You are on page 1of 9

MARKET WRAP: WEEK ENDED 20 APRIL12

Bursa Securities vs Public Mutuals performance*


FBM KLCI FBMS Shariah MSCI FEXJ# MSCI World# Local Funds PSF PGF PIX PIF PAGF PRSF PBF P SmallCap PEF PFSF PDSF PSSF PSA30F POGF PBBF PBGF PBGSQF PSSCF Local Islamic Funds P Ittikal PIEF PIOF PIMXAF PIDF PISSF PISTF PIOGF PISEF PIA40GF PISVF PITGF PITSEQ PBIEF Foreign Funds PFES PRSEC PGSF PFEDF PFEBF PTAF PCSF PFEPRF PSEASF PFECTF PCTF PFETIF PNREF PAUEF PFA30F PINDOSF PBAEF PBADF PBEPEF PBCPEF PBCAEF PBCAUEF PBSGA30EF PBAPENTF PBAREIF PBADBF PBINDOBF PSGEF PBAEGF Foreign Islamic Funds PAIF PIADF PIATAF PCIF PIALEF PBIAEF PBIASSF # *Buying Price, in USD 20 Apr12 1,591.85 10,828.83 490.28 325.77 0.5713 0.4897 0.6939 0.5311 0.6200 0.6252 0.6811 0.7334 0.2747 0.2663 0.2986 0.2907 0.3155 0.2951 0.7826 0.7928 0.2548 0.2500 0.8703 0.3481 0.3279 0.2826 0.3720 0.2962 0.3095 0.2829 0.3816 0.2703 0.2564 0.2814 0.2638 0.2459 0.2146 0.1860 0.1860 0.2075 0.2091 0.2012 0.1555 0.2656 0.2628 0.2639 0.2085 0.2854 0.2178 0.2531 0.2116 0.2846 0.1977 0.2845 0.1676 0.1494 0.2240 0.1791 0.2537 0.2177 0.2655 0.2852 0.2734 0.2506 0.2776 0.2560 0.2443 0.2262 0.1761 0.2410 0.2151 0.1769 13 Apr'12 1,603.12 10,902.17 493.86 323.02 0.5768 0.4939 0.6993 0.5372 0.6257 0.6300 0.6849 0.7353 0.2772 0.2672 0.2999 0.2932 0.3185 0.2966 0.7909 0.8025 0.2571 0.2500 0.8746 0.3512 0.3289 0.2847 0.3739 0.2979 0.3115 0.2850 0.3845 0.2731 0.2575 0.2804 0.2648 0.2478 0.2163 0.1876 0.1855 0.2123 0.2099 0.2032 0.1581 0.2631 0.2591^ 0.2639 0.2092 0.2853 0.217 0.2518 0.2162 0.2778 0.1991 0.2809^ 0.1684 0.1507 0.2250 0.1799 0.2523 0.2207 0.2645 0.2845 0.2690 0.2495 0.2771 0.2593 0.2472 0.2292 0.1757 0.2435 0.2177 0.1788 % chng -0.7 -0.7 -0.7 +0.9 -1.0 -0.9 -0.8 -1.1 -0.9 -0.8 -0.6 -0.3 -0.9 -0.3 -0.4 -0.9 -0.9 -0.5 -1.0 -1.2 -0.9 0.0 -0.5 -0.9 -0.3 -0.7 -0.5 -0.6 -0.6 -0.7 -0.8 -1.0 -0.4 +0.4 -0.4 -0.8 -0.8 -0.9 +0.3 -2.3 -0.4 -1.0 -1.6 +1.0 +1.4 0.0 -0.3 +0.04 +0.4 +0.5 -2.1 +2.4 -0.7 +1.3 -0.5 -0.9 -0.4 -0.4 +0.6 -1.4 +0.4 +0.2 +1.6 +0.4 +0.2 -1.3 -1.2 -1.3 +0.2 -1.0 -1.2 -1.1

