont’d)
PUBLIC SMALLCAP FUND (P SmallCap)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Companies with small market capitalisation, at the point
of purchase, with special focus on growth stocks.
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve high capital growth through investments in companies with small market capitalisation with special
focus on growth stocks.
Notes:
The fund will invest in companies with small market capitalisation at the point of purchase.
The fund may remain invested in such counters should the stocks become medium-sized companies due to movements in market
price and if the growth prospects and valuation of the stocks continue to be attractive.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
P SmallCap invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its
investment objective. The fund will invest in stocks with market capitalisation of up to RM1.25 billion at the point
of purchase. The fund may also invest in companies which at the point of purchase form the bottom 15% of the
cumulative market capitalisation of the market which the stock is listed on. The fund will maintain an equity exposure
of between 70% to 98% of its NAV. The balance of the fund’s NAV will be invested in fixed income securities and
liquid assets which include money market instruments and deposits.
Investment Strategy
P SmallCap is actively managed and focuses primarily on investing in companies with small market capitalisation, with
the aim of achieving high capital growth over the long term through investments in such companies that possess
the capacity to grow strongly. The fund seeks to achieve this goal by maintaining a diversified portfolio of small to
medium-sized companies with growth prospects that are listed on the Bursa Securities. Such stocks are likely to be
found in business sectors that focus on high value-added manufacturing and infrastructural development, modern
telecommunications, utilities, consumer products, services and information technology sectors. In identifying such
companies, the fund relies on fundamental research where the financial health, industry prospects, management
quality and past track record of the companies are assessed. Although the fund is actively managed, the frequency
of its trading strategy will very much depend on market opportunities.
55
detailed information on the funds (cont’d)
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Necessary approvals from the relevant foreign regulatory authorities, where required, will
be obtained before investing into the above-mentioned permitted markets.
The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing
on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also
invest in collective investment schemes both in the domestic and foreign markets as well as listed warrants. The
fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money
market instruments and deposits to help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of promising companies with small market capitalisation which as an investment group is generally under researched
by the investment community. The focus of the fund is on identifying stocks of companies that have good earnings
growth potential and trade at attractive valuations.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for P SmallCap
As P SmallCap will focus its investments in the domestic market, the benchmark for P SmallCap is the FTSE Bursa
Malaysia Small Cap Index which comprises of eligible companies within the top 98% of the Bursa Malaysia Main
Market excluding constituents of the FTSE Bursa Malaysia Top 100 Index.
Information on the FTSE Bursa Malaysia Small Cap Index is sourced from FTSE International Limited. The performance
of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA SMALL CAP INDEX is calculated by FTSE. All intellectual property rights in the index values and
constituent vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product
and are not in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE
to use such intellectual property rights in the creation of this product.”
56
detailed information on the funds (cont’d)
PUBLIC EQUITY FUND (PEF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
At least 80%
Stock Selection Profile of Fund
Growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Lum Meng Seng
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth through the aggressive selection of growth stocks from diversified economic sectors.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PEF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment
objective. Its minimum equity content is 80% of the NAV of the fund. The balance of the fund’s NAV will be invested
in fixed income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PEF is actively managed to achieve the long-term goal of capital growth by maintaining a high level of exposure
to equities of 80% and above at all times. The equity investment of the fund primarily focuses on a diversified
portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on
the Bursa Securities. In identifying such companies, the fund relies on fundamental research where the financial
health, industry prospects, management quality and past track records of the companies are assessed. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Necessary approvals from the relevant foreign regulatory authorities, where required, will
be obtained before investing into the above-mentioned permitted markets.
The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa
Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the
domestic and foreign markets as well as listed warrants. The fund may also invest in fixed income securities (sovereign
and corporate) and liquid assets which include money market instruments and deposits to help generate returns.
57
detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of the equity market
through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. The fund however
places a lower emphasis on asset allocation by committing at least 80% of total funds to the equity market at all
times. As such, the fund is likely to benefit very meaningfully from a bullish equity market. On the downside, it
may have little leeway in avoiding the full brunt of a bearish market. It is thus potentially a stronger performer in
a rising market than a savings oriented equity fund. Commensurate with that, it is also likely to be significantly
more volatile in terms of returns.
Fund Specific Risk Management
The liquidity management and diversification strategies employed are therefore central to the efforts to manage
the risks posed to the fund. There may even be situations such as when a severe downturn in the equity markets
is expected and liquidity risks are high, that the equity exposure is reduced to the minimum levels indicated. With
regards to the investment in fixed income securities, it should be noted that the performance of the fixed income
securities might be adversely affected should interest rates rise sharply. The value of fixed income securities may
also fluctuate based on the credit quality of the issuer. As such, exposure to fixed income securities in the portfolio
are managed to ensure that risks levels are commensurate with the potential returns. The performance of money
market instruments and deposits may also be impacted by the fluctuations in interest rates and the credit risk of the
financial institutions. To manage the credit risk of these instruments, the credit ratings of the financial institutions
are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed 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 PEF
As PEF will focus its investments in the domestic market, the benchmark for PEF is the FTSE Bursa Malaysia KLCI
(FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main
Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood
representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA KLCI is calculated by FTSE. All intellectual property rights in the index values and constituent vests in
FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way
connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual
property rights in the creation of this product.”
58
detailed information on the funds (cont’d)
PUBLIC FOCUS SELECT FUND (PFSF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Medium-sized companies with market capitalisation of
between RM1.25 billion and RM6 billion, at the point
of purchase, with special focus on growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Tan Chee Chin and Lum Meng Seng
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth through investments in medium-sized companies in terms of market capitalisation from
diversified economic sectors.
Notes:
The fund may remain invested in such counters should the stock’s market capitalisation move above or fall below the range stated
in the investment policy due to movements in market price and if the growth prospects and valuation of the stocks continue to
be attractive.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
This fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFSF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment
objective. PFSF will invest in stocks with market capitalisation of between RM1.25 billion and RM6 billion at the
point of purchase.
Emphasis is placed on the accumulation of stocks with promising high earnings growth prospects in the medium
to long-term horizon. Such stocks are found in a wide variety of business sectors from plantations to banking to
information technology.
The fund generally maintains equity exposures within a range of between 70% and 98% against its NAV. However
the equity range of the fund may be lower depending on the fund manager’s assessment of the stock market.
The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money
market instruments and deposits.
59
detailed information on the funds (cont’d)
Investment Strategy
PFSF is actively managed and focuses primarily on investments in medium-sized companies with market capitalisation
of between RM1.25 billion and RM6 billion at the point of purchase, with the aim of achieving high capital growth
over the long-term through investments in companies with good long-term growth potential. The fund seeks to
achieve this goal by investing in a diversified portfolio of medium sized companies with growth prospects that are
listed on the Bursa Securities. The fund may remain invested in such counters should the stock’s market capitalisation
move above or fall below the range stated in the investment policy due to movements in market price and if the
growth prospects and valuation of the stocks continue to be attractive. In identifying such companies, the fund
relies on fundamental research where the financial health, industry prospects, management quality and past track
record of the companies are assessed. Although the fund is actively managed, the frequency of its trading strategy
will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Necessary approvals from the relevant foreign regulatory authorities, where required, will
be obtained before investing into the above-mentioned permitted markets.
The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa
Securities or other permitted foreign markets as well as listed warrants. The fund may also invest in collective
investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities
(sovereign and corporate) and liquid assets which include money market instruments and deposits to generate
additional returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of medium-sized companies with market capitalisation of between RM1.25 billion and RM6 billion. The focus of
the fund is on identifying stocks of companies that have good earnings growth potential and trade at attractive
valuations.
Fund Specific Risk Management
The fund faces liquidity risk especially with regard to investments in shares of medium-sized companies. For that
reason, the equity exposures of the fund are managed within a fairly conservative range of between 70% and
98%. Essentially, the asset allocation, liquidity management and diversification strategies employed are central to
the efforts to manage the risks posed to the fund. There may be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the fund’s equity exposure is reduced to below the
levels indicated as a temporary defensive strategy.
With regards to the investment in fixed income securities, it should be noted that the performance of the fixed
income securities might be adversely affected should interest rates rise sharply. The value of fixed income securities
may also fluctuate based on the credit quality of the issuer. As such, exposure to fixed income securities in the
portfolio are managed to ensure that risks levels are commensurate with the potential returns. The performance of
money market instruments and deposits may also be impacted by the fluctuations in interest rates and the credit
risk of the financial institutions. To manage the credit risk of these instruments, the credit ratings of the financial
institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed 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”.
60
detailed information on the funds (cont’d)
Selected Performance Benchmark for PFSF
As PFSF will focus its investments in the domestic market, the benchmark for PFSF is the FTSE Bursa Malaysia Mid
70 Index which comprises of the remaining 70 companies in the FTSE Bursa Malaysia Emas Index ranked by full
market capitalisation, excluding the 30 members in the FTSE Bursa Malaysia KLCI.
Information on the FTSE Bursa Malaysia Mid 70 Index is sourced from FTSE International Limited. The performance
of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA MID 70 INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent
vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not
in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such
intellectual property rights in the creation of this product.”
61
detailed information on the funds (cont’d)
PUBLIC DIVIDEND SELECT FUND (PDSF)
Fund Profile
Category of Fund
Equity fund
Type of FundIncome
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Stocks which offer or have the potential to offer attractive
dividend yields
Distribution PolicyAnnual
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Tan Chee Chin and Liew Mun Hon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To provide steady recurring income* by investing in a portfolio of stocks which offer or have the potential to offer
attractive dividend yields.
Notes:
Stocks which offer attractive dividend yields refer to stocks with consistency in rewarding shareholders via dividend payouts.
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 35 and 36 for
more information on distribution policy.
Investment Policy
PDSF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its
investment objective. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the
fund. The balance of the fund’s NAV is invested in fixed income securities and liquid assets which include money
market instruments and deposits.
Investment Strategy
The fund is actively managed to achieve its goal of providing steady recurring income by investing in a diversified
portfolio of stocks that offer or have the potential to offer attractive dividend yields. In terms of stock selection,
the fund essentially focuses on investing in companies that have demonstrated consistency in rewarding their
shareholders via dividend pay outs. Although the fund is actively managed, the frequency of its trading strategy will
very much depend on market opportunities. Notwithstanding this, the fund may also invest in growth or recovery
stocks that have the potential to eventually adopt a dividend payout policy. In identifying such companies, the
fund relies on fundamental research where the financial health, industry prospects, management quality and past
track records of the companies are assessed.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Necessary approvals from the relevant foreign regulatory authorities, where required, will
be obtained before investing into the above-mentioned permitted markets.
62
detailed information on the funds (cont’d)
The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa
Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in
the domestic and foreign markets as well as listed warrants. The fund may also invest in fixed income securities
(sovereign and corporate) and liquid assets which include money market instruments and deposits to help generate
interest income.
Fund Specific Benefits
The fund provides you with the opportunity to participate in a diversified portfolio of stocks which distribute or
have the potential to distribute reasonably attractive dividends. The equity exposures of the fund are managed
actively with exposures ranging from 75% to 98% depending on the Fund Manager’s assessment of the market
and economic environment. However, the fund’s equity range may be lower depending on the Fund Manager’s
assessment of the stock market outlook. It also maintains investments in fixed income securities to help generate
interest income for the fund.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed 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 PDSF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% FTSE Bursa Malaysia Top 100 Index (FBM 100), and
10% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR).
As PDSF generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen
for PDSF is a composite benchmark index comprising a hypothetical investment in the FBM 100 and 3-Month KLIBOR
in a ratio of 90:10. Therefore, the returns for the benchmark index for any given period of time would comprise
of 90% from the returns of the FBM 100 and 10% from 3-Month KLIBOR interest earned for the same period of
time. The component stocks of FBM 100 comprise top 100 large and mid cap stocks listed on Bursa Securities. This
composite benchmark index represents an appropriate performance benchmark for PDSF as the fund is an equity
fund which generally has an equity weight of 90% of its NAV over the medium to long term.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. Information on the FBM 100 is sourced from FTSE International Limited. The
performance of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA TOP 100 INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent
vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not
in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such
intellectual property rights in the creation of this product.”
63
detailed information on the funds (cont’d)
PUBLIC FAR-EAST SELECT FUND (PFES)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Chen Yuet Fong and Lum Peck Woon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To seek long-term capital appreciation by investing in blue chips and growth stocks in domestic and regional markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFES invests in a diversified portfolio of blue chip stocks and growth stocks listed on Bursa Securities and selected
regional stock markets to meet its investment objective. The fund generally maintains equity exposures within a
range of 75% to 98% against its NAV. However, the equity range of the fund may be lower depending on the
Fund Manager’s assessment of the equity markets. The balance of the fund’s NAV will be invested in fixed income
securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PFES is actively managed to achieve the long-term goal of capital growth by investing in a diversified portfolio of blue
chip stocks and companies with growth prospects listed on Bursa Securities and selected regional stock markets. In
identifying such companies, the fund relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected regional markets
which include South Korea, China, Hong Kong, Taiwan, Singapore, Philippines, Thailand, Indonesia and other
permitted markets. Necessary approvals from relevant foreign regulatory authorities, where required, will be obtained
before investing into the above-mentioned permitted markets.
The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing
on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also
invest in collective investment schemes both in the domestic and foreign markets as well as listed warrants. The
fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money
market instruments and deposits to help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
64
detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks and growth stocks listed on Bursa Securities and selected regional stock markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFES
The benchmark of the fund is MSCI AC Far-East Ex-Japan Index. The daily closing index for the MSCI AC Far-East
Ex-Japan Index is available on Bloomberg L.P. The performance of the fund and its benchmark is available on Public
Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a
particular purpose with respect of any such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates
or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect,
special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
65
detailed information on the funds (cont’d)
PUBLIC REGIONAL SECTOR FUND (PRSEC)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Index stocks, blue chip stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Liew Mun Hon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To seek long-term capital appreciation by investing in selected market sectors.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PRSEC invests in a diversified portfolio of equities and fixed income securities to meet its investment objective.
The fund will invest in a maximum of 6 sectors but will maintain its investments in a minimum of 3 sectors at all
times. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. However
the equity range of the fund may be lower depending on the Fund Manager’s assessment of the equity markets.
The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money
market instruments and deposits.
Investment Strategy
PRSEC is actively managed to achieve the long-term goal of capital growth by identifying the market sectors
which offer the most promising investment returns. The fund will invest in a maximum of 6 of the most promising
sectors determined by the Fund Manager. To ensure sufficient diversification, the fund will maintain investments in
a minimum of 3 sectors at all times. To facilitate the transition of one sector to another, the fund may temporarily
invest in more than 6 sectors when it is undertaking the above portfolio rebalancing exercise. The selection of market
sectors to be invested by the fund is based primarily on the growth prospects of the sectors. The equity investment
of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip stocks and companies
with growth prospects. In identifying such companies, the fund relies on fundamental research where the financial
health, industry prospects, management quality and past track records of the companies are assessed. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
A minimum of 50% of the fund’s NAV and up to a maximum of 98% of the fund’s NAV can be invested in
equities and fixed income securities of selected regional markets which include South Korea, China, Japan, Hong
Kong, Taiwan, Singapore, Philippines, Thailand, Indonesia and other permitted markets. Necessary approvals from
relevant foreign regulatory authorities, where required, will be obtained before investing into the above-mentioned
permitted markets.
66
detailed information on the funds (cont’d)
The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing
on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also
invest in collective investment schemes both in the domestic and foreign markets as well as listed warrants. The
fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money
market instruments and deposits to help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of index stocks, blue chip stocks and growth stocks of performing market sectors.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PRSEC
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% MSCI AC Far-East Ex-Japan Index*, and
10% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR)
As PRSEC generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark
chosen for PRSEC is a composite benchmark index comprising a hypothetical investment in the MSCI AC Far-East
Ex-Japan Index and 3-Month KLIBOR in a ratio of 90:10. Therefore, the returns for the benchmark index for any
given period of time would comprise of 90% from the returns of the MSCI AC Far-East Ex-Japan Index and 10%
from 3-Month KLIBOR interest earned for the same period of time. The component stocks of MSCI AC Far-East
Ex-Japan Index comprise major stocks in several sectors from key regional markets including China, Hong Kong,
Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. This composite benchmark index
represents an appropriate performance benchmark for PRSEC as the fund is an equity fund which generally has an
equity weight of 90% of its NAV over the long term.
* As indices which focus on Far-East markets have a relatively high index weight for Japanese stocks, an index
which excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
67
detailed information on the funds (cont’d)
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for the MSCI AC Far-East Ex-Japan Index is available
on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a
particular purpose with respect of any such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates
or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect,
special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
68
detailed information on the funds (cont’d)
PUBLIC GLOBAL SELECT FUND (PGSF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Liew Mun Hon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To seek long-term capital appreciation by investing in equities and collective investment schemes in domestic and
global markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PGSF invests in collective investment schemes which focus in a diversified portfolio of blue chip stocks, index
stocks and growth stocks listed on selected global markets. The fund will also invest in a diversified portfolio of
blue chip stocks, index stocks and growth stocks listed on selected global stock markets to meet its investment
objective. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. However
the equity range of the fund may be lower depending on the Fund Manager’s assessment of the equity markets.
The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money
market instruments and deposits.
Investment Strategy
PGSF is actively managed to achieve the long-term goal of capital growth by investing in collective investment
schemes which focus on a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on selected
global stock markets. The fund will also invest in blue chip stocks, index stocks and growth stocks listed on selected
global markets. In identifying such companies, the fund relies on fundamental research where the financial health,
industry prospects, management quality and past track records of the companies are assessed. Although the fund
is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected global markets
which include United States of America, Canada, United Kingdom, Germany, France, Finland, Switzerland, Spain,
Italy, Luxembourg, Australia, New Zealand, South Korea, China, Japan, Hong Kong, Taiwan, Singapore, Malaysia,
India, Philippines, Thailand, Indonesia and other permitted markets. Necessary approvals from relevant foreign
regulatory authorities, where required, will be obtained before investing into the above-mentioned permitted markets.
The fund’s investments may also include listed warrants. The fund may also consider investments in unlisted equities
particularly in companies that are expected to seek listing on the Bursa Securities or selected global markets within
a timeframe of two years. The fund may also invest in fixed income securities (sovereign and corporate) and liquid
assets which include money market instruments and deposits to help generate returns.
69
detailed information on the funds (cont’d)
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks listed on selected global stock markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PGSF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% MSCI All Country World Index (MSCI ACWI), and
10% 1-Month Kuala Lumpur Interbank Offered Rate (KLIBOR)
As PGSF generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for
PGSF is a composite benchmark index comprising a hypothetical investment in the MSCI ACWI and 1-Month KLIBOR
in a ratio of 90:10. Therefore, the returns for the benchmark index for any given period of time would comprise
of 90% from the returns of the MSCI ACWI and 10% from 1-Month KLIBOR interest earned for the same period
of time. The component stocks of MSCI ACWI comprise major stocks from key global markets including United
States of America, Europe, Japan, Asia and Australia. This composite benchmark index represents an appropriate
performance benchmark for PGSF as the fund is an equity fund which generally has an equity weight of 90% of
its NAV over the long term.
Information on the 1-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for the MSCI All Country World Index is available
on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
70
detailed information on the funds (cont’d)
PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)
Fund Profile
Category of Fund
Equity fund
Type of FundIncome
Equity Range of Fund
75% to 98%
Stock Selection of Fund
Stocks which offer or have the potential to offer attractive
dividend yields
Distribution PolicyAnnual
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Chiang Kang Pey and Tan Kok Keong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To provide income* by investing in a portfolio of stocks in domestic and regional markets which offer or have the
potential to offer attractive dividend yields.
Notes:
Stocks which offer attractive dividend yields refer to stocks with consistency in rewarding shareholders via dividend payouts.
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 35 and 36 for
more information on distribution policy.
Investment Policy
PFEDF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. Its
equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance of
the fund’s NAV is invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
The fund is actively managed to achieve its goal of providing income by investing in a diversified portfolio of
stocks that offer or have the potential to offer attractive dividend yields. In terms of stock selection, the fund
essentially focuses on investing in companies that have demonstrated consistency in rewarding their shareholders
via dividend pay outs. Although the fund is actively managed, the frequency of its trading strategy will very much
depend on market opportunities. Notwithstanding this, the fund may also invest in growth or recovery stocks that
have the potential to eventually adopt a dividend payout policy. In identifying such companies, the fund relies on
fundamental research where the financial health, industry prospects, management quality and past track records
of the companies are assessed.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected regional markets
which include South Korea, China, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand and other
permitted markets. Necessary approvals from relevant foreign regulatory authorities, where required, will be obtained
before investing into the above-mentioned permitted markets.
71
detailed information on the funds (cont’d)
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected regional markets within a timeframe of two years. The fund may invest
in collective investment schemes both in the domestic or selected regional markets as well as listed warrants. The
fund may invest in fixed income securities (sovereign and corporate) and liquid assets which include money market
instruments and deposits to help generate interest income.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in a diversified portfolio of stocks which distribute or
have the potential to distribute reasonably attractive dividends. The equity exposures of the fund are managed
actively with exposures ranging from 75% to 98% depending on the Fund Manager’s assessment of the market
and economic environment. However, the fund’s equity range may be lower depending on the Fund Manager’s
assessment of the outlook for equity markets. It also maintains investments in fixed income securities to help
generate interest income for the fund.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFEDF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% MSCI AC Far-East Ex-Japan High Dividend Yield Index, and
10% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR)
As PFEDF generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen
for PFEDF is a composite benchmark index comprising a hypothetical investment in the MSCI AC Far-East Ex-Japan
High Dividend Yield Index and 3-Month KLIBOR in a ratio of 90:10. Therefore, the returns for the benchmark index
for any given period of time would comprise of 90% from the returns of the MSCI AC Far-East Ex-Japan High
Dividend Yield Index and 10% from 3-Month KLIBOR interest earned for the same period of time. The component
stocks of MSCI AC Far-East Ex-Japan High Dividend Yield Index comprises securities in the MSCI AC Far-East ExJapan Index that have higher-than-average dividend yield, a track record of consistent dividend payments and
the capacity to sustain future dividend payments. This composite benchmark index represents an appropriate
performance benchmark for PFEDF as the fund is an equity fund which generally has an equity weight of 90% of
its NAV over the medium to long term.
72
detailed information on the funds (cont’d)
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. Information on the MSCI AC Far-East Ex-Japan High Dividend Yield Index is
sourced from MSCI. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a
particular purpose with respect of any such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates
or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect,
special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
73
detailed information on the funds (cont’d)
PUBLIC CHINA SELECT FUND (PCSF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Chiang Kang Pey
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in the
greater China region namely in Hong Kong, China and Taiwan markets and including China based companies listed
on overseas markets. The fund may also invest in companies listed on Bursa Securities and other foreign markets
which have significant or potentially significant business operations in the greater China region.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PCSF invests in a diversified portfolio of investments in the greater China region namely in Hong Kong, China and
Taiwan markets. The fund will also invest in China based companies listed on overseas markets such as Singapore,
United States of America and other permitted markets to meet its investment objective. The fund may also invest in
companies listed on Bursa Securities and foreign markets which have significant or potentially significant business
operations in the greater China region. The fund generally maintains equity exposures within a range of 75%
to 98% against its NAV. However the equity range of the fund may be lower depending on the Fund Manager’s
assessment of the equity markets. The balance of the fund’s NAV will be invested in fixed income securities and
liquid assets which include money market instruments and deposits.
Investment Strategy
PCSF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of blue
chip stocks, index stocks and companies with growth prospects in the greater China region namely in Hong Kong,
China and Taiwan markets. The fund will also invest in China based companies listed on overseas markets such
as Singapore and United States of America and other permitted markets. The fund may also invest in companies
listed on Bursa Securities and foreign markets which have significant or potentially significant business operations
in the greater China region. In identifying such companies, the Fund Manager relies on fundamental research
where the financial health, industry prospects, management quality and past track records of the companies are
assessed. Although the fund is actively managed, the frequency of its trading strategy will very much depend on
market opportunities.
74
detailed information on the funds (cont’d)
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include Hong Kong, China, Taiwan, Singapore, United States of America and other permitted markets.
Necessary approvals from the relevant foreign regulatory authorities, where required, will be obtained before
investing into the above-mentioned permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the markets within a timeframe of two years. The fund may also invest in collective investment schemes
both in the domestic and foreign markets as well as listed warrants. The fund may also invest in fixed income
securities (sovereign and corporate) and liquid assets which include money market instruments and deposits to
help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks in the greater China region.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Country risks, currency risks and liquidity risks associated with the fund’s investments in the greater China region will
be monitored on an ongoing basis. To mitigate risks arising from factors which include foreign currency exposure
and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the
fund. The fund’s other overseas investments will also be monitored to focus in markets with the potential to achieve
positive returns that are commensurate with the associated risks.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PCSF
The benchmark for PCSF is the MSCI Golden Dragon Index which is a market capitalisation weighted index designed
to represent the performance of the equity markets of China, Taiwan and Hong Kong.
The daily closing index for MSCI Golden Dragon Index is available on Bloomberg L.P. The performance of the fund
and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
75
detailed information on the funds (cont’d)
PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth and income
Equity Range of Fund
75% to 98%
Stock Selection of Fund
Property, hotel and resorts stocks and real estate
investment trusts
Distribution PolicyAnnual
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Tan Chee Chin and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
Seeks to achieve capital growth over the medium to long term period by investing in companies that are principally
engaged in property investment and development, hotel and resorts development and investment and real estate
investment trusts (REITs) in domestic and regional markets. The fund may also invest in companies which have
significant* property or real estate assets.
Notes:
* Companies which have at least 70% of their assets comprised of property or real estate assets.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFEPRF invests in a diversified portfolio of equities, REITs and fixed income securities to meet its investment objective.
Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance
of the fund’s NAV is invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
The fund is actively managed to achieve its goal of providing capital growth by investing in companies that are
principally engaged in property investment and development, hotel and resorts development and investment and
real estate investment trusts (REITs) in domestic and regional markets. The fund may also invest in companies which
have significant property or real estate assets, i.e. companies which have at least 70% of their assets comprised of
property or real estate assets. In identifying such companies, the fund relies on fundamental research where the
financial health, industry prospects, management quality and past track records of the companies are considered.
The fund’s investment process also includes assessing various valuation ratios such as the Price Earnings Ratio (PER)
and Price to Net Tangible Asset ratio (Price/NTA) of the stock/REIT. The dividend yields of property stocks and REITs
are also assessed. Although the fund is actively managed, the frequency of its trading strategy will very much
depend on market opportunities.
76
detailed information on the funds (cont’d)
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected regional markets
which include South Korea, China, Japan, Taiwan, Hong Kong, Australia, New Zealand, Philippines, Indonesia,
Singapore, Thailand and other permitted markets. The fund may invest in equity linked participation notes for
selected regional stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments
designed to track designated securities. The movement of these notes are similar to the underlying shares listed in
their respective markets. These notes are issued by international foreign broking houses for investment by investors
who are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors
in a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty
risk whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these
notes may not track the movement of their underlying shares closely. Necessary approvals from the relevant foreign
regulatory authorities, where required, will be obtained before investing into the above-mentioned permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected regional markets within a timeframe of two years. The fund may invest
in collective investment schemes both in the domestic or selected regional markets as well as listed warrants. The
fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money
market instruments and deposits to help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of stocks of companies that are principally engaged in property investment and development, hotel and resorts
development and investment and real estate investment trusts (REITs) in domestic and regional markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed 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”.
77
detailed information on the funds (cont’d)
Selected Performance Benchmark for PFEPRF
The benchmark of the fund is a customised benchmark by S&P Opco, LLC based on the constituents within the
real estate sector of S&P BMI Asia Pacific Index which is customised to the following weights i.e. 20% Japan, 20%
Australia, 20% Malaysia and the balance of the 40% for the rest of the countries within the index universe currently
including China ‘H’ Shares, Hong Kong, Indonesia, New Zealand, Philippines, Singapore, Taiwan, South Korea and
Thailand. The real estate sector is as defined by the then-current Global Industry Classification Standard (GICS).
Therefore, the returns for the customised index for any given period of time would comprise of the returns from
the real estate sector of S&P BMI Asia Pacific Index in Japan, Australia, Malaysia and other countries in a ratio of
20:20:20:40. This customised benchmark index represents an appropriate performance benchmark for PFEPRF as
it is representative of the markets that the fund is permitted to invest in over the medium to long term.
Information on the fund’s benchmark is sourced from S&P Opco, LLC. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“The PFEPRF’s benchmark (the “Index”) is the exclusive property of S&P Opco, LLC, a subsidiary of S&P Dow Jones Indices LLC (“S&P
Dow Jones Indices”) and/or its affiliates. Public Mutual has contracted with S&P Dow Jones Indices to calculate and maintain the
Index. Neither S&P Dow Jones Indices nor any of its affiliates shall be liable for any errors or omissions in calculating the Index.”
78
detailed information on the funds (cont’d)
PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Peck Woon and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in SouthEast Asia markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSEASF will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on domestic
and regional markets in South-East Asia to meet its investment objective. The fund generally maintains equity
exposures within a range of 75% to 98% against its NAV. The balance of the fund’s NAV will be invested in fixed
income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PSEASF is actively managed to achieve the medium to long-term goal of capital growth by investing in blue chip
stocks, index stocks and growth stocks listed on domestic and regional markets in South-East Asia. In identifying
companies for investment, the fund relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected regional markets
which include Indonesia, Philippines, Singapore, Thailand, Vietnam and other permitted markets. The fund may
invest in equity linked participation notes for selected regional stocks listed on the Luxembourg Stock Exchange.
Equity linked participation notes are instruments designed to track designated securities. The movement of these
notes are similar to the underlying shares listed in their respective markets. These notes are issued by international
foreign broking houses for investment by investors who are not able to invest directly in the underlying foreign
shares. These notes are purchased and sold by investors in a similar manner to the trading of shares. Investments
in equity linked participation notes involve counterparty risk whereby the issuer of the notes may not be able to
fulfil its obligation. It also presents market risk as these notes may not track the movement of their underlying
shares closely. Necessary approvals from the relevant foreign regulatory authorities, where required, will be obtained
before investing into the above-mentioned permitted markets.
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detailed information on the funds (cont’d)
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on domestic and regional markets in South-East Asia within a timeframe of two years. The fund may invest
in collective investment schemes both in the domestic or selected regional markets as well as listed warrants. The
fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money
market instruments and deposits to help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks listed on domestic and regional markets in South-East Asia.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSEASF
The benchmark of the fund is FTSE/ASEAN 40 Index. To obtain the latest information on the FTSE/ASEAN 40 Index,
investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for
a list of the component stocks of the FTSE/ASEAN 40 Index and transactional information such as last traded price,
previous closing price, volume traded, high and low for the day and other information. The performance of the
fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“The PSEASF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by the London
Stock Exchange Group companies (“LSEG”) and neither FTSE nor LSEG makes any warranty or representation whatsoever, expressly
or impliedly, either as to the results to be obtained from the use of the FTSE/ASEAN 40 Index (“the Index”) and/or the figure
at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated
by FTSE in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore
Exchange Securities Trading Limited and the Stock Exchange of Thailand (The “Exchanges”). However, neither FTSE nor LSEG nor
the Exchanges shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor
the LSEG nor the Exchanges shall be under any obligation to advise any person of any error therein.”
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the LSEG and are used by FTSE International Limited under licence.
80
detailed information on the funds (cont’d)
PUBLIC SECTOR SELECT FUND (PSSF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Index stocks, blue chip stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To seek long-term capital appreciation by investing in a portfolio of securities from selected market sectors in the
domestic market.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSSF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. The
fund will invest in a maximum of 6 sectors in the domestic market but will maintain its investments in a minimum
of 3 sectors at all times. The fund generally maintains equity exposures within a range of 75% to 98% against
its NAV. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PSSF is actively managed to achieve the long-term goal of capital growth by identifying the market sectors in
the domestic market which offer the most promising investment returns. Market sectors are defined as industry
groups which the companies are classified based on Bloomberg classification. There are a total of 10 sectors under
Bloomberg’s classification namely Basic Materials, Communications, Consumer Cyclical, Consumer Non Cyclical,
Diversified Groups, Energy, Financials, Industrials, Technology and Utilities. The fund will invest in a maximum of 6
of the most promising sectors determined by the Fund Manager. To ensure sufficient diversification, the fund will
maintain investments in a minimum of 3 sectors at all times. To facilitate the transition of one sector to another, the
fund may temporarily invest in more than 6 sectors when it is undertaking the above portfolio rebalancing exercise.
The selection of market sectors to be invested by the fund is based primarily on the growth prospects of the
sectors. This analysis will include a consideration of key macro factors such as business cycles of selected sectors
and income levels and demographic trends which have an effect on various industries’ growth prospects. After the
sectors are identified, the Fund Manager will subsequently review the stocks available in the market for selected
sectors and build up the fund’s investment portfolio accordingly. Stocks will be selected by assessing earnings
growth potential and various valuation ratios such as Price Earnings Ratio (PER), Price to Net Tangible Asset ratio
(Price/NTA) and dividend yield.
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detailed information on the funds (cont’d)
The sector allocations for PSSF will be monitored on an ongoing basis and fund’s sector exposure will be rebalanced
on a dynamic basis to ensure that the fund’s sector allocations are positioned to optimise the fund’s returns.
Information on the sector selections of PSSF are updated monthly and can be obtained from Public Mutual’s website.
The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip
stocks and companies with growth prospects. In identifying such companies, the fund relies on fundamental research
where the financial health, industry prospects, management quality and past track records of the companies are
assessed. Although the fund is actively managed, the frequency of its trading strategy will very much depend on
market opportunities.
The fund may participate in Initial Public Offerings (IPOs) of companies seeking a listing on Bursa Securities. The
fund may also invest in collective investment schemes in the domestic market as well as listed warrants. The fund
may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money market
instruments and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of index stocks, blue chip stocks and growth stocks of performing market sectors.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed warrants will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSSF
The FTSE Bursa Malaysia Top 100 Index (FBM 100) is the benchmark for the fund. The FBM 100 is a free-float
adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Market’s top 100 large
and mid cap companies by full market capitalisation.
Information on FBM 100 is sourced from FTSE International Limited. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA TOP 100 INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent
vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not
in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such
intellectual property rights in the creation of this product.”
82
detailed information on the funds (cont’d)
PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Consumer sector stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Tan Chee Chin
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve long term capital appreciation by investing in securities, mainly equities, in the consumer sector in the
domestic and foreign markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFECTF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective.
The fund will focus its investments in stocks in the consumer sector in the domestic and foreign markets. The fund
may also invest in multinational corporations in the consumer sector which have their products sold in Far-East
markets or have distribution outlets/establishments in the Far-East region and are listed in United States, Europe
and Australian markets. The fund generally maintains equity exposures within a range of 75% to 98% against
its NAV. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PFECTF is actively managed to achieve the long-term goal of capital growth by focusing its investment in stocks in
the consumer sector in the domestic and foreign markets. The fund may also invest in multinational corporations in
the consumer sector which have their products sold in Far-East markets or have distribution outlets/establishments
in the Far-East region and are listed in United States, Europe and Australian markets. These companies should have
at least 25% of their existing revenue derived from the Far-East region or are projected to derive at least 25% of
revenue from the Far-East region in the next two to three years. The sales contribution of these companies from
the Far-East region will be evaluated annually.
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detailed information on the funds (cont’d)
Given the positive demographic factors and rising affluence of the population base in the Far-East region, the
long-term outlook for companies in the consumer sector is promising. Robust economic growth and rising disposable
incomes in the Far-East region is projected to lead to increased consumer spending which will benefit companies in
the consumer sector. These companies include companies involved in the food, beverage, tobacco, household goods,
fashion, textiles, apparel, footwear, and consumer electronics and appliances industries. The services segment within
the consumer sector include companies in retailing, restaurants, services and leisure industries. In identifying such
companies, the fund relies on fundamental research where the financial health, industry prospects, management
quality and past track records of the companies are assessed. The fund’s investment process also involves assessing
the various valuation ratios such as the Price Earnings Ratio (PER), Price to Net Tangible Asset Ratio (Price/NTA) and
dividend yield of the stocks. Although the fund is actively managed, the frequency of its trading strategy will very
much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include Japan, Korea, Taiwan, China, Hong Kong, Singapore, Thailand, Philippines, Indonesia, United States,
Europe, Australia and other permitted markets. The fund may invest in equity linked participation notes for selected
regional stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed
to track designated securities. The movement of these notes are similar to the underlying shares listed in their
respective markets. These notes are issued by international foreign broking houses for investment by investors who
are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors in
a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty risk
whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may
not track the movement of their underlying shares closely. Necessary approvals from the relevant foreign regulatory
authorities, where required, will be obtained before investing into the above-mentioned permitted markets.
The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing
on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also
invest in collective investment schemes both in the domestic and foreign markets as well as listed warrants. The
fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money
market instruments and deposits to help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of stocks in the consumer sector listed on the domestic and foreign markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed 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.
84
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 PFECTF
The benchmark of the fund is a customised index by S&P Opco, LLC based on the constituents within the selected
sectors of the S&P BMI Asia Ex-Japan Index* comprising Malaysia, Singapore, Thailand, Indonesia, Philippines,
Hong Kong, China ‘H’ Shares, Taiwan and South Korea. The selected sectors are the Consumer Discretionary and
Consumer Staples sectors as defined by the then-current Global Industry Classification Standard (GICS). Therefore,
the returns for the customised index for any given period of time would comprise of the returns from the Consumer
Discretionary and Consumer Staples sectors of S&P BMI Asia Ex-Japan Index. This customised benchmark index
represents an appropriate performance benchmark for PFECTF as the fund invests in a portfolio of stocks in the
consumer sector in the domestic and foreign markets.
* As indices which focus on Asian markets have a relatively high index weight for Japanese stocks, an index
which excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
Information on the fund’s benchmark is sourced from S&P Opco, LLC. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“The PFECTF’s benchmark (the “Index”) is the exclusive property of S&P Opco, LLC, a subsidiary of S&P Dow Jones Indices LLC (“S&P
Dow Jones Indices”) and/or its affiliates. Public Mutual has contracted with S&P Dow Jones Indices to calculate and maintain the
Index. Neither S&P Dow Jones Indices nor any of its affiliates shall be liable for any errors or omissions in calculating the Index.”
85
detailed information on the funds (cont’d)
PUBLIC CHINA TITANS FUND (PCTF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Companies with market capitalisation of RM10 billion
and above, at the point of purchase
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Tan Chee Chin
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in companies with market capitalisation
of RM10 billion and above in the greater China region namely China, Hong Kong and Taiwan markets and including
China based companies listed on overseas markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
The fund will invest in companies with market capitalisation of RM10 billion and above in the greater China region
namely China, Hong Kong and Taiwan markets and including China based companies listed on overseas markets.
