SB Global Equity Index Feeder Fund

The Global Equity Feeder Fund allows you to invest in equities
across developed and emerging markets around the world.

About the Fund

The SB Global Equity Index Feeder Fund aims to invest in equities across developed and emerging markets around the world through a Target Fund. The Fund seeks to track the performance of the FTSE Global All Cap Index.

We will be changing our Fund’s custodian from HSBC to Standard Chartered as part of our continuous efforts in finding the best rates for our customers. The shift shall lower our fund administration costs, ultimately boosting the returns of our Funds. This will be reflected in the KIDS as of April 2019.

Client Suitability

SB Global Equity Index Feeder Fund is suitable for investors who:

  • Has an aggressive risk tolerance
  • Seek potentially higher returns through investments in Global stocks and who can tolerate high price volatilities
  • Has the possibility to be exposed to capital losses given the volatile nature of the Global equity markets
  • Has an investment horizon of three to five (3-5) years
Fund Type Equity Index FeederFund
Inception Date July 2, 2018
Benchmark FTSE Global All Cap Index
Initial NAVPU USD 1.00
Business Day A day (other than a Saturday or Sunday) on which banks are generally open for the transaction of business in Manila, Philippines and is a Banking Day of Vanguard Total World Stock ETF (the “Target Fund”).


Target Fund Name: Vanguard Total World Stock ETF

Order Date (T) Any Business Day within the Subscription Cut-Off Time and/or Redemption Cut-Off Time.
Trade Date (T) A Business Day where the subscription and/or redemption order is executed. Order Date is the Trade Date.
Redemption & Subscription Cut-Off Time Up to 1:30pm of any Business Day
Subscription Settlement Date On Order Date
Redemption Settlement Date Up to seven (7) Business Days after receipt of Redemption Notice and/or Redemption Confirmation within the Redemption Cut-Off Time
Valuation Date The Business Day at which the Fund’s assets are valued. In case of Subscription and/or Redemption, the Valuation Date is the Trade Date
Trust Fee (p.a.)

Class A: 0.64%, Class B: 0.44%, Class F: 0.44%

Other Notes

Applicable holidays for this Fund: US, Singapore, and Philippine holidays

Class Minimum Initial Participation Minimum Subsequent Participation Minimum Redemption Minimum Holding Amount
Class A USD1,000.00 USD500.00 USD500.00 USD1,000.00
Class B USD5,000.00 USD1,000.00 USD1,000.00 USD5,000.00
Class F USD5,000.00 USD1,000.00 USD1,000.00 USD5,000.00

Class A – This Unit Class is open to all individuals and institutions and it is recommended but not limited to those who want to invest in small amounts. This is for individuals and Institutions looking for the flexibility to be able to invest in small amounts with no commitments of additional future subscriptions.

Class B – This Unit Class is only open to institutional investors that are duly registered with Securities and Exchange Commission and existing under the laws of the Philippines, such as partnerships, corporations, government financial institutions, educational institutions, organizations, and foundations, all subscribing on their own behalf, and the structures which such Institutional investors put into place for the management of their own assets. This is for institutions who deal in very large amounts and foresee themselves making very large individual transactions.

Class F – This Unit Class is open to individual investors that meet the Minimum Initial Participation required for the F Unit Class. This is primarily intended for High Net Worth Individuals looking to invest in the amount of USD 5,000 and above and foresee themselves making additional investments in the amount of USD 1,000 and above.

*High Net Worth (HNI) refers to a Wealth Management customer

Investment Commentary (as of April 2020)

  • As of May 6, Global cumulative Covid-19 cases reached 3.74 million, 83k more from the previous day. This is a slight rebound as the daily new cases in the past few days have been below 80k. While Russia, Brazil, and India continue to see relatively high levels of daily new cases, the rebound was also driven by more cases in France (cumulative 137k) and the UK (cumulative 201k).
  • Two-thirds of companies have now reported earnings in the US and Europe, while only 23% have reported in Japan, so far. Overall, earnings delivery continues to surprise to the downside vs consensus estimates, across all regions. Interestingly, over the last decade, consensus estimates for S&P500 EPS have consistently been too conservative at the start of each quarter, with final earnings growth coming in stronger. US corporates are delivering stronger Q1 earnings compared to their European counterparts, with the EPS growth spread at 16% year-over-year. We think this is directionally justified due to different sector weights, but the magnitude could be impacted somewhat by the timings of the shutdowns.
  • China’s Q1 quarter GDP contracted by 6.8% in 2020 from a year ago as the world’s second largest economy took a huge hit from the Covid-19 outbreak. The contraction in the Q1 is the 1st decline since at least 1992, when official quarterly GDP records started, according to Reuters. A separate Reuters poll showed China’s GDP growth is expected to slow sharply to 2.5% in 2020 from 6.1% in 2019.
  • The IMF projects that global growth in 2020 to fall to -3%. This is a downgrade of 6.3 percentage points from January 2020, a major revision over a very short period. This makes the Great Lockdown the worst recession since the Great Depression, and far worse than the Global Financial Crisis.
  • The state of the global economy in 2021 will be contingent on how quickly a vaccine can be developed. There are now 70 candidate vaccines in development, up from to 44 on March 20, according to a document from WHO published Saturday. Experts expect it to take between 12 and 18 months to get a vaccine approved for mass use. Of the 70 Covid-19 vaccines in development, only three are currently in clinical trials, meaning they are being tested on humans.

