Aboi's Updates For Malaysian PRS Funds for 1H'2016

If you need to know what is PRS I suggest reading my earlier post here: Private Retirement Schemes in Malaysia. I decided to put money into PRS in Nov 2014 due to several reasons [1] income tax RM 3000 rebate until 2021 [2] youth incentive 30 years & below of RM500 [3] long term forced investment for retirement because if you withdraw earlier it is taxed.

What do you need?
[1] Provider’s joint account opening form cum transaction form. Initial subscription only for each provider. PRS Forms (not the full list of all fund houses)
[2] A copy of Malaysian NRIC or passport for foreigners. The front and back of the Malaysian NRIC must be on a single page.
[3] Additional RM10 for the opening of a PPA account for first-time PRS contributors.
**The above is via Fundsupermart platform (might be different if purchase directly). Fundsupermart offers 0% sales charge which is great.

Performance review
I am currently invested in PRS for funds with exposure to Asia exc Japan because that is what I am looking for so I wouldn't be touching a lot on other categories; just a brief run down of them. The data below is obtained from Morningstar PRS Screener.

I have a stake in CIMB Principal PRS Plus Equity Asia Pacific ex Japan Equity Fund (+16.09%, 1.3 years holding period) and will continue to contribute. Thanks largely to the RM500 PRS youth incentive scheme, this year's losses due to China's selling rout in January is greatly minimized. With a risk factor of 9/10 it is therefore expected that volatility this huge -5% at certain times is not a big surprise. I might also be looking into splinting half my PRS contribution into AmPrs Asia Pacific REITs (launched in Nov 2014) as it has exposure to Asia Pacific region.

Conclusion:
Investing in PRS is a long term game as such I on hold to my strategy that is it in Asia Pacific with it's young population and rising middle class that will fuel the world economy for decades to come.

Aboi's Updates For Malaysian Equities Mutual Funds for 1H'2016

This is the last update on Mutual Funds in Malaysia. Links to my first two:
Aboi's Updates For Malaysian Bond Mutual Funds for 1H'2016
Aboi's Updates For Malaysian Mixed Assets Mutual Funds for 1H'2016

Equities

TER is the total expense ratio, a measure of total cost (purchase, redemption, auditing, management fees) of a fund to the investor. The lower the better.

Commentary

[1] Again due to the nature of risk in equities the top rankings between 2H'2015 vs now is not close. Overall 2015 was a challenging market for Malaysia. It is very clear now which funds perform better under stress (during bad times, e.g. Msia market dropped due to cheaper oil and weakening myr, China's panic selling; twice in fact and GST's impact).
[2] Only Estpring Small Cap and Kenanga GF performed well under stress which managed to eke out 11.76% and 6.55% returns. My other picks under Equity Asia Pacific ex Japan did not do well; not surprising due to Emerging Market outflows owing to stronger USD.
[3] As of this writing, I continue to own Kenanga Growth Fund (+64.89%, 3 years holding period) which has been performing above my expectation. Now the fund has a high level of cash 20% as such I expect it to wait for opportunities to accumulate during bad times.

[4] I also own Aberdeen Islamic World Equity Fund (+5.14%, 2 years holding period). This fund (TER of 1.31%) is now 3 years old and there is really still no useful data to show e.g. 5 years data. In due time I will share of course. However the fund did not do well this year as it's stock selection in the UK was a key detractor, led by Weir Group. The engineering services provider was hurt by the continued sell-off in the oil & gas sector.
I will continue to hold and weather the storm. 
Aberdeen Funds in Malaysia..Are They "Iron" Clad Investments?
Aboi To Finally Invest In Aberdeen Islamic World Equity Fund

[5] Lastly I also own CIMB Principal PRS Plus Asia Pacific Ex Japan Equity Fund (+17.90%, 1.4 years holding period). This fund is a feeder fund and it feeds of CIMB Principal Asia Pacific Dynamic Income Fund.


Here's risk-adjusted returns measure using the five principles of risk measures; alpha, beta, r-squared, std deviation and Sharpe ratio. I will just explain what they represent rather than showing hefty equations.

