Manulife Investment-Linked Fund · 2020-05-12 · 7 Annual Reiew 2019 • Manulife Global Bond Fund Market Commentary (continued) Top 10 Holdings As at 31st December 2019 Top 10 Equity

Annual Review 2019For the Financial Year Ended 31 December 2019

Manulife Investment-Linked Fund Manulife Global Bond Fund

AboutMANULIFE MALAYSIA

Manulife Holdings Berhad is part of a leading Canadian-based financial services group, Manulife Financial Corporation. Subsidiary companies under Manulife Holdings Berhad are Manulife Insurance Berhad, Manulife Investment Management (M) Berhad and Manulife Insurance Labuan Limited. Through its subsidiary companies, Manulife Malaysia offers an innovative range of financial protection, health and wealth management products and services to meet different customer needs. We currently serve the

needs of over 270,000 policyholders and wealth management customers. We aspire to be the trusted and most preferred financial services provider in Malaysia by making our customers’ decisions easier and their lives better. Manulife Holdings Berhad has been listed on the Main Board of Bursa Malaysia since 1984. As at 31 December 2019, its assets under management were over RM11 billion. Manulife Malaysia can be found on the Internet at www.manulife.com.my.

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Market Commentary

Fund Performance• Comparative Performance Table• Investment Information

Summary Of Financial Statement

Notes To The Financial Information

Statement By Manager

Independent Auditors’ Report

4Annual Review 2019 • Manulife Global Bond Fund

M A R K E TC O M M E N T A R Y

ANNUAL REVIEW 2019

Manulife Global Bond Fund


Market Commentary

Fund ObjectiveThe Manulife Global Bond Fund is a tranche of the Manulife Global Bond Fund Series; which invests fully in Singapore Dollar denominated underlying Fund namely the Franklin Templeton Investment Funds – Templeton Global Bond Fund A (Mdis) SGD-H1 (the “Underlying Fund”).

The Underlying Fund aims to maximise total investment returns consisting of a combination of interest income, capital appreciation and currency gains by investing principally in a portfolio of fixed or floating rate debt securities and debt obligations issued by government or government-related issuer worldwide.

Performance Review

Global financial markets started 2019 on a positive note, with rallies in risk assets through much of the first quarter after a volatile end to 2018. However, escalating trade tensions between the US and China sporadically resurfaced throughout the year, leading to broad resurgences in global risk aversion that intermittently affected market valuations. The US Federal Reserve (Fed) cut interest rates three times in 2019, the European Central Bank (ECB) restarted its quantitative easing programme, and a number of central banks around the world followed the dovish directions of the Fed and the ECB, taking the opportunity to cut their domestic rates.

For the year, the fund’s A (Mdis) USD shares returned 1.03%, and its benchmark, the JP Morgan Global Government Bond Index, returned 6.02%.

Annual Key Performance Drivers

Currencies Duration CreditHelped Euro (Net-Negative

Position) Brazil -Mexican Peso Indonesia -Indonesian Rupiah - -

Hurt

Argentine Peso

Negative Duration Exposure to US Treasuries -

- - -- - -

The fund’s net-negative position in the euro contributed to absolute performance. We have maintained a net-negative position in the euro as a macro hedge against a broadly strengthening US dollar and as a directional view on the currency.


Annual Key Performance Drivers (continued)

The fund’s position in the Indonesian rupiah contributed to absolute results, while currency positions in Latin America detracted (the Argentine peso detracted, while the Mexican peso contributed). We continued to hold currency positions in countries that we believe have strong growth fundamentals and compelling interest-rate differentials.

Sovereign bond yields declined across much of the world during the calendar year, as the yield on the 10-year US Treasury note finished the period 77 basis points lower at 1.92%. Negative duration exposure to US Treasuries detracted from absolute fund performance, while select duration exposures in Asia ex Japan (Indonesia) and Latin America (Brazil) contributed.

Outlook & Strategy

A number of factors are currently shaping financial markets, notably including geopolitical risks and trade tensions, populism and political polarisation, unrestrained deficit spending in the developed world, low rates and underappreciated inflation risks, and overvaluations in many risk assets. Financial markets remain vulnerable to a number of risks associated with these factors, in our view. We continue to maintain negative duration exposure to longer-term US Treasuries to hedge rate risks, and we have continued to pursue attractive risk-adjusted returns in select emerging markets. We have also increased our long exposures to perceived safe-haven assets.

In emerging markets, we continue to see a subset of countries with domestically strong economies that have demonstrated their resiliencies to global shocks, including potential trade disruptions. We are focused on specific countries that are less externally vulnerable and more domestically driven, and that have orthodox fiscal and monetary policies. We have become a bit more cautious on the broad outlook for emerging markets as a whole, but we continue to see scope for additional valuation strength in specific countries. It remains crucial to be selective.

In Europe, growth continues to show signs of moderation, with weakness in manufacturing and investment. We continue to expect the euro to weaken against the US dollar given the differences in projected growth and the rate differentials between the US and the eurozone, as well as the likelihood for ongoing monetary accommodation from the ECB.

Overall, the fund continues to maintain low portfolio duration and negative duration exposure to longer-term US Treasuries. We expect rising debt issuance, rising deficit spending and rising underlying inflation pressures to drive longer-term yields higher. The fund also continues to hold select local-currency positions in countries that we view as having healthy or improving fundamentals, along with attractive risk-adjusted yields. We continue to see a select set of higher-yielding local markets that we expect to outperform the core fixed income markets in the quarters ahead.

Market Commentary (continued)



Top 10 Holdings

As at 31st December 2019

Top 10 Equity Holding Weight %Government of Sweden, 1047, 5.00%, 12/01/20 5.12Nota do Tesouro Nacional, 10.00%, 1/01/23 3.71Government of Mexico, senior note, M, 7.25%, 12/09/21 3.05Government of Mexico, senior bond, M, 6.50%, 6/09/22 2.76Korea Treasury Bond, senior note, 1.375%, 9/10/21 2.64Korea Treasury Bond, senior bond, 4.25%, 6/10/21 2.32Nota do Tesouro Nacional, 10.00%, 1/01/25 2.20Government of Indonesia, senior bond, FR53, 8.25%, 7/15/21 2.10Korea Treasury Bond, senior note, 2.00%, 3/10/21 1.90Government of India, senior note, 7.68%, 12/15/23 1.86



Asset Allocation

As at 31st December 2019

Fixed Income : 83.44%Cash & Cash Equivalents : 16.56%Total : 100.0%

Management Fee

Fund management fee of 1.00% is charged to the Fund during the year. It is calculated on a daily basis based on the net asset value of the Fund.

Manulife Global Bond Fund invests into the Singapore Dollar denominated underlying fund namely the Franklin Templeton Investment Funds-Templeton Global Bond Fund A (Mdis) SGD-H1 (the “Underlying Fund”). The investment reviews are on the Underlying Fund. Manulife Global Bond Fund is managed Manulife Investment Management(M) Berhad (formerly known as Manulife Asset Management Services Berhad) while the Underlying Fund is managed by Franklin Templeton Investments. This report is prepared for information purposes only.

Fixed Income 83.44%

Cash & Cash Equivalents 16.56%

F U N DP E R F O R M A N C E

ANNUAL REVIEW 2019



Fund Performance

Manulife Global Bond Fund posted positive return in 2019, largely due to the positive absolute return of the underlying fund. In terms of currencies, the underlying fund’s net-negative position in the euro contributed, as did its position in the Indonesian rupiah. Currency positions in Latin America detracted from absolute results (the Argentine peso detracted, while the Mexican peso contributed). Duration wise, the underlying fund’s negative duration exposure to US Treasuries detracted from absolute results, while select duration exposures in Asia ex Japan (Indonesia) and Latin America (Brazil) contributed.

Fund performance calculated as at 31st December 2019

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*

%Tranche 1 1.40 1.26 (2.80) 0.22 0.21 14.62 23.97 ** JP Morgan (1.89) (2.82) (0.41) 4.94 2.59 30.20 47.22 Relative +/(-) 3.29 4.08 (2.39) (4.72) (2.38) (15.58) (23.25)

* Inception date 10 July 2013

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 22 August 2013

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 26 September 2013

** Indicative benchmark (JP Morgan Global Government Bond Index in RM Terms)

The Fund’s performance is calculated on NAV to NAV basis. The value of units may go down as well as up. Past performance is not indicative of future results. The fund performance is strictly the performance of the investment-linked (IL) fund and not to the gross premium/contribution of the IL insurance product.

Note: The fund performance is based on the last trading day of the month/year and returns are adjusted for quarterly payouts.


