TA Total Return Income Fund (TATRIF)
Managed by Fullerton Fund Management (Temasek) · Data as at 30 April 2026 · Prepared May 2026
Fund Identity
| Full Name | TA Total Return Income Fund (TATRIF) | Manager | TA Investment Management |
| Portfolio Manager | Fullerton Fund Management (Temasek-owned, Singapore) | Launched | 11 January 2023 |
| Total AUM | ~RM1.60 billion | EPF-Approved | Yes — Class S (EPF Class I) |
| Benchmark | None — actively managed total return basis without reference to benchmark |
| Sales Charge | Up to 5.50% | Management Fee | Up to 1.50% p.a. |
Share Classes
| Class | Currency | Purpose | AUM (Feb 2026) | Notes |
|---|
| Class C | MYR / MYR-H / USD / SGD-H / AUD-H | Monthly income | ~RM1,380M | Primary retail income class |
| Class S | MYR | Monthly income | RM147.70M | EPF (KWSP Class I) only |
| Class A | MYR / MYR-H / USD / SGD-H / AUD-H | Accumulation | ~RM65M | Reinvests all income; growth focus |
| Class B | MYR / MYR-H / USD / SGD-H / AUD-H | Accumulation | ~RM5M | Institutional; accumulation |
Asset Allocation — Active Management in Action
Equities 62.27%
Fixed Income 19.17%
Cash & Equivalents 15.26%
Commodities 3.30%
| Asset Class | Feb | Mar (selloff) | Apr (recovery) |
|---|
| Equities | 62.04% | 36.73% | 62.27% |
| Fixed Income | 19.24% | 19.58% | 19.17% |
| Cash & Equivalents | 13.70% | 40.04% | 15.26% |
| Commodities | 5.01% | 3.66% | 3.30% |
| Monthly return (MYR) | — | -5.44% | +8.11% |
This is the fund's defining edge. When the US tariff selloff hit in March, the manager cut equities from 62% to 37% and raised cash to 40% to protect capital. As markets recovered in April, they moved straight back to 62% equities and captured the rebound (+8.11% MYR). The allocation actively follows the risk, it is not buy-and-hold.
Top 10 Holdings (30 Apr 2026)
FLF – Global Absolute Alpha Cl Z USD Acc (Fullerton)19.65%
FLF – Asian Investment Grade Bonds Cl I (USD) Acc9.31%
FLF – Asia Equities Cl I (USD) Acc3.99%
Samsung Electronics Co., Ltd.3.19%
Fullerton Short Term Interest Rate Cl D – USD H2.76%
AIXTRON SE (German semiconductor equipment)2.52%
Alphabet Inc. Class C (Google)2.19%
Government of United States 4.625% 15-Feb-20350.64%
Snb Funding Ltd. 6.0% 24-Jun-20350.33%
Saudi Electricity Sukuk 5.489% 18-Feb-20350.32%
Country Allocation (30 Apr 2026)
| Country | Weight |
|---|
| United States | 31.53% |
| Korea | 12.44% |
| China | 9.12% |
| Japan | 6.55% |
| Germany | 6.45% |
| Netherlands | 6.14% |
| Taiwan | 5.75% |
| Singapore | 4.57% |
| Country | Weight |
|---|
| Hong Kong | 4.12% |
| Australia | 2.35% |
| Saudi Arabia | 2.24% |
| Canada | 1.37% |
| Indonesia | 1.25% |
| United Kingdom | 1.22% |
| India + Others | 4.90% |
| US + Korea + China | 53.09% |
Distribution & Income Profile (Class C MYR)
Annual Distribution Yield
| Year | Total (sen) | Yield |
|---|
| 2024 | 5.69 | 11.03% |
| 2025 | 5.27 | 10.20% |
| Regular base (p.a.) | ~2.40 | ~4.80% |
Special Distribution History
Jun 20242.23 sen (special)
Jan 20251.10 sen (special)
Sep 20252.10 sen (special)
Regular (monthly)0.20–0.23 sen
Specials triggered by realized equity gains — not guaranteed in bear markets.
RM tip: "RM100 per month per RM25,000 invested — as the regular base. When equity markets are strong, clients also receive bonus special payments. Over 2024–2025, total distributions exceeded 10% per year."
