Unit Trust in Malaysia 大马投资信托基金（添加内容）

(17/5/2017 初稿）
(25/5/2017 添加内容和下载spreadsheet。管理费13%的基金!!!，跳去看混合型基金)

巴菲特在信里，指出投资人老相信收费高昂的华尔街基金经理人，可为自己创造庞大的投资收益，但其实这些经理人赚到的高额手续费及相关利润，远超出他们为投资人创造的投资绩效。巴菲特也公开与基金经理打赌的9年投资绩效比较，红圈是巴菲特选的S&P500指数基金。

他重申，长线投资人别再相信只会收高额手续费的华尔街投资专家了。只要花小钱买美股S&P500指数基金，9年就能创造85%的累计投资绩效。反观基金经理人所选的5组主动基金，同期绩效最高虽有62%，最低却区区2.9%。相信这场十年赌局，最后胜利者是巴菲特。

Ali与你一起看看本地的投资信托基金(Unit Trust)
Ali兴起来研究大马的投资信托基金Unit Trust。在大马一个庞大的金融市场投资信托基金Unit Trust。根据资料显示（1），去年2016，大马投资信托基金总资产成长到RM3584亿 (RM358 billions)。粗略计算平均1.5%的基金经理费，等于RM53.7亿一年。这还没有包括sale charge，一般为2%至5.5%。

不但如此，投资信托基金在大马资本市场从2004年占12%增长到2016的21.5%。看来在大马小散户倾向投资信托基金，看看每天的股票交易都是本地基金和外资在对垒。不过近年投资信托基金成长开始放缓，从以前双位数成长，现在接近0成长，是不是市场饱和？

好了，我们再深入研究投资信托基金。目前一共有36家基金公司，投资人户头有18,671,189。
最大的当然是Public Mutual，自称No 1 Unit Trust Company。


要比较每家基金公司比较困难，不过Ali以下资料是根据第三方LIPPER提供(2)(数据28/4/2017）。
投资信托基金分为投资本地和投资海外，这里研究只限于投资本地基金。投资信托基金也分为3大类型：股票，债卷，和混合型。

