Cover BIMB-ARABESQUE i global dividend · 2020. 6. 30. · LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2020. 2 . TABLE OF CONTENT . No. Particulars Page 1.0 Manager‟s Report

MANAGER:BIMB INVESTMENT MANAGEMENT BERHAD 199301021508 (276246-X)

BIMB-ARABESQUE i GLOBAL DIVIDEND FUND 1

ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED31 MARCH 2020

LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR31 MAC 2020

2

TABLE OF CONTENT

No. Particulars Page

1.0 Manager‟s Report 3

1.1 Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/

Fund Performance Benchmark/ Fund Distribution Policy 3

1.2 Performance for the Financial Year Ended 31 March 2020 4

1.3 Economic and Market Review 9

1.4 Market Outlook and Strategy 9

1.5 Asset Allocation as at 31 March 2020 10

1.6 Other Performance Data for the Financial Year Ended 31 March 2020 11

1.7 Unit Holdings as at 31 March 2020 13

1.8 Policy on Rebate and Soft Commission 14

2.0 Trustee‟s Report 27

3.0 Shariah Committee‟s Report 28

4.0 Directors‟ Declaration Report 29

5.0 Independent Auditors‟ Report 30

6.0 Financial Statements (Audited) 34

7.0 Corporate Directory 62

3

1.0 Manager’s Report

Dear Unit Holders,

We are pleased to present the Manager‟s report of BIMB-ARABESQUE i Global Dividend

Fund 1 (BiGDF1) for the financial year ended 31 March 2020.

1.1 Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund

Performance Benchmark/ Fund Distribution Policy

Fund Name BIMB-ARABESQUE i Global Dividend Fund 1 (BiGDF1)

Target Fund Name

Arabesque Q3.17 SICAV – Arabesque Q3.17 Systematic

Fund Type Income & Growth

Fund Category Feeder

Base Currency of the Fund

USD

Fund Investment Objective

The Fund seeks to achieve long-term capital appreciation. Any material changes to the investment objective of the Fund would require Unit Holders’ approval.

Fund Performance

Benchmark

MSCI AC World Index NR Source: https://www.msci.com/indexes Please note that the risk profile of the Fund may be higher

than the risk profile of the benchmark.

Asset Allocation

A minimum of 90% of the Fund‟s NAV to be invested in the

Target Fund; and A maximum of 10% of the Fund‟s NAV to be invested in

Islamic fixed deposits, Islamic money market instruments and/or Islamic liquid assets.

Fund Distribution

Policy

The Manager will declare annual distributions (subject to availability of income). Income distribution will be based on

net realized income for the period. The Fund will be measured against an average income

distribution yield of 6% per annum over a 5-year period. This is not a guaranteed return and it is only a measurement of the Fund‟s performance. The Fund may

or may not achieve 6% per annum growth rate in any particular financial year.

https://www.msci.com/indexes

4

1.2 Performance for the financial year ended 31 March 2020

1.2.1 Performance review

For the financial year under review, BIMB-ARABESQUE i Global Dividend Fund 1

(BiGDF1) (“the Fund”) registered a return of -6.54% as compared to benchmark‟s

return of -6.16% for RM class, and -11.66% as compared to benchmark return of

-11.26% for USD class. Meanwhile, for SGD class and RM Hedged class, the returns

since inception were -10.23% and -10.74% respectively as compared to their

respective benchmark return of -11.78% and -11.74%.

The Fund‟s performance was dragged down by equities underperformance due to

Covid-19 pandemic and the associated lockdowns to control its spread.

As at 31 March 2020, the Fund has 95.50% exposure to equities and 4.50% to cash

and money market instruments. The total NAV of the Fund is USD157.16 million that

constitutes of four currency classes which are Malaysian Ringgit (RM), US Dollar,

Singapore Dollar and RM Hedged.

For the financial year under review, there was no significant changes to the state of

affairs of the Fund and no circumstances that materially affect the interest of unit

holders that have taken place up to the date of this Manager‟s Report.

5

1.2.2 Total return and average total return for the financial year ended 31 March 2020

RM Class

Period Fund Total

Return

Average

Total Return

Benchmark

Total Return

Average

Total Return

1-Year (Apr 2019 to Mar 2020)

-6.54% -6.54% -6.16% -6.16%


-0.18% -0.06% 1.97% 0.66%

Since Inception (Nov 2015 to Mar 2020)

11.36% 2.57% 22.84% 5.17%

USD Class

Period Fund Total

Return

Average Total

Return

Benchmark Total

Return

Average Total

Return


-11.66% -11.66% -11.26% -11.26%


2.28% 0.76% 4.28% 1.43%

Since Inception (Nov 2015 to Mar 2020)

10.73% 2.43% 22.28% 5.04%

SGD Class

Period Fund Total

Return

Average Total

Return

Benchmark Total

Return

Average Total

Return

Since Inception (Oct 2019 to Mar 2020)

-10.23% -20.46% -11.78% -23.56%

RM Hedged Class

Period Fund Total

Return

Average

Total Return

Benchmark

Total Return

Average

Total Return

Since Inception (Oct 2019 to Mar 2020)

-10.74% -21.48% -11.74% -23.48%

6

1.2.3 Total return for previous financial years

RM Class

Financial Year Ended Fund Return Benchmark Return

31 March 2020 -6.54% -6.16%

31 March 2019 4.02% 8.46%

31 March 2018 2.68% 0.20%

31 March 2017 11.56% 20.47%

USD Class


31 March 2020 -11.66% -11.26%

31 March 2019 -1.55% 2.60%

31 March 2018 17.62% 14.53%

31 March 2017 8.26% 17.26%

SGD Class


31 March 2020 -10.23% -11.78%

RM Hedged Class


31 March 2020 -10.74% -11.74%

Income distribution for previous financial year

RM Class

Financial Year Ended Distribution (sen) / unit

Distribution Yield (%)

Benchmark (%)

31 March 2020 3.15 6.36% 6.00%

31 March 2019 2.08 4.19% 6.00%

31 March 2018 4.18 8.00% 6.00%

31 March 2017 3.55 7.10% 6.00%

7

USD Class

Financial Year Ended Distribution

(cent) / unit

Distribution

Yield (%)

Benchmark

(%)

31 March 2020 3.15 6.00% 6.00%

31 March 2019 2.23 4.01% 6.00%

31 March 2018 4.055 8.00% 6.00%

31 March 2017 3.45 6.90% 6.00%

SGD Class

Financial Year Ended Distribution (cent) / unit


Benchmark (%)

31 March 2020 3.00 6.00% 6.00%

RM Hedged Class

Financial Year Ended Distribution (sen) / unit


Benchmark (%)

31 March 2020 3.00 6.00% 6.00%

Figure 1: Movement of the Fund versus the Benchmark

11.56%

2.68%4.02%

-6.54%

20.47%

0.20%

8.46%

-6.16%-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

FY2017 FY2018 FY2019 FY2020

The Fund Benchmark

FUND AND BENCHMARK TOTAL RETURN (RM CLASS)TotalReturnTotal

Return

8

8.26%

17.62%

-1.55%

-11.66%

17.26%

14.53%

2.60%

-11.26%-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

FY2017 FY2018 FY2019 FY2020

The Fund Benchmark

FUND AND BENCHMARK TOTAL RETURN (USD CLASS)TotalReturn

-10.23%

-11.78%

-14.0%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

FY2020(6 months, since inception)

The Fund Benchmark

FUND AND BENCHMARK TOTAL RETURN (SGD CLASS)TotalReturn

-10.74%-11.74%

-14.0%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

FY2020(6 months, since inception)

The Fund Benchmark

FUND AND BENCHMARK TOTAL RETURN (RM HEDGED CLASS)TotalReturn

9

Note:

Data Source : BIMB Investment Management Berhad

Data verified by : Novagni Analytics & Advisory Sdn. Bhd.

Benchmark : MSCI ACWI NR Index

Notes:

1. Total Return of the Fund has been verified by Novagni Analytics & Advisory Sdn.

Bhd. (363145-W)

2. Average Total Return is derived by this formula:

Total Return

Number of Years under Review

Past performance is not necessarily indicative of future performance and unit prices and

investment returns may go down, as well as up.

1.3 Economic and Market Review

Global equities fell sharply during the first quarter of 2020, as Covid-19 evolved into a

global health pandemic, and countries reacted by going into lockdown.

In the US, equity declined significantly with the Dow Jones Industrial Average Index

seeing its worst one-day drop since Black Monday in 1987. Energy and Financial stocks

were worst hit. The Fed reacted to the bear market by cutting interest rates and

announcing „unlimited‟ quantitative easing.

In the Eurozone, equities were also down sharply. Investors were particularly concerned

over the economic impact of Covid-19, given that Eurozone growth was already fragile.

UK stocks were down, particularly oil stocks which suffered from the Russia-Saudi oil

price war. Sterling saw its lowest level versus the US Dollar in multiple decades.

