ALLIANZ PNB LIFE INSURANCE, INC. www.allianzpnblife.

ph

Investment Objective
The Fund seeks long-term capital
appreciation by investing in a customized
basket of stocks listed on the Philippine
PESO DYNASTY
Stock Exchange (1) that are considered
highly liquid and actively traded; and (2)
of companies owned and/or controlled by
EQUITY FUND
businessmen of Chinese ethnic origins.

31 OCTOBER 2019

FUND DETAILS:
Inception Date 15-Feb-18 Latest NAVPU 0.927153
Fund Manager PNB - Trust Banking Group Initial NAVPU 1.000000
Fund Currency Peso Highest NAVPU (02.15.2018) 1.000000
Fund Size Php700.63 Million Lowest NAVPU (10.12.2018) 0.769357
Management Fee 2.00% p.a. Pricing / Valuation Daily

RISK CLASSIFICATION when the rate was at 1.3%. Another driver

was the +4.6% hike in August OFW
The Fund is suitable for investors with a
remittances, for a total of Php 19.8 billion
very aggressive profile or for those who
as of 8M19. Infrastructure spending in
take medium to long - term views. As a September surged 69% as the
marked -to-market Fund, its net asset value government ramped up projects for the
and total return may fall or rise as a result second half of the term of the
of stock prices movements. On redemption administration.
of units, a policyholder may receive an
amount less than the original amount With 3Q19 and 9M19 earnings season in
invested. Prior to investment in the Fund, full swing, forward momentum has
the policyholder shall undergo a client gained traction and may continue in the
near term. Critical economic data are
suitability assessment procedure to
scheduled for release early November.
determine whether the Fund is appropriate
for him considering his investment
MARKET OUTLOOK
objective, risk tolerance, preferences and
experience. Positive sentiment is expected to continue
in the coming month given the pending
MARKET COMMENTARY trade deal between the US and China.
Improving sentiment abroad and the good Good GDP and inflation numbers are
3Q19 performance of the Philippines’ top expected to be reported early next month.
three banks led to a strong recovery for the
PSEi this month. The benchmark index
gained 198.05 points or +2.55% albeit on
thin average daily turnover of Php5.3
billion. Net foreign flows turned positive at
RISK PROFILE Php3.7 billion. A drop in both US and
China’s manufacturing index resulted in
both parties going back to the negotiating
table last October 10-11 to try and resolve
differences. The US Fed also made another
25 basis points cut in policy rates for the
month of October.

The consumer price index continued to

decline as September print came at 0.9%
driven by lower prices of food and non-
alcoholic drinks. The transport index
declined 0.9%, while slower increases were
seen in clothing, footwear, housing, water,
electricity, gas, and fuels. The September
inflation print is the lowest since June 2016
Performance Overview
Performance History Year To Date 1 Year (YoY) 3 Years (YoY) 5 Years (YoY) Since Inception
Absolute 8.00% 15.77% N/A N/A -7.28%
Annualized N/A 15.77% N/A N/A -4.32%

Indexed Performance Over 3 Years (NAV - NAV)

NAVPU Since Inception

1.05
1.00
0.95
0.90
0.85
0.80
0.75
May-18

Nov-18
Dec-18

May-19
Apr-18

Sep-18
Feb-18

Jun-18

Oct-18

Feb-19

Apr-19

Jun-19

Sep-19
Mar-18

Aug-18

Mar-19

Aug-19
Jul-18

Jan-19

Jul-19

PORTFOLIO ANALYSIS
Top 5 Holdings
Securities % Securities (Ticker) Sub-Sector Allocation

SM Investments Corp. (SM) 22.6 SM Investments Corp. (SM) Holdings 22.55%

SM Prime Holdings (SMPH) Property 14.09%
SM Prime Holdings (SMPH) 14.1
BDO Unibank, Inc. (BDO) Banks 12.12%
BDO Unibank, Inc. (BDO) 12.1 JG Summit Holdings, Inc. (JGS) Holdings 9.00%
Metrobank (MBT) Banks 5.98%
JG Summit Holdings, Inc. (JGS) 9.0 Universal Robina Corporation (URC) Food & Beverage 5.96%
Jollibee Foods Corp. (JFC) Food & Beverage 4.41%
Metrobank (MBT) 6.0
Security Bank (SECB) Banks 3.66%
Total 63.7 Cash/Short-Term Deposits
Cash/Short-Term
3.26%
Deposits
GT Capital Holdings, Inc. (GTCAP) Holdings 3.21%
Sub-Sector Allocation
San Miguel Corporation (SMC) Holdings 2.54%
Megaworld Corp. (MEG) Property 2.16%
Robinsons Land Corp. (RLC) Property 2.04%
Robinsons Retail Holdings, Inc. (RRHI) Retail 1.71%
LT Group, Inc. (LTG) Holdings 1.60%
Puregold Price Club, Inc. (PGOLD) Retail 1.50%
Alliance Global Group, Inc. (AGI) Holdings 1.41%
San Miguel Food and Beverage, Inc. (FB) Food & Beverage 0.96%
D&L Industries, Inc. (DNL) Food & Beverage 0.75%
Filinvest Land, Inc. (FLI) Property 0.58%
Total 100.00%

IMPORTANT NOTICE:
This document is for information purposes only. This does not constitute an offer or a solicitation to buy or
sell any investment referred to in this document. The information in this publication is based on carefully
selected sources believed to be reliable but we do not make any representation as to its accuracy or
completeness. Any opinions herein reflected are good as of this date but may be subject to change without
prior notice. Investment or participation in the Fund is subject to risk and possible loss of principal, and is
not insured by the Philippine Deposit Insurance Corporation (PDIC). Losses, if any, shall be for the account
and risk of the Trustor/Participant. Past performance is not indicative of future performance.