Should the stock’s market capitalisation move below the stated range for a period of six consecutive months, the
fund’s holdings of the stock will be disposed within a 6 month period subject to the availability of market liquidity.
The Fund Manager will take into consideration factors which include trading liquidity and availability of market
bids at prevailing market valuations before deciding on the manner and time frame of divestment.
The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the
fund’s NAV will be invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
PCTF is actively managed and focuses on investing in companies with market capitalisation of RM10 billion and
above in the greater China region namely China, Hong Kong and Taiwan markets and including China based
companies listed on overseas markets with the aim of achieving capital growth over the medium to long term. The
fund may also invest in companies listed on Bursa Securities and other foreign markets which have significant or
potentially significant business operations in the greater China region. In identifying companies for investment, the
Fund Manager relies on fundamental research where the financial health, industry prospects, management quality
and past track records of the companies are assessed. Although the fund is actively managed, the frequency of its
trading strategy will very much depend on market opportunities.
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detailed information on the funds (cont’d)
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include Hong Kong, China, Singapore, United States of America and other permitted markets. The fund may
invest in equity linked participation notes for selected regional stocks listed on the Luxembourg Stock Exchange.
Equity linked participation notes are instruments designed to track designated securities. The movement of these
notes are similar to the underlying shares listed in their respective markets. These notes are issued by international
foreign broking houses for investment by investors who are not able to invest directly in the underlying foreign
shares. These notes are purchased and sold by investors in a similar manner to the trading of shares. Investments
in equity linked participation notes involve counterparty risk whereby the issuer of the notes may not be able to
fulfil its obligation. It also presents market risk as these notes may not track the movement of their underlying
shares closely. Necessary approvals from the relevant foreign regulatory authorities, where required, will be obtained
before investing into the above-mentioned permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the markets within a timeframe of two years. The fund may also invest in collective investment schemes
both in the domestic and foreign markets as well as listed warrants. The fund may also invest in fixed income
securities (sovereign and corporate) and liquid assets which include money market instruments and deposits to
help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of companies with market capitalisation of RM10 billion and above in the greater China region namely China,
Hong Kong and Taiwan markets and including China based companies listed on overseas markets. The focus of
the fund is on identifying stocks of companies that have good earnings growth potential and trade at attractive
valuations with sound fundamentals.
Fund Specific Risk Management
The asset allocation, liquidity management, 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 fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposures to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Country risks, currency risks and liquidity risks associated with the fund’s investments in the greater China region will
be monitored on an ongoing basis. To mitigate risks arising from factors which include foreign currency exposure
and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the
fund. The fund’s other overseas investments will also be monitored to focus in markets with the potential to achieve
positive returns that are commensurate with the associated risks.
As participation in futures contracts and options for hedging purposes and investments in listed 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 PCTF
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
40% Hang Seng China Enterprises Index (HSCEI),
30% Hang Seng Index (HSI), and
30% TSEC Taiwan 50 Index
The benchmark chosen for PCTF is a composite benchmark index comprising a hypothetical investment in the
HSCEI, HSI and TSEC Taiwan 50 Index in a ratio of 40:30:30. Therefore, the returns for the benchmark index for any
given period of time would comprise of 40% from the returns of the HSCEI, 30% from HSI and 30% from TSEC
Taiwan 50 Index. The component stocks of these 3 indexes comprise major stocks from their respective markets
namely China ‘H’ Shares, Hong Kong and Taiwan. This composite benchmark index represents an appropriate
performance benchmark for PCTF as it is representative of the markets that the fund is permitted to invest in over
the medium to long term.
The information on Hang Seng China Enterprises Index, Hang Seng Index and TSEC Taiwan 50 Index is obtainable
from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
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detailed information on the funds (cont’d)
PUBLIC FAR-EAST TELCO & INFRASTRUCTURE FUND (PFETIF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Telecommunications, infrastructure and utilities stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Peck Woon and Lee Chun Hong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long term period by investing in securities, mainly equities, in the
telecommunications, infrastructure and utilities sectors in Far-East markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFETIF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective.
The fund will focus its investments in stocks in the telecommunications, infrastructure and utilities sectors in the
domestic and foreign markets. The fund generally maintains equity exposures within a range of 75% to 98%
against its NAV. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which
include money market instruments and deposits.
Investment Strategy
PFETIF is actively managed to achieve the medium to long-term goal of capital growth by focusing its investment in
the telecommunications, infrastructure and utilities sectors in the domestic and foreign markets. In identifying such
companies, the fund relies on fundamental research where the financial health, industry prospects, management
quality and past track records of the companies are assessed. The fund’s investment process also involves assessing
the various valuation ratios such as the Price Earnings Ratio (PER), Price to Net Tangible Asset Ratio (Price/NTA) and
dividend yield of the stocks. Although the fund is actively managed, the frequency of its trading strategy will very
much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include South Korea, China, Japan, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand and other
permitted markets. The fund may invest in equity linked participation notes for selected regional stocks listed on
the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated
securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These
notes are issued by international foreign broking houses for investment by investors who are not able to invest
directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to
the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer
of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the
movement of their underlying shares closely. Necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained before investing into the above-mentioned permitted markets.
89
detailed information on the funds (cont’d)
The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing
on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also
invest in collective investment schemes both in the domestic and foreign markets as well as listed warrants. The
fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money
market instruments and deposits to help generate income returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of stocks in the telecommunications, infrastructure and utilities sectors in the domestic and foreign markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFETIF
The benchmark of the fund is a customised index by S&P Opco, LLC based on the constituents within the selected
sectors of the S&P BMI Asia Ex-Japan Index* comprising Malaysia, Singapore, Thailand, Indonesia, Philippines,
Hong Kong, China ‘H’ Shares, Taiwan and South Korea. The selected sectors are customised to the following
weights i.e. 40% Telecommunication Service, 30% Construction & Materials and 30% Utilities sectors as defined
by the then-current Global Industry Classification Standard (GICS). Therefore, the returns for the customised index
for any given period of time would comprise of the returns from the Telecommunication Service, Construction &
Materials and Utilities sectors of S&P BMI Asia Ex-Japan Index in a ratio of 40:30:30. This customised benchmark
index represents an appropriate performance benchmark for PFETIF as it is representative of the sectors that the
fund is permitted to invest in over the medium to long term.
* As indices which focus on Asian markets have a relatively high index weight for Japanese stocks, an index
which excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
Information on the fund’s benchmark is sourced from S&P Opco, LLC. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“The PFETIF’s benchmark (the “Index”) is the exclusive property of S&P Opco, LLC, a subsidiary of S&P Dow Jones Indices LLC (“S&P
Dow Jones Indices”) and/or its affiliates. Public Mutual has contracted with S&P Dow Jones Indices to calculate and maintain the
Index. Neither S&P Dow Jones Indices nor any of its affiliates shall be liable for any errors or omissions in calculating the Index.”
90
detailed information on the funds (cont’d)
PUBLIC SELECT ALPHA-30 FUND (PSA30F)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Andrew Seah
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in up to a maximum of 30 stocks
primarily listed on Bursa Securities.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSA30F will invest in up to a maximum of 30 stocks primarily listed on Bursa Securities to meet its investment
objective. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The
balance of the fund’s NAV may be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PSA30F is actively managed to achieve its goal of achieving capital growth by investing in up to a maximum of
30 stocks primarily listed on Bursa Securities. To achieve increased diversification, the fund may invest in selected
foreign markets which include Singapore, Taiwan, South Korea, Japan, Australia, New Zealand, Hong Kong, China,
Thailand, Indonesia, Philippines and other markets. The fund may invest in equity linked participation notes for
selected regional stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments
designed to track designated securities. The movement of these notes are similar to the underlying shares listed in
their respective markets. These notes are issued by international foreign broking houses for investment by investors
who are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors
in a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty
risk whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these
notes may not track the movement of their underlying shares closely. The fund’s investment in foreign markets is
incidental to its primary focus of investing in the domestic market. Necessary approvals from the relevant foreign
regulatory authorities, where required, will be obtained before investing into the above-mentioned permitted markets.
In identifying companies for investment, the Fund Manager relies on fundamental research where the financial
health, industry prospects, management quality and past track records of the companies are assessed. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
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detailed information on the funds (cont’d)
The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa
Securities or other permitted foreign markets. The fund may also invest in collective investment schemes in the
domestic and foreign markets as well as listed warrants. The fund may also invest in fixed income securities (sovereign
and corporate) and liquid assets which include money market instruments and deposits to help generate returns.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a portfolio comprising
of up to 30 selected stocks listed primarily on Bursa Securities.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed 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 PSA30F
As PSA30F will focus its investments in the domestic market, the benchmark for PSA30F is the FTSE Bursa Malaysia
KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia
Main Market’s 30 largest companies by full market capitalisation. As it is also a very widely followed and easily
understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund.
To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website
(www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI
and transactional information such as last traded price, previous closing price, volume traded, high and low for
the day and other information. The performance of the fund and its benchmark is available on Public Mutual’s
website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Plc Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA KLCI is calculated by FTSE. All intellectual property rights in the index values and constituent vests in
FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way
connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual
property rights in the creation of this product.”
92
detailed information on the funds (cont’d)
PUBLIC NATURAL RESOURCES EQUITY FUND (PNREF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Equities and equity-related securities of companies that
are engaged in or are substantially related to the natural
resources sectors
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Chen Yuet Fong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of equities and equityrelated securities of companies that are engaged in or are substantially related to the natural resources sectors in
the domestic and overseas markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PNREF will invest in a portfolio of equities and equity-related securities of companies that are engaged in or are
substantially related to the natural resources sectors in the domestic and overseas markets. The natural resources
sectors which the fund will invest in include energy (oil and gas exploration, extraction, production, transportation
and power producers), metals and mining (industrial and precious metals exploration, extraction, production and
transportation), agriculture, forestry and paper. The fund generally maintains equity exposures within a range of
75% to 98% against its NAV. The fund may also invest in fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PNREF is actively managed to achieve its goal of achieving capital growth by investing in a portfolio of equities
and equity-related securities of companies that are engaged in or are substantially related to the natural resources
sectors in the domestic and overseas markets. In identifying companies for investment, the Fund Manager relies on
fundamental research where the financial health, industry prospects, management quality and past track records
of the companies are assessed. Although the fund is actively managed, the frequency of its trading strategy will
very much depend on market opportunities.
The resources sectors which the fund will invest in include energy (oil and gas exploration, extraction, production,
transportation and power producers), metals and mining (industrial and precious metals exploration, extraction,
production and transportation), agriculture, forestry and paper.
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detailed information on the funds (cont’d)
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include Singapore, Thailand, Indonesia, Philippines, Hong Kong, China, Taiwan, South Korea, Australia, New
Zealand and other permitted markets. Necessary approvals from the relevant foreign regulatory authorities, where
required, will be obtained before investing into the above-mentioned permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing
on the Bursa Securities or other markets within a timeframe of two years. The fund may also invest in collective
investment schemes in the domestic and foreign markets as well as listed warrants. The fund may also invest in
fixed income securities (sovereign and corporate) and liquid assets which include money market instruments and
deposits to help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of companies that are
engaged in or are substantially related to the natural resources sectors.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed 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 PNREF
The benchmark of the fund is a customised index by S&P Opco, LLC based on selected sectors within the S&P/
Citigroup BMI Asia Ex-Japan Index comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong,
China ‘H’ Shares, Taiwan, South Korea, Australia and New Zealand. The selected sectors are customised to the
following weights i.e. 40% Energy Sector, 30% Metals & Mining Industry and 30% Agricultural Product SubIndustry as defined by the then-current Global Industry Classification Standard (GICS). Therefore, the returns for
the customised index for any given period of time would comprise of the returns from the Energy Sector, Metals
& Mining Industry and Agricultural Product Sub-Industry of S&P/Citigroup BMI Asia Ex-Japan Index in a ratio of
40:30:30. This customised benchmark index represents an appropriate performance benchmark for PNREF as it is
representative of the sectors that the fund is permitted to invest in over the medium to long term.
Information on the fund’s benchmark is sourced from S&P Opco, LLC. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“The PNREF’s benchmark (the “Index”) is the exclusive property of S&P Opco, LLC, a subsidiary of S&P Dow Jones Indices LLC (“S&P
Dow Jones Indices”) and/or its affiliates. Public Mutual has contracted with S&P Dow Jones Indices to calculate and maintain the
Index. Neither S&P Dow Jones Indices nor any of its affiliates shall be liable for any errors or omissions in calculating the Index.”
94
detailed information on the funds (cont’d)
PUBLIC AUSTRALIA EQUITY FUND (PAUEF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Chen Yuet Fong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in the Australian market with the
balance invested in the New Zealand and domestic markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PAUEF will invest primarily in the Australian market. Up to 30% of the fund’s NAV can be invested in the New
Zealand and domestic markets. PAUEF will invest in a diversified portfolio of blue chip stocks, index stocks and
growth stocks to meet its investment objective. The fund generally maintains equity exposures within a range of
75% to 98% against its NAV. The fund may also invest in fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PAUEF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of blue
chip stocks, index stocks and growth stocks listed on the Australian stock market to meet its investment objective.
The fund can also invest in the New Zealand and domestic markets. In identifying companies for investment, the
Fund Manager relies on fundamental research where the financial health, industry prospects, management quality
and past track records of the companies are assessed. Although the fund is actively managed, the frequency of its
trading strategy will very much depend on market opportunities.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing
on the Australian, New Zealand and domestic markets within a timeframe of two years. The fund may also invest
in collective investment schemes with similar investment objectives in the Australia, New Zealand and domestic
markets as well as listed warrants. The fund may also invest in fixed income securities (sovereign and corporate)
and liquid assets which include money market instruments and deposits to help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
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detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks in the Australian, New Zealand and domestic markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Country risks, currency risks and liquidity risks associated with the fund’s investments in the Australia market will
be monitored on an ongoing basis. To mitigate risks arising from factors which include foreign currency exposure
and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the
fund. The fund’s other overseas investments will also be monitored to focus in markets with the potential to achieve
positive returns that are commensurate with the associated risks.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PAUEF
The benchmark of the fund is the S&P/ASX 200 Index. The daily closing index for the S&P/ASX 200 Index is obtainable
from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
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detailed information on the funds (cont’d)
PUBLIC FAR-EAST ALPHA-30 FUND (PFA30F)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Chiang Kang Pey and Tan Kok Keong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital appreciation over the medium to long term period by investing in the domestic and regional
markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PFA30F will invest in up to a maximum of 30 stocks in the domestic and regional markets. The fund generally
maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the fund’s NAV may
be invested in fixed income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
PFA30F is actively managed to achieve its goal of achieving capital growth by investing in up to a maximum of 30
stocks in the domestic and regional markets. In identifying companies for investment, the Fund Manager relies on
fundamental research where the financial health, industry prospects, management quality and past track records
of the companies are assessed. Although the fund is actively managed, the frequency of its trading strategy will
very much depend on market opportunities.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected Far-East markets
which include South Korea, China, Taiwan, Japan, Hong Kong, Philippines, Indonesia, Singapore, Thailand, India,
Australia and other permitted markets. The fund may invest in equity linked participation notes for selected Far-East
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. Necessary approvals from the relevant foreign regulatory
authorities, where required, will be obtained before investing into the above-mentioned permitted markets.
97
detailed information on the funds (cont’d)
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected regional markets within a timeframe of two years. The fund may invest
in collective investment schemes both in the domestic or selected regional markets as well as listed warrants. The
fund may invest in fixed income securities (sovereign and corporate) and liquid assets which include money market
instruments and deposits to generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a portfolio comprising
of up to 30 stocks listed on Bursa Securities and selected regional markets. It also maintains investments in fixed
income securities and liquid assets which include money market instruments and deposits to help generate returns
for the fund.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFA30F
The benchmarks of the fund and their respective percentages are as follows:
•
•
•
80% customised index by MSCI based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index,
10% Tokyo Stock Price Index (TOPIX), and
10% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR)
As PFA30F generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen
for PFA30F is a composite benchmark index comprising a hypothetical investment in the customised index based
on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index, TOPIX and 3-Month KLIBOR in a ratio of 80:10:10.
Therefore, the returns for the benchmark index for any given period of time would comprise of 80% from the
returns of the customised index based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index, 10% from
TOPIX and 10% from 3-Month KLIBOR interest earned for the same period of time. The component stocks of the
customised index based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index comprise major stocks from
key regional markets including China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan
and Thailand, while the component stocks of TOPIX comprise major stocks from Japan. This composite benchmark
index represents an appropriate performance benchmark for PFA30F as the fund is an equity fund which generally
has an equity weight of 90% of its NAV over the medium to long term.
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detailed information on the funds (cont’d)
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for Tokyo Stock Price Index is available on Bloomberg
L.P. Information on the customised index based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index
is sourced from MSCI. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Public Mutual Berhad.
The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities,
financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating
the MSCI data (the “MSCI Parties”) makes any express or implied warranties or representations with respect to such data (or the
results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all the warranties of originality, accuracy,
completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing,
in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other
damages (including lost profits) even if notified of the possibility of such damages.
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detailed information on the funds (cont’d)
PUBLIC OPTIMAL GROWTH FUND (POGF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Income and capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Stocks which offer attractive dividend yields and growth
stocks
Distribution PolicyAnnual
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Liew Mun Hon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To provide income* and capital growth by investing in stocks which offer attractive dividend yields and growth
stocks in the domestic market.
Notes:
Stocks which offer attractive dividend yields refer to stocks with consistency in rewarding shareholders via dividend payouts.
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 35 and 36 for
more information on distribution policy.
Investment Policy
50% of the fund’s equity investment will be invested in stocks which offer attractive dividend yields in the domestic
market. The remaining 50% of the fund’s equity investment will be invested in growth stocks. The fund can also
invest in fixed income securities and liquid assets which include money market instruments and deposits.
Investment Strategy
POGF is actively managed to achieve its goal of achieving income and capital growth by investing in stocks which
offer attractive dividend yields and growth stocks in the domestic market. 50% of the fund’s equity investment
will be invested in a diversified portfolio of stocks which offer attractive dividend yields in the domestic market.
The remaining 50% of the fund’s equity investment will be invested in a diversified portfolio of growth stocks that
are listed on the Bursa Securities.
In identifying such companies, the Fund Manager relies on fundamental research where the financial health, industry
prospects, management quality and past track records of the companies are assessed. Although the fund is actively
managed, the frequency of its trading strategy will depend on market opportunities.
The fund may participate in Initial Public Offerings (IPOs) of companies seeking a listing on Bursa Securities. The
fund may invest in collective investment schemes with similar investment objectives in the domestic market as well
as listed warrants. The fund may also invest in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits to help generate returns.
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detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of dividend stocks and growth stocks in the domestic market.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed warrants will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for POGF
The FTSE Bursa Malaysia Top 100 Index (FBM 100) is the benchmark for the fund. The FBM 100 is a free-float
adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Market’s top 100 large
and mid cap companies by full market capitalisation.
Information on FBM 100 is sourced from FTSE International Limited. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA TOP 100 INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent
vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not
in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such
intellectual property rights in the creation of this product.”
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detailed information on the funds (cont’d)
PUBLIC INDONESIA SELECT FUND (PINDOSF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Peck Woon and Lee Chun Hong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments primarily
in the Indonesia market.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PINDOSF will invest primarily in the Indonesia market. Up to 30% of the fund’s NAV can be invested in the domestic
and global markets. The fund will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks
to meet its investment objective. The fund generally maintains equity exposures within a range of 75% to 98%
against its NAV. The fund may also invest in domestic and foreign fixed income securities and liquid assets which
include money market instruments and deposits.
Investment Strategy
PINDOSF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of
blue chip stocks, index stocks and growth stocks listed on the Indonesia market. To achieve increased diversification,
the fund may invest up to 30% of its NAV in the domestic and global markets. The fund’s investment in the domestic
and global markets is incidental to its primary focus of investing in the Indonesia market. In identifying companies
for investment, the Fund Manager relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed. Although the fund is actively managed,
the frequency of its trading strategy will depend on market opportunities.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Indonesia, domestic and global markets within a timeframe of two years. The fund may also invest
in collective investment schemes with similar investment objectives in the Indonesia, domestic and global markets
as well as listed warrants. The fund may also invest in domestic and foreign fixed income securities (sovereign
and corporate) and liquid assets which include money market instruments and deposits to help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
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detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks in the Indonesia, domestic and global markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Country risks, currency risks and liquidity risks associated with the fund’s investments in the Indonesia market will
be monitored on an ongoing basis. To mitigate risks arising from factors which include foreign currency exposure
and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the
fund. The fund’s other overseas investments will also be monitored to focus in markets with the potential to achieve
positive returns that are commensurate with the associated risks.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PINDOSF
The benchmark of the fund is the Jakarta LQ-45 Index (LQ 45). The daily closing index for the LQ 45 is obtainable
from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
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detailed information on the funds (cont’d)
PUBLIC SINGAPORE EQUITY FUND (PSGEF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
75% to 98%
Stock Selection Profile of Fund
Blue chip stocks, index stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Tan Chee Chin and Lum Meng Seng
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments primarily
in the Singapore market.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSGEF will invest primarily in the Singapore market. Up to 30% of the fund’s NAV can be invested in the domestic
and global markets. PSGEF will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks
to meet its investment objective. The fund generally maintains equity exposures within a range of 75% to 98%
against its NAV. The fund may also invest in domestic and foreign fixed income securities and liquid assets which
include money market instruments and deposits.
Investment Strategy
PSGEF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio
of blue chip stocks, index stocks and growth stocks listed on the Singapore stock market. To achieve increased
diversification, the fund may invest up to 30% of its NAV in the domestic and global markets. The fund’s investment in
the domestic and global markets is incidental to its primary focus of investing in the Singapore market. In identifying
companies for investment, the Fund Manager relies on fundamental research where the financial health, industry
prospects, management quality and past track records of the companies are considered. Although the fund is
actively managed, the frequency of its trading strategy will depend on market opportunities.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Singapore, domestic and global markets within a timeframe of two years. The fund may also invest
in collective investment schemes with similar investment objectives in the Singapore, domestic and global markets
as well as listed warrants. The fund may also invest in domestic and foreign fixed income securities (sovereign
and corporate) and liquid assets which include money market instruments and deposits to help generate returns.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
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detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of blue chip stocks, index stocks and growth stocks in the Singapore, domestic and global markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Country risks, currency risks and liquidity risks associated with the fund’s investments in the Singapore market will
be monitored on an ongoing basis. To mitigate risks arising from factors which include foreign currency exposure
and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the
fund. The fund’s other overseas investments will also be monitored to focus in markets with the potential to achieve
positive returns that are commensurate with the associated risks.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSGEF
The benchmark of the fund is the Straits Times Index. The daily closing index for the Straits Times Index is obtainable
from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
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detailed information on the funds (cont’d)
PUBLIC STRATEGIC SMALLCAP FUND (PSSCF)
Fund Profile
Category of Fund
Equity fund
Type of Fund
Capital growth
Equity Range of Fund
70% to 98%
Stock Selection Profile of Fund
Companies with small market capitalisation, at the point
of purchase, with special focus on growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To achieve capital appreciation over the medium to long term period through investments primarily in companies
with small market capitalisation.
Notes:
The fund will invest in small-sized companies at the point of purchase.
The fund may remain invested in such counters should the stocks become medium-sized companies, if the growth prospects and
valuation of the stocks continue to be attractive.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth.
Investment Policy
PSSCF will invest primarily in small market capitalisation companies which have promising growth prospects in the
medium to long-term period. The fund will invest in stocks with market capitalisation of up to RM1.25 billion at
the point of purchase. The fund may also invest in companies which at the point of purchase form the bottom
15% of the cumulative market capitalisation of the market which the stock is listed on. The stock universe for
each market in which the stock is listed on is sorted by market capitalisation and is ranked in descending order.
Beginning with stocks with the smallest market capitalisation, the market capitalisation of stocks is aggregated
until the cumulative market capitalisation of these stocks reaches 15%.
The fund generally maintains equity exposures within a range of 70% to 98% against its NAV. The balance of the
fund’s NAV may be invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
PSSCF is actively managed and focuses primarily on investing in companies with small market capitalisation, with
the aim of achieving high capital growth over the medium to long term through investments in such companies
that possess the capacity to grow strongly. The fund seeks to achieve this goal by investing in a diversified portfolio
of small market capitalisation companies with growth prospects that are listed on the Bursa Securities. The fund
may remain invested in such counters should the stocks become medium-sized companies, if the growth prospects
and valuation of the stocks continue to be attractive. 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 will focus its investments in the domestic market. To achieve increased diversification, the fund may invest
up to 30% of its NAV in equities and fixed income securities of selected foreign markets which include South
Korea, China, Hong Kong, Taiwan, Singapore, Philippines, Thailand, Indonesia, Australia, Luxembourg and other
permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing in the
domestic market. The fund may also invest in equity linked participation notes for selected regional stocks listed on
the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated
securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These
notes are issued by international foreign broking houses for investment by investors who are not able to invest
directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to
the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer
of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the
movement of their underlying shares closely. Necessary approvals from the relevant foreign regulatory authorities,
where required, will be obtained before investing into the above-mentioned permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected foreign markets within a timeframe of two years. The fund may invest
in collective investment schemes both in the domestic or selected foreign markets as well as listed warrants. The
fund may also invest in fixed income securities (sovereign and corporate) and liquid assets which include money
market instruments and deposits to help generate returns.
The high equity exposures maintained at all times, in particular, may result in the fund experiencing significant
volatilities in times of adverse market movements. To mitigate such risk, the fund may also utilise futures contracts
and listed options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the medium to long-term growth potential of a diversified
portfolio of promising companies with small market capitalisation which as an investment group is generally under
researched by the investment community. The focus of the fund is on identifying stocks of companies with good
earnings growth potential and trade at attractive valuations.
Fund Specific Risk Management
The lack of liquidity in small-capitalised stocks in the fund’s equity portfolio may result in the fund experiencing
significant volatility in times of adverse market conditions. The asset allocation, liquidity management and
diversification strategies employed are central to the efforts to manage the risks posed to the fund. There may be
situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the
fund’s equity exposure is reduced to below the levels indicated as a temporary defensive strategy. The fund may also
utilise futures contracts and listed options to hedge against market volatility. Investments in fixed income securities
may be adversely affected if interest rates were to move up sharply. As such, the fund’s exposure to fixed income
securities are managed accordingly to ensure that risks levels are commensurate with the potential returns. The
performance of money market instruments and deposits may also be impacted by the fluctuations in interest rates
and the credit risk of the financial institutions. To manage the credit risk of these instruments, the credit ratings of
the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed 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 PSSCF
As PSSCF will focus its investments in the domestic market, the benchmark for PSSCF is the FTSE Bursa Malaysia
Small Cap Index which comprises of eligible companies within the top 98% of the Bursa Malaysia Main Market
excluding constituents of the FTSE Bursa Malaysia Top 100 Index.
Information on the FTSE Bursa Malaysia Small Cap Index is sourced from FTSE International Limited. The performance
of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA SMALL CAP INDEX is calculated by FTSE. All intellectual property rights in the index values and
constituent vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product
and are not in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE
to use such intellectual property rights in the creation of this product.”
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detailed information on the funds (cont’d)
PUBLIC TACTICAL ALLOCATION FUND (PTAF)
Fund Profile
Category of Fund
Mixed asset fund
Type of Fund
Capital growth
Equity Range of Fund
30% to 98%
Investment Asset Selection Profile of Fund
Blue chip stocks, index stocks, growth stocks, fixed income
securities, money market instruments and deposits
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Chiang Kang Pey and Ng Joo Tsong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the
equity markets is expected. If the outlook for fixed income securities and money market instruments is also
unfavourable, the fund will move its investments into deposits.
Fund Objective
To achieve capital growth over the medium to long-term period by investing in equities, collective investment
schemes and fixed income securities in domestic and foreign markets.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth through a tactical asset allocation strategy.
Investment Policy
PTAF will adopt a tactical asset allocation strategy and has the flexibility to rebalance its asset allocation between
the different asset classes of equities, fixed income securities and money market instruments accordingly, depending
on the market outlook. Its equity content may range between 30% to 98% of the NAV of the fund. The balance of
the fund’s NAV will be invested in fixed income securities and liquid assets which include money market instruments
and deposits.
Investment Strategy
PTAF is actively managed and seeks to achieve its goal of providing capital growth over the medium to long-term
period by adopting a tactical asset allocation strategy of investing 30% to 98% of the fund’s NAV in equities. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits to help generate returns. Although the fund is actively managed, the frequency of its
trading strategy will very much depend on market opportunities.
The fund employs both the top-down and bottom-up approach to evaluate its investments in equities, fixed income
securities and money market instruments. From the top-down perspective, the fund manages its exposures to each
of the asset classes of equities, fixed income securities and money market instruments actively bearing in mind the
risk-reward profile of the respective asset class. Depending on the market outlook, the fund has the flexibility to
rebalance its asset allocation between the different asset classes accordingly. The fund may invest up to 98% of
its NAV in a portfolio of equities when the market outlook is positive.
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detailed information on the funds (cont’d)
However, the fund may adopt temporary defensive strategies by lowering its equity exposure below the above
stated range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected. If the outlook for fixed income securities and money market instruments is also unfavourable,
the fund will move its investments into deposits.
For its equity investments, the fund will invest in a diversified portfolio of blue chip stocks, index stocks and growth
stocks listed in domestic and selected foreign stock markets. In identifying such companies, the fund adopts
the bottom-up approach which relies on fundamental research where the financial health, industry prospects,
management quality and past track records of the companies are assessed. The fund may invest in collective
investment schemes which invests in stocks listed in domestic and foreign markets as well as warrants.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or selected foreign markets within a timeframe of two years.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
The non-equity portion of the fund is invested in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits. Where investment climate is deemed to be unfavourable
and weakness in equity markets is expected, the fund will increase its holdings in fixed income securities and
money market instruments. The fund will invest in fixed income securities of various tenures which will enable
it to rebalance its asset allocation and capitalise on market opportunities between the different asset classes in
a timely manner. The asset allocation between long-tenured fixed income securities, short-tenured fixed income
securities and money market instruments may be varied taking into account economic growth, interest rate trends
and market liquidity conditions. Redeemable loan stocks with convertible features to enhance the fund’s returns
may also be invested by the fund. To manage the credit risks of its fixed income securities investments, the fund
will rely on credit analysis and focus on securities issued by companies with sound financial position i.e. gearing
ratio and interest cover ratio of the issuer are within acceptable levels of the industry in which the issuer company
operates. The money market instruments invested by the fund are issued by financial institutions. To manage the
credit risk of these instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
Up to 98% of the fund’s NAV can be invested in equities and fixed income securities of selected foreign markets
which include South Korea, Hong Kong, Japan, China, Taiwan, Singapore, India, Thailand, Indonesia, Philippines,
Australia, New Zealand and other permitted markets such as United States of America, Germany, France and United
Kingdom. Necessary approvals from the relevant foreign regulatory authorities, where required, will be obtained
before investing into the above-mentioned permitted markets.
Fund Specific Benefits
The fund provides you with the opportunity to participate in tactical asset allocation strategy where investments
are allocated between the different asset classes of equities, fixed income securities and money market instruments
based on a flexible investment mandate. The fund may capitalise on potential investment opportunities if the
market outlook is positive while reducing its equity exposure when weakness in the equity markets is expected.
Fund Specific Risk Management
The 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 factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central
to the efforts to manage the risks posed to the fund. There may be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated and the exposure to fixed income securities and liquid assets which include money market instruments
are increased as a temporary defensive strategy. If the outlook for fixed income securities and money market
instruments is also unfavourable, the fund will move its investments into deposits. However, should the Fund
Manager judge market conditions incorrectly or apply an unsuitable investment strategy, the performance of the
fund may be adversely affected.
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detailed information on the funds (cont’d)
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
With regards to the investment in fixed income securities, it should be noted that the performance of the fixed
income securities might be adversely affected should interest rates rise sharply. The value of fixed income securities
may also fluctuate based on the credit quality of the issuer. As such, exposures to fixed income securities in the
portfolio are managed to ensure that risks levels are commensurate with the potential returns. The performance of
money market instruments and deposits may also be impacted by the fluctuations in interest rates and the credit
risk of the financial institutions. To manage the credit risk of these instruments, the credit ratings of the financial
institutions are monitored on an ongoing basis.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PTAF
The benchmarks of the fund and their respective percentages are as follows:
•
•
70% MSCI AC Far-East Ex-Japan Index*, and
30% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR)
As PTAF adopts a tactical asset allocation strategy with equity exposure range between 30% to 98% of the fund’s
NAV, the benchmark chosen for PTAF is a composite benchmark index comprising a hypothetical investment in the
MSCI AC Far-East Ex-Japan Index and 3-Month KLIBOR in a ratio of 70:30. Therefore, the returns for the benchmark
index for any given period of time would comprise of 70% from the returns of the MSCI AC Far-East Ex-Japan Index
and 30% from 3-Month KLIBOR interest earned for the same period of time. The MSCI Far-East Ex-Japan Index is
selected as the fund’s equity benchmark as it is more representative of the foreign markets that the fund invests in
which include China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand.
This composite benchmark index represents an appropriate performance benchmark for PTAF as it is reflective of
the fund’s asset allocation which will typically be 70% of NAV in equities over the medium to long term.
* As indices which focus on Far-East markets have a relatively high index weight for Japanese stocks, an index
which excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for the MSCI AC Far-East Ex-Japan Index is available
on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a
particular purpose with respect of any such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates
or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect,
special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
111
detailed information on the funds (cont’d)
PUBLIC BALANCED FUND (PBF)
Fund Profile
Category of Fund
Balanced fund
Type of Fund
Income and capital growth
Equity Range of Fund
40% to 60%
Fixed Income Securities Range of Fund
40% to 60%
Stock Selection Profile of Fund
Index stocks, blue chip stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To provide a steady income* and capital growth over the medium to long-term period.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth and to a lesser extent income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Investment Policy
To create a prudent mix of primarily Malaysian equities and fixed income securities in the ratio of 60:40 which is in
line with the fund’s objective. Its equity content in terms of NAV will range between 40% to 60% of the NAV of
the fund. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include
money market instruments and deposits.
Investment Strategy
PBF is actively managed and seeks to meet its objectives of producing a steady and recurring income while pursuing
long-term capital growth by adhering to a balanced asset allocation approach of investing 40% to 60% of the NAV
in equities. The balance of the fund’s NAV would be invested in fixed income securities to generate the required
recurring income. Although the fund is actively managed, the frequency of its trading strategy will very much
depend on market opportunities.
The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip
stocks and companies with growth prospects that are listed on the Bursa Securities. In identifying such companies,
the fund relies on fundamental research where the financial health, industry prospects, management quality and
past track records of the companies are assessed.
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detailed information on the funds (cont’d)
The non-equity portion of the fund is invested in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits. To generate the required recurring income, the fund will
generally maintain investments in fixed income securities of 40% to 60% of its NAV. The fund will invest in a
portfolio of fixed income securities of various tenures depending on economic growth, interest rate trends and
market liquidity conditions. To manage credit risks of its investments in fixed income securities, the fund will rely on
the credit analysis and focus on fixed income securities issued by the companies with sound financial position i.e.
gearing ratio and interest cover ratio of the issuer are within acceptable levels of the industry in which the issuer
company operates. Where yields are attractive and interest rate trends are favourable, the investments in fixed
income securities are increased. Notwithstanding the need for a stable and recurring income stream, the investment
in fixed income securities and liquid assets is often raised at the expense of equity allocations when weaknesses in
the equity markets are anticipated. Conversely, when the equity markets are expected to perform well, the funds
are reallocated from fixed income securities and liquid assets to equities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. The fund’s investment in foreign markets is incidental to its primary focus of investing
in the domestic market. Necessary approvals from the relevant foreign regulatory authorities, where required, will
be obtained before investing into the above-mentioned permitted markets.
The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa
Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in
the domestic and foreign markets as well as listed warrants.
Fund Specific Benefits
The fund provides you with the opportunity to invest in equities and fixed income securities through a balanced
approach to spread out the risks. The potentially large but highly volatile returns from equity investments are
moderated by the fairly stable performance from the fixed income securities. The returns of the fund should be
significantly less volatile than the equity market as a result.
Fund Specific Risk Management
Normally, the equity content will range from 40% to 60% of the fund. In times of actual or anticipated stock
market weaknesses, the equity portfolio may be reduced accordingly. The asset allocation between the various
investment assets referred to above and the decision to invest, sell or trade are based on the decision of the Fund
Managers who adopt an active fund management approach.
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s investments
in listed 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”.
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detailed information on the funds (cont’d)
Selected Performance Benchmark for PBF
To better reflect the scope and parameters of the fund especially with regards to the equity constraints of 60%,
the Public Balanced Equity Index (PBEIX) was created. PBEIX is a composite index whose value is subject to the daily
changes in the FTSE Bursa Malaysia KLCI (FBM KLCI) and the 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR)
on a 60:40 basis. The index is assumed to be rebalanced to 60% equity exposure at the end of each trading day.
Public Balanced Equity Index (PBEIX) is a proprietary composite benchmark index comprising of a hypothetical
investment in the FBM KLCI and 3-Month KLIBOR in a 60:40 ratio. Therefore, the returns for PBEIX for any given
period of time would be made up of 60% from the returns of the FBM KLCI and 40% from 3-Month KLIBOR
interest earned for the same period of time. The FBM KLCI is a free-float adjusted market capitalisation weighted
index which comprises the Bursa Malaysia Main Market’s 30 largest companies by full market capitalisation. As
it is also very widely followed and easily understood representation of the Bursa Securities, it is deemed that the
most appropriate equity benchmark for this fund is the FBM KLCI. For the purpose of this index, the returns for
3-Month KLIBOR is calculated by accruing interest earned on a daily basis from the daily closing quoted 3-Month
KLIBOR. This index represents an appropriate performance benchmark for gauging the performance of PBF in view
of the fund’s 60% equities portfolio composition. The performance of the fund and its benchmark is available on
Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
“”FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Group companies and are used by FTSE
International Limited (“FTSE”) under licence. “BURSA MALAYSIA” is a trade mark of Bursa Malaysia Berhad (“BURSA MALAYSIA”).
The FTSE BURSA MALAYSIA KLCI is calculated by FTSE. All intellectual property rights in the index values and constituent vests in
FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way
connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual
property rights in the creation of this product.”
