BPI GLOBAL EQUITY FUND-OF-FUNDS

KEY INFORMATION AND INVESTMENT DISCLOSURE STATEMENT

As of November 29, 2017
FUND FACTS
Classification: Global Equity Fund-of-Funds NAVPU: USD 342.14
Launch Date: January 8, 20141 Total Fund NAV (Mn): USD 67.43
Minimum Investment: USD 500.00 Dealing Day: Daily up to 2:00 PM
Additional Investment: USD 200.00 Redemption Settlement: T+7 5:00 PM
Minimum Holding Period: None Early Redemption Charge: None
FEES

Trustee Fees: 1.50% Custodianship Fees: 0.0001% External Auditor Fees: 0.0101% Other Fees: 0.00%

BPI Asset Management Various Isla Lipana None

As a percentage of average Billings received in 2016 Billings received in 2016
daily NAV for the quarter divided by the average daily divided by the average daily
valued at USD 59.41 Million NAV NAV
INVESTMENT OBJECTIVE AND STRATEGY
The Fund, operating as a Fund-of-Funds, intends to achieve for its Participants long-term capital growth by investing in a
diversified portfolio of global equity collective investment schemes. The Fund aims to provide excess return over the Morgan
Stanley Capital International (MSCI) World Index (USD). Pursuant to existing BSP rules and regulations, as a Fund-of-Funds,
this Fund is mandated to invest at least 90% of its assets in more than one collective investment scheme.
CLIENT SUITABILITY
A client profiling process should be performed prior to participating in the Fund to guide the prospective investor if the Fund is
suited to his/her investment objectives and risk tolerance. Clients are advised to read the Declaration of Trust/Plan Rules of the
Fund, which may be obtained from the Trustee, before deciding to invest.
The BPI Global Equity Fund-of-Funds is for investors who:
• Are at least classified as aggressive based on their risk profile.
• Have an investment horizon of more than five (5) years.
KEY RISKS AND RISK MANAGEMENT
You should not invest in this Fund if you do not understand or are not comfortable with the accompanying risks.
Investors are exposed to adverse changes in the prices of global equity collective schemes (target funds) due
Market/Price
to adverse market conditions, unfavorable company earnings and valuations, and negative developments in
Risk:
the political and economic conditions of the focus countries of the target funds.
Investors are exposed to the risk of loss due to the inability of the target funds to convert security holdings to
Liquidity Risk: cash immediately or in instances where conversion to cash is possible but at a highly disadvantageous price
due to limited participants in the market, low trading volumes, market disruptions, among others.
Investors are exposed to the risk of loss arising from negative developments in the political, economic and
Country Risk:
social conditions of the focus countries of the target funds, which may adversely affect the value of the Fund.
Investors are exposed to the risk of loss from a decline in the market value of the target fund when the market
FX Risk:
value of foreign currency denominated target funds are translated to USD.
The Fund's investment outlets undergo proper screening and evaluation in accordance with the Trustee's accreditation process.
The Fund may also use financial derivatives to hedge the portfolio against market and credit risks.
• THE UIT FUND IS NOT A DEPOSIT AND IS NOT INSURED BY THE PHILIPPINE DEPOSIT INSURANCE CORP. (PDIC).
• RETURNS CANNOT BE GUARANTEED AND HISTORICAL NAVPU IS FOR ILLUSTRATION OF NAVPU MOVEMENTS/
FLUCTUATIONS ONLY.
• WHEN REDEEMING, THE PROCEEDS MAY BE WORTH LESS THAN THE ORIGINAL INVESTMENT AND ANY LOSSES
WILL BE SOLELY FOR THE ACCOUNT OF THE CLIENT.
• THE TRUSTEE IS NOT LIABLE FOR ANY LOSS UNLESS UPON WILLFUL DEFAULT, BAD FAITH OR GROSS
NEGLIGENCE.
For more information, you can contact us at 845-5218/5755/5799, 816-9252/9606
email us at bpi_asset_management@bpi.com.ph or visit our website, www.bpiassetmanagement.com.
FUND PERFORMANCE AND STATISTICS AS OF NOVEMBER 29, 2017
(Purely for reference purposes and is not a guarantee of future results)

NAVPU GRAPH NAVPu over the past 12 months

Highest 343.76
375
Lowest 274.67
Fund Benchmark*
325 STATISTICS
4
275 Volatility, Past 1 Year (%) 6.85
5
Sharpe Ratio 3.26
225
6
Information Ratio 0.68
175
Current Number of Holdings 9
Jan-14 Jul-14 Feb-15 Aug-15 Mar-16 Oct-16 Apr-17 Nov-17
1Inception date is January 8, 2014, its conversion
CUMULATIVE PERFORMANCE (%) 2 date to a fund-of-funds. It was originally launched as
1 mo 3 mos 6 mos 1YR 3YRS S.I.³ BPI Global Equity Fund on August 30, 1994.
2Returns are net of fees.
Fund 1.14 4.25 7.75 23.16 24.21 31.52 3Since Inception.
Benchmark 1.55 5.43 8.08 20.45 18.78 25.21 4Measures the degree to which the Fund fluctuates

