tag:blogger.com,1999:blog-14942237785613940642024-03-14T04:38:19.430+08:00Invest Made Easy - for Malaysian OnlyShane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.comBlogger283125tag:blogger.com,1999:blog-1494223778561394064.post-31791698996178893142022-06-26T12:24:00.004+08:002022-06-26T12:24:33.214+08:00Dissatisfaction of the Unit Trust Industry, are you aware?<div class="separator" style="clear: both; text-align: center;">
</div><div>In this survey conducted by FIMM in 2019, clearly there were key dissatisfactions that require key changes to the industry. I recall writing my views both on this blog and on IME Facebook circa 2012-2016, expressing similar concerns as well as sharing my opinion that the future of unit trust will be via digital platforms and investors are given freedom to self service when investing.</div><div><br /></div><div style="text-align: center;"><a href="https://lh3.googleusercontent.com/-9cmvgFE2A3o/Yq6gKz6hsZI/AAAAAAAASOk/LfjRTExVLTYaB01UBuRc8lmA0J6Ls8VZwCNcBGAsYHQ/s1600/1655611432320922-0.png" style="margin-left: 1em; margin-right: 1em;">
<img border="0" height="352" src="https://lh3.googleusercontent.com/-9cmvgFE2A3o/Yq6gKz6hsZI/AAAAAAAASOk/LfjRTExVLTYaB01UBuRc8lmA0J6Ls8VZwCNcBGAsYHQ/w400-h352/1655611432320922-0.png" width="400" /> </a></div><div><br /></div><div>Looking back, the <b>industry prior to covid-19, was very much consultant dependent.</b> There were thousands of licensed unit trust consultant working for various fund houses, yet many investors were unhappy with the high sales charge coupled with poor/almost absent advisory services from these consultant (as reaffirmed by the 2019 survey)</div><div><br /></div><div>In fact <b>relationship between investor and consultant back then were more transactional, </b>involving filling up forms for cash investment/withdrawal, taking thumb prints and signatures for epf withdrawals, etc. The issue was systemic (in my opinion), but not much could be done as the livelihood of many in the industry were dependent on such commissions. The dependency on commission was clearly <a href="https://themalaysianreserve.com/2019/08/26/will-epfs-i-invest-hurt-unit-trust-agents-future/amp/">highlighted by this post from The Malaysian Reserve in 2019</a>, where the introduction of EPF's i-Invest platform raised alarming concerns on how it could impact the income of consultants.</div><div><br /></div><div>Then the Covid-19 pandemic (2020-2021) hit! The resulting lockdowns during the pandemic phase of Covid-19 practically disrupted the traditional "transactional and manual" way of work of unit trust consultants. </div><div><br /></div><div>As a matter of fact, Covid-19 was the tipping point for the industry to embrace digital. Investors begin to learn how to self service by embracing digital platforms such as <a href="http://invest-made-easy.blogspot.com/2015/06/eunittrust-its-all-about-making-online.html" target="_blank">eUnittrust</a> to transact funds, have access to wider choices of funds from these platforms as well as enjoy massive reduction in sales charges for cash investment via these platforms. EPF's introduction of i-Invest with zero sales charge to invest into epf approved unit trust funds was another significant moment for this industry. </div><div><br /></div><div>Personally, I see these changes over the past 2-3 years (which was accelerated by Covid-19) as a welcomed one. We <b>now witness the democratization of the unit trust industry as well as empowerment of investors to make their own investment choices</b>. Which is rightly so if you think about it! Unit trust has been touted as an option for many to invest passively for their retirement, yet how many of us are actually aware of where their money invested in or how the investment is doing? </div><div><br /></div><div>Food for thought indeed...if you are planning for the future.</div><div><br /></div><div>Cheers and Happy Investing!</div><div><br /></div><div><br /></div>Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-75682634074856874812022-06-17T18:49:00.001+08:002022-06-17T18:49:31.643+08:00Is Investing into Award Winning Funds A Good Strategy? (Part 2)<p><b>Recap of Part 1</b></p><p>In Part 1 of this article, we analyzed how Award Winning Funds in 2017 under the "Malaysia Equity" categories are performing as of today as well as compare the funds against the rivals in the category.</p><p>We concluded in Part 1 that investing into Award Winning Funds under the Malaysia Equity category is not the best strategy for investor to utilize when it comes to selecting fund to invest into. </p><p>Check out the full post for Part 1 <a href="https://invest-made-easy.blogspot.com/2022/06/is-investing-into-award-winning-funds.html" target="_blank">HERE</a></p><p><b>Part 2 Analysis</b></p><p>For part 2, we analyze how <b><u>Award Winning Funds in 2017 under the "</u></b><u><b>Mixed Assets</b></u>" categories perform. Using the similar approach, we will try to answer the following:</p><p></p><ol style="text-align: left;"><li><b><span style="color: #2b00fe;">If one was to invest into award winning funds in 2017</span></b>, <b><span style="color: #2b00fe;">what would be the performance</span></b> (cumulative returns) of the funds as of <b><span style="color: #2b00fe;">today?</span></b></li><li><span style="color: #2b00fe; font-weight: bold;">Are those award winning funds in 2017 remain as leader (the best) as of today </span>or other rival funds within the same category have better result?</li></ol><div style="text-align: center;">----------------------------------------------------------</div><div style="text-align: center;"><br /></div><span style="font-size: medium;"><b><span style="color: #2b00fe;">If one was to invest into award winning funds in 2017</span></b>, <b><span style="color: #2b00fe;">what would be the performance</span></b> <b><span style="color: #2b00fe;">today?</span></b></span><p></p><p>We will derive the following outcomes in order to answer the 1st Question:</p><div><p></p><ul><li><u>The cumulative returns (%) of the award winning funds</u> from 2nd March 2017 (a day after result was announced) to 1st June 2022 </li><li>The <u>estimated annualized return</u> of the award winning funds</li><li>Are the <u>estimated annualized return of the award winning funds is higher than 5%</u> ? Otherwise it would be wiser to invest your money in ASB, ASNB or just leaving it in EPF</li></ul><p></p><p>Derived outcomes of 2017 Lipper Award winning funds under the group of "Mixed Assets" for 3 Years and 5 Years</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5lMyJfSbMWc5dhRJdgYoHFGPob3EZrzOWAHvEXJ2NVy_mTy2PPAQ_Bm9oVXBiQGGmzgjKwIaf8OQOtXGi2XpAMhbJH7WxR-0mPLVN3Lba8aN5bnvWsxQSXCM62aAcdjko2c6Ezjncjsy5ZBObL4-lA8FCO0CHoCZzk1M86ae2_kL29l25DM2u4jrx/s515/Mixed%20Asset%20-%20Lipper%20Winner%202017%20Comparison%201.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="515" data-original-width="509" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5lMyJfSbMWc5dhRJdgYoHFGPob3EZrzOWAHvEXJ2NVy_mTy2PPAQ_Bm9oVXBiQGGmzgjKwIaf8OQOtXGi2XpAMhbJH7WxR-0mPLVN3Lba8aN5bnvWsxQSXCM62aAcdjko2c6Ezjncjsy5ZBObL4-lA8FCO0CHoCZzk1M86ae2_kL29l25DM2u4jrx/w395-h400/Mixed%20Asset%20-%20Lipper%20Winner%202017%20Comparison%201.png" width="395" /></a></div><br /><p>Clearly from the table above, <b><span style="color: red;">71.4% of 2017 Lipper Award winning funds have performed poorly</span></b> over the past five years (5 out of 7 funds under the "Mixed Assets" categories). <b><i>Note: Poor performance in this analysis is defined as less than 5% in annualised returns.</i></b></p><p><b><span style="color: #2b00fe; font-size: medium;">2. Are those award winning funds in 2017 remain as leader (the best) as of today?</span></b></p><p>The analyis for Question 2 comes as no surprise with <b><span style="color: #2b00fe;">rival/competitor funds under similar categories of the 2017 Lipper Award winning funds performing multiple times better.</span></b> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvOW0SAL16M0G1EaE1w5sBRHiLlZ31F2_PTi_H1xiTrbzloALta4cBArq0uUJtI7H8k3a7ehcZGpQvG64iA98N9cd6fWJFTTFHrs3deaDT51fxPanhGxb0qGc4BTDu_Cclelxo66m3L2uiQvzePiVmV2xnUzoMH6-LlK4h55sq1ihyDwoYdu4YxaZt/s811/Mixed%20Asset%20-%20Lipper%20Winner%202017%20Comparison%202.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="511" data-original-width="811" height="253" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvOW0SAL16M0G1EaE1w5sBRHiLlZ31F2_PTi_H1xiTrbzloALta4cBArq0uUJtI7H8k3a7ehcZGpQvG64iA98N9cd6fWJFTTFHrs3deaDT51fxPanhGxb0qGc4BTDu_Cclelxo66m3L2uiQvzePiVmV2xnUzoMH6-LlK4h55sq1ihyDwoYdu4YxaZt/w400-h253/Mixed%20Asset%20-%20Lipper%20Winner%202017%20Comparison%202.png" width="400" /></a></div><p>We also observed that <b><span style="color: #2b00fe;">annualised returns of rival/competitor funds for all categories exceed the 5% benchmark</span></b>. In other words, investing into rival/competitor funds have better risk vs reward outcome.</p><div><b>Conclusion for Part 2</b></div><div><p>Similar to the outcomes in Part 1, investing into award winning funds under "Mixed Assets" category also produced similar fate as award winning funds under "Malaysia Equity" category. We can safely conclude that performance of majority of award winning funds tend to degrade after garnering alcolades (approximately 70% and above).</p><p>As an added bonus, we have another hypothesis which we intend to validate and published under Part 3, so stay tune and <a href="https://www.facebook.com/investmadeeasy" target="_blank">Follow our Facebook</a> for updates!</p><p>Cheers and Happy Investing</p></div></div><div></div>Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-13706280435073047022022-06-12T19:19:00.002+08:002022-06-12T19:19:23.689+08:00Analysis of Fund Performance versus Fund SizeFor many years, we have observed (albeit without proper analysis) that the<b> size of an unit trust fund</b> (some refer to as total assets or net asset value) <b>tend to have an impact on the performance of the fund</b>. <div><br /></div><div>As per our general observation, <b><u>the larger a fund</u></b> becomes, <b><u>the harder the fund will struggle to generate returns</u></b> as compared to rivals funds that are smaller in side. </div><div><br /></div><div>However investors must also take note that performance of a fund is not entirely dependent on size of fund alone, but also must consider other factors such as the geography or sector a fund is investing in, the fund's investment strategy as well as the fund manager's expertise (just to name a few factors)</div><div><br /></div><div><b><span style="color: #2b00fe; font-size: medium;">Now back to our analysis on "fund size versus fund performance".......</span></b></div><div><br /></div><div>We begin our analysis by <b><span style="color: #2b00fe;">extracting data for the top 20 performing Equity funds in terms of 3 Yrs Annualized Returns (as of 9th June 2022)</span></b> as well as the <b><span style="color: #2b00fe;">respective fund size</span>. </b></div><div><br /></div><div>We then plot both the "Ratio of (%) Returns to Fund Size" versus "Fund Size" and managed to derive the following observations:</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEiEehmMepaPOlvAg_U-DOODxQxw2pZhmIMGLKND56nuDdQ7fRU6JeeZzzwXdqrVl2VHUzzXHCdnI-RBJCwNPV-NcU3gC0OY18rrYwgs1OnrhkyTTQ3bE8iywK9QtG0pawcMGLV5Zri_HjYMtQsM1lWLTjLRPJpu_Y4kxBsuMOycBcB5Qerk5z9ioL/s431/Performance%20vs%20Fund%20Szie.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="265" data-original-width="431" height="246" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEiEehmMepaPOlvAg_U-DOODxQxw2pZhmIMGLKND56nuDdQ7fRU6JeeZzzwXdqrVl2VHUzzXHCdnI-RBJCwNPV-NcU3gC0OY18rrYwgs1OnrhkyTTQ3bE8iywK9QtG0pawcMGLV5Zri_HjYMtQsM1lWLTjLRPJpu_Y4kxBsuMOycBcB5Qerk5z9ioL/w400-h246/Performance%20vs%20Fund%20Szie.png" width="400" /></a></div><br /><div><b><span style="font-size: medium;">Observations</span></b></div><div style="text-align: left;"><ol style="text-align: left;"><li>Out of the 20 funds, there are <u><b><span style="color: red;">2 funds which we deem as outlier and have been excluded from the graph</span></b></u> above</li><li>The remaining 18 funds have <b style="text-decoration-line: underline;"><span style="color: #2b00fe;">3 Yrs Annualised Returns ranging from 16.44% to 29.45%</span> </b><i>(which is pretty impressive!)</i></li><li><b style="text-decoration-line: underline;">All remaining 18 funds clearly have fund size that are lesser than RM250 milli<span style="color: #ffa400;">on</span></b></li><li><b><u><span style="color: #2b00fe;">15 out of 20 funds (75%) have fund size that are lesser than RM150 million</span></u></b></li><li>The <b><u><span style="color: #2b00fe;">T</span><span style="color: #2b00fe; font-size: medium;">op 3 best performing</span></u></b> funds <b><u><span style="color: #2b00fe;">averages 27.49%</span></u></b> in terms of 3 Yrs Annualised Returns with <b><u><span style="color: #2b00fe;">average fund size of RM 71.57 million</span></u></b></li></ol></div><div><br /></div><div><b><span style="font-size: medium;">Summary</span></b></div><div>Clearly, this analysis provides evidence that <b><u>an investor should consider the size of a fund as part of the criteria of selecting a fund</u></b> to invest in.</div><div><br /></div><div><b><span style="font-size: medium;">Recommendation</span></b></div><div>When to use smaller fund size criteria:</div><div><ul style="text-align: left;"><li><span style="color: #2b00fe;"><b>When deciding between two or more funds that are equal within the same category</b></span>, go for the fund with the smaller fund size. This allows an investor to find the best cut gems within existing gems</li><li>Try to <b><span style="color: #2b00fe;">use the general guideline of not investing into funds that are larger than RM150 million</span></b> in size. </li></ul></div><div><br /></div><div>When NOT to use:</div><div><ul style="text-align: left;"><li>Perform due dilligence to verify <b><span style="color: red;">funds that fall under the "Feeder Fund" category, for the rule of using fund size is not applicable</span></b></li><li><b><span style="color: red;">Do not use this criteria alone to select fund</span></b>. </li></ul></div><div>Cheers and Happy Investing!</div><div><br /></div><div>~<a href="https://www.facebook.com/investmadeeasy/" target="_blank">Follow us on Facebook</a>~</div><div><br /></div>Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-73544551363315170692022-06-12T00:09:00.000+08:002022-06-12T00:09:25.746+08:00Is Investing into Award Winning Funds A Good Strategy? (Part 1)<p>One of the simplest strategy many Unit Trust investors use to select unit trust fund is refer to "Award Winning" funds. In this context, the most widely acknowledge awards for unit trust performance would be that of the annual "Lipper Fund Award". As a matter of fact during the early years of this blog, we too track and revered the results of Lipper Fund Award from 2012 to 2017. </p><p>Fast forward five years to the present day, we<b><u> now raise the question of the effectiveness of the strategy to invest into award winning funds</u></b>. We seek to answer two keys questions:</p><p></p><ol style="text-align: left;"><li><b><span style="color: #2b00fe;">If one was to invest into award winning funds in 2017, what would be the performance</span></b> (cumulative returns) of the funds as of <b><span style="color: #2b00fe;">today?</span></b></li><li><b><span style="color: #2b00fe;">Are those award winning funds in 2017 remain as leader (the best) as of today</span></b> or other rival funds within the same category have better result?</li></ol><p></p><p style="text-align: center;">--------------------------------------------------------------------</p><p>Our analysis to the questions will be via award categories, with this blog post focussing on award categories under the "Malaysia Equity" for 3 Years and 5 Years</p><p><b><span style="color: #2b00fe; font-size: medium;">1) If one was to invest into award winning funds in 2017, what would be the performance today?</span></b></p><p>We will derive the following outcomes in order to answer the 1st Question:</p><p></p><ul style="text-align: left;"><li><u>The cumulative returns (%) of the award winning funds</u> from 2nd March 2017 (a day after result was announced) to 1st June 2022 </li><li>The <u>estimated annualized return</u> of the award winning funds</li><li>Are the <u>estimated annualized return of the award winning funds is higher than 5%</u> ? Otherwise it would be wiser to invest your money in ASB, ASNB or just leaving it in EPF</li></ul><p></p><p>Derived outcomes of 2017 Lipper Award winning funds under the group of "Malaysia Equity" for 3 Years and 5 Years</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDPQY8XNKshF09Ivm7Gu6TA21Vf9aUB4P3F3k8ebO9_GgMnYlxCtAvMXj1FXLwFeKBp3_zASsBtfkxLQDSc9sBsEV9yeEs-EfaQWibaDG8yCjZp8oRAqmAdLrnw1MQGLuHlsXcXuutDidyRDOA3mJ1GzLUOXmsiV3punRgR9D6WkMUxucO-EBypxOm/s629/Lipper%202017%20performance%20Part%201.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="489" data-original-width="629" height="311" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDPQY8XNKshF09Ivm7Gu6TA21Vf9aUB4P3F3k8ebO9_GgMnYlxCtAvMXj1FXLwFeKBp3_zASsBtfkxLQDSc9sBsEV9yeEs-EfaQWibaDG8yCjZp8oRAqmAdLrnw1MQGLuHlsXcXuutDidyRDOA3mJ1GzLUOXmsiV3punRgR9D6WkMUxucO-EBypxOm/w400-h311/Lipper%202017%20performance%20Part%201.png" width="400" /></a></div><br /><p>Clearly from the table above, <b><span style="color: red;">75% of 2017 Lipper Award winning funds have performed poorly</span></b> over the past five year in 9 out of 12 "Malaysia Equity" categories. <b><i>Note: Poor performance in this analysis is defined as less than 5% in annualised returns.</i></b></p><p><b><span style="color: #2b00fe; font-size: medium;">2. Are those award winning funds in 2017 remain as leader (the best) as of today?</span></b></p><p>The analyis for Question 2 comes as no surprise with <b><span style="color: #2b00fe;">rival/competitor funds under similar categories of the 2017 Lipper Award winning funds performing multiple times better.