quarterly fundamentals- july 2013.pdf

7/27/2019 quarterly fundamentals- july 2013.pdf

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Content

CEOs Message

3

Capturing theOpportunities of AsiasUrbanisation

4-5

Model Portfolio:Second Quarter 2013

6-7

Fund

Factsheets

AIIMAN Growth Fund

AIIMAN Income Plus Fund

AIIMAN Select Income Fund

AUD Income Fund (AUD Class)

AUD Income Fund (RM Class)

Absolute Return Fund II

Asia Pacific (ex-Japan) Infrastructure Fund

China Select Fund

Enhanced Deposit Fund

Fixed Maturity Income Fund III

Fixed Maturity Income Fund IV

Fixed Maturity Income Fund V

Fixed Maturity Income Fund VI

Fixed Maturity Income Fund VII

Global Commodity Fund

25

27

26

18

19

31

15

28

24

33

33

34

34

35

29

Global Financial Institutions Fund

SGD Income Fund (RM Class)

SGD Income Fund (SGD Class)

Select Asia (ex-Japan) Opportunity Fund

Select Asia (ex-Japan) Quantum Fund

Select Balanced Fund

Select Bond Fund

Select Dividend Fund

Select Income Fund

Select Opportunity Fund

Structured Income Fund V

Structured Income Fund VI

Tactical Opportunity Capital Protected Fund

US Access 80 Fund

30

20

21

13

12

17

23

16

22

14

36

36

37

32

HwangIMsRecommended Funds

8

Market Update:Quarterly Review andOutlook

9-11

Fund Risk Profile

38


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Greetings from Hwang Investment Management Berhad!

At the advent of the selloff our fund managersswiftly raised cash levels of most equity funds tothe region of 20%-30% to protect the capital ofthe portfolios. Most equity portfolios have givenup part of the gains achieved but are still incomfortable positive territories year-to-date.Income and bond funds encountered similarmarket forces and were also cashed up toprevent erosion of capital. We are not rushing

back into the markets though most markets,equity and fixed-income, both have recoveredfrom the recent lows. Key indicators to watch aredirection of US treasury yields and policystatements from the US Federal Reserves.

The recent portfolio actions are good examplesof how HwangIMs funds are managed on anabsolute return basis to deliver positive returns toour customers over the medium to long-term. Wewill be true to our investment philosophyespecially in times of increased volatility toremain nimble.

Thank you for placing your trust in us.

Best Wishes,

Teng Chee WaiChief Executive Officer & Executive Director

03

CEOSMESSAGE

In the second quarter of this year, theperformance of global equity looked set to defythe conventional wisdom of sell in May and goaway. This is supported by the recovering USheadline economic numbers, especially thosefrom the housing sectors and Japans PrimeMinister Shinzo Abes, ultra-loose monetarypolicies. The rally in global equity came to anabrupt end in the last week of May when

Federal Reserves chairman Ben Bernankehinted that the Quantitative Easing (QE) wouldbe tapered off in 2014, one year earlier thanpreviously announced. That sparked off majorcorrections in equities and fixed incomeinstruments across the globe. With thepossibility of tighter monetary policies next year,the US 10-year treasury yield jumped frombelow 2% to a high of 2.6%, driving down bondprices across all maturities and credits. Thedarling of 2013, Real Estate Investment Trusts(REITs) met with heavy profit-taking as marketparticipants expected higher funding costs to

chip away REITs rental returns.

Perceived as the medium to preserve value inthe current extremely loose monetary conditionsworldwide, gold collapsed and suffered a single-day drop of USD300 per ounce with theprospect of tighter money supply. The demandfor physical gold from major emerging marketssuch as China and India could not arrest theselloff this round.

The prospect of higher interest rates in US nextyear prompted massive reallocation of assets

from emerging markets in favor of US Dollarassets, causing losses in equities and fixedincome instruments in emerging markets. Asiawas not spared from the selloff as it was thelargest recipient of foreign portfolio flows whilethe developed economies were marred withslow to negative growth. The trend appeared tobe reversing.


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2. TAP INTO THE URBANISATION TREND IN ASIA

APIF capitalises on the regions growth from

urbanisation and rising disposable income

The Fund invests in growth prospects in the

property and infrastructure development

sectors

Urbanisation is the driving factor for

infrastructure development. Infrastructure

investments are set to increase substantially

over the coming decades

3. TACTICAL ASSET ALLOCATION

Invests in a diversified portfolio of assets

across sectors and countries to mitigate risks

Tactical and optimal asset allocation strategyallows flexibility in various market conditions

Active management to ensure the Fund adapts

readily to changing economic landscape

BENEFITS OF THE FUND

1. AIMS TO PROVIDE INCOME & CAPITAL

APPRECIATION

A hybrid of Real Estate Investment Trusts

(REITs) and infrastructure-related equities that

focuses on dividend yields and capital growth

The Funds strong performance since we

assumed its management in-house, is a

testimony to the effectiveness of HwangIMs

investment strategy and stock selection

process

The Fund invests after extensive research into

REITs and infrastructure-related equities to

ensure quality, stability and growth potential

of the Fund

Capturing the Opportunities of Asias Urbanisation

04CAPTURING THE

OPPORTUNITIES OF

ASIAS URBANISATION

Hwang Asia Pacific (ex-Japan) Infrastructure Fund (APIF or the Fund) is

an income-yielding and growth fund that aims to generate regular income

stream and capital appreciation over the medium to long-term. APIF aims to

capture the opportunities of the urbanisation trend by investing in REITs and

infrastructure companies in Asia Pacific (ex-Japan).

Cumulative Return Over The Period (%)

Source: Lipper for Investment Management as at 31 May 2013HwangIM manages APIF effective 31 March 2012

110

100

90

80

70

60

50

May 09 May 10 May 11 May 12 May 13

PercentageGrowth(%)

HwangIM took over

the management of APIF

b. The Funds strong performance since we assumed its management

in-house, is a testimony to the effectiveness of HwangIMs

investment strategy and stock selection process

a. A hybrid of Real Estate Investment Trusts (REITs)

and infrastructure-related equities that focuses

on dividend yields and capital growth

1. AIMS TO PROVIDE INCOME & CAPITAL APPRECIATION

Sunway REIT 4.0%

Suntec Real Estate Invtm Trust** 3.7%

China Longyuan Power Group-H** 3.2%

Indocement Tunggal Prakasa** 3.0%

Philippine Long Distance Tel** 2.9%

Frasers Commercial Trust** 2.9%

Frasers Centrepoint Trust** 2.7%

Megawide Construction Corp** 2.6%

Capitaretail China Trust** 2.5%

Mapletree Industrial Trust** 2.5%

Top 10 Holdings as at 31 May 2013

Source: Hwang IM as at 31 May 2013 ** Foreign Equity


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05CAPTURING THE

OPPORTUNITIES OF

ASIAS URBANISATION

b. The Fund invests in growth prospects in the property and

infrastructure development sectors

b. Tactical and optimal asset allocation strategy allows flexibility

in various market conditions

3. TACTICAL ASSET ALLOCATION

a. Invests in a diversified portfolio of assets across sectors and

countries to mitigate risks

Asia Pacific (ex-Japan) Population Growth

Share of Construction Spending

by Region 2015-2020

589.6744.7

1,214.5

1,564.81,354.1

1,455.1

(Million)

Source: Global Strategic Trends - Out to 2040 (Fourth Edition)

South-Eastern Asia India China

2010 2040

Disclaimer: The Master Prospectus and its Supplemental Master Prospectus (if any) for the Hwang Asia Pacific (ex-Japan) Infrastructure Fund dated 18 July 2012 has been registered with the SecuritiesCommission Malaysia, who takes no responsibility for its contents. A copy of the Master Prospectus and its Supplemental Master Prospectus (if any) can be obtained at our office or any of our branches,distributors or sales offices. Units will only be issued upon receipt of an application form referred to in and accompanying the Master Prospectus and its Supplemental Master Prospectus (if any). Investorsare advised to read and understand the content of the Master Prospectus and its Supplemental Master Prospectus (if any) before investing. Among others, investors should consider the fees and chargesinvolved. The price of Units and distribution payable, if any, may go down as well as up. The past performance of the Fund should not be taken as indicative of its future performance.

