CIMB Islamic Money Market Fund Report - November 2017

Transcription

1. 30 November 2017 CIMB Islamic Money Market Fund A S S E T MA N A GE ME N T Available under the EPF Members Investment Scheme . INVESTMENT VOLATILITY FUND OBJECTIVE Aims to provide investors with liquidity and regular income, whilst maintaining capital stability by investing primarily in money market instruments that conform with Shariah principles. 3-year Fund Volatlity 0.20 Very Low FUND PERFORMANCE in MYR Lipper Analytcs 15 Nov 2017 34% 32% 30% FUND INFORMATION 28% 26% Location Kuala Lumpur, Malaysia 24% Domicile Malaysia 22% 20% Fund Size (MYR) MYR 250.59 million Fund Unit 231.83 million units Fund Launch 17 March 2008 Fund Inception (MYR) 17 March 2008 Benchmark CIMB Islamic 1-Month Fixed Return Income Account-i (FRIA-i) Dealing Daily (as per Bursa Malaysia trading day) Nil Application Fee Management Fee 0.50% p.a. of the NAV Trustee Fee 0.03% p.a. of the NAV MYR 1.0809 Unit NAV (MYR) 18% 16% Fund Benchmark 14% 12% 10% 8% 6% 4% 2% 0% Ju n N o - 08 v Ap - 08 Au r- 09 g Ja - 09 n Ju - 10 n O - 10 c M t- 10 a Au r- 11 g Ja - 11 n M - 12 ay O - 12 c M t- 12 ar Ju 13 D e l- 13 cM 13 ay Se - 14 p Fe - 14 bJu 15 D e l- 15 c Ap - 15 Se r- 16 p Fe - 16 b Ju - 17 n N - 17 ov -1 7 Ringgit Malaysia Fund Currency Cumulative Performance (%) YTD 1 Month Fund Benchmark 3.46 2.73 3 Months 6 Months 0.88 0.74 1.79 1.49 0.26 0.24 1 Year 3 Years 5 Years 3.85 2.99 10.85 9.24 Since Inception 17.69 15.41 33.59 29.74 Calendar Year Performance (%) Fund Benchmark 2016 2015 2014 2013 2012 2011 3.36 3.12 3.36 2.88 3.09 2.78 3.00 2.78 3.01 2.79 2.99 2.70 Most Recent Fund Distributions Sen/Unit Yield (%) 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 0.43 4.68 0.38 4.20 0.36 3.96 0.38 4.20 0.37 4.08 0.34 4.08 Note: March 2008 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. Source: Lipper CIMB-PRINCIPAL AWARDS AND ACCOLADES Currency MYR ISIN Code Bloomberg Ticker MYU1000CX005 CIMISMM 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 0.20 and is classified as "Very Low" (source: Lipper). "Very Low" includes funds with VF that are below 1.870. 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 credit (default) and counterparty risk and interest rate 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 November 2017 CIMB Islamic Money Market 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 November 2017 was 0.26% compared to the benchmark at 0.24%. ASSET ALLOCATION In the November MPC meeting, BNM kept its OPR unchanged at 3.00% as expected but stated that it “may consider reviewing the current degree of monetary accommodation”, an indication that BNM could raise rates in 2018. Real GDP growth for the first 3 quarters of 2017 has exceeded market expectations and is expected to stay above 5% in 2018. Given that the economic growth prospect appears favourable with core inflation to be sustained by robust domestic demand, there is a case for the removal of monetary accommodation by BNM. The MPC also indicated that private consumption will remain the largest driver of growth in 2018, likely to be boosted from the individual tax cuts and cash handouts announced in Budget 2018. Consequently, we are of the view that BNM will normalise its monetary policy by raising its OPR only once to 3.25% in 2018. Sukuk 80.00% Cash 20.00% 100.00% Total COUNTRY ALLOCATION Overall, we target to stay fully invested in short term corporate bonds. Malaysia 80.00% Cash 20.00% 100.00% Total RISK STATISTICS Beta Information Ratio Sharpe Ratio TOP HOLDINGS 1.03 1 First Resources Ltd Malaysia AA2 19.55% 2.48 2 Sarawak Energy Bhd Malaysia AA1 3 Senari Synergy Sdn Bhd Malaysia AAAfg 4.00% 4 Perbadanan Kemajuan N.Selangor Malaysia AA3 4.00% 5 UEM Sunrise Bhd Malaysia AA- 3.99% 6 Gamuda Bhd Malaysia AA3 3.99% 7 Golden Assets Intl Fin Ltd Malaysia A1s 2.39% 8 Jimah Energy Ventures Malaysia AA3 2.08% 9 UniTapah Sdn Bhd Malaysia AA1 2.01% Malaysia AA1 2.00% -0.34 3 years monthly data 10 Encorp Systembilt Sdn Bhd Total 6.01% 50.02% Page 2 of 2