股票型基金：

	Fund Name	Fund Company	Asset Type	Classification	3 Year Return%	5 Year Return%	10 Year Return%
1	A Dali Equity	AIA PUBLIC Takaful Bhd	Equity	Equity Malaysia	2.12
2	A-Dana Equity	AIA PUBLIC Takaful Bhd	Equity	Equity Malaysia	10.94	46.02
3	AIA Aggressive	American International Assurance Bhd	Equity	Equity Malaysia	13.13	51.38	138.17
4	AIA Dana Dinamik	American International Assurance Bhd	Equity	Equity Malaysia	4.12	44.54	125.57
5	AIA Equity Plus Fund	American International Assurance Bhd	Equity	Equity Malaysia	10.09	50.74	101.87
6	AMB Dana Yakin	Amanah Mutual Berhad	Equity	Equity Malaysia	6.94	43.21	67.56
7	AMB Index-Linked Trust	Amanah Mutual Berhad	Equity	Equity Malaysia	-1.63	23.61	71.98
8	AMB Unit Trust	Amanah Mutual Berhad	Equity	Equity Malaysia	13.71	45.97	73.77
9	AMB Value Trust A MYR	Amanah Mutual Berhad	Equity	Equity Malaysia	2.17	31.65	140.4
10	AMB Value Trust C MYR	Amanah Mutual Berhad	Equity	Equity Malaysia	2.85
11	Aberdeen Islamic Malaysia Equity A	Aberdeen Islamic Asset Management Sdn Bhd	Equity	Equity Malaysia	6.39
12	Aberdeen Islamic Malaysia Equity I	Aberdeen Islamic Asset Management Sdn Bhd	Equity	Equity Malaysia	6.39
13	Affin Hwang Aiiman Equity	Affin Hwang Asset Management Berhad	Equity	Equity Malaysia	6.54	27.48
14	Affin Hwang Aiiman Growth	Affin Hwang Asset Management Berhad	Equity	Equity Malaysia	8.14	54.19	133.15
15	Affin Hwang Aiiman PRS Shariah Growth	Affin Hwang Asset Management Berhad	Equity	Equity Malaysia	5.23
16	Affin Hwang Equity	Affin Hwang Asset Management Berhad	Equity	Equity Malaysia	6.43	26.36	48.46
17	Affin Hwang Growth	Affin Hwang Asset Management Berhad	Equity	Equity Malaysia	7.3	27.33
18	Affin Hwang Principled Growth	Affin Hwang Asset Management Berhad	Equity	Equity Malaysia	5.78	26.16
19	Allianz Life Dana Padu	Allianz Life Insurance Malaysia Berhad	Equity	Equity Malaysia	9.38	39.43
20	Allianz Life Equity	Allianz Life Insurance Malaysia Berhad	Equity	Equity Malaysia	10.54	52.43	144.91
21	AmIslamic Growth	AmFunds Management Berhad	Equity	Equity Malaysia	6.61	45.75	88.11
22	AmIttikal	AmFunds Management Berhad	Equity	Equity Malaysia	4.29	37.99	80.82
23	AmMalaysia Equity	AmFunds Management Berhad	Equity	Equity Malaysia	14.39	56.38
24	AmMetLife Equity	AmMetLife Insurance Berhad	Equity	Equity Malaysia	9.22	39.46	75.92
25	AmMetLife Takaful Equity	AmMetLife Takaful Berhad	Equity	Equity Malaysia	7.49	40.72
26	AmTotal Return	AmFunds Management Berhad	Equity	Equity Malaysia	4.74	39.99	90.8
27	Amanah Saham Darul Iman	PTB Unit Trust Berhad	Equity	Equity Malaysia	-8.82	1.56	9.12
28	AmanahRaya Islamic Equity	AmanahRaya Investment Management Sdn Bhd	Equity	Equity Malaysia	10.49	27.4
29	Apex Dana Al-Faiz-I	Apex Investment Services Berhad	Equity	Equity Malaysia	5.47	36.34	106.4
30	Apex Dana Al-Sofi-I	Apex Investment Services Berhad	Equity	Equity Malaysia	3.04	33.98	77.53
31	Apex Malaysia Growth	Apex Investment Services Berhad	Equity	Equity Malaysia	-2.19	19.56	29.08
32	Areca equityTrust	Areca Capital Sdn Bhd	Equity	Equity Malaysia	36.06	101.33	212
33	BIMB i Growth	BIMB Investment Management Berhad	Equity	Equity Malaysia	-6.61	11.96	37.25
34	BSN Dana Al-Jadid	Permodalan BSN Berhad	Equity	Equity Malaysia	-13.74	2.63
35	CIMB Islamic Al-Azzam Equity	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	6.65
36	CIMB Islamic DALI Equity Growth	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	2.7	37.26	116.31
37	CIMB Islamic DALI Equity Theme MYR	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	2.1	36.96
