What are equities funds? How different are they from index funds? And are they right for you? If you’re new to investment or you might’ve already started and want to know more options, this article is for you.
By definition, equities funds are any investment funds whose major asset is in the form of stocks of big companies. They are high risk with potential for higher return than other conservative alternatives like savings accounts, time deposits, or bonds.
For the sake of this article, and actually throughout this entire blog, when I say equities funds I mean any fund that is primarily invested in stocks and is actively managed. Their stated objective is to exceed the performance of the Philippine Stock Exchange index or just generally provide capital appreciation for investors.
Their fund manager’s job is to buy stocks of companies and trade these equities in a way that does not just provide value to investors but also to beat the benchmark. One of the ways they do this is to manage a portfolio of stocks with the most potential for growth regardless if they belong to the stock index or not.
Equities funds and index funds
Actually, all index funds are equities funds because in essence invested in stocks too. However, the goal of index funds is to match the return of stock index, which is made up of blue chip top 30 Philippine companies. These funds are passively managed. Their fund managers are restricted to only trade with the top 30 companies. Nothing else.
Also, index funds use the stock index as a template in terms of buying or selling shares as they just simply follow its composition.
Meaning, they acquire a number of shares from each company in a way that mirrors their proportion to the entire index. So if SM Investments Corporation makes up 11% of the stock index, then fund managers would buy just enough SM shares to reflect that portion in their own index funds. That sort of removes the deliberate portfolio re-balancing (adding, removing or replacing shares) that actively managed funds would need.
Fund managers of equities fund, however, don’t have a template or a model to copy from. So they really have to be experts and very skilled in re-balancing the portfolio of their funds to get the most gain.
Other index funds
Lastly, there are index funds that are invested in specific industries like property or consumer. They follow a defined list of companies that are representative of that particular industry, such as:
- Philequity MSCI Philippine Index Fund, Inc.
- BPI Philippine Consumer Equity Index Fund
- BPI Philippine Infrastructure Equity Index Fund
To simplify the discussion, I will include them under equities funds rather than on the separate article about index funds, which under our definition is restricted to mean only those that track the top 30 Philippine companies.
So how do you know equities funds from index funds?
In summary, here are the differences of equities funds that fall under the definition.
|DETAIL||EQUITIES FUNDS||EQUITIES INDEX FUNDS|
|Shares||All listed companies||Top 30 companies|
|Goal||Beat the index or other benchmarks||Match the index|
|Portfolio||Active re-balancing||Follows the index|
There are a couple of ways to determine an equities fund and index fund.
- Name of the fund.
- The prospectus
- Management fee
The name of the fund is the surest giveaway. If there is the word “index” in the name, then it means it is an index fund. If there is the word “equity” but no “index”, it means it is an equities fund. Examples are: First Metro Save and Learn Philippine Index Fund and PNB Phil-Index Tracker Fund. There are a few that use the PSEI keyword such as the East West PSEI Tracker Fund.
Now as I have stated earlier, there are index funds that track a particular niches such as consumer and infrastructure industries. Those are different because they track companies that are engaged in businesses in respective industries.
The prospectus, which is a document that funds provide to investors, also spells out the goal of the fund. It usually provides objectives and what securities it is going to acquire. Here is a First Metro Asset Management, Inc. (FAMI) equities fund prospectus.
In comparison, here’s another one in Sun Life index fund prospectus.
Lastly, although not as accurate as the first two indications, you can actually check the management fee. Index funds are lower, and equities funds are usually higher. Here’s the fee from FAMI’s equities fund, which is at 1.875% per year. On the other hand, here’s the fee of a Sun Life index fund, which is at 1% per year.
Top equities funds in the Philippines
So what are the Philippines’ best performing equities funds? We can actually check the performance of all them and rank them according to how much they’ve gained in 2019. UITF is updated as of December 31, 2019 while mutual funds are updated as of January 2, 2020.
