Philam Life Unit-linked Funds Performance Report Full Year 2014

Transcription

Philam
Unit-linked Funds
PhilamLife
Life
Performance
Unit-linkedReport
FundsFull Year 2014
Performance Report
Full Year 2014
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philamlife.com
June 2015
Dear Valued Policyholder,
We are pleased to present to you Philam Life’s 2014 Unit-Linked
Fund Performance Report covering our various investment funds.
The Philippines reported another year of strong economic growth
in 2014, led by domestic consumption, exports, manufacturing, as
well as moderate improvements in agriculture. You will find in the
following pages a more in-depth look at the developments that
affected both the local and global markets.
Overall, Philam Life’s unit-linked funds have grown in line with the
positive performance of the economy in 2014:
Bond Funds
Philam Life Fixed Income Fund
PAMI Philam Bond Fund Philam Life Dollar Bond Fund Philam Life Global Bond Fund 2014 Return
4.51%
1.99%
7.54%
3.40%
Currency
Peso
Peso
Dollar
Dollar
Balanced Funds
Philam Life Balanced Fund PAMI Philam Fund 2014 Return
13.09%
13.45%
Currency
Peso
Peso
Equity Funds
Philam Life Equity Fund
PAMI Philam Strategic Growth Fund 2014 Return
19.09%
17.71%
Currency
Peso
Peso
We would also like to take this opportunity to share with you the
company’s overall performance in 2014 based on its audited
financial statements:
- Total Assets of PHP226.8 billion, an increase of 8% vs PY
- Net Worth of PHP85.2 billion, an increase of 11% vs PY
- Paid up Capital of PHP1.9 billion
- Total Revenues of PHP35.2 billion, an increase of 4% vs PY
- Gross Premiums of PHP18.6 billion
- Investment Income of PHP12.5 billion
- Net Income of PHP5 billion
We are thankful for your loyalty and continued patronage. We shall
continue to fulfill our commitments to you, our policyholders.
Should you have any inquiries, please do not hesitate to call us
at (+632) 528-2000 or e-mail us at [email protected]. You may
also visit our website at www.philamlife.com or go to the nearest
Philam Life Customer Service Center for assistance.
Very truly yours,
J. AXEL BROMLEY
Chief Executive Officer
Philam Life Unit-linked Funds
GENERAL MARKET REVIEW
Philippine Gross Domestic Product (GDP) growth came in at
6.1% for 2014, lower than the 7.2% growth posted in 2013. In
spite of the decline, Philippine growth ranked second in Asia,
behind China (7.4% growth) and ahead of Malaysia (6.0%),
Vietnam (6.0%), and Indonesia (5.0%). Sources of strength
continue to be domestic consumption, services, exports,
and manufacturing, with a moderate improvement seen in
agriculture. Government spending was weaker, due in part
to issues related to the Disbursement Acceleration Program
and its trickle-down effect on other government agencies.
Investment in inventories was also weak, due mainly to issues
on port congestion, which is gradually being alleviated.
Gross International Reserves remain at a high level (USD80
billion) as OFW remittances continue to be robust (USD24.3
billion, up 5.8% from 2013). Inflation was higher at 4.2%
during the year compared to 2.9% in 2013 on higher food and
power prices (the former largely caused by logistics problems
stemming from the Manila truck ban), although still within
the Bangko Sentral ng Pilipinas’ (BSP) target range of 3-5%.
Higher inflation expectations prompted the BSP to raise
overnight rates by 0.50% to 4.50% and reserve requirement
rates were also raised by 2% to 20%. The Philippine Peso
weakened marginally, closing the year at PHP44.72 from
PHP44.40 during the previous year. Sustained improvements
in economic management continue to be recognized by the
international investment community – Standard & Poor’s
raised its Philippine credit rating by one notch to BBB in
May, with Moody’s Investor Service upgrading its rating in
similar fashion to Baa2 in December. Both ratings are now
two notches above investment grade. These actions firmly
established the country as an investment grade credit.
Looking forward, the outlook for the economy continues to be
positive in 2015. Consensus GDP growth forecasts are at 6.3%,
with the official government target set at a more aggressive
7-8%. Inflation according to the BSP should range between
2-4%, lower compared to 2014 due in part to lower oil prices.
Benign inflation should anchor interest rates at relatively low
levels, which should bode well for the business environment.
Overall, the usual areas of economic strength seen in recent
years are expected to continue to perform, with a meaningful
increase in government spending a potential catalyst for
outperformance in the year ahead.
