WEEKLY BRIEF ENDING 24 JANUARY 2020

Stock Markets Fell amid China Virus Outbreak

Stock Market: Weekly Change (%) Stock Market: Year-to-Date (%)

Nasdaq +3.8
Taiwan +0.2 South Korea +2.2
South Korea -0.2 Dow Jones +1.6
TOPIX -0.3 Taiwan +1.0
Indonesia -0.8 Singapore +0.5
Nasdaq -0.8
TOPIX +0.5
Dow Jones -1.2
Thailand -0.7
Singapore -1.2
Hong Kong -0.9
FBM KLCI -1.4
Indonesia -0.9
Thailand -1.9
FBM KLCI -1.0
Hong Kong -3.8
HS China Enterprises -1.7
HS China Enterprises -3.9
-4.0 -2.0 0.0 2.0 4.0 6.0
-6.0 -4.0 -2.0 0.0 2.0

Equity Market Review

Local Led by a pullback in regional and global markets, the FBM KLCI closed at 1,573 points to
register a weekly loss of 1.4%.

Regional Regional markets declined on concerns about the economic impact of the spread of the
coronavirus originating from Wuhan, China. The Hong Kong and China ‘H’ Share markets fell
by 3.8% and 3.9% respectively for the week.

U.S. U.S. markets retreated from record highs amid the Wuhan virus outbreak. The Dow declined by
1.2% to close at 28,990 points for the week, while the Nasdaq eased by 0.8% to 9,315 points over
the same period.

Upcoming Key Events Outlook Commentary

1. 28-29 Jan 2020: The U.S. Federal Open Market The Federal Reserve (Fed) is expected to maintain the
Committee (FOMC) meeting Federal funds rate at the current range of 1.50% to
1.75% as the Fed views the current interest rate level
to be appropriate for U.S. economic growth.

2. 30 Jan 2020: Release of U.S. 4Q2019 GDP U.S. real GDP growth is expected to firm to 2.3% in
4Q2019 (Bloomberg consensus) from 2.1% in
3Q2019.

3. 12 Feb 2020: Release of Malaysia’s 4Q2019 GDP Malaysia’s real GDP growth is expected to moderate
to 4.1% in 4Q2019 (Bloomberg consensus) from
4.4% in 3Q2019.

1
For Internal Circulation Only
 Markets’ Weekly Performances
Weekly % YTD %
24 Jan 20 17 Jan 20
change change
FBM KLCI 1,573 1,596 -1.4 -1.0
FBM EMAS Shariah Index 11,968 12,019 -0.4 +0.2
FBM Small Cap Index 14,233 14,242 -0.1 +0.5

South East & South Asia

Indonesia 6,244 6,292 -0.8 -0.9
India 41,613 41,945 -0.8 +0.9
Singapore 3,240 3,281 -1.2 +0.5
Thailand 1,570 1,600 -1.9 -0.7

North Asia
Taiwan 12,119^ 12,090 +0.2 +1.0
South Korea 2,246^^ 2,251 -0.2 +2.2
TOPIX (Japan) 1,730 1,735 -0.3 +0.5
MSCI FEXJ# 653 673 -3.1 +0.6
Shanghai A Shares 3,119^^ 3,223 -3.2 -2.4
Hong Kong 27,950 29,056 -3.8 -0.9
HS China Enterprises 10,976 11,420 -3.9 -1.7

Global
Europe* 3,466 3,477 -0.3 +1.8
Nasdaq 9,315 9,389 -0.8 +3.8
Dow Jones 28,990 29,348 -1.2 +1.6
* # ^ ^^
STOXX Europe 50 Index in USD As at 20 January 2020 As at 23 January 2020

