MAR 2017

Fund Rating :

HPAM ULTIMA EKUITAS 1

6 month 12 month
YTD

7.01% 9.70% 26.77%

Launch Date 18/07/2009
AUM (Rp Bn) 1,238
NAV

2,437
Number of Stocks 19-39
Beta 0.91
Investment Manager HP Asset Management
Custodian Bank Bank Rakyat Indonesia
Subscription Account 0206-01-003260-30-4
Subscription Fee 3%
Fund Objectives & Strategy Redemption Fee 5%
To achieve mid to long-term capital growth through a diversified
portfolio strategy emphasizing based upon a prescribed set of
extrapolated variables ranging from companies Capital Structures Investment Policy Portfolio Composite
(ROE, ROIC & Solvency Factors), Product Strength & Positioning,
Corporate Governance, and Industry Profiles. Equity 80% Equity 95%
Cash & Cash Eq 20% Cash & Cash Eq 5%
Tactically Balancing Growth, Capital Appreciation Vs Volatility Money Market 20% Money Market 0%

Application of Positional & Momentum Trade to Enhance Value

Risk Ranking Moderate to High
Multi-Strategy Investment Platform
Fund Update

NAV Growth Indos JCI saw a good run in March as strong foreign flows into
the equity market reaching Rp 10.1 Tn drove up the benchmark
to record all-time high at 5,568-point plateau (3.37% MoM;
5.12% in 1Q17) despite 25 bps Fed rate hike. In line earnings
result as well as teething problem faced by Trumps administra-
tion provided support to EM markets. Locally, 10-yr Govt bond
yield still relatively attractive at 7.26% (-3.84% MoM) vs. US
10-yr yield at 2.39%. Indos currency also posted a supportive
number to appreciate against the greenback at Rp 13,326/USD
(0.07% MoM; 1.1% YTD), safeguarded by the inflow to INDOGB
(Rp 57 Tn as of 31 March 2017).

Indo Mar-17 CPI printed a lower-than-consensus number to

decrease 0.02% MoM (vs. cons. 0.20% Mom ; +0.23% MoM in
Feb-17) as 2nd 900VA electricity tariff hike (0.05 ppt) was off-
Fund Performance set by the slowdown of staples prices (-0.14 ppt). Given the
figure, the headline inflation ticked down to 3.6% YoY (vs. cons.
3.80% YoY ; 3.83% YoY in Feb-17).

Tax Authority recorded the total asset declaration from tax

amnesty program reaching Rp 4,865 Tn (39% of nominal GDP)
with Rp114.3 Tn in penalty fees as the tax amnesty program
has finally ended its final phase.

Sector Allocation (%)

Tactical Allocation

NEUTRAL OVERWEIGHT
 Intrinsic Assessment Table

Value @ Risk Matrix

Important Risk: The fund is actively managed and its characteristics w ill vary. Holdings show n should not be deemed as a recommendation
to buy or sell securities. Fund of funds is subject to the risk associated with the underlying HPAM funds in which its invests. Stock and bond value fluctuate
in price so the value of your investment can go down depending on the market conditions. Fixed income risks include interest-rate and credit risk. Typically,
when interest rates rise, there is a corresponding decline in bond values. Credit risk refer to the possibility that the bond issuer will not be able to make
principal and interest payments. Asset allocation strategies do not assure profit and do not protect against loss. Non-diversification of investment means
that more assets are potentially invested in fewer securities than if investments were diversified.

Disclaimer
Before investing you should carefully consider the Funds investment objectives, risks, charges and expenses. This and other information are available
through request for prospectus or at our companys website. The fund is subject to market risks (volatility) and may not be appropriate for short term
investments. Holdings and Sector weightings are subject to constant changes without notice as deemed fit by the investment management team. This
document is for sophisticated investor only and not intended for individual private investor. Performance data quoted represent past performance and is no
guarantee of future results. Investment returns and principal values may fluctuate so that an investors shares, when redeemed, may be worth more or less
than their original cost. Current performance may be lower or higher than that shown. All return assume reinvestment of all dividend and capital gain distri-
butions. Index performance is shown for illustrative purpose only. Conventional Non-bank institutions are prohibited from investing directly in index.

PT. Henan Putihrai Asset Management

Penthouse @ Tamara, Jendral Sudirman 24
Jakarta 12920, Indonesia
(021) 2525775
www.HPAM.co.id