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7/27/2019 quarterly fundamentals- july 2013.pdf
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7/27/2019 quarterly fundamentals- july 2013.pdf
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Content
CEOs Message
3
Capturing theOpportunities of AsiasUrbanisation
4-5
Model Portfolio:Second Quarter 2013
6-7
Fund
Factsheets
AIIMAN Growth Fund
AIIMAN Income Plus Fund
AIIMAN Select Income Fund
AUD Income Fund (AUD Class)
AUD Income Fund (RM Class)
Absolute Return Fund II
Asia Pacific (ex-Japan) Infrastructure Fund
China Select Fund
Enhanced Deposit Fund
Fixed Maturity Income Fund III
Fixed Maturity Income Fund IV
Fixed Maturity Income Fund V
Fixed Maturity Income Fund VI
Fixed Maturity Income Fund VII
Global Commodity Fund
25
27
26
18
19
31
15
28
24
33
33
34
34
35
29
Global Financial Institutions Fund
SGD Income Fund (RM Class)
SGD Income Fund (SGD Class)
Select Asia (ex-Japan) Opportunity Fund
Select Asia (ex-Japan) Quantum Fund
Select Balanced Fund
Select Bond Fund
Select Dividend Fund
Select Income Fund
Select Opportunity Fund
Structured Income Fund V
Structured Income Fund VI
Tactical Opportunity Capital Protected Fund
US Access 80 Fund
30
20
21
13
12
17
23
16
22
14
36
36
37
32
HwangIMsRecommended Funds
8
Market Update:Quarterly Review andOutlook
9-11
Fund Risk Profile
38
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Greetings from Hwang Investment Management Berhad!
At the advent of the selloff our fund managersswiftly raised cash levels of most equity funds tothe region of 20%-30% to protect the capital ofthe portfolios. Most equity portfolios have givenup part of the gains achieved but are still incomfortable positive territories year-to-date.Income and bond funds encountered similarmarket forces and were also cashed up toprevent erosion of capital. We are not rushing
back into the markets though most markets,equity and fixed-income, both have recoveredfrom the recent lows. Key indicators to watch aredirection of US treasury yields and policystatements from the US Federal Reserves.
The recent portfolio actions are good examplesof how HwangIMs funds are managed on anabsolute return basis to deliver positive returns toour customers over the medium to long-term. Wewill be true to our investment philosophyespecially in times of increased volatility toremain nimble.
Thank you for placing your trust in us.
Best Wishes,
Teng Chee WaiChief Executive Officer & Executive Director
03
CEOSMESSAGE
In the second quarter of this year, theperformance of global equity looked set to defythe conventional wisdom of sell in May and goaway. This is supported by the recovering USheadline economic numbers, especially thosefrom the housing sectors and Japans PrimeMinister Shinzo Abes, ultra-loose monetarypolicies. The rally in global equity came to anabrupt end in the last week of May when
Federal Reserves chairman Ben Bernankehinted that the Quantitative Easing (QE) wouldbe tapered off in 2014, one year earlier thanpreviously announced. That sparked off majorcorrections in equities and fixed incomeinstruments across the globe. With thepossibility of tighter monetary policies next year,the US 10-year treasury yield jumped frombelow 2% to a high of 2.6%, driving down bondprices across all maturities and credits. Thedarling of 2013, Real Estate Investment Trusts(REITs) met with heavy profit-taking as marketparticipants expected higher funding costs to
chip away REITs rental returns.
Perceived as the medium to preserve value inthe current extremely loose monetary conditionsworldwide, gold collapsed and suffered a single-day drop of USD300 per ounce with theprospect of tighter money supply. The demandfor physical gold from major emerging marketssuch as China and India could not arrest theselloff this round.
The prospect of higher interest rates in US nextyear prompted massive reallocation of assets
from emerging markets in favor of US Dollarassets, causing losses in equities and fixedincome instruments in emerging markets. Asiawas not spared from the selloff as it was thelargest recipient of foreign portfolio flows whilethe developed economies were marred withslow to negative growth. The trend appeared tobe reversing.
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2. TAP INTO THE URBANISATION TREND IN ASIA
APIF capitalises on the regions growth from
urbanisation and rising disposable income
The Fund invests in growth prospects in the
property and infrastructure development
sectors
Urbanisation is the driving factor for
infrastructure development. Infrastructure
investments are set to increase substantially
over the coming decades
3. TACTICAL ASSET ALLOCATION
Invests in a diversified portfolio of assets
across sectors and countries to mitigate risks
Tactical and optimal asset allocation strategyallows flexibility in various market conditions
Active management to ensure the Fund adapts
readily to changing economic landscape
BENEFITS OF THE FUND
1. AIMS TO PROVIDE INCOME & CAPITAL
APPRECIATION
A hybrid of Real Estate Investment Trusts
(REITs) and infrastructure-related equities that
focuses on dividend yields and capital growth
The Funds strong performance since we
assumed its management in-house, is a
testimony to the effectiveness of HwangIMs
investment strategy and stock selection
process
The Fund invests after extensive research into
REITs and infrastructure-related equities to
ensure quality, stability and growth potential
of the Fund
Capturing the Opportunities of Asias Urbanisation
04CAPTURING THE
OPPORTUNITIES OF
ASIAS URBANISATION
Hwang Asia Pacific (ex-Japan) Infrastructure Fund (APIF or the Fund) is
an income-yielding and growth fund that aims to generate regular income
stream and capital appreciation over the medium to long-term. APIF aims to
capture the opportunities of the urbanisation trend by investing in REITs and
infrastructure companies in Asia Pacific (ex-Japan).
Cumulative Return Over The Period (%)
Source: Lipper for Investment Management as at 31 May 2013HwangIM manages APIF effective 31 March 2012
110
100
90
80
70
60
50
May 09 May 10 May 11 May 12 May 13
PercentageGrowth(%)
HwangIM took over
the management of APIF
b. The Funds strong performance since we assumed its management
in-house, is a testimony to the effectiveness of HwangIMs
investment strategy and stock selection process
a. A hybrid of Real Estate Investment Trusts (REITs)
and infrastructure-related equities that focuses
on dividend yields and capital growth
1. AIMS TO PROVIDE INCOME & CAPITAL APPRECIATION
Sunway REIT 4.0%
Suntec Real Estate Invtm Trust** 3.7%
China Longyuan Power Group-H** 3.2%
Indocement Tunggal Prakasa** 3.0%
Philippine Long Distance Tel** 2.9%
Frasers Commercial Trust** 2.9%
Frasers Centrepoint Trust** 2.7%
Megawide Construction Corp** 2.6%
Capitaretail China Trust** 2.5%
Mapletree Industrial Trust** 2.5%
Top 10 Holdings as at 31 May 2013
Source: Hwang IM as at 31 May 2013 ** Foreign Equity
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05CAPTURING THE
OPPORTUNITIES OF
ASIAS URBANISATION
b. The Fund invests in growth prospects in the property and
infrastructure development sectors
b. Tactical and optimal asset allocation strategy allows flexibility
in various market conditions
3. TACTICAL ASSET ALLOCATION
a. Invests in a diversified portfolio of assets across sectors and
countries to mitigate risks
Asia Pacific (ex-Japan) Population Growth
Share of Construction Spending
by Region 2015-2020
589.6744.7
1,214.5
1,564.81,354.1
1,455.1
(Million)
Source: Global Strategic Trends - Out to 2040 (Fourth Edition)
South-Eastern Asia India China
2010 2040
Disclaimer: The Master Prospectus and its Supplemental Master Prospectus (if any) for the Hwang Asia Pacific (ex-Japan) Infrastructure Fund dated 18 July 2012 has been registered with the SecuritiesCommission Malaysia, who takes no responsibility for its contents. A copy of the Master Prospectus and its Supplemental Master Prospectus (if any) can be obtained at our office or any of our branches,distributors or sales offices. Units will only be issued upon receipt of an application form referred to in and accompanying the Master Prospectus and its Supplemental Master Prospectus (if any). Investorsare advised to read and understand the content of the Master Prospectus and its Supplemental Master Prospectus (if any) before investing. Among others, investors should consider the fees and chargesinvolved. The price of Units and distribution payable, if any, may go down as well as up. The past performance of the Fund should not be taken as indicative of its future performance.
Asia
Africa
North America
Latin America
Western Europe
Eastern Europe
Middle East
Percentage (%) 0 2010 4030 6050
31
12
25
35
24
45
22
17
34
46
Financials
Industrials
Utilities
Oil & Gas
Telecomm
Consumer Goods
Consumer Services
Cash &Cash Equivalent
Percentage (%) 0 105 2015 353025
31.8%
14.7%
10.3%
5.3%
1.5%
3.8%
26.4%
6.2%
Singapore
Malaysia
Philippines
Hong Kong
Indonesia
Thailand
Cash &Cash Equivalent
Percentage (%) 0 105 2015 3025
20.2%
14.3%
11.8%
10.4%
26.4%
5.5%
11.4%
Source: IHS Global Insight (2011)
2015 2020
Sector Allocation as at 31 May 2013 Country Allocation as at 31 May 2013
Source: HwangIM as at 31 May 2013 Source: HwangIM as at 31 May 2013
2. TAP INTO THE URBANISATION TREND IN ASIA
a. APIF capitalises on the regions growth from urbanisation
and rising disposable income
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06 MODEL PORTFOLIO:SECOND QUARTER 2013
Review of Model Portfolios Second Quarter 2013
Despite the volatility, the Conservative, Income
Generator and Aggressive Portfolios were not heavily
impacted as it recorded returns of -0.54%, 2.02%,
and 4.45% respectively in the second quarter of
2013. However, it continue to provide a steady
growth, chalking up gains of 1.09%, 4.46% and
7.36% respectively on a year-to-date basis up till 30
June 2013.[Source: Bloomberg as at 30 June 2013]
Investment Actions
While the portfolios had to give up part of its gains
as a result of the more volatile financial markets, all
three model portfolios remain in comfortable positive
territory on a year-to-date period.
