125 Phillip Capital launches global futures fund

Phillip Capital launches global futures fund	辉立资本推出环球期货基金
Phillip Capital Malaysia recently launches a futures fund - the first of its kind in the market. Futures are normally traded by individuals. I think there is few funds in Singapore that use certain portion of its NAV to trade futures to protect the downside.	马来西亚辉立资本最近推出了市场唯一的期货基金。一般参与期货的都是个人投资者。我记得新加坡有几个基金把部分资金放在期货市场以便减少亏损。
For this fund, only half of the fund will be traded in futures, the other half will be in safe instrument. The features of the fund's design plus performance based on watermark shows me the fund manager should be aiming for prudent fund management.	这个基金将会把一半的资金用来交易期货，另一半则将放在安全的投资项目里边。这样的设计再加上依watermark的论功行赏的制度让我觉得基金经理应该是以保本为优先。
Investors are most worried during prolong falling market. Stocks or unit trusts are best bought during falling market, as we get to lower our cost and to gain when market recovers. However, it is human nature to feel uneasy to see investment value shrinking.	在长期的下跌市场中，投资者一般都是比较忧虑的。在下跌市场中不停买进股票或是信托基金，其实让我们降低成本以便在市场上升后，让赚利可以最大化。但看见投资额不停萎缩始终是人性的弱点。
Derivative market is created to take advantage of the falling market, for an investor can sell / short the market to make gains. On the other hand, it can long / buy the market when the market is on its way up. Investors can make money both ways. Investors also can lose money both ways, so investors must never be unaware of this!	衍生市场是可以让投资者在下跌市场继续获利，因为投资者可以在这样的行情进行卖空来获利。相反的，投资者也可在上升市场中买进市场来获利。所以衍生产品是双向获利的工具，但如果做错了，亦有可能双向亏损。不可不慎！
Will the fund gain popularity? We have to wait and see.	这样基金是否会大获好评呢？让我们拭目以待吧。