PETALING JAYA, Malaysia, July 4, 2017 /PRNewswire/ -- In a statement today, Pacific Mutual Fund Bhd, an investment management company under the OCBC Group, with internal resources to manage both local and global investments for its clients, has commented that the second half of 2017 would continue to be positive, however valuations are getting rather expensive.
Commenting on the outlook for the second half of 2017, Chief Executive Officer and Executive Director of Pacific Mutual, Teh Chi-cheun, said, "In the first half of 2017, market bullishness was driven by "Trumpflation" and the continuation of a global economic recovery. The second half of the year would continue to be positive – economic data continues to be robust and the recovery in corporate earnings is intact. However, valuations are getting rather expensive."
Teh further added, "Expect markets to be volatile but on an upward trajectory as we continue to face policy risk, where the US is the key player to watch. America's journey to "become great again" has been blocked by delays in healthcare reform, which affects the roll-out of Trump's fiscal stimulus and the expected boost to US GDP. It is highly likely that the UK will have a new Prime Minister and in China, there will be the National Congress."
"The past six months has seen an increase in political and policy risks but the market has absorbed all of it very well and has performed exceptionally. This should continue for the rest of the year but don't expect such a stellar performance which occurred in the first half," explained Teh.
To wrap up the first half of 2017, Pacific Mutual announced income distributions amounting to RM7.8 million for investors of eight of its funds. The company declared annual income distributions of 2 sen per unit for Pacific Millennium Fund; 3.5 sen per unit for Pacific Recovery Fund; 3 sen per unit for Pacific SELECT Balance Fund; and 2 sen per unit for Pacific Real Opportunities Absolute Return (ROAR) Fund.
The company also declared quarterly distributions of 0.4 sen per unit for Pacific Cash Fund and 1.05 sen per unit for Pacific Emerging Market Bond Fund. In addition, monthly distributions are as follows: 0.2 sen per unit for Pacific Islamic Cash Fund; and 0.3 sen per unit for Pacific Cash Deposit Fund.
PACIFIC MUTUAL FUND BHD is a subsidiary of Lion Global Investors Limited (formerly known as Lion Capital Management Limited), a company incorporated in Singapore since 1986. Both companies are members of the OCBC Group. As at the end of the first half of 2017, Pacific Mutual manages RM1.6 billion on behalf of its unit trust investors and private mandate clients. For more information, kindly log on to www.pacificmutual.com.my
MEDIA CONTACT:
Cindy Leong | cindy@pacificmutual.com.my | (+60) 03 – 7725 9877 ext.173
Cindy Thean | cthean@pacificmutual.com.my | (+60) 03 – 7725 9877 ext.148