Asia

Africa

North America

Latin America

Western Europe

Eastern Europe

Middle East

Percentage (%) 0 2010 4030 6050

31

12

25

35

24

45

22

17

34

46

Financials

Industrials

Utilities

Oil & Gas

Telecomm

Consumer Goods

Consumer Services

Cash &Cash Equivalent

Percentage (%) 0 105 2015 353025

31.8%

14.7%

10.3%

5.3%

1.5%

3.8%

26.4%

6.2%

Singapore

Malaysia

Philippines

Hong Kong

Indonesia

Thailand

Cash &Cash Equivalent

Percentage (%) 0 105 2015 3025

20.2%

14.3%

11.8%

10.4%

26.4%

5.5%

11.4%

Source: IHS Global Insight (2011)

2015 2020

Sector Allocation as at 31 May 2013 Country Allocation as at 31 May 2013

Source: HwangIM as at 31 May 2013 Source: HwangIM as at 31 May 2013

2. TAP INTO THE URBANISATION TREND IN ASIA

a. APIF capitalises on the regions growth from urbanisation

and rising disposable income


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06 MODEL PORTFOLIO:SECOND QUARTER 2013

Review of Model Portfolios Second Quarter 2013

Despite the volatility, the Conservative, Income

Generator and Aggressive Portfolios were not heavily

impacted as it recorded returns of -0.54%, 2.02%,

and 4.45% respectively in the second quarter of

2013. However, it continue to provide a steady

growth, chalking up gains of 1.09%, 4.46% and

7.36% respectively on a year-to-date basis up till 30

June 2013.[Source: Bloomberg as at 30 June 2013]

Investment Actions

While the portfolios had to give up part of its gains

as a result of the more volatile financial markets, all

three model portfolios remain in comfortable positive

territory on a year-to-date period.

We believe that the current model portfolios are well

positioned for a recovery in the global financial

markets after the dust has settled. We remain

comfortable with the existing underlying funds of the

model portfolio thus will not be rebalancing the

portfolio for this quarter.

A positive start to the quarter took a turn for

the worse when the US Federal Reserves

chairman, Ben Bernanke, hinted that the

Quantitative Easing (QE) would be tapered off

in 2014, one year earlier than previously

announced. Bernankes comment led to acorrection in global financial markets as

investors reacted to the surprise

announcement by reallocating their assets.

Foreign fund managers were quick to sell-off their

investments within the Asian region, causing the

rapid slide in the equity market. Equity markets such

as Thailand, Indonesia and the Philippines suffered

strong outflows after raking in double digit returns

supported by heavy foreign investments from theearlier part of the year.

Income yielding investments took the brunt of the hit

as investors priced-in the prospective appreciation

of the US Dollar, and higher interest rates. Real

Estate Investment Trusts (REITs) were met with

heavy profit-taking in anticipation that the higher

funding costs will chip away REITs rental returns.

[Source: CNN Money, 25 June 2013]

Corrections were also seen taking place within fixed

income instruments on concerns of possible tighter

monetary policies post-tapering which caused US

10-year treasury yields to spike. Yields jumped from

below 2% to a high of 2.6%, driving down bond

prices across all maturities and credits.

Nevertheless, the tactical asset allocation strategy

taken by the underlying funds have enabled the

respective Managers to raise the cash levels of the

funds to protect the capital of the portfolios.

Second Quarter 2013

-0.54%

Conservative

2.02%

Income Generator

4.45%

Aggresive

Year-to-date (till 30 June 2013)

1.09%

Conservative

4.46%

Income Generator

7.36%

Aggresive


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CONSERVATIVE

The Conservative Portfolio is cateredto investors with low risk tolerance interms of portfolio value fluctuations.Their primary objective is to preservetheir capital and the secondary

objective is to earn returns slightlyhigher than that of local fixeddeposits. As such,expected returnsfor this portfolio is approximately5.4% a year.

INCOME GENERATOR

The Income Generator Portfolio issuitable for investors who will bewilling to assume more equity risk withthe intention of generating a steadyincome stream in addition to

participating in some degree of equityperformance. These investors shouldbe mindful that a decrease in the equityportions of the portfolio couldpotentially reduce the overall portfolioreturns substantially. The expectedreturns for this portfolio isapproximately 7.8% a year.

AGGRESSIVE

The Aggressive Portfolio isfor investors with high risk appetitesand high expectations of investmentreturns. This portfolio provides 80%exposure to various equity funds

selected by the HwangIM investmentteam. Investors of the AggressivePortfolio should expect swingsin portfolio values in the short tomedium-term. The expected returnsfor this portfolio is approximately10.5% a year.

* Data were generated from 1 January 2013 to 30 June 2013.** Data were generated from 31 December 2009 to 30 June 2013.

07 MODEL PORTFOLIO:SECOND QUARTER 2013

30%Cash

60%FixedIncome

10%Equities 20%

Cash

50%FixedIncome

30%Equities

10%Cash

40%FixedIncome

50%Equities

Cash

Equities

FixedIncome

INCOME GENERATOR

20%

20%

30%

20%

10%

-

-

0.30%

-0.12%

-0.15%

2.86%

1.57%

0.00%

0.00%

4.46%

1.99%

3.61%

7.61%

13.06%

5.85%

-1.30%

-1.01%

29.81%

Hwang Enhanced Deposit Fund

Hwang Select Bond Fund

Hwang Select Income Fund

Hwang Select Opportunity Fund

Hwang AIIMAN Growth Fund Fund

Hwang Global Emerging Markets Fund

Hwang Global Financial Institutions Fund

Unchanged

Unchanged

Unchanged

Unchanged

Unchanged

-

-

Unchanged

Unchanged

Unchanged

Unchanged

Unchanged

-

-

-

-

-

-

-

-

-

Cash

Equities

FixedIncome

AGGRESSIVE

10%

20%

20%

30%

20%

-

-

0.15%

-0.12%

-0.10%

4.29%

3.14%

0.00%

0.00%

7.36%

2.77%

2.50%

4.55%

18.76%

12.21%

-2.59%

-2.03%

36.17%

Unchanged

Unchanged

Unchanged

Unchanged

Unchanged

-

-

Unchanged

Unchanged

Unchanged

Unchanged

Unchanged

-

-

-

-

-

-

-

-

-



Hwang Select Income Fund


Hwang AIIMAN Growth Fund


Hwang Global Financial Institutions Fund

FundSelections

2Q13FundWeight

30%

60%

5%

5%

-

Year-to-dateWeightedReturns* Rationale

RevisedFund Weight

Cash

Equities

FixedIncome

CONSERVATIVE

30%

60%

5%

5%

-

0.45%

-0.37%

0.71%

0.30%

0.00%

1.09%

3.01%

10.84%

3.24%

0.30%

-0.38%

17.01%




Hwang Select Asia (ex-Japan) Opportunity Fund


WeightedReturnsSinceInception**

InvestmentActions

Unchanged

Unchanged

Unchanged

Unchanged

Unchanged

Unchanged

Unchanged

Unchanged

Unchanged

Unchanged

-

-

-

-

-


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HWANGIMS RECOMMENDED FUNDS

Award-winning Fund

FUND

AIIMAN Income Plus Fund

Select Bond Fund

Select Income Fund

SGD Income Fund

AUD Income Fund

Select Balanced Fund

Select Dividend Fund

AIIMAN Growth Fund

Asia Pacific (ex-Japan) Infrastructure Fund

Select Opportunity Fund

Select Asia (ex-Japan) Opportunity Fund

Select Asia (ex-Japan) Quantum Fund

FUNDCATEGORY

Bond

Bond

Fixed Income

Mixed Asset (Conservative)

Mixed Asset

Balanced

Equity

Equity

Mixed Asset

Equity

Equity

Equity

FUNDTYPE

Income

Income

Income & Growth

Income

Income & Growth

Growth & Income

Income & Growth

Growth

Income & Growth

Growth

Growth

Growth


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Globa l Equ i t i e s - Pe r centage R etu rns( end M arch 13 - end June 13)

2.8

-6.5

3.75.1

-7.0

-5.0

-3.0

-1.0

1.0

3.0

5.0

P

aReun%)

MSCI World Index (MYR)

MSCI Emerging Markets Index (MYR)

MSCI World/Finance Index (MYR)

S&P 500 Index

Regional Equities - Percentage Returns(end March 13 - end June 13)

-3.2

-4.1-4.4

0.0

-3.6

-5.0

-4.0

-3.0

-2.0

-1.0

0.0

1.0

P

aRun%)

MSCI AC Asia (ex-Japan) Index (MYR)

MSCI AC Asia (ex-Japan) Small Cap Index (MYR)

Ho Chi Minh S tock Index (MYR)

Hang Seng Index (MYR)

FTSE Straits Times Index (MYR)

JULY 2013MARKET UPDATE Imonthly review and outlook

GLOBAL EQUITIES Emerging markets took a dive over the second quarter of 2013

(2Q13). Most developed markets, however posted gains over the

period, in particular the US markets.

Both the MSCI World Index and MSCI World / Finance Indexrecorded gains of 2.8% and 3.7% respectively (in MYR terms),while the S&P 500 Index recorded a strong gain of 5.1% (in MYRterms) over the quarter. Meanwhile, MSCI Emerging MarketIndex suffered losses of 6.5% (in MYR terms).

The US equity markets were charting new highs over the 2Q13on the back of improved economic environment. The conclusionof the US FED meeting mid June stole the limelight as the Fedindicated QE3 tapering. This created uncertainties and causedvolatilities across the global markets.

