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Eastspring Investments Dinasti Equity Fund Report - September 2019

IM Insights
By IM Insights
4 years ago
Eastspring Investments Dinasti Equity Fund Report - September 2019

Shariah


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  1. DINASTI EQUITY FUND SEPTEMBER 2019 3-year Fund Volatility 13 .9 Very High Lipper Analytics 10-Aug-2019 ALL DATA AS AT 31 AUGUST 2019 UNLESS OTHERWISE STATED FUND INFORMATION FUND OBJECTIVE Launch Date: 26 October 2009 The Fund aims to provide investors with long-term capital appreciation by investing in Shariah-compliant investments with exposure to the Greater China region. . Fund Category/Fund Type: Shariah equity/growth . . Fund Size: RM851,779,798.07 . ASSET ALLOCATION Initial Offer Price: RM1.0000 . 1. 2. 3. 4. 5. 6. NAV per Unit: RM0.5385 . EPF Investment Scheme: Yes . FEES, CHARGES AND EXPENSES Technology Consumer Services Consumer Goods Cash & cash equivalents Industrials Telecommunications Annual Management Fee: Up to 1.80% of the NAV per annum * as percentage of NAV. 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 38.95% 10.19% 8.43% 7.72% 6.17% 6.06% 7. Financials 8. Utilities 9. Oil & Gas 10. Basic Materials 11. Health care 5.93% 5.21% 5.08% 3.40% 2.86% 41.62% 27.99% 22.45% 4. Cash 5. United States 7.72% 0.22% . . 1. China 2. Hong Kong 3. Taiwan, Province of China . Sales Charge: Up to 5.50% of the NAV per Unit . Redemption charge: Nil . Redemption Payment Period: Ten (10) calendar days . * as percentage of NAV. . TRANSACTION DETAILS TOP HOLDINGS Minimum Initial Investment: Lump Sum: RM1000* Regular Investment: RM100* 1. Taiwan Semiconductor Manufacturing Co., Limited 2. Alibaba Group Holding Limited 3. Tencent Holdings Limited . Minimum Additional Investment: Lump Sum & Regular Investment: RM100* 10.56% 4. Meituan Dianping 5. China Mobile Limited 4.40% 3.91% 10.23% 9.38% * as percentage of NAV. . * The Manager reserves the right to change the minimum amounts stipulated above from time to time . FUND PERFORMANCE DISTRIBUTIONS Eastspring Investments Dinasti Equity Fund - Since Inception (SI) Return Vs Benchmark Income Distribution Policy: Incidental Fund NAV: 52-Week High 52-Week Low NAV 0.5919 0.4881 Date 04-09-2018 03-01-2019 SI % Change . FUND MANAGER Fund Manager: External Investment Manager: Eastspring Al-Wara’ Investments Berhad . Date Eastspring Investments Dinasti Equity 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 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur Tel: 603 - 2778 3888 E-mail: cs.my@eastspring.com Web: www.eastspring.com/my
  2. DINASTI EQUITY FUND SEPTEMBER 2019 ALL DATA AS AT 31 AUGUST 2019 UNLESS OTHERWISE STATED PERFORMANCE TABLE 1 month 6 months 1 year 3 years 5 years Since Inception Fund -0 .15% 1.94% -5.76% 27.31% 66.64% 90.14% Benchmark * -0.67% -1.24% -6.22% 25.79% 57.82% 97.99% 1 of 2 1 of 2 1 of 2 1 of 2 1 of 2 n.a. Lipper Ranking Lipper Fund Category: Equity Greater China - Islamic The number of funds within the category should be at least five for a meaningful assessment . * Dow Jones Islamic Market (DJIM) Greater China Index Fund performance and Lipper ranking are sourced from Lipper for Investment Management and benchmark is from www.djindexes.com, 31 August 2019. 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 4 2 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 Greater China equities continued to suffer in August as recession worries continued with US President Trump imposing fresh tariffs of 10% on USD 300billion worth of Chinese imports. Fears that new tariffs would inevitably cause a recession led to an inversion of the US bond curve and record high levels of negative yielding debt globally as investors sought safety in bonds. There was a slight respite during the month as US president trump suggested a delay in the tariffs till after the year end holiday season . However, this was short lived as President Trump thereafter reacted to China’s countervailing measures by increasing existing tariffs by a further 5 percentage points. In Hong Kong, prolonged social unrest led to the Hang Seng Index and Hang Seng China Enterprises Index falling 7.4% and 5.6% respectively during the month. With protests now over 4 months long, retail and tourist data have begun to reflect severe weakness. This led to property developers and landlords in Hong Kong suffering the biggest share price declines within the index. In Taiwan, the Taiwan Stock Exchange Index (TWSE) fell 1.90% during the period. The fresh 10% tariffs imposed would include smartphones and notebooks shipped from China to the US which are part and parcel of Taiwan’s technology supply chain . The market did subsequently recover partially as the tariffs were delayed until December . For the month under review, the fund fell 0.15%, ahead of the benchmark’s return of -0.52%. Key contributors to outperformance came from cash holdings and security selection in the Information Technology sector. Detractors were from the Industrials and Consumer Discretionary sectors. . OTHER INFORMATION ABOUT THE FUND Year 2015 2016 2017 2018 2019 Annual Fund Performance (%) 19.01 9.85 34.25 -17.99 - Annual Benchmark Performance (%) 16.97 8.51 30.21 -16.12 - Date/Distribution (RM) - 27 Jun, 0.0514 23 Jun, 0.0692 25 Jun, 0.0253 19 Jun, 0.0224 Unit Split - - 19 Dec, 2:1 0 - Distribution Yield (%) - 4.04 4.04 4.24 4.20 12-Month FD Average (MBB%) - - - - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 2019, the Volatility Factor (VF) for this Fund is 13.9 and is classified as “Very High” (Source: Lipper). “Very High” generally includes funds with VF that are higher than 11.185. 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, the Eastspring Investments First Supplementary Master Prospectus dated 2 February 2018, the Eastspring Investments Second Supplementary Master Prospectus dated 31 October 2018, the Eastspring Investments Third Supplementary Master Prospectus dated 2 January 2019 and the Eastspring Investments Fourth Supplementary Master Prospectus dated 1 August 2019 (collectively, the "Prospectuses"), as well as the Fund's Product Highlights Sheet (“PHS”) before investing. The Prospectuses 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 Prospectuses and PHS. The Prospectuses have 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 Prospectuses. 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, interest rate risk, countries or foreign securities risk, currency risk, counterparty risk, license risk, Shariah-compliant derivative risk, prepayment and commitment risk and reclassification of Shariah status risk. Investors are advised to consider these risks and other general risks as elaborated in the Prospectuses as well as fees, charges and expenses involved before investing. 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. . . .