Weekly Changes of the Ringgit relative to Selected Currencies

MYR per Weekly % YTD %
Comments
currency change# change#
Australian Dollar 2.78 +0.7 +3.2 For the week, the Ringgit eased by 0.6% against
Chinese Yuan 0.59 +0.7 +0.1 the Japanese Yen as the Yen rose on safe-haven
buying on fears about the spread of the
Euro 4.48 +0.6 +2.5
coronavirus from China.
Singapore Dollar 3.00 +0.3 +1.2
Taiwan Dollar 0.14 +0.1 +1.2 Meanwhile, relative to regional currencies, the
U.S. Dollar 4.06 -0.1 +0.8 Ringgit generally traded mixed ranging from
Pound Sterling 5.32 -0.5 +1.4 -0.6% to +0.7%.
Japanese Yen* 3.70 -0.6 +1.8
Indonesia Rupiah^ 0.30 -0.6 -1.1
*
Source: Bloomberg, data as at 24 January 2020 Per 100 Yen, ^ Per 1,000 Rupiah #
change indicates the Ringgit’s gain vs. foreign currencies

Bond Market Commentary

1. For the week ended 24 January 2020, the yield on 10-year U.S. Treasuries (UST) ended the week lower by 14 basis
points (bps) at 1.68% on safe-haven demand amidst fears over the coronavirus outbreak.

2. The domestic bond market ended firm in response to the 25 bps cut of the Overnight Policy Rate (OPR) to 2.75% by
Bank Negara Malaysia. Hence, the bond funds registered positive returns for the week.

3. Looking ahead, the low global interest rate environment as well as the sustained domestic economic growth outlook
will help to underpin the domestic bond market.

2
For Internal Circulation Only
 MARKET PERFORMANCE FOR THE WEEK ENDED 24 JANUARY 2020

FBM KLCI HS China Enterprises Index

1,600 11,500
Traded lower in tandem
Declined amid the
with declines in regional
outbreak of the
markets 11,350 coronavirus from
1,590
Wuhan

11,200
1,580
-1.4% 11,050
-3.9%

1,570
10,900
Fri Mon Tue Wed Thu Fri
Fri Mon Tue Wed Thu Fri

MSCI AC Far East ex Japan Index Dow Jones Index

680 29,400

670
29,200

660
-3.1% Eased following concerns
29,000 over the China virus
650 Fell in tandem with lower
Chinese equities outbreak -1.2%

640 28,800
Fri Mon Tue Wed Thu Fri Fri Tue Wed Thu Fri

MYR per U.S. Dollar 10-Year MGS Yield

%
4.080 3.300
3.29%
3.250
4.070 -14 bps
3.200
The 10-Year MGS
yield declined by 14 3.15%
4.060 The Ringgit inched
3.150 bps on lower U.S.
lower against the U.S. -0.1% Treasury yield and
dollar amid lower oil 25 bps OPR cut
prices
4.050 3.100
Fri Mon Tue Wed Thu Fri Fri Mon Tue Wed Thu Fri

3
For Internal Circulation Only
 Performance of Public Mutual’s Funds

Fund NAV (RM) Weekly % Change

Fund Name
24 Jan'20 17 Jan'20 Fund Benchmark
I. EQUITY FUNDS
Non Regional Funds
Invest in Local Market Only
Public Index (PIX) 0.6104 0.6161 -0.93 -1.08

Allowed to Invest in Foreign Markets up to 25%/30% of Fund's NAV

Public Strategic Growth (PSTGF) 0.3065 0.3056 0.29 -1.43
Public Select Alpha-30 (PSA30F) 0.2810 0.2805 0.18 -1.44
Public Sector Select (PSSF) 0.2568 0.2579 -0.43 -1.08
Public Advantage Growth Equity (PAVGEF) 0.2453 0.2464 -0.45 -1.44
Public Industry Growth (PINDGF) 0.4776 0.4799 -0.48 -1.44
Public Optimal Growth (POGF) 0.2854 0.2870 -0.56 -1.08
Public Aggressive Growth (PAGF) 0.5615 0.5649 -0.60 -1.44
Public Regular Savings (PRSF) 0.5808 0.5854 -0.79 -0.97
Public Regular Savings Sequel (PRSSQF) 0.2503 0.2527 -0.95 -0.97
Public Dividend Select (PDSF) 0.2488 0.2512 -0.96 -0.97
Public Equity (PEF) 0.2391 0.2417 -1.08 -1.44
Public Savings (PSF) 0.4803 0.4864 -1.25 -1.44
Public Growth (PGF) 0.4343 0.4405 -1.41 -1.44
PB Dividend Builder Equity (PBDBEF) 0.2524 0.2532 -0.32 -0.97
PB Growth (PBGF) 0.7028 0.7073 -0.64 -1.44
PB Growth Sequel (PBGSQF) 0.2617 0.2647 -1.13 -1.44