114
detailed information on the funds (cont’d)
PUBLIC FAR-EAST BALANCED FUND (PFEBF)
Fund Profile
Category of Fund
Balanced fund
Type of Fund
Income and capital growth
Equity Range of Fund
40% to 60%
Fixed Income Securities Range of Fund
40% to 60%
Stock Selection Profile of Fund
Index stocks, blue chip stocks and growth stocks
Distribution PolicyIncidental
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Tan Chee Chin and Lum Meng Seng
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated
range and increasing its investments in fixed income securities and liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity
markets is expected.
Fund Objective
To provide income* and capital growth over the medium to long-term period.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who are able to withstand ups and downs of the stock
market in pursuit of capital growth and to a lesser extent income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Investment Policy
To create a prudent mix of equities and fixed income securities in the ratio of 60:40 which is in line with the
fund’s objective. Its equity content will range in the region of between 40% to 60% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets which include money market
instruments and deposits.
Investment Strategy
PFEBF is actively managed and seeks to meet its objective of producing income while pursuing long-term capital
growth by adhering to a balanced asset allocation approach of investing 40% to 60% of the NAV in equities. The
balance of the fund’s NAV would be invested in fixed income securities to generate the required recurring income.
Although the fund is actively managed, the frequency of its trading strategy will very much depend on market
opportunities.
The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue
chip stocks and companies with growth prospects that are listed on Bursa Securities and selected regional stock
markets. In identifying such companies, the fund relies on fundamental research where the financial health, industry
prospects, management quality and past track records of the companies are assessed.
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detailed information on the funds (cont’d)
The non-equity portion of the fund is invested in fixed income securities (sovereign and corporate) and liquid assets
which include money market instruments and deposits. To generate the required recurring income, the fund will
generally maintain investments in fixed income securities of 40% to 60% of its NAV. The fund will invest in a
portfolio of fixed income securities of various tenures depending on economic growth, interest rate trends and
market liquidity conditions. To manage credit risks of its investments in fixed income securities, the fund will rely
on the credit analysis and focus on fixed income securities issued by the companies with sound financial position
i.e. gearing ratio and interest cover ratio of the issuer are within acceptable levels of the industry in which the
issuer company operates. Where yields are attractive and interest rate trends are favourable, the investments in
fixed income securities are increased. Notwithstanding the need for a stable and recurring income stream, the
investment in fixed income securities and liquid assets are often raised at the expense of equity allocations when
weaknesses in the equity markets are anticipated. Conversely, when the equity markets are expected to perform
well, the funds are reallocated from fixed income securities and liquid assets to equities.
Up to 60% of the fund’s NAV can be invested in equities and fixed income securities of selected regional markets
which include South Korea, China, Hong Kong, Taiwan, Japan, Singapore, Philippines, Thailand, Indonesia and
other permitted markets. Necessary approvals from the relevant foreign regulatory authorities, where required, will
be obtained before investing into the above-mentioned permitted markets.
The fund may also consider investments in unlisted equities particularly in companies that are expected to seek
listing on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may
also invest in collective investment schemes both in the domestic and foreign markets as well as listed warrants.
The fund’s equity exposures may result in the fund experiencing significant volatilities in times of adverse market
movements. To mitigate such risk, the fund may utilise futures contracts and options to hedge against market volatility.
Fund Specific Benefits
The fund provides you with the opportunity to participate in the long-term growth potential of a diversified portfolio
of index stocks, blue chip stocks and growth stocks listed on selected regional stock markets.
Fund Specific Risk Management
The asset allocation, liquidity management and diversification strategies employed are therefore central to the
efforts to manage the risks posed to the fund. There may even be situations such as when a severe downturn in
the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels
indicated as a temporary defensive strategy. With regards to the investment in fixed income securities, it should
be noted that the performance of the fixed income securities might be adversely affected should interest rates rise
sharply. The value of fixed income securities may also fluctuate based on the credit quality of the issuer. As such,
exposure to fixed income securities in the portfolio are managed to ensure that risks levels are commensurate
with the potential returns. The performance of money market instruments and deposits may also be impacted by
the fluctuations in interest rates and the credit risk of the financial institutions. To manage the credit risk of these
instruments, the credit ratings of the financial institutions are monitored on an ongoing basis.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risk arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
As participation in futures contracts and options for hedging purposes and investments in listed warrants can
potentially increase the volatility of the fund’s returns, the fund’s participation in these instruments will be assessed
on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PFEBF
The benchmarks of the fund and their respective percentages are as follows:
•
•
60% MSCI AC Far-East Ex-Japan Index*, and
40% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR)
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detailed information on the funds (cont’d)
The benchmark chosen for PFEBF is a composite benchmark index comprising a hypothetical investment in the
MSCI AC Far-East Ex-Japan Index and 3-Month KLIBOR in a ratio of 60:40. Therefore, the returns for the benchmark
index for any given period of time would comprise of 60% from the returns of the MSCI AC Far-East Ex-Japan
Index and 40% from 3-Month KLIBOR interest earned for the same period of time. The component stocks of the
MSCI AC Far-East Ex-Japan Index comprise major stocks from key regional markets including China, Hong Kong,
Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand. This composite benchmark index
represents an appropriate performance benchmark for PFEBF as the fund may only invest up to 60% of its NAV
in a portfolio of stocks in domestic and regional markets, while the balance of the fund’s NAV is invested in fixed
income securities and liquid assets.
* As indices which focus on Far-East markets have a relatively high index weight for Japanese stocks, an index
which excludes the Japan market is used as the fund’s equity benchmark as it is more representative of the fund’s
investment strategy.
Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business
sections of the daily newspapers. The daily closing index for the MSCI AC Far-East Ex-Japan Index is available
on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes
any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof),
and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a
particular purpose with respect of any such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates
or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect,
special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
117
detailed information on the funds (cont’d)
PUBLIC BOND FUND (P BOND)
Fund Profile
Category of Fund
Bond fund
Type of FundIncome
Fixed Income Securities Range of Fund
75% to 98%
Investment Asset Selection Profile of Fund
Fixed income securities and money market instruments
Distribution PolicyAnnual
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Zaharudin bin Ghazali
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure
below the above stated range and increasing its investments in liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the fixed
income securities markets is expected.
Fund Objective
To provide a steady stream of income* returns through investment in the money market and private debt securities.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium-term investors who seek annual income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Investment Policy
P BOND is actively managed and invests in fixed income securities and money market instruments to meet its
objective of providing annual income to unitholders. Its fixed income securities investments comprise government
and government-sponsored bonds and private debt securities (listed and unlisted). Investments in redeemable loan
stocks with convertible features to enhance the fund’s returns are included. The fund generally maintains a fixed
income securities exposure within the range of 75% to 98% against its NAV. The balance of the fund’s NAV will
be invested in money market instruments and deposits.
Investment Strategy
P BOND seeks to meet its objective of producing a steady and recurring annual income stream by investing in a
portfolio of fixed income securities (sovereign and corporate) with the balance invested in money market instruments
and deposits. Investments in redeemable loan stocks with convertible features to enhance the fund’s returns are
also considered. These loan stocks may not be converted but will be disposed prior to or held to maturity. The loan
stocks which are held to maturity will not be converted to equity. Instead, the loan stocks will be redeemed for cash
at its maturity date. Although the fund is actively managed, the frequency of its trading strategy will very much
depend on market opportunities. To achieve increased diversification, the fund may invest in foreign fixed income
securities. The foreign markets which the fund may invest in include Singapore, Japan, Hong Kong, Australia, United
Kingdom and other permitted markets. Necessary approvals from the relevant foreign regulatory authorities, where
required, will be obtained before investing into the above-mentioned permitted markets.
Fund Specific Benefits
The fund provides you access to the fixed income securities market, which is usually inaccessible to the average
investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund
invests in a diversified portfolio of fixed income securities that have different profiles in maturities, credit ratings
and sectors, to produce returns that are generally higher than fixed deposits.
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detailed information on the funds (cont’d)
Fund Specific Risk Management
The fund will seek to maximise its potential return by investing in fixed income securities that command higher
yields than money market instruments. In doing so, the fund will likely be exposed to the risks of adverse interest
rate movements and credit rating downgrades. On the other hand, should interest rates turn favourable i.e. fall,
or if credit rating of the fixed income securities improves, then the fund stands to benefit from the resultant price
appreciation. Nevertheless, the credit risks assumed are limited to the extent that any fixed income securities
invested in must have a minimum credit rating of BBB at the point of purchase. Notwithstanding this, the fund’s
exposure to the potential risks and returns have to be managed actively to achieve the risk-reward tradeoff that is
reasonable to the fund. The fund may also utilise futures and options contracts to hedge against interest rate risks.
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.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for P BOND
The benchmark for P BOND is based on fixed deposit 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
fixed deposit returns. It is therefore appropriate to benchmark the fund against an accumulation index based on
the 12-month fixed deposit rate (FDR) quoted by Malayan Banking Berhad. The performance of the fund and its
benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
119
detailed information on the funds (cont’d)
PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)
Fund Profile
Category of Fund
Bond fund
Type of FundIncome
Fixed Income Securities Range of Fund
75% to 98%
Investment Asset Selection Profile of Fund
Fixed income securities and money market instruments
Distribution PolicyAnnual
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Zaharudin bin Ghazali and Vivian Looi
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure
below the above stated range and increasing its investments in liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the fixed
income securities markets is expected.
Fund Objective
To provide annual income* through investment in private debt securities.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium-term investors who seek annual income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Investment Policy
PIN BOND is actively managed and invests in fixed income securities and money market instruments to meet its
objective of providing annual income to unitholders. Its fixed income securities investments comprise government
and government-sponsored bonds and private debt securities (listed and unlisted). Investments in redeemable loan
stocks with convertible features to enhance the fund’s returns are also considered. 50% of the fund’s holding in
fixed income securities must be in fixed income securities with credit rating no lower than AA, as rated by RAM or
its equivalent, on a standalone basis or with a bank guarantee. The remainder of the fund’s holding in fixed income
securities will be invested in fixed income securities with a minimum credit rating of A at the point of purchase.
The fund generally maintains a fixed income securities exposure within the range of 75% to 98% against its NAV.
The balance of the fund’s NAV will be invested in money market instruments and deposits.
Investment Strategy
PIN BOND seeks to meet its objective of producing a steady and recurring annual income by investing in a portfolio
of fixed income securities (sovereign and corporate) with the balance invested in money market instruments and
deposits. Investments in redeemable loan stocks with convertible features to enhance the fund’s opportunity for
capital gains are also considered. These loan stocks may not be converted but will be disposed prior to or held to
maturity. The loan stocks which are held to maturity will not be converted to equity. Instead, the loan stocks will
be redeemed for cash at its maturity date. Although the fund is actively managed, the frequency of its trading
strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest
in foreign fixed income securities.
Fund Specific Benefits
The fund provides you with the opportunity to invest in the fixed income securities market for returns that are
potentially higher than fixed deposits. The fund essentially offers you the benefits of risk management, proper
diversification and liquidity management.
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detailed information on the funds (cont’d)
Fund Specific Risk Management
The fund will seek to maximise its potential returns by investing in fixed income securities that command higher
yields than money market instruments. In doing so, the fund will likely be exposed to the risks of adverse interest
rate movements and credit rating downgrades. On the other hand, should interest rates turn favourable i.e. fall,
or credit rating of the fixed income securities improves, then the fund stands to benefit from the resultant price
appreciation. Nevertheless, the credit risks assumed are limited to the extent that 50% of the fund’s holding in fixed
income securities must be invested in fixed income securities of credit rating no lower than AA and the balance
in fixed income securities with a minimum credit rating of A at the point of purchase. Notwithstanding this, the
exposure to the potential risks and returns need to be managed actively to achieve the risk-reward tradeoff that is
reasonable to the fund. The fund may also utilise futures and options contracts to hedge against interest rate risks.
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 factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PIN BOND
The benchmark chosen for PIN BOND will be the Corporate Bond Index – 1 Year And Above (CORP1V) developed
and maintained by CIMB Berhad. The bond index tracks the aggregate performance of all domestic corporate debt
with maturities of 1 year and above. The rationale of the selection of this index is that it essentially represents the
broad bond market that the fund will be primarily invested in. Thus, to provide above average returns relative to
the market, the fund will be managed with the goal of outperforming this benchmark. The performance of the
fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
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detailed information on the funds (cont’d)
PUBLIC ENHANCED BOND FUND (PEBF)
Fund Profile
Category of Fund
Bond fund
Type of Fund
Income and capital growth
Fixed Income Securities Range of Fund
70% to 85%
Equity Range of Fund
Up to 20%
Security Selection Profile of Fund
Fixed income securities and equities
Distribution PolicyAnnual
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Zaharudin bin Ghazali and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure below
the above stated range as well as its equity exposure while increasing its investments in liquid assets which
include money market instruments and deposits if the investment climate is deemed to be unfavourable and
weakness in the fixed income securities and equity markets are expected.
Fund Objective
Seeks to provide a combination of annual income* and modest capital growth primarily through a portfolio
allocation across quality bonds and equities.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium to long-term investors who seek annual income* and to a lesser extent capital growth.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Investment Policy
PEBF is actively managed and invests primarily in fixed income securities and money market instruments to meet its
objective of providing annual income to its unitholders. The fixed income securities investments of the fund comprise
largely of private debt securities (listed and unlisted) and to a lesser extent government and government-sponsored
bonds. Investments in redeemable loan stocks with convertible features are also considered. The fund is allowed
to participate in the equity markets with the aim of producing enhanced returns to supplement that of the fixed
income securities portfolio. To that end, in view of the increased volatility or risks associated with investments in
equities, the fund’s investments in equities are capped at 20% of the NAV of the fund.
Investment Strategy
PEBF aims to meet its objectives of producing a steady and recurring stream of income by committing a significant
portion of between 70% to 85% of its NAV in fixed income securities. To produce the desired level of returns, the
fixed income securities portfolio focuses primarily on private debt securities (listed and unlisted) and to a lesser extent
government and government-sponsored bonds. Investments in redeemable loan stocks with convertible features are
also considered. These loan stocks held by the fund may be redeemed at maturity or converted to equities. Although
the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
To achieve increased diversification, the fund may invest in equities and fixed income securities of selected foreign
markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines
and other permitted markets. Necessary approvals from the relevant foreign regulatory authorities, where required,
will be obtained before investing into the above-mentioned permitted markets.
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detailed information on the funds (cont’d)
The fund employs both the top-down and bottom-up approach to maximise its potential returns while at the
same time strives to manage risks within reasonable limits. From the top-down perspective, the fund manages its
exposures to each of the three main asset classes of equities, fixed income securities and cash actively bearing in
mind the risk-reward profile of the respective asset class.
Since the fund is primarily a bond fund i.e. the fund generates most of its returns from its investments in fixed income
securities, the focus of the fund’s asset allocation strategies therefore lies chiefly with the fixed income securities
portfolio. The fund’s fixed income securities exposures are managed according to the risk-reward characteristics of
the fixed income securities asset class, which is defined by the inverse relationship between prices of fixed income
securities and interest rates. Essentially, where interest rate trends are favourable (i.e. a trend of declining interest
rates), the exposure to fixed income securities is generally increased in view of its positive impact on prices of fixed
income securities. Conversely, the fund’s exposure to fixed income securities is reduced when interest rates are
anticipated to trend upwards.
Within the fixed income securities portfolio, fixed income securities issues of longer duration are more sensitive to
interest rate movements than fixed income securities of shorter duration. The interest rate sensitivity of the fixed
income securities portfolio and by extension, the fund’s portfolio as a whole, can be effectively managed through
changing the duration or term structure of the portfolio. In short, the fund has the added option of changing its
duration profile as well as overall fixed income securities exposures to meet the challenges of changing interest
rates trends.
To mitigate credit and liquidity risks, the fund ensures that its fixed income securities portfolio is sufficiently
diversified in its investment concentration. Diversified portfolio of fixed income securities that have different profiles
in maturities, credit ratings and sectors. The fund also places particular emphasis on the bottom-up approach of
focusing on credit analysis to minimise such risks as well as to seek attractive investment opportunities in bond
issues that potentially give better yields compared to prevailing market rates.
As for its equity investments, the fund adopts a more market timing and bottom-up approach to investing as the
fund’s equity exposure is capped at a maximum of 20%. Given that the risk tolerance of the fund is lower than
that of equity or even balanced funds, the equity investments adopted by the fund would generally include stocks
with defensive profiles. For example, should the downside to the equity market appear limited, the fund may look
towards investing in defensive low beta blue chip stocks that are supported by high dividend yields. Therefore,
even if the equity market was to remain weak, these defensive stocks are likely to hold up relatively better than
the market at large and in addition, their dividends may help mitigate declining stock prices. However, should the
equity market perform well as anticipated, the same stocks should benefit meaningfully from the general rise in
the market. The fund’s equity exposure can be invested in selected foreign markets.
The fund may look favourably towards investing in redeemable bonds that are also convertible into equities as they
offer downside protection, reasonable yields and upside participation in the equity position of the issuer.
The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa
Securities or other permitted foreign markets. The fund may invest in collective investment schemes both in the
domestic or selected global markets as well as warrants. The balance of the fund’s assets will be invested in cash
equivalents and money market instruments.
Fund Specific Benefits
The fund provides you with the usual benefits of steady income stream and low price or volatility risks of a
conventional bond fund. In addition to that, the fund provides you with the additional benefit of participating in
the upside potential of the equity market due to its equity exposure. Nevertheless, the equity upside is limited in
size and scope given that the fund’s equity exposure is capped to a maximum of 20% of NAV.
Fund Specific Risk Management
As mentioned above, the fund adopts asset allocation, diversification and market timing strategies to manage the
risks posed to the fund in its pursuit of investment returns. In particular, the fund may likely resort to having no
equity exposures at all in the face of an anticipated decline in the equity market. However, under more promising
equity market conditions, the fund may adopt a conservative equity investment approach to generate additional
returns to supplement that of its fixed income securities investments.
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detailed information on the funds (cont’d)
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
As investments in listed warrants can potentially increase the volatility of the fund’s returns, the fund’s participation
in these instruments will be assessed on an ongoing basis and managed accordingly.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PEBF
The benchmark for PEBF is based on fixed deposit 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 fixed deposit
returns. It is therefore appropriate to benchmark the fund against an accumulation index based on the 12-month
fixed deposit rate (FDR) quoted by Malayan Banking Berhad. The performance of the fund and its benchmark is
available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
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detailed information on the funds (cont’d)
PUBLIC SELECT BOND FUND (PSBF)
Fund Profile
Category of Fund
Bond fund
Type of FundIncome
Fixed Income Securities Range of Fund
75% to 98%
Investment Asset Selection Profile of Fund
Fixed income securities and money market instruments
Distribution PolicyAnnual
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Lum Ming Jang and Zaharudin bin Ghazali
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure
below the above stated range and increasing its investments in liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the fixed
income securities markets is expected.
Fund Objective
To provide annual income* through investments in fixed income securities which have a remaining maturity of
7 years and below and money market instruments.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium-term investors who seek annual income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Investment Policy
PSBF is actively managed and invests in fixed income securities which have a remaining maturity of 7 years and below.
Investment Strategy
PSBF seeks to meet its objective of providing annual income by investing in a portfolio of fixed income securities
which have remaining maturities of 7 years and below; comprising sovereign and corporate bonds. The balance
of the fund’s assets will be invested in money market instruments and deposits. Investments in redeemable loan
stocks with convertible features to enhance the fund’s returns are also considered. These loan stocks may not be
converted but will be disposed prior to or held to maturity. The loan stocks which are held to maturity will not be
converted to equity. Instead, the loan stocks will be redeemed for cash at its maturity date. Although the fund is
actively managed, the frequency of its trading strategy will very much depend on market opportunities. The fund
generally maintains fixed income securities exposure within the range of 75% to 98% against its NAV. The balance
of the fund’s NAV will be invested in money market instruments and deposits.
Fund Specific Benefits
The fund provides you access to the fixed income securities market, which is usually inaccessible to the average
investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund
invests in a diversified portfolio of fixed income securities that have different profiles in maturities, credit ratings
and sectors, to produce returns that are generally higher than fixed deposits.
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detailed information on the funds (cont’d)
Fund Specific Risk Management
The fund will seek to invest in fixed income securities that command higher yields than money market instruments. In
doing so, the fund will likely be exposed to the risks of adverse interest rate movements and credit rating downgrades.
On the other hand, should interest rates turn favourable i.e. fall, or if credit rating of the fixed income securities
improves, then the fund stands to benefit from the resultant price appreciation. The fund’s exposure to the potential
risks and returns have to be managed actively to achieve the risk-reward tradeoff that is reasonable to the fund.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSBF
The benchmark for PSBF is based on fixed deposit 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 fixed deposit
returns. It is therefore appropriate to benchmark the fund against an accumulation index based on the 12-month
fixed deposit rate (FDR) quoted by Malayan Banking Berhad. The performance of the fund and its benchmark is
available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
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detailed information on the funds (cont’d)
PUBLIC STRATEGIC BOND FUND (PSTBF)
Fund Profile
Category of Fund
Bond fund
Type of FundIncome
Fixed Income Securities Range of Fund
At least 75%
Investment Asset Selection Profile of Fund
Fixed income securities and money market instruments
Distribution PolicyAnnual
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Zaharudin bin Ghazali and Vivian Looi
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure
below the above stated range and increasing its investments in liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the fixed
income securities markets is expected.
Fund Objective
To provide annual income* to investors through investments in fixed income securities and money market instruments.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium-term investors who seek annual income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Investment Policy
PSTBF seeks to provide annual income to investors through investments in fixed income securities and money
market instruments. The fund will invest at least 75% of its NAV in fixed income securities. 50% of the fund’s fixed
income securities investment will be invested in fixed income securities which have remaining maturities of 5 years
and below. The remaining 50% of the fund’s fixed income securities investment will be invested in fixed income
securities which have remaining maturities of more than 5 years. The balance of the fund’s NAV will be invested in
money market instruments and deposits. To achieve increased diversification, the fund may invest up to 25% of
its NAV in foreign fixed income securities.
Investment Strategy
The fund will invest at least 75% of its NAV in fixed income securities. 50% of the fund’s fixed income securities
investment will be invested in fixed income securities which have remaining maturities of 5 years and below. The
remaining 50% of the fund’s fixed income securities investment will be invested in fixed income securities which
have remaining maturities of more than 5 years. The balance of the fund’s NAV will be invested in money market
instruments and deposits.
The fund is actively managed and its portfolio of fixed income securities investments would be exposed to risks
of adverse interest rate movements and credit rating changes. On the other hand, should interest rates decline
or credit rating of the fixed income securities improves, then the fund stands to benefit from the resultant price
appreciation. Notwithstanding this, the fund’s exposure to the potential risks and returns need to be managed
actively in order to achieve the risk-reward trade-off that is reasonable to the fund. Although the fund is actively
managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased
diversification, the fund may invest up to 25% of its NAV in foreign fixed income securities. The foreign markets
which the fund may invest in include Australia, Indonesia, South Korea, Singapore, Hong Kong, United States of
America and other permitted markets. Necessary approvals from the relevant foreign regulatory authorities, where
required, will be obtained before investing into the above-mentioned permitted markets.
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detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you access to the fixed income securities market, which is usually inaccessible to the average
investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund
invests in a diversified portfolio of fixed income securities that have different profiles in maturities, credit ratings
and sectors, to produce returns that are generally higher than money market deposits.
Fund Specific Risk Management
Essentially, the risk management process in PSTBF focuses on managing the impact of changes in the general
interest rate trend and credit risk profile of the individual fixed income securities issuer.
The Fund Manager will take reasonable steps to ensure that the above potential risks are managed by adopting
various investment strategies, such as varying the asset allocation between long-tenured fixed income securities,
short-tenured fixed income securities and money market instruments to adjust the risk and return characteristics of
the fund. However, should the Fund Manager judge market conditions incorrectly or apply an unsuitable investment
strategy, the performance of the fund may be adversely affected.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSTBF
The benchmark for PSTBF is based on fixed deposit 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 fixed
deposit returns. It is therefore appropriate to benchmark the fund against an accumulation index based on the
12-month fixed deposit rate (FDR) quoted by Public Bank Berhad. The accumulation index is derived from the daily
compounding of the average FDR, which in turn is the FDR expressed on a per annum basis divided by 365 days. The
performance of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
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detailed information on the funds (cont’d)
PUBLIC ENTERPRISES BOND FUND (PENTBF)
Fund Profile
Category of Fund
Bond fund
Type of FundIncome
Fixed Income Securities Range of Fund
At least 75%
Investment Asset Selection Profile of Fund
Fixed income securities and money market instruments
Distribution PolicyAnnual
Suggested Minimum Investment Period
3 years
Designated Fund Managers
Evelyn Cheong and Vivian Looi
The fund may adopt temporary defensive strategies by lowering its fixed income securities exposure
below the above stated range and increasing its investments in liquid assets which include money market
instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the fixed
income securities markets is expected.
Fund Objective
To provide annual income* through investments in fixed income securities and money market instruments.
Note: Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for medium-term investors who seek annual income*.
* Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 35 and 36 for
more information on distribution policy.
Investment Policy
PENTBF is actively managed and invests in a diversified portfolio of fixed income securities and money market
instruments to meet its objective of providing annual income. Its fixed income securities investments comprise
sovereign bonds and corporate bonds (listed and unlisted). The fixed income securities invested must have a
minimum credit rating of BBB for long-term instruments and P1 for short-term instruments as rated by a local or
foreign rating agency, at the point of purchase. In the event the credit rating of a particular debt issue is downgraded
below the stipulated minimum investment grade, the Manager will take into consideration factors which include
trading liquidity and availability of market bids at prevailing market valuations before deciding on the manner and
time frame of divestment. The fund will invest at least 75% of its NAV in sovereign bonds and corporate bonds
issued by entities with total assets exceeding RM3 billion at the point of purchase. The balance of the fund’s NAV
will be invested in other corporate bonds, money market instruments and deposits. Redeemable loan stocks with
convertible features to enhance the fund’s returns are also included in the fund’s portfolio.
Investment Strategy
PENTBF seeks to meet its objective of providing annual income by investing at least 75% of its NAV in sovereign
bonds and corporate bonds issued by entities with total assets exceeding RM3 billion at the point of purchase. The
fund’s focus on these bonds will enable the fund to invest in bonds issued by larger and more stable corporations/
entities. The balance of the fund’s NAV will be invested in other corporate bonds and money market instruments
and deposits. Investments in redeemable loan stocks with convertible features to enhance the fund’s returns are
also considered. These loan stocks may not be converted but will be disposed prior to or held to maturity. The
loan stocks which are held to maturity will not be converted to equity. Instead, the loan stocks will be redeemed
for cash at its maturity date. To achieve increased diversification, the fund may invest up to 30% of its NAV in
foreign fixed income securities. The foreign markets which the fund may invest in include Singapore, Japan, Hong
Kong, Australia, United Kingdom, Indonesia, United States of America, South Korea and other permitted markets.
Although the fund is actively managed, the frequency of its trading strategy will very much depend on market
opportunities. Necessary approvals from the relevant foreign regulatory authorities, where required, will be obtained
before investing into the above-mentioned permitted markets.
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detailed information on the funds (cont’d)
Fund Specific Benefits
The fund provides you access to the fixed income securities market, which is usually inaccessible to the average
investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund
invests in a diversified portfolio of fixed income securities that have different profiles in maturities, credit ratings
and sectors, to produce returns that are generally higher than fixed deposits. The fund’s focus on sovereign bonds
and corporate bonds issued by entities with total assets exceeding RM3 billion at the point of purchase will enable
the fund to invest in fixed income securities issued by larger and more stable corporations/entities.
Fund Specific Risk Management
Essentially, the risk management process in PENTBF focuses on managing the impact of changes in the general
interest rate trend and credit risk profile of the individual fixed income securities issuer.
The Fund Manager will take reasonable steps to ensure that the above potential risks are managed by adopting
various investment strategies which include portfolio diversification and varying the asset allocation between longtenured fixed income securities, short-tenured fixed income securities and money market instruments to adjust the
risk and return characteristics of the fund. However, should the Fund Manager judge market conditions incorrectly
or apply an unsuitable investment strategy, the performance of the fund may be adversely affected.
The fund’s overseas investments will be monitored to focus in markets with the potential to achieve positive returns
that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors
which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging
strategies to manage the risks posed to the fund.
Participation in futures contracts for hedging purposes can potentially enhance the fund’s returns and also increase
the volatility of the fund’s returns. As such, 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 PENTBF
The benchmark for PENTBF is based on fixed deposit 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 fixed
deposit returns. It is therefore appropriate to benchmark the fund against an accumulation index based on the
12-month fixed deposit rate (FDR) quoted by Public Bank Berhad. The accumulation index is derived from the daily
compounding of the average FDR, which in turn is the FDR expressed on a per annum basis divided by 365 days. The
performance of the fund and its benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
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detailed information on the funds (cont’d)
PUBLIC MONEY MARKET FUND (PMMF)
Fund Profile
Category of Fund
Money market fund
Type of FundIncome
Money Market Range of Fund
Up to 100%
Investment Asset Selection Profile of Fund
Debentures and money market instruments
Distribution PolicyAnnual
Suggested Minimum Investment Period
Short term
Designated Fund Managers
Zaharudin bin Ghazali and Haniza binti Yang Razali
Fund Objective
To provide liquidity and current income*, while maintaining capital stability.
Notes:
* Current income refers to distribution income. Distribution (if any) will be reinvested unless unitholders opt for distribution to be
paid out. Please refer to pages 35 and 36 for more information on distribution policy.
Any material changes to the investment objective of the fund would require unitholders’ approval.
Investor Profile
The fund is suitable for short-term investors who seek capital preservation.
Note: This is neither a capital guaranteed nor a capital protected fund.
Investment Policy
PMMF is a money market fund that is actively managed to provide liquidity to meet the short-term cash flow
requirements of its unitholders while providing current income. Consequently, the fund generally invests up to 100%
of its NAV in money market instruments and deposits. The investments of PMMF are largely confined to short-term
money market instruments, deposit placements and short-dated fixed income securities that are highly liquid. These
are typically deposits and securities that mature within 365 days or 1 year. Nevertheless, the fund is permitted to
invest in instruments with maturity periods exceeding 365 days but not longer than 732 days, which is equivalent
to approximately 2 years. These longer-dated investments are subject to a cap of 10% of the NAV of the fund.
The money market instruments that the fund invests in include bankers’ acceptances and negotiable instruments
of deposits (NIDs). Its fixed income securities investments comprise government and government-sponsored bonds
and short-dated private debt securities which include commercial papers.
Investment Strategy
The investment focus of the fund is geared towards liquid short-term money market instruments and fixed income
securities of high quality credit rating. Although the fund is actively managed, the frequency of its trading strategy
will very much depend on market opportunities.
Fund Specific Benefits
PMMF provides a safe option for you to park your monies on a short-term basis.
Fund Specific Risk Management
At least 90% of the NAV of the fund must be invested in money market instruments and fixed income securities
that mature within 365 days or 1 year. An allowance of up to 10% of the NAV of the fund is given to the fund to
invest in instruments with maturity periods exceeding 365 days but not longer than 732 days.
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detailed information on the funds (cont’d)
The money market instruments which the fund invests in are not rated instruments. These instruments are issued by
licensed and rated financial institutions. In the event that the credit rating of the financial institution is downgraded
below the predetermined rating, the fund will take measures to reduce its exposure to the said institution accordingly.
The credit risks assumed are limited to the extent that any fixed income securities invested in must have a minimum
credit rating of BBB for long-term instruments and P1 for short-term instruments, at the point of purchase. In the
event that the credit rating of a particular debt issue is downgraded below the stipulated minimum investment
grade, the Manager will take the necessary steps to divest the asset at risk. However, in order to protect the best
interest of the fund, the Manager has the discretion to take into consideration all relevant factors that affect the
fair value of the investment via an internal credit assessment process before deciding on the manner and time
frame of the liquidation.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Permitted Investments” and “Investment Restrictions”.
Essentially, the fund has been structured such that it is confined to instruments of short duration to maturity in
order to minimise the impact of fluctuations in interest rates on the performance of the fund over the short term
while the credit risks it may face are mitigated by strict limits on concentration of investments and due diligence
in the credit assessments by ensuring high credit ratings as mentioned above.
Selected Performance Benchmark for PMMF
The benchmarks of the fund and their respective percentages are as follows:
•
•
90% Public Bank 1-month fixed deposit rate (FDR), and
10% Public Bank Savings Rate – ACE Account
The benchmark chosen for PMMF is a composite benchmark index comprising a hypothetical investment in the
Public Bank 1-month FDR and Public Bank Savings Rate – ACE Account in the ratio of 90:10. Therefore, the returns
of the benchmark index for any given period of time would comprise 90% from the returns of the Public Bank
1-month FDR and 10% Public Bank Savings Rate – ACE Account for the same period of time. This composite
benchmark represents an appropriate performance benchmark for PMMF as it is reflective of the fund’s investments
in short-term instruments. The performance of the fund and its benchmark is available on Public Mutual’s website
at www.publicmutual.com.my.
The risk profile of the fund is not the same as the risk profile of the benchmark.
Investment in the fund is not the same as placement in a deposit with a financial institution. There
are risks involved, and investors should rely on their own evaluation to assess the merits and risks
when investing in the fund.
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detailed information on the funds (cont’d)
3.3 INVESTMENT RISKS
Specific Risks of the Funds
Equity, Mixed Asset and Balanced Funds
Liquidity risk
Liquidity risk is defined as the ease with which a security can be disposed at or near its fair value depending on the
volume traded on the market. For P SmallCap and PSSCF, 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. In
the event that the fund experiences large redemptions and if the fund has a large portfolio of securities that are
less liquid or difficult to dispose, the Fund Manager may be required to liquidate the fund’s holdings of securities
at a discount to fair value to meet the redemption requirement hence adversely impacting 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.
Regional/country funds which may invest a greater portion of their NAV in foreign markets and may be more
affected by changes in the political and economic conditions of the region/country in which the investments are
made are as follows:
•
•
•
•
•
•
•
•
PFES, PRSEC, PFEDF, PFEPRF, PFETIF, PFECTF, PFA30F, PTAF and PFEBF may be affected by changes in the
political and economic conditions of the Far-East and regional markets.
PGSF may be affected by changes in the political and economic conditions of the global markets.
PCSF and PCTF may be affected by changes in the political and economic conditions of the greater China
markets.
PSEASF may be affected by changes in the political and economic conditions of the South-East Asian markets.
PNREF may be affected by changes in the political and economic conditions of its selected foreign markets.
PAUEF may be affected by changes in the political and economic conditions of Australia and New Zealand.
PINDOSF may be affected by changes in the political and economic conditions of Indonesia.
PSGEF may be affected by changes in the political and economic conditions of Singapore.
Industry/sector risk
Industry/sector risk arises when the fund is predominantly invested in specific industries or sectors. Due to the
reduced degree of diversification by industries/sectors, the fund may be more vulnerable to factors associated
with the particular industries/sectors it is invested in. Particular investment considerations for each of the following
funds are set out as below:
•
•
•
•
•
PFEPRF: Any material changes associated with the property investment and development sector and real
estate investment trusts (REITs) may have an adverse impact on the NAV of the fund.
PFECTF: Any material changes associated with the consumer sector may have an adverse impact on the NAV
of the fund.
PFETIF: Any material changes associated with the telecommunications and infrastructure sector may have
an adverse impact on the NAV of the fund.
PNREF: Any material changes associated with the natural resources sector may have an adverse impact on
the NAV of the fund.
PIF, PRSEC and PSSF: Any material changes associated with the sectors that the funds invest in may have an
adverse impact on the NAV of the funds.
Other risks of investing in equity, mixed asset and balanced funds include market risk, specific security risk, derivatives
risk and currency risk which has been described on pages 38 to 39 of this Master Prospectus.
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detailed information on the funds (cont’d)
Bond and Money Market Funds
Risks of investing in bond and money market funds include interest rate risk, credit risk, liquidity risk and country
risk. As PEBF has investment in equities, specific security risk is also applicable to the fund. These risks have been
described on pages 38 to 39 of this Master Prospectus.
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.
Equity, Mixed Asset and Balanced Funds
(a)
(b)
All equity, mixed asset and balanced funds may invest in the following:
i.
Equity securities of companies listed in the respective Eligible Markets;
ii.
Initial Public Offerings (IPOs) of companies seeking a listing in the respective Eligible Markets;
iii.
Listed fixed income securities traded in the respective Eligible Markets;
iv.
Unlisted fixed income securities traded in the respective Eligible Markets;
v.
Sovereign fixed income securities traded in the respective Eligible Markets;
vi.
Malaysian Government Securities, Treasury Bills, Bank Negara Monetary Notes, Government Investment
Issues and other Government approved/guaranteed issues;
vii.
Deposits and money market instruments with licensed domestic and foreign financial institutions;
viii.
Units of other collective investment schemes and/or exchange traded funds; and
ix.
Any other form of investments which is in line with the objective of the funds as may be agreed upon
by the Manager and the trustee from time to time.
P SmallCap, PFES, PRSEC, PGSF, PFEDF, PCSF, PFEPRF, PSEASF, PFECTF, PCTF, PFETIF, PNREF, PAUEF, PFA30F,
PINDOSF, PSGEF, PSSCF, PTAF and PFEBF may also invest in the following:
i.
Warrants of companies listed in the respective Eligible Markets;
ii.
Unlisted equity securities whether or not approved for listing and quotation in the respective Eligible
Markets, which are offered directly by the company to the funds; and
iii.
Futures contracts and options traded on the futures and options market of an exchange company
approved, or exempt futures and options market declared, by the Minister under the CMSA 2007.
(c)
PFEPRF, PSEASF, PFECTF, PCTF, PFETIF, PSA30F, PFA30F and PSSCF may also invest in participation notes of
equity securities of companies listed in Eligible Markets.
(d)
PSF, PGF, PIX, PIF, PAGF, PRSF, PEF, PFSF, PDSF, PSSF, PSA30F, POGF, and PBF may also invest in warrants issued
by the underlying mother shares offered by companies listed in Bursa Securities during corporate exercises.
The funds may participate in lending of securities within the meaning of the SC Guidelines on Securities Borrowing
and Lending when permitted by the SC and other relevant authorities.
134
detailed information on the funds (cont’d)
Bond Funds
(a)
(b)
All bond funds may invest in the following:
i.
Listed fixed income securities traded in the respective Eligible Markets;
ii.
Unlisted fixed income securities traded in the respective Eligible Markets;
iii.
Sovereign bonds traded in the respective Eligible Markets;
iv.
Malaysian Government Securities, Treasury Bills, Bank Negara Monetary Notes, Government Investment
Issues and other Government approved/guaranteed securities;
v.
Deposits and money market instruments with licensed domestic and foreign financial institutions;
vi.
