FFS Usd

September 2017
FWD Peso Fixed Income Fund

INVESTMENT OBJECTIVE
This is an actively managed Bond Fund that aims to maximize returns by investing in medium to long term fixed income
securities issued by the Philippine Government and Philippine Corporations. This Fund will also invest in money market
instruments issued by banks.
SUMMARY
 The Fund’s NAVPU went up by 0.51% as bond prices rose. Yields of local government securities inched down by 3 basis
points (bps) across the curve. The short-end of the curve declined the most by 10 bps.
 Local inflation continued to accelerate at 3.4% in September, rising to a five-month high of 3.4% from 3.1% in August
2017, and 2.3% in the same period last year due to faster increases in food prices.
 Given no major events in the near term, we expect trading in the domestic fixed income market to take a cue from
developments abroad. Economic data releases will continue to be at the forefront of market players’ eyes.
FUND INFORMATION FUND PERFORMANCE

Net Asset Value (NAV) P218.85M Month-on-Month Year to Date Since Inception
NAV per Unit (NAVPU) P1.00742 0.51% 1.03% 0.74%
Inception Date September 15, 2014
Initial NAVPU on Inception P1.00000 HISTORICAL FUND PRICE
1.09000
Fund Currency Philippine Peso
Dealing Schedule Daily 1.07000
1.05000
PORTFOLIO ALLOCATION 1.03000
1.00742
Money Market 1.01000
3% 0.99000
0.97000
>10 yrs 34%
7 to 10 yrs 24%
5 to 7 yrs 6%
3 to 5 yrs 8% MARKET UPDATE
1 to 3 yrs 13%
<1 year 14% Yields of local government securities inched down by 3 basis points
(bps) across the curve. The short-end of the curve declined the most
by 10 bps, followed by the long-end of the curve which dropped by 4
Fixed Income bps. Meanwhile, the belly rose by 3 bps during the period.
97% Positive economic data releases across the globe have reinforced the
general direction of major central banks to tighten monetary policy. In
TOP SECURITY HOLDINGS the US, the Federal Reserve (the Fed) announced that it will start
SECURITY TYPE MATURITY % HELD winding down its balance sheet. Further, the Fed’s rhetoric continues
to suggest that a rate hike in December is still on the table. Meanwhile,
1 FXTN 20-17 Govt Bond 2031 28% the European Central Bank is seen to announce a further slowdown in
2 FXTN 10-60 Govt Bond 2025 10% the pace of its own quantitative easing program.
3 RTB 10-05 Govt Bond 2026 7% With no market-moving news during the period, the local fixed income
market moved sideways.
4 FXTN 25-11 Govt Bond 2040 6%
MARKET OUTLOOK
Given no major events in the near term, we expect trading in the
6 TBILL 08.01.18 Govt Bond 2018 5% domestic fixed income market to take cue from developments abroad.
7 FXTN 7-58 Govt Bond 2023 4% Economic data releases will continue to be at the forefront of market
players’ eyes. Despite the political noise, markets will continue to
8 FXTN 20-11 Govt Bond 2025 4% focus on the improving economic fundamentals across the globe. With
9 RTB 03-08 Govt Bond 2020 4% these, central banks can smoothly commence with their plans to
normalize their monetary policies. On the local front, adding to the
10 TBILL 11.22.17 Govt Bond 2017 4%
pressure of expected increase in global yields, inflation is expected to
pick up with the implementation of the tax reform next year.
Nonetheless, at the moment, risk of a rate hike from the BSP is tilted
to the downside given continued subdued commodity prices.
Disclaimer:
The material in this presentation has been prepared by FWD Life Insurance Corporation. This presentation is intended for information purposes only and does not constitute or
form part of an offer to subscribe for or purchase securities of any kind and neither this document nor anything contained herein shall form the basis of any contract or commitment
to any party. Information in this presentation is given in summary form and does not purport to be complete. Before acting on any advice or recommendation in this presentation,
a client should consider whether it is suitable for their particular circumstances and if necessary, seek professional advice.
These information are compiled from sources known to be reliable and / or publicly available data assumed to be accurate (the “Sources”). FWD does not warrant the accuracy or
completeness of the data based from the Sources. Readers are cautioned not to place undue reliance on these forward looking statements. FWD does not undertake any obligation
to publicly release the result of any revisions of this presentation to reflect circumstances after the date hereof. Past performance is not a reliable indication of future performance.
This document is intended solely for the recipient. By accepting this presentation, the recipient agrees not to disclose and/or reproduce this presentation in any manner or
for any purpose without the prior consent of FWD. Any part of this document should not be altered, changed or extracted.
Unless otherwise specified, all information is for the month ended 30 September 2017.
September 2017
FWD Peso Bond Fund

