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AIA 2012 Philam Life VUL Report PH
AIA 2012 Philam Life VUL Report PH
REX A. MENDOZA
President and CEO
LOCAL MARKET
Equities Market
The PSEi started the year strong as market sentiment was upbeat
despite the ever-present headwinds from the global economy.
However, the mood was dampened because of renewed fears
regarding the possible impact of the persistent economic problems
of Greece to the Eurozones already anemic situation. Nonetheless,
PSEi closed 2012 at 5,813, a 33% gain for the year. Foreigners bought
USD1.95 billion in PH stocks (net) for the year. Average daily traded
value rose 38% to an unprecedented USD159 million from USD115
million in 2011.
2012 saw the addition of Petron and deletion of Cebu Pacific in
the index. 24 index members ended the year in the green while 7
declined. The index leading performers were Robinsons Land Corp.
(+83.63%), Universal Robina Corp. (+74.69%), Ayala Land Inc.
(+74.47%) and Bank of the Philippine Islands (+72.10%).
The market saw positioning in Construction/Cement and Media in
December, in light of expected ramp-ups in Public-Private Partnership
(PPP) spending and media coverage of the upcoming congressional
elections.
We see the Index targeting 7,370 by year-end, assuming that:
(1.) real GDP growth is at least 5.7% for the year, (2.) inflation
accelerates mildly, (3.) interest rates decline slightly from end-2012
levels, (4.) dividend payouts increase somewhat, and (5.) PHs risk
premium declines further as the country aligns with rating agencies
expectations.
Bond Market
Local interest rates continued to trend lower in 2012 as market
liquidity and positive sentiment lifted peso bond prices to record
highs. By managing its debt maturity profile, the Bureau of
Treasury (BTr) was able to achieve improved liquidity and pricing in
long-term peso bonds. The debut of 15-, 20- and 25-year Retail
Treasury Bonds (RTBs) in 2012 has given retail investors access
to long-term higher-yielding investment alternatives amid a low
interest rate environment. In February, the 15- and 20-year RTBs
were issued at coupon rates of 5.375% and 5.875%, respectively,
while the 25-year RTB was issued in November at a coupon rate of
6.125%. Amid overwhelming demand, the government was able to
raise PHP367.796 billion from both auctions.
With benign inflation and the BSPs reduction in its policy rates, more
investors were compelled to shift to government bonds. At the close
of the year, the short-, intermediate-, and long-term peso yields have
declined by an average of 111.21bps, 96.83bps and 76.80bps from
year ago levels, respectively. The 1-year benchmark yield ended the
year at 0.9885%, 5-year benchmark yield at 4.1058% and the 10-year
benchmark yield at 4.40%.
GLOBAL MARKETS
Philam Lifes variable life funds are managed by Philam Lifes team
of investment professionals who have 20 to 30 years of experience
and expertise in the field of fund management. As of December 31,
2012 total assets under management reached over PHP 13.3 billion,
excluding those of other Philam affiliates. Philam Life combines its
expertise with the strength of its senior management to manage
portfolios effectively in order to achieve favorable returns.
