PRUlink funds
Report And Statement Of The Manager For The Year Ended 31 December 2013
Laporan Dan Penyata Pengurus Bagi Ta...
• Equity Fund
• Bond Fund
• Managed Fund
• Managed Fund II
• Golden Equity Fund
• Golden Bond Fund
• Dana Unggul
• Dana Am...
Contents
Perutusan Ketua Pegawai Eksekutif
Objektif Dana
Tinjauan & Masa Depan Pelaburan
Prestasi Dana
Sorotan Kewangan
Bu...
1
PRUlink funds
CEO’s Message
Dear Valued Policyholder,
2014 marks a particularly meaningful and exciting milestone for
Pr...
2
PRUlink funds
Philip Seah
Chief Executive Officer
Prudential Assurance Malaysia Berhad
CEO’s Message
Last year, we surpa...
3
PRUlink funds
Funds’ Objectives
PRUlink Equity Fund aims to maximise returns over medium to long term by investing in hi...
4
PRUlink funds
Funds’ Objectives
PRUlink Dragon Peacock Fund is a fund that aims to maximise long-term total return by in...
5
PRUlink funds
Local equity market review
(1 January 2013 – 31 December 2013)
Much of the 1Q13 saw Malaysian investors pr...
6
PRUlink funds
Investment Review & Outlook
2
Source: Bond Pricing Agency Malaysia
Despite our overall positive view on th...
7
PRUlink funds
Investment Review & Outlook
For the Malaysian economy, the expansion in domestic activity has been support...
8
PRUlink funds
Investment Review & Outlook
Outlook
Looking ahead, Asian share valuations are attractively below their lon...
9
PRUlink funds
Funds’ Performance
PRUlink Equity Fund
As at 31 December 2013, the Net Asset Value per unit of the PRUlink...
10
PRUlink funds
Funds’ Performance
PRUlink Dana Urus II
As at 31 December 2013, the Net Asset Value per unit of the PRUli...
11
PRUlink funds
Funds’ Performance
PRUlink Golden Equity Fund II
As at 31 December 2013, the Net Asset Value per unit of ...
PRUlink funds
12
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Equi...
PRUlink funds
13
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Equi...
PRUlink funds
14
Financial Highlights
PRUlink Equity Fund Performance
(Since Inception)
PRUlink Equity Fund Vs. FTSE Bursa...
PRUlink funds
15
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Bond...
PRUlink funds
16
Financial Highlights
PRUlink Bond Fund Performance
(Since Inception)
+ The Fund returns are calculated ba...
PRUlink funds
17
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Mana...
PRUlink funds
18
Financial Highlights
PRUlink Managed Fund Performance
(Since Inception)
+ The Fund returns are calculated...
PRUlink funds
19
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Managed Fund II
Category ...
PRUlink funds
20
PRUlink Managed Fund II Performance
(Since Inception)
+ The Fund returns are calculated based on five dec...
PRUlink funds
21
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Golden Equity Fund
Catego...
PRUlink funds
22
Financial Highlights
PRUlink Golden Equity Fund Performance
(Since Inception)
PRUlink Golden Equity Fund ...
PRUlink funds
23
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Gold...
PRUlink funds
24
Financial Highlights
PRUlink Golden Bond Fund Performance
(Since Inception)
PRUlink Golden Bond Fund Vs. ...
PRUlink funds
25
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Golden Managed Fund
Categ...
PRUlink funds
26
PRUlink Golden Managed Fund Performance
(Since Inception)
PRUlink Golden Managed Fund Vs. 20% FTSE Bursa ...
PRUlink funds
27
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Education Equity Fund
Cat...
PRUlink funds
28
Financial Highlights
PRUlink Education Equity Fund Performance
(Since Inception)
PRUlink Education Equity...
PRUlink funds
29
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Education Bond Fund
Categ...
PRUlink funds
30
Financial Highlights
PRUlink Education Bond Fund Performance
(Since Inception)
PRUlink Education Bond Fun...
PRUlink funds
31
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Dana Unggul
Category 2013...
PRUlink funds
32
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Dana...
PRUlink funds
33
Financial Highlights
PRUlink Dana Unggul Performance
(Since Inception)
PRUlink Dana Unggul Vs. FTSE - Bur...
PRUlink funds
34
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Dana...
PRUlink funds
35
Financial Highlights
PRUlink Dana Aman Performance
(Since Inception)
PRUlink Dana Aman Vs. 12 Month Mayba...
PRUlink funds
36
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Dana...
PRUlink funds
37
Financial Highlights
PRUlink Dana Urus Performance
(Since Inception)
PRUlink Dana Urus Vs. 70% FBMSHA + 3...
PRUlink funds
38
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Dana...
PRUlink funds
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Financial Highlights
PRUlink Dana Urus II Performance
(Since Inception)
PRUlink Dana Urus II Vs. 80% FBMS...
PRUlink funds
40
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Asia...
PRUlink funds
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Financial Highlights
PRUlink Asia Managed Fund Performance
(Since Inception)
PRUlink Asia Managed Fund Vs...
PRUlink funds
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Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 ASIAN EQUITY...
PRUlink funds
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Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 ASIAN EQUITY...
PRUlink funds
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Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 ASIAN EQUITY...
PRUlink funds
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Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 ASIAN BOND F...
PRUlink funds
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Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Asia...
PRUlink funds
47
Financial Highlights
PRUlink Asia Property Securities Fund Performance
(Since Inception)
PRUlink Asia Pro...
PRUlink funds
48
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 ASIAN PROPER...
PRUlink funds
49
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Asia...
PRUlink funds
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Financial Highlights
PRUlink Asia Local Bond Fund Performance
(Since Inception)
PRUlink Asia Local Bond F...
PRUlink funds
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Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 ASIAN LOCAL ...
PRUlink funds
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Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Glob...
PRUlink funds
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Financial Highlights
PRUlink Global Market Navigator Fund Performance
(Since Inception)
PRUlink Global Ma...
PRUlink funds
54
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 GLOBAL MARKE...
PRUlink funds
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Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Drag...
PRUlink funds
56
Financial Highlights
PRUlink Dragon Peacock Fund Performance
(Since Inception)
PRUlink Dragon Peacock Fun...
PRUlink funds
57
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 DRAGON PEACO...
PRUlink funds
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Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 DRAGON PEACO...
PRUlink funds
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Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Asia...
PRUlink funds
60
Financial Highlights
PRUlink Asia Equity Fund Performance
(Since Inception)
PRUlink Asia Equity Fund Vs. ...
PRUlink funds
61
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 ASIAN EQUITY...
PRUlink funds
62
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 ASIAN EQUITY...
PRUlink funds
63
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 ASIAN EQUITY...
PRUlink funds
64
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink MyOp...
PRUlink funds
65
Financial Highlights
PRUlink MyOptimizer Fund Performance
(Since Inception)
PRUlink MyOptimizer Fund
+ Th...
PRUlink funds
66
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Comm...
PRUlink funds
67
Financial Highlights
PRUlink Commodity Allocator Fund Performance
(Since Inception)
PRUlink Commodity All...
PRUlink funds
68
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Comm...
PRUlink funds
69
Financial Highlights
PRUlink Commodity Allocator II Fund Performance
(Since Inception)
PRUlink Commodity ...
PRUlink funds
70
Financial Highlights
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Dyna...
PRUlink funds
71
Financial Highlights
PRUlink Dyna Growth I Fund Performance	
(Since Inception)
+ The Fund returns are cal...
PRUlink funds
72
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Dyna Growth II Fund	
	
Ca...
PRUlink funds
73
PRUlink Dyna Growth II Fund Performance	
(Since Inception)
+ The Fund returns are calculated based on fiv...
PRUlink funds
74
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Dyna Growth III Fund	
	
	...
PRUlink funds
75
PRUlink Dyna Growth III Fund Performance	
(Since Inception)
+ The Fund returns are calculated based on fi...
PRUlink funds
76
Comparative Performance Table For The Financial Year Ended 31 December	 PRUlink Dyna Growth IV Fund	
	
Ca...
PRUlink funds
77
PRUlink Dyna Growth IV Fund Performance	
(Since Inception)
+ The Fund returns are calculated based on fiv...
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Prulink funds report 2013

  1. 1. PRUlink funds Report And Statement Of The Manager For The Year Ended 31 December 2013 Laporan Dan Penyata Pengurus Bagi Tahun Berakhir 31 Disember 2013
  2. 2. • Equity Fund • Bond Fund • Managed Fund • Managed Fund II • Golden Equity Fund • Golden Bond Fund • Dana Unggul • Dana Aman • Dana Urus • Dana Urus II • Asia Managed Fund • Asia Property Securities Fund • Asia Local Bond Fund • Global Market Navigator Fund • Dragon Peacock Fund • Education Equity Fund • Education Bond Fund • Asia Equity Fund • MyOptimizer Fund • Commodity Allocator Fund • Commodity Allocator II Fund • Dyna Growth I Fund • Dyna Growth II Fund • Dyna Growth III Fund • Dyna Growth IV Fund • Money Market Fund • Golden Managed Fund • Golden Equity Fund II • Golden Bond Fund II
  3. 3. Contents Perutusan Ketua Pegawai Eksekutif Objektif Dana Tinjauan & Masa Depan Pelaburan Prestasi Dana Sorotan Kewangan Butir-butir Pelaburan Penyata Aset dan Liabiliti Penyata Perubahan dalam Nilai Aset Bersih Penyata Pendapatan dan Perbelanjaan Nota pada Penyata Kewangan Kenyataan oleh Pengarah Laporan Juruaudit Bebas kepada Pemegang Unit Dana PRUlink funds CEO’s Message Funds’ Objectives Investment Review & Outlook Funds’ Performance Financial Highlights Details of Investment Statement of Assets and Liabilities Statement of Changes in Net Asset Value Statement of Income and Expenditure Notes to the Financial Statements Statement by Directors Independent Auditors’ Report to the Unitholders of PRUlink funds 001 003 005 009 012 084 161 190 205 234 236 237 241 243 245 249 252 324 401 430 445 474 476 477 Kandungan
  4. 4. 1 PRUlink funds CEO’s Message Dear Valued Policyholder, 2014 marks a particularly meaningful and exciting milestone for Prudential Assurance Malaysia Berhad. It is our 90th anniversary in Malaysia this year and we have much to celebrate. Over the years we have proven to be at the vanguard of product innovation by delivering new and innovative financial solutions to our customers to help fulfil their different life-stage needs.