This is an actively managed Bond Fund that aims to maximize returns by investing in medium to long term fixed income
securities such as government securities, select corporate bonds and/or notes and money market securities.
SUMMARY
 The Fund’s month-on-month return went slightly up by 0.25% as prices of bonds increased slightly as the market has been
taking a cue from abroad and players were seen closely tracking the movement of US Treasuries.
 September inflation accelerated to 3.4% YoY, higher than the forecast of 3.1% (previous: 3.1%). This latest print drifted towards
the upper limit of the government’s inflation target range of 2 to 4%.
 The Fund Manager sees support in the Government Securities market, and sees that buying levels can already be established
especially that the market has already priced in a Fed hike this December.
FUND INFORMATION
Net Asset Value (NAV) P202.07M FUND PERFORMANCE
NAV per Unit (NAVPU) P0.95704 Month-on-Month Year to Date Since Inception
Inception Date February 2, 2015 0.25% 0.86% -4.30%
Initial NAVPU on Inception P1.00000
Fund Currency Philippine Peso HISTORICAL FUND PRICE
1.05000
Dealing Schedule Daily
1.03000
1.01000
PORTFOLIO ALLOCATION
0.99000
8% 0.97000
0.95000
>10 yrs 45% 0.93000

7 to 10 yrs 24%
5 to 7 yrs 0%
3 to 5 yrs 15%
1 to 3 yrs 4%
<1 year 11% MARKET UPDATE
The market has been taking its cue from events abroad and players were
seen closely tracking the movement of US Treasuries last September. The
Fixed Income month started with some buying sentiment given the geopolitical tensions
92% between the US and North Korea, the lacklustre economic data being
released in the US, the dovish comments from some Fed officials, and the
also seemingly dovish ECB during its last policy meeting. By the middle of
TOP SECURITY HOLDINGS the month, however, the Fed expectedly announced that it will start
SECURITY TYPE MATURITY % HELD unwinding its USD4.5 trillion balance sheet starting October while
signaling a possible hike this December.
1 FXTN 20-17 Govt Bond 2031 28% Locally, the BSP kept policy rate and reserve requirement ratio unchanged
2 FXTN 10-61 Govt Bond 2027 18% as expected. The RTB 3-8 shed 5.8 basis points (bps) month-on-month
from 3.725% to 3.667%. The FXTN 7-58 was unchanged at 4.180%. The
3 FXTN 20-21 Govt Bond 2037 11% belly part of the curve went lower by 5 bps as we saw the FXTN 10-60 being
4 AEV 2020 Corp Bond 2020 7% last traded at 4.390% from 4.440% while the FXTN 10-61 closed the month
at 4.610% from 4.660% last month. As for the longer-dated securities, the
FXTN 20-17 was unchanged at 4.880% while the FXTN 20-21’s yield came
6 RTB 10-5 Govt Bond 2026 6% off by half a basis point at 5.150%. Lastly, the FXTN 25-11 slid by 5 bps from
7 FXTN 5-72 Govt Bond 2018 4% 5.250% to 5.200%.
MARKET OUTLOOK
8 JGS 2019 Corp Bond 2019 2%
September inflation accelerated to 3.4% YoY, higher than the forecast of
9 ROCK 2021 Corp Bond 2021 2% 3.1% (previous: 3.1%). This latest print drifted towards the upper limit of
10 SMB 2021 Corp Bond 2021 2% the government’s inflation target range of 2 to 4%.
The Fund Manager expects inflation to remain manageable as economists
forecast that 2017 inflation will average 3.1%. Thus, the BSP may still have
room to keep policy rates steady this year but the reserve rate cut may still
be live. The FM sees support in the Government Securities market and
buying levels can already be established especially that the market has
already priced in a Fed hike this December.
Disclaimer:
September 2017
FWD Peso Balanced Fund

