TheEdge
KUALA LUMPUR: Public Bank will launch its first Islamic regional sector fund, PB Islamic Asia Strategic Sector Fund tomorrow (Sept 6), which will invest in securities, mainly equities, in domestic and regional markets.
The fund will be managed by its unit, Public Mutual Bhd, and it will seek long-term capital appreciation and 50% to 90% of the fund’s net asset value (NAV) can be invested in markets.
Public Mutual chairman Tan Sri Teh Hong Piow said yesterday these markets included Japan, South Korea, China, Taiwan, Hong Kong, India, the Philippines, Indonesia, Singapore, Thailand, Australia, New Zealand and other approved markets
“The equity exposure of the fund will generally range from 75% to 90% of its NAV,” he said.
The fund would invest in three to six most promising market sectors, which include basic materials, communications, consumer (cyclical and non-cyclical), diversified, industrial and technology.
Teh said Public Mutual would adopt top-down approach to analyse factors such as macro economic outlook, business cycles income levels and demographic trends of various regional markets, and bottom-up approach to determine which industries and sectors would perform well based on the analysis.
The fund’s initial offer price is 25 sen per unit. The minimum initial investment is RM1,000 and the minimum additional investment is RM100. The offer period ends on Sept 26, 2007.
During the offer period, the promotional service charge is 5.45% of NAV per unit. Investors subscribing for direct debit instruction with the fund will also be charged 5.45% of NAV per unit for its services as long as it is active.
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