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SHARIAH BALANCED FUND 2 Fund Fact Sheet July 2015 Investment Objective Top Five Equity Holdings The fund objective is to reward the unit holders with a reasonable rate of return on income and to realize capital growth. This is achieved through investing in undervalued and high quality equities of fundamentally sound companies listed on the Bursa Malaysia and halal money market and fixed income securities. Fund Data As at 31st July 2015 NAV Fund Value RM 0.5510 RM 5,007,036.50 Eco World Development Pos Malaysia Bhd Muhibbah Engineering (M) Bhd Signature International Bhd Land & General Bhd 4.03% 3.38% 3.12% 3.07% 2.79% Asset Allocation Market Review July started off like it’s going to be another bad month as trading activities were tough and the KLCI again broke below the 1,700pt psychological on concerns of political development, the weak ringgit and dropping oil prices. The market was spooked with the major cabinet reshuffle involving several senior UMNO leaders and the retirement of the Attorney General. The ringgit went below the 3.80 level, lower than the previous peg under the capital controls regime and the oil prices went below US$60/barrel hitting Malaysia where it hurt most. Window dressing activity on 31st July, however, managed to push the KLCI 1% higher to close at 1,723pts. The broader FBM Emas Shariah also gained 1.35% mom to close at 12,373.12 pts. In addition, the crude oil slump also weighed on the UST yields, as the Brent crude oil fell by about 18% during the month of July. Locally, Ringgit govvies was under heavy selling pressure heading toward month end, driven by the higher USD/MYR, which surpassed 3.8300 last day of July. Political noise and cabinet reshuffle added more pressure for the local bond market. At close, the 3-, 5-, 7-, 10-, 15-, 20- and 30-year MGS were traded at 3.22% (June: 3.20%), 3.65% (3.61%), 4.00% (3.95%), 4.08% (4.02%), 4.31% (4.18%), 4.36% (4.27%) and 4.71% (4.72%) respectively. The 3-, 5-, 7-, 10-, 15-year and 20-year benchmark GII yields were transacted at 3.38% (May: 3.47%), 3.69% (3.74%), 3.91% (3.92%), 4.02% (4.01%), 4.25% (4.15%) and 4.29% (4.29%) respectively. Sector Allocation Outlook & Strategy August could be another difficult month for Malaysian equities as 1) there are concerns that Malaysia could report a 2Q current account deficit during the month, 2) the 2Q15 results release in Aug could likely disappoint on the full impact of GST which came into implementation starting Apr 1, 3) uncertainty has increased about the near-term direction of political developments (and hence policy setting), and 4) investor confidence, particularly among foreign investors, has been eroded further. We expect the market to recover as we approach the 4th quarter this year. We will continue to be selective in our stock pickings. Monetary policy is likely to remain status quo in 2015 barring no substantial slowdown in GDP growth locally. GST implementation in April 2015, removing of fuel subsidies, should help to cushion the lower fiscal revenue coming from oil and gas related activities. However, capital flow remains a challenging part of the economy especially with Ringgit hitting the lowest level since the currency was unpeg in July 2005. Money can still potentially leave Malaysia as a continuation trend in the lead up to Fed ‘lift off’. However, domestic liquidity still appears to be ample to cushion the impact from foreign selloff, and any dip in MGS will usually be absorbed by the pension funds and insurance companies. We take preference on corporate bonds over govvies in addition to participate in primary market for better yield pick-up. Performance: Shariah Balanced Fund 2 Cumulative Performance Shariah Balanced Fund 2 MOM 3 months 6 months 1 year YTD Since Inception* % change 1.29% -1.08% 4.36% -1.61% 7.83% 10.20% Calendar Year Performance FY2014 FY2013* Annual Return -3.77% 6.20% Source: RHB Islamic International Asset Management * Since 16 April 2013 Fund's performance is calculated based on NAV to NAV, assuming bonus unit distributions, if any, were reinvested. The value of units may go up as well as down. The MAA Takaful Fund is underwritten by MAA Takaful Berhad and is managed by “RHB Islamic International Asset Management Berhad”. This report is prepared by the managers for information purposes only. It does not have regard to other investment objectives, financial situation and any particular needs of any specific person who may receive it. Investors should also consider the investment risks carefully. Past performance is not necessarily indicative of the future performance. FUND MANAGER :