Principal DALI Asia Pacific Equity Growth Fund Report - May 2021

Transcription

1. Principal DALI Asia Pacific Equity Growth Fund (formerly known as CIMB Islamic DALI Asia Pacific Equity Growth Fund) 3-year Fund Volatility 14.44 31 May 2021 High Lipper Analytics 15 May 2021 Available under the EPF Members Investment Scheme. Fund Objective Fund Performance To provide investors with long-term capital growth by investing principally in equities. The Fund also seeks to outperform the benchmark. 350% 300% 250% ISIN Code: MYU1000BD009 200% Bloomberg Ticker: SBBIKLS MK 150% 100% Fund Information Location Domicile 50% Malaysia Malaysia Fund Currency Ringgit Malaysia Fund Size (MYR) MYR 1.63 billion Fund Unit 2.39 billion units Fund Launch 8 October 2004 Benchmark Dealing Application Fee - 50% Fund Benchmark Past performance does not guarantee future results. Asset allocation and diversification do not ensure a profit or protect against a loss. 30% FTSE Bursa Malaysia EMAS Shariah Index + 70% MSCI AC Asia ex Japan Islamic Index Daily (as per Bursa Malaysia trading day) IUTAs: 6.50% of the NAV per unit Principal Agency Distributor: 6.50% of the NAV per unit Management Fee 1.50% p.a. of the NAV Trustee Fee 0.06% p.a. of the NAV Unit NAV (MYR) 0% Ju n0 Ja 5 n0 S 6 ep -0 M 6 ay -0 Ja 7 n0 S 8 ep -0 M 8 ay -0 Ja 9 n1 Se 0 pM 10 ay -1 Ja 1 n1 Se 2 pM 12 ay -1 Ja 3 n1 S 4 ep -1 M 4 ay -1 Ja 5 n1 S 6 ep -1 M 6 ay -1 Ja 7 n1 S 8 ep -1 M 8 ay -1 Ja 9 n2 S 0 ep -2 M 0 ay -2 1 Currency: MYR MYR 0.6853 Cumulative Performance (%) YTD Fund 5.82 Benchmark 4.42 Since 1 Month 3 Months 6 Months 1-Year 3-Year 5-Year Inception -0.52 0.28 12.90 36.95 34.57 63.38 330.98 -0.49 1.08 8.22 30.83 23.59 59.25 224.37 Calendar Year Returns (%) 2020 2019 2018 2017 2016 2015 Fund 24.91 15.73 -15.58 20.73 -1.10 9.99 Benchmark 19.41 14.03 -16.12 24.23 3.08 5.07 2020 Oct 2017 Sep 2016 Sep 2015 Oct 2014 Nov 2012 Nov 3.20 2.00 1.00 5.40 5.35 4.60 2.88 2.37 1.17 6.34 6.04 5.92 Most Recent Fund Distributions Gross (Sen/Unit) Annualised Yield (%) 2021 Mar 4:5 Most Recent Unit Splits Ratio Note: October 2004 to May 2021. 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. Annualised yield is calculated as the most recent monthly dividend distribution multiplied by the Fund’s dividend frequency and divided by the latest NAV. Source : Lipper Fund Risk Statistics Top 10 Holdings Taiwan Semiconducter Manuf Country Taiwan % of net assets 8.74 Samsung Electronics Co. Ltd South Korea 6.22 Information Ratio HK, China 3.21 1.11 India 3.14 SK Hynix Inc South Korea 2.94 ASML Holding N.V. Netherlands 2.81 United States 2.80 Malaysia 2.64 China 2.33 South Korea 2.17 Tencent Hldg Ltd Reliance Industries Ltd SEA LTD Press Metal Aluminium Hldg Bhd China Tourism Group Duty Free Samsung Electronics-PFD The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list. Beta 0.95 Sharpe Ratio 0.57 3 years monthly data
2. Principal DALI Asia Pacific Equity Growth Fund (formerly known as CIMB Islamic DALI Asia Pacific Equity Growth Fund) Sector Allocation (%) Asset Allocation (%) Cash 5.56 Utilities 0.89 1.48 1.48 Shariah-compliant Equities (Local) 20 30 40 50 60 2.81 Australia 11.37 15 11.64 12.59 South Korea 20 25 30 Fund 25.87 Malaysia 34.04 10 10.91 Taiw an 11.89 5 10.26 Hong Kong SAR China 9.54 0 9.47 China 8.83 Fund 3.64 India 8.13 Materials 70 2.80 2.83 Information Technology 10 2.14 United States Consumer Staples Consumer Discretionary 0 1.28 Netherlands Communication Services 67.09 Indonesia 2.76 Industrials Shariah-compliant Equities (Foreign) 1.03 Health Care Energy 25.87 Ireland Cayman Islands 2.18 Financials 5.56 Cash 0.50 Mutual Fund Mutual Fund Regional Allocation (%) 5.56 Cash Real Estate As of 31 May 2021 35 0 5 10 15 20 25 30 Fund Source: Factset. Fund holdings and allocations shown are unaudited and may not be representative of current or future investments. Percentages may not add up to 100% due to rounding and/or inclusion or exclusion of cash will not be reflected in the top holdings list. Fund Manager's Report In May, the fund declined 0.52% in MYR terms, underperforming the benchmark by 3 basis points (bps). Taiwan and Malaysia were detractors, offsetting positive contribution from China and Australia. Year-to-date, the Fund rose +5.8%, outperforming the benchmark by 140bps. Asian equities as measured by the MSCI AC Asia ex-Japan Islamic Index declined 0.3% in US$ terms in May. India and the Philippines were outperformers while Malaysia and Taiwan lagged, as the number of new Covid-19 cases peaked in India but surged in Malaysia and Taiwan. Commodities surged in the first half of May before China attempted to cool commodities prices. Global inflation has risen and while we maintain our view that it is transitory, we need to keep an eye on signs of sustained inflationary pressures. We have broadened out our portfolio into Industrials and Materials and have recently added back into Indian equities as we saw an improvement in the Covid situation in the country. We prefer quality companies which are long term winners, and companies which have pricing power that allow them to continue to grow profits in the current environment. As for Malaysia, we stay Neutral on market. Despite the near-term headwinds, we remain proponents of the reopening theme and thus constructive on Cyclicals, Consumer Discretionary and select Transport sectors. We turned cautious on some commodities but remain positive on energy and aluminum. The former will benefit from rising air travel activities and the latter due green infrastructure spending. We are very selective on Tech and maintain our underweight stance on Gloves as earnings seem to have peaked despite ESG issues waning. ^Based on the fund's portfolio returns as at 15 May 2021, the Volatility Factor (VF) for this fund is 14.440 and is classified as "High" (source: FIMM). 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 FIMM 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 (Islamic Funds) dated 31 December 2019, 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, risk of investing in emerging markets, risks associated with investment in warrants and stock specific risk. You can obtain a copy of the Master Prospectus (Shariah-Compliant Funds) from the head office of 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, you 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. Carefully consider a fund's objective, risks, charges and expenses. Visit www.principal.com.my for a prospectus containing this and other information. Please read it carefully before investing. 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.principal.com.my