December 2014 FWD Peso Equity Fund INVESTMENT OBJECTIVE The investment objective is to achieve capital appreciation from diversified portfolio of peso denominated equities and money market securities. The Fund will be invested in the Philippine Stock Exchange Index. The Fund is ideal for a growth investor who seeks long-term capital growth and accepts a higher level of risk. FUND INFORMATION Net Asset Value Initial NAV/Unit NAV/Unit Php Php Php 51,021,187.63 1.00000 1.00117 Launch Date Fund Currency Valuation 15-Sep-14 Philippine Peso Daily FUND PERFORMANCE Fund Name Month-on Month YTD Since Inception FWD Peso Equity Fund -0.97% 0.10% 0.10% PORTFOLIO ALLOCATION MARKET REVIEW FWD PESO EQUITY FUND Money Market 1% Equities 99% Equities The PSEi closed the year 2014 at 7230.57, which was 22.76% increased versus a year ago (2013) levels but fell 0.87% in December. The market which traded at about 20.93x P/E was not spared from general Emerging Market sell down, triggered by the continued drop in oil prices. Profit taking among investors also contributed to market sell- off as they locked in gains on names that outperformed the index year-to-date. Foreigners were net sellers in December amounting to US$128Million. This took foreign inflow for the year to US$1.25B, well ahead of the US$585M inflow recorded in 2013. MARKET OUTLOOK Equity The market at 20.93x P/E is already subject to profit taking to secure profit gained last year (2014). Expect to lighten - up position in equities and rotate on names that were laggard and expect to outperform the index this year.
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