In Japan, markets fell steeply before regaining some ground at the end of the quarter as

investors speculated that Japan may have successfully contained the spread of the

virus.

Emerging markets were down underperforming developed markets, driven by the fall in

oil prices and the knock-on effects of the virus spread – particularly the Chinese

economy.

(Source: Arabesque Asset Management Ltd, the Target Fund‟s investment manager)

10

1.4 Market Outlook and Strategy

The Fund employs a quantitative approach. Given the quantitative and momentum-

based nature of the strategy, the Manager does not manage the fund based on macro

analysis, views and expected outlook. However, below are what we observe in the

dynamics of the strategy.

In reaction to the significant downturn in markets, the Target Fund reacted by increasing

its cash allocation to 68.8% at the end of the financial year. The Target Fund

significantly cut its exposure to Technology Services and Producer Manufacturing,

whilst increasing its exposure to defensive sectors like Healthcare Technology and Non-

Energy Minerals.

Given the significant amount of uncertainty that still persists in markets, the Fund is

confident with its current defensive positioning.

(Source: Arabesque Asset Management Ltd (the Target Fund‟s investment manager)

1.5 Asset Allocation as at 31 March

BIMB-ARABESQUE i Global Dividend Fund 1 (BiGDF1)

2020 (%)

2019 (%)

2018 (%)

Investment in Collective Investment Scheme

Target Fund 95.50 95.57 73.19

95.50 95.57 73.19

CASH AND SHORT TERM INVESTMENTS: 4.50 4.43 26.81

100.00 100.00 100.00

11

1.6 Other Performance Data for the Financial Year Ended 31 March

BIMB-Arabesque i Global

Dividend Fund 1

31 March

2020

31 March

2019

31 March

2018

Net Asset Value (USD)

- RM Class 120,873,716 169,730,020 62,352,939

- USD Class 36,136,548 42,558,517 36,821,318

- RM Hedged Class 31,612 - -

- SGD Class 121,056 - -

Units in Circulation

- RM Class 1,210,909,371 1,399,586,248 485,638,002

- USD Class 83,709,806 81,013,402 66,187,961

- RM Hedged Class 327,860 - -

- SGD Class 410,871 - -

NAV per Unit in USD

- RM Class 0.0998 0.1213 0.1284

- USD Class 0.4317 0.5253 0.5563

- RM Hedged Class 0.0964 - -

- SGD Class 0.2946 - -

NAV per Unit in respective class currencies

- RM Class 0.4310 0.4949 0.4959

- USD Class 0.4317 0.5253 0.5563


- SGD Class 0.4186 - -

Highest NAV per Unit in respective class

currencies

- RM Class 0.5673 0.5774 0.5733

- USD Class 0.5879 0.6045 0.6324


- SGD Class 0.5606 - -

Lowest NAV per Unit in respective class

currencies

- RM Class 0.4256 0.4848 0.4959

- USD Class 0.4205 0.5071 0.5019


- SGD Class 0.4149 - -

Total Return (%)(1)

- RM Class -6.54 4.02 2.95

- USD Class -11.66 -1.55 17.77

- RM Hedged Class -10.74 - -

- SGD Class -10.23 - -

12

1.6 Other Performance Data for the Financial Year Ended 31 March (continued)

BIMB-Arabesque i Global

Dividend Fund 1

31 March

2020

31 March

2019

31 March

2018

Capital Return (%)

- RM Class -12.90 -0.17 -5.05

- USD Class -17.66 -5.56 9.77

- RM Hedged Class -16.74 - -

- SGD Class -16.23 - -

Income Return (%)

- RM Class 6.36 4.19 8.00

- USD Class 6.00 4.01 8.00


- SGD Class 6.00 - -

Gross distribution per unit

(sen)

- RM Class 3.15 2.08 4.18

- USD Class 3.15 2.23 4.055



Net distribution per unit

(sen)

- RM Class 3.15 2.08 4.18

- USD Class 3.15 2.23 4.055



Date of distribution 24 March 2020 25 March 2019 23 March 2018

Management Expense Ratio (MER) (%)

(2)

2.02 1.91 1.25

Portfolio Turnover Ratio (PTR)

(times) (3)

0.17 0.45 0.68

The price and net asset value per unit are ex-distribution.

Note:

a) Return of the Fund = NAV per unit (end of period) - 1

NAV per unit (beginning of period)

b) Capital Growth = Total Return of the Fund – Income Return

c) Income Return = (Income Distribution per Unit / NAV per Unit at 31 March 2019) x 100

d) Management

Expenses Ratio

= It is the total management expenses expressed as an

annual percentage of the Fund‟s average Net Asset Value.

13

e) Portfolio Turnover

Ratio

= It represents the average of the total acquisitions and disposals of the investment in the Fund for the annual period over the average Net Asset Value of the Fund

calculated on a daily basis.

1.7 Unit Holdings as at 31 March 2020

RM Class

Size of Holding Number of Unit Holders Number of Units Held

5,000 and below 258 376,522.28

5,001 to 10,000 70 529,004.64

10,001 to 50,000 138 3,829,242.24

50,001 to 500,000 582 84,692,787.41

500,001 and above 81 1,121,481,814.24

Total 1,129 1,210,909,370.81

USD Class


5,000 and below 2 3,155.29

10,001 to 50,000 7 237,419.26

50,001 to 500,000 49 8,640,655.20

500,001 and above 8 74,828,576.37

Total 66 83,709,806.12

RM Hedged Class


5,000 and below 1 865.23

10,001 to 50,000 1 19,763.18

50,001 to 500,000 1 305,087.29

Units Held by Holders

3 325,715.70

Units Held by Manager

1 2,144.23

Total 4 327,859.93

14

SGD Class


5,001 to 10,000 1 7,871.48

50,001 to 500,000 1 400,854.96

Units Held by

Holders 2 408,726.44

Units Held by Manager

1 2,144.61

Total 3 410,871.05

1.8 Policy on Rebate and Soft Commission

Any stock broking rebates received by the Manager will be directed to the account of

the Fund. Any soft commissions received from the broker which are in the form of

research and advisory services that assist in the decision-making process relating to

the Fund‟s investment may be retained by the Manager.

The Manager did not receive soft commission from brokers in the form of research and

advisory services during the year under review.

For and on behalf of

The Manager

BIMB INVESTMENT MANAGEMENT BERHAD

Date: 24 June 2020

15

1.0 Laporan Pengurus

Para Pemegang Unit,

Kami dengan sukacitanya membentangkan laporan Pengurus BIMB-ARABESQUE i

Global Dividend Fund 1 (BiGDF1) bagi tahun berakhir pada 31 Mac 2020.

1.1 Nama Dana/ Jenis Dana/ Kategori Dana/ Objektif Pelaburan Dana/ Penanda Aras

Dana/ Polisi Agihan Dana

Nama Dana BIMB-ARABESQUE i Global Dividend Fund 1 (BiGDF1)

Nama Dana Sasaran

Arabesque Q3.17 SICAV – Arabesque Q3.17 Systematic

Jenis Dana Pendapatan dan pertumbuhan

Kategori Dana “Feeder”

Mata Wang Asas Dana

USD

Objektif Pelaburan Dana

Tujuan utama Dana ini adalah untuk mencapai pertumbuhan

modal dalam jangkamasa panjang.

Nota:

Sebarang perubahan ketara kepada objektif pelaburan Dana

memerlukan kelulusan daripada Pemegang Unit.

Penanda Aras Dana

MSCI AC World Index NR

Sumber: https://www.msci.com/indexes; Sila ambil perhatian bahawa risiko profil Dana mungkin lebih

tinggi daripada risiko profil penanda aras.

Peruntukan Aset

Minimum 90% daripada NAB Dana akan dilaburkan ke Dana

Sasaran; dan Maksimum 10% daripada NAB Dana akan dilaburkan dalam

Deposit tetap Islam, instrumen pasaran wang Islam dan/atau aset cair Islam.

Polisi Agihan Dana

Pengurus akan mengisytiharkan pengagihan tahunan (tertakluk kepada ketersediaan pendapatan). Pendapatan

Pengagihan adalah berdasarkan pendapatan bersih yang direalisasikan bagi tempoh tersebut.

Dana ini akan diukur berdasarkan hasil pengagihan pendapatan purata 6% setahun dalam tempoh 5 tahun. Ini bukan pulangan yang dijamin dan ia hanya mengukur prestasi

dana. Dana ini mungkin atau tidak boleh mencapai 6% setahun kadar pertumbuhan dalam mana-mana tahun kewangan tertentu.

https://www.msci.com/indexes

16

1.2 Pencapaian bagi tahun kewangan berakhir pada 31 Mac 2020

1.2.1 Semakan Pencapaian

Bagi tahun kewangan dalam semakan, BIMB-ARABESQUE i Global Dividend Fund 1

(BiGDF1) ("Dana") mencatatkan pulangan sebanyak -6.54% berbanding dengan

pulangan penanda aras sebanyak -6.16% bagi kelas RM, dan -11.66% berbanding

dengan pulangan penanda aras sebanyak -11.26 bagi kelas USD. Manakala bagi

kelas SGD dan kelas RM Hedged, masing-masing mencatatkan pulangan sejak

penubuhan sebanyak -10.23% dan -10.74% berbanding dengan pulangan penanda

aras masing-masing iaitu sebanyak -11.78% dan -11.74%.

