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Prices as of Sept 17, 2013

FUND
NAV PER UNIT*
NAV PER UNIT CHANGE**
Absolute Returns
Year-to-
Date
Past 1 Year
Past 3 Years
Past 5 Years
BPI Short Term Fund (PHP)
136.33
0.007%
1.21%
1.96%
8.00%
15.26%
BPI Premium Bond Fund (PHP)
172.69
0.116%
4.29%
6.72%
18.92%
29.67%
BPI Institutional Fund (PHP)
221.27
0.009%
6.74%
9.72%
37.01%
55.40%
ABF Philippines Bond Index Fund (PHP)
206.89
0.922%
10.59%
13.33%
30.22%
50.14%
BPI Global Philippine Fund (USD)
265.04
0.023%
-3.50%
-0.73%
8.68%
25.33%
BPI International Fund Plus (USD)
153.75
0.026%
-1.73%
-0.50%
5.34%
12.22%
Philippine Dollar Bond Index Fund (USD)
164.86
-0.042%
-8.46%
-6.11%
13.70%
51.33%
BPI Balanced Fund (PHP)
153.78
0.438%
6.16%
11.00%
32.55%
83.22%
BPI Equity Value Fund (PHP)
135.92
0.681%
6.93%
12.56%
37.04%
96.76%
BPI Global Equity Fund (USD)
244.08
0.676%
12.74%
13.47%
17.42%
17.11%
ALFM Peso Bond Fund (PHP)
314.77
-0.051%
4.99%
7.13%
22.14%
37.66%
Ekklesia Fund (PHP)
2.0100
-0.347%
8.64%
11.30%
32.75%
-
ALFM Dollar Bond Fund (USD)
379.70
-0.032%
-4.62%
-2.32%
9.89%
21.50%
ALFM Euro Bond Fund (EUR)
195.64
-0.082%
0.26%
2.96%
9.43%
21.38%
ALFM Money Market Fund (PHP)
111.56
0.090%
1.77%
2.63%
9.71%
-
ALFM Growth Fund (PHP)
233.06
0.722%
5.28%
9.73%
34.80%
172.83%
Bahay Pari Solidaritas Fund (PHP)
1.8461
0.468%
2.77%
7.24%
41.95%
-
Philippine Stock Index Fund (PHP)
709.18
0.656%
10.48%
20.07%
63.28%
164.45%
BPI Philippine Equity Index Fund
85.90
0.644%
-
-
-
-
BPI Philippine High Dividend Equity Fund
105.60
1.373%
-
-
-
-
* Maybe subject to fees if redeemed within early redemption period
** Percentage change from previous trading day
Global Markets
US and Europe

US equities posted a third consecutive day of gains even as investors remained mostly on the sidelines ahead of the Fed’s policy statement on Wednesday. The Dow Jones Industrial Average index climbed 34.95 points to 15,529.73 and the S&P500 index rose 7.16 points to 1,704.76.

Last August, US consumer prices crept higher by 0.1% month-on-month. This compared to the market estimate of a 0.2% rise, which was also the figure posted in July. Not including the more volatile food and energy categories, “core” prices likewise inched higher 0.1%. On an annual basis, overall prices rose 1.5%, slightly lower than the 1.6% market estimate and the 2.0% in July, but still higher than the recent low of 1.1% last April. Core prices also climbed 1.8% year-on-year. The uptick in inflation could support the Fed’s case for scaling back its bond purchases, especially as the figure nears the central bank’s target. According to the report, much of the rise was attributed to increased costs for shelter and medical care.

Data released by the National Association of Home Builders (NAHB) showed that homebuilders’ confidence kept afloat, though slowed a little this month. According to the NAHB, its housing-market index stayed unchanged at 58 from July’s downwardly revised level. The figure was also in line with market estimate. Nevertheless, this was still the highest level since November 2005. In its report, the NAHB warned that home builders were seeing more hesitation from potential buyers, mainly due to the recent increase in mortgage rates.

US Treasury prices climbed for a fifth consecutive day as investors anticipated the Federal Reserve to wind down its bond purchases, though at a lighter scale, following their meeting on Wednesday. The 10-year benchmark yield slipped 2.2 basis points to 2.85%.

European shares were slightly lower amid cautious investing as uncertainty regarding the Fed’s upcoming policy announcement coincided with a drop in Continental auto sales. Strong German investor confidence data was mostly shrugged aside. The FTSEurofirst300 index gave back 5.79 points to 1,252.63.