Fund Performance (continued)

Fund performance calculated as at 31st December 2019 (continued)

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 28 October 2013

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 27 November 2013

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 26 December 2013







Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 27 January 2014

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 26 February 2014

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 27 March 2014







Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 28 April 2014

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 28 May 2014

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 26 June 2014







Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 25 July 2014

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*


* Inception date 27 August 2014

Performance 1 Month

%

3 Months

%

6 Months

%

1Year

%

3 Years

%

5 Years

%

Since Inception*

%Tranche

Universal1.41 1.28 (2.77) 0.25 0.30 - 10.54

**JP Morgan (1.89) (2.82) (0.41) 4.94 2.59 - 27.12 Relative +/(-) 3.30 4.10 (2.36) (4.69) (2.29) - (16.58)

* Inception date 21 April 2015





Average Annual Returns1 and Benchmark

Performance 1 Year%

3 Year%

5 Year%

Tranche 1 0.22 0.07 2.77** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.72) (0.79) (2.65)Tranche 2 0.22 0.08 2.79** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.72) (0.78) (2.63)Tranche 3 0.22 0.08 2.79** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.72) (0.78) (2.63)Tranche 4 0.23 0.09 2.79** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.71) (0.77) (2.63)Tranche 5 0.22 0.08 2.79** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.72) (0.78) (2.63)Tranche 6 0.22 0.08 2.79** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.72) (0.78) (2.63)Tranche 7 0.23 0.09 2.79** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.71) (0.77) (2.63)Tranche 8 0.22 0.07 2.78** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.72) (0.79) (2.64)

** Indicative benchmark (JP Morgan Global Government Bond Index in RM Term)

1 Returns are adjusted for quarterly payouts.

Note: The fund performance is based on the last trading day of the year.



Average Annual Returns1 and Benchmark (continued)

Performance 1 Year%

3 Year%

5 Year%

Tranche 9 0.23 0.07 2.78** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.71) (0.79) (2.64)Tranche 10 0.23 0.09 2.79** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.71) (0.77) (2.63)Tranche 11 0.23 0.09 2.79** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.71) (0.77) (2.63)Tranche 12 0.22 0.09 2.79** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.72) (0.77) (2.63)Tranche 13 0.23 0.09 2.80** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.71) (0.77) (2.62)Tranche 14 0.23 0.09 2.79** JP Morgan 4.94 0.86 5.42Relative +/(-) (4.71) (0.77) (2.63)Tranche Universal 0.25 0.10 -** JP Morgan 4.94 0.86 -Relative +/(-) (4.69) (0.76) -

** Indicative benchmark (JP Morgan Global Government Bond Index in RM Term)

1 Returns are adjusted for quarterly payouts.

Note: The fund performance is based on the last trading day of the year.



ANNUAL REVIEW 2019


C O M P A R A T I V EP E R F O R M A N C E

T A B L E S


Comparative Performance Tables

The table below shows the performance table of the Fund by the individual tranches:

Tranche 1Launched on

10 July 20132019

RM2018

RM2017

RM2016

RM2015

RM

Net asset value (NAV) 1,888,672 4,477,918 8,282,743 15,128,650 16,105,605Number of units in

circulation 2,091,316 4,949,062 8,831,131 15,253,365 16,368,631NAV per unit 0.9031 0.9048 0.9379 0.9918 0.9839Highest NAV per unit

during the financial year 0.9430 0.9476 1.0396 0.9958 1.0341Lowest NAV per unit

during the financial year 0.8884 0.8630 0.9378 0.8807 0.9490

Capital growth (%) (0.19) (3.53) (5.43) 0.80 2.14Policy benefits (%) - 5.00 5.00 5.00 5.00Income distribution (%) - - - - -


22 August 20132019

RM2018

RM2017

RM2016

RM2015

RM





Capital growth (%) 0.22 (3.62) (5.48) 0.78 2.18Policy benefits (%) - 5.00 5.00 5.00 5.00Income distribution (%) - - - - -

Note: The fund performance is based on the last calendar day of the year.


Comparative Performance Tables (continued)

The table below shows the performance table of the Fund by the individual tranches: (continued)


26 September 20132019

RM2018

RM2017

RM2016

RM2015

RM







28 October 20132019

RM2018

RM2017

RM2016

RM2015

RM











27 November 20132019

RM2018

RM2017

RM2016

RM2015

RM







26 December 20132019

RM2018

RM2017

RM2016

RM2015

RM











27 January 20142019

RM2018

RM2017

RM2016

RM2015

RM





Capital growth (%) (1.17) (4.90) (5.46) 0.80 2.18Policy benefits (%) 1.25 5.00 5.00 5.00 5.00Income distribution (%) - - - - -


26 February 20142019

RM2018

RM2017

RM2016

RM2015

RM











27 March 20142019

RM2018

RM2017

RM2016

RM2015

RM







28 April 20142019

RM2018

RM2017

RM2016

RM2015

RM










28 May 20142019

RM2018

RM2017

RM2016

RM2015

RM







26 June 20142019

RM2018

RM2017

RM2016

RM2015

RM











25 July 20142019

RM2018

RM2017

RM2016

RM2015

RM

Net asset value (NAV) 713,688 1,422,537 1,821,309 2,462,271 2,462,428Number of units in

circulation 844,911 1,617,963 1,969,542 2,517,174 2,537,174NAV per unit 0.8447 0.8792 0.9247 0.9782 0.9705Highest NAV per unit





27 August 20142019

RM2018

RM2017

RM2016

RM2015

RM

Net asset value (NAV) 312,075 927,485 1,255,143 2,158,198 2,160,546Number of units in

circulation 368,789 1,052,247 1,353,668 2,220,089 2,220,089NAV per unit 0.8462 0.8814 0.9272 0.9810 0.9732Highest NAV per unit








Tranche UniversalLaunched on

21 April 20152019

RM2018

RM2017

RM2016

RM2015

RM

Net asset value (NAV) 2,732 2,411 2,137 877 161Number of units in

circulation 2,600 2,301 2,052 837 164NAV per unit 1.0501 1.0475 1.0417 1.0471 0.9845Highest NAV per unit


during the financial year 1.0286 0.9991 1.0338 0.8928 0.9386Capital growth (%) 0.25 0.56 (0.52) 6.36 3.63Policy benefits (%) - - - - -Income distribution (%) - - - - -

Total 2019RM

2018RM

2017RM

2016RM

2015RM


circulation 30,711,948 60,156,957 84,524,205 126,365,087 137,359,405NAV per unit 0.8699 0.8759 0.9188 0.9731 0.9656




The table below shows the percentage of investment holding to the Fund’s net asset value:

Categories of investments

2019Percentage

of NAV%

2018Percentage

of NAV%

2017Percentage

of NAV%

2016Percentage

of NAV%

2015Percentage

of NAV%

Foreign Investment 100.13 98.94 99.45 99.92 99.96Fixed deposits with

licensed banks in Malaysia 0.97 1.84 1.86 1.80 1.85


ANNUAL REVIEW 2019


I N V E S T M E N TI N F O R M A T I O N


The details of investment of the Fund as at 31 December 2019 are set out as follows:

Quantity Cost RM

Market Value

RM

Percentage of Net Asset

Value%

Templeton Global Bond Fund A (MDIS) SGD-H1 888,587 29,945,072 26,750,248 100.13

Investment Information


ANNUAL REVIEW 2019


S U M M A R Y O FF I N A N C I A L

I N F O R M A T I O N


Summary of Financial Information

Statement of Income and ExpenditureFor the Financial Year Ended 31 December 2019

2019 RM

2018RM

INCOME

Net investment income Interest income 22,674 42,408 Dividend income 2,704,515 4,699,509Rebate income 401,230 727,380Unrealised capital gains 3,118,049 101,274Realised exchange gains 4,076,159 3,630,471Deferred tax 73,293 290,304Total income 10,395,920 9,491,346

OUTGO

Management expenses 413,313 723,596Losses on disposal of investments 5,366,990 4,311,418Unrealised exchange losses 4,065,914 3,751,964Policy benefits 452,808 3,685,773Current tax 153,942 413,261Total outgo 10,452,967 12,886,012

Excess of outgo over income (57,047) (3,394,666)

Undistributed (losses)/income brought forward (2,415,136) 979,530

Undistributed losses carried forward (2,472,183) (2,415,136)


Summary of Financial Information (continued)

Statement of Assets and Liabilities As At 31 December 2019

2019 RM

2018RM

ASSETS

Investments Foreign investment 26,750,248 52,134,944 Fixed deposits with licensed banks in Malaysia 260,000 971,361Other receivables 41,087 1,380,509Deferred tax assets 255,586 182,293Cash and cash equivalents 40,455 24,755Total assets 27,347,376 54,693,862

LIABILITIES

Payables 483,901 1,603,193Current tax liabilities 148,102 396,789Total liabilities 632,003 1,999,982

NET ASSETS ATTRIBUTABLE TO POLICYHOLDERS 26,715,373 52,693,880

REPRESENTED BY:Policyholders' capital 29,187,556 55,109,016Undistributed losses carried forward (2,472,183) (2,415,136)

NET ASSETS ATTRIBUTABLE TO POLICYHOLDERS1 26,715,373 52,693,880

NUMBER OF UNITS IN CIRCULATION1 30,711,948 60,156,957

NET ASSET VALUE ATTRIBUTABLE TO POLICYHOLDERS PER UNIT1 0.8699 0.8759

1 Refer to the comparative performance table for the net asset value of the respective tranches.


Summary of Financial Information (continued)

Statement of Changes in Net Asset ValueFor the Financial Year Ended 31 December 2019

2019 RM

Net asset value at the beginning of the financial year 52,693,880Net realised income after taxation 890,818Net unrealised losses on investments (947,865)Amounts received from net creation of units 810Amounts paid for net cancellation of units (25,922,270)Net asset value at the end of the financial year 26,715,373

2018 RM

Net asset value at the beginning of the financial year 77,657,336Net realised income after taxation 256,024Net unrealised losses on investments (3,650,690)Amounts received from net creation of units 591Amounts paid for net cancellation of units (21,569,381)Net asset value at the end of the financial year 52,693,880


ANNUAL REVIEW 2019


N O T E S T O T H EF I N A N C I A L

I N F O R M A T I O N


Notes to the Financial Information

Notes to the Financial Information- 31 December 2019

1. PRINCIPAL ACTIVITIES

The principal activity of the Investment-Linked Fund of Manulife Insurance Berhad, Manulife Global Bond Fund (“the Fund”) is to invest in authorised investments.