38	CIMB Islamic Equity Aggressive	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	9.95	44.46	81.36
39	CIMB Islamic PRS Plus Equity A	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	2.89
40	CIMB Islamic PRS Plus Equity C	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	2.91
41	CIMB Islamic PRS Plus Equity X	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	2.87
42	CIMB-Principal Equity	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	7.23	44.81	144.18
43	CIMB-Principal Equity Aggressive 1	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	9.25	38.03	86
44	CIMB-Principal Equity Aggressive 3	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	4.4	29.37	60.68
45	CIMB-Principal KLCI-Linked	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	0.01	22.68	63.53
46	CIMB-Principal Malaysia Equity MYR	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	7.87	42.01	107.57
47	CIMB-Principal PRS Plus Equity A	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	5.07
48	CIMB-Principal PRS Plus Equity C	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	5.07
49	CIMB-Principal PRS Plus Equity X	CIMB-Principal Asset Management Berhad	Equity	Equity Malaysia	5.05
50	Dana Ekuiti Prima	Etiqa Insurance Berhad	Equity	Equity Malaysia	8.59	50.57	131.37
51	Dana Ekuiti Prima Takaful	Etiqa Insurance Berhad	Equity	Equity Malaysia	18.22
52	Dana Restu	Great Eastern Life Assurance (Malaysia) Berhad	Equity	Equity Malaysia	-2.58	20.92	45.32
53	Dividend	MCIS Insurance Berhad	Equity	Equity Malaysia	-3.23	17.08
54	Eastspring Investments Dana al-Ilham	Eastspring Investments Berhad	Equity	Equity Malaysia	10.44	64.9	141.7
55	Eastspring Investments Growth	Eastspring Investments Berhad	Equity	Equity Malaysia	14.6	59.79	115.09
56	Eastspring Investments MY Focus	Eastspring Investments Berhad	Equity	Equity Malaysia	24.29	131.25
57	Equity	MCIS Insurance Berhad	Equity	Equity Malaysia	-1.63	23.05	48.98
58	FBM KLCI ETF	AmFunds Management Berhad	Equity	Equity Malaysia	0.82	25.06
59	Gibraltar BSN Strategic	Gibraltar BSN Life Bhd	Equity	Equity Malaysia	12.4	56.03	132.83
60	HLA Venture Blue Chip	Hong Leong Assurance Berhad	Equity	Equity Malaysia	7.13	41.19	77.14
61	HLA Venture Flexi	Hong Leong Assurance Berhad	Equity	Equity Malaysia	12.67	51.88
62	HLA Venture Growth	Hong Leong Assurance Berhad	Equity	Equity Malaysia	1.86	25.48	45.87
63	Hong Leong Dana Makmur	Hong Leong Asset Management Bhd	Equity	Equity Malaysia	21.99	44.46	75.92
64	Hong Leong Penny Stock	Hong Leong Asset Management Bhd	Equity	Equity Malaysia	38.6	79.37	115.02
65	Hong Leong Smart Growth	Hong Leong Assurance Berhad	Equity	Equity Malaysia	42.07
66	KAF Dana Adib	KAF Investment Funds Berhad	Equity	Equity Malaysia	1.99	24.42	47.61
67	KAF Tactical	KAF Investment Funds Berhad	Equity	Equity Malaysia	-4.28	19.22	36.09
68	KSC Incrementum	Kumpulan Sentiasa Cemerlang Sdn Bhd	Equity	Equity Malaysia	33.98	85.55
69	Kenanga Growth	Kenanga Investors Berhad	Equity	Equity Malaysia	43.6	113.56	308.06
70	Kenanga Islamic	Kenanga Investors Berhad	Equity	Equity Malaysia	5.37	41.4	67.68
71	Kenanga Malaysian Inc	Kenanga Investors Berhad	Equity	Equity Malaysia	30.74	65.4
72	Kenanga OA Inv-Kenanga Blue Chip	Kenanga Investors Berhad	Equity	Equity Malaysia	-0.35	17.23	46.76
73	Kenanga OA Inv-Kenanga Ekuiti Islam	Kenanga Investors Berhad	Equity	Equity Malaysia	5.3	32.71	54.57
74	Kenanga OA Inv-Kenanga Shariah Growth Opps	Kenanga Investors Berhad	Equity	Equity Malaysia	3.44	40.71	67.29
75	Kenanga Premier	Kenanga Investors Berhad	Equity	Equity Malaysia	0.74	28.67	8.13
