fundamentals dec 2014

MARKET UPDATE I monthly review and outlook GLOBALEQUITIES

Source:BloombergREGIONAL EQUITIES

Global stock markets continued its volatile ride in November

impacted by monetary stimulus and the plunge in oil prices.

Chinas equity market ended the month as one of the top performers on the back of dovish monetary policy by the Peoples Bank of China (PBoC).The Organization of the Petroleum Exporting Countries (OPEC) took no action to curtail oil output which resulted in a plummet of oil prices to multi-year lows, putting additional pressure on energy companies.

While US consumer confidence fell in November, the latest GDP

revision showed personal consumption expenditures grew at a decent 2.2% quarter-on-quarter on an annualised pace in 3Q 2014.

The S&P 500 Index strengthen by 5.2% (in MYR terms) in

November 2014. Both the MSCI World Index and the MSCI Emerging Markets Index were up by 4.5% and 1.5% respectively (in MYR terms). The Tokyo Stock Price Index however underperformed the MSCI World Index by 2.0% with a recorded growth by 2.5% in November (in MYR terms).

STRATEGY: The difference between major central banks

monetary policies has become more evident, although its impact on the global markets remains to be seen.We are raising a moderately high cash levels for our portfolio, which will be tactically deployed..

Source:Bloomberg

The broader Asian equity markets recorded a moderate growth of 2.9% (in MYR terms), and underperformed the broader world index as global growth concerns and declining oil prices underpinned the performance of risky assets.

The Shanghai composite index continued its streak as one of the top performing equity markets in the region with a 13.3% month-on-month growth in November. Retail investors continued to increase their exposure into the market in hopes of benefitting from a re-rating of domestic equities on the back of the Hong Kong Shanghai Share Connect initiative.

While Chinas manufacturing PMI declined in the month of

November, the countrys service PMI has remained resilient and signaled an increase in November in what analyst believed is due to the recent stimulus measure taken by the PBoC. The central bank reduced 1-year deposit rates by 25bps to 2.75%, and 1-year lending rates to 40bps to 5.6% for the first time since 2012.

The weakening Yen also took its toll on the regional currencies

which dropped for the 3rd consecutive month in November. South Korea exporters are expected to face additional headwinds to remain competitive as Japan and China actively looks at depreciating its currency.

STRATEGY: Markets are expected to remain volatile in the near

term on the back of the continued decline in oil prices affecting investors confidence in riskier assets. The Manager will hold on to a more cautious view on the market and maintain a moderate cash level for our portfolios while waiting for markets to find its footing.

1 DECEMBER 2014 I FUNDamentals

MARKET UPDATE I monthly review and outlook LOCAL EQUITIES

Source:BloombergGLOBAL & LOCAL FIXED INCOME

The Malaysian equity market ended the month of November as one

of the worst performing market in the region. The KLCI Index dipped 1.8% over the month, whilst the ACE Index, which gauges the performance of smaller cap companies, slid 4.0% lower month-on-month.

As a net exporter of oil & gas, the domestic economy was adversely

impacted by the falling oil prices which slid to a 4-year low in November before ending the month at USD66.15 per barrel. Markets believe there is a possibility for further oil prices decline given OPECs reluctance to cap production.

While the oil & gas sector underperformed, outperformance was

seen coming from the more defensive sectors such as telcos, and utilities. Air Asias share price rebounded due to the lower oil price, and has expressed that it is ready to lower passenger fares to boost passenger volume.

Bank Negara maintained its overnight policy rate at 3.25% on

expectations of moderating growth in private consumption, and exports growth.

STRATEGY: The Manager anticipates the domestic market to

remain challenging as we move into the New Year with oil prices remaining a stumbling block for the domestic economy. We will remain cautious and maintain a moderate cash levels for our funds, ready to be deployed once market stabilizes.

Source:Bloomberg

Fixed income markets in general rebounded from Octobers sell-off and the rally extended into November. Encouraging U.S. data and a surprise liquidity announcement by the Bank of Japan helped alleviate fears about the end of the Federal Reserves QE program as well as the domestic implications of the global economic slowdown.

Despite the fact that US third-quarter GDP growth was revised up to 3.9%, US Treasury yields traded lower with the 10-year note falling below 2.2%, the lowest level in a month. The US treasury yields were being suppressed by low global yields (which increases demand for the relatively higher US yields) as well as persistent demand from institutions and banks. The period of accommodative global central bank activity is far from over, with both BoJ and ECB vowing to protect their economies.

Asian fixed income markets remained resilient on optimism that

liquidity will continue to flow into the region led by investors search for yields, and a structural global re-allocation toward emerging markets.

Malaysian government bonds were mixed after seeing the continued rise in the USD/MYR exchange rate. There were pressures on local bonds during the last week of the month as USD/MYR was sent surging on the heels of declining global crude oil prices, which fell to a 4-year low in November.

STRATEGY: The Manager remains comfortable with the current

portfolios short duration and is constructive on Asian credits. Low cash levels will be maintained for all fixed income portfolios.


MARKET UPDATE I monthly review and outlook GLOBAL COMMODITIES

Source:Bloomberg

The Commodity markets rout which started at the end of Juneunfortunately continued throughout November, led by the collapsingoil prices. WTI, which traded at over $100 in June, and had fallen to$80 by the end of October, dropped to $75 by mid-November andthen to $66 at month-end. Only a few commodities - Wheat, Nickeland Natural Gas the most important ones managed to finish themonth in positive territory.

Precious metal equities rebounded 11% from the years low early inthe month as the gold price stabilised. The gold producers operationshave been consistent and better than expected over the last year incontrast with historic performance.

The decline in the oil price and the devaluation of currencies againstthe dollar add to the positive case with cost declines that can be asmuch as 10% in coming quarters.

Wheat and corn markets remained range bound during the last twoweeks, while the soy complex managed to continue its rebound,which was initiated in early October.

STRATEGY: The Target Fund Managerhas a neutral outlook onenergy sector while remaining a cautious outlook on metals and agriculture sectors.

GLOBAL THEMES: REITs & INFRASTRUCTURE

Source:Bloomberg

The Asian REITs market grew 2.8% while the AsianInfrastructure market grew 2.4% on a month-on-month basis.

The infrastructure and REITs sectors have performed well thisyear due to expectations that governments will spend more todrive the respective countries growth. REITs performed well onthe back of continued low interest rate and bond yieldenvironment. Expectations are for yields to continue to stay lowand even if it does rise, it will be very gradual due to the feeblegrowth in the developed economies.

In Thailand, it was announced that a second Thai REIT, whichplans to invest in industrial properties (warehouses andfactories for rent), has already been approved by the regulatorand will be launched in December 2014.

President Xi Jinping announced in November that China will putUS$40 billion (HK$310 billion) into a Silk Road Fund to improveinfrastructure links across the Asia-Pacific.

STRATEGY: The Manager focuses on emerging Asiainfrastructure companies where its governments are allocatingever increasing amount of their government budget intodeveloping the sector. The fund has an overweight exposure toIndonesia, Thailand and Philippines and the Manager continuesto be positive with the infrastructure prospects there.


4Asset Management

Content

Fund FactsheetsAbsolute Return Fund II 32

Aiiman Growth Fund 26

Aiiman Income Plus Fund 28

Aiiman PRS Shariah Growth Fund 10

Aiiman Select Income Fund 27

ASEAN Flexi Fund 12

China Growth Fund 30

Enhanced Deposit Fund 25

Fixed Maturity Income Fund IV 33

Fixed Maturity Income Fund V 33

Fixed Maturity Income Fund VI 34

Fixed Maturity Income Fund VII 34

Fixed Maturity Income Fund VIII 35

Fixed Maturity Income Fund IX 35

Fixed Maturity Income Fund X 36

Fixed Maturity Income Fund XI 36

Fixed Maturity Income Fund XII 37

Global Commodity Fund 31

Japan Growth Fund 29

Disclaimer:This presentation has been prepared by Affin Hwang Asset Management Berhad (formerly known as Hwang Investment Management Berhad) (hereinafter referred to as Affin Hwang Capital) specific for its use, a specific target audience, and for discussion purposes only. All information contained within this presentation belongs to Affin Hwang Capital and may not be copied, distributed or otherwise disseminated in whole or in part without written consent of Affin Hwang Capital.

The information contained in this presentation may include, but is not limited to opinions, analysis, forecasts, projections and expectations (collectively referred to as Opinions). Such information has been obtained from various sources including those in the public domain, are merely expressions of belief. Although this presentation has been prepared on the basis of information and/or Opinions that are believed to be correct at the time the presentation was prepared, Affin Hwang Capital makes no expressed or implied warranty as to the accuracy and completeness of any such information and/or Opinions.

