AmDynamic Bond and Hwang Select Income Fund the strongest performers
OSK-UOB Emerging Markets Bond also playing its part

Regret not keeping detailed investment & withdrawal data...now if I wanna do a systematic ROI calculation, kena dig my FSM e-mails and input the data one by one

Worth the trouble or not leh

Currently I only maintain simple (Value - Cost) / Cost calculation for individual funds...

A whole day's off time would be gone doing this...wait til I got the luxury of time and fresh mind

*korek my Hotmail FSM folder*

Great...my FSM Purchase Order e-mails from earlier than year 2011 were deleted

Wong Seafood,

How would u deal with Sales Charge in your CAGR worksheet? Especially when u have switched from Fund A to Fund B, and the SC of Fund A gets "credited" to Fund B, thus u need not incur SC on Fund B?

Similar to what I did previously, redemption value of Switch-Out fund becomes the cost of Switch-In fund. But I find that such way did not aid comparison between performance of different funds (the Switch-In fund will have a lower cost of purchase, cos zero SC, it starts with a "tongkat" ).

So what I did was, ALL SCs are taken as Transaction Costs which are treated as something like, "Portfolio Overheads", all funds are recorded at net purchase price (invested amount less SC). Performance of individual funds are compared on basis of current NAV vs average purchased NAV without SC.

What u guys think?

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Added on August 24, 2012, 8:04 amkecil meow replying...

Seems that many are buying AMB Dividend Trust Fund
Do u know that, Hwang Investment Management is the external manager for this fund?
And that Hwang Select Dividend Fund actually performed better than AMB Dividend Fund?
I believe FSM recommended the AMB fund only because it has a longer track record

IMHO, it is not that straightforward to pick a good developed market equity fund, as it is harder to outperform consistently with developed market equity than with emerging/Asia Ex-Japan ones. Yesterday I briefly browsed thru FSM Singapore, even their best developed market equity fund could not deliver half the returns of Kenanga Growth Fund.

Just pick one that u like its investment mandate. At least its your choice, kalau salah pun hanya boleh salahkan sendiri.

My recommendations:

Alliance Global Equities
- 1/3 in developed markets, managed passively; 2/3 in Asian markets, actively managed
- strong performer
- but be careful of overexposure to Asian markets in your portfolio should u pick this fund

OSK-UOB Global Equity
- relatively low volatility as it focuses on dividend stocks
- as at 31 July its exposure is roughly 77% developed markets, balance in Asia/emerging markets

Eastspring Investments Global Leaders
- seeks out undervalued stocks that are (or have potential to be) their industry leaders
- about 80% in developed markets, overweight US (about 40%+) and Japan

Pacific Global Stars
- from what I read in its prospectus, its approach is more technical than fundamental (seeks stocks that have potential to outperform the market)
- weighting between developed markets and Asian markets is close to 50/50, so be careful of overexposure to Asian markets

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Added on August 24, 2012, 8:08 amWong Seafood, just to add, "Portfolio Transaction Costs" will affect porfolio performance evaluation, but will not affect individual fund performance evaluation.

This post has been edited by Pink Spider: Aug 24 2012, 08:08 AM

I'm a P lesen akauntan, remember?

1 solution I see to this is...

Fund performance evaluation
- Current NAV to Average Purchased NAV comparison (SCs excluded)
- CAGR for individual fund on NAV-to-NAV basis

Portfolio performance evaluation
- Cash flows (SCs will come in here) vs Current Portfolio Value comparison
- CAGR for portfolio would be based on actual cash invested analysis

What I lack now is time data to calculate CAGR

Nav to nav performance published is not YOUR nav to nav returns

Yea, we too anal sometimes

Analysing n doing excel sheets is fun, SOMETIMES

Yea, it keeps us going, like, "hey this is REALLY better than FD/EPF!!!"

*back to reality, starting work*

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Added on August 24, 2012, 10:16 amWow the magic of Excel punya XIRR function...no need to design long and complicated formula...thanks Wong Seafood

Wait, will withdrawals/switching outs mess up the XIRR function?

This post has been edited by Pink Spider: Aug 24 2012, 10:20 AM

Yea I know, switchings will not affect the portfolio returns (because no cash movements involved), but it will affect returns of individual funds.

Just tested, XIRR function will take care of outflows too.
Tonight will get my transaction data from FSM to do a new worksheet. 3 years' worth of data to churn.

Senang je...what I did was, I create a simple case study and used the XIRR function. Then, I test the figure generated by XIRR by doing a more manual calculation of IRR. Both methods produced the same figure.

Distribution is NOT a cash flow, it is merely "left hand go right hand", should be disregarded in the XIRR calculation.

Unless you elected to receive distributions in cash i.e. not reinvested, then yes, it should be taken into account.

This post has been edited by Pink Spider: Aug 24 2012, 05:07 PM

There is no right or wrong, it all depends on your risk appetite and your view on developed markets equities.

For me, I still believe in the potential of DM equities.

Why?

Even though the growth is in Asia, but what brands and products are Asians buying?

This post has been edited by Pink Spider: Aug 24 2012, 05:26 PM

Just my 1 sen worth of opinion - do include some exposure to DM equities

Idea of the Week: Europe – Continentally Enticing! (Despite A Debt Crisis) [24 Aug 2012]

caveat emptor

No no no, if u elected for reinvestment of distributions, u have to exclude it from the XIRR calculation.

TIP - Only include actual CASH FLOWS (buys and withdrawals) in the XIRR calculation

In XIRR, u are comparing

A - your cash investments
against
B - the current value of your investment (units x current NAV price)

Distributions will only come into play in B

This post has been edited by Pink Spider: Aug 24 2012, 06:06 PM

Apasal mau pakai IF pulak sikalang

XIRR function must be used with - and + values

Either your investments in - and end value at +
Or vice versa

Excel discussion is directly related to management and review of our fund investments, if mod come nuke this I'm gonna nuke the mod

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Added on August 24, 2012, 11:05 pmExcel 2003 at home cannot do XIRR

This post has been edited by Pink Spider: Aug 24 2012, 11:05 PM

Done, lucky I still keeping my old MS Office installer CD

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Added on August 24, 2012, 11:16 pmNow, let the work begin

This post has been edited by Pink Spider: Aug 24 2012, 11:16 PM