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Bi- Annual Stock Market Report for 2H 2017 Bond Market Review
• For 3Q 2017, sentiment in the domestic bond market was impacted by
Stock Market Review rising expectations of a Federal funds rate hike in December 2017 as well
• Commencing the second half of 2017 at 1,764 points, the FBM KLCI as the Federal Reserve’s decision to begin its balance sheet reduction
moved in a trading range from July to mid-September before falling program in October 2017. The domestic bond market continued to
below 1,760 points in late September amid foreign fund outflows. remain soft in October amid concerns over higher domestic inflation
and the progress of the U.S. tax reform bill. The domestic bond market
• The FBM KLCI eased in October and November due to a lack of fresh subsequently rebounded in November and December on the back of the
catalysts. However, the Index rebounded in December and pared its strengthening of the Ringgit and higher crude oil prices. At its December
earlier losses on the back of higher oil prices and renewed buying meeting, the Federal Open Market Committee (FOMC) raised the Federal
interest in selected blue chips. The FBM KLCI closed at 1,797 points on funds rate target range by 25 basis points (bps) to 1.25%-1.50%.
29 December 2017 to register a gain of 1.9% for the second half of 2017.
• For the second half of 2017, the 3-year and 5-year Malaysian Government
• On the international front, the Dow Jones Industrial Average (DJIA) rallied Securities (MGS) benchmark yields moved lower by 7 and 9 bps to close
and touched record highs in 2H 2017 on optimism that the approval of at 3.32% and 3.53% respectively, while the 10-year MGS benchmark
the U.S. tax reform bill would boost corporate profits. For the second half yield remained unchanged at 3.91%.
of 2017, the DJIA recorded a gain of 15.8%.
• The corporate bond yields moved higher in the second half of 2017. The
Stock Market Chart yields of 3-year, 5-year and 10-year AAA-rated corporate bonds rose by
4 to 16 bps to close at 4.28%, 4.49% and 4.76% respectively in 2H 2017.
TRACKI NG TH E FBM KLCI: 1 JAN UARY 2013 TO 29 DECEMBER 2017 Over the same period, the yields of 3-year, 5-year and 10-year AA-rated
corporate bonds rose by 1 bp to 5 bps to close at 4.50%, 4.66% and 4.98%
Index respectively. The 3-month Bank Negara Weighted Average Interbank
Rate increased from 3.43% to 3.45% over the same period.
1,950
2
1,900 7
1,850
1,800 6 Economic Update
1,750
1,700
1,650
Malaysia
1 3
• Malaysia’s GDP growth gained pace from 4.2% in 2016 to 5.9% in the
1,600
1,550
first three quarters of 2017 on the back of higher domestic demand and
1,500 5
1,450 export growth. Domestic demand rose from 4.3% in 2016 to 6.7% in the
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1,400 first three quarters of 2017 while export growth expanded from 1.1% to
1,350
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Dec 10.4% over the same period.
2013 2014 2015 2016 2017
• Malaysia’s export growth accelerated to 21.1% in the first 10 months
1 2 3 of 2017 from 1.2% in 2016 due mainly to higher exports of electrical
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KLCI rebounds after the KLCI touches a new record KLCI retreats on concerns of the
Fed maintains its monthly intraday high of 1,896 points impact of softening oil prices on and electronic products. Import growth surged to 21.9% from 1.9%
bond-buying program. on 8 July 2014. the Malaysian economy. over the same period. Malaysia’s cumulative trade surplus widened to
RM80.2 billion in the first 10 months of 2017 compared to RM70.1 billion
4 5 6 7 for the corresponding period of the prior year.
.....................
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KLCI retraces in KLCI rebounds amid KLCI eases amid KLCI rebounds in
tandem with the a moderate recovery lacklustre regional tandem with firmer
sell-down in global in oil prices. markets and the regional markets and • Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate
and regional markets. weaker Ringgit. higher oil prices. (OPR) at 3.00% to support economic activities.
