CIMB Islamic DALI Asia Pacific Equity Growth Fund Report - February 2019

Transcription

1. 28 February 2019 CIMB Islamic DALI Asia Pacific Equity Growth Fund A S S E T MA N A GE ME N T (formerly known as CIMB Islamic Equity Fund) Available under the EPF Members Investment Scheme. INVESTMENT VOLATILITY FUND OBJECTIVE To provide investors with long-term capital growth by investing principally in equities. Fund also seeks to outperform the benchmark. 3-year Fund Volatlity 9.33 High The FUND PERFORMANCE in MYR Lipper Analytcs 15 Feb 2019 250% 230% FUND INFORMATION 210% 190% Location Kuala Lumpur, Malaysia 170% Domicile Malaysia 150% Fund Currency Ringgit Malaysia 130% Fund Size (MYR) MYR 1.79 billion 110% Fund Unit 2.03 billion units 90% Fund Benchmark 70% Fund Inception (MYR) 8 October 2004 Benchmark 30% FTSE Bursa Malaysia EMAS Shariah Index + 70% MSCI AC Asia ex Japan Islamic Index Dealing Application Fee Daily (as per Bursa Malaysia trading day) 50% 30% 10% - 10% ar O - 05 c M t- 05 ay D - 06 ec Ju 06 Fe l- 07 bSe 08 p Ap - 08 N r- 09 ov Ju - 09 n Ja - 10 n Au - 11 g M - 11 ar O - 12 c M t- 12 ay No - 13 v Ju - 13 n Ja - 14 n Au - 15 g M - 15 ar O - 16 c M t- 16 ay De - 17 cJu 17 Fe l- 18 b19 8 October 2004 - 30% M Fund Launch - 50% Cumulative Performance (%) YTD 1 Month IUTAs: 6.50% of the NAV per unit CWA: 6.50% of the NAV per unit Management Fee 1.50% p.a. of the NAV Fund Benchmark Trustee Fee 0.06% p.a. of the NAV Calendar Year Performance (%) MYR 0.8837 Unit NAV (MYR) Fund Benchmark 6.43 7.99 Yield (%) 6 Months 2.33 2.96 -5.97 -5.79 1.30 0.89 1 Year 3 Years 5 Years -8.61 -7.89 15.47 24.49 Since Inception 24.87 23.80 199.87 146.37 2018 2017 2016 2015 2014 2013 -15.58 -10.55 20.73 24.23 -1.10 3.08 9.99 5.07 3.54 1.66 13.48 10.22 Most Recent Fund Distributions Gross (Sen/Unit) 3 Months 2017 Sep 2016 Sep 2015 Oct 2014 Nov 2012 Nov 2012 Mar 2.00 2.37 1.00 1.17 5.40 6.34 5.35 6.04 4.60 5.92 4.50 6.03 Note: October 2004 to February 2019. 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 MYU1000BD009 SBBIKLS 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 2019, the Volatility Factor (VF) for this fund is 9.33 and is classified as "High" (source: Lipper). "High" includes funds with VF that are above 8.795 but not more than 11.415. 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, currency risk, risk of investing in emerging markets, risks associated with investment in warrants 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 2019 CIMB Islamic DALI Asia Pacific Equity Growth Fund A S S E T MA N A GE ME N T (formerly known as CIMB Islamic Equity Fund) Available under the EPF Members Investment Scheme. FUND MANAGER'S REPORT PORTFOLIO ANALYSIS In February, the Fund rose by +1.3, outperforming the Benchmark by 41 basis points (bps). Malaysia and Australia contributed positively while cash drag and China were detractors. Sector wise, Financials , Telecommunications and Basic Materials contributed positively while Consumer Services was a drag. Year-to-date, the Fund rose +6.4%, underperforming the Benchmark by 156 bps. ASSET ALLOCATION Shariah-compliant Equities (Foreign) 62.85% Shariah-compliant Equities (Local) 25.59% Cash 11.56% 100.00% Total Downside risk to global economic deterioration would likely be arrested with loose monetary policy in most economies, led by the FED’s dovish U-turn since November. India was the first country in Asia Pacific to reduce its benchmark interest rate in February . Following the cut in Reserve Requirement Ratio (RRR) by 1 percentage point (pp) in January, China has complemented its monetary easing with fiscal stimulus with the latest being a 3pp cut to the top bracket of the Value Added Tax (VAT), benefiting earnings of most manufacturers. Total Social Financing rose +10.4% y-y in January reflecting a pickup in credit growth after a downtrend that lasted 17 months. Sentiment in the Malaysia bourse was further lifted by announcement made by the Communications and Multimedia Minister that there will not be further reductions in high speed broadband prices in 2019 and Fitch re-affirmed Malaysia’s sovereign rating. SECTOR BREAKDOWN We are Overweight Real Estate (REITs), Consumer Staples and Underweight Consumer Discretionary , Materials and Utilities. We barbell the portfolio by owning defensives with yield together with stocks with mid to long run growth potential. For Malaysia, we are adopting a more balanced view to the portfolio with a combination of growth and defensive sectors. We will take the opportunity to add quality large caps and alpha into the portfolio. We prefer big cap GLCs with improving fundamentals and companies with solid cash flow and dividends in sectors such as Utilities & Renewable Energy, Banks, Oil & Gas, and Industrials. COUNTRY ALLOCATION Consumer Products & Svc 23.83% Malaysia 25.56% Financial Services 14.22% Hong Kong 15.76% Oil & Gas 9.05% South Korea 12.53% Technology 8.90% India 7.27% Industrial Products & Svc 7.29% Singapore 6.16% Utilities 6.07% Cayman Islands 5.53% Telecommunications/Media 5.44% Australia 4.86% Plantation 3.38% China 3.22% Basic Materials 2.95% Indonesia 2.88% Energy 2.64% Thailand 1.57% Transportation/Logistics 1.37% Taiwan 1.44% Health Care 1.24% Philippines 0.96% Construction 1.01% United States Mutual Fund 0.51% Cash Property 0.30% REIT 0.24% Cash 11.56% Total 100.00% 0.70% 11.56% 100.00% Total TOP HOLDINGS RISK STATISTICS Beta Information Ratio Sharpe Ratio 0.83 -0.79 0.18 3 years monthly data 1 Samsung Electronics Co. Ltd South Korea 5.68% 2 Alibaba Group Holding Ltd Cayman Islands 5.53% 3 Link REIT Hong Kong 4.24% 4 Tenaga Nasional Bhd Malaysia 3.61% 5 Reliance Industries Ltd India 3.45% 6 CNOOC Ltd Hong Kong 3.42% 7 CapitaLand Commercial Trust Singapore 2.62% 8 Petronas Chemicals Group Bhd Malaysia 2.50% 9 CapitaLand Mall Trust Singapore 2.26% South Korea 2.24% 10 Samsung Electronics-PFD Total 35.55% Page 2 of 2