Islamic Non Regional Funds

Allowed to Invest in Foreign Markets up to 25%/30% of Fund's NAV
Public Islamic Advantage Growth Equity (PIAVGEF) 0.2734 0.2706 1.03 -0.44
Public Islamic Alpha-40 Growth (PIA40GF) 0.2881 0.2871 0.35 -0.54
Public Islamic Sector Select (PISSF) 0.2674 0.2672 0.07 -0.43
Public Islamic Select Enterprises (PISEF) 0.3757 0.3758 -0.03 -0.43
Public Islamic Equity (PIEF) 0.3297 0.3299 -0.06 -0.43
Public Islamic Savings (PISVF) 0.2859 0.2863 -0.14 -0.38
Public Islamic Optimal Growth (PIOGF) 0.2580 0.2584 -0.15 -0.43
Public Ittikal Sequel (PITSEQ) 0.3013 0.3018 -0.17 -0.43
Public Islamic Dividend (PIDF) 0.3616 0.3624 -0.22 -0.38
Public Islamic Enterprises Equity (PIENTEF) 0.2487 0.2493 -0.24 -0.55
Public Islamic Growth & Income (PISGIF) 0.2288 0.2301 -0.56 -0.43
Public Ittikal (P ITTIKAL) 0.8114 0.8173 -0.72 -0.43
PB Islamic Equity (PBIEF) 0.2597 0.2596 0.04 -0.43

4
For Internal Circulation Only
 Fund NAV (RM) Weekly % Change
Fund Name
24 Jan'20 17 Jan'20 Fund Benchmark
Small & Mid Cap Funds
Allowed to Invest in Foreign Markets up to 25%/30% of Fund's NAV
Public Emerging Opportunities (PEMOF) 0.2947 0.2881 2.29 0.04
Public Islamic Treasures Growth (PITGF) 0.2698 0.2649 1.85 -0.18
Public Islamic Opportunities (PIOF) 0.4025 0.3968 1.44 -0.06
Public Select Treasures Equity (PSTEF) 0.2857 0.2822 1.24 0.05
Public Islamic Emerging Opportunities (PIEMOF) 0.2626 0.2596 1.16 -0.18
Public Islamic Select Treasures (PISTF) 0.3149 0.3124 0.80 -0.20
Public Focus Select (PFSF) 0.2611 0.2605 0.23 0.09
Public Strategic SmallCap (PSSCF) 0.3127 0.3135 -0.26 -0.06
Public SmallCap (P SmallCap) 0.8094 0.8130 -0.44 -0.06
PB Islamic SmallCap (PBISCF) 0.2426 0.2407 0.79 -0.06
PB SmallCap Growth (PBSCGF) 0.2548 0.2545 0.12 -0.05

