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Welcome to the Presentation of.

  1. 1. Welcome to the Presentation of... YOUR NEED IS OUR FOCUS P HEIM ASSET MANAGEMENT
  2. 2. <ul><li>Provide portfolio management services </li></ul><ul><li>Funds are managed on a fully discretionary basis </li></ul><ul><li>Investment portfolio is designed to meet the client’s investment objectives and risk tolerance level </li></ul><ul><li>Area of Expertise/Forte: </li></ul><ul><ul><li>Asia ex Japan </li></ul></ul><ul><ul><li>ASEAN </li></ul></ul><ul><li>Client Base: </li></ul><ul><ul><li>97%: Institutions/Government Agencies </li></ul></ul><ul><ul><li>3%: Others </li></ul></ul>Pheim
  3. 3. The Pheim Group Founder Dr. Tan Chong Koay PHEIM Unit Trusts Berhad, Malaysia (2002) PHEIM Asset Mgt (Asia) Pte Ltd, Singapore (1995) PHEIM Asset Mgt Sdn Bhd, Malaysia (1994) 100%
  4. 4. Shareholders PHEIM Asset Management Sdn Bhd: PHEIM Asset Management (Asia) Pte Ltd: 5.00% Aizawa Securities Co., Ltd 66.50% Dr. Tan Chong Koay 28.50% Omar Bin Malek Ali Merican 5.0% Aizawa Securities Co., Ltd 20.0% Multi Purpose Capital Holdings Berhad 45.0% Dr. Tan Chong Koay 15.0% Omar Bin Malek Ali Merican 15.0% Dato’ Malek Merican
  5. 5. <ul><li>MAS Licence for 2 Boutique Funds </li></ul>THE STRAITS TIMES : Friday September 10, 1999 “ MAS announced yesterday that it has approved the applications for IA licences by PrimePartners Asia Capital and Pheim Asset Management (Asia) , making them the first boutique fund managers to be accorded IA status”
  6. 6. <ul><li>Singapore boutique fund gets nod for licence upgrade </li></ul>SINGAPORE, April 9 2002 (Reuters) - “ Singapore’s Pheim Asset Management (Asia) Pte Ltd has become the first boutique fund manager to receive approval from the central bank to upgrade its licence to full investment adviser status ”
  7. 7. Existing Capacity will allow for medium growth in AUM to US$1.5b
  8. 8. <ul><li>Government of Singapore Investment Corporation ( 13 th year) </li></ul><ul><li>Malaysia’s Employee Provident Fund (10 th year) </li></ul><ul><li>-most recent US$50m for Asia Ex Japan </li></ul><ul><li>Government related Company ( 7 th year) </li></ul><ul><li>Malaysian Unit Trusts ( 5 th year) </li></ul><ul><li>Non-profit Organization ( 4th year) </li></ul><ul><li>Swiss Bank Fund ( 4 th year) </li></ul><ul><li>Japanese Unit Trust (3 rd year) </li></ul>
  9. 9. DR. TAN CHONG KOAY CHIEF EXECUTIVE Pheim Asset Management (Asia) Pte Bhd MR. TENG CHEONG KWEE DIRECTOR <ul><li>INVESTMENT </li></ul><ul><li>MR. LOW YEE HSIANG </li></ul><ul><li>CFA M.Sc. M.B.A. </li></ul><ul><li>SR FUND MANAGER/ANALYST </li></ul><ul><li>MR. NG EAN KIAM </li></ul><ul><li>CFA ACCA M.Sc. </li></ul><ul><li>- SR FUND MANAGER/ANALYST </li></ul><ul><li>MR YEO KENG HUAT </li></ul><ul><li>CFA CPA B.Acc(Merit) </li></ul><ul><li>-SR INVESTMENT EXECUTIVE </li></ul><ul><li>MR. LIM THIAM KON </li></ul><ul><li>CFA B.Bus (Hons) </li></ul><ul><li>-SR INVESTMENT EXECUTIVE </li></ul><ul><li>MR ADRIAN CHEAH SIEW HOCK </li></ul><ul><li>B.Eng(Hons) </li></ul><ul><li>-INVESTMENT EXECUTIVE </li></ul>OPERATIONS MS. CHRISTINA YAP HWEE KUAN B.Sc. - OPERATIONS MANAGER MR. JACK YEE CHEE KEONG Dip Banking and Finance - OPERATIONS EXECUTIVE COMPLIANCE MR. PHILIPPE CHEUNG KAM HUNG CFA B.Sc.(Hons) HEAD, COMPLIANCE MARKETING MS CHEW SU CHUEN B Sc (Hons) - BUSINESS DEVELOPMENT EXECUTIVE ACCOUNTS MS. TOH GEOK YAN, CPA - ACCOUNTANT BOARD OF DIRECTORS