  5. 5. 2 PRUlink funds Philip Seah Chief Executive Officer Prudential Assurance Malaysia Berhad CEO’s Message Last year, we surpassed the RM1 billion mark in new business sales for the fourth consecutive year. We have more than one million Malaysians insured by Prudential Malaysia. This achievement would not have been possible without your support and the dedication and hard work from all our Wealth Planners, agents, Quality Leaders, bancassurance partners and staff. With increasing health care costs, the need for medical protection is ever more crucial. In fulfilling our commitment to you as a responsible insurer, we continue to monitor and review our medical insurance products to ensure that your medical insurance policy is sustainable and you will have medical insurance when you need it most in the later years. We encourage you to conduct a thorough review of your policy to ensure your current and future medical needs are met. As your preferred insurer, we remain committed to delivering value to your policy. On this note, I am pleased to report that in spite of the challenging economic environment, Prudential has been able to deliver positive returns for most of our PRUlink funds (investment-linked insurance funds). Our equity funds did relatively well last year with PRUlink Dana Unggul and PRUlink Dana Urus II outperforming the benchmark return by more than 2.80% and 1.60% respectively. Another fund that did exceptionally well was PRUlink Global Market Navigator which beat the benchmark return by 13.69%. Please see pages 9 - 11 for full details of the funds’ performance. Fund Switching As you know, your investment-linked insurance policy is intended to meet your long-term financial goals and protect your family’s financial future. We understand that your situation in life and your corresponding needs may change along the way. It is for this reason that our investment-linked insurance plans have been designed to provide you with the option of directing your premium or fund value to a choice of different PRUlink funds at any time during the term of your policy via our fund switching1 facility. Fund switching enables you to shift your existing units from an existing fund without affecting your future premium allocation. With this facility, you can react to market trends or changes to your investment goals by switching to a fund that matches your risk appetite. The first four switches within the same year are free. Please be reminded though that your investment-linked insurance policy is a long term investment and should not be viewed as a vehicle for short term speculation. 1 Fund switching facility is not available for PRUlink MyOptimizer Fund. Green and Sustainable Environment In our efforts to go green and create a more sustainable environment, we encourage you to sign up for the e-Report which enables you to receive your future PRUlink funds Report through email. I strongly urge you to make the switch if you have not already done so. To learn more, visit www.prudential.com.my/e-report. Meanwhile, if you have any questions regarding your investments or if you would like to use our fund switching facility, please do not hesitate to call on your Prudential Wealth Planner, agent or Financial Services Consultant. You may also contact our Customer Service Representatives at 03-2116 0228, send your queries to customer.mys@prudential.com.my, or visit the nearest branch. We will be pleased to assist you. Best wishes for a prosperous, healthy and peaceful year ahead. Yours sincerely,
  6. 6. 3 PRUlink funds Funds’ Objectives PRUlink Equity Fund aims to maximise returns over medium to long term by investing in high quality shares listed on the Bursa Malaysia. PRUlink Bond Fund aims to provide medium to long term accumulation of capital by investing in selected fixed interest securities, corporate bonds and fixed deposits. PRUlink Managed Fund / PRUlink Managed Fund II is a managed fund that seeks to maximise returns over medium to long term by investing in shares and fixed interest securities through PRUlink Equity Fund and PRUlink Bond Fund and in any other PRUlink funds that may become available in the future. PRUlink Golden Equity Fund aims to maximise returns over medium to long term, taking into account the need to meet guaranteed payouts. This is achieved by investing in high quality shares listed on Bursa Malaysia and any other financial instruments to be used for hedging the portfolio. PRUlink Golden Bond Fund aims to provide medium to long term accumulation of capital, taking into account the need to meet guaranteed payouts. This is achieved by investing in selected fixed interest securities, corporate bonds and fixed deposits, and any other financial instruments to be used for hedging the portfolio. PRUlink Golden Equity Fund II aims to maximise returns over medium to long term, taking into account the need to meet guaranteed payouts. This is achieved by investing in high quality shares listed on Bursa Malaysia and any other financial instruments to be used for hedging the portfolio. PRUlink Golden Bond Fund II aims to provide medium to long term accumulation of capital, taking into account the need to meet guaranteed payouts. This is achieved by investing in selected fixed interest securities, corporate bonds and fixed deposits, and any other financial instruments to be used for hedging the portfolio. PRUlink Education Equity Fund aims to maximise returns over medium to long term, taking into account the need to meet guaranteed payouts. This is achieved by investing in high quality shares listed on Bursa Malaysia and any other financial instruments to be used for hedging the portfolio. PRUlink Education Bond Fund aims to provide medium to long term accumulation of capital, taking into account the need to meet guaranteed payouts. This is achieved by investing in selected fixed interest securities, corporate bonds and fixed deposits, and any other financial instruments to be used for hedging the portfolio. PRUlink Dana Unggul aims to maximise returns over medium to long term by investing in high quality Shariah-approved shares listed on Bursa Malaysia. PRUlink Dana Aman aims to provide medium to long term accumulation of capital by investing in selected Islamic debt securities. PRUlink Dana Urus / PRUlink Dana Urus II is a managed fund that seeks to maximise returns over medium to long term by investing in Shariah-approved shares and Islamic debt securities through PRUlink Dana Unggul and PRUlink Dana Aman and in any other such PRUlink funds that may become available in the future. PRUlink Asia Managed Fund is an actively managed fund that seeks to maximise returns over medium to long term. This is achieved by investing directly in shares, fixed interest securities and money market instruments in the Asia Pacific ex Japan region through any other PRUlink Global Funds that may become available in the future or indirectly via sub-funds managed by Eastspring Investments (Singapore) Limited or any other fund manager to be determined from time to time. PRUlink Asia Property Securities Fund is an actively managed fund that seeks to maximise income and long-term total return. This is achieved by investing in listed Real Estate Investment Trusts (REITS) and property related securities of companies, which are incorporated, listed or have their area of primary activity in the Asia Pacific region including Japan, Australia and New Zealand. The fund may also invest in depository receipts, debt securities convertible into common shares, preference shares and warrants and through any other PRUlink Global Funds that may become available in the future or indirectly via sub-funds managed by Eastspring Investments (Singapore) Limited or any other fund manager to be determined from time to time. PRUlink Asia Local Bond Fund aims to maximise total returns. This is achieved by investing in a diversified portfolio consisting primarily of fixed income or debt securities issued by Asian entities that are rated as well as unrated directly and/or indirectly via sub funds managed by Eastspring Investments (Singapore) Limited or any other fund manager to be determined from time to time. PRUlink Global Market Navigator Fund is an actively managed fund that aims to achieve positive absolute returns over the medium-term, through the implementation of an actively managed asset allocation strategy in a diversified range of global assets including cash, equities, bonds and currencies. Exposure to each asset classes will be primarily through exchange traded funds, index futures, direct equity and bonds, swaps, options and foreign exchange forwards, each of which may be traded through recognised exchanges or via the over-the-counter markets. The use of derivatives is for efficient portfolio management to gain access to the markets efficiently in a cost effective manner.
  7. 7. 4 PRUlink funds Funds’ Objectives PRUlink Dragon Peacock Fund is a fund that aims to maximise long-term total return by investing primarily in equity and equity-related instruments of corporations, which are incorporated in, or listed in, or operating principally from, or carrying on significant business in, or derive substantial revenue from, or whose subsidiaries, related or associated corporations derive substantial revenue from the People’s Republic of China (PRC) and India. PRUlink Asia Equity Fund is a fund that aims to maximise long-term total return by investing in equity and equity-related securities of companies, which are incorporated, or have their area of primary activity in Asia Pacific ex-Japan. The Asia Pacific ex-Japan region includes but is not limited to the following countries: Korea, Taiwan, Hong Kong, Philippiness, Thailand, Malaysia, Singapore, Indonesia, the People’s Republic of China (PRC), India, Pakistan, Australia and New Zealand. The fund may also invest in depository receipts [including American Depository Receipts (ADRs) and Global Depository Receipts (GDRs)], debt securities convertible into common shares, preference shares and warrants. PRUlink MyOptimizer Fund is a 5-year close-ended fund with capital guaranteed at maturity by Prudential Assurance Malaysia Berhad. The Fund invests in a structured deposit which provides investors with exposure to (1) Malaysian fixed income securities and (2) multiple asset classes such as global equities, commodities, bonds and cash-like instruments. PRUlink MyOptimizer Fund aims to achieve the highest risk adjusted returns to provide potential upside, if any, in the form of yearly performance bonus to investors while protecting 100% of the capital at maturity. PRUlink Commodity Allocator Fund is a 3-year 9-month close-ended fund with capital guaranteed at maturity by Prudential Assurance Malaysia Berhad. The Fund invests in a structured deposit which is based on the performance of Deutsche Bank Liquid Commodity Index (“DBLCI”) Allocator 4TM Index. This structured deposit provides investors with exposure to (1) Malaysian fixed income securities and (2) a wide range of commodities under a long only strategy and/or a market neutral strategy. PRUlink Commodity Allocator Fund pays a guaranteed special bonus at the end of 18 months. It also aims to achieve high returns to provide potential upside, if any, in the form of maturity bonus while protecting 100% of the capital at maturity. PRUlink Commodity Allocator II Fund is a 3-year 9-month close-ended fund with capital guaranteed at maturity by Prudential Assurance Malaysia Berhad. The Fund invests in a structured deposit which is based on the performance of Deutsche Bank Liquid Commodity Index (“DBLCI”) Allocator 4TM Index. This structured deposit provides investors with exposure to (1) Malaysian fixed income securities and (2) a wide range of commodities under a long only strategy and/or a market neutral strategy. PRUlink Commodity Allocator II Fund pays a guaranteed special bonus at the end of 18 months. It also aims to achieve high returns to provide potential upside, if any, in the form of maturity bonus while protecting 100% of the capital at maturity. PRUlink Dyna Growth I/II/III/IV Fund invests in structured deposits. These structured deposits provide investors with exposure to (1) Malaysian fixed income securities and (2) multiple asset classes such as global equities, real estates, commodities, foreign exchange and alternative investments. The PRUlink Dyna Growth Funds aim to maximise risk adjusted returns and to grow the value of the funds to the lifetime highest values at maturity. PRUlink Money Market Fund aims to preserve capital value while providing returns which are comparable to short term bank deposits. Apart from minimal risk exposure, the fund also maintains a high degree of liquidity by investing primarily in high quality, low risk, short-term money market instruments and debt securities. Although the fund seeks to preserve the principal value, the ability of the fund to meet this objective is not guaranteed. PRUlink Golden Managed Fund is a managed fund that seeks to maximise returns over medium to long term. This is achieved by investing in shares and fixed interest securities through PRUlink Golden Equity Fund and PRUlink Golden Bond Fund and in any other PRUlink funds that may become available in the future.
  8. 8. 5 PRUlink funds Local equity market review (1 January 2013 – 31 December 2013) Much of the 1Q13 saw Malaysian investors preoccupied with the prospect of the general elections being called. Early in the quarter, the FBM KLCI peaked at 1694 points but consolidated soon after as concerns over the timing of the general elections continued to haunt the equity markets. Weak corporate results released in February did not help market sentiment, and investors remained jittery. By end of the quarter, expectations were high for the dissolution of Parliament to be called, but did not happen. The FBM KLCI corrected to as low as 1,613 points in February, before rebounding to close the quarter at 1,671.6 or -1.03% quarter-on-quarter. During the quarter, foreign investors continued to be net buyers of Malaysian equities and have been since December of 2012, whilst local investors were generally net sellers. The Malaysian equity market started the 2Q13 as a laggard in terms of performance as regional markets did well, whilst the domestic market remained distracted with the 13th General Elections. Nevertheless, the FBM KLCI hit new highs during the quarter when the election overhang was removed with a comfortable win by the incumbent which would imply continuity of policies, particularly the implementation of Economic Transformation Programme. By mid 2Q13, markets were surprised by the US Fed’s Bernanke comments and the Federal Open Market Committee (FOMC) minutes released raised the risk of an earlier than expected Fed quantitative easing (QE) “taper”, and weaker than expected manufacturing numbers from China and growing concerns of a potential credit crunch in China spooked equity markets. Funds flowed out of emerging markets on fears of deteriorating current account and fiscal deficits, and Asian currencies depreciated sharply against the US Dollar. Malaysia was not spared from the correction, but managed to rebound towards the end of the 2Q13 as global markets stabilized and recovered. The 3Q13 started well for Malaysia, benefiting from the global rebound, and saw the KLCI scale new highs. However, selling pressure soon set in when Fitch Rating revised its outlook on Malaysia to “negative” from “stable”, on the back of worsening public finance outlook. Malaysia was not spared in the mid-3Q13 corrections experienced by most emerging markets, which fell on the back of macro concerns, and the currencies of Indonesia, India, Thailand and Malaysia depreciated against other major currencies. By end of 3Q13, Malaysia rebounded briefly in tandem with most regional markets given the expectation of further delay in QE tapering. Investment Review & Outlook 1 Source: Bloomberg: World indices Malaysia rebounded in the 4Q13 on the back of the United Malays National Organisation (UMNO) elections securing an outcome that was as expected, and the announcement of what seemed like a fiscally responsible Budget 2014, which introduced the goods and services tax (GST) effective 1 April 2015, more subsidy rationalization measures, and measures to curb property speculation. Mid 4Q13 saw some consolidation and profit taking, as corporate results announced were not inspiring, and foreign investors were net sellers for the month of November of RM3.1bn in equities. By the end of the 4Q13, Malaysian equity indices scaled new all time highs as investors built positions ahead of 2014. The FBM KLCI closed the year under review at 1,866.96 points, up 10.54%. The broader FBM Emas Index closed the period under review higher by 12.38%. The MSCI Asia Pacific ex-Japan Index rose by 0.46% in USD terms.1 Market Outlook Thus far the reaction towards the commencement of the QE tapering has been quite controlled and manageable. This event should bring some optimism that the global economic recovery is on track, whilst being reassured of a low interest rate environment. The tapering scare in May 2013 had been the wakeup call much needed by many of the emerging markets to start focusing on strengthening their fiscal and current accounts, and hence we expect the impact of this latest decision to have less of an impact than before. Domestically, the Malaysian government has continued on their subsidy rationalization stance with the hikes in electricity tariff, and talks about allowing the toll concessionaires to raise the tolls as stipulated in their concession agreements. However, consumers have started to tighten their belts in light of suppliers raising their prices, passing on the effects of the subsidy rationalization. The BR1M payment will likely be distributed early in the 1H14, which should alleviate some of the increases in cost of living, but the government’s political will, will be under pressure. Staying true to the fiscal consolidation path should deter rating agencies from downgrading Malaysia’s sovereign rating, and improve Malaysia’s balance sheet strength. We expect a better 2014 for the Malaysia equity market, mainly supported by earnings recovery following a lackluster 2013 earnings. With stronger oil & gas orders, improving CPO prices, less external sectors drag and lower base in 2013, we expect market earnings to grow by 10-12% in 2014.
