Fund Prices (As at 30 Sep 03)

Transcription

1 44 Focus United Millennium Trusts s Review Info Objective To achieve capital appreciation through investing in equities, bonds and cash globally. The long term strategic allocation between equities and bonds is 40:60, 60:40 and :20 for UMT1, UMT2 & UMT3 respectively. Each of these proportionate allocations could be lower or higher within a 20% variance of the respective ratio stated in respect of the fund. Investment Scenario & Strategy (4th Quarter, 2003) For the quarter, UMT1, UMT2 and UMT3 declined 4.61%, 3.05% and 2.81% on a offer-to-bid basis as against the benchmarks which rose 1.31%,1.85% and 2.37% respectively. We envision maintaining our overweight equity exposure, as relative valuations continue to favour equity over fixed income. The market became more momentum focused in the quarter, driven by recovery prospects. This has generally worked against us as we focus on profitability and sustained performance. However, we have off-set this by increasing our allocation to Asia, to gain more cyclical leverage to recovery. As always we will retain our value bias to our stock selections, with a focus on delivering stable returns to investors. Awards SG S&P Inv. Awards 03 UMT I UMT II UMT III UMT I UMT II UMT III Details LAUNCH DATE April 1999 FUND SIZE S$ 4.71 million S$ million S$ million Holdings (As at 30 Sep 2003) INITIAL INVESTMENT S$1,000 SUB INVESTMENT S$ MANAGEMENT FEE SUBSCRIPTION FEE 5.0% MINIMUM RSP S$/month, S$500/quarter TRUSTEE Bermuda Trust Equities United Millennium Trust I Bonds BANK OF AMERICA US TREASURY 6% 15/08/2009 BANKNORTH GRP ITALIAN GOVT BOND 4.25% 01/11/2009 BAXTER INT'L FRANCE GOVT 4% 25/04/2009 NORTH FK BKCORP GEN MOT ACCEPTANCE CORP 5.125% 09/05/2008 INTEL ROLLS-ROYCE PLC 6.375% 14/06/2007 United Millennium Trust II INTEL BANK OF AMERICA BAXTER INT'L CINERGY CORP EXXON MOBIL United Millennium Trust III INTEL EXXON MOBIL BANKNORTH GRP NORTH FK BKCORP BANK OF AMERICA US TREASURY 6% 15/08/2009 ITALIAN GOVT BOND 4.25% 01/11/2009 FRANCE GOVT 4% 25/04/2009 ROLLS-ROYCE PLC 6.375% 14/06/2007 SPRINT CAPITAL CORP 6.125% 15/11/2008 US TREASURY 6% 15/08/2009 ITALIAN GOVT BOND 4.25% 01/11/2009 ROLLS-ROYCE PLC 6.375% 14/06/2007 FRANCE GOVT 4% 25/04/2009 SPRINT CAPITAL CORP 6.125% 15/11/2008 United Millennium Trusts I Raffles Place Equity 57.99% Bonds 41.37% Cash 0.64% Bid/Offer : S$1.0350/ month -3.27% 1.93% 3 months -4.61% 1.31% 6 months 5.08% 9.59% 1 year 4.55% 14.10% 3 years 0.32% 0.90% Since Inception 0.% 1.89% = The composite benchmark comprises of the following indices: 40% MSCI AC Wrld Fr USD & 60% Citi G7 Gov Bd. Copies of the prospectus of the funds (the s ) are available and may be obtained from the Manager or any of its appointed distributors. Investors should read the relevant prospectus before deciding to purchase units in the s. All applications for units in the s must only be made on application forms accompanying the relevant prospectus. Past performance and any forecasts made are not necessarily indicative of future or likely performance of the s. The value of the units and the income from the s may fall as well as rise. The above information is strictly for information purposes only and should not be construed as an offer or solicitation to deal in the s. invest in units of the s. In the event an investor chooses not to seek advise from a financial advisor, the investor should consider whether the s are suitable for him.

