Fund Information

Fund Name
Public Ittikal Sequel Fund (PITSEQ)

Fund Type
Capital Growth

Fund Category
Equity (Shariah-compliant)

Fund Investment Objective

To achieve capital growth over the medium to long term period by investing
in a portfolio of investments that complies with Shariah principles.

Fund Performance Benchmark

The benchmark for PITSEQ is the FTSE Bursa Malaysia EMAS Shariah
Index, a free float adjusted capitalisation-weighted index comprising
constituents of the FTSE Bursa Malaysia EMAS Index, which have been
designated as Shariah-compliant securities by the Shariah Advisory Council
of the Securities Commission Malaysia.
The PITSEQ is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited
(FTSE) or by Bursa Malaysia Berhad (BURSA MALAYSIA) or by the London Stock Exchange Group
companies (the LSEG) and neither FTSE nor BURSA MALAYSIA nor LSEG makes any warranty
or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the
use of the FTSE BURSA MALAYSIA EMAS SHARIAH INDEX (the Index), and/or the figure at which
the said Index stands at any particular time on any particular day or otherwise. The Index is compiled
and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable
(whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor
BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
FTSE, FT-SE and Footsie are trade marks of LSEG and are used by FTSE under licence.
BURSA MALAYSIA is a trade mark of BURSA MALAYSIA.

Fund Distribution Policy

Incidental

Breakdown of Unitholdings of PITSEQ as at 30 November 2015

Size of holdings No. of % of No. of units
unitholders unitholders held (million)
5,000 and below 11,413 10.60 41
5,001 to 10,000 14,516 13.48 108
10,001 to 50,000 53,713 49.90 1,343
50,001 to 500,000 27,442 25.49 3,344
500,001 and above 566 0.53 587
Total 107,650 100.00 5,423

Note: Excluding Managers Stock.

Fund Performance
Average Total Return for the Following Years Ended
30 November 2015
Average Total
Return of PITSEQ (%)
1 Year 2.83
3 Years 9.93

Public Ittikal Sequel Fund

Fund Performance Fund Performance
For the Financial Year Ended 30 November 2015 For the Financial Year Ended 30 November 2015

Annual Total Return for the Financial Years Ended 30 November Distribution and Unit Split
Year 2015 2014 2013 2012 Financial year 2015 2014 2013
PITSEQ (%) 2.83 6.70 18.29 10.40* Date of distribution 30.11.15 28.11.14 29.11.13

* The figure shown is for period since Fund commencement (31 October 2011). Distribution per unit
Gross (sen) 0.50 1.75 1.75
The calculation of the above returns is based on computation methods of Lipper. Net (sen) 0.50 1.73 1.74
Unit split - - -
Notes:
1. Total return of the Fund is derived by this formulae: Impact on NAV Arising from Distribution (Final) for the

( )
End of Period FYCurrent Year NAV per unit
Financial Years
-1
End of Period FYPrevious Year NAV per unit 2015 2014 2013
(Adjusted for unit split and distribution paid out for the period)
Sen Sen Sen
per unit per unit per unit
The above total return of the Fund was sourced from Lipper.
Net asset value before distribution 30.42 31.39 31.17
2. Average total return is derived by this formulae: Less: Net distribution per unit (0.50) (1.73) (1.74)
Total Return Net asset value after distribution 29.92 29.66 29.43
Number of Years Under Review
Past performance is not necessarily indicative of future performance and unit
Other Performance Data for the Past Three Financial Years prices and investment returns may go down, as well as up.
Ended 30 November
Asset Allocation for the Past Three Financial Years
2015 2014 2013
As at 30 November
Unit Prices (MYR)* (Per Cent of Net Asset Value)
Highest NAV per unit for the year 0.3158 0.3238 0.3117
2015 2014 2013
Lowest NAV per unit for the year 0.2781 0.2867 0.2634
% % %
Net Asset Value (NAV) and Units in
EQUITY SECURITIES
Circulation (UIC) as at the End of
Quoted
the Year
Malaysia
Total NAV (MYR000) 1,628,407 306,660 148,037
Basic Materials 0.7 1.9 -
UIC (in 000) 5,442,551 1,034,024 503,041
Communications 17.8 23.1 14.3
NAV per unit (MYR) 0.2992 0.2966 0.2943
Consumer, Cyclical 2.3 4.8 8.8
Total Return for the Year (%) 2.83 6.70 18.29 Consumer, Non-cyclical 11.9 16.1 16.5
Capital growth (%) 2.12 5.93 16.74 Diversified 5.1 7.4 6.3
Income (%) 0.70 0.73 1.33 Energy 7.1 6.8 10.5
Financial 3.2 5.9 5.8
Management Expense Ratio (MER) (%) 1.59 1.61 1.63 Industrial 12.5 9.8 8.6
Portfolio Turnover Ratio (time) 0.76 0.63 0.75 Technology 0.4 - -
Utilities 9.1 15.0 13.2
* All prices quoted are ex-distribution.

