• First Metro Fund April assets grow 41% to P1.27B

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    First Metro Philippine Equity Exchange Traded Fund Inc. (FMETF), the fund managed by First Metro Investments Corp. (FMIC), saw a 41 percent increase in its total assets in April to P1.27 billion from P900 million recorded in December last year.

    Aside from assets, the fund also announced in its annual stockholders meeting (ASM) recently that it booked a net asset value per share of 125.34, which is 7.26 percent higher than P125.34 at end-2014. Returns also stood at 16.1 percent as of end-April.

    FMETF, still the only fund of its kind in the country, remains among the top performing equity asset classes in the market.

    The fund tracks the performance of the top 30 firms under the main Philippine Stock Exchange index (PSEi), and was highlighted by an average tracking error of just 0.04 percent for the whole 2014.

    During the ASM, former state Deputy Treasurer Eduardo Mendiola was appointed as the fund’s president, replacing Eduardo Carreon who was named chairman of the board of directors.

    Last May, FMETF officially announced that it has filed for the sale of its shares in Japan with Japan’s Commissioner of Financial Services Agency (CFSA).

    With the collaboration between FMIC and Japan-based holding firm Tokai Tokyo Financial Holdings Inc., FMETF shares may be sold in Japan without the need for FMETF to be listed on the Tokyo Stock Exchange.

    FMIC President Roberto Juanchito Dispo said that Japanese investors are attracted to the country’s strong growth prospects and improved credit rating. He added that FMETF listing in Japan could happen later if there is strong support from Japanese investors.

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