Q3 2009 is just around the corner. I am just worried that these report will be replaced. You may download these reports for your own reference.Quarterly review for quarter 2 of 2009
Monthly review for July 2009
Monthly review for August 2009.
Monday, September 28, 2009
Monthly and quarterly fund review report
Q3 2009 is just around the corner. I am just worried that these report will be replaced. You may download these reports for your own reference.Quarterly review for quarter 2 of 2009
Monthly review for July 2009
Monthly review for August 2009.
Sunday, September 27, 2009
Highest, lowest and average price as at 18-09-2009
I have compiled this chart called Highest, Lowest and Average. As suggested by the name, this chart will show the highest, lowest and average prices of respective funds since launch till to date. You may find that the last column indicates how many percentage of the current fund price above (+) or fall below (-) the average price.
All the funds listed are allowed under EPF investment scheme.
Go for REITs, go for PFEPRF
I came across this news on Sinchew. No doubt that invest in property fund is a another good way to diversify our investment portfolio.
REIT stands for Real Estate Investment Trust.
REIT has two unique features:
(1) its primary business is managing groups of income-producing properties and
(2) it must distribute most of its profits as dividends.
Thus, we always heard our father and mother said that if we have money we should buy many shop-lot to 'collect rental'. REIT can be considered.
In Public Mutual, Public Far-East & Property Resort Fund (PFEPRF) is one the REIT. It is priced at RM0.2239 as at 24-Sep-2009.
You may find it performance of PREPRF since January 2009 in my post.
REITs新一波投資勢頭
REIT stands for Real Estate Investment Trust.
REIT has two unique features:
(1) its primary business is managing groups of income-producing properties and
(2) it must distribute most of its profits as dividends.
Thus, we always heard our father and mother said that if we have money we should buy many shop-lot to 'collect rental'. REIT can be considered.
In Public Mutual, Public Far-East & Property Resort Fund (PFEPRF) is one the REIT. It is priced at RM0.2239 as at 24-Sep-2009.
You may find it performance of PREPRF since January 2009 in my post.
REITs新一波投資勢頭
Created 09/23/2009 - 20:49
產業投資信託（REITs）近年在世界各國尤其亞洲成為投資新寵，各產業巨頭紛紛把物業分拆上市，以在市場佔一席之地。
在大馬，REITs雖鮮為人知，但在業者大力推動下，大馬REITs市值可能於明年成長3至4倍，達44億美元（約馬幣155億4150萬4000令吉），顯示REITs在新加坡與香港等地掀起熱潮後，已悄悄在大馬醞釀另一波投資勢頭。
小額資金投資產業
●AXIS產業信託管理公司首席執行員史得沃拉布雷指出，散戶能以小額資金作產業投資是REITs最大的魅力，同時，由於REITs與股票市場相關度不高，成為投資者追求穩定回酬，為資金尋覓的出路。
對許多大馬人而言，產業投資是最大資產類別，但問題是直接涉足產業，投資者一般面臨以下問題：難迅速脫售、利率問題、收入稅收、尋求租戶，這也是REITs應運而生的原因。
他補充，很多人想要投資產業，但資金有限，REITs其實扮演了輔助角色。
“REITs其實就是固體資產的流動‘代理人´，同時是通膨護盤，且門檻低，排除了無必要的產業風險。”
亞洲規模逐漸壯大
●林永平坦言，與歐美國家相比，亞洲REITs規模仍較小，其中以日本規模最大，達288億美元；韓國最小，僅佔2億1000萬美元；大馬則只有微不足道的11億8000萬美元。
儘管大馬佔的比重不高，但他看好大馬REITs的未來發展，預計隨國民投資公司（PNB）與新加坡嘉德置地（CapitaLand）的產業項目於明年相繼上市，成長潛力指日可待。
“次貸風暴肆虐之際，全球REITs市值已削減逾30至40%，過去半年面市的產品也極少，惟現已逐漸恢復元氣。”
他指出，隨REITs日益受矚目，亞洲REITs市場其實已自2001年的20億美元走高到2008年的480億美元，主要動力源自日本與新加坡；REITs產品項目也從2項增加到117項，而香港更在不到一年時間內增長高達60億美元市值。
比定存具優勢
●為何投資者應把REITs視作投資組合的一部份？Am First產業投資信託首席執行員林永平解釋，低貝他的REITs擁有長期穩定回酬，有助減少組合的風險，資料顯示，適度涉足REITs的投資品表現超越純粹暴露於債券與股票的產品。
