April 30, 2019

PAMI HORIZON FUND, INC.

FUND FACT SHEET

Historical Performance1 Investment Objective

3 The investment objective is to achieve capital growth and to generate steady income.
FUND 1 MO 1 YR 3 YRS 5 YRS S.I.
Cumulative -1.23% -6.98% 2.36% 2.67% 244.77% The recommended timeframe for the fund is 7 years or more. This fund is suitable for
investors who: have a medium term investment horizon; want a diversified portfolio of
Annualized -6.98% 0.78% 0.53% 6.17%
investment in fixed income and equity securities; and/or are willing to take moderate
YTD 2018 2017 2016 2015 risk for potentially moderate capital return over the medium term.
Calendar Year 1.64% -9.92% 11.60% -1.45% -4.59%

Benchmark2 1 MO 1 YR 3 YRS 5 YRS S.I.3

Cumulative -1.63% -1.95% 11.51% 21.16% 439.07%
Top Five Equity Holdings
Annualized -1.95% 3.70% 3.91% 8.49% SM INVESTMENTS CORP 6.54%
YTD 2018 2017 2016 2015 AYALA LAND INC 5.71%
Calendar Year 3.95% -7.55% 13.88% 0.74% -0.70% SM PRIME HOLDINGS INC 4.42%
1. Returns are net of fees. Past performance is not indicative of future returns. AYALA CORPORATION 4.01%
2. 50% Philippines Composite (Total Return) + 40% Bloomberg Philippine Sovereign Bond Index
AI + 10% Phil 30 Days Savings Rate General Avg (Net of 20% WHT) as of 04/30/2019
BDO UNIBANK INC 3.71%
3. Since Inception (July 1, 1998)

Top Five Fixed Income Holdings

FXTN 2020 3.625% DUE 21MAR2033 6.54%
Key Figures and Statistics PHILIPPINE TBILL 0% 02/10/2019 5.71%
Net Asset Value per Share (NAVPS) 3.6835 GB R25-1 DUE 6.125% 24OCT2037 4.42%
Total Fund Size (in Millions) 806.28 FXTN 2511 4.625% DUE 09SEP40 4.01%
YOY Return as of 04/30/2019 -6.98% FXTN 25-8 8.125% DUE 16DEC2035 3.71%
Benchmark YOY Return as of 04/30/2019 -1.95%
Annualized Volatility 9.78%
Inception Date July 1, 1998
Fund Allocation
Fund Classification Balanced Fund
Risk Profile Moderate
Fixed
Fund Currency Philippine Peso Income,
Equities,
Domicile Philippines 48.8%
51.2%
Min. Initial Investment Php5,000.00
Min. Transaction Php1,000.00
Min. Holding Period Six Months
Redemption Notice Period Three Days
Valuation Method Marked-to-Market
Custodian Bank Citibank N.A.
NAVPS Graph
Transfer Agent Philam Asset Management, Inc. 5

3
4/30/2019
2

0
10/1/98 10/1/01 10/1/04 10/1/07 10/1/10 10/1/13 10/1/16

Commentary
Equities
Market should be expected to weaken as we enter May. This is seasonally regarded as a weak month in any calendar year. Also, we have a potential outflow of foreign capital due to MSCI inclusion of China A
share and subsequently, a reduction in Philippine weighting. We also have a mid-term election and we expect a result that will be favorable to markets. We regard this weak period as an opportunity to buy. We
believe that May is an inflection point in the headwinds we have discussed in the months before. The expected weak GDP number of Q1 2019 will be a one-time thing and the weakness, will encourage the BSP
to loosen monetary policy. We continue to expect earnings growth of 8-10% this year and expect a bulk of those earnings to come in 2H 2019. What could be a further dampener for May and beyond is the
recent threat of US President Trump threatened to hike interest tariffs on US$200Bn worth of China imports to 25% if China does not agree to latest demands of US in the trade talks. This sent shockwaves to
global markets particularly the US and Chinese markets. So far, effect to the Philippines is still muted but further escalation to this tension will not spare the Philippine market from any sell down.

Fixed Income
After a sharp rally in March, local bond trading slowed down as average trading volume decreased compared to the previous month. Local bond yields corrected by as much as 30bps as investors locked in gains
from last month, given the lack of direction from BSP on policy rate. Meanwhile, yield curve remained inverted as liquidity crunch kept short-term rates elevated. The short to belly securities increased by an
average of 20bps M/m, while the 10-yr and 20-yr benchmark yields rose 32ps and 27bps M/m, respectively.

Interest rates are inclined to resume its downward trend after a pullback in April. Key data on 1Q19 GDP is forecasted to decelerate at or below 6%, which may steer the BSP to initiate trimming the bank
reserves and/or cut policy rates by .25% to 4.50%