Units of other collective investment schemes and/or exchange traded funds; and
vii.
Any other form of investments which is in line with the objective of the funds as may be agreed upon
by the Manager and the trustee from time to time.
P BOND, PIN BOND and PENTBF may also invest in the following:
i.
(c)
Futures contracts and options traded in the futures and options market of an exchange company
approved, or exempt futures and options market declared, by the Minister under the CMSA 2007.
PEBF may also invest in the following:
i.
Equity securities listed in the respective Eligible Markets;
ii.
Warrants issued by the underlying mother shares offered by companies listed in Bursa Securities during
corporate exercises; and
iii.
Initial Public Offerings (IPOs) of companies seeking a listing in the respective Eligible Markets.
The fund may participate in lending of securities within the meaning of the SC Guidelines on Securities Borrowing
and Lending when permitted by the SC and other relevant authorities.
Money Market Fund
(a)
PMMF may invest in the following:
i.
Listed Ringgit denominated fixed income securities traded in the Eligible Markets;
ii.
Unlisted Ringgit denominated fixed income securities traded in the Eligible Markets;
iii.
Malaysian Government Securities, Treasury Bills, Bank Negara Monetary Notes, Government Investment
Issues and other Government approved/guaranteed securities;
iv.
Deposits and money market instruments with licensed domestic and foreign financial institutions;
v.
Units of other money market funds and/or exchange traded funds; and
vi.
Any other form of investments which are fixed income in nature and in line with the objective of the
fund as may be agreed upon by the Manager and the trustee from time to time.
135
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 ordinary shares issued by any single issuer must not exceed
10% of the respective fund’s NAV.
(b)
The value of each of the fund’s investments in transferable securities and money market instruments issued
by any single issuer must not exceed 15% of the respective fund’s NAV.
(c)
The value of each of the fund’s placement in deposits with any single institution must not exceed 20% of
the respective fund’s NAV.
(d)
For investments in derivatives, the exposure to the underlying assets must not exceed the investment spread
limits stipulated in this section; and the value of each of the fund’s over-the-counter (OTC) 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 structured products issued by a single counter-party must not
exceed 15% of the respective fund’s NAV.
(f)
The aggregate value of each of the fund’s investments in transferable securities, money market instruments,
deposits, OTC derivatives and structured products issued by or placed with, as the case may be, any single
issuer/institution must not exceed 25% of the respective fund’s NAV.
(g)
The value of each of the fund’s investments in units of any collective investment scheme must not exceed
20% of the respective fund’s NAV.
(h)
The value of each of the fund’s investments in transferable securities and money market instruments issued
by any group of companies must not exceed 20% of the respective fund’s NAV.
Note: For PIX, the single issuer limit and single group limit specified in clause (a) and (h) may be exceeded
provided that the fund’s investment in any component securities does not exceed its respective weightings
in the FBM 100.
Investment Concentration Limits
(a)Each of the fund’s investments in transferable securities (other than debentures) must not exceed 10% of
the securities issued by any single issuer.
(b)
Each of the fund’s investments in debentures must not exceed 20% of the debentures issued by any single
issuer.
(c)
Each of the fund’s investments in money market instruments must not exceed 10% of the instruments issued
by any single issuer.
Note: The limit in (c) does not apply to money market instruments that do not have pre-determined issue size.
(d)
Each of the fund’s investments in collective investment schemes must not exceed 25% of the units in any
one collective investment scheme.
Note: Transferable securities refer to equities, debentures and warrants.
136
detailed information on the funds (cont’d)
General
(a)
The value of each fund’s investments in unlisted securities must not exceed 10% of the respective fund’s
NAV. This exposure limit does not apply to:i.equities not listed or quoted on a stock exchange but have been approved by the relevant authority
for such listing and quotation, and are offered directly to the fund by the issuer;
ii.
debentures traded on an organised over-the-counter (OTC) market; and
iii.structured products.
(b)
For PBF, listed fixed income securities, unlisted loan stocks and corporate debt invested by the fund must
either be bank guaranteed, or rated ‘BBB’ by RAM and/or other recognised rating agencies;
(c)
PSF, PGF, PIF, PAGF, P SmallCap, PEF, PFSF, PDSF, PSA30F, PSSCF and PBF may invest up to 30% of the respective
fund’s NAV in foreign markets.
Holdings in foreign investments of PFES, PFEDF, PSEASF, PRSEC, PGSF, PFEPRF, PCSF, PFECTF, PCTF, PFETIF,
PAUEF, PNREF, PFA30F, PINDOSF, PSGEF and PTAF shall not exceed 98% of the respective fund’s NAV.
Holdings in foreign investments of PFEBF shall not exceed 60% of the fund’s NAV.
(d)
Each of the fund’s exposure from derivatives position must not exceed the NAV of the respective funds at all
times.
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.
Bond Funds
P BOND, PIN BOND, PSBF, PSTBF and PENTBF
Investment Spread Limits
(a)
The value of each of the fund’s investments in debentures issued by any single issuer must not exceed 20%
of the respective fund’s NAV. This single issuer limit may be increased to 30% if the debentures are rated by
any domestic or global rating agency to be of the best quality and offer highest safety for timely payment
of interest and principal.
(b)
The value of each of the fund’s placement in deposits with any single institution must not exceed 20% of
the respective fund’s NAV.
(c)
For investments in derivatives, the exposure to the underlying assets must not exceed the investment spread
limits stipulated in this section; and the value of each of the fund’s over-the-counter (OTC) derivative transaction
with any single counter-party must not exceed 10% of the respective fund’s NAV.
(d)
The value of each of the fund’s investments in structured products issued by a single counter-party must not
exceed 15% of the respective fund’s NAV.
(e)
The aggregate value of each of the fund’s investments in debentures, money market instruments, deposits,
OTC derivatives and structured products issued by or placed with, as the case may be, any single issuer/
institution must not exceed 25% of the respective fund’s NAV. However this limit may be increased to 30%
of the respective fund’s NAV if the single issuer limit is increased to 30% pursuant to item (a).
137
detailed information on the funds (cont’d)
(f)
The value of each of the fund’s investments in units of any collective investment scheme must not exceed
20% of the respective fund’s NAV.
(g)
The value of each of the fund’s investments in debentures issued by any group of companies must not exceed
30% of the respective fund’s NAV.
Investment Concentration Limits
(a)
Each of the fund’s investments in debentures must not exceed 20% of the debentures issued by any single
issuer.
(b)
Each of the fund’s investments in money market instruments must not exceed 10% of the instruments issued
by any single issuer.
Note: The limit in (b) does not apply to money market instruments that do not have pre-determined issue
size.
(c)
Each of the fund’s investments in collective investment schemes must not exceed 25% of the units in any
one collective investment scheme.
General
(a)
The value of the each of the fund’s investments in unlisted securities must not exceed 10% of the respective
funds’ NAV. This exposure limit does not apply to:i.debentures traded on an organised over-the-counter (OTC) market; and
ii.structured products.
(b)
For PIN BOND, 50% of the fund’s holding in fixed income securities must comprise of fixed income securities
with credit rating no lower than AA, as rated by RAM or its equivalence, either on a standalone basis or with
a bank guarantee. The remainder of the fund’s holding in fixed income securities must be invested in fixed
income securities with minimum credit rating of A at the point of purchase.
(c)
Holdings in foreign investments of P BOND, PIN BOND and PENTBF shall not exceed 30% of the respective
fund’s NAV.
Holdings in foreign investments of PSTBF shall not exceed 25% of the fund’s NAV.
(d)
Each of the fund’s exposure from derivatives position must not exceed the NAV of the respective funds at all
times.
The above limits and restrictions stated shall be complied with at all times based on the most up-to-date
value of the respective funds, and the value of their investments and instruments. However, a 5 per
cent allowance in excess of any limits or restrictions may be permitted where the limit or restriction is
breached through the appreciation or depreciation in value of the each fund’s investment or instruments,
or as a result of redemption of units or payment made from the fund. The Manager should, within a
reasonable period of not more than 3 months from the date of the breach, take all necessary steps and
actions to rectify the breach.
Such limits and restrictions, however, do not apply to securities that are issued or guaranteed by the
Government or Bank Negara Malaysia.
PEBF
Investment Spread Limits
(a)
The value of the fund’s investments in debentures issued by any single issuer must not exceed 20% of the
fund’s NAV. This single issuer limit may be increased to 30% if the debentures are rated by any domestic or
global rating agency to be of the best quality and offer highest safety for timely payment of interest and
principal.
138
detailed information on the funds (cont’d)
(b)
The value of the fund’s investments in ordinary shares issued by any single issuer must not exceed 10% of
the fund’s NAV.
(c)The value of the fund’s placement in deposits with any single institution must not exceed 20% of the fund’s
NAV.
(d)
For investments in derivatives, the exposure to the underlying assets must not exceed the investment spread
limits stipulated in this section.
(e)
The aggregate value of the fund’s investments in transferable securities, money market instruments and
deposits issued by or placed with, as the case may be, any single issuer/institution must not exceed 25% of
the fund’s NAV. However this limit may be increased to 30% of the fund’s NAV if the single issuer limit is
increased to 30% pursuant to item (a).
(f)
The value of the fund’s investments in units of any collective investment scheme must not exceed 20% of
the fund’s NAV.
(g)
The value of the fund’s investments in debentures issued by any group of companies must not exceed 30%
of the fund’s NAV.
(h)
The value of the fund’s investments in transferable securities (other than debentures) and money market
instruments issued by any group of companies must not exceed 20% of the fund’s NAV.
Investment Concentration Limits
(a)
The fund’s investments in debentures must not exceed 20% of the debentures issued by any single issuer.
(b)
The fund’s investments in transferable securities (other than debentures) must not exceed 10% of the securities
issued by any single issuer.
(c)
The fund’s investments in money market instruments must not exceed 10% of the instruments issued by
any single issuer.
Note: The limit in (c) does not apply to money market instruments that do not have pre-determined issue size.
(d)
The fund’s investments in collective investment schemes must not exceed 25% of the units in any one
collective investment scheme.
General
(a)
The value of the fund’s investments in unlisted securities must not exceed 10% of the respective fund’s NAV.
This exposure limit does not apply to debentures traded on an organised over-the-counter (OTC) market.
(b)
The fund’s holdings in foreign investments shall not exceed 30% of the fund’s NAV.
(c)
The fund’s exposure from derivatives position must not exceed the NAV of the fund at all times.
139
detailed information on the funds (cont’d)
The above limits and restrictions stated shall be complied with at all times based on the most up-to-date
value of the respective funds, and the value of their investments and instruments. However, a 5 per
cent allowance in excess of any limits or restrictions may be permitted where the limit or restriction is
breached through the appreciation or depreciation in value of the each fund’s investment or instruments,
or as a result of redemption of units or payment made from the fund. The Manager should, within a
reasonable period of not more than 3 months from the date of the breach, take all necessary steps and
actions to rectify the breach.
Such limits and restrictions, however, do not apply to securities that are issued or guaranteed by the
Government or Bank Negara Malaysia.
Money Market Fund
Investment Spread Limits
(a)
The value of the fund’s investments in debentures and money market instruments issued by any single issuer
must not exceed 20% of the fund’s NAV. This single issuer limit may be increased to 30% if the debentures
are rated by any domestic or global rating agency to be of the best quality and offer highest safety for timely
payment of interest and principal.
(b)
The value of the fund’s placement in deposits with any single financial institution must not exceed 20% of
the fund’s NAV.
(c)
The value of the fund’s investments in debentures and money market instruments issued by any group of
companies must not exceed 30% of the fund’s NAV.
(d)
The value of the fund’s investments in units of any collective investment scheme must not exceed 20% of
the fund’s NAV.
Investment Concentration Limits
(a)
The fund’s investments in debentures must not exceed 20% of the securities issued by any single issuer.
(b)
The fund’s investments in money market instruments must not exceed 20% of the instruments issued by
any single issuer.
(c)
The fund’s investments in collective investment schemes must not exceed 25% of the units in any collective
investment scheme.
General
(a)
The value of the fund’s investments in permitted investments must not be less than 90% of the fund’s NAV.
(b)
The value of the fund’s investments in permitted investments which have a remaining maturity period of not
more than 365 days must not be less than 90% of the fund’s NAV.
(c)
The value of the fund’s investments in permitted investments which have a remaining maturity period of
more than 365 days but fewer than 732 days must not exceed 10% of the fund’s NAV.
(d)
The fund may only invest in fixed income securities with minimum credit rating of BBB for long-term instruments
and P1 for short-term instruments at the point of purchase, as rated by RAM or equivalent rating by other
recognised rating agencies.
Note: Permitted investments refer to debentures, money market instruments and placements of deposits
with financial institutions.
140
detailed information on the funds (cont’d)
The above limits and restrictions stated shall be complied with at all times based on the most up-to-date
value of the respective funds, and the value of their investments and instruments. However, a 5 per
cent allowance in excess of any limits or restrictions may be permitted where the limit or restriction is
breached through the appreciation or depreciation in value of the each fund’s investment or instruments,
or as a result of redemption of units or payment made from the fund. The Manager should, within a
reasonable period of not more than 3 months from the date of the breach, take all necessary steps and
actions to rectify the breach.
Such limits and restrictions, however, do not apply to securities that are issued or guaranteed by the
Government or Bank Negara Malaysia.
3.6 VALUATION OF PERMITTED INVESTMENTS
Listed equities, warrants and options – valuation is based on market price of the respective exchanges. If no
market price is available or valuation based on market price does not represent the fair value of investments, the
securities will be valued at fair value, as determined in good faith by the Manager, based on the methods or bases
approved by the trustee after appropriate technical consultation.
Unlisted equities – valuation is based on methods deemed to be fair and reasonable that are acceptable to the
Manager, verified by the auditor and approved by the trustee.
Listed and unlisted fixed income securities – for listed fixed income securities, the last traded prices quoted
on a recognised exchange will be used. If no market price is available or valuation based on market price does not
represent the fair value of the fixed income securities, the fixed income securities will be valued at fair value, as
determined in good faith by the Manager, based on the methods or bases approved by the trustee after appropriate
technical consultation.
In the case of unlisted domestic fixed income securities, valuations are carried out on a daily basis using fair value
prices quoted by a Bond Pricing Agency (BPA) registered with the SC. If the Manager is of the view that the price
quoted by the BPA for a specific fixed income security differs from the ‘market price’ by more than 20 basis points,
the Manager may use the ‘market price’ provided that the Manager adheres to the requirements stipulated by
the SC. Market price for fixed income securities are derived from market quotations obtained from the panel of
at least three active financial institutions that are governed by the Banking and Financial Institutions Act (BAFIA).
Foreign unlisted fixed income securities are valued daily based on fair value by reference to the average indicative
yield quoted by at least three independent and established institutions.
Commercial papers and money market instruments – commercial papers are valued at original purchase yields.
Money market instruments which include negotiable instrument of deposits are valued at market yields based on
remaining days to maturity.
Deposits – the value of such investments which are deposits placed with banks and other financial institutions shall
be determined each day by reference to their nominal values and the accrued interest thereon for the relevant period.
Units in other collective investment schemes – the last published repurchase price per unit or if not available,
the units will be valued at fair value as determined in good faith by the Manager, based on methods or bases
approved by the trustee after appropriate technical consultation.
Futures – all futures contracts are marked-to-market at the end of each trading day. Any gains or losses are
immediately reflected upon marking to market.
Suspended securities – will be valued at their suspended price unless there is conclusive evidence to indicate
that the value of such stocks have gone below the suspended price, whereupon their value will be ascertained in
a manner as agreed upon by the Manager and trustee.
Translation of foreign securities and assets – all foreign securities and assets are translated into Ringgit based
on the bid exchange rate quoted by Bloomberg at United Kingdom time 4.00 p.m. the same day.
141
detailed information on the funds (cont’d)
Note:
For funds with no foreign investments, the valuation of NAV of 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 will thus be after the
close of Bursa Securities but not later than 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 4 September 2013, the valuation date will be next day in which the Manager is open
for trading, that is, 5 September 2013. Thus the newspaper publication date for the prices as at 4 September
2013 will be 6 September 2013.
Investors 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 investors 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.
142
4
PERFORMANCE OF THE FUNDS
This section covers the following funds that have been in operation for one (1) financial year or more::
Public Savings Fund (PSF)
Public Growth Fund (PGF)
Public Index Fund (PIX)
Public Industry Fund (PIF)
Public Aggressive Growth Fund (PAGF)
Public Regular Savings Fund (PRSF)
Public SmallCap Fund (P SmallCap)
Public Equity Fund (PEF)
Public Focus Select Fund (PFSF)
Public Dividend Select Fund (PDSF)
Public Far-East Select Fund (PFES)
Public Regional Sector Fund (PRSEC)
Public Global Select Fund (PGSF)
Public Far-East Dividend Fund (PFEDF)
Public China Select Fund (PCSF)
Public Far-East Property & Resorts Fund (PFEPRF)
Public South-East Asia Select Fund (PSEASF)
Public Sector Select Fund (PSSF)
Public Far-East Consumer Themes Fund (PFECTF)
Public China Titans Fund (PCTF)
Public Far-East Telco & Infrastructure Fund (PFETIF)
Public Select Alpha-30 Fund (PSA30F)
Public Natural Resources Equity Fund (PNREF)
Public Australia Equity Fund (PAUEF)
Public Far-East Alpha-30 Fund (PFA30F)
Public Optimal Growth Fund (POGF)
Public Indonesia Select Fund (PINDOSF)
Public Singapore Equity Fund (PSGEF)
Public Strategic SmallCap Fund (PSSCF)
Public Tactical Allocation Fund (PTAF)
Public Balanced Fund (PBF)
Public Far-East Balanced Fund (PFEBF)
Public Bond Fund (P BOND)
Public Institutional Bond Fund (PIN BOND)
Public Enhanced Bond Fund (PEBF)
Public Select Bond Fund (PSBF)
Public Strategic Bond Fund (PSTBF)
Public Enterprises Bond Fund (PENTBF)
Public Money Market Fund (PMMF)
Page 144
Page 145
Page 146
Page 147
Page 148
Page 149
Page 150
Page 151
Page 152
Page 153
Page 154
Page 155
Page 156
Page 157
Page 158
Page 159
Page 160
Page 161
Page 162
Page 163
Page 164
Page 165
Page 166
Page 167
Page 168
Page 169
Page 170
Page 171
Page 172
Page 173
Page 175
Page 176
Page 177
Page 178
Page 179
Page 180
Page 181
Page 182
Page 183
Notes:
The total returns and average annual returns of the funds presented on pages 144 to 183 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.
Past performance of the funds is not an indication of their future performance.
143
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SAVINGS FUND (PSF)
Average Annual Returns for the following periods ended 31 December 2012
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PSF (%)
11.49
7.64
5.36
21.19
30.63
Benchmark index (%)**
10.34
10.89
3.37
16.12
7.48
Annual Total Return for the Financial Years Ended 31 December
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
PSF (%)
22.65
13.91
3.67
24.24
36.77
-28.32
43.90
16.40
-5.28
11.49
Benchmark index (%)**
22.84
14.29
-0.84
21.83
31.82
-39.33
45.17
19.34
0.78
10.34
*
The figure shown is for the period since the fund’s commencement (27 April 1981).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30
largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PSF registered a total return of +11.49% for the financial year ended 31 December 2012 in comparison to the
benchmark’s return of +10.34% over the same period.
Asset Allocation
Equities
Money market instruments & others
2010
2011
2012
99.1%
81.7%
99.1%
0.9%
18.3%
0.9%
The fund’s equity weighting was reduced from 99.1% (87.3% after distribution reinvestment) for the financial year
ended 2010 to 81.7% (72.0% after distribution reinvestment) for the financial year ended 2011 to weather the
consolidation phase in the domestic and regional markets. The fund’s equity weighting was increased to 99.1%
(91.1% after distribution reinvestment) for the financial year ended 2012 to capitalise on investment opportunities
in the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
1.11
1.08
0.52
The fund’s PTR decreased from 1.11 times in the financial year ended 2010 to 1.08 times in the financial year
ended 2011 and decreased further to 0.52 times in the financial year ended 2012 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
9.00
7.50
5.00
Net distribution per unit (sen)
8.84
7.39
4.93
Distribution is in the form of cash.
144
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC GROWTH FUND (PGF)
Average Annual Returns for the following periods ended 31 July 2012
1-Year
3-Year
5-Year
10-Year
-8.97
9.33
4.87
15.81
31.77
5.35
12.95
3.75
12.60
16.84
PGF (%)
Benchmark index (%)**
Since Commencement*
Annual Total Return for the Financial Years Ended 31 July
PGF (%)
Benchmark index (%)**
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2.16
14.33
11.74
4.78
51.85
-7.75
5.29
14.26
23.08
-8.97
-0.14
15.74
12.40
-0.16
46.79
-15.33
1.02
15.83
13.81
5.35
*
The figure shown is for the period since the fund’s commencement (9 January 1985).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30
largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PGF registered a total return of -8.97% for the financial year ended 31 July 2012 as compared to its benchmark
which registered a total return of +5.35% over the same period.
Asset Allocation
Equities & derivatives
2010
2011
2012
97.9%
92.8%
101.8%
Fixed income securities
1.8%
1.3%
0.0%
Money market instruments & others
0.3%
5.9%
-1.8%
The fund’s equity weighting was reduced from 97.9% (89.0% after distribution reinvestment) in the financial year
ended 2010 to 92.8% (83.6% after distribution reinvestment) in the financial year ended 2011 to weather the
consolidation phase in the domestic and selected regional markets. In the financial year ended 2012, the fund’s
equity weighting was increased to 101.8% (95.8% after distribution reinvestment) to capitalise on investment
opportunities in the domestic and selected regional markets. The increase in the fund’s equity weighting was also
partly due to the distribution declared.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.64
0.67
0.46
The fund’s PTR increased from 0.64 times in the financial year ended 2010 to 0.67 times in the financial year ended
2011 due to higher level of rebalancing activities. The fund’s PTR declined to 0.46 times in the financial year ended
2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
5.00
6.00
3.00
Net distribution per unit (sen)
4.77
5.87
2.86
Distribution is in the form of cash.
145
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC INDEX FUND (PIX)
Average Annual Returns for the following periods ended 31 January 2013
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PIX (%)
5.44
10.57
4.44
18.11
29.53
Benchmark index (%)**
5.34
10.77
3.97
15.10
8.70
Annual Total Return for the Financial Years Ended 31 January
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
PIX (%)
20.78
11.02
7.49
33.29
19.82 -36.07
45.02
23.15
1.50
5.44
Benchmark index (%)**
23.19
11.88
-0.25
30.12
17.14 -36.52
42.62
23.49
1.77
5.34
*
The figure shown is for the period since the fund’s commencement (31 March 1992).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the benchmark of the fund has been replaced by the FTSE Bursa Malaysia Top 100 Index (FBM 100)
which is the closest substitute for the KLCI among the various new indices made available by Bursa Malaysia
and would least affect the investment strategy, risk profile and investor’s profile of the fund. The FBM 100
comprises 100 large and mid cap companies by full market capitalisation listed on the Bursa Malaysia Main
Market.
1-Year Fund Performance Review
The PIX registered a total return of +5.44% for the financial year ended 31 January 2013 as compared to the
benchmark’s return of +5.34% over the same period.
Asset Allocation
Equities
Money market instruments & others
2011
2012
2013
100.0%
104.1%
103.0%
0.0%
-4.1%
-3.0%
The fund’s equity weighting was increased from 100.0% (92.6% after distribution reinvestment) in the financial year
ended 2011 to 104.1% (95.6% after distribution reinvestment) in the financial year ended 2012 to capitalise on
investment opportunities in the domestic market. The fund’s equity weighting was reduced marginally to 103.0%
(96.0% after distribution reinvestment) in the financial year ended 2013 to weather the consolidation phase in
the domestic market. The increase in fund’s equity weighting was also partly due to the distributions declared.
Portfolio Turnover Ratio (PTR)
PTR (time)
2011
2012
2013
0.64
0.39
0.47
The fund’s PTR declined from 0.64 times in the financial year ended 2011 to 0.39 times in the financial year ended
2012 due to lower level of rebalancing activities undertaken. The fund’s PTR increased to 0.47 times in the financial
year ended 2013 due to higher level of rebalancing activities undertaken by the fund.
Distribution
2011
2012
2013
Gross distribution per unit (sen)
6.00
6.25
5.00
Net distribution per unit (sen)
5.80
5.97
4.78
Distribution is in the form of cash.
146
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC INDUSTRY FUND (PIF)
Average Annual Returns for the following periods ended 31 October 2012
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PIF (%)
11.60
11.10
1.66
19.47
11.97
Benchmark index (%)**
12.14
11.50
3.67
15.35
2.69
Annual Total Return for the Financial Years Ended 31 October
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
PIF (%)
25.50
3.74
10.91
18.05
59.69
-40.11
35.63
14.68
4.21
11.60
Benchmark index (%)**
23.89
5.39
5.76
8.51
43.04
-38.91
43.96
21.11
-0.91
12.14
*
The figure shown is for the period since the fund’s commencement (17 December 1993).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30
largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PIF achieved a total return of +11.60% for financial year ended 31 October 2012 as compared to its benchmark’s
return of +12.14% over the same period.
Asset Allocation
Equities
Money market instruments & others
2010
2011
2012
95.0%
93.7%
102.2%
5.0%
6.3%
-2.2%
The fund’s equity weighting was reduced marginally from 95.0% (87.2% after distribution reinvestment) in financial
year ended 2010 to 93.7% (85.5% after distribution reinvestment) in the financial year ended 2011 to weather
the consolidation phase in the domestic and selected regional markets. The fund’s equity weighting was increased
to 102.2% (93.4% after distribution reinvestment) in the financial year ended 2012 to capitalise on investment
opportunities in the domestic and selected regional markets. The increase in fund’s equity weighting for the financial
year ended 2012 was also partly due to the distribution declared.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
1.63
1.20
0.87
The fund’s PTR declined from 1.63 times in the financial year ended 2010 to 1.20 times in the financial year ended
2011 and declined further to 0.87 times in the financial year ended 2012 due to lower level of rebalancing activities
undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
5.00
5.00
5.00
Net distribution per unit (sen)
4.83
4.90
4.95
Distribution is in the form of cash.
147
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC AGGRESSIVE GROWTH FUND (PAGF)
Average Annual Returns for the following periods ended 31 March 2013
1-Year
3-Year
5-Year
10-Year
Since Commencement*
PAGF (%)
2.99
6.39
6.23
22.05
10.77
Benchmark index (%)**
4.72
8.87
6.80
16.29
3.68
Annual Total Return for the Financial Years Ended 31 March
2004
2005
2006
2007
2009
2010
2011
2012
2013
PAGF (%)
45.68
-3.96
12.28
42.39
2008
9.30 -28.69
54.32
23.78
-6.52
2.99
Benchmark index (%)**
41.86
-3.38
6.34
34.56
0.05 -30.06
51.35
17.00
3.31
4.72
*
The figure shown is for the period since the fund’s commencement (24 May 1994).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises
30 largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PAGF registered a total return of +2.99% as compared to the benchmark’s return of +4.72% for the financial
year ended 31 March 2013.
Asset Allocation
2011
2012
2013
97.7%
99.8%
88.5%
Fixed income securities
0.2%
0.2%
0.2%
Money market instruments & others
2.1%
0.0%
11.3%
Equities
The fund’s equity weighting increased from 97.7% (86.9% after distribution reinvestment) in the financial year
ended 2011 to 99.8% (93.2% after distribution reinvestment) in the financial year ended 2012 to capitalise on
investment opportunities in the domestic market. In the financial year ended 2013, the fund’s equity weighting
was reduced to 88.5% (85.1% after distribution reinvestment) to weather the consolidation phase in the domestic
and selected regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2011
2012
2013
0.88
0.78
0.41
The fund’s PTR declined from 0.88 times in the financial year ended 2011 to 0.78 times in the financial year ended
2012 and reduced further to 0.41 times in the financial year ended 2013 due to lower level of rebalancing activities
undertaken by the fund.
Distribution
2011
2012
2013
Gross distribution per unit (sen)
9.00
4.50
2.50
Net distribution per unit (sen)
8.82
4.36
2.43
Distribution is in the form of cash.
148
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC REGULAR SAVINGS FUND (PRSF)
Average Annual Returns for the following periods ended 31 March 2013
1-Year
3-Year
5-Year
10-Year
PRSF (%)
7.69
12.72
13.44
25.85
Since Commencement*
23.65
Benchmark index (%)**
4.76
9.81
7.60
17.07
3.94
Annual Total Return for the Financial Years Ended 31 March
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
PRSF (%)
41.94
-1.79
11.75
33.39
3.24 -23.24
57.65
18.41
8.33
7.69
Benchmark index (%)**
41.86
-3.38
6.34
34.56
0.05 -30.06
52.44
18.88
3.92
4.76
*
The figure shown is for the period since the fund’s commencement (24 May 1994).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the benchmark of the fund has been replaced by the FTSE Bursa Malaysia Top 100 Index (FBM 100)
which is the closest substitute for the KLCI among the various new indices made available by Bursa Malaysia.
The FBM 100 comprises 100 large and mid cap companies by full market capitalisation listed on the Bursa
Malaysia Main Market.
1-Year Fund Performance Review
The PRSF registered a total return of +7.69% as compared to the benchmark’s return of +4.76% over the financial
year ended 31 March 2013.
Asset Allocation
Equities
Fixed income securities
Money market instruments & others
2011
2012
2013
101.2%
98.4%
92.5%
1.8%
4.0%
4.2%
-3.0%
-2.4%
3.3%
The fund’s equity weighting was reduced from 101.2% (93.9% after distribution reinvestment) in financial year
ended 2011 to 98.4% (92.2% after distribution reinvestment) in the financial year ended 2012 and further reduced
to 92.5% (85.8% after distribution reinvestment) in the financial year ended 2013 to weather the consolidation
phase in the domestic market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2011
2012
2013
0.32
0.32
0.24
The fund registered a PTR of 0.32 times for both financial years ended 2011 and 2012 due to ongoing rebalancing
activities. The fund’s PTR declined to 0.24 times in the financial year ended 2013 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2011
2012
2013
Gross distribution per unit (sen)
5.00
4.50
5.00
Net distribution per unit (sen)
4.83
4.29
4.87
Distribution is in the form of cash.
149
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SMALLCAP FUND (P SmallCap)
Average Annual Returns for the following periods ended 31 August 2012
1-Year
3-Year
5-Year
10-Year
13.67
17.59
12.81
27.89
28.89
7.56
8.05
3.30
10.86
7.15
P SmallCap (%)
Benchmark index (%)**
Since Commencement*
Annual Total Return for the Financial Years Ended 31 August
P SmallCap (%)
Benchmark index (%)**
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
13.46
13.15
3.80
11.42
55.60
-2.13
9.66
35.15
-0.46
13.67
4.49
11.39
10.34
4.88
32.96
-14.75
10.01
13.55
1.71
7.56
*
The figure shown is for the period since the fund’s commencement (3 July 2000).
**
Prior to 30 April 2008, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 30 April 2008, the fund’s benchmark has been replaced with FTSE Bursa Malaysia Small Cap
Index which comprises eligible companies within the top 98% of the Bursa Malaysia Main Market excluding
constituents of the FTSE Bursa Malaysia Top 100 Index. This index is more representative of the fund’s
investment objective of investing in companies with small market capitalisation.
1-Year Fund Performance Review
The P SmallCap registered a total return of +13.67% for the financial year ended 31 August 2012 as compared
to its benchmark’s return of +7.56% over the same period.
Asset Allocation
Equities & derivatives
Fixed income securities
Money market instruments & others
2010
2011
2012
99.2%
83.7%
102.8%
1.5%
1.1%
2.2%
-0.7%
15.2%
-5.0%
The fund’s equity weighting was reduced from 99.2% (89.5% after distribution reinvestment) in the financial year
ended 2010 to 83.7% (71.3% after distribution reinvestment) in the financial year ended 2011 to weather the
consolidation phase in the domestic and selected regional markets. The fund’s equity weighting was subsequently
increased to 102.8% (94.9% after distribution reinvestment) in the financial year ended 2012 to capitalise on
investment opportunities in the domestic and regional markets. The increase in the fund’s equity weighting was
also partly due to the distribution declared.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.57
0.52
0.38
The fund’s PTR declined from 0.57 times in the financial year ended 2010 to 0.52 times in the financial year ended
2011 and declined further to 0.38 times in the financial year ended 2012 due to lower level of rebalancing activities
undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
9.00
12.00
6.00
Net distribution per unit (sen)
8.72
11.88
5.91
Distribution is in the form of cash.
150
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC EQUITY FUND (PEF)
Average Annual Returns for the following periods ended 31 October 2012
1-Year
3-Year
5-Year
10-Year
5.68
8.44
3.24
19.94
20.74
12.14
11.50
3.67
15.35
12.83
PEF (%)
Benchmark index (%)**
Since Commencement*
Annual Total Return for the Financial Years Ended 31 October
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
PEF (%)
26.83
5.42
10.51
15.26
51.35
-41.53
58.52
21.92
-2.69
5.68
Benchmark index (%)**
23.89
5.39
5.76
8.57
43.04
-38.91
43.96
21.11
-0.91
12.14
*
The figure shown is for the period since the fund’s commencement (4 September 2001).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30
largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
For the financial year ended 31 October 2012, PEF registered a total return of +5.68% against the benchmark’s
return of +12.14% over the same period.
Asset Allocation
Equities
Money market instruments & others
2010
2011
2012
102.8%
95.0%
101.3%
-2.8%
5.0%
-1.3%
The fund’s equity weighting was reduced from 102.8% (89.8% after distribution reinvestment) in the financial
year ended 2010 to 95.0% (85.6% after distribution reinvestment) in the financial year ended 2011 to weather
the consolidation phase in the regional markets. The fund’s equity weighting was increased to 101.3% (95.9%
after distribution reinvestment) in the financial year ended 2012 to capitalise on investment opportunities in the
domestic and selected regional markets. The increase in the fund’s equity weighting was also partly due to the
distribution declared.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.70
0.72
0.38
The fund’s PTR increased slightly from 0.70 times in the financial year ended 2010 to 0.72 times in the financial
year ended 2011 due to higher level of rebalancing activities. The fund’s PTR subsequently declined to 0.38 times
in the financial year ended 2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
4.50
3.00
1.50
Net distribution per unit (sen)
4.39
2.93
1.48
Distribution is in the form of cash.
151
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FOCUS SELECT FUND (PFSF)
Average Annual Returns for the following periods ended 31 December 2012
PFSF (%)
Benchmark index (%)**
1-Year
3-Year
5-Year
Since Commencement*
17.52
18.62
9.85
20.40
6.55
16.37
6.02
13.40
Annual Total Return for the Financial Years Ended 31 December
2005*
2006
2007
2008
2009
2010
2011
2012
4.56
30.59
29.62
-32.89
42.66
26.16
5.17
17.52
-0.55
21.83
31.82
-42.57
51.95
31.79
6.22
6.55
PFSF (%)
Benchmark index (%)**
*
The figure shown is for the period since the fund’s commencement (15 December 2004).
**
Prior to 30 April 2008, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 30 April 2008, the fund’s benchmark has been replaced with FTSE Bursa Malaysia Mid 70 Index
which comprises the remaining 70 companies in the FTSE Bursa Malaysia EMAS Index ranked by full market
capitalisation, excluding the 30 members in the FTSE Bursa Malaysia KLCI. The index is more representative
of the fund’s investment objective of investing in medium-sized companies.
1-Year Fund Performance Review
The PFSF achieved a total return of +17.52% for the financial year ended 31 December 2012 as compared to the
benchmark’s return of +6.55% over the same period.
Asset Allocation
2010
2011
2012
Equities
88.0%
103.0%
90.1%
Money market instruments & others
12.0%
-3.0%
9.9%
The fund’s equity weighting was increased from 88.0% (81.9% after distribution reinvestment) in the financial year
ended 2010 to 103.0% (95.4% after distribution reinvestment) in the financial year ended 2011 to capitalise on
investment opportunities in the domestic and regional markets. The fund’s equity weighting was reduced to 90.1%
(85.5% after distribution reinvestment) to weather the consolidation phase in the domestic and regional markets.
The increase in equity weighting for the financial year ended 2011 was partly due to the distribution declared.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.53
0.89
0.46
The fund’s PTR increased from 0.53 times in the financial year ended 2010 to 0.89 times in the financial year ended
2011 due to higher level of rebalancing activities. The fund’s PTR declined to 0.46 times in the financial year ended
2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
2.00
2.00
1.50
Net distribution per unit (sen)
1.91
1.97
1.47
Distribution is in the form of cash.
152
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC DIVIDEND SELECT FUND (PDSF)
Average Annual Returns for the following periods ended 31 May 2012
1-Year
3-Year
5-Year
Since Commencement*
PDSF (%)
4.27
19.52
9.29
18.08
Benchmark index (%)**
1.66
17.73
3.77
11.30
Annual Total Return for the Financial Years Ended 31 May
2006*
2007
2008
2009
2010
2011
2012
PDSF (%)
9.03
42.33
2.75
-10.16
20.59
26.24
4.27
Benchmark index (%)**
4.08
45.17
-5.26
-18.18
23.97
21.68
1.66
*
The figure shown is for the period since the fund’s commencement (17 May 2005).
**
Prior to 30 April 2010, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI) and subsequently
changed to FTSE Bursa Malaysia Top 100 Index (FBM 100) upon the replacement of KLCI by Bursa Malaysia
on 6 July 2009.
Effective from 30 April 2010, the fund’s benchmark has been replaced with a composite index of 90% FBM
100 and 10% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR) as this composite benchmark index
is a better representative of the fund’s investments.
1-Year Fund Performance Review
The PDSF registered a total return of +4.27% for the financial year ended 31 May 2012 as compared to its benchmark
which registered a total return of +1.66% over the same period.
Asset Allocation
Equities & derivatives
2010
2011
2012
90.0%
93.4%
80.8%
Fixed income securities
3.8%
1.3%
0.9%
Money market instruments & others
6.2%
5.3%
18.3%
The fund increased its equity weighting from 90.0% (80.9% after distribution reinvestment) in the financial year
ended 2010 to 93.4% (84.7% after distribution reinvestment) in the financial year ended 2011 to capitalise on
investment opportunities in the domestic and regional markets. For the financial year ended 2012, the fund reduced
its equity weighting to 80.8% (76.9% after distribution reinvestment) to weather the consolidation phase in the
domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.45
0.58
0.65
The fund’s PTR increased from 0.45 times in the financial year ended 2010 to 0.58 times in the financial year ended
2011 and increased further to 0.65 times in the financial year ended 2012 due to higher levels of rebalancing
activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
3.00
3.00
1.50
Net distribution per unit (sen)
2.82
2.94
1.44
Distribution is in the form of cash.
