Contents

Fund Information 2

Fund Performance 2

Manager’s Report 5

Statement By Manager 9

Extracts Of Financial Statements 10

基金资讯 16

基金表现 16

经理报告 19

经理声明 22

财务报表摘录 23

Network Of Public Mutual Branch And Agency Offices /

大众信托基金分行及代理办事处 29

The full set of Interim Report is available upon request without charge.

全套的中期报告将随应要求而免费提供。

“随附在此报告内的中文版中期报告乃英文版之译本。若中英文
版之内容存有差异，概以英文版为准。”

Public Australia Equity Fund

(大众澳洲股票基金) (PAUEF) • 1
Fund Information Fund Performance
For the Financial Period Ended 31 January 2019

Fund Name Annual Total Return for the Financial Years Ended 31 July
Public Australia Equity Fund (PAUEF) Year 2018 2017 2016 2015 2014
PAUEF (%) -1.54 13.33 4.27 -4.09 17.14
Fund Category
The calculation of the above returns is based on computation methods of Lipper.
Equity
Notes:
Fund Investment Objective 1. Total return of the Fund is derived by this formulae:
To achieve capital growth over the medium to long-term period by investing
in the Australian market with the balance invested in the New Zealand and
domestic markets.
( End of Period FYCurrent Year NAV per unit
End of Period FYPrevious Year NAV per unit )
(Adjusted for unit split and distribution paid out for the period)
-1

Fund Performance Benchmark The above total return of the Fund was sourced from Lipper.
The benchmark of the Fund is the S&P/ASX 200 Index. 2. Average total return is derived by this formulae:

Fund Distribution Policy Total Return

Number of Years Under Review
Incidental
Past performance is not necessarily indicative of future performance and unit
prices and investment returns may go down, as well as up.
Breakdown of Unitholdings of PAUEF as at 31 January 2019
Size of holdings No. of % of No. of units Other Performance Data for the Past Three Financial Periods
unitholders unitholders held (million) Ended 31 January
5,000 and below 1,004 6.13 3 2019 2018 2017
5,001 to 10,000 1,829 11.16 13
10,001 to 50,000 7,355 44.89 190 Unit Prices (MYR)
50,001 to 500,000 5,988 36.54 739 Highest NAV per unit for the period 0.2668 0.2826 0.2858
500,001 and above 210 1.28 204 Lowest NAV per unit for the period 0.2280 0.2627 0.2437

Total 16,386 100.00 1,149 Net Asset Value (NAV) and Units in
Circulation (UIC) as at the End of
Note: Excluding Manager’s Stock. the Period
Total NAV (MYR’000) 281,909 325,069 278,811
Fund Performance UIC (in ’000) 1,148,854 1,182,864 996,528
NAV per unit (MYR) 0.2454 0.2748 0.2798
Average Total Return for the Following Years Ended Total Return for the Period (%) -6.96 -2.14 8.59
31 January 2019 Capital growth (%) -8.47 -3.41 7.57
Average Total Income (%) 1.65 1.32 0.95
Return of PAUEF (%) Management Expense Ratio (%) 1.73 1.70 1.65
1 Year -6.38 Portfolio Turnover Ratio (time) 0.16 0.13 0.32
3 Years 5.35 Notes: Management Expense Ratio is calculated by taking the total management expenses
5 Years 3.28 expressed as an annual percentage of the Fund’s average net asset value.

Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and
disposals of the investments in the Fund for the period over the average net asset value
of the Fund calculated on a daily basis.

2 • PAUEF PAUEF • 3
Fund Performance Manager’s Report
For the Financial Period Ended 31 January 2019

Asset Allocation for the Past Three Financial Periods Overview

As at 31 January This Interim Report covers the financial period from 1 August 2018 to 31
(Percent of NAV) January 2019.
2019 2018 2017 Public Australia Equity Fund (PAUEF or the Fund) seeks to achieve capital
% % % growth over the medium to long-term period by investing in the Australian
EQUITY SECURITIES market with the balance invested in the New Zealand and domestic markets.
Quoted
Outside Malaysia For the financial period under review, the Fund registered a return of -6.96%
Australia as compared to its Benchmark’s return of -7.71%. The Fund’s equity portfolio
Basic Materials 14.8 14.0 12.9 registered a return of -6.42% while its money market portfolio registered
Communications 4.2 4.1 3.9 a return of +1.64% during the financial period under review. A detailed
Consumer, Cyclical 5.5 4.7 1.3 performance attribution analysis is provided in the sections below.
Consumer, Non-cyclical 22.2 16.2 13.2 For the five financial years ended 31 January 2019, the Fund registered a
Energy 2.1 1.7 2.3 total cumulative return of +16.42% and outperformed the Benchmark’s return
Financial 32.0 38.6 41.6 of +15.17% over the same period.
Industrial 6.7 5.7 2.4
Technology 2.1 2.4 1.5
Utilities 4.0 4.5 - Performance of PAUEF
from 31 January 2014 to 31 January 2019
TOTAL QUOTED EQUITY
40%
SECURITIES 93.6 91.9 79.1
PAUEF BENCHMARK
COLLECTIVE INVESTMENT FUNDS 30%

Quoted

Returns from Start of Period

Outside Malaysia 20%
Australia
Financial 2.1 5.3 5.3
10%

TOTAL QUOTED COLLECTIVE

INVESTMENT FUNDS 2.1 5.3 5.3 0%

DEPOSITS WITH FINANCIAL

INSTITUTIONS 3.3 3.0 6.1 -10%
2014 2015 2016 2017 2018 2019

OTHER ASSETS & LIABILITIES 1.0 -0.2 9.5

The Benchmark of the Fund is the S&P/ASX 200 Index. The S&P/ASX 200
Index measures the performance of the 200 largest index-eligible stocks
listed on the ASX by float-adjusted market capitalisation.