In Europe, the recession moderated with better confidencenumbers and PMI numbers. The latest PMI composite rose to48.9 in June from 47.7 in May, the highest over 15 months.

Emerging markets were again the worst performer in 2Q13.China's equity markets were impacted by worries of weak dataand a credit squeeze. China markets corrected to its lowest levelsince early this year and impacted Hong Kong, Korea and Taiwanmarkets. Other poorer performer was the Indonesian markets,depressed by the Bank of Indonesia surprised rate hike.

STRATEGY: The Manager will be monitoring the global economicrecovery in particular; the US as well as the economicdevelopment in China. The Manager is cautious and has beenincreasing the level of cash in view of the volatility in the markets.

REGIONAL EQUITIES

Source: Bloomberg

Asian equities were on an up-trend until global financialmarkets were shaken by Feds comment on the tapering off ofits quantitative easing program. The spike in US treasury yieldssaw foreign funds moving their investments out of Asianequity markets, causing the US Dollar to appreciate and Asianequity markets to slide.

Asian markets suffered in the last quarter with the MSCI ACAsia (ex Japan) Index slipping 3.6% in MYR terms. It wasreported that more than USD 8 billion has been pulled out ofAsian ex-Japan equity markets over the span of the last 3months ending 30th June 2013.

Market sentiment weakened further as it faced headwindsfrom the slowdown in Chinas economy. The HSBC Flash PMIfor the month of June declined for the 1st time in 7-months,and recorded 48.3, the lowest reading in 9-months.

s regionalportfolios until some stability in the market is seen.

STRATEGY: In view of the volatility within global financialmarkets, the Manager has reduced its exposure into marketsthat had benefitted from strong foreign fund inflows such asThailand, Indonesia, and the Philippines. The Manager is

looking to maintain a higher level of cash for it

Source: Bloomberg

09 JULY 2013 I FUNDamentals


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MG S vs Malays i an AA2/AA C orp orate Bond Y ie lds( end Marc h 13 - end June 13 )

3.0

7%

3.2

2%

3.4

7%

3.2

8%

3.4

5%

3.6

0%4

.04%

4.3

0% 4

.92%

3.9

9%

4.2

2% 4

.74%

0.1

3%

0.2

3%

0.2

1%

-0.1

8%

-0.0

8%

-0.0

5%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3YR 5YR 10YR

Y i e l d s

MGS Yields (31 March 2013)

MGS Yields (30 June 2013)

MGS Yield Movement (31 March 2013 - 30 June 2013)

MYR Credit BNM AA (31 March 2013)

MYR Credit BNM AA (30 June 2013)

MYR Credit BNM AA Yield Movement (31 March 2013 - 30 June 2013)

Local Equities - Percentage Returns(end March 13 - end June 13)

6.1

7.38.3

16.9

0.0

3.0

6.0

9.0

12.0

15.0

18.0

P

aRun%)

FBM Kuala Lumpur Composite Index (FBM K LCI)

FBM Top 100 Index

FBM Emas Shariah Index

FBM ACE Index

JULY 2013MARKET UPDATE Imonthl review and outlook

LOCAL EQUITIES The domestic equity market stayed on top of its regional

peers after a slow start in the year. Malaysia enjoyed steady

inflows after its key market risk of political uncertainty waseliminated post-election, prior to the Feds comment whichcaused uncertainty amongst global investors.

While its regional peers suffered from foreign outflows after astrong showing, the KLCI remained resilient after gainingsupport by domestic investors who looked to increase theirexposure after a pre-election sell-down.

The Ringgit has not been spared as Asian currencies remainunder pressure from tapering off concerns as well as slowingregional growth expectations on the back of weaker Chineseeconomic data. Strengthening of the USD will remain a keyconcern for the region in the near-term.

While the equity market held up, the Ringgit tumbled againstthe USD on the increasing uncertainty surrounding the Fedsexit strategy. The Ringgit was valued at RM3.1603 to USD1 on30 June compared to RM3.0938 to USD1 at the end of March.

Strategy: The Manager has taken a more cautious approachon the market, raising cash levels of the portfolio as volatilityin global financial markets continue. The Manager will lookfor markets to stabilise before making a deployment backinto the market.

Source: Bloomberg

GLOBAL & LOCAL FIXED INCOME

Source: Bloomberg

The 2nd quarter of 2013 was a volatile period for bonds. Talksemerged that the US Federal Reserve (FED)will potentially taperoff the Quantitative Easing (QE) program, leading to correctionof bonds across the globe. The US 10-year treasury yieldspeaked at 2.6% and eventually recovered to 2.5%, reflectingexpectations of tighter monetary conditions once QE is reduced.The US dollar also rallied against most Asian currencies. Againstthis backdrop, volatility is expected to persist in the short-term,albeit to a lesser extent.

Asian bonds adverse price movements were largely influencedby the announcement of the FED. For the quarter, USD-denominated Asian bonds as represented by JP Morgan AsiaCredit Index declined 2.4% (MYR). In China, Junes PurchasingManagers Index was softer at 50.1, adding concerns to its GDPgrowth.

The Malaysian Government Securities (MGS) yields increasedalong the curve where the short-medium end increased themost by 21-23 basis points. Regardless, Malaysias corporatebonds held up relatively well as compared to its regional peers.This was supported by the fact that the key event risk arisingfrom the 13th General Election has passed. Generally, BankNegara Malaysia is expected to keep interest rate unchanged at3.0% for now due to global economic uncertainty whiledomestic demand is supportive of growth.

Strategy: The Manager has raised cash to a large extent in orderto manage the Funds volatility. Durations have been furtherreduced to well below 5 years, in view of potential rising

interest rates. Prudent credit selection remains a key to fixedincome investing and the Manager intends to maintain a verylow exposure to high yield bonds until the valuations are moreattractive.



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Globa l Comm od i t ie s - Percentage Retu rns(end Mar ch 13 - end June 13)

-7.0

-22.8

-8.0

2.0

-23.0

-19.0

-15.0

-11.0

-7.0

-3.0

1.0

P

aRun%)

Dow Jones-UBS Commodity Index (MYR)

Bloomberg WTI Cushing Crude Oil Spot Index (MYR)

Gold Spot (USD/oz)Dow Jones-UBS Industrial Metals TR Sub-Index (MYR)

Globa l P roper ty & In f r a s t ruc tu re - Per centage Retu rns( e n d M a r c h 1 3 - e n d J u n e 1 3 )

-1.1

-11.3

1.9

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

P

aReun%)

UBS Warburg Global Real Estate Investors Index (MYR)

Bloomberg Asia REIT Index

MSCI AC Asia (ex Japan) Infrastructure Index

JULY 2013MARKET UPDATE Imonthly review and outlookGLOBAL COMMODITIES

The broader commodity sector, measured by the Dow Jones-UBSCommodity Index, lost 7.0% in the second quarter of 2013. Most

of the commodities fell on USD strength and slowdown of Chinagrowth.

WTI gained 7.8% in June (for the first month since March) duringthe summer months in US as demand for gasoline grew to meetthe rise in consumption. In addition, refineries operating ratesshot to its highest level this year. Inventories also shrank to 48.6million barrels in June, the lowest level since December 2012.Concerns on possible supply disruption due to the on-goingpolitical turmoil in Egypt provided the boost to oil prices.

Gold spot prices suffered the largest decline since 1920 as itslumped 22.8% over the quarter, The price dropped to the lowestlevel since August 2010 at USD1,180.50 an ounce but rebounded

in June on signs of increased demand for jewelry, coins and bars.

as manufacturingsectors are weighed down by slower demand.

ing down,coupled with the tapering of US Quantitative Easing.

Industrial metals fell 8.0% in tandem with the weakening ofmanufacturing activities in China. The HSBC Flash PurchasingMangers Index (PMI) began trending below 50 since April anddropped to a 9-month low of 48.3 in June

STRATEGY: The Manager maintains a cautious stance oncommodities as Chinas economy showed signs of slow

GLOBAL THEMES: REITs & INFRASTRUCTURE

Source: Bloomberg

REITs remained on a downward trend in June as bond yields inthe US continued to rise in response to talk of the tapering of USQuantitative Easing. The Bloomberg Asia REIT Index recorded aloss of 11. % over the quarter.3

The MSCI AC Asia (ex Japan) Infrastructure Index gained 1.9% forthe second quarter of the year.

In terms of total returns, Singapores REITs are the second-worstperformers in Asia after South Korea in the current volatile

market. However, theyre well-positioned to weather thevolatility in the US treasury yields as the REITs have diversifiedtheir funding sources.

ll roads, seaports and airports to support theeconomic growth.

while, cash level is maintained at high levelto be deployed later.

