Principal Asset Launches New Islamic Global Technology Fund

Principal Asset Management Berhad has recently launched its Principal Islamic Global Technology Fund aimed at investors looking to seize Shariah-compliant global opportunities in the technology sector. The Fund looks to achieve capital appreciation through investments in one Islamic collective investment scheme which invests primarily in a diversified portfolio of technology-related companies.

According to Munirah Khairuddin, Chief Executive Officer, and Country Head of Principal Malaysia, “Technology dependency is at an all-time high, and digital transformation continues to accelerate despite receding pandemic pressures, with the DT trend forecasted by IDC to exceed USD10 trillion over a five-year period. The technology sector proves its compelling investment proposition through growth and quality stocks, regardless of the economic cycle.”

“Areas like Artificial Intelligence (AI), big data, and connectivity have seen rapid advancements over the years. Technology firms are increasingly becoming the backbone of the world economy and being one of the largest Islamic asset managers in the world and a leader in the market, we continuously strive to create value and advance our inclusion agenda in steering access to investment for all,” she adds.

As a Shariah-compliant Fund, draws into the strong growth potential in Islamic Finance with increasing demands for innovative investment capabilities. In ensuring the highest standard of Shariah compliance, a thorough screening and strategic exclusion implementation mechanism are put in place to minimise overall portfolio risk and optimise returns. Investors who seek capital appreciation by investing in equity securities and have a medium to long-term investment horizon would be able to benefit from the progress of technology-related equity securities across the globe.

Designed as a feeder fund, the Fund will invest in the Franklin Shariah Technology Fund (“Target Fund”); a fund established on 24 February 2022 under Franklin Templeton’s Shariah Funds. To achieve its objective, the Fund will invest at least 85% of its net asset value (NAV) in the Target Fund. The Fund may also invest up to 15% of its NAV in Islamic liquid assets for liquidity purposes and Islamic derivatives for the sole purpose of hedging arrangements.

The Fund has a multi-class structure of three share classes: Class USD, Class MYR, and Class MYR-Hedged, with an initial offer price of USD 1.0000, MYR 1.0000, and MYR 1.0000 per unit, respectively.

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