Switching will be conducted based on the value of your investment in a Fund. The minimum amount for a switch must be equivalent to the minimum withdrawal amount applicable to a Fund or such amounts as the Manager may from time to time decide. Please note that the minimum amount for a switch must also meet the minimum initial investment amount or the minimum additional investment amount (as the case may be) applicable to the fund to be switched into. Unit holders must at all times maintain at least the minimum balance required for a Fund to stay invested in that Fund. The Manager may, at its absolute discretion, allow switching into (or out of) a Fund, either generally (for all Unit holders) or specifically (for any particular Unit holder).
Since switching is treated as a withdrawal from one (1) fund and an investment into another fund, you will be charged a Switching Fee equal to the difference (if any) between the Application Fees of these two (2) funds.
For example, you had invested in a fund with an Application Fee of 2.0% on the NAV per unit and now wish to switch to another fund which has an Application Fee of 5.5% on the NAV per unit. Hence, you will be charged a Switching Fee of 3.5% on the NAV per unit on the amount switched.
In addition, the Manager imposes a RM100 administrative fee for every switch made out of a CIMB-Principal fund. However, this RM100 administrative fee is waived for the first four (4) switches out of a Fund in every calendar year and the Manager has the discretion to waive the Switching Fee and/or administrative fees.
Switching may also be subject to a withdrawal charge should the fund to be switched out from impose a Withdrawal Fee.
Switching into any CIMB-Principal fund is ultimately at the investor's personal choice and option. However, Muslim investors are ecnouraged to switch into any other CIMB-Principal Shariah fund rather than into any other CIMB-Principal conventional fund as it is not permitted from the Shariah perspective.
Switching into any CIMB-Principal fund is ultimately at the investor's personal choice and option. However, Muslim investors are ecnouraged to switch into any other CIMB-Principal Shariah fund rather than into any other CIMB-Principal conventional fund as it is not permitted from the Shariah perspective.
For CIMB-Principal Lifecycle Funds & CIMB Islamic Kausar Lifecycle Funds, switching is allowed:
- within the CIMB-Principal Lifecycle Funds / CIMB Islamic Kausar Lifecycle Funds; and
- from other CIMB-Principal funds into any of these Funds.
Subject always to the Manager’s absolute discretion, switching out from any of these CIMB-Principal Lifecycle Funds & CIMB Islamic Kausar Lifecycle Funds into other funds is not allowed.
No switching facility is available for CIMB-Principal Multi-Maturity Income Fund 1(formerly Multi-Maturity Income Fund 1), CIMB Islamic Commodities Structured Fund 1, CIMB Islamic Commodities Structured Fund 2, CIMB-Principal Opportunistic Bond Fund, CIMB-Principal China Recovery Structured Fund and CIMB-Principal Strategic Income Bond Fund as they are closed ended funds. Hence Switching Fee is not applicable.
Taken From : http://www.cimb-principal.com.my/Frequently_Asked_Questions.aspx#12
No switching facility is available for CIMB-Principal Multi-Maturity Income Fund 1(formerly Multi-Maturity Income Fund 1), CIMB Islamic Commodities Structured Fund 1, CIMB Islamic Commodities Structured Fund 2, CIMB-Principal Opportunistic Bond Fund, CIMB-Principal China Recovery Structured Fund and CIMB-Principal Strategic Income Bond Fund as they are closed ended funds. Hence Switching Fee is not applicable.
Taken From : http://www.cimb-principal.com.my/Frequently_Asked_Questions.aspx#12
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