Manager
Pheim Asset Management (Asia) Pte Ltd
Inception Date
30 June 2017
Fund Domicile
Cayman Islands
Base Currency
USD
Suitability
Institutional Investor or Accredited Investor (as defined in Section 304 and 305 of the SFA) who hold long term funds
Minimum Investment
US$100,000 (initial); US$10,000 (Subsequent)
Administrator & Custodian
DBS Bank Ltd
Legal Counsels
- Singapore Counsel – Chan & Goh LLP
- Cayman Islands Counsel – Conyers Dill & Pearman Pte. Ltd.
Auditor
PricewaterhouseCoopers
Valuation Day
Every Friday, or if the Valuation Day falls on a day which is not a Business Day in Singapore, the Valuation Day shall be the next Business Day in Singapore
Dealing Frequency
Every Valuation Day, subject to respective deadlines for redemptions and subscriptions
Management Fee
1% per annum
Performance Fee
10% above High Water Mark computed for each 6-month period ended every 30 June or 31 December
Early Redemption Penalty
- Shareholders are allowed to redeem up to 10% of his or her Participating Shares at any time within the first 12 months from the date of issue of such Participating Shares (1st year) and an additional 10% of his or her Participating Shares for each subsequent 12 months thereafter (i.e. 2nd year and 3rd year).
- In the event that no redemption is made during the 1st year, a Shareholder may redeem up to 20% cumulatively at any time during the 2nd year.
- In the event that no redemption is made during the 1st year and 2nd year, a Shareholder may redeem up to 30% cumulatively at any time during the 3rd year.
- Any redemption amount exceeding the aforesaid thresholds shall be subject to a Redemption Fee of 5% which is payable to the Fund.
Fund Structure
Pheim ASEAN All-Cap Equity Fund is an exempted company incorporated with limited liability under the Companies Law on 17 May 2017 and registered with and regulated by CIMA pursuant to section 4(3) of The Mutual Funds Law.
Investment Objective
The investment objective of the Fund is to achieve capital appreciation by investing mainly in listed and unlisted securities, derivatives (including options, forwards or futures contracts) and money market instruments across all market capitalizations in ASEAN member countries. The Manager may at its discretion invest up to 20% of the net assets of the Fund in listed and unlisted securities, derivatives (including options, forwards or futures contracts) and money market instruments in non-ASEAN member countries.
Investment Strategy
The Fund adopts a predominantly value approach to investment. The Fund will seek out stocks that are undervalued in the expectation that share price will rise at some point to more accurately reflect their true worth. Generally, the Fund will prefer companies that have focused management, enjoy high margins and earnings growth, and low debt equity gearing, and whose shares trade at low price-earnings and low price-to-book ratios. At times, the Fund may, at the discretion of the Manager, apply a combination of value and growth strategies, or put greater focus on growth stocks to take advantage of market and business cycles. Additionally, the Fund will adopt an active asset allocation process whereby the Manager will adjust the asset allocations in response to changes in market trends. Accordingly, the Fund will not be fully invested at all times. The Fund will reduce its exposure to equity securities when, in the judgment of the Manager, the market is overvalued or near its peak, in order to preserve capital. Conversely, the Fund will seek to increase its exposure to equity securities when, in the Manager’s judgment, the market is undervalued or near a trough.
Key Risks
- Potential loss of investment
- Currency risk
- Market risk
- Counterparty risk
- Settlement and liquidity risk
- Risk factors relating to emerging markets
- Performance of the Fund managed by the Manager may differ from the performance of the other funds managed by the Manager or its affiliate or related companies due to various factors, including but not limited to, different allocations and investments at any time or cash holdings or where the Manager decides to invest into any security for the Fund but not for such other funds, and vice versa. The past performance of such other funds is not indicative of and may not be the same as the performance of the Fund. Please refer to Part IV of the Private Placement Memorandum (PPM) for further information on risks of the Fund.
Manager Profile
Pheim Asset Management (Asia) Pte Ltd (“Pheim Singapore”), a private limited liability company incorporated in Singapore on 2 June 1994, is appointed as the Manager of the Fund pursuant to the Management Agreement. Pheim Singapore was founded by Dr. Tan Chong Koay and began operations as an Exempt Fund Manager in January 1995. It was one of the first two boutique fund managers in Singapore to be granted the Investment Adviser – Boutique Fund Manager Licence by the Monetary Authority of Singapore (MAS) in 1999. In March 2002, it went on to become the first boutique fund manager in Singapore to be granted a full Investment Adviser’s Licence (now known as Capital Markets Services (Fund Management) Licence). The Manager is regulated by the MAS.