Philippine Index Funds Part 2: Philequity and First Metro

Let's continue our review of index funds.  If you missed it you can check out Part 1.

This post features Philequity and First Metro.  First up is Philequity:

PSE Index Fund
Fund Type: Mutual Fund
Index Tracked: Philippine Stock Exchange Index
Minimum Initial Investment: P200000
Minimum Transaction: P50000
Redemption Fee:2% in the first year, 1.5% in the second year
Annual Fee:1.5%
Tracking Error:  No data

Steep investment requirements, high fees.  Not very attractive.


Next is First Metro.  This fund was actually covered in a previous post so I'll just put a summary below.

First Metro ETF
Fund Type: ETF
Index Tracked: Philippine Stock Exchange Index
Minimum Initial Investment: (Multiple of 10 shares) x NAVPU (P111.00 as of 8/8/2014)
Minimum Transaction: Same as above
Transaction Fees: Broker/trading platform dependent
Annual Fee:  < 2%
Tracking Error:  0.05%


That's it for this post.

Philippine Index Funds Part 1: BPI

In he previous post we took a look at index funds: what they are and their pros and cons.  There are a number of index funds available to Filipino investors.  Let's start with BPI's offerings.

First up is a bond index fund: the ABF Philippines Bond Index Fund. This is a bit different from the examples in the last post in that it tracks a bond index instead of an equity index. It tracks the iBoxx Philippines Index.  Here's the key information as of the time of writing:

ABF Philippines Bond Index Fund
Fund Type: UITF
Index Tracked:  iBoxx Philippines Index
Minimum Initial Investment: P10000
Minimum Transaction: P1000
Minimum Holding Period: None
Annual Fee: ~ 0.349%
Tracking Error (from June 2012):  ~ 0.2%

Explanatory Memo
Performance Report for June 2014

The fees and tracking error are quite low, which is a good thing.


Next is an equity index fund:

BPI Philippine Equity Index Fund
Fund Type: UITF
Index Tracked:  Philippine Stock Exchange Index
Minimum Initial Investment: P10000
Minimum Transaction: P1000
Minimum Holding Period: None
Annual Fee: ~ 1.5%
Tracking Error (from June 2012):  ~ 2.27%

Explanatory Memo
Performance Report for June 2014

The fee isn't as low as what I'd expect of an index fund.  The tracking error is much higher than that of the bond index fund above, but I'm not sure if it's too high or okay.


Next is another equity index fund, the ALFM Philippine Stock Index Fund.  This differs from the other equity fund in that it is a mutual fund managed by BPI Investment Management Inc., a subsidiary of BPI.  As such it is regulated under the SEC instead of the BSP.

ALFM Philippine Stock Index Fund
Fund Type: MF
Index Tracked:  Philippine Stock Exchange Index
Minimum Initial Investment: P5000
Minimum Transaction: P1000
Minimum Holding Period: 180 days
Annual Fee: ~ 1.5%
Early Redemption Fee: 1% of the redemption amount
Tracking Error (from June 2012):  ~ 0.88%

Prospectus
Performance Report for June 2014

I'm not a big fan of minimum holding periods and early exit fees but 180 days is short compared to some mutual funds.  Invest only if you have an emergency fund already setup.  The annual fee is comparable to the other equity index fund above, but the tracking error is much better.


Lastly there's the Philippine Dollar Bond Index fund:

Philippine Dollar Bond Index Fund
Fund Type: UITF
Index Tracked:  JP Morgan Asia Credit Index – Philippines
Minimum Initial Investment: $500
Minimum Transaction: $200
Minimum Holding Period: None
Annual Fee: ~ 0.267%
Tracking Error (3-year):  ~ 1.06%

Explanatory Memo
Performance Report for June 2014

The investment and transaction amounts required are pretty high.  The fees are quite low and the tracking error isn't that bad.

That's all for BPI.  Next on the index fund list is Philequity and First Metro.

 

UITF vs. Mutual Funds, Revisited

A few years back I wrote a post comparing UITFs and Mutual Funds here.

I think it's time to update that comparison.
Here's a summary of the changes from the last article:

• UITF subsequent investment amount can be as low as P1000
• some UITFs now allow partial redemption
• Mutual fund website URL has changed

Verdict is still the same: UITFs win.  The combination of low fees, short holding periods, and now the ability to invest and redeem partial amounts make UITFs a clear winner over mutual funds.
Still, don't count mutual funds out of your diversification strategy.