Effect of Distribution Reinvestment on Portfolio Exposures

There were no distributions declared for the period ended 31 January 2019.

Change in Portfolio Exposures from 31-Jul-18 to 31-Jan-19

31-Jul-18 31-Jan-19 Change
Equities & Related Securities 95.4% 95.7% +0.3%
Money Market 4.6% 4.3% -0.3%

4 • PAUEF PAUEF • 5
Manager’s Report Manager’s Report

Returns Breakdown by Asset Class Optimism over a potential end to interest rate hikes by the Federal Reserve
as well as the U.S.-China trade negotiations led the Index to post a rebound
Market / in January 2019. The S&P/ASX 200 Index closed at 5,864.65 points to
Returns On Benchmark Benchmark Average Attributed register a decline of 6.62% (-7.71% in Ringgit terms) for the financial period
Investments Returns Index Used Exposure Returns under review.
Equities &
Related S&P/ Economic Review
Securities -6.42% -7.71% ASX 200 94.88% -6.09%
Australia’s GDP growth rose from 2.4% in 2017 to 3.0% in the first three
Overnight
quarters of 2018 due to firmer consumer spending and export growth. The
Money Market 1.64% 1.61% Rate 5.12% 0.08%
inflation rate was sustained at 1.9% in 2018 compared to the preceding year
less: as higher food prices were mitigated by a slowdown in cost of housing. To
Expenses -0.95% support domestic demand, the Reserve Bank of Australia (RBA) maintained
its cash rate at 1.50%.
Total Net
Return for Endowed with natural resources, Australia has been a major exporter of
the Period -6.96% agricultural and mining commodities. Australia’s export growth eased to
Overnight Rate = Bank Negara Weighted Average Overnight Interbank Rate 12.6% in the first 11 months of 2018 from 15.4% in 2017 on the back of
slower commodity exports. Meanwhile, import growth firmed to 11.1% from
Equity Portfolio Review 7.7% over the same period. Australia’s cumulative trade surplus widened
to A$18.5 billion in the first 11 months of 2018 from A$11.7 billion in the
For the financial period under review, the Fund’s equity portfolio registered corresponding period of the prior year.
a return of -6.42% as compared to the Benchmark’s return of -7.71%. The
Fund’s equity portfolio outperformed the Benchmark as the Fund’s selected The RBA commodity price index (in Australian Dollar terms) increased to
holdings within the Consumer sector outperformed the broader market during 121.2 points in December 2018 from 105.2 points as at end-December 2017.
the financial period under review.
Australia’s house price index, which measures average house prices in
The Fund commenced the financial period under review with an equity eight major Australian cities, declined by 0.2% in the first three quarters of
exposure of 95.4% and maintained an equity weight of above 90% throughout 2018 compared to an 8.3% growth in 2017, as property prices in Sydney
the financial period under review to capitalise on investment opportunities fell. Loans growth in Australia’s banking system eased to 4.4% in the first
in the Australian equity market. The Fund ended the financial period under 11 months of 2018 from 4.8% in 2017 amid slower demand for household
review with an equity exposure of 95.7%. Based on an average equity loans. Australia’s unemployment rate declined to 5.0% in December 2018
exposure of 94.88%, the equity portfolio is deemed to have registered from 5.6% in December 2017.
a return of -6.09% to the Fund as a whole for the financial period under
review. A full review of the performance of the equity market is tabled in the Outlook and Investment Strategy
following sections.
A positive GDP and corporate earnings momentum, as well as expectations
Sector Allocation that the U.S. interest rates upcycle is near its end, should help to underpin
global and regional equity markets. While market conditions may remain
The top 5 sectors invested by the Fund are Financial, Consumer (Non- volatile in the near term, the performance of equity markets over the longer
cyclical), Basic Materials, Industrial and Consumer (Cyclical). term will depend on the economic outlook and market valuations of the U.S.,
Europe and the Asia Pacific region.
Stock Market Review
Down under, Australia’s economic growth is expected to soften from 3.0%
Commencing the financial period under review at 6,280.20 points, the in 2018 to 2.7% in 2019 due to slower consumer spending and export
Australian equity market, as proxied by the Standard & Poor’s/Australian growth. Meanwhile, the inflation rate is projected to gain pace from 1.9% in
Securities Exchange 200 (S&P/ASX 200) Index, rose to a 10-year high of 2018 to 2.2% in 2019. Going forward, the RBA is projected to maintain an
6,352.24 points on 29 August 2018 amid the strong performances of selected accommodative monetary policy to ensure sustainable economic growth and
commodity stocks. The Index eased in September 2018 as the announcement to achieve an average inflation rate of 2%-3% over time.
of a royal commission into aged care weighed on the healthcare sector before
subsequently correcting alongside global equity markets from October to At the closing level of 5,864.7 points as at end-January 2019, the S&P/ASX
December 2018 on concerns over slowing global economic growth amid 200 Index was trading at a prospective P/E ratio of 15.2x, which was above
rising interest rates. its 10-year average of 14.9x. Meanwhile, the Australian market’s dividend
yield was estimated at about 4.9%.

