Kenanga Amanah Saham Wanita Fund Report - September 2022

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1. September 2022 Market Review and Outlook Equity Market Review Global equities were mixed in August , with most markets sliding towards the end of the month in reaction to more hawkish than expected signaling from the US Federal Reserve (Fed) at its Jackson Hole conference. US equities in particular were among the hardest hit, with the S&P 500 ending 4.1% lower for the month and giving up a chunk of gains from its bumper 9.1% MoM rise in July. The Nasdaq also dipped 4.6% following a 12.4% rise in July. At the conference, Fed chairman Powell mentioned the need for ‘a lengthy period’ of restrictive monetary policy and acknowledged ‘unfortunate costs’ of reducing inflation, shaking prior views of potential rate cuts as early as 1H23. The still strong US jobs market is a factor often attributed to the Fed’s drive to tighten; for which the end-August initial jobless claims data again came below expectations at 232k, easing from 243k the week before to a 2-month low. Notably, the US Dollar extended strength amidst the risk-off environment, with the Dollar spot index rising 2.6% MoM to reach a two-decade high. Over in Europe, the Euro STOXX 50 fell 5.1% MoM on similar concerns of inflation and rate hikes. Eurozone inflation pushed new record highs at 9.1% in August from 8.9% in July, with high levels expected to persist given the burgeoning energy crisis in the region. The market is expecting another 50-75bps hike of the benchmark deposit rate from the European Central Bank’s (ECB) September meeting, following its 50bps hike in July. Asian equities fared better in August, with the MSCI Asia ex-Japan easing 0.2% MoM, albeit following a 1.7% fall in July. China/HK continued to drag, with the Shanghai Composite and Hang Seng easing 1.6% and 1% respectively. The month saw the emergence of more support measures from the Chinese government including an additional CNY1 trillion in stimulus, while the People's Bank of China (PBOC) lowered multiple interest rates such as the loan prime rate, medium-term lending facility (MLF) rate, and repo rate. Other Asian markets posted positive returns in local currency terms such as India (Sensex +3.4%), Korea (KOSPI +0.8%), and Taiwan (TWSE +0.6%). ASEAN proved resilient with the MSCI ASEAN rising 1.3%, with leaders in local currency terms being Philippines (PCOMP +4.2%) and Thailand (SET +4%). Locally, the FBM KLCI rose 1.3% in August, slightly edging out the broader FBM 100 which rose 0.9%. Sentiment was supported by relatively strong economic data over the month, chiefly 2Q22 GDP growth which came in at a bumper 8.9%, exceeding street expectations of 7% and accelerating from 5% in 1Q22. June industrial production growth of 12.1% also exceed an expected 4.9%, while July exports kept a strong pace at +38% YoY despite coming off 38.8% growth in June. The 2Q22 corporate reporting season was relatively inline though with some earnings beats in large caps especially in the financials and telco space. Notably, state-owned Petronas also announced strong 2Q22 results, supporting the declared doubling of dividends to government to RM50 billion. This inflow temporarily provides comfort to the domestic fiscal balances ahead of Budget 2023, which is planned to be tabled to Parliament in early October. Finally, foreign flows also picked up in August after dipping over June-July, notching RM1.98 billion in net inflows and bringing the YTD net foreign buying to RM8.25 billion. Commodities generally remained soft in August. Brent crude oil fell 12.3% to USD96.5/bbl over the month, as fears of weakened demand in a recessionary scenario outweighed the threat of potential upcoming supply cuts from OPEC. CPO prices eased 3.4% over the month, and has begun showing signs of stabilisation as Indonesia reported a decrease in its stockpiles and reinstated export taxes starting September. Kenanga Investors Berhad Company No: 199501024358 Level 14, Kenanga Tower 237, Jalan Tun Razak 50400 Kuala Lumpur Tel: 03-2172 3000 Toll Free: 1800-88-3737 www.kenangainvestors.com.my 1 Strictly for Clients of Kenanga Investors Berhad
2. September 2022 Market Review and Outlook Equity Market Outlook Global equity markets are expected to remain volatile in the near term reflecting the uncertainty around peak inflation , monetary tightening, and persistent geopolitical tensions. Key to watch are indicators of more substantial economic slowdown, corporate earnings weakness, and potential turning points in central bank or government policies. There remain pockets of opportunities in areas where fiscal support or still-strong end demand is present. Malaysia continues to benefit from robust domestic economic activity and controlled inflation via subsidies but remains sensitive to global growth given the high proportion of exports to GDP. Equity Fund Strategy Our strategy remains tilted towards a defensive stance, with focus on recovery themes or companies with strong fundamentals and cash flow generation abilities. Sector wise, we prefer financials, consumer and industrials. For structural growth themes such as tech, we remain buyers on market weakness for its longer-term potential. Kenanga Investors Berhad Company No: 199501024358 Level 14, Kenanga Tower 237, Jalan Tun Razak 50400 Kuala Lumpur Tel: 03-2172 3000 Toll Free: 1800-88-3737 www.kenangainvestors.com.my 2 Strictly for Clients of Kenanga Investors Berhad