We believe that the current model portfolios are well
positioned for a recovery in the global financial
markets after the dust has settled. We remain
comfortable with the existing underlying funds of the
model portfolio thus will not be rebalancing the
portfolio for this quarter.
A positive start to the quarter took a turn for
the worse when the US Federal Reserves
chairman, Ben Bernanke, hinted that the
Quantitative Easing (QE) would be tapered off
in 2014, one year earlier than previously
announced. Bernankes comment led to acorrection in global financial markets as
investors reacted to the surprise
announcement by reallocating their assets.
Foreign fund managers were quick to sell-off their
investments within the Asian region, causing the
rapid slide in the equity market. Equity markets such
as Thailand, Indonesia and the Philippines suffered
strong outflows after raking in double digit returns
supported by heavy foreign investments from theearlier part of the year.
Income yielding investments took the brunt of the hit
as investors priced-in the prospective appreciation
of the US Dollar, and higher interest rates. Real
Estate Investment Trusts (REITs) were met with
heavy profit-taking in anticipation that the higher
funding costs will chip away REITs rental returns.
[Source: CNN Money, 25 June 2013]
Corrections were also seen taking place within fixed
income instruments on concerns of possible tighter
monetary policies post-tapering which caused US
10-year treasury yields to spike. Yields jumped from
below 2% to a high of 2.6%, driving down bond
prices across all maturities and credits.
Nevertheless, the tactical asset allocation strategy
taken by the underlying funds have enabled the
respective Managers to raise the cash levels of the
funds to protect the capital of the portfolios.
Second Quarter 2013
-0.54%
Conservative
2.02%
Income Generator
4.45%
Aggresive
Year-to-date (till 30 June 2013)
1.09%
Conservative
4.46%
Income Generator
7.36%
Aggresive
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CONSERVATIVE
The Conservative Portfolio is cateredto investors with low risk tolerance interms of portfolio value fluctuations.Their primary objective is to preservetheir capital and the secondary
objective is to earn returns slightlyhigher than that of local fixeddeposits. As such,expected returnsfor this portfolio is approximately5.4% a year.
INCOME GENERATOR
The Income Generator Portfolio issuitable for investors who will bewilling to assume more equity risk withthe intention of generating a steadyincome stream in addition to
participating in some degree of equityperformance. These investors shouldbe mindful that a decrease in the equityportions of the portfolio couldpotentially reduce the overall portfolioreturns substantially. The expectedreturns for this portfolio isapproximately 7.8% a year.
AGGRESSIVE
The Aggressive Portfolio isfor investors with high risk appetitesand high expectations of investmentreturns. This portfolio provides 80%exposure to various equity funds
selected by the HwangIM investmentteam. Investors of the AggressivePortfolio should expect swingsin portfolio values in the short tomedium-term. The expected returnsfor this portfolio is approximately10.5% a year.
* Data were generated from 1 January 2013 to 30 June 2013.** Data were generated from 31 December 2009 to 30 June 2013.
07 MODEL PORTFOLIO:SECOND QUARTER 2013
30%Cash
60%FixedIncome
10%Equities 20%
Cash
50%FixedIncome
30%Equities
10%Cash
40%FixedIncome
50%Equities
Cash
Equities
FixedIncome
INCOME GENERATOR
20%
20%
30%
20%
10%
-
-
0.30%
-0.12%
-0.15%
2.86%
1.57%
0.00%
0.00%
4.46%
1.99%
3.61%
7.61%
13.06%
5.85%
-1.30%
-1.01%
29.81%
Hwang Enhanced Deposit Fund
Hwang Select Bond Fund
Hwang Select Income Fund
Hwang Select Opportunity Fund
Hwang AIIMAN Growth Fund Fund
Hwang Global Emerging Markets Fund
Hwang Global Financial Institutions Fund
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
-
-
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
-
-
-
-
-
-
-
-
-
Cash
Equities
FixedIncome
AGGRESSIVE
10%
20%
20%
30%
20%
-
-
0.15%
-0.12%
-0.10%
4.29%
3.14%
0.00%
0.00%
7.36%
2.77%
2.50%
4.55%
18.76%
12.21%
-2.59%
-2.03%
36.17%
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
-
-
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
-
-
-
-
-
-
-
-
-
Hwang Enhanced Deposit Fund
Hwang Select Bond Fund
Hwang Select Income Fund
Hwang Select Opportunity Fund
Hwang AIIMAN Growth Fund
Hwang Global Emerging Markets Fund
Hwang Global Financial Institutions Fund
FundSelections
2Q13FundWeight
30%
60%
5%
5%
-
Year-to-dateWeightedReturns* Rationale
RevisedFund Weight
Cash
Equities
FixedIncome
CONSERVATIVE
30%
60%
5%
5%
-
0.45%
-0.37%
0.71%
0.30%
0.00%
1.09%
3.01%
10.84%
3.24%
0.30%
-0.38%
17.01%
Hwang Enhanced Deposit Fund
Hwang Select Bond Fund
Hwang Select Opportunity Fund
Hwang Select Asia (ex-Japan) Opportunity Fund
Hwang Global Emerging Markets Fund
WeightedReturnsSinceInception**
InvestmentActions
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
-
-
-
-
-
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HWANGIMS RECOMMENDED FUNDS
Award-winning Fund
FUND
AIIMAN Income Plus Fund
Select Bond Fund
Select Income Fund
SGD Income Fund
AUD Income Fund
Select Balanced Fund
Select Dividend Fund
AIIMAN Growth Fund
Asia Pacific (ex-Japan) Infrastructure Fund
Select Opportunity Fund
Select Asia (ex-Japan) Opportunity Fund
Select Asia (ex-Japan) Quantum Fund
FUNDCATEGORY
Bond
Bond
Fixed Income
Mixed Asset (Conservative)
Mixed Asset
Balanced
Equity
Equity
Mixed Asset
Equity
Equity
Equity
FUNDTYPE
Income
Income
Income & Growth
Income
Income & Growth
Growth & Income
Income & Growth
Growth
Income & Growth
Growth
Growth
Growth
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Globa l Equ i t i e s - Pe r centage R etu rns( end M arch 13 - end June 13)
2.8
-6.5
3.75.1
-7.0
-5.0
-3.0
-1.0
1.0
3.0
5.0
P
aReun%)
MSCI World Index (MYR)
MSCI Emerging Markets Index (MYR)
MSCI World/Finance Index (MYR)
S&P 500 Index
Regional Equities - Percentage Returns(end March 13 - end June 13)
-3.2
-4.1-4.4
0.0
-3.6
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
P
aRun%)
MSCI AC Asia (ex-Japan) Index (MYR)
MSCI AC Asia (ex-Japan) Small Cap Index (MYR)
Ho Chi Minh S tock Index (MYR)
Hang Seng Index (MYR)
FTSE Straits Times Index (MYR)
JULY 2013MARKET UPDATE Imonthly review and outlook
GLOBAL EQUITIES Emerging markets took a dive over the second quarter of 2013
(2Q13). Most developed markets, however posted gains over the
period, in particular the US markets.
Both the MSCI World Index and MSCI World / Finance Indexrecorded gains of 2.8% and 3.7% respectively (in MYR terms),while the S&P 500 Index recorded a strong gain of 5.1% (in MYRterms) over the quarter. Meanwhile, MSCI Emerging MarketIndex suffered losses of 6.5% (in MYR terms).
The US equity markets were charting new highs over the 2Q13on the back of improved economic environment. The conclusionof the US FED meeting mid June stole the limelight as the Fedindicated QE3 tapering. This created uncertainties and causedvolatilities across the global markets.
In Europe, the recession moderated with better confidencenumbers and PMI numbers. The latest PMI composite rose to48.9 in June from 47.7 in May, the highest over 15 months.
Emerging markets were again the worst performer in 2Q13.China's equity markets were impacted by worries of weak dataand a credit squeeze. China markets corrected to its lowest levelsince early this year and impacted Hong Kong, Korea and Taiwanmarkets. Other poorer performer was the Indonesian markets,depressed by the Bank of Indonesia surprised rate hike.
STRATEGY: The Manager will be monitoring the global economicrecovery in particular; the US as well as the economicdevelopment in China. The Manager is cautious and has beenincreasing the level of cash in view of the volatility in the markets.
REGIONAL EQUITIES
Source: Bloomberg
Asian equities were on an up-trend until global financialmarkets were shaken by Feds comment on the tapering off ofits quantitative easing program. The spike in US treasury yieldssaw foreign funds moving their investments out of Asianequity markets, causing the US Dollar to appreciate and Asianequity markets to slide.
Asian markets suffered in the last quarter with the MSCI ACAsia (ex Japan) Index slipping 3.6% in MYR terms. It wasreported that more than USD 8 billion has been pulled out ofAsian ex-Japan equity markets over the span of the last 3months ending 30th June 2013.
Market sentiment weakened further as it faced headwindsfrom the slowdown in Chinas economy. The HSBC Flash PMIfor the month of June declined for the 1st time in 7-months,and recorded 48.3, the lowest reading in 9-months.
s regionalportfolios until some stability in the market is seen.