FUND MANAGERS
Financial Statement
As of December 31, 2012
ASSETS
Cash and cash equivalents
Financial assets at FVTPL*
Loans and receivables
Accrued income
Other Assets-net
LIABILITIES
Accounts payable and accrued expense
Other Liabilities-net
Philam Life
Fixed Income Fund
Philam Life
Equity Fund
Philam Life
Balanced Fund
265,480,108
1,631,687,832
289,675,556
32,463,180
524,958
2,366,527,708
4,858,805,467
6,614,651
18,445,463
677,769,837
2,271,169,775
154,657,778
4,864,254
112,229
2,219,831,633
7,250,393,289
3,108,573,873
3,574,511
7,429,652
73,543,383
21,443,978
23,727,006
7,483,277
11,004,163
94,987,361
31,210,283
2,208,827,471
7,155,405,928
3,077,363,590
PAMI Philam
Bond Fund
ASSETS
Financial assets at FVTPL*
1,593,789
24,836,216
3,045,559
1,593,789
24,836,216
3,045,559
ASSETS
Financial assets at FVTPL*
508,160,800
214,647,780
54,797,750
508,160,800
214,647,780
54,797,750
Financial Statement
As of December 31, 2012
STATEMENT OF ASSETS AND LIABILITIES
Philam Life
Dollar Bond Fund
ASSETS
Cash and cash equivalents
Financial assets at FVTPL*
Loans and receivables
Accrued income
Other Assets-net
LIABILITIES
Accounts payable and accrued expense
Other Liabilities-net
$7,981,950
65,880,162
991,979
749,946
$3,110,026
8,968,722
91,117
148,764
$75,604,037
$12,318,629
90,734
1,197,037
19,057
33,343
$1,287,771
$52,400
$74,316,266
$12,266,229
ASSETS
Financial assets at FVTPL*
$8,732,237
$4,617,585
$6,025,945
$8,732,237
$4,617,585
$6,025,945
ASSETS
Financial assets at FVTPL*
$3,954,935
$4,066,596
$9,561,683
$3,954,935
$4,066,596
$9,561,683
High-Water Mark
Fund 2019
The Philam Life Fixed Income Fund (PFIF) is a PHP-denominated investment fund
created for variable life insurance contracts issued by The Philippine American Life and
General Insurance Company (Philam Life). It is an investment option for the variable
life policyholder with a preference for investing in high-quality interest-bearing debt
instruments that present low to moderate levels of risk. The investment objective of
the Philam Life Fixed Income Fund is to provide stable income over the medium- to
long-term, and preserve capital by investing primarily in PHP - denominated
fixed-income securities issued by the government and reputable corporate issuers.
The Philam Life Equity Fund (PEF) is a PHP-denominated investment fund created for variable
life insurance contracts issued by The Philippine American Life and General Insurance
Company (Philam Life). This investment option is for the variable life policyholder with
an investment objective of capital appreciation over a long-term investment horizon, and
the risk appetite for the stock market. The investment objective of the Philam Life Equity
Fund is to achieve capital growth by investing in an efficient and diversified portfolio of
predominantly growth companies while including appropriate value stocks.
FUND PERFORMANCE*
2012 Return
2011 Return
2010 Return
2009 Return
2008 Return
2007 Return
2006 Return
2005 Return
3 Year Return (annualized as of Dec 31, 2012)
5 Year Return (annualized as of Dec 31, 2012)
Return since Inception (as of Dec 31, 2012)
7.37%
11.05%
10.46%
7.45%
-1.92%
1.11%
17.88%
16.04%
9.62%
6.78%
92.67%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
2,208,827,471**
1.9269**
8.59
13.64
5.58%
* NAV is net of 2% fund management charge, transaction costs, and audit fees.
** Based on Audited Financial Statement
FUND PERFORMANCE*
2012 Return
2011 Return
2010 Return
2009 Return
2008 Return
2007 Return
2006 Return
2005 Return
3 Year Return (annualized as of Dec 31, 2012)
5 Year Return (annualized as of Dec 31, 2012)
Return since Inception (as of Dec 31, 2012)
24.44%
0.31%
49.15%
41.47%
-36.97%
19.56%
40.97%
12.54%
23.02%
10.67%
218.31%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
7,155,405,928**
3.1834**
* NAV is net of 2% fund management charge, transaction costs, and audit fees.
** Based on Audited Financial Statement
32.75%
67.25%
11.91%
74.20%
13.89%
% of Portfolio
7/19/2031
10/24/1937
1/19/2022
10/20/2025
4/14/2019
2/15/2018
3/19/2022
1/19/2026
5/27/2030
2/20/2023
26.55%
16.17%
14.47%
4.09%
4.08%
3.26%
3.01%
2.39%
2.12%
1.90%
Issue
First Gen Corporation
JG Summit Holdings Inc
BDO Unibank Inc
Metro Pacific Investments Co
SM Investments Corporation
Phil Long Distance Tel Co
GT Capital Holdings Inc
DMCI Holdings Inc
Nickel Asia Corporation
Energy Development Corp
% of Portfolio
5.88%
5.43%
4.82%
4.54%
4.09%
3.70%
3.68%
2.69%
2.65%
2.48%
% of Portfolio
23.56%
14.87%
15.21%
4.82%
5.79%
2.68%
0.31%
100%
90%
80%
70%
60%
* Fund returns are calculated based on Net Asset Value per Unit
* Fund returns are calculated based on Net Asset Value per Unit
Dec-12
Oct-11
Aug-10
Jul-09
May-08
Mar-07
Jan-06
Dec-12
Oct-11
Aug-10
Jul-09
May-08
Mar-07
Jan-06
Nov-04
50%
40%
30%
20%
10%
0%
Nov-04
240%
220%
200%
180%
160%
140%
120%
100%
80%
60%
40%
20%
0%
The Philam Life Balanced Fund (PBAL) is a PHP-denominated investment fund created
for variable life insurance contracts issued by The Philippine American Life and General
Insurance Company (Philam Life). This investment option is for the variable life
policyholder with an investment objective of long-term capital appreciation by investing
primarily in PHP-denominated equities, equity-related securities and debt securities.
