1a) The expansion of global economy has brought confidence in businesses to continue their

growth especially in the Information Technology sector (IT) (Bhaskaran, 2018 ). Currently, IT is
widely used by majority because it provides security, efficiency and competitive advantage to all
activities and areas of a business (Saraireh, 2013). As new innovation is forever ongoing, thus it
is profitable and worthy investment for businesses to further develop. Since the importance and
emergence of IT is world recognized, investors will heavily invest in IT in hopes that this sector
would generate desire returns, leading it to become the current investment trend (Saraireh, 2013).
Therefore the growth in IT will have more opportunities for advancement in new regional and
global markets. Example, US investors invested more than $400 billion in the IT sector, which
means two thirds of US investment is in the IT sector in developed countries (Bhaskaran, 2018).
Looking from this example, Foreign Direct Investments (FDI) are heavily investing in IT as
developed countries build up IT capacity that attracts the inflow of FDI to their country. With an
increase in FDI, a country’s economic activity and the creation of strong relationship between
both countries will occur (Veeramacheneni, Vogel & Ekanayake, n.d.).

Politically, government has provided numerous tax incentives, development programmes

and laws that helped to improve the IT sector. Many investors see this as an opportunity thus
flock in to the country to invest. In the ASEAN countries, the IT sector has emerged as there is
strong policy support for promoting innovation and financial inclusion for the IT sector (Ernst &
Young, 2018). To prove, Singaporean government has provide incentives up to S$225 million by
the end of 2020 and had build innovation hubs for FinTech companies. They have successfully
attracted FDI to invest in their IT sector (Hawksford Group, n.d.). In Malaysia, the Malaysian
Investment Development Authority (MIDA) has provided incentives and non-incentives such as
grants and ‘soft loans’ to attract FDI in the IT sector. Therefore, it could be seen that government
has put in efforts to establish new policy to maintain development pace with other countries
which helps to make IT became the current investment trend.

From social perspective, society nowadays are relying more on electronic payment mode
as cashless payment are more convenient to users. Example, China is the first country who
became a cashless society, where daily business operation is highly dependant on mobile
banking (Morris, 2019). Alipay and WeChat Pay are ranked as China’s top two preferred
payment options, overcoming the bank card payment which ranked as the third preferred choice
(Zhang, 2018). Therefore, the society current payment trend will also affect the global business
movement. In order to attract more foreign investment and catch up with the current investment
trend, electronic payment should be implemented by local businesses to grab more of the market
shares as well as attracting foreign investment.

Due to technological advancement, the world is moving into online-based transaction.

Studies have shown the Internet has become a communication technology and it is used as a
medium to distribute and exchange business information and transactions (Maryeni,
Govindajaru, Prihartano & Sudirman, 2012). Due to this reason, Alibaba Group has invested in
Malaysia to develop technology and local capacities. Example, Alibaba has collaborated with
Touch ‘n Go company to boost cashless payment which helped to attract 80,000 customers
(Yong & Kana, 2018). Not only that, Alibaba has also provided business access to its cloud
platform to Malaysians by establishing a local internet data centre, and has also launched the
Malaysia Pavilion on its online marketplace (Ho, 2018). These show that technology
advancement has successfully changed the current investment trend for FDI to IT sector, thus
attracting cash in-flow in the country.

In economic terms, IT can help in the growth and productivity of a country. Example,
India has developed to become the world’s largest sourcing destination for the IT industry,
accounting for almost 55% of the $173 to $178 billion USD market (KVS resources, 2017). The
evolving of IT industry helped to provide employment to 10 million workers in India. Besides,
IT results in economic transformation in India, thus leading to the change in perception of India’s
economy in the global economy (Sharma, 2017). In Malaysia, the IT industry has also led to an
increase in employment rate. Example, Alibaba invested in Malaysia and helped generate over
1,000 jobs via its e-commerce unit, Lazada Group (Ho, 2018). This shows that the development
of Malaysia IT sector helps to increase the employment rate and generate the economy by
boosting for a higher GDP (Seyfried, 2011).
 Concluding the above factors, there is a positive future for FinTech industry with bigger
deals expected heading into 2019 (KPMG, 2019). This is because online payment methods and
e-wallets are in trend due to the popularity of e-commerce (‘Malaysia moving towards cashless
society’, 2017). Existing FinTech companies are looking for additional capital for further growth
innovation and expansion to avoid users losing confidence in this system due to technical errors
(Vieser, 2019). Many large tech players like Google, Alibaba and Microsoft are increasing their
participation in this industry by forming models with financial institutions (KPMG, 2019).
Digital banks have positive aspects in the future where they may take over established financial
institutions in the customer segment, thus investing in FinTech industry could be promising for
investors (Vieser, 2019). Investors in UAE, as the leading market of technology, start-ups also
received $560 million invested in over 260 startups innovating FinTech (Jones, 2019). Since
FinTech is becoming an emerging industry, investors would be highly interested to invest in this
industry as it would generate higher returns in the future. With major local banks such as Bank
Negara Malaysia to facilitate FinTech providers, there are also potential growth and expansion in
FinTech locally, thus it is selected as the theme for this fund portfolio (Hays Specialist
Recruitment Pty Limited, n.d.).

