KUALA LUMPUR: Public e-Islamic Sustainable Millennial Fund (PeISMF) has been launched by Public Bank’s unit Public Mutual on Tuesday.
According to Public Mutual, PeISMF’s objective is to achieve capital growth over the long term by investing 75% to 98% of its net asset value (NAV) in Shariah-compliant stocks of companies.
The companies incorporate sustainability considerations in their business practices, primarily in the environmental and social aspects, it added.
PeISMF may invest up to 98% of its NAV in foreign markets, including the US, Europe and Asia Pacific.
The fund is intended to investors, especially millennials, who want to include sustainability considerations into their investments to achieve capital growth in the long run.
Millennials tend to favour companies which are socially and environment responsible, Public Mutual said.
According to the research conducted by MIT Sloan Management Review, the sustainability business practices, primarily in the environmental and social aspects, have become increasingly significant for companies across all industries.
The minimum initial and additional investment amounts are both set at only RM100 and the sales charge is 3.75%.
PeISMF issued initial price of 25 sen per unit during the 21-day initial offer period from Nov 5 to 25.
The total fund size, as of the end-September 2019, that is managed by Public Mutual was RM84.2bil.
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