MIDF Amanah Islamic Fund Report - April 2017

Transcription

1. Monthly Fund Fact Sheet MIDF AMANAH ISLAMIC FUND April 2017 FUND OBJECTIVE The objective of the fund is to achieve long-term capital growth through investments which conform to the Shariah principles . THE FUND IS SUITABLE FOR INVESTORS WHO:   Are seeking long term capital growth, who wish their investments to be in line with Shariah requirements ; Can tolerate high level of risks. FUND DETAILS (as at March 31, 2017) Fund size RM 7.019 million Unit NAV Fund Inception Financial Year End Management Fee Trustee Fee Initial Service Charge Redemption Payment Period Investment Manager RM 0.3693 14 May 1971 15th day of June 1.5% p.a. of NAV 0.08% p.a. of NAV Up to 5.00% of NAV Within 10 calendar days MIDF Amanah Asset Management Bhd LARGEST HOLDINGS (as at March 31, 2017) COMPANY VITROX CORP. BHD BRAHIM HOLDINGS BHD PRESTARIANG BHD % 6.76% 5.06% 4.61% PPB GROUP BHD GDEX EXPRESS CARRIER BHD ASSET ALLOCATION (as at March 31, 2017) Trading Services, 32.70% 4.41% 4.09% Construction, 7.17% Industrial Products, 7.72% Technology, 13.59% MANAGER’S COMMENTS Reit, 2.35% Review Cash & Equivalent, 12.27% Finance, 3.39% Consumer Products, 10.44% Plantation, 3.00% Infrastructure, 7.37% *as percentage of NAV. Please note that asset exposures for the funds are subject to frequent change on a daily basis. FUND PERFORMANCE (as at March 31, 2017) 70.0% FBM Shariah +50.55% 60.0% 50.0% 40.0% % CHANGE March was a good month for both regional and local markets as the uptrend continued for the month. The benchmark FBMKLCI was quite volatile in the early part of March as the 4th quarter 2016 results season ended with a mixed bag, suggesting that a sustained earnings recovery in 2017 remains uncertain. Nevertheless, the positive momentum from February continued in the later part of the month as the index added 61 points or 3.6% to hit a YTD high of 1,755 points before stabilizing to end the month at 1,740 points or 2.7% MoM. The positive momentum in the first quarter was largely supported by foreign funds that bought RM5.7bn worth of Malaysian equities in the first 3 months of the year (2016 net outflow of RM3bn). The broader market outperformed the benchmark as the FBM Emas surged 3.4% MoM to close at 12,361 points while Small caps also outperformed with the FBM small cap index gaining 8.3% MoM to end at 17,080 points. The average daily value traded on Bursa for the month of March rose 21% MoM to RM3bn. 30.0% 20.0% 10.0% 0.0% Investment Outlook & Strategy MAIF 10.34% -10.0% We remain cautiously bullish on markets in the short term as we expect the market to continue its run-up. The timely build-up in our equity exposure to Overweight currently has benefitted the funds on the back of the current market uptrend. Tactically we have started to trim "in-themoney" exposures and lock-in profits in anticipation of a trading market scenario that will ensue, i.e. reduce Overweight Equities in the short term. The next step is to move into trading mode, i.e. to reduce index-linked stocks as it trends higher and switch into our preferred list of small-mid cap companies with high dividend yields, growth, under-valued, recovery, and thematic plays (E-Commerce, General Election, Green Energy, PenangSabah-Sarawak infra, Tech-related, Telco, Tourism, etc.) that will hopefully shield the portfolio from market corrections while positioning the portfolio well into the 2H of 2017. -20.0% Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar12 12 12 12 12 12 12 12 12 12 12 12 13 13 13 13 13 13 13 13 13 13 13 13 14 14 14 14 14 14 14 14 14 14 14 14 15 15 15 15 15 15 15 15 15 15 15 15 16 16 16 16 16 16 16 16 16 16 16 16 17 17 17 PERIOD MIDF Amanah Islamic Fund Vs. FBM Shariah Index * *FBM Shariah Index (FBM Shariah + gross dividend yield) CALENDAR YEAR RETURN % (as at March 31, 2017) 3M 6M 1YR 3YRS FUND 10.04 5.12 2.04 14.62 FBM SHARIAH* 4.17 -0.77 -0.97 -4.77 5YRS 3.68 14.64 *FBM Shariah Index (FBM Shariah + gross dividend yield) Source: Lipper Fund Table (The Edge, April 10, 2017) As such, our bigger picture focus on long term outperformance at the expense of short term gains remains unchanged as trying to time purchases and sales in a volatile market more often than not is detrimental and costly. As a result of this, our general reinvestment, rebalancing and/or switching activities will continue to focus on stocks with robust fundamentals and clear earnings visibility. (1) Based on the fund’s portfolio returns as at 15 March 2017, the volatility Factor (VF) for this fund is 10.51 and is classified as “high” (source:Lipper). (2) Volatility Factor (VF) is subjected to monthly changes and Volatility Class (VC) will be revised every six months. (3) The portfolio composition may change overtime, therefore there is no guarantee that the VF and VC to remain constant. Investors are advised to read and understand the prospectus before investing. Among others, investors should consider the fees and charges. The price units and distributions payable, if any, may go down as well as up. Past performance of the fund should not be taken as indicative of its future performance. Investment in the funds are subjected to market risk, stock specific risk and liquidity risk. A copy of our Master Prospectus dated 1 March 2017 has been registered with the Securities Commission who takes no responsibility of its contents. The prospectus and application form can be obtained at our office. Units will only be issued upon receipt of an application form referred to in and accompanying the prospectus.