  10. 10. Pheim Singapore <ul><li>B.Bus (Hons), CFA </li></ul><ul><li>4 years working experience </li></ul><ul><li>Covers India and Vietnam </li></ul>Mr. Lim Thiam Kon Senior Investment Executive <ul><li>Over 16 Years experience, CFA, ACCA, M.Sc, B.B.A. (Hons) </li></ul><ul><li>Assists the Chief Strategist in Portfolio Management </li></ul><ul><li>Covers Hong Kong, China and Taiwan </li></ul>Mr. Ng Ean Kiam Senior Fund Manager <ul><li>B.Acc (Merit), CFA,CPA </li></ul><ul><li>10 yrs working experience </li></ul><ul><li>Covers Australia, New Zealand, Malaysia, Philippines and Singapore </li></ul><ul><li>(Mainboard) </li></ul>Mr. Yeo Keng Huat Senior Investment Executive <ul><li>B.Eng ( Hons) </li></ul><ul><li>2 years working experience </li></ul><ul><li>Covers Pakistan, Indonesia and Thailand </li></ul>Mr. Adrian Cheah Siew Hock Investment Executive <ul><li>Over 23 Years experience, CFA, M.B.A., M.Sc, BSc (Eng) (Hons) </li></ul><ul><li>Assists the Chief Strategist in Portfolio Management </li></ul><ul><li>Covers Korea and Singapore (SESDAQ) </li></ul>Mr. Low Yee Hsiang Senior Fund Manager <ul><li>Over 30 Years experience </li></ul><ul><li>Supervise designated officers </li></ul><ul><li>Oversees fund’s investments </li></ul>Dr. Tan Chong Koay Chief Strategist
  12. 12. Pheim Malaysia B. Sc (Bus Admin, Major: Finance), MBA - 9 yrs working experience - Covers Malaysia, Indonesia, Philippines Mr. Akmal Hassan Fund Manager/ Analyst B.Econs(Hons), M.Econs - 4 yrs working experience - Covers Malaysia, Hong Kong, China, Taiwan Ms. Tung Yin Wai Fund Manager/ Analyst B.Business Mr. Terence Ng Financial Analyst B.Com (Hons), CFA - 11 yrs working experience - Covers Malaysia, Korea, India Mr. Peter Chong Heong Wooi Associate Director Over 30 Years experience - Chief Strategist - Ensures that clients’ investment objectives are met and funds are managed within guidelines Dr. Tan Chong Koay Chief Executive
  13. 13. <ul><li>Core Investment Philosophy: </li></ul><ul><ul><li>VALUE INVESTOR AND NOT FULLY INVESTED AT ALL TIMES </li></ul></ul><ul><ul><li>A predominantly VALUE INVESTOR </li></ul></ul><ul><ul><li>“ Due to the volatility of Asian markets, we do not believe in being fully invested at all times . Rather, we seek to trim our equity exposure when we believe that the market is near its peak in order to preserve capital. Conversely, we seek to increase equity exposure when we believe that the market is near its bottom.” </li></ul></ul>Investment Philosophy
  14. 14. <ul><ul><li>Evaluate Business Model and Industry Economics through: </li></ul></ul><ul><ul><li>periodic country/company visit: </li></ul></ul><ul><ul><li>on-site business evaluation </li></ul></ul><ul><ul><li>management interview </li></ul></ul><ul><ul><li>due diligence checks with the company’s competitors/customers </li></ul></ul><ul><ul><li>keeping abreast with business trend </li></ul></ul><ul><ul><li>up-keeping of database </li></ul></ul>Stock Screening & Selection Portfolio Allocation Execution Clients’ Goals, Needs & Risk Appetites Macro- economic & Market Analyses Portfolio Monitoring & Evaluation Research Process
  15. 15. Search of Alpha Universe of Discounted / Undiscovered Stocks Brokers’ Research Third party sources, e.g. periodicals Search through market info provider e.g. Bloomberg Own contacts in: Banks / Industries Clients / Competitors Professional Bodies In-House Research Sectoral Theme / Extreme Events