“REITs甚至可讓投資者把投資目光放遠至一些沒有機會直接涉足的各國產業，更重要的是，投資者可在不同國家或不同產業週期間投資。。”
另外，他把REITs與定存作比較。
100萬令吉的定存，每年回酬是3萬7000令吉，惟若通膨率3.5%，定存實際值是96萬5000令吉，因此，實際收益只有2000令吉。
若拿100萬令吉投資REITs，每年將帶來8萬令吉回酬（稅後是6萬8000令吉），但在通膨之下，重估值可能高達103萬5000令吉。
總收益＝6萬8000令吉＋3萬5000令吉＝10萬3000令吉
他強調，當投資者想要中斷REITs的投資時，可隨時脫售，但隨時終止定存卻可能對本身不利，同時，REITs也按季或每半年派發現金股息。
Wednesday, September 23, 2009
Bond and equity funds is perfect combination?
Over the years, currency depreciation and inflation are the most important factors in maintaining your hard-earn savings value. However, putting all the savings in FD would not a best idea. I am looking at the combination of bond fund and equity fund in my investment portfolio.Let look at the red line which indicates Public Bond, the returns is steady across 5 years. I might consider to put my money in bond and some in equity fund (ratio to be decided). While market goes down, I might consider to reinvest in equity fund to bring down my cost per unit, else, I have no extra money, I feel peace of mind since bond still appreciate over the recession. However, invest in funds may involve risks, it is depends investor's risk profile.
Go for Gold now?
Graph: 36 year gold price history in US Dollars per ounce.^It is a time to re-think this question -- is gold an investment instrument to hedge against the inflation? Let take a look at the gold price in the past 36 years.
Investing in gold will take time. Depending how long you can wait :)
 |
Market Tips: Gold Could Rally to $1,150 by Year-End
STOCK MARKET, INVESTMENT STRATEGY, ECONOMY, GOLD, CURRENCIES, INITIAL PUBLIC OFFERINGS
CNBC.com
| 21 Sep 2009 | 06:15 AM ET
The price of gold continued to give back some of its recent gains Monday and slipped below the psychologically important $1,000 level to its lowest price in almost a week.
One analyst told CNBC that the setback in gold would only be temporary and the precious metal could hit $1,150 per troy ounce by the end of the year.
Gold Could Hit $1,150
Akhi Kamkolkar, head of futures at Halifax Investment Services told CNBC that his year-end target for gold is between $1,100 and $1,150.
Markets Remain Volatile
Andrew Freris, senior investment strategist for Asia at BNP Paribas Wealth Management, saysmarkets remain volatile and he will overweight Asian equities when the time is right.
Markets May Correct in Fourth Quarter
Markets could surprise to the downside in the fourth quarter, cautions Paul Ramscar, director, wealth management at Financial Partners. He tells CNBC what could trigger this correction.
Where Next for the Yen & Australian Dollar?
Discussing where the yen and Aussie dollar are headed following their recent rise against the dollar, with Ray Attrill, global head of research at Forecast Australia.
Indian Rupee Seen Strengthening
The Indian rupee could strengthen against the dollar in the medium term, predicts Andrew Freris, senior investment strategist, Asia at BNP Paribas Wealth Mgmt. He tells CNBC why.
Will New IPOs Hurt the Chinese Market?
Discussing the reasons why the Chinese authorities decided to reopen the IPO pipeline and its impact on the market, with Andrew Freris, senior investment strategist, Asia at BNP Paribas Wealth Mgmt.
