Public Mutual launches US fund

KUCHING: Public Bank’s wholly-owned subsidiary, Public Mutual, yesterday launched a new fund named PB US Eagle Fund (PBUSEF).

PBUSEF is the first foreign equity fund under the PB Series of Funds which focuses its investments in the US market.

The fund aims to achieve long-term capital growth by investing 75 to 98 per cent of its net asset value (NAV) in equities comprising blue chip stocks, index stocks and growth stocks primarily in the US market, with the balance invested in fixed income securities and liquid assets.

“US real gross domestic product (GDP) is projected to grow by 3.8 per cent in 2021 as consumer and investment spending recovers on the back of economic stimulus packages as well as the Federal Reserve’s monetary easing measures amounting to US$2.7 trillion,” it said in a statement.

“The potential rollout of an effective Covid-19 vaccine in 2021 and a gradual normalisation in business activities will also help to support the economic recovery.

“Meanwhile, corporate earnings in the US are forecast to rebound by 22.1 per cent in 2021 after contracting by 14.5 per cent in 2020. US firms are global leaders in the new growth areas of biotechnology, fintech, cloud computing and autonomous driving.

“In addition, the US market comprises a large number of multinational companies which have geographicallydiversified revenue streams and are leveraged to growth opportunities across the global economy.”

The initial issue price for PBUSEF is RM0.2500 per unit during the 21-day initial offer period from January 5 to 25, 2021. The minimum initial investment amount is RM1,000 while the minimum additional investment amount is only RM100.