ATRAM Global Technology Feeder Fund tops the list, followed by BPI Catholic Values Global Equity Feeder Fund and Manulife Dragon Growth Equity Feeder Fund (PHP Unhedged Class A). As a reminder, past performance does not guarantee future returns. See the rest of the entries in the table below.
|UITF||Atram||ATRAM Global Technology Feeder Fund||39.09%|
|UITF||BPI||BPI Catholic Values Global Equity Feeder Fund||16.86%|
|UITF||Manulife||Manulife Dragon Growth Equity Feeder Fund (PHP Unhedged Class A)||16.73%|
|UITF||Atram||ATRAM Global Dividend Feeder Fund||15.65%|
|UITF||Manulife||Manulife Asia Best Select Equity Fund (PHP Unhedged Class A)||12.27%|
|UITF||Manulife||Manulife Asia Pacific REIT Fund of Funds (PHP Unhedged Class A)||10.40%|
|UITF||BPI||BPI Philippine Consumer Equity Index Fund||7.51%|
|UITF||Manulife||Manulife Equity Wealth Fund (Class I)||6.00%|
|UITF||BDO||BDO ESG EQUITY FUND||6.00%|
|UITF||AB Capital||AB CAPITAL EQUITY FUND||5.80%|
|UITF||BDO||BDO FOCUSED EQUITY FUND||5.68%|
|UITF||BDO||BDO INSTITUTIONAL EQUITY FUND||5.55%|
|UITF||PNB||PNB PHIL-INDEX TRACKER FUND||5.37%|
|UITF||Security Bank||SB PHILIPPINE EQUITY INDEX FUND||5.31%|
|UITF||Metrobank||Metro Aspire Equity Feeder Fund||5.30%|
|UITF||Asia United Bank||Equity Investment Trust Fund||5.19%|
|UITF||BDO||BDO EQUITY FUND||5.18%|
|UITF||BPI||BPI Philippine High Dividend Equity Fund||4.91%|
|UITF||BPI||Odyssey Philippine Equity Fund||4.37%|
|Mutual fund||Cocolife||United Fund, Inc.||4.36%|
|UITF||China Bank||CHINA BANK EQUITY FUND||4.28%|
|UITF||Metrobank||Metro Equity Fund||4.02%|
|UITF||BPI||BPI Equity Value Fund||4.00%|
|UITF||Manulife||Manulife Equity Wealth Fund (Class A)||3.95%|
|UITF||PBCOM||VALUE EQUITY FUND||3.90%|
|UITF||RCBC||RIZAL EQUITY FUND||3.80%|
|UITF||Atram||ATRAM Philippine Equity Smart Index Fund||3.76%|
|UITF||UCPB||UCPB Equity Fund (Formerly United Equity Fund)||3.73%|
|Mutual fund||Sun Life||Sun Life Prosperity Philippine Equity Fund, Inc.||3.71%|
|UITF||BDO||BDO SUSTAINABLE DIVIDEND FUND||3.54%|
|Mutual fund||FAMI||First Metro Consumer Fund on MSCI Phils. IMI, Inc.||3.50%|
|Mutual fund||Philam||Philam Strategic Growth Fund, Inc.||3.50%|
|UITF||Union Bank||UnionBank Large Capitalization Philippine Equity Portfolio||3.50%|
|UITF||EastWest||EastWest PhilEquity Feeder Fund||3.48%|
|UITF||Union Bank||UnionBank Dividend Play Equity Portfolio||3.48%|
|UITF||UCPB||UCPB High Dividend Fund||3.46%|
|Mutual fund||Philam||Philequity Fund, Inc.||3.45%|
|UITF||Metrobank||Metro High Dividend Yield Fund||3.31%|
|UITF||Security Bank||SB HIGH DIVIDEND PESO EQUITY FUND||2.71%|
|UITF||PNB||PNB EQUITY FUND (formerly AUP EQUITIES FUND)||2.67%|
|Mutual fund||Philam||Philequity Dividend Yield Fund, Inc.||2.62%|
|UITF||Atram||ATRAM Asia Equity Opportunity Feeder Fund||2.62%|
|UITF||Security Bank||SB PESO EQUITY FUND||2.48%|
|UITF||BPI||Odyssey High Conviction Equity Fund||1.83%|
|UITF||China Bank||CHINA BANK HIGH DIVIDEND EQUITY FUND||1.15%|
|Mutual fund||FAMI||First Metro Save and Learn Equity Fund,Inc.||1.09%|
|Mutual fund||Climbs||Climbs Share Capital Equity Investment Fund Corp.||0.80%|
|Mutual fund||ALFM||ALFM Growth Fund, Inc.||-0.13%|
|UITF||PNB||PNB HIGH DIVIDEND FUND||-0.99%|
|Mutual fund||Soldivo||Soldivo Strategic Growth Fund, Inc.||-1.13%|
|Mutual fund||ATRAM||ATRAM Alpha Opportunity Fund, Inc.||-4.08%|
|Mutual fund||ATRAM||ATRAM Philippine Equity Opportunity Fund, Inc.||-5.75%|
|UITF||BPI||BPI Philippine Infrastructure Equity Index Fund||-7.32%|
|Mutual fund||MBG||MBG Equity Investment Fund, Inc.||-11.28%|
Complete list of Philippine equities funds
In the country, the following offer equities funds.
