8/13/2019 Alfm Growth Nov 2013

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1 Returns are net of fees. Past performance is not an indication of future returns.2 The Benchmark of the fund is 75% PSEi / 25% 91-day Philipine Treasury Bill.3Since Inception

Net Asset Value per Share (NAVPS) PHP 229.77

Total Fund NAV (Mn) PHP 6,327.32

Average Daily NAV for the Quarter (Mn)4 PHP 6,522.00

Par Value PHP 100.00

Current Number of Holdings 23

Information Ratio5 -0.14

Sharpe Ratio5 0.21

Statistics (Past 5 Years) Fund Benchmark

Annualized Return (net) 24.38% 21.43%

Annualized Volatility (%) 18.20% 14.70%

Portfolio beta 1.11

General Information

Launch Date November 27, 2007

Fund Structure Mutual Fund

Fund Classification Equity Fund

Fund Currency Philippine Peso

Minimum Initial Investment6 PHP 10,000.00

Minimum Transaction6 PHP 1,000.00

Minimum Holding Period 180 calendar days

Days to Settlement (Contribution) Day 1 End-of-Day

Days to Settlement (Redemption) 1:00PM Day 4

Early Redemption Fee 1.00%

Initial Sales Charge Waived

Management/Advisory Fee 2.00% per annum

Valuation Methodology PAS # 39 (Marked-to-Market/ Amortized Cost)

Financial Reporting Philippine Accounting Standards

External Auditor Isla Lipana & Co.

Fund Manager BPI Investment Management, Inc.

Advisor BPI Asset Management

Receiving Channels BPI and BPI Family Savings Bank Branches

www.bpiexpressonline.com

Third Party Custodian HSBC, Ltd. (Philippines)

Dealing Cut-Off 5:00 PM

Key Figures and Statistics

YTD 2012 2011 2010 2009 2008

Fund 3.79 19.18 -0.86 54.02 64.35 -32.77

Benchmark2 5.25 25.04 3.44 29.02 48.16 -35.09

1YR 2YRS 3YRS 4YRS 5YRS S.I.3

Fund 7.12 12.37 8.83 17.00 25.03 13.47

Benchmark2 7.77 16.69 12.84 15.78 21.43 8.24

1 mo 1YR 3YRS 5YRS S.I.3

Fund -5.99 7.12 28.90 205.50 113.72Benchmark2 -4.28 7.77 43.70 163.97 60.97

g

FundPerformanceReportN

ovember29,2013

Visitusatwww.alfmmutualfun

ds.com

NAVPS Graph

Cumulative Performance (%)

Annualized Performance (%)

Calendar Year Performance (%)

The Fund aims to achieve long-term capital appreciation by investing in a diversified

portfolio of equities instruments. The Fund shall invest at least 75% of its net assets

in equity securities under normal market conditions. The Fund aims to outperform its

composite benchmark, 75% Philippine Stock Exchange index (PSEi) and 25%

return of the 91-day Philippine Treasury Bill.

Local Market Review: Market sentiment turned sober this month as uninspiring corporate earnings failed to keep investor funds in the Philippines. Foreigners were net selle

for the month, selling off TIP markets in favor of North Asian bourses. The sell-down was aggravated by tapering concerns in the US and lower Phil ippine GDP expectations

to super Typhoon Yolanda. The market slipped 5.7%, bringing year-to-date gains to 6.81%.

Widely held large cap names bore the brunt of the sell-off as companies like SM Investments Corporation (-11.8%), Philippine Long Distance Telephone Company (-5.6%),

Metropolitan Bank & Trust Company (11.17%) and Bank of the Phil ippine Islands (-8.0%) account for over 60% of the indexs losses. The clear outperformers were Semirara

Mining Corporation (+8.7%) and DMCI Holdings, Inc. (+7.3%), after Semirara Mining posted better than expected growth and DMCI Holdings received approval to increase

TarlacPangasinanLa Union Expressway (TPLEX) tolls.

We remain cautious on index issues as tapering concerns encourage further foreign outflows. We continue to use a bottom-up approach to take advantage of mispricing in th

market and maintain our overweight calls on consumer, power, property, and transportation.

Fund Performance: The Fund experienced negative growth of -5.99%, Month-on-Month, compared to its benchmarks-4.28% loss.

Strategy: We maintain our overweight calls on banks, consumer, conglomerates, power, property and transportation.

Managers Report

Growth Fund is an open end investment company registered with the Securities and Exchange Commission (SEC) in which the investible cash of numerous investors are pooled in a specific fund ("Fund") with t

ving a specific investment object ive. The Fund is NOT a DEPOSIT product and is not insured by the Philippine Deposit Insurance Corporat ion (PDIC). Due to the nature of the investments, yield and potentia

be guaranteed. Any income or loss arising from market fluctuations and price volatility of the securities held by the Fund, even if invested in government securities, is for the account of the investor. As such,

vestor in the Fund, when redeemed, may be worth more or be worth less than his/her initial participat ion/contribut ion. Historica l performance, when presented, is purely for reference purposes and is not a gua

e results. The Fund Manager is not liable for losses, unless upon willful default, evident bad faith or gross negligence.

Figures as of 11/29/2013

Risk Disclosure

The Fund is suitable for investors who take medium- to long-term views. Prior to investment in the F

the investor shall undergo a client suitability assessment procedure to determine whether the Fu

appropriate for him considering his investment objective, risk tolerance, preferences and experienc

a marked-to-market Mutual Fund, the Fundsnet asset value, and total return may fluctuate as a res

movements in stock prices and interest rates. On redemption of shares, an investor may receiv

amount less than the original amount of investment. Liquidity risk also needs to be taken into accou

Sector Holdings (Equity Portion)

AllocationPortfolio Allocation: Equities 94.13%, Cash and Other Receivables 5.87%

4Average Daily NAV for the past three months.5The Information Ratio evaluates reward-to-risk efficiency relative to the benchmark, while the Sh

Ratio evaluates reward-to-risk efficiency relative to the risk free rate. The higher the number, the hi

the reward per unit of risk. Sharpe and Information Ratios between funds of different classification

non-comparable.

6 Contribution rounded down/redemption rounded off to the nearest whole share. The transa

amount must be able to purchase at least one (1) whole share. Mutual Funds do not issue fract

shares.

Investment Objective

Any prospective investment shall be limited to the type of investments described in the Prospect

the Fund.

Name Main Business % of Fun

Universal Robina Corp Food 8.58%

Ayala Land Inc Property 7.07%

Ayala Corp Holding Firms 7.03%

SM Prime Holdings Inc Property 6.85%

Philippine Long Distance Telephone Co Telecommunications 6.14%

Megaworld Corp Property 5.02%

SM Investments Corp Holding Firms 5.00%

Philippine National Bank Financials 4.92%

Puregold Price Club, Inc. Holding Firms 4.53%

ICTSI Transportation 4.41%

Top Equity Holdings

50

100

150

200

250

Nov-08 Feb-10 May-11 Aug-12 Nov-

Fund

Benchmark

4.41%

6.14%

7.04%

10.28%

16.25%

23.34%

26.6

Transportation

Telecommunic

Industrials

Food

Financials

Property

Holding Firms