LOCAL MARKET
Equities Market
The local stock market benchmark Philippine Stock Exchange
Index clinched its sixth straight year of gains by closing 2014
at 7,231, 23% above end-2013’s 5,889. Over the said six years,
the market has averaged an annual gain of 25% per year.
2014 was also the sixth straight year of net foreign buying:
foreigners bought about USD1.3 billion worth of local stocks
– an 85% increase year-on-year. During the year, Meralco
and Emperador Inc. replaced Manila Water Company, Inc and
Philex Mining in the benchmark Index.
For 2015, local corporate earnings growth is expected to
return to double digit territory as the market attempts to
make it seven straight years in positive territory.
Bond Market
Local bond investors entered 2014 on a cautious note on
the back of higher inflation expectations, which raised the
possibility of interest rate hikes from the BSP. Given this
backdrop, market players pushed up bond yields during the
early part of the year, with the 10-year Fixed Rate Treasury
Notes (FXTN) yield rising from 3.6% at end-2013 to 4.4% in
February and the 20-year FXTN yield up from 4.6% to 5.4%
during the same period. However, actual inflation numbers
reported were consistently lower than market expectations,
thereby capping the rise in yields.
The BSP’s policy actions tempered inflation expectations,
provided confidence to investors, and lent stability to the bond
market as the year progressed. Credit rating upgrades also
sustained demand for Philippine assets. On the supply side,
the Bureau of Treasury executed a bond exchange in August
where a total of PHP140 billion in new 10-year FXTNs were
issued. The new bonds were well-received by the market and
fetched a coupon of 4.125%. This was the first bond exchange
conducted since 2011.
Inflation began to decline during the latter part of the year,
due in part to the rapid decline in oil prices. This, together
with robust market liquidity, a still low global interest rate
environment, and sound local economic fundamentals caused
bond yields to trend lower as the year drew to a close. The
10-year and 20-year FXTN finally settled at 3.9% and 4.8%,
respectively, at year-end.
Investors are maintaining a cautious stance going into 2015,
due mainly to the prospect of higher interest rates in the
United States which, if it materializes, may exert upward
pressure on local bond yields. However, conditions remain
broadly positive on the local front, with inflation expected to
be lower compared to 2014, and the BSP expected to maintain
policy rates at current levels for the better part of the year.
GLOBAL MARKETS
The high level of volatility experienced by the global markets
in 2013 resulted in a general sentiment of uncertainty among
investors going into 2014. The so-called taper tantrum caused
U.S. interest rates to rise to multi-year highs during the second
half of 2013, which triggered a broad sell-off in equity and
bond markets across the globe. With investors anticipating a
continued rise in U.S. interest rates, forecasts were relatively
downbeat for 2014. However, economic data flowing out of the
U.S. was not encouraging – weak growth, low inflation, and
high unemployment was prevalent during 1H2014. Economic
conditions therefore diminished prospects of the Federal
Reserve raising benchmark interest rates sooner rather than
later. Yields on U.S. Treasury bonds subsequently began a
steady downward trend that progressed throughout the year,
which fueled a rally in asset prices worldwide. Also, the
Federal Reserve embarked on a process to gradually end its
Quantitative Easing program, with the final step taking place
in October.
Economic activity in the Eurozone continued to be lackluster
in 2014, seeing no material improvement from the previous
year. An emerging concern was the threat of deflation in the
continent. In response, the European Central Bank lowered
policy interest rates during the second quarter, in an effort
to stimulate the economy. This move, however, did not have
a meaningful effect on business activity in the region and
sparked discussion calling for more aggressive stimulus
measures.
Asia continued to be the driver of global growth during the
year. Average GDP growth in the region was a robust 6.3%.
Inflation was fairly low, so was unemployment. Government
balance sheets likewise remained healthy. Concerns emerged
regarding a protracted slowdown in the Chinese economy, but
the government responded by initiating stimulus measures in
the form of higher public spending and lower policy interest
rates.
A major development in 2014 was the steep decline in world
oil prices, due mainly to increasing supply out of the U.S.,
the reluctance of the Organization of Petroleum Exporting
Countries (OPEC) bloc to reduce production levels, and
prospects of weaker demand globally.
