For The Financial Year Ended 31 March 2014 amassurance.com.my

Transcription

For The Financial Year Ended 31 March 2014
AmLife Insurance Berhad (15743-P)
A PIDM Member
amassurance.com.my
AmLife Investment-Linked Funds Annual Report
Contents
page
2
Chairman’s Message
3
Corporate Profile
4
Investment-Linked Funds Objective
7
Market Review
18
Investment Outlook
24
Investment Strategy
28
Fund Performance
40
Sectoral & Category Breakdown
49
Comparative Table: Fund Performance
51
Comparative Table: Net Asset Value, Number of Units and Unit Price
58
Summary of Financial Statements
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Chairman’s Message
Tan Sri Azman Hashim
Chairman
AmBank Group
Dear Valued Policyholders,
Global economic activity has strengthened and is expected
to show further improvement in 2014, with much of the
momentum coming from advanced economies. At home,
our economy grew 5.1% in Q4 2013 - above economists’
expectations of 4.8% - which was boosted by the stronger
manufacturing and services sectors.
The upcoming financial year looks to be a promising one,
especially with AmMetLife, the new strategic partnership
between AMMB Holdings Berhad (“AmBank Group”)
and MetLife International Holdings, Inc. AmMetLife
will leverage on the shared core values of integrity and
innovation of both organisations, and aims to be a leading
customer centric and modern insurer in Malaysia. The
collaboration is anticipated to re-energise the current
business of AmLife Insurance Berhad with cutting-edge
insurance products that will help meet the fast growing
insurance and protection needs of Malaysian consumers.
We expect the momentum to gather pace as Malaysia’s
real gross domestic product (GDP) is expected to expand
at a faster rate of 5.4% this year after moderating to 4.7%
last year. Domestic demand will remain supportive of
growth, although at a moderate rate following the ongoing
fiscal consolidation, and the external sector is expected to
benefit from the improving global environment.
AmMetLife also looks forward to our strategic alliance with
AmInvestment Management Sdn Bhd, where we reaffirm
our commitment to help you reach your financial goals.
We have also placed emphasis on growing our investmentlinked portfolios this year. For the financial year ended 31
March 2014 (FY2014), the total fund size in our portfolio
is RM89.31 million, a year-on-year growth in NAV of
9.5%. Our best performing investment-linked fund for
this financial year was AmAssurance Dana Teguh Fund,
giving a return of 21.9% for the year. AmAssurance Dana
Teguh Fund is also our best performer since its inception,
garnering a return of 101.3%, as at 31 March 2014.
We would like to take this opportunity to thank you for
your trust and confidence in our products and services,
and we are ever ready to build enduring relationships
with you and provide expertise and solutions to meet your
evolving needs.
Thank you.
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Corporate Profile
AmLife Insurance Berhad is a long-established insurer (incorporated on 17 September 1973) in Malaysia. AmMetLife
is a strategic partnership between AMMB Holdings Berhad (“AmBank Group”) and MetLife International Holdings, Inc.
With the coming together of AmBank Group and MetLife on April 30, 2014, and leveraging on the shared core values
of integrity and innovation, AmMetLife aims to be a leading customer centric and modern insurer in Malaysia.
We are focused on meeting our customers’ diverse needs with innovative solutions at different stages of their lives,
making it easier and simpler for families and individuals to achieve financial security and pursue more from life.
AmMetLife offers a comprehensive range of life insurance and wealth protection solutions distributed through the
AmBank Group’s network of nearly 200 AmBank and AmMetLife branch offices nationwide. Additionally, the strength
of its team of authorised life insurance agents provides comprehensive coverage and reach across Malaysia.
Established in August 1975, AmBank Group (Bursa Malaysia: AMBANK) is one of the largest banking groups in
Malaysia by market capitalisation. The Group provides a wide range of both conventional and Islamic financing and
related financial services, including retail banking, wholesale banking as well as underwriting of life insurance, family
takaful and general insurance.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is a leading global provider of insurance,
annuities and employee benefit programmes. Headquartered in New York, with operations in nearly 50 countries
and a 145-year history, MetLife brings its financial strength, global reach, expertise and customer-centric approach,
endeavouring to improve the breadth of choice and experience of Malaysian consumers.
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Investment-Linked
Funds Objectives
amassurance.com.my
Investment-Linked Funds Objective
AmAssurance Equity Fund
The Fund aims to provide the Customer with capital growth, over a medium to long-term investment horizon, mainly
through investments in Malaysian securities with superior growth potential.
Returns will be obtained via growth in unit price rather than income distribution.
AmAssurance Bond Fund
The Fund aims to provide the Customer with an opportunity to gain higher than average income earned from fixed deposits,
over a to long-term investment horizon, mainly through investments in a diversified portfolio of fixed income securities.
AmAssurance Balanced Fund
The Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed
deposits with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon.
AmAssurance Dana Teguh
The Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed
deposits with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon, via exposure
in Syariah-compliant Malaysian equities and/or equity-related securities and fixed income securities.
AmAssurance Dividend Fund
The Fund seeks to provide policyholders total returns primarily through investment in equity and equity-related securities of
companies that offers sustainable dividend payments and attractive yields, emphasizing on long term capital appreciation
opportunities.
Returns will obtain via growth in unit price rather than income distribution.
AmAssurance AmOasis Islamic Equity Fund
The Fund seeks to achieve moderate capital and income appreciation over a medium to long term by investing in shares
of global Syariah-compliant companies via investments in:
1. AmOasis Global Islamic Equity Fund (Unit Trust – AmInvestment)
2. Equity exposure into Syariah approved counters listed in Bursa Malaysia.
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Investment Linked Funds Objective
AmAssurance Global Emerging Market Fund
The Fund seeks to achieve long-term capital appreciation through investing mainly in:
1. AmGlobal Emerging Market Opportunities Fund (Unit Trust – AmInvestment Management Sdn Bhd)
2. Equity exposure into counters listed in Bursa Malaysia.
AmAssurance Global Agribusiness Fund
The Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmGlobal Agribusiness
Fund (Unit Trust - AmInvestment Management Sdn Bhd), that invests in a portfolio of quoted equities of agribusiness.
Agribusiness is a generic term that refers to the various businesses involved in food production.
AmAssurance Precious Metals Fund
The Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmPrecious Metals
Fund (Unit Trust – AmInvestment Management Sdn Bhd), that invests in a portfolio of global Syariah observant equity and
equity-related securities of companies engaged in activities related to gold, silver, platinum or other precious metals.
AmLife Tactical Bond Fund
The Fund seeks to achieve moderate capital appreciation over the medium to long term horizon through investing mainly in
a Target Fund: AmTactical Bond Fund, a Collective Investment Scheme (CIS) managed by AmInvestment Management Sdn
Bhd, where the Target Fund aims to provide income and to a lesser extent, capital appreciation, by investing primarily in bonds.
AmLife Asia Pacific REITS Fund
The Fund seeks to achieve moderate capital appreciation over the medium to long term horizon, investing mainly in a
Target Fund: AmAsia Pacific REITS Fund, a Collective Investment Scheme (CIS) managed by AmInvestment Management
Sdn Bhd, where the Target Fund aims to provide regular income and to a lesser extent, capital appreciation over the
medium to long-term by investing in real estate investment trusts (REITS).
AmAssurance AmCurrency Income II Capital Guaranteed Fund
The Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.
AmAssurance AmCommodity Stable Capital Guaranteed Fund
The Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.
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Market Review
amassurance.com.my
Market Review: April 2013 - March 2014
AmAssurance Equity Fund, Balanced Fund, Dana Teguh,
Dividend Fund, Bond Fund
Equity Market Review
The FBMKL Composite Index (“KLCI”) started trading in the new financial year at 1,697 pts., whilst the FBM Hijrah
Syariah (“FBMHS”) kicked start the year at 12,781 pts. Buying was mainly focused on the index linked stocks in April
as buying in small to mid-cap stocks took a backseat. Investors, however, took a cautious view on the direction of the
market as they await the upcoming Malaysian general elections. The cautious view however did not negatively affect
the local stock market as foreign investors were seen to be actively buying the local bourse due to its relative value
vis-a-vis the regional bourses. Additionally, the strong performance showed by Dow Jones due to better than expected
US corporates earnings and good US economic data underpinned the performance of the KLCI. The economic data
continues to show the recovery of the US economy. The KLCI rose to a new year high in April and, rising 46 points or
2.8% month-on-month to end at 1,718pts. The FBMHS sang the same tone rising 401pts or 3.2% month-on-month to
end at 12,763pts.
The political uncertainty overhang finally removed after the incumbent Barisan Nasional won the 13th General Election
held on the 5th of May 2013. The index rose more than 100 points on the first day of trading after the conclusion of the
general election. Although the election results were Barisan Nasional’s second worst ever, the margin of victory at 60%
(vs 63% in 2008) of parliament seats was sufficient to secure a stable government for the next 4-5 years. This was a
huge relief to investors, as illustrated by KLCI jumping 52points, or 3% month-on-month, to end at 1,769pts. The FBMHS
advanced 669pts, or 5.2% month-on-month to end at 13,432pts.
However, strong performance seen in May did not last long as the equity market was spooked with concerns over the
US Fed’s tapering of the Quantitative Easing (“QE”) programme in the earlier part of June. Investors took the opportunity
to take profits aggressively as they believed that interest rates is expected to rise and therefore, funds started to flow
out of Emerging Markets. The weak sentiment was aggravated further by concerns over the tight liquidity situation
experienced in China. Investors were generally concerned of a faster than expected Chinese economic slowdown, and
the possibility of a hard landing in China. As a result, Malaysia was not spared and the KLCI moved in tandem with the
regional markets and Wall Street. In June 2013, the KLCI trended lower for most of the month on QE tapering concerns.
However, towards the end of the month, Wall Street’s renewed strength helped global markets stabilize and recover. For
the month, the KLCI edged up 4pts or 0.2% month-on-month to end at 1,773pts. The FBMHS reversed 75points or 0.6%
month-on-month to end at 13,357pts.
On the economic front, most of the economic data, for example, exports and manufacturing sales, registered declining
trends. Industrial production however rebounded in April after falling for two consecutive months earlier in 2013. Headline
inflation hit a 9-month high of 1.6%, fanned by higher food and fuel prices. The 20 cent price hike for RON97 petrol,
to RM2.90/litre effective 7 March 2014, also contributed to the increase in inflation. However, core inflation remained
benign, suggesting that demand-pull inflation was well contained.
The equity market started the quarter with positive sentiments as concerns about the Fed’s tapering of QE subsided
and the Wall Street continued to perform strongly. Policy makers in the US managed to sooth the fears of investors and
managed their expectations. The KLCI scaled new all-time closing highs on many occasions as the index managed to
climb higher. But the index came under selling pressure towards the end of July when Fitch Rating revised its outlook on
Malaysia to “negative”, from “stable.” For the month, the KLCI was unchanged at 1,773pts. The FBMHS however edged
up 80pts or 0.6% month-on-month, to end at 13,437pts.
On the macro front, the economic numbers deteriorated further. Exports contracted for the fourth month in May due
to slower global demand and the softening of commodity prices. Industrial production growth also moderated as
manufacturing sector relapsed into slower growth whilst electricity output expanded at a slower rate.
However, the sentiment turned negative in August; it was far worse than investors could have anticipated as it was hit
by numerous macro concerns including:
1. The steep fall in regional stock markets and currencies led by Indonesia, India and Thailand,
2. Malaysia’s 2nd quarter GDP growth numbers which were below expectations and a narrowing current account surplus, and
3. Concerns about possible US military intervention in Syria.
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Market Review
The KLCI plunged as much as 40pts intra-day on three occasions and went below the psychological 1,700pt support
level for a couple of days. For the month, the KLCI declined 45 points or 2.5%, to close at 1,728 pts. The FBMHS
followed a similar trend by declining 2.5% as well or 334pts, to close at 13,104pts.
September was generally a good month for global markets, and Malaysia, as most markets rebounded from the August
selloff. The US Fed’s decision to delay the QE tapering was a positive surprise that gave markets a boost. In addition,
the improvement in Malaysia’s macro numbers also contributed to the positive market sentiment. Export growth finally
rebounded in July, after five months of contraction, underpinned by improved demand for electronics and electrical
products, as well as commodities. Malaysia’s trade surplus narrowed to RM2.9bn in July from RM4.3bn in June. In the
period of January to July 2013, exports contracted by 2.6% while imports rose 4.6%, resulting in a cumulative trade
surplus of RM27.4bn. Industrial production also expanded by 7.6% year-on-year in July (+3.7% in June), the highest
increase in 14 months.
The KLCI regained all its losses in September and rebounded above the psychological 1,800pt level before profit taking
set in. For the month, the KLCI gained 41pts or 2.4%, to close at 1,769pts. The FBMHS gained 298pts or 2.3%, to close
at 13,402pts.
October was an excellent month for Malaysia as the KLCI scaled new all-time highs in the period leading up to the 2014
Budget on October 25. Investors speculated that the government would implement measures such as GST and subsidy
reduction to address the budget deficit and narrowing current account concerns. They were not disappointed; GST was
indeed slated to be introduced on 1 April 2015 and sugar subsidies were removed entirely. The government also took
steps to curb property speculation by raising the real property gains tax, abolishing the developers’ interest bearing
scheme and raising the minimum purchase price for foreigners from RM500,000 to RM1 million. For the month, the KLCI
rose 38pts or 2.2%, to close at 1,807pts. The FBMHS advanced further by 3% or 398pts, to end the month at 13,800pts.
November was a month of consolidation after strong performance in September and October. The KLCI hovered within
a relatively narrow band. Attention focused on results released during the month and overall it showed some signs of
promise. As expected, there were more companies that did not meet result expectations. However, companies that beat
expectations relative to disappointments appear to have improved. This proved be good news for earnings momentum.
For the month, the KLCI gained 6pts or 0.3% to close at 1,813pts. November saw the FBMHS advance 100pts or 0.7%,
to close at 13,900pts.
December was a strong month for the KLCI as it traditionally has been, as the index again scaled new all-time highs
on numerous occasions on the back of window dressing activities and investors build positions ahead of 2014 and the
January effect. The US Fed finally decided to “modestly reduce” the pace of asset purchases to $75 billion per month
from $85 billion, a reduction of $10 billion per month. This announcement provided a base case for a balanced tapering
of $10 billion at each subsequent meeting, conditional upon the economic numbers hitting the Fed’s expectations. At
the same time, the Fed “enhanced” its forward guidance by suggesting they would not hike rates until “well past” 6.5%
unemployment and would “monitor inflation developments carefully.” The Fed is expected to deliver a gradual tapering
program through to the year-end of 2014, whilst further strengthening their guidance. Despite this development in the
US, the KLCI did not react negatively, unlike its regional peers. For the month, the KLCI gained 54 points or 3.0%, to
close at 1,867 points. Similarly, FBMHS gained 424pts or 3.0%, to close at 14,324pts.
Asia equities dropped substantially and it was the worst monthly performance since the previous June’s initial ‘taper
tantrum’. Several Emerging Market Central Banks (notably Turkey, India and South Africa) hiked interest rates to
backstop currency movements and bolster investor confidence. In addition, there were concerns about China’s economic
momentum and financial stability and renewed concerns on the US’ economic health. China’s HSBC flash PMI for
January 2014 surprised on the downside at 49.6 (the first sub-50 reading in six months). US non-farm payroll also
indicated softening domestic economic momentum. The KLCI and FBMHS closed 3.4% and 3.5% lower at 1,804 points
and 13,823pts respectively. Selling pressure was also seen in developed and emerging markets during the month of
January, with the MSCI Asia ex-Japan Index falling 5.1%.
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Market Review
Weak US and Chinese economic data continue to affect market sentiment in the month February. However, by the
third week of February, most of the Asian markets have recovered the losses. People’s Republic of China (“PBOC”)
affirmed its tightening bias and activity despite economic data pointing to further slowdown. Asia’s most prominent macro
development was also the Chinese Yuan’s abrupt depreciation, where it experienced its biggest drop since China’s 1994
devaluation. The depreciation of Yuan was to discourage ‘hot money’ inflows and set the stage for expected foreign
exchange regime liberalization, rather than an export-minded monetary easing. Despite this negative news, the KLCI
staged a rebound from the sell off in January, in line with the recovery on Wall Street and the regional bourses. Second
and third liner stocks were particularly active and enjoyed strong interest. The KLCI ended the month 1.8% higher at
1,836pts. The FBMHS gained 2.3% at 14,139pts.
March 2014 started on a cautious note as Russia’s decision to speedily absorb the Crimea following the March 16
sovereignty referendum kept investors guessing as to the extent of potential economic repercussions. In addition,
Janet Yellen’s first FOMC meeting as Chair of the Federal Reserve, triggered a modest asset-market stumble as the
Committee not only maintained the established US$10 billion/meeting pace of asset-purchase ‘tapering’, but indicated
its short-term target interest rate may rise earlier or faster than previously anticipated. However, the index gained
towards end of the month as expectations of policy easing in China and improving sentiment towards the emerging
markets generally made for a strong return of cross-border flows to Asian equities. The KLCI ended the month of March
0.7% higher, at 1,849 pts. The FBMHS were better off advancing 1.8%, at 14,388pts.
For the financial year 2014, the KLCI gained 178 points or 10.6% whilst the FBMHS expanded by 2,026 points or 16.4%.
Fixed Income Market Review
Despite global economic data showing signs of stabilizing, 2013 was once again an extremely challenging and volatile
year. The U.S. federal budget and debt ceiling impasse coincided with the run up to the local general elections and this
dominated investors thoughts in the early parts of 2013, while the speculation on the timing of when the Federal Reserve
(“Fed”) will scale back on its Quantitative Easing (“QE”) program drove investors’ sentiment in the second half of the year
and these events generally caused short-term volatilities in the market throughout the year.
In the local bond scene, the Malaysian Government Bond market rallied after the May general elections as the results
was viewed positively by market players, with the elimination of the political risk element from the domestic financial
markets. At the same time, the rally, which saw short-dated yields falling below the OPR level (which was 3%), was
supported by the released of relatively soft domestic economic data.
However, in the 19 June 2013 FOMC meeting, the then Fed Chairman Ben Bernanke introduced the possibility of QE
tapering, with a potential for it to be completely ended by mid-2014 if the U.S. economy stays on a stable course. This
triggered huge fund outflows out of emerging market economies and the local bond market was not spared. As a result
the percentage of foreign shareholding in the outstanding MGS space fell to 41.4% in July, from an all-time high of 48.3%
in April 2013.
Despite the release of a more prudent 2014 budget by the Malaysian government, the local bond market remained
lackluster and continued to track the movement in US Treasuries (UST) market for the remaining of the year as investors
persistently speculated on the timing of the QE tapering. At the same time, the resumption of subsidy rationalization
has led to rising inflationary pressure in the domestic economy and given as such, market players started to price in a
possible rate hike in 2014.
Nonetheless, in the 18 December 2013 FOMC meeting, the Fed finally announced that it will start the QE tapering
exercise beginning January 2014; by reducing USD10 billion off the existing USD85 billion monthly purchases. The pace
of tapering has since been maintained in the subsequent two FOMC meetings held in January and March 2014, whilst
the local MGS market have generally continued to trade range bound during this period. Similarly, corporate bond yields
have also been gradually rising in tandem with the upward movement in MGS yields seen earlier, while new issuances
are beginning to be priced at relatively more attractive levels to reflect the wider credit spreads.
(By AmInvestment Management Sdn Bhd)
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Market Review
AmAssurance AmOasis Islamic Equity Fund Market Review
(Target Fund: AmOasis Global Islamic Equity)
(End Target Fund: Oasis Crescent Global Equity Fund)
Global economic growth prospects have continued to improve over the last quarter, being driven primarily by developed
markets. The better growth outlook for countries such as the United States and United Kingdom is underpinned by
improving employment prospects, leading to greater confidence and increasing consumer spending. Europe has
probably experienced the worst effects of austerity as peripheral countries continue to reign in their budget deficits, and
it is expected that the drag on economic growth will be significantly reduced going forward. Furthermore, inflationary
pressures in the developed world remain subdued, which should allow central banks to maintain relatively low interest
rates over the medium term. Developing markets continue to face short-term headwinds due to volatile capital flows
following the scaling back of quantitative easing in the US. Growth over the short-term is thus likely to be impacted
by weaker currencies, higher inflation and higher interest rates. However, we believe that weaker exchange rates in
developing economies are likely to boost their competitive standing and ultimately exports. Additionally, given their
high saving rates, young urbanizing populations and rising consumer incomes, developing markets still remain well
positioned to drive global growth over the long-term.
(By AmInvestment Services Bhd)
AmAssurance Global Emerging Market Fund Market Review
(Target Fund: AmGlobal Emerging Markets Opportunities)
(End Target Fund: Schroders ISF Global Emerging Market Opportunities)
Global equities rallied strongly over the year ending March 2014 with US stock markets reaching record highs during the
period. The strength of US data releases led investors to focus on the potential tapering of the US Quantitative Easing
(QE) programme for much of the period. Tapering eventually took place on 18 December and authorities have been
reducing QE by $10 billion a month since then. However, the Federal Reserve (Fed) continues to reassure investors
that monetary policy will remain accommodative while inflation is below the Fed’s long-term objective and while
unemployment remains high. Elsewhere, the Eurozone’s economic upturn continued to gain traction and supported
strong equity market returns over the period although deflation concerns persist. The emerging markets, however,
were hard hit by tapering concerns throughout the year, worries about slowing growth in some of the major emerging
economies and political uncertainty given a busy election calendar for several countries. Elevated geopolitical risk in
the Ukraine towards the end of the period also weighed on investor sentiment. As a result, the MSCI Emerging Markets
(EM) index lagged its developed world peers over the period.
At the start of the period, our core markets were Egypt, South Korea, Thailand, Russia and Turkey. In early April we
removed Egypt from the core list owing to increased political risk and replaced it with China given stabilizing economic
growth, attractive valuations and improving market liquidity. In July we added Hungary to the core list because of
attractive valuations and reasonable earnings growth. We removed Turkey in September 2013. With a large and poorly
funded current account deficit Turkey was vulnerable to global liquidity withdrawal. In early January, we added Qatar
and the UAE to our core list. Qatar is supported by strong economic fundamentals and reasonable valuations while the
UAE is supported by economic recovery, in the real estate sector particularly. Both these markets are due to enter the
MSCI Emerging Markets index in May 2014 and are expected to account for approximately 0.5% of the index each.
We removed Thailand from the core list at the same time, owing to deteriorating economic fundamentals and elevated
political risk towards the end of 2013.
The best performing markets on our core list were the UAE and Qatar. Both performed strongly on a combination of
robust economic growth and increased investor interest ahead of the markets’ reclassification from the MSCI Frontier
Markets to the MSCI Emerging Markets Index in May. As a perceived beneficiary of global growth, Korea benefited
from signs of a recovery in the developed world. Ongoing growth in the domestic economy was also supportive. The
economy’s current account surplus was a positive in an environment of investor rotation out of countries with current
account deficits, given concerns about a reduction in global liquidity. China posted a small positive return over the year.
The country’s stable currency and current account surplus supported sentiment, as did the government’s commitment to
a variety of reform measures announced after the leadership’s Plenary in November. However, disappointing economic
data, particularly data released in 2014, and concerns about the systemic risk of elevated debt levels has weighed on
sentiment more recently.
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Market Review
The remaining markets generated negative returns over the year. In Hungary, this was largely due to poor performance
from index heavyweight Mol which suffered primarily on ongoing legal difficulties with the Croatian government. Russian
stocks and its local currency sold off amid heightened political risk concerning its actions in Ukraine. In March 2014, the
Crimean peninsula of Ukraine was annexed by Russia, following a referendum where it is alleged that over 97% of the
turnout voted in favor of joining Russia. Ukraine’s new government state that the referendum has no legal basis and
the European Union and the US have so far responded by implementing diplomatic sanctions on Russian government
and other officials. These sanctions were extended in May owing to escalating conflict in eastern Ukraine. The situation
remains in a state of flux. Economic growth was already slowing prior to the unrest and tighter monetary policy and
capital outflows are expected to weigh further on economic growth and sentiment. We removed Russia from our core
list at the start of April 2014. Thailand was impacted by a slowdown in growth together with ongoing political instability
as anti-government protests resulted in the dissolution of parliament in December 2013. The political situation remains
gridlocked. We removed Thailand from the core list in January 2014 owing to deteriorating economic fundamentals and
increased political risk. Turkey, which was removed from our core list in September, performed particularly poorly over the
year primarily owing to concerns about the country’s poorly funded current account deficit in light of QE tapering. Tighter
monetary policy, geopolitical tension in neighboring Syria and political uncertainty following widespread anti-government
protests in May 2013 and the resignation of three cabinet ministers amid corruption allegations in December, weighed
further on Turkish sentiment.
AmAssurance Global Agribusiness Fund Market Review
(Target Fund: AmGlobal Agribusiness)
(End Target Fund: DWS Global Agribusiness)
Globally, harvests were strong in the reporting period. This led to high volume and to a temporary drop in prices for
agricultural raw materials which was only slightly reverted at the beginning of 2014. Nevertheless, the global balance sheets
and income of farmers remained robust because of somewhat lower input costs. Against this background and for valuation
reasons, the fund was heavily invested in the upstream segment around agricultural production, among other areas, in
the reporting period. This included seed and pesticide manufacturers and fertilizer producers, including potash producers.
There was a major upheaval on the potash market in summer 2013 when a large Russian producer cancelled a distribution
arrangement leading to a sharp drop in prices. Among the companies hurt by this were the Mosaic Company and Kali &
Salz, which made the strongest negative contributions to performance for the fiscal year, although their performance later
in the reporting period was again more positive. The position making the strongest contribution to performance also came
from the fertilizer producer segment. For instance, CF Industries from the U.S. profited from continued low purchase prices,
especially for natural gas and impressed investors with an increased dividend and extensive stock buy-backs. Profits were
taken on some downstream names as price targets were reached. Among the stocks added to the portfolio were the North
American fertilizer producer Agrium, the forest products company Weyerhaeuser and the dairy company WhiteWave,
which is well positioned in the area of milk substitutes. There was expected to additional leeway for dividend increases and
stock buy-backs of the shares.
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Market Review
AmAssurance Precious Metals Fund Market Review
(Target Fund: AmPrecious Metals)
(End Target Fund: DWS Noor Precious Metals Securities Fund)
Gold finished down over the course of 2013 by more than 28% while gold and precious metal equities were off by more
than 49%. While this was the first negative year for the metal, it was not the first negative year for the gold and PGM
equities, where high execution risk and poor capital management drove investors out of gold into other sectors. Risk
associated with poor capital management increased further with the launch of the $3.2bn bought deal for Barrick Gold
Corporation in the 4th quarter of 2014. This very large offering was sold directly to brokers as opposed to investors.
The bought deal created an overhang for the stock and the sector as it was an indication of management being poor
shepherds of capital. Central banks continued to be net purchasers of gold increasing to 93.4tons up from 79.3tons for
the 2nd quarter and putting total demand through the 3rd quarter back at 300tons.
Gold and precious metals equities gained in the first quarter of 2014, outperforming the metal by 465bps and recovering
from heavy underperformance in Q4 2013. In addition to risk aversion associated with geopolitics, concerns remained
around tighter credit and sustainability of growth as the QE Taper continued. The main negative impact to gold was the
Fed’s March 19 FOMC meeting where the market interpreted the monetary policy as turning decidedly hawkish some 6
months after QE Taper has completed. The rebound in gold happened sooner than we anticipated. We believed that higher
rates and evidence of improving economic growth and confidence would dampen investor appetite for gold in the shorter
term; we were therefore not surprised at the pull back for gold and precious metal equities seen in March.
AmLife Tactical Bond Fund Market Review
In October 2013, Budget 2014 was announced on 25 October 2013. Total expenditure for Budget 2014 is MYR
264.2billion, with MYR 217.7billion for Operating Expenditure and MYR 46.5billion for Development Expenditure. It is
projected that budget deficit for 2014 will decline to 3.5% of GDP from an estimated 4% of GDP in 2013. Malaysia saw
a jump in its trade balance in the month of August, which increased to MYR 7.11billion from MYR 2.86billion in July.
However, Industrial production growth slowed in August to 2.3% YoY after a 7.5% advance in the month before. On
the other hand, the Consumer Price Index showed accelerated growth in September after fuel subsidy was cut end of
August, the index grew 2.6% YoY in September after a 1.9% YoY increase in the prior month.
In November 2013, economic releases were somewhat soft. Malaysia’s industrial production grew 1.0% YoY in September
(versus +2.3% in August) while manufacturing sales slowed to 1.5% in September from +5.5% in August as manufacturers
turned relatively cautious during the month. Likewise, exports grew at a moderate rate of 5.0% in September compared to
12.4% in August. Apart from that, inflation came in higher at 2.8% in October from 2.6% in the previous month, although
this was largely expected following the hike in petrol prices in September. Meanwhile, Malaysia’s real GDP expanded at a
faster pace of 5.0% YoY in 3Q2013, compared to 1.0% and 4.0% in the first and second quarter of the year respectively,
largely driven by a fairly resilient domestic demand which picked up during the quarter (growth of 8.3% YoY in 3Q13 vs
7.3% in 2Q13). In the last Monetary Policy Committee (MPC) meeting of the year, BNM once again left the benchmark
Overnight Policy Rate (OPR) unchanged at 3.0% as expected. The tone of the monetary policy statement with regards to
the balance of risk on growth and inflation has remained broadly unchanged with current level of OPR still viewed to be
accommodative by BNM. The month of November also saw Malaysia’s sovereign rating outlook being revised to positive
by Moody’s, premised on the improved prospects for fiscal consolidation and reform as well as continued macroeconomic
stability in the face of external headwinds.
In December 2013, the Federal Reserve in its final Federal Open Market Committee meeting of the year, on 18 December
2013, announced the long expected tapering of its monthly asset purchases program by USD10billion to USD75billion
from USD85billion starting from January 2014. The initial market reaction was largely muted, with the 10y UST yield
edging up slightly by 5bps, implying that the market had mostly priced in the event. In a subsequent press conference,
Chairman Ben Bernanke suggested that if the economy continues to recover as expected, the asset purchases will be
further reduced by USD10billion at every policy meeting implying that tapering would likely only complete towards end
2014. The Fed also formulated a new policy statement which stated that it would keep rates at near-zero “well past the time
that the unemployment rate declines below 6.5%, especially if projected inflation continues to run below the Committee’s
2% longer-run goal” confirming market speculation that the timing of the first rate hike will be pushed back from early 2015
to late 2015 or early 2016. The local market turned its focus back to domestic market developments. In December, the
Government finally announced the long awaited electricity tariff increase which will take effect on Jan 1, 2014. The increase
for Peninsular Malaysia will be around 15% and 17% for Sabah and Labuan. Under the new electricity tariff structure,
domestic gas price will be raised from the current subsidised rate of RM13.70 per mmbtu to RM15.20 per mmbtu.
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amassurance.com.my
Market Review
In January 2014, the U.S. Federal Reserve stayed the course with its intention to gradually taper its quantitative easing
program in the first Federal Open Market Committee (FOMC) meeting of the year. However, 10-year US Treasuries
continued to rally as yields fell to 2.58% at point of writing while global equities traded lower due to the current risk-off
sentiment in the market. Meanwhile on the local front, economic data releases were mixed with November’s Industrial
Production surprising on the upside at +4.4% YoY compared to +1.8% in October (consensus: +2.9%) but moderated
by the slower growth in exports which came in at +6.7% YoY in November, short of market expectations of +10.3%
(October: +9.6%). Talks of rising prices were also somewhat confirmed in the latest CPI number which came in higher at
3.2% YoY in December, above the Overnight Policy Rate (OPR), resulting in negative real interest rate for the first time
since end-2011. Nevertheless, this has been broadly expected following a series of subsidy rationalisation exercise towards
the end of last year, such as the adjustment in electricity tariff as well as fuel price hike to name a few. Despite the rising
inflationary pressure, Bank Negara Malaysia (BNM) has once again kept the benchmark OPR unchanged at 3.00% as
widely expected. The rhetoric of the monetary policy statement suggests that views pertaining to balance of risk on growth
and inflation remain relatively neutral and unchanged with the current level of OPR still viewed to be accommodative.
In February 2014, the Federal Reserve Chairman reiterated that the current US monetary policy remained on course for
a gradual tapering which is expected to end in late 2014. While hinting that the QE reduction is not on preset course and
will be contingent on the outlook of inflation and employment, the market took comfort from the Chairman’s unchanged
view of a continuing gradual US economic recovery outlook. Meanwhile, Malaysia announced its final exports number
for the last month of 2013 which came in on high note. With a 14.4% YoY growth, December exports growth handily
beat market expectations of 9.8%. The impressive growth was credited to continued firm recovery in the E&E sector,
strong rebound in crude oil and refined petroleum products and improvement in demand from advanced economies.
The higher trade surplus of RM27.4b in 4Q2013 also helped boost Malaysia’s current account surplus to RM16.7b or
6.6% of GDP, thereby alleviating concerns on a current account deficit scenario. Malaysia’s 4Q2013 GDP growth was
also announced in February. At 5.1% YoY, Malaysia’s full-year growth of 4.7% YoY was within market expectations. The
higher than expected growth was helped mainly by higher exports, resilient consumer demand as well as robust private
investment spending. Lastly, Malaysia’s CPI extended its upward trajectory for the fifth straight month. Headline inflation
increased 3.4% YoY in January 2014 (+3.2% in December 2013) due to the follow through impact of the Government’s
fiscal consolidation policy.
In March 2014, U.S. economic data remain mixed as severe weather conditions continued to affect some indicators
released during the month while the US Treasuries (UST) yields hovered around the range of 2.60-2.79%, fluctuating
between market reaction to weather impacted economic releases out from the U.S. and slightly improving risk sentiment.
However, positive macro developments in Developed Markets over the last month have to some extent been subdued
by the resumption of geopolitical tensions (i.e. the ongoing Ukraine crisis), which have added fresh doubts over the
sustainability of recoveries underway in various parts of the world. Meanwhile, as expected, the Fed stayed the course
and reduced its QE programme by another USD10b to USD55b but FOMC members’ outlook appeared to have turned
more hawkish, giving strong signals for the first time that the Fed could potentially hike rates about six months after its
bond-buying program winds up, which market players expect to be around mid-2015. In the domestic scene, Malaysia’s
headline inflation rate continues to edge higher with February’s CPI coming in at 3.5% YoY (consensus: 3.4% YoY)
compared to 3.4% in the previous month. This is largely attributed to the second-round price effects from the earlier
subsidy cuts (i.e. fuel subsidy cuts and increase in electricity tariffs). Meanwhile, in the Monetary Policy Meeting held
during the start of month, Bank Negara kept its policy rate unchanged at 3.0% as expected and continued to maintain
a neutral stance with no hint of possible rate adjustment. The Central Bank also continued to downplay the rising costpush inflationary pressures and also added concerns regarding destabilizing risks of fiscal imbalances arising from the
prolonged low interest rate environment.
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Market Review
AmLife Asia Pacific REITS Fund Market Review
After a short respite of selling that took place in 2Q and 3Q13 as the US Fed unexpectedly did not initiate its tapering on
the QE programme like previously indicated in end-May 2013, volatility increased throughout 4Q13 as speculation of earlier
than expected tapering re-emerged. This continued to weigh on equity markets through mid-Dec as likelihood heightened
following the release of US payroll data. However, once tapering did take place, equity markets rebounded.
In the earlier part of 1Q14, Emerging Markets (EM) equities entered a selling rout on fears of heightened default
risk on trust products in China while the US continued with its tapering programme. Idiosyncratic issues ranging from
geopolitical instability such as unrest in the Ukraine to weak economic data pointing to a slowdown in economic growth
were the main reasons for investors switching preferences to Developed Market (DM) equities. Towards the end of 1Q14,
investor sentiment improved on expectation of policy easing in China and general improvement on EM equities. Regional
REITS faced a confluence of factors impacting performance – Japanese REITS saw some profit taking towards the end
of the quarter as the impending consumption tax implementation drew nearer (1st Apr 2014); investor interest returned to
Singapore REITS while M&A to some extent weighed on Australia REITS due to uncertainties on timing and pricing, and
to others was a driver in share price performance.
AmAssurance AmCurrency Income II CGF Performance and Market Review
The investment strategy underlying the AmCurrency Income 2 FRNID is the UBS V10 Volatility Capped Index. This
dynamic strategy performs best under normal market forces, i.e. when the valuations of currencies are only affected by
the forces of demand and supply.
The current investment strategy for the AmCurrency Income II FRNID (the “Fund”) is recording zero returns. This is due
to the extreme volatility witnessed in the FX markets and the direct interventions by central banks which are not modeled
by the Funds’ strategy.
AmCurrency Income II Index Performance
7.0000%
6.0000%
5.0000%
4.0000%
3.0000%
2.0000%
1.0000%
0.0000%
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
(Source: Bloomberg)
The AmCurrency Income 2 Index is currently having a flat zero performance since inception due to certain financial
events in 2011. Among the key events that had affected the performance of the index are:
US Credit Rating Downgrade - S&P downgraded US credit rating from AAA to AA+ in the beginning of the month
resulting in increased risk aversion and volatility in the market.
European Sovereign Debt Concerns – Though more announcements and bail outs for Greece have been announced,
Italy became the focus of investors who are concerned about the feasibility of a monetary union without a fiscal union.
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amassurance.com.my
Market Review
Global Slowdown - Concerns around global slowdown of recovery and potential double dip recession increased as the
month saw a series of soft data points including Philadelphia Fed Index, NFP and Eurozone GDP numbers
Interventions by SNB and BoJ – BoJ came in with what was one of the biggest interventions by a central bank on its
own to arrest strengthening of JPY while SNB exhausted its money market measures before eventually announcing a
target floor of 1.20 for EURCHF
These unnatural market events and subsequent ad-hoc intervention by the central banks’ of many nations negatively
impacted the strategy adversely. The period of August 2011 saw the strategy begin to underperform, capped by
increasing volatility as it lost 8.89% of its value through to October. On 27 October 2011, the strategy dropped below the
1% threshold, thus triggering the clauses for an unwind.
Since then, the strategy has maintained a zero-value due to its status having been knocked-out.
(By AmBank (M) Bhd) (Source: UBS Investment Bank)
AmAssurance AmCommodity Stable CGF Market Review
The Dow Jones-UBS Commodity Excess Return (DJUBS) Index gained 0.41% in March to 134.52 MoM (Month-onMonth) with the YoY (Year-on-Year) dipping by 2.15%. Meanwhile, the MLCX Enhanced Benchmark A01 Excess Return
(MLCXA01E) Index has gained 0.66% in March to 264.49 MoM but the YoY performance has also suffered a loss by
1.99%. Subsequently, the MLCX AmBank Commodity Alpha (MLCXAMB) Index captured the performance differential
between the two sub-indices and rose 0.24% MoM to 175.65 at March 2014 month end. Annually, the YoY performance
of the index has been positive with a gain of 0.18%.
Underlying Indices Performance Details
Performance Since Inception
Date
Commencement
31-Mar-11
30-Sep-11
31-Mar-12
30-Sep-12
31-Mar-13
30-Sep-13
31-Mar-14
MLCXAMB
1.67%
2.83%
3.82%
2.51%
3.14%
3.58%
3.33%
MLCXA01E
18.77%
-0.62%
1.58%
5.10%
-2.10%
-9.10%
-4.04%
DJUBS
16.85%
-3.38%
-2.21%
2.34%
-5.26%
-12.40%
-7.29%
MLCXAMB
0.32%
0.17%
0.08%
0.09%
-1.14%
0.32%
0.24%
MLCXA01E
-2.24%
-1.31%
-0.72%
1.13%
-0.85%
6.55%
0.66%
DJUBS
-2.56%
-1.48%
-0.81%
1.23%
0.29%
6.23%
0.41%
MLCXAMB
2.11%
-0.65%
0.18%
MLCXA01E
-14.47%
-3.62%
-1.99%
DJUBS
-16.31%
-3.12%
-2.15%
Monthly Performance
Date
Commencement
30-Sep-13
31-Oct-13
30-Nov-13
31-Dec-13
31-Jan-14
28-Feb-14
31-Mar-14
Yearly Performance
Date
Commencement
31-Mar-12
31-Mar-13
31-Mar-14
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(By AmBank (M) Bhd) 17
Sep-13
Oct -13
Nov-13
Dec-13
Jan -14
Feb-14
Mar-14
May-13
Jun -13
Jul -13
Aug-13
Sep-12
Oct -12
Nov-12
Dec-12
Jan -13
Feb-13
Mar-13
Apr -13
May-12
Jun -12
Jul -12
Aug-12
Sep-11
Oct -11
Nov-11
Dec-12
Jan -12
Feb-12
Mar-12
Apr -12
May-11
Jun -11
Jul -11
Aug-11
Oct -10
Nov-10
Dec-10
Jan -11
Feb-11
Mar-11
Apr -11
Market Review
Performance of MLCXAMB Since Inception
104.0%
103.0%
102.0%
101.0%
100.0%
99.0%
(Source: UBS Investment Bank)
amassurance.com.my
Investment Outlook
amassurance.com.my
Investment Outlook
Equity Market Outlook
We still hold on to our view of a synchronized global growth and this was reaffirmed by IMF’s latest global growth forecast
of 3.6% and 3.9% for FY2014 and 2015 respectively, up from 3.0% in FY2013; growth in US would continue to strengthen;
the euro zone recession would end soon or has already ended; and the Chinese economy would bottom in the 1st half of
2014. Valuations in general are not cheap but we believe that it is way too early to anticipate asset bubbles. We should
stay relTatively well invested, as we believe that the economic environment is still conducive, with negligible inflation risk.
One of the key reasons, apart from valuations, justifying our view is that the tapering did not lead to higher US bond
yields. During the last period of policy normalization, between 2003 and 2006, the Fed fund rate increased from 1%
to 5.25%; emerging markets enjoyed a powerful rally, implying that raising interest rates do not necessarily equate to
non-equity performance. What will lead to higher interest rates is more confidence in US growth, and with better growth
prospects, margin improvement and revenue surprises will come through.
US
We note that market indicators are not overly extended; global growth is still holding up and domestic indicators (US)
are recovering. We also note from Janet Yellen’s first speech as the Fed chair, that she is committed in ensuring that
the nation recovers, necessitating extraordinarily policy easing measure for an extended period, and sending a clear
message that the labor market tops the Fed’s list of concerns.
The sharp drop in the US manufacturing PMI for January 2014, followed by improving readings suggests that the early
weakness was weather-driven.
We believe that the recent mini crash in the high valuation social media sector does not signify the beginning of a bear
market but rather a market rotation into other sectors. The correction is more likely indicating to investors that earnings
assumptions were too aggressive in a world of low nominal growth and weak-but-recovering pricing power. Moreover,
any major downturn in stock prices normally leads to an economic recession but global macro data, especially in the US,
continues to show signs of recovery. Another interesting point to note is that, despite the turbulence in this sector, emerging
market equities have been rising, implying that global investors remain focused on taking risk to seek better returns.
EU
After 19 consecutive months of financial deleveraging, the flow of loans to the private sector has turned positive. While
it is too soon to claim victory, the de-leveraging of euro banks appears to be easing.
The other point to note is that the European Central Bank (“ECB”) has made it clear that further euro appreciation
presents danger to the euro area price stability. The Governing Council reiterated its commitment to use unconventional
instruments to cope with the risks of a prolonged period of low inflation. It is our view that a softer Euro can only enhance
its competitiveness and hence, earnings prospects.
Asia Pacific
China has lagged in index movement but this will not prevent Asia Pac ex-Japan from performing. The Chinese economy
is decelerating but a mini-stimulus is expected to be rollout in the 2nd Quarter-3rd Quarter of 2014. The authorities
recently approved five new rail projects totaling Rmb142 billion, reaffirming our view that fiscal policy will be flexible and
reactive. The battle between old and new China will continue, as reforms announced in November 2013 will take time
to take root and be executed, as China is indeed a huge economy. Our view is to buy overweight Asia Pacific, with an
underweight on China. The Chinese economy will muddle through, equities will lag except for reform beneficiary ideas,
but this will not stop the rest of Asia Pacific from producing a positive return.
However, we must not be overly negative on China over the medium term. There are a few reasons for this:
few defaults on trust products (so far there have been 2), might be the catalyst for a Chinese market recovery,
• Aimplying
a more risk based approach into financial decision making.
high debt-to-GDP ratio is confined mostly to the local government sector and state-owned enterprises. Such
• The
debt is implicitly backed by the central government. Household debt stands at 24% of GDP.
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amassurance.com.my
Investment Outlook
• Almost all of China’s debt is domestically financed.
stocks are 50% off their highs and, at 6.8 times its forward PER (4.6 times, for banks), the market has,
• Chinese
to a large extent, over-reacted to the near term growth worries.
The recently announced integration between Shanghai and HK stock exchanges is a positive step towards opening the
capital account in China, but the implementation, which is expected in 6 months, would imply that the near term impact
would be muted. ASEAN should still perform as net foreign buying in Thailand, Indonesia and Philippines is far from
peaking. Over the next few months, we envisage a technical rebound after a bout of range trading as oversold conditions
have been worked off and fears of a hard landing in China has failed to materialize.
The recently concluded parliamentary election in Indonesia was a disappointment as no party received more than
20% of the votes. We were hoping for a less fragmented parliament with PDI-P receiving more than 25% of the votes.
Presidential election will be held on 9 July 2014 but we believe Jokowi would still emerge as the President. Moving
forward, expectations of reform must be realistically weighed considering the jostling and posturing between the
President and political players needed to form a dominant coalition. While policy reforms will take longer to iron out, it
does not imply a stalemate with regards decision making. It is also a positive endorsement on the democratic process
in Indonesia and its growing maturity as a nation.
Fixed Income Market Outlook
The tone for the fixed income market is likely to be set by interplay of several factors:
and demand dynamics in the 2nd Quarter of 2014 – higher medium to long term issuances (five out of eight
•Supply
auctions are dedicated to bond issuances of 7 years and above) suggests limited volumes of short-dated papers.