Southeast Asias largest economy, Indonesia, is forecasted toexpand 6.3% this year. The government plans to boost spendingon power plants, to

STRATEGY: The Manager maintains a cautious stance on REITssector and would increase exposure into infrastructure stocks in

the short term. Mean



12/40

as at 30 June 2013^^

Fund Category (Lipper) :Fund Type :Benchmark^ :

:

Maturity Date :Financial Year End :

urrent NAV per unit : 1.2607:

Initial Sales Charge : Max 5.50% of the NAV per UnitSubscription : CashAnnual Management Fee : 1.50% p.aMinimum Investment : RM1,000

: RM100

Repurchase Charge : NilDistribution Policy (1) : Incidental

: 2012 - 5.00

1 Month 12 Months Fund (%) -4.85 6.23 21.50 38.49 102.19 178.99

Highest (RM) 1.3187 1.3347 Benchmark (%)^ -6.51 -3.23 3.38 13.34 4.65 40.03

Lowest (RM) 1.2361 0.9583 Source : Lipper

Sector Allocation as at 30 June 2013*

1

2

3

4

5

6

7

8

9

10

** Foreign Equity

Asset Allocation as at 30 June 2013*1 Equities 70.2%

2 Cash & Cash Equivalents 29.8%

Based on the Fund portfolio returns as at 31 May 2013, the VF for this Fund is 10.9 and is classified as H igh (source: Lipper). High includes Funds with VF that are above 10.440 but not more than 12.835.

TheVolatility Factor(VF) means there is a possibility forthe Fund in generating an upsidereturn or downsidereturn aroundthis VF. The Volatility Class (VC) is assignedby Lipper based on quintile ranks of VF for

qualified funds. The Fund's portfolio may have changed since this date and there is no guaranteed that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the

market for at least 36 months will display the VF and its VC.

Aeon Credit Services M Berhad

Giordano International Ltd**

Megawide Construction Corp**

Religare Health Trust**

Media Prima Berhad

Greatview Aseptic Packaging Co**

1.3347

May 2004 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the Fund,

gross investment based in RM. The value of Units may go down as well as up. Past performance is

not indicative of future performance.

Source: Lipper

Minimum SubsequentInvestment

Historical NAV as at 30 June 2013Since Inception

Gross Income Distribution(sen)(2)

Hwang Select Asia (ex Japan) Quantum Fund(formerly known as Hwang Asia Quantum Fund)

Launch Date / IOP 15 April 2004 / RM0.50

Top 10 Holdings as at 30 June 2013*

Source: Bloomberg as at 30 June 2013

Fund Size RM138.232 million

N/A

31 December

0.3672

MSCI AC Asia (ex-Japan) Small

Cap Index

Fund Information as at 30 June 2013Performance Record as at 30 June 2013*

Equity

Cumulative Return Over The Period (%)Growth

(NAV-NAV Prices)

* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013. All figures are subject to frequent changes on a daily basis.

(1)The Fund is not expected to make distribution. However, incidental distribution may be declared whenever is appropriate.

Eastern & Oriental Bhd

Allianz Malaysia Berhad

Pt Bank Cimb Niaga Tbk**

Del Monte Pacific Ltd** Country Allocation as at 30 June 2013*2.8%

(2)Where distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.

Performance Table as at 30 June 2013*1 Month 3 Month

Year to

Date 1 Year 3 Year

Since

Inception

3.7%

3.6%

3.5%

3.2%

2.8%

3.0%

2.9%

2.8%

2.8%

50

100

150

200

250

300

350

May 04 Mar 06 Dec 07 Oct 09 Aug 11 Jun 13

In

Poma

%)

Financials

27.9%

Industrials

18.4%

Consumer Services

11.3%

Consumer Goods

6.1%

Technology

2.3%

Health Care

1.9%

Telecomm

1.4%

Basic Materials

0.9%

Cash & Cash

Equivalents

29.8%

Cash & Cash

Equivalents

29.8%Thailand

3.3%

Hong Kong

6.5%

Philippine

9.5% Indonesia

13.4%

Singapore

15.8%

Malaysia

21.8%

A total return fund that seeks to capture the high growth of developing companies within the Asia (ex-Japan) region.

Benchmark^

AQF

This document is prepared by Hwang Investment Management Berhadfor information only. The information containedherein has been obtained from sources believed in good faith to be reliable; however, no

guarantee is given in its accuracy of completeness. The Master Prospectus dated 18 July 2012 and First Supplemental Master Prospectus dated 1 September 2012 have been registered with the Securities

Commission Malaysia, whotakes no responsibilityfor its contents. A copy of theProspectuses can be obtained at our office or any of oursales office. Units will only be issuedupon receipt of an application form

referred to in and accompanying the Prospectuses. Investors are advised to read and understand the content of the Prospectusesbefore investing. Among others, Investors shouldconsider the fees and charges

involved. The price of Units and distribution payable, if any, may go down as well as up. The past performance of the Fund should not be taken as indicative of its future performance.



13/40

Fund Category (Lipper) :Fund Type :Benchmark^ (1) :

:

Maturity Date :Financial Year End :urrent NAV per unit : RM0.4781

:

Initial Sales Charge ::

Annual Management Fee : 1.50% p.aMinimum Investment :

: RM100

Repurchase Charge : Nil: Incidental

: 2008 - 5.00

Fund (%) -3.69 0.40 5.96 19.08 26.62 9.78

Benchmark (%)^ -3.74 -3.63 -3.23 7.01 20.74 -12.57

Source : Lipper

Sector Allocation as at 30 June 2013*1 Month 12 Months

Highest (RM) 0.4961 0.5007

Lowest (RM) 0.4679 0.4019

1

23

4

5

6

7

8

9

10

** Foreign Equity

(1) As at 15 June 2012, the Benchmark was replaced by the MSCI AC Asia Ex Japan Index as the Fund assumed its new mandate.(2)

The Fund is not expected to make distribution. However, incidental distribution may be declared whenever is appropriate.

3 YearSince

Inception

Giordano International Ltd**


Media Prima BerhadReligare Health Trust**

Beijing Capital Intl Airport**

Since Inception

0.2984

0.7879

1 Month 3 MonthYear to

Date


Historical NAV as at 30 June 2013

1 Year

Hwang Select Asia (ex Japan) Opportunity Fund

Distribution Policy (2)Gross Income Distribution(sen)

August 2006 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the

Fund, gross investment based in RM. The value of Units may go down as well as up. Past

performance is not indicative of future performance.

Source: Lipper

N/A

31 January

Performance Table as at 30 June 2013*

Cash

Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*Equity Global Cumulative Return Over The Period (%)

SubscriptionRM1,000

Growth (NAV-NAV Prices)

Bank of Ayudhya Public Co Ltd**

DBS Group Holdings Ltd**

Pepsi-Cola Products Ph Inc**

Country Allocation as at 30 June 2013*

*The Performance Record, Performance Table, Sector Allocation, Country Allocation and Top 10 Holdings above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to

frequent changes on a daily basis.

MSCI AC Asia ex Japan Index

Launch Date / IOP 19 July 2006 / RM0.50

Max 5.50% of the NAV per Unit


2.6%

2.9%

2.9%

2.8%

2.8%

Top 10 Holdings as at 30 June 2013*Source: Bloomberg as at 30 June 2013

2.8%

2.7%

3.5%

3.2%3.0%

Greatview Aseptic Packaging Co**

China Construction Bank Corp**

Financials

26.5%

Industrials

15.2%Consumer Services

11.2%

Consumer Goods

5.6%

Telecomm

3.8%

Oil & Gas

2.1%

Health Care

2.1%

Technology

1.7%

Basic Materials

0.7%

Cash & Cash

Equivalents

31.3%

Malaysia

18.2%

Singapore

14.8%

Hong Kong

14.1%

Indonesia

9.4%

Philippine

7.4%

Thailand

4.8%

Cash & Cash

Equivalents

31.3%

An equity fund that provides exposure to prevailing opportunities and themes through investments within the Asian (ex Japan)region.

50

70

90

110

130

150

170

190

Aug 06 Dec 07 May 09 Sep 10 Jan 12 Jun 13

In

Poma

%) (1)

Benchmark^

SAOF

This documentis prepared by Hwang Investment Management Berhadfor information only. The informationcontained herein has been obtained from sources believed in good faith to be reliable; however, no

guaranteeis given in its accuracy of completeness. TheMaster Prospectus dated18 July 2012 , First Supplemental Master Prospectus dated 1 September 2012 and SecondSupplemental MasterProspectus dated2

May 2013 have been registered with theSecurities Commission Malaysia, whotakes no responsibilityfor its contents. A copy of theProspectuses can be obtainedat ouroffice or any of our sales office. Units will

only be issued upon receipt of an application form referred to in and accompanying the Prospectuses. Investors are advised to read andunderstand the content of the Prospectuses before investing. Among

others, Investors shouldconsider thefees andcharges involved. The price of Units anddistributionpayable, if any, may go down as well as up. Thepast performance of theFund shouldnot be taken as indicative

of its future performance.



