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Thursday, May 25, 2017

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。
Image result for no 1 unit trust in malaysia

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 NameFund CompanyAsset TypeClassification3 Year Return%5 Year Return%10 Year Return%
1A Dali EquityAIA PUBLIC Takaful BhdEquityEquity Malaysia2.12
2A-Dana EquityAIA PUBLIC Takaful BhdEquityEquity Malaysia10.9446.02
3AIA AggressiveAmerican International Assurance BhdEquityEquity Malaysia13.1351.38138.17
4AIA Dana DinamikAmerican International Assurance BhdEquityEquity Malaysia4.1244.54125.57
5AIA Equity Plus FundAmerican International Assurance BhdEquityEquity Malaysia10.0950.74101.87
6AMB Dana YakinAmanah Mutual BerhadEquityEquity Malaysia6.9443.2167.56
7AMB Index-Linked TrustAmanah Mutual BerhadEquityEquity Malaysia-1.6323.6171.98
8AMB Unit TrustAmanah Mutual BerhadEquityEquity Malaysia13.7145.9773.77
9AMB Value Trust A MYRAmanah Mutual BerhadEquityEquity Malaysia2.1731.65140.4
10AMB Value Trust C MYRAmanah Mutual BerhadEquityEquity Malaysia2.85
11Aberdeen Islamic Malaysia Equity AAberdeen Islamic Asset Management Sdn BhdEquityEquity Malaysia6.39
12Aberdeen Islamic Malaysia Equity IAberdeen Islamic Asset Management Sdn BhdEquityEquity Malaysia6.39
13Affin Hwang Aiiman EquityAffin Hwang Asset Management BerhadEquityEquity Malaysia6.5427.48
14Affin Hwang Aiiman GrowthAffin Hwang Asset Management BerhadEquityEquity Malaysia8.1454.19133.15
15Affin Hwang Aiiman PRS Shariah GrowthAffin Hwang Asset Management BerhadEquityEquity Malaysia5.23
16Affin Hwang EquityAffin Hwang Asset Management BerhadEquityEquity Malaysia6.4326.3648.46
17Affin Hwang GrowthAffin Hwang Asset Management BerhadEquityEquity Malaysia7.327.33
18Affin Hwang Principled GrowthAffin Hwang Asset Management BerhadEquityEquity Malaysia5.7826.16
19Allianz Life Dana PaduAllianz Life Insurance Malaysia BerhadEquityEquity Malaysia9.3839.43
20Allianz Life EquityAllianz Life Insurance Malaysia BerhadEquityEquity Malaysia10.5452.43144.91
21AmIslamic GrowthAmFunds Management BerhadEquityEquity Malaysia6.6145.7588.11
22AmIttikalAmFunds Management BerhadEquityEquity Malaysia4.2937.9980.82
23AmMalaysia EquityAmFunds Management BerhadEquityEquity Malaysia14.3956.38
24AmMetLife EquityAmMetLife Insurance BerhadEquityEquity Malaysia9.2239.4675.92
25AmMetLife Takaful EquityAmMetLife Takaful BerhadEquityEquity Malaysia7.4940.72
26AmTotal ReturnAmFunds Management BerhadEquityEquity Malaysia4.7439.9990.8
27Amanah Saham Darul ImanPTB Unit Trust BerhadEquityEquity Malaysia-8.821.569.12
28AmanahRaya Islamic EquityAmanahRaya Investment Management Sdn BhdEquityEquity Malaysia10.4927.4
29Apex Dana Al-Faiz-IApex Investment Services BerhadEquityEquity Malaysia5.4736.34106.4
30Apex Dana Al-Sofi-IApex Investment Services BerhadEquityEquity Malaysia3.0433.9877.53
31Apex Malaysia GrowthApex Investment Services BerhadEquityEquity Malaysia-2.1919.5629.08
32Areca equityTrustAreca Capital Sdn BhdEquityEquity Malaysia36.06101.33212
33BIMB i GrowthBIMB Investment Management BerhadEquityEquity Malaysia-6.6111.9637.25
34BSN Dana Al-JadidPermodalan BSN BerhadEquityEquity Malaysia-13.742.63
35CIMB Islamic Al-Azzam EquityCIMB-Principal Asset Management BerhadEquityEquity Malaysia6.65
36CIMB Islamic DALI Equity GrowthCIMB-Principal Asset Management BerhadEquityEquity Malaysia2.737.26116.31