Here's the complete comparison.  Asterisks denote items that have been updated:

1. Government Regulatory Agency:

UITFs - Bangko Sentral ng Pilipinas
Mutual Funds - Securities and Exchange Commission
Winner: tie

2. Issuing Companies:

UITFs - Banks
Mutual Funds - Insurance companies, investment companies
Winner: tie

3. Fund Types:

Both offer the essentially the same fund types: money market, bond, balanced, equity.
Winner: tie

4. Risk:

Since both have the same types of investments the risks are the same.
Winner: tie

5. Minimum Investment Amount:

UITFs - as low as P10,000
Mutual Funds - as low as P5,000
Winner: Mutual Funds

6. Subsequent Investment Amount*:

UITFs - as low as P1,000
Mutual Funds - as low as P1,000
Winner: tie

7. Front-end Sales Load:

UITFs - None
Mutual Funds - As low as 0%
Winner: UITFs

8. Holding Period:

UITFs - As low as 0 days
Mutual Funds - As low as 0 days if front-end load is charged
Winner: UITFs

9. Back-end Sales Load:

UITFs - None, if redemption is made after the holding period
Mutual Funds - As low as 0%, if redemption is made after the holding period
Winner: tie

10. Partial Redemption*:

UITFs - Allowed
Mutual Funds - Allowed
Winner: tie

11. Management Fee:

UITFs - As low as 0.25%
Mutual Funds - As low as 1%
Winner: UITFs

12. Website*:

UITFs - uitf.com.ph - has a lot of information
Mutual Funds - pifa.com.ph - not much information aside from NAVPS performance
Winner: UITFs

Mutual Fund Investment Update, July 2012

Wow, first blog post this year! I hope I still have readers left. A little recap: I started investing in mutual funds mid-2010. My plan was to invest P1000 each month. Unfortunately, I haven't been able to do that.
I'm pretty happy with the results so far, but keep in mind these are just paper gains. I hope I can re-start investing P1000 a month soon, but I'll probably choose a UITF this time. Check out that discussion: UITFs vs. Mutual Funds

Total Amount Invested:

P13000

Number of shares owned:

5772

NAVPS:

P3.1966

Total Value of Shares Owned:

P18,450.7752

Total time since initial investment:

Approximately twenty-five months

 

 

June 2011 update

Mutual Fund Investment Update June 2011

Hi again. Regular readers may have noticed a decline in posting frequency. I've had a lot going on lately, but the blog isn't going away any time soon. Today I'll post my mutual fund update.
As you can see I haven't been making my P1000 regular investment. I'm now behind by four months.

Total Amount Invested:

P13000

Number of shares owned:

5772

NAVPS:

P2.6656

Total Value of Shares Owned:

P15,385.8432

Total time since initial investment:

Approximately twelve months

May 2011 update

Mutual Fund Investment Update May 2011

Hello, nice to be back posting again.
Not much is going on with my investments, the NAVPS has been stuck at 2.7xxx for some time now. If it hits 3.0 I'll probably take profits by shifting my investment from equities to bonds or money market. If on the other hand it drops to 2.3 or 2.4 I'll put in more money.

Total Amount Invested:

P13000

Number of shares owned:

5772

NAVPS:

P2.7455

Total Value of Shares Owned:

P15,847.026

Total time since initial investment:

Approximately eleven months

 

 

April 2011 update

Mutual Fund Company Roundup 4

Here's the fourth installment in the mutual fund company series. Today's featured company is ATR KimEng.

ATR KimEng.

Fund types offered:

Bond Fund

 

Equity Fund

 

Balanced Fund

 

Money Market Fund

 

Asian Equity Fund (dollar denominated)

 

 

Minimum initial investment:

P5000 for Equity, Balanced and Money Market fund (exclusive of sales charge)

 

$2,000 for Asia Equity fund (exclusive of sales charge)

 

 

Minimum subsequent investment:

P1000 for Equity, Balanced and Money Market fund (exclusive of sales charge)

 

$500 for Asian Equity fund (exclusive of sales charge)

 

 

Front-end Sales load:

Up to 2% for Balanced and Equity fund

 

0% for Money Market fund

 

Back-end Sales load:

Up to 2% for Balanced and Equity fund

 

Annual Fee

2%

 

 

Website:

ATR KimEng

E-mail:

ird@atram.com.ph

Phone Number:

8481381

Mutual Fund Company Roundup 1: Sunlife and FAMI
Mutual Fund Company Roundup 2: Philam
Mutual Fund Company Roundup 3: Philequity