As with any forms of financial products, the financial product mentioned herein (if any) carries with it various risks. Although attempts have been made to disclose all possible risks involved, the financial product may still be subject to inherent risk that may arise beyond our reasonable contemplation. The financial product may be wholly unsuited for you, if you are adverse to the risk arising out of and/or in connection with the financial product.

Affin Hwang Capital is not acting as an advisor or agent to any person to whom this presentation is directed. Such persons must make their own independent assessments of the contents of this presentation, should not treat such content as advice relating to legal, accounting, taxation or investment matters and should consult their own advisers.

Affin Hwang Capital and its affiliates may act as a principal and agent in any transaction contemplated by this presentation, or any other transaction connected with any such transaction, and may as a result earn brokerage, commission or other income. Nothing in this presentation is intended to be, or should be construed as an oer to buy or sell, or invitation to subscribe for, any securities.

Neither Affin Hwang Capital nor any of its directors, employees or representatives are to have any liability (including liability to any person by reason of negligence or negligent misstatement) from any statement, opinion, information or matter (expressed or implied) arising out of, contained in or derived from or any omission from this presentation, except liability under statute that cannot be excluded.

1-3Market Update: Monthly Review & Outlook

Affin Hwangs Recommended Funds 6

Fund Risk Classification 39

9

7

8

18

19

13

11

15

17

23

24

16

22

14

20

21

38

38

PRS Conservative Fund

PRS Growth Fund

PRS Moderate Fund

Select AUD Income Fund (AUD Class)

Select AUD Income Fund (RM Class)

Select Asia (ex Japan) Opportunity Fund

Select Asia (ex Japan) Quantum Fund

Select Asia Pacific (ex Japan) REITS and Infrastructure Fund

Select Balanced Fund

Select Bond Fund (RM Class)

Select Bond Fund (USD Hedged-Class)

Select Dividend Fund

Select Income Fund

Select Opportunity Fund

Select SGD Income Fund (RM Class)

Select SGD Income Fund (SGD Class)

Structured Income Fund V

Structured Income Fund VII

Tactical Opportuinty Capital Protected Fund 37

An Hwang Asset Management Bhd (429786-T)(Formerly known as Hwang Investment Management Bhd)Suite 11-01, 11th Floor, Menara Keck Seng, 203 Jalan Bukit Bintang, 55100 Kuala Lumpur, MalaysiaToll Free Number: 1800 88 7080 T: +603 2116 6000 F: +603 2116 6100 W: www.anhwangam.com

Wills & Trusts Promotion period: 20 October 2014 to 28 February 20151. Trust Nomination

Actual Fee Promotional Fee RM110 + RM10 (stamp duty) RM88 (inclusive of stamp duty)

2. Pacific Will Writing

Standard Will 1 10 RM 350 RM 280 RM 200 RM 160 Intermediate I 11 16 RM 500 RM 400 RM 250 RM 200 Intermediate II 17 22 RM 600 RM 480 RM 300 RM 240 Intermediate III 23 28 RM 800 RM 640 RM 400 RM 320 Comprehensive I 29 34 RM 1,000 RM 800 RM 500 RM 400 Comprehensive II 35 40 RM 1,200 RM 960 RM 600 RM 480 Exclusive I 40 46 RM 1,500 RM 1,200 RM 750 RM 600 Exclusive II Above 46 RM 1,800 RM 1,440 RM 900 RM 720*Applicable for 1 person only (Principals spouse, parents or children)Note: Includes Will Writing service only and does not include lifetime custodian service

Will Type No. of clauses Actual

Principal Fees Supplementary* Fees

Discounted Actual Discounted

Will Type No. of clauses Actual

Principal Fees Supplementary* Fees

Discounted Actual Discounted

3. Pacific Will Plan

Standard Will 1 10 RM 1,050 RM 840 RM 900 RM 720 Intermediate I 11 16 RM 1,200 RM 960 RM 950 RM 760 Intermediate II 17 22 RM 1,300 RM 1,040 RM 1,000 RM 800 Intermediate III 23 28 RM 1,500 RM 1,200 RM 1,100 RM 880 Comprehensive I 29 34 RM 1,700 RM 1,369 RM 1,200 RM 960 Comprehensive II 35 40 RM 1,900 RM 1,520 RM 1,300 RM 1,040 Exclusive I 41 46 RM 2,200 RM 1,760 RM 1,450 RM 1,160 Exclusive II Above 46 RM 2,500 RM 2,000 RM 1,600 RM 1,280*Applicable for 1 person only (Principals spouse, parents or children)Note: Includes Will Writing and lifetime custodian service

Will Type No. of clauses Actual Principal Fees

4. Pacific Will Rewriting

Standard Will 1 10 RM 180 Intermediate I 11 16 RM 250 Intermediate II 17 22 RM 300 Intermediate III 23 28 RM 400 Comprehensive I 29 34 RM 500 Comprehensive II 35 40 RM 600 Exclusive I 41 46 RM 750 Exclusive II Above 46 RM 900 *A copy of the latest Will must be provided

*Promotional Fees

RM 120 (for any number of clauses)

excludes life time original Will Custody

RM 500(for any number of clauses)

with life time original Will Custody

An Hwangs Recommended Funds

FUNDS FUND CATEGORY FUND TYPE

CONVENTIONAL FUNDS

Select Bond Fund Bond Income

Select AUD Income Fund Mixed Asset Income & Growth

Select Balanced Fund Balanced Growth & Income

Select Income Fund Fixed Income Income & Growth

Select SGD Income Fund Mixed Asset (Conservative) Income

Select Asia (ex Japan) Opportunity Fund Equity Growth

Select Asia Pacific (ex Japan) REITs and Infrastructure Fund Mixed Asset Income & Growth

Select Dividend Fund Equity Income & Growth

Select Opportunity Fund Equity Growth

ASEAN Flexi Fund Mixed Asset Growth & Income

China Growth Fund Feeder (Wholesale) Growth

Japan Growth Fund Equity Growth

Select Asia (ex Japan) Quantum Fund Equity Growth

SHARIAH FUNDS

Aiiman Income Plus Fund Bond Income

Aiiman Select Income Fund Mixed Asset (Conservative) Income

Aiiman Growth Fund Equity Growth

Award-winning Fund

An Hwang Select Income Fund: The Edge-Lipper Fund Awards 2014, Mixed Asset MYR Conservative 5 Years

An Hwang Select Balanced Fund: The Edge-Lipper Fund Awards 2014, Mixed Asset MYR Balanced (Malaysia) 5 Years & 10 Years

An Hwang Select Opportunity Fund: The Edge-Lipper Fund Awards 2014, Equity Malaysia Diversified 5 Years

An Hwang Aiiman Growth Fund: Morningstar Awards 2014, Islamic Malaysia Equity

6Asset Management

Name of Scheme Performance Record as at 30 November 2014* Performance Table as at 30 November 2014*Cumulative Return Over The Period (%)

: 1 Month 1 Year 3 Year Fund 1.0 7.4 N/A 18.5

Fund Category : Benchmark 0.3 3.9 N/A 14.9: Source: Lipper

:Benchmark

1 Year 3 Year 5 Year Fund 7.4 N/A N/A 8.8

: Benchmark 3.9 N/A N/A 7.1: Source: Lipper

::: 2013 2012 2011: Fund 6.7 8.7 2.3 -

Maturity Date : Benchmark 2.8 8.0 3.4 -Source: Lipper

Financial Year EndTop Holdings as at 30 November 2014* Income Distribution History

34.1% YieldSubscription 25.8% (%)Cash 19.9% 2013 3.9

2014 3.7Sales Charge 13.9%Not applicable

Affin Hwang Japan Growth Fund 5.1%Redemption ChargeNot applicable

Fees by the PPAAnnual Fee (2)RM8.00 per annumPre-Retirement Withdrawal RM25 for each withdrawal request

Annual Management Fee1.8% per annum

Minimum InvestmentRM100

RM50

As at 30 November 2014*Fund Size

NAV Per Unit

(2) The Private Pension Adminstrator (PPA) Annual Fee is not payable by the Member for the year the Member's account is first opened and the year(s) where no contribution has been made.

Affin Hwang PRS Growth Fund (formerly known as Hwang PRS Growth Fund)

A Fund that facilitates the accumulation of retirement savings by Members for their retirement needs, by aiming to generate capital growth.

November 2012 to November 2014 NAV-NAV prices and assuming reinvestment ofdistributions into the Fund, gross investment based in RM. The value of Units may godown as well as up. Past performance is not indicative of future performance.Source: Lipper

Total Return(%)

Since Inception

Annualised Return(%)

Since Inception

Calendar Year Return(%)

Year To Date

Affin Hwang Private Retirement Scheme

Affin Hwang Select Opportunity FundAffin Hwang Select Bond Fund

* The data provided above is that of the Fund and is a percentage of NAV 30 November 2014. All figures are subject to frequent changes on a daily basis.

