TheStar
KUALA LUMPUR: OSK-UOB Unit Trust Management Bhd, which unveiled its first fund of the year yesterday, is looking to launch seven more funds this year and is aiming for an 18% to 20% expansion in its total fund size.
Chief executive officer Ho Seng Yee said OSK-UOB hoped to launch more capital-protected funds in the first half of this year and gradually introduce equity-linked funds in the second half on expectations financial markets would rebound in the latter part of the year.
With a fund size of RM3.1bil under management now, Ho said the company hoped to grow its fund size to between RM3.6bil and RM3.7bil by year-end.
Its fund size shrank to RM3bil by the end of last year from RM3.9bil in early 2008.
“We are quite happy if we can achieve 18% to 20% growth in fund size by year-end,” Ho said after launching the OSK-UOB Capital Protected KLCI Advantage Fund, its first fund this year.
Although economists have estimated the country’s gross domestic product (GDP) growth at around 1% to 3%, Ho said he believed the financial markets would gradually recover in the second half or by the fourth quarter when the effects of worldwide stimulus packages kicked in.
“We hope to launch more capital-preserved and easier to understand funds, such as this one,” he said, referring to the OSK-UOB Capital Protected KLCI Advantage Fund.
“Investors who are familiar with KL Composite Index (KLCI) will find this (fund) close to their hearts and gradually regain their confidence.”
The OSK-UOB Capital Protected KLCI Advantage Fund is a two-year closed-end fund linked to the KLCI that offers investors protection of their capital.
“We expect the KLCI to stay within 850 to 950 points,” Ho said.
The fund’s principal strategy is to invest 90% to 97% of the capital raised in primarily a two-year zero coupon negotiable deposit instrument, and up to 10% in over-the-counter options issued on the KLCI, he said.
The options might yield a potential maximum return of 17% per annum, Ho said.
“Up to next year, we expect to see KLCI intermittently trending lethargically up and down. Hence this fund will offer investors opportunity to capitalise on the interplay of the upside potential and downside risks of the KLCI,” he said.
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.
Thursday, January 8, 2009
Wednesday, January 7, 2009
Fund managers cautious despite rally
TheStar
Many stay on sidelines while waiting for right time to invest
PETALING JAYA: The recent “mini” stock market rallies on rising crude palm oil (CPO) prices ushered in some much needed cheer in the new year, but fund managers have generally remained cautious.
Kurnia Insurans Malaysia Bhd chief investment officer Pankaj Kumar said it was likely that most fund managers and investment heads would channel their funds into several asset classes to reduce risk.
“They might be placing more of the funds in corporate bonds which are a safer bet, compared with investing in the stock market under the current global economic climate,” he told StarBiz yesterday.
A fund manager with a local bank said fund managers were waiting for more positive and consistent signals before investing in the stock market in a bigger way.
“The worst is likely not over and there is too much volatility in the market to make an assessment,” the fund manager said.
Areca Capital Sdn Bhd chief executive officer Danny Wong said most fund managers would likely wait until the release of fourth quarter financial results before deciding to invest.
“They want to see if the corporate results meet their expectations and also whether the general global economic conditions are conducive to invest more in the market,” he said.
Many fund managers were choosing to stay on the sidelines and waiting for the opportune time to invest, Wong added.
“When the investment climate is right, they will then not lose out on the opportunity to enter the stock market in a big way,” he said.
Meanwhile, Pankaj said the global economic downturn also presented opportunities for cash-rich institutions to buy into battered stocks that had strong fundamentals and a potential upswing in their share prices in the medium to longer term.
“Despite the downturn every economic crisis presents opportunities for those able to capitalise on the situation,” he said, adding that state agencies such as Employees Provident Fund (EPF) and Khazanah Nasional Bhd should consider investing in undervalued stocks, locally or abroad.
Pankaj said some of the stocks, especially those in the United States were worth looking at as their share prices had fallen significantly.
He said while the current downturn could not be compared with the Great Depression of the 1920s and 30s, the global economic crisis would undeniably impact stock markets around the world, including Bursa Malaysia.