</span></b> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_wYq-GWbYnHRJ0MGxeuIGEs5V-mafKfDV5LYfZ-37AUo9yS6C9pVuWGxRwlcMp23uIBpKX8g8nNrhXi_-qRxycAZLfSWrhKjBLUHoj_iwLEcaps4f-oSlrYzw90dM8s41NukzdrUAeE5zrqWU28VCr62Bh4LFX8mriU8Yd35WeSWJybhGY-SmWeM_/s1013/Lipper%202017%20performance%20Part%202.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="493" data-original-width="1013" height="195" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_wYq-GWbYnHRJ0MGxeuIGEs5V-mafKfDV5LYfZ-37AUo9yS6C9pVuWGxRwlcMp23uIBpKX8g8nNrhXi_-qRxycAZLfSWrhKjBLUHoj_iwLEcaps4f-oSlrYzw90dM8s41NukzdrUAeE5zrqWU28VCr62Bh4LFX8mriU8Yd35WeSWJybhGY-SmWeM_/w400-h195/Lipper%202017%20performance%20Part%202.png" width="400" /></a></div><div><br /></div>We also observed that <b><span style="color: #2b00fe;">annualised returns of rival/competitor funds for all categories exceed the 5% benchmark</span></b>. In other words, investing into rival/competitor funds have better risk vs reward outcome.<div><br /></div><div><b>Conclusion for Part 1</b><br /><p>Clearly we have shown that investing into award winning funds might not be the best strategy to adopt (at least for investing into 2017 award winners under "Malaysia Equity" category). Future Parts of this topic will see us analyse other award fund categories for 2017 as well as other award winning funds from 2018 onwards.</p><p>By then, we hope to be able to conclusively conclude that investing into award winning funds might not be the best strategy.</p><p>Cheers and Happy Investing</p></div>Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-78295008560807026192022-06-07T19:09:00.002+08:002022-06-07T19:10:04.314+08:00"Top Performing Unit Trust Funds" Data, is it useful?<div class="separator">If you look at the information available on the internet, most blogs and sites tend to provide unit trust statistics regarding Top Performing Unit Trust Funds over 3 Years, 5 Years or 10 Years. Here are some snapshots of fund performance from eUnittrust taken as of 7 June 2022:</div><div class="separator"><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVUjgZ06jeaB2WTLOz7PNDMEoxu7f6G65mWIC-SWRNdpwsiApo36FBFZhOgcBvbiv8DCsSYSeTWQ70k5cv13G1ZV-vXmg9lAWFswaUxbXEJKz8K4S_8fq7UYzuCdFk8eelAH-ya2DQ4LLxQpA0yipQUfv9E6s-uxFx35P-6NVQfo5w726_cvIPSzTI/s548/Top%2010%20Performing%2010%20Years%20v3.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="355" data-original-width="548" height="207" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVUjgZ06jeaB2WTLOz7PNDMEoxu7f6G65mWIC-SWRNdpwsiApo36FBFZhOgcBvbiv8DCsSYSeTWQ70k5cv13G1ZV-vXmg9lAWFswaUxbXEJKz8K4S_8fq7UYzuCdFk8eelAH-ya2DQ4LLxQpA0yipQUfv9E6s-uxFx35P-6NVQfo5w726_cvIPSzTI/w320-h207/Top%2010%20Performing%2010%20Years%20v3.png" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Top 5 Performing Funds (3 Yrs) as of 7th June 2022</td></tr></tbody></table><div class="separator" style="clear: both; text-align: center;"><span style="margin-left: 1em; margin-right: 1em;"></span><div class="separator" style="clear: both; margin-left: 1em; margin-right: 1em; text-align: center;"><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgy0OmxVTiGV5DBYMVlmrT92LqtQtJHGZ41JVqgYehrCazw7NrlZ4RtoQhmMa4qtfzXr8fHzlPijNS44c6XluQv8jWb0gZhuCBMi2efrEf697uKigLthyRVMVLbI_MSxxAFUGcmak-tYGDaYiAwmmvvgR4FgNINJQdWCn-AgQvk6fw3NpJ-XUwbvw6V/s549/Top%2010%20Performing%2010%20Years%20v2.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="349" data-original-width="549" height="203" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgy0OmxVTiGV5DBYMVlmrT92LqtQtJHGZ41JVqgYehrCazw7NrlZ4RtoQhmMa4qtfzXr8fHzlPijNS44c6XluQv8jWb0gZhuCBMi2efrEf697uKigLthyRVMVLbI_MSxxAFUGcmak-tYGDaYiAwmmvvgR4FgNINJQdWCn-AgQvk6fw3NpJ-XUwbvw6V/s320/Top%2010%20Performing%2010%20Years%20v2.png" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Top 5 Performing Funds (5 Yrs) as of 7th June 2022<br /><br /></td></tr></tbody></table><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLscndNMKlWPuyI2nsf-2Wxbrq5_EzpvS-zQ3a-hwNQVIN0Se3iSgT-qjRFDv68MX93m874xuxAaFMjXIAiTIng7khzXKQRF3l31H4kzVWKvk7wdHC-ReBHsd1-n4hT6tfK1EBJT_eRcZCUGnDwtr6hpUKkQMLwzuyJwrhIRceKH4qGENibnStB2sk/s553/Top%2010%20Performing%2010%20Years%20v1.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="351" data-original-width="553" height="203" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLscndNMKlWPuyI2nsf-2Wxbrq5_EzpvS-zQ3a-hwNQVIN0Se3iSgT-qjRFDv68MX93m874xuxAaFMjXIAiTIng7khzXKQRF3l31H4kzVWKvk7wdHC-ReBHsd1-n4hT6tfK1EBJT_eRcZCUGnDwtr6hpUKkQMLwzuyJwrhIRceKH4qGENibnStB2sk/s320/Top%2010%20Performing%2010%20Years%20v1.png" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Top 5 Performing Funds (10 Yrs) as of 7th June 2022<br /><br /></td></tr></tbody></table></div><br /><div>No doubt such statistics do provide some insights to the investor in terms of which Unit Trust (UT) funds and in general able to <b><u>provide the following benefits</u></b></div><div><br /></div><div><ol style="text-align: left;"><li><b>Illustrate</b> that investing into <b>Unit Trust (albeit the right one) can be profitable over a 3, 5 or 10 years period.</b></li><li><b>Help investor in zooming into specific funds to research upon</b>. This benefit is important to any investor especially when the investors wants to find out which are the best among the hundreds of funds available.</li><li>These statistics <b>provide the additional boost</b> to help UT marketplaces or UT agents i<b>n promoting funds to investors</b></li></ol></div><div><br /></div><div>Now there are also <b>a set issues with these statistics</b> especially for the more savvy UT investors. Let me try to list them down below:</div><div><br /></div><div><ul style="text-align: left;"><li><b>These statistics are changing consistently (daily basis). </b></li></ul></div><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><div style="text-align: left;"><i>For example a Top 10 List of UT over 3 Years (published today) may contain list of funds that are different from a Top 10 List of UT over 3 Years (published 6 months ago). </i></div></blockquote></blockquote><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><p style="text-align: left;"><i>The reason such a scenario exist is due to the way the performance of a fund is calculated as illustrated below:</i></p></blockquote></blockquote><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><p style="text-align: left;">Fund A's Cumulative Returns (%) over 3 Years (as of 2 June 2022) : <span style="color: #2b00fe;"><b>+66.96%</b></span></p></blockquote></blockquote><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-FJxh284QM38KRbiJ2vK5lYlAjIgYPPwqdsptUq2K7uGctIaXly0ZUWDwDeQ1RG8Fbs7e9-i7lYKyToC9OioUsY157CFykAUxoO0tZImkbtk0RKKmA3-O-LI_-VzWPXQITW9y86lQPnUvqrmXOeNXLyhC5dtwKrtJ8fm20Lqhl-xqeq51pyrh2yZ2/s1185/Top%2010%20Performing%2010%20Years%20v4.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="475" data-original-width="1185" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-FJxh284QM38KRbiJ2vK5lYlAjIgYPPwqdsptUq2K7uGctIaXly0ZUWDwDeQ1RG8Fbs7e9-i7lYKyToC9OioUsY157CFykAUxoO0tZImkbtk0RKKmA3-O-LI_-VzWPXQITW9y86lQPnUvqrmXOeNXLyhC5dtwKrtJ8fm20Lqhl-xqeq51pyrh2yZ2/w400-h160/Top%2010%20Performing%2010%20Years%20v4.png" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">3 Years Cumulative Returns (as of 2 June 2022)</td></tr></tbody></table><br /><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><p style="text-align: left;"> Fund A's Cumulative Returns (%) over 3 Years (6 months ago) : <b><span style="color: #2b00fe;">+158.75%</span></b></p></blockquote></blockquote><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlqw1jir2_dPhPY3qJ-HxSw6Tsh5Utx_SHBJgReQCQ19S1uWyTVO-Qoi7WL4vcZBAd89TqQwIiBsSzYtxnzknNAVM0g2k53jzU-fpDUvKUIS-K8qJYv0bGdK_JqpAQ7Pn3j0wMQfj_8vpIXkTzQZbzvQyLfUAMDc9GngRjT9-8BfhI4M6OIb9Nuzc5/s1173/Top%2010%20Performing%2010%20Years%20v5.png" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="471" data-original-width="1173" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlqw1jir2_dPhPY3qJ-HxSw6Tsh5Utx_SHBJgReQCQ19S1uWyTVO-Qoi7WL4vcZBAd89TqQwIiBsSzYtxnzknNAVM0g2k53jzU-fpDUvKUIS-K8qJYv0bGdK_JqpAQ7Pn3j0wMQfj_8vpIXkTzQZbzvQyLfUAMDc9GngRjT9-8BfhI4M6OIb9Nuzc5/w400-h160/Top%2010%20Performing%2010%20Years%20v5.png" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">3 Years Cumulative Returns (as of 31 Dec 2021)<br /></td></tr></tbody></table><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><p style="text-align: left;"><i>What this means is that, such data on top performing funds is not a good gauge when it comes to trying to identify funds to invest into. The volatility of such data renders the fund ranking tables as a means to serve the soft benefits of Unit Trust as per written earlier.</i></p></blockquote></blockquote><p style="text-align: left;"></p><ul style="text-align: left;"><li><b>The data is purely a list of the best performing funds at any present moment, yet such data is most commonly utilized by parties in promoting UT funds.</b> </li></ul><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px; text-align: left;"><i><b>Such data can be rather misleading to the uninitiated new investor, especially when used as reference by blogs, social media or sites</b> and to a certain extent unit trust consultants in promoting funds.</i></blockquote></blockquote><div class="separator" style="clear: both; text-align: center;"><br /></div><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFmKCgAKLYtmLtgxn9N_e2GANUq_0PNqKbAunhEp0EC_Bw3VVidowklsUZkPBNsWvtGBvfKePNyBNbWJYFm68Tre2rUYP2gDlcJpd6P-STN5RuXfBuLsD4ChQmQGrE2qdZJBfWynhYKyvWT283g8vV1SE8lVV7oRwxL7T0adDE47hts9IJf1V_Hgin/s1362/Top%2010%20Performing%203%20Years%20v6.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="342" data-original-width="1362" height="100" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFmKCgAKLYtmLtgxn9N_e2GANUq_0PNqKbAunhEp0EC_Bw3VVidowklsUZkPBNsWvtGBvfKePNyBNbWJYFm68Tre2rUYP2gDlcJpd6P-STN5RuXfBuLsD4ChQmQGrE2qdZJBfWynhYKyvWT283g8vV1SE8lVV7oRwxL7T0adDE47hts9IJf1V_Hgin/w400-h100/Top%2010%20Performing%203%20Years%20v6.png" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Example of Historical Performance used to promote funds on social media</td></tr></tbody></table><br /><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><i>This does not construe that all blogs, sites or UT consultants are intentionally misleading an investor, rather it should a <b>mandatory responsibility for the educated party to inform the uninitiated investor when displaying such information .</b></i><p></p></blockquote></blockquote><p style="text-align: left;">In a nutshell, an unitiated investor when faced with such information should practice further due dilligence when selecting funds to invest into. In fact a simple google search could provide a potential list of tips and technique to when it comes to selecting unit trust funds. </p><p style="text-align: left;">I would also like to add that apart from knowing how to selecting the "best" fund, implementing the right strategy to investing is also crucial in ensuring that your reap the rewards in investing passively via Unit Trust. Check out also some of my older articles on unit trust investing <a href="http://invest-made-easy.blogspot.com/p/articles.html" target="_blank">HERE</a></p><p style="text-align: left;">Cheers and Happy Investing!</p>Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-62765093047952822552020-12-06T23:20:00.001+08:002020-12-06T23:30:08.866+08:00Cigarette Producer on a Roll...BAT (4162) Stocks on the Rise!<p>Our latest analysis (6 Dec 2020) indicate there is a further upside to BAT stocks within the next 30-60 days. </p><p><b><span style="font-size: medium;">Target Price prediction for BAT:</span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-ccMVMEzd6zU/X8z13gN5mQI/AAAAAAAARjM/bAvawewF9r0rOuv9HfuUWJnnmoQTIWeewCLcBGAsYHQ/s604/BAT%2BTP%2B-%2B6%2BDec%2B2020.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="460" data-original-width="604" height="305" src="https://1.bp.blogspot.com/-ccMVMEzd6zU/X8z13gN5mQI/AAAAAAAARjM/bAvawewF9r0rOuv9HfuUWJnnmoQTIWeewCLcBGAsYHQ/w400-h305/BAT%2BTP%2B-%2B6%2BDec%2B2020.png" width="400" /></a></div><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><p><b>TP:</b> <span style="color: #2b00fe;"><b>RM16.12</b></span> (+20.44%)</p></blockquote><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><p><b>Further Price Upside:</b> <span style="color: #0aa646;"><b>RM24.43</b> </span>(+82.62%) ~ <i>if the bullish scenario remains</i></p></blockquote><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><p><b>Stop Loss Price:</b> <span style="color: red;"><b>RM11.07</b></span> (-17.29%) </p></blockquote><p><b><span style="font-size: medium;">Price Simulation and Commentary:</span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-AbL5Wbrj26M/X8z1oID2efI/AAAAAAAARjI/cdMuvfHVI3obJRO6WrQ0gZ91mjgjOhGhwCLcBGAsYHQ/s593/BAT%2BSimulation%2Band%2BCommentary%2B-%2B6%2BDec%2B2020.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="464" data-original-width="593" height="313" src="https://1.bp.blogspot.com/-AbL5Wbrj26M/X8z1oID2efI/AAAAAAAARjI/cdMuvfHVI3obJRO6WrQ0gZ91mjgjOhGhwCLcBGAsYHQ/w400-h313/BAT%2BSimulation%2Band%2BCommentary%2B-%2B6%2BDec%2B2020.png" width="400" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;">That's all folks! Happy Investing!</div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div>Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-53905917316980064752020-12-06T09:43:00.001+08:002020-12-06T09:43:50.695+08:00IME versus Market Analyst - Fun with Predicting UWC's Target Price<p>Yeap that's right! In a series of future blog postings, I thought we could all have some competitive fun by matching our "amateur" stock predictions versus that of professional market analyst. Those buy calls and target price (TP) that you see being published on websites such as the example below:</p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-djHNNET9DzY/X8wl5VW0VsI/AAAAAAAARiA/BqFOXCiLLA8Hr003j2b2XSRyaFV37nTzQCLcBGAsYHQ/s858/UWC%2BHILB%2BBuy%2BCall.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="227" data-original-width="858" src="https://1.bp.blogspot.com/-djHNNET9DzY/X8wl5VW0VsI/AAAAAAAARiA/BqFOXCiLLA8Hr003j2b2XSRyaFV37nTzQCLcBGAsYHQ/s320/UWC%2BHILB%2BBuy%2BCall.png" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><a href="https://www.theedgemarkets.com/article/uwc-among-top-gainers-solid-1q-earnings" target="_blank">Sounds like a super confident call!</a></td></tr></tbody></table><br /><p>In this post, we are gonna have a go with this hot stock by the name of UWC Berhad or UWC in short. There's been a heck lot of traction for this stock which made it to the <a href="https://www.theedgemarkets.com/flash-categories/hot-stock" target="_blank">Hot Stock list of The Edge Markets</a>. You can read about why the stock has gain quite a big upside <a href="https://www.theedgemarkets.com/article/uwc-among-top-gainers-solid-1q-earnings" target="_blank">HERE</a></p><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-ttcLTSysW7w/X8wnPtmzmaI/AAAAAAAARiM/V-Yw-Ze5fZ81pjRts_MmLRbJsQxSVZk_ACLcBGAsYHQ/s909/HotStock%2BList%2BUWC.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="449" data-original-width="909" src="https://1.bp.blogspot.com/-ttcLTSysW7w/X8wnPtmzmaI/AAAAAAAARiM/V-Yw-Ze5fZ81pjRts_MmLRbJsQxSVZk_ACLcBGAsYHQ/s320/HotStock%2BList%2BUWC.png" width="320" /></a></div><p>In this friendly competition, we will be comparing the stock's Target Price (TP) by Hong Leong Investment Bank (HLB) research versus that of our own. We have also added some additional value to our amateur" analysis by providing "Further Price Upside" and "Stop Loss Price" as shown below:</p><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-iS8BA6Wlx6c/X8wzz5_rCmI/AAAAAAAARiY/UGmDAsDPUYUVF_ZZbFQRlAWCmisFSKizACLcBGAsYHQ/s600/UWC%2BTP%2BComparison.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="450" data-original-width="600" height="300" src="https://1.bp.blogspot.com/-iS8BA6Wlx6c/X8wzz5_rCmI/AAAAAAAARiY/UGmDAsDPUYUVF_ZZbFQRlAWCmisFSKizACLcBGAsYHQ/w400-h300/UWC%2BTP%2BComparison.png" width="400" /></a></div><p><b><span style="color: #2b00fe; font-size: medium;">Comparison of Target Price for UWC (5292) Stock</span></b></p><p><b>HLIB</b></p><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><p style="text-align: left;"><b>TP: <span style="color: #2b00fe;">RM8.88</span> </b>(+6.47%)</p></blockquote><p><b>Invest Made Easy (IME)</b></p><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><p style="text-align: left;"><b>TP:</b> <span style="color: #2b00fe;"><b>RM8.64</b></span> (+3.60%)</p></blockquote><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><p style="text-align: left;"><b>Further Price Upside:</b> <span style="color: #0aa646;"><b>RM9.03</b> </span>(+8.27%) ~ <i>if the bullish scenario remains</i></p></blockquote><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><p style="text-align: left;"><b>Stop Loss Price:</b> <span style="color: red;"><b>RM8.28</b></span> (-0.73%) </p></blockquote><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><p style="text-align: left;"><b>Additional IME Observation:</b></p></blockquote><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><p style="text-align: left;"><b><span style="color: red;">Caution: Projected Future Price Scenarios have gone beyond all Historical Price Projections Scenarios</span></b> </p></blockquote></blockquote><p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-eZjCUg4hu4s/X8w1Xs79aPI/AAAAAAAARik/8r3jUwh32J80D7ff9JMyRbIX9lUTVUsqQCLcBGAsYHQ/s600/UWC%2BSimulation%2Band%2BCommentary.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="450" data-original-width="600" height="300" src="https://1.bp.blogspot.com/-eZjCUg4hu4s/X8w1Xs79aPI/AAAAAAAARik/8r3jUwh32J80D7ff9JMyRbIX9lUTVUsqQCLcBGAsYHQ/w400-h300/UWC%2BSimulation%2Band%2BCommentary.png" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">UWC (5292) Stock Price Simulations Scenarios (6 Dec 2020)</td></tr></tbody></table><br /><div>We will be tracking the stock over the next 3 months and see how our prediction fares against the market experts!</div><div><br /></div><div>Cheers and Stay Safe!</div>Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-20862726943843760142020-08-31T09:53:00.002+08:002020-08-31T09:53:56.286+08:0031 August 2020 Value Stock Price Analysis - YINSON (7293)Stock Price @ 28th August 2020: RM 6.32<br /> Current Stock Sentiment: Bullish<div>Status: Current stock price is "Undervalued" in a Bullish scenario</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-ZCxgUd2Asyg/X0xYIuBHTpI/AAAAAAAARcA/THBAIccJJSATgMwevaMnLMc45E37pb0IACLcBGAsYHQ/s675/YINSON%2B31%2BAugust%2B2020.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="663" data-original-width="675" src="https://1.bp.blogspot.com/-ZCxgUd2Asyg/X0xYIuBHTpI/AAAAAAAARcA/THBAIccJJSATgMwevaMnLMc45E37pb0IACLcBGAsYHQ/s640/YINSON%2B31%2BAugust%2B2020.png" width="640" /></a></div><br /><div><br /></div><div><br /></div>Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-3823326036348885622020-08-31T09:51:00.003+08:002020-08-31T09:51:19.068+08:0031 August 2020 Value Stock Price Analysis - CARLSBERG (2836)<div><span style="color: #1c1e21; font-family: Helvetica, Arial, sans-serif;"><span style="background-color: white; font-size: 14px;">Stock price @ 28th August 2020 : RM 21.82</span></span></div><span style="background-color: white; color: #1c1e21; font-family: Helvetica, Arial, sans-serif; font-size: 14px;">Current Stock Sentiment: Bearish</span><br style="background-color: white; color: #1c1e21; font-family: Helvetica, Arial, sans-serif; font-size: 14px;" /><span style="background-color: white; color: #1c1e21; font-family: Helvetica, Arial, sans-serif; font-size: 14px;">Status: Current stock price is "Overvalued" in a bearish scenario</span><br style="background-color: white; color: #1c1e21; font-family: Helvetica, Arial, sans-serif; font-size: 14px;" /><br style="background-color: white; color: #1c1e21; font-family: Helvetica, Arial, sans-serif; font-size: 14px;" /><p><i><span style="background-color: white; color: #1c1e21; font-family: Helvetica, Arial, sans-serif; font-size: 14px;">Note: This price simulation scenario does not take into account latest quarterly earning which was impacted by Covid</span> </i></p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-3VA-UhdiGL4/X0xXG80fDsI/AAAAAAAARb4/iy6U0-ur13IDPgFaCErrF7nuJvMiBdpSQCLcBGAsYHQ/s678/CARLSBERG%2B31%2BAugust%2B2020.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="657" data-original-width="678" src="https://1.bp.blogspot.com/-3VA-UhdiGL4/X0xXG80fDsI/AAAAAAAARb4/iy6U0-ur13IDPgFaCErrF7nuJvMiBdpSQCLcBGAsYHQ/s640/CARLSBERG%2B31%2BAugust%2B2020.png" width="640" /></a></div><br /><p></p>Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-67819474414764722232020-08-23T23:13:00.001+08:002020-08-23T23:13:56.676+08:00Value Stock Pick - 24 August 2020: AMWAY (6351)<div><div class="separator" style="clear: both; text-align: center;">