FUND PERFORMANCE*
2012 Return
2011 Return
2010 Return
2009 Return
2008 Return
3 Year Return (annualized as of Dec 31, 2012)
5 Year Return (annualized as of Dec 31, 2012)
Return since Inception (as of Dec 31, 2012)
23.90%
1.34%
41.93%
34.07%
-30.39%
21.24%
10.71%
68.09%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
3,077,363,590**
1.6809**
The Philam Life Dollar Bond Fund (PALDBF) is a USD-denominated investment fund
created for dollar variable life insurance contracts issued by The Philippine American Life
and General Insurance Company (Philam Life). The Philam Life Dollar Bond Fund is an
investment option for the dollar variable life policyholder with a preference for investing
in Philippine government and corporate fixed-income securities. The Fund aims to
provide income growth while maintaining moderate liquidity over the medium- to longterm investment horizon.
FUND PERFORMANCE*
2012 Return
2011 Return
2010 Return
2009 Return
2008 Return
2007 Return
2006 Return
3 Year Return (annualized as of Dec 31, 2012)
5 Year Return (annualized as of Dec 31, 2012)
Return since Inception (as of Dec 31, 2012)
* NAV is net of 2% fund management charge, transaction costs, and audit fees.
** Based on Audited Financial Statement
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
21.81%
2.39%
4.97%
70.83%
% of Portfolio
6.12%
4.93%
4.89%
3.91%
3.80%
3.50%
3.17%
3.14%
2.83%
2.79%
% of Portfolio
2.46%
1.36%
1.06%
0.97%
0.48%
0.39%
0.29%
0.19%
0.16%
74,316,266**
2.0352**
7.87
11.39
2.55%
* NAV is net of 2% fund management charge, transaction costs, and audit fees.
** Based on Audited Financial Statement
10.81%
86.52%
2.67%
6/17/2019
1/14/2031
2/2/2030
1/13/2037
1/20/2020
3/30/2026
1/15/2021
10/23/2034
3/16/2025
% of Portfolio
18.65%
11.79%
9.95%
9.84%
9.67%
8.55%
6.09%
5.69%
2.98%
100%
80%
65%
55%
45%
35%
25%
15%
5%
-5%
-15%
-25%
-35%
10.14%
6.60%
9.55%
15.29%
-2.43%
5.53%
17.43%
8.75%
7.67%
103.40%
60%
40%
20%
* Fund returns are calculated based on Net Asset Value per Unit
Dec-12
May-12
Sep-12
Sep-11
Jan-12
May-11
Sep-10
Jan-11
Jan-10
May-10
Sep-09
Jan-09
May-09
May-08
Sep-08
Sep-07
Jan-08
May-07
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jun-11
Dec-11
Jun-12
Dec-12
0%
* Fund returns are calculated based on Net Asset Value per Unit
The Philam Life Global Bond Fund (PALGBF) is a USD-denominated investment fund
created specifically for dollar variable life insurance contracts issued by The Philippine
American Life and General Insurance Company (Philam Life). The Philam Life Global Bond
Fund is an investment option for the dollar variable life policyholder with a preference
for investing in high-quality, investment-grade fixed-income securities with low to
moderate levels of risk over a medium- to long-term investment horizon. The Fund aims
to preserve capital and provide stable income growth over the medium- to long-term.
The PAMI Philam Bond Fund is a PHP-denominated single asset fund invested in Philam
Asset Management Inc.s PAMI Bond Fund (PBF). PBF is an open-end mutual fund with
a portfolio composed of government securities and high-grade commercial papers. The
investment focus of the fund is capital preservation. It is a first rate-pick for programmed
capital build-up that can be used for retirement, education, incentive programs, and
other individual or corporate financial purposes.