WEEKLY HIGHLIGHTS The FBM KLCI eased below 1,600 points to close at a one-week intraday low of 1,591.9 points, down 0.7% for the week. Regional markets closed on a mixed note with selected markets such as Taiwan and Korea registering weekly losses of 3.6% and 1.7% respectively. Looking ahead, the performance of the local and regional markets will depend on improvement in U.S. economic activities and developments in the Eurozone. STOCKMARKET COMMENTARY After touching record highs in recent weeks, the FBM KLCI eased below 1,600 points on renewed concerns over the Eurozone debt crisis and moderation in Chinas economic activities. The FBM KLCI closed at a oneweek intraday low of 1,591.9 points, down 0.7% for the week. Average daily trading volume increased to 1.7bil from 1.2bil in the preceding week while daily turnover in value terms was sustained at RM1.5bil over the same period. Regional markets closed on a mixed note with selected markets such as Taiwan and Korea registering weekly losses of 3.6% and 1.7% respectively. However, the Shanghai and China mainland H share markets were well-supported on expectations that Chinas monetary policies will be eased to support growth. On Wall Street, the Dow was wellsupported above 13,000 points on the back of better-than-expected earnings announced by a broad range of industries. Despite the moderation of economic activities in March, investors are expecting fairly resilient U.S. 1Q2012 GDP growth data to be announced on 27th April. The Dow rose by 1.4% to 13,029.3 points while the Nasdaq edged down 0.4% to 3,000.5 points over the week. The broader-based S&P 500 index closed 0.6% higher at 1,378.5 points over the same period.
1

^NAV as at 12 Apr12. Non Business day on 13 Apr12

In the U.S., macroeconomic data released over the week were sluggish with retail sales growth easing to a 2-month low of 0.8% month-on-month basis in March from 1.0% in February due to lower sales of automotive products. Housing starts moderated to 654,000 units in March from 694,000 units in February while existing home sales declined by 2.6% on a monthon-month basis in March compared to a contraction of 0.6% in February. Crude oil prices rose to US$103.05/brl to register a weekly gain of 0.2% following news of a decrease in U.S. oil inventories. On the local front, Malaysias inflation rate edged down to a 15-month low of 2.1% in March from 2.2% in February due to slower increases in housing and transportation costs. Food and beverage prices remained unchanged at 2.9% in March. Malaysias foreign reserves increased to RM416.6bil on a year-to-date basis to 13 April 2012 on account of capital inflows and positive trade balance. On a weekly basis, the Ringgit weakened by 0.3% to close at RM3.064 against the US$ while on a year-to-date basis, the Ringgit appreciated by 3.3% against the greenback. Looking ahead, the local market is anticipated to move in tandem with overseas markets as investors continue to monitor U.S. economic activities and developments in the Eurozone. At the FBM KLCIs closing level of 1,591.9 points on 20th April 2012, the local stock market is trading at a prospective P/E of 16.4x on 2012 earnings, which is lower than its 10-year average P/E ratio of 16.7x. The local market is supported by a gross dividend yield of about 3.7% which exceeds the 12-month fixed deposit rate of 3.15%.

Other Markets Performance 20 Apr'12 13 Apr'12 Dow Jones 13,029 12,850 Nasdaq 3,000 3,011 TOPIX 812 815 SH Comp 2,407 2,359 China*, H share 11,050 10,937 MSCI China 6,104 6,046 Hong Kong 21,011 20,701 Taiwan 7,507 7,788 South Korea 1,975 2,009 Singapore 2,994 2,988 Thailand 1,195 1,169^ Indonesia 4,181 4,159
* Hang Seng China Enterprises Index
^ Index as at 12 Apr`12

% Weekly +1.4 -0.4 -0.4 +2.0 +1.0 +1.0 +1.5 -3.6 -1.7 +0.2 +2.2 +0.5

Bursa Securities Market Valuations^ 20 Apr'12 13 Apr'12 FBM KLCI 1,591.85 1,603.12 PER'12 (x) 16.36 16.46 Price/NTA(x) 5.19 5.18 3mth InterBk 3.19% 3.19% 12mth FD, % 3.15% 3.15%
*2002-2011 average ^PMB In-House Statistics

10 yr av.* 16.67 2.79 3.12% -

Malaysias Economic Snapshot 2010 GDP growth, % 7.2 Inflation, % 1.7


F=forecast

2011 5.1 3.2

2012F 4.5 2.7

Bursa Securities 10 year P/E Ratio


30 25 20 15 Average: 16.7x 10
01 02 03 04 05 06 07 08 09 10 11 12

20 Apr'12 P/E on 2012 earnings: 16.4x

P/E Ratio (x)