Prospects remain arguably mixed going into 2015. U.S.
growth is expected to be moderate, but improvements have
been observed in the labor markets. The Eurozone continues
to struggle, with markets expecting elevated action from
the European Central Bank. Meanwhile, Asia is expected to
remain a source of strength. Sustained low oil prices will keep
inflation manageable, allowing central banks to maintain
monetary policy that is supportive of growth.
FUND MANAGERS
Philam Life’s variable life funds are managed by Philam Life’s
team of investment professionals who have 20 to 30 years of
experience and expertise in the field of fund management.
As of December 31, 2014 total assets under management
reached over PHP34 billion, excluding those of other Philam
affiliates. Philam Life combines its expertise with the strength
of its senior management to manage portfolios effectively in
order to achieve favorable returns.
Financial Statement
As of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES
Philam Life Peso Variable Funds in PHP
Philam Life
Fixed Income Fund
Philam Life
Equity Fund
Philam Life
Balanced Fund
ASSETS
Cash and cash equivalents
Financial assets at FVTPL*
Loans and receivables
Accrued income
Other Assets-net
338,715,167
1,974,266,276
65,660,000
19,098,727
973,191,735
9,801,294,421
4,094,110
15,478,667
315,831,171
3,854,764,004
32,340,000
15,833,353
1,452,732
Total Assets
2,397,740,170
10,794,058,932
4,220,221,260
4,651,186
7,295,748
102,211,518
5,950,029
29,122,727
49,218,781
11,946,935
108,161,547
78,341,508
2,385,793,236
10,685,897,385
4,141,879,752
PAMI Philam
Bond Fund
PAMI Philam Strategic
Growth Fund
PAMI Philam Fund
ASSETS
1,003,418,956
6,450,920,437
3,012,827,663
Net Asset Value (NAV)
1,003,418,956
6,450,920,437
3,012,827,663
Growth Invest
Tranche 1
Growth Invest
Tranche 2
Growth Invest
Tranche 3
ASSETS
394,311,844
168,354,787
45,099,708
394,311,844
168,354,787
45,099,708
LIABILITIES
Accounts payable and accrued expense
Other Liabilities-net
Total Liabilities
*Fair Value Through Profit or Loss
Financial Statement
As of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES
Philam Life Dollar Variable Funds in USD
Philam Life
Dollar Bond Fund
ASSETS
Cash and cash equivalents
Loans and receivables
Accrued income
Other Assets-net
Philam Life
Global Bond Fund
$2,653,174
$75,178,379
$1,457,890
$9,001,020
$1,122,949
$773,300
$88,876
$136,210
$79,727,801
$10,683,996
LIABILITIES
Accounts payable and accrued expense
Other Liabilities-net
$179,994
$1,094,945
$25,063
$27,438
Total Liabilities
$1,274,939
$52,501
$ 78,452,862
$10,631,495
Winning Edge
Tranche 1
Winning Edge
Tranche 2
Total Asset
High-Water Mark
Fund 2019
ASSETS
$6,170,039
$3,275,161
$14,314,085
$6,170,039
$3,275,161
$14,314,085
Asia’s Best
Tranche 1
Asia’s Best
Tranche 2
ASSETS
$3,641,250
$3,630,000
$3,641,250
$3,630,000
*Fair Value Through Profit or Loss
Philam Life Fixed Income Fund
Fund Inception Date: November 10, 2004
The Philam Life Fixed Income Fund is a PHP-denominated investment fund
created for unit-linked insurance contracts issued by The Philippine American
Life and General Insurance Company (Philam Life). It is an investment option
for the unit-linked policyholder with a preference for investing in high-quality
interest-bearing debt instruments that present low to moderate levels of
risk. The investment objective of the Philam Life Fixed Income Fund is to
provide stable income over the medium- to long-term, and preserve capital by
investing primarily in PHP-denominated fixed-income securities issued by the
government and reputable corporate issuers.
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
2011 Return
2010 Return
3 Years Return (annualized as of Dec 31, 2014)
Return since Inception (annualized as of Dec 31, 2014)
4.51%
5.22%
7.37%
11.05%
10.46%
5.69%
7.69%
7.69%
* Fund returns are calculated based on Net Asset Value per Unit
Past performance is not indicative of future performance.
PORTFOLIO STATISTICS (as of Dec 31, 2014)
Net Asset Value (NAV in PHP)
Net Asset Value per Unit (NAVPU)
Weighted Duration (in years)
Weighted Tenor/Maturity (in years)
Weighted Average YTM
2,385,793,236 *
2.1188
5.82 8.00 3.69%
* Based on Audited Financial Statement. NAV is net of 2.0% fund management
charge, transaction costs, and audit fees.
