PETALING JAYA: Public Bank’s wholly owned subsidiary, Public Mutual, yesterday launched its first foreign equity fund, named PB US Eagle Fund (PBUSEF), under its PB Series of Funds.
The fund will focus its investments in the US market, and aims to achieve long-term capital growth by investing 75% to 98% of its net asset value (NAV) in equities comprising blue chip stocks, index stocks and growth stocks primarily in the US market, with the balance invested in fixed income securities and liquid assets.
The initial issue price for PBUSEF is 25 sen per unit during the 21-day initial offer period from Jan 5 to 25, 2021. The minimum initial investment amount is RM1,000 while the minimum additional investment amount is only RM100.
In a statement, Public Mutual said real gross domestic product (GDP) in the US is projected to grow by 3.8% in 2021 as consumer and investment spending recovers on the back of economic stimulus packages as well as the Federal Reserve’s monetary easing measures amounting to US$2.7 trillion.
“The potential rollout of an effective Covid-19 vaccine in 2021 and a gradual normalisation in business activities will also help to support the economic recovery.”
Meanwhile, corporate earnings in the US are forecast to rebound by 22.1% in 2021 after contracting by 14.5% in 2020. US firms are global leaders in the new growth areas of biotechnology, fintech, cloud computing and autonomous driving.