BOND MARKET REVIEW: FORTNIGHT ENDED 20 APRIL12


Public Mutual's Bond Funds Performance
P BOND PI BOND PIN BOND PEBF PSBF PIEBF PISBF PIINCOME PBFI PBIBF PBBMTN1 PBINFBF PIINFBF PSTBF PISTBF PSKF PBBOND PBSKF PENTBF 20 Apr'12 1.0195 1.0717 1.0138 1.0356 1.0466 1.0984 1.0517 1.0635 1.0999 1.2095 1.0552 1.0822 1.0536 1.0482 1.0479 1.0330 0.2776 1.0237 1.0004 6 Apr'12 1.0174 1.0708 1.0126 1.0363 1.0458 1.1022 1.0511 1.0622 1.0971 1.2080 1.0526 1.0808 1.0522 1.0467 1.0467 1.0322 0.2765^ 1.0222 1.0000 % chng +0.2 +0.1 +0.1 -0.1 +0.1 -0.3 +0.1 +0.1 +0.3 +0.1 +0.2 +0.1 +0.1 +0.1 +0.1 +0.1 +0.4 +0.1 +0.04

BOND MARKET COMMENTARY For the fortnight ended 20th April 2012, the U.S. Treasury market strengthened amid lack of fresh U.S. economic data releases. In addition, renewed concerns over Europes fiscal issues specifically with regards to Spain increased safe haven demand for U.S. Treasuries. The 3, 5 and 10-year Treasury yields fell by between 3 basis points (bps) and 9 bps to 0.40%, 0.84% and 1.96% respectively over the fortnight. The Malaysian Government Securities (MGS) market was mixed with the 3-year MGS yields rising by 6 bps to 3.17% over the fortnight while the 5 and 10-year fell by 7 and 12 bps to 3.21% and 3.52% respectively over the same period. The local corporate bond market strengthened as the 3, 5 and 10-year AAA corporate bond yields fell by between 1 basis point (bp) and 2 bps to 3.71%, 3.95% and 4.36% respectively over the fortnight. In the money market, the spread of the 3month Kuala Lumpur Interbank Offer Rate (KLIBOR) over the yield of the 3-month U.S. Treasury bill remained unchanged at 312 bps over the fortnight ago as both the 3month U.S. Treasury bill and the 3-month KLIBOR remained unchanged at 0.07% and 3.19% respectively over the same period. Looking ahead, the U.S. Treasury bond prices may experience some volatility in the medium term as investors monitor the pace of the recovery in the U.S. economy. On the domestic front, the MGS market may gradually consolidate given the continued uncertainties over the global financial markets and economic conditions in the near-term.

^NAV as at 5 Apr12. Non Business day on 6 Apr12

Public Mutual's Money Market Funds Performance


PMMF PIMMF PBCMF PBCPF PBICMF PBICPF 20 Apr'12 0.9940 1.0335 1.0258 1.0030 1.0216 1.0069 6 Apr'12 0.9929 1.0324 1.0247 1.0019 1.0205 1.0058 06 Apr'12 3.19 0.07 3.73 3.11 0.43 3.96 3.28 0.90 4.38 3.64 2.05 % chng +0.1 +0.1 +0.1 +0.1 +0.1 +0.1 Chng* -2.0 +6.0 -3.0 -1.0 -7.0 -6.0 -2.0 -12.0 -9.0

Change in Interest Rates & Bond Yields


20 Apr'12 3 Month Interest Rates KLIBOR 3.19 U.S. T Bill 0.07 3 Year 'AAA'Corp. 3.71 MGS 3.17 U.S. T Note 0.40 5 Year AAA'Corp. MGS U.S. T Note 10 Year 'AAA'Corp. MGS U.S. T Bond
*in basis points
6 10 Years MGS MGS Yield

3.95 3.21 0.84 4.36 3.52 1.96

3 Years M GS 2
J an-0 3 J an-0 4 J an-0 5 J an-0 6 J an-0 7 J an-0 8 J an-0 9 J an-10 J an-11 J an-12

6 5 4 3 2 1
J an-0 3 J an-0 4 J an-0 5

US Treasury Bond Yield

10 Years US T Bond

J an-0 6

J an-0 7

J an-0 8

J an-0 9

J an-10

J an-11

J an-12

Return and Volatility Measures for Public Mutuals Funds For the 3 Years Period Ended 31 December 2011
Fund Type Equity Benchmark/ Fund FBM KLCI PBGF PIF PAGF PEF PSF PGF Benchmark1 PIX PRSF PSSF Benchmark2 PDSF Islamic Equity Benchmark3 P Ittikal PIEF PIOF Average Annual Return Beta R-Squared (R2) Fund Volatility Class (FVC) 3-Year Fund Volatility Factor (FVF)#