76	Kenanga Syariah Growth	Kenanga Investors Berhad	Equity	Equity Malaysia	7.21	45.81	159.22
77	Libra Amanah Saham Wanita	Libra Invest Berhad	Equity	Equity Malaysia	8.56	33.57	45.52
78	Libra EquityEXTRA	Libra Invest Berhad	Equity	Equity Malaysia	8.28	50.52	77.16
79	Lion Growth	Great Eastern Life Assurance (Malaysia) Berhad	Equity	Equity Malaysia	0.49	24.51	73.16
80	Lion Progressive	Great Eastern Life Assurance (Malaysia) Berhad	Equity	Equity Malaysia	-0.31	24.85	74.97
81	MIDF Amanah Dynamic	MIDF Amanah Asset Management Berhad	Equity	Equity Malaysia	18.95	16.71	8.89
82	MIDF Amanah Growth	MIDF Amanah Asset Management Berhad	Equity	Equity Malaysia	16.06	3.91	-7.75
83	MIDF Amanah Islamic	MIDF Amanah Asset Management Berhad	Equity	Equity Malaysia	17.47	11.36	-4.13
84	Manulife Dana Ekuiti Dinamik	Manulife Insurance Berhad	Equity	Equity Malaysia	8.19	59.93	150.62
85	Manulife Equity	Manulife Insurance Berhad	Equity	Equity Malaysia	-4.86	27.66	98.4
86	Manulife Equity Plus	Manulife Asset Management Services Berhad	Equity	Equity Malaysia	17.24	54.01
87	Manulife HSBC Flexilife Growth	Manulife Insurance Berhad	Equity	Equity Malaysia	13.92	53.14	97.87
88	Manulife Investment Al-Faid	Manulife Asset Management Services Berhad	Equity	Equity Malaysia	13.35	41.61	89.66
89	Manulife Investment Equity Index	Manulife Asset Management Services Berhad	Equity	Equity Malaysia	-2.19	19.9	66.64
90	Manulife Investment Growth	Manulife Asset Management Services Berhad	Equity	Equity Malaysia	16.27	46.47	137.45
91	Manulife Investment Regular Savings	Manulife Asset Management Services Berhad	Equity	Equity Malaysia	23.04	52.62	132.07
92	Manulife Investment Syariah Index	Manulife Asset Management Services Berhad	Equity	Equity Malaysia	2.07	27.16	63.36
93	Manulife Investment Value	Manulife Asset Management Services Berhad	Equity	Equity Malaysia	16.73	50.71	134.22
94	Maybank Malaysia Equity-I	Maybank Asset Management Sdn Berhad	Equity	Equity Malaysia	-6.19
95	Maybank Q-Opportunities	Maybank Asset Management Sdn Berhad	Equity	Equity Malaysia	2.68	27.03
96	MyETF Dow Jones Islamic Market Malaysia Titans 25	i-VCAP Management Sdn Bhd	Equity	Equity Malaysia	0.28	21.4
97	PB Growth	Public Mutual Berhad	Equity	Equity Malaysia	12.05	34.51	87.69
98	PB Growth Sequel	Public Mutual Berhad	Equity	Equity Malaysia	2.3	29.35
99	PB Islamic Equity	Public Mutual Berhad	Equity	Equity Malaysia	9.24	38.77	68.35
100	PMB Dana Al-Aiman	PMB Investment Berhad	Equity	Equity Malaysia	2.29	17.89	45.47
101	PMB Dana Bestari	PMB Investment Berhad	Equity	Equity Malaysia	2.5	18.8	19.54
102	PMB Dana Mutiara	PMB Investment Berhad	Equity	Equity Malaysia	2.28	17.22	6.22
103	PMB Shariah Aggressive	PMB Investment Berhad	Equity	Equity Malaysia	27.63	93.52	47.8
104	PMB Shariah Growth	PMB Investment Berhad	Equity	Equity Malaysia	20.05	69.04	92.51
105	PMB Shariah Index	PMB Investment Berhad	Equity	Equity Malaysia	-0.88	20.78	50.03
106	PMB Shariah Premier	PMB Investment Berhad	Equity	Equity Malaysia	16.49	34.27	60.41
107	PRUlink Dana Unggul	Prudential Assurance Malaysia Berhad	Equity	Equity Malaysia	5.36	37.65	75.07
108	PRUlink Education Equity	Prudential Assurance Malaysia Berhad	Equity	Equity Malaysia	2.22	25.08
109	PRUlink Equity	Prudential Assurance Malaysia Berhad	Equity	Equity Malaysia	2.22	25.08	72.09
110	PRUlink Golden Equity	Prudential Assurance Malaysia Berhad	Equity	Equity Malaysia	1.78	24.54
111	PRUlink Golden Equity II	Prudential Assurance Malaysia Berhad	Equity	Equity Malaysia	14.55
