Upload
ngohanh
View
244
Download
0
Embed Size (px)
Citation preview
Investment Objective HSBC Amanah LifeSelect Equity Fund aims to achieve capital growth in medium to long term by investing in a portfolio of Shariah-compliant Malaysian equities and equity related securities.
Performance Table
Performance HSBC Amanah LifeSelect
Equity Fund 95% FBMS + 3 Months
IIMM Rate
5 Years
01/03/09 to 28/02/14 96.37% 93.16%
6 Months
01/09/13 to 28/02/14 6.45% 6.77%
Source: Bloomberg Basis of calculation: Time-weighted rate of return Composite Benchmark from 12/06/08 to 27/11/13 : FBMS 28/11/13 onwards : 95% FBMS and 3-Month Islamic Interbank Money Market (IIMM) Rate
Asset Allocation
Quoted Shariah-Compliant Equities
79.76%
Islamic Money Market Instruments
17.99%
Sime Darby Bhd 6.32
Tenaga Nasional Bhd 5.86
Axiata Group Bhd 5.03
Digi.Com Bhd 3.77
IOI Corporation Bhd 3.64
Telekom Malaysia Bhd 3.11
Sapura-Kencana Petroleum Bhd 3.07
IJM Corporation Bhd 2.01
Malaysian Bulk Carriers Bhd 1.99
Petronas Chemicals Group Bhd 1.96
Top Ten Core Equity Holdings % of NAV
Shariah-Compliant Collective
Investment Scheme 2.25%
Equity Market Review, Outlook & Strategy During February, many markets overcame initial weakness to regain some of the ground that had been lost since early this year. However,
markets like Thailand and Philippines, which had undergone a longer correction earlier, outperformed most markets which chalked up only minor
gains: Hong Kong (+3.6%), Korea (+2.0%), Singapore (+2.8%), Taiwan (+2.1%), Shanghai (+1.1%), Japan (-0.5%), US (+4.0%), Philippines
(+6.4%), Thailand (+4.0%), Malaysia (+1.8%) and Indonesia (+4.6%).
Poor US manufacturing data and emerging market weakness triggered by US QE tapering weighed on global markets at the start of February.
Markets turned quite choppy thereafter following mixed economic data from the US and weak production data from China. Eventually, the US
market reversed losses as investors shrugged off the shaky January jobs report and after the US Congress extended the US debt ceiling to
March 2015. Investors were also heartened by the Federal Reserve Chairman’s reassurance of continued monetary stimulus to bolster the
economy. The US market subsequently raced to record highs despite escalating tensions in Ukraine.
Chinese markets continued to languish on poor economic data and tightened liquidity but most Asian markets gained on market-friendly
economic data and as the Bank of Japan maintained asset purchases and boosted lending programmes. Locally, rising CPO prices – with the
futures price crossing the RM2,700 mark for the first time since September 2012 – bolstered plantation stocks.
Local macroeconomic data remained positive. GDP growth held steady at 5.1% year-on-year in the fourth quarter of 2013 from +5.0%
in the third quarter, supported by continued gains in domestic demand and exports. This brought the full-year GDP growth to 4.7% in
2013 compared to 5.6% in 2012. The improvement in trade was contributed by the +14.4% year-on-year acceleration in December
2013’s export growth, which brought full year 2013 export growth to 2.4% versus +0.7% in 2012. Meanwhile, industrial production in
December 2013 accelerated for the third consecutive month to +4.8% year-on-year in December 2013, giving a full-year growth of
+2.7% (2012: +4.4%). Separately, Malaysia’s leading index grew 2.6% year-on-year in December, versus +4.0% in November, suggesting that economic activities would continue to improve in the months ahead, albeit at a moderate pace.
Equity Market Review, Outlook & Strategy On the foreign front, the moderation in the OECD composite leading indicators suggested a slowdown of growth in developed economies. In the
US, although the increase in US non-farm payrolls was below expectations, the unemployment rate continued to fall to 6.6% in January, the
lowest level in over five years and close to the 6.5% threshold that the Federal Reserve had earlier indicated would trigger potential interest rate
hikes. However, as the improvement was partly due to a lower labour participation rate, policymakers have made it clear that they would not hike
interest rates in the near future even if the unemployment rate breached 6.5%. Meanwhile, the severe winter weather is likely to have dragged
down the US housing sector and retail sales in January. In the Euro zone, the fall in industrial production in December, after an expansion in
November, continued to indicate a fragile and uneven economic recovery. As the region’s inflation slowed to 0.7% year-on-year in January –
below the European Central Bank’s (ECB) 2.0% target and the slowest in more than four years – the ECB indicated that it had tools at its disposal
to achieve its mandate of maintaining price stability. In China, data that were partly distorted by the Chinese New Year holidays showed
manufacturing activities slowing down for the second consecutive month. In Japan, GDP slowed for the third straight quarter in the fourth quarter
of 2013 due to weak exports while imports had surged ahead of a sales tax increase in April.
