Investment-Linked Funds

Transcription

A N N U A L
R E P O R T
2 0 1 5
Investment-Linked Funds
For the Financial Year Ended 31 March 2015
AmMetLife Insurance Berhad (15743-P)
(Formerly known as AmLife Insurance Berhad)
A PIDM member
AmMetLife Insurance Berhad
Investment-Linked Funds | Annual Report
AmMetLife Insurance Berhad headquarters located at
Menara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur.
Contents
Chairman’s Message
04
Corporate Profile
06
Investment-Linked Funds Objectives
07
Investment Market Review
11
Investment Outlook
23
Investment Strategy
31
Fund Performance
37
Sectoral and Category Breakdown
51
Comparative Performance Table
61
Summary of Financial Information
69
Chairman’s Message
Dear Valued Policyholders,
Global economy entered into 2015 with a set of issues
that will influence its performance. To begin with, the US
economic growth is expected to improve in 2015. Hence the
probability for the US Federal Reserve to raise the policy rate
is becoming higher. Next we have the economic growth in
China projected to be the slowest since 1990 with the risk
of falling into hard landing. The other two BRIC economies
experiencing problems are Russia and Brazil. Then we have
the low inflation in the Eurozone area which eventually paved
way for quantitative easing in an attempt to boost demand
and head off deflation. Falling oil prices will continue to
weigh on oil exporting countries’ economic performance.
Finally, an escalation of the geopolitical tensions in Russia and
Ukraine and in West Asia could have a negative influence on
the economic performance.
For the coming financial year 2016 (FY2016), the Malaysian
economic growth is expected to grow at a moderate pace
of 4.5%–5.5% from 6.0% in 2014. The outlook reflects
some slowdown in domestic demand in the course of
tighter fiscal and monetary conditions. Private consumption
will be moderate underpinned by rising living cost. Despite
headwinds from the oil and gas sector, fixed investment will
continue to expand moderately, driven by new and ongoing
infrastructure projects. Exports are expected to weaken due
to lower commodity prices and weak demand for palm oil
and petroleum products. Inflation is projected to stay around
2.5%–2.7%, reflecting the impact from the implementation
of the Goods and Services tax since 1 April 2015 and the
4
weak Ringgit, partially offset by softer global commodity
prices and demand.
Business and economic conditions are expected to remain
challenging, while compliance requirements increasing
over the longer term. Over the medium-term, we foresee
the banking sector experiencing slower loans growth and
narrower net interest spreads while asset quality may come
under pressure.
We have placed great emphasis on growing our investmentlinked portfolios for this year. For the financial year ended
31 March 2015 (FY2015), the total net asset value of our
investment linked funds is RM100.92 million, a year-on-year
growth in NAV of 8.2%. Our best performing investmentlinked fund for this financial year was AmMetLife Asia Pacific
REITS Fund, giving a commendable return of 15.3% for
the year, driven by the search for yields in a well-diversified
universe of Asia Pacific real estate equities.
do”, realised by delivering clear, transparent financial security
and stability to Malaysians. We remain committed to help you
reach your financial goals.
We would like to take this opportunity to thank you for your
trust and confidence in our products and services, and we
are ever ready to build enduring relationships with you and
provide expertise and solutions to meet your evolving needs.
Thank you.
Tan Sri Azman Hashim
Chairman
AmBank Group
We are also happy to state that effective 1 December 2014,
our Fund Manager, AmInvestment Management Sdn Bhd,
has been merged with AmInvestment Services Berhad and is
now housed under a single entity known as AmInvestment
Services Berhad. The funds’ investment objectives and
strategies remain unchanged.
With the birth of a new brand – AmMetLife, a fresh and vibrant
“Live Ready” brand campaign was launched nationwide on
12 August 2014. The campaign underscores AmMetLife’s
philosophy that “Customers are at the heart of everything we
5
Corporate Profile
AmMetLife is a strategic partnership between AMMB
Holdings Berhad (“AmBank Group”) and MetLife
International Holdings LLC (“MetLife”). AmMetLife
offers a comprehensive range of life assurance and
wealth protection solutions distributed through a
combination of over 175 AmBank and AmMetLife
branded branch offices, in addition to the strength of
its authorised life insurance agents nationwide.
The strategic partnership combines the international
expertise and financial strength of MetLife with the
local strength and reach of AmBank Group to create a
customer-centric and modern life assurance solutions
provider in Malaysia.
We are focused on meeting our customers’ diverse
needs with innovative solutions at different stages of
their lives, making it easier and simpler for families
and individuals to achieve financial security and
pursue more from life.
6
Investment-Linked
Funds Objective
Investment-Linked Funds Objectives
1. AmMetLife Equity Fund
The Fund aims to provide the Customer with capital growth, over a medium to long-term investment horizon, mainly through
investments in Malaysian securities with superior growth potential.
Returns will be obtained via growth in unit price rather than income distribution.
2. AmMetLife Bond Fund
The Fund aims to provide the Customer with an opportunity to gain higher than average income earned from fixed deposits, over
a to long-term investment horizon, mainly through investments in a diversified portfolio of fixed income securities.
3. AmMetLife Balanced Fund
The Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed deposits
with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon.
4. AmMetLife Dana Teguh
The Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed deposits
with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon, via exposure in Syariahcompliant Malaysian equities and/or equity-related securities and fixed income securities.
5. AmMetLife Dividend Fund
The Fund aims to provide policyholders total returns primarily through investment in equity and equity-related securities
of companies that offers sustainable dividend payments and attractive yields, emphasizing on long term capital appreciation
opportunities.
Returns will obtain via growth in unit price rather than income distribution.
6. AmMetLife Oasis Islamic Equity Fund
The Fund seeks to achieve moderate capital and income appreciation over a medium to long term by investing in shares of global
Syariah-compliant companies via investments in:
1. AmOasis Global Islamic Equity Fund (Unit Trust – AmInvestment).
2. Equity exposure into Syariah approved counters listed in Bursa Malaysia.
7. AmMetLife Global Emerging Market Fund
8
The Fund seeks to achieve long-term capital appreciation through investing mainly in:
1. AmGlobal Emerging Market Opportunities Fund (Unit Trust – AmInvestment Services Berhad).
2. Equity exposure into counters listed in Bursa Malaysia.
8. AmMetLife Global Agribusiness Fund
The Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmGlobal Agribusiness Fund
(Unit Trust - AmInvestment Services Berhad), that invests in a portfolio of quoted equities of agribusiness. Agribusiness is a generic
term that refers to the various businesses involved in food production.
9. AmMetLife Precious Metals Fund
The Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmPrecious Metals Fund (Unit
Trust – AmInvestment Services Berhad), that invests in a portfolio of global Syariah observant equity and equity-related securities
of companies engaged in activities related to gold, silver, platinum or other precious metals.
10. AmMetLife Tactical Bond Fund
The Fund seeks to achieve moderate capital appreciation over the medium to long term horizon through investing mainly in a
Target Fund: AmTactical Bond Fund, a Collective Investment Scheme (CIS) managed by AmInvestment Services Berhad, where the
Target Fund aims to provide income and to a lesser extent, capital appreciation, by investing primarily in bonds.
11. AmMetLife Asia Pacific REITS Fund
The Fund seeks to achieve moderate capital appreciation over the medium to long term horizon, investing mainly in a Target Fund:
AmAsia Pacific REITS Fund, a Collective Investment Scheme (CIS) managed by AmInvestment Services Berhad, where the Target
Fund aims to provide regular income and to a lesser extent, capital appreciation over the medium to long-term by investing in real
estate investment trusts (REITS).
12. AmMetLife Commodity Stable Capital Guaranteed Fund
The Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.
9
THIS PAGE IS
INTENTIONALLY
LEFT BLANK
Investment
Market Review
11
Investment Market Review
AmMetLife Equity Fund, Balanced Fund, Dana Teguh, Dividend Fund, Bond Fund
Equity Market Review
anticipated. However the index gained towards end of the month
Asia equities dropped substantially and it was the worst monthly
as expectations of policy easing in China and improving sentiment
performance since last June’s initial ‘taper tantrum’. Several
towards EMs generally made for a strong return of cross-border
Emerging Market Central Banks (notably Turkey, India and South
flows to Asian equities. The KLCI ended the month 0.7% higher
Africa) hiked interest rates to backstop currencies and bolster
at 1,849 points.
investor confidence. In addition, there were concerns about
China’s economic momentum and financial stability and US
economic health. China’s HSBC flash PMI for January surprised
on the downside at 49.6 (the first sub-50 reading in six months).
US non-farm payroll also indicated softening domestic economic
momentum. The KLCI closed 3.3% lower at 1,804 points. Selling
pressure was also seen in developed and emerging markets
during the month with the MSCI Asia ex-Japan Index falling
5.1% in January.
Weak US and China economic data continue to affect market
sentiment in February. However, by third week of February most
of Asian markets have recovered the losses. People Republic
of China (PBOC) affirmed its tightening bias and activity albeit
economic data pointed to further slowdown. Asia’s most
prominent local macro development was also the Chinese
Yuan’s abrupt depreciation which was its biggest drop since
China’s 1994 devaluation. The depreciation of Yuan was to
discourage ‘hot money’ inflows and set the stage for expected
foreign exchange regime liberalization rather than an export-
continued to focus on the small cap stocks. However, closer to
the month-end, we saw some signs of profit taking in the overall
small cap sector and some penny stocks declined sharply. Ukraine
potential crisis continue to affect the market sentiment despite
US economic numbers gain traction. Besides that China economic
data continued to disappoint investors as well. As a result, US and
regional markets were also sideways in April. The KLCI ended the
month 1.2% higher at 1,871, with buying support coming in the
past few days.
However, the positive momentum did not continue in May
although there were two positive key economic data released. The
strong data failed to excite the market in general. Bank Negara
Malaysia maintained the overnight policy rate (OPR) at 3.00%
for the 18th consecutive meeting since July 2011. However, the
central bank sent a strong signal that rate hikes are on the cards
in view of the firmer growth prospects, above-average inflation,
and the signs of continued build-up of financial imbalances.
minded monetary easing. Indeed the PBOC in recent weeks
Real GDP recorded a stronger-than-expected growth of 6.2%
has been absorbing liquidity through open market operations,
YoY in 1Q2014 (+5.1% in 4Q2013), lifted by robust domestic
which would be counterproductive. However, KLCI rebounded
demand and improving exports. Private consumption growth was
somewhat from the selloff in January, in line with Wall Street and
encouraging despite rising domestic cost pressures, while overall
regional markets. Second and third liner stocks were particularly
investment growth remained firm due to the execution of ETP
active and enjoyed strong interest. The KLCI ended the month
projects.
1.8% higher at 1,836 points.
On the other hand, corporate results released during the month
March started on a cautious note as Russia’s decision to
were not inspiring and has dampened market sentiment. The
speedily absorb the Crimea following the March 16 sovereignty
KLCI ended the month a marginal 2 points or 0.1% higher at
referendum kept investors guessing as to the extent of potential
1,873 points.
economic repercussions. In addition, Janet Yellen’s first FOMC
June was a decent month as the KLCI again squeezed out several
meeting as Chair, triggered a modest asset market stumble as
new all-time high days. The annual installment of Invest Malaysia
the Committee not only maintained the established US$10bn/
was held on June 9–10 to a record attendance. Unfortunately,
meeting pace of asset-purchase ‘tapering’, but indicated its short-
there were no major announcements to excite the market.
term target interest rate may rise earlier or faster than previously
12
April was basically a sideways market for the KLCI as investors
As expected, the FOMC (Federal Open Market Committee)
Dow and S&P 500 were posting their first monthly drop since
tapered its asset purchase program by another $10 billion, evenly
January, as investors are worried about Europe’s economy due
split between US treasuries and agency MBS. This will reduce the
to the sanctions against Russia, an Argentine default and a jump
purchases of treasuries in July to $20 billion (from $25 billion) and
in U.S. labor costs prompted concerns about corporate margins.
the purchases of agency MBS to $15 billion (from $20billion. The
Chicago’s PMI was also significantly below expectations, dropping
FOMC was more confident about the post-winter reacceleration
10 points to 52.6.
of the economy and said that growth in economic activity has
rebounded in recent months, labour market indicators generally
showed further improvement and business fixed investment
resumed its advance. However, the GDP growth forecast for 2014
China’s 2Q growth recovery was better than market expectations
due to a slew of stimulus measures focusing on increasing
spending on railway and social housing using its own money.
was revised downward, with a central tendency of 2.1–2.3%,
The major corporate development during the month was the
down from 2.8–3.0% in March.
potential CIMB, RHB and MBSB merger after Bank Negara gave
However, tapering is no longer a major market mover and unless
there is a major change to the economic outlook, the pace of
tapering is expected to remain $10 billion/meeting. Investors are
watching when FOMC will start its rate hiking.
the green light to proceed with negotiations at Board level. The
shocking loss of flight MH17, just a few months after MH370,
was the other major headline. Results released during the month
were decent as out of 12 companies we cover that released
results, seven were in line, three above and only two below. The
The imminent issue which was the concern last month was the
KLCI ended the month 11 points or 0.6% lower to close at 1,871
situation in Iraq. However, US published encouraging set of May
points.
economic numbers. US Institute for Supply Management (ISM)
Manufacturing Index expanded to 55.4 in May from a reading
of 54.9 in April. Surprisingly strong U.S. sales from automakers
in May bolstered the upbeat view on the factory sector and
suggested manufacturing poised for further growth. Auto sales
surged 11.4% from a year earlier to a seasonally adjusted annual
August was another erratic month as the KLCI saw heavy selling
pressure early in the month but slowly clawed back all the losses
on the back of Wall Street’s strength. US market reached its alltime high at the end of August as US investors welcome a series
of good economic numbers.
16.77 million unit rate, the strongest pace since February 2007,
However, Malaysia corporate results released during the month
according to research firm Auto Data. This has helped to push
were again disappointing, but the impact on overall share prices
sentiment in June globally.
was muted. The KLCI ended the month 5 points or 0.3% lower
The KLCI ended the month 9 points or 0.5% higher to close at
1,882 points.
July was an erratic month as the KLCI scaled new all-time highs
early in the month only to come under slight selling pressure
towards month end amid the escalating geopolitical tension in
the Ukraine and the Middle East, the US equity market marked
another high over the month, buoyed by solid economic data
(Q2 GDP, payrolls, job openings and CPI). The July FOMC meeting
confirmed another incremental step down in asset purchases
and market expect the program to wind up around October.
The committee also acknowledged that economic activity has
to close at 1,866 points. The broader market underperformed
the KLCI as the FBM Emas fell 0.7% MoM to 12,995 points.
Small cap underperformed too as the FBM Small cap fell 2.4% to
18,605 points while the FBM ACE was down 2% to 6,904 points.
Export growth slowed in June slowed due to the moderation
in both E&E and non-E&E shipments. Real GDP growth rose
further to 6.4% YoY in 2Q2014 (vs. 6.2% in 1Q2014). On a qoq
seasonally adjusted basis, the economy grew by 1.8% (+0.8%
in 1Q2014). Net exports lifted overall GDP growth. However,
domestic demand moderated but private consumption growth
remained strong.
rebounded from the Q1 contraction, but it is still looking for signs
September was a weak month, with the KLCI sliding to its six-
that the slack in the labour market is easing and a pick-up in
month lows as investors digested August’s poor results season.
housing growth.
The weak market sentiment also affected by news over slowing
However, towards the final week of July, US stocks tumbled. The
economy in Europe and China whilst economic data in US was
weaker than economists’ expectations. The Chinese government’s
13
Investment Market Review (Cont’d)
refused from ramping up credit supply are increasingly being
plan and depreciating Ringgit. For the month, the KLCI plunged
tested by a run of data showing that the world’s second-biggest
60 points to close the year at 1,861 points.
economy is sliding into a deeper slowdown, dragged by a cooling
housing sector. Export growth has been unsteady, and a cooling
Fixed Income Market Review
housing market is undermining already softening domestic
During the period under review, the local bond market saw
demand. Prices for Chinese steel and iron ore futures have
yields declined, where the yield curve flattened. Buying interest
slumped to record lows, while oil, copper, rubber and other raw
for local bonds returned gradually on expectations that foreign
materials have also skidded on fears of slowing China demand,
fund outflow are less compared to 2013, but concerns over the
which is rapidly leaving the United States as the only major driver
potential Overnight Policy Rate (OPR) hike in 2014 somewhat
of world economic growth.
depressed the buying interest.
Smaller cap stocks resumed their outperformance after August
Back in 2014, there was an adjustment in the electricity tariff
short breather. The KLCI ended the month 20 points or 1.1%
which accounted for 2.88% of total Consumer Price Index (CPI),
lower to close at 1,846 points. The broader market also ended
which was not expected to have a significant impact on headline
the month lower but managed to outperform the KLCI, with
inflation for 2014. Nevertheless, Malaysia’s headline inflation
the FBM Emas falling 0.5% MoM to 12,925 points. The FBM
rate continued to edge higher to 3.2% in 2014 from 2.1% in
Small cap index rose 0.3% to 18,666 points while the FBM ACE
2013. This is largely attributed to the second-round price effects
climbed 0.5% to 7,279 points. Average daily value traded on
from the earlier subsidy cuts (i.e. fuel subsidy cuts and increase in
Bursa in September declined 15% MoM to RM2.14 billion.
electricity tariffs). In line with higher inflation expectations, Bank
October was a very volatile month, with concerns about a whole
host of issues weighing down on global markets including the
weakening economies of Europe and Japan, the conflict in Iraq
and Ukraine as well as the Ebola health scare. Wall Street led
global markets into a sharp fall and also dragged markets up
when it rebounded. The Kuala Lumpur Composite Index (“KLCI”)
fell below the 1,800 point psychological support level for the
3.25% in July 2014 (from 3.00%), citing the need to manage the
financial imbalances. BNM said the “normalisation” of monetary
policy was needed to ward off risks of financial and economic
imbalances that undermine growth. It said that its new stance
remained supportive of the economy, which it saw showing
continued strength in exports and private sector activity.
second time this year but managed to recoup all of its losses and
In October 2014, the government also announced Budget 2015
change.
which strives to strike a balance between ensuring a sustainable
November was another relatively volatile month as the KLCI gave
back much of the sharp rebound enjoyed in October despite Wall
Street’s continued strength before pushing higher again towards
the end of the month. The major results season in November
was a disappointment and that dampen market sentiment.
