Principal Islamic Asia Pacific Dynamic Equity Fund Report - January 2020

Transcription

1. Principal Islamic Asia Pacific Dynamic Equity Fund (formerly known as CIMB Islamic Asia Pacific Equity Fund) 3-year Fund Volatlity 12.85 31 January 2020 Very High Lipper Analytcs 15 Jan 2020 Available under the EPF Members Investment Scheme. Fund Objective Fund Performance Aims to achieve long-term capital appreciation and income while complying with Shariah investment criteria, through investments in the emerging and developed markets of Asia Pacific ex Japan region. 100% 80% 60% ISIN Code: MYU1000AA007 40% 20% Bloomberg Ticker: CIMAPAD MK 0% Fund Information D - 20% Location Malaysia Domicile Malaysia Fund Currency Ringgit Malaysia Fund Size (MYR) MYR 1.54 billion Fund Unit 1.91 billion units Fund Launch Benchmark Dealing Application Fee Management Fee Trustee Fee Unit NAV (MYR) ec -0 6 Ju l-0 Ja 7 n0 A 8 ug -0 Fe 8 b0 S 9 ep -0 M 9 ar -1 O 0 ct -1 Ap 0 r1 N 1 ov -1 M 1 ay -1 D 2 ec -1 2 Ju l-1 Ja 3 n1 Au 4 g1 Fe 4 b1 S 5 ep -1 M 5 ar -1 O 6 ct -1 A 6 pr -1 N 7 ov M 17 ay -1 D 8 ec -1 Ju 8 n1 Ja 9 n20 Currency: MYR 120% - 40% Fund Benchmark Past performance does not guarantee future results. Asset allocation and diversification do not ensure a profit or protect against a loss. Cumulative Performance (%) 2 June 2006 MSCI AC Asia ex Japan Islamic Index Daily (as per Bursa Malaysia trading day) IUTA: 5.00% of the NAV per unit Principal Agency Distributor: 5.00% of the NAV per unit 1.80% p.a.of the NAV 0.07% p.a.of NAV MYR 0.8074 YTD Fund -3.41 Benchmark -4.03 Since 1 Month 3 Months 6 Months 1-Year 3-Year 5-Year Inception -3.41 1.11 3.74 5.87 13.93 29.74 84.12 -4.03 1.02 5.77 3.21 15.40 35.97 76.07 Calendar Year Returns (%) 2019 2018 2017 2016 2015 2014 Fund 18.35 -16.76 23.93 0.47 14.87 10.25 Benchmark 17.64 -17.00 29.61 7.28 10.31 7.63 2018 May 2017 Mar 2.01 4.50 2.38 6.71 Most Recent Fund Distributions Gross (Sen/Unit) Annualised Yield (%) Note: June 2006 to January 2020. Performance data represents the combined income & capital return as a result of holding units in the fund for the specified length of time, based on bid to bid prices. Earnings are assumed to be reinvested. Annualised yield is calculated as the most recent monthly dividend distribution multiplied by the Fund’s dividend frequency and divided by the latest NAV. Source : Lipper Top 10 Holdings Samsung Electronics Co. Ltd Fund Risk Statistics % of net Country assets South Korea 9.87 Beta 0.88 Alibaba Group Holding Ltd Cayman Islands 9.21 Information Ratio Samsung Electronics-PFD South Korea 5.14 -0.22 HK SAR China 4.24 India 3.80 HK SAR China 3.78 South Korea 2.61 Australia 2.50 China 2.45 Singapore 2.39 Tencent Hldg Ltd Reliance Industries Ltd China Mobile Ltd SK Hynix Inc Cleanaway Waste Management Ltd China International Travel Ser NetLink NBN Trust The holdings listed do no constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list. Sharpe Ratio 0.45 3 years monthly data
2. Principal Islamic Asia Pacific Dynamic Equity Fund (formerly known as CIMB Islamic Asia Pacific Equity Fund) Asset Allocation (%) Sector Allocation (%) Cash Cash Regional Allocation (%) Cash 4.50 Financials 0.09 4.50 Mutual Fund 0.24 2.35 Indonesia 2.01 2.97 United States 6.01 Industrials Energy 6.49 7.40 Materials Shariah-compliant Equities (Local) 4.50 0.89 Malaysia Mutual Fund 0.24 Utilities As of 31 January 2020 Australia 4.64 China 4.94 Singapore 6.26 Taiw an 6.30 0.89 Consumer Staples 7.68 10.06 Real Estate Shariah-compliant Equities (Foreign) 94.38 Communication Services 12.44 Consumer Discretionary 10 20 30 18.95 40 50 60 70 80 90 0 5 10 15 19.89 South Korea 24.15 Fund 11.04 India Information Technology 0 9.21 Cayman Islands 20 Fund 27.02 HK SAR China 25 0 5 10 15 20 25 30 Fund Source: Factset. Fund holdings and allocations shown are unaudited and may not be