Mutual Fund Investment Update, April 2011

I haven't made any investments since February. Since then the year-to-date performance of my investments have gone back to positive territory. That means prices are back up. I'll probably wait for a correction before I make more investments. Am I turning into a time-the-market type of guy? Not really. I'll still invest at an average rate of P1000 a month, but there is a little experiment I'd like to try. I'll let you know how it goes. In the meantime, here's the April update:

Total Amount Invested:

P13000

Number of shares owned:

5772

NAVPS:

P2.7253

Total Value of Shares Owned:

P15,730.4316

Total time since initial investment:

Approximately ten months

 

 

March 2011 update

UITFs vs. Mutual Funds!

Update:  there is a newer version of this comparison here.  Also, the URL for the mutual funds association website has changed and been updated for both posts.

Here's a point-by-point comparison of UITFs vs. Mutual Funds.

1. Government Regulatory Agency:

UITFs - Bangko Sentral ng Pilipinas
Mutual Funds - Securities and Exchange Commission
Winner: tie

2. Issuing Companies:

UITFs - Banks
Mutual Funds - Insurance companies, investment companies
Winner: tie

3. Fund Types:

Both offer the essentially the same fund types: money market, bond, balanced, equity.
Winner: tie

4. Risk:

Since both have the same types of investments the risks are the same.
Winner: tie

5. Minimum Investment Amount:

UITFs - as low as P10,000
Mutual Funds - as low as P5,000
Winner: Mutual Funds

6. Subsequent Investment Amount:

UITFs - as low as P1,000*
Mutual Funds - as low as P1,000
Winner: Mutual Funds, for now

7. Front-end Sales Load:

UITFs - None
Mutual Funds - As low as 0%
Winner: UITFs

8. Holding Period:

UITFs - As low as 0 days
Mutual Funds - As low as 0 days if front-end load is charged
Winner: UITFs

9. Back-end Sales Load:

UITFs - None, if redemption is made after the holding period
Mutual Funds - As low as 0%, if redemption is made after the holding period
Winner: tie

10. Partial Redemption:

UITFs - Not allowed
Mutual Funds - Allowed
Winner: Mutual Funds

11. Management Fee:

UITFs - As low as 0.25%
Mutual Funds - As low as 1%
Winner: UITFs

12. Website:

UITFs - uitf.com.ph - Ugly colors, good uptime, loads of information
Mutual Funds - pifa.com.ph - Clean look, not so good uptime, not much information aside from NAVPS performance
Winner: UITFs

Overall, I think UITFs win. The fees are lower and the holding times are shorter. I think performance will be the roughly the same, maybe with UITF NAVPUs doing better than mutual fund NAVPS because of the lower management fees.
My only concern is that the subsequent investment requirement is higher. That means it's harder to cost average with UITFs than with mutual funds.
*However I talked to a bank representative and she informed me that their bank now accepts subsequent investments of as low as P1000. If other banks follow suit then mutual funds will lose that advantage.
Does that mean mutual fund investors should move their investments to UITFs? No, I think it would be a good idea to invest in both, to minimize risk.

Tax Season: Are mutual fund, UITF, or stock trading gains taxable?

It's that time of the year again. Tax season! Hooray! Don't forget to file your tax returns, you don't want to be slapped with penalties by the BIR. Quarterly income tax for the first quarter of 2011 and annual income tax for 2010 are due on April 15. For other tax deadlines check my Squidoo page: BIR deadlines.

Are gains from mutual funds, UITFs, or stock trading taxable? It is my understanding that gains from any of these need not be declared and are not taxed.

On the BIR website it lists "gain from redemption of shares in mutual fund" as excluded from gross income. Check here. Search the page for "mutual fund".

Several documents online also argue that UITF redemptions are already subject to final withholding tax, therefore the investor need not pay any more taxes. Check with your bank if they do withhold the necessary taxes.

Buying and selling of shares on the PSE are taxed 0.005% per transaction. Selling shares are taxed an additional 0.005% sales tax. Broker's commissions are taxed with 12% VAT. All these are already factored in when trading on the PSE. As far as I can tell there are no other taxes required to be paid.
Trading shares off the PSE are taxed 5% on transactions up to P100,000. Amounts in excess of P100,000 are taxed 10%.

Disclaimer: I am not a lawyer nor an accountant. I do my best to ensure that I present complete and accurate information, but it is up to the reader to evaluate and confirm that information. In addition tax laws and regulations may change. This blog is not a replacement for legal or accounting advice.