1b) The main objective of investing in FinTech industry is to create an aggressive portfolio
which is able to generate maximum returns. The portfolio focuses on companies which generate
income from technology application in the financial services industry. The created portfolio will
consist of security assets from the United States. Statistics have shown US FinTech markets are
striving as the transactional value CAGR is 8.6%, which has overpass the forecast period of 2019
until 2024 (‘US Fintech Market Report’, 2019). As FinTech is emerging in the US financial
sector, it indicates the increase adoption of FinTech money transfers and payment services.
Therefore, FinTech is a leading market segment which is a potential investment that will grow in
the near future (‘US Fintech Market Report’, 2019). Since FinTech industry is transforming,
investing in this industry may subject to higher returns (KPMG, 2019). In this aggressive
portfolio, it is decided to allocate assets by 70% in stocks, 20% in bonds and 10% in T-bills. The
decision to invest at least 70% of total assets in equity is because stocks provide higher returns
although it comes with higher risk. In order to gain maximum return from this portfolio, the
allocation of stocks should be the highest, where investors could expect high returns from the
investment (BlackRock, 2019). Bonds are allocated with middle range allocation as it will
generate stable constant returns despite the economic environment, thus during market
fluctuation the investors could at least receive constant returns from bonds. Since T-bills are
highly liquid, therefore the remaining allocation is for this security as it will increase liquidity of
the fund. During a recession, investors could receive a minimum return of the portfolio from T-
bills. However, any changes in the objectives subject to the approval of the unit holders.

Fund managers see the objectives are important to create and select selective securities
for the portfolio in accordance with the objectives mentioned. In other words, the obligation of
the fund managers is to ensure the created portfolio achieves the objective of aggressive portfolio
and ensure the portfolio will provide the desired return for investors (Corporate Finance Institute,
n.d.). On the other hand, the investors refer to the investment objective and choose a portfolio
that matches with their own investment preference. Example, investors who are risk takers will
take aggressive portfolio as their preference as they demand for higher returns. Hence, these
investors are willing to take higher risks. Therefore, the objective provides further understanding
of the fund in hopes that investors can select a suitable portfolio aligning with their risk
preference.

1c) In accordance with the objectives above, the portfolio is given the name A+ FinTech.
This name provides a clear and straightforward indication regarding on the focus of investment
in this portfolio. The name “A+” represents the word “Aggressive” , which is aligned with the
objective of the portfolio that is high risk with high return. Besides, the word “FinTech” shows
the portfolio surrounds FinTech related companies. The given name is hoping to provide a strong
impression to the public that FinTech is one of the leading emerging industries globally, thus it
will be a potential investment that generates higher returns in the future. The name also comes
with the hope that it would spark confidence of investors to invest in this fund portfolio.