And here’s a summary of all peso-denominated funds, type, and companies that offer them. I did not include VUL products as these are specific to the insurance companies and even specific to a particular plan.
|AB CAPITAL EQUITY FUND||UITF||AB Capital|
|ALFM Growth Fund, Inc.||Mutual fund||ALFM|
|ATRAM Alpha Opportunity Fund, Inc.||Mutual fund||ATRAM Trust Corporation|
|ATRAM Asia Equity Opportunity Feeder Fund||UITF||ATRAM Trust Corporation|
|ATRAM Global Dividend Feeder Fund||UITF||ATRAM Trust Corporation|
|ATRAM Global Financials Feeder Fund||UITF||ATRAM Trust Corporation|
|ATRAM Global Technology Feeder Fund||UITF||ATRAM Trust Corporation|
|ATRAM Philippine Equity Opportunity Fund, Inc.||Mutual fund||ATRAM Trust Corporation|
|BDO EQUITY FUND||UITF||BDO Unibank, Inc.|
|BDO ESG EQUITY FUND||UITF||BDO Unibank, Inc.|
|BDO FOCUSED EQUITY FUND||UITF||BDO Unibank, Inc.|
|BDO INSTITUTIONAL EQUITY FUND||UITF||BDO Unibank, Inc.|
|BDO SUSTAINABLE DIVIDEND FUND||UITF||BDO Unibank, Inc.|
|BPI Catholic Values Global Equity Feeder Fund||UITF||BPI Asset Management and Trust Corporation|
|BPI Equity Value Fund||UITF||BPI Asset Management and Trust Corporation|
|BPI PERA Equity Fund||PERA||BPI Asset Management and Trust Corporation|
|BPI Philippine Consumer Equity Index Fund||UITF||BPI Asset Management and Trust Corporation|
|BPI Philippine High Dividend Equity Fund||UITF||BPI Asset Management and Trust Corporation|
|BPI Philippine Infrastructure Equity Index Fund||UITF||BPI Asset Management and Trust Corporation|
|CHINA BANK EQUITY FUND||UITF||China Banking Corporation|
|CHINA BANK HIGH DIVIDEND EQUITY FUND||UITF||China Banking Corporation|
|Climbs Share Capital Equity Investment Fund Corp.||Mutual fund||Climbs|
|DIVERSITY DIVIDEND FOCUSED FUND||UITF||Bank of Commerce|
|EastWest PhilEquity Feeder Fund||UITF||EastWest Banking Corporation|
|EastWest PhilEquity Institutional Feeder Fund||UITF||EastWest Banking Corporation|
|Equity Investment Trust Fund||UITF||Asia United Bank|
|First Metro Consumer Fund on MSCI Phils. IMI, Inc.||Mutual fund||First Metro Asset Management Inc|
|First Metro Phil. Equity Exchange Traded Fund, Inc.||Mutual fund||First Metro Asset Management Inc|
|First Metro Save and Learn Equity Fund,Inc.||Mutual fund||First Metro Asset Management Inc|
|Manulife American Growth Equity Feeder Fund (Php Unhedged Class A)||UITF||Manulife Asset Management and Trust Corporation (MAMTC)|
|Manulife Asia Best Select Equity Fund (PHP Unhedged Class A)||UITF||Manulife Asset Management and Trust Corporation (MAMTC)|
|Manulife Asia Pacific REIT Fund of Funds (PHP Unhedged Class A)||UITF||Manulife Asset Management and Trust Corporation (MAMTC)|
|Manulife Asia Pacific REIT Fund of Funds (PHP Unhedged Class I)||UITF||Manulife Asset Management and Trust Corporation (MAMTC)|
|Manulife Dragon Growth Equity Feeder Fund (PHP Unhedged Class A)||UITF||Manulife Asset Management and Trust Corporation (MAMTC)|
|Manulife Equity Wealth Fund (Class A)||UITF||Manulife Asset Management and Trust Corporation (MAMTC)|