  9. 9. 6 PRUlink funds Investment Review & Outlook 2 Source: Bond Pricing Agency Malaysia Despite our overall positive view on the Malaysia market next year, we think the journey will be volatile. We are cautious in the first half of 2014, mainly on concern of the impact of US QE tapering. We think the QE tapering may have negative impact on the Malaysia market, which may result in weakness in Ringgit. Equities with high foreign holdings may also be negatively impacted. Other short term headwinds will be the continued subsidy rationalization and credit tightening measures, which may impact the domestic consumption growth. We are more positive on the 2H2014 outlook. Barring any unforeseen shocks, we expect the corporate earnings growth to drive a better market performance in the second half. Annual Bond Market Review (1 January 2013 – 31 December 2013) Bank Negara Malaysia (BNM) held the Overnight Policy Rate (OPR) steady at 3% throughout the period under review, and since May 2011. In the January 2013 Monetary Policy Committee (MPC) meeting, BNM noted weak external demand, particularly from the advanced economies, but that growth in regional economies remained supported by domestic demand. Domestically, the weaker external sector was offset by sustained expansion in domestic activity. Private consumption was supported by income growth and stable employment conditions, while investment was led by capital spending in domestic oriented sectors, the oil and gas sector and implementation of infrastructure projects. In the July 2013 meeting, BNM stated that global monetary conditions remained highly accommodative but financial market volatility had increased as markets reassessed the direction of policy. In the September 2013 meeting, BNM again took note of substantial volatility in global financial markets on market uncertainty over policy direction and that reversing flows from emerging economies following a strong period of inflows had resulted in the depreciation of emerging market currencies. Domestically, domestic demand continued to support growth amid the weakness in external demand. The impact of subsidy adjustments on consumption spending was expected to be contained by targeted financial assistance. Domestic investment activity continued to be led by capital spending in domestic-oriented industries and the ongoing implementation of infrastructure projects. In the MPC meeting on 7 November 2013, BNM noted that the global economy continued to improve at a moderate pace. In the major advanced economies, recovery remained gradual and uneven, whereas in Asia, growth had been sustained on improved exports amid moderating domestic economic activity. Volatility in the global financial markets had receded but markets remained vulnerable to setbacks and changes in sentiment. For the Malaysian economy, the expansion in domestic activity has been supported by improvements in exports. Private consumption and investment has sustained domestic demand amid slower public spending. Headline inflation rose from 1.2% yoy in December 2012 to 2.9% yoy in November 2013. The increase was mainly driven by faster inflation in food and non alcoholic beverages. Inflation is expected to edge up driven by domestic cost factors. However, the inflation outlook is expected to be tempered by a stable external price environment, moderate domestic demand pressures, expansion in domestic capacity and improvements in food production and distribution. The MPC assessed that there continues to be uncertainties in the balance of risks surrounding the outlook for domestic growth and inflation. For the period under review, the 3-, 5- and 10-year sovereign bond yields rose by 36 bps, 45 bps and 63 bps to close at 3.35%, 3.68% and 4.11% respectively. The MGS curve shifted up during the period under review largely on expectations of Quantitative Easing tapering by the Federal Reserve. The sharpest rise in bond yields occurred at end July 2013 after Fitch ratings lowered the outlook of Malaysia’s sovereign credit rating from stable to negative. Corporate bond yields generally moved in tandem with sovereign bond yields, albeit at a lag. Activities in the corporate bond market were supported by ample liquidity and a stable credit environment. On the supply front, total outstanding MYR issuances at the end of December 2013 stood at about RM 1,037bn, of which approximately 50.2% was conventional and 49.8% was Islamic2 . The proportion of corporate sukuk in the sukuk universe was higher at about 36% compared to the proportion of corporate bonds in the conventional bonds universe of about 24%. Major primary issuances were from the power, banking, telco and tolled highway sectors, as well as government guaranteed bonds. The largest corporate non-government guaranteed issuance was RM 6.87bn of Binariang GSM Management Sdn Bhd, which was to refinance existing Sukuk. Other notable issuances included Malakoff Power’s RM 5.38b issuance for debt restructuring. Market Outlook In the MPC meeting on 7 November, BNM kept the OPR unchanged at 3.0%. BNM noted that the global economy continued to improve at a moderate pace. In the major advanced economies, recovery remained gradual and uneven, whereas in Asia, growth has been sustained on improved exports amid moderating domestic economic activity. Volatility in the global financial markets has receded but markets remained vulnerable to setbacks and changes in sentiment.
  10. 10. 7 PRUlink funds Investment Review & Outlook For the Malaysian economy, the expansion in domestic activity has been supported by improvements in exports. Private consumption and investment has sustained domestic demand amid slower public spending. Going forward, growth is expected to benefit from improvements in the external sector amid some moderation in domestic demand. Domestic demand is expected to moderate reflecting public sector consolidation and some moderation in private consumption. Inflation is expected to edge up driven by domestic cost factors. However, the inflation outlook is expected to be tempered by a stable external price environment, moderate domestic demand pressures, expansion in domestic capacity and improvements in food production and distribution. The MPC assessed that there continues to be uncertainties in the balance of risks surrounding the outlook for domestic growth and inflation. With this, the OPR could likely remain at 3.0% for 1H 2014. On 20 November, Moody’s upgraded the outlook for Malaysia’s government bond and issuer ratings from stable to positive. It affirmed the rating at A3 (the other two international rating agencies, Fitch and Standard & Poor’s had affirmed Malaysia’s sovereign rating with negative and stable outlooks respectively in July). Moody’s cited improved prospects for fiscal consolidation, highlighting measures announced by the government including the Goods and Services Tax (GST) and reduction in fuel subsidies. It also noted the depth of the nation’s onshore capital markets and stable economic performance. On 2 December, the government announced a hike in electricity tariffs averaging 15% for Peninsular Malaysia and 17% for Sabah and Labuan to take effect in 2014, effectively reducing subsidies by the government. Moody’s stated that the move was positive for Malaysia’s credit rating. On 18 December, the US Federal Reserve announced that it would taper its monthly bond purchases to $75bn from $85bn beginning January 2014. The 10 year US Treasury yield rose in December, crossing the 3% level by the end of the month. Volatility in the local bond market is likely to persist on tapering initiated by the Federal Reserve’s. Asia Pacific ex-Japan 2012’s year-end positive momentum carried through with global equity markets benefitting from increased risk appetites at the start of 2013. Most of Asia Pacific ex-Japan equity markets too ended firmer in January as global tail risks abated. However markets were rattled in February when the banking crisis in Cyprus posed a threat to euro zone’s financial stability. The end of the first quarter saw mixed performances across the global equity markets. China dented the performance of Asian markets. There were exceptions; Thailand, Indonesia and Philippiness finished strongly supported by strong domestic demand and improving macro fundamentals. The second quarter was marked by volatility. The strong momentum for risky assets faded in May, followed by a global sell-off in late May and early June. Markets were unnerved by the US Fed Chairman’s comments on the possibility of tapering of quantitative easing (QE) later in the year; interest rates across bond markets globally rose sharply in reaction. Global equities fell in the quarter, with emerging markets among the worst hit. The prospect of a reduced and an eventual unwind of QE support for bond markets, coupled with concerns over weakening economic prospects in the emerging markets, particularly in China, led to portfolio outflows from emerging markets. Asia ex-Japan stock markets rose moderately in the third quarter as investors welcomed the US Fed’s unexpected decision to delay tapering. Signs of a recovery in Chinese economic activity shored sentiment but emerging market concerns, namely widening current account deficits and weakening currencies, however, continued to cap the upside. The fourth quarter saw more moderate gains in Asia ex Japan markets. Markets were buoyed by the favourable economic news out of China and India. However, confidence faded after concerns in emerging Asia which included the impact of a deadly typhoon in the Philippiness, political unrest in Thailand, and a weakening currency in Indonesia. Markets lost momentum by year-end as the United States Federal Reserve announced that it would start to taper its asset purchase program in January 2014.
  11. 11. 8 PRUlink funds Investment Review & Outlook Outlook Looking ahead, Asian share valuations are attractively below their long-term averages. A slow but apparently steady economic recovery in the United States and the deceleration of Europe’s banking and economic crisis may herald a recovery of global consumption. This can provide solid opportunities for Asian earnings growth and a rebound of valuations by whetting demand for the region’s exports. Global Financial markets started 2013 on a positive note as the worst-case outcomes from the US fiscal cliff deal failed to materialize. Subsequent European debt issues, however, and softer Chinese economic data dampened sentiment especially in the emerging economies. In general, risk assets in many developed economies rallied until early May as confidence in a “healing” US economy grew. The positive momentum came to halt in late May and June after the US Federal Reserve Board indicated that it could scale back its quantitative easing (QE) programme should the US economy continue to recover. Both bonds and equities sold off sharply haunted by the spectre of rising interest rates. The third quarter of 2013, however, ended positively for global equities. Improving economic data and reassurance from a number of central banks that monetary policy would remain accommodative soothed the market. The US Federal Reserve’s unexpected decision to defer QE tapering and its dovish assessment of the US economy reinforced expectations that the Fed would keep policy rates low for a sustained period. Global equities generally rose over the fourth quarter, with the US, Japan and Europe outperforming, as positive data pointed to an ongoing economic recovery. Over in Asia Pacific, the gains were more moderate. Early optimism running up to China’s third plenum and the promise of reforms was offset by a number of concerns in emerging Asian markets, namely the impact of a deadly typhoon in the Philippiness, political unrest in Thailand and currency weakening in Indonesia. Markets too lost momentum by year-end as the US Federal Reserve announced that it would start to taper its asset purchase program in January 2014. All said, 2013 has been the year of the developed markets. US equities posted the strongest gains; the MSCI US index rose by 32%. Japanese equities rose 27%, inspired by a promise of growth under Abenomics and a weaker yen. Even troubled Europe posted double digit returns of 25%. Emerging markets were, in contrast, weaker and ended 2013 in negative territory. Disappointing growth, excessive credit growth and rising external imbalances were the key reasons investors shunned emerging markets. Another notable feature of 2013 was a continuation of the move by equity investors into increasingly expensive “safe” sectors (i.e. those that are relatively insulated from slower economic growth). This move was at the expense of the “cyclical” sectors (i.e. those that are more exposed to growth), which have become progressively cheaper. The valuation gap between the “safe” and the “cyclical” sectors seems unjustified. At some point, investors will make the switch, but what the trigger will be is not yet apparent. After a good ride in 2012, bonds faced a number of challenges in 2013. Tapering fears caused bonds to sell off globally; Asian domestic bonds and currencies sold off to levels not seen since their 2009 lows. A substantial shift in investors’ tolerance for duration risk, rather than credit risk, drove bond fund outflows on the whole. In general, corporate credits, particularly high yield corporate bonds, offered better value than developed government bonds. Outlook With the tapering underway, the focus has shifted to interest rates. US monetary policy, however, is expected to remain easy. Considerable economic slack and subdued inflationary pressures in the US serve as major impediments to any significant rise in rates anytime soon. This is corroborated by the Fed’s decidedly dovish stance in its December’s forward policy guidance. As such the near to medium term outlook for corporate credits remains positive. As for equities, stronger growth in developed markets could continue to drive markets higher but ultimately earnings will hold the key to further market gains.
  12. 12. 9 PRUlink funds Funds’ Performance PRUlink Equity Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Equity Fund stood at RM4.1588 compared to RM3.7286 at the end of 2012. For the 1-year period under review, the fund returned 11.54%, outperforming the benchmark return of 11.39%. Since inception, the Fund achieved a gain of 315.88% against the benchmark performance of 90.17%. PRUlink Bond Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Bond Fund stood at RM2.7413 compared to RM2.6832 at the end of 2012. For the 1-year period under review, the fund returned 2.17%, underperforming the benchmark return of 3.15%. Since inception, the Fund achieved a gain of 174.13% against the benchmark performance of 92.24%. PRUlink Managed Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Managed Fund stood at RM3.2714 compared to RM3.0232 at the end of 2012. For the 1-year period under review, the fund returned 8.21%, underperforming the benchmark return of 8.93%. Since inception, the Fund achieved a gain of 227.14% against the benchmark performance of 138.48%. PRUlink Managed Fund II As at 31 December 2013, the Net Asset Value per unit of the PRUlink Managed Fund II stood at RM2.0629 compared to RM1.8838 at the end of 2012. For the 1-year period under review, the fund returned 9.51%, underperforming the benchmark return of 9.75%. Since inception, the Fund achieved a gain of 106.29% against the benchmark performance of 88.92%. PRUlink Money Market Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Money Market Fund stood at RM1.0766 compared to RM1.0397 at the end of 2012. For the 1-year period under review, the fund returned 3.55%, outperforming the benchmark return of 3.15%. Since inception, the Fund achieved a gain of 7.66% against the benchmark performance of 6.95%. PRUlink Golden Equity Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Golden Equity Fund stood at RM1.6309 compared to RM1.4622 at the end of 2012. For the 1-year period under review, the fund returned 11.54%, outperforming the benchmark return of 11.39%. Since inception, the Fund achieved a gain of 63.09% against the benchmark performance of 36.20%. PRUlink Golden Bond Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Golden Bond Fund stood at RM1.2585 compared to RM1.2380 at the end of 2012. For the 1-year period under review, the fund returned 1.66%, underperforming the benchmark return of 3.15%. Since inception, the Fund achieved a gain of 25.85% against the benchmark performance of 20.49%. PRUlink Dana Unggul As at 31 December 2013, the Net Asset Value per unit of the PRUlink Dana Unggul stood at RM3.4192 compared to RM2.9432 at the end of 2012. For the 1-year period under review, the fund returned 16.17%, outperforming the benchmark return of 13.29%. Since inception, the Fund achieved a gain of 241.91% against the benchmark performance of 116.23%. PRUlink Dana Aman As at 31 December 2013, the Net Asset Value per unit of the PRUlink Dana Aman stood at RM2.0547 compared to RM2.0307 at the end of 2012. For the 1-year period under review, the fund returned 1.18%, underperforming the benchmark return of 3.15%. Since inception, the Fund achieved a gain of 104.53% against the benchmark performance of 58.63%. PRUlink Dana Urus As at 31 December 2013, the Net Asset Value per unit of the PRUlink Dana Urus stood at RM2.8881 compared to RM2.6006 at the end of 2012. For the 1-year period under review, the fund returned 11.06%, outperforming the benchmark return of 10.25%. Since inception, the Fund achieved a gain of 188.41% against the benchmark performance of 103.86%.