Nonetheless, the KLCI managed to stay above the 1,800 point
psychological support despite the volatility. For the month, the
KLCI slipped 1.9% or 35 points to close at 1,820 points.
domestic growth whilst maintaining fiscal discipline. Total
expenditure for Budget 2015 is RM273.9 billion, which is RM9.
8 billion (3.7%) higher than the initial budget for 2014, with
RM223.4 billion for Operating Expenditure and RM50.5 billion for
Development Expenditure purposes. Other key highlights include
(1) Gross Domestic Product (GDP) projected to grow 5.5%–6.0%
in 2014 and 5.0%–6.0% in 2015; (2) headline inflation projected
to be around 3.4% in 2014 and increase to 4.0%–5.0% in 2015;
and (3) government seeks to lower fiscal deficit to 3.0% of GDP
Volatility in market remained in the month of December as
in 2015 from 3.5% in 2014. Malaysia also abolished subsidies for
the KLCI plummeted to a new 52-week low of 1,671 before
RON95 petrol and diesel effective December 1, with retail prices
rebounding on the back of window dressing activities. Despite
to be fixed according to a managed float. This announcement
Wall Street’s continued strength to new all-time highs, the KLCI
came on the back of a significant decline in global crude prices.
appears to be dancing to its own tune at the moment. There
were concerns over the weak oil price which will affect negatively
Malaysia’s GDP in 2015 hence government’s ability to stick to its
14
Negara Malaysia (BNM) raised the overnight policy rate (OPR) to
Meanwhile, Malaysia closed the year with an unexpectedly rosy
4th Quarter of 2014 GDP figures. GDP growth strengthened to
5.8% year-on-year (YoY) which is not only better than 3rd Quarter
expectation of 5.0%. Again, stronger private sector investment
AmMetLife Oasis Islamic Equity Fund
Market Review
and consumption cushioned the economy amidst slower
Feeder Fund: AmOasis Global Islamic Equity
net exports and public sector investment. Overall, Malaysia’s
Target Fund: Oasis Crescent Global Equity Fund
economy grew at its fastest pace in four years at 6.0% in 2014,
The global economy has continued to be characterised by clear
accelerating from 4.7% in 2013.
policy divergences in the first quarter of 2015, with further easing
In January 2015, the Bank Negara (BNM) monetary policy
in the Euro area and Japan causing major currency devaluations
meeting committee (MPC) kept its OPR unchanged at 3.25% for
in these regions. By contrast anticipation of higher interest rates
the third consecutive time, in line with market expectations. In its
in the US has caused the dollar to surge during the quarter, which
statement, BNM turned cautious on the global economy outlook,
is expected to keep inflation and growth more contained in the
highlighting that “volatility in international financial markets has
near term. A number of emerging economies have responded
increased amid shift in global liquidity and heightened uncertainty
to declining inflation and growth expectations by easing of
particularly with regards to global growth prospects and the
monetary conditions, as a restructuring of the Chinese economy
decline in commodity prices.” Nevertheless, BNM still expects the
continues to weigh on import demand and hence commodity
domestic economy to remain on a steady growth path despite
prices. Although geopolitical uncertainties are perceived to be
lower energy and commodity prices, underpinned by growth in
elevated, the decision by OPEC to maintain oil production at
domestic demand while investment activity is projected to remain
elevated levels is expected to drive global growth to 3.6% in
resilient, thus cushioning the lower oil and gas-related investment
2015, through substantially lower oil prices and hence greater
activity. Given as such, the BNM views the current monetary policy
purchasing power amongst net oil importing economies.
stance to be still accommodative and appropriate at this juncture.
- by AmInvestment Services Berhad
of 2014 growth of 5.6% but significantly above consensus
Prime Minister Dato’ Sri Najib Tun Razak addressed the impact of
revised 2015 Budget which is based on a lower and more realistic
AmMetLife Global Emerging Market
Fund Market Review
oil price assumption of USD55 per barrel. The key takeaways are
Feeder Fund: AmGlobal Emerging Markets Opportunities
as follows:
Target Fund: Schroders ISF Global Emerging Market plunging oil prices on the economy on the 20th January with a
• 2015 GDP growth expectations lowered to 4.5–5.5%
(from 5.0 – 6.0% previously)
• 2015 inflation forecast lowered to 2.5%–3.5%
(from 4.0%–5.0% previously)
• 2015 fiscal deficit target widened to 3.2% of GDP
(from 3.0% previously)
Operating expenditure was to be cut by RM5.5 billion while
development expenditure will be kept unchanged at RM48.5
billion.
Opportunities
Global equities generated solid gains over the year ending
March 2015. The US was one of the strongest markets as macro
data improved and the Federal Reserve (Fed) scaled back its
quantitative easing programme, completing its final taper in
October. Speculation continued as to when the first rate rise will
take place; however expectations were recently pushed back to
December as economic data moderated and the Fed lowered its
key rate expectations and expressed concern over the strong US
dollar. European equities were negative as economic indicators in
The local bond market strengthened further in 1st Quarter of
the region continued to deteriorate. This prompted the European
2015 on the back of weaker crude oil prices that may hamper
Central Bank (ECB) to take a series of measures to ease monetary
GDP growth in 2015. An earlier expectation of a rate hike in 2015
policy, culminating in the launch of sovereign quantitative easing
has diminished, re-igniting buying interest for local bonds.
in March – under which the central bank pledged to purchase
$60 billion of assets per month. Meanwhile, the price of oil fell
48.9%, largely in late 2014, due to rising supply in the face
of relatively lackluster global demand. A strong US dollar also
characterised the period, and was negative for emerging markets.
15
The MSCI Emerging Markets (EM) index posted a negative return
gains were undone by friction between the central bank and
and lagged its developed world peers.
President Erdogan, which undermined the credibility and
At the start of the period, our core markets were Brazil, China,
Hungary, South Korea, Qatar and the UAE. In July 2014 we
added Turkey, given attractive valuations and supportive earnings
revisions, despite ongoing sensitivity to US monetary policy
adjustments and the risk associated with its poor funded current
account deficit. At the same time we removed Hungary given
concerns over high external debt and a deteriorating EPS outlook.
We added India to the core list in October 2014. Although
the market appeared fully valued at the time, the underlying
economy and earnings showed signs of improvement amid
ongoing optimism towards the government’s reform agenda.
independence of the central bank, and contributed to pressure
on the lira. Brazil was the worst performing core market. The reelection of President Dilma Rousseff in October was followed by a
drop in the local market, amid concerns over her administration’s
ability to combat slowing growth and above target inflation.
The appointment of a new finance minister has spurred a return
to more orthodox policy making whilst the central bank has
raised rates to tackle inflation and also abandoned its currency
intervention programme. However, near term macro data
remained weak.
included Thailand owing to improving EPS growth and reasonable
ahead of the election. In November we removed Qatar given rich
AmMetLife Global Agribusiness Fund
Market Review
valuations. In January 2015 we removed Thailand and added
Feeder Fund: AmGlobal Agribusiness
Hungary in March.
Target Fund: DWS Global Agribusiness
valuations. We removed Brazil as a result of political uncertainty
The best performing market on our core list was India, which
rallied strongly as Narendra Modi’s BJP party won a general
election, becoming the first single party for over twenty years to
win a majority. This is expected to enable the government to push
through much needed reforms. Thailand also recorded a strong
return. Despite some uncertainty following a military coup in May
2014, the market rebounded on the back of renewed stability
at a political level. Chinese equities were firmly up. Although
growth has slowed to 7% year on year (YoY), performance was
bolstered by a liquidity driven rally towards the end of the period
as the securities regulator announced it would permit mainland
mutual funds to invest in Hong Kong stocks via the ShanghaiHong Kong Connect scheme. Qatar posted a positive return,
supported sharp gains in Gulf International Services. Hungary
delivered a negative return, largely owing to poor performance
from pharmaceutical company, Gedeon Richter, which saw its
sales in Russia hit by trouble depreciation. Korean equities fell
as GDP growth moderated and the government took measures
to boost the economy. Local equities also came under pressure
due to corporate governance concerns. In the UAE the market
was impacted by negative sentiment stemming from heavy oil
price declines. It was a relatively volatile period for the Turkish
market given the country’s high current account deficit and a
large external debt. However, lower oil prices are positive for the
country and spurred a rebound in the local market. However,
16
Global equity markets posted decent gains in the year through
March 31st 2015, led by double digit gains for the US, softness
in Europe and very divergent developments within Emerging
Markets, which overall were unchanged. The year was marked
by rising tensions over the Russia-Ukrainian conflict, the spread
of the Ebola virus in Africa, outbreaks of violence in the Middle
East, a sharply falling oil price and the strengthening of the US
Dollar. The US equity market was supported by good economic
and employment data, rising corporate profits and the absence
of any inflation concerns. The European equity markets were
affected by continued tensions in Eastern Europe and, later in the
period under review, by the Greek government-debt crisis and
resulting contentious bailout negotiations with the Eurozone.
Within Emerging Markets, India was among the best performers
boosted by the election of reform candidate Narenda Modi
whereas Russia and its currency, the Ruble, dropped sharply due
to Western sanctions and the sharp drop in the price for oil, its
main export product.
AmMetLife Precious Metals Fund
Market Review
the broader implication of the move in the CHF and other non-
Feeder Fund: AmPrecious Metals
and Sweden) reflects their status as “destination currencies” as
Target Fund: DWS Noor Precious Metals Securities Fund
capital flight ensues from the Euro. These non-EU currencies are
Gold and precious metals equities looked to be performing in line
in such high demand that bond appreciation has actually driven
with the US Dollars (USD) moving into the first quarter of 2015,
yields into negative territory. We believe this is significant in that
but quickly resumed their fall, ongoing since the second quarter
it illustrates markedly strong demand for safe haven.
of 2014, as USD strength prevailed and downward pressure from
Since the introduction of Abenomics in March of 2013, we have
the sell-off in oil took its toll. We began to see capital expenditure
been cognizant of the fact that gold does not pay a yield. Since
in the oil space be curtailed. Growth remained elusive in Europe
that time, QE in the United States (US) has come to an end, an
and Japan, and slower growth in China and other emerging
additional round of QE has been introduced in Japan, and an
markets aggravated capital flight into Organization for Economic
overly-telegraphed (i.e. no surprise to the market) QE strategy
Co-operation & Development (OECD) markets (i.e. the U.S.). We
was recently introduced in the EU. We believe that this latest QE
remain convinced that the yield differentials, particularly between
package will be less effective owing to very low yields within the
the US vs Europe and Japan, will continue to drive USD strength
EU and negative yields for other non-EU, European currencies.
and will likely prove to be a near-term headwind for Gold.
Upon consideration of a negative and ultra-low yield environment
Global Economic Concerns
in Europe that stands in stark contrast to much higher yields in
Gold and the USD traded together moving into 2015: the Dollar
the US, we believe the Euro is a one-way trade (i.e. down for
Index Spot (DXY) (trade weighted dollar) was up by 5% to its
the next several quarters). In fact, in consideration of negative
trade partners and gold was up over 8%, marking an unusual
yield in non-EU currencies, the 0 yield in Gold is relatively better
move as the dollar and gold typically have an inverse relationship.
and, therefore, part of a broader safe-haven trade consisting of
This unusual positive correlation between gold and the DXY were
Dollars, Gold, and non-EU currencies.
short-lived as the DXY continued to strengthen against its trading
European Union (EU) member countries (like Denmark, Iceland,
partners while gold contracted by more than 5% by the end
of February. We attribute this move to a resumption of a more
normal relationship.
AmMetLife Tactical Bond Fund
Market Review
With that in mind, capital flight increased ahead of the European
Target Fund: AmTactical Bond Fund
Central Bank (ECB) Quantitative Easing (QE) plan expected
In April 2014, after spooking the market with a potential rate
to commence on March 9, 2015. ECB President Mario Draghi
hike timeline by mid-2015, the US Federal Reserve Chairman,
announced a QE strategy lasting from March 2015 to September
Janet Yellen, worked to restore investor confidence with a dovish
2016 and amounting to over $1 trillion worth of bond purchases.
speech where she reassured markets that the Fed was not bringing
Amidst the backdrop of a massive QE program, it is our view that
forward US rate hikes because it still has work to do to achieve
gold and the USD will be part of a broader safe-haven trade as
its dual mandate. This brought some relief to the market which
yields in Europe, most notably with the Swiss Franc (CHF), have
found further confidence when China released its 1Q2014 GDP
turned negative owing to capital flight out of the Euro (EUR).
figure which showed an increase of 7.4% YoY, beating market
Ordinarily, we would argue that the QE would be more definitive
for a risk-on trade. While we do anticipate some risk-on trading
to take place as the QE commences, we have taken note of
the massive one-day move of the CHF to the USD (+17.6%)
and the EUR (+18.8%) which came on the back of the Swiss
National Bank abandoning its peg to the EUR. The removal of
this peg, which had been in place since 2011, resulted in an
immediate realization of pent-up demand for CHF. In our view,
expectation of 7.3%, thereby tempering fears of a hard landing
scenario. On the domestic front, Malaysia’s headline inflation
held steady at 3.5% in March, indicating stabilization after seven
consecutive months of increase. Malaysia also reported stronger
foreign reserves in the month of April which grew by 0.7% MoM
USD131.1 billion. Elsewhere, industrial production growth was
6.7% YoY in February while export growth continued to sustain
at a strong double-digit rate of 12.3% YoY in February (+12.2%
17
in January). BNM also released its annual report where it revised
In August 2014, Malaysia reported its 2Q2014 GDP growth figures
its GDP target to 4.5–5.5% for 2014 compared to the Ministry
which came in at a higher-than-expected +6.4% YoY versus
Of Finance’s target of 5.0–5.5%. BNM’s conservative lower end
consensus expectation of +5.8%. This beat our neighboring
of the GDP target is to allow for unexpected downside risks from
peers such as Indonesia (2Q +5.1%), Thailand (2Q +0.4%) and
further fiscal consolidation measures as well as disappointments
comparable to Philippines (2Q +6.4%). Malaysia’s 2Q2014 GDP
in global growth.
growth was the fastest since 1Q2013 and was boosted primarily
In May 2014, while Bank Negara Malaysia once again kept the
Overnight Policy Rate unchanged at 3.00% as expected, the tone
of its Monetary Policy Statement has turned relatively hawkish
compared to previous MPC statements, stating that “the degree
of monetary accommodation may need to be adjusted” if
needed, so as to address risks posed by the build-up in economic
and financial imbalances in the local economy. The change in
BNM’s tone was followed by the improved economic outlook
for Malaysia in 2014 following the recent release of the strong
1Q 6.2%YoY GDP numbers which surprised the market that had
earlier a consensus expectation of only 5.7%YoY. The growth
was driven by better Exports that rose 7.9%YoY versus 5.7% in
4Q2013 and also Government Spending that grew a very strong
11.2%YoY.
(+8.6% YoY) during the quarter. Meanwhile, private investments
increased on the back of a better global outlook with investments
in the services and manufacturing sectors remaining firm.
However, private consumption continues to moderate to a softer
pace of +6.5% compared to +7.1% in 1Q2014. Finally, private
spending remains supported by stable employment conditions
and wage growth. On the inflation front, Consumer price index
continues to moderate downwards, coming in at 3.2% YoY in
July (June: +3.3%). The moderate inflation is primarily attributed
to the price of food & nonalcoholic beverages, which rose a
softer 3.1% YoY (June: +3.5%). Lastly, foreign holdings of MGS
continue to rise steadily. For the month of July, foreign net inflows
in MGS totaled RM6.7b, bringing total foreign holdings to
RM154b (June: RM147.3b), the highest on record and increasing
In June 2014, several market liberalization measures were
the % of foreign ownership to 48.4% (June: 46.7%). Notably,
announced by our Prime Minister, Datuk Seri Najib Tun Razak
total foreign holdings of MGS are again approaching the peak
during Invest Malaysia 2014. These include the removal of
of 49.5% recorded in May 2013 before the start of QE tapering.
mandatory requirement for corporate bond credit ratings,
allowing foreign credit rating agencies and unit trust management
companies to operate in Malaysia and allowing the trade ability of
unrated bonds and sukuk. Meanwhile, Malaysia’s unemployment
rate fell to below 3.0% for the first time since June 2013, coming
in at 2.9% in April compared to 3.0% in March. On the inflation
front, the CPI index eased further to an increase of 3.2% YoY, in
May compared to 3.4% in April.
18
by net exports as exports grew (+14.2% YoY) faster than imports
In September 2014, the region continues to see weak exports;
with global cyclical inventory destocking that began since June
2014 and should continue until the end of the year with a
potential pick-up in exports that could begin in December 2014.