• Malaysia’s inflation rate climbed to 3.9% in the first 11 months of
2017 from 2.1% in 2016 amid higher transportation costs arising from
elevated fuel prices.
• The Ringgit appreciated by 5.9% against the US Dollar to close at
RM4.05/US Dollar for the second half of 2017 on expectations of a
tighter monetary policy amid stronger economic data.
• The budget deficit is projected to narrow to RM39.8 billion (2.8%
of GDP) in 2018 from the RM39.9 billion (3.0% of GDP) estimated
for 2017, while the federal revenue is forecast to expand by 6.4% to
RM239.9 billion in 2018. Meanwhile, operating expenditure and
net development expenditure are expected to grow by 6.5% to
RM234.3 billion and 0.2% to RM45.4 billion respectively in 2018.
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Global
• On the international front, U.S. GDP growth rose from 1.5% in 2016 to
2.2% in the first three quarters of 2017 on the back of higher investment
spending and export growth. The U.S. labour market continued to
improve with the unemployment rate falling to a near 17-year low of
4.1% in November 2017 from 4.4% in June 2017.
• The Federal Reserve raised the Federal funds rate target range by 25 bps
from 1.00%-1.25% to 1.25%-1.50% at its December FOMC meeting. The
central bank continued to project three additional hikes in 2018 and
raised its forecast for 2018 U.S. GDP growth to 2.5% from 2.1%.
Market Outlook
Global: In the U.S., the passage of the tax reform bill bodes well for the U.S.
equity market. Looking ahead, catalysts for the market include the positive
earnings impact from lower tax rates as well as the proposed infrastructure
spending program and banking deregulation.
China: Sentiment on the Chinese market remains positive despite short-
term market volatility due to concerns over tighter liquidity conditions by
regulators. Looking ahead, the market is expected to remain supported
by the nation’s improving economic fundamentals and positive corporate
earnings revisions.
Taiwan/Korea: The Taiwanese market is expected to consolidate in early
2018 as investors continue to reposition from technology stocks to financial
stocks. The next major catalyst for the market will likely be the release of
4Q 2017 corporate earnings results in early February 2018 as investors
reassess the earnings outlook for technology companies. Meanwhile, the
Korean market will continue to be underpinned by improving shareholder
return policies, resilient corporate earnings growth and attractive market
valuations.
ASEAN: In Thailand, the Bank of Thailand raised its 2018 GDP growth
forecast from 3.8% to 3.9% due to stronger export growth and a better-
than-expected recovery in tourist arrivals. The Singapore market remains
stable, driven by a recovery in bank loans growth. In Indonesia, a recovery
in consumption, coupled with lower credit costs in the banking sector,
should lend support to the market. Meanwhile, the consumer sector in
the Philippines is expected to continue benefitting from strong domestic
demand, spurred by increased infrastructure and social spending.
Malaysia: On the local front, market sentiment is expected to be supported
by sustained domestic demand growth, resilient crude oil prices and a
firmer Ringgit. In addition, continued infrastructure spending may help
to sustain economic growth momentum in 2018. However, investors are
expected to monitor foreign fund flows and corporate earnings results in
the coming months to ascertain the direction of the local bourse.
Bursa Securities registered a net inflow of RM0.9 billion from foreign funds
in December 2017, resulting in a total net inflow of RM11.0 billion for the
full year of 2017.
Malaysia’s foreign reserves firmed by 8.0% to reach US$102.2 billion as at
15 December 2017 compared to US$94.6 billion at end-2016. At the current
level, the reserve position is sufficient to finance 7.5 months of retained
imports and is equivalent to 1.1 times the short-term external debt.
At the FBM KLCI’s closing level of 1,797 points on 29 December 2017, the
local stock market traded at a prospective P/E ratio of 16.8x, which was
above its 10-year average of 16.4x. Meanwhile, the local market’s dividend
yield was 3.18%.
Notes: Q = Quarter
H = Half
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The following funds’ performances are covered in this report:
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Public Mutual PRS Growth Fund
PRS-GRF
Fund Objective
The fund seeks long-term capital growth and to a lesser extent income.
