Amanah Saham Bumiputra (ASB) showing signs of Weakness? Here are 2 reasons that you should be aware of!

Amanah Saham Nasional Berhad (ASNB) recently announced income distribution and bonus for their largest inhouse fund, Amanah Saham Bumiputra (ASB). With 8.87 million unit holders invested into ASB, the annual income and bonus announcement is an eagerly anticipated event each year. Fortunately for 2015, ASB did not disappoint by posting an income distribution of 7.25 cents per unit and a bonus of 0.50 cents per unit for Financial Year End 31st December 2015.

However looking at the latest income distribution and bonus from ASB, I observed a few problems with ASB that should be highlighted to the masses. I'm putting up this post not to spread fear or panic. Instead I am trying to highlight my personal observations with regards to the possible risk that ASB investors could face in the near future. I might be right or I could be wrong. Ultimately you as an investor should make your own judgement call.

Let's begin then....

Did you know that ASB's income distribution and bonus has been on a downtrend since 1990!

Take a look at this graph of ASB historical income distribution + bonus from 1990 till 2015:

ASB historical income distribution + bonus from 1990 till 2015

Judging from the graphical trend, investors should expect ASB income distribution and bonus to head even further south in the near future. Results from Financial Year End 2015 already gave the first warning sign. Simple because 2015's ASB income distribution + bonus fell below the 8%  reference mark for the very first time!

If you're not aware, the 8% return is the general benchmark value used by many when referring to ASB's annual returns. 8% is used to calculate and project gains when one intends to take up a long term personal loan to invest into ASB. The 8% is also used by many to calculate future projection of ASB returns.

With this key figure being breached for the first time in history, I believe a feeling of uncertainty is slowing emerging among many ASB investors. How much further will future distributions and bonus fall? What if the income distribution and bonus falls drops below the interest rate of the personal loan taken up by ASB investors? 

What's causing the falling income distribution and bonus? I believe there's two main reason for the decline in ASB's income distribution and bonus.

Reason 1 : ASB is just too big!

Based on the latest statistics (31 Dec 2015), ASB itself is managing RM142.54 billion worth of investments for 8.87million investors. That approximately 25% of our EPF fund size! 

Take a look at the growth of ASB's fund size below:

• 2012 - RM110.298 billion
• 2013 - RM127.393 billion
• 2014 - RM137.373 billion
• 2015 - RM142.540 billion

Within a short period of 3 years, ASB has added an astounding RM32 billion to its size! If it wasn't for the launching of ASB2 in April 2014, ASB would have grown substantially bigger by now. If you like to read more about ASB2, check out this post from CompareHero.my

ASB2 was launched to reduce the burden of ASB

With an ever growing fund size, the biggest challenge for ASB is to generate a decent income distribution + bonus. Just take a look at the history of gross income (2012-2014) for ASB as shown in the table below:

2012-2014 ASB Total Gross Income

Despite the rise in gross income between 2012 to 2014 (see the red box), income distribution + bonus continues to drop from 2012 to 2014 (from 8.9% to 8.7% to 8.5%). In other words, ASB's fund size is growing faster than the growth rate of its annual gross income.

What's more worrying is the fact that for 2015, ASB total gross income is decreasing as compared to the previous year. As of 23 Dec 2015, ASB recorded a total gross income off RM10.06 billion, approximately RM700+ million lesser than 2014's gross income. Now do you see the reason for the drop in income distribution + bonus for 2015?

Reason 2 : ASB is invested only into local equity

As stated in Reason 1, ASB is like a very big fish in a small pond (Malaysia equity market). This big fish is growing at an astounding rate yet there's simply not enough food in that small little pond to feed the hungry appetite of this fish.

This simple analogy is the perfect description of the situation that ASB is currently facing. With  RM140+ billion in managed fund (and growing), there not much room to make decent returns if they are to continue investing only in local Malaysian equities. 

What about the other "big fish" in the pond? Won't EPF be facing the same problem as well?

With RM600+ billion in managed funds, EPF knew many years ago that the only way to grow is to expand overseas. Through their Strategic Asset Allocation policy, EPF has started to expand overseas whereby in 2014 itself, 24% of EPF managed fund are parked abroad. This strategy proved to be a success when EPF announced an outstanding dividend distribution of 6.75% for 2014! For 2015 it is expected that EPF will be announcing a higher dividend, largely due to the increased profits from their overseas investments. 

