AIA Pension and Asset Management Sdn. Bhd.

201201027147 (1011637-P)

October 2021

AIA PAM – Growth Fund

Historical Performance
Investment Objective
The Fund seeks to provide returns through capital growth.
Investment Strategy
The Fund will invest in equities with a bias towards equities with
potential for growth. The Fund will invest in local and foreign markets.
The Fund will also invest at least 10% of its NAV in local fixed income
instruments with a minimum credit rating of “BBB3” or “P2” by RAM or
equivalent rating by MARC.
Fund Details
Unit NAV (29 October 2021) : RM 1.5044 ^Since
Fund Size (29 October 2021) : RM 323.16 million % 1 Mth 1-Year ^3-Year ^5-Year Inception
Fund Currency : Ringgit Malaysia
Fund 1.82% 15.43% 34.66% 40.10% 63.93%
Fund Launch : May 16, 2013
Fund Inception : Jun 05, 2013 Index 1.73% 11.66% 26.13% 34.55% 59.62%
Fund Management Charge : up to 1.50% p.a 0.09% 3.77% 8.53% 5.55% 4.31%
Investment Manager : AIA Pension and Asset Excess
Source: AIA Pension and Asset Management Sdn. Bhd., Bloomberg at 29 October 2021
Management Sdn. Bhd. ^ Cumulative returns. The performance is calculated on NAV-to-NAV basis.
Basis of Unit Valuation : Net Asset Value (NAV) *Note: Change of performance reporting method from annualised to cumulative returns
Frequency of Unit Valuation : Daily with effect from July 2020 to provide better clarity and follow common practice by industry
Benchmark : 30% FBMT 100 Index + 20% MSCI players.
AC Asia ex Japan Index + 20%
Quant Shop MGS All Bond Index + Market Review
30% MSCI World Index
Malaysian Government Securities (“MGS”) yield curve bear-flattened in
*Note: Change of benchmark with effect from 23 February 2021 due to the revised asset Oct 2021. Domestic bond market sentiment remained cautious as it
allocation as stated in the 2nd replacement disclosure document dated 23 Feb 2021. was a heavy auction month, couple with rising US Treasury (“UST”)
yields and the national Budget 2022 announcement at end-Oct 2021.
Top Five Holding
On the currency front, MYR strengthened by 1.1% against the
1. Schroder Glob Sust Grth-CA 25.06% greenback to close the month at MYR4.1403.
2. FIDELITY FDS-ASIA P OP-I USD 19.00%
The FBM100 (“Index”) rose by 1.7% Month-on-Month (“MoM”) and
3. FIDELITY FDS-GL FOCUS-IAUSD 8.19% outperformed the MSCI Asia Ex Japan Index, which rose by 0.2% MoM
4. Schroder In Asia P XJP E-CAC 2.80% in Malaysian ringgit (“MYR”) on 29 October 2021. During the month,
foreign investors were net buyers of RM1.6bn of Malaysian equities.
5. Genting Capital IMTN 4.42% 8.06.22 2.01% Notable news flows during the month include Budget 2022 which
projects a limited fiscal consolidation - fiscal deficit of 6% of GDP (2021:
Sector Allocation 6.5%) and a GDP growth of 5.5-6.5% in 2022 (2021/22: 6.7%/6.0%
previously) and the imposition of the one-off 33% income tax rate for
profits exceeding RM100m in 2022 has dampened FY22F earnings
growth outlook for stocks in Malaysia.

On Asia ex Japan market, the Hong Kong, Indonesia and Singapore

equities markets were the top performers in the region. Among the
Hang Seng Composite Index sectors, Information Technology was the
best performer, while Healthcare fared the worst. Top performers in
the index were auto OEMs BYD and Geely, which continued to record
robust monthly sales figures.