“Malaysia’s economy and stock market are intrinsically link to the US economy,” Pankaj noted.
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.
Many stay on sidelines while waiting for right time to invest
PETALING JAYA: The recent “mini” stock market rallies on rising crude palm oil (CPO) prices ushered in some much needed cheer in the new year, but fund managers have generally remained cautious.
Kurnia Insurans Malaysia Bhd chief investment officer Pankaj Kumar said it was likely that most fund managers and investment heads would channel their funds into several asset classes to reduce risk.
“They might be placing more of the funds in corporate bonds which are a safer bet, compared with investing in the stock market under the current global economic climate,” he told StarBiz yesterday.
A fund manager with a local bank said fund managers were waiting for more positive and consistent signals before investing in the stock market in a bigger way.
“The worst is likely not over and there is too much volatility in the market to make an assessment,” the fund manager said.
Areca Capital Sdn Bhd chief executive officer Danny Wong said most fund managers would likely wait until the release of fourth quarter financial results before deciding to invest.
“They want to see if the corporate results meet their expectations and also whether the general global economic conditions are conducive to invest more in the market,” he said.
Many fund managers were choosing to stay on the sidelines and waiting for the opportune time to invest, Wong added.
“When the investment climate is right, they will then not lose out on the opportunity to enter the stock market in a big way,” he said.
Meanwhile, Pankaj said the global economic downturn also presented opportunities for cash-rich institutions to buy into battered stocks that had strong fundamentals and a potential upswing in their share prices in the medium to longer term.
“Despite the downturn every economic crisis presents opportunities for those able to capitalise on the situation,” he said, adding that state agencies such as Employees Provident Fund (EPF) and Khazanah Nasional Bhd should consider investing in undervalued stocks, locally or abroad.
Pankaj said some of the stocks, especially those in the United States were worth looking at as their share prices had fallen significantly.
He said while the current downturn could not be compared with the Great Depression of the 1920s and 30s, the global economic crisis would undeniably impact stock markets around the world, including Bursa Malaysia.
“Malaysia’s economy and stock market are intrinsically link to the US economy,” Pankaj noted.
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.
Tuesday, January 6, 2009
Public Mutual declares distributions for 3 funds
PublicMutual
Public Bank’s wholly-owned subsidiary, Public Mutual declares distributions for three of its funds. The total gross distributions declared are for financial year ended 31 December 2008:
Public Savings Fund - 7.50 sen
Public Focus Select Fund - 1.25 sen
Public Islamic Enhanced Bond Fund - 1.75 sen
Public Mutual’s Chairman Tan Sri Dato’ Sri Dr. Teh Hong Piow said Public Savings Fund which was launched in 1981, is our maiden fund. “Public Savings Fund aims to achieve long-term capital appreciation while at the same time producing a reasonable level of income,” he added.
Meanwhile, Public Focus Select Fund which was launched in 2004, aims to achieve capital growth through investments in medium-sized companies in term of market capitalisation from diversified economic sectors.
As for Public Islamic Enhanced Bond Fund, it was launched in 2006 with the aim of providing a combination of annual income and modest capital growth primarily through a portfolio allocation across Islamic debt securities and equities that comply with Shariah requirements.
Public Mutual is Malaysia’s largest private unit trust company with 67 funds under management. It has over 2,000,000 accountholders serviced by over 40,000 unit trust consultants. As at 28 November 2008, the total net asset value of the funds managed by the company was RM21.9 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.
Public Bank’s wholly-owned subsidiary, Public Mutual declares distributions for three of its funds. The total gross distributions declared are for financial year ended 31 December 2008:
Public Savings Fund - 7.50 sen
Public Focus Select Fund - 1.25 sen
Public Islamic Enhanced Bond Fund - 1.75 sen
Public Mutual’s Chairman Tan Sri Dato’ Sri Dr. Teh Hong Piow said Public Savings Fund which was launched in 1981, is our maiden fund. “Public Savings Fund aims to achieve long-term capital appreciation while at the same time producing a reasonable level of income,” he added.