The Fund invests fully in a Singapore Dollar denominated underlying Fund namely the Franklin Templeton Investment Funds – Templeton Global Bond Fund (“the Underlying Fund”). The Underlying Fund aims to maximise total investment returns consisting of a combination of interest income, capital appreciation and currency gains by investing principally in a portfolio of fixed or floating rate debt securities and debt obligations issued by government or government-related issuer worldwide.

The Manager of the Fund is Manulife Insurance Berhad, a company incorporated in Malaysia, engaged principally in the underwriting of life insurance business including investment-linked business.

2. BASIS OF PREPARATION

The financial information of the Fund has been prepared in accordance with the accounting policies as described in Note 3 to the financial information and the policy document on Investment-linked Business issued by Bank Negara Malaysia (“BNM”).

The financial information of the Fund has been prepared under the historical cost convention except as disclosed in the significant accounting policies in Note 3 to the financial information.

3. SIGNIFICANT ACCOUNTING POLICIES

(a) Financial assets and liabilities

(i) Classification

A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise.

A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from another enterprise, a contractual right to exchange financial instruments with another enterprise under conditions that are potentially favourable, or an equity instrument of another enterprise.


Notes to the Financial Information (continued)

Notes to the Financial Information- 31 December 2019 (continued)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

(a) Financial assets and liabilities (continued)

(i) Classification (continued)

A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another enterprise, or to exchange financial instruments with another enterprise under conditions that are potentially unfavourable.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The Fund’s loans and receivables comprise deposits with licensed financial institutions and other receivables. The Fund classifies payables as other financial liabilities.

(ii) Recognition and measurement

All purchases of investments are recognised on their trade dates, i.e. the date the commitment exists to purchase the investments. The investments are initially recorded at cost, being fair value of the consideration given. The attributable transaction costs are recognised in the profit or loss when incurred.

Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership.

Financial liabilities are derecognised when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expired.

Financial assets at fair value through profit or loss

Investments of the Fund are designated at initial recognition at fair value through profit or loss.

After initial recognition, the investments are recorded at fair value and the unrealised gains or losses on re-measurement to fair value are taken to the statement of income and expenditure.





(a) Financial assets and liabilities (continued)

(ii) Recognition and measurement (continued)

Financial assets at fair value through profit or loss (continued)

Investment in foreign assets comprises investment in the Underlying Fund which is valued at the net asset values of the underlying funds as at the date of the statement of assets and liabilities.

Other receivables

Other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less any impairment losses.

Collectability of other receivables is reviewed on an on–going basis. An allowance account is used when there is objective evidence that the Fund will not be able to collect all amounts due according to the original terms of the receivables.

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’).

The amount of the impairment allowance is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short term receivables are not discounted if the effect of discounting is immaterial.

The amount of the impairment loss is recognised in the statement of income and expenditure. When loans and receivables for which an impairment allowance had been recognised become uncollectible in a subsequent period, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited to the statements of income and expenditure.




(b) Net creation of units

Net creation of units represents premiums paid by policyholders as payment for a new contract or subsequent payments to increase the amount of that contract. Net creation of units is recognised on a receipt basis.

(c) Net cancellation of units

Net cancellation of units represents cancellation of units arising from surrenders and withdrawals by policyholders. Net cancellation of units is recognised upon surrendering of the related insurance contracts.

(d) Income recognition

Interest income earned is recognised on a time proportion basis, calculated as a percentage of the investment values of the underlying funds.

Dividend income is recognised when the right to receive payment is established.

Gain or loss on disposal of financial assets is calculated by comparing the net proceeds with the original cost of the financial assets and is credited or charged to the statement of income and expenditure.

Rebate income refers to management fee rebate from Templeton Global Bond Fund and Manulife Insurance Berhad and it is accrued on a daily basis.

(e) Management expense

Management expenses charged to the Fund which include management fee, audit fee and tax fee are recognised on an accrual basis.

(f) Policy benefits

Policy benefits represent the quarterly payout to the policyholders.





(g) Foreign currencies

(i) Functional and presentation currency

Items included in the financial information of the Fund are measured using the currency of the primary economic environment in which the Fund operates (“the functional currency”). The functional currency and presentation currency of the Fund is Ringgit Malaysia.

(ii) Transactions and balances

Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Currency translation gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and expenditure.

(h) Taxation

The income tax charge is calculated at current tax rate based on the method prescribed under the Income Tax Act, 1967 for life insurance business.

Deferred tax is recognised in full, using the liability method, on temporary differences arising between the amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial information.

Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences or unutilised tax losses can be utilised.

The tax rate enacted or substantively enacted by the date of the statement of assets and liabilities is used to determine deferred tax.





(i) Cash and cash equivalents

Cash and cash equivalents consist of cash and bank balances which have an insignificant risk of changes in value. Deposits with financial institutions are not part of cash and cash equivalents as these are held for investment purposes.

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Estimates and judgements are continuously evaluated by the Manager and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Manager makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal the related actual results. To enhance the information content of the estimates, certain key variables that are anticipated to have material impact to the Fund’s results and financial position are tested for sensitivity to changes in the underlying parameters.

5. FUND PERFORMANCE AND AVERAGE ANNUAL RETURNS

The fund performance and average annual returns measurement against relevant benchmark indices for the comparative periods are set out on page 9 to 16 of the Fund Performance Report.

6. INVESTMENT INFORMATION

The details of investment of the Fund and the market value of investment holding as a percentage of net asset value are set out on page 27 to 28 of the Fund Performance Report.

7. COMPARATIVE PERFORMANCE TABLES

The details of the Fund’s net asset value, units in circulation, percentage of investment holding to the Fund’s net asset value and the breakdown of total annual returns of the Fund into capital growth, policy benefits and income distribution are set out on pages 17 to 26 of the Fund Performance Report.



ANNUAL REVIEW 2019


S T A T E M E N T B YM A N A G E R


Statement By Manager

We, Dato’ Md Agil Bin Mohd Natt and Lee Sang Hui, being two of the Directors of Manulife Insurance Berhad (“the Manager”), do hereby state that, in the opinion of the Manager, the accompanying financial information of Manulife Investment-Linked Fund, Manulife Global Bond Fund set out on pages 29 to 39 have been prepared in accordance with the accounting policies described in Note 3 to the financial information and the policy document on Investment-linked Business issued by Bank Negara Malaysia.

On behalf of the Manager,

DATO' MD AGIL BIN MOHD NATT LEE SANG HUIDIRECTOR DIRECTOR

Kuala Lumpur, Malaysia23 March 2020


ANNUAL REVIEW 2019


I N D E P E N D E N TA U D I T O R S ’

R E P O R T


Independent Auditors’ Report

Independent auditors’ report to the policyholders ofManulife Global Bond Fundof Manulife Insurance Berhad(Incorporated in Malaysia)

Report on the Audit of the Financial Information

Opinion

We have audited the financial information of Manulife Global Bond Fund (‘the Fund’), which comprise the statement of assets and liabilities as at 31 December 2019, and the statement of income and expenditure, statement of changes in net asset value of the Fund for the year then ended, and a summary of significant accounting policies, as set out on pages 29 to 39.

In our opinion, the accompanying financial information of the Fund for the year ended 31 December 2019 are prepared, in all material respects in accordance with the accounting policies as described in Note 3 to the financial information and the policy document on Investment-linked Business issued by Bank Negara Malaysia.

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 Information section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 2 to the financial information of the Fund, which describes the basis of accounting. The financial information of the Fund is prepared to assist the Fund in complying with the policy document on Investment-linked Business issued by Bank Negara Malaysia. As a result, the financial information of the Fund may not be suitable for another purpose. Our report is intended solely for the policyholders of the Fund, as a body and should not be distributed to or used by parties other than the policyholders of the Fund. Our opinion is not modified in respect of this matter.


Independent Auditors’ Report (continued)

Independent auditors’ report to the policyholders ofManulife Global Bond Fundof Manulife Insurance Berhad (continued)(Incorporated in Malaysia)

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 Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code. Information Other than the Financial Information and Auditors’ Report Thereon

The directors of the Manager (“the directors”) are responsible for the other information. The other information comprises the information contained in the Annual Report of the Fund, but does not include the financial information of the Fund and our auditors’ report thereon.

Our opinion on the financial information 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 information 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 information 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 Directors of the Manager for the Financial Information

The directors are responsible for the preparation of financial information of the Fund that give a true and fair view in accordance with the accounting policies as described in Note 3 to the financial information and the policy document on Investment-linked Business issued by Bank Negara Malaysia. The directors are also responsible for such internal control as the directors determine is necessary to enable the preparation of financial information of the Fund that are free from material misstatement, whether due to fraud or error.




Responsibilities of the Directors of the Manager for the Financial Information (continued)

In preparing the financial information of the Fund, the directors are 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 directors either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so.

Auditors’ Responsibilities for the Audit of the Financial Information

Our objectives are to obtain reasonable assurance about whether the financial information 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 information.

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:

• Identify and assess the risks of material misstatement of the financial information 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.

• 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.




Auditors’ Responsibilities for the Audit of the Financial Information (continued)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ 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 information 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.

