1. What happened?

China led. And it’s still leading. Public China Access Equity gained 5.01% in June. Last week, Public China Ittikal jumped 7.67%, Greater China 5.68%, China Select 5.43%. The drivers: better-than-expected factory data, and a tech rally that keeps going. Chips, AI hardware, record trading volumes.

The US wobbled, then bounced. June was shaky. Inflation ticked up and the Fed sounded cautious. Then a soft jobs report in early July eased rate-hike fears. Stocks rallied. The Dow hit a record high. Public Islamic U.S. Sustainable Equity rose 3.30% for the week.

The real Asia story: chips. The world’s two best markets this year are both in Asia. South Korea is up 91.9% year to date. Taiwan is up 61.5%. Semiconductors and AI memory chips are doing the driving. Public Islamic Asia Tactical Allocation, which spreads across the region, gained 3.37% last week.

Closer to home. The KLCI looks flat this year. But the action is in smaller companies. Public Islamic Treasures Growth gained 4.14% in June, Islamic Emerging Opportunities 3.91%, Strategic SmallCap 2.82%. The ringgit also firmed to RM4.07 against the US dollar.

Takeaway: money keeps rotating. China one month, the US the next week. Diversified portfolios caught both.

2. What’s next?

Rates are staying put. Bank Negara and the Fed are both expected to hold. No shock from central banks. But it also means FD alone still won’t beat inflation by much. Your invested money does the heavy lifting.

Growth report card is coming. China and Malaysia report mid-year numbers soon. Good numbers support the rally. Weak numbers bring a pullback. Either way, no action needed from you. That’s what diversification is for.

Expect swings. China’s rally has run fast. Even its own regulator is cooling the hype. Dips along the way are normal. A dip is not a crisis. For DDA investors, a dip is a discount.

Bonus: your retirement money is quietly winning

The PPA just released its PRS performance summary (source: Morningstar, to 31 May 2026). Over 5 years, Public Mutual PRS funds ranked top in all five categories:

• Aggressive: PRS Islamic Growth, 12.95% p.a.

• Moderate: PRS Moderate, 10.13% p.a.

• Conservative: PRS Conservative, 4.73% p.a.

• Non-Core Conventional: PRS Equity, 8.26% p.a.

• Non-Core Shariah: PRS Islamic Strategic Equity, 15.59% p.a.

The 1-year numbers are flashier (Islamic Growth did 78.04%). But 5 consistent years is process, not luck. Bonus on the bonus: PRS contributions come with tax relief of up to RM3,000. No PRS account yet? Good month to ask me.

3. What should you do?

Stay invested. June’s laggard became July’s record-setter in one week. That’s why we don’t time the market.

Keep your DDA going. It buys through dips and rallies. No guesswork.

Check your mix. China has run hard. If it’s now an oversized slice of your portfolio, rebalance. Don’t chase.

Want a review of your allocation? Drop me a Whatsapp. We will set up a time.

Talk soon,

Rebecca Chan, CFP® Professional

RCA Wealth | Public Mutual

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General market commentary, not a recommendation to buy or sell any fund. Fund figures are % price change for June 2026 (monthly) and the week ended 3 July 2026 (weekly). PRS figures are annualised returns to 31 May 2026, published by the PPA, sourced from Morningstar. Past performance is not indicative of future results. Unit trust and PRS investments carry risks. Please read the relevant prospectus, disclosure document and PHS before investing.

This is a high-volatility fund (Level 5 risk, Lipper volatility rating of 25.1). That means bigger swings in both directions.

How it’s been performing

PeAITF was one of the Weekly Top 10 Performing Funds for the week ended 19 June 2026, gaining 7.18%.

Strong numbers, but not the full story. In 2022, the fund fell 36.62% during the global tech selloff. Investors who held through that difficult year saw the fund return +57.63% in 2023 and +29.55% in 2024.

Past performance doesn’t guarantee future results, and a fund this volatile can move just as sharply downward.

Why it’s been performing well

The AI theme has broadened from a handful of chipmakers to the entire supply chain, spanning chip design, manufacturing, memory, and cloud infrastructure.

This past week, South Korea surged 11.4% and Taiwan gained 5.2%, both extending record highs on AI semiconductor demand. The fund has direct exposure to both markets. Broader sentiment also got a lift after the US and Iran signed a peace MOU on 18 June, easing oil prices.