37CIMB Islamic DALI Equity Theme MYRCIMB-Principal Asset Management BerhadEquityEquity Malaysia2.136.96
38CIMB Islamic Equity AggressiveCIMB-Principal Asset Management BerhadEquityEquity Malaysia9.9544.4681.36
39CIMB Islamic PRS Plus Equity ACIMB-Principal Asset Management BerhadEquityEquity Malaysia2.89
40CIMB Islamic PRS Plus Equity CCIMB-Principal Asset Management BerhadEquityEquity Malaysia2.91
41CIMB Islamic PRS Plus Equity XCIMB-Principal Asset Management BerhadEquityEquity Malaysia2.87
42CIMB-Principal EquityCIMB-Principal Asset Management BerhadEquityEquity Malaysia7.2344.81144.18
43CIMB-Principal Equity Aggressive 1CIMB-Principal Asset Management BerhadEquityEquity Malaysia9.2538.0386
44CIMB-Principal Equity Aggressive 3CIMB-Principal Asset Management BerhadEquityEquity Malaysia4.429.3760.68
45CIMB-Principal KLCI-LinkedCIMB-Principal Asset Management BerhadEquityEquity Malaysia0.0122.6863.53
46CIMB-Principal Malaysia Equity MYRCIMB-Principal Asset Management BerhadEquityEquity Malaysia7.8742.01107.57
47CIMB-Principal PRS Plus Equity ACIMB-Principal Asset Management BerhadEquityEquity Malaysia5.07
48CIMB-Principal PRS Plus Equity CCIMB-Principal Asset Management BerhadEquityEquity Malaysia5.07
49CIMB-Principal PRS Plus Equity XCIMB-Principal Asset Management BerhadEquityEquity Malaysia5.05
50Dana Ekuiti PrimaEtiqa Insurance BerhadEquityEquity Malaysia8.5950.57131.37
51Dana Ekuiti Prima TakafulEtiqa Insurance BerhadEquityEquity Malaysia18.22
52Dana RestuGreat Eastern Life Assurance (Malaysia) BerhadEquityEquity Malaysia-2.5820.9245.32
53DividendMCIS Insurance BerhadEquityEquity Malaysia-3.2317.08
54Eastspring Investments Dana al-IlhamEastspring Investments BerhadEquityEquity Malaysia10.4464.9141.7
55Eastspring Investments GrowthEastspring Investments BerhadEquityEquity Malaysia14.659.79115.09
56Eastspring Investments MY FocusEastspring Investments BerhadEquityEquity Malaysia24.29131.25
57EquityMCIS Insurance BerhadEquityEquity Malaysia-1.6323.0548.98
58FBM KLCI ETFAmFunds Management BerhadEquityEquity Malaysia0.8225.06
59Gibraltar BSN StrategicGibraltar BSN Life BhdEquityEquity Malaysia12.456.03132.83
60HLA Venture Blue ChipHong Leong Assurance BerhadEquityEquity Malaysia7.1341.1977.14
61HLA Venture FlexiHong Leong Assurance BerhadEquityEquity Malaysia12.6751.88
62HLA Venture GrowthHong Leong Assurance BerhadEquityEquity Malaysia1.8625.4845.87
63Hong Leong Dana MakmurHong Leong Asset Management BhdEquityEquity Malaysia21.9944.4675.92
64Hong Leong Penny StockHong Leong Asset Management BhdEquityEquity Malaysia38.679.37115.02
65Hong Leong Smart GrowthHong Leong Assurance BerhadEquityEquity Malaysia42.07
66KAF Dana AdibKAF Investment Funds BerhadEquityEquity Malaysia1.9924.4247.61
67KAF TacticalKAF Investment Funds BerhadEquityEquity Malaysia-4.2819.2236.09
68KSC IncrementumKumpulan Sentiasa Cemerlang Sdn BhdEquityEquity Malaysia33.9885.55
69Kenanga GrowthKenanga Investors BerhadEquityEquity Malaysia43.6113.56308.06
70Kenanga IslamicKenanga Investors BerhadEquityEquity Malaysia5.3741.467.68
71Kenanga Malaysian IncKenanga Investors BerhadEquityEquity Malaysia30.7465.4
72Kenanga OA Inv-Kenanga Blue ChipKenanga Investors BerhadEquityEquity Malaysia-0.3517.2346.76
73Kenanga OA Inv-Kenanga Ekuiti IslamKenanga Investors BerhadEquityEquity Malaysia5.332.7154.57