However, stronger than expected 2nd Quarter Gross Domestic
Product (GDP) numbers (data released August 2014) in several
markets should support domestic demand in the face of this
negative trade data. In Malaysia, exports growth continued to
In July 2014, Bank Negara Malaysia raised the Overnight Policy
be modest at 1.73% Year of Year (YoY) for August 2014 (July
Rate by 25bps to 3.25%, in line with market expectations. This
2014: 0.81%YoY, June 2014: 7.9%YoY versus May: 16.2%YoY)
came on the back of a stronger economic growth outlook, above
with electrical/electronic and crude oil and exports still weak
long-run average inflation and concerns over the continued build-
compared with May 2014, before global-destocking. During the
up in economic and financial imbalances, which was highlighted
month Bank Negara kept Overnight Policy Rate (OPR) unchanged
by BNM in the previous MPC meeting. Nonetheless from the
at 3.25% with the central bank shifting its policy language to a
recent MPC statement, BNM appeared to leave the option open
mild dovish bias to “ensure the sustainability of growth prospects
for further policy rate normalization although this would largely
of the Malaysian economy,” versus mild hawkish language in the
be dependent on the trend of economic data coming in over the
prior policy statement. Malaysia’s trade balance for August 2014
next few months, especially if signs of inflationary pressure as
is still in surplus at RM3.86 billion (July 2014: RM3.64 billion) but
well as whether risks posed by growing financial imbalances are
far weaker than the RM8 billion–RM10 billion plus levels seen in
contained.
April, March and February 2014. However, strong 2nd Quarter of
2014 GDP print of 6.4%YoY (expectation: 5.8%, 1st Quarter of
to 2.8%YoY versus 8.8%YoY in 2nd Quarter of 2014. However,
2014: 6.2%) reported in August 2013 should support domestic
we can see evidence of higher Government Expenditure at
sector resilience in the second half of the year.
5.3%YoY versus -0.5%YoY in 2nd Quarter of 2014. By sector
In October 2014, in-line with the mildly better external economic
data, Malaysia’s Industrial Production for August 2014 beat
expectations at 6.5%YoY (expectation: 5.1%YoY, July: 0.6%YoY)
driven by manufacturing growth of 7.4%YoY (July: 3.2%YoY)
and growth in electricity output 8.4%YoY (July: 5.0%YoY).
Inflation stepped-down as expected to 2.6%YoY for September
2014 from 3.3%YoY in August 2014 (expectation: 2.6%YoY),
given the base effect from the timing of fuel price hike last year
in September 2013 versus the most recent fuel price hike in
there was weaker YoY growth in Agriculture 4.0%, Mining
and Manufacturing versus 2nd Quarter of 2014. Inflation for
October 2014 was significantly lower than expected at 2.8%YoY
(expectation: 3.0%YoY, September: 2.6%YoY). The change in CPI
was unsurprisingly driven by Transport +5.3%YoY (September:
+0.5%YoY) which is weighted 14.9% in the CPI index. The
subdued inflation can be attributed to the current general
disinflation effect globally that had dampened the impact of the
recent petrol price hike.
October 2014. For Indonesia, the Bank Indonesia reference rate
In December 2014, the region generally saw weaker trade data
was left unchanged for an 11th consecutive monthly meeting
this month driven large by continued weakness in China and
at 7.50% at its monetary policy meeting on 7 October 2014.
European Union even as there is some recovery in US import
The rate level is considered tight, with the need to be vigilant on
demand. In Malaysia, CPI saw a step-up to 3.0%YoY in November
inflationary pressures and for currency stability in anticipation to
2014 (expectation 2.7%, October 2014: 2.8%) due largely to the
an end to US monetary easing. The Bank Indonesia (BI’s) inflation
12% excise duty hike on Tobacco on 1 November 2014. Exports
target remains at 4.5%±1% for 2014 with the latest September
contracted more than expected by -3.1%YoY for the month of
2014 Consumer Price Index (CPI) growth reading at 4.53%YoY.
October 2014 (expectation: -0.3%, September 2014: +2.0%),
The national current account position continues to be stated as
on weak global demand and base effect from the strong uptick
a policy driver for the central bank. In activity data, the HSBC
a year ago. However, imports are still strong at 9.1%YoY for
Indonesia Manufacturing Purchasing Managers Index (PMI)
October 2014 (expectation: -0.3%, September 2014: 1.1%), with
returned to contractionary territory at 49.2 points in October
intermediate goods still a major component of at 64.3%, capital
2014 after venturing into expansion for September 2014 at 50.7
goods at 12.1%, while consumer goods is still a small component
points, largely in-line with weaker regional growth expectations.
at 6.8%. Even so, trade surplus narrowed to RM1.196 billion in
In November 2014, the region generally saw weaker 3rd Quarter
of 2014 GDP numbers driven in part by weak external sector and
government fiscal consolidation that dragged down domestic
demand. However, most economies in the region displayed
October 2014 from RM9.33 billion in September 2014. IP posted
stronger than expected in October 2014 at 5.0%YoY growth
(expectation: 4.1%, September 2014: 5.4%) on strong mining
sector improvement on better crude oil and gas production.
stability and resilience mainly due to prudent and effective policy
In January 2015, the economies in the region did not move in lock-
moves by financial and economic authorities. Meanwhile, there
step in January 2015, as the more resilient economies showed
is also a disinflationary trend likely due to moderating global
their strength in the volatile global growth environment. Also,
commodity prices. In Malaysia, Bank Negara Malaysia (BNM)
increasingly sophisticated economic and financial policymakers
left policy rate unchanged at its 6 November 2014 meeting. The
react with varying policies to shore up their economies. In
central bank maintained its mild dovish bias. GDP growth in 3rd
Malaysia, there was better than expected improvement in trade
Quarter of 2015 printed within market expectations, at 5.6%YoY
balance for November 2014, at a surplus of RM11.13 billion
(expectation: 5.6%YoY, 2nd Quarter of 2014: 6.5%YoY). The
(expectation: RM4.10 billion, revised prior: RM1.15 billion), but
weakness partly due to high base effect with 3rd Quarter of
mainly due to weakening imports for November 2014 at 0.1%YoY
2013 GDP at a relatively high RM 200.6 billion (2nd Quarter of
(expectation: 8.3%YoY, prior: 9.1%YoY). This raises concerns of
2013: RM193.2 billion, 3rd Quarter of 2014: RM211.7 billion).
potentially weaker growth in December 2014 and January 2015.
On the demand side, there was a drop in Investment 1.1%YoY
Exports rebounded somewhat at 2.1%YoY for November 2014
versus 7.2%YoY in 2nd Quarter of 2014 and a drop in Exports
(expectation: -0.7%YoY, revised prior: -3.2%YoY).
19
In February 2015, the economies in the region generally posted
In November and December 2014, Singapore Real Estate
better-than-expected 4th Quarter of 2014 growth. However,
Investment Trusts (REIT) performance was driven by China cutting
economists’ expectations for 2015 remain cautious in-line with
its rates and a decline in the 10-year MAS bond yields while Japan
regional policymakers which are generally in a dovish to neutral
performance was driven by an 18-month delay in the second
stance. Another trend running through the Asia Pacific economies
consumption tax hike in addition to a call for a snap election.
last month was unambiguous disinflation/deflation that should
Australia REIT performance continued to be chased by investors
provide some support for domestic demand in the face of expected
looking for yields with the 10-year bond yields compressing.
growth weakness for the year ahead. In Malaysia, 4th Quarter of
January 2015 saw some policy stimuli announcements being
2014 GDP beat expectations strongly at 5.8%YoY (expectation:
made by China (loosening its lending and deposit ratio); Japan
5.0%, 3rd Quarter of 2014: 5.6%). This translate to full year
approving USD29 billion in economic stimulus spending and
2014 growth of 6.0% (2013: 4.7%) that is very strong indeed,
Europe finally announcing Quantitative Easing (QE). Additional
beating consensus expectation of 5.9% and comes-in at the very
policy announcements were made in February 2015, with China
upper-limit of BNM’s estimate of 5.5–6.0% for the year. By sector,
cutting its RRR by 50 basis points (bps), Singapore MAS loosening
there is continued weakening and subdued growth in Agriculture
its policy on the SGD by lowering the slope of the NEER curve.
and Manufacturing, but other sectors such as Construction and
The Singapore government also extended the tax transparency
Services have rebounded. The stand-out top performing sector
regulation for REITS, removing the risk of the incidence of
of the economy in 4th Quarter of 2014 is undoubtedly mining
corporate taxes on REITS providing a minimum of 95% income
that grew 9.6%YoY. On an expenditure basis, Private Spending
is distributed. Japanese REITS underperformed the TOPIX due to
at 7.80%YoY (3rd Quarter of 2014: 6.70%) and Investment at
murky prospects of long term interest rates.
4.30%YoY (3rd Quarter of 2014: 1.10%) rebounded significantly.
Even though growth in Government Spending at 2.70%YoY (3rd
Quarter of 2014: 5.30%) moderated, this is a credit positive and
in-line with the necessary fiscal consolidation to preserve the
country’s credit profile.
In March 2015, the Norwegian Government Pension Fund Global
announced Tokyo and Singapore as targeted Asian property
markets. Australia REITS -2.1%, underperforming the ASX200.
Singapore REITS +0.29%, due to long term interest rates spiking
during the month. Japanese REITS -2% on US rate hike risk and
expectations of domestic economic recovery. However hotel REITS
were notable outperformers, in line with in-house theme picks.
AmMetLife Asia Pacific REITS Fund
Market Review
Target Fund: AmAsia Pacific REITS Fund
In 2QCY2014, Yellen emphasized on the US Fed’s dovish position;
the US 10-year yield moved below 2.5%, the lowest in almost a
year; the World Bank and IMF cut US growth estimates to 2%.
In 3QCY2014, conflict in the Middle East intensified while China
eased home purchase restriction rules in certain cities. Comment
from Mario Draghi spurred speculation that the ECB was closer
to quantitative easing. During the last 2 quarters, Australia REIT
performances were driven by corporate restructuring and M&A;
in Singapore the REITS staged a recovery in 1QCY2014 but
performance was flattish in 2Q2014 followed by some selling
pressure moving into 3QCY2014 as renewed concerns on higher
interest rates affected investor sentiment; in Japan performance
was to some extent driven by positive sentiment arising from
government policy once the consumption tax hike hurdle was
out of the way.
20
AmMetLife Commodity Stable CGF
Market Review
The Dow Jones-UBS Commodity Excess Return (DJUBS) Index fell
5.14% in March MoM (Month-on-Month) with the YoY (Year-onYear) performance dipping by 27.06%. Meanwhile, the MLCX
Enhanced Benchmark A01 Excess Return (MLCXA01E) Index has
lost 4.94% in March to MoM whilst the YoY performance has
also suffered a loss 28.27%. Subsequently, the MLCX AmBank
Commodity Alpha (MLCXAMB) Index captured the performance
differential between the two sub-indices and rose 0.20% MoM
at March 2015 month end. Annually, the YoY performance of the
index has been positive with a gain of 2.37%.
Underlying Indices Performance Details
Performance Since Inception
Date
Commencement MLCXAMBMLCXA01E DJUBS
169.9859275.6397145.1062
31 March 2012
3.82%
1.58%
-2.21%
30 September 2012
2.51%
5.10%
2.34%
31 March 2013
3.14%
-2.10%
-5.26%
30 September 2013
3.58%
-9.10%
-12.40%
31 March 2014
3.33%
-4.04%
-7.29%
30 September 2014
4.72%
-14.17%
-18.20%
31 March 2015
5.78%
-28.27%
-32.38%
Month-on-Month Performance
Date
Commencement 30 September 2014
MLCXAMBMLCXA01E DJUBS
–––
-0.02%
-6.25%
-6.23%
31 October 2014
0.06%
-0.75%
-0.81%
30 November 2014
0.20%
-3.87%
-4.07%
31 December 2014
0.76%
-6.87%
-7.63%
31 January 2015
-0.07%
-3.41%
-3.34%
28 February 2015
-0.13%
2.44%
2.57%
0.20%
-4.94%
-5.14%
31 March 2015
Year-on-Year Performance
Date
Commencement –––
31 March 2012
2.11%
-14.47%
-16.31%
31 March 2013
-0.65%
-3.62%
-3.12%
31 March 2014
0.18%
-1.99%
-2.15%
31 March 2015
2.37%
-25.24%
-27.06%
21
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Performance of MLCXAMB Since Inception
106.0%
105.0%
104.0%
103.0%
102.0%
101.0%
100.0%
99.0%
(Source: Bloomberg)
22
- by AmBank (M) Berhad
Investment
Outlook
23
Investment Outlook
Equity Market Outlook
are not cheap despite a 10% CAGR EPS growth over the next
As we look into 2015, we believe that it will be a volatile year
2 years. However, US equities are in competition with other
with regions exhibiting highly uneven growth patterns. For 2015,
regional equities/asset classes and therefore, need to be valued
the story will be normalization, reflating the economy, fighting
on a relative basis. It is in this respect that we believe that there is
deflation and monetary easing for US, Japan, Europe and China
further upside in the US equities.
respectively. Slightly elevated valuations in most regions imply that
stock upside will be dependent on earnings delivery. Deflationary
forces from Japan and Europe will probably force the Fed to
delay hiking rates towards end 2015; hence our view of 2 halves,
whereby we believe the markets will continue their uptrend in the
first half while volatility will set in towards the later half of 2015.
China’s economy is slowing but there will be no hard landing.
Valuations are decent and hence, we are comfortable with China.
On the commodities front, rising supply and moderate demand
will keep prices subdued. However, we need to note that all the
above variables are dynamic and non-stationary. We need to be
nimble and to review our outlook regularly to alter our tactical
allocation if necessary.
US
The Fed will probably end its zero interest rate policy towards end
2015 and will become the focus of attention among investors.
A rising USD on the back of a deflating Europe and softer China
Recent data give us grounds for cautious optimism outlook on
the economy. The third quarter GDP showed the euro area (both
with and without Germany) growing at 0.6% Q-on-Q and 0.8%
Y-on-Y.
Euro core inflation is undershooting the ECB’s 2% target but the
good news is that it has stabilized at close to 1%. Compared to
the ECB, the Federal Reserve and Bank of Japan have embarked
on huge, unprecedented and sustained expansions of their
balance sheets and yet, the core inflation in these economies is
not really that distinguishable!
The other point to note is that the vast majority of the European
economy is driven by food and energy. With declining food and
energy prices, we doubt anybody would be complaining about
lower food and energy bills. This should boost consumption and
corporate earnings even though wages are stagnant.
will act as a de facto tightening in monetary condition which will
China
siphon away some growth, hence our view that the rate increase
Recently, we saw encouraging home price stabilization and
will be back ended. Moreover, lower oil prices will lead to lower
peaking housing inventory in the 10 largest cities. While the
inflation.
non-manufacturing PMI continues its downtrend, we suspect
The good news is that falling oil prices will also boost consumer
spending. Oil price has fallen by 30% and with net oil imports
at 1.2% of US’s GDP (source CSFB), this could boost growth by
about 0.4%. Coupled with the fact that the wages and salaries
component of the employment cost index has increased above
2% (highest since 2009) suggesting some form of purchasing
power increase.
The ratio of vacancies to unemployed has broken above its post09 trend, hence unemployment rate should continue to fall and
would probably go below 5.5% (full employment technically)
before end 2015.
While we are comfortable with the macro outlook, valuations
24
Europe
that growth slowdown could be plateauing. Looking ahead, we
expect some pick up in housing sales, accelerated fiscal spending
(infrastructure) and more monetary easing to increase the supply
of credit. We have been arguing that monetary condition has been
too tight and recent easing has acted as a catalyst for the market
to rebound. All in all, while economic growth at 7% might not
be that inspiring compared to recent years, the downside risks
should also be limited, assuming correct policy implementation.
From what we can decipher from recent government
announcements, increasing domestic consumption, deepening
reforms, creating jobs and maintaining stability have been the
key objectives in achieving steady growth. The main rationale is
that the leadership believes that the new normal GDP pace is
approximately 7% and the economy’s ability to generate jobs
• Moderating inflation – The fall in crude oil prices continue
has improved in recent years, making it unnecessary to push for
to impact inflation positively. As of March 2015, Malaysia’s
excessive growth to absorb labor supply.
YoY CPI growth remained below 1%. However, moving
We believe that the recent rally in Chinese stocks has largely
been due to mean reversion from depressed levels rather than
overshooting. Therefore, any correction would be an opportunity
to add exposure. Over the next 6 months, we expect the mean
reversion process has further upside and downward pressure
would occur only if the following conditions rear its head:
• Extended/rich valuation
• Monetary tightening
• Global growth slump
Fixed Income Market Outlook
As the central banks across the world continue to surprise
the market on the dovish side, the International Monetary
Fund warned the world’s leading economies to “prepare for a
prolonged period of lower growth rates” which some economists
have labeled “secular stagnation”. China, for example, is still
struggling to avoid a sharp contraction in the growth of potential
output while the United States is showing signs of slowing
growth with Q12015 GDP of 0.2% YoY, way below consensus
expectation of 1% growth.
forward, the full impact of the GST (in effect as of 1
April 2015) is expected to be felt in the form of a spike in
inflation, but with expectation that will smoothen out past
six months.
• Private sector investment – Private sector investment (which
rose 13.9% in 2014) has been supporting Malaysia’s GDP
growth since the introduction of the ETP Programme and
is expected to continue to do so albeit at a slightly slower
pace (high single digit growth). The focus for private sector
investment continues to be in the manufacturing and
services sectors which are more resilient when compared to
the resources sector.
• Exports – Malaysia’s exports will be pressured by declining
crude oil prices. Crude oil and refined petroleum products
cumulatively account for 13.6% of overall exports.
However, key to Malaysia’s export performance in the near
future will be natural gas and palm oil prices which have
proven resilient and/or yet to reflect the fall in crude oil
prices.