6 • PAUEF PAUEF • 7
Manager’s Report
Given the above factors, the Fund will continue to rebalance its investment
portfolio accordingly with the objective of achieving capital growth over the
medium to long-term period by investing in the Australian market with the
balance invested in the New Zealand and domestic markets.
Policy on Soft Commissions
The management company may receive goods or services which include
research materials, data and quotation services and investment related
publications by way of soft commissions provided they are of demonstrable
benefit to the Fund and unitholders.
During the financial period under review, PAUEF has received data and
quotation services by way of soft commissions. These services were used
to provide financial data on securities and price quotation information to the
Fund Manager during the financial period under review.
8 • PAUEF
Statement By Manager
We, TAN SRI DATO’ SRI TAY AH LEK and QUAH POH KEAT, being two
of the directors of PUBLIC MUTUAL BERHAD, do hereby state that, in
the opinion of the Manager, the accompanying statement of assets and
liabilities as at 31 January 2019 and the related statement of income and
expenditure, statement of changes in net asset value and statement of cash
flows for the financial period ended on that date together with the notes
thereto, are drawn up in accordance with Malaysian Financial Reporting
Standard (“MFRS”) 134 - Interim Financial Reporting and International
Accounting Standard (“IAS”) 34 - Interim Financial Reporting so as to give a
true and fair view of the financial position of PUBLIC AUSTRALIA EQUITY
FUND as at 31 January 2019 and of its financial performance, changes
in net asset value and cash flows for the financial period then ended and
comply with the requirements of the Deeds.
For and on behalf of the Manager
TAN SRI DATO’ SRI TAY AH LEK
QUAH POH KEAT
26 February 2019
PAUEF • 9
Extracts Of Financial Statements Extracts Of Financial Statements (cont’d)

The following pages are extracts of the audited financial statements of the Statement of Income and Expenditure
Fund for the financial period ended 31 January 2019. The full set of the For the Financial Period Ended 31 January 2019
audited financial statements together with the Independent Auditors’ Report
is available upon request without charge. 1.8.2018 1.8.2017
to to
Statement of Assets and Liabilities 31.1.2019 31.1.2018
As at 31 January 2019 MYR’000 MYR’000
Income
31.1.2019 31.7.2018 Interest income 164 171
MYR’000 MYR’000 Distribution income 46 392
Assets Dividend income 6,905 6,808
Investments 269,832 291,580 Net loss from investments (25,135) (9,902)
Due from brokers/financial institutions, net 2,082 1,035 Net realised/unrealised foreign exchange
Other receivables 237 394 gain/(loss) 9 (430)
Deposits with financial institutions 9,217 11,068
Cash at banks 989 2,440 (18,011) (2,961)
Less: Expenses
282,357 306,517 Trustee’s fee 86 107
Liabilities Management fee 2,341 2,873
Due to the Manager, net 394 698
Audit fee 3 3
Due to the Trustee 14 15
Tax agent’s fee 1 1
Other payables 40 43
Brokerage fee 215 223
Distribution payable - 13,301
Administrative fees and expenses 42 50
448 14,057
2,688 3,257
Total net assets 281,909 292,460
Net loss before taxation (20,699) (6,218)
Net asset value (“NAV”) attributable Taxation (56) (101)
to unitholders (Total equity) 281,909 292,460
Net loss after taxation (20,755) (6,319)
Units in circulation (in ’000) 1,148,854 1,108,434
Net loss after taxation is made up as
NAV per unit (in sen) 24.54 26.38 follows:
Realised 7,807 5,703
Unrealised (28,562) (12,022)
(20,755) (6,319)

10 • PAUEF PAUEF • 11
Extracts Of Financial Statements (cont’d) Extracts Of Financial Statements (cont’d)

Statement of Changes in Net Asset Value Statement of Cash Flows

For the Financial Period Ended 31 January 2019 For the Financial Period Ended 31 January 2019

Unitholders’ Retained 1.8.2018 1.8.2017

capital earnings Total to to
MYR’000 MYR’000 MYR’000 31.1.2019 31.1.2018
MYR’000 MYR’000
As at 1 August 2017 281,400 45,429 326,829 Cash flows from operating activities
Creation of units 31,290 - 31,290 Proceeds from sale of investments 42,900 43,831
Cancellation of units (26,731) - (26,731) Purchase of investments (47,677) (41,624)
Net loss after taxation - (6,319) (6,319) Capital repayment received 133 -
As at 31 January 2018 285,959 39,110 325,069 Maturity of deposits 1,231,447 1,395,542
Placement of deposits (1,229,596) (1,391,379)
Interest income received 164 170
Net distribution income received 246 345
As at 1 August 2018 266,207 26,253 292,460
Net dividend income received 6,780 6,720
Creation of units 24,890 - 24,890
Trustee’s fee paid (87) (107)
Cancellation of units (14,686) - (14,686)
Management fee paid (2,377) (2,885)
Net loss after taxation - (20,755) (20,755)
Audit fee paid (4) (4)
As at 31 January 2019 276,411 5,498 281,909 Payment of other fees and expenses (45) (69)
Net cash inflow from operating activities 1,884 10,540
Cash flows from financing activities
Cash proceeds from units created 24,903 32,234
Cash paid on units cancelled (14,967) (27,787)
Distribution paid (13,301) (14,005)
Net cash outflow from financing activities (3,365) (9,558)
Net (decrease)/increase in cash and cash
equivalents (1,481) 982
Effect of changes in foreign exchange rates 30 (190)
Cash and cash equivalents at the
beginning of the financial period 2,440 680
Cash and cash equivalents at the end of
the financial period 989 1,472

12 • PAUEF PAUEF • 13
Extracts Of Financial Statements (cont’d) Extracts Of Financial Statements (cont’d)

INVESTMENTS - 31 JANUARY 2019 INVESTMENTS - 31 JANUARY 2019 (cont’d)