2a) The strategy adopted is to incorporate stocks that have potential for growth and positive
outlook in the FinTech industry, to align with the objective of investing in aggressive stocks for
maximising returns.
Aeon Credit
Aeon Credit Service Malaysia (ACSM) is a subsidiary of AEON Financial Service Co.
Ltd, where ACSM has launched AEON wallet, a virtual electronic wallet which allows the
holder to store their payment cards in a more secure and convenient way to make in-store
purchases through mobile phones or tablets. ACSM is chosen to be included in this portfolio as it
is a classic growth stock which portrays a mature firm that has relatively predictable and visible
earnings along with its huge customer base. To determine, the strategy is to look in the future
prospects and share price of the company. The future prospects of the company is promising as
Affin Hwang Investment Bank Bhd has confidence that Aeon Credit is a financial stock with
high-growth and high-return potential (Zainul, 2017). This is because over the long term, ACSM
has proven to achieve growth in sales, profits, dividend payouts, assets and stock prices (Tai,
2019). Whilst, over the short-term, Aeon Credit has successfully remained proactive in growing
its portfolio of assets for the future and also maintained its growth momentum. Affin Hwang
further illustrates the positive outlook for ACSM through Aeon wallet, which is part of AEON’s
value chain transformation. Investors are optimistic that Aeon wallet would improve customer’s
brand loyalty and experience via the introduction of e-wallet and e-money cards. In financial
terms, Aeon wallet did not disappoint as there is a gradual growth in the share prices portrayed in
the past 5 years. The share price started from RM7.93 in the year 2015 and closes its price at
RM16.78 ending February 28 FY2019, giving it a market capitalisation of RM4.21 billion. In the
past year, the stock has climbed nearly 34% (Lim, 2019a). In addition, ACSM’s board
recommended a final dividend of 22.35 sens payable on July as opposed to 20 sens. This will
raise its financial year payout to 44.60 sens in 2019 from 41.13 sen in 2018. On prospects,
Aeon Credit expects to maintain its financial performance for the financial year 2020 ending Feb
28, based on the scheduled implementation of its business plan and leveraging on the strength of
the AEON brand (Lim, 2019b). That is because Aeon Credit’s management had in the past two
years undertaken initiatives, which includes value-chain transformation exercise, focusing on
enhancing the bottom line of the group as well as boosting the profitability of its receivable
portfolios and credit recoveries (‘AEON Credit net profit up’, 2018). The focus point lands on
the positive future prospects and stability of AEON’s stocks, thus including it in the portfolio.
Paypal Holdings
PayPal Holdings, Inc. is a company based in the US which engages in the development of
a two-sided proprietary global technology platform for digital payments. Their products include
PayPal, PayPal Credit, Braintree, Venmo, Xoom, and Paydiant. This Fintech company recently
made two major investment decisions which would stipulate growing ambition of the stock’s
growth. The investments include Paypal heavily investing $700 million into an Argentina based
e-commerce company, MercadoLibre in March 2019 and also have a $500 million deal with
Uber. This partnership enables Paypal to better compete with other international rivals in the
industry such as Apple, Amazon and Alibaba which also provide online payment services. This
decision will potentially ignite Paypal’s growth as it would provide them with access to millions
of global customers. This is regarded as part of their global strategy to enable new-super
platforms as supported by Ryan Gilbert of Propel Ventures (Rooney, 2019). As PayPal holds a
vast amount of transactional data, thus these decisions are predicted to bring forward mass
benefits for the corporation (Lunden. 2019). According to 37 analysts, there is a forecast of
9.24% growth in the stocks in the span of 12 months from the last share price of 109.85 USD
(‘Paypal Holdings Inc’, n.d.). In terms of share price, there is a gradual increase for the past 5
years. The recent drop in share price from 112.77 USD to 109.85 USD currently traded in the
market can be further justified due to its increased cash outflow for the investments. However,
the projected growth would easily surpass the drop experienced. By observing past trends and
data, Paypal has generated a profit margin of 13.92% in terms of profitability, an ROA of 3.18%,
ROE of 14.85% and EPS of 1.85 USD for the past twelve months. As future prospects of the
company has a positive outlook in FinTech industry, therefore Paypal aligns with the strategy
adopted in creating this portfolio.

Mastercard Incorporated
Mastercard Incorporated is a FinTech company that connects consumers, financial
institutions, businesses and others in the payment industry across the world, providing a
convenient medium of payments in electric forms. It is decided to include it in the portfolio
given its historical EPS growth rate at 17.4%. With its promising growth rate over the years,
expected current year EPS growth rate will be 17.2% which is incredibly favourable as the
industry average EPS growth is only 11.4% (Zacks Equity Research, 2019). Mastercard’s
performance did meet investors’ expectations as they started 2019 off with impressive results.
Net revenue boosted up to 9%, surpassing 8% expected growth rate by investors (Caplinger,
2019). Company’s net income gain significantly by 25% as compared to past year’s beginning
period. EPS is also sitting above forecasted value at $1.78 which is 7.2% greater. Due to its
exceptional head start for 2019, the CEO of the card giant is making progress to develop new
innovative products with huge companies like Apple and Goldman Sachs. They are looking
forward to build up real-time payment solutions, and several acquisitions have been announced
to facilitate international payments system, users’ safety and security, and merchant engagement
plans. These news are positively reflected on stock price with an increment of 1%. Besides,
Mastercard is taking a huge engagement in investing into India’s FinTech startups amounting to
$1billion over the next five years (Poojary, 2019). This shows continuous aggression from
Mastercard in order to seek new opportunities and innovations as they project significant value in
such relationships. Such news may provide significant impact on future company growth
because these actions grant them competitive advantage in the market as the innovations become
greater. Nonetheless, since the beginning of 2019, Mastercard stock prices performance has been
outstanding with 33.31% increment which is greater than past full-year performance of 30.31%
(Massai, 2019). The focus point here is the stock is with high positive value in terms of stock
price performance thus leading to the decision in including this stock into the created portfolio.