Alpha: A +ve of 1.0 means the fund has outperform its benchmark index by 1.0%. The opposite goes for -ve.
Beta: A +ve of 1.2 means the fund is 20% more volatile than the index. The higher the beta suggest it offers the possibility of higher returns but also posing more risk. The opposite goes for -ve. 
R-squared: A higher R-squared will indicate a more useful beta value (85 to 100) aka good correlation. A low R-squared value means you should ignore the beta. It's a measure on well the fund is measured against an appropriate benchmark.
Standard deviation: A large dispersion tells us how much the return on the fund is deviating from the expected normal returns.
Sharpe Ratio: The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. It describes how much excess return you get for extra volatility you endure in holding riskier asset.

Source: MorningStar - Rating & Risks section for respective fund

Now I have accepted the fact that Small Caps funds naturally have higher Std Dev due to their risk profile. This explains why the Preservation rating of Small-cap is lower around 1-3. By comparing Sharpe ratios the crown belongs to Eastspring Investments Small-cap though I must caution the degree of volatility +- 18.70%, question is can you stomach it?

Second. Long gone are the Sharpe ratios of 2+. The Malaysian market has plateaued with more downside risks than upside potential due to political uncertainties, weakening myr, GST's impact and low oil prices. My ratings still stand with Kenanga Growth and Equity Income but I already have KGF so there is no need for me to increase my exposure to the lackluster Malaysia equities market.

I continue to hold my view that investing in Asia (exc Japan) is still the way to go - LONG TERM. America's equities market is still not that cheap. The US Fed interest rate hike should be very gradual in 2016 which does not go well with equities. Europe is now battling with Brexit so the market will have some noise in 1H'2016. China is reforming its economy to be more inward, they will need more time to reform their financial sector. From now on it is a lot more difficult to get the returns we once did during the bull run from 2009-2013. I do not expect record high returns. It is still best to hold cash and wait. Feng Shui says something bad will happen in April 2016 all the way to early July.

   
***************************************************************
My five rules of choosing funds:

#1 Avoid choosing big sized popular funds!
#2 Compare fund expenses!
#3 Information on the fund manager!
#4 Good funds don't advertise.
#5 Avoid the usual past performance > riskiness of fund > manager's rep (some don't) > fund expenses > popularity of fund.  Look from the opposite direction and do your filtering from there.



Disclaimer: The reports, analysis and recommendations in this blog are solely my personal views. I do not link to any investment body or company. As such, I will not be responsible of any of your investment decision. Consult your investment adviser or come to your own conclusions before making any investment decision.

Aboi's Updates For Malaysian Mixed Assets Mutual Funds for 1H'2016

Two days ago I covered the Bonds category: Aboi's Updates For Malaysian Bond Mutual Funds for 1H'2016. I continue the series of update with Mixed Assets. It is called mixed asset because it has exposure on both the bond market/money market as well as equities (remind you again stocks). The exposure percentages differ based on fund prospectus (make sure you read them after screening the funds) so they can generally be divided into four:

• Aggressive (e.g. 70% equities/30% fixed income)
• Balanced (e.g. 50/50)
• Conservative (e.g. 30% equities/70% fixed income)
• Flexible (up to 100% in equities/fixed income)

Mixed Assets

TER is the total expense ratio, a measure of total cost (purchase, redemption, auditing, management fees) of a fund to the investor. The lower the better.

Commentary

[1] My previous picks for Flexible (Es Inv Dyanmic) and Conservative (Affin Hwang SIF) continue to do well and their rankings are maintained.
[2] It's a different story for Balanced (Affin Hwang SBF). This fund was previously exposed to Malaysia but has changed its mandate to invest in Asia. This has not gone well as evident from its 1 year return. I am putting my recommendation on hold until I get another round of data on 2H'2016.
[3] As of this writing, I continue to own Affin Hwang Select Income Fund (+36.24%, 5.1 years holding period) which has exposure in Asia ex Japan and has been performing within my expectation (6% to 8% returns per annum).

I will use a better risk-adjusted returns measure using the five principles of risk measures; alpha, beta, r-squared, std deviation and Sharpe ratio. I will just explain what they represent rather than showing hefty equations.