Prestasi dana ini telah dipengaruhi oleh kejatuhan pasaran ekuiti akibat daripada

pandemik Covid-19 dan kawalan pergerakan yang dilaksanakan untuk mengawal

penyebarannya.

Setakat 31 Mac 2020, pendedahan Dana dalam pasaran ekuiti ialah sebanyak 95.50%

manakala 4.50% lagi dalam instrumen pasaran tunai dan setara tunai. Jumlah NAB

Dana adalah sebanyak USD157.16 juta yang merangkumi empat kelas matawang iaitu

Ringgit Malaysia (RM), Dolar Amerika (USD), Dolar Singapura (SGD) dan RM Hedged.

Bagi tahun kewangan dalam semakan, tiada sebarang perubahan ketara dalam hal

ehwal Dana dan tidak berlaku sebarang keadaan yang secara material memberi kesan

kepada kepentingan pemegang unit sehingga tarikh Laporan Pengurus ini disediakan.

17

1.2.2 Jumlah pulangan dan purata jumlah pulangan bagi tahun kewangan berakhir 31

Mac 2020

Kelas RM

Tempoh Jumlah

Pulangan Dana

Purata Jumlah

Pulangan

Jumlah

Pulangan Penanda

Aras

Purata Jumlah

Pulangan

1-Tahun (Apr 2019 to Mac 2020)

-6.54% -6.54% -6.16% -6.16%


-0.18% -0.06% 1.97% 0.66%

Sejak Penubuhan (Nov 2015 to Mac 2020)

11.36% 2.57% 22.84% 5.17%

Kelas USD

Tempoh Jumlah

Pulangan Dana

Purata Jumlah

Pulangan

Jumlah

Pulangan Penanda

Aras

Purata Jumlah

Pulangan


-11.66% -11.66% -11.26% -11.26%


2.28% 0.76% 4.28% 1.43%

Sejak Penubuhan (Nov 2015 to Mac 2020)

10.73% 2.43% 22.28% 5.04%

Kelas SGD

Tempoh Jumlah

Pulangan Dana

Purata Jumlah

Pulangan

Jumlah

Pulangan Penanda

Aras

Purata Jumlah

Pulangan

Sejak Penubuhan (Okt 2019 to Mac 2020)

-10.23% -20.46% -11.78% -23.56%

Kelas RM Hedged

Tempoh Jumlah

Pulangan Dana

Purata Jumlah

Pulangan

Jumlah Pulangan Penanda

Aras

Purata Jumlah

Pulangan

Sejak Penubuhan (Okt 2019 to Mac 2020)

-10.74% -21.48% -11.74% -23.48%

18

1.2.3 Jumlah pulangan tahunan bagi tahun-tahun kewangan yang lalu

Kelas RM

Tahun Kewangan Berakhir Jumlah Pulangan

Dana

Jumlah Pulangan

Penanda Aras

31 Mac 2020 -6.54% -6.16%

31 Mac 2019 4.02% 8.46%

31 Mac 2018 2.68% 0.20%

31 Mac 2017 11.56% 20.47%

Kelas USD


Dana

Jumlah Pulangan

Penanda Aras

31 Mac 2020 -11.66% -11.26%

31 Mac 2019 -1.55% 2.60%

31 Mac 2018 17.62% 14.53%

31 Mac 2017 8.26% 17.26%

Kelas SGD


Dana

Jumlah Pulangan

Penanda Aras

31 Mac 2020 -10.23% -11.78%

Kelas RM Hedged


Dana Jumlah Pulangan

Penanda Aras

31 Mac 2020 -10.74% -11.74%

Agihan pendapatan bagi tahun-tahun kewangan yang lalu

Kelas RM

Tahun Kewangan Berakhir Pengagihan (sen) / unit

Kadar Pengagihan

(%)

Penanda Aras (%)

31 Mac 2020 3.15 6.36% 6.00%

31 Mac 2019 2.08 4.19% 6.00%

31 Mac 2018 4.18 8.00% 6.00%

31 Mac 2017 3.55 7.10% 6.00%

19

Kelas USD

Tahun Kewangan Berakhir Pengagihan

(sen) / unit

Kadar

Pengagihan (%)

Penanda Aras

(%)

31 Mac 2020 3.15 6.00% 6.00%

31 Mac 2019 2.23 4.01% 6.00%

31 Mac 2018 4.055 8.00% 6.00%

31 Mac 2017 3.45 6.90% 6.00%

Kelas SGD

Tahun Kewangan Berakhir Pengagihan

(sen) / unit

Kadar

Pengagihan (%)

Penanda Aras

(%)

31 Mac 2020 3.00 6.00% 6.00%

Kelas RM Hedged

Tahun Kewangan Berakhir Pengagihan (sen) / unit

Kadar Pengagihan

(%)

Penanda Aras (%)

31 Mac 2020 3.00 6.00% 6.00%

Rajah 1: Pergerakan Dana Berbanding Penanda Aras

11.56%

2.68%4.02%

-6.54%

20.47%

0.20%

8.46%

-6.16%-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

FY2017 FY2018 FY2019 FY2020

Dana Penanda Aras

JUMLAH PULANGAN DANA DAN PENANDA ARAS (KELAS RM)JumlahPulanganJumlah

Pulangan

20

8.26%

17.62%

-1.55%

-11.66%

17.26%

14.53%

2.60%

-11.26%-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

FY2017 FY2018 FY2019 FY2020

Dana Penanda Aras

JUMLAH PULANGAN DANA DAN PENANDA ARAS (KELAS USD)JumlahPulangan

-10.23%

-11.78%-12.0%

-11.5%

-11.0%

-10.5%

-10.0%

-9.5%

-9.0%

FY2020(6 bulan, sejak penubuhan)

Dana Penanda Aras

JUMLAH PULANGAN DANA DAN PENANDA ARAS (KELAS SGD)JumlahPulangan

-10.74%

-11.74%-12.0%

-11.8%

-11.6%

-11.4%

-11.2%

-11.0%

-10.8%

-10.6%

-10.4%

-10.2%

FY2020(6 bulan, sejak penubuhan)

Dana Penanda Aras

JUMLAH PULANGAN DANA DAN PENANDA ARAS (KELAS RM HEDGED)JumlahPulangan

21

Nota:

Sumber Data : BIMB Investment Management Berhad

Data disahkan oleh: Novagni Analytics & Advisor Sdn. Bhd.

Penanda Aras : MSCI AC World Index NR

Nota:

1. Jumlah Pulangan telah disahkan oleh Novagni Analytics & Advisor Sdn. Bhd.

(363145-W)

2. Jumlah Pulangan Purata adalah berpandukan formula berikut:

Jumlah Pulangan

Bilangan Tahun Bawah Semakan

Prestasi tahunan sebelum ini tidak semestinya menjadi petunjuk prestasi masa depan

dan harga unit serta pulangan pelaburan mungkin turun dan naik.

1.3 Ekonomi dan Semakan Pasaran

Ekuiti global jatuh secara mendadak pada suku pertama 2020 berikutan penularan

pandemik Covid-19 secara global, dan tindak balas negara-negara yang mengenakan

perintah kawalan pergerakan.

Di Amerika Syarikat (US), ekuiti mengalami penurunan ketara dengan Indeks Dow

Jones Industrial Average mencatatkan kejatuhan satu hari yang terburuk sejak “Black

Monday” tahun 1987. Saham-saham syarikat tenaga dan kewangan mengalami

penurunan paling teruk. Rizab Persekutuan (Fed) bertindak balas dengan memotong

kadar faedah serta mengumumkan pelonggaran kuantitatif yang tidak terhad.

Di zon Euro, ekuiti juga mengalami penurunan mendadak. Para pelabur risau akan

kesan Covid-19 terhadap ekonomi, memandangkan pertumbuhan zon Euro yang sedia

ada rapuh.

Saham-saham di UK juga mengalami penurunan, terutamanya saham-saham minyak

yang terkesan akibat pertikaian harga minyak antara Rusia dengan Arab Saudi.

Matawang Sterling menyaksikan penurunan ke tahap terendah berbanding dolar

Amerika dalam beberapa dekad.

Di Jepun, pasaran saham jatuh mendadak sebelum kembali stabil pada akhir suku

pertama berikutan spekulasi para pelabur bahawa Jepun mungkin telah berjaya

mengekang penyebaran virus tersebut.