Affin Hwang Select Asia (Ex Japan) Quantum FundAffin Hwang Select Asia (Ex Japan) Opportunity Fund

RM32.0 million

RM0.5509

Country Allocation of Underlying Asset as at30 November 2014*

Gross Distribution(sen)

35% FTSE Bursa Malaysia Top 100 Index + 35% MSCI AC Asia ex Japan Index + 30% Maybank 12-Month FD rate

Core (Growth)

N/A

Launch Date / IOP02 November 2012 / RM0.50

31 July

Minimum Subsequent Investment

(1) Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV. The yield of the distributions are calculatedbased on the total dividend payout/NAV at the start of the calendar year

2.002.00

(1) Distribution Policy : Distribution of income, if any, would be on annual basis

Asset Allocation of Underlying Asset as at30 November 2014*

This document is prepared by Affin Hwang Asset Management Bhd (formerly known as Hwang Investment Management Bhd) (429786-T). It is not intended to be an offer invitation to subscribe or purchase any securities. The informationcontained herein has been obtained from sources believed in good faith to be reliable, however, no guarantee is given in its accuracy or completeness. Past performance of the Fund is not an indicative of its future performance. Prices anddistribution payable, if any, can go down as well as up. A Product Highlights Sheet (PHS) is available for the Fund and investors have the right to request for a copy of it. The Replacement Disclosure Document (RDD) dated 22 September2014 has been registered as well as the PHS has been lodged with the Securities Commission Malaysia, who takes no responsibility for its contents. Investors are advised to read and understand the contents of the PHS and the RDD beforeinvesting. Application for Units can only be made on receipt of a form of application referred to in and accompanying the PHS and the RDD Investors should also consider the fees and charges involved. A copy of the PHS and the RDD canbe obtained at our office or any of our sales offices. The Fund may not be suitable for all and if in doubt, investors should seek independent advice.

95

100

105

110

115

120

125

130

Nov 12 Mar 13 Jun 13 Oct 13 Jan 14 May 14 Aug 14 Nov 14

Inde

xed

Perfo

rman

ce (%

)

Benchmark

PRSG

40.0%

50.9%

9.1%Cash & CashEquivalents

Equities

Fixed IncomeInstruments

2.1%

2.9%

3.5%

5.0%

5.1%

6.7%

8.7%

19.9%

37.1%

9.1%Cash & Cash Equivalents

Others

Australia

Korea

Hong Kong

Japan

Indonesia

Singapore

US

Malaysia



: 1 Month 1 Year 3 Year Fund 0.9 6.8 N/A 15.3

Fund Category : Benchmark -1.4 1.1 N/A 8.9: Source: Lipper

:Benchmark



::: 2013 2012 2011: Fund 5.9 7.4 1.4 -: Benchmark -0.2 7.9 1.2 -

Maturity Date Source: Lipper

Financial Year End Top Holdings as at 30 November 2014* Income Distribution History Yield

Affin Hwang Select Dividend Fund (%)Subscription 2013 3.0Cash 2014 2.8

Sales ChargeNot applicable

Redemption ChargeNot applicable




RM50


NAV Per Unit



30% FTSE Bursa Malaysia Top 100 Index + 30% Dow Jones/Asia Pacific Select Dividend 30 Index + 40% Maybank 12-Month FD Rate

Affin Hwang Select Bond Fund

Affin Hwang Select Asia (Ex Japan) Opportunity FundAffin Hwang Select Balanced Fund

32.7%25.1%

23.6%17.2%


RM12.6 million

RM0.5454


(1) Distribution Policy : Distribution of income, if any, would be on semi-annualbasis

Asset Allocation of Underlying Asset as at30 November 2014*

Country Allocation of Underlying Asset as at30 November 2014*

(sen)31 July

1.501.50

Gross Distribution

Since Inception

Core (Moderate)

N/A



Year To Date


November 2012 to November 2014 NAV-NAV prices and assuming reinvestment ofdistributions into the Fund, gross investment based in RM. The value of Units may godown as well as up. Past performance is not indicative of future performance.Source: Lipper

Affin Hwang PRS Moderate Fund (formerly known as Hwang PRS Moderate Fund)

A Fund that seeks income and capital growth from its investments to facilitate the accumulation of retirement savings for Members' retirement needs.


Total Return(%)

Since Inception


95

100

105

110

115

120

125

130


Inde

xed

Perfo

rman

ce (%

)

0.2%

43.6%

47.9%


Money MarketInstruments


Equities

2.1%

2.4%

2.8%

4.1%

4.6%

5.1%

6.9%

21.4%

42.4%


Others

Thailand

Australia

Korea

Hong Kong

Indonesia

Singapore

US

Malaysia

PRSM

Benchmark



: 1 Month 1 Year 3 Year Fund -0.2 3.7 N/A 8.9

Fund Category : Benchmark 0.3 3.2 N/A 6.5: Source: Lipper

:Benchmark



::

Maturity Date : 2013 2012 2011: Fund 2.3 6.1 0.4 -: Benchmark 2.9 3.2 0.3 -

Financial Year End Source: Lipper

Subscription Top Holdings as at 30 November 2014* Income Distribution HistoryCash Affin Hwang Aiiman Income Plus Fund 42.2% Yield

Affin Hwang Aiiman Growth Fund 17.0% (%)Sales Charge Affin Hwang Enhanced Deposit Fund 10.5% 2013 2.0Not applicable 0% Orix Leasing Malaysia (30.04.15) 10.1% 2014 1.9

0% RHB Capital Bhd (07.05.15) 10.1%Redemption ChargeNot applicable




RM50


NAV Per Unit


RM4.9 million

RM0.5241

* The data provided above is that of the Fund and is a percentage of NAV 30 November 2014. All figures are subject to frequent changes on a daily basis.(1) Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV. The yield of the distributions are calculatedbased on the total dividend payout/NAV at the start of the calendar year


(1) Distribution Policy : Distribution of income, if any, would be on semi-annualbasis

Asset Allocation of Underlying Asset as at30 November 2014* .

1.00

Gross Distribution(sen)1.00

02 November 2012 / RM0.50

N/A


Year To Date

November 2012 to November 2014 NAV-NAV prices and assuming reinvestment ofdistributions into the Fund, gross investment based in RM. The value of Units may godown as well as up. Past performance is not indicative of future performance.Source: Lipper31 July

Maybank 12-Month Fixed Deposit Rate


Since Inception

Launch Date / IOP

Core (Conservative)

Affin Hwang PRS Conservative Fund (formerly known as Hwang PRS Conservative Fund)

A Fund that aims to provide Members with a capital preservation for their retirement needs.


Total Return(%)

Since Inception


95

100

105

110

115


Inde

xed

Perfo

rman

ce (%

)

14.2%

23.2%

58.9%


Equities

Money MarketInstruments


PRSC

Benchmark



: 1 Month 1 Year 3 Year Fund -2.0 5.3 N/A 27.2

Fund Category : Benchmark -2.3 2.4 N/A 18.0: Source: Lipper

:Benchmark



::

Maturity Date : 2013 2012 2011: Fund 2.8 21.7 1.6 -: Benchmark -0.1 13.3 4.3 -

Financial Year End Source: Lipper

Subscription Target Fund Holding as at 30 November 2014* Income Distribution HistoryCash Affin Hwang Aiiman Growth Fund 98.5% Yield

(%)Sales Charge 2013 3.9Not applicable 2014 5.0

Redemption ChargeNot applicable




RM50

As at 30 Nov 2014*Fund Size

NAV Per Unit



Target Fund Asset Allocation as at 30 November 2014* .



RM21.4 million

RM0.5855

(sen)2.003.00


N/ANovember 2012 to November 2014 NAV-NAV prices and assuming reinvestment ofdistributions into the Fund, gross investment based in RM. The value of Units may godown as well as up. Past performance is not indicative of future performance.Source: Lipper31 July

Gross Distribution


Year To Date



Since Inception

Feeder (Equity)

FTSE Bursa Malaysia Emas Shariah Index

Affin Hwang Aiiman PRS Shariah Growth Fund(formerly known as Hwang AIIMAN PRS Shariah Growth Fund)

A Fund that facilitate the accumulation of Shariah-compliant retirement savings by Members for their retirement needs, the Fund aims to generate capital growth through investments in a collective investment scheme that invests primarily in Shariah-compliant equities.


