Public Mutual, the wholly-owned subsidiary of Public Bank, this week launched a mutual fund focusing on Asia’s growing consumer demand.
The PB Asia Consumer Sector Fund will invest in a concentrated portfolio of up to 30 stocks comprising blue chip, index and growth securities, according to a statement by the Malaysian firm.
“The fund is positioned to benefit from Asia’s consumer trends on the back of the region’s sustained economic growth,” Yeoh Kim Hong, Public Mutual’s CEO, said in the statement.
“Asia’s long-term economic growth is mainly driven by the region’s consumer spending amid higher disposable incomes, rising urbanisation and favourable demographic trends,” she added.
This is the eighth fund from the firm since the start of 2018.
In November, it launched a US-focused equity fund, following its global Lifestyle and Technology Fund in August.
Other funds the firm launched last year were the Asia-30 Equity Fund, the Islamic Asean Growth Fund, the E-Islamic Flexi Allocation Fund, the Islamic Dynamic Allocation Fund, and the India-Global Equity Fund.
In total, Public Mutual manages at least 130 mutual fund products, with assets of around RM80.15bn ($19.35bn), according to the firm’s website.
It also had the second-largest amount of net inflows for 2018 to end of October, at around $720m, according to Cerulli Associates.