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MASTER PROSPECTUS
This Master Prospectus is dated 28 April 2014 and expires on 27 April 2015.
This Master Prospectus incorporates the following unit trust funds (“Funds”):
EQUITY FUNDS
PMB Dana Al-Aiman (formerly Dana Al-Aiman)
PMB Dana Mutiara (formerly ASM Dana Mutiara)
PMB Dana Bestari (formerly Dana Bestari)
PMB Shariah Aggressive Fund (formerly ASM Shariah Aggressive Fund)
PMB Shariah Growth Fund (formerly ASM Shariah Growth Fund)
PMB Shariah Mid-Cap Fund (formerly ASM Shariah Mid-Cap Fund)
PMB Shariah Index Fund (formerly ASM Shariah Index Fund)
PMB Shariah Premier Fund (formerly ASM Shariah Premier Fund)
PMB Shariah Dividend Fund (formerly ASM Shariah Dividend Fund)
PMB Shariah TNB Employees Fund (formerly ASM Shariah TNB Employees Fund)
6 April 1968*
27 October 1969*
12 July 1975*
25 April 1972*
15 December 1972*
12 March 1992*
10 February 1969*
10 August 1972*
13 June 2008*
22 August 1995*
MIXED ASSET FUND
PMB Shariah Tactical Fund (formerly ASM Shariah Tactical Fund)
23 October 1979*
BALANCED FUND
PMB Shariah Balanced Fund (formerly ASM Shariah Balanced Fund)
20 October 1977*
MONEY MARKET FUND
PMB Shariah Cash Management Fund (formerly ASM Shariah Cash Management Fund) 27 October 1969*
*Date of Constitution
Manager:
PMB Investment Berhad (256439-D)
(formerly known as ASM Investment Services Berhad)
Trustees:
AmanahRaya Trustees Berhad (766894-T)
CIMB Islamic Trustee Berhad (167913-M)
INVESTORS ARE ADVISED TO READ AND UNDERSTAND THE CONTENTS OF THE MASTER PROSPECTUS. IF IN
DOUBT, PLEASE CONSULT A PROFESSIONAL ADVISER.
FOR INFORMATION CONCERNING CERTAIN RISK FACTORS WHICH SHOULD BE CONSIDERED BY PROSPECTIVE
INVESTORS, SEE “RISK FACTORS” COMMENCING ON PAGE 25 OF THE MASTER PROSPECTUS.
MASTER PROSPECTUS
2014/2015
MESSAGE FROM THE CEO
Dear Valued Investors,
We are pleased to present our Master Prospectus for the period from 28 April 2014 to 27 April 2015. In this
Master Prospectus, you will find a variety of Shariah-compliant unit trust funds, some of which may suit your
investment needs.
We are pleased to inform that with effect from Friday, 28 February 2014, ASM Investment Services Berhad is
known as PMB Investment Berhad. The name change was to reflect our parent company Pelaburan MARA
Berhad whose name was earlier changed from Amanah Saham MARA Berhad.
We are also delighted to inform that all unit trust funds and portfolios under our management have become
fully Shariah compliant with effect from 7 March 2014. Converting conventional into Shariah-compliant funds
is one of the initiatives of the company’s transformation plan. This is part of the group’s 2011-2015
Transformation Plan that has been adopted to make the group strong, sophisticated and competitive.
Most of the unit trust funds we offer are unique although they may invest in the same asset class. This is to
enable you as investors, subject to the Suitability Assessment, choose funds that suit your risk tolerance level
and investment objective. Please read and understand the contents of this Master Prospectus.
You may refer to Chapter 3: Key Data / Information Summary in this Master Prospectus for a better
understanding of the investment objectives and key strategies of each of the Funds, profile of investors
suitable to invest in the Funds, risk of investing in the Funds and fees and charges payable when investing in
the Funds. Further details of the Funds are available in the relevant chapters in this Master Prospectus.
To start investing, you may contact any of our Unit Trust Consultants who are registered with the Federation
of Investment Managers Malaysia or our Investor Relation Careline at 03-4145 3900 should you require
further assistance. You can also contact our Regional Offices or our Approved Distributors as listed in Chapter
15.
In view of the Personal Data Protection Act 2010 that came into force on 15 November 2013, we are taking
steps to ensure that we are in compliance with the new Act. To keep you informed of our endeavours and
also to provide you information on your personal information which we may be processing and the manner in
which we are doing so, PMB Investment has issued a Privacy Notice to all our individual investors. Please take
a moment to read and understand the Privacy Notice in subsection 15.8.
We will continue to strengthen our product offerings to help you identify and meet your personal investment
goals. We take this opportunity to thank you for your continuous support and we look forward to being of
service to you.
Yours sincerely
for and on behalf of PMB INVESTMENT BERHAD
(formerly known as ASM Investment Services Berhad)
AMEER ALI BIN VALI MOHAMED
Chief Executive Officer
i
PMB Investment Berhad
Investor Relation Careline: 03 4145 3900
2014/2015
MASTER PROSPECTUS
Responsibility Statement
This Prospectus has been reviewed and approved by the directors of PMB Investment Berhad and they
collectively and individually accept full responsibility for the accuracy of the information. Having made all
reasonable inquiries, they confirm to the best of their knowledge and belief, there are no false or
misleading statements, or omission of other facts which would make any statement in this Master
Prospectus false or misleading.
Statements of Disclaimer
The Securities Commission Malaysia has authorized the unit trust fund(s) and a copy of this Master
Prospectus has been registered with the Securities Commission Malaysia.
The authorization and registration of this Master Prospectus, should not be taken to indicate that the
Securities Commission Malaysia recommends the said unit trust fund(s) or assumes responsibility for the
correctness of any statement made or opinion or report expressed in this Prospectus.
The Securities Commission Malaysia is not liable for any non-disclosure on the part of PMB Investment
Berhad responsible for the said unit trust fund(s) and takes no responsibility for the contents in this Master
Prospectus. The Securities Commission Malaysia makes no representation on the accuracy or completeness
of this Prospectus, and expressly disclaims any liability whatsoever arising from, or in reliance upon, the
whole or any part of the contents.
INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE MERITS AND RISKS OF THE
INVESTMENT. IN CONSIDERING THE INVESTMENT, INVESTORS WHO ARE IN DOUBT ON THE ACTION TO
BE TAKEN SHOULD CONSULT PROFESSIONAL ADVISERS IMMEDIATELY.
No units will be issued or sold on the basis of this Master Prospectus later than one (1) year after the date
of this Master Prospectus.
Investors are advised to note that recourse for false or misleading statements or acts made in connection
with the Master Prospectus is directly available through sections 248, 249 and 357 of the Capital Markets
and Services Act 2007.
PMB Dana Al-Aiman, PMB Dana Mutiara, PMB Dana Bestari, PMB Shariah Aggressive Fund, PMB Shariah
Growth Fund, PMB Shariah Mid-Cap Fund, PMB Shariah Index Fund, PMB Shariah Premier Fund, PMB
Shariah Dividend Fund, PMB Shariah Balanced Fund, PMB Shariah Tactical Fund, PMB Shariah TNB
Employees Fund and PMB Shariah Cash Management Fund have been certified as being Shariah compliant
by the Shariah Adviser appointed for the Funds.
ii
MASTER PROSPECTUS
2014/2015
CONTENTS
1.
GLOSSARY OF TERMS/ABBREVIATIONS
1
2.
CORPORATE DIRECTORY
5
3.
KEY DATA / INFORMATION SUMMARY
8
3.1
FUND INFORMATION
8
3.2
FEES AND CHARGES
21
3.2.1
3.2.2
3.3
4.
Charges Directly Incurred by Investors When Purchasing or
Redeeming Units of the Funds
Fees and Expenses Indirectly Incurred When Investing in the
Funds
ADDITIONAL INFORMATION
4.2
22
23
3.3.1
Trusteeship of the Funds
23
3.3.2
Deed of the Funds
23
3.3.3
Avenues for Advice to Prospective Investors
24
3.3.4
Designated Fund Managers for the Funds
24
RISK FACTORS
4.1
21
25
GENERAL RISKS OF INVESTING IN UNIT TRUST FUND
25
4.1.1
Fund Management Management Company Risk
25
4.1.2
Inflation / Purchasing Power Risk
25
4.1.3
Loan Financing Risk
25
4.1.4
Risk on Non-Compliance
25
SPECIFIC RISKS ASSOCIATED WITH INVESTMENT PORTFOLIOS
25
4.2.1
Equity Market Risk
25
4.2.2
Stock Specific Risk
25
4.2.3
Liquidity Risk
26
4.2.4
Shariah Status Reclassification Risk
26
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2014/2015
5.
MASTER PROSPECTUS
4.2.5
Dividend Policy Risk
26
4.2.6
Profit/Interest Rate Risk
26
4.2.7
Credit / Default Risk
26
THE FUNDS
5.1
5.2
EQUITY FUNDS
PMB Dana Al-Aiman
27
5.1.2
PMB Dana Mutiara
30
5.1.3
PMB Dana Bestari
33
5.1.4
PMB Shariah Aggressive Fund
36
5.1.5
PMB Shariah Growth Fund
39
5.1.6
PMB Shariah Mid-Cap Fund
42
5.1.7
PMB Shariah Index Fund
45
5.1.8
PMB Shariah Premier Fund
49
5.1.9
PMB Shariah Dividend Fund
52
5.1.10
PMB Shariah TNB Employees Fund
55
MIXED ASSET FUND
PMB Shariah Tactical Fund
BALANCED FUND
5.3.1
5.4
27
5.1.1
5.2.1
5.3
27
PMB Shariah Balanced Fund
MONEY MARKET FUND
5.4.1
58
58
61
61
65
PMB Shariah Cash Management Fund
65
5.5
SHARIAH-COMPLIANT AND SHARIAH APPROVAL PROCESS
67
5.6
PERMITTED INVESTMENTS
69
5.6.1
Applicable to all funds except PMB SCMF
70
5.6.2
Applicable to PMB SCMF
71
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MASTER PROSPECTUS
5.7
5.8
6.0
INVESTMENT RESTRICTIONS AND LIMITS
6.2
Applicable to all funds except PMB SCMF
72
5.7.2
72
5.7.3
Allowance in Excess of Investment Limits
72
VALUATION OF INVESTMENTS
Listed Securities
73
5.8.2
Unlisted and/or Suspended Securities
73
5.8.3
Fixed Income Securities
73
5.8.4
Money Market Instruments
73
5.8.5
Collective Investment Scheme
73
EQUITY FUNDS
74
74
6.1.1
PMB Dana Al-Aiman
74
6.1.2
PMB Dana Mutiara
77
6.1.3
PMB Dana Bestari
80
6.1.4
83
6.1.5
86
6.1.6
PMB Shariah Mid Cap Fund
89
6.1.7
92
6.1.8
95
6.1.9
98
6.1.10
101
MIXED ASSET FUND
BALANCED FUND
6.3.1
6.4
73
5.8.1
6.2.1
6.3
71
5.7.1
FUND PERFORMANCE
6.1
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MONEY MARKET FUND
6.4.1
104
104
107
107
110
110
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7.0
MASTER PROSPECTUS
HISTORICAL FINANCIAL HIGHLIGHTS
7.1
7.2
EQUITY FUNDS
PMB Dana Al-Aiman
113
7.1.2
PMB Dana Mutiara
114
7.1.3
PMB Dana Bestari
115
7.1.4
116
7.1.5
117
7.1.6
PMB Shariah Mid Cap Fund
118
7.1.7
119
7.1.8
120
7.1.9
121
7.1.10
122
MIXED ASSET FUND
MONEY MARKET FUND
7.4.1
8.0
BALANCED FUND
7.3.1
7.4
113
7.1.1
7.2.1
7.3
113
123
123
124
124
125
125
7.5
TOTAL ANNUAL EXPENSES
126
7.6
MANAGEMENT EXPENSES RATIO (MER)
127
FEES, CHARGES AND EXPENSES
8.1
CHARGES
128
128
8.1.1
Sales Charge
129
8.1.2
Repurchase Charge
129
8.1.3
Transfer Fee
129
8.1.4
Switching Fee
129
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MASTER PROSPECTUS
8.2
9.0
10.0
2014/2015
FEES
129
8.2.1
Annual Management Fee
129
8.2.2
Annual Trustee Fee
130
8.3
EXPENSES
130
8.4
REBATE AND COMMISSION
131
TRANSACTION INFORMATION
132
9.1
TRANSACTION DETAILS
132
9.2
PAYMENT METHODS
133
9.3
COOLING-OFF POLICY
134
9.4
REPURCHASING/REDEEMING AN INVESTMENT
134
9.5
CHANNELS TO PURCHASE AND REDEEM UNITS
135
9.6
SWITCHING BETWEEN FUNDS
135
9.7
TRANSFER OF UNITS
135
9.8
A QUICK GUIDE ON HOW TO BUY, SELL, SWITCH AND TRANSFER
136
9.9
INCOME DISTRIBUTION AND REINVESTMENT POLICIES
137
9.10
DETERMINATION OF PRICE
138
MANAGEMENT OF THE FUNDS
140
10.1
THE MANAGEMENT COMPANY PROFILE
140
10.2
BOARD OF DIRECTORS
140
10.3
MANAGEMENT TEAM
140
10.4
SUMMARY OF FINANCIAL POSITION
142
10.5
ROLES, DUTIES AND RESPONSIBILITIES OF THE MANAGEMENT COMPANY
142
10.6
MANAGER’S DELEGATE
143
10.7
MATERIAL LITIGATION AND ARBITRATION
143
10.8
INVESTMENT COMMITTEE
143
10.8.1
Profile of Investment Committee Members
143
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MASTER PROSPECTUS
10.8.2
10.9
10.10
11.0
SYARIAH ADVISER
11.2
145
145
10.9.1
Profile of Shariah Adviser
145
10.9.2
Designated Person Responsible for Shariah Matters
146
10.9.3
Roles and Functions of Shariah Adviser
146
DESIGNATED FUND MANAGERS
THE TRUSTEE OF THE FUNDS
11.1
12.0
Roles and Functions of Investment Committee
AMANAHRAYA TRUSTEES BERHAD
147
148
148
11.1.1
Company Profile
148
11.1.2
Board of Directors
148
11.1.3
148
11.1.4
Summary of Financial Position
148
11.1.5
Material Litigation
149
CIMB ISLAMIC TRUSTEE BERHAD
149
11.2.1
Company Profile
149
11.2.2
Board of Directors
149
11.2.4
Chief Operating Officer
149
11.2.5
149
11.2.6
Delegate
149
11.2.7
Material Litigation
150
11.3
TRUSTEE’S STATEMENT OF RESPONSIBILITY
150
11.4
ROLES, DUTIES AND RESPONSIBILITIES OF THE TRUSTEE
150
11.5
TRUSTEE’S DECLARATION
150
11.6
TRUSTEE’S OBLIGATION
150
SALIENT TERMS OF THE DEED
12.1
RIGHTS AND LIABILITIES OF A UNIT HOLDER
12.1.1
viii
Your Rights
151
151
151
MASTER PROSPECTUS
2014/2015
12.1.2
Limitation of Rights
151
12.1.3
Your Liabilities
151
12.2
FEES AND CHARGES
151
12.3
PERMITTED EXPENSES
152
12.4
REMOVAL, REPLACEMENT AND RETIREMENT OF THE MANAGEMENT
COMPANY AND TRUSTEE
12.4.1
Powers of the Management Company to Remove and Replace
the Trustee
153
153
12.4.2
Retirement, Removal or Replacement of the Trustee
154
12.4.3
Power of Trustee to Remove, Retire or Replace the Manager
154
12.5
TERMINATION OF THE FUND
154
12.6
UNIT HOLDERS’ MEETING
155
13.0
CONFLICT OF INTEREST
156
14.0
TAXATION OF THE FUND
157
15.0
149
15.0
161
15.1
UPDATES ON THE FUNDS
161
15.2
PRE-INVESTMENT FORM (PIF) BY FIMM
161
15.3
SUITABILITY ASSESSMENT
161
15.4
INVESTOR RELATION
161
15.5
COMPLAINTS
161
15.6
SECURITIES INDUSTRY DISPUTE RESOLUTION CENTRE
162
15.7
ANTI MONEY LAUNDERING POLICIES
162
15.8
15.7.1
General Policy
162
15.7.2
Money Laundering Reporting Officer Designation and Duties
162
15.7.3
Policy and Procedure
162
15.7.4
Compliance with the AMLATFA
163
PRIVACY NOTICE UNDER PERSONAL DATA PROTECTION ACT 2010
164
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MASTER PROSPECTUS
15.9
FOREIGN ACCOUNT TAX COMPLIANT ACT (FATCA)
167
15.10
ZAKAT
168
15.11
AUDITORS OF THE FUND
168
15.12
PLEDGING OF UNITS AS COLLATERAL
168
15.13
BORROWING TO PURCHASE UNITS
168
15.14
PERIOD OF THE FUND
168
15.15
LIST OF CHANNEL DISTRIBUTIONS
169
16.0
STATEMENT OF CONSENT
170
17.0
DOCUMENTS AVAILABLE FOR INSPECTION
171
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MASTER PROSPECTUS
2014/2015
1. GLOSSARY OF TERMS/ABBREVIATIONS
In this Master Prospectus, except when the context otherwise requires, the following words and expressions
shall bear the following meanings:
“Act”
Capital Markets and Services Act 2007 (as amended from time to time);
“ANGKASA”
Angkatan Koperasi Kebangsaan Malaysia Berhad;
“application”
Application or request to buy unit(s) by an investor or a unit holder;
“ART”
AmanahRaya Trustees Berhad;
“BIMBSEC”
BIMB Securities Sdn Bhd;
“BNM”
Bank Negara Malaysia;
“Bursa Malaysia”
Malaysia’s stock exchange managed by Bursa Malaysia Berhad;
“business day”
A day on which the Bursa Malaysia is open for dealings;
“buying price” or “repurchase
price” of a unit
The price equivalent to the NAV per unit of the respective funds as at the
next valuation point after the request for repurchase is received by the
Manager;
“CIS”
‘Collective Investment Scheme’ refers to an arrangement where(a) it is made for the purpose, or having the effect, of providing facilities
for persons to participate in or receive profits or income arising from
the acquisition, holding, management or disposal of securities,
futures contracts or any other property (“referred to as scheme’s
assets”) or sums paid out of such profits or income;
(b) the persons who participate in the arrangements do not have dayto-day control over the management of the scheme’s assets; and
(c) the scheme’s assets is managed by an entity who is responsible for
the
management
of
the
scheme’s
assets
and
is
approved/authorized/licensed by a relevant regulator to conduct
fund management activities;
and includes among others unit trust funds, real estate investment
trusts, exchange-traded funds, restricted in investment schemes and
closed-end funds;
“CITB”
CIMB Islamic Trustee Berhad;
“cut-off time”
The time by which requests for unit purchases or redemptions by
investors are accepted each day up to the unit trust fund’s dealing cut-off
time and are processed using the same day-end’s NAV prices;
“Deed”
The principal and the supplemental deeds of the relevant fund(s)made
between the Manager and the respective Trustee;
“Distribution Date”
The date on which the cash distribution of the relevant Funds, or unit
distribution in lieu of the cash, is made or scheduled to be made;
“dividend yield”
Annual dividend per share/price per share;
“EPF MIS”
Employees Provident Fund Member’s Investment Scheme;
“equity –related securities”
Options, warrants, rights and/or irredeemable unsecured loan stocks
(ICULS);
“FBM 100”
FTSE Bursa Malaysia Top 100 Index;
“FBM EMAS”
FTSE Bursa Malaysia EMAS Index.
FBM EMAS comprises the constituents of the FTSE Bursa Malaysia Top
100 Index and FTSE Bursa Malaysia Small Cap Index (FBM Small Cap).
FBM Small Cap comprises those eligible companies within the top 98% of
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2014/2015
MASTER PROSPECTUS
the Bursa Malaysia Main Market excluding constituents of the FTSE
Bursa Malaysia Top 100 Index;
“FBM KLCI”
FTSE Bursa Malaysia KLCI;
“FBMSHA”
FTSE Bursa Malaysia EMAS Shariah Index;
“FIMM”
Federation of Investment Managers Malaysia;
“forward pricing”
The determination of the unit price based on the NAV per unit of the
Fund as at the next valuation point after a request for sale or repurchase
of units is received;
“designated fund manager”
A Capital Markets and Services Representative Licence (CMSRL) holder
who is responsible for the fund management of the respective Funds;
“Funds”
The unit trust schemes comprised in this Master Prospectus and the
word “Fund” shall refer to any one of such schemes;
“Guidelines”
Guidelines on Unit Trust Funds issued by the SC, as amended from time
to time;
“Investor” or “Unit Holder”
The person registered for the time being as a holder of units in the
Fund(s) in accordance with the provisions of the Deeds;
“Islamic money market
instruments “
Financial instruments with liquidity and near term maturity, issued under
the Shariah principles, that are tradeable, such as commercial papers,
banker’s acceptance and negotiable certificate of deposit
“Islamic debt securities”
Sukuk issued by the Malaysian Government or private companies;
“Islamic deposit placements”
Money placed with financial institutions for an agreed period under the
Shariah principles which are Islamic Negotiable Instruments (INI),
General Investment Accounts (GIA) or Special Investment Accounts (SIA);
“IUTA”
‘Institutional Unit Trust Agent’, which is an institution, a corporation or
an organization registered with the FIMM in accordance with FIMM’s
Guidelines for Registration of Institutional Unit Trust Adviser for the
marketing and distribution of unit trusts;
“KLCI”
Kuala Lumpur Composite Index;
“KLIRR”
Kuala Lumpur Islamic Reference Rates
“KLSI”
Kuala Lumpur Shariah Index;
“long term”
A period of more than 5 years;
“MER”
‘Management Expense Ratio’ refers to the ratio of the sum of fees and
the recovered expenses of a unit trust fund to the average value of a unit
trust fund calculated on a daily basis;
“Manager” or “We” or “us”
PMB Investment Berhad (formerly known as ASM Investment Services
Berhad);
“MARA”
Majlis Amanah Rakyat;
“MARC”
Malaysian Rating Corporation Berhad;
“medium term”
A period of between 3 and 5 years;
“NAV”
‘Net Asset Value’ refers to the value of a unit trust fund which is
determined by deducting the value of all the fund’s liabilities from the
value of all the fund’s assets, at the valuation point, except that, for the
purpose of computing the annual management fee and the annual
trustee fee, the NAV of the fund should be inclusive (that is, before any
deduction) of the management fee and the trustee fee for the relevant
day;
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MASTER PROSPECTUS
2014/2015
“NAV per unit”
The NAV of a unit trust fund divided by the number of units in circulation
at the valuation point;
“NTA”
‘Net Tangible Asset’ refers to the excess of total tangible assets over
total liabilities of an organization at a particular valuation point;
“near term”
A period of less than 1 year;
“PMB”
Pelaburan MARA Berhad;
“PMB Al-Aiman”
PMB Dana Al-Aiman;
“PMB Bestari”
PMB Dana Bestari;
“PMB Investment”
PMB Investment Berhad (formerly known as ASM Investment Services
Berhad);
“PMB Mutiara”
PMB Dana Mutiara;
“PMB SAF”
PMB Shariah Aggressive Fund;
“PMB SBF”
PMB Shariah Balanced Fund;
“PMB SCMF”
PMB Shariah Cash Management Fund;
“PMB SDF”
PMB Shariah Dividend Fund;
“PMB SGF”
PMB Shariah Growth Fund;
“PMB SIF”
PMB Shariah Index Fund;
“PMB SMCF”
PMB Shariah Mid-Cap Fund;
“PMB SPF”
PMB Shariah Premier Fund;
“PMB STEF”
PMB Shariah TNB Employees Fund;
“PMB STF”
PMB Shariah Tactical Fund;
“PTR”
‘Portfolio Turnover Ratio’ refers to the ratio of the average sum of
acquisitions and disposals of a Fund for the year to the average value of
the Fund for the year calculated on a daily basis. The Annual Portfolio
Turnover Ratio will indicate to the investor whether the Fund buys and
sells securities frequently or whether it takes a longer term approach to
investment management. A portfolio turnover ratio of 1 time means that
the Fund has been turned over once for that particular year;
“RAM”
RAM Rating Services Berhad;
“redemption” or
“repurchase”
The repurchase by the Manager of all or part of the units owned by the
Unit Holders;
“RM”
Ringgit Malaysia;
“SAC”
Shariah Advisory Council of the SC;
“SC”
Securities Commission Malaysia, established under the Securities
Commission Act ,1993;
“securities”
Has the same definition according to the Capital Markets and Services
Act 2007 (as amended from time to time);
“selling price of a unit”
The price equivalent to the NAV per unit of a unit trust fund as at the
next valuation point after the application for units is received by the
Manager;
“Shariah”
Islamic laws, originating from the Qur`an (the holy book of Islam), and its
practices and explanations rendered by the prophet Muhammad (PBUH)
and ijtihad of ulamak (personal effort by qualified Shariah scholars to
determine the true ruling of the divine law on matters whose revelations
are not explicit);
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2014/2015
MASTER PROSPECTUS
“Shariah Adviser”
The Shariah adviser appointed for the Funds;
“Shariah-compliant
securities”
The investment portfolio of the Fund comprises securities that have
been classified as Shariah-compliant by the SAC of the SC. For securities
that have yet to be certified by the SAC of the SC, the Shariah Adviser of
the Fund will determine whether or not the securities are Shariahcompliant for investment by the Fund;
“short term”
A period of between 1 and 3 years;
“SPR”
‘Single Pricing Regime’ refers to a policy or system in which the creation,
cancellation, selling and repurchase prices for units are the NAV per unit
of a unit trust fund(s). The actual and total amount of these prices paid
by the investors then, depend on the rate of sales charges separately
imposed by different distribution channels;
“structured products”
Any investment product that falls within the definition of “securities” and
which derives its value by reference to the price or value of an underlying
reference;
“subscribing price of a unit’
The price payable by an investor or a unit holder of the Fund for the
purchase of a unit of a Fund;
“sukuk”
certificates of equal value which evidence undivided ownership or
investment in the assets using Shariah principles and concepts endorsed
by the SAC;
“Trustee”
The trustee appointed for the Funds;
“unit price”
The price at which a unit holder buys or sells units at NAV per unit;
“unit”
A unit of a unit trust fund that represents a unit holder’s interest; and
“units in circulation”
Total number of units created and fully paid for and which has not been
cancelled.
4|
MASTER PROSPECTUS
2014/2015
2. CORPORATE DIRECTORY
Manager
Registered Office
PMB Investment Berhad (formerly known as ASM Investment Services Berhad)
rd
3 Floor, Wisma PMB, No. 1A, Jalan Lumut
50400 Kuala Lumpur.
Business Office
Ground Floor, Wisma PMB, No. 1A, Jalan Lumut
50400 Kuala Lumpur
Tel: (03) 4145 3800
Fax: (03) 4145 3901
Website: http://www.asminvestment.com.my
E-mail: [email protected]
Manager’s Delegate
Registered Office
Pelaburan MARA Berhad
Suite C-5-4, Wisma Goshen,Plaza Pantai,
Jalan Pantai Bharu
59200 Kuala Lumpur
Business Office
3rd & 5 th Floor, Wisma PMB, No 1A Jalan Lumut
50400 Kuala Lumpur
Tel: (03) 4145 3800
Fax: (03) 4145 3889
Website:http://www.pelaburanmara.com.my
Board of Directors
Datuk (Dr.) Zamani bin Md Noor
Dato’ Sri Haji Abd Rahim bin Haji Abdul
Professor Dr. Faridah binti Haji Hassan
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
Ahmad Nazim bin Abd Rahman
Ameer Ali bin Vali Mohamed
Members of
Investment Committee
Wan Abdul Rahman bin Wan Abu Samah - Independent
Mansoor bin Ahmad
- Independent
- Independent
Mohd Nazri bin Abu Samah
- Non-independent
Company Secretary
Shahrizat binti Othman (MAICSA No. 0764744)
c/o AAJ Management Services Sdn Bhd
Suite C-5-4, Wisma Goshen
Plaza Pantai, Jalan Pantai Baharu
59200 Kuala Lumpur
Tel: (03) 2283 4007
Fax: (03) 2287 7006
Shariah Adviser
BIMB Securities Sdn Bhd
32nd Floor, Menara Multi-Purpose, Capital Square
No.8 Jalan Munshi Abdullah
50100 Kuala Lumpur
Tel : (03) 2691 8887
Fax: (03) 2691 8854
Trustee
Registered Office
AmanahRaya Trustees Berhad
Tingkat 11, Wisma AmanahRaya
No. 2, Jalan Ampang
50508 Kuala Lumpur
Business Office
Tingkat 2, Wisma TAS
No. 21, Jalan Melaka
50100 Kuala Lumpur
Tel: (03) 2036 5000/5129
Fax: (03) 2072 0322
Website: http://www.artrustees.com.my
- Independent /Chairman
- Independent
- Independent
- Independent
- Independent
- Non-independent
- Non-independent/Chief Executive Officer
|5
2014/2015
MASTER PROSPECTUS
Trustee
Registered Office
CIMB Islamic Trustee Berhad
Level 13, Menara CIMB,
Jalan Stesen Sentral 2,
Kuala Lumpur Sentral,
50470 Kuala Lumpur.
Tel : (03) 2261 8888
Fax : (03) 2261 0099
Website : http://www.cimb.com
Business Office
Level 21,Menara CIMB
Jalan Stesen Sentral 2
Kuala Lumpur Sentral
50470 Kuala Lumpur
Tel: (03) 2261 8888
Fax : (03) 2261 9889
CITB Trustee’s Delegate
Registered Office
CIMB Group Nominees (Tempatan) Sdn Bhd
Level 13, Menara CIMB
50470 Kuala Lumpur
Tel : (03) 2261 8888
Fax: (03) 2261 8889
Business Office
Level 21, Menara CIMB
50470 Kuala Lumpur
Tel: (03) 2261 8888
Fax : (03) 2261 9892
Website : http://www.cimb.com
Auditors
i. Messr. Ahmad Abdullah & Goh
Suite 701, Tingkat 7, Wisma Hangsam,
Jalan Hang Lekir,
50000 Kuala Lumpur
Tel: (03) 2070 4408
ii. Messr. Jamal, Amin & Partners
No.60-2B, 2nd Floor,
Jalan 2/23A, Off Jalan Genting Klang,
Taman Danau Kota, Setapak
53300 Kuala Lumpur
Tel No. : (03)4142 1626
Fax No.: (03) 4142 1601
Tax Adviser
Atarek Kamil Ibrahim Tax Services (M) Sdn Bhd
No. 89-3, Jalan 2/27F
Pusat Bandar Wangsa Maju (KLSC)
53300 Kuala Lumpur
Tel: (03) 4142 6515
Solicitors
Messrs. M.K Chen & Leong
Suite B-09-02 Plaza Mont’ Kiara
No 2, Jalan Kiara, Mont’ Kiara
50480 Kuala Lumpur
Tel: (03) 6201 7381 /(03) 6201 7382
Principal Bankers
1) CIMB Islamic Berhad
Ground Floor, Wisma Genting
No. 28, Jalan Sultan Ismail
50250 Kuala Lumpur
Tel: (03) 2163 6358
6|
MASTER PROSPECTUS
2014/2015
2) Public Islamic Bank Berhad
Tiong Nam Branch
Level 1 & 2, Wisma Public Bank
300, Jalan Raja Laut
50350 Kuala Lumpur
Tel: (03) 2693 9555
FIMM
Federation of Investment Managers Malaysia
19-07-03, 7th Floor, PNB Damansara
No 19, Lorong Dungun
Damansara Heights
50490 Kuala Lumpur
Tel : (03) 2093 2600
Fax: (03) 2093 2700
Website: http://www.fimm.com.my
Regional Offices
Please refer to the directory of Regional Offices on page 169.
|7
2014/2015
3.
MASTER PROSPECTUS
KEY DATA / INFORMATION SUMMARY
This section is only a summary of the salient information about the Fund and that the investors should read
and understand the Master Prospectus in whole before making investment decisions.
3.1
FUND INFORMATION
NAME
PMB DANA AL-AIMAN
Category / Type
Equity (Shariah) / Growth & Income
Objective
The objective of the Fund is to provide investors with steady return and to
achieve capital growth in the medium to long term by investing in equities and
fixed income securities that conform to the Shariah principles.
Investment Strategy
The Fund shall invest primarily in a diversified portfolio of Shariah-compliant
equity and equity-related securities of public listed companies in Bursa Malaysia
with growth prospects and/or having dividend yield of 3% per annum or above.
Asset Allocation
The Fund shall invest between 70% and 99.5% of its NAV in Shariah-compliant
equity and equity-related securities. The balance will be invested in Islamic
money market instruments, Islamic deposit placements, Islamic debt securities
and/or other permitted investments.
Performance Benchmark
FBMSHA
Principal Risk(s)
•
•
•
Investor Profile
The Fund is suitable for investors who:
•
Have a moderate risk tolerance level;
•
Have a medium to long term investment horizon;
•
Prefer a portfolio that conforms to Shariah principles; and
•
Seek for steady income for short term and a capital growth for long term.
Distribution Policy
The distribution (if any) is annual, subject to the availability of income for the
financial period.
Financial Year End
31 May
Trustee
ART
Shariah Adviser
BIMBSEC
Equity market risk.
Stock specific risk.
Shariah status reclassification risk.
You may refer the detailed information of the Fund on page 27.