Benchmark Index Over the Following Periods Ended Hong Kong 1.93%
12%
8%
4% Distribution History
0% Financial Year Distribution(1) Declaration Distribution Yield
(Sen) Date (%)
-4% 2014 0.50 31.3.14 1.9
Dec-12 Aug-14 Apr-16 Dec-17
2015 0.60 31.3.15 2.3
Benchmark : Benchmark for PRS-GRF is a composite of 70% FTSE Bursa Malaysia Top 100 Index (prior
to 26 May 2017), 35% FTSE Bursa Malaysia KLCI, 35% customised index by MSCI based on 2016 0.70 31.3.16 2.8
the Top 30 constituents of MSCI AC Far-East Ex-Japan Index (w.e.f. 26 May 2017) and 30%
3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR). 2017 0.70 31.3.17 2.8
Underlying index data are sourced from MSCI, Lipper and Bank Negara Malaysia and
expressed in Ringgit terms. Note :
Distribution yield simply measures the level of distributions and is not a measure of fund
* Commencement Date : 16 December 2012
performance.
4
Public Mutual PRS Moderate Fund
PRS-MDF
Fund Objective
The fund seeks income and capital growth over the long-term through
a balanced asset allocation approach.
Benchmark Index Over the Following Periods Ended Hong Kong 3.36%
16%
8%
Distribution History
0%
Financial Year Distribution(1) Declaration Distribution Yield
(Sen) Date (%)
-8% 2014 0.40 31.3.14 1.5
Dec-12 Aug-14 Apr-16 Dec-17
Benchmark : Benchmark for PRS-MDF is a composite of 60% FTSE Bursa Malaysia Top 100 Index (prior
2015 0.50 31.3.15 1.9
to 26 May 2017), 30% FTSE Bursa Malaysia KLCI, 30% customised index by MSCI based on 2016 0.60 31.3.16 2.4
the Top 30 constituents of MSCI AC Far-East Ex-Japan Index (w.e.f. 26 May 2017) and 40%
3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR). 2017 0.80 31.3.17 3.1
Underlying index data are sourced from MSCI, Lipper and Bank Negara Malaysia and
expressed in Ringgit terms. Note :
* Commencement Date : 16 December 2012 Distribution yield simply measures the level of distributions and is not a measure of fund
performance.
Asset Allocation as at 29 December 2017
Asset Type
Equities & Related Securities - Domestic 21.49%
Equities & Related Securities - Foreign 35.46%
Fixed Income Securities 28.45%
Money Market Instruments & Others 14.60%
Total 100.00%
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Public Mutual PRS Conservative Fund
PRS-CVF
Fund Objective
Since
19.30 17.30 3.56 3.21
Commencement
Distribution History
Performances of PRS-CVF and 12-Month Fixed Deposit (12-M FD)
Rate (Since Fund Commencement* to 29 December 2017) Financial Year Distribution(1) Declaration Distribution Yield
(Sen) Date (%)
24%
2014 0.30 31.3.14 1.2
PRS-CVF 12-Month FD
2015 0.40 31.3.15 1.5
20%
2016 0.50 31.3.16 1.9
16% 2017 1.00 31.3.17 3.8
Total Returns
Note :
12% Distribution yield simply measures the level of distributions and is not a measure of fund
performance.
8%
4%
0%
Dec-12 Aug-14 Apr-16 Dec-17
Source : Public Bank Berhad.
* Commencement Date : 16 December 2012
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Public Mutual PRS Equity Fund
PRS-EQF
Fund Objective
16%
12%
8%
4% Distribution History
0% Financial Year Distribution(1) Declaration Distribution Yield
(Sen) Date (%)
-4%
Sep-15 Apr-16 Nov-16 Jun-17 Dec-17 2017 0.25 31.3.17 0.9
Benchmark : Benchmark for PRS-EQF is a composite of 90% FTSE Bursa Malaysia KLCI and Note :
10% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR). Distribution yield simply measures the level of distributions and is not a measure of fund
Underlying index data are sourced from Lipper and Bank Negara Malaysia. performance.
