CIMB Islamic Balanced Fund Report - January 2017

Transcription

1. 31 January 2017 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 4.55 Low FUND PERFORMANCE in MYR Lipper Analytcs 15 Jan 2017 190% 170% FUND INFORMATION 150% Location Kuala Lumpur, Malaysia 130% Domicile Malaysia 110% Ringgit Malaysia Fund Currency Fund Size (MYR) MYR 381.11 million Fund Unit 782.21 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 0.4872 Unit NAV (MYR) Jan-2017 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 1.67 1.81 3 Months 6 Months 0.31 1.12 2.08 3.28 1.67 1.81 1 Year 3 Years 5 Years 4.65 6.95 16.13 13.55 Since Inception 34.97 26.41 169.49 108.73 Calendar Year Performance (%) Fund Benchmark 2016 2015 2014 2013 2012 2011 -1.43 1.15 10.26 6.34 3.74 2.14 9.06 7.24 9.68 8.06 -0.70 -3.48 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 January 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 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 January 2017, the Volatility Factor (VF) for this fund is 4.55 and is classified as "Low" (source: Lipper). "Low" includes funds with VF that are above 1.785 but not more than 5.965. 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 January 2017 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 1.67% in January, underperforming the benchmark by 0.14%. Equity underperformed, while fixed income outperformed. By sector, equity underperformance was driven by Technology and Consumer Goods. For fixed income, the main contributors were from Power, Sovereign and Plantation related sukuk. ASSET ALLOCATION Asian Equities was up 6% in US$ terms in January. All sectors rose by almost the same magnitude, except for materials which outperformed (+11%). We expect 2017 to be a year of moderate return amidst high volatility. Key variance for Asia’s earnings prospects would arise from the new US President’s trade and dollar policies, China’s economic direction, and oil price. While global monetary policies are expected to remain accommodative due to slow economic growth and low inflation, there remains much uncertainty over the trajectory of the US Fed’s interest rate increase. In Malaysia, the FTSE Bursa Malaysia Emas Shariah Index rose 1.8% in January driven by a mild rally in GLC related companies due to increased optimism that the momentum on GLC restructuring is gathering strength. We think market will remain choppy and trade between 11,800-12,500 points with a slight upward bias. Potential positive catalysts include i) a better than expected 4Q16 earnings and stronger earnings upgrades for 2017, ii) further GLC restructuring news to unlock value, iii) speculation of early elections. Sukuk 33.38% Shariah-compliant Equities (Foreign) 28.42% Shariah-compliant Equities (Local) 26.73% Cash 11.47% 100.00% Total SECTOR BREAKDOWN For regional equities, we remain buyers especially on dips and intend to be fully invested. In terms of country preference, we prefer China, India and Indonesia. For Malaysia, we remain net buyers of the plantations sector and favour companies that will benefit from the ongoing GLC restructuring theme in sectors such as Telecommunications, Plantations and Services. We continue to seek growth ideas in the aviation related sectors. For fixed income, we continue to overweight corporate sukuk with focus on both primary issuances and repriced secondary offers for yield pick up. COUNTRY ALLOCATION Sukuk 33.38% Malaysia Trading / Services 13.28% Hong Kong 9.37% Consumer 9.28% South Korea 3.74% Industrials 6.41% India 3.66% Technology 5.05% China 2.75% Oil & Gas 4.85% Cayman Islands 2.61% Construction 2.96% Indonesia 2.45% Telecommunications 2.78% Singapore 1.08% IPC 2.23% Philippines 1.00% Basic Materials 2.17% Taiwan 0.82% Finance 1.93% Thailand 0.63% Plantations 1.51% United States Plantation 0.92% Cash Mutual Fund 0.65% Health Care 0.54% Utilities 0.31% Properties Cash Total 60.11% 0.31% 11.47% 0.28% 11.47% 100.00% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Tencent Hldg Ltd Hong Kong 2 Tenaga Nasional Bhd Malaysia 3 MUMTALAKAT Malaysia 4 Alibaba Group Holding Ltd Cayman Islands 5 Bumitama Agri Ltd Malaysia 6 Sime Darby Bhd Malaysia 3.51% 3.48% A1 3.42% 2.61% AA3 2.39% 2.20% Beta 0.83 7 Malakoff Power Bhd Malaysia AA- 2.12% Information Ratio 0.31 8 GII Murabahah Malaysia GB 2.09% Sharpe Ratio 0.34 9 Golden Assets Intl Fin Ltd Malaysia A1s 1.57% Malaysia AA2 1.47% 3 years monthly data 10 UNITAPAH Total 24.86% Page 2 of 2