Beruflich Dokumente
Kultur Dokumente
Fund Name
Public Islamic Asia Leaders Equity Fund (PIALEF)
Fund Type
Capital Growth
Fund Category
Equity (Shariah-compliant)
Average Total Return for the Following Years Ended Distribution and Unit Split
30 November 2016
Financial year 2016 2015 2014
Average Total Date of distribution 30.11.16 30.11.15 28.11.14
Return of PIALEF (%)
Distribution per unit
1 Year 4.83 Gross (sen) 0.15 - -
3 Years 9.36 Net (sen) 0.15 - -
5 Years 9.70 Unit split - - -
Annual Total Return for the Financial Years Ended 30 November Impact on NAV Arising from Distribution (Final) for the
Year 2016 2015 2014 2013 2012 Financial Years
PIALEF (%) 4.83 15.42 5.90 9.36 6.04 2016 2015 2014
The calculation of the above returns is based on computation methods of Lipper. Sen Sen Sen
per unit per unit per unit
Notes:
Net asset value before distribution 32.80 31.29 27.10
1. Total return of the Fund is derived by this formulae: Less: Net distribution per unit (0.15) - -
( End of Period FYCurrent Year NAV per unit
End of Period FYPrevious Year NAV per unit )
(Adjusted for unit split and distribution paid out for the period)
-1 Net asset value after distribution 32.65 31.29 27.10
Total Return for the Year (%) 4.83 15.42 5.90 3.3 - 7.9
Capital growth (%) 4.92 15.45 5.97 Outside Malaysia
Income (%) -0.09 -0.03 -0.07
Hong Kong
Management Expense Ratio (%) 1.86 1.86 1.87 Communications 14.5 16.2 8.9
Portfolio Turnover Ratio (time) 0.97 0.61 0.59 Consumer, Cyclical 1.3 6.8 2.6
* All prices quoted are ex-distribution.
Consumer, Non-cyclical 2.5 0.7 2.9
Notes: Management Expense Ratio is calculated by taking the total management expenses
Energy - 3.7 5.4
expressed as an annual percentage of the Funds average net asset value. Financial 1.4 - 3.3
Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and Industrial 5.1 6.2 2.2
disposals of the investments in the Fund for the year over the average net asset value Technology - 1.1 -
of the Fund calculated on a daily basis. Utilities 3.1 1.5 3.2
The Portfolio Turnover Ratio for the financial year 2016 rose to 0.97 time from 0.61 time in
the previous financial year on account of higher level of rebalancing activities performed 27.9 36.2 28.5
by the Fund during the year.
Public Islamic Asia Leaders Equity Fund Public Islamic Asia Leaders Equity Fund
Fund Performance Fund Performance
For the Financial Year Ended 30 November 2016 For the Financial Year Ended 30 November 2016
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)
2016 2015 2014 2016 2015 2014
% % % % % %
Indonesia COLLECTIVE INVESTMENT
Communications 1.8 - - FUNDS
Consumer, Cyclical 1.7 - - Quoted
Consumer, Non-cyclical 1.4 - - Outside Malaysia
Financial - - 0.4 Hong Kong
Industrial - - 0.7 Financial 1.1 1.7 1.6
Public Islamic Asia Leaders Equity Fund Public Islamic Asia Leaders Equity Fund
Statement Of Distribution Of Returns Managers Report
For the Financial Year Ended 30 November 2016
Performance of PIALEF
from 30 November 2011 to 30 November 2016
80%
PIALEF BENCHMARK
60%
Returns from Start of Period
40%
20%
0%
-20%
2011 2012 2013 2014 2015 2016
Public Islamic Asia Leaders Equity Fund Public Islamic Asia Leaders Equity Fund
Managers Report Managers Report
Change in Portfolio Exposures from 30-Nov-15 to 30-Nov-16 Islamic Money Market Portfolio Review
Average During the financial year under review, the Funds Islamic money market
30-Nov-15 30-Nov-16 Change Exposure portfolio, which was invested primarily in Islamic deposits, yielded a return of
+3.08%. In comparison, the 1-Month Islamic Interbank Money Market Rate
Shariah-compliant
Equities 93.8% 76.4% -17.4% 85.67% (1M-IIMMR) registered a return of +3.53% over the same period.