* Commencement Date : 23 September 2015
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Public Mutual PRS Strategic Equity Fund
PRS-SEQF
Fund Objective
8%
0% Distribution History
Financial Year Distribution(1) Declaration Distribution Yield
-8% (Sen) Date (%)
Sep-15 Apr-16 Nov-16 Jun-17 Dec-17
2017 0.25 31.3.17 0.9
Benchmark : Benchmark for PRS-SEQF is a composite of 50% FTSE Bursa Malaysia KLCI,
40% customised index by MSCI based on the Top 30 constituents of MSCI AC Far-East Note :
Ex-Japan Index and 10% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR).
Distribution yield simply measures the level of distributions and is not a measure of fund
Underlying index data are sourced from MSCI, Lipper and Bank Negara Malaysia and performance.
expressed in Ringgit terms.
* Commencement Date : 23 September 2015
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Public Mutual PRS Islamic Growth Fund
PRS-IGRF
Fund Objective
The fund seeks long-term capital growth and to a lesser extent income.
Performance of Public Mutual PRS Islamic Growth Fund vs United States of America 10.08%
its Benchmark Index Over the Following Periods Ended Korea 9.28%
29 December 2017 Thailand 2.64%
18%
12%
6% Distribution History
0% Financial Year Distribution(1) Declaration Distribution Yield
(Sen) Date (%)
-6%
2014 0.50 31.3.14 1.9
Dec-12 Aug-14 Apr-16 Dec-17
Benchmark : Benchmark for PRS-IGRF is a composite of 70% FTSE Bursa Malaysia EMAS Shariah Index 2015 0.60 31.3.15 2.2
(prior to 26 May 2017), 35% FTSE Bursa Malaysia Hijrah Shariah Index, 35% customised
index by S&P Dow Jones Indices, LLC based on Top 100 constituents by market
2016 0.70 31.3.16 2.6
capitalisation of the S&P Shariah BMI Asia Ex-Japan Index (w.e.f. 26 May 2017) and 30% 2017 0.70 31.3.17 2.5
3-Month Islamic Interbank Money Market (IIMM) rate.
Underlying index data are sourced from S&P Dow Jones Indices, LLC, Lipper and Bank Note :
Negara Malaysia and expressed in Ringgit terms. Distribution yield simply measures the level of distributions and is not a measure of fund
* Commencement Date : 16 December 2012 performance.
The fund seeks income and capital growth over the long-term through
a balanced asset allocation approach.
16%
12%
8%
4% Distribution History
0% Financial Year Distribution(1) Declaration Distribution Yield
(Sen) Date (%)
-4%
Dec-12 Aug-14 Apr-16 Dec-17 2014 0.40 31.3.14 1.5
Benchmark : Benchmark for PRS-IMDF is a composite of 60% FTSE Bursa Malaysia EMAS Shariah 2015 0.50 31.3.15 1.8
Index (prior to 26 May 2017), 30% FTSE Bursa Malaysia Hijrah Shariah Index, 30%
customised index by S&P Dow Jones Indices, LLC based on Top 100 constituents by market 2016 0.60 31.3.16 2.2
capitalisation of the S&P Shariah BMI Asia Ex-Japan Index (w.e.f. 26 May 2017) and 40% 2017 0.80 31.3.17 3.0
3-Month Islamic Interbank Money Market (IIMM) rate.
Underlying index data are sourced from S&P Dow Jones Indices, LLC, Lipper and Bank Negara Note :
Malaysia and expressed in Ringgit terms. Distribution yield simply measures the level of distributions and is not a measure of fund
* Commencement Date : 16 December 2012 performance.
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Public Mutual PRS Islamic Conservative Fund
PRS-ICVF
Fund Objective
Since
17.29 16.80 3.21 3.13
Commencement
12% Note :
Distribution yield simply measures the level of distributions and is not a measure of fund
9% performance.