8|
MASTER PROSPECTUS
2014/2015
NAME
PMB DANA MUTIARA
Category / Type
Objective
Investment Strategy
Asset Allocation
FBMSHA
Principal Risk(s)
•
•
•
Investor Profile
• Have a moderate risk tolerance level;
• Have a medium to long term investment horizon;
• Prefer a fund that conforms to Shariah principles;
• Seek for steady income for short term and a capital growth for long term;
and
• Women investors.
Distribution Policy
financial period.
Financial Year End
30 June
Trustee
ART
Shariah Adviser
BIMBSEC
Equity market risk.
Stock specific risk.
|9
MASTER PROSPECTUS
2014/2015
NAME
PMB DANA BESTARI
Category / Type
Objective
Investment Strategy
Asset Allocation
equity and equity-related securities. The balance will be invested in Islamic money
market instruments, Islamic deposit placements, Islamic debt securities and/or
other permitted investments.
FBMSHA
Principal Risk(s)
•
•
•
Investor Profile
• Have a moderate risk tolerance;
• Have a long term investment horizon;
• Prefer a portfolio that conforms to Shariah principles; and
• Seek investment to fund their children education in the future.
Distribution Policy
financial period.
Financial Year End
30 September
Trustee
ART
Shariah Adviser
BIMBSEC
Equity market risk;
Stock specific risk; and
10 |
MASTER PROSPECTUS
2014/2015
NAME
PMB SHARIAH AGGRESSIVE FUND
Category / Type
Equity (Shariah) / Growth
Objective
The objective of the Fund is to provide investors with opportunity to earn high
capital return over the medium to long term through active investments in
Shariah approved securities listed on the Bursa Malaysia.
Investment Strategy
The Fund shall invest primarily in a diversified portfolio among any of the top
250 Shariah-compliant companies in terms of market capitalization listed on
Bursa Malaysia. The Fund has an aggressive investment approach where active
trading strategy is adopted.
Asset Allocation
FBMSHA
Principal Risk(s)
•
•
•
Investor Profile
• Have a high risk tolerance level;
• Seek for capital appreciation from an aggressive Shariah-compliant fund.
Distribution Policy
The distribution is incidental.
Financial Year End
31 July
Trustee
ART
Shariah Adviser
BIMBSEC
Equity market risk;
Stock specific risk; and
|11
MASTER PROSPECTUS
2014/2015
NAME
PMB SHARIAH GROWTH FUND
Category / Type
Objective
The objective of the Fund is to provide investors with an opportunity to achieve
capital growth over the medium to long term period by investing in Shariahcompliant securities.
Investment Strategy
The Fund shall invest primarily in a diversified portfolio among any of the top 250
Shariah-compliant companies in terms of market capitalization listed on Bursa
Malaysia that have potential, as analyzed by the Manager, for earnings per share
growth of at least 10% per annum and at the same time have the potential, as
analyzed by the Manager, to perform equal or better than the performance of the
selected performance benchmark.
Asset Allocation
equity and equity-related securities. The balance will be invested in Islamic money
market instruments, Islamic deposit placements, Islamic debt securities and/or
other permitted investments.
FBMSHA
Principal Risk(s)
•
•
•
Investors Profile
The fund is suitable for investors who:
• Have a high risk tolerance;
• Seek capital appreciation from a Shariah-compliant fund that invests in
growth stocks.
Distribution Policy
Financial Year End
28 February (29 Feb in a leap year)
Trustee
ART
Shariah Adviser
BIMBSEC
Equity market risk
Stock specific risk
Shariah status reclassification risk
12 |
MASTER PROSPECTUS
2014/2015
NAME
PMB SHARIAH MID-CAP FUND
Category / Type
Objective
The objective of the Fund is to achieve capital growth over the medium to
long-term period by investing primarily in medium sized Shariah compliant
companies in terms of market capitalization.
Investment Strategy
equity and equity-related securities of medium size companies listed on Bursa
Malaysia with market capitalization between RM1 billion and RM7 billion at
the point of purchase. The Fund may invest up to 20% of its NAV in securities
of Shariah-compliant companies listed on Bursa Malaysia with market
capitalization in excess of RM7 billion.
Asset Allocation
money market instruments, Islamic deposit placements, Islamic debt
securities and/or other permitted investments.
FBMSHA
Principal Risk(s)
•
•
•
Investor Profile
• Have a moderate to high risk tolerance level;
• Prefer a fund that conforms to the Shariah principles; and
• Seek capital growth from Shariah-compliant fund that invests primarily in
mid-cap stocks.
Distribution Policy
Financial Year End
30 April
Trustee
CITB
Shariah Adviser
BIMBSEC
Equity market risk
Stock specific risk
|13
MASTER PROSPECTUS
2014/2015
NAME
PMB SHARIAH INDEX FUND
Category / Type
Equity (Shariah) / Index
Objective
The objective of the Fund is to provide investors with the opportunity to gain
reasonable return and capital growth in the medium to long term period by
investing in Shariah-compliant securities whilst at the same time the Manager
will attempt to match closely its performance with the performance of the
FBMSHA.
Investment Strategy
The Fund will invest primarily in the major stocks constituent of the FBMSHA. The
Fund is a passively managed fund whereby the Manager constructs the Fund’s
investment portfolio based on an index sampling approach by investing not less
than 60% of the Fund’s NAV in the top 15 constituent stocks of the FBMSHA
which represent more than 67% of the FBMSHA’s market capitalization (as at 28
February 2014). The balance may be invested in the next remaining constituent
stocks of FBMSHA, and any other Shariah-compliant securities in Malaysia capital
market, Islamic money market instruments and/or Islamic deposit placements.
Asset Allocation
The Fund shall invest a minimum 90% of its NAV in equities with a minimum 60%
among the top 15 constituent stocks of the FBMSHA. However equity investment
in the Fund shall not exceed 99.5% of its NAV. The balance will be invested in
Islamic money market instruments, Islamic deposit placement and/or other
permitted investments.
FBMSHA
Principal Risk(s)
•
•
•
Investor Profile
The Fund is suitable for investors who :
• Prefer a fund that conforms to Shariah principles; and
• Seek to have return close to the market performance.
Distribution Policy
The distribution is annual, subject to the total return of the Fund, available
income for the financial period, cash flow of the distribution and stability and
sustainability of the distribution of return.
Financial Year End
31 March
Trustee
ART
Shariah Adviser
BIMBSEC
Equity market risk
Tracking error risk
14 |
MASTER PROSPECTUS
2014/2015
NAME
PMB SHARIAH PREMIER FUND
Category / Type
Objective
The objective of the Fund is to provide opportunities for investors to achieve
capital growth over the medium to long term period through investment in any of
the 50 largest Shariah-compliant stocks by market capitalization (at the time of
purchase) listed on the Bursa Malaysia.
Investment Strategy
To achieve its objective, the Fund shall invest primarily in a portfolio of the 50
largest Shariah-compliant stocks in terms of market capitalization (at the point of
purchase) listed on Bursa Malaysia. The Fund may invest not more than 10% of its
NAV in the next top 25 largest listed companies based on the market
capitalization.
Asset Allocation
The Fund shall invest between 70% and up to 99.5% of its NAV in Shariahcompliant equity and equity-related securities. The balance will be invested in
Islamic money market instruments, Islamic deposit placements, Islamic debt
FBMSHA
Principal Risk(s)
•
•
•
Investor Profile
The fund is suitable for investors who:
•
Have a moderate risk tolerance level;
•
Have a medium to long term investment horizon;
•
Prefer a fund that conforms to Shariah principles; and
•
Seek capital growth from Shariah-compliant fund that invests in large
capitalized stocks.
Distribution Policy
Financial Year End
31 August.
Trustee
ART.
Shariah Adviser
BIMBSEC.
Equity market risk
Stock specific risk
|15
MASTER PROSPECTUS
2014/2015
NAME
PMB SHARIAH DIVIDEND FUND
Category / Type
Equity (Shariah) / Income
Objective
To provide investors with an opportunity to gain consistent and stable income
stream that is potentially higher than the average fixed deposit rates.
Investment Strategy
securities listed on Bursa Malaysia that offer or have the potential to declare
dividend yields of at least 3% per annum or above.
Asset Allocation
The Fund shall invest between 70% and 95% of its NAV in Shariah-compliant
equity and equity-related securities in Bursa Malaysia. The balance will be
invested in Islamic money market instruments, Islamic deposit placements,
Islamic debt securities and/or other permitted investments.
FBMSHA
Principal Risk(s)
•
•
•
Investor Profile
• Have a moderate risk tolerance level;
• Seek a regular and stable income stream from their investment.
Distribution Policy
Income will be distributed annually, subject to the availability of income for the
financial period.
Financial Year End
31 March
Trustee
CITB
Shariah Adviser
BIMBSEC
Equity market risk
Stock specific risk
16 |
MASTER PROSPECTUS
2014/2015
NAME
PMB SHARIAH TNB EMPLOYEES FUND
Category / Type
Equity(Shariah) / Growth & Income
Objective
The objective of the Fund is to provide investors with an opportunity to gain
steady income and to achieve capital growth over the medium to long term
period by investing in a portfolio of investments that comply with Shariah
principles.
Investment Strategy
Asset Allocation
FBMSHA
Principal Risk(s)
• Equity market risk
• Stock specific risk
• Shariah status reclassification risk
Eligibility
The following persons are eligible to apply and hold units in the Fund:
• Employees and retirees of Tenaga Nasional Berhad (TNB);
• Members of the Board of Directors of Tenaga Nasional Berhad (TNB);
• Any corporations, bodies, clubs, associations and/or cooperatives related to
TNB and/or the employees or retirees of TNB, as may be recognized and/or
approved by TNB.
Investor Profile
The Fund is suitable for Investors who :
• Seek income and capital growth from a Shariah-compliant fund.
Distribution Policy
The distribution is annually, subject to the availability of income for the financial
period.
Financial Year End
30 August
Trustee
CITB
Shariah Adviser
BIMBSEC
|17
2014/2015
MASTER PROSPECTUS
NAME
PMB SHARIAH TACTICAL FUND
Category / Type
Mixed Asset (Shariah) / Growth & Income
Objective
The objective of the Fund is to achieve capital growth over the medium to longterm period by investing in a portfolio of investments that comply with Shariah
principles.
Investment Strategy
The Fund will adopt a tactical asset allocation strategy and has the flexibility to
rebalance its allocation between the different asset classes of Shariah-compliant
equities and equity-related securities listed on Bursa Malaysia, Islamic debt
securities, Islamic money markets instruments, Islamic deposit placements and
/or other permitted investments, depending on market conditions.
Asset Allocation
•
•
0% - 100% of the Fund’s NAV – Shariah-compliant equities and/or equityrelated securities
0% - 100% of the Fund’s NAV – Islamic money market instruments, Islamic
deposit placements, Islamic debt securities and/or other permitted
investments.
Two times (2x) the performance of 1-Year Adjusted Average Rate of Kuala
Lumpur Islamic Reference Rate (KLIRR)
Principal Risk(s)
•
•
•
•
•
Investor Profile
The Fund is suitable for Investors who :
• Have a moderate to high risk tolerance;
• Seek income and capital growth from a tactical Shariah-compliant fund.
Distribution Policy
The distribution (if any) is annual, subjected to the availability of income for the
financial period.
Financial Year End
31 December
Trustee
ART
Shariah Adviser
BIMBSEC
Equity market risk
Stock specific risk
Profit/interest rate risk
Credit/default risk
18 |
MASTER PROSPECTUS
2014/2015
NAME
PMB SHARIAH BALANCED FUND
Category / Type
Balanced (Shariah) / Growth & Income
Objective
The objective of the Fund is to provide investors an opportunity to earn regular
income and capital growth in the medium to long term through investment in
Shariah-compliant securities.
Investment Strategy
The Fund shall invest primarily in a diversified portfolio that includes Shariahcompliant stocks listed on Bursa Malaysia that have annual dividend distribution
track record and/or prospects for capital growth, Islamic debt securities, Islamic
money market instruments, Islamic deposit placements and/or other permitted
investments.
Asset Allocation
The Fund shall invest between 40% and 60% of its NAV in Shariah-compliant
equity and equity-related securities listed on Bursa Malaysia. The balance will be
invested in Islamic debt securities, Islamic money market instruments, Islamic
deposit placements and/or other permitted investments.
A combination of 50% FBMSHA and 50% 1-year Adjusted Average Rates of the
Kuala Lumpur Islamic Reference Rates (KLIRR)
Principal Risk(s)
•
•
•
•
•
Investor Profile
•
Have a low to moderate risk tolerance level;
•
Have medium to long term investment horizon;
•
Prefer a fund that conforms to Shariah principles; and
•
Seek a regular annual income and capital growth in the medium to long
term from an Islamic fund.
Distribution Policy
financial period.
Financial Year End
30 November
Trustee
ART
Shariah Adviser
BIMBSEC
Equity market risk
Stock specific risk
Profit/interest rate risk
Credit/default risk
|19
2014/2015
MASTER PROSPECTUS
NAME
PMB SHARIAH CASH MANAGEMENT FUND
Category / Type
Money Market (Shariah) / Income
Objective
To provide investors with reasonable return with high degree of liquidity while
maintaining capital stability through investments primarily in Shariah approved
money market instruments and debt securities.
Investment Strategy
The Fund seeks to achieve its objective by investing in near term Islamic money
market instruments, Islamic deposit placements and/or Islamic debt securities
in Malaysia that mature within 365 days. Nevertheless the Fund can invest up to
10% of its NAV in the Islamic money market instruments, Islamic debt securities
and/or Islamic deposit placements with maturity period exceeding 365 days but
not longer than 732 days.
Asset Allocation
The Fund shall invest up to 100% of its NAV in Islamic money market
instruments, Islamic debt securities and/or Islamic deposit placements. The
Fund shall invest not less than 90% of its NAV in Islamic money market
instruments, Islamic debt securities, or Islamic deposit placements having a
maturity of not more than 365 days, while the balance can be invested Islamic
money market instruments, Islamic debt securities and/or Islamic deposit
placements maturing between more than 365 days to 732 days.
BNM Overnight Islamic Interbank Rate
Principal Risk(s)
• Profit/Interest rate risk.
• Credit/default risk.
Investor Profile
• Have a low risk tolerance level;
• Have either short, medium or long-term investment horizon;
• Look for regular and stable though low level of return;
• Look for alternative to Islamic deposit placements with tax incentive; and
• Look for alternative to Islamic deposit placements that does not require
determination of tenure on placements.
Distribution Policy
The distribution (if any) is on a monthly basis subject to the availability of
income.
Financial Year End
30 June
Trustee
ART
Shariah Adviser
BIMBSEC
20 |
MASTER PROSPECTUS
2014/2015
3.2
FEES AND CHARGES
3.2.1
Charges directly incurred by investors when purchasing or redeeming units of the Funds.
Table below describes the charges that you may directly incur when you buy or redeem units of the Funds:Charges
Distribution Channels
IUTA, Agents and Direct
Purchase
Sales charge
per unit
% of the NAV
6.0%
IUTAs, Agents, Direct
Purchase & EPF MIS
Applicable to all Funds except PMB SCMF
Nil
PMB SCMF
3.00 %
Applicable to all approved Funds except
PMB SCMF
Nil
PMB SCMF
Nil
Applicable to all Funds
EPF MIS
Repurchase
Charge per
unit
Fund
The charges for switching are set out below:
To
Equity
funds
Mixed Asset/
Balanced funds
Money Market
funds
Equity funds
RM25 per
transaction
RM25 per
transaction
Nil
Mixed Asset/
Balanced funds
RM25 per
transaction
RM25 per
transaction
Nil
Money Market
funds
Up to 6% of
amount switched
Up to 6% of
amount switched
Not applicable
From
Switching
charges
Transfer Fee
RM10 per transaction.
Other
charges
• Bank charges
• Telegraphic transfer
charges
Rate as determined by transacting financial institutions.
Notes:
The Manager may, at its discretion, charge a lower sales charge based on criteria as may be determined from
time to time. Please refer to Chapter 8 (page 128) for details on the Sales Charge.
|21
2014/2015
3.2.2
MASTER PROSPECTUS
Fees and Expenses Indirectly Incurred when Investing in the Funds
Table below describes the fees that you may indirectly incur when you invest in any of the Funds:Fees And Expenses
% Per Annum Of NAV
Fund
1.5%
Applicable to all Funds except PMB SBF, PMB SIF &
PMB SCMF
1.0%
PMB SBF
0.6%
PMB SIF
0.4%
PMB SCMF
0.1%
0.05%
PMB SCMF
0.1%
PMB SDF (subject to a minimum fee of RM18,000
per annum)
Annual Trustee Fee
Other Fees and Expenses Directly Related to the Fund
Fees paid to
brokers/dealers
The rate of brokerage fees is in accordance with and determined by the rules
and regulations of Bursa Malaysia.
Auditor’s fee
The rate of Auditors’ fee is determined by the Manager and Auditors as per the
agreement.
Tax adviser’s fee
The rate of Tax Adviser’s fee is determined by the Manager and Tax Adviser as
per the agreement.
Valuation fee
The rate of valuation fee is determined by the independent valuers as per the
agreement.
Taxes
The rate of taxes is determined by the Government and other authorities.
Custodial charges
The rate of custodial fee is determined by the Manager and the Trustee.
Tax voucher/
distribution warrants
The fees on tax voucher/distribution warrants are determined by the printing
company.
Annual/interim reports
The annual/interim reports fees are determined by the cost incurred on the
issuance and distribution of the annual/interim reports.
Bank charges
The rate is determined by the transacting financial institutions.
22 |
MASTER PROSPECTUS
3.3
3.3.1
2014/2015
Trusteeship of the Funds
Funds under the ART trusteeship:
a.
PMB Dana Al-Aiman
b.
PMB Dana Mutiara
c.
PMB Dana Bestari
d.
e.
f.
g.
h.
i.
j.
Funds under CITB trusteeship:
3.3.2
a.
b.
c.
Deed of the Funds
Under ART trusteeship:
a.
Master Deed dated 3 June 1998;
b.
2 Master Supplemental Deed dated 31 May 2001;
c.
3rdMaster Supplemental Deed dated 20 May 2002;
d.
4thMaster Supplemental Deed dated 8 June 2004;
e.
5 Master Supplemental Deed dated 6 September 2005;
f.
6thMaster Supplemental Deed dated 10 February 2009;
g.
7 Master Supplemental Deed dated 20 July 2009;
h.
8 Master Supplemental Deed dated 15 August 2012;
i.
9th Master Supplemental Deed dated 9 October 2012;
j.
10 Master Supplemental Deed dated 29 November 2012;
k.
11th Master Supplemental Deed dated 30 July 2013;and
l.
12 Master Supplemental Deed dated 4 March 2014.
nd
th
th
th
th
th
Under CITB trusteeship:
a.
Principal deed dated 12 March 1992 in respect of PMB SMCF;
b.
1st Supplemental Deed dated 10 September 1993 in respect of PMB SMCF;
c.
2 Supplemental Deed dated 10 October 1993 in respect of PMB SMCF;
d.
3rd Supplemental Deed dated 10 October 1994 in respect of PMB SMCF;
e.
Principal Deed dated 22 August 1995 in respect of PMB STEF;
f.
Supplemental Deed dated 3 June 1998 in respect of PMB SMCF and PMB STEF;
g.
2nd Master Supplemental Deed dated 31 May 2001 in respect of PMB SMCF and PMB STEF;
h.
Principal deed dated 13 June 2008 in respect of PMB SDF;
i.
3rd Supplemental Master Deed dated 13 November 2013 in respect of PMB SMCF, PMB STEF
and PMB SDF; and
j.
4thSupplemental Master Deed dated 4 March 2014.
nd
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2014/2015
3.3.3
MASTER PROSPECTUS
Avenues for Advice to Prospective Investors
For investment in Unit trusts, you may find ‘Malaysian Investor’ website at www.min.com.my useful
for the purpose. You may also reach them at ‘Investor Education Department, Securities Industry
Development Corporation, No. 3, Persiaran Bukit Kiara, Bukit Kiara 50490 Kuala Lumpur (Tel: 03-6204
8889).
3.3.4
Designated Fund Managers for the Funds
The profile of the designated fund managers of the Fund may be referred to on page 143.
•
There are fees and charges involved and investors are advised to consider them before investing
in the Fund.
•
Unit prices and distributions payable, if any, may go down as well as up.
•
For information concerning certain risk factors which should be considered by prospective
investors, see “risk factors” commencing on page 25.
•
Past performance of the Fund is not an indication of its future performance.
•
Investors are required to complete Pre-Investment Form and Suitability Assessment Form in
addition to Application Form before investing.
24 |
MASTER PROSPECTUS
4.
2014/2015
RISK FACTORS
As with all investments, there are risks involved. The prices of units in a unit trust fund and the income from the
Fund may go up as well as down. You should be aware of the risks and returns involved in investing in unit trust
funds. No guarantee is given that you will receive any income distribution or return on your investments or that
you will get back your initial amount invested in full. The risks involved in investing in unit trust funds include
but not limited to the following:-
4.1
GENERAL RISKS OF INVESTING IN UNIT TRUST FUNDS
4.1.1
Fund Management Risk
The performance of a unit trust fund depends on the experience, knowledge and expertise of the fund
manager and the investment strategies adopted. Poor management and/or strategies of a fund, such
as delays in responding appropriately to the economic or market changes, or inadequate portfolio
diversification, will jeopardize the investment of unit holders through the loss of their capital invested
in the fund or loss of opportunity.
4.1.2
Inflation/Purchasing Power Risk
This refers to the decline in the purchasing power of the same amount of money over time. Therefore,
any return lower than the inflation rate will reduce the value of the investment.
4.1.3
Loan Financing Risk
When an investor borrows money to purchase units in a fund, they must be prepared to accept
financing risks as the prices of the units can go down as well as up. Such a scenario may occur when
the units are used as collateral when obtaining the financing. The investor may be required to provide
additional collateral or top up the difference in the event the unit price goes below the margin of
advance.
4.1.4
Risk of Non-Compliance
The risk that the manager and others associated with the unit trust fund may not follow the rules set
out in the unit trust fund’s deed and internal policies, or the laws that governs the unit trust scheme,
or act fraudulently or dishonestly. Non-compliance may expose the fund to higher risks that may result
in financial and/or non-financial losses. However, this risk is greatly reduced via proper establishment
of the compliance and internal control policies. For Shariah-compliant funds, there is a risk that the
currently held Shariah-compliant securities in the portfolio of Shariah-compliant funds may be
removed from the Shariah-compliant list upon review of the securities by the SAC of SC and/or the
Shariah Adviser. If this occurs, the value of the Fund may be adversely affected when the Manager
takes the necessary steps to dispose of such securities in accordance with SAC’s advice.
4.2
SPECIFIC RISKS ASSOCIATED WITH INVESTMENT PORTFOLIOS
4.2.1
Equity Market Risk
The performance of the unit trust fund is subject to the volatility of the stock market which is
influenced by the changes in the economic and political climate, interest rate, international stock
market performance and regulatory policies. The movement in the underlying investment portfolio
will affect the value of the fund. However a fund’s diversification into different sectors helps mitigate a
fund’s exposure risk to any single asset class.
4.2.2
Stock Specific Risk
This risk could be a result of changes to the business performance of the company, consumer tastes
and demand, lawsuits, competitive operating environment and management practices. Any major
fluctuation of the stock price may affect the NAV of the fund and thus influence the price. This risk can
|25
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MASTER PROSPECTUS
be mitigated through investing in a wide range of companies in different sectors and so function
independently from one another.
4.2.3
Liquidity Risk
The risk refers to the ease of converting securities into cash at or near its fair value which normally
depends on the volume traded on the market. The risk is mitigated through extensive research on
stock selection and diversification.
4.2.4
This risk refers to the scenario where the Shariah-compliant securities in the portfolio of the Fund may
be removed from the Shariah-compliant list upon review of the securities, performed twice yearly, by
the SAC of the SC. In such event, the Fund should –
(a) dispose of the securities within six months (or such duration that the SAC of SC may determine)
after the effective date of the updated list of Shariah-compliant securities if the market price of
such securities exceeds or is equal to the investment cost. The Funds are allowed to keep
dividends received and capital gain from disposing of the securities within such period. However,
any dividends received and excess capital gain from the disposal of Shariah non-compliant
securities after such period should be channeled to baitulmal and/or charitable bodies; or
(b) hold the respective securities if the market price of the said securities is below the investment
cost until the market price or value of the securities is equal to the cost of investment.
4.2.5
Dividend Policy Risk
This is a risk particular to a fund which has heavy emphasis on high yield dividend stocks. This risk may
occur when fundamentals of the company’s business deteriorate or if there is a change in the
management policy resulting in a reduction or even removal of the company’s dividend policy. This
risk may be mitigated by investing mainly in companies with a consistent historical record of paying
dividends, strong cash flow, or operating in fairly stable industries.
4.2.6
Movements in interest rate will have an impact on a management of a fund. This risk refers to the
effect of profit/interest rate changes on the market value of Islamic money market instruments,
Islamic deposit placements and Islamic debt securities. Any downward movement of the
profit/interest rate may result in a loss of the expected return from the Fund’s investments in Islamic
money market instrument and Islamic deposit placement. The value of the Islamic debt securities has
a tendency to move inversely with the movement of the profit/interest whereby the prices of the
Islamic debt securities may fall when profit/interest rates rise and vice versa.
The interest rate is a general indicator. Although the Fund does not invest in interest bearing
instruments, the movement of the interest rate will have an impact on the profit rate of the Islamic
money market instruments and Islamic deposit placement, and consequently affect the expected
return of the Fund’s investments.
4.2.7
Credit/Default Risk
Credit risk refers to the ability of an issuer or financial institution of an Islamic debt securities, Islamic
money market instruments and/or Islamic deposit placements to make timely payments of profit
when due and/or repay the principal upon maturity or proceeds from realization of investments. Any
default in the payment of profit and/or principal can lead to delayed or reduced income for a fund,
and/or a loss of capital resulting in a reduction in the fund’s NAV and thus its unit price. This risk is
mitigated through a prudent research process and close monitoring of the issuer’s credit profile and
diversification of the fixed income portfolio of a fund.
26 |
MASTER PROSPECTUS
5.
THE FUNDS
5.1
EQUITY FUNDS
2014/2015
The investment portfolio of the Funds comprises securities which have been classified as Shariahcompliant by the SAC of the SC. For securities not certified by the SAC of the SC, the status of the securities
has been determined in accordance with the ruling issued by the Shariah Adviser of the Funds.
5.1.1 PMB DANA AL-AIMAN
Fund Profile
Category of Fund
:
Equity (Shariah)
Type of Fund
:
Growth & Income
General Information
The Fund was launched on 9 April 1968 as Kumpulan Modal Bumiputera Yang Pertama for Bumiputera
investors. Unit Holders on 21 September 1996 approved the conversion of the Fund into a Shariah-compliant
fund and its opening to the public. It was re-launched as Dana Al-Aiman on 19 May 1997. The Fund assumes its
current name on 28 April 2014.
Investment Objective
The objective of the Fund is to provide investors with steady return and to achieve capital growth over the
medium to long term by investing in equities and fixed income securities that conform to the Shariah principles.
Note: Any material changes to the investment objective of the Fund require Unit Holders’ approval.
Investment Strategy
The Fund shall invest primarily in a diversified portfolio of Shariah-compliant equity and equity-related
securities listed on any recognized stock exchange in Malaysia.
The portfolio construction process is research driven with extensive bottom-up fundamental analysis coupled
with top down economic and sector analysis. In identifying investable listed companies, the Manager relies on
fundamental research where the financial strength including track records, the company’s prospects, business
operation and top management of the companies are considered. In addition, prospects for the economies and
sectors in which the companies operate are also assessed.
The focus is on public-listed companies with growth prospects and/or having forecast dividend yield of 3.0% per
annum or above over medium to long term to optimize the total returns of the Fund. Other valuation measures
include price to earnings (PE), PE to growth, discounted cash flow, price to revalued net asset value and price to
book depending in which sector the companies operate and whether the operations are perpetual or for a
defined period. Analyses are also made on revenue growth, profit margins, sustainability of earnings, balance
sheet and cash flow.
The Fund will also partake in situational investment opportunity (such as mergers & acquisitions and
privatization) within the acceptable level of risks as analysed by the Manager.
Under normal circumstances, allocation to equity and equity-related securities ranges between 70% and 99.5%
of the NAV of the Fund. The remaining will be invested in Islamic money market instruments, Islamic deposit
placements, Islamic debt securities and/or other permitted investments. The equity allocation may be reviewed
from time to time depending on the global, regional and local economic as well as equity market conditions.
This includes assessing the relevant political, economic and business environment prior to making investment
decisions.
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MASTER PROSPECTUS
The Manager may also take temporary defensive positions that may be inconsistent with the Fund’s main
strategy in attempting to respond to adverse political and/or economic conditions or potential sharp downturn
in the equities market that likely lead to a substantial capital loss. In such circumstances, the Manager may
reallocate 100% of the Fund’s equity and equity-related investments into other permitted investments,
including Islamic debt securities, Islamic money market instruments, and/or Islamic deposit placements.
For investment in Islamic debt securities, credit valuation and profit/interest rate direction are the most critical
risk factors to be considered. As for credit valuation, the Manager set stringent investment criteria in assessing
Islamic debt securities, covering mainly the nature of business, management, cash flow, gearing level and
collateralization. In case the Fund invests in such securities, only investment grade Islamic debt securities rated
by either RAM or MARC will be considered. To be prudent, the Manager adopts a strategy by:i)
selecting only instruments with a minimum credit rating of A2 as per the rating scale of RAM or its
equivalent for long-term instruments and P2 or its equivalent for short–term instruments; and/or
ii)
having a longer or shorter duration of debt instruments depending on the expected direction of the
KLIRR.
Risks of Investing in the Fund
•
Equity Market Risk
Equity market risk refers to the potential losses that may arise from changes in the market prices of the
Fund’s investments. The prices of securities in which the Fund invests may fluctuate due to various factors,
for examples, changes in government regulations and policies, economic developments, investor
sentiment, inflation, interest rates and exchange rates. Such movement in securities prices will affect the
Fund’s NAV/unit due to its exposure of between 70% and 99.5% in the equity market.
•
Stock Specific Risk
The risk that is directly associated with a particular stock due to changes in consumer preferences and stiff
competition, introduction of levies on certain products or services that may affect the value of the stock.
•
This risk refers to the scenario where the Shariah-compliant securities in the portfolio of the Fund may be
removed from the Shariah-compliant list upon review of the securities, performed twice yearly, by the SAC
of the SC. In such event, the Fund should:
(a) dispose of the securities within six months (or such duration that the SAC of the SC may determine)
after the effective date of the updated list of Shariah-compliant securities if the market price of such
securities exceeds or is equal to the investment cost. The Funds are allowed to keep dividends
received and capital gain from disposing of the securities within such determined. However, any
dividends received and excess capital gain from the disposal of Shariah non-compliant securities after
such period should be channeled to baitulmal and/or charitable bodies; or
(b) hold the respective securities if the market price of the said securities is below the investment cost
until the market price or value of the securities is equal to the cost of investment.
As a result of the above risks, income distribution and capital appreciation of the value of the Fund cannot be
guaranteed. However, the Manager will take reasonable steps to ensure that the above potential risks are
mitigated.
Risk Management
The Manager adopts an active investment strategy to manage the risks of equity investment of the Fund. The
market volatility may lead to capital loss which affects the return. Stock selection and diversification of
investment in equity securities are keys to mitigating the overall risk of the Fund.
The equity market risk of the Fund is prudently managed through the following strategies:•
Stock selection whereby the Manager will employ a fundamental approach to ensure selection of quality
Shariah-compliant equities which will take into account information gathered during company visits,
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MASTER PROSPECTUS
2014/2015
potential income and earnings growth, management quality and past track records of the companies are
considered, and
•
Diversification into different sectors that gives the manager flexibility to move the Fund’s equity exposure
actively within a range of 70% to 99.5% of its NAV depending on capital market conditions. The flexibility
allows the Manager to remain invested during market upturns or liquidate investments to preserve its
capital during the market downturns.
The Manager may also take temporary defensive positions that may be inconsistent with the Fund’s principal
strategy in attempting to respond to adverse economic and/or political conditions or potential sharp downturn
in the equities market that may be likely leading to substantial capital loss.
In such circumstances, the Manager may reallocate up to 100% of the Fund’s equity investments into other
permitted investments, including Islamic debt securities, Islamic money market instruments and/or Islamic
deposit placements.
To manage the stock specific risk of the Fund, in-depth company analyses are conducted. Stock selection is
based on stringent investment criteria which include the company’s financial strength, business operations and
management. The valuations are thoroughly analyzed to ensure the Fund invests in companies that practice
good corporate governance. The Fund also takes into account trading liquidity to manage the stock specific risk.
For investment in Islamic debt securities, credit valuation and profit rate direction are the most critical risk
factors to be considered. As for credit valuation, the Fund Manager has set stringent investment criteria in
assessing Islamic debt securities, covering mainly the nature of business, cash flow, gearing level, management
and collateralization. In case the Fund invests in such securities, only investment grade Islamic debt securities
rated by either RAM or MARC will be considered. As for the profit/interest rate direction, the expected
direction of KLIRR will be taken into consideration.
In addition, regular reporting to and consulting with Investment Committee members are held at periodical
meetings. The reporting to the Investment Committee consists of, amongst others, the review on the
performance of the Fund and the relevant markets, immediate and future investment approach and asset
allocation strategy, and compliance status.
