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G S IS M u t u a l F u n d , In c . ( G M F I)
April 16, 2010
BANKS 13.20%
Positive economic and corporate news flows continued to support the index
CONGLOMERATES 7.52%
as it hovered around 3299 level for most of the week before investors
decided to take profits. ELEC POWER&GAS 6.77%
Fixed
ELEC OTHER 6.42%
GLO (-4.9%WoW) dropped after the company managed investor’s Income,
FINANCE 27.68%
expectation that competition in the telecom industry will limit topline growth. 5.94%
On the other hand, TEL (+0.8WoW) gained on news that its broadband MANUFACTURING 5.31%
division is working on delivering strong growth over the next two years. TRANS OTHER 5.27%
Equity,
Market’s perception clearly played a role on the telecom stocks. Both GLO WATER 5.25% 72.32%
and TEL are experiencing tight competition and both are also spending
heavily to grow its broadband division, but the tone of the news flow from
each company affected investor’s preference. Key Figures
Net Asset Value per Share (NAVPS) PHP 2.2006
In the economic front, OFW remittances continued to post growth of 7.1% for
Total Fund Size (in Millions) as of 3/31/10 PHP 3,671.71
the month of February ( 8.5% in January). Port operator, ICT (+7.1%WoW) GMFI YOY return as of 3/31/10 40.63%
gained on news that February exports was up by 42.3% YoY (42.5% in Benchmark YOY return as of 3/31/10 33.57%
January). Moreover, despite last year’s slowdown in export which affected
port operations, management has decided to maintain regular dividend Inception Date July 1, 1998
Fund Currency Philippine Peso
payout this year. The improvement in bank’s NPL ratio to 3.18% in February
Domicile Philippines
(3.22% in January) helped sustain gains from banking stocks MBT Valuation Method Marked-to-Market
(+2%WoW) and BDO (+1%WoW). Fund Classification Balanced Fund
Risk Profile Moderate
Expect market to continue its consolidation phase as investors become Minimum Holding Period Six Months
cautious with the coming election. Base-building at this level is healthy as Redemption Notice Period Three Days
the market gears up for a stronger uptrend. Custodian Bank Citibank N.A.
Transfer Agent Deutsche Bank A.G. (Manila)
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