FUND PERFORMANCE*
Return since Inception (as of Dec 31, 2012)
FUND PERFORMANCE*
2012 Return
2011 Return
2010 Return
2009 Return
2008 Return
2007 Return
2006 Return
3 Year Return (annualized as of Dec 31, 2012)
5 Year Return (annualized as of Dec 31, 2012)
Return since Inception (as of Dec 31, 2012)
11.70%
2.81%
6.33%
9.08%
-4.96%
3.49%
11.20%
6.88%
4.83%
55.04%
1,593,789**
3.7202**
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
12,266,229**
1.5504**
4.85
7.76
2.36%
* NAV is net of 2% fund management charge, transaction costs, and audit fees.
** Based on Audited Financial Statement
4.60%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
Maturity
% of Portfolio
7/19/2031
2/1/2032
10/20/2021
12/16/2035
10/24/2037
4/28/2021
12/16/2020
11/24/2021
8/21/2021
9/29/2036
12.45%
12.36%
10.82%
9.77%
9.23%
6.23%
4.82%
4.81%
4.35%
4.02%
25.75%
74.25%
60%
4%
3%
2%
1%
0%
* Fund returns are calculated based on Net Asset Value per Unit
50%
40%
30%
20%
10%
* Fund returns are calculated based on Net Asset Value per Unit
Dec-12
Dec-11
Jun-12
Jan-11
Jun-11
Jul-09
Jan-10
Jul-10
Jan-09
Jul-07
Jan-08
Jul-08
Jan-07
Jul-05
Jan-06
Jul-06
0%
Dec-12
-1%
Nov-12
5%
Oct-12
% of Portfolio
4.59%
2.83%
2.80%
2.63%
2.22%
2.12%
2.02%
1.93%
1.91%
1.84%
Sep-12
Maturity
2/14/2012
5/17/2042
11/1/2025
12/29/2049
1/20/2042
4/28/2041
4/9/2021
4/11/2022
5/2/2042
1/13/2022
Aug-12
The PAMI Philam Strategic Growth Fund is a PHP-denominated single asset fund invested
in Philam Asset Management Inc.s PAMI Strategic Growth Fund (PSGF). It is a long-term
investment that gives superior capital growth through a professionally managed stock
portfolio. PSGF is an equity fund invested in listed or soon to be listed issues in the
Philippine Stock Exchange. It is the ideal fund for people who are after capital growth
but do not have the expertise or the resources to develop and manage a highly diversified
equity portfolio.
The PAMI Philam Fund is a PHP-denominated single asset fund invested in Philam Asset
Management Inc.s PAMI Fund (PFI). It is a balanced fund that provides its shareholders
access to the stock market while tempering the markets volatility with a steady stream
of interest income. The funds portfolio is a healthy balance between blue chip stocks and
fixed income instruments. It is an ideal vehicle for moderate investors who want to avail
of the profit opportunities of the stock market but are not totally comfortable with the
risks involved in equity investments.
FUND PERFORMANCE*
FUND PERFORMANCE*
Return since Inception (as of Dec 31, 2012)
3.68%
1.44%
24,836,216**
501.6100**
3,045,559**
16.2122**
COMMON STOCKS
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
COMMON STOCKS
Issue
% of Portfolio
7.05%
5.49%
4.60%
4.43%
3.96%
3.82%
3.79%
3.76%
3.63%
3.43%
Issue
% of Portfolio
8.85%
6.73%
6.26%
5.75%
4.83%
4.82%
4.76%
4.59%
4.30%
4.16%
* Fund returns are calculated based on Net Asset Value per Unit
Dec-12
Nov-12
Sep-12
Aug-12
-4%
Maturity
% of Portfolio
10/24/2037
9/4/2016
1/4/2018
12/16/2020
2/18/2020
3/31/2017
8/19/2017
2/15/2018
1/27/2016
3.13%
1.14%
0.98%
0.95%
0.94%
0.87%
0.87%
0.59%
0.43%
* Fund returns are calculated based on Net Asset Value per Unit
Dec-12
-2%
Sep-12
0%
Aug-12
2%
Nov-12
4%
The Philam Life High-Water Mark (HWM) Fund 2019 is a USD-denominated single-asset
fund that locks in the highest NAVPU of the fund at maturity. The fund is invested in a
10-year structured note issued by Barclays Bank PLC, which is exposed to various asset
classes and markets, such as global and emerging market equities and bonds. On a daily
basis, the note allocates its exposure between risky and risk-free assets to maximize
returns while ensuring that the highest NAVPU is protected at maturity.
