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     CPF Board tightens admission criteria for new CPFIS funds

Continued from FrontPage of Article

Annex A

 
Risk Classification3
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Median Expense Ratios4 (%) of
CPFIS Unit Trusts and
Investment-Linked Insurance Products
as at 31 December 2004
[Rounded off to the nearest 0.05]
Higher risk 1.95
Medium to High Risk 1.75
Low to Medium Risk 1.15
Lower Risk 0.65
   
   
 
Note : 1  Funds refer to unit trusts and investment-linked insurance products under CPFIS.
     
  2  This refers to comparison of funds of similar asset class/strategy on a world-wide basis.
     
  3  Risk categories are:
    a) Higher risk - Funds that invest in equities.
    b) Medium to high risk ¨C Funds that invest in a mixture of equities and bonds.
    c) Low to medium risk ¨C Funds that invest in fixed income products or bonds.
    d) Lower risk ¨C Funds that invest in money market products.
     
  4  Expense ratios refer to the operating costs of unit trusts and investment-linked insurance products which include investment management fees, expressed as a percentage of the fund's average net assets for a given time period. The expense ratio does not include brokerage costs and various other transaction costs that may also contribute to a fund's total expenses. Expense ratio is commonly used in the industry to compare the cost of funds and forms the biggest component of fund cost. For guidelines on the computation of expense ratio, please refer to Investment Management Association of Singapore (IMAS) website.

Source: www.cpf.gov.sg News Release 29 Dec 2005

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