14/40


15/40


:Maturity Date :Financial Year End :

urrent NAV per unit : RM0.4294:


: 1.80% p.a

Minimum Investment :

:

:

Fund (%) -3.79 -1.39 7.52 21.24 40.29 -3.19

: 2008 - 0.50 Benchmark (%)^ 0.81 -4.85 4.55 13.34 33.67 -3.09

2013 - 2.50 Source : Lipper

1 Month 12 Months

Highest (RM) 0.4581 0.4710

Lowest (RM) 0.4189 0.3744

12

3

4

5

6

7

8

9

10

** Foreign Equity

(3)As at 15 June 2012, the Benchmark was replaced by the 50% MSCI AC Asia ex Japan Infrastructure Index and 50% Bloomberg Asia REIT Index as the Fund assumed its new mandat

(1) Maximum of 1.00% of the NAV per unit for any repurchase request of Unit within the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not consider a


May 2007 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the Fund,



Source: Lipper


Distribution Policy Distribution of income, if any,would be on annual basis.

1 Month 3 Month


Max 5.50% of the NAV per Unit

3 YearSince

Inception

Minimum SubsequentInvestment:

Year toDate 1 Year

1% of NAV per Unit for any

investment within the first 6

months.

RM100

30 April

Mapletree Industrial Trust**

Philippine Long Distance Tel**


3.2%

3.2%

0.4919

Cashubscription

Sunway REITChina Longyuan Power Group-H**

3.7%3.6%

0.2457

Hwang Asia Pacific (ex Japan) Infrastructure Fund


Annual Management Fee

Equity Asia Pacific ex Japan (NAV-NAV Prices)

25 April 2007 / RM0.50

RM1,000

Launch Date / IOPN/A

Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*Mixed Securities Cumulative Return Over The Period (%)


(2) Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.

50% MSCI AC Asia ex Japan

Infrastructure Index +

50% Bloomberg Asia REIT Index

Repurchase Charge (1)

2.2%

2.1%

2.9%

2.5%

2.2%



Frasers Centrepoint Trust**

Glow Energy Pcl**


2.1%KLCC Property Holdings Bhd


Indocement Tunggal Prakasa**

Financials

23.6%

Industrials

15.2%

Oil & Gas

7.3%

Utilities

7.0%

Telecomm

5.5%

Consumer Services

1.5%

Consumer Goods

1.1%

Technology

0.4%

Cash & Cash

Equivalents

38.5%

Malaysia

15.7%

Singapore

12.6%

Hong Kong

10.8%Philippine

9.2%

Indonesia

7.4%

Thailand

5.9%

Cash & Cash

Equivalent

38.5%

50

60

70

80

90

100

110

120

May 07 May 08 May 09 May 10 Jun 11 Jun 12 Jun 13

In

Poma

%)

A mixed securities fund that aims to provide a combination of income and growth through investments in the REITs andinfrastructure sector within the Asia Pacific (ex Japan) region.

(3)

APIF

Benchmark^

This document is prepared by Hwang Investment Management Berhadfor information only. Theinformation containedherein hasbeen obtainedfrom sources believed in good faith to be reliable; however, no

guarantee is given in its accuracy of completeness. The Master Prospectus dated 18 July 2012 , First Supplemental Master Prospectus dated 1 September 2012 and Second Supplemental Master Prospectus

dated2 May 2013 have been registered with theSecurities Commission Malaysia, whotakes no responsibility forits contents. A copy of theProspectuses can be obtainedat ouroffice or any of our sales office.

Units will only be issuedupon receipt of an application form referred to in and accompanying the Prospectuses. Investorsare advised to read and understand the content of the Prospectuses before investing.

Among others, Investorsshouldconsiderthe fees andcharges involved. Theprice of Units anddistribution payable, if any, maygo down as well as up. The past performance of the Fund shouldnot be taken as

indicative of its future performance.



16/40


:



Initial Sales Charge : Max 5.50% of the NAV per UnitSubscription : CashAnnual Management Fee : 1.50% p.aMinimum Investment : RM1,000

: RM100

Repurchase Charge : NilIncome Distribution :

: 2012 - 3.05 Fund (%) -2.89 3.21 7.68 20.36 N/A 35.08

2013 - 1.00 Benchmark (%)^ -0.63 2.65 5.62 10.96 N/A 17.66

Source : Lipper


Highest (RM) 0.6611 0.6713

Lowest (RM) 0.6200 0.5528

1

23

4

5

6

7

8

9

10

** Foreign Equity

Asset Allocation as at 30 June 2013*1 Equities 68.2%

2 Cash & Cash Equivalents 31.8%

2.1%

* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.

Wing Tai Malaysia Bhd

Advanced Info Service Pcl**

Hwang Select Dividend Fund

Gross Income Distribution(sen) (1)

0.4563

0.6713


April 2011 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the Fund,



Source: Lipper



5.5%5.4%

4.4%

3.1%

(1)Where distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.

2.7%

2.7%

Income & Growth (NAV-NAV Prices)Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*

Equity Cumulative Return Over The Period (%)


Year toDate

Axiata Group Bhd

Sunway Reit

Hong Leong Financial Group Bhd

Petronas Gas Berhad

Carlsberg Brewery M'Sia Bhd

Media Prima Berhad

Malayan Banking Bhd

2.5%

70% FTSE Bursa Malaysia Top

100 Index + 30% Dow

Jones/Asia Pacific Select

Dividend 30 IndexLaunch Date / IOPN/A

30 September

1 Year 3 YearSince

Inception

28 March 2011 / RM0.50

Distribution of income, if any,would be on semi-annual basis.


Allianz Malaysia Berhad

Since Inception

6.2%

Top 10 Holdings as at 30 June 2013*Source: Bloomberg as at 30 June 2013

1.9%

Financials

30.2%

Consumer Goods

12.5%

Industrials

6.9%Telecomm

5.8%

Oil & Gas5.7%

Consumer Services

5.2%

Utilities

1.8%

Health Care

0.1%Cash & Cash

Equivalents

31.8%

80

90

100

110

120

130

140

150

Apr 11 Aug 11 Dec 11 Mar 12 Jul 12 Nov 12 Mar 13 Jun 13

In

Poma

%)

Malaysia

48.7%

Hong Kong

5.0%

Thailand

4.8%

Indonesia

3.7%

Singapore

3.7%

Philippine

2.3%

Cash & Cash

Equivalents

31.8%

An income driven, absolute return focused fund that aims for capital appreciation and semi annual income distributionthrough investments in high dividend yielding equities and future potential dividend generating equities .

Benchmark^

SDF

This document is prepared by Hwang Investment Management Berhadfor information only. The information containedherein has been obtained from sources believed in good faith to be reliable; however, no

guarantee is given in its accuracy of completeness. The Prospectus dated 28 March 2013has been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. A copy of the

Prospectus can be obtainedat our office or any of our sales office. Units will only be issueduponreceipt of an application form referred to in and accompanying the Prospectus. Investors are advised to readand

understand the content of the Prospectus before investing. Among others, Investorsshould considerthe fees and charges involved. The price of Units and distributionpayable, if any, may go down as well as up.

The past performance of the Fund should not be taken as indicative of its future performance.



17/40




Sales Charge_Cash SalesInstitutional Unit Trust Advisers : Max 6.50% of NAV per Unit

: Max 5.50% of NAV per Unit

Unit Trust Consultants : Max 5.50% of NAV per Unit

Sales Charge_EPF Sales : Max 3.00% of NAV per Unit:Annual Management Fee : 1.50% p.a


:

: Fund (%) -3.06 3.30 6.21 13.07 48.45 189.96

Benchmark (%)^ -0.06 4.04 4.25 7.80 24.10 91.28

Source : Lipper

: 2004 - 3.50

2005 - 4.00

2006 - 2.50

2007 - 5.00

2008 - 5.00

2009 - 5.00

1 Month 12 Months

Highest (RM) 0.6772 0.6837

Lowest (RM) 0.6411 0.5944

(%)

1 BNM Sukuk Bhd 0.00% 16.07.13 8.2%

2 Public Finance Berhad 7.50% 05.06.59 4.8%

3 Sports Toto Malaysia Sdn Bhd 5.50% 30.06.15 2.3%

4 Tanjung Bin Energy Issuer Bhd 5.55% 15.09.25 2.2%

5 Tanjung Bin Power Sdn Bhd 4.54% 16.08.19 2.1%

1 Malayan Banking Bhd

2 CIMB Group Holdings Bhd

3 KLCC Property Holdings Bhd

4 Sapura Kencana Petroleum Bhd

5

2013 - 1.00

No


The Credit Profile above are a percentage of the Fund's fixed income portion only.


^^ Foreign bonds rated either by Standard & Poor's or Moody

Credit Profile as at 30 June 2013*

Top 5 Holdings (Equity) as at 30 June 2013*

1.8%

(NAV-NAV Prices)

1.9%

1.9%

August 2003 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the



Source: Lipper

2.2%

1.9%

Top 5 Holdings (Bond) as at 30 June 2013*

Distribution Policy

Gross Income Distribution (sen) (1)

Distribution of income, if any,

would be on semi-annual

basis.