Notes: MER is calculated by taking the total management expenses expressed as an annual 70.1 90.8 84.0
percentage of the Funds average net asset value.
Outside Malaysia
Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and Australia
disposals of the investments in the Fund for the year over the average net asset value
of the Fund calculated on a daily basis. Basic Materials 0.1 - -
The Portfolio Turnover Ratio for the financial year 2015 rose to 0.76 time from 0.63 time in Germany
the previous financial year on account of higher level of rebalancing activities performed Industrial - - 1.6
by the Fund during the year.

Public Ittikal Sequel Fund Public Ittikal Sequel Fund

Fund Performance Fund Performance
For the Financial Year Ended 30 November 2015 For the Financial Year Ended 30 November 2015

Asset Allocation for the Past Three Financial Years (contd) Asset Allocation for the Past Three Financial Years (contd)
As at 30 November As at 30 November
(Per Cent of Net Asset Value) (Per Cent of Net Asset Value)
2015 2014 2013 2015 2014 2013
% % % % % %
Hong Kong COLLECTIVE INVESTMENT FUNDS
Communications 2.2 1.0 - Quoted
Consumer, Cyclical 0.5 - - Malaysia
Energy 0.4 - - Financial 1.5 2.4 3.1
Industrial 1.7 - -
TOTAL QUOTED COLLECTIVE
4.8 1.0 - INVESTMENT FUNDS 1.5 2.4 3.1
Indonesia WARRANTS
Financial - 0.2 0.3 Quoted
Utilities - 0.4 0.6 Malaysia
Warrants - - 0.1
- 0.6 0.9
TOTAL QUOTED WARRANTS - - 0.1
Korea
Communications 0.9 - - SHARIAH-BASED PLACEMENTS
Consumer, Cyclical 1.3 - - WITH A FINANCIAL INSTITUTION 12.0 7.2 2.5
2.2 - - OTHER ASSETS & LIABILITIES 1.7 -4.7 1.8
Singapore
Communications 2.3 1.7 1.2
Consumer, Non-cyclical 1.6 - -
Industrial 0.2 0.6 1.5
4.1 2.3 2.7
Taiwan
Industrial - - 0.4
Technology 1.3 - -
1.3 - 0.4
Thailand
Communications - - 0.2
Energy 0.3 - -
0.3 - 0.2
United States
Communications 1.6 - 1.3
Consumer, Non-cyclical 0.1 - -
Energy - - 1.4
Technology 0.2 0.4 -
1.9 0.4 2.7
TOTAL QUOTED EQUITY
SECURITIES 84.8 95.1 92.5

Public Ittikal Sequel Fund Public Ittikal Sequel Fund

Statement Of Distribution Of Returns Managers Report
For the Financial Year Ended 30 November 2015

Sen Per Unit Overview

Gross Distribution 0.5000 This Annual Report covers the financial year from 1 December 2014 to
Net Distribution 0.5000 30 November 2015.
Total Returns 0.7600
Public Ittikal Sequel Fund (PITSEQ or the Fund) seeks to achieve capital
growth over the medium to long term period by investing in a portfolio of
Effects of Distribution on NAV per unit before and after
investments that complies with Shariah principles.
Distribution:
For the financial year under review, the Fund registered a return of +2.83% as
Before After compared to its Benchmarks return of -4.06%. The Funds Shariah-compliant
Distribution Distribution equity portfolio registered a return of +5.33% while its Islamic money market
NAV per unit (MYR) 0.3042 0.2992 portfolio registered a return of +3.25% during the financial year under review.
A detailed performance attribution analysis is provided in the sections below.
From its commencement on 31 October 2011 (being the last day of the initial
offer period) to 30 November 2015, the Fund registered a return of +43.29%
and outperformed the Benchmarks return of +26.02% over the same period.
Consequently, it is the opinion of the Manager that the Fund has met its
objective to achieve capital growth over the said period.

