CIMB Islamic Al-Azzam Equity Fund Report - August 2017

Transcription

1. 31 August 2017 CIMB Islamic Al-Azzam Equity Fund A S S E T MA N A GE ME N T Available under the EPF Members Investment Scheme . INVESTMENT VOLATILITY FUND OBJECTIVE The Fund aims to achieve consistent capital growth over the medium to long-term. 3-year Fund Volatlity 8.49 High FUND PERFORMANCE in MYR Lipper Analytcs 15 Aug 2017 40% 35% FUND INFORMATION 30% Location Kuala Lumpur, Malaysia Domicile Malaysia Fund Currency Fund Size (MYR) 25% Ringgit Malaysia 20% MYR 70.20 million 15% Fund Benchmark 237.46 million units Fund Unit 10% 1 August 2012 Fund Inception (MYR) 1 August 2012 Benchmark FTSE Bursa Malaysia EMAS Shariah Index Dealing Daily (as per Bursa Malaysia trading day) Application Fee IUTAs: 5.50% of NAV per unit CWA: 6.50% of NAV per unit Management Fee 1.50% p.a. of the NAV Trustee Fee 0.05% p.a. of the NAV MYR 0.2956 Unit NAV (MYR) 5% 0% Se p N - 12 ov Fe - 12 b Ap - 13 rJu 13 Se l- 13 p D - 13 ec Fe - 13 b M - 14 ay Ju 14 O l- 14 c De t- 14 c M - 14 a M r- 15 ay Ju 15 O l- 15 c De t- 15 c M - 15 ar M -1 ay 6 Au - 16 g Oc - 16 t Ja - 16 n M - 17 ar Ju - 17 n Au - 17 g17 Fund Launch - 5% - 10% Cumulative Performance (%) YTD 1 Month Fund Benchmark 9.40 6.11 0.78 0.25 3 Months 6 Months 1.44 -0.43 6.52 2.92 1 Year 3 Years 5 Years 6.25 2.56 7.02 -3.56 Since Inception 34.91 12.05 34.53 12.80 Calendar Year Performance (%) Fund Benchmark 2016 2015 2014 2013 2012 2011 -7.60 -6.14 11.08 2.35 -4.40 -4.17 22.62 13.29 N/A N/A N/A N/A Most Recent Fund Distributions 2016 Apr Gross (Sen/Unit) 2.20 7.39 Yield (%) Note: August 2012 to August 2017. 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. CIMB-PRINCIPAL AWARDS AND ACCOLADES Currency MYR ISIN Code Bloomberg Ticker MYU1000DS002 CIMIAAE 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 August 2017, the Volatility Factor (VF) for this fund is 8.49 and is classified as "High" (source: Lipper). "High" includes funds with VF that are above 8.225 but not more than 10.735. 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. 10 dated 30 June 2017, 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 credit (default) and counterparty risk, interest rate risk*, liquidity 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, 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. Page 1 of 2
2. 31 August 2017 CIMB Islamic Al-Azzam Equity Fund A S S E T MA N A GE ME N T Available under the EPF Members Investment Scheme . FUND MANAGER'S REPORT PORTFOLIO ANALYSIS The Fund gained 0.78% in August 2017, outperforming the benchmark by 0.53%. The outperformance in the month under review came from overweighting the industrial sector and underweighting the technology sector. At the stock level, outperformance was due to overweight positions in Pos and VS Industry. Year-to-date, the Fund has outperformed the benchmark by 3.29%. ASSET ALLOCATION Shariah-compliant Equities (Local) 88.74% Cash 11.26% 100.00% Total The FTSE Bursa Malaysia EMAS Shariah Index (FBMS) rose 32 points or 0.25% in August despite the geopolitical tension in Korea. Malaysia’s macroeconomic fundamentals remain strong as Gross Domestic Product (GDP) for the second quarter came in at 5.8%, following a 5.6% expansion in the first quarter. Consequently, various economists have upgraded their full year GDP forecast for Malaysia to 5.2%-5.5% (government estimate 4.3%-4.8%). Meanwhile, inflation continues to moderate to 3.2% in July after peaking at 5.1% in March. Bank Negara Malaysia is expected to keep the Overnight Policy Rate unchanged at 3.00% for the rest of 2017. Ringgit has stabilised at c.4.30 to the US Dollar despite a sizeable government bond maturity during the month. SECTOR BREAKDOWN We expect the market to trade sideways despite the external headwinds from geopolitics and central banks normalisation plans, as well as the net foreign outflows recorded for Bursa in August (June: +RM359m, July: +RM419m, August: -RM241m). Second quarter earnings were non-inspiring but we are hopeful that the 2H17 results will recover. Although we expect the market to trade sideways, various key themes still present good opportunities for returns. They include: 1) Infrastructure theme as momentum for job awards pick up 2) E-commerce/logistics theme as Malaysia develops into a regional logistics hub 3) Tourism theme as strong air travel demand continues, complemented by airline capacity expansion. Hence, we are overweight Construction, E-commerce/Logistics and Tourism. In addition, Government Linked Companies transformation plays remain core holdings in our portfolios. COUNTRY ALLOCATION Trading / Services 34.91% Malaysia 88.74% Industrials 14.90% Cash 11.26% Construction 14.33% Plantation 7.18% IPC 6.74% Technology 4.38% Properties 2.58% Finance 1.92% Consumer Cash Total 1.80% 11.26% 100.00% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Tenaga Nasional Bhd Malaysia 9.73% 2 Pos Malaysia Bhd Malaysia 6.19% 3 Petronas Chemicals Group Bhd Malaysia 5.19% 4 Gamuda Bhd Malaysia 5.15% 5 Sime Darby Bhd Malaysia 4.77% 6 Time Dotcom Bhd Malaysia 4.24% Beta 0.89 7 Dialog Group Bhd Malaysia 3.80% Information Ratio 1.00 8 IOI Corp Bhd Malaysia 3.71% -0.11 9 V.S. Industry Malaysia 3.32% Malaysia 3.11% Sharpe Ratio 3 years monthly data 10 Inari Amertron Bhd Total 49.21% Page 2 of 2