ANNUALIZED PERFORMANCE (%) 2 vis-à-vis its average return over a period of time.
5Used to characterize how well the return of a Fund
1YR 2YRS 3YRS 4YRS S.I.³
compensates the investor for the level of risk taken.
Fund 23.16 9.73 7.48 - 7.29
The higher the number, the better.
Benchmark 20.45 10.19 5.89 - 5.95 6Measures reward-to-risk efficiency of the portfolio

CALENDAR YEAR PERFORMANCE (%) 2 relative to the benchmark. The higher the number,
YTD 2016 2015 2014³ 2013 2012 the higher the reward per unit of risk.
7Includes the cash held by the underlying funds
Fund 22.06 -0.85 2.56 5.96 - - 8Includes accrued income, investment securities
Benchmark 17.87 4.00 -2.66 4.94 - - purchased, accrued expenses, etc.
*Declaration of Trust is available upon request
PORTFOLIO COMPOSITION through branch of account.
Allocation % of Fund TOP HOLDINGS
Equity funds 91.46 Name % of Holdings
Cash 2.63 Wellington Global Quality Growth Fund 35.22
Time deposits and money market 6.23 SPDR S&P 500 ETF 28.78
Other receivables - net of liabilities 8 -0.31 Wellington Strategic European Fund 19.25
Allocation by Geography Wellington Global Health Care Fund 5.83
North American Equities 54.79 BPI Time Deposit 1.82
European Equities 25.19 Odyssey Asia Pacific HD Equity 1.72
Japan Equities 1.14 iShares MSCI Indonesia ETF 1.22
Asia Pacific/Other EM Equities 10.10 CHIB Time Deposit 1.06
Cash and equivalents 7 8.78 iShares MSCI Philippines IMI ETF 0.84

RELATED PARTY TRANSACTIONS*

The Fund has transactions and outstanding investments in entities related to BPI Asset Management and Trust Corporation
(BPI AMTC): Odyssey Asia Pacific High Dividend Equity, a fund managed by BPI AMTC – USD 1.1 Million
Investment in the said outlet was approved by the BPI AMTC's Board of Directors. Likewise, all related party transactions are
conducted on an arm's length and best execution basis and within established limits.
* Related party in accordance with BPI AMTC’s internal policy.

OTHER FUND FACTS

Fund Currency: US Dollar
Benchmark*: Morgan Stanley Capital International (MSCI) World USD Index

FOREIGN FUND MANAGERS OF TARGET FUNDS

State Street Global Advisors Wellington Management Blackrock Fund Advisors
OUTLOOK AND STRATEGY

Market Review. Global equities posted positive returns during the month despite geopolitical noise out of North Korea. US
and Japanese equities were the best performers for the month as the US government's tax reform program progresses to the
Senate while Japanese PM Shinzo Abe was re-elected.
Looking ahead to 2018, consensus EPS growth is positive. US stocks are expected to grow by 11%, Japan by 14%, Europe
by 15% and Emerging Markets by 12%. Despite the positive outlook for earnings, we expect some volatility ahead as stock
multiples continue to be quite elevated. Other key risks moving forward include US political uncertainty, increased pace of
US rate hikes and other geopolitical events (e.g. North Korea and Middle East).
Fund Performance. The fund returned 1.14%,trailing the benchmark by 41 basis points. Our underweight in Japan and the
US caused underperformance.
Fund Strategy. Our regional preference continues to be Europe over the US and Japan due to valuations, improved
economic data and positive fund flows. We think that the recent tax reform proposal in the US, while gaining some traction in
the Senate, will only be a short term positive for equities as valuations remain elevated and the economy is expected to slow
down in 2018. In emerging markets, we remain selective on countries with positive fundamentals with low dependence on
global trade. Our preference in this space continues to be Asian equities.The fund will likewise continue to invest in funds
that have a bias for quality stocks with healthy cash flows and good shareholder returns.