US Federal Reserve’s communications in guiding public expectations of future rate settings have a bearing
•The
on the degree of accommodation by monetary policy. Furthermore, the Fed’s decision to scale back asset
purchases remains data dependent. Therefore expect markets to be choppy, especially if US continues to see an
uneven growth trajectory. US Congressional debates also have a bearing on fiscal metrics and expectations on
growth/inflation dynamics. Watch US Treasury movements – major variable influencing inflows/outflows into EM
debt markets as well as AXJ currencies.
positioning in BNM bills and MGS/GII carry the risk of sharp and swift reversals in the event of continued
•Offshore
Ringgit weakness.
Against the abovementioned backdrop, we reckon that market players will likely remain cautious in the domestic scene.
With inflation creeping higher, we believe that the upward trajectory for inflation will likely persist in the near term as
highlighted by BNM in its 2013 annual report.
Nonetheless, we note that BNM continue to maintain that the current inflationary pressure is still very much cost push
rather than demand induced. Coupled with our expectation of moderate domestic growth, we believe that the Overnight
Policy Rate (OPR) will likely remain unchanged in the first half of 2014. In the longer term, we do not discount the
possibility of a rate hike if inflation continues to be elevated, although this will very much be dependent on economic
data releases in the months ahead.
In the corporate bond market, supply pipeline is expected to pick up with the construction of the MRT project gathering
pace, especially in the government-guaranteed segment, with names such as Prasarana and DanaInfra likely to tap
the primary market for further funding. Apart from that, we also expect more new names to tap the bond market due to
lending constraints in banks caused by the more stringent Basel III capital charge on balance sheets. At the same time,
new issuances are likely to be priced at more attractive levels in tandem with the expectations of rising MGS yields in
the longer run.
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Investment Outlook
AmAssurance AmOasis Islamic Equity Fund Market Outlook
Global equity markets have continued to move higher during the past quarter with the index levels outpacing earnings
growth. During the past few years global bond and emerging markets have been the beneficiaries of strong inflows while
developed market equities have lagged. As a result of the withdrawal of the financial stimulus we saw the trend of flows
reverse and this continued during the past quarter with inflows into global equities, specifically developed market equities,
and outflows from global bonds. Global pension funds have increased their allocation towards equities, however it is
still below the long term average which combined with the inevitable turn in the rate cycle create the potential for higher
demand for quality developed market equities. This should be positive for our portfolios
AmAssurance Global Emerging Market Fund Market Outlook
Recently, global growth has disappointed, US yields have stayed flat and China has slowed. As a result the pressure on
the emerging economies that are perceived as the most vulnerable has alleviated, at least in the short term, and these
markets have rebounded. Thus we have seen significant rotation in the market with many previously strong preforming
markets and companies giving some performance back. What is not clear is whether the market move is short term
and momentum-driven or whether it is symptomatic of a more fundamental rotation by investors back into emerging
markets; the MSCI Emerging Markets Index continues to trade at over a 40% discount to the developed world. We
have highlighted previously that as the year progresses we expect the market backdrop to become more benign for
emerging markets; an end to tapering, economic adjustment by the so-called fragile countries and improved visibility in
the Chinese authorities’ ability to orchestrate stabilization in growth. While there has been some general improvement in
these areas, we are not yet convinced the headwinds have dissipated sufficiently to warrant a prolonged period of strong
emerging market performance. Our analysis so far points to a rotation trade, rather than anything more fundamental. We
have adjusted our position at the margin but do not have enough confidence in the quality of the rally to justify a more
aggressive approach.
AmAssurance Global Agribusiness Fund Market Outlook
The agribusiness strategy experienced several measurable inflection points that reflect our views and positioning.
Decent sales and earnings growth, positive global macro data and the relative attractiveness of global equity as an
asset class helped to boost markets. Companies’ outlooks for 2014 remain optimistic. Agribusiness specific turnarounds
include prices for crops, prices and volumes for fertilizers, stabilization of several EM economies and the corresponding
currencies, a pick-up in trade volume and demand for some soft commodities.
Upstream holdings have reduced operational and financial downside risk. Delayed planting, logistics issues to deliver
nutrients, seeds, and crop protection, little mark-ups and downs on pricing with emerging market counterparts, all
historically have been proven as a delay in revenues/earnings rather than being lost. After India and China contracted
deals, Brazil and Western Europe experiencing good demand and higher pricing.
The Fund has benefited from heightened M&A deals within the Agribusiness space in the past few months. While our
investment process does not allow for speculation on what might be the next deal, recent increase in activities in all food
related categories to us suggest that there is plenty of relative and absolute value.
In addition, farm operators continue to be priced at a discount to net asset value. Good crops (and forecasts), management
quality and execution, asset values should help our exposure during the rest of this year.
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Investment Outlook
AmAssurance Precious Metals Fund Market Outlook
Going into the 2nd quarter of 2014, we maintain our view that long-term risks remain elevated. The market is far too
complacent about yield chasing, QE Taper and now risks associated from heightened geo-political risk. QE Taper is
likely to create further capital flight and challenges to growth in emerging markets. In addition, low rates do not appear
to be going lower. We believe this will be the main challenge to much needed growth for a heavily indebted world. Aside
from being a very painful market for gold investors, we believe that 2013 also taught gold companies an important lesson
about overspending. As such, we believe strategic investors in the gold and precious metals space will be more reticent
when deploying capital.
AmLife Tactical Bond Fund Market Outlook
Market players will likely remain cautious in the domestic scene. With inflation creeping higher, we believe that the
upward trajectory for inflation will likely persist in the near term.
Nonetheless, we note that BNM continue to maintain that the current inflationary pressure is still very much cost push
rather than demand induced. Coupled with our expectation of moderate domestic growth, we believe that the Overnight
Policy Rate (OPR) will likely remain unchanged in the first half of 2014. In the longer term, we do not discount of the
possibility of a rate hike if inflation continues to be elevated.
AmLife Asia Pacific REITS Fund Market Outlook
Global economic data points indicate growth resynchronization with US consumption and employment improving, broadbased growth in the Eurozone. Short term headwinds include the likelihood of stimulus in China in 3Q14 pending the
extent of an economic slowdown, as well as volatility in the next 1-Qs in Japan on effects of the consumption tax hike,
in addition to the effectiveness of Abenomics.
AmAssurance AmCurrency Income II CGF Market Outlook
The Fund matured on 20 March 2014. There was no additional coupon payable due to the flat performance of the
underlying strategy, as seen above. Despite this, the Fund will still return the full principal amount as the European crisis that
affected the performance of the strategy was only limited to the strategic amount that was invested into the option.
Therefore, at the end of 3 years, the Fund matures and the customer will still receive their single premium as this Fund
has been structured in such a way that the policyholders will still get their premiums back, at the maturity date.
(By AmBank (M) Bhd)
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Investment Outlook
AmAssurance AmCommodity Stable CGF Market Outlook
Looking back over the past year, commodity markets on the whole continued on the downward trend seen in the
previous year, albeit with a lesser quantum of price depreciation.
Crude oil prices were generally well supported throughout the middle of 2013 as geopolitical tension in the Middle East
helped push valuations upwards. Beginning with the civil war in Syria, escalating tension within the region spilt over into
neighbouring Libya and other oil producing countries. This sparked a supply threat as the Middle East accounted for
33% of global oil output in 2012. Prices began to decline in September, along with abating tensions in the Middle East
and as the US Fed started to pull back on its monetary easing programme.
Corn was undoubtedly the biggest loser in this review period, with the grain being one of the worst commodity performers
in 2013 as it shaved 40% off its valuation. The first plunge came in July 2013, as the grain slumped 20% after the US
Department of Agriculture (USDA) reported expectations for a record crop harvest in December, capable of doubling
US stockpiles and supplying the EU & Japan for a year. The grain continued in the red for most of the year, touching a
3 year low in September. The start of 2014 bodes better as the USDA reported that the harvest slightly underperformed
estimates and with growing unrest in Ukraine, the world’s third biggest producer.
Cotton swung between gains and losses, starting with a 9.1% drop in August 2013, the biggest 3-day slump since Nov
2011. Prices moderated lower in October to a 9 month bottom as the USDA estimated a growing cotton surplus and India
recorded the wettest monsoon season in 6 years, a situation that is conducive to the sowing of cotton seeds. Looking
at the start of the year, prices have been trending upwards as a growing envelopes the Texas growing region in the US.
The soft commodity is very reactive to swings in the weather.
Copper did not perform well over the review period, with the metal struggling to stay abreast as economic growth in
China began to contract. The signs were there from as early as May, as Goldman Sachs cut their copper forecast for the
year to USD 7,216 from USD 7,600, after a liquidity squeeze in China emerged as the government tried to reign in creditfuelled growth. Prices hovered higher temporarily in September after the US Fed’s surprise decision to maintain their
monetary easing programme. Following this, the metal slumped again moving into 2014, as a sell-off in Emerging Market
assets were sparked by a contraction in Chinese 4Q2014 GDP growth to 7.7% p.a. and a reduction in US monetary
stimulus. (By AmBank (M) Bhd)
(Source: Bloomberg)
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Investment Strategy
amassurance.com.my
Investment Strategy
Equity Investment Strategy
It is at this crucial stage that we must learn how to separate the market view and our investment strategy. The former is
a forecast on market trends, while the latter take risk into consideration. While we are of the view that the uptrend will
last longer, price volatility will increase as a result of the structural changes happening in China.
Hence for our strategy, the recent weakness in some leading sectors signal a period of correction and the need to be
prudent, rotating into underpriced value sectors with recovering fundamentals. With this in mind, there is no reason to
exit the ASEAN markets over the near term but to be mindful of over-valuation. We are also positive on the earnings
momentum within the tech sector for Korea and Taiwan, and would maintain our position in such markets.
As for Malaysia, foreign institutions have been net sellers since October 2013. Such selling has been well absorbed
by domestic institutions, and we believe the foreign holdings in Malaysia are closer to 22% versus the historical low of
20%. What this implies is that the downside risk from offshore selling is negligible and further market weakness would
be a decent tactical move to redeploy the cash in our portfolio. Our over-weight calls remain in the sectors of oil & gas,
plantation and the mid-cap space over the near term. We will review our sector exposure during the next reporting
season as the market is still vulnerable to earnings delivery and valuation.
Fixed Income Investment Strategy
Structurally, we remain cautious, as the local market digests the impact of the continued QE tapering and the perceived
increasingly hawkish tone from the Fed on possibility of earlier-than-expected monetary policy tightening.
Given the expectations of rising interest rate scenario in the medium term, we expect corporate bond yields to follow
suit, as and when price discovery takes place for the new issuances and this will provide a good opportunity to re-enter
the market at relatively attractive levels.
Our strategy can be summarized as follows:-
Portfolio Duration
we will maintain defensive duration in our portfolios relative to the benchmark as we expect the CPI
•Structurally,
to remain elevated and market to continue to be volatile on the evolving interest rate outlook. Tactically, shortlived trading positions on duration will be adopted when opportunity arises.
Security Selection
on MGS due to unfavorable relative valuations as well as market conditions and instead maintain
•Underweight
overweight on corporate bond for spread buffers, but with emphasis on liquidity and acceptable credit quality;
in high credit quality lower-rated names in the primary market which offer higher yield pick-up relative
•Participate
to the secondary market as and when price discovery takes place for the new issuances; and
•Emphasize on favorable relative value among corporate bonds.
For Balanced Fund and Dana Teguh
In view of our market outlook above, we will keep the asset allocation in the fixed income to its minimal and overweight equities.
25
amassurance.com.my
Investment Strategy
AmAssurance AmOasis Islamic Equity Fund Investment Strategy
We have maintained our investment philosophy of investing in high quality companies which have strong competitive
advantages, and the ability to leverage off those competitive advantages to deliver a higher level of sustainable Return
on Equity (ROE) through the economic cycle. We believe that companies which have healthy balance sheets and
strong cash flows have the ability to sustain themselves during challenging economic environments while delivering
real earnings growth over the long-term. Our portfolio trades at a significant discount to the global equity market across
various measures and provides sustainably higher ROE through the economic cycle. This should result in real wealth
creation for our clients over the long term. Furthermore, given the current interest rate environment, we believe earnings
for large-cap cash flush companies are understated due to almost negligible returns on their cash balances. As economic
conditions and interest rates start to normalize, these companies stand to benefit while higher leveraged companies will
struggle as their funding costs increase. The relatively high free cash flow yield of the companies within our portfolios
ensures that these companies have the ability to consistently invest in their businesses without being dependent on
bank funding, which in our view gives them a long-term sustainable competitive advantage in the form of a lower cost of
capital. The high quality of these companies within our portfolios has come through in our historic performance whereby
our portfolios have on average captured less downside during bear months compared to our peer group while boasting
superior risk-return ratios over the long-term.
AmAssurance Global Emerging Market Fund Investment Strategy
Our core markets at the start of April 2014 are Brazil, China, Hungary, South Korea, Qatar and the UAE. In Brazil,
valuations are attractive and earnings growth is reasonable. This is offset, however, by poor economic fundamentals.
In China, economic growth is moderating but valuations are attractive and the reform agenda is encouraging. Hungary
benefits from attractive valuations and an improving economy. However, we are wary of a high level of external debt
that leaves it vulnerable to a reduction in global liquidity and a deteriorating earnings outlook. The Korean market is
attractively valued and the economy is robust. Furthermore, Korea is a perceived beneficiary of improving global growth.
In Qatar, equity valuations are reasonable and economic fundamentals are strong. The market is expected to represent
approximately 0.5% of the MSCI Emerging Markets Index from May 2014. In the UAE, the recovering economy is
supportive and it is anticipated that the market will represent around 0.5% of the MSCI Emerging Markets Index from
May 2014. Both markets continue to attract increased investor interest ahead of the index reclassification.
AmAssurance Global Agribusiness Fund Investment Strategy
The fund continues to favour upstream vs downstream agribusiness stocks. Our upstream holdings should remain
steady, with Fertilizers & Agricultural Chemicals being the key sector. The fund also likes selected downstream
segments such as Agricultural Products and Packaged Food & Meat, particularly companies involved in the production
and distribution of organic and private label food. We are also positive on selective agri subthemes such as emerging
brands, convenience/private label and supply chain/logistics.
The Fund has benefited from heightened M&A deals within the Agribusiness space in the past few months. While our
investment process does not allow for speculation on what might be the next deal, recent increase in activities in all food
related categories to us suggest that there is plenty of relative and absolute value.
26
amassurance.com.my
Investment Strategy
AmAssurance Precious Metals Fund Investment Strategy
We believe that any strategic money coming to the Gold and PGM space will most likely be of the view that it is cheaper
to buy than to build. Gold and PGM equities represent a good buying opportunity as we expect a “leveraged” proxy effect
is returning to this sector, given longer term fundamental support for gold and precious metal prices, and more prudent
capital expenditure.
AmLife Tactical Bond Fund Investment Strategy
We are cautious as the market digest the impact of the continued QE tapering and the perceived more hawkish tone
from the Fed on possibility of earlier than expected monetary policy tightening. Given the expectations of rising interest
rate scenario in the medium term, we expect corporate bond yields to follow suit in tandem, as and when price discovery
takes place for the new issuances and this will provide a good opportunity to re-enter the market at relatively attractive
levels. In terms of duration positioning, we maintain defensive duration in our portfolios relative to the benchmark.
AmLife Asia Pacific REITS Fund Investment Strategy
We continue to focus on areas where we think there are growth potentials. We are selective in Australia on the M&A
theme, in addition to favoring REITS who have competitive advantages over their peers e.g. active asset management
and superior quality assets. We are positive on sectors in Japan where the tax hike is expected to have less impact and
where positive corporate sentiment will have a more direct impact i.e. logistics and office. We are turning more positive in
Singapore on an improved global economic outlook i.e. a pickup in office space paired with an uptick in office rental rates.
AmAssurance AmCurrency Income II CGF Investment Strategy
The Fund employs a dynamic strategy. The quantum of participation is adjusted on a monthly basis depending on
the performance of the strategy. When performance is negative the participation is adjusted downwards in the next
month. This adjustment in participation rate is to enable the strategy to minimize the impact of downside moves while
maximizing the benefits on the upside performance. Payments of the coupon amounts (if any) at the end of 18 months
and at maturity are linked to AmCurrency Income Index (Bloomberg Ticker: UBFSACII Index) and are subject to the
satisfaction of conditions stipulated by the Issuer as per the Term sheet.
(By AmBank (M) Bhd)
AmAssurance AmCommodity Stable CGF Investment Strategy
The MLCX AmBank Commodity Alpha Index (Bloomberg Code: MLCXAMB Index) tracks a long/short investment in
commodity futures. This long short investment is the MLCXA01 Excess Return Index. It uses a combination of a long
and short investment to generate alpha returns with a net delta exposure of near zero. The long leg rolls farther out on
the curve than traditional benchmarks and employs weighting and roll window improvements to enhance returns. There
will be no coupon payment in year 3 and year 4 (2% and 3% was paid in year 1 and year 2 respectively) and the final
coupon in in year 5 will depend on the performance of the MLCXAMB Index.
(By AmBank (M) Bhd)
27
amassurance.com.my
Fund Performance
amassurance.com.my
(i) Since Inception Performance
AmAssurance Equity Fund vs. Benchmark
Performance Since 27 Feb 2004 - 31 Mar 2014
120.00
Performance (%)
100.00
80.00
60.00
40.00
20.00
0.00
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
-20.00
Month
AmAssurance - Equity
FBMKLCI
(ii) Full Year Performance
AmAssurance Equity Fund vs. Benchmark
Performance Since 1 Apr 2013 - 31 Mar 2014
24.00
21.00
Performance (%)
Fund Performance
18.00
15.00
12.00
9.00
6.00
3.00
0.00
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Month
29
FBMKLCI
amassurance.com.my
AmAssurance Bond Fund vs. Benchmark
60.00
Performance (%)
50.00
40.00
30.00
20.00
10.00
0.00
Mar -14
Sep-13
Mar -13
Sep-12
Mar -12
Sep-11
Mar -11
Sep-10
Mar -10
Sep-09
Mar -09
Sep-08
Mar -08
Sep-07
Mar -07
Sep-06
Mar -06
Sep-05
Mar -05
Sep-04
Mar -04
-10.00
Month
AmAssurance - Bond
MBB 12mth Tier 1
AmAssurance Bond Fund vs. Benchmark
8.00
Performance (%)
Fund Performance
6.00
4.00
2.00
0.00
-2.00
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Month
AmAssurance - Bond
30
MBB 12mth Tier 1
amassurance.com.my
AmAssurance Balanced Fund vs. Benchmark
100.00
Performance (%)
80.00
60.00
40.00
20.00
0.00
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
-10.00
Month
AmAssurance - Balanced
50% FBMKLCI & 50% MBB 12mth Tier 1
AmAssurance Balanced Fund vs. Benchmark
18.00
16.00
Performance (%)
Fund Performance
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Month
31
amassurance.com.my
AmAssurance Dana Teguh vs. Benchmark
Performance Since Inception 27 Feb 2004 - 31 Mar 2014
120.00
Performance (%)
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
-40.00
Month
AmAssurance - Dana Teguh
50% FBM Emas Syariah & 50% MBB 12mth Tier 1
AmAssurance Dana Teguh vs. Benchmark
25.00
Performance (%)
Fund Performance
20.00
15.00
10.00
5.00
0.00
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Month
32
amassurance.com.my
AmAssurance AmOasis Islamic Equity Fund vs. Benchmark
40.00
30.00
Performance (%)
20.00
10.00
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
Dec-13
Aug-13
Apr -13
Dec-12
Aug-12
Apr -12
Dec-11
Aug-11
Apr - 11
Dec-10
Aug-10
Apr -10
Dec-09
Aug-09
Apr -09
Dec-08
Aug-08
Apr -08
Dec-07
Aug-07
Apr -07
-60.00
Month
AmAssurance - AmOasis Islamic Equity
Dow Jones Islamic Market Index
AmAssurance AmOasis Islamic Equity Fund vs. Benchmark
20.00
Performance (%)
Fund Performance
15.00
10.00
5.00
0.00
-5.00
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Month
33
Dow Jones Islamic Market Index
amassurance.com.my
AmAssurance Global Emerging Market Fund vs. Benchmark
Performance Since 1 Jun 2008 - 31 Mar 2014
20.00
Performance (%)
10.00
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
Mar-14
Dec-13
Sep-13
Jun -13
Mar-13
Dec-12
Sep-12
Jun -12
Mar-12
Dec-11
Sep-11
Jun -11
Mar-11
Dec-10
Sep-10
Jun -10
Mar-10
Dec-09
Sep-09
Jun -09
Mar-09
Dec-08
Sep-08
Jun -08
-60.00
Month
AmAssurance - Global Emerging Market
MSCI Emerging Market Index
AmAssurance Global Emerging Market Fund vs. Benchmark
10.00
Performance (%)
Fund Performance
5.00
0.00
-5.00
-10.00
-15.00
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Month
34
MSCI Emerging Markets Index
amassurance.com.my
AmAssurance Precious Metals Fund vs. Benchmark
Performance Since 1 Sep 2008 - 31 Mar 2014
80.00
Performance (%)
60.00
40.00
20.00
0.00
-20.00
-40.00
Mar -14
Dec-13
Sep-13
Jun -13
Mar -13
Dec-12
Sep-12
Jun -12
Mar -12
Dec-11
Sep-11
Jun -11
Mar -11
Dec-10
Sep-10
Jun -10
Mar -10
Dec-09
Sep-09
Jun -09
Mar -09
Dec-08
Sep-08
-60.00
Month
AmAssurance - Precious Metals
FTSE Gold Mines Index
AmAssurance Precious Metals Fund vs. Benchmark
10.00
0.00
Performance (%)
Fund Performance
-10.00
-20.00
-30.00
-40.00
-50.00
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Month
35
FTSE Gold Mines Index
amassurance.com.my
AmAssurance Global Agribusiness Fund vs. Benchmark
30.00
Performance (%)
20.00
10.00
0.00
-10.00
-20.00
-30.00
-40.00
Mar -14
Dec-13
Sep-13
Jun -13
Mar -13
Dec-12
Sep-12
Jun -12
Mar -12
Dec-11
Sep-11
Jun -11
Mar -11
Dec-10
Sep-10
Jun -10
Mar -10
Dec-09
Sep-09
Jun -09
Mar -09
Dec-08
Sep-08
-50.00
Month
AmAssurance - Global Agribusiness
MSCI World Free Index
AmAssurance Global Agribusiness Fund vs. Benchmark
20.00
Performance (%)
Fund Performance
15.00
10.00
5.00
0.00
-5.00
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Month
36
MSCI World Free Index
amassurance.com.my
AmAssurance Dividend Fund vs. Benchmark
Performance Since 27 Oct 2011 - 31 Mar 2014
30.00
Performance (%)
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
Feb -14
Dec-13
Oct -13
Aug-13
Jun -13
Apr -13
Feb-13
Dec-12
Oct -12
Aug-12
Jun -12
Apr -12
Feb-12
Dec-11
Oct -11
-10.00
Month
AmAssurance - Dividend
FBMKLCI
AmAssurance Dividend Fund vs. Benchmark
14.00
12.00
Performance (%)
Fund Performance
10.00
8.00
6.00
4.00
2.00
0.00
-2.00
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Month
37
FBMKLCI
amassurance.com.my
AmAssurance AmCommodity Stable Capital Guaranteed Fund vs. Benchmark
Performance Since 27 Oct 2011 - 31 Mar 2014
0.00
Performance (%)
-1.00
-2.00
-3.00
-4.00
-5.00
Feb -14
Dec-13
Oct -13
Aug-13
Jun -13
Apr -13
Feb-13
Dec-12
Oct -12
Aug-12
Jun -12
Apr -12
Feb-12
Dec-11
Oct -11
Aug-11
Jun -11
Apr -11
Feb-11
Dec-10
Oct -10
-6.00
Month
AmAssurance - AmCommodity Stable
AmLife Asia Pacific REITS Fund vs. Benchmark
6.00
4.00
Performance (%)
2.00
0.00
-2.00
Mar-14
Feb -14
Jan -14
Dec-13
Nov-13
Oct -13
-4.00
Sep-13
Fund Performance
Month
AmLife Asia Pacific REITS
38
Bloomberg Asia REITS Index
amassurance.com.my
AmLife Tactical Bond Fund vs. Benchmark
4.00
3.00
Performance (%)
2.00
1.00
0.00
-1.00
-2.00
-3.00
Mar-14
Feb -14
Jan -14
Dec-13
Nov-13
Oct -13
-4.00
Sep-13
Fund Performance
Month
AmLife Tactical Bond
RAM Quantum ALL MGS Index
39
amassurance.com.my
Sectoral & Category
Breakdown
amassurance.com.my
Details of portfolio composition of AmAssurance Equity Fund as at 31 March are as follows:
Construction
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
7.72
3.23
8.25
11.23
2.90
-
-
-
-
3.80
Consumer products
Finance
11.34
5.54
7.58
7.32
17.80
Industrial products
13.03
17.47
4.57
4.01
6.60
Infrastructure
1.31
3.15
-
-
1.50
Foreign stock
-
-
-
-
-
2.97
-
-
4.54
8.50
-
-
-
-
-
45.85
27.22
43.71
12.78
24.10
-
-
6.84
-
-
Properties
Warrant
Trading / Services
REITS
Plantations
Repurchase Agreements / Cash
-
4.06
5.72
3.83
10.00
17.77
39.33
23.33
56.29
24.80
100.00
100.00
100.00
100.00
100.00
Details of portfolio composition of AmAssurance Bond Fund as at 31 March are as follows:
Malaysia Unit Trusts
Corporate Bonds
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
9.56
7.11
9.40
8.07
54.10
68.18
65.70
79.06
8.86
-
Malaysian Government Securities
-
-
-
43.95
-
22.26
27.19
11.54
39.12
45.90
100.00
100.00
100.00
100.00
100.00
41
amassurance.com.my
Details of portfolio composition of AmAssurance Balanced Fund as at 31 March are as follows:
Construction
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
0.45
-
7.61
7.81
2.58
-
-
-
-
2.68
Consumer Products
Finance
Industrial Products
Infrastructure
9.00
5.18
7.27
6.83
13.07
10.65
10.32
3.91
2.34
5.43
0.94
-
-
-
1.13
-
-
-
-
-
-
3.41
5.38
3.41
8.30
3.02
-
-
3.74
1.69
Warrant
Plantations
Properties
Foreign Stock
-
-
-
-
-
0.62
-
6.16
-
-
Trading / Services
37.07
22.51
35.91
10.34
16.36
Corporate Bonds
24.71
26.95
27.08
11.72
-
REITS
9.18
-
-
5.94
13.23
4.36
31.63
6.68
47.87
35.54
100.00
100.00
100.00
100.00
100.00
Details of portfolio composition of AmAssurance Dana Teguh as at 31 March are as follows:
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
9.19
3.14
11.45
11.30
7.20
-
-
-
-
2.10
Industrial Products
9.44
11.02
4.20
6.51
9.10
Infrastructure
1.39
2.69
-
-
-
Construction
Consumer Products
Warrant
-
-
-
-
-
Plantations
-
-
4.85
-
8.50
3.21
-
-
3.97
7.70
Trading / Services
Properties
39.89
24.91
37.04
10.76
20.70
Corporate Bonds
19.97
22.52
18.31
-
-
4.62
2.35
2.27
6.75
7.30
12.30
33.37
21.88
60.71
37.40
100.00
100.00
100.00
100.00
100.00
42
amassurance.com.my
Details of portfolio composition of AmAssurance AmOasis Islamic Equity Fund as at 31 March are as follows:
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
Construction
-
-
8.55
10.21
-
Consumer Products
-
-
-
-
-
Industrial Products
-
-
2.88
-
-
Infrastructure
-
-
6.38
-
-
Warrant
-
-
-
-
-
Plantations
-
-
3.84
-
-
Properties
-
-
-
2.93
-
Trading / Services
-
-
24.42
9.97
-
89.53
74.34
26.64
32.61
54.47
10.47
25.66
27.29
44.28
45.53
100.00
100.00
100.00
100.00
100.00
AmOasis Global Islamic Equity Fund (“Target Fund”) Sector Allocation*
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
Basic Materials
4.00
5.00
9.00
14.00
12.00
Communication
18.00
21.00
19.00
17.00
17.00
8.00
7.00
8.00
8.00
10.00
Consumer, Cyclical
Consumer, Non-Cyclical
Energy
9.00
6.00
6.00
5.00
5.00
10.00
11.00
12.00
10.00
7.00
Financial
-
-
-
3.00
-
Healthcare
22.00
22.00
19.00
15.00
13.00
Industrials
6.00
8.00
6.00
8.00
12.00
Property
1.00
1.00
1.00
-
4.00
22.00
17.00
18.00
17.00
16.00
-
2.00
2.00
3.00
4.00
Technology
Utilities
Note: Source of Target Fund’s sector allocation from AmMutual
*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
43
amassurance.com.my
Details of portfolio composition of AmAssurance Precious Metals Fund as at 31 March are as follows:
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
96.40
87.51
85.93
47.92
59.83
3.60
12.49
14.07
52.08
40.17
100.00
100.00
100.00
100.00
100.00
AmPrecious Metals Fund (“Target Fund”) Sector Allocation*
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
-
-
-
79.78
71.75
74.05
72.35
Diamond
Gold
73.46
Platinum
-
-
-
-
9.90
13.09
16.12
12.92
21.08
-
Silver
6.77
-
-
-
8.50
Diversified Metals & Mining
6.60
-
-
-
-
Cash And Other Assets
0.05
4.07
15.31
4.84
9.25
Precious Metals & Minerals
44
amassurance.com.my
Details of portfolio composition of AmAssurance Global Agribusiness Fund as at 31 March are as follows:
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
88.08
80.04
84.08
70.39
76.29
11.92
19.96
15.92
29.61
23.71
100.00
100.00
100.00
100.00
100.00
AmGlobal Agribusiness Fund (“Target Fund”) Sector Allocation*
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
19.10
23.60
25.20
29.70
25.90
3.70
-
-
-
-
Construction / Farm Machinery
-
2.20
2.40
2.30
-
Distillers & Vintners
-
-
-
3.50
-
Agricultural Products
Breweries
Distributors
Diversified Banks
Diversified Chemicals
Fertilizers & Agricultural Chemicals
-
-
-
-
-
3.20
2.10
2.00
2.70
2.90
3.70
1.70
-
-
-
38.20
43.00
40.30
19.80
13.70
Food Distributors
1.50
-
-
-
-
Food Retails
2.90
1.10
6.40
9.20
6.70
Gas Utilities
-
-
-
-
1.40
Hypermarkets & Super Center
-
2.40
1.50
-
-
-
2.10
2.80
-
-
1.70
1.50
1.80
-
2.50
Life Sciences Tools & Service
Marine Ports & Services
Other Sectors
4.30
4.50
-
7.10
-
19.50
15.10
12.70
14.40
23.70
Paper Products
-
-
-
-
1.60
Pharmaceuticals
-
-
-
-
1.60
Railroads
1.30
1.30
0.80
-
-
Restaurants
0.90
-
-
2.80
3.50
Packaged Foods & Meat
Speciality Chemicals
-
-
-
-
1.80
Cash & Others Sectors
-
-0.60
4.10
2.50
4.00
Not Classified
-
-
-
6.00
10.70
45
amassurance.com.my
Details of portfolio composition of AmAssurance Global Emerging Market Fund as at 31 March are as follows:
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
87.74
79.59
68.52
69.66
78.21
12.26
20.41
31.48
30.34
21.79
100.00
100.00
100.00
100.00
100.00
AmGlobal Emerging Market Opportunities Fund (“Target Fund”) Sector Allocation*
Consumer Discretionary
Consumer Staples
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
%
%
%
%
%
15.87
10.26
19.49
12.77
11.73
3.37
9.98
1.08
-
3.83
Derivatives
-
-
-0.01
-
-
Energy
10.12
5.00
11.57
13.18
10.02
Financials
34.12
40.74
27.82
36.22
32.65
0.90
1.20
-
-
1.94
Health Care
Industrials
Information Technology
Materials
2.59
4.48
5.06
6.90
9.76
18.14
13.77
12.87
2.79
1.84
3.29
3.26
6.51
8.91
3.17
-
-
-
-
-
3.63
7.74
-
3.81
7.14
-
0.24
2.25
2.06
1.95
-
-
13.36
-
15.97
7.97
3.33
-
13.35
-
Not Classified
Telecommunication Services
Utilities
Others Net Asset
Cash
46
amassurance.com.my
Details of portfolio composition of AmAssurance AmCommodity Stable CGF as at 31 March are as follows:
Structured Instrument
FY 2014
FY 2013
FY 2012
FY 2011
%
%
%
%
1.88
1.89
1.67
1.64
98.11
98.10
98.24
98.27
0.00
0.01
0.09
0.09
100.00
100.00
100.00
100.00
Details of portfolio composition of AmAssurance Dividend Fund as at 31 March are as follows:
Construction
Finance
FY 2014
FY 2013
FY 2012
%
%
%
4.96
-
-
13.88
12.60
13.29
Industrial products
3.89
10.13
6.11
Infrastructure
4.99
4.61
5.92
Properties
7.41
3.06
-
41.11
9.15
24.59
4.53
4.08
16.56
Trading / Services
REITS
Plantations
Repurchase agreements/Cash
-
-
5.46
19.24
56.37
28.07
100.00
100.00
100.00
47
amassurance.com.my
Details of portfolio composition of AmAssurance Asia Pacific REITS Fund as at 31 March are as follows:
FY 2014
%
88.62
11.38
100.00
AmAsia Pacific REITS Fund (“Target Fund”) Sector Allocation*
FY 2014
%
Real Estate
86.10
Fixed Deposit / Negotiable Instruments / Cash
13.90
Details of portfolio composition of AmLife Tactical Bond Fund as at 31 March 2014 are as follows:
FY 2014
%
86.64
Repurchase agreements / Cash
13.36
100.00
AmTactical Bond Fund (“Target Fund”) Sector Allocation*
FY 2014
%
Bond
84.47
Cash
15.53
48
amassurance.com.my
Comparative Table:
Fund Performance
amassurance.com.my
Comparative Table:
Fund Performance
Fund Performance as at 31 March 2014
1 year
3 years
Annual Return
(%)
5 years
Since Launch
Average Compounded
Annual Return (%)
20.68
7.09
14.78
6.97
2.23
3.89
4.15
4.38
15.30
5.31
11.37
6.81
22.03
8.27
13.43
7.10
11.66
4.89
9.80
0.79
3.61
(1.77)
0.51
0.47
(20.39)
(19.06)
(10.94)
(9.78)
AmAssurance Agribusiness Fund
4.39
1.57
4.25
3.90
AmAssurance AmCommodity Stable CGF
2.89
0.98
-
(0.34)
12.66
-
-
9.87
-
-
-
(3.60)
-
-
-
(2.35)
50
amassurance.com.my
Comparative Table:
Net Asset Value, Number of Units
and Unit Price
amassurance.com.my
Comparative Table:
Net Asset Value, Number of Units and Unit Price as at 31 March 2014
Performance details of the Fund for the financial years ended 31 March are as follows:
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
Highest NAV per unit for the year
0.9946
0.8265
0.8317
0.8280
0.6730
Lowest NAV per unit for the year
0.8253
0.7529
0.7070
0.6329
0.5010
Total NAV (RM million)
14.5438
12.2637
14.5937
11.4753
4.6029
UIC (in million)
14.6327
14.8900
18.6334
14.1793
6.8745
0.9939
0.8236
0.7832
0.8093
0.6708
Total Return¹
20.68
5.16
(3.23)
20.65
34.43
Capital growth
20.68
5.16
(3.23)
20.65
34.43
-
-
-
-
-
Unit Prices (RM)
Net Asset Value (NAV) and Units in
Circulation (UIC) as at the end of the Year*
NAV per unit (RM)
Total Return for the Year (%)
Income distributions
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
0.7752
0.7571
0.7323
0.6915
0.6640
0.7576
0.7309
0.6903
0.6640
0.6310
16.7134
16.3762
11.9079
11.3630
5.8876
UIC (in million)
21.5938
21.6261
16.2856
16.4615
8.8720
0.7740
0.7571
0.7311
0.6903
0.6640
Total Return¹
2.23
3.56
5.91
3.96
5.15
Capital growth
2.23
3.56
5.91
3.96
5.15
-
-
-
-
-
Unit Prices (RM)
NAV per unit (RM)
52
amassurance.com.my
Comparative Table:
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
0.9834
0.8507
0.8626
0.8588
0.7360
0.8513
0.7918
0.7568
0.7085
0.5730
24.1576
22.8901
21.5113
17.5410
5.8011
UIC (in million)
24.6747
26.9555
26.2568
20.9280
7.9035
0.9790
0.8491
0.8193
0.8382
0.7350
Total Return¹
15.30
3.64
(2.25)
14.04
28.65
Capital growth
15.30
3.64
(2.25)
14.04
28.65
-
-
-
-
-
Unit Prices (RM)
NAV per unit (RM)
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
1.0088
0.8259
0.8169
0.8118
0.6880
0.8260
0.7632
0.7318
0.6501
0.5380
12.1769
12.9224
13.1293
7.0499
2.7808
UIC (in million)
12.1007
15.6696
16.6728
8.8919
4.0512
1.0063
0.8246
0.7875
0.7928
0.6878
Total Return¹
22.03
4.71
(0.67)
15.27
28.34
Capital growth
22.03
4.71
(0.67)
15.27
28.34
-
-
-
-
-
Unit Prices (RM)
NAV per unit (RM)
53
amassurance.com.my
Comparative Table:
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
0.5827
0.4747
0.4642
0.4688
0.4300
0.4672
0.4218
0.4110
0.3915
0.3180
4.5139
3.4302
4.3479
4.3056
3.3350
UIC (in million)
8.5410
7.2475
9.8279
9.4007
8.0792
NAV per unit (RM)
0.5285
0.4733
0.4424
0.4580
0.4128
Total Return¹
11.66
6.98
(3.41)
10.95
24.68
Capital growth
11.66
6.98
(3.41)
10.95
24.68
-
-
-
-
-
Unit Prices (RM)
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
0.5229
0.5073
0.5557
0.5726
0.5580
0.4673
0.4655
0.4590
0.4853
0.4950
0.8839
0.7619
0.7216
0.7228
0.6226
UIC (in million)
1.7201
1.5360
1.4608
1.3331
1.1554
NAV per unit (RM)
0.5139
0.4960
0.4940
0.5422
0.5388
Total Return¹
3.61
0.40
(8.89)
0.63
7.57
Capital growth
3.61
0.40
(8.89)
0.63
7.57
-
-
-
-
-
Unit Prices (RM)
54
amassurance.com.my
Comparative Table:
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
Unit Prices (RM)
0.6195
0.6114
0.6046
0.5976
0.6140
0.5672
0.5196
0.4794
0.4943
0.5020
1.8693
1.6572
1.4590
1.3087
0.6895
UIC (in million)
3.0205
2.7952
2.6083
2.2156
1.2188
NAV per unit (RM)
0.6189
0.5929
0.5594
0.5907
0.5657
Total Return¹
4.39
5.99
(5.30)
4.42
12.53
Capital growth
4.39
5.99
(5.30)
4.42
12.53
-
-
-
-
-
FY 2014
FY 2013
FY 2012
FY 2011
FY 2010
0.3532
0.4582
0.5597
0.5665
0.5630
0.2534
0.3467
0.4293
0.4892
0.4810
3.9300
4.8916
5.1605
4.5400
1.9337
13.9612
13.8346
12.0202
8.5518
3.9231
0.2815
0.3536
0.4293
0.5309
0.4929
Total Return¹
(20.39)
(17.63)
(19.14)
7.71
(1.91)
Capital growth
(20.39)
(17.63)
(19.14)
7.71
(1.91)
-
-
-
-
-
Unit Prices (RM)
UIC (in million)
NAV per unit (RM)
55
amassurance.com.my
Comparative Table:
Performance details of the Fund for the financial period ended 31 March are as follows:
FY 2014
FY 2013
FY 2012
FY 2011
0.4942
0.4892
0.4891
0.5000
0.4803
0.4753
0.4749
0.4799
Unit Prices (RM)
4.1688
4.0511
4.5326
4.5676
UIC (in million)
8.4356
8.4356
9.4236
9.5188
NAV per unit (RM)
0.4942
0.4803
0.4810
0.4799
Total Return¹
2.89
(0.15)
0.23
-
Capital growth
2.89
(0.15)
0.23
-
-
-
-
-
FY 2014
FY 2013
FY 2012
0.6290
0.5577
0.5273
0.5566
0.5065
0.4973
9.4440
6.3501
5.4439
15.0299
11.3857
10.4925
0.6283
0.5577
0.5189
Total Return¹
12.66
7.48
-
Capital growth
12.66
7.48
-
-
-
-
Unit Prices (RM)
UIC (in million)
NAV per unit (RM)
56
amassurance.com.my
Comparative Table:
FY 2014
Unit Prices (RM)
0.5000
0.4750
0.5809
UIC (in million)
1.1849
NAV per unit (RM)
0.4903
Total Return¹
-
Capital growth
-
-
FY 2014
Unit Prices (RM)
0.5008
0.4807
0.4912
UIC (in million)
0.9949
NAV per unit (RM)
0.4937
Total Return¹
-
Capital growth
-
-
57
amassurance.com.my
Summary of
Financial Information
page
59
Statement by the Manager
60
Independent Auditors’ Report
62
Statements of Assets and Liabilities
69
Statements of Income and Expenditure
76
Statements of Changes in Net Asset Value
81
Notes to the Financial Information
58
amassurance.com.my
Statement By The Manager
In the opinion of the Manager, the accompanying financial information of the Investment- linked Funds of AmLife
Insurance Berhad comprising the AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund,
AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund,
AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmCommodity Stable
CG Fund, AmAssurance Dividend Fund, AmAssurance AmCurrency Income CG Fund (matured on 16 August 2013),
AmAssurance AmCurrency Income II CG Fund (matured on 20 March 2014), AmLife Asia Pacific REITS Fund (launched
on 17 September 2013) and AmLife Tactical Bond Fund (launched on 17 September 2013) set out on pages 62 to 127
have been prepared in accordance with the accounting policies as described in Note 2.2 to the financial information and
the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara Malaysia.
On Behalf of AmLife Insurance Berhad
Paul Low Hong Ceong
Kuala Lumpur, Malaysia
17 June 2014
59
amassurance.com.my
Independent auditors’ report to the unitholders of the Investment-Linked Funds
of AmLife Insurance Berhad (Incorporated in Malaysia)
Report on The Financial Information
We have audited the financial information of the investment-linked funds of AmLife Insurance Berhad (“the Manager”)
(“the Funds”) which comprise the Statements of Assets and Liabilities as at 16 August 2013 (“maturity date”) of
AmAssurance AmCurrency Income CG Fund and 20 March 2014 (“maturity date”) of AmAssurance AmCurrency Income
II CG Fund, and as at 31 March 2014 of AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced
Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market
Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmCommodity
Stable CG Fund, AmAssurance Dividend Fund, AmLife Asia Pacific REITS Fund and AmLife Tactical Bond Fund and
the Statements of Income and Expenditure and Statements of Changes in Net Asset Value from 1 April 2013 to maturity
date of AmAssurance AmCurrency Income CG Fund and AmAssurance AmCurrency Income II CG Fund, the Statements
of Income and Expenditure and Statements of Changes in Net Asset Value for the year/period ended 31 March 2014
for AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh,
AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance Precious Metals
Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmCommodity Stable CG Fund, AmAssurance Dividend
Fund, AmLife Asia Pacific REITS Fund and AmLife Tactical Bond Fund, and a summary of significant accounting policies
and other explanatory information (“financial information”), as set out on pages 62 to 127.
Directors’ Responsibility for The Financial Information
The directors of the Manager are responsible for the preparation of financial information in accordance with the accounting
policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance / Takaful
Business issued by Bank Negara Malaysia, and for such internal control as the directors determine are necessary to
enable the preparation of financial information that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial information based on our audit. We conducted our audit
in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial information are
free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial information. The procedures selected depend on our judgement, including the assessment of
risks of material misstatement of the financial information, whether due to fraud or error. In making those risk assessments,
we consider internal control relevant to the Funds’ preparation of financial information in accordance with the accounting
policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance / Takaful
Business issued by Bank Negara Malaysia 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 Funds’ internal control. An audit also includes
evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by
the Manager, as well as evaluating the overall presentation of the financial information.We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
60
amassurance.com.my
Opinion
As disclosed in Note 1 to the financial information, the AmAssurance AmCurrency Income CG Fund and AmAssurance
AmCurrency Income II CG Fund had matured on 16 August 2013 and 20 March 2014 respectively. Consequently, the
financial information of these Funds have been prepared on a basis other than going concern. The assets of the Funds
have been stated at their respective recoverable values and all liabilities of the Funds, including the estimated expenses
upon maturity of the Funds, have been recognised.
In our opinion, the financial information have been prepared, in all material respects, in accordance with the accounting
policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful
Business issued by Bank Negara Malaysia.
Other Matters
This report is made solely to the unitholders of the Funds, as a body, in accordance with the Guidelines on Investment-linked
Insurance/Takaful Business issued by Bank Negara Malaysia and for no other purpose. We do not assume responsibility to
any other person for the content of this report.
Brandon Bruce Sta Maria
Ernst & Young
No. 2937/09/15(J)
Chartered Accountant
AF: 0039
Chartered Accountants
17 June 2014
61
amassurance.com.my
Statements of
Assets and Liabilities:
As at 31 March 2014
AmAssurance
Equity Fund
Note
AmAssurance
Bond Fund
2014
2013
2014
2013
RM
RM
RM
RM
Assets
Investments
3
14,766,318
12,648,180
16,809,385
16,058,825
Deferred tax assets
4
-
-
13,951
-
-
33,294
-
-
23,601
38,871
184,996
415,552
Tax recoverable
Other receivables
Cash and bank balances
Total assets
926
426
52,848
203
14,790,845
12,720,771
17,061,180
16,474,580
Liabilities
Provision for taxation
14,266
-
141,932
64,541
197,470
34,694
-
11,584
Other payables
35,338
422,373
205,800
22,238
Total liabilities
247,074
457,067
347,732
98,363
14,543,771
12,263,704
16,713,448
16,376,217
Unitholders' contribution
9,787,870
9,994,331
13,970,976
14,024,281
Undistributed income
4,755,900
2,269,373
2,742,472
2,351,936
Deferred tax liabilities
4
Net asset value of funds ("NAV")
Represented by:
Unitholders’ capital
5
14,543,771
12,263,704
16,713,448
16,376,217
Units in circulation
5
14,632,663
14,890,034
21,593,784
21,626,088
NAV per unit (RM)
5
0.9939
0.8236
0.7740
0.7572
The accompanying notes form an integral part of the financial information.