Total Return(%)

Since Inception


95

105

115

125

135

145


Inde

xed

Perfo

rman

ce (%

)

98.5%


Equities

Benchmark

APRSSG


Fund Category Performance Record as at 30 November 2014* Performance Table as at 30 November 2014*Equity

1 Month 1 Year 3 Year Fund Type Fund 0.6 10.6 73.7 208.2Growth Benchmark 1.1 7.5 34.5 60.7

Source: Lipper

Benchmark

1 Year 3 Year 5 Year Fund 10.6 20.2 20.4 11.2

Launch Date / IOP Benchmark 7.5 10.4 3.4 4.615 April 2004 / RM0.50 Source: Lipper

Maturity DateN/A 2013 2012 2011

Fund 10.5 21.5 27.4 6.2Financial Year End Benchmark 5.6 12.3 15.1 -26.131 December Source: Lipper

Initial Sales ChargeMax 5.5% of the NAV per unit

Top Holdings as at 30 November 2014* Income Distribution History Subscription Equities % YieldCash 4.4% (%)

4.2% 2012 5.9Annual Management Fee 4.1% 2013 4.81.5% per annum 4.0%

3.8% (1) Distribution Policy : Incidental Minimum Investment 3.7%RM1,000 3.6%

3.3%Minimum Subsequent 3.1%Investment 2.9%RM100

Repurchase Charge Sector Allocation as at 30 November 2014* Country Allocation as at 30 November 2014*Nil

As at 30 November 2014Fund Size

NAV Per Unit

Overall rating**

RM1.3369


Allianz Malaysia Bhd

BGF Retail Co LtdElnusa Tbk PtBekasi Fajar Indus Estate TbkBerjaya Food BhdCapitaretail China TrustReligare Health Trust

RM164.5 million

Eastern & Oriental BhdAeon Credit Services M Bhd

ISEC Healthcare Ltd

Affin Hwang Select Asia (ex Japan) Quantum Fund (formerly known as Hwang Select Asia (ex Japan) Quantum Fund)

A total return fund that seeks to capture the high growth of developing companies within the Asia (ex-Japan) region.

MSCI AC Asia (ex-Japan) Small Cap Index

May 2004 to November 2014 NAV-NAV prices and assuming reinvestment ofdistributions into the Fund, gross investment based in RM. The value of Units maygo down as well as up. Past performance is not indicative of future performance.Source: Lipper

Total Return(%)



Year To Date

5.00

* The data provided above are that of the Fund and are a percentage of NAV as at 30 November 2014. All figures are subject to frequent changes on a daily basis.

Since Inception

Since Inception

Cumulative Return Over The Period (%)

(1) The Fund is not expected to make distribution. However, incidental distribution may be declared wheneveris appropriate. Where a distribution is declared, investors are advised that following the issue of additional Units/distribution,the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV. The yield of the distributions are calculated based on the total dividend payout/NAV at the start of the calendar year.(2) From inception to 23 June 2006, the Kuala LumpurEmas Index was used as benchmarkuntil it was discontinued by the exchangeas of 26 June 2006. The Benchmarkwas replaced by the FTSE Bursa Malaysia Small-Cap Index from26 June 2006 onwards. As of 4 February 2008, MSCI AC Asia ex-Japan Small Cap Index was used as the Benchmark as the Fund assumed its new mandate.

**The Morningstar Rating is an assessment of a Fund's past performance-based on both return and risk-which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investmentdecision.

Based on the Fund's portfolio returns as at 31 October 2014, the Volatility Factor (VF) for this Fund is 9.6 and is classified as Moderate (source: Lipper). Moderate includes Funds with VF that are above 7.860 but not more than 10.560.

The VF means there is a possibility for the Fund in generatingan upside return or downside return around this VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. The Fund's portfoliomay have changed since this date and there is no guaranteed that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC.

50

100

150

200

250

300

350

May 04 Jun 06 Jul 08 Sep 10 Oct 12 Nov 14

Inde

xed

Per

form

ance

(%)

Benchmark

This document is prepared by Affin Hwang Asset Management Bhd (formerly known as Hwang Investment Management Bhd) (429786-T). It is not intended to be an offer or invitation to subscribe or purchase any securities. Theinformation contained herein has been obtained from sources believed in good faith to be reliable, however, no guarantee is given in its accuracy or completeness. Past performance of the Fund is not an indicative of its futureperformance. Prices and distribution payable, if any, can go down as well as up. A Product HighlightsSheet (PHS) is available for the Fund and investors have the right to request for a copy of it. The Replacement Master Prospectus(RMP) dated 22 September 2014 and SupplementalMaster Prospectus dated 21 November 2014 have been registered as well as the PHS has been lodged with the Securities Commission Malaysia, who takes no responsibility for itscontents. Investors are advised to read and understandthe contents of the PHS and the Prospectuses before investing. Application for Units can only be made on receipt of a form of application referred to in and accompanying thePHS and the Prospectuses. Investors should also consider the fees and charges involved. A copy of the PHS and the Prospectuses can be obtained at our office or any of our sales offices. The Fundmay not be suitable for all and ifin doubt, investors should seek independent advice.

(2)

5.4%

7.9%

9.0%

9.2%

11.6%

24.3%


Health Care

Industrials

ConsumerServices

Oil & Gas

ConsumerGoods

Financials

1.7%

2.2%

4.4%

15.9%

16.2%

26.9%


China

Philippines

Korea

Singapore

Indonesia

Malaysia

SAQF


Fund Category Performance Record as at 30 November 2014* Performance Table as at 30 November 2014*Mixed-asset

1 Month 1 Year 3 Year Fund TypeGrowth & Income

Benchmark

1 Year 3 Year 5 Year

Launch Date / IOP8 September 2014 / RM0.50

2013 2012 2011Maturity DateN/A

Financial Year End30 November

Top Holdings as at 30 November 2014* Income Distribution HistoryInitial Sales Charge BondsMax 5.5% of the NAV per unit Issuer Coupon Maturity Date %

PTT Exploration & Prod 4.88% 18.06.19 4.9%Subscription SBB Capital Corp 6.62% 02.11.15 1.5%Cash


Equities %Minimum Investment Tenaga Nasional Bhd 4.4%RM1,000 Westports Holdings Bhd 4.0%

Hong Leong Bank Bhd 3.8%Minimum Subsequent Capitaretail China Trust 3.7%Investment ISEC Healthcare Ltd 3.4%RM100

Sector Allocation as at 30 November 2014* Country Allocation as at 30 November 2014*Repurchase Charge


NAV Per Unit

Credit Profile as at 30 November 2014*BBB^^ 76.6%BB^^ 23.4%

^^Foreign bonds rated either by Standard & Poor's or Moody's

The Credit Profile above are a percentage of the Fund's fixed income portion only.

* The data provided above is that of the Fund and is a percentage of NAV as at 30 November 2014 . All figures are subject to frequent changes on a daily basis(1) The distribution is subject to availability of income, the Fund will distribute income on an annual basis after the end of the first financial year of the Fund.

Hwang Asean Flexi Fund

Total Return(%)

Since Inception


Since Inception

RM0.5078

(1) Distribution Policy : Distribution of income, if any, would be on annualbasis

RM70.4 million

A mixed asset fund that seeks to provide capital appreciation and regular income over the medium to long term period via investments in the ASEAN region.

50% FTSE/ASEAN 40 Index (for equity investments) + 50% JACI Investment Grade Index (for fixed income investments)

1.0% of the NAV per Unit for any investment within the first 6 months.

"Not applicable as the Fund is less than one year"



Year To Date



This document is prepared by Affin Hwang Asset Management Bhd (formerly known as Hwang Investment Management Bhd) (429786-T). It is not intended to be an offer or invitation to subscribe or purchase any securities. The informationcontained herein has been obtained from sources believed in good faith to be reliable, however, no guarantee is given in its accuracy or completeness. Past performance of the Fund is not an indicative of its future performance. Prices anddistribution payable, if any, can go down as well as up. A Product Highlights Sheet (PHS) is available for the Fund and investors have the right to request for a copy of it. The Prospectus and Supplemental Prospectus dated 8 September 2014has been registered as well as the PHS has been lodged with the Securities Commission Malaysia, who takes no responsibility for its contents. Investors are advised to read and understand the contents of the PHS and the Prospectuses beforeinvesting. Application for Units can only be made on receipt of a form of application referred to in and accompanying the PHS and the Prospectuses. Investors should also consider the fees and charges involved. A copy of the PHS and theProspectuses can be obtained at our office or any of our sales offices. The Fund may not be suitable for all and if in doubt, investors should seek independent advice.