Will ASB follow the footsteps of EPF? 

I believe the answer is NO. I've checked ASB's Product Highlight Sheet and find that there is no specific mention about investing into overseas equities. I've also checked the Investment Strategy section of ASB's 2014 Annual Report (refer to Page 15 of ASB 2014 Annual Report) only to find the same outcome. In a nutshell, if ASB does not expand their investment overseas, things might not be so rosy for ASB investors in the years to come.

Summary

In the past, all you need to do is just park your savings with ASB. Fill up the RM200,000 per individual quota as well as the RM50,000 per children quota and let ASB high income distribution and bonus do its own compounding wonders. When the time comes, you can retire comfortably.

Can this methodology of passive investing still work? Would you continue to park all your eggs in a single basket (ASB) now that the basket is showing signs of weakness? 

With all the figures about ASB laid before your eyes plus the possibility of lower income and bonus distribution in the future, what would your next course of action be? Are you going to close an eye and hope for the best? Or perhaps it is time that you start looking for alternatives? How about Sukuks? Or Unit Trust? REITS maybe? Or just leave your money with EPF instead?

Since I write intensively on unit trust investment, why not try reading up on this post about ASB vs Unit Trust? You can also learn a thing or two about unit trust first by checking out some of my older articles at the Recommended Read section. Just click HERE.

All in all, I must reiterate the point that I'm not advocating that you should stop investing into ASB. Neither am I bad mouthing ASB and asking your to seek other alternatives instead. Every point made in this post is own my own and backed up with the facts and figures available to me. You be the judge and decide what's good and what's not good for your future.

My final piece of advice for you is to start learning about investing. Stop being ignorant and start empowering yourself with financial education.

Cheers and happy 2016 from Invest Made Easy!

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ASB declares 7.25 sen dividend, 0.50 sen bonus for 2015

Amanah Saham Nasional Bhd (ASNB), today announced an income distribution of 7.25 sen per unit and a bonus of 0.50 sen per unit for Amanah Saham Bumiputera (ASB) for the financial year ended December 31, 2015.

PNB chairman Tun Ahmad Sarji Abdul Hamid said the income distribution portion would involve a total payout of RM10.41 billion, an increase of 4.3% compared to the RM9.98 billion last year.

For the bonus portion, he said it would involve a total payout of RM451.73 million.

"The payment will benefit 8.87 million unit holders who currently hold a total of 142.54 billion units of ASB," he told a press conference after announcing the dividend distribution here today.

Ahmad Sarji said up to December 23, 2015, ASB has recorded a total gross income of RM10.06 billion. – Bernama, December 29, 2015.

Top 20 Best Performing Unit Trust Funds for 2015 plus Three Unit Trust Investing Tips for 2016.

Advert : Unit Trust Made Easy

2016 is just 5 days away! As we approach the end of 2015, let us take a look at the best performing unit trust funds for this year.

Apart from finding out the best funds, we will also share a few tips on unit trust investing.

Interesting Facts About The Top 20 Best Performing Unit Trust Funds for 2015

The Top 20 Funds all generated 20% or more returns:

Category	No of Funds
Returns : 30% and above	6
Returns : 20.00% - 29.99%	14

The Top 20 Funds come from 7 different fund categories/sectors:

Top 20 Unit Trust Funds for 2015
Click to Enlarge

Majority of the Top 20 Funds have a small fund size:

Fund Size	No of Funds
< RM50 million	10
RM50 million - RM200 million	6
RM200 million - RM500 million	3
>RM500 million	1

Top 20 Best Performing Unit Trust Funds of 2015 

Here's the Top 20 ranked according to Year To Date (YTD) performance:

Top 20 Unit Trust Funds for 2015
Click to Enlarge

Tips on Unit Trust Investing

Tip 1 : Popular does not equal to being the best

This is one misconception that many Malaysians have when it comes to investing into unit trust funds. Just because a fund house/company is the biggest in terms of managed funds does not make them the best performing. 