FBMSHA – The index comprises the constituents of the FBM EMAS that are Shariah-compliant according to the
SAC of the SC screening methodology. You may obtain the information pertaining to the index from Bursa
Malaysia website and major daily newspapers.
Permitted Investments
Investment Restrictions and Limits Valuation of Investments
Please refer to page 69 for details.
Please refer to page 73 for details
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MASTER PROSPECTUS
2014/2015
5.1.2 PMB DANA MUTIARA
Fund Profile
Category of Fund
:
Equity (Shariah)
Type of Fund
:
Growth & Income
General Information
The Fund was launched on 2 February 1970 as Kumpulan Modal Bumiputera Yang Keempat for Bumiputera
investors. Unit Holders approved on 21 April 2004 its conversion into a Shariah-compliant fund and its opening
to the public. It was re-launched as ASM Dana Mutiara on 5 August 2004 with a new marketing strategy
targeting especially women investors seeking for medium to long term investment. The Fund assumes its
current name on 28 April 2014.
Investment Strategy
decisions.
reallocate up to 100% of the Fund’s equity investments into other permitted investments, including Islamic
debt securities, Islamic money market instruments and/or Islamic deposit placements.
by either RAM or MARC will be considered. To be prudent, the Manager adopts a strategy by:30 |
MASTER PROSPECTUS
2014/2015
i)
ii)
having a longer or shorter duration of debt instruments depending on the expected direction of the KLIRR.
•
Equity Market Risk
•
Stock Specific Risk
•
of the SC. In such event, the Fund should :
a)
dispose of the securities within six months (or such duration that the SAC of the SC may determine)
b) hold the respective securities if the market price of the said securities is below the investment cost
mitigated.
Risk Management
The equity market risk of the Fund is prudently managed through the following strategies :•
considered, and
•
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2014/2015
MASTER PROSPECTUS
deposit placements.
by either RAM or MARC will be considered. As for the profit/interest rate direction, the expected direction of
KLIRR will be taken into consideration.
SAC SC screening methodology. You may obtain the information pertaining to the index from Bursa Malaysia
website and major daily newspapers.
32 |
MASTER PROSPECTUS
2014/2015
5.1.3 PMB DANA BESTARI
Fund Profile
Category of Fund
:
Equity (Shariah)
Type of Fund
:
Growth & Income
General Information
The Fund was launched on 17 July 1975 as Kumpulan Modal Bumiputera Yang Kelapan for Bumiputera
investors. Unit Holders approved on 23 March 2002 its conversion into a Shariah-compliant fund and its
opening to the public. It was re-launched as Dana Bestari on 3 October 2002 with a new marketing strategy
focusing investment for future education funding. The Fund assumes its current name on 28 April 2014.
Investment Strategy
decisions.
reallocate up to 100% of the Fund’s equity investments into other permitted investments, including Islamic
by either RAM or MARC will be considered. To be prudent, the Manager adopts a strategy by:-
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2014/2015
MASTER PROSPECTUS
i)
ii)
KLIRR.
•
Equity Market Risk
•
Stock Specific Risk
•
of the SC. In such event, the Fund should :
a)
mitigated.
Risk Management
considered, and
•
34 |
MASTER PROSPECTUS
2014/2015
deposit placements.
|35
MASTER PROSPECTUS
2014/2015
5.1.4 PMB SHARIAH AGGRESSIVE FUND
Fund Profile
Category of Fund
:
Equity (Shariah)
Type of Fund
:
Growth
General Information
The Fund was launched on 5 May 1972 as Kumpulan Modal Bumiputera Yang Keenam for Bumiputera investors.
Unit Holders approved on 5 May 2005 its conversion into a Shariah-compliant aggressive fund and its opening
to the public. It was re-launched as ASM Shariah Aggressive Fund with a new marketing strategy targeting
investors who seek high capital return at a higher level of risks. The Fund assumes its current name on 28 April
2014.
The objective of the Fund is to provide investors with opportunity to earn high capital return over the medium
to long term through active investments in Shariah approved securities listed on the Bursa Malaysia.
Investment Strategy
securities listed on any recognized stock exchange in Malaysia. The Fund has an aggressive investment
approach where active trading strategy is adopted. The PTR will be normally higher than that of the normal
equity-based Funds.
It shall invest primarily in a diversified portfolio among any of the top 250 Shariah-compliant companies in
terms of market capitalization listed on Bursa Malaysia. Exclusions from the list of the 250, if any, are those
companies that have huge retained losses to the tune that its net asset value per share being less than 50% of
its par value; this is to mitigate the risk of investing in a potential insolvent company. The research process is
based on relative performance analysis that is aimed at selecting a portfolio of stocks among the stock universe
as mentioned above that have the potential to have good price performance.
placements and/or other permitted investments. The equity allocation may be reviewed from time to time
depending on the global, regional and local economic as well as equity market conditions. This includes
assessing the relevant political, economic and business environment prior to making investment decisions.
•
Equity Market Risk
•
Stock Specific Risk
•
36 |
MASTER PROSPECTUS
a)
2014/2015
As a result of the above risks, capital appreciation of the value of the Fund cannot be guaranteed. However, the
Manager will take reasonable steps to ensure that the above potential risks are mitigated.
Risk Management
considered, and
•
deposit placements.
|37
2014/2015
MASTER PROSPECTUS
5.1.4
5.1.3
5.1.3
38 |
MASTER PROSPECTUS
2014/2015
5.1.5 PMB SHARIAH GROWTH FUND
Fund Profile
Category of Fund
:
Equity (Shariah)
Type of Fund
:
Growth
General Information
The Fund was launched on 28 December 1972 as Kumpulan Modal Bumiputera – Dana Pertumbuhan for
Bumiputera investors. Unit Holders approved on 18 October 2012 the change of the Fund’s investment
objective to make it a Shariah-compliant fund and its opening to the public. It was re-launched on 15 January
2013 as ASM Shariah Growth Fund with a new marketing strategy targeting investors who seek to invest in a
fund that invests in growth stocks. The Fund assumes its current name on 28 April 2014.
The objective of the Fund is to provide investors with an opportunity to achieve capital growth over the
medium to long term period by investing in Shariah-compliant securities.
Investment Strategy
It shall invest primarily in a diversified portfolio among any of the top 250 Shariah-compliant companies in
terms of market capitalization listed on Bursa Malaysia. Exclusions from the list of the 250, if any, are (a) those
companies that have huge retained losses to the tune that its net asset value per share being less than 50% of
its par value; this is to mitigate the risk of investing in a potential insolvent company; and (b) those companies
that are forecasted to register earnings per share growth below 10% per annum. The research process is based
on relative performance analysis that is aimed at selecting a portfolio of stocks among the stock universe as
mentioned above that have the potential, as analyzed by the Manager, to have good price performance.
placements and/or other permitted investments. The equity allocation may be reviewed from time to time
depending on the global, regional and local economic as well as equity market conditions. This includes
assessing the relevant political, economic and business environment prior to making investment decisions.
•
Equity Market Risk
•
Stock Specific Risk
•
|39
2014/2015
a)
MASTER PROSPECTUS
Risk Management
considered, and
•
deposit placements.
40 |
MASTER PROSPECTUS
2014/2015
|41
MASTER PROSPECTUS
2014/2015
5.1.6 PMB SHARIAH MID-CAP FUND
Fund Profile
Category of Fund
:
Equity (Shariah)
Type of Fund
:
Growth
General Information
The Fund was launched as ASM First Public Fund on 20 April 1992 and is open to the public. Unit Holders
approved on 4 July 2013 the change of the Fund’s investment objective to make it a Shariah-compliant fund,
focusing the Fund to invest in securities that comply with Shariah requirements. It was re-launched on 7 March
2014 as ASM Shariah Mid-Cap Fund with a new marketing strategy targeting investors who seek to invest in a
fund that invests in mid-cap stocks. The Fund assumes its current name on 28 April 2014.
The objective of the Fund is to achieve capital growth over the medium to long-term period by investing
primarily in medium sized Shariah compliant companies in terms of market capitalization.
Investment Strategy
It shall invest primarily in a diversified portfolio of Shariah-compliant equity and equity-related securities of
medium sized companies with market capitalization between RM1 billion and RM7 billion at the point of
purchase. However, the Fund may invest up to 20% of its NAV in securities of Shariah-compliant companies
with market capitalization in excess of RM7 billion.
The portfolio construction process is research driven with fundamental analysis conducted among the
companies derived from the process as mentioned above. In identifying investable listed companies among
them, the Manager relies on fundamental research where the financial strength including track records, the
company’s prospects, business operation and top management of the companies are considered. Other
valuation measures include price to earnings (PE), PE to growth, discounted cash flow, price to revalued net
asset value and price to book depending in which sector the companies operate and whether the operations
are perpetual or for a defined period. Analyses are also made on revenue growth, profit margins, sustainable
earnings, balance sheet and cash flow. In addition, prospects for the economies and sectors in which the
companies operate are also assessed.
The Fund will maintain equity exposure within a range of 70% to 99.5% of its NAV. The remaining of the Fund’s
NAV shall be invested in Islamic money market instruments, Islamic deposit placements, Islamic debt securities
•
Equity Market Risk
•
Stock Specific Risk
42 |
MASTER PROSPECTUS
•
2014/2015
a)
Risk Management
considered, and
•
deposit placements.
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MASTER PROSPECTUS
44 |
MASTER PROSPECTUS
2014/2015
5.1.7 PMB SHARIAH INDEX FUND
Fund Profile
Category of Fund
:
Equity (Shariah)
Type of Fund
:
Growth
General Information
The Fund was launched on 19 February 1969 as Kumpulan Modal Bumiputera Yang Kedua for Bumiputera
investors. Unit Holders approved on 23 November 2000 the change of its investment objective to an index
tracking fund and its opening to the public. The Fund was re-launched as ASM Index Fund on 25 March 2002.
Subsequently on 19 July 2012, Unit Holders approved the Fund to be Shariah-compliant while maintaining it as
an index-tracking fund. It was re-launched as ASM Shariah Index Fund on 15 January 2013. The Fund assumes
its current name on 28 April 2014.
The objective of the Fund is to provide investors with the opportunity to gain reasonable return and capital
growth in the medium to long term period by investing in Shariah-compliant securities whilst at the same time
the Manager will attempt to match closely its performance with the performance of the FTSE Bursa Malaysia
EMAS Shariah Index (FBMSHA).
Investment Strategy
The Fund shall invest in a diversified portfolio of Shariah-compliant equity securities listed on Bursa Malaysia,
primarily in stocks constituent of the FBMSHA.
It is a passively managed index fund whereby the Fund Manager constructs the Fund’s investment portfolio
based on an index sampling approach by investing not less than 60% of the Fund’s NAV in the top 15
constituent stocks of the FBMSHA that represent approximately 67% of the market capitalization of the index
(as at 28 February 2014). The balance may be invested in the next remaining constituent stocks of FBMSHA, and
any other Shariah-compliant securities listed on Bursa Malaysia.
Under normal circumstances, the Fund shall invest at least 90% of its NAV in equities with a minimum 60%
among the top 15 constituent stocks of the FBMSHA. However equity investment of the Fund shall not exceed
99.5% of its NAV. The balance will be placed Islamic money market instruments, Islamic deposit placements
The benchmark for the Fund is FBMSHA. The index comprises the constituents of the FBM EMAS that are
Shariah-compliant according to the SAC of the SC screening methodology. The FBMSHA has been designed to
provide investors with a broad benchmark for Shariah-compliant investment. It was launched on 22 January
2007 and developed using a base value of 6,000 as of 31 March 2006.
The 5 top industrial sector breakdown of the FBMSHA, by the market capitalization as at 28 February 2014 was
as below:
Sector
Trading
53
Net Market
Capitalization (RM mil)
216,663
Industrial
32
60,246
14.45
Plantation
14
48,168
11.56
Property
24
22,103
5.30
3
21,095
5.03
126
368,275
88.35
Infrastructure
Total
No of Constituents
Weighing (%)
51.98
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MASTER PROSPECTUS
Source:http://www.ftse.com/Indices/FTSE_Bursa_Malaysia_Index_Series/index.
The FBMSHA is subject to the FTSE Bursa Malaysia index rules and calculation methodology. To be eligible for
inclusion in the FBMSHA, any stock is subject to the following screening:Eligible Securities
All classes of ordinary shares in issue are eligible for inclusion, subject to conforming to all other rules of
eligibility, free float and liquidity.
•
Free Float
Free float is share capital freely available for trading. Each company is required to have at least 15% of free
float to be eligible for inclusion. The free float excludes restricted shareholding like cross holdings,
significant long term holdings by founders, their families and/or directors, restricted employee share
schemes, government holdings and portfolio investments subject to a lock in clause, for the duration of
that clause.
A free float factor is applied to the market capitalization of each company in accordance with the free float
bands specified in the FTSE Bursa Malaysia Ground Rules. The factor is used to determine the attribution of
the company's market activities in the index.
•
Liquidity
A liquidity screen is applied to ensure the company's stocks are liquid enough to be traded. An existing
constituent which does not turnover at least 0.04% of its shares in issue (after the application of any
investability weightings) based on its median daily trade per month for at least eight or the twelve month
prior to the semi-annual review will be removed.
•
Shariah Compliance
The general criteria, as determined by the SAC of the SC, stipulate that the Shariah-compliant companies
must not be involved in any of the following core activities:
a.
b.
c.
d.
e.
f.
g.
h.
Financial services based on riba (interest)
Gambling
Manufacture or sale of non-halal products or related products
Conventional insurance
Entertainment activities that are non-permissible according to Shariah
Manufacture or sale of tobacco based products or related products
Stockbroking or share trading in Shariah non-compliant securities
Other activities deemed non-permissible according to Shariah
The FBMSHA is calculated every 60 seconds on a real time basis. Its constituents are reviewed semi-annually in
June and December by the FTSE Bursa Malaysia Index Advisory Committee.
You may obtain information on the FBMSHA from the business section of major daily newspapers and financial
periodicals, Bursa Malaysia's website at http://www.bursamalavsia.com and FTSE Group's website at
http://www.ftse.com.
The calculation of the FBMSHA is provided by FTSE. Therefore, the accuracy and completeness of the
calculation of FBMSHA may be affected by data, system, operational and statistical error of the index provider.
Circumstances that May Lead to Tracking Errors
The Fund potentially exhibits tracking error as it may not follow exactly the movement of the FBMSHA where it
may outperform or underperform the index. The tracking error may arise due to the following reasons:
a.
b.
c.
the Fund’s investment does not fully replicate the FBMSHA stock constituents as it emphasizes on the top
15 of the FBMSHA which represent only approximately 67% of the index;
underweight positions on any particular stocks among the top 15 of the FBMSHA;
the Fund’s investment in securities other than the top 15 components of the FBMSHA;
46 |
MASTER PROSPECTUS
d.
e.
2014/2015
the Fund’s non-investment in lower weightage constituent stocks that outperform the top stock
constituents; and
fees and expenses of the Fund such as management fees, trustee fees, other indirect fees and transaction
costs which are charged to the Fund, contributing variance between the return of the Fund and its
performance benchmark.
The error may be minimized by rebalancing the investments in the Fund at the beginning of the subsequent
months to reflect the changes to the composition of the weightings of shares in the FBMSHA.
Accordingly, a monthly analysis of the portfolio is conducted to ensure that tracking errors are within
acceptable level; the investment weightings are within the tolerance limit; and a minimum 60% of the Fund’s
NAV is in FBMSHA top 15 major component stocks.
Policy on Investment Portfolio Rebalancing
The portfolio of the Fund is rebalanced at the beginning of the month to reflect the changes to the composition
of or the weightings of shares in the FBMSHA at the end of the preceding month. The rebalancing process is
done when the NAV of the stock in the portfolio exceeds its respective weighting in the FBMSHA. The shares of
that particular stock are disposed of to reduce the weighting to match the level of stock weighting of FBMSHA.
However, for stocks which cost of investment is higher than the market value, the disposal may be done within
a 3-month grace period to minimize any potential loss.
•
Equity Market Risk
Fund’s investments. The prices of securities that the Fund invests in may fluctuate due to various factors,
for example, changes in government regulations and policies, economic developments, investor sentiment,
inflation, interest rates and exchange rates. Such movement in the prices of the securities will affect the
Fund’s NAV due to the exposure between 90% and 99.5% of the Fund’s investment portfolio in the equity
market.
•
Risk of Tracking Error
The Fund’s performance may not reflect the performance of the FBMSHA as the Fund’s portfolio does not
fully replicate the FBMSHA constituents.
a)
guaranteed. However, the manager will take reasonable steps to ensure that the above potential risks are
mitigated where possible.
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MASTER PROSPECTUS
2014/2015
Risk Management
The Manager employs reasonable steps in managing the risks through close monitoring of the economic and
investment climate, market development and industry updates, and making appropriate adjustments to the
Fund’s asset allocation to minimize the adverse impact on any particular stock or the market as a whole.
However as the intention of the Fund is to track the FBMSHA, the Fund will invest a minimum of 80% in equity
in any adverse condition.
Top 10 constituents of the FBMSHA versus Top 10 stocks of the Fund as at 28 February 2014:
FBMSHA
Constituent
FUND
% Weighting
Stock
% NAV
Tenaga Nasional Bhd
9.02%
Tenaga Nasional Bhd
9.09%
Axiata Group Bhd
7.83%
Axiata Group Bhd
7.86%
Sime Darby Bhd
6.82%
Sime Darby Bhd
6.79%
PETRONAS Chemicals Group Bhd
4.66%
PETRONAS Chemicals Group Bhd
4.65%
Digi.com Bhd
4.61%
Digi.com Bhd
4.65%
Petronas Gas Bhd
4.48%
Petronas Gas Bhd
4.49%
Maxis Bhd
4.39%
Maxis Bhd
4.40%
IOI Corporation Bhd
4.11%
IOI Corporation Bhd
4.16%
SapuraKencana Petroleum Bhd
3.63%
SapuraKencana Petroleum Bhd
3.66%
Kuala Lumpur Kepong Bhd
3.07%
Kuala Lumpur Kepong Bhd
3.07%
There is no guarantee or assurance of exact or identical replication at any time of the performance of the
FBMSHA.
The FBMSHA composition may change and the component securities of the FBMSHA may be de-listed.
The investment of the Fund may be concentrated in securities of top 15 component stocks of FBMSHA.
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MASTER PROSPECTUS
2014/2015
5.1.8 PMB SHARIAH PREMIER FUND
Fund Profile
Category of Fund
:
Equity (Shariah)
Type of Fund
:
Growth
General Information
The Fund was launched on 14 August 1972 as Kumpulan Modal Bumiputera Pelaboran Perwira for
Bumiputera investors only. It was opened to the public and re-launched as ASM Premier Fund on 12 June
1995. Unit Holders approved on 18 October 2012 the change of the Fund’s investment objective to make it
Shariah-compliant. It was subsequently re-launched as ASM Shariah Premier Fund on 15 January 2013
targeting investors who seek to invest in a fund investing in large capitalized companies. The Fund assumes
its current name on 28 April 2014.
The objective of the Fund is to provide opportunities for investors to achieve capital growth over the medium
to long term through investment in any of the 50 largest Shariah-compliant stocks by market capitalization
(at the time of purchase) listed on the Bursa Malaysia.
Investment Strategy
The Fund shall invest in a diversified portfolio of Shariah-compliant equity and equity-related securities listed
on any recognized stock exchange in Malaysia, primarily in any of the 50 largest Shariah-compliant stocks in
terms of market capitalization (at the point of purchase) listed on Bursa Malaysia. It may invest not more
than 10% of its NAV in aggregate in the next 25 largest listed companies based on the market capitalization,
listed on Bursa Malaysia.
The Fund will focus on companies that are stable with growth potential and/or have dividend yield of 3.0%
per annum or above. In identifying companies for investment, the Fund manager relies on fundamental
research on the financial health, industry prospects, management quality and track records of the companies
as well as quantitative research on relative performance.
The Fund will maintain equity exposure within a range of 70% to 99.5% of its NAV. The remaining of the
Fund’s NAV shall be invested in Islamic money market instruments, Islamic deposit placement, Islamic debt
strategy in attempting to respond to adverse economic and/or political conditions or potential sharp
downturn in the equities market that may be likely leading to substantial capital loss. In such circumstances,
the Manager may reallocate up to 50% of the Fund’s equity investments into other permitted investments,
including Islamic debt securities, Islamic money market instruments and/or Islamic deposit placements.
•
Equity Market Risk
Fund’s investments. The prices of securities in which the Fund invests may fluctuate due to various
factors, for examples, changes in government regulations and policies, economic developments, investor
•
Stock Specific Risk
The risk that is directly associated with a particular stock due to changes in consumer preferences and
stiff competition, introduction of levies on certain products or services that may affect the value of the
stock.
|49
2014/2015
•
MASTER PROSPECTUS
the SAC of the SC. In such event, the Fund should :
a)
such securities exceeds or is equal to the investment cost. The Funds are allowed to keep dividends
dividends received and excess capital gain from the disposal of Shariah non-compliant securities
after such period should be channeled to baitulmal and/or charitable bodies; or
As a result of the above risks, capital appreciation of the value of the Fund cannot be guaranteed. However,
the Manager will take reasonable steps to ensure that the above potential risks are mitigated.
Risk Management
The Fund Manager adopts an active investment strategy to manage the risks of equity investment of the
Fund. The market volatility may lead to capital loss which affects the return. Stock selection and
diversification of investment in equity securities are keys to mitigating the overall risk of the Fund.
considered, and
•
Diversification into different sectors that gives the manager flexibility to move the Fund’s equity
exposure actively within a range of 70% to 99.5% of its NAV depending on capital market conditions. The
flexibility allows the Manager to remain invested during market upturns or liquidate investments to
preserve its capital during the market downturns.
downturn in the equities market that may be likely leading to substantial capital loss.
deposit placements.
based on stringent investment criteria which include the company’s financial strength, business operations
and management. The valuations are thoroughly analyzed to ensure the Fund invests in companies that
practice good corporate governance. The Fund also takes into account trading liquidity to manage the stock
specific risk.
For investment in Islamic debt securities, credit valuation and profit/interest rate direction are the most
critical risk factors to be considered. As for credit valuation, the Manager set stringent investment criteria in
assessing Islamic debt securities, covering mainly the nature of business, management, cash flow, gearing
level and collateralization. In case the Fund invests in such securities, only investment grade Islamic debt
securities rated by either RAM or MARC will be considered. As for the profit/interest rate direction, the
expected direction of KLIRR will be taken into consideration.
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MASTER PROSPECTUS
2014/2015
FBMSHA – The index comprises the constituents of the FBM EMAS that are Shariah-compliant according to
the SAC SC screening methodology. You may obtain the information pertaining to the index from Bursa
|51
2014/2015
MASTER PROSPECTUS
5.1.9 PMB SHARIAH DIVIDEND FUND
Fund Profile
Category of Fund
:
Equity (Shariah)
Type of Fund
:
Income
General Information
The Fund was established on 13 June 2008 as ASM Shariah Dividend Fund and is open to the public. It
assumes its current name on 28 April 2014.
The objective of the Fund is to provide investors with an opportunity to gain consistent and stable income
stream that is potentially higher than the average fixed deposit rates.
Investment Strategy
with top down economic and sector analysis. In identifying investable listed companies, the Manager relies
on fundamental research where the financial strength including track records, the company’s prospects,
business operation and top management of the companies are considered. In addition, prospects for the
economies and sectors in which the companies operate are also assessed.
The focus is on public-listed companies that have potential to deliver dividend yield of 3.0% per annum or
above consistently over medium to long term to optimize the ability of the Fund to distribute income on an
annual basis, barring any unforeseen circumstances. To achieve this, analyses are made on potential growth
in revenue, profit margins, sustainability of revenue and profit margins, balance sheet and cash flow. An
equally important analysis is the understanding of the dividend payout policy of the listed companies –
dividend payout is the portion of net profit after tax and minority interests that a company would distribute
as dividend to its shareholders throughout a financial year.
Under normal circumstances, allocation to equity and equity-related securities ranges between 70% and
99.5% of the NAV of the Fund. The remaining will be invested in Islamic money market instruments, Islamic
deposits and/or, where applicable, Islamic debt securities. The equity allocation may be reviewed from time
to time depending on the global, regional and local economic as well as equity market conditions. This
includes assessing the relevant political, economic and business environment prior to making investment
decisions.
strategy in attempting to respond to adverse political and/or economic conditions or potential sharp
downturn in the equities market that likely lead to a substantial capital loss. In such circumstances, the
Manager may reallocate up to 100% of the Fund’s equity investments into other permitted investments,
securities rated by either RAM or MARC will be considered. To be prudent, the Manager adopts a strategy
by:i)
52 |
MASTER PROSPECTUS
ii)
2014/2015
KLIRR.
•
Equity Market Risk
•
Stock Specific Risk
stock.
•
the SAC of the SC. In such event, the Fund should:
a)
As a result of the above risks, income distribution of the Fund cannot be guaranteed. However, the Manager
will take reasonable steps to ensure that the above potential risks are mitigated.
Risk Management
considered, and
•
deposit placements.
|53
2014/2015
MASTER PROSPECTUS
specific risk.
54 |
MASTER PROSPECTUS
2014/2015
5.1.10 PMB SHARIAH TNB EMPLOYEES FUND
Fund Profile
Category of Fund
:
Equity (Shariah)
Type of Fund
:
Growth & Income
General Information
The Fund was launched on 28 August 1995 as Amanah Saham Pekerja-Pekerja TNB. It is meant for the
employees and retirees of Tenaga Nasional Berhad (TNB), members of the Board of Directors of TNB and any
other persons approved by TNB. Unit Holders approved on 4 September 2013 for the change of the Fund’s
investment objective, making it a Shariah-compliant fund. The Fund was subsequently renamed ASM Shariah
TNB Employees Fund on 7 March 2014. It assumes its current name on 28 April 2014.
The objective of the Fund is to provide investors with an opportunity to gain steady income and to achieve
capital growth over the medium to long term period by investing in a portfolio of investments that comply
with Shariah principles.
Investment Strategy
The focus is on public-listed companies with growth prospects and/or having forecast dividend yield of 3.0%
per annum or above over medium to long term to optimize the total returns of the Fund. Other valuation
measures include price to earnings (PE), PE to growth, discounted cash flow, price to revalued net asset value
and price to book depending in which sector the companies operate and whether the operations are
perpetual or for a defined period. Analyses are also made on revenue growth, profit margins, sustainable
earnings, balance sheet and cash flow.
Under normal circumstances, allocation to equity and equity-related securities ranges between 70% and
99.5% of the NAV of the Fund. The remaining will be invested in Islamic money market instruments, Islamic
deposits and/or, where applicable, Islamic debt securities. The equity allocation may be reviewed from time
to time depending on the global, regional and local economic as well as equity market conditions. This
includes assessing the relevant political, economic and business environment prior to making investment
decisions.
downturn in the equities market that likely lead to a substantial capital loss. In such circumstances, the
Manager may reallocate up to 100% of the Fund’s equity investments into other permitted investments,
|55
2014/2015
MASTER PROSPECTUS
by:i)
ii)
KLIRR.
•
Equity Market Risk
•
Stock Specific Risk
stock.
•
a)
mitigated.
Risk Management
considered, and
•
56 |
MASTER PROSPECTUS
2014/2015
deposit placements.
specific risk.
|57
2014/2015
5.2
MASTER PROSPECTUS
MIXED ASSET FUND
5.2.1 PMB SHARIAH TACTICAL FUND
Fund Profile
Category of Fund
:
Mixed Assets (Shariah)
Type of Fund
:
Growth & Income
General Information
The Fund was initially launched on 29 October 1979 as Kumpulan Modal Bumiputera Yang Kesebelas for
Bumiputera investors. Unit Holders approved on 4 July 2013 the change of the Fund’s investment objective,
making it a Shariah-compliant fund that is tactical in nature and opened to the public. The Fund was relaunched as ASM Shariah Tactical Fund on 25 October 2013. It assumes its current name on 28 April 2014.
The objective of the Fund is to achieve capital growth over the medium to long-term period by investing in a
portfolio of investments that comply with Shariah principles.
Investment Strategy
The Fund adopts a tactical asset allocation strategy and has the flexibility to rebalance its allocation between
the different asset classes of Shariah-compliant equity and equity-related securities, and non-equity
investments, including Islamic debt securities, Islamic money markets instruments, Islamic deposit
placements and/or other permitted investments, depending on market conditions. Its equity allocation or
non-equity allocation may range between 0% and 100% of the NAV of the Fund.
Through the use of tactical strategies and frequent portfolio reallocation between Shariah-compliant equities
and Islamic debt securities, Islamic money market instruments, Islamic deposit placements and/or other
permitted investments, the asset allocation can vary from a defensive to an aggressive asset allocation at any
given time, depending on the market environment and/or based on the Manager’s view in order to take
advantage of short term market inefficiencies in different asset classes and to navigate changing markets
with the objective of achieving sustainable, long term positive returns.
perpetual or for a defined period. Analyses are also made on revenue growth, profit margins, sustainability of
The non-equity portion of the Fund will be invested in Islamic debt securities, Islamic money market
instruments, Islamic deposit placements and/or other permitted investments. Where investment climate is
deemed to be unfavourable and weakness in equity is expected, the Fund will raise its holdings in Islamic
58 |
MASTER PROSPECTUS
2014/2015
by:i)
ii)
KLIRR.
For Islamic money market instruments and/or Islamic deposit placement the selection will be based on
criteria such as liquidity, prevailing rate and tenure. The short-term nature of the Islamic debt securities,
Islamic money market instruments and/or Islamic deposit placements will allow the Manager to easily switch
to equities when the stock market is favourable.
•
Equity Market Risk
Fund’s NAV/unit due to its exposure that may reach up to 100% of the Fund’s NAV in the equity market.
•
The Fund is highly associated with profit/interest rate risk where downward movement of the
money market instrument and Islamic deposit placements. The value of the Islamic debt securities has a
tendency to move inversely with the movement of the profit/interest rate whereby the prices of the
Islamic debt securities may fall when profit/interest rates rise, and vice versa.
Interest rate is a general indicator. Although the Fund does not invest in interest bearing instruments,
interest rate movement will have an impact on the profit earned from the Islamic money market
instruments and Islamic deposit placements and the valuation of the Islamic debt securities. Hence such
a movement will affect the expected return of the Fund’s investments.
•
Credit/Default Risk
This risk refers to the inability of an issuer or a financial institution of the Islamic debt securities, Islamic
money market instruments and Islamic deposit placements to pay the profit when due and/or repay the
principal upon maturity.
•
Stock Specific Risk
stock.
•
a)
after such period should be channeled to baitulmal and/or charitable bodies; and
|59
2014/2015
MASTER PROSPECTUS
mitigated.
Risk Management
The Manager adopts an active and frequent trading strategy to manage the risks of equity investment of the
Fund. The price fluctuation caused by the market volatilities may lead to capital loss which affects the return
of both equities and non-equity investments. The Fund’s market risk is prudently managed through tactical
asset allocation approaches based on fundamental and technical analysis. The asset allocation exposure may
differ from time to time depending on capital market conditions. The Manager may reallocate up to 100% of
the Fund’s equity investments into other Shariah-compliant securities including Islamic money market
instruments and/or Islamic deposits and where applicable Islamic debt securities.
For equity investment, in-depth company analyses are conducted. Stock selection is based on stringent
investment criteria which include the company’s financial strength, business operations and management.
The valuations are thoroughly analyzed to ensure the Fund invests in companies that are viable and may
produce return in the long term. The Fund also takes into account diversification and trading liquidity to
manage the stock specific risk.
For non-equity investment in Islamic debt securities, credit valuation and profit/interest rate direction are the
most critical risk factors to be considered. As for credit valuation, the Manager has set stringent investment
criteria in assessing Islamic debt securities, covering mainly the nature of business, cash flow, gearing level,
management and collateralization. The Fund only invests in investment grade bonds rated either by RAM or
MARC. For profit/interest rate risk management, the Fund’s Islamic debt securities exposure will be managed
by adjusting its average tenure. If the profit/interest rate is expected to go up in the future, the Fund will
invest in shorter tenure instruments to mitigate the impact of shortfall in Islamic debt securities’ prices.
In addition, regular reporting and consulting with Investment Committee Members will be held at periodical
meetings. The reporting to the Investment Committee consists of, amongst others, their view on the
performance of the relevant markets and the Funds, immediate and future investment strategies and asset
allocations, and compliance status.
Two (2) times the performance of a one-year adjusted average rate of the Kuala Lumpur Islamic Reference
Rate (KLIRR) – The performance of the Fund will be benchmarked using the absolute return approach
computed as below –
Assuming the KLIRR’s one-year adjusted average rate was 3% per annum, the performance benchmark
for the Fund would be 6%, derived from:
=
2 X one-year adjusted average rate of KLIRR, for a period under review
=
2 X 3%
=
6%
The KLIRR is the daily average of the Islamic Interbank rates and updated daily at 11.00 a.m. (Malaysian
Business Hour). You may obtain the information on the one-year KLIRR through BNM website at
iimm.bnm.gov.my.
