169 A fund I am not familiar with - Phillip SELECT Balance Fund 我所不熟悉的基金 Phillip SELECT Balance Fund
Yesterday, I was asked to give some advice to a walk-in client. It was a family of three persons - mother and her two daughters.
It was a fund that I am not familiar with - Phillip SELECT Balance Fund. This fund was taken over from another fund house.
During the conversation, one of the daughter mentioned the fund was left by their late father. Before this, they were liaising with the original fund house for the transfer of ownership. Then suddenly was informed it was taken over by Phillip.
The mother remembered they invested because the bank keep asking them to invest, 20 years ago. And she remember the fund price, at one time, drop to very low. She thought the money is like gone.
I told her I am not familiar with that fund, but the latest value is twice their invested value. The return may be low, but not to the extent of "gone with the wind".
Today I am very curious how low the fund price was that made them think the money is gone.
So, I use Morningstar Malaysia to check.
Below is the chart. Yah, over the last 20 years, the return is 120%. So yah, it match what clients said lah.
But how come the clients has impression the fund price once dropped like almost gone? Below is the chart by looking at the historical fund price.
Aha, we can see the fund price, after peaked at before 2015, keep on going down. How come? If the price keep going down, how the return can maintained for the past few years.
The little red circles with D at the below of the chart indicate the historical distribution (dividend). As I check, the distribution (dividend) was consistently 3-4 sen.
So the adjusted fund price after distribution (dividend) made clients has impression fund is going down the drain lah.
Anyway, clients need to furnish some documents to completed the transfer of ownership before deciding to redeem or keep invested.
* * * * * * * * * SEPARATOR LINE 分割线 * * * * * * * * * *
昨天，我被要求给上门的顾客给点意见。那是一家三口-妈妈以及两个女儿。
那是 Phillip SELECT Balance Fund，一个我不熟悉的基金。这个基金是另一个公司接管的。
交谈中从其中一个女儿口中晓得该基金是他们过世的父亲留下的。在这之前呢，他们跟原本的基金公司处理到一半时，收到信说基金被 Phillip 接管了。
妈妈记得廿年前买的，因为银行一直叫他们买。然后她还记得有一阵子基金价钱掉到很低，他们也不想看了。
我说我不熟悉该基金，但如果该基金的价值是成本的两倍，那还不止于血本无归啦。
刚刚趁着有时间，好奇到底基金价钱掉到多低，低到让顾客觉得钱血本无归。
所以用 Morningstar Malaysia 查查看。
看下图。过去的20年，基金成长了 120%。吖，差不多就是顾客说的回酬啦。
但为什么顾客会有血本无归的印象呢？看看下图的过往基金价钱图。
啊，基金价钱自从2015年触顶后，就一路往下，难怪啦。但如果价钱一直往下，基金的回酬为何又保持几年不变呢？
图中下面那一排的红圈D字是过往基金的派息记录。查看看过往都有派息3-4分。
派息后基金价钱往下调整让顾客以为基金价钱一直掉啦。
另，顾客暂时不能做什么，因为还必须提交一些文件完成转移财产过后，才可以决定要卖、要留还是要转。
