Eastspring Investments ASEAN Al-Adiil Fund Report - September 2017

Transcription

1. ASEAN AL-ADIIL FUND SEPTEMBER 2017 3-year Fund Volatility 5 .1 Low Lipper Analytics 15-Aug-2017 ALL DATA AS AT 31 AUGUST 2017 UNLESS OTHERWISE STATED FUND INFORMATION FUND OBJECTIVE Launch Date: 28 October 2013 The Fund seeks to provide capital appreciation and income by investing in Shariah-compliant securities in the ASEAN markets. . Fund Category/Fund Type: Balanced (Shariah)/growth and income . . ASSET ALLOCATION Fund Size: RM8,076,988.17 . Initial Offer Price: 0.5000 1. 2. 3. 4. 5. 6. 7. . NAV per Unit: RM0.5846 . EPF Investment Scheme: Nil . FEES, CHARGES AND EXPENSES AA3 Industrials Telecommunications Basic Materials AA2 (S) Financials AA2 21.27% 20.39% 10.17% 8.23% 8.03% 7.26% 6.20% 8. Cash & cash equivalents 9. Energy 10. Health care 11. Technology 12. Consumer Goods 13. Utilities 5.39% 3.50% 3.23% 3.04% 2.24% 1.05% 56.29% 15.94% 8.73% 4. Singapore 5. Thailand 6. Cash 6.94% 6.70% 5.40% * as percentage of NAV. Annual Management Fee: Up to 1.80% of the NAV per annum . . Annual Trustee Fee: Up to 0.08% of the NAV per annum, subject to a minimum of RM18,000 per annum (excluding foreign custodian fees and charges) COUNTRY ALLOCATION 1. 2. 3. . Sales Charge: Up to 5.50% of the NAV per Unit Malaysia Indonesia Philippines . Redemption charge: Nil . Redemption Payment Period: Ten (10) calendar days . * as percentage of NAV. . TRANSACTION DETAILS TOP HOLDINGS Minimum Initial Investment: Lump Sum: RM1,000* Regular Investment: RM100 Equity Holdings . Minimum Additional Investment: Lump Sum & Regular Investment: RM100* . * The Manager reserves the right to change the minimum amounts stipulated above from time to time . DISTRIBUTIONS Income Distribution Policy: At least once a year, subject to the availability of income Bond Holdings 1. Ayala Land Inc. 2. Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk 3. Airports Of Thailand Public Co Ltd 4. Singapore Telecommunications Limited 5. Lotte Chemical Titan Holding Berhad 5.94% 5.61% 4.48% 3.54% 1. Perbadanan Kemajuan Negeri Selangor 2. Mukah Power Generation Sdn Bhd 3. Tanjung Bin Energy Issuer Berhad 4. UMW Holdings Berhad 5. BGSM Management Sdn Bhd 11.17% 3.50% * as percentage of NAV. . FUND PERFORMANCE 52-Week High 52-Week Low NAV 0.6041 0.5762 Eastspring Investments ASEAN Al-Adiil Fund - Since Inception (SI) Return Vs Benchmark Date 22-06-2017 11-08-2017 FUND MANAGER Fund Manager: Eastspring Investments Berhad . SI % Change Fund NAV: Date Eastspring Investments ASEAN Al-Adiil Fund Benchmark The performance is calculated on NAV-to-NAV basis with gross income or dividend reinvested Source: Lipper for Investment Management. Past performance is not necessarily indicative of future performance. Eastspring Investments Berhad (531241-U) Level 12, Menara Prudential, 10, Jalan Sultan Ismail, 50250 Kuala Lumpur. Tel: 603 - 2332 1000 Fax: 603 - 2052 3366 E-mail: cs.my@eastspring.com 8.03% 6.30% 6.20% 3.80%
2. ASEAN AL-ADIIL FUND SEPTEMBER 2017 ALL DATA AS AT 31 AUGUST 2017 UNLESS OTHERWISE STATED PERFORMANCE TABLE Fund Benchmark * Lipper Ranking 1 month 6 months 1 year 3 years 5 years Since Inception -0.05% 4.01% 5.07% 21.77% n.a. 28.03% 0.19% 3.08% 4.92% 11.35% n.a. 16.76% 4 of 4 3 of 4 4 of 4 3 of 4 n.a. n.a. Lipper Fund Category: Mixed Asset MYR Bal - Global The number of funds within the category should be at least five for a meaningful assessment . *50% Dow Jones Islamic Market (DJIM) ASEAN Index + 50% Maybank 12- month General Investment Account (GIA) Fund performance and Lipper ranking are sourced from Lipper for Investment Management and benchmark is from www.djindexes.com and www.maybank2u.com.my, 31 August 2017. Performance is calculated on a Net Asset Value ("NAV") to NAV basis with gross income or dividend reinvested . Past performance is not necessarily indicative of future performance. . LIPPER LEADERS RATING (OVERALL) Total Return Consistent Return Preservation 4 3 5 Lipper Leaders Key Lowest Highest 1 5 The Lipper Leaders Ratings System is a set of tools that guide investors and their advisors to select funds that suit individual investment styles and goals. It uses investors-centred criteria to deliver a simple, clear description of a fund's success in meeting certain goals, such as preserving capital or building wealth through consistent strong returns. Lipper Leader ratings are derived from highly sophisticated formulas that analyse funds against clearly defined criteria. Each fund is ranked against its peers based on the metric used (such as Total Return or Expense), and then the top 20% of funds in that ranking receive the Lipper Leader designation. Lipper Leaders measures are not predictive of future performance, but they do provide context and perspective for making knowledgeable fund investment decisions. FUND MANAGER’S COMMENTARY Equity: During the month, the Fund fell by 0.05% and underperformed the Benchmark by 24bps mainly due to negative stock selection in equities. The best performing market during the month was Thailand , with the Stock Exchange of Thailand ("SET") Index up 2.54%. After posting as a laggard to its ASEAN peers year-to-date ("YTD"), the Thai market rebounded as investors looked forward to a better second half after disappointing corporate results in the second quarter . It was a liquidity led rally as big caps such as CP All, Bangkok Dusit, Charoen Pokphand Foods and Siam Global led the benchmark. For country performance in local currency