62
amassurance.com.my
Statements of Assets and Liabilities:
As at 31 March 2014 (cont’d)
AmAssurance
Balanced Fund
Note
AmAssurance
Dana Teguh
2014
2013
2014
2013
RM
RM
RM
RM
24,170,882
22,547,079
12,286,190
12,910,742
-
11,301
-
-
412,307
395,316
153,463
67,665
785
576
475
887
24,583,974
22,954,272
12,440,128
12,979,294
53,237
-
68,867
10,236
Assets
Investments
3
Tax recoverable
Other receivables
Total assets
Liabilities
259,894
31,030
171,863
14,027
Other payables
4
113,206
33,100
22,523
32,628
Total liabilities
426,337
64,130
263,253
56,891
24,157,637
22,890,142
12,176,875
12,922,403
18,017,146
20,222,348
7,832,202
11,072,783
Represented by:
6,140,491
2,667,794
4,344,673
1,849,620
5
24,157,637
22,890,142
12,176,875
12,922,403
5
24,674,688
26,955,518
12,100,742
15,669,587
NAV per unit (RM)
5
0.9790
0.8492
1.0063
0.8247
63
amassurance.com.my
AmAssurance AmOasis
Islamic Equity Fund
Note
AmLife Asia Pacific
REITS Fund
2014
2013
2014
RM
RM
RM
4,528,964
3,491,154
509,424
-
Assets
Investments
3
Deferred tax assets
4
Tax recoverable
Other receivables
Total assets
-
6,781
6,562
9,543
-
66,386
15,382
16,275
280
927
65,411
4,602,192
3,523,787
591,110
Liabilities
-
-
47
30,687
-
329
Other payables
57,580
93,608
9,790
Total liabilities
88,267
93,608
10,166
4,513,925
3,430,179
580,943
4,308,629
3,668,105
585,824
205,296
(237,926)
(4,880)
3,430,179
580,944
4
Represented by:
Undistributed income / (Accumulated losses)
5
4,513,925
5
8,541,049
7,247,527
1,184,942
NAV per unit (RM)
5
0.5285
0.4733
0.4903
64
amassurance.com.my
AmAssurance Global
Emerging Market Fund
Note
AmLife Tactical
Bond Fund
2014
2013
2014
RM
RM
RM
Assets
Investments
3
900,362
772,423
421,809
Deferred tax assets
4
-
1,510
-
Other receivables
696
690
14,620
403
851
65,019
901,461
775,474
501,448
797
319
51
Total assets
Liabilities
1,365
-
436
Other payables
4
15,367
13,239
9,779
Total liabilities
17,529
13,558
10,266
883,932
761,916
491,182
871,871
778,668
494,606
12,061
(16,752)
(3,424)
Represented by:
Undistributed income / (Accumulated losses)
5
883,932
761,916
491,182
5
1,720,080
1,536,042
994,931
NAV per unit (RM)
5
0.5139
0.4960
0.4937
65
amassurance.com.my
AmAssurance Precious
Metals Fund
AmAssurance Global
Agribusiness Fund
2014
2013
2014
2013
RM
RM
RM
RM
3
3,456,063
4,736,595
1,904,036
1,681,028
4
247,919
179,978
-
-
17,497
-
-
-
Other receivables
126,979
16,189
7,579
8,202
129,015
126
916
584
3,977,473
4,932,888
1,912,531
1,689,814
-
1,616
3,493
2,570
Note
Assets
Investments
Deferred tax assets
Tax recoverable
Total assets
Liabilities
-
-
19,578
12,787
Other payables
4
47,443
39,637
20,167
17,217
Total liabilities
47,443
41,253
43,238
32,574
3,930,030
4,891,635
1,869,293
1,657,240
6,907,783
6,852,027
1,646,478
1,508,971
Represented by:
(Accumulated losses) / Undistributed income
(2,977,753)
(1,960,392)
222,815
148,269
5
3,930,030
4,891,635
1,869,293
1,657,240
5
13,961,225
13,834,618
3,020,546
2,795,155
NAV per unit (RM)
5
0.2815
0.3536
0.6189
0.5929
66
amassurance.com.my
AmAssurance
AmCommodity Stable
CG Fund
Note
AmAssurance
AmCurrency Income
CG Fund
2014
2013
16.08.2013
31.03.2013
RM
RM
RM
RM
4,851,547
4,692,166
-
45,836,035
-
8,943
-
-
231
231
1,541
1,650
Assets
Investments
3
Deferred tax assets
4
Other receivables
222
242
46,459,763
639
4,852,000
4,701,582
46,461,304
45,838,324
20,217
20,217
9,765
9,526
3,606
-
-
111,932
Other payables
659,384
630,254
3,142,853
2,934,104
Total liabilities
683,207
650,471
3,152,618
3,055,562
4,168,793
4,051,111
43,308,686
42,782,762
4,245,117
4,245,117
41,853,915
41,972,699
1,454,771
810,063
Total assets
Liabilities
4
Represented by:
(Accumulated losses) / Undistributed income
(76,324)
(194,006)
5
4,168,793
4,051,111
43,308,686
42,782,762
5
8,435,571
8,435,571
83,675,053
83,906,893
NAV per unit (RM)
5
0.4942
0.4802
0.5176
0.5099
67
amassurance.com.my
AmAssurance AmCurrency
Income II CG Fund
Note
AmAssurance
Dividend Fund
20.03.2014
31.03.2013
2014
2013
RM
RM
RM
RM
-
18,543,742
9,499,910
6,427,808
-
-
3,597
7,839
Assets
Investments
3
Tax recoverable
Other receivables
64
171
11,236
1,486
19,200,642
161
4,636
916
Total assets
19,200,706
18,544,074
9,519,379
6,438,049
72,297
1,370
-
-
Liabilities
-
18,394
52,361
7,262
Other payables
4
1,547,477
1,266,833
22,997
80,684
Total liabilities
1,619,774
1,286,597
75,358
87,946
17,580,932
17,257,477
9,444,021
6,350,103
17,045,146
17,232,699
7,899,133
5,724,734
Represented by:
535,786
24,778
1,544,888
625,369
5
17,580,932
17,257,477
9,444,021
6,350,103
5
33,901,785
34,270,463
15,029,935
11,385,700
NAV per unit (RM)
5
0.5186
0.5036
0.6283
0.5577
68
amassurance.com.my
Statements of
Income and Expenditure:
AmAssurance
Equity Fund
Note
AmAssurance
Bond Fund
2014
2013
2014
2013
RM
RM
RM
RM
Net investment income:
Interest income
6
68,210
83,350
917,300
666,466
Dividend income
7
211,548
359,069
28,713
33,134
279,758
442,419
946,013
699,600
591,948
-
50,086
153,446
Net unrealised capital gain
2,034,694
535,432
-
-
Total income
2,906,400
977,851
996,099
853,046
(201,534)
(180,296)
(143,019)
Gain on disposal of investments
Management expenses
(201,813)
Loss on disposal of investments
-
Net unrealised capital loss
-
Total outgo
(201,813)
Excess of income over outgo before taxation
Taxation
2,704,587
8
(218,060)
(79,835)
-
-
-
(373,411)
(174,991)
(281,369)
(553,707)
(318,010)
696,482
442,392
535,036
(58,916)
(51,856)
(45,593)
Excess of income over outgo after taxation
2,486,527
637,566
390,536
489,443
Undistributed income brought forward
2,269,373
1,631,807
2,351,936
1,862,493
Undistributed income carried forward
4,755,900
2,269,373
2,742,472
2,351,936
69
amassurance.com.my
Statements of Income and Expenditure:
For The Financial Year Ended 31 March 2014 (cont’d)
AmAssurance
Balanced Fund
Note
AmAssurance
Dana Teguh
2014
2013
2014
2013
RM
RM
RM
RM
Interest income
6
527,721
549,350
225,667
283,164
Dividend income
7
301,604
347,058
132,349
273,955
829,325
896,408
358,016
557,119
409,264
-
558,846
110,150
2,860,799
529,074
1,971,108
195,454
Total income
4,099,388
1,425,482
2,887,970
862,723
Management expenses
(317,590)
-
Total outgo
(317,590)
Taxation
3,781,798
8
(309,101)
(279,406)
(329,228)
(608,634)
816,848
(65,074)
(170,376)
(170,376)
2,717,594
(222,541)
(188,220)
(188,220)
674,503
(53,659)
3,472,697
751,774
2,495,053
620,844
Undistributed income brought forward
2,667,794
1,916,020
1,849,620
1,228,776
6,140,491
2,667,794
4,344,673
1,849,620
70
amassurance.com.my
AmAssurance AmOasis
Islamic Equity Fund
Note
AmLife Asia Pacific
REITS Fund
2014
2013
17.09.2013 to 31.03.2014
RM
RM
RM
37,264
26,319
577
Interest income
6
Dividend income
7
-
42,450
-
37,264
68,769
577
468,352
298,698
4,113
Total income
505,616
367,467
4,690
Management expenses
(21,945)
(35,626)
(9,194)
-
(95,985)
-
Total outgo
(21,945)
(131,611)
(9,194)
Excess / (deficit) of income over outgo before taxation
483,671
235,856
(4,505)
(40,449)
(20,191)
443,222
215,665
(237,926)
(453,591)
-
205,296
(237,926)
(4,880)
Taxation
8
Excess/(deficit) of income over outgo after taxation
Undistributed losses brought forward
Undistributed income / (losses) carried forward
(375)
(4,880)
71
amassurance.com.my
AmAssurance Global
Note
AmLife Tactical
Bond Fund
2014
2013
17.09.2013 to 31.03.2014
RM
RM
RM
Interest income
6
5,978
3,988
638
Dividend income
7
1,888
1,802
-
7,866
5,790
638
35,938
7,404
5,453
Total income
43,804
13,194
6,091
Management expenses
(11,638)
(10,685)
(9,028)
Total outgo
(11,638)
(10,685)
(9,028)
32,166
2,509
(2,937)
Taxation
8
Excess / (deficit) of income over outgo after taxation
Undistributed losses brought forward
Undistributed income / (losses) carried forward
(3,353)
(911)
(487)
28,813
1,598
(3,424)
(16,752)
(18,350)
-
12,061
(16,752)
(3,424)
72
amassurance.com.my
Metals Fund
AmAssurance Global
Agribusiness Fund
2014
2013
2014
2013
RM
RM
RM
RM
6,994
20,201
11,528
8,728
6,994
20,201
11,528
8,728
Gains on disposal of investments
-
-
-
23,402
-
-
84,879
76,887
6,994
20,201
96,407
109,017
(16,230)
(20,471)
(14,148)
(13,020)
(245,908)
(1,126,411)
Note
Interest income
6
Total income
Management expenses
(849,271)
-
-
-
Total outgo
(1,111,409)
(1,146,882)
(14,148)
(13,020)
(Deficit) / excess of income over outgo before taxation
(1,104,415)
(1,126,681)
82,259
95,997
87,054
88,497
(7,713)
(8,721)
(Deficit) / excess of income over outgo after taxation
(1,017,361)
(1,038,184)
74,546
87,276
Undistributed (losses) / income brought forward
(1,960,392)
(922,208)
148,269
60,993
Undistributed (losses) / income carried forward
(2,977,753)
(1,960,392)
222,815
148,269
Taxation
8
73
amassurance.com.my
AmAssurance
AmCommodity
Stable CG Fund
Note
AmAssurance
AmCurrency
Income CG Fund
2014
2013
01.04.2013
to
16.08.2013
01.04.2012
to
31.03.2013
RM
RM
RM
RM
151,792
2,987
7,773
Interest income
6
-
Dividend income
7
2,259
2,095
-
-
2,259
153,887
2,987
7,773
-
-
2,019,149
-
156,852
26,456
-
1,616,900
Total income
159,111
180,343
2,022,136
1,624,673
Management expenses
(28,880)
(30,311)
-
-
(89,976)
(1,399,145)
(221,090)
-
Total outgo
(28,880)
(30,311)
130,231
150,032
533,015
(12,549)
(14,260)
111,693
117,682
135,772
644,708
(194,006)
(182,488)
810,063
(147,290)
-
-
(194,006)
1,454,771
810,063
Taxation
8
Undistributed (losses) / income brought forward
Coupon payments
-
Undistributed (losses) / income carried forward
(76,324)
(1,489,121)
(221,090)
1,403,583
(129,974)
1,273,609
(463,546)
74
amassurance.com.my
AmAssurance
AmCurrency Income II
CG Fund
Note
AmAssurance
Dividend Fund
01.04.2013
to
20.03.2014
01.04.2012
to
31.03.2013
2014
2013
RM
RM
RM
RM
Interest income
6
7,639
7,681
59,221
62,454
Dividend income
7
-
-
304,673
296,206
7,639
7,681
363,894
358,660
878,945
-
193,523
256,966
-
657,221
563,730
-
886,584
664,902
1,121,147
615,626
(93,121)
(94,977)
Total income
Management expenses
(128,790)
(229,922)
Total outgo
(323,043)
(94,977)
(128,790)
(143,586)
563,541
569,925
992,357
472,040
(52,533)
(53,192)
(72,838)
(36,986)
511,008
516,733
919,519
435,054
24,778
(491,955)
625,369
190,315
535,786
24,778
1,544,888
625,369
Taxation
8
Undistributed income / (losses) brought forward
-
-
(90,068)
(53,518)
75
amassurance.com.my
Statements of
Changes in Net Asset Value:
Net asset value at the beginning of the year
Amounts received from units created
Amounts paid for units cancelled
Net realised gain after taxation
Net unrealised capital gain after taxation
Net asset value at the end of the year
2014
2013
RM
RM
12,263,704
14,593,717
5,762,935
4,250,677
(5,969,395)
(7,218,256)
12,057,244
11,626,138
614,609
144,966
1,871,918
492,600
14,543,771
12,263,704
Net unrealised capital loss after taxation
2014
2013
RM
RM
16,376,217
11,907,941
6,584,452
10,897,096
(6,637,757)
(6,918,263)
16,322,912
15,886,774
738,412
645,485
(347,876)
16,713,448
(156,042)
16,376,217
2014
2013
RM
RM
22,890,142
21,511,270
6,824,737
11,278,619
(9,029,939)
(10,651,521)
20,684,940
22,138,368
840,762
256,868
2,631,935
494,906
24,157,637
22,890,142
76
amassurance.com.my
Statements of Changes in Net Asset Value:
2014
2013
RM
RM
12,922,403
13,129,324
3,187,043
5,135,859
(6,427,624)
(5,963,624)
9,681,822
12,301,559
681,782
438,213
1,813,271
182,631
12,176,875
12,922,403
2014
2013
RM
RM
3,430,179
4,347,855
2,035,198
510,354
Net realised gain / (loss) after taxation
(1,394,674)
(1,643,695)
4,070,703
3,214,514
12,339
(59,136)
430,883
274,801
4,513,925
3,430,179
17.09.2013 to 31.03.2014
RM
Net asset value at the date of launch
-
619,712
(33,888)
585,824
Net realised loss after taxation
(8,664)
3,784
Net asset value at the end of the period
580,944
77
amassurance.com.my
2014
2013
RM
RM
761,916
721,580
149,658
100,364
(56,455)
(61,626)
855,119
760,318
(4,250)
(5,213)
33,063
6,811
883,932
761,916
17.09.2013 to 31.03.2014
RM
Net asset value at the date of launch
-
512,693
(18,087)
494,606
(8,440)
5,016
Net asset value at the end of the period
491,182
2014
2013
RM
RM
4,891,635
5,160,542
959,846
1,877,543
(904,090)
(1,108,266)
4,947,391
Net unrealised capital loss after taxation
5,929,819
(236,032)
(1,887)
(781,329)
(1,036,297)
3,930,030
4,891,635
78
amassurance.com.my
2014
2013
RM
RM
1,657,240
1,458,970
566,988
499,835
(429,481)
(388,841)
1,794,747
Net realised (loss) / gain after taxation
(3,543)
1,569,964
16,539
78,089
70,737
1,869,293
1,657,240
AmAssurance AmCommodity Stable CG Fund
2014
2013
RM
RM
4,051,111
4,532,644
-
4,051,111
Net realised (loss) / gain after taxation
(26,622)
144,304
-
Coupon payments
4,168,793
(470,015)
4,062,629
111,433
24,339
(147,290)
4,051,111
AmAssurance AmCurrency Income CG Fund
01.04.2013 to 16.08.2013
01.04.2012 to 31.03.2013
RM
RM
42,782,762
42,063,381
(118,784)
42,663,978
1,931,922
(554,228)
41,509,153
(213,938)
Net unrealised capital (loss) / gain after taxation
(1,287,214)
1,487,547
Net asset value at the maturity date/end of the year
43,308,686
42,782,762
79
amassurance.com.my
AmAssurance AmCurrency Income II CG Fund
01.04.2013 to 20.03.2014
01.04.2012 to 31.03.2013
RM
RM
17,257,477
17,238,342
(187,553)
17,069,924
(497,598)
16,740,744
722,537
(87,910)
(211,529)
Net unrealised capital (loss) / gain after taxation
Net asset value at the maturity date/end of the year
17,580,932
604,643
17,257,477
2014
2013
RM
RM
6,350,103
5,443,904
2,685,138
(510,739)
591,011
(119,866)
8,524,502
5,915,049
400,888
484,291
Net unrealised capital gain / (loss) after taxation
518,631
(49,237)
9,444,021
6,350,103
80
amassurance.com.my
Notes to the
Financial Information - 31 March 2014
1.0 THE MANAGER AND ITS PRINCIPAL ACTIVITY
The investment-linked funds of AmLife Insurance Berhad (“the Manager”) comprise the AmAssurance Equity Fund,
AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic
Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance Precious Metals Fund, AmAssurance
Global Agribusiness Fund, AmAssurance AmCommodity Stable CG Fund, AmAssurance AmCurrency Income CG
Fund (matured on 16 August 2013), AmAssurance AmCurrency Income II CG Fund (matured on 20 March 2014),
AmLife Asia Pacific REITS Fund (launched on 17 September 2013), AmLife Tactical Bond Fund (launched on 17
September 2013) and AmAssurance Dividend Fund (collectively referred to as “the Funds”).
The Manager is a public limited liability company incorporated and domiciled in Malaysia and licensed under the
Financial Services Act 2013. Its principal activity is the underwriting of life and investment- linked insurance business.
There have been no significant changes in the nature of the principal activities of the Manager during the financial year
ended 31 March 2014.
The financial information were authorised for issue by the Board of Directors of the Manager in accordance with a
resolution on 17 June 2014.
2.0 SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Preparation
The financial information of the Funds have been prepared in accordance with the accounting policies as described in
Note 2.2 to the financial information and the Guidelines on Investment- linked Insurance/Takaful Business issued by
Bank Negara Malaysia (“BNM”).
The financial information have been prepared under the historical cost convention except as disclosed in the significant
accounting policies in Note 2.2 to the financial information.
The financial information are presented in Ringgit Malaysia (“RM”).
The Statements of Assets and Liabilities, Statements of Income and Expenditure and Statements of Changes in Net
Asset Value of AmAssurance AmCurrency Income CG Fund and AmAssurance AmCurrency Income II CG Fund have
been prepared for the period from 1 April 2013 to 16 August 2013 and 1 April 2013 to 20 March 2014 respectively being
the dates of the maturity of the said Funds. Consequently, the financial information of these Funds have been prepared
on a basis other than going concern. The assets of the Funds have been stated at their respective recoverable values
and all liabilities of the Funds, including the estimated expenses upon maturity of the Funds, have been recognised.
81
amassurance.com.my
Notes to the Financial Information: 31 March 2014 (cont’d)
2.2 Summary of Significant Accounting Policies
(a) Management Fee
Management fee is charged based on the Funds’ daily net assets value, at the following rates:
(i)
1.50% per annum
(ii)
1.00% per annum
(iii)
1.50% per annum
(iv)
1.50% per annum
(v)
1.50% per annum
(vi)
1.50% per annum
(vii)
1.50% per annum
(viii) AmLife Tactical Bond Fund
1.00% per annum
(ix)
1.50% per annum
(x)
1.50% per annum
(xi)
AmAssurance AmCommodity Stable CG Fund
0.50% per annum
(xii)
AmAssurance AmCurrency Income CG Fund
0.50% per annum
(xiii) AmAssurance AmCurrency Income II CG Fund
0.50% per annum
(xiv) AmAssurance Dividend Fund
1.50% per annum
(b) Financial Instruments - initial recognition and subsequent measurement
(i)Date of Recognition
All financial assets and liabilities are initially recognised on the trade date, i.e. the date that the Funds become
a party to the contractual provisions of the instrument. This includes “regular way trades” purchases or sales
of financial assets that require delivery of assets within the time frame generally established by regulation or
convention in the market place.
(ii)Initial Measurement of Financial Instruments
Financial assets are classified as financial assets at fair value through profit or loss, financial assets available-forsale, financial assets held-to-maturity or loans and receivables, as appropriate. Financial liabilities of the Funds are
classified as financial liabilities at fair value through profit or loss or at amortised cost, as appropriate. The Funds
determine the classification of its financial assets and financial liabilities at initial recognition.
The classification of financial instruments at initial recognition depends on the purpose and the management’s
intention for which the financial instruments were acquired and their characteristics. All financial instruments are
measured initially at their fair value plus transaction costs, except in the case of financial assets and financial
liabilities recorded at fair value through profit or loss, which is measured at fair value.
The Funds classify the investment into financial assets at fair value through profit or loss (“FVTPL”) or loans
and receivable (“LAR”).
(iii)Subsequent Measurement
The subsequent measurement of financial instruments depends on their classification as described below:
1. Financial Assets At Fair Value Through Profit or Loss
Financial assets or financial liabilities are recorded in the Statements of Assets and Liabilities at fair value.
Changes in fair value are recognised in the Statements of Income and Expenditure. Interest and dividend
income or expense are recorded as “Net Investment Income” or “Interest expense”, as appropriate and in
accordance with the terms of the contract, or when the right to the payment has been established.
Included in this classification are fixed income securities, collective investment schemes and equities.
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(iii)Subsequent Measurement (cont’d.)
2. Loans and Receivables (“LAR”)
LAR include non–derivative financial assets with fixed or determinable payments that are not quoted in an
active market.
After initial measurement, the amounts are subsequently measured at amortised cost using the effective
interest rate (“EIR”), less allowance for impairment. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees and costs that are an integral part of the EIR.
(iv)Financial Liabilities At Amortised Cost
Financial liabilities of the Funds, that are not designated at fair value through profit or loss, are classified as
financial liabilities at amortised cost, where the substance of the contractual arrangement results in the Funds
having an obligation either to deliver cash or another financial asset to the holder, or to satisfy the obligation
other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of own
equity instruments.
After initial measurement, these are subsequently measured at amortised cost using the EIR. Amortised cost
is calculated by taking into account any discount or premium on the issue and costs that are an integral part
of the EIR.
(c) Derecognition of Financial Assets and Financial Liabilities
(i)Financial Assets
A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets)
is derecognised when:
•The rights to receive cash flows from the asset have expired
Funds have transferred its rights to receive cash flows from the asset or have assumed an obligation
•The
to pay the received cash flows in full without material delay to a third party under a “pass–through”
arrangement; and either:
•The Funds have transferred substantially all the risks and rewards of the asset, or
Funds have neither transferred nor retained substantially all the risks and rewards of the asset, but
•The
have transferred control of the asset.
When the Funds have transferred their rights to receive cash flows from an asset or have entered into a
pass–through arrangement, and have neither transferred nor retained substantially all the risks and rewards
of the asset nor transferred control of the asset, the asset is recognised to the extent of the Funds continuing
involvement in the asset. In that case, the Funds also recognise an associated liability. The transferred asset
and the associated liability are measured on a basis that reflects the rights and obligations that the Funds
have retained.
(ii)Financial Liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired.
Where an existing financial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modified, such an exchange or modification is
treated as a derecognition of the original liability and the recognition of a new liability. The difference between
the carrying value of the original financial liability and the consideration paid is recognised in profit or loss.
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(d) Determination of Fair Value
The fair value for financial instruments traded in active markets at reporting date is based on their quoted market
price or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction
for transaction costs.
For financial instruments not traded in an active market, the fair value is determined by using appropriate valuation
techniques. Valuation techniques include the discounted cash flow method, comparison to similar instruments for
which market observable prices exist, option pricing models, credit models and other relevant valuation models.
(e) Impairment of Financial Assets
The Funds assess at each reporting date whether there is any objective evidence that a financial asset or a group
of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only
if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial
recognition of the asset (an incurred “loss event”) and that loss event (or events) has an impact on the estimated
future cash flows of the financial asset or the group of financial assets that can be reliably estimated.
Financial Assets Carried At Amortised Cost
Evidence of impairment may include indications that the borrower or a group of borrowers is experiencing significant
financial difficulty, the probability that they will enter bankruptcy or other financial reorganisation, default or delinquency
in interest or principal payments and where observable data indicates that there is a measurable decrease in the
estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.
For financial assets carried at amortised cost, the Funds first assess individually whether objective evidence of
impairment exists for financial assets that are individually significant, or collectively for financial assets that are not
individually significant. If the Funds determine that no objective evidence of impairment exists for an individually
assessed financial asset, it includes the asset in a group of financial assets with similar credit risk characteristics
and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which
an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.
If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the
difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding
future expected credit losses that have not yet been incurred). The carrying amount of the asset is reduced
through the use of an allowance account and the amount of the loss is recognised in the Statements of Income
and Expenditure. Interest income continues to be accrued on the reduced carrying amount and is accrued using
the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The
interest income is recorded as part of “Interest income”. LAR together with the associated allowance are written off
when there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to
the Funds. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because
of an event occurring after the impairment was recognised, the previously recognised impairment loss is increased
or reduced by adjusting the allowance account. If a future write–off is later recovered, the recovery is credited to
the “Impairment losses on LAR” to the extent that the carrying amount of the asset does not exceed its amortised
cost at the reversal date.
The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. If LAR
have variable interest rates, the discount rate for measuring any impairment loss is the current EIR. If the Funds
have reclassified trading assets to LAR, the discount rate for measuring any impairment loss is the new EIR
determined at the reclassification date. The calculation of the present value of the estimated future cash flows of
a collateralised financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and
selling the collateral, whether or not foreclosure is probable.
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(f) Offsetting Financial Instruments
Financial assets and financial liabilities are offset and the net amount reported in the Statements of Assets and
Liabilities if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is generally
not the case with master netting agreements, therefore, the related assets and liabilities are presented gross in the
Statements of Assets and Liabilities.
(g) Impairment of Non-Financial Assets
The Funds assess at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Funds estimate the asset’s
recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash–generating unit’s (“CGU”) fair
value less costs to sell and its value in use. Where the carrying amount of an asset or CGU exceeds its recoverable
amount. An assets’s is considered impaired and is written down to its recoverable amount. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre–tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. In determining fair value
less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples,
quoted share prices for publicly traded entities or other available fair value indicators.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication
that previously recognised impairment losses may no longer exist or may have decreased. If such indication
exists, the Funds estimate the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is
reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount
since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset
does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net
of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised
in the Statements of Income and Expenditure.
(h) 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 less switching within funds. Net creation of units is recognised
on a receipt basis.
(i) Net Cancellation of Units
Net cancellation of units represents cancellation of units arising from surrenders and withdrawals. Net cancellation
is recognised upon surrendering of the related insurance contract.
(j) Other Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the funds and the revenue
can be reliably measured. The following specific recognition criteria must be met before revenue is recognised.
(i)Interest Income
Interest and financing income and expense is recognised in profit or loss using the effective interest method.
Once a financial asset or a group of similar financial assets has been written down as a result of an impairment
loss, interest income is recognised using the rate of interest used to discount the future cash flows for the
purpose of measuring the impairment loss.
(ii) Realised Gains and Losses On Investments
On disposal of investments, the difference between the net disposal proceeds and the carrying amount of
investment is credited or charged to Statements of Income and Expenditure.
(iii) Dividend Income
Dividend income represents gross dividends from quoted and unquoted investments and is recognised when
the right to receive payment is established.
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(k) Income Tax
Income tax on the profit and loss comprises current and deferred tax. Current tax is the expected amount of income
taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been
enacted on the date of the Statements of Assets and Liabilities.
Deferred tax is provided for, using the liability method, on temporary differences at the date of Statements of Assets
and Liabilities between the tax bases of assets and liabilities and their carrying amounts in the financial information.
In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets
are recognised for all deductible temporary differences, to the extent that it is probable that taxable profits will be
available against which the deductible temporary differences can be utilised.
Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the
liability is settled, based on tax rates that have been enacted or substantively enacted at the date of Statements
of Assets and Liabilities. Deferred tax is recognised as income or an expense in the Statements of Income and
Expenditure, except when it arises from a transaction which is recognised directly in unitholders’ capital, in which
case, the deferred tax is also recognised in unitholders’ capital.
(l) Provisions
Provisions are recognised when the Funds have a present obligation as a result of a past event and it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate
of the amount can be made. Provisions are reviewed at each Statements of Assets and Liabilities date and adjusted
to reflect the current best estimate. Where the effect of the time value of money is material, provisions are discounted
using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is
used, the increase in the provision due to the passage of time is recognised as finance cost.
(m) Foreign Currencies Transactions
(i) Functional and Presentation Currency
The financial statements are presented in Ringgit Malaysia (“RM”) which is also the functional and presentation
currency of the Funds.
(ii)Foreign Currency Transaction
Transactions in foreign currencies are initially recorded in the functional currency rate prevailing at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the
functional currency rate of exchange ruling at the reporting date. All differences are taken to profit or loss.
Non- monetary items denominated in foreign currencies that are measured at historical cost are translated
using the exchange rates as at the dates of initial transactions.
Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value was determined. All foreign exchange differences are taken to profit or loss,
except for differences relating to items where gains or losses are recognised directly in equity, in which case,
the gain or loss is recognised net of the exchange component in equity.
(n) Cash and Cash Equivalents
Cash and cash equivalents consist of cash and bank balances, excluding fixed and call deposits.
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3.0 INVESTMENTS
(i)AmAssurance Equity Fund
Quoted equity securities
Deposits with licensed financial institutions
2014
2013
RM
RM
12,142,443
7,673,180
2,623,875
4,975,000
14,766,318
12,648,180
9,674,073
7,239,504
FVTPL:
Quoted equity securities:
Cost
Net unrealised gain
Fair value
Total Investments at FVTPL
2,468,370
433,676
12,142,443
7,673,180
12,142,443
7,673,180
2,623,875
4,975,000
14,766,318
12,648,180
LAR:
Total Investments
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3.0 INVESTMENTS (cont’d)
(i) AmAssurance Equity Fund (cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2014 are as
detailed below:
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
Gamuda Berhad
150,000
690,975
706,500
4.86%
WCT Holdings Berhad
200,000
478,914
434,000
2.98%
121,210
990,210
866,651
5.96%
83,426
791,205
807,564
5.55%
DRB-HICOM Berhad
300,000
770,677
741,000
5.09%
Perisai Petroleum Teknologi Bhd
685,000
775,434
1,054,900
7.25%
5,400
99,903
128,520
0.88%
36,000
139,178
194,040
1.33%
150,000
507,628
438,000
3.01%
AirAsia Berhad
150,000
389,122
382,500
2.63%
Dayang Enterprise Holdings Berhad
180,000
573,600
675,000
4.64%
Dialog Group Berhad
380,000
928,351
1,364,200
9.38%
Perdana Petroleum Berhad
716,800
589,990
1,369,088
9.41%
Sapurakencana Petroleum Berhad
269,000
566,649
1,210,500
8.32%
Telekom Malaysia Berhad
134,000
709,092
789,260
5.43%
82,000
673,145
980,720
6.74%
9,674,073
12,142,443
83.49%
FVTPL:
Construction
Finance
CIMB Group Holdings Berhad
Malayan Banking Berhad
Industrial
Petronas Gas Berhad
Infrastructure Project Co.
Digi.Com Berhad
Properties
S P Setia Berhad
Trading & Services
Tenaga Nasional Bhd
Total investments at FVTPL
The weighted average effective interest rates are as follows:
Weighted average
effective interest rate per annum
88
2014
2013
%
%
2.90
2.92
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(ii) AmAssurance Bond Fund
Unquoted corporate bonds
Unquoted unit and property trust funds
2014
2013
RM
RM
11,496,596
10,550,515
1,611,407
1,141,096
3,701,382
4,367,214
16,809,385
16,058,825
11,729,915
10,533,053
FVTPL:
Unquoted corporate bonds:
Cost
Net unrealised gain
(233,319)
Fair value
17,462
11,496,596
10,550,515
1,552,472
1,013,758
58,935
127,338
1,611,407
1,141,096
13,108,003
11,691,611
3,701,382
4,367,214
16,809,385
16,058,825
Unquoted unit and property trust funds:
Cost
Net unrealised gain
Fair value
LAR:
Total Investments
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(ii) AmAssurance Bond Fund (cont’d)
detailed below:
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
1,000,000
1,020,300
1,031,300
6.17%
Gulf Investment Corporation
due 01/03/2016
500,000
500,000
511,150
3.06%
Special Power Vehicle Berhad
due 19/05/2016
625,000
1,004,250
822,000
4.92%
Prominic Berhad
due 05/05/2016
1,000,000
1,006,200
1,005,500
6.02%
Encorp Systembilt Sdn Bhd
due 16/11/2018
1,300,000
1,292,720
1,303,770
7.80%
Sistem Penyuraian Trafik KL Barat Sdn Bhd
due 28/12/2018
1,300,000
1,335,880
1,382,290
8.27%
700,000
721,280
715,610
4.28%
1,300,000
1,356,420
1,325,220
7.93%
400,000
408,800
402,200
2.41%
RHB Bank Berhad Hybrid Tier 1
due 29/03/2019
1,300,000
1,550,900
1,469,910
8.79%
Binariang GSM Sdn Bhd
due 28/12/2015
1,491,696
1,533,165
1,527,646
9.14%
11,729,915
11,496,596
68.79%
FVTPL:
Abu Dhabi Commercial Bank-BG
due 22/11/2017
due 01/03/2016
Tresor Assets Berhad
due 12/01/2015
Prominic Berhad
due 05/05/2016
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(ii) AmAssurance Bond Fund (cont’d)
2014
No. of
units
Cost
RM
1,290,552
1,418,018
Fair value
Fair value
RM as % of NAV
FVTPL:
AmBond Fund
AmDynamic Bond Fund
224,445
1,475,101
8.83%
134,454
136,306
0.82%
1,552,472
1,611,407
9.64%
13,282,387
13,108,003
78.43%
Weighted average
2014
2013
%
%
Unquoted corporate bonds - secured
0.44
0.49
Unquoted corporate bonds - unsecured
4.39
4.48
2.90
2.95
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(iii) AmAssurance Balanced Fund
Quoted unit and property trust funds
2014
2013
RM
RM
14,776,048
9,339,900
5,972,720
6,077,179
151,000
-
2,218,693
-
1,052,421
7,130,000
24,170,882
22,547,079
2014
2013
RM
RM
11,218,670
8,852,044
FVTPL:
Cost
Net unrealised gain
Fair value
3,557,378
487,856
14,776,048
9,339,900
6,177,165
6,177,165
Cost
Net unrealised loss
(204,445)
Fair value
(99,986)
5,972,720
6,077,179
154,710
-
Quoted unit and property trust funds:
Cost
Net unrealised loss
Fair value
(3,710)
-
151,000
-
2,319,247
-
Cost
Net unrealised loss
(100,554)
Fair value
-
2,218,693
-
23,118,461
15,417,079
1,052,421
7,130,000
24,170,882
22,547,079
LAR:
Total investments
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(iii) AmAssurance Balanced Fund (cont’d)
detailed below:
2014
No. of
units
Cost
RM
50,000
119,763
Fair value
Fair value
RM as % of NAV
FVTPL:
Construction
WCT Holdings Berhad
108,500
0.45%
Finance
101,857
753,382
728,278
3.01%
149,556
1,450,358
1,447,702
5.99%
Industrial Products
DRB-HICOM Berhad
Petronas Gas Berhad
375,000
971,954
926,250
3.83%
1,004,000
1,135,126
1,546,160
6.40%
4,300
82,731
102,340
0.42%
42,000
159,514
226,380
0.94%
250,000
852,085
730,000
3.02%
240,000
765,225
900,000
3.73%
515,000
1,291,260
1,848,850
7.65%
1,066,800
884,781
2,037,588
8.43%
Infrastructure Proj Co.
Digi.Com Berhad
Properties
S P Setia Berhad
Trading & Services
Dialog Group Berhad
400,000
850,529
1,800,000
7.45%
200,000
1,066,297
1,178,000
4.88%
Tenaga Nasional Bhd
100,000
835,665
1,196,000
4.95%
11,218,670
14,776,048
61.17%
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(iii) AmAssurance Balanced Fund (cont’d)
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
due 22/11/2017
1,000,000
1,020,300
1,031,300
4.27%
due 01/03/2016
1,000,000
1,000,000
1,022,300
4.23%
due 19/05/2016
1,062,500
1,707,225
1,397,400
5.78%
500,000
497,200
501,450
2.08%
1,900,000
1,952,440
2,020,270
8.36%
6,177,165
5,972,720
24.72%
154,710
151,000
0.63%
154,710
151,000
0.63%
2,319,247
2,218,693
9.18%
2,319,247
2,218,693
9.18%
19,869,792
23,118,461
95.70%
FVTPL:
due 16/11/2018
due 28/12/2018
Hektar REITS
100,000
AmBond Fund
1,941,114
Weighted average
2014
2013
%
%
Unquoted corporate bonds - secured
0.87
0.85
4.64
4.67
2.90
2.92
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(iv) AmAssurance Dana Teguh
2014
2013
RM
RM
7,755,034
5,391,570
2,453,070
2,907,683
567,813
303,489
1,510,273
4,308,000
12,286,190
12,910,742
Cost
5,553,382
5,219,720
Net unrealised gain
2,201,652
171,850
Fair value
7,755,034
5,391,570
2,521,790
2,932,830
FVTPL:
Cost
Net unrealised loss
(68,720)
Fair value
(25,147)
2,453,070
2,907,683
552,453
274,859
15,360
28,630
Cost
Net unrealised gain
Fair value
567,813
303,489
10,775,917
8,602,742
1,510,273
4,308,000
12,286,190
12,910,742
LAR:
Total investments
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(iv) AmAssurance Dana Teguh (cont’d)
detailed below:
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
Hock Seng Lee Berhad
200,000
334,848
352,000
2.89%
IJM Corporation Berhad
70,000
377,913
429,800
3.53%
160,000
381,571
347,200
2.85%
667,000
743,862
1,027,180
8.44%
5,600
103,630
133,280
1.09%
31,600
127,376
170,324
1.40%
135,000
453,578
394,200
3.24%
Dialog Group Berhad
300,000
725,098
1,077,000
8.84%
610,000
516,218
1,165,100
9.57%
220,000
475,136
990,000
8.13%
127,000
672,540
748,030
6.14%
77,000
641,612
920,920
7.56%
5,553,382
7,755,034
63.69%
FVTPL:
Construction
WCT Holdings Berhad
Industrial Products
Petronas Gas Berhad
Infrastructure Project Company
Digi.Com Berhad
Properties
S P Setia Berhad
Trading & Services
Tenaga Nasional Bhd
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(iv) AmAssurance Dana Teguh (cont’d)
detailed below:
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
375,000
602,550
493,200
4.05%
1,000,000
994,400
1,002,900
8.24%
FVTPL:
Special Power Vehicle Berhad due 19/05/2016
Encorp Systembilt Sdn Bhd due 16/11/2018
due 28/12/2018
900,000
924,840
956,970
7.86%
2,521,790
2,453,070
20.15%
552,453
567,813
4.66%
552,453
567,813
4.66%
8,627,625
10,775,917
88.49%
AmBon Islam Fund
471,919
Weighted average
2014
2013
%
%
5.33
5.41
2.93
2.95
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(v) AmAssurance AmOasis Islamic Equity Fund
2014
2013
RM
RM
4,055,245
2,596,154
473,719
895,000
4,528,964
3,491,154
3,671,661
2,680,921
FVTPL:
Cost
383,584
Net unrealised gain/(loss)
(84,767)
Fair value
4,055,245
2,596,154
4,055,245
2,596,154
473,719
895,000
4,528,964
3,491,154
LAR:
Total investments
detailed below:
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
3,807,027
3,671,661
4,055,245
89.84%
3,671,661
4,055,245
89.84%
FVTPL:
AmOasis Global Islamic Equity
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amassurance.com.my
(v) AmAssurance AmOasis Islamic Equity Fund (cont’d)
Weighted average
2014
2013
%
%
2.93
2.95
(vi) AmLife Asia Pacific REITS Fund
2014
RM
509,424
509,424
FVTPL:
505,311
Cost
Net unrealised gain
4,113
Fair value
509,424
509,424
Total investments
509,424
detailed below:
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
861,096
505,311
509,424
87.69%
505,311
509,424
87.69%
FVTPL:
AmAsia Pacific REITS
99
amassurance.com.my
(vii) AmAssurance Global Emerging Market Fund
2014
2013
RM
RM
790,362
615,423
110,000
157,000
900,362
772,423
773,302
634,301
FVTPL:
Cost
Net unrealised gain / (loss)
17,060
(18,878)
790,362
615,423
790,362
615,423
110,000
157,000
Total investments
900,362
772,423
Fair value
LAR:
detailed below:
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
FVTPL:
AmCash Management
AmGlobal Emerging Market Opportunities
100
87,507
87,507
87,507
9.90%
691,582
685,795
702,855
79.51%
773,302
790,362
89.41%
amassurance.com.my
(vii) AmAssurance Global Emerging Market Fund (cont’d)
Weighted average
2014
2013
%
%
3.00
3.00
2014
RM
421,809
421,809
FVTPL:
Cost
416,356
Net unrealised gain
5,453
Fair value
421,809
421,809
Total investments
421,809
detailed below:
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
433,425
416,356
421,809
85.88%
416,356
421,809
85.88%
FVTPL:
AmTactical Bond
101
amassurance.com.my
(ix) AmAssurance Precious Metals Fund
2014
2013
RM
RM
3,456,063
4,145,304
-
591,291
3,456,063
4,736,595
6,555,055
6,395,025
(3,098,992)
(2,249,721)
3,456,063
4,145,304
3,456,063
4,145,304
-
591,291
3,456,063
4,736,595
FVTPL:
Cost
Net unrealised loss
Fair value
LAR:
Total investments
detailed below:
2014
No. of
units
Cost
RM
Fair value
RM
Fair value
as % of
NAV
8,026,157
6,555,055
3,456,063
87.94%
6,555,055
3,456,063
87.94%
FVTPL:
Am Precious Metals
Weighted average
102
2014
2013
%
%
-
2.95
amassurance.com.my
(x) AmAssurance Global Agribusiness Fund
2014
2013
RM
RM
1,677,913
1,346,028
226,123
335,000
1,904,036
1,681,028
1,433,192
1,186,187
244,721
159,841
1,677,913
1,346,028
1,677,913
1,346,028
226,123
335,000
1,904,036
1,681,028
FVTPL:
Cost
Net unrealised gain
Fair value
LAR:
Total investments
detailed below:
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
1,624,625
1,433,192
1,677,913
89.76%
1,433,192
1,677,913
89.76%
FVTPL:
AmGlobal Agribusiness
Weighted average
103
2014
2013
%
%
3.00
3.00
amassurance.com.my
(xi) AmAssurance AmCommodity Stable CG Fund
Structured product
2014
2013
RM
RM
4,760,165
4,603,312
91,382
88,854
4,851,547
4,692,166
4,715,094
4,715,094
FVTPL:
Structured product:
Cost
45,071
Net unrealised gain / (loss)
Fair value
(111,782)
4,760,165
4,603,312
91,382
88,854
-
-
91,382
88,854
Cost
Net unrealised gain
Fair value
4,851,547
4,692,166
detailed below:
2014
No. of
units
Cost
RM
Fair value
RM
Fair value
as % of
NAV
5,045,920
4,715,094
4,760,165
114.19%
4,715,094
4,760,165
114.19%
FVTPL:
Structured product:
Floating rate negotiable instrument of deposit
due 12/10/2015
104
amassurance.com.my
(xi) AmAssurance AmCommodity Stable CG Fund (cont’d)
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
AmCash Management Fund
35,954
35,954
35,954
0.86%
AmIncome Fund
55,428
55,428
55,428
1.33%
91,382
91,382
2.19%
4,806,476
4,851,547
116.38%
Weighted average
due 12/10/2015
105
2014
2013
%
%
-
3.00
amassurance.com.my
(xii) AmAssurance AmCurrency Income CG Fund
16.08.2013
31.03.2013
RM
RM
Structured product
-
45,573,165
-
262,870
-
45,836,035
Cost
-
44,174,019
Net unrealised gain
-
1,399,146
Fair value
-
45,573,165
-
45,573,165
-
262,870
Total investments
-
45,836,035
FVTPL:
Structured product:
LAR:
Weighted average
16.08.2013
31.03.2013
%
%
-
3.00
-
4.57
due 16/08/2013
106
amassurance.com.my
20.03.2014
31.03.2013
RM
RM
Structured product
-
18,283,977
-
259,765
-
18,543,742
Cost
-
18,054,055
Net unrealised gain
-
229,922
Fair value
-
18,283,977
-
18,283,977
-
259,765
Total investments
-
18,543,742
FVTPL:
Structured product:
LAR:
Weighted average
20.03.2014
31.03.2013
%
%
-
3.00
due 20/03/2014
-
4.85
107
amassurance.com.my
Quoted unit and property trust funds
2014
2013
RM
RM
7,245,830
2,542,276
430,350
262,500
1,823,730
3,623,032
9,499,910
6,427,808
6,590,459
2,451,046
655,371
91,230
7,245,830
2,542,276
431,214
262,953
FVTPL:
Cost
Net unrealised gain
Fair value
Cost
Net unrealised loss
(864)
Fair value
(453)
430,350
262,500
7,676,180
2,804,776
1,823,730
3,623,032
Total investments
9,499,910
6,427,808
LAR:
108
amassurance.com.my
(xiv) AmAssurance Dividend Fund (cont’d)
detailed below:
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
100,000
461,950
471,000
4.99%
61,114
452,188
436,965
4.63%
FVTPL:
Construction
Gamuda Berhad
Finance
68,165
668,186
659,837
6.99%
102,000
210,064
222,360
2.35%
68,200
196,198
302,808
3.21%
2,800
52,841
66,640
0.71%
88,000
363,925
474,320
5.02%
Glomac Berhad
382,000
362,228
412,560
4.37%
S P Setia Berhad
100,000
341,809
292,000
3.09%
Malaysian Building Society Berhad
Industrial
CB Industrial Product Holding Berhad
Petronas Gas Berhad
Infrastructure Project Company
Digi.Com Berhad
Properties
109
amassurance.com.my
(xiv) AmAssurance Dividend Fund (cont’d)
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
FVTPL:
Trading & Services
AirAsia Berhad
100,000
259,595
255,000
2.70%
Berjaya Sports Toto Berhad
40,000
171,018
158,800
1.68%
45,000
144,491
168,750
1.79%
Dialog Group Berhad
30,000
84,513
107,700
1.14%
Faber Group Berhad
150,000
263,122
432,000
4.57%
Gas Malaysia Berhad
100,000
294,810
372,000
3.94%
Maxis Berhad
40,000
282,600
278,400
2.95%
Media Chinese International Limited
431,000
479,173
392,210
4.15%
Media Prima Berhad
140,000
384,732
330,400
3.50%
124,000
656,125
730,360
7.73%
57,000
460,891
681,720
7.22%
6,590,459
7,245,830
76.72%
Tenaga Nasional Bhd
2014
No. of
units
Cost
RM
Fair value
Fair value
RM as % of NAV
285,000
431,214
430,350
4.56%
431,214
430,350
4.56%
7,021,673
7,676,180
81.28%
FVTPL:
Hektar Real Estate Investment Trust
Weighted average
110
2014
2013
%
%
2.90
2.92
amassurance.com.my
4. DEFERRED TAXATION
The deferred tax liability / (asset) relate to unrealised capital gain/(losses) on investments of the respective Funds.