60 |
MASTER PROSPECTUS
5.3
2014/2015
BALANCED FUND
5.3.1 PMB SHARIAH BALANCED FUND
Fund Profile
Category of Fund
:
Balanced (Shariah)
Type of Fund
:
Growth & Income
General Information
The Fund was launched on 22 October 1977 as Kumpulan Modal Bumiputera Yang Kesembilan for
Bumiputera investors. It was opened to the public following its re-launch as ASM Tanjung Piai Balanced Fund
on 6 December 1997 with a new investment objective as a balanced fund. It was renamed ASM Balanced
Fund on 26 June 2001. Unit Holders approved on 19 July 2012 the change of the Fund’s investment objective,
making it a Shariah-compliant balanced fund. The Fund was renamed ASM Shariah Dividend Fund on 15
January 2013. It assumes its current name on 28 April 2014.
The objective of the Fund is to provide investors an opportunity to earn regular income and capital growth in
the medium and long term through investment in Shariah-compliant securities.
Investment Strategy
The Fund shall invest primarily in a diversified portfolio that includes Shariah-compliant equity and equity
related securities, Islamic money market instruments, Islamic deposit placements, Islamic debt securities
and/or other permitted investments in Malaysia.
perpetual or for a defined period. Analyses are also made on revenue growth, profit margins, sustainable
by:i)
ii)
KLIRR.
Under normal circumstances, allocation to equity and equity-related securities ranges from 40% to 60% of
the NAV of the Fund. The balance will be invested in Islamic money market instruments, Islamic deposit
placements, Islamic debt securities and/other permitted investments.
|61
2014/2015
MASTER PROSPECTUS
downturn in the equities market that likely lead to a substantial capital loss. Under an extremely bearish
market condition the Fund may reduce its equity and equity-related exposure to below 40%.
•
Equity Market Risk
Fund’s NAV/unit due to its exposure of between 40% and 60% in the equity market.
•
Stock Specific Risk
stock.
•
The Fund is highly associated with profit/interest rate risk where downward movement of the
money market instrument and Islamic deposit placements. The value of the Islamic debt securities has a
tendency to move inversely with the movement of the profit/interest rate whereby the prices of the
Islamic debt securities may fall when profit/interest rates rise, and vice versa.
interest rate movement will have an impact on the profit earned from the Islamic money market
instruments and Islamic deposit placements and the valuation of the Islamic debt securities. Hence such
a movement will affect the expected return of the Fund’s investments.
•
Credit/Default Risk
principal upon maturity.
•
a)
mitigated.
62 |
MASTER PROSPECTUS
2014/2015
Risk Management
The equity market risk of the Fund is prudently managed through the following strategies –
•
considered, and
•
The asset allocation exposure may differ from time to time depending on the condition of the capital
markets. Asset and sector allocations are based on thorough macroeconomic analysis. The Fund’s equity
exposure may increase to a maximum of 60% on the expectation that the stock market has a potential to
appreciate in the future. On a temporary defensive move, the Fund’s equity exposure may be reduced to
40% or below if the market is expected to decline.
deposit placements.
specific risk.
The structure of the Fund is such that it is confined to instruments of short duration to maturity in order to
mitigate the impact of fluctuation in profit/interest rate on the performance of the Fund over the short term
while the credit risks it may face are mitigated by strict limits on concentration of investments and due
diligence in the credit assessments by ensuring investment grade credit ratings as mentioned above.
meetings. The reporting to the Investment Committee consists of, amongst others, their view on the
performance of the relevant markets and the Funds, immediate and future investment strategies and asset
allocations, and compliance status
A combination of the FBMSHA on the equity performance, and a one-year adjusted average rate of the Kuala
Lumpur Islamic Reference Rates (KLIRR) for the Islamic debt securities, Islamic money market instruments,
Islamic deposit placements and/or other permitted investment performance, based on a 50:50 ratio, on the
basis that the Fund is a balanced unit trust fund, and is expected to have a balanced asset allocation in the
long term.
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2014/2015
MASTER PROSPECTUS
Assuming, the FBMSHA gave a return of 10% during a year under review and the average KLIRR was 3% per
annum, the benchmark retu rn for the Fund would be 6.5%, derived from:
50% of the performance of FBMSHA + 50% of the performance of KLIRR
=
(50% x 10%) + (50% x 3%)
=
5.0% + 1.5%
=
6.5%
FBMSHA is an index comprising the constituents of the FBM EMAS that are Shariah-compliant according to
the SAC of the SC screening methodology. KLIRR is the daily average of Islamic interbank rates and updated
daily at 11.00 a.m. (Malaysian Business Hour).
You may obtain the information on the FBMSHA from the Bursa Malaysia website and major daily
newspapers while the one year adjusted average rate of the KLIRR through Bank Negara Malaysia (BNM)
website.
Investment Restrictions and Limits
Valuation of Investments
64 |
MASTER PROSPECTUS
5.4
2014/2015
MONEY MARKET FUND
5.4.1 PMB SHARIAH CASH MANAGEMENT FUND
Fund Profile
Category of Fund
:
Money Market (Shariah)
Type of Fund
:
Income
General Information
The Fund was launched on 1 November 1969 as Kumpulan Modal Bumiputera Yang Ketiga for Bumiputera
investors. Unit Holders approved on 5 May 2005 the change of the investment objective of the Fund into an
Islamic money market fund. As a result, the name of the Fund was changed to ASM Syariah Money Market
Fund. The Fund changes its name again on 5 April 2012 to ASM Shariah Cash Management Fund while still
maintaining its objective but with additional features. It assumes its current name on 28 April 2014.
The objective of the Fund is to provide investors with high degree of liquidity while maintaining capital
stability through investments primarily in Shariah approved money market instruments and debt securities.
Investment Strategy
The Fund is essentially managed to provide liquidity to meet the near and short term cash flow requirements
of its Unit Holders while providing returns. Its investments are largely confined to Islamic money market
instruments, Islamic deposit placements and Islamic debt securities that mature within 365 days, issued in
Malaysia. Nevertheless the Fund can invest up to 10% of its NAV in Islamic money market instruments,
Islamic deposit placements or Islamic debt securities with maturity period exceeding 365 days but not longer
than 732 days.
The selection of the Islamic money market instruments will be based on criteria such as liquidity,
diversification and tenure. The Manager adopts a prudent strategy in forming the portfolio of Islamic money
market instruments which is in accordance with the Fund’s investment objective and the Manager’s
assessment of investment prospects in line with the underlying profit/interests and economic outlook. The
Manager will review the asset allocation from time to time to facilitate redemption requests while optimizing
income from investments.
The Fund shall invest up to 100% of its NAV in near term Islamic money market instruments, Islamic deposit
placement and/or Islamic debt securities that are liquid and conform to the Shariah principles.
Notwithstanding the Fund can invest up to 10% for short dated Islamic debt securities maturing between 365
and 732 days.
Risks of the Fund
•
The Fund is highly associated with profit/interest risk where downward movement of the profit/interest
may result in a loss of the expected return from the Fund’s investments in Islamic money market
instrument and Islamic deposit placements. The value of the Islamic debt securities has a tendency to
move inversely with the movement of the profit/interest whereby the prices of the Islamic debt
securities may fall when profit rates rise, and vice versa.
the movement of the interest rate will have an impact on the profit/interest of the Islamic money market
instruments, Islamic deposit placements and the value of Islamic debt securities, and consequently affect
the expected return of the Fund’s investments.
|65
2014/2015
•
MASTER PROSPECTUS
Credit/Default Risk
principal upon maturity. In such event, the expected income and/or the asset value of the Fund will be
adversely affected.
As a result of the above risks, income distribution of the Fund cannot be guaranteed. However, the Manager
will take reasonable steps to ensure that the above potential risks are mitigated.
Risk Management
The Fund’s credit risk is prudently managed through exercising prudent selection of investments. A thorough
study on the credit worthiness of the issuer of the Islamic debt securities and the securities themselves will
be undertaken by the Manager.
The Fund will invest in quality short term to medium term instruments with minimum short term local credit
rating of P2 (by RAM) or MARC2 (by MARC) or minimum long term rating of A2 (by RAM) or A (by MARC) that
conform to the principles of Shariah. Short term instruments can be defined as instruments which mature
within 365 days whilst medium term instruments can be defined as instruments which mature over 365 days
but not more than 2 years.
The structure of the Fund is such that it is confined to instruments of short duration to maturity in order to
mitigate the impact of fluctuation in profit/interest rate on the performance of the Fund over the short term
while the credit risks it may face are mitigated by strict limits on concentration of investments and due
diligence in the credit assessments by ensuring investment grade credit ratings as mentioned above.
BNM Overnight Islamic Interbank Rate
The Islamic interbank rate is the daily weighted average rate of the Mudharabah interbank investment at the
Islamic Interbank Money Market in Kuala Lumpur, where the individual rates being weighted accordingly by
the volume transactions at those rates.
You may obtain the information on the Islamic interbank rate by accessing Islamic Interbank Money Market,
Bank Negara Malaysia website at iimm.bnm.gov.my.
Investment in the Fund is not the same as placement in deposits with a financial institution. There are
risks involved and investors should rely on their own evaluation to assess the merits and risks when
investing in the fund.
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5.5 SHARIAH-COMPLIANT AND SHARIAH APPROVAL PROCESS
All Shariah-compliant funds must at all times and all stages of its operation comply with the Shariah
principles. In the first place, the funds must be raised, operated and redeemed, if any, by investor on the
basis of contracts which are acceptable by Shariah.
In terms of investments, there are two significant Shariah-compliant matters that need to be adhered to.
First is the capital market instruments to be invested and secondly the securities or companies of which the
capital market instruments are issued. In making investments, both capital instruments and the securities
must be Shariah-compliant.
Capital Market Instruments
Since the establishment of the SAC of the SC, several capital market instruments have been evaluated and
approved; they are:
•
•
•
•
•
•
•
•
•
•
•
Ordinary shares;
Warrants/TSR;
Call warrants;
Non-cumulative preference shares;
Redeemable preference shares;
Crude palm oil futures contracts;
Crude palm kernel oil futures contracts;
Khazanah zero-coupon bonds;
Single Stock Futures (if the underlying is Shariah compliant); and
Islamic asset securitisation/Islamic debt securitisation.
Futures Contract Index
(Source: Securities Commission website, Frequently-Asked Questions of Islamic Capital Markets)
As for the Shariah-compliant funds, investments in any of the above instruments depend on their respective
objective and investment strategy and the capital instruments that are allowed to be used to achieve the
objective.
Shariah Adviser
The Guidelines stipulate that Shariah-compliant unit trust funds are required to appoint a Shariah committee
or Shariah adviser. At PMB Investment, we have appointed a Shariah Adviser whose details are in page 139.
The investment portfolio of Shariah-compliant unit trust funds must invest only in Shariah-compliant
securities/instruments. As a general rule, for investment in equities, we use the approved List of Shariahcompliant securities issued by the SAC of the SC (Approved List), which is currently updated in May and
November every year. However, in cases where the status of securities has not been determined by the SAC
due to reasons such as initial public offer, the interim status of the securities will be determined by our
Shariah Adviser in accordance with the SAC of SC screening methodology until such time when the SAC issues
its ruling on the securities.
When investing in Islamic money market instruments, Islamic deposit placements, Islamic debt securities
and/or other permitted investments for Shariah-compliant unit trust funds, they must also be Shariahcompliant as determined by the Shariah Advisory Council of Bank Negara Malaysia and/or the SAC of the SC,
as the case may be.
Classification of Shariah Securities by SC
For companies listed on Bursa Malaysia, the Funds’ investments must be strictly confined to the companies
on the prevailing Approved List.
In classifying the securities listed on Bursa Malaysia, the SAC received input and support from the SC. The SC
gathered information on the companies from various sources, such as company annual financial reports,
company responses to survey forms and through inquiries made to the respective company’s management.
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The SAC adopts a two-tier quantitative approach, which applies the business activity benchmarks and the
financial ratio benchmarks, in determining the Shariah status of the listed securities. Hence, the securities will
be classified as Shariah-compliant if they are within the business activity benchmarks and the financial ratio
benchmarks.
Quantitative
Assessment
Revised
Shariah
Screening
Methodology
Business Activity Benchmarks
Business activity
benchmarks
5%
Conventional banking and insurance, gambling, liquor and
liquor related activities, pork and pork related activities, nonhalal food and beverages, Shariah non-compliant
entertainment, interest income from conventional accounts
and instruments, interest income awarded arising from a
judgement by a court or arbitrator, tobacco and tobacco
related activities deemed non-compliant according to Shariah.
20%
Hotel and resort operations, share trading, stockbroking
business, rental received from Shariah non-compliant
activities and other activities deemed non compliant
according to Shariah.
33%
i.
Financial Ratio
Benchmarks
ii.
Cash over total assets: Cash will only include cash placed
in conventional accounts and instruments, whereas cash
placed in Islamic accounts and instruments will be
excluded from the calculation.
Debt over total assets: Debt only includes interest bearing
debt whereas Islamic debt/financing or sukuk is excluded
from the calculations.
Both ratios, which are intended to measure riba and ribabased elements within a company’s balance sheet, must
be lower than 33%.
In addition to the above two-tier quantitative criteria, the SAC also takes into account the qualitative aspect
which involves public perception or image of the company’s activities from the perspective of Islamic
teaching.
Special Purpose Acquisition Companies (SPACs)
In classifying securities of SPACs, the SAC considers the following criteria:
(i) The proposed business activity should be Shariah compliant;
(ii) The entire proceeds raised from the initial public offering should be placed in Islamic accounts; and
(iii) In the event that the proceeds are invested, the entire investment should be Shariah compliant.
Shariah-compliant securities include ordinary shares and warrants (issued by the companies themselves). This
means that warrants are classified as Shariah-compliant securities provided the underlying shares are also
Shariah compliant. On the other hand, loan stocks and bonds are Shariah non-compliant securities unless
they are structured based on the SAC’s approved Shariah rulings, concepts and principles.
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Timing for disposal of Shariah non-compliant securities
(i) “Shariah-compliant securities” which are subsequently re-classified as “Shariah non-compliant”
These refer to securities which were earlier classified as Shariah compliant but due to certain factors
such as changes in the companies’ business operations and financial positions, are subsequently
reclassified as Shariah non-compliant. With the application of the revised screening methodology,
investors are given six months from the effective date of the updated list i.e. 29 November 2013 to
dispose of such securities, in the event that the respective market price of such securities exceeds or is
equal to the investment cost. In this regard, investors are allowed to keep dividends received and capital
gain from disposing of such securities within the six-month period. However, any dividends received and
excess capital gain from the disposal of Shariah non-compliant securities after the six-month period
should be channeled to baitulmal and/or charitable bodies.
On the other hand, investors are allowed to hold their investment in the Shariah non-compliant
securities if the market price of the said securities is below the investment cost. It is also permissible for
the investors to keep the dividends received during the holding period until such time when the total
amount of dividends received and the market value of the Shariah non-compliant securities held equal
the investment cost. At this stage, they are advised to dispose of their holding. In addition, during the
holding period, investors are allowed to subscribe to:
(a) any issue of new securities by a company whose Shariah noncompliant securities are held by the
investors, for example rights issues, bonus issues, special issues and warrants (excluding securities
whose nature is Shariah non-compliant e.g. loan stocks); and
(b) Shariah-compliant securities of other companies offered by the company whose Shariah noncompliant securities are held by the investors,
on condition that they expedite the disposal of the Shariah non-compliant securities.
(ii) Shariah non-compliant securities
As per the SAC’s advice, the Funds that invest based on Shariah principles is to dispose of any Shariah
non-compliant securities which they presently hold, within a month of knowing the status of the
securities. Any gain made in the form of capital gain or dividend received during or after the disposal of
the securities has to be channeled to charitable bodies or Baitulmal as advised by the Funds’ Shariah
Adviser. The Funds have a right to retain only the original investment cost which may comprise
brokerage cost and other related transaction costs.
(Source: List of Shariah-Compliant Securities by the Shariah Advisory Council of the Securities Commission
Malaysia- 29 November 2013).
Foreign Shariah non-compliant Securities
For investment in foreign securities, the Funds are only allowed to invest in securities which are on the
Approved List of the Dow Jones Islamic Market Index (DJIM). With regard to the issue of delisting of Shariah
compliant securities from DJIM and Shariah non-compliant foreign securities, the Funds are to abide by the
same processes as laid down by the SAC of SC above. In the rare event that the Fund wishes to invest in
foreign securities not covered by DJIM, the Funds must submit to the Shariah Adviser the latest information
pertaining to business activities, complete financial statements and other related information on the relevant
company to enable the Shariah Adviser to carry out stock screening. The decision of the Shariah Adviser is
final.
5.6
PERMITTED INVESTMENTS
The investments made by the Funds must conform with Shariah Principles which generally exclude
conventional banking, insurance and financial institutions; gambling/gaming; alcoholic beverages; non-halal
food products; interest-bearing money market instruments; and other securities or instruments as
determined by the Shariah Adviser.
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Unless otherwise prohibited by the relevant authorities or any relevant law and provided always that there is
no inconsistency with the objectives of the Fund, the Fund may must invest strictly in the
investments/securities which comply with the Shariah principles and approved by the Shariah Adviser, the
SAC of the SC or an international Shariah standard setting body (if applicable).
The Funds currently do not invest in unlisted securities (except entitlements received from listed companies
in the existing portfolio), in overseas companies, securities lending and in the futures market. Nevertheless,
the Funds may invest in these securities in the near future.
5.6.1
Unless otherwise prohibited by the relevant authorities or any relevant laws and provided always that there
is no inconsistency with the objectives of the Fund, the Fund may invest in the following:
(a) securities listed on the Bursa Malaysia or any other stock exchange approved by the Minister under the
CMSA and any exempt stock exchange declared by the Minister under the CMSA;
(b) securities not listed for trading in a stock market of a stock exchange approved, or an exempt stock
market declared by the Minister under the CMSA, but have been approved for such listing and offered
directly to the Fund by the issuer or any entitled party;
(c) securities not listed for trading in a stock market of a stock exchange approved, or an exempt stock
market declared by the Minister under the CMSA, which are offered directly to the Fund by the issuer
and fulfill all the conditions set out in the Guidelines;
(d) investment in foreign securities listed on the foreign stock exchange(s) subjects to the restrictions and
rules imposed by Bank Negara Malaysia and/or SC;
(e) investment in other Collective Investment Schemes (CIS), provided that:
i.
the CIS must be regulated by a regulatory authority; which is for the fund constituted in Malaysia
must be approved by the SC and fund constituted outside Malaysia to be registered/
authorized/approved by the relevant regulatory authority in its home jurisdiction;
ii.
operate on the principle of prudent spread of risk and its investment do not diverge from the
general investment principles;
iii. no cross-holding between the Fund and the target Fund for Fund operated by the same
management company; and
iv. all initial charges on the target fund are waived.
(f) futures contracts and options traded in a futures market of an exchange company approved, or an
exempt futures market declared, by the Minister under the CMSA, must be for hedging purposes only;
(g) participation in the lending of securities within the meaning of the Guidelines of Securities Borrowing
and Lending issued by SC (as amended from time to time) when permitted by the SC and/or other
relevant authorities;
(h) investment in an eligible money market (as defined in the Guidelines on including investments in an
eligible market for short-term papers such as Malaysian Government Securities, treasury bills, negotiable
instruments of deposit, repurchase agreements, Cagamas mortgage bonds, Bank Negara bills);
(i) investments in an eligible over-the-counter private debt securities market (as defined in the Guidelines);
(j) securities that are traded in or under the rules of an eligible market which fulfill all the conditions set out
in the Guidelines; and
(k) deposit placements with financial institutions;
(l) Investment in warrants, provided that the warrants carry the right in respect of a security traded in or
under the rules of an eligible market.
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(m) Investment in derivatives:
i.
Consist of derivatives that are traded on exchange and traded over-the-counter;
ii.
The underlying instruments should consist of permissible investments and include indices, interest
rates and foreign exchange rates.
(n) Investment in Structured Products, where the Manager to ensure that:
i.
The counter party is an eligible issuer (for structured products issued in Malaysia) or an issuer
regulated by the relevant regulatory authority (for structured products issued outside Malaysia);
ii.
The counter-party has a minimum long term rating by any domestic.
(o) Investment in deposit placements, provided that placement of deposits is with a financial institution.
5.6.2
Subject to any conditions stipulated by the SC, PMB SCMF only invests primarily in Islamic short-term
debentures, short-term Islamic money market instruments and placement in Islamic short-term deposits.
5.7
INVESTMENT RESTRICTIONS AND LIMITS
5.7.1
The investments limits for the Fund are in line with the Guidelines as follows:•
Exposure Limits
The value of a Fund’s investment in unlisted securities must not exceed 10% of a Fund’s NAV.
•
Investment Spread Limits
a.
The value the Fund’s investment in ordinary shares issued by any single issuer must not exceed
10% of the Fund’s NAV. For PMB SIF whose principle objective is to track or replicate an index,
the single issuer limit may be exceeded provided that the investment in any component
securities does not exceed its respective weightings in the underlying index.
b.
The value of the Fund’s investment in transferable securities and money market instruments
issued by any single issuer must not exceed 15% of the Fund’s NAV.
c.
The value of the Fund’s placement in deposit placements with any single institution must not
exceed 20% of the Fund’s NAV.
d.
For investments in derivatives:
i.
the exposure to the underlying assets must not exceed any of the Investment spread limits
being stipulated under these limits; and
ii.
the value of a Fund’s over-the counter (OTC) derivative transaction with any single counterparty must not exceed 10% of the Fund’s NAV.
e.
The value of the Fund’s investment in structured products issued by a single counter-party must
not exceed 15% of the Fund’s NAV.
f.
The aggregate value of the Fund’s investment in transferable securities, money market
instruments, deposit placement, OTC derivatives and structured products issued by or placed
with (as the case may be) any single issuer/institution must not exceed 25% of the Fund’s NAV.
g.
The value of the Fund’s investment in units/shares of any CIS must not exceed 20% of the
Fund’s NAV.
h.
The value of the Fund’s investment in transferable securities and money market instruments
issued by any group of companies must not exceed 20% of the Fund’s NAV. For PMB SIF whose
principle objective is to track or replicate an index, the single group limit may be exceeded
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provided that the investment in any component securities does not exceed its respective
weightings in the underlying index.
•
5.7.2
•
•
•
5.7.3
Investment Concentration Limits
a.
The Fund’s investment in transferable securities (other than debentures) must not exceed 10%
of the securities issued by any single issuer.
b.
The Fund’s investments in debentures must not exceed 20% of the debentures issued by any
single issuer.
c.
The Fund’s investment in CISs must not exceed 25% of the units/shares in any one CIS.
d.
The Fund’s investment in money market instruments must not exceed 10% of the instruments
issued by any single issuer. (Note: This limit does not apply to money market instruments that
do not have a pre-determined issue size).
Exposure Limits
a.
The value of the Fund’s investment in permitted investments must not be less than 90% of the
Fund’s NAV.
b.
The value of the Fund’s investment in permitted investments which have a remaining maturity
period of not more than 365 days must not be less than 90% of the Fund’s NAV.
c.
The value of the Fund’s investment in permitted investments which have a remaining maturity
period of more than 365 days but fewer than 732 days must not exceed 10% of the Fund’s NAV.
Investment Spread Limits
a.
The value of the Fund’s investment in debentures and money market instruments issued by any
single issuer must not exceed 20% of the Fund’s NAV.
b.
The single issuer limit in (i) may be increased to 30% if the debentures are rated by any
domestic or global rating agency to be of the best quality and offer highest safety for timely
payment of interest and principal.
c.
The value of the Fund’s placement in deposit placement with any single financial institution
must not exceed 20% of the Fund’s NAV.
d.
The value of the Fund’s investment in debentures and money market instruments issued any
group of companies must not exceed 30% of the Fund’s NAV.
e.
Where applicable, the core requirements for non-specialised funds shall apply for any other
type of investments.
Investment Concentration Limits
a.
The Fund’s investment in debentures must not exceed 20% of the securities issued by any
single issuer.
b.
The Fund’s investment in money market instruments must not exceed 20% of the instruments
issued by any single issuer.
c.
The Fund’s investment in collective scheme must not exceed 25% of the units/shares in any
CIS.
Allowance in Excess of Investment Limits
The above investment restrictions and limits have at all times to be complied with based on the most up-todate valuation of the investments and instruments of the Fund. However, a 5% allowance in excess of any
restriction or limit may be permitted where the restriction or limit is breached through an appreciation or
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depreciation of the NAV of the Fund (whether as a result of an appreciation or depreciation in value of the
investments or as a result of repurchase of Units or payment made from the Fund).
If the relevant limit is breached, due to the appreciation or depreciation of the NAV of the Funds, no further
acquisition of the particular securities involved shall be made. We shall, within a reasonable period of not
more than 3 months from the date of breach, take all necessary steps and actions to rectify the breach.
5.8
VALUATION OF INVESTMENTS
In respect of the investments of the Funds, it is our policy for the valuation point for the assets of the Fund to
be valued on a daily basis at the end of business day, in accordance with their respective class and at all times
in compliance with the Guidelines.
5.8.1
Listed Securities
The valuation of securities listed on the stock exchange will be based on the market price quoted on a stock
exchange at the end of the business day. If such market price is not available for a period of 14 days or any
shorter period as agreed by the Trustee including due to suspension of trading, the securities shall be valued
at fair value. We, in consultation with the stock brokers and/or the authorized dealers, may consider
previously quoted bids and offers, last done market price or based on the Net Tangible Asset (NTA) of the
company as approved by the Trustee, in determining the fair value. The fair value of the suspended counters
is determined by us subject to verification by the auditor of the Fund and approved by the Trustee.
5.8.2
Unlisted and/or Suspended Securities
The valuation of unlisted and suspended securities will be based on fair value. The method adopted in
determining fair value may be based on the NTA of the company or Initial Public Offer (IPO), for stock prior to
listing on the Bursa Malaysia. While for suspended counters, other methods of valuation can also be applied
to determine the fair value such as Discounted Cash Flow (DCF) method, break-up value and sum of parts.
This method shall be verified by the auditor of the Fund and approved by the Trustee.
5.8.3
Fixed Income Securities
i)
Funds investing in Ringgit-denominated bonds shall value bond portfolios on a daily basis using
fair value prices quoted by a Bond Pricing Agency (BPA) registered with the SC.
ii)
Where we are of the view that the price quoted by a BPA for a specific bond differs from the
“market price” by more than 20 basis points, we may use the “market price”, provided that:
a)
the basis for using a non-BPA price is recorded;
b) necessary internal approvals to use the non-BPA price are obtained; and
c)
5.8.4
an audit trail of all decisions and basis for adopting the “market yield” is kept.
Money Market Instruments
Deposits placed with banks and other financial institutions are valued each day by reference to the nominal
value and the interest/shared profit accrued thereon for the relevant period.
5.8.5
The value of the units will be based on the last published NAV per unit or share.
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6. FUND PERFORMANCE
BASIS OF FUND PERFORMANCE COMPUTATION
The calculation for Total Return, Average Total Return and Annual Total Return of the Funds are based on
computation methods of Lipper and are sourced from Lipper for Investment Management (Lipper IM). Lipper
IM is an application that provides comprehensive fund information and performance, fund ratings, analytic
tools and charting. Information about Lipper IM can be obtained fromwww.lipperweb.com.
Past performance of the Fund is not an indication of its future performance.
6.1
EQUITY FUNDS
6.1.1. PMB DANA AL-AIMAN
Average Total Return
For The Period Ended 15 May 2013#
Fund / Index
1 Year
3 Years
5 Years
10 Years
PMB Al Aiman
11.12%
9.22%
4.81%
7.08%
FBMSHA
16.00%
11.40%
5.91%
10.35%
Source: Lipper
Annual Total Return
For The Period Ended 15 May 2013#
Fund / Index
1 Year
3 Years
5 Years
10 Years
PMB Al Aiman
11.12%
30.34%
26.49%
98.30%
FBMSHA
16.00%
38.34%
33.27%
167.85%
Source: Lipper
1-Year Fund Performance Review
For the 1-year period ended 15 May 2013, PMB Al Aiman’s registered a total return of 11.12% compared to
a return of 16.00% for the benchmark.
PMB Al Aiman
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For the 3-year period ended 15 May 2013, PMB Al Aiman’s registered a total return of 30.34% compared to a
return of 38.34% on its benchmark.
PMB Al Aiman
Source: Lipper
For the 5-year period ended 15 May 2013, PMB Al Aiman’s total return amounted to 26.49% against the
return of 33.27% on the FBMSHA.
PMB Al Aiman
Source: Lipper
Note:
Change on benchmark:
i)
ii)
1 November 2007 – FBMSHA (replacement of the KLSI by Bursa Malaysia with the FBMSHA)
Prior to 1 November 2007 - KLCI
Distribution Highlight
Financial Year End (15 May)#
2013
2012
2011
Gross Distribution Per Unit –Cash(sen)
3.05
3.11
3.20
*3.05
3.05
3.07
Net Distribution Per Unit – Cash(sen)
*Distribution is in the form of ‘units’
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Portfolio Turnover Ratio
2013
2012
2011
0.41 times
0.25 times
0.37 times
The PTR is marginally higher at 0.41 times as compared with the previous financial year as a result of higher
trading activities undertaken by the Fund.
Asset Allocation
Year
2013
2012
2011
Equities
72.29%
67.26%
82.91%
Collective Investment
Scheme
5.85%
-
-
Deposit Placement &
Others
21.86%
32.74%
17.09%
The Fund’s exposure in equities was higher in 2013 due to buying activity on selective Shariah-compliant
stocks based on their potential to meet the funds objective in the medium and long term.
# Note: Effective from 28 April 2014, the financial year of PMB Al Aiman ends on 31 May.
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For The Period Ended 15 June 2013#
Fund / Index
1 Year
3 Years
5 Years
PMB Mutiara
9.84 %
7.66%
1.57%
Since relaunch
5/8/04
3.18%
FBMSHA
Source: Lipper
13.61%
12.44%
6.69%
8.86%
Annual Total Return
For The Period Ended 15 June 2013#
Fund / Index
1 Year
3 Years
5 Years
Since relaunch
5/8/04
PMB Mutiara
9.81%
24.78%
8.09%
31.92%
FBMSHA
13.57%
42.16%
38.30%
112.17%
Source: Lipper
For the 1-year period ended 15 June 2013, PMB Mutiara posted a return of 9.81% compared to a return of
13.57% on its benchmark.
PMB Mutiara
Source: Lipper
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3-year Fund performance Review
For the three-year period ended 15 June 2013, PMB Mutiara registered a total return of 24.78% compared
to a return of 42.16% on its benchmark.
PMB Mutiara
Source: Lipper
For the 5-year period ended 15 June 2013, PMB Mutiara registered a total of 8.09% compared to a return of
PMB Mutiara
Source: Lipper
Note:
i) 1 November 2007 – FBMSHA (replacement of the KLSI by Bursa Malaysia with the FBMSHA)
ii) 5 August 2004 – KLSI (change of Fund’s investment objective that invest in Shariah-compliant securities)
iii) Prior to 5 August 2004 - KLCI
Financial Year End (15 June)#
Net Distribution Per Unit - Cash (sen)
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2013
2012
2011
-
1.27
1.25
1.25
1.14
MASTER PROSPECTUS
2014/2015
2013
2012
2011
0.47 times
0.26 times
0.28 times
The higher PTR over the financial year of 2013 was a result of higher trading activities undertaken by the Fund.
Asset Allocation
Year
Equities
Collective Investment
Scheme
Deposit Placement
&Others
2013
2012
2011
74.54%
63.33%
86.11%
5.17%
-
-
20.29%
36.67%
13.89%
#Note: Effective from 28 April 2014, the financial year of PMB Mutiara ends on 30 June.
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For The Period Ended 15 August 2013#
Fund / Index
1 Year
3 Years
5 Years
10 Years
PMB Bestari
5.51%
5.28%
3.67%
3.79%
FBMSHA
9.09%
11.20%
10.41%
9.07%
Source: Lipper
Annual Total Return
Fund / Index
1 Year
3 Years
5 Years
10 Years
PMB Bestari
5.51%
3.89%
-2.76%
10.35%
FBMSHA
9.09%
9.26%
9.42%
8.67%
Source: Lipper
For the 1-year period ended 15 August 2013, PMB Bestari posted a return of 5.51% compared to an
appreciation of 9.09% on its benchmark.
PMB Bestari
Source: Lipper
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For the 3-year period ended 15 August 2013, PMB Bestari posted a return of 16.74% compared to an
PMB Bestari
Source: Lipper
For the 5-year period ended 15 August 2013, PMB Bestari registered a return of 19.77% compared to a return
of 64.13% on its benchmark.
PMB Bestari
Source: Lipper
Note:
i) 1 November 2007 – FBMSHA (replacement of the KLSI by Bursa Malaysia with the FBMSHA)
ii) 3 October 2002 – KLSI (change of Fund’s investment objective that invest in Shariah-compliant securities)
iii) Prior to 3 October 2002 - KLCI.
Financial Year End (15 August)#
2013
2012
2011
2.50
-
1.35
*2.50
-
1.30
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2013
2012
2011
0.59 times
0.45 times
0.21 times
The PTR was higher than the previous year as a result of an increase in trading activities undertaken by the
Fund during the financial year.
Asset Allocation
Year
2013
2012
2011
Equities
73.25%
64.96%
91.38%
5.71%
-
-
21.04%
35.04%
8.62%
Investment Collective Scheme
Deposit Placement & Others
#Note: Effective from 28 April 2014, the financial year of PMB Bestari ends on 30 September.