The equity securities and collective investment funds held by the Fund are Fair Percent
categorised based on their principal business activities according to the Value of NAV
Bloomberg Sector Classification System as at the reporting date of the MYR’000 %
Statement of Assets and Liabilities.
EQUITY SECURITIES (cont’d)
Fair Percent
Value of NAV Australia (cont’d)
MYR’000 % Industrial
EQUITY SECURITIES Bingo Industries Limited 5,240 1.8
Australia Boral Limited 7,017 2.5
Basic Materials Lend Lease Group 3,066 1.1
BHP Group Limited 24,120 8.5 Sydney Airport 3,583 1.3
OZ Minerals Limited 4,632 1.6 18,906 6.7
Rio Tinto Limited 6,949 2.5
South32 Limited 6,110 2.2 Technology
Computershare Limited 5,995 2.1
41,811 14.8
Communications Utilities
Seek Limited 3,854 1.4 AGL Energy Limited 5,434 1.9
Telstra Corporation Limited 7,981 2.8 Origin Energy Limited 5,919 2.1

11,835 4.2 11,353 4.0

Consumer, Cyclical COLLECTIVE INVESTMENT FUNDS

Aristocrat Leisure Limited 11,041 3.9
Australia
Qantas Airways Limited 4,367 1.6
15,408 5.5 Financial
Dexus Property Group 925 0.3
Consumer, Non-cyclical Goodman Group 4,936 1.8
Coles Group Limited 5,153 1.8
Costa Group Holdings Limited 4,951 1.7 5,861 2.1
CSL Limited 21,038 7.5
TOTAL 269,832 95.7
Ramsay Health Care Ltd 5,693 2.0
The a2 Milk Company Limited 10,816 3.8
Transurban Group 5,811 2.1
Wesfarmers Limited 4,711 1.7
Woolworths Group Limited 4,512 1.6
62,685 22.2
Energy
Oil Search Limited 5,827 2.1
Financial
AMP Limited 4,431 1.6
Australia and New Zealand Banking Group
Limited 10,911 3.9
Commonwealth Bank of Australia 21,688 7.7
Insurance Australia Group Limited 4,647 1.6
Macquarie Group Limited 7,996 2.8
National Australia Bank Limited 17,248 6.1
QBE Insurance Group Limited 7,789 2.8
Westpac Banking Corporation 15,441 5.5
90,151 32.0

14 • PAUEF PAUEF • 15
基金资讯 基金表现
截至2019年1月31日止财政期

基金名称 年度总回酬(截至7月31日止财政年度)
Public Australia Equity Fund 年度 2018 2017 2016 2015 2014
(大众澳洲股票基金) (PAUEF) PAUEF (%) -1.54 13.33 4.27 -4.09 17.14
基金类别 上述回酬的计算是根据理柏(Lipper)的计算方式。
股票 备注:

基金投资目标 1. 基金的总回酬 取自以下公式:

通过投资在澳洲市场，余额则投资在纽西兰及国内市场，以在中
至长期内达致资本成长。 ( 本年度财政期末的每单位资产净值
上年度财政期末的每单位资产净值
(已根据期间的单位拆细和分利支付作出调整)
) -1

基金表现的基准
上述基金的总回酬数据来自理柏。
基金的基准是标普/澳证200指数。
2. 平均总回酬取自以下公式:
基金分利政策 总回酬
次要 回顾年数

PAUEF于2019年1月31日的单位持有量分项 基金的过往业绩并不预示其未来表现，单位的价格和投资回酬
可跌亦可升。
持有单位数量 单位 单位 持有
持有人数 持有人% 单位(百万) 过去3个财政期(截至1月31日)的其他业绩摘要
5,000 及以下 1,004 6.13 3 2019 2018 2017
5,001 至 10,000 1,829 11.16 13
10,001 至 50,000 7,355 44.89 190 单位价格 (MYR)
50,001 至 500,000 5,988 36.54 739 期间每单位最高资产净值 0.2668 0.2826 0.2858
500,001 及以上 210 1.28 204 期间每单位最低资产净值 0.2280 0.2627 0.2437

总额 16,386 100.00 1,149 资产净值及流通单位于期末数据

资产净值总额 (MYR’000) 281,909 325,069 278,811
备注: 不包括经理库存。 流通单位 (’000单位) 1,148,854 1,182,864 996,528
每单位资产净值 (MYR) 0.2454 0.2748 0.2798
基金表现 期间总回酬 (%) -6.96 -2.14 8.59
资本成长 (%) -8.47 -3.41 7.57
以下年度的平均总回酬(截至2019年1月31日) 收入 (%) 1.65 1.32 0.95
PAUEF
管理费用比率 (%) 1.73 1.70 1.65
的平均总回酬 (%)
投资组合周转率 (倍) 0.16 0.13 0.32
1年 -6.38
3年 5.35 备注: 管理费用比率的计算方式是将基金的管理费用总额除以基金平均资产净
值的年度百分比。
5年 3.28
投资组合周转率是以基金该期间的投资收购与出售平均总额，除以按日
计算的基金平均资产净值而得。

16 • PAUEF PAUEF • 17
基金表现 经理报告
截至2019年1月31日止财政期

过去3个财政期的资产分配 总览
于1月31日 本中期报告涵盖2018年8月1日至2019年1月31日的财政期。
(资产净值的百分比)
Public Australia Equity Fund (大众澳洲股票基金)(PAUEF或基金)
2019 2018 2017 寻求通过投资在澳洲市场，余额则投资在纽西兰及国内市场，以
% % % 在中至长期内达致资本成长。
股票证券 回顾财政期间，基金录得-6.96%的回酬，而其基准的回酬则
挂牌 为-7.71%。基金的股票组合在回顾财政期间录得-6.42%的回
海外
酬，而其货币市场组合则取得+1.64%的回酬。以下篇幅提供详
澳洲
细的表现属性分析。
基本材料 14.8 14.0 12.9
通讯 4.2 4.1 3.9 在截至2019年1月31日止的5个财政年度期间，基金取得+16.42%
周期性消费 5.5 4.7 1.3 的总累积回酬，超越基准同期的+15.17%回酬。
非周期性消费 22.2 16.2 13.2
能源 2.1 1.7 2.3
金融 32.0 38.6 41.6 PAUEF从2014年1月31日
工业 6.7 5.7 2.4 至2019年1月31日的业绩
科技 2.1 2.4 1.5 40%

