Equity Market
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WATCH PP 11860/03/2011(029150)
FEBRUARY 2011/0100
Equity Market Review, Outlook & Strategy
succumbed to heavy profit taking ahead of the Tenang by-elections and the Chinese New Year festivities. Markets also took a beating due to the protests in Egypt ahead of the holidays. Falling commodities prices hit shares of natural resources companies. The FBM KLCI ended the month flat while Thailand, Indonesia and Philippines were among the hardest hit in the region with declines of 7%, 8% and 8% respectively. Chinese stocks also fell due to persistent concerns on the multiple measures undertaken to curb inflation and stem credit expansion. In the US, stocks climbed higher (DJIA near 29-month closing high) boosted by strong corporate earnings and bouts of positive data. On the local macro front, Malaysia’s data released during January remained lacklustre. Malaysia’s industrial production picked up from 3.1% year-on-year in October 2010 to 5.1% in November 2010 but was below market expectations of a 5.9% increase. There was a further sharp slowdown in the production of electrical and
T
electronics (E&E) products which marked the fourth consecutive he local market and many other markets kicked
month of a sharp slowdown. The nation’s trade bounced back to
off 2011 on a high note after improved economic data
5.3% year-on-year in November from 1.3% in October and versus
boosted investors’ confidence and outlook for equities
6.9% in September, but exports of E&E products continued to fall.
in the new year and as Asia continued to attract strong
Separately, Malaysia’s inflation rate picked up to 2.2% in December,
foreign inflows in the first week. The FBM KLCI raced
the fastest pace in 19 months from 2.0% in November. However,
to a new high of 1,576.95 but was subsequently, caught in the
Bank Negara’s Monetary Policy Committee left the overnight policy
sell-down of regional markets, which was sparked by renewed
rate unchanged for the third time in a row at 2.75% on 27 January.
concerns over inflationary threats and worries over further tightening in China. The local bourse was initially quite steady as
In the developed countries, there were some comforting signs.
several stocks in the oil and gas sector attracted ample interest
The OECD composite leading indicator picked up for the third
on the back of a wave of positive newsflow in the sector. It then
consecutive month in November, suggesting that OECD economic
CONTENTS
...continue Equity Market Responsibility Statement And Disclaimer Fixed Income Our Funds Pacific Premier Fund Pacific Pearl Fund Pacific Dana Aman Pacific Millennium Fund Pacific Recovery Fund Pacific Income Fund
1-2 2 3 4-7 8 9 10 11 12 13
Pacific Dana Murni Pacific SELECT Balance Fund Pacific SELECT Income Fund Pacific Dividend Fund Pacific Focus18 Fund Pacific Cash Fund Pacific Asia Brands Fund Pacific Global Stars Fund
14 15 16 17 18 19 20 21
Pacific AsiaPac Income Fund
22
(formerly known as Pacific S&P Global STARS Fund)
BEST EQUITY FUND MANAGER BEST MIXED ASSETS FUND MANAGER
www.pacificmutual.com.my
03 - 7725 9877
Pacific Dana Dividen Pacific ADVANTAGE GDP Momentum Fund Pacific Focus China Fund Pacific ELITE Dividend Fund Pacific ELIT Dana Aman Pacific ELIT Dana Dividen Pacific ELIT Islamic AsiaPac Balanced Fund Pacific Global Agriculture, Infrastructure And Resources Fund
23 24 25 26 26 27 27 28
...continue
activities gained some momentum. In the US, there was some job recovery which managed to reduce the unemployment rate slightly, from 9.8% to 9.4% of total labour force in December. The US economy grew at an annualised rate of 3.2% in the fourth quarter faster than 2.6% and 1.7% in the third quarter and second quarter respectively. On a negative note, Standard & Poor’s downgraded Japan’s sovereign debt from AA to AA- due to its heavy debt burden. Earlier, Japan had announced it was planning to buy Euroland sovereign bonds, joining China to help the region deal with the debt crisis. Meanwhile, several countries like Thailand, South Korea and India raised interest rates in their efforts to curb inflation. Improving macroeconomic data is a boost to the outlook for
equities.
However,
inflation
still
being
a
major
concern is likely to continue to weigh on the market. The current reporting season should also provide some leads for markets.
This newsletter is published by Pacific Mutual Fund Bhd (336059-U) for information purposes only based on available data which are believed to be reliable at the time of publication. Under no circumstances is it to be considered as an offer to sell, or a solicitation of any offer to buy. No responsibility for loss occasioned by any person acting or refraining from action as a result of this publication can be accepted by the editors or Pacific Mutual Fund Bhd. Prospectuses dated 3 September 2010, 15 November 2010 and 5 Febuary 2011, and Supplementary Prospectuses dated 22 December 2010, which are to be read together with the respective Prospectuses, are all obtainable at our offices. They have been registered by, and lodged with the Securities Commission, who takes no responsibility for their contents. Units will only be issued when we receive the official application form referred to in and accompanying the Prospectuses. You are advised to read and understand the Prospectuses, and if necessary, consult your advisers, as well as consider the fees and charges involved before investing. Net asset values and distributions payable, if any, may go down as well as up. Past performance is not an indication of future performance. Where a unit split/distribution is declared, you are advised that following the issue of additional units/distribution, the NAV per unit will be reduced from pre-unit split NAV/cum-distribution NAV to post-unit split NAV/ex-distribution NAV. Where a unit split is declared, the value of investments in Ringgit Malaysia will remain unchanged after the distribution of the additional units. Our Funds are subject to these specific risks – Pacific Premier Fund, Pacific Dana Aman, Pacific Millennium Fund, Pacific Income Fund, Pacific SELECT Balance Fund and Pacific ELIT Dana Aman – company specific risk; Pacific Pearl Fund – liquidity risk; Pacific Recovery Fund – expectation risk; Pacific Dana Murni and Pacific SELECT Income Fund – credit risk; Pacific Dividend Fund, Pacific Dana Dividen, Pacific ELITE Dividend Fund, Pacific ELIT Dana Dividen and Pacific ELITE Asia Dividend Fund – dividend policy risk; Pacific Focus18 Fund – concentration risk; Pacific Cash Fund – interest rate risk; Pacific Asia Brands Fund, Pacific Global Stars Fund (formerly known as Pacific S&P Global STARS Fund), Pacific AsiaPac Income Fund and Pacific ADVANTAGE GDP Momentum Fund – currency risk; Pacific ELITE Global Strategic Fund – timing of asset allocation risk; Pacific Focus China Fund, Pacific ELIT Islamic AsiaPac Balanced Fund and Pacific ELITE Emerging Markets Fund – country and/or foreign securities risk; Pacific Global A.I.R. Fund – sector specific risk; and Pacific ELITE China Growth Fund – target fund risk. Description of these risks is published in our Prospectuses. The performance of the Funds is calculated on a bid-to-bid basis including any capital gains and re-invested income distributions. Source of performance charts: Lipper. The industry classifications are based on MSCI’s Global Industry Classification Standard. Returns of benchmarks, which are indices that track foreign markets, have been adjusted by the movement of the Malaysian Ringgit (MYR) against the foreign currencies.
Published by : Pacific Mutual Fund Bhd (336059-U) 1001, Level 10, Uptown 1, No. 1 Jalan SS21/58, Damansara Uptown, 47400 Petaling Jaya, Selangor. Printed by : Percetakan Lian Yik Sdn Bhd (652953-D) No. 20, Jalan 11/118B, Desa Tun Razak, Cheras, 56000 Kuala Lumpur.
Fixed
Income
T
he Treasury market welcomed the New Year on a steadier note as the prior year’s rise in yields sparked bargain hunting activities. Additional boosts came from lingering concerns about the Eurozone sovereign debt problems and weakness in US stocks. Yields on municipal and local government bonds rose steadily on headline grabbing news flow on potential defaults, exacerbating investor outflows. Towards mid January, prices of Treasuries alternated between gains and losses on economic releases and news flow on the Eurozone. As widely expected, the Federal Reserve maintained its dovish tone at January’s monetary policy meeting with more emphasis placed on the intention to complete the QE2 bond purchases. The Federal funds rate was left unchanged within the 0.0-0.25% range which kept short-term yields low. The Federal Reserve continued to signal guarded optimism over the economy and noted that pace of recovery had been insufficient to bring significant improvements in labour market conditions. Expectations for positive news on fiscal consolidation provided a slight boost to Treasuries, pushing long-term yields lower by 5 basis points. Thereafter, yields were range bound as trades were dominated by Federal Reserve purchases and mixed economic releases. For the month of January, the UST curve steepened with short-term yields ended firmer on the Federal Reserve holding steady and flight to quality from the political unrest in Egypt. Long-term yields extended losses, rising in excess of 8 basis points and 24 basis points along the 10-year and 30-year tenure as investors priced in growth expectations. Malaysian Government Bonds (MGS) opened higher in 2011 following sharp appreciation of the Ringgit against the Greenback and portfolio rebuilding. Towards mid-January, benchmark yields aligned higher amid fresh government bond supply. The first auction of the year, RM3.50 billion 10-year MGS, gathered modest demand of 2.296 times at an average yield of 4.16%. Bearish sentiment in the MGS market was also attributed to a rebound in exports and industrial production in November as well as higher consumer prices in December which rose to 2.20% on year, reaching the highest level in 19 months on higher food and fuel prices. During the month, Bank Negara Malaysia held the overnight policy rate unchanged at 2.75% for the third consecutive times at its first Monetary Policy Committee meeting this year. Despite the unchanged assessment of monetary policy, the Central Bank hinted on the use of statutory reserve requirement and other macro prudential lending measures to manage the buildup of liquidity in the financial system. The MGS curve steepened during the month led by increases along the wings of the curve, with 3-year yield increasing by 10 basis points while 20-year yield added 29 basis points.
3
OUR FUNDS
As at end of January 2011 Notes: FUND
A G G R E S S I V E
PACIFIC FOCUS CHINA FUND Type: Growth
PACIFIC ELITE CHINA GROWTH FUND Type: Growth
PACIFIC FOCUS18 FUND Type: Growth
MAXIMUM EQUITY ALLOCATION
NAV PER UNIT
1-YEAR RETURN1
3-YEAR RETURN1
5-YEAR RETURN1
TOTAL RETURN SINCE LAUNCH
• Focuses mainly on greater China: China, Hong Kong, Taiwan. • Also, companies listed in other countries with significant business in the greater China region.
100%
RM0.2633
4.69
-
-
5.32%
-
NR
Invests in collective investment scheme called the LionGlobal China Growth Fund.
100%
RM0.4965
-
-
-
-4
-
NR
Concentrated portfolio - targets 18 stocks best stock ideas3.
100%
RM0.5407
8.96%
-0.14%
53.51%
63.16%
INVESTMENTS
1
LIPPER LEADER1
Total Return Consistent Return
MORNINGSTAR RATINGTM 2
★★★★★
1. Source: Lipper Hindsight. 2. Copyright © 2010 Morningstar. All Rights Reserved. The information, data and opinions expressed ("Information") and contained herein: (1) are proprietary to Morningstar and/or its content providers and are not intended to represent investment advice or recommendation to buy or sell any security; (2) may not be copied or distributed without express license to do so; and (3) are not warranted to be accurate, complete or timely. Morningstar reserve its rights to change for access to these Ratings and/or Rating report. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Rating, Rating Report or Information contained therein. 3. The best selection based on our indepth fundamental company analysis.
PACIFIC ASIA BRANDS FUND Type: Growth
Global companies with strong brand equity in the Asian region.
100%
RM0.4329
5.27%
3.53%
-
11.98%
Total Return Consistent Return
★★★
4. According to the Securities Commission's Guidelines On Unit Trust Funds, performance data of less than a year should not be published. NR No Rating.
PACIFIC GLOBAL A.I.R. FUND Type: Growth & Income
G L O B A L
PACIFIC ELITE EMERGING MARKETS FUND Type: Growth & Income
PACIFIC ELITE GLOBAL STRATEGIC FUND Type: Growth & Income
PACIFIC GLOBAL STARS FUND
F U N D S
(formerly known as Pacific S&P Global STARS Fund) Type: Growth & Income
PACIFIC ELITE ASIA DIVIDEND FUND Type: Growth & Income
PACIFIC DANA DIVIDEN Type: Growth & Income
PACIFIC ELIT DANA DIVIDEN Type: Growth & Income
C O N S E R V A T I V E
PACIFIC ADVANTAGE GDP MOMENTUM FUND Type: Growth & Income
PACIFIC ELIT ISLAMIC ASIAPAC BALANCED FUND Type: Growth & Income
PACIFIC ASIAPAC INCOME FUND Type: Income & Growth
4
Focuses mainly on agriculture, infrastructure and resources.
100%
RM0.5274
-
-
-
-4
-
NR
Portfolio of investments predominantly listed or available in global emerging markets. Dynamic asset allocation.
100%
RM0.4983
-
-
-
-4
-
NR
Global securities with growth potential. Dynamic asset allocation.
100%
RM0.5104
-
-
-
-4
-
NR
Global stocks that have good growth potential.
100%
RM0.4477
8.14%
4.88%
-
12.13%
Asian stocks paying or expected to pay attractive dividends.
100%
RM0.5111
-
-
-
-4
Shariah-compliant stocks that pay or are expected to pay attractive dividend yields.
100%
RM0.5494
15.49%
3.76
-
9.88%
Global Shariah-compliant stocks that pay or expected to pay attractive dividend yields.
100%
RM0.5641
-
-
-
-4
-
NR
Investments that benefit from countries with strong GDP size or growth.
60%
RM0.4710
4.09%
1.57%
-
-5.80%
-
★★★★
Balanced Shariah mandate: • Asia Pacific stocks • Local sukuk and Islamic money market instruments
60%
RM0.5343
-
-
-
-4
-
NR
Balanced income mandate: • High dividend yielding stocks and REITs in Asia Pacific • Quality local fixed income securities
50%
RM0.4858
5.68%
4.36%
-
7.12%
-
★★
Total Return Consistent Return
Total Return Consistent Return
★★★★★
NR
★★★
5
OUR FUNDS
As at end of January 2011
NAV PER UNIT
Companies that benefit from economic, sectoral, or structural recovery.
100%
Small cap stocks with strong growth prospects.
Growth and income stocks.
FUND
A G G R E S S I V E
PACIFIC RECOVERY FUND Type: Growth
PACIFIC PEARL FUND Type: Growth
PACIFIC PREMIER FUND Type: Growth & Income
PACIFIC MILLENNIUM FUND Type: Growth & Income
PACIFIC DANA AMAN Type: Growth & Income
L O C A L
PACIFIC ELIT DANA AMAN Type: Growth & Income
PACIFIC DIVIDEND FUND Type: Growth & Income
F U N D S
PACIFIC ELITE DIVIDEND FUND Type: Growth & Income
PACIFIC SELECT BALANCE FUND Type: Growth & Income
PACIFIC INCOME FUND Type: Income & Growth
C O N S E R V A T I V E
6
PACIFIC SELECT INCOME FUND Type: Income
PACIFIC DANA MURNI Type: Income
PACIFIC CASH FUND Type: Income
Notes:
MAXIMUM EQUITY ALLOCATION
INVESTMENTS
1-YEAR RETURN1
3-YEAR RETURN1
5-YEAR RETURN1
TOTAL RETURN1 SINCE LAUNCH
RM0.6229
26.91%
23.57%
121.01%
252.07%
100%
RM0.9736
23.66%
39.27%
127.44%
198.27%
100%
RM0.8268
24.76%
23.24%
103.03%
202.01%
LIPPER LEADER
1
Total Return Consistent Return
Total Return Consistent Return
Consistent Return
MORNINGSTAR RATINGTM 2
★★★★
★★★★★
★★★★
100%
RM0.6857
23.79%
26.16%
107.03%
241.42%
Consistent Return
2. Copyright © 2010 Morningstar. All Rights Reserved. The information, data and opinions expressed ("Information") and contained herein: (1) are proprietary to Morningstar and/or its content providers and are not intended to represent investment advice or recommendation to buy or sell any security; (2) may not be copied or distributed without express license to do so; and (3) are not warranted to be accurate, complete or timely. Morningstar reserve its rights to change for access to these Ratings and/or Rating report. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Rating, Rating Report or Information contained therein. 4. According to the Securities Commission's Guidelines On Unit Trust Funds, performance data of less than a year should not be published.
Total Return Blue chip stocks.
1. Source: Lipper Hindsight.
NR No Rating.
★★★★
Preservation
Shariah-compliant growth and income stocks.
95%
RM0.5996
26.49%
28.12%
96.83%
366.58%
-
★★★★
Shariah-compliant growth and income stocks. Fixed income securities and money market instruments. Dynamic, tactical asset allocation strategy.
100%
RM0.5946
-
-
-
-4
-
NR
Stocks that pay or are expected to pay attractive dividend yields.
100%
RM0.7056
22.89%
27.79%
114.85%
158.64%
Consistent Return
Stocks that pay or expected to pay attractive dividend yields.
100%
RM0.5916
-
-
-
-4
-
Balanced mandate - active asset allocation: • blue chips • growth and income stocks • quality fixed income securities
60%
RM0.6047
13.81%
21.06%
60.06%
82.78%
Consistent Return
125.53%
Consistent Return
Total Return ★★★★
Preservation
NR
★★★
Total Return
Concentrates on income generation via fixed income securities and some equities.
40%
• Fixed income mandate. • Has a small portfolio of stocks for attractive income and moderate growth potential.
20%
RM0.5325
6.14%
12.58%
30.16%
52.15%
Preservation
★★★
Invests only in sukuk.
This Fund has no exposure in equities.
RM0.5385
4.33%
10.06%
18.54%
29.33%
Preservation
★★★
Invests in short-term fixed income and money market securities.
This Fund has no exposure in equities.
RM0.5041
2.79%
8.94%
16.17%
16.99%
RM0.5677
11.70%
17.02%
56.42%
★★★★
Preservation
-
★★★
7
3-year Fund Volatility
JANUARY
17.2
PACIFIC PREMIER FUND
2011
+
high Lipper Analytics 15 Jan 11
Pacific Premier Fund aims to achieve strong long-term capital growth with a consistently attractive income. A strategy has been set up to create a balanced portfolio of equity securities with capital growth prospects and high income yielding and fixed interest securities.
Characteristic Fairly Aggressive
Manager’s Comments
Launch Date 10 August 1995
• The equity allocation of Pacific Premier Fund rose to 91.40% from 89.49% recorded in the previous month due to net equity purchases.
Financial Year End 30 September
• During the month, the Fund initiated positions in a leading telecommunications player and in an aviation stock.
As at end of January 2011
Fund Size
• The Fund also increased its positions in building materials, construction, oil and gas, plantations and selected telecommunications stocks on price weakness.
134 million units
NAV Per Unit
• Positions exited during the month were a mid-cap property developer, a media company and a timber company on price strength.
RM0.8268
Lipper Leader
• The Fund will continue to adopt an opportunistic stance to ride the expected market volatility in the near term.
Consistent Return
Morningstar Rating
TM
HHHH Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (1 September 1995 - 31 January 2011)
150 100 50 0 -50
Pacific Premier Fund
Jan 11
Sep 09
Sep 07
Sep 05
Sep 03
Sep 01
-100 Sep 99
Asset Allocation
18.50 16.50 12.53 9.04 7.14 5.97 4.75 4.73 4.53 3.35
Sep 97
Quoted Equities 91.40% Top 10 sectors: Banks Capital Goods Food Beverage & Tobacco Materials Telecommunication Services Consumer Services Real Estate Transportation Utilities Energy
200
Sep 95
Collective Investment Scheme 4.43%
PERCENTAGE GROWTH %
250 Cash & Liquid Assets 4.17%
FBM 100
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(10 August 1995 - 31 January 2011)
(Sector: Equities Malaysia) Pacific Premier Fund* (%)
FBM 100# (%)
Ranking
6 Months
15.52
13.77
25/80
1 Year
24.76
23.49
31/78
3 Years
23.24
11.80
29/74
5 Years
103.03
70.42
17/67
Since 1 September 1995
202.01
53.45
-
NAV Per Unit (RM)
FBM 100#
Highest 3 May 1996
1.1100
1,178.43
Lowest 1 September 1998
0.3900
262.70
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011
(For the past 10 years)
% of NAV
Year
CIMB Group Holdings Bhd
7.03
2002
-
-
Sime Darby Bhd
6.44
2003
-
6:100
Malayan Banking Bhd
5.97
2004
0.05
-
IOI Corporation Bhd
4.99
2005
0.065
-
Tenaga Nasional Bhd
4.53
2006
0.02
-
Genting Bhd
3.79
2007
0.06
-
RHB Capital Bhd
3.32
2008
0.06
-
IJM Corporation Bhd
3.22
2009
0.04
-
Genting Plantations Bhd
3.08
2010
0.0575
-
Axiata Group Bhd
3.00
2011 (ended 31 January 2011)
-
-
Gross Distribution (RM) Unit Split
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = KLCI; From 6 July 2009 onwards = FBM 100
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 17.2 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
8
3-year Fund Volatility
+
16.6
PACIFIC PEARL FUND
high Lipper Analytics 15 Jan 11
Pacific Pearl Fund aims to achieve maximum capital growth over a medium to long-term period by investing mainly in small to medium-sized companies that have excellent prospects for growth.
JANUARY 2011
Characteristic Aggressive
Manager’s Comments • The equity allocation of Pacific Pearl Fund rose to 94.98% from 90.55% recorded in the previous month as the Fund was a net buyer of equities. • The Fund made several changes to its portfolio during the month under review. The Fund exited an oil and gas stock, a port operator and a postal service company on price strength. Two banking stocks were also disposed of in favour of better risk reward opportunities elsewhere in the sector. • Sales proceeds were used to fund a number of new and existing holdings. The Fund initiated new holdings in a construction company, a small cap developer, a stock broking firm, a small-cap oil and gas company as well as two telecommunication stocks. The Fund also subscribed for and subsequently exited its position in a small cap construction IPO. • The Fund will continue to realise profits on market strength and will look to build positions in undervalued laggards as well as participate selectively in thematic plays.