2b) It is vital for funds to hold a small percentage of highly liquid assets such as money
market instruments at all times. This is because highly liquid assets instills more stability and
liquidity to the investment portfolio. Firstly, money market instruments such as treasury bills are
considered as low risk instruments due to their high credit quality. With the high credit quality,
there is little risk that the issuers are unable to repay the debts. Alongside with their shorter
maturity term, which mature in less than 13 months at its longest, it reduces the risk of portfolio
by keeping a short time frame. This is because the longer the holding period, the greater the risk
as there may be uncertainties during the holding period and the investors have to bear the risk of
not being able to get back repayment (Pritchard, 2019). Liquid assets usually have shorter
maturities thus have lower sensitivity to interest rates. Therefore, a portfolio will be less sensitive
towards changes in interest rates if it includes liquid assets in the portfolio. In addition, it helps in
diversifying the investment portfolio as money market instruments bring stability to a portfolio
which is heavily weighted in risky stocks and bonds. That is because the fund will be exposed to
lower risk (InR Advisors, n.d.). On the other hand, the money market instruments adds liquidity
to the portfolio as the investors could redeem the money market instruments and convert them to
cash anytime for short-term saving and cash needs. Therefore, it minimizes the probability of
becoming credit restrained by holding less liquid assets (Paxson, 1990). Thus, by investing
highly liquid assets in the investment portfolio could help the investors to achieve decent stable
long-term returns from a relatively safe investment and enable the investors have quick access to
funds in cases of financial emergency (Anspach, 2019).

2c) Optimal portfolio is constructed for the purpose of maximizing the investor’s return with
lower or given level of risk (Nasdaq, n.d.a). Based on the Efficient Frontier constructed, portfolio
v. consist of 14.66% in Aeon Credit, 51.59% in Paypal Holdings and 33.76% in Mastercard Inc.
It brings 16.02% risk and 36.34% of returns to the investors. Comparing with portfolio iv., with
only an increase of 0.52% of risk, portfolio v. gives an additional 1.34% return. Therefore, it is
advisable for the investor to take portfolio v. as this is the optimal portfolio. All calculations and
diagrams are in Appendix.

2d) As different types of assets often move in opposite directions, therefore the key
implementations of mean-variance analysis (MVA) for our portfolio is to fully utilise this
characteristics and minimize the portfolio’s risk (Stevens, 2001). Markowitz’s efficient frontier
theory further expands on the benefits of diversification as it allows portfolio management to
select an optimal portfolio given constant risk or the least perceived risk (Mangram, 2013). That
is because the risk factor of the efficient frontier theory can be measured and reduced by using
certain mathematical computations revolving around the concept of diversification that provides
an ideal weightage of assets to be invested. Therefore, portfolio optimization is obtained through
factoring in the estimated return, volatilities, and correlations between asset classes (Fabozzi,
Gupta & Markowitz, 2002). Nevertheless, investors may decide an ideal portfolio that favour
their risk preference (Radović, Radukić & Njegomir, 2018). Besides, as correlation coefficient is
also taken into consideration in developing an efficient frontier to lower portfolio variance via
the combination of negatively correlated assets, therefore it allows the input of risky assets into
the portfolio (Lhabitant, 2011). That is because it lowers portfolio variance provided these assets
are negatively correlated where risk can be altered according to efficient frontier theory (Grujić,
2015). Therefore, through referencing on mean-variance analysis, risky assets are considered
into this portfolio to come out with a well diversified portfolio at favourable return (Kanagaraj &
Kumar, 2017). To conclude, if all the crucial data are available, portfolio management can easily
create a portfolio with different risk and return profiles.