Assessing China's IPO Pipeline
Andrew Freris, senior investment strategist, Asia at BNP Paribas Wealth Mgmt outlines thethree reasons why the recent IPOs in China were huge state-owned companies, and not private ones.
Appetite for IPOs in China
IPO demand in China is still relatively strong, notes John Tang, China strategist at UBS Investment Bank, after Metallurgical Corp of China surged as much as 35 percent in its Shanghai debut Monday.
© 2009 CNBC.com
URL: http://www.cnbc.com/id/32949360/
Monday, September 21, 2009
Global wealth yet to recover, time to invest.
| Global wealth won't recover to 2007 levels until 2013 | | | |
| Written by Bloomberg |
| Friday, 18 September 2009 11:23 |
 |
| NEW YORK: Europe replaced North America as the world’s richest region last year as measured by assets under management, a survey by the Boston Consulting Group said. North America, defined as the US and Canada, had US$29.3 trillion (RM102.3 trillion) in assets under management, compared with US$32.7 trillion in Europe in 2008, according to the survey released Tuesday by the Boston-based firm. The US remains the wealthiest country at US$27.1 trillion and has the highest number of millionaires — almost four million. Japan’s global wealth is No 2 with US$13.5 trillion and more than one million millionaire households. Global wealth dropped for the first time since the survey started in 2001 as assets under management decreased 11.7% to US$92.4 trillion last year from US$104.7 trillion a year earlier. The credit crisis sent stock indexes to their worst annual losses since the Great Depression and slashed the value of real-estate holdings, hedge-fund and private-equity investments in 2008. The Standard & Poor’s 500 Index dropped 38% last year, the steepest annual decline since 1937. “For the last few years, the industry was blessed with very substantial growth, markets kept rising and people kept getting richer and pumping more money to wealth managers,” said Monish Kumar, a partner and managing director in the firm’s New York office. “That era came to a crashing halt in 2008.” The biggest drop occurred in North America, where wealth plunged 22%, according to the survey. The second-biggest decline was in Japan, where wealth fell almost 8% in local currencies. Latin America, defined by the survey as Mexico, South America and Central America, was the only region where wealth grew, by 3%. Wealth is expected to begin a “slow recovery” in 2010, according to the survey. Assets under management will grow at an average annual rate of 3.8% from the end of 2008 through 2013 to US$111.5 trillion. “We believe wealth will come back, but we remain conservative,” said Peter Damisch, a partner and managing director in Boston Consulting Group’s Zurich office. “Before 2013, we won’t get back to 2007 levels.” The number of millionaire households globally fell to nine million from 11 million, with North America and Europe both experiencing decreases in the number of millionaire households by 22%, according to the report. The results are similar to a survey released in June by Capgemini SA and Merrill Lynch Singapore has the highest concentration of millionaires with 8.5% of the nation’s households having more than US$1 million in assets under management, the report said. — Bloomberg Source: http://www.theedgemalaysia.com/index.php?option=com_content&task=view&id=149718&Itemid=85 |
Price history of Public Islamic Dividend Fund from January 2009 to August 2009
As of 18/09/2009:Average price: RM 0.2816*
Lowest price: RM 0.2268*
Highest price: RM 0.3765*
Current market price: RM 0.2987
*Based on date from 14/02/2006 to 18/09/2009.
Price history of Public Islamic Select Bond Fund from January 2009 to August 2009
As of 18/09/2009:
Average price: RM 1.0190*
Lowest price: RM 0.9887*
Highest price: RM 1.0576*
Current market price: RM 1.0403
*Based on date from 10/07/2007 to 18/09/2009.
Publish Post
Funds from Public Mutual that allowed to invest using KWSP
As at 21/09/2009, these funds from Public Mutual Berhad, as listed below are allow to use to invest using KWSP.