Launch Date 6 January 1997
Financial Year End 31 March As at end of January 2011
Fund Size 145 million units
NAV Per Unit RM0.9736
Lipper Leader Total Return Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark*
HHHHH
(28 January 1997 - 31 January 2011)
250
Collective Investment Scheme 3.12%
150 100 50 0 -50
Pacific Pearl Fund
Total Return As At 31 January 2011
Jan 11
Jan 09
Jan 07
Jan 05
Jan 03
Jan 01
-100 Jan 99
25.00 16.12 9.51 8.51 7.03 6.54 4.90 4.54 4.43 3.04
Jan 97
Quoted Equities 94.98% Top 10 sectors: Capital Goods Banks Real Estate Energy Materials Consumer Services Telecommunication Services Diversified Financials Food Beverage & Tobacco Retailing
Asset Allocation
200
PERCENTAGE GROWTH %
Cash & Liquid Assets 1.90%
FBM EMAS
Highest & Lowest Net Asset Value (NAV) Per Unit
(Sector: Equities Malaysia Small & Mid Cap)
(6 January 1997 - 31 January 2011)
Pacific Pearl Fund* (%)
FBM EMAS (%)
Ranking
6 Months
13.13
13.64
8/13
1 Year
23.66
23.40
8/13
3 Years
39.27
10.86
3/13
5 Years
127.44
77.75
3/13
Since 28 January 1997
198.27
4.66
-
NAV Per Unit (RM)
FBM EMAS
Highest 17 January 2011
1.0134
10.855.31
Lowest 1 September 1998
0.3900
71.60
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011
(For the past 10 years)
% of NAV
Year
CIMB Group Holdings Bhd
5.75
2002
-
10:100
Malayan Banking Bhd
5.25
2003
-
5:100
Sime Darby Bhd
4.57
2004
0.07
-
YNH Property Bhd
3.79
2005
0.05
-
Sunway Holdings Bhd
3.41
2006
0.06
-
Petra Energy Bhd
3.37
2007
0.06
-
AEON Credit Service (Malaysia) Bhd
3.32
2008
0.06
-
Kimlun Corporation Bhd
3.16
2009
0.025
-
Leader Universal Holdings Bhd
3.09
2010
0.06
-
MBM Resources Bhd
3.04
2011 (ended 31 January 2011)
-
-
Gross Distribution (RM) Unit Split
* Source: Lipper + Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.6 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
9
3-year Fund Volatility
JANUARY
16.8
PACIFIC DANA AMAN
2011
+
high Lipper Analytics 15 Jan 11
Pacific Dana Aman aims to provide the Unitholders with consistently above average returns in both income and capital growth over a medium to long-term period by investing in a wide portfolio of authorised securities over investments which comply with Shariah principles.
Characteristic Fairly Aggressive
Manager’s Comments
Launch Date 16 April 1998
• The equity allocation of Pacific Dana Aman was maintained at 87%. Value of equities purchased was the same as the value of equities sold.
Financial Year End 31 March
• Positions were increased in the plantation, automotive, utilities and telecommunications sectors. As at end of January 2011
Fund Size
• Positions in the oil and gas sector continued to be reduced, extending the sell-down in the month of December as stock prices rallied further resulting in valuations being excessive.
299 million units
NAV Per Unit
• The entire position in a large property company was sold down after it announced a large placement of new shares. The only other sector of note in which exposure was reduced was construction as prices rose.
RM0.5996
Morningstar Rating
TM
• A trading stance to generate additional returns will be taken in the current volatile market environment.
HHHH
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (7 May 1998 - 31 January 2011)
400 300 250 200 150 100 50 0 -50
Pacific Dana Aman
Total Return As At 31 January 2011
Jan 11
May 10
May 08
May 06
Composite Benchmark
(95% FBMS & 5% 3-Month IIMM)
Highest & Lowest Net Asset Value (NAV) Per Unit
(Sector: Equities Malaysia - Islamic)
(16 April 1998 - 31 January 2011)
Pacific Dana Aman* (%)
Composite Benchmark# (%)
Ranking
6 Months
15.42
11.53
9/46
1 Year
26.49
19.51
5/45
3 Years
28.12
6.87
5/38
5 Years
96.83
76.49
7/33
366.58
143.50
-
Since 7 May 1998
May 04
May 02
-100 May 00
Asset Allocation
Quoted Shariah-Compliant Equities 86.56% Top 10 sectors: Capital Goods 19.60 Food Beverage 16.54 Utilities 11.45 Telecommunication Services 10.24 Transportation 9.51 Materials 5.51 Energy 4.14 Automobiles & Components 3.96 Media 2.88 Real Estate 2.34
350
May 98
Shariah-Based Collective Investment Scheme 3.32%
PERCENTAGE GROWTH %
Islamic Money Market Instruments 10.12%
Top 10 Holdings As At 31 January 2011
Nav Per Unit (RM) Highest 29 March 2000
0.9200
Lowest 29 October 2008
0.3285
Distribution & Unit Split Based On Calendar Year (For the past 10 years)
% of NAV
Year
Sime Darby Bhd
8.55
2002
0.05
-
Tenaga Nasional Bhd
7.46
2003
0.04
-
IOI Corporation Bhd
7.39
2004
0.055
-
Kuala Lumpur Kepong Bhd
6.28
2005
0.045
-
Axiata Group Bhd
5.15
2006
0.04
-
Petronas Gas Bhd
3.99
2007
0.04
-
MISC Bhd
3.79
2008
0.04
-
Malaysian Resources Corporation Bhd
3.59
2009
0.005
-
IJM Corporation Bhd
3.16
2010
0.035
-
Genting Plantations Bhd
2.88
2011 (ended 31 January 2011)
-
-
Gross Distribution (RM) Unit Split
* Source: Lipper Benchmark: Since inception to 17 July 2005 = RHB Islamic Index; 18 July 2005 - 30 June 2007 = Syariah Index (KLSI); 1 July 2007 - 31 October 2007 = Composite Benchmark [75% KLSI & 25% 3-Month Islamic Interbank Money Market Rate (IIMM)]; 1 November 2007 - 14 November 2009 = Composite Benchmark [75% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) & 25% 3-Month IIMM]; From 15 November 2009 onwards = Composite Benchmark (95% FBMS & 5% 3-Month IIMM)
#
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.8 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
10
3-year Fund Volatility
+
16.3
PACIFIC MILLENNIUM FUND
high Lipper Analytics 15 Jan 11
JANUARY 2011
Pacific Millennium Fund aims to achieve long-term capital growth, with income as its secondary objective, by investing mainly in fundamentally sound large market capitalisation companies and also any other investments as may be permitted by the Securities Commission from time to time.
Characteristic
Manager’s Comments
Launch Date
• The equity allocation of Pacific Millennium Fund fell to 91.81% from 93.47% recorded in the previous month due to net equity sales.
Financial Year End
15 April 1999
• During the month, the Fund reduced its positions in selected banking, construction, gaming, oil and gas, property and transportation stocks on price strength. • The Fund also exited construction company.
its
Fairly Aggressive
positions
in
a
mid-cap
financial
services
group
and
a
mid-cap
30 June As at end of January 2011
Fund Size 83 million units
• Positions initiated during the month include an aviation stock, a toll concessionaire and a leading telecommunications player.
NAV Per Unit
• The Fund will continue to adopt an opportunistic stance to ride the expected market volatility in the near term.
Lipper Leader
RM0.6857
Total Return
Consistent Return Preservation
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (6 May 1999 - 31 January 2011)
Morningstar Rating
TM
HHHH
250
150 100 50 0
Pacific Millennium Fund
Jan 11
May 09
May 07
May 05
-50 May 99
Asset Allocation
19.02 17.37 13.29 8.53 8.49 6.40 6.20 4.85 2.24 1.65
May 03
Quoted Equities 91.81% Top 10 sectors: Banks Capital Goods Food Beverage & Tobacco Utilities Telecommunication Services Transportation Materials Consumer Services Energy Automobiles & Components
200
May 01
Collective Investment Scheme 4.31%
PERCENTAGE GROWTH %
Cash & Liquid Assets 3.88%
FBM 100
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(15 April 1999 - 31 January 2011)
(Sector: Equities Malaysia) Pacific Millennium Fund* (%)
FBM 100# (%)
Ranking
6 Months
13.75
13.77
44/80
1 Year
23.79
23.49
39/78
3 Years
26.16
11.80
22/74
5 Years
107.03
70.42
14/67
Since 6 May 1999
241.42
119.20
-
NAV Per Unit (RM)
FBM 100#
Highest 11 January 2008
0.7324
1,516.22
Lowest 10 April 2001
0.4000
555.49
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011
(For the past 10 years)
% of NAV
Year
CIMB Group Holdings Bhd
7.08
2002
Gross Distribution (RM) Unit Split -
Sime Darby Bhd
6.64
2003
0.03
-
Malayan Banking Bhd
6.02
2004
0.04
-
Tenaga Nasional Bhd
5.53
2005
0.04
-
Genting Plantations Bhd
3.76
2006
0.04
-
IOI Corporation Bhd
3.74
2007
0.07
-
RHB Capital Bhd
3.32
2008
0.06
-
IJM Corporation Bhd
3.10
2009
0.035
-
Petronas Gas Bhd
3.00
2010
0.045
-
MISC Bhd
2.96
2011 (ended 31 January 2011)
-
-
10:100
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = KLCI; From 6 July 2009 onwards = FBM 100
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.3 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
11
3-year Fund Volatility
JANUARY
16.7
PACIFIC RECOVERY FUND
2011
+
high Lipper Analytics 15 Jan 11
Pacific Recovery Fund aims to provide above average returns in the form of capital growth over a medium to longterm period by investing mainly in cyclical stocks, stocks that are likely to be crisis survivors as well as stocks that are undergoing restructuring, which may offer considerable recovery prospects and also any other investments as may be permitted by the Securities Commission from time to time.
Characteristic Aggressive
Launch Date 15 April 1999
Manager’s Comments
Financial Year End
• The equity allocation of Pacific Recovery Fund increased to 91.32% from 88.90% recorded in the previous month as the Fund was a net buyer of equities.
30 June
• Two new positions, comprising an airline company and a property company, were initiated as the stock market experienced a sharp pullback. The Fund also topped up on some of its existing positions in the financial, oil and gas and plantation sectors.
As at end of January 2011
Fund Size 137 million units
• The Fund exited the small balance of its positions in a media company, a small telecommunications company, a steel company and a toll concession company. Some positions in the oil and gas sector was trimmed as prices rallied.
NAV Per Unit RM0.6229
Lipper Leader
• Besides trading on its existing positions and investing in IPOs, the Fund will also look to invest in thematic plays.
Total Return Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
HHHH
Fund Performance vs Benchmark* (6 May 1999 - 31 January 2011)
300
150 100 50 0
Pacific Recovery Fund
Jan 11
May 09
May 07
-50
May 05
19.27 18.67 9.27 8.66 7.23 7.02 5.84 5.67 5.03 2.35
May 99
Asset Allocation
200
May 03
Quoted Equities 91.32% Top 10 sectors: Capital Goods Banks Utilities Food Beverage & Tobacco Real Estate Transportation Energy Telecommunication Services Materials Consumer Services
250
May 01
Collective Investment Scheme 4.50%
PERCENTAGE GROWTH %
Cash & Liquid Assets 4.18%
FBM 100
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(15 April 1999 - 31 January 2011)
(Sector: Equities Malaysia) Pacific Recovery Fund* (%)
FBM 100# (%)
Ranking
6 Months
17.00
13.77
11/80
1 Year
26.91
23.49
16/78
3 Years
23.57
11.80
28/74
5 Years
121.01
70.42
9/67
Since 6 May 1999
252.07
119.20
-
NAV Per Unit (RM)
FBM 100#
Highest 29 March 2000
0.8300
985.13
Lowest 29 October 2008
0.3638
829.41
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011
(For the past 10 years)
% of NAV
Year
Sime Darby Bhd
8.79
2002
-
10:100
CIMB Group Holdings Bhd
7.68
2003
0.05
-
IOI Corporation Bhd
6.87
2004
0.05
-
Tenaga Nasional Bhd
6.10
2005
0.05
-
Malayan Banking Bhd
5.66
2006
0.03
-
Axiata Group Bhd
3.54
2007
0.07
-
Petronas Chemicals Group Bhd
3.37
2008
0.06
-
Petronas Gas Bhd
3.17
2009
0.03
-
RHB Capital Bhd
3.14
2010
0.04
-
MISC Bhd
3.06
2011 (ended 31 January 2011)
-
-
Gross Distribution (RM) Unit Split
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = KLCI; From 6 July 2009 onwards = FBM 100
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.7 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
12
3-year Fund Volatility
+
6.7
PACIFIC INCOME FUND
low Lipper Analytics 15 Jan 11
Pacific Income Fund aims to achieve consistently attractive and stable income with reasonable preservation of capital by investing in a diversified portfolio of fixed income securities such as bonds and money market instruments as well as stocks that offer a steady dividend income stream. The Fund also aims to provide moderate capital growth over a medium to long-term period.
JANUARY 2011
Characteristic Fairly Conservative
Launch Date
Manager’s Comments
18 August 2000
• The equity allocation of Pacific Income Fund reduced to 36.01% from 37.33% recorded in the previous month on selling activities. • There were no purchases during the month.
Financial Year End 30 September As at end of January 2011
• The Fund realised profit from the partial disposals of large caps gaming, construction and plantation stocks and a mid-cap oil and gas stock.
Fund Size
• In the immediate term, the Fund will maintain high equity allocation in the 36% to 38% range, reflecting the Manager’s bullish near-term view. However, the Fund will look for opportunities to lock in some profits on over-valued stocks and rotate into undervalued laggards.
NAV Per Unit
• Fixed income allocation was higher at 45% compared to 43% previously as the Fund increased its weightings given the high cash levels. During the period, the Fund purchased a mid-tenured paper within the AA3 segment from the primary market for yield enhancements. Over the next quarter, expectations for a steady overnight policy rate leaves the Fund searching for yield accumulation in the AA3 credit within the mid maturity segment for yield play and to provide sufficient buffer to protect against rising long dated yields.
Lipper Leader
353 million units
RM0.5677
Total Return
Consistent Return Preservation
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (8 September 2000 - 31 January 2011)
Morningstar Rating
TM
HHHH
150 Fixed Income & Other Debt Securities 42.44%
100
50 25 0 -25
Pacific Income Fund
Pacific Income Fund* (%)
Composite Benchmark# (%)
Ranking
7.69
6.27
1/10
11.70
10.71
1/10
3 Years
17.02
10.85
3/9
5 Years
56.42
37.65
1/8
125.53
67.02
-
Since 8 September 2000
Jan 11
(40% FBM 100 & 60% 3-Month KLIBOR)
(18 August 2000 - 31 January 2011)
(Sector: Mixed Asset MYR Conservative)
1 Year
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
6 Months
Sep 08
-50 Sep 06
7.65 7.29 4.27 3.50 3.16 2.89 2.39 1.97 1.46 0.57
75
Sep 04
Quoted Equities 36.01% Top 10 sectors: Capital Goods Banks Food Beverage & Tobacco Real Estate Materials Transportation Consumer Services Telecommunication Services Utilities Diversified Financials
Sep 02
Collective Investment Scheme 2.98%
Sep 00
Cash & Liquid Assets 18.57%
Asset Allocation
PERCENTAGE GROWTH %
125
NAV Per Unit (RM) Highest 24 July 2007
0.6201
Lowest 18 April 2001
0.4500
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011
(For the past 10 years)
% of NAV
Year
Sime Darby Bhd
2.72
2002
Gross Distribution (RM) Unit Split 0.03
-
Public Bank Bhd
2.40
2003
0.03
-
Genting Bhd
2.39
2004
0.03
-
CIMB Group Holdings Bhd
2.26
2005
0.035
-
IJM Corporation Bhd
2.16
2006
0.03
-
IOI Corporation Bhd
2.15
2007
0.04
-
Malayan Banking Bhd
1.93
2008
0.04
-
Dialog Group Bhd
1.69
2009
0.033
-
Petronas Chemicals Group Bhd
1.66
2010
0.04
-
Tenaga Nasional Bhd
1.46
2011 (ended 31 January 2011)
-
-
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = Composite Benchmark (40% KLCI & 60% 3-Month KLIBOR); From 6 July 2009 onwards = Composite Benchmark (40% FBM 100 & 60% 3-Month KLIBOR)
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 6.7 and Low (above 4.3 and below/same as 11.8) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
13
3-year Fund Volatility
JANUARY
1.4
PACIFIC DANA MURNI
2011
+
very low Lipper Analytics 15 Jan 11
Pacific Dana Murni aims to achieve a stable income stream with reasonable protection of capital by investing in a diversified portfolio of Islamic private debt securities and other liquid assets which comply with Shariah principles. The Fund may also provide some degree of capital growth potential over a medium to long-term period.
Characteristic Conservative
Manager’s Comments
Launch Date 25 March 2003
• The fixed income allocation of Pacific Dana Murni was marginally lower at 72% compared to 73% previously largely due to maturation of short-term holdings.
Financial Year End 31 March
• During the period, the portfolio experienced lower price valuations due to net selling pressure of selected quasi government issuances which follow weakness in the MGS yields.
As at end of January 2011
Fund Size
• Despite the static policy rate, PDS trading were mildly negative due to mark-to-market trades and yield alignment to primary offer levels.
102 million units
NAV Per Unit
• Going forward, the Fund will actively search for attractive price valuations within the corporate bond segment for yield enhancements and to provide sufficient buffer in the case of spread expansion when market yields move higher.
RM0.5385
Lipper Leader Preservation
Morningstar Rating
TM
HH H Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (15 April 2003 - 31 January 2011)
35
PERCENTAGE GROWTH %
Islamic Money Market Instruments 27.90% Unquoted Sukuk 72.10%
Asset Allocation
30 25 20 15 10 5 0
Pacific Dana Murni
Jan 11
Apr 09
Apr 08
Maybank GIA 12-Month
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(25 March 2003 - 31 January 2011)
(Sector: Bond MYR - Islamic)
Pacific Maybank GIA Dana Murni* 12-Month (%) (%)
Apr 07
Apr 06
Apr 05
Apr 04
Apr 03
-5
NAV Per Unit (RM)
Ranking
6 Months
2.09
1.43
12/19
1 Year
4.33
2.80
12/18
3 Years
10.06
8.75
12/16
5 Years
18.54
16.78
9/12
Since 15 April 2003
29.33
27.59
-
Highest 31 January 2011
0.5385
Lowest 28 November 2003
0.4781
Distribution & Unit Split Based On Calendar Year
Top 10 Unquoted Corporate Bonds As At 31 January 2011 % of NAV
Year
Hong Leong Industries Bhd
9.06
2003
Gross Distribution (RM) Unit Split -
-
Malakoff Corporation Bhd
7.74
2004
-
-
Padiberas Nasional Bhd
7.37
2005
-
-
Kuala Lumpur Kepong Bhd
7.31
2006
0.03
-
Projek Lebuhraya Utara-Selatan Bhd
5.88
2007
0.015
-
TSH Sukuk Ijarah Sdn Bhd
5.49
2008
0.015
-
Malakoff Corporation Bhd
3.79
2009
0.015
-
Gamuda Bhd
3.76
2010
0.01
-
Poh Kong Holdings Bhd
3.69
2011 (ended 31 January 2011)
-
-
Padiberas Nasional Bhd
3.65
* Source: Lipper + Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 1.4 and Very Low (above/same as 0.0 and below/same as 4.3) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
14
3-year Fund Volatility
+
11.0
PACIFIC SELECT BALANCE FUND
low Lipper Analytics 15 Jan 11
Pacific SELECT Balance Fund aims to provide medium to long-term capital growth and some income by actively allocating its assets among a diversified portfolio of equity and fixed income securities according to market conditions.
JANUARY 2011
Characteristic Fairly Conservative
Manager’s Comments
Launch Date
• The equity allocation of Pacific SELECT Balance Fund was reduced slightly to 55.24% from 55.38% recorded in the previous month.
11 August 2003
• During the month, positions in the financial services sector were trimmed on strength while exposure in a timber-based company was also reduced as earnings could continue to be hit by a weaker US Dollar.
30 June
Financial Year End
As at end of January 2011
• The Fund continued to increase its exposure in an oil and gas company which is expecting some contracts in early 2011, a petrochemical company that is poised to benefit from its industry cycle that is moving into a recovery stage and a bank which would benefit from stronger corporate deal flows this year.
Fund Size
• The Fund will seek to switch out of some of its holdings on further strength into laggards and other attractive thematic plays.
RM0.6047
• Fixed income allocation was unchanged at 43% due to the passive movements of bond composition as weightings are within the long-term target allocation range. Re-investment actions will focus on compelling price valuations within the corporate bond segment for yield accumulation.
19 million units
NAV Per Unit Lipper Leader Consistent Return
Morningstar Rating
TM
HH H Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (2 September 2003 - 31 January 2011)
40 30 20 10 0
Pacific SELECT Balance Fund
Jan 11
Sep 09
(60% FBM 100 & 40% 3-Month KLIBOR)
(11 August 2003 - 31 January 2011)
(Sector: Mixed Asset MYR Balanced - Malaysia)
6 Months
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011 Pacific Composite SELECT Benchmark# (%) Balance Fund* (%)
Sep 08
-10 Sep 07
10.69 9.65 8.22 6.13 4.01 3.73 3.21 2.94 2.29 1.58
50
Sep 06
Asset Allocation
60
Sep 05
Quoted Equities 55.24% Top 10 sectors: Banks Capital Goods Food Beverage & Tobacco Real Estate Telecommunication Services Utilities Materials Energy Transportation Consumer Services
70
Sep 04
Collective Investment Scheme 19.86%
80
Sep 03
Cash & Liquid Assets 1.62%
PERCENTAGE GROWTH %
90 Fixed Income & Other Debt Securities 23.28%
NAV Per Unit (RM)
Ranking
8.00
8.73
21/25
1 Year
13.81
14.85
16/25
3 Years
21.06
11.46
5/25
5 Years
60.06
48.44
12/25
Since 2 September 2003
82.78
73.33
-
Highest 22 June 2007
0.6328
Lowest 29 October 2008
0.4272
Distribution & Unit Split Based On Calendar Year
Top 5 Holdings As At 31 January 2011 % of NAV
Year
Genting Plantations Bhd
4.68
2003
-
-
CIMB Group Holdings Bhd
4.44
2004
0.035
-
Sime Darby Bhd
4.10
2005
0.025
-
Axiata Group Bhd
4.01
2006
-
-
Tenaga Nasional Bhd
3.73
2007
0.045
-
2008
0.035
-
2009
0.025
-
2010
0.03
-
-
-
Top 3 Unquoted Corporate Bonds As At 31 January 2011 % of NAV Malayan Banking Bhd
8.65
YTL Corporation Bhd
8.60
Bandar Raya Developments Bhd
6.03
2011 (ended 31 January 2011)
Gross Distribution (RM) Unit Split
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = Composite Benchmark (60% KLCI & 40% 3-Month KLIBOR); From 6 July 2009 onwards = Composite Benchmark (60% FBM 100 & 40% 3-Month KLIBOR)
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 11.0 and Low (above 4.3 and below/same as 11.8) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
15
3-year Fund Volatility
JANUARY
4.4
PACIFIC SELECT INCOME FUND
2011
+
low Lipper Analytics 15 Jan 11
Pacific SELECT Income Fund aims to provide a consistent and attractive stream of income higher than fixed deposit rates and may also provide moderate capital growth over the medium to long term by investing in a diversified portfolio of fixed income and equity securities.