Islamic Money Market 6.2% 23.6% +17.4% 14.33% During the financial year under review, the Funds exposure to Islamic money
market investments increased from 6.2% to 23.6% following the inflow of
Returns Breakdown by Asset Class
new funds. Based on an average exposure of 14.33%, the Islamic money
Market / market portfolio is estimated to have contributed +0.44% to the Funds overall
Returns On Benchmark Benchmark Average Attributed returns for the financial year under review.
Investments Returns Index Used Exposure Returns
Stock Market Review
Shariah-
compliant Equity Commencing the financial year under review at 12,506.87 points, the
Equities 8.37% 9.79% Benchmark 85.67% 7.17% FTSE Bursa Malaysia EMAS Shariah (FBMS) Index rebounded in late
Islamic Money December 2015 in tandem with global equity markets. However, the
Market 3.08% 3.53% 1M-IIMMR 14.33% 0.44% Index retraced to a 4-month low of 12,105.60 points in mid-January 2016
less: following the retracement in regional and global markets as well as lower
Expenses -2.78% crude oil prices, which fell below US$40/barrel. The revised 2016 budget
announcement on 28 January coupled with reduced volume of foreign
Total Net
selling in February 2016 helped to lift market sentiment. The FBMS Index
Return for
the Year 4.83% continued its uptrend in March 2016 in tandem with higher regional markets
and firmer global sentiment.
1M-IIMMR = 1-Month Islamic Interbank Money Market Rate
Following declines in the regional markets, the FBMS Index retraced towards
Shariah-compliant Equity Portfolio Review late April 2016 and continued to be sold down in May 2016 due to weaker-
than-expected corporate earnings for the first quarter of 2016. The Index was
For the financial year under review, the Funds Shariah-compliant equity portfolio further dampened by uncertainties arising from the Brexit vote in June 2016.
registered a return of +8.37% as compared to its equity Benchmarks return Subsequently, the FBMS Index rose in July 2016 amid buoyant global markets
of +9.79%. The Fund lagged the equity Benchmark as it was overweighted and the unexpected move by Bank Negara Malaysia (BNM) to reduce the
on selected stocks in the Indonesia, Taiwan and Korea markets which Overnight Policy Rate (OPR) by 25 basis points (bps). The Index continued to
underperformed the broader markets over the financial year under review. rise in August 2016 amid higher oil prices and firmer regional markets to touch
The Fund commenced the financial year under review with a Shariah-compliant a high of 12,596.80 points in mid-August. The Index subsequently eased on
equity exposure of 93.8% and this was reduced to below 75% in January 2016 the back of lacklustre global sentiment and weak corporate earnings for the
to weather the consolidation phase in the domestic and regional markets. second quarter of 2016. Profit-taking activities continued in September 2016
The Funds Shariah-compliant equity exposure increased to above 90% in and the market remained in a tight trading range in October 2016. Investor
June 2016 to capitalise on Shariah-compliant investment opportunities in the sentiment turned cautious ahead of the U.S. presidential election in
domestic and regional equity markets. Subsequently, the Funds Shariah- November 2016. Despite the initial concerns over a Trump presidency,
compliant equity weight decreased due to inflow of new money and ended Donald Trumps victory sent the U.S. market to a rally on expectations
the financial year under review with a Shariah-compliant equity exposure of that the president-elect will deliver on his pledges of fiscal stimulus and
76.4%. Based on an average Shariah-compliant equity exposure of 85.67%, deregulations of the financial market. For the Malaysia market, foreign fund
the Shariah-compliant equity portfolio is deemed to have registered a return of outflow continued in November 2016 amid anticipation of a rising interest
+7.17% to the Fund as a whole for the financial year under review. A full review rate environment in the U.S. going forward. The FBMS Index closed at
of the performance of the equity markets is tabled in the following sections. 11,901.19 points and registered a decline of 4.84% for the financial year
under review.