What’s inside the portfolio

The top five holdings sit at the centre of the AI ecosystem:

• NVIDIA, the leading designer of AI training chips

• AMD, which competes in AI processors and data centre GPUs

• Alphabet (Google’s parent), a major buyer of AI chips and investor in AI infrastructure

• Broadcom, which designs custom AI accelerators for hyperscale data centres

• SK Hynix, South Korea’s memory chip giant supplying the high-bandwidth memory AI systems need

The portfolio is concentrated in technology (67%) and communications (23.9%), so performance is closely tied to the AI sector’s direction.

What this means for you

Recent performance has been strong, though the 2022 drawdown is a good reminder that this fund can swing both ways. After a period of strong gains, it’s worth checking whether your current allocation still fits your risk comfort and overall portfolio.

Happy to walk through it with you.

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How it’s been performing

Here are the key figures as at 22 June 2026:

The calendar year breakdown tells the fuller story:

That 2022 figure is worth noting. The fund took a significant hit that year alongside the broader tech correction. Investors who stayed the course through that downturn have seen a strong recovery since, but it’s a good reminder that equity funds, especially those concentrated in high-growth sectors, can swing meaningfully in either direction.

Past performance does not guarantee future results, and these returns reflect a period that has been particularly favourable for the sectors and markets this fund invests in.

Why it’s been performing well

The fund’s heavy exposure to Taiwan and South Korea has been a major tailwind. Both markets have been extending record highs this year, driven largely by demand for AI-related semiconductors. South Korea’s market is up over 114% year-to-date, while Taiwan has gained over 60%.

The global buildout of AI infrastructure requires a supply chain that runs through these markets.

Chips are designed in the US > manufactured in Taiwan + memory components from Korea + precision equipment from Japan. This fund sits right in the middle of that supply chain through its holdings.

This week alone, the fund gained 7.38%, making it one of the top-performing Public Mutual funds for the week ended 19 June 2026.

What’s inside the portfolio

About 90% of the fund is invested in foreign equities, with the rest in Islamic money market instruments. Here’s where that money sits:

The fund’s top holdings include:

• TSMC (Taiwan Semiconductor Manufacturing Company) builds the advanced chips that power everything from smartphones to AI data centres. It’s the world’s largest contract chipmaker.

• Samsung Electronics is one of the biggest technology companies globally, spanning consumer electronics, displays, and semiconductor memory.

• SK Hynix is a leading memory chip maker, supplying the high-bandwidth memory that AI systems rely on.

• Delta Electronics makes power supplies and thermal management systems, the behind-the-scenes hardware that keeps data centres running.

• Elite Material Company produces the specialty circuit board materials used in high-performance computing.

These are held as part of the fund’s portfolio and are mentioned here for context only, not as individual stock recommendations.

What this means for you

It has been a strong stretch for this fund, and the AI-driven demand across Asia’s technology sector has been a meaningful contributor. That said, this is a high-volatility fund (rated “Very High” by Lipper Analytics) and concentrated in specific sectors and markets, so it will naturally experience periods of sharper ups and downs.

If you'd like to review how this fund fits within your overall portfolio, or if you're thinking about rebalancing, I'm happy to chat.

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It’s a Shariah-compliant equity fund that invests mainly in Asian companies that pay, or have the potential to pay, attractive dividends. In practice that means a good deal of exposure to Korea, Taiwan and China, with a strong tilt toward technology and industrial names. It has been around since 2007.

One thing worth knowing upfront: this is a higher-risk fund. It sits near the top of the risk scale, and its value can move sharply in both directions. More on that below.

How it has performed

Here are the returns as at 22 June 2026:

The longer-term annual figures, somewhere in the 8% to 11% a year range, are the more useful gauge of what this fund tends to do over time. The recent one-year and year-to-date numbers are unusually strong, and they shouldn’t be read as the new normal.

It’s also worth remembering the fund has had difficult stretches. It fell about 26% in 2022 and around 14% in 2018. Past performance doesn’t tell us what comes next, in either direction.

Why it has been doing well lately

Much of the recent strength comes down to where the fund invests.

Korea and Taiwan markets have been at record highs, driven largely by demand for artificial intelligence and semiconductors. Since those two markets make up a big share of the fund, that has flowed through to its numbers.