<a href="https://lh3.googleusercontent.com/-8AY0O3voiuQ/X0KHsW45ayI/AAAAAAAARa8/pOfNM5pNwKc4HeuLoCwUFpyPPsyACmObACLcBGAsYHQ/s1600/1598195630300778-0.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;">
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</div><br></div><div>AMWAY 2nd Quarter Result announced on the 19th of August 2020 with higher than expected Earnings. </div><div><br></div><div>There is also a technical reversal from downtrend to uptrend for AMWAY which closed at RM4.93 last Friday.</div><div><br></div><div>In the upcoming next 3 months right up till the next 3rd quarter earning release, we are looking at the following potential AMWAY share price scenario:</div><div><br></div><div><b><i>Worst Case Target Price: RM4.84</i></b></div><div><b><i>Average Case Target Price: RM6.00</i></b></div><div><b><i>Best Case Target Price: RM8.40</i></b></div><div><br></div><div><br></div><div><br></div>Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-24783768753652948532020-08-22T18:48:00.001+08:002020-08-23T23:14:15.411+08:00Value Stock Pick - 24:August 2020: LBS (5789)Value stock pick: <b>LBS</b><div>Code: <b>5789</b></div><div>Target gain: Minimum +<b>20%</b></div><div>Cut loss: <b>-10%</b></div><div><div><br></div><div>Quarterly earnings results is expected before end of August 2020.</div><div><br></div><div><div class="separator" style="clear: both; text-align: center;">
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<span style="color: blue; font-size: large;"><b>Information taken from eUnittrust:</b></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-McGEDf5Si0o/XWuei93eoII/AAAAAAAARFc/uhFCKgUisJkXOQR8e6k9Lpu8PR7eLMf5ACLcBGAs/s1600/eut%2Bbanner.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="232" data-original-width="730" height="126" src="https://1.bp.blogspot.com/-McGEDf5Si0o/XWuei93eoII/AAAAAAAARFc/uhFCKgUisJkXOQR8e6k9Lpu8PR7eLMf5ACLcBGAs/s400/eut%2Bbanner.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Invest EPF Approved Unit Trusts via eUnittrust</td></tr>
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<i style="background-color: white; color: #333333; font-family: inherit;">Great news! With the recent announcement by the Employees Provident Fund (EPF) on 19th August 2019, eligible EPF members can now make informed investment of unit trust funds offered by EPF-approved Fund Management Institutions (FMIs) through the self-service i-Invest online platform within the i-Akaun (Member) portal. </i></div>
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<ul>
<li><i style="background-color: white; font-family: inherit;"><span style="color: #333333;">Effective 19th August 2019, EPF has announced that </span><b><span style="color: red;">members can invest, switch or redeem their unit trusts through their online transaction portal (i-Invest), within the i-Akaun (member) portal securely and effortlessly</span><span style="color: #333333;">.</span></b><span style="color: #333333;"> Through i-Invest (i-Akaun), EPF members can also view their unit trust holdings and select which unit trust funds to invest in from the various fund house or funds distributors.</span></i></li>
<li><i style="background-color: white; font-family: inherit;"><span style="color: #333333;">To commemorate EPF’s announcement, </span><b><span style="color: red;">we at eUnittrust.com.my as one of the distributors on i-Akaun are offering EPF members 0% sales charge for over 100 EPF-Approved unit trust funds</span></b><span style="color: #333333;"> when EPF members invest using their i-Akaun during this introductory period. Basically, this means that your excess investible amount in your EPF basic savings account 1 will be fully invested into your preferred EPF-Approved unit trusts of your choice.</span></i></li>
<li><span style="font-family: inherit;"><i><b><span style="color: red;">Gone are the days where EPF members are required to submit physical paper forms, ensuring both their left and right thumbprints are clear on their submitted forms.</span></b><span style="color: #333333;"> </span></i></span><i style="font-family: inherit;"><span style="color: #333333;">EPF’s latest initiative has eliminated all the time consuming paperwork submission and time waiting period for approval to ensure Malaysians can invest in a more efficient way.</span></i></li>
<li><i>eUnittrust.com.my is the online unit trust distribution platform for Phillip Mutual Berhad where <b><span style="color: red;">managing your entire range of investment unit trusts portfolio has never been more easy and secure.</span></b></i></li>
</ul>
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<div style="text-align: justify;">
<div>
<b><span style="color: blue; font-size: large;">Register and Start Now!</span></b></div>
<div>
*For seamless investment transaction process through i-Akaun, users are encouraged to open an eUnittrust.com.my account.If you are already an existing eUnittrust.com.my then proceed to the next step.</div>
<div>
<br /></div>
<div style="background-color: white; box-sizing: border-box; margin-bottom: 1rem; text-align: center;">
<span style="color: lime; font-family: inherit; font-size: large;"><b><a href="http://bit.ly/2B35ZP2" target="_blank">REGISTER NOW</a></b></span></div>
</div>
<div style="text-align: justify;">
<b><span style="color: blue; font-size: large;">How to Invest Video:</span></b></div>
<div style="text-align: justify;">
<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="311" src="https://www.youtube.com/embed/enjd7Fh9eIk" width="416"></iframe></div>
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<br /></div>
<div style="text-align: justify;">
<b><span style="color: blue; font-size: large;">EPF i-Invest FAQs</span></b></div>
<ul>
<li><a href="http://invest-made-easy.blogspot.com/2019/08/epf-i-invest-online-platform-faq-general.html" target="_blank">EPF i-Invest Online Platform (FAQ - General)</a></li>
<li><a href="http://invest-made-easy.blogspot.com/2019/08/epf-i-invest-online-platform-faq-buying.html" target="_blank">EPF i-Invest Online Platform (FAQ - Buying, Selling and Switching)</a></li>
</ul>
Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-50073094704511521832019-09-01T17:40:00.000+08:002019-09-01T17:40:29.193+08:00261 Funds at 0% Sales Charge Promotion by eUnittrust (29 Aug - 30 Sept 2019)<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-uEqJ-A4HAmY/XWuNoNGLGOI/AAAAAAAARFE/T3dHbV3DjAMailZwAF_k5Ft5TT0yoKbCgCLcBGAs/s1600/fund_promo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit;"><img border="0" data-original-height="232" data-original-width="731" height="126" src="https://1.bp.blogspot.com/-uEqJ-A4HAmY/XWuNoNGLGOI/AAAAAAAARFE/T3dHbV3DjAMailZwAF_k5Ft5TT0yoKbCgCLcBGAs/s400/fund_promo.jpg" width="400" /></span></a></div>
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<span style="font-family: inherit;">In conjunction with the nation's 62nd Hari Kemerdekaan, eUnittrust is having another 0% Sales Charge Promotion for 261 funds!</span></div>
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<span style="font-family: inherit;"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-l5FWzPvPAz8/XWuQq9jEu1I/AAAAAAAARFQ/RGx-IsWkd0sCm_k4b0yzF5gaWqD8GrBYgCLcBGAs/s1600/Merdeka%2BPromo.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="519" data-original-width="773" height="267" src="https://1.bp.blogspot.com/-l5FWzPvPAz8/XWuQq9jEu1I/AAAAAAAARFQ/RGx-IsWkd0sCm_k4b0yzF5gaWqD8GrBYgCLcBGAs/s400/Merdeka%2BPromo.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">0% Sales Charge - 261 Unit Trust Funds!</td></tr>
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<span style="font-family: inherit;"><b>Participating Fund Houses:</b></span></div>
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Aberdeen Islamic Asset Management Sdn Bhd</div>
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Affin Hwang Asset Management Berhad</div>
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AmanahRaya Investment Management Sdn Bhd</div>
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AmFunds Management Berhad</div>
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Apex Investment Services Berhad</div>
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BIMB Investment Management Berhad</div>
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Principal Asset Management Berhad (CIMB)</div>
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Eastspring Investments Berhad</div>
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Franklin Templeton Asset Management Sdn Bhd</div>
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Inter-Pacific Asset Management Sdn Bhd</div>
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KAF Investment Funds Berhad</div>
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Kenanga Investors Berhad</div>
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Libra Invest Berhad</div>
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Manulife Asset Management Service Berhad</div>
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Maybank Asset Management Sdn Bhd</div>
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MIDF Amanah Asset Management Berhad</div>
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Nikko Asset Management Asia Limited</div>
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Opus Asset Management Sdn Bhd</div>
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Pacific Mutual Fund Berhad</div>
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Pheim Unit Trusts Berhad</div>
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Phillip Mutual Berhad</div>
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PMB Investment Berhad</div>
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RHB Islamic International Asset</div>
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RHB Asset Management Sdn Bhd</div>
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TA Investment Management BErhad</div>
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UOB Asset Management Berhad</div>
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<b>Terms and Conditions:</b></div>
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<a href="https://1.bp.blogspot.com/-Nv49cOw0K_w/XSyBE7s-eWI/AAAAAAAAQ2g/UEcgT_klgpoWrpold0K8OU8h43Q6B7hhgCPcBGAYYCw/s1600/183%2Bfunds%2Bpromo.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="243" data-original-width="1119" height="86" src="https://1.bp.blogspot.com/-Nv49cOw0K_w/XSyBE7s-eWI/AAAAAAAAQ2g/UEcgT_klgpoWrpold0K8OU8h43Q6B7hhgCPcBGAYYCw/s400/183%2Bfunds%2Bpromo.png" width="400" /></a></div>
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<b><a href="http://bit.ly/2B35ZP2" target="_blank"><span style="color: red; font-size: large;">REGISTER & INVEST NOW</span></a></b></div>
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<span style="font-family: inherit;"><b>Why we recommend eUnittrust?</b></span></div>
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<span style="background-color: white; color: #666666;"><span style="font-family: inherit;">eUnittrust is the only online unit trust platform in Malaysia that is able to 0% sales charge to its members for cash investment. This has always been the unique differentiation factor for eUnittrust as compared to any other platform. </span></span></div>
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<span style="background-color: white; color: #666666;"><span style="font-family: inherit;"><b>Other benefits of investing via eUnittrust?</b></span></span></div>
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<span style="background-color: white; color: #666666;"><span style="font-family: inherit;">Click <a href="http://invest-made-easy.blogspot.com/2015/06/eunittrust-its-all-about-making-online.html" target="_blank"><b>HERE</b></a></span></span></div>
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<span style="color: #666666;"><span style="background-color: white;"><b>Register a FREE eUnittrust Account now:</b></span></span></div>
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<span style="background-color: white; color: #666666;">Register <b><a href="http://bit.ly/2B35ZP2" target="_blank">HERE</a></b></span></div>
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Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-71143746641827780742019-08-21T20:22:00.003+08:002019-08-21T20:22:59.171+08:00EPF i-Invest Online Platform (FAQ - Buying, Selling and Switching)<b><span style="color: blue;">How do I invest in approved unit trust funds through the i-Akaun (member)</span></b><br /><ul>
<li><b>Step 1</b>: Log into your i-Akaun @ <a href="https://www.kwsp.gov.my/">www.kwsp.gov.my</a></li>
<li><b>Step 2</b>: Click on the <b>INVESTMENT </b>tab.</li>
</ul>
<b><span style="color: red;">Option 1: You have a particular fund in mind</span></b><br /><ul>
<li><b>Step 3</b>: Mouse over the <b>TRANSACTIONS</b> tab and click on the <b>BUY</b> tab. This page will also provide details of the Eligible Investment Amount and Available Investment Amount. Ensure that you have an Available Investment Amount of at least RM1,000.</li>
<li><b>Step 4</b>: Select the FMI and <b>FUND NAME</b> to invest and key in the investment amount. (Study the Fund Documents carefully to understand a fund’s risk and return profile. Click on the <b>VIEW FUND INFO</b> tab, then click on the<b> FUND NAME</b> to view the <b>FUND DOCUMENTS</b>.)</li>
<li><b>Step 5</b>: If you desire to invest in multiple unit trust funds, select another <b>FUND NAME</b> under the same FMI. You can only buy funds offered by the same FMI in a single transaction. Separate transactions must be executed if you want to invest in unit trust funds offered by different FMIs.</li>
<li><b>Step 6</b>: For each fund, enter an investment <b>AMOUNT</b> that is above the Minimum Investment Amount (or Minimum Subsequent Investment Amount). The Total Investment Amount for the fund(s) must be at least RM1,000.</li>
<li><b>Step 7</b>: Click on the <b>PROCEED TO CHECKOUT</b> button.</li>
<li><b>Step 8</b>: Click on the <b>BUY</b> button under the FMI or <a href="http://bit.ly/2B35ZP2">IUTA</a> offering the selected unit trust fund(s).</li>
<li><b>Step 9</b>: After understanding and checking the disclaimer, click on the <b>OK</b> button. You will be redirected to the FMI/I<a href="http://bit.ly/2B35ZP2">UTA platform</a> to complete the transaction.</li>
</ul>
<b><span style="color: red;">Option 2: You want to analyse different funds before investing</span></b><br /><ul>
<li><b>Step 3</b>: Mouse over the <b>FUND TOOLS</b> tab and click on the <b>FUND SELECTOR</b> tab.</li>
<li><b>Step 4</b>: Filter the unit trust funds according to various criteria provided. Then, click on the <b>GENERATE TABLE </b>button.</li>
<li><b>Step 5</b>: Analyse the unit trust funds under different tabs. (Study the Fund Documents carefully under the <b>FUND INFO TABLE</b> tab to understand a fund’s risk and return profile.)</li>
<li><b>Step 6</b>: Select desired unit trust funds. You can only select funds offered by the same FMI in a single transaction.</li>
<li><b>Step 7</b>: Click on the <b>BUY</b> button at the bottom of the page.</li>
<li><b>Step 8</b>: For each fund, enter an investment <b>AMOUNT</b> that is above the Minimum Investment Amount (or Minimum Subsequent Investment Amount). The Total Investment Amount for the fund(s) must be at least RM1,000.</li>
<li><b>Step 9</b>: Click on the <b>PROCEED TO CHECKOUT</b> button.</li>
<li><b>Step 10</b>: Click on the BUY button under the FMI or <a href="http://bit.ly/2B35ZP2">IUTA</a> offering the selected unit trust fund(s).</li>