Take a sample advertisement from Public Mutual which declares itself as the No.1 Unit Trust company in Malaysia. Despite being the most popular name among Malaysians, none of the funds from Public Mutual made it to the top 20 for 2015. Therefore if you intend to invest for maximum returns, selecting the most popular fund might not be wisest choice to make.

This disparity between investing in a popular fund vs investing in a performing fund was also highlighted by Nazaruddin Othman, CEO of FIMM, 

"Investors need to know about all the other SC-approved funds in the market in order to make informed decision to invest"

However, Mr Nazaruddin also added that investors can now turn to other channels such as Institutional Unit Trust Advisers (IUTA) and Corporate Unit Trust Advisers (CUTA) for a wider selection of funds. One such IUTA which IME has been actively promoting is eUnittrust. For more details about eUnittrust, just click HERE.

Tip 2 : Size matters

Yeap, the size of a fund does contribute to the performance of the fund. Just take a look at the top 20 table. Ten out of the 20 funds in the list have a fund size of RM50 million or lesser. This goes to say that smaller size funds tend to perform better then bigger funds.

In other words, a fund that is small in size is akin to a mouse, quick and fast to react. Larger funds (RM500 million and above) are similar to an elephant, slow to react and generally struggle to generate higher returns.

An example I would like to share on the potential growth of a top performing small fund is Kenanga Growth Fund. 4 Years ago, Kenanga Growth Fund had a fund size of only RM 53.63 million (31 January 2012). The fund was a rising star performer under the Category Equity Malaysia. Over the next 4 years the fund grew in popularity, seeing it garner 7 Lippers Awards between 2013 to 2015.

The present Kenanga Growth Fund is now 10 times its 2012 fund size! At RM574.01 million, the fund is the largest in the top 20 list yet it is still considered small when compared to other funds that have ballooned to RM1 billion or more.

At Invest Made Easy, Kenanga Growth Fund is still part of our Recommended Funds list due to its outstanding fund manager as well as excellent investment philosophy. 

Tip 3 : Diversify your investment but don't over diversify.

Yes, the evergreen advice of "Don't put all your eggs in a single basket" is still a philosophy held in high regards by smart investors.

Stock investors for example practice diversification by selecting stocks from various industries. Unit Trust investors on the other hand diversify through different categories or sectors. As a matter of fact, the top 20 funds come from seven different categories/sectors as shown below:

Sector/Category	No of Funds
Equity - Malaysia Mid/Small-cap	7
Equity - Malaysia Mid/Small-cap (Syariah)	3
Equity - Country Focus (Europe)	2
Property - Indirect Non-Asia	2
Blended - Balanced	2
Blended - Flexible	1
Bonds - Asia	1
Equity - Asia Pacific ex-Japan (Syariah)	1
Equity - Sector Focus (Technology)	1

Diversifying your investments into different categories and sectors help to create a balanced portfolio that can offer you protection in the event that a particular category/sector fail to perform. I will not go into details on how to diversify your unit trust portfolio in this post. Instead if you like to learn how to create your own portfolio of unit trust funds, just check out this post "Unit Trust Portfolio Diversification".

On the other end of the spectrum, there's also the problem of over diversification. This tend to happen to investors whom are not aware of the funds they are investing in. A simple example is via the Top 20 list above. Some investors tend to have in their portfolio several fund from the same category or sector. The problems starts when a downturn occurs to a particular category or sector This will result to losses to multiple funds which you own. Hence when you build your investment portfolio, make sure you're not making the mistake of "over diversifying". Always try to select the best fund from each category instead of several top funds from the same category.

Summary

These are the top 3 tips which you can apply for your unit trust investment come 2016. Always remember, spending time into learning and researching will definitely help you to make wiser and better investment decisions.

Here are some additional recommended reads from us:

• India, the next choice of investment for 2016?
• Global Economic Predictions, Key Events and Our Investing Advice For 2016
• Selecting the Best Funds To Invest from eUnittrust Sales Charge Promotion

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• Share this post on Facebook

Cheers and happy investing from Invest Made Easy!

India, the Next Choice of Investment for 2016?

According to an article from the Wallstreet daily entitled "India's Modi Still Has to Deliver on Reform", it is expected that India to be the top investment destination for investors come 2016. Economist are forecasting a GDP growth of 7.6% for 2016 as compared to China's 6.3%. As a matter of fact, India has already surpassed China as the fastest growing nation. With all the attention now pointing at India, this article from Wallstreet has listed down the potential upsides and downsides of India for 2016.