Performance (Class A, as at 30 Apr 2026)
| Period | MYR | MYR Hedged | SGD Hedged | AUD Hedged | USD |
|---|
| 1 Month | +8.11% | +9.85% | +9.77% | +9.72% | +10.09% |
| 6 Months | +3.19% | +7.15% | +6.79% | +7.49% | +8.83% |
| 1 Year | +21.44% | +28.49% | +27.57% | +28.37% | +31.98% |
| 3 Years | +38.84% | +43.87% | +42.75% | +38.16% | +56.02% |
| YTD | +6.78% | +8.14% | +7.81% | +8.49% | +9.16% |
| Since Inception | +38.84% | +38.98% | +37.70% | +42.64% | +48.66% |
| Annual (MYR) | 2025 | 2024 |
|---|
| Class A MYR | +6.15% | +11.82% |
| Class A MYR Hedged | +14.08% | +11.81% |
| Class A USD | +16.89% | +14.85% |
Risk Analysis
| Quantitative Risk (Class A) |
|---|
| Sharpe Ratio | 0.957 (Excellent) |
| Max Drawdown | -13.90% (Aug 2024) |
| Recovery Time | 171 days (Jan 2025) |
| CAGR (since inception) | 11.18% p.a. |
| Ann. Volatility | 9.23% |
| Positive Months | 62% (25 of 40 months) |
| Volatility Factor (Lipper, 3-year) |
|---|
| USD / MYR | 11.0 — MODERATE |
| MYR Hedged | 11.1 — HIGH |
| SGD Hedged | 10.7 — MODERATE |
| AUD Hedged | 14.3 — HIGH |
| 52-Week Range (Class A MYR) |
|---|
| High | RM0.6949 (30 Apr 2026) |
| Low | RM0.5631 (05 May 2025) |
Key Risks
- Equity-level volatility despite "income" label (VF 11.0)
- Income class NAV erodes as distributions are paid out
- Special distributions not guaranteed (equity-market dependent)
- MYR class unhedged, FX drag when MYR strengthens vs USD
- Only 3.3-year track record (mostly bull market conditions)
- ~33% concentrated in Fullerton's own FLF sub-funds
Risk Mitigators
- Active allocation: cut equity to 37% in March selloff, back to 62% in April
- March -5.4% then April +8.1%, drawdowns recovered fast
- Fullerton = institutional manager (Temasek, SG sovereign wealth)
- MYR-Hedged class eliminates FX risk for USD exposure
- RM1.6B AUM = large, liquid, strong investor confidence
Client Suitability & Talking Points
Suitable For
- Retirees wanting monthly cash flow
- FD clients seeking higher income (vs 3.55–3.65%)
- Clients with 3+ year investment horizon
- EPF investors via Class S (KWSP Class I)
- Portfolio diversifier alongside equity/bond funds
Not Suitable For
- Capital preservation (risk-averse) clients
- Short-term money (<2 years)
- Clients expecting bond-fund stability
- Anyone who panics at -15% to -20% drawdowns
| Objection | RM Response |
|---|
| "NAV is falling" | "Income classes pay out distributions, so NAV is expected to decline. Total return (NAV + distributions) was 6.5% p.a. over 2yr. Like rental property — rental income keeps coming even if property value moves." |
| "FD gives 3.65%" | "This fund pays 4.8% regular + potential specials. Total payout in 2024 was 11%, in 2025 was 10%." |
| "Market is risky now" | "That's the point of this fund. In March the manager raised cash to 40% to protect capital, then moved back to 62% equity in April to catch the rebound. April returned +8.1%. A static fund can't do that." |
RM Recommendation
HOLD / SELECTIVE BUY. The fund's edge is active management: the manager de-risked into the March selloff and re-risked for the April rebound (+8.11% MYR), which static income funds cannot do. Income distributions are working as intended for existing holders. Good fit for income clients who accept equity-level volatility in exchange for that tactical flexibility.
| Action | Class | Client Profile |
|---|
| Buy | Class C MYR | Monthly MYR income, 3+ year horizon, accepts equity swings |
| Buy | Class S MYR | EPF client wanting stable 4.8% monthly distributions from KWSP |
| Buy | Class A MYR-H | Growth client, wants USD-level returns without monthly payout |
| Hold | Any class | Existing holders: income is working, no reason to switch out |
| Avoid | — | Capital-protection clients, short-term, bond-fund expectation, panic sellers |