Market Outlook

Given the economic recovery is partially reflected in the equity market,

Risk
General investment risks involve market risk, fund manager risk,
inflation risk and liquidity risk. Specific risks of the Fund involve
credit/default risk, interest rate risk, particular security risk, country
risk and currency risk.
Risk Management
Investment Manager aims to reduce investment risks through
structured and disciplined investment process, rigorous and
disciplined credit research and analysis, portfolio diversification and
strict and frequent stock evaluation to minimize company specific risk.
investors are currently watching the macro data closely to gauge the
strength of inflationary pressure and the timing of a QE tapering.
Investors will continue monitoring Covid-19 situation following the
recent resurgence in positive cases and the emergence of new
variants. The recent regulatory changes, property crisis and power
crunch in China are likely to dampen the near-term economic growth
outlook.
Meanwhile, global monetary and fiscal policies are expected to move
into tapering and less accommodative mode in the medium term.
Nonetheless, equities remain the preferred asset class given the
expectation of bond yield resuming its upwards trend upon US Fed
tapering later part of the year. We prefer developed markets over
emerging markets for now.

This fund fact sheet has not been reviewed by the Securities Commission Malaysia (“SC”) and Federation of Investment Managers Malaysia (“FIMM”). The SC and FIMM are not liable
for this fund fact sheet and are not in any way associated with this fund fact sheet. The SC and FIMM are not responsible for the contents herein and do not make any representation
on the accuracy or completeness of this fund fact sheet, either in whole or in part. A copy of the Second Replacement Disclosure Document dated 23 February 2021 (“Disclosure
Document”) and the Product Highlights Sheet (“PHS”) have been registered and lodged with the SC. The registration of the Disclosure Document and lodgement of the PHS to the SC
do not amount to nor indicate that the SC has recommended or endorsed the Private Retirement Scheme (“PRS”). A PHS highlighting the key features and risks of the PRS is available
and investors have the right to request for a PHS. Investors are advised to obtain, read and understand the Disclosure Document and the PHS before making a contribution. We suggest
that you compare and consider the fees, charges and costs involved prior to making a contribution. The Disclosure Document and the PHS can be obtained from our office, our authorised
distributors, consultants or representatives. Any issue of units to which the Disclosure Document relates will only be made on receipt of an application form referred to and accompanying
with a copy of the Disclosure Document. The price of units and distributions payable, if any, may go down as well as up. The past performance of the PRS should not be taken as an
indication of its future performance. Specific risks and general risks for the PRS are elaborated in the Disclosure Document. Investors are advised to understand the risks involved in
the PRS and make your own risk assessment and seek professional advice, where necessary.
 AIA Pension and Asset Management Sdn. Bhd. 201201027147 (1011637-P)

October 2021

AIA PAM – Moderate Fund

FundFundModerModerate Fund disciplined credit research and analysis, portfolio diversification and
Investment Objective strict and frequent stock evaluation to minimize company specific risk.
The Fund seeks to provide returns through a combination of income*
and capital growth. Historical Performance
*Income will be reinvested in additional Units in the Fund