Upsides

• Canada Pension Plan Investment Board has pledged to invest $6 billion by 2022 in the country.
• Recent falling oil prices has push inflation down at India. 
• In addition, the cheap oil price has also eased the balance book of the country. FYI, oil is the second largest source of energy in India.
• 70% of the country's GDP is domestically driven.
• India will have the second-largest base of internet users by year-end, overtaking the United States. 
• In 2017, the country will overtake the United States as the second-largest smartphone market, again only trailing China.

Added information: The increasing base of internet users in India have not gone unoticed. Google's India born CEO, Sunder Pichai recently announced that Google will invest more in India. 

Potential Pitfalls

• Opposition politicians work to slow the prime minister's reform agenda
• Government employees and retired civil servants set to see a 23% rise in salaries and pensions, starting in January. To meet those demands, Modi will have to either raise taxes or cut back on infrastructure spending. 
• Total capital expenditures by Indian companies this year nosedived. Indian companies are waiting for demand to pick up before investing. Part of the reason behind the lack of spending may still be strangling regulations in India.
• Bad loans in the Indian banking system are likely higher than reported. Credit Suisse says 17% of bank loans are stressed compared with the central bank’s estimate of 11%.

Summary

A self sustaining economy, healthy GDP growth as well as potential foreign investments does make India a better bet as compared to other emerging countries. 

The India Stock Exchange (NIFTY) has not performed well this year. A bright start at the early of the year will most probably end with negative YTD by the end of 2015. 

However with a slowing China market coupled with financial challenges faced by Developed countries (US, Japan and Europ), foreign funds might just turn to India equities as their next best bet. Hopefully we might witness a bullish Nifty in 2016?

Can Malaysians invest into India?

Yes it is possible for Malaysian to invest into India equities. The easiest option is for you to invest via unit trust. Currently there is only one unit trust fund (a feeder fund) which solely invest into India equties. The fund is from Manulife and goes by the name Manulife India Equity Fund. 

Go check it out.

Cheers and happy investing!

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Is Deferred Annuity Plan Worth Investing? Unwrapping PRUretirement Growth Plan As A Case Study

Recently the topic on having a secure and consistent income upon retirement was raised again by a reader. As fear of economic uncertainty in our country grows, many are looking for investment plans that can offer guaranteed income.

Such a plan does indeed exist in the form of Retirement/Annuity Plan. By offering a guaranteed income payment over a fixed number of years plus a lump sum bonus at the end of the program, such plans are fast becoming a popular option for many Malaysian.

If you've ever been approached by a representative explaining about such plans, you would probably be impressed by the initial offer (guaranteed income does sound attractive huh) of the plan. However, looking at the big picture, are you really getting a good deal when investing into such plans?

Looking back 2 years ago, I unwrapped a similar program called Hong Leong Assurance Cash Promise. In that post, I pointed out that the Internal Rate of Return (IRR) for that plan was only slightly higher than the bank's Fixed Deposit Rate. 

Fast forward to the present, a reader recently wrote to me asking about a similar plan from Prudential. That has sparked my interest into finding out what the latest annuity plan has to offer. Has the return increased? Is there better a IRR now as compared to 2 years ago? Let us take a look....

PRUretirement Growth Annuity Plan 

All information for this review are obtained from this plan's brochure (with no added salt and pepper). You may download the brochure HERE.

What you'll get if you invest:

The plan uses key words such as Retirement, Guaranteed Income and Inflation Factor as selling points:

Benefits are similar to other Annuity plans. Selling points of this plan are highlighted via the blue circles. Do take note that the "Lump sum payout" is non guaranteed, performance based:

Click to Enlarge Image

How does the plan work?

Simply put, you set aside a lump sum (termed as Single Premium) of your money for a fixed number of years. The plan refers to this period as "Accumulation Stage". 

Upon completing the Accumulation Stage, your annual guaranteed payout kicks in over a fixed number of years called "Payout Stage".

Amount of Annual guaranteed payout is based on a certain percentage calculated with reference to the Accumulation Stage vs Payout Stage. 