Meanwhile, Public Focus Select Fund which was launched in 2004, aims to achieve capital growth through investments in medium-sized companies in term of market capitalisation from diversified economic sectors.
As for Public Islamic Enhanced Bond Fund, it was launched in 2006 with the aim of providing a combination of annual income and modest capital growth primarily through a portfolio allocation across Islamic debt securities and equities that comply with Shariah requirements.
Public Mutual is Malaysia’s largest private unit trust company with 67 funds under management. It has over 2,000,000 accountholders serviced by over 40,000 unit trust consultants. As at 28 November 2008, the total net asset value of the funds managed by the company was RM21.9 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.
Unit trust still a good bet for the long term
TheEdge
KUALA LUMPUR: The past 12 months has seen the erosion of wealth in virtually every type of non-fixed income investment, and unit trust funds have not been spared.
Despite offering a modicum of security compared to traditional equities owing to its large pool of investors and its diverse portfolio of investments, trust funds have nonetheless declined alongside market indices, albeit at a slower rate.
According to data from the Securities Commission, the total net asset value (NAV) in Malaysia dropped by more than 20% to RM135.87 billion in November from RM170.1 billion in January.
There is, however, an anomaly within the figure, namely the decline in the NAV of Islamic-based funds. Unlike conventional funds’ NAV, which plunged 22% to RM119.77 billion in November from RM153.7 billion in January, Islamic funds declined only 2% to RM16.11 billion from RM16.4 billion.
A fund manager noted that this could be due to the fact that Islamic funds were not traded intensively and tended to lag behind the movement of conventional funds.
Case in point is the fact that the total NAV of Islamic funds only peaked in June with an NAV of RM17.98 billion, up 10% from January before starting its downwards slide. By that time, conventional funds’ NAV had already started to shed value since its peak in January.
On the whole, September’s figure also marked the first time that the total NAV failed to show positive year-on-year growth in at least four years. Subsequently, total NAV for September shrank 4% compared to the same month in 2007.
According to Eric Wong, Hong Kong head of research for global fund analyst Thomson Reuters Lipper, the last 12 months has seen unprecedented movements in the fund industry for both Malaysia and the region.
“The year-to-date (January to November) average loss of all funds registered for sale in Malaysia is the largest (-23.10%) since its average loss for the entire year in 1997(-43.30%),” Wong said in an email reply to The Edge Financial Daily.
He added that a similar trend had been occurring in other major regional markets such as Thailand, Hong Kong, Taiwan, Singapore and China.
The silver lining for Malaysian investors, however, is that the Malaysian fund industry has incurred significantly smaller losses then that of most other Asian countries. This finding is not surprising as the Kuala Lumpur Stock Exchange has outperformed other countries in the region.
Wong believed there were other considerations as well.
“This may probably be attributed to the capital control imposed by the Malaysian government, rendering foreign investors less interested to invest in Malaysian equities and bonds,” Wong said. “Their relative low participation reduces the volatility of Malaysian equities and bonds.
“This, coupled with the majority of funds that are registered for sale in Malaysia, are invested in Malaysian equities and bonds, limits the average loss of Malaysian funds in comparison to those in other Asian countries.”
Responding to reports that a majority of equity funds in Malaysia had increased their portfolio allocation to cash or other liquid securities in Malaysia as a precaution against a continued slump in the market, Wong said some funds made the switch to cash in the third quarter.
However, there was no evidence that a majority of equity funds were doing so, he added.
Time to buy and what to buy?
With equities trading at historic lows, common wisdom suggests that now would be a good time to cherry pick for good stocks at cheap prices. By extension, this would mean that equity funds also would trade cheaply.
Nonetheless, Wong believed it was premature to conclude that equities were undervalued, saying it was likely that equities would continue their slide in 2009.
“The values of equities are basically determined by two components: interest rate and earnings growth. Low interest rates and expectation that central banks around the globe will continue to lower interest rates will continue to support equities,” he said.