<li><b>Step 11</b>: After understanding and checking the disclaimer, click on the <b>OK</b> button. You will be redirected to the FMI/<a href="http://bit.ly/2B35ZP2">IUTA platform</a> to complete the transaction.</li>
</ul>
<b><span style="color: blue;"><div>
<b><span style="color: blue;"><br /></span></b></div>
How do I sell or switch approved unit trust funds through i-Akaun (Member)?</span></b><br /><ul>
<li><span style="font-weight: bold;">Step 1</span>: Log into your i-Akaun @ <a href="https://www.kwsp.gov.my/">www.kwsp.gov.my</a></li>
<li><span style="font-weight: bold;">Step 2</span>: Click on the <b>INVESTMENT</b> tab.</li>
<li><span style="font-weight: bold;">Step 3</span>: Mouse over the <b>TRANSACTIONS</b> tab and click on the <b>REDEEM/SWITCH</b> tab.</li>
<li><span style="font-weight: bold;">Step 4</span>: Select the unit trust fund(s) to redeem or switch. Members can only redeem/switch fund(s) offered by the same FMI or <a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a> in a single transaction.</li>
<li><span style="font-weight: bold;">Step 5</span>: Click on the <b>PROCEED TO REDEEM</b> button or <b>PROCEED TO SWITCH</b> button.</li>
<li><b>Step 6</b>: After understanding and checking the disclaimer, click on the OK button. You will be redirected to the FMI/<a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a> platform to complete the transaction.</li>
</ul>
<b><span style="color: blue;"><div>
<b><span style="color: blue;"><br /></span></b></div>
Can I select multiple approved unit trust funds to buy/sell/switch through i-Akaun (Member) in a single transaction?</span></b><br /><b>Buy</b>: Yes. You can select multiple unit trust funds offered by the same FMI when transacting through the i-Akaun (Member), before being redirected to the FMI/<a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a> platform to complete the transaction.<br /><br /><b>Sell</b>: Yes. You can select multiple unit trust funds offered by the same FMI or <a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a> when transacting through the i-Akaun (Member), before being redirected to the FMI/<a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a> platform to complete the transaction.<br /><br /><b>Switch</b>: Yes. You can select multiple unit trust funds offered by the same FMI or <a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a> when transacting through the i-Akaun (Member), before being redirected to the FMI/<a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a> platform to complete the transaction.<br /><br />Additional requirements and/or fees/charges may apply when members are completing the transaction on the FMI/<a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a> platform.<div>
<br /></div>
<div>
<b><span style="color: blue;">Can I switch between approved unit trust funds offered by different FMIs?</span></b></div>
No. Switching is only allowed between funds offered by the same FMI, subject to a switching fee (if any).<div>
<br /></div>
<div>
**************************************************</div>
<div>
<b><span style="color: blue;">REGISTER an IUTA account (eUnittrust) now for FREE</span></b></div>
<div>
<ul>
<li>Click <a href="http://bit.ly/2B35ZP2" target="_blank"><b>HERE</b></a></li>
</ul>
<div>
<b><span style="color: blue;">How to register an eUnittrust account?</span></b></div>
</div>
<div>
<ul>
<li>Click<b> <span style="color: black;"><a href="https://slideshare.net/ShaneSee/registering-a-new-eunittrust-account" target="_blank">HERE</a></span></b></li>
</ul>
</div>
Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-90355421952899272532019-08-21T11:55:00.000+08:002019-08-21T11:55:02.227+08:00Analysis of newly launched United Global Healthcare Fund by UOB Malaysia<div style="text-align: justify;">
<b><span style="color: blue; font-size: large;">United Global Healthcare Fund</span></b></div>
<div style="text-align: justify;">
UOB Asset Management (Malaysia) Bhd has recently launched the United Global Healthcare Fund to provide Malaysian investors with opportunities for long-term capital growth through investments in global medical healthcare stocks. </div>
<div style="text-align: justify;">
<b><br /></b></div>
<div style="text-align: justify;">
<b>Fund Focus Area</b></div>
<div style="text-align: justify;">
Based on the <a href="https://www.eunittrust.com.my/pdf/Reports/031037082019_phs.pdf" target="_blank">Product Highlight Sheet</a>, the fund aims to achieve the following:</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-kT61Mhj1xc4/XVi18-QGMII/AAAAAAAAQ-Q/qF1xrq1ekpsVa4IXIKtueDuGKNnHpGUrgCLcBGAs/s1600/UOB%2BHealthcare%2BSample%2B1.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="171" data-original-width="661" height="102" src="https://1.bp.blogspot.com/-kT61Mhj1xc4/XVi18-QGMII/AAAAAAAAQ-Q/qF1xrq1ekpsVa4IXIKtueDuGKNnHpGUrgCLcBGAs/s400/UOB%2BHealthcare%2BSample%2B1.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">United Global Healthcare Fund Investment Strategy</td></tr>
</tbody></table>
<div style="text-align: justify;">
<br /></div>
<div style="font-weight: bold; text-align: justify;">
<b>Fund Background</b></div>
<div style="text-align: justify;">
Despite being newly made available in Malaysia, the United Global Healthcare Fund is in fact an fund that was launched in 2000 and managed by UOB Asset Management Limited, Singapore. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
To understand the potential that this fund new fund is able to offer Malaysian investors, let's take a look at the historical performance of the same fund via data from Singapore.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b><span style="color: blue; font-size: large;">Fund Performance</span></b></div>
<div style="text-align: justify;">
<b>1) Total Return of Fund since Inception </b><i>(August 2000)</i></div>
<div style="text-align: justify;">
Initial Investment Amount: <b>RM 10,000.00</b> </div>
<div style="text-align: justify;">
Period of Investment: <b>19 years</b></div>
<div style="text-align: justify;">
Current Investment Value: <b>RM 68,762.28 </b><i>(15th August 2019)</i></div>
<div style="text-align: justify;">
Annualized (%) Return: <span style="color: blue;">~<b>10.6% per annum</b></span></div>
<div style="text-align: justify;">
<b><br /></b></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-7PvN0HEQCOg/XVi674x7L3I/AAAAAAAAQ-c/-YnbZLJXK9gF-iw5eR1Jr1BueYsbGmU2ACLcBGAs/s1600/UOB%2BHealthcare%2BSample%2B2%2B-%2B19%2Byears.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="446" data-original-width="768" height="231" src="https://1.bp.blogspot.com/-7PvN0HEQCOg/XVi674x7L3I/AAAAAAAAQ-c/-YnbZLJXK9gF-iw5eR1Jr1BueYsbGmU2ACLcBGAs/s400/UOB%2BHealthcare%2BSample%2B2%2B-%2B19%2Byears.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">United Global Healthcare Fund Performance Sg since August 2000</span></td></tr>
</tbody></table>
<div style="text-align: justify;">
<div>
<b>2) Total Return of Fund (10 Yr)</b></div>
<div>
Initial Investment Amount: <b>RM 10,000.00</b> <i>(21 August 2009)</i></div>
<div>
Period of Investment: <b>10 years</b></div>
<div>
Current Investment Value: <b>RM 37,842.10 </b><i>(15 August 2019)</i></div>
<div>
Annualized (%) Return: <span style="color: blue;">~<b>14.2% per annum</b></span></div>
</div>
<div style="text-align: justify;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-BQWH0vjPkGo/XVi8GH3ot2I/AAAAAAAAQ-k/pxkHlDxLm-8BtlDKijxENoZ2QlDmUqX_ACLcBGAs/s1600/UOB%2BHealthcare%2BSample%2B3%2B-%2B10%2Byears.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="436" data-original-width="765" height="227" src="https://1.bp.blogspot.com/-BQWH0vjPkGo/XVi8GH3ot2I/AAAAAAAAQ-k/pxkHlDxLm-8BtlDKijxENoZ2QlDmUqX_ACLcBGAs/s400/UOB%2BHealthcare%2BSample%2B3%2B-%2B10%2Byears.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">United Global Healthcare Fund Sg Performance (10 Years)</span></td></tr>
</tbody></table>
<div style="text-align: justify;">
<div>
<b>3) Total Return of Fund (5 Yr)</b></div>
<div>
Initial Investment Amount: <b>RM 10,000.00</b> <i>(15 August 2014)</i></div>
<div>
Period of Investment: <b>5 years</b></div>
<div>
Current Investment Value: <b>RM 18,707.01 </b><i>(15 August 2019)</i></div>
<div>
Annualized (%) Return: <span style="color: blue;">~<b>13.3</b></span><b style="color: blue;">% per annum</b></div>
<div>
<b style="color: blue;"><br /></b></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-PBG31tqCqns/XVi88lge41I/AAAAAAAAQ-s/e7x3FVgIKsUsb04M8Hkh9KkiukzgZk6oACLcBGAs/s1600/UOB%2BHealthcare%2BSample%2B3%2B-%2B5%2Byears.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="439" data-original-width="764" height="228" src="https://1.bp.blogspot.com/-PBG31tqCqns/XVi88lge41I/AAAAAAAAQ-s/e7x3FVgIKsUsb04M8Hkh9KkiukzgZk6oACLcBGAs/s400/UOB%2BHealthcare%2BSample%2B3%2B-%2B5%2Byears.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">United Global Healthcare Fund Sg Performance (5 Years)</span></td></tr>
</tbody></table>
<div>
<div>
<b>4) Total Return of Fund (3 Yr)</b></div>
<div>
Initial Investment Amount: <b>RM 10,000.00</b> <i>(19 August 2016)</i></div>
<div>
Period of Investment: 3<b> years</b></div>
<div>
Current Investment Value: <b>RM 12,171.77 </b><i>(15 August 2019)</i></div>
<div>
Annualized (%) Return: <span style="color: blue;"><b>~6.77</b></span><b style="color: blue;">% per annum</b></div>
</div>
<div>
<b style="color: blue;"><br /></b></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-hQt7pIazWQw/XVi9jh4ZoNI/AAAAAAAAQ-4/iFatUNxboRcko0C76B3ynA00HyO24RZ5QCLcBGAs/s1600/UOB%2BHealthcare%2BSample%2B3%2B-%2B3%2Byears.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="438" data-original-width="768" height="227" src="https://1.bp.blogspot.com/-hQt7pIazWQw/XVi9jh4ZoNI/AAAAAAAAQ-4/iFatUNxboRcko0C76B3ynA00HyO24RZ5QCLcBGAs/s400/UOB%2BHealthcare%2BSample%2B3%2B-%2B3%2Byears.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">United Global Healthcare Fund Sg Performance (3 Years)</span></td></tr>
</tbody></table>
<div>
<b style="color: blue;"><br /></b></div>
</div>
<div style="text-align: justify;">
All in all, the double digit Annualized (%) Return for 19 years, 10 years and 5 years for this fund are pretty impressive. Next up is for us to get a holistic comparison in terms of investing into this fund versus investing into our own Malaysia Mid/Small Cap Equity funds.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b><span style="color: blue; font-size: large;">Fund Comparison </span></b></div>
<div style="text-align: justify;">
<b>(United Global Healthcare Fund Sg vs Equity-Malaysia Mid/Small Cap funds)</b></div>
<div style="text-align: justify;">
The reasons Malaysia Equity Mid/Small cap category was chosen for comparison are due to the following:</div>
<div style="text-align: justify;">
<ul>
<li>Funds in this category have been the best performing as compared to other categories</li>
<li>Funds in this category are popular among Malaysians investors </li>
</ul>
<div>
<b>1) 10 Year Annualized (%) Return Comparison</b></div>
<div>
Ranked by Annualized Return:</div>
</div>
<div style="text-align: justify;">
<ol>
<li><span style="text-align: center;">Eastspring Inv Small Cap Fund: 14.22% </span></li>
<li><span style="text-align: center;"><span style="color: blue;"><b>United Global Healthcare Fund (Sg): 14.2% </b></span></span></li>
<li><span style="text-align: center;">Kenanga Growth Fund: 13.90%</span></li>
<li><span style="text-align: center;">Areca EquityTRUST: 13.37%</span></li>
<li><span style="text-align: center;">Manulife Investment Progress: 10.53%</span></li>
<li><span style="text-align: center;">Public Small Cap: 10.05%</span></li>
<li><span style="text-align: center;"><i>Funds ranked 7 and below have only single digit annualized return (Total Funds: 23)</i></span></li>
</ol>
</div>
<div style="text-align: justify;">
<div>
<div>
<b>2) 5 Year Annualized (%) Return Comparison</b></div>
<div>
Ranked by Annualized Return:</div>
</div>
<div>
<ol>
<li><b style="color: blue; text-align: center;">United Global Healthcare Fund (Sg): 13.3% </b></li>
<li><span style="text-align: center;">Areca EquityTRUST: 8.87%</span></li>
<li><span style="text-align: center;">Hong Leong Penny Stock: 8.20%</span></li>
<li><span style="text-align: center;">Hong Leong Growth: 5.48%</span></li>
<li><i><span style="text-align: center;">Funds ranked 4 and below average less than 5% in annualized return </span><span style="text-align: center;">(Total Funds: 23)</span></i></li>
</ol>
</div>
</div>
<div style="text-align: justify;">
<div>
<div>
<b>3) 3 Year Annualized (%) Return Comparison</b></div>
<div>
Ranked by Annualized Return:</div>
</div>
<div>
<ol>
<li><span style="text-align: center;">Areca EquityTRUST: 14.51%</span></li>
<li><span style="text-align: center;">Hong Leong Penny Stock: 7.97%</span></li>
<li><span style="text-align: center;">Hong Leong Growth: 7.96%</span></li>
<li><b style="color: blue; text-align: center;">United Global Healthcare Fund (Sg): 6.77% </b></li>
<li><span style="text-align: center;">Singular Value: 5.93%</span></li>
<li><span style="text-align: center;">Kenanga Malaysian Inc: 5.78%</span></li>
<li><span style="text-align: center;">KAF Tactical Fund: 5.64%</span></li>
<li><i><span style="text-align: center;">Funds ranked 4 and below average less than 5% in annualized return </span><span style="text-align: center;">(Total Funds: 23)</span></i></li>
</ol>
</div>
</div>
<div style="text-align: justify;">
<b><span style="color: blue; font-size: large;">Summary</span></b></div>
<div style="text-align: justify;">
As shown in the Fund Performance and Fund Comparison section of this post, the United Global Healthcare Fund (Sg) as well as the upcoming Malaysia version will certainly be a great addition to any portfolio of investors in terms bringing in better than average returns. Exposure into the healthcare sector via this fund also provides a good diversification element to an investor's portfolio.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
For further in-depth analysis/discussion of this fund in terms of resiliency towards market crashes, check out our discussion topic at The Guided Investor Forum under <a href="https://shanesee03.wixsite.com/theguidedinvestor/forum/ut-funds-discussion" target="_blank">UT Funds Discussion Category</a><br />
<br />
Cheers and Happy Investing!</div>
<div>
<span style="background-color: white; color: #333333; font-family: "arial"; font-size: 14px; text-align: justify;"></span></div>
Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-44055749803491051812019-08-21T00:02:00.001+08:002019-08-21T20:24:23.442+08:00EPF i-Invest Online Platform (FAQ - General)<div style="text-align: justify;">
<i>This FAQ is taken from EPF's i-Invest portal and published as a form of reference for Malaysians who has yet to register an EPF i-Akaun. </i><br />
<i><br /></i>
<i>Registered members on the other hand may log-in to their EPF i-Akaun and and access all information at the i-Invest platform via the Investment tab.</i></div>
<div style="text-align: justify;">
<b><br /></b></div>
<div style="text-align: justify;">
<b>What is an EPF i-Akaun?</b></div>
<div style="text-align: justify;">
i-Akaun is an online services portal provided EPF</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>What is an EPF i-Invest Online Platform?</b></div>
<div style="text-align: justify;">
An online portal that enables eligible members to invest directly in unit trust (UT) funds offered by EPF-approved fund management institutions. The i-Invest platform is accessible via the Investment Tab of an i-Akaun member. Features of this platform are:</div>
<div>
<ul>
<li style="box-sizing: inherit; margin-bottom: 3px; text-align: justify;"><strong style="box-sizing: inherit;"><span style="color: red;">Information hub:</span></strong> You can access, analyse and compare useful information on Fund Management Institutions (FMIs) and approved unit trust funds, such as cost of investment, historical performance and statutory information.</li>
<li style="box-sizing: inherit; margin-bottom: 3px; text-align: justify;"><strong style="box-sizing: inherit;"><span style="color: red;">Efficiency</span>:</strong> Real-time transactions and shorter end-to-end processes by eliminating the middle men.</li>
<li style="box-sizing: inherit; margin-bottom: 3px; text-align: justify;"><strong style="box-sizing: inherit;"><span style="color: red;">Flexibility</span>:</strong> You can execute unlimited transactions (buy, sell or switch) at anytime from anywhere in the world on any number of approved unit trust funds offered by FMIs. If you are aged 55 and above, you can still utilise the i-Akaun (Member) to invest conveniently with FMIs. However, EPF releases control over such investments, as they are withdrawals from your Akaun 55 and/or Akaun Emas.</li>
<li style="box-sizing: inherit; margin-bottom: 3px; text-align: justify;"><strong style="box-sizing: inherit;"><span style="color: red;">Cost optimisation</span>:</strong> Initial service charge capped at 0.5% through the i-Akaun (Member) versus 3.0% through agents.</li>
<li style="box-sizing: inherit; margin-bottom: 3px; text-align: justify;"><strong style="box-sizing: inherit;"><span style="color: red;">Functionality</span>:</strong> You can view your consolidated Members Investment Scheme (MIS) investment holdings with detailed breakdowns by FMIs/<a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a>s, approved unit trust funds and private mandate portfolios.</li>
</ul>
<br /><b style="text-align: justify;"></b>
<b style="text-align: justify;">
What is Members Investment Scheme (MIS)?</b><br />
<div style="text-align: justify;">
Members Investment Scheme (MIS) is an initiative by the EPF to provide investment options to members in enhancing their retirement savings. It allows only eligible members to voluntarily transfer a portion of their excess savings from EPF Account 1 to FMIs/<a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a>s for eligible investments. The MIS was introduced in November 1996.</div>
<div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Am I eligible to invest through MIS?</b></div>
<div style="text-align: justify;">
You can invest through MIS if:</div>
