Pacific AsiaPac Income Fund
^
Pacific AsiaPac Income Fund FUND OBJECTIVE
INVESTMENT STYLE
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.
CLOSE TO BENCHMARK
REVIEW & OUTLOOK AS AT END MARCH 2012
FUND MANAGER: PACIFIC MUTUAL FUND BHD
Pacific Mutual Fund Bhd, a company incorporated in Malaysia, is an 85%-owned subsidiary of PacificMas Berhad, a company incorporated in Malaysia and listed on the Main Board of Bursa Malaysia Securities Berhad. The principal activities of Pacific Mutual Fund Bhd are the establishment and management of unit trust funds as well as the management of private investment mandates. The designated person responsible for the investment management of this Fund (fixed income portion): Koh Huat Soon.
EXTERNAL INVESTMENT MANAGER: LION GLOBAL INVESTORS LIMITED (formerly known as Lion Capital Management Ltd)
In September 2005, two major companies in Singapore's asset management industry, OCBC Asset Management Limited ("OAM") and Straits Lion Asset Management Limited ("Straits Lion") joined forces to create one of the largest asset management companies in Singapore. Known as Lion Global Investors Limited ("Lion Global Investors"), Lion Global Investors combines the asset management businesses of OAM and Straits Lion. Lion Global is a wholly-owned subsidiary of Straits Lion, which is 70% owned by Great Eastern Holdings Limited and 30% owned by Orient Holdings Private Limited, a whollyowned subsidiary of OCBC Bank. The designated person responsible for the investment management of this Fund (equity portion): Lim Fang Suan.
VALUE
TOP DOWN
LARGE CAP
DISREGARD BENCHMARK
SMALL CAP
The Asia-Pacific ex-Japan region as a whole fell 3.0% (USD terms) in March. India lost 1.6% (in Indian Rupee terms) as state election results, a mid-quarter policy review meeting and the Union budget failed to boost investor confidence. Korea posted a gain of 0.7% (in Korean Won terms) after consumer inflation fell to 2.6% in March for the first time since 2010. China fell 6.8% (in Hong Kong Dollar terms) on renewed fears of economic hard landing in China and the latest data showed economic activity continued to soften. Australia climbed 1.4% (in Australian Dollar terms) after the Reserve Bank of Australia left the interest rate unchanged at 4.25% for the second consecutive month. Hong Kong was down 4.5% (in Hong Kong Dollar terms) and Singapore gained 0.2% (in Singapore Dollar terms). Hong Kong market consolidated in March due to China counters on their weaker-thanexpected earnings results and also the arrest of Sun Hung Kai Properties’ co-chairmen for suspected corruption. During the month, the Fund purchased two real estate stocks and sold a banking stock. The Asian markets declined in March with China and India in particular suffering relatively large declines. Fears were raised in China on the back of comments from the government that China needs to rebalance its economy, which will mean slower growth in the years ahead. In addition, political tensions increased between those who wish to continue the reform process in China and those believe that there has been enough reform already. Investor sentiment in India worsened with the Indian government unable to push through any further reforms and the macro picture looking increasingly downbeat. With no clear direction, markets remain very rotational with low trading volumes suggesting a continued lack of conviction. This environment is likely to persist going forward especially with all the potential risks out there regarding Europe, the US, China, North Korea and Iran. The equity allocation of Pacific AsiaPac Income Fund rose to 41.58% from 39.51% recorded in the previous month. Fixed income allocation was maintained at 55% from previous month. During the month, the Fund reinvested its short-term maturities to commercial papers. Investment decisions are still focused on liquidity management hence duration lengthening strategies will be applied on availability of surplus cash.
GROWTH
BOTTOM UP
BENCHMARK COMPOSITE BENCHMARK MXAPJ*
%
3-MONTH KLIBOR
60
40
*MXAPJ = MSCI All Countries Asia Pacific Ex-Japan Index
Income is in reference to the Fund’s distribution, which could be in the form of cash or unit.
^
Volatility Factor (VF) as at 29 February 2012: 8.3. Volatility Class (VC) as at 30 December 2011: Low (above 2.7 and below/same as 9.8). 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.
