Malaysia: Kaf Sukuk Fund Ksf - March 2017

Transcription

1. 1 .9 Low 15 Feb 2017 KAF SUKUK FUND (KSF) MARCH 2017 This is an Islamic bond fund that aims to achieve capital growth in the medium to long term by investing primarily in sukuk. THE FUND IS SUITABLE FOR INVESTORS WHO: • • SECTOR ALLOCATION* AS AT 28 FEBRUARY 2017 Have a low to moderate risk temperament; and Medium to long term investment horizon. MANAGER’S COMMENTS Malaysian government bond yield curve moved higher and steeper tracking UST movements in preparation of the Federal Open Market Committee (FOMC) rate decision. Government bond auctions in 5Y tenor had low Bid-to-Cover (BTC) ratio while 30Y saw strong demand. Foreign outflows of local currency bonds continue in February (driven by sell off from foreign banks and due to maturities not being rolled over) with total govies holdings at 29.8% of total outstanding vs 37.5% in Indonesia, 14% in Thailand and Korea. Foreign-exchange reserves increased from USD94.3bn to RM95bn as at 28 February. Malaysia’s weight in Government Bond Index Emerging Markets (GBI-EM) Global Diversified (GD) Index has been declining for the past few months where maturing/off-the–run Malaysian Government Securities (MGS) excluded and new bonds not added to index. *As percentage of NAV. Asset exposure is subject to change on a daily basis. Source: KAF Investment Funds Berhad. Distribution History Year 2013 2014 2015 2016 Strategic positioning on the government space on an opportunistic basis and continue to overweight credits in the AA space given the dry pipeline of new issuances in AA credits for the year. Distribution (sen) N/A N/A N/A N/A FUND PERFORMANCE ANALYSIS AS AT 28 FEBRUARY 2017 NAV - NAV prices. Cumulative return over the period (%) INVESTMENT STRATEGY The Fund seeks to achieve its objective by investing in a diversified portfolio of RM denominated sukuk issued in Malaysia. For the avoidance of doubt, the sukuk portfolio of the Fund may contain sukuk issued by issuers domiciled in Malaysia or out of Malaysia. FUND DETAILS AS AT 28 FEBRUARY 2017 Manager External Investment 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. Amundi Malaysia Sdn Bhd. HSBC (Malaysia) Trustee Bhd. Sukuk Fund. Growth Fund. 1 November 2013 RM117.5581 RM61.230mil 0.521mil 31 August. RM100,000.00 RM10,000.00 RAM-Quant MGS Index (All Durations) None. None. 0.40% per annum of NAV. 0.07% per annum of NAV, subject to a minimum of RM18,000 per annum (excluding foreign custodian fees and charges). Within 10 days after receipt of the request to repurchase. As the Fund’s objective is to provide capital growth, the Manager does not intend to distribute income. % 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years KSF 0.60 2.36 1.40 5.64 17.64 N/A Benchmark 0.57 3.16 -0.56 3.44 13.51 18.56 Source: ExNovo Fund Analytics Portal by Perkasa Normandy Managers Sdn Bhd LARGEST HOLDINGS* AS AT 28 FEBRUARY 2017 PLUS Bhd IMTN Golden Asset IMTN MMC Corporation IMTN BGSM Management Sdn Bhd IMTN Sarawak Energy Bhd IMTN 10.51% 8.14% 5.14% 5.11% 4.96% *as percentage of NAV. Disclaimer: Based on the Fund’s portfolio returns as at 15 February 2017, the Volatility Factor (VF) for this Fund is 1.9 and is classified as “Low” (source: Lipper). “Low” includes Funds with VF that are between 1.785 to 5.965 (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 credit/default risk, interest rate risk, reinvestment risk and liquidity risk. These risks and other general risks are elaborated in the Master Prospectus. This factsheet is prepared for information purposes only. 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