CIMB Islamic DALI Equity Growth Fund Report - June 2017

Transcription

1. 30 June 2017 CIMB Islamic DALI Equity 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 achieve consistent capital growth over the medium to long-term. 3-year Fund Volatlity 7.55 Moderate FUND PERFORMANCE in MYR Lipper Analytcs 15 Jun 2017 600% 550% FUND INFORMATION 500% 450% Location Kuala Lumpur, Malaysia 400% Domicile Malaysia 350% Fund Currency Ringgit Malaysia Fund Size (MYR) MYR 4.94 billion Fund Unit 3.72 billion units 300% 250% Fund Benchmark 200% 150% 100% 7 May 1998 Fund Inception (MYR) 7 May 1998 50% 0% Ap r Ja - 98 n O - 99 ct Ju 99 A p l- 00 r Fe - 01 b No - 02 v Au - 02 M g- 03 ay M - 04 a De r- 05 c Se - 05 p Ju - 06 n A p - 07 Ja r- 08 n O - 09 ct Ju 09 l A p - 10 r Fe - 11 b No - 12 v Au - 12 M g- 1 ay 3 M - 14 a D r- 15 ec Se - 15 p Ju - 16 n17 Fund Launch - 50% Benchmark FTSE Bursa Malaysia EMAS Shariah Index Dealing Daily (as per Bursa Malaysia trading day) Application Fee IUTAs: 6.50% of NAV per unit CWA: 6.50% of NAV per unit Management Fee 1.50% p.a. of the NAV Trustee Fee 0.06% p.a. of the NAV MYR 1.3272 Unit NAV (MYR) - 100% - 150% - 200% Cumulative Performance (%) YTD 1 Month Fund Benchmark 5.77 6.72 3 Months 6 Months 0.25 0.08 5.77 6.72 0.08 0.14 1 Year 3 Years 5 Years 4.85 5.94 -1.08 -4.22 Since Inception 31.31 16.53 514.47 198.75 Calendar Year Performance (%) Fund Benchmark 2016 2015 2014 2013 2012 2011 -5.99 -6.14 5.50 2.35 -3.12 -4.17 22.24 13.29 13.32 11.85 8.90 2.41 Most Recent Fund Distributions Gross (Sen/Unit) Yield (%) 2016 Aug 2015 Jul 2014 Jul 2013 Jul 2012 Jul 2011 Aug 6.50 4.93 6.25 4.36 7.25 4.76 8.25 5.62 5.62 4.44 7.08 5.61 Note: May 1998 to June 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 MYU1000BB003 BHLPDAI 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 June 2017, the Volatility Factor (VF) for this fund is 7.55 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 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. 30 June 2017 CIMB Islamic DALI Equity 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 rose 0.08% in June 2017, underperforming the benchmark by 0.06%. Underperformance came mainly from the underweight in Healthcare and overweight in Property. Specifically, stocks which contributed to underperformance were Hartalega and SP Setia. Year-to-date, the fund is up 5.77%, underperforming the benchmark by 0.95%. ASSET ALLOCATION The FTSE Bursa Malaysia Emas Shariah Index (FBMS) was flat in June, rising marginally by 0.14%. For 1H17, the FBMS has risen 6.7%. Notable events during the month include: 1) UK Election resulting in a minority government 2) Macron victory in French Election 3) Qatar being sanctioned by its neighbours for alleged terrorism funding 4) Brent breaking below USD50/barrel to a low of USD44.82/barrel 5) United States Federal Reserve (Fed) raising rates by 0.25 bps and impending balance sheet normalisation 6) China A-shares inclusion in MSCI in 2018 6) Speculation of ECB QE tapering by 2018. Meanwhile, the local market was negatively surprised by the suspension of FGV’s CEO and CFO. The Ringgit (MYR) touched a low of 4.2580 before closing the month at 4.2928 (weakened 0.3% mom). Shariah-compliant Equities (Local) 94.48% Preferred Stock 0.15% Sukuk 0.02% Cash 5.35% 100.00% Total SECTOR BREAKDOWN The local market turned slightly cautious as foreign net buying tapered off to RM0.4m in June, with cumulative 6M17 net inflows at RM10.7bn. As valuations have expanded, we are watching for earnings recovery to support a higher market in 2H17, provided that commodity prices remain stable. We expect Chinese presence to continue to feature prominently in Malaysia across various sectors, e.g. banking, automotive, construction and tourism. We see Government-linked Companies (GLC) restructuring switching into execution gear in 2H17 as market awaits actual delivery. While valuations have expanded, we will rotate into laggards with better upside within our preferred sectors, such as construction and tourism. GLC restructuring and e-commerce companies remain core holdings in our portfolios. COUNTRY ALLOCATION Trading / Services 46.37% Malaysia Industrials 11.37% Cash Construction 10.52% Plantation 9.06% IPC 5.76% Properties 5.09% Finance 4.34% Technology 1.03% REITS 0.81% Consumer 0.28% Sukuk 0.02% Cash 5.35% Total 100.00% 94.65% 5.35% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Tenaga Nasional Bhd Malaysia 9.60% 2 Sime Darby Bhd Malaysia 8.90% 3 Axiata Group Bhd Malaysia 6.18% 4 Gamuda Bhd Malaysia 5.17% 5 Petronas Chemicals Group Bhd Malaysia 4.11% 6 IJM Corp Bhd Malaysia 3.98% Beta 0.81 7 IOI Corp Bhd Malaysia 3.78% Information Ratio 0.37 8 Dialog Group Bhd Malaysia 3.59% 9 Telekom Malaysia Bhd Malaysia 3.33% Malaysia 3.31% Sharpe Ratio -0.50 3 years monthly data 10 Petronas Gas Bhd Total 51.95% Page 2 of 2