The euro posted modest gains on Tuesday following the release of stronger than expected German economic sentiment data. The monthly ZEW economic expectations indicator for German jumped to 49.6 in September, beating the market estimate of 46.0 and the 42.0 posted last August. This was the highest level since April 2010, and showed that investors and analysts were more optimistic about the economic situation moving forward. Note that the historical average for the measure is 23.8. The shared currency appreciated by 0.15 cents to EUR/USD1.3359.


Asia Pacific

Asian markets reversed Tuesday as investors took caution ahead of the US Federal Reserve's policy meeting. The Federal Open Market Committee was set to hold a two day meeting Tuesday and Wednesday and decide on the Fed's planned withdrawal of its economic stimulus. Except for China, all markets traded within +/-1% from Monday's close. The MSCI All Country Asia Pacific Index waned 0.59 points, or -0.43%, to 138.13. China's Shanghai SE Comp Index fell -2.05% as ahead of the long weekend for the Mid-Autumn Festival which will start on Thursday.

Local Markets
Local

The local equities market was up slightly yesterday, as investors held in suspense by this week’s FOMC meeting were comforted by the likely scenario of delayed or diminished bond purchased tapering with a Yellen-led Fed. The PSEi gained 41.43 points, or +0.66%, to close at 6,344.14. Almost all sectoral indices ended higher led by property (+1.61%), industrials (+1.42%), and services (+0.73%) while mining and oil (-0.38%) and holding firms (-0.01%) ended in negative territory. Market breadth was positive with 85 advances outnumbering 57 declines while 40 stocks remained unchanged. Total value turnover was at Php10.07 billion. Foreign investors were net buyers at Php 1.34 billion.

The Department of Tourism (DOT) is pushing through with Php50 billion worth of tourism-related infrastructure projects under the Tourism Master Plan (TMP). Tourism Secretary Ramon Jimenez Jr. said that the DOT and the Department of Public Works and Highways (DPWH) has pointed more than 100 tourism roads under the TMP and would likely translate to visitor receipts worth around US$10.77 billion in 2016, should the projects push through. Moreover, the TMP seeks to develop and market competitive tourist products and destinations.

According to the National Statistical Coordination Board (NSCB), foreign investment pledges soared by roughly 160% in the second quarter. This has brought the first half tally to Php93.4 billion, or 127% higher year-on-year. The improvement shows there is continuing interest in the country for pursuing business and economic opportunities by foreign investors.

Prices of local government securities rose yesterday as buying interest persisted particularly, in the short-tenor buckets. On average, yields declined by 12.68 points led by the short-end of the curve which plunged by 31.2 basis points. The belly fell by 10.3 basis points while the long-end of the curve climbed 8.2 basis points.

The Philippine peso marginally depreciated against the greenback as investors remained cautious on the sidelines ahead of the FOMC meeting results on Thursday. The local currency shed 4 centavos to close at 43.650.

Sources: Bloomberg, Technistock, PDEx
This material, which is strictly for information purposes only, is for your sole use, does not constitute a recommendation or an offer to sell or a solicitation to buy any financial product. Any information is subject to change without notice and BPI is not under any obligation to update or keep current the information contained herein. You are advised to make your own independent judgment with respect to the matter contained in this document. No liability whatsoever is accepted for any loss that may arise (whether direct or consequential) from any use of the information contained herein.

All funds managed by BPI Asset Management and affiliates are Trust and/or Investment Management Funds, which do not carry any guarantee of income or principal, and are NOT covered by the Philippine Deposit Insurance Corporation. Past performance is not a guarantee of future results. BPI Investment Funds are valued daily using the marked-to-market method..
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The views expressed herein by BPI Asset Management are based on sources deemed reliable, but may be subject to change without notice. This material, which is strictly for information purposes only, is for your sole use, does not constitute a recommendation or an offer to sell or a solicitation to buy any financial product. Any information is subject to change without notice and BPI is not under any obligation to update or keep current the information contained herein. You are advised to make your own independent judgment with respect to the matter contained in this document. No liability whatsoever is accepted for any loss that may arise (whether direct or consequential) from any use of the information contained herein.

All funds managed by BPI Asset Management are Trust and/or Investment Management Funds, which do not carry any guarantee of income or principal, and are NOT covered by the Philippine Deposit Insurance Corporation. Past performance is likewise not a guarantee of future results. BPI Investment Funds are valued daily using the marked-to-market method.