Check out the table below for a better representation:

Fortunately, the brochure provides an example on how the it works in 3 simple steps:

Here's the pictorial example:

What are charges and fees?

Like any other plans of similar nature, charges will be incurred on the investing portion, administrative portion as well as the insurance portion.

Some charges are deducted from your initial investment such as the Insurance Charge. Some are embedded into the daily unit price such as the Fund Management Charge, while some are deducted from your annual guaranteed payout such as Administrative Charge. 

If you intend to invest into this plan (or any other investment schemes), please make sure you find out specifically from the agent or consultant how each charges are calculated.

Check out the list of charges for this plan as obtained from the brochure.

Investment Amount?

The minimum investment amont is RM10,000. No maximum amount is set.

How does this plan invest your money during the Accumulation Period?

This is a first time that I see an Annuity Plan that invest into well Unit Trust Funds. Well before I elaborate further, please check out the table below:

If you are well versed with Unit Trust investment, you should understand the terms Equity Fund, Bond Fund and Cash.

If you have no inkling about unit trust, allow me to provide short explanation:

• PRUlink Golden Equity Fund : A fund that invest into stocks (High Risk)
• PRUlink Golden Bond  Fund : A fund that invest into bonds issued by Companies or Government (Low Risk)
• Cash : Normally placed into Money Markets allowing your investment to still earn interest at about 2%-4% per annum.. 

If you still find difficulty understanding Unit Trust, just drop me an email at shanesee03@gmail.com

Now back to the table above,. As you can see that the longer your Accumulation Period, the higher the % allocation is towards riskier investment, in this case the Equity Fund. This is a common strategy and a known fact that if you have a longer period to invest, you can afford to take more risk.

A 40 year Accumulation Period on the table indicates that 60% of your invested amount will be invested into equity fund and only 40% goes to the bond fund. 

On the other hand, a 5 year Accumulation Period sees 75% of the invested amount allocated to Bond Fund and the remaining into 25% into equity.

What about your investment during the Payout Period?

The investment strategy depends on the term selected for Payout Period. 

Referring to the same table above, for Payout Period 5 Years and 10 Years, no investment will be made on your invested amount. For 15 Years till 30 Years Payout Period, your invested amount will be parked under the "PRUlink Golden Managed Fund". This fund's allocation is 20% into Equity and 80% into Bonds or Cash.

What is the Internal Return of Rate for this plan
Ah.....the highlight of this post.

For any investor, the end game is to determine the worthiness of an investment plan via its returns. The Internal Rate of Returnb (IRR) is the standard gauge used by me when it comes to evaluating an investment plan.

Let us take the example provided by this plan's brochure for calculation purpose.

Key Information

• Investment Amount (Single Premium) : RM100,000
• Accumulation Period : 15 Years
• Payout Period : 20 Years
• Guaranteed Amount Per Year (during Payout Period) : RM7,000
• Expected Lump Sum payout at end of Payout Period (High returns) : RM282,917
• Expected Lump Sum payout at end of Payout Period (Low returns) : RM11,972

From the above, the expected total amount you will get at the end of your plan is

= 20 years of Guaranteed Amount + Lump Sum Payout

Scenario 1 : Calculation (High returns on Fund Investment)

= (RM7,000 x 20 years) + RM282,917

= RM140,000 + RM282,917

= RM422,917

Scenario 2 : Calculation (Low returns on Fund Investment)

= (RM7,000 x 20 years) + RM11,972

= RM140,000 + RM11,972

= RM151,972

IRR Calculation for Scenario 1 (High Returns):

Click to Enlarge Image

IRR : 4.76% per annum

IRR Calculation for Scenario 2 (Low Returns):

Click to Enlarge Image

IRR : 1.63% per annum

Compare with saving RM100,000 in a Fixed Deposit Account @ 3.5% per annum?

Let us calculate the total returns over with the same scenario as this plan but invested in a secure PIDM guaranteed Fixed Deposit Account.

