KUALA LUMPUR: Public Bank’s unit Public Mutual launched a new fund called the Public Islamic US Equity Fund on Wednesday. 

The fund's objective is to achieve capital growth over the medium to long term.

Public Mutual said the fund would invest up to 75% to 98% of its net asset value (NAV) in Shariah-compliant equities primarily in the US market and the rest in sukuk and Islamic liquid assets.

Public Mutual’s CEO Yeoh Kim Hong said the fund would capitalise on opportunities presented by multinational companies listed on the US stock market “which are positioned to deliver sustainable earnings growth, as well as U.S. companies that possess strong brand equity and global leadership”.

The initial issue price for the fund is 25 sen per unit until April 30.

The minimum initial investment amount is RM1,000 while the minimum additional investment amount is only RM100.

During the offer period, the special sales charge will be as low as 4% of the initial issue price per unit. 

Public Mutual is Malaysia’s largest private unit trust company with more than 130 unit trust funds under its management. As at end-February, its assets under management was totalled RM81.20bil.