|Manulife Equity Wealth Fund (Class I)||UITF||Manulife Asset Management and Trust Corporation (MAMTC)|
|MBG Equity Investment Fund, Inc.||Mutual fund||MBG|
|Metro Aspire Equity Feeder Fund||UITF||Metropolitan Bank & Trust Co.|
|Metro Equity Fund||UITF||Metropolitan Bank & Trust Co.|
|Metro High Dividend Yield Fund||UITF||Metropolitan Bank & Trust Co.|
|Odyssey High Conviction Equity Fund||UITF||BPI Asset Management and Trust Corporation|
|Odyssey Philippine Equity Fund||UITF||BPI Asset Management and Trust Corporation|
|Philam Strategic Growth Fund, Inc.||Mutual fund||Philam|
|Philequity Dividend Yield Fund, Inc.||Mutual fund||Philam|
|Philequity Fund, Inc.||Mutual fund||Philam|
|Philequity MSCI Philippine Index Fund, Inc.||Mutual fund||Philam|
|PNB EQUITY FUND (formerly AUP EQUITIES FUND)||UITF||Philippine National Bank|
|PNB HIGH DIVIDEND FUND||UITF||Philippine National Bank|
|RIZAL EQUITY FUND||UITF||Rizal Commercial Banking Corporation|
|SB HIGH DIVIDEND PESO EQUITY FUND||UITF||Security Bank Corporation|
|SB PESO EQUITY FUND||UITF||Security Bank Corporation|
|Soldivo Strategic Growth Fund, Inc.||Mutual fund||Soldivo|
|Sun Life Prosperity Philippine Equity Fund, Inc.||Mutual fund||Sun Life|
|UCPB Equity Fund (Formerly United Equity Fund)||UITF||United Coconut Planters Bank|
|UCPB High Dividend Fund||UITF||United Coconut Planters Bank|
|UnionBank Dividend Play Equity Portfolio||UITF||Union Bank|
|UnionBank Large Capitalization Philippine Equity Portfolio||UITF||Union Bank|
|United Fund, Inc.||Mutual fund||Coco Life|
|VALUE EQUITY FUND||UITF||Philippine Bank of Communications|
Charges, fees, and taxes of equities fund
Now that you see the returns, you have to understand that there are fees involved. This is a summary of the features of the funds, and you can definitely revisit the pages for mutual funds, UITF, and PERA for more in-depth discussion.
- Initial capital.
- Additional investment.
- Management fee.
- Holding period
- Exit fee
- Sales load
Initial capital is the minimum amount you can start with the fund. It can be as low as 50 pesos to 100,000 pesos.
Additional investment is the minimum amount that you can add to your fund. You’re not required to add but it is recommended that you do, especially if you can do so regularly. The range is between 50 pesos and 10,000 pesos.
Management fee or trust fee is what the company charges to pay for the costs in operating the fund. It is assessed every year. You don’t have to worry about this because you’re not going to be asked to pay out-of-pocket. The fee is computed into the net asset value per share or net asset value per unit.
Holding period, also called lock-in period, is the minimum period of time between starting your account and redeeming your investment. Some funds don’t have any holding period. Most do however.
Exit fee is charged when you withdraw within the holding period. It is calculated usually as a percentage of your total investment value.
Sales load, also called front-end/back-end fee depending on the timing on which it is charged, is a percentage of your capital that is taken off for the fund company.