In the near term, global market drivers include the severity of the political crisis in Ukraine, the extent of economic recovery in major economies
and the implications on monetary policy going forward. In particular, investors will be watchful for any change in the pace of QE taper in the US
and signs of monetary easing in Euro zone and China to prop up growth. Locally, the February reporting season was disappointing as there were
more earnings that missed expectations versus those that beat. However, despite demanding valuations for the local bourse, downside is likely to
be limited due to substantial domestic liquidity and continued positive news flow – especially pertaining to oil and gas, construction and
plantations.
Manager’s Comments
The equity exposure of Pacific Dana Aman increased from 78.12% as at end-January 2014 to 79.76% as at end-February 2014. The
Fund was a net buyer of equities to deploy net inflows.
The Fund adopted a more stock specific approach under the current volatile yet directionless market. During the month, the Fund
added positions in certain names in the oil and gas, construction, automotive, property, plantation, and timber sectors, while taking
profit in plantation, telecommunication, transportation, and utility sectors on strength. It exited a Klang Valley based property
developer with exposure in China and Johor.
In view of the potential volatility in the market, the Fund will retain an opportunistic stance but will look to increase its equity exposure
further on meaningful market correction.
Risk
The investment risks associated to the investment are described in Product Disclosure Sheet. If you have any queries, you are
advised to consult your professional adviser before making a commitment to invest. In the event that you choose not to seek advice
from a professional investment adviser, you should consider whether this investment is suitable based on your risk appetite,
investment experience and objectives.
Other Information
You may refer to the Product Disclosure Sheet for the basis and frequency of valuing assets underlying of the fund, Annual Fund
Management Fee and other charges related to the fund.
The HSBC Amanah LifeSelect Equity Fund is managed underwritten by HSBC Amanah Takaful (Malaysia) Sdn. Bhd. This material is
prepared strictly for information only. Information provided herein including any expression of opinion or forecast has been obtained
from or is based on sources believed by us to be reliable, but is not guaranteed as to accuracy or completeness. The information is
given without obligation and on understanding that any person who acts upon it or changes his/her position in reliance thereon does
so entirely at his/her own risk. Past performance figures shown are not indicative of future performance.
Objektif Pelaburan Dana Ekuiti HSBC Amanah LifeSelect bermatlamat mencapai pertumbuhan modal dalam jangka sederhana hingga panjang dengan melabur dalam portfolio ekuiti dan sekuriti berkaitan ekuiti Malaysia yang berlandaskan prinsip Syariah
Prestasi Sejak Pelancaran*
Jadual Prestasi Peruntukan Aset
Skim Pelaburan Kolektif Yang Berlandaskan
Syariah 79.76%
Instrumen Pasaran Wang Islam
17.99%
Prestasi Dana Ekuiti HSBC Amanah
LifeSelect 95% FBMS + 3 bulan
IIMM
5 Tahun
01/03/09 hingga 28/02/14 96.37% 93.16%
6 Bulan
01/09/13 hingga 28/02/14 6.45% 6.77%
Sumber: Bloomberg
Asas pengiraan: Kadar nilai pulangan Penanda aras komposit - 12/06/08 hingga 27/11/13 : FBMS - 28/11/13 dan seterusnya : 95% FBMS and 3-Month Islamic Interbank Money Market (IIMM) Rate
Sime Darby Bhd 6.32
Tenaga Nasional Bhd 5.86
Axiata Group Bhd 5.03
Digi.Com Bhd 3.77
IOI Corporation Bhd 3.64
Telekom Malaysia Bhd 3.11
Sapura-Kencana Petroleum Bhd 3.07
IJM Corporation Bhd 2.01
Malaysian Bulk Carriers Bhd 1.99
Petronas Chemicals Group Bhd 1.96
Senarai 10 Pegangan Ekuiti Yang Terbesar % NAB
Skim Pelaburan Kolektif Yang Berlandaskan
Syariah 2.28%
Tinjauan , Pandangan dan Strategi Pasaran Ekuiti Pada bulan Februari, banyak pasaran mengatasi kerugian akibat dari kelemahan pada awal tahun. Walau bagaimanapun, pasaran seperti
Thailand dan Filipina, yang telah mengalami pembetulan yang lebih lama sebelum ini, mengatasi kebanyakan pasaran yang mencatatkan
keuntungan kecil: Hong Kong (+3.6%), Korea (+2.0%), Singapura (+2.8%), Taiwan (+2.1%), Shanghai (+1.1%), Jepun (-0.5 %), AS (+4.0%),
Filipina (+6.4%), Thailand (+4.0 %), Malaysia ( +1.8%) dan Indonesia (+4.6%).