• Ringgit weakness – The recent depreciation of the Ringgit
has benefitted our manufacturers and in particular the
As two of Malaysia’s biggest trade partners, any significant
E&E sector. With increased competitiveness and greater
contraction in the economic growth of both countries will
demand driven electronic products such sensors used in the
likely put a constraint on the Government’s target to reduce its
auto industry, smart phones and tablets, there are optimism
budget deficit, which is essential to providing room for boosting
that the gains from the E&E sector will offset the weakness
government spending in periods of slower growth. Furthermore,
from the resources sector.
Malaysia’s shrinking trade surplus is a constant worry as the
Government tries to avoid a twin deficit scenario.
While we continue to monitor the impact of the factors outlined
above, we reiterate our view that BNM remain well tilted towards
While the consensus expectation is for the first hike to happen
maintaining the sustainability of Malaysia’s growth, rather than
in September 2015 and at a gradual pace, the impact to interest
inflation. We also note that the continuous drop in Malaysia’s FX
rates in general is on the uptrend over the medium to long term.
reserves, due to sizable capital outflows have given fears to the
However, in the short term, volatility in bond yields, currencies
possibility of some upheaval in the capital markets. Nevertheless,
and even the equity market are expected to spike and Malaysia
there are some evidences that long term foreign money remain
will likely face the brunt of it, being part of the Emerging Markets.
sticky as the market looks beyond the short term impact of lower
Locally, the stabilizing crude oil prices have alleviated some of the
crude oil prices and the weakening Ringgit, to factor in the
pressure on the Government’s finance but the persistently high
fundamental strength of the Malaysian economy which according
household debt will likely constrain consumption growth amid
to Bank Negara will still grow a respectable 4.5%–5.5%.
subdued retail spending in the face higher prices from the twin
effect of GST and a weaker Ringgit. We continue to watch the
following key trends to which will impact the decision of policy
makers in the near term:
25
Investment Outlook (Cont’d)
Market Outlook
we note the recent rebound in GEMs and remain constructive
start of a more prolonged bull run given too many uncertainties
remain. Our portfolio is fully invested with a beta just below 1 but
Global equity markets have not moved much from the prior
we remain net underweight the more cyclical sectors.
quarter. However, the volatility has increased significantly.
Emerging Market equities have continued to lag the Developed
Market peers with overhangs such as the depressed oil price,
devalued currencies, political and social risks. On the opposite
side of the coin the economic prospects of the Developed
Markets have improved and consequently attracted inflows.
Emerging Market companies in aggregate have continued to
gear up their balance sheets in contrast to Developed Market and
with the inevitable turn in the rate cycle, demand for good quality
counters with strong balance sheets are likely to accelerate.
on the outlook for GEMs, albeit we do not believe this are the
Market Outlook
As the northern hemisphere planting season approaches farmers
are making their final decisions as to the type of crop that are
going farm, which will ultimately determine the seeds they will
purchase as well as the nutrient mix and crop chemicals that will
be applied. We have discussed before that the majority of these
farmers have very strong balance sheets, and even in the current
AmMetLife Global Emerging Market Fund
Market Outlook
agricultural commodity environment are expected to deliver
In the U.S. it is expected that farmers will plant approximately
Target Fund: Schroders ISF Global Emerging Market Opportunities
US dollar strength remains one of the key headwinds for GEMs
who historically have tended to struggle versus developed markets
in a dollar strengthening environment. The outlook for the USD
remains uncertain given the dollar has already strengthened
significantly and the US authorities may wish to temper further
appreciation given ramifications for the economy’s competitive
position. That said, we believe a dollar strength trend could
continue for some time yet, not least given ongoing divergent
monetary policy in the developed world. More recently, the
prospect of a delay to the first interest rate hike has led the
USD to stabilise. Lower commodity prices and the potential for
progress towards a re-synchronization of global growth should
support GEM exporters in particular, although commodity
exports are likely to continue to be weighed on by the economic
transition underway in China. There is a case to be made that
the headwinds facing GEMs have been priced in and the level
of investor bearishness has become overstated; the MSCI EM
index has been range bound since 2010 and has now exceeded
its previous longest stretch of underperformance versus the MSCI
World since the 52 month period at the end of the 1990s. This
has led valuations to be attractive and GEMs are trading at the
largest discount to the S&P 500 for over 10 years. Overall then,
26
strong cash receipts.
89 million acres of corn, down marginally (2%) from the record
levels last year. Soybean acres should increase slightly; however,
larger gains are expected in barley, sorghum, and sunflowers.
These planting intentions bode well for the seed industry and
the nutrient and chemical manufacturers as corn seeds command
premiums due to the significant embedded technology, and this
crop is significantly more fertilizer intensive. Furthermore, from a
global perspective farmers look to be in a better condition than
they have over the past few months. Specifically, the most recent
currency depreciation in Brazil, Argentina, and Russia has not
been accompanied by declining commodity prices. As a result,
farmers in these regions may see margin growth as their costs are
in local currencies and their outputs are priced in dollars.
Not all regions in the United States are looking equal for farmers
this year. California is experiencing its fourth consecutive year
of drought, and lawmakers in the state recently had to approve
$1 billion in drought spending. Record low rainfall and limited
snow over the winter have left reservoirs less than half full.
Approximately 80% of California’s water supply goes toward
its $48 billion dollar industry which focuses on dairy and meat,
specialty crops and vegetables. Globally, countries like Australia
and New Zealand which produce a similar mix of crops will likely
need to be called on if production is impacted.
On the consumer side there has been another round of mergers
economic growth is already coming into question in the
and acquisitions, this time involving Warren Buffet and 3G in a
aftermath of falling oil prices. Although lower prices at the pump
Heinz/Kraft merger. The market responded very favorably to this
support consumption, we do not fully understand the broader
acquisition as management indicated that significant synergies
implications the weaker oil price will have in the US, which has
could be achieved through large cost cutting programs and by
seen oil production almost double over the past 6 years. Should
leveraging their clout with retailers. Interestingly, both Heinz and
oil prices remain at current subdued levels, we could begin to
Kraft are exposed to very limited category growth areas which
see production declines and hydrocarbon-related job losses.
tend to reflect broader developed market food growth rates.
Additionally, too much USD strength accompanied by massive
While we see value in this type of combination it is clear that many
capital flight from the EUR and Emerging markets may prompt the
of these national brands are facing large underlying problems.
U.S. to reconsider additional QE. Should new QE be introduced
Competition from both private label and organic food is drawing
by the US Fed after its recent culmination, we believe that a faith
consumers away from these companies. The consumer remains
crisis would ensue in the markets with central banks around the
split with a large segment focusing on value, and another who is
world and that FIAT currency would come under massive pressure.
willing to pay significantly more for health and nutrition products.
Our investments in Panera, Ebro Foods, TreeHouse, ConAgra, The
Fresh Market, Select Harvest and Noodles to name a few, could
take part in this continuing trend.
Gold
The latter half of 2014 presented a challenging environment for
the entire gold and precious metals complex, putting an abrupt
end to the recovery we observed in 1H 2014. In November
2014, short-term headwinds remained strong for gold as Japan
and Europe, battling with elusive growth, continued to act
Market Outlook
or contemplate further QE. Gold was hit further by the OPEC
sell-off in crude (oil had sold off by more than 10% the day after
the OPEC meeting), as well as continued USD strength. We saw
In our view, elusive growth in Japan, emerging markets, and
an end to QE in the US, capital flight challenges, substantially
now Europe will likely remain elusive as rates have already been
reduced yields in the EU periphery markets, and trade imbalances
very low with little to no growth to show for it. We believe that
among the US and its trading partners, all signaling an increase
should the Fed raise rates, we will likely see even more significant
in risk aversion moving into 2015 where we began to see capital
appreciation of the USD relative to other currencies. This additional
expenditure in the oil space be curtailed.
USD strength will work to blow out the balance of payments and
choke off much-needed, burgeoning economic growth. USD
strength will be beneficial to those countries that export in USD,
but the problem lies with the duration of that trade. If borrowing
requirements of exporting nations do not drop significantly
enough, or if inflation starts to materialize more significantly as a
consequence of currency devaluation, capital controls may have to
be implemented. Additionally, many emerging market exporters
(i.e. Russia) are experiencing a massive drop in commodity export
prices (i.e. oil) where currency devaluation has weighed on Gross
Domestic Product (GDP). In such cases of devaluation amidst
falling export prices, the net effect is a much weaker economy
as hard currency receipts are scarce and borrowing requirements
require higher yields to attract capital.
decision not to cut production on November 27 and the resulting
Capital flight increased ahead of the ECB QE plan expected
to commence on March 9, 2015. ECB President Mario Draghi
announced a massive QE strategy lasting from March 2015 to
September 2016 and amounting to over $1 trillion worth of
bond purchases. Amidst this backdrop, it is our view that gold
and the USD will be part of a broader safe-haven trade as yields in
Europe, most notably with the CHF, have turned negative owing
to capital flight. Ordinarily, we would argue that QE would be
more definitive for a risk-on trade. While we do anticipate some
risk-on trading to take place, we have taken note of the massive
one-day move of the CHF to the USD (+17.6%) and the EUR
(+18.8%), which came on the back of the Swiss National Bank
abandoning its peg to the EUR (in place since 2011) and resulted
in an immediate realization of pent-up demand for CHF. In our
USD strength is also a problem for the US economy, as weaker
view, the broader implication of the move in the CHF and other
exports will weigh on much-needed economic growth. US
non-EU member countries (like Denmark, Iceland, and Sweden)
27
reflects their status as “destination currencies” as capital flight
ensues from the Euro. These non-EU currencies are in such
high demand that bond appreciation has actually driven yields
into negative territory, which we believe is significant in that it
illustrates markedly strong demand for safe haven.
The anticipated monetary policies by the two largest economies
would invariably have some impact on Malaysia’s economy.
Already facing high levels of household debt, weak global trade
and declining crude oil prices, Malaysia’s policymakers have
With that in mind, we believe that this latest overly-telegraphed
recently acknowledge greater challenges in terms of future Gross
(i.e. no surprise to the market) QE package will be less effective
Domestic Product (GDP) growth. The following factors will be key
owing to very low yields within the EU and negative yields for
trends to watch out for in the next six months:
other non-EU, European currencies. Upon consideration of a
• Moderating inflation – The fall in crude oil prices has already
negative and ultra-low yield environment in Europe, the 0 yield
impacted inflation positively. As of January 2015, Malaysia’s
in Gold is relatively better and, therefore, part of a broader safe-
Consumer Price Index (CPI) has dropped to 1% YoY which
haven trade consisting of Dollars, Gold, and non-EU currencies.
indirectly benefitted consumers in terms of boosting real
Gold Equities
Gold and precious metals equities faced significant headwinds
in the latter half of 2014, as the entire gold and precious metals
complex struggled to find direction. Risk-on, risk-off trading
persisted amidst improving US economic data. As expected, the
Fed ended QE in October. This was met with a weaker EUR and a
material increase to stimulus in Japan, which had been contracting
since the 2nd quarter. The BOJ announced a substantial increase
to their stimulus program and increased pension allocations to
equities on October 31, at which point prospects of the first
rate hike began to weigh on Gold. Gold ETF outflows continued
as dollar safe haven demand increased relative to EUR and JPY
weakness. In January 2015, Gold and precious metals equities
looked to be performing in line with the USD, but quickly
resumed their fall, ongoing since the second quarter of 2014, as
USD strength prevailed and downward pressure from the sell-off
in oil took its toll.
Market Outlook
purchasing power. While the imminent implementation of
the Goods and Services Tax (GST) next month will push up
inflation, it is expected to smoothen out past six months.
• Private sector investment – Private sector investment (which
rose 11% in 2014) has been supporting Malaysia’s GDP
growth since the introduction of the Economic Transformation
Programme (ETP) Programme and is expected to continue to
do so albeit at a slightly slower pace (high single digit growth).
The focus for private sector investment continues to be in the
manufacturing and services sectors which are more resilient
when compared to the resources sector.
• Exports – Malaysia’s exports will be pressured by declining
crude oil prices. Crude oil and refined petroleum products
cumulatively account for 13.6% of overall exports. However,
key to Malaysia’s export performance in the near future will
be natural gas and palm oil prices which have proven resilient
and/or yet to reflect the fall in crude oil prices.
• Ringgit weakness – The recent depreciation of the Ringgit has
benefitted our manufacturers and in particular the Electrical
and Electronics (E&E”) sector. With increased competitiveness
and greater demand for electronic products such as sensors
used in the auto industry, smart phones and tablets, there are
optimism that the gains from the E&E sector will offset the
The scenario of a two speed global economy continue to play
weakness from the resources sector.
out as the US Fed Reserve remain on track to hike interest rate
in the 2H2015 while the rest of the world remain largely dovish.
The People’s Bank of China (PBOC) in China for example has
just announced interest rate cuts of 25 basic point (bp) to the
benchmark deposit and lending rate effective 1 March 15. Not
only is this earlier than market expectation, but there are further
expectations that the PBOC will continue with the monetary
loosening by cutting the benchmark interest rate twice and the
28
RRR three times for the rest of the year.
While near term challenges persist, Bank Negara Malaysia
(“BNM”) still expects the Malaysian economy to remain on a
steady growth with domestic demand and private investment
remaining the key growth driver. For now, the Government’s
economic growth forecast of 4.5–5.5% remains intact in spite of
the headwinds mentioned above.
While we monitor the impact of the factors outlined above, we
reiterate our view that BNM remain well tilted towards maintaining
the sustainability of Malaysia’s growth, rather than inflation. As
prospect of an interest rate cut by BNM has also increased with
Market Outlook
JP Morgan the first to call for an interest rate cut, as soon as
Looking back over the past year, commodity markets have
2nd Quarter of 2015. In the coming months, the global markets
continued to barrel lower, with the pace of declines increasing
will continue to see whether crude oil prices have bottomed
as global growth reaches a critical point in time, and as the
and stabilized around the USD50 – USD60 range, what further
US Federal Reserve begins to unwind its Quantitative Easing
measures will China introduce to support its economic growth
programme which had propped up commodity prices through
and when will US finally hike rates. These events will continue
cheap liquidity in the past few years.
more Central Banks join the monetary easing bandwagon, the
to influence the direction of Malaysia’s policy makers and hence
capital markets.
The year was capped off by a dramatic slump in crude oil
prices which led to the continuing trend of falling commodity
prices throughout most of 2014 and early 2015. Crude oil fell,
heading for its worst year since 2008 amid a global supply glut,
Market Outlook
dragging commodities to a fourth straight annual drop. West
and the Bloomberg Commodity Index, which tracks 22 products
The recent US payroll data suggest greater likelihood that the Fed
from crude to copper, decreased 0.8 percent for a 16 percent
could delay its rate hike to 2016. Monetary conditions remain
slide in 2014. Crude’s 45 percent tumble this year, spurred by the
conducive for equities which supports a pro-risk stance. Eurozone
largest U.S. output in three decades and OPEC’s refusal to cut
on the other hand is likely to benefit from lower oil prices, weaker
production, has caused a major stir in global markets as investors
currency, easing austerity and negative to mildly positive credit
begin to re-evaluate asset prices.
growth are reasons for near term optimism although a longer
term concern is deflation. China 1Q15 GDP was the lowest since
2010 but came in line with consensus expectations given it is part
of the normalization process. Key objectives of the government
are deepening reform, job creation and maintaining stability.
Policy easing and outright cuts are expected to reverse the tight
monetary environment. The country allocation of the portfolio
largely reflects country weighting in the fund benchmark. The low
interest rate environment in Australia is making higher yielding
asset classes such as REITS attractive to investors. In Japan, like
Australia, the low interest rate environment is driving demand
for higher yielding asset classes. However there is also a growth
angle arising from economic recovery boosted by monetary and
fiscal policy. Singapore continues to be a portfolio mainstay not
just for its weighting but also for its relative stability as a market.
In addition, it is leveraged in global economic recovery given
the exposure of its economy to external economic activity. This
strategy is expected to continue to be adopted given the outlook
on respective countries, barring any unforeseen circumstances
which may substantially shift the macro landscape. Market
corrections will present opportunities in accumulating positions
where growth is expected to be sustainable.
Texas Intermediate crude dropped 2.3 percent to $52.89 a barrel
Over in the grains space, the Russian Ruble crisis rippled through
the global wheat market. As Russia’s currency extended a plunge
to a record low against the dollar at the end of 2014 due to
economic sanctions relating to its insurgency in Ukraine, the
nation slowed grain exports to preserve domestic stockpiles and
keep domestic prices in check. With Russia being the 4th largest
wheat exporter in the world, this led to concerns on the rate of
global supply, which subsequently saw wheat futures jumping
to the highest since May. 2015 began with an expanding global
grain glut drove crop prices to the lowest since 2010, with wheat
futures off to the worst start to a year in four decades. Farmers
collected a record global wheat harvest, U.S. government data
show, and the International Grains Council raised its outlook for
the world’s corn crop. Thailand is preparing unload built-up rice
supplies on an already oversupplied market, and rains are aiding
Brazil’s soybeans. Most raw materials are mired in bear markets,
with the Bloomberg Commodity Index down for a seventh
straight monthly loss, the longest streak since 2009. A collapse
in oil is cutting production costs, and encouraging more output
even amid global surpluses.
In the agricultural sector, palm oil climbed for nine days towards
29
the end of 2014 to head for the longest run of gains in more than
a decade as flooding in Malaysia hurt prospects for harvesting,
compounding a seasonal slowdown in production in the largest
grower after Indonesia.