Alpha: A +ve of 1.0 means the fund has outperform its benchmark index by 1.0%. The opposite goes for -ve.
Beta: A +ve of 1.2 means the fund is 20% more volatile than the index. The higher the beta suggest it offers the possibility of higher returns but also posing more risk. The opposite goes for -ve. 
R-squared: A higher R-squared will indicate a more useful beta value (85 to 100) aka good correlation. A low R-squared value means you should ignore the beta. It's a measure on well the fund is measured against an appropriate benchmark.
Standard deviation: A large dispersion tells us how much the return on the fund is deviating from the expected normal returns.
Sharpe Ratio: The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. It describes how much excess return you get for extra volatility you endure in holding riskier asset.

Source: MorningStar - Rating & Risks section for respective fund

Eastspring Inv Bal used to be under my watch list but now I am recommending it. This is because Affin Hwang Select Balanced is now considered beyond Malaysia (now Asia), Eastspring will stand alone in its category and that is within Malaysia. The drawback: high Std Dev value of 10.64% (in a way behaving more like a Flexible fund rather than a Balanced one) so have some caution there. In a flexible fund it can be as high as 100% equities as the manager see fit therefore it boils down to your investing risk level.

Why not RHB-OSK Smart Balanced? It's scary. Even though it is a 50/50 balanced fund, its 50% equities portion is invested in Small-Medium Caps. You can clearly see the Std Dev of 13.91% (the highest among all and behaves a lot more like an Equity fund instead).

Affin Hwang Select Income continues to be my choice (for safer reasons). But note that RHB-OSK Smart Income has been giving far better returns in 2013 & 2015 only and thus making it look better especially for the 3-years and 1 year returns. Like it's bigger brother Smart Balanced, it is also invested in Small-Medium Caps. Sharpe ratio is explained with the higher Std Dev (double of that of SIF).

This info is still relevant till this day
-> What could possibly explain Eastspring's rapid ascension in the rankings? Perhaps it was the establishment of a new independent brand name from Prudential and possibly an internal shakeup for all we know. All I know is that has been operating under 'Management Team' in early 2012 as per MorningStar report. Prudential announces new Asia asset management brand – Eastspring Investments.

Disclaimer: The reports, analysis and recommendations in this blog are solely my personal views. I do not link to any investment body or company. As such, I will not be responsible of any of your investment decision. Consult your investment adviser or come to your own conclusions before making any investment decision.

Aboi's Updates For Malaysian Bond Mutual Funds for 1H'2016

What were the returns of my choices in 2H'2015? AmDynamicBond (4.69%), PB Islamic Bond (4.42%), AMB Dana Arif (4.61%), Affin Hwang Select Bond (5.38%). These are inline with my expectation of 4%-6% returns per annum. Every bond fund provided a return which is more than a fixed deposit account (with the rate you can get a year ago which should be ~3.50%)

Bonds

TER is the total expense ratio, a measure of total cost (purchase, redemption, auditing, management fees) of a fund to the investor. The lower the better.

Commentary

[1] The top three fund choices are difficult for their performance are almost the same. Furthermore the TER ratios are good and close that it's negligible.
[2] As such I'm ranking them based on their long term track record in which AmDynamic wins hand down. Overall Morningstar ratings for three of them are 5, 4 and 3 in that order.
[3] For outside exposure, Affin Hwang Select Bond remains top choice.

[4] As of this writing, I own AmDynamic Bond Fund (+12.02%, 2.4 years holding period) and plan to add more.
[5] I will also inject some cash into Affin Hwang Select Bond Fund (Asia Bond) as part of diversification outside of Malaysia.

Red: Fund, Orange: Category, Green: Index 

I still cannot stomach to recommend AMB Income Trust yet nor Eastspring Investment Trust. A fund that leap frogs in ranking quickly may suggest that it is involved in high risk high return choices. It is of my opinion that a bond fund should be the least risky asset class (vs Mixed Assets & Equities type) and as such should strive for a balanced, consistent and sustainable returns. A good bond fund should give a higher return than that of a fixed deposit account but not at the expense of a lot more risk.

Take a look at what I meant by 'extraordinary results' which by my experience is associated to more risk taking in search of higher returns. The question is, what if those high risk takes don't turn out well?

*In my 2H'2015's update I did say that AMB and RHB-OSK returns should be more normalized and expected yearly returns of a typical good bond fund. Indeed the 1-year return is about 6.37% and 7.08%.

