MAY 2019

Fund Rating :

HPAM ULTIMA EKUITAS 1

6 month 12 month
YTD

0.86% 6.26% 4.35%

Launch Date 2/12/2009
AUM (Rp Bn) 1,377
NAV

2,677
Number of Stocks 19-50
Beta 0.90
Investment Manager HP Asset Management
Custodian Bank Bank Rakyat Indonesia
Subscription Account 0206-01-003260-30-4
Subscription Fee ≤3%
Fund Objectives & Strategy Redemption Fee ≤5%
To achieve mid to long-term capital growth through a diversified
portfolio strategy emphasizing based upon a prescribed set of
extrapolated variables ranging from companies Capital Structures Investment Policy Portfolio Composite
(ROE, ROIC & Solvency Factors), Product Strength & Positioning, Equity ≥80% Equity 92%
Corporate Governance, and Industry Profiles. Cash & Cash Eq ≤20% Cash & Cash Eq 8%
Money Market , ≤20%
 Tactically Balancing Growth, Capital Appreciation Vs Volatility Cash & Cash Equivalents
 Application of Positional & Momentum Trade to Enhance Value
Risk Ranking Moderate to High
 Multi-Strategy Investment Platform
Fund Update

NAV Growth  The JCI slumped 3.8% in May and recorded a few days below the 6,000 mark as
the Sino-U.S trade escalation made one of the biggest smartphone producer in
the planet Huawei to stop doing businesses with U.S companies leaving inves-
tors contemplating on a possible global demand slowdown. Commodity slow-
down is still a double-edged sword for Indonesia as Bloomberg commodity index
fell as much as 3.5% MoM with coal prices which is one of Indonesia’s biggest
commodity export falling by 4.4% MoM, yet oil prices managed to fall 16.2%
MoM. Indonesia as a net importer should benefit from lower oil prices that on
average were trading at US$ 57.7/barrel YTD, which is well clear from the
Indonesian critical levels of US$ 60/barrel. The mining sector was the worst hit
sector of the JCI in May with 7.3% depreciation MoM due to these factors.

 Rupiah strengthened to Rp 14,273 in late May after S&P upgraded Indonesia

sovereign credit rating to BBB from BBB- on the back of strong fiscal discipline
and positive growth outlook. Thus, as rupiah appreciated against the dollar, the
interest rate differential narrowed down with Indonesia 10-year yield declined to
7.9%
Fund Performance
 The aftermath of the MSCI rebalancing in May 2019 could help ease selling
pressure from foreign investors in June-July 2019 before the next wave coming
in August. All eyes will focus on the trade war and Indonesian trade balance as
the currency volatility barometer to lift the Indonesian market sentiments.
Catalysts such as Rupiah stability, surprises in investment as not yet-tendered
government projects, and potential monetary policy rate cut could come in play
and propel the JCI.

Sector Allocation (%)

Tactical Allocation

NEUTRAL OVERWEIGHT
 Intrinsic Assessment Table

Value @ Risk Matrix

Important Risk: The fund is actively managed and its characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell
securities. Fund of funds is subject to the risk associated with the underlying HPAM funds in which its invests. Stock and bond value fluctuate in price so the
value of your investment can go down depending on the market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest
rates rise, there is a corresponding decline in bond values. Credit risk refer to the possibility that the bond issuer will not be able to make principal and
interest payments. Asset allocation strategies do not assure profit and do not protect against loss. Non-diversification of investment means that more assets
are potentially invested in fewer securities than if investments were diversified.

Disclaimer
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are available
through request for prospectus or at our company’s website. The fund is subject to market risks (volatility) and may not be appropriate for short term
investments. Holdings and Sector weightings are subject to constant changes without notice as deemed fit by the investment management team. This
document is for sophisticated investor only and not intended for individual private investor. Performance data quoted represent past performance and is no
guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less
than their original cost. Current performance may be lower or higher than that shown. All return assume reinvestment of all dividend and capital gain distri-
butions. Index performance is shown for illustrative purpose only. Conventional Non-bank institutions are prohibited from investing directly in index.

PT. Henan Putihrai Asset Management

Penthouse @ Tamara, Jendral Sudirman 24
Jakarta 12920, Indonesia
(021) 2525775
www.HPAM.co.id