Mutual Fund Investment Update, March 2011

There's a lot going on in the world today. There's unrest in the Middle East, war in Libya, and the aftermath of the earthquake and tsunami in Japan. Our thoughts and prayers go out to all the people in those places.
People are of course concerned about what effect current events might have on our economy, the stock market, and mutual fund share prices. I'm no expert, but from where I'm sitting the stock market looks relatively resilient. Here are the figures for my equity fund:

Total Amount Invested:

P13000

Number of shares owned:

5772

NAVPS:

P2.511

Total Value of Shares Owned:

P14,493.492

Total time since initial investment:

Approximately nine months

 

 

February 2011 update

Equity Mutual Fund vs. Direct Stock Market Investing

Returning readers might notice the blog's new look. The old one had readability issues and I like this new one a lot more. It looks cleaner and more readable. Tell me what you think.

I often read or hear the argument that investing directly in stocks is better than investing in equity mutual funds. Let's examine the pros and cons of each option based on the following criteria: investor experience/comfort level, fees, degree of control and risk vs. reward.

For the new and/or timid investor any investment can be intimidating. Mutual funds offer the security of not having to know the ins and outs of the stock market. Investors don't need to choose which stocks to buy or research about the different companies listed in the PSE. Mutual fund investing is for those who don't have the time or inclination to learn about stock investing. It's a "set and forget" type of investment.
For the more experienced investor who wants to learn more stock investing is a natural next step. In fact, the more adventurous investor can start investing directly in stocks. This requires a more curious investor with perhaps a higher risk tolerance.

When it comes to fees stock investing beats mutual funds. Let's look at buying: A popular online stock trading platform charges 0.25% commission, plus VAT, PSE fee of 0.005%, and a 0.01% SCCP* fee. That means 0.295% for buying stocks, or P29.50 for a P10,000 investment. Contrast that with a mutual fund front-end load of 2%+VAT: P224 for a P10,000 investment! That doesn't even include the annual fee! Even with zero sales load and a 1.5% annual fee, that still comes out to a charge of P168.
What about selling shares or redeeming mutual funds? The stock trading charges are identical except for a 0.5% sales tax. That means selling P10000 worth of shares will be charged P79.50. Adding that to the previous charge for buying the shares in the first place, the result is still lower than the mutual fund annual fee. Factor in the sales loads and it's clear that stock investing is "less expensive" than mutual fund investing.

Investing in stocks offers a greater degree of control than mutual funds. Investors can choose which stocks to buy or sell. With mutual funds you only buy shares of the fund. The MF company decides which stocks to buy or sell and when.
It may be said that investing directly in stocks is riskier than investing in mutual funds. Stock investing requires a lot of research and a lot of discipline. Investing without knowledge is asking for trouble. Speculation, wishful thinking, and the twin emotions fear and greed are other factors that lead to huge losses. Risk can be minimized by careful study, a well-thought out plan, and sticking to that plan. If I were to invest in stocks, I'd invest in companies listed on the PSE index. That way I can mirror the index performance. Last year most equity mutual funds beat the index performance, but that doesn't happen every year. It's very difficult to beat the market consistently so over the long term it might be better to invest in the index listed stocks.

At this time I am seriously considering investing in stocks. The primary reason is the lower fees. I am currently invested in an equity mutual fund. I don't plan on pulling out my investment, but I think investing in stocks would be a good addition to my portfolio. There are two popular online trading platforms: BPI Trade and Citisec Online. I'll compare the two in a future post.

*
PSE - Philippine Stock Exchange
SCCP - Securities Clearing Corporation of the Philippines

Some notes about the MF Company Roundups

I got a PM on another forum asking me to comment on the mutual fund companies I've covered in the roundup series. These are (in order of appearance in my posts) Sunlife, FAMI, Philam, and Philequity. Here are my thoughts on each company:

Sunlife
The Good: Sunlife has a long company history that might make it more attractive to risk-averse investors. It also has low minimum investment amounts. If investing for the long-term, sales load charges can go as low as zero.
The Bad: Of the companies listed here, it has the highest annual fee at 2%.
Conclusion: Good for long-term investors looking for moderate returns and zero sales loads.

FAMI
The Good: FAMI was the best performing Philippine MF company of 2011. Minimum investment amounts are low.
The Bad: To some, the phenomenal performance could signal that FAMI is less conservative in its investments than others. There is no "zero sales load" option.
Conclusion: Good for investors who believe that high returns are repeatable.

