National Mutual Funds Management (Asia) has launched three retail funds - a regional fund investing in small and mid-sized companies and two single-country ones investing in the Indonesian and Taiwanese markets. All three Dublin-domiciled funds have been sold to National Mutual clients since their launch in May. The Securities and Futures Commission recently cleared the open-ended funds for marketing, making them available to investors in the territory. The Pacific Opportunities Fund, which has US$12.6 million invested in Asian markets other than Australia and Japan, has appreciated 13.31 per cent since its inception, beating the sector-wide loss of 3.17 per cent. Ophelia Tong, National Mutual's chief investment officer, said the new fund provided investors with a higher-growth, higher-risk alternative to the existing Pacific Fund. The Taiwan Fund has invested $53.2 million in Taiwanese equities, bonds and notes, earning a 0.39 per cent return against a benchmark loss of 1.96 per cent. Barbara Shaw, the fund's manager, said there had been strong client demand for a Taiwan-focused fund because the market was in the process of opening to foreign investment but was difficult for individual investors. The Indonesian Fund has invested $6 million in equities and equity-related securities, such as convertible bonds. It has increased 5.04 per cent since its inception against a benchmark loss of 1.1 per cent. Ms Shaw said recent political jitters in Indonesia could be seen as buying opportunities. National Mutual manages about $2 billion out of Hong Kong. Its ultimate parent, Paris-based Axa Group, has more than $300 billion under management.