Characteristic Conservative
Manager’s Comments
Launch Date 11 August 2003
• The fixed income allocation of Pacific SELECT Income Fund was slightly lower at 69% compared to 73% previously largely due to an early partial redemption exercise of a particular issuer within the AAA segment.
Financial Year End 30 June
• Current allocation is slightly below its long-term allocation and re-investments will focus on compelling price valuations within the corporate bond segment for yield accumulation.
As at end of January 2011
Fund Size 21 million units
NAV Per Unit RM0.5325
Lipper Leader Preservation
Morningstar Rating
TM
HHH Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (2 September 2003 - 31 January 2011)
20 10 0
Pacific SELECT Income Fund
Jan 11
Sep 09
Sep 08
(20% FBM 100 & 80% 3-Month KLIBOR)
(11 August 2003 - 31 January 2011)
(Sector: Mixed Asset MYR Conservative)
6 Months
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011 Pacific Composite SELECT Benchmark# (%) Income Fund* (%)
Sep 07
-10 Sep 06
5.52 4.09 2.74 1.70 1.03 0.74 0.70 0.59 0.54 0.34
Sep 05
Quoted Equities 17.99% Top 10 sectors: Capital Goods Banks Food Beverage & Tobacco Consumer Services Materials Telecommunication Services Automobiles & Components Health Care Equipment & Services Energy Utilities
Asset Allocation
40 30
Sep 04
Collective Investment Scheme 15.44%
50
Sep 03
Cash & Liquid Assets 12.99%
PERCENTAGE GROWTH %
60 Fixed Income & Other Debt Securities 53.58%
NAV Per Unit (RM)
Ranking
3.18
3.85
7/10
1 Year
6.14
6.68
5/10
3 Years
12.58
9.95
5/9
5 Years
30.16
27.11
7/8
Since 2 September 2003
52.15
40.40
-
Highest 22 June 2007
0.5682
Lowest 5 December 2008
0.4648
Distribution & Unit Split Based On Calendar Year
Top 5 Holdings As At 31 January 2011 % of NAV
Year
Sime Darby Bhd
2.04
2003
-
-
CIMB Group Holdings Bhd
1.58
2004
0.025
-
Malayan Banking Bhd
1.51
2005
0.025
-
Genting Plantations Bhd
1.39
2006
0.02
-
IJM Corporation Bhd
1.12
2007
0.045
-
2008
0.025
-
2009
0.015
-
2010
0.02
-
-
-
Top 5 Unquoted Corporate Bonds As At 31 January 2011 % of NAV Prima Uno Bhd
22.03
Bandar Raya Developments Bhd
11.73
Hong Leong Industries Bhd
9.01
YTL Corporation Bhd
9.01
Sabah Development Bank Bhd
1.80
2011 (ended 31 January 2011)
Gross Distribution (RM) Unit Split
* Source: Lipper #
16
Benchmark: Since inception to 5 July 2009 = Composite Benchmark (20% KLCI & 80% 3-Month KLIBOR); From 6 July 2009 onwards = Composite Benchmark (20% FBM 100 & 80% 3-Month KLIBOR)
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 4.4 and Low (above 4.3 and below/same as 11.8) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
3-year Fund Volatility
+
14.9
PACIFIC DIVIDEND FUND
moderate Lipper Analytics 15 Jan 11
Pacific Dividend Fund aims to provide steady recurring income that is potentially higher than prevailing fixed deposit rates^ by investing in a portfolio of stocks that are paying or have the potential to pay attractive dividend yields.
JANUARY 2011
Characteristic Fairly Aggressive
^ 12-month fixed deposit rate of Malayan Banking Berhad (Maybank).
Launch Date
Manager’s Comments
18 November 2003
• Post-dividend, the equity allocation of Pacific Dividend Fund was reduced to 93.70% from 96.26% recorded in the previous month mainly due to unit creation from the reinvestment of dividends that the Fund declared at the end of December. The Fund was a net buyer of equities in the month. • Purchases were made across a number of existing positions, with the main sectors being utilities, telecommunications and automotive.
Financial Year End 31 December As at end of January 2011
Fund Size 349 million units
• Positions in REITS were greatly reduced while holdings in the oil and gas and financial services sectors were trimmed. The Fund exited from a small shipyard and a hard disk drive component manufacturer.
NAV Per Unit
• The Fund will look for opportunities to lock in profits on overvalued stocks and switch into fundamentally sound laggards, especially those with attractive yields.
Lipper Leader
RM0.7056
Total Return
Consistent Return Preservation
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (9 December 2003 - 31 January 2011)
Morningstar Rating
TM
HHHH
175 Cash & Liquid Assets 6.30%
125 100 75 50 25 0
Pacific Dividend Fund
Jan 11
Dec 09
Dec 08
Dec 07
Dec 06
Dec 05
-25 Dec 04
20.23 15.57 11.38 10.11 8.30 5.46 5.09 5.01 4.72 2.92
Dec 03
Asset Allocation
PERCENTAGE GROWTH %
150
Quoted Equities 93.70% Top 10 sectors: Banks Capital Goods Telecommunication Services Food Beverage & Tobacco Utilities Real Estate Consumer Services Transportation Materials Media
FBM 100
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(18 November 2003 - 31 January 2011)
(Sector: Equities Malaysia) Pacific Dividend Fund* (%)
FBM 100# (%)
Ranking
6 Months
13.40
13.77
45/80
1 Year
22.89
23.49
43/78
3 Years
27.79
11.80
20/74
5 Years
114.85
70.42
12/67
Since 9 December 2003
158.64
98.67
-
NAV Per Unit (RM)
FBM 100#
Highest 28 December 2007
0.7726
1,447.04
Lowest 12 March 2009
0.4399
838.39
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
CIMB Group Holdings Bhd
7.53
2003
-
-
Sime Darby Bhd
6.14
2004
0.038
-
Malayan Banking Bhd
6.03
2005
0.038
-
Tenaga Nasional Bhd
5.50
2006
0.05
-
Axiata Group Bhd
4.74
2007
0.07
-
Kuala Lumpur Kepong Bhd
4.26
2008
0.04
-
RHB Capital Bhd
3.79
2009
0.045
-
Maxis Bhd
3.30
2010
0.05
-
IJM Corporation Bhd
3.26
2011 (ended 31 January 2011)
-
-
Genting Plantations Bhd
3.07
Gross Distribution (RM) Unit Split
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = KLCI; From 6 July 2009 onwards = FBM 100
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 14.9 and Moderate (above 11.8 and below/same as 15.5) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
17
3-year Fund Volatility
JANUARY
16.1
PACIFIC FOCUS18 FUND
2011
+
high Lipper Analytics 15 Jan 11
Pacific Focus18 Fund aims to achieve high capital growth over the long term by investing in a concentrated portfolio of equity and equity-related securities. The Fund will also take advantage of the huge potential and diversification benefits of investing in global equity markets^, using a concentrated equity portfolio as its primary investment strategy.
Characteristic Aggressive
^ 50% of net asset value of the Fund.
Launch Date 16 June 2005
Manager’s Comments
Financial Year End
• The equity allocation of Pacific Focus18 Fund fell to 87.98% from 91.35% recorded in the previous month due to net equity sales.
30 September As at end of January 2011
• The Fund switched out of some Malaysia and Singapore-listed plantation counters into US-listed stocks trading at cheaper valuations.
Fund Size 34 million units
• Another position exited was in a global bank with substantial European exposure to switch into a Chinese bank trading at attractive valuations.
NAV Per Unit RM0.5407
• The Fund also re-initiated position in a Chinese auto stock as valuations had turned more attractive following sharp price weakness.
Lipper Leader Total Return
• The Fund will continue to adopt an opportunistic stance to ride the expected market volatility in the near term.
Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
HHHHH
Fund Performance vs Benchmark* (7 July 2005 - 31 January 2011)
80
Cash & Liquid Assets 12.02%
50 40 30 20 10 0
Pacific Focus18 Fund
Total Return As At 31 January 2011
Jan 11
Jul 09
Jul 08
-10
Jul 05
Asset Allocation
18.70 15.31 10.16 6.72 6.54 5.90 5.58 5.42 4.06 3.66
60
Jul 07
Top 10 sectors: Banks Energy Diversified Financials Food Beverage & Tobacco Utilities Telecommunication Services Automobiles & Components Materials Capital Goods Transportation
Jul 06
(Foreign Investment 46.02%)
PERCENTAGE GROWTH %
70
Quoted Equities 87.98%
Composite Benchmark
(50% FBM 100 & 50% MXWD)
Highest & Lowest Net Asset Value (NAV) Per Unit
(Sector: Equities Global)
(16 June 2005 - 31 January 2011)
Pacific Focus18 Fund* (%)
Composite Benchmark# (%)
Ranking
6 Months
6.48
14.03
22/29
1 Year
8.96
23.77
3/26
3 Years
-0.14
12.05
3/23
5 Years
53.51
70.80
1/5
Since 7 July 2005
63.16
72.94
-
NAV Per Unit (RM) Highest 24 July 2007
0.7510
Lowest 3 March 2009
0.3716
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
CIMB Group Holdings Bhd
7.28
2005
Gross Distribution (RM) Unit Split -
-
Tenaga Nasional Bhd
6.54
2006
0.035
-
Malayan Banking Bhd
6.29
2007
0.05
-
China Shenhua Energy Company Limited (HK)
5.91
2008
0.05
-
China Mobile Limited (HK)
5.90
2009
0.03
-
Dongfeng Motor Group Company Limited (HK)
5.58
2010
0.035
-
Barrick Gold Corporation (US)
5.42
2011 (ended 31 January 2011)
-
-
China Construction Bank Corporation (HK)
5.12
Nasdaq OMX Group (US)
5.12
Citigroup Inc. (US)
5.04
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = KLCI; 6 July 2009 to 14 November 2010 = FBM 100; From 15 November 2010 onwards = Composite Benchmark (50% FBM 100 & 50% MXWD)
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.1 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
18
3-year Fund Volatility
+
0.2
PACIFIC CASH FUND
very low Lipper Analytics 15 Jan 11
Pacific Cash Fund aims to provide regular income potentially higher than prevailing money market and savings rates, stability of capital and a high level of liquidity.
JANUARY 2011
Characteristic Conservative
Manager’s Comments
Launch Date
• The fixed income allocation of Pacific Cash Fund was relatively unchanged at 83%. Despite the unchanged allocation, the Fund had actively rollover its Commercial Paper maturities at higher yields. • Short-term rates were stable during the month as Bank Negara Malaysia left the key rate unchanged. Given the lackluster primary tenders, accumulation of short-term papers was done via private placements negotiated at attractive prices. • In the coming quarters, the Fund will look to invest in short-term bond holdings for yield enhancement without compromising its liquidity profile.
7 October 2005
Financial Year End 30 September As at end of January 2011
Fund Size 126 million units
NAV Per Unit RM0.5041
Morningstar Rating
TM
HHH
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (10 October 2005 - 31 January 2011)
20
Collective Investment Scheme 10.55% Fixed Income & Other Debt Securities 72.03% (Unquoted Corporate Bonds 17.20%) (Commercial Papers 54.83%)
Asset Allocation
PERCENTAGE GROWTH %
Cash & Liquid Assets 17.42% 15
10
5
0
Pacific Cash Fund
Jan 11
Oct 09
Maybank Overnight Repo Rate
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(7 October 2005 - 31 January 2011)
(Sector: Money Market MYR) Pacific Cash Fund* (%)
Maybank Overnight Repo Rate# (%)
Ranking
1.48
0.78
9/44
6 Months
Oct 08
Oct 07
Oct 06
Oct 05
-5
1 Year
2.79
1.41
8/42
3 Years
8.94
4.76
9/30
5 Years
16.17
11.75
8/19
Since 10 October 2005
16.99
12.81
-
NAV Per Unit (RM) Highest 27 September 2007
0.5179
Lowest 13 October 2005
0.5000
Distribution & Unit Split Based On Calendar Year
Top 5 Commercial Papers As At 31 January 2011 % of NAV
Year
Bandar Raya Developments Bhd
12.63
2005
-
-
YTL Corporation Bhd
12.61
2006
0.013
-
Hong Leong Industries Bhd
11.03
2007
0.019
-
Sabah Development Bank Bhd
6.32
2008
0.016
-
CIMB Group Holdings Bhd
4.68
2009
0.0143
-
2010
0.013
-
-
-
Top 3 Unquoted Corporate Bonds As At 31 January 2011
2011 (ended 31 January 2011)
Gross Distribution (RM) Unit Split
% of NAV YTL Power International Bhd
4.78
RCE Advance Sdn Bhd
4.77
Sabah Development Bank Bhd
4.75
* Source: Lipper Benchmark: Since inception to 30 June 2007 = 3-Month KLIBOR; From 1 July 2007 onwards = Maybank Overnight Repo Rate
#
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 0.2 and Very Low (above/same as 0.0 and below/same as 4.3) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
19
3-year Fund Volatility
JANUARY
18.4
PACIFIC ASIA BRANDS FUND
2011
+
high Lipper Analytics 15 Jan 11
Pacific Asia Brands Fund aims to provide high capital growth in the medium to long term by investing in a portfolio of listed companies that have strong brand equity in the Asian region.
Characteristic Aggressive
Manager’s Comments
Launch Date 20 January 2006
• The equity exposure of Pacific Asia Brands Fund increased to 89.73% from 88.21% recorded in the previous month due to net equity purchases.
Financial Year End 31 March
• The bulk of purchases were in precious metals and US based consumer stocks and precious metals’ stocks.
As at end of January 2011
• Positions were sold in the soft commodities, metals and mining, and automotive sectors.
Fund Size 61 million units
• Positions exited during the month included a premium Hong Kong listed airline, a Singapore-listed heavy equipment provider, a major regional edible oils player, a China-based automotive manufacturer and a Korean-listed technology company.
NAV Per Unit RM0.4329
• During the month, the Fund reduced its underweight in the US from selling of Asia based stocks.
Lipper Leader
• The Fund will continue to build its US exposure as the economic recovery is gaining momentum and consumer spending, especially in the US increases.
Total Return
Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
HH H
Fund Performance vs Benchmark* (10 February 2006 - 31 January 2011)
30
10 0 -10 -20 -30
Pacific Asia Brands Fund
Jan 11
NAV Per Unit (RM)
Ranking
6 Months
4.01
9.53
29/29
1 Year
5.27
6.89
9/26
3.53
0.65
2/23
11.98
0.93
-
3 Years
(50% MSCUCSTA & 50% MSCUCDIS)
(20 January 2006 - 31 January 2011)
(Sector: Equity Global)
Since 10 February 2006
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011 Pacific Composite Asia Brands Benchmark# (%) Fund* (%)
Feb 10
-40 Feb 09
Asset Allocation
18.53 9.44 9.39 8.77 7.81 6.46 4.44 3.81 3.71 3.50
Feb 08
Top 10 sectors: Banks Media Energy Materials Transportation Food Beverage & Tobacco Retailing Consumer Durables & Apparel Consumer Services Household & Personal Products
20
Feb 07
(Foreign Investments 82.94%)
Feb 06
Quoted Equities 89.73%
PERCENTAGE GROWTH %
Cash & Liquid Assets 10.27%
Highest 5 October 2007
0.5609
Lowest 10 March 2009
0.2883
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
Barrick Gold Corporation (US)
4.35
2006
Gross Distribution (RM) Unit Split -
-
Malayan Banking Bhd
3.92
2007
0.026
-
DBS Group Holdings Limited (SG)
3.91
2008
0.028
-
Ezra Holdings Limited (SG)
3.56
2009
0.01
-
China Mobile Limited (HK)
3.49
2010
0.025
-
New World Department Store China (HK)
3.41
2011 (ended 31 January 2011)
-
-
Walt Disney Company (US)
3.38
Time Warner Inc. (US)
3.29
China Shenhua Energy Company Limited (HK)
2.90
Singapore Airlines Limited (SG)
2.82
* Source: Lipper #
Composite Benchmark = 50% MSCUCSTA & 50% MSCUCDIS
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 18.4 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
20
3-year Fund Volatility
+
16.9
PACIFIC GLOBAL STARS FUND
high Lipper Analytics 15 Jan 11
(formerly known as Pacific S&P Global STARS Fund)
JANUARY 2011
Pacific Global Stars Fund aims to achieve capital growth and some income in the medium to long term by investing in a portfolio of global securities.
Characteristic
Manager’s Comments
Launch Date
• The equity allocation of Pacific Global Stars Fund increased slightly to 93.49% from 92.84% recorded in the previous month mainly due to net outflow of funds.
Financial Year End
Fairly Aggressive
20 July 2006
• The Fund exited holdings in a Hong Kong airline company and an Australian banking stock. A local toll operator was also disposed of due to limited upside potential. The Fund also reduced holdings in a Chinese port operator and a Singaporean bank on price strength.
30 September As at end of January 2011
Fund Size 41 million units
• Sales proceeds were used to fund a number of new holdings. The Fund initiated holdings in a leading investment bank in Malaysia, a Singapore-listed plantation stock, a US oil and gas service provider, a US financial stock and the largest US maker of luxury handbag.
NAV Per Unit
• From a geographic standpoint, the Fund began to reduce its underweight positions in US.
Lipper Leader
RM0.4477
Total Return
Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark*
HHHHH
(10 August 2006 - 31 January 2011)
30
0 -10 -20 -30 -40
Pacific Global Stars Fund
NAV Per Unit (RM)
Ranking
6 Months
6.65
12.23
20/29
1 Year
8.14
6.34
4/26
4.88
-10.43
1/23
12.13
-10.94
-
3 Years
(65% SPX, 25% SPE & 10% SPA50)
(20 July 2006 - 31 January 2011)
(Sector: Equity Global)
Since 10 August 2006
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011 Pacific Composite Global Stars Benchmark# (%) Fund* (%)
Jan 11
-50 Aug 06
Asset Allocation
20.93 13.45 11.88 11.38 7.21 5.09 4.57 3.38 3.29 3.17
10
Aug 09
Top 10 sectors: Banks Energy Household & Personal Products Materials Food Beverage & Tobacco Capital Goods Transportation Retailing Real Estate Diversified Financials
Aug 08
(Foreign Investments 90.84%)
20
Aug 07
Quoted Equities 93.49%
PERCENTAGE GROWTH %
Cash & Liquid Assets 6.51%
Highest 27 September 2007
0.5421
Lowest 3 March 2009
0.3010
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
Ezra Holdings Limited (SG)
5.27
2006
Gross Distribution (RM) Unit Split -
-
DBS Group Holdings Limited (SG)
4.42
2007
0.03
-
Barrick Gold Corporation (US)
4.39
2008
0.025
-
Procter & Gamble Company (US)
4.33
2009
-
-
Colgate-Palmolive Company (US)
4.31
2010
0.025
-
China Construction Bank Corporation (HK)
3.67
2011 (ended 31 January 2011)
-
-
Bank Of China Limited (HK)
3.66
New World Department Store China (HK)
3.38
Swire Pacific Limited (HK)
3.29
Reckitt Benckiser Group PLC (UK)
3.24
* Source: Lipper Composite Benchmark = 65% S&P 500 Index, 25% S&P Europe 350 Index & 10% S&P Asia 50 Index
#
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.9 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
21
JANUARY 2011
Characteristic
3-year Fund Volatility
+
11.4
PACIFIC ASIAPAC INCOME FUND
low Lipper Analytics 15 Jan 11
Pacific AsiaPac Income Fund aims to provide steady and attractive income and moderate growth in the medium to long term by investing in a portfolio of Malaysian and foreign securities.
Fairly Conservative
Launch Date 28 November 2006
Financial Year End 31 December
Manager’s Comments • Asian equity markets finished the month lower, on fresh concerns over potential contagion of regime changes in Tunisia and Egypt. While the US continued to registered better macroeconomic data points, China remained on its interest rate tightening path. • A number of transactions were made during the month, mainly to meet a substantial redemption.
As at end of January 2011
Fund Size 297 million units
NAV Per Unit
• Fixed income allocation was higher at 51% compared to 48% previously largely due to continued outflow of funds. Investment actions were passive on yield accumulation as the Fund remains on liquidity management mode. As the current level is within the long-term target allocation range, investment actions will remain neutral pending events that may require portfolio rebalancing.
RM0.4858
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (14 December 2006 - 31 January 2011)
9.38 4.96 3.58 3.27 2.34 2.29 1.96
0
-10 -20 -30
1.38 1.22 0.89
Pacific AsiaPac Income Fund
Jan 11
Top 10 sectors: Banks Exchange Traded Fund Materials Energy Real Estate Insurance Semiconductors & Semiconductors Equipment Capital Goods Automobiles & Components Media
Dec 09
(Foreign Investments 35.51%)
Dec 08
%
Asset Allocation
10
Dec 07
Collective Investment Scheme 8.18% Quoted Equities 36.36%
20
Dec 06
Cash & Liquid Assets 7.97%
PERCENTAGE GROWTH %
30 Fixed Income & Other Debt Securities 47.49%
Composite Benchmark
(40% MXAPJ & 60% 3-Month KLIBOR)
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(28 November 2006 - 31 January 2011)
(Sector: Mixed Asset MYR Balanced - Global)
Pacific Composite Ranking AsiaPac Income Benchmark# (%) Fund* (%) 6 Months
5.43
5.32
12/12
1 Year
5.68
5.39
8/12
3 Years
4.36
6.51
6/10
Since 14 December 2006
7.12
14.74
-
Top 10 Holdings As At 31 January 2011
NAV Per Unit (RM) Highest 1 November 2007
0.5525
Lowest 20 November 2008
0.3549
Distribution & Unit Split Based On Calendar Year
% of NAV
Year
Lyxor ETF MSCI Taiwan (SG)
4.96
2006
-
-
Samsung Electronics Co., Ltd. (KR)
1.96
2007
0.025
-
China Construction Bank Corporation (HK)
1.60
2008
-
-
Hana Financial Group Inc (KR)
1.46
2009
-
-
BHP Billiton Limited (AU)
1.39
2010
-
-
Industrial and Commercial Bank of China Limited (HK)
1.30
2011 (ended 31 January 2011)
-
-
Hyundai Motor Company (KR)
1.22
Newcrest Mining Limited (AU)
1.14
DBS Group Holdings Limited (SG)
1.08
Keppel Corporation Limited (SG)
0.97
Gross Distribution (RM) Unit Split
* Source: Lipper #
Composite Benchmark = 40% MXAPJ & 60% 3-Month KLIBOR
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 11.4 and Low (above 4.3 and below/same as 11.8) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
22
3-year Fund Volatility
+
15.8
PACIFIC DANA DIVIDEN
high Lipper Analytics 15 Jan 11
Pacific Dana Dividen aims to provide capital growth and steady and attractive income in the medium to long term by investing in a portfolio of equities that are paying or have the potential to pay attractive dividends and that comply with Shariah requirements.
