Manila, Philippines - The First Metro Asset Management Inc. (FAMI) will launch a US dollar-denominated bond fund, replacing its money market fund.
According to FAMI president Augusto Cosio Jr. at its recent annual stockholders meetings, it had already submitted its application to the Securities and Exchange Commission (SEC).
“We hope to launch the new member of the First Metro Save & Learn mutual fund family by the last quarter of the year,” Cosio said.
He explained that the dollar-denominated fund would provide investors that maintain US dollars with a higher yielding alternative, as well as give small investors access to the ROP market.
The proposed dollar bond fund Inc. is a conservative type of fund that aims to generate a steady stream of income by investing in a diversified portfolio of fixed income instruments issued by foreign and local entities.
Minimum initial investment is $1,000, while minimum additional investment $100, and the par value per share $0.01. An exit fee period 180 days is required.
Meanwhile, FAMI bagged nine awards in the recently held Sixth Annual Awards Night of the Philippine Investment Fund Association (PIFA) at the Mariott Hotel.
The Save & Learn Equity Fund (SALEF) won first place in the three-year and five-year category and second place in the one-year category. The SALEF ended 2011 with a net return of 8.18 percent.
Not to be outdone, the Save & Learn Balanced Fund (SALBF) won first place in the one-year category, and second place in the three-year category. The SALBF posted a 6.62 percent net return for 2011.
The Save & Learn Fixed Income Fund (SALFIF) won first place in the one-year category and second place in the three-year and five-year categories. The SALFIF posted a Year-To-Date yield of 12.34 percent for 2011 to lead all bond funds.
The Save & Learn Money Market Fund, the newest addition to the Save & Learn Funds, made the biggest leap by winning first place in the one-year category as compared to a third place finish in 2010, its first year in the market.