LIST OF PROSPECTIVE INVESTMENTS

The following are among the Fund’s approved investment outlets, wherein the Trustee intends to invest depending on
strategy, availability, or other market-driven circumstances:
(a) Primarily in more than one collective investment schemes, that are approved or registered and supervised by regulatory
authorities that is a member of the International Organization of Securities Commissions (IOSCO) and managed by
reputable fund manager/s the investment objectives and policies of which are generally consistent with those of the
Fund; provided further that such combined investment in collective investment schemes should not fall below ninety
percent (90%) of the net asset value of the Fund. Such collective investment schemes must not have any investment
exposure in other collective investment schemes.
(b) Shares of Stock of selected corporations which are already listed or being offered publicly and soon to be listed in major
capital markets.
(c) Primarily short-term tradable fixed-income instruments issued or guaranteed by the Philippine government or the BSP;
tradable securities issued by the government of a foreign country, any political subdivision/agency of a foreign country or
any supranational entity; tradable fixed-income instruments issued by foreign or local financial institutions or private
corporations; exchange-listed securities; marketable instruments that are traded in an organized exchange; loans traded
in an organized market; and, such other tradable investments outlets/ categories as the BSP may allow. Provided, that, a
financial instrument is regarded as tradable if two-way prices are quoted, readily available or regularly available from an
exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and
regularly occurring market transactions on an arm’s length basis.
(d) Short-term tradable fixed-income instruments issued, underwritten, or otherwise dealt by BPI and/or any of its
subsidiaries, affiliates, their successors-in-interest or assignees, their directors, officers, stockholders, and related
interest, and any of their trust and fund managed accounts, under such terms and conditions as the Trustee may deem
to be in the best interest of the Fund; and, any such other instruments as may be allowed under BSP regulations.
Investment with related interests shall be in accordance with Subsection UX 410.12 (a) of the Manual of Regulations for
Banks and Other Financial Institutions.
(e) The principal investments of the Fund will be in equity instruments denominated in, but are not limited to, the following
major currencies: U.S. Dollar, Euro, British Pound, Canadian Dollar, Australian Dollar, Swiss Franc, Danish Kroner, and
Japanese Yen.
(f) Bank deposits, BSP special deposit account or tradable debt instruments issued by the BSP.
(g) Such other investments allowed under regulations issued by the BSP.

BPI Asset Management and Trust Corporation (BPI AMTC) is a subsidiary of the Bank of the Philippine Islands. For any
inquiries and complaints relating to our services and products you may call our hotline: 89-100, or send an email at
bpi_asset_management@bpi.com.ph or write a letter addressed to BPI Asset Management – Consumer Protection, 17F, BPI
Building, Ayala Ave. cor. Paseo De Roxas, Makati City, 1226. BPI AMTC as Trustee / Investment Manager is regulated by
the Bangko Sentral ng Pilipinas (BSP) with telephone number (632) 708-7087 and email address:
consumeraffairs@bsp.gov.ph. To know your rights under BSP Circular No. 857 (Regulations on Financial Consumer
Protection), please access a copy at our website: www.bpiassetmanagement.com.
INVESTMENT OBJECTIVES OF TARGET FUNDS
Name Domicile Regulator Objective

Wellington Global Quality

Luxembourg CSSF Aims to achieve longer-term total returns
Growth Fund

Tracks the performance of the S&P 500 Index composed of 500

SPDR S&P 500 ETF United States SEC
predominantly large-capitalization US stocks

Seeks long-term total return from both capital gain and yield by
Wellington Strategic Central Bank
Ireland investing predominantly in a diversified portfolio of European-
European Equity Fund of Ireland
domiciled companies

Wellington Global Health Central Bank Aims to achieve longer-term returns by investing primarily in the
Ireland
Care Equity Fund of Ireland equity securities of health care companies worldwide

Bangko Pursues long term capital appreciation by investing in a diversified

Odyssey Asia Pacific High
Philippines Sentral ng portfolio of attractively priced stocks with high dividend yields in the
Dividend Equity Fund
Pilipinas Asia Pacific region

iShares MSCI Philippines Tracks the performance of the MSCI Philippines Investable Market
United States SEC
IMI ETF Index

iShares MSCI Indonesia Tracks the investment results of a broad-based index composed of
United States SEC
ETF Indonesian equities

Seeks long-term total return from both capital gain and yield by
Wellington Strategic Central Bank
Ireland investing predominantly in a diversified portfolio of European-
European Equity Fund of Ireland
domiciled companies

* The Trustee shall waive the Trust Fee of the Fund and shall collect trust fees at the level of the Target Fund (Odyssey Asia
Pacific High Dividend Equity Fund).

SPECIFIC RISKS IN INVESTING IN A FUND-OF-FUNDS

• The performance of the underlying Target Fund/s on an individual or collective basis impacts the performance of the BPI
Global Equity Fund-of-Funds.

• The BPI Global Equity Fund-of-Funds incurs trust fee payable to the Trustee. Additionally, the Target Fund/s charge their
own management fee/s. Such fees are already included in the computation of the Net Asset Value per Unit, which is the
price at which investors subscribe and redeem units of the Fund.