HwangDBS declares 0.75 sen income distribution for Global Property Fund

KUALA LUMPUR: Hwang DBS Investment Management Bhd last week declared an interim income of 0.75 sen for the HwangDBS Global Property Fund this year for its financial year ending Feb 28, 2010.

The company said in a statement that this is the 10th distribution since the fund’s launch on April 19, 2006, totalling 11.75 sen in income distribution to date. All fund holders registered until Feb 11, 2010 would be eligible to receive the latest income distribution declared.

The HwangDBS Global Property Fund is a feeder fund that invests globally in real estate investment trusts (REITs), REITs type securities and real estate securities targeting to capture the growth of global property markets. As at Dec 31, 2009, its fund size was RM81.189 million units compared with RM55.925 million units in Dec 31, 2008, the statement said.

Teng Chee Wai, chief executive officer and executive director of HwangDBS IM said: “This fund is especially attractive for investors who seek regular income on top of potentially higher returns than fixed deposits and have an investment horizon of at least three years.”

Teng added that the turnaround of the global equity markets in 2009 lifted global REIT markets for the beginning of the December 2009 but lost ground towards the end. Moving into 2010, the US is expected to see a moderate economic recovery with a rise in mortgage application and a continuous fall in unemployment claims. Asia, led by China, has recovered ahead of its western counterparts due to its general lack of exposure to the financial crisis and stronger financial status. As such, Asian governments have started to slowly adjust their previous accommodative policies back to a more neutral stance.

Because of this outlook, HwangDBS IM believes that underlying demand may return to key markets. It also added that the fundamental outlook for portfolio companies remains encouraging as there is general improvement in global macro economic data, well-managed cost structures and sequential order improvements.

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