What’s inside

The fund’s largest holdings are a group of well-known Asian companies, mostly in technology. Here’s a quick sense of what they do, shared to give you a feel for the portfolio, not as individual recommendations:

• Samsung Electronics (Korea): one of the world’s biggest electronics makers, known for smartphones, TVs and memory chips.

• SK Hynix (Korea): a major memory-chip maker, including the high-speed memory used in AI computing.

• TSMC (Taiwan): the world’s largest contract chip manufacturer, producing chips designed by other companies.

• Elite Material (Taiwan): makes the specialist materials that go into the circuit boards used in electronics and servers.

• Hanwha Aerospace (Korea): works in aerospace and defence, including engines and related equipment.

What this means for you

A strong run is a good moment to pause and look at the bigger picture rather than just the gains.

If this fund has grown into a large slice of your portfolio, it may be worth checking whether you’ve become heavily concentrated in one region or one theme.

This isn’t about the market being bad. It’s just that staying balanced is what keeps a portfolio healthy over the long term, and unit trusts are best held with a five-year-and-above view.

If you'd like to review where this fund sits in your overall plan, or talk through whether any rebalancing makes sense, let me know and I'll suggest some options.

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PIATAF — Public Islamic Asia Tactical Allocation Fund

• Shariah-compliant.

• Focuses on Asian markets, particularly technology and industrial sectors.

• Suits those comfortable with higher volatility and a longer investment horizon

• Read more here: https://www.publicmutual.com.my/Featured-Fund?sc=39

PISGEF — Public Islamic Global Equity Fund

• Shariah-compliant.

• Spread across U.S., Europe and North Asia.

• Good for those who want global exposure through a Shariah-compliant lens.

• Read more here: https://www.publicmutual.com.my/Featured-Fund?sc=146

PeISMF — Public e-Islamic Sustainable Millennial Fund

• Shariah-compliant.

• Invests in companies with strong environmental and social practices globally.

• A natural fit if sustainability matters to you.

• Read more here: https://www.publicmutual.com.my/Featured-Fund?sc=163

PSTBLF — Public Strategic Balanced Fund

• Conventional.

• A balanced mix of equities and fixed income. Lower volatility compared to pure equity funds.

• Suits those who want growth with a bit more stability

• Read more here: https://www.publicmutual.com.my/Featured-Fund?sc=138

PIUSSEQF — Public Islamic U.S. Sustainable Equity Fund

• Shariah-compliant.

• Focuses on U.S. companies with ESG considerations.

• For those who want U.S. market exposure the halal way.

• Read more here: https://www.publicmutual.com.my/Featured-Fund?sc=158

PePEF — Public e-Pioneer Entrepreneur Fund

• Conventional.

• Invests in companies still led by their founders. Global, with a U.S. and Asia tilt. An interesting angle on quality, owner-driven businesses.

• Read more here: https://www.publicmutual.com.my/Featured-Fund?sc=179

Not sure which one suits you? That’s completely fine.

Every person’s situation is different — risk appetite, time horizon, goals.

Reach out and we can figure it out together.

Past performance is not indicative of future performance.

Rebecca

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What this fund does

PFSF invests in medium and small-sized Malaysian companies across different sectors. It’s been around since 2004, making it one of the longer-running funds in this category.

Think of it as a carefully chosen basket of established and growing Malaysian businesses. It’s built for the medium to long term, with five years and beyond being the right horizon.

How it's been performing (As at 18 May 2026)

• Last week: +3.34% (third on the Weekly Top 10)

• Year-to-date: +11.00%

• 1-Year: +22.75%

• 3-Year annualised: +15.35%

• 5-Year annualised: +7.45%

Past performance is not a guarantee of future results.

What’s inside the fund

The top holdings as at 30 April 2026 include some familiar local names:

• QL Resources, a well-known Malaysian food and agriculture company

• LPI Capital, a long-established Malaysian insurance group

• TIME dotCom, a Malaysian telecommunications company

• A few choice names from Taiwan, including Hon Precision and Kinik Company

These are the kinds of steady, well-run companies that form the backbone of the local market.

Why it’s doing well right now

Malaysia’s local market has been quietly building momentum. Our 1Q 2026 GDP growth was revised up to 5.4%.