This is an actively managed Balanced Fund that aims to maximize returns through both interest income and capital appreciation
by investing in bonds issued by the Philippine Government and selected Philippine Corporations, and Equities comprising the
Philippine Stock Exchange Index (PSEi).
SUMMARY
 The Fund’s month-on-month return went up by 0.92% as the market was up for both bonds and equities. Local investors
deployed available cash to position themselves in a rising market. Meanwhile, the local fixed income market moved sideways
as there was no market-moving news during the period.
 The equities market is up 19.45% YTD and is still poised to continue its bullish ascent in the short-term. While for the bonds
market, given no major events in the near term, the fund manager expects trading in the domestic fixed income market to take
a cue from developments abroad.
FUND PERFORMANCE
FUND INFORMATION
NAV per Unit (NAVPU) P1.00584 0.92% 3.73% 0.58%
Inception Date September 15, 2014 HISTORICAL FUND PRICE
Initial NAVPU on Inception P1.00000 1.08000
Fund Currency Philippine Peso 1.06000
1.00584
1.02000
1.00000
Equities Money 0.96000
18% Market 0.94000
4%
>10 yrs 27%
7 to 10 yrs 17%
MARKET UPDATE
5 to 7 yrs 5%
3 to 5 yrs 7% Fixed Income
1 to 3 yrs 11% Yields of local government securities inched down by 3 basis points (bps)
<1 year 16% across the curve. Positive economic data releases across the globe have
reinforced the general direction of major central banks to tighten
Holding Firms 6% monetary policy. The local fixed income market moved sideways as there
Property 3% was no market-moving news during the period.
Industrials 4%
Fixed Income Equities
Services 1%
78% The market was up 2.2% month-on-month as local investors deployed
Financials 3%
Mining & Oil 0% available cash to position themselves in a rising market. Passive funds also
helped fuel liquidity in the market as it pushed the index up even further,
TOP SECURITY HOLDINGS reaching new highs. The market’s bullish momentum was dominated by
large caps names with SM +34.81%, AC +32.79%, ALI +35.94% and SMPH
SECURITY TYPE MATURITY % HELD
+21.52% continue to outperform index YTD. PSEi is up +19.45% YTD.
1 FXTN 20-17 Govt Bond 2031 21%
MARKET OUTLOOK
2 FXTN 10-60 Govt Bond 2025 6% Fixed Income
3 RTB 10-05 Govt Bond 2026 6% Given no major events in the near term, the fund manager expects trading
in the domestic fixed income market to take a cue from developments
abroad. Economic data releases will continue to be at the forefront of
5 TBILL 08.01.2018 Govt Bond 2018 5% market players’ eyes. On the local front, adding to the pressure of
6 FXTN 7-58 Govt Bond 2023 4% expected increase in global yields, inflation is expected to pick up with the
implementation of the tax reform next year. However at the moment, risk
7 SM 19 R17 Corp Bond 2019 3% of a BSP rate hike is low given continued subdued commodity prices.
8 FXTN 7-56 Govt Bond 2019 3% Equities
9 RTB 03-08 Govt Bond 2020 3% The market is up 19.45% YTD and is still poised to continue its bullish
ascent in the short-term. However, the bullish momentum might
10 TBILL 11.22.17 Govt Bond 2017 3% encounter headwinds as the Fed starts with its plan of balance sheet
normalization starting October and rate hiking in December. These two
events can dry up liquidity as investors shift their asset allocation strategy
from Emerging Markets to Developed Markets as yields in the US go up
and the US dollar appreciates versus other Asian currencies.
Disclaimer:
September 2017
FWD Peso Stable Fund