Investment Strategy
The Fund will invest in equities that are trading below their fair value
and equities offering a dividend yield above the market average. The
Fund will invest in local and foreign markets. The Fund will also invest
at least 35% of its NAV in local fixed income instruments with a
minimum credit rating of “BBB3” or “P2” by RAM or equivalent rating
by MARC.
Fund Details
Unit NAV (29 October 2021) : RM 1.3758
Fund Size (29 October 2021) ^Since
: RM 166.17 million
% 1 Mth 1-Year ^3-Year ^5-Year Inception
Fund Currency : Ringgit Malaysia
Fund Launch : May 16, 2013 Fund 1.06% 11.93% 29.02% 34.05% 54.19%
Fund Inception : Jun 05, 2013 Index 0.99% 8.41% 23.58% 31.68% 55.43%
Fund Management Charge : up to 1.50% p.a 0.07% 3.52% 5.44% 2.37% -1.24%
Investment Manager : AIA Pension and Asset Management Excess
Source: AIA Pension and Asset Management Sdn. Bhd., Bloomberg at 29 October 2021.
Sdn. Bhd. ^ Cumulative returns. The performance is calculated on NAV-to-NAV basis.
Basis of Unit Valuation : Net Asset Value (NAV) *Note: Change of performance reporting method from annualised to cumulative returns
Frequency of Unit Valuation : Daily with effect from July 2020 to provide better clarity and follow common practice by industry
Benchmark : 25% FBMT 100 Index + 15% MSCI players.
AC Asia ex Japan Index + 40% Quant
Shop MGS All Bond Index + 20% Market Review
MSCI World Index Malaysian Government Securities (“MGS”) yield curve bear-flattened in
Oct 2021. Domestic bond market sentiment remained cautious as it
*Note: Change of benchmark with effect from 23 February 2021 due to the revised asset was a heavy auction month, couple with rising US Treasury (“UST”)
allocation as stated in the 2nd replacement disclosure document dated 23 Feb 2021. yields and the national Budget 2022 announcement at end-Oct 2021.
On the currency front, MYR strengthened by 1.1% against the
Top Five Holding
greenback to close the month at MYR4.1403.
1. Schroder Glob Sust Grth-CA 16.93%
2. FIDELITY FDS-ASIA P OP-I USD 13.88% The FBM100 (“Index”) rose by 1.7% Month-on-Month (“MoM”) and
outperformed the MSCI Asia Ex Japan Index, which rose by 0.2% MoM
3. FIDELITY FDS-GL FOCUS-IAUSD 5.74% in Malaysian ringgit (“MYR”) on 29 October 2021. During the month,
4. Schroder In Asia P XJP E-CAC 2.51% foreign investors were net buyers of RM1.6bn of Malaysian equities.
Notable news flows during the month include Budget 2022 which
5. MGS 2/2020 2.632% 15.4.2031 2.21% projects a limited fiscal consolidation - fiscal deficit of 6% of GDP (2021:
6.5%) and a GDP growth of 5.5-6.5% in 2022 (2021/22: 6.7%/6.0%
Sector Allocation previously) and the imposition of the one-off 33% income tax rate for
profits exceeding RM100m in 2022 has dampened FY22F earnings
growth outlook for stocks in Malaysia.

On Asia ex Japan market, the Hong Kong, Indonesia and Singapore

equities markets were the top performers in the region. Among the
Hang Seng Composite Index sectors, Information Technology was the
best performer, while Healthcare fared the worst. Top performers in
the index were auto OEMs BYD and Geely, which continued to record
robust monthly sales figures.

Risk
General investment risks involve market risk, fund manager risk,
inflation risk and liquidity risk. Specific risks of the Fund involve
credit/default risk, interest rate risk, particular security risk, country
risk and currency risk.
Risk Management
Investment Manager aims to reduce investment risks through
structured and disciplined investment process, rigorous and
Market Outlook
Given the economic recovery is partially reflected in the equity market,
investors are currently watching the macro data closely to gauge the
strength of inflationary pressure and the timing of a QE tapering.
Investors will continue monitoring Covid-19 situation following the
recent resurgence in positive cases and the emergence of new
variants. The recent regulatory changes, property crisis and power
crunch in China are likely to dampen the near-term economic growth
outlook.
Meanwhile, global monetary and fiscal policies are expected to move
into tapering and less accommodative mode in the medium term.
Nonetheless, equities remain the preferred asset class given the
expectation of bond yield resuming its upwards trend upon US Fed
tapering later part of the year. We prefer developed markets over
emerging markets for now.