  16. 16. <ul><li>Quantitative Factors </li></ul><ul><li>Strong Balance Sheets </li></ul><ul><ul><li>Low Gearing </li></ul></ul><ul><ul><li>Strong Cash Flow </li></ul></ul><ul><li>2. Positive Earning Dynamics </li></ul><ul><ul><li>Strong Earnings Growth </li></ul></ul><ul><ul><li>Dominant Market Position </li></ul></ul><ul><ul><li>Pricing Power </li></ul></ul><ul><li>3. Attractive Financial Ratios </li></ul><ul><ul><li>Low P/E </li></ul></ul><ul><ul><li>Low P/Book </li></ul></ul><ul><ul><li>High Margins </li></ul></ul><ul><li>4. Tracking the Turning Points of Major Trends </li></ul>+ <ul><li>Qualitative Factors </li></ul><ul><li>1. Management: </li></ul><ul><ul><li>Good Integrity </li></ul></ul><ul><ul><li>Capable & Focused </li></ul></ul><ul><ul><li>Significant Equity Interest </li></ul></ul><ul><li>2. Corporate Transparency </li></ul><ul><li>3. Good Corporate Governance </li></ul>
  17. 17. <ul><li>Each counter has to satisfactorily pass each stage before it can be recommended to the Investment Committee </li></ul><ul><li>At the Investment Committee, each counter will be critically evaluated before a “BUY” call is approved </li></ul>Recommendation Stocks that meet our criteria Assess Financials and Prospects Company Visits, Management Interviews 3rd Party Checks: Clients, Bankers, Brokers Competitors, Professional Bodies
  18. 18. <ul><li>Material Adverse Changes in a Country’s: </li></ul><ul><ul><li>Socio Political Developments </li></ul></ul><ul><ul><li>Economic Outlook </li></ul></ul><ul><ul><li>Sector Outlook </li></ul></ul><ul><li>Adverse Changes in Company Fundamentals: </li></ul><ul><ul><li>Material Decline in Earnings </li></ul></ul><ul><ul><li>Severe Deterioration in Financial Conditions </li></ul></ul><ul><ul><li>Changes in Management </li></ul></ul><ul><ul><li>Changes in Business Focus </li></ul></ul><ul><li>Announcement of Corporate Actions or Transactions that are Detrimental to Interest of Minority Shareholders </li></ul><ul><li>Prices have run materially ahead of intrinsic value </li></ul>
  19. 19. <ul><li>Proprietary Software to monitor Portfolio Risks. </li></ul><ul><li>Dealing </li></ul><ul><ul><li>Executed only by Authorized & Licensed IRs </li></ul></ul><ul><ul><li>Trade Allocation </li></ul></ul><ul><li>Minimal Conflict of Interest </li></ul><ul><ul><li>Founder/Chief Investment Strategist never sat on any of the Board of Directors of Investee Companies for the last 30 years </li></ul></ul><ul><ul><li>No Proprietary Trading </li></ul></ul>
  20. 20. <ul><li>To date, we have not engaged in any legal disputes with any client or other party </li></ul><ul><li>Our first two clients are still with us till today </li></ul>
  21. 23. Conservative Equity Mandate (US$) <ul><li>Swiss Bank Fund. </li></ul><ul><li>Started in Jan 2003. </li></ul><ul><li>Mandate :Conservative ; Asia Ex Japan. </li></ul><ul><li>Fees : Management fee 1.25% </li></ul><ul><li>: Out performance fee of 10% above high water mark. </li></ul>
  22. 24. Fund Performance Since Inception (31 Dec 2001 - 29 Dec 2006) <ul><li>Fund Return since Inception = +121.26% </li></ul><ul><li>Annualized Return = +21. 96% </li></ul><ul><li>Annualized Standard Deviation =12.37% </li></ul><ul><li>YTD Return = +34.06% </li></ul>
  23. 26. Pheim Aizawa Asia Fund (US$) (Since inception: 4 th Feb 2004 to 29 th Dec 2006) <ul><li>Started in Feb 2004. </li></ul><ul><li>Mandate :Conservative , Small and Mid Caps Focus, Absolute Return ; Asia Ex Japan. </li></ul><ul><li>Fund Return since Inception = +35.47% </li></ul><ul><li>Annualized Fund Return = +10.87% </li></ul><ul><li>Annualized Standard Deviation =13.13 % </li></ul><ul><li>YTD Return = +37.54 % </li></ul>
