TA Total Return Income Fund

~4.8% Monthly Income (p.a.)

RM1.6B Total AUM

21.44% 1-Year Return (MYR)

Actively managed global multi-asset income fund. Pays monthly cash distributions. Managed by Fullerton Fund Management, owned by Temasek (Singapore's sovereign wealth fund). The manager tactically shifts between equities and cash, it is not buy-and-hold.

Fund at a Glance

Full Name	TA Total Return Income Fund (TATRIF)
Manager	TA Investment Management Berhad
Portfolio Manager	Fullerton Fund Management (Temasek-owned, Singapore)
Launched	11 January 2023
Total AUM	~RM1.60 billion
Benchmark	None — actively managed on total return basis
Sales Charge	Up to 5.50% (cash) · Up to 1.50% management fee p.a.
EPF-approved?	Yes — Class S (EPF Class I)

Which Class to Use?

Class C MYR

Monthly income · Cash investment

~0.20 sen/unit every month
~4.8% p.a. regular yield
Bonus special payouts in strong markets
2024 total payout: 11.03%
2025 total payout: 10.20%

Class A MYR

Accumulation · Growth focus

All income reinvested into NAV
CAGR since inception: 11.18%
Sharpe ratio: 0.957 (excellent)
Max drawdown: -13.90%
Good for long-term wealth building

Class S is for EPF (KWSP Class I) — same 0.20 sen/month. Class C is the standard cash investment class for income-seeking clients.

Active Management in Action

Equities 62.27% Fixed Income 19.17% Cash 15.26% Commodities 3.30%

This is the fund's edge. When the March tariff selloff hit, the manager cut equities to 37% and raised cash to 40% to protect capital. As markets recovered in April, they moved straight back to 62% equities. Not buy-and-hold, the allocation actively follows the risk.

Asset Class	Feb	Mar (selloff)	Apr (recovery)
Equities	62.04%	36.73%	62.27%
Cash	13.70%	40.04%	15.26%
Result (MYR)	—	-5.44%	+8.11%

Top 10 Holdings (Apr 2026)

FLF – Global Absolute Alpha (Fullerton)

19.65%

FLF – Asian Investment Grade Bonds

9.31%

FLF – Asia Equities (Fullerton)

3.99%

Samsung Electronics

3.19%

Fullerton Short Term Interest Rate

2.76%

AIXTRON SE (German chip equipment)

2.52%

Alphabet Inc. (Google)

2.19%

US Treasury 4.625% 2035

0.64%

Snb Funding 6.0% 2035

0.33%

Saudi Electricity Sukuk 5.489% 2035

0.32%

Top 3 FLF holdings = Fullerton's own UCITS sub-funds (32.95% combined). Source: Factsheet May 2026, data 30 Apr 2026.

Monthly Income + Bonus Payouts

~4.8% Regular Annual Yield (base)

11.03% Total Payout 2024

10.20% Total Payout 2025

Type	Amount	When
Regular monthly	~0.20 sen/unit	Every month
Special (bonus)	1.10–3.12 sen/unit	When markets are strong (realized gains)

RM100/month per RM25,000 invested as the regular base. Bonus specials came in Jun 2024 (2.23 sen), Jan 2025 (1.10 sen), Sep 2025 (2.10 sen). Not guaranteed — tied to realized equity gains.

Returns (Class A MYR, as at 30 Apr 2026)

21.44% 1-Year Return (MYR)

38.84% 3-Year Return (MYR)

38.98% Since Inception (MYR)

Period	MYR Class	MYR-Hedged	USD Class
1 Month	+8.11%	+9.85%	+10.09%
6 Months	+3.19%	+7.15%	+8.83%
1 Year	+21.44%	+28.49%	+31.98%
3 Years	+38.84%	+43.87%	+56.02%
Since Inception	+38.98%	+38.98%	+48.66%

April rebounded strongly (+8.11% MYR) after the manager re-risked. MYR class lags USD class due to MYR strength vs USD. Consider MYR-Hedged for clients wanting USD-level returns without FX exposure.

Understand the Risk Before You Buy

0.957 Sharpe Ratio (excellent)

-13.90% Max Drawdown (Class A)

11.0 Volatility Factor (moderate)

Key Risks

Up to ~62% equity = equity-level swings
Income NAV erodes over time (distributions reduce NAV)
Special distributions are NOT guaranteed
MYR class unhedged, FX drag when MYR strengthens
Only 3-year track record (mostly bull market)

Risk Mitigators

Active allocation: cut to 37% equity in March selloff, back to 62% in April
Fullerton institutional management (Temasek)
March -5.4% then April +8.1%, drawdown recovered fast
MYR-Hedged class removes FX risk
RM1.6B AUM = investor confidence + liquidity

Right Client Profile

Suitable For

Retirees wanting monthly cash flow
FD clients seeking higher income (FD at 3.55–3.65% vs 4.8%+ here)
Clients with 3+ year horizon
EPF investors — use Class S
Those comfortable with equity-level swings
Portfolio diversifier for equity holders

Not Suitable For

Capital preservation clients
Short-term money (<2 years)
Risk-averse clients who panic at -15%
Those expecting bond-fund stability
Clients needing guaranteed fixed returns

Key point: "Your FD pays 3.65%. This fund pays 4.8% monthly as base — plus potential bonus payouts. Over 2024–2025, total distributions exceeded 10% per year."

RM Recommendation

HOLD / SELECTIVE BUY. The draw is active management: the manager de-risked into the March selloff and re-risked for the April rebound, which static income funds can't do. Good for income clients who accept equity-level volatility in exchange for that tactical edge.

RM Action	Scenario
Buy (Class C MYR)	Client wants monthly MYR income, 3+ year horizon, accepts swings
Buy (Class S)	Client has EPF funds — stable 4.8% monthly from KWSP
Buy (Class A MYR-H)	Client wants growth + USD-level returns, no monthly payout needed
Hold existing	Income distributions are working as intended — don't switch out
Avoid	Capital-protection clients, short-term parking, bond-fund expectation

Source: TA Investment Management factsheet May 2026 (data 30 Apr 2026) · Fund study 11 May 2026 · nav.db. This material is for RM use only, not investment advice.