Public Islamic Balanced Fund
Public Islamic Dividend Fund
Public Islamic Equity Fund
Public Islamic Income Fund
Public Islamic Money Market Fund
Public Islamic Optimal Growth Fund
Public Islamic Sector Select Fund
Public Islamic Select Enterprises Fund
Public Islamic Select Treasures Fund
Public Money Market Fund
Public Regular Savings Fund
Public Sector Select Fund
Public Select Bond Fund
PB Cash Management Fund
PB Islamic Bond Fund
PB Islamic Equity Fund
Price history of Public Islamic Optimal Growth Fund from January 2009 to August 2009
As of 18/09/2009:Average price: RM 0.2162*
Lowest price: RM 0.1836*
Highest price: RM 0.2519*
Current market price: RM 0.2457
*Based on date from 08/04/2008 to 18/09/2009.
Price history of Public Small Cap Fund from January 2009 to August 2009
As of 17/09/2009:Average price: RM 0.5996*
Lowest price: RM 0.4200*
Highest price: RM 0.9367*
Current market price: RM 0.6815
*Based on date from 13/06/2000 to 17/09/2009.
Price history of Public Far-East Property & Resort Fund from January 2009 to August 2009
As of 17/09/2009:Average price: RM 0.1901*
Lowest price: RM 0.1034*
Highest price: RM 0.2661*
Current market price: RM 0.2292
*Based on date from 10/07/2007 to 17/09/2009.
Sunday, September 20, 2009
Distribution history (Jan-2009 to Aug-2009)
Table: Distribution from the respective fiscal year from Jan-2009 to Aug-2009.
Source: http://www.publicmutual.com.my
Price history of Public China Select Fund from January 2009 to August 2009
As of 17/09/2009:Average price: RM 0.1942*
Lowest price: RM 0.1102*
Highest price: RM 0.2979*
Current market price: RM 0.1981
*Based on date from 05/06/1997 to 17/09/2009.
Price history of Public ITTIKAL Fund from January 2009 to August 2009
As of 17/09/2009:Average price: RM 0.8411*
Lowest price: RM 0.5800*
Highest price: RM 1.31*
Current market price: RM 0.8768
*Based on date from 10/04/1997 to 17/09/2009.
Price history of Public Index Fund from January 2009 to August 2009
As of 18/09/2009:
Average price: RM 0.8797*
Lowest price: RM 0.4549*
Highest price: RM 1.59*
Current market price: RM 0.6659
*Based on date from 02/03/1992 to 18/09/2009.
Price history of Public Islamic Equity Fund from January 2009 to August 2009
As of 18/09/2009:Average price: RM 0.3053*
Lowest price: RM 0.2342*
Highest price: RM 0.4248*
Current market price: RM 0.3049
*Based on date from 28/05/2003 to 18/09/2009.
Price history of Public Regular Savings Fund from January 2009 to August 2009
As of 18/09/2009:
Average price: RM 0.7192*
Lowest price: RM 0.3909*
Highest price: RM 1.31*
Current market price: RM 0.5409
*Based on date from 25/04/1994 to 18/09/2009.