(i) AmAssurance Equity Fund
At beginning of the year
Recognised in the Statement of Income and
Expenditure (Note 8)
RM
RM
34,694
(8,138)
162,776
42,832
34,694
2014
2013
RM
RM
11,584
30,533
(25,535)
(18,949)
At end of the year
(13,951)
11,584
2013
At end of the year
197,470
2014
2014
2013
RM
RM
31,030
(3,139)
228,864
34,169
At end of the year
259,894
31,030
2014
2013
RM
RM
14,027
1,204
157,836
12,823
At end of the year
171,863
14,027
111
amassurance.com.my
4. DEFERRED TAXATION (cont’d)
2014
2013
RM
RM
(6,781)
(30,678)
37,468
23,897
30,687
(6,781)
At end of the year
2014
RM
At date of launch
-
Recognised in the Statement of Income and Expenditure (Note 8)
329
At end of the period
329
2014
2013
RM
RM
(1,510)
2,875
At end of the year
1,365
(2,103)
593
(1,510)
2014
RM
At date of launch
-
Recognised in the Statement of Income and Expenditure (Note 8)
436
At end of the period
436
At end of the year
112
2014
2013
RM
RM
(179,978)
(89,864)
(67,941)
(90,114)
(247,919)
(179,978)
amassurance.com.my
4. DEFERRED TAXATION (cont’d)
At end of the year
RM
RM
12,787
6,637
6,791
6,150
19,578
12,787
2014
2013
RM
RM
(8,943)
(11,059)
12,549
2,116
3,606
(8,943)
At end of the period / year
2013
At end of the year
2014
16.08.2013
31.03.2013
RM
RM
111,932
(17,421)
(111,932)
129,353
-
111,932
20.03.2014
31.03.2013
RM
RM
At end of the period / year
18,394
(34,184)
(18,394)
52,578
-
18,394
2014
2013
RM
RM
7,262
11,543
45,099
(4,281)
At end of the year
52,361
7,262
113
amassurance.com.my
5. UNITHOLDERS’ CAPITAL
(i) AmAssurance Equity Fund
2014
No. of
units
Amount received for creations during the year
3,580,109
2013
RM
No. of
units
RM
5,762,935
6,879,809
4,250,677
Amount paid for cancellations due to
surrenders during the year
(3,837,480)
(5,969,395) (10,623,221)
(257,371)
Unitholders’ capital brought forward
14,890,034
(206,460)
12,263,704
(2,967,579)
14,593,717
-
2,486,527
-
637,566
14,543,771
14,890,034
12,263,704
0.9939
0.8236
2014
RM
No. of
units
RM
5,764,102
6,584,452
15,347,426
10,897,096
(5,796,406)
2013
No. of
units
(6,637,757) (10,006,920)
(32,304)
(53,305)
(6,918,263)
5,340,506
3,978,833
21,626,088
16,376,217
16,285,582
11,907,941
-
390,536
-
489,443
21,593,784
16,713,448
21,626,088
16,376,217
Net asset value per unit at 31 March
(3,743,412)
18,633,446
14,632,663
(7,218,256)
0.7740
0.7572
2014
No. of
units
2013
RM
No. of
units
RM
3,442,556
6,824,737
14,614,054
11,278,619
(5,723,386)
(9,029,939)
(13,915,371)
(10,651,521)
(2,280,830)
(2,205,202)
26,955,518
22,890,142
627,098
26,256,835
21,511,270
-
3,472,697
-
751,774
24,674,688
24,157,637
26,955,518
22,890,142
0.9790
114
698,683
0.8492
amassurance.com.my
5. UNITHOLDERS’ CAPITAL (cont’d)
2014
No. of
units
RM
No. of
units
RM
1,492,824
3,187,043
7,856,248
5,135,859
(5,061,669)
(6,427,624)
(8,859,472)
(5,963,624)
(3,568,845)
(3,240,581)
(1,003,224)
15,669,587
12,922,403
16,672,811
-
2,495,053
-
620,844
12,176,875
15,669,587
12,922,403
1.0063
0.8247
2014
No. of
units
(827,765)
13,129,324
12,100,742
2013
2013
RM
No. of
units
RM
3,658,529
2,035,198
1,730,518
510,354
(2,365,007)
(1,394,674)
(4,310,913)
(1,643,695)
(2,580,395)
(1,133,341)
1,293,522
640,524
7,247,527
3,430,179
9,827,922
4,347,855
-
443,222
-
215,665
8,541,049
4,513,925
7,247,527
3,430,179
0.5285
0.4733
2014
Amount received for creations during the period
surrenders during the period
No. of units
RM
1,207,395
619,712
(22,453)
1,184,942
Deficit of income over outgo after taxation
1,184,942
(33,888)
585,824
(4,880)
580,944
0.4903
115
amassurance.com.my
2014
No. of
units
RM
No. of
units
RM
246,638
149,658
220,373
100,364
(62,600)
(56,455)
(145,087)
(61,626)
184,038
93,203
75,286
38,738
1,536,042
761,916
1,460,756
721,580
-
28,813
-
1,598
1,720,080
883,932
1,536,042
761,916
2013
0.5139
0.4960
2014
No. of units
RM
Amount received for creations during the period
1,148,974
512,693
(154,043)
(18,087)
994,931
494,606
-
(3,424)
994,931
491,182
0.4937
2014
No. of
units
RM
RM
2,703,945
959,846
5,472,354
1,877,543
(2,577,338)
(904,090)
(3,657,978)
(1,108,266)
55,756
1,814,376
4,891,635
12,020,242
126,607
13,843,618
-
13,961,225
2013
No. of
units
(1,017,361)
3,930,030
0.2815
116
13,834,618
769,277
5,160,542
(1,038,184)
4,891,635
0.3536
amassurance.com.my
2014
Amount paid for cancellations due to surrenders
during the year
No. of
units
RM
No. of
units
RM
544,918
566,988
949,656
499,835
(319,527)
(429,481)
(762,813)
(388,841)
225,391
137,507
186,843
110,994
2,795,155
1,657,240
2,608,312
1,458,970
-
74,546
-
87,276
3,020,546
1,869,293
2,795,155
1,657,240
2013
2014
during the year
Coupon payments
2013
No. of
units
RM
-
-
(988,000)
(470,015)
-
-
(988,000)
(470,015)
8,435,571
4,051,111
9,423,571
4,532,644
-
117,682
-
135,772
No. of
units
-
-
-
8,435,571
4,168,793
8,435,571
0.5929
0.6189
0.4942
RM
(147,290)
4,051,111
0.4802
16.08.2013
No. of
units
during the period/year
(231,840)
(231,840)
83,906,893
Net asset value per unit
at 16 August 2013 / 31 March 2013
31.03.2013
RM
(118,784)
(118,784)
42,782,762
(1,101,433)
(1,101,433)
85,008,326
RM
(554,228)
(554,228)
42,063,381
-
644,708
-
1,273,609
83,675,053
43,308,686
83,906,893
42,782,762
0.5176
117
No. of
units
0.5099
amassurance.com.my
20.03.2014
No. of
units
during the period / year
RM
No. of
units
RM
(368,678)
(187,553)
(1,003,094)
(497,598)
(368,678)
(187,553)
(1,003,094)
(497,598)
34,270,463
17,257,477
35,273,557
17,238,342
-
511,008
-
516,733
33,901,785
17,580,932
34,270,463
17,257,477
Net asset value per unit
at 20 March 2014 / 31 March 2013
31.03.2013
0.5186
0.5036
2014
during the year
4,320,217
(675,982)
No. of
units
2013
RM
No. of
units
RM
2,685,138
1,132,657
591,011
(510,739)
(119,866)
3,644,235
2,174,399
893,230
471,145
11,385,700
6,350,103
10,492,470
5,443,904
-
919,519
-
435,054
15,029,935
9,444,021
11,385,700
6,350,103
0.6283
118
(239,427)
0.5577
amassurance.com.my
6. INTEREST INCOME
AmAssurance
Equity Fund
AmAssurance
Bond Fund
2014
2013
2014
2013
RM
RM
RM
RM
68,210
83,350
126,946
68,907
-
-
790,354
597,559
68,210
83,350
917,300
666,466
Interest income from:
Corporate bonds
AmAssurance
Balanced Fund
AmAssurance
Dana Teguh
2014
2013
2014
2013
RM
RM
RM
RM
63,270
88,749
37,050
85,862
464,451
460,601
188,617
197,302
527,721
549,350
225,667
283,164
Corporate bonds
AmAssurance AmOasis
Islamic Equity Fund
AmLife Asia Pacific
REITS Fund
2014
2013
17.09.2013 to 31.03.2014
RM
RM
RM
37,264
26,319
577
AmAssurance Global
Fund
2014
2013
17.09.2013 to 31.03.2014
RM
RM
RM
5,978
3,988
638
119
amassurance.com.my
6. INTEREST INCOME (cont’d)
Metals Fund
AmAssurance Global
Agribusiness Fund
2014
2013
2014
2013
RM
RM
RM
RM
6,994
20,201
11,528
8,728
AmAssurance
AmCommodity
Stable CG Fund
AmAssurance
AmCurrency
Income CG Fund
2014
2013
01.04.2013
to
16.08.2013
01.04.2012
to
31.03.2013
RM
RM
RM
RM
-
151,792
2,987
7,773
AmAssuranc
AmCurrency
Income II CG Fund
AmAssurance
Dividend Fund
01.04.2013
to
20.03.2014
01.04.2012
to
31.03.2013
2014
2013
RM
RM
RM
RM
7,639
7,681
59,221
62,454
120
amassurance.com.my
7. DIVIDEND INCOME
AmAssurance
Equity Fund
AmAssurance
Bond Fund
2014
2013
2014
2013
RM
RM
RM
RM
211,548
359,069
-
-
-
-
28,713
33,134
211,548
359,069
28,713
33,134
Gross dividends from:
Quoted equity securities in Malaysia
Unquoted unit and property trust funds in Malaysia
AmAssurance
Balanced Fund
AmAssurance
Dana Teguh
2014
2013
2014
2013
RM
RM
RM
RM
277,057
347,058
114,755
266,697
5,300
-
-
-
19,247
-
17,594
7,258
301,604
347,058
132,349
273,955
Quoted unit and property trust funds in Malaysia
AmAssurance
AmOasis Islamic
Equity Fund
AmAssurance Global
2014
2013
2014
2013
RM
RM
RM
RM
-
42,450
-
-
-
-
1,888
1,802
-
42,450
1,888
1,802
AmAssurance
AmCommodity Stable
CG Fund
AmAssurance
Dividend Fund
2014
2013
2014
2013
RM
RM
RM
RM
-
-
277,348
286,806
Quoted unit and property trust funds in Malaysia
-
-
27,325
9,400
2,259
2,095
-
-
2,259
2,095
304,673
296,206
121
amassurance.com.my
8. TAXATION
AmAssurance
Equity Fund
AmAssurance
Bond Fund
2014
2013
2014
2013
RM
RM
RM
RM
55,284
16,084
77,391
64,542
162,776
42,832
(25,535)
(18,949)
218,060
58,916
51,856
45,593
Malaysian income tax:
Current year's provision
Deferred tax:
Relating to origination and reversal
of temporary differences (Note 4)
Tax expense for the year
AmAssurance
Balanced Fund
AmAssurance
Dana Teguh
2014
2013
2014
2013
RM
RM
RM
RM
80,237
30,905
64,705
40,836
228,864
34,169
157,836
12,823
309,101
65,074
222,541
53,659
Deferred tax:
AmAssurance AmOasis
Islamic Equity Fund
AmLife Asia Pacific
REITS Fund
2014
2013
17.09.2013
to
31.03.2014
RM
RM
RM
2,981
(3,706)
46
37,468
23,897
329
40,449
20,191
375
Current year's / period's provision
Deferred tax:
Tax expense for the year / period
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8. TAXATION (cont’d)
AmAssurance Global
AmLife Tactical
Bond Fund
2014
2013
17.09.2013
to
31.03.2014
RM
RM
RM
478
318
51
2,875
593
436
3,353
911
487
Deferred tax:
Metals Fund
AmAssurance Global
Agribusiness Fund
2014
2013
2014
2013
RM
RM
RM
RM
922
2,571
(19,113)
1,617
(67,941)
(90,114)
6,791
6,150
(87,054)
(88,497)
7,713
8,721
Deferred tax:
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AmAssurance
AmCommodity Stable
CG Fund
2014
AmAssurance
AmCurrency Income
CG Fund
01.04.2013
to
2013 16.08.2013
01.04.2012
to
31.03.2013
RM
RM
RM
RM
-
12,144
239
12,549
2,116
(111,932)
129,353
12,549
14,260
(111,693)
129,974
621
Deferred tax:
AmAssurance
AmCurrency
Income II CG Fund
AmAssurance
Dividend Fund
01.04.2013
to
20.03.2014
01.04.2012
to
31.03.2013
2014
2013
RM
RM
RM
RM
Current period's / year's provision
70,927
614
27,739
41,267
(18,394)
52,578
45,099
(4,281)
52,533
53,192
72,838
36,986
Deferred tax:
Tax expense for the period / year
The tax charge on the Funds relates to investment income received and gain on disposal of investments during the
year/period, at the preferential tax rate of 8% (2013: 8%) in accordance with the method prescribed under the Income
Tax Act, 1967 for life insurance business.
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A reconciliation of income tax expense applicable to the excess / (deficit) of income over outgo before taxation at the
income tax rate applicable to the investment-linked funds, to income tax expense at the effective income tax rate, is
as follows:
AmAssurance
Equity Fund
AmAssurance
Bond Fund
2014
2013
2014
2013
RM
RM
RM
RM
2,704,587
696,482
442,392
535,036
Taxation at Malaysian tax charge of 8%
216,367
55,719
35,391
42,803
Income not subject to tax
(14,452)
(12,926)
2,041
(8,651)
16,145
16,123
14,424
11,441
218,060
58,916
51,856
45,593
Expenses not deductible for tax purposes
AmAssurance
Balanced Fund
AmAssurance
Dana Teguh
2014
2013
2014
2013
RM
RM
RM
RM
3,781,798
816,848
2,717,594
217,407
674,503
302,544
65,349
(18,850)
(22,627)
(8,496)
(15,359)
25,407
22,352
13,630
15,058
309,101
65,074
222,541
53,659
AmAssurance AmOasis
Islamic Equity Fund
2014
RM
125
AmLife Asia Pacific
REITS Fund
17.09.2013
to
31.03.2014
RM
RM
483,671
235,856
(4,505)
38,694
18,869
(360)
-
2013
53,960
(1,528)
1,755
2,850
40,449
20,191
735
375
amassurance.com.my
AmAssurance Global
2014
2013
17.09.2013
to
31.03.2014
RM
RM
RM
32,166
2,509
(2,937)
201
(235)
2,573
(151)
(145)
931
855
722
3,353
911
487
Metals Fund
(Deficit) / excess of income over outgo before taxation
126
AmAssurance Global
Agribusiness Fund
2013
2014
2013
RM
RM
RM
RM
(1,104,415)
(1,126,681)
82,259
95,997
(88,352)
(90,134)
6,581
7,680
-
-
-
-
1,298
1,637
1,132
1,041
(87,054)
(88,497)
7,713
8,721
AmAssurance
AmCurrency
Income CG Fund
2014
2013
1.04.2013
to
6.08.2013
RM
RM
RM
130,231
150,032
10,419
12,003
(180)
-
2014
AmAssurance
AmCommodity Stable
CG Fund
AmLife Tactical
Bond Fund
(168)
2,310
2,425
12,549
14,260
01.04.2012
to
31.03.2013
RM
533,015
1,403,583
42,641
112,287
(161,532)
7,198
(111,693)
17,687
129,974
amassurance.com.my
AmAssurance
AmCurrency
Income II CG Fund
AmAssurance Dividend
Fund
01.04.2013
to
20.03.2014
01.04.2012
to
31.03.2013
2014
2013
RM
RM
RM
RM
563,541
569,925
992,357
472,040
45,083
45,594
79,390
37,763
-
-
(16,855)
(7,982)
7,450
7,598
10,303
7,205
52,533
53,192
72,838
36,986
9. COMPARATIVES
The current period financial information for AmAssurance AmCurrency Income CG Fund and AmAssurance
AmCurrency Income II CG Fund have been prepared for the period from 1 April 2013 to 16 August 2013 and 1
April 2013 to 20 March 2014 respectively. Therefore, the current period Statements of Income and Expenditure and
Statements of Changes in Net Asset Value and related notes of AmAssurance AmCurrency Income CG Fund and
AmAssurance AmCurrency Income II CG Fund are not comparable to that of the previous year.
These are the first set of audited financial information prepared for AmLife Asia Pacific REITS Fund and AmLife
Tactical Bond Fund prepared from the dates of launch of the Funds to 31 March 2014. Accordingly, no comparative
financial information has been provided.
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Laporan Tahunan
Dana Berkaitan Pelaburan
Bagi Tahun Kewangan Berakhir 31 Mac 2014
AmLife Insurance Berhad (15743-P)
Ahli PIDM
amassurance.com.my
Laporan Tahunan Dana Berkaitan Perlaburan AmLife
Isi Kandungan
muka
surat
130
Objektif Dana Berkaitan Pelaburan
133
Ulasan Pasaran
145
Tinjauan Pelaburan
151
Strategi Pelaburan
155
Prestasi Dana
167
Pecahan Mengikut Sektor dan Kategori
176
Jadual Perbandingan: Prestasi Dana
178
Jadual Perbandingan: Nilai Aset Bersih, Jumlah Unit dan Harga Unit
185
Ringkasan Maklumat Kewangan
129
amassurance.com.my
Objektif Dana
Berkaitan Pelaburan
amassurance.com.my
Dana AmAssurance Equity
Dana bertujuan menyediakan Pelanggan dengan pertumbuhan modal, melalui suasana pelaburan jangka sederhana ke
panjang, terutamanya melalui pelaburan di dalam sekuriti Malaysia dengan potensi pertumbuhan yang menggalakkan.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
Dana AmAssurance Bond
Dana bertujuan menyediakan Pelanggan satu peluang untuk mendapatkan pendapatan yang lebih tinggi daripada
pendapatan purata yang diperoleh daripada deposit tetap, selama satu tempoh pelaburan jangka masa panjang,
terutamanya melalui pelaburan di dalam pelbagai portfolio sekuriti berpendapatan tetap.
Dana AmAssurance Balanced
pendapatan purata yang diperoleh daripada deposit tetap dengan risiko tahap lebih rendah berbanding dengan dana
ekuiti penuh, selama satu tempoh pelaburan jangka masa sederhana.
pendapatan purata yang diperoleh daripada deposit tetap dengan risiko tahap lebih rendah berbanding dengan dana
ekuiti penuh, selama satu tempoh pelaburan jangka masa sederhana melalui pendedahan di dalam ekuiti-ekuiti Malaysia
yang mematuhi hukum Syariah dan/atau sekuriti-sekuriti berkaitan dan sekuriti berpendapatan tetap.
Dana AmAssurance Dividend
Dana berusaha untuk menyediakan pemegang polisi dengan jumlah pulangan terutamanya melalui pelaburan di dalam
ekuiti dan syarikat-syarikat sekuriti berkaitan yang menawarkan pembayaran dividen yang mampan dan hasil yang
menarik, dengan penekanan ke atas peluang peningkatan modal jangka masa panjang.
Dana AmAssurance AmOasis Islamic Equity
Dana berusaha untuk mencapai modal sederhana dan naik nilai pendapatan selama satu tempoh jangka masa
sederhana ke panjang dengan melabur di dalam saham-saham syarikat-syarikat global yang mematuhi hukum Syariah
melalui pelaburan di dalam:
1. Dana AmOasis Global Islamic Equity (Unit Amanah – AmInvestment)
2. Pendedahan ekuiti kepada kaunter-kaunter lulus Syariah yang tersenarai di Bursa Malaysia.
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Dana AmAssurance Global Emerging Market
Dana berusaha untuk mencapai apresiasi modal jangka panjang melalui pelaburan terutamanya di dalam:
1. Dana AmGlobal Emerging Market Opportunities (Unit Amanah – AmInvestment Management Sdn Bhd)
2. Pendedahan ekuiti kepada kaunter-kaunter yang tersenarai di Bursa Malaysia.
Dana AmAssurance Global Agribusiness
Dana berusaha untuk mencapai naik nilai modal jangka masa panjang melalui pelaburan terutamanya di dalam Dana
Sasaran, Dana AmGlobal Agribusiness (Unit Amanah - AmInvestment Management Sdn Bhd), yang melabur di dalam
portfolio ekuiti terpilih perniagaan-agro. Perniagaan-agro adalah satu istilah umum yang merujuk kepada pelbagai
perniagaan yang terlibat di dalam pengeluaran produk makanan..
Dana AmAssurance Precious Metals
Dana berusaha untuk mencapai naik nilai modal jangka panjang melalui pelaburan terutamanya di dalam Dana Sasaran,
Dana AmPrecious Metals Fund (Unit Amanah – AmInvestment Management Sdn Bhd), yang melabur di dalam portfolio
ekuiti global yang mematuhi hukum Syariah dan syarikat-syarikat sekuriti berkaitan ekuiti yang menjalankan aktiviti-aktiviti
berkaitan emas, perak, platinum atau logam berharga yang lain.
Dana AmLife Tactical Bond
Dana berusaha mencapai naik nilai modal jangka masa sederhana ke panjang melalui pelaburan terutamanya di dalam
Dana Sasaran: Dana AmTactical Bond, satu Collective Investment Scheme (CIS) yang diuruskan oleh AmInvestment
Management Sdn Bhd, di mana Dana Sasaran bertujuan menyediakan pendapatan dan pada satu tahap, naik nilai modal
dengan melabur terutamanya di dalam bon-bon.
Dana AmLife Asia Pacific REITS
Dana berusaha mencapai naik nilai modal jangka masa sederhana ke panjang melalui pelaburan terutamanya di dalam
Dana Sasaran: Dana AmAsia Pacific REITS, satu Collective Investment Scheme (CIS) yang diuruskan oleh AmInvestment
Management Sdn Bhd, di mana Dana Sasaran bertujuan menyediakan pendapatan tetap dan pada satu tahap, naik nilai
modal pada jangka masa sederhana ke panjang dengan melabur di dalam amanah pelaburan hartanah (REITS).
Dana AmAssurance AmCurrency Income II Capital Guaranteed
Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan
perlindungan modal pada Tarikh Matang.
Dana AmAssurance AmCommodity Stable Capital Guaranteed
Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan
perlindungan modal pada Tarikh Matang.
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Ulasan Pasaran
amassurance.com.my
Ulasan Pasaran: April 2013 - Mac 2014
Dana AmAssurance Equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond
Ulasan Pasaran Ekuiti
FBMKL Composite Index (“KLCI”) memulakan perdagangan dalam tahun kewangan baru pada 1,697 mata, manakala
FBM Hijrah Syariah (“FBMHS”) memulakan tahun berkenaan dengan 12,781 mata. Pembelian bertumpu kepada
stok berkaitan indeks pada April apabila pembelian stok modal kecil ke sederhana tidak menjadi keutamaan. Walau
bagaimanapun, pelabur mengambil pandangan dengan berhati-hati terhadap halatuju pasaran ketika mereka menunggu
pilihan raya umum Malaysia yang akan berlangsung. Pandangan ini walau bagaimanapun tidak memberi kesan negatif
kepada pasaran stok tempatan kerana pelabur asing dilihat aktif dalam pembelian bursa tempatan berikutan nilai
relatifnya berbanding bursa serantau. Tambahan pula, prestasi kukuh yang ditunjukkan oleh Dow Jones disebabkan
pendapatan korporat AS yang lebih baik daripada jangkaan serta data ekonomi AS yang baik menguatkan lagi prestasi
KLCI. Data ekonomi terus menunjukkan pemulihan ekonomi AS. KLCI menunjukkan peningkatan baru tahun itu pada
April dan meningkat 46 mata atau 2.8% bulan ke bulan untuk berakhir pada 1,718 mata. FBMHS turut mengikut rentak
yang sama dengan meningkat 401 mata atau 3.2% bulan ke bulan untuk berakhir pada 12,763 mata.
Ketidaktentuan politik berakhir apabila penyandang Barisan Nasional memenangi Pilihan raya Umum ke-13 yang
berlangsung pada 5 Mei 2013. Indeks meningkat lebih daripada 100 mata pada hari pertama dagangan setelah pilihan
raya umum tamat. Walaupun keputusan pilihan raya itu merupakan yang kedua terburuk bagi Barisan Nasional,
perbezaan kemenangan pada 60% (berbanding 63% pada 2008) jumlah kerusi Parlimen, ia adalah mencukupi untuk
membentuk Kerajaan yang stabil untuk tempoh 4-5 tahun akan datang. Ini memberi kelegaan kepada pelabur, seperti
yang digambarkan dengan KLCI melompat kepada 52 mata ataupun 3% bulan ke bulan, untuk berakhir pada 1,769 mata.
FBMHS terus maju 669 mata atau 5.2% bulan ke bulan untuk berakhir pada 13,432 mata.
Walau bagaimanapun, prestasi kukuh yang dilihat pada Mei tidak kekal lama kerana pasaran ekuiti ditakutkan dengan
kebimbangan terhadap program peruncingan Quantitative Easing (“QE”) Perbendaharaan AS pada awal bulan Jun.
Pelabur-pelabur mengambil peluang untuk mendapat keuntungan secara agresif kerana mereka percaya kadar faedah
dijangka meningkat dan oleh itu, dana akan mengalir keluar daripada Pasaran Baru Memuncul. Sentimen lemah ini
diburukkan lagi dengan kebimbangan terhadap situasi kecairan yang ketat yang dialami oleh China. Pelabur-pelabur pada
amnya bimbang dengan keperlahanan ekonomi China yang lebih awal daripada yang dijangkakan, dan kemungkinan
kejatuhan teruk ekonomi di China. Sehubungan dengan itu, Malaysia juga tidak terlepas daripada kebimbangan ini dan
KLCI bergerak selari dengan pasaran serantau dan Wall Street. Pada Jun 2013, trend KLCI menurun bagi sebahagian
besar bulan itu berikutan kebimbangan terhadap peruncingan QE. Namun, pada akhir bulan, pengukuhan semula Wall
Street telah membantu pasaran global untuk menstabil dan pulih semula. Bagi bulan itu, KLCI meningkat 4 mata atau
0.2% bulan ke bulan untuk berakhir pada 1,773 mata. FBMHS mengundur 75 mata atau 0.6% bulan ke bulan untuk
berakhir pada 13,357 mata.
Dari segi ekonomi, kebanyakan data ekonomi, contohnya jualan eksport dan pembuatan, menunjukkan trend menurun.
Pengeluaran industri walau bagaimanapun meningkat semula pada April setelah jatuh pada dua bulan berturut-turut
pada awal 2013. Inflasi yang menjadi berita hangat mencatat paras tertinggi 9 bulan iaitu pada 1.6%, diburukkan lagi
oleh harga makanan dan bahan api yang tinggi. Peningkatan harga 20 sen bagi petrol RON97 kepada RM2.90/liter
bermula 7 Mac 2013 turut menyumbang kepada peningkatan kadar inflasi. Walau bagaimanapun, inflasi teras kekal baik
yang mencadangkan bahawa inflasi yang dicetus oleh permintaan, masih terkawal.
Pasaran ekuiti memulakan suku tahunan dengan sentimen positif apabila kebimbangan terhadap peruncingan QE
Perbendaharaan AS berkurangan dan Wall Street terus mencatat prestasi kukuh. Pembuat dasar di AS berjaya
mengurangkan kebimbangan pelabur-pelabur dan menangani jangkaan mereka. KLCI mencatat penutupan tertinggi
yang baru pada banyak keadaan apabila indeks terus berjaya meningkat tinggi. Namun, indeks mengalami tekanan
jualan pada akhir bulan Julai apabila Fitch Rating menilai semula jangkaan ke atas Malaysia kepada “negatif” daripada
“stabil”. Bagi bulan itu, KLCI tidak berubah pada 1,773 mata. Walau bagaimanapun, FBMHS meningkat kepada 80 mata
atau 0.6% bulan ke bulan, untuk berakhir pada 13,437 mata.
Secara makronya, angka-angka ekonomi terus merosot. Eksport mengecut buat bulan keempat pada Mei berikutan
permintaan global yang semakin perlahan dan penurunan harga komoditi. Pertumbuhan pengeluaran industri juga
sederhana apabila sektor pembuatan kembali kepada pertumbuhan perlahan manakala output elektrik berkembang
pada kadar yang lebih perlahan.
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Ulasan Pasaran
Walau bagaimanapun, sentimen bertukar menjadi negatif pada Ogos; ini adalah lebih teruk daripada yang dijangkakan
pelabur-pelabur kerana pelbagai kebimbangan makro termasuklah:
1. Kejatuhan pasaran stok serantau dan mata wang yang dimulakan oleh Indonesia, India dan Thailand,
2. Angka-angka pertumbuhan suku kedua KDNK Malaysia adalah di bawah jangkaan serta lebihan akaun semasa yang
mengecil, dan
3. Kebimbangan terhadap kemungkinan campur tangan ketenteraan AS ke atas Syria.
KLCI merosot sehingga 40 mata intra-hari pada tiga keadaan dan turun di bawah paras sokongan psikologi 1,700 mata
untuk beberapa hari. Bagi bulan berkenaan, KLCI menurun 45 mata atau 2.5% untuk tutup pada 1,728 mata.
FBMHS turut mengalami trend serupa dengan menurun 2.5% atau 334 mata, untuk tutup pada 13,104 mata.
September merupakan bulan yang agak baik untuk pasaran global, dan Malaysia apabila kebanyakan pasaran bangkit
semula daripada jualan Ogos. Keputusan Perbendaharaan AS menangguhkan peruncingan QE merupakan kejutan
positif yang memberikan suntikan kepada pasaran. Tambahan lagi, penambahbaikan pada angka-angka makro
Malaysia turut menyumbang kepada sentimen positif pasaran. Pertumbuhan eksport akhirnya bangkit semula pada
Julai, selepas mengecut lima bulan, dikukuhkan oleh penambahbaikan permintaan bagi produk elektronik dan elektrik
serta komoditi. Lebihan dagangan Malaysia mengecil kepada RM2.9 bilion pada Julai daripada RM4.3 bilion pada Jun.
Pada tempoh Januari ke Julai 2013, eksport mengecut sehingga 2.6% manakala import meningkat 4.6%, menyebabkan
lebih dagangan terkumpul sebanyak RM27.4 bilion. Pengeluaran industri juga berkembang sehingga 7.6% tahun ke
tahun pada Julai (+3.7% pada Jun), peningkatan tertinggi dalam masa 14 bulan.
KLCI memperoleh semula kerugiannya pada September dan bangkit semula melepasi paras psikologi 1,800 mata
sebelum pengambilan untung berlaku. Bagi bulan itu, KLCI memperoleh 41 mata atau 2.4% untuk menutup pada 1,769
mata. FBMHS memperoleh 298 mata atau 2.3%, untuk menutup pada 13,402 mata.
Oktober adalah bulan cemerlang bagi Malaysia kerana KLCI menjangkau paling tinggi pada tempoh yang menuju
kepada Bajet 2014 pada 25 Oktober. Pelabur-pelabur membuat spekulasi bahawa kerajaan akan melaksanakan
langlah-langkah seperti GST dan pengurangan subsidi untuk menangani defisit bajet dan kebimbangan terhadap akaun
semasa yang semakin mengecil. Mereka tidak dihampakan; GST dijadualkan diperkenalkan pada 1 April 2015 dan
subsidi gula dihapuskan terus. Kerajaan turut mengambil langkah mengawal spekulasi hartanah dengan meningkatkan
cukai hasil hartanah, menghapuskan skim pembawaan faedah pemaju dan menaikkan harga minimum pembelian untuk
warga asing daripada RM500,000 kepada RM1 juta. Bagi bulan itu, KLCI meningkat 38 mata atau 2.2% untuk menutup
pada 1,807 mata. FBMHS terus maju dengan 3% atau 398 mata, untuk mengakhiri bulan itu pada 13,800 mata.
November adalah bulan untuk penggabungan selepas prestasi kukuh pada September dan Oktober. KLCI berlegar
di sekitar jaluran yang agak sempit. Perhatian bertumpu kepada keputusan yang dikeluarkan pada bulan itu dan
keseluruhannya ia menunjukkan tanda-tanda yang agak baik. Seperti yang dijangkakan, terdapat lebih banyak syarikat
yang tidak mencapai hasil seperti yang dijangkakan. Walau bagaimanapun, bagi syarikat-syarikat yang melebihi
jangkaan, mereka kelihatan semakin bertambah baik. Ini merupakan berita baik bagi momentum pendapatan. Bagi
bulan itu, KLCI memperoleh 6 mata atau 0.3% untuk menutup pada 1,813 mata. Bulan November menyaksikan FBMHS
maju 100 mata atau 0.7%, untuk menutup pada 13,900 mata.
Disember merupakan bulan yang kuat bagi KLCI seperti secara tradisinya, apabila indeks ini sekali lagi mencapai
ketinggian baru pada beberapa suasana di samping aktiviti hiasan luar dan pelabur-pelabur membina posisi menjelang
2014 dan kesan Januari. Perbendaharaan AS akhirnya memutuskan untuk “mengurangkan secara sederhana” kadar
pembelian aset kepada $75 bilion sebulan daripada $85 bilion, suatu pengurangan daripada $10 bilion sebulan.
Pengumuman ini menyediakan kes asas bagi peruncingan berimbang sebanyak $10 bilion pada setiap pertemuan
berikutnya, yang disyaratkan apabila angka-angka ekonomi mencapai jangkaan Perbendaharaan AS. Pada masa yang
sama, Perbendaharaan AS “meningkatkan” panduan hadapannya dengan mencadangkan mereka tidak akan menaikkan
kadar sehingga “benar-benar melepasi” 6.5% pengangguran serta akan “memantau perkembangan inflasi dengan teliti”.
Perbendaharaan AS dijangka melaksanakan program peruncingan secara beransur-ansur sehingga akhir tahun 2014, di
samping terus mengukuhkan panduan mereka. Di sebalik perkembangan di AS ini, KLCI tidak bertindak secara negatif,
tidak seperti rakan-rakan serantaunya. Bagi bulan itu, KLCI memperoleh 54 mata atau 3.0%, untuk menutup pada 1,867
mata. Begitu juga dengan FBMHS yang memperoleh 424 mata atau 3.0%, untuk menutup pada 14,324 mata.
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Ulasan Pasaran
Ekuiti-ekuiti Asia sebahagian besarnya jatuh dan ini merupakan prestasi bulanan terburuk sejak “amukan peruncingan”.
Beberapa Bank Pusat Pasaran Baru Memuncul (terutamanya Turki, India dan Afrika Selatan) meningkatkan kadar
faedah untuk menahan pergerakan mata wang dan mengukuhkan keyakinan pelabur. Selain itu, terdapat kebimbangan
mengenai momentum ekonomi China dan kestabilan kewangan dan juga kebimbangan semula terhadap keadaan
ekonomi AS. HSBC China mengimbas PMI untuk Januari 2014 mengejutkan dengan penurunan pada 49.6 (bacaan di
bawah 50 pertama dalam tempoh enam bulan). Pendapatan bukan perladangan AS turut menggambarkan momentum
ekonomi domestik yang semakin berkurang. KLCI dan FBMHS ditutup pada 3.4% dan 3.5% lebih rendah masingmasing pada 1,804 mata dan 13,823 mata. Tekanan jualan turut disaksikan di pasaran maju dan baru memuncul
sepanjang bulan Januari, dengan MSCI Asia ex-Japan Index jatuh 5.1%.
Data ekonomi AS dan China yang lemah terus memberi kesan kepada sentimen pasaran pada bulan Februari. Walau
bagaimanapun menjelang minggu ketiga Februari, kebanyakan pasaran Asia telah memperoleh semula jumlah kerugian
mereka. People’s Republic of China (“PBOC”) mengesahkan sokongan pengetatan dan aktiviti biarpun data ekonomi
menunjuk ke arah pemerlahanan. Pembangunan makro paling menyerlah Asia juga adalah susut nilai mendadak Yuan
China, yang mengalami kejatuhan terbesar sejak penurunan nilai oleh China pada 1994. Susut nilai Yuan adalah bagi
tidak menggalakkan kemasukan ‘wang panas’ dan menetapkan suasana bagi liberalisasi regim tukaran wang asing
yang dijangkakan, berbanding meringankan kewangan bagi tujuan eksport. Biarpun dengan berita negatif ini, KLCI
menunjukkan peningkatan semula daripada jualan pada Januari, sejajar dengan pemulihan Wall Street dan bursa-bursa
serantau. Stok-stok barisan kedua dan ketiga terutamanya begitu aktif dan menarik minat yang kukuh. KLCI mengakhiri
bulan itu dengan 1.8% lebih tinggi pada 1,836 mata. FBMHS memperoleh 2.3% pada14,139 mata.
Mac 2014 bermula dengan berhati-hati berikutan keputusan Rusia untuk mempercepatkan penyerapan Crimea
ekoran daripada referandum kedaulatan pada 16 Mac yang membuatkan pelabur-pelabur tertanya-tanya tentang
kesannya kepada ekonomi. Selain itu, mesyuarat FOMC pertama bagi Janet Yellen yang bertindak sebagai Pengerusi
Perbendaharaan AS, mencetuskan kejatuhan pasaran aset secara sederhana apabila jawatankuasa itu bukan sahaja
mengekalkan AS$10 bilion yang diwujudkan/pencapaian kadar peruncingan pembelian aset, tetapi turut membayangkan
bahawa sasaran kadar faedah jangka pendek mungkin dinaikkan lebih awal atau cepat daripada yang dijangkakan
sebelum ini. Walau bagaimanapun, indeks itu mendapat keuntungan pada akhir bulan apabila jangkaan pelonggaran
polisi di China dan peningkatan sentimen ke atas pasaran baru memuncul secara amnya menjadikan pulangan kukuh
aliran merentasi sempadan ke ekuiti-ekuiti Asia. KLCI mengakhiri bulan Mac dengan 0.7% lebih tinggi pada 1,849 mata.
FBMHS maju lebih baik dengan 1.8%, pada 14,388 mata.
Bagi tahun kewangan 2014, KLCI memperoleh 178 mata atau 10.6% manakala FBMHS berkembang pada 2,026 mata
atau 16.4%.
Ulasan Pasaran Pendapatan Tetap
Biarpun data ekonomi global menunjukkan tanda-tanda penstabilan, 2013 sekali lagi menjadi tahun yang mencabar
dan meruap. Bajet persekutuan AS dan kebuntuan siling hutang bertembung dengan pilihan raya umum tempatan
dan ini mendominasi pemikiran pelabur pada awal tahun 2013, manakala spekulasi bila Federal Reserve (“Fed”) akan
mengurangkan skala program Quantitative Easing (“QE”) menerajui sentimen pelabur pada separuh tahun kedua dan
acara-acara ini pada amnya menyebabkan kemeruapan jangka pendek di pasaran di sepanjang tahun itu.
Di senario bon tempatan, pasaran Bon Kerajaan Malaysia bersatu selepas pilihan raya umum Mei kerana keputusannya
dilihat sebagai positif oleh pemain-pemain pasaran, dengan penghapusan elemen risiko politik daripada pasaran
kewangan domestik. Pada masa yang sama, penyatuan ini yang menyaksikan keuntungan jangka pendek jatuh di
bawah paras OPR (iaitu 3%), yang disokong oleh pelepasan data ekonomi yang lembut.
Namun, pada mesyuarat FOMC bertarikh 19 Jun 2013, Pengerusi Fed waktu itu, Ben Bernanke memperkenalkan
kemungkinan peruncingan QE, dengan potensinya untuk berakhir sepenuhnya pada pertengahan 2014 jika ekonomi AS
kekal pada tahap stabil. Ini mencetuskan aliran keluaran dana yang besar daripada ekonomi pasaran baru memuncul
dan pasaran bon tempatan turut menerima kesannya. Ekoran itu, peratus pemegangan saham asing dalam ruangan
MGS jatuh kepada 41.4% pada Julai, daripada ketinggian yang dialami selama ini iaitu 48.3% pada April 2013.
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Ulasan Pasaran
Biarpun dengan pengumuman bajet berhemah 2014 oleh Kerajaan Malaysia, pasaran bon tempatan kekal lembap
dan terus mengekori pergerakan di pasaran US Treasuries (UST) sepanjang tahun itu apabila pelabur secara terus
membuat spekulasi tentang tempoh peruncingan QE. Pada masa yang sama, penerusan rasionalisasi subsidi telah
menyebabkan tekanan inflasi yang meningkat dalam ekonomi domestik dan oleh itu, pemain-pemain pasaran mula
menjangkakan kemungkinan kenaikan kadar pada 2014.
Walaupun begitu, pada mesyuarat FOMC 18 Disember 2013, Fed akhirnya mengumumkan ia akan memulakan
pelaksanaan peruncingan QE bermula Januari 2014; dengan mengurangkan AS$10 bilion daripada pembelian bulanan
sedia ada sebanyak AS$85 bilion. Kadar peruncingan telah dikekalkan pada dua mesyuarat FOMC yang berlangsung
pada Januari dan Mac 2014, manakala pasaran MGS tempatan secara amnya meneruskan dagangan mengikut
jangkaan batasan sepanjang tempoh berkenaan. Begitu juga, hasil bon korporat turut meningkat sedikit demi sedikit
sejajar dengan pergerakan menaik dalam pulangan MGS yang disaksikan pada awalnya, manakala pengeluaran baru
mula diberi harga pada tahap lebih menarik untuk menunjukkan sebaran kredit yang lebih luas.
(Oleh AmInvestment Management Sdn Bhd)
Ulasan Pasaran Dana AmAssurance AmOasis Islamic Equity
(Dana Sasaran: AmOasis Global Islamic Equity)
(Dana Sasaran Akhir: Dana Oasis Crescent Global Equity)
Prospek pertumbuhan ekonomi global terus bertambah baik pada suku terakhir, dengan dipacu secara asasnya
oleh pasaran-pasaran maju. Jangkaan pertumbuhan lebih baik bagi negara-negara seperti Amerika Syarikat dan
United Kingdom disokong oleh prospek pekerjaan yang meningkat, yang menyebabkan keyakinan lebih baik dan
peningkatan perbelanjaan pengguna. Eropah mungkin mengalami kesan penjimatan paling teruk apabila negaranegara sekelilingnya terus mengalami defisit bajet, dan dijangkakan pertumbuhan ekonomi yang perlahan ini akan
terus melambatkan kemajuan. Seterusnya, tekanan inflasi di dunia maju terus sugul, yang akan membenarkan bankbank pusat mengekalkan kadar faedah rendah pada jangka masa sederhana. Pasaran-pasaran sedang membangun
terus mengalami gangguan jangka pendek berikutan aliran modal meruap ekoran daripada pengurangan pelonggaran
kuantitatif di AS. Pertumbuhan dalam jangka masa pendek berkemungkinan besar akan terkesan oleh mata wang yang
lebih lemah, inflasi lebih tinggi dan kadar faedah yang lebih tinggi. Walau bagaimanapun, kami percaya kadar tukaran
yang lebih lemah di ekonomi-ekonomi sedang membangun berkemungkinan besar akan meningkatkan kedudukan daya
saing dan eksport. Seterusnya, berikutan kadar simpanan yang tinggi, populasi urban muda dan pendapatan pengguna
yang meningkat, pasaran sedang membangun akan kekal pada kedudukan yang sedia untuk memacu pertumbuhan
global pada jangka masa panjang.