STRATEGY: In view of the volatility within global financialmarkets, the Manager has reduced its exposure into marketsthat had benefitted from strong foreign fund inflows such asThailand, Indonesia, and the Philippines. The Manager is
looking to maintain a higher level of cash for it
Source: Bloomberg
09 JULY 2013 I FUNDamentals
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MG S vs Malays i an AA2/AA C orp orate Bond Y ie lds( end Marc h 13 - end June 13 )
3.0
7%
3.2
2%
3.4
7%
3.2
8%
3.4
5%
3.6
0%4
.04%
4.3
0% 4
.92%
3.9
9%
4.2
2% 4
.74%
0.1
3%
0.2
3%
0.2
1%
-0.1
8%
-0.0
8%
-0.0
5%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3YR 5YR 10YR
Y i e l d s
MGS Yields (31 March 2013)
MGS Yields (30 June 2013)
MGS Yield Movement (31 March 2013 - 30 June 2013)
MYR Credit BNM AA (31 March 2013)
MYR Credit BNM AA (30 June 2013)
MYR Credit BNM AA Yield Movement (31 March 2013 - 30 June 2013)
Local Equities - Percentage Returns(end March 13 - end June 13)
6.1
7.38.3
16.9
0.0
3.0
6.0
9.0
12.0
15.0
18.0
P
aRun%)
FBM Kuala Lumpur Composite Index (FBM K LCI)
FBM Top 100 Index
FBM Emas Shariah Index
FBM ACE Index
JULY 2013MARKET UPDATE Imonthl review and outlook
LOCAL EQUITIES The domestic equity market stayed on top of its regional
peers after a slow start in the year. Malaysia enjoyed steady
inflows after its key market risk of political uncertainty waseliminated post-election, prior to the Feds comment whichcaused uncertainty amongst global investors.
While its regional peers suffered from foreign outflows after astrong showing, the KLCI remained resilient after gainingsupport by domestic investors who looked to increase theirexposure after a pre-election sell-down.
The Ringgit has not been spared as Asian currencies remainunder pressure from tapering off concerns as well as slowingregional growth expectations on the back of weaker Chineseeconomic data. Strengthening of the USD will remain a keyconcern for the region in the near-term.
While the equity market held up, the Ringgit tumbled againstthe USD on the increasing uncertainty surrounding the Fedsexit strategy. The Ringgit was valued at RM3.1603 to USD1 on30 June compared to RM3.0938 to USD1 at the end of March.
Strategy: The Manager has taken a more cautious approachon the market, raising cash levels of the portfolio as volatilityin global financial markets continue. The Manager will lookfor markets to stabilise before making a deployment backinto the market.
Source: Bloomberg
GLOBAL & LOCAL FIXED INCOME
Source: Bloomberg
The 2nd quarter of 2013 was a volatile period for bonds. Talksemerged that the US Federal Reserve (FED)will potentially taperoff the Quantitative Easing (QE) program, leading to correctionof bonds across the globe. The US 10-year treasury yieldspeaked at 2.6% and eventually recovered to 2.5%, reflectingexpectations of tighter monetary conditions once QE is reduced.The US dollar also rallied against most Asian currencies. Againstthis backdrop, volatility is expected to persist in the short-term,albeit to a lesser extent.
Asian bonds adverse price movements were largely influencedby the announcement of the FED. For the quarter, USD-denominated Asian bonds as represented by JP Morgan AsiaCredit Index declined 2.4% (MYR). In China, Junes PurchasingManagers Index was softer at 50.1, adding concerns to its GDPgrowth.
The Malaysian Government Securities (MGS) yields increasedalong the curve where the short-medium end increased themost by 21-23 basis points. Regardless, Malaysias corporatebonds held up relatively well as compared to its regional peers.This was supported by the fact that the key event risk arisingfrom the 13th General Election has passed. Generally, BankNegara Malaysia is expected to keep interest rate unchanged at3.0% for now due to global economic uncertainty whiledomestic demand is supportive of growth.
Strategy: The Manager has raised cash to a large extent in orderto manage the Funds volatility. Durations have been furtherreduced to well below 5 years, in view of potential rising
interest rates. Prudent credit selection remains a key to fixedincome investing and the Manager intends to maintain a verylow exposure to high yield bonds until the valuations are moreattractive.
10 JULY 2013 I FUNDamentals
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Globa l Comm od i t ie s - Percentage Retu rns(end Mar ch 13 - end June 13)
-7.0
-22.8
-8.0
2.0
-23.0
-19.0
-15.0
-11.0
-7.0
-3.0
1.0
P
aRun%)
Dow Jones-UBS Commodity Index (MYR)
Bloomberg WTI Cushing Crude Oil Spot Index (MYR)
Gold Spot (USD/oz)Dow Jones-UBS Industrial Metals TR Sub-Index (MYR)
Globa l P roper ty & In f r a s t ruc tu re - Per centage Retu rns( e n d M a r c h 1 3 - e n d J u n e 1 3 )
-1.1
-11.3
1.9
-12.0
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
P
aReun%)
UBS Warburg Global Real Estate Investors Index (MYR)
Bloomberg Asia REIT Index
MSCI AC Asia (ex Japan) Infrastructure Index
JULY 2013MARKET UPDATE Imonthly review and outlookGLOBAL COMMODITIES
The broader commodity sector, measured by the Dow Jones-UBSCommodity Index, lost 7.0% in the second quarter of 2013. Most
of the commodities fell on USD strength and slowdown of Chinagrowth.
WTI gained 7.8% in June (for the first month since March) duringthe summer months in US as demand for gasoline grew to meetthe rise in consumption. In addition, refineries operating ratesshot to its highest level this year. Inventories also shrank to 48.6million barrels in June, the lowest level since December 2012.Concerns on possible supply disruption due to the on-goingpolitical turmoil in Egypt provided the boost to oil prices.
Gold spot prices suffered the largest decline since 1920 as itslumped 22.8% over the quarter, The price dropped to the lowestlevel since August 2010 at USD1,180.50 an ounce but rebounded
in June on signs of increased demand for jewelry, coins and bars.
as manufacturingsectors are weighed down by slower demand.
ing down,coupled with the tapering of US Quantitative Easing.
Industrial metals fell 8.0% in tandem with the weakening ofmanufacturing activities in China. The HSBC Flash PurchasingMangers Index (PMI) began trending below 50 since April anddropped to a 9-month low of 48.3 in June
STRATEGY: The Manager maintains a cautious stance oncommodities as Chinas economy showed signs of slow
GLOBAL THEMES: REITs & INFRASTRUCTURE
Source: Bloomberg
REITs remained on a downward trend in June as bond yields inthe US continued to rise in response to talk of the tapering of USQuantitative Easing. The Bloomberg Asia REIT Index recorded aloss of 11. % over the quarter.3
The MSCI AC Asia (ex Japan) Infrastructure Index gained 1.9% forthe second quarter of the year.
In terms of total returns, Singapores REITs are the second-worstperformers in Asia after South Korea in the current volatile
market. However, theyre well-positioned to weather thevolatility in the US treasury yields as the REITs have diversifiedtheir funding sources.
ll roads, seaports and airports to support theeconomic growth.
while, cash level is maintained at high levelto be deployed later.
Southeast Asias largest economy, Indonesia, is forecasted toexpand 6.3% this year. The government plans to boost spendingon power plants, to
STRATEGY: The Manager maintains a cautious stance on REITssector and would increase exposure into infrastructure stocks in
the short term. Mean
11 JULY 2013 I FUNDamentals
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as at 30 June 2013^^
Fund Category (Lipper) :Fund Type :Benchmark^ :
:
Maturity Date :Financial Year End :
urrent NAV per unit : 1.2607:
Initial Sales Charge : Max 5.50% of the NAV per UnitSubscription : CashAnnual Management Fee : 1.50% p.aMinimum Investment : RM1,000
: RM100
Repurchase Charge : NilDistribution Policy (1) : Incidental
: 2012 - 5.00
1 Month 12 Months Fund (%) -4.85 6.23 21.50 38.49 102.19 178.99
Highest (RM) 1.3187 1.3347 Benchmark (%)^ -6.51 -3.23 3.38 13.34 4.65 40.03
Lowest (RM) 1.2361 0.9583 Source : Lipper
Sector Allocation as at 30 June 2013*
1
2
3
4
5
6
7
8
9
10
** Foreign Equity
Asset Allocation as at 30 June 2013*1 Equities 70.2%
2 Cash & Cash Equivalents 29.8%
Based on the Fund portfolio returns as at 31 May 2013, the VF for this Fund is 10.9 and is classified as H igh (source: Lipper). High includes Funds with VF that are above 10.440 but not more than 12.835.
TheVolatility Factor(VF) means there is a possibility forthe Fund in generating an upsidereturn or downsidereturn aroundthis VF. The Volatility Class (VC) is assignedby Lipper based on quintile ranks of VF for
qualified funds. The Fund's portfolio may have changed since this date and there is no guaranteed 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.
Aeon Credit Services M Berhad
Giordano International Ltd**
Megawide Construction Corp**
Religare Health Trust**
Media Prima Berhad
Greatview Aseptic Packaging Co**
1.3347
May 2004 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the Fund,
gross investment based in RM. The value of Units may go down as well as up. Past performance is
not indicative of future performance.
Source: Lipper
Minimum SubsequentInvestment
Historical NAV as at 30 June 2013Since Inception
Gross Income Distribution(sen)(2)
Hwang Select Asia (ex Japan) Quantum Fund(formerly known as Hwang Asia Quantum Fund)
Launch Date / IOP 15 April 2004 / RM0.50
Top 10 Holdings as at 30 June 2013*
Source: Bloomberg as at 30 June 2013
Fund Size RM138.232 million
N/A
31 December
0.3672
MSCI AC Asia (ex-Japan) Small
Cap Index
Fund Information as at 30 June 2013Performance Record as at 30 June 2013*
Equity
Cumulative Return Over The Period (%)Growth
(NAV-NAV Prices)
* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013. All figures are subject to frequent changes on a daily basis.
