HWANGDBS Investment Management Bhd has declared an annual gross income distribution for its flagship fund - HwangDBS Select Opportunity Fund (SOF) at 10 sen per unit for the financial year ending July 31 2008.
This is the seventh distribution since its launch on September 7 2001, and final distribution for the financial period.
The fund, since its launch, has outperformed the KLCI by a total of 90.03 per cent and has distributed a total of 63 sen.
"Amid the falling market and slow economic growth locally and globally, HwangDBS Investment Management is pleased to be able to declare an income distribution for an equity fund such as SOF," chief executive officer and executive director Teng Chee Wai said in a statement.
Teng added that the second quarter of 2008 market outlook started off a better note as global equities generally rebounded strongly in April.
"However, sentiment remained fickle and equities consolidated over the subsequent months, wiping out almost all gains achieved in April, and proving that April's performance was merely a technical rebound from the lows recorded in March.
"Expectations are that politics will continue to dominate the local front and will weigh negatively on Malaysian equities until a clearer sign of stability is seen," he said.
HwangDBS Investment Management will continue to hold a defensive position with respect to the domestic equities and will retain a cash buffer to cushion the impact from any weakness seen in Malaysian equities, Teng added.
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