Performance of PITSEQ from 31 October 2011

(Commencement Date) to 30 November 2015
50%

PITSEQ BENCHMARK
40%

Returns from Start of Period

30%

20%

10%

0%

-10%
Oct-11 Aug-12 Jun-13 Apr-14 Feb-15 Nov-15

The FTSE Bursa Malaysia EMAS Shariah Index (FBMS) is the selected
Benchmark for PITSEQ as it is a free float adjusted capitalisation-weighted
index which comprises constituents of the FTSE Bursa Malaysia EMAS Index,
which have been designated as Shariah-compliant securities by the Shariah
Advisory Council of the Securities Commission Malaysia.

Income Distribution and Impact on NAV Arising from Distribution

The gross distribution of 0.50 sen per unit (net distribution of 0.50 sen per unit)
for the financial year ended 30 November 2015 had the effect of reducing the
Net Asset Value (NAV) of the Fund after distribution. As a result, the NAV per
unit of the Fund was reduced to RM0.2992 from RM0.3042 after distribution.

Public Ittikal Sequel Fund Public Ittikal Sequel Fund

Managers Report Managers Report

Effect of Distribution Reinvestment on Portfolio Exposures Sector Allocations

30-Nov-15 In terms of sector allocation within the Shariah-compliant equity portfolio,
Before Distribution After Distribution the top 5 sectors account for 58.4% of the NAV of the Fund and 67.7% of
Reinvestment* Reinvestment* the Funds Shariah-compliant equity portfolio. The weightings of the top
5 sectors in Malaysia (unless otherwise indicated) are in the following order:
Shariah-compliant Equities 86.3% 84.9% Communications (17.8%), Industrial (12.5%), Consumer, Non-cyclical
Islamic Money Market 13.7% 15.1% (11.9%), Utilities (9.1%) and Energy (7.1%).
* Assumes full reinvestment.
Islamic Money Market Portfolio Review
Change in Portfolio Exposures from 30-Nov-14 to 30-Nov-15 During the financial year under review, the Funds Islamic money market
Average portfolio, which was invested primarily in Islamic deposits, yielded a return of
30-Nov-14 30-Nov-15 Change Exposure +3.25%. In comparison, the 1-Month Islamic Interbank Money Market Rate
(1M-IIMMR) registered a return of +3.58% over the same period.
Shariah-compliant Equities 92.1% 84.9% -7.2% 83.12%
Islamic Money Market 7.9% 15.1% +7.2% 16.88% During the financial year under review, the Funds exposure to Islamic money
market investments increased from 7.9% to 15.1% following the disposal
Returns Breakdown by Asset Class of selected Shariah-compliant equity investments. Based on an average
exposure of 16.88%, the Islamic money market portfolio is estimated to
Market / have contributed +0.55% to the Funds overall returns for the financial year
Returns On Benchmark Benchmark Average Attributed under review.
Investments Returns Index Used Exposure Returns
Stock Market Review
Shariah-
compliant Commencing the financial year under review at 13,036.26 points, the FTSE
Equities 5.33% -4.06% FBMS 83.12% 4.43% Bursa Malaysia EMAS Shariah (FBMS) Index succumbed to renewed
Islamic Money selling and fell below 12,000 points in mid-December 2014 due to lacklustre