政府管理的基金怎么了？
国民企业贷款独肥大财主
百亿国民股权或步其后尘
【本刊梁志华撰述】一批以马来土著为主的特许经营加盟业者（Franchisee）在周二踢爆，由政府投资臂膀之一的国民企业有限公司（Perbadanan Nasional Berhad，PNS）一手扶持的特许经营计划，只顾发放贷款，不理经营者是否具备条件与能力，也不管成果。这不仅无法创造出更多的土著企业家，反而导致这些涉及人士陷入严重的财务危机，甚至徘徊在破产的边缘。
上述事件发生在Marrybrown、Jukebox、Watershop、VV Shop、Camps Apparel等特许经营连锁店的土著加盟业者身上。约30名业者透过马来西亚回教徒消费者协会（Muslim Consumers Association of Malaysia）召开记者会，揭发国民企业有限公司在扶持土著企业家策略上的失败。 借贷者多是大学毕业生 据了解，国民企业有限公司通过低息（4%）贷款，协助有意加盟该公司旗下特许经营计划内的土著，开创本身的特许经营事业。但是，国民企业有限公司发放贷款时，并没有进行筛选，也不理经营者是否具备条件与能力。当时这批获得资助的人士，绝大部分非常年轻，包括刚踏出大学大门的毕业生，根本没有经商经验。
这些受害人士甚至呼吁国民企业有限公司停止出资支持特许经营计划，因为这套模式并未能让特许经营加盟业者受惠，创造所谓的“土著企业家”，最终只是养肥了那些特许经营持有人。 脱胎自新经济政策 这类土著扶持政策在马来西亚屡见不鲜。由马来西亚第二任首相敦拉萨亲自操刀的新经济政策（NEP），自1970年代开始启动以来，一直致力于通过消除贫穷与重组社会两大目标，来提高土著的经济地位，并扩大土著中产阶层，以收窄土著与非土著之间的财富鸿沟。在这当中，最具争议性的政策，包括30%的土著股权固打制。 到了第四任首相马哈迪手中，新经济政策被发挥的淋漓尽致，除了以“提拔土著精英，代为保管广大土著财富”的政策，扶持了不少身家上亿的土著企业家之外，还通过许多政府资源与管道，让土著在经济资源上占尽优势，大量创造土著企业家。 然而，推行了近39年的新经济政策概念（虽然新经济政策在1990年结束，不过，其精髓却继续在国家发展政策（NDP）等经济规划大蓝图中延续），却形成了一股“拐杖文化”，以及“阿里巴巴（Ali Baba）的商业文化”，让土著扶持政策根深蒂固地烙印在马来人的思维中，成了马来西亚独有的社会经济文化。 纳吉经济重整产物
其中一个焦点，是宣布成立一个总值110亿元的国有私募基金——国民股权公司（EKUINAS），“以更宏观的角度，来协助栽培私人企业界的土著精英”。 据了解，成立EKUINAS,是为了确保土著获得平等的机会，并能够持续参与经济活动,以及“机构化”土著股权。 EKUINAS行政总裁阿都拉曼阿末说，投资目标主要锁定在处于成长阶段的公司（非上市公司）,一般拥有强劲的营运及净利记录,并正探索下一阶段的发展方向,平均投资规模约为5000万元,投资期限介于三至五年。 EKUINAS将以直接或“外包”两种方式来进行投资。直接投资方面，EKUINAS将会鉴定属意的企业，买下所有股权，并持有控制权的方式进行。所涉及的投资数额庞大,一般超过5000万至7500万元,而且会为有关公司注入专业的经理协助管理，观察时间也较长。 至于外包则是交由私人股权投资机构负责投资，主要专注在特定的领域，投资数额至少为20%,并会积极在营运方面给予协助,包括扩大客户类型、重组现有贷款、取得监管批准等。同时, EKUINAS也会派出企业家、专业管理团队给予协助,并视情况扩大持股权。 当然，政府所推出的土著扶持政策在策划阶段都是完美无瑕的，看起来完全行得通。但是，来到执行阶段时，往往就会出乱子。国民企业有限公司的特许经营计划就是最好的例子。从这个事件上，我们看到了官联投资机构的一些通病——欠缺透明的黑箱作业，缺乏良好治理（Good Governance），道德问题（Moral Hazard），资讯不对称（Asymmetric information），盲目执行扶持政策等。 