CIMB Islamic Balanced Fund Report - July 2017

Transcription

1. 31 July 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 4.54 Low FUND PERFORMANCE in MYR Lipper Analytcs 15 Jul 2017 190% 170% FUND INFORMATION 150% Location Kuala Lumpur, Malaysia 130% Domicile Malaysia 110% Ringgit Malaysia 90% Fund Currency Fund Size (MYR) MYR 391.89 million Fund Unit 748.91 million units Fund Launch 8 March 2001 Fund Inception (MYR) 8 March 2001 Fund Benchmark 70% 50% 30% 10% Benchmark 30% FTSE Bursa Malaysia EMAS Shariah Index + 30% MSCI AC Asia ex Japan Islamic Index + 40% CIMB Islamic 1-month Fixed Return Income Account-i (FRIA-i) Dealing Application Fee Se p M -01 ay Ja -02 n Se -03 p M -03 ay Ja -04 n Se -05 p M -05 ay Ja -06 n Au -07 g Ap -07 D e r -08 c Au -08 g Ap -09 D e r -10 c Au -10 g Ap -11 N o r -12 vJu 12 M l-13 ar N o -14 vJu 14 M l-15 ar N -16 ov Ju 16 l-1 7 - 10% - 30% - 50% Cumulative Performance (%) YTD 1 Month Daily (as per Bursa Malaysia trading day) IUTA: 6.50% of NAV per unit 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 0.5232 Unit NAV (MYR) Fund Benchmark 9.18 8.16 3 Months 6 Months 3.85 2.33 7.39 6.24 2.11 1.12 1 Year 3 Years 5 Years 9.62 9.72 19.59 14.92 Since Inception 39.88 31.68 189.41 121.75 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 July 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 July 2017, the Volatility Factor (VF) for this fund is 4.54 and is classified as "Low" (source: Lipper). "Low" includes funds with VF that are above 1.870 but not more than 6.225. 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 (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 July 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 2.11% in July, outperforming the benchmark by 0.99%. Both regional and domestic equities outperformed. By sector, equity outperformance was driven by the overweight in industrials and underweight in consumer goods. For fixed income, the main contributors were power, plantations and infrastructure related sukuk. Year-to-date (YTD), the fund has gained 9.18%, outperforming the benchmark by 1.02%. ASSET ALLOCATION Sukuk 34.27% Shariah-compliant Equities (Foreign) 30.40% Shariah-compliant Equities (Local) 27.33% Cash 8.00% 100.00% Total Asian Equities gained 5% in US$ terms in July 2017. Market leadership rotated to materials and real estate in July, while technology continued to be strong. The macro backdrop is benign with low bond yields (US 10 year yields at 2.2%-2.50%) and the US Dollar has been soft (DXY at 92-100). In Malaysia, the FTSE Bursa Malaysia Emas Shariah Index (FBMS) fell 0.82% in July to close at 12,717 points. SECTOR BREAKDOWN We trimmed our technology exposure in July. We remain Overweight technology, but will be selective and focused on companies with sustainable growth drivers. The portfolio is Overweight India, China and Singapore and Underweight Korea and Taiwan. In sector terms, we are Overweight Telecommunications and Consumer Discretionary and Underweight Consumer Staples and Healthcare. For domestic equities, the local market is in a consolidation stage with foreign inflows moderating as we enter seasonal holiday months in the western world. We continue to like construction, tourism, e-commerce/logistics and Government-linked Companies restructuring names. For fixed income, we continue to overweight corporate sukuk and have a tactical position in government securities depending on valuations. We will focus on repriced primary and secondary issuances for better yield pick-up. COUNTRY ALLOCATION Sukuk 34.27% Malaysia Trading / Services 11.67% Hong Kong 61.61% 7.32% Consumer 9.47% India 5.47% Finance 8.11% South Korea 4.92% Industrials 6.89% Cayman Islands 3.75% Oil & Gas 3.64% China 1.98% Telecommunications 3.31% Indonesia 1.91% Construction 2.98% Singapore 1.89% Basic Materials 2.71% Taiwan 1.53% IPC 2.40% United States 1.05% Technology 2.37% Philippines 0.29% Plantation 2.27% Thailand 0.28% Utilities 0.94% Cash 8.00% Mutual Fund 0.63% Properties 0.34% Cash 8.00% Total 100.00% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Alibaba Group Holding Ltd Cayman Islands 3.75% 2 Tenaga Nasional Bhd Malaysia 3.60% 3 Reliance Industries Ltd India 4 MUMTALAKAT Malaysia 5 Sime Darby Bhd Malaysia 2.00% 6 Posco South Korea 1.86% 2.11% A1 2.05% Beta 0.85 7 Pos Malaysia Bhd Malaysia Information Ratio 0.60 8 Malakoff Power Bhd Malaysia AA- 1.54% Sharpe Ratio 0.59 9 WCT Hldgs Bhd Malaysia AA- 1.53% Malaysia A1s 1.53% 3 years monthly data 10 Golden Assets Intl Fin Ltd Total 1.80% 21.77% Page 2 of 2