Kenanga Shariah Growth Opportunities Fund Report - March 2021

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1. March 2021 Market Review and Outlook Equity Market Review The vaccination roll-outs , flattening of epidemiological curves in plenty parts of the world, and fiscal support by governments have spurred a pick-up in demand recovery and risk assets in February. However, global markets sold off at month end due to rising US bond yields as markets’ fear for sharper inflation ahead and an earlier than expected timeline in normalizing monetary policies. MSCI Asia ex-Japan gained 1.22% in February, underperforming both MSCI ASEAN (+1.57%) and Dow Jones (+3.17%). Outperformers were India (+6.08%), Taiwan (+5.39%), Philippines (+2.76%) and Hong Kong (+2.46%), while Shanghai (+0.75%) lagged, posting marginal MoM gains. Commodities had a particularly good month with CPO up by 7.22% to RM3,742 and crude oil gained 18.34% to end at USD66.1 pbl, the highest level since January 2020 as US production took a hit from freezing storms. Locally, FBMKLCI ended the month marginally higher (+0.72%) as Malaysia began easing lockdown measures and started to roll out its vaccination program. The FBM100 gained 1.7% while small caps (FBM SC) jumped 7.89%. All sectors (except healthcare) were broadly higher led by energy as oil prices trended higher and broke the USD60 pbl level. Retailers remained as net buyers at RM2.0 billion (versus RM1.8 billion in January) whilst local institutions were net sellers at RM1.7 billion. Foreign institutions remained net sellers at RM0.9 billion. Equity Market Outlook The vaccination drive should underpin economic recovery in 2021 as normality returns. While there are growth expectations and growing inflation concerns, global fiscal and monetary policies should remain supportive. Equity Fund Strategy We continue to adopt a barbell strategy in our sector positioning and maintain overweight in the technology sector to ride on secular growth trends. On the other hand, we also favour more cyclical sectors such as consumer discretionary, financials, energy, and commodities to take advantage of the recovery. Kenanga Investors Berhad Company No: 199501024358 (353563-P) Level 14, Kenanga Tower 237, Jalan Tun Razak 50400 Kuala Lumpur Tel: 03-2172 3000 Toll Free: 1800-88-3737 www.kenangainvestors.com.my 1 Strictly for Clients of Kenanga Investors Berhad
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Kenanga Shariah Growth Opportunities Fund 3-year Fund Volatility 24 .9 (A fund under Kenanga OneAnswer™ Investment Funds) Very High March 2021 Lipper Analytics 10 Feb 2021 FUND PERFORMANCE (%) FUND OBJECTIVE Aims to achieve consistent capital appreciation over the longterm by primarily investing in Shariah-compliant securities with good growth prospects. % Cumulative Return, Launch to 28/02/2021 250 200 Fund Category/Type Equity (Islamic) / Growth 150 100 Launch Date 23 April 2004 50 0 Trustee CIMB Commerce Trustee Berhad Jun 20 Feb 21 Jun 19 Dec 19 Jun 18 Dec 18 Jun 17 Dec 17 Jun 16 Dec 16 Jun 15 Dec 15 Jun 14 Dec 14 Jun 13 Kenanga Shariah Growth Opportunities : 226.11 Dec 13 Jun 12 Dec 12 Jun 11 Dec 11 Jun 10 Dec 10 Jun 09 Dec 09 Jun 08 Dec 08 Jun 07 Dec 07 Jun 06 Dec 06 Jun 05 Benchmark FTSE Bursa Malaysia Emas Shariah Index Dec 05 Apr 04 Dec 04 -50 FTSE Bursa Malaysia Emas Shariah Index : 107.57 Source: Novagni Analytics and Advisory Designated nated Fund ManagerFund Manager CUMULATIVE FUND PERFORMANCE (%) Lee Sook Yee Period 1 month 6 months 1 year 3 years 5 years Since Launch Sales Charge Max 6.50% Annual Management Fee 1.55% p.a. # Annual Trustee Fee 0.07% p.a. Fund 2.09 5.96 52.83 66.79 83.78 226.11 CALENDAR YEAR FUND PERFORMANCE (%) Period 2020 2019 2018 2017 2016 Fund 40.36 33.78 -20.38 11.23 -1.83 # Benchmark 10.14 3.85 -13.52 10.72 -6.14 Source : Lipper, 28 February 2021 FUND SIZE * RM 336.06 million Redemption Charge Nil Benchmark 0.84 -1.42 16.71 -3.34 5.96 107.57 # NAV PER UNIT * RM 1.5311 HISTORICAL FUND PRICE * Since Inception Date Highest RM 1.6086 15-Feb-21 Lowest RM 0.3602 12-Mar-09 All fees and charges payable to the Manager and the Trustee are subject to the goods and services tax /sales and services tax/other taxes of similar nature as may be imposed by the government or other authorities from time to time. ASSET ALLOCATION (% NAV) * February January Technology Industrial Products Short Term Islamic Deposits and Cash Healthcare Consumer Products Energy Islamic Real Estate Investment Trusts Utilities Construction Properties 22.4% 77.6% 20.2% 79.8% 27.4% December 72.6% Liquidity 1 2 3 4 5 SECTOR ALLOCATION (% NAV) * Equity TOP EQUITY HOLDINGS (% NAV) * GREATECH TECHNOLOGY BHD FRONTKEN CORP BHD DUFU TECHNOLOGY CORP BHD UWC BHD SUPERMAX CORP BHD 30.5% 28.8% 22.4% 6.8% 3.8% 2.7% 2.0% 1.5% 1.4% 0.1% DISTRIBUTION HISTORY 7.45% 5.43% 4.98% 3.94% 3.60% Not Applicable * Source: Kenanga Investors Berhad, 28 February 2021 Based on the fund’s portfolio returns as at 10 February 2021, the Volatility Factor (VF) for this fund is 24.91 and is classified as “Very High”. (Source: Lipper). “Very High” includes funds with VF that are above 17.19 (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. The Master Prospectus dated 29 March 2019 and the Supplemental Prospectus (if any), its Product Highlights Sheets (“PHS”) or Supplemental Disclosure Document (“SDD”) (if any) have been registered with the Securities Commission Malaysia, who takes no responsibility for its contents. The fund fact sheet has not been reviewed by the SC. A copy of the Master Prospectus, Supplemental Prospectus (if any), SDD (if any) and the PHS are obtainable at our offices. Application for Units can only be made on receipt of application form referred to in and accompanying the Master Prospectus and/or Supplemental Prospectus (if any), SDD (if any) and PHS. Investors are advised to read and understand the Master Prospectus, its PHS and any other relevant product disclosure documents involved before investing. Investors are also advised to consider the fees and charges before investing. Unit prices and distributions 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/cumdistribution NAV to post-unit split NAV/ex-distribution NAV. Where a unit split is declared, investors should note that the value of their investment in Malaysian Ringgit will remain unchanged after the distribution of the additional units. A Fund’s track record does not guarantee its future performance. Investors are advised to read and understand the contents of the unit trust loan financing risk disclosure statement before deciding to borrow to purchase units.“Cooling-Off Period” or “Cooling-Off Right” is not applicable to EPF Member Investment Scheme (EPF MIS). Kenanga Investors Berhad is committed to preventing Conflict of Interest between its various businesses and activities and between its clients/directors/shareholders and employees by having in place procedures and measures for identifying and properly managing any apparent, potential and perceived Conflict of Interest by making disclosures to Clients, where appropriate. The Manager wishes to highlight the specific risks of the Fund are equity and equity-related securities risk, derivative risk and reclassification of Shariah status risk.