Privilege Circle update | June 2026 + week ended 3 July 2026
China Keeps Running. The US Bounces Back. Here's Your July Playbook.
June's numbers are out. And July already changed the story. Two minutes, promise.
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
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.