2.4%

3.4%

4.4%

4.8%

6.4%

8.1%

9.5%

12.4%

26.0%


Oil & Gas

Health Care

Utilities

Consumer Goods

Bonds

Industrials

Consumer Services

Telecomm

Financial

2.2%

6.3%

8.0%

9.6%

17.9%

33.3%


Hong Kong

Philippines

Thailand

Indonesia

Singapore

Malaysia


Fund Category Performance Record as at 30 November 2014*Equity Cumulative Return Over The Period (%)

1 Month 1 Year 3 Year Fund Type Fund 1.9 6.6 40.6 17.1Growth Benchmark 2.9 8.9 32.7 5.9

Source: Lipper

MSCI AC Asia ex Japan Index1 Year 3 Year 5 Year

Launch Date / IOP Fund 6.6 12.0 2.9 1.919 July 2006 / RM0.50 Benchmark 8.9 9.9 4.9 0.7

Source: Lipper

Maturity DateN/A

2013 2012 2011Financial Year End Fund 6.4 6.2 23.9 -14.431 January Benchmark 8.3 8.2 13.8 -6.3

Source: Lipper

Initial Sales ChargeMax 5.5% of the NAV per unit

Income Distribution HistorySubscription Equities % YieldCash Tencent Holdings Ltd 4.4% (%)

Westports Holdings Bhd 4.3% 2008 6.9Annual Management Fee Alibaba Group Holding Ltd 4.1%1.5% per annum Allianz Malaysia Bhd 3.9%

CJ Korea Express Co Ltd 3.5%Minimum Investment Digi. com Bhd 3.3%RM1,000 Capitaretail China Trust 3.2%

Bumitama Agri Ltd 3.1%Minimum Subsequent BGF Retail Co Ltd 3.0%Investment Total Access Communication Pcl 3.0%RM100

Repurchase Charge Sector Allocation as at 30 November 2014* Country Allocation as at 30 November 2014*Nil


NAV Per Unit

(1) As at 15 June 2012, the Benchmark was replaced by the MSCI AC Asia Ex Japan Index.

Affin Hwang Select Asia (Ex Japan) Opportunity Fund (formerly known as Hwang Select Asia (ex Japan) Opportunity Fund)

An equity fund that provides exposure to prevailing opportunities and themes through investments within the Asian (ex Japan) region.

August 2006 to November 2014 NAV-NAV prices and assuming reinvestment ofdistributions into the Fund, gross investment based in RM. The value of Units maygo down as well as up. Past performance is not indicative of future performance.Source: Lipper

Performance Table as at 30 November 2014*Total Return(%)

Since Inception


Since Inception


Benchmark

Top Holdings as at 30 November 2014*

(2) Distribution Policy : Incidental

(2) The Fund is not expected to make distribution. However, incidentaldistribution may be declared whenever is appropriate. Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, theNAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV. The yield of the distributions are calculated based on the total dividend payout/NAV at the start of the calendar y

* The data provided above are that of the Fund and are a percentage of NAV as at 30 November 2014 . All figures are subject to frequent changes on a daily basis.

Year To Date


RM122.4 million

RM0.5101

50

70

90

110

130

150

170

190

Aug 06 Apr 08 Dec 09 Jul 11 Mar 13 Nov 14

Inde

xed

Per

form

ance

(%)

(1)

Benchmark

SAOF

This document is prepared by Affin Hwang Asset Management Bhd (formerly knownas Hwang Investment ManagementBhd) (429786-T). It is not intendedto be an offer invitation to subscribe or purchase any securities. The informationcontained hereinhas been obtained from sources believed in good faith to be reliable,however, no guaranteeis given in its accuracy or completeness. Past performance of the Fund is not an indicative of its future performance. Prices anddistribution payable, if any, can go down as well as up. A Product Highlights Sheet (PHS) is available for the Fund and investors have the right to request for a copy of it. The Replacement Master Prospectus (RMP) dated 22 September2014 and SupplementalMaster Prospectus dated 21 November 2014 have been registered as well as the PHS has been lodged with the Securities Commission Malaysia, who takes no responsibility for its contents. Investors are advisedto read and understandthe contents of the PHS and the Prospectuses before investing. Application for Units can only be made on receipt of a form of application referred to in and accompanying the PHS and the Prospectuses. Investorsshould also consider the fees and charges involved. A copy of the PHS and the Prospectuses can be obtained at our office or any of our sales offices. The Fund may not be suitable for all and if in doubt, investors should seekindependent advice.

2.9%

3.0%

5.4%

6.7%

7.2%

10.3%

13.5%

15.0%


Utilities

Health Care

Oil & Gas

Consumer Services

Technology

Telecomm

Consumer Goods

Industrials

2.8%

4.6%

7.7%

8.3%

9.6%

12.6%

12.7%

27.3%

1.8%


Others

Taiwan

Thailand

Singapore

Hong Kong

Korea

China

Indonesia

Malaysia



1 Month 1 Year 3 Year Fund Type Fund 0.3 6.3 57.8 593.5Growth Benchmark -2.3 -0.6 23.8 205.2

Source: Lipper

Benchmark

1 Year 3 Year 5 Year Fund 6.3 16.4 15.2 15.8

Launch Date / IOP Benchmark -0.6 7.4 8.3 8.87 September 2001 / RM0.50 Source: Lipper


Fund 4.8 21.3 21.7 6.6Financial Year End Benchmark -2.9 11.4 9.6 1.931 July Source: Lipper

Initial Sales Charge Top Holdings as at 30 November 2014* Income Distribution History (past 10 years)Cash Sales Equities % YieldMax 5.5% of the NAV per unit Tenaga Nasional Bhd 5.8% (%)EPF Sales Axiata Group Bhd 4.8% 2005 10.00 11.5Max 3.0% of the NAV per unit Hong Leong Bank Bhd 4.8% 2006 8.00 12.1

Westports Holdings Bhd 4.2% 2007 12.00 15.3Subscription QL Resources Bhd 3.6% 2008 10.00 11.7Cash / EPF Berjaya Food Bhd 2.7% 2009 2.00 4.4

Aeon Credit Services M Bhd 2.7% 2010 5.00 7.3Annual Management Fee BGF Retail Co Ltd 2.6% 2011 5.00 6.51.5% per annum Eastern & Oriental Bhd 2.6% 2012 5.10 6.6

Tencent Holdings Ltd 2.5% 2013 10.00 11.4Minimum Investment 2014 5.00 5.2RM1,000

Minimum SubsequentInvestment Sector Allocation as at 30 November 2014* Country Allocation as at 30 November 2014*RM100

Repurchase ChargeNil


NAV Per Unit

Overall rating**

* The data provided above is that of the Fund and is a percentage of NAV as at 30 November 2014 . All figures are subject to frequent changes on a daily basis.


RM0.9591

(sen)


RM781.3 million

September 2001 to November 2014 NAV-NAV prices and assuming reinvestment ofdistributions into the Fund, gross investment based in RM. The value of Units may godown as well as up. Past performance is not indicative of future performance.Source: Lipper


Year To Date

Gross Distribution

Based on the Fund's portfolio returns as at 31 October 2014, the Volatility Factor (VF) for this Fund is 8.3 and is classified as Moderate (source: Lipper). Moderate includes Funds with VF that are above7.860 but not more than 10.560.

The VF means there is a possibility for the Fund in generating an upside return or downside return around this VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. The Fund's portfolio may havechanged since this date and there is no guaranteed that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC.

**The Morningstar Rating is an assessment of a Fund's past performance-based on both return and risk-which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investment decision.


Affin Hwang Select Opportunity Fund (formerly known as Hwang Select Opportunity Fund)

An unconstrained equity fund, anchored by Malaysian stocks with an Asian focus that attempts to provide absolute returns across market cycles.

Total Return(%)

FTSE Bursa MalaysianTop 100 Index (FBM100)

Since Inception


Since Inception

90

190

290

390

490

590

690

790

Sep 01 Dec 03 Feb 06 Apr 08 Jul 10 Sep 12 Nov 14

Inde

xed

Perfo

rman

ce (%

)

Benchmark

SOF

This document is prepared by Affin Hwang Asset Management Bhd (formerly known as Hwang Investment Management Bhd) (429786-T). It is not intended to be an offer or invitation to subscribe or purchase any securities. The informationcontained herein has been obtained from sources believed in good faith to be reliable, however, no guarantee is given in its accuracy or completeness. Past performance of the Fund is not an indicative of its future performance. Prices anddistribution payable, if any, can go down as well as up. A Product Highlights Sheet (PHS) is available for the Fund and investors have the right to request for a copy of it. The Replacement Master Prospectus dated 22 September 2014 andSupplemental Master Prospectus dated 21 November 2014 have been registered as well as the PHS has been lodged with the Securities Commission Malaysia, who takes no responsibility for its contents. Investors are advised to read andunderstand the contents of the PHS and the Prospectuses before investing. Application for Units can only be made on receipt of a form of application referred to in and accompanying the PHS and the Prospectuses. Investors should alsoconsider the fees and charges involved. A copy of the PHS and the Prospectuses can be obtained at our office or any of our sales offices. The Fund may not be suitable for all and if in doubt, investors should seek independent advice.

