ATRAM Philippine Equity Smart Index Fund

April 30, 2020

Performance Overview
Investment Objective Performance Overview
The Fund is designed to generate excess returns compared
to its benchmark through an enhanced index approach, 180.00
combining the elements of passive and active management.
140.00
Risk Return Spectrum

NAVPU
ATRAM PHIL. EQUITY
SMART INDEX FUND 100.00
Conservative Moderate Aggressive
60.00
Fund Facts Mar-16 Nov-16 Jul-17 Mar-18 Nov-18 Aug-19 Apr-20

Inception Date 1 March 2016 Figures as of 4.30.2020

Cumulative Performance %
Currency PHP 1 Mo YTD 1 Yr Since Incept.
Fund 5.58 -25.29 -27.48 -15.54
Fund Size 276.57 Million Benchmark 7.13 -27.06 -28.32 -15.29
NAVPU
NAVPU 84.458670 31-Jan-20 28-Feb-20 31-Mar-20 30-Apr-20
Fund 103.380113 97.905932 79.991945 84.458670

Manager’s Report Portfolio Analysis

The Philippine Stock Exchange Index (PSEi) was up 7.13% month-on- Composition of the Fund
month (MoM) to end the month at 5,700.71. The index rebounded during
the month of April after dipping as much as 20% in March, due to COVID-
19 fears. The sell-off attracted bargain hunters as investors scooped up
heavily discounted index names, especially in defensive sectors such as
telecommunications and select consumer names. The government and Equities (97.7%)
the Bangko Sentral ng Pilipinas (BSP) have been busy providing both
financial and monetary stimulus to the economy, giving support to the Cash (2.3%)
market and investor sentiment. Despite the gains, the index continued to
be volatile as the rest of the world tackled the pandemic and WTI oil
prices plunged below zero as demand dried up. Focus on the ground was
the extension of the Extended Community Quarantine (ECQ) from April
30 to May 15 in a number of areas including Metro Manila, as the
government seeks to ramp up its testing capacity, while some areas Top Portfolio Holdings
began their transition into a less strict General Community Quarantine
(GCQ). Locals largely fueled the rally as they dominated turnover, while SM Investments Corporation 16.3%
foreigners continued to be net sellers for the month worth US$324.87.
As for foreign exchange, the USD closed the month at PHP 50.40, down
55 basis points (bps) MoM. The USD return on the PSEi year-to-date is - SM Prime Holdings Inc. 9.1%
26.58%.
The ATRAM Philippine Equity Smart Index Fund was up 5.58% but BDO Unibank Inc. 7.3%
underperformed its benchmark by 1.55%. An underweight in Jollibee
Foods Corporation (JFC +34.49% MoM) and Ayala Corporation (AC
+24.52% MoM) were the main drags. JFC outperformed the index as Ayala Land Inc. 7.1%
investors flocked to more defensive names in the consumer sector such
as JFC, it was also the top foreign bought name in the index for the month
worth US$11m in net inflows. AC gapped up together with other Ayala Corporation 6.9%
conglomerates but even more so after being a laggard during 1Q20, down
over -40%.
Philippine Long Distance Tel. Co. 6.1%
For the month of May, we expect volatility to continue to persist, though
a lifting of the ECQ in Metro Manila (even in select locations) could start
boosting sentiment. We still expect economic activity to remain subdued Universal Robina Corp. 5.4%
for the month, as consumers continue to be cautious post-ECQ. Also,
based on the government measures applied in areas under GCQ, the
imposed limitations on mobility and industries are still relatively tight. JG Summit Holdings Inc. 4.5%
Moreover, while the corporate earnings releases from 1Q20 may not fully
reflect yet the impact of the lockdown, the guidance from the companies
on operating performance in the succeeding months remain challenged. Globe Telecom Inc. 4.3%
In terms of portfolio positioning, we like industrials, consumer
discretionary and select financial names but we are on the lookout for Bank of the Philippine Islands 4.2%
additional tactical opportunities that the market may provide to further
enhance our risk and reward characteristics.
The Fund is a UITF and is a trust product, not a deposit account or an obligation of, or guaranteed, or insured by the ATRAM Trust or its affiliates or subsidiaries. The Fund is not insured or governed by the
PDIC. Due to the nature of the investment, yields and potential yields cannot be guaranteed. Any loss/ income arising from market fluctuations and price volatility of the s ecurities held by the Fund, even if
invested in government securities, is for the account of the investor/ participant. As such, th e units of participation of the investor in the Fund when redeemed, may be worth more or less than his/her/its
initial investment. Historical performance, when presented, is purely for reference purposes and is not a guarantee of simila r future result. The Trustee is not liable for losses unless upon its willful default,
bad faith or gross negligence.

ATRAM Trust Corporation: 8th Floor, 8 Rockwell Bldg., Hidalgo Drive, Rockwell Center, Makati City, 1210 Philippines
Trunk line: +632-88147892 / +632-88147835 | Fax: +632-88410315 |Email: customercare_trust@atram.com.ph |Website: www.atram.com.ph
 ATRAM Philippine Equity Smart Index Fund
April 30, 2020

Monthly Performance %
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Year Cumulative
2016 7.54 -1.48 3.45 4.94 1.99 -2.28 -2.20 -2.98 -8.75 0.52 -0.24 -0.24
2017 5.35 -0.83 1.55 4.74 3.05 -0.19 2.26 0.11 2.78 2.26 -1.90 3.71 25.10 24.81
2018 1.94 -3.32 -5.66 -1.66 -3.68 -4.16 6.36 2.65 -7.40 -2.17 3.35 1.17 -12.70 8.95
2019 6.68 -3.05 3.03 0.33 0.28 0.55 0.23 -0.94 -2.75 1.86 -2.86 0.77 3.76 13.05
2020 -8.55 -5.30 -18.30 5.58 -25.29 -15.54

Fund Details

Fund Classification: Equity Fund Minimum Investment Amount: PHP 50.00

Base Currency: Philippine Peso Minimum Additional Investment: PHP 50.00
Benchmark: Philippine Stock Exchange Index (PSEi) Minimum Maintaining Amount: PHP 50.00
Trust Fee: 1.50% p.a. Trustee: ATRAM Trust Corporation
Inception Date: 1-Mar-16 Custodian Citibank N.A. Manila Branch
Bloomberg code: ATRPHSE PM Auditor SGV & Co.
Dealing Frequency: Daily Website www.atram.com.ph

The Fund is suitable for investors with a long-term investment horizon who seek to invest in Philippine equity securities and have a
Investor Risk Profile high risk appetite.

The Fund is a UITF and is a trust product, not a deposit account or an obligation of, or guaranteed, or insured by the ATRAM Trust or its affiliates or subsidiaries. The Fund is not insured or governed by the
PDIC. Due to the nature of the investment, yields and potential yields cannot be guaranteed. Any loss/ income arising from market fluctuations and price volatility of the securities held by the Fund, even if
invested in government securities, is for the account of the investor/ participant. As such, the units of participation of the investor in the Fund when redeemed, may be worth more or less than his/he r/its
initial investment. Historical performance, when presented, is purely for reference purposes and is not a guarantee of simila r future result. The Trustee is not liable for losses unless upon its willful default,
bad faith or gross negligence.

ATRAM Trust Corporation : 8th Floor, 8 Rockwell Bldg., Hidalgo Drive, Rockwell Center, Makati City, 1210 Philippines
Trunk line: +632-88147892 / +632-88147835 | Fax: +632-88410315 |Email: customercare_trust@atram.com.ph |Website: www.atram.com.ph