JANUARY 2011
Characteristic Fairly Aggressive
Manager’s Comments
Launch Date
• The equity allocation of Pacific Dana Dividen was reduced to 90.49% from 92.29% recorded in the previous month as the Fund was a net seller of equities.
Financial Year End
• Most of the sales were done when the Fund trimmed holdings, both local and foreign when prices rallied. A position in a Hong Kong manufacturer of apparel was exited as valuation was already fair.
As at end of January 2011
26 July 2007
30 June
Fund Size
• In line with the decision to reduce its underweight position in the US, exposure to US equities was increased as the Fund initiated positions in a US consumer stock, a US oil services company and a US retailer. A position in a Malaysian telecommunications company was initiated as an attractive dividend payout by the company was expected.
113 million units
• The Fund may continue to build up positions in the US market, especially if there is a strong re-rating of stocks in the current reporting season.
Lipper Leader
NAV Per Unit RM0.5494
Total Return
Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark*
HHH
(14 August 2007 - 31 January 2011)
0 -10 -20 -30
Pacific Dana Dividen
Total Return As At 31 January 2011
Composite Benchmark (50% FBMS & 50% DJIM)
Highest & Lowest Net Asset Value (NAV) Per Unit
(Sector: Equity Global - Islamic)
Pacific Composite Dana Benchmark# (%) Dividen* (%)
Jan 11
-40 Aug 10
Asset Allocation
16.88 13.57 11.04 10.21 7.50 5.41 3.77 3.75 3.63 3.22
Aug 09
Top 10 sectors: Capital Goods Food Beverage Materials Telecommunication Services Retailing Energy Real Estate Utilities Software & Services Household & Personal Products
10
Aug 08
(Foreign Investments 31.94%)
Aug 07
Quoted Shariah-Compliant Equities 90.49%
PERCENTAGE GROWTH %
20 Islamic Money Market Instruments 9.51%
(26 July 2007 - 31 January 2011)
Ranking
6 Months
10.97
13.32
4/5
1 Year
15.49
13.79
2/4
3 Years
3.76
0.92
1/3
Since 14 August 2007
9.88
1.02
-
NAV Per Unit (RM) Highest 13 January 2011
0.5666
Lowest 10 March 2009
0.3375
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
Sime Darby Bhd
6.28
2007
Gross Distribution (RM) Unit Split -
-
IOI Corporation Bhd
5.44
2008
-
-
Axiata Group Bhd
4.10
2009
-
-
YNH Property Bhd
3.77
2010
-
-
Tenaga Nasional Bhd
3.75
2011 (ended 31 January 2011)
-
-
Microsoft Corporation (US)
3.63
New World Department Store China (HK)
3.29
Procter & Gamble Company (US)
3.22
Newcrest Mining Limited (AU)
3.03
IJM Corporation Bhd
3.02
* Source: Lipper Benchmark: Since inception to 31 October 2007 = Composite Benchmark [50% in Syariah Index (KLSI) & 50% in Dow Jones Islamic Market World Index (DJIM)]; From 1 November 2007 onwards = Composite Benchmark [50% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) & 50% DJIM].
#
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 15.8 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
23
JANUARY
3-year Fund Volatility
10.4
PACIFIC ADVANTAGE GDP MOMENTUM FUND
2011
Characteristic
+
low Lipper Analytics 15 Jan 11
Pacific ADVANTAGE GDP Momentum Fund aims to achieve capital growth and income over the medium to long term by investing in a diversified portfolio of global equities, equity-related securities and collective investment schemes and, Malaysian fixed income securities and money market instruments.
Fairly Conservative
Launch Date 3 September 2007
Manager’s Comments
Financial Year End
• January continued to witness good equities returns especially in the developed countries. S&P returned over 2% in the month. The biggest gain was in the European markets. Euro Stoxx 50 returned over 8% in USD terms. MSCI Far East Free Ex Japan and MSCI Zhong Hua were up only 0.6% and 0.5% respectively in USD terms with concerns over China monetary tightening. In USD terms, Brazil was down over 4% and India was down over 10%. Emerging markets significantly underperformed developed markets in January.
30 June As at end of January 2011
Fund Size 168 million units
• The Fund remained overweight equities in January and did not have any significant trades in the month.
NAV Per Unit RM0.4710
Morningstar Rating
TM
• Fixed income allocation was marginally higher at 38% compared to 37% previously due to net outflow of funds. As the current level is within the long-term target allocation range, investment actions will remain neutral pending events that may require portfolio rebalancing.
HHHH
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (24 September 2007 - 31 January 2011)
Cash & Liquid Assets 6.48% Collective Investment Scheme 28.47%
Asset Allocation
Quoted Equities 33.96% (Foreign Investments 33.96%)
Top sector: Exchange Traded Fund
33.96
PERCENTAGE GROWTH %
5 Fixed Income & Other Debt Securities 31.09%
0 -5 -10 -15 -20 -25 -30
Pacific ADVANTAGE GDP Momentum Fund
Pacific Composite Ranking ADVANTAGE GDP Benchmark# (%) Momentum Fund (%) 1 Year 3 Years Since 24 September 2007
Jan 11
Sep 10
(50% NDDUWIL & 50% 3-Month KLIBOR)
(3 September 2007 - 31 January 2011)
(Sector: Mixed Asset MYR Balanced - Global)
6.15
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
6 Months
Sep 09
Sep 08
Sep 07
-35
6.81
9/12
4.09
4.34
9/12
1.57
-0.91
7/10
-5.80
-7.56
-
NAV Per Unit (RM) Highest 5 November 2007
0.5100
Lowest 10 March 2009
0.3810
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings^ As At 31 January 2011 % of NAV
Year
HSBC GIF Euroland Equity Fund Class Z Dis (LU)
11.09
2007
Gross Distribution (RM) Unit Split -
-
PowerShares QQQ (US)
8.99
2008
-
-
iShares MSCI Japan Index Fund (US)
4.85
2009
-
-
iShares S&P Latin American 40 Index Fund (US)
4.71
2010
-
-
HSBC GIF Hong Kong Equity Fund Class Z Dis (LU)
4.39
2011 (ended 31 January 2011)
-
-
iShares MSCI Emerging Markets Index Fund (US)
4.35
iShares Russell 2000 Index Fund (US)
4.31
iShares MSCI Singapore Index Fund (US)
3.25
HSBC GIF Chinese Equity Class Z Dis (LU)
3.14
HSBC GIF Asia EX Japan Equity Fund Class Z Dis (LU)
2.81
^ Includes exchange traded funds (ETFs) and foreign collective investment schemes (CIS). #
Composite Benchmark = 50% NDDUWIL & 50% 3-Month KLIBOR.
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 10.4 and Low (above 4.3 and below/same as 11.8) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
24
JANUARY
PACIFIC FOCUS CHINA FUND Pacific Focus China Fund aims to achieve attractive capital growth in the medium to long term by investing predominantly in equities and equity-related securities of companies listed in the greater China region which covers China, Hong Kong S.A.R. and Taiwan markets and may invest in companies listed in other markets that have significant or potentially significant business in the greater China region.
2011
Characteristic Aggressive
Launch Date
Manager’s Comments
19 May 2009
• The solid expansion of China’s economy continued in the last quarter of 2010. Monthly macro data for December confirmed the strong momentum across various sectors of the economy during the fourth quarter, with rising domestic demand and some notable recovery in the export sector along with the backdrop of improving global demand. Hong Kong shares continue to hold up well in January despite further monetary tightening in China and concerns over Egypt’s political crisis towards the end of the month. Taiwan’s December export orders came in as a further sign to confirm the solid, broad-based upturn in the export sector, consistent with the latest positive signal on the global manufacturing sector and overall external demand. • During the month, the Fund bought into the food beverage and tobacco, materials, real estate, technology hardware and equipment sectors and disposed of some stocks in the capital goods, materials, real estate, technology hardware & equipment and semiconductors & semiconductors’ equipment sectors.
Asset Allocation As At 31 January 2011
Financial Year End 31 March As at end of January 2011
Fund Size 170 million units
NAV Per Unit RM0.2633
Fund Performance vs Benchmark* (12 June 2009 - 31 January 2011)
25 Cash & Liquid Assets 4.96%
10 5 0 -5
-10
Pacific Focus China Fund
Total Return As At 31 January 2011 MXGD (%)
Jan 11
MXGD
Highest & Lowest Net Asset Value (NAV) Per Unit
(Sector: Equity Greater China) Pacific Focus China Fund* (%)
Sep 10
Mar 10
Jun 10
-15 Dec 09
Asset Allocation
14.88 12.59 9.80 7.37 7.06 6.17 6.16 5.21 4.30 4.05
15
Sep 09
Top 10 sectors: Banks Technology Hardware & Equipment Real Estate Energy Materials Telecommunication Services Insurance Consumer Services Food & Staples Retailing Food Beverage & Tobacco
Jun 09
(Foreign Investments 95.04%)
PERCENTAGE GROWTH %
20
Quoted Equities 95.04%
(19 May 2009 - 31 January 2011)
Ranking
6 Months
6.64
11.74
4/6
1 Year
4.69
8.47
3/6
Since 12 June 2009
5.32
14.78
-
NAV Per Unit (RM) Highest 8 November 2010
0.2819
Lowest 5 July 2010
0.2309
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
Industrial and Commercial Bank of China Limited (HK)
4.18
2009
Gross Distribution (RM) Unit Split -
-
China Construction Bank Corporation (HK)
4.08
2010
-
-
CNOOC Limited (HK)
3.52
2011 (ended 31 January 2011)
-
-
Taiwan Mobile Co., Ltd (TT)
3.44
Taiwan Semiconductor Manufacturing Co., Ltd (TT)
3.26
Ping An Insurance (Group) Company of China Limited (HK)
3.12
Formosa International Hotels Corporation (TT)
3.06
China Mobile Limited (HK)
2.73
Hon Hai Precision Industry (TT)
2.71
Jardine Matheson Holdings Limited (SG)
2.55
* Source: Lipper
25
JANUARY 2011
Characteristic Fairly Aggressive
Launch Date
PACIFIC ELITE DIVIDEND FUND
Pacific ELITE Dividend Fund aims to achieve capital growth and steady recurring income in the medium to long term by investing in a portfolio of Malaysian equities that are paying or have the potential to pay attractive dividends. The Fund may also invest in Malaysian fixed income securities and money market instruments. A tactical asset allocation strategy will be employed in managing the portfolio.
Manager’s Comments • The equity allocation of Pacific ELITE Dividend Fund was maintained at 92%. Gross equity sales was nearly equal in value to gross purchases.
5 February 2010
• Buying was conducted in a concentrated manner, via 10 stocks. Positions were increased in the plantations, utilities and automotive sectors.
Financial Year End
• Positions were sold in REITS, property and the oil and gas sectors.
31 March
• The Fund will look for opportunities to lock in profits on overvalued stocks and switch into fundamentally sound laggards, especially those with attractive yields.
As at end of January 2011
Fund Size 198 million units
Asset Allocation As At 31 January 2011
Top 10 Holdings As At 31 January 2011
NAV Per Unit
% of NAV
RM0.5916 Cash & Liquid Assets 7.83%
Asset Allocation
Quoted Equities 92.17% Top 10 sectors: Banks Telecommunication Services Capital Goods Food Beverage & Tobacco Utilities Transportation Materials Consumer Services Automobiles & Components Diversified Financials
17.76 12.23 12.05 10.53 10.14 8.90 5.12 4.67 3.22 2.91
CIMB Group Holdings Bhd
7.69
Sime Darby Bhd
6.37
Tenaga Nasional Bhd
6.04
IOI Corporation Bhd
5.73
Malayan Banking Bhd
5.35
Axiata Group Bhd
4.81
Kuala Lumpur Kepong Bhd
4.80
Petronas Gas Bhd
4.10
Maxis Bhd
4.04
IJM Corporation Bhd
3.90
Highest & Lowest Net Asset Value (NAV) Per Unit (5 February 2010 - 31 January 2011)
NAV Per Unit (RM) Highest 17 January 2011
0.6099
Lowest 25 May 2010
0.4880
PACIFIC ELIT DANA AMAN
JANUARY 2011
Characteristic Fairly Aggressive
Launch Date 5 February 2010
Pacific ELIT Dana Aman aims to achieve consistently above average capital growth and income over a medium to long-term period by investing in a diversified portfolio of Malaysian Shariah-compliant securities. The Fund may also invest in Malaysian Islamic money market instruments. A tactical asset allocation strategy will be employed in managing the portfolio.
Manager’s Comments • The equity allocation of Pacific ELIT Dana Aman was reduced marginally to 88.53% from 90.44% recorded in the previous month mainly due to inflow of monies from the net creation of units. The Fund was a net buyer of equities in the period. • Purchases were made across a number of holdings and sectors with the exception of the oil and gas sector, where positions were reduced as stock prices rallied. • The Fund will trade on its existing positions in the current volatile market.
Financial Year End 31 March As at end of January 2011
Asset Allocation As At 31 January 2011
Top 10 Holdings As At 31 January 2011
Fund Size
% of NAV
35 million units Islamic Money Market Instruments 11.47%
NAV Per Unit RM0.5946 Asset Allocation
Quoted Shariah-Compliant Equities 88.53% Top 10 sectors: Capital Goods 20.60 Food Beverage 15.70 Telecommunication Services 11.62 Utilities 11.47 Transportation 7.54 Materials 6.46 Energy 6.01 Automobiles & Components 3.36 Media 2.33 Health Care Equipment & Services 1.10
Tenaga Nasional Bhd
7.45
Sime Darby Bhd
7.30
Kuala Lumpur Kepong Bhd
6.80
Axiata Group Bhd
6.10
IOI Corporation Bhd
5.82
Petronas Gas Bhd
4.02
MISC Bhd
3.88
IJM Corporation Bhd
3.85
Maxis Bhd
3.60
Malaysian Resources Corporation Bhd
3.49
Highest & Lowest Net Asset Value (NAV) Per Unit (5 February 2010 - 31 January 2011)
NAV Per Unit (RM)
26
Highest 17 January 2011
0.6117
Lowest 25 May 2010
0.4835
Notes: According to the Securities Commission's Guidelines on Unit Trust Funds, performance figures of less than one year should not be published.
JANUARY
PACIFIC ELIT DANA DIVIDEN
Pacific ELIT Dana Dividen aims to achieve capital growth and steady and attractive income over the medium to long term by investing in a portfolio of global Shariah-compliant equities that are paying or have the potential to pay attractive dividends. The Fund may also invest in Malaysian sukuk and Islamic money market instruments. A tactical asset allocation strategy will be employed in managing the portfolio.
2011
Characteristic
Manager’s Comments
Fairly Aggressive
• he equity allocation of Pacific ELIT Dana Dividen rose to 92.17% from 88.13% recorded in the previous month, although the Fund was only a small net buyer of equities.
Launch Date
• Some switching of stocks was conducted. Positions exited were a Chinese oil company, a Hong Kong utilities company, a Hong Kong manufacturer of apparel, a Korean technology company and a Malaysia property company.
5 February 2010
• The new positions initiated included a Malaysian property company, a US consumer stock, a US oil company, a US oil services company and a US retailer. A position in a Malaysian telecommunications company was also initiated as an attractive dividend payout by the company was expected.
Financial Year End
• The Fund may continue to build up positions in the US market, especially if there is a strong re-rating of stocks in the current reporting season.
% of NAV Islamic Money Market Instruments 7.83% Quoted Shariah-Compliant Equities
92.17%
(Foreign Investments 31.71%)
Asset Allocation
Top 10 sectors: Capital Goods Food Beverage Telecommunication Services Energy Materials Retailing Transportation Utilities Media Software & Services
19.64 13.43 10.81 9.73 8.66 6.38 5.81 2.96 2.82 2.75
As at end of January 2011
Fund Size 32 million units
Top 10 Holdings As At 31 January 2011
Asset Allocation As At 31 January 2011
31 March
IOI Corporation Bhd
6.48
Sime Darby Bhd
5.75
Axiata Group Bhd
4.32
New World Department Store China (HK)
3.88
IJM Corporation Bhd
3.30
Newcrest Mining Limited (AU)
3.22
Tenaga Nasional Bhd
2.96
Media Chinese International Limited
2.82
WCT Bhd
2.76
Malaysian Resources Corporation Bhd
2.76
NAV Per Unit RM0.5641
Highest & Lowest Net Asset Value (NAV) Per Unit (5 February 2010 - 31 January 2011)
NAV Per Unit (RM) Highest 13 January 2011
0.5826
Lowest 26 May 2010
0.4669
PACIFIC ELIT ISLAMIC ASIAPAC BALANCED FUND
Pacific ELIT Islamic AsiaPac Balanced Fund aims to achieve steady and attractive income and, capital growth in the medium to long term by investing in a balanced portfolio of Malaysian and foreign (Asia Pacific) Shariah-compliant securities. The Fund may also invest in Malaysian Islamic money market instruments.
Manager’s Comments • The equity allocation of Pacific ELIT Islamic AsiaPac Balanced Fund was reduced to 55.64% from 56.08% recorded in the previous month as the Fund was a net seller of equities. • Positions exited during the month were a Chinese oil company and a Hong Kong utilities company, all on strength. The Fund also trimmed some positions in oil and gas, property and construction as prices rallied, hence locking in some profit.
JANUARY 2011
Characteristic Fairly Conservative
Launch Date
• The Fund participated in an IPO and also initiated new positions in two oil and gas companies. • The Fund will ride any upward momentum, possibly switching from overbought stocks to fundamentally sound stocks that have corrected sufficiently from overbought levels and laggards.
5 February 2010
• Fixed income allocation was marginally higher at 27% from 26% previously as a result of net outflow of funds during the period. Current allocation is within its strategised weights pending stabilisation of fund flows.
Financial Year End
Asset Allocation As At 31 January 2011
Top 10 Holdings As At 31 January 2011
31 March As at end of January 2011
Fund Size % of NAV Unquoted Sukuk 26.52% Islamic Money Market Instruments 17.84% Quoted Shariah-Compliant Equities 55.64% (Foreign Investments 19.24%)
Asset Allocation
Top 10 sectors: Capital Goods Materials Telecommunication Services Food Beverage Energy Utilities Retailing Transportation Real Estate Consumer Services
14.11 9.72 7.18 6.96 4.59 4.32 4.04 2.74 1.07 0.91
27 million units
Sime Darby Bhd
5.69
Tenaga Nasional Bhd
4.32
NAV Per Unit
Newcrest Mining Limited (AU)
4.20
RM0.5343
China Mobile Limited (HK)
4.06
Cahya Mata Sarawak Bhd
4.05
New World Department Store China (HK)
4.04
Axiata Group Bhd
3.12
IOI Corporation Bhd
3.03
Kuala Lumpur Kepong Bhd
2.27
WCT Bhd
2.21
Highest & Lowest Net Asset Value (NAV) Per Unit (5 February 2010 - 31 January 2011)
NAV Per Unit (RM) Highest 13 January 2011
0.5470
Lowest 26 May 2010
0.4819
Notes: According to the Securities Commission's Guidelines on Unit Trust Funds, performance figures of less than one year should not be published.
27
JANUARY 2011
Characteristic Fairly Aggressive
Launch Date 12 April 2010
Financial Year End 31 March As at end of January 2011
Fund Size 14 million units
NAV Per Unit RM0.5274
PACIFIC GLOBAL AGRICULTURE, INFRASTRUCTURE AND RESOURCES FUND Pacific Global A.I.R. Fund aims to achieve attractive capital growth and income in the medium to long term by investing in a portfolio of global investments that are related to sectors that provide support to global trade and production, integral to human life and economic growth.
Manager’s Comments • The equity exposure of Pacific Global A.I.R. Fund rose to 91.35% from 89.07% recorded in the previous month as net equity sales was offset by redemptions. • The Fund increased its positions in selected mining, oil and gas, pharmaceutical, plantations and technology companies during the month, but trimmed its positions in selected coal, steel and transportation names on price strength. • Due to attractive valuations and earnings recovery potential, the Fund also increased its exposure to US-listed stocks. • Positions initiated during the month include a Hong Kong-listed oil and gas stock, a US-listed oil and gas services provider, a US-listed low-cost carrier and a Singapore-listed edible oils refiner. • The Fund exited its positions in the H-shares of a steel player, a leading Korean technology stock, an Indonesian-listed coal company that was newly listed and a Malaysian fibre-optic provider on price strength. • The Fund will continue to adopt an opportunistic stance to ride the current market volatility and will look to increase its US exposure on further price weakness.
Highest & Lowest Net Asset Value (NAV) Per Unit
Asset Allocation As At 31 January 2011
(12 April 2010 - 31 January 2011)
NAV Per Unit (RM) Cash & Liquid Assets 8.65% Quoted Equities 91.35% (Foreign Investments 83.11%)
Asset Allocation
Top 10 sectors: Energy 19.12 Materials 18.41 Transportation 15.56 Capital Goods 10.58 Food Beverage & Tobacco 7.83 Pharmaceuticals, Biotechnology & 5.65 Life Sciences Utilities 5.08 Telecommunication Services 4.66 Semiconductors & 3.46 Semiconductors Equipment Food & Staples Retailing 1.00
Highest 4 January 2011
0.5532
Lowest 5 July 2010
0.4767
Top 10 Holdings As At 31 January 2011 % of NAV
28
Sime Darby Bhd
5.10
Ezra Holdings Limited (SG)
4.69
China Mobile Limited (HK)
4.66
Barrick Gold Corporation (US)
4.45
Rio Tinto Limited (AU)
4.21
Singapore Airlines Limited (SG)
3.80
China Communications Construction Company Limited (HK)
3.73
Johnson & Johnson (US)
3.61
Intel Corporation (US)
3.46
Glow Energy Public Company Limited-NVDR (TH)
3.32
Notes: According to the Securities Commission's Guidelines on Unit Trust Funds, performance figures of less than one year should not be published.