According to market players, due to the fact that energy accounts
for as much as half the cost to produce food and metals, all sorts
of commodities will keep dropping due to lower oil prices. With
In the metals space, gold and silver fell, slumping to the lowest
ample inventories and slowing economies like China, eroding
since 2010, as the dollar strengthened after the Bank of Japan
demand, corn may drop another 3 percent, cotton 6.5 percent
unexpectedly boosted stimulus and the Federal Reserve ended
and gold as much as 5 percent.
asset purchases. Gold erased 2014’s advance on October 30, after
U.S. gross domestic product beat estimates. Gold ended October
with a 5.5 percent drop, the most since September 2013. Gold
rose 70 percent from December 2008 to June 2011 as the Fed
bought debt and held borrowing costs near zero percent using its
30
asset-purchase programme.
(Source: Bloomberg)
Investment
Strategy
31
Investment Strategy
Equity Investment Strategy
prices to boost consumption and earnings. We doubt there will
2015 will not be smooth sailing as we believe performance might
be much earnings downgrade except for Korea, Thailand and
be front loaded due to expected rising Treasury yields towards
Malaysia.
the later half of the year, USD strengthening and commodity
price weakness. Persistent macro worries will impede PER
multiple expansions and as such, countries with above mean PER,
namely, Indonesia, Thailand and Philippines, will lag. Countries
with lower inflationary pressures from commodity imports, such
as India, Korea and China, will benefit. However, for India, PE
Despite decent GDP growth for the past three years, earnings
growth has been hugely disappointing with low single digit
numbers. As such, despite the market pull back recently,
valuations are only at neutral territory.
multiples are above mean. With high ROEs, falling commodity
The ETP was formulated to bring Malaysia to a high-income nation
prices, good demographics, better political outlook, falling
but addressing human capital productivity and knowledge-based
current account deficit and monetary easing expected, its high
transformation is not an overnight issue as much still needs to be
PE multiples will be supported for now.
done. Issues such as fuel subsidy removal while necessary, is more
Valuations aside, we are also wary of certain political issues:
tactical in nature and longer term issues need to be addressed,
less we lose out to our neighbours in attracting FDI. FDI outflows
Indonesia
have exceeded inflows and will affect the balance of payments
Jokowi’s administration might not have the public mandate in
especially with lower oil prices and unpredictable large error and
parliament to embark on wide-ranging reforms and could be
omission in the accounts.
spending a lot of energy convincing political opponents of the
merits of such reforms.
While oil price is weak, we believe that downside is limited based
on oil future contracts. The risk of fiscal reduction increases if
Thailand
Tapis crude oil price falls below USD65 as government revenues
It is not clear on the type of legislative and governing system cum
will be harder hit and cannot be fully offset by fuel subsidy
2016. Secondly, much needed infrastructure investments have
removal. While the government has the flexibility to postpone
been delayed and this will affect her competitiveness. It is unclear
some development projects, perhaps it is better to tighten the
whether earlier expectations of political and infrastructure
operational issues on expenditure as highlighted by the Auditor
reforms will be pursued with vigour.
General reports. The key message here is that with lower oil price,
Korea
The key concern is dealing with competitiveness against China
(low to mid-end products) and Japan (high-end with Yen
prudent planning and better operational execution are necessary
to keep Malaysia’s fiscal health in check. Failure to do this could
also lead to an exodus of foreigners in MGS, which is worrying.
weakness). The conglomerates’ reluctance to increase dividend
With GST implementation, subsidy reduction and possible
payout ratio despite encouragement by the government has also
delayed fiscal implementation, earnings visibility is uncertain.
led to investors’ disappointment. Korea Inc has to embark on
Based on consensus numbers, expectation over the next 2 years
better programmes to foster better corporate governance and to
is 9% per annum(p.a.) growth. With no room for PER expansion,
encourage a more vibrant SME supply chain like Taiwan.
earnings delivery is key.
Looking at the consensus earnings expectation, the 2015
Our strategy for 2015 would be to focus on more stable earnings
downgrades in Asia Pacific ex Japan occurred across every country
growth companies such as construction and healthcare. We would
except for Singapore, India and Taiwan. All in all, while 2015 will
also add weights to dividend-plays like Telco and to focus on
not be smooth sailing, there are sufficient positives with regards
reform beneficiaries such as Tenaga (electric tariff rationalization).
macro data, deflationary forces from lower commodity and oil
32
Malaysia
While Malaysia is less expensive than her ASEAN neighbours
except Singapore, our key concern is continued earnings
disappointment. Top line delivery would be labored as explained
above coupled with the fact that we are impacted by lower terms
of trade via oil and commodity exports. For now, we expect yearend 2015 KLCI target at 1850, but we have to stress that visibility
at this point is poor.
clients over the long term.
Investment Strategy
Target Fund: Schroders ISF Global Emerging Market Fixed Income Investment Strategy
Opportunities
With expectations of a moderate inflation outlook, slower
Our core markets at the start of April 2015 are China, Hungary,
economic growth forecast and less optimism this year, we think
India, South Korea, Thailand, Turkey and the UAE. We have re-
the Overnight Policy Rate is likely to stay at its present level of
added Thailand after the quarterly model moved it to overweight
3.25%. Should economic data show further weaknesses, we do
owing to improvement in its risk and growth scores.
not discount the possibility of BNM cutting interest rate.
In China, valuations are attractive and the stable economic
Structurally, we remain cautious as both the local and global
background, combined with a promising reform agenda is
markets are still susceptible to market volatility especially in
supportive. In Hungary, valuations are attractive whilst the
anticipation of the US Federal Reserve raising interest rates
market offers strong earnings growth. The Indian market is
sometime in the near future as well as a weakening Ringgit
fully valued but the underlying economy shows signs of further
outlook.
improvement, whilst there is continued optimism towards the
Given expectations of market volatility ahead, we advocate
reinvesting and participating in new issuances to capitalize on
more attractive yields and tactical stance.
government’s reform agenda. Despite some ESG concerns, the
South Korean market is attractively valued and the market is a
perceived beneficiary of improving global growth. Elsewhere,
Turkey enjoys attractive valuations, although the market is likely
For Balanced Fund and Dana Teguh
sensitive to US monetary policy given its wide and poorly funded
In view of our market outlook above, we will keep the asset
current account deficit. We also remain cognizant of political
allocation in the fixed income to its minimal and overweight
risks in Turkey, ahead of a general election in June 2015. In the
equities.
UAE, we believe the equity market appears to have been overly
Investment Strategy
impacted by the drop in oil prices and fundamentals generally
remain robust. Thailand offers reasonable valuations and the
economy is improving, despite ongoing political uncertainty.
We have maintained our investment in high quality companies
Investment Strategy
that have strong competitive advantages, and the ability to
leverage off those competitive advantages to deliver a higher
level of sustainable Return on Equity (ROE) through the economic
Over the last 12 months, the Global Agribusiness strategy
cycle. We believe that companies which have healthy balance
benefited from strong performance in our consumer oriented sub
sheets and strong cash flows have the ability to sustain themselves
themes: organic food (SunOpta, Royal Wessanen ), ingredients
during challenging economic environments while delivering real
(Senomyx, Frutarom), private label (Conagra, TreeHouse), and
earnings growth over the long-term. Our portfolios trade at a
premier processors (Hillshire, Post Holdings). While organic
significant discount to the global equity market across various
food describes the increasing trend to quality awareness, health
measures and provide sustainably higher ROE through the
aspects and sustainability characters of food, private label deals
economic cycle which will deliver real wealth creation for our
more with the lower end of this bifurcated developed world
33
Investment Strategy (Cont’d)
food segment. Private label, or own brands are well known
we sold these holdings with price performance matching our
to European consumers but experience a growth category for
target prices. There were also attempted consolidations within
the more brand aware US consumers. The companies selected
the U.S. nitrogen market, global beverages, global cocoa, and
for organic food benefitted from better than by the market
organic food. Most of these transactions highlight the valuation
expected growth rate with cost and asset base optimization
attractiveness that has been presented with financing rates close
at the same time. In ingredients (being fueled by increasing
to historic low levels globally.
super market penetration and resulting increased packaged
food consumption), we owned very specific companies that
either operate in a biotech/food tech environment (Senomyx)
or that gained market share through consolidating the sector
(Fruatarom). Within private label, Conagra offered restructuring
potential for a company that operates in private label, branded
food as well as food services. Treehouse performed well by being
in the right growth category and doing a good job in integrating
previous acquisitions. Premier processors, which we define as
high quality processors expanding into new global categories
and markets, such as animal protein producer Hillshire (takeover)
and the third largest US cereal producer Post (valuation discount
to peers) helped the performance furthermore.
In our upstream segment, US nitrogen performed very well with
CF industries and Agrium both benefitting from lower natural
gas input costs and stablizing Urea prices as output variables.
Also the potash and phosphate market recovered with increased
demand (potash) and better than expected pricing (phosphate).
Offsetting the performance was weakness in land quality and
operators, a subtheme focused on yield improvement strategies
complemented by increasing farm value appraisals and here
specifically our exposure to Brazil and small positions in Ukrainian
farm operators (SLC and Kernel). Land operators strive to improve
yields and scale economies on existing plots of land via optimising
input factors. A valuation discount to net asset values could be
observed and has been the investment driver and rationale for last
year. Certain new agribusiness technologies such as Agri biotech
key soft commodity prices, downward inflections in key input
costs such as oil and gas, interesting affordability of nutrients
for farmers, increasing global trade, and diverging consumption
trends. Across the value chain of food we have seen the retention
of attractive valuations where constituent companies have just
finished large scale capital expenditure programs that lead to
increased production and hence revenues and higher free cash
flow generation with increases in dividends and buybacks during
the last 12 months.
Investment Strategy
Gold remains range-bound as part of the broader, safehaven trade
For now the ECB will print money to buy bonds; however, should
there be a more material demand for capital, there is concern
that rates will have to rise to attract that capital. If this happens,
it could lead to a market correction that would likely have a
contrarian effect on ECB QE. We are watching the situation
closely and are ever-mindful that QE over the past 6 years has
proven less effective with each subsequent stimulus package
that has been introduced. With that said, we are highly skeptical
of the efficacy of the most recent round of QE introduced in
(Syngenta, KWS Saat) did not perform to our expectations due
Europe. We believe this will take a quarter or so before the
to delayed success of new product introductions and slight
market begins to question the efficacy of stimulus. Gold will wait
misses on margin targets. It can be generally observed that a
on the sidelines and remain range-bound as part of the broader,
large amount of negative performance was not due to our theme
safe-haven trade.
selection but had been derived from securities with emerging
market exposure in Brazil, China, Russia, and Ukraine as well
as selected Western European securities, across all subthemes.
The strategy experienced several mergers and acquisitions in
2014 including companies that we owned such as Safeway,
Annie’s, Hilshire, Olam International, and Nutreco. Subsequently
34
Towards the end of the period we have seen an upward shift in
By creating more uncertainty as currency weakness in Europe
and Asia ensues and amidst mounting capital flight challenges
compounded by a strengthening USD, we expect an increase in
risk aversion and a renewed interest in Gold as a non-fiat, safe
haven currency. Additionally, as we expect volatility to increase
given the current imbalances we see among the USD and its
trading partners, we anticipate an environment that will prove
respective countries in the Asia Pacific region. The Investment
a very good buying opportunity for gold and precious metals
Manager will be targeting REITS with strong track records in
equities.
generating regular income returns and which have potential
For the Noor Fund, we are focusing on Shariah compliant
companies that could exhibit higher returns on capital. We intend
to exercise the flexibility we have to expand our holdings within
the Shariah compliant universe as volatility continues, positioning
ourselves defensively.
Investment Strategy
for capital growth. In evaluating the suitability of a REIT, the
Investment Manager, amongst other factors, will review the
track record, portfolio of assets, financial status, and income
distribution policy and cost factors of the REITS.
In an adverse market condition, the Investment Manager may
switch its asset allocation to lower risk assets such as liquid
assets to preserve the Fund’s capital. During this year, the Fund’s
investment may differ from the stipulated investment strategy.
in corporate bonds. The Manager analyses the general economic
Investment Strategy
and market conditions. The Manager also analyses and compares
The MLCX AmBank Commodity Alpha Index (Bloomberg
securities in terms of expected returns against assumed risk by
Code: MLCXAMB Index) tracks a long/short investment in
analyzing credit rating and duration of the securities, where the
commodity futures. This long short investment is the MLCXA01
Manager selects securities that would deliver better returns for
Excess Return Index. It uses a combination of a long and short
a given level of risk. In addition, the Manager may also consider
investment to generate alpha returns with a net delta exposure
securities with a more favorable or improving credit or industry
of near zero. The long leg rolls farther out on the curve than
outlook that provide potential capital appreciation. The Fund’s
traditional benchmarks and employs weighting and roll window
investment is subject to active tactical duration management,
improvements to enhance returns. There will be no coupon
where duration of the Fund is monitored and modified according
payment in year 3 and year 4 (2% and 3% was paid in year 1 and
to interest rate outlook without any portfolio maturity limitation.
year 2 respectively) and the final coupon in in year 5 will depend
For the financial period under review, The Fund invested primarily
Investment Strategy
on the performance of the MLCXAMB Index.
For the financial year under review, the Fund achieved its
investment objective, where 70% to 98% of the Fund’s Net
Asset Value (NAV) was invested in REITS listed in the Asia Pacific
region, being Australia, Hong Kong, Japan, Malaysia, Singapore
and Thailand. In addition to country diversification, the Fund also
diversified its sector exposure in residential, retail, commercial
and industrial REITS. The Fund holds between 2% to 30% of its
NAV in liquid assets. These strategies will continue to be applied
going forward.