74Kenanga OA Inv-Kenanga Shariah Growth OppsKenanga Investors BerhadEquityEquity Malaysia3.4440.7167.29
75Kenanga PremierKenanga Investors BerhadEquityEquity Malaysia0.7428.678.13
76Kenanga Syariah GrowthKenanga Investors BerhadEquityEquity Malaysia7.2145.81159.22
77Libra Amanah Saham WanitaLibra Invest BerhadEquityEquity Malaysia8.5633.5745.52
78Libra EquityEXTRALibra Invest BerhadEquityEquity Malaysia8.2850.5277.16
79Lion GrowthGreat Eastern Life Assurance (Malaysia) BerhadEquityEquity Malaysia0.4924.5173.16
80Lion ProgressiveGreat Eastern Life Assurance (Malaysia) BerhadEquityEquity Malaysia-0.3124.8574.97
81MIDF Amanah DynamicMIDF Amanah Asset Management BerhadEquityEquity Malaysia18.9516.718.89
82MIDF Amanah GrowthMIDF Amanah Asset Management BerhadEquityEquity Malaysia16.063.91-7.75
83MIDF Amanah IslamicMIDF Amanah Asset Management BerhadEquityEquity Malaysia17.4711.36-4.13
84Manulife Dana Ekuiti DinamikManulife Insurance BerhadEquityEquity Malaysia8.1959.93150.62
85Manulife EquityManulife Insurance BerhadEquityEquity Malaysia-4.8627.6698.4
86Manulife Equity PlusManulife Asset Management Services BerhadEquityEquity Malaysia17.2454.01
87Manulife HSBC Flexilife GrowthManulife Insurance BerhadEquityEquity Malaysia13.9253.1497.87
88Manulife Investment Al-FaidManulife Asset Management Services BerhadEquityEquity Malaysia13.3541.6189.66
89Manulife Investment Equity IndexManulife Asset Management Services BerhadEquityEquity Malaysia-2.1919.966.64
90Manulife Investment GrowthManulife Asset Management Services BerhadEquityEquity Malaysia16.2746.47137.45
91Manulife Investment Regular SavingsManulife Asset Management Services BerhadEquityEquity Malaysia23.0452.62132.07
92Manulife Investment Syariah IndexManulife Asset Management Services BerhadEquityEquity Malaysia2.0727.1663.36
93Manulife Investment ValueManulife Asset Management Services BerhadEquityEquity Malaysia16.7350.71134.22
94Maybank Malaysia Equity-IMaybank Asset Management Sdn BerhadEquityEquity Malaysia-6.19
95Maybank Q-OpportunitiesMaybank Asset Management Sdn BerhadEquityEquity Malaysia2.6827.03
96MyETF Dow Jones Islamic Market Malaysia Titans 25i-VCAP Management Sdn BhdEquityEquity Malaysia0.2821.4
97PB GrowthPublic Mutual BerhadEquityEquity Malaysia12.0534.5187.69
98PB Growth SequelPublic Mutual BerhadEquityEquity Malaysia2.329.35
99PB Islamic EquityPublic Mutual BerhadEquityEquity Malaysia9.2438.7768.35
100PMB Dana Al-AimanPMB Investment BerhadEquityEquity Malaysia2.2917.8945.47
101PMB Dana BestariPMB Investment BerhadEquityEquity Malaysia2.518.819.54
102PMB Dana MutiaraPMB Investment BerhadEquityEquity Malaysia2.2817.226.22
103PMB Shariah AggressivePMB Investment BerhadEquityEquity Malaysia27.6393.5247.8
104PMB Shariah GrowthPMB Investment BerhadEquityEquity Malaysia20.0569.0492.51
105PMB Shariah IndexPMB Investment BerhadEquityEquity Malaysia-0.8820.7850.03
106PMB Shariah PremierPMB Investment BerhadEquityEquity Malaysia16.4934.2760.41
107PRUlink Dana UnggulPrudential Assurance Malaysia BerhadEquityEquity Malaysia5.3637.6575.07
108PRUlink Education EquityPrudential Assurance Malaysia BerhadEquityEquity Malaysia2.2225.08
109PRUlink EquityPrudential Assurance Malaysia BerhadEquityEquity Malaysia2.2225.0872.09
110PRUlink Golden EquityPrudential Assurance Malaysia BerhadEquityEquity Malaysia1.7824.54
