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Fund Managers Report 1st Quarter 2011 Market Wrap The main index finished at 4,055 levels for the quarter, up by 8% month-on-month. Foreigners turned net buyers on account of political tensions in the MENA region. The market reacted positively on BSP rate hike as a signal of BSPs responsiveness to inflationary market conditions. Outlook for the 2nd Qtr 2011 We will remain invested in selected stocks and do asset rotation as trading opportunities arise. Listed corporates earnings are expected to report positive growth and we expect the equity markets to rally further in the next months.
The Balanced Fund posted a Yr-on-Yr net ROI of 6.54% and a YTD absolute net ROI of -0.43% with NAVPU of P 115.215113 as of March 31, 2011. On a yr-to-date basis, despite the negative yr-to-date absolute ROI, the fund still registered better returns compared to its benchmark of 1.62%
Absolute Yield net of tax & fees 6.54 % -0.43 % 15.22 % NAVPU (Php) 115.215113 115.712187 100.000000 Date 03-31-2011 12-31-2010 03-28-2008
Disclosure of Fund expenses for the 1st Quarter, 2011 per BSP regulation:
Trust fees* Security Custody fees UITF Backroom Service Provider Php 136,481.78 663.37 27,594.40
Note: From Jan-Mar 2011 only ; annual trust fee is 1% per annum based on net assets.
*absolute ROI means the incremental % change in NAVPU based on term indicated.
PORTFOLIO MIX:
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Regular or early redemption will require the signing of the Notice of Redemption provided in the Certificate of Participation, which should be duly surrendered to the maintaining branch at time of withdrawal. Only full redemption per Certificate of Participation shall be allowed.
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The UITF is NOT a deposit and not insured by PDIC. Due to the nature of the investments, yield and potential yields cannot be guaranteed. Any income or loss arising from market fluctuations and price volatility of the securities held by the UITF, even if invested in government securities, is for the account of the Investor. As such, units of participation of the investor in the UITF, when redeemed, may be worth more or be worth less than his/her initial investment/contributions. Historical performance, when presented, is purely for reference purposes and is not a guarantee of future results. The Trustee is not liable for losses, unless upon willful default, bad faith or gross negligence.