WATCH PP 11860/03/2011(029150)
FEBRUARY 2011/0100
Equity Market Review, Outlook & Strategy
succumbed to heavy profit taking ahead of the Tenang by-elections and the Chinese New Year festivities. Markets also took a beating due to the protests in Egypt ahead of the holidays. Falling commodities prices hit shares of natural resources companies. The FBM KLCI ended the month flat while Thailand, Indonesia and Philippines were among the hardest hit in the region with declines of 7%, 8% and 8% respectively. Chinese stocks also fell due to persistent concerns on the multiple measures undertaken to curb inflation and stem credit expansion. In the US, stocks climbed higher (DJIA near 29-month closing high) boosted by strong corporate earnings and bouts of positive data. On the local macro front, Malaysia’s data released during January remained lacklustre. Malaysia’s industrial production picked up from 3.1% year-on-year in October 2010 to 5.1% in November 2010 but was below market expectations of a 5.9% increase. There was a further sharp slowdown in the production of electrical and
T
electronics (E&E) products which marked the fourth consecutive he local market and many other markets kicked
month of a sharp slowdown. The nation’s trade bounced back to
off 2011 on a high note after improved economic data
5.3% year-on-year in November from 1.3% in October and versus
boosted investors’ confidence and outlook for equities
6.9% in September, but exports of E&E products continued to fall.
in the new year and as Asia continued to attract strong
Separately, Malaysia’s inflation rate picked up to 2.2% in December,
foreign inflows in the first week. The FBM KLCI raced
the fastest pace in 19 months from 2.0% in November. However,
to a new high of 1,576.95 but was subsequently, caught in the
Bank Negara’s Monetary Policy Committee left the overnight policy
sell-down of regional markets, which was sparked by renewed
rate unchanged for the third time in a row at 2.75% on 27 January.
concerns over inflationary threats and worries over further tightening in China. The local bourse was initially quite steady as
In the developed countries, there were some comforting signs.
several stocks in the oil and gas sector attracted ample interest
The OECD composite leading indicator picked up for the third
on the back of a wave of positive newsflow in the sector. It then
consecutive month in November, suggesting that OECD economic
CONTENTS
...continue Equity Market Responsibility Statement And Disclaimer Fixed Income Our Funds Pacific Premier Fund Pacific Pearl Fund Pacific Dana Aman Pacific Millennium Fund Pacific Recovery Fund Pacific Income Fund
1-2 2 3 4-7 8 9 10 11 12 13
Pacific Dana Murni Pacific SELECT Balance Fund Pacific SELECT Income Fund Pacific Dividend Fund Pacific Focus18 Fund Pacific Cash Fund Pacific Asia Brands Fund Pacific Global Stars Fund
14 15 16 17 18 19 20 21
Pacific AsiaPac Income Fund
22
(formerly known as Pacific S&P Global STARS Fund)
BEST EQUITY FUND MANAGER BEST MIXED ASSETS FUND MANAGER
www.pacificmutual.com.my
03 - 7725 9877
Pacific Dana Dividen Pacific ADVANTAGE GDP Momentum Fund Pacific Focus China Fund Pacific ELITE Dividend Fund Pacific ELIT Dana Aman Pacific ELIT Dana Dividen Pacific ELIT Islamic AsiaPac Balanced Fund Pacific Global Agriculture, Infrastructure And Resources Fund
23 24 25 26 26 27 27 28
...continue
activities gained some momentum. In the US, there was some job recovery which managed to reduce the unemployment rate slightly, from 9.8% to 9.4% of total labour force in December. The US economy grew at an annualised rate of 3.2% in the fourth quarter faster than 2.6% and 1.7% in the third quarter and second quarter respectively. On a negative note, Standard & Poor’s downgraded Japan’s sovereign debt from AA to AA- due to its heavy debt burden. Earlier, Japan had announced it was planning to buy Euroland sovereign bonds, joining China to help the region deal with the debt crisis. Meanwhile, several countries like Thailand, South Korea and India raised interest rates in their efforts to curb inflation. Improving macroeconomic data is a boost to the outlook for
equities.
However,
inflation
still
being
a
major
concern is likely to continue to weigh on the market. The current reporting season should also provide some leads for markets.
This newsletter is published by Pacific Mutual Fund Bhd (336059-U) for information purposes only based on available data which are believed to be reliable at the time of publication. Under no circumstances is it to be considered as an offer to sell, or a solicitation of any offer to buy. No responsibility for loss occasioned by any person acting or refraining from action as a result of this publication can be accepted by the editors or Pacific Mutual Fund Bhd. Prospectuses dated 3 September 2010, 15 November 2010 and 5 Febuary 2011, and Supplementary Prospectuses dated 22 December 2010, which are to be read together with the respective Prospectuses, are all obtainable at our offices. They have been registered by, and lodged with the Securities Commission, who takes no responsibility for their contents. Units will only be issued when we receive the official application form referred to in and accompanying the Prospectuses. You are advised to read and understand the Prospectuses, and if necessary, consult your advisers, as well as consider the fees and charges involved before investing. Net asset values and distributions payable, if any, may go down as well as up. Past performance is not an indication of future performance. Where a unit split/distribution is declared, you are advised that following the issue of additional units/distribution, the NAV per unit will be reduced from pre-unit split NAV/cum-distribution NAV to post-unit split NAV/ex-distribution NAV. Where a unit split is declared, the value of investments in Ringgit Malaysia will remain unchanged after the distribution of the additional units. Our Funds are subject to these specific risks – Pacific Premier Fund, Pacific Dana Aman, Pacific Millennium Fund, Pacific Income Fund, Pacific SELECT Balance Fund and Pacific ELIT Dana Aman – company specific risk; Pacific Pearl Fund – liquidity risk; Pacific Recovery Fund – expectation risk; Pacific Dana Murni and Pacific SELECT Income Fund – credit risk; Pacific Dividend Fund, Pacific Dana Dividen, Pacific ELITE Dividend Fund, Pacific ELIT Dana Dividen and Pacific ELITE Asia Dividend Fund – dividend policy risk; Pacific Focus18 Fund – concentration risk; Pacific Cash Fund – interest rate risk; Pacific Asia Brands Fund, Pacific Global Stars Fund (formerly known as Pacific S&P Global STARS Fund), Pacific AsiaPac Income Fund and Pacific ADVANTAGE GDP Momentum Fund – currency risk; Pacific ELITE Global Strategic Fund – timing of asset allocation risk; Pacific Focus China Fund, Pacific ELIT Islamic AsiaPac Balanced Fund and Pacific ELITE Emerging Markets Fund – country and/or foreign securities risk; Pacific Global A.I.R. Fund – sector specific risk; and Pacific ELITE China Growth Fund – target fund risk. Description of these risks is published in our Prospectuses. The performance of the Funds is calculated on a bid-to-bid basis including any capital gains and re-invested income distributions. Source of performance charts: Lipper. The industry classifications are based on MSCI’s Global Industry Classification Standard. Returns of benchmarks, which are indices that track foreign markets, have been adjusted by the movement of the Malaysian Ringgit (MYR) against the foreign currencies.
Published by : Pacific Mutual Fund Bhd (336059-U) 1001, Level 10, Uptown 1, No. 1 Jalan SS21/58, Damansara Uptown, 47400 Petaling Jaya, Selangor. Printed by : Percetakan Lian Yik Sdn Bhd (652953-D) No. 20, Jalan 11/118B, Desa Tun Razak, Cheras, 56000 Kuala Lumpur.
Fixed
Income
T
he Treasury market welcomed the New Year on a steadier note as the prior year’s rise in yields sparked bargain hunting activities. Additional boosts came from lingering concerns about the Eurozone sovereign debt problems and weakness in US stocks. Yields on municipal and local government bonds rose steadily on headline grabbing news flow on potential defaults, exacerbating investor outflows. Towards mid January, prices of Treasuries alternated between gains and losses on economic releases and news flow on the Eurozone. As widely expected, the Federal Reserve maintained its dovish tone at January’s monetary policy meeting with more emphasis placed on the intention to complete the QE2 bond purchases. The Federal funds rate was left unchanged within the 0.0-0.25% range which kept short-term yields low. The Federal Reserve continued to signal guarded optimism over the economy and noted that pace of recovery had been insufficient to bring significant improvements in labour market conditions. Expectations for positive news on fiscal consolidation provided a slight boost to Treasuries, pushing long-term yields lower by 5 basis points. Thereafter, yields were range bound as trades were dominated by Federal Reserve purchases and mixed economic releases. For the month of January, the UST curve steepened with short-term yields ended firmer on the Federal Reserve holding steady and flight to quality from the political unrest in Egypt. Long-term yields extended losses, rising in excess of 8 basis points and 24 basis points along the 10-year and 30-year tenure as investors priced in growth expectations. Malaysian Government Bonds (MGS) opened higher in 2011 following sharp appreciation of the Ringgit against the Greenback and portfolio rebuilding. Towards mid-January, benchmark yields aligned higher amid fresh government bond supply. The first auction of the year, RM3.50 billion 10-year MGS, gathered modest demand of 2.296 times at an average yield of 4.16%. Bearish sentiment in the MGS market was also attributed to a rebound in exports and industrial production in November as well as higher consumer prices in December which rose to 2.20% on year, reaching the highest level in 19 months on higher food and fuel prices. During the month, Bank Negara Malaysia held the overnight policy rate unchanged at 2.75% for the third consecutive times at its first Monetary Policy Committee meeting this year. Despite the unchanged assessment of monetary policy, the Central Bank hinted on the use of statutory reserve requirement and other macro prudential lending measures to manage the buildup of liquidity in the financial system. The MGS curve steepened during the month led by increases along the wings of the curve, with 3-year yield increasing by 10 basis points while 20-year yield added 29 basis points.
3
OUR FUNDS
As at end of January 2011 Notes: FUND
A G G R E S S I V E
PACIFIC FOCUS CHINA FUND Type: Growth
PACIFIC ELITE CHINA GROWTH FUND Type: Growth
PACIFIC FOCUS18 FUND Type: Growth
MAXIMUM EQUITY ALLOCATION
NAV PER UNIT
1-YEAR RETURN1
3-YEAR RETURN1
5-YEAR RETURN1
TOTAL RETURN SINCE LAUNCH
• Focuses mainly on greater China: China, Hong Kong, Taiwan. • Also, companies listed in other countries with significant business in the greater China region.
100%
RM0.2633
4.69
-
-
5.32%
-
NR
Invests in collective investment scheme called the LionGlobal China Growth Fund.
100%
RM0.4965
-
-
-
-4
-
NR
Concentrated portfolio - targets 18 stocks best stock ideas3.
100%
RM0.5407
8.96%
-0.14%
53.51%
63.16%
INVESTMENTS
1
LIPPER LEADER1
Total Return Consistent Return
MORNINGSTAR RATINGTM 2
★★★★★
1. Source: Lipper Hindsight. 2. Copyright © 2010 Morningstar. All Rights Reserved. The information, data and opinions expressed ("Information") and contained herein: (1) are proprietary to Morningstar and/or its content providers and are not intended to represent investment advice or recommendation to buy or sell any security; (2) may not be copied or distributed without express license to do so; and (3) are not warranted to be accurate, complete or timely. Morningstar reserve its rights to change for access to these Ratings and/or Rating report. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Rating, Rating Report or Information contained therein. 3. The best selection based on our indepth fundamental company analysis.
PACIFIC ASIA BRANDS FUND Type: Growth
Global companies with strong brand equity in the Asian region.
100%
RM0.4329
5.27%
3.53%
-
11.98%
Total Return Consistent Return
★★★
4. According to the Securities Commission's Guidelines On Unit Trust Funds, performance data of less than a year should not be published. NR No Rating.
PACIFIC GLOBAL A.I.R. FUND Type: Growth & Income
G L O B A L
PACIFIC ELITE EMERGING MARKETS FUND Type: Growth & Income
PACIFIC ELITE GLOBAL STRATEGIC FUND Type: Growth & Income
PACIFIC GLOBAL STARS FUND
F U N D S
(formerly known as Pacific S&P Global STARS Fund) Type: Growth & Income
PACIFIC ELITE ASIA DIVIDEND FUND Type: Growth & Income
PACIFIC DANA DIVIDEN Type: Growth & Income
PACIFIC ELIT DANA DIVIDEN Type: Growth & Income
C O N S E R V A T I V E
PACIFIC ADVANTAGE GDP MOMENTUM FUND Type: Growth & Income
PACIFIC ELIT ISLAMIC ASIAPAC BALANCED FUND Type: Growth & Income
PACIFIC ASIAPAC INCOME FUND Type: Income & Growth
4
Focuses mainly on agriculture, infrastructure and resources.
100%
RM0.5274
-
-
-
-4
-
NR
Portfolio of investments predominantly listed or available in global emerging markets. Dynamic asset allocation.
100%
RM0.4983
-
-
-
-4
-
NR
Global securities with growth potential. Dynamic asset allocation.
100%
RM0.5104
-
-
-
-4
-
NR
Global stocks that have good growth potential.
100%
RM0.4477
8.14%
4.88%
-
12.13%
Asian stocks paying or expected to pay attractive dividends.
100%
RM0.5111
-
-
-
-4
Shariah-compliant stocks that pay or are expected to pay attractive dividend yields.
100%
RM0.5494
15.49%
3.76
-
9.88%
Global Shariah-compliant stocks that pay or expected to pay attractive dividend yields.
100%
RM0.5641
-
-
-
-4
-
NR
Investments that benefit from countries with strong GDP size or growth.
60%
RM0.4710
4.09%
1.57%
-
-5.80%
-
★★★★
Balanced Shariah mandate: • Asia Pacific stocks • Local sukuk and Islamic money market instruments
60%
RM0.5343
-
-
-
-4
-
NR
Balanced income mandate: • High dividend yielding stocks and REITs in Asia Pacific • Quality local fixed income securities
50%
RM0.4858
5.68%
4.36%
-
7.12%
-
★★
Total Return Consistent Return
Total Return Consistent Return
★★★★★
NR
★★★
5
OUR FUNDS
As at end of January 2011
NAV PER UNIT
Companies that benefit from economic, sectoral, or structural recovery.
100%
Small cap stocks with strong growth prospects.
Growth and income stocks.
FUND
A G G R E S S I V E
PACIFIC RECOVERY FUND Type: Growth
PACIFIC PEARL FUND Type: Growth
PACIFIC PREMIER FUND Type: Growth & Income
PACIFIC MILLENNIUM FUND Type: Growth & Income
PACIFIC DANA AMAN Type: Growth & Income
L O C A L
PACIFIC ELIT DANA AMAN Type: Growth & Income
PACIFIC DIVIDEND FUND Type: Growth & Income
F U N D S
PACIFIC ELITE DIVIDEND FUND Type: Growth & Income
PACIFIC SELECT BALANCE FUND Type: Growth & Income
PACIFIC INCOME FUND Type: Income & Growth
C O N S E R V A T I V E
6
PACIFIC SELECT INCOME FUND Type: Income
PACIFIC DANA MURNI Type: Income
PACIFIC CASH FUND Type: Income
Notes:
MAXIMUM EQUITY ALLOCATION
INVESTMENTS
1-YEAR RETURN1
3-YEAR RETURN1
5-YEAR RETURN1
TOTAL RETURN1 SINCE LAUNCH
RM0.6229
26.91%
23.57%
121.01%
252.07%
100%
RM0.9736
23.66%
39.27%
127.44%
198.27%
100%
RM0.8268
24.76%
23.24%
103.03%
202.01%
LIPPER LEADER
1
Total Return Consistent Return
Total Return Consistent Return
Consistent Return
MORNINGSTAR RATINGTM 2
★★★★
★★★★★
★★★★
100%
RM0.6857
23.79%
26.16%
107.03%
241.42%
Consistent Return
2. Copyright © 2010 Morningstar. All Rights Reserved. The information, data and opinions expressed ("Information") and contained herein: (1) are proprietary to Morningstar and/or its content providers and are not intended to represent investment advice or recommendation to buy or sell any security; (2) may not be copied or distributed without express license to do so; and (3) are not warranted to be accurate, complete or timely. Morningstar reserve its rights to change for access to these Ratings and/or Rating report. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Rating, Rating Report or Information contained therein. 4. According to the Securities Commission's Guidelines On Unit Trust Funds, performance data of less than a year should not be published.
Total Return Blue chip stocks.
1. Source: Lipper Hindsight.
NR No Rating.
★★★★
Preservation
Shariah-compliant growth and income stocks.
95%
RM0.5996
26.49%
28.12%
96.83%
366.58%
-
★★★★
Shariah-compliant growth and income stocks. Fixed income securities and money market instruments. Dynamic, tactical asset allocation strategy.
100%
RM0.5946
-
-
-
-4
-
NR
Stocks that pay or are expected to pay attractive dividend yields.
100%
RM0.7056
22.89%
27.79%
114.85%
158.64%
Consistent Return
Stocks that pay or expected to pay attractive dividend yields.
100%
RM0.5916
-
-
-
-4
-
Balanced mandate - active asset allocation: • blue chips • growth and income stocks • quality fixed income securities
60%
RM0.6047
13.81%
21.06%
60.06%
82.78%
Consistent Return
125.53%
Consistent Return
Total Return ★★★★
Preservation
NR
★★★
Total Return
Concentrates on income generation via fixed income securities and some equities.
40%
• Fixed income mandate. • Has a small portfolio of stocks for attractive income and moderate growth potential.
20%
RM0.5325
6.14%
12.58%
30.16%
52.15%
Preservation
★★★
Invests only in sukuk.
This Fund has no exposure in equities.
RM0.5385
4.33%
10.06%
18.54%
29.33%
Preservation
★★★
Invests in short-term fixed income and money market securities.
This Fund has no exposure in equities.
RM0.5041
2.79%
8.94%
16.17%
16.99%
RM0.5677
11.70%
17.02%
56.42%
★★★★
Preservation
-
★★★
7
3-year Fund Volatility
JANUARY
17.2
PACIFIC PREMIER FUND
2011
+
high Lipper Analytics 15 Jan 11
Pacific Premier Fund aims to achieve strong long-term capital growth with a consistently attractive income. A strategy has been set up to create a balanced portfolio of equity securities with capital growth prospects and high income yielding and fixed interest securities.
Characteristic Fairly Aggressive
Manager’s Comments
Launch Date 10 August 1995
• The equity allocation of Pacific Premier Fund rose to 91.40% from 89.49% recorded in the previous month due to net equity purchases.
Financial Year End 30 September
• During the month, the Fund initiated positions in a leading telecommunications player and in an aviation stock.
As at end of January 2011
Fund Size
• The Fund also increased its positions in building materials, construction, oil and gas, plantations and selected telecommunications stocks on price weakness.
134 million units
NAV Per Unit
• Positions exited during the month were a mid-cap property developer, a media company and a timber company on price strength.
RM0.8268
Lipper Leader
• The Fund will continue to adopt an opportunistic stance to ride the expected market volatility in the near term.
Consistent Return
Morningstar Rating
TM
HHHH Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (1 September 1995 - 31 January 2011)
150 100 50 0 -50
Pacific Premier Fund
Jan 11
Sep 09
Sep 07
Sep 05
Sep 03
Sep 01
-100 Sep 99
Asset Allocation
18.50 16.50 12.53 9.04 7.14 5.97 4.75 4.73 4.53 3.35
Sep 97
Quoted Equities 91.40% Top 10 sectors: Banks Capital Goods Food Beverage & Tobacco Materials Telecommunication Services Consumer Services Real Estate Transportation Utilities Energy
200
Sep 95
Collective Investment Scheme 4.43%
PERCENTAGE GROWTH %
250 Cash & Liquid Assets 4.17%
FBM 100
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(10 August 1995 - 31 January 2011)
(Sector: Equities Malaysia) Pacific Premier Fund* (%)
FBM 100# (%)
Ranking
6 Months
15.52
13.77
25/80
1 Year
24.76
23.49
31/78
3 Years
23.24
11.80
29/74
5 Years
103.03
70.42
17/67
Since 1 September 1995
202.01
53.45
-
NAV Per Unit (RM)
FBM 100#
Highest 3 May 1996
1.1100
1,178.43
Lowest 1 September 1998
0.3900
262.70
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011
(For the past 10 years)
% of NAV
Year
CIMB Group Holdings Bhd
7.03
2002
-
-
Sime Darby Bhd
6.44
2003
-
6:100
Malayan Banking Bhd
5.97
2004
0.05
-
IOI Corporation Bhd
4.99
2005
0.065
-
Tenaga Nasional Bhd
4.53
2006
0.02
-
Genting Bhd
3.79
2007
0.06
-
RHB Capital Bhd
3.32
2008
0.06
-
IJM Corporation Bhd
3.22
2009
0.04
-
Genting Plantations Bhd
3.08
2010
0.0575
-
Axiata Group Bhd
3.00
2011 (ended 31 January 2011)
-
-
Gross Distribution (RM) Unit Split
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = KLCI; From 6 July 2009 onwards = FBM 100
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 17.2 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
8
3-year Fund Volatility
+
16.6
PACIFIC PEARL FUND
high Lipper Analytics 15 Jan 11
Pacific Pearl Fund aims to achieve maximum capital growth over a medium to long-term period by investing mainly in small to medium-sized companies that have excellent prospects for growth.
JANUARY 2011
Characteristic Aggressive
Manager’s Comments • The equity allocation of Pacific Pearl Fund rose to 94.98% from 90.55% recorded in the previous month as the Fund was a net buyer of equities. • The Fund made several changes to its portfolio during the month under review. The Fund exited an oil and gas stock, a port operator and a postal service company on price strength. Two banking stocks were also disposed of in favour of better risk reward opportunities elsewhere in the sector. • Sales proceeds were used to fund a number of new and existing holdings. The Fund initiated new holdings in a construction company, a small cap developer, a stock broking firm, a small-cap oil and gas company as well as two telecommunication stocks. The Fund also subscribed for and subsequently exited its position in a small cap construction IPO. • The Fund will continue to realise profits on market strength and will look to build positions in undervalued laggards as well as participate selectively in thematic plays.