111PRUlink Golden Equity IIPrudential Assurance Malaysia BerhadEquityEquity Malaysia14.55
112Pacific Dana AmanPacific Mutual Fund BhdEquityEquity Malaysia-5.8118.5462.65
113Pacific MillenniumPacific Mutual Fund BhdEquityEquity Malaysia-9.158.2551.7
114Pacific RecoveryPacific Mutual Fund BhdEquityEquity Malaysia-2.6625.8171.62
115Phillip Master Equity GrowthPhillip Mutual BerhadEquityEquity Malaysia22.3584.32198.57
116Premier EquityEtiqa Insurance BerhadEquityEquity Malaysia17.966.33121.78
117Premier IndexEtiqa Insurance BerhadEquityEquity Malaysia0.5923.1364.48
118Public Aggressive GrowthPublic Mutual BerhadEquityEquity Malaysia4.0424.1357.56
119Public EquityPublic Mutual BerhadEquityEquity Malaysia8.1832.7669.23
120Public GrowthPublic Mutual BerhadEquityEquity Malaysia8.2434.4482.82
121Public IndexPublic Mutual BerhadEquityEquity Malaysia2.0526.8561.37
122Public Industry GrowthPublic Mutual BerhadEquityEquity Malaysia9.8136.9959.17
123Public Islamic Alpha-40 GrowthPublic Mutual BerhadEquityEquity Malaysia4.6926.62
124Public Islamic EquityPublic Mutual BerhadEquityEquity Malaysia6.7333.9477.71
125Public Islamic Optimal GrowthPublic Mutual BerhadEquityEquity Malaysia2.0926.62
126Public Islamic Sector SelectPublic Mutual BerhadEquityEquity Malaysia-1.8523.27
127Public Islamic Select EnterprisesPublic Mutual BerhadEquityEquity Malaysia1.2929.26
128Public IttikalPublic Mutual BerhadEquityEquity Malaysia7.9236.5964.16
129Public Ittikal SequelPublic Mutual BerhadEquityEquity Malaysia7.0239.49
130Public Optimal GrowthPublic Mutual BerhadEquityEquity Malaysia6.3137.86
131Public Regular SavingsPublic Mutual BerhadEquityEquity Malaysia2.5828.3890.81
132Public SavingsPublic Mutual BerhadEquityEquity Malaysia5.9627.5973.52
133Public Sector SelectPublic Mutual BerhadEquityEquity Malaysia11.837.04
134Public Select Alpha-30Public Mutual BerhadEquityEquity Malaysia-1.3722.82
135RHB CapitalRHB Asset Management Sdn BerhadEquityEquity Malaysia2.1833.4982.07
136RHB Dana IslamRHB Asset Management Sdn BerhadEquityEquity Malaysia3.5935.1172.32
137RHB DynamicRHB Asset Management Sdn BerhadEquityEquity Malaysia-9.8230.774.67
138RHB EquityRHB Asset Management Sdn BerhadEquityEquity Malaysia-7.3824.6190.27
139RHB KLCI TrackerRHB Asset Management Sdn BerhadEquityEquity Malaysia-1.9820.9756.54
140RHB Smart TreasureRHB Asset Management Sdn BerhadEquityEquity Malaysia18.9965.42140.78
141Sun Life Malaysia GrowthSun Life Malaysia Assurance BerhadEquityEquity Malaysia-1.6323.47
142Sun Life Malaysia Islamic EquitySun Life Malaysia Takaful BerhadEquityEquity Malaysia9.3231.05
143TA Dana FokusTA Investment Management BerhadEquityEquity Malaysia-0.2915.95
144Tabung Amanah Saham KedahKedah Islamic AM BhdEquityEquity Malaysia2.725.4230.53
145Takafulink Dana EkuitiPrudential BSN Takaful BerhadEquityEquity Malaysia6.7838.7778.09
146TokioMarine-EnterpriseTokio Marine Life Insurance Malaysia BhdEquityEquity Malaysia20.1466118.85
147Zurich Billion CapZurich Insurance Malaysia BerhadEquityEquity Malaysia-2.3923.0664.19
148Zurich Dana Mas MajuZurich Insurance Malaysia BerhadEquityEquity Malaysia5.0140.172.49
149Zurich GrowthZurich Insurance Malaysia BerhadEquityEquity Malaysia-0.9922.6667.26
150Zurich Takaful Shariah Growth 2Zurich Takaful Malaysia BhdEquityEquity Malaysia15.26
151Zurich VultureZurich Insurance Malaysia BerhadEquityEquity Malaysia-0.9927.8171.1