Regional Funds
Public Indonesia Select (PINDOSF) 0.2622 0.2623 -0.04 0.27
Public Australia Equity (PAUEF) 0.2623 0.2626 -0.11 -0.18
Public Singapore Equity (PSGEF) 0.2863 0.2876 -0.45 -0.94
#
Public China Select (PCSF) 0.3335 0.3352 -0.51 -0.26
#
Public China Titans (PCTF) 0.3172 0.3189 -0.53 -0.40
#
Public Greater China (PGCF) 0.2579 0.2593 -0.54 -0.26
Public South-East Asia Select (PSEASF) 0.2704 0.2738 -1.24 -1.25
Public ASEAN Growth (PASGF) 0.2408 0.2439 -1.27 -1.25
^
Public Far-East Telco & Infrastructure (PFETIF) 0.3258 0.3303 -1.36 -1.20
^
Public Far-East Dividend (PFEDF) 0.2973 0.3016 -1.43 -2.04
^
Public Far-East Alpha-30 (PFA30F) 0.4552 0.4633 -1.75 -1.87
^
Public Far-East Property & Resorts (PFEPRF) 0.2785 0.2838 -1.87 -1.57
^
Public Regional Sector (PRSEC) 0.2642 0.2699 -2.11 -2.21
^
Public Optimal Equity (POEF) 0.2778 0.2843 -2.29 -1.75
^
Public Far-East Select (PFES) 0.3185 0.3264 -2.42 -2.46
^
Public Far-East Consumer Themes (PFECTF) 0.2866 0.2974 -3.63 -3.20
^
Public China Access Equity (PCASEF) 1.1530 1.2080 -4.55 -4.28
#
PB China Pacific Equity (PBCPEF) 0.3546 0.3550 -0.11 -0.16
^
PB Asia Equity (PBAEF) 0.2846 0.2871 -0.87 -1.42
PB Singapore Advantage-30 Equity (PBSGA30EF) 0.2794 0.2822 -0.99 -0.94
PB ASEAN Dividend (PBADF) 0.2734 0.2765 -1.12 -1.12
^
PB Asia Pacific Enterprises (PBAPENTF) 0.3325 0.3364 -1.16 -1.33
PB ASEAN Dividend Sequel (PBADSQF) 0.2561 0.2598 -1.42 -1.12
PB China Australia Equity (PBCAUEF) 0.2585 0.2630 -1.71 -2.46
^
PB Asia Emerging Growth (PBAEGF) 0.2942 0.2995 -1.77 -2.00
^
PB Asia Pacific Dividend (PBAPDF) 0.2374 0.2417 -1.78 -2.04
^
PB Asia-30 Equity (PBA30EF) 0.2714 0.2773 -2.13 -1.87
PB China ASEAN Equity (PBCAEF) 0.3713 0.3809 -2.52 -2.98
^
PB Asia Consumer Sector (PBACSF) 0.2710 0.2800 -3.21 -3.20

