Fund Allocation Investment Objective: Pami Equity Index Fund, Inc
Fund Allocation Investment Objective: Pami Equity Index Fund, Inc
Fund Allocation Investment Objective: Pami Equity Index Fund, Inc
Historical Performance1
3
FUND 1 MO 1 YR 3 YRS S.I.
Cumulative 0.33% 10.71% 1.11% 4.12%
Annualized 10.71% 0.37% 1.01%
YTD 2018 2017 2016
7.24% -12.74% 24.27% -2.86%
Top Ten Equity Holdings
SM INVESTMENTS CORP 12.78%
Benchmark2 1 MO 1 YR 3 YRS S.I.3 AYALA LAND INC 10.05%
Cumulative 0.49% 13.19% 7.72% 13.90% SM PRIME HOLDINGS INC 8.53%
Annualized 13.19% 2.51% 3.28% BDO UNIBANK INC 6.86%
YTD 2018 2017 2016 AYALA CORPORATION 6.77%
8.52% -11.33% 27.13% -0.63% JG SUMMIT HOLDINGS INC 5.02%
1. Returns are net of fees. Past performance is not indicative of future returns. BANK OF THE PHILIPPINE ISLAN 4.35%
2. Philippine Stock Exchange Index (Total Return) as of06/30/2019
3. Since Inception (June 16, 2015)
UNIVERSAL ROBINA CORP 3.93%
INTL CONTAINER TERM SVCS INC 3.74%
METROPOLITAN BANK & TRUST 3.51%
Commentary
PCOMP Index 7999.71, MOM : +0.4%, YTD : +7.14%
Top Sector for the month was the Conglomerates while the Property Sector continued its strong run from last month. GTCAP (+8.9%), JGS (+7.7%), MPI (+6.7%) and SM (+2.9%) were the leaders
here. While Property saw 3 strong performers in MEG (+3.4%), ALI (+2.6%) and RLC (+1.3%). FGEN (+16%), ICT (+7.6%) and SCC (+5.2%) were the other strong performers.
There were no major trends on the laggards but more liquidity and company specific news. Stocks that performed poorly were: SMPH (-6.8%), SMC (-6.6%), AP (-4.7%) and AC (-2.7%).
Inflation continued its downward line with June inflation coming in at 2.7%, reversing the uptick in May of 3.2%. First Half inflation is now at 3.4%, comfortably within the BSP target of 2-4%. Declines in
the CPI were from rice (-0.5% mom) and transport (-1.5% mom). The BSP also decided to pause in cutting rates further during their monthly meeting. The attitude from monetary authorities was to
wait and see how the recent monetary actions would affect loan growth and money supply. The rhetoric on a US rate cut, now almost certain for a 25bps end of July, would also be a consideration by
the BSP if only to maintain a level of interest rate differential. This expectation of a US rate cut has benefited the Peso which appreciated by 1.8% during the month to Php51.235 / US$.