This is an actively managed Balanced Fund that aims to maximize returns by diversifying into equity investments listed in the
Philippine Stock Exchange (PSE), and fixed income investments issued by the Philippine Government and Philippine
Corporations.
SUMMARY
 The Fund’s month-on-month return was up by 1.61% driven by an increase in prices of equites and bonds.
 Bond prices increased slightly as the market has been taking a cue from abroad, and players were seen closely tracking the movement
of US Treasuries. The Fund Manager sees support in the Government Securities market and buying levels can already be established
especially that the market has already priced in a Fed hike this December.
 Equity prices increased, driven mostly by the strong performance of the large cap index stocks. Foreign investors remain net buyers
during the month. The Fund Manager remains cautiously optimistic entering the last quarter of 2017 despite potential speed bumps
from global geopolitical issues, local political noise, and lofty equity market valuations.

FUND FUND PERFORMANCE
 INFORMATION
NAV per Unit (NAVPU) P0.87074 1.61% 8.53% -12.93%
Inception Date January 28, 2015
HISTORICAL FUND PRICE
Initial NAVPU on Inception P1.00000 1.02000
0.87074
0.90000
>10 yrs 18% 0.82000
Equities Money 0.78000
7 to 10 yrs 4%
55% Market 0.74000
5 to 7 yrs 0%
10%
3 to 5 yrs 12%
1 to 3 yrs 2%
<1 year 1% MARKET UPDATE
Holding Firms 19%
Fixed Income
Property 11% The month started with some buying sentiment given the geopolitical
Industrials 6% tensions between the US and North Korea, the lackluster economic data
Services 9% being released in the US, the dovish comments from some Fed officials,
Financials 8% and the also seemingly dovish ECB during its last policy meeting. By the
Mining & Oil 2% middle of the month, however, the Fed expectedly announced that it will
Fixed Income start unwinding its USD4.5 trillion balance sheet starting October while
35% signaling a possible hike this December.
Equities
TOP SECURITY HOLDINGS The PSEi broke its 3 year resistance to close at new all-time high of
8,171.43. Intra month, the index reached a high of 8,321.81 until profit-
SECURITY TYPE MATURITY % HELD taking kicked in. The index rose +2.7% MoM for a total of 212 points. Value
1 FXTN 20-21 Govt Bond 2037 11% turnover increased with foreign investors remaining as net buyers.
MARKET OUTLOOK
3 SM Investments Equity - 5% Fixed Income
4 Ayala Land Equity - 5% September inflation accelerated to 3.4% YoY. This latest print drifted
towards the upper limit of the government’s inflation target range of 2 to
5 SM Prime Holdings Equity - 4% 4%. We expect inflation to remain manageable as economists forecast that
6 FXTN 10-61 Govt Bond 2027 4% 2017 inflation will average 3.1%. Thus, the BSP may still have room to keep
policy rates steady this year but the reserve rate cut may still be live.
7 AEV 2020 Corp Bond 2020 3%
Equities
8 Ayala Corp Equity - 3% The Fund Manager remains cautiously optimistic entering the final quarter
9 BDO Equity - 3% of 2017 despite potential speed bumps from global geopolitical issues,
local political noise, and loft equity market valuations. The index has
10 JG Summit Equity - 2% broken its long-time resistance and this usually bodes well for the market
historically. Earnings are expected to accelerate as we enter 2018 given
the low base post the 2016 election. Finally, passage of tax reform and
progress in the infrastructure front could prove to be the much needed
catalysts for the market moving forward.
Disclaimer:
September 2017
FWD Peso Equity Index Fund