2 45 Focus United Millennium Trusts s Review United Millennium Trusts II Equity 74.39% Bonds 24.79% Cash 0.82% United Millennium Trusts III Equity 87.20% Bonds 10.92% Cash 1.88% Bid/Offer : S$0.9550/ month -3.05% 0.98% 3 months -3.05% 1.85% 6 months 9.77% 12.90% 1 year 7.91% 16.36% 3 years -3.87% -3.10% Since Inception -1.06% -0.87% = The composite benchmark comprises of the following indices: 60% MSCI AC Wrld Fr USD & 40% Citi G7 Gov Bd. Bid/Offer : S$0.8650/0.9 Subscription Cash & CPF-OA Performance (Offer-Bid) = The composite benchmark comprises of the following indices: % MSCI AC Wrld Fr USD & 20% Citi G7 Gov Bd. 60 : Subscription Cash Based in, Calculation Index : Subscription Cash Source: Lipper, S&P Micropal Performance are in SGD as at 30 Sep 03 Performance figures for 1 mth till 1 yr show the % change, those exceeding 1 yr show the annual compounded return. Based in, Calculation Index Raffles Place Copies of the prospectus of the funds (the s ) are available and may be obtained from the Manager or any of its appointed distributors. Investors should read the relevant prospectus before deciding to purchase units in the s. All applications for units in the s must only be made on application forms accompanying the relevant prospectus. Past performance and any forecasts made are not necessarily indicative of future or likely performance of the s. The value of the units and the income from the s may fall as well as rise. The above information is strictly for information purposes only and should not be construed as an offer or solicitation to deal in the s. invest in units of the s. In the event an investor chooses not to seek advise from a financial advisor, the investor should consider whether the s are suitable for him.

3 46 Focus 增长之道 Who Should Consider Investing in a GrowthPath Portfolio? One of the most important decision investors make is choosing the right mix of Singapore, Regional and Global stocks and bonds. The GrowthPath portfolios are designed to provide a simple way of making this decision. The portfolios are intended for investors seeking a professionally managed approach to sound asset allocation. Since GrowthPath portfolios are well-diversified and professionally managed, they may work well by themselves as a complete asset allocation strategy. They can also serve as the core of a portfolio in tandem with other funds to reflect a more conservative or aggressive investment need. What the Portfolios Invest in: Each of the GrowthPath portfolios are pre-mixed funds, investing in multiple asset classes in Singapore and abroad. Each portfolio combines a blend of stocks and bonds seeking to produce competitive returns over a set period of time. The portfolios change their investment mix gradually as they approach their target dates. The names of the GrowthPath portfolios are based on when investors anticipate withdrawing money from the portfolio. Investors choose which portfolio, or which portfolios, best suit their individual investment horizon and risk tolerance level. The chart below shows how GrowthPath asset allocation apportions your investments, so you balance risk and return at each stage of your life. So whatever time horizon, or whatever you need your investment for your long term savings, your childrens s education or to help towards a new house you can rest assured that we have a GrowthPath to fit your needs. GrowthPath TODAY Global Equities SG Equities Global Bonds GrowthPath 2010 SG Bonds Cash GrowthPath 2020 In 30 years GrowthPath 2030 In 30 years In 40 years GrowthPath 2040 The asset allocation shown in the chart above is only indicative, the actual percentages may change from time to time in accordance with the relevant asset allocation policy.

4 47 Focus s Review Info Objective Each Portfolio seeks to maximize assets for retirement or other purposes, consistent with the quantitatively measured risk that investors on average may be willing to accept given their investment time horizon. Each Portfolio has its own specific investment objective and time horizon which affects the acceptable risk level of the Portfolio and, in turn, its asset allocation. Investment Scenario & Strategy (4th Quarter, 2003) The Today, 2010, 2020, 2030 and 2040 portfolios returned -4.21%, -1.40%, -0.46%, -0.46% and 0.93% for the quarter on a offer-to-bid basis. Their respective benchmarks returned -0.59%, 0.84%, 1.99%, 2.79% and 3.13%. We are increasing allocation to equities away from bonds even though the fixed income backdrop remains supportive. Equity markets have improved as economic data continue to turn for the better. Despite the improving economic conditions, the US Federal Reserve is also likely to lag in its tightening action, hence providing easy monetary conditions. This is supportive for equity markets. Even with the run up in the equity markets, valuations of equities remain more attractive than bonds. We are neutral on the US and Europe and favour Asia including Japan. GP Today GP 2010 GP 2020 GP 2030 GP 2040 GP Today GP 2010 GP 2020 GP 2030 GP 2040 Details LAUNCH DATE October 2002 FUND SIZE S$ million S$ 8.82 million S$ million S$ 1.35 million Holdings (As at 30 Sep 2003) S$ 2.38 million Equities INITIAL INVESTMENT S$1,000 Global SUB INVESTMENT S$ MANAGEMENT FEE 0.% p.a. Regional SUBSCRIPTION FEE 3.5% MINIMUM RSP S$/month, S$500/quarter TRUSTEE Dexia Trust GENERAL ELECTRIC DEUTSCHLAND REP 5.000% JAN 2012 PFIZER INC BUNDESREPUBLIK 6.875% MAY 2005 EXXON MOBIL CORP OAT 5.500% APR 2007 MICROSOFT CP FRANCE O.A.T % APR 2012 CITIGROUP INC BTPS 4.750% JUL 2005 SAMSUNG ELECTRO TAIWAN SEMI-CON UMC HUT WHAMPOA PETROCHINA Singapore UOB DBS BANK LTD OCBC (L) SPH SPORE TELECOMS * Holdings varies amongst the various portfolios GrowthPath Today Bonds Global Singapore* SGS 5.625% JUL 2008 SGS 3.625% JUL 2011 HDB 3.215% SEP 2006 JTC 4.750% DEC 2005 LTA 4.810% JUN Raffles Place SG Bonds 52.88% Global Bonds 27.04% SG Equity 15.24% Global Equity 4.84% Bid/Offer : S$1.0250/ month -1.91% 1.62% 3 months -4.21% -0.59% 6 months -0.49% 3.61% Since Inception 2.50% 6.30% = The composite benchmark Singapore Straits Times, 5% MSCI World, 47% UOB Singapore Government Bond All Index & 33% Salomon Smith Barney WGBI. Copies of the prospectus of the funds (the s ) are available and may be obtained from the Manager or any of its appointed distributors. Investors should read the relevant prospectus before deciding to purchase units in the s. All applications for units in the s must only be made on application forms accompanying the relevant prospectus. Past performance and any forecasts made are not necessarily indicative of future or likely performance of the s. The value of the units and the income from the s may fall as well as rise. The above information is strictly for information purposes only and should not be construed as an offer or solicitation to deal in the s. invest in units of the s. In the event an investor chooses not to seek advise from a financial advisor, the investor should consider whether the s are suitable for him.