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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Performance3 years5 years10 years
Average7.1037.2882.44
CAGR2.316.546.20
KLCI-4.9111.1333.46
CAGR-1.662.132.93

CAGR3 years5 years10 years
< 0%2802
> 5%238171
> 10%5133
> 15%031
> 20%000

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 Company3 Year Return%5 Year Return%10 Year Return%
AIA AssuranceCAGR2.628.188.30
Great Eastern Life Assurance (Malaysia) BerhadCAGR-0.274.305.10
Prudential Assurance Malaysia BerhadCAGR1.715.085.67
Affin Hwang Asset Management BerhadCAGR2.145.766.67
Amanah Mutual BerhadCAGR1.586.366.54
AmFunds Management BerhadCAGR2.027.126.44
Areca Capital Sdn BhdCAGR10.8115.0212.05
Apex Investment Services BerhadCAGR0.705.385.51
CIMB-Principal Asset Management BerhadCAGR1.626.496.86
Eastspring Investments BerhadCAGR5.2013.138.61
Hong Leong Asset Management BhdCAGR9.2210.126.93
KAF Investment Funds BerhadCAGR-0.384.033.56
Kenanga Investors BerhadCAGR3.858.187.27
Libra Invest BerhadCAGR2.737.274.90
Maybank Asset Management Sdn BerhadCAGR-0.594.90#DIV/0!
MIDF Amanah Asset Management BerhadCAGR5.522.05-0.10
Pacific Mutual Fund BhdCAGR-2.003.284.94
Phillip Mutual BerhadCAGR6.9513.0111.56
Public Mutual BerhadCAGR1.795.615.58
RHB Asset Management Sdn BerhadCAGR0.316.196.41
TA Investment Management BerhadCAGR-0.103.00#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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Performance3 years5 years10 years
Average13.8621.8950.57
CAGR4.424.044.18
KLCI-4.9111.1333.46
CAGR-1.662.132.93


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No. Fund1008655
CAGR3 years5 years10 years
< 0%000
> 5%18118
> 10%010
> 15%000