Key Information:

• Initial Deposit : RM100,000
• Fixed Deposit Rate : 3.5%
• 15 years of compounding with no withdrawals
• Next 20 years of compounding but with annual withdrawals of RM7000

Total Amount Obtain at the end of 35 Years

= (RM7000 x 20 Years) + (Balance in FD at the end of 35 Years)

= RM140,000 + RM128,472.75

= RM268,472.75

Balance FD calculation

Summary

Let us compare all the calculations above in a single table below:

Based on the calculations above, the IRR for PRUretirement Growth Plan may range between 1.63% to 4.76% per annum. 'In other words, there is an ambiguity for you as an investor if you are looking for a guaranteed plan. The only guaranteed part of this plan provides an IRR of 1.16% per annum.

However I'm not going to place any judgement on this plan. The facts and figures are laid before you. Perhaps having a plan that provides fixed income for the next 20 years with a possibility to earn a higher return coupled with insurance protection is indeed a wise decision?

The choice is yours. May the force (in this case the smarts) be with you.

Cheers and happy investing!

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Global Economic Predictions, Key Events and Our Investing Advice For 2016

As we approach the end of 2015, many publications and online sites are publishing their predictions for 2016. Out of the many articles I've read so far, I recommend that you check this article out:

• Bloomberg's Economic 2016 : Here's What You Need To Know

If you don't have the time to read, here are the key points of this article summarized for your convenience.

Bloomberg's Economic 2016 : Here's What You Need To Know

Key Events To Watch

1. Signing of the Trans-Pacific Partnership trade agreement could benefit 12 nations that together account for 40 percent of global output. 
2. Summer Olympic at Brazil. 
3. China will unveil a new 5 year plan that touches on nation building, from the economy to foreign policy, the military and the environment 
4. A referendum in the U.K.—possibly in October—on whether to remain part of the European Union 

Global Predictions

• There will be undeclared currency wars as Europe and Japan try to cheapen their money to boost exports and employment at home—essentially stealing growth from their trading partners. ~ Adair Turner, former chairman of the U.K.’s Financial Services Authority
• China will continue to decelerate.
• Interest rates and the prices of oil and other commodities are likely to remain low.
• Federal Reserve (US) attempts to nudge rates higher
• European Central Bank & Bank of Japan look for ways to stimulate growth through lowering of interest rates and bonds buying.
• Greek financial crisis could wind up back on if Prime Minister Alexis Tsipras can’t win approval for the spending cuts, tax hikes, labor-market reforms, and privatizations that creditors have demanded.
• Europe’s refugee crisis is a fresh stress on the EU. The strange thing is that it may stimulate short-term economic growth, at least in Germany.
• IMF predicts India to accelerate slightly to 7.5 percent growth.

China Down Down Down

• World’s appetite for Chinese goods isn’t growing at the same pace anymore.
• China has no urgent need for more of the infrastructure it’s been furiously building
• President Xi Jinping is having a tough time guiding the economy toward domestic consumptions a new source of growth
• IMF projects that China’s growth will slow to 6.3 percent in 2016, from 6.8 percent this year
• A sharp slowdown in China would drag other emerging markets down.

2016 Outlook by Invest Made Easy

Investment Opportunities:

Opportunities:

• India via Manulife India Equity Fund

Watch for further development (KIV):

• Europe via TA European Equity Fund
• Japan via Affin Hwang Japan Growth Fund

Caution/Avoid:

• China
• Emerging Markets
• Russia
• Brazil
• Commodities

2016 Investing Advice from Invest Made Easy:

• Investors should practice caution next year and reduce exposure to equities. Opportunities for gains are hard to find.
• Cash is king. Make sure you have more liquidity.
• Capital preservation is vital for 2016. Look for secure alternatives despite the low returns.
• Add more Gold related equities to your portfolio via RHB-OSK Gold and General Fund

That's all for this post. Cheers and happy investing in 2016.

P.s : If you like to get started on investing into unit trust on your own, drop me an email at shanesee03@gmail.com to inquire for more information.

P.p.s : Don't forget to share this post if you like what you read. The share button is just right below.