112	Pacific Dana Aman	Pacific Mutual Fund Bhd	Equity	Equity Malaysia	-5.81	18.54	62.65
113	Pacific Millennium	Pacific Mutual Fund Bhd	Equity	Equity Malaysia	-9.15	8.25	51.7
114	Pacific Recovery	Pacific Mutual Fund Bhd	Equity	Equity Malaysia	-2.66	25.81	71.62
115	Phillip Master Equity Growth	Phillip Mutual Berhad	Equity	Equity Malaysia	22.35	84.32	198.57
116	Premier Equity	Etiqa Insurance Berhad	Equity	Equity Malaysia	17.9	66.33	121.78
117	Premier Index	Etiqa Insurance Berhad	Equity	Equity Malaysia	0.59	23.13	64.48
118	Public Aggressive Growth	Public Mutual Berhad	Equity	Equity Malaysia	4.04	24.13	57.56
119	Public Equity	Public Mutual Berhad	Equity	Equity Malaysia	8.18	32.76	69.23
120	Public Growth	Public Mutual Berhad	Equity	Equity Malaysia	8.24	34.44	82.82
121	Public Index	Public Mutual Berhad	Equity	Equity Malaysia	2.05	26.85	61.37
122	Public Industry Growth	Public Mutual Berhad	Equity	Equity Malaysia	9.81	36.99	59.17
123	Public Islamic Alpha-40 Growth	Public Mutual Berhad	Equity	Equity Malaysia	4.69	26.62
124	Public Islamic Equity	Public Mutual Berhad	Equity	Equity Malaysia	6.73	33.94	77.71
125	Public Islamic Optimal Growth	Public Mutual Berhad	Equity	Equity Malaysia	2.09	26.62
126	Public Islamic Sector Select	Public Mutual Berhad	Equity	Equity Malaysia	-1.85	23.27
127	Public Islamic Select Enterprises	Public Mutual Berhad	Equity	Equity Malaysia	1.29	29.26
128	Public Ittikal	Public Mutual Berhad	Equity	Equity Malaysia	7.92	36.59	64.16
129	Public Ittikal Sequel	Public Mutual Berhad	Equity	Equity Malaysia	7.02	39.49
130	Public Optimal Growth	Public Mutual Berhad	Equity	Equity Malaysia	6.31	37.86
131	Public Regular Savings	Public Mutual Berhad	Equity	Equity Malaysia	2.58	28.38	90.81
132	Public Savings	Public Mutual Berhad	Equity	Equity Malaysia	5.96	27.59	73.52
133	Public Sector Select	Public Mutual Berhad	Equity	Equity Malaysia	11.8	37.04
134	Public Select Alpha-30	Public Mutual Berhad	Equity	Equity Malaysia	-1.37	22.82
135	RHB Capital	RHB Asset Management Sdn Berhad	Equity	Equity Malaysia	2.18	33.49	82.07
136	RHB Dana Islam	RHB Asset Management Sdn Berhad	Equity	Equity Malaysia	3.59	35.11	72.32
137	RHB Dynamic	RHB Asset Management Sdn Berhad	Equity	Equity Malaysia	-9.82	30.7	74.67
138	RHB Equity	RHB Asset Management Sdn Berhad	Equity	Equity Malaysia	-7.38	24.61	90.27
139	RHB KLCI Tracker	RHB Asset Management Sdn Berhad	Equity	Equity Malaysia	-1.98	20.97	56.54
140	RHB Smart Treasure	RHB Asset Management Sdn Berhad	Equity	Equity Malaysia	18.99	65.42	140.78
141	Sun Life Malaysia Growth	Sun Life Malaysia Assurance Berhad	Equity	Equity Malaysia	-1.63	23.47
142	Sun Life Malaysia Islamic Equity	Sun Life Malaysia Takaful Berhad	Equity	Equity Malaysia	9.32	31.05
143	TA Dana Fokus	TA Investment Management Berhad	Equity	Equity Malaysia	-0.29	15.95
144	Tabung Amanah Saham Kedah	Kedah Islamic AM Bhd	Equity	Equity Malaysia	2.7	25.42	30.53
145	Takafulink Dana Ekuiti	Prudential BSN Takaful Berhad	Equity	Equity Malaysia	6.78	38.77	78.09
146	TokioMarine-Enterprise	Tokio Marine Life Insurance Malaysia Bhd	Equity	Equity Malaysia	20.14	66	118.85
147	Zurich Billion Cap	Zurich Insurance Malaysia Berhad	Equity	Equity Malaysia	-2.39	23.06	64.19
148	Zurich Dana Mas Maju	Zurich Insurance Malaysia Berhad	Equity	Equity Malaysia	5.01	40.1	72.49
149	Zurich Growth	Zurich Insurance Malaysia Berhad	Equity	Equity Malaysia	-0.99	22.66	67.26
150	Zurich Takaful Shariah Growth 2	Zurich Takaful Malaysia Bhd	Equity	Equity Malaysia	15.26
151	Zurich Vulture	Zurich Insurance Malaysia Berhad	Equity	Equity Malaysia	-0.99	27.81	71.1

