The Investment Company Association of the Philippines (ICAP), the trade association of mutual funds in the Philippines, awarded First Metro Save & Learn Equity Fund (SALEF) as the Best Performing Equity Mutual Fund for the three-year period covering 2006-2008.
The award was given during the 3rd ICAP Awards Night that was held on July 24, 2009 at Renaissance Hotel, Makati City.
The award is a significant milestone for First Metro Asset Management, Inc. (FAMI), SALEF’s fund manager and principal distributor, considering that the fund has been in existence for less than 4 years (launched in October 12, 2005). Even more significant is the fact that the fund came in when all other funds in its category have already gained significant momentum from the on-going bull run of the Philippine stock market. Despite the global melt down in 2008, SALEF was able to generate an average net return of 9.21% p.a. for its shareholders from 2006 to 2008. FAMI was able to attain this feat because of its ability to manage the market’s down-turn in 2008 when the Phisix shed nearly half of its value in one year.
This award is a testament to our promise to deliver shareholder value when it matters the most – during the bad markets. For this award, SALEF bested 8 other mutual funds in the same category.