20.39 17.66 17.55 17.95 19.52 16.62 19.56 21.59 22.14 24.14 24.76 21.18 20.47 20.06 15.83 17.86 20.08 24.12 18.48 17.79 17.48 19.76 20.21 28.58 23.68 21.19 20.32

1.00 1.00 1.04 1.26 1.13 0.92 1.07 1.00 1.04 0.96 1.03 1.00 0.83 1.00 0.85 0.79 1.01 0.90 0.90 0.83 0.83 1.00 0.69 1.00 0.67 1.00 0.68

1.00 0.81 0.83 0.78 0.80 0.90 0.79 1.00 0.98 0.92 0.88 1.00 0.94 1.00 0.82 0.96 0.80 0.83 0.89 0.93 0.79 1.00 0.93 1.00 0.87 1.00 0.80

High High Very High Very High Moderate High High High High Moderate

13.2^ 14.6 14.8 18.5 16.6 12.7 15.7 13.4^ 14.1 13.3 14.5 12.8^ 10.9 13.8^

PISSF
PBIEF PIOGF PISTF Benchmark4 PIDF Small & Mid Cap Equity Benchmark5 PFSF Benchmark6 PSmall Cap

High Moderate High High High Moderate High Low

12.9 11.1 15.8 13.6 13.2 11.9 13.0 13.2^ 9.5 16.5^

Moderate

11.8 21.0^ 15.9

High

Regional

Benchmark7 PFES Benchmark8 PFEDF Benchmark9 PRSEC Benchmark10 PBAEF Benchmark11 PCSF Benchmark12 PBADF Benchmark13 PFEPRF Benchmark14 PBCPEF Benchmark15 PSEASF Benchmark16 PCTF Benchmark17 PFECTF

13.65 5.89 14.11 7.46 12.67 6.50 11.25 6.95 9.24 2.86 22.87 23.21 10.09 27.69 7.61 3.33 22.92 22.96 8.31 3.62 28.87 16.96 17.31 12.72 17.28 16.19 16.65 12.05 14.12 9.29 13.92 4.32

1.00 1.21 1.00 1.01 1.00 1.19 1.00 1.29 1.00 1.01 1.00 0.96 1.00 1.15 1.00 0.93 1.00 0.96 1.00 0.92 1.00 0.93 1.00 0.87 1.00 0.76 1.00 0.90 1.00 0.89 1.00 1.04

1.00 0.82 1.00 0.93 1.00 0.80 1.00 0.77 1.00 0.91 1.00 0.93 1.00 0.79 1.00 0.87 1.00 0.95 1.00 0.95 1.00 0.93 1.00 0.95 1.00 0.95 1.00 0.95 1.00 0.95 1.00 0.87

Very High Very High Very High Very High Very High Very High Very High Very High Very High Very High Very High

18.4^ 24.8 17.4^ 18.2 18.0^ 24.3 15.6^ 23.6 19.8^ 21.1 16.3^ 16.2 18.6^ 24.8 20.0^ 19.7 16.9^ 16.4 20.5^ 19.5 19.6^ 19.1 16.7^

Islamic Regional

Benchmark18 PAIF Benchmark19 PIADF Benchmark20 PBIAEF Benchmark21 PBIASSF Benchmark22 PCIF

High High Very High High Very High

14.9 16.4^ 12.7 17.5^ 16.2 17.4^ 15.8 16.6^ 18.7

Global

Benchmark23 PGSF Benchmark24 PBEPEF

6.11 5.86 6.82 6.22 13.15 10.79 10.64 9.62 7.78 7.43 20.39 2.80 7.56 7.83 8.16 4.14 7.68 9.56 4.98 7.01 5.65 2.42 2.26 2.29 2.16 2.34

1.00 0.84 1.00 0.87 1.00 1.12 1.31 1.00 0.92 1.00 1.19 1.00 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

1.00 0.87 1.00 0.78 1.00 0.76 0.74 1.00 0.87 1.00 0.78 1.00 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

High Very High Moderate Moderate Moderate High Very Low Very Low Very Low n.a. Low Very Low Very Low Very Low Very Low Very Low Very Low Very Low Very Low Very Low