“However, with reports showing the global economic environment is projected to deteriorate further in 2009, the downwards trend of corporate earnings growth is less likely to reverse in the coming quarters.
“Such a scenario means equities will still face significant downside risk on their valuation in 2009 and, hence, investors should not at this stage park their capital in equity funds.”
Wong added that the same was likely true for commodity funds, which were traditionally even more volatile than equity funds.
For investors who are concerned about preserving the value of their investments, Wong advised continued investment in bond-linked and money market funds, although yields had fallen to very low levels recently.
Should investors stay away from unit trusts?
No, said Robert Foo, financial planner and managing director of MyFP Services Sdn Bhd.
So long as investing for the long-term is concerned, investors shouldn’t concern themselves too much with the current state of the market, as markets will grow in the long term.
Unit trust funds, he added, were not “opportunistic investments” that would yield massive returns in the short-term. As a managed basket of investments, funds offer the benefit of professional management in exchange for more normalised returns on investments.
“When we talk to clients, we tell them that they have to look at it from a period of time of five years and above,” Foo said. “Our objective is to help our clients achieve their investment targets and this means rebalancing their portfolios depending on the condition of the market.”
Meanwhile, markets will rise and fall in the long-term, he said. What investors have to do is to rebalance their portfolios during both the peaks and the troughs. In that respect, it is essential for investors to establish investment goals that correspond with their tolerance for risk.
Foo said a disciplined approach would allow for greater returns in the long-term. His clients, he said, averaged between 7%-8% in returns although they had differing investment targets.
“When the market was way up, we also rebalanced our clients’ portfolios. We said, ‘Look, 60% return is absurd for a fund, so we need to rebalance,’ and we rebalanced our clients down,” he said.
As for asset classes of funds, Foo said the type of fund was not as important as the revenue model of the underlying investment and consistency in performance, although he said MyFP’s policy was to stay away from “theme-based funds” such as those localised in a specific region or commodity.
Foo also advised that investors refrain from going on a purchasing spree based on the “cheapness” of a stock or fund, as pricing was not a good indicator of the value of the share.
“At the end of the day, it’s not the price that determines the value of the stock — that kind of analysis is too simplistic. You have to look at the intrinsic value of the underlying equity to determine that,” Foo said.
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.
KUALA LUMPUR: The past 12 months has seen the erosion of wealth in virtually every type of non-fixed income investment, and unit trust funds have not been spared.
Despite offering a modicum of security compared to traditional equities owing to its large pool of investors and its diverse portfolio of investments, trust funds have nonetheless declined alongside market indices, albeit at a slower rate.
According to data from the Securities Commission, the total net asset value (NAV) in Malaysia dropped by more than 20% to RM135.87 billion in November from RM170.1 billion in January.
There is, however, an anomaly within the figure, namely the decline in the NAV of Islamic-based funds. Unlike conventional funds’ NAV, which plunged 22% to RM119.77 billion in November from RM153.7 billion in January, Islamic funds declined only 2% to RM16.11 billion from RM16.4 billion.A fund manager noted that this could be due to the fact that Islamic funds were not traded intensively and tended to lag behind the movement of conventional funds.
Case in point is the fact that the total NAV of Islamic funds only peaked in June with an NAV of RM17.98 billion, up 10% from January before starting its downwards slide. By that time, conventional funds’ NAV had already started to shed value since its peak in January.
On the whole, September’s figure also marked the first time that the total NAV failed to show positive year-on-year growth in at least four years. Subsequently, total NAV for September shrank 4% compared to the same month in 2007.According to Eric Wong, Hong Kong head of research for global fund analyst Thomson Reuters Lipper, the last 12 months has seen unprecedented movements in the fund industry for both Malaysia and the region.
“The year-to-date (January to November) average loss of all funds registered for sale in Malaysia is the largest (-23.10%) since its average loss for the entire year in 1997(-43.30%),” Wong said in an email reply to The Edge Financial Daily.
He added that a similar trend had been occurring in other major regional markets such as Thailand, Hong Kong, Taiwan, Singapore and China.