Market 3.25% 3.58% 1M-IIMMR 16.88% 0.55% 3Q 2014 corporate earnings releases and the sharp correction in oil prices.
The Index subsequently rebounded in January 2015 in response to an uptrend
less: in oil prices, the European Central Bank (ECB)s decision to undertake a
Expenses -2.15% larger-than-expected Quantitative Easing (QE) program and the Malaysian
Total Net governments release of the revised 2015 budget. The Index continued to
Return for trend higher in February 2015 as oil prices stabilised and on the back of the
the Year 2.83% U.S. Federal Reserves indication that interest rates will not be increased
in the near term.
FBMS = FTSE Bursa Malaysia EMAS Shariah Index
1M-IIMMR = 1-Month Islamic Interbank Money Market Rate Weaker-than-expected domestic corporate earnings releases and economic
data from China caused the FBMS Index to correct in March 2015. The
Shariah-compliant Equity Portfolio Review Index rebounded in April 2015 on the back of a stabilisation in oil prices and
a stronger Ringgit before retracing in May 2015 as selected index stocks
For the financial year under review, the Funds Shariah-compliant equity were sold on the back of lacklustre corporate results. The Index traded
portfolio registered a return of +5.33% and outperformed the equity range-bound in June and July 2015 on uncertainties over the timing of the
Benchmarks return of -4.06%. The Funds Shariah-compliant equity portfolio U.S. interest rate hike, the ongoing Greek sovereign debt crisis and a lack
outperformed the Benchmark as the Funds holdings of selected stocks within of positive catalysts in the domestic market.
the Consumer, Non-cyclical and Communications sectors outperformed the
general market during the financial year under review. The FBMS Index retraced to a low of 10,901.91 points in late August 2015
in tandem with the weaker Ringgit which plunged to a 17-year low as well as
The Fund commenced the financial year under review with a Shariah- the correction in global equity markets amid concerns pertaining to the growth
compliant equity exposure of 92.1% and this was subsequently reduced outlook for the Chinese economy. The Index subsequently rebounded in
to below 75% in August 2015 to weather the market consolidation. The September 2015 in tandem with global equity markets on the back of positive
Fund ended the financial year under review with a Shariah-compliant U.S. economic data. Profit-taking activities following the announcement of
equity exposure of 84.9%. Based on an average Shariah-compliant equity Budget 2016 caused the Index to retrace towards late October 2015. The
exposure of 83.12%, the Shariah-compliant equity portfolio is deemed to FBMS Index closed at 12,506.87 points at the end of November 2015 to
have registered a return of +4.43% to the Fund as a whole for the financial register a decline of 4.06% for the financial year under review.
year under review. A full review of the performance of the equity markets is
tabled in the following sections.

