Manulife Investment-HW Shariah Flexi Fund Report - October 2021

Transcription

1. RM Class 3-year Fund Volatility 14 .0 Moderate Lipper Analytics 10 Sep 21 October 2021 Factsheet Manulife Investment-HW Shariah Flexi Fund Fund category Fund performance Mixed Assets (Islamic) Since inception performance as at 30 September 2021* 120% Fund objective The Fund seeks to provide unit holders with long term capital appreciation. 100% 80% Investor profile 60% The Fund is suitable for investors who seek capital appreciation and are willing to accept high level of risk. The Fund is suitable for investors who seek investments which conform to the requirements of the Shariah, who do not seek regular income stream and have a long-term investment horizon. 40% 20% 0% -20% 11/2012 06/2013 02/2014 10/2014 05/2015 01/2016 08/2016 04/2017 12/2017 ——— Fund RM Class Fund manager Affin Hwang Asset Management Berhad 199701014290 (429786-T) 03/2019 11/2019 06/2020 02/2021 09/2021 ——— Benchmark in RM Total return over the following periods ended 30 September 2021* 1 month -0.29 -1.46 Trustee HSBC (Malaysia) Trustee Berhad 193701000084 (1281-T) 07/2018 Fund RM Class (%) Benchmark in RM (%) 6 month 5.16 -1.39 YTD 9.05 -2.29 1 year 3 year 5 year 17.08 -1.01 35.68 3.65 51.59 8.86 Since inception 105.18 21.37 Fund information (as at 30 Sep 2021) NAV/unit Fund size Units in circulation Fund launch date Fund inception date Financial year Currency Management fee Trustee fee Sales charge Redemption charge Distribution frequency Benchmark RM 0.3482 RM 158.06 mil 453.91 mil 18 Oct 2012 08 Nov 2012 31 Jan RM Up to 1.50% of NAV p.a. Up to 0.06% of NAV p.a. Up to 5.50% of NAV per unit Nil Incidental, if any 50% FTSE Bursa Malaysia Emas Shariah Index + 50% Maybank 12-month GIA-i Rate Calendar year returns* 2016 -2.47 -1.12 Fund RM Class (%) Benchmark in RM (%) 2017 26.66 7.02 2018 -16.30 -5.16 2019 4.85 3.73 2020 28.06 6.80 * Source: Lipper; Past performance is not necessarily indicative of future performance. The performance is calculated on NAV-to-NAV basis. Top 5 holdings No. 1 2 3 4 5 Asset/sector allocation Security name Inari Amerton Bhd Telekom Malaysia Bhd Scientex Bhd Frontken Corp Bhd ATA IMS Bhd % NAV 5.8 4.9 4.3 4.2 4.2 Highest & lowest NAV High Low 2018 0.3480 0.2603 2019 0.2847 0.2619 2020 0.3552 0.2284 No. 1 2 3 4 5 6 7 8 9 10 Asset/sector name Industrial Products & Services Technology Telco & Media Property Financial Services Reits Energy Consumer Products & Services Others Cash & Cash Equivalents % NAV 26.5 19.8 11.7 4.6 4.6 3.8 2.5 2.4 3.9 20.2 Geographical allocation Distribution by financial year Distribution (Sen) Distribution Yield (%) 2019 - 2020 - 2021 3.60 11.7 No. 1 2 Geographical name Malaysia Cash & Cash Equivalents % NAV 79.8 20.2
2. October 2021 Factsheet Manulife Investment-HW Shariah Flexi Fund Market review For the month of September , the KLCI was down by 3.97% to close at 1537.80. Meanwhile, the S&P 500 was down by 4.75% and the MSCI Asia exJapan was down by 2.3%. On the economic front, 1) Malaysia’s exports rose +18.4% y-o-y in August 2021. The rise was led by manufacturing, mining and agricultural products.; 2) July 2021 IPI fell -5.2% y-o-y, from +1.4% in June 2021.; 3) August 2021 headline inflation rate came in at +2.0% y-o-y (July: +2.2% y-o-y) and the core inflation edged up by +0.7% y-o-y.; 4) BNM's international reserves increased by USD5.0B to US$116.3bn as at Aug-2021 from a month ago. The reserves position is sufficient to finance 8.3 months of retained imports and is 1.3 times the short-term external debt. In corporate developments, 1) Scientex Bhd has proposed to acquire all the remaining shares and warrants of Daibochi Bhd that it does not already own at an offer price of RM2.70 per share and 32 sen per warrant, amounting to RM345.3mn in total. ; 2) Top Glove Corp Bhd has been cleared and is now allowed to resume exporting and selling gloves to the US after the US Customs and Border Protection (CBP) lifted its ban against disposable gloves made by the world's largest medical glove manufacturer. ; 3) Kerjaya Prospek Group Bhd has secured a contract worth RM126.1mn from UEM Sunrise Bhd to undertake building works for a proposed residential development project.; 4) Southern Cable Group Bhd received a RM30.8mn award from TM for the supply, delivery, installation, testing and commissioning of rectifier systems. In the US, the four-week moving average of claims, considered a better measure of labour market trends as it strips out week-to-week volatility, came in at 340,000 as in September 2021, lower its month ago value of 355,000. Unemployment rate fell to 5.2% in Aug 2021 from 5.4% the previous month. Meanwhile, the US manufacturing sector was weaker in September 2021, with the seasonally adjusted Markit U.S Manufacturing Purchasing Manager’s Index™ (PMI™) registered at 60.7, declined from August. US consumer confidence was at 109.3 in September, lower than 115.2 in August. The headline inflation rate came in at +5.3% in August 2021. Core inflation, which strips out food and energy costs, rose +4.0% in August, down from +4.3% in July. In the Eurozone, inflation rate came in at +3.4% in September 2021, higher