This is a passively-managed fund that aims to achieve income growth and investment returns that closely track the total return of
the Philippine Stock Exchange Index (PSEi). The Fund shall seek investments in PSEi stocks using the same weights as in the index.
SUMMARY
 The Fund’s month-on-month (MoM) return rose by 2.91% as the PSEi broke its three-year resistance to close a new all-time
high. The index rose 2.7% MoM, or 212 points. Value turnover increased with foreign investors remaining as net buyers.
 Large cap index stocks were the primary index drivers with SM (+8.9%), AC (+5.4%), ALI (+3.6%), and SMPH (+3.1%) performing
strongly. Retail stocks also had a strong month with RRHI (+9.09%) and PGOLD (+8.53%) as the Senate Ways and Means
Committee passed its version of the tax reform package.
 The passage of tax reform and progress in the infrastructure front could prove to be the much needed catalysts for the market
moving forward.

Net Asset Value (NAV) P153.10M
Month-on-Month Year to Date Since Inception
NAV per Unit (NAVPU) P1.02258
2.91% - 2.26%
Inception Date June 19, 2017
0.99000
Dealing Schedule Daily
0.94000
1.02258
0.89000
0.84000
PORTFOLIO ALLOCATION
0.79000
13% 0.69000
0.64000
Holding Firms 26%
Property 17%
Industrials 19% MARKET UPDATE
Services 8%
The PSEi finally broke its three-year resistance to close at a new all-time
Financials 16% high of 8,171.43. Intra month, the index reached a high of 8,321.81 until
Mining & Oil 1% profit-taking kicked in. The index rose +2.7% MoM for a total of 212 points.
Value turnover increased with foreign investors remaining as net buyers.
Equities Large cap index stocks were the primary index drivers with SM (+8.9%), AC
87% (+5.4%), ALI (+3.6%), and SMPH (+3.1%) performing strongly. Retail stocks
also had a strong month with RRHI (+9.09%) and PGOLD (+8.53%) as the
Senate Ways and Means Committee passed its version of the tax reform
TOP SECURITY HOLDINGS package. This bill is expected to boost consumption given the cut in income
taxes for majority of the population. Also contributing to RRHI’s
SECURITY TYPE % HELD performance was its inclusion into the PSEi at the expense of EDC (-17.1%).
1 SM Investments Equity 9% The latter was deleted due to the significant reduction of its free float as a
result of the successful tender offer held by the PREHC consortium.
2 Ayala Land Equity 8% Net foreign buying for the month of Sept was registered at PhP29 billion
3 SM Prime Holdings Equity 7% (USD569.9 million). Stripping out the inflow due to the EDC tender
however yields a net outflow of PhP3.5 billion (USD68 million). YTD, net
4 BDO Equity 6% inflows have risen to around USD1.06 billion. Average value turnover for
the month amounted to USD 229.6 million daily.
5 Ayala Corp Equity 5%
6 JG Summit Equity 5% MARKET OUTLOOK
7 BPI Equity 4% The Fund Manager remains cautiously optimistic entering the final quarter
of 2017 despite potential speed bumps from global geopolitical issues,
8 Aboitiz Equity Ventures Equity 4% local political noise, and loft equity market valuations. The index has
9 PLDT Equity 4% broken its long-time resistance and this usually bodes well for the market
historically. Aside from this, earnings are expected to accelerate as we
10 URC Equity 3% enter 2018 given the low base post the 2016 election. Finally, passage of
tax reform and progress in the infrastructure front could prove to be the
much needed catalysts for the market moving forward.
Disclaimer:
September 2017
FWD Peso Equity Fund

This is an actively managed Equity Fund that aims to maximize returns by mainly investing in equity investments which are part
of the Philippine Stock Exchange Index (PSEi).
SUMMARY
 The Fund’s month-on-month return rose by 3.05% as the market was up by 2.2% month-on-month, with local investors
deploying available cash to position themselves in a rising market.
 The market’s bullish momentum was dominated by large caps names with SM +34.81%, AC +32.79%, ALI +35.94% and SMPH
+21.52% continuing to outperform the index YTD. The PSEi is up +19.45% year-to-date.
 The market is up 19.45% YTD and is still poised to continue its bullish ascent in the short-term. However, the bullish momentum
might encounter headwinds as the Fed starts with its plan of balance sheet normalization starting Oct. and rate hike in Dec.