Public Islamic Asia Leaders Equity Fund Public Islamic Asia Leaders Equity Fund
Managers Report Managers Report
The regional equity markets, as proxied by the S&P Shariah BMI Asia Ex- Economic Review
Japan (S&P SAEJ) Index, commenced the financial year under review at
82.51 points. The S&P SAEJ Index eased in December 2015 following a Malaysias GDP growth moderated from 5.0% in 2015 to 4.2% in the first three
hike in U.S. interest rates on the back of stronger-than-expected U.S. job quarters of 2016 on the back of slower investment spending and exports.
market data. Growth in the services sector rose from 5.1% in 2015 to 5.6% in the first
three quarters of 2016. Meanwhile, the pace of construction sector activities
The Index continued to retrace until mid-January 2016 in tandem with lower was sustained at 8.2% over the same period.
oil prices. The S&P SAEJ Index subsequently rebounded in February and
March 2016 on the back of the European Central Bank (ECB)s rate cut Following a growth of 1.6% in 2015, Malaysias export growth moderated to
and expectations that the increase in U.S. interest rates would be delayed. 0.5% in the first nine months of 2016 mainly due to slower exports of electrical
The Index traded range-bound in April and May 2016 as the U.S. Federal and electronic products. Import growth rose to 0.7% in the first nine months
Reserves decision to keep interest rates unchanged was within market of 2016 from 0.4% in 2015. Malaysias cumulative trade surplus narrowed to
expectations. RM59.8 billion in the first nine months of 2016 compared to RM60.9 billion
in the same period last year. Due to capital inflows, Malaysias foreign
The S&P SAEJ Index rallied in the third quarter of 2016 on improving reserves increased to US$97.8 billion as at end of October 2016 compared
economic momentum in China and expectations of further delays in U.S. to US$94.0 billion a year ago.
interest rate hikes. Regional markets retraced marginally in October 2016
on concerns over the Chinese Renminbis weakness. The unexpected result Malaysias inflation rate was sustained at 2.1% in the first ten months of 2016
of the U.S. Presidential Election led to further consolidation in most regional compared to a similar rate in 2015 as firmer food prices were offset by lower
markets as funds flowed back to developed markets. The S&P SAEJ Index transportation costs. BNM reduced the OPR by 25 bps to 3.00% in July 2016
closed at 84.59 points to register an increase of 2.52% (+7.38% in Ringgit for the first time in seven years, on concerns that uncertainties in the global
terms) for the financial year under review. environment could dampen Malaysias growth. Loans growth moderated to
5.7% in the first ten months of 2016 from 9.0% in 2015 on lower demand
Regional markets, namely the Taiwan, Indonesia, Thailand, Singapore, from the household sector.
Hong Kong and Korea markets registered returns of +21.03%, +20.47%,
+13.13%, +2.49%, +2.40% and -8.11% (in Ringgit terms) respectively for Due to lower revenue and increased government spending, the Federal
the financial year under review. governments budget deficit in the first three quarters of 2016 rose to
RM34.5 billion (3.8% of GDP) from RM20.3 billion (2.4% of GDP) in the first
three quarters of 2015. The budget deficit in the first three quarters of 2016
S&P Shariah BMI Asia Ex-Japan Index has exceeded the 2016 target of 3.1% of GDP projected by the Ministry of
(30 November 2015 - 30 November 2016) Finance (MOF).
95
On the regional front, Singapores GDP growth eased from 2.0% in 2015
90 to 1.7% in the first three quarters of 2016 amid slower growth in services
activities. After registering an inflation rate of -0.5% in 2015, Singapore
85
recorded an inflation rate of -0.7% in the first ten months of 2016 on the
back of lower housing and transportation costs.
Index
Public Islamic Asia Leaders Equity Fund Public Islamic Asia Leaders Equity Fund
Managers Report Managers Report
7.0 10.0
6.0 8.0
5.0 6.0
% 4.0 % 4.0
3.0
2.0
2.0
0.0
1.0
-2.0 China Hong Kong Taiwan South Korea
0.0
2011 2012 2013 2014 2015 2016F 2017F -4.0
Malaysia Singapore Indonesia Thailand 2011 2012 2013 2014 2015 2016F 2017F
Public Islamic Asia Leaders Equity Fund Public Islamic Asia Leaders Equity Fund
Managers Report Managers Report
Global and regional markets generally closed higher in 3Q 2016 amid The budget deficit is projected to widen to RM40.3 billion (3.0% of GDP) in
expectations of fresh monetary and fiscal easing around the world following 2017 from RM38.7 billion (3.1% of GDP) estimated for 2016 with revenue
the Brexit outcome. However, renewed concerns over the timing of the expanding by 3.4% to RM219.7 billion. Meanwhile, operating expenditure and
Federal funds rate hikes weighed on global markets in October 2016. net development expenditure will see a growth of 3.7% to RM214.8 billion
Following the U.S. election on 8 November 2016, global markets generally and 2.4% to RM45.3 billion in 2017 respectively.