This leaflet provides general information and does not have regard to any specific investment objective, financial situation, or particular personal need. The performance of the Fund is calculated on a bid-to-bid basis including any capital gains and reinvested income distribution. Master Prospectus dated 15 November 2011 is obtainable at our offices. It has been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. Units will only be issued when we receive the official application form referred to in and accompanying the Master Prospectus. Investors should study the Master Prospectus, and consider the fees and charges before investing. Investors should also note that distributions and investment value do go up or down and past performance may not be repeated. The Fund is subject to currency risk. Description of the specific risk can be obtained from Master Prospectus dated 15 November 2011.
Pacific AsiaPac Income Fund FFFund
CHART 1: HISTORICAL PRICE FUND SINCE INCEPTION
FUND INFORMATION 28 November 2006
Launch date
Fund type
Mixed Asset MYR Balanced - Global Income & growth
Fund size in RM
83 million
Launch price
RM0.50
Initial investment (Cash/Saver’s Plan)
RM500/RM100
Subsequent investment (Cash/Saver’s Plan)
RM100/RM50
Sales charge
5.00% of NAV per unit
Annual management fee
1.50% p.a. of NAV
Exit fees Annual expense ratio as at 31/12/10
N/A 1.52%
EPF investment scheme
No
Fund category ( as per Lipper)
Date : 31/3/2012
Adjusted NAV has been adjusted with a total gross distribution of 2.50 sen declared todate to reflect the true value of one equivalent unit invested since the launch of the Fund.
CHART 2: PERFORMANCE OF FUND SINCE 14 DECEMBER 2006
RISK AS AT END 31/3/2012 3-YEAR Annualized Volatility
8.13
3-YEAR Annualized Sharpe Ratio
0.60
HSBC Risk Classification
3 **3-YEAR VOLATILITY AND SHARPE RATIO FIGURES ARE BASED ON BID PRICES, ADJUSTED FOR DIVIDENDS RE-INVESTED AND IN MYD.
FUNDS NAV AS AT END 31/3/2012 52-Week High
0.4991
52-Week Low
0.4444
TRAILING RETURNS
1 YR
2 YRS
3 YRS
5 YRS
3.78
6.36
-1.53
25.58
4.27
16.04
13.08
-1.52
3.44 1.71
7.88
0.84
3 MTHS
Absolute Returns To Date (%) Annualized Returns To Date (%)
6 MTHS
SECTOR ALLOCATION AS AT 31/3/2012
PERFORMANCE FIGURES ARE BASED ON BID-TO-BID PRICES, DIVIDENDS RE-INVESTED IN MYD Cash & Liquid Assets 3.75%
CALENDAR YEAR RETURNS
2008
2009
2010
2011
Pacific AsiaPac Income Fund (%)
-25.07
27.20
3.13
-5.21
Composite Benchmark (%)
-21.68
25.04
3.26
-4.36
PERFORMANCE FIGURES ARE BASED ON BID-TO-BID PRICES, DIVIDENDS RE-INVESTED IN MYD.
TOP 10 HOLDINGS AS AT END 31/3/2012
5.25
Samsung Electronics Company Limited (KR)
1.99
BHP Billiton Limited (AU)
1.60
Australia & New Zealand Banking Group Limited (AU)
1.55
Commonwealth Bank of Australia (AU)
1.42
Oil Search Limited (AU)
1.38
China Construction Bank Corporation (HK)
1.12
Keppel Corporation Limited (SG)
1.07
China Minsheng Banking Corporation Limited (HK)
0.99
Wesfarmers Limited (AU)
0.99
No, of stocks holdings
Fixed Income & Other Debt Securities 47.44%
% OF FUND
Lyxor ETF MSCI Taiwan (SG)
48 stocks (including collective investment scheme)
SOURCE: Lipper; Pacific Mutual; Lion Global Investors Limited
Exchange Traded Fund 5.98%
Banks 7.86%
Collective Investment Scheme 10.35% Diversified Financials 0.49% Utilities 0.51%
Materials 4.09%
Real Estate 2.78%
Energy 3.60%
Semiconductors & Semiconductors Equipment 1.99% Capital Goods 2.16% Telecommunication Services 1.43% Retailing 1.33% Software & Services 1.25% Insurance 1.19% Consumer Services 0.77%
Automobiles & Components 0.71% Household & Personal Products 0.65%
Food & Staples Retailing 0.99% Food Beverage & Tobacco 0.68%
COUNTRY ALLOCATION AS AT 31/3/2012 Indonesia 1.10% Thailand 1.35% Others 3.75% Malaysia Unquoted Corporate Bonds 47.44%
Korea 6.75%
Malaysia 8.36%
Australia 8.45% Hong Kong Singapore 10.52% 12.28%
Pacific AsiaPac Income Fund FUND OBJECTIVE
INVESTMENT STYLE
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.