Public Ittikal Sequel Fund Public Ittikal Sequel Fund

Managers Report
FTSE Bursa Malaysia EMAS Shariah Index
(30 November 2014 - 30 November 2015)
14,000
13,500
13,000
12,500
Index
12,000
11,500
11,000
10,500
10,000
Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15
Starting the financial year under review at 88.16 points, regional equity
markets as proxied by the S&P Shariah BMI Asia Ex-Japan (S&P SAEJ)
Index retraced in tandem with global equity markets in early December
2014 before recovering towards the year end following the U.S. Federal
Reserves statement that it will be patient about raising interest rates. The
Index further strengthened in January 2015 following the announcement of
a larger-than-expected QE program by the ECB. Weaker-than-anticipated
Chinese economic data and concerns over the impending rise in U.S. interest
rates caused the S&P SAEJ Index to ease in mid-March 2015. The rally in
Chinas H-Shares market subsequently helped the Index to rise above the
100-point level in late April 2015 before easing in May and June 2015 amid
a sharp correction in Chinas equity market and an escalation of the Greek
sovereign debt crisis in late June 2015.
The Index continued to decline in August 2015 on the back of concerns
over Chinas economic growth outlook and the timing of a U.S. interest rate
rise. Regional markets regained a measure of stability in September 2015
as the U.S. Federal Reserve kept interest rates unchanged but concerns
of lacklustre corporate earnings outlook continued to weigh on sentiment.
The S&P SAEJ Index rebounded in October 2015 following a statement by
the ECB that it was prepared to undertake another large stimulus package.
The cut in Chinas interest rates and reserve requirement ratios for banks
as well as the U.S. Federal Reserves stance to keep its interest rate hike
on hold in October 2015 also helped bolster market sentiment. However, the
Index eased in mid-November as stronger than expected U.S. job market
data gave rise to increased expectations of an increase in U.S. interest
rates in December 2015. The S&P SAEJ Index closed at 82.51 points to
register a decline of 6.40% (+17.99% in Ringgit terms) for the financial year
under review.
Regional markets, namely the South Korea, Hong Kong, Taiwan, Singapore,
Thailand, Australia and Indonesia markets registered returns of +27.42%,
+19.29%, +15.11%, +6.27%, -0.95%, -3.02% and -9.57% (in Ringgit terms)
respectively for the financial year under review.
Public Ittikal Sequel Fund
Managers Report
Commencing the financial year under review at 154.36 points, the U.S. equity
market as proxied by the S&P U.S. Shariah Index strengthened further in
December 2014 on the back of optimism over global liquidity conditions after
the U.S. Federal Reserve stated it will be patient about raising interest rates.
The S&P U.S. Shariah Index eased in early January 2015 as energy stocks
led the decline in global equity markets on the back of the sharp drop in oil
prices. The Index subsequently rebounded for the remainder of January 2015
on optimism from the announcement of a larger-than-expected QE program
by the ECB. Easing concerns over the financial position of Greece, a ceasefire
agreement in Ukraine and Chinas lowering of the reserve requirement ratio
for its banks helped global equity markets to rise in February 2015. The Index
eased in early March 2015 on weak Chinese economic data and concerns
over the end of the U.S. Federal Reserves zero interest rate policy.
Following the U.S. Federal Reserves statement that it would take a more
cautious approach to raising interest rates, the S&P U.S. Shariah Index
rebounded in late March and continued to trend higher until late April 2015.
The Index edged higher in mid-May 2015 following the U.S. Federal Reserves
statement that it would take a more cautious approach to raising interest
rates. Volatility amid the Greek financial crisis as well as a sharp correction
in commodities and Chinas equity market caused the Index to ease in June
2015 before subsequently rebounding in mid-July 2015 over the anticipated
extension of the Federal Reserve low interest rate policy due to persistent
weakness in the global economy.
The S&P U.S. Shariah Index declined in August and September 2015 amid
a plunge in crude oil price, concerns over Chinas economic growth outlook
and the timing of a U.S. interest rate rise. The Index subsequently rebounded
in October and November 2015 amid expectations that the increase in U.S.
interest rates will be gradual. The S&P U.S. Shariah Index closed at 156.78
points at the end of November to register a gain of 1.57% (+27.90% in Ringgit
terms) for the financial year under review.
Islamic Money Market Review
The 1-Month Islamic Interbank Money Market Rate increased from 3.15%
to 3.58% during the financial year under review.
Economic Review
Malaysias GDP growth moderated from 6.0% in 2014 to 5.1% in the first
three quarters of 2015 on the back of a slowdown in the manufacturing
sectors growth rate from 6.2% to 4.9% amidst lower export demand over
the period. After registering a growth of 6.5% in 2014, growth in the services
sector moderated to 5.2% in the first three quarters of 2015. Meanwhile,
the pace of construction sector activities slowed from 11.8% to 8.4% over
the same period.
Public Ittikal Sequel Fund
Managers Report Managers Report