<ul>
<li style="text-align: justify;">Your EPF Account 1 savings exceed Basic Savings;</li>
<li style="text-align: justify;">You are aged below 55*; and</li>
<li style="text-align: justify;">You have an investment account with any FMI/<a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a></li>
</ul>
<i></i><br />
<div style="text-align: justify;">
<i><i>* If you are aged 55 and above, you can still utilise the i-Akaun (Member) to invest conveniently with FMIs/<a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a>s. However, EPF releases control over such investments, as they are withdrawals from your Akaun 55 and/or Akaun Emas.</i></i></div>
<i>
</i>
<div style="text-align: justify;">
<br /></div>
<i style="text-align: justify;"><i>If you are a non-Malaysian, you are eligible to invest through MIS only if you registered with the EPF before 1 August 1998 or are a permanent resident.</i></i><i></i><br />
<i>
</i></div>
<div style="text-align: justify;">
<i><br /></i></div>
<div style="text-align: justify;">
<b>What is Basic Savings?</b></div>
<div style="text-align: justify;">
It is the minimum level of savings you should have in your EPF Account 1. The minimum level increases with your age. If your EPF Account 1 balance is below your Basic Savings, you cannot invest through MIS. Click <a href="https://investment.kwsp.gov.my/#">here</a> for Basic Savings table.</div>
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>How can I invest through MIS?</b></div>
<div style="text-align: justify;">
You can now invest through MIS using: (a) agents; or (b) the i-Akaun (Member). The Investment tab on the i-Akaun (Member) is an online, self-service function that does not require agents. As such, <b>you may be charged higher fees when investing through agents versus the i-Akaun </b>(Member).</div>
<div style="text-align: justify;">
<b>How much can I invest through MIS?</b></div>
<div style="text-align: justify;">
You can invest your entire Available Investment Amount. After clicking on the Investment tab on the i-Akaun (Member), your Available Investment Amount is shown under the <b>BUY</b> tab. For further information:</div>
<div style="text-align: justify;">
<br /></div>
<b style="text-align: justify;"><b>Members aged below 55:</b> </b><b></b><br />
<b>
</b>
<div>
<ul>
<li style="text-align: justify;">You can invest all your Available Investment Amount. <i>Available investment amount = Eligible investment amount - Transferred amount.</i></li>
<li style="text-align: justify;">The Eligible Investment Amount is equivalent to 30% of any amount exceeding your Basic Savings. The transferred amount is the amount that has already been invested through MIS. </li>
<li style="text-align: justify;">Furthermore, the minimum MIS investment amount is RM1,000. Therefore, the minimum savings in excess of Basic Savings required is RM3,333.34, such that RM3,333.34 x 30% = RM1,000.</li>
</ul>
<div style="text-align: justify;">
<b>Members aged 55-60:</b> </div>
<div>
<ul>
<li style="text-align: justify;">Your Available Investment Amount is equivalent to almost the entire Akaun 55 balance; however, you must maintain at least RM1,000 in the account.</li>
<li style="text-align: justify;">Furthermore, the minimum withdrawal amount for investments with FMIs is RM1,000.</li>
</ul>
<b style="text-align: justify;"><b>Members aged 60 and above:</b> </b><b></b><br />
<b>
</b></div>
<div>
<ul>
<li style="text-align: justify;">Your Available Investment Amount is equivalent to almost the entire combined balances in your Akaun 55 and Akaun Emas; however, you must maintain at least RM1,000 in Akaun Emas.</li>
<li style="text-align: justify;">Furthermore, the minimum withdrawal amount for investments with FMIs is RM1,000.</li>
</ul>
<b style="text-align: justify;"><b>All ages:</b> </b><b></b><br />
<b>
</b></div>
<div>
<ul>
<li style="text-align: justify;">The minimum investment amount also depends on the chosen unit trust fund and whether the investment is an initial or subsequent one.</li>
</ul>
<b style="color: blue; text-align: justify;"><i>Example 1</i>: </b><span style="color: blue;"></span><br />
<span style="color: blue;">
</span></div>
<div style="text-align: justify;">
<i><span style="color: blue;">If you are 30 years old, the Basic Savings is RM35,000. If your EPF Account 1 savings balance is RM50,000, the Eligible Investment Amount is: (RM50,000 - RM35,000) x 30% = RM4,500. </span></i></div>
<div style="text-align: justify;">
<i><span style="color: blue;"><br /></span></i></div>
<div style="text-align: justify;">
<i><span style="color: blue;">If you have already invested RM2,000 through MIS within the current validity period, the Available Investment Amount is RM4,500 - RM2,000 = RM2,500, which is more than the minimum MIS investment amount of RM1,000. </span></i></div>
<div style="text-align: justify;">
<i><span style="color: blue;"><br /></span></i></div>
<div>
<div style="text-align: justify;">
<i><span style="color: blue;">If the minimum fund investment amount is RM1,200, you must invest at least RM1,200 in the unit trust fund, up to a maximum of RM2,500.</span></i></div>
<div style="text-align: justify;">
<br /></div>
<i style="text-align: justify;"><i><span style="color: blue;"><b>Example 2: </b></span></i></i><i></i><br />
<i>
</i></div>
<div style="text-align: justify;">
<i><span style="color: blue;">If you are 30 years old, the Basic Savings is RM35,000. If your EPF Account 1 savings balance is RM37,000, the Eligible Investment Amount is: (RM37,000 - RM35,000) x 30% = RM600. </span></i></div>
<div style="text-align: justify;">
<i><span style="color: blue;"><br /></span></i></div>
<div style="text-align: justify;">
<i><span style="color: blue;">You cannot invest through MIS since RM600 is less than the minimum MIS investment amount of RM1,000.</span></i></div>
</div>
<div style="text-align: justify;">
<i><span style="color: blue;"><br /></span></i></div>
<div style="text-align: justify;">
<b>What is the validity period?</b></div>
<div style="text-align: justify;">
After clicking on the Investment tab on the i-Akaun (Member), your validity period is shown under the <b>BUY</b> tab. For further information:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Your eligible and Available Investment Amounts are applicable for 3 months only, beginning from any attempted MIS transactions after the end of the last validity period (if any).</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<i><i><span style="color: blue;">For example, if you attempt a MIS transaction on 4 January 2019, the validity period will be from 4 January 2019 to 3 April 2019. You may make as many transactions as you wish within this validity period, subject to the Available Investment Amount. After 3 April 2019, if you attempt a MIS transaction on 1 May 2019, the updated validity period will be from 1 May 2019 to 31 July 2019.</span></i></i></div>
<i>
</i>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>What is FMI?</b></div>
<div style="text-align: justify;">
A FMI is a fund management institution approved by the EPF to offer eligible investments to EPF members. FMIs are typically unit trust management companies (UTMCs) or asset management companies (AMCs). FMIs are governed by the EPF’s Guidelines on EPF MIS.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>What is an <a href="http://bit.ly/2B35ZP2" target="_blank">IUTA</a></b></div>
<div style="text-align: justify;">
An IUTA or Institutional UTS Adviser is a corporation registered with FIMM that is authorised to market and distribute various unit trust funds of FMIs. When investing through the i-Akaun (Member), approved unit trust funds of certain FMIs can only be transacted through IUTA platforms (this is because the relevant FMIs do not have their own platforms that are connected to the i-Akaun (Member)).</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>When does the EPF release control</b></div>
<div style="text-align: justify;">
The EPF releases control over investments through MIS, subject to any other conditions, under the following scenarios:</div>
<div>
<ol>
<li>You have attained the age of 55;</li>
<li>You have passed away and a full withdrawal of your EPF savings is made by your next-of-kin, beneficiaries and/or nominees;</li>
<li>You make a full withdrawal of your EPF savings due to physical or mental incapacitation that prevents employment;</li>
<li>You make a full withdrawal of your EPF savings as a non-Malaysian and are about to leave Malaysia; or</li>
<li>You make a full withdrawal of your EPF savings as a pensionable employee aged below 55 and are still employed with the Government of Malaysia, any State Government or any statutory or local authority.</li>
</ol>
<div>
<b>What happens when EPF releases control</b></div>
<div style="text-align: justify;">
When the EPF releases control, you must deal directly with FMIs in relation to any investments previously made through MIS. If you redeem any investments, the proceeds cannot be deposited back into your EPF account(s), and must be deposited into your personal bank account. Kindly contact the relevant FMI for further clarification.<br />
<br />
<div style="text-align: start;">
**************************************************</div>
<div style="text-align: start;">
<b><span style="color: blue;">REGISTER an IUTA account (eUnittrust) now for FREE</span></b></div>
<div style="text-align: start;">
<ul>
<li>Click <a href="http://bit.ly/2B35ZP2" target="_blank"><b>HERE</b></a></li>
</ul>
<div>
<b><span style="color: blue;">How to register an eUnittrust account?</span></b></div>
</div>
<div style="text-align: start;">
<ul>
<li>Click<b> <span style="color: black;"><a href="https://slideshare.net/ShaneSee/registering-a-new-eunittrust-account" target="_blank">HERE</a></span></b></li>
</ul>
</div>
</div>
</div>
Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-9829684404149061862019-08-18T08:01:00.000+08:002019-08-24T09:56:51.264+08:00EPF Approved Unit Trust Funds (Pdf Analysis + Excel Data Pack)<span style="font-family: inherit;"><b>Contains:</b></span><br />
<ul>
<li><span style="font-family: inherit;">7 years of unit trust fund performance data with </span><b style="font-family: inherit;">specific annual return (%) from 2012 to 2018</b></li>
<li><b style="font-family: inherit;">Analysis of fund performance</b><span style="font-family: inherit;"> for the following categories (equity-conventional funds, equity-islamic funds, mixed assets-conventional funds, mixed assets-islamic funds, bond funds and money market funds)</span></li>
<li><b style="font-family: inherit;">7 years back simulation</b><span style="font-family: inherit;"> of all investment into EPF approved unit trust funds versus EPF benchmark return in order to show which unit trust fund managed to outperform EPF return.</span></li>
<li><b style="font-family: inherit;">Data Pack in excel format containing each individual fund data</b><span style="font-family: inherit;"> are provided for you to further analyze and back test any investment scenario.</span></li>
<li><b style="font-family: inherit;">Compare your existing EPF invested Unit Trust fund against competing Unit Trust funds</b><span style="font-family: inherit;"> from other providers.</span></li>
</ul>
<div>
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-DHcoFwuBCk0/XWCZFWlt5OI/AAAAAAAAQ_4/N8UjOL188G0hA8CMyelNo5dkrcq8Qtv3wCLcBGAs/s1600/EPF%2BData%2BPack%2BAdvert.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="436" data-original-width="636" height="273" src="https://1.bp.blogspot.com/-DHcoFwuBCk0/XWCZFWlt5OI/AAAAAAAAQ_4/N8UjOL188G0hA8CMyelNo5dkrcq8Qtv3wCLcBGAs/s400/EPF%2BData%2BPack%2BAdvert.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://shanesee03.wixsite.com/theguidedinvestor/online-store/EPF-Approved-Unit-Trust-Fund-Data-Pack-p146943645" target="_blank">BUY NOW</a> </td></tr>
</tbody></table>
<div>
<br /></div>
<b>BUY the analysis and data pack:</b><br />
<a href="https://shanesee03.wixsite.com/theguidedinvestor/online-store/EPF-Approved-Unit-Trust-Fund-Data-Pack-p146943645" style="font-family: inherit;">https://shanesee03.wixsite.com/theguidedinvestor/online-store/EPF-Approved-Unit-Trust-Fund-Data-Pack-p146943645</a><br />
<br />
<b style="font-family: inherit;"><br /></b><b style="font-family: inherit;">Screenshots of the analysis and data pack:</b>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-6dFpE56yhCM/XViTy3RfR5I/AAAAAAAAQ98/c6WsS6BrIX0XteC3yIzQH4R45qKNFEAzwCLcBGAs/s1600/Sample%2B1.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="732" data-original-width="1366" height="213" src="https://1.bp.blogspot.com/-6dFpE56yhCM/XViTy3RfR5I/AAAAAAAAQ98/c6WsS6BrIX0XteC3yIzQH4R45qKNFEAzwCLcBGAs/s400/Sample%2B1.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Data Pack Excel File (sample)</td></tr>
</tbody></table>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-lnlh-XwFgec/XViTyy8Q_zI/AAAAAAAAQ94/iNqZwah7gOwt3KaFmqI4XHMKNmIjhF05QCLcBGAs/s1600/Sample%2B2%2B-%2BKey%2BFacts%2B%2526%2BFindings.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="708" data-original-width="1366" height="206" src="https://1.bp.blogspot.com/-lnlh-XwFgec/XViTyy8Q_zI/AAAAAAAAQ94/iNqZwah7gOwt3KaFmqI4XHMKNmIjhF05QCLcBGAs/s400/Sample%2B2%2B-%2BKey%2BFacts%2B%2526%2BFindings.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Analysis of Data by Category (Sample 1)</td></tr>
</tbody></table>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-hhywK37ICf0/XViTy-SV3LI/AAAAAAAAQ-A/Gwm_pwOajG4A-MEpIGGw3M5jq4uOQmiGACLcBGAs/s1600/Sample%2B3%2B-%2BFund%2BAnalysis%2Bon%2BLump%2BSum%2Band%2BDCA.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="730" data-original-width="1366" height="213" src="https://1.bp.blogspot.com/-hhywK37ICf0/XViTy-SV3LI/AAAAAAAAQ-A/Gwm_pwOajG4A-MEpIGGw3M5jq4uOQmiGACLcBGAs/s400/Sample%2B3%2B-%2BFund%2BAnalysis%2Bon%2BLump%2BSum%2Band%2BDCA.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Analysis of Data by Category (Sample 2)</td></tr>
</tbody></table>
<div>
<br /></div>
<div class="" data-block="true" data-editor="drio1" data-offset-key="6nols-0-0" style="background-color: white; color: #1c1e21; white-space: pre-wrap;">
</div>
Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-22668412558599035262019-08-17T09:31:00.000+08:002019-08-18T09:52:13.779+08:00EPF Investment Portfolio vs Unit Trust Portfolio, which one is better? (Part 3)<div style="text-align: justify;">
<b>Background</b></div>
<div style="text-align: justify;">
Despite a difficult year in 2018, EPF still manage to generate a respectable dividend return of 6.15% for Conventional Savings and 5.90% for Syariah Savings. When majority of stocks and unit trust funds were red with losses in 2018, our every reliant pension fund manage to churn a single digit positive return for all of us</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b><span style="color: red; font-size: large;">So what is the secret sauce of consistent return by EPF? </span></b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
EPF uses a long term investment strategy called Strategic Asset Allocation (SAA). SAA is an strategy that divides the investment portfolios of EPF into different assets classes to minimise risks, such as equities, fixed income, alternatives and cash</div>
<div>
<div style="text-align: justify;">
Apart from SAA which is use as a long term investment strategy, EPF also deploys two other strategies to manage medium and short term investment. The medium term strategy is called tactical asset allocation (TAA) and while the short term strategy is called dynamic asset allocation (DAA).</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
EPF's SAA strategy for 2017-2019, calls for the fund to invest up to 51% of its assets in bonds, 36% in stocks, 10% in real estate, and 3% in money markets. As well, up to 32% of its assets is to be invested abroad.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>EPF's SAA in action</b></div>
<div style="text-align: justify;">
The effectiveness of SAA strategy can seen in the EPF's portfolio performance for 2017. Referencing EPF's 2017 annual report, I have summarized the portfolio allocation and performance of each asset class in the table below:</div>
</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-kSPul__25hs/XTcZMEi-y1I/AAAAAAAAQ5Y/ImJaB-OEw0QZ6uqC1nVnpNIPxETYcEVWACLcBGAs/s1600/EPF%2BSAA%2B2017.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="190" data-original-width="627" height="120" src="https://1.bp.blogspot.com/-kSPul__25hs/XTcZMEi-y1I/AAAAAAAAQ5Y/ImJaB-OEw0QZ6uqC1nVnpNIPxETYcEVWACLcBGAs/s400/EPF%2BSAA%2B2017.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">EPF 2017 Asset Allocation and Gross Income</td></tr>
</tbody></table>
<div style="text-align: justify;">
Based on the table above, it is certainly very impressive for EPF to be able to generate returns of 11.46% for equities that is RM334 billion in size! The 8.55% returns from the Real Estate & Infrastructure portfolio can also be considered as above average. The SAA strategy also mandates a large amount of the portfolio to be allocated into MGS, Loans and Bonds, thereby creating a safety net for our savings.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
It is also important to note the SAA strategy for 2017 allows EPF to venture into overseas investment. 28% of the total portfolio in 2017 have overseas exposure, contributing 41.45% of the Total Gross Income and generating returns of 10.83%.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
All in all, EPF has done extremely well in terms of managing the risk of investing such a huge portfolio as well as ensuring that riskier investment (e.g equities) are able to generate the intended double digit returns.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Can a "Unit Trust" portfolio that mirrors EPF portfolio perform better?</b><br />
<b><i><span style="color: blue;">Step 1: Generate EPF's Local and Foreign Portfolio Allocation </span></i></b></div>
<div style="text-align: justify;">