投资信托基金有者非常亮丽的绩效，如Kenanga Growth Fund信托基金3年，5年和10年投资绩效分别是43.6%，113.56% 和308.06%。很多小散户拿不到这个成绩，难怪它那么吃香，背后经理应记一功。但是大部分绩效很差的基金，有者投资3年拿负数，甚至投资10年还是负数。但是基金经理每年酬劳还是“袋袋平安”。

根据统计，全部投资信托基金平均3年，5年和10年投资绩效分别是7.1%, 37.28% 和82.44%。而化年复利CAGR为2.31%, 6.54% 和6.2%。比较KLCI同期只有负-4.91%, 11.13%和33.46%，化年复利CAGR为负-1.66%, 2.13% 和2.93%。所以在本地很难实现指数化投资，因为市场绩效不佳。同样Ali几年前也做出研究如果投资20年在KLCI指数，CAGR只有1.9%。那么低的回酬，应付不了本地的高通膨。所以投资者都倾向主动型基金。


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Performance	3 years	5 years	10 years
Average	7.10	37.28	82.44
CAGR	2.31	6.54	6.20
KLCI	-4.91	11.13	33.46
CAGR	-1.66	2.13	2.93

CAGR	3 years	5 years	10 years
< 0%	28	0	2
> 5%	23	81	71
> 10%	5	13	3
> 15%	0	3	1
> 20%	0	0	0

仔细看，投资3年拿负数有28个，投资10年还是负数有2个。
化年复利CAGR有超过10%以上的3年，5年和10年投资，分别有5个，13个和3个。化年复利超过10%只有少数基金能做到。能够超过15%化年复利的只有投资5年3个，和投资10年唯有1个。值得一提是没有一家基金经理能有20%化年复利，巴菲特的20%复利真的不简单，那些华尔街和本地基金经理金融精英办不到的事，不要相信那些自吹有100%绩效的投资达人。

这家基金公司真的是No.1 吗？
目前36家投资信托基金公司，大家比较熟悉应该是Public Mutual，让我们来一起研究看看，是不是比较好的绩效。Public Mutual 旗下的全部投资信托基金总和化年复利CAGR，3年，5年和10年，分别是1.79%，5.61%和5.58%，表现普普通通罢了，而且还低于全部基金平均值（2.31%, 6.54% 和6.2%）。而各单一基金的绩效方面，首20个最佳绩效基金没有Public Mutual的踪影。反而Eastspring，Kenanga，Hong Leong Asset，无论在单一或全部投资信托基金都比Public Mutual亮丽。Public Mutual的sale charge 5.5%是市场最贵的，而Eastspring，Kenanga，Hong Leong Asset 的sale charge 5%，如果上网在fundsupermart 买入这些基金sale charge 才1.75%。实在看不到Public Mutual 有什么亮点？醒醒吧，不要白白送钱给标叔，又得不到较好的投资绩效。

在研究当儿看到一家基金Areca Capital Sdn Bhd的绩效很好，在3年，5年和10年化年复利CAGR有10.81%，15.02%和12.05%。不过Ali对这家公司不了解，在这里声明没有买卖建议，Ali没有收取任何基金佣金，也没有利益冲突。如有负面评语，是以事论事。