2.7%

4.3%

4.4%

5.6%

5.8%

8.2%

9.4%

14.5%

22.9%


Health Care

Technology

Oil & Gas

Consumer Services

Utilities

Telecomm

Consumer Goods

Industrials

Financials

1.6%

2.0%

4.3%

4.9%

5.9%

8.9%

50.1%


Thailand

Hong Kong

Singapore

Korea

Indonesia

China

Malaysia


Fund Category Performance Record as at 30 November 2014* Performance Table as at 30 November 2014*Mixed Assets

1 Month 1 Year 3 Year Fund Type Fund 3.2 15.2 49.7 11.4Income and Growth Benchmark 2.6 14.6 35.7 12.2

Source: Lipper

Benchmark

1 Year 3 Year 5 Year Fund 15.2 14.4 7.7 1.4Benchmark 14.6 10.7 6.3 1.5

Launch Date / IOP Source: Lipper

Maturity Date 2013 2012 2011N/A Fund 14.0 8.5 20.3 -4.4

Benchmark 14.0 6.2 12.0 -1.6Financial Year End Source: Lipper30 April

Initial Sales Charge Top Holdings as at 30 November 2014* Income Distribution HistoryMax 5.5% of the NAV per Unit Equities Yield

Tenaga Nasional Bhd 6.8% (%)Subscription Sunway REIT 6.2% 2008 1.1Cash Frasers Commercial Trust 6.1% 2013 10.7

Fortune REIT 5.8% 2014 3.6Annual Management Fee Mapletree Greater China 4.6%1.8% per annum Airports Of Thailand Pcl 4.5%

Capitaretail China Trust 4.4%Minimum Investment Westports Holdings Bhd 4.3%RM1,000 Yinson Holdings Bhd 4.2%

PT Telekomunikasi Indonesia 4.1%Minimum SubsequentInvestmentRM100 Sector Allocation as at 30 November 2014* Country Allocation as at 30 November 2014*



NAV Per Unit

(2) As at 15 June 2012, the Benchmark was replaced by the 50% MSCI AC Asia ex Japan Infrastructure Index and 50% Bloomberg Asia REIT Ind

(1) Distribution Policy : Distribution of income, if any, would be on annualbasis

RM0.4545

RM109.4 million

Total Return(%)

Since Inception


Since Inception


Year To Date

25 April 2007 / RM0.50

1.50

(1) Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV. The yield of the distributions arecalculated based on the total dividend payout/NAV at the start of the calendar year


Affin Hwang Select Asia Pacific (ex Japan) REITs and Infrastructure Fund(formerly known as Hwang Asia Pacific (ex Japan) REITs and Infrastructure Fund)

A mixed assets fund that aims to provide a combination of income and growth through investments in the REITs and infrastructure sector within the Asia Pacific (ex Japan) region.

0.505.00

50% MSCI AC Asia ex Japan Infrastructure Index + 50% Bloomberg Asia REIT Index

May 2007 to November 2014 NAV-NAV prices and assuming reinvestment ofdistributions into the Fund, gross investment based in RM. The value of Units maygo down as well as up. Past performance is not indicative of future performance.Source: Lipper

Gross Distribution(sen)


50

60

70

80

90

100

110

120

May 07 Aug 08 Nov 09 Feb 11 May 12 Aug 13 Nov 14

Inde

xed

Per

form

ance

(%)

(2)

SAPRIF

Benchmark

This document is prepared by Affin Hwang Asset Management Bhd (formerly known as Hwang Investment Management Bhd) (429786-T). It is not intended to be an offer or invitation to subscribe or purchase any securities. Theinformation contained herein has been obtained from sources believed in good faith to be reliable, however, no guarantee is given in its accuracy or completeness. Past performance of the Fund is not an indicative of its futureperformance. Prices and distribution payable, if any, can go down as well as up. A Product Highlights Sheet (PHS) is available for the Fund and investors have the right to request for a copy of it. The Replacement Master Prospectusdated 22 September 2014 and SupplementalMaster Prospectus dated 21 November 2014 have been registered as well as the PHS has been lodged with the Securities Commission Malaysia, who takes no responsibility for its contents.Investors are advised to read and understandthe contents of the PHS and the Prospectuses before investing. Application for Units can only be made on receipt of a form of application referred to in and accompanying the PHS and theProspectuses. Investors should also consider the fees and charges involved. A copy of the PHS and the Prospectuses can be obtained at our office or any of our sales offices. The Fund may not be suitable for all and if in doubt,investors should seek independent advice.

1.3%

6.3%

10.6%

17.0%

50.7%


Oil & Gas

Telecomm

Utilities

Industrials

Financials

5.8%

8.1%

8.1%

8.7%

26.6%

28.7%


Hong Kong

Indonesia

Philippines

Thailand

Singapore

Malaysia



1 Month 1 Year 3 Year Fund Type Fund -0.1 10.7 57.3 51.4

Benchmark -2.4 -0.6 22.4 20.2Source: Lipper

Benchmark

1 Year 3 Year 5 Year Fund 10.7 16.3 N/A 12.1Benchmark -0.6 6.8 N/A 5.0Source: Lipper

2013 2012 2011Maturity Date Fund 8.8 10.9 28.0 -2.0N/A Benchmark -2.7 10.9 10.6 -0.7

Source: Lipper

Financial Year End

Top Holdings as at 30 November 2014* Income Distribution History Initial Sales Charge Equities % YieldCash Sales Tenaga Nasional Bhd 6.4% (%)Max 5.5% of the NAV per Unit Allianz Malaysia Bhd 4.6% 2012 6.2EPF Sales Berjaya Auto Bhd 4.3% 2013 6.7Max 3.0% of the NAV per Unit IJM Land Bhd 4.3% 2014 4.8

Westports Holdings Bhd 4.2%Subscription Malayan Banking Bhd 4.0%Cash / EPF Hong Leong Financial Group Bhd 2.9%

Reach Energy Bhd 2.7%Annual Management Fee Airports of Thailand PCL 2.4%1.5% per annum Spritzer Bhd 2.4%

Minimum InvestmentRM1,000 Sector Allocation as at 30 November 2014* Country Allocation as at 30 November 2014*

RM100



NAV Per Unit

Overall rating**


April 2011 to November 2014 NAV-NAV prices and assuming reinvestment ofdistributions into the Fund, gross investment based in RM. The value of Units maygo down as well as up. Past performance is not indicative of future performance.Source: Lipper

Launch Date / IOP

30 September


RM219.9 million

(1) Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distributionNAV to ex-distributionNAV. The yield of the distributions are calculatedbased on the total dividend payout/NAV at the start of the calendar year

28 March 2011 / RM0.50


Gross Distribution(sen)3.104.003.00

(1) Distribution Policy : Distribution of income, if any, would be on semi-annual basis

The VF means there is a possibility for the Fund in generatingan upside return or downside return around this VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. The Fund's portfolio mayhave changed since this date and there is no guaranteed that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC.

RM0.6440

Affin Hwang Select Dividend Fund (formerly known as Hwang Select Dividend Fund)

An income driven, absolute return focused fund that aims for capital appreciation and semi annual income distribution throughinvestments in high dividend yielding equities and future potential dividend generating equities .

70% FTSE Bursa Malaysia Top 100 Index + 30% Dow Jones/Asia Pacific Select Dividend 30 Index

Total Return(%)

Income & Growth

**The Morningstar Rating is an assessment of a Fund's past performance-based on both return and risk-which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investmentdecision.

Based on the Fund's portfolio returns as at 31 October 2014, the Volatility Factor (VF) for this Fund is 6.4 and is classified as Low (source: Lipper). Low includes Funds with VF that are above 1.115 but not more than 7.860.

Since Inception


Since Inception


Year To Date

80

100

120

140

160

Apr 11 Mar 12 Jan 13 Dec 13 Nov 14

Inde

xed

Per

form

ance

(%)

Benchmark

SDF

This document is prepared by Affin Hwang Asset Management Bhd (formerly known as Hwang Investment Management Bhd) (429786-T). It is not intended to be an offer invitation to subscribe or purchase any securities. The informationcontained hereinhas been obtained from sources believed in good faith to be reliable,however, no guarantee is given in its accuracy or completeness. Past performance of the Fund is not an indicative of its future performance. Prices anddistribution payable, if any, can go down as well as up. A Product Highlights Sheet (PHS) is available for the Fund and investors have the right to request for a copy of it. The ReplacementProspectus (RP) dated 22 September 2014 hasbeen registered as well as the PHS has been lodged with the Securities Commission Malaysia, who takes no responsibility for its contents. Investors are advised to read and understandthe contents of the PHS and the RP before investing.Application for Units can only be made on receipt of a form of application referred to in and accompanying the PHS and the RP. Investors should also consider the fees and charges involved. A copy of the PHS and the RP can beobtained at our office or any of our sales offices. The Fund may not be suitable for all and if in doubt, investors should seek independent advice.