Credit

Since Inception

0.6837

0.4346

Coupon

Maturity

Date


^^The Morningstar Rating is an assessmentof a Fund's past performance-based on both return and risk-which shows how similar investments compare with their competitors. A high rating alone is insufficient

basis for an investment decision.(1)

Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.

Based on the Fund portfolio returns as at 31 May 2013 , the VF for this Fund is 5.9 and is classified as Low (source : Lipper). Low includes funds with VF that are above 1.235 but not more than 7.890.

The Volatility Factor(VF) means there is a possibilityfor theFund in generating an upside returnor downsidereturn aroundthis VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF forqualified funds. The Fund's portfolio may have changed since this date and there is no guaranteed that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the


N/A

50% FBM Top 100 Index +

50% Maybank 12-Month Fixed

Deposit Rate

Launch Date / IOP

Subscription Cash / EPF

: RM100

Repurchase Charge NilMinimum Subsequent Investment

Performance Record as at 30 June 2013*Mixed Assets MYR Balanced

Cumulative Return Over The Period (%)


Hwang Select Balanced Fund

Dayang Enterprise Hldgs Bhd

Growth and Income

30 June

Internal Distribution Channel of the

Manager

RM1,000


28 July 2003 / RM0.50

Fund Information as at 30 June 2013


Year to

Date 1 Year 3 Year

Since

Inception

2010 - 5.00

2011 - 5.00

2012 - 5.10

95

135

175

215

255

295

335

Aug 03 Apr 05 Nov 06 Jul 08 Mar 10 Nov 11 Jun 13

In

Poma

%)

Benchmark^

SBalancedF

Bond

42.4%Financials

18.9%

Oil & Gas

6.4%

Industrials

4.7%

Consumer Goods

3.9%

Telecomm

3.5%

Consumer Services

1.6%

Other

1.6%Utilities

0.9%

Cash & Cash

Equivalents

16.2%

AAA

8.18%

AA

35.69%

A

3.67%BBB

0.69%

A^^

1.18%

BBB^^

8.69%

BB^^1.30%

B^^

1.92%

Others

22.24%

Cash

16.45%

An absolute return focused fund that targets to provide a balance between high level of cash flow as well asgrowth, through a mixture of investments in Malaysian and foreign fixed income and equities.

This document is prepared by Hwang Investment Management Berhad for information only. The information containedherein has been obtainedfrom sources believed in good faith to be reliable; however, no

guaranteeis given in its accuracy of completeness. The Master Prospectus dated 18 July 2012 , First Supplemental Master Prospectus dated 1 September 2012 and Second Supplemental Master Prospectus dated2

May 2013 have been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. A copy of the Prospectusescan be obtainedat our office orany of our salesoffice. Units will

only be issuedupon receipt of an application form referred to in andaccompanying theProspectuses. Investorsare advised to read and understandthe content of theProspectuses beforeinvesting. Among others,

Investors shouldconsiderthe fees and charges involved. The price of Units and distributionpayable, if any, may go down as well as up. The past performance of the Fund shouldnot be taken as indicative of its

future performance.



18/40


:


urrent NAV per unit : AUD0.5594:

:

:Annual Management Fee : 1.50% p.aMinimum Investment (1) :

:

:

Fund (%) -1.53 0.63 3.32 9.07 N/A 19.23

Benchmark (%)^ -0.24 -1.32 1.93 6.05 N/A 12.37

: 2012 - 2.50 Source : Lipper

2013 - 1.00

Portfolio Yield* : 3.62%

Portfolio Duration* : 2.64 Years

1 Month 12 Months

Highest (AUD) 0.5719 0.5804

Lowest (AUD) 0.5577 0.5369

(%)

1 New South Wales Treasury** 6.00% 01.04.16 6.8%

2 Australian Government** 5.50% 21.04.23 4.5%

3 National Aus Bank Ltd** 4.10% 05.11.15 4.0%

4 Korea Gas Corp** 4.50% 25.09.15 3.9%5 Sumitomo Mitsui Banking** 3.59% 26.02.16 3.1%

** Foreign Bond

12

3

4

5

** Foreign Equity

Apa Group**

National Australia Bank Ltd** 1.4%

1.4%


Maturity

DateCoupon

Transurban Group**

Top 5 Holdings as at 30 June 2013*Goodman Group**

1.5%

31 August

80% weighted Reserve Bank of

Australia Average Rate of

Term Deposits + 20% weighted

Dow Jones Australia SelectDividend 30 Index

(NAV-NAV Prices)Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*

Mixed Assets Cumulative Return Over The Period (%)Income & Growth

Launch Date / IOP 18 March 2011 / AUD0.50

AUD102.430 million

Max 3.00% of NAV per Unit

AUD1,000


Subscription

Minimum SubsequentInvestment:

Repurchase Charge(2)


Year to

Date 1 Year 3 Year

Since

Inception

(3)Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.

Hwang AUD Income Fund (AUD Class)

1.00% of NAV per Unit for anyinvestment within the first 6

months.

March 2011 to 30 June 2013 NAV-NAV prices and assuming reinvestment of distributions into the



Source: Lipper

0.5021

0.5804

Cash

Initial Sales Charge

N/A

AUD5,000

Fund Size

2.0%1.9%

Caltex Australia Ltd**

(1)To invest in the AUD Class, investors are required to have a foreign currency accout (Australian Dollars)with any financial institutions as all transactions relating to the AUD Class will ONLY be made via

telegraphic transfers.

* The data provided above are that of the Fund and are a percentage of NAV as a 30 June 2013 . All figures are subject to frequent changes on a daily basis.

(2)Maximum of 1.00% of the NAV per Unit for any repurchase within the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not considereda repurchase. The

Cooling-off Period for a qualified investor is within 6 Business Days from the day the initial application for Units is received by the Manager.


would be on semi-annual basis.

Credit

Since Inception

Gross Income Distribution (sen) (3)

Distribution Policy

Top 5 Holdings (Bonds) as at 30 June 2013*No



Bond

72.7%

Financials

6.9%

Oil & Gas3.4%

Industrials

2.8%

Consumer Services

2.2%

Utilities

0.6%

Cash & Cash

Equivalents

11.2%

90

95

100

105

110

115

120

125

Mar 11 Jul 11 Nov 11 Mar 12 Jul 12 Oct 12 Feb 13 Jun 13

In

Poma

%)

A

27.6%

Cash

20.7%

Others

18.7%

AAA

16.6%

AA

11.6%BBB

4.8%

An income driven, absolute return focused fund that targets to provide a high level of cash flow as well as growth, throughmixture of investments in Australian fixed income and equities.[AUD Class - Represents a Class of Untis denominated in Australian Dollars (AUD)]

Benchmark^

AUDIF-AUD

This document is prepared by Hwang Investment Management Berhadfor information only. The information containedherein has been obtainedfrom sources believed in good faith to be reliable; however, no

guaranteeis given in itsaccuracy of completeness. The Prospectus dated18 March 2013 hasbeen registered with the Securities Commission Malaysia, who takes no responsibility for itscontents. A copy of the

Prospectus can be obtainedat our office or any of our sales office. Units will only be issueduponreceipt of an application form referred to in and accompanying the Prospectus. Investors are advised to read

and understand the content of the Prospectus beforeinvesting. Among others, Investors shouldconsiderthe fees and charges involved. Theprice of Units anddistribution payable, if any, may go down as well

as up. The past performance of the Fund should not be taken as indicative of its future performance.



19/40


20/40




:

:

: 1.50% p.a

Minimum Investment :: RM100

:

:




1 Month 12 Months

Highest (RM) 0.5257 0.5309

Lowest (RM) 0.5150 0.4969

(%)

1 0.00% 15.11.13 4.8%

2 3.15% 11.03.23 4.7%

3 5.13% 29.03.49 4.1%

4 3.15% 11.07.22 3.3%

5 3.10% 08.08.16 3.2%

** Foreign Bond

1

2

3

45

** Foreign Equity

70% 12-Month Singapore Banks

Average FD rate + 30% FTSE

Singapore's Straits Times Index

Oversea-Chinese Banking**

Genting Singapore PLC**

United Overseas Bank Ltd**

* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.(1)

Maximum of 1.00% of the NAV per unit for any repurchase request of Units within the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not considered a

redemption.


Hwang SGD Income Fund (RM Class)


DBS Group Holdings Ltd**Croesus Retail Trust**

^^ A large portion of the SGD-denominated bond universe does not have credit rating.

Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*Mixed Assets

Income

No CouponCredit

Maturity

Date


Top 5 Holdings (Bonds) as at 30 June 2013*

Annual Management Fee

Distribution Policy

Initial Sales Charge Max 3.00% of NAV per Unit

Launch Date / IOPN/A

31 March

01 August 2012/ RM0.50



Repurchase Charge (1)



0.4969

0.5309

Subscription Cash

Minimum Subsequent Investment

2.3%2.2%

Singapore Treasury Bill**

Suntec Real Estate Invtm Trust**

Top 5 Holdings as at 30 June 2013*Religare Health Trust**


3.0%

2.6%

-Not applicable as the Fund is less than one year-



RM1,000

1.00% of NAV per Unit for the

first 6 months from the date of

investment.

