MALAYSIA: Public Mutual, a subsidiary of Public Bank, has launched two new Islamic funds: Public Islamic Treasures Growth Fund (PITGF) and Public Sukuk Fund (PSKF).
PITGF is an Islamic equity fund, which seeks to achieve capital growth over the medium to long-term period by investing in small and medium-sized companies mainly in the local market, capitalizing on opportunities stemming from Malaysia’s strong economic growth prospects.
The fund, targeting aggressive investors, may also invest up to 30% of its net asset value (NAV) in foreign markets such as South Korea, China, Hong Kong, Taiwan, Singapore, the Philippines, Thailand, Indonesia, Australia, Luxembourg and other permitted markets.
PSKF is an Islamic bond fund, which invests in a diversified portfolio of Sukuk comprising mainly corporate Sukuk that produces higher returns than Islamic money market deposits. It is suitable for investors with a conservative risk-reward temperament, seeking annual income with some safety of principal.
The Sukuk fund will invest at least 75% of its NAV in a portfolio of Sukuk such as sovereign and corporate Sukuk (listed and unlisted) of various tenures, while the remaining 25% will be used to invest in Islamic money market instruments. PSKF also may invest up to 30% of its NAV in foreign Sukuk from Singapore, Japan, Hong Kong, Australia, the UK and other permitted markets.
The initial price of PITGF and PSKF is RM0.25 (US$0.08) per unit and RM1 (US$0.33) per unit respectively, during the 21-day initial offer period from the 19th July. Both funds have a minimum initial investment of RM1,000 (US$332), and a minimum of RM100 (US$33) is required for additional investment to either fund.