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For The Period Ended 15 July 2013#
Fund/Index
Since relaunch
21/11/05
1 Year
3 Years
5 Years
PMB SAF
26.8%
14.64%
4.66%
3.84%
FBMSHA
11.14%
11.62%
9.09%
10.55%
Source: Lipper
Annual Total Return
For The Period Ended 15 July 2013#
Fund/Index
1 Year
3 Years
5 Years
Since relaunch
21/11/05
PMB SAF
26.96%
6.06%
-21.28%
33.42%
FBMSHA
11.21%
17.18%
-5.61%
115.39%
Source: Lipper
1- Year Fund Performance Review
For the 1-year period ended 15 July 2013, PMB SAF outperformed its benchmark when its total return
amounted to 26.96% against the return of 11.21% on the FBMSHA.
PMB SAF
Source: Lipper
|83
2014/2015
MASTER PROSPECTUS
For the 3-year period ended 15 July 2013, PMB SAF posted return of 50.72% compared to an appreciation
of 39.1% appreciation on its benchmark.
PMB SAF
Source: Lipper
For the 5-year period ended 15 July 2013, PMB SAF registered a return of 25.61% compared to a return of
PMB SAF
Source: Lipper
Note:
i) 15 January 2013 – FBMSHA (change of Fund’s investment objective that invest in Shariah-compliant
securities)
ii) 6 July 2009 – FBM Top 100 Index (adoption by Bursa Malaysia of FTSE Bursa Malaysia Index Series)
iii) Prior to 6 July 2009 - KLCI
Financial Year End (15 July)#
2013
2012
2011
2.3
-
-
*2.3
-
-
Net Distribution Per Unit– Cash (sen)
84 |
MASTER PROSPECTUS
2014/2015
2013
2012
2011
0.65 times
0.65 times
0.54 times
Asset Allocation
Year
2013
2012
2011
Equities
79.14%
98.60%
66.17%
20.96%
1.40%
33.83%
The Fund reduced its equity allocation in 2013 and increased exposure to deposit placements in order to lock
in gains on the market.
#Note: Effective from 28 April 2014, the financial year of PMB SAF ends on 31 July.
|85
2014/2015
MASTER PROSPECTUS
For The Period Ended 15 February 2013#
Fund / Index
1 Year
3 years
5 Years
10 years
PMB SGF
6.94%
9.66%
3.08%
6.46%
FBMSHA
2.25%
9.21%
1.35%
8.67%
Source: Lipper
Annual Total Return
For The Period Ended 15 February 2013#
Fund/Index
1 Year
3 Years
5 Years
10 years
PMB SGF
6.96%
31.90%
16.39%
87.08%
FBMSHA
2.25%
30.27%
6.95%
129.95%
Source: Lipper
For the 1-year period ended 15 February 2013, PMB SGF outperformed its benchmark when its total return
amounted to 6.96% against the return of 2.25% on the FBMSHA.
PMB SGF
Source: Lipper
86 |
MASTER PROSPECTUS
2014/2015
For the 3-year period ended 15 February 2013, PMB SGF posted return of 31.90% compared to an
PMB SGF
Source: Lipper
For the 5-year period ended 15 February 2013, PMB SGF registered a return of 16.39% compared to a return
PMB SGF
Source: Lipper
Note:
i)
15 January 2013 – FBMSHA (change of Fund’s investment objective that invest in Shariah-compliant
securities)
|87
2014/2015
MASTER PROSPECTUS
Financial Year End (15 February)#
2013
2012
2011
-
-
-
Net Distribution Per Unit - Cash(sen)
-
-
-
2013
2012
2011
0.57 times
0.55 times
0.35 times
Asset Allocation
Year
2013
2012
2011
Equities
90.84%
89.29%
84.06%
9.16%
10.71%
15.94%
#Note: Effective 28 April 2014, the financial year of PMB SGF ends on 28 February.
88 |
MASTER PROSPECTUS
2014/2015
For The Period Ended 30 April 2013
Fund / Index
1 Year
3 Years
5 Years
10 years
PMB SMCF
2.64%
3.14%
2.31%
6.77%
FBM100
9.02%
9.27%
6.63%
10.68%
Source: Lipper
Annual Total Return
For The Period Ended 30 April 2013
Fund / Index
1 Year
3 Years
5 Years
10 years
PMB SMCF
2.64%
9.74%
12.10%
92.65%
FBM100
9.02%
30.51%
37.84%
176.04%
Source: Lipper
For the 1-year period ended 30 April 2013, PMB SMCF posted a return of 2.64% against a return of 9.02%
on the FBM100.
PMB SMCF
Source: Lipper
|89
MASTER PROSPECTUS
2014/2015
For the 3-year period ended 30 April 2013, PMB SMCF posted a return of 9.74% compared to an appreciation
PMB SMCF
Source: Lipper
For the 5-year period, PMB SMCF registered a return of 12.10% compared to a return of 37.84% on its
benchmark.
PMB SMCF
Source: Lipper
Note:
i)
7 March 2014 – FBMSHA (change of Fund’s investment objective that invest in Shariah-compliant
securities)
Financial Year End (30 April)
2013
2012
2011
1.00
1.00
1.30
Net Distribution Per Unit – Cash (sen)
*1.00
1.00
1.24
90 |
MASTER PROSPECTUS
2014/2015
2013
2012
2011
0.33 times
0.20 times
0.24 times
The lower PTR over the financial year of 2012 was a result of lower trading activities undertaken by the Fund.
Asset Allocation
Year
2013
2012
2011
Equities
58.21%
71.39%
87.51%
5.53%
-
-
36.26%
28.61%
12.49%
The Fund reduced its equity allocation in 2013 and increased exposure to collective investment scheme and
deposit placements in order to lock in gains on the market.
|91
2014/2015
MASTER PROSPECTUS
For The Period Ended 15 March 2013#
Fund / Index
1 Year
3 Years
5 Years
10 Years
PMB SIF
4.38%
8.39%
6.02%
9.18%
FBMSHA
3.33%
8.61%
5.42%
9.4%
Source: Lipper
Annual Total Return
Fund / Index
For The Period Ended 15 March 2013#
1 Year
3 Years
5 Years
10 Years
PMB SIF
4.38%
27.38%
34.01%
140.89%
FBMSHA
3.33%
28.13%
30.23%
145.87%
Source: Lipper
For the 1-year period ended 15 March 2013, PMB SIF outperformed its benchmark when its total return
amounted to 4.38% against a return of 3.33% on the FBMSHA.
PMB SIF
Source: Lipper
92 |
MASTER PROSPECTUS
2014/2015
For the 3-year period ended 15 March 2013, PMB SIF posted return of 27.38% compared to an appreciation
PMB SIF
Source: Lipper
For the 5-year period ended 15 March 2013, PMB SIF registered a return of 34.01% compared to a return of
30.23% on its benchmark
PMB SIF
Source: Lipper
Note:
i)
securities)
ii)
6 July 2009 – FBM Top 100 Index (adoption by Bursa Malaysia of FTSE Bursa Malaysia Index Series)
Iii) Prior to 6 July 2009 - KLCI
|93
2014/2015
MASTER PROSPECTUS
2013
2012
2011
-
1.64
1.75
*1.70
1.54
1.59
Financial Year End (15 March)#
2013
2012
2011
0.49 times
0.10 times
0.17 times
The higher PTR over the financial year of 2013 as a result of higher trading activities undertaken by the Fund.
Asset Allocation
Year
2013
2012
2011
Equities
82.99%
81.55%
86.32%
4.53%
-
-
12.48%
18.45%
13.68%
The Fund exposure in equities was higher in 2013 due to buying activity on selective Shariah-compliant stocks
based on their potential to meet the funds objective in the medium and long term.
#Note: Effective 28 April 2014, the financial year of PMB SIF ends on 31 March.
94 |
MASTER PROSPECTUS
2014/2015
Fund/ Index
1 Year
3 Years
5 Years
10 Years
PMB SPF
8.94%
10.67%
8.74%
6.64%
FBMSHA
9.09%
11.20%
10.41%
9.07%
Source: Lipper
Annual Total Return
Fund/Index
1 Year
3 Years
5 Years
10 Years
PMB SPF
8.94%
35.67%
52.10%
90.23%
FBMSHA
9.09%
37.63%
64.13%
138.51%
Source: Lipper
For the 1-year period ended 15 August 2013, PMB SPF posted return total at 8.94% against the benchmark
return of 9.09% on the FBMSHA.
PMB SPF
Source: Lipper
|95
MASTER PROSPECTUS
2014/2015
For the 3-year period ended 15 August 2013, PMB SPF posted return of 35.67% compared to an appreciation
PMB SPF
Source: Lipper
For the 5-year period ended 15 August 2013, PMB SPF registered a return of 52.10% compared to a return of
PMB SPF
Source: Lipper
Note:
i)
securities)
ii)
96 |
MASTER PROSPECTUS
2014/2015
Financial Year End (15 August)#
2013
2012
2011
2.50
2.56
-
*2.50
2.50
-
2013
2012
2011
0.62 times
0.34 times
0.25 times
Asset Allocation
Year
2012
2012
2011
Equities
76.26%
70.47%
75.94%
5.44%
-
-
18.30%
29.53%
24.06%
#Note: Effective from 28 April 2014, the financial year of PMB SPF will end on 31 August.
|97
2014/2015
MASTER PROSPECTUS
For The Period Ended 31 March 2013
Fund/Index
1 Year
3 Years
Since inception 11/8/2008
PMB SDF
1.00%
5.88%
5.25%
FBMSHA
Source: Lipper
5.01%
8.37%
8.47%
Annual Total Return
For The Period Ended 31 March 2013
Fund / Index
1 Year
3 Years
Since Inception
11/8/2008
PMB SDF
0.99%
19.67%
26.75%
FBMSHA
5.00%
27.24%
45.77%
Source: Lipper
For the 1-year period ended 31 March 2013, PMB SDF posted return of 0.99% against a return of 5.00% on
the FBMSHA.
PMB SDF
Source: Lipper
98 |
MASTER PROSPECTUS
2014/2015
For the 3-year period ended 31 March 2013, PMB SDF posted return of 18.67% compared to an
PMB SDF
Source: Lipper
Fund Performance Review – Since Inception
Since inception, (11/8/08-31/3/2013), PMB SDF registered a return of 26.75% compared to a return of
PMB SDF
Source: Lipper
2013
2012
2011
-
0.90
1.41
*0.80
0.88
1.37
Financial Year End (31 March)
|99
2014/2015
MASTER PROSPECTUS
2013
2012
2011
0.73 times
0.99 times
0.78 times
The PTR was lower than the previous year as a result of a decrease in trading activities undertaken by the
Asset Allocation
Year
Equities
2013
2012
2011
61.50%
52.63%
66.81%
4.79%
-
-
33.71%
47.37%
33.19%
100 |
MASTER PROSPECTUS
6.1.10
2014/2015
PMB SHARIAH TNB EMPLOYEES FUND
For The Period Ended 30 August 2013
Fund / Index
1 Year
3 Years
5 Years
10 years
PMB STEF
6.77%
7.10%
5.38%
3.97%
FBM100
6.40%
8.11%
10.42%
9.03%
Source: Lipper
Annual Total Return
For The Period Ended 30 August 2013
Fund / Index
1 Year
3 Years
5 Years
10 years
PMB STEF
6.77%
22.88%
30.02%
47.63%
FBM100
6.10%
26.40%
64.20%
137.46%
Source: Lipper
For the 1-year period ended 30 August 2013, PMB STEF posted a return of 6.67% against the return of
6.10% on the FBM100.
PMB STEF
Source: Lipper
|101
2014/2015
MASTER PROSPECTUS
For the 3-year period ended 30 August 2013, PMB STEF projected a total return of 22.88% against the return
of 26.40% on the FBM100.
PMB STEF
Source: Lipper
For the 5-year period ended 30 August 2013, PMB STEF registered a return of 30.02% compared to a return
of 64.20% on the FBM100.
PMB STEF
Source: Lipper
.Note:
i)
7 March 2014 – FBMSHA (change of Fund’s investment objective that invest in Shariah-compliant
securities)
ii)
102 |
MASTER PROSPECTUS
2014/2015
Financial Year End (30 August)
2012
2012
2011
1.35
-
1.79
*1.35
*1.50
1.72
2013
2012
2011
0.37 times
0.41 times
0.30 times
The PTR showed a decrease to 0.37 times due to less active trading during the financial year 2013.
Asset Allocation
Year
2013
2012
2011
Equities
70.22%
64.80%
80.41%
5.43%
-
-
24.35%
35.20%
19.59%
|103
2014/2015
6.2
MASTER PROSPECTUS
MIXED ASSET FUND
6.2.1 PMB SHARIAH TACTICAL FUND
For The Period Ended 31 December 2013
Fund/Index
PMB STF
FBM 100
Source: Lipper
1 Years
3 Year
5 Years
10 years
10.42%
6.84%
10.26%
4.77%
11.39%
7.55%
17.52%
9.23%
Annual Total Return
For The Period Ended 31 December 2013
Fund/Index
1 Year
3 Years
5 years
10 Years
PMB STF
10.42%
0.66%
15.64%
7.90%
FBM 100
11.39%
1.94%
48.00%
14.91%
Source: Lipper
For the 1-year period ended 31 December 2013, PMB STF posted a return of 10.42% against the return of
11.39% on the FBM 100.
PMB STF
PMB STF
Source: Lipper
104 |
MASTER PROSPECTUS
2014/2015
For the 3-year period ended 31 December 2013, PMB STF posted a return of 0.66% against the return of
1.94% on the FBM 100.
PMB STF
Source: Lipper
For the 5-year period PMB STF posted a return of 15.64% against the return of 48.0% on the 2x KLIRR.
PMB STF
PMB STF
Source: Lipper
Note:
i)
25 October 2013 – Two times (2X) the performance of 1-Year Adjusted Average Rate of Kuala Lumpur
Islamic Reference Rate (KLIRR) (change of Fund’s investment objective that invest in Shariah-compliant
securities)
ii)
Iii)
Prior to 6 July 2009 - KLCI
|105
2014/2015
MASTER PROSPECTUS
Financial Year End
2013
2012
2011
2.55
1.84
2.51
2.55*
1.84 *
2.51
2013
2012
2011
0.56 times
0.43 times
0.30 times
Asset Allocation
Year
2013
2012
2011
92.82 %
70.00 %
68.72%
4.54%
-
-
Derivative
0.09%
-
-
2.55%
30.00%
31.38%
Equities
106 |
MASTER PROSPECTUS
6.3
2014/2015
BALANCED FUND
6.3.1 PMB SHARIAH BALANCED FUND
For The Period Ended 30 November 2013
Fund / Index
1 Year
3 Years
5 Years
10 years
PMB SBF
10.33%
3.80%
6.19%
1.35%
FBM 100 & KLIRR
6.54%
6.92%
3.33%
7.02%
Source: Lipper
Annual Total Return
For The Period Ended 30 November 2013
Fund / Index
1 Year
3 Years
5 Years
10 years
PMB SBF
10.33%
11.85%
35.08%
8.88%
FBM 100 & KLIRR
9.80%
19.68%
13.08%
10.97%
Source: Lipper
For the 1-year period ended 30 November 2013, PMB SBF posted return of 10.33% against a return of
9.80% on the 50% FBMSHA & 50% 12-Month KLIRR.
12
10
8
% Return
6
4
2
30-Nov-13
31-Oct-13
30-Sep-13
31-Aug-13
31-Jul-13
30-Jun-13
31-May-13
30-Apr-13
31-Mar-13
28-Feb-13
31-Jan-13
31-Dec-12
-2
30-Nov-12
0
Source: Lipper
|107
MASTER PROSPECTUS
2014/2015
For the 3-year period ended 30 November 2013, PMB SBF posted return of 11.85% compared to an
25.00
20.00
% Return
15.00
10.00
5.00
30-Nov-13
30-Sep-13
31-Jul-13
31-Mar-13
31-May-13
31-Jan-13
30-Nov-12
30-Sep-12
31-Jul-12
31-May-12
31-Jan-12
31-Mar-12
30-Nov-11
30-Sep-11
31-Jul-11
31-Jan-11
31-May-11
-10.00
31-Mar-11
-5.00
30-Nov-10
0.00
Source: Lipper
For the 5-year period, PMB SBF registered a return of 35.08% compared to a return of 66.37% on its
benchmark.
80.00
70.00
% Return
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
30-Nov-08
30-Nov-09
30-Nov-10
30-Nov-11
30-Nov-12
30-Nov-13
Source: Lipper
Note:
i)
15 January 2013 – 50% FBMSHA + 50% 1 year KLIRR (change of Fund’s investment objective that invest
in Shariah-compliant securities)
ii)
6 July 2009 – 60% FBM Top 100 Index + 40% Maybank’s 12 month Fixed Deposit Rate (adoption by
Bursa Malaysia of FTSE Bursa Malaysia Index Series)
Iii)
Prior to 6 July 2009 – 60% KLCI + 40% Maybank’s 12 month Fixed Deposit Rate
108 |
MASTER PROSPECTUS
2014/2015
Financial Year End (30 November)
2013
2012
2011
Gross Distribution Per Unit - Cash(sen)
2.20
-
-
Net Distribution Per Unit - Cash(sen)
*2.20
2.0
-
2013
2012
2012
0.42
0.31
0.31
The higher PTR over the financial year of 2013 as a result of higher trading activities undertaken by the
Fund.
Asset Allocation
Year
2013
2012
2011
Equities
48.38%
41.17%
44.15%
15.78%
-
-
35.84%
58.83%
55.85%
The equity exposure was at 48.38% up by 4.71% compared to the previous year. The Fund’s exposure in
equities was increased due to buying activity on selective Shariah-compliant stocks based on their potential
to meet the funds objective in the medium and long term.
|109
2014/2015
6.4
MASTER PROSPECTUS
MONEY MARKET FUND
For The Period Ended 30 June 2013
Fund / Index
1 Year
3 Years
5 Years
Since relaunch
21/11/05
PMB SCMF
2.85%
2.60%
2.38%
2.68%
BENCHMARK ^
2.97%
2.88%
2.70%
2.94%
Source: Lipper^ BNM Overnight Islamic Interbank Rate
Annual Total Return
For The Period Ended 30 June 2013
Fund/Index
1 Year
3 Years
5 Years
Since relaunch
21/11/05
PMB SCMF
2.84%
8.00%
12.46%
24.42%
BENCHMARK^
2.96%
8.89%
14.26%
35.88%
Source: Lipper^ BNM Overnight Islamic Interbank Rate
For the 1-year period ended 15 June 2013, PMB SCMF posted return of 2.84% against the return of 2.96%
on the BNM Islamic Interbank Overnight Rate.
PMB SCMF
Source: Lipper
110 |
MASTER PROSPECTUS
2014/2015
For the 3-year period ended 15 June 2013, PMB SCMF posted a return of 8.00% compared to an
PMB SCMF
Source: Lipper
For the 5-year period, PMB SCMF registered a return of 12.46% compared to a return of 14.26% on its
benchmark.
PMB SCMF
Source: Lipper
Note:
i)
28 April 2013 – BNM Overnight Islamic Interbank Overnight Rate quoted at the Islamic Interbank Money
Market (IIMM) of Bank Negara Malaysia (revised to reflect Fund’s investment in short term money
market instruments)
ii)
21 November 2005 – BNM 3-month Islamic Interbank Rate (change of Fund’s investment objective into a
Shariah money market fund)
Iii) Prior to November 2005 – KLCI
|111
2014/2015
MASTER PROSPECTUS
Financial Year End (15 June)
2013
2012
2011
Gross Distribution Per Unit - Cash(sen)
1.10
2.83
1.24
*1.10
2.72
1.24
2013
2012
2011
1.80 times
5.45 times
3.33 times
The PTR was lower than the previous year as a result of a decrease in trading activities undertaken by the
fund during the financial year.
Asset Allocation
Year
2013
2012
2011
Islamic money market instruments
14.59%
33.31%
60.58%
Deposit placement and others
85.41%
66.69%
39.42%
The asset allocation for Islamic money market instruments decreased to 14.59% from the previous 33.31%.The
Fund exposure in deposit placement was increased as the strategy to overweight money market instruments.
112 |
MASTER PROSPECTUS
7.
2014/2015
HISTORICAL FINANCIAL HIGHLIGHTS
The Audited financial statements of the Funds are disclosed in the Fund’s annual report.
The Fund’s annual report is available upon request.
Past performance is not an indication of its future performance.
7.1 EQUITY FUNDS
7.1.1 PMB DANA AL-AIMAN
Financial Year Ending 15 May
Extract of Audited Statement of Income and Expenditure
Financial Year End
2013
2012
2011
Total Investment Income/(loss)
(RM)
8,737,268
3,988,932
10,257,434
Total Expenses
(RM)
(1,327,724)
(1,270,081)
(1,365,074)
Net Income/(loss) before
taxation
(RM)
7,409,544
2,718,851
8,892,360
Taxation
(RM)
(3,471)
(76,536)
(172,175)
Net Income/(loss) after taxation
(RM)
7,406,073
2,642,315
8,720,185
Extract of Audited Statement of Assets and Liabilities
Financial Year End
2013
2012
2011
Total Investment
(RM)
65,966,787
74,073,863
68,689,158
Other Asset
(RM)
2,508,338
1,285,501
3,850,443
Total Assets
(RM)
68,475,125
75,359,364
73,539,601
Total Liabilities
(RM)
(5,884,719)
(4,282,311)
(4,334,737)
Net Asset Value
(RM)
62,590,406
71,077,053
69,204,864
Unit Holders Funds
(RM)
62,590,406
71,077,053
69,204,864
|113
2014/2015
MASTER PROSPECTUS
Financial Year Ending 15 June
Financial Year End
2013
2012
2011
Total Investment Income
(RM)
890,123
(188,551)
(74,984)
Total Expenses
(RM)
(171,087)
(170,245)
(203,388)
Net Income/(loss) before
taxation
(RM)
719,036
(358,796)
(278,372)
Taxation
(RM)
1,168
(3,623)
(25,697)
(RM)
720,204
(362,419)
(304,069)
Financial Year End
2013
2012
2011
Total Investment
(RM)
7,486,665
8,018,451
9,844,402
Other Asset
(RM)
5,146,300
576,950
388,257
Total Assets
(RM)
8,032,965
8,595,401
10,232,659
Total Liabilities
(RM)
(169,409)
(479,642)
(305,891)
Net Asset Value
(RM)
7,863,556
8,115,759
9,926,768
Unit Holders Funds
(RM)
7,863,556
8,115,759
9,926,768
114 |
MASTER PROSPECTUS
2014/2015
Financial Year Ending 15 August
Financial Year End
2013
2012
2011
(RM)
929,497
1,086,759
(603,248)
Total Expenses
(RM)
(267,606)
(275,180)
(332,170)
Net Income/(loss) before taxation
(RM)
661,891
811,579
(935,418)
Taxation
(RM)
440
(16,277)
(19,812)
(RM)
662,331
795,302
(955,230)
Financial Year End
2013
2012
2011
Total Investment
(RM)
11,134,617
12,620,096
14,782,432
Other Asset
(RM)
293,394
172,498
504,540
Total Assets
(RM)
11,428,011
12,792,594
15,286,972
Total Liabilities
(RM)
(671,243)
(62,391)
(530,487)
Net Asset Value
(RM)
10,756,768
12,730,203
14,756,485
Unit Holders Funds
(RM)
10,756,768
12,730,203
14,756,485
|115
2014/2015
MASTER PROSPECTUS
Financial Year Ending 15 July
Financial Year End
2013
2012
2011
(RM)
1,036,323
482,146
269,864
Total Expenses
(RM)
(88,832)
(82,203)
(85,851)
(RM)
947,491
399,943
184,013
Taxation
(RM)
(7,038)
(2,729)
(5,593)
(RM)
940,453
397,214
178,474
Financial Year End
2013
2012
2011
Total Investment
(RM)
4,986,280
3,547,231
3,091,544
Other Asset
(RM)
265,343
85,886
633,160
Total Assets
(RM)
5,251,623
3,633,117
3,724,704
Total Liabilities
(RM)
(250,343)
(35,658)
(38,625)
Net Asset Value
(RM)
5,001,280
3,597,459
3,686,079
Unit Holders Funds
(RM)
5,001,280
3,597,459
3,686,079
116 |
MASTER PROSPECTUS
2014/2015
Financial Year Ending 15 February
Financial Year End
2014
2013
2012
(RM)
2,281,529
522,412
464,804
Total Expenses
(RM)
(159,936)
(132,517)
(118,277)
(RM)
2,121,593
389,895
346,527
Taxation
(RM)
(8,083)
(5,833)
(8,438)
(RM)
2,113,510
384,062
338,089
Financial Year End
2014
2013
2012
Total Investment
(RM)
9,029,166
5,913,924
5,588,224
Other Asset
(RM)
219,280
281,301
292,347
Total Assets
(RM)
9,248,446
6,195,225
5,880,571
Total Liabilities
(RM)
(691,358)
(11,947)
(13,725)
Net Asset Value
(RM)
8,557,088
6,183,278
5,866,846
Unit Holders Funds
(RM)
8,557,088
6,183,278
5,866,846
|117
2014/2015
MASTER PROSPECTUS
Financial Year Ending 30 April
Financial Year End
2013
2012
2011
(RM)
1,371,948
26,897
6,244,647
Total Expenses
(RM)
(598,054)
(599,931)
(633,017)
(RM)
773,894
(573,034)
5,611,630
Taxation
(RM)
(23,040)
(2,018)
(88,669)
(RM)
750,854
(575,052)
5,522,961
Financial Year End
2013
2012
2011
Total Investment
(RM)
29,222,596
27,664,948
33,031,299
Other Asset
(RM)
910,479
3,157,443
1,341,724
Total Assets
(RM)
30,133,075
30,822,391
34,373,023
Total Liabilities
(RM)
(2,594,012)
(1,409,486)
(2,090,858)
Net Asset Value
(RM)
27,539,063
29,412,905
32,282,165
Unit Holders Funds
(RM)
27,539,063
29,412,905
32,282,165
118 |
MASTER PROSPECTUS
2014/2015
Financial Year Ending 15 March
Financial Year End
2013
2012
2011
(RM)
816,743
1,042,228
2,734,131
Total Expenses
(RM)
(262,739)
(228,816)
(229,439)
(RM)
554,004
813,412
2,504,692
Taxation
(RM)
(17,566)
(27,539)
(42,163)
(RM)
536,438
785,873
2,462,529
Financial Year End
2013
2012
2011
Total Investment
(RM)
15,944,338
12,910,875
12,332,704
Other Asset
(RM)
200,292
285,516
750,198
Total Assets
(RM)
16,144,630
13,196,391
13,082,902
Total Liabilities
(RM)
(575,360)
(435,471)
(484,429)
Net Asset Value
(RM)
15,569,270
12,760,920
12,598,473
Unit Holders Funds
(RM)
15,569,270
12,760,920
12,598,473
|119
2014/2015
MASTER PROSPECTUS
Financial Year End
2013
2012
2011
(RM)
4,443,928
6,041,072
2,515,196
Total Expenses
(RM)
(878,531)
(795,842)
(810,627)
(RM)
3,565,397
5,245,230
1,704,569
Taxation
(RM)
10,050
(76,367)
(191,145)
(RM)
3,575,447
5,168,863
1,513,424
Financial Year End
2013
2012
2011
Total Investment
(RM)
41,904,221
41,412,177
39,547,150
Other Asset
(RM)
573,445
1,029,228
2,774,478
Total Assets
(RM)
42,477,666
42,441,405
42,321,628
Total Liabilities
(RM)
(2,962,152)
(3,062,512)
(227,836)
Net Asset Value
(RM)
39,515,514
39,378,893
42,093,792
Unit Holders Funds
(RM)
39,515,514
39,378,893
42,093,792
120 |
MASTER PROSPECTUS
2014/2015
Financial Year Ending 31 March
Financial Year End
2013
2012
2011
(RM)
322,255
215,228
692,308
Total Expenses
(RM)
(196,451)
(195,611)
(85,325)
(RM)
125,804
19,617
606,983
Taxation
(RM)
(14,676)
(8,744)
(9,068)
(RM)
111,128
10,873
597,915
Financial Year End
2013
2012
2011
Total Investment
(RM)
6,421,976
9,749,100
5,407,139
Other Asset
(RM)
163,079
3,777,090
643,496
Total Assets
(RM)
6,585,055
13,526,190
6,050,635
Total Liabilities
(RM)
(225,606)
(479,394)
(577,302)
Net Asset Value
(RM)
6,359,449
13,046,796
5,473,333
Unit Holders Funds
(RM)
6,359,449
13,046,796
5,473,333
|121
2014/2015
MASTER PROSPECTUS
7.1.10 PMB SHARIAH TNB EMPLOYEES FUND
Financial Year End
2013
2012
2011
(RM)
1,679,690
2,033,963
733,869
Total Expenses
(RM)
(375,964)
(358,831)
(356,844)
(RM)
1,303,726
1,675,132
377,025
Taxation
(RM)
(118,018)
(4,877)
(31,257)
(RM)
1,185,708
1,670,255
345,768
Financial Year End
2013
2012
2011
Total Investment
(RM)
19,535,210
17,226,472
16,768,364
Other Asset
(RM)
318,030
912,330
463,619
Total Assets
(RM)
19,853,240
18,138,802
17,231,983
Total Liabilities
(RM)
(1,613,779)
(30,162)
(847,008)
Net Asset Value
(RM)
18,239,461
18,108,640
16,384,975
Unit Holders Funds
(RM)
18,239,461
18,108,640
16,384,975
122 |
MASTER PROSPECTUS
7.2
MIXED ASSET FUND
7.2.1
PMB SHARIAH TACTICAL FUND
2014/2015
Financial Year Ending 31 December
Financial Year End
2013
2012
2011
(RM)
2,055,717
1,914,209
308,534
Total Expenses
(RM)
(380,568)
(352,656)
(335,672)
(RM)
1,675,149
1,561,553
(27,138)
Taxation
(RM)
(1,852)
(3,380)
89,577
(RM)
1,673,297
1,558,173
62,438
Financial Year End
2013
2012
2011
Total Investment
(RM)
19,074,698
21,232,972
13,766,576
Other Asset
(RM)
692,175
216,761
1,858,551
Total Assets
(RM)
19,766,873
21,449,733
15,625,127
Total Liabilities
(RM)
(1,579,827)
(814,035)
(808,913)
Net Asset Value
(RM)
18,187,046
20,635,698
14,816,214
Unit Holders Funds
(RM)
18,187,046
20,635,698
14,816,214
|123
2014/2015
MASTER PROSPECTUS
7.3
BALANCED FUND
7.3.1
PMB SHARIAH BALANCED FUND
Financial Year Ending 30 November
Financial Year End
2013
2012
2011
(RM)
146,404
86,331
(33,945)
Total Expenses
(RM)
(24,959)
(29,861)
34,422
(RM)
121,445
56,470
(68,367)
Taxation
(RM)
-
(1,036)
(2,555)
(RM)
121,445
55,434
(70,922)
Financial Year End
2013
2012
2011
Total Investment
(RM)
1,249,426
1,085,050
1,049,265
Other Asset
(RM)
84,190
169,148
179,720
Total Assets
(RM)
1,333,616
1,254,198
1,228,985
Total Liabilities
(RM)
(40,082)
(19,911)
(4,971)
Net Asset Value
(RM)
1,293,534
1,234,287
1,224,014
Unit Holders Funds
(RM)
1,293,534
1,234,287
1,224,014
124 |
MASTER PROSPECTUS
7.4
2014/2015
MONEY MARKET FUND
Financial Year Ending 30 June
Financial Year End
2013
2012
#15 June
2011
(RM)
537,730
243,715
265,168
Total Expenses
(RM)
(46,171)
(51,300)
(55,833)
(RM)
491,559
192,415
209,335
Taxation
(RM)
10,773
(12,913)
-
(RM)
502,332
179,502
209,335
Financial Year End
2013
2012
#15 June
2011
Total Investment
(RM)
21,115,044
5,796,164
8,212,163
Other Asset
(RM)
142,338
479,711
193,067
Total Assets
(RM)
21,257,382
6,275,875
8,405,230
Total Liabilities
(RM)
(873,201)
(345,542)
(206,507)
Net Asset Value
(RM)
20,384,181
5,930,333
8,198,723
Unit Holders Funds
(RM)
20,384,181
5,930,333
8,198,723
# Note:
The Fund financial year end has been changed to 30th June with effective 28 April 2012.
|125
MASTER PROSPECTUS
2014/2015
7.5
TOTAL ANNUAL EXPENSES
The table below shows the total annual expenses incurred by the Funds in their respective preceding
financial year-ends.
Fund
Management Fee
RM
Trustee Fee
RM
%
’000
Fund Expenses
RM
%
’000
Total Annual
Expenses
RM
%
’000
%
’000
PMB AL-AIMAN
1,007
1.50
254
0.41
254
0.41
1,270
1.81
PMB MUTIARA
119
1.50
45
0.57
45
0.57
170
1.96
PMB BESTARI
180
1.50
76
0.71
76
0.71
275
2.06
PMB SAF
57
1.50
28
0.56
28
0.56
82
2.39
PMB SGF
93
1.50
33
0.53
33
0.53
118
2.10
PMB SMCF
442
1.50
126
0.46
126
0.46
600
1.92
PMB SIF
185
1.50
64
0.41
64
0.41
229
1.80
PMB SPF
610
1.50
228
0.58
228
0.58
796
1.92
PMB SDF
130
1.80
49
2.37
49
2.37
196
3.01
PMB STF
256
1.50
107
0.59
107
0.59
353
2.13
PMB STEF
278
1.50
79
0.44
79
0.44
359
2.08
PMB SBF
13
1.50
11
0.81
11
0.81
30
2.40
PMB SCMF
29
0.04
9
0.04
9
0.04
51
0.68
The percentage was calculated based on the Average NAV.