公用事业 4.0 4.5 - PAUEF ۲э

挂牌股票证券总额 93.6 91.9 79.1 30%

ᒬయѹኪᡐᄉ‫ᦰٿ‬
集体投资基金 20%
挂牌
海外
澳洲 10%

金融 2.1 5.3 5.3

0%
挂牌集体投资基金总额 2.1 5.3 5.3

在金融机构的存款 3.3 3.0 6.1 -10%

2014ࣱ 2015ࣱ 2016ࣱ 2017ࣱ 2018ࣱ 2019ࣱ

其他资产及负债 1.0 -0.2 9.5

基金的基准是标普/澳证200指数。标普/澳证200指数测量在澳洲
证券交易所上市及经流通量调整后市值最高之200只符合指数条
件股项的表现。

分利再投资对投资组合比重的影响
基金于截至2019年1月31日止期间，并无宣布派发分利。

31-7-18至31-1-19期间的投资组合比重变动
31-7-18 31-1-19 变动
股票及相关证券 95.4% 95.7% +0.3%
货币市场 4.6% 4.3% -0.3%

18 • PAUEF PAUEF • 19
经理报告 经理报告

资产类别的回酬分析 澳洲储备银行商品价格指数(以澳元计值)从截至2017年12月底的
105.2点上涨至2018年12月的121.2点。
市场/
投资 基准 所引用 平均 属性 由于悉尼的产业价格下跌，衡量澳洲八大城市平均房价的澳洲房
回酬 回酬 基准指数 比重 回酬 屋价格指数在2018年首三季下降0.2%，而2017年则成长8.3%。
由于家庭贷款需求减缓，澳洲银行体系的贷款成长从2017年的
标普/ 4.8%，滑落至2018年首11个月的4.4%。澳洲的失业率从2017年
股票及相关证券 -6.42% -7.71% 澳证200 94.88% -6.09% 12月的5.6%，降低至2018年12月的5.0%。
货币市场 1.64% 1.61% 隔夜利率 5.12% 0.08%
扣除: 开销 -0.95% 展望及投资策略
期间净回酬总额 -6.96% 正面的国内生产总值和企业盈利势头，以及美国利率上升周期即
将结束的预期，应有助于支撑全球和区域股市。虽然近期内股市
隔夜利率 = 国家银行加权平均隔夜银行同业拆息率 状况可能仍然波动不定，但股市在较长期内的表现将取决于美
国、欧洲和亚太地区的经济前景和市场估值。
股票组合回顾
澳洲方面，由于消费支出和出口成长放缓，澳洲的经济成长预计
回顾财政期间，基金的股票组合录得-6.42%的回酬，而基准的回 将从2018年的3.0%，走软至2019年的2.7%。与此同时，通胀率
酬则为-7.71%。基金股票组合的表现超越基准，是因为基金持有 预计将从2018年的1.9%加速至2019年的2.2%。展望未来，澳洲
的特定消费领域股，于回顾财政期间跑赢大市。 储备银行预计将维持宽松的货币政策，以确保可持续的经济成
基金以95.4%的股票比重开始回顾财政期，并在整个回顾财政期内 长，并在一段时间内实现2％-3％的平均通胀率。
将股票比重保持在90%以上，以攫取澳洲股市的投资机会。基金 在2019年1月底的5,864.7点闭市水平，标普/澳证200指数的预估
以95.7%的股票比重结束回顾财政期。根据94.88%的平均股票比 本益比为15.2倍，高于其14.9倍的10年平均值。与此同时，澳洲
重，基金的股票组合估计在回顾财政期为整体基金录得-6.09%的 股市的周息率估计约为4.9%。
回酬。以下篇幅将列出有关股市表现的全面回顾。
基于上述因素，基金将继续根据其目标(通过投资在澳洲市场，
领域分布 余额则投资在纽西兰及国内市场，以在中至长期内达致资本成
基金投资的5大领域是金融、消费(非周期性)、基本材料、工业 长)重整其投资组合。
及消费(周期性)。
软佣金政策
股市回顾 管理公司可通过软佣金的方式接受商品或服务，包括研究资料、
代表澳洲股市的标普/澳洲证券交易所200(简称“标普/澳证200”) 数据和报价服务及与投资有关的刊物，惟必须确保上述各项为基
指数以6,280.20点步入回顾财政期后，于2018年8月29日上涨至 金和单位持有人带来显著的利益。
6,352.24点的10年高位，因为特定商品股的表现强劲。指数在 在回顾财政期间，PAUEF曾通过软佣金的方式接受数据和报价服
2018年9月下跌，因为皇家委员会将对养老护理业进行调查的宣 务。此等服务是用以在回顾财政期间，为基金经理提供证券的财
布，令医疗保健行业受到打压，其后从2018年10月至12月随全球 务数据与价格报价资讯。
股市同步调整，因为市场担忧利率上升导致全球经济成长放缓。
市场对联储局可能结束加息以及美中贸易谈判的乐观情绪，带动
指数于2019年1月反弹。标普/澳证200指数以5,864.65点收盘，在
回顾财政期录得6.62%的跌幅(以令吉计为-7.71%)。