153
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST SELECT FUND (PFES)
Average Annual Returns for the following periods ended 31 May 2012
1-Year
3-Year
5-Year
Since Commencement*
PFES (%)
-31.95
-3.09
-1.87
4.85
Benchmark index (%)**
-14.30
5.30
-1.45
4.19
Annual Total Return for the Financial Years Ended 31 May
2006*
2007
2008
2009
2010
2011
2012
PFES (%)
4.47
38.74
16.87
Benchmark index (%)**
5.52
29.91
2.43
-14.49
8.54
22.83
-31.95
-21.92
12.24
20.54
-14.30
*
The figure shown is for the period since the fund’s commencement (12 December 2005).
**
Prior to 30 April 2010, the fund’s benchmark was a composite index of 70% MSCI AC Far-East Ex-Japan
Index and 30% FTSE Bursa Malaysia KLCI (FBM KLCI) (replacement of Kuala Lumpur Composite Index by
Bursa Malaysia with effect from 6 July 2009).
Effective from 30 April 2010, the fund’s benchmark has been replaced with MSCI AC Far-East Ex-Japan Index
as this index is a better representative of the fund’s investments.
1-Year Fund Performance Review
The PFES registered a total return of -31.95% for the financial year ended 31 May 2012 as compared to its
benchmark’s return of -14.30% over the same period.
Asset Allocation
Equities & derivatives
2010
2011
2012
92.6%
95.3%
94.5%
Fixed income securities
0.0%
1.8%
0.0%
Money market instruments & others
7.4%
2.9%
5.5%
The fund’s equity weighting was increased from 92.6% (87.4% after distribution reinvestment) in the financial
year ended 2010 to 95.3% (90.2% after distribution reinvestment) in the financial year ended 2011 to capitalise
on investment opportunities in selected regional markets. For the financial year ended 2012, the fund’s equity
weighting was reduced slightly to 94.5% to weather the consolidation phase in the selected regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
1.23
1.45
0.79
The fund’s PTR increased from 1.23 times for the financial year ended 2010 to 1.45 times for the financial year
ended 2011 due to higher level of rebalancing activities. The fund’s PTR subsequently declined to 0.79 times in the
financial year ended 2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
1.75
1.75
-
Net distribution per unit (sen)
1.58
1.70
-
Distribution is in the form of cash.
154
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC REGIONAL SECTOR FUND (PRSEC)
Average Annual Returns for the following periods ended 31 May 2012
1-Year
3-Year
5-Year
Since Commencement*
PRSEC (%)
-32.48
-3.92
-2.43
1.98
Benchmark index (%)**
-12.53
4.07
-1.46
1.21
Annual Total Return for the Financial Years Ended 31 May
2007*
2008
2009
2010
2011
2012
PRSEC (%)
27.65
11.39
-10.60
7.70
21.30
-32.48
Benchmark index (%)**
15.94
5.41
-21.66
8.08
18.72
-12.53
*
The figure shown is for the period since the fund’s commencement (10 April 2006).
**
The fund’s benchmark is a composite index of 90% MSCI AC Far-East Ex-Japan Index and 10% 3-Month
Kuala Lumpur Interbank Offered Rate (KLIBOR).
1-Year Fund Performance Review
The PRSEC registered a total return of -32.48% for the financial year ended 31 May 2012 as compared to its
benchmark’s return of -12.53% over the same period.
Asset Allocation
2010
2011
2012
96.3%
94.7%
94.3%
Fixed income securities
0.0%
1.8%
0.0%
Money market instruments & others
3.7%
3.5%
5.7%
Equities & derivatives
The fund reduced its equity weighting from 96.3% (89.8% after distribution reinvestment) in the financial year ended
2010 to 94.7% (88.9% after distribution reinvestment) in the financial year ended 2011 and was reduced slightly to
94.3% in the financial year ended 2012 to weather the consolidation phase in the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
1.21
1.37
0.77
The fund’s PTR increased from 1.21 times for the financial year ended 2010 to 1.37 times for the financial year ended
2011 due to higher level of rebalancing activities. For the financial year ended 2012, the fund’s PTR subsequently
declined to 0.77 times due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
1.75
1.75
-
Net distribution per unit (sen)
1.66
1.72
-
Distribution is in the form of cash.
155
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC GLOBAL SELECT FUND (PGSF)
Average Annual Returns for the following periods ended 31 May 2012
PGSF (%)
Benchmark index (%)**
1-Year
3-Year
5-Year
Since Commencement*
-10.34
2.32
-4.64
-3.12
-8.39
3.28
-5.26
-3.77
Annual Total Return for the Financial Years Ended 31 May
2007*
2008
2009
2010
2011
2012
PGSF (%)
7.41
-11.11
-19.28
6.25
12.30
-10.34
Benchmark index (%)**
6.76
-7.07
-28.13
4.69
14.57
-8.39
*
The figure shown is for the period since the fund’s commencement (18 October 2006).
**
The fund’s benchmark is a composite index of 90% MSCI All Country World Index and 10% 1-Month Kuala
Lumpur Interbank Offered Rate (KLIBOR).
1-Year Fund Performance Review
The PGSF registered a total return of -10.34% for the financial year ended 31 May 2012 in comparison to its
benchmark’s return of -8.39% over the same period.
Asset Allocation
2010
2011
2012
Equities & derivatives
75.5%
89.7%
92.0%
Money market instruments & others
24.5%
10.3%
8.0%
The fund’s equity weightings was increased from 75.5% (72.7% after distribution reinvestment) in the financial year
ended 2010 to 89.7% (86.5% after distribution reinvestment) in the financial year ended 2011 and increased further
to 92.0% in the financial year ended 2012 to capitalise on investment opportunities in the global equity markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.74
1.24
0.97
The fund’s PTR increased from 0.74 times for the financial year ended 2010 to 1.24 times for the financial year
ended 2011 due to higher level of rebalancing activities. For the financial year ended 2012, the fund’s PTR declined
to 0.97 times due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
0.75
0.75
-
Net distribution per unit (sen)
0.69
0.74
-
Distribution is in the form of cash.
156
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)
Average Annual Returns for the following periods ended 30 November 2012
PFEDF (%)
Benchmark index (%)**
1-Year
3-Year
5-Year
Since Commencement*
1.10
-3.09
-4.28
0.38
10.60
2.42
-2.66
2.24
Annual Total Return for the Financial Years Ended 30 November
2007*
2008
2009
2010
2011
2012
PFEDF (%)
30.17
-39.86
44.04
6.86
-16.04
1.10
Benchmark index (%)**
30.77
-48.91
58.16
9.19
-11.50
10.60
*
The figure shown is for the period since the fund’s commencement (18 December 2006).
**
Prior to 30 April 2010, the fund’s benchmark was a composite index of 70% MSCI AC Far-East Ex-Japan
Index and 30% FTSE Bursa Malaysia KLCI (FBM KLCI) (replacement of Kuala Lumpur Composite Index by
Bursa Malaysia with effect from 6 July 2009).
Effective from 30 April 2010, the fund’s benchmark has been replaced with 90% MSCI AC Far-East Ex-Japan
Index and 10% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR) as this composite benchmark index
is a better representative of the fund’s investments.
1-Year Fund Performance Review
The PFEDF registered a total return of +1.10% for the financial year ended 30 November 2012 as compared to the
benchmark’s return of +10.60% over the same period.
Asset Allocation
2010
2011
2012
Equities & derivatives
89.4%
89.2%
96.1%
Money market instruments & others
10.6%
10.8%
3.9%
The fund’s equity weighting was reduced marginally from 89.4% (87.8% after distribution reinvestment) in the
financial year ended 2010 to 89.2% (87.2% after distribution reinvestment) in the financial year ended 2011 to
weather the consolidation phase in the domestic and regional equity markets. In the financial year ended 2012, the
fund’s equity weighting was increased to 96.1% (93.8% after distribution reinvestment) to capitalise on investment
opportunities in the domestic and regional equity markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
1.95
1.72
0.98
The fund’s PTR declined from 1.95 times in the financial year ended 2010 to 1.72 times in the financial year ended
2011 and declined further to 0.98 times in the financial year ended 2012 due to lower level of rebalancing activities
undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
0.50
0.50
0.50
Net distribution per unit (sen)
0.43
0.47
0.50
Distribution is in the form of cash.
157
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC CHINA SELECT FUND (PCSF)
Average Annual Returns for the following periods ended 31 July 2012
1-Year
3-Year
5-Year
Since Commencement*
PCSF (%)
-27.11
-8.73
-7.97
-7.72
Benchmark index (%)**
-10.99
-4.05
-4.17
-3.02
Annual Total Return for the Financial Years Ended 31 July
2008*
PCSF (%)
2009
2010
2011
2012
-18.07
0.21
-9.34
11.68
-27.11
-6.72
3.26
-5.65
4.59
-10.99
Benchmark index (%)**
*
The figure shown is for the period since the fund’s commencement (25 June 2007).
**
Prior to 1 January 2009, the fund’s benchmark was a composite index of 40% Hang Seng China Enterprises
Index, 30% Hang Seng Index and 30% Taiwan Index.
Effective from 1 January 2009, the fund’s benchmark has been replaced with the MSCI Golden Dragon Index
as this index is a better representative of the performance of the greater China markets.
1-Year Fund Performance Review
The PCSF registered a total return of -27.11% for the financial year ended 31 July 2012 as compared to the
benchmark’s return of -10.99% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2010
2011
2012
94.2%
96.3%
96.1%
5.8%
3.7%
3.9%
The fund’s equity weighting was increased from 94.2% in the financial year ended 2010 to 96.3% in the financial
year ended 2011 to capitalise on investment opportunities in the greater China markets. The fund’s equity weighting
was reduced slightly to 96.1% in the financial year ended 2012 to weather the consolidation phase in the greater
China markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
1.17
1.60
0.83
The fund’s PTR increased from 1.17 times for the financial year ended 2010 to 1.60 times for the financial year
ended 2011 due to higher level of rebalancing activities. The fund’s PTR declined to 0.83 times in the financial year
ended 2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
-
-
-
Net distribution per unit (sen)
-
-
-
158
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)
Average Annual Returns for the following periods ended 31 July 2012
PFEPRF (%)
Benchmark index (%)**
1-Year
3-Year
5-Year
10.03
9.15
2.75
Since Commencement*
2.75
4.32
4.58
-5.85
-5.68
Annual Total Return for the Financial Years Ended 31 July
2008*
2009
2010
2011
2012
PFEPRF (%)
-29.04
25.76
1.61
14.01
10.03
Benchmark index (%)**
-32.06
-7.43
-3.00
12.41
4.32
*
The figure shown is for the period since the fund’s commencement (30 July 2007).
**
Prior to 1 January 2009, the fund’s benchmark, the Dow Jones Asia Pacific Real Estate Sector IndexSM, was
customised to the following weights, i.e. 20% Japan, 20% Australia, 20% Malaysia and the balance of
40% for the rest of the countries within the index universe currently including Hong Kong, Indonesia, New
Zealand, Philippines, Singapore, Taiwan, Thailand and South Korea.
Effective from 1 January 2009, the benchmark of the fund has been replaced with a customised index
based on constituents within the real estate sector of the Standard & Poor’s BMI Asia Pacific Index which
is customised to the following weights, i.e. 20% Japan, 20% Australia, 20% Malaysia and the balance of
40% for the rest of the countries within the index universe currently including China ‘H’ Shares, Hong Kong,
Indonesia, New Zealand, Philippines, Singapore, Taiwan, South Korea and Thailand. The real estate sector
is defined by the then-current Global Industry Classification Standard (GICS). The new benchmark index is
more representative of the performance of the stock markets which it represents.
1-Year Fund Performance Review
The PFEPRF registered a total return of +10.03% for the financial year ended 31 July 2012 as compared to the
benchmark’s return of +4.32% over the same period.
Asset Allocation
Equities & derivatives
2010
2011
2012
97.3%
83.2%
91.1%
Fixed income securities
0.0%
0.8%
6.3%
Money market instruments & others
2.7%
16.0%
2.6%
The fund’s equity weighting was reduced from 97.3% (95.0% after distribution reinvestment) in the financial year ended
2010 to 83.2% (81.6% after distribution reinvestment) in the financial year ended 2011 to weather the consolidation
phase in the regional markets. The fund’s equity weighting was increased to 91.1% (89.4% after distribution
reinvestment) in the financial year ended 2012 to capitalise on investment opportunities in the regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.63
0.68
0.59
The fund’s PTR increased slightly from 0.63 times in the financial year ended 2010 to 0.68 times in the financial
year ended 2011 due to higher level of rebalancing activities. The fund’s PTR subsequently declined to 0.59 times
in the financial year ended 2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
1.00
0.50
0.50
Net distribution per unit (sen)
0.95
0.47
0.48
Distribution is in the form of cash.
159
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)
Average Annual Returns for the following periods ended 31 October 2012
PSEASF (%)
Benchmark index (%)**
1-Year
3-Year
5-Year
Since Commencement*
15.26
13.81
4.93
5.32
6.87
9.69
1.44
2.47
Annual Total Return for the Financial Years Ended 31 October
2008*
2009
2010
2011
2012
PSEASF (%)
-42.12
54.73
25.73
-2.35
15.26
Benchmark index (%)**
-45.61
60.09
22.52
-1.90
6.87
*
The figure shown is for the period since the fund’s commencement (22 October 2007).
**
Prior to 30 April 2010, the fund’s benchmark was a composite index of 35% Straits Times Index (STI), 30%
FTSE Bursa Malaysia KLCI (FBM KLCI) (replacement of Kuala Lumpur Composite Index by Bursa Malaysia with
effect from 6 July 2009), 15% Jakarta Composite Index (JCI), 15% Stock Exchange of Thailand Index (SET)
and 5% Philippine Stock Exchange Index (PSEi).
Effective from 30 April 2010, the fund’s benchmark has been replaced with FTSE/ASEAN 40 Index as this
index is a better representative of the fund’s investments.
1-Year Fund Performance Review
The PSEASF registered a total return of +15.26% for the financial year ended 31 October 2012 against the
benchmark’s return of +6.87% over the same period.
Asset Allocation
Equities & derivatives
2010
2011
2012
91.4%
92.2%
79.6%
Fixed income securities
5.1%
8.5%
5.5%
Money market instruments & others
3.5%
-0.7%
14.9%
The fund’s equity weighting was increased from 91.4% (88.8% after distribution reinvestment) for the financial
year ended 2010 to 92.2% (83.7% after distribution reinvestment) in the financial year ended 2011 to capitalise
on investment opportunities in the domestic and selected South-East Asia markets. The fund’s equity weighting
was reduced to 79.6% (78.3% after distribution reinvestment) in the financial year ended 2012 to weather the
consolidation phase in the domestic and selected South-East Asia markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.88
0.85
0.55
The fund’s PTR declined from 0.88 times in the financial year ended 2010 to 0.85 times in the financial year ended
2011 and declined further to 0.55 times in the financial year ended 2012 due to lower level of rebalancing activities
undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
1.00
2.50
0.50
Net distribution per unit (sen)
0.82
2.43
0.48
Distribution is in the form of cash.
160
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SECTOR SELECT FUND (PSSF)
Average Annual Returns for the following periods ended 31 October 2012
1-Year
3-Year
Since Commencement*
PSSF (%)
11.47
15.76
8.70
Benchmark index (%)**
12.15
12.57
4.21
Annual Total Return for the Financial Years Ended 31 October
2008*
2009
2010
2011
2012
PSSF (%)
-36.64
52.90
30.59
1.25
11.47
Benchmark index (%)**
-39.15
43.96
22.18
0.54
12.15
*
The figure shown is for the period since the fund’s commencement (3 December 2007).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the benchmark of the fund has been replaced by the FTSE Bursa Malaysia Top 100 Index (FBM 100)
which is the closest substitute for the KLCI among the various new indices made available by Bursa Malaysia.
The FBM 100 comprises 100 large and mid cap companies by full market capitalisation listed on the Bursa
Malaysia Main Market.
1-Year Fund Performance Review
The PSSF generated a total return of +11.47% for the financial year ended 31 October 2012 as compared to its
benchmark’s total return of +12.15% over the same period.
Asset Allocation
Equities
2010
2011
2012
94.7%
88.1%
95.1%
Fixed income securities
0.2%
0.2%
1.5%
Money market instruments & others
5.1%
11.7%
3.4%
The fund’s equity weighting was reduced from 94.7% (87.4% after distribution reinvestment) in the financial
year ended 2010 to 88.1% (82.4% after distribution reinvestment) in the financial year ended 2011 to weather
the consolidation phase in the domestic markets. In the financial year ended 2012, the fund’s equity weighting
was increased to 95.1% (90.8% after distribution reinvestment) to capitalise on investment opportunities in the
domestic markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.78
0.55
0.29
The fund’s PTR declined from 0.78 times in the financial year ended 2010 to 0.55 times in the financial year ended
2011 and declined further to 0.29 times in the financial year ended 2012 due to lower level of rebalancing activities
undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
2.50
2.00
1.50
Net distribution per unit (sen)
2.42
1.90
1.39
Distribution is in the form of cash.
161
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)
Average Annual Returns for the following periods ended 30 June 2012
1-Year
3-Year
Since Commencement*
PFECTF (%)
-8.96
8.91
6.95
Benchmark index (%)**
-7.28
18.08
6.15
Annual Total Return for the Financial Years Ended 30 June
2008*
2009
2010
2011
2012
PFECTF (%)
-5.44
9.09
16.32
19.69
-8.96
Benchmark index (%)**
- 8.13
-10.23
29.67
28.29
-7.28
*
The figure shown is for the period since the fund’s commencement (28 January 2008).
**
Prior to 1 January 2009, the fund’s benchmark was a customised index based on selected sectors within
the Dow Jones Asia Pacific IndexSM comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong
Kong, Taiwan and South Korea. The stock universe also includes China ‘H’ Shares from the Dow Jones China
Offshore IndexSM.
Effective from 1 January 2009, the fund’s benchmark has been replaced with a customised index based on
the constituents within the selected sectors of the Standard & Poor’s BMI Asia Ex-Japan Index comprising
Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China ‘H’ Shares, Taiwan and South Korea.
The selected sectors are the Consumer Discretionary and Consumer Staples sectors as defined by the thencurrent Global Industry Classification Standard (GICS). The new benchmark index is more representative of
the performance of the stock markets it represents.
1-Year Fund Performance Review
The PFECTF registered a total return of -8.96% for the financial year ended 30 June 2012 in comparison to the
benchmark’s return of -7.28% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2010
2011
2012
97.0%
104.4%
91.5%
3.0%
-4.4%
8.5%
The fund’s equity weighting was increased from 97.0% (85.8% after distribution reinvestment) in the financial year
ended 2010 to 104.4% (91.3% after distribution reinvestment) in the financial year ended 2011 to capitalise on
investment opportunities in domestic and regional markets. The fund’s equity weighting was reduced to 91.5%
(87.9% after distribution reinvestment) in the financial year ended 2012 to weather the consolidation phase in
the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
1.07
1.29
0.88
The fund’s PTR increased from 1.07 times in the financial year ended 2010 to 1.29 times in the financial year ended
2011 due to higher level of rebalancing activities. The fund’s PTR declined to 0.88 times in the financial year ended
2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
3.50
4.00
1.00
Net distribution per unit (sen)
3.46
3.99
0.99
Distribution is in the form of cash.
162
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC CHINA TITANS FUND (PCTF)
Average Annual Returns for the following periods ended 31 May 2012
1-Year
3-Year
Since Commencement*
PCTF (%)
-18.28
-3.97
-3.83
Benchmark index (%)**
-19.00
-2.05
-4.88
Annual Total Return for the Financial Years Ended 31 May
PCTF (%)
Benchmark index (%)**
2009*
2010
2011
2012
-4.32
-15.17
-1.76
9.67
-18.28
1.70
13.89
-19.00
*
The figure shown is for the period since the fund’s commencement (21 April 2008).
**
The fund’s benchmark is a composite index of 40% Hang Seng China Enterprises Index (HSCEI), 30% Hang
Seng Index (HSI) and 30% TSEC Taiwan 50 Index.
1-Year Fund Performance Review
The PCTF registered a total return of -18.28% for the financial year ended 31 May 2012 in comparison to the
benchmark’s return of -19.00% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2010
2011
2012
100.4%
91.1%
93.6%
-0.4%
8.9%
6.4%
The fund reduced its equity weighting from 100.4% (94.0% after distribution reinvestment) in the financial year
ended 2010 to 91.1% in the financial year ended 2011 to weather the consolidation phase in the greater China
markets. The fund increased its equity weighting to 93.6% in the financial year ended 2012 to capitalise on
investment opportunities in the greater China markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.98
1.23
0.78
The fund’s PTR rose from 0.98 times in the financial year ended 2010 to 1.23 times in the financial year ended
2011 due to higher level of rebalancing activities. For the financial year ended 2012, the fund’s PTR dropped to
0.78 times due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
1.50
-
-
Net distribution per unit (sen)
1.50
-
-
Distribution is in the form of cash.
163
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST TELCO & INFRASTRUCTURE FUND (PFETIF)
Average Annual Returns for the following periods ended 30 April 2012
PFETIF (%)
Benchmark index (%)**
1-Year
3-Year
Since Commencement*
-24.34
3.89
7.64
-0.08
5.08
-1.37
Annual Total Return for the Financial Years Ended 30 April
PFETIF (%)
Benchmark index (%)**
2009*
2010
2011
2012
15.24
17.53
25.59
-24.34
-17.70
5.21
9.64
-0.08
*
The figure shown is for the period since the fund’s commencement (28 July 2008).
**
Prior to 1 January 2009, the fund’s benchmark was based on selected sectors of the Dow Jones IndexesSM
customised to the following weights, i.e. 40% Telecommunications, 30% Construction & Materials and 30%
Utilities sectors comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, Taiwan and
South Korea, as well as China ‘H’ Shares from the Dow Jones China Offshore IndexSM.
Effective from 1 January 2009, the benchmark of the fund has been replaced with an index based on selected
sectors of the Standard and Poor’s BMI Asia Ex-Japan Index customised to the following weights, i.e. 40%
Telecommunication Service, 30% Construction & Materials and 30% Utilities sectors comprising Malaysia,
Singapore, Thailand, Indonesia, Philippines, Hong Kong, China ‘H’ Shares, Taiwan and South Korea. The above
sectors are defined by the then-current Global Industry Classification Standard (GICS). The new benchmark
is more representative of the performance of the stock markets which it represents.
1-Year Fund Performance Review
The PFETIF registered a return of -24.34% for the financial year ended 30 April 2012 as compared to the benchmark’s
return of -0.08% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2010
2011
2012
102.2%
90.4%
93.7%
-2.2%
9.6%
6.3%
The fund’s equity weighting was reduced from 102.2% (94.7% after distribution reinvestment) in financial year
ended 2010 to 90.4% (85.3% after distribution reinvestment) in the financial year ended 2011 to weather the
consolidation phase in the domestic and regional markets. The fund’s equity weighting was subsequently increased
to 93.7% (89.6% after distribution reinvestment) in the financial year ended 2012 to capitalise on investment
opportunities in the domestic and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.95
0.86
0.71
The fund’s PTR declined from 0.95 times in financial year ended 2010 to 0.86 times in financial year ended 2011
and declined further to 0.71 times in the financial year ended 2012 due to lower level of rebalancing activities
undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
2.50
2.25
1.25
Net distribution per unit (sen)
2.50
2.24
1.22
Distribution is in the form of cash.
164
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SELECT ALPHA-30 FUND (PSA30F)
Average Annual Returns for the following periods ended 30 November 2012
1-Year
3-Year
Since Commencement*
PSA30F(%)
9.42
7.21
14.73
Benchmark index (%)**
9.42
9.30
17.89
Annual Total Return for the Financial Years Ended 30 November
2009*
2010
2011
2012
PSA30F (%)
25.76
16.11
-4.26
9.42
Benchmark index (%)**
28.46
17.96
-0.88
9.42
*
The figure shown is for the period since the fund’s commencement (27 April 2009).
**
Prior to 6 July 2009, the fund’s benchmark was Kuala Lumpur Composite Index (KLCI).
Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI).
As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises
30 largest companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The PSA30F registered a total return of +9.42% for the financial year ended 30 November 2012 in comparison to
the benchmark’s return of +9.42% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2010
2011
2012
95.9%
93.5%
99.2%
4.1%
6.5%
0.8%
The fund’s equity weighting was reduced from 95.9% (89.2% after distribution reinvestment) in the financial year
ended 2010 to 93.5% (86.3% after distribution reinvestment) in the financial year ended 2011 to weather the
consolidation phase in the domestic and selected regional markets. In the financial year ended 2012, the fund’s
equity weighting was increased to 99.2% (93.4% after distribution reinvestment) to capitalise on investment
opportunities in the domestic and selected regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
1.00
1.22
0.74
The fund’s PTR increased from 1.00 times in financial year ended 2010 to 1.22 times in financial year ended 2011
due to higher level of rebalancing activities. The fund’s PTR declined to 0.74 times in the financial year ended 2012
due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
2.50
2.50
2.00
Net distribution per unit (sen)
2.47
2.43
1.85
Distribution is in the form of cash.
165
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC NATURAL RESOURCES EQUITY FUND (PNREF)
Average Annual Returns for the following periods ended 30 November 2012
1-Year
3-Year
Since Commencement*
PNREF (%)
-3.51
-5.71
-3.83
Benchmark index (%)**
-8.14
-4.54
0.22
Annual Total Return for the Financial Years Ended 30 November
2010*
2011
2012
PNREF (%)
12.12
-19.49
-3.51
Benchmark index (%)**
24.30
-11.77
-8.14
*
The figure shown is for the period since the fund’s commencement (20 July 2009).
**
The benchmark of the fund is a customised index based on selected sectors within the S&P/Citigroup BMI
Asia Ex-Japan Index comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China
‘H’ Shares, Taiwan, South Korea, Australia and New Zealand. The selected sectors are customised to the
following weights i.e. 40% Energy Sector, 30% Metals and Mining Industry and 30% Agricultural Product
Sub-Industry as defined by the then-current Global Industry Classification Standard (GICS).
1-Year Fund Performance Review
The PNREF registered a total return of -3.51% for the financial year ended 30 November 2012 in comparison to
the benchmark’s return of -8.14% over the same period.
Asset Allocation
Equities & derivatives
2010
2011
2012
93.9%
69.5%
81.4%
Fixed income securities
0.0%
0.7%
3.4%
Money market instruments & others
6.1%
29.8%
15.2%
The fund’s equity weighting was reduced from 93.9% (88.9% after distribution reinvestment) in the financial period
ended 2010 to 69.5% in the financial year ended 2011 to weather the consolidation phase in the natural resources
sectors. In the financial year ended 2012, the fund’s equity weighting was increased to 81.4% to capitalise on
investment opportunities in the natural resources sectors.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
2.64
1.21
0.73
The fund’s PTR declined from 2.64 times in the financial period ended 2010 to 1.21 times in the financial year
ended 2011 and declined further to 0.73 times in the financial year ended 2012 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
1.50
-
-
Net distribution per unit (sen)
1.50
-
-
Distribution is in the form of cash.
166
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC AUSTRALIA EQUITY FUND (PAUEF)
Average Annual Returns for the following periods ended 31 July 2012
1-Year
Since Commencement*
PAUEF (%)
-1.61
4.29
S&P/ASX 200 Index (%)
-2.53
-0.19
Annual Total Return for the Financial Years Ended 31 July
2010*
2011
2012
PAUEF (%)
-1.84
16.18
-1.61
S&P/ASX 200 Index (%)
-8.46
11.48
-2.53
* The figure shown is for the period since the fund’s commencement (28 September 2009).
1-Year Fund Performance Review
The PAUEF registered a total return of -1.61% for the financial year ended 31 July 2012, in comparison to the
benchmark’s return of -2.53% over the same period.
Asset Allocation
Equities & derivatives
2010
2011
2012
92.1%
88.2%
88.4%
Fixed income securities
7.6%
6.4%
10.6%
Money market instruments & others
0.3%
5.4%
1.0%
The equity exposure of the fund was reduced from 92.1% in the financial period ended 2010 to 88.2% (81.2%
after distribution reinvestment) in the financial year ended 2011 to weather the consolidation phase in the Australian
market. The fund’s equity weighting was increased slightly to 88.4% (86.7% after distribution reinvestment) in the
financial year ended 2012 to capitalise on investment opportunities in the Australian market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
1.49
1.07
0.73
The fund’s PTR declined from 1.49 times in the financial period ended 2010 to 1.07 times in the financial year
ended 2011 and declined further to 0.73 times in the financial year ended 2012 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
-
2.25
0.50
Net distribution per unit (sen)
-
2.25
0.50
Distribution is in the form of cash.
167
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST ALPHA-30 FUND (PFA30F)
Average Annual Returns for the following periods ended 30 November 2012
1-Year
Since Commencement*
PFA30F (%)
2.13
-4.73
Benchmark index (%)**
9.13
0.76
Annual Total Return for the Financial Years Ended 30 November
2010*
2011
2012
PFA30F (%)
8.00
-20.48
2.13
Benchmark index (%)**
4.46
-10.93
9.13
*
The figure shown is for the period since the fund’s commencement (26 April 2010).
**
The benchmark of the fund is a composite index of 80% MSCI AC Far-East Ex-Japan Index, 10% Tokyo Stock
Price Index and 10% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR).
1-Year Fund Performance Review
The PFA30F registered a total return of +2.13% for the financial year ended 30 November 2012 as compared to
the benchmark’s return of +9.13% over the same period.
Asset Allocation
2010
2011
2012
Equities & derivatives
87.0%
70.9%
80.1%
Money market instruments & others
13.0%
29.1%
19.9%
The fund’s equity weighting was reduced from 87.0% in the financial year ended 2010 to 70.9% (70.1% after
distribution reinvestment) in the financial year ended 2011 to weather the consolidation phase in the domestic and
regional equity markets. In the financial year ended 2012, the fund’s equity weighting was increased to 80.1% to
capitalise on investment opportunities in the domestic and regional equity markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
1.58
1.83
1.00
The fund’s PTR increased from 1.58 times for the financial year ended 2010 to 1.83 times for the financial year ended
2011 due to higher level of rebalancing activities. For the financial year ended 2012, the fund’s PTR subsequently
declined to 1.00 times due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
-
0.25
-
Net distribution per unit (sen)
-
0.24
-
Distribution is in the form of cash.
168
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC OPTIMAL GROWTH FUND (POGF)
Average Annual Returns for the following periods ended 31 July 2012
POGF (%)
FBM 100 (%)**
1-Year
Since Commencement*
10.01
14.35
5.09
12.46
Annual Total Return for the Financial Years Ended 31 July
2011*
2012
POGF (%)
18.20
10.01
FBM 100 (%)**
19.98
5.09
*
The figure shown is for the period since the fund’s commencement (28 June 2010).
**
The benchmark of the fund is the FTSE Bursa Malaysia Top 100 Index (FBM 100) which comprises 100 large
and mid cap companies by full market capitalisation listed on the Bursa Malaysia Main Market.
1-Year Fund Performance Review
The POGF registered a total return of +10.01% for the financial year ended 31 July 2012 in comparison to its
benchmark’s return of +5.09% over the same period.
Asset Allocation
Equities & derivatives
Money market instruments & others
2011
2012
91.2%
99.3%
8.8%
0.7%
The equity exposure of the fund was increased from 91.2% (86.3% after distribution reinvestment) in the financial
period ended 2011 to 99.3% (95.3% after distribution reinvestment) in the financial year ended 2012 to capitalise
on investment opportunities in the domestic market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2011
2012
1.28
0.77
The fund’s PTR declined from 1.28 times in the financial period ended 2011 to 0.77 times in the financial year
ended 2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2011
2012
Gross distribution per unit (sen)
1.75
1.25
Net distribution per unit (sen)
1.59
1.22
Distribution is in the form of cash.
169
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC INDONESIA SELECT FUND (PINDOSF)
Average Annual Returns for the following periods ended 31 August 2012
1-Year
PINDOSF (%)
Benchmark index (%)**
Since Commencement*
7.41
9.87
-4.63
4.50
Annual Total Return for the Financial Years Ended 31 August
2011*
2012
PINDOSF (%)
10.96
7.41
Benchmark index (%)**
14.15
-4.63
*
The figure shown is for the period since the fund’s commencement (21 September 2010).
**
Prior to 30 April 2011, the benchmark of the fund was Jakarta Composite Index (JCI).
Effective from 30 April 2011, the fund’s benchmark has been replaced with the Jakarta LQ-45 Index which comprises
45 largest companies by market capitalisation listed on the Indonesia Stock Exchange as this index is a better
representative of the performance of the Indonesia market.
1-Year Fund Performance Review
The PINDOSF registered a total return of +7.41% for the financial year ended 31 August 2012 in comparison to
its benchmark’s return of -4.63% over the same period.
Asset Allocation
2010
2011
Equities & derivatives
78.4%
81.9%
Fixed income securities
12.2%
5.6%
9.4%
12.5%
Money market instruments & others
The equity exposure of the fund increased from 78.4% (74.1% after distribution reinvestment) in the financial
period ended 2011 to 81.9% (77.6% after distribution reinvestment) in the financial year ended 2012 to capitalise
on investment opportunities in the Indonesian market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2011
2012
0.99
0.65
The fund’s PTR decreased from 0.99 times in the financial period ended 2011 to 0.65 times in the financial year
ended 2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2011
2012
Gross distribution per unit (sen)
1.50
1.50
Net distribution per unit (sen)
1.50
1.50
Distribution is in the form of cash.
170
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SINGAPORE EQUITY FUND (PSGEF)
Total Return for the following period ended 30 September 2012
Since Commencement*
PSGEF (%)
6.36
Straits Times Index (%)
1.65
Annual Total Return for the Financial Period Ended 30 September
2012*
PSGEF (%)
6.36
Straits Times Index (%)
1.65
* The figure shown is for the period since the fund’s commencement (27 June 2011).
Fund Performance Review
The PSGEF registered a total return of +6.36% for the financial period ended 30 September 2012 in comparison
to its benchmark’s return of +1.65% over the same period.
Asset Allocation
2012
Equities & derivatives
92.7%
Money market instruments & others
7.3%
Following its launch, the fund’s equity exposure was progressively increased to 92.7% for the financial period
ended 2012 to capitalise on investment opportunities in the Singapore market. There is no comparison figure as
the commencement date of the fund was 27 June 2011.
Portfolio Turnover Ratio (PTR)
2012
PTR (time)
0.80
For the financial period ended 2012, the fund registered a PTR of 0.80 times. There is no comparison figure as the
commencement date of the fund was 27 June 2011.
Distribution
2012
Gross distribution per unit (sen)
-
Net distribution per unit (sen)
-
171
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC STRATEGIC SMALLCAP FUND (PSSCF)
Total Return for the following period ended 30 September 2012
Since Commencement*
PSSCF (%)
4.32
Benchmark index (%)**
-5.83
Annual Total Return for the Financial Period Ended 30 September
2012*
PSSCF (%)
4.32
Benchmark index (%)**
-5.83
*
The figure shown is for the period since the fund’s commencement (9 April 2012).
**
The fund’s benchmark is the FTSE Bursa Malaysia Small Cap Index which comprises eligible companies within
the top 98% of the Bursa Malaysia Main Market excluding constituents of the FTSE Bursa Malaysia Top 100
Index. This index is more representative of the fund’s investment objective of investing in companies with
small market capitalisation.
Fund Performance Review
The PSSCF registered a total return of +4.32% for the financial period ended 30 September 2012 in comparison
to its benchmark’s return of -5.83% over the same period.
Asset Allocation
2012
Equities & derivatives
51.0%
Money market instruments & others
49.0%
Following its launch, the fund’s equity exposure was progressively increased to 51.0% for the financial period ended
2012 to capitalise on investment opportunities in the domestic and regional markets. There is no comparison figure
as the commencement date of the fund was 9 April 2012.
Portfolio Turnover Ratio (PTR)
2012
PTR (time)
0.36
For the financial period ended 2012, the fund registered a PTR of 0.36 times. There is no comparison figure as the
commencement date of the fund was 9 April 2012.
Distribution
2012
Gross distribution per unit (sen)
-
Net distribution per unit (sen)
-
172
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC TACTICAL ALLOCATION FUND (PTAF)
Total Returns for the following periods ended 30 April 2012
1-Year
30.4.11 – 9.12.11
12.12.11* – 30.4.12
PTAF (%)
-7.74
4.35
Benchmark index (%)***
-5.11
6.17
Annual Total Return for the Financial Years Ended 30 April
2008**
2009
2010
2011
2012
30.4.11 – 9.12.11
12.12.11*– 30.4.12
PTAF (%)
-5.62
-15.76
14.68
2.53
-7.74
4.35
Benchmark index (%)***
-2.31
-19.73
13.97
6.01
-5.11
6.17
*
The figure shown is for the period since the fund’s (formerly known as PGBF) commencement (12 December
2011). Upon the issuance of supplementary prospectus on 12 December 2011, PGBF has adopted its new
name Public Tactical Allocation Fund (PTAF) to reflect the change in fund objective, investment policy,
investment strategy and benchmark.
**
The figure shown is for the period since PGBF commencement (12 February 2007).
*** Prior to 12 December 2011, the fund’s benchmark was a composite index of 60% MSCI All Country World
Index and 40% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR).
Effective from 12 December 2011, the fund’s benchmark has been replaced with 70% MSCI AC Far-East
Ex-Japan Index and 30% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR) as it is more reflective of
the new investment strategy of the fund.
Note: Average annual returns for periods more than one (1) year is not available as the total return for PTAF is less
than one (1) year.
1-Year Fund Performance Review
For the financial period from 30 April 2011 to 9 December 2011, the fund registered a return of -7.74% as
compared to the benchmark’s return of -5.11% over the same period. For the financial period from 12 December
2011 to 30 April 2012, the fund registered a return of +4.35% as compared to its benchmark’s return of +6.17%
over the same period.
Asset Allocation
2010
2011
2012
Equities & derivatives
57.6%
59.9%
87.0%
Fixed income securities
34.7%
27.4%
0.0%
7.7%
12.7%
13.0%
Money market instruments & others
The fund increased its equity weighting from 57.6% (56.4% after distribution reinvestment) in the financial year
ended 2010 to 59.9% (58.7% after distribution reinvestment) in the financial year ended 2011. Following the
changes to the fund’s investment objective, policy and strategy. The fund’s equity weighting was increased further
to 87.0% in the financial year ended 2012 to capitalise on investment opportunities in the global equity markets.