Examine the 'Extraordinary' returns for a Bond fund. Both these funds have very high Std Deviation values (5.13%, 4.09% and 3.48% respectively). AMB Income Trust is more favourable due to a far better Sharpe ratio of 1.47, Eastspring's 0.66 and RHB-OSK's 1.17.

The more consistent performers under the Bond umbrella. (Std deviation values from left to right: 2.33%, 1.33%, 1.19% and 2.47% only) with Sharpe ratio of nearly 1 except AmDynamic at 0.33. (due to massive redemption and reopening of subscription in 3Q2013)

Source: MorningStar - Rating & Risks section for respective fund

I will use a better risk-adjusted returns measure using the five principles of risk measures; alpha, beta, r-squared, std deviation and Sharpe ratio. I will just explain what they represent rather than showing hefty equations.

Alpha: A +ve of 1.0 means the fund has outperform its benchmark index by 1.0%. The opposite goes for -ve.
Beta: A +ve of 1.2 means the fund is 20% more volatile than the index. The higher the beta suggest it offers the possibility of higher returns but also posing more risk. The opposite goes for -ve. 
R-squared: A higher R-squared will indicate a more useful beta value (85 to 100) aka good correlation. A low R-squared value means you should ignore the beta. It's a measure on well the fund is measured against an appropriate benchmark.
Standard deviation: A large dispersion tells us how much the return on the fund is deviating from the expected normal returns.
Sharpe Ratio: The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. It describes how much excess return you get for extra volatility you endure in holding riskier asset.

Though the Sharpe Ratio value for AMB Income Trust & RHB-OSK Islamic Bond looks solid it is difficult for me to swallow such deviation. if you look at their 10 year history they look a bit more shaky. Until these values go down to a more reasonable level I will shy away no matter how 'extraordinary' the short term returns are. It's all about managing risk.


Disclaimer: The reports, analysis and recommendations in this blog are solely my personal views. I do not link to any investment body or company. As such, I will not be responsible of any of your investment decision. Consult your investment adviser or come to your own conclusions before making any investment decision.

Investing in Malaysian Mid/Small Cap Companies

FTSE Malaysia Small Cap Interactive Chart (link)

Malaysian Small caps index did not have a good run in 2015 and had a pretty shaky start in 2016. It would be good for value investors like us to buy when it is cheap, preferably at 12000 levels; sometimes I'm not conservative. Mid/Small caps are not easy to invest directly (higher risk than big caps, too many companies to screen and more volatile). However there is an easier way which I believe is also safer: Eastspring Investments Small-Cap Fund

Key Points
1. Ranked 1st for 3Yr, 5Yr and 10Yr Annualized Returns under Category Equity Malaysia Mid/Small-cap as of 30 Nov 2015. Good track record.

2. Fund size of approximately RM 241.14 million (as at November 30, 2015) is small and manageable, manager has focus. Big funds tend to under-perform lower ones.

3. Cash level has dropped from 2014 (25%) to 2015 (15%), this would suggest to me that it has sought to buy some securities at discounted price due to the index's fall in 2015 hence there is potential for upside if the index recovers.

4. Purchasable under fundsupermart (link) @ 2% sales charge; during promo it can be as low as 0.5%. You can also utilize EPF account 1. It also has a decent expense ratio for an equity fund @ 1.64%. Affordable and flexible.

5. Fund fact sheet located here: Dated December 2015 (link). Fund has wisely positioned itself out of O&G/Banking/Automotive/Plantation industry which is expected to be so-so/not well in 2016. Manufacturing @ 21.25% is a boom as exports is poised to gain with a weaker MYR and especially if exports are denominated in USD. Good selective pickings.

**Please bear in mind that this is a high risk investment :) ** Just look at the returns and you will understand why. Can you stomach certain years that are bad and not emotionally sell them?

Annual Returns
2015 : +18.65%
2014 : +16.22%
2013 : +64.02%
2012 : +11.07%
2011 :    -8.68%
2010 : +30.39%
2009 : +56.02%
2008 :  -38.60%

Aboi's Updates For Malaysian Equities Mutual Funds for 2H'2015

This is the last update on Mutual Funds in Malaysia. Links to my first two:
Aboi's Updates For Malaysian Bond Mutual Funds for 2H'2015
Aboi's Updates For Malaysian Mixed Assets Mutual Funds for 2H'2015

Equities

TER is the total expense ratio, a measure of total cost (purchase, redemption, auditing, management fees) of a fund to the investor. The lower the better.

