HwangDBS declares 3 sen distribution for EDF

HwangDBS Investment Management Bhd today announced the seventh income distribution of three sen for its Enhanced Deposit Fund (EDF) for the financial year ending April 30, 2009.

As at end of February 2009, EDF has registered a total growth of 13.7 per cent on its net asset value per unit, HwangDBS said in a statement.

The fund since its inception has outperformed its benchmark, the Maybank three-month fixed deposit rate, by a total of 12.45 percent and has distributed a total of 8.95 sen since inception, it said.

HwangDBS chief executive officer and executive director, Teng Chee Wai, said EDF has been charting strong growth due to its active management strategy and team-based approach.

Teng said the interest rate cut by Bank Negara Malaysia recently had benefited local money market funds over the immediate term.

“As our money market funds managed to extend their duration late 2008, the cut also implies that, moving forward, money market yield will trend lower,” he said.

Source: Bernama