In order to construct an EPF equivalent unit trust portfolio, I would need to determine what constitute the portfolio allocation of EPF towards local and foreign investment. While there is no official declaration of EPF with regards to the exact foreign investment within the asset classes, I have managed to collate information from local news publication in order to make an assumption:</div>
<div style="text-align: justify;">
<i><br /></i></div>
<div style="text-align: justify;">
<a href="https://www.nst.com.my/business/2017/12/313213/epf-targets-32pc-overseas-investments" target="_blank"><i>"Of the 30 per cent invested oversea, 71 per cent is in listed equities, 13 per cent in fixed income and 16 per cent in alternative investment,” said Nasir."</i></a></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The press statement above serves as basis of breaking down the 28% of total overseas portfolio for 2017 into assets classes as shown in the "simulated" table below:<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-4EbD6LwJVkY/XTcfUqiQW6I/AAAAAAAAQ5k/EZ-_8yv0V24L-OyhA-LL2Mh3B_kALeFwgCLcBGAs/s1600/Simulated%2B2017%2BPortfolio.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="224" data-original-width="401" height="222" src="https://1.bp.blogspot.com/-4EbD6LwJVkY/XTcfUqiQW6I/AAAAAAAAQ5k/EZ-_8yv0V24L-OyhA-LL2Mh3B_kALeFwgCLcBGAs/s400/Simulated%2B2017%2BPortfolio.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Simulated EPF Portfolio for 2017</td></tr>
</tbody></table>
<b><i><span style="color: blue;">Step 2: Matching Unit Trust Categories to Simulated EPF Portfolio</span></i></b><br />
The table below show matches the simulated EPF portfolio to Unit Trust Categories under Conventional and Shariah:<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-bep8_mz9ueQ/XTckngVl28I/AAAAAAAAQ50/SBKT9XISA8sPgiZrp9nHZbjJxkBUCJuGgCLcBGAs/s1600/Portolio%2BMatch%2BUT%2BCategories.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="324" data-original-width="775" height="166" src="https://1.bp.blogspot.com/-bep8_mz9ueQ/XTckngVl28I/AAAAAAAAQ50/SBKT9XISA8sPgiZrp9nHZbjJxkBUCJuGgCLcBGAs/s400/Portolio%2BMatch%2BUT%2BCategories.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Matching EPF Portfolio to Unit Trust Categories</td></tr>
</tbody></table>
<b><i><span style="color: blue;">Step 3: Compare Unit Trust Fund Portfolio Returns versus EPF Returns for 2017</span></i></b><br />
The Unit Trust Portfolio for Conventional and Islamic are constructed based on the fund returns in 2017 as shown in the tables below:<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-qcHOAdineDA/XTcqdMRljyI/AAAAAAAAQ6A/W5BMiFMyazYQcxtv2mHVKzttPpZDI1DFQCLcBGAs/s1600/UT%2BPortfolio%2BConvetional%2B2017.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="437" data-original-width="921" height="188" src="https://1.bp.blogspot.com/-qcHOAdineDA/XTcqdMRljyI/AAAAAAAAQ6A/W5BMiFMyazYQcxtv2mHVKzttPpZDI1DFQCLcBGAs/s400/UT%2BPortfolio%2BConvetional%2B2017.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Conventional Unit Trust Portfolio equivalent of EPF for 2017</td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-GW4Rto5Rb3I/XTcqraQGbaI/AAAAAAAAQ6E/j8tJp2_HexUjumxVqQoVy2yVJo7uuFuSgCLcBGAs/s1600/UT%2BPortfolio%2BIslamic%2B2017.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="412" data-original-width="919" height="178" src="https://1.bp.blogspot.com/-GW4Rto5Rb3I/XTcqraQGbaI/AAAAAAAAQ6E/j8tJp2_HexUjumxVqQoVy2yVJo7uuFuSgCLcBGAs/s400/UT%2BPortfolio%2BIslamic%2B2017.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Islamic Unit Trust Portfolio equivalent of EPF for 2017</td></tr>
</tbody></table>
The constructed Conventional Unit Trust Portfolio was able to generate returns of +12.35% while the Islamic portfolio returned +8.72%. In comparison to EPF's 2017 dividend of 6.90% for Conventional and 6.40% for Islamic, both unit trust portfolios were able to outperformed EPF.<br />
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<b><i><span style="color: blue;">Step 4: How does the same unit trust portfolio fare in 2018?</span></i></b><br />
As mentioned earlier in this blog post, 2018 was a year of losses for equities which significantly impacted the performance of both unit trust portfolios as shown below:<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-brg9bTCQGww/XTcvwip6qAI/AAAAAAAAQ6Q/twbQ1cNiZ4kxwJ2XfB63LJAoeWRf3rcEACLcBGAs/s1600/UT%2BPortfolio%2BConvetional%2B2018.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="434" data-original-width="932" height="185" src="https://1.bp.blogspot.com/-brg9bTCQGww/XTcvwip6qAI/AAAAAAAAQ6Q/twbQ1cNiZ4kxwJ2XfB63LJAoeWRf3rcEACLcBGAs/s400/UT%2BPortfolio%2BConvetional%2B2018.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">Conventional Unit Trust Portfolio equivalent of EPF for 2018</span></td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-hMyua4lYaq8/XTcv3C2h0gI/AAAAAAAAQ6U/c7JDNOrgNvwXiQYEgKBwuqQwc16TsiUqgCLcBGAs/s1600/UT%2BPortfolio%2BIslamic%2B2018.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="412" data-original-width="931" height="176" src="https://1.bp.blogspot.com/-hMyua4lYaq8/XTcv3C2h0gI/AAAAAAAAQ6U/c7JDNOrgNvwXiQYEgKBwuqQwc16TsiUqgCLcBGAs/s400/UT%2BPortfolio%2BIslamic%2B2018.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">Islamic Unit Trust Portfolio equivalent of EPF for 2018</span></td></tr>
</tbody></table>
A poor performing equity market clearly highlight the weakness of equity based unit trust funds in any portfolio. Such is the case for our simulated Unit Trust Portfolio equivalent of EPF where conventional and islamic portfolios only manage 0.01% and -1.81% respectively. </div>
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If an investor is looking for consistent positive returns for the long run, the best option might be to remain invested into EPF where for 2018, dividend of +6.15% was declared for Conventional Savings and 5.90% for Islamic Savings.<br />
<b>Summary</b><br />
I have also summarized in the table below the compounded returns over 2 years (2017 and 2018) for both the Unit Trust Portfolios versus EPF dividend return. </div>
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<a href="https://1.bp.blogspot.com/--jD-SdlPwAU/XTc07qptQeI/AAAAAAAAQ6k/hR2fi0yRlQcoT5P4B0dIlDs9uOKsjmf9QCLcBGAs/s1600/Compare.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="129" data-original-width="443" height="116" src="https://1.bp.blogspot.com/--jD-SdlPwAU/XTc07qptQeI/AAAAAAAAQ6k/hR2fi0yRlQcoT5P4B0dIlDs9uOKsjmf9QCLcBGAs/s400/Compare.png" width="400" /></a></div>
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Despite selecting the top performing unit trust funds to be included into the constructed portfolio, EPF compounded returns still outperformed the compounded returns of both Unit Trust portfolios over a period of two years. The consistency of EPF in producing positive return is unparalleled and jives with many Malaysians whom prefer consistent and stable returns for our live savings.<br />
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Never the less, unit trust will always be an option for investors with higher risk appetite. An experienced and knowledgeable investor would be able to apply the right strategy in order to take advantage of the various opportunities that arise from market and fund volatility. Huge double digit returns for an investor is totally possible as illustrated in the returns for the 2017 portfolio.<br />
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I hope this article has been an enlightening one in terms of helping investors to understand both EPF as well as Unit Trust. If you like this post, please feel free to share this and do follow me at <a href="https://www.facebook.com/investmadeeasy/" target="_blank">Invest Made Easy Facebook</a> for future updates!<br />
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Cheers and Happy Investing!<br />
<br />
Join the discussion EPF versus UT Portfolio <a href="https://shanesee03.wixsite.com/theguidedinvestor/forum/ut-investment-strategies/epf-investment-portfolio-vs-unit-trust-portfolio-which-one-is-better" target="_blank">HERE</a></div>
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Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-40834571550047607852019-07-26T18:19:00.000+08:002019-07-28T12:10:22.020+08:00eUnittrust Tutorial Series<div style="text-align: center;">
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Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-70985621830454774152019-07-26T11:59:00.000+08:002019-07-26T12:07:27.305+08:00Using EPF to invest into Unit Trust - Part 2 (EPF versus EPF approved Unit Trust)<div class="separator" style="clear: both; text-align: center;">
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For Part 2 of the "Using EPF to invest into Unit Trust" series, I will be sharing the performance statistics of EPF approved Unit Trust Funds versus that of EPF returns over a period of 7 years (2012-2018). </div>
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<b><span style="color: blue;">EPF Approved Unit Trust Statistics</span></b></div>
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There are in total 278 funds (not inclusive of 9 funds from Amanah Saham Nasional Berhad) approved by EPF (<a href="http://www.kwsp.gov.my/member/investment" target="_blank">this is based on the the fund list provided by EPF website</a>). All 278 funds are broken down into the following:</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-2pAuPgyoJQo/XTmWHnWLKII/AAAAAAAAQ6w/OclthWceSI4r6lC2pkapFk1wOAnVtub1gCLcBGAs/s1600/UT%2BEPF%2BSummary%2BTable.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="168" data-original-width="439" height="152" src="https://1.bp.blogspot.com/-2pAuPgyoJQo/XTmWHnWLKII/AAAAAAAAQ6w/OclthWceSI4r6lC2pkapFk1wOAnVtub1gCLcBGAs/s400/UT%2BEPF%2BSummary%2BTable.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"> Breakdown of EPF Approved Unit Trust Funds</td></tr>
</tbody></table>
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<b><span style="color: blue;">EPF Dividend Statistic (2012-2018)</span></b><br />
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Since the Islamic portion of EPF has only two years worth of dividend history, I will be using the EPF Conventional Dividends as the yardstick to compare the performance for both Conventional and Islamic Unit Trust (UT) funds.</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-hjdXd2EAoyI/XTmZpihAaAI/AAAAAAAAQ68/AEAbc5f__1ELA0yiqGWw3DHP6lEjt7VWQCLcBGAs/s1600/EFP%2BDividend%2B7%2BYears.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="107" data-original-width="573" height="73" src="https://1.bp.blogspot.com/-hjdXd2EAoyI/XTmZpihAaAI/AAAAAAAAQ68/AEAbc5f__1ELA0yiqGWw3DHP6lEjt7VWQCLcBGAs/s400/EFP%2BDividend%2B7%2BYears.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">EPF Historical Dividend (2012-2018)</td></tr>
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<b><span style="color: blue;">Comparison 1: Average (%) Return of all UT Categories versus EPF Dividend</span></b></div>
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Annual returns for all UT Categories (equity, mixed assets, bond and money market) are summed up and compared against EPf's annual dividend. The result as shown below:</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-BfExZT8noh0/XTmoCzwFUuI/AAAAAAAAQ7I/2uOZ9ybFbbMmfWT6aZLwAj9NqAwKmglrgCLcBGAs/s1600/Total%2BUT%2BYearly%2Bvs%2BEPF.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="350" data-original-width="540" height="258" src="https://1.bp.blogspot.com/-BfExZT8noh0/XTmoCzwFUuI/AAAAAAAAQ7I/2uOZ9ybFbbMmfWT6aZLwAj9NqAwKmglrgCLcBGAs/s400/Total%2BUT%2BYearly%2Bvs%2BEPF.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Sum of all EPF Approved UT versus EPF Dividend (Year on Year comparison)</td></tr>
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<b><span style="color: red;">Summary:</span></b> EPF approved UT funds as a whole performed better than EPF in 4 out of the 7 years. However, EPF has shown consistency over the 7 years by generating positive dividend as compared to UT where in 2018, the average return was negative. It is important to highlight that a negative return can drastically impact many years of compounded return and this will be highlighted in Comparison 4.</div>
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<b><span style="color: blue;">Comparison 2: Average (%) Return of Equity based UT versus EPF Dividend</span></b></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-hLnherTYaxQ/XTmsyLCCVaI/AAAAAAAAQ7U/xlw3ZjoOW9sIi5-Yo0GP5PgXQUH6PjfSACLcBGAs/s1600/Equity%2BUT%2BConventional%2Bvs%2BEPF.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="349" data-original-width="508" height="273" src="https://1.bp.blogspot.com/-hLnherTYaxQ/XTmsyLCCVaI/AAAAAAAAQ7U/xlw3ZjoOW9sIi5-Yo0GP5PgXQUH6PjfSACLcBGAs/s400/Equity%2BUT%2BConventional%2Bvs%2BEPF.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Average (%) Return of UT(Equity Conventional) versus EPF Dividend</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-ECCza35A8E0/XTmtiDvlfAI/AAAAAAAAQ7c/IJlqabOCUXgFFnNNl5wdk0yySpGogEdLQCLcBGAs/s1600/Equity%2BUT%2BIslamic%2Bvs%2BEPF.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="349" data-original-width="511" height="272" src="https://1.bp.blogspot.com/-ECCza35A8E0/XTmtiDvlfAI/AAAAAAAAQ7c/IJlqabOCUXgFFnNNl5wdk0yySpGogEdLQCLcBGAs/s400/Equity%2BUT%2BIslamic%2Bvs%2BEPF.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">Average (%) Return of UT(Equity Islamic) versus EPF Dividend</span></td></tr>
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<b style="text-align: start;"><span style="color: red;">Summary:</span> </b><span style="text-align: start;">Similar trend is observed here for conventional equity UT except that the annual gain or loss are amplified. <b>Islamic Equity UTs on the other hand are struggling with negative return seen in 2018, 2016 and 2014. </b></span></div>
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<b style="text-align: start;"><span style="color: blue;">Comparison 3: Average (%) Return of Mixed Assets based UT versus EPF Dividend</span></b></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-n0V7mZjDfxc/XTmyfIbHcWI/AAAAAAAAQ7o/TcJYHBaxWskSh5mnkzGfxusHqtTv1NsKQCLcBGAs/s1600/Mixed%2BAssets%2BUT%2BConventional%2Bvs%2BEPF.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="349" data-original-width="519" height="268" src="https://1.bp.blogspot.com/-n0V7mZjDfxc/XTmyfIbHcWI/AAAAAAAAQ7o/TcJYHBaxWskSh5mnkzGfxusHqtTv1NsKQCLcBGAs/s400/Mixed%2BAssets%2BUT%2BConventional%2Bvs%2BEPF.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">Average (%) Return of UT(Mixed Assets Conventional) versus EPF Dividend</span></td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-5Eu7CSFmuOI/XTmzcy3o7fI/AAAAAAAAQ74/-kTUhQkY0gY6J-hKQk3Dd4lQXRX0C5kFwCLcBGAs/s1600/Mixed%2BAssets%2BUT%2BIslamic%2Bvs%2BEPF.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="349" data-original-width="519" height="267" src="https://1.bp.blogspot.com/-5Eu7CSFmuOI/XTmzcy3o7fI/AAAAAAAAQ74/-kTUhQkY0gY6J-hKQk3Dd4lQXRX0C5kFwCLcBGAs/s400/Mixed%2BAssets%2BUT%2BIslamic%2Bvs%2BEPF.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">Average (%) Return of UT(Mixed Assets Islamic) versus EPF Dividend</span></td></tr>
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<b style="text-align: start;"><span style="color: blue;">Comparison 4: What happens to RM1000 when invested into EPF Approved UT versus investing into EPF?</span></b></div>
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<span style="text-align: start;">The outcome of investing RM1000 over 7 years into the Equity based UT category produced the following results:</span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-NdrVKEykqLs/XTm_hzUIuAI/AAAAAAAAQ8E/otoAbeQw5-wTDhd-Pf5WS89CGh1EUZfzwCLcBGAs/s1600/avg%2But%2Bvs%2Bepf%2Bcompounded%2Breturn%2B-%2Bequity.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="471" data-original-width="882" height="212" src="https://1.bp.blogspot.com/-NdrVKEykqLs/XTm_hzUIuAI/AAAAAAAAQ8E/otoAbeQw5-wTDhd-Pf5WS89CGh1EUZfzwCLcBGAs/s400/avg%2But%2Bvs%2Bepf%2Bcompounded%2Breturn%2B-%2Bequity.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Cumulative return of RM1000 over 7 years for EPF approved Equity UTs versus EPF</td></tr>
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As you can see, the cumulative returns for the first 6 years (2012-2017) indicate that Equity UTs are outperforming EPF return. However a single poor performing year in 2018, resulted in the accumulated return for EPF approved Equity UTs to drop below EPF accumulated return. This is also a similar scenario for the Mixed Asset UTs as shown below:</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-fqZPnSNYLq8/XTnA8wKFalI/AAAAAAAAQ8Q/CJ7PT06FdbQC0Tw2sz1a_z9oXbTsoFZPgCLcBGAs/s1600/avg%2But%2Bvs%2Bepf%2Bcompounded%2Breturn%2B-%2Bmixed%2Bassets.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="470" data-original-width="883" height="212" src="https://1.bp.blogspot.com/-fqZPnSNYLq8/XTnA8wKFalI/AAAAAAAAQ8Q/CJ7PT06FdbQC0Tw2sz1a_z9oXbTsoFZPgCLcBGAs/s400/avg%2But%2Bvs%2Bepf%2Bcompounded%2Breturn%2B-%2Bmixed%2Bassets.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: x-small;">Cumulative return of RM1000 over 7 years for EPF approved Mixed Assets UTs versus EPF</span></td></tr>
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I have also taken the effort to summarized the cumulative return for all the EPF approved categories in a single table below:<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-b2TSXsIjAzA/XTnBlCt4vSI/AAAAAAAAQ8Y/glHRUl-LzhEQTizc6tfj83mPjjk9ygp_ACLcBGAs/s1600/Summary%2Bof%2BCumulative%2BReturn%2Bof%2BEPF%2BApproved%2BUT.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="259" data-original-width="602" height="171" src="https://1.bp.blogspot.com/-b2TSXsIjAzA/XTnBlCt4vSI/AAAAAAAAQ8Y/glHRUl-LzhEQTizc6tfj83mPjjk9ygp_ACLcBGAs/s400/Summary%2Bof%2BCumulative%2BReturn%2Bof%2BEPF%2BApproved%2BUT.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Cumulative Return for all EPF Approved UT Categories</td></tr>