5
For Internal Circulation Only
 Fund NAV (RM) Weekly % Change
Fund Name
24 Jan'20 17 Jan'20 Fund Benchmark
Islamic Regional Funds
Public Islamic ASEAN Growth (PIASGF) 0.2658 0.2659 -0.04 -0.48
#
Public China Ittikal (PCIF) 0.3179 0.3185 -0.19 -0.01
^
Public Asia Ittikal (PAIF) 0.3799 0.3838 -1.02 -0.88
^
Public Islamic Asia Dividend (PIADF) 0.3426 0.3471 -1.30 -1.10
^
Public Islamic Asia Leaders Equity (PIALEF) 0.4055 0.4113 -1.41 -1.44
^
Public Islamic Optimal Equity (PIOEF) 0.2739 0.2786 -1.69 -0.93
^
PB Islamic Asia Strategic Sector (PBIASSF) 0.3078 0.3105 -0.87 -1.33
^
PB Islamic Asia Equity (PBIAEF) 0.2877 0.2913 -1.24 -1.25
Global Funds
*
Public Vietnam-Global Equity (PVGEF) 0.2589 0.2587 0.08 0.42
Public Lifestyle & Technology (PLTF) 0.2944 0.2957 -0.44 -0.75
Public Worldwide Equity (PWEF) 0.2683 0.2697 -0.52 -0.63
Public Global Select (PGSF) 0.3615 0.3638 -0.63 -0.74
Public Japan Global Equity (PJGEF) 0.2491 0.2508 -0.68 -0.53
Public U.S. Equity (PUSEQF) 0.2848 0.2874 -0.90 -0.92
Public India-Global Equity (PINGEF) 0.2766 0.2798 -1.14 -1.17
PB Global Equity (PBGEF) 0.3075 0.3079 -0.13 -0.83
PB Global Technology & Healthcare (PBGTHF) 0.2824 0.2843 -0.67 -0.25
PB Global Opportunities (PBGOPF) 0.2605 0.2631 -0.99 -1.26
^
PB Euro Pacific Equity (PBEPEF) 0.3075 0.3120 -1.44 -1.64
Islamic Global Funds
Public e-Islamic Sustainable Millennial (PeISMF) 0.2593 0.2600 -0.27 -0.35
Public Islamic U.S. Equity (PIUSEQF) 0.2838 0.2847 -0.32 -0.49
Public Islamic Global Equity (PISGEF) 0.3025 0.3036 -0.36 -0.43
II. BALANCED FUNDS
Non Islamic Funds
Public Growth Balanced (PGRBF) 0.2842 0.2794 1.72 -0.84
Public e-Flexi Allocation (PeFAF) 0.2590 0.2570 0.78 -0.99
Public Select Mixed Asset Growth (PSMAGF) 0.2550 0.2532 0.71 -0.99
Public Select Mixed Asset Conservative (PSMACF) 0.2826 0.2808 0.64 -0.47
Public Balanced (PBF) 0.6282 0.6275 0.11 -0.84
Public Strategic Balanced (PSTBLF) 0.2901 0.2911 -0.34 -0.90
^
Public Tactical Allocation (PTAF) 0.3724 0.3742 -0.48 -1.70
^
Public Far-East Balanced (PFEBF) 0.3065 0.3085 -0.65 -1.45
^
Public Navigator Growth (PNVGF) 0.2621 0.2646 -0.94 0.13
PB Mixed Asset Growth (PBMAGRF) 0.2769 0.2719 1.84 -0.99
PB Mixed Asset Conservative (PBMAC) 0.2637 0.2607 1.15 -0.47
PB Indonesia Balanced (PBINDOBF) 0.2521 0.2510 0.44 0.33
PB Australia Dynamic Balanced (PBADBF) 0.2726 0.2729 -0.11 -0.08
PB Balanced Sequel (PBBSQF) 0.2641 0.2650 -0.34 -0.84
PB Balanced (PBBF) 0.7681 0.7708 -0.35 -0.84
^
PB Dynamic Allocation (PBDYNAF) 1.2445 1.2536 -0.73 -1.70
^
PB Asia Real Estate Income (PBAREIF) 0.3133 0.3161 -0.89 -0.92
Islamic Funds
Public Ehsan Mixed Asset Conservative (PESMACF) 0.2922 0.2882 1.39 -0.11
Public e-Islamic Flexi Allocation (PeIFAF) 0.2743 0.2707 1.33 -0.29
Public Islamic Growth Balanced (PIGRBF) 0.2915 0.2883 1.11 -0.24
Public Ehsan Mixed Asset Growth (PESMAGF) 0.3075 0.3063 0.39 -0.29
Public Islamic Global Balanced (PISGBLF) 0.2545 0.2550 -0.20 -0.26
Public Islamic Mixed Asset (PIMXAF) 0.2396 0.2403 -0.29 -0.28
^
Public Islamic Asia Tactical Allocation (PIATAF) 0.3792 0.3820 -0.73 -1.02
PB Islamic Dynamic Allocation (PBIDYNAF) 1.2448 1.2418 0.24 -0.32