However, there are many criticisms on efficient frontier analysis. Firstly, in order to
compute expected return, we are required to gather data available and historical data has to be
exact. On the other hand, the issue of using data is with high risk to the expected return ratio.
That is because to compute an expected return which reflects future conditions accurately
demands decades of data to produce more accurate on most pricing factors (Black, 1995).
Relatively, data mining could be an issue as well where at most cases, data is insufficient to do
so. Even with sufficient data, we can only evaluate average pricing based on a factor and if the
factor prices are fluctuating, current price will be far from average. Other than that, the downside
of using MVA is the issue with the assumptions where every asset’s investment expected return
is normally distributed, correlations of assets are fixed and that all investors receive equal
information at the same time (Resnik, 2010). However, many studies have critiqued on these
assumptions. That is because in the real world, asymmetric information does occur among both
parties which leads to problems such as moral hazard and adverse selection (Grujić, 2016). Not
all investors possess the same amount of information, thus decision making would differ.
Additionally, normal distribution may lead to inability to predict changes, as in practice, standard
deviation is relatively high. However, this maximum deviation is eliminated by management
portfolio in order to achieve a normal distribution of data. To add on, one of the issues of using
mean-variance analysis is the misconception of categorizing volatility as perceived risk (Otuteye
& Sidduquee, 2017). This misconception arises as high volatility investment is an indication that
the asset possess the risk to be sold under market price. However, from investors’ point of view,
risk is defined as the chances of permanent loss of capital. Hence, volatility should not be
regarded as risk as it will be misunderstood by investors.

3a) Since the proposed stock weightage in A+ FinTech portfolio is 70%, thus the KBW
Nasdaq Financial Technology Index (KFTX) is used as a benchmark to evaluate the stock
performance of the portfolio. KFTX is an index that is designed to track the performance of
financial technology companies that are traded in the US (Nasdaq, n.d.b). Besides, it is one of the
most popular indices in US as it consists of significant US stocks in FinTech market, leading it to
become a strong representation (Nasdaq, n.d.c.). Hence, the portfolio will consist of US FinTech
stocks, thus KFTX is more relatable and comparable to A+ FinTech.

As 20% in the portfolio is invested in bonds, therefore JPMorgan Emerging Markets

Bond Index is used as the benchmark. This benchmark is relatable as FinTech is included as an
emerging market (Ness, 2016). Although the index selected is for Exchange-Traded Funds
(ETF), this index remains comparable because index mutual funds works similar to ETF as both
will mirror the performance of an index (Brien, 2018). In addition, both have very low expense
ratios compared to actively-managed funds, which is advisable to incorporate it into the
investment for diversification purposes (Thune, 2018). Thus, the selected benchmark is
applicable to measure the performance of current portfolio’s bonds.

For the 10% T-bills in the portfolio, S&P U.S. Treasury Bill Index is used as a
benchmark to evaluate the performance of the T-bills invested. It is an index which covers the
broad, comprehensive, market-value index for the measurement of performance for US Treasury
Bill market (S&P Dow Jones Indices, n.d.). It shows the minimum rate of returns from the bank
that will be generated from investing in T-bills. Hence, setting this as the benchmark allows
investors to monitor and evaluate the performance of T-bills chosen, which is also on a
comparable basis as the T-bills chosen to be invested are also US Treasury Bills.

The portfolio considers the United States as the geographical factor due to the fact that
FinTech is an emerging industry in that country. In relation, all selected benchmarks for all
securities in this portfolio are based on sector index in the US. This is because any comparison
and evaluation of the securities with a comparable benchmark will be deemed relatable and have
higher accuracy. To provide accurate information for the potential investors, it is important to
find a benchmark which shares the same geographical factor. With this method, any results from
comparing between the security assets and the benchmark is seen as reliable.

3b) The objective of Tactical Asset Allocation (TAA) is to actively adjust and balance the
three primary asset classes (stocks, bonds and T-bills) and enhance the performance of the
portfolio. The enhancement can be done by tactically shifting the asset mix in response to the
most desirable risk and reward characteristics (Amenc, Malaise, Martellini & Sfeir, 2003). The
main purpose of TAA is to maximize the returns of the portfolio while minimizing the market
risks (Grones, 2019).