  13. 13. 10 PRUlink funds Funds’ Performance PRUlink Dana Urus II As at 31 December 2013, the Net Asset Value per unit of the PRUlink Dana Urus II stood at RM2.1270 compared to RM1.8839 at the end of 2012. For the 1-year period under review, the fund returned 12.90%, outperforming the benchmark return of 11.26%. Since inception, the Fund achieved a gain of 112.70% against the benchmark performance of 90.48%. PRUlink Asia Managed Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Asia Managed Fund stood at RM1.3205 compared to RM1.2884 at the end of 2012. For the 1-year period under review, the fund returned 2.49%, underperforming the benchmark return of 9.27%. Since inception, the Fund achieved a gain of 32.05% against the benchmark performance of 73.64%. PRUlink Asia Property Securities Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Asia Property Securities Fund stood at RM1.0397 compared to RM1.0474 at the end of 2012. For the 1-year period under review, the fund returned -0.73%, outperforming the benchmark return of -0.81%. Since inception, the Fund achieved a gain of 3.97% against the benchmark performance of -0.64%. PRUlink Asia Local Bond Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Asia Local Bond Fund stood at RM1.4015 compared to RM1.4232 at the end of 2012. For the 1-year period under review, the fund returned -1.52%, underperforming the benchmark return of -0.66%. Since inception, the Fund achieved a gain of 40.15% against the benchmark performance of 25.50%. PRUlink Global Market Navigator Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Global Market Navigator Fund stood at RM1.4092 compared to RM1.2060 at the end of 2012. For the 1-year period under review, the fund returned 16.84%, outperforming the benchmark return of 3.15%. Since inception, the Fund achieved a gain of 40.92% against the benchmark performance of 16.90%. PRUlink Dragon Peacock Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Dragon Peacock Fund stood at RM0.9997 compared to RM0.9557 at the end of 2012. For the 1-year period under review, the fund returned 4.61%, underperforming the benchmark return of 7.81%. Since inception, the Fund achieved a return of -0.03% against the benchmark performance of -2.54%. PRUlink Education Equity Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Education Equity Fund stood at RM1.5283 compared to RM1.3702 at the end of 2012. For the 1-year period under review, the fund returned 11.54%, outperforming the benchmark return of 11.39%. Since inception, the Fund achieved a gain of 52.83% against the benchmark performance of 51.18%. PRUlink Education Bond Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Education Bond Fund stood at RM1.1566 compared to RM1.1378 at the end of 2012. For the 1-year period under review, the fund returned 1.66%, underperforming the benchmark return of 3.15%. Since inception, the Fund achieved a gain of 15.66% against the benchmark performance of 12.17%. PRUlink Asia Equity Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Asia Equity Fund stood at RM1.0021 compared to RM0.9911 at the end of 2012. For the 1-year period under review, the fund returned 1.11%, underperforming the benchmark return of 10.77%. Since inception, the Fund achieved a return of 0.21% against the benchmark performance of 30.38%. PRUlink Golden Managed Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Golden Managed Fund stood at RM1.0435 compared to RM1.0070 at the end of 2012. For the 1-year period under review, the fund returned 3.62%, underperforming the benchmark return of 4.81%. Since inception, the Fund achieved a return of 4.35% against the benchmark performance of 5.44%.
  14. 14. 11 PRUlink funds Funds’ Performance PRUlink Golden Equity Fund II As at 31 December 2013, the Net Asset Value per unit of the PRUlink Golden Equity Fund II stood at RM1.0450. Since inception on 19 July 2013, the Fund achieved a return of 4.50% against the benchmark performance of 4.67%. PRUlink Golden Bond Fund II As at 31 December 2013, the Net Asset Value per unit of the PRUlink Golden Bond Fund II stood at RM1.0188. Since inception on 19 July 2013, the Fund achieved a return of 1.88% against the benchmark performance of 1.56%. PRUlink Dyna Growth I Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Dyna Growth I Fund stood at RM0.9272 compared to RM0.9160 at the end of 2012. For the 1-year period under review, the fund returned 1.21%. Since inception, the Fund achieved a return of -7.28%. PRUlink Dyna Growth II Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Dyna Growth II Fund stood at RM0.8894 compared to RM0.8693 at the end of 2012. For the 1-year period under review, the fund returned 2.31%. Since inception, the Fund achieved a return of -11.06%. PRUlink Dyna Growth III Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Dyna Growth III Fund stood at RM0.8708 compared to RM0.8413 at the end of 2012. For the 1-year period under review, the fund returned 3.51%. Since inception, the Fund achieved a return of -12.92%. PRUlink Dyna Growth IV Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Dyna Growth IV Fund stood at RM0.8797 compared to RM0.8398 at the end of 2012. For the 1-year period under review, the fund returned 4.75%. Since inception, the Fund achieved a return of -12.03%. PRUlink Commodity Allocator Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Commodity Allocator Fund stood at RM0.9681 compared to RM0.9381 at the end of 2012. For the 1-year period under review, the fund returned 3.20%. Since inception, the Fund achieved a return of 0.59%. PRUlink Commodity Allocator II Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink Commodity Allocator Fund II stood at RM0.9605 compared to RM0.9974 at the end of 2012. For the 1-year period under review, the fund returned -3.70%. Since inception, the Fund achieved a return of -0.46%. PRUlink MyOptimizer Fund As at 31 December 2013, the Net Asset Value per unit of the PRUlink MyOptimizer Fund stood at RM0.9741 compared to RM0.9743 at the end of 2012. For the 1-year period under review, the fund returned -0.02%. Since inception, the Fund achieved a return of 1.47%. Source: Lipper for Investment Management, Eastspring Investments Berhad, Eastspring Investments (Singapore) Limited, Bloomberg, Maybank, HSBC
  15. 15. PRUlink funds 12 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Equity Fund Category 2013 2012 2011 2010 2009 % % % % % Equity Automotive 0.78 1.21 1.03 1.68 1.65 Banking & Finance 26.49 26.62 20.69 29.26 25.57 Building Materials 0.18 0.23 0.37 0.57 0.10 Conglomerates 6.79 7.58 6.16 7.07 9.37 Construction 2.29 2.23 2.58 5.28 2.71 Consumer Products 2.15 2.95 3.03 3.06 0.98 Gaming 7.73 6.53 8.17 8.65 12.09 Industrial - - 1.32 1.67 2.85 Manufacturing - - 0.02 0.16 - Media 0.54 0.64 0.84 1.14 2.49 Oil & Gas 13.23 10.28 12.45 5.19 2.79 Plantation 5.40 4.91 5.60 7.01 8.17 Power 6.56 4.14 3.13 5.10 6.30 Property 5.69 5.95 4.77 3.16 1.70 Services - 0.94 - - - Technology 0.16 0.53 0.66 1.06 0.91 Telecommunications 13.64 16.56 14.12 12.31 10.71 Timber - - - - 0.02 Transportation 0.87 0.44 1.72 2.50 1.67 Water - 0.09 0.10 0.23 0.41 92.50 91.83 86.76 95.11 90.51 Cash and Deposits 8.79 9.12 14.13 5.66 9.23 Other Assets 0.27 0.06 0.22 0.32 0.98 Total Liabilities (1.56) (1.01) (1.11) (1.09) (0.72) Total 100.00 100.00 100.00 100.00 100.00
  16. 16. PRUlink funds 13 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Equity Fund Category 2013 2012 2011 2010 2009 % % % % % Total Net Asset Value (RM) 7,764,580,770 6,570,022,228 5,331,302,110 4,878,213,363 3,671,739,474 Units in Circulation 1,867,031,403 1,762,061,510 1,606,185,161 1,529,617,613 1,397,005,632 NAV Per Unit (RM) 4.159 3.729 3.319 3.189 2.628 Highest NAV per unit (RM) 4.163 3.729 3.382 3.198 2.629 Lowest NAV per unit (RM) 3.592 3.285 2.905 2.571 1.779 Total Return (+) - Capital Growth 11.54% 12.33% 4.08% 21.34% 42.47% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 11.54% Three years 9.22% Five years 17.65% Average Annual Return - Benchmark: FTSE Bursa Malaysia Top 100 Index (FBM100) Period One year 11.39% Three years 7.56% Five years 17.04%
  17. 17. PRUlink funds 14 Financial Highlights PRUlink Equity Fund Performance (Since Inception) PRUlink Equity Fund Vs. FTSE Bursa Malaysia Top 100 Index (FBM100) % 350.00 330.00 310.00 290.00 270.00 250.00 230.00 210.00 190.00 170.00 150.00 130.00 110.00 90.00 70.00 50.00 30.00 10.00 (10.00) (30.00) (50.00) (70.00) (90.00) % 350.00 330.00 310.00 290.00 270.00 250.00 230.00 210.00 190.00 170.00 150.00 130.00 110.00 90.00 70.00 50.00 30.00 10.00 (10.00) (30.00) (50.00) (70.00) (90.00) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. SI % Change Date PEF FBM100
  18. 18. PRUlink funds 15 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Bond Fund Category 2013 2012 2011 2010 2009 % % % % % Fixed Income Securities: - Corporate Bonds / Securities 99.60 98.31 84.90 91.10 93.82 - Negotiable Certificate of Deposits - - - 0.49 0.65 Cash and Deposits 0.77 1.92 14.70 8.23 5.83 Other Assets 0.99 0.95 0.87 0.79 0.93 Total Liabilities (1.36) (1.18) (0.47) (0.61) (1.23) Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 2,112,638,115 1,745,601,224 1,506,193,723 1,035,786,244 800,343,864 Units in Circulation 770,670,071 650,569,199 586,581,160 425,071,298 347,298,006 NAV Per Unit (RM) 2.741 2.683 2.568 2.437 2.304 Highest NAV per unit (RM) 2.749 2.683 2.568 2.435 2.305 Lowest NAV per unit (RM) 2.678 2.568 2.436 2.306 2.170 Total Return (+) - Capital Growth 2.17% 4.50% 5.38% 5.74% 6.23% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 2.17% Three years 4.03% Five years 4.79% Average Annual Return - Benchmark: 12 Month Maybank Tier 1 Fixed Deposit Rate Period One year 3.15% Three years 3.11% Five years 2.92%
  19. 19. PRUlink funds 16 Financial Highlights PRUlink Bond Fund Performance (Since Inception) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. PRUlink Bond Fund Vs. 12 Month Maybank Tier 1 Fixed Deposit Rate % 195.00 175.00 155.00 135.00 115.00 95.00 75.00 55.00 35.00 15.00 (5.00) % 195.00 175.00 155.00 135.00 115.00 95.00 75.00 55.00 35.00 15.00 (5.00) SI % Change Date PBF 12M MBB T1 FD Rate
  20. 20. PRUlink funds 17 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Managed Fund Category 2013 2012 2011 2010 2009 % % % % % Investment in - PRUlink Equity Fund 70.05 70.76 62.95 73.92 71.30 PRUlink Bond Fund 29.95 29.24 37.05 26.08 28.70 Cash and Deposits - - - - - Other Assets - - - - - Total Liabilities - - - - - Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 1,818,991,966 1,652,592,952 1,463,691,529 1,339,546,299 1,070,426,887 Units in Circulation 556,020,850 546,638,110 529,277,449 501,044,275 466,787,194 NAV Per Unit (RM) 3.271 3.023 2.765 2.674 2.293 Highest NAV per unit (RM) 3.272 3.023 2.806 2.677 2.294 Lowest NAV per unit (RM) 2.949 2.748 2.533 2.261 1.737 Total Return (+) - Capital Growth 8.21% 9.32% 3.44% 16.59% 29.36% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 8.21% Three years 6.96% Five years 13.04% Average Annual Return - Benchmark: 70% FTSE Bursa Malaysia Top 100 Index (FBM100) + 30% 12 Month Maybank Tier 1 Fixed Deposit Rate Period One year 8.93% Three years 6.32% Five years 12.78%
  21. 21. PRUlink funds 18 Financial Highlights PRUlink Managed Fund Performance (Since Inception) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date PMF 70% FBM100 & 30% 12M MBB T1 FD Rate PRUlink Managed Fund Vs. 70% FBM100 + 30% 12 Month Maybank Tier 1 Fixed Deposit Rate % 240.00 220.00 200.00 180.00 160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 0.00 (20.00) % 240.00 220.00 200.00 180.00 160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 0.00 (20.00) SI % Change