trended higher on optimism that the U.S. economy will benefit from the fiscal
stimulus policies of the new U.S. administration. At the end of November 2016, the local stock market was trading at a
prospective P/E ratio of 16.3x, which is above its 10-year average P/E ratio
Looking ahead, the performance of equity markets will depend on the of 15.9x. The markets dividend yield of 3.18% is above the 12-Month fixed
economic growth momentum in the U.S., Europe and Asia Pacific region. deposit rate of 3.11%.
U.S. economic growth is projected to gain pace from 1.6% in 2016 to 2.2% At the end of the financial year under review, South-East Asian markets were
in 2017 amid a recovery in investment spending. generally trading at a premium while North Asian markets were generally
trading at a discount to their historical averages following their respective
In the Eurozone, economic growth is envisaged to ease from 1.6% in 2016 performances over the same period.
to 1.3% in 2017 amid the potential impact of Brexit on various Eurozone
economies. Given the above factors, the Fund will continue to rebalance its investment
portfolio accordingly with the objective of achieving capital growth over the
In North Asia, Chinas GDP growth is estimated to ease from 6.7% in 2016 medium to long term period by investing mainly in stocks of companies with
to 6.4% in 2017 as economic growth continues to moderate. Meanwhile, market capitalisation of US$1 billion and above in domestic and regional
Chinas inflation rate is projected to inch up from 2.0% in 2016 to 2.1% in markets that complies with Shariah requirements.
2017 due to higher food prices. The Chinese central bank has the flexibility
to further cut the one-year lending rate to support domestic demand. In Note: Q = Quarter
addition, the Chinese government may unveil more stimulus measures such
as further fiscal spending in the event the economy grows at a weaker-than- Policy on Soft Commissions
expected pace.
The management company may receive goods or services which include
Hong Kongs GDP growth is projected to gain pace from 1.3% in 2016 to research materials, data and quotation services and investment related
1.7% in 2017 amid a moderate firming of domestic demand. Going forward, publications by way of soft commissions provided they are of demonstrable
the Hong Kong government is anticipated to maintain its existing tightening benefit to the Fund and unitholders.
stance on the residential property market. However, ample liquidity, demand
for better living standards and resilient economic growth will lend support to During the financial year under review, PIALEF has received data and
Hong Kongs property market over the long term. quotation services by way of soft commissions. These services were used
to provide financial data on securities and price quotation information to the
South Koreas GDP growth is envisaged to ease from 2.7% in 2016 to 2.6% Fund Manager during the financial year under review.
in 2017 due to slower domestic demand. Meanwhile, Taiwans GDP growth
is projected to strengthen from 1.0% in 2016 to 1.8% in 2017 as exports and
investment spending are envisaged to recover.
In South-East Asia, Singapores GDP growth is projected to firm from 1.6%
in 2016 to 1.9% in 2017 as fiscal spending and corporate tax rebates should
lend support to domestic demand. Indonesias GDP growth is expected to
expand from 5.0% in 2016 to 5.3% in 2017 amid sustained growth in domestic
demand. Meanwhile, Thailands GDP growth is envisaged to inch up from
3.1% in 2016 to 3.2% in 2017 on the back of stable domestic demand.
Malaysias GDP growth is expected to edge up from 4.1% in 2016 to 4.2%
in 2017 amid an anticipated strengthening of domestic demand. This will be
supported by sustained consumer and investment spending amid government
measures to increase disposable incomes and the ongoing implementation
of infrastructure projects.
Public Islamic Asia Leaders Equity Fund Public Islamic Asia Leaders Equity Fund
Statement Of Assets And Liabilities Statement Of Income And Expenditure
As at 30 November 2016 For the Financial Year Ended 30 November 2016
Public Islamic Asia Leaders Equity Fund Public Islamic Asia Leaders Equity Fund
Statement Of Changes In Net Asset Value Statement Of Cash Flows
For the Financial Year Ended 30 November 2016 For the Financial Year Ended 30 November 2016
Public Islamic Asia Leaders Equity Fund Public Islamic Asia Leaders Equity Fund