We communicate with the directors 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.

Ernst & Young PLT Ahmad Hammami Bin Muhyidin202006000003 (LLP002760-LCA) & AF: 0039 No. 03313/07/2021 JChartered Accountants Chartered Accountant

Kuala Lumpur, Malaysia 23 March 2020

MengenaiMANULIFE MALAYSIA

Manulife Holdings Berhad adalah sebahagian daripada kumpulan perkhidmatan kewangan terulung yang berpangkalan di Kanada, Manulife Financial Corporation. Anak-anak syarikat di bawah Manulife Holdings Berhad termasuk Manulife Insurance Berhad, Manulife Investment Management (M) Berhad dan Manulife Insurance Labuan Limited. Menerusi anak-anak syarikatnya, Manulife Malaysia menawarkan rangkaian produk dan perkhidmatan kewangan, kesihatan dan pengurusan kekayaan yang inovatif untuk memenuhi keperluan pelanggan yang berbeza.

Buat masa ini, kami berkhidmat untuk memenuhi keperluan 270,000 pemegang polisi dan pelanggan pengurusan kekayaan. Kami bercita-cita untuk menjadi penyedia perkhidmatan kewangan pilihan terutama yang dipercayai di Malaysia dengan memudahkan keputusan pelanggan dan menambah baik kehidupan mereka. Manulife Holdings Berhad disenaraikan di Papan Utama Bursa Malaysia sejak 1984. Pada 31 Disember 2019, aset di bawah pengurusannya berjumlah RM11 billion. Manulife Malaysia boleh dikunjungi menerusi Internet di www.manulife.com.my.

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Ulasan Pasaran

Prestasi Dana• Jadual Perbandingan Prestasi • Maklumat Pelaburan

Ringkasan Penyata Kewangan

Nota Kepada Maklumat Kewangan

Penyata Oleh Pengurus

Laporan Juruaudit Bebas

I S I K A N D U N G A N

U L A S A NP A S A R A N

KAJIAN TAHUNAN 2019


50Kajian Tahunan 2019 • Manulife Global Bond Fund

Ulasan Pasaran

Objektif Dana Manulife Global Bond Fund ialah tranche daripada Siri Manulife Global Bond Fund yang melabur sepenuhnya dalam Dana Asas yang disebut harga dalam Dolar Singapura, iaitu Franklin Templeton Investment Funds – Templeton Global Bond Fund A (Mdis) SGD-H1 (“Dana Asas”).

Global Bond Fund berusaha memaksimumkan jumlah pulangan pelaburan yang terdiri daripada kombinasi pendapatan faedah, peningkatan modal dan keuntungan mata wang dengan melabur terutamanya dalam portfolio sekuriti hutang kadar tetap atau terapung dan tanggungan hutang yang diterbitkan oleh kerajaan atau entiti berkaitan kerajaan di seluruh dunia.

Penilaian Prestasi

Pasaran kewangan global memulakan 2019 dengan langkah positif, dengan kenaikan dalam aset berisiko pada suku pertama selepas mengakhiri tahun 2018 dengan tidak begitu stabil. Bagaimanapun, ketegangan dagangan yang secara beransur-ansur meningkat antara Amerika Syarikat (AS) dan China sepanjang tahun menyebabkan pelabur mengelakkan risiko, yang menjejaskan penilaian pasaran dari masa ke masa. Rizab Persekutuan AS (Fed) memotong kadar faedah tiga kali pada 2019, Bank Pusat Eropah (ECB) memulakan program pelonggaran kuantitatif, dan beberapa bank pusat di seluruh dunia mengikuti pendekatan Fed and ECB yang lebih lembut, dengan mengambil peluang memotong kadar faedah domestik.

Pada tahun yang dilaporkan, saham A (Mdis) USD dana mencatatkan pulangan 1.03%, dan indeks penanda aras iaitu Indeks JP Morgan Global Government Bond Index, menjana 6.02%.

Pemacu Prestasi Penting Tahunan

Mata Wang Tempoh KreditMenyumbang Euro (Kedudukan Negatif

Bersih) Brazil -Peso Mexico Indonesia -Rupiah Indonesia - -

Menjejaskan

Peso Argentina

Pendedahan Tempoh Negatif Kepada Perbendaharaan AS -

- - -- - -

Kedudukan negatif bersih dana dalam euro menyumbang kepada prestasi mutlak. Kami telah mengekalkan kedudukan negatif bersih dalam euro sebagai lindung nilai makro terhadap dolar AS yang semakin kukuh dan sekali gus menzahirkan pandangan kami tentang hala tuju mata wang tersebut.


Pemacu Prestasi Penting Tahunan (sambungan)

Kedudukan dana dalam rupiah Indonesia menyumbang kepada prestasi mutlak, manakala kedudukan mata wang di Amerika Latin menjejaskan prestasi (peso Argentina negatif kepada prestasi, manakala peso Mexico memberikan sumbangan positif). Kami terus memegang kedudukan mata wang di negara-negara yang kami percaya mempunyai asas pertumbuhan kukuh dan perbezaan kadar faedah menarik.

Hasil pulangan bon kerajaan merosot hampir seluruh dunia sepanjang tahun kalendar, sambil pulangan pada nota Perbendaharaan AS 10 tahun mengakhiri tempoh 77 mata asas pada 1.92%. Pendedahan tempoh negatif kepada Perbendaharaan AS menjejaskan prestasi mutlak, manakala pendedahan tempoh terpilih di Asia tidak termasuk Jepun (Indonesia) dan Amerika Latin memberikan sumbangan positif.

Tinjauan & Strategi

Hala tuju pasaran kewangan ditentukan oleh beberapa faktor, paling penting risiko geopolitik dan ketegangan dagangan, populisme dan polarisasi politik, perbelanjaan defisit yang tidak terbatas di negara-negara maju, kadar rendah dan risiko inflasi yang kurang disedari dan juga penilaian lebih tinggi pelbagai aset berisiko. Pada pandangan kami, pasaran wang masih terdedah kepada beberapa risiko yang dikaitkan dengan faktor-faktor ini. Kami terus mengekalkan pendedahan tempoh negatif kepada Perbendaharaan AS dengan jangka masa lebih panjang untuk melindungi nilai daripada risiko, dan kami terus berusaha mendapatkan pulangan selaras risiko menarik di pasaran-pasaran sedang membangun tertentu. Kami juga meningkatkan pendedahan jangka panjang kami kepada aset selamat.

Di pasaran sedang membangun, kami terus melihat sekumpulan negara dengan ekonomi domestik kukuh yang telah menunjukkan daya tahan terhadap kejutan global, termasuk potensi gangguan perdagangan. Kami memberi tumpuan kepada negara-negara khusus yang tidak begitu terdedah dan lebih berpacukan ekonomi tempatan, dan yang mempunyai dasar fiskal dan wang piawai. Kami kini lebih berhati-hati dalam tinjauan pasaran sedang membangun secara keseluruhannya, tetapi kami terus melihat ruang lingkup untuk kekuatan penilaian tambahan di negara-negara tertentu. Proses pemilihan yang teliti adalah amat penting.

Di Eropah, pertumbuhan terus menunjukkan tanda-tanda penyederhanaan, dengan kelemahan dalam sektor pembuatan dan pelaburan. Kami meramalkan euro akan menjadi semakin lemah berbanding dolar AS memandangkan perbezaan dalam pertumbuhan dijangkakan dan perbezaan kadar antara AS dan zon Euro dan juga kemungkinan pelonggaran wang daripada ECB.

Ulasan Pasaran (sambungan)



Tinjauan & Strategi (sambungan)

Secara keseluruhan, dana terus mengekalkan tempoh lebih singkat portfolio, dan pendedahan negatif kepada Perbendaraan AS jangka panjang. Kami meramalkan penerbitan hutang yang semakin meningkat, perbelanjaan defisit yang kian tinggi dan tekanan inflasi asas akan mendorong kenaikan kadar hasil jangka panjang ke paras yang lebih tinggi. Dana juga terus memegang kedudukan mata wang terpilih di negara-negara yang kami anggap sebagai mempunyai asas yang kukuh atau bertambah baik, serta kadar hasil dilaraskan risiko yang menarik. Kami meramalkan bahawa sekumpulan pasaran pulangan lebih tinggi akan terus mengatasi pasaran pendapatan tetap teras bagi suku-suku tahun akan datang.

10 Pegangan Utama

Pada 31 Disember 2019

10 Pegangan Ekuiti Utama Wajaran %Government of Sweden, 1047, 5.00%, 12/01/20 5.12Nota do Tesouro Nacional, 10.00%, 1/01/23 3.71Government of Mexico, senior note, M, 7.25%, 12/09/21 3.05Government of Mexico, senior bond, M, 6.50%, 6/09/22 2.76Korea Treasury Bond, senior note, 1.375%, 9/10/21 2.64Korea Treasury Bond, senior bond, 4.25%, 6/10/21 2.32Nota do Tesouro Nacional, 10.00%, 1/01/25 2.20Government of Indonesia, senior bond, FR53, 8.25%, 7/15/21 2.10Korea Treasury Bond, senior note, 2.00%, 3/10/21 1.90Government of India, senior note, 7.68%, 12/15/23 1.86



Pendedahan Aset

Pada 31 Disember 2019

Pendapatan Tetap : 83.44%Tunai & Kesetaraan Tunai : 16.56%Jumlah : 100.0%

Yuran Pengurusan

Yuran pengurusan Dana sebanyak 1.00% adalah dicaj atas Dana sepanjang tahun. Ia dikira secara harian berdasarkan nilai aset bersih Dana.

