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Kenanga Global Opportunities Fund 3-year Fund Volatility 1 3.4 Very High November 2013 Data as at 30 September 13 Lipper Analytics 15 Oct 2013 FUND OBJECTIVE Aims to achieve capital growth by investing, via a target fund i.e. ING (L) Invest Global Opportunities (IIGO) fund which is domiciled in Luxembourg, in a diversified portfolio of global equities that are likely to yield higher earning growth than the global average. FUND PERFORMANCE (%) NAV to NAV Prices and Cumulative Return Over The Period (%) Fund Category/Type Feeder / growth Lipper Fund Category Equity Global Launch Date 21 June 2010 Trustee CIMB Commerce Trustee Berhad Lipper Leaders Benchmark MSCI World AC Index Period 1 month 6 months 1 year 3 years 5 years Since Launch Designated Fund Manager Lee Sook Yee Sales Charge Max 6.50% Annual Management Fee 1.80% p.a. Period 2012 2011 2010 2009 2008 Redemption Charge Nil Initial Offer Price RM0.50 per unit CUMULATIVE FUND PERFORMANCE (%) Fund Benchmark -4.65 4.17 2.86 11.70 8.23 22.88 6.68 32.20 11.52 35.52 CALENDAR YEAR FUND PERFORMANCE (%) Fund Benchmark 10.78 9.43 -13.36 -6.87 Source: Lipper FUND SIZE RM7.96 million 2012 2011 2010 NAV PER UNIT 0.5848 DISTRIBUTION HISTORY Gross Distribution RM Yield (%) - Unit Split - HISTORICAL FUND PRICE Highest (RM) Lowest (RM) Since Inception Date RM 0.6000 RM 0.4429 23-Aug-13 3-Oct-11 1 2 3 4 5 TOP EQUITY HOLDINGS OF TARGET FUND (% NAV) Novartis Standard Chartered Amgen Inc Yum! Brands Inc Imperial Tobacco Group 2.78% 2.53% 2.18% 2.15% 2.11% Source: Kenanga Investors Berhad ASSET ALLOCATION TARGET FUND COUNTRY ALLOCATION Telecoms 0.76% 3.15% Utilities 0.80% Hong Kong 3.62% Industrials France 4.19% Materials Japan 4.85% Consumer Staples 11.12% 5.15% Energy 11.23% Consumer Discretionary 11.54% Others September August India 3.70% 96.30% 3.90% 96.10% Canada 4.20% July FD/NI/Cash 95.80% ING (L) Invest Global Opportunities TARGET FUND SECTOR ALLOCATION (% NAV) 22.32% Switzerland 6.55% Netherlands 6.88% United Kingdom Source: Kenanga Investors Bhd 8.29% IT 11.98% United States 7.35% 31.32% 15.49% Health Care 16.35% Financials 17.08% Source: Kenanga Investors Bhd Source: Kenanga Investors Bhd REVIEW OUTLOOK Market Review Defying its bad track record, September was a good month for global equities. The MSCI AC World Index was up by 2.4% in euro over the month. Generally strong macroeconomic data and a surprise decision by the Fed to postpone a widely anticipated ‘tapering’ of asset purchases lifted equities. However, towards the end of the month equities gave up part of their gains as concerns over the US debt ceiling negotiations and a government shutdown weighed on markets. Market Outlook and Fund Strategy The Fed’s decision not to taper in September calmed down emerging markets somewhat. We are confident that several governments (India, Indonesia) are using the current weak environment to pursue structural changes to address their current account deficits and restore investor confidence. China is on the right track by changing their economy from an export led to a domestic led economy. We therefore expect GDP growth rates in emerging markets to be significantly higher than in developed markets for the foreseeable future. The main problem in the developed economies remains the high government debt levels. We therefore remain underweight both domestic Europe and domestic US. The fourth quarter will be very data dependent as investors are trying to estimate when the Fed starts to taper its bond buying program. We expect some volatility in the fourth quarter as the markets have become very data dependent and there seems to be a deep divide in American politics on budget issues. In addition we are close to the nomination of a new Fed chairman/woman. To the surprise of the markets, the Fed did not start to reduce or ‘taper’ its asset purchases in September. This led to a fall in US and European long term interest rates. In Germany, Angela Merkel won the elections as expected, but she was not able to form a government as her coalition partner FDP did not pass the 5%-hurdle and will not be represented in the Bundestag. A grand coalition with the socialist SPD party is now likely, but negotiations may drag on for several weeks. Macroeconomic data was positive across the board signalling an improvement in global growth. The US (+0.6%) lagged in September due to a weakening dollar, while Europe (+4.4%) performed well, driven by better economic data and relatively attractive valuations. Japan was the best performing large market (+5.6% in euro) rebounding from weakness earlier in the quarter. Emerging markets recovered as Chinese data showed encouraging signs of a stabilisation in its economy. Cyclical sectors outperformed defensive sectors. Among the cyclical sectors Materials benefited from better global growth expectations and a bounce in metal prices. The Energy sector was the worst performer over the month, as the reduced tensions in the Middle East resulted in a fall in the oil price. Defensive sectors underperformed, with the exception of Telecom, where continued M&A activity provides support. “Value” underperformed “Growth” stocks in September, while small caps outperformed large caps. Our conviction in the “Graying Population” sub theme within the “Shifts in Demography” main theme also continues to be high. At this moment in time we see the “Graying population” coming closer while a number of healthcare companies are at the start of their own new cycle. We are at the “crossroads” of two important secular trends that are reinforcing each other and we are therefore becoming very positive on this theme. We are confident that all our main investment themes represent the most important driving forces behind companies and economies. On a sub-theme level we believe that the level of self-sustained economic growth and prosperity in some emerging markets is sustainable going forward. In developed markets we expect that technology, in the broadest sense, will play an ever bigger role in both the industry and the service economy. This is driven by multiple factors: a pressure to increase efficiency and lower cost, the push for a cleaner environment and demographic shifts that will affect the working population in many countries. Fund Review The fund underperformed its benchmark (MSCI World AC) for the month of September, registering a return of -4.65% against its index of 4.17%. The fund underperformance was mainly attributable to stock selection. Website: www.KenangaInvestors.com.my E-mail : [email protected] Toll Free Line: 1-800-88-3737 Based on the fund’s portfolio returns as at 15 October 2013, the Volatility Factor (VF) for this fund is 13.36 and is classified as “Very High”. (Source: Lipper). “Very High” includes funds with VF that are above 12.835 (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. The Master Prospectus (formerly ING Foreign Series) dated 2nd July, 2013 has been registered with the Securities Commission Malaysia, who takes no responsibility for its contents, is obtainable at our offices. Application for Units can only be made on receipt of application form referred to in and accompanying the relevant prospectus. Investors are advised to read and understand the relevant prospectus and consider the fees and charges involved before investing. Unit prices and distributions may go down as well as up. A fund’s track record does not guarantee its future performance. Investors are advised to read and understand the contents of the unit trust loan financing risk disclosure statement before deciding to borrow to purchase units.