RHB-OSK Gold and General Fund

Latest Research/Reports/Information

• Coming soon

Fund Plus Points

• Coming soon

Fund Information

Asset Class	: Feeder Fund
Fund Type	: Growth
Geography	: Global
Sector	: Precious Metals
Inception Date	: 21/07/2009
Inception Price	: RM 0.5000
Fund Currency	: RM
Latest Fund Size (MIL)	: RM 119.82 @ Sep 30 2015
Online Tradeable	: Yes

Fund Investment Strategy

Investment Objective :
This Fund aims to achieve returns on investment mainly in securities of corporations (whether or not listed on any stock exchange, and in any part of the world) whose business (in any part of the world) is or is substantially in the mining or extraction of gold, silver or precious metals (e.g. platinum, palladium, rhodium etc.), bulk commodities (e.g. coal, iron ore, steel etc.), base metals of all kinds (e.g. copper, aluminium, nickel, zinc, lead tin etc.), and other commodities (e.g. industrial minerals, titanium dioxide, borates etc.) and it includes the mining or extraction of oil, gas, coal and alternative energy or other commodities or other minerals.

Investment Policy :
The Fund will invest principally in one of the funds managed by UOB Asset Management Limited, Singapore (�UOBAM�), that is the United Gold and General Fund (�UGGF�). UGGF, launched in June 1995 is a collective investment scheme domiciled in Singapore and is regulated by the Monetary Authority of Singapore. UGGF invests in companies involved in the mining and exploration of precious metals, energy and base metals.

Its indicative asset allocation is as follows:

At least 95% of Net Asset Value
- Investments in the units of United Gold and General Fund.

2% - 5% of Net Asset Value
- Investments in liquid assets including money market
instruments and deposits with financial institutions.

Benchmark :
70% FTSE Gold Mines Index + 30% HSBC Global Mining Index

Charges and Fees

List of charges and fees as listed below:

• Normal Sales Charge : 5.5% (via Agent/Consultant)
• Online Sales Charge : 0% - 2% (via eUnittrust)
• Redemption Fee : None
• Annual Management Fee : 1.80% (factored into Fund's daily pricing)
• Annual Trustee Fee : 0.08% (factored into Fund's daily pricing)

Fund Performance

Annual Returns

• 2015 : -   4.01%
• 2014 : - 10.92%
• 2013 : - 40.59%
• 2012 : - 11.49%
• 2011 : - 20.55%
• 2010 : +18.91%

Awards & Credentials

Morningstar Fund Rating

• Not Rated

Lipper Fund Awards

• None

Morningstar Awards

• None

Download Fund Factsheet/Annual Report/Interim Report

• Download from RHB-OSK Gold and General Fund page

***************************************

Invest "RHB-OSK Gold and General Fund" 
at only 2% Sales Charge through eUnittrust

What is eUnittrust?

Register a FREE eUnittrust account now!

Still not sure how to? 

Ask Invest Made Easy at shanesee03@gmail.com

***************************************

RHB Smart Income Fund

Latest Research/Reports/Information

• Coming soon

Fund Plus Points

• 12 Dec 15 : Ranked 1st for 1Yr, 3Yr, 5Yr and 10Yr Annualized Returns under Category Blended - Conservative / Mixed Asset (Conservative)  as of 30 Nov 2015
• 12 Dec 15 : Ranked 1st for 2015 YTD under Category Blended - Conservative / Mixed Asset (Conservative) with +16.51% returns as of 30 Nov 2015

Fund Information

Asset Class	: Mixed Asset (Conservative)
Fund Type	: Income
Geography	: Malaysia
Sector	:
Inception Date	: 07/09/2004
Inception Price	: --
Fund Currency	: RM
Latest Fund Size (MIL)	: RM 19.65 @ Sep 30 2015
Online Tradeable	: Yes

Fund Investment Strategy

Investment Objective :
This Fund aims to provide investors with higher than average income returns compared to fixed deposits over the medium to long term* period through an investment blend comprising primarily of quality fixed income securities and with the remaining investments in a strategically selected portfolio of companies with market capitalisation of not more than RM1 billion.

Investment Policy :
70% - 100% of Net Asset Value

- Investments in fixed income securities, money market instruments, cash and deposits with licensed financial institutions.

0% - 30% of Net Asset Value

- Investments in securities of companies with market capitalization of not more than RM1 billion.

Benchmark :
12-month fixed deposit rate by Maybank Berhad.