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Fund Company			3 Year Return%	5 Year Return%	10 Year Return%
AIA Assurance		CAGR	2.62	8.18	8.30
Great Eastern Life Assurance (Malaysia) Berhad		CAGR	-0.27	4.30	5.10
Prudential Assurance Malaysia Berhad		CAGR	1.71	5.08	5.67
Affin Hwang Asset Management Berhad		CAGR	2.14	5.76	6.67
Amanah Mutual Berhad		CAGR	1.58	6.36	6.54
AmFunds Management Berhad		CAGR	2.02	7.12	6.44
Areca Capital Sdn Bhd		CAGR	10.81	15.02	12.05
Apex Investment Services Berhad		CAGR	0.70	5.38	5.51
CIMB-Principal Asset Management Berhad		CAGR	1.62	6.49	6.86
Eastspring Investments Berhad		CAGR	5.20	13.13	8.61
Hong Leong Asset Management Bhd		CAGR	9.22	10.12	6.93
KAF Investment Funds Berhad		CAGR	-0.38	4.03	3.56
Kenanga Investors Berhad		CAGR	3.85	8.18	7.27
Libra Invest Berhad		CAGR	2.73	7.27	4.90
Maybank Asset Management Sdn Berhad		CAGR	-0.59	4.90	#DIV/0!
MIDF Amanah Asset Management Berhad		CAGR	5.52	2.05	-0.10
Pacific Mutual Fund Bhd		CAGR	-2.00	3.28	4.94
Phillip Mutual Berhad		CAGR	6.95	13.01	11.56
Public Mutual Berhad		CAGR	1.79	5.61	5.58
RHB Asset Management Sdn Berhad		CAGR	0.31	6.19	6.41
TA Investment Management Berhad		CAGR	-0.10	3.00	#DIV/0!

保单上的信托基金
很多投资股票的朋友都不会去买信托基金，但是你可能有买保险，无论是人寿，医药保险，市场比较普遍是Investment Link保单，那你就要继续看下去。Investment Link保单比传统保单保费来得便宜，因为保险公司把部分风险由投保人自己承担。如果你是买Investment Link 保单，你要认真选一档基金能长期为你保单“贡献”，反之一档绩效差的基金，可能造成损失。

上面Ali整理三家著名保险公司AIA, Great Eastern, 和Prudential。他们3、5和10年绩效，分别是（2.62%， 8.18%，8.30%），（-0.27%，4.30%，5.10%）和（1.71%，5.08%，5.67%）。AIA的表现远远超越另外两家公司，而大东方Great Eastern在3年绩效是负数，意味着投保人可能需要top up 填补（由基金经理投资的损失），岂 有 此 理 ！！再看看过去3年并非大熊市，大东方的专业基金经理为投保人做出投资损失，公司是否对基金经理重新评估他们的水平。

如果你问Ali保单上的信托基金该如何选，个人认为保险保单目的是“保障”，不是赚钱，投保人可以考虑债卷型基金，比较稳定。要投资赚钱，就分开投资在股票上。


以下是另外两种基金，债卷型和混合型基金。Ali资料整理绩效如下：

债卷型基金

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Performance	3 years	5 years	10 years
Average	13.86	21.89	50.57
CAGR	4.42	4.04	4.18
KLCI	-4.91	11.13	33.46
CAGR	-1.66	2.13	2.93

-->

No. Fund	100	86	55
CAGR	3 years	5 years	10 years
< 0%	0	0	0
> 5%	18	11	8
> 10%	0	1	0
> 15%	0	0	0