13.9^ 13.2 17.6^ 17.9 7.8^ 10.0 11.8 11.9^ 11.9 11.1^ 15.4 0.2^ 1.3 1.3 1.2 n.a. 2.6 1.6 0.7 2.3 0.8 0.1 0.1 0.2 0.2 0.1

Balanced

PBEIX PBBF PBF Benchmark25 PFEBF Benchmark26 PBAREIF

Bond

KLIBOR PBFI P Bond PI Bond PIN Bond PEBF PBIBF PSBF PIEBF PISBF PMMF PBCMF PBCPF PBICMF PIMMF

Money Market

* PB series of funds are highlighted to differentiate them from the Public series of funds # Based on the funds portfolio returns as at 29 February 2012 (Source: Lipper) ^ Standard Deviation for the benchmarks. (Source: PMB In-House Statistics)

Benchmarks: Benchmark1Benchmark2-

Benchmark3Benchmark4-

Benchmark5Benchmark6Benchmark7-

FBM KLCI = FTSE Bursa Malaysia KLCI, PBEIX = Public Balanced Equity Index, KLIBOR = Kuala Lumpur Interbank Offered Rate Kuala Lumpur Composite Index (Prior 6 July 2009) FTSE Bursa Malaysia Top 100 Index (w.e.f. 6 July 2009) Kuala Lumpur Composite Index (Prior 6 July 2009) FTSE Bursa Malaysia Top 100 Index (6 July 2009 to 29 April 2010) 90% FTSE Bursa Malaysia Top 100 Index (w.e.f. 30 April 2010) 10% 3-Month KLIBOR (w.e.f. 30 April 2010) Kuala Lumpur Syariah Index (Prior 1 November 2007) FTSE Bursa Malaysia EMAS Shariah Index (w.e.f. 1 November 2007) Kuala Lumpur Shariah Index (Prior 1 November 2007) FTSE Bursa Malaysia EMAS Shariah Index (1 November 2007 to 29 April 2010) 90% FTSE Bursa Malaysia EMAS Shariah Index (w.e.f. 30 April 2010) 10% 3-Month Islamic Interbank Money Market Rate (w.e.f. 30 April 2010) Kuala Lumpur Composite Index (Prior 30 April 2008) FTSE Bursa Malaysia Mid 70 Index (w.e.f. 30 April 2008) Kuala Lumpur Composite Index (Prior 30 April 2008) FTSE Bursa Malaysia Small Cap Index (w.e.f. 30 April 2008) 70% MSCI AC Far East Ex-Japan Index (Prior 30 April 2010) 30% FTSE Bursa Malaysia KLCI (Prior 30 April 2010) 100% MSCI AC Far East Ex-Japan Index (w.e.f. 30 April 2010) 6