On the international front, U.S. GDP growth firmed from 2.4% in 2014 to 2.6%
Malaysias Annual GDP Growth in the first three quarters of 2015 on the back of higher private consumption
9.0 and investment. Consumer spending strengthened from 2.7% to 3.2%
8.0 7.4 amid improving employment conditions over the same period. Meanwhile,
7.0
5.5
6.0 investment growth rose from 5.4% to 5.7% over the same period.
6.0 5.3
4.8 4.7 4.9
5.0 4.5
The Federal Reserve kept the Federal funds rate target unchanged at 0.25%
4.0
% 3.0 in October 2015, citing the need for a further increase in the inflation rate
2.0 and improvements in labour market conditions before interest rates are
1.0 increased. The unemployment rate, which fell to a 7-year low of 5.0% in
0.0 October 2015, is targeted by the Federal Reserve to sustain at current levels
-1.0
by the end of 2015. However, the U.S. inflation rate remained subdued at
-2.0 -1.5
-3.0
almost zero percent in the first ten months of 2015 compared to the Federal
2008 2009 2010 2011 2012 2013 2014 2015F 2016F Reserves target of 2.0%. The Federal Reserve also stated that international
developments will be closely monitored in its decision on interest rates.
Source: Bloomberg
Following a growth of 0.9% in 2014, the Eurozones GDP growth rose to
Following a growth of 6.4% in 2014, Malaysias exports declined by 0.2% in 1.4% in the first three quarters of 2015 as slower growth in Germany was
the first nine months of 2015 due to lower commodity exports. A decline in mitigated by a faster pace of expansion in France. To further stimulate the
the imports of intermediate goods led to a 0.7% drop in imports for January- economy, the ECB cut the policy rate to a record low of 0.05% in September
September 2015 as compared to an increase of 5.3% in 2014. Malaysias 2014 and commenced its purchase of asset-backed securities (ABS) and
cumulative trade surplus widened to RM63.9 billion in the first nine months of covered bonds in October 2014. On 9 March 2015, the ECB commenced
2015 compared to RM61.5 billion in the same period last year. Due to capital implementation of its expanded sovereign bond-buying program at a pace
outflows, Malaysias foreign reserves decreased to US$94.0 billion as at end of 60 billion per month to fend off deflation and stimulate the economy. The
of October 2015 compared to US$128.1 billion a year ago. 1.1 trillion program will extend until at least September 2016 pending an
After registering an average inflation rate of 3.2% in 2014, Malaysias inflation increase in the inflation rate to just below 2% over the medium term.
rate eased to an average of 2.0% in the first ten months of 2015 following
the downward adjustment in petrol prices over the period. Bank Negara Outlook and Investment Strategy
Malaysia has kept the Overnight Policy Rate (OPR) unchanged at 3.25% Global and regional markets were well-supported in the first five months
since July 2014 to support domestic demand. Loans growth inched lower to of 2015 with the U.S. markets touching record highs in May 2015 amid
9.2% in the first nine months of 2015 from 9.3% in 2014 on lower demand monetary easing measures adopted by the central banks of Europe, Japan
from the household sector. and China. However, market sentiment turned cautious following the
Singapores GDP growth moderated from 2.9% in 2014 to 2.2% in the sell-down in the Chinese equity markets in June. Concerns over Chinas
first three quarters of 2015 amid a slowdown in the manufacturing and devaluation of the Yuans reference level and Chinas slowing economy
construction sectors. Indonesias economic growth slowed from 5.0% in caused regional and global markets to continue easing in the third quarter
2014 to 4.7% in the first three quarters of 2015 on the back of moderating of 2015. After rebounding in October amid improved sentiment, global and
domestic demand and lower exports. Meanwhile, Thailands GDP growth regional markets traded on a mixed note in November following a renewed
rebounded from 0.9% in 2014 to 2.9% in the first three quarters of 2015 sell-down in China-related markets.
amid a recovery in consumer and investment spending. Looking ahead, a moderate recovery in the global economy in 2016 coupled
In North Asia, Chinas GDP growth slowed from 7.3% in 2014 to 6.9% in with broadly supportive monetary conditions should underpin the outlook for
the first three quarters of 2015 amid a moderation in the manufacturing and Asian equities. However, market sentiment may be dampened by continued
construction sectors. Despite a contraction in exports due to a moderation in volatility in regional currencies pending the normalisation of interest rates by
the mainlands economic activities, Hong Kongs GDP growth was sustained the U.S. Federal Reserve.
at 2.5% in the first three quarters of 2015 compared to a similar growth rate Although the U.S. economy is projected to grow at a firmer pace of 2.5% in
in 2014 on the back of firmer domestic demand. 2016 compared to 2.4% estimated in 2015, low inflationary pressures and
South Koreas GDP growth eased from 3.3% in 2014 to 2.4% in the first moderate wage growth in the U.S. may prompt the Federal Reserve to be
three quarters of 2015 due to slower export growth. Taiwans GDP growth cautious in normalising the Federal funds rate.
moderated from 3.8% in 2014 to 1.0% in the first three quarters of 2015 amid Growth in the Eurozone is envisaged to firm from 1.5% in 2015 to 1.7% in
slower domestic demand and export growth. 2016 as investment spending is projected to gain pace in selected core and
Down under, Australias GDP growth moderated from 2.7% in 2014 to 2.2% peripheral countries. Consumer spending in real terms is envisaged to sustain
in 1H 2015 due to the decline in resource-related investment spending and as inflationary pressures are expected to remain low while the outlook for
slower export growth. business activities is expected to improve. Further monetary easing measures
may be undertaken by the ECB if growth in the Eurozone falters.