经济回顾
澳洲的国内生产总值成长从2017年的2.4%，扬升至2018年首三季
的3.0%，因为消费支出和出口成长挺升。与去年相比，2018年的
通胀率维持在1.9%，因为房屋成本放缓抵消了食品价格上涨。为
了支撑内需，澳洲储备银行(RBA)将其现金利率维持在1.50%。
由于拥有丰富的天然资源，澳洲一直是农业和矿业商品的主要出
口国。随着商品出口放慢，澳洲的出口成长从2017年的15.4%，
趋缓至2018年首11个月的12.6%。与此同时，进口成长于同期从
7.7%挺升至11.1%。澳洲2018年首11个月的累积贸易盈余从去年
同期的117亿澳元扩大至185亿澳元。

20 • PAUEF PAUEF • 21
经理声明 财务报表摘录

我们，丹斯里拿督斯里郑亚历及柯宝杰，以大众信托基金有限公 以下数页为基金截至2019年1月31日止财政期的已审计财务报表
司其中两位董事的身份谨此声明，经理认为，随附在此于2019年 摘录。全套已审计的财务报表以及独立稽查师报告将随应要求
1月31日的资产负债表与截至该日止财政期的收支表、资产净值变 而免费提供。
动表和现金流量表，以及相关的附注是根据《马来西亚财务报告
准则(“MFRS”)第134号－中期财务报告》及《国际会计准则(“IAS”) 资产负债表
第34号－中期财务报告》编制，以便真实而公平地反映PUBLIC 于2019年1月31日
AUSTRALIA EQUITY FUND (大众澳洲股票基金) 于2019年1月
31日的财务状况，以及基金截至该日止财政期的财务表现、资产 31.1.2019 31.7.2018
净值变动及现金流量，同时遵循契约条款。 MYR’000 MYR’000
资产
投资 269,832 291,580
应收经纪/金融机构款项 (净) 2,082 1,035
其他应收款项 237 394
在金融机构的存款 9,217 11,068
银行现金 989 2,440
代表经理签发 282,357 306,517
负债
应付经理款项 (净) 394 698
应付信托司款项 14 15
其他应付款项 40 43
应付分利 - 13,301

丹斯里拿督斯里郑亚历 448 14,057

净资产总额 281,909 292,460

单位持有人应占资产净值 (权益总额) 281,909 292,460

流通单位 (’000单位) 1,148,854 1,108,434

柯宝杰 每单位资产净值 (仙) 24.54 26.38

2019年2月26日

22 • PAUEF PAUEF • 23
财务报表摘录 (续) 财务报表摘录 (续)

收支表 资产净值变动表
截至2019年1月31日止财政期 截至2019年1月31日止财政期

1.8.2018 1.8.2017 单位
至 至 持有人 保留
31.1.2019 31.1.2018 资本 盈余 总额
MYR’000 MYR’000 MYR’000 MYR’000 MYR’000
收入
利息收入 164 171 于2017年8月1日 281,400 45,429 326,829
分利收入 46 392 新增单位 31,290 - 31,290
股息收入 6,905 6,808 取消单位 (26,731) - (26,731)
投资净亏损 (25,135) (9,902) 税后净亏损 - (6,319) (6,319)
已变现/未变现外汇净收益/(亏损) 9 (430) 于2018年1月31日 285,959 39,110 325,069
(18,011) (2,961)
扣: 开支
信托费 86 107 于2018年8月1日 266,207 26,253 292,460
管理费 2,341 2,873 新增单位 24,890 - 24,890
审计费 3 3 取消单位 (14,686) - (14,686)
税务代理费 1 1 税后净亏损 - (20,755) (20,755)
经纪费 215 223
于2019年1月31日 276,411 5,498 281,909
行政费和开销 42 50
2,688 3,257
税前净亏损 (20,699) (6,218)
税项 (56) (101)
税后净亏损 (20,755) (6,319)
税后净亏损包括:
已变现 7,807 5,703
未变现 (28,562) (12,022)
(20,755) (6,319)

24 • PAUEF PAUEF • 25
财务报表摘录 (续) 财务报表摘录 (续)

现金流量表 投资 - 2019年1月31日
截至2019年1月31日止财政期
基金所持有的股票证券及集体投资基金是根据彭博社(Bloomberg)
1.8.2018 1.8.2017 领域分类体系，以它们于资产负债表报告日的主要业务活动分
至 至 类。
31.1.2019 31.1.2018 公允 资产净值
MYR’000 MYR’000 价值 的百分比
营运活动的现金流量 MYR’000 %
出售投资所得款项 42,900 43,831 股票证券
购入投资 (47,677) (41,624)
已收资本偿还 133 - 澳洲
到期存款 1,231,447 1,395,542 基本材料
存入存款 (1,229,596) (1,391,379) BHP Group Limited 24,120 8.5
已收利息收入 164 170 OZ Minerals Limited 4,632 1.6
已收净分利收入 246 345 Rio Tinto Limited 6,949 2.5
已收净股息收入 6,780 6,720 South32 Limited 6,110 2.2
已付信托费 (87) (107)
41,811 14.8
已付管理费 (2,377) (2,885)
已付审计费 (4) (4) 通讯
其他的费用和开销支付 (45) (69) Seek Limited 3,854 1.4
Telstra Corporation Limited 7,981 2.8
营运活动的净现金流入 1,884 10,540
11,835 4.2
融资活动的现金流量
新增单位所得现金 24,903 32,234 周期性消费
取消单位所付现金 (14,967) (27,787) Aristocrat Leisure Limited 11,041 3.9
已付分利 (13,301) (14,005) Qantas Airways Limited 4,367 1.6

