CIMB Islamic DALI Equity Fund Report - March 2017

Transcription

1. 31 March 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 6.46 Moderate FUND PERFORMANCE in MYR Lipper Analytcs 15 Mar 2017 240% 220% FUND INFORMATION 200% 180% Location Kuala Lumpur, Malaysia Domicile Malaysia 140% Ringgit Malaysia 120% Fund Size (MYR) MYR 954.90 million 100% Fund Unit 821.36 million units 80% Fund Currency 160% Fund Benchmark 60% Fund Launch 30 April 2003 40% Fund Inception (MYR) 30 April 2003 20% Islamic Index Dealing Application Fee Daily (as per Bursa Malaysia trading day) YTD 1 Month Management Fee 1.85% p.a. of the NAV Fund Benchmark Trustee Fee 0.06% p.a. of the NAV Calendar Year Performance (%) MYR 1.1625 Unit NAV (MYR) Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013 Mar-2012 Mar-2011 Mar-2010 Mar-2009 Mar-2008 Cumulative Performance (%) IUTAs: 6.50% of the NAV per unit CWA: 6.50% of the NAV per unit Mar-2007 Index + 30% MSCI AC Asia ex Japan Mar-2006 70% FTSE Bursa Malaysia EMAS Shariah Mar-2005 Mar-2004 0% Benchmark Fund Benchmark 5.75 8.20 Yield (%) 6 Months 5.75 8.20 3.22 5.99 2.94 3.43 1 Year 3 Years 5 Years 7.84 9.54 12.77 9.12 Since Inception 40.13 28.88 238.50 183.89 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 March 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 March 2017, the Volatility Factor (VF) for this fund is 6.46 and is classified as "Moderate" (source: Lipper). "Moderate" includes funds with VF that are above 5.965 but not more than 8.015. 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, 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 March 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 2.94% in March, underperforming the benchmark by 0.49%. Local equities outperformed, while regional equities underperformed. By sector , equity underperformance was driven by telecommunications and technology. Year-to-date, the fund gained 5.75%, underperforming the benchmark by 2.45%. ASSET ALLOCATION Asia Ex-Japan equity markets gained in March as growth stocks started to outperform value stocks. We are positive on Asian equities as we continue to see inflows, upward earnings revisions, and benign global financial markets (US 10-year yields 2.30%-2.70%, stable US Dollar Index, relatively stable commodity prices). Over the next quarter, there is probably a greater than 50% chance of the inclusion of A-shares into the MSCI indices possibly by June. We note rising political risk and earnings downgrades in the US could encourage inflows to emerging markets. The FTSE Bursa Malaysia Emas Shariah Index (FBMS) rallied 3.42% in March, driven by net foreign inflows of RM4.4bn. For 1Q17, net foreign inflows amounted to RM5.7bn . Government-linked Companies (GLC) restructuring remains a key investment theme. Shariah-compliant Equities (Local) 58.09% Shariah-compliant Equities (Foreign) 29.38% Preferred Stock 0.04% Cash 12.49% 100.00% Total SECTOR BREAKDOWN The regional portion of the portfolio is targeting to be fully invested, and expect to be buyers of the market on dips. The sectors we are increasing exposure to are Industrials and Technology. Country-wise, we favor India and Singapore. For Malaysian equities, we continue to overweight cyclical sectors like oil and gas, consumer discretionary and tourism-related companies. GLC restructuring and e-commerce companies remain core holdings in our portfolios. COUNTRY ALLOCATION Trading / Services 24.50% Malaysia Industrials 13.64% Hong Kong 58.13% 9.81% Consumer 10.04% South Korea 4.27% Finance 7.87% Singapore 3.18% Construction 6.66% Cayman Islands 2.94% Plantations 5.37% India 2.88% IPC 5.34% China 2.69% Technology 4.68% Indonesia 1.76% Oil & Gas 2.77% Taiwan 0.68% Basic Materials 2.52% Philippines 0.53% Telecommunications 2.45% Thailand 0.34% Properties 1.02% United States Mutual Fund 0.42% Cash Utilities Cash Total 0.30% 12.49% 0.23% 12.49% 100.00% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Tenaga Nasional Bhd Malaysia 5.95% 2 Sime Darby Bhd Malaysia 4.33% 3 Petronas Chemicals Group Bhd Malaysia 3.90% 4 Tencent Hldg Ltd Hong Kong 3.38% 5 Alibaba Group Holding Ltd Cayman Islands 2.94% 6 Pos Malaysia Bhd Malaysia 2.82% Beta 0.80 7 Gamuda Bhd Malaysia 2.80% Information Ratio 0.27 8 Lingkaran Trans Kota Hldg Bhd Malaysia 2.13% Sharpe Ratio 0.10 9 Telekom Malaysia Bhd Malaysia 2.12% Malaysia 2.08% 3 years monthly data 10 BIMB Hldg Bhd Total 32.45% Page 2 of 2