representative of current or future investments. Percentages may not add up to 100% due to rounding and/or inclusion or exclusion of cash will not be reflected in the top holdings list. Fund Manager's Report In January, the Fund declined 3.4% in MYR terms, outperforming the Benchmark by 62 basis points (bps). India, Korea and Singapore contributed to the outperformance, while China was a detractor. The MSCI AC Islamic Asia ex Japan fell in January amidst the Coronavirus outbreak in Hubei, which has thrown the economic recovery in Asia into disarray. Most equity markets posted negative returns except for Australia and India. Apart from the escalation in political conflict between US and Iran in the early part of the year, volatility emanating from political situations is expected to be low as the US is entering into a Presidential election year and impeachment charges out of the way. We are fully invested and taking the opportunity to add structural names with good management and strong business moats in light of the Coronavirus outbreak and its knee-jerk reaction from the stock market. We think the situation is under control as the outbreak is not showing exponential growth typical of an epidemic gone out of control. We continue to diversify the portfolio into off-benchmark names to provide resilience. ^Based on the fund's portfolio returns as at 15 January 2020, the Volatility Factor (VF) for this fund is 12.850 and is classified as "Very High" (source: Lipper). "Very High" includes funds with VF that are above 11 .065. 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. We recommend that you read and understand the contents of the Master Prospectus (Islamic Funds) dated 31 December 2019, which has been duly registered with the Securities Commission Malaysia, before investing and that you keep the said Master Prospectus (Shariah-Compliant Funds) for your records. Any issue of units to which the Master Prospectus (Shariah-Compliant Funds) relates will only be made upon receipt of the completed application form referred to in and accompanying the Master Prospectus (Shariah-Compliant Funds), subject to the terms and conditions therein. Investments in the Fund are exposed to country risk, credit and default risk, currency risk, risks associated with investment in warrants and /or options and stock specific risk. You can obtain a copy of the Master Prospectus (Shariah-Compliant Funds) from the head office of Principal Asset Management Berhad (formerly known as CIMB-Principal Asset Management Berhad) or from any of our approved distributors. Product Highlight Sheet ("PHS") is available and that investors have the right to request for a PHS; and the PHS and any other product disclosure document should be read and understood before making any investment decision. There are fees and charges involved in investing in the funds. We suggest that you consider these fees and charges carefully prior to making an investment. Unit prices and income distributions, if any, may fall or rise. Past performance is not reflective of future performance and income distributions are not guaranteed. You are also advised to read and understand the contents of the Financing for Investment in Unit Trust Risk Disclosure Statement before deciding to obtain financing to purchase units. 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, the value of your investment in Malaysian ringgit will remain unchanged after the distribution of the additional units. Carefully consider a fund's objective, risks, charges and expenses. Visit www.principal.com.my for a prospectus containing this and other information. Please read it carefully before investing. Principal Asset Management Berhad 10th Floor, Bangunan CIMB, Jalan Semantan Damansara Heights, 50490 Kuala Lumpur. Tel: (603) 2084 8888 Fax: (603) 2084 8899 Website: www.principal.com.my