(1)The Fund is not expected to make distribution. However, incidental distribution may be declared whenever is appropriate.
Eastern & Oriental Bhd
Allianz Malaysia Berhad
Pt Bank Cimb Niaga Tbk**
Del Monte Pacific Ltd** Country Allocation as at 30 June 2013*2.8%
(2)Where distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.
Performance Table as at 30 June 2013*1 Month 3 Month
Year to
Date 1 Year 3 Year
Since
Inception
3.7%
3.6%
3.5%
3.2%
2.8%
3.0%
2.9%
2.8%
2.8%
50
100
150
200
250
300
350
May 04 Mar 06 Dec 07 Oct 09 Aug 11 Jun 13
In
Poma
%)
Financials
27.9%
Industrials
18.4%
Consumer Services
11.3%
Consumer Goods
6.1%
Technology
2.3%
Health Care
1.9%
Telecomm
1.4%
Basic Materials
0.9%
Cash & Cash
Equivalents
29.8%
Cash & Cash
Equivalents
29.8%Thailand
3.3%
Hong Kong
6.5%
Philippine
9.5% Indonesia
13.4%
Singapore
15.8%
Malaysia
21.8%
A total return fund that seeks to capture the high growth of developing companies within the Asia (ex-Japan) region.
Benchmark^
AQF
This document is prepared by Hwang Investment Management Berhadfor information only. The information containedherein has been obtained from sources believed in good faith to be reliable; however, no
guarantee is given in its accuracy of completeness. The Master Prospectus dated 18 July 2012 and First Supplemental Master Prospectus dated 1 September 2012 have been registered with the Securities
Commission Malaysia, whotakes no responsibilityfor its contents. A copy of theProspectuses can be obtained at our office or any of oursales office. Units will only be issuedupon receipt of an application form
referred to in and accompanying the Prospectuses. Investors are advised to read and understand the content of the Prospectusesbefore investing. Among others, Investors shouldconsider the fees and charges
involved. The price of Units and distribution payable, if any, may go down as well as up. The past performance of the Fund should not be taken as indicative of its future performance.
12 JULY 2013 I FUNDamentals
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Fund Category (Lipper) :Fund Type :Benchmark^ (1) :
:
Maturity Date :Financial Year End :urrent NAV per unit : RM0.4781
:
Initial Sales Charge ::
Annual Management Fee : 1.50% p.aMinimum Investment :
: RM100
Repurchase Charge : Nil: Incidental
: 2008 - 5.00
Fund (%) -3.69 0.40 5.96 19.08 26.62 9.78
Benchmark (%)^ -3.74 -3.63 -3.23 7.01 20.74 -12.57
Source : Lipper
Sector Allocation as at 30 June 2013*1 Month 12 Months
Highest (RM) 0.4961 0.5007
Lowest (RM) 0.4679 0.4019
1
23
4
5
6
7
8
9
10
** Foreign Equity
(1) As at 15 June 2012, the Benchmark was replaced by the MSCI AC Asia Ex Japan Index as the Fund assumed its new mandate.(2)
The Fund is not expected to make distribution. However, incidental distribution may be declared whenever is appropriate.
3 YearSince
Inception
Giordano International Ltd**
Megawide Construction Corp**
Media Prima BerhadReligare Health Trust**
Beijing Capital Intl Airport**
Since Inception
0.2984
0.7879
1 Month 3 MonthYear to
Date
Minimum SubsequentInvestment
Historical NAV as at 30 June 2013
1 Year
Hwang Select Asia (ex Japan) Opportunity Fund
Distribution Policy (2)Gross Income Distribution(sen)
August 2006 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the
Fund, gross investment based in RM. The value of Units may go down as well as up. Past
performance is not indicative of future performance.
Source: Lipper
N/A
31 January
Performance Table as at 30 June 2013*
Cash
Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*Equity Global Cumulative Return Over The Period (%)
SubscriptionRM1,000
Growth (NAV-NAV Prices)
Bank of Ayudhya Public Co Ltd**
DBS Group Holdings Ltd**
Pepsi-Cola Products Ph Inc**
Country Allocation as at 30 June 2013*
*The Performance Record, Performance Table, Sector Allocation, Country Allocation and Top 10 Holdings above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to
frequent changes on a daily basis.
MSCI AC Asia ex Japan Index
Launch Date / IOP 19 July 2006 / RM0.50
Max 5.50% of the NAV per Unit
Fund Size RM192.371 million
2.6%
2.9%
2.9%
2.8%
2.8%
Top 10 Holdings as at 30 June 2013*Source: Bloomberg as at 30 June 2013
2.8%
2.7%
3.5%
3.2%3.0%
Greatview Aseptic Packaging Co**
China Construction Bank Corp**
Financials
26.5%
Industrials
15.2%Consumer Services
11.2%
Consumer Goods
5.6%
Telecomm
3.8%
Oil & Gas
2.1%
Health Care
2.1%
Technology
1.7%
Basic Materials
0.7%
Cash & Cash
Equivalents
31.3%
Malaysia
18.2%
Singapore
14.8%
Hong Kong
14.1%
Indonesia
9.4%
Philippine
7.4%
Thailand
4.8%
Cash & Cash
Equivalents
31.3%
An equity fund that provides exposure to prevailing opportunities and themes through investments within the Asian (ex Japan)region.
50
70
90
110
130
150
170
190
Aug 06 Dec 07 May 09 Sep 10 Jan 12 Jun 13
In
Poma
%) (1)
Benchmark^
SAOF
This documentis prepared by Hwang Investment Management Berhadfor information only. The informationcontained herein has been obtained from sources believed in good faith to be reliable; however, no
guaranteeis given in its accuracy of completeness. TheMaster Prospectus dated18 July 2012 , First Supplemental Master Prospectus dated 1 September 2012 and SecondSupplemental MasterProspectus dated2
May 2013 have been registered with theSecurities Commission Malaysia, whotakes no responsibilityfor its contents. A copy of theProspectuses can be obtainedat ouroffice or any of our sales office. Units will
only be issued upon receipt of an application form referred to in and accompanying the Prospectuses. Investors are advised to read andunderstand the content of the Prospectuses before investing. Among
others, Investors shouldconsider thefees andcharges involved. The price of Units anddistributionpayable, if any, may go down as well as up. Thepast performance of theFund shouldnot be taken as indicative
of its future performance.
13 JULY 2013 I FUNDamentals
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Fund Category (Lipper) :Fund Type :Benchmark^ :
:Maturity Date :Financial Year End :
urrent NAV per unit : RM0.4294:
Initial Sales Charge ::
: 1.80% p.a
Minimum Investment :
:
:
Fund (%) -3.79 -1.39 7.52 21.24 40.29 -3.19
: 2008 - 0.50 Benchmark (%)^ 0.81 -4.85 4.55 13.34 33.67 -3.09
2013 - 2.50 Source : Lipper
1 Month 12 Months
Highest (RM) 0.4581 0.4710
Lowest (RM) 0.4189 0.3744
12
3
4
5
6
7
8
9
10
** Foreign Equity
(3)As at 15 June 2012, the Benchmark was replaced by the 50% MSCI AC Asia ex Japan Infrastructure Index and 50% Bloomberg Asia REIT Index as the Fund assumed its new mandat
(1) Maximum of 1.00% of the NAV per unit for any repurchase request of Unit within the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not consider a
Fund Size RM196.368 million
May 2007 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the Fund,
gross investment based in RM. The value of Units may go down as well as up. Past performance is
not indicative of future performance.
Source: Lipper
Sector Allocation as at 30 June 2013*
Distribution Policy Distribution of income, if any,would be on annual basis.
1 Month 3 Month
Performance Table as at 30 June 2013*
Max 5.50% of the NAV per Unit
3 YearSince
Inception
Minimum SubsequentInvestment:
Year toDate 1 Year
1% of NAV per Unit for any
investment within the first 6
months.
RM100
30 April
Mapletree Industrial Trust**
Philippine Long Distance Tel**
Historical NAV as at 30 June 2013Since Inception
3.2%
3.2%
0.4919
Cashubscription
Sunway REITChina Longyuan Power Group-H**
3.7%3.6%
0.2457
Hwang Asia Pacific (ex Japan) Infrastructure Fund
Gross Income Distribution(sen)(2)
Annual Management Fee
Equity Asia Pacific ex Japan (NAV-NAV Prices)
25 April 2007 / RM0.50
RM1,000
Launch Date / IOPN/A
Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*Mixed Securities Cumulative Return Over The Period (%)
Country Allocation as at 30 June 2013*
(2) Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.
50% MSCI AC Asia ex Japan
Infrastructure Index +
50% Bloomberg Asia REIT Index
Repurchase Charge (1)
2.2%
2.1%
2.9%
2.5%
2.2%
Top 10 Holdings as at 30 June 2013*
Source: Bloomberg as at 30 June 2013
Frasers Centrepoint Trust**
Glow Energy Pcl**
Megawide Construction Corp**
2.1%KLCC Property Holdings Bhd
Beijing Capital Intl Airport**
Indocement Tunggal Prakasa**
Financials
23.6%
Industrials
15.2%
Oil & Gas
7.3%
Utilities
7.0%
Telecomm
5.5%
Consumer Services
1.5%
Consumer Goods
1.1%
Technology
0.4%
Cash & Cash
Equivalents
38.5%
Malaysia
15.7%
Singapore
12.6%
Hong Kong
10.8%Philippine
9.2%
Indonesia
7.4%
Thailand
5.9%
Cash & Cash
Equivalent
38.5%
50
60
70
80
90
100
110
120
May 07 May 08 May 09 May 10 Jun 11 Jun 12 Jun 13
In
Poma
%)
A mixed securities fund that aims to provide a combination of income and growth through investments in the REITs andinfrastructure sector within the Asia Pacific (ex Japan) region.