Prestasi pasaran negara-negara membangun lebih rendah berbanding pasaran negara-

negara maju, didorong oleh kejatuhan harga minyak dan kesan virus yang merebak

terutamanya pada ekonomi negara China.

(Sumber: Arabesque Asset Management Ltd, pengurus Dana Sasaran)

22

1.4 Tinjauan Pasaran dan Strategi

Dana ini menggunakan pendekatan kuantitatif. Memandangkan jenis strategi

berasaskan kuantitatif dan momentum, Pengurus tidak mengurus Dana berdasarkan

analisis makro, pandangan dan jangkaan prospek. Walau bagaimanapun, berikut

adalah pemerhatian kami dalam kedinamikan strategi yang diambil.

Sebagai tindak balas kepada penurunan pasaran yang ketara, Dana Sasaran bertindak

meningkatkan pegangan tunai kepada 68.8% pada akhir tahun kewangan. Dana

Sasaran mengurangkan secara drastik pegangan dalam sektor perkhidmatan teknologi

dan pembuatan pengeluaran, sambil meningkatkan pegangan dalam sektor-sektor

bersifat defensif seperti teknologi kesihatan dan galian bukan tenaga.

Memandangkan ketidaktentuan yang masih ketara dalam pasaran, Dana berasa yakin

dengan strategi defensif yang sedang dilaksanakan ini.

(Sumber: Arabesque Asset Management Ltd, pengurus Dana Sasaran)

1.5 Peruntukan Aset pada 31 Mac

BIMB-ARABESQUE i Global Dividend Fund 1 (BiGDF1)

2020 (%)

2019 (%)

2018 (%)

Pelaburan Skim Pelaburan Kolektif:

Dana Sasaran 95.50 95.57 73.19

95.50 95.57 73.19

Tunai dan Pelaburan Jangka Pendek 4.50 4.43 26.81

100.00 100.00 100.00

23

1.6 Lain-Lain Data Prestasi bagi Tahun Kewangan Berakhir 31 Mac

BIMB-Arabesque i Global Dividend Fund 1

31 Mac 2020 31 Mac 2019 31 Mac 2018

Nilai Asset Bersih (NAB)

- Kelas RM 120,873,716 169,730,020 62,352,939

- Kelas USD 36,136,548 42,558,517 36,821,318

- Kelas RM Hedged 31,612 - -

- Kelas SGD 121,056 - -

Unit Dalam Edaran

- Kelas RM 1,210,909,371 1,399,586,248 485,638,002

- Kelas USD 83,709,806 81,013,402 66,187,961

- Kelas RM Hedged 327,860 - -

- Kelas SGD 410,871 - -

NAB per Unit dalam USD

- Kelas RM 0.0998 0.1213 0.1284

- Kelas USD 0.4317 0.5253 0.5563

- Kelas RM Hedged 0.0964 - -

- Kelas SGD 0.2946 - -

NAV per Unit dalam setiap

kelas matawang

- Kelas RM 0.4310 0.4949 0.4959

- Kelas USD 0.4317 0.5253 0.5563


- Kelas SGD 0.4186 - -

NAB tertinggi seunit dalam setiap kelas matawang

- Kelas RM 0.5673 0.5774 0.5733

- Kelas USD 0.5879 0.6045 0.6324


- Kelas SGD 0.5606 - -

NAB terendah seunit dalam setiap kelas matawang

- Kelas RM 0.4256 0.4848 0.4959

- Kelas USD 0.4205 0.5071 0.5019


- Kelas SGD 0.4149 - -

Jumlah Pulangan (%) (1)

- Kelas RM -6.54 4.02 2.95

- Kelas USD -11.66 -1.55 17.77

- Kelas RM Hedged -10.74 - -

- Kelas SGD -10.23 - -

24

1.6 Lain-Lain Data Prestasi bagi Tahun Kewangan Berakhir 31 Mac (sambungan)

BIMB-Arabesque i Global Dividend Fund 1

31 Mac 2020 31 Mac 2019 31 Mac 2018

Pertumbuhan Modal (%)

- Kelas RM -12.90 -0.17 -5.05

- Kelas USD -17.66 -5.56 9.77

- Kelas RM Hedged -16.74 - -

- Kelas SGD -16.23 - -

Pulangan Pendapatan (%)

- Kelas RM 6.36 4.19 8.00

- Kelas USD 6.00 4.01 8.00


- Kelas SGD 6.00 - -

Agihan Kasar seunit (sen)

- Kelas RM 3.15 2.08 4.18

- Kelas USD 3.15 2.23 4.055



Agihan Bersih seunit (sen)

- Kelas RM 3.15 2.08 4.18

- Kelas USD 3.15 2.23 4.055



Tarikh pengagihan 24 Mac 2020 25 Mac 2019 23 March 2018

Nisbah Perbelanjaan Pengurusan (NPP)

(2)

2.02 1.91 1.25

Nisbah Pusing Ganti Portfolio (NPG) (times)

(3)

0.17 0.45 0.68

Harga NAB selepas pengagihan pendapatan.

25

Nota:

a) Pulangan ke atas Dana = Harga seunit (pada akhir tempoh) - 1

Harga seunit (pada awal tempoh)

b) Penambahan Modal = Pulangan Ke atas Dana – Pulangan Pendapatan

c) Pulangan Pendapatan = (Pengagihan Pendapatan Se Unit / NAB seunit

pada 31 Mac 2019) x 100

c) Nisbah Perbelanjaan

Pengurusan

= Ia dikira dengan mengambil jumlah perbelanjaan

pengurusan sepertimana yang dinyatakan sebagai

peratusan tahunan daripada jumlah purata Nilai Aset

Bersih Dana.

d) Nisbah Pusing Ganti

Portfolio

= Ia dikira dengan mengambil purata jumlah perolehan

dan pelupusan pelaburan dalam Dana bagi tempoh

tahunan dibahagi dengan purata Nilai Aset Bersih

Dana yang dikira pada asas harian.

1.7 Pegangan Unit pada 31 Mac 2020 Kelas RM

Saiz Dipegang Bilangan Pemegang Unit Bilangan Unit Pegangan

5,000 and below 258 376,522.28

5,001 to 10,000 70 529,004.64

10,001 to 50,000 138 3,829,242.24

50,001 to 500,000 582 84,692,787.41

500,001 and above 81 1,121,481,814.24

Total 1,129 1,210,909,370.81

Kelas USD


5,000 and below 2 3,155.29

10,001 to 50,000 7 237,419.26

50,001 to 500,000 49 8,640,655.20

500,001 and above 8 74,828,576.37

Total 66 83,709,806.12

26

1.7 Pegangan Unit pada 31 Mac 2020 (sambungan)

Kelas RM Hedged


5,000 and below 1 865.23

10,001 to 50,000 1 19,763.18

50,001 to 500,000 1 305,087.29


3 325,715.70

Units Held by

Manager 1 2,144.23

Total 4 327,859.93

Kelas SGD


5,001 to 10,000 1 7,871.48

50,001 to 500,000 1 400,854.96


2 408,726.44

Units Held by

Manager 1 2,144.61

Total 3 410,871.05

1.8 Polisi Rebat dan Komisyen Bukan Tunai

Sebarang rebat broker saham yang diterima oleh Pengurus akan dimasukkan ke dalam

akaun Dana. Sebarang komisen bukan tunai yang diterima daripada broker dalam

bentuk perkhidmatan penyelidikan dan khidmat nasihat bertujuan membantu proses

membuat keputusan berkaitan dengan pelaburan Dana boleh disimpan oleh Pengurus.

Pengurus tidak menerima sebarang komisen bukan tunai daripada broker dalam bentuk

perkhidmatan penyelidikan dan khidmat nasihat bagi tahun dalam semakan.

Untuk dan bagi pihak Pengurus

BIMB INVESTMENT MANAGEMENT BERHAD

Tarikh: 24 June 2020

Nota:

Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa Inggeris). Jika

terdapat perbezaan, sila rujuk kepada laporan Bahasa Inggeris.

27

2.0 Trustee’s Report

For the Financial Year Ended 31 March 2020

To the Unit Holders of

BIMB-ARABESQUE i Global Dividend Fund 1

We have acted as Trustee for BIMB-ARABESQUE i Global Dividend Fund 1 (the

“Fund”) for the financial year ended 31 March 2020. To the best of our knowledge, for

the financial year under review, BIMB Investment Management Berhad (the “Manager”)

has operated and managed the Fund in accordance with the following:-

(a) limitations imposed on the investment powers of the Manager under the Deed(s),

the Securities Commission‟s Guidelines on Unlisted Capital Market Products under

The Lodge and Launch Framework, the Capital Markets and Services Act 2007 and

other applicable laws;

(b) the valuation and pricing is carried out in accordance with the Deed(s) of the Fund

and any regulatory requirements; and

(c) creation and cancellation of units are carried out in accordance with the Deed(s) of

the Fund and any regulatory requirements.

