CIMB Islamic Balanced Growth Fund Report - February 2018

Transcription

1. 28 February 2018 CIMB Islamic Balanced Growth 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 grow the value of the Unit holders’ investments over the long -term in a diversified mix of Malaysian assets in approved Shariah instruments while providing consistent income. 3-year Fund Volatlity 4.82 Low FUND PERFORMANCE in MYR Lipper Analytcs 15 Feb 2018 200% 180% FUND INFORMATION 160% Location Kuala Lumpur, Malaysia 140% Domicile Malaysia 120% Ringgit Malaysia Fund Currency Fund Size (MYR) MYR 338.72 million Fund Unit 518.20 million units 100% Fund Benchmark 80% 60% Fund Inception (MYR) 26 May 2003 Benchmark 60% FBM EMAS Shariah Index + 40% CIMB Islamic 1-Month Fixed Return Income Account-i (FRIA-I) Dealing Application Fee Daily (as per Bursa Malaysia trading day) 40% 20% 0% ov Ju - 03 n Ja - 04 n Au - 05 g M - 05 ar O - 06 c M t- 06 ay Ja - 07 n Au - 08 g M - 08 ar O - 09 c M t- 09 ay D - 10 ec Ju 10 Fe l- 11 b O - 12 c M t- 12 ay D - 13 ec Ju 13 Fe l- 14 b Se - 15 p Ap - 15 N r- 16 ov Ju 16 Fe l- 17 b18 26 May 2003 N Fund Launch Cumulative Performance (%) YTD 1 Month IUTAs: 5.00% of the NAV per unit CWA: 6.00% of NAV per unit Management Fee 1.50% p.a. of the NAV Fund Benchmark Trustee Fee 0.07% p.a. of the NAV Calendar Year Performance (%) MYR 0.6536 Unit NAV (MYR) Fund Benchmark -0.09 0.76 Yield (%) 6 Months 1.62 2.65 3.04 3.79 -1.06 -0.93 1 Year 3 Years 5 Years 7.49 6.25 6.90 5.33 Since Inception 28.32 19.22 162.63 146.52 2017 2016 2015 2014 2013 2012 9.05 7.60 -3.36 -2.49 4.96 2.72 0.68 -1.37 13.50 9.09 13.99 8.24 Most Recent Fund Distributions Gross (Sen/Unit) 3 Months 2018 Jan 2017 Jan 2016 Jan 2015 Jan 2014 Jan 2012 Dec 2.65 3.89 2.50 3.85 2.65 3.79 3.30 4.56 2.95 4.61 2.03 3.23 Note: May 2003 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 MYU1000AK006 COMDBAR 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 4.82 and is classified as "Low" (source: Lipper). "Low" includes funds with VF that are above 1.785 but not more than 6.045. 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 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. 28 February 2018 CIMB Islamic Balanced Growth 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 1.06% in February 2018 , underperforming the benchmark by 0.13%. The Fund's underperformance was mainly driven by Equities, which was dragged down by its exposure in Industrials. Stock-wise, key detractors were Pos Malaysia, IJM Corp and Taliworks. In the MYR fixed income space, Sovereign Sukuk yields rose marginally by 2–10bps across the curve as interest rate investors globally were concerned about higher than expected US rate hikes. As a result, MYR Sovereign Sukuk underperformed MYR Sukuk for the second consecutive month. Year-to-date, the Fund is down 0.09%, underperforming the benchmark by 0.85%. ASSET ALLOCATION Equities (Local) 55.13% Sukuk 38.10% Preferred Stock 0.02% Cash 6.75% 100.00% Total February was a volatile month as investors began re-pricing more interest rate hikes in the United States, earlier than expected, on the back of higher inflation expectations. In line with the global rout, the FTSE Bursa Malaysia EMAS Shariah Index (FBMS) corrected 230.54 pts or 1.69% to 13,427.51 pts. The FBMS had fallen sharply from a high of 13,651 pts (February 2) to a low of 13,214 pts (February 6), before recouping part its losses by month end. SECTOR BREAKDOWN Market will remain volatile as investors digest the recent corporate earnings, monitor inflation expectations and watch global central banks dial back their balance sheets. While markets may correct, we think that these corrections are not the start of a bear market. Hence, we will stay invested, but continue to trim portfolio risk by reducing exposure to stocks which have risen exponentially as we approach GE14. We will rotate into more liquid large cap names to raise portfolio liquidity. For MYR Sukuk, we maintain our preference in corporate Sukuk for stable and higher expected total return but will tactically participate in Sovereign Sukuk for short-term trading purpose when yields are attractive and with better liquidity. Our pick on corporate Sukuk is on AA-rated segment as there are fewer supply compared to government guaranteed Sukuk. We maintain our neutral call on duration for now. COUNTRY ALLOCATION Sukuk 38.10% Malaysia Trading / Services 25.98% Cash Industrials 6.48% Plantation 5.71% Construction 4.94% Consumer 3.47% IPC 2.49% Technology 2.25% Properties 2.25% Finance 1.58% Cash 6.75% Total 100.00% 93.25% 6.75% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Tenaga Nasional Bhd Malaysia 2 Bank Islam Malaysia Bhd Malaysia 3 Axiata Group Bhd Malaysia 4 Petronas Chemicals Group Bhd Malaysia 5 Perbadanan Kemajuan N.Selangor Malaysia 6 IOI Corp Bhd Malaysia 2.60% 9.10% A1 3.48% 3.43% 3.24% AA3 2.96% Beta 0.90 7 Telekom Malaysia Bhd Malaysia 2.54% Information Ratio 0.27 8 IHH Healthcare Bhd Malaysia 2.44% 9 Time Dotcom Bhd Malaysia 1.98% Malaysia 1.82% Sharpe Ratio -0.24 3 years monthly data 10 IJM Corp Bhd Total 33.59% Page 2 of 2