Manulife Global Bond Fund melabur dalam dana dasar yang didenominasikan dalam Dolar Singapore terutamanya Franklin Templeton Investment Funds-Templeton Global Bond Fund A(Mdis) SGD-H1 (“Dana Dasar”). Kajian-kajian pelaburan adalah atas Dana Dasar. Manulife Global Bond Fund diurus oleh Manulife Investment Management (M) Berhad (dahulunya dikenali sebagai Manulife Asset Management Services Berhad) manakala Dana Dasar diurus oleh Franklin Templeton Investments. Laporan ini disediakan untuk tujuan maklumat sahaja.

Pendapatan Tetap 83.44%

Tunai & Kesetaraan Tunai 16.56%


P R E S T A S ID A N A

KAJIAN TAHUNAN 2019



Prestasi Dana

Manulife Global Bond Fund mencatatkan pulangan positif pada 2019, terutamanya disokong oleh pulangan mutlak positif daripada dana asas. Dari segi mata wang, kedudukan negatif bersih dana asas dalam euro memberikan sumbangan kepada dana, seperti kedudukannya dalam rupiah Indonesia. Pegangan mata wang di Amerika Latin pula menjejaskan prestasi mutlak (peso Argentina mencatatkan prestasi negatif, manakala peso Mexico memberikan sumbangan positif). Dari segi tempoh, pendedahan tempoh negatif dana asas kepada Perbendaharaan AS memberi kesan negatif kepada prestasi mutlak, manakala pendedahan tempoh terpilih di Asia tidak termasuk Jepun (Indonesia) dan Amerika Latin (Brazil) memberikan sumbangan positif.

Prestasi Dana yang dinilai pada 31 Disember 2019

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*

%Tranche 1 1.40 1.26 (2.80) 0.22 0.21 14.62 23.97 ** JP Morgan (1.89) (2.82) (0.41) 4.94 2.59 30.20 47.22 Relatif +/(-) 3.29 4.08 (2.39) (4.72) (2.38) (15.58) (23.25)

* Tarikh penubuhan 10 Julai 2013

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 22 Ogos 2013

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 26 September 2013** Penanda aras indikatif (Indeks JP Morgan Global Government Bond dalam RM)

Prestasi Dana dinilai atas dasar NAB ke NAB. Nilai unit mungkin turun dan juga naik. Prestasimasa lalu bukan petunjuk keputusan masa depan. Prestasi dana adalah semata-mata prestasi danaberkaitan pelaburan (IL) dan tidak boleh dianggap sebagai pulangan premium/sumbangan kasarproduk insurans IL.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir bulan/tahun dan pulangan dilaraskan untuk pembayaran suku tahunan.


Prestasi Dana (sambungan)

Prestasi Dana yang dinilai pada 31 Disember 2019 (sambungan)

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 28 Oktober 2013

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 27 November 2013

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 26 Disember 2013

** Penanda aras indikatif (Indeks JP Morgan Global Government Bond dalam RM)






Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 27 Januari 2014

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 26 Februari 2014

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 27 Mac 2014







Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 28 April 2014

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 28 Mei 2014

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 26 Jun 2014







Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 25 Julai 2014

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*


* Tarikh penubuhan 27 Ogos 2014

Prestasi 1 Bulan

%

3 Bulan

%

6 Bulan

%

1Tahun

%

3 Tahun

%

5 Tahun

%

Sejak Penubuhan*

%Tranche

Universal1.41 1.28 (2.77) 0.25 0.30 - 10.54

**JP Morgan (1.89) (2.82) (0.41) 4.94 2.59 - 27.12 Relatif +/(-) 3.30 4.10 (2.36) (4.69) (2.29) - (16.58)

* Tarikh penubuhan 21 April 2015





Purata Pulangan Tahunan1 dan Penanda Aras

Prestasi 1 Tahun%

3 Tahun%

5 Tahun%

Tranche 1 0.22 0.07 2.77** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.72) (0.79) (2.65)Tranche 2 0.22 0.08 2.79** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.72) (0.78) (2.63)Tranche 3 0.22 0.08 2.79** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.72) (0.78) (2.63)Tranche 4 0.23 0.09 2.79** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.71) (0.77) (2.63)Tranche 5 0.22 0.08 2.79** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.72) (0.78) (2.63)Tranche 6 0.22 0.08 2.79** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.72) (0.78) (2.63)Tranche 7 0.23 0.09 2.79** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.71) (0.77) (2.63)Tranche 8 0.22 0.07 2.78** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.72) (0.79) (2.64)


1 Pulangan dilaraskan untuk pembayaran suku tahunan.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir tahun.



Purata Pulangan Tahunan1 dan Penanda Aras (sambungan)

Prestasi 1 Tahun%

3 Tahun%

5 Tahun%

Tranche 9 0.23 0.07 2.78** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.71) (0.79) (2.64)Tranche 10 0.23 0.09 2.79** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.71) (0.77) (2.63)Tranche 11 0.23 0.09 2.79** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.71) (0.77) (2.63)Tranche 12 0.22 0.09 2.79** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.72) (0.77) (2.63)Tranche 13 0.23 0.09 2.80** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.71) (0.77) (2.62)Tranche 14 0.23 0.09 2.79** JP Morgan 4.94 0.86 5.42Relatif +/(-) (4.71) (0.77) (2.63)Tranche Universal 0.25 0.10 -** JP Morgan 4.94 0.86 -Relatif +/(-) (4.69) (0.76) -


1 Pulangan dilaraskan untuk pembayaran suku tahunan.

Nota: Prestasi dana adalah berasaskan hari perdagangan terakhir tahun.



KAJIAN TAHUNAN 2019


J A D U A LP E R B A N D I N G A N

P R E S T A S I


Jadual Perbandingan Prestasi

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing:

Tranche 1Dilancarkan pada

10 Julai 20132019

RM2018

RM2017

RM2016

RM2015

RM

Nilai aset bersih (NAB) 1,888,672 4,477,918 8,282,743 15,128,650 16,105,605Bilangan unit dalam

edaran 2,091,316 4,949,062 8,831,131 15,253,365 16,368,631NAB seunit 0.9031 0.9048 0.9379 0.9918 0.9839NAB seunit tertinggi

dalam tahun kewangan 0.9430 0.9476 1.0396 0.9958 1.0341NAB seunit terendah

dalam tahun kewangan 0.8884 0.8630 0.9378 0.8807 0.9490

Pertumbuhan modal (%) (0.19) (3.53) (5.43) 0.80 2.14Manfaat polisi (%) - 5.00 5.00 5.00 5.00Pengagihan pendapatan (%) - - - - -


22 Ogos 20132019

RM2018

RM2017

RM2016

RM2015

RM





Pertumbuhan modal (%) 0.22 (3.62) (5.48) 0.78 2.18Manfaat polisi (%) - 5.00 5.00 5.00 5.00Pengagihan pendapatan (%) - - - - -

Nota: Prestasi dana adalah berasaskan hari kalendar terakhir tahun.


Jadual Perbandingan Prestasi (sambungan)

Jadual di bawah menunjukkan prestasi Dana mengikut tranche masing-masing: (sambungan)


26 September 20132019

RM2018

RM2017

RM2016

RM2015

RM







28 Oktober 20132019

RM2018

RM2017

RM2016

RM2015

RM











27 November 20132019

RM2018

RM2017

RM2016

RM2015

RM







26 Disember 20132019

RM2018

RM2017

RM2016

RM2015

RM











27 Januari 20142019

RM2018

RM2017

RM2016

RM2015

RM





Pertumbuhan modal (%) (1.17) (4.90) (5.46) 0.80 2.18Manfaat polisi (%) 1.25 5.00 5.00 5.00 5.00Pengagihan pendapatan (%) - - - - -


26 Februari 20142019

RM2018

RM2017

RM2016

RM2015

RM











27 Mac 20142019

RM2018

RM2017

RM2016

RM2015

RM







28 April 20142019

RM2018

RM2017

RM2016

RM2015

RM










28 Mei 20142019

RM2018

RM2017

RM2016

RM2015

RM







26 Jun 20142019

RM2018

RM2017

RM2016

RM2015

RM











25 Julai 20142019

RM2018

RM2017

RM2016

RM2015

RM

Nilai aset bersih (NAB) 713,688 1,422,537 1,821,309 2,462,271 2,462,428Bilangan unit dalam

edaran 844,911 1,617,963 1,969,542 2,517,174 2,537,174NAB seunit 0.8447 0.8792 0.9247 0.9782 0.9705NAB seunit tertinggi





27 Ogos 20142019

RM2018

RM2017

RM2016

RM2015

RM

Nilai aset bersih (NAB) 312,075 927,485 1,255,143 2,158,198 2,160,546Bilangan unit dalam

edaran 368,789 1,052,247 1,353,668 2,220,089 2,220,089NAB seunit 0.8462 0.8814 0.9272 0.9810 0.9732NAB seunit tertinggi








