Principal Islamic Lifetime Sukuk Fund Report - April 2021

Transcription

1. Principal Islamic Lifetime Sukuk Fund (formerly known as CIMB Islamic Sukuk Fund) 3-year Fund Volatility 2.98 30 April 2021 Very Low Lipper Analytics 15 Apr 2021 Available under the EPF Members Investment Scheme. Fund Objective Fund Performance To gain higher than average income over the medium to long-term by investing in a diversified portfolio consisting principally of Sukuk, certificates of deposit, short-term money market instruments and other permissible investments under the Shariah principles. Currency: MYR 120% 110% 100% 90% 80% 70% 60% 50% ISIN Code: MYU1000AY007 40% 30% Bloomberg Ticker: SBBHFIZ MK 20% 10% 0% O ct M 04 ay -0 Ja 5 n0 Se 6 pM 06 ay -0 Ja 7 n0 S 8 ep -0 M 8 ay -0 Ja 9 n1 S 0 ep -1 M 0 ay -1 Ja 1 n1 S 2 ep -1 M 2 ay -1 Ja 3 n1 S 4 ep -1 M 4 ay -1 Ja 5 n1 Se 6 pM 16 ay -1 Ja 7 n1 Au 8 g1 A 8 pr -1 D 9 ec -1 A 9 ug -2 A 0 pr -2 1 Fund Information Location Malaysia Domicile Malaysia Fund Currency Ringgit Malaysia Fund Size (MYR) MYR 705.00 million Fund Unit 542.08 million units Fund Launch Benchmark Dealing Application Fee Management Fee Trustee Fee Unit NAV (MYR) 8 October 2004 Quantshop GII Medium Index Daily (as per Bursa Malaysia trading day) IUTAs: 2.00% of the NAV per unit Principal Agency Distributor: 2.00% of the NAV per unit 0.95% p.a. of the NAV 0.06% p.a. of the NAV of the Fund MYR 1.3005 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 (%) YTD Fund -1.01 Benchmark -0.69 Since 1 Month 3 Months 6 Months 1-Year 3-Year 5-Year Inception 0.93 -1.27 -1.05 1.67 16.65 26.58 94.03 0.48 -1.14 -0.69 2.70 17.39 25.88 108.61 2020 2019 2018 2017 2016 2015 Fund 5.11 8.48 4.47 4.65 5.04 3.53 Benchmark 7.41 6.74 4.08 4.62 3.95 4.87 2021 Apr 2020 Apr 2019 Apr 2018 Apr 2017 Apr 2016 Apr 4.70 3.42 7.00 6.80 6.50 6.50 3.50 2.56 5.48 5.28 4.96 5.03 Calendar Year Returns (%) Most Recent Fund Distributions Gross (Sen/Unit) Annualised Yield (%) Note: October 2004 to April 2021. 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 Fund Risk Statistics Top 10 Holdings Beta DRB-Hicom Bhd % of net Country assets Malaysia 10.47 Quantum Solar Park Malaysia 4.95 Information Ratio Edra Energy Sdn Bhd Malaysia 4.95 -0.14 Mah Sing Group Bhd Malaysia 4.48 Tenaga Nasional Bhd Malaysia 4.29 UEM Sunrise Bhd Malaysia 4.18 Konsortium KAJV Sdn Bhd Malaysia 4.01 YTL Power International Bhd Malaysia 3.52 Lafarge Cement Sdn Bhd Malaysia 3.33 GII Murabahah Malaysia 3.27 The holdings listed do not 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. 1.04 Sharpe Ratio 0.74 3 years monthly data
2. Principal Islamic Lifetime Sukuk Fund (formerly known as CIMB Islamic Sukuk Fund) Asset Allocation (%) Cash 5.27 Cash 94.73 Sukuk 0 10 20 As of 30 April 2021 Sector Allocation (%) 30 40 50 60 70 80 90 Regional Allocation (%) Cash 5.27 94.73 Sukuk 0 Fund 10 20 30 40 50 60 70 80 90 Fund 5.27 94.73 Malaysia 0 10 20 30 40 50 60 70 80 90 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 The Fund reported a return of 0.93% outperformed its benchmark by 45bps in April 2021. The Government Investment Issues ("GII") yield curve shifted lower in similar fashion along with its conventional Malaysia Government Securities ("MGS") counterpart from the belly to the long-end of the curve by 5 to 16bps except for the 7y GII (+1bps). Meanwhile, the shorter end of the curve moved higher by 3-7bps. In April, spreads between MGS and GII for the 30y tightened by 9bps as investors saw value in the GII long end whilst the spread for the 7y widened by 12bps as the 7y MGS rallied during the month. In April, we saw Malaysia’s CPI rose 1.7% YoY in March as against +0.1% YoY in February led mainly by increase in the transport segment as fuel prices rose. Exports grew by a strong 31% YoY from RM87.6 billion in February to RM104.95 billion in March. Meanwhile, imports rose 19.2% to RM80.79 billion. For 1Q2021, total trade grew 14.8% from 1Q2020 whilst trade surplus expanded 58.6% to RM58.7 billion. It is noted that BNM projects 2021 real GDP growth to rebound to between 6.0%-7.5% on the back of improved external demand and gradual improvement in domestic economic activity. The recent surge in Covid-19 cases in the country coupled with possibility of a fourth wave of infections have raised concern over the reintroduction of MCO which could derail market sentiment. Overall, we remain overweight on corporates for better yield pick up and prefer to take profit and move to new credits. With that said, we continue to be mindful in our credit selection with a preference on names which are more resilient with stronger fundamentals as well as better liquidity. ^Based on the fund's portfolio returns as at 15 April 2021, the Volatility Factor (VF) for this fund is 2.980 and is classified as "Very Low" (source: FIMM). 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 FIMM 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, interest rate risk, risk of investing in emerging markets and risks associated with investment in warrants. You can obtain a copy of the Master Prospectus (Shariah-Compliant Funds) from the head office of 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, you 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