6%
3%
0%
-3%
Dec-12 Aug-14 Apr-16 Dec-17
Source : Bank Negara Malaysia.
* Commencement Date : 16 December 2012
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Public Mutual PRS Islamic Strategic Equity Fund
PRS-ISEQF
Fund Objective
16%
IHH Healthcare Berhad
8%
0%
Distribution History
Financial Year Distribution(1) Declaration Distribution Yield
-8% (Sen) Date (%)
Nov-15 Jun-16 Dec-16 Jun-17 Dec-17
Benchmark : Benchmark for PRS-ISEQF is a composite of 50% FTSE Bursa Malaysia Hijrah Shariah
2017 0.25 31.3.17 0.9
Index, 40% customised index by S&P Dow Jones Indices, LLC based on Top 100
Note :
constituents by market capitalisation of the S&P Shariah BMI Asia Ex-Japan Index and
10% 3-Month Islamic Interbank Money Market (IIMM) rate. Distribution yield simply measures the level of distributions and is not a measure of fund
performance.
Underlying index data are sourced from S&P Dow Jones Indices, LLC, Lipper and Bank
Negara Malaysia and expressed in Ringgit terms.
* Commencement Date : 26 November 2015
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A copy of the Disclosure Document of the respective Public Mutual PRS-Conventional Series and Public Mutual PRS-Shariah-based
Series (the “Schemes”) dated 26 May 2017 have been registered with the Securities Commission Malaysia (SC) which shall not be
interpreted to mean that the SC recommends the Schemes or the funds under the Schemes.
The SC shall not be liable for any non-disclosure on the part of the PRS Provider and takes no responsibility for the contents of the
Disclosure Documents, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for
any loss howsoever arising from or in reliance upon the whole or any part of the contents of the Disclosure Documents.
You are advised to read and understand the contents of the above Disclosure Documents. If in doubt, please consult a professional adviser.
You have the right to request for a copy of the Product Highlights Sheet of the relevant fund(s) under the Schemes. You are advised to
read and understand the contents of the relevant fund’s Product Highlights Sheet before making any contribution decision.
Applications to contribute must come in the form of a duly completed PPA Account Opening Form (for the first time) and fund Application
Form referred to and accompanying the (relevant) Disclosure Documents.
You should note that there are fees, charges and risks involved. Therefore, you should consider carefully the fees, charges and risks
before making a contribution decision. Please refer to the Disclosure Documents for more information.
Past performance of the PRS funds should not be taken as an indication of future performance. Neither the PRS Provider nor the
Schemes Trustee guarantees the performance of any of the funds or the repayment of capital.
The funds’ past distribution is not a guarantee of future distributions. Where unit split or distribution is declared, investors are advised
that following the issue of additional units and/or distribution, the net asset value per unit will be reduced accordingly to reflect/
account for the unit split and/or distribution.
Where a unit split is declared, the value of your contribution in Ringgit Malaysia terms will remain unchanged after the distribution of
additional units.
Where a free copy of Disclosure Document and Product Highlights Sheet can be obtained :
PRS consultants or contact Public Mutual Hotline : 03-6207 5000 / Public Bank Hotline : 1800 22 9999 for assistance.
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Lipper Leaders :
Total Return
Lipper ratings for Total Return reflect funds’ historical total return performance relative to peers.
Consistent Return
Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns, adjusted for volatility, relative to peers.
Preservation
Lipper ratings for Preservation reflect funds’ historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than
absolute measures and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity
funds than fixed income funds.
The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return, Consistent Return and
Preservation metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5, the
next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1.
Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.
Lipper Leaders (Overall) - All Ratings as of 29 December 2017 - Ratings for Total Return reflect funds’ historical total return performance relative to peers. Ratings for
Consistent Return reflect funds’ historical risk-adjusted returns relative to peers. Lipper ratings for Preservation are relative, rather than absolute. Lipper Leader ratings
DO NOT take into account the effects of sales charges. Ratings are based on an equal-weighted average of percentile ranks for each measure over overall period.