Net Asset Value (NAV) P648.45M
Month-on-Month Year to Date Since Inception
NAV per Unit (NAVPU) P1.12751
3.05% 18.93% 12.75%
1.12751
1.09000
1.04000
2% 0.89000
0.84000
Holding Firms 30%
Property 18%
Industrials 22%
Services 7%
Financials 13% MARKET UPDATE
Mining & Oil 1% The market was up 2.2% month-on-month as local investors
deployed available cash to position themselves in a rising market.
Passive funds also helped fuel liquidity in the market as it pushed
Equities
98% the index up even further, reaching new highs. The market’s bullish
momentum was dominated by large caps names with SM +34.81%,
AC +32.79%, ALI +35.94% and SMPH +21.52% continuing to
TOP SECURITY HOLDINGS outperform the index YTD. The PSEi is up +19.45% YTD. During the
month, PREHC, the consortium of Macquarie Infrastructure and
SECURITY TYPE % HELD Real Assets (MIRA) and Arran Investment Pte Ltd, an affiliate of
1 SM Investments Equity 10% Singapore’s sovereign wealth fund GIC, completed their tender
offer of EDC. The consortium offered to buy between PhP 6.6
2 Ayala Land Equity 8% billion (35% common shares) to PhP 8.9 billion (47.5% common
3 SM Prime Holdings Equity 7% shares) of EDC at Php7.25 per share.
5 JG Summit Equity 5% MARKET OUTLOOK
The market is up 19.45% YTD and is still poised to continue its
6 Aboitiz Equity Ventures Equity 5%
bullish ascent in the short-term. However, the bullish momentum
7 BDO Equity 5% might encounter headwinds as the Fed starts with its plan of
8 PLDT Equity 5% balance sheet normalization starting October and hiking rate in
December. These two events can dry up liquidity as investors shift
9 URC Equity 5% their asset allocation strategy from Emerging Markets to
10 BPI Equity 4% Developed Markets as yields in the US go up and the US dollar
appreciates versus other Asian currencies.
Disclaimer:
September 2017
FWD Peso High Dividend Equity Fund