(3)
APIF
Benchmark^
This document is prepared by Hwang Investment Management Berhadfor information only. Theinformation containedherein hasbeen obtainedfrom sources believed in good faith to be reliable; however, no
guarantee is given in its accuracy of completeness. The Master Prospectus dated 18 July 2012 , First Supplemental Master Prospectus dated 1 September 2012 and Second Supplemental Master Prospectus
dated2 May 2013 have been registered with theSecurities Commission Malaysia, whotakes no responsibility forits contents. A copy of theProspectuses can be obtainedat ouroffice or any of our sales office.
Units will only be issuedupon receipt of an application form referred to in and accompanying the Prospectuses. Investorsare advised to read and understand the content of the Prospectuses before investing.
Among others, Investorsshouldconsiderthe fees andcharges involved. Theprice of Units anddistribution payable, if any, maygo down as well as up. The past performance of the Fund shouldnot be taken as
indicative of its future performance.
15 JULY 2013 I FUNDamentals
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Fund Category (Lipper) :Fund Type :Benchmark^ :
:
Maturity Date :Financial Year End :
urrent NAV per unit : RM0.6311:
Initial Sales Charge : Max 5.50% of the NAV per UnitSubscription : CashAnnual Management Fee : 1.50% p.aMinimum Investment : RM1,000
: RM100
Repurchase Charge : NilIncome Distribution :
: 2012 - 3.05 Fund (%) -2.89 3.21 7.68 20.36 N/A 35.08
2013 - 1.00 Benchmark (%)^ -0.63 2.65 5.62 10.96 N/A 17.66
Source : Lipper
Sector Allocation as at 30 June 2013*1 Month 12 Months
Highest (RM) 0.6611 0.6713
Lowest (RM) 0.6200 0.5528
1
23
4
5
6
7
8
9
10
** Foreign Equity
Asset Allocation as at 30 June 2013*1 Equities 68.2%
2 Cash & Cash Equivalents 31.8%
2.1%
* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.
Wing Tai Malaysia Bhd
Advanced Info Service Pcl**
Hwang Select Dividend Fund
Gross Income Distribution(sen) (1)
0.4563
0.6713
Fund Size RM114.643 million
April 2011 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the Fund,
gross investment based in RM. The value of Units may go down as well as up. Past performance is
not indicative of future performance.
Source: Lipper
Performance Table as at 30 June 2013*1 Month 3 Month
Country Allocation as at 30 June 2013*
5.5%5.4%
4.4%
3.1%
(1)Where distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.
2.7%
2.7%
Income & Growth (NAV-NAV Prices)Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*
Equity Cumulative Return Over The Period (%)
Minimum SubsequentInvestment
Year toDate
Axiata Group Bhd
Sunway Reit
Hong Leong Financial Group Bhd
Petronas Gas Berhad
Carlsberg Brewery M'Sia Bhd
Media Prima Berhad
Malayan Banking Bhd
2.5%
70% FTSE Bursa Malaysia Top
100 Index + 30% Dow
Jones/Asia Pacific Select
Dividend 30 IndexLaunch Date / IOPN/A
30 September
1 Year 3 YearSince
Inception
28 March 2011 / RM0.50
Distribution of income, if any,would be on semi-annual basis.
Historical NAV as at 30 June 2013
Allianz Malaysia Berhad
Since Inception
6.2%
Top 10 Holdings as at 30 June 2013*Source: Bloomberg as at 30 June 2013
1.9%
Financials
30.2%
Consumer Goods
12.5%
Industrials
6.9%Telecomm
5.8%
Oil & Gas5.7%
Consumer Services
5.2%
Utilities
1.8%
Health Care
0.1%Cash & Cash
Equivalents
31.8%
80
90
100
110
120
130
140
150
Apr 11 Aug 11 Dec 11 Mar 12 Jul 12 Nov 12 Mar 13 Jun 13
In
Poma
%)
Malaysia
48.7%
Hong Kong
5.0%
Thailand
4.8%
Indonesia
3.7%
Singapore
3.7%
Philippine
2.3%
Cash & Cash
Equivalents
31.8%
An income driven, absolute return focused fund that aims for capital appreciation and semi annual income distributionthrough investments in high dividend yielding equities and future potential dividend generating equities .
Benchmark^
SDF
This document is prepared by Hwang Investment Management Berhadfor information only. The information containedherein has been obtained from sources believed in good faith to be reliable; however, no
guarantee is given in its accuracy of completeness. The Prospectus dated 28 March 2013has been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. A copy of the
Prospectus can be obtainedat our office or any of our sales office. Units will only be issueduponreceipt of an application form referred to in and accompanying the Prospectus. Investors are advised to readand
understand the content of the Prospectus before investing. Among others, Investorsshould considerthe fees and charges involved. The price of Units and distributionpayable, if any, may go down as well as up.
The past performance of the Fund should not be taken as indicative of its future performance.
16 JULY 2013 I FUNDamentals
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Fund Category (Lipper) :Fund Type :Benchmark^ :
:Maturity Date :Financial Year End :
urrent NAV per unit : RM0.6498:
Sales Charge_Cash SalesInstitutional Unit Trust Advisers : Max 6.50% of NAV per Unit
: Max 5.50% of NAV per Unit
Unit Trust Consultants : Max 5.50% of NAV per Unit
Sales Charge_EPF Sales : Max 3.00% of NAV per Unit:Annual Management Fee : 1.50% p.a
Minimum Investment :
:
: Fund (%) -3.06 3.30 6.21 13.07 48.45 189.96
Benchmark (%)^ -0.06 4.04 4.25 7.80 24.10 91.28
Source : Lipper
: 2004 - 3.50
2005 - 4.00
2006 - 2.50
2007 - 5.00
2008 - 5.00
2009 - 5.00
1 Month 12 Months
Highest (RM) 0.6772 0.6837
Lowest (RM) 0.6411 0.5944
(%)
1 BNM Sukuk Bhd 0.00% 16.07.13 8.2%
2 Public Finance Berhad 7.50% 05.06.59 4.8%
3 Sports Toto Malaysia Sdn Bhd 5.50% 30.06.15 2.3%
4 Tanjung Bin Energy Issuer Bhd 5.55% 15.09.25 2.2%
5 Tanjung Bin Power Sdn Bhd 4.54% 16.08.19 2.1%
1 Malayan Banking Bhd
2 CIMB Group Holdings Bhd
3 KLCC Property Holdings Bhd
4 Sapura Kencana Petroleum Bhd
5
2013 - 1.00
No
Source: Bloomberg as at 30 June 2013
The Credit Profile above are a percentage of the Fund's fixed income portion only.
Historical NAV as at 30 June 2013
^^ Foreign bonds rated either by Standard & Poor's or Moody
Credit Profile as at 30 June 2013*
Top 5 Holdings (Equity) as at 30 June 2013*
1.8%
(NAV-NAV Prices)
1.9%
1.9%
August 2003 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the
Fund, gross investment based in RM. The value of Units may go down as well as up. Past
performance is not indicative of future performance.
Source: Lipper
2.2%
1.9%
Top 5 Holdings (Bond) as at 30 June 2013*
Distribution Policy
Gross Income Distribution (sen) (1)
Distribution of income, if any,
would be on semi-annual
basis.
Sector Allocation as at 30 June 2013*
Credit
Since Inception
0.6837
0.4346
Coupon
Maturity
Date
* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.
^^The Morningstar Rating is an assessmentof a Fund's past performance-based on both return and risk-which shows how similar investments compare with their competitors. A high rating alone is insufficient
basis for an investment decision.(1)
Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.
Based on the Fund portfolio returns as at 31 May 2013 , the VF for this Fund is 5.9 and is classified as Low (source : Lipper). Low includes funds with VF that are above 1.235 but not more than 7.890.
The Volatility Factor(VF) means there is a possibilityfor theFund in generating an upside returnor downsidereturn aroundthis VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF forqualified funds. The Fund's portfolio may have changed since this date and there is no guaranteed 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.
N/A
50% FBM Top 100 Index +
50% Maybank 12-Month Fixed
Deposit Rate
Launch Date / IOP
Subscription Cash / EPF
: RM100
Repurchase Charge NilMinimum Subsequent Investment
Performance Record as at 30 June 2013*Mixed Assets MYR Balanced
Cumulative Return Over The Period (%)
as at 30 June 2013^^
Hwang Select Balanced Fund
Dayang Enterprise Hldgs Bhd
Growth and Income
30 June
Internal Distribution Channel of the
Manager
RM1,000
Fund Size RM241.714 million
28 July 2003 / RM0.50
Fund Information as at 30 June 2013
Performance Table as at 30 June 2013*1 Month 3 Month
Year to
Date 1 Year 3 Year
Since
Inception
2010 - 5.00
2011 - 5.00
2012 - 5.10
95
135
175
215
255
295
335
Aug 03 Apr 05 Nov 06 Jul 08 Mar 10 Nov 11 Jun 13
In
Poma
%)
Benchmark^
SBalancedF
Bond
42.4%Financials
18.9%
Oil & Gas
6.4%
Industrials
4.7%
Consumer Goods
3.9%
Telecomm
3.5%
Consumer Services
1.6%
Other
1.6%Utilities
0.9%
Cash & Cash
Equivalents
16.2%
AAA
8.18%
AA
35.69%
A
3.67%BBB
0.69%
A^^
1.18%
BBB^^
8.69%
BB^^1.30%
B^^
1.92%
Others
22.24%
Cash
16.45%
An absolute return focused fund that targets to provide a balance between high level of cash flow as well asgrowth, through a mixture of investments in Malaysian and foreign fixed income and equities.