(Oleh AmInvestment Services Bhd)
Ulasan Pasaran Dana AmAssurance Global Emerging Market
(Dana Sasaran: AmGlobal Emerging Markets Opportunities)
(Dana Sasaran Akhir: Schroders ISF Global Emerging Market Opportunities)
Ekuiti global menyokong kuat pada tahun berakhir Mac 2014 dengan pasaran stok AS mencapai rekod tertinggi sepanjang
tempoh itu. Kekuatan data yang dikeluarkan AS membuatkan pelabur memberi tumpuan kepada potensi peruncingan
program Quantitative Easing (QE) AS pada kebanyakan tempoh itu. Peruncingan akhirnya berlaku pada 18 Disember
dan semenjak itu, pihak berkuasa telah mengurangkan QE sebanyak $10 bilion sebulan. Walau bagaimanapun, Federal
Reserve (Fed) terus meyakinkan pelabur-pelabur bahawa polisi kewangan akan terus disesuaikan ketika inflasi adalah
di bawah objektif jangka panjang Fed dan pengangguran terus tinggi. Di tempat-tempat lain, peningkatan ekonomi zon
Euro terus menjadi tarikan dan menyokong pulangan pasaran ekuiti yang kukuh pada tempoh itu walaupun kebimbangan
deflasi masih berterusan. Pasaran-pasaran baru memuncul, walau bagaimanapun, mengalami kesan teruk daripada
kebimbangan terhadap peruncingan di sepanjang tahun, kebimbangan terhadap pemerlahanan pertumbuhan di
sesetengah ekonomi baru memuncul utama dan ketidaktentuan politik berikutan inilah tahun pilihan raya yang sibuk
bagi beberapa buah negara. Risiko geopolitik yang bertambah di Ukraine pada hujung tempoh itu juga turut memberi
kesan kepada sentimen pelabur. Akibatnya, indeks MSCI Emerging Markets (EM) ketinggalan dengan rakan-rakan di
dunia maju pada tempoh berkenaan.
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Ulasan Pasaran
Pada permulaan tempoh itu, pasaran teras kami adalah Mesir, Korea Selatan, Thailand, Rusia dan Turki. Pada awal April,
kami mengeluarkan Mesir daripada senarai teras berikutan risiko politik yang semakin meningkat dan menggantikannya
dengan China kerana pertumbuhan ekonomi yang semakin stabil, penilaian menarik dan kecairan pasaran yang
semakin bertambah baik. Pada Julai, kami memasukkan Hungary ke dalam senarai teras kerana penilaian menarik
dan pertumbuhan ekonomi yang munasabah. Kami mengeluarkan Turki pada September 2013. Dengan defisit akaun
semasa yang besar dan peruntukan yang tidak baik, Turki adalah lemah kepada penarikan keluaran kecairan global.
Pada awal Januari, kami menambah Qatar dan Emiriah Arab Bersatu (UAE) kepada senarai teras kami. Qatar disokong
oleh asas-asas ekonomi yang kukuh dan penilaian yang munasabah manakala UAE disokong oleh pemulihan ekonomi,
terutamanya dalam sektor hartanah. Kedua-dua pasaran ini dijangka memasukkan indeks MSCI Emerging Markets
pada Mei 2014 dan masing-masing dijangka menyumbang anggaran 0.5% kepada indeks. Kami mengeluarkan Thailand
daripada senarai teras pada masa yang sama, berikutan asas-asas ekonomi yang semakin merosot dan risiko politik
yang semakin meningkat pada akhir 2013.
Pasaran yang berprestasi paling baik dalam senarai teras kami adalah UAE dan Qatar. Kedua-duanya menunjukkan
prestasi kukuh dengan kombinasi pertumbuhan ekonomi yang teguh dan peningkatan minat pelabur menjelang
pengklasifikasian semula pasaran-pasaran berkenaan daripada MSCI Frontier Markets kepada MSCI Emerging Markets
Index pada Mei. Dianggap sebagai penerima manfaat daripada pertumbuhan global, Korea mendapat manfaat daripada
tanda-tanda pemulihan di dunia maju. Pertumbuhan berterusan dalam ekonomi domestik juga turut membantu. Lebihan
akaun semasa ekonomi itu merupakan sesuatu yang positif di dalam persekitaran di mana pelabur keluar daripada
negara-negara yang menghadapi defisit akaun, berikutan kebimbangan mengenai pengurangan dalam kecairan
global. China mencatat pulangan positif yang kecil pada tahun berkenaan. Sentimen sokongan seperti mata wang
negara itu yang stabil dan lebihan akaun semasa, serta komitmen kerajaannya kepada pelbagai langkah perubahan
diumumkan selepas mesyuarat Plenari kepimpinan negara itu pada November. Walau bagaimanapun, data ekonomi
yang mengecewakan terutamanya data yang dikeluarkan pada 2014, dan kebimbangan tentang risiko sistemik kepada
tahap hutang yang semakin meningkat telah memberi kesan kepada sentimen baru-baru ini.
Pasaran selebihnya menjana pulangan negatif sepanjang tahun itu. Di Hungary, sebahagian besarnya disebabkan oleh
prestasi lemah daripada indeks Mol berat yang mengalami kemerosotan terutamanya kerana masalah perundangan
yang berterusan dengan kerajaan Croatia. Stok-stok Rusia dan mata wang tempatan dijual di kala risiko politik yang
semakin meningkat berikutan tindakannya di Ukraine. Pada Mac 2014, semenanjung Crimea, Ukraine diilhakkan
oleh Rusia, berikutan referendum yang mendakwa bahawa lebih daripada 97% undi yang dibuat adalah memihak
kepada penyertaan ke dalam Rusia. Kerajaan baru Ukraine menyatakan bahawa referendum itu tidak mempunyai asas
perundangan dan Kesatuan Eropah serta AS setakat ini memberi respon dengan melaksanakan sekatan diplomatik ke
atas kerajaan Rusia dan pegawai-pegawai lain. Sekatan-sekatan ini dilanjutkan pada Mei berikutan peningkatan konflik
di timur Ukraine. Situasi itu terus berada dalam keadaan tidak menentu. Pertumbuhan ekonomi telah pun perlahan
sebelum kekacauan berkenaan dan polisi kewangan yang diperketatkan dan aliran keluar modal dijangka berterusan
dan memberi kesan kepada pertumbuhan ekonomi dan sentimen. Kami mengeluarkan Rusia daripada senarai teras
pada awal April 2014. Thailand yang menerima kesan daripada pemerlahanan pertumbuhan serta ketidakstabilan politik
berikutan protes antikerajaan yang menyebabkan pembubaran parlimen pada Disember 2013. Situasi politik terus dalam
keadaan buntu. Kami mengeluarkan Thailand daripada senarai teras pada Januari 2014 berikutan asas-asas ekonomi
yang semakin merosot dan peningkatan risiko politik. Turki yang dikeluarkan daripada senarai teras pada September,
terus berprestasi lemah sepanjang tahun itu terutamanya kerana kebimbangan ke atas defisit akaun semasa yang tidak
mempunyai peruntukan baik berikutan peruncingan QE. Polisi kewangan yang diperketatkan, ketegangan geopolitik di
negara jiran Syria dan ketidaktentuan politik berikutan protes antikerajaan yang semakin merebak pada Mei 2013, serta
peletakan jawatan tiga menteri kabinet atas dakwaan rasuah pada Disember, terus memberi sentimen ke atas Turki.
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Ulasan Pasaran
Ulasan Pasaran Dana AmAssurance Global Agribusiness
(Dana Sasaran: AmGlobal Agribusiness)
(Dana Sasaran Akhir: DWS Global Agribusiness)
Secara global, tuaian adalah kukuh pada tempoh yang dilaporkan. Ini menyebabkan jumlah yang tinggi dan kejatuhan
harga sementara bagi bahan mentah pertanian yang hanya sedikit berubah pada awal 2014. Namun begitu, kunci
kira-kira dan pendapatan petani global kekal teguh kerana kos input yang agak rendah. Berdasarkan latarbelakang
ini serta sebab-sebab penilaian, dana ini dilabur secara banyak, satu daripada bidangnya, dalam segmen hadapan
bagi pengeluaran pertanian, dalam tempoh yang dilaporkan. Ini termasuklah pengeluar biji benih dan racun serangga
serta pengeluar baja, termasuklah pengeluar potasy. Terdapat pergolakan besar dalam pasaran potasy pada musim
panas 2013 apabila sebuah pengeluar besar Rusia membatalkan urusan pengedaran yang menyebabkan kejatuhan
harga yang mendadak. Antara syarikat yang menerima kesan buruk ini adalah Mosaic Company dan Kali & Salz,
yang memberi sumbangan negatif paling besar kepada prestasi bagi tahun fiskal itu, walaupun prestasi kemudian
mereka dalam tempoh laporan itu menjadi lebih positif semula. Kedudukan yang menjadikan sumbangan paling kukuh
kepada prestasi ini juga datang daripada segmen pengeluar baja. Contohnya, CF Industries dari AS yang mendapat
keuntungan daripada harga pembelian rendah berterusan, terutamanya untuk gas asli dan menarik perhatian pelabur
dengan peningkatan dividen dan belian semula stok secara besar-besaran. Keuntungan diambil terhadap beberapa
nama hiliran apabila sasaran harga dicapai. Antara stok-stok yang ditambah kepada portfolio itu adalah pengeluar baja
Amerika Utara, Agrium; syarikat produk hutan Weyerhaeuser dan syarikat tenusu WhiteWave, yang berkedudukan baik
dalam bidang bahan gantian susu. Dijangkakan kelonggaran tambahan diberikan kepada peningkatan dividen dan
belian semula stok bagi saham-saham.
Ulasan Pasaran Dana AmAssurance Precious Metals
(Dana Sasaran: AmPrecious Metals)
(Dana Sasaran Akhir: DWS Noor Precious Metals Securities Fund)
Emas berakhir turun sepanjang 2013 dengan lebih daripada 28% manakala ekuiti emas dan logam berharga berkurang
lebih daripada 49%. Memandangkan inilah tahun negatif pertama bagi logam itu, ia bukanlah tahun negatif pertama bagi
ekuiti emas dan PGM, di mana risiko pelaksanaan tinggi dan pengurusan modal yang lemah menyebabkan pelabur keluar
daripada emas dan beralih ke sektor lain. Risiko yang dikaitkan dengan pengurusan modal yang lemah terus meningkat
dengan pelancaran urusan pembelian $3.2 bilion bagi Barrick Gold Corporation pada suku ke-4 2014. Penawaran yang
amat besar ini dijual secara terus kepada broker-broker dan bukannya kepada pelabur-pelabur. Urusan pembelian ini
mencetuskan jangkaan kepada stok dan sektor berkenaan memandangkan ia adalah petunjuk kepada pengurusan yang
merupakan pengendali modal yang lemah. Bank-bank pusat terus menjadi pembeli bersih emas meningkat kepada 93.4
tan meningkat daripada 79.3 tan bagi suku ke-2 dan meletakkan permintaan penuh melalui suku ke-3 kepada 300 tan.
Ekuiti emas dan logam berharga mendapat keuntungan dalam suku pertama 2014, melepasi prestasi logam sebanyak
465bps dan pulih daripada prestasi rendah yang teruk pada suku ke-4 2013. Selain daripada pengelakan risiko yang
dikaitkan dengan geopolitik, kebimbangan terus kekal ke atas kredit yang diperketatkan dan kemampanan pertumbuhan
berikutan Peruncingan QE yang berterusan. Kesan negatif utama terhadap emas adalah mesyuarat FOMC Fed pada 19
Mac di mana pasaran mentafsirkan polisi kewangan akan bertukar ke arah lebih berhati-hati setelah 6 bulan pelaksanaan
Peruncingan QE diselesaikan. Peningkatan semula emas berlaku lebih awal daripada yang kami jangkakan. Kami
percaya kadar yang lebih tinggi dan bukti pertumbuhan dan keyakinan ekonomi yang semakin baik akan melunturkan
selera pelabur terhadap emas dalam jangka pendek; oleh itu, kami tidak hairan dengan penarikan semula ke atas ekuiti
emas dan logam berharga seperti yang dilihat pada Mac.
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Ulasan Pasaran Dana AmLife Tactical Bond
Pada Oktober 2013, Bajet 2014 diumumkan pada 25 Oktober 2013. Jumlah perbelanjaan bagi Bajet 2014 adalah
RM264.2 bilion, dengan RM217.7 bilion untuk Perbelanjaan Operasi dan RM46.5 bilion untuk Perbelanjaan
Pembangunan. Dijangkakan defisit bajet untuk 2014 akan menurun kepada 3.5% daripada KDNK berbanding anggaran
4% daripada KDNK pada 2013. Malaysia menyaksikan kenaikan dalam imbangan dagangan dalam bulan Ogos, yang
meningkat kepada RM7.11 bilion daripada RM2.86 bilion pada Julai. Walau bagaimanapun, pertumbuhan pengeluaran
industri memperlahan pada Ogos kepada 2.3% tahun ke tahun selepas peningkatan 7.5% dalam bulan sebelumnya.
Di sebalik itu, Indeks Harga Pengguna menunjukkan pertumbuhan pantas pada September selepas subsidi bahan api
dipotong pada hujung Ogos, indeks berkenaan meningkat 2.6% tahun ke tahun pada September selepas peningkatan
1.9% tahun ke tahun pada bulan sebelumnya.
Pada November 2013, pelepasan ekonomi menjadi lembut semula. Pengeluaran industri Malaysia meningkat 1.0%
tahun ke tahun pada September (berbanding +2.3% pada Ogos) manakala jualan pembuatan memperlahan kepada
1.5% pada September daripada +5.5% pada Ogos apabila pengeluar menjadi lebih berhati-hati pada bulan itu. Begitu
juga, eksport meningkat pada kadar sederhana 5.0% pada September berbanding 12.4% pada Ogos. Selain itu, inflasi
menjadi lebih tinggi pada 2.8% pada Oktober daripada 2.6% bulan sebelumnya, walaupun ia sudah dijangkakan
berikutan kenaikan harga petrol pada September. Sementara itu, KDNK sebenar Malaysia berkembang pada kadar
lebih pantas iaitu 5.0% tahun ke tahun pada suku ketiga 2013, berbanding 1.0% dan 4.0% dalam suku pertama dan
kedua tahun berkenaan, sebahagian besarnya dipacu oleh permintaan domestik yang kukuh yang meningkat pada
suku itu (pertumbuhan 8.3% tahun ke tahun pada suku ketiga 2013 berbanding 7.3% pada suku kedua 2013). Pada
mesyuarat Jawatankuasa Polisi Kewangan (MPC) tahun itu, kenyataan polisi BNM berkenaan dengan keseimbangan
bagi risiko ke atas pertumbuhan dan inflasi terus tidak berubah dengan tahap OPR semasa yang dilihat sebagai masih
sesuai oleh BNM. Bulan November turut menyaksikan jangkaan rating keunggulan Malaysia dikaji semula kepada
positif oleh Moody’s, berdasarkan premis prospek yang bertambah baik bagi penggabungan fiskal dan perubahan serta
kestabilan makroekonomi dalam menghadapi cabaran luar.
Pada Disember 2013, Federal Reserve dalam mesyuarat akhir Federal Open Market Committee bagi tahun itu pada 18
Disember 2013, mengumumkan peruncingan yang begitu lama dijangkakan terhadap program pembelian aset bulanan
sehingga AS$10 bilion kepada AS$75 bilion daripada AS$85 bilion bermula Januari 2014. Sebahagian besar reaksi
awal pasaran adalah perlahan, dengan hasil 10 tahun UST meningkat sedikit sebanyak 5bps, membayangkan bahawa
pasaran telah mengambil kira keadaan itu. Dalam sidang media selepas itu, Pengerusi Ben Bernanke mencadangkan
bahawa jika ekonomi terus pulih semula seperti yang dijangkakan, pembelian aset akan terus dikurangkan sebanyak
AS$10 bilion pada setiap mesyuarat polisi yang membayangkan bahawa peruncingan hanya akan selesai pada akhir
2014. Fed juga merangka kenyataan polisi baru yang menyatakan bahawa ia akan mengekalkan kadar pada hampirsifar “sehingga selepas kadar pengangguran menurun di bawah 6.5%, terutamanya jika jangkaan inflasi terus berada
di bawah sasaran jangka panjang Jawatankuasa iaitu 2%”, yang mengesahkan spekulasi pasaran bahawa tempoh
kenaikan kadar pertama akan dianjak ke belakang sehingga awal 2015 ke akhir 2015 ataupun awal 2016. Pasaran
tempatan menumpukan perhatian kembali kepada perkembangan pasaran domestik. Pada Disember, Kerajaan
akhirnya mengumumkan kenaikan tarik elektrik yang begitu lama dinantikan yang akan berkuat kuasa pada 1 Januari
2014. Kenaikan bagi Semenanjung Malaysia adalah sekitar 15% dan 17% bagi Sabah dan Labuan. Di bawah struktur
tarif elektrik yang baru, harga gas domestik akan dinaikkan daripada kadar subsidi semasa sebanyak RM13.70 per
mmbtu kepada RM15.20 per mmbtu.
Pada Januari 2014, Federal Reserve AS meneruskan niatnya untuk meruncingkan program Quantitative Easing secara
beransur-ansur pada mesyuarat Federal Open Market Committee (FOMC) pada tahun itu. Walau bagaimanapun,
Perbendaharaan AS selama 10 tahun terus bertahan apabila pulangan jatuh kepada 2.58% pada waktu laporan
manakala ekuiti global didagangkan lebih rendah berikutan sentimen tiada risiko di pasaran pada masa itu. Sementara itu
di peringkat tempatan, pengumuman data ekonomi adalah bercampur dengan Pengeluaran Industri bagi November yang
mengejutkan dengan kenaikan pada +4.4% tahun ke tahun berbanding +1.8% pada Oktober (konsensus: +2.9%) tetapi
dikawal oleh pertumbuhan lebih perlahan dalam eksport iaitu sebanyak +6.7% tahun ke tahun pada November, kurang
daripada jangkaan pasaran iaitu +10.3% (Oktober: +9.6%). Cakap-cakap mengenai kenaikan harga juga disahkan dalam
angka terbaru CPI yang dicatat lebih tinggi pada 3.2% tahun ke tahun pada Disember, melebihi Kadar Dasar Semalaman
(OPR), yang menyebabkan kadar faedah negatif sebenar buat pertama kali sejak akhir 2011. Namun, ini amat dijangkakan
ekoran daripada siri langkah rasionalisasi subsidi pada akhir tahun lepas, seperti antaranya pelarasan tarif elektrik
serta kenaikan harga bahan api. Biarpun dengan tekanan inflasi yang meningkat, Bank Negara Malaysia (BNM) sekali
lagi mengekalkan tanda aras OPR agar tidak berubah pada 3.00% seperti yang dijangkakan ramai. Pernyataan polisi
kewangan yang retorik mencadangkan bahawa pandangan mengenai imbangan risiko terhadap pertumbuhan dan inflasi,
kekal neutral dan tidak berubah dengan paras semasa OPR yang dilihat masih sesuai.
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Ulasan Pasaran
Pada Februari 2014, Pengerusi Federal Reserve menegaskan semula bahawa polisi kewangan semasa AS kekal
seperti yang dirancang bagi pelaksanaan peruncingan secara beransur-ansur yang dijangka berakhir pada hujung
2014. Sambil membayangkan bahawa pengurangan QE bukanlah suatu tindakan yang telah ditetapkan lebih awal dan
akan bergantung pada jangkaan inflasi dan guna tenaga, pasaran agak lega berikutan pandangan Pengerusi yang
tidak berubah mengenai jangkaan pemulihan ekonomi AS yang berterusan. Sementara itu, Malaysia mengumumkan
angka-angka eksport akhir bagi bulan terakhir 2013 yang menunjukkan peningkatan. Dengan pertumbuhan 14.4%
tahun ke tahun, pertumbuhan eksport Disember telah mengatasi jangkaan pasaran sebanyak 9.8%. Pertumbuhan yang
mengagumkan ini disebabkan oleh pemulihan teguh berterusan dalam sektor E&E, peningkatan semula yang kukuh
bagi produk minyak mentah dan petroleum bertapis, dan peningkatan dalam permintaan daripada ekonomi-ekonomi
maju. Lebih dagangan yang lebih tinggi sebanyak RM27.4 bilion pada suku ke-4 2013 turut meningkatkan lebihan
akaun semasa Malaysia kepada RM16.7 bilion atau 6.6% daripada KDNK, dan dengan itu menghapuskan kebimbangan
terhadap senario defisit akaun semasa. Pertumbuhan KDNK suku ke-4 2013 turut diumumkan pada Februari. Pada
5.1% tahun ke tahun, pertumbuhan tahunan penuh Malaysia sebanyak 4.7% tahun ke tahun berada di dalam jangkaan
pasaran. Pertumbuhan yang lebih daripada jangkaan ini dibantu oleh eksport yang lebih tinggi, permintaan pengguna
yang kukuh serta perbelanjaan pelaburan swasta yang rancak. Akhir sekali, CPI Malaysia melanjutkan jangkaan menaik
bagi lima bulan berturut-turut. Inflasi meningkat 3.4% tahun ke tahun pada Januari 2014 (+3.2% pada Disember 2013)
berikutan impak polisi penggabungan fiskal Kerajaan.
Pada Mac 2014, data ekonomi AS kekal bercampur apabila keadaan cuaca yang buruk terus memberi kesan kepada
sesetengah petunjuk yang dikeluarkan pada bulan itu manakala pulangan US Treasuries (UST) berlegar sekitar julat
2.60-2.79%, ketidaktetapan ekoran reaksi pasaran terhadap cuaca memberi kesan kepada pengeluaran ekonomi dari
AS dan sedikit memperbaiki sentimen risiko. Walau bagaimanapun, perkembangan makro positif di Pasaran Maju
pada bulan sebelumnya telah sedikit sebanyak berkurang dengan ketegangan geopolitik yang berterusan (contohnya
krisis Ukraine yang berterusan), yang menambah kebimbangan baru terhadap kemampanan pemulihan yang berlaku di
beberapa bahagian di dunia. Sementara itu, seperti yang dijangkakan, Fed kekal mengikut haluan dan mengurangkan
program QE sebanyak AS$10 bilion lagi kepada AS$55 bilion tetapi jangkaan anggota-anggota FOMC kini lebih berhatihati, dan memberi isyarat bahawa buat pertama kalinya Fed berpotensi untuk menaikkan kadar dalam masa enam bulan
selepas program pembelian bon berakhir, yang dijangka oleh pemain pasaran akan berlaku sekitar pertengahan 2015.
Di senario domestik, kadar inflasi Malaysia terus meningkat dengan CPI Februari dicatat pada 3.5% tahun ke tahun
(konsensus: 3.4% tahun ke tahun) berbanding 3.4% pada bulan sebelumnya. Ini sebahagian besarnya disebabkan
oleh kesan harga peringkat kedua daripada pemotongan subsidi sebelum itu (iaitu pemotongan subsidi bahan api dan
peningkatan tarif elektrik). Sementara itu, pada Mesyuarat Polisi Kewangan yang berlangsung pada awal bulan, Bank
Negara mengekalkan kadar polisinya pada 3.0% seperti yang dijangkakan dan terus mengekalkan pandangan neutral
dan tidak membayangkan kemungkinan pelarasan kadar dibuat. Bank Pusat itu turut tidak tt
Selepas berehat sebentar daripada penjualan yang berlaku pada suku ke-2 dan ke-3 2013 dan apabila Fed AS dengan
tiba-tiba tidak meneruskan peruncingan pada program QE seperti yang dibayangkan sebelum ini pada hujung Mei 2013,
kemeruapan meningkat sepanjang suku ke-4 2013 apabila spekulasi timbul semula tentang tindakan peruncingan yang
lebih awal. Ini terus memberi kesan kepada pasaran ekuiti sehingga pertengahan Disember apabila kemungkinannya
meningkat berikutan pengumuman data gaji pekerja AS. Walau bagaimanapun, apabila peruncingan benar-benar
berlaku, pasaran ekuiti meningkat semula.
Pada awal suku pertama 2014, ekuiti Pasaran Baru Memuncul (EM) mengalami ketidaktentuan jualan berikutan
meningkatnya kebimbangan terhadap risiko sedia ada terhadap produk amanah di China manakala AS meneruskan
program peruncingannya. Isu-isu idiosinkratik seperti ketidakstabilan geopolitik seperti kekacauan di Ukraine hinggalah
kepada data ekonomi yang lemah menunjuk ke arah pemerlahanan dalam pertumbuhan ekonomi adalah punca-punca
utama bagi pelabur untuk menukar minat kepada ekuiti Pasaran Maju (DM). Menjelang akhir suku pertama 2014,
sentimen pelabur bertambah baik berikutan jangkaan kelonggaran polisi di China dan penambahbaikan secara am
dalam ekuiti EM. REIT serantau mengalami pertembungan faktor yang memberi kesan kepada prestasi – REIT Jepun
menyaksikan pengambilan untung pada akhir suku itu apabila pelaksanaan penggunaan cukai pada masa itu semakin
hampir (1 April 2014); minat pelabur kembali ke REIT Singapura manakala M&A pada satu tahap memberi kesan
kepada REIT Australia ekoran daripada ketidaktentuan pada tempoh dan harga, dan bagi pihak lain, menjadi pemacu
kepada prestasi harga saham.
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Ulasan Pasaran
Penilaian Pasaran Dana AmLife Asia Pacific REITS
Selepas berehat sebentar daripada penjualan yang berlaku pada suku ke-2 dan ke-3 2013 dan apabila Fed AS dengan
tiba-tiba tidak meneruskan peruncingan pada program QE seperti yang dibayangkan sebelum ini pada hujung Mei 2013,
kemeruapan meningkat sepanjang suku ke-4 2013 apabila spekulasi timbul semula tentang tindakan peruncingan yang
lebih awal. Ini terus memberi kesan kepada pasaran ekuiti sehingga pertengahan Disember apabila kemungkinannya
meningkat berikutan pengumuman data gaji pekerja AS. Walau bagaimanapun, apabila peruncingan benar-benar berlaku,
pasaran ekuiti meningkat semula.
Pada awal suku pertama 2014, ekuiti Pasaran Baru Memuncul (EM) mengalami ketidaktentuan jualan berikutan
meningkatnya kebimbangan terhadap risiko sedia ada terhadap produk amanah di China manakala AS meneruskan
program peruncingannya. Isu-isu idiosinkratik seperti ketidakstabilan geopolitik seperti kekacauan di Ukraine hinggalah
kepada data ekonomi yang lemah menunjuk ke arah pemerlahanan dalam pertumbuhan ekonomi adalah punca-punca
utama bagi pelabur untuk menukar minat kepada ekuiti Pasaran Maju (DM).
Menjelang akhir suku pertama 2014, sentimen pelabur bertambah baik berikutan jangkaan kelonggaran polisi di China
dan penambahbaikan secara am dalam ekuiti EM. REIT serantau mengalami pertembungan faktor yang memberi kesan
kepada prestasi – REIT Jepun menyaksikan pengambilan untung pada akhir suku itu apabila pelaksanaan penggunaan
cukai pada masa itu semakin hampir (1 April 2014); minat pelabur kembali ke REIT Singapura manakala M&A pada satu
tahap memberi kesan kepada REIT Australia ekoran daripada ketidaktentuan pada tempoh dan harga, dan bagi pihak lain,
menjadi pemacu kepada prestasi harga saham.
Ulasan Prestasi dan Pasaran CGF AmAssurance AmCurrency Income II
Strategi pelaburan yang mendasari AmCurrency Income II FRNID adalah UBS V10 Volatility Capped Index. Strategi
dinamik ini berprestasi baik di dalam keadaan tekanan pasaran biasa, contohnya apabila nilaian mata wang hanya
menerima kesan daripada tekanan permintaan dan penawaran.
Strategi pelaburan semasa bagi AmCurrency Income II FRNID (“Dana”) adalah mencatat pulangan sifar. Ini berikutan
kemeruapan yang ekstrem yang disaksikan dalam pasaran FX dan campur tangan langsung oleh bank-bank pusat yang
tidak ada dalam model strategi Dana berkenaan.
Prestasi Indeks AmCurrency Income II
7.0000%
6.0000%
5.0000%
4.0000%
3.0000%
2.0000%
1.0000%
0.0000%
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
(Source: Bloomberg)
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Ulasan Pasaran
AmCurrency Income II Index pada masa ini mempunyai prestasi sifar datar (flat zero) sejak ditubuhkan berikutan
beberapa acara kewangan pada 2011. Antara acara yang telah memberi kesan kepada prestasi indeks itu adalah:
Penurunan Rating Kredit AS - S&P menurunkan rating kredit AS daripada AAA kepada AA+ pada awal bulan yang
menyebabkan peningkatan pengelakan risiko dan kemeruapan dalam pasaran.
Kebimbangan hutang kerajaan di Eropah – Walaupun lebih banyak pengumuman dan bantuan bagi Greece telah
diumumkan, Itali menjadi tumpuan pelabur yang bimbang terhadap kebolehlaksanaan kesatuan kewangan tanpa
adanya kesatuan fiskal.
Pemerlahanan Global – Kebimbangan terhadap pemerlahanan global bagi pemulihan dan kemungkinan berlakunya
kemelesetan berganda meningkat apabila bulan itu menyaksikan siri petunjuk data lembut termasuklah Philadelphia
Fed Index, NFP dan angka-angka KDNK zon Euro.
Campur tangan oleh SNB dan BoJ – BoJ datang dengan satu daripada campur tangan terbesar oleh bank pusat
sendiri bagi menghentikan pengukuhan JPY manakala SB menghabiskan langkah-langkah pasaran wang sebelum
akhirnya mengumumkan sasaran dasar sebanyak 1.20 bagi EURCHF.
Acara-acara pasaran yang luar biasa ini dan seterusnya campur tangan ad-hoc oleh bank-bank pusat di kebanyakan
negara memberi kesan secara negatif kepada strategi. Tempoh Ogos 2011 menyaksikan strategi semakin merosot,
ditambah dengan peningkatan kemeruapan apabila ia hilang nilai sebanyak 8.89% sehingga Oktober. Pada 27 Oktober
2011, strategi itu jatuh di bawah nilai ambang 1%, dan dengan itu mencetus klausa bagi merungkainya.
Sejak itu, strateginya adalah mengekalkan nilai sifar berikutan statusnya yang pernah ditewaskan.
(Oleh AmBank (M) Bhd) (Sumber: UBS Investment Bank)
Ulasan Pasaran CGF AmAssurance AmCommodity Stable
Dow Jones-UBS Commodity Excess Return (DJUBS) Index mendapat hasil 0.41% pada Mac kepada 134.52 bulan ke
bulan dengan tahun ke tahun jatuh sebanyak 2.15%. Sementara itu, MLCX Enhanced Benchmark A01 Excess Return
(MLCXA01E) Index memperoleh 0.66% pada Mac kepada 264.49 bulan ke bulan tetapi prestasi tahun ke tahun turut
mengalami kerugian sebanyak 1.99%. Seterusnya, MLCX AmBank Commodity Alpha (MLCXAMB) Index mencatat
perbezaan prestasi antara kedua-dua sub indeks dan meningkat 0.24% bulan ke bulan kepada 175.65 pada hujung Mac
2014. Secara tahunan, prestasi tahun ke tahun indeks itu adalah positif dengan pendapatan 0.18%.
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Maklumat Lanjut Prestasi Indeks Sokongan
Prestasi Sejak Permulaan
Tarikh
Permulaan
31-Mar-11
30-Sep-11
31-Mar-12
30-Sep-12
31-Mar-13
30-Sep-13
31-Mar-14
MLCXAMB
1.67%
2.83%
3.82%
2.51%
3.14%
3.58%
3.33%
MLCXA01E
18.77%
-0.62%
1.58%
5.10%
-2.10%
-9.10%
-4.04%
DJUBS
16.85%
-3.38%
-2.21%
2.34%
-5.26%
-12.40%
-7.29%
MLCXAMB
0.32%
0.17%
0.08%
0.09%
-1.14%
0.32%
0.24%
MLCXA01E
-2.24%
-1.31%
-0.72%
1.13%
-0.85%
6.55%
0.66%
DJUBS
-2.56%
-1.48%
-0.81%
1.23%
0.29%
6.23%
0.41%
MLCXAMB
2.11%
-0.65%
0.18%
MLCXA01E
-14.47%
-3.62%
-1.99%
DJUBS
-16.31%
-3.12%
-2.15%
Prestasi Bulanan
Tarikh
Permulaan
30-Sep-13
31-Oct-13
30-Nov-13
31-Dec-13
31-Jan-14
28-Feb-14
31-Mar-14
Prestasi Tahunan
Tarikh
Permulaan
31-Mar-12
31-Mar-13
31-Mar-14
Prestasi MLCXAMB Sejak Permulaan
104.0%
103.0%
102.0%
101.0%
100.0%
(Oleh AmBank (M) Bhd) Bagi Tahun Kewangan Berakhir 31 Mac 2014
Sep-13
Oct -13
Nov-13
Dec-13
Jan -14
Feb-14
Mar-14
May-13
Jun -13
Jul -13
Aug-13
Sep-12
Oct -12
Nov-12
Dec-12
Jan -13
Feb-13
Mar-13
Apr -13
May-12
Jun -12
Jul -12
Aug-12
Sep-11
Oct -11
Nov-11
Dec-12
Jan -12
Feb-12
Mar-12
Apr -12
May-11
Jun -11
Jul -11
Aug-11
99.0%
Oct -10
Nov-10
Dec-10
Jan -11
Feb-11
Mar-11
Apr -11
Ulasan Pasaran
(Sumber: UBS Investment Bank)
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Tinjauan Pelaburan
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Tinjauan Pelaburan
Jangkaan Pasaran Ekuiti
Kami masih berpegang kepada pandangan mengenai pertumbuhan global yang selaras dan ini diperkukuh oleh ramalan
pertumbuhan global terbaru IMF iaitu 3.6% dan 3.9% masing-masing bagi Tahun Kewangan 2014 dan 2015, meningkat
daripada 3.0% dalam Tahun Kewangan 2013; pertumbuhan di AS akan terus mengukuh; kemelesetan zon Euro akan
berakhir tidak lama lagi ataupun telah berakhir; dan ekonomi China akan menurun dalam separuh pertama 2014. Nilaian
secara am bukanlah murah dan kami percaya adalah terlalu awal untuk menjangkakan pembuakan aset. Kami akan
terus kekal melabur dengan baik, kerana kami percaya bahawa persekitaran ekonomi masih kondusif, dengan risiko
inflasi yang boleh diabaikan.
Satu daripada sebab utama selain daripada nilaian, yang mengukuhkan pendapat kami adalah peruncingan tidak
menyebabkan pulangan bon AS yang lebih tinggi. Pada tempoh normalisasi polisi sebelum ini, antara 2003 dan
2006, kadar dana Fed meningkat daripada 1% ke 5.25%; pasaran baru memuncul menikmati sokongan kukuh, yang
membayangkan bahawa kadar faedah yang meningkat tidak semestinya membawa makna prestasi bukan ekuiti. Apa
yang akan memacu kadar faedah yang lebih tinggi adalah keyakinan yang lebih dalam pertumbuhan AS, dan dengan
prospek pertumbuhan yang lebih baik, penambahbaikan margin dan kejutan pendapatan akan berlaku.
AS
Kami mengambil maklum bahawa petunjuk pasaran tidak begitu diperluaskan; pertumbuhan global masih bertahan dan
petunjuk domestik (AS) semakin pulih. Kami juga maklum daripada ucapan pertama Janet Yellen sebagai Pengerusi
Fed, bahawa beliau adalah komited dalam memastikan negara itu pulih semula, memastikan langkah pelonggaran polisi
yang luar biasa bagi tempoh yang dilanjutkan, dan menghantar mesej jelas bahawa pasaran buruh adalah menjadi
keutamaan Fed.
Kejatuhan menjunam PMI pembuatan AS pada Januari 2014, diikuti dengan catatan yang lebih baik mencadangkan
bahawa kelemahan awal adalah berpunca daripada cuaca.
Kami percaya bahawa keruntuhan kecil baru-baru ini dalam sektor media sosial dengan nilaian tinggi tidak bermaksud
permulaan pasaran turun tetapi pusingan pasaran ke dalam sektor-sektor lain. Pembetulan berkemungkinan menunjukkan
kepada pelabur bahawa jangkaan pendapatan adalah terlalu agresif dalam dunia yang pertumbuhan nominalnya adalah
rendah serta dengan kuasa harga yang lemah tetapi semakin pulih. Tambahan pula, mana-mana kemerosotan besar
dalam harga stok biasanya akan menyebabkan kemelesetan ekonomi tetapi data makro global terutama di AS, terus
menunjukkan tanda-tanda pemulihan. Satu lagi punca yang menarik yang perlu diambil kira adalah, walaupun terdapat
pergolakan dalam sektor ini, ekuiti pasaran baru memuncul semakin meningkat, membayangkan bahawa pelabur global
mengekalkan tumpuan kepada mengambil risiko untuk mendapatkan pulangan yang lebih baik.
EU
Selepas 19 bulan berturut-turut tidak mendapat leveraj kewangan, aliran pinjaman kepada sektor swasta telah menjadi
positif. Biarpun agak awal untuk mengisytiharkan kemenangan, tindakan tidak leveraj bank-bank Eropah kelihatan
semakin dilonggarkan.
Satu lagi faktor yang perlu diambil kira adalah European Central Bank (“ECB”) telah memberi penjelasan bahawa naik
nilai Euro seterusnya akan mendatangkan bahaya kepada kestabilan kawasan harga Euro. Lembaga Penguatkuasa
menjelaskan komitmennya untuk menggunakan instrumen konvensional untuk menangani risiko daripada inflasi
rendah yang berpanjangan. Pandangan kami, Euro yang lebih lemah akan meningkatkan daya saing dan seterusnya,
prospek pendapatan.
Asia Pasifik
China ketinggalan dari segi pergerakan indeks tetapi ini tidak akan menghalang bekas Asia Pasifik, Jepun daripada
menunjukkan prestasi baik. Ekonomi China semakin memperlahan tetapi stimulus kecil dijangka diumumkan pada
suku ke-2 atau ke-3 2014. Baru-baru ini pihak berkuasa meluluskan lima projek kereta api berjumlah Rmb142 billion,
yang mengukuhkan pandangan kami bahawa polisi kewangan akan menjadi fleksibel dan reaktif. Pertembungan antara
China lama dan baru akan berterusan, dengan perubahan yang diumumkan pada November 2013 akan mengambil
masa untuk bertapak dan dilaksanakan, memandangkan China adalah satu ekonomi yang besar. Pandangan kami
adalah untuk lebih membeli Asia Pasifik, dan kurang kepada China. Ekonomi China akan mengatasinya, ekuiti akan
ketinggalan kecuali bagi penerima manfaat idea perubahan, tetapi ini tidak akan menghentikan sebahagian lain Asia
Pasifik daripada mengeluarkan hasil positif.
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Tinjauan Pelaburan
Walau bagaimanapun, kita tidak boleh terlalu negatif terhadap China dalam tempoh jangka sederhana. Terdapat
beberapa sebab, iaitu:
kemungkiran terhadap produk amanah (setakat ini terdapat 2), mungkin menjadi pemangkin
•Beberapa
kepada pemulihan pasaran China yang membayangkan pendekatan berasaskan risiko di dalam pembuatan
keputusan kewangan.
Nisbah hutang tinggi kepada KDNK dikawal sebahagian besarnya terhadap sektor kerajaan tempatan dan
• syarikat-syarikat
milik negara. Hutang berkenaan secara tersirat disokong oleh kerajaan pusat. Hutang isirumah
berada pada 24% KDNK.
• Hampir kesemua hutang China adalah dibiayai tempatan.
Stok-stok China adalah 50% daripada paras tinggi dan, 6.8 kali di hadapan PER (4.6 kali, bagi bank-bank),
• pasaran
secara luasnya, terlebih bertindak kepada kebimbangan terhadap pertumbuhan hampir tempoh.
Penggabungan yang diumumkan baru-baru ini antara tukaran saham Shanghai dan HK adalah langkah positif ke
arah pembukaan akaun modal di China, tetapi pelaksanaannya yang dijangka dalam masa 6 bulan, membayangkan
bahawa impak hampir tempoh akan didiamkan. ASEAN akan terus menunjukkan prestasi baik di kala pembelian
asing di Thailand, Indonesia dan Filipina adalah jauh daripada memuncak. Dalam beberapa bulan akan datang, kami
membayangkan peningkatan semula teknikal selepas dagangan bidang dilakukan setelah keadaan terlebih jual diatasi
dan kebimbangan terhadap kemerosotan ekonomi di China tidak berlaku.
Pilihan raya parlimen di Indonesia yang baru sahaja tamat adalah mengecewakan kerana tidak ada parti yang menerima
lebih daripada 20% undi. Kami mengharapkan parlimen yang kurang berpecah dengan PDI-P menerima lebih daripada
25% undi. Pilihan raya Presiden akan diadakan pada 9 Julai 2014 tetapi kami percaya Jokowi akan muncul sebagai
Presiden. Seterusnya, jangkaan untuk perubahan perlulah dipertimbangkan secara realistik dengan mengambil
kira perebutan dan keyakinan antara Presiden dan pemain politik yang perlu membentuk gabungan yang dominan.
Sementara perubahan polisi akan mengambil masa untuk dilaksanakan, ini tidak bermakna pembuatan keputusan akan
terhenti. Ini juga adalah sokongan positif terhadap proses demokrasi di Indonesia dan menunjukkan kematangannya
sebagai sebuah negara.
Jangkaan Pasaran Pendapatan Tetap
Suasana bagi pasaran pendapatan tetap dijangka ditetapkan melalui gabungan beberapa faktor:
penawaran dan permintaan dalam suku ke-2 – terbitan lebih tinggi bagi jangka sederhana ke panjang
•Dinamik
(lima daripada lapan lelongan adalah dikhaskan kepada terbitan bon berusia 7 tahun ke atas) yang mencadangkan
jumlah terhad kertas bertarikh pendek.
Federal Reserve AS dalam memberi panduan kepada jangkaan awam mengenai penetapan kadar
•Komunikasi
masa depan memberi kesan kepada tahap penyesuaian oleh polisi kewangan. Lagipun, keputusan Fed untuk
mengurangkan pembelian aset kekal bergantung kepada data. Oleh itu, dijangkakan pasaran akan bergelora
terutamanya jika AS terus menyaksikan trajektori pertumbuhan tidak sekata. Perdebatan Kongres AS turut
memberi kesan ke atas matrik fiskal dan jangkaan ke atas dinamik pertumbuhan/inflasi. Saksikan pergerakan
Perbendaharaan AS – pemboleh ubah utama mempengaruhi aliran masuk/aliran keluar ke dalam pasaran hutang
EM serta mata wang-mata wang AXJ.
pesisir pantai bagi mata wang BNM dan MGS / GII membawa risiko pengunduran yang tepat dan
•Perletakan
pantas sekiranya Ringgit terus lemah.
Selain daripada latar belakang itu, kami beranggapan bahawa pemain pasaran akan terus berhati-hati di dalam senario
domestik. Dengan inflasi yang semakin meningkat, kami percaya trajektori ke atas bagi inflasi akan berterusan dalam
tempoh berdekatan seperti yang diutarakan oleh BNM dalam laporan tahunan 2013.
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Namun, kami mengambil maklum bahawa BNM terus mengekalkan tekanan inflasi semasa adalah masih disebabkan
tolakan kos dan bukannya dicetuskan oleh permintaan. Dengan jangkaan pertumbuhan domestik yang sederhana, kami
percaya bahawa Kadar Dasar Semalaman (OPR) akan kekal tidak berubah dalam separuh pertama 2014. Dalam jangka
masa panjang, kami tidak menolak kemungkinan kenaikan kadar jika inflasi terus meningkat, walaupun ini sebahagian
besarnya akan bergantung pada pengeluaran data ekonomi dalam bulan-bulan akan datang.
Di pasaran bon korporat, saluran penawaran dijangka lebih baik dengan pembinaan projek MRT yang semakin
rancak, terutamanya dalam segmen yang dijamin kerajaan dengan nama-nama seperti Prasarana dan DanaInfra
yang berkemungkinan akan memperuntukkan pasaran utama dengan pembiayaan seterusnya. Selain itu, kami juga
menjangkakan lebih banyak nama baru akan memasuki pasaran bon berikutan masalah pinjaman di bank-bank yang
disebabkan oleh caj modal Basel III yang lebih ketat ke atas kunci kira-kira. Pada masa yang sama, terbitan baru
dijangka akan diletakkan pada paras harga lebih menarik sejajar dengan jangkaan pulangan MGS yang meningkat
dalam jangka masa panjang.
Jangkaan Pasaran Dana AmAssurance AmOasis Islamic Equity
(Dana Sasaran Akhir: Oasis Crescent Global Equity Fund)
Pasaran ekuiti global terus bergerak lebih tinggi pada suku yang lepas dengan paras indeks melepasi pertumbuhan
pendapatan. Sepanjang tahun-tahun lepas, bon global dan pasaran baru memuncul telah menjadi penerima manfaat
daripada aliran masuk kukuh manakala pasaran ekuiti maju semakin ketinggalan. Berikutan penarikan stimulus
kewangan, kami menyaksikan trend aliran mengundur dan ini berterusan pada suku yang lepas dengan aliran masuk
ke dalam ekuiti global, terutamanya ekuiti pasaran maju, dan aliran keluar daripada bon global. Dana pencen global
telah meningkatkan peruntukan mereka ke arah ekuiti, walau bagaimanapun ia masih di bawah purata jangka panjang
yang menggabungkan pembelokan dalam pusingan kadar yang mewujudkan potensi bagi permintaan lebih tinggi untuk
ekuiti pasaran maju yang berkualiti. Ini menjadi perkembangan positif bagi portfolio kita.
Jangkaan Pasaran Dana AmAssurance Global Emerging Market
Baru-baru ini, pertumbuhan global adalah mengecewakan, pulangan AS adalah sekata dan China semakin perlahan.
Sehubungan itu, tekanan ke atas ekonomi baru memuncul yang digambarkan sebagai paling lemah telah berkurang,
sekurang-kurangnya dalam jangka pendek, dan pasaran-pasaran ini telah meningkat semula. Oleh itu, kami telah
menyaksikan pusingan semula yang signifikan di dalam pasaran dengan kebanyakan pasaran dan syarikat berprestasi
kukuh sebelum ini telah memberi prestasi baik semula. Apa yang tidak jeas adalah sama ada pergerakan pasaran
ini adalah jangka pendek dan dipacu momentum atau sama ada ia adalah simptom pusingan yang lebih asas oleh
pelabur-pelabur untuk kembali ke pasaran-pasaran baru memuncul; MSCI Emerging Markets Index terus berdagang
pada diskaun 40% dengan dunia maju. Kami telah mengutarakan perkara ini sebelum ini iaitu dalam tempoh seterusnya
tahun itu, kami menjangkakan latar belakang pasaran akan menjadi lebih lembut bagi pasaran-pasaran baru memuncul;
pengakhiran bagi peruncingan, pelarasan ekonomi oleh negara-negara yang dianggap lemah dan penampakan lebih
baik dalam kemampuan pihak berkuasa China untuk merangka kestabilan dalam pertumbuhan. Walaupun terhadap
beberapa penambahbaikan secara am dalam bidang-bidang ini, kami masih belum yakin bahawa kekalutan ini telah
berlalu untuk mewujudkan tempoh yang panjang bagi prestasi pasaran baru memuncul yang kukuh. Sehingga ini,
analisis kami menunjukkan kepada dagangan secara pusingan, berbanding dengan perkara yang lebih asas. Kami telah
melaraskan kedudukan kami tetapi kami tidak begitu berkeyakinan terhadap kualiti sokongan ini untuk mencadangkan
pendekatan yang lebih agresif.