Public Ittikal Sequel Fund Public Ittikal Sequel Fund

Managers Report Managers Report

Down under, Australias economic growth is envisaged to rise from 2.3% in Cross-Trade Transactions
2015 to 2.6% in 2016 as growth is expected to be underpinned by a recovery
in exports and firmer household consumption spending. Cross-trade transactions were undertaken by PITSEQ during portfolio
rebalancing activities over the financial year under review.
In North Asia, Chinas GDP growth is projected to ease from 6.9% in 2015
to 6.5% in 2016 as economic growth continues to moderate. Following the Policy on Soft Commissions
fluctuations in the Chinese stock markets in the June to November 2015
period, elevated levels of market volatility are expected to continue as trading The management company may receive goods or services which include
activity is dominated by retail investors in the mainland market. research materials, data and quotation services and investment related
publications by way of soft commissions provided they are of demonstrable
Over in Hong Kong, GDP growth is projected to firm slightly from 2.4% in benefit to the Fund and unitholders.
2015 to 2.5% in 2016 as the slowdown in inbound tourism will be mitigated
by firmer domestic demand. Going forward, the Hong Kong government During the financial year under review, PITSEQ has received data and
is anticipated to maintain its existing tightening stance on the residential quotation services by way of soft commissions. These services were used
property market. However, ample liquidity, demand for better living standards to provide financial data on securities and price quotation information to the
and resilient economic growth will underpin Hong Kongs property market Fund Manager during the financial year under review.
over the long term.
South Koreas GDP growth is projected to rise from 2.5% in 2015 to 2.9%
in 2016 as consumption spending and exports is expected to increase.
Meanwhile, Taiwans GDP growth is projected to gain pace from 1.4% in
2015 to 2.4% in 2016 as exports are envisaged to recover.
In South-East Asia, Singapores GDP growth is projected to increase from
2.0% in 2015 to 2.5% in 2016 as fiscal spending and corporate tax rebates
are expected to support domestic demand. Indonesias GDP growth is
projected to grow at 5.1% in 2016 propelled by government spending on
infrastructure projects.
Thailands GDP growth is envisaged to accelerate from 2.7% in 2015 to
3.3% in 2016 as the tourism and manufacturing sectors benefit from a more
politically stable environment.
On the domestic front, the Ministry of Finance (MOF) forecasts Malaysias
GDP growth to range between 4.0% and 5.0% in 2016 on the back of a
moderate recovery in exports and resilient investment spending.
The 2016 budget deficit/GDP is projected at 3.1% (RM38.8 billion) as
compared to 3.2% (RM37.2 billion) in 2015. Revenue contribution from the
Goods and Services Tax (GST) contributed RM27 billion to government
revenue in 2015 and is projected to rise to RM39 billion in 2016, helping to
offset the decline in oil-related revenues.
At the end of November 2015, the local stock market was trading at a
prospective P/E of 16.5x, which is above its 10-year average P/E ratio of
15.6x. The markets dividend yield of 3.17% is below the 12-Month fixed
deposit rate of 3.35%.
Among the regional markets, South-East Asian markets were generally
trading at a premium while North Asian markets were generally trading at a
discount to their historical averages following their respective performances
over the same period.
Given the above factors, the Fund will continue to rebalance its investment
portfolio accordingly with the objective of achieving capital growth over the
medium to long term period by investing in a portfolio of investments that
complies with Shariah principles.
Notes: Q = Quarter
H = Half