Philam
The Good: Philam has the lowest annual fee at 1.5% (tied with Philequity). In the long term this could have a significant effect on returns. Good performance in 2010.
The Bad: No "zero sales load" option.
Conclusion: The low annual fee could be attractive to long-term investors, especially those who believe that returns are largely a matter of luck (such as myself)*.

Philequity
The Good: Philequity has an index fund available. In my opinion this is the best type of fund. It also tied with Philam for lowest annual fee.
The Bad: There is no "zero sales load" option. Also, the minimum investment amounts for the index fund are very high: P250,000 for the initial investment and P50,000 for subsequent investments. The index fund also carries a hefty front-end sales load at 5%.
Conclusion: If there were a "zero sales load" option and the minimum investment amounts were lower, this would be the best MF company in the roundup. As of now, however, their offerings are not very attractive.

Stay tuned for more! Check out these links:

Mutual Fund Company Roundup 1: Sunlife and FAMI
Mutual Fund Company Roundup 2: Philam
Mutual Fund Company Roundup 3: Philequity
* An interesting read: Luck vs. Skill

Mutual Fund Company Roundup 3

The stock market has been taking a beating lately. If you started investing or made investments during last year's run-up to the all-time high, now is the time to average down. Your P1000 investment will buy more shares at today's prices. Again, cost averaging. If you haven't started investing then you need to do some research on the different mutual fund companies out there. This is the third in our company roundup series. Let's take a look at Philequity Management, Inc.

Philequity Management Inc.

Fund types offered:

Bond Fund

 

Equity Fund

 

Equity Index Fund

 

Dollar Fund

 

 

Minimum initial investment:

P10000 for Bond fund

 

P5000 for Equity fund

 

P200,000 for Equity index fund

 

$2000 for Dollar fund

 

 

Minimum subsequent investment:

P5000 for Bond fund

 

P1000 for Equity fund

 

P50,000 for Equity index fund

 

$1000 for Dollar fund

 

 

Front-end Sales load:

1% for Bond fund

 

3.5% for Equity fund

 

5% for Equity index fund

 

1% for Dollar fund

 

Back-end Sales load:

1% for Bond fund

Shares redeemed within

2% for Equity fund

one year of investment date

2% for Equity index fund

 

1% for Dollar fund

 

 

Back-end Sales load:

0.5% for Bond fund

Shares redeemed in the

1.5% for Equity fund

second year from investment date

1.5% for Equity index fund

 

0.5% for Dollar fund

 

Annual Fee

1.5%

 

 

Website:

Philequity Management Inc.

E-mail:

sales@philequity.net

Phone Number:

6898080

Mutual Fund Company Roundup 1: Sunlife and FAMI
Mutual Fund Company Roundup 2: Philam
Mutual Fund Company Roundup 4: ATR KimEng

Mutual Fund Investment Update, February 2011

I haven't made my investment for February. It's unfortunate because the recent beating the stock market took pushed mutual fund prices to lows not seen in a few months. My shares' total value is a lot lower than last month's, and I wasn't even able to take advantage of the low prices. The reality is I don't have enough funds to invest this month. Bills and other necessary expenses take precedence over investments. I hope the prices are lower or at most the same level when I do find the money to invest. Meanwhile I have to find ways to increase my income.

Total Amount Invested:

P12000

Number of shares owned:

5348

NAVPS:

P2.4164

Total Value of Shares Owned:

P12,922.9072

Total time since initial investment:

Approximately eight months

 

 

January 2011 update

Back-end Load Calculator

Here's a back-end sales load calculator to complement the front-end load calculator. Enter values for the number of shares to be redeemed, the sales load rate, NAVPS, and the tax rate (optional, default is 12%). Click the calculate button to get the amount redeemed.

Variable	Value
Shares Redeemed
Sales Load (in percent)
NAVPS
Tax Rate on Sales Load, default is 12%
Value of Shares
Sales Load Charge + Tax
Net Amount Redeemed

I want to redeem 1000 shares at a NAVPS of P2.50. The back-end sales load is 2%, which is taxed by a VAT of 12%. The redemption amount itself is not taxed.
One thousand shares multiplied by P2.50 is P2500.
P2500 x 2% = P50
P50 x 12% = P6
So the total amount redeemed is P2500 - P56 = P2444

Also check out the Front-end load calculator and calculator page.