Tranche UniversalDilancarkan pada

21 April 20152019

RM2018

RM2017

RM2016

RM2015

RM

Nilai aset bersih (NAB) 2,732 2,411 2,137 877 161Bilangan unit dalam

edaran 2,600 2,301 2,052 837 164NAB seunit 1.0501 1.0475 1.0417 1.0471 0.9845NAB seunit tertinggi


dalam tahun kewangan 1.0286 0.9991 1.0338 0.8928 0.9386Pertumbuhan modal (%) 0.25 0.56 (0.52) 6.36 3.63Manfaat polisi (%) - - - - -Pengagihan pendapatan (%) - - - - -

Jumlah 2019RM

2018RM

2017RM

2016RM

2015RM


edaran 30,711,948 60,156,957 84,524,205 126,365,087 137,359,405NAB seunit 0.8699 0.8759 0.9188 0.9731 0.9656




Jadual di bawah menunjukkan peratus pegangan pelaburan berbanding nilai aset bersih Dana:

Kategori pelaburan

2019Peratus

NAB%

2018Peratus

NAB%

2017Peratus

NAB%

2016Peratus

NAB%

2015Peratus

NAB%

Pelaburan Asing 100.13 98.94 99.45 99.92 99.96Deposit tetap dengan

bank berlesen di Malaysia 0.97 1.84 1.86 1.80 1.85


KAJIAN TAHUNAN 2019


M A K L U M A TP E L A B U R A N


Butiran pelaburan Dana pada 31 Disember 2019 dibentangkan seperti di bawah:

Kuantiti Kos RM

Nilai Pasaran

RM

Peratus Nilai Aset

Bersih%

Templeton Global Bond Fund A (MDIS) SGD-H1 888,587 29,945,072 26,750,248 100.13

Maklumat Pelaburan


KAJIAN TAHUNAN 2019


R I N G K A S A NP E N Y A T A

K E W A N G A N


Ringkasan Penyata Kewangan

Penyata Pendapatan Dan PerbelanjaanBagi Tahun Kewangan Berakhir 31 Disember 2019

2019 RM

2018RM

PENDAPATAN

Pendapatan pelaburan bersih Pendapatan faedah 22,674 42,408 Pendapatan dividen 2,704,515 4,699,509Pendapatan rebat 401,230 727,380Untung modal belum terealisasi 3,118,049 101,274Untung pertukaran terealisasi 4,076,159 3,630,471Cukai tertunda 73,293 290,304Jumlah pendapatan 10,395,920 9,491,346

PERBELANJAAN

Perbelanjaan pengurusan 413,313 723,596Rugi atas pelupusan pelaburan 5,366,990 4,311,418Rugi pertukaran belum terealisasi 4,065,914 3,751,964Manfaat polisi 452,808 3,685,773Cukai semasa 153,942 413,261Jumlah perbelanjaan 10,452,967 12,886,012

Lebihan perbelanjaan berbanding pendapatan (57,047) (3,394,666)

(Rugi)/pendapatan tidak diagih dibawa ke Hadapan (2,415,136) 979,530

Rugi tidak diagih dihantar ke hadapan (2,472,183) (2,415,136)


Ringkasan Penyata Kewangan (sambungan)

Penyata Aset Dan LiabilitiPada 31 Disember 2019

2019 RM

2018RM

ASET

Pelaburan Pelaburan asing 26,750,248 52,134,944 Deposit tetap dengan bank berlesen di Malaysia 260,000 971,361Penghutang lain 41,087 1,380,509Aset cukai tertunda 255,586 182,293Tunai dan kesetaraan tunai 40,455 24,755Jumlah aset 27,347,376 54,693,862

LIABILITI

Pemiutang 483,901 1,603,193Liabiliti cukai semasa 148,102 396,789Jumlah liabiliti 632,003 1,999,982

ASET BERSIH MILIK PEMEGANG POLISI 26,715,373 52,693,880

DIWAKILI OLEH:Modal pemegang polisi 29,187,556 55,109,016Pendapatan tidak diagih dihantar ke hadapan (2,472,183) (2,415,136)

ASET BERSIH MILIK PEMEGANG POLISI1 26,715,373 52,693,880

BILANGAN UNIT DALAM EDARAN1 30,711,948 60,156,957

NILAI ASET BERSIH SEUNIT MILIK PEMEGANG POLISI1 0.8699 0.8759

1 Rujuk kepada jadual perbandingan prestasi bagi nilai aset bersih tranche yang berkenaan.


Ringkasan Penyata Kewangan (sambungan)

Penyata Perubahan Nilai Aset Bersih Bagi Tahun Kewangan Berakhir 31 Disember 2019

2019 RM

Nilai aset bersih pada awal tahun kewangan 52,693,880Untung terealisasi bersih selepas cukai 890,818Rugi belum terealisasi bersih atas pelaburan (947,865)Jumlah diterima daripada penciptaan unit bersih 810Jumlah dibayar bagi pembatalan unit bersih (25,922,270)Nilai aset bersih pada akhir tahun kewangan 26,715,373

2018 RM

Nilai aset bersih pada awal tahun kewangan 77,657,336Untung terealisasi bersih selepas cukai 256,024Rugi belum terealisasi bersih atas pelaburan (3,650,690)Jumlah diterima daripada penciptaan unit bersih 591Jumlah dibayar bagi pembatalan unit bersih (21,569,381)Nilai aset bersih pada akhir tahun kewangan 52,693,880


KAJIAN TAHUNAN 2019


N O T A K E P A D AM A K L U M A TK E W A N G A N


Nota Kepada Maklumat Kewangan

Nota Kepada Maklumat Kewangan- 31 Disember 2019

1. KEGIATAN UTAMA

Kegiatan utama Dana Berkaitan Pelaburan Manulife Insurance Berhad, iaitu Manulife Global Bond Fund (“Dana”) adalah untuk melabur dalam pelaburan yang dibenarkan.

Dana melabur sepenuhnya dalam Dana Asas yang disebut harga dalam Dolar Singapura, iaitu Franklin Templeton Investment Funds – Templeton Global Bond Fund (“Dana Asas”). Dana Asas berusaha memaksimumkan jumlah pulangan pelaburan yang terdiri daripada kombinasi pendapatan faedah, peningkatan modal dan keuntungan mata wang dengan melabur terutamanya dalam portfolio sekuriti hutang kadar tetap atau terapung dan tanggungan hutang yang diterbitkan oleh kerajaan atau penerbit berkaitan kerajaan di seluruh dunia.

Pengurus Dana ialah Manulife Insurance Berhad, sebuah syarikat yang ditubuhkan di Malaysia, yang terlibat terutamanya dalam perniagaan taja jamin insurans hayat termasuk perniagaan berkaitan pelaburan.

2. ASAS PENYEDIAAN

Maklumat kewangan Dana telah disediakan menurut dasar perakaunan seperti yang diterangkan dalam Nota 3 kepada maklumat kewangan dan dokumen polisi bagi Perniagaan Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia (“BNM”).

Maklumat kewangan Dana telah disediakan di bawah kelaziman kos sejarah kecuali seperti yang didedahkan dalam dasar perakaunan penting dalam Nota 3 kepada maklumat kewangan.

3. DASAR PERAKAUNAN PENTING

(a) Aset dan liabiliti kewangan

(i) Klasifikasi

Instrumen kewangan ialah sebarang kontrak yang menimbulkan aset kewangan bagi satu perusahaan dan liabiliti kewangan atau instrumen ekuiti bagi satu lagi perusahaan.

Aset kewangan ialah sebarang aset berbentuk tunai, hak di bawah kontrak untuk menerima tunai atau satu lagi aset kewangan daripada satu lagi perusahaan, hak di bawah kontrak untuk bertukar instrumen kewangan dengan perusahaan lain di bawah keadaan yang mungkin menguntungkan, atau instrumen ekuiti satu lagi perusahaan.


Nota Kepada Maklumat Kewangan (sambungan)

Nota Kepada Maklumat Kewangan- 31 Disember 2019 (sambungan)

3. DASAR PERAKAUNAN PENTING (sambungan)

(a) Aset dan liabiliti kewangan (sambungan)

(i) Klasifikasi (sambungan)

Liabiliti kewangan ialah sebarang liabiliti yang merupakan kewajipan di bawah kontrak unt bertukar instrumen kewangan dengan satu lagi perusahaan, di bawah keadaan yang mungkin tidak menguntungkan.

Pinjaman dan penghutang ialah aset kewangan bukan derivatif dengan bayaran tetap atau yang boleh ditentukan yang disebut harga di pasaran aktif. Pinjaman dan penghutang Dana terdiri daripada deposit dengan institusi kewangan berlesen dan penghutang lain. Dana mengklasifikasikan pemiutang sebagai liabiliti kewangan lain.

(ii) Pengiktirafan dan pengukuran

Semua pembelian pelaburan diiktiraf pada tarikh dagangan masing-masing, iaitu tarikh wujud komitmen untuk membeli pelaburan. Pelaburan pada mulanya dicatatkan pada kos, yang merupakan nilai saksama pertimbangan yang diberikan. Kos urus niaga yang dikaitkan diiktiraf dalam untung atau rugi apabila ditanggung.

Aset kewangan tidak lagi diiktiraf apabila hak untuk menerima aliran tunai daripada pelaburan luput atau telah dipindahkan dan Dana telah memindahkan sebahagian besar daripada semua risiko dan ganjaran pemilikan.

Liabiliti kewangan tidak lagi diiktiraf apabila dihapuskan, iaitu apabila kewajipan yang dinyatakan dalam kontrak ditamatkan atau dibatalkan atau luput.

Aset kewangan pada nilai saksama menerusi untung atau rugi

Pelaburan Dana ditetapkan semasa pengiktirafan awal pada nilai saksama menerusi untung atau rugi.

