CIMB Islamic DALI Equity Fund Report - July 2017

Transcription

1. 31 July 2017 CIMB Islamic DALI Equity 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 a consistent capital growth over the medium to long-term. 3-year Fund Volatlity 6.63 Moderate FUND PERFORMANCE in MYR Lipper Analytcs 15 Jul 2017 300% 280% 260% FUND INFORMATION 240% Location Kuala Lumpur, Malaysia Domicile Malaysia 220% 200% 180% Fund Currency Ringgit Malaysia 160% Fund Size (MYR) MYR 1.03 billion 140% 842.78 million units 120% Fund Unit Fund Launch 30 April 2003 Fund Inception (MYR) 30 April 2003 Fund Benchmark 100% 80% 60% 40% 20% 70% FTSE Bursa Malaysia EMAS Shariah Index + 30% MSCI AC Asia ex Japan Islamic Index Dealing Application Fee Daily (as per Bursa Malaysia trading day) 0% Se p Ap - 03 N o r- 04 v Ju - 04 n Ja - 05 n Au - 06 g M - 06 ar O - 07 c M t- 07 ay N - 08 ov Ju - 08 n Ja - 09 n Au - 10 g M - 10 ar O - 11 c M t- 1 ay 1 D - 12 ec Ju 12 Fe l- 13 b Au - 14 g M - 14 ar O - 15 c M t- 15 ay D e - 16 cJu 16 l- 1 7 Benchmark Cumulative Performance (%) YTD 1 Month IUTAs: 6.50% of the NAV per unit CWA: 6.50% of the NAV per unit Management Fee 1.85% p.a. of the NAV Fund Benchmark Trustee Fee 0.06% p.a. of the NAV Calendar Year Performance (%) MYR 1.2260 Unit NAV (MYR) Fund Benchmark 11.53 11.60 Yield (%) 6 Months 3.73 1.98 9.43 8.49 1.94 0.98 1 Year 3 Years 5 Years 11.32 12.28 15.16 9.35 Since Inception 43.41 31.22 256.99 192.81 2016 2015 2014 2013 2012 2011 -4.02 -2.28 8.91 4.77 0.68 -0.70 16.73 11.48 13.80 11.71 -0.59 -3.80 Most Recent Fund Distributions Gross (Sen/Unit) 3 Months 2016 Jun 2015 Jun 2014 Jun 2013 Jun 2012 Jun 2011 Aug 6.20 5.46 7.50 6.06 7.00 5.63 7.00 5.67 6.62 5.99 6.70 5.67 Note: April 2003 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 MYU1000BC001 BHLPDA2 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 6.63 and is classified as "Moderate" (source: Lipper). "Moderate" includes funds with VF that are above 6.225 but not more than 8.225. 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, currency 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. Page 1 of 2
2. 31 July 2017 CIMB Islamic DALI Equity 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 1.94% in July, outperforming the benchmark by 0.96%. For the period under review, both regional and domestic equities outperformed. By sector, equity outperformance was driven by overweights in the industrial sector and underweights in the oil & gas sector. Year-to-date, the fund has gained 11.53%, underperforming the benchmark by 0.07%. ASSET ALLOCATION 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. Key measures announced by the government at this year’s Invest Malaysia were: 1) launch of the Leading Entrepreneur Accelerator Platform (LEAP) market; 2) plans to establish an integrity and governance unit at Government-linked Companies (GLCs); and 3) greater gender diversity and corporate governance in Corporate Malaysia. Shariah-compliant Equities (Local) 53.49% Shariah-compliant Equities (Foreign) 27.67% Preferred Stock 0.03% Cash 18.81% 100.00% Total SECTOR BREAKDOWN Asia is reasonably priced at 14x/13x FY2017/18 PE with 20%/11% earnings growth. As signaled last month, we trimmed our technology exposure in July. We remain overweight technology, but will be selective and focused on companies with sustainable growth drivers. 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. Investors are now awaiting fresh catalysts before market can resume its uptrend. Key catalysts include: 1) the East Coast Rail Link contracts being announced; 2) an upgrade in earnings estimates following second quarter earnings season; and 3) resumption of foreign flows into the equity market. We continue to like construction, tourism, e-commerce/logistics and GLC restructuring names. COUNTRY ALLOCATION Trading / Services 22.87% Malaysia Finance 11.13% Hong Kong 6.81% Industrials 10.59% South Korea 5.71% Consumer 9.53% India 4.79% Construction 5.87% Cayman Islands 2.83% Plantation 4.59% China 1.92% Basic Materials 4.34% Singapore 1.85% IPC 3.69% Taiwan 1.47% Oil & Gas 3.34% United States 1.36% Telecommunications 1.98% Indonesia 0.38% Technology 1.57% Thailand 0.32% Utilities 0.89% Philippines Properties 0.42% Cash Mutual Fund Cash Total 53.52% 0.23% 18.81% 0.38% 18.81% 100.00% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Tenaga Nasional Bhd Malaysia 7.00% 2 Pos Malaysia Bhd Malaysia 3.74% 3 Posco South Korea 3.52% 4 Petronas Chemicals Group Bhd Malaysia 2.93% 5 Alibaba Group Holding Ltd Cayman Islands 2.83% 6 Gamuda Bhd Malaysia 2.53% Beta 0.80 7 Sime Darby Bhd Malaysia 2.43% Information Ratio 0.47 8 SERBA DINAMIK HOLDINGS BHD Malaysia 2.10% Sharpe Ratio 0.21 9 Reliance Industries Ltd India 1.83% Malaysia 1.79% 3 years monthly data 10 Telekom Malaysia Bhd Total 30.70% Page 2 of 2