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Jangkaan Pasaran Dana AmAssurance Global Agribusiness
Strategi perniagaan agro menjalani beberapa titik perubahan nada yang membayangkan pandangan dan kedudukan
kami. Jualan yang baik dan pertumbuhan pendapatan, data makro global yang positif dan ekuiti global yang menarik
sebagai kelas aset yang membantu meningkatkan pasaran. Jangkaan syarikat-syarikat bagi 2014 kekal optimistik.
Pendapatan spesifik perniagaan agro termasuklah harga untuk tanaman, harga dan jumlah untuk baja, penstabilan
beberapa ekonomi EM dan mata wang yang berkaitan, kenaikan dalam jumlah dagangan dan permintaan bagi
sesetengah komoditi lembut.
Syarikat-syarikat huluan telah mengurangkan risiko penurunan operasi dan kewangan. Penangguhan penanaman, isu
logistik untuk menghantar nutrien, biji benih dan perlindungan tanaman, kenaikan dan penurunan kecil ke atas harga
dengan rakan-rakan pasaran baru memuncul, semuanya telah terbukti melalui sejarah sebagai kelewatan terhadap
pendapatan dan bukannya disebabkan kerugian. Selepas urusan kontrak India dan China, Brazil dan Eropah Barat turut
mengalami permintaan baik dan harga yang lebih tinggi.
Dana ini telah mendapat manfaat daripada urusan M&A yang meningkat di dalam ruangan perniagaan agro dalam
beberapa bulan lepas. Proses pelaburan kami tidak membenarkan spekulasi ke atas urusan yang seterusnya,
peningkatan baru-baru ini ke atas aktiviti dalam kategori berkaitan makanan mencadangkan kepada kami bahawa
terdapat banyak nilai relatif dan tetap.
Selain itu, pengusaha ladang terus ditetapkan pada harga diskaun kepada nilai aset bersih. Tanaman baik (dan ramalan),
kualiti pengurusan dan pelaksanaan, nilai aset akan membantu pendedahan kami sepanjang tahun ini.
Jangkaan Pasaran Dana AmAssurance Precious Metals
Memasuki suku ke-2 2014, kami mengekalkan pandangan bahawa risiko jangka panjang akan terus meningkat.Pasaran
terlalu berpuas hati untuk mengejar pulangan, Peruncingan QE dan kini risiko yang dikaitkan dengan risiko geopolitik yang
semakin meningkat. Peruncingan QE dijangka akan terus mewujudkan larian modal dan cabaran kepada pertumbuhan
di pasaran-pasaran baru memuncul. Selain itu, kadar yang rendah tidak kelihatan akan terus turun. Kami percaya, ini
akan menjadi cabaran utama kepada pertumbuhan dalam dunia yang begitu dibebani hutang. Selain daripada menjadi
pasaran yang begitu menyakitkan untuk pelabur-pelabur emas, kami percaya bahawa 2013 turut mengajar syarikatsyarikat emas suatu pelajaran penting mengenai belanja berlebihan. Oleh itu, kami percaya pelabur-pelabur strategik
dalam ruangan emas dan logam berharga akan lebih berahsia dalam mengeluarkan modal.
Jangkaan Pasaran Dana AmLife Tactical Bond
Pemain pasaran dijangka akan berhati-hati di senario domestik. Dengan inflasi yang semakin meningkat, kami percaya
trajektori ke atas bagi inflasi akan berterusan dalam tempoh terdekat.
Walau bagaimanapun, kami mengambil maklum bahawa BNM terus mengekalkan tekanan inflasi semasa adalah
disebabkan tolakan kos berbanding dicetuskan permintaan. Dengan jangkaan kami tentang pertumbuhan domestik
sederhana, kami percaya bahawa Kadar Dasar Semalaman (OPR) akan terus tidak berubah dalam separuh pertama
2014. Dalam jangka masa panjang, kami tidak menolak kemungkinan kenaikan kadar jika inflasi terus meningkat.
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Jangkaan Pasaran Dana AmLife Asia Pacific REITS
Data ekonomi global menunjukkan penyerantakan semula pertumbuhan dengan penggunaan AS dan guna tenaga
yang semakin bertambah baik, pertumbuhan asas besar di zon Euro. Pergolakan jangka pendek termasuklah
kemungkinan stimulus di China pada suku ke-3 2014 yang bergantung pada perlanjutan pemerlahanan ekonomi,
serta kemeruapan dalam suku pertama seterusnya di Jepun terhadap kesan kenaikan cukai penggunaan,t di samping
keberkesanan Abenomics.
Jangkaan Pasaran CGF AmAssurance AmCurrency Income II
Dana ini matang pada 20 Mac 2014. Tidak ada kupon tambahan akan dibayar berikutan prestasi mendatar strategi
sokongan, seperti yang dilihat di atas. Namun begitu, Dana ini akan tetap memulangkan jumlah pokok penuh
memandangkan krisis Eropah yang memberi kesan kepada prestasi strategi yang hanya terhad kepada jumlah strategik
yang dilaburkan ke dalam pilihan itu.
Oleh itu, pada hujung 3 tahun, Dana ini matang dan pelanggan akan tetap menerima premium tunggal memandangkan
Dana ini distruktur sebegitu rupa agar pemegang polisi akan tetap menerima premium mereka semula, pada tarikh matang.
(Oleh AmBank (M) Bhd)
Jangkaan Pasaran CGF AmAssurance AmCommodity Stable
Melihat kepada tahun-tahun sebelum ini, pasaran-pasaran komoditi keseluruhannya terus menyaksikan trend menurun
seperti yang berlaku tahun sebelumnya, sungguhpun dengan sedikit kuantum susut nilai harga.
Harga minyak mentah secara amnya disokong baik sepanjang pertengahan 2013 ketika ketegangan geopolitik di Timur
Tengah membantu menolak nilaian ke atas. Bermula dengan perang saudara di Syria, peningkatan ketegangan di
rantau itu turut merebak ke negara jiran Libya dan negara-negara pengeluar minyak lain. Ini mencetus ancaman kepada
bekalan memandangkan Timur Tengah menyumbang sebanyak 33% daripada output minyak global pada 2012. Harga
mula turun pada September, sejajar dengan ketegangan yang semakin reda di Timur Tengah dan apabila Fed AS mula
menghentikan program pelonggaran kewangannya.
Jagung mengalami kerugian terbesar dalam tempoh nilaian ini, dan bijirin ini menjadi komoditi paling buruk prestasinya
pada 2013 apabila ia mengurangkan nilaian sebanyak 40%. Kejatuhan pertama berlaku pada Julai 2013, apabila bijirin
itu merosot 20% selepas Jabatan Pertanian AS (USDA) melaporkan jangkaan rekod bagi tuaian tanaman itu pada
Disember, yang mampu menggandakan simpanan AS dan memberi bekalan kepada EU dan Jepun bagi tahun itu.
Bijirin itu terus berada dalam kerugian bagi hampir sepanjang tahun, mencecah tahap rendah 3 tahun pada September.
Permulaan 2014 adalah lebih baik dengan USDA melaporkan bahawa tuaian mencatat prestasi lebih rendah daripada
anggaran, dan dengan kekacauan yang semakin meningkat di Ukraine, pengeluar ketiga terbesar dunia.
Kapas bergerak antara keuntungan dan kerugian bermula dengan kejatuhan 9.1% pada Ogos 2013, kejatuhan 3 hari
terbesar sejak November 2011. Harga kawalan lebih rendah pada Oktober kepada 9 bulan terendah apabila USDA
menganggarkan peningkatan lebih kapas dan India mencatat musim monsun paling lebat dalam tempoh 6 tahun, satu
situasi yang sesuai untuk penanaman biji benih kapas. Melihat kepada permulaan tahun itu, trend harga semakin
meningkat dengan pertumbuhan di wilayah Texas di AS. Komoditi lembut ini amat reaktif kepada perubahan cuaca.
Tembaga tidak menunjukkan prestasi baik pada tempoh yang dinilai, dengan logam itu bergelut untuk terus bersaing
memandangkan pertumbuhan ekonomi di China mula mengecut. Tanda-tandanya bermula seawal Mei apabila Goldman
Sach memotong ramalan tembaga mereka bagi tahun itu kepada AS$ 7,216 daripada AS$ 7,600, selepas asakan
kecairan di China muncul setelah kerajaan cuba untuk membawa masuk pertumbuhan yang dijana kredit. Harga
berlegar lebih tinggi buat sementara waktu pada September selepas keputusan mengejut Fed AS untuk mengekalkan
program pelonggaran kewangan mereka. Berikutan itu, logam itu kembali merosot ketika memasuki 2014, apabila
jualan di aset-aset Pasaran Baru Memuncul dicetuskan oleh pengecutan pada pertumbuhan KDNK suku ke-4 2014
China kepada 7.7% setahun serta pengurangan dalam stimulus kewangan AS.
(Oleh AmBank (M) Bhd) Bagi Tahun Kewangan Berakhir 31 Mac 2014
(Sumber: Bloomberg)
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Strategi Pelaburan
Strategi Pelaburan Ekuiti
Pada peringkat penting ini, kami perlu belajar untuk memisahkan antara pandangan pasaran dan strategi pelaburan
kami. Pandangan pasaran adalah ramalan ke atas trend pasaran, manakala strategi pelaburan mengambil kira tentang
risiko. Dalam kami berpandangan bahawa trend menaik ini akan berakhir lebih lama, kemeruapan harga akan meningkat
berikutan perubahan struktur yang berlaku di China. Oleh itu, bagi strategi kami, kelemahan sekarang dalam beberapa
sektor utama menandakan suatu tempoh pembetulan dan perlunya untuk berjimat-cermat, membuat pusingan ke dalam
sektor-sektor nilai bawah harga dengan asas-asas yang semakin pulih. Dengan itu, tidak ada sebab untuk keluar daripada
pasaran ASEAN dalam penggal terdekat tetapi perlu berhati-hati terhadap nilaian terlebih. Kami juga positif terhadap
momentum pendapatan dalam kalangan sektor teknologi bagi Korea dan Taiwan, dan akan mengekalkan kedudukan
kami di pasaran-pasaran berkenaan.
Bagi Malaysia, institusi-institusi asing telah menjadi penjual bersih sejak Oktober 2013. Penjualan sedemikian telah
diserap dengan baik oleh institusi-institusi domestik, dan kami percaya syarikat-syarikat asing di Malaysia lebih
hampir kepada 22% berbanding catatan rendah bersejarah sebanyak 20%. Apa yang digambarkan di sini adalah
risiko penurunan daripada penjualan pesisir pantai boleh diabaikan, dan kelemahan pasaran seterusnya akan menjadi
pergerakan taktikal yang wajar untuk menugasi semula tunai dalam portfolio kami. Panggilan utama kami kekal dalam
sektor minyak & gas, perladangan dan ruang modal pertengahan pada penggal yang terdekat. Kami akan menilai
pendedahan sektor kami pada musim laporan akan datang apabila pasaran masih terancam kepada penghantaran
pendapatan dan nilaian.
Strategi Pelaburan Pendapatan Tetap
Secara strukturnya, kami kekal berhati-hati apabila pasaran tempatan menghadam kesan peruncingan QE yang
berterusan dan tanggapan nada berhati-hati yang meningkat oleh Fed kepada kemungkinan pengetatan polisi kewangan
yang dijangka berlaku lebih awal.
Dengan jangkaan kepada senario kenaikan kadar faedah dalam tempoh sederhana, kami menjangkakan pulangan bon
korporat akan turut mengikutnya, setelah dan apabila penemuan harga berlaku bagi terbitan-terbitan baru dan ini akan
memberikan peluang baik untuk memasuki semula pasaran pada paras yang agak menarik.
Strategi kami boleh diringkaskan seperti berikut:
Tempoh Portfolio
strukturnya, kami akan mengekalkan tempoh defensif dalam portfolio kami berbanding dengan penanda
•Secara
aras memandangkan kami menjangkakan CPI akan kekal tinggi dan pasaran akan terus menjadi meruap
berikutan jangkaan kadar faedah yang berubah. Secara taktikalnya, kedudukan dagangan yang singkat pada
tempoh itu dilakukan apabila tiba peluang itu.
Pemilihan Sekuriti
penekanan ke atas MGS disebabkan nilaian yang tidak memihak serta keadaan pasaran dan sebaliknya
•Kurang
mengekalkan penekanan terhadap bon korporat sebagai sempadan kemajuan, tetapi dengan keutamaan ke atas
kecairan dan kualiti kredit yang boleh diterima;
bahagian dalam nama yang bertaraf rendah tetapi berkualiti kredit tinggi di pasaran utama yang
•Mengambil
menawarkan pengambilan pulangan lebih tinggi berbanding pasaran kedua setelah dan apabila penemuan
harga berlaku bagi terbitan-terbitan baru; dan
•Keutamaan ke atas nilai relatif yang dipercayai di kalangan bon-bon korporat.
Untuk Dana Balanced dan Dana Teguh
Berikutan dengan jangkaan pasaran kami seperti di atas, kami akan terus menyimpan peruntukan aset di dalam
pendapatan tetap ke dalam ekuiti tahap minimum dan terpilih.
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Strategi Pelaburan Dana AmAssurance AmOasis Islamic Equity
(Dana Sasaran Akhir: Oasis Crescent Global Equity Fund)
Kami telah mengekalkan falsafah pelaburan kami mengenai melabur dalam syarikat-syarikat berkualiti tinggi yang
mempunyai kelebihan daya saing yang kuat, dan keupayaan untuk mendapat keuntungan daripada kelebihan daya
saing berkenaan untuk memberikan Pulangan Ekuiti (ROE) yang mampan dan di paras lebih tinggi melalui pusingan
ekonomi. Kami percaya syarikat-syarikat yang mempunyai kunci kira-kira yang sihat dan aliran tunai yang kukuh,
akan berupaya untuk mengekalkan kedudukan mereka pada waktu persekitaran ekonomi yang mencabar di samping
memberikan pertumbuhan pendapatan sebenar pada jangka panjang. Portfolio kami berdagang pada diskaun yang
signifikan kepada pasaran ekuiti global merentasi pelbagai kaedah dan menyediakan ROE yang lebih tinggi dan mampan
melalui pusingan ekonomi. Ini akan menghasilkan pewujudan kekayaan sebenar bagi pelanggan kami dalam jangka
panjang. Selain itu, berdasarkan persekitaran kadar faedah sekarang, kami percaya pendapatan bagi syarikat-syarikat
modal besar tiada tunai adalah kurang daripada yang dinyatakan, berikutan pulangan yang hampir boleh diabaikan ke
atas imbangan tunai mereka. Memandangkan keadaan ekonomi dan kadar faedah yang mula menjadi normal, syarikatsyarikat ini berpeluang untuk mendapat manfaat manakala syarikat-syarikat berpengaruh besar akan bergelut apabila
kos pembiayaan mereka meningkat. Pulangan aliran tunai bebas yang agak tinggi bagi syarikat-syarikat dalam portfolio
kami memastikan syarikat-syarikat ini berkeupayaan untuk melabur secara konsisten dalam perniagaan mereka tanpa
bergantung pada pembiayaan bank, yang pada pandangan kami memberikan mereka kelebihan daya saing mampan
jangka panjang dalam bentuk kos modal yang lebih rendah. Kualiti lebih tinggi bagi syarikat-syarikat dalam portfolio
kami telah berjaya dicatat dalam prestasi rekod kami di mana portfolio kami mempunyai purata telah memperoleh
kurang kesan buruk pada bulan-bulan merosot berbanding dengan kumpulan rakan kami di samping memperoleh kadar
pulangan-risiko yang besar pada jangka panjang.
Strategi Pelaburan Dana AmAssurance Global Emerging Market
Pasaran teras kami pada permulaan April 2014 adalah Brazil, China, Hungary, Korea Selatan, Qatar dan UAE. Di
Brazil, nilaian adalah menarik dan pertumbuhan pendapatan adalah berpatutan. Walau bagaimanapun ini diimbangkan,
dengan asas ekonomi yang lemah. Di China, pertumbuhan ekonomi menjadi sederhana tetapi nilaian adalah menarik
dan agenda perubahan amat menggalakkan. Hungary mendapat manfaat daripada nilaian menarik dan ekonomi yang
semakin bertambah baik. Walau bagaimanapun, kami bimbang tentang paras hutang luar yang tinggi yang menjadikannya
lemah terhadap pengurangan dalam kecairan global dan jangkaan pendapatan yang semakin merosot. Pasaran Korea
adalah dinilai secara menarik dan ekonominya adalah teguh. Seterusnya, Korea dianggap sebagai penerima manfaat
daripada pertumbuhan global yang semakin bertambah baik. Di Qatar, nilaian ekuiti adalah berpatutan dan asas-asas
ekonomi adalah kukuh. Pasaran dijangka mewakili anggaran 0.5% daripada MSCI Emerging Markets Index dari Mei
2014. Di UAE, ekonomi yang semakin pulih memberi sokongan dan dijangka pasaran itu akan mewakili sekitar 0.5%
daripada MSCI Emerging Markets Index dari Mei 2014. Kedua-dua pasaran terus menarik minat pelabur yang semakin
tinggi sebelum pengklasifikasian semula indeks itu.
Strategi Pelaburan Dana AmAssurance Global Agribusiness
Dana ini terus memilih stok-stok perniagaan agro huluan berbanding hiliran. Syarikat-syarikat huluan kami sepatutnya
kekal stabil, dengan Kimia Baja & Pertanian menjadi sektor utama. Dana ini juga menyukai segmen hiliran terpilih seperti
Produk Pertanian dan Makanan Dibungkus & Daging, terutamanya syarikat-syarikat yang terlibat dengan pengeluaran
dan pengedaran makanan berlabel organik dan peribadi. Kami juga positif terhadap sesetengah subtema agro seperti
jenama baru memuncul, label mudah/peribadi dan rantaian bekalan/logistik.
Dana ini telah mendapat manfaat daripada urus niaga M&A yang meningkat dalam ruangan perniagaan agro dalam
beberapa bulan lepas. Proses pelaburan kami tidak membenarkan spekulasi ke atas urus niaga seterusnya, peningkatan
baru-baru ini dalam aktiviti semua kategori berkaitan makanan mencadangkan kepada kami terdapat banyak nilai yang
relatif dan pasti.
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Strategi Pelaburan
Strategi Pelaburan Dana AmAssurance Precious Metals
Kami percaya bahawa mana-mana wang strategik yang datang kepada ruang Emas dan PGM sudah tentu akan
berpandangan bahawa adalah lebih murah untuk membeli daripada membina. Ekuiti Emas dan PGM mewakili peluang
pembelian yang baik apabila kami menjangkakan kesan proksi “pengaruh” akan kembali ke sektor ini, dengan sokongan
asas jangka panjang bagi harga emas dan logam berharga, dan perbelanjaan modal yang lebih berjimat-cermat.
Strategi Pelaburan Dana AmLife Tactical Bond
Kami berhati-hati apabila pasaran menghadam kesan peruncingan QE berterusan dan beranggapan nada lebih berhatihati daripada Fed terhadap kemungkinan pengetatan polisi kewangan yang lebih awal daripada yang dijangkakan.
Berikutan jangkaan senario kenaikan kadar faedah dalam jangka sederhana, kami menjangkakan pulangan bon
korporat akan turut mengikut jejak langkahnya, apabila dan setelah penemuan harga berlaku bagi terbitan-terbitan baru
dan ia akan memberikan peluang baik untuk memasuki semula pasaran ini pada paras yang lebih menarik. Dari segi
kedudukan tempoh, kami kekal dengan tempoh defensif dalam portfolio kami berbanding dengan penanda aras.
Strategi Pelaburan Dana AmLife Asia Pacific REITS
Kami terus memberi tumpuan di kawasan di mana kami rasakan terdapat potensi pertumbuhan. Kami agak memilih di
Australia berkaitan tema M&A, selain daripada menyukai REITS yang mempunyai kelebihan daya saing berbanding
rakan seumpamanya contohnya, pengurusan aset aktif dan aset berkualiti baik. Kami positif terhadap sektor di Jepun
di mana kenaikan cukai dijangka kurang memberi kesan dan sentimen korporat positif akan memberi kesan yang lebih
langsung contohnya logistik dan pejabat. Kami akan menjadi lebih positif di Singapura berikutan jangkaan ekonomi
global yang lebih baik contohnya peningkatan ruang pejabat dipadankan dengan peningkatan kepada kadar sewa pejabat.
Strategi Pelaburan CGF AmAssurance AmCurrency Income II
Dana ini menggunakan strategi dinamik. Kuantum penyertaan diselaraskan secara bulanan bergantung pada prestasi
strategi. Apabila prestasi adalah negatif, penyertaan diselaraskan agar menurun dalam bulan yang akan datang.
Penyelarasan dalam kadar penyertaan ini adalah bagi membolehkan strategi untuk meminimumkan kesan ke atas
pergerakan menurun, di samping memaksimumkan manfaat ke atas prestasi menaik. Pembayaran ke atas jumlah kupon
(jika ada) pada hujung bulan ke-18 dan pada tempoh matang dikaitkan kepada AmCurrency Income Index (Bloomberg
Ticker: UBFSACII Index) dan tertakluk kepada kepuasan terhadap syarat-syarat yang ditetapkan oleh Pengeluar seperti
dalam kertas Syarat.
Strategi Pelaburan CGF AmAssurance AmCommodity Stable
MLCX AmBank Commodity Alpha Index (Bloomberg Code: MLCXAMB Index) menjejaki pelaburan panjang/pendek dalam
niagaan ke depan komoditi. Pelaburan panjang pendek ini adalah MLCXA01 Excess Return Index. Ia menggunakan
kombinasi pelaburan panjang dan pendek untuk menjana pulangan alpha dengan pendedahan delta bersih hampir
sifar. Jangkauan panjangnya mencapai lengkungan lebih jauh daripada penanda aras tradisional dan menggunakan
penambahbaikan pemberat dan roll window untuk meningkatkan pulangan. Tidak ada pembayaran kupon pada tahun
ke-3 dan tahun ke-4 (2% dan 3% dibayar masing-masing pada tahun1 dan tahun ke-2) dan kupon akhir dalam tahun
ke-5 akan bergantung pada prestasi MLCXAMB Index.
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Prestasi Dana
amassurance.com.my
(i) Prestasi Sejak Permulaan
Dana AmAssurance Equity Berbanding Penanda Aras
Prestasi Sejak 27 Feb 2004 - 31 Mac 2014
120.00
100.00
Prestasi (%)
80.00
60.00
40.00
20.00
0.00
Mac-14
Sep-13
Mac-13
Sep-12
Mac-12
Sep-11
Mac-11
Sep-10
Mac-10
Sep-09
Mac-09
Sep-08
Mac-08
Sep-07
Mac-07
Sep-06
Mac-06
Sep-05
Mac-05
Sep-04
Mac-04
-20.00
Bulan
FBMKLCI
(ii) Prestasi Setahun Lengkap
Dana AmAssurance Equity Berbanding Penanda Aras
Prestasi Sejak 1 Apr 2013 - 31 Mac 2014
24.00
21.00
18.00
Prestasi (%)
Prestasi Dana
15.00
12.00
9.00
6.00
3.00
0.00
Apr-13
Mei-13
Jun-13
Jul-13
Ogos-13
Sep-13
Okt-13
Nov-13
Dis-13
Jan-14
Feb-14
Mac-14
Bulan
156
FBMKLCI
amassurance.com.my
Dana AmAssurance Bond Berbanding Penanda Aras
60.00
50.00
Prestasi (%)
40.00
30.00
20.00
10.00
0.00
Mac-14
Sep-13
Mac-13
Sep-12
Mac-12
Sep-11
Mac-11
Sep-10
Mac-10
Sep-09
Mac-09
Sep-08
Mac-08
Sep-07
Mac-07
Sep-06
Mac-06
Sep-05
Mac-05
Sep-04
Mac-04
-10.00
Bulan
AmAssurance - Bond
MBB 12mth Tier 1
Dana AmAssurance Bond Berbanding Penanda Aras
8.00
6.00
Prestasi (%)
Prestasi Dana
4.00
2.00
0.00
-2.00
Apr-13
Mei-13
Jun-13
Jul-13
Ogos-13
Sep-13
Okt-13
Nov-13
Dis-13
Jan-14
Feb-14
Mac-14
Bulan
AmAssurance - Bond
157
MBB 12mth Tier 1
amassurance.com.my
Dana AmAssurance Balanced Berbanding Penanda Aras
100.00
80.00
Prestasi (%)
60.00
40.00
20.00
0.00
Mac-14
Sep-13
Mac-13
Sep-12
Mac-12
Sep-11
Mac-11
Sep-10
Mac-10
Sep-09
Mac-09
Sep-08
Mac-08
Sep-07
Mac-07
Sep-06
Mac-06
Sep-05
Mac-05
Sep-04
Mac-04
-10.00
Bulan
Dana AmAssurance Balanced Berbanding Penanda Aras
18.00
16.00
14.00
Prestasi (%)
Prestasi Dana
12.00
10.00
8.00
6.00
4.00
2.00
0.00
Apr-13
Mei-13
Jun-13
Jul-13
Ogos-13
Sep-13
Okt-13
Nov-13
Dis-13
Jan-14
Feb-14
Mac-14
Bulan
158
amassurance.com.my
AmAssurance Dana Teguh Berbanding Penanda Aras
120.00
100.00
Prestasi (%)
80.00
60.00
40.00
20.00
0.00
-20.00
Mac-14
Sep-13
Mac-13
Sep-12
Mac-12
Sep-11
Mac-11
Sep-10
Mac-10
Sep-09
Mac-09
Sep-08
Mac-08
Sep-07
Mac-07
Sep-06
Mac-06
Sep-05
Mac-05
Sep-04
Mac-04
-40.00
Bulan
AmAssurance Dana Teguh Berbanding Penanda Aras
Prestasi Sejak 1 Apr 2013 - 31 Mar 2014
25.00
20.00
Prestasi (%)
Prestasi Dana
15.00
10.00
5.00
0.00
Apr-13
Mei-13
Jun-13
Jul-13
Ogos-13
Sep-13
Okt-13
Nov-13
Dis-13
Jan-14
Feb-14
Mac-14
Bulan
159
amassurance.com.my
Dana AmAssurance AmOasis Islamic Equity Berbanding Penanda Aras
40.00
30.00
20.00
Prestasi (%)
10.00
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
Dis -13
Ogos-13
Apr -13
Dis -12
Ogos-12
Apr -12
Dis -11
Ogos-11
Apr - 11
Dis -10
Ogos-10
Apr -10
Dis -09
Ogos-09
Apr -09
Dis -08
Ogos-08
Apr -08
Dis -07
Ogos-07
Apr -07
-60.00
Bulan
Indeks Dow Jones Islamic Market
Dana AmAssurance AmOasis Islamic Equity Berbanding Penanda Aras
20.00
15.00
Prestasi (%)
Prestasi Dana
10.00
5.00
0.00
-5.00
Apr-13
Mei-13
Jun-13
Jul-13
Ogos-13
Sep-13
Okt-13
Nov-13
Dis-13
Jan-14
Feb-14
Mac-14
Bulan
160
Indeks Dow Jones Islamic Market
amassurance.com.my
Dana AmAssurance Global Emerging Market Berbanding Penanda Aras
Prestasi Sejak 1 Jun 2008 - 31 Mac 2014
20.00
10.00
Prestasi (%)
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
Mac-14
Dis -13
Sep-13
Jun -13
Mac-13
Dis -12
Sep-12
Jun -12
Mac-12
Dis -11
Sep-11
Jun -11
Mac-11
Dis -10
Sep-10
Jun -10
Mac-10
Dis -09
Sep-09
Jun -09
Mac-09
Dis -08
Sep-08
Jun -08
-60.00
Bulan
Indeks MSCI Emerging Market
Dana AmAssurance Global Emerging Market Berbanding Penanda Aras
10.00
5.00
Prestasi (%)
Prestasi Dana
0.00
-5.00
-10.00
-15.00
Apr-13
Mei-13
Jun-13
Jul-13
Ogos-13
Sep-13
Okt-13
Nov-13
Dis-13
Jan-14
Feb-14
Mac-14
Bulan
161
Indeks MSCI Emerging Markets
amassurance.com.my
Dana AmAssurance Precious Metals Berbanding Penanda Aras
Prestasi Sejak 1 Sep 2008 - 31 Mac 2014
80.00
60.00
Prestasi (%)
40.00
20.00
0.00
-20.00
-40.00
Mac-14
Dis -13
Sep-13
Jun -13
Mac-13
Dis -12
Sep-12
Jun -12
Mac-12
Dis -11
Sep-11
Jun -11
Mac-11
Dis -10
Sep-10
Jun -10
Mac-10
Dis -09
Sep-09
Jun -09
Mac-09
Dis -08
Sep-08
-60.00
Bulan
Indeks FTSE Gold Mines
Dana AmAssurance Precious Metals Berbanding Penanda Aras
10.00
0.00
Prestasi (%)
Prestasi Dana
-10.00
-20.00
-30.00
-40.00
-50.00
Apr-13
Mei-13
Jun-13
Jul-13
Ogos-13
Sep-13
Okt-13
Nov-13
Dis-13
Jan-14
Feb-14
Mac-14
Bulan
162
Indeks FTSE Gold Mines
amassurance.com.my
Dana AmAssurance Global Agribusiness Berbanding Penanda Aras
30.00
20.00
Prestasi (%)
10.00
0.00
-10.00
-20.00
-30.00
-40.00
Mac-14
Dis -13
Sep-13
Jun -13
Mac-13
Dis -12
Sep-12
Jun -12
Mac-12
Dis -11
Sep-11
Jun -11
Mac-11
Dis -10
Sep-10
Jun -10
Mac-10
Dis -09
Sep-09
Jun -09
Mac-09
Dis -08
Sep-08
-50.00
Bulan
Indeks MSCI World Free
Dana AmAssurance Global Agribusiness Berbanding Penanda Aras
20.00
15.00
Prestasi (%)
Prestasi Dana
10.00
5.00
0.00
-5.00
Apr-13
Mei-13
Jun-13
Jul-13
Ogos-13
Sep-13
Okt-13
Nov-13
Dis-13
Jan-14
Feb-14
Mac-14
Bulan
163
Indeks MSCI World Free
amassurance.com.my
Dana AmAssurance Dividend Berbanding Penanda Aras
Prestasi Sejak 27 Okt 2011 - 31 Mac 2014
30.00
25.00
Prestasi (%)
20.00
15.00
10.00
5.00
0.00
-5.00
Feb -14
Dis -13
Okt -13
Ogos-13
Jun -13
Apr -13
Feb-13
Dis -12
Okt -12
Ogos-12
Jun -12
Apr -12
Feb-12
Dis -11
Okt -11
-10.00
Bulan
FBMKLCI
Dana AmAssurance Dividend Berbanding Penanda Aras
14.00
12.00
10.00
Prestasi (%)
Prestasi Dana
8.00
6.00
4.00
2.00
0.00
-2.00
Apr-13
Mei-13
Jun-13
Jul-13
Ogos-13
Sep-13
Okt-13
Nov-13
Dis-13
Jan-14
Feb-14
Mac-14
Bulan
164
FBMKLCI
amassurance.com.my
Dana AmAssurance AmCommodity Stable Capital Guaranteed Berbanding Penanda Aras
Prestasi Sejak 27 Okt 2011 - 31 Mac 2014
0.00
-1.00
Prestasi (%)
-2.00
-3.00
-4.00
-5.00
Feb -14
Dis -13
Okt -13
Ogos-13
Jun -13
Apr -13
Feb-13
Dis -12
Okt -12
Ogos-12
Jun -12
Apr -12
Feb-12
Dis -11
Okt -11
Ogos-11
Jun -11
Apr -11
Feb-11
Dis -10
Okt -10
-6.00
Bulan
AmAssurance - AmCommodity Stable
Dana AmLife Asia Pacific REITS Berbanding Penanda Aras
6.00
4.00
Prestasi (%)
2.00
0.00
-2.00
Mac-14
Feb -14
Jan -14
Dis-13
Nov-13
Okt -13
-4.00
Sep-13
Prestasi Dana
Bulan
AmLife Asia Pacific REITS
165
Indeks Bloomberg Asia REITS
amassurance.com.my
Dana AmLife Tactical Bond Berbanding Penanda Aras
4.00
3.00
2.00
Prestasi (%)
1.00
0.00
-1.00
-2.00
-3.00
Mac-14
Feb -14
Jan -14
Dis-13
Nov-13
Okt -13
-4.00
Sep-13
Prestasi Dana
Bulan
Indeks RAM Quantum ALL MGS
166
amassurance.com.my
Pecahan Mengikut
Sektor dan Kategori
amassurance.com.my
Pecahan Mengikut
Sektor dan Kategori
Butiran komposisi Dana AmAssurance Equity setakat 31 Mac adalah seperti berikut:
Pembinaan
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
7.72
3.23
8.25
11.23
2.90
-
-
-
-
3.80
Produk Konsumer
Kewangan
11.34
5.54
7.58
7.32
17.80
Produk Industri
13.03
17.47
4.57
4.01
6.60
1.31
3.15
-
-
1.50
-
-
-
-
-
2.97
-
-
4.54
8.50
-
-
-
-
-
45.85
27.22
43.71
12.78
24.10
-
-
6.84
-
-
Infrastruktur
Saham Asing
Harta
Waran
Perdagangan / Perkhidmatan
REITS
Perladangan
Perjanjian Pembelian Semula / Tunai
-
4.06
5.72
3.83
10.00
17.77
39.33
23.33
56.29
24.80
100.00
100.00
100.00
100.00
100.00
Butiran komposisi Dana AmAssurance Bond setakat 31 Mac adalah seperti berikut:
Unit Amanah Malaysia
Bon Korporat
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
9.56
7.11
9.40
8.07
54.10
68.18
65.70
79.06
8.86
-
Kerajaan Malaysia Sekuriti
-
-
-
43.95
-
22.26
27.19
11.54
39.12
45.90
100.00
100.00
100.00
100.00
100.00
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Butiran komposisi Dana AmAssurance Balanced setakat 31 Mac adalah seperti berikut:
Pembinaan
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
0.45
-
7.61
7.81
2.58
-
-
-
-
2.68
Produk Pengguna
Kewangan
Produk Industri
Infrastruktur
9.00
5.18
7.27
6.83
13.07
10.65
10.32
3.91
2.34
5.43
0.94
-
-
-
1.13
-
-
-
-
-
Waran
Perladangan
Harta
-
3.41
5.38
3.41
8.30
3.02
-
-
3.74
1.69
Saham Asing
-
-
-
-
-
0.62
-
6.16
-
-
37.07
22.51
35.91
10.34
16.36
Bon Korporat
24.71
26.95
27.08
11.72
-
REITS
9.18
-
-
5.94
13.23
4.36
31.63
6.68
47.87
35.54
100.00
100.00
100.00
100.00
100.00
Butiran komposisi AmAssurance Dana Teguh setakat 31 Mac adalah seperti berikut:
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
9.19
3.14
11.45
11.30
7.20
-
-
-
-
2.10
Produk Industri
9.44
11.02
4.20
6.51
9.10
Infrastruktur
1.39
2.69
-
-
-
Waran
-
-
-
-
-
Perladangan
-
-
4.85
-
8.50
Pembinaan
Produk Pengguna
3.21
-
-
3.97
7.70
Harta
39.89
24.91
37.04
10.76
20.70
Bon Korporat
19.97
22.52
18.31
-
-
4.62
2.35
2.27
6.75
7.30
12.30
33.37
21.88
60.71
37.40
100.00
100.00
100.00
100.00
100.00
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Butiran komposisi Dana AmAssurance AmOasis Islamic Equity setakat 31 Mac adalah seperti berikut:
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
Pembinaan
-
-
8.55
10.21
-
Produk Pengguna
-
-
-
-
-
Produk Industri
-
-
2.88
-
-
Infrastruktur
-
-
6.38
-
-
Waran
-
-
-
-
-
Perladangan
-
-
3.84
-
-
Harta
-
-
-
2.93
-
-
-
24.42
9.97
-
89.53
74.34
26.64
32.61
54.47
10.47
25.66
27.29
44.28
45.53
100.00
100.00
100.00
100.00
100.00
Peruntukan Sektor*
Dana AmOasis Global Islamic Equity (“Dana Sasaran”)
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
Bahan Asas
4.00
5.00
9.00
14.00
12.00
Komunikasi
18.00
21.00
19.00
17.00
17.00
8.00
7.00
8.00
8.00
10.00
Pengguna, Berkitar
Pengguna, Tidak Berkitar
Tenaga
9.00
6.00
6.00
5.00
5.00
10.00
11.00
12.00
10.00
7.00
Kewangan
-
-
-
3.00
-
22.00
22.00
19.00
15.00
13.00
Industri
6.00
8.00
6.00
8.00
12.00
Hartanah
1.00
1.00
1.00
-
4.00
Teknologi
22.00
17.00
18.00
17.00
16.00
-
2.00
2.00
3.00
4.00
Penjagaan Kesihatan
Utiliti
Nota:Sumber peruntukan sektor Dana Sasaran adalah dari AmMutual
*Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
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Butiran komposisi Dana AmAssurance Precious Metals setakat 31 Mac adalah seperti berikut:
Peruntukan Sektor*
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
96.40
87.51
85.93
47.92
59.83
3.60
12.49
14.07
52.08
40.17
100.00
100.00
100.00
100.00
100.00
Dana AmPrecious Metals (“Dana Sasaran”)
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
-
-
-
79.78
71.75
74.05
72.35
Berlian
Emas
73.46
Platinum
-
-
-
-
9.90
13.09
16.12
12.92
21.08
-
Perak
6.77
-
-
-
8.50
Pelbagai Logam & Perlombongan
6.60
-
-
-
-
Tunai dan Aset Lain
0.05
4.07
15.31
4.84
9.25
Logam Berharga & Mineral
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Butiran komposisi Dana AmAssurance Global Agribusiness setakat 31 Mac adalah seperti berikut:
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
88.08
80.04
84.08
70.39
76.29
11.92
19.96
15.92
29.61
23.71
100.00
100.00
100.00
100.00
100.00
Peruntukan Sektor*
Dana AmGlobal Agribusiness (“Dana Sasaran”)
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
19.10
23.60
25.20
29.70
25.90
3.70
-
-
-
-
Jentera Pembinaan / Perladangan
-
2.20
2.40
2.30
-
Penyulingan & Pembuatan Wine
-
-
-
3.50
-
Produk Pertanian
Kilang Minuman Keras
Pengedar
Pelbagai Bank
Pelbagai Kimia
Baja & Kimia Pertanian
-
-
-
-
-
3.20
2.10
2.00
2.70
2.90
3.70
1.70
-
-
-
38.20
43.00
40.30
19.80
13.70
Pengedar Makanan
1.50
-
-
-
-
Peruncitan Makanan
2.90
1.10
6.40
9.20
6.70
Utiliti Gas
-
-
-
-
1.40
Pasaraya Besar & Pusat Membeli Belah
-
2.40
1.50
-
-
-
2.10
2.80
-
-
1.70
1.50
1.80
-
2.50
Peralatan & Perkhidmatan Sains Hayat
Pelabuhan & Perkhidmatan Marin
Sektor Lain
4.30
4.50
-
7.10
-
19.50
15.10
12.70
14.40
23.70
Produk Kertas
-
-
-
-
1.60
Farmasi
-
-
-
-
1.60
Landasan Keretapi
1.30
1.30
0.80
-
-
Restoran
0.90
-
-
2.80
3.50
Pembungkusan Makanan & Daging
Kimia Khusus
-
-
-
-
1.80
Tunai & Sektor Lain
-
-0.60
4.10
2.50
4.00
Tidak Diklasifikasikan
-
-
-
6.00
10.70
172
amassurance.com.my
Butiran komposisi Dana AmAssurance Global Emerging Market setakat 31 Mac adalah seperti berikut:
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
87.74
79.59
68.52
69.66
78.21
12.26
20.41
31.48
30.34
21.79
100.00
100.00
100.00
100.00
100.00
Peruntukan Sektor*
Dana AmGlobal Emerging Market Opportunities (“Dana Sasaran”)
Barangan Bukan Keperluan Pengguna
Barangan Asas Pengguna
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
%
%
%
%
%
15.87
10.26
19.49
12.77
11.73
3.37
9.98
1.08
-
3.83
Derivatif
-
-
-0.01
-
-
Tenaga
10.12
5.00
11.57
13.18
10.02
Kewangan
34.12
40.74
27.82
36.22
32.65
0.90
1.20
-
-
1.94
Penjagaan Kesihatan
Perindustrian
Teknologi Maklumat
Bahan-bahan
2.59
4.48
5.06
6.90
9.76
18.14
13.77
12.87
2.79
1.84
3.29
3.26
6.51
8.91
3.17
-
-
-
-
-
3.63
7.74
-
3.81
7.14
-
0.24
2.25
2.06
1.95
-
-
13.36
-
15.97
7.97
3.33
-
13.35
-
Tidak dikelaskan
Perkhidmatan Telekomunikasi
Utiliti
Aset Bersih Lain
Tunai
173
amassurance.com.my
Butiran komposisi Dana AmAssurance AmCommodity Stable CGF setakat 31 Mac adalah seperti berikut:
Instrumen Yang Berstruktur
TK 2014
TK 2013
TK 2012
TK 2011
%
%
%
%
1.88
1.89
1.67
1.64
98.11
98.10
98.24
98.27
0.00
0.01
0.09
0.09
100.00
100.00
100.00
100.00
Butiran komposisi Dana AmAssurance Dividend setakat 31 Mac adalah seperti berikut:
TK 2014
TK 2013
TK 2012
%
%
%
Pembinaan
4.96
-
-
Kewangan
13.88
12.60
13.29
Produk Perindustrian
3.89
10.13
6.11
Infrastruktur
4.99
4.61
5.92
Hartanah
7.41
3.06
-
41.11
9.15
24.59
4.53
4.08
16.56
REITS
Perladangan
Perjanjian Pembelian Semula/Tunai
-
-
5.46
19.24
56.37
28.07
100.00
100.00
100.00
174
amassurance.com.my
Butiran komposisi Dana AmLife Asia Pacific setakat 31 Mac 2014 adalah seperti berikut:
TK 2014
%
88.62
11.38
100.00
Peruntukan Sektor*
Dana AmAsia Pacific REITS (“Dana Sasaran”)
TK 2014
%
Hartanah
86.10
Deposit Tetap / Instrumen Boleh Niaga / Tunai
13.90
Butiran komposisi Dana AmLife Tactical Bond setakat 31 Mac 2014 adalah seperti berikut:
TK 2014
%
86.64
13.36
100.00
Peruntukan Sektor*
Dana AmTactical Bond (“Dana Sasaran”)
TK 2014
%
Bon
84.47
Tunai
15.53
175
amassurance.com.my
Jadual Perbandingan:
Prestasi Dana
amassurance.com.my
Jadual Perbandingan: Prestasi Dana
Prestasi Dana Setakat 31 Mac 2014
1 tahun
3 tahun
Pulangan
Tahunan
(%)
Sejak
Penerbitan
5 tahun
Purata Kompaun
Pulangan Tahunan (%)
20.68
7.09
14.78
6.97
2.23
3.89
4.15
4.38
15.30
5.31
11.37
6.81
22.03
8.27
13.43
7.10
11.66
4.89
9.80
0.79
3.61
(1.77)
0.51
0.47
(20.39)
(19.06)
(10.94)
(9.78)
Dana AmAssurance Agribusiness
4.39
1.57
4.25
3.90
Dana AmAssurance AmCommodity Stable CGF
2.89
0.98
-
(0.34)
12.66
-
-
9.87
-
-
-
(3.60)
-
-
-
(2.35)
Dana AmAssuranc Dividend
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Nilai Aset Bersih, Jumlah Unit
dan Harga Unit
amassurance.com.my
Nilai Aset Bersih, Jumlah Unit dan Harga Unit setakat 31 Mac 2014
Butiran prestasi Dana bagi tahun kewangan berakhir pada 31 Mac adalah seperti berikut:
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
NAB setiap unit tertinggi bagi tahun
0.9946
0.8265
0.8317
0.8280
0.6730
NAB setiap unit terendah bagi tahun
0.8253
0.7529
0.7070
0.6329
0.5010
Jumlah NAB (RM juta)
14.5438
12.2637
14.5937
11.4753
4.6029
UIC (juta)
14.6327
14.8900
18.6334
14.1793
6.8745
0.9939
0.8236
0.7832
0.8093
0.6708
Jumlah Pulangan¹
20.68
5.16
(3.23)
20.65
34.43
Pertumbuhan Modal
20.68
5.16
(3.23)
20.65
34.43
-
-
-
-
-
Harga Unit (RM)
Nilai Aset Bersih (NAB) dan Unit dalam
Edaran (UIC) setakat penghujung Tahun*
NAB setiap unit (RM)
Jumlah Pulangan Bagi Tahun (%)
Pengagihan Pendapatan
*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana
bagi tahun kewangan
Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
0.7752
0.7571
0.7323
0.6915
0.6640
0.7576
0.7309
0.6903
0.6640
0.6310
16.7134
16.3762
11.9079
11.3630
5.8876
UIC (juta)
21.5938
21.6261
16.2856
16.4615
8.8720
0.7740
0.7571
0.7311
0.6903
0.6640
Jumlah Pulangan¹
2.23
3.56
5.91
3.96
5.15
Pertumbuhan Modal
2.23
3.56
5.91
3.96
5.15
-
-
-
-
-
Harga Unit (RM)
bagi tahun kewangan
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TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
0.9834
0.8507
0.8626
0.8588
0.7360
0.8513
0.7918
0.7568
0.7085
0.5730
24.1576
22.8901
21.5113
17.5410
5.8011
UIC (juta)
24.6747
26.9555
26.2568
20.9280
7.9035
0.9790
0.8491
0.8193
0.8382
0.7350
Jumlah Pulangan¹
15.30
3.64
(2.25)
14.04
28.65
Pertumbuhan Modal
15.30
3.64
(2.25)
14.04
28.65
-
-
-
-
-
Harga Unit (RM)
bagi tahun kewangan
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
1.0088
0.8259
0.8169
0.8118
0.6880
0.8260
0.7632
0.7318
0.6501
0.5380
12.1769
12.9224
13.1293
7.0499
2.7808
UIC (juta)
12.1007
15.6696
16.6728
8.8919
4.0512
1.0063
0.8246
0.7875
0.7928
0.6878
Jumlah Pulangan¹
22.03
4.71
(0.67)
15.27
28.34
Pertumbuhan Modal
22.03
4.71
(0.67)
15.27
28.34
-
-
-
-
-
Harga Unit (RM)
bagi tahun kewangan
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amassurance.com.my
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
0.5827
0.4747
0.4642
0.4688
0.4300
0.4672
0.4218
0.4110
0.3915
0.3180
4.5139
3.4302
4.3479
4.3056
3.3350
UIC (juta)
8.5410
7.2475
9.8279
9.4007
8.0792
0.5285
0.4733
0.4424
0.4580
0.4128
Jumlah Pulangan¹
11.66
6.98
(3.41)
10.95
24.68
Pertumbuhan Modal
11.66
6.98
(3.41)
10.95
24.68
-
-
-
-
-
Harga Unit (RM)
bagi tahun kewangan
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
0.5229
0.5073
0.5557
0.5726
0.5580
0.4673
0.4655
0.4590
0.4853
0.4950
0.8839
0.7619
0.7216
0.7228
0.6226
UIC (juta)
1.7201
1.5360
1.4608
1.3331
1.1554
0.5139
0.4960
0.4940
0.5422
0.5388
Jumlah Pulangan¹
3.61
0.40
(8.89)
0.63
7.57
Pertumbuhan Modal
3.61
0.40
(8.89)
0.63
7.57
-
-
-
-
-
Harga Unit (RM)
bagi tahun kewangan
181
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TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
Harga Unit (RM)
0.6195
0.6114
0.6046
0.5976
0.6140
0.5672
0.5196
0.4794
0.4943
0.5020
1.8693
1.6572
1.4590
1.3087
0.6895
UIC (juta)
3.0205
2.7952
2.6083
2.2156
1.2188
0.6189
0.5929
0.5594
0.5907
0.5657
Jumlah Pulangan¹
4.39
5.99
(5.30)
4.42
12.53
Pertumbuhan Modal
4.39
5.99
(5.30)
4.42
12.53
-
-
-
-
-
bagi tahun kewangan
TK 2014
TK 2013
TK 2012
TK 2011
TK 2010
0.3532
0.4582
0.5597
0.5665
0.5630
0.2534
0.3467
0.4293
0.4892
0.4810
3.9300
4.8916
5.1605
4.5400
1.9337
13.9612
13.8346
12.0202
8.5518
3.9231
0.2815
0.3536
0.4293
0.5309
0.4929
Jumlah Pulangan¹
(20.39)
(17.63)
(19.14)
7.71
(1.91)
Pertumbuhan Modal
(20.39)
(17.63)
(19.14)
7.71
(1.91)
-
-
-
-
-
Harga Unit (RM)
UIC (juta)
bagi tahun kewangan
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TK 2014
TK 2013
TK 2012
TK 2011
0.4942
0.4892
0.4891
0.5000
0.4803
0.4753
0.4749
0.4799
Harga Unit (RM)
4.1688
4.0511
4.5326
4.5676
UIC (juta)
8.4356
8.4356
9.4236
9.5188
0.4942
0.4803
0.4810
0.4799
Jumlah Pulangan¹
2.89
(0.15)
0.23
-
Pertumbuhan Modal
2.89
(0.15)
0.23
-
-
-
-
-
bagi tahun kewangan
TK 2014
TK 2013
TK 2012
0.6290
0.5577
0.5273
0.5566
0.5065
0.4973
9.4440
6.3501
5.4439
15.0299
11.3857
10.4925
0.6283
0.5577
0.5189
Jumlah Pulangan¹
12.66
7.48
-
Pertumbuhan Modal
12.66
7.48
-
-
-
-
Harga Unit (RM)
UIC (juta)
bagi tahun kewangan
183
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Butiran prestasi Dana bagi tahun kewangan berakhir pada 31 Mac 2014 adalah seperti berikut:
TK 2014
Harga Unit (RM)
0.5000
0.4750
0.5809
UIC (juta)
1.1849
0.4903
Jumlah Pulangan¹
-
Pertumbuhan Modal
-
-
bagi tahun kewangan
Butiran prestasi Dana bagi tahun kewangan berakhir pada 31 Mac 2014 adalah seperti berikut:
TK 2014
Harga Unit (RM)
0.5008
0.4807
0.4912
UIC (juta)
0.9949
0.4937
Jumlah Pulangan¹
-
Pertumbuhan Modal
-
-
bagi tahun kewangan
184
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Ringkasan Maklumat Kewangan
muka
surat
186
Pernyataan oleh Pengurus
187
Laporan Juruaudit Bebas
189
Penyata-penyata Aset dan Liabiliti
196
Penyata-penyata Pendapatan dan Perbelanjaan
203
Penyata-penyata Perubahan di dalam Nilai Aset Bersih
208
Nota-nota kepada Maklumat Kewangan
185
amassurance.com.my
Pernyataan oleh Pengurus
Pada pendapat Pengurus, maklumat kewangan Dana-dana Berkaitan Pelaburan AmLife Insurance Berhad yang
disertakan yang terdiri daripada Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced,
AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market,
Dana AmAssurance Precious Metals, Dana AmAssurance Global Agribusiness, Dana AmAssurance AmCommodity Stable
CG, Dana AmAssurance Dividend, Dana AmAssurance AmCurrency Income CG (matang pada 16 Ogos 2013), Dana
AmAssurance AmCurrency Income II CG (matang pada 20 Mac 2014), Dana AmLife Asia Pacific REITS (dilancarkan
pada 17 September 2013) dan Dana AmLife Tactical Bond (dilancarkan pada 17 September 2013) yang dinyatakan pada
mukasurat 189 hingga 254 telah disediakan menurut polisi-polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2
kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh
Bank Negara Malaysia.