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<b><span style="color: red;">Summary</span>: </b>The overall statistics indicate that only the Unit Trust Funds under the Equity Category are able to "match" the cumulative return generated via EPF dividend. I would also like to highlight an important point where this comparison does not take into consideration the<span style="font-family: inherit;"> </span><span style="background-color: white; color: #1c1e21; font-family: inherit;">l</span><span style="background-color: white;"><span style="color: #1c1e21; font-family: inherit;">oss of opportunity from the compounding returns you get for having a </span><span style="color: #1c1e21;">head start</span><span style="color: #1c1e21; font-family: inherit;"> from the larger savings you already have with EPF.</span></span><span style="font-family: inherit;"> </span></div>
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<b><span style="color: blue;">Conclusion</span></b></div>
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I hope this article on "EPF approved Unit Trust Funds versus EPF" has in some way helped you in terms of awareness before deciding to withdraw your savings from EPF to invest. I have also simulated several scenarios using the data that I have accumulated. If you wish to obtain those data, feel free to email me at <b><u>shanesee03@gmail.com</u></b>.</div>
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<i><b>Related Links</b></i><br />
<a href="https://invest-made-easy.blogspot.com/2019/07/using-epf-to-invest-into-unit-trust.html" style="background-color: white; font-family: inherit; text-align: start;" target="_blank"><i>Using EPF to Invest into Unit Trust Funds - Part 1 (The Pros of Investing into EPF Approved Unit Trust)</i></a></div>
Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-87659067098644783352019-07-23T16:46:00.003+08:002022-06-05T08:22:45.941+08:00Test Case: Leveraging on Market News to Invest into Gold Unit Trust Fund<div><b><u><span style="color: #2b00fe; font-size: medium;">Update (5 June 2022)</span></u></b></div><div><b><br /></b></div><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px; text-align: left;"><div><b>Fund: <span style="background-color: #ffa400;">RHB Gold and General Fund</span></b></div><div><b>Period of Investment: 26 July 2019 - 3 June 2022 (<span style="background-color: #fcff01;">1043 days</span>)</b></div><div><b>Return of Investment: <span style="background-color: #04ff00;">+42.90%</span></b></div></blockquote><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1TXyKpYdAAsmHYqQmuVE3On1guLJRyhGhTPsuvOxq2E0Yz0vCMHNPCo36R1ggkegaX3LH-zTrCEl3sgD7bI2F2g8KojgdzHg4gOpGu2NW2TiJVW6WoZkuyA7JizTmt394FqW30_gsvfAOTduOd_ribf-2758cPG8FxwHbXgvteKQ-09PbcsDFrUlg/s789/RHB%20Gold%203%20years%20performance.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="259" data-original-width="789" height="105" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1TXyKpYdAAsmHYqQmuVE3On1guLJRyhGhTPsuvOxq2E0Yz0vCMHNPCo36R1ggkegaX3LH-zTrCEl3sgD7bI2F2g8KojgdzHg4gOpGu2NW2TiJVW6WoZkuyA7JizTmt394FqW30_gsvfAOTduOd_ribf-2758cPG8FxwHbXgvteKQ-09PbcsDFrUlg/w320-h105/RHB%20Gold%203%20years%20performance.png" width="320" /></a></div><div style="text-align: center;"><br /></div><div style="text-align: center;">---------------------------------------------------------------------------------------</div><div><b><br /></b></div><div>
<b>Positive Gold Miner's Earning Ahead</b></div>
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I came across an article from MarketRealist which talked about Gold Miners's earning season for Q2 is scheduled to start this Thursday (25 July 2019).</div>
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According to the report, Gold Mining companies including Newmont Goldcorp (<a href="https://quotes.marketrealist.com/quote-page/nem">NEM</a>), Agnico Eagle Mines (<a href="https://quotes.marketrealist.com/quote-page/aem">AEM</a>), and Yamana Gold (<a href="https://quotes.marketrealist.com/quote-page/auy">AUY</a>) are expected to release their earnings this coming Thursday. The report also include analyst's recommendation on which mining stocks should investors buy based on the expected earnings. </div>
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<a href="https://1.bp.blogspot.com/-VcBPOv-7PKU/XTau83AxdzI/AAAAAAAAQ4g/B2kOW2NL0s8Sq7IQ3LYvqB-nM0xr49UDQCLcBGAs/s1600/Positive-analyst-sentiment.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="432" data-original-width="587" height="293" src="https://1.bp.blogspot.com/-VcBPOv-7PKU/XTau83AxdzI/AAAAAAAAQ4g/B2kOW2NL0s8Sq7IQ3LYvqB-nM0xr49UDQCLcBGAs/s400/Positive-analyst-sentiment.jpeg" width="400" /></a></div>
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Standout Gold Mining companies that are expected to see their stock prices benefit from the earnings are AEM and NEM (please remember both names as they will surface again later)</div>
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<b>Gold Price has been Bullish</b></div>
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For investors who track gold closely, you would have notice that gold price’s reversal this year has created opportunities in gold stocks. The SPDR Gold Shares ETF (<a href="https://quotes.marketrealist.com/quote-page/gld">GLD</a>) had gained 11% year-to-date as of Friday. About 11.3% of those gains have come in the last one-and-a-half months. Since the end of May, the S&P 500 and the Dow Jones Industrial Average have returned 6.1% and 7.1%, respectively.</div>
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<b>Bullish Gold Price + Positive Earnings = Opportunity!</b></div>
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Now this comes back to this blog post, where we are going test the theory of <b>trying to time the entry of investment</b> based on potential uptick of miner's stock price as well as leveraging on the current bullish trend of gold price.<br />
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<b>How to go about this?</b><br />
<i><b><span style="color: blue;">Step 1: Identify the right Gold fund to invest into</span></b></i><br />
There are only two Gold based unit trust funds available for Malaysian to invest into (both are available on <a href="http://bit.ly/2B35ZP2" target="_blank">eUnittrust</a> platform). The two funds are:<br />
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<ul>
<li>RHB Gold and General Fund (Conventional)</li>
<li>Precious Metals Securities Fund (Islamic)</li>
</ul>
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<i><b><span style="color: blue;"><br /></span></b></i></div>
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<i><b><span style="color: blue;">Step 2: Check portfolio composition of these two funds</span></b></i></div>
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Top 5 Holdings of RHB Gold and General Fund consist of Agnico Eagle Mines Ltd (AEM) and Newmont Goldcorp (NEM) which make up 16.48% of the total portfolio. Both which are identified to be attractive BUY by gold analysts.</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-oQ6eEq-Sk-A/XTbDe6Awn6I/AAAAAAAAQ40/jabRpkbFBzMtFyVOCwoldoX93i-5BSCOwCLcBGAs/s1600/RHB%2BGold%2BPortfolio.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="145" data-original-width="450" height="128" src="https://1.bp.blogspot.com/-oQ6eEq-Sk-A/XTbDe6Awn6I/AAAAAAAAQ40/jabRpkbFBzMtFyVOCwoldoX93i-5BSCOwCLcBGAs/s400/RHB%2BGold%2BPortfolio.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">31st May 2019: RHB Gold and General Fund Fund Factsheet</td></tr>
</tbody></table>
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Similarly the Top 5 Holdings of Precious Metals Securities Fund also consist of Agnico Eagle Mines Ltd (AEM) and Newmont Goldcorp (NEM) which make up 17.52% of the total portfolio.</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-SilkXZuLq3w/XTbFs6f3ezI/AAAAAAAAQ5A/4ZgK8GItl3woJ-d_BEwocjmpEQS2m0ktgCLcBGAs/s1600/Precious%2BMetal%2BPortfolio.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="135" data-original-width="527" height="100" src="https://1.bp.blogspot.com/-SilkXZuLq3w/XTbFs6f3ezI/AAAAAAAAQ5A/4ZgK8GItl3woJ-d_BEwocjmpEQS2m0ktgCLcBGAs/s400/Precious%2BMetal%2BPortfolio.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">31st May 2019: Precious Metals Securities Fund Factsheet</td></tr>
</tbody></table>
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Considering that both unit trust funds have exposure to other mining companies apart from AEM and NEM, investors may also enjoy overall increase in these fund returns if gold prices continues to rise over the next couple of months.</div>
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<i><span style="color: blue;"><b>Step 3: Invest now</b></span></i></div>
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Since this is a test case, I have invested RM1000 into RHB Gold and General Fund via eUnittrust. Coincidentally, there is an <a href="http://invest-made-easy.blogspot.com/2019/07/0-sales-charge-promotion-by-eunittrust.html" target="_blank">ongoing 0% sales charge promotion over at eUnittrust</a>, thereby allowing me to save on the sales charge and allowing me to profit immediately on any uptick of the fund price.</div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-qNdBr5Dqbf0/XTbHj9ncgpI/AAAAAAAAQ5M/vGv4ere7lvADOhaYBw7v2ft0qmj6v7yowCLcBGAs/s1600/rm1000%2Binvestment.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="298" data-original-width="1333" height="88" src="https://1.bp.blogspot.com/-qNdBr5Dqbf0/XTbHj9ncgpI/AAAAAAAAQ5M/vGv4ere7lvADOhaYBw7v2ft0qmj6v7yowCLcBGAs/s400/rm1000%2Binvestment.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">RM1000 investment to validate if this Test Case works!</td></tr>
</tbody></table>
<div>
Details of Investment:</div>
<div>
<ul>
<li>Fund Name: RHB Gold and General Fund</li>
<li>Amount Invested : RM1000</li>
<li>Indicative Price of Fund: RM 0.3547/unit</li>
<li>Sales Charge : 0%</li>
</ul>
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<i><span style="color: blue;"><br /></span></i></div>
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<i><span style="color: blue;"><b>Step 4: Now we wait!</b></span></i></div>
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Now the fun part starts as I will track the price of the Stock Mining companies that are listed in both funds. Let's see if we are able to make a small profit from this test case!</div>
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Cheers and I will be posting a follow up blog post on this somewhere next week. In the meantime, do follow me at <a href="https://www.facebook.com/investmadeeasy/" target="_blank">Invest Made Easy Facebook</a> for updates and news.</div>
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Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-23655054864444411682019-07-21T21:35:00.000+08:002019-07-21T18:36:26.258+08:00HISTORICAL EPF ANNUAL DIVIDEND RATE<div class="separator" style="clear: both; text-align: center;">
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<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-SCXJSag5l2c/XTQ_jft0QsI/AAAAAAAAQ3c/ZwzuhLXslcUjRsslz8HFT3xfq0ZjEgAagCLcBGAs/s1600/EPF%2BGraph%2B2008-2018.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="327" data-original-width="488" height="267" src="https://1.bp.blogspot.com/-SCXJSag5l2c/XTQ_jft0QsI/AAAAAAAAQ3c/ZwzuhLXslcUjRsslz8HFT3xfq0ZjEgAagCLcBGAs/s400/EPF%2BGraph%2B2008-2018.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">EPF Dividend 2008-2018</td></tr>
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<b><span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">YEAR<o:p></o:p></span></b></div>
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<b><span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Conventional<br />
% DIVIDEND<o:p></o:p></span></b></div>
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<b><span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Syariah<br />
% DIVIDEND<o:p></o:p></span></b></div>
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<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1952–1959<o:p></o:p></span></div>
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<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2.50<o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1960–1962<o:p></o:p></span></div>
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<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">4.00<o:p></o:p></span></div>
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<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
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<br /></div>
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<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1963<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.00<o:p></o:p></span></div>
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<br /></div>
</td>
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<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1964<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.25<o:p></o:p></span></div>
</td>
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<br /></div>
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<tr style="height: 15.75pt; mso-yfti-irow: 5;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
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<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1965–1967<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.50<o:p></o:p></span></div>
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<br /></div>
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<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
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<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1968–1970<o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.75<o:p></o:p></span></div>
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<br /></div>
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<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1971<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.80<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 8;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1972–1973<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.85<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 9;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1974–1975<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.60<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 10;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1976–1978<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">7.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 11;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1979<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">7.25<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 12;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1980–1982<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">8.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 13;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1983–1987<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">8.50<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 14;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1988–1994<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">8.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 15;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1995<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">7.50<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 16;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1996<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">7.70<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 17;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1997–1998<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.70<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 18;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1999<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.84<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 19;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2000<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 20;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2001<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 21;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2002<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">4.25<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 22;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2003<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">4.50<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 23;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2004<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">4.75<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 24;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2005<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 25;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2006<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.15<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 26;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2007<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.80<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 27;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2008<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">4.50<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 28;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2009<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.65<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 29;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2010<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.80<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 30;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2011<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 31;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2012<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.15<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 32;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2013<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.35<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 33;">
<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2014<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.75<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 34;">