126 |
MASTER PROSPECTUS
7.6
2014/2015
MANAGEMENT EXPENSES RATIO (MER)
The MER of the Funds for the respective latest financial year are as follows:
Fund/Financial Year End
2013 (%)
2012 (%)
2011 (%)
PMB AL-AIMAN
1.69
1.66
1.91
PMB MUTIARA
1.80
1.79
1.93
PMB BESTARI
1.78
1.76
1.86
PMB SAF
1.93
1.93
2.37
PMB SGF
1.72
1.71
1.96
PMB SMCF
1.80
1.79
1.89
PMB SIF
1.54
1.73
1.81
PMB SPF
1.72
1.70
1.86
PMB SDF
2.11
2.31
2.64
PMB SBF
1.69
2.16
2.35
PMB STF
1.82
1.84
1.92
PMB STEF
1.76
1.80
1.98
PMB SCMF
0.26
0.69
0.64
Note:
The MER for PMB Al-Aiman. PMB Mutiara, PMB Bestari, PMB SGF, PMB SMCF, PMB STF and PMB STEF were
relatively stable at 1.66 – 1.82 range.
The MER for PMB SIF, PMB SBF and PMB SCMF were lower compared to the corresponding financial year due
to the lower management fees.
|127
MASTER PROSPECTUS
2014/2015
8.
FEES, CHARGES AND EXPENSES
There are fees and charges involved and investors are advised to consider them before investing in the
Fund.
8.1
CHARGES
Charges payable by the investors directly when investing in the Fund, are as below –
Charges
Distribution Channel(s)
IUTAs, Agents & direct purchase
Sales charge per
unit
Repurchase charge
per unit
% of the NAV
Fund
6.0 %
except PMB SCMF
EPF Members’ Investment
Scheme
3.0%
except PMB SCMF
IUTAs, Agents, direct purchase
and EPF Member’s Scheme
Nil
PMB SCMF
IUTAs, Agents, direct purchase &
EPF Members’ Investment
Scheme
Nil
In calculating the charges imposed, any adjustments for rounding up would only be conducted once at the
charges level and only up to 4 decimal places.
*Note: The Manager may, at its discretion, charge a lower sales charge based on criteria as may be
determined from time to time.
8.1.1
Sales Charge
The computations for sales charge per unit are illustrated as below:Assuming that the NAV per unit of PMB SIF on a particular date is RM0.5000 with the sales charge of 6.0%,
the amount of sales charge per unit, incurred would be:Sales Charge
= NAV per unit
x
Rate of Sales Charge
= RM0.5000
x
6.0%
= RM0.0300 per unit
Thus, those who purchased units of PMB SIF on that date shall pay RM0.5300 per unit (inclusive of RM0.0300
being the sales charge per unit).
NAV per unit
RM0.5000
+) Sales charge
RM0.0300
Subscribing Price/ unit
128 |
RM0.5300
MASTER PROSPECTUS
2014/2015
Whereas, if you would like to invest RM10,000 at the NAV per unit of RM0.5000:Units allocated
=
RM10,000/RM0.5000 = 20,000 Units
Sales charge
=
20,000 units x RM0.5000 x 6.0%
=
RM600.00
=
(20,000 units x RM0.5000)+RM600
=
RM10,600.00
Amount payable by you
8.1.2
Repurchase Charge
We do not impose any repurchase charge when you redeem your units.
8.1.3
Transfer Fee
RM10 per transaction (excluding stamp duty).
8.1.4
Switching Fee
This facility enables Unit Holders to switch units of one fund to units of other funds managed by the Manager
which is available for sale. Units switched are transacted at the fund’s NAV per unit. The minimum
investment that can be switched in each transaction is 1,000 Units. The conditions for switching are set out
below:
The charges for switching are set out below:
To
Equity
funds
Mixed Asset/
Balanced
fund
Money
Market
fund
RM25 per
transaction
RM25 per
transaction
Nil
Mixed Asset
/Balanced
fund
RM25 per
transaction
RM25 per
transaction
Nil
Money
Market fund
Up to 6% of
amount switched
Up to 6% of
amount switched
Not
applicable
From
Switching
Charges
8.2
Equity fund
FEES
When investing in the Funds, you may also incur indirect fees which are charged to the Fund as follows:8.2.1
The annual management fee is calculated daily at 1.5% per annum of the NAV of a Fund, except for PMB SBF
at the rate of 1.0% per annum, PMB SIF at the rate of 0.6% per annum and PMB SCMF at the rate of 0.4% per
annum, before accruing the management fee and the trustee fee on the valuation point.
|129
MASTER PROSPECTUS
2014/2015
The computation of the annual management fee for a particular date based on the following method:(NAV before accruing the management fee and the trustee fee
on the valuation point) X (the rate of management fee)
Number of days in a year
Assuming the NAV before accruing the management fee and trustee fee on a particular date is RM280,000.00
and the rate of management fee for the relevant fund is 1.5% per annum, the amount of the management
fee charged for that particular date would be:Management Fee
8.2.2
=
RM280,000 X 1.5% /365 days
=
RM11.51
Annual Trustee Fee
The annual trustee fee is calculated daily at 0.1% per annum of the NAV of a Fund, (except for PMB SDF at
the rate of 0.1% per annum subject to a minimum fee of RM18,000 per annum and PMB SCMF at the rate of
0.05% per annum) based on NAV, before accruing the annual management fee and the trustee fee accrued
on the valuation point. The computation of the annual trustee fee for a particular date is based on the
following method:(NAV before accruing the management fee and the trustee fee
on the valuation point) X (the rate of trustee fee)
Number of days in a year
Assuming the NAV before accruing the management fee and trustee fee on a particular date is
RM280,000.00 and the rate of trustee fee for the relevant fund is 0.1% per annum, the amount of the trustee
fee charged for that particular date would be:Trustee Fee
8.3
=
RM280,000 X 0.1% / 365 days = RM0.77
EXPENSES
The Funds may incur the following operational and administrative expenses: - Commissions/fees paid to brokers/dealers in effecting dealings in the investments of the Fund
shown on the contract notes or confirmation notes;
- Charges/fees paid to sub-custodian;
- Tax and other duties charged on the Fund by the Government and other authorities;
- The fees and other expenses properly incurred by the auditor appointed for the Fund;
- Fees for the valuation of any investments of the Fund by independent valuers for the benefit of the
Fund;
- Cost of printing the Annual/Interim reports
- Costs incurred for the modification of the Deeds of the Fund other than those for the benefit of the
Management Company and/or Trustee;
- Cost incurred for any meeting of the Unit Holders other than those convened by, or for the benefit
of, the Management Company and/or Trustee; and
- Any other fees/expenses permitted by the Deed.
Expenses related to the issuance of this Master Prospectus will be borne by the Manager.
130 |
MASTER PROSPECTUS
8.4
2014/2015
REBATE AND COMMISSION
The Manager and the Trustee are not entitled to any rebates or to share any commission from broker in
consideration for direct dealings in the investments of the Funds. Accordingly, any rebates and shared
commissions will be directed to the account of the Funds.
However, we may receive goods or services by way of soft commissions provided always that the goods or
services are of demonstrable benefit to the Funds and that the execution of a transaction is consistent with
the best execution standards.
.
|131
2014/2015
9.
MASTER PROSPECTUS
TRANSACTION INFORMATION
HOW CAN YOU KEEP TRACK OF YOUR INVESTMENT
The annual and interim reports with information on the performance and investments of the funds are
issued to unit holders of the funds within two (2) months from the closing of their respective interim and
financial year periods.
You may obtain our latest information, our products and services, and market outlook at our website
http://www.asminvestment.com.my. Our officers will provide you with more specific information on your
investments should you require such service.
You may communicate with us via :
• Investor Relation Careline: 03: 4145 3900
• Email : [email protected]
• Website: Complete the feedback form at http://www.asminvestment.com.my
You may also walk-in to the Head Office or any of our regional offices during normal business hours, 8.45
a.m. to 5.15 p.m. Mondays to Fridays, (excluding public holidays) or write to the same. Fund prices will be
published daily on the website as well through some local major newspapers.
9.1
TRANSACTION DETAILS
•
How to Start Investing
Please read and understand the Master Prospectus (and any supplementary master prospectus) and
Product Highlight Sheet (PHS) before investing. You must attain the age of at least 18 on the date of
application. If you fulfill this requirement, all you have to do is to complete an FIMM Pre-Investment
Form, as well as PMB Investment’s Suitability Assessment Form and Master Application Form for
initial account opening. In addition, you need to complete the Investment Request Form for buying
transaction together with a photocopy of I.C. or related document.
•
How to Conduct Subsequent Transaction
For subsequent transaction, simply complete the Investment Request Form (to make additional
investment). If your completed Suitability Assessment Form is done more than three (3) years prior
to this transaction, you need to do a new assessment.
•
Application and Acceptance
Application of units should be made before the cut-off time at 3.00 p.m. with cleared payment on
any business day. The units will be issued at NAV per unit calculated at the end of the business day
(i.e. “forward pricing”) on which the application to purchase is received by the Manager. Any
application received after the cut-off time, the request will be deemed to have been received on the
next business day. We reserve the right to vary the terms and conditions of investment and payment
modes from time to time, which shall be communicated to you in writing. Note that we reserve the
right to reject any application without providing any reason, whatsoever. We may also reject any
application that is not complete and/or not accompanied by the required documents.
132 |
MASTER PROSPECTUS
9.2
2014/2015
PAYMENT METHODS
•
Via Cheque, Bank Draft or Money Order
Payment can be made by cheque, bank draft or money order drawn on a bank located in Malaysia in
Ringgit Malaysia (RM), crossed, made payable to “PMB Investment Berhad”. Applicants are to write
their name and NRIC number or passport number or corporate/institutional registration number at
the back of the cheque, draft or money order. Application shall be processed based on the net
amount received. Where payment is by cheque, the cheque must be issued by the investor.
•
Via Bank Transfer Services (Telegraphic Transfer/Inter-Bank GIRO /Online Banking)
Applicants may transfer the subscription proceeds directly into the bank account of PMB Investment
Berhad via telegraphic transfer/Inter-bank GIRO/online banking. Please include applicant’s name in
the transaction description where applicable for reference.
Details of our principal bank accounts are as follows:
Bank
•
Account number
Malayan Banking Berhad (Akaun Al-Wadiah)
A/c No.: 5-64342-00013-8
Public Islamic Bank Berhad
A/c No.: 3810755226
CIMB Islamic Bank Berhad
A/c No.: 8600006139
Bank Muamalat (Malaysia) Berhad
A/c No.: 14010003688717
Bank Islam (Malaysia) Berhad
A/c No.: 14153010008206
Via Auto debit
You may choose to invest on a regular basis through a bank auto-debit (standing instruction) facility
at the following financial institutions:a)
b)
c)
d)
•
Bank Simpanan Nasional
Malayan Banking Berhad
CIMB Bank Berhad
RHB Bank Berhad
Via Salary Deduction
If you are a Government servant, you can invest regularly by applying for the salary deduction
instruction through ANGKASA. If you are in the private sector, you may check with your employer
on the Employee’s Salary Deduction Scheme for a regular monthly investment.
•
EPF Members’ Investment Scheme
You may also withdraw from your EPF Account 1, to be invested in a Fund approved by EPF under its
Members’ Investment Scheme. To apply for withdrawal, you are required to also complete a Borang
KWSP 9N (AHL) for each application for withdrawal to invest via the EPF Members’ Investment
Scheme.
Please note that investment through EPF MIS is subject to the terms and conditions set by the EPF
and investors are therefore advised to check on the details accordingly from EPF.
Investors are advised not to make payment in cash when purchasing units of a fund via any
institutional/retail agent.
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9.3
MASTER PROSPECTUS
COOLING-OFF POLICY
A first time investor with the Manager shall have the right, within 6 business days, (commencing from the day
the completed application is received and accepted by the Manager) to withdraw his/her investment in the
fund. However, this cooling-off period does not apply to corporations or institutions, staff of the Manager
and a person registered with a body approved by the SC to deal in unit trusts.
An investor who exercises his/her right to withdraw during the cooling-off period is entitled to receive a full
refund of the money initially invested i.e.:- the NAV per unit on the day the units were first purchased; plus
- the sales charge per unit originally imposed on the day the units were purchased
The money payable out of this transaction must be refunded to the investor within 10 days of the Manager’s
receipt of the repurchase request.
9.4
REPURCHASING/REDEEMING AN INVESTMENT
You may redeem all or some of the units held on any business day by completing a Transaction Form
together with a photocopy of your NRIC.
•
•
•
Redemption for Funds other than PMB SCMF
-
For a request to redeem units received or deemed to have been received by us on or before
3.00 p.m. on any business day, units will be redeemed at the NAV per unit calculated at the end
of business day on which the request was received (“forward pricing”).
-
Where the repurchase request is received after the cut-off time, i.e. after 3.00 p.m., the request
will be deemed to have been received on the next business day.
-
Payment will be made within 10 days of the receipt of redemption request.
-
We reserve the right to vary the terms and conditions of repurchase/redemption mode from
time to time, which shall be communicated to you in writing.
Redemption for PMB SCMF
-
If a repurchase applications is received on or before 9.15 a.m., repurchase monies will be paid
on the next business day (T+1). For repurchase application received after 9.15 a.m., the request
is deemed to have been received on the next business day and the repurchase monies will be
paid on the following business day.
-
The applicable repurchase price would be based on the NAV or unit at the end of the business
day on which the request to repurchase is received by the manager.
-
In the event of any technical difficulties beyond the Manager’s control or should the
redemption request in the sale of units cannot be liquidated at an appropriate price or on
adequate terms and is as such not in the interest of the existing Unit Holders, redemption
monies may be paid at such other period or may be permitted by the relevant authorities from
time to time.
Redemption related to EPF Members’ Investment Scheme
•
Redemption proceeds will be paid to the EPF and to be credited into your EPF account.
General
-
No restriction on the frequency of redemption. For certificate holders, you can only redeem
your units upon surrendering the unit certificate(s).
-
There is no minimum number of units for redemption but a Unit Holder must retain at least 100
units upon partial redemption.
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9.5
2014/2015
-
No redemption fee is charged. However, any applicable bank charges and other bank fees
incurred as a result of a withdrawal by way of telegraphic transfer, bankers cheque or other
special payment method will be borne by the Unit Holder.
-
If the units are held in the names of more than one Unit Holder, where mode of holding is
specified as “Joint Application”, redemption request will have to be signed by all the joint
holders unless the joint applicant is a minor.
CHANNELS TO PURCHASE AND REDEEM UNITS
You may refer the address of our Head Office and list of our regional and agency offices and
institutional unit trust agents on page 1.
9.6
SWITCHING BETWEEN FUNDS
• Switching is a facility which enables you to convert units of a particular unit trust fund for the units
of our other unit trust funds. Simply complete the Transaction Form. Unit holders are required to
enclose the certificate of investment (if any) upon switching.
• All Unit Holders are allowed to switch from one fund to any other funds managed by the Manager.
The minimum amount you can switch is 1,000 units.
• Switching charges are as per condition below:
-
No switching fee will be imposed if switching is made to fund with lower or no sales charge (e.g.
equity fund to money market fund)
-
RM25 per transaction if the sales charge of the fund to be switched into is equal to the sales
charge of the fund from which switching is made (e.g. equity fund to balanced fund)
-
At sales charge if the sales charge of fund to be switched into exceeds the sales charge of the
fund from which switching is made (e.g. money market fund to equity fund). However, if the
originating fund from which switching is made is from equity or balanced fund, the switching fee
shall be RM25 only.
-
The Manager reserves the right to reject any switching request :
i) that it regards as disruptive to efficient portfolio management; or
ii) if deemed by the Manager to be contrary to the best interest of the affected Fund; or
iii) subject to availability of units.
• To switch between the Funds managed by the Manager, you can simply complete the switching
form at the Manager’s Head Office, Regional and Agency Offices.
(Please refer to Section 8.1 page 126 for switching charges).
9.7
TRANSFER OF UNITS
•
An investor may transfer some or all of units held to another investor by completing a Transfer
Form. Subject to the provisions of the Deed, transfer of unit can be made provided that the units
registered thereof are not less than the minimum prescribed number of units.
•
In the case of a death, bankruptcy or insanity, the units shall be transferred to the
remaining/surviving joint holder provided that the age of remaining / surviving joint holder, if any, is
at least 18 years old, or to the executors or administrators of the deceased and subject to the
applicability of any Shariah principles (for Muslim investors).
•
Both the transferor (the Unit Holder) and transferee must complete the Transfer Form and submit it
to the Manager together with the certificate or any supporting document to prove the title of the
transferor. The Manager may refuse to register a transfer of less than 100 Units or where the
balance in the transferor’s holding is less than 100 Units or any other amount as may be determined
by the Manager from time to time.
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•
9.8
MASTER PROSPECTUS
The transfer shall be affected within 30 days from the date of receipt of the request. A fee of not
exceeding RM10.00 will be charged for a transfer of units and issuance of a new certificate (if any).
A QUICK GUIDE ON HOW TO BUY, SELL, SWITCH & TRANSFER
How to
Make an
Initial
Investment
Documents Required
Individual Investor:
• Pre-Investment Form by FIMM (for every new
fund)
• Suitability Assessment Form
• Master Application Form
• Investment Request Form
• KWSP 9N(AHL) Form (if investing via the EPF MIS)
• A photocopy of NRIC.; or
• Passport (if applicant is Malaysian resident or
foreigner)
Minimum amount
For Initial investment :
• Direct purchase :
100 units or RM100 whichever
is higher in value.
Corporate investor:
• Master Application Form
• Pre-Investment Form by FIMM (for every new
fund)
• Suitability Assessment Form
• A copy of each of the company’s resolution and
certificate of incorporation (certified by a director
or company secretary);
• List of authorised signatories and specimen
signatures;
• Form 11, 13, 49 and other documents, if required
Completed forms and documents required should be
submitted together with payment or proof of
payment
Make
Additional
Investment
Individual Investor
• A copy of (NRIC./passport ); or
• KWSP 9N (AHL) Form (if investing via the EPF MIS)
Corporate Investor:
Signed by authorized signatories and company
stamp
• Board Resolution or any other necessary
authorization
Completed forms and documents required should be
submitted together with payment or proof of
payment.
136 |
For additional investment:
• Direct purchase: 50 units or
RM50 whichever is higher in
value.
• Auto
debit:
RM50
per
instruction for each Fund
MASTER PROSPECTUS
Redeem,
Switching and
Transfer
Individual Investor (single/joint applicant )
Redeem/Switching
• Transaction Form
• A copy of NRIC/passport
• Pre-Investment form
(For switching to new fund)
Transfer
• Transfer Form
A copy of NRIC/passport
Corporate Investor
Redeem/Switching
• Transaction form
Signed by authorized signatories and company
stamp
• Board Resolution or any other necessary
authorization
9.9
2014/2015
For both individual and corporate
investor
Repurchase/redemption:
• No minimum number of units,
however,
upon
partial
redemption/repurchase, at least
100 units should be retained.
Switch & Transfer:
• 1000 units per transaction; or
not more than the units held.
• For transfer of units, the
minimum amount may be
determined by the Manager
from time to time
INCOME DISTRIBUTION AND REINVESTMENT POLICIES
•
Income Distribution
Income of a Fund includes dividends from shares, profit from deposit placement and debt income
securities, and capital gains realized from the disposal of investments in the Fund. The Fund may
distribute all or part of its net income and or net realized capital gains to its Unit Holders at the
discretion of the Manager, subject to the Trustee’s approval. Potential investors are however
advised that the distribution is subject to the Deed and the objective of each Fund, and after taking
into consideration the total return of the Fund, income for the period, cash flow of the distribution,
and stability and sustainability of the distribution of return.
Income distribution will be paid to eligible Unit Holders via:
-
Distribution warrants; or
Cheques.
In certain cases, upon presentation to the depositing banks or financial institutions, the distribution
warrants or cheques may attract bank commission or transaction charges which will be borne by the
Unit Holders.
The income distributed may be in the form of ‘units’ instead of cash. A statement of the distribution
of units will be delivered to the Unit Holder within a reasonable time period, as permitted by the
Guidelines.
•
Unit Split
The Fund may undertake a unit split exercise to reduce the price of the units and this can only be
conducted once in every 12 month-period. The unit split exercise may be conducted at the time of
the distribution of return or at any time within the financial year. Where the exercise is conducted
within the financial year, the Fund needs to show a sustainable appreciation in its NAV in the
preceding 6-month period.
•
Reinvestment Policies
Reinvestment instruction of income distribution may be applied by Unit Holders by marking the
instruction in the application form. The distribution will be credited to the Unit Holder’s investment
account. The value of the reinvestment of distribution will be equivalent to the NAV per unit on the
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MASTER PROSPECTUS
first business day following the Distribution Date. No charge will be imposed on the distribution
reinvestment.
However, if a Unit Holder wishes to reinvest the distribution upon receipt of distribution warrants /
cash, such distribution reinvestment will be treated as normal sales of units.
Auto Reinvestment
•
Auto reinvestment will be applied to the followings:
•
-
Distribution amount of less than RM50, which will be reinvested at the Unit price equivalent to
the NAV per unit computed at the end of the next business day following the Distribution Date.
No additional charge will be imposed on the distribution reinvestment.
-
Uncashed distribution warrant / cheques upon a lapse of 6 months of the validity period. The
distribution will be reinvested by purchasing additional units of the Fund on their behalf, based
on NAV per unit on the 15th day of the following month or such earlier date is determined by
the Manager. The warrant for distribution and/or statement of investment will be sent to the
latest address recorded in the Unit Holder register.
-
Fund’s distribution of income is by way of units, irrespective of the standing instruction given by
the Unit Holders to the contrary.
-
Unit Holder should notify the Manager of their option for reinvestment and any change of
address within fourteen (14) business days prior to each distribution date.
Unclaimed Distribution
Distributions (if any) if not claimed within 6 months after the date of payment will be automatically
reinvested provided that the Unit Holder’s account remains active and subject to the availability of
units to be subscribed. In the event that Unit Holder’s account is already closed, the monies will be
sent to the Office of Registrar of Unclaimed Monies, Accountant General’s Department as required
under the Unclaimed Monies Act 1965 (as may be amended).
9.10 DETERMINATION OF PRICE
•
Forward Pricing
The price of units of a fund is determined based on the NAV per unit as at the next valuation point
after a request for sales or repurchase of Units is received by the Manager.
Dealing cut off time for any units to be issued and/or redeemed shall reach the Manager before 3.00
p.m. on the business day except for PMB SCMF. For PMB SCMF, the dealing cut-off time is 9.15 a.m.
Any applications received after cut-off time will be treated as if received on the following business
day.
•
Single Pricing Regime (SPR)
According to the SPR, the creation, cancellation, selling and buying/repurchase prices for Units
would be the NAV per unit on any transaction. For example, the NAV per Unit during a particular
date is RM0.23375 (before 4 decimal rounding adjustments).
NAV per unit
•
= Buying Price per unit
= RM0.2338 (rounded to 4 decimal places)
NAV of a Fund
The NAV per unit of a fund is calculated by dividing the total NAV of that Fund by the total number
of units of circulation of the same Fund at the end of each business day rounded to 4 decimal places.
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The following is an example of the valuation carried out:
•
Total NAV
= RM50,000,000
Units in Circulation
= 130,600,000
NAV per Unit
= RM0.3828
Amount Payable Upon Sales of Units
As the selling price of each unit of the Fund is equivalent to the NAV per unit, the total amount
payable upon the sales of units will be amount invested plus Sales Charges per unit times the
number of units allocated.
Assuming that the NAV per unit of PMB SIF on a particular date is RM0.5000 and the sales charge is
6.0%, total amount payable that Unit Holder would need to pay is illustrated below:
Amount invested
=
RM10,000
Units allocated
=
RM10,000 / RM0.5000 = 20,000 Units
Total amount
payable
= Amount invested + sales charge
= RM10,000 + (6.0% X RM0.5000 X 20,000 Units)
= RM10,000 + RM600 = RM10,600
• Amount Received Upon Repurchase of Units
As the redemption or buying price per unit of the fund is equivalent to the NAV per unit, the total
amount received upon repurchase of units will be equivalent to (the number of units redeemed x
the redemption price or buying price per unit) less (redemption charge x number of units
redeemed.) However, no fund has imposed any charges upon redemption during the lifetime of the
Master Prospectus.
Illustration of Amount Received upon Redemption of units is shown below:Amount received = (units redeemed) X (redemption price or buying price per unit) – (redemption
charge X number of units redeemed)
= (10,000 units X RM0.5000) – (0 X 10,000 units)
= RM5,000
•
Incorrect Pricing
In the case of pricing discrepancies in the calculation of NAV occurs, the Manager will take
immediate remedial action to rectify the Unit pricing at the Fund’s level. The money will be
reimbursed to the Unit Holder if the error is more than 0.5% of the Unit NAV or RM10.00 in absolute
amount. Nevertheless, for a reimbursement of a lesser amount will be up to the Manager
discretion.
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10. MANAGEMENT OF THE FUNDS
10.1 THE MANAGER’S PROFILE
PMB Investment Berhad (PMB Investment), formerly known as ASM Investment Services Berhad
(ASM Investment), is a wholly owned subsidiary of Pelaburan MARA Berhad (PMB). Its principal
activities are unit trust and funds management.
Incorporated on 15 January 1993 under the Companies Act, 1965 as ASM MARA Unit Trust
Management Berhad (ASM MARA Unit Trust), PMB Investment assumed the unit trust operations
from PMB, then known as Amanah Saham MARA Berhad (ASMB), and its related staff. This was done
following the requirement of the Securities Commission Act, 1993 that unit trust funds are to be
managed by a unit trust management company. PMB commence operations in the late 1967 and its
first unit trust fund was established on 6 April 1968 which is now known as PMB Dana Al-Aiman.
ASM MARA Unit Trust had its name changed to ASM Investment on 9 October 2006 and it took over
the fund management operations of ASM Asset Management Sdn Bhd, another wholly-owned
subsidiary of PMB, to streamline the unit trusts and funds management activities of the group. ASM
Investment had its name changed to PMB Investment on 28 February 2014.
PMB Investment is licensed under the Capital Markets and Services Act, 2007. The company has an
authorised capital of RM10 million, of which RM5 million has been fully paid. The PMB group
concern, it has more than 45 years of experience in managing unit trust funds.
As at 28 February 2014, PMB Investment managed 14 unit trust funds with approximately 746
million units in circulation valued at RM320 million. Together portfolio mandates from institutional
and corporate clients, total fund size under management for both unit trust and funds management
was RM 433 million.
10.2 BOARD OF DIRECTORS
•
Datuk (Dr) Zamani bin Md Noor
- Independent /Chairman
•
Dato’ Sri Haji Rahim bin Haji Abdul
- Independent
•
Professor Dr. Faridah binti Haji Hassan - Independent
•
Mansoor bin Ahmad
- Independent
•
- Independent
•
Ahmad Nazim bin Abd Rahman
- Non-Independent
•
- Non-Independent /Chief Executive Officer
10.3 MANAGEMENT TEAM
•
Ameer Ali is the Chief Executive Officer of PMB Investment. He joined PMB Investment on 2 April
2012 and brought with him more than 20 years of experience in the capital markets, having entered
into the securities industry in December 1990 as an investment analyst. He held positions in
research analysis and portfolio management including as fund manager of the then Arab-Malaysian
Unit Trusts Berhad; senior manager of Affin Fund Management Sdn Bhd; head of investment –
external clients for Mayban Investment Management Sdn Bhd before entrusted to establish and
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head its Business Development Department; and CEO/CIO of OSK Asset Management Sdn Bhd. Prior
to joining PMB Investment, he was the CE/Managing Director of Amanah Saham Kedah Berhad.
Among others, Ameer was the second-man in a team that was involved in the development of
Malaysia’s first privately managed Islamic equity unit trust fund that was launched in early 1993. He
was the first batch graduate of Bachelor of Business Administration (Hons) degree from the
International Islamic University Malaysia, where he graduated in 1988 with second class upper
honours. He started as a financial journalist with the then Business Times before entering into the
securities industry. He is the holder of a Capital Market Services representative licence (fund
management).
•
Isnami bin Ahmad Mohtar
Isnami was appointed Acting Chief Investment Officer effective from 10 April 2014. He has more
than 15 years of experience in the funds management industry, started in 1996 when he was
appointed Senior Investment Officer at ASM Mara Unit Trust Management Berhad to manage some
Bumiputera funds. He was subsequently promoted to Portfolio Manager in 2000 and was given
larger responsibilities to manage Shariah and conventional unit trust and corporate funds. He was
made Senior Manager, Fund Management in 2003. He joined Inter-Pacific Asset Management Sdn
Bhd in August 2007 as a Fund Manager, managing unit trust and corporate funds. He rejoined PMB
Investment April 2010 and was re-designated Head, Equity in January 2013. Isnami holds a Bachelor
of Science degree in Business Administration (Finance) from University of North Carolina at
Charlotte, USA. He is the holder of a Capital Markets Services Representative Licence (Fund
Management).
• Mohd Adzhar bin Abd Hamed
Mohd Adzhar is the Head, Legal, Compliance and Risk Management, oversees PMB Investment’s
compliance with the related statutory and regulatory requirements. He possesses a Diploma in
Banking Studies from Universiti Teknologi MARA (UiTM) and Bachelor of Corporate Administration
(Hons) from the same university. He joined the company on 1 March 2000. Prior to that, he was
attached with one of the leading financial institutions in Malaysia for almost 6 years. He is the
designated Compliance Officer of PMB Investment, and registered with the SC.
•
Marina Binti Ghazali
Marina is the Head of Marketing. She holds a diploma in Mass Communication from Universiti
Teknologi MARA (UiTM). She has more than 25 years of experience in marketing communication
including public relations, advertising and promotion. Currently, Puan Marina manages the
functions of investor relation, agency management and development, advertising and promotion.
Prior to joining PMB Investment, she was attached to Pelaburan MARA Berhad as the Head of
Human Resource Development and Corporate Communication. Puan Marina was also with Park
May Berhad (1995 – 1997) and a government agency (1988 – 1994).
•
Aida Binti Abu Bakar
Aida is the Head of Fund Administration. She joined the PMB Group in 1997 as a Senior Executive,
Projects and Venture Capital. In 2000, she was transferred to PMB Investment and has since
accumulated more than 13 years of experience in Unit trust while attached to several departments
within PMB Investment covering product research and development, business development,
investment, unit trust operations, marketing and promotion, customer administration and services
and agency services. She has been instrumental in developing and launching PMB Investment’s
Shariah retail products and experience in merger, liquidation and conversion of Unit trust schemes.
Currently she manages the functions of product development, trust administration and governance
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of PMB Investment. She started her career in 1995 with a public listed company, Kumpulan Guthrie
Berhad where she gained exposures in accounting and finance. She holds a Master of Business
Administration from University of Wales, United Kingdom and a Bachelor of Arts in Accounting and
Financial Management from University of Essex, United Kingdom.
•
Isnaliyah Binti Sarwadi
Isnaliyah is the Head of Portfolio Solutions. She assumed the current post in November 2010. She
has 10-year experience in the financial industry ranging from market and financial research, Business
Development, Corporate Client Sales and Marketing. She graduated from University of Essex, United
Kingdom with B.Sc Information Management with Accounting. She is a holder of the Capital Markets
Services Representative Licence (fund management).
•
Marlina binti Hj.Bustanuddin
Marlina is the Assistant Manager, Company Accounts of PMB Investment Berhad. She is responsible
for the overall function of the company accounts, unit trust accounts and portfolio accounts. She
obtained her Bachelor of Accountancy from Universiti Teknologi Mara in June 2001 and Diploma in
Accountancy from the same university in November 1998. She is also a member of the Malaysian
Institute of Accountants (MIA). Marlina has been with the PMB Investment since 2007.
•
Kamal Bashar bin Abdul Aziz
Kamal is the Assistant Manager, Agency Services of PMB Investment Berhad. He is responsible for
the overall operations of the agency management and unit trust consultant’s development. He has
more than 17 years of experience in the unit trust industry covering unit trust operations,
marketing, agency services, branch operations & sales. He obtained his Bachelor of Arts in Political
Science from Universiti Kebangsaan Malaysia in 1994.
10.4 SUMMARY OF FINANCIAL POSITION
Audited Year 31 December (RM’000)
2013
2012
2011
Authorized Capital
10,000
10,000
10,000
Paid-up Capital
5,000
5,000
5,000
Share Premium
1,000
1,000
1,000
Shareholders’ Funds
11,161
12,626
11,594
Turnover
82,638
219,133
70,097
Pre-tax Profit/ (Loss)
(1,049)
970
494
After Tax Profit
(1,049)
956
494
10.5 ROLES, DUTIES AND RESPONSIBILITIES OF THE MANAGEMENT
COMPANY
PMB Investment is responsible for the day-to-day management of the Funds, in accordance with the
provision of this Master Prospectus (as amended from time to time) the Deeds, Act and the
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2014/2015
Guidelines on Unit Trust Funds. Our main functions, duties and responsibilities include but not
limited to the following:a) Marketing, distribution, sale and repurchase of units;
b) Maintenance of proper records of the funds;
c) Distributing annual and interim reports;
d) Providing customer services;
e) To ensure that the interests of the Unit Holders are best served and protected at all times;
f) To formulate and propose the portfolio strategy in line with the Fund’s investment objective and
Investment Committee direction;
g) To review the performance and portfolio composition of the Fund and to make the necessary
recommendations thereof to the Investment Committee;
h) To review the market trend (both local and international) and make the necessary
recommendation to the Investment Committee;
i) To recommend stocks or other investment instruments in line with the Fund’s objectives;
j) To undertake in depth market and company research so as to assist the Investment Committee in
their decision making; and
k) To be responsible for the day to day management of the Fund consistent with the Guidelines and
the direction of the Investment Committee.
