CIMB Islamic Enhanced Sukuk Fund Report - May 2017

Transcription

1. 31 May 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. 2.51 Low FUND PERFORMANCE in MYR Lipper Analytcs 15 May 2017 100% 90% FUND INFORMATION 80% Location Kuala Lumpur, Malaysia 70% Domicile Malaysia 60% Ringgit Malaysia 50% Fund Size (MYR) MYR 43.23 million 40% Fund Unit 42.56 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 De l- 05 c Ju - 05 n D - 06 ec Ju - 06 n De - 07 c Ju - 07 n D - 08 ec Ju - 08 n De - 09 c Ju - 09 n De - 10 c Ju - 10 n D - 11 ec Ju - 11 n De - 12 c Ju - 12 n De - 13 c Ju - 13 n N - 14 ov M - 14 ay No - 15 v M - 15 ay N - 16 ov M - 16 ay -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 1.0155 Unit NAV (MYR) Fund Benchmark 2.79 2.03 Yield (%) 6 Months 1.58 1.14 3.64 2.39 0.26 0.01 1 Year 3 Years 5 Years 4.63 3.68 9.57 7.45 Since Inception 20.85 16.40 80.46 50.01 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 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 May 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 May 2017, the Volatility Factor (VF) for this fund is 2.51 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. 31 May 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 gained 0.26% in the month of May, outperforming its benchmark by 0.25%. For the month, both fixed income and equities outperformed their benchmarks. For equities, the outperformance was driven by underweight positions in IHH and Sapura Energy. ASSET ALLOCATION The Government Investment Issues (“GII”) yield curve shifted lower in May driven by risk on sentiment on the back of flows from foreign investors amidst the strengthening of Ringgit. Trading volume for GII increased from RM13.2 billion to RM19.2 billion in May. However, trading volume in corporate sukuk decreased from RM4.6 billion to RM6.9 billion in May with focus mainly on GG and AA rated sukuk. Sukuk 77.53% Common Stock 17.20% Preferred Stock 0.01% Cash 5.26% 100.00% Total SECTOR BREAKDOWN Foreign sentiment has improved as a result of new regulations announced by Bank Negara Malaysia ("BNM") which has resulted in the strengthening of the Ringgit for the second consecutive month. We continue expect the government securities to remain supported by local institutional players and also foreign investors due to the still undervalued Ringgit. The rally in government sukuk has widened the corporate spreads further. Although we think that the spreads still remains expensive as compared to its long-term averages, there are some sports on the curve where spreads have begun to look more constructive. Locally, we expect BNM to maintain Overnight Policy Rate for the year as to support the economic growth despite the strong growth and high inflation. We will continue to overweight on corporate sukuk with focus on primary corporate issuances and repriced secondary offers where we see value. 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 77.53% Trading / Services 7.36% Finance 2.46% Construction 2.01% IPC 1.81% Industrials 1.36% Plantations 1.17% Properties 0.56% Consumer 0.48% Cash 5.26% Total 100.00% Malaysia 94.74% Cash 5.26% 100.00% Total TOP HOLDINGS RISK STATISTICS 1 Bumitama Agri Ltd Malaysia AA3 9.37% 2 TAQA Abu Dhabi National Energy Malaysia NR 6.93% 3 MMC Corporation Berhad Malaysia AA- 4.77% 4 Ranhill Powertron II Sdn Bhd Malaysia AAAfg 4.76% 5 AL DZAHAB ASSETS BERHAD Malaysia AAA 4.65% 6 WCT Hldgs Bhd Malaysia AA-s 4.64% Beta 1.61 7 Golden Assets Intl Fin Ltd Malaysia A1s 4.61% Information Ratio 0.42 8 UEM Sunrise Bhd Malaysia AA- 3.50% 9 MUMTALAKAT Malaysia A1 3.48% Malaysia AA2s 3.48% Sharpe Ratio -0.19 3 years monthly data 10 Imtiaz Sukuk Berhad Total 50.19% Page 2 of 2