  22. 22. PRUlink funds 19 Comparative Performance Table For The Financial Year Ended 31 December PRUlink Managed Fund II Category 2013 2012 2011 2010 2009 % % % % % Investment in - PRUlink Equity Fund 79.98 81.72 73.13 82.91 81.42 PRUlink Bond Fund 20.02 18.28 26.87 17.09 18.58 Cash and Deposits - - - - - Other Assets - - - - - Total Liabilities - - - - - Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 745,119,419 552,328,913 406,270,008 304,142,421 196,601,514 Units in Circulation 361,206,095 293,199,977 238,271,348 185,582,566 142,153,401 NAV Per Unit (RM) 2.063 1.884 1.705 1.639 1.383 Highest NAV per unit (RM) 2.064 1.884 1.726 1.641 1.383 Lowest NAV per unit (RM) 1.830 1.692 1.542 1.360 1.006 Total Return (+) - Capital Growth 9.51% 10.48% 4.04% 18.50% 34.02% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 9.51% Three years 7.97% Five years 14.86% Average Annual Return - Benchmark: 80% FTSE Bursa Malaysia Top 100 Index (FBM100) + 20% 12 Month Maybank Tier 1 Fixed Deposit Rate Period One year 9.75% Three years 6.74% Five years 14.19% Financial Highlights
  23. 23. PRUlink funds 20 PRUlink Managed Fund II Performance (Since Inception) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Financial Highlights PRUlink Managed Fund II Vs. 80% FBM100 + 20% 12 Month Maybank Tier 1 Fixed Deposit Rate Date PMF2 80% FBM100 & 20% 12M MBB T1 FD Rate % 110.00 90.00 70.00 50.00 30.00 10.00 (10.00) % 110.00 90.00 70.00 50.00 30.00 10.00 (10.00) SI % Change
  24. 24. PRUlink funds 21 Comparative Performance Table For The Financial Year Ended 31 December PRUlink Golden Equity Fund Category 2013 2012 2011 2010 2009 % % % % % Investment in - PRUlink Equity Fund 100.00 100.00 100.00 99.99 99.99 Cash at Bank - - - 0.01 0.01 Other Assets - - - - - Total Liabilities - - - - - Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 245,100,416 189,499,007 139,790,024 109,840,807 69,938,257 Units in Circulation 150,285,110 129,598,121 107,389,466 87,742,702 67,853,457 NAV Per Unit (RM) 1.631 1.462 1.302 1.252 1.031 Highest NAV per unit (RM) 1.633 1.462 1.326 1.254 1.031 Lowest NAV per unit (RM) 1.409 1.288 1.139 1.008 0.698 Total Return (+) - Capital Growth 11.54% 12.33% 3.98% 21.45% 42.47% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 11.54% Three years 9.22% Five years 17.65% Average Annual Return - Benchmark: FTSE Bursa Malaysia Top 100 Index (FBM100) Period One year 11.39% Three years 7.56% Five years 17.04% Financial Highlights
  25. 25. PRUlink funds 22 Financial Highlights PRUlink Golden Equity Fund Performance (Since Inception) PRUlink Golden Equity Fund Vs. FTSE Bursa Malaysia Top 100 Index (FBM100) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date PGE FBM100 % 75.00 65.00 55.00 45.00 35.00 25.00 15.00 5.00 (5.00) (15.00) (25.00) (35.00) (45.00) % 75.00 65.00 55.00 45.00 35.00 25.00 15.00 5.00 (5.00) (15.00) (25.00) (35.00) (45.00) SI % Change
  26. 26. PRUlink funds 23 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Golden Bond Fund Category 2013 2012 2011 2010 2009 % % % % % Investment in - PRUlink Bond Fund 100.00 100.00 100.00 100.00 100.00 Cash at Bank - - - - - Other Assets - - - - - Total Liabilities - - - - - Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 580,107,496 464,414,966 338,728,479 249,642,277 173,430,109 Units in Circulation 460,934,120 375,120,833 284,508,770 220,001,951 160,677,526 NAV Per Unit (RM) 1.259 1.238 1.191 1.135 1.079 Highest NAV per unit (RM) 1.264 1.238 1.191 1.135 1.080 Lowest NAV per unit (RM) 1.235 1.191 1.135 1.080 1.021 Total Return (+) - Capital Growth 1.66% 3.99% 4.92% 5.13% 5.70% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 1.66% Three years 3.51% Five years 4.27% Average Annual Return - Benchmark: 12 Month Maybank Tier 1 Fixed Deposit Rate Period One year 3.15% Three years 3.11% Five years 2.92%
  27. 27. PRUlink funds 24 Financial Highlights PRUlink Golden Bond Fund Performance (Since Inception) PRUlink Golden Bond Fund Vs. 12 Month Maybank Tier 1 Fixed Deposit Rate + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date PGB 12M MBB T1 FD Rate % 28.00 23.00 18.00 13.00 8.00 3.00 (2.00) % 28.00 23.00 18.00 13.00 8.00 3.00 (2.00) SI % Change
  28. 28. PRUlink funds 25 Comparative Performance Table For The Financial Year Ended 31 December PRUlink Golden Managed Fund Category 2013 2012 % % Investment in - PRUlink Golden Equity Fund 21.49 20.35 PRUlink Golden Bond Fund 78.51 79.65 Cash and Deposits - - Other Assets - - Total Liabilities - - Total 100.00 100.00 Total Net Asset Value (RM) 101,580,240 70,327,049 Units in Circulation 97,345,581 69,836,327 NAV Per Unit (RM) 1.044 1.007 Highest NAV per unit (RM) 1.044 1.007 Lowest NAV per unit (RM) 1.002 0.991 Total Return (+) - Capital Growth 3.62% 0.70% - Income Distribution - - Average Annual Return - Fund (+) Period One year 3.62% Three years n/a Five years n/a Average Annual Return - Benchmark: 20% FTSE Bursa Malaysia Top 100 Index (FBM100) + 80% 12 Month Maybank Tier 1 Fixed Deposit Rate Period One year 4.81% Three years n/a Five years n/a Financial Highlights
  29. 29. PRUlink funds 26 PRUlink Golden Managed Fund Performance (Since Inception) PRUlink Golden Managed Fund Vs. 20% FTSE Bursa Malaysia 100 (FBM100) + 80% 12 Month Maybank Tier 1 Fixed Deposit Rate + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Financial Highlights Date PGM 20% FBM100 & 80% 12M MBB T1 FD Rate % 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 (1.00) % 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 (1.00) SI % Change
  30. 30. PRUlink funds 27 Comparative Performance Table For The Financial Year Ended 31 December PRUlink Education Equity Fund Category 2013 2012 2011 % % % Investment in - PRUlink Equity Fund 100.00 100.00 100.00 Cash and Deposits - - - Other Assets - - - Total Liabilities - - - Total 100.00 100.00 100.00 Total Net Asset Value (RM) 1,477,243 931,052 468,705 Units in Circulation 966,581 679,485 384,238 NAV Per Unit (RM) 1.528 1.370 1.220 Highest NAV per unit (RM) 1.530 1.370 1.243 Lowest NAV per unit (RM) 1.320 1.207 1.067 Total Return (+) - Capital Growth 11.54% 12.33% 3.98% - Income Distribution - - - Average Annual Return - Fund (+) Period One year 11.54% Three years 9.22% Five years n/a Average Annual Return - Benchmark: FTSE Bursa Malaysia Top 100 Index (FBM100) Period One year 11.39% Three years 7.56% Five years n/a Financial Highlights
  31. 31. PRUlink funds 28 Financial Highlights PRUlink Education Equity Fund Performance (Since Inception) PRUlink Education Equity Fund Vs. FTSE Bursa Malaysia Top 100 Index (FBM100) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. % 54.00 50.00 46.00 42.00 38.00 34.00 30.00 26.00 22.00 18.00 14.00 10.00 6.00 2.00 (2.00) (6.00) % 54.00 50.00 46.00 42.00 38.00 34.00 30.00 26.00 22.00 18.00 14.00 10.00 6.00 2.00 (2.00) (6.00) Date PEEF FBM100 SI % Change
  32. 32. PRUlink funds 29 Comparative Performance Table For The Financial Year Ended 31 December PRUlink Education Bond Fund Category 2013 2012 2011 2010 % % % % Investment in - PRUlink Bond Fund 100.00 100.00 100.00 100.00 Cash and Deposits - - - - Other Assets - - - - Total Liabilities - - - - Total 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 2,246,990 1,468,942 764,551 241,361 Units in Circulation 1,942,683 1,291,040 698,748 231,444 NAV Per Unit (RM) 1.157 1.138 1.094 1.043 Highest NAV per unit (RM) 1.162 1.138 1.094 1.043 Lowest NAV per unit (RM) 1.135 1.094 1.043 1.000 Total Return (+) - Capital Growth 1.66% 3.99% 4.92% 4.92% - Income Distribution - - - - Average Annual Return - Fund (+) Period One year 1.66% Three years 3.51% Five years n/a Average Annual Return - Benchmark: 12 Month Maybank Tier 1 Fixed Deposit Rate Period One year 3.15% Three years 3.11% Five years n/a Financial Highlights
  33. 33. PRUlink funds 30 Financial Highlights PRUlink Education Bond Fund Performance (Since Inception) PRUlink Education Bond Fund Vs. 12 Month Maybank Tier 1 Fixed Deposit Rate + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. PEBF 12M MBB T1 FD Rate % 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0.00 % 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0.00 SI % Change Date
  34. 34. PRUlink funds 31 Comparative Performance Table For The Financial Year Ended 31 December PRUlink Dana Unggul Category 2013 2012 2011 2010 2009 % % % % % Equity Automotive 4.23 1.89 1.41 1.83 1.59 Building Materials - 0.42 0.93 2.25 3.28 Conglomerates 8.29 8.12 6.91 10.86 13.37 Construction 5.20 4.56 6.54 13.82 7.66 Consumer Products 2.89 2.59 4.90 2.31 3.11 Finance 3.05 1.02 0.43 0.14 0.43 Industrial - - 0.85 1.65 5.90 Insurance 1.42 - - - - Manufacturing 0.84 1.56 0.25 1.09 - Media 0.15 0.35 0.10 0.10 - Oil & Gas 22.44 17.51 16.52 9.13 5.74 Plantation 8.27 7.23 10.53 12.75 14.59 Power 9.77 8.40 5.31 8.60 10.47 Property 3.15 3.87 3.59 7.02 5.05 Services - 2.58 - - - Technology 1.19 1.39 0.76 0.43 0.63 Telecommunications 24.34 26.97 27.37 17.52 13.12 Transportation 1.53 0.29 2.71 5.99 3.74 Water - - - - 0.72 96.76 88.75 89.11 95.48 89.40 Cash and Deposits 5.24 14.23 12.45 5.62 10.86 Other Assets 0.37 0.06 0.10 0.54 0.83 Total Liabilities (2.37) (3.04) (1.66) (1.64) (1.09) Total 100.00 100.00 100.00 100.00 100.00 Financial Highlights
  35. 35. PRUlink funds 32 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Dana Unggul Category 2013 2012 2011 2010 2009 % % % % % Total Net Asset Value (RM) 728,190,576 595,058,804 476,257,918 404,622,738 299,136,664 Units in Circulation 212,971,620 202,181,530 186,266,558 170,971,017 149,279,613 NAV Per Unit (RM) 3.419 2.943 2.557 2.367 2.004 Highest NAV per unit (RM) 3.429 2.943 2.557 2.384 2.004 Lowest NAV per unit (RM) 2.805 2.529 2.199 1.950 1.432 Total Return (+) - Capital Growth 16.17% 15.11% 8.04% 18.10% 38.82% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 16.17% Three years 13.04% Five years 18.82% Average Annual Return - Benchmark: FTSE-Bursa Malaysia Emas Shariah Index (FBMSHA) Period One year 13.29% Three years 9.07% Five years 17.01%
  36. 36. PRUlink funds 33 Financial Highlights PRUlink Dana Unggul Performance (Since Inception) PRUlink Dana Unggul Vs. FTSE - Bursa Malaysia Emas Shariah Index (FBMSHA) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. PDU FBMSHA % 260.00 240.00 220.00 200.00 180.00 160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 0.00 (20.00) (40.00) % 260.00 240.00 220.00 200.00 180.00 160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 0.00 (20.00) (40.00) SI % Change Date
  37. 37. PRUlink funds 34 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Dana Aman Category 2013 2012 2011 2010 2009 % % % % % Fixed Income Securities: - Corporate Bonds / Securities 99.01 99.89 83.55 89.45 94.05 Cash and Deposits 1.25 1.32 16.58 10.44 5.96 Other Assets 1.10 1.05 0.70 0.68 0.83 Total Liabilities (1.36) (2.26) (0.83) (0.57) (0.84) Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 96,074,541 82,705,425 81,094,201 56,965,611 47,311,574 Units in Circulation 46,759,279 40,727,934 42,065,657 31,048,484 27,305,889 NAV Per Unit (RM) 2.055 2.031 1.928 1.835 1.733 Highest NAV per unit (RM) 2.084 2.031 1.928 1.833 1.733 Lowest NAV per unit (RM) 2.026 1.928 1.833 1.733 1.641 Total Return (+) - Capital Growth 1.18% 5.34% 5.07% 5.89% 5.59% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 1.18% Three years 3.88% Five years 4.60% Average Annual Return - Benchmark: 12 Month Maybank Tier 1 Fixed Deposit Rate Period One year 3.15% Three years 3.11% Five years 2.92%