Commentary

[1] The rankings between 2H'2014 vs now show a very big mess, yes! It is very clear now which funds perform better under stress (during bad times, e.g. Msia market dropped due to cheaper oil and weakening myr, China's panic selling, Grexit and default).
[2] 4/5 of picks since being added in the four broad categories have since performed well (I won't say admirably given these bad times): Kenanga Growth, Select Opportunity, Eastspring Equity Income and Select Asia Quantum.
[3] The big let down was Hong Leong's Consumer (and now has a competitor Libra's Consumer and Leisure Asia). The fund's exposure to the Malaysian market is huge and consumer based stocks has suffered due to GST. Under flagged. Public's Far East Property did perform well but it only managed to return to its 2013 peak return level and the momentum has fallen. I maintain its under flagged rating. Thus I've temporarily removed Hong Leong Consumer & Public's Far East Property.
[4] As of this writing, I own Kenanga Growth Fund which has been performing above my expectation. Now the fund has a high level of cash 25-30% as such I expect it to wait for opportunities to accumulate during bad times.

[5] Remember that I shun Philip Master Equity Growth due to high TER (total expense ratio) of 4%. It has been performing abysmally; dropping from the top spot to the edge of #29.
[6] I also own Aberdeen Islamic World Equity Fund (TER of 0.81%). This fund is now 2.5 years old and there is really still no useful data to show. In due time I will share of course.
You may read why. 
Aberdeen Funds in Malaysia..Are They "Iron" Clad Investments?
Aboi To Finally Invest In Aberdeen Islamic World Equity Fund

Here's risk-adjusted returns measure using the five principles of risk measures; alpha, beta, r-squared, std deviation and Sharpe ratio. I will just explain what they represent rather than showing hefty equations.

Alpha: A +ve of 1.0 means the fund has outperform its benchmark index by 1.0%. The opposite goes for -ve.
Beta: A +ve of 1.2 means the fund is 20% more volatile than the index. The higher the beta suggest it offers the possibility of higher returns but also posing more risk. The opposite goes for -ve. 
R-squared: A higher R-squared will indicate a more useful beta value (85 to 100) aka good correlation. A low R-squared value means you should ignore the beta. It's a measure on well the fund is measured against an appropriate benchmark.
Standard deviation: A large dispersion tells us how much the return on the fund is deviating from the expected normal returns.
Sharpe Ratio: The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. It describes how much excess return you get for extra volatility you endure in holding riskier asset.

Source: MorningStar - Rating & Risks section for respective fund

Immediately you will notice why I prefer Affin Hwang's Quantum over Eastspring Investments Small-cap. Sharpe ratios are similar but with Quantum's std dev at almost half of Small-cap's - less volatility. This explains why the Preservation rating of Small-cap is at an appalling 1 (it was 2 in 2H'2014). Nevertheless both are in different categories and they do excel at what they do. However I still cannot stomach such volatility and would certainly lean towards Quantum. Perhaps you can :)

Second. Long gone are the Sharpe ratios of 2+. The Malaysian market has plateaued with more downside risks than upside potential due to political uncertainties as well as weakening myr. I was right to ignore MY Focus due to the having highest Beta in 2H'2014 (30%) and now it's a whopping 40%! Equity income is still better - lower Beta and less Std Dev. My ratings still stand Kenanga Growth and Equity Income but I already have KGF so there is no need for me to increase my exposure to the lackluster Malaysia equities market.

I continue to hold my view that investing in Asia (exc Japan) is still the way to go. America's equities market has definitively peaked with US Fed interest rate rise looming in 2H'2015 (September maybe). Europe is still battling with Grexit but the contagion effect is limited as most investors have priced that risk in their purchases lately as evident from EU markets, they have not reacted like China's panic selling. From now on it is a lot more difficult to get the returns we once did during the bull run from 2009-2013. Do not expect record high returns. It is still best to hold cash and wait.

   
***************************************************************
My five rules of choosing funds:

#1 Avoid choosing big sized popular funds!
#2 Compare fund expenses!
#3 Information on the fund manager!
#4 Good funds don't advertise.
#5 Avoid the usual past performance > riskiness of fund > manager's rep (some don't) > fund expenses > popularity of fund.  Look from the opposite direction and do your filtering from there.