Front-end Load Calculator

Here's a calculator for computing front end sales loads. Enter values (without commas or other symbols) for the investment amount, sales load rate, tax rate (optional, default is 12%) and the NAVPS then click the Calculate button. Clicking the Reset button will clear the values. See below for an example.

Variable	Value
Investment Amount
Sales Load (in percent)
NAVPS
Tax Rate on Sales Load, default is 12%
Sales Load charge + Tax
Net Investment
Shares Bought

I want to invest P2000 at a NAVPS of P2.50. The front-end sales load is 2%. So I type 2000, 2, and 2.5 in the boxes for Investment Amount, Sales Load, and NAVPS respectively. I leave the Tax Rate box blank since the default value, 12%, is the correct one. Mutual fund investments and redemptions are not taxed in the Philippines, but a value-added tax of 12% is imposed on sales loads.
So the sales load charge is 2000 x 2% = 40. The tax on that is 40 x 12% =4.80. So the total amount to be subtracted from the P2000 investment is P44.80. That leaves P1955.20 to be invested. Divide that by the NAVPS of P2.50 and you get 782, which is the number of shares bought.

Click here to read another front-end load example.

Try the back-end load calculator. Both calculators can be found on the mutual fund calculators page.

Real World Cost Averaging Example

Here's a cost-averaging example taken from my own investing experience. I hope this gives readers a better idea of how cost averaging works.

The idea is to make regular investments of equal amounts, regardless of market prices and performance. Thus when prices are low more shares are bought and when prices are high less shares are bought. The average share price will be somewhere in between.

I made my initial investment in June 2010. I invested P5000, buying 2442 shares at a NAVPS of P2.0477.

My next investment was in July 2010. I invested P1000, buying 485 shares at a NAVPS of 2.0632.

My next investment was in August 2010. I invested P1000, buying 468 shares at a NAVPS of 2.1355.

My next investment was in September 2010. I invested P1000, buying 385 shares at a NAVPS of 2.5367. (I chose the front-end load option this month, so the net amount invested was P977.60)

I wasn't able to make my scheduled investment for October 2010 si I invested P2000 in November 2010. I bought 754 shares at a NAVPS of P2.5937. (I chose the front-end load option this month, so the net amount invested was P1955.20)

I missed my December 2010 investment so I again invested P2000 in January 2011. I bought 814 shares at a NAVPS of 2.4557.

I've invested a net amount of P11932.80 so far, buying 5348 shares. The average NAVPS is P2.231264.

P2.231624 is higher than P2.0477, the price at which I made my initial P5000 investment, but it is lower than the P2.4497 NAVPS as of yesterday.

Mutual Fund Investment Update, January 2011

I realized I hadn't posted an investment update yet for this month. Stock prices have been taking a beating and so have mutual fund share prices.

Total Amount Invested:

P12000

Number of shares owned:

5348

NAVPS:

P2.5043

Total Value of Shares Owned:

P13393.9964

Total time since initial investment:

Approximately seven months

 

 

Last year's summary

Mutual Fund Company Roundup 2

The next company in our roundup is Philam Asset Management Inc. They have a lot of mutual funds on offer so I'll just post details on a few of them. Please verify all information with an authorized representative before investing.

Philam Asset Management Inc.

Fund types offered:

Bond Fund

 

Balanced Fund

 

Equity Fund

 

GSIS Balanced Fund

 

Dollar Bond Fund

 

 

Minimum initial investment:

P5000 for Bond and GSIS funds

 

P10000 for Balanced and Equity funds

 

$2000 for Dollar Bond Fund

 

 

Minimum subsequent investment:

P1000 for Peso funds

 

$500 for Dollar Bond Fund

 

 

Sales load:

 

 

Investment Amount:

 

P5000 to P99,000

2% front-end load (plus VAT)

P100,000-P499,000

1.5% front-end load (plus VAT)

P500,000-P1,999,000

1% front-end load (plus VAT)

P2,000,000 and higher

0.5% front-end load (plus VAT)

 

Shares redeemed within six months of investment date

1% back-end load (plus VAT)

Shares redeemed later than six months after investment date

Zero back-end load

 

 

Annual Fee

1.5%

 

 

Website:

Philam Asset Management Inc.

E-mail:

pami.marketing@aia.com

Phone Number:

8177264

Mutual Fund Company Roundup 1: Sunlife and FAMI
Mutual Fund Company Roundup 3: Philequity
Mutual Fund Company Roundup 4: ATR KimEng