PORTFOLIO MIX* (as of Dec 31, 2014)
Cash & Cash Equivalents Philippine Issued Peso Government Bonds
14.49%
85.51%
* Excluding accrued income
FIXED INCOME SECURITIES (as of Dec 31, 2014)
Top 10 Issues PH Issued PHP Govt Bonds
PH Issued PHP Govt Bonds
Maturity % of Portfolio
11/22/2019
8/20/2024
1/19/2022
5/22/2017
3/20/2021
7/19/2031
12/16/2035
10/24/2037
3/1/2027
9/4/2016
12.81%
10.21%
8.69%
7.52%
7.46%
7.30%
7.19%
6.17%
5.60%
5.53%
NAVPU PERFORMANCE SINCE INCEPTION*
2.3
2.1
1.8
1.6
Dec-14
Jul-13
Feb-12
Aug-10
Mar-09
Sep-07
Apr-06
Nov-04
1.3
1.1
0.8
* Net Asset Value Per Unit movement since inception. Inception price is at Php1.00
Philam Life Equity Fund
Fund Inception Date: November 10, 2004
The Philam Life Equity Fund is a PHP-denominated investment fund created
for unit-linked insurance contracts issued by The Philippine American Life and
General Insurance Company (Philam Life). This investment option is for the
unit-linked policyholder with an investment objective of capital appreciation over
a long-term investment horizon, and the risk appetite for the stock market. The
investment objective of the Philam Life Equity Fund is to achieve capital growth
by investing in an efficient and diversified portfolio of predominantly growth
companies while including appropriate value stocks.
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
2011 Return
2010 Return
19.09%
-5.55%
24.44%
0.31%
49.15%
11.86%
15.93%
13.41%
10,685,897,385*
3.5805
Cash & Cash Equivalents
Common Stocks
8.99%
91.01%
COMMON STOCKS (as of Dec 31, 2014)
Top 10 Issues
Phil Long Distance Tel Co SM Investments Corporation Ayala Land Inc Universal Robina Corporation
Ayala Corporation
JG Summit Holdings Inc BDO Unibank Inc Bank of the Philippine Islands
SM Prime Holdings Inc
International Container Terminal Serv % of Portfolio
9.98%
9.35%
8.29%
6.29%
5.46%
4.97%
4.95%
4.50%
4.37%
3.85%
COMMON STOCKS by SECTOR (as of Dec 31, 2014)
Sector
% of Portfolio
Financials34.39%
Industrials 25.17%
Telecommunication Services
10.61%
Consumer Staples
7.66%
Utilities 6.74%
Consumer Discretionary 3.45%
Energy2.55%
Materials0.44%
4.0
3.6
3.2
2.8
2.4
2.0
1.6
Dec-14
Jul-13
Feb-12
Aug-10
Mar-09
Sep-07
Apr-06
0.8
Nov-04
1.2
Philam Life Balanced Fund
Fund Inception Date: May 22, 2007
The Philam Life Balanced Fund is a PHP-denominated investment fund created
for unit-linked insurance contracts issued by The Philippine American Life
and General Insurance Company (Philam Life). This investment option is for
the unit-linked policyholder with an investment objective of long-term capital
appreciation by investing primarily in PHP-denominated equities, equity-related
securities and debt securities.
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
2011 Return
2010 Return
13.09%
-4.31%
23.90%
1.34%
41.93%
10.27%
14.03%
8.18%
4,141,879,752*
1.8189
Net Asset Value (NAV in PHP) Net Asset Value per Unit (NAVPU)
Philippine Issued Peso Government Bonds
Corporate Securities
Common Stocks
7.47%
31.67%
0.77%
60.10%
COMMON STOCKS (as of Dec 31, 2014)
Top 10 Issues % of Portfolio
Phil Long Distance Tel Co
SM Investments Corporation
Ayala Land Inc
Universal Robina Corporation
Ayala Corporation
BDO Unibank Inc
JG Summit Holdings Inc
Bank of the Philippine Islands
Metropolitan Bank and Trust Co
10.70%
9.47%
8.24%
6.47%
5.62%
5.38%
4.96%
4.53%
4.44%
4.03%
Top 10 Issues Maturity
% of Portfolio
Smart Comm FRCN
8/18/2018
5/22/2017
4/25/2016
1/19/2022
9/4/2016
5/23/2018
2/19/2019
11/22/2019
3/20/2021
3/19/2022
15.43%
14.63%
14.46%
12.67%
12.11%
10.68%
10.29%
3.74%
3.63%
2.36%
FRCN - Fixed Rate Corporate Note
2.3
2.0
1.8
1.5
1.3
1.0
Dec-14
Nov-13
Oct-12
Sep-11
Aug-10
Jul-09
Jun-08
0.5
May-07
0.8
PAMI Philam Bond Fund
Fund Inception Date: August 1, 2012
The PAMI Philam Bond Fund is a PHP-denominated single asset fund invested
in Philam Asset Management Inc.’s PAMI Bond Fund (PBF). PBF is an open-end
mutual fund with a portfolio composed of government securities and high-grade
commercial papers. The investment focus of the fund is capital preservation.