|ALFM Growth Fund, Inc.||Mutual fund||5,000||1,000||3.00%||2%||90 days||1.00%|
|ATRAM Alpha Opportunity Fund, Inc.||Mutual fund||50||50||5.60%||2%||90 days||1.12%|
|ATRAM Philippine Equity Opportunity Fund, Inc.||Mutual fund||50||50||5.60%||2%||90 days||1.12%|
|Climbs Share Capital Equity Investment Fund Corp.||Mutual fund||500||1,000||2.00%||?||?||?|
|First Metro Consumer Fund on MSCI Phils. Inc.||Mutual fund||5,000||1,000||2.00%||1.75%||6 months||1.00%|
|First Metro Save and Learn Equity Fund,Inc.||Mutual fund||5,000||1,000||2.00%||1.88%||6 months||1.00%|
|MBG Equity Investment Fund, Inc.||Mutual fund||100,000||10,000||5.00%||2%||1 year||5.00%|
|One Wealthy Nation Fund, Inc.||Mutual fund||5,000||1,000||3.00%||1.88%||6 months||1.00%|
|Philam Strategic Growth Fund, Inc.||Mutual fund||5,000||1,000||3.00%||2%||6 months||1.00%|
|Philequity Dividend Yield Fund, Inc.||Mutual fund||1,000||500||5.00%||3%||90 days||2.00%|
|Philequity Fund, Inc.||Mutual fund||1,000||500||5.00%||1%||90 days||2.00%|
|Soldivo Strategic Growth Fund, Inc.||Mutual fund||5,000||500||3.36%||2.25%||6 months||1.12%|
|Sun Life Prosperity Philippine Equity Fund, Inc.||Mutual fund||1,000||500||2.00%||2%||None||None|
|United Fund, Inc.||Mutual fund||1,000||500||2.00%||?||1 year||3.50%|
|BPI PERA Equity Fund||PERA||1000||1,000||1.50%||None||None|
|AB Capital Euqity Fund||UITF||25,000||500||1%||30 calendar||1.00%|
|ATRAM PhilippineEquity Smart Index Fund||UITF||1,000||500||2%||0 calendar||none|
|ATRAM Global DividendFeeder Fund||UITF||1,000||500||1%||0 calendar||none|
|ATRAM Asia EquityOpportunity Feeder Fund||UITF||1,000||500||1%||0 calendar||none|
|ATRAM GlobalTechnology Feeder Fund||UITF||1,000||500||1%||0 calendar||none|
|ATRAM GlobalFinancials Feeder Fund||UITF||1,000||500||1%||0 calendar||none|
|ATRAM GlobalMulti-Asset Income Feeder Fund (PHP Unit Class)||UITF||1,000||500||1%||0 calendar||none|
|BDO EquityFund||UITF||10,000||500||1%||30 calendar||1.00%|
|BDO Focused Equity Fund||UITF||10,000||500||1.50%||30 calendar||1.00%|
|BDO Esg Equity Fund||UITF||10,000||500||1.00%||30 calendar||1.00%|
|BDO Institutional Equity Fund||UITF||1,000||500||1.00%||30 calendar||0.50%|
|BDO Sustainable Dividend Fund||UITF||10,000||500||1.25%||30 calendar||1.00%|
|BPI Equity Value Fund||UITF||10,000||500||1.50%||0 calendar||None|
|BPI Philippine High DividendEquity Fund||UITF||10,000||500||1.50%||0 calendar||None|
|BPI Philippine InfrastructureEquity Index Fund||UITF||10,000||500||1.00%||0 calendar||None|
|BPI Philippine Consumer EquityIndex Fund||UITF||10,000||500||1.00%||0 calendar||None|
|BPI Catholic Values GlobalEquity Feeder Fund||UITF||100,000||500||0.50%||0 calendar||None|
|CHINA BANK EQUITY FUND||UITF||5,000||500||1.00%||30 calendar||1.00%|
|CHINA BANK HIGH DIVIDENDEQUITY FUND||UITF||5,000||500||1.00%||30 calendar||1.00%|
|East West PhilEquityInstitutional Feeder Fund||UITF||0||500||Fee is charged at the portfolio level||0 calendar||0|
|Manulife Asia Best SelectEquity Fund (PHP Unhedged Class A)||UITF||5,000||500||1.75% as a % of the NAV||30 calendar||1.00% as a % of the amount withdrawn|
|Manulife Asia Pacific REITFund of Funds (PHP Unhedged Class A)||UITF||50,000||500||1.75% as a % of the NAV||30 calendar||1.00% as a % of the amount withdrawn|
|Manulife American GrowthEquity Feeder Fund (Php Unhedged Class A)||UITF||5,000||500||1.75% as a % of the NAV||30 calendar||1.00% as a % of the amount withdrawn|
|Manulife Asia Pacific REITFund of Funds (PHP Unhedged Class I)||UITF||50,000||500||N/A||30 calendar||N/A|
|Manulife Equity Wealth Fund(Class A)||UITF||5,000||500||2.00%||365 calendar||1.00% of the amount redeemed|
|Manulife Equity Wealth Fund(Class I)||UITF||5,000||500||N/A||365 calendar||N/A|
|Manulife Dragon Growth EquityFeeder Fund (PHP Unhedged Class A)||UITF||5,000||500||1.75% as a % of the NAV||30 calendar||1.00% as a % of the amount withdrawn|
|Metro Aspire Equity FeederFund||UITF||5,000||500||None||0 calendar||None|
|Metro Equity Fund||UITF||25,000||500||2.00%||30 calendar||50% of income on redeemed amount|