FUND PERFORMANCE*
2012 Return
2011 Return
2010 Return
3 Year Return (annualized as of Dec 31, 2012)
Return since Inception (as of Dec 31, 2012)
5.06%
2.59%
1.96%
3.19%
27.33%
FUND PERFORMANCE*
2012 Return
2011 Return
2010 Return
2009 Return
3 Year Return (annualized as of Dec 31, 2012)
Return since Inception (as of Dec 31, 2012)
-1.28%
3.95%
5.47%
-3.34%
2.67%
2.65%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
9,561,683**
1.2733**
6.37
8,732,237**
1.0265**
3.42
15%
Peak Return at 28.17% on 12/07/2012
30%
5%
25%
20%
-5%
15%
10%
* Fund returns are calculated based on Net Asset Value per Unit
* Fund returns are calculated based on Net Asset Value per Unit
Dec-12
Jun-12
Dec-11
Jun-11
Dec-10
Jun-10
Dec-09
Jun-09
Dec-08
Dec-12
Aug-12
Apr-12
Nov-11
Jul-11
Mar-11
Nov-10
Jun-10
Feb-10
Oct-09
May-09
0%
Jun-08
-15%
5%
-0.84%
2.89%
5.67%
-1.64%
2.54%
4.16%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
4,617,585**
1.0416**
3.54
The Philam Life Principa l- Protected Emerging Markets Fund is a USD - denominated
single-asset fund invested in an index-linked structured note issued by Allegro
Investment Corp SA. Allegro Investment Corp SA is a special purpose limited liability
company, whose notes are guaranteed by Citigroup Inc. The structured note provides
100% principal protection at maturity and a participation in the performance of Standard
and Poors BRIC (Brazil Russia India China) 40 and MSCI Emerging Market ExchangeTraded Fund (EEM ETF).
FUND PERFORMANCE*
2012 Return
2011 Return
2010 Return
2009 Return
3 Year Return (annualized as of Dec 31, 2012)
Return since Inception (as of Dec 31, 2012)
5.53%
-3.33%
7.59%
7.65%
3.15%
2.99%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
6,025,945**
1.0299**
0.71
15%
10%
-5%
0%
Jul-12
Dec-12
Feb-12
Aug-11
Oct-10
Mar-11
May-10
Nov-09
Jan-09
Jun-09
Jul-08
-15%
-10%
* Fund returns are calculated based on Net Asset Value per Unit
* Fund returns are calculated based on Net Asset Value per Unit
Jul-12
Dec-12
Oct-11
Mar-12
Jan-11
Jun-11
Aug-10
Apr-10
Jul-09
Nov-09
Feb-09
Sep-08
-20%
The Philam Life Asias Best Fund is a USD-denominated single-asset fund invested in a
structured note issued by Citigroup Funding Inc. The structured note protects at least
80% of the principal at maturity and provides a participation in the performance of the
Hang Seng China Enterprises Index (HSCEI Index) and Indias equity index (NIFTY Index).
The Philam Life Asias Best Fund is a USD-denominated single-asset fund invested in a
structured note issued by Citigroup Funding Inc. The structured note protects at least
80% of the principal at maturity and provides a participation in the performance of the
Hang Seng China Enterprises Index (HSCEI Index) and Indias equity index (NIFTY Index).