Target Fund Information and Performance


Target Fund Vanguard Total World Stock ETF
Benchmark FTSE Global All Cap Index
Expense ratio 0.11%
Dividend schedule Quarterly
ETF total net assets $10,577 million
Fund total net assets $14,783 million
Inception date June 24, 2008

TOP TEN HOLDINGS (as of 31 Mar 2020)

Microsoft Corp. 2.60%
Apple Inc. 2.30% Inc. 1.80%
Alphabet Inc. 1.50%
Facebook Inc. 0.90%
Berkshire Hathaway Inc. 0.80%
Johnson & Johnson 0.80%
Alibaba Group Holding Ltd. 0.80%
Nestle SA 0.70%
Tencent Holdings Ltd. 0.60%

RATES AND RANKING (as of 31 Mar 2020)

VTI (Inception 06/24/2008) Quarter Year to date 1 year 3 years 5 years 10 years Since inception
Net asset value (NAV) return -22.27% -22.27% -12.29% 1.06% 2.79% 5.99% 4.24%
Market price return -22.20 -22.20 -12.06 1.09 2.79 5.97 4.24
Spliced Total Stock Market Index -22.20 -22.20 -12.11 1.18 2.87 6.08 4.33
FTSE Global All Cap Fair Value Idx -22.23 -22.33 -12.34 1.09 3.55

FTSE All-World Index through December 18,2011, and FTSE Global All Cap Index thereafter. Benchmark returns are adjusted for withholding taxes.

How to order

  1. You need to have an SB Dollar Account to invest.
    No dollar account yet? Click here to open an account.
  2. Fill up the UITF Application Form completely.
  3. Wait for a call from our investment specialist.

Why Invest?


Investments (and risk) are spread across various assets industry-wide.


You can subscribe and redeem on any banking day.


You can start investing in UITFs with just $1,000 (SB dollar account required).


You can check the value of your investment daily with NAVPU.

Want to invest in the SB Global Equity Index Feeder Fund?

Key Risks

Interest Rate Risk – The possibility of an investment to experience losses due to change in interest rates.

Market/Price Risk – The possibility for an investor to experience losses due to changes in the market prices.

Liquidity Risk – The possibility for an investor to experience losses due to inability to sell or convert assets into cash immediately or in instances where conversion to cash is possible but at a loss.

Credit Risk/Default Risk – The possibility for an investor to experience losses due to borrower’s failure to pay principal and/or interest in a timely manner.

Reinvestment Risk – The possibility of having lower returns of earnings when maturing funds or the interest earnings of funds are reinvested.

Foreign Exchange Risk – The possibility of an investment to experience losses due to fluctuations in foreign exchange rates.

Country Risk – The possibility of an investment to experience losses from an investment in a security issued by a foreign country due to changes in political, economic, and or social structures.

Other Risks – For Feeder Funds, the possibility of an investment to experience losses due to the Target Fund investing in emerging markets that may carry a higher risk than developed markets.

  • Except when specifically required by law, the Trustee shall have no responsibility to withhold income or other taxes on revenues from the Fund.
  • Each participant should consult its own tax advisor as to the specific tax consequences of his/her investment in and redemption of units of participation in the Fund, including the applicability and effect of local and national laws of the Philippines, as well as consequences arising under the laws of any other taxing jurisdiction.

The contents herein are intended for general information purposes only and should not be used as basis for making decisions nor should it be regarded as a substitute for specific professional advice. No representation or warranty as to its accuracy, reasonableness, or completeness, express or implied, is hereby made. The views and opinions expressed in this article does not pertain to the any opinion, representation or position of SBC Trust in whole or in part. SBC Trust denies any liability that may arise out of any loss or may result in actual, direct, indirect, special, incidental or consequential damage from the use or reliance on any information provided.