1.5%

2.2%

3.9%

4.3%

4.6%

7.9%

8.9%

12.9%

27.5%


Other

Health Care

Oil & Gas

Consumer Services

Telecomm

Utilities

Industrials

Consumer Goods

Financials

1.5%

1.9%

3.5%

3.8%

4.0%

5.2%

5.7%

48.1%


Hong Kong

China

Thailand

Philippines

Singapore

Korea

Indonesia

Malaysia


Fund Category Performance Record as at 30 November 2014* Performance Table as at 30 November 2014*

1 Month 1 Year 3 Year Fund Type Fund -0.2 3.2 31.9 208.8

Benchmark -1.0 1.3 16.9 97.0Source: Lipper

Benchmark

1 Year 3 Year 5 Year Fund 3.2 9.7 11.0 10.0Benchmark 1.3 5.3 5.8 5.5Source: Lipper


Fund 1.8 11.1 13.7 7.8Financial Year End Benchmark 0.0 7.3 6.4 2.730 June Source: Lipper

Initial Sales Charge Top Holdings as at 30 November 2014*Cash Sales Bonds YieldMax 5.5% of the NAV per Unit Issuer Coupon Maturity Date % (%)EPF Sales Public Finance Bhd 7.50% 05.06.59 2.1% 2005 7.5Max 3.0% of the NAV per Unit WCT Holdings Bhd 2.50% 28.12.15 1.3% 2006 5.4

Pacific Radiance Ltd 4.30% 29.08.18 1.2% 2007 9.3Edaran SWM Sdn Bhd 4.90% 05.10.16 1.1% 2008 8.2

Cash / EPF BGSM Mgmt Sdn Bhd 7.10% 28.12.22 1.1% 2009 11.02010 9.1

Annual Management Fee Equities % 2011 8.31.5% per annum Tenaga Nasional Bhd 3.8% 2012 8.5

Hong Leong Bank Bhd 2.5% 2013 4.8Minimum Investment Westports Holdings Bhd 2.3% 2014 3.0RM1,000 Axiata Group Bhd 2.1%

QL Resources Bhd 2.0%Minimum SubsequentInvestmentRM100 Sector Allocation as at 30 November 2014* Credit Profile as at 30 November 2014*



NAV Per UnitRM0.6517

4.1%

3.7 years (%)


^^ Bonds rated either by Standard & Poor's or Moody

Overall rating**

Portfolio Yield

Based on the Fund's portfolio returns as at 31 October 2014, the Volatility Factor (VF) for this Fund is 5.3 and is classified as Low (source: Lipper). Low includes Funds with VF that are above 1.115 but not more than 7.860.The VF means there is a possibility for the Fund in generatingan upside return or downside return around this VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. The Fund's portfolio mayhave changed since this date and there is no guaranteed that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC.

Affin Hwang Select Balanced Fund (formerly known as Hwang Select Balanced Fund)

An absolute return focused fund that targets to provide a balance between high level of cash flow as well as growth, through a mixture of investments in Malaysian and foreign fixed income and equities.

August 2003 to November 2014 NAV-NAV prices and assuming reinvestment ofdistributions into the Fund, gross investment based in RM. The value of Units may go downas well as up. Past performance is not indicative of future performance.Source: Lipper

Total Return(%)


Calendar Year

Year To Date

Balanced

50% FBM Top 100 Index + 50% Maybank 12-Month Fixed Deposit Rate

Launch Date / IOP

Gross Distribution


Income Distribution History (past 10 years)

(sen)4.002.50

5.00

* The data provided above is that of the Fund and is a percentage of NAV 30 November 2014. All figures are subject to frequent changes on a daily basis.**The Morningstar Rating is an assessment of a Fund's past performance-based on both return and risk-which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investmentdecision.(1) Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV. The yield of the distributions arecalculated based on the total dividend payout/NAV at the start of the calendar year

Coupon Maturity

Date

2.00(1) Distribution Policy : Distribution of income, if any, would be on semi-annual basis

5.10

Portfolio Duration

Since Inception

Since Inception

28 July 2003 / RM0.50

3.00

5.00

Growth and Income

Subscription

5.005.00

5.00

RM531.8 million

95

135

175

215

255

295

335

Aug 03 Jul 05 May 07 Apr 09 Feb 11 Jan 13 Nov 14

Inde

xed

Per

form

ance

(%)

Benchmark

SBAF

This document is prepared by Affin Hwang Asset Management Bhd (formerly known as Hwang Investment Management Bhd) (429786-T). It is not intended to be an offer or invitation to subscribe or purchase any securities. Theinformation contained herein has been obtained from sources believed in good faith to be reliable, however, no guarantee is given in its accuracy or completeness. Past performance of the Fund is not an indicative of its futureperformance. Prices and distribution payable, if any, can go down as well as up. A Product Highlights Sheet (PHS) is available for the Fund and investors have the right to request for a copy of it. The Replacement Master Prospectus(RMP) dated 22 September 2014 and SupplementalMaster Prospectus dated 21 November 2014 have been registered as well as the PHS has been lodged with the Securities Commission Malaysia, who takes no responsibility for itscontents. Investors are advised to read and understandthe contents of the PHS and the Prospectuses before investing. Application for Units can only be made on receipt of a form of application referred to in and accompanying the PHSand the Prospectuses. Investors should also consider the fees and charges involved. A copy of the PHS and the Prospectuses can be obtained at our office or any of our sales offices. The Fund may not be suitable for all and if in doubt,investors should seek independent advice.

3.3%

3.4%

3.8%

5.1%

5.9%

6.6%

9.3%

13.2%

42.2%


Other

Consumer Services

Utilities

Telecomm

Oil & Gas

Industrials

Financials

Consumer Goods

Bond

1.4%

1.9%

2.0%

8.1%

10.5%

12.0%

57.1%

7.0%Cash

B^^

A^^

P1

Others

BBB^^

AAA

AA



1 Month 1 Year 3 Year Fund Type Fund 0.7 7.3 24.1 30.8Income & Growth Benchmark -0.9 2.5 15.9 18.7

Source: Lipper

Benchmark

1 Year 3 Year 5 Year Fund 7.3 7.5 N/A 7.5Benchmark 2.5 5.0 N/A 4.7Source: Lipper

Launch Date / IOP18 March 2011 / AUD0.50

2013 2012 2011Maturity Date Fund 7.0 5.9 9.7 5.2N/A Benchmark 2.0 5.6 7.4 2.7

Source: Lipper

Financial Year End31 August

Top Holdings as at 30 November 2014* Income Distribution HistoryInitial Sales Charge Bonds YieldMax 3.0% of the NAV per Unit Issuer Coupon Maturity Date % (%)

Australian Government 3.94% 21.04.37 3.4% 2012 2.7Subscription CIMB Bank Bhd 4.38% 25.09.19 3.4% 2013 3.6Cash Crown Group Finance Ltd 4.50% 18.11.19 3.3% 2014 1.3

Lend Lease Finance Ltd 6.00% 13.05.20 2.8%Annual Management Fee ICICI Bank Ltd 6.13% 03.04.19 2.8%1.5% per annum

Equities %Minimum Investment (1) Goodman Group 1.6%AUD5,000 Orora Ltd 1.6%

Telstra Corporation Ltd 1.4%Minimum Subsequent Transurban Group 1.2%Investment Sydney Airport 1.2%AUD1,000

Repurchase Charge (2) Sector Allocation as at 30 November 2014* Credit Profile as at 30 November 2014*


NAV Per Unit

3.7%

3.8 years


(3) Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distributionNAV to ex-distributionNAV. The yield of the distributions are calculatedbased on the total dividend payout/NAV at the start of the calendar yea

(2) Maximum of 1.00% of the NAV per Unit for any repurchasewithin the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not considered a repurchase. The Cooling-off Period for a qualifiedinvestor is within 6 Business Days from the day the initial application for Units is received by the Manager.

2.502.000.75

(1) To invest in the AUD Class, investors are required to have a foreign currency accout (Australian Dollars)with any financial institutions as all transactions relating to the AUD Class will ONLY be made via telegraphic transfers.

* The data provided above are that of the Fund and are a percentage of NAV as a 30 November 2014 . All figures are subject to frequent changes on a daily basis.

AUD131.1 million

AUD0.5952

Portfolio Yield

Portfolio Duration

Affin Hwang Select AUD Income Fund_AUD class (formerly known as Hwang AUD Income Fund_AUD class)

An income driven, absolute return focused fund that targets to provide a high level of cash flow as well as growth, through mixture of investments inAustralian fixed income and equities.[AUD Class - Represents a Class of Units denominated in Australian Dollars (AUD)]

Since Inception

Since Inception



March 2011 to November 2014 NAV-NAV prices and assumingreinvestmentof distributionsinto the Fund, gross investment based in AUD. The value of Units may go down as well asup. Past performance is not indicative of future performance.Source: Lipper

Total Return(%)


Calendar Year


Year To Date

Gross Distribution(cents)

80% Reserve Bank of Australia Average Rate of Term Deposits +20% Dow Jones Australia Select Dividend 30 Index

90

100

110

120

130

140

Mar 11 Feb 12 Jan 13 Dec 13 Nov 14

Inde

xed

Per

form

ance

(%)

Benchmark

SAUDIF

This document is prepared by Affin Hwang Asset Management Bhd (formerly known as Hwang Investment Management Bhd) (429786-T). It is not intended to be an offer invitation to subscribe or purchase any securities. The informationcontained hereinhas been obtained from sources believed in good faith to be reliable,however, no guarantee is given in its accuracy or completeness. Past performance of the Fund is not an indicative of its future performance. Prices anddistribution payable, if any, can go down as well as up. A Product Highlights Sheet (PHS) is available for the Fund and investors have the right to request for a copy of it. The ReplacementProspectus (RP) dated 22 September 2014 hasbeen registered as well as the PHS has been lodged with the Securities Commission Malaysia, who takes no responsibility for its contents. Investors are advised to read and understandthe contents of the PHS and the RP before investing.Application for Units can only be made on receipt of a form of application referred to in and accompanying the PHS and the RP. Investors should also consider the fees and charges involved. A copy of the PHS and the RP can beobtained at our office or any of our sales offices. The Fund may not be suitable for all and if in doubt, investors should seek independent advice.