173
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC TACTICAL ALLOCATION FUND (PTAF) (CONT’D)
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.40
0.60
1.04
The fund’s PTR increased from 0.40 times in financial year ended 2010 to 0.60 times in the financial year ended
2011 and increased further to 1.04 times in the financial year ended 2012 due to higher level of rebalancing
activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
0.50
0.50
-
Net distribution per unit (sen)
0.46
0.48
-
Distribution is in the form of cash.
174
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC BALANCED FUND (PBF)
Average Annual Returns for the following periods ended 31 May 2012
1-Year
3-Year
5-Year
10-Year
-10.22
6.67
2.86
11.40
10.12
2.30
10.99
3.66
8.15
5.16
PBF (%)
PBEIX (%)**
Since Commencement*
Annual Total Return for the Financial Years Ended 31 May
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
PBF (%)
-2.99
16.25
7.18
11.60
38.85
4.00
-8.46
15.50
15.79 -10.22
PBEIX (%)**
-4.44
13.55
4.93
5.98
27.18
-1.35
-9.87
14.42
13.68
2.30
*
The figure shown is for the period since the fund’s commencement (6 July 1995).
**
The Public Balanced Equity Index (PBEIX) is an index computed based on accumulated daily returns from the
FTSE Bursa Malaysia KLCI (replacement of Kuala Lumpur Composite Index by Bursa Malaysia with effect from
6 July 2009) and 3-Month Kuala Lumpur Interbank Offered Rate in the ratio of 60:40. It is the appropriate
benchmark for balanced funds, which have equity weightings capped at a maximum 60% of the fund’s NAV.
1-Year Fund Performance Review
The PBF registered a total return of -10.22% as compared to the benchmark Public Balanced Equity Index (PBEIX)
which registered a return of +2.30% for the financial year ended 31 May 2012.
Asset Allocation
2010
2011
2012
Equities & derivatives
64.6%
61.1%
55.8%
Fixed income securities
23.6%
20.5%
18.1%
Money market instruments & others
11.8%
18.4%
26.1%
The fund reduced its equity weighting from 64.6% (59.1% after distribution reinvestment) in the financial year
ended 2010 to 61.1% (56.0% after distribution reinvestment) in the financial year ended 2011 and further
reduced its equity weighting to 55.8% (52.4% after distribution reinvestment) in the financial year ended 2012
to weather the consolidation phase in the domestic and selected regional markets. The fund’s equity weighting
for the respective financial years ended 2010 and 2011 exceeded 60% partly due to the distribution declared for
the respective financial years.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.41
0.60
0.36
The fund’s PTR rose from 0.41 times in the financial year ended 2010 to 0.60 times in the financial year ended
2011 due to higher level of rebalancing activities. The fund’s PTR declined to 0.36 times in the financial year ended
2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
7.00
7.00
4.25
Net distribution per unit (sen)
6.72
6.84
4.13
Distribution is in the form of cash.
175
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC FAR-EAST BALANCED FUND (PFEBF)
Average Annual Returns for the following periods ended 30 April 2012
1-Year
3-Year
5-Year
Since Commencement*
PFEBF (%)
-5.70
6.03
0.74
0.88
Benchmark index (%)**
-3.86
7.83
1.85
1.99
Annual Total Return for the Financial Years Ended 30 April
2008*
2009
2010
2011
2012
PFEBF (%)
4.60
-15.33
17.60
6.49
-5.70
Benchmark index (%)**
9.58
-18.43
18.28
8.35
-3.86
*
The figure shown is for the period since the fund’s commencement (12 February 2007).
**
The fund’s benchmark is a composite index of 60% MSCI AC Far-East Ex-Japan Index and 40% 3-Month
Kuala Lumpur Interbank Offered Rate.
1-Year Fund Performance Review
The PFEBF registered a total return of -5.70% for the financial year ended 30 April 2012 in comparison to the
benchmark’s return of -3.86% over the same period.
Asset Allocation
2010
2011
2012
Equities & derivatives
64.4%
60.8%
58.9%
Fixed income securities
25.6%
29.6%
29.1%
Money market instruments & others
10.0%
9.6%
12.0%
The fund reduced its equity weighting from 64.4% (60.3% after distribution reinvestment) in the financial year
ended 2010 to 60.8% (59.5% after distribution reinvestment) in the financial year ended 2011 and further reduced
its equity weighting to 59.0% in the financial year ended 2012 to weather the consolidation phase in the domestic
and regional markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.73
0.86
0.80
The fund’s PTR increased from 0.73 times in the financial year ended 2010 to 0.86 times in the financial year ended
2011 due to higher level of rebalancing activities. The fund’s PTR declined to 0.80 times in the financial year ended
2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
1.50
0.50
-
Net distribution per unit (sen)
1.45
0.48
-
Distribution is in the form of cash.
176
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC BOND FUND (P BOND)
Average Annual Returns for the following periods ended 31 July 2012
1-Year
3-Year
5-Year
10-Year
Since Commencement*
P BOND (%)
6.58
8.26
6.59
8.35
14.51
12-month fixed
deposit rate (%)**
3.18
2.98
3.29
4.01
5.96
Annual Total Return for the Financial Years Ended 31 July
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
P BOND (%)
9.85
2.58
9.43
2.90
8.75
-1.33
8.01
7.64
8.78
6.58
12-month fixed
deposit rate (%)**
3.94
3.70
3.69
3.77
3.75
3.71
3.09
2.49
2.91
3.18
*
The figure shown is for the period since the fund’s commencement (10 July 1996).
**
The benchmark 12-month fixed deposit rate (12-MFD) is computed based on daily returns from 12-MFD
quoted by Malayan Banking Berhad.
1-Year Fund Performance Review
P BOND registered a return of +6.58% for the financial year ended 31 July 2012, as compared to its benchmark
12-month fixed deposit rate (12-MFD) return of +3.18% over the same period.
Asset Allocation
Fixed income securities
Money market instruments & others
2010
2011
2012
93.6%
96.7%
99.3%
6.4%
3.3%
0.7%
The fund’s weighting in fixed income securities increased from 93.6% (88.9% after distribution reinvestment) in the
financial year ended 2010 to 96.7% (91.8% after distribution reinvestment) in the financial year ended 2011 and
increased further to 99.3% (94.2% after distribution reinvestment) in the financial year ended 2012 to capitalise
on investment opportunities in the fixed income securities market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.90
0.49
0.52
The fund’s PTR declined from 0.90 times in the financial year ended 2010 to 0.49 times in the financial year ended
2011 due to lower level of rebalancing activities. The fund’s PTR increased to 0.52 times in the financial year ended
2012 due to higher level of rebalancing activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
5.00
5.25
5.25
Net distribution per unit (sen)
5.00
5.25
5.25
Distribution is in the form of cash.
177
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)
Average Annual Returns for the following periods ended 30 April 2012
1-Year
3-Year
5-Year
Since Commencement*
PIN BOND (%)
3.59
4.15
4.16
4.28
CORP 1V (%)**
7.15
8.19
7.49
7.84
Annual Total Return for the Financial Years Ended 30 April
2004*
2005
2006
2007
2008
2009
2010
2011
2012
2.83
4.13
2.71
4.09
2.93
4.37
4.46
3.93
3.59
-5.87
10.71
6.45
10.13
2.76
7.39
7.32
8.34
7.15
PIN BOND (%)
CORP 1V (%)**
*
The figure shown is for the period since the fund’s commencement (20 May 2003).
** The benchmark CORP 1V Index is essentially a bond index developed by CIMB Berhad to track the changes
in values of a basket comprising of all corporate bonds with maturities of 1 year and above.
1-Year Fund Performance Review
PIN BOND registered a return of +3.59% for the financial year ended 30 April 2012 in comparison to the benchmark
CORP 1V Index’s return of +7.15% over the same period.
Asset Allocation
Fixed income securities
Money market instruments & others
2010
2011
2012
92.9%
92.3%
93.1%
7.1%
7.7%
6.9%
The fund’s fixed income securities weighting was decreased from 92.9% in the financial year ended 2010 to 92.3%
in the financial year ended 2011 as selected fixed income securities in the fund’s fixed income securities portfolio
matured. The fund’s fixed income securities weighting was increased to 93.1% in the financial year ended 2012
to capitalise on investment opportunities in the fixed income securities markets.
Portfolio Turnover Ratio (PTR)
PTR (time)
2010
2011
2012
0.14
0.10
0.03
The fund’s PTR decreased from 0.14 times in the financial year ended 2010 to 0.10 times in the financial year
ended 2011 and decreased further to 0.03 times in the financial year ended 2012 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2010
2011
2012
Gross distribution per unit (sen)
3.56
3.53
3.69
Net distribution per unit (sen)
3.56
3.53
3.69
Distribution is in the form of cash.
178
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ENHANCED BOND FUND (PEBF)
Average Annual Returns for the following periods ended 31 January 2013
1-Year
3-Year
5-Year
PEBF (%)
5.28
6.57
4.60
Since Commencement*
7.18
12-month fixed deposit rate (%)**
3.16
3.09
3.23
3.71
Annual Total Return for the Financial Years Ended 31 January
2006*
2007
2008
2009
2010
2011
2012
2013
PEBF (%)
7.02
10.99
7.75
-5.62
8.83
8.81
4.54
5.28
12-month fixed deposit rate (%)**
3.64
3.84
3.70
3.67
2.53
2.80
3.07
3.16
*
The figure shown is for the period since the fund’s commencement (2 February 2005).
**
The benchmark 12-month fixed deposit rate (12-MFD) is computed based on daily returns from 12-MFD
quoted by Malayan Banking Berhad.
1-Year Fund Performance Review
PEBF registered a total return of +5.28% for the financial year ended 31 January 2013 as compared to the benchmark
12-month fixed deposit rate (12-MFD) return of +3.16% over the same period.
Asset Allocation
2011
2012
2013
Equities & derivatives
14.5%
15.1%
17.8%
Fixed income securities
77.3%
80.5%
84.1%
8.2%
4.4%
-1.9%
Money market instruments & others
The fund’s equity weightings was increased from 14.5% (14.1% after distribution reinvestment) in the financial
year ended 2011 to 15.1% (14.6% after distribution reinvestment) in the financial year ended 2012 and increased
further to 17.8% (17.0% after distribution reinvestment) in the financial year ended 2013 to capitalise on investment
opportunities in the domestic and regional equity markets.
The fund’s fixed income securities weighting was increased from 77.3% (75.2% after distribution reinvestment) in
financial year ended 2011 to 80.5% (77.7% after distribution reinvestment) in the financial year ended 2012 and
increased further to 84.1% (80.1% after distribution reinvestment) in the financial year ended 2013 to capitalise
on investment opportunities in the fixed income securities market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2011
2012
2013
0.56
0.44
0.31
The fund’s PTR declined from 0.56 times in the financial year ended 2011 to 0.44 times in the financial year ended
2012 and declined further to 0.31 times in the financial year ended 2013 due to lower level of rebalancing activities
undertaken by the fund.
Distribution
2011
2012
2013
Gross distribution per unit (sen)
3.00
3.75
5.00
Net distribution per unit (sen)
2.90
3.70
4.95
Distribution is in the form of cash.
179
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SELECT BOND FUND (PSBF)
Average Annual Returns for the following periods ended 31 May 2012
1-Year
3-Year
5-Year
PSBF (%)
4.82
5.01
4.57
Since Commencement*
5.11
12-month fixed deposit rate (%)**
3.16
2.94
3.31
3.57
Annual Total Return for the Financial Years Ended 31 May
2006*
2007
2008
2009
2010
2011
2012
PSBF (%)
1.28
6.95
2.89
3.78
6.00
3.57
4.82
12-month fixed deposit rate (%)**
1.72
3.79
3.70
3.29
2.51
2.86
3.16
*
The figure shown is for the period since the fund’s commencement (12 December 2005).
** The benchmark 12-month fixed deposit rate (12-MFD) is computed based on daily returns from 12-MFD
quoted by Malayan Banking Berhad.
1-Year Fund Performance Review
PSBF registered a total return of +4.82% for the financial year ended 31 May 2012 versus the benchmark 12-month
fixed deposit rate (12-MFD) return of +3.16% over the same period.
Asset Allocation
2010
2011
2012
Fixed income securities
68.6%
100.9%
77.8%
Money market instruments & others
31.4%
-0.9%
22.2%
The fund’s fixed income securities exposure was increased from 68.6% (65.7% after distribution reinvestment) in
the financial year ended 2010 to 100.9% (96.5% after distribution reinvestment) in the financial year ended 2011
to capitalise on investment opportunities in the fixed income securities market. The fund’s fixed income securities
exposure was reduced to 77.8% (74.5% after distribution reinvestment) in the financial year ended 2012 due to
the inflows of new funds into the fund towards the end of the financial year.
Portfolio Turnover Ratio (PTR)
PTR (time)
2011
2012
2013
0.61
0.60
0.42
The fund’s PTR declined from 0.61 times in the financial year ended 2010 to 0.60 times in the financial year ended
2011 and declined further to 0.42 times for the financial year ended 2012 due to lower level of rebalancing
activities undertaken by the fund.
Distribution
2011
2012
Gross distribution per unit (sen)
4.50
4.50
4.50
Net distribution per unit (sen)
4.50
4.50
4.50
Distribution is in the form of cash.
180
2013
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC STRATEGIC BOND FUND (PSTBF)
Average Annual Returns for the following periods ended 31 December 2012
1-Year
Since Commencement*
PSTBF (%)
3.87
5.25
12-month fixed deposit rate (%)**
3.17
3.14
Annual Total Return for the Financial Years Ended 31 December
2011*
2012
PSTBF (%)
6.41
3.87
12-month fixed deposit rate (%)**
3.04
3.17
*
The figure shown is for the period since the fund’s commencement (30 December 2010).
**
The benchmark 12-month fixed deposit rate (12-MFD) is computed based on the daily compounding of the
average 12-MFD quoted by Public Bank Berhad.
1-Year Fund Performance Review
The PSTBF registered a total return of +3.87% for the financial year ended 31 December 2012 as compared to the
benchmark 12-month fixed deposit rate (12-MFD) return of +3.17% over the same period.
Asset Allocation
2011
2012
Fixed income securities
86.2%
102.3%
Money market instruments & others
13.8%
-2.3%
The fund’s fixed income securities weighting increased from 86.2% (83.8% after distribution reinvestment) in the
financial period ended 2011 to 102.3% (98.9% after distribution reinvestment) in the financial year ended 2012 to
capitalise on investment opportunities in the fixed income securities market. The increase in fixed income securities
weighting for the financial year ended 2012 was also partly due to the distribution declared.
Portfolio Turnover Ratio (PTR)
PTR (time)
2011
2012
1.41
0.66
The fund’s PTR declined from 1.41 times in the financial period ended 2011 to 0.66 times in the financial year
ended 2012 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2011
2012
Gross distribution per unit (sen)
3.00
3.50
Net distribution per unit (sen)
3.00
3.50
Distribution is in the form of cash.
181
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC ENTERPRISES BOND FUND (PENTBF)
Total Return for the following period ended 30 September 2012
Since Commencement*
PENTBF (%)
1.95
12-month fixed deposit rate (%)**
1.47
Annual Total Return for the Financial Period Ended 30 September
2012*
PENTBF (%)
1.95
12-month fixed deposit rate (%)**
1.47
*
The figure shown is for the period since the fund’s commencement (9 April 2012).
**
The benchmark 12-month fixed deposit rate (12-MFD) is computed based on the daily compounding of the
average 12-MFD quoted by Public Bank Berhad.
Fund Performance Review
The PENTBF registered a total return of +1.95% for the financial period ended 30 September 2012 as compared
to the benchmark 12-month fixed deposit rate (12-MFD) return of +1.47% over the same period.
Asset Allocation
2012
Fixed income securities
97.2%
Money market instruments & others
2.8%
Following its launch, the fund’s fixed income securities weighting was progressively increased to 97.2% (96.9% after
distribution reinvestment) for the financial period ended 2012 to capitalise on investment opportunities in the fixed
income securities market. There is no comparison figure as the commencement date of the fund was 9 April 2012.
Portfolio Turnover Ratio (PTR)
2012
PTR (time)
0.91
The fund recorded a PTR of 0.91 times for the financial period ended 30 September 2012. There is no comparison
figure as the commencement date of the fund was 9 April 2012.
Distribution
2012
Gross distribution per unit (sen)
0.25
Net distribution per unit (sen)
0.25
Distribution is in the form of cash.
182
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC MONEY MARKET FUND (PMMF)
Average Annual Returns for the following periods ended 31 January 2013
1-Year
3-Year
5-Year
PMMF (%)
2.93
2.78
2.81
Since Commencement*
3.26
Benchmark index (%)**
3.10
3.03
3.09
3.50
Annual Total Return for the Financial Years Ended 31 January
2005*
2006
2007
2008
2009
2010
2011
2012
2013
PMMF (%)
3.77
3.00
3.21
3.13
3.14
2.05
2.37
2.84
2.93
Benchmark index (%)**
3.32
2.89
3.75
3.62
3.58
2.17
2.71
3.04
3.10
*
The figure shown is for the period since the fund’s commencement (16 December 2003).
**
Prior to 30 April 2010, the fund’s benchmark was 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR).
Effective from 30 April 2010, the fund’s benchmark has been replaced with 1-Month KLIBOR as this benchmark
is a better representative of the fund’s investments.
1-Year Fund Performance Review
PMMF registered a total return of +2.93% for the financial year ended 31 January 2013 as compared to the
benchmark’s return of +3.10% over the same period.
Asset Allocation
2011
2012
2013
Fixed income securities
15.3%
0.0%
0.0%
Money market instruments & others
84.7%
100.0%
100.0%
The fund’s money market instruments weighting was increased from 84.7% (85.1% after distribution reinvestment)
in the financial year ended 2011 to 100% in the financial year ended 2012 and 2013 as the fund’s holdings of
fixed income investments matured.
Portfolio Turnover Ratio (PTR)
PTR (time)
2011
2012
2013
1.21
0.77
0.55
The fund’s PTR declined from 1.21 times in the financial year ended 2011 to 0.77 times in the financial year ended
2012 and declined further to 0.55 times in the financial year ended 2013 due to lower level of rebalancing activities
undertaken by the fund.
Distribution
2011
2012
2013
Gross distribution per unit (sen)
2.50
2.50
2.50
Net distribution per unit (sen)
2.50
2.50
2.50
Distribution is in the form of cash.
183
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 three (3) financial years preceding the date of this Master Prospectus:
Public Savings Fund (PSF)
Public Growth Fund (PGF)
Public Index Fund (PIX)
Public Industry Fund (PIF)
Public Aggressive Growth Fund (PAGF)
Public Regular Savings Fund (PRSF)
Public SmallCap Fund (P SmallCap)
Public Equity Fund (PEF)
Public Focus Select Fund (PFSF)
Public Dividend Select Fund (PDSF)
Public Far-East Select Fund (PFES)
Public Regional Sector Fund (PRSEC)
Public Global Select Fund (PGSF)
Public Far-East Dividend Fund (PFEDF)
Public China Select Fund (PCSF)
Public Far-East Property & Resorts Fund (PFEPRF)
Public South-East Asia Select Fund (PSEASF)
Public Sector Select Fund (PSSF)
Public Far-East Consumer Themes Fund (PFECTF)
Public China Titans Fund (PCTF)
Public Far-East Telco & Infrastructure Fund (PFETIF)
Public Select Alpha-30 Fund (PSA30F)
Public Natural Resources Equity Fund (PNREF)
Public Australia Equity Fund (PAUEF)
Public Far-East Alpha-30 Fund (PFA30F)
Public Optimal Growth Fund (POGF)
Public Indonesia Select Fund (PINDOSF)
Public Singapore Equity Fund (PSGEF)
Public Strategic SmallCap Fund (PSSCF)
Public Tactical Allocation Fund (PTAF)
Public Balanced Fund (PBF)
Public Far-East Balanced Fund (PFEBF)
Public Bond Fund (P BOND)
Public Institutional Bond Fund (PIN BOND)
Public Enhanced Bond Fund (PEBF)
Public Select Bond Fund (PSBF)
Public Strategic Bond Fund (PSTBF)
Public Enterprises Bond Fund (PENTBF)
Public Money Market Fund (PMMF)
Page 185
Page 185
Page 186
Page 186
Page 187
Page 187
Page 188
Page 188
Page 189
Page 189
Page 190
Page 190
Page 191
Page 191
Page 192
Page 192
Page 193
Page 193
Page 194
Page 194
Page 195
Page 195
Page 196
Page 196
Page 197
Page 197
Page 198
Page 198
Page 199
Page 199
Page 200
Page 200
Page 201
Page 201
Page 202
Page 202
Page 203
Page 203
Page 204
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.
184
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC SAVINGS FUND (PSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 December
2012
2011
2010
RM’000 RM’000 RM’000
Investment income/(loss)
Total expenses
191,054
(27,247)
(41,767)
(19,710)
39,843
(10,108)
Net investment income/(loss)
163,807
(61,477)
29,735
Net income/(loss) before taxation
163,807
(61,477)
29,735
Net income/(loss) after taxation
160,982
(63,358)
27,443
Extract of Statement of Assets and Liabilities as at 31 December
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
1,673,035
66,448
1,258,221
84,241
933,739
44,400
Total assets
1,739,483
1,342,462
978,139
Total liabilities
(155,845)
(175,091)
(129,914)
Net Asset Value/Unitholders’ capital
1,583,638
1,167,371
848,225
PUBLIC GROWTH FUND (PGF)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2012
2011
2010
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(13,840)
(18,232)
75,832
(15,207)
62,269
(11,382)
Net investment (loss)/income
(32,072)
60,625
50,887
Net (loss)/income before taxation
(32,072)
60,625
50,887
Net (loss)/income after taxation
(33,332)
57,427
48,143
Extract of Statement of Assets and Liabilities as at 31 July
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
1,015,430
27,461
1,050,984
52,793
732,276
52,302
Total assets
1,042,891
1,103,777
784,578
Total liabilities
(66,141)
(119,883)
(71,128)
Net Asset Value/Unitholders’ capital
976,750
983,894
713,450
Note: Unitholder’s capital refers to the NAV attributable to unitholders.
185
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC INDEX FUND (PIX)
Extract of Statement of Income and Expenditure for the financial years ended 31 January
2013
2012
2011
RM’000 RM’000 RM’000
Investment income
Total expenses
64,809
(16,422)
27,088
(16,000)
99,898
(15,077)
Net investment income
48,387
11,088
84,821
Net income before taxation
48,387
11,088
84,821
Net income after taxation
45,973
8,141
81,275
Extract of Statement of Assets and Liabilities as at 31 January
2013
2012
2011
RM’000 RM’000 RM’000
Total investments
Total other assets
853,425
5,079
956,158
5,946
1,052,409
24,332
Total assets
858,504
962,104
1,076,741
Total liabilities
(62,109)
(78,940)
(91,083)
Net Asset Value/Unitholders’ capital
796,395
883,164
985,658
PUBLIC INDUSTRY FUND (PIF)
Extract of Statement of Income and Expenditure for the financial years ended 31 October
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
32,115
(3,578)
19,635
(3,279)
17,660
(2,748)
Net investment income
28,537
16,356
14,912
Net income before taxation
28,537
16,356
14,912
Net income after taxation
28,289
15,954
14,523
Extract of Statement of Assets and Liabilities as at 31 October
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
182,884
5,827
174,587
10,968
174,641
19,291
Total assets
188,711
185,555
193,932
Total liabilities
(16,624)
(18,692)
(19,973)
Net Asset Value/Unitholders’ capital
172,087
166,863
173,959
186
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC AGGRESSIVE GROWTH FUND (PAGF)
Extract of Statement of Income and Expenditure for the financial years ended 31 March
2013
2012
2011
RM’000 RM’000 RM’000
Investment income/(loss)
Total expenses
23,057
(9,772)
(40,634)
(10,689)
33,572
(6,343)
Net investment income/(loss)
13,285
(51,323)
27,229
Net income/(loss) before taxation
13,285
(51,323)
27,229
Net income/(loss) after taxation
12,691
(52,247)
25,796
Extract of Statement of Assets and Liabilities as at 31 March
2013
2012
2011
RM’000 RM’000 RM’000
Total investments
Total other assets
461,588
45,052
584,976
11,347
454,049
60,198
Total assets
506,640
596,323
514,247
Total liabilities
(23,534)
(43,756)
(69,325)
Net Asset Value/Unitholders’ capital
483,106
552,567
444,922
PUBLIC REGULAR SAVINGS FUND (PRSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 March
2013
2012
2011
RM’000 RM’000 RM’000
Investment income
Total expenses
257,404
(47,456)
243,564
(39,839)
169,174
(30,625)
Net investment income
209,948
203,725
138,549
Net income before taxation
209,948
203,725
138,549
Net income after taxation
205,236
197,471
129,399
Extract of Statement of Assets and Liabilities as at 31 March
2013
2012
2011
RM’000 RM’000 RM’000
Total investments
Total other assets
2,991,817
13,661
2,765,854
24,802
2,290,376
73,346
Total assets
3,005,478
2,790,656
2,363,722
Total liabilities
(227,708)
(180,535)
(186,743)
Net Asset Value/Unitholders’ capital
2,777,770
2,610,121
2,176,979
187
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC SMALLCAP FUND (P SmallCap)
Extract of Statement of Income and Expenditure for the financial years ended 31 August
2012
2011
2010
RM’000 RM’000 RM’000
Investment income/(loss)
Total expenses
44,559
(12,867)
(11,295)
(8,468)
37,115
(5,466)
Net investment income/(loss)
31,692
(19,763)
31,649
Net income/(loss) before taxation
31,692
(19,763)
31,649
Net income/(loss) after taxation
29,876
(21,094)
30,520
Extract of Statement of Assets and Liabilities as at 31 August
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
861,339
14,282
544,552
18,729
392,312
8,179
Total assets
875,621
563,281
400,491
Total liabilities
(71,330)
(83,524)
(43,100)
Net Asset Value/Unitholders’ capital
804,291
479,757
357,391
PUBLIC EQUITY FUND (PEF)
Extract of Statement of Income and Expenditure for the financial years ended 31 October
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
51,312
(13,976)
21,994
(12,490)
42,553
(8,359)
Net investment income
37,336
9,504
34,194
Net income before taxation
37,336
9,504
34,194
Net income after taxation
36,503
7,842
32,114
Extract of Statement of Assets and Liabilities as at 31 October
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
824,012
7,268
717,427
47,050
626,093
33,013
Total assets
831,280
764,477
659,106
Total liabilities
(43,919)
(80,175)
(93,514)
Net Asset Value/Unitholders’ capital
787,361
684,302
565,592
188
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC FOCUS SELECT FUND (PFSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 December
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
66,226
(7,058)
16,855
(5,298)
16,683
(2,691)
Net investment income
59,168
11,557
13,992
Net income before taxation
59,168
11,557
13,992
Net income after taxation
58,520
10,814
13,662
Extract of Statement of Assets and Liabilities as at 31 December
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
455,890
12,086
315,642
9,409
224,372
12,892
Total assets
467,976
325,051
237,264
Total liabilities
(24,924)
(35,437)
(20,581)
Net Asset Value/Unitholders’ capital
443,052
289,614
216,683
PUBLIC DIVIDEND SELECT FUND (PDSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
69,604
(14,478)
43,290
(8,170)
17,421
(5,955)
Net investment income
55,126
35,120
11,466
Net income before taxation
55,126
35,120
11,466
Net income after taxation
53,689
33,092
10,155
Extract of Statement of Assets and Liabilities as at 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
935,202
20,213
699,202
43,673
374,590
17,031
Total assets
955,415
742,875
391,621
Total liabilities
(46,573)
(74,263)
(39,588)
Net Asset Value/Unitholders’ capital
908,842
668,612
352,033
189
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC FAR-EAST SELECT FUND (PFES)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(110,459)
(7,768)
35,527
(8,265)
60,651
(8,818)
Net investment (loss)/income
(118,227)
27,262
51,833
Net (loss)/income before taxation
(118,227)
27,262
51,833
Net (loss)/income after taxation
(118,663)
26,564
50,422
Extract of Statement of Assets and Liabilities as at 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
333,214
8,188
495,203
58,745
419,350
49,795
Total assets
341,402
553,948
469,145
Total liabilities
(2,464)
(60,833)
(43,933)
Net Asset Value/Unitholders’ capital
338,938
493,115
425,212
PUBLIC REGIONAL SECTOR FUND (PRSEC)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(76,682)
(5,416)
29,311
(5,946)
33,667
(6,423)
Net investment (loss)/income
(82,098)
23,365
27,244
Net (loss)/income before taxation
(82,098)
23,365
27,244
Net (loss)/income after taxation
(82,378)
22,837
26,347
Extract of Statement of Assets and Liabilities as at 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
222,246
6,952
332,871
50,188
305,862
38,437
Total assets
229,198
383,059
344,299
Total liabilities
(869)
(45,611)
(32,189)
Net Asset Value/Unitholders’ capital
228,329
337,448
312,110
190
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC GLOBAL SELECT FUND (PGSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(19,448)
(1,961)
6,597
(1,792)
5,084
(1,989)
Net investment (loss)/income
(21,409)
4,805
3,095
Net (loss)/income before taxation
(21,409)
4,805
3,095
Net (loss)/income after taxation
(21,583)
4,593
2,855
Extract of Statement of Assets and Liabilities as at 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
76,647
5,858
106,567
9,219
81,158
21,805
Total assets
82,505
115,786
102,963
Total liabilities
(914)
(6,294)
(4,354)
Net Asset Value/Unitholders’ capital
81,591
109,492
98,609
PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)
Extract of Statement of Income and Expenditure for the financial years ended 30 November
2012
2011
2010
RM’000 RM’000 RM’000
Investment income/(loss)
Total expenses
18,534
(9,322)
(58,940)
(11,548)
47,483
(13,233)
Net investment income/(loss)
9,212
(70,488)
34,250
Net income/(loss) before taxation
9,212
(70,488)
34,250
Net income/(loss) after taxation
8,033
(71,719)
32,796
Extract of Statement of Assets and Liabilities as at 30 November
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
350,100
19,983
397,557
44,936
658,386
89,230
Total assets
370,083
442,493
747,616
Total liabilities
(9,991)
(11,107)
(41,933)
Net Asset Value/Unitholders’ capital
360,092
431,386
705,683
191
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC CHINA SELECT FUND (PCSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2012
2011
2010
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(237,392)
(19,381)
13,019
(27,268)
26,016
(30,286)
Net investment loss
(256,773)
(14,249)
(4,270)
Net loss before taxation
(256,773)
(14,249)
(4,270)
Net loss after taxation
(260,043)
(17,878)
(8,856)
Extract of Statement of Assets and Liabilities as at 31 July
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
806,051
13,088
1,220,309
47,964
1,493,370
99,083
Total assets
819,139
1,268,273
1,592,453
Total liabilities
(33,342)
(17,519)
(20,147)
Net Asset Value/Unitholders’ capital
785,797
1,250,754
1,572,306
PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
51,516
(7,344)
26,596
(8,771)
27,651
(9,833)
Net investment income
44,172
17,825
17,818
Net income before taxation
44,172
17,825
17,818
Net income after taxation
43,187
16,778
16,352
Extract of Statement of Assets and Liabilities as at 31 July
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
323,589
11,873
409,232
31,660
476,792
16,474
Total assets
335,462
440,892
493,266
Total liabilities
(12,897)
(31,736)
(14,399)
Net Asset Value/Unitholders’ capital
322,565
409,156
478,867
192
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)
Extract of Statement of Income and Expenditure for the financial years ended 31 October
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
84,915
(9,482)
68,597
(11,423)
91,262
(13,595)
Net investment income
75,433
57,174
77,667
Net income before taxation
75,433
57,174
77,667
Net income after taxation
74,543
55,400
75,255
Extract of Statement of Assets and Liabilities as at 31 October
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
411,551
53,505
489,411
23,108
780,595
45,030
Total assets
465,056
512,519
825,625
Total liabilities
(15,085)
(50,781)
(34,943)
Net Asset Value/Unitholders’ capital
449,971
461,738
790,682
PUBLIC SECTOR SELECT FUND (PSSF)
Extract of Statement of Income and Expenditure for the financial years ended 31 October
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
44,861
(8,480)
47,072
(9,190)
49,986
(5,965)
Net investment income
36,381
37,882
44,021
Net income before taxation
36,381
37,882
44,021
Net income after taxation
35,723
35,904
42,292
Extract of Statement of Assets and Liabilities as at 31 October
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
507,210
1,125
516,479
6,951
560,599
1,124
Total assets
508,335
523,430
561,723
Total liabilities
(24,461)
(46,896)
(45,105)
Net Asset Value/Unitholders’ capital
483,874
476,534
516,618
193
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)
Extract of Statement of Income and Expenditure for the financial years ended 30 June
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
2,253
(3,801)
7,230
(3,348)
33,538
(3,241)
Net investment (loss)/income
(1,548)
3,882
30,297
Net (loss)/income before taxation
(1,548)
3,882
30,297
Net (loss)/income after taxation
(1,673)
3,670
29,984
Extract of Statement of Assets and Liabilities as at 30 June
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
154,540
13,772
184,944
9,996
144,042
17,716
Total assets
168,312
194,940
161,758
Total liabilities
(6,672)
(24,606)
(18,697)
Net Asset Value/Unitholders’ capital
161,640
170,334
143,061
PUBLIC CHINA TITANS FUND (PCTF)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(14,340)
(1,514)
(2,585)
(1,761)
6,571
(1,664)
Net investment (loss)/income
(15,854)
(4,346)
4,907
Net (loss)/income before taxation
(15,854)
(4,346)
4,907
Net (loss)/income after taxation
(16,114)
(4,517)
4,693
Extract of Statement of Assets and Liabilities as at 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
62,547
2,804
88,182
7,292
86,951
9,833
Total assets
65,351
95,474
96,784
Total liabilities
(454)
(823)
(12,450)
Net Asset Value/Unitholders’ capital
64,897
94,651
84,334
194
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC FAR-EAST TELCO & INFRASTRUCTURE FUND (PFETIF)
Extract of Statement of Income and Expenditure for the financial years ended 30 April
2012
2011
2010
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(8,178)
(1,774)
6,233
(1,527)
6,546
(1,659)
Net investment (loss)/income
(9,952)
4,706
4,887
Net (loss)/income before taxation
(9,952)
4,706
4,887
Net (loss)/income after taxation
(10,096)
4,540
4,761
Extract of Statement of Assets and Liabilities as at 30 April
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
72,698
4,659
102,343
12,329
86,228
2,265
Total assets
77,357
114,672
88,493
Total liabilities
(4,148)
(7,827)
(6,971)
Net Asset Value/Unitholders’ capital
73,209
106,845
81,522
PUBLIC SELECT ALPHA-30 FUND (PSA30F)
Extract of Statement of Income and Expenditure for the financial years ended 30 November
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
8,266
(1,242)
6,869
(1,435)
7,961
(1,165)
Net investment income
7,024
5,434
6,796
Net income before taxation
7,024
5,434
6,796
Net income after taxation
6,903
5,217
6,549
Extract of Statement of Assets and Liabilities as at 30 November
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
55,879
1,881
59,796
3,778
78,676
4,925
Total assets
57,760
63,574
83,601
Total liabilities
(4,119)
(4,922)
(7,045)
Net Asset Value/Unitholders’ capital
53,641
58,652
76,556
195
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC NATURAL RESOURCES EQUITY FUND (PNREF)
Extract of Statement of Income and Expenditure for the financial years/period ended 30 November
From 30.6.09
2012
2011 to 30.11.10
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(13,696)
(5,221)
(45,036)
(5,307)
26,925
(5,323)
Net investment (loss)/income
(18,917)
(50,343)
21,602
Net (loss)/income before taxation
(18,917)
(50,343)
21,602
Net (loss)/income after taxation
(19,116)
(50,503)
21,426
Extract of Statement of Assets and Liabilities as at 30 November
2012 2011
RM’000 RM’000
2010
RM’000
Total investments
Total other assets
199,561
27,100
213,193
44,753
231,303
52,328
Total assets
226,661
257,946
283,631
Total liabilities
(1,705)
(125)
(46,838)
224,956
257,821
236,793
Net Asset Value/Unitholders’ capital
PUBLIC AUSTRALIA EQUITY FUND (PAUEF)
Extract of Statement of Income and Expenditure for the financial years/period ended 31 July
From 8.9.09
2012
2011
to 31.7.10
RM’000 RM’000 RM’000
Investment income
Total expenses
5,849
(5,801)
40,934
(6,547)
64
(4,189)
Net investment income/(loss)
48
34,387
(4,125)
Net income/(loss) before taxation
48
34,387
(4,125)
Net (loss)/income after taxation
(81)
34,235
(4,181)
Extract of Statement of Assets and Liabilities as at 31 July
2012 2011
RM’000 RM’000
2010
RM’000
Total investments
Total other assets
280,289
18,928
312,739
28,963
348,920
4,364
Total assets
299,217
341,702
353,284
Total liabilities
(18,389)
(39,761)
(9,319)
Net Asset Value/Unitholders’ capital
280,828
301,941
343,965
196
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC FAR-EAST ALPHA-30 FUND (PFA30F)
Extract of Statement of Income and Expenditure for the financial years/period ended 30 November
From 6.4.10
2012
2011 to 30.11.10
RM’000 RM’000 RM’000
Investment income/(loss)
Total expenses
4,450
(3,203)
(24,414)
(3,659)
7,517
(1,930)
Net investment income/(loss)
1,247
(28,073)
5,587
Net income/(loss) before taxation
1,247
(28,073)
5,587
957
(28,267)
5,402
Net income/(loss) after taxation
Extract of Statement of Assets and Liabilities as at 30 November
2012 2011
RM’000 RM’000
2010
RM’000
Total investments
Total other assets
103,236
28,843
115,903
26,778
174,940
45,961
Total assets
132,079
142,681
220,901
Total liabilities
(5,061)
(1,851)
(20,697)
127,018
140,830
200,204
Net Asset Value/Unitholders’ capital
PUBLIC OPTIMAL GROWTH FUND (POGF)
Extract of Statement of Income and Expenditure for the financial year/period ended 31 July
From 8.6.10
2012
to 31.7.11
RM’000 RM’000
Investment income
Total expenses
3,287
(676)
3,168
(679)
Net investment income
2,611
2,489
Net income before taxation
2,611
2,489
Net income after taxation
2,537
2,262
Extract of Statement of Assets and Liabilities as at 31 July
2012
RM’000
2011
RM’000
Total investments
Total other assets
33,574
446
40,897
765
Total assets
34,020
41,662
Total liabilities
(2,241)
(2,275)
Net Asset Value/Unitholders’ capital
31,779
39,387
197
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC INDONESIA SELECT FUND (PINDOSF)
Extract of Statement of Income and Expenditure for the financial year/period ended 31 August
From 1.9.10
2012
to 31.8.11
RM’000 RM’000
Investment income
Total expenses
10,989
(2,044)
7,655
(1,625)
Net investment income
8,945
6,030
Net income before taxation
8,945
6,030
Net income after taxation
8,666
5,815
Extract of Statement of Assets and Liabilities as at 31 August
2012
RM’000
2011
RM’000
Total investments
Total other assets
102,928
8,769
84,123
4,591
Total assets
111,697
88,714
Total liabilities
(5,963)
(5,695)
Net Asset Value/Unitholders’ capital
105,734
83,019
PUBLIC SINGAPORE EQUITY FUND (PSGEF)
Extract of Statement of Income and Expenditure for the financial period ended 30 September
From 7.6.11
to 30.9.12
RM’000
Investment income
Total expenses
17,086
(4,558)
Net investment income
12,528
Net income before taxation
12,528
Net income after taxation
12,479
Extract of Statement of Assets and Liabilities as at 30 September
2012
RM’000
Total investments
Total other assets
185,142
9,519
Total assets
194,661
Total liabilities
(60)
Net Asset Value/Unitholders’ capital
194,601
198
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC STRATEGIC SMALLCAP FUND (PSSCF)
Extract of Statement of Income and Expenditure for the financial period ended 30 September
From 20.3.12
to 30.9.12
RM’000
Investment income
Total expenses
2,879
(567)
Net investment income
2,312
Net income before taxation
2,312
Net income after taxation
2,238
Extract of Statement of Assets and Liabilities as at 30 September
2012
RM’000
Total investments
Total other assets
74,768
1,470
Total assets
76,238
Total liabilities
(3,957)
Net Asset Value/Unitholders’ capital
72,281
PUBLIC TACTICAL ALLOCATION FUND (PTAF)
Extract of Statement of Income and Expenditure for the financial years ended 30 April
2012
2011
2010
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(7,621)
(1,376)
2,747
(1,361)
1,821
(1,567)
Net investment (loss)/income
(8,997)
1,386
254
Net (loss)/income before taxation
(8,997)
1,386
254
Net (loss)/income after taxation
(9,045)
1,291
124
Extract of Statement of Assets and Liabilities as at 30 April
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
55,941
5,575
66,822
2,620
82,317
3,048
Total assets
61,516
69,442
85,365
Total liabilities
(1,427)
(2,507)
(2,330)
Net Asset Value/Unitholders’ capital
60,089
66,935
83,035
199
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC BALANCED FUND (PBF)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(18,071)
(6,882)
47,199
(6,400)
19,828
(5,803)
Net investment (loss)/income
(24,953)
40,799
14,025
Net (loss)/income before taxation
(24,953)
40,799
14,025
Net (loss)/income after taxation
(25,046)
39,944
13,195
Extract of Statement of Assets and Liabilities as at 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
344,675
50,229
403,626
42,302
343,684
36,347
Total assets
394,904
445,928
380,031
Total liabilities
(24,226)
(52,817)
(39,885)
Net Asset Value/Unitholders’ capital
370,678
393,111
340,146
PUBLIC FAR-EAST BALANCED FUND (PFEBF)
Extract of Statement of Income and Expenditure for the financial years ended 30 April
2012
2011
2010
RM’000 RM’000 RM’000
Investment (loss)/income
Total expenses
(24,974)
(5,441)
23,033
(6,193)
29,385
(7,195)
Net investment (loss)/income
(30,415)
16,840
22,190
Net (loss)/income before taxation
(30,415)
16,840
22,190
Net (loss)/income after taxation
(30,623)
16,423
21,355
Extract of Statement of Assets and Liabilities as at 30 April
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
221,106
19,753
298,761
25,023
370,020
42,226
Total assets
240,859
323,784
412,246
Total liabilities
(2,828)
(10,260)
(28,237)
Net Asset Value/Unitholders’ capital
238,031
313,524
384,009
200
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC BOND FUND (P BOND)
Extract of Statement of Income and Expenditure for the financial years ended 31 July
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
102,261
(10,751)
96,785
(11,321)
66,524
(8,460)
Net investment income
91,510
85,464
58,064
Net income before taxation
91,510
85,464
58,064
Net income after taxation
90,776
85,078
58,054
Extract of Statement of Assets and Liabilities as at 31 July
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
1,333,003
13,090
1,389,761
12,200
1,196,217
14,443
Total assets
1,346,093
1,401,961
1,210,660
Total liabilities
(72,295)
(76,358)
(61,238)
Net Asset Value/Unitholders’ capital
1,273,798
1,325,603
1,149,422
PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)
Extract of Statement of Income and Expenditure for the financial years ended 30 April
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
71,873
(8,679)
64,664
(8,378)
57,076
(7,467)
Net investment income
63,194
56,286
49,609
Net income before taxation
63,194
56,286
49,609
Net income after taxation
63,194
56,286
49,609
Extract of Statement of Assets and Liabilities as at 30 April
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
1,700,837
60
1,639,497
2,613
1,579,798
56
Total assets
1,700,897
1,642,110
1,579,854
Total liabilities
(707)
(685)
(656)
Net Asset Value/Unitholders’ capital
1,700,190
1,641,425
1,579,198
201
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC ENHANCED BOND FUND (PEBF)
Extract of Statement of Income and Expenditure for the financial years ended 31 January
2013
2012
2011
RM’000 RM’000 RM’000
Investment income
Total expenses
18,557
(3,200)
16,485
(3,384)
16,198
(3,608)
Net investment income
15,357
13,101
12,590
Net income before taxation
15,357
13,101
12,590
Net income after taxation
15,186
12,960
12,394
Extract of Statement of Assets and Liabilities as at 31 January
2013
2012
2011
RM’000 RM’000 RM’000
Total investments
Total other assets
297,643
2,293
290,678
6,608
302,267
6,491
Total assets
299,936
297,286
308,758
Total liabilities
(14,286)
(11,087)
(8,420)
Net Asset Value/Unitholders’ capital
285,650
286,199
300,338
PUBLIC SELECT BOND FUND (PSBF)
Extract of Statement of Income and Expenditure for the financial years ended 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Investment income
Total expenses
65,782
(10,432)
52,884
(8,291)
35,379
(5,618)
Net investment income
55,350
44,593
29,761
Net income before taxation
55,350
44,593
29,761
Net income after taxation
55,350
44,593
29,761
Extract of Statement of Assets and Liabilities as at 31 May
2012
2011
2010
RM’000 RM’000 RM’000
Total investments
Total other assets
1,460,154
2,999
1,100,397
55
1,012,645
55,327
Total assets
1,463,153
1,100,452
1,067,972
Total liabilities
(62,730)
(64,084)
(45,572)
Net Asset Value/Unitholders’ capital
1,400,423
1,036,368
1,022,400
202
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC STRATEGIC BOND FUND (PSTBF)
Extract of Statement of Income and Expenditure for the financial year/period ended 31 December
From 30.12.10
2012 to 31.12.11
RM’000 RM’000
Investment income
Total expenses
22,604
(3,940)
8,639
(1,086)
Net investment income
18,664
7,553
Net income before taxation
18,664
7,553
Net income after taxation
18,520
7,544
Extract of Statement of Assets and Liabilities as at 31 December
2012
RM’000
2011
RM’000
Total investments
Total other assets
604,751
5,431
327,768
2,280
Total assets
610,182
330,048
Total liabilities
(40,422)
(9,390)
Net Asset Value/Unitholders’ capital
569,760
320,658
PUBLIC ENTERPRISES BOND FUND (PENTBF)
Extract of Statement of Income and Expenditure for the financial period ended 30 September
From 20.3.12
to 30.9.12
RM’000
Investment income
Total expenses
989
(171)
Net investment income
818
Net income before taxation
818
Net income after taxation
818
Extract of Statement of Assets and Liabilities as at 30 September
2012
RM’000
Total investments
Total other assets
62,147
4,073
Total assets
66,220
Total liabilities
(5,208)
Net Asset Value/Unitholders’ capital
61,012
203
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
PUBLIC MONEY MARKET FUND (PMMF)
Extract of Statement of Income and Expenditure for the financial years ended 31 January
2013
2012
2011
RM’000 RM’000 RM’000
Investment income
Total expenses
10,964
(1,346)
12,350
(1,532)
14,102
(2,059)
Net investment income
9,618
10,818
12,043
Net income before taxation
9,618
10,818
12,043
Net income after taxation
9,618
10,818
12,043
Extract of Statement of Assets and Liabilities as at 31 January
2013
2012
2011
RM’000 RM’000 RM’000
Total investments
Total other assets
320,084
11,256
373,520
1,833
387,651
2,892
Total assets
331,340
375,353
390,543
Total liabilities
(8,184)
(12,182)
(9,711)
Net Asset Value/Unitholders’ capital
323,156
363,171
380,832
204
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
PSF
PGF
PIX
PIF
PAGF
PRSF
P SmallCap
PEF
PFSF
PDSF
PFES
PRSEC
PGSF
PFEDF
PCSF
PFEPRF
PSEASF
PSSF
PFECTF
PCTF
PFETIF
PSA30F
PNREF
PAUEF
PFA30F
POGF
PINDOSF
PSGEF
PSSCF
PTAF
PBF
PFEBF
P BOND
PIN BOND
PEBF
PSBF
PSTBF
PENTBF
PMMF
#
^
RM’000
%#
RM’000
%#
RM’000
22,404
15,063
13,650
2,638
7,920
43,264
10,950
11,908
5,663
12,099
6,046
4,163
1,492
6,405
14,408
6,028
7,734
7,630
2,889
1,157
1,429
907
4,012
4,605
2,152
495
1,470
3,479
406
994
5,842
4,202
10,185
8,362
2,986
9,984
3,679
143
1,239
1.50
1.49
1.48
1.48
1.49
1.48
1.48
1.50
1.48
1.50
1.56
1.58
1.64
1.60
1.57
1.68
1.59
1.48
1.68
1.58
1.68
1.49
1.65
1.51
1.60
1.48
1.50
1.57
1.48
1.66
1.50
1.60
0.75
0.50
0.99
0.72
0.74
0.73
0.37
463
450
457
116
324
600
443
454
240
450
231
183
71
276
690
269
340
362
132
57
68
42
168
230
92
25
71
162
17
48
270
210
375
300
112
300
228
10
66
0.03
0.05
0.05
0.07
0.06
0.02
0.06
0.06
0.06
0.05
0.06
0.07
0.08
0.07
0.08
0.08
0.07
0.07
0.08
0.08
0.08
0.07
0.07
0.08
0.07
0.07
0.07
0.07
0.06
0.08
0.07
0.08
0.03
0.02
0.04
0.02
0.04
0.05
0.02
322
334
159
91
174
438
222
271
131
225
139
120
75
211
285
152
221
50
87
49
51
46
93
98
83
27
105
90
22
69
150
58
149
17
54
120
33
18
41
Reflected as a percentage of average NAV.
