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Frequently Asked Questions 1 What FREQUENTLY ASKED QUESTIONS WHAT ARE UNIT TRUSTS Unit trusts funds are a form of collective investment that allows investors with similar investment objectives to pool their funds to be invested in a portfolio of securities or other assets. A professional fund manager then invests the pooled funds in a portfolio which may include the asset classes listed below: . Cash . Bonds & Deposits . Shares . Properties . Commodities Unit holders do not own the securities in the portfolio directly. Ownership of the fund is divided into units of entitlement. As the fund increases or decreases in value, the value of each unit increases or decreases accordingly. The number of units held depends on the unit purchase price at the time of investment and the amount of money invested. The return on investment of unit holders is usually in the form of income distribution and capital appreciation, derived from the pool of assets supporting the unit trust fund. Each unit earns an equal return, determined by the level of distribution and/or capital appreciation in any one period. Unit trust investors are typically those with savings to invest, who neither have the time nor the inclination to hold portfolios of direct investments or shares. Rather, they prefer to invest in a secure, reputable investment vehicle which suits their purposes. Unit trusts allow investors to have easy access to a wide range of investments not normally available to them. As investors seek to maximise returns on their financial resources, unit trusts provide an ideal way for them to gain exposure to investments that, in the long run, should produce returns superior to cash savings and fixed deposit investments. The cost of these potentially higher returns is of course the risk that accompanies the investment. In the short term, the certainty of investment returns of most unit trust products is less than those offered by fixed deposits. However, in the medium to long term (i.e. 3-20 years), unit trust investments generally provide better returns at acceptable levels of risk. Source: FIMM https://www.fimm.com.my/investor/abc-of-unit-trusts/understanding-unit-trusts/ BENEFITS OF UNIT TRUST INVESTING For an individual to maintain his own portfolio of investments, he needs to keep up to date with market information and sentiments. In today’s sophisticated financial markets, this means having to embrace a wide range of information from a plethora of sources. For many individual investors, this is difficult, if not impossible and at times, very frustrating as they attempt to “keep on top” of the information pile. 1 FREQUENTLY ASKED QUESTIONS Investing in unit trusts transfers most of the necessary ‘know-how’ of investing to those best equipped to handle it – the professional fund managers. There are a number of other substantial benefits of investing in unit trusts that should be noted. Affordability Unit trusts are very affordable. Investors can start with an investment amount as low as RM100. Diversification Rather than concentrating an investment portfolio of one or two investments or shares, a portfolio of market securities can be held. The wider the spread of investments, the less volatile (i.e. variable) the investment returns will be. In simple terms, investment into unit trusts means diversification of risk: “not putting all your eggs in one basket. Liquidity Most investors prefer their investment to be liquid. That is, they can easily buy and sell without difficulties. Unit trusts provide this benefit, easily bought and sold. An excellent return that cannot be “cashed-in” (i.e. sold) does not necessarily mean a good investment as poor liquidity constitutes an additional risk factor for the investor. Professional Fund Management The people entrusted to manage unit trusts are approved professionals. Their training and background ensures that decision making is structured and according to sound investment principles. In the process, unit trust funds enjoy the depth of knowledge and experience that fund manager can bring. In the long term, it is this expertise that should generate above average investment returns for unit trust investors. Investment Exposure For the individual investor, it is sometimes difficult to gain exposure to a particular asset class. For instance, if an investor with RM5,000 wants to gain exposure to the Malaysian property market, global equity markets and the Malaysian bond market, it would be impossible to simultaneously hold a direct investment portfolio in all of these markets. With unit trust investments, it is possible to spread your money around to all of these asset classes at the same time, so that the investor can gain the investment exposure he requires . Wholesale Investment Costs & Access to Other Asset Classes When making direct investments in Bursa Malaysia, the investor faces costs and charges that are much higher. With unit trusts the economics of the transaction are more favorable i.e. the fees and charges/brokerage etc. per investment ringgit are likely to be less. As the fund managers invest in larger amounts, they are able to get access to wholesale yields and products which are impossible for the individual investor to obtain. For instance, unlike unit trust funds, most individual investors cannot have direct access to the Malaysian Government Security market because, amongst other reasons, the amount of each transaction could run into millions of Ringgit. 