Bagi pihak AmLife Insurance Berhad
Paul Low Hong Ceong
17 Jun 2014
186
amassurance.com.my
Laporan Juruaudit Bebas Kepada Para Pemegang Unit Dana Berkaitan Pelaburan
AmLife Insurance Berhad (Diperbadankan di Malaysia)
Laporan Mengenai Maklumat Kewangan
Kami telah mengaudit maklumat kewangan dana-dana berkaitan pelaburan AmLife Insurance Berhad (“Pengurus”)
(“Dana-dana”) yang terdiri daripada Penyata Aset dan Liabiliti pada 16 Ogos 2013 (“tarikh matang”) Dana AmAssurance
AmCurrency Income CG dan 20 Mac 2014 (“tarikh matang”) Dana AmAssurance AmCurrency Income II CG, dan pada 31
Mac 2014 bagi Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, AmAssurance Dana
Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market, Dana AmAssurance
Precious Metals, Dana AmAssurance Global Agribusiness, Dana AmAssurance AmCommodity Stable CG, Dana
AmAssurance Dividend, Dana AmLife Asia Pacific REITS dan Dana AmLife Tactical Bond dan Penyata Pendapatan
dan Perbelanjaan serta Penyata Perubahan di dalam Nilai Aset Bersih dari 1 April 2013 hingga tarikh matang Dana
AmAssurance AmCurrency Income CG dan Dana AmAssurance AmCurrency Income II CG, Penyata Pendapatan dan
Perbelanjaan serta Penyata Perubahan di dalam Nilai Aset Bersih bagi tahun / tempoh berakhir 31 Mac 2014 bagi Dana
AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, AmAssurance Dana Teguh, Dana
AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market, Dana AmAssurance Precious
Metals, Dana AmAssurance Global Agribusiness, Dana AmAssurance AmCommodity Stable CG, Dana AmAssurance
Dividend, Dana AmLife Asia Pacific REITS dan Dana AmLife Tactical Bond, serta ringkasan polisi-polisi perakaunan yang
penting dan maklumat penerangan lain (“maklumat kewangan”), seperti yang dinyatakan pada mukasurat 189 hingga 254.
Tanggungjawab Para Pengarah Ke Atas Maklumat Kewangan
Para pengarah Pengurus bertanggungjawab ke atas penyediaan maklumat kewangan menurut polisi-polisi perakaunan
seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans / Takaful
Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia, dan bagi kawalan dalaman bersesuaian seperti yang
ditentukan oleh para pengarah sebagai perlu untuk membolehkan penyediaan maklumat kewangan yang bebas daripada
salah nyata yang penting, sama ada disebabkan oleh penipuan atau kesilapan.
Tanggungjawab Juruaudit
Tanggungjawab kami adalah untuk menyatakan pendapat kami ke atas maklumat kewangan ini berdasarkan kepada audit
kami. Kami telah menjalankan audit kami menurut piawaian pengauditan yang diluluskan di Malaysia. Piawaian tersebut
memerlukan kami mematuhi syarat-syarat etika dan merancang serta menjalankan audit tersebut untuk mendapatkan
pengesahan yang wajar mengenai sama ada maklumat kewangan ini bebas daripada salah nyata yang penting.
Audit melibatkan pelaksanaan prosedur untuk mendapatkan bukti audit mengenai amaun dan pendedahan di dalam
maklumat kewangan. Prosedur yang dipilih bergantung kepada pertimbangan kami, termasuk penilaian risiko-risiko salah
nyata yang penting ke atas maklumat kewangan, sama ada disebabkan oleh penipuan atau kesilapan. Di dalam membuat
penilaian risiko itu, kami mempertimbangkan kawalan dalaman yang relevan kepada penyediaan maklumat kewangan
Dana menurut polisi-polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis
Panduan Perniagaan Insurans / Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia bagi merangka
prosedur audit yang wajar mengikut keadaannya, tetapi bukan bagi tujuan menyatakan pendapat mengenai keberkesanan
kawalan dalaman Dana tersebut. Audit juga melibatkan penilaian kewajaran polisi-polisi perakaunan yang digunakan
dan kewajaran anggaran-anggaran perakaunan yang dibuat oleh Pengurus, serta penilaian keseluruhan pembentangan
maklumat kewangan tersebut.
Kami percaya bahawa bukti audit yang telah kami perolehi mencukupi dan wajar untuk memberikan asas kepada pendapat
audit kami.
187
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Pendapat
Seperti yang dinyatakan di dalam Nota 1 kepada maklumat kewangan, Dana AmAssurance AmCurrency Income CG
dan Dana AmAssurance AmCurrency Income II CG telah matang pada 16 Ogos 2013 dan 20 Mac 2014 masing-masing.
Oleh itu, maklumat kewangan Dana-dana ini telah disediakan berdasarkan dasar selain dasar usaha berterusan. Asetaset Dana-dana tersebut telah dinyatakan pada nilai boleh pulih masing-masing dan semua liabiliti Dana-dana tersebut,
termasuk anggaran perbelanjaan pada tarikh matang Dana-dana tersebut, telah diiktiraf.
Pada pendapat kami, maklumat kewangan tersebut telah disediakan, dalam segala aspek, menurut polisi- polisi perakaunan
seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful
Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia.
Perkara-perkara Lain
Laporan ini dibuat hanya untuk para pemegang unit Dana-dana, sebagai satu badan, menurut Garis Panduan Perniagaan
Insurans / Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia dan bukan untuk tujuan lain. Kami
tidak bertanggungjawab kepada mana-mana individu bagi isi kandungan laporan ini.
Brandon Bruce Sta Maria
Ernst & Young
No. 2937/09/15(J)
Akauntan Bertauliah
AF: 0039
Akauntan Bertauliah
17 Jun 2014
188
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Penyata-penyata Aset dan Liabiliti
Pada 31 Mac 2014
Dana AmAssurance
Equity
Nota
Dana AmAssurance
Bond
2014
2013
2014
2013
RM
RM
RM
RM
Aset
Pelaburan
3
14,766,318
12,648,180
16,809,385
16,058,825
Aset cukai tertangguh
4
-
-
13,951
-
-
33,294
-
-
23,601
38,871
184,996
415,552
Cukai boleh pulih
Lain-lain belum terima
Tunai dan baki di bank
Jumlah aset
926
426
52,848
203
14,790,845
12,720,771
17,061,180
16,474,580
Liabiliti
Peruntukan cukai
Liabiliti cukai tertangguh
4
Lain-lain belum bayar
Jumlah liabiliti
Nilai aset bersih dana (“NAB”)
14,266
-
141,932
64,541
197,470
34,694
-
11,584
35,338
422,373
205,800
22,238
247,074
457,067
347,732
98,363
14,543,771
12,263,704
16,713,448
16,376,217
9,787,870
9,994,331
13,970,976
14,024,281
Diwakili oleh:
Sumbangan para pemegang unit
Pendapatan tidak teragih
4,755,900
2,269,373
2,742,472
2,351,936
Modal para pemegang unit
5
14,543,771
12,263,704
16,713,448
16,376,217
Unit dalam edaran
5
14,632,663
14,890,034
21,593,784
21,626,088
NAB seunit (RM)
5
0.9939
0.8236
0.7740
0.7572
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
189
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Penyata-penyata Aset dan Liabiliti:
Pada 31 Mac 2014 (bersambung)
Dana AmAssurance
Balanced
AmAssurance
Dana Teguh
2014
2013
2014
2013
RM
RM
RM
RM
24,170,882
22,547,079
12,286,190
12,910,742
-
11,301
-
-
412,307
395,316
153,463
67,665
785
576
475
887
24,583,974
22,954,272
12,440,128
12,979,294
53,237
-
68,867
10,236
Note
Aset
Pelaburan
3
Cukai boleh pulih
Jumlah aset
Liabiliti
Peruntukan cukai
259,894
31,030
171,863
14,027
4
113,206
33,100
22,523
32,628
Jumlah liabiliti
426,337
64,130
263,253
56,891
24,157,637
22,890,142
12,176,875
12,922,403
18,017,146
20,222,348
7,832,202
11,072,783
Diwakili oleh:
6,140,491
2,667,794
4,344,673
1,849,620
5
24,157,637
22,890,142
12,176,875
12,922,403
Unit dalam edaran
5
24,674,688
26,955,518
12,100,742
15,669,587
NAB seunit (RM)
5
0.9790
0.8492
1.0063
0.8247
190
amassurance.com.my
Dana AmAssurance
AmOasis Islamic Equity
Nota
Dana AmLife
Asia Pacific REITS
2014
2013
2014
RM
RM
RM
4,528,964
3,491,154
509,424
-
Aset
Pelaburan
3
4
Cukai boleh pulih
Jumlah aset
-
6,781
6,562
9,543
-
66,386
15,382
16,275
280
927
65,411
4,602,192
3,523,787
591,110
Liabiliti
Peruntukan cukai
-
-
47
30,687
-
329
57,580
93,608
9,790
Jumlah liabiliti
88,267
93,608
10,166
4,513,925
3,430,179
580,943
4,308,629
3,668,105
585,824
205,296
(237,926)
(4,880)
3,430,179
580,944
4
Diwakili oleh:
Pendapatan tidak teragih / (Kerugian terkumpul)
5
4,513,925
Unit dalam edaran
5
8,541,049
7,247,527
1,184,942
NAB seunit (RM)
5
0.5285
0.4733
0.4903
191
amassurance.com.my
Dana AmAssurance
Global Emerging Market
Nota
Dana AmLife
Tactical Bond
2014
2013
2014
RM
RM
RM
Aset
Pelaburan
3
900,362
772,423
421,809
4
-
1,510
-
696
690
14,620
403
851
65,019
901,461
775,474
501,448
797
319
51
Jumlah aset
Liabiliti
Peruntukan cukai
1,365
-
436
4
15,367
13,239
9,779
Jumlah liabiliti
17,529
13,558
10,266
883,932
761,916
491,182
871,871
778,668
494,606
12,061
(16,752)
(3,424)
Nilai aset bersih dana ("NAB")
Diwakili oleh:
Pendapatan tidak teragih / (Kerugian terkumpul)
5
883,932
761,916
491,182
Unit dalam edaran
5
1,720,080
1,536,042
994,931
NAB seunit (RM)
5
0.5139
0.4960
0.4937
192
amassurance.com.my
Dana AmAssurance
Precious Metals
Dana AmAssurance
Global Agribusiness
2014
2013
2014
2013
RM
RM
RM
RM
3
3,456,063
4,736,595
1,904,036
1,681,028
4
247,919
179,978
-
-
17,497
-
-
-
126,979
16,189
7,579
8,202
129,015
126
916
584
3,977,473
4,932,888
1,912,531
1,689,814
-
1,616
3,493
2,570
Nota
Aset
Pelaburan
Cukai boleh pulih
Jumlah aset
Liabiliti
Peruntukan cukai
-
-
19,578
12,787
4
47,443
39,637
20,167
17,217
Jumlah liabiliti
47,443
41,253
43,238
32,574
3,930,030
4,891,635
1,869,293
1,657,240
6,907,783
6,852,027
1,646,478
1,508,971
Diwakili oleh:
(2,977,753)
(1,960,392)
222,815
148,269
5
3,930,030
4,891,635
1,869,293
1,657,240
Unit dalam edaran
5
13,961,225
13,834,618
3,020,546
2,795,155
NAB seunit (RM)
5
0.2815
0.3536
0.6189
0.5929
(Kerugian terkumpul) / Pendapatan tidak teragih
193
amassurance.com.my
Dana AmAssurance
Dana AmAssurance
AmCommodity Stable CG AmCurrency Income CG
Nota
2014
2013
16.08.2013
31.03.2013
RM
RM
RM
RM
4,851,547
4,692,166
-
45,836,035
-
8,943
-
-
231
231
1,541
1,650
Aset
Pelaburan
3
4
222
242
46,459,763
639
4,852,000
4,701,582
46,461,304
45,838,324
20,217
20,217
9,765
9,526
3,606
-
-
111,932
659,384
630,254
3,142,853
2,934,104
Jumlah liabiliti
683,207
650,471
3,152,618
3,055,562
4,168,793
4,051,111
43,308,686
42,782,762
4,245,117
4,245,117
41,853,915
41,972,699
1,454,771
810,063
Jumlah aset
Liabiliti
Peruntukan cukai
4
Diwakili oleh:
(Kerugian terkumpul) / Pendapatan tidak teragih
(76,324)
(194,006)
5
4,168,793
4,051,111
43,308,686
42,782,762
Unit dalam edaran
5
8,435,571
8,435,571
83,675,053
83,906,893
NAB seunit (RM)
5
0.4942
0.4802
0.5176
0.5099
194
amassurance.com.my
Dana AmAssurance
AmCurrency Income II CG
Dana AmAssurance
Dividend
20.03.2014
31.03.2013
2014
2013
RM
RM
RM
RM
-
18,543,742
9,499,910
6,427,808
-
-
3,597
7,839
64
171
11,236
1,486
19,200,642
161
4,636
916
Jumlah aset
19,200,706
18,544,074
9,519,379
6,438,049
72,297
1,370
-
-
Note
Aset
Pelaburan
3
Cukai boleh pulih
Liabiliti
Peruntukan cukai
-
18,394
52,361
7,262
4
1,547,477
1,266,833
22,997
80,684
Jumlah liabiliti
1,619,774
1,286,597
75,358
87,946
17,580,932
17,257,477
9,444,021
6,350,103
17,045,146
17,232,699
7,899,133
5,724,734
Diwakili oleh:
535,786
24,778
1,544,888
625,369
5
17,580,932
17,257,477
9,444,021
6,350,103
Unit dalam edaran
5
33,901,785
34,270,463
15,029,935
11,385,700
NAB seunit (RM)
5
0.5186
0.5036
0.6283
0.5577
195
amassurance.com.my
Penyata-penyata
Pendapatan dan Perbelanjaan
Dana AmAssurance
Equity
Note
Dana AmAssurance
Bond
2014
2013
2014
2013
RM
RM
RM
RM
68,210
83,350
917,300
666,466
Pendapatan pelaburan bersih:
Pendapatan faedah
6
Pendapatan dividen
7
211,548
359,069
28,713
33,134
279,758
442,419
946,013
699,600
591,948
-
50,086
153,446
Perolehan modal tidak terealisasi bersih
2,034,694
535,432
-
-
Jumlah pendapatan
2,906,400
977,851
996,099
853,046
(201,534)
(180,296)
(143,019)
Perolehan daripada pelupusan pelaburan
Perbelanjaan pengurusan
(201,813)
Kerugian atas pelupusan pelaburan
-
Kerugian modal tidak terealisasi bersih
-
Jumlah perbelanjaan
(201,813)
Lebihan pendapatan daripada perbelanjaan
sebelum cukai
Cukai
2,704,587
8
(218,060)
(79,835)
-
-
-
(373,411)
(174,991)
(281,369)
(553,707)
(318,010)
696,482
442,392
535,036
(58,916)
(51,856)
(45,593)
selepas cukai
2,486,527
637,566
390,536
489,443
Pendapatan tidak teragih dibawa ke hadapan
2,269,373
1,631,807
2,351,936
1,862,493
Pendapatan tidak teragih dihantar ke hadapan
4,755,900
2,269,373
2,742,472
2,351,936
196
amassurance.com.my
Bagi Tahun Kewangan Berakhir 31 Mac 2014 (bersambung)
Dana AmAssurance
Balanced
Note
AmAssurance
Dana Teguh
2014
2013
2014
2013
RM
RM
RM
RM
Pendapatan faedah
6
527,721
549,350
225,667
283,164
Pendapatan dividen
7
301,604
347,058
132,349
273,955
829,325
896,408
358,016
557,119
409,264
-
558,846
110,150
2,860,799
529,074
1,971,108
195,454
Jumlah pendapatan
4,099,388
1,425,482
2,887,970
862,723
(317,590)
-
Jumlah perbelanjaan
(317,590)
sebelum cukai
Cukai
3,781,798
8
(309,101)
(279,406)
(329,228)
(608,634)
816,848
(65,074)
(170,376)
(170,376)
2,717,594
(222,541)
(188,220)
(188,220)
674,503
(53,659)
selepas cukai
3,472,697
751,774
2,495,053
620,844
Pendapatan tidak teragih dibawa ke hadapan
2,667,794
1,916,020
1,849,620
1,228,776
6,140,491
2,667,794
4,344,673
1,849,620
197
amassurance.com.my
Dana AmAssurance
Note
Dana AmLife
Asia Pacific REITS
2014
2013
17.09.2013
hingga
31.03.2014
RM
RM
RM
Pendapatan faedah
6
37,264
26,319
577
Pendapatan dividen
7
-
42,450
-
37,264
68,769
577
468,352
298,698
4,113
Jumlah pendapatan
505,616
367,467
4,690
(21,945)
(35,626)
(9,194)
-
(95,985)
-
Jumlah perbelanjaan
(21,945)
(131,611)
(9,194)
Lebihan / (defisit) pendapatan daripada
perbelanjaan sebelum cukai
483,671
235,856
(4,505)
(40,449)
(20,191)
443,222
215,665
(237,926)
(453,591)
-
205,296
(237,926)
(4,880)
Cukai
8
perbelanjaan selepas cukai
Kerugian tidak teragih dibawa ke hadapan
Pendapatan / (Kerugian) tidak teragih
dihantar ke hadapan
(375)
(4,880)
198
amassurance.com.my
Dana AmAssurance
Note
Dana AmLife
Tactical Bond
2014
2013
17.09.2013
hingga
31.03.2014
RM
RM
RM
Pendapatan faedah
6
5,978
3,988
638
Pendapatan dividen
7
1,888
1,802
-
7,866
5,790
638
35,938
7,404
5,453
Jumlah pendapatan
43,804
13,194
6,091
(11,638)
(10,685)
(9,028)
Jumlah perbelanjaan
(11,638)
(10,685)
(9,028)
32,166
2,509
(2,937)
Cukai
8
perbelanjaan selepas cukai
Kerugian tidak teragih dibawa ke hadapan
Pendapatan / (Kerugian) tidak teragih
dihantar ke hadapan
(3,353)
(911)
(487)
28,813
1,598
(3,424)
(16,752)
(18,350)
-
12,061
(16,752)
(3,424)
199
amassurance.com.my
Dana AmAssurance
Precious Metals
Dana AmAssurance
Global Agribusiness
2014
2013
2014
2013
RM
RM
RM
RM
6,994
20,201
11,528
8,728
6,994
20,201
11,528
8,728
-
-
-
23,402
-
-
84,879
76,887
6,994
20,201
96,407
109,017
(16,230)
(20,471)
(14,148)
(13,020)
(245,908)
(1,126,411)
Note
Pendapatan faedah
6
Jumlah pendapatan
(849,271)
-
-
-
Jumlah perbelanjaan
(1,111,409)
(1,146,882)
(14,148)
(13,020)
(Defisit) / Lebihan pendapatan daripada
(1,104,415)
(1,126,681)
82,259
95,997
87,054
88,497
(7,713)
(8,721)
(Defisit) / Lebihan pendapatan daripada
(1,017,361)
(1,038,184)
74,546
87,276
(Kerugian) / Pendapatan tidak teragih dibawa ke hadapan
(1,960,392)
(922,208)
148,269
60,993
(Kerugian) / Pendapatan tidak teragih
dihantar ke hadapan
(2,977,753)
(1,960,392)
222,815
148,269
Cukai
8
200
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Dana AmAssurance
Dana AmAssurance
Note
2014
2013
01.04.2013
hingga
16.08.2013
01.04.2012
hingga
31.03.2013
RM
RM
RM
RM
Pendapatan faedah
6
-
151,792
2,987
7,773
Pendapatan dividen
7
2,259
2,095
-
-
2,259
153,887
2,987
7,773
-
-
2,019,149
-
156,852
26,456
-
1,616,900
Jumlah pendapatan
159,111
180,343
2,022,136
1,624,673
(28,880)
(30,311)
-
-
(89,976)
(1,399,145)
(221,090)
-
Jumlah perbelanjaan
(28,880)
(30,311)
sebelum cukai
130,231
150,032
533,015
(12,549)
(14,260)
111,693
117,682
135,772
644,708
(194,006)
(182,488)
810,063
(147,290)
-
-
(194,006)
1,454,771
810,063
Cukai
8
selepas cukai
dibawa ke hadapan
Pembayaran kupon
-
dihantar ke hadapan
(76,324)
(1,489,121)
(221,090)
1,403,583
(129,974)
1,273,609
(463,546)
201
amassurance.com.my
Dana AmAssurance
Note
Dana AmAssurance
Dividend
01.04.2013
hingga
20.03.2014
01.04.2012
hingga
31.03.2013
2014
2013
RM
RM
RM
RM
Pendapatan faedah
6
7,639
7,681
59,221
62,454
Pendapatan dividen
7
-
-
304,673
296,206
7,639
7,681
363,894
358,660
878,945
-
193,523
256,966
-
657,221
563,730
-
886,584
664,902
1,121,147
615,626
(93,121)
(94,977)
Jumlah pendapatan
(128,790)
(229,922)
Jumlah perbelanjaan
(323,043)
(94,977)
(128,790)
(143,586)
563,541
569,925
992,357
472,040
(52,533)
(53,192)
(72,838)
(36,986)
511,008
516,733
919,519
435,054
24,778
(491,955)
625,369
190,315
535,786
24,778
1,544,888
625,369
sebelum cukai
Cukai
8
selepas cukai
Pendapatan / (Kerugian) tidak teragih dibawa ke hadapan
-
-
(90,068)
(53,518)
202
amassurance.com.my
Penyata-penyata
Perubahan di dalam Nilai Aset Bersih
Nilai aset bersih pada awal tahun
2014
2013
RM
RM
12,263,704
14,593,717
Amaun diterima daripada unit yang dicipta
5,762,935
4,250,677
Amaun dibayar untuk unit yang dibatalkan
(5,969,395)
(7,218,256)
12,057,244
11,626,138
614,609
144,966
Pendapatan terealisasi bersih selepas cukai
Perolehan modal tidak terealisasi bersih selepas cukai
Nilai aset bersih pada akhir tahun
1,871,918
492,600
14,543,771
12,263,704
2014
2013
RM
RM
16,376,217
11,907,941
6,584,452
10,897,096
(6,637,757)
(6,918,263)
16,322,912
15,886,774
738,412
645,485
Keuntungan terealisasi bersih selepas cukai
Kerugian modal tidak terealisasi bersih selepas cukai
(347,876)
16,713,448
(156,042)
16,376,217
2014
2013
RM
RM
22,890,142
21,511,270
6,824,737
11,278,619
(9,029,939)
(10,651,521)
20,684,940
22,138,368
840,762
256,868
2,631,935
494,906
24,157,637
22,890,142
203
amassurance.com.my
2014
2013
RM
RM
12,922,403
13,129,324
3,187,043
5,135,859
(6,427,624)
(5,963,624)
9,681,822
12,301,559
681,782
438,213
1,813,271
182,631
12,176,875
12,922,403
2014
2013
RM
RM
3,430,179
4,347,855
2,035,198
510,354
Amaun dibayar untuk nit yang dibatalkan
Pendapatan / (Kerugian) terealisasi bersih selepas cukai
(1,394,674)
(1,643,695)
4,070,703
3,214,514
12,339
(59,136)
430,883
274,801
4,513,925
3,430,179
17.09.2013 hingga 31.03.2014
RM
-
619,712
(33,888)
585,824
Kerugian terealisasi bersih selepas cukai
(8,664)
3,784
Nilai aset bersih pada akhir tempoh
580,944
204
amassurance.com.my
2014
2013
RM
RM
761,916
721,580
149,658
100,364
(56,455)
(61,626)
855,119
760,318
(4,250)
(5,213)
33,063
6,811
883,932
761,916
17.09.2013 hingga 31.03.2014
RM
-
512,693
(18,087)
494,606
(8,440)
5,016
Nilai aset bersih pada akhir tempoh
491,182
2014
2013
RM
RM
4,891,635
5,160,542
959,846
1,877,543
(904,090)
(1,108,266)
4,947,391
5,929,819
(236,032)
(1,887)
(781,329)
(1,036,297)
3,930,030
4,891,635
205
amassurance.com.my
2014
2013
RM
RM
1,657,240
1,458,970
566,988
499,835
(429,481)
(388,841)
1,794,747
(Kerugian) / Pendapatan terealisasi bersih selepas cukai
(3,543)
1,569,964
16,539
78,089
70,737
1,869,293
1,657,240
Dana AmAssurance AmCommodity Stable CG
2014
2013
RM
RM
4,051,111
4,532,644
-
4,051,111
(Kerugian) / Pendapatan terealisasi bersih selepas cukai
(26,622)
144,304
-
Pembayaran kupon
4,168,793
(470,015)
4,062,629
111,433
24,339
(147,290)
4,051,111
Dana AmAssurance AmCurrency Income CG
01.04.2013
hingga
16.08.2013
01.04.2012
hingga
31.03.2013
RM
RM
42,782,762
42,063,381
(118,784)
42,663,978
1,931,922
(554,228)
41,509,153
(213,938)
(Kerugian) / Perolehan modal tidak terealisasi bersih
selepas cukai
(1,287,214)
1,487,547
Nilai aset bersih pada tarikh matang / akhir tahun
43,308,686
42,782,762
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Dana AmAssurance AmCurrency Income II CG
01.04.2013
hingga
20.03.2014
01.04.2012
hingga
31.03.2013
RM
RM
17,257,477
17,238,342
(187,553)
17,069,924
(497,598)
16,740,744
722,537
(87,910)
(Kerugian) / Perolehan modal tidak terealisasi bersih
selepas cukai
(211,529)
604,643
Nilai aset bersih pada tarikh matang / akhir tahun
17,580,932
17,257,477
2014
2013
RM
RM
6,350,103
5,443,904
2,685,138
(510,739)
Perolehan / (Kerugian) modal tidak terealisasi bersih
selepas cukai
8,524,502
5,915,049
400,888
484,291
518,631
591,011
(119,866)
9,444,021
(49,237)
6,350,103
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Nota-nota kepada
Maklumat Kewangan
1.0 PENGURUS DAN AKTIVITI UTAMANYA
Dana-dana berkaitan pelaburan AmLife Insurance Berhad (“Pengurus”) terdiri daripada Dana AmAssurance Equity,
Dana AmAssurance Bond, Dana AmAssurance Balanced, AmAssurance Dana Teguh, Dana AmAssurance AmOasis
Islamic Equity, Dana AmAssurance Global Emerging Market, Dana AmAssurance Precious Metals, Dana AmAssurance
Global Agribusiness, Dana AmAssurance AmCommodity Stable CG, Dana AmAssurance AmCurrency Income CG
(matang pada 16 Ogos 2013), Dana AmAssurance AmCurrency Income II CG (matang pada 20 Mac 2014), Dana
AmLife Asia Pacific REITS (dilancarkan pada 17 September 2013), Dana AmLife Tactical Bond (dilancarkan pada 17
September 2013) dan Dana AmAssurance Dividend (secara bersama dirujuk sebagai “Dana-dana”).
Pengurus adalah sebuah syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia dan
dilesenkan di bawah Akta Perkhidmatan Kewangan 2013. Aktiviti utamanya adalah perniagaan pengunderaitan
insurans hayat dan berkaitan pelaburan.
Tiada perubahan ketara di dalam aktiviti-aktiviti utama Pengurus pada tahun kewangan berakhir 31 Mac 2014.
Maklumat kewangan telah dibenarkan untuk dikeluarkan oleh Lembaga Pengarah Pengurus menurut dengan resolusi
pada 17 Jun 2014.
2.0 POLISI PERAKAUNAN YANG PENTING
2.1 Asas Penyediaan
Maklumat kewangan Dana-dana telah disediakan menurut polisi perakaunan seperti yang dinyatakan di dalam
Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans / Takaful Berkaitan Pelaburan yang
dikeluarkan oleh Bank Negara Malaysia (“BNM”).
Maklumat kewangan ini telah disediakan di bawah konvensyen kos sejarah kecuali seperti yang dinyatakan di dalam
polisi perakaunan yang penting di dalam Nota 2.2 kepada maklumat kewangan.
Maklumat kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”).
Penyata Aset dan Liabiliti, Penyata Pendapatan dan Perbelanjaan dan Penyata Perubahan di dalam Nilai Aset Bersih
Dana AmAssurance AmCurrency Income CG dan Dana AmAssurance AmCurrency Income II CG telah disediakan
bagi tempoh dari 1 April 2013 hingga 16 Ogos 2013 dan 1 April 2013 hingga 20 Mac 2014 masing-masing yang
merupakan tarikh matang Dana tersebut. Oleh itu, maklumat kewangan Dana ini telah disediakan atas dasar bukan
usaha berterusan. Aset-aset Dana ini yang telah dinyatakan pada nilai boleh pulihnya dan semua liabiliti Dana-dana
tersebut masing-masing, termasuk anggaran perbelanjaan pada kematangan Dana-dana, telah teriktiraf.
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Nota-nota kepada Maklumat Kewangan: 31 Mac 2014 (bersambung)
2.2 Ringkasan Polisi Perakaunan Yang Penting
(a) Yuran Pengurusan
Yuran pengurusan dicaj berdasarkan kepada nilai aset bersih harian Dana-dana, pada kadar berikut:
(i)
1.50% setahun
(ii)
1.00% setahun
(iii)
1.50% setahun
(iv)
1.50% setahun
(v)
1.50% setahun
(vi)
1.50% setahun
(vii)
1.50% setahun
(viii) Dana AmLife Tactical Bond
1.00% setahun
(ix)
1.50% setahun
(x)
1.50% setahun
(xi)
Dana AmAssurance AmCommodity Stable CG
0.50% setahun
(xii)
Dana AmAssurance AmCurrency Income CG
0.50% setahun
(xiii) Dana AmAssurance AmCurrency Income II CG
0.50% setahun
(xiv) Dana AmAssurance Dividend
1.50% setahun
(b) Instrumen Kewangan - pengiktirafan permulaan dan ukuran berikutnya
(i)Tarikh Pengiktirafan
Semua aset dan liabiliti kewangan pada mulanya diiktiraf pada tarikh dagangan, iaitu tarikh Dana-dana
menjadi pihak kepada peruntukan kontrak instrumen tersebut. Ini termasuk pembelian atau penjualan
“perdagangan cara biasa” aset kewangan yang memerlukan penyerahan aset dalam tempoh yang amnya
ditetapkan oleh peraturan atau konvensyen di dalam pasaran.
(ii)Ukuran Permulaan Instrumen Kewangan
Aset-aset kewangan diklasifikasikan sebagai aset-aset kewangan pada nilai saksama melalui keuntungan atau
kerugian, aset kewangan sedia untuk dijual, aset kewangan dipegang hingga matang atau pinjaman dan belum
terima, sewajarnya. Liabiliti-liabiliti kewangan Dana-dana diklasifikasikan sebagai liabiliti-liabiliti kewangan pada
nilai saksama melalui keuntungan atau kerugian atau pada kos terlunas, sewajarnya. Dana-dana menentukan
klasifikasi aset-aset kewangan dan liabiliti-liabiliti kewangannya pada pengiktirafan permulaan.
Klasifikasi instrumen kewangan pada pengiktirafan permulaan bergantung kepada tujuannya dan tujuan
pengurusan yang mana instrumen kewangan tersebut diperoleh serta sifat-sifatnya. Semua instrumen kewangan
diukur pada permulaan pada nilai saksamanya tambah kos transaksi, kecuali dalam kes aset-aset kewangan
dan liabiliti-liabiliti kewangan yang direkodkan pada nilai saksama melalui keuntungan atau kerugian, yang diukur
pada nilai saksama.
Dana-dana mengklasifikasikan pelaburan tersebut ke dalam aset-aset kewangan pada nilai saksama melalui
keuntungan atau kerugian (“FVTPL”) atau pinjaman dan belum terima (“LAR”).
(iii)Ukuran berikutnya
Ukuran berikutnya instrumen kewangan bergantung kepada klasifikasinya seperti yang dinyatakan di bawah:
1. Aset Kewangan Pada Nilai Saksama Melalui Keuntungan Atau Kerugian
Aset-aset kewangan atau liabiliti-liabiliti kewangan direkodkan di dalam Penyata Aset dan Liabiliti pada nilai
saksama. Perubahan di dalam nilai saksama diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan.
Pendapatan atau perbelanjaan faedah dan dividen direkodkan sebagai “Pendapatan Pelaburan Bersih”
atau “Perbelanjaan faedah”, sewajarnya dan menurut terma kontrak, atau apabila hak pembayaran telah
ditetapkan.
Termasuk di dalam klasifikasi tersebut adalah sekuriti pendapatan tetap, skim pelaburan kolektif dan ekuiti.
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(iii)Ukuran berikutnya (bersambung)
2. Pinjaman dan belum terima (“LAR”)
LAR termasuk aset kewangan bukan derivatif dengan pembayaran tetap atau boleh ditentukan dengan
harga yang tidak dipaparkan harga di dalam pasaran aktif.
Selepas ukuran permulaan, amaun seterusnya diukur pada kos terlunas menggunakan kadar faedah
efektif (“EIR”), tolak peruntukan bagi kemerosotan. Kos terlunas dikira dengan mengambil kira sebarang
diskaun atau premium di atas pemerolehan dan yuran serta kos yang merupakan sebahagian penting
EIR.
(iv)Liabiliti kewangan pada kos terlunas
Liabiliti-liabiliti kewangan Dana-dana, yang tidak ditetapkan pada nilai saksama melalui keuntungan atau
kerugian, diklasifikasikan sebagai liabiliti-liabiliti kewangan pada kos terlunas, di mana kandungan persetujuan
berkontrak tersebut menyebabkan Dana-dana berkewajipan sama ada untuk memberi wang tunai atau aset
kewangan yang lain kepada pemegang, atau untuk memenuhi kewajipan tersebut selain daripada dengan
pertukaran amaun tunai yang tetap atau aset kewangan yang lain bagi sejumlah tetap instrumen ekuiti sendiri.
Selepas ukuran permulaan, ini seterusnya diukur pada kos terlunas menggunakan EIR. Kos terlunas dikira
dengan mengambil kira sebarang diskaun atau premium di atas pengeluaran dan kos yang merupakan
sebahagian penting EIR.
(c) Penamatan Pengiktirafan Aset Kewangan dan Liabiliti Kewangan
(i)Aset kewangan
Aset kewangan (atau, di mana berkaitan, sebahagian daripada aset kewangan atau sebahagian daripada
kumpulan aset-aset kewangan yang serupa) dinyahiktiraf apabila:
• Hak-hak untuk menerima aliran tunai daripada aset telah luput
telah memindahkan haknya untuk menerima aliran tunai daripada aset-aset atau telah
•Dana-dana
mengambil alih kewajipan untuk membayar aliran-aliran tunai yang telah diterima sepenuhnya tanpa
kelewatan material kepada pihak ketiga di bawah persetujuan “serah-semua”; dan sama ada:
•Dana-dana telah memindahkan sebahagian besar risiko dan ganjaran aset, atau
belum memindahkan mahupun menyimpan sebahagian besar semua risiko dan ganjaran
•Dana-dana
aset, tetapi telah memindahkan kawalan aset.
Apabila Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset atau telah
membuat persetujuan serah-semua, dan belum memindahkan mahupun menyimpan kawalan aset, aset
tersebut diiktiraf setakat penglibatan berterusan Dana-dana di dalam aset tersebut. Dalam kes ini, Danadana juga mengiktiraf liabiliti yang berkaitan. Aset yang telah dipindahkan dan liabiliti yang berkaitan diukur
pada dasar yang menunjukkan hak dan kewajipan yang telah disimpan Dana-dana.
(ii)Liabiliti Kewangan
Liabiliti kewangan dinyahiktiraf apabila kewajipan di bawah liabiliti tersebut dilepaskan, dibatalkan atau luput.
Di mana liabiliti kewangan sedia ada digantikan dengan yang lain daripada peminjam yang sama pada
terma-terma yang berbeza secara besar, atau terma liabiliti sedia ada diubah secara besar, pertukaran atau
perubahan sedemikian dianggap sebagai penamatan pengiktirafan liabiliti asal dan pengiktirafan liabiliti yang
baru. Perbezaan di antara nilai dibawa liabiliti kewangan asal dan pertimbangan yang dibayar diiktiraf di
dalam keuntungan atau kerugian.
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(d) Penentuan Nilai Saksama
Nilai saksama bagi instrumen kewangan yang diniagakan di dalam pasaran aktif pada tarikh laporan adalah
berdasarkan kepada harga pasaran tersiar atau sebut harga peniaga (harga tawaran untuk kedudukan panjang
dan harga permintaan untuk kedudukan pendek), tanpa sebarang potongan bagi kos transaksi.
Untuk instrumen kewangan yang tidak diniagakan di dalam pasaran aktif, nilai saksama ditentukan dengan
teknik penilaian yang sesuai. Teknik penilaian termasuk kaedah aliran tunai terdiskaun, perbandingan untuk
instrumen-instrumen yang serupa yang mana harga pasaran boleh didapati, model penetapan harga opsyen,
model kredit dan lain-lain model penilaian yang berkaitan.
(e) Kemerosotan Aset Kewangan
Dana-dana menilai pada setiap tarikh laporan sama ada terdapat bukti objektif bahawa sesuatu aset kewangan
atau sekumpulan aset kewangan merosot. Suatu aset kewangan atau sekumpulan aset kewangan dianggap
merosot sekiranya, dan hanya sekiranya, terdapat bukti objektif kemerosotan akibat satu atau lebih kejadian
yang telah berlaku selepas pengiktirafan awal aset tersebut (“kejadian kerugian” yang telah berlaku) dan
kejadian kerugian itu (atau kejadian-kejadian) memberi impak kepada anggaran aliran tunai masa hadapan
aset kewangan atau kumpulan aset kewangan tersebut yang boleh dianggarkan secara tepat.
Aset Kewangan Dibawa Pada Kos Terlunas
Bukti kemerosotan boleh termasuk tanda-tanda bahawa peminjam atau sekumpulan peminjam sedang mengalami
masalah kewangan, kemungkinan bahawa mereka akan diisytiharkan muflis atau penyusunan semula kewangan
yang lain, keingkaran atau delinkuensi dalam pembayaran faedah atau pokok dan di mana data yang boleh dilihat
menunjukkan bahawa terdapat pengurangan yang boleh diukur di dalam anggaran aliran tunai masa hadapan,
seperti perubahan di dalam tunggakan atau keadaan ekonomi yang berkaitan dengan keingkaran.
Bagi aset-aset kewangan yang dibawa pada kos terlunas, Dana-dana pada mulanya menilai secara individu sama
ada bukti objektif kemerosotan wujud bagi aset-aset kewangan yang signifikan secara individu, atau secara kolektif
bagi aset-aset kewangan yang tidak signifikan secara individu. Sekiranya Dana-dana tersebut menentukan bahawa
tiada bukti objektif kemerosotan wujud bagi aset kewangan yang telah dinilai secara individu, ia memasukkan aset
tersebut di dalam sekumpulan aset kewangan dengan sifat-sifat risiko kredit yang serupa dan menilainya secara
kolektif bagi kemerosotan. Aset-aset yang dinilai secara individu bagi kemerosotan dan yang mana kerugian
kemerosotan diiktiraf atau terus diiktiraf tidak dimasukkan di dalam penilaian kolektif kemerosotan.