One of the TAAs is Global Tactical Asset Allocation (GTAA). It is a top-down global
investment strategy that attempts to exploit short-term mis-pricings among a global set of assets
between markets, regions, countries, and sectors (Faber, 2013). These mispricings are captured
through a fundamentally-driven discretionary approach that is supported by quantitative tools.
This strategy invests across global asset classes, including stocks, bonds, currencies and
commodities (Morgan Stanley, n.d.). It focuses on general movements in the market rather than
on performance of individual securities. Example, when the overall market is doing well, holding
a higher portion of stock in global terms would be more favourable as they could generate higher
returns and would be performing better than other asset classes. When the overall market is not
doing as well, it would be more favourable to invest in bond and money markets. That is because
the worsening of the overall economic condition has a lesser impact on these asset classes, due to
reasons such as the fixed payment characteristic bond market possesses. Therefore, the bonds
and money market would be relatively a better choice to secure profits, subjected to changes in
interest rate conditions. An approach to GTAA is to first develop various complementary
allocation models that can be used to build a comprehensive GTAA strategy. Then, assign
appropriate risk budgets to these models to obtain the actual GTAA strategy (Blitz & Vielt,
2008).
 Findings found that the implemented strategies applied using GTAA across different
asset classes deliver statistically and economically significant abnormal returns as it takes
advantage of market inefficiencies and mispricing situations (Blitz & Vielt, 2008). That is
because financial markets may be macro inefficient due to insufficient ‘smart money’ being
available to arbitrage mispricing effects away (GestaltU, n.d.). Example, it unlocks opportunities
for the funds that adopt GTAA to generate excess return due to structural inefficiencies existing
in the market. Structural inefficiencies may include the tendency for majority of investors to
focus on security selection and favouritism towards investor’s own country (Morgan Stanley,
n.d.). Therefore, this strategy aligns with this aggressive portfolio’s objective which is to
maximize returns through benefiting from arbitrage profit. Moreover, GTAA reduces the fund’s
risk by reducing the overall portfolio volatility and offering an uncorrelated source of returns
through diversification and also through stricter risk controls and investment guidelines, as more
resources are dedicated to the funds. Furthermore, GTAA strategies have additional regulatory,
transparency and liquidity requirements as they are often available for mutual funds. This offers
a form of protection to the investors when applying GTAA (Segal Rogercarsey, 2012). In
addition, the tactical nature of the GTAA enables faster recovery of loss than most traditional
assets or hedge funds as it provides asset diversification and downside protection to the fund
through a tactical, multi-asset and geographic portfolio approach (Segal Rogercarsey, 2012).
Thus, as the portfolio has an aggressive nature, thus speeding up the process of any loss recovery
is beneficial for the fund.

Within the GTAA investing strategy, the investment process used by the fund managers
may differ. Some managers might use a more systematic approach, which is using quantitative
processes to determine the asset allocation. On the other hand, some manager might use a
fundamental approach, which is to incorporate global trends, macroeconomic themes and
quantitative opinions into the investment process. However, some managers might combine the
two approaches, which is to use a top-down, macroeconomic viewpoint to guide the investment
process, and conduct a bottom-up analysis to identify specific positions that will express those
views (Segal Rogercarsey, 2012). The asset allocation approach proposed to A+ FinTech is the
combination of the systematic and fundamental approach, which is to incorporate the trend of
financial technology and carry out an analysis to identify the appropriate asset allocation in order
to generate higher return while minimizing the volatility of the portfolio. Beyond investing style,
derivative instruments such as futures, options, swaps and others can be implemented to run the
investment process of A+ FinTech as it may decrease the risk exposure of the asset classes in a
more cost efficient and liquid way (Segal Rogercarsey, 2012).

3c) As the portfolio is based in Malaysia and would consist of stocks from US, thus the fund
would be exposed to exchange-rate risk and interest rate risk. The fluctuations in terms of
currency exchange rates between USD and MYR would affect the portfolio’s return. Example, as
MYR depreciates against USD, MYR would be worse off in terms of value. As the returns from
the portfolio are exchanged from USD into MYR, returns are lower as it is subjected to the
depreciation experienced. Thus, the exchange rate management act as an integral part in decision
making of the portfolio. Moreover, interest rate risk arises when market changes. Example, when
the market is undergoing a recession, interest rates would drop. This would cause returns of the
portfolio on bonds to decrease, further affecting the portfolio’s financial stability. As a result,
financial derivatives are used in order to hedge against these risks and minimize potential losses
in this risk management program.