It is a first-rate pick for programmed capital build-up that can be used for
retirement, education, incentive programs, and other individual or corporate
financial purposes.
FUND PERFORMANCE*
2014 Return
2013 Return
1.99%
6.01%
5.23%
1,003,418,956*
4.022
Top 10 Issues of PBF PH Issued PHP Govt Bonds
Maturity
% of Portfolio
12/16/2035
3/1/2032
8/20/2024
8/18/2018
11/22/2019
2/19/2019
3/20/2021
7/19/2031
7/5/2017
3/21/2033
9.45%
7.58%
6.27%
6.16%
5.25%
5.04%
4.17%
4.10%
3.91%
3.47%
4.5
4.3
4.0
Dec-14
May-14
Oct-13
Mar-13
3.5
Aug-12
3.8
* Net Asset Value Per Unit movement since inception. Inception price is at Php 3.5566
PAMI Philam Strategic Growth Fund
The PAMI Philam Strategic Growth Fund is a PHP-denominated single asset
fund invested in Philam Asset Management Inc.’s PAMI Strategic Growth Fund
(PSGF). It is a long-term investment that gives superior capital growth through
a professionally managed stock portfolio. PSGF is an equity fund invested in
listed or soon to be listed issues in the Philippine Stock Exchange. It is the ideal
fund for people who are after capital growth but do not have the expertise or the
resources to develop and manage a highly diversified equity portfolio.
FUND PERFORMANCE*
2014 Return
2013 Return
17.71%
-8.45%
4.70%
6,450,920,437*
540.6200
COMMON STOCKS
(as of Dec 31, 2014)
Top 10 Issues of PSGF
% of Portfolio
Ayala Land Inc
Universal Robina Corporation
Ayala Corporation
JG Summit Holdings Inc
BDO Unibank Inc Metropolitan Bank and Trust Co
International Container Terminal Serv
10.60%
9.44%
8.36%
6.48%
5.66%
5.15%
4.89%
4.88%
4.64%
3.70%
620.0
570.0
520.0
Dec-14
May-14
Oct-13
Mar-13
420.0
Aug-12
470.0
PAMI Philam Fund
The PAMI Philam Fund is a PHP-denominated single asset fund invested in
Philam Asset Management Inc.’s PAMI Fund (PFI). It is a balanced fund that
provides its shareholders access to the stock market while tempering the
market’s volatility with a steady stream of interest income. The fund’s portfolio
is a healthy balance between blue chip stocks and fixed income instruments.
It is an ideal vehicle for moderate investors who want to avail of the profit
opportunities of the stock market but are not totally comfortable with the risks
involved in equity investments.
FUND PERFORMANCE*
2014 Return
2013 Return
13.45%
-8.76%
2.04%
3,012,827,663*
16.7825
COMMON STOCKS
(as of Dec 31, 2014)
Top 10 Issues of PFI
% of Portfolio
10.72%
9.45%
Ayala Land Inc 8.34%
Universal Robina Corporation 6.49%
Ayala Corporation 5.68%
SM Prime Holdings Inc 5.24%
BDO Unibank Inc
4.98%
JG Summit Holdings Inc 4.86%
Metropolitan Bank and Trust Co 4.70%
International Container Terminal Serv 3.62%
Top 10 Issues of PFI
Maturity
12/16/2035
8/20/2024
11/22/2019
10/24/2037
3/21/2033
9/4/2016
2/19/2019
1/27/2016
8/18/2018
3/20/2021
% of Portfolio
10.42%
9.21%
7.38%
7.26%
5.69%
5.24%
5.17%
5.01%
4.74%
4.50%
20.0
18.5
17.0
Dec-14
May-14
Oct-13
Mar-13
14.0
Aug-12
15.5
Philam Life Dollar Bond Fund
Fund Inception Date: July 12, 2005
The Philam Life Dollar Bond Fund is a USD-denominated investment fund
created for dollar unit-linked insurance contracts issued by The Philippine
American Life and General Insurance Company (Philam Life). The Philam Life
Dollar Bond Fund is an investment option for the dollar unit-linked policyholder
with a preference for investing in Philippine government and corporate fixedincome securities. The Fund aims to provide income growth while maintaining
moderate liquidity over the medium- to long-term investment horizon.