Benchmark8-

Benchmark9Benchmark10-

Benchmark11-

Benchmark12-

Benchmark13-

Benchmark14Benchmark15-

Benchmark16Benchmark17

Benchmark18-

Benchmark19-

Benchmark20-

Benchmark21-

70% MSCI AC Far East Ex-Japan Index (Prior 30 April 2010) 30% FTSE Bursa Malaysia KLCI (Prior 30 April 2010) 90% MSCI AC Far East Ex-Japan Index (w.e.f. 30 April 2010) 10% 3-Month KLIBOR (w.e.f. 30 April 2010) 90% MSCI AC Far East Ex-Japan Index 10% 3-Month KLIBOR 20% Kuala Lumpur Composite Index (Prior 6 July 2009) 20% FTSE Bursa Malaysia KLCI (w.e.f. 6 July 2009) 20% Tokyo Stock Price Index 20% Korea Composite Stock Price Index 40% MSCI Golden Dragon Index 40% Hang Seng China Enterprises Index (Prior 1 January 2009) 30% Hang Seng Index (Prior 1 January 2009) 30% Taiwan TAIEX Index (Prior 1 January 2009) 100% MSCI Golden Dragon Index (w.e.f. 1 January 2009) 35% Straits Times Index (Prior 30 April 2010) 30% FTSE Bursa Malaysia KLCI (Prior 30 April 2010) 15% Jakarta Composite Index (Prior 30 April 2010) 15% Stock Exchange of Thailand Index (Prior 30 April 2010) 5% Philippine Stock Exchange Index (Prior 30 April 2010) 90% FTSE/ASEAN 40 Index (w.e.f. 30 April 2010) 10% 3-Month KLIBOR (w.e.f. 30 April 2010) Customised Asia Pacific Real Estate Sector Index by Dow Jones IndexesSM (Prior 1 January 2009) Customised index based on the constituents within the Real Estate Sector of Standard & Poors BMI Asia Pacific Index (w.e.f. 1 January 2009) 70% Hang Seng China Enterprises Index (Prior 1 January 2009) 30% Hang Seng Index (Prior 1 January 2009) MSCI Zhong Hua Index (w.e.f. 1 January 2009) 35% Straits Times Index 30% Kuala Lumpur Composite Index (Prior 6 July 2009) 30% FTSE Bursa Malaysia KLCI (w.e.f. 6 July 2009) 15% Jakarta Composite Index 15% Stock Exchange of Thailand Index 5% Philippine Stock Exchange Index (Prior 30 April 2010) FTSE/ASEAN 40 Index (w.e.f. 30 April 2010) 40% Hang Seng China Enterprises Index 30% Hang Seng Index 30% TSEC Taiwan 50 Index Customised Index based on consumer sector by Dow Jones IndexesSM (Prior 1 January 2009) Customised Index based on consumer sector of S&P BMI Asia Ex-Japan Index (w.e.f. 1 January 2009) 30% Kuala Lumpur Syariah Index (Prior 1 November 2007) 30% FTSE Bursa Malaysia EMAS Shariah Index (1 November 2007 to 29 April 2011) 30% FTSE Bursa Malaysia Hijrah Shariah Index (w.e.f. 30 April 2011) 70% Dow Jones Islamic Market Asia Ex-Japan IndexSM (Prior 1 January 2009) 70% S&P Shariah BMI Asia Ex-Japan Index (w.e.f. 1 January 2009) 30% Kuala Lumpur Shariah Index (prior to 1 November 2007) 30% FTSE Bursa Malaysia EMAS Shariah Index (1 November 2007 to 29 April 2011) 20% FTSE Bursa Malaysia Hijrah Shariah Index (w.e.f. 30 April 2011) 10% 3-month Islamic Interbank Money Market (IIMM) rate 70% Dow Jones Islamic Market Asia Ex-Japan IndexSM (Prior to 1 January 2009) 70% S&P Shariah BMI Asia Ex-Japan Index (w.e.f. 1 January 2009) 20% Kuala Lumpur Syariah Index (Prior 1 November 2007) 20% FTSE Bursa Malaysia EMAS Shariah Index (1 November 2007 to 29 April 2011) 20% FTSE Bursa Malaysia Hijrah Shariah Index (w.e.f. 30 April 2011) 80% Dow Jones Islamic Market Asia Ex-Japan IndexSM (Prior 1 January 2009) 80% S&P Shariah BMI Asia Ex-Japan Index (w.e.f. 1 January 2009) 90% Dow Jones Islamic Market Asia Ex-Japan IndexSM (Prior 1 January 2009) 90% S&P Shariah BMI Asia Ex-Japan Index (w.e.f. 1 January 2009) 10% 3-Month Islamic Interbank Money Market Rate

Benchmark22-

Benchmark23Benchmark24Benchmark25Benchmark26-

50% Dow Jones Islamic Market Hong Kong IndexSM (Prior 1 January 2009) 50% S&P Shariah BMI Hong Kong and China H Shares Index (w.e.f. 1 January 2009) 30% Dow Jones Islamic Market Taiwan IndexSM (Prior 1 January 2009) 30% S&P Shariah BMI Taiwan Index (w.e.f. 1 January 2009) 20% FTSE Bursa Malaysia EMAS Shariah Index (prior to 30 April 2011) 20% FTSE Bursa Malaysia Hijrah Shariah Index (w.e.f. 30 April 2011) 90% MSCI AC World Index 10% 1-Month KLIBOR 50% MSCI AC Far East Ex-Japan Index 40% Dow Jones Stoxx 50 Price Index 10% Tokyo Stock Price Index 60% MSCI AC Far East Ex-Japan Index 40% 3-Month KLIBOR 60% customised index of Asia Pacific Real Estate Sector Index by Dow Jones IndexesSM (Prior 1 January 2009) 60% customised index based on the constituents within real estate sector of the S&P BMI Asia Pacific Index (w.e.f. 1 January 2009) 40% 3-Month KLIBOR