CLOSE TO BENCHMARK
REVIEW & OUTLOOK AS AT END MARCH 2012
FUND MANAGER: PACIFIC MUTUAL FUND BHD
Pacific Mutual Fund Bhd, a company incorporated in Malaysia, is an 85%-owned subsidiary of PacificMas Berhad, a company incorporated in Malaysia and listed on the Main Board of Bursa Malaysia Securities Berhad. The principal activities of Pacific Mutual Fund Bhd are the establishment and management of unit trust funds as well as the management of private investment mandates. The designated person responsible for the investment management of this Fund (fixed income portion): Koh Huat Soon.
EXTERNAL INVESTMENT MANAGER: LION GLOBAL INVESTORS LIMITED (formerly known as Lion Capital Management Ltd)
In September 2005, two major companies in Singapore's asset management industry, OCBC Asset Management Limited ("OAM") and Straits Lion Asset Management Limited ("Straits Lion") joined forces to create one of the largest asset management companies in Singapore. Known as Lion Global Investors Limited ("Lion Global Investors"), Lion Global Investors combines the asset management businesses of OAM and Straits Lion. Lion Global is a wholly-owned subsidiary of Straits Lion, which is 70% owned by Great Eastern Holdings Limited and 30% owned by Orient Holdings Private Limited, a whollyowned subsidiary of OCBC Bank. The designated person responsible for the investment management of this Fund (equity portion): Lim Fang Suan.
VALUE
TOP DOWN
LARGE CAP
DISREGARD BENCHMARK
SMALL CAP
The Asia-Pacific ex-Japan region as a whole fell 3.0% (USD terms) in March. India lost 1.6% (in Indian Rupee terms) as state election results, a mid-quarter policy review meeting and the Union budget failed to boost investor confidence. Korea posted a gain of 0.7% (in Korean Won terms) after consumer inflation fell to 2.6% in March for the first time since 2010. China fell 6.8% (in Hong Kong Dollar terms) on renewed fears of economic hard landing in China and the latest data showed economic activity continued to soften. Australia climbed 1.4% (in Australian Dollar terms) after the Reserve Bank of Australia left the interest rate unchanged at 4.25% for the second consecutive month. Hong Kong was down 4.5% (in Hong Kong Dollar terms) and Singapore gained 0.2% (in Singapore Dollar terms). Hong Kong market consolidated in March due to China counters on their weaker-thanexpected earnings results and also the arrest of Sun Hung Kai Properties’ co-chairmen for suspected corruption. During the month, the Fund purchased two real estate stocks and sold a banking stock. The Asian markets declined in March with China and India in particular suffering relatively large declines. Fears were raised in China on the back of comments from the government that China needs to rebalance its economy, which will mean slower growth in the years ahead. In addition, political tensions increased between those who wish to continue the reform process in China and those believe that there has been enough reform already. Investor sentiment in India worsened with the Indian government unable to push through any further reforms and the macro picture looking increasingly downbeat. With no clear direction, markets remain very rotational with low trading volumes suggesting a continued lack of conviction. This environment is likely to persist going forward especially with all the potential risks out there regarding Europe, the US, China, North Korea and Iran. The equity allocation of Pacific AsiaPac Income Fund rose to 41.58% from 39.51% recorded in the previous month. Fixed income allocation was maintained at 55% from previous month. During the month, the Fund reinvested its short-term maturities to commercial papers. Investment decisions are still focused on liquidity management hence duration lengthening strategies will be applied on availability of surplus cash.
GROWTH
BOTTOM UP
BENCHMARK COMPOSITE BENCHMARK MXAPJ*
%
3-MONTH KLIBOR
60
40
*MXAPJ = MSCI All Countries Asia Pacific Ex-Japan Index
Income is in reference to the Fund’s distribution, which could be in the form of cash or unit.
^
Volatility Factor (VF) as at 29 February 2012: 8.3. Volatility Class (VC) as at 30 December 2011: Low (above 2.7 and below/same as 9.8). 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.
This leaflet provides general information and does not have regard to any specific investment objective, financial situation, or particular personal need. The performance of the Fund is calculated on a bid-to-bid basis including any capital gains and reinvested income distribution. Master Prospectus dated 15 November 2011 is obtainable at our offices. It has been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. Units will only be issued when we receive the official application form referred to in and accompanying the Master Prospectus. Investors should study the Master Prospectus, and consider the fees and charges before investing. Investors should also note that distributions and investment value do go up or down and past performance may not be repeated. The Fund is subject to currency risk. Description of the specific risk can be obtained from Master Prospectus dated 15 November 2011.