Selepas pengiktirafan awal, pelaburan dicatatkan pada nilai saksama dan untung atau rugi belum terealisasi berdasarkan pengukuran semula nilai saksama diambil kira dalam penyata pendapatan dan perbelanjaan.





(a) Aset dan liabiliti kewangan (sambungan)

(ii) Pengiktirafan dan pengukuran (sambungan)

Aset kewangan pada nilai saksama menerusi untung atau rugi (sambungan)

Pelaburan dalam aset asing terdiri daripada pelaburan di bawah Dana Asas yang dinilai pada nilai aset bersih dana asas pada tarikh penyata aset dan liabiliti.

Penghutang lain

Penghutang lain pada mulanya diiktiraf pada nilai saksama dan seterusnya diukur pada kos yang dilunaskan menggunakan kaedah kadar faedah efektif, ditolak sebarang kerugian rosot nilai.

Keupayaan mengutip hutang lain dinilai secara berterusan. Akaun peruntukan digunakan apabila terdapat bukti objektif bahawa Dana tidak akan dapat mengutip semua jumlah yang dihutang menurut syarat-syarat asal penghutang.

Aset kewangan atau kumpulan aset kewangan dianggap merosot nilai dan kerugian rosot nilai ditanggung jika terdapat bukti objektif rosot nilai disebabkan satu atau lebih peristiwa yang berlaku selepas pengiktirafan awal aset (satu ‘peristiwa kerugian’).

Jumlah peruntukan rosot nilai ialah perbezaan antara nilai dibawa aset dan nilai kini aliran tunai masa depan yang dijangka, yang didiskaunkan pada kadar faedah efektif asal. Aliran tunai yang berkaitan dengan penghutang jangka pendek tidak didiskaunkan jika kesan pendiskaunan adalah tidak penting.

Jumlah kerugian rosot nilai diiktiraf dalam penyata pendapatan dan perbelanjaan. Apabila pinjaman dan penghutang yang mana peruntukan rosot nilai telah diiktiraf baginya tidak boleh dikutip pada tempoh selanjutnya, ia dihapus kira berbanding akaun peruntukan. Perolehan semula selanjutnya jumlah yang telah dihapus kira sebelum ini dikreditkan kepada penyata pendapatan dan perbelanjaan.




(b) Penciptaan unit bersih

Penciptaan unit bersih mewakili premium yang dibayar oleh pemegang polisi sebagai bayaran untuk kontrak baharu atau bayaran selanjutnya untuk meningkatkan jumlah kontrak tersebut. Penciptaan unit bersih diiktiraf apabila wang diterima.

(c) Pembatalan unit bersih

Pembatalan unit bersih mewakili pembatalan unit yang timbul daripada penyerahan dan pengeluaran yang dibuat oleh pemegang polisi. Pembatalan unit bersih diiktiraf apabila kontrak insurans yang berkenaan diserahkan.

(d) Pengiktirafan pendapatan

Pendapatan faedah yang diperolehi diiktiraf mengikut dasar kadar masa, dikira sebagai peratusan nilai pelaburan dana asas.

Pendapatan dividen diiktiraf apabila hak untuk menerima bayaran ditentukan.

Untung atau rugi atas pelupusan aset kewangan dikira dengan membandingkan hasil bersih dengan kos asal aset kewangan dan dikreditkan atau dicajkan kepada penyata pendapatan dan perbelanjaan.

Pendapatan rebat merujuk kepada rebat yuran pengurusan daripada Templeton Global Bond Fund dan Manulife Insurance Berhad dan terakru secara harian.

(e) Perbelanjaan pengurusan

Perbelanjaan pengurusan yang dicajkan kepada Dana yang termasuk yuran pengurusan, yuran audit dan yuran cukai dan terakru secara harian.

(f) Manfaat polisi

Manfaat polisi mewakili bayaran suku tahunan kepada pemegang polisi.





(g) Mata wang asing

(i) Mata wang fungsian dan pembentangan

Butiran yang dimasukkan dalam maklumat kewangan Dana diukur menggunakan mata wang persekitaran ekonomi utama di mana Dana beroperasi (“mata wang fungsian”). Mata wang fungsian dan pembentangan Dana ialah Ringgit Malaysia.

(ii) Urus niaga dan baki

Urus niaga dalam mata wang selain daripada mata wang fungsian (“mata wang asing”) diterjemahkan ke dalam mata wang fungsian menggunakan kadar tukaran yang diguna pakai pada tarikh urus niaga. Untung dan rugi terjemahan mata wang daripada penjelasan urus niaga tersebut dan daripada penterjemahan pada kadar tukaran akhir tahun bagi aset dan liabiliti wang yang disebut harga dalam mata wang asing diiktiraf dalam penyata pendapatan dan perbelanjaan.

(h) Cukai

Caj cukai pendapatan dikira pada kadar cukai semasa berasaskan kaedah yang ditetapkan dalam Akta Cukai Pendapatan 1967 untuk perniagaan insurans hayat.

Cukai tertunda diiktiraf sepenuhnya menggunakan kaedah liabiliti, atas perbezaan sementara yang timbul antara jumlah yang dikaitkan dengan aset dan liabiliti untuk tujuan cukai dan jumlah dibawa dalam maklumat kewangan.

Aset cukai tertunda diiktiraf selagi terdapat kemungkinan bahawa untung boleh dicukai akan diraih yang membolehkan perbezaan sementara dipotong atau kerugian cukai yang belum guna untuk dimanfaatkan.

Kadar cukai yang digubal atau digubal secara hakiki selewat-lewatnya pada tarikh penyata aset dan liabiliti digunakan untuk menentukan cukai tertunda.





(i) Tunai dan kesetaraan tunai

Tunai dan kesetaraan tunai terdiri daripada tunai dan baki bank yang tidak mempunyai risiko perubahan nilai yang ketara. Deposit dengan institusi kewangan bukan sebahagian daripada tunai dan kesetaraan tunai kerana dipegang untuk tujuan pelaburan.

4. ANGGARAN DAN PERTIMBANGAN PERAKAUNAN KRITIIKAL

Anggaran dan pertimbangan sentiasa dinilai oleh Pengurus dan dibuat berasaskan pengalaman masa lepas dan faktor lain, termasuk jangkaan peristiwa masa depan yang dipercayai munasabah di bawah keadaan tersebut.

Pengurus membuat anggaran dan andaian berkaitan masa depan. Anggaran perakaunan yang dibuat, pada hakikatnya, jarang bersamaan dengan keputusan sebenar. Untuk menambah baik kandungan maklumat yang dianggarkan, pemboleh ubah tertentu yang dijangka mempunyai kesan penting kepada keputusan dan kedudukan kewangan dana diuji untuk kepekaan kepada perubahan parameter asas.

5. PRESTASI DAN PURATA PULANGAN TAHUNAN DANA

Prestasi dan purata pulangan tahunan dana berbanding indeks penanda aras yang berkenaan dibentangkan pada muka surat 54 hingga 61 Laporan Prestasi Dana.

6. MAKLUMAT PELABURAN

Butiran pelaburan Dana dan nilai pasaran pegangan pelaburan sebagai peratus nilai aset bersih dibentangkan pada muka surat 72 hingga 73 Laporan Prestasi Dana.

7. JADUAL PERBANDINGAN PRESTASI

Butiran nilai aset bersih Dana, unit dalam edaran, peratus pegangan pelaburan berbanding nilai aset bersih Dana dan pecahannya kepada pertumbuhan modal, manfaat polisi dan pengagihan pendapatan dibentangkan pada muka surat 62 hingga 71 Laporan Prestasi Dana.



KAJIAN TAHUNAN 2019


P E N Y A T A O L E HP E N G U R U S


Penyata Oleh Pengurus

Kami, Dato’ Md Agil Bin Mohd Natt dan Lee Sang Hui, selaku dua daripada Pengarah Manulife Insurance Berhad (“Pengurus”), dengan ini menyatakan bahawa, pada pendapat Pengurus, maklumat kewangan yang disertakan bagi Dana Berkaitan Pelaburan Manulife, iaitu Manulife Global Bond Fund yang dibentangkan pada muka surat 74 hingga 84 telah disediakan menurut dasar perakaunan yang diterangkan dalam Nota 3 kepada maklumat kewangan dan dokumen polisi bagi Perniagaan Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia.

Bagi pihak Pengurus,

DATO' MD AGIL BIN MOHD NATT LEE SANG HUIPENGARAH PENGARAH

Kuala Lumpur, Malaysia23 Mac 2020


KAJIAN TAHUNAN 2019


L A P O R A NJ U R U A U D I T

B E B A S


Laporan Juruaudit Bebas

Laporan juruaudit bebas kepada pemegang polisiManulife Global Bond FundManulife Insurance Berhad(Ditubuhkan di Malaysia)

Laporan terhadap Audit Maklumat Kewangan

Pandangan

Kami telah mengaudit maklumat kewangan Manulife Global Bond Fund, (“Dana”), yang terdiri daripada penyata aset dan liabiliti pada 31 Disember 2019, dan penyata pendapatan dan perbelanjaan, penyata perubahan nilai aset bersih Dana bagi tahun berakhir pada tarikh tersebut, dan ringkasan dasar perakaunan penting, seperti yang dibentangkan pada muka surat 74 hingga 84.