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Fund Company3 Year Return%5 Year Return%10 Year Return%
AIA AssuranceCAGR4.123.884.14
Great Eastern Life Assurance (Malaysia) BerhadCAGR5.905.145.30
Prudential Assurance Malaysia BerhadCAGR4.223.474.09
Affin Hwang Asset Management BerhadCAGR4.283.793.58
Amanah Mutual BerhadCAGR5.146.533.13
AmFunds Management BerhadCAGR4.263.584.51
Areca Capital Sdn BhdCAGR4.834.493.72
CIMB-Principal Asset Management BerhadCAGR3.973.763.95
Eastspring Investments BerhadCAGR5.384.553.70
Hong Leong Asset Management BhdCAGR3.873.033.47
KAF Investment Funds BerhadCAGR5.724.134.56
Kenanga Investors BerhadCAGR2.992.483.11
Libra Invest BerhadCAGR5.885.194.75
Maybank Asset Management Sdn BerhadCAGR3.913.63#DIV/0!
Pacific Mutual Fund BhdCAGR3.623.233.23
Public Mutual BerhadCAGR4.343.814.64
RHB Asset Management Sdn BerhadCAGR5.385.924.87


混合型基金

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Performance3 years5 years10 years
Average9.2731.6569.72
CAGR3.005.655.43
KLCI-4.9111.1333.46
CAGR-1.662.132.93


-->
No. Fund695349
CAGR3 years5 years10 years
< 0%611
> 5%163429
> 10%031
> 15%000
> 20%000


-->
Fund Company3 Year Return%5 Year Return%10 Year Return%
AIA AssuranceCAGR4.457.326.52
Great Eastern Life Assurance (Malaysia) BerhadCAGR5.679.719.02
Prudential Assurance Malaysia BerhadCAGR1.864.675.00
Affin Hwang Asset Management BerhadCAGR3.564.424.01
Amanah Mutual BerhadCAGR2.245.064.69
AmFunds Management BerhadCAGR3.336.065.44
CIMB-Principal Asset Management BerhadCAGR4.004.695.30
Eastspring Investments BerhadCAGR6.1610.438.23
Hong Leong Asset Management BhdCAGR6.576.605.87
KAF Investment Funds BerhadCAGR5.366.455.23
Kenanga Investors BerhadCAGR0.852.502.98
Libra Invest BerhadCAGR5.267.243.85
Pacific Mutual Fund BhdCAGR-1.033.144.48
Public Mutual BerhadCAGR2.645.014.18

(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。


【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

16 comments:

  1. 我以前投資大眾的賺了不錯的回酬, 自從接觸股票後就不再參與了.主要原因手續費太高了,根本不划算.200K要被抽整整11K的手續費,幾乎可以買兩張的Maybank(RM7.8的價位)!

    ReplyDelete
    Replies
    1. 是。以前PM的回酬好,现在就。。。不懂是不是那些基金经理被挖角了

      Delete
  2. 吐血,怪不得GE要和我讨钱。。

    ReplyDelete
    Replies
    1. 你可以考虑换去债卷基金,比较稳健

      Delete
  3. 很有参考价值的一篇帖文。多谢你的功课

    ReplyDelete
  4. 你好,请问能查得到个别公司的股票基金的绩效吗?
    比如Publoc Mutual 的Equity Fund的总体表现。
    因为PM 的 AUM 最大,所管理的fund又非常多元,
    包含了bond fund balanced fund的表现可能就会比较低,
    所以想看看如果他单纯的equity fund的表现如何。
    可以教我怎么查吗?
    谢谢了。

    ReplyDelete
    Replies
    1. 可以,我已经把每间公司总体表现写在问中table。
      PUblic mutual equity fund总体化年复利CAGR,3年,5年和10年,分别是1.79%,5.61%和5.58%,普普通通罢了。资料来源也在文中提到,在参考

      Delete
  5. where do you get those company average CAGR?? the average CAGR is included all the funds manage by that company or only include top 20 funds??
    i think the 36 fund house u missed manulife asset management

    ReplyDelete
    Replies
    1. hi, I input all fund performance into spreadsheet, then calculate the CAGR. Yes, the CAGR are calculated all the same category fund under the same fund house.
      Manulife data is included, see the row 84 to 95 in the table. for insurance I only summary 3 big players.

      Delete
  6. great info.. !! thumps up..
    may i know you also buy S&P 500 ?

    ReplyDelete
    Replies
    1. welcome.
      current i have no position in S&P500 Fund (VOO).

      Delete