We are of the view that the distribution made during this financial year ended 31 March

2020 by the Manager is not inconsistent with the objectives of the Fund.

For Deutsche Trustees Malaysia Berhad

Yours faithfully

____________________

Richard Lim Hock Seng

Chief Executive Officer

Kuala Lumpur, Malaysia

Date: 24 June 2020

28

3.0 Shariah Committee’s Report

ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020



We have acted as the Shariah Committee of BIMB-ARABESQUE i Global Dividend

Fund 1 (BiGDF1).

Our responsibilities are to ensure that the procedures and processes employed by

BIMB Investment Management Berhad and that the provisions of the Deed dated 5 July

2019 is in accordance with Shariah principles.

In our opinion, BIMB Investment Management Berhad has managed BiGDF1 in

accordance with Shariah principles and complied with applicable guidelines, rulings or

decisions issued by the Securities Commission pertaining to Shariah matters for the

financial year ended 31 March 2020.

In addition, we also confirm that the investment portfolio of BiGDF1 comprise

instruments that have been classified as Shariah-compliant by the Shariah Advisory

Council (SAC) of the Securities Commission or the SAC of Bank Negara Malaysia.

For and on behalf of the Shariah Committee

………………………………………………..

DR. AHMAD SHAHBARI@SOBRI SALAMON

(Chairman)

Date: 24 June 2020

29

4.0 Directors’ Declaration

ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020



We, Dato‟ Ghazali Bin Awang and Najmuddin Bin Mohd Lutfi, being two of the directors

of the Manager, BIMB Investment Management Berhad, for BIMB-ARABESQUE i

Global Dividend Fund 1 (BiGDF1) do hereby state that in our opinion, the

accompanying Statement of Financial Position, Statement of Comprehensive Income,

Statement of Changes in Net Asset Attributable to Unit Holders and Statement of Cash

Flows are drawn up so as to give a true and fair view of the Statement of Financial

Position of the Fund as at 31 March 2020 and Statement of Comprehensive Income,

Statement of Changes in Net Asset Attributable to Unit Holders and Statement of Cash

Flows for the year ended on that date.

For and on behalf on the Board of Directors,

………………………………

Dato’ Ghazali Bin Awang

(Non-Executive Independent Director)

………………………………

Najmuddin Bin Mohd Lutfi

(Chief Executive Officer)

Date: 24 June 2020

30

5.0 Independent Auditors’ Report

(Established in Malaysia)

Report on the Audit of the Financial Statements

Our opinion

In our opinion, the financial statements of BIMB-ARABESQUE i Global Dividend Fund 1 (the

“Fund”) give a true and fair view of the financial position of the Fund as at 31 March 2020,

and of its financial performance and its cash flows for the period then ended in accordance

with Malaysian Financial Reporting Standards and International Financial Reporting

Standards.

What we have audited

We have audited the financial statements of the Fund, which comprise the statement of

financial position as at 31 March 2020, and the statement of comprehensive income,

statement of changes in equity and statement of cash flows for the period then ended,

and notes to the financial statements, including a summary of significant accounting

policies, as set out on pages 8 to 32.

Basis for opinion

We conducted our audit in accordance with approved standards on auditing in Malaysia

and International Standards on Auditing. Our responsibilities under those standards are

further described in the “Auditors‟ responsibilities for the audit of the financial

statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to

provide a basis for our opinion.

Independence and other ethical responsibilities

We are independent of the Fund in accordance with the By-Laws (on Professional

Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and

the International Ethics Standards Board for Accountants‟ Code of Ethics for

Professional Accountants (“IESBA Code”), and we have fulfilled our other ethical

responsibilities in accordance with the By-Laws and the IESBA Code.

31

Information Other than the Financial Statements and Auditors’ Report Thereon

(continued)

The Manager of the Fund is responsible for the other information. The other information

comprises Manager‟s report but does not include the financial statements of the Fund

and our auditors‟ report thereon.

Our opinion on the financial statements of the Fund does not cover the other information

and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements of the Fund, our responsibility is

to read the other information and, in doing so, consider whether the other information is

materially inconsistent with the financial statements of the Fund or our knowledge

obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material

misstatement of this other information, we are required to report that fact. We have

nothing to report in this regard.

Responsibilities of the Manager for the financial statements

The Manager of the Fund is responsible for the preparation of the financial statements of

the Fund that give a true and fair view in accordance with Malaysian Financial Reporting

Standards and International Financial Reporting Standards in Malaysia. The Manager is

also responsible for such internal control as the Manager determine is necessary to

enable the preparation of financial statements of the Fund that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements of the Fund, the Manager is responsible for

assessing the Fund‟s ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern basis of accounting

unless the Manager either intend to liquidate the Fund or to cease operations, or have

no realistic alternative but to do so.

The Manager is also responsible for overseeing the Fund‟s financial reporting process.

32

Auditors‟ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial

statements of the Fund as a whole are free from material misstatement, whether due to

fraud or error, and to issue an auditors‟ report that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with approved standards on auditing in Malaysia and International

Standards on Auditing will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually

or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with approved standards on auditing in Malaysia and

International Standards on Auditing, we exercise professional judgement and maintain

professional scepticism throughout the audit. We also:

(a) Identify and assess the risks of material misstatement of the financial statements

of the Fund, whether due to fraud or error, design and perform audit procedures

responsive to those risks, and obtain audit evidence that is sufficient and

appropriate to provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from error, as

fraud may involve collusion, forgery, intentional omissions, misrepresentations, or

the override of internal control.

(b) Obtain an understanding of internal control relevant to the audit in order to design

audit procedures that are appropriate in the circumstances, but not for the purpose

of expressing an opinion on the effectiveness of the Fund‟s internal control.

(c) Evaluate the appropriateness of accounting policies used and the reasonableness

of accounting estimates and related disclosures made by the Manager.

(d) Conclude on the appropriateness of the Manager‟s use of the going concern basis

of accounting and, based on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that may cast significant doubt on

the Fund‟s ability to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw attention in our auditors‟ report to the

related disclosures in the financial statements of the Fund or, if such disclosures

are inadequate, to modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditors‟ report. However, future events or

conditions may cause the Fund to cease to continue as a going concern.

33

Auditors‟ responsibilities for the audit of the financial statements (continued)

(e) Evaluate the overall presentation, structure and content of the financial statements

of the Fund, including the disclosures, and whether the financial statements

represent the underlying transactions and events in a manner that achieves fair

presentation.

We communicate with the Manager regarding, among other matters, the planned scope

and timing of the audit and significant audit findings, including any significant

deficiencies in internal control that we identify during our audit.

Other matter

This report is made solely to the members of the Fund and for no other purpose. We do

not assume responsibility to any other person for the content of this report.

PRICEWATERHOUSECOOPERS PLT

LLP0014401-LCA & AF 1146

Chartered Accountants

Kuala Lumpur

Date: 24 June 2020

34

6.0 Financial Statements (Audited)

6.1 Statement of Comprehensive Income for the financial year ended 31 March 2020

2020 2019

Note USD USD INVESTMENT INCOME/(LOSS)

Dividend income from Target Fund 18,878,254 11,064,392 Profit income from Shariah-compliant deposits with licensed Islamic financial institutions

113,450

179,789

Realised loss on disposal of foreign Shariah-compliant collective investment scheme

10

(272,601)

-

Realised loss on foreign exchange (511,519) (755,785)

Other unrealised loss on foreign exchange 10 (132,588) (104,203) Unrealised loss from financial instruments at

fair value through profit or loss

(34,223,470)

(12,450,808)

Management fee rebate 4 1,694,347 1,214,646

(14,454,127) (851,969)

EXPENSES

Management fee 5 3,810,269 2,815,512

Trustee‟s fee 6 127,009 93,850 Charitable fee 237,656 16,801 Audit fee 2,525 3,186

Tax agent‟s fee 926 980 Administrative expenses 73,983 70,996

4,252,368 3,001,325

LOSS BEFORE FINANCE COST AND TAXATION (18,706,495) (3,853,294)

Finance cost 7 (10,584,009) (8,476,777)

LOSS BEFORE TAXATION (29,290,504) (12,330,071)

Taxation

8 -

-

DECREASE IN NET ASSETS ATTRIBUTABLE

TO UNIT HOLDERS

(29,290,504)

(12,330,071)

Decrease in net assets attributable to unit

holders consist of:

Realised amount 5,065,554 224,940

Unrealised amount (34,356,058) (12,555,011)

(29,290,504) (12,330,071)

The notes on pages 39 to 61 are an integral part of these financial statements

35

6.2 Statement of Financial Position as at 31 March 2020

2020 2019

Note USD USD ASSETS Cash and cash equivalents (Shariah-

compliant) 9

21,025,033 6,488,020

Financial asset at fair value through profit or loss (Shariah-compliant) 10

150,087,568 202,888,190

Amount due from Manager 117,760 3,492,569 Management fee rebate receivable 110,497 128,577 Other receivables 497 1,655