2 FREQUENTLY ASKED QUESTIONS . The Comfort of Regulation With the introduction of unit trusts in Malaysia came regulation from various regulators, especially the Securities Commission. The entire range of variables relating to the unit trust industry is governed by various legislations. The sole purpose of such regulations is to protect the interest of the investing public. Regulations provide investors with a level of comfort that they are investing in a safe investment mechanism Source: FIMM https://www.fimm.com.my/investor/abc-of-unit-trusts/understanding-unit-trusts WHAT ARE THE FACTORS TO CONSIDER BEFORE INVESTING? Before investing in unit trust funds, you should carefully consider the following: . Investment objectives of the fund; . Investment policies and strategies; . Size of fund and growth trends; . Investment restrictions, e.g. ethical and religious considerations; . Potential risks; . Types and amount of fees charged, such as initial sales / service charges, exit fees, switching fees and annual management fee; . Historical performance, particularly on price appreciation and distribution of income to investors though past performance is not an indication of its future performance; . Latest investment portfolios and asset allocations of the fund; and . Information on the board of directors, key management team, advisors, auditors and trustees. Remember, unit trust fund investments are most suitable for investors planning to commit to medium or long-term investments. ARE UNIT TRUST FUNDS RISK-FREE? No. However, it is deemed that the risk is lower as compared with other investment instruments because unit trust funds are based on diversification, and risk is reduced through the purchase of a wide array of different assets. ARE THE UNIT TRUST FUNDS’ RETURNS GUARANTEED? No, returns of unit trust funds are not guaranteed as they invest in assets (for example, equities and fixed income instruments) which fluctuate in value on a daily basis. The price of the unit trust funds' investments will rise and fall and consequently cause unit prices to rise and fall. Therefore, we cannot guarantee the fund returns. IS THERE ANY EXIT FEE WHEN AN INVESTOR WITHDRAWS HIS UNITS? No, there is no repurchase / exit fee charged when redeeming units of the funds. 3 FREQUENTLY ASKED QUESTIONS CAN I SWITCH BETWEEN THE UNIT TRUST FUNDS? Switching is considered as a redemption from a fund and investments into other funds under the management of the Manager. The minimum amount for a switch for a particular fund is as described in the prevailing Prospectus / Master Prospectus and will subject to a switching fee, where applicable. Units of the fund to be switched into shall be purchased at the net asset value per unit of that fund as at the next valuation point of the fund’s relevant business day after the switching form is received by the Manager (“forward pricing”). The Manager reserves the right to vary the terms of the switching facility from time to time at its discretion. As guidance to the Unit Holders, the switching application received by the Manager before the cut-off time of 4:00 p.m. on a Business Day (T day) shall be treated as follows: Type of fund Pricing day Existing fund Intended fund Switch out fund Switch in fund Money market fund Non-money market T day T day Non-money market fund fund At the next Money market fund valuation point Money market fund T day upon getting the Non-money market proceeds by the fund intended fund. Switching from Shariah-compliant fund to a conventional fund is discourage especially for Muslim unit holders. WHY DOES THE UNIT PRICE FALL AFTER A DISTRIBUTION? Income earned by the respective unit trust fund is accrued in its unit’s price until the end of the distribution period. When an income distribution is declared, any interest income and realized capital profits are paid to unit holders. Consequently, the fund's net asset value per unit will tend to fall by approximately the same amount as the income distribution. WHAT WILL HAPPEN TO MONIES NOT CLAIMED BY INVESTORS? All money payable to a Unit Holder may be paid by cheques. In the event, the cheque is not presented for payment within six (6) months from date of issuance, the Unit Holder may request the Manager to issue a new cheque as substitution for such amount payable. However, all money payable to Unit Holders which remain unclaimed after one year from the date of cheque will be handled by the Manager in accordance with the requirements of the Unclaimed Moneys Act, 1965.
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