The silver lining for Malaysian investors, however, is that the Malaysian fund industry has incurred significantly smaller losses then that of most other Asian countries. This finding is not surprising as the Kuala Lumpur Stock Exchange has outperformed other countries in the region.
Wong believed there were other considerations as well.
“This may probably be attributed to the capital control imposed by the Malaysian government, rendering foreign investors less interested to invest in Malaysian equities and bonds,” Wong said. “Their relative low participation reduces the volatility of Malaysian equities and bonds.
“This, coupled with the majority of funds that are registered for sale in Malaysia, are invested in Malaysian equities and bonds, limits the average loss of Malaysian funds in comparison to those in other Asian countries.”
Responding to reports that a majority of equity funds in Malaysia had increased their portfolio allocation to cash or other liquid securities in Malaysia as a precaution against a continued slump in the market, Wong said some funds made the switch to cash in the third quarter.
However, there was no evidence that a majority of equity funds were doing so, he added.
Time to buy and what to buy?
With equities trading at historic lows, common wisdom suggests that now would be a good time to cherry pick for good stocks at cheap prices. By extension, this would mean that equity funds also would trade cheaply.
Nonetheless, Wong believed it was premature to conclude that equities were undervalued, saying it was likely that equities would continue their slide in 2009.
“The values of equities are basically determined by two components: interest rate and earnings growth. Low interest rates and expectation that central banks around the globe will continue to lower interest rates will continue to support equities,” he said.
“However, with reports showing the global economic environment is projected to deteriorate further in 2009, the downwards trend of corporate earnings growth is less likely to reverse in the coming quarters.
“Such a scenario means equities will still face significant downside risk on their valuation in 2009 and, hence, investors should not at this stage park their capital in equity funds.”
Wong added that the same was likely true for commodity funds, which were traditionally even more volatile than equity funds.
For investors who are concerned about preserving the value of their investments, Wong advised continued investment in bond-linked and money market funds, although yields had fallen to very low levels recently.
Should investors stay away from unit trusts?
No, said Robert Foo, financial planner and managing director of MyFP Services Sdn Bhd.
So long as investing for the long-term is concerned, investors shouldn’t concern themselves too much with the current state of the market, as markets will grow in the long term.
Unit trust funds, he added, were not “opportunistic investments” that would yield massive returns in the short-term. As a managed basket of investments, funds offer the benefit of professional management in exchange for more normalised returns on investments.
“When we talk to clients, we tell them that they have to look at it from a period of time of five years and above,” Foo said. “Our objective is to help our clients achieve their investment targets and this means rebalancing their portfolios depending on the condition of the market.”
Meanwhile, markets will rise and fall in the long-term, he said. What investors have to do is to rebalance their portfolios during both the peaks and the troughs. In that respect, it is essential for investors to establish investment goals that correspond with their tolerance for risk.
Foo said a disciplined approach would allow for greater returns in the long-term. His clients, he said, averaged between 7%-8% in returns although they had differing investment targets.
“When the market was way up, we also rebalanced our clients’ portfolios. We said, ‘Look, 60% return is absurd for a fund, so we need to rebalance,’ and we rebalanced our clients down,” he said.
As for asset classes of funds, Foo said the type of fund was not as important as the revenue model of the underlying investment and consistency in performance, although he said MyFP’s policy was to stay away from “theme-based funds” such as those localised in a specific region or commodity.
Foo also advised that investors refrain from going on a purchasing spree based on the “cheapness” of a stock or fund, as pricing was not a good indicator of the value of the share.
“At the end of the day, it’s not the price that determines the value of the stock — that kind of analysis is too simplistic. You have to look at the intrinsic value of the underlying equity to determine that,” Foo said.
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.
AmInvestment Bank eyes RM100mil with new fund
TheStar
KUALA LUMPUR: AmInvestment Bank Bhd aims to attract RM100mil for its latest syariah-based capital protected fund – AmStaples – by Jan 30.
The fund has yielded RM15mil in take-up rates since its soft launch on Dec 17.