TOTAL ASSETS

171,341,355

212,999,011

LIABILITIES

Amount due to Target Fund Manager 11 12,320,597 - Amount due to Manager 872,750 - Accrued management fee 262,920 297,816

Amount due to Trustee 8,764 9,927 Audit fee 2,748 3,325 Tax agent‟s fee 800 832

Charity payables 124,770 16,801 Distribution payable 577,555 378,124 Other payables 7,519 3,649

TOTAL LIABILITIES (EXCLUDING NET

ASSETS ATTRIBUTABLE TO UNIT HOLDERS)

14,178,423 710,474

NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS

157,162,932 212,288,537

FAIR VALUE OF OUTSTANDING UNITS

- RM class 120,873,716 169,730,020 - USD class 36,136,548 42,558,517 - RM Hedged class 31,612 -

- SGD class 121,056 -

157,162,932 212,288,537

NUMBER OF UNITS IN CIRCULATION (UNITS) - RM class 12(a) 1,210,909,371 1,399,586,248 - USD class 12(b) 83,709,806 81,013,402

- RM Hedged class 12(c) 327,860 - - SGD class 12(d) 410,871 -

1,295,357,908 1,480,599,650

36

6.2 Statement of Financial Position as at 31 March 2020 (continued)

2020 2019 Note USD USD

NET ASSET VALUE (“NAV”) PER UNIT (CENT) - RM class 9.98 12.13 - USD class 43.17 52.53

- RM Hedged class 9.64 - - SGD class 29.46 -

NAV PER UNIT IN RESPECTIVE

CURRENCIES

- RM class 43.10 sen 49.49 sen - USD class 43.17 cent 52.53 cent - RM Hedged class 41.63 sen -

- SGD class 41.86 cent -


37

6.3 Statement of Changes in Net Assets Attributable to Unit Holders for the financial year ended 31 March 2020

2020 2019 USD USD

NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS AT THE BEGINNING OF THE

FINANCIAL YEAR

212,288,537 99,174,257

Movement due to units created and cancelled

during the financial year:

- Creation of units from applications

- RM class 26,976,972 118,617,421

- USD class 2,949,610 8,658,639 - RM Hedged class 38,905 - - SGD class 140,168 -

30,105,655 127,276,060

- Creation of units from distribution - RM class 7,605,988 6,382,385 - USD class 2,403,765 1,715,116

- RM Hedged class 2,071 - - SGD class 7,950 -

10,019,774 8,097,501

- Cancellation of units

- RM class (61,298,151) (8,080,403)

- USD class (4,662,379) (1,848,807) - RM Hedged class - - - SGD class - -

(65,960,530) (9,929,210)

Decrease in net assets attributable to unit holders

during the financial year (29,290,504) (12,330,071)

NET ASSETS ATTRIBUTABLE TO UNIT

HOLDERS AT THE END OF THE FINANCIAL

YEAR

157,162,932 212,288,537


38

6.4 Statement of Cash Flows for the financial year ended 31 March 2020

2020 2019

Note USD USD CASH FLOWS FROM OPERATING ACTIVITIES

Dividend received (Shariah-compliant) 18,878,254 11,064,392 Proceed from sale of foreign Shariah-compliant collective investment scheme 45,024,064 -

Purchase of foreign Shariah-compliant collective investment scheme (14,398,916) (142,749,503) Loss from foreign exchange (511,519) (755,785)

Profit Income from Shariah-compliant deposits with licensed Islamic financial institutions 114,608 179,623 Management fee paid (2,132,738) (1,507,905)

Trustee fee paid (128,172) (88,193) Charitable fee paid (129,687) - Audit fee paid (3,102) (3,227)

Tax agent fee paid (958) (952) Payment for other administrative expenses (70,113) (77,488)

NET CASH GENERATED FROM/(USED IN)

OPERATING ACTIVITIES 46,641,721 (133,939,038)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash receipt for creation of units 33,480,464 134,230,955 Cash payment for cancellation of units (65,087,780) (9,929,210) Distribution paid (378,124) (255,039)

NET CASH (USED IN)/GENERATED FROM

FINANCING ACTIVITIES (31,985,440) 124,046,706

Net increase/(decrease) in cash and cash

equivalents 14,656,281 (9,892,332) Effects of foreign exchange fluctuations (119,268) (105,354) Cash and cash equivalents at beginning of the

financial year 6,488,020 16,485,706

Cash and cash equivalents at end of the financial

year 9 21,025,033 6,488,020

Cash and cash equivalents comprise of: Shariah-compliant deposits with licensed Islamic financial institutions 1,792,288 4,718,363

Cash at bank 19,232,745 1,769,657

21,025,033 6,488,020


39

6.5 Notes to the financial statements for the financial year ended 31 March 2020

1. INFORMATION ON THE FUND

BIMB-ARABESQUE i Global Dividend Fund (hereinafter referred to as “the Fund”) was

constituted pursuant to the execution of a Deed dated 2 November 2015 between the

Manager - BIMB Investment Management Berhad, the Trustee – Deutsche Trustees Malaysia Berhad and the registered unit holders of the Fund.

The principal activity of the Fund is to invest in Target Fund, Islamic fixed deposits, Islamic money market instruments and/or Islamic liquid assets.

The Manager, BIMB Investment Management Berhad, a company incorporated in Malaysia, is a subsidiary of Bank Islam Malaysia Berhad.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which

are considered material in relation to the financial statements:

(a) Basis of preparation

The financial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards (“IFRS”).

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss (“FVTPL”).

The preparation of financial statements in conformity with MFRS requires the use of certain critical accounting estimates and assumptions that affect the reported

amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period.

It also requires the Manager to exercise their judgment in the process of applying the Fund‟s accounting policies. Although these estimates and judgment are based

on the Manager‟s best knowledge of current events and actions, actual results may differ.

The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2(1).

(i) Standards, amendments to published standards and interpretations that are

effective

The Fund has applied the following standards and amendments for the first time for the financial year beginning on 1 April 2019:

• IC Interpretation 23 „Uncertainty over Income Tax Treatments‟ • Annual Improvements to MFRSs 2015 – 2017 Cycle

40

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(a) Basis of preparation (continued)

(i) Standards, amendments to published standards and interpretations that are

effective (continue)

The adoption of amendments listed above did not have any impact on the current period or any prior period and is not likely to affect future periods.

(b) Financial assets

(i) Recognition and initial measurement A financial instrument is recognised in the statement of financial position when,

and only when, the Fund becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without significant financing component) or a financial liability is initially measured at fair value plus or minus, for an item not at fair value through profit or loss, transaction costs that

are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at the transaction price.

Categories of financial assets are determined on initial recognition and are not reclassified subsequent to their initial recognition unless the Fund changes its business model for managing financial assets in which case all affected

financial assets are reclassified on the first day of the first reporting year following the change of the business model.

The Fund categorises financial instruments as follows:

(a) Amortised cost

Amortised cost category comprises financial assets that are held within a business model whose objective is to hold assets to collect contractual cash

flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and profit on the principal amount outstanding. The financial assets are not designated as fair value through

profit or loss. Subsequent to initial recognition, these financial assets are measured at amortised cost using the effective profit method. The amortised cost is reduced by impairment losses. Profit income, foreign

exchange gains and losses and impairment are recognised in profit or loss.

Profit income is recognised by applying effective profit rate to the gross

carrying amount except for credit impairment financial assets (see Note 2 (b)(iv)) where the effective profit rate is applied to the amortised cost.

41


(b) Financial assets (continued)

(i) Recognition and initial measurement (continued)

The Fund categorises financial instruments as follows (continued): (b) Fair value through profit or loss

All financial assets not measured at amortised cost or fair value through other comprehensive income as described above are measured at fair

value through profit or loss. On initial recognition, the Fund may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at fair value through other comprehensive

income as at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets categorised as fair value through profit or loss are subsequently measured at their fair value. Net gains or losses, including any profit or dividend income, are recognised in the profit or loss.

(ii) Financial instrument categories and subsequent measurement

All financial assets, except for those measured at fair value through profit or loss, are subject to impairment assessment (see Note 2(b)(iv)).

(iii) Derecognition A financial asset or part of it is derecognised when, and only when, the

contractual rights to the cash flows from the financial asset expire or the financial asset is transferred to another party without retaining control or substantially all risks and rewards of the asset. On derecognition of a financial

asset, the difference between the carrying amount and the sum of the consideration received (including any new asset obtained less any new liability assumed) and any cumulative gain or loss that had been recognised in equity is

recognised in profit or loss. A financial liability or a part of it is derecognised when, and only when, the

obligation specified in the contract is discharged or cancelled or expires. On derecognition of a financial liability, the difference between the carrying amount of the financial liability extinguished or transferred to another party and the

consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.

