CIMB Islamic Asia Pacific Equity Fund Report - February 2018

Transcription

1. 28 February 2018 CIMB Islamic Asia Pacific Equity Fund A S S E T MA N A GE ME N T Available under the EPF Members Investment Scheme . FUND OBJECTIVE Aims to achieve long-term capital appreciation investment criteria, through investments in the Pacific ex Japan region. and income while complying with Shariah emerging and developed markets of Asia FUND PERFORMANCE in MYR 120% 110% INVESTMENT VOLATILITY 100% 90% 80% 70% 3-year Fund Volatlity 60% 9.74 50% Fund Benchmark 40% High Lipper Analytcs 30% 15 Feb 2018 20% 10% 0% O ct A p - 06 Se r- 07 p M - 07 a Se r- 08 p Fe - 08 b Au - 09 g Fe - 09 bJu 10 l Ja - 10 nJu 11 D l- 11 ec Ju - 11 n De - 12 c M - 12 ay N - 13 ov M -1 ay 3 O - 14 ct A - 14 pr O - 15 c M t- 15 a Se r- 16 p Fe - 16 b Au - 17 g Fe - 17 b18 FUND INFORMATION - 10% - 20% Location Kuala Lumpur, Malaysia Domicile Malaysia Fund Currency Ringgit Malaysia Fund Size (MYR) MYR 1.39 billion Fund Unit 1.61 billion units Fund Launch 2 June 2006 Fund Inception (MYR) 2 June 2006 Benchmark Dealing Application Fee MSCI AC Asia ex Japan Islamic Index Daily (as per Bursa Malaysia trading day) IUTA: 5.00% of the NAV per unit CWA: 5.00% of the NAV per unit - 30% - 40% Cumulative Performance (%) YTD 1 Month Fund Benchmark -1.07 -2.54 -3.80 -4.72 3 Months 6 Months -1.05 -1.33 0.59 -0.26 1 Year 3 Years 5 Years 17.71 17.09 31.97 38.67 Since Inception 58.83 68.38 91.42 83.12 Calendar Year Performance (%) Fund Benchmark 2017 2016 2015 2014 2013 2012 23.93 29.61 0.47 7.28 14.87 10.31 10.25 7.63 5.79 6.75 14.23 10.88 Most Recent Fund Distributions 2017 Mar 1.80% p.a.of the NAV Management Fee 0.07% p.a.of NAV Trustee Fee Gross (Sen/Unit) 4.50 6.71 Yield (%) MYR 0.8596 Unit NAV (MYR) Note: June 2006 to February 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. CIMB-PRINCIPAL AWARDS AND ACCOLADES Currency MYR ISIN Code Bloomberg Ticker MYU1000AA007 CIMAPAD 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 February 2018, the Volatility Factor (VF) for this fund is 9.74 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 country risk, credit and default risk, currency risk, risks associated with investment in warrants and/or options 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. 28 February 2018 CIMB Islamic Asia Pacific 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 During the month, the Fund declined by -3.8%, outperforming the Benchmark by 92 basis points (bps). Year-to-date, the Fund declined -1.1%, outperforming the Benchmark by 147 basis points. China and Singapore contributed positively while Malaysia was a drag. In sector terms, Industrials contributed the most to the performance. ASSET ALLOCATION Shariah-compliant Equities (Foreign) 93.03% Shariah-compliant Equities (Local) 2.48% Cash 4.49% 100.00% Total Asia-ex-Japan equities went into a risk-off mode and corrected -3.9% (US$) in February triggered by a surge in US 10-year yields and concerns of higher inflation. The sell-off was broad-based with exception for healthcare. We remain positive on Asian equities as upside should be guided by earnings growth of 13% in 2018 but volatility could be higher given trade tensions, rising bond yields and credit spreads and diminishing bond purchases. Investor sentiment on the ‘Goldilocks’ scenario will also be tested especially if US wage growth data shows a pick-up significantly beyond 3%. We prefer cyclicals to defensives as Asia is just into the 2nd year of significant sales and earnings growth and China is still implementing supply side reform. Given relatively tighter liquidity versus 2017, we would be more cautious on countries with a weakening current account and fiscal deficit coupled with rising inflation like India and Philippines. The Fund is Overweight in China, Singapore and Australia and Underweight Taiwan and Korea. In sector terms, our Fund is Overweight Materials, Consumer Discretionary and Energy and Underweight Information Technology , Utilities and Telecommunications. SECTOR BREAKDOWN COUNTRY ALLOCATION Consumer 37.73% South Korea 26.26% Technology 14.54% Hong Kong 18.00% Oil & Gas 12.58% Taiwan 9.41% Basic Materials 11.05% Cayman Islands 8.87% Finance 10.90% India 8.18% Industrials 7.42% China 7.66% Trading / Services 1.00% Singapore 5.80% Mutual Fund 0.29% Australia 2.94% Cash 4.49% Malaysia 2.48% Thailand 2.47% Indonesia 1.80% United States 1.64% Cash 4.49% Total 100.00% 100.00% Total TOP HOLDINGS RISK STATISTICS Beta Information Ratio Sharpe Ratio 0.81 -0.37 0.62 3 years monthly data 1 Samsung Electronics Co. Ltd South Korea 9.04% 2 Alibaba Group Holding Ltd Cayman Islands 8.87% 3 Taiwan Semiconducter Manuf Taiwan 7.06% 4 Reliance Industries Ltd India 4.52% 5 Samsung Electronics-PFD South Korea 4.31% 6 Tencent Hldg Ltd Hong Kong 4.03% 7 Posco South Korea 3.73% 8 Venture Corp Ltd Singapore 2.95% 9 BHP Billiton Ltd Australia 2.94% Hong Kong 2.90% 10 Techtronic Industries Co Total 50.35% Page 2 of 2