5 48 Focus s Review GrowthPath 2010 SG Bonds 29.97% Global Bonds 29.28% Global Equity 23.07% SG Equity 17.63% Cash 0.05% Bid/Offer : S$1.0600/1.0 1 month -1.85% 1.43% 3 months -1.40% 0.84% 6 months 6.00% 7.93% Since Inception 6.00% 8.29% = The composite benchmark Singapore Straits Times, 23% MSCI World, 30% UOB Singapore Government Bond All Index & 32% Salomon Smith Barney WGBI. GrowthPath 2020 Global Equity 35.75% Global Bonds 25.93% SG Equity 19.34% SG Bonds 16.86% Cash 2.12% Bid/Offer : S$1.0750/1.0 1 month -1.83% 1.28% 3 months -0.46% 1.99% 6 months 9.14% 11.48% Since Inception 7.50% 9.85% = The composite benchmark Singapore Straits Times, 38% MSCI World, 17% UOB Singapore Government Bond All Index & 30% Salomon Smith Barney WGBI. GrowthPath 2030 Global Equity 42.40% Global Bonds 24.02% SG Equity 19.40% SG Bonds 9.32% Cash 4.86% Bid/Offer : S$1.0750/1.0 1 month -2.27% 1.07% 3 months -0.46% 2.79% 6 months 10.26% 14.10% Since Inception 7.50% 10.76% = The composite benchmark Singapore Straits Times, 49% MSCI World, 10% UOB Singapore Government Bond All Index & 26% Salomon Smith Barney WGBI. GrowthPath 2040 Global Equity 46.33% SG Equity 19.24% Global Bonds 17.29% SG Bonds 8.09% Cash 9.05% Bid/Offer : S$1.0850/ month -2.25% 0.65% 3 months 0.93% 3.13% 6 months 12.44% 15.72% Since Inception 8.50% 10.66% = The composite benchmark comprises of the following indices: 16% Singapore Straits Times, 57% MSCI World, 10% UOB Singapore Government Bond All Index & 17% Salomon Smith Barney WGBI. Source: Lipper, S&P Micropal & Bloomberg Performance are in SGD as at 30 Sep 03 Performance figures for 1 mth till 1 yr show the % change, those exceeding 1 yr show the annual compounded return Raffles Place Copies of the prospectus of the funds (the s ) are available and may be obtained from the Manager or any of its appointed distributors. Investors should read the relevant prospectus before deciding to purchase units in the s. All applications for units in the s must only be made on application forms accompanying the relevant prospectus. Past performance and any forecasts made are not necessarily indicative of future or likely performance of the s. The value of the units and the income from the s may fall as well as rise. The above information is strictly for information purposes only and should not be construed as an offer or solicitation to deal in the s. invest in units of the s. In the event an investor chooses not to seek advise from a financial advisor, the investor should consider whether the s are suitable for him.