(iv) Impairment for assets carried at amortised cost For assets carried at amortised cost, the Fund assesses at the end of the

reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective

evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a „loss event‟) and that loss event (or events) has

42



(iv) Impairment for assets carried at amortised cost (continued)

an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.

The amount of the loss is measured as the difference between the asset‟s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial

asset‟s original effective profit rate. The asset‟s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If „receivables‟ or a „held-to-maturity Shariah-compliant investment‟ has a variable profit rate, the d iscount

rate for measuring any impairment loss is the current effective profit rate Islamic deposits with licensed financial institutions are stated at cost plus accrued profit income calculated using the effective profit rate method over the financial per iod

from the date of placement to the date of maturity of the respective Islamic deposits. Receivables and other financial liabilities are subsequently carried at amortised cost using the effective profit rate method determined under the

contract. As a practical expedient, the Fund may measure impairment on the basis of an instrument‟s fair value using an observable market price.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor‟s credit

rating), the reversal of the previously recognised impairment loss is recognised in statement of comprehensive income.

When an asset is uncollectible, it is written off against the related allowance account. Such assets are written off after all the necessary procedures have been completed and the amount of the loss has been determined.

The Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management considers both

historical analysis and forward looking information in determining any expected credit loss. Management considers the probability of default to be close to zero as these instruments have a low risk of default and the counterparties have a

strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance has been recognised based on 12 month expected credit losses as any such impairment would be wholly insignificant to the Fund.

Significant increase in credit risk

A significant increase in credit risk is defined by management as any contractual payment which is more than 90 days past due.

Definition of default and credit-impaired financial assets Any contractual payment which is more than 90 days past due is considered

credit impaired.

43



(iv) Impairment for assets carried at amortised cost (continued)

Write-off The Fund writes off financial assets, in whole or in part, when it has exhausted

all practical recovery efforts and has concluded there is no reasonable expectation of recovery. The assessment of no reasonable expectation of recovery is based on unavailability of debtor‟s sources of income or assets to

generate sufficient future cash flows to repay the amount. The Fund may write-off financial assets that are still subject to enforcement activity. Subsequent recoveries of amounts previously written off will result in impairment gains.

There are no write-offs/recoveries during the financial year.

(c) Financial liabilities

The categories of financial liabilities at initial recognition are as follows:

Amortised cost Other financial liabilities not categorised as fair value through profit or loss are

subsequently measured at amortised cost using the effective profit method. (d) Income recognition

Profit income from Shariah-compliant deposits with licensed Islamic financial institutions is recognised as it accrues, using the effective profit method in profit or loss.

Dividend income is recognised on the ex-dividend date, when the right to receive the dividend has been established.

Realised gains and losses on sale of Shariah-compliant investments are accounted for as the difference between the net disposal proceeds and the carrying amount of

investments, determined on weighted average cost basis.

(e) Cash and cash equivalents

Cash and cash equivalents consist of cash at bank and Shariah-compliant deposits with licensed Islamic financial institutions which have insignificant risk of changes in

fair value with original maturities of less than 30 days, and are used by the Fund in the management of its short term commitments.

Cash and cash equivalents are categorised and measured as amortised cost.

44


(f) Income tax

Income tax expense comprises current tax. Current tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other

comprehensive income.

Current tax is the expected tax payable on the taxable income for the year, using

tax rates enacted or substantively enacted at the statement of financial position date.

(g) Distribution

A distribution to the Fund‟s unit holders is accounted for as finance cost in the

statement of comprehensive income. A proposed distribution is recognised as a liability in the period in which it is approved by the Trustee of the Fund.

(h) Management fee rebate

Management fee rebate is derived from Target Fund on a accrual basis to ensure

no double charging of management fee. It is accrued daily based on the fair value of Target Fund.

(i) Creation and cancellation of units The unit holders‟ contributions to the Fund meet the definition of puttable

instruments classified as financial liability under MFRS 132 “Financial Instruments: Presentation”.

The Fund issues cancellable units, in four classes of units, known respectively as the RM class, USD class, RM Hedged class and SGD class, which are cancelled at the unit holder‟s option. Cancellable units can be put back to the Fund at any time

for cash equal to a proportionate share of the Fund‟s NAV of respective classes. The outstanding units are carried at the redemption amount that is payable at the date of statement of financial position if the unit holder exercises the right to put the

unit back to the Fund.

Units are created and cancelled at the unit holder‟s option at prices based on the

Fund‟s NAV per unit of respective classes at the close of business on the relevant dealing day. The Fund‟s NAV per unit of respective classes is calculated by dividing the net assets attributable to unit holders of respective classes with the total number

of outstanding units of respective classes. In accordance with the Securities Commission‟s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework in Malaysia, investment positions are valued based on the last

traded market price for the purpose of determining the NAV per unit for creations and cancellations.

(j) Increase/Decrease in net assets attributable to unit holders

Income not distributed is included in net assets attributable to unit holders.

45


(k) Functional and presentation currency Items included in the financial statements of the Fund are measured using the

currency of the primary economic environment in which the Fund operates (the “functional currency”). The financial statements are presented in US Dollars ("USD"), which is the Fund‟s functional and presentation currency.

(l) Use of estimates and judgements

The preparation of financial statements in conformity with MFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,

income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised and in any future years affected.

There are no significant areas of estimation uncertainty and critical judgements in

applying accounting policies that have significant effect on the amounts recognised in the financial statements.

3. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

Financial instruments of the Fund are as follows:

Financial assets

at fair value through profit

or loss

Financial assets at

amortised cost

Total

USD USD USD 2020 Cash and cash equivalents (Shariah-

compliant)

-

21,025,033

21,025,033 Foreign Shariah-compliant collective investment scheme

150,087,568

-

150,087,568

Amount due from Manager - 117,760 117,760 Management fee rebate receivable - 110,497 110,497 Other receivables - 497 497

150,087,568 21,253,787 171,341,355

2019 Cash and cash equivalents (Shariah-

compliant)

-

6,488,020

6,488,020 Foreign Shariah-compliant collective investment scheme

202,888,190

-

202,888,190

Amount due from Manager - 3,492,569 3,492,569 Management fee rebate receivable - 128,577 128,577 Other receivables - 1,655 1,655

202,888,190 10,110,821 212,999,011

46

3. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (continued)

All liabilities are financial liabilities which are carried at amortised cost.

The Fund aims to provide investors with liquidity and regular income, whilst maintaining capital stability by investing primarily in deposits that comply with Shariah principles.

The Fund is exposed to a variety of risks which include market risk (inclusive of price risk, profit rate risk and foreign currency risk), credit risk and liquidity risk.

Financial risk management is carried out through internal control process adopted by the Manager and adherence to the investment restrictions as stipulated in the Deeds and the

Guidelines. (a) Market risk

(i) Price risk

The Fund is exposed to price risk because of investments held by the Fund and classified as at fair value through profit or loss. Price risk is the risk that fair value of investment will fluctuate because of the changes in market prices (other than

those arising from profit rate risk). Such fluctuation may cause the Fund‟s NAV and price of units to fall as well as rise, and income produced by the Fund may also fluctuate. The price risk is managed through diversification and selection of

securities and other financial instruments within specified limits according to the Deed.

The table below shows the financial instruments of the Fund which is exposed to

price risk.

2020

USD 2019

USD Investments in foreign Shariah-compliant

collective investment scheme

150,087,568 202,888,190

The following table summarises the sensitivity of the Fund‟s investments to price risk movements at the end of reporting period. The analysis is based on the

assumptions that the market price increased and decreased by 5% (2019: 5%) with all other variables held constant and that fair value of the Fund‟s investments move according to the historical correlation of the index. Disclosures below are

shown in absolute terms, changes and impacts could be positive or negative.

Change in

price

%

Impact on

loss or NAV

USD

2020

Investments in foreign Shariah-compliant

collective investment scheme 5 7,504,378

47


(a) Market risk (continue)

(i) Price risk (continue)

Change in

price

%

Impact on

loss or NAV

USD

2019

Investments in foreign Shariah-compliant collective investment scheme 5 10,144,410

(ii) Profit rate risk

Profit rate risk rate is a general economic indicator that will have an impact on the management of the Fund.

It does not in any way suggest that this Fund will invest in conventional financial instruments. All investment carried out for the Fund including placements and

deposits are in accordance with Shariah. Fair value profit rate risk is the risk that the value of a financial instrument will

fluctuate due to changes in market profit rates.

The Fund‟s exposure to fair value profit rate risk arises from Shariah-compliant investment in money market instruments. The profit rate risk is expected to be

minimal as the Fund‟s investments comprise mainly Shariah-compliant short term deposits with approved licensed Islamic financial institutions.

Cash flow profit rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market profit rates. The Fund is not exposed to cash flow profit rate risk as the Fund does not hold any financial

instruments at variable profit rate.