Pada pandangan kami, maklumat kewangan Dana yang disertakan bagi tahun berakhir 31 Disember 2019, telah disediakan dalam segala hal yang penting, menurut dasar perakaunan yang diterangkan dalam Nota 3 kepada maklumat kewangan dan dokumen polisi bagi Perniagaan Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia.

Asas Pandangan

Kami menjalankan audit kami menurut piawaian pengauditan diluluskan di Malaysia dan Piawaian Pengauditan Antarabangsa. Tanggungjawab kami di bawah piawaian ini diterangkan selanjutnya dalam bahagian Tanggungjawab Juruaudit terhadap Audit Maklumat Kewangan dalam laporan kami. Kami percaya bukti audit yang kami perolehi adalah mencukupi dan wajar untuk membentuk pandangan kami.

Penekanan Perkara

Perhatian harus diberikan kepada Nota 2 maklumat kewangan Dana, yang menerangkan tentang asas perakaunan. Maklumat kewangan Dana disediakan untuk membantu Dana mematuhi dokumen polisi bagi Perniagaan Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia. Oleh yang demikian, maklumat kewangan Dana mungkin tidak sesuai untuk tujuan lain. Laporan kami adalah semata-mata untuk pemegang polisi Dana, sebagai sebuah badan dan tidak harus diedarkan atau digunakan oleh pihak selain daripada pemegang polisi Dana. Pandangan kami tidak diubah berhubung dengan hal ini.


Laporan Juruaudit Bebas (sambungan)

Laporan juruaudit bebas kepada pemegang polisiManulife Global Bond FundManulife Insurance Berhad (sambungan)(Ditubuhkan di Malaysia)

Kebebasan dan Tanggungjawab Etika Lain

Kami adalah bebas daripada Dana menurut Undang-undang Kecil (mengenai Etika Profesional, Tingkah Laku dan Amalan) Institut Akauntan Malaysia (“Undang-undang Kecil”) dan Kod Etika Antarabangsa bagi Akauntan Profesional (termasuk Piawaian Kebebasan Antarabangsa) (“Kod IESBA”), dan kami telah memenuhi tanggungjawab etika lain kami menurut Undang-undang Kecil dan Kod IESB. Maklumat Selain daripada Maklumat Kewangan dan Laporan Juruaudit Terhadapnya

Para pengarah pihak Pengurus (“para pengarah”) bertanggungjawab terhadap maklumat lain. Maklumat lain merangkumi maklumat yang terkandung dalam Laporan Tahunan Dana, tetapi tidak termasuk maklumat kewangan Dana dan laporan juruaudit kami terhadapnya.

Pandangan kami tentang maklumat kewangan Dana tidak meliputi maklumat lain dan kami tidak memberikan sebarang jaminan tentang kesimpulannya.

Berhubung dengan audit kami terhadap maklumat kewangan Dana, tanggungjawab kami adalah untuk membaca maklumat lain, dan semasa berbuat demikian, mempertimbangkan sama ada maklumat lain tidak konsisten secara ketara dengan maklumat kewangan Dana atau pengetahuan yang kami perolehi dalam audit atau yang kelihatan seperti disalah nyata dengan ketara.

Jika, berasaskan tugas yang kami jalankan, kami merumuskan bahawa terdapat salah nyata ketara tentang maklumat ini, kami perlu melaporkan fakta tersebut. Dalam hal ini, kami tidak ada apa-apa untuk dilaporkan.

Tanggungjawab Para Pengarah Pihak Pengurus Terhadap Maklumat Kewangan

Para pengarah bertanggungjawab terhadap penyediaan maklumat kewangan Dana yang memberikan gambaran yang benar dan saksama menurut dasar perakaunan yang diterangkan dalam Nota 3 kepada maklumat kewangan dan dokumen polisi bagi Perniagaan berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia. Para pengarah juga bertanggungjawab terhadap kawalan dalaman seperti yang ditentukan sebagai wajar oleh para pengarah untuk penyediaan maklumat kewangan Dana yang bebas daripada salah nyata ketara sama ada disebabkan penipuan atau kesilapan.



Laporan juruaudit bebas kepada pemegang polisiManulife Global Bond FundManulife Insurance Berhad (sambungan)(Ditubuhkan di Malaysia)

Tanggungjawab Para Pengarah Pihak Pengurus Terhadap Maklumat Kewangan (sambungan)

Dalam menyediakan maklumat kewangan Dana, para pengarah bertanggungjawab bagi menilai keupayaan Dana untuk dikendalikan sebagai sebuah usaha berterusan, dengan mendedahkan, yang mana berkenaan, perkara berkaitan usaha berterusan menggunakan kaedah perakaunan usaha berterusan, melainkan para pengarah ingin menjual pegangan Dana atau menamatkan operasi, atau jika tiada pilihan munasabah melainkan untuk berbuat demikian.

Tanggungjawab Juruaudit terhadap Audit Maklumat Kewangan

Matlamat kami adalah untuk mendapatkan jaminan munasabah bahawa maklumat kewangan Dana secara keseluruhannya adalah bebas daripada salah nyata ketara, sama ada disebabkan penipuan atau kesilapan, dan untuk mengeluarkan laporan juruaudit yang memberikan pandangan kami. Jaminan munasabah ialah jaminan tahap tinggi, tetapi tidak menjamin sepenuhnya bahawa audit yang dijalankan menurut piawaian pengauditan yang diluluskan di Malaysia dan Piawaian Audit Antarabangsa, akan sentiasa mengesan salah nyata ketara yang wujud. Salah nyata boleh timbul daripada penipuan atau kesilapan dan dianggap penting jika, secara berasingan atau secara keseluruhan, dijangka mempengaruhi keputusan ekonomi yang diambil oleh pengguna berasaskan maklumat kewangan ini.

Sebagai sebahagian daripada audit menurut piawaian pengauditan yang diluluskan di Malaysia dan Piawaian Pengauditan Antarabangsa, kami memberikan pertimbangan profesional dan mengekalkan sifat keraguan wajar sepanjang audit. Kami juga:

• Mengenal pasti dan menilai risiko salah nyata ketara maklumat kewangan Dana, sama ada disebabkan penipuan atau kesilapan, merangka dan menjalankan prosedur audit sebagai tindak balas kepada risiko tersebut, dan mendapatkan bukti audit yang mencukupi dan wajar untuk menjadi asas bagi pandangan kami. Risiko tidak mengesan salah nyata ketara yang disebabkan oleh penipuan adalah lebih tinggi daripada yang disebabkan oleh kesilapan, kerana penipuan mungkin melibatkan subahat, pemalsuan, ketinggalan yang disengajakan, salah nyata atau pengabaian kawalan dalaman.

• Mendapatkan kefahaman tentang kawalan dalaman yang berkaitan dengan audit untuk merangka prosedur audit yang sesuai mengikut keadaan, tetapi bukan untuk tujuan menyatakan pandangan tentang keberkesanan kawalan dalaman Dana.



Laporan juruaudit bebas kepada pemegang polisiManulife Global Bond FundManulife Insurance Berhad (sambungan)(Ditubuhkan di Malaysia)`

Tanggungjawab Juruaudit terhadap Audit Maklumat Kewangan (sambungan)

• Menilai kesesuaian dasar perakaunan yang digunakan dan kewajaran anggaran perakaunan dan pendedahan berkaitan yang dibuat oleh para pengarah.

• Memutuskan kewajaran para pengarah menggunakan kaedah perakaunan usaha berterusan dan, berasaskan bukti audit yang diperolehi, menentukan sama ada ketidakpastian ketara wujud berkaitan dengan peristiwa atau keadaan yang mungkin menimbulkan keraguan nyata tentang keupayaan Dana untuk diteruskan sebagai sebuah usaha berterusan. Jika kami membuat kesimpulan bahawa ketidakpastian ketara wujud, kami perlu menyatakan demikian dalam laporan juruaudit kami berkaitan dengan pendedahan maklumat kewangan Dana, atau jika pendedahan tersebut tidak mencukupi, untuk mengubah pandangan kami. Kesimpulan kami adalah berasaskan bukti audit yang diperolehi sehingga tarikh laporan juruaudit kami. Bagaimanapun, kejadian atau keadaan masa depan mungkin menyebabkan Dana tidak lagi beroperasi sebagai sebuah usaha berterusan.

Kami berhubung dengan para pengarah berkaitan, antara perkara lain, skop dan masa yang dirancang bagi audit dan penemuan audit penting, termasuk sebarang kekurangan kawalan dalaman yang telah kami kenal pasti dalam audit kami.

Ernst & Young PLT Ahmad Hammami Bin Muhyidin202006000003 (LLP002760-LCA) & AF: 0039 No. 03313/07/2021 JAkauntan Berkanun Akauntan Berkanun

Kuala Lumpur, Malaysia 23 Mac 2020

Nota: Ini adalah terjemahan Bahasa Malaysia untuk maklumat kewangan yang pada asalnya telah disediakan dalam Bahasa Inggeris. Terjemahan ini telah dibuat untuk membolehkan para pemegang polisi Dana-dana yang fasih dalam Bahasa Malaysia untuk memahami sepenuhnya maklumat kewangan ini. Para pembaca dinasihatkan supaya merujuk kepada versi Bahasa Inggeris untuk maklumat kewangan dan laporan juruaudit yang telah disahkan. Sekiranya terdapat percanggahan di dalam Kenyataan Ulasan Tahunan, versi Bahasa Inggeris akan diguna pakai.

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