  38. 38. PRUlink funds 35 Financial Highlights PRUlink Dana Aman Performance (Since Inception) PRUlink Dana Aman Vs. 12 Month Maybank Tier 1 Fixed Deposit Rate + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. SI % Change PDA 12M MBB T1 FD Rate Date % 120.00 100.00 80.00 60.00 40.00 20.00 0.00 % 120.00 100.00 80.00 60.00 40.00 20.00 0.00
  39. 39. PRUlink funds 36 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Dana Urus Category 2013 2012 2011 2010 2009 % % % % % Investment in - PRUlink Dana Unggul 70.36 70.60 63.27 72.89 70.79 PRUlink Dana Aman 29.64 29.40 36.73 27.11 29.21 Cash and Deposits - - - - - Other Assets - - - - - Total Liabilities - - - - - Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 150,251,177 134,348,503 120,239,674 107,985,913 85,955,032 Units in Circulation 52,024,160 51,660,963 51,583,253 49,146,556 44,672,569 NAV Per Unit (RM) 2.888 2.601 2.331 2.197 1.924 Highest NAV per unit (RM) 2.891 2.601 2.331 2.208 1.924 Lowest NAV per unit (RM) 2.518 2.315 2.111 1.898 1.512 Total Return (+) - Capital Growth 11.06% 11.57% 6.09% 14.19% 26.72% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 11.06% Three years 9.54% Five years 13.72% Average Annual Return - Benchmark: 70% FTSE- Bursa Malaysia Emas Shariah Index (FBMSHA) + 30% 12 Month Maybank Tier 1 Fixed Deposit Rate Period One year 10.25% Three years 7.38% Five years 12.77%
  40. 40. PRUlink funds 37 Financial Highlights PRUlink Dana Urus Performance (Since Inception) PRUlink Dana Urus Vs. 70% FBMSHA + 30% 12 Month Maybank Tier 1 Fixed Deposit Rate + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. PDUrus 70% FBMSHA & 30% 12M MBB T1 FD Rate Date % 200.00 180.00 160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 0.00 (20.00) (40.00) % 200.00 180.00 160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 0.00 (20.00) (40.00) SI % Change
  41. 41. PRUlink funds 38 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Dana Urus II Category 2013 2012 2011 2010 2009 % % % % % Investment in - PRUlink Dana Unggul 80.43 81.80 73.21 82.25 81.12 PRUlink Dana Aman 19.57 18.20 26.79 17.75 18.88 Cash and Deposits - - - - - Other Assets - - - - - Total Liabilities - - - - - Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 66,493,529 46,916,549 34,271,843 23,580,782 14,623,273 Units in Circulation 31,261,133 24,903,350 20,542,873 15,168,477 10,892,035 NAV Per Unit (RM) 2.127 1.884 1.668 1.555 1.343 Highest NAV per unit (RM) 2.131 1.884 1.668 1.563 1.343 Lowest NAV per unit (RM) 1.814 1.655 1.490 1.319 1.018 Total Return (+) - Capital Growth 12.90% 12.93% 7.31% 15.79% 31.10% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 12.90% Three years 11.02% Five years 15.74% Average Annual Return - Benchmark: 80% FTSE-Bursa Malaysia Emas Shariah Index (FBMSHA) + 20% 12 Month Maybank Tier 1 Fixed Deposit Rate Period One year 11.26% Three years 7.96% Five years 14.18%
  42. 42. PRUlink funds 39 Financial Highlights PRUlink Dana Urus II Performance (Since Inception) PRUlink Dana Urus II Vs. 80% FBMSHA + 20% 12 Month Maybank Tier 1 Fixed Deposit Rate + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. % 120.00 100.00 80.00 60.00 40.00 20.00 0.00 (20.00) % 120.00 100.00 80.00 60.00 40.00 20.00 0.00 (20.00) Date PDUrus2 80% FBMSHA & 20% 12M MBB T1 FD Rate SI % Change
  43. 43. PRUlink funds 40 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Asia Managed Fund Category 2013 2012 2011 2010 2009 % % % % % Investment in - Asian Equity Fund 72.34 72.22 63.80 75.43 73.04 Asian Bond Fund 30.74 30.54 36.51 28.16 31.35 Cash at Bank 0.06 0.19 1.00 0.23 0.15 Other Assets - 0.25 - - 0.01 Total Liabilities (3.14) (3.20) (1.31) (3.82) (4.55) Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 185,240,816 194,409,461 193,768,310 241,982,226 263,042,900 Units in Circulation 140,282,547 150,889,257 170,529,096 187,961,255 213,629,811 NAV Per Unit (RM) 1.320 1.288 1.136 1.287 1.231 Highest NAV per unit (RM) 1.325 1.290 1.307 1.311 1.231 Lowest NAV per unit (RM) 1.171 1.134 1.064 1.098 0.738 Total Return (+) - Capital Growth 2.49% 13.39% (11.74%) 4.56% 58.30% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 2.49% Three years 0.79% Five years 11.17% Average Annual Return - Benchmark: 70% MSCI Asia Ex-Japan Index + 30% JP Morgan Asia Credit Index Period One year 9.27% Three years 5.16% Five years 14.08%
  44. 44. PRUlink funds 41 Financial Highlights PRUlink Asia Managed Fund Performance (Since Inception) PRUlink Asia Managed Fund Vs. 70% MSCI Asia Ex-Japan Index + 30% JP Morgan Asia Credit Index + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date AMF 70% MSCI & 30% JP MORGAN % 80.00 60.00 40.00 20.00 0.00 (20.00) (40.00) % 80.00 60.00 40.00 20.00 0.00 (20.00) (40.00) SI % Change
  45. 45. PRUlink funds 42 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December ASIAN EQUITY FUND Currency Breakdown 2013 2012 2011 2010 2009 % % % % % Thai Baht 3.28 2.74 2.68 2.95 2.99 Hong Kong Dollar 37.05 36.16 35.54 34.09 35.51 Indian Rupee 9.80 8.42 10.22 12.65 12.92 Indonesian Rupiah 3.42 4.95 3.72 3.24 4.32 Malaysian Ringgit 2.38 2.79 3.88 3.27 2.22 New Taiwan Dollar 11.25 12.61 13.89 14.28 15.01 Philippines Peso 1.13 1.26 0.48 0.88 1.19 Singapore Dollar 7.33 6.84 5.73 5.02 4.79 US Dollar 1.82 2.20 1.50 2.33 3.18 Korean Won 20.79 21.08 20.92 20.80 15.36 Cash and Cash Equivalent 1.75 0.95 1.44 0.49 2.52 Total 100.00 100.00 100.00 100.00 100.00 Category 2013 2012 2011 2010 2009 % % % % % Equity Advertising - 1.41 - - - Agriculture 1.49 1.18 - - - Auto - Auto Parts 1.73 1.32 1.77 2.41 - Automobiles & Components - 3.55 1.36 - - Auto Manufacturers 4.95 - - - - Banks 20.92 17.89 16.58 - - Beverages 0.79 - - - - Breweries & Leisure & Hotels - - - 0.81 1.04 Building & Construction - - - 2.25 1.38 Building Materials - 0.51 2.37 - 1.63 Chemicals & Pharmaceuticals 1.62 5.68 2.45 3.51 1.33 Coal 1.56 2.68 1.69 - -
  46. 46. PRUlink funds 43 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December ASIAN EQUITY FUND Category 2013 2012 2011 2010 2009 % % % % % Equity Commercial Services - - 2.34 0.69 1.19 Computers & Software 2.17 2.39 4.90 8.17 4.73 Distribution / Wholesale 0.75 0.78 - - - Diversified Financial Services 6.33 6.91 6.66 - - Diversified Operations - - - 1.99 3.11 Electric 2.25 - - - - Electronics 3.47 - - - - Electronics & Electrical Equipment 1.30 7.32 7.09 9.84 13.41 Energy - - - 8.76 9.22 Engineering 1.24 2.03 5.53 5.29 2.14 Equities - - - 3.93 3.36 Extractive Industries - - - 5.39 4.56 Financial - - - 16.59 20.33 Food 3.55 - - - - Food & Textiles & Apparel - 0.72 0.68 1.94 1.36 Health Care - 0.45 0.92 0.77 2.26 Holding Companies-Diversified 5.84 2.72 4.88 3.40 2.44 Insurance 1.32 2.60 2.23 5.83 3.41 Investment 0.64 - - - - Iron / Steel 1.73 2.01 2.30 - - Lodging 1.23 1.56 2.12 - - Manufacturing - - 1.00 1.05 1.67 Materials - - - - - Media & Publishing - - - - - Mining - - 1.34 - - Oil & Gas 6.95 3.14 4.14 - - Pharmaceuticals 0.53 1.29 1.25 - -
  47. 47. PRUlink funds 44 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December ASIAN EQUITY FUND Category 2013 2012 2011 2010 2009 % % % % % Equity Property - - - 1.65 3.50 Public Utilities - - - - - Real Estate 6.79 7.73 4.81 3.04 2.62 REITs - - 0.89 - - Retail 2.21 4.43 2.58 3.59 3.65 Semiconductors 11.75 12.14 8.49 2.06 2.04 Shipbuilding - 0.88 - - - Telecommunications 4.45 4.23 7.37 1.10 2.86 Tobacco - - - - - Transport & Telecommunications - - - 5.44 4.23 Transportations 0.69 1.50 0.82 - - Warrants - - - 0.01 - Others - - - - - 98.25 99.05 98.56 99.51 97.48 Cash And Cash Equivalent 1.75 0.95 1.44 0.49 2.52 Total 100.00 100.00 100.00 100.00 100.00 Note: Asian Equity Fund is managed by Eastspring Investments (Singapore) Limited.
  48. 48. PRUlink funds 45 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December ASIAN BOND FUND Currency Breakdown 2013 2012 2011 2010 2009 % % % % % Chinese Yuan Renminbi 1.81 1.03 0.52 0.11 - Hong Kong Dollar - - - - - Indian Rupee 0.12 - - - - Indonesian Rupiah - - - - - Malaysian Ringgit - 0.67 0.22 0.32 0.39 Philippines Peso 0.12 0.29 0.50 0.88 - Singapore Dollar 0.52 0.90 - - - US Dollar 91.84 90.91 91.55 95.67 99.61 Cash And Cash Equivalent 5.59 6.20 7.21 3.02 - Total 100.00 100.00 100.00 100.00 100.00 Category 2013 2012 2011 2010 2009 % % % % % Fixed Income Securities: Corporate Bond 80.07 73.82 62.82 68.22 72.49 Government Bond 14.34 19.68 29.75 28.38 21.53 Treasury Bill - 0.30 0.22 0.38 - Mortgage Related - - - - 0.76 Time Deposit - - - - 2.81 Cash And Cash Equivalent 5.59 6.20 7.21 3.02 2.41 Total 100.00 100.00 100.00 100.00 100.00 Note: Asian Bond Fund is managed by Eastspring Investments (Singapore) Limited.
  49. 49. PRUlink funds 46 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Asia Property Securities Fund Category 2013 2012 2011 2010 2009 % % % % % Investment in - Asian Property Securities Fund 102.19 102.41 101.02 102.15 99.10 Cash at Bank - 0.04 0.05 0.01 2.64 Other Assets - - - 0.23 0.87 Total Liabilities (2.19) (2.45) (1.07) (2.39) (2.61) Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 20,801,724 21,306,567 17,797,686 21,375,315 18,951,577 Units in Circulation 20,007,531 20,342,537 22,700,787 26,038,145 25,867,661 NAV Per Unit(RM) 1.040 1.047 0.784 0.821 0.733 Highest NAV per unit (RM) 1.180 1.057 0.844 0.817 0.740 Lowest NAV per unit (RM) 1.009 0.784 0.745 0.667 0.436 Total Return (+) - Capital Growth (0.73%) 33.59% (4.50%) 12.05% 34.42% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year (0.73%) Three years 8.35% Five years 13.79% Average Annual Return - Benchmark: GPR - Customized Asia Pac (Ex-Japan) Property Index Period One year (0.81%) Three years 8.03% Five years 11.59%
  50. 50. PRUlink funds 47 Financial Highlights PRUlink Asia Property Securities Fund Performance (Since Inception) PRUlink Asia Property Securities Fund Vs. GPR - Customized Asia Pac (Ex-Japan) Property Index + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date APSF GPR % 40.00 30.00 20.00 10.00 0.00 (10.00) (20.00) (30.00) (40.00) (50.00) (60.00) % 40.00 30.00 20.00 10.00 0.00 (10.00) (20.00) (30.00) (40.00) (50.00) (60.00) SI % Change
  51. 51. PRUlink funds 48 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December ASIAN PROPERTY SECURITIES FUND Currency Breakdown 2013 2012 2011 2010 2009 % % % % % Australian Dollar 27.43 27.49 40.52 42.19 41.21 Thai Baht 1.65 5.10 1.94 1.47 1.19 Hong Kong Dollar 29.27 25.29 19.30 9.38 14.49 Malaysian Ringgit - 1.47 2.45 4.65 5.66 Singapore Dollar 27.55 27.43 12.80 19.33 18.64 Japanese Yen 0.83 0.82 17.27 20.13 15.30 Indonesian Rupiah 4.83 6.28 1.57 1.33 - Philippines Peso 4.33 4.33 1.40 - - US Dollar 2.28 - - - - Cash And Cash Equivalent 1.83 1.79 2.75 1.52 3.51 Total 100.00 100.00 100.00 100.00 100.00 Category 2013 2012 2011 2010 2009 % % % % % Equity: Breweries & Leisure & Hotels - - - - - Diversified Operations - - - - 1.44 Engineering & Construction 1.00 - - - - Equities - - - 9.22 1.18 Financial - - - 1.12 0.98 Holding Companies-Diversified - - 1.89 - - Home Builders 1.65 2.93 - - - Investment Trusts - - - - - Property - - - 83.24 91.75 Real Estate 51.57 45.65 18.29 4.61 1.14 REITs 43.95 47.46 75.13 - - Retail - - - 0.29 - Closed-End Fund - 2.17 1.94 - - Mutual Fund - - - - - Cash And Cash Equivalent 1.83 1.79 2.75 1.52 3.51 Total 100.00 100.00 100.00 100.00 100.00 Note: Asian Property Securities Fund is managed by Eastspring Investments (Singapore) Limited.