Launch Date 6 January 1997
Financial Year End 31 March As at end of January 2011
Fund Size 145 million units
NAV Per Unit RM0.9736
Lipper Leader Total Return Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark*
HHHHH
(28 January 1997 - 31 January 2011)
250
Collective Investment Scheme 3.12%
150 100 50 0 -50
Pacific Pearl Fund
Total Return As At 31 January 2011
Jan 11
Jan 09
Jan 07
Jan 05
Jan 03
Jan 01
-100 Jan 99
25.00 16.12 9.51 8.51 7.03 6.54 4.90 4.54 4.43 3.04
Jan 97
Quoted Equities 94.98% Top 10 sectors: Capital Goods Banks Real Estate Energy Materials Consumer Services Telecommunication Services Diversified Financials Food Beverage & Tobacco Retailing
Asset Allocation
200
PERCENTAGE GROWTH %
Cash & Liquid Assets 1.90%
FBM EMAS
Highest & Lowest Net Asset Value (NAV) Per Unit
(Sector: Equities Malaysia Small & Mid Cap)
(6 January 1997 - 31 January 2011)
Pacific Pearl Fund* (%)
FBM EMAS (%)
Ranking
6 Months
13.13
13.64
8/13
1 Year
23.66
23.40
8/13
3 Years
39.27
10.86
3/13
5 Years
127.44
77.75
3/13
Since 28 January 1997
198.27
4.66
-
NAV Per Unit (RM)
FBM EMAS
Highest 17 January 2011
1.0134
10.855.31
Lowest 1 September 1998
0.3900
71.60
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011
(For the past 10 years)
% of NAV
Year
CIMB Group Holdings Bhd
5.75
2002
-
10:100
Malayan Banking Bhd
5.25
2003
-
5:100
Sime Darby Bhd
4.57
2004
0.07
-
YNH Property Bhd
3.79
2005
0.05
-
Sunway Holdings Bhd
3.41
2006
0.06
-
Petra Energy Bhd
3.37
2007
0.06
-
AEON Credit Service (Malaysia) Bhd
3.32
2008
0.06
-
Kimlun Corporation Bhd
3.16
2009
0.025
-
Leader Universal Holdings Bhd
3.09
2010
0.06
-
MBM Resources Bhd
3.04
2011 (ended 31 January 2011)
-
-
Gross Distribution (RM) Unit Split
* Source: Lipper + Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.6 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
9
3-year Fund Volatility
JANUARY
16.8
PACIFIC DANA AMAN
2011
+
high Lipper Analytics 15 Jan 11
Pacific Dana Aman aims to provide the Unitholders with consistently above average returns in both income and capital growth over a medium to long-term period by investing in a wide portfolio of authorised securities over investments which comply with Shariah principles.
Characteristic Fairly Aggressive
Manager’s Comments
Launch Date 16 April 1998
• The equity allocation of Pacific Dana Aman was maintained at 87%. Value of equities purchased was the same as the value of equities sold.
Financial Year End 31 March
• Positions were increased in the plantation, automotive, utilities and telecommunications sectors. As at end of January 2011
Fund Size
• Positions in the oil and gas sector continued to be reduced, extending the sell-down in the month of December as stock prices rallied further resulting in valuations being excessive.
299 million units
NAV Per Unit
• The entire position in a large property company was sold down after it announced a large placement of new shares. The only other sector of note in which exposure was reduced was construction as prices rose.
RM0.5996
Morningstar Rating
TM
• A trading stance to generate additional returns will be taken in the current volatile market environment.
HHHH
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (7 May 1998 - 31 January 2011)
400 300 250 200 150 100 50 0 -50
Pacific Dana Aman
Total Return As At 31 January 2011
Jan 11
May 10
May 08
May 06
Composite Benchmark
(95% FBMS & 5% 3-Month IIMM)
Highest & Lowest Net Asset Value (NAV) Per Unit
(Sector: Equities Malaysia - Islamic)
(16 April 1998 - 31 January 2011)
Pacific Dana Aman* (%)
Composite Benchmark# (%)
Ranking
6 Months
15.42
11.53
9/46
1 Year
26.49
19.51
5/45
3 Years
28.12
6.87
5/38
5 Years
96.83
76.49
7/33
366.58
143.50
-
Since 7 May 1998
May 04
May 02
-100 May 00
Asset Allocation
Quoted Shariah-Compliant Equities 86.56% Top 10 sectors: Capital Goods 19.60 Food Beverage 16.54 Utilities 11.45 Telecommunication Services 10.24 Transportation 9.51 Materials 5.51 Energy 4.14 Automobiles & Components 3.96 Media 2.88 Real Estate 2.34
350
May 98
Shariah-Based Collective Investment Scheme 3.32%
PERCENTAGE GROWTH %
Islamic Money Market Instruments 10.12%
Top 10 Holdings As At 31 January 2011
Nav Per Unit (RM) Highest 29 March 2000
0.9200
Lowest 29 October 2008
0.3285
Distribution & Unit Split Based On Calendar Year (For the past 10 years)
% of NAV
Year
Sime Darby Bhd
8.55
2002
0.05
-
Tenaga Nasional Bhd
7.46
2003
0.04
-
IOI Corporation Bhd
7.39
2004
0.055
-
Kuala Lumpur Kepong Bhd
6.28
2005
0.045
-
Axiata Group Bhd
5.15
2006
0.04
-
Petronas Gas Bhd
3.99
2007
0.04
-
MISC Bhd
3.79
2008
0.04
-
Malaysian Resources Corporation Bhd
3.59
2009
0.005
-
IJM Corporation Bhd
3.16
2010
0.035
-
Genting Plantations Bhd
2.88
2011 (ended 31 January 2011)
-
-
Gross Distribution (RM) Unit Split
* Source: Lipper Benchmark: Since inception to 17 July 2005 = RHB Islamic Index; 18 July 2005 - 30 June 2007 = Syariah Index (KLSI); 1 July 2007 - 31 October 2007 = Composite Benchmark [75% KLSI & 25% 3-Month Islamic Interbank Money Market Rate (IIMM)]; 1 November 2007 - 14 November 2009 = Composite Benchmark [75% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) & 25% 3-Month IIMM]; From 15 November 2009 onwards = Composite Benchmark (95% FBMS & 5% 3-Month IIMM)
#
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.8 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
10
3-year Fund Volatility
+
16.3
PACIFIC MILLENNIUM FUND
high Lipper Analytics 15 Jan 11
JANUARY 2011
Pacific Millennium Fund aims to achieve long-term capital growth, with income as its secondary objective, by investing mainly in fundamentally sound large market capitalisation companies and also any other investments as may be permitted by the Securities Commission from time to time.
Characteristic
Manager’s Comments
Launch Date
• The equity allocation of Pacific Millennium Fund fell to 91.81% from 93.47% recorded in the previous month due to net equity sales.
Financial Year End
15 April 1999
• During the month, the Fund reduced its positions in selected banking, construction, gaming, oil and gas, property and transportation stocks on price strength. • The Fund also exited construction company.
its
Fairly Aggressive
positions
in
a
mid-cap
financial
services
group
and
a
mid-cap
30 June As at end of January 2011
Fund Size 83 million units
• Positions initiated during the month include an aviation stock, a toll concessionaire and a leading telecommunications player.
NAV Per Unit
• The Fund will continue to adopt an opportunistic stance to ride the expected market volatility in the near term.
Lipper Leader
RM0.6857
Total Return
Consistent Return Preservation
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (6 May 1999 - 31 January 2011)
Morningstar Rating
TM
HHHH
250
150 100 50 0
Pacific Millennium Fund
Jan 11
May 09
May 07
May 05
-50 May 99
Asset Allocation
19.02 17.37 13.29 8.53 8.49 6.40 6.20 4.85 2.24 1.65
May 03
Quoted Equities 91.81% Top 10 sectors: Banks Capital Goods Food Beverage & Tobacco Utilities Telecommunication Services Transportation Materials Consumer Services Energy Automobiles & Components
200
May 01
Collective Investment Scheme 4.31%
PERCENTAGE GROWTH %
Cash & Liquid Assets 3.88%
FBM 100
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(15 April 1999 - 31 January 2011)
(Sector: Equities Malaysia) Pacific Millennium Fund* (%)
FBM 100# (%)
Ranking
6 Months
13.75
13.77
44/80
1 Year
23.79
23.49
39/78
3 Years
26.16
11.80
22/74
5 Years
107.03
70.42
14/67
Since 6 May 1999
241.42
119.20
-
NAV Per Unit (RM)
FBM 100#
Highest 11 January 2008
0.7324
1,516.22
Lowest 10 April 2001
0.4000
555.49
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011
(For the past 10 years)
% of NAV
Year
CIMB Group Holdings Bhd
7.08
2002
Gross Distribution (RM) Unit Split -
Sime Darby Bhd
6.64
2003
0.03
-
Malayan Banking Bhd
6.02
2004
0.04
-
Tenaga Nasional Bhd
5.53
2005
0.04
-
Genting Plantations Bhd
3.76
2006
0.04
-
IOI Corporation Bhd
3.74
2007
0.07
-
RHB Capital Bhd
3.32
2008
0.06
-
IJM Corporation Bhd
3.10
2009
0.035
-
Petronas Gas Bhd
3.00
2010
0.045
-
MISC Bhd
2.96
2011 (ended 31 January 2011)
-
-
10:100
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = KLCI; From 6 July 2009 onwards = FBM 100
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.3 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
11
3-year Fund Volatility
JANUARY
16.7
PACIFIC RECOVERY FUND
2011
+
high Lipper Analytics 15 Jan 11
Pacific Recovery Fund aims to provide above average returns in the form of capital growth over a medium to longterm period by investing mainly in cyclical stocks, stocks that are likely to be crisis survivors as well as stocks that are undergoing restructuring, which may offer considerable recovery prospects and also any other investments as may be permitted by the Securities Commission from time to time.
Characteristic Aggressive
Launch Date 15 April 1999
Manager’s Comments
Financial Year End
• The equity allocation of Pacific Recovery Fund increased to 91.32% from 88.90% recorded in the previous month as the Fund was a net buyer of equities.
30 June
• Two new positions, comprising an airline company and a property company, were initiated as the stock market experienced a sharp pullback. The Fund also topped up on some of its existing positions in the financial, oil and gas and plantation sectors.
As at end of January 2011
Fund Size 137 million units
• The Fund exited the small balance of its positions in a media company, a small telecommunications company, a steel company and a toll concession company. Some positions in the oil and gas sector was trimmed as prices rallied.
NAV Per Unit RM0.6229
Lipper Leader
• Besides trading on its existing positions and investing in IPOs, the Fund will also look to invest in thematic plays.
Total Return Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
HHHH
Fund Performance vs Benchmark* (6 May 1999 - 31 January 2011)
300
150 100 50 0
Pacific Recovery Fund
Jan 11
May 09
May 07
-50
May 05
19.27 18.67 9.27 8.66 7.23 7.02 5.84 5.67 5.03 2.35
May 99
Asset Allocation
200
May 03
Quoted Equities 91.32% Top 10 sectors: Capital Goods Banks Utilities Food Beverage & Tobacco Real Estate Transportation Energy Telecommunication Services Materials Consumer Services
250
May 01
Collective Investment Scheme 4.50%
PERCENTAGE GROWTH %
Cash & Liquid Assets 4.18%
FBM 100
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(15 April 1999 - 31 January 2011)
(Sector: Equities Malaysia) Pacific Recovery Fund* (%)
FBM 100# (%)
Ranking
6 Months
17.00
13.77
11/80
1 Year
26.91
23.49
16/78
3 Years
23.57
11.80
28/74
5 Years
121.01
70.42
9/67
Since 6 May 1999
252.07
119.20
-
NAV Per Unit (RM)
FBM 100#
Highest 29 March 2000
0.8300
985.13
Lowest 29 October 2008
0.3638
829.41
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011
(For the past 10 years)
% of NAV
Year
Sime Darby Bhd
8.79
2002
-
10:100
CIMB Group Holdings Bhd
7.68
2003
0.05
-
IOI Corporation Bhd
6.87
2004
0.05
-
Tenaga Nasional Bhd
6.10
2005
0.05
-
Malayan Banking Bhd
5.66
2006
0.03
-
Axiata Group Bhd
3.54
2007
0.07
-
Petronas Chemicals Group Bhd
3.37
2008
0.06
-
Petronas Gas Bhd
3.17
2009
0.03
-
RHB Capital Bhd
3.14
2010
0.04
-
MISC Bhd
3.06
2011 (ended 31 January 2011)
-
-
Gross Distribution (RM) Unit Split
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = KLCI; From 6 July 2009 onwards = FBM 100
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.7 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
12
3-year Fund Volatility
+
6.7
PACIFIC INCOME FUND
low Lipper Analytics 15 Jan 11
Pacific Income Fund aims to achieve consistently attractive and stable income with reasonable preservation of capital by investing in a diversified portfolio of fixed income securities such as bonds and money market instruments as well as stocks that offer a steady dividend income stream. The Fund also aims to provide moderate capital growth over a medium to long-term period.
JANUARY 2011
Characteristic Fairly Conservative
Launch Date
Manager’s Comments
18 August 2000
• The equity allocation of Pacific Income Fund reduced to 36.01% from 37.33% recorded in the previous month on selling activities. • There were no purchases during the month.
Financial Year End 30 September As at end of January 2011
• The Fund realised profit from the partial disposals of large caps gaming, construction and plantation stocks and a mid-cap oil and gas stock.
Fund Size
• In the immediate term, the Fund will maintain high equity allocation in the 36% to 38% range, reflecting the Manager’s bullish near-term view. However, the Fund will look for opportunities to lock in some profits on over-valued stocks and rotate into undervalued laggards.
NAV Per Unit
• Fixed income allocation was higher at 45% compared to 43% previously as the Fund increased its weightings given the high cash levels. During the period, the Fund purchased a mid-tenured paper within the AA3 segment from the primary market for yield enhancements. Over the next quarter, expectations for a steady overnight policy rate leaves the Fund searching for yield accumulation in the AA3 credit within the mid maturity segment for yield play and to provide sufficient buffer to protect against rising long dated yields.
Lipper Leader
353 million units
RM0.5677
Total Return
Consistent Return Preservation
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (8 September 2000 - 31 January 2011)
Morningstar Rating
TM
HHHH
150 Fixed Income & Other Debt Securities 42.44%
100
50 25 0 -25
Pacific Income Fund
Pacific Income Fund* (%)
Composite Benchmark# (%)
Ranking
7.69
6.27
1/10
11.70
10.71
1/10
3 Years
17.02
10.85
3/9
5 Years
56.42
37.65
1/8
125.53
67.02
-
Since 8 September 2000
Jan 11
(40% FBM 100 & 60% 3-Month KLIBOR)
(18 August 2000 - 31 January 2011)
(Sector: Mixed Asset MYR Conservative)
1 Year
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
6 Months
Sep 08
-50 Sep 06
7.65 7.29 4.27 3.50 3.16 2.89 2.39 1.97 1.46 0.57
75
Sep 04
Quoted Equities 36.01% Top 10 sectors: Capital Goods Banks Food Beverage & Tobacco Real Estate Materials Transportation Consumer Services Telecommunication Services Utilities Diversified Financials
Sep 02
Collective Investment Scheme 2.98%
Sep 00
Cash & Liquid Assets 18.57%
Asset Allocation
PERCENTAGE GROWTH %
125
NAV Per Unit (RM) Highest 24 July 2007
0.6201
Lowest 18 April 2001
0.4500
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011
(For the past 10 years)
% of NAV
Year
Sime Darby Bhd
2.72
2002
Gross Distribution (RM) Unit Split 0.03
-
Public Bank Bhd
2.40
2003
0.03
-
Genting Bhd
2.39
2004
0.03
-
CIMB Group Holdings Bhd
2.26
2005
0.035
-
IJM Corporation Bhd
2.16
2006
0.03
-
IOI Corporation Bhd
2.15
2007
0.04
-
Malayan Banking Bhd
1.93
2008
0.04
-
Dialog Group Bhd
1.69
2009
0.033
-
Petronas Chemicals Group Bhd
1.66
2010
0.04
-
Tenaga Nasional Bhd
1.46
2011 (ended 31 January 2011)
-
-
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = Composite Benchmark (40% KLCI & 60% 3-Month KLIBOR); From 6 July 2009 onwards = Composite Benchmark (40% FBM 100 & 60% 3-Month KLIBOR)
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 6.7 and Low (above 4.3 and below/same as 11.8) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
13
3-year Fund Volatility
JANUARY
1.4
PACIFIC DANA MURNI
2011
+
very low Lipper Analytics 15 Jan 11
Pacific Dana Murni aims to achieve a stable income stream with reasonable protection of capital by investing in a diversified portfolio of Islamic private debt securities and other liquid assets which comply with Shariah principles. The Fund may also provide some degree of capital growth potential over a medium to long-term period.
Characteristic Conservative
Manager’s Comments
Launch Date 25 March 2003
• The fixed income allocation of Pacific Dana Murni was marginally lower at 72% compared to 73% previously largely due to maturation of short-term holdings.
Financial Year End 31 March
• During the period, the portfolio experienced lower price valuations due to net selling pressure of selected quasi government issuances which follow weakness in the MGS yields.
As at end of January 2011
Fund Size
• Despite the static policy rate, PDS trading were mildly negative due to mark-to-market trades and yield alignment to primary offer levels.
102 million units
NAV Per Unit
• Going forward, the Fund will actively search for attractive price valuations within the corporate bond segment for yield enhancements and to provide sufficient buffer in the case of spread expansion when market yields move higher.
RM0.5385
Lipper Leader Preservation
Morningstar Rating
TM
HH H Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (15 April 2003 - 31 January 2011)
35
PERCENTAGE GROWTH %
Islamic Money Market Instruments 27.90% Unquoted Sukuk 72.10%
Asset Allocation
30 25 20 15 10 5 0
Pacific Dana Murni
Jan 11
Apr 09
Apr 08
Maybank GIA 12-Month
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(25 March 2003 - 31 January 2011)
(Sector: Bond MYR - Islamic)
Pacific Maybank GIA Dana Murni* 12-Month (%) (%)
Apr 07
Apr 06
Apr 05
Apr 04
Apr 03
-5
NAV Per Unit (RM)
Ranking
6 Months
2.09
1.43
12/19
1 Year
4.33
2.80
12/18
3 Years
10.06
8.75
12/16
5 Years
18.54
16.78
9/12
Since 15 April 2003
29.33
27.59
-
Highest 31 January 2011
0.5385
Lowest 28 November 2003
0.4781
Distribution & Unit Split Based On Calendar Year
Top 10 Unquoted Corporate Bonds As At 31 January 2011 % of NAV
Year
Hong Leong Industries Bhd
9.06
2003
Gross Distribution (RM) Unit Split -
-
Malakoff Corporation Bhd
7.74
2004
-
-
Padiberas Nasional Bhd
7.37
2005
-
-
Kuala Lumpur Kepong Bhd
7.31
2006
0.03
-
Projek Lebuhraya Utara-Selatan Bhd
5.88
2007
0.015
-
TSH Sukuk Ijarah Sdn Bhd
5.49
2008
0.015
-
Malakoff Corporation Bhd
3.79
2009
0.015
-
Gamuda Bhd
3.76
2010
0.01
-
Poh Kong Holdings Bhd
3.69
2011 (ended 31 January 2011)
-
-
Padiberas Nasional Bhd
3.65
* Source: Lipper + Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 1.4 and Very Low (above/same as 0.0 and below/same as 4.3) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
14
3-year Fund Volatility
+
11.0
PACIFIC SELECT BALANCE FUND
low Lipper Analytics 15 Jan 11
Pacific SELECT Balance Fund aims to provide medium to long-term capital growth and some income by actively allocating its assets among a diversified portfolio of equity and fixed income securities according to market conditions.
JANUARY 2011
Characteristic Fairly Conservative
Manager’s Comments
Launch Date
• The equity allocation of Pacific SELECT Balance Fund was reduced slightly to 55.24% from 55.38% recorded in the previous month.
11 August 2003
• During the month, positions in the financial services sector were trimmed on strength while exposure in a timber-based company was also reduced as earnings could continue to be hit by a weaker US Dollar.
30 June
Financial Year End
As at end of January 2011
• The Fund continued to increase its exposure in an oil and gas company which is expecting some contracts in early 2011, a petrochemical company that is poised to benefit from its industry cycle that is moving into a recovery stage and a bank which would benefit from stronger corporate deal flows this year.
Fund Size
• The Fund will seek to switch out of some of its holdings on further strength into laggards and other attractive thematic plays.
RM0.6047
• Fixed income allocation was unchanged at 43% due to the passive movements of bond composition as weightings are within the long-term target allocation range. Re-investment actions will focus on compelling price valuations within the corporate bond segment for yield accumulation.
19 million units
NAV Per Unit Lipper Leader Consistent Return
Morningstar Rating
TM
HH H Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (2 September 2003 - 31 January 2011)
40 30 20 10 0
Pacific SELECT Balance Fund
Jan 11
Sep 09
(60% FBM 100 & 40% 3-Month KLIBOR)
(11 August 2003 - 31 January 2011)
(Sector: Mixed Asset MYR Balanced - Malaysia)
6 Months
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011 Pacific Composite SELECT Benchmark# (%) Balance Fund* (%)
Sep 08
-10 Sep 07
10.69 9.65 8.22 6.13 4.01 3.73 3.21 2.94 2.29 1.58
50
Sep 06
Asset Allocation
60
Sep 05
Quoted Equities 55.24% Top 10 sectors: Banks Capital Goods Food Beverage & Tobacco Real Estate Telecommunication Services Utilities Materials Energy Transportation Consumer Services
70
Sep 04
Collective Investment Scheme 19.86%
80
Sep 03
Cash & Liquid Assets 1.62%
PERCENTAGE GROWTH %
90 Fixed Income & Other Debt Securities 23.28%
NAV Per Unit (RM)
Ranking
8.00
8.73
21/25
1 Year
13.81
14.85
16/25
3 Years
21.06
11.46
5/25
5 Years
60.06
48.44
12/25
Since 2 September 2003
82.78
73.33
-
Highest 22 June 2007
0.6328
Lowest 29 October 2008
0.4272
Distribution & Unit Split Based On Calendar Year
Top 5 Holdings As At 31 January 2011 % of NAV
Year
Genting Plantations Bhd
4.68
2003
-
-
CIMB Group Holdings Bhd
4.44
2004
0.035
-
Sime Darby Bhd
4.10
2005
0.025
-
Axiata Group Bhd
4.01
2006
-
-
Tenaga Nasional Bhd
3.73
2007
0.045
-
2008
0.035
-
2009
0.025
-
2010
0.03
-
-
-
Top 3 Unquoted Corporate Bonds As At 31 January 2011 % of NAV Malayan Banking Bhd
8.65
YTL Corporation Bhd
8.60
Bandar Raya Developments Bhd
6.03
2011 (ended 31 January 2011)
Gross Distribution (RM) Unit Split
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = Composite Benchmark (60% KLCI & 40% 3-Month KLIBOR); From 6 July 2009 onwards = Composite Benchmark (60% FBM 100 & 40% 3-Month KLIBOR)
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 11.0 and Low (above 4.3 and below/same as 11.8) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
15
3-year Fund Volatility
JANUARY
4.4
PACIFIC SELECT INCOME FUND
2011
+
low Lipper Analytics 15 Jan 11
Pacific SELECT Income Fund aims to provide a consistent and attractive stream of income higher than fixed deposit rates and may also provide moderate capital growth over the medium to long term by investing in a diversified portfolio of fixed income and equity securities.
