CIMB Islamic Global Commodities Equity Fund Report - May 2017

Transcription

1. 31 May 2015 CIMB Islamic Global Commodities Equity Fund A S S E T MA N A GE ME N T INVESTMENT VOLATILITY FUND OBJECTIVE 3-year Fund Volatlity The Fund seeks to provide capital growth over the medium to long -term through investments in global commodity-related securities , predominantly in commodity -related equities, which conforms to Shariah principles. 13.87 Very High FUND PERFORMANCE in MYR Lipper Analytcs 15 May 2015 40% 35% FUND INFORMATION 30% Location Kuala Lumpur, Malaysia 25% Domicile Malaysia 20% Ringgit Malaysia 15% 50% Dow Jones Islamic Market Oil & Gas Index + 50% Dow Jones Islamic Market Basic Materials Index Dealing Application Fee Daily (as per Bursa Malaysia trading day) Trustee Fee Up to 1.85% p.a. of the NAV 0.07% p.a. of the NAV subject to a MYR 0.2432 Feb-2015 May-2015 Nov-2014 Aug-2014 Feb-2014 May-2014 Nov-2013 Aug-2013 Feb-2013 May-2013 - 20% Cumulative Performance (%) YTD 1 Month Fund Benchmark 6.25 5.27 -2.91 -0.83 3 Months 6 Months 3.49 -0.29 7.47 7.00 1 Year 3 Years 5 Years -5.74 -2.35 13.80 18.53 Since Inception 1.76 16.70 -2.72 5.75 Calendar Year Performance (%) minimum fee of RM12,000 per annum. Unit NAV (MYR) Nov-2012 - 15% IUTAs: Up to 6.50% NAV per unit CWA: Up to 6.50% NAV per unit Management Fee Aug-2012 - 10% Benchmark Feb-2012 26 January 2010 May-2012 0% - 5% Nov-2011 6 January 2010 Aug-2011 Fund Inception (MYR) 5% Feb-2011 Fund Launch Fund Benchmark 10% May-2011 42.20 million units Nov-2010 Fund Unit Aug-2010 MYR 10.27 million Feb-2010 Fund Size (MYR) May-2010 Fund Currency Fund Benchmark 2014 2013 2012 2011 2010 2009 -9.09 -5.44 16.04 9.29 -8.67 -0.57 -19.84 -12.02 N/A N/A N/A N/A Note: January 2010 to May 2015. Performance data represents the combined income & capital return as a result of holding units in the fund for the specified length of time, based on bid to bid prices. Earnings are assumed to be reinvested. Source: Lipper CIMB-PRINCIPAL AWARDS AND ACCOLADES Currency MYR ISIN Code Bloomberg Ticker MYU1000DJ002 CIMBICE MK CIMB-Principal Asset Management Berhad 10th Floor, Bangunan CIMB, Jalan Semantan Damansara Heights, 50490 Kuala Lumpur. Tel: (603) 2084 8888 Fax: (603) 2084 8899 Website: www.cimb-principal.com.my ^Based on the fund's portfolio returns as at 15 May 2015, the Volatility Factor (VF) for this fund is 13.87 and is classified as "Very High" (source: Lipper). "Very High" includes funds with VF that are above 10.160. The VF means there is a possibility for the fund in generating an upside return or downside return around this VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC will be revised every six months. The fund's portfolio may have changed since this date and there is no guarantee that the fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. We recommend that you read and understand the contents of the Master Prospectus (Shariah-Compliant Funds) Issue No. 7 dated 30 June 2014, which has been duly registered with the Securities Commission Malaysia, before investing and that you keep the said Master Prospectus (Shariah-Compliant Funds) for your records. Any issue of units to which the Master Prospectus (Shariah-Compliant Funds) relates will only be made upon receipt of the completed application form referred to in and accompanying the Master Prospectus (Shariah-Compliant Funds), subject to the terms and conditions therein. Investments in the Fund are exposed to country risk, currency risk, liquidity risk, risk associated with investment in derivatives, risk associated with investment in the commodity industry, sector risk and stock specific risk. You can obtain a copy of the Master Prospectus (Shariah-Compliant Funds) from the head office of CIMB-Principal Asset Management Berhad or from any of our approved distributors. Product Highlight Sheet ("PHS") is available and that investors have the right to request for a PHS; and the PHS and any other product disclosure