  52. 52. PRUlink funds 49 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Asia Local Bond Fund Category 2013 2012 2011 2010 2009 % % % % % Investment in - Asian Local Bond Fund 100.80 104.52 101.72 102.18 213.79 Cash at Bank 0.09 0.12 0.11 0.11 0.11 Other Assets - - - - - Total Liabilities (0.89) (4.64) (1.83) (2.29) (113.90) Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 7,932,219 7,952,237 6,825,378 3,520,349 1,316,521 Units in Circulation 5,659,708 5,587,652 5,089,125 2,798,666 1,083,184 NAV Per Unit (RM) 1.402 1.423 1.341 1.258 1.215 Highest NAV per unit (RM) 1.459 1.423 1.353 1.293 1.221 Lowest NAV per unit (RM) 1.369 1.332 1.235 1.211 1.002 Total Return (+) - Capital Growth (1.52%) 6.11% 6.62% 3.49% 17.72% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year (1.52%) Three years 3.61% Five years 6.30% Average Annual Return - Benchmark: HSBC Customised Index Composite Period One year (0.66%) Three years 4.03% Five years 4.02%
  53. 53. PRUlink funds 50 Financial Highlights PRUlink Asia Local Bond Fund Performance (Since Inception) PRUlink Asia Local Bond Fund Vs. HSBC Customised Index Composite + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date ALBF HSBC 50.00 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 (5.00) 50.00 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 (5.00) SI % Change
  54. 54. PRUlink funds 51 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December ASIAN LOCAL BOND FUND Currency Breakdown 2013 2012 2011 2010 2009 % % % % % Malaysian Ringgit 10.82 11.13 9.31 9.74 9.12 Singapore Dollar 16.95 17.46 17.24 16.75 15.37 US Dollar 8.34 4.47 7.77 7.82 6.92 Hong Kong Dollar 4.43 6.26 10.66 10.50 11.59 Philippines Peso 6.41 7.13 6.22 4.55 5.40 Taiwan Dollar - - - 8.91 9.61 Thai Baht 8.73 6.56 7.43 7.09 5.65 Indonesian Rupiah 11.49 13.44 12.76 12.09 12.19 Korean Won 17.96 19.78 18.96 18.69 20.09 Chinese Yuan Renminbi 0.66 0.40 0.45 0.03 - Indian Rupee 8.00 8.72 5.18 - - Cash And Cash Equivalent 6.21 4.65 4.02 3.83 4.06 Total 100.00 100.00 100.00 100.00 100.00 Category % % % % % Fixed Income Securities: Corporate Bond 26.68 28.78 28.54 26.06 25.30 Government Bond 66.64 65.99 66.26 69.86 70.63 Convertible Bond 0.36 - 0.90 - - Treasury Bill - 0.58 - - - Credit Default SWAPs - 0.45 - - - Interest Rate SWAPs - 0.01 - - - Time Deposit 3.96 2.14 - - - Mortgage Related - - 0.28 0.25 - Certificate of Deposit 0.08 - - - - Future 0.03 - - - - Cash And Cash Equivalent 2.25 2.05 4.02 3.83 4.06 Total 100.00 100.00 100.00 100.00 100.00 Note: Asian Local Bond Fund is managed by Eastspring Investments (Singapore) Limited.
  55. 55. PRUlink funds 52 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Global Market Navigator Fund Category 2013 2012 2011 2010 2009 % % % % % Investment in - Global Market Navigator Fund 102.24 107.30 101.69 104.66 98.97 Cash at Bank 0.08 0.14 0.06 0.03 1.30 Other Assets - - - - 1.20 Total Liabilities (2.32) (7.44) (1.75) (4.69) (1.47) Total 100.00 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 16,349,222 17,523,576 24,262,751 33,294,895 44,898,469 Units in Circulation 11,602,152 14,530,098 22,010,863 28,676,558 37,842,238 NAV Per Unit (RM) 1.409 1.206 1.102 1.161 1.186 Highest NAV per unit (RM) 1.414 1.214 1.200 1.187 1.200 Lowest NAV per unit (RM) 1.206 1.093 1.023 1.050 1.062 Total Return (+) - Capital Growth 16.84% 9.41% (5.06%) (2.14%) 12.44% - Income Distribution - - - - - Average Annual Return - Fund (+) Period One year 16.84% Three years 6.59% Five years 5.96% Average Annual Return - Benchmark: 12 Month Maybank Tier 1 Fixed Deposit Rate Period One year 3.15% Three years 3.11% Five years 2.92%
  56. 56. PRUlink funds 53 Financial Highlights PRUlink Global Market Navigator Fund Performance (Since Inception) PRUlink Global Market Navigator Fund Vs. 12 Month Maybank Tier 1 Fixed Deposit Rate + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date GMNF 12M MBB T1 FD Rate % 42.00 40.00 38.00 36.00 34.00 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 % 42.00 40.00 38.00 36.00 34.00 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 SI % Change
  57. 57. PRUlink funds 54 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December GLOBAL MARKET NAVIGATOR FUND Currency Breakdown 2013 2012 2011 2010 2009 % % % % % Australian Dollar - - - (0.02) - Brazil Real - - - - 4.57 British Pound 54.55 37.62 16.27 10.35 5.18 Euro 0.24 0.04 4.72 (0.40) 3.19 Indonesian Rupiah - - - - 4.90 Japanese Yen - - 5.26 0.07 - Korean Won - 0.07 3.01 - 7.72 Malaysian Ringgit - - 3.03 - - Mexican Peso 4.66 3.95 2.89 5.38 5.67 Philippines Peso - - - 6.20 5.93 Singapore Dollar - - - - - Turkish Lira - - - - 3.20 US Dollar 28.68 44.85 40.25 25.93 37.57 Vietnamese Dong 2.08 2.21 - - - Cash And Cash Equivalent 9.79 11.26 24.57 52.49 22.06 Total 100.00 100.00 100.00 100.00 100.00 Category 2013 2012 2011 2010 2009 % % % % % Equities - - - 2.00 18.75 Exchange Traded Fund - - - - - Futures 0.24 0.06 0.08 (0.10) 7.75 Government Bond 13.58 6.16 21.91 11.58 36.45 Government Gilts - - - 4.11 - Investment Trusts - - - - 5.18 Mutual Fund 71.57 75.52 46.03 29.92 9.81 Time Deposit 2.99 - - - - Treasury Bills - - - - - Treasury Bond 4.82 7.00 7.41 - - Cash And Cash Equivalent 6.80 11.26 24.57 52.49 22.06 Total 100.00 100.00 100.00 100.00 100.00 Note: Global Market Navigator Fund is managed by Eastspring Investments (Singapore) Limited.
  58. 58. PRUlink funds 55 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Dragon Peacock Fund Category 2013 2012 2011 2010 % % % % Investment in - Dragon Peacock Fund 100.80 103.20 99.15 100.00 Cash and Deposits 0.06 0.10 1.18 2.29 Other Assets - - 0.82 0.29 Total Liabilities (0.86) (3.30) (1.15) (2.58) Total 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 33,089,246 31,108,083 23,965,651 24,799,116 Units in Circulation 33,097,899 32,551,066 29,206,015 22,632,337 NAV Per Unit (RM) 1.000 0.956 0.821 1.096 Highest NAV per unit (RM) 1.002 0.956 1.136 1.192 Lowest NAV per unit (RM) 0.846 0.793 0.799 0.940 Total Return (+) - Capital Growth 4.61% 16.46% (25.11%) 9.57% - Income Distribution - - - - Average Annual Return - Fund (+) Period One year 4.61% Three years (3.01%) Five years n/a Average Annual Return - Benchmark: 50% MSCI China & 50% MSCI India Index1 Period One year 7.81% Three years (0.90%) Five years n/a
  59. 59. PRUlink funds 56 Financial Highlights PRUlink Dragon Peacock Fund Performance (Since Inception) PRUlink Dragon Peacock Fund Vs. 50% MSCI China & 50% MSCI India Index1 + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date PDPF 50% MSCI China & 50% MSCI India Index 1 % 30.00 25.00 20.00 15.00 10.00 5.00 0.00 (5.00) (10.00) (15.00) (20.00) (25.00) (30.00) % 30.00 25.00 20.00 15.00 10.00 5.00 0.00 (5.00) (10.00) (15.00) (20.00) (25.00) (30.00) SI % Change
  60. 60. PRUlink funds 57 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December DRAGON PEACOCK FUND Currency Breakdown 2013 2012 2011 2010 % % % % Hong Kong Dollar 49.06 50.19 48.69 43.70 Indian Rupee 48.47 46.82 47.24 47.17 US Dollar - 1.99 3.48 5.19 Cash And Cash Equivalent 2.47 1.00 0.59 3.94 Total 100.00 100.00 100.00 100.00 Category 2013 2012 2011 2010 % % % % Advertising - 1.99 1.87 - Aerospace & Air Transport - - - 2.14 Agricultural Operations 2.80 2.45 1.88 1.23 Auto - Auto Parts - - - 5.11 Auto Manufacturers 7.62 7.60 4.04 - Banks 18.86 19.09 20.16 - Building & Construction - - - 1.68 Building Materials 1.08 1.48 2.51 - Chemicals & Pharmaceuticals 7.60 7.19 5.61 4.89 Coal 1.97 2.53 2.76 - Commercial Services - - 0.75 - Computers & Software 11.77 6.60 8.80 11.08 Cosmetics/Personal Care - 2.43 2.54 - Diversified Financial Services 4.58 5.84 4.91 - Electric 1.55 1.67 1.68 - Engineering & Construction 2.51 0.93 - - Electronics & Electrical Equipment - - - 2.27 Energy - - - 14.15 Equities - - - 5.83 Extractive Industries - - - 5.28 Financial - - - 22.04
  61. 61. PRUlink funds 58 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December DRAGON PEACOCK FUND Category 2013 2012 2011 2010 % % % % Food 2.32 - - - Forest Products & Paper - 0.81 - - Gas - 0.44 1.59 - Holding Companies-Diversified - 0.27 0.24 - Insurance 3.29 4.63 4.00 2.45 Internet 0.96 - 1.61 - Iron/Steel 1.33 1.32 1.19 - Manufacturing - - - 4.28 Miscellaneous Manufacture 0.92 1.14 0.90 - Media 1.13 1.18 1.26 - Mining 1.27 1.55 2.35 - Oil & Gas 13.06 12.51 13.90 1.17 Property - - - 1.72 Real Estate 4.04 3.99 3.18 2.83 Retail 1.44 4.29 0.77 - Telecommunications 6.71 6.51 10.41 4.14 Transportation 0.72 0.56 0.50 - Transport & Telecomunications - - - 3.77 Cash And Cash Equivalent 2.47 1.00 0.59 3.94 Total 100.00 100.00 100.00 100.00 Note: Dragon Peacock Fund is managed by Eastspring Investments (Singapore) Limited and sub-managed by Eastspring Investments (HK) Limited.