AmStaples provides a contracted fixed income with a minimum 6% return in the first 12 months and 2% at maturity, which is 33 months.
At least 95% of the net asset value of the fund would be invested in 33-month tenured certificates denominated in Australian dollars and 5% in commodities such as corn and soybean as well as stocks such as Kraft Foods Inc and Nestle SA.
The fund is also exposed to the performance of the Australian dollar against the ringgit.
“The Australian dollar is expected to appreciate over the medium to long term since Australia, a major commodity producer, will benefit when demand for commodities pick up in line with the global recovery,” said chief executive officer Datin Maznah Mahbob after the fund launch.
Maznah said that globally, the outlook for the food and agri-business industry remained positive, driven by high demand for food and biofuel.
“Demand for staple foods is unlikely to drop despite the unfavourable economic conditions.
“It is one of the investment opportunities during recessions because such assets are expected to remain resilient during this period,” she said.
AmInvestment retail funds director (funds management) Ng Chze How was confident of a good take-up rate for the fund, marketed under the group’s retail brand AmMutual.
Ng said most of AmMutual’s 43 unit trust funds had outperformed the market’s benchmark in 2008.
For AmStaples, he said a special incentive would be given to early investors.
“They will get a ‘headstart coupon’ of 15% returns. If the investment in the food staples (of AmStaples) remains flat at maturity, the investors will still get 15% return.
“But if the food staples move up by 5%, the investors will gain 20% return. If the investment drops by 10%, the investors’ return will still be positive at 5%,” he said.
As at Dec 31, the total assets under AmMutual management were valued at RM16bil.
Ng said that of the 43 funds managed by AmMutual, about 20 were based on fixed income, contributing 65% of the total fund size.
“In line with the group’s overall targets, the fund management division aims to double its business in terms of revenue and economic profit by March 31, 2011.
“This year, we plan to launch eight to 10 funds,” he said.
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.
KUALA LUMPUR: AmInvestment Bank Bhd aims to attract RM100mil for its latest syariah-based capital protected fund – AmStaples – by Jan 30.
The fund has yielded RM15mil in take-up rates since its soft launch on Dec 17.
AmStaples provides a contracted fixed income with a minimum 6% return in the first 12 months and 2% at maturity, which is 33 months.
At least 95% of the net asset value of the fund would be invested in 33-month tenured certificates denominated in Australian dollars and 5% in commodities such as corn and soybean as well as stocks such as Kraft Foods Inc and Nestle SA.
The fund is also exposed to the performance of the Australian dollar against the ringgit.
“The Australian dollar is expected to appreciate over the medium to long term since Australia, a major commodity producer, will benefit when demand for commodities pick up in line with the global recovery,” said chief executive officer Datin Maznah Mahbob after the fund launch.
Maznah said that globally, the outlook for the food and agri-business industry remained positive, driven by high demand for food and biofuel.
“Demand for staple foods is unlikely to drop despite the unfavourable economic conditions.
“It is one of the investment opportunities during recessions because such assets are expected to remain resilient during this period,” she said.
AmInvestment retail funds director (funds management) Ng Chze How was confident of a good take-up rate for the fund, marketed under the group’s retail brand AmMutual.
Ng said most of AmMutual’s 43 unit trust funds had outperformed the market’s benchmark in 2008.
For AmStaples, he said a special incentive would be given to early investors.
“They will get a ‘headstart coupon’ of 15% returns. If the investment in the food staples (of AmStaples) remains flat at maturity, the investors will still get 15% return.
“But if the food staples move up by 5%, the investors will gain 20% return. If the investment drops by 10%, the investors’ return will still be positive at 5%,” he said.
As at Dec 31, the total assets under AmMutual management were valued at RM16bil.
Ng said that of the 43 funds managed by AmMutual, about 20 were based on fixed income, contributing 65% of the total fund size.
“In line with the group’s overall targets, the fund management division aims to double its business in terms of revenue and economic profit by March 31, 2011.
“This year, we plan to launch eight to 10 funds,” he said.
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.
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