10.6 MANAGER’S DELEGATE
PMB Investment has delegated the following functions to Pelaburan MARA Berhad (PMB):
a)
b)
c)
d)
e)
f)
g)
Information technology
Human Resource Development
Corporate Communications
Administration
Compliance
Risk management
Internal audit
PMB is a strategic investment and asset management company wholly-owned by MARA, a statutory
agency of the Government of Malaysia. Established on 24 June 1967, PMB is principally involved in
private equity investments, portfolio fund management, unit trust management, financial services
and corporate advisory. PMB is the parent company of PMB Investment.
10.7 MATERIAL LITIGATION AND ARBITRATION
As at 28 February 2014, PMB Investment was not engaged, pending or threatened, in any material
litigation and arbitration. It was also disclosed under the Director’s Report that there is no
contingent liability that will or may substantially affect our ability to meet the obligations as and
when they fall due.
10.8 INVESTMENT COMMITTEE
10.8.1
Profile of Investment Committee Members
a)
Wan Abdul Rahman bin Wan Abu Samah (Independent)
Wan Abdul Rahman was previously an Independent Director at ASM Asset Management Sdn Bhd, a
subsidiary of PMB dealing in fund management business, which is also part of merged entities to
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form PMB Investment. Prior to that, he was an Independent Member of Investment Committee for
ASM MARA Unit Trust Management Berhad from 2003 until 2005. He holds a Bachelor of Economics
from University Malaya in 1975 and a Diploma from Securities Institute of Australasia (SIA) in 1979,
as well as a Certificate from the Malaysian Insurance Institute in 2000. At present, he is a Dealer’s
Representative at Kenanga Investment Bank Berhad after having accumulated experiences in a
private stock broking firm (1993 - 1995) and Permodalan Nasional Berhad (1985 - 1992). He was
appointed as a member of the Investment Committee on 1 January 2007.
b)
Mansoor bin Ahmad (Independent)
Mansoor bin Ahmad received his Bachelor of Economics (Hons) degree from the University of
Malaya and Master of Business Administration from the Australian Graduate School of
Management, University of New South Wales, Sydney, Australia. He joined Komplek Kewangan
Malaysia Berhad in September 1975 as a Research Officer and was later transferred to ASMB and
became an Investment Officer in 1982. He was promoted as Head of Investment and Corporate
Development in 1991 and as General Manager of Operations in 1996, overseeing all investment and
business development function of ASMB. In 1999, he was seconded to ASM Asset Management Sdn.
Bhd, a licensed fund management company as a General Manager and served in that capacity until
March 2002. He was transferred to PMB Investment and was subsequently appointed as the Chief
Executive Officer on 2 May 2002 and also as an Executive Director on 1 April 2004. He was
appointed as a member of the Investment Committee on 6 June 2002. He was also elected as a
Council Member of FIMM for two (2) consecutive two year terms since 2004. On 1 December 2006,
Mansoor Ahmad was re-designated as the Executive Director/Adviser of PMB Investment. He retired
on 6 July 2007 and thereafter has served as the Director of PMB Investment until today.
c)
Nik Mohamed Zaki bin Nik Yusoff (Independent)
Nik Mohamed Zaki bin Nik Yusoff was appointed as a member of the Investment Committee on 15
June 2009. He graduated from Carleton University, Ottawa, Canada in 1985 and holds a Bachelor of
Commerce (Hons) Degree. He has more than 25 years of experience in the financial industry. He
started his career with financial institutions in commercial banking before furthering his career in
merchant banking with Affin Investment Bank Berhad. He left the banking sector in 1994 to join
PMB (formerly Amanah Saham Mara Berhad) as Head, Corporate Development Unit and has been
part of Group’s Senior Management team since 1997. In PMB Group, he has gained further
experience in fund management, unit trust operations, strategic and financial planning and venture
capital/equity investment amongst others.
d)
Mohd Nazri bin Abu Samah (Non-Independent)
Mohd Nazri bin Abu Samah is the Chief Investment Officer of Pelaburan Mara Berhad ("PMB"). Prior
to joining PMB, Mohd Nazri was the Head of Treasury and Investment (Treasurer) at Small Medium
Enterprise Development Bank Malaysia Berhad ("SME Bank") with main responsibility of formulating
business plans related to treasury and investment and managing and growing the business areas
within the group. During his time at SME Bank, he spearheaded the application for the Interbank
status and the issuance of SME Bank’s first Government Guaranteed Sukuk.
Before moving to SME Bank in 2010, He was an Assistant Director with United Overseas Bank
(Malaysia) Bhd in Global Markets & Investment Management Division (2007-2010), covering various
products which include Fixed Income Securities, Derivatives as well as FX Options.
He has a vast experience in treasury and investment related operations. He joined the market in
1997 as an institutional dealer with Jardine Fleming Apex Futures Sdn Bhd. He later joined Kenanga
Deutsche Futures Sdn Bhd in 1998 and spent 5 years with the last position as the Head of Desk
Operation. In 2003, He moved to Avenue Securities Sdn Bhd (now ECM Libra Investment Bank
Berhad) as an Associate Director, overseeing dealings in money and securities (primarily, private
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placement and distribution activities). At Avenue Securities Sdn Bhd, he was part of the project team
setting up the treasury department and eventually granted with Interbank status by Bank Negara
Malaysia in 2005.
He holds a Bachelor of Economics from Universiti Kebangsaan Malaysia. He is a certified member of
Persatuan Pasaran Kewangan Malaysia (PPKM).
10.8.2
Roles and Functions of the Investment Committee
The functions and responsibilities of the Investment Committee are as follows:a) To ensure the consistency between the investment management policies of the Fund are
consistent and the funds’ objectives, this Master Prospectus (as amended from time to time), the
Deeds and the Guidelines and other relevant laws;
b) To formulate investment policies and plan, and to select appropriate strategies to meet the
funds’ objectives;
c) To provide guidance and advice in the implementation of the strategies;
d) To actively monitor, measure and evaluate the investment performance of the funds and the
Fund Manager;
e) To consider other matters deemed necessary for the benefit of the Fund; and
f) To recommend the Fund’s income distribution and/or unit splitting for the Trustee’s approval.
g) To meet at least once every two (2) months to monitor the management activities of the
Management Company.
10.9 SHARIAH ADVISER
10.9.1
Profile of the Shariah Adviser
BIMB Securities Sdn Bhd is a stockbroking subsidiary of BIMB Holdings Bhd. It was incorporated on
21 February 1994.
The company’s corporate mission is to actively participate in a modern, innovative and dynamic
Islamic capital market in Malaysia, to cater for the needs of both Muslims and Non-Muslims. BIMB
Securities Sdn Bhd is Corporate Shariah Adviser to 12 Islamic unit trust funds. Currently, the staff
strength of BIMB Securities Sdn Bhd consists of 40 employees of whom 30 are Executive staff and 10
are Non-Executive staff.
The company’s authorised share capital is RM250 million, and its current issued and paid-up share
capital is RM100 million. The shareholdings of BIMB Securities Sdn Bhd are as follows:Shareholders
% of holding
BIMB Securities Holdings Sdn Bhd
51
(wholly owned subsidiary of BIMB Holdings Berhad)
BIMB Holdings Berhad
49
The Board of Directors
Name
Position
Rashid bin Ismail
Executive Director/ CEO
Mohamad Rani Dali bin Samsudin
Executive Director
Zahari @ Mohd Zin bin Idris
Non-Executive Director
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10.9.2
MASTER PROSPECTUS
Johan bin Abdullah
Mustapha Hamat
Abdul Kadir Sahlan
Designated Person Responsible for Shariah Matters
Ir. Dr. Haji Muhamad Fuad bin Abdullah
Ir. Dr. Muhamad Fuad bin Abdullah (Dr. Muhamad Fuad) is the designated person in-charge of all
Shariah matters in BIMB Securities Sdn Bhd (BIMBSEC). He was appointed to the Shariah Advisory
Committee of BIMBSEC effective 1 June 2011.
Dr. Muhamad Fuad graduated with a Bachelor of Science in Electrical Engineering in 1977 and a
Master of Philosophy in Electrical Engineering in 1982 from the University of Southampton. He also
obtained a Bachelor of Arts (Jayyid) in Shariah from University of Jordan in 1994 and a Doctor of
Philosophy in Muslim Civilization from University of Aberdeen, Scotland in 1996.
Currently he serves as the Chairman of the Shariah Committee of MIDF Group of Companies and the
Chairman of the Shariah Advisory Committee of MNRB Retakaful Bhd. He is also a registered Shariah
Adviser with the Securities Commission Malaysia (SC) which qualifies him to advise on Shariah-based
products and services regulated by the SC. He is also a registered Shariah lawyer of Majlis Agama
Islam Perak, and was a member of the Board of Studies of the B.A. (Fiqh and Usul Fiqh) Programme
of the International Islamic University of Malaysia (IIUM) over the period 2007-2010.
Dr. Muhamad Fuad sits on the boards of Sime Darby Bhd, Sime Darby Property Bhd, Malaysian
Industrial Development Finance Berhad, MIDF Property Berhad, Mesiniaga Berhad and Institut
Kefahaman Islam Malaysia (IKIM) a public company limited by guarantee.
10.9.3
Roles and Functions of Shariah Adviser
a)
The responsibilities of the Shariah Adviser are to ensure that the Fund is managed and
administered in accordance with Shariah principles.
b) The Shariah Adviser shall provide expertise and guidance for the Fund in all matters relating to
Shariah principles, including on the Deeds and Prevailing Prospectus, its structure and
investment process and other operational and administrative matters.
c)
Where there is any ambiguity or uncertainty as to an investment, instrument, system,
procedure and/or process, the Shariah Adviser must consult the SC.
d) The Shariah Adviser should act with due care, skill and diligence in carrying out its duties and
responsibilities.
e)
The Shariah Adviser is responsible for scrutinizing the Fund’s compliance report as provided by
the compliance officer and investment transaction report provided by or duly approved by the
trustee, to ensure that the Fund’s investments are in line with Shariah principles.
f)
The Shariah Adviser must prepare a report to be included in the Fund’s interim and annual
report certifying whether the Fund has been managed and administered in accordance with
Shariah principles for the period concerned.
g)
The Shariah Adviser shall attend the quarterly held meeting for the review of the Funds or any
other ad-hoc meeting should the need arise.
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10.10 DESIGNATED FUND MANAGERS
• Ameer Ali bin Vali Mohamed
The detailed profile is as aforementioned on page 140.
• Isnami bin Ahmad Mohtar
The detailed profile is as aforementioned on page 141.
• Norzahari bin Zakaria
Norzahari is the Head of Research. He holds a Diploma in Business Studies and BBA (Hons) Finance
from Institut Teknologi Mara (ITM).He joined PMB in July 2000 and initially attached to Project
Department of PMB wherein his job scope was overseeing the venture capital and credit activities
of the company. Subsequently in February 2006, he was transferred to ASM Asset Management
Sdn Bhd and later to ASM Investment Services Bhd to assume the current post. He has been in the
financial industry since September 1990 with extensive experience in credit review, credit
marketing, credit control, business development, venture capital as well as equity research and
fund management. He is the holder of a Capital Markets Services Representative Licence (Fund
Management)
• Mohd Irwan Bin Wahed
Mohd Irwan is the Senior Executive of Equity. He holds a Graduate Diploma in Applied Finance and
Investment from FINSIA, a professional qualification in Islamic Finance from CISI and a Bachelor of
engineering in (Aerospace) from University Putra Malaysia. He joined ASM Investment in
November 2011. Prior to that, he had been with OSK Investment Bank as a Dealer with a Corporate
Derivatives Desk. He holds a Capital Markets Services Representative Licence (Fund Management).
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11.
MASTER PROSPECTUS
THE TRUSTEE OF THE FUNDS
11.1 AMANAHRAYA TRUSTEES BERHAD
11.1.1
Company Profile
AmanahRaya Trustees Berhad (ART) is the trustee for PMB Dana Al-Aiman, PMB Dana Mutiara, PMB
Dana Bestari, PMB Shariah Aggressive Fund, PMB Shariah Growth Fund, PMB Shariah Index Fund,
PMB Shariah Premier Fund, PMB Shariah Tactical Fund, PMB Shariah Balanced Fund and PMB
Shariah Cash Management Fund.
ART was incorporated under the Companies Act 1965 on 23 March 2007 and registered as a trust
company under the Trust Companies Act 1949. ART is a subsidiary of Amanah Raya Berhad (ARB)
which is wholly owned by the Minister of Finance (Incorporated). ART took over the corporate
trusteeship functions of ARB and acquired ARB’s experience of more than 47 years in trustee
business. ART has been registered and approved by the SC to act as trustee to unit trust funds and
has 178 unit trust funds under ART’s trusteeship. As at 28 February 2014, ART has 83 staff (60
Executives and 23 Non-executives)
ART has an authorized share capital of RM5,000,000. Its issued and paid-up share capital is RM
2,000,000 and RM1,000,000 respectively.
11.1.2
11.1.3
Board of Directors
•
Dato’ Sri Idrus bin Harun
- Chairman/Director
•
Dato’ Rahim bin Abu Bakar
- Director
•
Dato’ Haji Ismail bin Ibrahim
- Director
•
Dato’ Haji Che Pee bin Samsudin
- Director
•
Tuan Haji Ab. Gani bin Haron
- Director
•
Tuan Haji Mansor bin Salleh
- Director
•
Tuan Haji Zulkifly bin Sulaiman
- Director
Hajjah Habsah binti Bakar
11.1.4
2013
(Unaudited)
2012
2011
Issued and Paid-Up Capital
1,000
1,000
1,000
Shareholders’ Funds
9,584
7,140
5,263
Turnover
27,980
28,307
26,908
Pretax Profit/Loss
20,536
21,196
20,246
After Tax Profit/Loss
15,485
15,877
14,549
Year Ended (RM’000)
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11.1.5
2014/2015
Material Litigation
As at 28 February 2014, ART was not engaged in any material litigation and arbitration, either as
plaintiff or defendant, and ART is not aware of any proceedings, pending or threatened or of any
facts likely to give rise to any proceedings which might materially affect the business financial
position of ART.
11.2 CIMB ISLAMIC TRUSTEE BERHAD
11.2.1
Company Profile
CIMB Islamic Trustee Berhad (CITB) is a company incorporated in Malaysia and registered as a trust
company under the Trust Companies Act 1949. CITB is qualified to act as a trustee for CISs approved
under the CMSA. CITB has been involved in the Unit trust industry as trustee close to 24 years. CIMB
Islamic Trustee Berhad has an authorised capital of RM5,000,000 divided into 500,000 ordinary
shares of RM10 each of which the total issued capital is RM2,000,000 divided into 200,000 ordinary
shares of RM10 each, and the total paid up capital is RM1,000,000 divided into 200,000 ordinary
shares of RM10 each and partly paid-up at RM5 each. CITB acts as trustee to 2 real estate
investment trust funds, 23 Unit trust funds, 15 wholesale funds and 1 private retirement scheme
(consisting of 3 funds)
In addition to overseeing these funds, CITB also acts as trustee to private debt securities issues such
as bonds and notes. Other than being the administrator of deceased’s estates, executor of wills,
trustee for minors or incapacitated persons, CITB also acts as trustee for public, charitable, staff
retirement, and pension/gratuity fund scheme, custodian trustee for associations, clubs and others.
CITB is supported by 18 staff, constituting 11 executives and 7 non-executives as at 28 February
2014.
11.2.2
Board of Directors
•
•
•
11.2.3
Zahardin Bin Omardin
Chan Swee Liang Carolina
Liew Pik Yoong
- Independent Director & Chairman
- Non-Independent Director
- Non-Independent Director
Chief Operating Officer
Lee Kooi Yoke
11.2.4
Year Ended (RM’000)
11.2.5
2012
2011
2010
Paid-Up Share Capital
1,000
1,000
500
Shareholders’ Fund
6,311
5,317
4,631
Turnover
4,000
5164
5,644
Pretax Profit
1386
2,322
1,836
Profit After Tax
993
1,740
1,357
Delegate
CIMB Islamic Trustee Berhad has appointed CIMB Group Nominees (Tempatan) Sdn Bhd as the
Trustee’s delegate to perform custodial function. CIMB Group Nominees (Tempatan) Sdn Bhd is a
wholly owned subsidiary of CIMB Bank Berhad. Its custodial function includes safekeeping,
settlement and corporate action related processing and cash and security reporting.
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All investments are automatically registered in the name of the fund. CIMB Group Nominees
(Tempatan) Sdn Bhd acts only in accordance with instructions from the Trustee.
11.2.6
Material Litigation
As at 28 February 2014, CITB was not engaged in any material litigation and arbitration, including
those pending or threatened, and any facts likely to give rise to any proceedings which might
materially affect the business/financial position of CITB or any of its delegates.
11.3 TRUSTEE’S STATEMENT OF RESPONSIBILITY
The Trustee has given its willingness to assume the position as Trustee of the Funds and all the
obligations in accordance with the Deed, all relevant laws and rules of law.
11.4 ROLES, DUTIES AND RESPONSIBILITIES OF THE TRUSTEE
The Trustee’s functions, duties and responsibilities are set out in the Deed. The general function,
duties and responsibility of the Trustee include, but are not limited to, the following:a)
Take into custody the investments of the Fund and hold the investments in trust for the Unit
Holders;
b)
Ensure that the Manager operates and administers the Fund in accordance with the provisions
of the Deed, SC Guidelines and acceptable business practice within the unit trust industry;
c)
As soon as practicable notify the Securities Commission Malaysia of any irregularity or breach
of the provisions of the Deed, SC Guidelines and any other matters which in the Trustee’s
opinions may indicate that the interests of Unit Holders are not served;
d)
Exercise reasonable diligence in carrying out its functions and duties, in actively monitoring the
operation and management of the Fund by the Manager to safeguard the interests of Unit
Holders;
e)
Maintain, or cause the Manager to maintain, proper accounting records and other records as
are necessary to enable a complete and accurate view of the Fund to be formed and to ensure
that the Fund is operated and managed in accordance with the Deed of the Fund, Prospectus,
the SC Guidelines and securities law; and
f)
Require that the accounts be audited at least annually.
The Trustee has covenanted in the Deed that it will exercise all due diligence and vigilance in carrying out its
functions and duties, and in safeguarding the rights and interests of Investors.
11.5 TRUSTEE’S DECLARATION
The Trustee is independent of the Manager. The Trustee will carry out transactions on an arm’s
length basis and on terms which are best available for the Funds, as well as act at all times in the
best interest of the investors. The Trustee also has adequate procedures and processes in place to
prevent or control conflicts of interest.
11.6 TRUSTEE’S OBLIGATION
The Trustee’s obligation in respect of monies paid by an investor for the application of units arises
when the monies are received in the relevant account of the Trustee for the Funds and the
Trustee’s obligation is discharged once it has paid the redemption amount to the Manager.
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12.
2014/2015
SALIENT TERMS OF THE DEED
12.1 RIGHTS AND LIABILITIES OF A UNIT HOLDER
12.1.1
Your rights
a)
The right to receive the distributions of income (if any), participate in any increase in the
value of the Units and such other rights and privileges as provided for in the Deed.
b)
The right to call for a Unit Holders’ meeting for any resolutions, and also to vote for the
removal of the Trustee or us through a special resolution.
c)
The rights to exercise your cooling-off period if you invest for the first time with PMB
Investment except for if you are either corporate/institutional clients, staff of the Manager or
a person registered with a body approved by the SC to deal in unit trusts.
d)
12.1.2
The right to receive annual reports and interim reports of the Fund, which are sent out within
two (2) months from the closing of each financial year and the interim period.
Limitation of Rights
a)
Unit Holders are not entitled to request for the transfer of any assets in the Fund or be
entitled to interfere with or question the exercise by the Trustee or by the Manager on the
Trustee’s behalf of the rights of the Trustee as the owner of such assets.
b)
Unit Holders are not entitled to attend any meeting of shareholders, stockholders or
debenture holders or to vote or take part in or consent to any company or shareholders',
stock holders' or debenture holders' action.
12.1.3 Your Liabilities
You would not be liable and shall not be under any obligation to indemnify the Trustee and/or the
Manager in the event that the liabilities incurred by the Trustee and/or the Manager in the name of
or on behalf of the Fund pursuant to and/or in the performance of the provisions of the Deed
exceed the value of the assets of the Fund, and any right of indemnity of the Trustee and/or
Manager will be limited to recourse to the Fund.
12.2 FEES AND CHARGES
Enlisted below are the maximum fees and charges permitted by the Deed:
Sales Charge
Repurchase Charge
Annual Trustee Fee
7.0% of the NAV per unit
All Funds except PMB SDF
6.5% of the NAV per unit
PMB SDF
Nil
All Funds
1.50% per annum of the NAV of the
Fund
1.8% per annum
PMB SDF
Fund
Fund subject to the minimum of
RM18,000 per annum
PMB SDF
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All current fees and charges are disclosed in sections 3.2 and 8 of this Master Prospectus. The
disclosed current fees and charges in sections 3.2 and 8 of this Master Prospectus could be lower
than that stated in the Deed. Any increase in the current sale and/or repurchase charges stated in
the current Master Prospectus could only be made if:
a)
the Manager has notified the Trustee in writing of the higher charge and the effective date of
the charge;
b) a supplementary Master Prospectus stating the higher charge is issued;
c)
time as required by the law has elapsed since the issuance of the supplementary Master
Prospectus; and
d) the maximum fees or charges stated in the Deed shall not be breached.
Any increase in the current annual management fee and/or annual trustee fee stated in the current
Master Prospectus could only be made if:
i)
(for management fee) the Manager has notified the Trustee in writing of the new higher rate
and the trustee agrees to it;
ii)
(for Trustee fee) the Trustee has notified the Manager in writing of the new higher rate, and
the Manager agrees to it;
iii)
the Manager has notified unit holders of the higher rate and its effective date;
iv)
a supplementary Master Prospectus stating the higher rate of fees has been registered and
issued;
v)
time as required by the law has elapsed since the issuance of the supplementary Master
Prospectus; and
vi)
the maximum fees stated in the Deed shall not be breached.
Any increase of the fees and / or charges above the maximum rate stated in the Deed shall require
Unit Holders’ approval and can only be made by way of a supplemental deed and in accordance with
the requirements of the CMSA.
12.3 PERMITTED EXPENSES
The Trustee shall at the request of the Manager pay out of the Cash Produce all costs, charges and
expenses that are directly related and necessary to the business of the Fund. These would include:
a)
all fees authorised by the Deed to be paid out of the Fund to the Trustee and/or the
Management Company as stipulated;
b) all fees and disbursements of the Auditor;
c)
professional and accounting fees and disbursements approved by the Trustee, including that
charged by any delegate of the Trustee in relation to the custody of any investments;
d) the costs of printing and despatching to Unit Holders the accounts of the Trust, tax certificates,
dividend warrants, notices of meeting of Unit Holders, newspaper advertisements and such
other similar costs as may be approved by the Trustee;
e)
valuation fees of independent valuers payable in respect of the Fund;
f)
duties and taxes of the government payable in respect of the Fund;
g)
all expenses incurred by the Trustee in effecting registration, insurance or safe custody of the
documents of title to all investments held upon the trust of this Deed, including that charged by
any delegate of the Trustee in relation to the custody of any such investments;
h) commission/fees paid to brokers in effecting dealings in the investments of the Fund, shown on
the contract notes or confirmation notes or difference accounts;
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i)
2014/2015
costs incurred for the modification of this Deed other than those for the benefit of the
Manager;
Provided that expenses such as the general overhead expenses of the Manager and other expenses
for such services rendered by the Manager which would be expected to fall within the normal
expertise of the Manager should not be paid out of the Fund and provided further that promotional
expenses and expenses incurred in the registering and issuing of prospectuses shall not be paid out
of the Fund if service charges or upfront fees are levied on the Units sold. All expenses to be paid
out of the Fund shall be authorised by the Deed and disclosed in the prospectus.
Provided further that the quantum of the expenses chargeable to the Trust shall not be excessive or
more than the standard commercial rates. In instances where uncertainty arises as to the status of
the expenses the Trustee shall use its discretion in determining the legitimacy of the expenses.
In respect of the Shariah-Compliant Funds only, in addition to the costs, charges and expenses set
out in the above items, the Trustee shall also pay out of the Cash Produce such sum (if applicable) as
determined by the Manager, in consultation with the Shariah Advisory Panel, as necessary pursuant
to the purification process to ensure that the income shall be pure of profits or income derived from
un-Islamic activities. Any sum paid out of the Cash Produce pursuant hereto shall be donated to
charitable organisations approved by the Trustee, the Management Company and as agreed by the
Shariah Advisory Panel.
12.4 REMOVAL, REPLACEMENT AND RETIREMENT OF THE MANAGEMENT
COMPANY AND TRUSTEE
Subject to the provisions of the Deed and the relevant laws, the Manager may retire upon giving
twelve (12) months' notice to the Trustee of our desire to do so or such shorter period as the
Trustee and the Manager may agree, and we may by way of a deed appoint in our stead a new
management company subject to the approval of the SC.
Subject to the provisions of the Deed and the relevant laws, the Manager may be removed and
another management company may be appointed by special resolution of the Unit Holders at a Unit
Holders’ meeting convened in accordance with the relevant Deed.
Subject to the provisions of the Deed and the relevant laws, the Trustee shall take reasonable steps
to remove the Manager as soon as practicable after becoming aware of any such circumstances as
stated in subsection 12.4.3(a) to (f) of this Master Prospectus on "Power of Trustee to Remove,
Retire or Replace the Manager".
12.4.1 Powers of the Management Company to Remove and Replace the Trustee
As allowed under Section 299 of the Act we shall take all reasonable steps to replace the Trustee as
soon as practicable after becoming aware that:a) the Trustee has ceased to exist;
b) the Trustee has not been validly appointed;
c) the Trustee is not eligible to be appointed or to act as trustee under Section 290 of the Act;
d) the Trustee has failed or refused to act as a Trustee in accordance with the provisions or
covenants of the Deed or the provision of the Act;
e) a receiver is appointed over the whole or a substantial part of the assets or undertaking of the
existing Trustee and has not ceased to act under that appointment, or a petition is presented for
the winding up of the existing Trustee (other than for the purpose of and followed by a
reconstruction, unless during or following such reconstruction the existing trustee becomes or is
declared to be insolvent); or
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f) the Trustee is under investigation for conduct that contravenes the Trust Companies Act 1949,
the Trustee Act 1949, the Companies Act 1965 or any securities laws.
12.4.2 Retirement, Removal or Replacement of the Trustee
The Trustee may retire upon giving twelve (12) months' notice to the Manager of its desire to do so,
or such shorter period as the Manager and the Trustee may agree, and may by deed appoint in its
stead a new trustee approved by the relevant authorities and under any relevant law.
The Trustee may be removed and another trustee may be appointed by Special Resolution of the
Unit Holders at a Unit Holders’ meeting convened in accordance with the Deed or as stipulated in
the Act.
12.4.3 Power of Trustee to Remove, Retire or Replace the Manager
Subject to the Deed and the relevant laws, the Trustee may take steps to remove the Manager in the
event that:
a) the Manager goes into liquidation (except for the purposes of amalgamation or reconstruction or
some other purpose approved by the relevant authorities); or
b) the Manager is in breach of its obligations under the Deed, the Act or the Securities Commission
Malaysia’s Guidelines on Unit Trust Funds; or
c) the Manager has had a receiver appointed; or
d) the Manager has ceased to carry on business; or
e) a special resolution has been passed at the Unit Holders’ meeting to remove the Manager in
accordance with the Deed; or
f) the Manager has failed or neglected to carry out its duties to the satisfaction of the Trustee and
the Trustee considers that it would be in the interests of Unit Holders for it to do so after the
Trustee has given notice to the Manager of that opinion and the reasons for that opinion, and
has considered any representations made by the Manager in respect of that opinion, and after
consultation with the SC and with the approval of the Unit Holders by way of a special resolution.
12.5 TERMINATION OF THE FUND
Upon the occurrence of any of the following events:
a) if the Manager has gone into liquidation, except for the purpose of reconstruction or amalgamation
upon terms previously approved in writing by the Trustee and the relevant authorities; or
b) if, in the opinion of the Trustee, the Manager has ceased to carry on business; or
c) if, in the opinion of the Trustee, the Manager has to the prejudice of Unit Holders failed to comply
with the provisions of this Deed or contravened any of the provisions of any relevant law
and at a unit holders' meeting summoned by the Trustee in accordance with the Deed, a special
resolution is passed to terminate or wind up the Fund, the Trustee shall apply to Court to confirm such
special resolution. Upon obtaining the relevant Court order, the Trustee shall take steps to terminate
and winding up the Fund in accordance with the Court order, the Deed, the prevailing Acts and
Guidelines
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12.6 UNIT HOLDERS’ MEETING
Subject to the Deed and the prevailing Acts and Guidelines, a Unit Holders’ meeting could be
summoned for any purpose with the salient details as follow:a)
The Manager and the Trustee may convene a Unit Holders’ meeting at any time, whilst, the Unit
Holder could request for a meeting provided the written request comes from not less than 50
Unit Holders or 1/10 of Unit Holders.
b)
If the meeting is requested by the Manager, a notice of the meeting would be sent out not less
than fourteen (14) days of any such meeting. Whereas, if a meeting is summoned by the Unit
Holders, the Manager will send a notice by post at least seven (7) days before the meeting , and
also publish a notice in the newspaper at least fourteen (14) days before the meeting.
c)
The Manager is entitled to receive notice of and to attend at any Unit Holders’ meeting but in
respect of Units which the Manager hold or is deemed to hold, then the Manager is not
entitled to vote at or be counted in the quorum for such meeting. And accordingly, for the
purposes of the following provisions of this Clause, Units held or deemed to be held by the
Manager shall not be regarded as being an issue.
d)
The quorum required for a meeting of the Unit Holders shall be 5 Unit Holders, whether
present in person or by proxy, provided always that the quorum for a meeting of the Unit
Holders convened for the purpose of removing the Manager and/or the Trustee shall be ten
(10) Unit Holders, whether present in person or by proxy, who must hold in aggregate at least
fifty per centum (50%) of the Units in circulation at the time of the meeting;
e)
Save as otherwise provided specifically in this Deed or in the Guidelines and/or the Act, a
resolution proposed at the meeting shall be considered as having been duly passed if carried
by a majority consisting of more than half of the persons voting thereat upon a show of hands
or if a poll is demanded, by a majority consisting of more than half in number of votes given on
such poll.
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13.0
MASTER PROSPECTUS
CONFLICT OF INTEREST
The Manager and the Trustee and any delegate thereof will endeavor to avoid conflicts of interest arising or,
if conflicts arise they will ensure that neither the Unit Holder nor the Fund is disadvantaged by the
transaction concerned. Any transaction or investment carried out by or on behalf of the Fund should be
executed at an arm’s length transaction. The Manager and our related corporations will not act as principal
in the sale and purchase of investments and the Fund will not invest in companies related to the Manager.
Where a conflict of interest arises due to the Investment Committee member or director holding substantial
shareholding or directorships of public companies, and the Fund invests in that particular share or stock, the
said committee member or director shall abstain from any decision making relating to investment in that
share or stock of the Fund.
Our employees who are directly involved in the investment management of the Fund or who have direct and
timely access to the daily trades done by the Fund Managers, are required to declare their dealing in the
securities.
To date, there has been no event of conflict of interest amongst us, employees, directors and Investment
Committee members. In the event a conflict or potential conflict of interest involving the Manager and
employees is identified, this will be evaluated by the Compliance Department and disclosed to the Chief
Executive Officer (CEO) for the next course of action. Conflict of interest situations involving the CEO,
directors and/or Investment Committee members will be disclosed to the Board of Directors for a decision on
the next course of action.
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14.0 TAXATION OF THE FUND
Date: 11 March 2014
The Board of Directors
Ground Floor, Wisma ASMB,
No 1A, Jalan Lumut,
P.O. Box 10701
50722 Kuala Lumpur
Dear Sirs,
TAXATION OF THE FUNDS AND UNIT HOLDERS
This letter has been prepared for inclusion in the Prospectus dated 28 April 2014 in connection with the offer
of Units in the following funds (“the Funds”):
1.
PMB Dana Al-Aiman,
2.
3.
4.
PMB Dana Mutiara
5.
6.
7.
PMB Dana Bestari
8.
9.
10.
11.
12.
13.
TAXATION OF THE FUNDS
The Funds are treated as a Unit trust for Malaysian tax purposes. The taxation of the Funds is subject to the
provisions of the Malaysian Income Tax Act 1967 (“the Act”). The applicable provisions are contained in
Section 61 and 63B of the Act.
The Funds will be regarded as residents for Malaysian tax purposes since the Trustees of the Funds are
resident in Malaysia.