Currency options is adopted as a derivative instrument to hedge against the exchange-rate

risk. By paying a premium to use options, it provides the manager flexibility to exercise the right
to buy or sell the asset before a specified date (Meera, 2002). When the market is not doing well,
it is expected that the currency will depreciate, the overall market return and performance on
stock investments would be negatively impacted. Thus, the manager could adopt a strategy of
protective put to protect the stock price from falling further, causing further losses in return. The
protective put would act as an insurance policy to prevent the currency from further declining,
securing the stock position. Example, the manager would purchase a 6 month options stock at a
price of $50. Thus, if the market value of the stock price continues to fall below $50 due to
worsening of exchange rates within 6 months, the manager could exercise his right to sell the
stock at the locked-in price that is higher than current price to protect his stock position. Hence,
the risk could be neutralized as the maximum loss could be predicted and the payoff would be in-
the-money, hence preserving the cash flow of the fund. Forwards are not used in our risk
management program to hedge against potential exchange rate risk due to the potential liquidity
problem that may arise (Papaioannou, 2006). That is because forwards contracts are traded over
the counter, therefore managers would have to seek potential parties to sell the forwards. It is
also difficult to negotiate terms such as future rates and the timing that both parties would agree
on (Meera, 2002).

Secondly, interest rate risk could be hedged through futures contract. The underlying
asset used for the futures contract is bonds. In the situation where the market is predicted to
undergo recession, the interest rate of the bond is expected to be driven down as well. Managers
would want to lock in the bond at current prices. That is because bonds possess an inverse
relationship with interest rates, the price for the current bond would rise since new issued bonds
provides lower interest return, making current bonds much valuable due to the higher interest
rate it is able to provide (Wells Fargo Funds, n.d.). Investors will benefit by buying the bond at a
lower price than the market price in the future. Therefore, managers would be able to leverage
the possible risk by taking a long position in a futures contract (ACCA, n.d.). As the prices of
that bond increases, investors could purchase the bond at the strike price and gain on the futures
can be used to offset the lower interest earned. Moreover, the default or credit risk is relatively
low as futures is a legal binding contract, the seller is obligated to pay the interest to the buyer.
Hence, long position is used to hedge against the interest rate risk.
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Amenc, N., Malaise, P., Martellini, L. & Sfeir, D. (2003). Tactical Style Allocation – A New
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JUNK
Macroeconomic factors:
https://leaglobal.com/thought_leadership/Malaysia%20FDI%20Outlook%20for%202017.pdf
- Political - government giving tax and non-tax incentives to attract FDI, especially to
those on Fintech industry (startup) [policy suppport-by encouraging to take risk][criteria]
 - Economics: economic performance (appoint alibaba as digital economic advisor-boost e-
commerce)
- The Malaysian Digital Economy Corporation (MDEC) are defining 2017 as ‘the
year of the Internet Economy’. Hence, e-commerce is the key industry to watch in
Malaysia in 2017. The appointment of Alibaba’s Jack Ma as Digital Economy
Advisor is hoped to boost growth in the industry above the 11 percent it achieved
in 2016. MDEC believe that the planned digital infrastructural spending, by both
the government and private players, is going to cause a serious boom in the e-
commerce market.
- Funding, investment

- Social- lifestyle ( china citizens are now highly dependent on their mobile cashless
payment and few continue to use physical cash- following the trend of the country)
(adoption index- how many percentage, or increase in using) (a trend , buying habits and
education level
-
https://globaljournals.org/GJMBR_Volume11/5-Impact-of-Foreign-Direct-Investment-
on-Gross-Domestic-Product.pdf
government will consider the employment factor when they encourage inflow of FDI in
Malaysia. For instance, As FDI will pump in more money ___help create more job opportunities
to Malaysian, government will strongly encourage and initiate FDI to invest in Malaysia ( ). For
instance, Alibaba investment in Malaysia has helped to generate over 1,000 jobs via its e-
commerce unit, Lazada Group. Besides,
IT-FDI-GDP
SMEs play a key role in developing economies of a country. It helps to generate about 70% of
job opportunities on average, contributing up to 45% of total employment and 33% of GDP in an
emerging country ( ).