Bond

60.4%

Financials

14.3%

Consumer Goods

3.5%

Industrials

3.1%

Technology

1.7%

Consumer Services

0.7% Cash & Cash

Equivalents

16.3%

Others^^

46.6%

AA

20.1%

AAA

12.6%

BBB

11.1%

A

9.1%

Cash

0.5%

An income driven, absolute return focused fund that endeavours to provide steady income distribution through investmentsprimarily in SGD-denominated assets.[RM Class - Represents a Class of Units denominated in Ringgit Malaysia (RM)]

This document is prepared by Hwang Investment Management Berhadfor informationonly. The information contained herein has been obtainedfrom sources believed in good faith to be reliable; however, no

guarantee is given in its accuracy of completeness. The Prospectus dated 1 August 2012has been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. A copy of the

Prospectus can be obtained at ouroffice or any of oursales office. Units will only be issuedupon receipt of an application form referred to in andaccompanying theProspectus. Investorsare advised to read and

understand the content of theProspectus beforeinvesting. Among others, Investorsshould consider the fees and charges involved. The price of Units anddistribution payable, if any, may go down as well as up.

The past performance of the Fund should not be taken as indicative of its future performance.



21/40



urrent NAV per unit : SGD0.5162:

:

:

: 1.50% p.a

Minimum Investment :: SGD1,000

:

:


Portfolio Duration* :


1 Month 12 Months

Highest (SGD) 0.5329 0.5451

Lowest (SGD) 0.5141 0.4988

(%)

1 0.00% 15.11.13 4.8%

2 3.15% 11.03.23 4.7%

3 5.13% 29.03.49 4.1%

4 3.15% 11.07.22 3.3%

5 3.10% 08.08.16 3.2%

** Foreign Bond

1

2

34

5

** Foreign Equity

4.44 Years

1.00% of NAV per Unit for any

investment within the first 6

months.

0.4988

0.5451




2.6%2.3%

2.2%

(1)Maximum of 1.00% of the NAV per unit for any repurchase request of Units within the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not considered a

redemption.

United Overseas Bank Ltd**DBS Group Holdings Ltd**

Croesus Retail Trust**



3.0%

No Credit

Religare Health Trust**

Suntec Real Estate Invt Trust**

N/A

Income

Coupon

Maturity

Date

Top 5 Holdings (Bonds) as at 31 May 2013*

Singapore Treasury Bill**

Oversea-Chinese Banking**

Since Inception

Distribution Policy

SGD5,000

Hwang SGD Income Fund (SGD Class)

Fund Size SGD87.402 millionInitial Sales Charge

Launch Date / IOP

Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*Mixed Assets

Subscription CashAnnual Management Fee



(2 )Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.

Minimum Subsequent InvestmentRepurchase Charge (1)



70% 12-Month Singapore Banks

Average FD rate + 30% FTSE

Singapore's Straits Times Index

^^ A large portion of the SGD-denominated bond universe does not have credit rating.




01 August 2012/ SGD0.50

31 March



Bond

60.4%

Financials

14.3%

Consumer Goods

3.5%

Industrials

3.1%

Technology

1.7%

Consumer Services

0.7%Cash & Cash

Equivalents

16.3%

Others^^

46.6%AA

20.1%

AAA

12.6%

BBB

11.1%

A

9.1%Cash

0.5%

An income driven, absolute return focused fund that endeavours to provide steady income distribution through investmentsprimarily in SGD-denominated assets.[SGD Class - Represents a Class of Units denominated in Singapore Dollar (SGD)]

This document is prepared by Hwang Investment Management Berhadfor informationonly. Theinformation contained herein hasbeen obtainedfrom sources believed in good faith to be reliable; however, no

guaranteeis given in its accuracy of completeness. The Prospectus dated 1 August 2012 has been registered with the Securities Commission Malaysia, who takes no responsibilityfor itscontents. A copy of the

Prospectus can be obtainedat our office or any of our sales office. Units will only be issued upon receipt of an application form referred to in and accompanying the Prospectus. Investors are advised to read

and understand the content of the Prospectus before investing. Among others, Investorsshould consider the fees and charges involved. The price of Units anddistribution payable, if any, may go down as well

as up. The past performance of the Fund should not be taken as indicative of its future performance.



22/40



:



:

:Annual Management Fee : 1.20% p.aMinimum Investment :

::

: 2005 - 2.00 2010 - 2.502006 - 3.50 2011 - 2.53

2007 - 3.50 2012 - 2.03

2008 - 0.50 2013 - 1.00 Fund (%) -2.97 -2.87 -0.58 6.14 29.65 92.05

2009 - 2.50 Benchmark (%)^ 0.13 2.08 2.64 5.01 15.20 44.48

Portfolio Yield* : 4.75% Source : Lipper


1 Month 12 Months

Highest (RM) 0.6753 0.6836

Lowest (RM) 0.6436 0.6302

%

1 4.00% 12.07.22 3.2%

2 3.63% 28.02.23 2.9%

3 0.00% 04.07.13 2.6%

4 5.13% 29.03.49 2.2%

5 0.00% 11.07.13 2.0%

** Foreign Bond

1

23

4

5

** Foreign Equity


would be on quarterly basis.


Year to

Date 1 Year 3 Year

Since

Inception


Hwang Select Income FundFund Information as at 30 June 2013

Mixed Assets Other Conservative

6 January 2005 / RM0.50

N/A

Launch Date / IOP

^^The Morningstar Rating is an assessmentof a Fund's past performance-based on both return and risk-which shows how similar investments compare with their competitors. A high rating alone is insufficient

basis for an investment decision.

Malayan Banking Bhd


31 December

: RM100

Subscription

Top 5 Holdings (Equity) as at 30 June 2013*

January 2005 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the



Source: Lipper

Top 5 Holdings (Bonds) as at 30 June 2013*

Currency Exposure for the Fund is shown after reflecting currency forward contracts

Fund Size



No Coupon

Currency Exposure as at 30 June 2013*

Distribution Policy

Cash

RM1,000

RM1,948.719 million

Initial Sales Charge Max 3.00% of NAV per Unit

Philippine Long Distance Tel**

Intime Retails Group Co Ltd**

(1)Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.

Based on the Fund portfolio returns as at 31 May 2013, the VF for this Fund is 4.1 and is classified as Low (source : Lipper). Low includes funds with VF that are above 1.235 but not more than 7.890.

0.9%

The Volatility Factor(VF) means there is a possibilityfor theFund in generating an upside returnor downsidereturn aroundthis VF. The Volatility Class (VC) is assignedby Lipper based on quintile ranks of VF forqualified funds. The Fund's portfolio may have changed since this date and there is no guaranteed that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the


* The data provided above is that of the Fund and is a percentage of NAV 30 June 2013. All figures are subject to frequent changes on a daily basis.

(NAV-NAV Prices)Performance Record as at 30 June 2013*

Cumulative Return Over The Period (%)20% FBM Top 100 Index + 80%Maybank 12-Month Fixed

Deposit Rate

Income and Growth

0.4770

0.6836

Gross Income Distribution(sen) (1)


Nilepurchase Charge

Westpac Banking Corp**

Credit

Maturity

Date

0.9%

Standard Chartered PLC**

0.9%

BNM Sukuk Bhd

Kasikornbank Public Co Ltd**


Bank Negara

1.1%

1.0%

Bond

70.4%

Financials

9.2%

Industrials

2.2%

Telecomm

1.8%

Consumer Services

1.6%

Utilities

0.9%

Health Care

0.5%

Oil & Gas

0.1%

Cash & Cash

Equivalents11.2%

95

110

125

140

155

170

185

200

215

Jan 05 Sep 06 May 08 Jan 10 Oct 11 Jun 13

In

Poma

%)

Malaysia Ringgit

78.9%

Singapore Dollar

8.2%

Hong Kong Dollar

5.2%

US Dollar

2.7%

Thai Baht

2.3%Indonesian Rupiah

1.7%

Philippine Peso

0.9%

Korean Won

0.1%

An income driven, absolute return focused fund that targets to provide a high level of cash flow as well asgrowth, through mixture of investments in fixed income and equities globally with an Asian focus.

Benchmark^

SIF


guarantee is given in its accuracy of completeness. The Master Prospectus dated 18 July 2012 , First Supplemental MasterProspectus dated 1 September2012 andSecond Supplemental Master Prospectus dated

2 May 2013have been registeredwith the Securities CommissionMalaysia, who takes no responsibility for its contents. A copy of the Prospectusescan be obtainedat our office or any of our sales office. Units

will only be issuedupon receipt of an application form referred to in and accompanying the Prospectuses.Investors are advised to read and understand thecontent of the Prospectusesbefore investing. Among

others, Investorsshouldconsiderthe fees andcharges involved. The price of Units anddistribution payable, if any, maygo down as well as up. Thepast performance of the Fund shouldnot be taken as indicative

of its future performance.