Data perkilangan AS yang lemah dan kelemahan pasaran baru muncul yang dicetuskan oleh pengurangan QE AS membawa kesan kepada
pasaran global pada permulaan bulan Februari. Pasaran menjadi tidak stabil akibat data ekonomi AS yang bercampur dan data pengeluaran
yang lemah dari China. Akhirnya, kerugian yang dialami oleh pasaran AS dapat diatasi apabila pelabur mengetepikan data pekerjaan Januari
yang tidak stabil dan selepas kongres AS melanjutkan had maksimum hutang AS hingga Mac 2015. Jaminan Federal Reserve ke atas
kesinambungan rangsangan monetari untuk terus memperkukuh ekonomi juga membawa kesan positif ke atas sentimen pelabur. Pasaran AS
seterusnya meningkat ke tahap rekod tinggi sungguhpun ketegangan politik di Ukraine semakin meningkat.
Pasaran negara China semakin lemah akibat daripada data ekonomi yang lemah dan tahap kecairan yang diperketatkan, akan tetapi
kebanyakan pasaran Asia meningkat susulan data ekonomi yang membawa kesan positif dan berikutan usaha Bank Of Japan mengekalkan
pembelian aset dan meningkatkan program pinjaman. Di pasaran tempatan, kenaikan harga minyak sawit mentah – di mana harga niaga
hadapan mencecah tahap RM2,700 untuk kali pertama sejak September 2012 – merangsangkan sektor perladangan.
Data makroekonomi tempatan kekal positif. Pertumbuhan KDNK kekal stabil pada 5.1% tahun-ke-tahun pada suku keempat 2013 dari +5.0%
pada suku ketiga, disokong oleh keuntungan berterusan dalam permintaan domestik dan eksport. Ini membawa KDNK tahun penuh 2013 ke
4.7% berbanding 5.6% pada tahun 2012. Faktor utama yang menyebabkan peningkatan dalam perdagangan adalah pecutan pertumbuhan
eksport Disember 2013 sebanyak +14.4% tahunke-tahun, yang membawa pertumbuhan eksport setahun penuh 2013 ke 2.4% berbanding +0.7
% untuk tahun 2012. Sementara itu, pengeluaran perindustrian pada Disember 2013 meningkat untuk bulan ketiga berturut-turut ke +4.8% tahun-
ke-tahun pada Disember 2013, dan ini membawa pertumbuhan setahun penuh ke +2.7 % (2012: +4.4%). Pada aspek lain, indeks utama
Malaysia meningkat 2.6% tahun-ke-tahun pada bulan Disember, berbanding +4.0% pada bulan November, dan ini menunjukkan bahawa aktiviti
ekonomi akan terus bertambah baik pada bulan-bulan hadapan, walaupun pada kadar yang sederhana.
Tinjauan , Pandangan dan Strategi Pasaran Ekuiti
Di luar negara, data sederhana penunjuk komposit utama OECD mencadangkan kelembapan pertumbuhan ekonomi maju. Di AS, walaupun
peningkatan dalam senarai gaji bukan ladang AS adalah di bawah jangkaan, kadar pengangguran terus jatuh ke 6.6% pada bulan Januari, paras
terendah dalam tempoh lima tahun dan berhampiran dengan ambang 6.5% di mana Federal Reserve sebelum ini memberi indikasi akan
mencetuskan potensi kenaikan kadar faedah. Walau bagaimanapun, oleh kerana peningkatan adalah disebabkan oleh kadar penyertaan buruh
yang lebih rendah, penggubal dasar telah menyatakan dengan jelas bahawa mereka tidak akan menaikkan kadar faedah dalam masa terdekat
walaupun kadar pengangguran mencecah 6.5%. Sementara itu, cuaca musim sejuk yang teruk mungkin telah menyeret turun sektor perumahan
AS dan jualan runcit bulan Januari. Di zon Euro, kejatuhan dalam pengeluaran perindustrian pada bulan Disember, selepas kenaikan pada bulan
November, terus menunjukkan pemulihan ekonomi yang tidak stabil dan tidak sekata. Apabila kadar inflasi rantau ini memperlahan ke 0.7%
tahun-ketahun pada bulan Januari – di bawah sasaran 2.0% oleh European Central Bank (ECB) dan kadar yang paling perlahan dalam tempoh
lebih daripada empat tahun – ECB menyatakan bahawa ia mempunyai kaedah untuk mencapai mandat mengekalkan kestabilan harga. Di China,
data yang sebahagiannya mungkin diputarbelit oleh cuti Tahun Baru Cina menunjukkan aktiviti pembuatan memperlahan untuk bulan kedua
berturut-turut. Di Jepun, KDNK memperlahan bagi suku ketiga berturut-turut pada suku keempat tahun 2013 disebabkan oleh eksport yang lemah
manakala import melonjak naik sebelum kenaikan cukai jualan pada bulan April.