(iii) Foreign currency risk

Foreign currency risk is associated with investments that are quoted and/or priced in foreign currency denomination. Foreign currency risk is the risk that the value of

financial instruments will fluctuate due to changes in foreign exchange rates. The Manager will evaluate the likely directions of a foreign currency versus USD based on considerations of economic fundamentals such as profit risk

differentials, balance of payments position, debt levels, and technical chart considerations.

The following table sets out the foreign currency risk concentrations arising from the denomination of the Fund‟s financial instruments in foreign currencies:

48


(a) Market risk (continue)

(iii) Foreign currency risk (continue)

Cash and

cash

equivalents

Amount

due from

Manager

Management

fee rebate

receivable

Other

receivables

Net assets

attributable to

unit holders

Total

USD USD USD USD USD USD

2020

MYR 2,163,908 117,760 110,497 497 (120,905,328) (118,512,666)

SGD 3,217 - - - (121,056) (117,839)

2019

MYR 5,639,722 3,380,744 128,577 1,655 (169,730,020) (160,579,322)

The table below summarises the sensitivity of the Fund‟s profit or loss and NAV

to changes in foreign exchange movements at the end of each reporting year. The analysis is based on the assumption that the foreign exchange rate fluctuates by 5%, with all other variables remain constants. This represents

management‟s best estimate of a reasonable possible shift in the foreign exchange rate, having regard to historical volatility of this rate. Disclosures below are shown in absolute terms, changes and impacts could be positive or

negative.

% Change in foreign

exchange rate Impact on profit or loss/NAV

2020 2019

% USD USD

MYR +/-5 5,925,633 8,028,966

SGD +/-5 5,892 -

(b) Credit risk

Credit risk is the risk of a financial loss to the Fund if counterparty to a financial instrument fails to meet its contractual obligations. The Fund‟s exposure to credit risk

arises principally from its cash and cash equivalents and other receivables. The Manager manages the credit risk by setting counterparty limits and undertaking

credit evaluation to minimise the risk. The exposure to credit risk is monitored on an ongoing basis.

The following table sets out the credit risk concentration of the Fund:

49


(b) Credit risk (continue)

Cash and

cash

equivalents

(Shariah-

compliant)

Amount

due from

Manager

Management

fee rebate

receivable

Other

receivables Total

USD USD USD USD USD

2020

Finance

- AA1 19,232,745 - - - 19,232,745

- A1 750,018 - - 360 750,378

Others

- Non-

Rated 1,042,270 117,760 110,497 137 1,270,664

21,025,033 117,760 110,497 497 21,253,787

2019

Finance

- AA1 1,769,657 - - - 1,769,657

- AA3 1,991,026 - - 886 1,991,912

Others

- Non-

rated 2,727,337 3,492,569 128,577 769 6,349,252

6,488,020 3,492,569 128,577 1,655 10,110,821

All the financial assets of the Fund as at end of the financial year are neither past due nor impaired.

(c) Liquidity risk

Liquidity risk is the risk that the Fund will not be able to meet its financial obligations as they fall due. The Fund‟s exposure to liquidity risk arises principally from its other payables which are due within one year.

50


(c) Liquidity risk (continue)

The Fund maintains sufficient level of liquid assets, after consultation with the Trustee, to meet anticipated payments and cancellation of units by unit holders. Liquid

assets comprise cash at bank and other instruments, which are capable of being converted into cash within 7 days.

The table below summarises the Fund‟s financial liabilities into relevant maturity groupings based on the remaining period as at the statement of financial position date to the contractual maturity date. The amounts in the table are the contractual

undiscounted cash flows.

Less

than 1

month

Between

1 month

to 1 year Total

USD USD USD

2020

Amount due to Target Fund

Manager

Amount due to Manager

Accrued management fee

Amount due to Trustee

Audit fee

Tax agent‟s fee

Charity payables

Distribution payable

Other payables

Net assets attributable to unit

holders*

12,320,597

872,750

262,920

8,764

-

-

-

577,555

-

157,162,932

-

-

-

-

2,748

800

124,770

-

7,519

-

12,320,597

872,750

262,920

8,764

2,748

800

124,770

577,555

7,519

157,162,932

Contractual undiscounted cash

flows 171,205,518

135,837 171,341,355

2019

Accrued management fee

Amount due to Trustee

Audit fee

Tax agent‟s fee

Charity payable

Distribution payable

Other payables

Net assets attributable to unit

holders*

297,816

9,927

-

-

-

378,124

-

212,288,537

-

-

3,325

832

16,801

-

3,649

-

297,816

9,927

3,325

832

16,801

378,124

3,649

212,288,537

Contractual undiscounted cash

flows 212,974,404

24,607 212,999,011

51


(c) Liquidity risk (continue)

* Outstanding units are redeemed on demand at the unit holder‟s option. However,

the Manager does not envisage that the contractual maturity disclosed in the table

above will be representative of the actual cash outflows, as holders of these instruments typically retain them for the medium to long term.

(d) Capital risk management

The Fund‟s capital is represented by the unit holders‟ capital in the statement of

financial position. The Manager of the Fund monitors the adequacy of capital on an ongoing basis. There is no external capital requirement imposed on the Fund.

(e) Fair value estimation

Fair value is defined as the price that would be received to sell an asset or paid to

transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price).

The fair value of financial assets traded in active markets (such as trading securities) are based on quoted market prices at the close of trading on the financial period/year end date. The Fund utilises the last traded market price for financial assets where the

last traded price falls within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager will determine the point within the bid-ask spread that is most representative of the fair value.

An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing

basis. The fair value of financial assets that are not traded in an active market is determined

by using valuation techniques. (i) Fair value hierarchy

The table below analyses financial instruments carried at fair value. The different levels have been defined as follows:

Quoted prices (unadjusted) in active market for identical assets or liabilities

(Level 1)

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is,

derived from prices) (Level 2)

Inputs for the asset and liability that are not based on observable market

data (that is, unobservable inputs) (Level 3)

The level in the fair value hierarchy within which the fair value measurement is

categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose,

52


(e) Fair value estimation (continued)

(i) Fair value hierarchy (continued)

the significance of an input is assessed against the fair value measurement in its entirety.

If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.

Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or

liability. The determination of what constitutes „observable‟ requires significant judgment

by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in

the relevant market.

Level 1 Level 2 Level 3 Total

USD USD USD USD 2020 Financial assets at fair value

through profit or loss

- Foreign Shariah-compliant collective investment

scheme

150,087,568

-

-

150,087,568

2019 Financial assets at fair value

through profit or loss

- Foreign Shariah-compliant collective investment scheme

202,888,190

-

-

202,888,190

Investments whose values are based on quoted market prices in active markets,

and are therefore classified within Level 1, include Shariah-compliant foreign collective investment scheme. The Fund does not adjust the quoted prices for these instruments. The Fund‟s policies on valuation of these financial assets are

stated in Note 2(b).

(ii) The carrying values of cash and cash equivalents, amount due from Manager,

management fee rebate receivable, other receivables and all current liabilities are a reasonable approximation of their fair values due to their short term

nature.

53

4. MANAGEMENT FEE REBATE

Management fee rebate represents the Fund‟s entitlement to management fee rebate

from the Manager of Target Fund. For the financial year ended 31 March 2020, the management fee rebate is recognised at

a rate of 0.82% (2019: 0.82%) per annum for each class, calculated daily based on the NAV of the Target Fund.

5. MANAGEMENT FEE

The manager‟s fee payable to the Manager of the Fund is based on 1.80% (2019: 1.80%) per annum for each class of the NAV of the Fund calculated on a daily basis.

There will be no further liability to the Manager in respect of management fee other than amounts recognised above.

6. TRUSTEE FEE

The trustee‟s fee payable to the trustee is based on 0.06% (2019: 0.06%) per annum for each class of the NAV of the Fund, subject to a minimum fee of USD15,000 (2019: USD15,000) per annum (excluding foreign custodian fees and charges), calculated on a

daily basis.

7. FINANCE COST

2020 2019 USD USD Finance cost is derived from the following sources:

Dividend income from Target Fund 13,812,700 10,839,452 Income from Shariah-compliant deposits with licensed Islamic financial institutions

113,450 179,789

Realised loss from disposal of foreign Shariah-compliant collective investment scheme

(272,601) -

Realised loss on foreign exchange (511,519) (755,785)

Management fee rebate 1,694,347 1,214,646

14,836,377

11,478,102 Less:

Expenses (4,252,368) (3,001,325)

Net distribution amount 10,584,009

8,476,777

- RM class 8,117,197 6,743,740

- USD class 2,456,791 1,733,037 - RM Hedged class 2,071

Documents

Cover BIMB-ARABESQUE i global dividend · 2020. 6. 30. · LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2020. 2 . TABLE OF CONTENT . No. Particulars Page 1.0 Manager‟s Report