Characteristic Conservative
Manager’s Comments
Launch Date 11 August 2003
• The fixed income allocation of Pacific SELECT Income Fund was slightly lower at 69% compared to 73% previously largely due to an early partial redemption exercise of a particular issuer within the AAA segment.
Financial Year End 30 June
• Current allocation is slightly below its long-term allocation and re-investments will focus on compelling price valuations within the corporate bond segment for yield accumulation.
As at end of January 2011
Fund Size 21 million units
NAV Per Unit RM0.5325
Lipper Leader Preservation
Morningstar Rating
TM
HHH Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (2 September 2003 - 31 January 2011)
20 10 0
Pacific SELECT Income Fund
Jan 11
Sep 09
Sep 08
(20% FBM 100 & 80% 3-Month KLIBOR)
(11 August 2003 - 31 January 2011)
(Sector: Mixed Asset MYR Conservative)
6 Months
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011 Pacific Composite SELECT Benchmark# (%) Income Fund* (%)
Sep 07
-10 Sep 06
5.52 4.09 2.74 1.70 1.03 0.74 0.70 0.59 0.54 0.34
Sep 05
Quoted Equities 17.99% Top 10 sectors: Capital Goods Banks Food Beverage & Tobacco Consumer Services Materials Telecommunication Services Automobiles & Components Health Care Equipment & Services Energy Utilities
Asset Allocation
40 30
Sep 04
Collective Investment Scheme 15.44%
50
Sep 03
Cash & Liquid Assets 12.99%
PERCENTAGE GROWTH %
60 Fixed Income & Other Debt Securities 53.58%
NAV Per Unit (RM)
Ranking
3.18
3.85
7/10
1 Year
6.14
6.68
5/10
3 Years
12.58
9.95
5/9
5 Years
30.16
27.11
7/8
Since 2 September 2003
52.15
40.40
-
Highest 22 June 2007
0.5682
Lowest 5 December 2008
0.4648
Distribution & Unit Split Based On Calendar Year
Top 5 Holdings As At 31 January 2011 % of NAV
Year
Sime Darby Bhd
2.04
2003
-
-
CIMB Group Holdings Bhd
1.58
2004
0.025
-
Malayan Banking Bhd
1.51
2005
0.025
-
Genting Plantations Bhd
1.39
2006
0.02
-
IJM Corporation Bhd
1.12
2007
0.045
-
2008
0.025
-
2009
0.015
-
2010
0.02
-
-
-
Top 5 Unquoted Corporate Bonds As At 31 January 2011 % of NAV Prima Uno Bhd
22.03
Bandar Raya Developments Bhd
11.73
Hong Leong Industries Bhd
9.01
YTL Corporation Bhd
9.01
Sabah Development Bank Bhd
1.80
2011 (ended 31 January 2011)
Gross Distribution (RM) Unit Split
* Source: Lipper #
16
Benchmark: Since inception to 5 July 2009 = Composite Benchmark (20% KLCI & 80% 3-Month KLIBOR); From 6 July 2009 onwards = Composite Benchmark (20% FBM 100 & 80% 3-Month KLIBOR)
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 4.4 and Low (above 4.3 and below/same as 11.8) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
3-year Fund Volatility
+
14.9
PACIFIC DIVIDEND FUND
moderate Lipper Analytics 15 Jan 11
Pacific Dividend Fund aims to provide steady recurring income that is potentially higher than prevailing fixed deposit rates^ by investing in a portfolio of stocks that are paying or have the potential to pay attractive dividend yields.
JANUARY 2011
Characteristic Fairly Aggressive
^ 12-month fixed deposit rate of Malayan Banking Berhad (Maybank).
Launch Date
Manager’s Comments
18 November 2003
• Post-dividend, the equity allocation of Pacific Dividend Fund was reduced to 93.70% from 96.26% recorded in the previous month mainly due to unit creation from the reinvestment of dividends that the Fund declared at the end of December. The Fund was a net buyer of equities in the month. • Purchases were made across a number of existing positions, with the main sectors being utilities, telecommunications and automotive.
Financial Year End 31 December As at end of January 2011
Fund Size 349 million units
• Positions in REITS were greatly reduced while holdings in the oil and gas and financial services sectors were trimmed. The Fund exited from a small shipyard and a hard disk drive component manufacturer.
NAV Per Unit
• The Fund will look for opportunities to lock in profits on overvalued stocks and switch into fundamentally sound laggards, especially those with attractive yields.
Lipper Leader
RM0.7056
Total Return
Consistent Return Preservation
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (9 December 2003 - 31 January 2011)
Morningstar Rating
TM
HHHH
175 Cash & Liquid Assets 6.30%
125 100 75 50 25 0
Pacific Dividend Fund
Jan 11
Dec 09
Dec 08
Dec 07
Dec 06
Dec 05
-25 Dec 04
20.23 15.57 11.38 10.11 8.30 5.46 5.09 5.01 4.72 2.92
Dec 03
Asset Allocation
PERCENTAGE GROWTH %
150
Quoted Equities 93.70% Top 10 sectors: Banks Capital Goods Telecommunication Services Food Beverage & Tobacco Utilities Real Estate Consumer Services Transportation Materials Media
FBM 100
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(18 November 2003 - 31 January 2011)
(Sector: Equities Malaysia) Pacific Dividend Fund* (%)
FBM 100# (%)
Ranking
6 Months
13.40
13.77
45/80
1 Year
22.89
23.49
43/78
3 Years
27.79
11.80
20/74
5 Years
114.85
70.42
12/67
Since 9 December 2003
158.64
98.67
-
NAV Per Unit (RM)
FBM 100#
Highest 28 December 2007
0.7726
1,447.04
Lowest 12 March 2009
0.4399
838.39
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
CIMB Group Holdings Bhd
7.53
2003
-
-
Sime Darby Bhd
6.14
2004
0.038
-
Malayan Banking Bhd
6.03
2005
0.038
-
Tenaga Nasional Bhd
5.50
2006
0.05
-
Axiata Group Bhd
4.74
2007
0.07
-
Kuala Lumpur Kepong Bhd
4.26
2008
0.04
-
RHB Capital Bhd
3.79
2009
0.045
-
Maxis Bhd
3.30
2010
0.05
-
IJM Corporation Bhd
3.26
2011 (ended 31 January 2011)
-
-
Genting Plantations Bhd
3.07
Gross Distribution (RM) Unit Split
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = KLCI; From 6 July 2009 onwards = FBM 100
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 14.9 and Moderate (above 11.8 and below/same as 15.5) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
17
3-year Fund Volatility
JANUARY
16.1
PACIFIC FOCUS18 FUND
2011
+
high Lipper Analytics 15 Jan 11
Pacific Focus18 Fund aims to achieve high capital growth over the long term by investing in a concentrated portfolio of equity and equity-related securities. The Fund will also take advantage of the huge potential and diversification benefits of investing in global equity markets^, using a concentrated equity portfolio as its primary investment strategy.
Characteristic Aggressive
^ 50% of net asset value of the Fund.
Launch Date 16 June 2005
Manager’s Comments
Financial Year End
• The equity allocation of Pacific Focus18 Fund fell to 87.98% from 91.35% recorded in the previous month due to net equity sales.
30 September As at end of January 2011
• The Fund switched out of some Malaysia and Singapore-listed plantation counters into US-listed stocks trading at cheaper valuations.
Fund Size 34 million units
• Another position exited was in a global bank with substantial European exposure to switch into a Chinese bank trading at attractive valuations.
NAV Per Unit RM0.5407
• The Fund also re-initiated position in a Chinese auto stock as valuations had turned more attractive following sharp price weakness.
Lipper Leader Total Return
• The Fund will continue to adopt an opportunistic stance to ride the expected market volatility in the near term.
Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
HHHHH
Fund Performance vs Benchmark* (7 July 2005 - 31 January 2011)
80
Cash & Liquid Assets 12.02%
50 40 30 20 10 0
Pacific Focus18 Fund
Total Return As At 31 January 2011
Jan 11
Jul 09
Jul 08
-10
Jul 05
Asset Allocation
18.70 15.31 10.16 6.72 6.54 5.90 5.58 5.42 4.06 3.66
60
Jul 07
Top 10 sectors: Banks Energy Diversified Financials Food Beverage & Tobacco Utilities Telecommunication Services Automobiles & Components Materials Capital Goods Transportation
Jul 06
(Foreign Investment 46.02%)
PERCENTAGE GROWTH %
70
Quoted Equities 87.98%
Composite Benchmark
(50% FBM 100 & 50% MXWD)
Highest & Lowest Net Asset Value (NAV) Per Unit
(Sector: Equities Global)
(16 June 2005 - 31 January 2011)
Pacific Focus18 Fund* (%)
Composite Benchmark# (%)
Ranking
6 Months
6.48
14.03
22/29
1 Year
8.96
23.77
3/26
3 Years
-0.14
12.05
3/23
5 Years
53.51
70.80
1/5
Since 7 July 2005
63.16
72.94
-
NAV Per Unit (RM) Highest 24 July 2007
0.7510
Lowest 3 March 2009
0.3716
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
CIMB Group Holdings Bhd
7.28
2005
Gross Distribution (RM) Unit Split -
-
Tenaga Nasional Bhd
6.54
2006
0.035
-
Malayan Banking Bhd
6.29
2007
0.05
-
China Shenhua Energy Company Limited (HK)
5.91
2008
0.05
-
China Mobile Limited (HK)
5.90
2009
0.03
-
Dongfeng Motor Group Company Limited (HK)
5.58
2010
0.035
-
Barrick Gold Corporation (US)
5.42
2011 (ended 31 January 2011)
-
-
China Construction Bank Corporation (HK)
5.12
Nasdaq OMX Group (US)
5.12
Citigroup Inc. (US)
5.04
* Source: Lipper #
Benchmark: Since inception to 5 July 2009 = KLCI; 6 July 2009 to 14 November 2010 = FBM 100; From 15 November 2010 onwards = Composite Benchmark (50% FBM 100 & 50% MXWD)
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.1 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
18
3-year Fund Volatility
+
0.2
PACIFIC CASH FUND
very low Lipper Analytics 15 Jan 11
Pacific Cash Fund aims to provide regular income potentially higher than prevailing money market and savings rates, stability of capital and a high level of liquidity.
JANUARY 2011
Characteristic Conservative
Manager’s Comments
Launch Date
• The fixed income allocation of Pacific Cash Fund was relatively unchanged at 83%. Despite the unchanged allocation, the Fund had actively rollover its Commercial Paper maturities at higher yields. • Short-term rates were stable during the month as Bank Negara Malaysia left the key rate unchanged. Given the lackluster primary tenders, accumulation of short-term papers was done via private placements negotiated at attractive prices. • In the coming quarters, the Fund will look to invest in short-term bond holdings for yield enhancement without compromising its liquidity profile.
7 October 2005
Financial Year End 30 September As at end of January 2011
Fund Size 126 million units
NAV Per Unit RM0.5041
Morningstar Rating
TM
HHH
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (10 October 2005 - 31 January 2011)
20
Collective Investment Scheme 10.55% Fixed Income & Other Debt Securities 72.03% (Unquoted Corporate Bonds 17.20%) (Commercial Papers 54.83%)
Asset Allocation
PERCENTAGE GROWTH %
Cash & Liquid Assets 17.42% 15
10
5
0
Pacific Cash Fund
Jan 11
Oct 09
Maybank Overnight Repo Rate
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(7 October 2005 - 31 January 2011)
(Sector: Money Market MYR) Pacific Cash Fund* (%)
Maybank Overnight Repo Rate# (%)
Ranking
1.48
0.78
9/44
6 Months
Oct 08
Oct 07
Oct 06
Oct 05
-5
1 Year
2.79
1.41
8/42
3 Years
8.94
4.76
9/30
5 Years
16.17
11.75
8/19
Since 10 October 2005
16.99
12.81
-
NAV Per Unit (RM) Highest 27 September 2007
0.5179
Lowest 13 October 2005
0.5000
Distribution & Unit Split Based On Calendar Year
Top 5 Commercial Papers As At 31 January 2011 % of NAV
Year
Bandar Raya Developments Bhd
12.63
2005
-
-
YTL Corporation Bhd
12.61
2006
0.013
-
Hong Leong Industries Bhd
11.03
2007
0.019
-
Sabah Development Bank Bhd
6.32
2008
0.016
-
CIMB Group Holdings Bhd
4.68
2009
0.0143
-
2010
0.013
-
-
-
Top 3 Unquoted Corporate Bonds As At 31 January 2011
2011 (ended 31 January 2011)
Gross Distribution (RM) Unit Split
% of NAV YTL Power International Bhd
4.78
RCE Advance Sdn Bhd
4.77
Sabah Development Bank Bhd
4.75
* Source: Lipper Benchmark: Since inception to 30 June 2007 = 3-Month KLIBOR; From 1 July 2007 onwards = Maybank Overnight Repo Rate
#
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 0.2 and Very Low (above/same as 0.0 and below/same as 4.3) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
19
3-year Fund Volatility
JANUARY
18.4
PACIFIC ASIA BRANDS FUND
2011
+
high Lipper Analytics 15 Jan 11
Pacific Asia Brands Fund aims to provide high capital growth in the medium to long term by investing in a portfolio of listed companies that have strong brand equity in the Asian region.
Characteristic Aggressive
Manager’s Comments
Launch Date 20 January 2006
• The equity exposure of Pacific Asia Brands Fund increased to 89.73% from 88.21% recorded in the previous month due to net equity purchases.
Financial Year End 31 March
• The bulk of purchases were in precious metals and US based consumer stocks and precious metals’ stocks.
As at end of January 2011
• Positions were sold in the soft commodities, metals and mining, and automotive sectors.
Fund Size 61 million units
• Positions exited during the month included a premium Hong Kong listed airline, a Singapore-listed heavy equipment provider, a major regional edible oils player, a China-based automotive manufacturer and a Korean-listed technology company.
NAV Per Unit RM0.4329
• During the month, the Fund reduced its underweight in the US from selling of Asia based stocks.
Lipper Leader
• The Fund will continue to build its US exposure as the economic recovery is gaining momentum and consumer spending, especially in the US increases.
Total Return
Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
HH H
Fund Performance vs Benchmark* (10 February 2006 - 31 January 2011)
30
10 0 -10 -20 -30
Pacific Asia Brands Fund
Jan 11
NAV Per Unit (RM)
Ranking
6 Months
4.01
9.53
29/29
1 Year
5.27
6.89
9/26
3.53
0.65
2/23
11.98
0.93
-
3 Years
(50% MSCUCSTA & 50% MSCUCDIS)
(20 January 2006 - 31 January 2011)
(Sector: Equity Global)
Since 10 February 2006
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011 Pacific Composite Asia Brands Benchmark# (%) Fund* (%)
Feb 10
-40 Feb 09
Asset Allocation
18.53 9.44 9.39 8.77 7.81 6.46 4.44 3.81 3.71 3.50
Feb 08
Top 10 sectors: Banks Media Energy Materials Transportation Food Beverage & Tobacco Retailing Consumer Durables & Apparel Consumer Services Household & Personal Products
20
Feb 07
(Foreign Investments 82.94%)
Feb 06
Quoted Equities 89.73%
PERCENTAGE GROWTH %
Cash & Liquid Assets 10.27%
Highest 5 October 2007
0.5609
Lowest 10 March 2009
0.2883
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
Barrick Gold Corporation (US)
4.35
2006
Gross Distribution (RM) Unit Split -
-
Malayan Banking Bhd
3.92
2007
0.026
-
DBS Group Holdings Limited (SG)
3.91
2008
0.028
-
Ezra Holdings Limited (SG)
3.56
2009
0.01
-
China Mobile Limited (HK)
3.49
2010
0.025
-
New World Department Store China (HK)
3.41
2011 (ended 31 January 2011)
-
-
Walt Disney Company (US)
3.38
Time Warner Inc. (US)
3.29
China Shenhua Energy Company Limited (HK)
2.90
Singapore Airlines Limited (SG)
2.82
* Source: Lipper #
Composite Benchmark = 50% MSCUCSTA & 50% MSCUCDIS
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 18.4 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
20
3-year Fund Volatility
+
16.9
PACIFIC GLOBAL STARS FUND
high Lipper Analytics 15 Jan 11
(formerly known as Pacific S&P Global STARS Fund)
JANUARY 2011
Pacific Global Stars Fund aims to achieve capital growth and some income in the medium to long term by investing in a portfolio of global securities.
Characteristic
Manager’s Comments
Launch Date
• The equity allocation of Pacific Global Stars Fund increased slightly to 93.49% from 92.84% recorded in the previous month mainly due to net outflow of funds.
Financial Year End
Fairly Aggressive
20 July 2006
• The Fund exited holdings in a Hong Kong airline company and an Australian banking stock. A local toll operator was also disposed of due to limited upside potential. The Fund also reduced holdings in a Chinese port operator and a Singaporean bank on price strength.
30 September As at end of January 2011
Fund Size 41 million units
• Sales proceeds were used to fund a number of new holdings. The Fund initiated holdings in a leading investment bank in Malaysia, a Singapore-listed plantation stock, a US oil and gas service provider, a US financial stock and the largest US maker of luxury handbag.
NAV Per Unit
• From a geographic standpoint, the Fund began to reduce its underweight positions in US.
Lipper Leader
RM0.4477
Total Return
Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark*
HHHHH
(10 August 2006 - 31 January 2011)
30
0 -10 -20 -30 -40
Pacific Global Stars Fund
NAV Per Unit (RM)
Ranking
6 Months
6.65
12.23
20/29
1 Year
8.14
6.34
4/26
4.88
-10.43
1/23
12.13
-10.94
-
3 Years
(65% SPX, 25% SPE & 10% SPA50)
(20 July 2006 - 31 January 2011)
(Sector: Equity Global)
Since 10 August 2006
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011 Pacific Composite Global Stars Benchmark# (%) Fund* (%)
Jan 11
-50 Aug 06
Asset Allocation
20.93 13.45 11.88 11.38 7.21 5.09 4.57 3.38 3.29 3.17
10
Aug 09
Top 10 sectors: Banks Energy Household & Personal Products Materials Food Beverage & Tobacco Capital Goods Transportation Retailing Real Estate Diversified Financials
Aug 08
(Foreign Investments 90.84%)
20
Aug 07
Quoted Equities 93.49%
PERCENTAGE GROWTH %
Cash & Liquid Assets 6.51%
Highest 27 September 2007
0.5421
Lowest 3 March 2009
0.3010
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
Ezra Holdings Limited (SG)
5.27
2006
Gross Distribution (RM) Unit Split -
-
DBS Group Holdings Limited (SG)
4.42
2007
0.03
-
Barrick Gold Corporation (US)
4.39
2008
0.025
-
Procter & Gamble Company (US)
4.33
2009
-
-
Colgate-Palmolive Company (US)
4.31
2010
0.025
-
China Construction Bank Corporation (HK)
3.67
2011 (ended 31 January 2011)
-
-
Bank Of China Limited (HK)
3.66
New World Department Store China (HK)
3.38
Swire Pacific Limited (HK)
3.29
Reckitt Benckiser Group PLC (UK)
3.24
* Source: Lipper Composite Benchmark = 65% S&P 500 Index, 25% S&P Europe 350 Index & 10% S&P Asia 50 Index
#
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 16.9 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
21
JANUARY 2011
Characteristic
3-year Fund Volatility
+
11.4
PACIFIC ASIAPAC INCOME FUND
low Lipper Analytics 15 Jan 11
Pacific AsiaPac Income Fund aims to provide steady and attractive income and moderate growth in the medium to long term by investing in a portfolio of Malaysian and foreign securities.
Fairly Conservative
Launch Date 28 November 2006
Financial Year End 31 December
Manager’s Comments • Asian equity markets finished the month lower, on fresh concerns over potential contagion of regime changes in Tunisia and Egypt. While the US continued to registered better macroeconomic data points, China remained on its interest rate tightening path. • A number of transactions were made during the month, mainly to meet a substantial redemption.
As at end of January 2011
Fund Size 297 million units
NAV Per Unit
• Fixed income allocation was higher at 51% compared to 48% previously largely due to continued outflow of funds. Investment actions were passive on yield accumulation as the Fund remains on liquidity management mode. As the current level is within the long-term target allocation range, investment actions will remain neutral pending events that may require portfolio rebalancing.
RM0.4858
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (14 December 2006 - 31 January 2011)
9.38 4.96 3.58 3.27 2.34 2.29 1.96
0
-10 -20 -30
1.38 1.22 0.89
Pacific AsiaPac Income Fund
Jan 11
Top 10 sectors: Banks Exchange Traded Fund Materials Energy Real Estate Insurance Semiconductors & Semiconductors Equipment Capital Goods Automobiles & Components Media
Dec 09
(Foreign Investments 35.51%)
Dec 08
%
Asset Allocation
10
Dec 07
Collective Investment Scheme 8.18% Quoted Equities 36.36%
20
Dec 06
Cash & Liquid Assets 7.97%
PERCENTAGE GROWTH %
30 Fixed Income & Other Debt Securities 47.49%
Composite Benchmark
(40% MXAPJ & 60% 3-Month KLIBOR)
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
(28 November 2006 - 31 January 2011)
(Sector: Mixed Asset MYR Balanced - Global)
Pacific Composite Ranking AsiaPac Income Benchmark# (%) Fund* (%) 6 Months
5.43
5.32
12/12
1 Year
5.68
5.39
8/12
3 Years
4.36
6.51
6/10
Since 14 December 2006
7.12
14.74
-
Top 10 Holdings As At 31 January 2011
NAV Per Unit (RM) Highest 1 November 2007
0.5525
Lowest 20 November 2008
0.3549
Distribution & Unit Split Based On Calendar Year
% of NAV
Year
Lyxor ETF MSCI Taiwan (SG)
4.96
2006
-
-
Samsung Electronics Co., Ltd. (KR)
1.96
2007
0.025
-
China Construction Bank Corporation (HK)
1.60
2008
-
-
Hana Financial Group Inc (KR)
1.46
2009
-
-
BHP Billiton Limited (AU)
1.39
2010
-
-
Industrial and Commercial Bank of China Limited (HK)
1.30
2011 (ended 31 January 2011)
-
-
Hyundai Motor Company (KR)
1.22
Newcrest Mining Limited (AU)
1.14
DBS Group Holdings Limited (SG)
1.08
Keppel Corporation Limited (SG)
0.97
Gross Distribution (RM) Unit Split
* Source: Lipper #
Composite Benchmark = 40% MXAPJ & 60% 3-Month KLIBOR
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 11.4 and Low (above 4.3 and below/same as 11.8) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
22
3-year Fund Volatility
+
15.8
PACIFIC DANA DIVIDEN
high Lipper Analytics 15 Jan 11
Pacific Dana Dividen aims to provide capital growth and steady and attractive income in the medium to long term by investing in a portfolio of equities that are paying or have the potential to pay attractive dividends and that comply with Shariah requirements.