PFSF is well-balanced between Financial companies (32.2%) and Industrial companies (31.7%), with the rest spread across Consumer, Technology and Communications. This balance helps the fund benefit from broad local strength rather than relying on any single sector.

What this means for you

If you’re already holding PFSF, you’re invested in a strategy that rewards patience. The recent run is encouraging, but the fund’s logic hasn’t changed.

A few gentle thoughts:

1. PFSF works best alongside other holdings, not on its own.

2. If you have a little extra savings, let me know so I can suggest where to place the money in your portfolio.

3. Try not to read too much into one good week. The long-term picture matters more.

Click on the links below to get in touch with me if you have questions.

Regards,
Rebecca Chan

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What this fund does

PSTEF invests in small and medium-sized Malaysian companies across different sectors. Think of it as a basket of promising local businesses, spread across industries so you’re not relying on any single one.

It’s a medium-to-long-term fund. Five years and beyond is the right horizon.

How it's been performing (As at 18 May 2026)

• Last week: +3.39% (second on the Weekly Top 10)

• Year-to-date: +12.66%

• 1-Year: +26.94%

• 3-Year annualised: +13.12%

• 5-Year annualised: +6.09%

Past performance is not a guarantee of future results.

What’s inside the fund

The top holdings include some familiar local names:

• TIME dotCom, a Malaysian telecommunications company

• IGB REIT, a well-known Malaysian property trust

• Frontken Corporation, a local engineering services company

• A few choice names from Taiwan, including Hon Precision and Kinik Company

These are the kinds of companies that tend to do well quietly, away from the spotlight of the big blue chips.

Why it’s doing well right now

Malaysia’s local market has been quietly building momentum. Our 1Q 2026 GDP growth was revised up to 5.4%.

PSTEF is well-spread between Industrial companies (35.9%) and Financial companies (31.4%), with the rest across Consumer, Technology and Communications. This kind of balance helps the fund benefit from broad local strength rather than relying on one sector.

What this means for you

If you’re already holding PSTEF, you’re invested in a strategy that rewards patience. The recent run is encouraging, but the fund’s logic hasn’t changed.

A few gentle thoughts:

1. PSTEF works best alongside other holdings, not on its own.

2. If you have a little extra savings, let me know so I can suggest where to place the money in your portfolio.

3. Try not to read too much into one good week. The long-term picture matters more.

Click on the links below to get in touch with me if you have questions.

Regards,
Rebecca Chan

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What this fund does

PEMOF invests mostly in smaller, growing Malaysian companies. Think of it as planting seeds in promising local businesses before they become big names.

It’s a long-term fund. Five years and beyond is the right horizon.

How it's been performing (As at 18 May 2026)

• Last week: +4.73% (top of the Weekly Top 10)

• Year-to-date: +18.63%

• 1-Year: +28.72%

• 3-Year annualised: +14.69%

• 5-Year annualised: +6.03%

Past performance is not a guarantee of future results.

What’s inside the fund

The top 5 holdings as at 30 Apr 2026 include:

• Kelington Group, a local engineering company serving the semiconductor industry

• Sunway REIT and IGB REIT, two well-known Malaysian property trusts

• A few choice names from Taiwan, including Hon Precision and Kinik Company

These aren’t household names like Maybank or Tenaga. That’s the whole idea. The fund looks for businesses doing well quietly, before the broader market notices.

Why it’s doing well right now

Malaysia’s local market has been quietly building momentum. Our 1Q 2026 GDP growth was revised up to 5.4%.

Smaller industrial and financial companies, which make up most of the fund, are benefiting from this. They’re the kinds of businesses that tend to do well when the local economy is steady.

What this means for you

If you’re already holding PEMOF, you’re invested in a strategy that rewards patience. The recent run is encouraging, but the fund’s logic hasn’t changed.

A few gentle thoughts:

1. PEMOF works best alongside other holdings, not on its own.

2. If you have a little extra savings, let me know so i can suggest where to place the money in your portfolio.

3. Try not to read too much into one good week. The long-term picture matters more.

Click on the links below to get in touch with me if you have questions.

Regards,
Rebecca Chan

Contact Rebecca on Whatsapp

Book Discussion with Rebecca Chan

Join Rebecca's Whatsapp Community