TheEdge
KUALA LUMPUR: Public Mutual has increased the size of its recently launched Public China Ittikal Fund (PCIF), the first China Islamic fund, to five billion units on the back of robust demand.
The Public Bank-owned fund manager said it had sold RM1 billion worth of PCIF in the month following its launch on Nov 20, 2007.
“The fund received good response as this is the first China Islamic fund in the country that offers investors the opportunity to ride on the solid growth prospects of the Greater China region,” Public Mutual chief executive officer Yeoh Kim Hong said.
She said the Greater China region of China, Hong Kong and Taiwan presented significant growth opportunities. The Chinese economy is projected to grow steadily at 11.2% for 2007 and 10.6% for 2008, supported by resilient domestic consumption, investment and exports.
“China has emerged as a major growth engine for this region apart from the US with real gross domestic product (GDP) growth sustained at a robust pace averaging 9.2% annually. Hong Kong’s GDP growth is set to expand at above 5% for 2007/08, while GDP growth for Taiwan is projected at above 4% for 2007/08,” she added.
PCIF is an Islamic equity fund that seeks medium to long-term capital growth by investing in a portfolio of syariah-compliant investments in the Greater China region. The fund will invest a minimum of 70% of its net asset value (NAV) in China, Hong Kong and Taiwan stocks. It is distributed by Public Mutual’s unit trust consultants.
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