This document is prepared by Hwang Investment Management Berhad for information only. The information containedherein has been obtainedfrom sources believed in good faith to be reliable; however, no
guaranteeis given in its accuracy of completeness. The Master Prospectus dated 18 July 2012 , First Supplemental Master Prospectus dated 1 September 2012 and Second Supplemental Master Prospectus dated2
May 2013 have been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. A copy of the Prospectusescan be obtainedat our office orany of our salesoffice. Units will
only be issuedupon receipt of an application form referred to in andaccompanying theProspectuses. Investorsare advised to read and understandthe content of theProspectuses beforeinvesting. Among others,
Investors shouldconsiderthe fees and charges involved. The price of Units and distributionpayable, if any, may go down as well as up. The past performance of the Fund shouldnot be taken as indicative of its
future performance.
17 JULY 2013 I FUNDamentals
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18/40
Fund Category (Lipper) :Fund Type :Benchmark^ :
:
Maturity Date :Financial Year End :
urrent NAV per unit : AUD0.5594:
:
:Annual Management Fee : 1.50% p.aMinimum Investment (1) :
:
:
Fund (%) -1.53 0.63 3.32 9.07 N/A 19.23
Benchmark (%)^ -0.24 -1.32 1.93 6.05 N/A 12.37
: 2012 - 2.50 Source : Lipper
2013 - 1.00
Portfolio Yield* : 3.62%
Portfolio Duration* : 2.64 Years
1 Month 12 Months
Highest (AUD) 0.5719 0.5804
Lowest (AUD) 0.5577 0.5369
(%)
1 New South Wales Treasury** 6.00% 01.04.16 6.8%
2 Australian Government** 5.50% 21.04.23 4.5%
3 National Aus Bank Ltd** 4.10% 05.11.15 4.0%
4 Korea Gas Corp** 4.50% 25.09.15 3.9%5 Sumitomo Mitsui Banking** 3.59% 26.02.16 3.1%
** Foreign Bond
12
3
4
5
** Foreign Equity
Apa Group**
National Australia Bank Ltd** 1.4%
1.4%
Credit Profile as at 30 June 2013*
Maturity
DateCoupon
Transurban Group**
Top 5 Holdings as at 30 June 2013*Goodman Group**
1.5%
31 August
80% weighted Reserve Bank of
Australia Average Rate of
Term Deposits + 20% weighted
Dow Jones Australia SelectDividend 30 Index
(NAV-NAV Prices)Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*
Mixed Assets Cumulative Return Over The Period (%)Income & Growth
Launch Date / IOP 18 March 2011 / AUD0.50
AUD102.430 million
Max 3.00% of NAV per Unit
AUD1,000
Historical NAV as at 30 June 2013
Subscription
Minimum SubsequentInvestment:
Repurchase Charge(2)
Performance Table as at 30 June 2013*1 Month 3 Month
Year to
Date 1 Year 3 Year
Since
Inception
(3)Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.
Hwang AUD Income Fund (AUD Class)
1.00% of NAV per Unit for anyinvestment within the first 6
months.
March 2011 to 30 June 2013 NAV-NAV prices and assuming reinvestment of distributions into the
Fund, gross investment based in RM. The value of Units may go down as well as up. Past
performance is not indicative of future performance.
Source: Lipper
0.5021
0.5804
Cash
Initial Sales Charge
N/A
AUD5,000
Fund Size
2.0%1.9%
Caltex Australia Ltd**
(1)To invest in the AUD Class, investors are required to have a foreign currency accout (Australian Dollars)with any financial institutions as all transactions relating to the AUD Class will ONLY be made via
telegraphic transfers.
* The data provided above are that of the Fund and are a percentage of NAV as a 30 June 2013 . All figures are subject to frequent changes on a daily basis.
(2)Maximum of 1.00% of the NAV per Unit for any repurchase within the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not considereda repurchase. The
Cooling-off Period for a qualified investor is within 6 Business Days from the day the initial application for Units is received by the Manager.
Distribution of income, if any,
would be on semi-annual basis.
Credit
Since Inception
Gross Income Distribution (sen) (3)
Distribution Policy
Top 5 Holdings (Bonds) as at 30 June 2013*No
Source: Bloomberg as at 30 June 2013
Sector Allocation as at 30 June 2013*
Bond
72.7%
Financials
6.9%
Oil & Gas3.4%
Industrials
2.8%
Consumer Services
2.2%
Utilities
0.6%
Cash & Cash
Equivalents
11.2%
90
95
100
105
110
115
120
125
Mar 11 Jul 11 Nov 11 Mar 12 Jul 12 Oct 12 Feb 13 Jun 13
In
Poma
%)
A
27.6%
Cash
20.7%
Others
18.7%
AAA
16.6%
AA
11.6%BBB
4.8%
An income driven, absolute return focused fund that targets to provide a high level of cash flow as well as growth, throughmixture of investments in Australian fixed income and equities.[AUD Class - Represents a Class of Untis denominated in Australian Dollars (AUD)]
Benchmark^
AUDIF-AUD
This document is prepared by Hwang Investment Management Berhadfor information only. The information containedherein has been obtainedfrom sources believed in good faith to be reliable; however, no
guaranteeis given in itsaccuracy of completeness. The Prospectus dated18 March 2013 hasbeen registered with the Securities Commission Malaysia, who takes no responsibility for itscontents. A copy of the
Prospectus can be obtainedat our office or any of our sales office. Units will only be issueduponreceipt of an application form referred to in and accompanying the Prospectus. Investors are advised to read
and understand the content of the Prospectus beforeinvesting. Among others, Investors shouldconsiderthe fees and charges involved. Theprice of Units anddistribution payable, if any, may go down as well
as up. The past performance of the Fund should not be taken as indicative of its future performance.
18 JULY 2013 I FUNDamentals
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Fund Category (Lipper) :Fund Type :Benchmark^ :
:Maturity Date :Financial Year End :
urrent NAV per unit : RM0.5164:
:
:
: 1.50% p.a
Minimum Investment :: RM100
:
:
Portfolio Yield* : 3.34%
Portfolio Duration* : 4.44 Years
Sector Allocation as at 30 June 2013*
1 Month 12 Months
Highest (RM) 0.5257 0.5309
Lowest (RM) 0.5150 0.4969
(%)
1 0.00% 15.11.13 4.8%
2 3.15% 11.03.23 4.7%
3 5.13% 29.03.49 4.1%
4 3.15% 11.07.22 3.3%
5 3.10% 08.08.16 3.2%
** Foreign Bond
1
2
3
45
** Foreign Equity
70% 12-Month Singapore Banks
Average FD rate + 30% FTSE
Singapore's Straits Times Index
Oversea-Chinese Banking**
Genting Singapore PLC**
United Overseas Bank Ltd**
* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.(1)
Maximum of 1.00% of the NAV per unit for any repurchase request of Units within the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not considered a
redemption.
Credit Profile as at 30 June 2013*
Hwang SGD Income Fund (RM Class)
United Overseas Bank Ltd**
DBS Group Holdings Ltd**Croesus Retail Trust**
^^ A large portion of the SGD-denominated bond universe does not have credit rating.
Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*Mixed Assets
Income
No CouponCredit
Maturity
Date
Historical NAV as at 30 June 2013Since Inception
Top 5 Holdings (Bonds) as at 30 June 2013*
Annual Management Fee
Distribution Policy
Initial Sales Charge Max 3.00% of NAV per Unit
Launch Date / IOPN/A
31 March
01 August 2012/ RM0.50
Fund Size RM303.209 million
Source: Bloomberg as at 30 June 2013
Repurchase Charge (1)
Distribution of income, if any,
would be on semi-annual basis.
0.4969
0.5309
Subscription Cash
Minimum Subsequent Investment
2.3%2.2%
Singapore Treasury Bill**
Suntec Real Estate Invtm Trust**
Top 5 Holdings as at 30 June 2013*Religare Health Trust**
Capitaretail China Trust** 2.6%
3.0%
2.6%
-Not applicable as the Fund is less than one year-
-Not applicable as the Fund is less than one year-
Performance Table as at 30 June 2013*
RM1,000
1.00% of NAV per Unit for the
first 6 months from the date of
investment.
Bond
60.4%
Financials
14.3%
Consumer Goods
3.5%
Industrials
3.1%
Technology
1.7%
Consumer Services
0.7% Cash & Cash
Equivalents
16.3%
Others^^
46.6%
AA
20.1%
AAA
12.6%
BBB
11.1%
A
9.1%
Cash
0.5%
An income driven, absolute return focused fund that endeavours to provide steady income distribution through investmentsprimarily in SGD-denominated assets.[RM Class - Represents a Class of Units denominated in Ringgit Malaysia (RM)]
This document is prepared by Hwang Investment Management Berhadfor informationonly. The information contained herein has been obtainedfrom sources believed in good faith to be reliable; however, no
guarantee is given in its accuracy of completeness. The Prospectus dated 1 August 2012has been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. A copy of the
Prospectus can be obtained at ouroffice or any of oursales office. Units will only be issuedupon receipt of an application form referred to in andaccompanying theProspectus. Investorsare advised to read and
understand the content of theProspectus beforeinvesting. Among others, Investorsshould consider the fees and charges involved. The price of Units anddistribution payable, if any, may go down as well as up.
The past performance of the Fund should not be taken as indicative of its future performance.