融资活动的净现金流出 (3,365) (9,558) 15,408 5.5

现金及现金等值的净(减)/增额 (1,481) 982 非周期性消费

外汇汇率变动的影响 30 (190) Coles Group Limited 5,153 1.8
财政期初的现金及现金等值 2,440 680 Costa Group Holdings Limited 4,951 1.7
CSL Limited 21,038 7.5
财政期末的现金及现金等值 989 1,472 Ramsay Health Care Ltd 5,693 2.0
The a2 Milk Company Limited 10,816 3.8
Transurban Group 5,811 2.1
Wesfarmers Limited 4,711 1.7
Woolworths Group Limited 4,512 1.6
62,685 22.2
能源
Oil Search Limited 5,827 2.1
金融
AMP Limited 4,431 1.6
Australia and New Zealand Banking Group
Limited 10,911 3.9
Commonwealth Bank of Australia 21,688 7.7
Insurance Australia Group Limited 4,647 1.6
Macquarie Group Limited 7,996 2.8
National Australia Bank Limited 17,248 6.1
QBE Insurance Group Limited 7,789 2.8
Westpac Banking Corporation 15,441 5.5
90,151 32.0

26 • PAUEF PAUEF • 27
财务报表摘录 (续) Network Of Public Mutual Branch And Agency Offices
大众信托基金分行及代理办事处

投资 - 2019年1月31日 (续) Head Office 总行

Menara Public Bank 2,
公允 资产净值
No. 78, Jalan Raja Chulan,
价值 的百分比
50200 Kuala Lumpur.
MYR’000 % Tel: 03-20226800 Fax: 03-20226900
股票证券 (续) Hotline: 03-20225000
Web: www.publicmutual.com.my
澳洲 (续)
Branches and Customer Service Centres 分行及客户服务中心
工业
Bingo Industries Limited 5,240 1.8 West Malaysia 西马
Boral Limited 7,017 2.5
Lend Lease Group 3,066 1.1 1 Utama Shopping Centre Butterworth 北海
Sydney Airport 3,583 1.3 万达购物中心 4223, Jalan Bagan Luar,
Lot LG-313-E, 12000 Butterworth, Penang.
18,906 6.7 1, Lebuh Bandar Utama, Tel: 04-3141500 Fax: 04-3317775
科技 Bandar Utama City Centre, Senior Branch Manager:
Computershare Limited 5,995 2.1 Bandar Utama, Charmane Chew Hui Hsia
47800 Petaling Jaya, Selangor.
公用事业 Tel: 03-20225000 Fax: 03-77263811 Cheras 蕉赖
44-2, 44-3, 44-4 & 34-2,
AGL Energy Limited 5,434 1.9
Alor Star 亚罗士打 Cheras Commercial Centre,
Origin Energy Limited 5,919 2.1 1888A & 1888B, Jalan Stadium, Jalan 5/101C, Off Jalan Kaskas,
11,353 4.0 05100 Alor Star, Kedah. 56100 Cheras, Kuala Lumpur.
Tel: 04-7366500 Fax: 04-7310178 Tel: 03-20225000 Fax: 03-91321022
Senior Branch Manager: Senior Branch Manager:
集体投资基金
Khaw Bee Ruh Khoo Peng Seng
澳洲
Bangsar 孟沙 Damansara Perdana
金融 11, 15 & 17, Jalan Bangsar Utama 3, 白沙罗柏兰岭
Dexus Property Group 925 0.3 Bangsar Utama, 1 & 3, Jalan PJU 8/5 I,
Goodman Group 4,936 1.8 59000 Kuala Lumpur. Perdana Business Centre,
Tel: 03-20225000 Fax: 03-22835739 Bandar Damansara Perdana,
5,861 2.1 Senior Branch Manager: 47820 Petaling Jaya, Selangor.
Chooi Chan Yen Tel: 03-20225000 Fax: 03-77222475
总额 269,832 95.7 Senior Branch Manager:
Batu Pahat 株巴辖 Ong Chen Hung
119, Jalan Chengal,
Taman Makmur, Ipoh 怡保
83000 Batu Pahat, Johor. 37 & 39, Persiaran Greentown 4,
Tel: 07-4363500 Fax: 07-4326588 Greentown Business Centre,
Branch Manager: 30450 Ipoh, Perak.
Rui Lee Chong Siew Tel: 05-2462500 Fax: 05-2559859
Senior Branch Manager:
Bukit Mertajam 大山脚 Foong Kuan Mun
2646-2648, 2nd Floor,
Jalan Che Bee Noor, Johor Bahru 新山
14000 Bukit Mertajam, B-19, Jalan Molek 1/5A,
Seberang Prai Tengah, Penang. Taman Molek,
Tel: 04-5405000 Fax: 04-5376580 81100 Johor Bahru, Johor.
Branch Manager: Tel: 07-3607500 Fax: 07-3548600
Cheryl Oon Lay Pheng Senior Branch Manager:
Teng Lee Yen

