CIMB Islamic DALI Equity Growth Fund Report - November 2017

Transcription

1. 30 November 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 7.46 Moderate FUND PERFORMANCE in MYR Lipper Analytcs 15 Nov 2017 600% 550% FUND INFORMATION 500% 450% Location Kuala Lumpur, Malaysia 400% Domicile Malaysia 350% Fund Currency Ringgit Malaysia Fund Size (MYR) MYR 4.26 billion Fund Unit 3.36 billion units 300% 250% Fund Benchmark 200% 150% 100% 7 May 1998 Fund Inception (MYR) 7 May 1998 50% 0% Ja n O - 99 c Au t- 99 g M - 00 ay M - 01 a De r- 02 c O - 02 ct Ju - 03 l A p - 04 Fe r- 05 b N - 06 ov Se - 06 p Ju - 07 n A p - 08 r Ja - 09 n O - 10 ct Au - 10 M g- 1 ay 1 M - 12 a D r- 13 ec O - 13 ctJu 14 l A p - 15 Fe r- 16 b N - 17 ov -1 7 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 1.2670 Unit NAV (MYR) - 100% - 150% - 200% Cumulative Performance (%) YTD 1 Month Fund Benchmark 6.23 7.54 3 Months 6 Months 1.04 1.34 0.52 0.91 -1.23 -1.24 1 Year 3 Years 5 Years 7.00 8.56 1.94 -0.89 Since Inception 30.91 17.91 517.15 201.03 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 (%) 2017 Jul 2016 Aug 2015 Jul 2014 Jul 2013 Jul 2012 Jul 6.50 4.90 6.50 4.93 6.25 4.36 7.25 4.76 8.25 5.62 5.62 4.44 Note: May 1998 to November 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 November 2017, the Volatility Factor (VF) for this fund is 7.46 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 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 November 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 fell 1.23% in November 2017, matching the benchmark. Key contributors were our overweight in Industrials and Financials/Property, in stocks such as SKP Resources, Cahya Mata Sarawak, LBS and SP Setia, which outperformed during the month. Key drags were our underweight in Healthcare and Utilities, as Hartalega and Tenaga continued to rise. Year-to-date, the fund is up 6.23%, underperforming the benchmark by 1.31%. ASSET ALLOCATION Shariah-compliant Equities (Local) 95.81% Preferred Stock 0.08% Sukuk 0.03% Cash 4.08% 100.00% Total In November, the FTSE Bursa Malaysia Emas Shariah Index fell 162.57 points or 1.24% to 12,920.15 pts. The 3Q17 result season failed to re-rate the market. In addition to this, the Sime demerger exercise failed to lift sentiments in the market. We saw net foreign outflows of RM15m, the fourth consecutive month of outflows. Year-to-date, net foreign inflows are RM9.37bn, compared with RM3.2bn outflows in 2016. Malaysia’s economy expanded 6.2% yoy in 3Q17, the fifth straight quarter of improvement, as domestic demand strengthened. Bank Negara Malaysia kept the Overnight Policy Rate at 3% during the Monetary Policy Committee (MPC) meeting, but indicated that the MPC may consider reviewing the current degree of monetary accommodation given the strength of global and domestic macroeconomic conditions. SECTOR BREAKDOWN Global economic data have supported our view of better economic growth in 2018. For our 2018 strategy, we remain positive on the market and will continue to buy on dips on the back of 7% earnings growth forecast. We keep to our key broad themes, with specific focus within each theme, i.e. construction (infrastructure plays, affordable housing), e-commerce/logistics (regional e-fulfillment hub, online payment), Chinese tourism, consumer sector (discretionary, durables) and technology (smart factory in a rising cost environment, connectivity). Our base case is that there is no political upheaval arising from the 14th General Election expected in the first quarter of 2018. COUNTRY ALLOCATION Trading / Services 41.48% Malaysia Industrials 13.27% Cash Plantation 13.17% Construction 9.46% Properties 7.42% IPC 4.83% Finance 2.44% Technology 2.08% Consumer 0.94% REITS 0.80% Sukuk 0.03% Cash 4.08% Total 100.00% 95.92% 4.08% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Tenaga Nasional Bhd Malaysia 9.80% 2 Axiata Group Bhd Malaysia 6.18% 3 Dialog Group Bhd Malaysia 4.66% 4 Petronas Chemicals Group Bhd Malaysia 4.53% 5 Sime Darby Plantation Bhd Malaysia 4.15% 6 IOI Corp Bhd Malaysia 3.90% Beta 0.82 7 IJM Corp Bhd Malaysia 3.47% Information Ratio 0.33 8 Pos Malaysia Bhd Malaysia 3.09% 9 Digi.com Bhd Malaysia 2.83% Malaysia 2.74% Sharpe Ratio -0.35 3 years monthly data 10 Telekom Malaysia Bhd Total 45.35% Page 2 of 2