This is an actively managed Equity Fund that aims to maximize returns by diversifying into select equity investments listed in
the Philippine Stock Exchange (PSE) that offer high dividend payouts.
SUMMARY
 The Fund’s month-on-month return went up by 2.61%, due to its positioning on the stocks that performed strongly this month.
Meralco (+4.4%) sees electricity demand potentially close to 5% year-over-year despite a high base in 2016. Semirara (+7.6%) extended
its YTD gain to 44.3% well ahead of its peers. Sentiment was driven by the favourable outlook on coal prices.
 The PSEi finally broke its three-year resistance to close at a new all-time high of 8,171.43. Intra month, the index reached a high of
8,321.81 until profit-taking kicked in.
 The index has broken its long-time resistance and this usually bodes well for the market historically. The Fund Manager remains
cautiously optimistic entering the 4th quarter 2017 despite potential speed bumps from global geopolitical issues, local political noise,
and loft equity market valuations.
Net Asset Value (NAV) P1,560.19M Month-on-Month Year to Date Since Inception
0.89284
0.94000
0.89000
4% 0.74000
0.69000
0.64000
Holding Firms 33%
Property 19%
Industrials 12%
Services 9% MARKET UPDATE
Financials 17%
The PSEi finally broke its three-year resistance to close at a new all-
Mining & Oil 5%
time high of 8,171.43. Intra month, the index reached a high of
8,321.81 until profit-taking kicked in. The index rose +2.7% MoM for a
total of 212 pts. Value turnover increased with foreign investors
Equities
remaining net buyers during the month.
96%
PLDT (-3.6%) gave up its 5.75% from the previous month. PLDT saw net
foreign outflows of USD19.3 million during the month. Negative
TOP SECURITY HOLDINGS
sentiment was fueled by the threat of a third player challenging the
SECURITY TYPE % HELD status quo.
1 Semirara M&P Equity 10% Meralco (+4.4%) sees electricity demand potentially close to 5% year-
over-year despite a high base in 2016. Aboitiz Power (+8.5%) climbed
2 SM Investments Equity 8% on laggard interest. The company is in advanced stages of preparing
3 Ayala Land Equity 8% its bid for AES Corp’s 630 MW coal-fired power plant in Masinloc,
Zambales, according to President and CEO Antonio Moraza. Semirara
4 SM Prime Holdings Equity 7% (+7.6%) extended its YTD gain to 44.3% well ahead of its peers.
5 BDO Equity 5% Sentiment was driven by the favourable outlook on coal prices.
MARKET OUTLOOK
6 MERALCO Equity 4%
The Fund Manager remains cautiously optimistic entering the final
7 Ayala Corp Equity 4% quarter of 2017 despite potential speed bumps from global
8 BPI Equity 4% geopolitical issues, local political noise, and loft equity market
valuations. The index has broken its long-time resistance and this
9 DMCI Equity 4% usually bodes well for the market historically. Aside from this, earnings
10 Metro Pacific Equity 4% are expected to accelerate as we enter 2018 given the low base post
the 2016 election. Finally, passage of tax reform and progress in the
infrastructure front could prove to be the much needed catalysts for
the market moving forward.
Disclaimer:
September 2017
FWD Peso Growth Fund

This is an actively managed Equity Fund that aims to maximize returns by investing in equity investments listed in the Philippine
Stock Exchange index (PSEi).
SUMMARY
 The Fund’s month-on-month return went up by 2.99% driven mostly by the strong performance of the large cap index
stocks. Foreign investors remain net buyers during the month.
 The PSEi finally broke its three-year resistance to close at a new all-time high of 8,171.43. Within the month, the index
reached a high of 8,321.81 until profit-taking kicked in.
 The Fund Manager remains cautiously optimistic entering the last quarter of 2017 despite potential speed bumps from
global geopolitical issues, local political noise, and lofty equity market valuations.

Net Asset Value (NAV) P2,213.96M Month-on-Month Year to Date Since Inception
0.95000
0.90000
0.85000
0.75000
Money Market
4% 0.70000
0.65000
Holding Firms 27%

Property 16%
Industrials 12% MARKET UPDATE
Services 17% The PSEi finally broke its three-year resistance to close at a new all-
Financials 20% time high of 8,171.43. Intra month, the index reached a high of
Mining & Oil 3% 8,321.81 until profit-taking kicked in. The index rose +2.7% MoM for a
total of 212 pts. Value turnover increased with foreign investors
remaining net buyers during the month.
Equities Large cap index stocks were the primary index drivers with SM (+8.9%),
96% AC (+5.4%), ALI (+3.6%), and SMPH (+3.1%) performing strongly. Retail
stocks also had a strong month with RRHI (+9.09%) and PGOLD
TOP SECURITY HOLDINGS (+8.53%) as the Senate Ways and Means Committee passed its version
SECURITY TYPE % HELD of the tax reform package.
Net foreign buying for the month of September was registered at
1 SM Investments Equity 9%
PhP29 billion (USD569.9 million). Stripping out the inflow due to the
2 BDO Equity 8% EDC tender however yields a net outflow of PhP3.50 billion (USD68
million). YTD, net inflows have risen to around USD1.06 billion.
3 Ayala Land Equity 7% Average value turnover for the month amounted to USD 229.6 million
4 SM Prime Holdings Equity 7% daily.
5 Jollibee Food Corp Equity 6%
MARKET OUTLOOK
The Fund Manager remains cautiously optimistic entering the final
7 MBTC Equity 4% quarter of 2017 despite potential speed bumps from global
8 Puregold Equity 4% geopolitical issues, local political noise, and loft equity market
valuations. The index has broken its long-time resistance and this
9 Metro Pacific Equity 4% usually bodes well for the market historically. Aside from this, earnings
10 BPI Equity 4% are expected to accelerate as we enter 2018 given the low base post
the 2016 election. Finally, passage of tax reform and progress in the
infrastructure front could prove to be the much needed catalysts for
the market moving forward.
Disclaimer:
September 2017
FWD Global US Dollar Equity Index Fund