官家通病一一浮现 这些通病都可能会发生在EKUINAS身上。实际上，EKUINAS还未开始运作，就已经犯了欠缺透明度（黑箱作业）的大忌。根据EKUINAS主席拉惹阿尔沙（Raja Arshad Uda）在上周五的一场媒体简报会中透露，该公司基于“竞争因素”，一些决策将会保密，同时也还未决定是否与何时定期公布投资资讯。 这意味着，EKUINAS不会完全公布该公司所有的投资决策，而且，所公布的细节内容的尺度也还没有定案。尽管EKUINAS将本身标签为私募基金，所以应当拥有一些隐私权。但是，不要忘了，并非普通的民间私募基金，其成立的首要任务，是“确保土著在经济领域的参与度与股权份额，并栽培私人企业界的土著精英”。在这当中涉及广大民众的利益，也概括政府的政策与政治议程。所以，一切资讯必须高度透明化。 如果任由EKUINAS自行选择，什么投资决策需要公布，而什么投资决策不能公布，那么，很难担保所有的投资策略都是“最明智的投资”，当中不会涉及一些拯救（Bail out）濒临倒闭或破产的土著企业。谁都不想这个机构最终变成另一个拯救马航（MAS）、玲珑集团（Renong）的政府代理公司。 其次，相对于国民企业有限公司以低息贷款扶持土著企业家的做法，EKUINAS直接把钱投入土著企业的投资模式，显然要冒更大的投资与违约风险。当中主要涉及缺乏良好治理、道德问题、资讯不对称等问题。 肥了特许经营持有人 至于国民企业有限公司，该机构提供4%的低息贷款给土著，作为加盟特许经营连锁店的资本。在这方面，参与计划的土著本身必须承担债务风险，在生意失败或无法瘫还贷款下，还可能需要面对破产的命运。 因此，这至少让参与的土著企业家承担起责任。即便国民企业有限公司可以无限期延长贷款，不断支援土著拯救面临亏损的业务，但是，土著企业家最终还是要为这个无底洞负责。 反观EKUINAS直接注资土著企业，这可能带来一个道德问题，那就是接受EKUINAS注资的土著企业，由于钱不是自己的，也没有债务上的负担责任，因此更容易导致舞弊事件的发生。 对土著企业家来说，公司运作根本无需担心，反正EKUINAS派驻所谓“专业经理”协助管理，有必要的话，甚至还会协助“扩大客户群，重组现有贷款，取得监管批准等”。至于钱方面更不是问题，钱不够用，EKUINAS自然会送上门。成功了，土著企业家坐享其成，分享成果；失败了，就让EKUINAS来收拾残局。这最终将沦变成企业治理的问题。 此外，如果EKUINAS派驻的代理人，并没有认真执行本身的任务，甚至与土著企业同流合污，提供不对称的资讯，榨取EKUINAS的资金，那最终还不就是沦为一场类似巴生港口自贸区的寻租游戏。 国民企业有限公司的课题，已经完全反映出这个现实。特许经营持有人就是借助这批陷入亏损困境的土著特许经营加盟业者为由，一方面不断要求国民企业有限公司延长对特许经营加盟业者的贷款，另一方面，则继续以高价供应货源给特许经营加盟业者，从中赚取巨额盈利，最终只是肥了特许经营持有人。这或许可以成为EKUINAS一个很好的借镜。 |
这个事件的确让人捏了一把冷汗。显然，政府投资机构在筛选与扶持企业时，没有认真把关，只是一味大撒金钱，希望快速创造大量土著企业家。这不禁让人联想到首相纳吉宣布成立总值110亿元的国有私募基金——国民股权公司（Ekuiti Nasional Berhad,简称EKUINAS），是否最终也将掉入同样的死胡同。
尽管在经营两三年后，这些业者不仅蒙受亏损，还拖欠特许经营权持有人（Franchisor）大笔债务，然而，国民企业有限公司还是不断延长或批发贷款给他们，最终导致他们债台高筑，陷入破产边缘，而受益的只有特许经营持有人。
第六任首相纳吉在今年四月上位以来，虽然致力于重整已经僵化的经济结构，包括废除所有上市公司、特定附属服务、金融机构（不包括商业银行）等之前被视为敏感领域的30%土著股权限制，并以便让经济转型为更高层次的知识型或高收入经济体，然而，纳吉在另一方面却又通过特殊管道，来延续土著保护政策。
Subscribe to:
Posts (Atom)
