Affin offers open-ended fund

Affin Fund Management launched an open-ended fund with an approved size of 800 million units.

The Affin Quantum Fund, designed to generate capital growth over medium to long term through diversified investments in equities listed on Bursa Malaysia, is being offered at 25 sen per unit until July 18.

A local government-linked institutional investor had taken up the trust units worth RM120 million,

AFMB Chief Executive Officer Mohamad Ayob Abu Hassan said at the launch ceremony here.

"We expect to sell all the units as soon as possible," he said.

He said between 70 and 95 per cent of the fund's net asset value would be invested in Bursa Malaysia's Main Market with at least 40 per cent of the fund's NAV in the FTSE Bursa Malaysia KLCI component stocks or dividend-paying stocks.

There would also be a minimum five per cent invested in money market instruments for liquidity purposes, he added.

Mohamad Ayob said the fund would invest in sectors that are poised to benefit from the Economic Transformation Programme and high-income society initiatives. These would include oil and gas, property and healthcare.

He said the Affin Quantum Fund would invest in equities that exhibit above industry average earnings growth, have a leading competitive position amongst its peers in the same industry and show potential for delivering superior returns.

The full story is available at Bernama.