This is a passively-managed US Dollar Fund that aims to achieve a combination of capital growth and income returns by tracking the MSCI
All Country World Index (ACWI). This Fund provides globally diversified and efficient exposure to many of the largest companies from both
developed and emerging markets, and allows investors to participate in the long-term growth potential of international economies.
SUMMARY
 The Fund’s inception date was September 18, 2017. Since inception, the Fund’s return declined by 0.33% despite global
equities closing higher.
 Many of the risks that were dampening global market confidence in recent weeks since the Fund started have been
subsiding. Hopes have been higher given President Trump’s recent comments on tax and infrastructure reform. While
the Trump administration has been struggling to pass any new reforms, the odds remain in favor of bill passing given
that mid-term elections are scheduled for next year and Republicans are likely to support tax reform.
FUND PERFORMANCE
FUND INFORMATION
Net Asset Value (NAV) USD 0.50M Month-on-Month Year to Date Since Inception
NAV per Unit (NAVPU) USD 99.66949 - - -0.33%
Initial NAVPU on Inception USD 100.00000 HISTORICAL FUND PRICE
Fund Currency US Dollar 135.00
130.00
Dealing Schedule Weekly
125.00
120.00
110.00
Money Market 105.00 99.66949
5% 100.00
95.00
Other 0%
Utilities 3%
Real Estate 3%
Telecommunications 3%
Materials 5% TOP COUNTRIES (%)
Energy 6%
Korea (South) 1.69
Consumer Staples 9%
Australia 2.30
Industrials 11%
Switzerland 2.78
Health Care 11%
Germany 3.22
Consumer Discretionary 12%
Canada 3.25
Information Technology 18%
China 3.40
Equities Financials 19%
France 3.48
95% United Kingdom 5.82
Japan 7.57
Other 14.51
United States 51.95
TOP SECURITY HOLDINGS
0 10 20 30 40 50 60
SECURITY TYPE % HELD
1 Apple Inc Equity 2% MARKET UPDATE
The synchronized expansion in global economic activity—along with low
2 Microsoft Corp Equity 1% inflation and accommodative monetary policies—continued to provide a
3 Amazon Com Inc Equity 1% steady backdrop for asset markets in the third quarter of 2017. Global
equities closed higher despite lackluster economic data as investors
4 Facebook Class A Inc Equity 1%
positioned for the quarter end. US equities continued to rise as the S&P 500
5 JPMorgan Chase & Co Equity 1% closed at another high, and despite weak economic data. European stocks
6 Johnson & Johnson Equity 1% were up as the quarter closed following a data-rich day. Asian stocks were
broadly higher, led by South Korea snapping a seven-day downtrend, as
7 Exxon Mobil Corp Equity 1% investors positioned for the end of the quarter.
8 Alphabet Inc Class C Equity 1%
9 Alphabet Inc Class A Equity 1% MARKET OUTLOOK
Developed economies are the sweet spot of moderately above-trend
10 Tencent Holdings Inc Equity 1% growth, continuing low inflation and tightening monetary policy. However,
high valuations make US equities vulnerable to any news that upsets the
industry consensus on moderate growth, low inflation and low interests.
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September 2017

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