Sekiranya terdapat bukti objektif bahawa kerugian kemerosotan telah berlaku, amaun kerugian diukur sebagai
perbezaan di antara amaun dibawa aset tersebut dengan nilai semasa anggaran aliran tunai masa hadapan (tidak
termasuk jangkaan kerugian kredit masa hadapan yang belum berlaku). Amaun dibawa aset tersebut dikurangkan
melalui penggunaan akaun peruntukan dan amaun kerugian diiktiraf di dalam Penyata Pendapatan dan
Perbelanjaan. Pendapatan faedah terus terakru pada amaun dibawa yang berkurangan dan diakru menggunakan
kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan bagi tujuan mengukur kerugian
kemerosotan. Pendapatan faedah direkodkan sebagai sebahagian daripada “Pendapatan faedah”. LAR bersama
dengan peruntukan yang berkaitan dihapus kira apabila tiada prospek realistik pemulihan masa hadapan dan
semua cagaran telah terealisasi atau telah dipindahkan kepada Dana-dana. Sekiranya, di dalam tahun berikutnya,
amaun anggaran kerugian kemerosotan meningkat atau berkurangan kerana kejadian yang berlaku selepas
kemerosotan diiktiraf, kerugian kemerosotan yang teriktiraf terdahulu ditingkatkan atau dikurangkan dengan
melaraskan akaun peruntukan. Sekiranya hapus kira masa hadapan pulih kemudiannya, pemulihan dikreditkan
ke “Kerugian kemerosotan di atas LAR” setakat mana amaun dibawa aset tidak melebihi kos terlunasnya pada
tarikh pembalikan.
Nilai semasa anggaran aliran tunai masa hadapan didiskaun pada EIR asal aset kewangan tersebut. Sekiranya LAR
mempunyai kadar faedah yang pelbagai, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah
EIR semasa. Sekiranya Dana-dana telah mengklasifikasikan semula aset-aset dagangan kepada LAR, kadar
diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR baru yang ditentukan pada tarikh klasifikasi
semula. Pengiraan nilai semasa anggaran aliran tunai masa hadapan aset kewangan bercagar menunjukkan
aliran tunai yang mungkin berlaku daripada rampasan harta tolak kos bagi mendapatkan dan menjual cagaran
tersebut, sama ada rampasan harta berkemungkinan atau tidak.
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(f) Pengimbangan Instrumen Kewangan
Aset-aset kewangan dan liabiliti-liabiliti kewangan diimbangi dan amaun bersih dilaporkan di dalam Penyata Aset dan
Liabiliti sekiranya, dan hanya sekiranya, terdapat hak mengikut undang-undang pada masa ini untuk mengimbangi
amaun-amaun teriktiraf dan terdapat niat untuk menyelesaikan secara bersih, atau untuk merealisasikan aset dan
menyelesaikan liabiliti pada masa yang sama. Ini pada amnya tidak berlaku dengan perjanjian jaring induk, oleh
itu, aset-aset dan liabiliti-liabiliti yang berkaitan dibentangkan secara kasar di dalam Penyata Aset dan Liabiliti.
(g) Kemerosotan Aset Bukan Kewangan
Dana-dana menilai pada setiap tarikh laporan sama ada terdapat tanda bahawa sesuatu aset mungkin merosot.
Sekiranya wujud sebarang tanda, atau apabila ujian kemerosotan tahunan bagi sesuatu aset diperlukan, Dana-dana
menganggarkan amaun boleh pulih aset tersebut. Amaun boleh pulih sesuatu aset adalah nilai saksama aset atau
unit penjanaan tunai (“CGU”), yang mana lebih tinggi, tolak kos menjual dan nilai gunaannya. Di mana amaun dibawa
aset atau CGU melebihi amaun boleh pulihnya. Aset tersebut dianggap merosot dan dikira turun kepada amaun
boleh pulihnya. Dalam menilai nilai gunaan, anggaran aliran tunai masa hadapan didiskaun kepada nilai semasanya
menggunakan kadar diskaun pra-cukai yang menunjukkan penilaian pasaran semasa nilai masa wang dan risiko
yang spesifik kepada aset tersebut. Dalam menentukan nilai saksama tolak kos menjual, satu model penilaian yang
wajar digunakan. Pengiraan ini disokong oleh gandaan penilaian, harga saham tersiar harga bagi entiti dagangan
awam atau indikator nilai saksama lain yang ada.
Bagi aset-aset tidak termasuk ihsan, penilaian dibuat pada setiap tarikh laporan sama ada terdapat sebarang
tanda bahawa kerugian kemerosotan yang teriktiraf terdahulu tidak lagi wujud atau mungkin telah berkurangan.
Sekiranya wujud tanda sedemikian, Dana-dana menganggarkan amaun boleh pulih aset atau CGU tersebut.
Kerugian kemerosotan yang teriktiraf terdahulu dibalikkan hanya sekiranya terdapat perubahan di dalam anggapananggapan yang digunakan untuk menentukan amaun boleh pulih aset tersebut sejak kerugian kemerosotan diiktiraf
kali terakhir. Pembalikan tersebut adalah terhad agar amaun dibawa aset tidak melebihi amaun boleh pulihnya,
mahupun melebihi amaun dibawa yang akan ditentukan, bersih daripada susutnilai, tiada kerugian kemerosotan
telah diiktiraf bagi aset tersebut di dalam tahun-tahun terdahulu. Pembalikan sedemikian diiktiraf di dalam Penyata
Pendapatan dan Perbelanjaan.
(h) Pembentukan Bersih Unit
Pembentukan bersih unit mewakili premium yang dibayar oleh para pemegang polisi sebagai pembayaran
kontrak baru atau pembayaran berikutnya untuk meningkatkan amaun kontrak itu tolak penukaran di dalam
dana-dana. Pembentukan bersih unit diiktiraf berdasarkan penerimaan.
(i) Pembatalan Bersih Unit
Pembatalan bersih unit mewakili pembatalan unit yang timbul daripada serahan dan pengeluaran. Pembatalan
bersih diiktiraf semasa serahan kontrak insurans yang berkaitan.
(j) Pengiktirafan Hasil Yang Lain
Hasil diiktiraf setakat mana ia berkemungkinan bahawa manfaat ekonomi akan mengalir kepada dana-dana dan
hasil tersebut boleh diukur dengan tepat. Kriteria pengiktirafan spesifik berikut harus dipenuhi sebelum hasil
diiktiraf.
(i)Pendapatan Faedah
Pendapatan dan perbelanjaan faedah dan pembiayaan diiktiraf di dalam keuntungan atau kerugian
menggunakan kaedah faedah efektif. Apabila sesuatu aset kewangan atau sekumpulan aset kewangan yang
serupa telah dikira turun akibat kerugian kemerosotan, pendapatan faedah diiktiraf menggunakan kadar faedah
yang digunakan untuk mendiskaun aliran tunai masa hadapan bagi tujuan mengukur kerugian kemerosotan.
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(ii) Keuntungan dan Kerugian Pelaburan Terealisasi
Apabila pelaburan dijual, perbezaan di antara hasil kutipan jualan bersih dan amaun dibawa pelaburan
dikreditkan atau dicaj kepada Penyata Pendapatan dan Perbelanjaan.
(iii) Pendapatan Dividen
Pendapatan dividen mewakili dividen kasar daripada pelaburan-pelaburan tersiar harga dan tidak tersiar
harga dan diiktiraf apabila hak menerima pembayaran ditetapkan.
(k) Cukai Pendapatan
Cukai pendapatan ke atas keuntungan dan kerugian terdiri daripada cukai semasa dan tertangguh. Cukai
semasa adalah jangkaan amaun cukai pendapatan yang harus dibayar berkenaan dengan keuntungan boleh
cukai bagi tahun ini dan diukur menggunakan kadar cukai yang telah berkuatkuasa pada tarikh Penyata Aset
dan Liabiliti.
Cukai tertangguh diperuntukkan, menggunakan kaedah liabiliti, atas perbezaan sementara pada tarikh Penyata
Aset dan Liabiliti di antara asas cukai aset dan liabiliti serta amaun dibawanya di dalam maklumat kewangan.
Pada dasarnya, liabiliti cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh cukai dan aset cukai
tertangguh diiktiraf bagi semua perbezaan sementara boleh potong, setakat mana ia berkemungkinan bahawa
keuntungan boleh cukai akan tersedia yang mana perbezaan sementara boleh potong boleh digunakan.
Cukai tertangguh diukur pada kadar cukai yang dijangka akan dikenakan di dalam tempoh apabila aset terealisasi
atau liabiliti diselesaikan, berdasarkan kepada kadar cukai yang telah berkuatkuasa atau telah berkuatkuasa
secara substantif pada tarikh Penyata Aset dan Liabiliti. Cukai tertangguh diiktiraf sebagai pendapatan atau
perbelanjaan di dalam Penyata Pendapatan dan Perbelanjaan, kecuali apabila ia timbul daripada transaksi yang
diiktiraf secara langsung di dalam modal para pemegang unit, yang mana dalam kes ini, cukai tertangguh juga
diiktiraf di dalam modal para pemegang unit.
(l) Peruntukan
Peruntukan diiktiraf apabila Dana-dana mempunyai obligasi semasa akibat kejadian terdahulu dan berkemungkinan
bahawa alir keluar sumber yang membawa manfaat-manfaat ekonomi akan perlu menyelesaikan obligasi tersebut,
dan anggaran tepat amaun tersebut boleh dibuat. Peruntukan dikaji semula pada setiap tarikh Penyata Aset dan
Liabiliti dan dilaraskan untuk menunjukkan anggaran terbaik semasa. Di mana kesan nilai masa wang adalah
penting, peruntukan didiskaun menggunakan kadar pra-cukai semasa yang menunjukkan, sewajarnya, risikorisiko spesifik kepada liabiliti. Di mana pendiskaunan digunakan, peningkatan di dalam peruntukan disebabkan
oleh peredaran masa diiktiraf sebagai kos kewangan.
(m) Transaksi Mata Wang Asing
(i) Mata Wang Fungsi dan Pembentangan
Penyata-penyata kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”) yang juga merupakan mata
wang fungsi dan pembentangan Dana-dana.
(ii)Transaksi Mata Wang Asing
Transaksi dalam mata wang asing pada awalnya direkodkan dalam kadar mata wang fungsi pada tarikh
transaksi. Aset-aset dan liabiliti-liabiliti monetari yang berdenominasi mata wang asing ditukarkan semula
pada kadar pertukaran mata wang fungsi pada tarikh laporan. Semua perbezaan dibawa ke keuntungan
atau kerugian. Butiran bukan monetari berdenominasi dalam mata wang asing yang diukur pada kos sejarah
ditukarkan menggunakan kadar pertukaran pada tarikh transaksi awal.
Butiran bukan monetari yang diukur pada nilai saksama dalam mata wang asing ditukarkan menggunakan
kadar pertukaran pada tarikh apabila nilai saksama tersebut ditentukan. Semua perbezaan mata wang asing
dibawa ke keuntungan atau kerugian, kecuali bagi perbezaan yang berkaitan dengan butiran yang mana
keuntungan atau kerugian diiktiraf secara langsung di dalam ekuiti, yang mana dalam hal ini, keuntungan
atau kerugian diiktiraf bersih daripada komponen pertukaran di dalam ekuiti.
(n) Tunai Dan Tunai Setara
Tunai dan tunai setara terdiri daripada tunai dan baki di bank, tidak termasuk deposit tetap dan panggilan.
213
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3.0 PELABURAN
(i)Dana AmAssurance Equity
Sekuriti ekuiti tersiar harga
Deposit dengan institusi kewangan berlesen
2014
2013
RM
RM
12,142,443
7,673,180
2,623,875
4,975,000
14,766,318
12,648,180
9,674,073
7,239,504
FVTPL:
Sekuriti ekuiti tersiar harga:
Kos
Keuntungan tidak terealisasi bersih
Nilai saksama
Jumlah pelaburan pada FVTPL
2,468,370
433,676
12,142,443
7,673,180
12,142,443
7,673,180
2,623,875
4,975,000
14,766,318
12,648,180
LAR:
Jumlah Pelaburan
214
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3.0 PELABURAN (bersambung)
(i) Dana AmAssurance Equity (bersambung)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2014 adalah seperti dinyatakan
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
Pembinaan
Gamuda Berhad
150,000
690,975
706,500
4.86%
WCT Holdings Berhad
200,000
478,914
434,000
2.98%
121,210
990,210
866,651
5.96%
83,426
791,205
807,564
5.55%
DRB-HICOM Berhad
300,000
770,677
741,000
5.09%
685,000
775,434
1,054,900
7.25%
5,400
99,903
128,520
0.88%
36,000
139,178
194,040
1.33%
150,000
507,628
438,000
3.01%
AirAsia Berhad
150,000
389,122
382,500
2.63%
180,000
573,600
675,000
4.64%
Dialog Group Berhad
380,000
928,351
1,364,200
9.38%
716,800
589,990
1,369,088
9.41%
269,000
566,649
1,210,500
8.32%
134,000
709,092
789,260
5.43%
82,000
673,145
980,720
6.74%
9,674,073
12,142,443
83.49%
Kewangan
Perindustrian
Petronas Gas Berhad
Syarikat Projek Infrastruktur
Digi.Com Berhad
Hartanah
S P Setia Berhad
Perdagangan & Perkhidmatan
Tenaga Nasional Bhd
Purata wajaran kadar faedah efektif adalah seperti berikut:
Purata wajaran kadar faedah efektif setahun
215
2014
2013
%
%
2.90
2.92
amassurance.com.my
(ii) Dana AmAssurance Bond
Bon korporat tidak tersiar harga
Unit tidak tersiar harga dan dana amanah hartanah
2014
2013
RM
RM
11,496,596
10,550,515
1,611,407
1,141,096
3,701,382
4,367,214
16,809,385
16,058,825
11,729,915
10,533,053
FVTPL:
Bon korporat tidak tersiar harga:
Kos
(Kerugian) / Keuntungan tidak terealisasi bersih
Nilai saksama
(233,319)
17,462
11,496,596
10,550,515
1,552,472
1,013,758
Unit tidak tersiar harga dan dana amanah hartanah:
Kos
Nilai saksama
58,935
127,338
1,611,407
1,141,096
13,108,003
11,691,611
3,701,382
4,367,214
16,809,385
16,058,825
LAR:
Jumlah Pelaburan
216
amassurance.com.my
(ii) Dana AmAssurance Bond (bersambung)
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
matang pada 22/11/2017
1,000,000
1,020,300
1,031,300
6.17%
500,000
500,000
511,150
3.06%
625,000
1,004,250
822,000
4.92%
Prominic Berhad
1,000,000
1,006,200
1,005,500
6.02%
1,300,000
1,292,720
1,303,770
7.80%
1,300,000
1,335,880
1,382,290
8.27%
700,000
721,280
715,610
4.28%
Tresor Assets Berhad
1,300,000
1,356,420
1,325,220
7.93%
Prominic Berhad
400,000
408,800
402,200
2.41%
RHB Bank Berhad Hybrid Tier 1
1,300,000
1,550,900
1,469,910
8.79%
Binariang GSM Sdn Bhd
1,491,696
1,533,165
1,527,646
9.14%
11,729,915
11,496,596
68.79%
217
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(ii) Dana AmAssurance Bond (bersambung)
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
Dana AmBond
1,290,552
Dana AmDynamic Bond
224,445
Jumlah Pelaburan pada FVTPL
1,418,018
1,475,101
8.83%
134,454
136,306
0.82%
1,552,472
1,611,407
9.64%
13,282,387
13,108,003
78.43%
2014
2013
%
%
Bon korporat tidak tersiar harga - bercagar
0.44
0.49
Bon korporat tidak tersiar harga - tidak bercagar
4.39
4.48
2.90
2.95
218
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(iii) Dana AmAssurance Balanced
Unit tersiar harga dan dana amanah hartanah
2014
2013
RM
RM
14,776,048
9,339,900
5,972,720
6,077,179
151,000
-
2,218,693
-
1,052,421
7,130,000
24,170,882
22,547,079
2014
2013
RM
RM
11,218,670
8,852,044
FVTPL:
Kos
Nilai saksama
3,557,378
487,856
14,776,048
9,339,900
6,177,165
6,177,165
Kos
Kerugian tidak terealisasi bersih
(204,445)
Nilai saksama
(99,986)
5,972,720
6,077,179
154,710
-
Unit tersiar harga dan dana amanah hartanah:
Kos
Nilai saksama
(3,710)
-
151,000
-
2,319,247
-
Kos
(100,554)
Nilai saksama
-
2,218,693
-
23,118,461
15,417,079
1,052,421
7,130,000
24,170,882
22,547,079
LAR:
Jumlah Pelaburan
219
amassurance.com.my
(iii) Dana AmAssurance Balanced (bersambung)
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
Pembinaan
WCT Holdings Berhad
50,000
119,763
108,500
0.45%
Kewangan
101,857
753,382
728,278
3.01%
149,556
1,450,358
1,447,702
5.99%
DRB-HICOM Berhad
Petronas Gas Berhad
375,000
971,954
926,250
3.83%
1,004,000
1,135,126
1,546,160
6.40%
4,300
82,731
102,340
0.42%
42,000
159,514
226,380
0.94%
250,000
852,085
730,000
3.02%
240,000
765,225
900,000
3.73%
515,000
1,291,260
1,848,850
7.65%
1,066,800
884,781
2,037,588
8.43%
Digi.Com Berhad
Hartanah
S P Setia Berhad
Dialog Group Berhad
400,000
850,529
1,800,000
7.45%
200,000
1,066,297
1,178,000
4.88%
Tenaga Nasional Bhd
100,000
835,665
1,196,000
4.95%
11,218,670
14,776,048
61.17%
220
amassurance.com.my
(iii) Dana AmAssurance Balanced (bersambung)
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
1,000,000
1,020,300
1,031,300
4.27%
1,000,000
1,000,000
1,022,300
4.23%
1,062,500
1,707,225
1,397,400
5.78%
500,000
497,200
501,450
2.08%
1,900,000
1,952,440
2,020,270
8.36%
6,177,165
5,972,720
24.72%
154,710
151,000
0.63%
154,710
151,000
0.63%
2,319,247
2,218,693
9.18%
2,319,247
2,218,693
9.18%
19,869,792
23,118,461
95.70%
Hektar REITS
100,000
Dana AmBond
1,941,114
2014
2013
%
%
Bon korporat tidak tersiar harga - bercagar
0.87
0.85
4.64
4.67
2.90
2.92
221
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2014
2013
RM
RM
7,755,034
5,391,570
2,453,070
2,907,683
567,813
303,489
1,510,273
4,308,000
12,286,190
12,910,742
Kos
5,553,382
5,219,720
2,201,652
171,850
Nilai saksama
7,755,034
5,391,570
2,521,790
2,932,830
FVTPL:
Kos
(68,720)
Nilai saksama
(25,147)
2,453,070
2,907,683
552,453
274,859
15,360
28,630
Kos
Nilai saksama
567,813
303,489
10,775,917
8,602,742
1,510,273
4,308,000
12,286,190
12,910,742
LAR:
Jumlah Pelaburan
222
amassurance.com.my
(iv) AmAssurance Dana Teguh (bersambung)
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
Pembinaan
Hock Seng Lee Berhad
200,000
334,848
352,000
2.89%
IJM Corporation Berhad
70,000
377,913
429,800
3.53%
160,000
381,571
347,200
2.85%
667,000
743,862
1,027,180
8.44%
5,600
103,630
133,280
1.09%
31,600
127,376
170,324
1.40%
135,000
453,578
394,200
3.24%
Dialog Group Berhad
300,000
725,098
1,077,000
8.84%
610,000
516,218
1,165,100
9.57%
220,000
475,136
990,000
8.13%
127,000
672,540
748,030
6.14%
77,000
641,612
920,920
7.56%
5,553,382
7,755,034
63.69%
WCT Holdings Berhad
Petronas Gas Berhad
Digi.Com Berhad
Hartanah
S P Setia Berhad
Tenaga Nasional Bhd
223
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(iv) AmAssurance Dana Teguh (bersambung)
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
375,000
602,550
493,200
4.05%
1,000,000
994,400
1,002,900
8.24%
900,000
924,840
956,970
7.86%
2,521,790
2,453,070
20.15%
552,453
567,813
4.66%
552,453
567,813
4.66%
8,627,625
10,775,917
88.49%
Dana AmBon Islam
471,919
2014
2013
%
%
5.33
5.41
2.93
2.95
224
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(v) Dana AmAssurance AmOasis Islamic Equity
2014
2013
RM
RM
4,055,245
2,596,154
473,719
895,000
4,528,964
3,491,154
3,671,661
2,680,921
FVTPL:
Kos
383,584
Keuntungan / (Kerugian) tidak terealisasi bersih
Nilai saksama
(84,767)
4,055,245
2,596,154
4,055,245
2,596,154
473,719
895,000
4,528,964
3,491,154
LAR:
Jumlah Pelaburan
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
AmOasis Global Islamic Equity
3,807,027
225
3,671,661
4,055,245
89.84%
3,671,661
4,055,245
89.84%
amassurance.com.my
(v) Dana AmAssurance AmOasis Islamic Equity (bersambung)
2014
2013
%
%
2.93
2.95
(vi) Dana AmLife Asia Pacific REITS
2014
RM
509,424
509,424
FVTPL:
505,311
Kos
4,113
Nilai saksama
509,424
509,424
Jumlah Pelaburan
509,424
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
AmAsia Pacific REITS
861,096
226
505,311
509,424
87.69%
505,311
509,424
87.69%
amassurance.com.my
(vii) Dana AmAssurance Global Emerging Market
2014
2013
RM
RM
790,362
615,423
110,000
157,000
900,362
772,423
773,302
634,301
FVTPL:
Kos
17,060
(18,878)
790,362
615,423
790,362
615,423
110,000
157,000
Jumlah Pelaburan
900,362
772,423
Nilai saksama
LAR:
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
AmCash Management
AmGlobal Emerging Market Opportunities
227
87,507
87,507
87,507
9.90%
691,582
685,795
702,855
79.51%
773,302
790,362
89.41%
amassurance.com.my
(vii) Dana AmAssurance Global Emerging Market (bersambung)
2014
2013
%
%
3.00
3.00
2014
RM
421,809
421,809
FVTPL:
Kos
416,356
5,453
Nilai saksama
421,809
421,809
Jumlah Pelaburan
421,809
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
AmTactical Bond
433,425
228
416,356
421,809
85.88%
416,356
421,809
85.88%
amassurance.com.my
(ix) Dana AmAssurance Precious Metals
2014
2013
RM
RM
3,456,063
4,145,304
-
591,291
3,456,063
4,736,595
FVTPL:
Kos
Nilai saksama
6,555,055
6,395,025
(3,098,992)
(2,249,721)
3,456,063
4,145,304
3,456,063
4,145,304
-
591,291
3,456,063
4,736,595
LAR:
Jumlah Pelaburan
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
Am Precious Metals
8,026,157
6,555,055
3,456,063
87.94%
6,555,055
3,456,063
87.94%
229
2014
2013
%
%
-
2.95
amassurance.com.my
(x) Dana AmAssurance Global Agribusiness
2014
2013
RM
RM
1,677,913
1,346,028
226,123
335,000
1,904,036
1,681,028
1,433,192
1,186,187
244,721
159,841
1,677,913
1,346,028
1,677,913
1,346,028
226,123
335,000
1,904,036
1,681,028
FVTPL:
Kos
Nilai saksama
LAR:
Jumlah Pelaburan
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
Am Global Agribusiness
1,624,625
1,433,192
1,677,913
89.76%
1,433,192
1,677,913
89.76%
230
2014
2013
%
%
3.00
3.00
amassurance.com.my
(xi) Dana AmAssurance AmCommodity Stable CG
Produk Berstruktur
2014
2013
RM
RM
4,760,165
4,603,312
91,382
88,854
4,851,547
4,692,166
4,715,094
4,715,094
FVTPL:
Produk Berstruktur:
Kos
45,071
Nilai saksama
(111,782)
4,760,165
4,603,312
91,382
88,854
-
-
91,382
88,854
Kos
Nilai saksama
4,851,547
4,692,166
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
Produk Berstruktur:
Instrumen deposit boleh niaga kadar terapung
5,045,920
231
4,715,094
4,760,165
114.19%
4,715,094
4,760,165
114.19%
amassurance.com.my
(xi) Dana AmAssurance AmCommodity Stable CG (bersambung)
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
Dana AmCash Management
35,954
35,954
35,954
0.86%
Dana AmIncome
55,428
55,428
55,428
1.33%
91,382
91,382
2.19%
4,806,476
4,851,547
116.38%
Instrumen Deposit Boleh Niaga Kadar Terapung
232
2014
2013
%
%
-
3.00
amassurance.com.my
(xii) Dana AmAssurance AmCurrency Income CG
16.08.2013
31.03.2013
RM
RM
Produk Berstruktur
-
45,573,165
-
262,870
-
45,836,035
Kos
-
44,174,019
-
1,399,146
Nilai saksama
-
45,573,165
-
45,573,165
-
262,870
Jumlah Pelaburan
-
45,836,035
FVTPL:
Produk Berstruktur:
LAR:
16.08.2013
31.03.2013
%
%
-
3.00
-
4.57
233
amassurance.com.my
20.03.2014
31.03.2013
RM
RM
Produk Berstruktur
-
18,283,977
-
259,765
-
18,543,742
Kos
-
18,054,055
-
229,922
Nilai saksama
-
18,283,977
-
18,283,977
-
259,765
Jumlah Pelaburan
-
18,543,742
FVTPL:
Produk Berstruktur:
LAR:
20.03.2014
31.03.2013
%
%
-
3.00
-
4.85
234
amassurance.com.my
2014
2013
RM
RM
7,245,830
2,542,276
430,350
262,500
1,823,730
3,623,032
9,499,910
6,427,808
6,590,459
2,451,046
655,371
91,230
7,245,830
2,542,276
431,214
262,953
FVPTL:
Kos
Nilai saksama
Kos
(864)
Nilai saksama
(453)
430,350
262,500
7,676,180
2,804,776
1,823,730
3,623,032
Jumlah Pelaburan
9,499,910
6,427,808
LAR:
235
amassurance.com.my
(xiv) Dana AmAssurance Dividend (bersambung)
di bawah:
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
Pembinaan
Gamuda Berhad
100,000
461,950
471,000
4.99%
61,114
452,188
436,965
4.63%
Kewangan
68,165
668,186
659,837
6.99%
102,000
210,064
222,360
2.35%
68,200
196,198
302,808
3.21%
2,800
52,841
66,640
0.71%
88,000
363,925
474,320
5.02%
Glomac Berhad
382,000
362,228
412,560
4.37%
S P Setia Berhad
100,000
341,809
292,000
3.09%
Malaysian Building Society Berhad
Perindustrian
CB Industrial Product Holding Berhad
Petronas Gas Berhad
Digi.Com Berhad
Hartanah
236
amassurance.com.my
(xiv) Dana AmAssurance Dividend (bersambung)
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
AirAsia Berhad
100,000
259,595
255,000
2.70%
Berjaya Sports Toto Berhad
40,000
171,018
158,800
1.68%
45,000
144,491
168,750
1.79%
Dialog Group Berhad
30,000
84,513
107,700
1.14%
Faber Group Berhad
150,000
263,122
432,000
4.57%
Gas Malaysia Berhad
100,000
294,810
372,000
3.94%
Maxis Berhad
40,000
282,600
278,400
2.95%
Media Chinese International Limited
431,000
479,173
392,210
4.15%
Media Prima Berhad
140,000
384,732
330,400
3.50%
124,000
656,125
730,360
7.73%
57,000
460,891
681,720
7.22%
6,590,459
7,245,830
76.72%
Tenaga Nasional Bhd
2014
Jumlah
unit
Nilai Saksama
Kos Nilai Saksama
sebagai %
RM
RM daripada NAB
FVTPL:
Hektar Real Estate Investment Trust
285,000
431,214
430,350
4.56%
431,214
430,350
4.56%
7,021,673
7,676,180
81.28%
237
2014
2013
%
%
2.90
2.92
amassurance.com.my
4. CUKAI TERTANGGUH
Liabiliti / (aset) cukai tertangguh adalah berkaitan dengan keuntungan / (kerugian) modal tidak terealisasi di atas
pelaburan Dana masing-masing.
(i) Dana AmAssurance Equity
Pada awal tahun
Diiktiraf di dalam Penyata Pendapatan dan
Perbelanjaan (Nota 8)
RM
RM
34,694
(8,138)
162,776
42,832
34,694
2014
2013
RM
RM
11,584
30,533
(25,535)
(18,949)
Pada akhir tahun
(13,951)
11,584
Pada awal tahun
2013
Pada akhir tahun
197,470
Pada awal tahun
2014
2014
2013
RM
RM
31,030
(3,139)
228,864
34,169
Pada akhir tahun
259,894
31,030
2014
2013
RM
RM
Pada awal tahun
14,027
1,204
157,836
12,823
Pada akhir tahun
171,863
14,027
238
amassurance.com.my
4. CUKAI TERTANGGUH (bersambung)
2014
2013
RM
RM
Pada awal tahun
(6,781)
(30,678)
37,468
23,897
30,687
(6,781)
Pada akhir tahun
2014
RM
Pada tarikh pelancaran
-
Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)
329
Pada akhir tempoh tersebut
329
(vii) Dana AmAssurance Global Emerging Market
Pada awal tahun
2014
2013
RM
RM
(1,510)
2,875
Pada akhir tahun
1,365
(2,103)
593
(1,510)
2014
RM
Pada tarikh pelancaran
-
Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)
436
Pada akhir tempoh tersebut
436
Pada awal tahun
Pada akhir tahun
239
2014
2013
RM
RM
(179,978)
(89,864)
(67,941)
(90,114)
(247,919)
(179,978)
amassurance.com.my
4. CUKAI TERTANGGUH (bersambung)
Pada awal tahun
Pada akhir tahun
RM
RM
12,787
6,637
6,791
6,150
19,578
12,787
2014
2013
RM
RM
Pada awal tahun
(8,943)
(11,059)
12,549
2,116
3,606
(8,943)
Pada awal tahun
Pada akhir tempoh / tahun tersebut
2013
Pada akhir tahun
2014
16.08.2013
31.03.2013
RM
RM
111,932
(17,421)
(111,932)
129,353
-
111,932
20.03.2014
31.03.2013
RM
RM
Pada awal tahun
Pada akhir tempoh / tahun tersebut
Pada awal tahun
18,394
(34,184)
(18,394)
52,578
-
18,394
2014
2013
RM
RM
7,262
11,543
45,099
(4,281)
Pada akhir tahun
52,361
7,262
240
amassurance.com.my
5. MODAL PARA PEMEGANG UNIT
(i) Dana AmAssurance Equity
2014
Jumlah
unit
Amaun diterima bagi penciptaan
semasa tahun tersebut
3,580,109
Amaun dibayar bagi pembatalan disebabkan
oleh serahan semasa tahun tersebut
(3,837,480)
RM
Jumlah
unit
RM
5,762,935
6,879,809
4,250,677
(5,969,395) (10,623,221)
(257,371)
Modal para pemegang unit dibawa ke hadapan
selepas cukai
(206,460)
(2,967,579)
12,263,704
18,633,446
14,593,717
-
2,486,527
-
637,566
14,632,663
14,543,771
14,890,034
12,263,704
0.9939
0.8236
2014
Jumlah
unit
5,764,102
(5,796,406)
21,626,088
selepas cukai
2013
RM
Jumlah
unit
RM
6,584,452
15,347,426
10,897,096
(6,637,757) (10,006,920)
(32,304)
(53,305)
16,376,217
(6,918,263)
5,340,506
3,978,833
16,285,582
11,907,941
-
390,536
-
489,443
21,593,784
16,713,448
21,626,088
16,376,217
Nilai aset bersih seunit pada 31 Mac
(7,218,256)
(3,743,412)
14,890,034
2013
0.7740
0.7572
2014
2013
Jumlah
unit
RM
Jumlah
unit
RM
3,442,556
6,824,737
14,614,054
11,278,619
(5,723,386)
(9,029,939)
(13,915,371)
(10,651,521)
(2,280,830)
(2,205,202)
698,683
627,098
26,955,518
22,890,142
26,256,835
21,511,270
-
3,472,697
-
751,774
24,674,688
24,157,637
26,955,518
22,890,142
selepas cukai
0.9790
241
0.8492
amassurance.com.my
5. MODAL PARA PEMEGANG UNIT (bersambung)
2014
Jumlah
unit
RM
Jumlah
unit
RM
1,492,824
3,187,043
7,856,248
5,135,859
(5,061,669)
(6,427,624)
(8,859,472)
(5,963,624)
(3,568,845)
(3,240,581)
(1,003,224)
15,669,587
12,922,403
16,672,811
selepas cukai
-
2,495,053
-
620,844
12,176,875
15,669,587
12,922,403
1.0063
0.8247
2014
Jumlah
unit
selepas cukai
(827,765)
13,129,324
12,100,742
2013
2013
RM
Jumlah
unit
RM
3,658,529
2,035,198
1,730,518
510,354
(2,365,007)
(1,394,674)
(4,310,913)
(1,643,695)
(2,580,395)
(1,133,341)
1,293,522
640,524
7,247,527
3,430,179
9,827,922
4,347,855
-
443,222
-
215,665
8,541,049
4,513,925
7,247,527
3,430,179
0.5285
0.4733
2014
semasa tempoh tersebut
oleh serahan semasa tempoh tersebut
Jumlah unit
RM
1,207,395
619,712
(22,453)
1,184,942
Defisit pendapatan daripada perbelanjaan
selepas cukai
1,184,942
(33,888)
585,824
(4,880)
580,944
0.4903
242
amassurance.com.my
(vII) Dana AmAssurance Global Emerging Market
2014
selepas cukai
Jumlah
unit
RM
Jumlah
unit
RM
246,638
149,658
220,373
100,364
(62,600)
(56,455)
(145,087)
(61,626)
184,038
93,203
75,286
38,738
1,536,042
761,916
1,460,756
721,580
-
28,813
-
1,598
1,720,080
883,932
1,536,042
761,916
2013
0.5139
0.4960
2014
Jumlah unit
RM
1,148,974
512,693
(154,043)
(18,087)
994,931
494,606
selepas cukai
-
(3,424)
994,931
491,182
0.4937
2014
Jumlah
unit
selepas cukai
RM
RM
2,703,945
959,846
5,472,354
1,877,543
(2,577,338)
(1,108,266)
(904,090)
(3,657,978)
126,607
55,756
1,814,376
769,277
13,843,618
4,891,635
12,020,242
5,160,542
13,961,225
2013
Jumlah
unit
(1,017,361)
3,930,030
0.2815
243
13,834,618
(1,038,184)
4,891,635
0.3536
amassurance.com.my
2014
selepas cukai
Jumlah
unit
RM
Jumlah
unit
RM
544,918
566,988
949,656
499,835
(319,527)
(429,481)
(762,813)
(388,841)
225,391
137,507
186,843
110,994
2,795,155
1,657,240
2,608,312
1,458,970
-
74,546
-
87,276
3,020,546
1,869,293
2,795,155
1,657,240
2013
0.6189
2014
2013
Jumlah
unit
RM
-
-
Jumlah
unit
(988,000)
(470,015)
-
4,051,111
9,423,571
selepas cukai
-
117,682
-
135,772
Pembayaran kupon
-
-
-
(147,290)
8,435,571
4,168,793
8,435,571
(988,000)
RM
8,435,571
0.5929
0.4942
(470,015)
4,532,644
4,051,111
0.4802
16.08.2013
Jumlah
unit
oleh serahan semasa tempoh / tahun tersebut
selepas cukai
Nilai aset bersih seunit pada
16 Ogos 2013 / 31 Mac 2013
31.03.2013
RM
RM
(231,840)
(118,784)
(1,101,433)
(554,228)
(231,840)
(118,784)
(1,101,433)
(554,228)
83,906,893
42,782,762
85,008,326
42,063,381
-
644,708
-
1,273,609
83,675,053
43,308,686
83,906,893
42,782,762
0.5176
244
Jumlah
unit
0.5099
amassurance.com.my
20.03.2014
Jumlah
unit
oleh serahan semasa tempoh / tahun tersebut
selepas cukai
RM
Jumlah
unit
RM
(368,678)
(187,553)
(1,003,094)
(497,598)
(368,678)
(187,553)
(1,003,094)
(497,598)
34,270,463
17,257,477
35,273,557
17,238,342
-
511,008
-
516,733
33,901,785
17,580,932
34,270,463
17,257,477
Nilai aset bersih seunit pada
20 March 2014 / 31 March 2013
31.03.2013
0.5186
0.5036
2014
selepas cukai
Jumlah
unit
RM
Jumlah
unit
RM
4,320,217
2,685,138
1,132,657
591,011
(675,982)
2013
(510,739)
(119,866)
3,644,235
2,174,399
893,230
471,145
11,385,700
6,350,103
10,492,470
5,443,904
-
919,519
-
435,054
15,029,935
9,444,021
11,385,700
6,350,103
0.6283
245
(239,427)
0.5577
amassurance.com.my
6. PENDAPATAN FAEDAH
Dana AmAssurance
Equity
Dana AmAssurance
Bond
2014
2013
2014
2013
RM
RM
RM
RM
68,210
83,350
126,946
68,907
-
-
790,354
597,559
68,210
83,350
917,300
666,466
Pendapatan faedah daripada:
Bon korporat
Dana AmAssurance
Balanced
AmAssurance
Dana Teguh
2014
2013
2014
2013
RM
RM
RM
RM
63,270
88,749
37,050
85,862
464,451
460,601
188,617
197,302
527,721
549,350
225,667
283,164
Bon korporat
Dana AmAssurance
Dana AmLife
Asia Pacific REITS
2014
2013
17.09.2013
hingga
31.03.2014
RM
RM
RM
37,264
26,319
577
Dana AmAssurance
Dana AmLife
Tactical Bond
2014
2013
17.09.2013
hingga
31.03.2014
RM
RM
RM
5,978
3,988
638
246
amassurance.com.my
6. PENDAPATAN FAEDAH (bersambung)
Dana AmAssurance
Precious Metals
Dana AmAssurance
Global Agribusiness
2014
2013
2014
2013
RM
RM
RM
RM
6,994
20,201
11,528
8,728
Dana AmAssurance
Dana AmAssurance
2014
2013
01.04.2013
hingga
16.08.2013
01.04.2012
hingga
31.03.2013
RM
RM
RM
RM
-
151,792
2,987
7,773
Dana Assurance
Dana AmAssurance
Dividend
01.04.2013
hingga
20.03.2014
01.04.2012
hingga
31.03.2013
2014
2013
RM
RM
RM
RM
7,639
7,681
59,221
62,454
247
amassurance.com.my
7. PENDAPATAN DIVIDEN
Dana AmAssurance
Equity
Dana AmAssurance
Bond
2014
RM
2013
RM
2014
RM
2013
RM
211,548
359,069
-
-
-
-
28,713
33,134
211,548
359,069
28,713
33,134
Dividen kasar daripada:
Sekuriti ekuiti tersiar harga di Malaysia
di Malaysia
Dana AmAssurance
Balanced
AmAssurance
Dana Teguh
2014
RM
2013
RM
2014
RM
2013
RM
277,057
347,058
114,755
266,697
5,300
-
-
-
19,247
-
17,594
7,258
301,604
347,058
132,349
273,955
di Malaysia
di Malaysia
Dana AmAssurance
Dana AmAssurance
2014
RM
2013
RM
2014
RM
2013
RM
-
42,450
-
-
di Malaysia
-
-
1,888
1,802
-
42,450
1,888
1,802
Dana AmAssurance
AmCommodity Stable CG
Dana AmAssurance
Dividend
2014
RM
2013
RM
2014
RM
2013
RM
-
-
277,348
286,806
di Malaysia
-
di Malaysia
248
-
27,325
9,400
2,259
2,095
-
-
2,259
2,095
304,673
296,206
amassurance.com.my
8. CUKAI
Dana AmAssurance
Equity
Dana AmAssurance
Bond
2014
2013
2014
2013
RM
RM
RM
RM
55,284
16,084
77,391
64,542
162,776
42,832
(25,535)
(18,949)
218,060
58,916
51,856
45,593
Cukai pendapatan Malaysia:
Peruntukan tahun semasa
Cukai tertangguh:
Berkaitan dengan pengasalan dan pembalikan
perbezaan sementara (Nota 4)
Perbelanjaan cukai bagi tahun tersebut
Dana AmAssurance
Balanced
AmAssurance
Dana Teguh
2014
2013
2014
2013
RM
RM
RM
RM
80,237
30,905
64,705
40,836
228,864
34,169
157,836
12,823
309,101
65,074
222,541
53,659
Cukai tertangguh:
Dana AmAssurance
Dana AmLife
Asia Pacific REITS
2014
2013
17.09.2013
hingga
31.03.2014
RM
RM
RM
2,981
(3,706)
46
37,468
23,897
329
40,449
20,191
375
Peruntukan tahun / tempoh semasa
Cukai tertangguh:
Perbelanjaan cukai bagi tahun / tempoh tersebut
249
amassurance.com.my
8. CUKAI (bersambung)
Dana AmAssurance
Dana AmLife
Tactical Bond
2014
2013
17.09.2013
hingga
31.03.2014
RM
RM
RM
478
318
51
2,875
593
436
3,353
911
487
Cukai tertangguh:
Dana AmAssurance
Precious Metals
Dana AmAssurance
Global Agribusiness
2014
2013
2014
2013
RM
RM
RM
RM
922
2,571
(19,113)
1,617
(67,941)
(90,114)
6,791
6,150
(87,054)
(88,497)
7,713
8,721
Cukai tertangguh:
250
amassurance.com.my
Dana AmAssurance
Dana AmAssurance
2014
01.04.2013
hingga
2013 16.08.2013
01.04.2012
hingga
31.03.2013
RM
RM
RM
RM
-
12,144
239
12,549
2,116
(111,932)
129,353
12,549
14,260
(111,693)
129,974
621
Cukai tertangguh:
Dana AmAssurance
Dana AmAssurance
Dividend
01.04.2013
hingga
20.03.2014
01.04.2012
hingga
31.03.2013
2014
2013
RM
RM
RM
RM
70,927
614
27,739
41,267
(18,394)
52,578
45,099
(4,281)
52,533
53,192
72,838
36,986
Cukai tertangguh:
Caj cukai ke atas Dana adalah berkaitan dengan pendapatan pelaburan yang diterima dan keuntungan di atas
jualan pelaburan semasa tahun / tempoh tersebut, pada kadar cukai keutamaan sebanyak 8% (2013: 8%) menurut
kaedah yang telah ditetapkan di bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat.
251
amassurance.com.my
Penyesuaian perbelanjaan cukai pendapatan yang dikenakan kepada lebihan/(defisit) pendapatan berbanding
daripada perbelanjaan sebelum cukai pada kadar cukai pendapatan yang dikenakan kepada dana berkaitan pelaburan,
kepada perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif, adalah seperti berikut:
Dana AmAssurance
Equity
Dana AmAssurance
Bond
2014
2013
2014
2013
RM
RM
RM
RM
sebelum cukai
2,704,587
696,482
442,392
535,036
Cukai pada caj cukai Malaysia sebanyak 8%
216,367
55,719
35,391
42,803
Pendapatan tidak tertakluk kepada cukai
(14,452)
(12,926)
2,041
(8,651)
16,145
16,123
14,424
11,441
218,060
58,916
51,856
45,593
Perbelanjaan tidak boleh potong untuk tujuan cukai
Dana AmAssurance
Balanced
2014
2013
2014
2013
RM
RM
RM
RM
sebelum cukai
3,781,798
816,848
2,717,594
302,544
65,349
217,407
(18,850)
(22,627)
(8,496)
(15,359)
25,407
22,352
13,630
15,058
309,101
65,074
222,541
53,659
Dana AmAssurance
2014
RM
Lebihan / (Defisit) pendapatan daripada perbelanjaan
sebelum cukai
252
2013
674,503
53,960
Dana AmLife
Asia Pacific REITS
17.09.2013
hingga
31.03.2014
RM
RM
483,671
235,856
(4,505)
38,694
18,869
(360)
-
AmAssurance
Dana Teguh
(1,528)
-
1,755
2,850
735
40,449
20,191
375
amassurance.com.my
Dana AmAssurance
Lebihan / (Defisit) pendapatan daripada perbelanjaan
sebelum cukai
2014
2013
17.09.2013
hingga
31.03.2014
RM
RM
RM
32,166
2,509
(2,937)
201
(235)
2,573
(151)
(145)
931
855
722
3,353
911
487
Dana AmAssurance
Precious Metals
(Defisit) / Lebihan pendapatan daripada perbelanjaan
sebelum cukai
Dana AmLife
Tactical Bond
-
Dana AmAssurance
Global Agribusiness
2014
2013
2014
2013
RM
RM
RM
RM
(1,104,415)
(1,126,681)
82,259
95,997
(88,352)
(90,134)
6,581
7,680
-
-
-
-
1,298
1,637
1,132
1,041
(87,054)
(88,497)
7,713
8,721
Dana AmAssurance
Dana AmAssurance
2014
2013
01.04.2013
hingga
16.08.2013
RM
RM
RM
sebelum cukai
130,231
150,032
10,419
12,003
(180)
253
(168)
2,310
2,425
12,549
14,260
01.04.2012
hingga
31.03.2013
RM
533,015
1,403,583
42,641
112,287
(161,532)
7,198
(111,693)
17,687
129,974
amassurance.com.my
Dana AmAssurance
Dana AmAssurance
Dividend
01.04.2013
hingga
20.03.2014
01.04.2012
hingga
31.03.2013
2014
2013
RM
RM
RM
RM
sebelum cukai
563,541
569,925
992,357
472,040
45,083
45,594
-
-
7,450
52,533
79,390
37,763
(16,855)
(7,982)
7,598
10,303
7,205
53,192
72,838
36,986
9. PERBANDINGAN
Maklumat kewangan tempoh semasa bagi Dana AmAssurance AmCurrency Income CG dan Dana AmAssurance
AmCurrency Income II CG telah disediakan bagi tempoh dari 1 April 2013 hingga 16 Ogos 2013 dan 1 April 2013
hingga 20 Mac 2014 masing-masing. Oleh itu, Penyata-penyata Pendapatan dan Perbelanjaan serta Penyata-penyata
Perubahan di dalam Nilai Aset Bersih bagi tempoh semasa dan nota-nota yang berkaitan dengan Dana AmAssurance
AmCurrency Income CG dan Dana AmAssurance AmCurrency Income II CG tidak boleh dibandingkan dengan tahun
yang lepas.
Ini merupakan set pertama maklumat kewangan beraudit yang disediakan untuk Dana AmLife Asia Pacific REITS dan
Dana AmLife Tactical Bond yang telah disediakan dari tarikh-tarikh pelancaran Dana-dana tersebut hingga 31 Mac
2014. Sewajarnya, tiada perbandingan maklumat kewangan diberikan.
254
amassurance.com.my

For The Financial Year Ended 31 March 2014 amassurance.com.my

Transcription

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