  62. 62. PRUlink funds 59 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Asia Equity Fund Category 2013 2012 2011 2010 % % % % Investment in - Asian Equity Fund 98.71 99.69 98.90 97.58 Cash and Deposits 1.67 0.47 3.44 4.54 Other Assets 1.43 - 1.07 2.37 Total Liabilities (1.81) (0.16) (3.41) (4.49) Total 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 19,529,158 15,477,304 11,775,825 7,215,048 Units in Circulation 19,487,798 15,615,933 13,741,239 6,793,498 NAV Per Unit (RM) 1.002 0.991 0.857 1.062 Highest NAV per unit (RM) 1.020 0.992 1.078 1.075 Lowest NAV per unit (RM) 0.875 0.853 0.789 0.999 Total Return (+) - Capital Growth 1.11% 15.65% (19.31%) 6.21% - Income Distribution - - - - Average Annual Return - Fund (+) Period One year 1.11% Three years (1.88%) Five years n/a Average Annual Return - Benchmark: MSCI Asia Ex-Japan Index Period One year 10.77% Three years 3.79% Five years n/a
  63. 63. PRUlink funds 60 Financial Highlights PRUlink Asia Equity Fund Performance (Since Inception) PRUlink Asia Equity Fund Vs. MSCI Asia Ex-Japan Index + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date PAEF MSCI Asia Ex-Japan Index % 34.00 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 (2.00) (4.00) (6.00) (8.00) (10.00) (12.00) (14.00) (16.00) (18.00) (20.00) % 34.00 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 (2.00) (4.00) (6.00) (8.00) (10.00) (12.00) (14.00) (16.00) (18.00) (20.00) SI % Change
  64. 64. PRUlink funds 61 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December ASIAN EQUITY FUND Currency Breakdown 2013 2012 2011 2010 % % % % Thai Baht 3.28 2.74 2.68 2.95 Hong Kong Dollar 37.05 36.16 35.54 34.09 Indian Rupee 9.80 8.42 10.22 12.65 Indonesian Rupiah 3.42 4.95 3.72 3.24 Malaysian Ringgit 2.38 2.79 3.88 3.27 New Taiwan Dollar 11.25 12.61 13.89 14.28 Philippines Peso 1.13 1.26 0.48 0.88 Singapore Dollar 7.33 6.84 5.73 5.02 US Dollar 1.82 2.20 1.50 2.33 Korean Won 20.79 21.08 20.92 20.80 Cash And Cash Equivalent 1.75 0.95 1.44 0.49 Total 100.00 100.00 100.00 100.00 Category 2013 2012 2011 2010 % % % % Equity Advertising - 1.41 - - Agriculture 1.49 1.18 - - Auto - Auto Parts & Equipment 1.73 1.32 1.77 2.41 Automobiles & Components - 3.55 1.36 - Auto Manufacturers 4.95 - - - Banks 20.92 17.89 16.58 - Beverages 0.79 - - - Breweries & Leisure & Hotels - - - 0.81 Building & Construction - - - 2.25
  65. 65. PRUlink funds 62 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December ASIAN EQUITY FUND Category 2013 2012 2011 2010 % % % % Building Materials - 0.51 2.37 - Chemicals & Pharmaceuticals 1.62 5.68 2.45 3.51 Coal 1.56 2.68 1.69 - Commercial Services - - 2.34 0.69 Computers & Software 2.17 2.39 4.90 8.17 Distribution / Wholesale 0.75 0.78 - - Diversified Financial Services 6.33 6.91 6.66 - Diversified Operations - - - 1.99 Electric 2.25 - - - Electronics 3.47 - - - Electronics Components & Equipment 1.30 7.32 7.09 9.84 Engineering & Construction 1.24 2.03 5.53 5.29 Equities - - - 3.93 Extractive Industries - - - 5.39 Financial - - - 16.59 Food & Textiles & Apparel 3.55 0.72 0.68 1.94 Health Care - 0.45 0.92 0.77 Holding Companies-Diversified 5.84 2.72 4.88 3.40 Insurance 1.32 2.60 2.23 5.83 Investment Companies 0.64 - - - Iron / Steel 1.73 2.01 2.30 - Lodging 1.23 1.56 2.12 - Manufacturing - - 1.00 1.05 Mining - - 1.34 - Oil & Gas 6.95 3.14 4.14 - Pharmaceuticals 0.53 1.29 1.25 - Property - - - 1.65 Real Estate 6.79 7.73 4.81 3.04
  66. 66. PRUlink funds 63 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December ASIAN EQUITY FUND Category 2013 2012 2011 2010 % % % % REITs - - 0.89 - Retail 2.21 4.43 2.58 3.59 Semiconductors 11.75 12.14 8.49 2.06 Shipbuilding - 0.88 - - Telecommunications 4.45 4.23 7.37 1.10 Transport & Telecomunications - - - 5.44 Transportations 0.69 1.50 0.82 - Warrants - - - 0.01 98.25 99.05 98.56 99.51 Cash And Cash Equivalent 1.75 0.95 1.44 0.49 Total 100.00 100.00 100.00 100.00 Note: Asian Equity Fund is managed by Eastspring Investments (Singapore) Limited.
  67. 67. PRUlink funds 64 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink MyOptimizer Fund Category 2013 2012 2011 2010 % % % % Investment in - Structured Product 100.05 100.13 99.95 100.00 Cash at Bank 0.14 0.04 0.04 - Other Assets - - 0.05 100.00 Total Liabilities (0.19) (0.17) (0.04) (100.00) Total 100.00 100.00 100.00 100.00 Total Net Asset Value (RM) 32,948,878 48,767,555 47,752,090 48,052,800 Units in Circulation 33,825,000 50,055,000 50,055,000 50,055,000 NAV Per Unit (RM) 0.974 0.974 0.954 0.960 Highest NAV per unit (RM) 0.988 0.976 0.980 0.960 Lowest NAV per unit (RM) 0.956 0.952 0.946 0.960 Total Return (+) - Capital Growth (0.02%) 2.13% (0.63%) 0.00% - Income Distribution - - - - Average Annual Return - Fund (+) Period One year (0.02%) Three years 0.49% Five years n/a
  68. 68. PRUlink funds 65 Financial Highlights PRUlink MyOptimizer Fund Performance (Since Inception) PRUlink MyOptimizer Fund + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date % 3.00 2.50 2.00 1.50 1.00 0.50 0.00 (0.50) (1.00) (1.50) (2.00) SI % Change
  69. 69. PRUlink funds 66 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Commodity Allocator Fund Category 2013 2012 2011 % % % Investment in - Structured Product 100.04 99.77 100.13 Cash at Bank 0.49 0.46 - Other Assets - 0.23 - Total Liabilities (0.53) (0.46) (0.13) Total 100.00 100.00 100.00 Total Net Asset Value (RM) 50,909,560 52,218,980 54,379,572 Units in Circulation 52,585,000 55,664,000 55,664,000 NAV Per Unit (RM) 0.968 0.938 0.977 Highest NAV per unit (RM) 0.968 0.983 0.977 Lowest NAV per unit (RM) 0.938 0.934 0.953 Total Return (+) - Capital Growth 3.20% (3.97%) 1.50% - Income Distribution - - - Average Annual Return - Fund (+) Period One year 3.20% Three years 0.19% Five years n/a
  70. 70. PRUlink funds 67 Financial Highlights PRUlink Commodity Allocator Fund Performance (Since Inception) PRUlink Commodity Allocator Fund + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date % 3.00 2.50 2.00 1.50 1.00 0.50 0.00 (0.50) (1.00) (1.50) (2.00) (2.50) (3.00) SI % Change
  71. 71. PRUlink funds 68 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Commodity Allocator II Fund Category 2013 2012 2011 % % % Investment in - Structured Product 99.95 100.28 100.16 Cash and Deposits 0.56 - - Other Assets 0.04 - - Total Liabilities (0.55) (0.28) (0.16) Total 100.00 100.00 100.00 Total Net Asset Value (RM) 8,263,345 8,682,463 8,554,645 Units in Circulation 8,603,000 8,705,000 8,705,000 NAV Per Unit (RM) 0.961 0.997 0.983 Highest NAV per unit (RM) 1.004 0.997 0.983 Lowest NAV per unit (RM) 0.946 0.974 0.964 Total Return (+) - Capital Growth (3.70%) 1.49% 1.84% - Income Distribution - - - Average Annual Return - Fund (+) Period One year (3.70%) Three years (0.16%) Five years n/a
  72. 72. PRUlink funds 69 Financial Highlights PRUlink Commodity Allocator II Fund Performance (Since Inception) PRUlink Commodity Allocator II Fund + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Date % 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 (0.50) (1.00) (1.50) (2.00) SI % Change
  73. 73. PRUlink funds 70 Financial Highlights Comparative Performance Table For The Financial Year Ended 31 December PRUlink Dyna Growth I Fund Category 2013 2012 2011 % % % Investment in - Structured Product 99.83 99.71 99.81 Cash at Bank 0.39 0.38 - Other Assets 0.18 0.30 0.19 Total Liabilities (0.40) (0.39) - Total 100.00 100.00 100.00 Total Net Asset Value (RM) 4,243,677 4,338,542 2,382,787 Units in Circulation 4,577,040 4,736,153 2,550,290 NAV Per Unit (RM) 0.927 0.916 0.934 Highest NAV per unit (RM) 1.002 0.950 1.000 Lowest NAV per unit (RM) 0.913 0.913 0.929 Total Return (+) - Capital Growth 1.21% (1.96%) (6.57%) - Income Distribution - - - Average Annual Return - Fund (+) Period One year 1.21% Three years (1.24%) Five years n/a
  74. 74. PRUlink funds 71 Financial Highlights PRUlink Dyna Growth I Fund Performance (Since Inception) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. PRUlink Dyna Growth I Fund Date % 1.00 0.00 (1.00) (2.00) (3.00) (4.00) (5.00) (6.00) (7.00) (8.00) (9.00) (10.00) SI % Change
  75. 75. PRUlink funds 72 Comparative Performance Table For The Financial Year Ended 31 December PRUlink Dyna Growth II Fund Category 2013 2012 2011 % % % Investment in - Structured Product 99.75 99.53 99.69 Cash at Bank 0.45 0.44 - Other Assets 0.27 0.49 0.31 Total Liabilities (0.47) (0.46) - Total 100.00 100.00 100.00 Total Net Asset Value (RM) 4,326,134 4,369,558 2,424,589 Units in Circulation 4,864,252 5,026,421 2,702,908 NAV Per Unit (RM) 0.889 0.869 0.897 Highest NAV per unit (RM) 1.018 0.923 1.000 Lowest NAV per unit (RM) 0.865 0.864 0.888 Total Return (+) - Capital Growth 2.31% (3.09%) (10.30%) - Income Distribution - - - Average Annual Return - Fund (+) Period One year 2.31% Three years (2.60%) Five years n/a Financial Highlights
  76. 76. PRUlink funds 73 PRUlink Dyna Growth II Fund Performance (Since Inception) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Financial Highlights PRUlink Dyna Growth II Fund Date % 2.00 1.00 0.00 (1.00) (2.00) (3.00) (4.00) (5.00) (6.00) (7.00) (8.00) (9.00) (10.00) (11.00) (12.00) (13.00) (14.00) SI % Change
  77. 77. PRUlink funds 74 Comparative Performance Table For The Financial Year Ended 31 December PRUlink Dyna Growth III Fund Category 2013 2012 2011 % % % Investment in - Structured Product 99.41 99.08 99.23 Cash at Bank 1.68 1.74 - Other Assets 0.66 0.92 0.77 Total Liabilities (1.75) (1.74) - Total 100.00 100.00 100.00 Total Net Asset Value (RM) 183,079 176,868 128,050 Units in Circulation 210,235 210,235 146,146 NAV Per Unit (RM) 0.871 0.841 0.876 Highest NAV per unit (RM) 1.039 0.909 1.000 Lowest NAV per unit (RM) 0.837 0.834 0.865 Total Return (+) - Capital Growth 3.51% (3.98%) (12.38%) - Income Distribution - - - Average Annual Return - Fund (+) Period One year 3.51% Three years (4.51%) Five years n/a Financial Highlights
  78. 78. PRUlink funds 75 PRUlink Dyna Growth III Fund Performance (Since Inception) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Financial Highlights PRUlink Dyna Growth III Fund Date % 4.00 3.00 2.00 1.00 0.00 (1.00) (2.00) (3.00) (4.00) (5.00) (6.00) (7.00) (8.00) (9.00) (10.00) (11.00) (12.00) (13.00) (14.00) (15.00) (16.00) (17.00) (18.00) SI % Change
  79. 79. PRUlink funds 76 Comparative Performance Table For The Financial Year Ended 31 December PRUlink Dyna Growth IV Fund Category 2013 2012 2011 % % % Investment in - Structured Product 99.41 98.97 99.16 Cash at Bank 2.27 2.38 - Other Assets 0.81 1.05 0.84 Total Liabilities (2.49) (2.40) - Total 100.00 100.00 100.00 Total Net Asset Value (RM) 138,902 132,604 107,802 Units in Circulation 157,893 157,893 123,012 NAV Per Unit (RM) 0.880 0.840 0.876 Highest NAV per unit (RM) 1.052 0.911 1.000 Lowest NAV per unit (RM) 0.836 0.831 0.864 Total Return (+) - Capital Growth 4.75% (4.17%) (12.36%) - Income Distribution - - - Average Annual Return - Fund (+) Period One year 4.75% Three years (4.18%) Five years n/a Financial Highlights
  80. 80. PRUlink funds 77 PRUlink Dyna Growth IV Fund Performance (Since Inception) + The Fund returns are calculated based on five decimal place The unit prices of the Funds may go down as well as up and the past performance figures shown are not indicative of future performance. Financial Highlights PRUlink Dyna Growth Iv Fund Date % 6.00 5.00 4.00 3.00 2.00 1.00 0.00 (1.00) (2.00) (3.00) (4.00) (5.00) (6.00) (7.00) (8.00) (9.00) (10.00) (11.00) (12.00) (13.00) (14.00) (15.00) (16.00) (17.00) (18.00) SI % Change

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