Public Ittikal Sequel Fund Public Ittikal Sequel Fund

Statement Of Assets And Liabilities Statement Of Income And Expenditure
As at 30 November 2015 For the Financial Year Ended 30 November 2015

2015 2014 2015 2014

MYR000 MYR000 MYR000 MYR000
Assets Income
Investments 1,405,506 298,966 Profit from Shariah-based placements 3,864 489
Due from the Manager, net 42,203 5,321 Dividend income 22,324 5,307
Tax recoverable 27 27 Dividend income from non-permissible
Other receivables 2,188 412 securities - 36
Cash and cash equivalents 239,560 33,029 Net gain from investments 68 9,386
Net realised gain on sale of
1,689,484 337,755 non-permissible securities 377 4
Liabilities Net realised/unrealised foreign
Due to brokers/financial institutions, net 33,625 13,082 exchange gain 2,896 394
Due to the Trustee 82 16 29,529 15,616
Other payables 157 99
Distribution payable 27,213 17,898 Less: Expenses
Trustees fee 548 136
61,077 31,095 Management fee 13,681 3,396
Total net assets 1,628,407 306,660 Audit fee 7 7
Tax agents fee 3 3
Net asset value (NAV) attributable Brokerage fee 3,931 804
to unitholders (Total equity) 1,628,407 306,660 Administrative fees and expenses 236 101
Payment to charitable bodies 377 4
Units in circulation (in 000) 5,442,551 1,034,024
18,783 4,451
NAV per unit, ex-distribution (in sen) 29.92 29.66
Net income before taxation 10,746 11,165
Taxation (464) (38)
Net income after taxation 10,282 11,127
Net income after taxation is made up as
follows:
Realised 12,539 11,903
Unrealised (2,257) (776)
10,282 11,127

Final distribution for the financial year 27,213 17,898

Public Ittikal Sequel Fund Public Ittikal Sequel Fund

Statement Of Changes In Net Asset Value Statement Of Cash Flows
For the Financial Year Ended 30 November 2015 For the Financial Year Ended 30 November 2015

Unitholders Retained 2015 2014

capital earnings Total MYR000 MYR000
MYR000 MYR000 MYR000
Cash flows from operating activities
As at 1 December 2013 136,399 11,638 148,037 Proceeds from sale of investments 101,553 67,747
Creation of units 166,796 - 166,796 Purchase of investments (1,189,719) (204,121)
Cancellation of units (1,402) - (1,402) Subscription of rights - (890)
Net income after taxation - 11,127 11,127 Profit from Shariah-based placements
Distribution (5,627) (12,271) (17,898) received 3,853 483
Interest received from foreign currency
As at 30 November 2014 296,166 10,494 306,660 accounts 1 2
Net dividend income received 20,186 5,225
As at 1 December 2014 296,166 10,494 306,660 Trustees fee paid (482) (127)
Creation of units 1,339,987 - 1,339,987 Management fee paid (12,013) (3,192)
Cancellation of units (1,309) - (1,309) Audit fee paid (7) (7)
Net income after taxation - 10,282 10,282 Tax agents fee paid (5) (5)
Distribution (16,421) (10,792) (27,213) Taxation recovered - 40
Payment of other fees and expenses (189) (82)
As at 30 November 2015 1,618,423 9,984 1,628,407 Payment to charitable bodies (378) (6)
Net cash outflow from operating
activities (1,077,200) (134,933)
Cash flows from financing activities
Cash proceeds from units created 1,301,437 164,458
Cash paid on units cancelled (1,309) (1,402)
Distribution paid (17,898) (8,745)
Net cash inflow from financing activities 1,282,230 154,311
Net increase in cash and cash
equivalents 205,030 19,378
Effect of change in foreign exchange
rates 1,501 463
Cash and cash equivalents at the
beginning of the financial year 33,029 13,188
Cash and cash equivalents at the end
of the financial year 239,560 33,029
Cash and cash equivalents comprise:
Cash at banks 43,628 10,933
Shariah-based placements with a
financial institution 195,932 22,096
239,560 33,029

Public Ittikal Sequel Fund Public Ittikal Sequel Fund