Disclaimer: The reports, analysis and recommendations in this blog are solely my personal views. I do not link to any investment body or company. As such, I will not be responsible of any of your investment decision. Consult your investment adviser or come to your own conclusions before making any investment decision.

Aboi's Updates For Malaysian Mixed Assets Mutual Funds for 2H'2015

Two weeks ago I covered the Bonds category: Aboi's Updates For Malaysian Bond Mutual Funds for 2H'2015. I continue the series of update with Mixed Assets. It is called mixed asset because it has exposure on both the bond market/money market as well as equities (remind you again stocks). The exposure percentages differ based on fund prospectus (make sure you read them after screening the funds) so they can generally be divided into four:

• Aggressive (e.g. 70% equities/30% fixed income)
• Balanced (e.g. 50/50)
• Conservative (e.g. 30% equities/70% fixed income)
• Flexible (up to 100% in equities/fixed income)

Mixed Assets

TER is the total expense ratio, a measure of total cost (purchase, redemption, auditing, management fees) of a fund to the investor. The lower the better.

Commentary

[1] Both my top picks for Conservative and Balanced type since Dec 2012 have excellent performance so far.
[2] I am under recommending MAAKL HW Flexi in favour for Eastspring Inv Dynamic finally. MAAKL had a good run between 2008-mid 2014 until the oil price crash as well as subdue prices of palm oil. Its portfolio consists of 35% cyclical industries. Until the next commodity super cycle begins it is difficult to continue holding on for lack of any catalyst. Fund is also holding a 25% cash level now so returns will be suppressed. 
[3] As of this writing, I continue to own Affin Hwang Select Income Fund which has exposure in Asia ex Japan and has been performing to my expectation.

I will use a better risk-adjusted returns measure using the five principles of risk measures; alpha, beta, r-squared, std deviation and Sharpe ratio. I will just explain what they represent rather than showing hefty equations.

Alpha: A +ve of 1.0 means the fund has outperform its benchmark index by 1.0%. The opposite goes for -ve.
Beta: A +ve of 1.2 means the fund is 20% more volatile than the index. The higher the beta suggest it offers the possibility of higher returns but also posing more risk. The opposite goes for -ve. 
R-squared: A higher R-squared will indicate a more useful beta value (85 to 100) aka good correlation. A low R-squared value means you should ignore the beta. It's a measure on well the fund is measured against an appropriate benchmark.
Standard deviation: A large dispersion tells us how much the return on the fund is deviating from the expected normal returns.
Sharpe Ratio: The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. It describes how much excess return you get for extra volatility you endure in holding riskier asset.

Source: MorningStar - Rating & Risks section for respective fund

With roughly 2% difference in Std Dev between MAAKL HW-Flexi vs Eastspring Inv Dynamic, the latter has been able to provide twice the better of risk-adjusted performance. Hence I under recommended MAAKL HW-Flexi for reasons that I have explained before. Both Std Dev values are relative high (similar to Equities type funds) hence I don't really fancy them (better to invest in Equities fund instead).

Eastspring Inv Bal will be under the watch list. It can perform on par with Affin Hwang Select Balanced and in most cases provide better returns judging from Sharpe ratio (1.07 vs 0.76). The drawback: again high Std Dev value (in a way behaving more like a Flexible fund rather than a Balanced one) so I have some reservations still. Consider that Select Balanced fund has changed its mandate to go beyond Malaysia (now Asia), has made me to maintain my pick on it for now (wouldn't want to put all my eggs into the Malaysian market only).

Affin Hwang Select Income continues to be top notch. Almost similar Sharpe ratio vs RHB-OSK Smart Income while only having half Std Dev of its competitor.

This info is still relevant till this day
-> What could possibly explain Eastspring's rapid ascension in the rankings? Perhaps it was the establishment of a new independent brand name from Prudential and possibly an internal shakeup for all we know. All I know is that has been operating under 'Management Team' in early 2012 as per MorningStar report. Prudential announces new Asia asset management brand – Eastspring Investments.

Disclaimer: The reports, analysis and recommendations in this blog are solely my personal views. I do not link to any investment body or company. As such, I will not be responsible of any of your investment decision. Consult your investment adviser or come to your own conclusions before making any investment decision.