The income of the Funds in respect of investment income derived from or accruing in Malaysia such as
dividends, interest and profit¹ (other than interest and profit¹ which is exempt from tax) after deducting tax
allowable expenses are liable to income tax. The prevailing income tax rate applicable to the Funds is 25%. It
was proposed in the 2014 Budget tabled in the Parliament on 25 October 2013 that the tax rate of 25% be
reduced by 1% to 24% with effect from Year of Assessment (“YA”) 2016.
Tax deducted at source from Malaysian dividend received by the Funds will be available for set off either
wholly or partly against the tax liability of the Funds. If the tax deducted at source exceeds the tax liability of
the Funds, the excess is refundable to the Funds. (However, this set off of tax deducted will not be available
based on the Finance Act 2007 if the shares are held for less than 90 days or the dividend is not derived from
ordinary shares. However the 90 days rules is not applicable for shares in a company listed on Bursa
Malaysia)
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Effective from 1 January 2008, single tier dividends received by the Funds are exempted and there will be no
tax deducted at source available to the Funds in respect of such dividend income.
Income of the Funds in respect of income received from overseas investment is exempt from Malaysian Tax
by virtue of paragraph 28 of Schedule 6 of the Act and distribution of such income will be tax exempt in the
hands of the Unit holders. However the income maybe subject to tax in the country from which the income is
derived.
Gains from the disposal of investments will not be subject to generally subject to income tax. Such gains may
be subject to real property gains tax under the Real Property Gains Tax Act 1976 (“RPGT Act“), if the gains are
derived from the sale of chargeable assets, as defined in the RPGT Act.
With effect from 1 January 2013, any gains from disposal of real properties (“chargeable asset”) or shares in
real property companies “chargeable asset”) would be subject to real property gains tax of 15% if the
disposal of chargeable asset is made within 2 years of its date of acquisition of such chargeable asset. RPGT
at 10% would be applicable on gains on those disposal of chargeable assets in the third, fourth or fifth year
after the date of acquisition. However, any disposal of chargeable asset after 5 years from the date of
acquisition of such chargeable asset is exempt from RPGT.
It has been proposed in Financial Bill 2013 that the RPGT rates for disposals of such chargeable asset form 1
January 2014 be revised as follows:
Disposal time frame
RPGT rates
Within 3 years
30 %
th
20%
th
In the 5 year
15 %
In the 6 year and subsequent year
5%
In the 4 year
th
The tax allowable expenses are governed by Section 33(1) and Section 63B of the Act. Section 33(1) generally
provides for a deduction of expenses “wholly and exclusively” incurred in the production of gross income.
Whilst, Section 63B allows the Funds to deduct a permitted expenses. The special deduction is calculated
based on the following formula:
A
x
B
4C
Where:
A
Is the total permitted expenses incurred for that basis period. Permitted expenses means expenses
incurred by unit trust in respect of manager’s remuneration, maintenance of register of unit holders,
share registration expenses, secretarial, audit, accounting fees, telephone charges, printing and
stationery cost and postage, which are not deductible under Section 33(1).
B
Is gross income consisting of dividend, interest and rent that chargeable to tax for that basis period.
C
Is the aggregate of the gross income consisting of dividend (whether exempt or not), interest and rent,
and gains made from the realisation of investments (whether chargeable to tax or not) for that basis
period.
Provided that the amount of deduction to be made shall not be less than 10% and a maximum of 25% of the
total permitted expenses incurred for that basis period.
TAXATION OF UNIT HOLDERS
Unit holders will be taxed on an amount equivalent to their share of the total taxable income of the Funds to
the extent of the distributions received from the Funds. The income distribution from the Funds will carry a
tax credit in respect of the tax paid by the Funds. Unit holders will be entitled to utilise the tax credit against
the tax payable on the income distribution received by them.
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The distribution of single tier dividends and other tax exempt income by the Fund will be exempted to tax in
the hands of the Unit holders in Malaysia. Distribution of foreign income will also be exempted in the hands
of the Unit holders.
The tax rates charged are as follows:
TYPES OF UNITHOLDERS
MALAYSIAN TAX RATES
Malaysian tax resident:
• Individual & non-corporate Unit holders
Progressive tax rates ranging from 0% to 26%2
• Corporate Unit holders
For every first RM500,000 of chargeable
income @20%
a)
Small Medium Industry (SMI)
3
Company
b)
Non-SMI Company
Chargeable income in excess of RM500,000 @
25%
25%
Non-Malaysian tax resident:
• Individual & non-corporate unit holders
26%
• Corporate unit holders & trust bodies
25%
Tax exempt distributions made out of gains arising from the disposal of investments by the Funds and other
exempt income will be exempted from tax in the hands of the unit holders.
Any gains realised by unit holders (other than dealers in securities, insurance companies or financial
institutions) on the sale, transfer or redemption of the units are treated as capital gains and will not be
subject to income tax.
Unit holders electing to receive their income distribution by way of investment in the form of the purchase of
new units will be regarded as having purchased the new units out of their income distribution after tax.
Unit splits issued by the Funds are not taxable in the hands of Unit holders.
We hereby confirm that the statements made in this report correctly reflect our understanding of the tax
position under current Malaysian tax legislation. All prospective investors should not treat the contents of
this letter as advice relating to taxation matters and are recommended to obtain independent advice on the
tax issues associated with their investments in the Funds.
Yours faithfully,
For ATAREK KAMIL IBRAHIM TAX SERVICES (M) SDN BHD
MOHD NOH BIN JIDIN
Director
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Appendix
¹According to Section 2(7) of the Act, any reference to interest for an Islamic fund shall apply mutatis
mutandis, to gain of profits received and expenses incurred, in lieu of interest , in transactions conducted in
accordance with the principles of Syariah.
²It was proposed in the 2014 budget that the maximum tax rate of 26% be reduced by 1% to 25% with effect
from YA 2015.
3
SMI company means a company incorporated in Malaysia and has paid up capital in respect of ordinary
shares of RM 2.5 million and below at the beginning of basis period for a Year of Assessment (YA), resident in
Malaysia and not within a group where the holding or other subsidiary company is:
a) more than 50% of the paid up capital in respect of an ordinary shares of the company is directly or
indirectly owned by a related company;
b) more than 50% of the paid up capital in respect of ordinary shares of the related company is directly or
indirectly owned by the first mentioned company; or
c) more than 50% of the paid up capital in respect of ordinary shares of the first mentioned company and
the related company is directly or indirectly owned by other company.
“Related company” is defined as a company which has a paid up capital exceeding RM2.5 million in respect of
ordinary shares at the beginning of the basis period of the year of assessment.
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15.
2014/2015
15.1 UPDATES ON THE FUNDS
You may access the daily fund prices, fund’s monthly updates and review our interim and annual reports via
our websitewww.asminvestment.com.my.
Funds prices may as well be reviewed through major daily newspapers and you will also receive an interim
and annual report of the Funds every semi-annual and annual financial year.
15.2 PRE-INVESTMENT FORM (PIF)
The purpose of the PIF is to ensure that the investor is sufficiently informed on investments in unit trust
funds and in particular, understand the unit trust fund you are investing in. You are required to complete the
PIF prior to account opening if you are a first time investor. If you invest in several new funds simultaneously,
a PIF must be completed for each fund.
15.3 SUITABILITY ASSESSMENT
The suitability assessment should be conducted on an investor who wishes to invest in a new unlisted capital
market product. The Suitability Assessment Form should be completed prior to account opening. A suitability
assessment refers to an exercise carried out by the Manager to gather necessary information from the
investor before matching a particular product with the needs of an investor.
15.4 INVESTOR RELATION
You may communicate with us by:i)
Telephone: 03-41453900 (Investor Relation Careline) / 03 – 4145 3800 (General Line)
ii)
Fax: 03 – 4145 3901
iii)
E-mail: [email protected];
iv)
Walk-in:
v)
Mondays - Thursdays
Fridays
Saturdays-Sundays/Public Holidays
8.45 a.m. – 5.15 p.m.
8.45 a.m. – 12.30 p.m.
2.15 p.m. – 5.15 p.m.
Closed
Write in –
PMB Investment Berhad, Ground Floor, Wisma PMB, No. 1A, Jalan Lumut, 50400 Kuala Lumpur
Our Investor Relation Officers would assist on your queries.
15.5 COMPLAINTS
Should you wish to complain, you may lodge your complaint by writing to:
Head,
Internal Audit Department,
Pelaburan MARA Berhad
rd
3 Floor, Wisma PMB,
No. 1A, Jalan Lumut,
50400 Kuala Lumpur
Please state the date, time, place of occurrence, person involved and nature of your complaint. You may also
lodge your complaint through telephone calls by contacting the Unit.
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15.6 SECURITIES INDUSTRY DISPUTE RESOLUTION CENTER (SIDREC)
SIDREC is an independent body corporate, approved under Capital Markets and Services (Dispute Resolution)
Regulations 2010, established to resolve monetary disputes between investors and capital market
intermediaries registered as its members, such as stockbrokers, futures brokers, unit trust management
companies, and fund managers. If an investor has an unresolved claim with a capital market intermediary, he
or she may file a claim with SIDREC, either –
a)
In person
Mondays - Thursdays
9.00 a.m. – 1.00 p.m.
2.00 p.m. – 5.00 p.m.
Fridays
Public Holidays
9.00 a.m. – 12.30 p.m.
2.30 p.m. – 5.00 p.m.
Closed
b) Write in –
Securities Industry Dispute Resolution Center, Unit A-9-1, Level 9 Tower A, Menara UOA Bangsar, No. 5,
Jalan Bangsar Utama, 59000 Kuala Lumpur
c)
Fax: 03 – 2282 3855
d) E-mail – [email protected]
For further enquiry, you may reach SIDREC via, telephone at 03-2282 2280or its website at
www.sidrec.com.my.
15.7 ANTI-MONEY LAUNDERING
(AML/CFT) POLICIES
15.7.1
AND
ANTI-TERRORISM
FINANCING
General Policy
The Manager has established an anti-money laundering and anti-terrorism financing (AML/CFT)
policies and procedures as required by the Anti-Money Laundering and Anti-Terrorism Financing Act
2001 (AMLATFA). As such the Manager will actively prevent and take measures, to guard against
being used as a medium for money laundering activities and any other activity that facilitates money
laundering. The Manager will ensure that the members of its staff are aware and receive training on
AMLATFA legislation applicable to them, as well as to adhere to their responsibilities under the
AMLATFA.
15.7.2
Money Laundering Reporting Officer Designation and Duties
The Manager has designated the Compliance Officer as the Money Laundering Reporting Officer
(MLRO) with full responsibility for the company’s AML/CFT policies and procedures. The duties of
the MLRO will include the following:
15.7.3
a)
To be familiar with the principles of anti–money laundering as outlined in the AMLATFA and
ensure compliance with the AMLATFA;
b)
To monitor adherence to money laundering deterrence procedures and controls;
c)
To assemble and distribute information and policies or procedural matters regarding
compliance with the AMLATFA;
d)
To ensure that members of the Manager’s staff are aware of the principals objectives of the
AMLATFA, and are familiar with monitoring, detection and reporting procedures; and
e)
To act as the contact point representing ASMI for the reporting on suspicious transactions to
the Financial Intelligence Unit (FIU) in Bank Negara Malaysia.
Policy and Procedure
a)
Know-Your-Customer
The Manager will ensure that they have a reasonable belief of the true identity of its investors.
Therefore, documents to identify and verify will be obtained prior to any registration.
b) Investors Identification and Verification
Sufficient information will be obtained to enable the Manager to know and ascertain some basic
background of its investors such as occupation, employment and political exposure.
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c)
2014/2015
Lack of Verification
The Manager would not establish a business relationship or proceed with the transaction if the
Manager has a reasonable doubt towards the true identity of the client. If so, the Legal,
Compliance and Risk Management Department will be notified accordingly to determine
whether a Suspicious Transaction Report should be lodged.
d) Investors who refused to provide information
If potential or existing investors refuses to provide the necessary information when requested
or appears to have intentionally provided misleading information, the Manager shall refuse to
proceed with the transaction requested. The Legal, Compliance and Risk Management
Department will be notified to determine whether a Suspicious Transaction Report should be
lodged.
e)
Suspicious Transaction Report
Suspicious Transaction Report will be lodged when the Manager comes to know, suspect or
have reason to suspect that:
f)
The transaction derived from illegal activities or is intended in order to hide or disguise
funds as a plan to violate AMLATFA, or
The transaction that is not the sort in which the client would normally be expected to
engage.
Record Keeping
The Manager will ensure proper documentation of all information and documents provided by
its investors, method used verification results and the resolution of any discrepancies in
identifying information. All records will be stored securely and will be capable of being retrieved
without undue delay.
g)
Training Programmes
The Manager will develop an ongoing AML/CFT training to ensure the members of its staff are
aware of the following pertinent points:
-
If they become suspicious of a particular investors, they should immediately report the
matter to the immediate supervisors;
-
That they do not have to be certain, only suspicious that the transactions relate to criminal
activity;
-
That if they have suspicion and fail to report them, they may be committing a criminal
offence and/or be liable to disciplinary action for gross misconduct; and
-
That, unless they are instructed otherwise, they should continue to deal with the investors
in the normal way.
-
AML/CFT training will adopt a different focus for front-line staff and compliance staff. The
training will include:
a)
Ways to identify signs or money laundering that arise during the course of the
employee’s duties;
b) Steps to be taken when risks are identified;
c)
Record maintenance policy; and
d) Disciplinary consequences for non-compliance with the AMLATFA.
15.7.4
Compliance with the AMLATFA
The Board has the responsibility in ensuring with compliance with the provisions of the AMLATFA.
The policies and procedures will be reviewed and updated as and when necessary.
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15.8 PRIVACY NOTICE UNDER PERSONAL DATA PROTECTION ACT 2010
This Notice serves to inform the practice of PMB
Investment Berhad (formerly ASM Investment
Services Berhad) and its affiliates or any parties on
our behalf (referred to as ”PMB Investment”, “we”,
“us” or “our”), with respect to the collection, use
and disclosure of personal data by or on behalf of,
PMB Investment about individuals (referred to as
“you”, ”your”, or “yours”). The personal data may
also include that of your dependents, beneficiaries
or any other persons related to you.
Notis ini bertujuan memaklumkan mengenai
amalan PMB Investment Berhad (dahulunya ASM
Investment Services Berhad) dan dan syarikatsyarikat gabungan
atau mana-mana pihak
mewakili PMB Investment (dirujuk sebagai “PMB
Investment”, atau “kami”) berkaitan dengan
pengumpulan, penggunaan dan penzahiran
maklumat peribadi para individu (dirujuk sebagai
“anda”). Maklumat peribadi termasuklah yang
berkaitan dengan tanggungan, waris atau manamana orang yang berkaitan dengan, anda.
Privacy Policy Statement
Pernyataan Polisi Privasi
Your privacy is important to us at PMB Investment
that we are committed to protect your personal
data and to provide the assurance to you that we
will manage and administer the data strictly in
accordance with the relevant laws, rules,
regulations, guidelines and code of practice issued
by the appropriate authorities.
Privasi anda adalah amat penting kepada kami di
PMB Investment di mana kami adalah komited
untuk melindungi maklumat-maklumat peribadi
anda dan memberikan keyakinan kepada anda
bahawa kami menguruskan dan mentabdir
maklumat-maklumat tersebut selari dengan
undang-undang,
peraturan-peraturan,
garispanduan-garispanduan dan kod amalan, yang
berkaitan yang dikeluarkan oleh pihak berkuasa
yang berkenaan.
What Personal Data We Collect
Apakah Maklumat Peribadi Kami Perolehi
It is necessary for you to supply us your personal
data in connection with the provisions of our
services to you. Your personal data being supplied
is processed by us or any other authorized party
on our behalf.
Adalah keperluan bagi anda untuk membekalkan
maklumat-maklumat peribadi anda berkaitan
dengan perkhidmatan yang kami berikan kepada
anda. Maklumat peribadi anda yang dibekalkan
diproses oleh pihak kami atau mana-mana pihak
yang diberikan kebenaran bagi pihak kami.
Where it is obligatory to provide your personal
data as may be indicated (for example in an
application form), failure to supply such data may
result in our inability to extend the services to you.
Personal data that we collect from you includes
but is not limited to:-
Bila mana maklumat peribadi anda adalah wajib
sepertimana diisyaratkan (contohnya di dalam
borang
permohonan),
kegagalan
anda
membekalkan maklumat tersebut boleh menyekat
kami dalam membekalkan perkhidmatan kepada
anda.
Maklumat-maklumat peribadi yang kami perolehi
dari anda (tetapi tidak terhad kepada):-
•
Your personal details such as name,
identification number, date of birth, gender,
ethnics, contact details;
•
Butir-butir peribadi anda antaranya nama,
nombor pengenalan diri, tarikh lahir, jantina,
etnik, butir-butir perhubungan;
•
Your employment details such as occupation,
employer, business/employment contact
details;
•
Butir-butir pekerjaan antaranya pekerjaan,
majikan, butir-butir perhubungan majikan/
perniagaan;
•
Your financial standing details, such as
earnings, expenditure, financial facilities;
•
Butir-butir kedudukan kewangan, antaranya
pendapatan,
perbelanjaan,
kemudahan
kewangan;
Purposes of Your Personal Data
Tujuan Maklumat Peribadi Anda
We collect and process your personal data for one
or more of the following purposes:
Kami memperolehi dan memproses maklumatmaklumat peribadi anda untuk tujuan atau tujuan-
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tujuan berikut:
•
To assess your applications for our products
and/or services;
•
Menilai permohonan anda untuk produk
dan/atau perkhidmatan kami;
•
To manage and maintain your account(s) with
us;
•
Mengurus dan mengekalkan akaun anda
dengan kami;
•
To manage our business and relationship with
you;
•
Mengurus perniagaan dan hubungan kami
dengan anda
•
to administer and manage the products and
services we provide you (including issuing
statements of investment, distribution
warrants, reports and notifications);
•
Mentadbir dan mengurus produk dan
perkhidmatan kami kepada anda (termasuklah
mengeluarkan penyata pelaburan, waran
pengagihan, laporan dan/atau makluman);
•
to investigate and resolve any queries,
complaints or other enquiries that you submit
to us regarding our products and services;
•
Menyelidik dan menyelesaikan sebarang
kemushkilan, aduan atau persoalan yang anda
majukan mengenai produk dan perkhidmatan
kami;
•
To understand your current and future
investment needs;
•
Memahami keperluan pelaburan masakini dan
masa depan anda;
•
To provide you with information on our and
third party products and services which may
interest you;
•
Memberikan maklumat kepada anda mengenai
produk kami atau pihak ketiga yang mungkin
menarik minat anda;
•
To conduct analysis, statistics, review or
research for the improvement or introduction
of our products and/or services;
•
Mengendalikan analisa, statistik, semakan atau
kajian untuk penambahbaikan kepada produk
dan/atau perkhidmatan kami;
•
To comply with any laws, rules and
regulations, and/or guidelines binding on us;
•
Mematuhi
kehendak
undang-undang,
peraturan dan/atau garispanduan di mana
kami adalah tertakluk di bawahnya;
•
For
audit,
compliance
management purposes;
risk
•
Untuk tujuan
pengauditan,
dan/atau pengurusan risiko;
•
For any other purpose that is required or
permitted by any laws, rules and regulations,
guidelines and/or regulatory bodies;
•
Sebarang tujuan yang diperlukan atau
dibenarkan oleh undang-undang, peraturan,
garispanduan
dan/atau
badan-badan
kawalselia;
and/or
pematuhan
Sources of Personal Data
Sumber-sumber Maklumat Peribadi
We collect your personal data from, but is not
limited to, the following sources:
Kami memperolehi maklumat-maklumat peribadi
anda daripada (tetapi tidak terhad) sumber-sumber
berikut:
• Your relationship with us, such as your
subscription forms for our investment products
and services, questionnaires, contest or
promotion;
• Hubungan anda dengan kami, antaranya
borang-borang langganan anda untuk produk
dan perkhidmatan pelaburan kami, kaji-selidik,
pertandingan atau promosi;
• Your verbal or written communication with us,
such your telephone call, emails, or access to
our website;
• Komunikasi lisan atau bertulis anda dengan
pihak kami antaranya panggilan telefon, emel
atau capaian anda kepada laman sesawang
kami;
• Third parties connected to you such your
employer, joint-account holders and/or
referee, subject to your prior consent; and/or
• Pihak ketiga yang berkaitan dengan anda,
antaranya majikan, pemegang akaun bersama
dan/atau perujuk, tertakluk kepada persetujuan
anda; and/or
• Publicly available sources such as printed or
• Sumber-sumber
maklumat
yang
terbuka,
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broadcast media
antaranya media cetak atau siaran
Disclosure of Your Personal Information
Penzahiran Maklumat Peribadi Anda
We will not disclose your personal data to any
external parties unless you have permitted us to
do so, or is under either a legal obligation, or in the
need to facilitate the provisions of our products or
services to you. As such, we may disclose your
personal data to the following parties:
Kami tidak menzahirkan maklumat peribadi anda
kepada pihak luar kecuali dengan keizinan anda,
atau di bawah keperluan perundangan, atau
keperluan untuk memudahkan penyampaian
produk atau perkhidmatan kami kepada anda.
Seiring dengan itu, kami mungkin menzahirkan
maklumat peribadi anda kepada pihak berikut:
• Any person authorized by us such as our
officers, employees, agents, shareholders,
directors, committee members, related
companies, business partners or affiliates
and/or professional advisers;
• Sebarang orang yang diberi kuasa oleh kami,
antaranya
pegawai,
kakitangan,
ejen,
pemegang
saham,
pengarah,
ahli
jawatankuasa, syarikat berkaitan, rakan atau
ahli gabungan perniagaan dan/atau penasihat
professional, kami;
• Any person that facilitates in processing and/or
otherwise fulfilling transactions that you have
requested, such as trustees custodians, data
processing service provider, or financial
institution;
• Sebarang
orang
yang
memudahkan
pemprosesan dan/atau dengan kata lain
melengkapkan transaksi yang anda pohon,
antaranya pemegang amanah, penjaga
amanah, pembekal perkhidmatan pemprosesan
data, atau institusi kewangan;
• Any person that provides services to our
business, products and services that you may
directly or indirectly benefits from the services,
such as professional advisers, takaful operators
or brokers, lawyers, auditors, accountants, or
mail service providers;
• Sebarang orang yang membekal perkhidmatan
kepada perniagaan, produk dan perkhidmatan
kami yang memberikan manfaat secara lansung
atau tidak langsung kepada anda melalu
perkhidmatan tersebut, antaranya, penasihat
professional, pengendali atau broker takaful,
peguam, juruaudit, akauntan, dan pembekal
perkhidmatan penghantaran;
• Any person that you have authorized to deal
with or give instructions to, us such as your
adviser, agent, accountant, or lawyer;
• Sebarang orang yang mana anda telah
memberikan kuasa kepadanya untuk berurusan
dengan atau memberikan araha kepada kami,
antaranya peguam, penasihat, wakil, akauntan
atau peguam, anda;
• Any person as may be required by any laws,
regulatory bodies, courts or tribunal
• Sebarang orang yang peruntukkan di bawah
undang-undang, badan kawalselia, mahkamah
atau tribunal
The above-mentioned persons may be in some
instances located outside Malaysia.
Pihak-pihak yang dinyatakan di atas dalam
keadaan tertentu berada di luar Malaysia.
Our business partners, affiliates and us may
contact you about products, services and offers
which we believe may be of interest to you or
benefit you financially. However, we will only
disclose your personal data to our business
partners or affiliates only upon obtaining your
express consent to do so and subject to the
relevant laws at all times.
Kami dan rakan atau ahli gabungan perniagaan
kami mungkin akan menghubungi anda berkenaan
produk, perkhidmatan dan tawaran yang kami
percaya mungkin menarik minat anda atau
memberi manfaat kewangan kepada anda. Walau
bagaimanapun, kami akan hanya menzahirkan
maklumat peribadi anda kepada rakan dan ahli
gabungan perniagaan kami selepas memperolehi
persetujuan nyata dari anda terlebih dahulu dan
ianya tertakluk kepada undang-undang yang
berkaitan.
You may inform us at any time if you do not wish
to receive any marketing communication
personally from us and/or our business partners or
Anda boleh memaklumkan kepada kami sekiranya
anda berhasrat untuk tidak mahu menerima
komunikasi pemasaran secara peribadi dari kami
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affiliates by notifying us at the address/telephone
number/email given at the end of this Privacy
Notice. Your latest written instruction to us will
prevail.
dan/atau rakan atau ahli gabungan perniagaan
kami dengan memberitahu kami mengenainya di
alamat/nombor telefon/emel yang diberikan di
penghujung Notis Privasi ini. Arahan bertulis anda
yang terkini kepada kami adalah digunapakai.
Your Rights to Access and Correct Your Personal
Data
Hak Anda untuk Mencapai dan Membetulkan
Maklumat Peribadi Anda
You have the right to access to, and correct, your
personal data held by us. Access to, and/or
correction of, your personal data should be made
through a request in writing and submitted to the
address or email given at the end of this Privacy
Notice.
Anda berhak untuk mencapai dan membetulkan
maklumat peribadi anda di dalam simpanan
kami.Capaian kepada dan pembetulan maklumat
peribadi anda hendaklah melalui permohonan
bertulis dan diserahkan ke alamat atau melalui
emel yang diberikan di penghujung Notis Privasi ini.
We may charge a prescribed fee for attending your
request for access to, or correction of, your
personal data.
Kami berhak untuk mengenakan yuran yang
ditetapkan untuk mengendalikan permintaan
capaian atau pembetulan maklumat peribadi anda.
We may refuse to accede to your request for
access to, or correction of, your personal data. In
such event, we will notify you of our refusal and
the reason of the refusal.
Kami berhak untuk enggan dari memenuhi
permintaan anda kepada capaian atau pembetulan
maklumat anda. Dalam hal ini, kami akan
memaklumkan kepada anda keengganan dan sebab
kepada keengganan tersebut.
Security of Your Personal Data
Keselamatan Maklumat Peribadi Anda
The security of your personal data is important to
us. All our employees are required to comply with
the provisions of the Personal Data Protection Act
which provides the basis of the technical and
operational security measures.
Keselamatan maklumat peribadi anda adalah amat
penting kepada kami. Kesemua kakitangan kami
diperlukan mematuhi kehendak-kehendak Akta
Perlindungan Data Peribadi yang memberikan asas
kepada langkah-langkah keselamatan teknikal dan
operasi.
Our contact details are as below –
Butiran perhubungan kami adalah seperti berikut –
Mailing address/ Alamat surat-menyurat
:
Tingkat Bawah, Wisma PMB,
No. 1A, Jalan Lumut
50400 Kuala Lumpur
Email/ Emel
:
Phone No./ No. Telefon
[email protected]
(03) 4145 3800
Fax No./No. Faks
:
(03) 4145 3801
Designation of contact person/ Jawatan individu
hubungan
:
Pengurus, Perhubungan Pelabur
15.9 FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)
FATCA is a United States of America’s (USA) statute that, among others, requires foreign financial institutions,
including us, to report to the Internal Revenue Service (IRS) of the USA about clients who are USA persons.
USA persons refers to –
a) a citizen of the USA;
b) an individual lawfully admitted for permanent residence of the USA;
c) an unincorporated association with a substantial number of members who are citizens of the USA or are
individuals lawfully admitted for permanent residence of the USA; or
d) a corporation that is incorporated in the USA.
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2014/2015
MASTER PROSPECTUS
15.10 Zakat
The Funds do not allocate payment for zakat on capital gains and income distributions, on behalf of Muslim
individuals and Muslim legal entities that invest in the Fund since by doing so, would not fulfill their zakat
obligations. Thus, Unit Holders are required and advised to make their own arrangements in respect of the
payments of zakat.
Muslim individuals and legal entities who are investors of the Fund are required to pay zakat on trading and
investment income. To determine the amount of zakat payable, these investors need to add the principal
invested in the Islamic Fund(s) plus the profits earned on these investments multiplied by 2.5%.
15.11 AUDITORS OF THE FUND
Messrs. Ahmad Abdullah & Goh has been appointed as the auditors for the Funds. The Auditors may retire
upon giving three (3) month’s written notice to the Trustee provided any such notice must always expire one
(1) month prior to or two (2) months following the end of the current accrual period, or may be removed at
any time by the Trustee or by a resolution of Unit Holders holding not less than 2/3 of the units in issue. Any
vacancy in the office of the Auditors shall be filled by a qualified person appointed by the Trustee.
Messrs. Jamal, Amin & Partners is the external auditors for the Manager who is registered with Audit
Oversights Board of the SC.
15.12 PLEDGING OF UNITS AS COLLATERAL
Units held by the Unit Holder may be pledged as collateral for loans to enhance your financial leverage.
However, this facility is only available subject to the approval of the banks or other financial institutions.
15.13 BORROWING TO PURCHASE UNITS
The Unit Holder has the option to purchase the Units through a loan scheme. However, if such facility is
utilised the margin of finance shall not exceed 67% of the amount invested (this limit is not applicable for
purchase of Units via credit/charge card). Any redemption of Units is subject to the related financial
institution’s approval. Investors are required to understand fully the risk disclosure statement on the loan
scheme before signing off on the statement provided. The risk disclosure statement is incorporated in the
application forms referred to and accompanied in the Master Prospectus.
15.14 PERIOD OF THE FUND
The commencement dates of the Funds are the dates of launching or the dates of the first Prospectus issued
by the Manager. The Fund may be terminated by the Trustee who will summon a meeting of Unit Holders
due to circumstances affecting the Manager. Otherwise the Fund may continue in operation or in existence if
it appears to be in the interest of the Unit Holders for such periods as agreed by the Trustee and the
Manager.
168 |
MASTER PROSPECTUS
2014/2015
15.15 LIST OF CHANNEL DISTRIBUTIONS
Other than the Head Office in Kuala Lumpur, Unit Holder may obtain the Master Prospectus and Forms and
purchase the units of our Funds at our regional offices as follows:
Regional Offices
Pulau Pinang
No.46, 1/F Jalan Todak 2, Pusat Bandar
Seberang Jaya, 13700 Perai
Tel: 04-390 9036 Fax: 04-390 9041
Email: [email protected]
Manager: Yami binti Sulaiman
Pahang
Lot D103, Tingkat 1
Mahkota Square, Jalan Mahkota, 25000
Kuantan
Tel: 09-515 8545 Fax: 09-513 4545
Manager: Ahmad Sabrizal bin Abu Bakar
Johor
No.17-01, Jalan Molek 1/29, Taman Molek,
81100 Johor Bahru
Tel: 07-352 2120 Fax: 07-351 2120
Manager: Anuar Idrus
Sarawak
Institutional Unit Trust Agents
Phillip Mutual Berhad
B-2-7 Megan Avenue II, 12 Jalan Yap Kwan
Seng, 50450 Kuala Lumpur
Tel: 03-2783 0300; Fax:03-2166 6417
Website: www.phillipmutual.com
iFast Capital Sdn Bhd
Level 28 Menara Standard Chartered, No 30
Jalan Sultan Ismail, 50250 Kuala Lumpur
Tel: 03-2149 0660; Fax: 03- 2143 1218
Website: www.ifastcapital.com.my
Apex Investment Services Berhad
Suite 10-A3, 10A Floor, Grand Season Avenue
72 Jalan Pahang, 53000 Kuala Lumpur
Tel : 03-2693 2789; Fax : 03-2692 6546
Website: www.apexequity.com.my
Financial Institutions for Auto debit
a. Malayan Banking Berhad
b. Bank Simpanan Nasional
c. CIMB Bank Berhad
d. RHB Bank Berhad
No. 59, Tingkat 1, Jalan Tun Jugah,
93350 Kuching
Tel: 082-464 402 Fax: 082-464 404
Manager: John Nyaliaw
Sabah
Lot 2-3-19C, Tingkat 2 Plaza Wawasan, Lorong
Wawasan, 88000 Kota Kinabalu
Tel: 088-244129 Fax: 088-244419
Manager: Yong Yin Kong
|169
2014/2015
16.
MASTER PROSPECTUS
STATEMENT OF CONSENT
The Auditor, Bankers, Company Secretary, Lawyers, Tax Adviser, Trustees and Shariah Adviser have given
their consent in writing before the issuance of this Master Prospectus to act in that capacity in relation to this
Master Prospectus and those consents have been lodged with the Securities Commission Malaysia and have
not subsequently been withdrawn.
170 |
MASTER PROSPECTUS
17.
2014/2015
DOCUMENTS AVAILABLE FOR INSPECTION
For a period of not less than twelve (12) months from the date of this Master Prospectus, Unit Holders may
inspect the following documents or copies thereof during normal business hours at the Manager’s and
Trustee’s business office, without charge:a)
The Deed of each Funds;
b) Each material contract or document referred to in this Master Prospectus;
c)
The latest annual and interim reports of the Funds;
d) All reports, letters or other documents, valuations and statements by any expert, any part of which is
extracted or referred to in this Master Prospectus;
e)
Latest audited financial statements of the management company and that of the Funds for the current
financial year (where applicable);
f)
Audited financial statements of the management company and that of the Funds for the last 3 financial
years preceding the date of the Master Prospectus;
g)
Any consent given by experts or persons named in this Master Prospectus; and
h) Writ and relevant cause papers for all current material litigation and arbitration disclosed in the Master
Prospectus.
|171

master prospectus - eUnittrust.com.my

Transcription

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