Dalam tempoh terdekat, faktor pemandu pasaran global termasuk kesan krisis politik di Ukraine, tahap pemulihan ekonomi dalam ekonomi-
ekonomi utama dan implikasi ke atas dasar monetari pada masa hadapan. Khususnya, para pelabur akan berjaga-jaga atas sebarang pertukaran
kadar pengurangan QE di AS dan tanda-tanda pelonggaran dasar monetari di zon Euro dan China untuk merangsang pertumbuhan. Di
tempatan, musim laporan bulan Februari mengecewakan kerana terdapat lebih banyak keputusan pendapatan yang tidak mencapai jangkaan
berbanding keputusan yang mengatasi jangkaan. Walau bagaimanapun, walaupun penilaian bagi bursa tempatan adalah tinggi, kejatuhan harga
mungkin terhad disebabkan kecairan domestik yang tinggi dan aliran berita positif yang berterusan – terutamanya bagi sektor-sektor berkaitan
minyak dan gas, pembinaan dan perladangan.
Ulasan Pengurus
Pendedahan ekuiti Pacific Dana Aman meningkat dari 78.12 % pada akhir bulan Januari 2014 ke 79.76% pada akhir bulan Februari
2014. Dana melakukan aktiviti pembelian bersih ekuiti untuk mengendalikan aliran masuk modal pelaburan.
Dalam keadaan turun naik pasaran, dan juga di mana pasaran tidak menunjukkan arah tuju yang jelas, Dana mengamalkan
pendekatan pilihan stok yang lebih spesifik. Pada bulan ini, Dana menambah pegangan ke atas saham-saham tertentu dalam sektor
minyak dan gas, pembinaan, automotif, hartanah, perladangan, dan pembalakan. Dana merealisasikan keuntungan beberapa saham
dari sektor perladangan, telekomunikasi, pengangkutan, dan utiliti, apabila harga mereka telah meningkat. Dana melepaskan
kesemua pegangan saham sebuah syarikat pemaju hartanah yang berpangkalan di Lembah Klang dan mempunyai pendedahan
perniagaan di China dan Johor.
Memandangkan potensi ketidaktentuan di pasaran, Dana akan mengekalkan strategi mencari peluang pelaburan dan akan
meningkatkan lagi pendedahan ekuitinya ketika pembetulan pasaran yang besar.
Risiko
Risiko pelaburan yang dikaitkan dengan pelaburan dinyatakan dalam Lembaran Pendedahan Produk. Sekiranya anda mempunyai apa-apa kemusykilan, anda dinasihatkan agar berunding dengan penasihat profesional sebelum membuat komitmen untuk melabur. Sekiranya anda membuat keputusan untuk tidak mendapatkan khidmat penasihat pelaburan profesional, anda perlu mempertimbangkan sama ada pelaburan ini sesuai berasaskan toleransi risiko, pengalaman pelaburan dan objektif anda.
Maklumat Lain Anda boleh merujuk kepada Lembaran Pendedahan Produk untuk meneliti asas dan kekerapan penilaian aset dana, Yuran Pengurusan Dana
tahunan dan caj lain yang berkaitan dengan dana.
Dana Ekuiti HSBC Amanah LifeSelect diuruskan oleh HSBC Amanah Takaful (Malaysia) Sdn. Bhd. Bahan ini disediakan khusus sebagai maklumat sahaja. Maklumat yang terkandung di dalam ini, termasuk sebarang pernyataan pendapat atau ramalan, telah diperolehi dan berasaskan sumber yang kami yakin boleh dipercayai, tetapi tidak djamin ketepatan atau kelengkapannya. Maklumat ini diberikan tanpa sebarang kewajipan dan berasaskan kefahaman bahawa sesiapa yang bertindak ke atasnya atau bertukar pelaburan berasaskan maklumat ini berbuat demikian atas risiko sendiri. Angka prestasi masa lalu yang ditunjukkan bukan petunjuk prestasi masa depan.