MIDF Amanah Islamic Fund Report - September 2017

Transcription

1. th Monthly Fund Fact Sheet as at 30 September 2017 MIDF AMANAH ISLAMIC FUND October 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 September 30, 2017) Fund size RM 7.186 million Unit NAV Fund Inception Financial Year End Management Fee Trustee Fee Initial Service Charge Redemption Payment Period Investment Manager RM 0.3906 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 September 30, 2017) COMPANY TENAGA NASIONAL BHD VITROX CORP. BHD UCHI TECHNOLOGIES BHD PPB GROUP BHD BRAHIM HOLDINGS BHD ASSET ALLOCATION (as at September 30, 2017) Trading Services, 24.07% Construction, 7.06% % 5.98% 5.25% 4.80% 4.34% 4.07% Industrial Products, 9.57% Technology, 12.64% Reit, 2.23% Infrastructure, 7.12% MANAGER’S COMMENTS Cash & Equivalent, 22.96% Review September was a month of 2 halves with markets on an upward trajectory in the 1st half followed by a descent in the 2nd. The benchmark FBMKLCI got off to a good start gaining 16 points to hit a quarterly high of 1,789 points early on which was near levels last seen back in June 2017. Markets was however unable to hold on to those gains and gave back most of it after the U.S. Federal Reserve hinted on the possibility of one more rate hike towards the year end coupled with the escalating tensions over the Korean peninsula resulted in the benchmark index ending the month at 1,756 points or down 1% MoM. Finance, 3.17% Consumer Products, 8.60% Plantation, 2.58% *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 September 30, 2017) 70.0% FBM Shariah +50.39% 60.0% 50.0% % CHANGE 40.0% The broader market outperformed the benchmark as the FBM Emas only fell 0.6% MoM to end the month at 12,531 points while small caps was the top performer, gaining 1.2% MoM to end the month at 16,950 points as investors started to return to the market as evidenced by the average daily trading value that rose 30% MoM to RM2.5bn for the month of September. 30.0% MAIF +16.70% 20.0% 10.0% 0.0% -10.0% Investment Outlook & Strategy We maintain our cautious stance on the overall market given the steep valuations despite the generally encouraging fundamental undertone of the economy and capital markets moving forward. The anticipated switching activities will continue to unfold itself with market interest switching to midand big-cap index-linked stocks from small caps. However, any sharp technical sell down in the market would be a good opportunity to accumulate fundamentally strong small-mid cap stocks. Hence, our tactical strategy will be to reduce exposure in small-cap stocks while increasing mid-big caps exposure, particularly laggard index-linked stocks while also reducing overall portfolio weightings in order to capitalise on the market upswing which is expected to be led by mid-big cap indexlinked stocks before retracing towards its trading range. -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- Mar- Apr- May- Jun- Jul- Aug- Sep12 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 17 17 17 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 September 30, 2017) 3M 6M 1YR 3YRS FUND -0.41 6.20 10.87 17.47 FBM SHARIAH* 0.39 3.84 3.36 -2.96 5YRS 31.78 14.27 *FBM Shariah Index (FBM Shariah + gross dividend yield) Source: Lipper Fund Table (The Edge, October 9, 2017) Our long term strategy will continue to focus on a combination of value / growth as well as high dividend yielders. For thematic plays, we like the following space; E-Commerce, General Election, Green Sustainable Energy, IOT disruptors, Logistics, Penang-Sabah-Sarawak infra, Techrelated, Telco, Tourism, Utilities etc. that will shield the portfolio relatively better during market corrections while still favourably positioning the portfolio well for the rest of the year. (1) Based on the fund’s portfolio returns as at 15 September 2017, the volatility Factor (VF) for this fund is 10.84 and is classified as “very 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.