6
For Internal Circulation Only
 Fund NAV (RM) Weekly % Change
Fund Name
24 Jan'20 17 Jan'20 Fund Benchmark
III. BOND FUNDS
Non Islamic Funds
Public Enhanced Bond (PEBF) 1.0583 1.0517 0.63 0.06
Public Enterprises Bond (PENTBF) 1.0956 1.0910 0.42 0.06
Public Bond (PBOND) 0.9798 0.9761 0.38 0.06
Public Strategic Bond (PSTBF) 1.0810 1.0775 0.32 0.06
Public Institutional Bond (PIN Bond) 1.0325 1.0294 0.30 0.06
Public Select Bond (PSBF) 1.0598 1.0571 0.26 0.06
PB Infrastructure Bond (PBINFBF) 1.1522 1.1448 0.65 0.06
PB Fixed Income (PBFI) 1.1167 1.1125 0.38 0.06
PB Bond (PBBOND) 1.0998 1.0960 0.35 0.06
Islamic Funds
Public Islamic Infrastructure Bond (PIINFBF) 1.0994 1.0923 0.65 0.06
Public Islamic Bond (PI BOND) 1.0108 1.0058 0.50 0.06
Public Sukuk (PSKF) 1.1123 1.1076 0.42 0.06
Public Islamic Income (PI INCOME) 1.1015 1.0972 0.39 0.06
Public Islamic Strategic Bond (PISTBF) 1.0731 1.0694 0.35 0.06
Public Islamic Select Bond (PISBF) 1.0689 1.0662 0.25 0.06
Public Islamic Enhanced Bond (PIEBF) 1.0842 1.0816 0.24 0.06
PB Aiman Sukuk (PBASF) 1.1099 1.1036 0.57 0.06
PB Islamic Bond (PBIBF) 1.1837 1.1775 0.53 0.06
PB Sukuk (PBSKF) 1.1031 1.0985 0.42 0.06
IV. MONEY MARKET FUNDS
Non Islamic Funds
Public e-Cash Deposit (PeCDF) 1.0021 1.0015 0.06 0.05
Public Money Market (PMMF) 1.0384 1.0378 0.06 0.05
PB Cash Management (PBCMF) 1.0297 1.0291 0.06 0.05
PB Cash Plus (PBCPF) 1.0017 1.0013 0.04 0.06
Islamic Funds
Public e-Islamic Cash Deposit (PeICDF) 1.0020 1.0014 0.06 0.05
Public Islamic Money Market (PIMMF) 1.0393 1.0388 0.05 0.05
PB Islamic Cash Management (PBICMF) 1.0231 1.0225 0.06 0.05
V. PRS FUNDS
Non Islamic Funds
Public Mutual PRS Conservative (PRS-CVF) 0.2788 0.2771 0.61 0.06
Public Mutual PRS Equity (PRS-EQF) 0.2808 0.2811 -0.11 -1.29
^
Public Mutual PRS Moderate (PRS-MDF) 0.2788 0.2799 -0.39 -1.11
^
Public Mutual PRS Growth (PRS-GRF) 0.2671 0.2698 -1.00 -1.31
^
Public Mutual PRS Strategic Equity (PRS-SEQF) 0.3144 0.3183 -1.23 -1.64
Islamic Funds
Public Mutual PRS Islamic Conservative (PRS-ICVF) 0.2748 0.2737 0.40 0.06
^
Public Mutual PRS Islamic Growth (PRS-IGRF) 0.3157 0.3162 -0.16 -0.66
^
Public Mutual PRS Islamic Moderate (PRS-IMDF) 0.2889 0.2894 -0.17 -0.56
^
Public Mutual PRS Islamic Strategic Equity (PRS-ISEQF) 0.2854 0.2869 -0.52 -0.80
^ #
As at 23 January 2020 *As at 22 January 2020 As at 20 January 2020

7
For Internal Circulation Only
THE CONTENTS OF THIS REPORT ARE STRICTLY FOR INFORMATION PURPOSES
ONLY AND NO PART OF THIS REPORT IS TO BE CONSTRUED AS AN OFFER OR
SOLICITATION OF AN OFFER TO INVEST IN PUBLIC MUTUAL’S FUNDS.

This Weekly Brief report summarises the movement of the equity and bond markets as well as the
funds’ performance for the period under review and is intended for circulation to the unitholders
of Public Mutual.

The Weekly Brief is prepared based on material compiled from data considered to be reliable at the
time of writing, but Public Mutual does not make any representation or warranty, express or
implied, as to its accuracy, completeness or correctness.

The Fund Performance Review summarises the fund’s weekly performance compared against its
benchmark. Readers should note that past performance of a fund is not an indication of its future
performance.

No part of this report may be shared, reproduced, distributed, transmitted, displayed or published
in any manner without the written consent of Public Mutual. Public Mutual does not accept any
liability, be it directly, indirectly or consequential losses or damages that may arise from any
reliance based on this report.

8
For Internal Circulation Only