after minus the 5.5%SC?

Are you doing lump sum or DCA? If you lump sum in Mar'12, NAV has grown from about 0.2625 back then to now 0.3211 last Friday. That is 22% over 2 years, definitely more than 5% annualized to me. Unless of course you're doing DCA and return would not be that great. My IRR for PDSF is 10.42% as of last Friday from investment since 2005 with mixture of lump sum, DCA and rebalancing over those years.

Would you mind telling us what was the price when you purchased back then? Is it 1 time withdrawal or every 3 months without fail? How do you derive your annual return as ~5%. We probably able to tell why you think your return so low with more info. Thanks.

The average price for PDSF in Apr'12 is 0.2986. I don't see any 0.28xx in April. Let assume it is 0.2986. 10K minus 3% SC, you would get about 32485 units back in Apr'2012. There was 2 dividend distribution since then. 6/1/12 1.5sen and 6/3/13 2sen. Your total unit now should be about 32485 + 1722 + 2234 = 36441. Your current value should be about 36441 x 0.3211 = RM11701, which is about 17% discounting 3% SC. The numbers are estimates since I do not have actual price that you bought. Since you bought it just 2 years ago, 3% SC is heavily affecting your return. Wait for another few years and you'll see better return provided there is no market crash in next few years.

ok, another reply, since maybe I was reading it the wrong way. 

Invested 10k since 2012, and currently it is about 11k. Thus about 10% gain in 2 years, thus about 5% pa. Right?

5% cannot be correct:
1) because the fund gained more than 10% in 2013.
2) so the purchase cannot be all in 2012, but spread over 2012 and 2013.
3) so need to go into details before coming to a quick conclusion that it is 5%, and EPF is better...

Cheers.