KAF Dana Alif Fund Report - January 2021

Transcription

1. 12 .67 Moderate 14 Jan 2021 i KAF DANA ALIF (KDL) JANUARY 2021 The Fund aims to provide Unit holders with a steady and consistent dividend income over the medium to long-term investment period. It is intended that the returns will be further enhanced through capital appreciation of investments. THE FUND IS SUITABLE FOR INVESTORS WHO:   SECTOR ALLOCATION* AS AT 31 DECEMBER 2020 Have a medium to long-term investment horizon and reasonable risk tolerance; and Prefer to invest in Syariah-compliant securities. MANAGER’S COMMENTS Regional markets climbed higher in the month of December 2020 (December), with major United States (US) indices such as Dow Jones, Standard & Poor (S&P) 500 and NASDAQ rose 3.3%, 3.7% and 5.7% respectively, as optimism surrounding the rollout of COVID-19 vaccines and the US President Trump finally signed a massive US Dollar (USD)900 billion corona relief package which includes stimulus checks as well as unemployment benefits. STOXX Europe 600 and Japan’s Nikkei 225 also increased by 2.5% and 3.8% respectively in the same period. Meanwhile, China markets were up in November with Hang Seng Composite Index, Shanghai Composite Index and Shen Zhen Composite Index rose by 9.3%, 5.2% and 2.3% respectively, as the world’s second largest economy continues to recover, underpinned by booming global demand for exports and rising commodity prices. Malaysia’s equity indices climbed in December as the Financial Times Stock Exchange Bursa Malaysia (FBM) Kuala Lumpur Composite Index (KLCI) FBMKLCI Index, FBM 100 Index, FBM Emas Shariah Index and FBM Small Cap Index ended with gains of 4.13%, 3.61%, 0.09% and 5.68% respectively, as Budget 2021 passed its third reading in Parliament. In addition, the gradual rollout of COVID-19 vaccine in 2Q21 will allow economic activities to normalize. Malaysia has signed a deal with AstraZeneca Plc to secure 6.4 million doses of COVID19 vaccine. In commodities, crude oil prices rose in December by 8.85% to USD51.8 per barrel, as vaccine optimism boosted hopes for a sustained recovery in economic activity and energy demand. Gold prices jumped by 6.83% to their highest level in nearly 2 months while a higher dollar also weighed an increase appetite in safe heaven assets as dollar weakens. While crude palm oil prices surged 12.82% to the highest level in almost 10 years on concerns that heavy rains will hurt output and curb supplies. Inventories in Malaysia contracted about 24% from a month earlier to 1.18 million tons, that’s the lowest for any month since 2007. Malaysia Ringgit appreciated against the Dollar by 1.31%, closing at RM4.0203 as at end of December. Risky assets continued to rally despite the number of infected people surged as countries are facing new threats from a mutated virus. The near-term economic outlook has turned gloomier as lockdowns are being reinstated and is expected to put a dent in economic activity in the first half of 2021. However, investors are looking pass the recent rise in cases and has set their sight to the prospects of an effective vaccine as countries commence immunization drives. We believe that financial markets should continue to benefit from highly accommodative monetary policies hence we think that there is still room for equities to rally further. We reiterate our optimism towards the outlook of risky assets and will continue to increase our exposure in the tourism and leisure sectors. *As percentage Net Asset Value of the Fund. Asset exposure is subject to change on a daily basis. Source: KAF Investment Funds Berhad. Distribution History Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Distribution (sen) 4.00 3.50 3.50 3.50 3.50 2.00 2.00 2.00 1.50 NIL 1.25 FUND PERFORMANCE ANALYSIS AS AT 31 DECEMBER 2020 Net Asset Value prices. Cumulative return over the period (% since inception) INVESTMENT STRATEGY The strategic limit on asset allocation of the Fund is as follows:  Shariah-compliant equities: Minimum 40% and maximum 60%.  Sukuk and Islamic liquid assets : Minimum 40% and maximum 60% FUND DETAILS AS AT 31 DECEMBER 2020 Manager Trustee Fund Category Fund Type Launch Date Unit net asset value (NAV) Fund size Units in Circulation Financial Year End Min. Initial Investment Min. Additional Investment Benchmark Sales Charge Repurchase Charge Annual management fee Annual trustee fee Redemption payment period Distribution policy KAF Investment Funds Bhd Universal Trustee (Malaysia) Bhd. Balanced (Islamic) Fund. Income & Growth Fund. 26 February 2003. RM0.6825 RM49.237mil 72.145mil 30 September. RM1,000.00 RM100.00 60% FTSE Bursa Malaysia EMAS Shariah Index (“FBSI”) & 40% Malayan Banking Bhd (“Maybank”) one (1) month General Investment Account (“GIA”) rate. Up to 6.50% of NAV per unit. None. 1.50% per annum of NAV. 0.08% per annum of NAV, subject to a minimum fee of RM18,000. Within 10 days after receipt of the request to repurchase. Distribution of income, if any is subject to the availability of income and/or realised gains and will be declared on yearly basis. % 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years KDL 1.28 4.73 12.34 12.37 10.15 21.19 Benchmark 0.11 1.36 5.87 7.08 2.79 8.06 Source: ExNovo Fund Analytics Portal by Novagni Analytics & Advisory Sdn Bhd LARGEST HOLDINGS* AS AT 31 DECEMBER 2020 Lebuhraya DUKE Fasa 3 Sendirian Berhad IMTN 5.440% Prasarana Malaysia Berhad Sukuk Murabahah 3.06% Manjung Island Energy Berhad IMTN 4.150% Tenaga Nasional Berhad SKP Resources Berhad 11.14% 10.38% 6.22% 5.33% 4.29% *as percentage of Net Asset Value. Disclaimer: Based on the Fund’s portfolio returns as at 14 January 2021, the Volatility Factor (VF) for this Fund is 12.67 and is classified as “Moderate” (source: Lipper). “Moderate” includes Funds with VF that are between 10.755 to 14.31 (source: Lipper). 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. A Product Highlights Sheet (“PHS”) highlighting the key features and risks of the Fund is available and investors have the right to request for a PHS. Investors are advised to obtain, read and understand the PHS and the contents of the Master Prospectus dated 15 January 2017 and its supplementary(ies) (if any) (“the Master Prospectus”) before investing. The Master Prospectus has been registered with the Securities Commission Malaysia who takes no responsibility for its contents. Amongst others, investors should consider the fees and charges involved. Investors should also note that the price of units and distributions 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 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, investors should be highlighted of the fact that the value of their investment in Malaysian Ringgit will remain unchanged after the distribution of the additional units. Any issue of units to which the Master Prospectus relates will only be made on receipt of a form of application referred to in the Master Prospectus. For more details, please call 03-2171 0559 for a copy of the PHS and the Master Prospectus or collect one from any of our authorised distributors. The Manager wishes to highlight the specific risks of the Fund are specific stock risk, interest rate risk, credit/default risk and reclassification of Shariah status risk. These risks and other general risks are elaborated in the Master Prospectus. This factsheet is prepared for information purposes only and has not been reviewed by Securities Commission Malaysia. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Past performance is not necessarily a guide for future performance. Returns may vary from year to year. Head Office: Level 11, Chulan Tower, No. 3, Jalan Conlay, 50450 Kuala Lumpur General Line: (603)-2171 0559 Fax: (603)-2171 0583 Website: www.kaf.com.my