CIMB Islamic Balanced Fund - 31 December

Transcription

1. 31 December 2016 CIMB Islamic Balanced Fund A S S E T MA N A GE ME N T Available under the EPF Members Investment Scheme . INVESTMENT VOLATILITY FUND OBJECTIVE To achieve medium to long-term growth in both capital and income by investing in permissible Shariah-compliant investments. 3-year Fund Volatlity 4.60 Low FUND PERFORMANCE in MYR Lipper Analytcs 15 Dec 2016 190% 170% FUND INFORMATION 150% Location Kuala Lumpur, Malaysia 130% Domicile Malaysia 110% Ringgit Malaysia Fund Currency Fund Size (MYR) MYR 380.99 million Fund Unit 794.91 million units 90% Fund Benchmark 70% Islamic Index + 40% CIMB Islamic 1-month Fixed Return Income Account-i (FRIA-i) Dealing Application Fee CWA: 6.50% of NAV per unit Management Fee 1.50% p.a. of the NAV Trustee Fee 0.10% p.a. of the NAV MYR 0.4792 Unit NAV (MYR) Jan-2016 Jan-2015 Jan-2014 Jan-2013 - 50% Cumulative Performance (%) YTD 1 Month Daily (as per Bursa Malaysia trading day) IUTA: 6.50% of NAV per unit Jan-2012 - 30% Jan-2011 Index + 30% MSCI AC Asia ex Japan Jan-2010 30% FTSE Bursa Malaysia EMAS Shariah Jan-2009 - 10% Benchmark Jan-2008 10% Jan-2007 8 March 2001 Jan-2006 Fund Inception (MYR) Jan-2005 30% Jan-2004 8 March 2001 Jan-2003 Fund Launch Jan-2002 50% Fund Benchmark -1.43 1.15 3 Months 6 Months -1.46 -0.89 1.99 3.38 0.23 0.03 1 Year 3 Years 5 Years -1.43 1.15 12.75 9.86 Since Inception 34.86 27.34 165.07 105.03 Calendar Year Performance (%) Fund Benchmark 2015 2014 2013 2012 2011 2010 10.26 6.34 3.74 2.14 9.06 7.24 9.68 8.06 -0.70 -3.48 7.45 8.37 Most Recent Fund Distributions Gross (Sen/Unit) Yield (%) 2016 Sep 2015 Sep 2014 Sep 2013 Nov 2012 Sep 2011 Oct 2.28 4.69 1.15 2.47 1.15 2.48 1.05 2.26 2.40 5.59 2.45 5.66 Note: March 2001 to December 2016. 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 MYU1000BE007 BHALMIZ 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 December 2016, the Volatility Factor (VF) for this fund is 4.60 and is classified as "Low" (source: Lipper). "Low" includes funds with VF that are above 1.310 but not more than 6.455. 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. 9 dated 30 June 2016, 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 (default) and counterparty risk, currency risk, interest rate risk*, risk of investing in emerging markets 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. *Note: The Fund does not invest in interest bearing instruments; the interest rate referred herein is to the general interest rate of the country, which may affect the value of the investments of the Fund. Page 1 of 2
2. 31 December 2016 CIMB Islamic Balanced 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 0.23% in December, outperforming the benchmark by 0.20%. Both equities and fixed income outperformed. By sector, equity outperformance was driven by technology, utilities and healthcare. By country, both Malaysia and regional equities outperformed. For fixed income, the main contributors were from power, REITS and quasi-government related sukuk in the fund. Year-to-date, the fund has lost 1.43%, underperforming the benchmark by 2.58%. ASSET ALLOCATION Sukuk 31.98% Shariah-compliant Equities (Foreign) 29.46% Shariah-compliant Equities (Local) 26.33% Cash 12.23% 100.00% Total We are neutral on Asian equities. In the short term, US equities could correct somewhat given many of Trump’s policies appear to have been priced-in even though they could take time to accomplish. A US-induced market correction in Asia should be seen as an opportunity to buy. On domestic equities, we remain watchful going into 1Q2017 as: 1) markets will continue to be buffeted by political events coming from the US and Europe, e.g. Trumponomics and Brexit; 2) earnings downgrades have not troughed; 3) weak Ringgit and 4) weak Renminbi. The wildcard for Malaysia is an early general election in 2017. SECTOR BREAKDOWN We are not keen on adding aggressively to cyclicals given that commodity prices could be capped and range-bound. China is the marginal buyer of most commodities and growth will slow in 2017 as it eases back on reflationary policies particularly in the real estate sector. Finally, the retreat of globalisation could make domestic consumer, infrastructure companies look interesting. By country, we favor China and Indonesia over Thailand and Philippines. For Malaysian equities, we look to remain invested in government-linked companies (GLC) as we believe the GLC story will gain more momentum this year. We also continue to like construction. For fixed income, we prefer to have a trading stance on sovereign securities. In the credit segment, we continue to remain selective as downgrades and defaults on credit market may be increasing in 2017 in view of potential slower domestic growth. COUNTRY ALLOCATION Sukuk 31.98% Malaysia 58.31% Trading / Services 13.68% Hong Kong 10.15% Consumer 9.74% India 3.78% Industrials 6.14% South Korea 3.72% Oil & Gas 5.65% China 2.93% Technology 5.10% Indonesia 2.91% Telecommunications 2.95% Cayman Islands 2.29% Construction 2.73% Philippines 1.03% IPC 2.26% Singapore 0.87% Basic Materials 2.21% Taiwan 0.76% Plantations 2.07% Thailand 0.73% Finance 1.43% United States Mutual Fund 0.66% Cash Health Care 0.59% Utilities 0.31% Properties Cash Total 0.29% 12.23% 0.27% 12.23% 100.00% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Tenaga Nasional Bhd Malaysia 2 Tencent Hldg Ltd Hong Kong 3 MUMTALAKAT Malaysia 4 Sime Darby Bhd Malaysia 5 Bumitama Agri Ltd Malaysia 6 Alibaba Group Holding Ltd Cayman Islands 3.90% 3.43% A1 3.42% 2.46% AA3 2.39% 2.29% Beta 0.83 7 Malakoff Power Bhd Malaysia AA- 2.11% Information Ratio 0.36 8 Golden Assets Intl Fin Ltd Malaysia A1s 2.08% Sharpe Ratio 0.13 9 GII Murabahah Malaysia GB 2.05% Malaysia AA2 1.47% 3 years monthly data 10 UNITAPAH Total 25.60% Page 2 of 2