Charges and Fees

List of charges and fees as listed below:

• Normal Sales Charge : 2% (via Agent/Consultant)
• Online Sales Charge : 0% - 2% (via eUnittrust)
• Redemption Fee : None
• Annual Management Fee : 1.50% (factored into Fund's daily pricing)
• Annual Trustee Fee : 0.07% (factored into Fund's daily pricing)

Fund Performance

Annual Returns

• 2015 : +18.55%
• 2014 : +  3.29%
• 2013 : +17.16%
• 2012 : +  7.90%
• 2011 : +  0.34%
• 2010 : +11.53%
• 2009 : +  9.88%
• 2008 :  -  6.08%

Awards & Credentials

Morningstar Fund Rating

• 5 STAR (30 Nov 2015)

Lipper Fund Awards

• 2015 Winner Best Performing Mixed Asset MYR Conservative - 3-year category
• 2015 Winner Best Performing Mixed Asset MYR Conservative - 10-year category
• 2014 Winner Best Performing Mixed Asset MYR Conservative - 3-year category

Morningstar Awards

• None

Download Fund Factsheet/Annual Report/Interim Report

• Download from RHB Smart Income Fund page

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Invest "RHB Smart Income Fund" 
at only 2% Sales Charge through eUnittrust

What is eUnittrust?

Register a FREE eUnittrust account now!

Still not sure how to? 

Ask Invest Made Easy at shanesee03@gmail.com

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RHB Smart Balanced Fund

Latest Research/Reports/Information

• Coming soon

Fund Plus Points

• 12 Dec 15 : Ranked 1st for 1Yr, 3Yr, 5Yr and 10Yr Annualized Returns under Category Blended - Balanced / Mixed Asset (Balanced)  as of 30 Nov 2015
• 12 Dec 15 : Ranked 1st for 2015 YTD under Category Blended - Balanced / Mixed Asset (Balanced) with +23.06% returns as of 30 Nov 2015

Fund Information

Asset Class	: Balanced
Fund Type	: Income & Growth
Geography	: Malaysia
Sector	:
Inception Date	: 07/09/2004
Inception Price	: --
Fund Currency	: RM
Latest Fund Size (MIL)	: RM 27.38 @ Sep 30 2015
Online Tradeable	: Yes

Fund Investment Strategy

Investment Objective :
This Fund aims to maximize total returns through a combination of long term growth of capital and current income consistent with the preservation of capital through a combination of investments in companies with market capitalization of not more than RM1 billion and investments in fixed income securities.

Investment Policy :
40% - 60% of Net Asset Value

- Investments in securities of companies with market capitalization of not more than RM1 billion.

40% - 60% of Net Asset Value

- Investments in fixed income securities, money market
instruments, cash and deposits with licensed financial institutions.

Benchmark :
50% FTSE Bursa EMAS Index + 50% 12 Months FD Maybank Rate

Charges and Fees

List of charges and fees as listed below:

• Normal Sales Charge : 5.5% (via Agent/Consultant)
• Online Sales Charge : 0% - 2% (via eUnittrust)
• Redemption Fee : None
• Annual Management Fee : 1.50% (factored into Fund's daily pricing)
• Annual Trustee Fee : 0.07% (factored into Fund's daily pricing)

Fund Performance

Annual Returns

• 2015 : +26.34%
• 2014 : +  3.46%
• 2013 : +32.22%
• 2012 : +11.58%
• 2011 : +  1.27%
• 2010 : +13.84%
• 2009 : +22.09%
• 2008 :  -23.97%

Awards & Credentials

Morningstar Fund Rating

• 5 STAR (30 Nov 2015)

Lipper Fund Awards

• 2015 Winner Best Performing Mixed Asset MYR Bal-Malaysia - 3-year category
• 2015 Winner Best Performing Mixed Asset MYR Bal-Malaysia - 5-year category
• 2015 Winner Best Performing Mixed Asset MYR Bal-Malaysia - 10-year category
• 2014 Winner Best Performing Mixed Asset MYR Bal-Malaysia - 3-year category

Morningstar Awards

• 2014 Winner Category MYR Allocation Fund

Download Fund Factsheet/Annual Report/Interim Report

• Download from RHB-OSK Smart Balanced Fund page

***************************************

Invest "RHB Smart Balanced Fund" 
at only 2% Sales Charge through eUnittrust

What is eUnittrust?

Register a FREE eUnittrust account now!

Still not sure how to? 

Ask Invest Made Easy at shanesee03@gmail.com

***************************************