document should be read and understood before making any investment decision. There are fees and charges involved in investing in the funds. We suggest that you consider these fees and charges carefully prior to making an investment. Unit prices and income distributions, if any, may fall or rise. Past performance is not reflective of future performance and income distributions are not guaranteed. You are also advised to read and understand the contents of the Financing for Investment in Unit Trust Risk Disclosure Statement before deciding to obtain financing to purchase units. Where a unit split/distribution is declared, investors are advised that following the issue of additional units/distribution, the NAV per unit will be reduced from pre-unit split NAV/cum-distribution NAV to post-unit split NAV/ex-distribution NAV; and where a unit split is declared, the value of your investment in Malaysian ringgit will remain unchanged after the distribution of the additional units. Page 1 of 2
2. 31 May 2015 CIMB Islamic Global Commodities Equity Fund A S S E T MA N A GE ME N T FUND MANAGER 'S REPORT PORTFOLIO ANALYSIS For the month, the Fund declined by 2.91%, outperforming the benchmark which declined by 0.83%. By sector, overweight to oil & gas weighed the most on returns, with the underweight to materials also a key detractor. Stock selection in energy also hurt performance. Year-to-date ("YTD"), the Fund gained 6.25% while the benchmark gained 5.27%. ASSET ALLOCATION Common Stock 95.16% Cash 4.84% 100.00% Total Having witnessed a sharp rotation in market drivers in April 2015, equity markets rotated once again in May 2015. This time, those sectors that had benefited from flows in the first quarter (including healthcare, consumer and IT) performed well, unlike in April 2015, when sectors such as the energy, telecoms, and materials gained. Commodity markets were weaker in May 2015. Industrial metals performed poorly as concerns about excess supply weighed on the price of aluminium and nickel. Energy prices were somewhat softer during May 2015 and after a 2015-high of around $67 a barrel at the beginning of the month, Brent crude oil ended May 2015 at around $65 a barrel. This was driven by a deceleration in the rate of US drilling declines as temporary pricing strength provided an opportunity to reconsider capital investment. We continue to expect that Organization of the Petroleum Exporting Countries ("OPEC") will not reduce its production levels, leading to continued pressure on the oil price. SECTOR BREAKDOWN* The outlook for global equities remains finely balanced , with a stable mid-cycle growth outlook and generally supportive central bank liquidity offset by relatively full valuations and ever-present geopolitical risk. Overall, however, equities remain attractive relative to other asset classes although we recognise that volatility will remain elevated. It is important to stress that we see a more positive outlook for individual stocks relative to broader market returns over coming years. This reflects an environment in which we expect stock returns to be more disparate and less correlated than observed at any time since 2011. COUNTRY ALLOCATION* Oil & Gas 49.58% United States 46.60% Basic Materials 27.14% Canada 20.41% Industrials 16.75% United Kingdom 15.02% Consumer 1.69% Germany 3.33% Cash 4.84% Australia 2.88% South Korea 2.69% Sweden 2.33% France 1.90% Cash 4.84% Total 100.00% 100.00% Total TOP HOLDINGS RISK STATISTICS Beta Information Ratio Sharpe Ratio 1.00 -0.18 0.14 3 years monthly data 1 BG Group PLC United Kingdom 5.05% 2 Schlumberger Ltd United States 4.12% 3 Rio Tinto PLC United Kingdom 3.94% 4 BHP Billiton PLC United Kingdom 3.68% 5 Occidental Petroleum Corp United States 3.43% 6 Marathon Oil Corp United States 3.40% 7 BASF SE Germany 3.32% 8 LyondellBasell Industries NV -CL A United States 3.32% 9 Suncor Energy Inc. Canada 3.25% 10 Cabot Oil & Gas Corp Total United States 3.21% 36.72% Page 2 of 2