3. 3-year Fund Volatility 23 .0 Kenanga Amanah Saham Wanita Very High September 2022 Lipper Analytics 10 Aug 2022 FUND PERFORMANCE (%) FUND OBJECTIVE The primary objective of the Fund is to offer relatively good and safe capital growth over the long term period by investing principally in an actively-managed, diversified portfolio of Shariah-compliant equities and Shariah-compliant equityrelated securities. % Cumulative Return, Launch to 31/08/2022 60 50 40 30 Fund Category/Type Equity (Islamic) / Growth and to a lesser extent income 20 10 0 Launch Date 04 May 1998 -10 -20 Kenanga Amanah Saham Wanita : 3.05 Jun 22 Aug 22 Dec 21 Jun 21 Dec 20 Jun 20 Dec 19 Jun 19 Dec 18 Jun 18 Dec 17 Jun 17 Dec 16 Dec 15 Mar 15 Jun 15 Benchmark FTSE Bursa Malaysia Emas Shariah Index Jun 16 -30 Trustee Maybank Trustees Berhad FTSE Bursa Malaysia Emas Shariah Index : -15.18 Source: Lipper CUMULATIVE FUND PERFORMANCE (%)# Fund Period Benchmark 1 month 0.48 0.73 6 months -5.61 -10.76 -21.15 -15.19 1 year 3 years 5.21 -9.22 5 years 3.05 -15.18 281.09 Since Launch Designated Fund Manager Lee Sook Yee Sales Charge Max 5.00% Annual Management Fee 1.50% p.a. # Annual Trustee Fee 0.10% p.a. of the Fund’s NAV, subject to a minimum of RM50,000 p.a. CALENDAR YEAR FUND PERFORMANCE (%)# Fund Benchmark Period 2021 2.93 -6.81 2020 24.92 10.14 2019 16.47 3.85 2018 -17.03 -13.52 18.34 2017 10.72 Source: Lipper, 31 August 2022 FUND SIZE * RM 66.06 million NAV PER UNIT * RM 0.5824 Redemption Charge Nil HISTORICAL FUND PRICE * Date Since Inception Highest RM 1.0034 15-Feb-21 Lowest RM 0.3360 17-Mar-03 All fees and charges payable to the Manager and the Trustee are subject to the goods and services tax /sales and services tax/other taxes of similar nature as may be imposed by the government or other authorities from time to time. ASSET ALLOCATION (% NAV) * August July June 12.6% 87.4% 12.7% 87.3% 13.0% 87.0% Liquidity 1 2 3 4 5 SECTOR ALLOCATION (% NAV) * Equity TOP EQUITY HOLDINGS (% NAV) * GREATECH TECHNOLOGY BHD FRONTKEN CORPORATION BHD AXIATA GROUP BHD MEGA FIRST CORPORATION BHD DUFU TECHNOLOGY CORP BHD 4.8% 4.7% 3.9% 3.8% 3.5% Technology Industrial Products & Services Short Term Islamic Deposits and Cash Consumer Products & Services Telecommunications & Media Utilities Energy Plantation Islamic Real Estate Investment Trusts Health Care Other Date 15-Apr-22 9-Apr-21 23.1% 21.8% 12.6% 8.7% 6.8% 5.6% 4.4% 4.4% 3.0% 2.7% 6.9% DISTRIBUTION HISTORY* Gross Distribution RM Yield (%) 10.34% 7.00 sen 11.58 sen 11.99% Unit Split - * Source: Kenanga Investors Berhad, 31 August 2022 Based on the fund’s portfolio returns as at 10 August 2022, the Volatility Factor (VF) for this fund is 22.95 and is classified as “Very High”. (Source: Lipper). “Very High” includes funds with VF that are above 17.635 (source: Lipper). 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.The Master Prospectus dated 30 November 2019 and the Supplemental Prospectus (if any), its Product Highlights Sheets (“PHS”) or Supplemental Disclosure Document (“SDD”) (if any) have been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. The fund fact sheet has not been reviewed by the SC. A copy of the Master Prospectus, Supplemental Prospectus (if any), SDD (if any) and the PHS are obtainable at our offices. Application for Units can only be made on receipt of application form referred to in and accompanying the Master Prospectus and/or Supplemental Prospectus (if any), SDD (if any) and PHS. Investors are advised to read and understand the Master Prospectus, its PHS and any other relevant product disclosure documents involved before investing. Investors are also advised to consider the fees and charges before investing. Unit prices and distributions may go down as well as up. 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. Where a unit split is declared, investors should note that the value of their investment in Malaysian Ringgit will remain unchanged after the distribution of the additional units. A Fund’s track record does not guarantee its future performance. Investors are advised to read and understand the contents of the unit trust loan financing risk disclosure statement before deciding to borrow to purchase units. Kenanga Investors Berhad is committed to preventing Conflict of Interest between its various businesses and activities and between its clients/directors/shareholders and employees by having in place procedures and measures for identifying and properly managing any apparent, potential and perceived Conflict of Interest by making disclosures to Clients, where appropriate. The Manager wishes to highlight the specific risks of the Fund is market risk, liquidity risk, stock specific risk, Shariah status reclassification risk and warrants risk.