This fund fact sheet has not been reviewed by the Securities Commission Malaysia (“SC”) and Federation of Investment Managers Malaysia (“FIMM”). The SC and FIMM are not liable
for this fund fact sheet and are not in any way associated with this fund fact sheet. The SC and FIMM are not responsible for the contents herein and do not make any representation
on the accuracy or completeness of this fund fact sheet, either in whole or in part. A copy of the Second Replacement Disclosure Document dated 23 February 2021 (“Disclosure
Document”) and the Product Highlights Sheet (“PHS”) have been registered and lodged with the SC. The registration of the Disclosure Document and lodgement of the PHS to the SC
do not amount to nor indicate that the SC has recommended or endorsed the Private Retirement Scheme (“PRS”). A PHS highlighting the key features and risks of the PRS is available
and investors have the right to request for a PHS. Investors are advised to obtain, read and understand the Disclosure Document and the PHS before making a contribution. We suggest
that you compare and consider the fees, charges and costs involved prior to making a contribution. The Disclosure Document and the PHS can be obtained from our office, our authorised
distributors, consultants or representatives. Any issue of units to which the Disclosure Document relates will only be made on receipt of an application form referred to and accompanying
with a copy of the Disclosure Document. The price of units and distributions payable, if any, may go down as well as up. The past performance of the PRS should not be taken as an
indication of its future performance. Specific risks and general risks for the PRS are elaborated in the Disclosure Document. Investors are advised to understand the risks involved in
the PRS and make your own risk assessment and seek professional advice, where necessary.
 AIA Pension and Asset Management Sdn. Bhd. 201201027147 (1011637-P)

October 2021

AIA PAM – Conservative Fund

Risk Management
Investment Objective
Investment Manager aims to reduce investment risks through structured
The Fund seeks to provide returns through income* that is consistent
and disciplined investment process, rigorous and disciplined credit
with capital preservation**.
research and analysis, portfolio diversification and strict and frequent
*Income will be reinvested in additional Units in the Fund
stock evaluation to minimize company specific risk.
** The Fund is neither capital guaranteed nor capital protected
Historical Performance
Investment Strategy
The Fund will invest at least 70% of its NAV in fixed income
instruments and money market instruments, of which a minimum of
10% of the Fund’s NAV will be invested in money market instruments.
The remainder of the Fund’s NAV will be invested in equities and
collective investment schemes, of which a maximum of 20% of the
Fund’s NAV in collective investment schemes. The Fund will invest in
local and foreign markets.
Fund Details
Unit NAV (29 October 2021) : RM 1.1768
Fund Size (29 October 2021) : RM 78.52 million
^Since
Fund Currency : Ringgit Malaysia
% 1 Mth 1-Year ^3-Year ^5-Year Inception
Fund Launch : May 16, 2013
Fund Inception : Jun 05, 2013 Fund -0.14% 1.96% 13.50% 19.51% 32.57%
Fund Management Charge : up to 1.50% p.a Index -0.34% -0.21% 10.65% 15.83% 26.96%
Investment Manager : AIA Pension and Asset Management 0.20% 2.17% 2.85% 3.67% 5.62%
Sdn. Bhd. Excess
Source: AIA Pension and Asset Management Sdn. Bhd., Bloomberg at 29 October 2021.
Basis of Unit Valuation : Net Asset Value (NAV) ^ Cumulative returns. The performance is calculated on NAV-to-NAV basis.
Frequency of Unit Valuation : Daily *Note: Change of performance reporting method from annualised to cumulative returns
Benchmark : *20% FBMT 100 Index + 10% with effect from July 2020 to provide better clarity and follow common practice by industry
Maybank Berhad overnight rate + 60% players.
Quant Shop MGS All Bond Index + Market Review
10% Bloomberg Barclays Global
Aggregate Corporate TR Index Malaysian Government Securities (“MGS”) yield curve bear-flattened in
Unhedged USD. Oct 2021. Domestic bond market sentiment remained cautious as it
was a heavy auction month, coupled with rising US Treasury (“UST”)
*Note: Change of benchmark with effect from 23 February 2021 due to the revised asset yields and the national Budget 2022 announcement at end-Oct 2021.
allocation as stated in the 2nd replacement disclosure document dated 23 Feb 2021. On the currency front, MYR strengthened by 1.1% against the
Top Five Holding greenback to close the month at MYR4.1403. On the economic data
front, Malaysia’s foreign reserves increased to USD115.6 billion as of
1. FIDELITY-G CORP BD FD-YACUSD 7.93%
15 Oct 2021 (30 Sep 2021: USD115.2 billion). The reserves are
2. BPMB IMTN 3.180% 11.10.2030 5.95% sufficient to sustain 8.2 months of retained imports and 1.3x of short-
term external debt.
3. CIMB THAI 4.150% 06.07.2029 4.45%
4. SPORTS TOTO 5.25% 30.6.2026 3.23% The FBM100 (“Index”) rose by 1.7% Month-on-Month (“MoM”) and
outperformed the MSCI Asia Ex Japan Index, which rose by 0.2% MoM
5. CCB IMTN 3.920% 28.03.2025 3.15% in Malaysian ringgit (“MYR”) on 29 October 2021. During the month,
foreign investors were net buyers of RM1.6bn of Malaysian equities.
Sector Allocation Notable news flows during the month include Budget 2022 which
projects a limited fiscal consolidation - fiscal deficit of 6% of GDP (2021:
6.5%) and a GDP growth of 5.5-6.5% in 2022 (2021/22: 6.7%/6.0%
previously) and the imposition of the one-off 33% income tax rate for
profits exceeding RM100m in 2022 has dampened FY22F earnings
growth outlook for stocks in Malaysia.

