Friday, November 30, 2007

Public Mutual Launches Its First China Islamic Fund

PublicMutual

Public Bank’s wholly-owned subsidiary, Public Mutual launches its first China Islamic fund, Public China Ittikal Fund today (Tuesday).

Public China Ittikal Fund (PCIF) will invest in the Greater China region which offers promising opportunities for medium- to long-term investors.

Public Mutual’s Chairman Tan Sri Dato’s Sri Dr. Teh Hong Piow said PCIF will capitalise on the solid growth prospects in Greater China.

In the past five years, equity markets in this region have enjoyed a sustained uptrend amidst the rebound in global economies and strong investor demand to participate in the growth prospects of the Greater China region. “China has emerged as a major growth engine for this region apart from the U.S with real Gross Domestic Product (GDP) growth sustained at a robust pace averaging 9.2% annually,” he added.

Tan Sri Teh continues to say that PCIF is designed to capture the vast opportunities of Greater China.

“The region which encompasses China, Hong Kong and Taiwan presents 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. Driven by strong domestic demand and robust tourist arrivals, Hong Kong’s GDP growth is set to expand at above 5% for 2007/2008.

Meanwhile, GDP growth for Taiwan is projected at above 4% for 2007/2008 amidst resilient investment spending and global demand for electronic products,” he said.

PCIF is an Islamic equity fund that seeks to achieve capital growth over the medium- to long-term period by investing in a portfolio of Shariah-compliant investments in the Greater China region and the balance in the domestic market.

The fund will invest a minimum of 70% of its net asset value (NAV) in the Greater China region namely in China, Hong Kong and Taiwan stocks. The equity exposure of PCIF will generally range from 75% to 90% of its NAV.

Tan Sri Teh added that PCIF is suitable for aggressive investors who can withstand extended periods of market highs and lows to achieve medium- to long-term capital growth for their investments.

The issue price / NAV of PCIF is at RM0.2500 per unit during the 21-day initial offer period of 20 November 2007 to 10 December 2007. During the offer period, a special promotional service charge of 5.45% of NAV per unit is extended to the purchase of units of PCIF by investors.

Investors who opt for Direct Debit Instruction with PCIF during the offer period will also enjoy the special promotional service charge of 5.45% of NAV per unit for as long as the Direct Debit is active. Terms and conditions apply. The minimum initial investment for the fund is RM1,000 and the minimum additional investment is RM100.

PCIF is distributed by Public Mutual’s unit trust consultants. Interested investors can contact any Public Mutual unit trust consultant or call its Customer Service Hotline at 03-6279 5252 for more details of the fund.

Public Mutual is the largest private unit trust company in Malaysia and it currently manages 53 funds for more than 1,350,000 accountholders. As at 31 October 2007, the total net asset value of the funds managed by the company was RM26.7 billion.

Disclaimer: Reading materials in this site are obtained from its respective website and it is for information purposes only. It is not Malaysia Unit Trusts - administrator view and it is not to be used against Malaysia Unit Trusts - administrator.