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
2011 Return
2010 Return
7.54%
-8.57%
10.14%
6.60%
9.55%
2.69%
4.81%
7.60%
Net Asset Value (NAV in USD) Net Asset Value per Unit (NAVPU)
78,452,862*
2.0010
6.44
9.17
3.38%
Philippine Issued Dollar Government Bonds
3.35%
96.65%
PHILIPPINE SOVEREIGN SECURITIES (as of Dec 31, 2014)
Top 10 IssuesMaturity PH Issued US$ Govt Bonds
PH Issued US$ Govt Bonds
% of Portfolio
10/23/2034
10/9/2023
6/17/2019
3/16/2025
1/14/2031
2/2/2030
1/15/2021
1/20/2020
1/23/2023
3/17/2020
11.14%
9.48%
8.43%
7.68%
6.18%
5.83%
5.76%
5.74%
5.20%
4.52%
NAVPU
PERFORMANCE SINCE INCEPTION*
2.1
1.8
1.6
1.3
Dec-14
Oct-13
Aug-12
Jun-11
Mar-10
Jan-09
Nov-07
Sep-06
0.8
Jul-05
1.1
* Net Asset Value Per Unit movement since inception. Inception price is at $1.00
Philam Life Global Bond Fund
Fund Inception Date: July 12, 2005 The Philam Life Global Bond Fund is a USD-denominated investment fund
created specifically for dollar unit-linked insurance contracts issued by The
Philippine American Life and General Insurance Company (Philam Life). The
Philam Life Global Bond Fund is an investment option for the dollar unit-linked
policyholder with a preference for investing in high-quality, investment-grade
fixed-income securities with low to moderate levels of risk over a medium- to
long-term investment horizon. The Fund aims to preserve capital and provide
stable income growth over the medium- to long-term.
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
2011 Return
2010 Return
3.40%
-4.28%
11.70%
2.81%
6.33%
3.40%
3.86%
4.63%
Net Asset Value (NAV in USD)
10,631,495*
1.5345
3.10 4.73 2.31%
Foreign Corporate Securities
13.78%
86.22%
FOREIGN SECURITIES (as of Dec 31, 2014)
Top 10 Issues Maturity
Bangkok Bank
Siam Commercial Bank
China Overseas Hutch Whampoa Ltd
Reliance Hdg USA
ICICI Bank Ltd
Hutch Whampoa Ltd
PCCW Capital
Sun Hung Kai Pro
Swire Pro % of Portfolio
10/18/2020
4/7/2019
11/10/2020
12/29/2049
2/14/2022
11/16/2020
1/13/2022
4/17/2022
2/14/2022
6/18/2022
5.40%
4.54%
3.60%
3.41%
3.02%
2.46%
2.40%
2.40%
2.36%
2.36%
1.7
1.5
1.4
1.2
Dec-14
Oct-13
Aug-12
Jun-11
Mar-10
Jan-09
Nov-07
Sep-06
0.9
Jul-05
1.1
Philam Life High-Water Mark Fund 2019
(or Prime Yield)
Fund Inception Date: May 13, 2009
The Philam Life High-Water Mark (HWM) Fund 2019 is a USD-denominated
single-asset fund that locks in the highest NAVPU of the fund at maturity. The
fund is invested in a 10-year structured note issued by Barclays Bank PLC, which
is exposed to various asset classes and markets, such as global and emerging
market equities and bonds. On a daily basis, the note allocates its exposure
between risky and risk-free assets to maximize returns while ensuring that the
highest NAVPU is protected at maturity.
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
2011 Return
2010 Return
0.73%
-3.73%
5.06%
2.59%
1.96%
0.62%
1.28%
3.81%
Remaining Life (in years)
14,314,085*
1.2347
4.37 * Based on Audited Financial Statement. NAV is net of 2.2% fund management
charge.