More information is available at www.lipperweb.com.
Morningstar RatingTM:
The Morningstar RatingTM is a quantitative assessment of a fund’s past performance, incorporating fee, return and risk, as measured from one to five stars. It uses
focused comparison groups – the Morningstar Categories – to measure the fund’s risk-adjusted performance and it places stronger emphasis on downside variations.
The Top 10% of funds in a category will receive five stars, the next 22.5% will receive four stars, the middle 35% will receive three stars, the next 22.5% will receive two
stars and the bottom 10% will receive one star.
© 2017 Morningstar Asia Limited All Rights Reserved. The information contained herein:
• is proprietary to Morningstar;
• may not be copied (save (i) as incidentally necessary in the course of viewing it online, and (ii) in the course of printing off single copies of web pages on which it
appears for the personal non-commercial use of those authorised to view it on-line), adapted or distributed; and
• is not warranted to be accurate, complete or timely.
This Morningstar-sourced information is provided to you by Public Mutual Berhad and is at your own risk. You agree that Morningstar is not responsible for any damages
or losses arising from any use of this information and that the information must not be relied upon by you the user without appropriate verification. Public Mutual
Berhad informs you as follows: (i) no investment decision should be made in relation to any of the information provided other than on the advice of a professional
financial advisor; (ii) past performances is no guarantee of future results; and (iii) the value and income derived from investments can go down as well as up.
The PRS-GRF, PRS-MDF, PRS-EQF, PRS-SEQF, PRS-IGRF, PRS-IMDF and PRS-ISEQF are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited
(“FTSE”) or by Bursa Malaysia Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA MALAYSIA nor
LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE BURSA MALAYSIA KLCI and
FTSE BURSA MALAYSIA HIJRAH SHARIAH INDEX (“the Indices”), and/or the figure at which the said Indices stand at any particular time on any particular day or otherwise.
The Indices are compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person
for any error in the Indices and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. “BURSA MALAYSIA” is a trade mark of BURSA MALAYSIA.
The S&P Shariah BMI Asia Ex-Japan Index, the customised benchmark index for PRS-IGRF, PRS-IMDF and PRS-ISEQF is a product of S&P Dow Jones Indices LLC (“SPDJI”),
and has been licensed for use by Public Mutual Berhad. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow
Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); Standard & Poor’s®, S&P® and Dow Jones® are trademarks of the SPDJI; and these
trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Public Mutual Berhad. Public Mutual Berhad’s PRS-IGRF, PRS-IMDF and PRS-ISEQF
are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the
advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P Shariah BMI Asia Ex-Japan Index.
For PRS-GRF, PRS-MDF and PRS-SEQF: Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Public Mutual Berhad.
The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither
MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the “MSCI Parties”) makes any express or implied warranties or
representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality,
accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the
MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of
such damages.
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Notes : • The total return is the overall return of the fund over the period.
• The annualised return is the compounded annual rate of return of the fund over the specified period.
• Fund performance should be evaluated against the benchmark index.
• The performances of funds are calculated on NAV-to-NAV basis and sourced from Lipper.
• Commencement date is the last day of the initial offer period.
• The asset allocation presented have been verified by the Schemes Trustee.
• The stocks invested by the fund are classified according to various criteria which include the country classification assigned by international index providers
and the company’s main business interests in terms of geographical segmentation.
For more information, please contact any of our PRS consultants, agency offices, branches
Public Mutual Berhad (23419-A)
or call Public Mutual Hotline at 03-6207 5000 / Public Bank Hotline at 1800 22 9999
Block B, Sri Damansara Business Park, Persiaran Industri,
or visit us at our website at http://www.publicmutual.com.my
Bandar Sri Damansara, 52200 Kuala Lumpur, Malaysia.
Tel : 03-6279 6800 Fax : 03-6277 9800
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