Less than 0.01%
Note : Other expenses exclude brokerage fee.
205
Total annual
expenses
%#
RM’000
%#
0.02
0.03
0.02
0.05
0.03
0.02
0.03
0.03
0.04
0.03
0.04
0.04
0.08
0.05
0.03
0.04
0.05
0.01
0.05
0.07
0.06
0.07
0.04
0.03
0.06
0.08
0.11
0.04
0.08
0.12
0.03
0.02
0.01
-^
0.02
0.01
0.01
0.09
0.01
23,189
15,847
14,266
2,845
8,418
44,302
11,615
12,633
6,034
12,774
6,416
4,466
1,638
6,892
15,383
6,449
8,295
8,042
3,108
1,263
1,548
995
4,273
4,933
2,327
547
1,646
3,731
445
1,111
6,262
4,470
10,709
8,679
3,152
10,404
3,940
171
1,346
1.55
1.57
1.55
1.60
1.58
1.52
1.57
1.59
1.58
1.58
1.66
1.69
1.80
1.72
1.68
1.80
1.71
1.56
1.81
1.73
1.82
1.63
1.76
1.62
1.73
1.63
1.68
1.68
1.62
1.86
1.60
1.70
0.79
0.52
1.05
0.75
0.79
0.87
0.40
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
The management expense ratio (MER) of the funds for the past three (3) financial years is as follows:
Fund name
MER (%)
Fund name
MER (%)
PSF
31 December 2012
1.55
31 December 2011
1.56
31 December 2010
1.59
PDSF
31 May 2012
31 May 2011
31 May 2010
1.58
1.59
1.59
PGF
31 July 2012
1.57
31 July 2011
1.58
31 July 2010
1.59
PFES
31 May 2012
31 May 2011
31 May 2010
1.66
1.70
1.65
PIX
31 January 2013
1.55
31 January 2012
1.54
31 January 2011
1.57
PRSEC
31 May 2012
31 May 2011
31 May 2010
1.69
1.72
1.67
PIF
31 October 2012
1.60
31 October 2011
1.61
31 October 2010
1.64
PGSF
31 May 2012
31 May 2011
31 May 2010
1.80
1.76
1.72
PAGF
31 March 2013
1.58
31 March 2012
1.57
31 March 2011
1.61
PFEDF
30 November 2012
30 November 2011
30 November 2010
1.72
1.71
1.68
PRSF
31 March 2013
1.52
31 March 2012
1.54
31 March 2011
1.55
PCSF
31 July 2012
31 July 2011
31 July 2010
1.68
1.70
1.66
P SmallCap
31 August 2012
1.57
31 August 2011
1.59
31 August 2010
1.59
PFEPRF
31 July 2012
31 July 2011
31 July 2010
1.80
1.81
1.81
PEF
31 October 2012
1.59
31 October 2011
1.59
31 October 2010
1.59
PSEASF
31 October 2012
31 October 2011
31 October 2010
1.71
1.71
1.69
PFSF
31 December 2012
1.58
31 December 2011
1.60
31 December 2010
1.61
PSSF
31 October 2012
31 October 2011
31 October 2010
1.56
1.56
1.59
PFECTF
30 June 2012
1.81
30 June 2011
1.83
30 June 2010
1.84
PBF
31 May 2012
31 May 2011
31 May 2010
1.60
1.60
1.61
PCTF
31 May 2012
1.73
31 May 2011
1.74
31 May 2010
1.71
PFEBF
30 April 2012
30 April 2011
30 April 2010
1.70
1.71
1.66
206
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (cont’d)
Fund name
MER (%)
Fund name
MER (%)
PFETIF
30 April 2012
1.82
30 April 2011
1.85
30 April 2010
1.85
PTAF
30 April 2012
30 April 2011
30 April 2010
1.86
1.79
1.78
PSA30F
30 November 2012
1.63
30 November 2011
1.64
30 November 2010
1.64
P BOND
31 July 2012
31 July 2011
31 July 2010
0.79
0.79
0.80
PNREF
30 November 2012
1.76
30 November 2011
1.79
30 November 2010
1.83
PIN BOND
30 April 2012
30 April 2011
30 April 2010
0.52
0.52
0.52
PAUEF
31 July 2012
1.62
31 July 2011
1.76
31 July 2010
1.78
PEBF
31 January 2013
31 January 2012
31 January 2011
1.05
1.06
1.07
PFA30F
30 November 2012
1.73
30 November 2011
1.72
30 November 2010
1.73
PSBF
31 May 2012
31 May 2011
31 May 2010
0.75
0.79
0.80
POGF *
31 July 2012
1.63
31 July 2011
1.65
PSTBF *
31 December 2012
31 December 2011
0.79
0.76
PINDOSF *
31 August 2012
1.68
31 August 2011
1.91
PSGEF *
30 September 2012
1.68
PSSCF *
30 September 2012
1.62
PENTBF *
30 September 2012
0.87
PMMF
31 January 2013
31 January 2012
31 January 2011
0.40
0.40
0.40
* These funds were launched for less than 3 financial years.
207
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 the 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 branch offices are located throughout the state capitals and major towns of Malaysia 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 248 to 251 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 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. It is important that you read the
prospectus carefully, and seek further clarification on any matter that may concern you.
In reading the prospectus, do make sure that you understand fully:
•
•
•
•
•
•
the nature of collective investment schemes;
the fund category, objective and its distribution policy;
the types of fund transactions available;
your rights as a unitholder;
the nature and amount of fees and expenses of the fund which you would have to bear;
the reports that you will receive as a unitholder which keeps you fully informed about the performances of
the fund.
To Open an Account
For prospective PIN BOND investors, please contact our corporate sales desk at 03-6279 6829 for further
assistance.
For prospective investors of the funds, you would need to complete the fund Application Form that comes
with the prospectus obtainable free upon request. Your application form, together with the investment amount
made out in a cheque in favour of Public Mutual Berhad followed by the new NRIC number of the first holder
(e.g. Public Mutual Berhad (New NRIC No.)), can be submitted to any of the Public Bank branches. You are advised
to write down your name, new NRIC/passport number and telephone number at the back of the cheque. Please
retain the bank-in slip issued by the bank 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 investors who are investing under the EPF Members Investment Scheme (of which application to
invest will be subject to the approval by EPF), you are required to complete the Application Form for EPF Members
Investment Scheme 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.
208
GETTING STARTED WITH PUBLIC MUTUAL (cont’d)
Minimum initial investment - PIN BOND
: RM10,000,000
All other funds : RM1,000
Adding Regularly to Your Account
You may invest regularly into your investment account. This can be easily done through issuing direct debit
authorisation with Public Bank. 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 cash/
cheque made in favour of Public Mutual Berhad followed by your fund account number, into the collection accounts
maintained at Public Bank.
Minimum additional investment -
PIN BOND
All other funds
: RM5,000,000
: RM100
Under the Deed, the Manager is given the exclusive right to effect the issue of units for the account of the fund
and has absolute discretion to accept or reject in whole or in part any application for units.
Mode of Payment
When purchasing units of the funds, you are advised to issue a cheque made payable to “Public Mutual Berhad”
followed by “New NRIC No. of first holder” (for initial investment) or “Public Mutual Berhad” followed by
“Account No. of targeted fund” (for additional investment).
Investors are advised not to make payment in cash to any of our unit trust consultants or staff when
purchasing units of the funds. Investors who wish to pay in cash are advised to do so personally
at any Public Bank branch.
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 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.
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 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.
209
GETTING STARTED WITH PUBLIC MUTUAL (cont’d)
Switching
You may move your investments between various funds under the Public Series of Funds and Public Series of
Shariah-Based Funds on any Business Day subject to the fees and conditions for switching laid out on pages 210
and 211. You would need to complete and return the Switching Form to your nearest Public Mutual branch office
or Public Mutual Head Office.
(A) For switching made within 90 days from the date of purchase of units/switching into that fund:
To Recipient
Fund
Switch-out /
(Exit) From
Equity / Mixed Asset /
Balanced funds
Bond funds
- Loaded units #
Bond funds
Money Market funds
Switching fee of 0.75%* Switching fee of 0.75%* Switching fee of 0.75%*
Switching fee of 0.25%* Switching fee of 0.25%* Switching fee of 0.25%*
- 1%-load units ##
- Low-load units ###
• before 1 October 2013
• from 1 October 2013
Money Market funds
- Loaded units #
- 1%-load units
Equity/
Mixed Asset /
Balanced funds
##
- Low-load units ###
• before 1 October 2013
• from 1 October 2013
Sales charge of up to
4.5%
Switching fee of 0.25%* Switching fee of 0.25%*
Sales charge of up to
5.5%
Switching fee of 0.25%* Switching fee of 0.25%*
Sales charge of up to
5.25%
Sales charge of up to
0.75%
Switching fee of 0.25%*
Switching fee of RM25
Switching fee of RM25
Switching fee of RM25
Sales charge of up to
4.5%
Switching fee of RM25
Switching fee of RM25
Sales charge of up to
5.5%
Switching fee of RM25
Switching fee of RM25
Sales charge of up to
5.25%
Sales charge of up to
0.75%
Switching fee of RM25
Note:
*
Subject to a minimum of RM50, whichever is the higher. Switching fee in excess of administration cost may be retained by
the switch-out funds.
210
GETTING STARTED WITH PUBLIC MUTUAL (cont’d)
(B) For switching made after 90 days from the date of purchase of units/switching into that fund:
To Recipient
Fund
Switch-out /
(Exit) From
Equity / Mixed Asset /
Balanced funds
Bond funds
- Loaded units #
- 1%-load units
##
- Low-load units ###
• before 1 October 2013
• from 1 October 2013
Money Market funds
- Loaded units #
- 1%-load units ##
- Low-load units ###
• before 1 October 2013
• from 1 October 2013
Equity/
Mixed Asset /
Balanced funds
Bond funds
Money Market funds
Switching fee of RM25
Switching fee of RM25
No switching fee
Switching fee of RM25
Switching fee of RM25
No switching fee
Sales charge of up to
4.5%
Switching fee of RM25
No switching fee
Sales charge of up to
5.5%
Switching fee of RM25
No switching fee
Sales charge of up to
5.25%
Sales charge of up to
0.75%
No switching fee
Switching fee of RM25
Switching fee of RM25
No switching fee
Sales charge of up to
4.5%
Switching fee of RM25
No switching fee
Sales charge of up to
5.5%
Switching fee of RM25
No switching fee
Sales charge of up to
5.25%
Sales charge of up to
0.75%
No switching fee
Notes:
Loaded units are units which have incurred a sales charge of 3% or more.
#
1%-load units are units which have incurred a sales charge of 1.0%.
##
Low-load units are units which have incurred a sales charge of 0.25% or less.
###
The Manager reserves the right to reject any switching requests of unitholders of the funds if it regards the switching
requests as disruptive to efficient portfolio management of the targeted funds; or if deemed by the Manager to
be contrary to the best interest of the targeted funds. Switching requests that are rejected by the Manager would
be treated as a redemption of units.
Transfer
You may fully or partially transfer your units in the fund(s) to another unitholder subject to terms and conditions.
An administration fee of RM25 is charged on each transfer transaction. For transfer of units, you need to complete
and submit the Transfer Form. Transfer facility is not available for PIN BOND.
You can also execute your redemption and switching requests using our e-commerce service, Public Mutual Online.
Minimum Transaction Amount for Redemption, Switching and Transfer
The minimum transaction per redemption, switching or transfer is 1,000 units for all funds except PIN BOND.
For PIN BOND, the minimum transaction per redemption or switching is 1,000,000 units. Transfer facility is not
available for PIN BOND.
211
GETTING STARTED WITH PUBLIC MUTUAL (cont’d)
Minimum Account Balance
Whatever you may do by way of redemption, transfer or switching of funds, you must always ensure that you
leave a minimum balance of 1,000 units (1,000,000 units in the case of PIN BOND) in your account at all times in
order to stay invested with the fund.
In the case of partial redemption, the Manager may elect to redeem the entire account if the partial redemption
results in less than 1,000 units (1,000,000 units in the case of PIN BOND) 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 39
of this Master Prospectus and are advised to read and understand the Loan Financing Risk Disclosure Statement
that forms part of the fund Application Form.
Borrowing to Purchase Units
Unit trusts are considered long-term savings vehicles which should generally provide better returns compared to
bank deposits through its investments in equities or other instruments. Investing in unit trusts 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 39 of this Master Prospectus.
You are advised to read and understand fully 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 each and every transaction 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
In addition, you will receive annual and interim Statements of Investment, sent together with the funds’ interim/
annual reports, which will provide you with the latest status of your investment account.
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.
Statement of Distribution of Returns
If distribution of returns is declared by the funds, you will receive Statements of Distribution of Returns, detailing
the nature and amount of returns distributed by the funds.
You may refer to pages 35 to 36 for more information on the mode of distributions and policies and procedures
on unclaimed monies/distributions.
212
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 214 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 Public Mutual Online, our e-commerce website for online transactions, account
enquiries and e-statements and e-reports.
213
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 Net Asset
Value (“NAV”) of the fund is calculated.
For funds with no foreign investments, the valuation of NAV of 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 of the foreign markets in which the funds may
invest in have yet to close due to the different time zones of these countries, the valuation point may be extended
to 9.00 a.m. (or any other such time as may be permitted by the relevant authorities from time to time) on the
following day in which the Manager is open for business.
NAV per Unit
The NAV per unit is obtained by dividing the NAV of the fund by the number of units in issue.
Illustration 1: Computation of NAV per unit
The following is a hypothetical example of the valuation carried out for PEF for the Business Day of 19 July 2013:
Total NAV (RM)
1,625,250,000
UIC (units)
3,250,500,000
0.50000000
NAV per unit (RM)
(Total NAV/UIC)
Forward Pricing for both Purchase and Redemption Transactions
Both the purchase and redemption transactions are traded at prices next determined. A request issued today by you
to purchase units of the fund will be carried out at a price next determined i.e. the transaction will be calculated at
the next valuation point after the application to purchase units is received and accepted by the Manager. Similarly,
a request to redeem units by you will be done at the price next determined i.e. the transaction will be executed at
the next valuation point after the redemption request is received by the Manager.
Investments banked in over the counter through Public Bank branches on any Business Day will be processed
based on the price determined for the same Business Day. Investments transacted 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 transacted after 4:00 p.m. via these channels will be processed based on the price determined
for the next Business Day. Any investment made on a non-Business Day will be treated as investments 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.
214
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 bond funds and up to 0.25% of NAV per unit is levied for money market funds. For investments
under the EPF Members’ Investment Scheme, 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 19 July 2013, Investor A decides to invest RM10,000 in PEF. Following through on illustration
1, the NAV per unit of PEF is at RM0.50000000. The sales charge levied on the purchase of units in the fund is 5.5%.
Based on the above, Investor A would have 20,000 units credited into his investment account as shown below:
Units credited
to investor’s account
Amount invested
=
RM10,000
NAV per unit
RM0.50000000
Sales charge per unit
=
NAV per unit
=
RM0.50000000
= RM0.02750000
20,000 units
x
Sales charge (%)
x
5.5%
Total sales charge incurred by Investor A
=
Sales charge per unit
=
RM0.02750000
x
x
Units credited to investor
20,000 units
=
RM550
Following the above, the total amount payable by Investor A:
=
Amount invested in PEF
=
RM10,000
+
+
Sales charge incurred
RM550
=RM10,550
Investors are advised not to make payment in cash to any of our unit trust consultants or staff when
purchasing units of the funds.
215
TRANSACTION INFORMATION (cont’d)
Redeeming an Investment
Redemption of units is transacted at the NAV per unit of the funds. The Manager does not impose a redemption
charge on the redemption of units of the funds.
Illustration 3: Redemption of Units by Investors
Let us assume that Investor B decides to redeem 20,000 units of PEF. He submits his Repurchase Form to a branch
office of Public Mutual. There is no redemption charge levied on the redemption of units of the fund.
Based on the above, the amount redeemed from PEF
=
Units redeemed
=
20,000 units
x
x
NAV per unit
RM0.50000000
=
RM10,000
Redemption charge per unit
=
NAV per unit
=
RM0.50000000
= Nil
x
Redemption charge (%)
x
0%
Total redemption charge incurred by Investor B
=
Redemption charge per unit
=
RM0
x
=
Nil
Following the above, the redemption proceeds received by Investor B:
=
Amount redeemed from PEF
=
RM10,000
-
-
Redemption charge incurred
RM0
=RM10,000
216
20,000 units
x
Units redeemed
8
FEES, CHARGES AND EXPENSES
8.1 CHARGES IMPOSED ON PURCHASE AND REDEMPTION OF UNITS
Purchase and redemption of units are quoted and transacted at a single price, which is at the NAV per unit of the
funds. Sales charge and redemption charge (if any) that are to be levied on the purchase and redemption of units
will not be incorporated in the quoted prices of the funds. These charges will be computed and charged separately.
For the purpose of calculating sales charge and redemption charge, the computation is based on the NAV per unit
of the fund that has not been rounded up.
Charges imposed on Purchase or Redemption of Units
% / RM
Charges
Sales charge
per unit
Equity, Mixed Asset and
Balanced Funds
Bond Funds
Money Market Fund
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:
Prior to 1 October 2013
Up to 0.25% of NAV per unit.
Purchase of units through
unit trust consultants and the
Manager:
Up to 0.25% of NAV per unit.
Investments under the EPF
Members’ Investment Scheme From 1 October 2013
will be levied a sales charge of Up to 1.0% of NAV per unit.
up to 3% of NAV per unit, as
The Manager may at its
regulated by EPF.
discretion charge a lower
The Manager may at its
sales charge based on the
discretion charge a lower
size of investment and/or
sales charge based on the
other criterion as may be
size of investment and/or
determined from time to time.
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.
Example:
Let us assume that the NAV per unit of PEF is RM0.50000000 and the sales charge is 5.5%.
Sales charge per unit
=
=
=
NAV per unit x sales charge
RM0.50000000 x 5.5%
RM0.02750000
Redemption
charge per
unit
Nil.
Switching
charges
Please refer to pages 210 to 211 for charges on switching transactions.
Transfer
charges
An administration fee of RM25 will be charged for each transfer transaction.
217
FEES, CHARGES AND EXPENSES (cont’d)
8.2 FEES AND EXPENSES OF THE FUNDS
Operating a fund involves a variety of expenses for portfolio management, the manager’s fee, fees for trustee,
foreign custodian, auditor, tax agent, administrative charges such as printing of interim and annual reports,
distribution cheques, 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
Fees
Management fee
%/RM
Equity, Mixed Asset
and Balanced Funds
PSF, PGF, PIX, PIF, PAGF,
PRSF, P SmallCap, PEF, PFSF,
PDSF, PSSF, PSA30F, POGF,
PSSCF and PBF:
1.5% per annum of the
NAV.
PFES, PRSEC, PFEDF, PCSF,
PSEASF, PCTF, PFA30F,
PSGEF and PFEBF:
1.60% per annum of the
NAV.
PAUEF and PTAF:
1.65% per annum of the
NAV.
Bond Funds
Money Market Fund
P BOND, PSBF, PSTBF and
PENTBF:
0.75% per annum of the
NAV.
PMMF:
0.375% per annum of
the NAV.
PEBF:
1.0% per annum of the
NAV.
PIN BOND:
0.5% per annum of the
NAV.
PFEPRF, PFECTF, PFETIF,
PNREF and PINDOSF:
1.70% per annum of the
NAV.
PGSF:
1.80% per annum of the
NAV.
Trustee fee
0.06% per annum of
NAV, subject to a minimum
fee of RM18,000 and
a maximum fee of
RM600,000 per annum.
0.035% per annum of
NAV, subject to a minimum
fee of RM18,000 and
a maximum fee of
RM300,000 per annum.
0.02% per annum of
NAV, subject to a minimum
fee of RM18,000 and
a maximum fee of
RM300,000 per annum.
The management fee is calculated and accrued daily, and payable monthly to the Manager. The trustee fee is
calculated and accrued daily, and payable monthly to the trustees.
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.
218
9
9.1
the manager
CORPORATE PROFILE OF PUBLIC MUTUAL
The funds listed under this Master Prospectus are managed by Public Mutual, a wholly owned subsidiary of Public
Bank Berhad. 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. Public Mutual
currently manages ninety five (95) unit trust funds and six (6) PRS funds with a total NAV of over RM54.5 Billion
(as at 15 February 2013) from over 2,837,000 account holders. 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
Public Mutual maintains a staff strength of approximately 780 personnel as of 15 February 2013 to manage and
administer its unit trust schemes.
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 the FIMM. The PB
Series of Funds is distributed by Public Mutual’s appointed IUTA(s).
Public Mutual has a broad network of branches located in state capitals and major towns 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 Public Mutual Online.
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 scheme 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 scheme.
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 scheme. 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 scheme 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 scheme, and to provide customer support and distribution
agency networks to best serve the unitholders of the scheme;
to keep the unitholders informed of the management and performance of the unit trust scheme through
the interim and annual reports;
to ensure that the interest of the unitholders is best served and protected at all times.
Source: The Edge, Lipper Fund Table, 31 January 2013
219
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 three (3) financial years ended 31 December:
2010
RM’000
2011
RM’000
2012
RM’000
Paid-up capital
Shareholders’ funds
Turnover
Profit before tax
Profit after tax
6,000
99,388
736,621
273,838
235,445
6,000
6,000
117,218
125,301
869,570875,999
321,850
372,161
277,830
318,083
As at 15 February 2013, 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.
There are eight members on the Board, of which four are Independent Directors. The profiles of the Directors are
set out below.
Board Members
Tan Sri Dato’ Sri Dr. Teh Hong Piow – Non Independent Director (Chairman)
Tan Sri Datuk Seri Utama Thong Yaw Hong – Independent Director (Co-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 – Independent Director
Ms Yeoh Kim Hong – Chief Executive Officer/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 63 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
220
the manager (CONT’D)
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Lifetime Achievement Award 2006
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
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 Institute of Bankers Malaysia; the Chartered
Institute of Bankers, United Kingdom; the Institute of Administrative Management, United Kingdom; the Institute
of Chartered Secretaries and Administrators, Australia.
Independent Director (Co-Chairman)
Tan Sri Datuk Seri Utama Thong Yaw Hong is a Director of Public Mutual since September 2006. He was
appointed as a Director of Public Bank on 23 June 1986 and was made its Chairman in October 1986. He was
re-designated as Co-Chairman of Public Bank with effect from 1 July 2002.
He graduated with a Bachelor of Arts (Hons) degree in Economics from University of Malaya and a Master’s degree
in Public Administration from Harvard University. He attended the Advanced Management Program at Harvard
Business School. In June 1998, he was appointed a Pro-Chancellor of University Putra Malaysia from which he
had retired in end June 2006. In September 2006, he was conferred the Doctor of Economics (Honorary) from
University Putra Malaysia.
He has had a distinguished career with the Government of Malaysia, primarily in the fields of socio-economic
development planning and finance. He had served in the Economic Planning Unit in the Prime Minister’s Department
since 1957 and became its Director-General from 1971 to 1978 and served as Secretary-General, Ministry of Finance
from 1979 until his retirement in 1986.
Tan Sri Datuk Seri Utama Thong Yaw Hong also serves as member on the Boards of Trustees of Program Pertukaran
Fellowship Perdana Menteri Malaysia and Tun Razak Foundation, among others. He is a member of the National
Economic Council and is also a Senior Member of the Working Group of the Executive Committee for the National
Economic Council. Tan Sri Datuk Seri Utama Thong Yaw Hong is a Distinguished Fellow of the Institute of Strategic
and International Studies (ISIS) Malaysia and is also a Fellow of the Institute of Bankers Malaysia.
221
the manager (CONT’D)
Director – Non Independent
Tan Sri Dato’ Sri Tay Ah Lek is a Director of Public Mutual since August 1995. He has 52 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 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 Malaysia
Institute of Management and is a Fellow of CPA Australia, the Financial Services Institute of Australasia and 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.
Director – Non Independent
Dato’ Sri Lee Kong Lam is a Director of Public Mutual since July 1999. He has 45 years experience in the banking
and finance industry. He was appointed as an Executive Director of Public Bank on 28 November 2001. 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.
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.
Independent Director
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.
Independent Director
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. His 44 years
experience also includes the areas of audit and accounting, taxation, property, plantation, hotelling, trading and
manufacturing, both locally and abroad.
Dato’ Haji Abdul Aziz sits as an Independent Non-Executive Director on the Boards of Directors of Public Bank, Public
Investment Bank Bhd, Public Islamic Bank Bhd (Co-Chairman), PB Trustee Services Berhad, LPI Capital Bhd, Lonpac
Insurance Bhd and ING PUBLIC Takaful Ehsan Berhad. In addition, he is the Co-Chairman of the Audit Committee,
Risk Management Committee and Credit Risk Management Committee and a member of the Nomination Committee
and Remuneration Committee of Public Bank. He is the Chairman of Audit Committee of Public Islamic Bank Bhd
and Co-Chairman of Audit Committee of Public Investment Bank Bhd.
222
the manager (CONT’D)
Independent Director
Mr. Quah Poh Keat is a Director of Public Mutual since 1 September 2009. 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 an Independent Non-Executive Director on the Boards of Directors of Public Bank, Public
Investment Bank Bhd, Public Islamic Bank Bhd, Public Financial Holdings Ltd, Public Bank (Hong Kong) Ltd,
Cambodian Public Bank Plc, Campu Lonpac Insurance Plc, LPI Capital Bhd, Lonpac Insurance Bhd, IOI Corporation
Bhd and Telekom Malaysia Bhd.
Chief Executive Officer / Executive Director – Non Independent
Ms. Yeoh Kim Hong, CA(M), CPA, CFP, is a Member of the Malaysian Institute of Certified Public Accountants
and the Malaysian Institute of Accountants. She is an Executive Director of Public Mutual since September 2004.
Ms Yeoh has more than 16 years of experience in the unit trust industry. She joined Public Mutual in 1996 and
was promoted to General Manager - Finance & Operations in 1999. In 2004, she was promoted to the position of
Senior General Manager and was involved in the strategic planning of marketing and sales of unit trusts, customer
administration and services, information technology, finance, product research and development and other areas of
operations of the company. Ms. Yeoh assumed her position as Chief Executive Officer of Public Mutual in July 2007.
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 currently a council member of the FIMM.
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 223) 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 20 years of experience in 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.
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.
223
the manager (CONT’D)
General Manager – Agency Operations
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 currently oversees areas relating to nationwide agency development and monitoring
performance of branches network.
General Manager – Marketing & Financial Planning
Mr. Alex Sito Kok Chau, ChFC, CFP, M.MKTG, has accumulated 20 years of experience in the unit trust industry.
He is a Chartered Financial Consultant from The American College, USA, a Certified Financial Planner licensee of
the Financial Planning Standards Board Ltd., USA, and holds a Master’s Degree in Marketing from the University
of Newcastle, Australia. Alex has 8 years of experience distributing unit trust and insurance products in the USA,
where he helped developed a successful distribution channel for a large commercial bank. Alex joined Public Mutual
in 1996. He is responsible for Public Mutual’s marketing & events, advertising & promotions, market research,
website-marketing, and financial planning products and services. Alex is a member of the Board of Governors for
FPAM (Financial Planning Association Malaysia) and a member of the AMA (American Marketing Association).
General Manager – Customer Administration & Service
Ms. Hang Siew Eng, is a member of the Institute of Administrative Management. She joined Public Mutual in 1980
and was appointed as General Manager, Customer Administration and Service 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 has more than 20 years experience
in the various aspects of unit trust management.
General Manager – Finance & Operations
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 – Finance & Operations in January 2010. Ms. Tang is responsible
for the day to day operations of finance, funds accounts, securities, product development, business process reengineering, administration and properties management.
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 – Agency Development & Training
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 is a Certified Internal
Auditor and chartered member of the Institute of Internal Auditors Malaysia. 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 fifteen years
working experience in audit, compliance, finance and treasury operations. He first joined Public Mutual as the
Internal Audit Manager and assumed his present post in 2010.
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the manager (CONT’D)
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 Mr. Chiang Kang Pey, Assistant General Manager – Investment, Equities Section and Mr. Chan Kam Khoon,
Assistant General Manager – Investment, Fixed Income Section. The team also includes Senior Portfolio Managers
and Portfolio Managers who are involved in the portfolio management of the funds managed by Public Mutual.
