CIMB Islamic Enhanced Sukuk Fund Report - April 2017

Transcription

1. 30 April 2017 CIMB Islamic Enhanced Sukuk Fund A S S E T MA N A GE ME N T Available under the EPF Members Investment Scheme . INVESTMENT VOLATILITY FUND OBJECTIVE 3-year Fund Volatlity The objective of the Fund is to grow the value of Unit holders’ investments over the medium-term in Sukuk portfolio with most tenures ranging from 3-10 years as well as to provide regular income. 2.50 Low FUND PERFORMANCE in MYR Lipper Analytcs 15 Apr 2017 100% 90% FUND INFORMATION 80% Location Kuala Lumpur, Malaysia 70% Domicile Malaysia 60% Ringgit Malaysia 50% Fund Size (MYR) MYR 43.65 million 40% Fund Unit 43.09 million units Fund Launch 23 February 2005 20% Fund Inception (MYR) 23 February 2005 10% Fund Currency Fund Benchmark 30% 85% CIMB Islamic 1-Month Fixed Return Income Account-i (FRIA-i) + 15% FBM EMAS Shariah Index Dealing Application Fee Daily (as per Bursa Malaysia trading day) Ju n De - 05 c Ju - 05 n D - 06 ec Ju - 06 n De - 07 c Ju - 07 n De - 08 c M - 08 ay N - 09 ov M - 09 ay No - 10 M v- 10 ay N - 11 o M v- 1 ay 1 N - 12 o M v- 12 ay O - 13 ct Ap - 13 r O - 14 ct Ap - 14 r O - 15 ct Ap - 15 r O - 16 ct Ap - 16 r- 1 7 0% Benchmark - 10% - 20% Cumulative Performance (%) YTD 1 Month IUTAs: 2.00% of the NAV per unit CWA: 2.00% of the NAV per unit Management Fee 1.00% p.a. of the NAV Fund Benchmark Trustee Fee 0.07% p.a. of the NAV Calendar Year Performance (%) MYR 1.0130 Unit NAV (MYR) Fund Benchmark 2.52 2.01 Yield (%) 6 Months 1.77 1.53 1.46 1.99 0.68 0.40 1 Year 3 Years 5 Years 4.54 3.53 9.48 7.54 Since Inception 20.96 16.46 80.00 49.99 2016 2015 2014 2013 2012 2011 1.65 1.69 3.98 2.89 2.07 1.74 5.84 4.38 5.21 4.15 4.61 2.79 Most Recent Fund Distributions Gross (Sen/Unit) 3 Months 2016 Apr 2015 Apr 2014 Mar 2013 Mar 2012 Apr 2011 Mar 4.45 4.21 4.45 4.25 4.45 4.31 3.71 2.90 5.45 5.28 5.50 5.30 Note: February 2005 to April 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 MYU1000AN000 CTLWAFQ 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 April 2017, the Volatility Factor (VF) for this fund is 2.50 and is classified as "Low" (source: Lipper). "Low" includes funds with VF that are above 1.785 but not more than 5.965. 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 credit (default) and counterparty risk, interest rate risk*, risk of investing in emerging markets, risks associated with investment in warrants and/or options 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. *Note: The Fund does not invest in interest bearing instruments; the interest rate referred herein is to the general interest rate of the country, which may affect the value of the investments of the Fund. Page 1 of 2
2. 30 April 2017 CIMB Islamic Enhanced Sukuk 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’s performance for the month of April was 0.68% outperformed its benchmark by 0.28%. For the month, both fixed income and equities outperformed their benchmarks. For equities, the outperformance was driven overweight position Pos and Serba Dinamik. ASSET ALLOCATION The Government Investment Issues (“GII”) yield curve shifted lower in April on the belly of the curve driven by buying interest from local and some foreign investors following the recent announcement by Bank Negara Malaysia (“BNM”) to allow flexibility on currency trading on the onshore market. Trading volume for GII increased from RM10.7 billion to RM13.2 billion in April. However, trading volume in corporate sukuk decreased from RM8.5 billion to RM4.6 billion in April with focus mainly on GG and AA rated sukuk. Sukuk 69.79% Common Stock 14.25% Preferred Stock 0.01% Cash 15.95% 100.00% Total SECTOR BREAKDOWN The result of the first round of the French presidential election was met by a risk-on attitude by the market that switched out of safe-haven assets and into riskier assets, such as the Malaysia Government Securities and other emerging market bonds. Furthermore, market has continued to doubt Trump administration’s ability to push through his intended policies that were expected to boost growth and inflation. Locally, despite Malaysia’ s headline inflation rising to 5.1% year-on-year in March, we continue to expect BNM to maintain the Overnight Policy Rate at current levels this year to support economic growth coupled with the prospect of an early general election. We will continue to overweight on corporate sukuk with focus on primary corporate issuances and repriced secondary offers where we see value. Nonetheless, we remain aware of rising risks of rating downgrades and defaults in the credit market and will overweight fundamentals in our portfolio activities. For equities, we continue to prefer cyclicals over defensives, maintaining exposure in oil and gas, tourism related-companies, GLC restructuring plays and e-commerce companies Sukuk COUNTRY ALLOCATION 69.79% Trading / Services 5.96% Industrials 1.98% Finance 1.53% Construction 1.46% Plantations 1.29% IPC 1.27% Properties 0.46% Consumer Cash Total Malaysia 84.05% Cash 15.95% 0.31% 15.95% 100.00% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Bumitama Agri Ltd Malaysia AA3 9.27% 2 TAQA Abu Dhabi National Energy Malaysia NR 6.83% 3 MMC Corporation Berhad Malaysia AA- 4.71% 4 Ranhill Powertron II Sdn Bhd Malaysia AAAfg 4.70% 5 AL DZAHAB ASSETS BERHAD Malaysia AAA 4.61% 6 Golden Assets Intl Fin Ltd Malaysia A1s 4.56% Beta 1.62 7 UEM Sunrise Bhd Malaysia AA- 3.46% Information Ratio 0.38 8 MUMTALAKAT Malaysia A1 3.45% 9 Imtiaz Sukuk Berhad Malaysia AA2s 3.45% 10 Sarawak Energy Bhd Malaysia AA1 3.44% Sharpe Ratio -0.20 3 years monthly data Total 48.48% Page 2 of 2