20 JULY 2013 I FUNDamentals
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Fund Category (Lipper) :Fund Type :Benchmark^ :
:Maturity Date :Financial Year End :
urrent NAV per unit : SGD0.5162:
:
:
: 1.50% p.a
Minimum Investment :: SGD1,000
:
:
Portfolio Yield* : 3.34%
Portfolio Duration* :
Sector Allocation as at 30 June 2013*
1 Month 12 Months
Highest (SGD) 0.5329 0.5451
Lowest (SGD) 0.5141 0.4988
(%)
1 0.00% 15.11.13 4.8%
2 3.15% 11.03.23 4.7%
3 5.13% 29.03.49 4.1%
4 3.15% 11.07.22 3.3%
5 3.10% 08.08.16 3.2%
** Foreign Bond
1
2
34
5
** Foreign Equity
4.44 Years
1.00% of NAV per Unit for any
investment within the first 6
months.
0.4988
0.5451
Capitaretail China Trust** 2.6%
* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.
Top 5 Holdings as at 30 June 2013*
2.6%2.3%
2.2%
(1)Maximum of 1.00% of the NAV per unit for any repurchase request of Units within the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not considered a
redemption.
United Overseas Bank Ltd**DBS Group Holdings Ltd**
Croesus Retail Trust**
Genting Singapore PLC**
United Overseas Bank Ltd**
3.0%
No Credit
Religare Health Trust**
Suntec Real Estate Invt Trust**
N/A
Income
Coupon
Maturity
Date
Top 5 Holdings (Bonds) as at 31 May 2013*
Singapore Treasury Bill**
Oversea-Chinese Banking**
Since Inception
Distribution Policy
SGD5,000
Hwang SGD Income Fund (SGD Class)
Fund Size SGD87.402 millionInitial Sales Charge
Launch Date / IOP
Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*Mixed Assets
Subscription CashAnnual Management Fee
Source: Bloomberg as at 30 June 2013
Credit Profile as at 30 June 2013*
(2 )Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.
Minimum Subsequent InvestmentRepurchase Charge (1)
Distribution of income, if any,
would be on semi-annual basis.
70% 12-Month Singapore Banks
Average FD rate + 30% FTSE
Singapore's Straits Times Index
^^ A large portion of the SGD-denominated bond universe does not have credit rating.
-Not applicable as the Fund is less than one year-
-Not applicable as the Fund is less than one year-
Performance Table as at 30 June 2013*
01 August 2012/ SGD0.50
31 March
Max 3.00% of NAV per Unit
Historical NAV as at 30 June 2013
Bond
60.4%
Financials
14.3%
Consumer Goods
3.5%
Industrials
3.1%
Technology
1.7%
Consumer Services
0.7%Cash & Cash
Equivalents
16.3%
Others^^
46.6%AA
20.1%
AAA
12.6%
BBB
11.1%
A
9.1%Cash
0.5%
An income driven, absolute return focused fund that endeavours to provide steady income distribution through investmentsprimarily in SGD-denominated assets.[SGD Class - Represents a Class of Units denominated in Singapore Dollar (SGD)]
This document is prepared by Hwang Investment Management Berhadfor informationonly. Theinformation contained herein hasbeen obtainedfrom sources believed in good faith to be reliable; however, no
guaranteeis given in its accuracy of completeness. The Prospectus dated 1 August 2012 has been registered with the Securities Commission Malaysia, who takes no responsibilityfor itscontents. A copy of the
Prospectus can be obtainedat our office or any of our sales office. Units will only be issued upon receipt of an application form referred to in and accompanying the Prospectus. Investors are advised to read
and understand the content of the Prospectus before investing. Among others, Investorsshould consider the fees and charges involved. The price of Units anddistribution payable, if any, may go down as well
as up. The past performance of the Fund should not be taken as indicative of its future performance.
21 JULY 2013 I FUNDamentals
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as at 30 June 2013^^
Fund Category (Lipper) :Fund Type :Benchmark^ :
:
Maturity Date :Financial Year End :
urrent NAV per unit : RM0.6488:
:
:Annual Management Fee : 1.20% p.aMinimum Investment :
::
: 2005 - 2.00 2010 - 2.502006 - 3.50 2011 - 2.53
2007 - 3.50 2012 - 2.03
2008 - 0.50 2013 - 1.00 Fund (%) -2.97 -2.87 -0.58 6.14 29.65 92.05
2009 - 2.50 Benchmark (%)^ 0.13 2.08 2.64 5.01 15.20 44.48
Portfolio Yield* : 4.75% Source : Lipper
Portfolio Duration* : 4.89 Years
1 Month 12 Months
Highest (RM) 0.6753 0.6836
Lowest (RM) 0.6436 0.6302
%
1 4.00% 12.07.22 3.2%
2 3.63% 28.02.23 2.9%
3 0.00% 04.07.13 2.6%
4 5.13% 29.03.49 2.2%
5 0.00% 11.07.13 2.0%
** Foreign Bond
1
23
4
5
** Foreign Equity
Distribution of income, if any,
would be on quarterly basis.
Performance Table as at 30 June 2013*1 Month 3 Month
Year to
Date 1 Year 3 Year
Since
Inception
Sector Allocation as at 30 June 2013*
Hwang Select Income FundFund Information as at 30 June 2013
Mixed Assets Other Conservative
6 January 2005 / RM0.50
N/A
Launch Date / IOP
^^The Morningstar Rating is an assessmentof a Fund's past performance-based on both return and risk-which shows how similar investments compare with their competitors. A high rating alone is insufficient
basis for an investment decision.
Malayan Banking Bhd
Beijing Capital Intl Airport**
31 December
: RM100
Subscription
Top 5 Holdings (Equity) as at 30 June 2013*
January 2005 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the
Fund, gross investment based in RM. The value of Units may go down as well as up. Past
performance is not indicative of future performance.
Source: Lipper
Top 5 Holdings (Bonds) as at 30 June 2013*
Currency Exposure for the Fund is shown after reflecting currency forward contracts
Fund Size
Source: Bloomberg as at 30 June 2013
Minimum SubsequentInvestment
No Coupon
Currency Exposure as at 30 June 2013*
Distribution Policy
Cash
RM1,000
RM1,948.719 million
Initial Sales Charge Max 3.00% of NAV per Unit
Philippine Long Distance Tel**
Intime Retails Group Co Ltd**
(1)Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.
Based on the Fund portfolio returns as at 31 May 2013, the VF for this Fund is 4.1 and is classified as Low (source : Lipper). Low includes funds with VF that are above 1.235 but not more than 7.890.
0.9%
The Volatility Factor(VF) means there is a possibilityfor theFund in generating an upside returnor downsidereturn aroundthis VF. The Volatility Class (VC) is assignedby Lipper based on quintile ranks of VF forqualified funds. The Fund's portfolio may have changed since this date and there is no guaranteed 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.
* The data provided above is that of the Fund and is a percentage of NAV 30 June 2013. All figures are subject to frequent changes on a daily basis.
(NAV-NAV Prices)Performance Record as at 30 June 2013*
Cumulative Return Over The Period (%)20% FBM Top 100 Index + 80%Maybank 12-Month Fixed
Deposit Rate
Income and Growth
0.4770
0.6836
Gross Income Distribution(sen) (1)
Historical NAV as at 30 June 2013Since Inception
Nilepurchase Charge
Westpac Banking Corp**
Credit
Maturity
Date
0.9%
Standard Chartered PLC**
0.9%
BNM Sukuk Bhd
Kasikornbank Public Co Ltd**
Genting Singapore PLC**
Bank Negara
1.1%
1.0%
Bond
70.4%
Financials
9.2%
Industrials
2.2%
Telecomm
1.8%
Consumer Services
1.6%
Utilities
0.9%
Health Care
0.5%
Oil & Gas
0.1%
Cash & Cash
Equivalents11.2%
95
110
125
140
155
170
185
200
215
Jan 05 Sep 06 May 08 Jan 10 Oct 11 Jun 13
In
Poma
%)
Malaysia Ringgit
78.9%
Singapore Dollar
8.2%
Hong Kong Dollar
5.2%
US Dollar
2.7%
Thai Baht
2.3%Indonesian Rupiah
1.7%
Philippine Peso
0.9%
Korean Won
0.1%
An income driven, absolute return focused fund that targets to provide a high level of cash flow as well asgrowth, through mixture of investments in fixed income and equities globally with an Asian focus.
Benchmark^
SIF
This document is prepared by Hwang Investment Management Berhadfor information only. The information containedherein has been obtainedfrom sources believed in good faith to be reliable; however, no
guarantee is given in its accuracy of completeness. The Master Prospectus dated 18 July 2012 , First Supplemental MasterProspectus dated 1 September2012 andSecond Supplemental Master Prospectus dated
2 May 2013have been registeredwith the Securities CommissionMalaysia, who takes no responsibility for its contents. A copy of the Prospectusescan be obtainedat our office or any of our sales office. Units
will only be issuedupon receipt of an application form referred to in and accompanying the Prospectuses.Investors are advised to read and understand thecontent of the Prospectusesbefore investing. Among
others, Investorsshouldconsiderthe fees andcharges involved. The price of Units anddistribution payable, if any, maygo down as well as up. Thepast performance of the Fund shouldnot be taken as indicative
of its future performance.
22 JULY 2013 I FUNDamentals
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Fund Category (Lipper) :Fund Type :Benchmark^ :
:
Maturity Date :Financial Year End :urrent NAV per unit : RM0.6071
:
Initial Sales Charge ::
: 1.00% p.a.