|Metro High Dividend Yield Fund||UITF||25,000||500||2.00%||7 calendar||50% of income on redeemed amount|
|Odyssey Philippine Equity Fund||UITF||10,000||500||2.00%||0 calendar||None|
|Odyssey High Conviction EquityFund||UITF||10,000||500||2.50%||0 calendar||None|
|PNB HIGH DIVIDEND FUND||UITF||10,000||500||2.00%||30 calendar||50% of Income Earned|
|PNB EQUITY FUND (formerly AUPEQUITIES FUND)||UITF||10,000||500||2.00% p.a of NAV||30 calendar||.5% of income earned, if any|
|RIZAL EQUITY FUND||UITF||25,000||500||1% based on NAV||30 calendar||0.25% of redemption proceeds|
|SB HIGH DIVIDEND PESO EQUITYFUND||UITF||10,000||500||1.50%||0 calendar||N/A|
|SB PESO EQUITY FUND||UITF||10,000||500||1.50%||0 calendar||N/A|
|UCPB Equity Fund||UITF||1,000||500||1.75%||30 calendar||5%|
|UCPB High Dividend Fund||UITF||1,000||500||1.50%||30 calendar||5%|
|UnionBank Dividend Play EquityPortfolio||UITF||100,000||500||2%||30 calendar||0.25% or Php 500 whichever is higher|
|UnionBank Large CapitalizationPhilippine Equity Portfolio||UITF||100,000||500||2% per annum; 0.63% for the quarter||90 calendar||0.25% or Php 500 whichever is higher|
|VALUE EQUITY FUND||UITF||10,000||500||1.50%||90 calendar||0.25% of redemption value|
Is equities fund right for you?
Equities funds are for aggressive investors. They are appropriate for people who have long time horizon, high risk appetite and with no immediate need for liquidity.
What this means is that equities funds are ideal for long-term because, historically, stocks have risen in value (with a reminder that it does not guarantee future performance). Which also, in a way, may require that you have no immediate reason to redeem your investment. Long time horizon also would allow you to ride through cycles of market boom and bust, and still end up potentially with positive gains.
Additionally, you must be ready for possible capital loss. And that’s why all fund reps would ask you to fill out a form that would determine your ability to manage your reaction in times of negative turnout for your investment.
How do you invest in equities funds?
- Choose the investment house: mutual fund, UITF, PERA, or VUL.
- Contact the company rep and gather information.
- Learn and compare
- Decide on the fund.
- Start your account.
- Regularly invest whenever you can or depending on your financial goal.
First, you have to choose if you’d want to acquire a mutual fund, UITF, PERA or investment-linked insurance. Each has their own pros and cons. For me though, it all boils down to the level of fees, ease of doing business, convenience, and customer service. For more tips, here are some guides on investing before you even get started, investing in mutual funds without sales load, and a discussion on buying direct stocks versus investment funds.
Second, contact any fund rep. You may see here the contact details of mutual fund and UITF companies. Or, in the case of UITF and PERA, you can check with your bank if they offer those. You may also opt to invest in them via an life insurance such as in variable universal life plan.
Third, learn as much as you can. I know that this guide, as a general discussion, might’ve missed out details that are specific to the fund that you’ve chosen. So it’s best to do the legwork, understand the prospectus, policies, online access to monitor your money, and other details of the funds. And then compare them based on fees, convenience in doing business, etc.
Fourth, decide on a specific fund. Take into account your attitude towards risks, the need for cash, the length of time you’re willing to let your capital stay invested, the objective of the fund, your income, and so on.
Fifth, start your account. Make sure that you have adequate funding to put up the initial capital. Make sure that you bring at least a valid identification card, a tax identification number, and the starting capital.
Lastly, check too if you can add more later on. It doesn’t have to be a huge amount. By investing regularly, you get to be able to save in a way that might grow your savings over time. You can read the discussion on peso cost averaging versus lump sum investment.