Mutual Fund
% of Portfolio
Aberdeen Global World Equity Fund
Aberdeen Global EM Equity Fund
BlackRock Global Funds - Global SmallCap Fund
Parvest US Dollar Bond Fund
Pimco Total Return Bond Fund
MFS Meridian EM Debt Fund
PIMCO Funds Glb Investors - Glb Real Return Fund
35.00%
7.50%
7.50%
16.00%
16.00%
8.00%
10.00%
1.3
1.2
Dec-14
Jan-14
Feb-13
Mar-12
Apr-11
May-10
1.0
May-09
1.1
Philam Life Principal-Protected Fund
(or AIG Winning Edge Tranche 1)
Fund Inception Date: June 3, 2008
The Philam Life Principal-Protected Fund is a USD-denominated single-asset
fund invested in an index-linked structured note issued by HSBC Bank PLC.
The structured note provides 100% principal protection at maturity and a
participation in the performance of Standard and Poor’s (S&P) 500 and S&P BRIC
(Brazil Russia India China) 40 indices.
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
2011 Return
2010 Return
-1.57%
0.34%
-1.28%
3.95%
5.47%
-0.84%
1.34%
0.21%
6,170,039*
1.0138
1.42 * Based on Audited Financial Statement. NAV is net of 2.5% administrative charge.
1.1
1.0
Dec-14
Nov-13
Oct-12
Sep-11
Aug-10
Jul-09
0.8
Jun-08
0.9
Philam Life Principal-Protected Fund 2
(or AIG Winning Edge Tranche 2)
Fund
Inception Date: July 17, 2008
The Philam Life Principal-Protected Fund is a USD-denominated single-asset
fund invested in an index-linked structured note issued by HSBC Bank PLC.
The structured note provides 100% principal protection at maturity and a
participation in the performance of Standard and Poor’s (S&P) 500 and S&P BRIC
(Brazil Russia India China) 40 indices.
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
2011 Return
2010 Return
-0.86%
1.26%
-0.84%
2.89%
5.67%
-0.15%
1.59%
0.69%
3,275,161*
1.0456
1.1
1.0
Dec-14
Nov-13
Oct-12
Sep-11
Sep-10
Aug-09
0.8
Jul-08
0.9
Philam Life Asia’s Best Tranche 1
Fund
Inception Date: July 12, 2011
The Philam Life Asia’s Best Fund is a USD-denominated single-asset
fund
invested in a structured note issued by Citigroup Funding Inc. The structured
note protects at least 80% of the principal at maturity and provides a participation
in the performance of the Hang Seng China Enterprises Index (HSCEI Index) and
India’s equity index (NIFTY Index).
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
3.86%
-0.36%
15.17%
6.02%
-0.84%
3,641,250*
0.971
2.53
* Based on Audited Financial Statement. NAV is net of 3.0% administrative charge.
1.1
1.0
0.9
Dec-14
Jan-14
Mar-13
May-12
0.7
Jul-11
0.8
Philam Life Asia’s Best Tranche 2
Fund Inception Date: December 2, 2011
The Philam Life Asia’s Best Fund is a USD-denominated single-asset fund
invested in a structured note issued by Citigroup Funding Inc. The structured
note protects at least 80% of the principal at maturity and provides a participation
in the performance of the Hang Seng China Enterprises Index (HSCEI Index) and
India’s equity index (NIFTY Index).
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
8.15%
2.22%
13.38%
7.82%
4.98%
3,630,000*
1.1616
1.3
1.2
1.1
Dec-14
Dec-13
Dec-12
0.9
Dec-11
1.0
Philam Life Growth Invest Tranche 1
Fund Inception Date: September 28, 2011
The Philam Life Growth Invest Fund is a PHP-denominated single-asset fund
invested in a structured note issued by ING Bank NV. The structured note
protects at least 80% of the principal at maturity and provides a participation
in the performance of four exchange-traded funds related to commodity-related
equities and Chinese equities, namely 1.) Market Vectors Agribusiness ETF (MOO
US Equity), 2.) Energy Select Sector SPDR Fund (XLE US), 3.) iShares FTSE/
Xinhua A50 China Index ETF (2823 HK Equity), and 4.) Market Vectors Gold Miners
ETF (GDX US Equity).