  24. 28. Dana Makmur Pheim (17th Feb 2002 (inception) to 31st Dec 2006) <ul><li>Malaysia Balanced Islamic/Shariah Mandate </li></ul><ul><li>Fund Return (since inception) = +73.0% </li></ul><ul><li>Annualized Return = +11.8% </li></ul><ul><li>Benchmark Return (since inception) = +34.7% </li></ul><ul><li>Out performance over Benchmark = +38.3% </li></ul><ul><li>Annualized Standard Deviation : 10.3% </li></ul>
  25. 29. 97.16% Winner of The Edge-Lipper Malaysia Fund Awards for 2 consecutive years, 2003 & 2004 (1-year period, Mixed Asset Islamic/Syariah) Ranked No.1 by Edge-Lipper in term of Total Returns for 3-Year Period ending 2005
  26. 31. AEC Growth Fund Ltd (31 th Dec 2001 to 29 th Dec 2006) <ul><li>ASEAN Relative mandate </li></ul><ul><li>Fund 5-year Return = +212.59% </li></ul><ul><li>FTSE All World ASEAN Index 5-year Return =+132.15% </li></ul><ul><li>Out performance over Benchmark = +80.44% </li></ul><ul><li>Annualized Return = +25.60% </li></ul><ul><li>Annualized Standard Deviation : 14.22% </li></ul><ul><li>Fund YTD Return = +56.19% </li></ul><ul><li>FTSE-All ASEAN YTD Return =36.11% </li></ul>
  27. 32. Ranked no. 1 in terms of returns by S&P’s for 3 and 5-year periods among offshore funds in the ASEAN category for 5 consecutive years in 2000, 2001, 2002, 2003 and 2004
  28. 33. The Vittoria Fund Ltd (31 th Dec 2001 to 29 th Dec 2006) <ul><li>Far East ex Japan Absolute Return Mandate </li></ul><ul><li>Benchmark: Mar 2001 – Dec 2003 : 10% </li></ul><ul><li>2004 : 1 Year US$ LIBOR + 3% subject min 5% </li></ul><ul><li> From Jan 2005 :1 year US$ LIBOR or 5% whichever is higher at last day of the previous year . </li></ul><ul><li>Fund 5-year Return = +149.50% </li></ul><ul><li>MSCI Far East Ex-Japan Index 5-year Return = +116.58% </li></ul><ul><li>Out performance over MSCI Far East ex-Japan Index = +32.92% </li></ul><ul><li>5-year Cumulative Absolute Benchmark Return = +35.00% </li></ul><ul><li>Out performance over Absolute Benchmark = +114.50% </li></ul><ul><li>Annualized Return = +20.06% </li></ul><ul><li>Annualized Standard Deviation = 15.12% </li></ul><ul><li>YTD Return = +36.41% </li></ul>
  29. 34. Ranked well in the 1st Quartile in terms of returns by S&P’s for 3 and 5-year periods in the Asia Pacific ex Japan category for 3 consecutive years ended 2002, 2003 and 2004
  30. 35. <ul><li>Watson Wyatt Investment Consulting has verified Pheim Asset Management Sdn Bhd and Pheim Asset Management (Asia) Pte Ltd’s performance in conformity with the Level I verification standards of the AIMR Performance Presentation Standards (AIMR-PPS ® ). </li></ul>Verification of Track Record
  31. 36. <ul><li>The report has concluded that: </li></ul><ul><li>Pheim Asset Management Sdn Bhd has outperformed the benchmark (KLCI) for its Malaysian Composite (all Malaysian mandate accounts combined) every year for 10 consecutive years (1994-2003) since inception. </li></ul><ul><li>Pheim Asset Management (Asia) Pte Ltd has outperformed the respective benchmarks every year for each Composite for 9 consecutive years (1995 - 2003) since inception. Pheim Singapore tends to perform better during periods when the markets experienced negative returns. </li></ul>Long Years of Outperformace