The Investment Manager employs an active allocation strategy,
which means the asset allocation decisions will be made after
reviewing the macroeconomic trends and sector outlook of the
35
THIS PAGE IS
INTENTIONALLY
LEFT BLANK
Fund
Performance
Fund Performance
AmMetLife Equity Fund
Since Inception Performance
AmMetLife Equity Fund vs Benchmark
Performance since 27 February 2004 – 31 March 2015
120.00
AmMetLife Equity
FBMKLCI
100.00
Performance (%)
80.00
60.00
40.00
20.00
0.00
Mar-15
Sep-14
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
-20.00
Month
Full Year Performance
AmMetLife Equity Fund vs Benchmark
Performance since 1 April 2014 – 31 March 2015
9.00
6.00
AmMetLife Equity
FBMKLCI
Performance (%)
3.00
0.00
-3.00
-6.00
-9.00
Month
38
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
-12.00
AmMetLife Bond Fund
AmMetLife Bond Fund vs Benchmark
70.00
AmMetLife Bond
60.00
MBB 12mth Tier 1
Performance (%)
50.00
40.00
30.00
20.00
10.00
0.00
Mar-15
Sep-14
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
-10.00
Month
AmMetLife Bond Fund vs Benchmark
6.00
AmMetLife Bond
MBB 12mth Tier 1
2.00
0.00
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
-2.00
Apr-14
Performance (%)
4.00
Month
39
Fund Performance
(Cont’d)
AmMetLife Balanced Fund
AmMetLife Balanced Fund vs Benchmark
120.00
AmMetLife Balanced
100.00
50% FBMKLCI & 50% MBB 12mth Tier 1
Performance (%)
80.00
60.00
40.00
20.00
0.00
Mar-15
Sep-14
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
-20.00
Month
AmMetLife Balanced Fund vs Benchmark
4.00
2.00
Performance (%)
0.00
-2.00
-4.00
-6.00
-8.00
AmMetLife Balanced
Month
40
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
-10.00
AmMetLife Dana Teguh
AmMetLife Dana Teguh vs Benchmark
Performance since inception 27 February 2004 – 31 March 2015
120.00
100.00
50% FBM Emas Syariah & 50% MBB 12mth Tier 1
Performance (%)
80.00
60.00
40.00
20.00
0.00
Mar-15
Sep-14
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
-20.00
Month
AmMetLife Dana Teguh vs Benchmark
6.00
2.00
0.00
-2.00
-4.00
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
-6.00
Apr-14
Performance (%)
4.00
Month
41
Fund Performance
(Cont’d)
AmMetLife Oasis Islamic Equity Fund vs Benchmark
50.00
AmMetLife Oasis Islamic Equity
40.00
Dow Jones Islamic Market Index
30.00
Performance (%)
20.00
10.00
0.00
-10.00
-20.00
-30.00
-40.00
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Apr-12
Nov-11
Jun-11
Jan-11
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
-50.00
Month
AmMetLife Oasis Islamic Equity Fund vs Benchmark
20.00
Performance (%)
15.00
10.00
5.00
0.00
Month
42
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
-5.00
AmMetLife Global Emerging Market Fund vs Benchmark
Performance since 1 June 2008 – 31 March 2015
20.00
10.00
Performance (%)
0.00
-10.00
-20.00
-30.00
-40.00
MSCI Emerging Markets Index
-50.00
Mar-15
Jun-14
Sep-13
Dec-12
Mar-12
Jun-11
Sep-10
Dec-09
Mar-09
Jun-08
-60.00
Month
AmMetLife Global Emerging Market Fund vs Benchmark
12.00
10.00
8.00
4.00
2.00
0.00
-2.00
-4.00
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
-6.00
Apr-14
Performance (%)
6.00
Month
43
Fund Performance
(Cont’d)
AmMetLife Precious Metals Fund vs Benchmark
Performance since 1 September 2008 – 31 March 2015
80.00
60.00
Performance (%)
40.00
20.00
0.00
-20.00
AmMetLife Precious Metals
-40.00
FTSE Gold Mines Index
Mar-15
Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
Sep-12
Jun-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Sep-10
Jun-10
Mar-10
Dec-09
Sep-09
Jun-09
Mar-09
Dec-08
Sep-08
-60.00
Month
AmMetLife Precious Metals Fund vs Benchmark
20.00
Performance (%)
10.00
0.00
-10.00
-20.00
Month
44
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
-30.00
AmMetLife Global Agribusiness Fund vs Benchmark
40.00
30.00
Performance (%)
20.00
10.00
0.00
-10.00
-20.00
AmMetLife Global Agribusiness
-30.00
MSCI World Free Index
-40.00
Mar-15
Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
Sep-12
Jun-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Sep-10
Jun-10
Mar-10
Dec-09
Sep-09
Jun-09
Mar-09
Dec-08
Sep-08
-50.00
Month
AmMetLife Global Agribusiness Fund vs Benchmark
10.00
8.00
4.00
2.00
0.00
-2.00
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
-4.00
Apr-14
Performance (%)
6.00
Month
45
Fund Performance (Cont’d)
AmMetLife Dividend Fund
AmMetLife Dividend Fund vs Benchmark
Performance since 27 October 2011 – 31 March 2015
50.00
AmMetLife Life Dividend
FBMKLCI
Performance (%)
40.00
30.00
20.00
10.00
0.00
Feb-15
Dec-14
Oct-14
Aug-14
Jun-14
Apr-14
Feb-14
Dec-13
Oct-13
Aug-13
Jun-13
Apr-13
Feb-13
Dec-12
Oct-12
Aug-12
Jun-12
Apr-12
Feb-12
Dec-11
Oct-11
-10.00
Month
AmMetLife Dividend Fund vs Benchmark
12.00
Performance (%)
9.00
AmMetLife Dividend
FBMKLCI
6.00
3.00
0.00
-3.00
Month
46
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
-6.00
AmMetLife Commodity Stable Capital Guaranteed Fund
Performance since 11 October 2010 – 31 March 2015
3.00
AmMetLife Commodity Stable
2.00
0.00
-1.00
-2.00
-3.00
-4.00
-5.00
Feb-15
Oct-14
Jun-14
Feb-14
Oct-13
Jun-13
Feb-13
Oct-12
Jun-12
Feb-12
Oct-11
Jun-11
Feb-11
-6.00
Oct-10
Performance (%)
1.00
Month
47
Fund Performance (Cont’d)
AmMetLife Asia Pacific REITS Fund vs Benchmark
16.00
REITS
Bloomberg Asia REIT Index
Performance (%)
12.00
8.00
4.00
0.00
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
-4.00
Month
AmMetLife Asia Pacific REITS Fund vs Benchmark
16.00
14.00
REITS
Bloomberg Asia REIT Index
Performance (%)
12.00
10.00
8.00
6.00
4.00
2.00
Month
48
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
0.00
AmMetLife Tactical Bond Fund vs Benchmark
8.00
AmMetLife Tactical Bond
Performance (%)
6.00
RAM Quantum ALL MGS Index
4.00
2.00
0.00
-2.00
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
-4.00
Month
AmMetLife Tactical Bond Fund vs Benchmark
6.00
5.00
AmMetLife Tactical Bond
RAM Quantum ALL MGS Index
3.00
2.00
1.00
0.00
-1.00
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
-2.00
Apr-14
Performance (%)
4.00
Month
49
THIS PAGE IS
INTENTIONALLY
LEFT BLANK
Sectoral and Category
Breakdown
51
Sectoral and Category Breakdown
Details of portfolio composition of AmMetLife Equity Fund as at 31 March 2015 are as follows:
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
Construction
2.917.723.238.25
11.23
Consumer products
3.07
––––
Finance
24.83
11.345.547.587.32
Foreign stock
–––––
Industrial products
8.8413.0317.47 4.57 4.01
Infrastructure
3.801.313.15–
Plantations
0.97–
Properties
–2.97
––4.54
REITS
–––6.84
–
Technology
4.19
––––
Trading/Services
–
4.065.723.83
44.4745.8527.2243.7112.78
Warrant
–––––
Repurchase agreements/Cash
6.9117.7739.3323.3356.29 100.00100.00100.00100.00100.00
AmMetLife Bond Fund
Details of portfolio composition of AmMetLife Bond Fund as at 31 March 2015 are as follows:
Malaysia Unit Trusts
Corporate Bonds
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
9.759.567.119.408.07
82.6368.1865.7079.06 8.86
Malaysian Government Securities––––
43.95
52
7.6222.2627.1911.5439.12 100.00100.00100.00100.00100.00
Details of portfolio composition of AmMetLife Balanced Fund as at 31 March 2015 are as follows:
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
Construction
3.030.45–
Consumer products
2.01
––––
Finance
7.617.81
16.599.005.187.276.83
Foreign stock
–––––
Industrial products
7.7110.6510.32 3.91 2.34
Infrastructure
2.85
0.94
–––
Plantations
–
Properties
–3.02
––3.74
REITS
–
Technology
3.73
––––
Trading/Services
Warrant
Corporate Bonds
–
0.62–
6.16–
29.5437.0722.5135.9110.34
–––––
26.4424.7126.9527.0811.72
–
9.18
8.11
4.36
3.415.383.41
–
31.63
–
6.68
5.94
47.87 100.00100.00100.00100.00100.00
Details of portfolio composition of AmMetLife Dana Teguh as at 31 March 2015 are as follows:
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
Construction
5.51 9.19 3.1411.4511.30
Consumer products
2.03
––––
Industrial products
8.439.44
11.024.206.51
Infrastructure
3.531.392.69–
Plantations
1.47–
Properties
1.883.21–
Technology
4.63
––––
Trading/Services
Warrant
Corporate Bonds
–
–
4.85–
–
3.97
38.9239.8924.9137.0410.76
–––––
13.6419.9722.5218.31 –
3.384.622.352.276.75
16.5912.3033.3721.8860.71 100.00100.00100.00100.00100.00
53
Sectoral and Category Breakdown (Cont’d)
Details of portfolio composition of AmMetLife Oasis Islamic Equity Fund as at 31 March 2015 are as follows:
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
Construction
–––8.55 10.21
Consumer products
–––––
Industrial products
–
Infrastructure
–––6.38 –
Plantations
–––3.84 –
Properties
––––2.93
Trading/Services
–––
24.42 9.97
Warrant
–––––
–
–
2.88 –
90.69 89.53
74.34 26.64 32.61
9.31 10.47
25.66 27.29 44.28
100.00100.00100.00100.00100.00
AmOasis Global Islamic Equity Fund (“Target Fund”) Sector Allocation*
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
Basic Materials
8.004.005.009.00
14.00
Communication
20.0018.0021.0019.0017.00
Consumer, Cyclical
11.008.007.008.008.00
Consumer, Non Cyclical
8.009.006.006.005.00
Energy
8.0010.0011.0012.0010.00
Financial
––––3.00
Healthcare
19.0022.0022.0019.0015.00
Industrials
3.006.008.006.008.00
Property
1.001.001.001.00–
Technology
Utilities
22.0022.0017.0018.0017.00
–
–
2.00
Note: Source of Target Fund’s sector allocation from AmInvest
*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
54
2.00
3.00 AmMetLife Insurance Berhad
Details of portfolio composition of AmMetLife Precious Metals Fund as at 31 March 2015 are as follows:
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
79.80
96.40
87.51 85.93 47.92
20.20
3.60
12.49 14.07 52.08
100.00100.00100.00100.00100.00
AmPrecious Metals Fund (“Target Fund”) Sector Allocation*
Diamond
Gold
Platinum
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
––––
70.1473.4679.7871.7574.05
–––––
Precious Metals & Minerals
15.1513.0916.1212.9221.08
Silver
12.60
6.77
–––
Diversified Metals & Mining
–
6.60
–
Cash and other assets
2.09
0.05
4.07
–
15.31
–
4.84
55
Details of portfolio composition of AmMetLife Global Agribusiness Fund as at 31 March 2015 are as follows:
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
90.29
88.08
80.04 84.08 70.39
9.71
11.92
19.96 15.92 29.61
100.00100.00100.00100.00100.00
AmGlobal Agribusiness Fund (“Target Fund”) Sector Allocation*
Agricultural Products
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
22.7019.1023.6025.2029.70
Breweries
3.20
3.70
–––
Construction/ Farm Machinery
–
–
2.20
2.40
2.30
Distillers & Vintners
––––3.50
Distributors
–––––
Diversified Banks
–
Diversified Chemicals
3.203.701.70–
3.202.102.002.70
–
Fertilizers & Agricultural Chemicals 39.9038.2043.0040.3019.80
Food Distributors
2.00
1.50
–––
Food Retails
2.902.901.106.409.20
Gas Utilities
–––––
Hypermarkets & Super Center
–
–
2.40
1.50
–
Life Sciences Tools & Service
–
–
2.10
2.80
–
Marine
––––
Marine Ports & Services
1.40
Other Sectors
Packaged Foods & Meat
1.70
1.50
3.304.304.50–
–
7.10
16.7019.5015.1012.7014.40
Paper Products
–––––
Pharmaceuticals
–––––
Railroads
–
Restaurants
2.800.90–
Speciality Chemicals
–––––
Cash & Others Sectors
–
Not Classified
0.90
–––6.00
Soft Drinks
1.00
––––
1.301.300.80–
–
-0.60
56
1.80
–
4.10
2.80
2.50
Details of portfolio composition of AmMetLife Global Emerging Market Fund as at 31 March 2015 are as follows:
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
90.97
87.74
79.59 68.52 69.66
9.03
12.26
20.41 31.48 30.34 100.00100.00100.00100.00100.00
AmGlobal Emerging Market Opportunities Fund (“Target Fund”) Sector Allocation*
Consumer Discretionary
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
12.9715.8710.2619.4912.77
Consumer Staples
5.113.379.981.08–
Derivatives
–––-0.01
–
Energy
3.7110.12 5.0011.5713.18
Financials
33.6834.1240.7427.8236.22
Health Care
3.720.901.20–
Industrials
3.982.594.485.066.90
Information Technology
–
24.1018.1413.7712.87 2.79
Materials
1.943.293.266.518.91
Not Classified
–––––
Telecommunication Services
3.863.637.74–
Utilities
1.18–
0.242.252.06
Others Net Asset
–
–
Cash
5.757.973.33– 13.35
–
13.36
3.81
–
57
Details of portfolio composition of AmMetLife Commodity Stable Capital Guaranteed Fund as at 31 March 2015 are as follows:
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
%%%%%
1.141.881.891.671.64
Structured Instrument
98.1298.1198.1098.2498.27
0.740.000.010.090.09
100.00100.00100.00100.00100.00
Details of portfolio composition of AmMetLife Dividend Fund as at 31 March 2015 are as follows:
Construction
3.894.96–
Consumer products
2.00
–––
Finance
–
24.4113.8812.6013.29
Industrial products
8.883.89
10.136.11
Infrastructure
4.134.994.615.92
Plantations
0.48–
Properties
0.007.413.06–
REITS
–
Technology
5.30
–––
Trading/Services
58
FY 2015
FY 2014
FY 2013
FY 2012
%%%%
–
5.46
4.53 4.0816.56
44.2341.11 9.1524.59
6.6819.2456.3728.07
100.00100.00100.00100.00
Details of portfolio composition of AmMetLife Asia Pacific REITS Fund as at 31 March 2015 are as follows:
FY 2015
FY 2014
%
%
91.50
88.62
8.50
11.38
100.00
100.00
AmAsia Pacific REITS Fund (“Target Fund”) Sector Allocation*
FY 2015
FY 2014
%
%
Real Estate
84.80
86.10
Fixed Deposit/Negotiable Instruments/Cash
15.20
13.90
Details of portfolio composition of AmMetLife Tactical Bond Fund as at 31 March 2015 are as follows:
FY 2015
FY 2014
%
%
90.63
86.64
9.37
13.36 100.00
100.00
AmTactical Bond Fund (“Target Fund”) Sector Allocation*
FY 2015
FY 2014
%
%
Bond
93.10
84.47
Cash
6.90
15.53
59
THIS PAGE IS
INTENTIONALLY
LEFT BLANK
Comparative
Performance Table
61
Comparative Performance Table
Fund Performance as at 31 March 2015
I Year
3 Years
5 Years
Since Launch
Average Compounded
Annual
Return %
Annual Return %
62
0.88 8.58
8.37
6.41
AmMetLife Bond Fund
3.26
3.01 3.78
4.28
(0.81)
5.83 5.73
6.10
5.51 10.47 9.07 6.95
12.07
10.22 7.49 2.14 AmMetLife Global Emerging Market Fund
5.78
3.24 0.18 1.23
(14.46)
(17.53)
(13.35)
(10.51)
5.78
5.38 2.97 4.18
3.24
1.98 –
0.45
10.90 10.33 –
10.17
15.24 –
–
8.29
4.38
–
–
1.98
Net Asset Value, Value of Units and Unit Price
As at 31 March 2015
Performance details of the Fund for the financial years ended 31 March 2015 are as follows:
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
Unit Prices (RM)
Highest NAV per unit for the year
1.0197
0.9946
0.8265
0.8317 0.8280
Lowest NAV per unit for the year
0.8684
0.8253
0.7529
0.7070 0.6329
Total NAV (RM million)
19.3462
14.5438
12.2637
14.5937 11.4753
UIC (in million)
19.2958
14.6327
14.8900
18.6334 14.1793
1.0026
0.9939
0.8236
0.7832 Net Asset Value (NAV) and Units
in Circulation (UIC) as at the end
of the Year*
NAV per unit (RM)
0.8093
Total Return for the Year (%)
Total Return¹
0.88
20.68
5.16
(3.23)
20.65
Capital growth
0.88
20.68
5.16
(3.23)
20.65
Income distributions
–––––
*Above prices and net asset value per unit are not shown as ex–distribution as there was no income distribution declared by the fund for the financial year
Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
AmMetLife Bond Fund
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
Unit Prices (RM)
0.79920.77520.75710.7323 0.6915
0.77380.75760.73090.6903 0.6640
Net Asset Value (NAV) and Units
of the Year*
12.4142 16.7134 16.3762 11.9079 11.3630
UIC (in million)
15.5323 21.5938 21.6261 16.2856 16.4615
0.7992 0.7740 0.7571 0.7311 0.6903
Total Return¹
3.26 2.23 3.56 5.91 3.96
Capital growth
3.26 2.23 3.56 5.91 3.96
–––––
NAV per unit (RM)
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year
63
Net Asset Value, Value of Units and Unit Price (Cont’d)
As at 31 March 2015
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
Unit Prices (RM)
1.00260.98340.85070.8626 0.8588
0.87080.85130.79180.7568 0.7085
of the Year*
21.9194
24.1576
22.8901
21.5113 17.5410
UIC (in million)
22.5725
24.6747
26.9555
26.2568 20.9280
NAV per unit (RM)
0.97110.97900.84910.8193 0.8382
Total Return¹
(0.81)
15.30 3.64 (2.25)
14.04
Capital growth
(0.81)
15.30 3.64 (2.25)
14.04
–––––
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
Unit Prices (RM)
1.06171.00880.82590.8169 0.8118
0.93330.82600.76320.7318 0.6501
of the Year*
17.9532
12.1769
12.9224
13.1293 7.0499
UIC (in million)
16.9101
12.1007
15.6696
16.6728 8.8919
NAV per unit (RM)
1.06171.00630.82460.7875 0.7928
Total Return¹
5.50 22.03 4.71 (0.67)
15.27
Capital growth
5.50 22.03 4.71 (0.67)
15.27
–––––
64
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
Unit Prices (RM)
0.59530.58270.47470.4642 0.4688
0.51000.46720.42180.4110 0.3915
of the Year*
4.2864
4.5139
3.4302
4.3479 4.3056
UIC (in million)
7.2363
8.5410
7.2475
9.8279 9.4007
NAV per unit (RM)
0.59230.52850.47330.4424 0.4580
Total Return¹
12.08 11.66 6.98 (3.41)
10.95
Capital growth
12.08 11.66 6.98 (3.41)
10.95
–––––
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
Unit Prices (RM)
0.5658
0.5229
0.5073
0.5557 0.5726
0.5143
0.4673
0.4655
0.4590 0.4853
0.9532
0.8839
0.7619
0.7216 0.7228
UIC (in million)
1.7536
1.7201
1.5360
1.4608 1.3331
NAV per unit (RM)
0.54360.51390.49600.4940 0.5422
of the Year*
Total Return¹
5.78 3.61 0.40 (8.89)
0.63
Capital growth
5.78 3.61 0.40 (8.89)
0.63
–––––
65
As at 31 March 2015
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
Unit Prices (RM)
0.30270.35320.45820.5597 0.5665
0.2231
0.2534
0.3467
0.4293 0.4892
3.8268
3.9300
4.8916
5.1605 4.5400
15.8907
13.9612
13.8346
12.0202 8.5518
0.2408
0.2815
0.3536
of the Year*
UIC (in million)
NAV per unit (RM)
0.5309
Total Return¹
(14.45)(20.39)(17.63)(19.14) 7.71
Capital growth
(14.45)(20.39)(17.63)(19.14) 7.71
–––––
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
Unit Prices (RM)
0.6773
0.6195
0.6114
0.6046 0.5976
0.5785
0.5672
0.5196
0.4794 0.4943
2.1153
1.8693
1.6572
1.4590 1.3087
UIC (in million)
3.2309
3.0205
2.7952
2.6083 2.2156
NAV per unit (RM)
0.6547
0.6189
0.5929
0.5594 0.5907
Total Return¹
5.79 4.39 5.99 (5.30)
4.42
Capital growth
5.79 4.39 5.99 (5.30)
4.42
–––––
of the Year*
66
FY 2015
FY 2014
FY 2013
FY 2012
FY 2011
Unit Prices (RM)
0.5102
0.4942
0.4892
0.4891 0.5000
0.4942
0.4803
0.4753
0.4749 0.4799
4.2982
4.1688
4.0511
4.5326 4.5676
UIC (in million)
8.4261
8.4356
8.4356
9.4236 9.5188
NAV per unit (RM)
0.5102
0.4942
0.4803
0.4810 0.4799
Total Return¹
3.24 2.89 (0.15)
0.23 –
Capital growth
3.24 2.89 (0.15)
0.23 –
–––––
of the Year*
FY 2015
FY 2014
FY 2013
FY 2012
Unit Prices (RM)
0.6968
0.6290
0.5577
0.5273 Lowest NAV per unit for the year
0.6015
0.5566
0.5065
0.4973 Total NAV (RM LLC)
12.6593
9.4440
6.3501
5.4439 UIC (in million)
18.1690
15.0299
11.3857
10.4925 0.6968
0.6283
0.5577
of the Year*
NAV per unit (RM)
Total Return¹
10.89 12.66 7.48 –
Capital growth
10.89 12.66 7.48 –
––––
67
As at 31 March 2015
FY 2015
FY 2014
Unit Prices (RM)
0.5669
0.5000
0.4907
0.4750
Net Asset Value (NAV) and Units in
Circulation (UIC) as at the end of the Year*
0.6857
0.5809
UIC (in million)
1.2136
1.1849
NAV per unit (RM)
0.5650
0.4903
Total Return¹
15.24 –
Capital growth
15.24 –
Income distributions––
FY 2015
FY 2014
Unit Prices (RM)
0.5153
0.5008
0.4869
0.4807
Net Asset Value (NAV) and Units in
Circulation (UIC) as at the end of the Year*
0.4635
UIC (in million)
0.89950.9949
NAV per unit (RM)
0.4912
0.5153
0.4937
Total Return¹––
Capital growth––
Income distributions––
68
Summary of
Financial Information
Statement by the Manager
70
Independent Auditors’ Report
71
Statements of Assets and Liabilities
73
Statements of Income and Expenditure
79
Statements of Changes in Net Asset Value
85
Notes to the Financial Information
91
69
Statement By The Manager
In the opinion of the Manager, the accompanying financial information of the Investment-linked Funds of AmMetLife Insurance Berhad
(formerly known as AmLife Insurance Berhad) comprising the AmMetLife Equity Fund (formerly known as AmAssurance Equity Fund),
AmMetLife Bond Fund (formerly known as AmAssurance Bond Fund), AmMetLife Balanced Fund (formerly known as AmAssurance
Balanced Fund), AmMetLife Dana Teguh (formerly known as AmAssurance Dana Teguh), AmMetLife AmOasis Islamic Equity Fund
(formerly known as AmAssurance AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS Fund (formerly known as AmLife Asia
Pacific REITS Fund), AmMetLife Global Emerging Market Fund (formerly known as AmAssurance Global Emerging Market Fund),
AmMetLife Tactical Bond Fund (formerly known as AmLife Tactical Bond Fund), AmMetLife Precious Metals Fund (formerly known
as AmAssurance Precious Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as AmAssurance Global Agribusiness
Fund), AmMetLife Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance AmCommodity Stable CG Fund)
and AmMetLife Dividend Fund (formerly known as AmAssurance Dividend Fund) set out on pages 73 to 137 have been prepared in
accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked
Insurance/Takaful Business issued by Bank Negara Malaysia.