FUND PERFORMANCE*
2014 Return
2013 Return
2012 Return
1.16%
-17.99%
1.92%
-5.44%
-9.17%
394,311,844*
0.7309
1.1
1.0
0.9
Dec-14
Feb-14
Apr-13
Jul-12
0.7
Sep-11
0.8
Fund Inception Date: January 11, 2012
protects at least 80% of the principal at maturity and provides a participation
in the performance of four exchange-traded funds related to commodity-related
FUND PERFORMANCE*
2014 Return
2013 Return
0.52%
-12.97%
-9.01%
168,354,787*
0.7555
3.03
* Based on Audited Financial Statement. NAV is net of 3.2% administrative charge.
1.1
1.0
0.9
Dec-14
Dec-13
Jan-13
0.7
Jan-12
0.8
Fund Inception Date: July 12, 2012
protects at least 80% of the principal at maturity and provides a participation in
the performance of four exchange-traded funds related to commodity-related
FUND PERFORMANCE*
2014 Return
2013 Return
-0.24%
-15.43%
-10.35%
45,099,708*
0.7636
1.1
1.0
0.9
Dec-14
May-14
Sep-13
Feb-13
0.7
Jul-12
0.8
DISCLOSURE STATEMENT
Readership: This document is intended solely
for the addressee(s). Its content may be legally
privileged and/or confidential. This materials is
only valid if distributed in the Philippines
Opinions: Any opinion expressed in this document
may be subject to change without notice. We are
not soliciting or recommending any action based
on this material
Risk Warning: Past performance is not indicative
of future results. Our investment management
services relate to a variety of investments, each
of which can fluctuate in value. The value of
portfolios we manage may fall as well as rise,
and the investor may not get back the full amount
originally invested. The investment risks vary
between different types of instruments. For
example, for investments involving exposure to
a currency other than that in which the portfolio
is denominated, changes in the rate of exchange
may cause the value of investments, and
consequently the value of the portfolio, to go up
or down. In the case of a higher volatility portfolio
the loss on realization or cancellation may be very
high (including total loss of investment), as the
value of such an investment may fall suddenly and
substantially.
In making an investment decision, prospective
investors must rely on their own examination of
the merits and risks involved.
Unless otherwise noted, all information contained
herein is sourced from Philam Life internal data.
The content included herein has been shared with
various in-house departments within the member
companies of Philam Life, in the ordinary course
of completion. All Philam Life member companies
comply with the confidentiality requirements
of their respective jurisdictions. Parts of this
presentation may be based on information
received from sources we consider reliable.
About Philam Life
The Philippine American Life and General Insurance Company (Philam
Life) is the country’s premier life insurance company. Established on June
21, 1947, Philam Life has earned the trust of customers for its financial
strength, strong brand name, and ability to deliver on its promises.
Philam Life has P226.8 billion in total assets as of December 31, 2014
and has delivered timely pay outs of over P9 billion in education benefits
(2004-2014) and over P118 billion in insurance benefits (1950-2014), while
serving over 600,000 individual policyholders and over 1,700,000 insured
group members.
Philam Life understands the real-life needs of its customers and provides
the right plans and the right solutions including life protection, health
insurance, savings, education, retirement, investment, group and credit
life insurance. It also offers bancassurance and fund management
products and services through its subsidiaries—BPI Philam Life Assurance
Company (BPI-Philam) and Philam Asset Management Inc. (PAMI).
Philam Life is a member of AIA Group Limited, the largest independent
publicly listed pan-Asian life insurance group.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”)
comprise the largest independent publicly listed pan-Asian life insurance
group. It has a presence in 18 markets in Asia-Pacific – wholly-owned
branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia,
China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam,
New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka,
a 26 per cent joint venture in India and representative offices in
Myanmar and Cambodia.
The business that is now AIA was first established in Shanghai over 90
years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based
on life insurance premiums and holds leading positions across the majority
of its markets. It had total assets of US$172 billion as of 31 May 2015.
AIA meets the long-term savings and protection needs of individuals by
offering a range of products and services including life insurance, accident
and health insurance and savings plans. The Group also provides employee
benefits, credit life and pension services to corporate clients. Through an
extensive network of agents, partners and employees across Asia-Pacific,
AIA serves the holders of more than 29 million individual policies and over
16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of
Hong Kong Limited under the stock code “1299” with American Depositary
Receipts (Level 1) traded on the over-the-counter market (ticker symbol:
“AAGIY”).

Philam Life Unit-linked Funds Performance Report Full Year 2014

Transcription

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