Pacific AsiaPac Income Fund FFFund
CHART 1: HISTORICAL PRICE FUND SINCE INCEPTION
FUND INFORMATION 28 November 2006
Launch date
Fund type
Mixed Asset MYR Balanced - Global Income & growth
Fund size in RM
83 million
Launch price
RM0.50
Initial investment (Cash/Saver’s Plan)
RM500/RM100
Subsequent investment (Cash/Saver’s Plan)
RM100/RM50
Sales charge
5.00% of NAV per unit
Annual management fee
1.50% p.a. of NAV
Exit fees Annual expense ratio as at 31/12/10
N/A 1.52%
EPF investment scheme
No
Fund category ( as per Lipper)
Date : 31/3/2012
Adjusted NAV has been adjusted with a total gross distribution of 2.50 sen declared todate to reflect the true value of one equivalent unit invested since the launch of the Fund.
CHART 2: PERFORMANCE OF FUND SINCE 14 DECEMBER 2006
RISK AS AT END 31/3/2012 3-YEAR Annualized Volatility
8.13
3-YEAR Annualized Sharpe Ratio
0.60
HSBC Risk Classification
3 **3-YEAR VOLATILITY AND SHARPE RATIO FIGURES ARE BASED ON BID PRICES, ADJUSTED FOR DIVIDENDS RE-INVESTED AND IN MYD.
FUNDS NAV AS AT END 31/3/2012 52-Week High
0.4991
52-Week Low
0.4444
TRAILING RETURNS
1 YR
2 YRS
3 YRS
5 YRS
3.78
6.36
-1.53
25.58
4.27
16.04
13.08
-1.52
3.44 1.71
7.88
0.84
3 MTHS
Absolute Returns To Date (%) Annualized Returns To Date (%)
6 MTHS
SECTOR ALLOCATION AS AT 31/3/2012
PERFORMANCE FIGURES ARE BASED ON BID-TO-BID PRICES, DIVIDENDS RE-INVESTED IN MYD Cash & Liquid Assets 3.75%
CALENDAR YEAR RETURNS
2008
2009
2010
2011
Pacific AsiaPac Income Fund (%)
-25.07
27.20
3.13
-5.21
Composite Benchmark (%)
-21.68
25.04
3.26
-4.36
PERFORMANCE FIGURES ARE BASED ON BID-TO-BID PRICES, DIVIDENDS RE-INVESTED IN MYD.
TOP 10 HOLDINGS AS AT END 31/3/2012
5.25
Samsung Electronics Company Limited (KR)
1.99
BHP Billiton Limited (AU)
1.60
Australia & New Zealand Banking Group Limited (AU)
1.55
Commonwealth Bank of Australia (AU)
1.42
Oil Search Limited (AU)
1.38
China Construction Bank Corporation (HK)
1.12
Keppel Corporation Limited (SG)
1.07
China Minsheng Banking Corporation Limited (HK)
0.99
Wesfarmers Limited (AU)
0.99
No, of stocks holdings
Fixed Income & Other Debt Securities 47.44%
% OF FUND
Lyxor ETF MSCI Taiwan (SG)
48 stocks (including collective investment scheme)
SOURCE: Lipper; Pacific Mutual; Lion Global Investors Limited
Exchange Traded Fund 5.98%
Banks 7.86%
Collective Investment Scheme 10.35% Diversified Financials 0.49% Utilities 0.51%
Materials 4.09%
Real Estate 2.78%
Energy 3.60%
Semiconductors & Semiconductors Equipment 1.99% Capital Goods 2.16% Telecommunication Services 1.43% Retailing 1.33% Software & Services 1.25% Insurance 1.19% Consumer Services 0.77%
Automobiles & Components 0.71% Household & Personal Products 0.65%
Food & Staples Retailing 0.99% Food Beverage & Tobacco 0.68%
COUNTRY ALLOCATION AS AT 31/3/2012 Indonesia 1.10% Thailand 1.35% Others 3.75% Malaysia Unquoted Corporate Bonds 47.44%
Korea 6.75%
Malaysia 8.36%
Australia 8.45% Hong Kong Singapore 10.52% 12.28%