Market Outlook

Given the economic recovery is partially reflected in the equity market,

investors are currently watching the macro data closely to gauge the
strength of inflationary pressure and the timing of a QE tapering.
Investors will continue monitoring Covid-19 situation following the
recent resurgence in positive cases and the emergence of new
variants.

We expect Bank Negara Malaysia’s policy measures to remain

Risk
General investment risks involve market risk, fund manager risk,
inflation risk and liquidity risk. Specific risks of the Fund involve
credit/default risk, interest rate risk, particular security risk, country risk
and currency risk.
accommodative in the near term. Higher supply of sovereign bonds
should be well absorbed by the market, Overall, the domestic financial
system liquidity remains flushed, which shall remain supportive of the
bond market.

This fund fact sheet has not been reviewed by the Securities Commission Malaysia (“SC”) and Federation of Investment Managers Malaysia (“FIMM”). The SC and FIMM are not liable
for this fund fact sheet and are not in any way associated with this fund fact sheet. The SC and FIMM are not responsible for the contents herein and do not make any representation
on the accuracy or completeness of this fund fact sheet, either in whole or in part. A copy of the Second Replacement Disclosure Document dated 23 February 2021 (“Disclosure
Document”) and the Product Highlights Sheet (“PHS”) have been registered and lodged with the SC. The registration of the Disclosure Document and lodgement of the PHS to the SC
do not amount to nor indicate that the SC has recommended or endorsed the Private Retirement Scheme (“PRS”). A PHS highlighting the key features and risks of the PRS is available
and investors have the right to request for a PHS. Investors are advised to obtain, read and understand the Disclosure Document and the PHS before making a contribution. We suggest
that you compare and consider the fees, charges and costs involved prior to making a contribution. The Disclosure Document and the PHS can be obtained from our office, our authorised
distributors, consultants or representatives. Any issue of units to which the Disclosure Document relates will only be made on receipt of an application form referred to and accompanying
with a copy of the Disclosure Document. The price of units and distributions payable, if any, may go down as well as up. The past performance of the PRS should not be taken as an
indication of its future performance. Specific risks and general risks for the PRS are elaborated in the Disclosure Document. Investors are advised to understand the risks involved in
the PRS and make your own risk assessment and seek professional advice, where necessary.