0.5%

0.5%

1.0%

1.0%

1.4%

4.8%

6.5%

74.8%


Consumer Goods

Utilities

Basic Materials

Health Care

Telecomm

Financials

Industrials

Bond

5.0%

13.2%

30.0%

44.1%

7.7%Cash

AAA

AA

A

BBB



1 Month 1 Year 3 Year Fund Type Fund -0.1 5.1 9.4 28.7Income & Growth Benchmark -1.7 0.4 2.2 18.9

Source: Lipper

Benchmark

1 Year 3 Year 5 Year Fund 5.1 3.0 N/A 5.6Benchmark 0.4 0.7 N/A 3.8Source: Lipper

Launch Date / IOP

2013 2012 2011Maturity Date Fund 5.4 -2.5 7.4 10.4N/A Benchmark 0.4 -2.9 5.4 6.8

Source: Lipper

Financial Year End31 August Top Holdings as at 30 November 2014* Income Distribution History

Bonds YieldIssuer Coupon Maturity Date % (%)

Max 3.0% of the NAV per Unit Australian Government 3.94% 21.04.37 3.4% 2011 4.7CIMB Bank Bhd 4.38% 25.09.19 3.4% 2012 4.6

Subscription Crown Group Finance Ltd 4.50% 18.11.19 3.3% 2013 3.5Cash Lend Lease Finance Ltd 6.00% 13.05.20 2.8% 2014 2.8

ICICI Bank Ltd 6.13% 03.04.19 2.8%Annual Management Fee1.5% per annum Equities %

Goodman Group 1.6%Minimum Investment Orora Ltd 1.6%RM1,000 Telstra Corporation Ltd 1.4%

Transurban Group 1.2%Sydney Airport 1.2%

RM100Sector Allocation as at 30 November 2014* Credit Profile as at 30 November 2014*


NAV Per UnitRM0.5521

3.7%

3.8 years The Credit Profile above are a percentage of the Fund's fixed income portion only.


Initial Sales Charge

Portfolio Duration

Portfolio Yield

(2) Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distributionNAV to ex-distributionNAV. The yield of the distributions are calculatedbased on the total dividend payout/NAV at the start of the calendar year

The VF means there is a possibility for the Fund in generatingan upside return or downside return around this VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. The Fund's portfolio mayhave changed since this date and there is no guaranteed that the Fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC.

Based on the Fund's portfolio returns as at 31 October 2014, the Volatility Factor (VF) for this Fund is 7.5 and is classified as Low (source : Lipper). Low includes funds with VF that are above 1.115 but not more than 7.860.

* The data provided above are that of the Fund and are a percentage of NAV as at 30 November 2014 . All figures are subject to frequent changes on a daily basis.(1) Maximum of 1.00% of the NAV per unit redeemed within the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not considered a redemption. The Cooling-off Period for a qualified investor iswithin 6 Business Days from the day the initial application for Units is received by the Manager.

Affin Hwang Select AUD Income Fund_RM class(formerly known as Hwang AUD Income Fund_RM class)

An income driven, absolute return focused fund that targets to provide a high level of cash flow as well as growth, through mixture ofinvestments in Australian fixed income and equities.[RM Class - Represents a Class of Units denominated in Ringgit Malaysia (RM)]

April 2010 to November 2014 NAV-NAV prices and assuming reinvestment of distributionsinto the Fund,gross investmentbased in RM. The value of Units may go down as well as up.Past performance is not indicative of future performance.Source: Lipper

Total Return(%)

18 March 2010 / RM0.50

80% Reserve Bank of Australia Average Rate of Term Deposits + 20% Dow Jones Australia Select Dividend 30 Index

Since Inception


Since Inception

Calendar Year

Year To Date

Gross Distribution(sen)2.502.552.001.50


RM52.5 million



Repurchase Charge (1)

85

95

105

115

125

135

145

Apr 10 Mar 11 Feb 12 Jan 13 Dec 13 Nov 14

Inde

xed

Per

form

ance

(%)

Benchmark

SAUDIF

This document is prepared by Affin Hwang Asset ManagementBhd (formerly knownas Hwang InvestmentManagementBhd) (429786-T). It is not intendedto be an offer or invitation to subscribe or purchase any securities. The informationcontained hereinhas been obtained from sources believed in good faith to be reliable,however, no guarantee is given in its accuracy or completeness. Past performance of the Fund is not an indicative of its future performance. Prices anddistribution payable, if any, can go down as well as up. A Product Highlights Sheet (PHS) is available for the Fund and investors have the right to request for a copy of it. The Replacement Prospectus (RP) dated 22 September 2014 hasbeen registered as well as the PHS has been lodged with the Securities Commission Malaysia, who takes no responsibility for its contents. Investors are advised to read and understandthe contents of the PHS and the RP before investing.Application for Units can only be made on receipt of a form of application referred to in and accompanying the PHS and the RP. Investors should also consider the fees and charges involved. A copy of the PHS and the RP can beobtained at our office or any of our sales offices. The Fund may not be suitable for all and if in doubt, investors should seek independent advice.

0.5%

0.5%

1.0%

1.0%

1.4%

4.8%

6.5%

74.8%


Consumer Goods

Utilities

Basic Materials

Health Care

Telecomm

Financials

Industrials

Bond

5.0%

13.2%

30.0%

44.1%

7.7%Cash

AAA

AA

A

BBB



1 Month 1 Year 3 Year Fund Type Fund 0.7 5.5 N/A 14.7Income Benchmark 1.9 2.9 N/A 7.4

Source: Lipper

Benchmark

1 Year 3 Year 5 Year Fund 5.5 N/A N/A 6.2Benchmark 2.9 N/A N/A 3.2Source: Lipper

Launch Date / IOP

2013 2012 2011Maturity Date Fund 5.4 6.4 2.4 -N/A Benchmark 2.2 3.8 1.2 -

Source: Lipper

Financial Year End31 March Top Holdings as at 30 November 2014* Income Distribution History

Bonds YieldIssuer Coupon Maturity Date % (%)

Max 3.0% of the NAV per unit Genting Singapore PLC 5.13% 12.09.17 4.9% 2013 2.0Oversea-Chinese Bk Corp 3.15% 11.03.18 4.3% 2014 2.8

Subscription United Overseas Bk Ltd 3.15% 11.07.17 2.7%Cash LMIRT Capital Pte Ltd 4.88% 06.07.15 2.7%

Olam International Ltd 6.75% 29.01.15 2.6%Annual Management Fee1.5% per annum Equities %

Singapore Telecom Ltd 4.1%Minimum Investment Capitaretail China Trust 3.5%

Capitaland Ltd 3.4%OCBC Corp Ltd 3.3%

Minimum Subsequent Bumitama Agri Ltd 2.2%InvestmentRM100

Sector Allocation as at 30 November 2014* Credit Profile as at 30 November 2014*Repurchase Charge (1)


NAV Per Unit

3.4%

3.5 yearsThe Credit Profile above are a percentage of the Fund's fixed income portion only.^^ A large portion of the SGD-denominated bond universe does not have creditrating.

(2) Where a distribution is declared, investors are advised that following the issue of additional Units/distribution, the NAV per Unit will be reduced from cum-distribution NAV to ex-distribution NAV.

1.001.50


* The data provided above are that of the Fund and are a percentage of NAV as at 30 November 2014 . All figures are subject to frequent changes on a daily basis.(1) Maximum of 1.00% of the NAV per unit for any repurchase request of Units within the first 6 months from the date of investment by Unit Holders. The exercise of a cooling-off right is not considered a redemption.

Portfolio Yield

Portfolio Duration

RM0.5478

RM1,000

1.0% of the NAV per Unit for the first 6 months from the date of investment.

RM231.4 million

Gross Distribution

01 August 2012/ RM0.50

Initial Sales Charge

August 2012 to November 2014 NAV-NAV p

fundamentals dec 2014

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