FUND PERFORMANCE*
FUND PERFORMANCE*
2012 Return
Return since Inception (as of Dec 31, 2012)
15.17%
-6.17%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
2012 Return
Return since Inception (as of Dec 31, 2012)
13.38%
5.08%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
3,954,935**
0.9383**
4.53
4,066,596**
1.0508**
4.92
0%
15%
5%
-10%
-5%
Dec-12
Oct-12
* Fund returns are calculated based on Net Asset Value per Unit
Nov-12
Sep-12
Jul-12
Aug-12
Jun-12
Apr-12
May-12
Mar-12
Feb-12
Dec-11
Dec-12
Oct-12
Sep-12
Jul-12
May-12
Apr-12
Feb-12
Dec-11
Nov-11
Jul-11
Sep-11
* Fund returns are calculated based on Net Asset Value per Unit
Jan-12
-15%
-20%
The Philam Life Growth Invest Fund is a PHP-denominated single-asset fund invested in
a structured note issued by ING Bank NV. The structured note protects at least 80% of the
principal at maturity and provides a participation in the performance of four
exchange-traded funds related to commodity-related equities and Chinese equities,
namely 1.) Market Vectors Agribusiness ETF (MOO US Equity), 2.) Energy Select Sector
SPDR Fund (XLE US), 3.) iShares FTSE/Xinhua A50 China Index ETF (2823 HK Equity), and
4.) Market Vectors Gold Miners ETF (GDX US Equity).
The Philam Life Growth Invest Fund is a PHP-denominated single-asset fund invested in
a structured note issued by ING Bank NV. The structured note protects at least 80% of the
principal at maturity and provides a participation in the performance of four
exchange-traded funds related to commodity-related equities and Chinese equities,
namely 1.) Market Vectors Agribusiness ETF (MOO US Equity), 2.) Energy Select Sector
SPDR Fund (XLE US), 3.) iShares FTSE/Xinhua A50 China Index ETF (2823 HK Equity), and
4.) Market Vectors Gold Miners ETF (GDX US Equity).
FUND PERFORMANCE*
FUND PERFORMANCE*
2012 Return
Return since Inception (as of Dec 31, 2012)
1.92%
-11.90%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
-13.64%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
508,160,800**
0.8810**
4.75
214,647,780**
0.8636**
5.03
10%
0%
0%
-10%
-10%
Dec-12
Oct-12
* Fund returns are calculated based on Net Asset Value per Unit
Nov-12
Sep-12
Jul-12
Aug-12
Jun-12
Apr-12
May-12
Mar-12
Feb-12
Dec-12
Sep-12
Jun-12
Mar-12
Dec-11
Sep-11
* Fund returns are calculated based on Net Asset Value per Unit
Jan-12
-20%
-20%
The Philam Life Growth Invest Fund is a PHP-denominated single-asset fund invested in
a structured note issued by ING Bank NV. The structured note protects at least 80% of
the principal at maturity and provides a participation in the performance of four
exchange-traded funds related to commodity-related equities and Chinese equities,
namely 1.) Market Vectors Agribusiness ETF (MOO US Equity), 2.) Energy Select Sector
SPDR Fund (XLE US), 3.) iShares FTSE/Xinhua A50 China Index ETF (2823 HK Equity), and
4.) Market Vectors Gold Miners ETF (GDX US Equity).
FUND PERFORMANCE*
Return since Inception (as of Dec 31, 2012)
-9.50%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
54,797,750**
0.9050**
5.53
-5%
* Fund returns are calculated based on Net Asset Value per Unit
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
-15%
DISCLOSURE STATEMENT
Readership: This document is intended solely for the addressee(s). Its
content may be legally privileged and/or confidential. This materials is
only valid if distributed in the Philippines
Opinions: Any opinion expressed in this document may be subject to
change without notice. We are not soliciting or recommending any
action based on this material
Risk Warning: Past performance is not indicative of future results. Our
investment management services relate to a variety of investments,
each of which can fluctuate in value. The value of portfolios we manage
may fall as well as rise, and the investor may not get back the full amount
originally invested. The investment risks vary between different types
of instruments. For example, for investments involving exposure to a
currency other than that in which the portfolio is denominated, changes
in the rate of exchange may cause the value of investments, and
consequently the value of the portfolio, to go up or down. In the case of
a higher volatility portfolio the loss on realization or cancellation may
be very high (including total loss of investment), as the value of such an
investment may fall suddenly and substantially.
In making an investment decision, prospective investors must rely on
their own examination of the merits and risks involved.
Unless otherwise noted, all information contained herein is sourced
from Philam Life internal data.
The content included herein has been shared with various in-house
departments within the member companies of Philam Life, in the
ordinary course of completion. All Philam Life member companies
comply with the confidentiality requirements of their respective
jurisdictions. Parts of this presentation may be based on information
received from sources we consider reliable