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Third, we find that after accounting for luck, the percentage of funds with negative alphas in the population is approximately equal to 20% across all categories, while the proportion of funds with positive performance is much lower (it amounts to 1.9% of all funds in the population). It implies that the performance of the industry as a whole is not so bad because about 80% of the funds generate a performance sufficiently high to cover their expenses. The negative average performance documented in past studies is not due to the majority of funds but is caused by 20% of the funds | Phillip Capital Management Phillip Investment Funds - Phillip Growth Fund - Phillip Income Fund - Phillip Money Market Fund This is a Replacement Prospectus lodged with the Monetary Authority of Singapore on 17 October 2012 pursuant to Section 298 of the Securities and Futures Act Chapter 289 of Singapore and it replaces the prospectus registered by the Monetary Authority of Singapore on 28 September 2012. The Phillip Money Market Fund is a money market fund. The purchase of a unit in a money market fund is not the same as placing funds on deposit with a bank or deposit-taking company. Although the Managers may seek to maintain or preserve the principal value of the money market fund there can be no assurance that the money market fund will be able to meet this objective. A money market fund is not a guaranteed fund in that there is no guarantee as to the amount of capital invested or return received. Prospectus Dated 28 September 2012 PHILLIP INVESTMENT FUNDS Important Information The managers of Phillip Investment Funds the Fund Phillip Capital Management S Ltd the Managers accept full responsibility for the accuracy of information contained in this Prospectus and confirm having made all reasonable enquiries that to the best of their knowledge and belief there are no other facts the omission of which would make any statement in this Prospectus misleading. Investors should consult the relevant provisions of the trust deed as amended relating to the Fund the Deed and obtain independent professional advice in any event of any doubt or ambiguity relating thereto. No application has been made for the units in the Fund Units to be listed on any stock exchange. There is no ready market for the Units in the Fund. Investors may consequently only redeem their Units in accordance with and subject to the provisions of the Deed. Potential investors should seek independent professional advice to ascertain a the possible tax consequences b the legal requirements c any .