Additional team members comprising Senior Manager, Manager, Deputy Managers, Assistant Managers, Senior
Executives and Executives provide further support in the monitoring of macro-economic variables and developments
and financial analysis of various listed companies.
The profiles of the key investment personnel are as follows:
Senior General Manager – Investment
Mr. Lum Ming Jang – Designated Fund Manager of funds under the management of Public Mutual. Mr. Lum
obtained his Capital Markets Services Representative’s license on 31 December 2004. Mr. Lum’s profile is set out
in Section 9.6 (page 223) of this Chapter.
Assistant General Manager – Investment, Equities Section
Mr. Chiang Kang Pey – Designated Fund Manager and co-Fund Manager of funds under the management of
Public Mutual. Mr. Chiang obtained his Capital Markets Services Representative’s license 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 15 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. 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, Fixed Income Section
Mr. Chan Kam Khoon – Mr. Chan obtained his Capital Markets Services Representative’s license 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.
225
the manager (CONT’D)
Assistant General Manager – Investment, Fixed Income Section
En. Zaharudin bin Ghazali – Designated Fund Manager and co-Fund Manager of funds under the management of
Public Mutual. En. Zaharudin obtained his Capital Markets Services Representative’s license 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 the fixed income portfolios and has contributed to the
development and advancement of operations and system capabilities of the Fixed Income Section.
Senior Portfolio Manager – Investment, Equities Section
Ms. Tan Chee Chin – Designated Fund Manager and co-Fund Manager of funds under the management of Public
Mutual. Ms. Tan obtained her Capital Markets Services Representative’s license 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.
Ms. Tan previously worked in a foreign financial institution with a global presence before embarking into a career
in the financial markets. She was an investment analyst for an established local stockbroking house for a period of
time before moving on to the asset management industry. Ms. Tan has over 10 years experience in the Malaysian
equity market.
Senior Portfolio Manager – Investment, Equities Section
En. Mat Radzuan bin Abd Razak – Designated Fund Manager and co-Fund Manager of funds under the
management of Public Mutual. En. Mat Radzuan obtained his Capital Markets Services Representative’s license
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
Berhad 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.
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,
stockbroking and futures broking companies.
Portfolio Manager – Investment, Fixed Income Section
Ms. Evelyn Cheong Sun Ngean – Designated Fund Manager and co-Fund Manager of funds under the
management of Public Mutual. Ms. Evelyn Cheong obtained her Capital Markets Services Representative’s license
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 Institute of Chartered Secretaries and Administrators,
United Kingdom. She joined Public Mutual in 2009 as Manager, Investment Fixed Income and assumed her position
as Senior Manager - Investment, Fixed Income Section in 2013. Her responsibilities in the Fixed Income Section
include dealing in fixed income securities and foreign exchange operations.
Ms. Evelyn Cheong has 20 years experience in the banking industry. Prior to joining Public Mutual, she was attached
to various domestic commercial banks and was involved in Treasury dealings and operations, financial markets and
risk management activities.
226
the manager (CONT’D)
Senior Portfolio Manager – Investment, Equities Section
Ms. Chen Yuet Fong – Designated Fund Manager and co-Fund Manager of funds under the management of Public
Mutual. Ms. Chen obtained her Capital Markets Services Representative’s license on 19 October 2005.
Ms. Chen graduated with a Bachelor of Economics from the University of Malaya. She is a CFA charterholder. She
joined Public Mutual in 2005 as Assistant Manager, Investment and assumed the position of Portfolio Manager –
Investment, Equities Section in 2006. She was subsequently promoted to Senior Portfolio Manager – Investment,
Equities Section in 2012. Prior to joining Public Mutual, Ms. Chen was attached to a local asset management
company as a fund manager. Her fund management experience includes setting the investment strategy for the
assets under management and management of equity and fixed income portfolios. Ms. Chen was also previously
an investment analyst for a local stockbroking house and her investment research experience includes assessing
corporate earnings growth prospects, computation of stock valuations and financial analysis of listed companies.
Portfolio Manager – Investment, Fixed Income Section
Cik Haniza binti Yang Razali – Designated co-Fund Manager of funds under the management of Public Mutual.
Cik Haniza obtained her Capital Markets Services Representative’s license 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 present capacity as cofund 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
Ms. Lum Peck Woon – Designated Fund Manager and co-Fund Manager of funds under the management of Public
Mutual. Ms. Lum obtained her Capital Markets Services Representative’s license 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. 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.
Portfolio Manager – Investment, Equities Section
En. Shahnaz bin Saiful Mulok – Designated co-Fund Manager of funds under the management of Public Mutual.
En. Shahnaz obtained his Capital Markets Services Representative’s license 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 include formulating
investment strategy and management of equity and fixed income portfolios.
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the manager (CONT’D)
Portfolio Manager – Investment, Equities Section
Mr. Loo See Seong – Designated co-Fund Manager of funds under the management of Public Mutual. Mr. Loo
obtained his Capital Markets Services Representative’s license 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.
Portfolio Manager – Investment, Equities Section
Mr. Lum Meng Seng – Designated co-Fund Manager of funds under the management of Public Mutual. Mr. Lum
obtained his Capital Markets Services Representative’s license 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. 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. Liew Mun Hon – Designated co-Fund Manager of funds under the management of Public Mutual. Mr. Liew
obtained his Capital Market Services Representative’s license 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. 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.
Portfolio Manager – Investment, Equities Section
Mr. Andrew Seah Saik Weng – Designated Fund Manager and co-Fund Manager of funds under the management
of Public Mutual. Mr. Seah obtained his Capital Market Services Representative’s license 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
Mr. Tan Kok Keong – Designated co-Fund Manager of funds under the management of Public Mutual. Mr. Tan
obtained his Capital Market Services Representative’s license 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.
Prior to joining Public Mutual, Mr. Tan was attached to a local stockbroking house and an asset management
company as an investment analyst responsible for equity research in the Malaysian capital market.
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the manager (CONT’D)
Portfolio Manager – Investment, Equities Section
En. Mohd Hafizh bin Shamsul Ariffin – Designated co-Fund Manager of funds under the management of Public
Mutual. En. Mohd Hafizh obtained his Capital Market Services Representative’s license 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.
Portfolio Manager – Investment, Equities Section
Mr. Lee Chun Hong – Designated co-Fund Manager of funds under the management of Public Mutual. Mr. Lee
obtained his Capital Markets Services Representative’s license on 5 March 2013.
Mr. Lee holds a Bachelor of Commerce from Monash University, Clayton Campus, Australia. He joined Public Mutual
in 2006 as an Analyst – Investment, Equities Section and was promoted to Assistant Manager – Investment, Equities
Section in 2010. His responsibilities in Investment Research include analysis of selected domestic and regional stocks
and sectors. He assumed his position as Portfolio Manager- Investment Equities Section in 2013. Prior to joining
Public Mutual, Mr. Lee was attached to an international public accounting firm.
Portfolio Manager – Investment, Equities Section
Ms. Ng Joo Tsong – Designated co-Fund Manager of funds under the management of Public Mutual. Ms. Ng
obtained her Capital Markets Services Representative’s license 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
15 years of experience in investment research and fund management, including financial analysis of listed and
unlisted companies.
Portfolio Manager – Investment, Equities Section
En. Pitta Sham bin Ahmad Morshidi – Designated co-Fund Manager of funds under the management of Public
Mutual. En. Pitta Sham obtained his Capital Markets Services Representative’s license 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.
En. Pitta Sham has more than 10 years of experience in the Malaysian equity market. 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 subsequently joined a foreign stockbroking
house as a research analyst.
Portfolio Manager – Investment, Fixed Income Section
Ms. Vivian Looi Voon Ai – Designated co-Fund Manager of funds under the management of Public Mutual.
Ms Vivian obtained her Capital Markets Services Representative’s license 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. She assumed her position as Deputy Manager
– Investment, Fixed Income Section in 2012 and as 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.
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the manager (CONT’D)
Senior Manager – Investment, Economic Research & Communications Section
Mr. Long Shih Rome – Mr. Long obtained his Capital Markets Services Representative’s license 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 assumed his present capacity as Senior Manager in 2007. 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.
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 Datuk Seri Utama Thong Yaw Hong (Independent)
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 (Independent)
Ms. Yeoh Kim Hong
For profiles of the members of the Investment Committee, please refer to pages 221 to 223.
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.
230
the manager (CONT’D)
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 declare their dealings in securities.
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 and Anti-Terrorism Financing
Act, 2001 (AMLATFA). 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 Unit of Bank Negara Malaysia.
9.11 DOCUMENTS AVAILABLE FOR INSPECTION
For a period of not less than 12 months from the date of this Master Prospectus, the following documents or
copies of them or other documents as may be required by the SC (where applicable) is available for inspection at
the registered office of the Manager or such other place as the SC may determine:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
The master deed and supplemental deeds;
Each material contract or document referred to in this Master Prospectus (if any);
The latest annual and interim reports of the funds;
The audited financial statements of the funds and the Manager for the current financial year (where applicable)
and last 3 financial years or from the date of establishment/incorporation, if less than 3 years, preceding the
date of this Master Prospectus;
All reports, letters or other documents, valuation and statements by any expert referred to in this Master
Prospectus (if any);
Writ and relevant cause papers for all current material litigation and arbitration disclosed in this Master
Prospectus (if any); and
All consents given by experts disclosed in this Master Prospectus.
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10
the trustees
10.1 THE TRUSTEES’ WILLINGNESS TO ASSUME POSITION
AmanahRaya Trustees Berhad (“ART”), Maybank Trustees Berhad (“MTB”) and CIMB Commerce Trustee Berhad
(“CCTB”) have indicated their willingness to assume the position of trustees to the funds and to undertake all the
obligations that are attached to it under the Deed, all relevant written laws and rule of law.
10.2 DUTIES AND RESPONSIBILITIES OF THE TRUSTEES
The trustees of the funds will perform among others, the following duties and responsibilities:
1.
To act as the custodian of the funds and safeguard the interest of the unitholders;
2.
To exercise all due diligence and vigilance in carrying out its functions and duties in accordance with the
Deed, SC Guidelines, CMSA 2007 and securities laws;
3.
To ensure that the Manager manages and administers the funds in accordance with the Deed, SC Guidelines,
CMSA 2007 and securities laws;
4.
To ensure proper records are kept of all transactions, dividends, interest and income received and distributed
in respect of the funds;
5.
To ensure that the Manager keeps the trustees fully informed of the details of the Manager’s policies in
investments and any changes thereof;
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 46 years in trustee business. ART has been registered and approved by the SC to act as
trustee to unit trust funds and has 180 unit trust funds under ART’s trusteeship. As at 15 February 2013, ART has
79 staff (58 Executives and 21 Non-Executives).
ART has an authorised capital of RM5,000,000. Its issued and paid-up share capital is RM2,000,000 and RM1,000,000
respectively.
The shareholders of ART are:
% of equity
Amanah Raya Berhad (344986-V)
Amanah Raya Nominees (Tempatan) Sdn Bhd (434217-U)
Amanah Raya Capital Sdn Bhd (549057-K)
AmanahRaya Capital Group Sdn Bhd (760289-U)
AmanahRaya Modal Sdn Bhd (760322-X)
Amanah Raya Nominees (Asing) Sdn Bhd (684546-P)
232
20
20
20
20
10
10
the trustees (cont’d)
Financial Performance
The following is a summary of ART’s performance based on its audited financial statements for the financial years
ended 31 December:
2010
2011
RM’000
RM’000
Paid-up share capital
Shareholders’ funds
Turnover
Profit before tax
Profit after tax
2012
(Unaudited)
RM’000
1,000
1,000
1,000
3,214
5,263
7,365
24,847 26,90828,307
18,265
20,246
21,481
13,590
14,549
16,102
As at 15 February 2013, 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
Datuk Idrus bin Harun - Chairman
Dato’ Rahim bin Abu Bakar - Director
Dato’ Ismail bin Ibrahim - Director
Dato’ Che Pee bin Samsudin - Director
Tuan Haji Ab. Gani bin Haron - Director
Tuan Haji Mansor bin Salleh - 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 agent for the selected cross-border investment which include trade settlement and fund
transfer services.
To provide corporate action information or entitlements arising from the above underlying assets and to
provide regular reporting on the activities of the invested portfolios.
10.4 PROFILE OF MAYBANK TRUSTEES BERHAD (“MTB”)
MTB was incorporated under the name of Mayban Trustees Berhad on 12 April 1963 and registered as a trust
company under the Trust Companies Act 1949 on 11 November 1963. It was one of the first local trust companies
to provide trustee services with the objective of meeting the financial needs of both individual and corporate clients.
The name of the company was changed to Maybank Trustees Berhad effective from 19 March 2012. MTB has been
registered and approved by the SC to act as trustee to unit trust funds.
With more than 21 years of experience as trustee to unit trust funds, MTB has under its stewardship a total of 52
unit trust funds and 3 real estate investment trust/property trust funds. As at 15 February 2013, MTB has a total
of 38 staff, comprising 28 Executives and 10 non-Executives.
233
the trustees (cont’d)
Financial Performance
The following is a summary of the past performance of MTB based on audited financial statements for the past
3 financial years:
Financial Year Ended
30 June 2010 30 June 2011 31 December 2011* 31 December2012
(Unaudited)
RM’000RM’000
RM’000
RM’000
Paid-up share capital
Shareholders’ funds
Turnover
Profit before tax
Profit after tax
500
500
3,901
6,239
9,1159,784
3,053
3,168
2,278
2,338
500
8,679
6,506
3,242
2,439
500
12,107
14,048
4,571
3,429
* Change of financial year to 31 December by Maybank Group.
Material Litigation and Arbitration
As at 15 February 2013, 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 Facility Agent, 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 and another Defendant. 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 Facility Agent 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 but found the trustee and the Facility
Agent equally liable to the bondholders. The Federal Court has 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. Decision is reserved to a date
to be notified by the Federal Court.
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, have also sued PASB for full payment under the CP/
MTN arising from a cross-default by PASB under its ABBA Bonds, under Kuala Lumpur High Court Civil Suit No. D222-1085-2006 [the CP/MTN Suit]. The trustee was cited as one of 5 co-defendants in the CP/MTN Suit. The claim in
the CP/MTN Suit is for RM13 million or any other sum that the Court deems fit and damages. The other defendants
in the CP/MTN Suit are the Facility Agent, PASB’s Chief Executive Officer and one of PASB’s directors. The trustee is
defending the CP/MTN Suit. The trial of the CP/MTN Suit is stayed until the disposal of the Federal Court Appeal.
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.
234
the trustees (cont’d)
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.
Connected to the CP/MTN Suit, MIDF has under Kuala Lumpur High Court Originating Summons No. 24A-30-2011
against the trustee and another Defendant sought a declaration that the trustee hold in trust for MIDF the sum of
RM3,453,000.00, which said sum is in the possession of the trustee, and that the said sum be paid to MIDF upon
the order of the Court [the OS]. The OS was fixed for hearing on 22 June 2011 wherein the Court granted order
in terms. The trustee has complied with the order of the Court on 28 July 2011. The OS will not materially affect
the business or financial position of the trustee.
The sole Junior Noteholder of the Junior Notes [Junior Noteholder] issued by Aldwich Berhad [Aldwich] has sued the
trustee and the Security Agent of the Junior Notes for the sum of RM556,500,000.00 together with interest and
costs under Kuala Lumpur High Court Suit No : D-22NCC-2339-2010 [the JN Suit]. The JN Suit arises in the trustee’s
ordinary course of business and in the performance of its duties and responsibilities to the Senior Bondholders
in respect of the Senior Bonds also issued by Aldwich and in acting responsibly further to the instructions of the
Senior Bondholders via special resolution in declaring an Event Of Default for the Senior Bonds [EOD For Bonds].
Subsequently, the EOD For Bonds had caused a cross default on the Junior Notes resulting in the trustee acting
responsibly in declaring an Event Of Default for the Junior Notes in order to avoid the interests of the Junior
Noteholder being jeopardized. The trustee does not admit any liability to and has defended the JN Suit. The JN
Suit will not materially affect the business or financial position of the trustee. The trustee’s lawyers are of the view
that the JN Suit is devoid of merit.
The JN Suit trial proceeded on 15, 19, 20 and 28 July 2011 and 15 August 2011. The High Court had on 30
September 2011 dismissed the JN Suit against both the trustee and the Security Agent. The Junior Noteholder had
filed an appeal to the Court of Appeal against the decision of the High Court [Appeal]. The Court of Appeal had
on 7 March 2012 dismissed the Appeal.
The Junior Noteholder has filed a motion to the Federal Court to seek leave to appeal against the decision of the
Court of Appeal in favour of the trustee [Application]. The Application is fixed for hearing on 29 April 2013.
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 Aldwich Bonds in 2010 and
cited the trustee as one of six co-defendants under Kuala Lumpur High Court Suit No. D-22NCC-1622-11/2012
[the Bondholders’ Suit]. The claim against the trustee is for the sum of RM156,251,210.67 or any other sum that
the Court deems fit. The other defendants are Maybank Investment Bank Berhad, Aldwich Enviro-Management
Sdn Bhd, Kamalul Arifin Yusof and Ernst & Young. MTB does not admit liability to the Bondholders’ Suit and shall
defend it. The Bondholders’ Suit is not set for trial yet. The Bondholders’ Suit will not materially affect the business
or financial position of the trustee.
The trustee reiterates that it has in place a strong team of professionals with priority chiefly on protecting the interest
of all stakeholders and upholding best standards of service and management practice.
Board of Directors
En. Zainal Abidin Jamal –
En. Mohd. Hanif bin Suadi – Dato’ Dr Tan Tat Wai
–
Ms. Ong Sau Yin
–
Non-Independent Non-Executive Director & Chairman
Non-Independent Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Chief Executive Officer
Ms. Eunice Chan
235
the trustees (cont’d)
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.
MTB has delegated its custodian function for the foreign investments of the funds to Citibank N.A, Singapore
branch. Citibank N.A in Singapore began providing a security service in the mid-1970’s and a fully operational
global custody product was launched in the early 1990’s. To date, their securities services business claims a global
client base of premier banks, fund managers, broker dealers and insurance companies.
The roles and duties of the trustee’s delegate, Citibank N.A, Singapore, are as follows:
•
•
•
To act as sub-custodian for the selected cross-border investment of the funds including the opening of cash
and custody accounts and to hold in safe keeping the assets of the funds such as equities, bonds and other
assets.
To act as paying agent for the selected cross-border investment which include trade settlement and fund
transfer services.
To provide corporate action information or entitlements arising from the above underlying assets and to
provide regular reporting on the activities of the invested portfolios.
10.5 PROFILE OF CIMB COMMERCE TRUSTEE BERHAD (“CCTB”)
CCTB was incorporated under the name of BHLB Trustee Berhad on 25 August 1994. It was registered as a trust
company under the Trust Companies Act 1949 on 3 July 1995 and commenced operations on 1 September 1995.
The name of the company was changed to CIMB Commerce Trustee Berhad effective from 2 March 2012. CCTB
has been registered and approved by the SC to act as trustee to unit trust funds.
With 17 years of experience as a trustee to unit trust funds, CCTB has under its stewardship a total of 56 unit trust
funds , 10 wholesale funds, 1 Real Estate Investment Trust and 1 Private Retirement Scheme (4 funds) and a staff
strength of 24 employees, comprising of 22 Executives and 2 Non-Executive as at 15 February 2013.
Financial Performance
The following is a summary of the past performance of CCTB based on financial statements for the past three (3)
financial years ended 31 December:
2010
2011
RM’000
RM’000
Paid-up share capital
Shareholders’ funds
Turnover
Profit before tax
Profit after tax
1,750
6,497
7,113
2,588
1,936
236
2012
(Unaudited)
RM’000
1,750
1,750
6,601
8,517
6,2897,917
1,802
2,675
1,354
1,916
the trustees (cont’d)
As at 15 February 2013, the trustee and its delegates are not engaged in any material litigation and arbitration,
either as plaintiff or defendant, and the trustee and its delegate are not aware of any proceedings, pending or
threatened or of any facts likely to give rise to any proceedings which might materially and adversely affect their
financial position or business.
Board of Directors
En. Zahardin Omardin
Ms. Chan Swee Liang Carolina
Mr. Loh Shai Weng
Ms. Liew Pik Yoong (Alternate director to Ms. Chan Swee Liang Carolina)
Head of Trustee Services
Ms. Liew Pik Yoong
Head of Operations
Ms. Lee Kooi Yoke
Delegation of Custodian Function
CCTB has appointed CIMB Group Nominees (Tempatan) Sdn Bhd as the trustee’s delegate to perform custodial
function. CIMB Group Nominees (Tempatan) Sdn Bhd is a wholly owned subsidiary of CIMB Bank Berhad. Its custodial
function includes safekeeping, settlement and corporate action related processing and cash security reporting.
CCTB has delegated its custodian function for the foreign investments of the funds to Citibank N.A, Singapore
branch. Citibank N.A in Singapore began providing a security service in the mid-1970’s and a fully operational
global custody product was launched in the early 1990’s. To date their securities services business claims a global
client base of premier banks, fund managers, broker dealers and insurance companies.
All investments are automatically registered in the name of the funds. CIMB Group Nominees (Tempatan) Sdn Bhd
acts only in accordance with instructions from the trustee.
The roles and duties of the trustee’s delegates, CIMB Group Nominees (Tempatan) Sdn Bhd and Citibank N.A,
Singapore, are as follows:
•
•
•
To act as sub-custodian for the selected cross-border investment of the fund(s) including the opening of cash
and custody accounts and to hold in safe keeping the assets of the fund(s) such as equities, bonds and other
assets.
To act as paying agent for the selected cross-border investment which include trade settlement and fund
transfer services.
To provide corporate action information or entitlements arising from the above underlying assets and to
provide regular reporting on the activities of the invested portfolios.
237
11
SALIENT TERMS OF THE DEED
11.1 UNITHOLDERS’ RIGHTS AND LIABILITIES
A unitholder is a person registered in the register as a holder of units or fractions of units in a fund
which automatically accord him rights and interests in the fund.
Unitholders shall be entitled to receive the distributions of the funds (if any), participate in any increase in the capital
value of the units, and to other rights and privileges as are provided for in the Deed.
Unitholders are vested with the powers to call for a unitholders’ meeting, and to vote for the removal of the trustee
or the Manager through an Extraordinary Resolution.
Investors who are investing with Public Mutual for the first time are entitled to a cooling-off right. This cooling-off
right, however, shall not extend to a corporation or institution, the staff of Public Mutual and persons registered
to deal in unit trust funds.
In addition, unitholders shall receive annual and interim reports of the funds which are sent within two months
from the close of each financial year/period.
No unitholder shall be entitled to require the transfer to him of any of the assets comprised in the funds or be
entitled to interfere with or question the exercise by the trustee or the Manager on his behalf of the rights of the
trustee as owner of such assets.
No unitholders shall by reason of the provisions of the Deed and the relationship created thereby between the
unitholders, the trustee and the Manager be liable for any amount in excess of the purchase price paid for the
unit, and shall not be under any obligation to indemnify the trustee and/or the Manager in the event that the
liabilities incurred by the trustee and the Manager in the name of or on behalf of the funds pursuant to and/or in
the performance of the provisions of the Deed exceed the assets of the funds, and any right of indemnity of the
trustee and/or Manager will be limited to recourse to the funds.
11.2JOINTHOLDERS
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.
238
SALIENT TERMS OF THE DEED (cont’d)
11.3 MAXIMUM FEES AND CHARGES PERMITTED BY THE DEED
Fund
Management fee
Trustee fee
Sales charge
Redemption
charge
PSF
1.5% per annum of
the NAV.
Not exceeding 0.2% per annum
and not less than 0.08% per
annum, calculated daily on the
NAV.
7% of the NAV
per unit.
5 sen per unit.
PGF
1.5% per annum of
the NAV.
Not exceeding 0.2% per annum
and not less than 0.08% per
annum, calculated daily on the
NAV.
7% of the NAV
per unit.
5 sen per unit.
PIX
1.5% per annum of
the NAV.
Not exceeding 0.2% per annum
and not less than 0.08% per
annum, calculated daily on the
NAV.
7% of the NAV
per unit.
5 sen per unit.
PIF
1.5% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
calculated daily on the NAV.
per unit.
5 sen per unit.
PAGF
1.5% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
calculated daily on the NAV.
per unit.
5 sen per unit.
PRSF
1.5% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
calculated daily on the NAV.
per unit.
5 sen per unit.
P SmallCap
2.0% per annum of
the NAV.
Not exceeding 0.15% per annum, 7% of the NAV
calculated daily on the NAV.
per unit.
5 sen per unit.
PEF
1.5% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
calculated daily on the NAV.
per unit.
3% of the NAV
per unit.
PFSF
1.5% per annum of
the NAV.
Not exceeding 0.07% per annum, 7% of the NAV
per unit.
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 agreed upon
by the Manager and trustee.
3% of the NAV
per unit.
PDSF
1.5% per annum of
the NAV.
Not exceeding 0.07% per annum, 7% of the NAV
per unit.
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 agreed upon
by the Manager and trustee.
3% of the NAV
per unit.
239
SALIENT TERMS OF THE DEED (cont’d)
Fund
Management fee
PFES
Trustee fee
Sales charge
Redemption
charge
1.6% per annum of
the NAV.
Not exceeding 0.06% per annum, 7% of the NAV
per unit.
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 agreed upon
by the Manager and trustee.
3% of the NAV
per unit.
PRSEC
1.6% per annum of
the NAV.
Not exceeding 0.07% per annum, 7% of the NAV
per unit.
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 agreed upon
by the Manager and trustee.
3% of the NAV
per unit.
PGSF
2.0% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PFEDF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PCSF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PFEPRF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PSEASF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PSSF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
240
SALIENT TERMS OF THE DEED (cont’d)
Fund
Management fee
Trustee fee
Sales charge
Redemption
charge
PFECTF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PCTF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PFETIF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PSA30F
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PNREF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PAUEF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PFA30F
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
POGF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PINDOSF
2.0% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
241
SALIENT TERMS OF THE DEED (cont’d)
Fund
Management fee
PSGEF
2.0% per annum of
the NAV.
PSSCF
Trustee fee
Sales charge
Redemption
charge
Not exceeding 0.08% per
annum, calculated daily on the
NAV, but subject to a minimum
fee of RM18,000.00 per annum
(inclusive of the custodian fee).
7% of the NAV
per unit.
3% of the NAV
per unit.
2.0% per annum of
the NAV.
Not exceeding 0.08% per
annum, calculated daily on the
NAV, but subject to a minimum
fee of RM18,000.00 per annum
(inclusive of the custodian fee).
7% of the NAV
per unit.
3% of the NAV
per unit.
PTAF
2.0% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PBF
1.5% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
calculated daily on the NAV.
per unit.
5 sen per unit.
PFEBF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
P BOND
0.75% per annum
of the NAV.
Not exceeding 0.04% per annum, 3% of the NAV
calculated daily on the NAV.
per unit.
3 sen per unit.
PIN BOND
1.25% per annum
of the NAV.
Not exceeding 0.1% 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 agreed upon
by the Manager and trustee.
3% of the NAV
per unit.
3% of the NAV
per unit.
PEBF
1.5% per annum of
the NAV.
Not exceeding 0.07% per annum, 3% of the NAV
per unit.
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 agreed upon
by the Manager and trustee.
3% of the NAV
per unit.
PSBF
1.5% per annum of
the NAV.
Not exceeding 0.06% per annum, 7% of the NAV
per unit.
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 agreed upon
by the Manager and trustee.
3% of the NAV
per unit.
242
SALIENT TERMS OF THE DEED (cont’d)
Fund
Management fee
PSTBF
Trustee fee
Sales charge
Redemption
charge
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PENTBF
1.8% per annum of
the NAV.
Not exceeding 0.08% per annum, 7% of the NAV
per unit.
calculated daily on the NAV,
but subject to a minimum fee
(inclusive of the custodian fee) of
RM18,000.00 per annum.
3% of the NAV
per unit.
PMMF
1.0% per annum of
the NAV.
Not exceeding 0.1% 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 agreed upon
by the Manager and trustee.
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.
11.4 PERMITTED EXPENSES PAYABLE OUT OF THE FUNDS
Only expenses directly related and necessary in operating and administering a fund may be paid out of the fund.
The major expenses that are recoverable directly from the funds include:
(i)
commission/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.
243
SALIENT TERMS OF THE DEED (cont’d)
11.5 RETIREMENT, REMOVAL AND REPLACEMENT OF THE MANAGER
The Manager may retire upon giving twelve (12) months notice to the trustee of its desire to do so, or such shorter
period as the Manager and the trustee shall agree upon, in favour of some other corporation.
The Manager may be removed and another corporation appointed as manager by Extraordinary Resolution of the
unitholders at a unitholders’ meeting convened in accordance with the Deed either by the trustee or the unitholders.
The trustee shall take reasonable steps to remove and replace the Manager as soon as practicable after becoming
aware of any such circumstances:
(a)
(b)
(c)
(d)
An Extraordinary Resolution to that effect has been duly passed by the unitholders at a meeting called for
that purpose;
The Manager is in breach of its obligations under the Deed;
The Manager has failed or neglected to carry out its duties to the satisfaction of the trustee and the trustee
considers that it would be in the interests of unitholders for it to do so, after the trustee has given notice
and reasons and has considered any representations made by the Manager in respect of that opinion, and
after consultation with the relevant authorities and with the approval of the unitholders; or
The Manager has gone into liquidation (except a voluntary liquidation for the purpose of amalgamation or
reconstruction or some similar purpose) or has had a receiver appointed or has ceased to carry on business,
and the Manager shall not accept any extra payment or benefit in relation to such removal or replacement or
retirement.
In any of the cases aforesaid the Manager for the time being shall upon receipt of such notice by the trustee
cease to be the Manager and the trustee shall by writing under its seal appoint some other corporation to be the
Manager of the fund subject to such corporation entering into a Deed or Deeds with the trustee and thereafter
act as Manager during the remainder period of the fund.
11.6 RETIREMENT, REMOVAL AND REPLACEMENT OF THE TRUSTEE
The trustee may retire upon giving twelve (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.
244
SALIENT TERMS OF THE DEED (cont’d)
11.7 TERMINATION OF THE FUNDS
A fund may be terminated or wound-up upon the occurrence of any of the following events:(a)
(b)
(c)
(d)
the SC’s approval is revoked under Section 212(7)(A) of the CMSA 2007;
an Extraordinary Resolution is passed at a unitholders’ meeting to terminate or wind-up that fund, following
the occurrence of events stipulated under Section 301(1) of the CMSA 2007 and the court has confirmed
the resolution, as required under Section 301(2) of the CMSA 2007;
an Extraordinary Resolution is passed at a unitholders’ meeting to terminate or wind-up the fund; or
the effective date of an approved transfer scheme, as defined under the SC Guidelines, has resulted in the
fund, which is the subject of the transfer scheme, being left with no asset/property.
11.8 UNITHOLDERS’ MEETING
A unitholders’ meeting may be called by the Manager, trustee and/or unitholders. Any such meeting must be
convened in accordance with the Deed and/or the SC Guidelines.
Every question arising at any meeting shall be decided in the first instance by a show of hands unless a poll is
demanded or if it be a question which under the Deed requires an Extraordinary Resolution, in which case a poll
shall be taken. On a show of hands every unitholder who is present in person or by proxy shall have one vote.
The quorum for a meeting of unitholders of a fund is five (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 five (5) unitholders, whether present in person or by proxy, holding in aggregate at least twenty
five percent (25%) of the units in issue for that fund at the time of the meeting. If the fund has five (5) or less
unitholders, the quorum required shall be two (2) unitholders, whether present or by proxy and if the meeting
requires an Extraordinary Resolution the quorum for that meeting shall be two (2) unitholders, whether present
in person or by proxy, holding in aggregate at least twenty five percent (25%) of the units in issue for that fund
at the time of the meeting.
11.9 THE DEED
Copies of the Deed may be obtained from the Manager at a cost of RM20 each or may be inspected free of charge
during normal working hours at the offices of the Manager.
All unitholders of units will be entitled to the benefit of, be bound by and be deemed to have notice of the provisions
of the Deed, copies of which are available as mentioned above.
245
TAXATION OF THE FUNDS AND UNITHOLDERS
The Board of Trustees
AmanahRaya Trustees Berhad, Maybank Trustees Berhad and CIMB Commerce Trustee Berhad
c/o Public Mutual Berhad
Block B, Sri Damansara Business Park
Persiaran Industri
Bandar Sri Damansara
52200 Kuala Lumpur
29 March 2013
Dear Sirs
Re: Taxation of the Funds and Unit Holders
This letter has been prepared for inclusion in this Master Prospectus in connection with the offer of units in the
Public Savings Fund, Public Growth Fund, Public Index Fund, Public Industry 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 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 Tactical Allocation Fund, Public Balanced Fund, Public Far-East
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 (“the funds”).
Taxation of the Funds
The funds are unit trusts for Malaysian tax purposes. The taxation of the funds is 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 prevailing rate of 25%.
Gains from the realisation of investments by the funds will not be subject to income tax.
Taxable Malaysian dividend income earned by the funds would have suffered a tax deduction at source at the rate of
25% for Year of Assessment (“YA”) 2011 and subsequent YAs. The tax deducted will be available for set off either
wholly or partly against the tax liability of the funds. Any excess over the tax liability will be refundable to the funds.
Based on the Finance Act 2007, only Malaysian dividends paid in the form of cash from ordinary shares (held
continuously for 90 days or more – the 90 days condition does not apply for dividends received from shares in
public listed companies) would be entitled to tax credits. These tax credits are available for set off against the
funds’ tax liabilities.
Interest income earned by the funds from the following are exempt from tax:•
•
•
•
•
•
•
•
any savings certificates issued by the Government; or
securities or bonds issued or guaranteed by the Government; or
debentures or Islamic Securities, other than convertible loan stock, approved by the Securities Commission; or
Bon Simpanan Malaysia issued by the Central Bank of Malaysia; or
bonds or securities issued by Pengurusan Danaharta Nasional Berhad; or
a bank or financial institution licensed under the Banking and Financial Institutions Act 1989 or Islamic Banking
Act 1983; or
Islamic securities (including sukuks) originating from Malaysia, other than convertible loan stocks, issued in any
currency other than Ringgit and approved by the Securities Commission or Labuan Financial Services Authority; or
a Sukuk Wakala, other than a convertible loan stock, issued in any currency by Wakala Global Sukuk Berhad.
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.
Any income received by the funds from a Sukuk Issue which has been issued by the Malaysia Global Sukuk Inc
will be exempt from tax.
246
TAXATION OF THE FUNDS AND UNITHOLDERS (cont’d)
Any income received by the funds from a Sukuk Ijarah, other than convertible loan stock, issued in any currency
by 1Malaysia Sukuk Global Berhad will be exempt from tax.
Discount or profit received by the funds from sale of bonds or securities issued by Pengurusan Danaharta National
Berhad or Danaharta Urus Sendirian Berhad is exempt from tax.
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.
Subject to the single-tier system that was effective 1 January 2008 (savings and transitional provisions for the
single-tier system apply during the period from 1 January 2008 to 31 December 2013), 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.
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 prevailing corporate tax rate of
25% 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 with paid-up capital in the form of ordinary shares of RM2.5
million and below will be subject to a tax rate of 20% on chargeable income of up to RM500,000. For chargeable
income in excess of RM500,000, the prevailing tax rate of 25% is still applicable. However, the said tax rate of 20%
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 prevailing scale rates range from 1% to 26%.
Individuals and other non-corporate unit holders who are not resident in Malaysia, for tax purposes, will be subject
to Malaysian income tax (the prevailing rate is 26%). Non resident unit holders may also be subject to tax in their
respective jurisdictions and depending on the provisions of the relevant tax legislation and any double tax treaties
with Malaysia, the Malaysian tax suffered may be creditable in the foreign tax jurisdictions.
The distribution of single-tier dividends and tax exempt income by the funds will not be subject to tax in the hands
of the unit holders in Malaysia. Distribution of foreign income will also be exempt in the hands of the unit holders.
Units split by the funds will be exempt from tax in Malaysia in the hands of the unit holders.
Any gains realised by the unit holders (other than financial institutions, insurance companies and those dealing
in securities) from the transfers or redemptions of the units are treated as capital gains which are not subject to
income tax in Malaysia.
The tax position is based on the Malaysian tax laws and provisions 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
247
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
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
Cheras
44-2, 44-3, 44-4 & 42-4,
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, Jalan Bangsar Utama 3,
Bangsar Utama, 59000 Kuala Lumpur.
Tel: 03-62075000
Fax: 03-22835739
Senior Branch Manager: Chooi Chan Yen
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
Klang
28, 30 & 32, Lorong Batu Nilam 3B,
Bandar Bukit Tinggi,
41200 Klang, Selangor
Tel: 03-62075000
Fax: 03-33235632
Branch Manager: Bryan Koh Yi Earl
248
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES (CONT’D)
Central Region (cont’d)
Shah Alam
54 & 56, Jalan Pahat G15/G,
Kompleks Otomobil,
Persiaran Selangor,
Seksyen 15,
40200 Shah Alam, Selangor.
Tel: 03-62075000
Fax: 03-55139288
Senior Branch Manager: Ong Chen Hung
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
30th Floor, Public Bank Tower,
19, Jalan Wong Ah Fook,
80000 Johor Bahru, Johor.
Tel: 07-2281098 Fax: 07-2271098
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
Branch Manager: Carl Wong Yon Lian
Muar
46, Jalan Sayang,
84000 Muar, Johor.
Tel: 06-9542323/5323 Fax: 06-9536830
Seremban
1A & 1B,
Jalan Tuanku Munawir,
70000 Seremban, Negeri Sembilan.
Tel: 06-7616663 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 Fax: 09-6317030
Branch Manager: Wee Suat Hwee
Kuantan
73, Jalan Haji Abdul Aziz,
25000 Kuantan, Pahang.
Tel: 09-5178115 Fax: 09-5161223
Temerloh
10, 11 & 12, 2nd Floor,
Jalan Ahmad Shah,
Bandar Sri Semantan,
28000 Temerloh, Pahang.
Tel: 09-2968068 Fax: 09-2968060
Assistant Branch Manager: Agnes Choong Lee Yoon
249
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
Public Mutual offices are open on Mondays to Fridays, except public holidays, from 9:00 a.m. to 5:00 p.m.
250
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
Selangor (Petaling Jaya)
Raymond Chan Agency Office
25A, Jalan SS22/19,
Damansara Jaya,
47400 Petaling Jaya, Selangor.
Tel: 03-77289522 Fax: 03-77289336
251
PRO22592-1103136