  32. 37. <ul><li>Long Years of Consistent and Creditable Track Records </li></ul><ul><li>AEC GROWTH FUND </li></ul><ul><ul><li>Ranked No. 1 in terms of Returns by S&P’s for 3 and 5-year periods among offshore funds in the ASEAN category for 5 consecutive years ended 2000, 2001, 2002, 2003 and 2004 </li></ul></ul><ul><li>THE VITTORIA FUND </li></ul><ul><ul><li>Ranked well in the 1 st Quartile by S&P’s for 3 and 5-year periods in the Asia Pacific ex Japan category for 3 consecutive years ended 2002, 2003 and 2004 </li></ul></ul>Achievements / Awards
  33. 38. <ul><li>Named “Southeast Asia’s small-cap King” by Bloomberg article in Aug 2006. </li></ul><ul><li>Best Boutique House of the Year 2004 in Malaysia </li></ul><ul><li>Largest Boutique House in Malaysia </li></ul><ul><li>All three Malaysian unit trusts won The Star / S&P’s Investment Funds Award in the 1 st year of competition in 2003: </li></ul><ul><ul><li>Dana Makmur Pheim (Islamic Balanced Fund) </li></ul></ul><ul><ul><li>Pheim Emerging Companies Balanced Fund </li></ul></ul><ul><ul><li>Pheim Income Fund </li></ul></ul><ul><li>Dana Makmur Pheim was ranked 1st in The Edge - Lipper Malaysia Unit Trust Awards in the Mixed Asset Islamic/Syariah category for two consecutive years ended 2003 and 2004 . </li></ul><ul><li>Ranked No.1 by Edge-Lipper in term of Total Returns for 3-Year Period ending 2005. </li></ul><ul><li>Pheim Income Fund was ranked No.1 by Edge-Lipper in term of Total Returns for 3-Year Period ending 2005. </li></ul>Achievements / Awards
  34. 39. <ul><li>Long Years of Consistent and Creditable Track Record </li></ul><ul><li>Proven Investment Philosophy / Process </li></ul><ul><li>Focused/Specialized </li></ul><ul><li>Thorough Understanding of Markets </li></ul><ul><li>Independent </li></ul><ul><li>Client Focused </li></ul><ul><ul><ul><li>(a) No dispute with clients since 1 st year of operation </li></ul></ul></ul><ul><ul><ul><li>(b) 1 st two clients are still with us today </li></ul></ul></ul><ul><li>Minimum Conflict of Interest </li></ul><ul><ul><ul><li>(a) Founder has never sat on any of the Board of Directors of investee companies for the last 30 years </li></ul></ul></ul><ul><ul><ul><li>(b) No proprietary trading </li></ul></ul></ul>
  35. 40. <ul><li>Pheim Asset Management (Asia) Pte Ltd </li></ul><ul><li>43, Duxton Road Singapore 089507. </li></ul><ul><li>Tel : +65-62279928 </li></ul><ul><li>Fax : +65-62259912 </li></ul><ul><li>Website : www.pheim.com.sg </li></ul><ul><li>Email : [email_address] </li></ul>
  36. 41. Disclaimer <ul><li>While the following informational materials contained within are believed to be reliable and gathered from credible sources, there is no warranty or guarantee of the accuracy of the information provided by the company and its group affiliates, employees or directors. The material provided is for information purposes only and of itself does not constitute nor should be construed as an offer or solicitation for purchase or investment into any financial instrument or security. </li></ul><ul><li>The information is intended for institutional and accredited investors and the recipient should be aware of the securities laws and regulation of your jurisdiction in your review of the material. The material should not be construed as formal investment, legal, tax or accounting advice and such formal advice should be acquired by any individual investor prior to making an investment. </li></ul><ul><li>The strategies, instruments and/or opinions in that regard contained within the material may not be suitable or appropriate for all investors. The material does not account for the individual investor’s risk requirements, needs, circumstances and objectives. Past performance is not indicative or a warranty of future results. </li></ul>