n.a.= Not available as the above statistics are not meaningful for funds which have less than three years track record and not applicable to bond and money market funds as appropriate benchmark is not available. Average Annual Return = the percentage change in fund prices (adjusted for splits and distribution paid out) for the period divided by the number of years under review. Beta = A historical measure of a fund's sensitivity to movements in the benchmark index. A fund with a beta of 1.50 is significantly more volatile than its benchmark. It would tend to gain 1.5% for every 1% rise in the market and lose 1.5% for every 1% decline in the market. R-squared = A historical measure which indicates how closely a fund's past fluctuations have correlated with the fluctuations of its benchmark index. R-squared values range from 0 to 1.0. An R-squared of 0 means that a fund's returns have no correlation with a benchmark's fluctuations while an R-squared of 1.0 indicates that a fund's returns are completely correlated with the benchmarks returns. Standard Deviation = A statistical measure of the range of a fund's performance. This statistic compares a fund with its own past record (and not against a benchmark as seen in the computation of beta and R-squared). Standard deviation is the degree to which a fund's returns have fluctuated above or below its mean (or average) return over the previous 36 months. When a fund has a high standard deviation, its range of performance has been very wide, indicating that there is a greater potential for volatility of returns. Note that all risk measures have limitations. No single measure of risk paints a complete picture of the funds returns. These measures of risks are based on past performance which may not be indicative of future returns. The Volatility Factor (VF) means there is a possibility for the fund in generating an upside return or downside return around this VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC is revised every six months. The volatility banding for the Very Low, Low, Moderate, High and Very High VCs as at 31 December 2011 are 0.000 VF 2.675, 2.675 < VF 9.790, 9.790 < VF 12.735, 12.735 < VF 15.930 and VF more than 15.930 respectively. For this period to June 2012 the VCs for the funds are based on the VFs of the respective funds as at 31 December 2011. The funds portfolio may have changed since this date and there is no guarantee that the fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC.
8

A more detailed write up on the above measures of returns and risks is available in Public Mutual Agents Website.

You are advised to read and understand the contents of the Master Prospectus of Public Series of Funds dated 30th April 2011 and expires on 29th April 2012, Master Prospectus of Public Series of Shariah-Based Funds dated 30th April 2011 and expires on 29th April 2012, Master Prospectus of PB Series of Funds dated 30th April 2011 and expires on 29th April 2012, Information Memorandum of PB Cash Plus Fund and PB Islamic Cash Plus Fund dated 1st March 2010, Information Memorandum of PBB MTN Fund 1 dated 10th November 2009 and expires on 24th December 2009, Prospectus of Public Singapore Equity Fund dated 7th June 2011 and expires on 29th April 2012, Prospectus of Public Islamic Treasures Growth Fund and Public Sukuk Fund dated 19th July 2011 and expires on 29th April 2012, Prospectus of PB Asia Emerging Growth Fund, PB Bond Fund & PB Sukuk Fund dated 6th September 2011 and expires on 29th April 2012, Prospectus of Public Ittikal Sequel Fund dated 11th October 2011 and expires on 29th April 2012, Prospectus of PB Growth Sequel Fund dated 15th November 2011 and expires on 29th April 2012, Prospectus of Public Islamic Savings Fund dated 15th December 2011 and expires on 29th April 2012, Supplemental Prospectus of Public Tactical Allocation Fund dated 12th December 2011 and expires on 29th April 2012, Supplemental Prospectus of Public Islamic Mixed Asset Fund & Public Islamic Asia Tactical Allocation Fund dated 12th December 2011 and expires on 29th April 2012 and Prospectus of Public Strategic SmallCap Fund & Public Enterprises Bond Fund dated 20th March 2012 and expires on 29th April 2012. These prospectus have been registered with the Securities Commission who takes no responsibility for their contents, and neither should their registration be interpreted to mean that the Commission recommends the investment. You should note that there are fees and charges involved; and that the prices of units and distribution payable, if any, may go down as well as up. Applications to purchase must come in the form of a duly completed application form referred to in and accompanying the prospectus. A copy of the prospectus can be obtained from your attending agent, corporate representative or nearest Public Mutual Office. Past performance should not be taken as an indication of future performance.

Public Mutual Berhad (23419-A)

Block B, Sri Damansara Business Park, Persiaran Industri, Bandar Sri Damansara, 52200 Kuala Lumpur, Malaysia. P.O. Box 10045, 50700 Kuala Lumpur Tel: 03-62796800 Fax: 603-62779800 Website:http://www.publicmutual.com.my