28 • PAUEF PAUEF • 29
Network Of Public Mutual Branch And Agency Offices
大众信托基金分行及代理办事处
West Malaysia (cont’d) 西马 (续)
Klang 巴生
28, 30 & 32,
Lorong Batu Nilam 3B,
Bandar Bukit Tinggi,
41200 Klang, Selangor.
Tel: 03-20225000 Fax: 03-33235632
Branch Manager:
Ng Tong Chia
Kluang 居銮
3, Jalan Dato Teoh Siew Khor,
86000 Kluang, Johor.
Tel: 07-7391500 Fax: 07-7736195
Branch Manager:
Tan Kheng Aun
Kota Bharu 哥打 鲁
PT 304 and PT 305,
Jalan Kebun Sultan,
15300 Kota Bharu, Kelantan.
Tel: 09-7263500 Fax: 09-7476026
Branch Manager:
Puan Abiesharni Abdul Kadir
Kuala Terengganu 瓜拉登嘉楼
1-C, Jalan Air Jernih,
20300 Kuala Terengganu,
Terengganu.
Tel: 09-6321500 Fax: 09-6317030
Branch Manager:
Chia Siang Hong
Kuantan 关丹
71 & 73, Jalan Haji Abdul Aziz,
25000 Kuantan, Pahang.
Tel: 09-5118500 Fax: 09-5161223
Branch Manager:
Sharon Ting Mooi Choon
Melaka 马六甲
No. 929 & 930, Jalan Merdeka,
Taman Melaka Raya,
75000 Melaka.
Tel: 06-2855500 Fax: 06-2837354
Senior Branch Manager:
Carl Wong Yon Lian
Muar 麻坡
46, Jalan Sayang,
84000 Muar, Johor.
Tel: 06-9562500
Fax: 06-9536830
30 • PAUEF
Penang 槟城
16, Lintang Burma,
10250 Pulau Tikus, Penang.
Tel: 04-2196500 Fax: 04-2295171
Senior Branch Manager:
Vincent Seow Weng Sim
Puchong 蒲种
39 & 41, Jalan Puteri 1/4,
Bandar Puteri Puchong,
47100 Puchong, Selangor.
Tel: 03-20225000 Fax: 03-80653010
Branch Manager:
Bryan Koh Yi Earl
Seremban 芙蓉
1A & 1B, Jalan Tuanku Munawir,
70000 Seremban,
Negeri Sembilan.
Tel: 06-6372500 Fax: 06-7644237
Branch Manager:
Michael Wong Cheong Tee
Shah Alam 沙亚南
54 & 56, Jalan Pahat G15/G,
Kompleks Otomobil,
Persiaran Selangor,
Seksyen 15,
40200 Shah Alam, Selangor.
Tel: 03-20225000 Fax: 03-55139288
Branch Manager:
Eric Ng Swee Huat
Sungai Petani 双溪大年
9D & 9E,
Jalan Kampung Baru,
08000 Sungai Petani, Kedah.
Tel: 04-4558500 Fax: 04-4230663
Branch Manager:
Annie Ong Sok Nee
Temerloh 淡马鲁
10,11 & 12, 2nd Floor,
Jalan Ahmad Shah,
Bandar Sri Semantan,
28000 Temerloh, Pahang.
Tel: 09-2955500 Fax: 09-2968060
Branch Manager:
Agnes Choong Lee Yoon
Network Of Public Mutual Branch And Agency Offices
大众信托基金分行及代理办事处
East Malaysia 东马
Bintulu 民都鲁
4, Lot 2646, Jalan Tun Ahmad Zaidi,
97000 Bintulu, Sarawak.
Tel: 086-859500 Fax: 086-330221
Branch Manager:
Lilian Lo Fui Ping
Kota Kinabalu 亚庇
Lot 1-0-10, Ground & 1st Floor,
Lorong Api-Api 1, Api-Api Centre,
88000 Kota Kinabalu, Sabah.
Tel: 088-327500
Fax: 088-238389
Branch Manager:
Lim Shaw Siang
Kuching 古晋
Lot 205 & 206, Section 49,
Jalan Tunku Abdul Rahman,
93100 Kuching, Sarawak.
Tel: 082-226500 Fax: 082-239825
Senior Branch Manager:
Jones Chen Chung Sze
Miri 美里
Lot 1380 (Ground & 1st Floor) &
Lot 1381 (1st Floor), Block 10,
Center Point Commercial Centre,
Phase II, Jalan Kubu,
98000 Miri, Sarawak.
Tel: 085-323500 Fax: 085-416195
Branch Manager:
Allan Ngo Say Khiang
Agency Offices 代理办事处
Penang (Bayan Baru)
槟城 (巴央巴鲁)
Liang Wing Sim Agency Office
104, 1st Floor,
Jalan Mayang Pasir,
Taman Sri Tunas,
Bayan Baru,
11950 Bayan Lepas, Penang.
Tel: 04-6422170/1
Fax: 04-6411268
Sandakan 山打根
Lot 16, Block B, Ground Floor,
Bandar Maju Commercial Centre,
Mile 1.5, North Road,
90000 Sandakan, Sabah.
Postal Address:
Public Mutual Berhad,
Sandakan Branch
P.O. Box No. 3488,
90739 Sandakan, Sabah.
Tel: 089-231500 Fax: 089-222889
Senior Branch Manager:
Jonathan Yong Lok Sang
Sibu 诗巫
10, Lorong 2,
Jalan Tuanku Osman,
96000 Sibu, Sarawak.
Tel: 084-363500 Fax: 084-330269
Branch Manager:
Tiong Kung Kuok
Tawau 斗湖
TB 4437, Lot 28,
Block D, Sabindo Square,
Jalan Dunlop,
91000 Tawau, Sabah.
Tel: 089-982500 Fax: 089-765326
Branch Manager:
Janice Chong Mui Lin
Sarawak (Sarikei)
砂拉越 (泗里街)
Ling Chai Kua Agency Office
No. 43, 1st Floor, Jalan Masjid Lama,
96100 Sarikei, Sarawak.
Tel: 084-654108
Fax: 084-653318
PAUEF • 31
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本页特意留白。

32 • PAUEF