CIMB Islamic Enhanced Sukuk Fund Report - February 2018

Transcription

1. 28 February 2018 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. 2.43 Low FUND PERFORMANCE in MYR Lipper Analytcs 15 Feb 2018 100% 90% FUND INFORMATION 80% Location Kuala Lumpur, Malaysia 70% Domicile Malaysia 60% Ringgit Malaysia 50% Fund Size (MYR) MYR 32.18 million 40% Fund Unit 30.55 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 l Ja - 05 nJu 06 Fe l- 06 b Au - 07 g Fe - 07 b Se - 08 p M - 08 a Se r- 09 p Ap - 09 r O - 10 ct Ap - 10 N r- 11 o M v- 11 ay No - 12 M v- 12 ay De - 13 c Ju - 13 n D - 14 ec Ju 14 Ja l- 15 nJu 16 Fe l- 16 b Au - 17 g Fe - 17 b18 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 1.0532 Unit NAV (MYR) Fund Benchmark 0.48 0.56 Yield (%) 6 Months 1.32 1.22 2.48 2.07 -0.25 -0.04 1 Year 3 Years 5 Years 5.35 3.81 10.84 8.36 Since Inception 21.63 16.72 87.16 53.97 2017 2016 2015 2014 2013 2012 6.10 4.14 1.65 1.69 3.98 2.89 2.07 1.74 5.84 4.38 5.21 4.15 Most Recent Fund Distributions Gross (Sen/Unit) 3 Months 2017 Apr 2016 Apr 2015 Apr 2014 Mar 2013 Mar 2012 Apr 4.45 4.24 4.45 4.21 4.45 4.25 4.45 4.31 3.71 2.90 5.45 5.28 Note: February 2005 to February 2018. 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 February 2018, the Volatility Factor (VF) for this fund is 2.43 and is classified as "Low" (source: Lipper). "Low" includes funds with VF that are above 1.785 but not more than 6.045. 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, credit and default risk, currency risk, interest rate risk, risk of investing in emerging markets, risks associated with investment in warrants, 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. 28 February 2018 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 was down 0.25% in February , underperforming the benchmark by 0.21%. The underperformance was driven mainly by Equities . Year-to-date, the Fund is up 0.48%, marginally underperforming the benchmark by 0.08%. ASSET ALLOCATION The Government Investment Issues (“GII”) yield curve bear flattened in February with yields on short end traded higher by 3 to 6 bps while the long dated GII yields traded tighter by 3 to 4 bps in light trading activities. Trading volume in corporate sukuk reduced from RM8.2bn in January to RM5.5bn in February with focus mainly on Quasi-Sovereign and AA rated sukuk. Malaysia real GDP growth moderated to 5.9% year-on-year (“y-o-y”) for 4Q2017 from 6.2% in 3Q. For the full year 2017, Malaysia recorded growth of 5.9% (2016: 4.2%). We expect 1H2018 growth to remain healthy ahead of the general election and projects that the economy to grow between 5.0 to 5.5% in 2018, driven by domestic demand. Inflation for January rose 2.7% y-o-y lower than the previous month’s 3.5% growth. We expect Bank Negara Malaysia to keep its Overnight Policy Rate unchanged for the rest of 2018. Sukuk 76.72% Common Stock 16.07% Preferred Stock 0.02% Cash 7.19% 100.00% Total SECTOR BREAKDOWN We maintain overweight on corporate sukuk for higher yield pick up with focus on AA-rated primary issuances and repriced secondary offers. For equities, we will stay invested, but continue to trim portfolio risk by reducing exposure to stocks which have risen exponentially, as we approach GE14. We will rotate into more liquid large cap names to raise portfolio liquidity. We continue to like Financials, Tourism and Industrials. Sukuk COUNTRY ALLOCATION 76.72% Trading / Services 7.79% Industrials 2.03% Construction 2.00% Properties 1.64% Plantation 1.57% Consumer 0.80% Technology 0.25% Finance 0.01% Cash 7.19% Total 100.00% Malaysia 92.81% Cash 7.19% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 TAQA Abu Dhabi National Energy Malaysia NR 9.29% 2 MMC Corporation Berhad Malaysia AA- 6.42% 3 WCT Hldgs Bhd Malaysia AA-s 6.26% 4 Golden Assets Intl Fin Ltd Malaysia A1s 6.23% 5 Quantum Solar Park Malaysia AA-s 4.73% 6 Sabah Credit Corp Malaysia AA1 4.69% Beta 1.69 7 Imtiaz Sukuk Berhad Malaysia AA2s 4.67% Information Ratio 0.55 8 MUMTALAKAT Malaysia A1 4.66% 9 Sarawak Energy Bhd Malaysia AA1 4.62% Malaysia AA- 3.16% Sharpe Ratio -0.01 3 years monthly data 10 Malakoff Power Bhd Total 54.73% Page 2 of 2