than the previous month. Industrial production in the Euro Area increased +7.7% from a year earlier in July 2021, following a 10.1% expansion in the previous month. The conditions in the Eurozone manufacturing sector deteriorated in September, after an industry survey confirmed that the bloc’s Manufacturing Purchasing Manager’s Index (PMI), a broad gauge of industry activity, stood at 58.6 in September 2021 (vs 61.4 in August 2021). Market outlook The FBM KLCI and FBM 100 declined by 2.68% and 2.01% respectively in September. The decline was largely due to the continued weakness in the glove sector on back of weak selling prices and improving case numbers globally. Leaders were beneficiaries of an economic recovery and strong commodity prices. The month saw some positive news flow, such as the implementation of travel bubbles, starting with Langkawi. The 12th Malaysia Plan was also unveiled setting the roadmap for the country’s development from 2021 to 2025, targeting an annual GDP growth of 4.5% - 5.5%. However, towards the second half of the month, the market saw some weakness as fears of additional taxes and another blanket loan moratorium surfaced, on top of negative global developments. September saw a continuation of foreign inflows into Malaysian equities albeit at a lower net amount of +RM739.5m vs RM1.05bn in August. In terms of stocks, Petronas Chemicals, IHH, and Inari, saw the biggest of these net flows. For 2021 – 2022 our focus will be on the following themes: 1) Reopening plays/laggards – this has seen some delays but nonetheless should materialize as the pandemic eases; 2) Digitisation/Technology; and 3) Trade diversion / Exports. We expect market volatility to ease towards the end of 2021 now that the political overhang has largely been removed, and the market can now focus on the economy and the upcoming Budget. Fund review and strategy We are positive on market due to improving Covid situation and politics. For Covid, daily cases is on a clear downtrend and we should expect interstate travel restriction to be lifted soon. On the other hand, politics seems to have stabilised after the signing of MOU with opposition pact. Additionally, foreigners have turned net buyer for the first time in 2 years. Return of foreigner is key to driving market performance. Based on the Fund's portfolio returns as at 31 Aug 2021 the Volatility Factor (VF) for the Fund is as indicated in the table above and are classified as in the table (source: Lipper). "Very High" includes Funds with VF that are above 17.285, "High" includes Funds with VF that are above 14.240 but not more than 17.285, "Moderate" includes Funds with VF that are above 10.840 but not more than 14.240, "Low" includes Funds with VF that are above 4.265 but not more than 10.840 and "Very Low" includes Funds with VF that are above 0.000 but not more than 4.265 (source:FiMM). The VF means there is a possibility for the Funds 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 and VC are subject to monthly revision or at any interval which may be prescribed by FIMM from time to time. The Fund's portfolio may have changed since this date and there is no guarantee that the Funds 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 above information has not been reviewed by the SC and is subject to the relevant warning, disclaimer, qualification or terms and conditions stated herein. Investors are advised to read and understand the contents of the Master Prospectus dated 7 February 2020 and its First Supplemental Master Prospectus dated 13 November 2020 and its Second Supplemental Master Prospectus dated 5 April 2021 and its Third Supplemental Master Prospectus dated 13 September 2021 and all the respective Product Highlights Sheet(s) (collectively, the “Offering Documents”), obtainable at our offices or website, before investing. The Offering Documents have been registered with the Securities Commission Malaysia (SC), however the registration with the SC does not amount to nor indicate that the SC has recommended or endorsed the product. 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 the 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 the Fund’s denominated currency will remained unchanged after the distribution of the additional units. Past performances are not an indication of future performances. There are risks involved with investing in unit trust funds; wholesale funds and/or Private Retirement Schemes. Some of these risks associated with investments in unit trust funds; wholesale funds and/or Private Retirement Schemes are interest rate fluctuation risk, foreign exchange or currency risk, country risk, political risk, credit risk, non-compliance risk, counterparty risk, target fund manager risk, liquidity risk and interest rate risk. For further details on the risk profile of all the funds, please refer to the Risk Factors section in the Offering Documents. The price of units and income distribution may go down as well as up. Investors should compare and consider the fees, charges and costs involved. Investors are advised to conduct own risk assessment and consult the professional advisers if in doubt on the action to be taken.