CIMB Islamic Al-Azzam Equity Fund Report - March 2018

Transcription

1. 31 March 2018 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 8.60 High FUND PERFORMANCE in MYR Lipper Analytcs 15 Mar 2018 50% 45% FUND INFORMATION 40% Location Kuala Lumpur, Malaysia 35% Domicile Malaysia 30% Ringgit Malaysia 25% MYR 64.45 million 20% Fund Currency Fund Size (MYR) 216.57 million units Fund Unit Fund Benchmark 15% Fund Launch 1 August 2012 10% Fund Inception (MYR) 1 August 2012 5% 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 0.2976 Unit NAV (MYR) Se p D - 12 ec M - 12 a M r- 13 ay Au - 13 g No - 13 v Fe - 13 b Ap - 14 rJu 14 O l- 14 ct De - 14 c M - 14 ar Ju - 15 n Se - 15 p No - 15 v Fe - 15 b M - 16 ay Au - 16 g O - 16 ct Ja - 16 n Ap - 17 rJu 17 Se l- 17 pD 17 ec M - 17 ar -1 8 0% Benchmark - 5% - 10% Cumulative Performance (%) YTD 1 Month Fund Benchmark -4.09 -0.54 -5.13 -1.47 3 Months 6 Months -4.09 -0.54 0.85 3.39 1 Year 3 Years 5 Years 4.09 3.19 7.49 5.86 Since Inception 32.11 0.64 35.44 17.06 Calendar Year Performance (%) Fund Benchmark 2017 2016 2015 2014 2013 2012 14.84 10.72 -7.60 -6.14 11.08 2.35 -4.40 -4.17 22.62 13.29 N/A N/A Most Recent Fund Distributions 2016 Apr Gross (Sen/Unit) 2.20 7.39 Yield (%) Note: August 2012 to March 2018. 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. 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 March 2018, the Volatility Factor (VF) for this fund is 8.60 and is classified as "High" (source: Lipper). "High" includes funds with VF that are above 7.795 but not more than 10.615. 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 and default 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 March 2018 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 fell 5.13% in March 2018, underperforming the benchmark by 3.66%. At the stock level, the underperformance was due to Inari and V.S Industry. On a year-to-date basis, the Fund is down 4.09%, underperforming the benchmark by 3.55%. ASSET ALLOCATION In March, the FTSE Bursa Malaysia EMAS Shariah Index (FBMS) closed down 197 pts or 1.5% to 13,230 pts amid US-China trade frictions. Large caps continued to outperform the broader market and small caps. For the first quarter of 2018 (1Q18), the FBMS was flattish, shedding 0.5%, despite net foreign inflows of RM2.2bn. The Ringgit strengthened 4.5% in 1Q18. Bank Negara Malaysia kept Overnight Policy Rate unchanged at 3.25%. Meanwhile, the February Nikkei PMI fell to 49.9 vs 50.5 in January. Shariah-compliant Equities (Local) 91.15% Cash 8.85% 100.00% Total SECTOR BREAKDOWN The “tit-for-tat” US-China trade spat has weighed on global markets. In our opinion, this war of words bolsters Trump’s negotiating stance in pushing for China to open its economy. We believe that there will not be a full-blown trade war as all involved will stand to lose. Instead, we believe it is the start of dialogue and negotiation between US and China on strategic economic sectors. Locally, the 14th General Elections (GE14) will be held within 60 days from Parliament dissolution on April 7. Our base case is for no major political changes following GE14, and for market to re-focus on earnings delivery and policy continuity, amidst a mainly externally-driven volatile macro environment. However, until we get a firm resolution on the US-China trade war and the final outcome of the GE14, volatility in the equity markets is expected to remain high. Nevertheless, we remain constructive on Malaysian equities and will look to selectively add to our preferred stocks opportunistically in market corrections. We will stay invested, and continue to prefer large caps to small caps, to maintain portfolio liquidity. We continue to like Consumer, Technology and Industrials. We will also re-look at sectors which have retraced substantially. COUNTRY ALLOCATION Trading / Services 32.60% Malaysia Industrials 21.88% Cash Construction 7.58% Technology 7.47% Plantation 6.48% Consumer 5.12% Properties 4.74% IPC 2.79% Finance 1.73% Second Board 0.76% Cash 8.85% Total 100.00% 91.15% 8.85% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Tenaga Nasional Bhd Malaysia 8.44% 2 Inari Amertron Bhd Malaysia 3.81% 3 Dialog Group Bhd Malaysia 3.62% 4 Top Glove Corp Bhd Malaysia 3.43% 5 Petronas Chemicals Group Bhd Malaysia 3.02% 6 Sime Darby Bhd Malaysia 2.99% Beta 0.94 7 George Kent Malaysia Bhd Malaysia 2.43% Information Ratio 0.51 8 Hartalega Hldg Bhd Malaysia 2.37% 9 YINSON Hldg Bhd Malaysia 2.34% Malaysia 2.15% Sharpe Ratio -0.07 3 years monthly data 10 Sime Darby Plantation Bhd Total 34.60% Page 2 of 2