CIMB Islamic Small Cap Fund Report - October 2017

Transcription

1. 31 October 2017 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 13.37 Very High FUND PERFORMANCE in MYR Lipper Analytcs 15 Oct 2017 250% 230% FUND INFORMATION 210% 190% Location Kuala Lumpur, Malaysia 170% Domicile Malaysia 150% Ringgit Malaysia 130% Fund Size (MYR) MYR 230.94 million 110% Fund Unit 193.02 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 1.1964 Unit NAV (MYR) 50% 30% 10% - 10% O c M t- 03 ay D - 04 ec Ju 04 Fe l- 05 bSe 06 p Ap - 06 N r- 07 ov Ju - 07 n Ja - 08 n Au - 09 g M - 09 ar O - 10 c M t- 1 ay 0 D - 11 ec Ju 11 Fe l- 12 b S - 13 ep Ap - 13 N r- 14 ov Ju - 14 n Ja - 15 n Au - 16 g M - 16 ar O - 17 ct -1 7 Fund Launch - 30% - 50% Cumulative Performance (%) YTD 1 Month Fund Benchmark 23.48 18.47 3 Months 6 Months 3.71 0.92 5.23 -1.29 3.86 2.85 1 Year 3 Years 5 Years 18.28 13.61 15.25 -1.47 Since Inception 61.72 44.59 180.31 207.66 Calendar Year Performance (%) Fund Benchmark 2016 2015 2014 2013 2012 2011 -10.68 -7.71 17.06 6.04 -9.85 -4.20 39.03 36.71 15.51 -1.63 -3.61 -7.57 Note: April 2003 to October 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 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 October 2017, the Volatility Factor (VF) for this fund is 13.37 and is classified as "Very High" (source: Lipper). "Very High" includes funds with VF that are above 10.735. 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 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 October 2017 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 increased 3.86% in October 2017, outperforming the FTSE Bursa Malaysia Small Cap Index (FBMSC) by 1.01%. Frontken was the key outperformer for the month. Year-to-date, the Fund has increased 23.48%, while the benchmark has risen 18.47%. ASSET ALLOCATION Shariah-compliant Equities (Local) 94.19% Cash 5.81% 100.00% Total The FBMSC increased by 2.85% in October. We saw net foreign outflows of RM0.3bn, the third consecutive month of outflows. Year-to-date, net foreign inflows are RM9.8bn, compared with RM3.2bn outflows in 2016. Brent touched a high of USD61.37/barrel on 31 October, while the Ringgit closed at 4.23. As expected, Budget 2018, tabled on 27 October, was both expansionary and people-centric. Fiscal discipline was maintained as shown by a smaller deficit target of 2.8% for 2018 from 3.0% this year. SECTOR BREAKDOWN Thus far, global economic data have supported our view of better economic growth in 2018. For our 2018 strategy, we remain positive on the market and will continue to buy on dips on the back of 7% earnings growth forecast. We keep to our key broad themes, with specific focus within each theme, i.e. construction (infrastructure plays, affordable housing) , e-commerce/logistics (regional e-fulfillment hub, online payment), Chinese tourism (airport, airline, consumer products), consumer sector (discretionary, durables , personal financing) and technology (smart factory in a rising cost environment, connectivity). We will continue to underweight properties and plantations. Our base case is that there is no political upheaval arising from the 14th General Election expected in the first quarter of 2018. COUNTRY ALLOCATION Industrials 31.47% Malaysia Trading / Services 16.31% Cash Construction 12.62% Consumer 10.85% Technology 10.16% Properties 4.62% IPC 4.39% Finance 3.77% Cash 5.81% Total 100.00% 94.19% 5.81% 100.00% Total TOP HOLDINGS RISK STATISTICS Beta 0.73 Information Ratio 0.62 Sharpe Ratio 1 Success Transformer Corp Malaysia 7.61% 2 Time Dotcom Bhd Malaysia 4.39% 3 Pentamaster Corp Bhd Malaysia 4.28% 4 Frontken Corp Bhd Malaysia 3.95% 5 Taliworks Corp Bhd Malaysia Total 3.67% 23.90% 0.16 3 years monthly data Page 2 of 2