-->

Fund Company			3 Year Return%	5 Year Return%	10 Year Return%
AIA Assurance		CAGR	4.12	3.88	4.14
Great Eastern Life Assurance (Malaysia) Berhad		CAGR	5.90	5.14	5.30
Prudential Assurance Malaysia Berhad		CAGR	4.22	3.47	4.09
Affin Hwang Asset Management Berhad		CAGR	4.28	3.79	3.58
Amanah Mutual Berhad		CAGR	5.14	6.53	3.13
AmFunds Management Berhad		CAGR	4.26	3.58	4.51
Areca Capital Sdn Bhd		CAGR	4.83	4.49	3.72
CIMB-Principal Asset Management Berhad		CAGR	3.97	3.76	3.95
Eastspring Investments Berhad		CAGR	5.38	4.55	3.70
Hong Leong Asset Management Bhd		CAGR	3.87	3.03	3.47
KAF Investment Funds Berhad		CAGR	5.72	4.13	4.56
Kenanga Investors Berhad		CAGR	2.99	2.48	3.11
Libra Invest Berhad		CAGR	5.88	5.19	4.75
Maybank Asset Management Sdn Berhad		CAGR	3.91	3.63	#DIV/0!
Pacific Mutual Fund Bhd		CAGR	3.62	3.23	3.23
Public Mutual Berhad		CAGR	4.34	3.81	4.64
RHB Asset Management Sdn Berhad		CAGR	5.38	5.92	4.87

混合型基金

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Performance	3 years	5 years	10 years
Average	9.27	31.65	69.72
CAGR	3.00	5.65	5.43
KLCI	-4.91	11.13	33.46
CAGR	-1.66	2.13	2.93

-->

No. Fund	69	53	49
CAGR	3 years	5 years	10 years
< 0%	6	1	1
> 5%	16	34	29
> 10%	0	3	1
> 15%	0	0	0
> 20%	0	0	0

-->

Fund Company			3 Year Return%	5 Year Return%	10 Year Return%
AIA Assurance		CAGR	4.45	7.32	6.52
Great Eastern Life Assurance (Malaysia) Berhad		CAGR	5.67	9.71	9.02
Prudential Assurance Malaysia Berhad		CAGR	1.86	4.67	5.00
Affin Hwang Asset Management Berhad		CAGR	3.56	4.42	4.01
Amanah Mutual Berhad		CAGR	2.24	5.06	4.69
AmFunds Management Berhad		CAGR	3.33	6.06	5.44
CIMB-Principal Asset Management Berhad		CAGR	4.00	4.69	5.30
Eastspring Investments Berhad		CAGR	6.16	10.43	8.23
Hong Leong Asset Management Bhd		CAGR	6.57	6.60	5.87
KAF Investment Funds Berhad		CAGR	5.36	6.45	5.23
Kenanga Investors Berhad		CAGR	0.85	2.50	2.98
Libra Invest Berhad		CAGR	5.26	7.24	3.85
Pacific Mutual Fund Bhd		CAGR	-1.03	3.14	4.48
Public Mutual Berhad		CAGR	2.64	5.01	4.18

(25/5/2017 添加内容)
Ali在翻查资料，发现Kenanga其中一项基金"Kenanga Shariah Balanced Fund"年年亏，不管3年，5年还是10年。打开年报发现基金管理费占了13%！！太高了，不是说好1.5%吗？

原来，是因为基金的NAV资产太小，结果林林总总的管理费就吃掉NAV资产。前面说过能超过10%回酬的只有少数。Kenanga公司是否应该把这项基金清盘，把钱退回给投资者，好过年年白白亏下去。投资者选基金也要注意基金资产NAV是否太小。


总结
看了以上的投资信托基金绩效结果，你还会投资进去吗？或立刻把所有的基金卖掉？
且慢！！！如果你自己上场投资的绩效在他们之下，就不要浪费精力，买一档低收费和绩效不错的基金；巴菲特也是建议自己太太买低成本S&P500指数基金VOO，管理费只是0.04%，本地信托基金管理费1.5%高出36.5倍，他们有比VOO好35倍的绩效吗？；或者你想转个市场投资，看看会不会比较好。


下载：spreadsheet

注：
1.  没有买卖建议，Ali没有收取任何基金佣金，也没有利益冲突。如有负面评语，是以事论事。
2.  以上投资信托基金绩效，不包含sale charge成本，还要加GST，所以实际绩效来得低一些。

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【十载投资，路在何方，扎根本土，放眼世界】

参考
1. https://www.sc.com.my/data-statistics/unit-trust-funds-in-malaysia-summary-of-statistics/
2. http://www.lipperleaders.com