CIMB Islamic Small Cap Fund Report - February 2018

Transcription

1. 28 February 2018 CIMB Islamic Small Cap 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 seek medium to long-term growth in capital by investing principally in emerging companies listed on Bursa Malaysia and this must be in accordance with the Shariah principles. 3-year Fund Volatlity 12.87 Very High FUND PERFORMANCE in MYR Lipper Analytcs 15 Feb 2018 250% 230% FUND INFORMATION 210% 190% Location Kuala Lumpur, Malaysia 170% Domicile Malaysia 150% Ringgit Malaysia 130% Fund Size (MYR) MYR 192.54 million 110% Fund Unit 181.70 million units 90% Fund Currency Fund Benchmark 70% Fund Inception (MYR) 30 April 2003 Benchmark Dealing Application Fee FTSE Bursa Malaysia Small Cap Index Daily (as per Bursa Malaysia trading day) Iutas: 6.50% of the NAV per unit CWA: 6.50% of the NAV per unit Management Fee 1.85% p.a. of the NAV Trustee Fee 0.06% p.a. of the NAV MYR 1.0596 Unit NAV (MYR) 50% 30% 10% - 10% ar Oc - 03 M t- 03 ay D - 04 ec Ju 04 Fe l- 05 bOc 06 M t- 06 ay De - 07 cJu 07 Fe l- 08 b O - 09 c M t- 09 ay De - 10 cJu 10 Fe l- 11 b O - 12 c M t- 12 ay De - 13 cJu 13 Fe l- 14 b O - 15 c M t- 15 ay De - 16 cJu 16 Fe l- 17 b18 30 April 2003 - 30% M Fund Launch - 50% Cumulative Performance (%) YTD 1 Month Fund Benchmark -5.83 -1.94 -4.46 -2.13 3 Months 6 Months -5.63 -0.40 -7.85 -0.16 1 Year 3 Years 5 Years 0.76 6.07 8.98 0.60 Since Inception 47.33 46.07 148.26 195.08 Calendar Year Performance (%) Fund Benchmark 2017 2016 2015 2014 2013 2012 16.13 15.87 -10.68 -7.71 17.06 6.04 -9.85 -4.20 39.03 36.71 15.51 -1.63 Note: April 2003 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. Source: Lipper CIMB-PRINCIPAL AWARDS AND ACCOLADES Currency MYR ISIN Code Bloomberg Ticker MYU1000AW001 BHLPDAZ 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 12.87 and is classified as "Very High" (source: Lipper). "Very High" includes funds with VF that are above 10.615. 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 liquidity risk, risks associated with investment in warrants 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, investors 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. 28 February 2018 CIMB Islamic Small Cap 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 4.46% in February 2018 , underperforming the benchmark by 2.33%. Taliworks and Ahmad Zaki were the key detractors for the Fund during the month. On a year-to-date basis, the Fund is down 5.83%, underperforming the benchmark by 3.89%. ASSET ALLOCATION Shariah-compliant Equities (Local) 91.28% Cash 8.72% 100.00% Total February was a volatile month as investors began re-pricing more interest rate hikes in the United States, earlier than expected, on the back of higher inflation expectations. In line with the global rout, the FTSE Bursa Malaysia Small Cap Index (FBMSC) corrected 364.17 pts or 2.13% to 16,720.59 pts. The FBMSC had fallen sharply from a high of 17,022.35 pts (February 2) to a low of 16,120.74 pts (February 9), before recouping part its losses by month end. In February, foreign investors net sold circa RM1.1bn bringing year-to-date net inflows to RM2.2bn. SECTOR BREAKDOWN We remain optimistic on the Malaysian market. Market will remain volatile as investors digest the recent corporate earnings, monitor inflation expectations and watch global central banks dial back their balance sheets, while waiting for our own 14th General Elections (GE14) to be called. While markets may correct, we are of the view that these corrections are not the start of a bear market. Hence, we will stay invested, but continue to trim portfolio risk by reducing exposure to stocks which have risen exponentially as we approach GE14. These include selective Construction stocks, as well as some politically-linked names. We will rotate into more liquid large cap names to raise portfolio liquidity. We continue to like Tourism and Industrials. We have also lowered our exposure to selective e-commerce/logistics names. COUNTRY ALLOCATION Industrials 27.07% Malaysia Trading / Services 19.07% Cash Construction 13.48% Consumer 11.65% Technology 9.58% Properties 4.21% Finance 2.27% IPC 2.09% Second Board 1.86% Cash 8.72% Total 100.00% 91.28% 8.72% 100.00% Total TOP HOLDINGS RISK STATISTICS Beta 0.79 Information Ratio 0.33 Sharpe Ratio 1 Success Transformer Corp Malaysia 5.38% 2 Frontken Corp Bhd Malaysia 5.35% 3 Pentamaster Corp Bhd Malaysia 3.95% 4 DATASONIC GROUP BHD Malaysia 3.05% 5 Taliworks Corp Bhd Malaysia Total 2.68% 20.41% 0.02 3 years monthly data Page 2 of 2