Minimum Investment :
:
:
: 2005 : 2.50 2010 : 1.502006 : 2.50 2011 : 2.50
2007 : 2.50 2012 : 2.50 Fund (%) -2.23 -2.09 -0.66 5.00 20.74 71.40
2008 : 1.75 2013 : 1.00 Benchmark (%)^ 0.26 0.79 1.56 3.17 9.48 38.72
2009 : 2.50 Source : Lipper
Portfolio Yield* : 4.07%
Portfolio Duration* : 3.92 Years
1 Month 12 Months
Highest (RM) 0.6273 0.6328
Lowest (RM) 0.6053 0.6018
Credit (%)
1 0.00% 23.07.13 5.0%
2 4.00% 12.07.22 3.1%
3 3.63% 28.02.23 2.8%
4 4.50% 03.05.18 2.6%5 6.00% 29.12.49 2.5%
6 5.75% 19.10.15 2.2%
7 4.25% 17.10.19 2.1%
8 5.13% 29.03.49 2.0%
9 3.25% 20.09.22 1.9%
10 3.45% 08.08.22 1.9%
** Foreign Bond
1 95.7%
2 2.5%
3 1.2%
4 0.6%
Currency Exposure for the Fund is shown after reflecting currency forward contracts
Currency Exposure as at 30 June 2013*Malaysia Ringgit
Credit Profile as at 30 June 2013*
Singapore Dollar
Indonesian Rupiah
Chinese Yuan Renminbi
Hutchison Whampoa Intl**
Travellers Int Hotel Group
SM Investment Corp**
Hwang Select Bond Fund
BNM Sukuk Bhd
Standard Chartered PLC**
Westpac Banking Corp**
Parkson Retail Group Ltd**
Top 10 Holdings as at 30 June 2013*
RM100
Distribution of income, if any,
would be on quarterly basis.
Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*Bond MYR Cumulative Return Over The Period (%)
Repurchase Charge Nil
Income (NAV-NAV Prices)Maybank 12-Month Fixed
Deposit Rate
0.4929
3 YearSince
Inception
Launch Date / IOP 28 July 2003 / RM0.50N/A30 June
Fund Size RM799.745 million
Distribution Policy
Max 2.00% of NAV per Unit
Subscription CashAnnual Management FeeRM1,000
Minimum SubsequentInvestment
Historical NAV as at 30 June 2013
* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.(1)
Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.
Based on the Fund portfolio returns as at 31 May 2013 , the VF for this Fund is 2.4 and is classified as Low (source : Lipper). Low includes funds with VF that are above 1.235 but not more than 7.890.
TheVolatility Factor(VF) means there is a possibility forthe Fund in generating an upsidereturn or downsidereturn aroundthis VF. The Volatility Class (VC) is assignedby Lipper based on quintile ranks of VF forqualified funds. The Fund's portfolio may have changed since this date and there is no guaranteed 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.
^^Foreign bonds rated either by Standard & Poor's or Moody's
Since Inception
Source: Bloomberg as at 30 June 2013
No Coupon
Maturity
Date
Genting Singapore PLC**
Malayan Banking Bhd
Aus New Zealand Bank**
0.6328
Gross Income Distribution(sen)(1)
August 2003 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the Fund,
gross investment based in RM. The value of Units may go down as well as up. Past performance is
not indicative of future performance.
Source: Lipper
Sector Allocation as at 30 June 2013*
Performance Table as at 30 June 2013*1 Month 3 Month
Year toDate 1 Year
:
Cash & Cash
Equivalents
15.8%
Banks
32.2%Consumer Services
13.5%
Real Estate
10.7%
Industrials
7.8%
Government
6.5%
Insurance
3.6%
Consumer Goods
3.6% Oil & Gas
2.7%
Others
3.7%
95
110
125
140
155
170
185
Aug 03 Apr 05 Nov 06 Jul 08 Mar 10 Oct 11 Jun 13
In
Poma
%)
Others
26.5%
BBB^^
21.9%
Cash
15.8%
A^^14.2%
AA^^
9.7%
BB^^
4.4%
B^^
3.5% AAA
2.3% AA
1.7%
A
0.1%
A global bond fund with Asian focus that seeks to provide a general level of income distribution and totalreturns from MYR perspective.
SBondF
Benchmark^
This document is prepared by Hwang Investment Management Berhadfor information only. The information containedherein has been obtainedfrom sources believed in good faith to be reliable; however, no
guarantee is given in its accuracy of completeness. The Master Prospectus dated 18 July 2012 , First Supplemental Master Prospectus dated 1 September 2012 and Second Supplemental Master Prospectush
dated 2 May 2013have been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. A copy of the Prospectusescan be obtainedat our office or any of our sales office.
Units will only be issued upon receipt of an application form referred to in and accompanying the Prospectuses. Investors are advised to read and understand the content of the Prospectuses before investing.
Among others, Investors shouldconsider the fees and charges involved. The price of Units and distributionpayable, if any, may go downas well as up. The past performance of the Fundshould not be taken as
indicative of its future performance.
23 JULY 2013 I FUNDamentals
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Fund Category (Lipper) :Fund Type :Benchmark^ (1) :
:
Maturity Date :Financial Year End :
urrent NAV per unit : RM1.0191:
Initial Sales Charge ::
: Max 0.50% of NAV per Unit
Minimum Investment :
:
:
: 2006 : 2.70
2007 : 4.002008 : 3.25
2009 : 5.15
2010 : 2.26 Fund (%) 0.24 0.79 1.51 3.07 9.16 28.58
Portfolio Yield* : 3.59% Benchmark (%)^ 0.15 0.45 0.90 1.82 5.18 16.51
Portfolio Duration* 149 Days Source : Lipper
1 Month 12 Months
Highest (RM) 1.0197 1.0197
Lowest (RM) 1.0178 1.0021
1 56.1%
2 21.6%
3 6.7%
4 8.9%
5 6.7%
Historical NAV as at 30 June 20131.0516
Source: Bloomberg as at 30 June 2013
0.9983
Hwang Enhanced Deposit Fund
Credit Profile as at 30 June 2013*
9 - 12 months
12 - 24 months
Maturity Profile as at 30 June 2013*0 - 3 months
3 - 6 months
Income (NAV-NAV Prices)Fund Information as at 30 June 2013
Since
Inception
Maybank Overnight Repo Rate
April 2005 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the Fund,
gross investment based in RM. The value of Units may go down as well as up. Past performance is
not indicative of future performance.
Source: Lipper
Performance Table as at 30 June 2013*1 Month 3 Month
Year to
Date 1 Year 3 Year
Performance Record as at 30 June 2013*Money Market Cumulative Return Over The Period (%)
Nil
Cash/EPF
Minimum SubsequentInvestment: RM10,000
2013 : 0.63
Annual Management FeeSubscriptionRM30,000
Launch Date / IOP 18 April 2005 / RM1.00
Nil
N/A
30 April
Fund Size RM55.604 million
The Volatility Factor (VF) means there is a possibility for the Fund in generating an upside return or downsidereturn aroundthis VF. The Volatility Class (VC) is assignedby Lipper based on quintileranks of VFfor qualified funds. The Fund'sportfolio may have changed since thisdateand there is no guaranteed that the Fund will continue tohave 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.
* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.
Based on the Fund portfolio returns as at 31 May 2013 , the VF for this Fund is 0.1 and is classified as Very Low (source : Lipper). Very Low includes funds with VF that are not more than 1.235.
Repurchase Charge
Since Inception
6 - 9 months
2011 : 2.11
2012 : 3.62
Gross Income Distribution(sen)
Distribution Policy Distribution of income, if any,would be on monthly basis.
P1
34.6%
Cash
24.6%
AA
17.4%
AAA
16.6%A
6.7%
95
105
115
125
135
Apr 05 Aug 06 Jan 08 May 09 Sep 10 Jan 12 Jun 13
In
Poma
%)
A money market fund that targets to provide enhanced yields over deposit rates while providing a highlevel of liquidity.
Benchmark^
EDF
This document is prepared by Hwang Investment Management Berhad for information only. The information containedherein has been obtainedfrom sources believed in good faith to be reliable; however, no
guarantee is given in its accuracy of completeness. The Master Prospectus dated 31 March 2013 has been registered with the Securities Commission Malaysia, who takes no responsibility for itscontents. A copy
of the Master Prospectus can be obtained at our office or any of our sales office. Units will only be issued upon receipt of an application form referred to in and accompanying the Master Prospectus. Investors ar
advised to read and understand the content of the Master Prospectus before investing. Among others, Investorsshould considerthe fees andcharges involved. The price of Units and distributionpayable, if any,
may go down as well as up. The past performance of the Fund should not be taken as indicative of its future performance.
24 JULY 2013 I FUNDamentals
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as at 30 June 2013^^
Fund Category (Lipper) :Fund Type :Benchmark^ :
:
Maturity Date :Financial Year End :
urrent NAV per unit : RM0.9832:
:Annual Management Fee : 1.50% p.aMinimum Investment :
:
:
: 2003 - 5.00 2010 - 3.00
2004 - 8.00 2011 - 5.00
2005 - 6.00 2012 - 3.10
2006 - 4.00 2013 - 10.00 Fund (%) -2.56 13.03 15.79 24.38 68.12 352.87
2007 - 6.00 Benchmark (%)^ -0.88 8.25 6.72 11.74 40.28 166.83
2008 - 5.00 Source : Lipper
2009 - 3.00
Sector Allocation as at 30 June 2013*1 Month 12 Months
Highest (RM) 1.1133 1.1133
Lowest (RM) 0.9597 0.8729
1
2
3
4
5
6
7
8
9
10
Asset Allocation as at 30 June 2013*1 Equities
2 Cash & Cash Equivalents