On behalf of AmMetLife Insurance Berhad
(formerly known as AmLife Insurance Berhad)
Ramzi Albert Toubassy
Kuala Lumpur, Malaysia
20 May 2015
70
Independent Auditors’ Report
Report on the financial information
We have audited the financial information of the Investment-Linked funds of AmMetLife Insurance Berhad (“the Manager”) (“the
Funds”) which comprise the Statements of Assets and Liabilities as at 31 March 2015 of AmMetLife Equity Fund (formerly known as
AmAssurance Equity Fund), AmMetLife Bond Fund (formerly known as AmAssurance Bond Fund), AmMetLife Balanced Fund (formerly
known as AmAssurance Balanced Fund), AmMetLife Dana Teguh (formerly known as AmAssurance Dana Teguh), AmMetLife AmOasis
Islamic Equity Fund (formerly known as AmAssurance AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS Fund (formerly
known as AmLife Asia Pacific REITS Fund), AmMetLife Global Emerging Market Fund (formerly known as AmAssurance Global
Emerging Market Fund), AmMetLife Tactical Bond Fund (formerly known as AmLife Tactical Bond Fund), AmMetLife Precious Metals
Fund (formerly known as AmAssurance Precious Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as AmAssurance
Global Agribusiness Fund), AmMetLife Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance AmCommodity
Stable CG Fund) and AmMetLife Dividend Fund (formerly known as AmAssurance Dividend Fund), the Statements of Income and
Expenditure and Statements of Changes in Net Asset Value for the year ended 31 March 2015 for AmMetLife Equity Fund (formerly
known as AmAssurance Equity Fund), AmMetLife Bond Fund (formerly known as AmAssurance Bond Fund), AmMetLife Balanced
Fund (formerly known as AmAssurance Balanced Fund), AmMetLife Dana Teguh (formerly known as AmAssurance Dana Teguh),
AmMetLife AmOasis Islamic Equity Fund (formerly known as AmAssurance AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS
Fund (formerly known as AmLife Asia Pacific REITS Fund), AmMetLife Global Emerging Market Fund (formerly known as AmAssurance
Global Emerging Market Fund), AmMetLife Tactical Bond Fund (formerly known as AmLife Tactical Bond Fund), AmMetLife Precious
Metals Fund (formerly known as AmAssurance Precious Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as
AmAssurance Global Agribusiness Fund), AmMetLife Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance
AmCommodity Stable CG Fund) and AmMetLife Dividend Fund (formerly known as AmAssurance Dividend Fund), and a summary of
significant accounting policies and other explanatory information (“financial information”), as set out on pages 73 to 137.
Directors’ responsibility for the financial information
The directors of the Manager are responsible for the preparation of financial information in accordance with the accounting policies
as described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by
Bank Negara Malaysia. The directors are also responsible for such internal control as the directors determine is necessary to enable the
preparation of financial information that are free from material misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial information based on our audit. We conducted our audit in accordance
with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial information are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial information. The
procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial information,
whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation
of financial information in accordance with the accounting policies as described in Note 2.2 to the financial information and the
Guidelines on lnvestment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal
control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting
estimates made by the Manager, as well as evaluating the overall presentation of the financial information.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial information have been prepared, in all material respects, in accordance with the accounting policies as
71
Independent Auditors’ Report (Cont’d)
described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank
Negara Malaysia.
Other Matters
This report is made solely to the unitholders of the Funds, as a body, in accordance with the Guidelines on Investment-Linked Insurance/
Takaful Business issued by Bank Negara Malaysia and for no other purpose. We do not assume responsibility to any other person for
the content of this report.
Ernst & Young
AF: 0039
Chartered Accountants
20 May 2015
72
Megat Iskandar Shah Bin Mohamad Nor
No. 3083/07/15(J)
Chartered Accountant
Statements of Assets and Liabilities
As at 31 March 2015
AmMetLife Bond Fund
20152014
Note RMRM
20152014
RMRM
Assets
Investments
3
17,743,96014,766,31812,517,86916,809,385
Deferred tax assets
4
–
–
23,014 13,951
Other receivables
530,521 23,601 170,079 184,996
Cash and bank balances
1,317,419 926 53,201
52,848
Total assets
19,591,900 14,790,845 12,764,163 17,061,180
Liabilities
Provision for taxation
91,290 14,266 204,952 141,932
4
121,447 197,470 –
–
Other payables
32,945 35,338 145,049
205,800
350,001 347,732
Deferred tax liabilities
Total liabilities
245,682 247,074 Net asset value of funds (“NAV”)
19,346,218 14,543,771 12,414,162 16,713,448
Unitholders’ contribution
14,407,216 9,787,871 9,216,161 13,970,976
Undistributed income
4,939,002 4,755,900 3,198,001 2,742,472
Represented by:
Unitholders’ capital
5
19,346,218 14,543,771 12,414,162 16,713,448
Units in circulation
5
19,295,796 14,632,663 15,532,298 21,593,784
NAV per unit (RM)
5
1.0026 0.9939 0.7992 0.7740
The accompanying notes form an integral part of the financial information.
73
Statements of Assets and Liabilities (Cont’d)
As at 31 March 2015
20152014
Note RMRM
20152014
RMRM
Assets
Investments
3
21,881,35024,170,88217,549,35512,286,190
Other receivables
355,183 412,307 740,649 153,463
1,968 785 3,400 475
Total assets
22,238,501 24,583,974 18,293,404 12,440,128
Liabilities
212,385 53,237 192,628 68,867
4
72,960 259,894 119,007 171,863
Other payables
33,793 113,206 28,551 22,523
340,186 263,253
24,157,637 17,953,218 12,176,875
Total liabilities
319,138 426,337 Net asset value of funds (“NAV”)21,919,363 Represented by:
15,973,346 18,017,146 12,750,090 7,832,202
5,946,017 6,140,491 5,203,128 4,344,673
Unitholders’ capital5
21,919,363 24,157,637 17,953,218 12,176,875
5 22,572,456 24,674,688 16,910,096 12,100,742
NAV per unit (RM)
5 0.9711 0.9790 1.0617 1.0063
74
AmMetLife AmOasis Islamic
Equity Fund
20152014
Note RMRM
AmMetLife Asia Pacific
REITS Fund
20152014
RMRM
Assets
Investments
3
3,988,807
4,528,964672,241509,424
Tax recoverable
200 6,562 –
–
Other receivables
15,835 66,386 197 16,275
409,675 280 62,462 65,411
Total assets
4,414,517 4,602,192 734,900 591,110
Liabilities
–
–
361
47
4
65,008 30,687 6,552 329
Other payables
63,114 57,580 42,256
9,790
49,169 10,166
Total liabilities
4,286,395 4,513,925 685,731 580,944
3,625,140 4,308,629 599,005 585,824
Undistributed income/
(Accumulated losses)
661,255 205,296 86,726 (4,880)
Represented by:
Unitholders’ capital
5
4,286,395 4,513,925 685,731 580,944
5
7,236,273 8,541,049 1,213,613 1,184,942
NAV per unit (RM)
5
0.5923 0.5285 0.5650 0.4903
75
As at 31 March 2015
AmMetLife Global Emerging
Market Fund
20152014
Note RMRM
AmMetLife
Tactical Bond Fund
20152014
RMRM
Assets
Investments
3
885,544900,362421,026421,809
Tax recoverable
–
–
67 –
Other receivables
705 696 9,131
14,620
87,925 403 43,529 65,019
Total assets
974,174 901,461 473,753 501,448
Liabilities
979 797 –
51
4
6,616 1,365 880 436
Other payables
13,333 15,367 9,395 9,779
10,275 10,266
Total liabilities
953,246 883,932 463,478 491,182
886,459 871,871 447,653 494,606
(Accumulated losses) 66,787 12,061 15,825
(3,424)
883,932 463,478 491,182
1,720,080 899,484 994,931
0.5139 0.5153 0.4937
Represented by:
953,246 Units in circulation5
1,753,586 NAV per unit (RM)
5
0.5436 The accompanying notes form an integral part of the financial information.
76
AmMetLife Precious
Metals Fund
AmMetLife Global
Agribusiness Fund
20152014
Note RMRM
20152014
RMRM
Assets
Investments3
3,535,402
3,456,063 Deferred tax assets
2,135,006 1,904,036
4
300,037 247,919 –
–
Tax recoverable
16,566
17,497 –
–
Other receivables
9,331 126,979 21,704 7,579
807 129,015 2,080 916
Total assets
3,862,143 3,977,473 2,158,790 1,912,531
Liabilities
–
–
4,026 3,493
4
–
–
29,762 19,578
Other payables
35,333 47,443 9,728 20,167
43,516 43,238
3,930,030 2,115,274 1,869,293
7,413,192 6,907,783 1,780,728 1,646,478
(Accumulated losses)/
(3,586,382)
(2,977,753)
334,546 222,815
3,826,810 3,930,030 2,115,274 1,869,293
Units in circulation5
15,890,719 13,961,225 3,230,882 3,020,546
0.2815 0.6547 0.6189
Total liabilities
35,333 47,443 Net asset value of funds (“NAV”) 3,826,810 Represented by:
NAV per unit (RM)
5
0.2408 The accompanying notes form an integral part of the financial information.
77
As at 31 March 2015
Capital Guaranteed Fund
20152014
Note RMRM
AmMetLife
Dividend Fund
20152014
RMRM
Assets
Investments
3
4,991,936
4,851,547 11,550,834
9,499,910
Tax recoverable
–
–
–
3,597
Other receivables
223 231 438,025 11,236
37,179 222 827,377
4,636
Total assets
5,029,338 4,852,000 12,816,236 9,519,379
Liabilities
20,248 20,217 31,994 –
4
17,568 3,606 100,331 52,361
Other payables
693,337 659,384 24,659 22,997
156,984 75,358
4,168,793 12,659,252 9,444,021
4,245,117 9,945,268 7,899,133
(Accumulated losses)
57,282 (76,324)
2,713,984 1,544,888
4,298,185 4,168,793 12,659,252 9,444,021
5 8,426,071 8,435,571 18,168,967 15,029,935
NAV per unit (RM)
5
0.4942 0.6968 0.6283
Total liabilities
731,153 683,207 Net asset value of funds (“NAV”) 4,298,185 Represented by:
4,240,903 0.5101 The accompanying notes form an integral part of the financial information.