JANUARY 2011
Characteristic Fairly Aggressive
Manager’s Comments
Launch Date
• The equity allocation of Pacific Dana Dividen was reduced to 90.49% from 92.29% recorded in the previous month as the Fund was a net seller of equities.
Financial Year End
• Most of the sales were done when the Fund trimmed holdings, both local and foreign when prices rallied. A position in a Hong Kong manufacturer of apparel was exited as valuation was already fair.
As at end of January 2011
26 July 2007
30 June
Fund Size
• In line with the decision to reduce its underweight position in the US, exposure to US equities was increased as the Fund initiated positions in a US consumer stock, a US oil services company and a US retailer. A position in a Malaysian telecommunications company was initiated as an attractive dividend payout by the company was expected.
113 million units
• The Fund may continue to build up positions in the US market, especially if there is a strong re-rating of stocks in the current reporting season.
Lipper Leader
NAV Per Unit RM0.5494
Total Return
Consistent Return
Morningstar Rating
TM
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark*
HHH
(14 August 2007 - 31 January 2011)
0 -10 -20 -30
Pacific Dana Dividen
Total Return As At 31 January 2011
Composite Benchmark (50% FBMS & 50% DJIM)
Highest & Lowest Net Asset Value (NAV) Per Unit
(Sector: Equity Global - Islamic)
Pacific Composite Dana Benchmark# (%) Dividen* (%)
Jan 11
-40 Aug 10
Asset Allocation
16.88 13.57 11.04 10.21 7.50 5.41 3.77 3.75 3.63 3.22
Aug 09
Top 10 sectors: Capital Goods Food Beverage Materials Telecommunication Services Retailing Energy Real Estate Utilities Software & Services Household & Personal Products
10
Aug 08
(Foreign Investments 31.94%)
Aug 07
Quoted Shariah-Compliant Equities 90.49%
PERCENTAGE GROWTH %
20 Islamic Money Market Instruments 9.51%
(26 July 2007 - 31 January 2011)
Ranking
6 Months
10.97
13.32
4/5
1 Year
15.49
13.79
2/4
3 Years
3.76
0.92
1/3
Since 14 August 2007
9.88
1.02
-
NAV Per Unit (RM) Highest 13 January 2011
0.5666
Lowest 10 March 2009
0.3375
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
Sime Darby Bhd
6.28
2007
Gross Distribution (RM) Unit Split -
-
IOI Corporation Bhd
5.44
2008
-
-
Axiata Group Bhd
4.10
2009
-
-
YNH Property Bhd
3.77
2010
-
-
Tenaga Nasional Bhd
3.75
2011 (ended 31 January 2011)
-
-
Microsoft Corporation (US)
3.63
New World Department Store China (HK)
3.29
Procter & Gamble Company (US)
3.22
Newcrest Mining Limited (AU)
3.03
IJM Corporation Bhd
3.02
* Source: Lipper Benchmark: Since inception to 31 October 2007 = Composite Benchmark [50% in Syariah Index (KLSI) & 50% in Dow Jones Islamic Market World Index (DJIM)]; From 1 November 2007 onwards = Composite Benchmark [50% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) & 50% DJIM].
#
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 15.8 and High (above 15.5 and below/same as 18.6) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
23
JANUARY
3-year Fund Volatility
10.4
PACIFIC ADVANTAGE GDP MOMENTUM FUND
2011
Characteristic
+
low Lipper Analytics 15 Jan 11
Pacific ADVANTAGE GDP Momentum Fund aims to achieve capital growth and income over the medium to long term by investing in a diversified portfolio of global equities, equity-related securities and collective investment schemes and, Malaysian fixed income securities and money market instruments.
Fairly Conservative
Launch Date 3 September 2007
Manager’s Comments
Financial Year End
• January continued to witness good equities returns especially in the developed countries. S&P returned over 2% in the month. The biggest gain was in the European markets. Euro Stoxx 50 returned over 8% in USD terms. MSCI Far East Free Ex Japan and MSCI Zhong Hua were up only 0.6% and 0.5% respectively in USD terms with concerns over China monetary tightening. In USD terms, Brazil was down over 4% and India was down over 10%. Emerging markets significantly underperformed developed markets in January.
30 June As at end of January 2011
Fund Size 168 million units
• The Fund remained overweight equities in January and did not have any significant trades in the month.
NAV Per Unit RM0.4710
Morningstar Rating
TM
• Fixed income allocation was marginally higher at 38% compared to 37% previously due to net outflow of funds. As the current level is within the long-term target allocation range, investment actions will remain neutral pending events that may require portfolio rebalancing.
HHHH
Asset Allocation As At 31 January 2011
Fund Performance vs Benchmark* (24 September 2007 - 31 January 2011)
Cash & Liquid Assets 6.48% Collective Investment Scheme 28.47%
Asset Allocation
Quoted Equities 33.96% (Foreign Investments 33.96%)
Top sector: Exchange Traded Fund
33.96
PERCENTAGE GROWTH %
5 Fixed Income & Other Debt Securities 31.09%
0 -5 -10 -15 -20 -25 -30
Pacific ADVANTAGE GDP Momentum Fund
Pacific Composite Ranking ADVANTAGE GDP Benchmark# (%) Momentum Fund (%) 1 Year 3 Years Since 24 September 2007
Jan 11
Sep 10
(50% NDDUWIL & 50% 3-Month KLIBOR)
(3 September 2007 - 31 January 2011)
(Sector: Mixed Asset MYR Balanced - Global)
6.15
Composite Benchmark
Highest & Lowest Net Asset Value (NAV) Per Unit
Total Return As At 31 January 2011
6 Months
Sep 09
Sep 08
Sep 07
-35
6.81
9/12
4.09
4.34
9/12
1.57
-0.91
7/10
-5.80
-7.56
-
NAV Per Unit (RM) Highest 5 November 2007
0.5100
Lowest 10 March 2009
0.3810
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings^ As At 31 January 2011 % of NAV
Year
HSBC GIF Euroland Equity Fund Class Z Dis (LU)
11.09
2007
Gross Distribution (RM) Unit Split -
-
PowerShares QQQ (US)
8.99
2008
-
-
iShares MSCI Japan Index Fund (US)
4.85
2009
-
-
iShares S&P Latin American 40 Index Fund (US)
4.71
2010
-
-
HSBC GIF Hong Kong Equity Fund Class Z Dis (LU)
4.39
2011 (ended 31 January 2011)
-
-
iShares MSCI Emerging Markets Index Fund (US)
4.35
iShares Russell 2000 Index Fund (US)
4.31
iShares MSCI Singapore Index Fund (US)
3.25
HSBC GIF Chinese Equity Class Z Dis (LU)
3.14
HSBC GIF Asia EX Japan Equity Fund Class Z Dis (LU)
2.81
^ Includes exchange traded funds (ETFs) and foreign collective investment schemes (CIS). #
Composite Benchmark = 50% NDDUWIL & 50% 3-Month KLIBOR.
+ Volatility Factor (VF) and Volatility Class (VC) as at 31 December 2010 for the Fund are 10.4 and Low (above 4.3 and below/same as 11.8) respectively. VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The Fund’s portfolio may have changed since this date and there is no guarantee that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. Source: Lipper.
24
JANUARY
PACIFIC FOCUS CHINA FUND Pacific Focus China Fund aims to achieve attractive capital growth in the medium to long term by investing predominantly in equities and equity-related securities of companies listed in the greater China region which covers China, Hong Kong S.A.R. and Taiwan markets and may invest in companies listed in other markets that have significant or potentially significant business in the greater China region.
2011
Characteristic Aggressive
Launch Date
Manager’s Comments
19 May 2009
• The solid expansion of China’s economy continued in the last quarter of 2010. Monthly macro data for December confirmed the strong momentum across various sectors of the economy during the fourth quarter, with rising domestic demand and some notable recovery in the export sector along with the backdrop of improving global demand. Hong Kong shares continue to hold up well in January despite further monetary tightening in China and concerns over Egypt’s political crisis towards the end of the month. Taiwan’s December export orders came in as a further sign to confirm the solid, broad-based upturn in the export sector, consistent with the latest positive signal on the global manufacturing sector and overall external demand. • During the month, the Fund bought into the food beverage and tobacco, materials, real estate, technology hardware and equipment sectors and disposed of some stocks in the capital goods, materials, real estate, technology hardware & equipment and semiconductors & semiconductors’ equipment sectors.
Asset Allocation As At 31 January 2011
Financial Year End 31 March As at end of January 2011
Fund Size 170 million units
NAV Per Unit RM0.2633
Fund Performance vs Benchmark* (12 June 2009 - 31 January 2011)
25 Cash & Liquid Assets 4.96%
10 5 0 -5
-10
Pacific Focus China Fund
Total Return As At 31 January 2011 MXGD (%)
Jan 11
MXGD
Highest & Lowest Net Asset Value (NAV) Per Unit
(Sector: Equity Greater China) Pacific Focus China Fund* (%)
Sep 10
Mar 10
Jun 10
-15 Dec 09
Asset Allocation
14.88 12.59 9.80 7.37 7.06 6.17 6.16 5.21 4.30 4.05
15
Sep 09
Top 10 sectors: Banks Technology Hardware & Equipment Real Estate Energy Materials Telecommunication Services Insurance Consumer Services Food & Staples Retailing Food Beverage & Tobacco
Jun 09
(Foreign Investments 95.04%)
PERCENTAGE GROWTH %
20
Quoted Equities 95.04%
(19 May 2009 - 31 January 2011)
Ranking
6 Months
6.64
11.74
4/6
1 Year
4.69
8.47
3/6
Since 12 June 2009
5.32
14.78
-
NAV Per Unit (RM) Highest 8 November 2010
0.2819
Lowest 5 July 2010
0.2309
Distribution & Unit Split Based On Calendar Year
Top 10 Holdings As At 31 January 2011 % of NAV
Year
Industrial and Commercial Bank of China Limited (HK)
4.18
2009
Gross Distribution (RM) Unit Split -
-
China Construction Bank Corporation (HK)
4.08
2010
-
-
CNOOC Limited (HK)
3.52
2011 (ended 31 January 2011)
-
-
Taiwan Mobile Co., Ltd (TT)
3.44
Taiwan Semiconductor Manufacturing Co., Ltd (TT)
3.26
Ping An Insurance (Group) Company of China Limited (HK)
3.12
Formosa International Hotels Corporation (TT)
3.06
China Mobile Limited (HK)
2.73
Hon Hai Precision Industry (TT)
2.71
Jardine Matheson Holdings Limited (SG)
2.55
* Source: Lipper
25
JANUARY 2011
Characteristic Fairly Aggressive
Launch Date
PACIFIC ELITE DIVIDEND FUND
Pacific ELITE Dividend Fund aims to achieve capital growth and steady recurring income in the medium to long term by investing in a portfolio of Malaysian equities that are paying or have the potential to pay attractive dividends. The Fund may also invest in Malaysian fixed income securities and money market instruments. A tactical asset allocation strategy will be employed in managing the portfolio.
Manager’s Comments • The equity allocation of Pacific ELITE Dividend Fund was maintained at 92%. Gross equity sales was nearly equal in value to gross purchases.
5 February 2010
• Buying was conducted in a concentrated manner, via 10 stocks. Positions were increased in the plantations, utilities and automotive sectors.
Financial Year End
• Positions were sold in REITS, property and the oil and gas sectors.
31 March
• The Fund will look for opportunities to lock in profits on overvalued stocks and switch into fundamentally sound laggards, especially those with attractive yields.
As at end of January 2011
Fund Size 198 million units
Asset Allocation As At 31 January 2011
Top 10 Holdings As At 31 January 2011
NAV Per Unit
% of NAV
RM0.5916 Cash & Liquid Assets 7.83%
Asset Allocation
Quoted Equities 92.17% Top 10 sectors: Banks Telecommunication Services Capital Goods Food Beverage & Tobacco Utilities Transportation Materials Consumer Services Automobiles & Components Diversified Financials
17.76 12.23 12.05 10.53 10.14 8.90 5.12 4.67 3.22 2.91
CIMB Group Holdings Bhd
7.69
Sime Darby Bhd
6.37
Tenaga Nasional Bhd
6.04
IOI Corporation Bhd
5.73
Malayan Banking Bhd
5.35
Axiata Group Bhd
4.81
Kuala Lumpur Kepong Bhd
4.80
Petronas Gas Bhd
4.10
Maxis Bhd
4.04
IJM Corporation Bhd
3.90
Highest & Lowest Net Asset Value (NAV) Per Unit (5 February 2010 - 31 January 2011)
NAV Per Unit (RM) Highest 17 January 2011
0.6099
Lowest 25 May 2010
0.4880
PACIFIC ELIT DANA AMAN
JANUARY 2011
Characteristic Fairly Aggressive
Launch Date 5 February 2010
Pacific ELIT Dana Aman aims to achieve consistently above average capital growth and income over a medium to long-term period by investing in a diversified portfolio of Malaysian Shariah-compliant securities. The Fund may also invest in Malaysian Islamic money market instruments. A tactical asset allocation strategy will be employed in managing the portfolio.
Manager’s Comments • The equity allocation of Pacific ELIT Dana Aman was reduced marginally to 88.53% from 90.44% recorded in the previous month mainly due to inflow of monies from the net creation of units. The Fund was a net buyer of equities in the period. • Purchases were made across a number of holdings and sectors with the exception of the oil and gas sector, where positions were reduced as stock prices rallied. • The Fund will trade on its existing positions in the current volatile market.
Financial Year End 31 March As at end of January 2011
Asset Allocation As At 31 January 2011
Top 10 Holdings As At 31 January 2011
Fund Size
% of NAV
35 million units Islamic Money Market Instruments 11.47%
NAV Per Unit RM0.5946 Asset Allocation
Quoted Shariah-Compliant Equities 88.53% Top 10 sectors: Capital Goods 20.60 Food Beverage 15.70 Telecommunication Services 11.62 Utilities 11.47 Transportation 7.54 Materials 6.46 Energy 6.01 Automobiles & Components 3.36 Media 2.33 Health Care Equipment & Services 1.10
Tenaga Nasional Bhd
7.45
Sime Darby Bhd
7.30
Kuala Lumpur Kepong Bhd
6.80
Axiata Group Bhd
6.10
IOI Corporation Bhd
5.82
Petronas Gas Bhd
4.02
MISC Bhd
3.88
IJM Corporation Bhd
3.85
Maxis Bhd
3.60
Malaysian Resources Corporation Bhd
3.49
Highest & Lowest Net Asset Value (NAV) Per Unit (5 February 2010 - 31 January 2011)
NAV Per Unit (RM)
26
Highest 17 January 2011
0.6117
Lowest 25 May 2010
0.4835
Notes: According to the Securities Commission's Guidelines on Unit Trust Funds, performance figures of less than one year should not be published.
JANUARY
PACIFIC ELIT DANA DIVIDEN
Pacific ELIT Dana Dividen aims to achieve capital growth and steady and attractive income over the medium to long term by investing in a portfolio of global Shariah-compliant equities that are paying or have the potential to pay attractive dividends. The Fund may also invest in Malaysian sukuk and Islamic money market instruments. A tactical asset allocation strategy will be employed in managing the portfolio.
2011
Characteristic
Manager’s Comments
Fairly Aggressive
• he equity allocation of Pacific ELIT Dana Dividen rose to 92.17% from 88.13% recorded in the previous month, although the Fund was only a small net buyer of equities.
Launch Date
• Some switching of stocks was conducted. Positions exited were a Chinese oil company, a Hong Kong utilities company, a Hong Kong manufacturer of apparel, a Korean technology company and a Malaysia property company.
5 February 2010
• The new positions initiated included a Malaysian property company, a US consumer stock, a US oil company, a US oil services company and a US retailer. A position in a Malaysian telecommunications company was also initiated as an attractive dividend payout by the company was expected.
Financial Year End
• The Fund may continue to build up positions in the US market, especially if there is a strong re-rating of stocks in the current reporting season.
% of NAV Islamic Money Market Instruments 7.83% Quoted Shariah-Compliant Equities
92.17%
(Foreign Investments 31.71%)
Asset Allocation
Top 10 sectors: Capital Goods Food Beverage Telecommunication Services Energy Materials Retailing Transportation Utilities Media Software & Services
19.64 13.43 10.81 9.73 8.66 6.38 5.81 2.96 2.82 2.75
As at end of January 2011
Fund Size 32 million units
Top 10 Holdings As At 31 January 2011
Asset Allocation As At 31 January 2011
31 March
IOI Corporation Bhd
6.48
Sime Darby Bhd
5.75
Axiata Group Bhd
4.32
New World Department Store China (HK)
3.88
IJM Corporation Bhd
3.30
Newcrest Mining Limited (AU)
3.22
Tenaga Nasional Bhd
2.96
Media Chinese International Limited
2.82
WCT Bhd
2.76
Malaysian Resources Corporation Bhd
2.76
NAV Per Unit RM0.5641
Highest & Lowest Net Asset Value (NAV) Per Unit (5 February 2010 - 31 January 2011)
NAV Per Unit (RM) Highest 13 January 2011
0.5826
Lowest 26 May 2010
0.4669
PACIFIC ELIT ISLAMIC ASIAPAC BALANCED FUND
Pacific ELIT Islamic AsiaPac Balanced Fund aims to achieve steady and attractive income and, capital growth in the medium to long term by investing in a balanced portfolio of Malaysian and foreign (Asia Pacific) Shariah-compliant securities. The Fund may also invest in Malaysian Islamic money market instruments.
Manager’s Comments • The equity allocation of Pacific ELIT Islamic AsiaPac Balanced Fund was reduced to 55.64% from 56.08% recorded in the previous month as the Fund was a net seller of equities. • Positions exited during the month were a Chinese oil company and a Hong Kong utilities company, all on strength. The Fund also trimmed some positions in oil and gas, property and construction as prices rallied, hence locking in some profit.
JANUARY 2011
Characteristic Fairly Conservative
Launch Date
• The Fund participated in an IPO and also initiated new positions in two oil and gas companies. • The Fund will ride any upward momentum, possibly switching from overbought stocks to fundamentally sound stocks that have corrected sufficiently from overbought levels and laggards.
5 February 2010
• Fixed income allocation was marginally higher at 27% from 26% previously as a result of net outflow of funds during the period. Current allocation is within its strategised weights pending stabilisation of fund flows.
Financial Year End
Asset Allocation As At 31 January 2011
Top 10 Holdings As At 31 January 2011
31 March As at end of January 2011
Fund Size % of NAV Unquoted Sukuk 26.52% Islamic Money Market Instruments 17.84% Quoted Shariah-Compliant Equities 55.64% (Foreign Investments 19.24%)
Asset Allocation
Top 10 sectors: Capital Goods Materials Telecommunication Services Food Beverage Energy Utilities Retailing Transportation Real Estate Consumer Services
14.11 9.72 7.18 6.96 4.59 4.32 4.04 2.74 1.07 0.91
27 million units
Sime Darby Bhd
5.69
Tenaga Nasional Bhd
4.32
NAV Per Unit
Newcrest Mining Limited (AU)
4.20
RM0.5343
China Mobile Limited (HK)
4.06
Cahya Mata Sarawak Bhd
4.05
New World Department Store China (HK)
4.04
Axiata Group Bhd
3.12
IOI Corporation Bhd
3.03
Kuala Lumpur Kepong Bhd
2.27
WCT Bhd
2.21
Highest & Lowest Net Asset Value (NAV) Per Unit (5 February 2010 - 31 January 2011)
NAV Per Unit (RM) Highest 13 January 2011
0.5470
Lowest 26 May 2010
0.4819
Notes: According to the Securities Commission's Guidelines on Unit Trust Funds, performance figures of less than one year should not be published.
27
JANUARY 2011
Characteristic Fairly Aggressive
Launch Date 12 April 2010
Financial Year End 31 March As at end of January 2011
Fund Size 14 million units
NAV Per Unit RM0.5274
PACIFIC GLOBAL AGRICULTURE, INFRASTRUCTURE AND RESOURCES FUND Pacific Global A.I.R. Fund aims to achieve attractive capital growth and income in the medium to long term by investing in a portfolio of global investments that are related to sectors that provide support to global trade and production, integral to human life and economic growth.
Manager’s Comments • The equity exposure of Pacific Global A.I.R. Fund rose to 91.35% from 89.07% recorded in the previous month as net equity sales was offset by redemptions. • The Fund increased its positions in selected mining, oil and gas, pharmaceutical, plantations and technology companies during the month, but trimmed its positions in selected coal, steel and transportation names on price strength. • Due to attractive valuations and earnings recovery potential, the Fund also increased its exposure to US-listed stocks. • Positions initiated during the month include a Hong Kong-listed oil and gas stock, a US-listed oil and gas services provider, a US-listed low-cost carrier and a Singapore-listed edible oils refiner. • The Fund exited its positions in the H-shares of a steel player, a leading Korean technology stock, an Indonesian-listed coal company that was newly listed and a Malaysian fibre-optic provider on price strength. • The Fund will continue to adopt an opportunistic stance to ride the current market volatility and will look to increase its US exposure on further price weakness.
Highest & Lowest Net Asset Value (NAV) Per Unit
Asset Allocation As At 31 January 2011
(12 April 2010 - 31 January 2011)
NAV Per Unit (RM) Cash & Liquid Assets 8.65% Quoted Equities 91.35% (Foreign Investments 83.11%)
Asset Allocation
Top 10 sectors: Energy 19.12 Materials 18.41 Transportation 15.56 Capital Goods 10.58 Food Beverage & Tobacco 7.83 Pharmaceuticals, Biotechnology & 5.65 Life Sciences Utilities 5.08 Telecommunication Services 4.66 Semiconductors & 3.46 Semiconductors Equipment Food & Staples Retailing 1.00
Highest 4 January 2011
0.5532
Lowest 5 July 2010
0.4767
Top 10 Holdings As At 31 January 2011 % of NAV
28
Sime Darby Bhd
5.10
Ezra Holdings Limited (SG)
4.69
China Mobile Limited (HK)
4.66
Barrick Gold Corporation (US)
4.45
Rio Tinto Limited (AU)
4.21
Singapore Airlines Limited (SG)
3.80
China Communications Construction Company Limited (HK)
3.73
Johnson & Johnson (US)
3.61
Intel Corporation (US)
3.46
Glow Energy Public Company Limited-NVDR (TH)
3.32
Notes: According to the Securities Commission's Guidelines on Unit Trust Funds, performance figures of less than one year should not be published.