Employment is one of the factor that are considered to attract FDI.

https://www.ey.com/Publication/vwLUAssets/ey-fintech-adoption-index-2017/$FILE/ey-
fintech-adoption-index-2017.pdf (sw, pg 15, got stats for the china adoption in mobile
payment

- Technology : from the normal face to face transaction to online based ( b2b to b2c)
Government invest in highlly in technology infrastructure
- As mentioned, e-commerce is being pushed as one of the major drivers of
economic growth to lift Malaysia to high income status. To facilitate this, the
government, along with a number of private enterprises, are investing heavily in
technological and digital infrastructure. For example, the world’s first ‘digital free
trade zone’ is set to open in March 2017. However, just a month before the
 project is due to be launched, details about the specifics of it are still few and far
between.

- Legal-
- Environment- ppl are going for more eco-friendly, no carbon footprint, sustainable
environment
1b)
The main objective of FinTech fund is to provide investors a long term income and stable capital
growth through diversification by investing in different stocks. Besides that, the FinTech fund
aims to invest in financial technology and accelerate the development of financial technology.
This can be achieved by investing in the startup FinTech companies who are driving innovation
in using financial technology to improve their financial activities in banking and financial sectors.
This enables the startup companies to improve and advance in their FinTech sectors which may
leads to an improvement in the economy’s productivity. () This would indirectly help improving
the profitability and growth in the companies invested by the fund, thus helping the investors to
achieve stable income and growth in the long run.

Fintech fund on capital growth

- https://www.blackrock.com/americas-offshore/products/299124/fintech-
fund
- https://www.blackrock.com/ch/individual/en/products/299125/blackrock-
fintech-fund
- https://www.theedgemarkets.com/article/fintech-roboadvisors-developing-
better-value-proposition
- https://www.trustnetoffshore.com/Factsheets/Factsheet.aspx?
fundCode=PPF7P&univ=DC
- https://www.robeco.com/eh
n/funds/#!/sort=fav,reverse=false,lt=nest,perfid=5,investmentAsset=Asset
%20Allocation,hedged=false
-

As mentioned in the objectives of the portfolio created, A+ FinTech has

considered allocating 70% of fund in equity, 20% in bond and 10% in risk-free
assets. The BlackRock Global Funds (BGF) is chosen as a market benchmark to
evaluate the performance of the fund. That is because it consists of same type of
securities as in the A+ FinTech as the BGF funds’ asset allocation is at least 70%
in the equity securities in companies globally who focuses on the research,
production, distribution of technologies used and applied in financial services.
This corresponds to the weightage used by this portfolio. In addition,
BlackRock’s Fintech is also an open-end equity fund whose objective is to
maximize return, thus aligning with this portfolio’s objective. Therefore, it is
chosen as a benchmark to evaluate performance. The performance and
efficiency of the portfolio is well off when it generates at least the same or higher
return than the benchmark. However, as BGF is based in Switzerland and A+
FinTech is based in Malaysia, therefore, exchange rates would affect the returns
generated, this should be taken into consideration when evaluating relative
performances.

The business of BGF is based in Switzerland, which is business friendly same as

Malaysia. It has a highly business-friendly regulatory environment with a
transparent and fair legal system

-https://www.swissinfo.ch/eng/wef2019_switzerland-will-not-over-regulate-
fintech-sector--says-president/44703254
-https://www.thelocal.ch/20170706/javad-marandi-switzerland-great-place-do-
business-investment

Types of tactical asset allocation (TAA)

1. Discretionary TAA
- adjust asset allocation according to market valuations of the changes in
the same market as the investment (eg. when an investor holding stock,
he/she might want to reduce stock holdings if bonds are expected to
outperform stock for a period

2. Systematic TAA
- Allocate assets by using a quantitative investment model to take
advantage of inefficiencies or temporary imbalance among different asset
classes

Mastercard
https://finance.yahoo.com/news/why-growth-investors-buy-mastercard-124512696.html
https://finance.yahoo.com/quote/MA/key-statistics?p=MA

Global TAA ()
https://thehedgefundjournal.com/global-tactical-asset-allocation/

Tactical asset allocation strategy

- Thematic Approach to Multi-Asset Class Investing
- Long-standing, Disciplined Approach
- Disciplined Risk Management

● Tactical asset allocation ( agressive ) - opputunities now: malaysia is more

and more promiting fintech
● What will you do if u are faced with changes in the market ( Malaysia
government is business-friendly)
● / adjust the ratio