terms, Singapore and Philippines were the two worst performing markets after outperforming in the previous month. The Straits Times Index and Philippines Composite fell by 1.57% and 0.74% respectively - the only 2 markets with negative returns in local currency during the month. Singapore was weighed down by Singtel while the Philippines market reported mixed corporate earnings dragged by the staples and telecommunications sector. The Fund’s performance during the month was partly boosted by its holdings in corporate Sukuk which outperformed the GIA benchmark . Fixed income portion gave a positive weighted return of around 0.52% which was higher compared to the benchmark weighted return of 0.17%. Fixed Income: All eyes will be on the next Federal Open Market Committee (‘FOMC”) meeting which will be held on 19-20 September. Market participants expect the US Federal Reserve (“Fed”) to begin implementing its balance sheet normalisation program relatively soon, provided that the economy evolves broadly as anticipated. Separately, increasing geopolitical risks has also affected the market in the recent weeks as conflict with North Korea has fuel flight to safety and investors are moving away from risky assets.Global bond market has benefited from the latest flare-up in geopolitical tensions as yields have been rallying as investors shield away from risks. On the domestic front, Bank Negara Malaysia (“BNM”) left its Overnight Policy Rate (“OPR”) unchanged at 3.00%, during its Monetary Policy Meeting on 7 September. Bank Negara believes that the current level of the OPR provides a degree of monetary accommodativeness and supportive of economic activities. BNM commented that the domestic growth in 2017 will be stronger than earlier expected. Malaysia’s sovereign bond market may experience some volatility as there will be large government bond maturities in the next three months . MYR corporate bond market is expected to see slower supply in the pipeline as investors are taking a “wait and see” approach. . ANNUAL PERFORMANCE FOR THE CALENDAR YEAR ENDED Year . Fund (%) . Benchmark (%) . Date/Distribution (RM) . Distribution Yield (%) . . . . . . 2014 2015 2016 2017 8.84 10.05 3.67 - 5.61 2.11 3.82 - - - 27 Jun, 0.0264 23 Jun, 0.0269 - - 4.50 . . . . . . . . . . . . . . . . . . . 4.50 Source: Distribution and Distribution Yield are sourced from the fund 's Annual Report. Fund and Benchmark for current year are based on Year to Date (YTD) figures which is sourced from Lipper for Investment Management. Past performance is not necessarily indicative of future performance. . IMPORTANT INFORMATION Based on the Fund’s portfolio returns as at 31 July 2017, the Volatility Factor (VF) for this Fund is 5.1 and is classified as “Low” (Source: Lipper). “Low” generally includes funds with VF that are higher than 1.870 but not more than 6.225. The VF means that 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 (6) months. The VF for the Fund may be higher or lower than the VC, depending on the market conditions. 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. Investors are advised to read and understand the contents of the Eastspring Investments Master Prospectus dated 15 July 2017 (“MP”) and the Fund's Product Highlights Sheets (“PHS”) before investing. MP and PHS are available at offices of Eastspring Investments Berhad or its authorised distributors and investors have the right to request for a copy of the MP and PHS. The MP has been registered with the Securities Commission Malaysia who takes no responsibility for its contents . Units will only be issued upon receipt of the application form accompanying the MP. Past performance of the Fund is not an indication of the Fund's future performance. Unit prices and distribution payable, if any, may go down as well as up. Where a unit split/distribution is declared, investors are advised that following the issue of additional units/distribution, the Net Asset Value (“NAV”) per unit will be reduced from pre-unit split NAV/cum-distribution NAV to post-unit split NAV/ex-distribution NAV. Where a unit split is declared, investors are advised that the value of their investment in Malaysian Ringgit will remain unchanged after the issue of the additional units. Investments in the Fund are exposed to security risk, credit or default risk, counterparty risk, interest rate risk, countries or foreign securities risk, currency risk and reclassification of Shariah status risk. Investors are advised to consider these risks and other general risks as elaborated in the MP as well as fees, charges and expenses involved before investing. All fees, charges and expenses payable by the unit holder are subject to Goods and Services Tax (“GST”) at a rate of 6% or such other prescribed rate as may be imposed from time to time, and incurred by the unit holder directly when purchasing or redeeming units of the Fund and indirectly when investing in the Fund. The fees, charges and expenses disclosed are exclusive of GST or any other taxes or duties that may be imposed by the government or other authorities from time to time . Eastspring Investments companies (excluding JV companies) are ultimately wholly owned/indirect subsidiaries of Prudential plc of the United Kingdom. Eastspring Investments companies (including JV companies) and Prudential plc are not affiliated in any manner with Prudential Financial , Inc., a company whose principal place of business is in the United States of America. . .