23/40


:

Maturity Date :Financial Year End :urrent NAV per unit : RM0.6071

:


: 1.00% p.a.


:

:

: 2005 : 2.50 2010 : 1.502006 : 2.50 2011 : 2.50

2007 : 2.50 2012 : 2.50 Fund (%) -2.23 -2.09 -0.66 5.00 20.74 71.40

2008 : 1.75 2013 : 1.00 Benchmark (%)^ 0.26 0.79 1.56 3.17 9.48 38.72

2009 : 2.50 Source : Lipper



1 Month 12 Months

Highest (RM) 0.6273 0.6328

Lowest (RM) 0.6053 0.6018

Credit (%)

1 0.00% 23.07.13 5.0%

2 4.00% 12.07.22 3.1%

3 3.63% 28.02.23 2.8%

4 4.50% 03.05.18 2.6%5 6.00% 29.12.49 2.5%

6 5.75% 19.10.15 2.2%

7 4.25% 17.10.19 2.1%

8 5.13% 29.03.49 2.0%

9 3.25% 20.09.22 1.9%

10 3.45% 08.08.22 1.9%

** Foreign Bond

1 95.7%

2 2.5%

3 1.2%

4 0.6%

Currency Exposure for the Fund is shown after reflecting currency forward contracts

Currency Exposure as at 30 June 2013*Malaysia Ringgit


Singapore Dollar

Indonesian Rupiah

Chinese Yuan Renminbi

Hutchison Whampoa Intl**

Travellers Int Hotel Group

SM Investment Corp**


BNM Sukuk Bhd

Standard Chartered PLC**

Westpac Banking Corp**

Parkson Retail Group Ltd**


RM100


would be on quarterly basis.

Fund Information as at 30 June 2013 Performance Record as at 30 June 2013*Bond MYR Cumulative Return Over The Period (%)

Repurchase Charge Nil

Income (NAV-NAV Prices)Maybank 12-Month Fixed

Deposit Rate

0.4929

3 YearSince

Inception

Launch Date / IOP 28 July 2003 / RM0.50N/A30 June


Distribution Policy


Subscription CashAnnual Management FeeRM1,000



* The data provided above are that of the Fund and are a percentage of NAV as at 30 June 2013 . All figures are subject to frequent changes on a daily basis.(1)

Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.

Based on the Fund portfolio returns as at 31 May 2013 , the VF for this Fund is 2.4 and is classified as Low (source : Lipper). Low includes funds with VF that are above 1.235 but not more than 7.890.

TheVolatility Factor(VF) means there is a possibility forthe Fund in generating an upsidereturn or downsidereturn aroundthis VF. The Volatility Class (VC) is assignedby Lipper based on quintile ranks of VF forqualified funds. The Fund's portfolio may have changed since this date and there is no guaranteed that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the


^^Foreign bonds rated either by Standard & Poor's or Moody's

Since Inception


No Coupon

Maturity

Date


Malayan Banking Bhd

Aus New Zealand Bank**

0.6328


August 2003 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the Fund,



Source: Lipper



Year toDate 1 Year

:

Cash & Cash

Equivalents

15.8%

Banks

32.2%Consumer Services

13.5%

Real Estate

10.7%

Industrials

7.8%

Government

6.5%

Insurance

3.6%

Consumer Goods

3.6% Oil & Gas

2.7%

Others

3.7%

95

110

125

140

155

170

185

Aug 03 Apr 05 Nov 06 Jul 08 Mar 10 Oct 11 Jun 13

In

Poma

%)

Others

26.5%

BBB^^

21.9%

Cash

15.8%

A^^14.2%

AA^^

9.7%

BB^^

4.4%

B^^

3.5% AAA

2.3% AA

1.7%

A

0.1%

A global bond fund with Asian focus that seeks to provide a general level of income distribution and totalreturns from MYR perspective.

SBondF

Benchmark^


guarantee is given in its accuracy of completeness. The Master Prospectus dated 18 July 2012 , First Supplemental Master Prospectus dated 1 September 2012 and Second Supplemental Master Prospectush

dated 2 May 2013have been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. A copy of the Prospectusescan be obtainedat our office or any of our sales office.

Units will only be issued upon receipt of an application form referred to in and accompanying the Prospectuses. Investors are advised to read and understand the content of the Prospectuses before investing.

Among others, Investors shouldconsider the fees and charges involved. The price of Units and distributionpayable, if any, may go downas well as up. The past performance of the Fundshould not be taken as

indicative of its future performance.



24/40

Fund Category (Lipper) :Fund Type :Benchmark^ (1) :

:




: Max 0.50% of NAV per Unit


:

:

: 2006 : 2.70

2007 : 4.002008 : 3.25

2009 : 5.15

2010 : 2.26 Fund (%) 0.24 0.79 1.51 3.07 9.16 28.58

Portfolio Yield* : 3.59% Benchmark (%)^ 0.15 0.45 0.90 1.82 5.18 16.51

Portfolio Duration* 149 Days Source : Lipper

1 Month 12 Months

Highest (RM) 1.0197 1.0197

Lowest (RM) 1.0178 1.0021

1 56.1%

2 21.6%

3 6.7%

4 8.9%

5 6.7%

Historical NAV as at 30 June 20131.0516


0.9983



9 - 12 months

12 - 24 months

Maturity Profile as at 30 June 2013*0 - 3 months

3 - 6 months

Income (NAV-NAV Prices)Fund Information as at 30 June 2013

Since

Inception

Maybank Overnight Repo Rate

April 2005 to June 2013 NAV-NAV prices and assuming reinvestment of distributions into the Fund,



Source: Lipper


Year to

Date 1 Year 3 Year

Performance Record as at 30 June 2013*Money Market Cumulative Return Over The Period (%)

Nil

Cash/EPF

Minimum SubsequentInvestment: RM10,000

2013 : 0.63

Annual Management FeeSubscriptionRM30,000

Launch Date / IOP 18 April 2005 / RM1.00

Nil

N/A

30 April


The Volatility Factor (VF) means there is a possibility for the Fund in generating an upside return or downsidereturn aroundthis VF. The Volatility Class (VC) is assignedby Lipper based on quintileranks of VFfor qualified funds. The Fund'sportfolio may have changed since thisdateand there is no guaranteed that the Fund will continue tohave the same VF or VC in the future. Presently,only funds launched in the



Based on the Fund portfolio returns as at 31 May 2013 , the VF for this Fund is 0.1 and is classified as Very Low (source : Lipper). Very Low includes funds with VF that are not more than 1.235.

Repurchase Charge

Since Inception

6 - 9 months

2011 : 2.11

2012 : 3.62

Gross Income Distribution(sen)

Distribution Policy Distribution of income, if any,would be on monthly basis.

P1

34.6%

Cash

24.6%

AA

17.4%

AAA

16.6%A

6.7%

95

105

115

125

135

Apr 05 Aug 06 Jan 08 May 09 Sep 10 Jan 12 Jun 13

In

Poma

%)

A money market fund that targets to provide enhanced yields over deposit rates while providing a highlevel of liquidity.

Benchmark^

EDF

This document is prepared by Hwang Investment Management Berhad for information only. The information containedherein has been obtainedfrom sources believed in good faith to be reliable; however, no

guarantee is given in its accuracy of completeness. The Master Prospectus dated 31 March 2013 has been registered with the Securities Commission Malaysia, who takes no responsibility for itscontents. A copy

of the Master Prospectus can be obtained at our office or any of our sales office. Units will only be issued upon receipt of an application form referred to in and accompanying the Master Prospectus. Investors ar

advised to read and understand the content of the Master Prospectus before investing. Among others, Investorsshould considerthe fees andcharges involved. The price of Units and distributionpayable, if any,

may go down as well as up. The past performance of the Fund should not be taken as indicative of its future performance.



25/40



:



:Annual Management Fee : 1.50% p.aMinimum Investment :

:

:

: 2003 - 5.00 2010 - 3.00

2004 - 8.00 2011 - 5.00

2005 - 6.00 2012 - 3.10

2006 - 4.00 2013 - 10.00 Fund (%) -2.56 13.03 15.79 24.38 68.12 352.87

2007 - 6.00 Benchmark (%)^ -0.88 8.25 6.72 11.74 40.28 166.83

2008 - 5.00 Source : Lipper

2009 - 3.00


Highest (RM) 1.1133 1.1133

Lowest (RM) 0.9597 0.8729

1

2

3

4

5

6

7

8

9

10

Asset Allocation as at 30 June 2013*1 Equities

2 Cash & Cash Equivalents

Documents

quarterly fundamentals- july 2013.pdf