<td style="background: white; border-bottom: solid windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-right: none; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2015<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.40<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 35;">
<td style="background: white; border-bottom: solid windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-right: none; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2016<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.70<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 36;">
<td style="background: white; border-bottom: solid windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-right: none; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2017<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.90<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.40<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 37;">
<td style="background: white; border-bottom: solid windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-right: none; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2018<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
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<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.15<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.90<o:p></o:p></span></div>
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<td style="height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"></td>
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<br /></div>
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<td nowrap="" rowspan="2" style="background: white; border-bottom: solid black 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 15.75pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
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<b><span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">%<o:p></o:p></span></b></div>
</td>
<td nowrap="" rowspan="2" style="background: white; border-bottom: solid black 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 15.75pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
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<b><span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">%<o:p></o:p></span></b></div>
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<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
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<b><span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Highest<o:p></o:p></span></b></div>
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<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">8.50%<o:p></o:p></span></div>
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<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.40%<o:p></o:p></span></div>
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<td style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" width="111">
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<b><span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Lowest<o:p></o:p></span></b></div>
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<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">4.25%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5.90%<o:p></o:p></span></div>
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</tr>
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<b><span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Average Last 5 Years<o:p></o:p></span></b></div>
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<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">6.38<o:p></o:p></span></div>
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<td nowrap="" style="background: white; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.25pt; padding: 0in 5.4pt 0in 5.4pt; width: 74.0pt;" width="99">
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<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">NA<o:p></o:p></span></div>
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Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com3tag:blogger.com,1999:blog-1494223778561394064.post-41706071420079967572019-07-21T14:05:00.002+08:002019-07-26T12:08:53.304+08:00Using EPF to Invest into Unit Trust Funds - Part 1 (The Pros of Investing into EPF Approved Unit Trust)<div style="text-align: justify;">
News that EPF will be releasing e-MIS to allow Malaysians to conveniently invest into unit trust using their EPF (KWSP) savings online has been a subject of heavy discussion within the unit trust consultants community. Majority of unit trust consultants whom have been serving clients via investment advisory as well as manual submissions of EPF investment form in exchange of a 3% sales charge fee stand to lose out most in this latest shift in convenience of investing unit trust through EPF's e-MIS. </div>
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It has been been stated in a local publication that Malaysians whom utilized the online platform to withdraw their EPF savings to invest into unit trust will only be charged a fees of 0.5%. The risk of doing so is that Malaysians will not have the privilege or receiving investment advisory from a dedicated unit trust consultant. </div>
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<b>We may all get excited about saving on sales charge of EPF investment but I truly believe we should be educated on the very basic pros and cons of withdrawing your EPF savings to invest into Unit Trust funds.</b> First, let's go through the fundamental benefits that you will always hear from your unit trust consultant when it comes to withdrawing your EPF savings to invest unit trust!</div>
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<b>Pro Reason 1: Unit Trust returns tend to outperform EPF annual dividend rate!</b></div>
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If you look at the historical dividend rates of EPF, it has always been a steady SINGLE DIGIT (%) dividend as shown <a href="http://invest-made-easy.blogspot.com/2012/09/historical-epf-annual-dividend-rate.html" target="_blank">here</a>. There is nothing sexy about the dividend payout of EPF which has been consistently hovering between 5% - 7% over the past 10 years. Unit Trust Consultants over the years have always compared the returns of Unit Trust fund on a yearly basis versus that of EPF dividend, and in most cases when unit trust funds are generating double digit returns for a particular year, the potential of clients withdrawing EPF to invest into unit trust funds are higher. </div>
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This scenario of double digit returns of unit trust funds were true especially during the bullish years of the Malaysia stock market between 2009 to 2015. Shown below is a historical data of the Top 5 Malaysia Equity Fund as of Feb 2015 where notice that the 5 Year Annualised (%) Returns of these funds range between 15% to 22% per year!!!</div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-zCbBay3FttE/XTPukF8VlZI/AAAAAAAAQ3E/2A0w0u9t3CAEwXk3zdLjItY0LeVCFX3tgCLcBGAs/s1600/Malaysia%2BUnit%2BTrust%2B2009-2015%2BAnnualised%2BReturns.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="365" data-original-width="661" height="220" src="https://1.bp.blogspot.com/-zCbBay3FttE/XTPukF8VlZI/AAAAAAAAQ3E/2A0w0u9t3CAEwXk3zdLjItY0LeVCFX3tgCLcBGAs/s400/Malaysia%2BUnit%2BTrust%2B2009-2015%2BAnnualised%2BReturns.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Malaysia Equity Funds Annualised % Returns as of Feb 2015</td></tr>
</tbody></table>
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It was certainly a great time for Malaysians to regularly withdraw their EPF savings to invest into these funds! Forget bout the single digit dividends of EPF which will take forever to grow your retirement savings, so they say.</div>
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<b>Pro Reason 2: Negative Returns of Unit Trust Funds is a good opportunity to Dollar Cost Average using your EPF savings</b></div>
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This has always been the reason unit trust consultants give when a fund performs poorly. A negative return is an opportunity for the investor to invest more and acquire more units at lower prices as how many long term successful passive unit trust investing has been shown to work. The concept of <a href="http://invest-made-easy.blogspot.com/2013/05/dollar-cost-averaging-in-unit-trust-is.html" target="_blank">Dollar Cost Averaging (DCA) strategy</a> has always been proven to work if you are into long term passive investing albeit with one caveat to this. In order for the DCA strategy to work, the unit trust fund that an investor chooses to invest into is also pivotal to the success.</div>
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Having a good investment strategy such as DCA yet choosing a poor performing unit trust fund will most likely also reap poor results as the unit trust fund could potentially incur major losses (during a bear market) as well as unable to take advantage of reaping big returns in a bull market. </div>
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This is why over the years, I have written articles that encourage investors to invest passively yet aggressively pursue your rights to good advisory as well as proper investment recommendations from your <a href="http://invest-made-easy.blogspot.com/2015/05/sales-charge-from-unit-trust-investing.html" target="_blank">financial advisor/consultant to ensure he or she is always taking care of your investment interest</a>. This is your investor right as an investor to be given such advisory in return of the sales charges that you are already paying your advisor or consultant.<br />
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<b>Pro Reason 3: Invest into other specific country/sector markets that are not covered by EPF investment</b><br />
This is least used reason given by Unit Trust consultants yet is the most logical reason why an investor would decide to withdraw part of their EPF savings to invest into. I'll give you very strong reason example on why this strategy can be beneficial given the right selection of sector of country to invest in.<br />
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Let's take the sector based shariah compliant Precious Metal Securities fund as an example. This fund which is under AmFunds Management Bhd is an EPF approved unit trust fund that invest specifically into Gold Mining stocks. Say for example an investor whom sees an opportunity in gold decides to invest into this fund using his or her EPF savings in Sept 2018, he or she would have made +34.92% in less than a year as shown below:<br />
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<a href="https://1.bp.blogspot.com/-9wZtd6VIavk/XTP7pi-jZ8I/AAAAAAAAQ3Q/TYzMvbxzK3sNTBMihwhaHGLtOZ2KnXsRQCLcBGAs/s1600/Precious%2BMetal.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="746" height="213" src="https://1.bp.blogspot.com/-9wZtd6VIavk/XTP7pi-jZ8I/AAAAAAAAQ3Q/TYzMvbxzK3sNTBMihwhaHGLtOZ2KnXsRQCLcBGAs/s400/Precious%2BMetal.png" width="400" /></a></div>
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On a longer horizon example, if the investor has been diligently investing into Precious Metal Securities via the same amount on a quarterly withdrawal from of his/her EPF savings, the total investment return between Jan 2017 to July 2019 for the investor would be +17.3%!<br />
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<b>Summary of Part 1 of "Using EPF to Invest into Unit Trust Funds"</b><br />
In Part 1 of the "Using EPF to Invest into Unit Trust Funds" series of blog post, I have explained the basic benefits of why investors are attracted to withdrawing their EPF savings to invest into unit trust funds.<br />
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In the coming future parts of the series of "Using EPF to Invest into Unit Trust Funds", I hope to cover the cons as well as the current state of approved unit trust funds versus that of EPF dividend returns. I also intend to release an in-depth analysis of how the funds in each category are performing versus that of EPF dividend returns.<br />
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So stay tune and do <a href="https://www.facebook.com/investmadeeasy/?ref=bookmarks" target="_blank">follow Invest Made Easy Facebook page</a> for future updates!!<br />
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<i style="background-color: white; color: #666666;"><b><span style="font-family: inherit;">Related Links</span></b></i><br />
<span style="background-color: white; color: #666666; text-align: start;"><span style="font-family: inherit;"><i><a href="https://invest-made-easy.blogspot.com/2019/07/using-epf-to-invest-into-unit-trust_26.html" target="_blank">Using EPF to invest into Unit Trust - Part 2 (EPF versus EPF approved Unit Trust)</a></i></span></span></div>
Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-87329754694948886822019-07-15T21:42:00.000+08:002019-07-15T21:42:00.381+08:000% Sales Charge Promotion by eUnittrust (1st - 31st July 2019)<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-pRCjrSf0BgY/XSx9FcjrGBI/AAAAAAAAQ2E/yO3JnGQAZ1k6uoAxLtSpgCKa_nzyb87vQCLcBGAs/s1600/fund_promo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="232" data-original-width="730" height="126" src="https://1.bp.blogspot.com/-pRCjrSf0BgY/XSx9FcjrGBI/AAAAAAAAQ2E/yO3JnGQAZ1k6uoAxLtSpgCKa_nzyb87vQCLcBGAs/s400/fund_promo.jpg" width="400" /></a></div>
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In conjunction with the recently ended Phillip Capital 10th Annual Investment Conference, the good folks at eUnittrust have decided to reward members with a <b>promotional campaign of "0% Sales Charge for 183 Unit Trust Funds!"</b></div>
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eUnittrust is the only online unit trust platform that is able to offer a value proposition of 0% sales charge to its members (especially for equity based funds). This has always been the unique differentiation factor for eUnittrust as compared to other unit trust platforms.</div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-X-eYlez3TiQ/XSx_z6Lm4bI/AAAAAAAAQ2Q/35eVGJGff6odd13tKo3nvuDCLLlxAXvbQCLcBGAs/s1600/183%2Bfunds%2Bpromo.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="653" data-original-width="1141" height="228" src="https://1.bp.blogspot.com/-X-eYlez3TiQ/XSx_z6Lm4bI/AAAAAAAAQ2Q/35eVGJGff6odd13tKo3nvuDCLLlxAXvbQCLcBGAs/s400/183%2Bfunds%2Bpromo.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">0% Sales Charge Promotion Campaign</td></tr>
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<b><span style="font-size: large;">Participating Fund Houses for this campaign are:</span></b></div>
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<ol>
<li style="text-align: justify;">Affin Hwang Asset Management Berhad (28 Funds)</li>
<li style="text-align: justify;">AmFunds Management Berhad (26 Funds)</li>
<li style="text-align: justify;">CIMB-Principal Asset Management Berhad (13 Funds)</li>
<li style="text-align: justify;">Eastspring Investments Berhad (17 Funds)</li>
<li style="text-align: justify;">Kenanga Investors Berhad (10 Funds)</li>
<li style="text-align: justify;">Manulife Asset Management Services Berhad (18 Funds)</li>
<li style="text-align: justify;">Maybank Asset Management Sdn Bhd (20 Funds)</li>
<li style="text-align: justify;">Nikko Asset Management Asia Limited (1 Fund)</li>
<li style="text-align: justify;">Pheim Unit Trusts Berhad (4 Funds)</li>
<li style="text-align: justify;">Phillip Mutual Berhad (1 Fund)</li>
<li style="text-align: justify;">RHB Islamic International Asset (1 Fund)</li>
<li style="text-align: justify;">RHB Asset Management Sdn Bhd (38 Funds)</li>
<li style="text-align: justify;">UOB Asset Management (Malaysia) Berhad (6 Funds)</li>
</ol>
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<b><span style="font-size: large;">Terms and Conditions</span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-Nv49cOw0K_w/XSyBE7s-eWI/AAAAAAAAQ2c/Oh5_NTano8wL6RxezUOlTas5uTpdbAP9ACLcBGAs/s1600/183%2Bfunds%2Bpromo.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="243" data-original-width="1119" height="86" src="https://1.bp.blogspot.com/-Nv49cOw0K_w/XSyBE7s-eWI/AAAAAAAAQ2c/Oh5_NTano8wL6RxezUOlTas5uTpdbAP9ACLcBGAs/s400/183%2Bfunds%2Bpromo.png" width="400" /></a></td></tr>
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</tbody></table>
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<b><span style="font-size: large;">Register a FREE eUnittrust account now! </span></b></div>
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Click <a href="http://bit.ly/2B35ZP2" target="_blank">HERE</a>!</div>
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<div style="text-align: center;">
<a href="http://invest-made-easy.blogspot.com/2019/07/an-unofficial-guide-on-how-to-register.html" target="_blank">Guide to Register a new eUnittrust Account</a></div>
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Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0tag:blogger.com,1999:blog-1494223778561394064.post-48570014922058169582019-07-15T00:27:00.001+08:002019-07-15T00:27:09.365+08:00An Unofficial Guide on How To Register a FREE "eUnittrust" Account<iframe allowfullscreen="" frameborder="0" height="485" marginheight="0" marginwidth="0" scrolling="no" src="//www.slideshare.net/slideshow/embed_code/key/J0aXYBAppkftfG" style="border-width: 1px; border: 1px solid #ccc; margin-bottom: 5px; max-width: 100%;" width="595"> </iframe> <br />
<div style="margin-bottom: 5px;">
<strong> <a href="https://www.slideshare.net/ShaneSee/registering-a-new-eunittrust-account" target="_blank" title="Registering A New "eUnittrust" Account">Registering A New "eUnittrust" Account</a> </strong> from <strong><a href="https://www.slideshare.net/ShaneSee" target="_blank">Shane See</a></strong> </div>
Shane Seehttp://www.blogger.com/profile/06983060298222800791noreply@blogger.com0