CIMB Islamic Small Cap Fund Report - March 2018

Transcription

1. 31 March 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 13.16 Very High FUND PERFORMANCE in MYR Lipper Analytcs 15 Mar 2018 250% 230% FUND INFORMATION 210% 190% Location Kuala Lumpur, Malaysia 170% Domicile Malaysia 150% Ringgit Malaysia 130% Fund Size (MYR) MYR 168.74 million 110% Fund Unit 177.39 million units 90% Fund Currency Fund Benchmark 70% 30 April 2003 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 0.9512 Unit NAV (MYR) 50% 30% 10% - 10% O c M t- 03 ay D - 04 ec Ju 04 M l- 05 ar O - 06 c M t- 06 ay D - 07 ec Au - 07 g M - 08 ar O - 09 c M t- 09 ay D - 10 ec Au - 10 g M - 11 ar Oc - 12 M t- 12 ay Ja - 13 n Au - 14 g M - 14 ar Oc - 15 M t- 15 ay Ja - 16 n Au - 17 g M - 17 ar -1 8 Fund Launch - 30% - 50% Cumulative Performance (%) YTD 1 Month Fund Benchmark -15.46 -12.87 -10.23 -11.15 3 Months 6 Months -15.46 -12.87 -17.42 -12.36 1 Year 3 Years 5 Years -13.36 -13.02 0.24 -8.78 Since Inception 26.49 22.52 122.86 162.18 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 March 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 March 2018, the Volatility Factor (VF) for this fund is 13.16 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. 31 March 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 10.23% in March 2018, outperforming the benchmark by 0.92%. Timecom and EG Industries were the key outperformers for the month. Year-to-date, the Fund is down 15.46%, underperforming the benchmark by 2.59%. ASSET ALLOCATION March was a negative month as the FTSE Small Cap Index fell 11.15% to 14,856.33 points with the rising concerns of escalating US-China trade disputes. Large caps continued to outperform the broader market and small caps. Shariah-compliant Equities (Local) 90.99% Cash 9.01% 100.00% Total At the time of writing in early April, mounting US-China trade tensions have unnerved equity markets as evidenced by the global selldown. Is this Trump’s posturing for better negotiation power to open markets in China, or is this the start of a trade war which could derail the synchronised global economic recovery trend seen so far? In our opinion, a full-blown trade war will be avoided as it is detrimental to all. Instead, we expect resolution via bilateral negotiations and dialogue on strategic economic sectors. Locally, the election constituency re-delineation exercise has been completed, and the 14th General Elections (GE14) will be held within 60 days from Parliament dissolution on April 7. Our base case is for no major political changes following GE14, and for market to re-focus on earnings delivery and policy continuity, amidst a mainly externally-driven volatile macro environment. However, until we get a firm resolution on the US-China trade war and the final outcome of the GE14, volatility in the equity markets is expected to remain high. SECTOR BREAKDOWN Nevertheless, we remain constructive on Malaysian equities and will look to selectively add to our preferred stocks opportunistically in market corrections. We will stay invested, and continue to like Industrials and Technology. We will also re-look at sectors which have retraced substantially. COUNTRY ALLOCATION Industrials 28.93% Malaysia Trading / Services 21.15% Cash Construction 11.12% Consumer 10.39% Technology 9.79% Properties 3.42% IPC 2.19% Finance 2.14% Second Board 1.86% Cash 9.01% Total 100.00% 90.99% 9.01% 100.00% Total TOP HOLDINGS RISK STATISTICS Beta Information Ratio Sharpe Ratio 0.81 1 Frontken Corp Bhd Malaysia 5.40% 2 Success Transformer Corp Malaysia 5.03% 3 Pentamaster Corp Bhd Malaysia 3.95% 4 George Kent Malaysia Bhd Malaysia 3.82% 5 Taliworks Corp Bhd Malaysia Total 2.77% 20.97% 0.39 -0.16 3 years monthly data Page 2 of 2