78
Statements of Income and Expenditure
For the financial year ended 31 March 2015
AmMetLife Bond Fund
20152014
Note RMRM
20152014
RMRM
Net investment income:
Interest income
6
62,640 68,210 755,156 917,300 Dividend income
7
426,217 211,548 13,372
28,713
488,857 279,758 768,528 946,013
Gain on disposal of investments
900,163 591,948 32,592 50,086
Net unrealised capital gain
–
2,034,694 –
–
Total income
1,389,020 2,906,400 801,120 996,099
Management expenses
(254,624)
(201,813)
(138,740)
(180,296)
Net unrealised capital loss
(950,293)
–
(152,894)
(373,411)
Total outgo
(1,204,917)
(201,813)
(291,634)
(553,707)
Excess of income over outgo
before taxation
184,103 2,704,587 509,486 442,392
Taxation
8
(1,001)
(218,060)
(53,957)
(51,856)
after taxation
183,102 2,486,527 455,529 390,536
brought forward
4,755,900 2,269,373
2,742,472 2,351,936
carried forward
4,939,002 4,755,900 3,198,001 2,742,472
79
Statements of Income and Expenditure (Cont’d)
20152014
Note RMRM
20152014
RMRM
Interest income
6
521,616 527,721 250,213
225,667 Dividend income
7
424,903 301,604 240,384 132,349
946,519 829,325 490,597 358,016
1,469,678 409,264 1,296,801 558,846
–
2,860,799 –
1,971,108
Total income
2,416,197 4,099,388 1,787,398 2,887,970
Management expenses
(301,013)
(317,590)
(197,342)
(170,376)
(2,336,664)
–
(660,696)
–
Total outgo
(2,637,677)
(317,590)
(858,038)
(170,376)
(Deficit)/Excess of income over outgo
before taxation
(221,480)
3,781,798 929,360 2,717,594
Taxation
8
27,006 (309,101)
(70,905)
(222,541)
after taxation
(194,474)
3,472,697 858,455 2,495,053
brought forward
6,140,491 2,667,794
4,344,673 1,849,620
carried forward
5,946,017 6,140,491 5,203,128 4,344,673
80
AmMetLife AmOasis
Islamic Equity Fund
REITS Fund
2015
2014
Note RMRM
1 April 2014 to17 September 2013
31 March 2015 to 31 March 2014
RMRM
Interest income
6
10,143 37,264 1,852 577 Dividend income
7
–
–
26,213 –
10,143 37,264 28,065 577
69,383 –
2,085 –
429,013 468,352 77,779 4,113
Total income
508,539 505,616 107,929 4,690
Management expenses
(11,897)
(21,945)
(9,785)
(9,195)
Total outgo
(11,897)
(21,945)
(9,785)
(9,195)
Excess/(Deficit) of income over outgo
before taxation
496,642 483,671 98,144 (4,505)
Taxation
8
(40,683)
(40,449)
(6,538)
(375)
after taxation
455,959 443,222 91,606 (4,880)
(losses) brought forward
205,296 (237,926)
(4,880)
–
(losses) carried forward
661,255 205,296 86,726 (4,880)
81
AmMetLife Global
Emerging Market Fund
AmMetLife Tactical
Bond Fund
2015
2014
Note RMRM
31 March 2015 31 March 2014
RMRM
Interest income
6
2,269 5,978 1,509
Dividend income
7
2,307 1,888 24,792 –
4,576 7,866 26,301 638
65,641 35,938 5,549 5,453
Total income
70,217 43,804 31,850 6,091
Management expenses
(10,059)
(11,638)
(9,295)
(9,028)
–
(2,980)
–
Total outgo
(10,059)
(11,638)
(12,275)
(9,028)
before taxation
60,158 32,166 19,575 (2,937)
Taxation
(5,432)
(3,353)
(326)
(487)
54,726 28,813 19,249 (3,424)
12,061 (16,752)
(3,424)
–
66,787 12,061 15,825 (3,424)
Loss on disposal of investments
8
after taxation
Undistributed income/(losses) brought forward
Undistributed income/(losses)
carried forward
–
82
638 AmMetLife Insurance Berhad
AmMetLife Precious
Metals Fund
AmMetLife Global
Agribusiness Fund
20152014
Note RMRM
Interest income
20152014
RMRM
6
14,090 6,994 6,663 11,528
14,090 6,994 6,663 11,528 Net unrealised capital gain
–
–
127,309 84,879
Total income
14,090 6,994 133,972 96,407
Management expenses
(19,986)
(16,230)
(11,524)
(14,148)
Loss on disposal of investments
(2,448)
(245,908)
–
–
(651,472)
(849,271)
–
–
Total outgo
(673,906)
(1,111,409)
(11,524)
(14,148)
before taxation
Taxation
8
after taxation
Undistributed (losses)/income brought forward
Undistributed (losses)/income
carried forward
(659,816)
(1,104,415)
122,448 82,259
51,187 87,054 (10,717)
(7,713)
(608,629)
(1,017,361)
111,731 74,546
(2,977,753)
(1,960,392)
222,815 148,269
(3,586,382)
(2,977,753)
334,546 222,815
83
20152014
Note RMRM
AmMetLife
Dividend Fund
20152014
RMRM
Interest income
6
387 –
41,061 2,223 2,259 375,552 304,673
2,610 2,259 416,613
363,894
–
–
403,835 193,523
174,523 156,852 599,644 563,730
Total income
177,133 159,111 1,420,092 1,121,147
Management expenses
(29,534)
(28,880)
(167,434)
(128,790)
Total outgo
(29,534)
(28,880)
(167,434)
(128,790)
Dividend income
7
before taxation
147,599 130,231 1,252,658 992,357
Taxation
(13,993)
(12,549)
(83,562)
(72,838)
133,606 117,682 1,169,096 919,519
(76,324)
(194,006)
1,544,888 625,369
57,282 (76,324)
2,713,984 1,544,888
8
after taxation
Undistributed (losses)/income
brought forward
Undistributed income/(losses)
carried forward
84
59,221 AmMetLife Insurance Berhad
Statements of Changes in Net Asset Value
Net asset value at the beginning of the year 2015
2014
RM
RM
14,543,771 12,263,704
9,690,938 5,762,935
Amounts paid for units cancelled
(5,071,593)
19,163,116 (5,969,395)
Amounts received from units created
Net realised gain after taxation
12,057,244
1,057,372 614,609
Net unrealised capital (loss)/gain after taxation
(874,270)
1,871,918
Net asset value at the end of the year
19,346,218 14,543,771
AmMetLife Bond Fund
2014
RM
RM
16,713,448 16,376,217
3,249,568 6,584,452
(8,004,383)
11,958,633 (6,637,757)
16,322,912
599,360 738,412
Net unrealised capital loss after taxation
(143,831)
(347,876)
12,414,162 16,713,448
85
Statements of Changes in Net Asset Value (Cont’d)
2014
RM
RM
24,157,637 22,890,142
8,387,650 6,824,737
(10,431,450)
22,113,837 (9,029,939)
20,684,940
1,955,256 840,762
(2,149,730)
2,631,935
21,919,363 24,157,637
Net asset value at the beginning of the year 12,176,875 12,922,403
9,613,259 3,187,043
(4,695,371)
17,094,763 (6,427,624)
9,681,822
1,466,295 681,782
(607,840)
1,813,271
17,953,218 12,176,875
86
2015
2014
RM
RM
AmMetLife AmOasis Islamic Equity Fund
2014
RM
RM
4,513,925 3,430,179
741,116 2,035,198
(1,424,605)
3,830,436 (1,394,674)
4,070,703
61,266 12,339
Net unrealised capital gain after taxation
394,693 430,883
4,286,395 4,513,925
RM
RM
Net asset value at the beginning of the year 580,944 Amounts received from units created
376,276 619,712 Amounts paid for units cancelled
(363,095)
594,125 (33,888)
Net realised gain/(loss) after taxation
–
585,824
20,050 (8,664)
71,556 3,784
685,731 580,944
87
2015
2014
RM
RM
Net asset value at the beginning of the year 883,932 761,916
129,571 149,658
(114,983)
898,520 (56,455)
Net realised loss after taxation
855,119
(5,664)
(4,250)
60,390 33,063
953,246 883,932
Net asset value at the beginning of the year 491,182 –
222,547 512,693
(269,500)
444,229 (18,087)
Net realised gain/(loss) after taxation
494,606
14,144 (8,440)
5,105 5,016
463,478 491,182
88
RM
RM
2015
2014
RM
RM
1,366,592 959,846
(861,183)
4,435,439 (904,090)
4,947,391
(9,275)
(236,032)
Net unrealised capital loss after taxation
(599,354)
(781,329)
3,826,810 3,930,030
2014
RM
RM
1,869,293 1,657,240
541,111 566,988
(406,861)
2,003,543 (429,481)
1,794,747
(5,394)
(3,543)
117,125 78,089
2,115,274 1,869,293
89
2014
RM
RM
4,168,793 4,051,111
(4,214)
4,164,579 –
4,051,111
(26,955)
(26,622)
160,561 144,304
4,298,185 4,168,793
3,505,334 2,685,138
(1,459,199)
11,490,156 (510,739)
8,524,502
617,423 400,888
551,673 518,631
12,659,252 9,444,021
90
2015
2014
RM
RM
Notes to the Financial Information
31 March 2015
1. The Manager and its principal activity
The investment-linked funds of AmMetLife Insurance Berhad (formerly known as AmLife Insurance Berhad) (“the Manager”)
comprise the AmMetLife Equity Fund (formerly known as AmAssurance Equity Fund), AmMetLife Bond Fund (formerly known
as AmAssurance Bond Fund), AmMetLife Balanced Fund (formerly known as AmAssurance Balanced Fund), AmMetLife Dana
Teguh (formerly known as AmAssurance Dana Teguh), AmMetLife AmOasis Islamic Equity Fund (formerly known as AmAssurance
AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS Fund (formerly known as AmLife Asia Pacific REITS Fund), AmMetLife
Global Emerging Market Fund (formerly known as AmAssurance Global Emerging Market Fund), AmMetLife Tactical Bond Fund
(formerly known as AmLife Tactical Bond Fund), AmMetLife Precious Metals Fund (formerly known as AmAssurance Precious
Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as AmAssurance Global Agribusiness Fund), AmMetLife
Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance AmCommodity Stable CG Fund) and AmMetLife
Dividend Fund (formerly known as AmAssurance Dividend Fund) (collectively referred to as “the Funds”).
The Manager is a public limited liability company incorporated and domiciled in Malaysia and licensed under the Financial Services
Act 2013. Its principal activity is the underwriting of life and investment-linked insurance business.
There has been no significant changes in the nature of the principal activities of the Manager during the financial year ended
31 March 2015.
The financial information were authorised for issue by the Board of Directors of the Manager in accordance with a resolution on
20 May 2015.
2. Significant accounting policies
2.1 Basis of Preparation
The financial information of the Funds have been prepared in accordance with the accounting policies as described in Note
2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara
Malaysia (“BNM”).
The financial information have been prepared under the historical cost convention except as disclosed in the significant
accounting policies in Note 2.2 to the financial information.
The financial information are presented in Ringgit Malaysia (“RM”).
2.2 Summary of significant accounting policies
(a)
Management fee
Management fee is charged based on the Funds’ daily net assets value, at the following rates:
(i)
1.50% per annum
(ii) AmMetLife Bond Fund
1.00% per annum
(iii) AmMetLife Balanced Fund
1.50% per annum
(iv) AmMetLife Dana Teguh
1.50% per annum
(v) AmMetLife AmOasis Islamic Equity Fund
1.50% per annum
(vi) AmMetLife Asia Pacific REITS Fund
1.50% per annum
(vii) AmMetLife Global Emerging Market Fund
1.50% per annum
(viii) AmMetLife Tactical Bond Fund
1.00% per annum
(ix) AmMetLife Precious Metals Fund
1.50% per annum
(x) AmMetLife Global Agribusiness Fund
1.50% per annum
(xi) AmMetLife Commodity Stable Capital Guaranteed Fund
0.50% per annum
(xii) AmMetLife Dividend Fund
1.50% per annum
91
Notes to the Financial Information (Cont’d)
(b)
Financial instruments – initial recognition and subsequent measurement
(i)
Date of recognition
All financial assets and liabilities are initially recognised on the trade date, i.e. the date that the Funds become a party to the contractual provisions of the instrument. This includes “regular way trades” purchases
or sales of financial assets that require delivery of assets within the time frame generally established by
regulation or convention in the market place.
(ii)
Initial measurement of financial instruments
Financial assets are classified as financial assets at fair value through proﬁt or loss, financial assets availablefor-sale, financial assets held-to-maturity or loans and receivables, as appropriate. Financial liabilities of
the Funds are classified as financial liabilities at fair value through profit or loss or at amortised cost, as
appropriate. The Funds determine the classification of its financial assets and financial liabilities at initial
recognition.
The classification of financial instruments at initial recognition depends on the purpose and the management’s
intention for which the financial instruments were acquired and their characteristics. All financial instruments
are measured initially at their fair value plus transaction costs, except in the case of financial assets and
financial liabilities recorded at fair value through profit or loss, which is measured at fair value.
The Funds classify the investment into financial assets at fair value through profit or loss (“FVTPL”) or loans
and receivable (“LAR”).
(iii)
Subsequent measurement The subsequent measurement of financial instruments depends on their classification as described below:
1. Financial assets at fair value through profit or loss (“FVTPL”)
Financial assets at FVTPL are recorded in the Statements of Assets and Liabilities at fair value. Changes in fair value are recognised in the Statements of Income and Expenditure. Interest and dividend income
or expense are recorded as “Net Investment Income” or “Interest expense”, as appropriate and in
accordance with the terms of the contract, or when the right to the payment has been established.
Included in this classification are fixed income securities, collective investment schemes and equities.
2. Loans and receivables (“LAR”)
LAR include non–derivative financial assets with fixed or determinable payments that are not quoted in
an active market.
After initial measurement, the amounts are subsequently measured at amortised cost using the effective
interest rate (“EIR”), less allowance for impairment. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees and costs that are an integral part of the EIR.
(iv)
Financial liabilities at amortised cost
Financial liabilities of the Funds, that are not designated at FVTPL, are classified as financial liabilities at amortised
cost, where the substance of the contractual arrangement results in the Funds having an obligation either to
deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of
a fixed amount of cash or another financial asset for a fixed number of own equity instruments.
After initial measurement, these are subsequently measured at amortised cost using the EIR. Amortised cost
is calculated by taking into account any discount or premium on the issue and costs that are an integral part
of the EIR.
92
(c)
Derecognition of financial assets and financial liabilities
(i)
Financial assets
A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets)
is derecognised when:
–
The rights to receive cash flows from the asset have expired
–
The Funds have transferred its rights to receive cash flows from the asset or have assumed an obligation
to pay the received cash flows in full without material delay to a third party under a “pass–through”
arrangement; and either:
–
The Funds have transferred substantially all the risks and rewards of the asset, or
–
The Funds have neither transferred nor retained substantially all the risks and rewards of the asset, but
have transferred control of the asset.
When the Funds have transferred their rights to receive cash flows from an asset or have entered into a
pass–through arrangement, and have neither transferred nor retained substantially all the risks and rewards
of the asset nor transferred control of the asset, the asset is recognised to the extent of the Funds continuing
involvement in the asset. In that case, the Funds also recognise an associated liability. The transferred asset
and the associated liability are measured on a basis that reflects the rights and obligations that the Funds
have retained.
(ii)
Financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired.
Where an existing financial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modified, such an exchange or modification
is treated as a derecognition of the original liability and the recognition of a new liability. The difference
between the carrying value of the original financial liability and the consideration paid is recognised in profit
or loss.
(d)
Determination of fair value
The fair value of financial assets such as equity securities, that are actively traded in organised financial markets is
determined by reference to quoted prices for assets at the close of business on the reporting date.
For investment in unit, real estate investment trusts, fair value is determined by reference to published net asset
values. Investments in equity that do not have quoted market price in an active market and whose fair value cannot
be reliaby measured will be stated at cost less impairment losses.
For financial instruments where there is no active market such as unquoted fixed income securities i.e. uquoted
bond, fair value is obtained from Bond Pricing Agency Malaysia Sdn. Bhd. (“BPAM”).
If the fair value cannot be measured reliaby, financial instruments are measured at cost, being the fair value of the
consideration paid for the acquisition of the instruments or the amount received on issuing the financial liability. All
transaction costs directly attributable to the acquisition are also included in the cost of the investment.
The fair value of Negotiable Instruments of Deposit (“NID”) are based on broker quotes, whereas the fair value of
fixed/yield bearing deposits is the principal itself.
93
(e)
Impairment of financial assets
The Funds assess at each reporting date whether there is any objective evidence that a financial asset or a group
of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only
if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial
recognition of the asset (an incurred “loss event”) and that loss event (or events) has an impact on the estimated
future cash flows of the financial asset or the group of financial assets that can be reliably estimated.
Financial assets carried at amortised cost
Evidence of impairment may include indications that the borrower or a group of borrowers is experiencing significant
financial difficulty, the probability that they will enter bankruptcy or other financial reorganisation, default or
delinquency in interest or principal payments and where observable data indicates that there is a measurable decrease
in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.
For financial assets carried at amortised cost, the Funds first assess individually whether objective evidence of
impairment exists for financial assets that are individually significant, or collectively for financial assets that are not
individually significant. If the Funds determine that no objective evidence of impairment exists for an individually
assessed financial asset, it includes the asset in a group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an
impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.
If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the
difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding
future expected credit losses that have not yet been incurred). The carrying amount of the asset is reduced through
the use of an allowance account and the amount of the loss is recognised in the Statements of Income and
Expenditure. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate
of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest
income is recorded as part of “Interest income”. LAR together with the associated allowance are written off when
there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the
Funds. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an
event occurring after the impairment was recognised, the previously recognised impairment loss is increased or
reduced by adjusting the allowance account. If a future write–off is later recovered, the recovery is credited to the
“Impairment losses on LAR” to the extent that the carrying amount of the asset does not exceed its amortised cost
at the reversal date.
The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. If LAR have
variable interest rates, the discount rate for measuring any impairment loss is the current EIR. If the Funds have
reclassified trading assets to LAR, the discount rate for measuring any impairment loss is the new EIR determined at
the reclassification date. The calculation of the present value of the estimated future cash flows of a collateralised
financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the
collateral, whether or not foreclosure is probable.
(f)
Offsetting financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the Statements of Assets and
Liabilities if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is generally
not the case with master netting agreements, therefore, the related assets and liabilities are presented gross in the
Statements of Assets and Liabilities.
94
(g)
Impairment of non-financial assets
The Funds assess at each reporting date whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Funds estimate the asset’s recoverable
amount. An asset’s recoverable amount is the higher of an asset’s or cash–generating unit’s (“CGU”) fair value less
costs to sell and its value in use. Where the carrying amount of an asset or CGU exceeds its recoverable amount. An
asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre–tax discount rate that reflects current market
assessment of the time value of money and the risks specific to the asset. In determining fair value less costs to sell,
an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share
prices for publicly traded entities or other available fair value indicators.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication
that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists,
the Funds estimate the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed
only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last
impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its
recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years. Such reversal is recognised in the Statements of Income
and Expenditure.
(h)
Net creation of units
Net creation of units represents premiums paid by policyholders as payment for a new contract or subsequent
payments to increase the amount of that contract less switching costs, if any, within funds. Net creation of units is
recognised on a receipt basis.
(i)
Net cancellation of units
Net cancellation of units represents cancellation of units arising from surrenders and withdrawals. Net cancellation
is recognised upon surrendering of the related insurance contract.
(j)
Other revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Funds and
the revenue can be reliably measured. The following specific recognition criteria must be met before revenue is
recognised.
(i)
Interest income
Interest and financing income and expense are recognised in profit or loss using the effective interest
method. Once a financial asset or a group of similar financial assets has been written down as a result of
an impairment loss, interest income is recognised using the rate of interest used to discount the future cash
flows for the purpose of measuring the impairment loss.
(ii)
Realised gains and losses on investments
On disposal of investments, the difference between the net disposal proceeds and the carrying amount of
investment is credited or charged to Statements of Income and Expenditure.
(iiI)
Dividend income Dividend income represents gross dividends from quoted and unquoted investments and is recognised
when the right to receive payment is established.
95
(k)
Income tax
Income tax on the profit and loss comprises current and deferred tax. Current tax is the expected amount of income
taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted
on the date of the Statements of Assets and Liabilities.
Deferred tax is provided for, using the liability method, on temporary differences at the date of Statements of Assets
and Liabilities between the tax bases of assets and liabilities and their carrying amounts in the financial information.
In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are
recognised for all deductible temporary differences, to the extent that it is probable that taxable profits will be
available against which the deductible temporary differences can be utilised.
Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the
liability is settled, based on tax rates that have been enacted or substantively enacted at the date of Statements
of Assets and Liabilities. Deferred tax is recognised as income or an expense in the Statements of Income and
Expenditure, except when it arises from a transaction which is recognised directly in unitholders’ capital, in which
case, the deferred tax is also recognised in unitholders’ capital.
(l)
Provisions
Provisions are recognised when the Funds have a present obligation as a result of a past event and it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable
estimate of the amount can be made. Provisions are reviewed at each Statements of Assets and Liabilities date and
adjusted to reflect the current best estimate. Where the effect of the time value of money is material, provisions
are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where
discounting is used, the increase in the provision due to the passage of time is recognised as finance cost.
(m)
Foreign currencies transactions
(i)
Functional and presentation currency
The financial statements are presented in Ringgit Malaysia (“RM”) which is also the functional and
presentation currency of the Funds.
(ii)
Foreign currency transaction
Transactions in foreign currencies are initially recorded in the functional currency rate prevailing at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the
functional currency rate of exchange ruling at the reporting date. All differences are taken to profit or loss.
Non-monetary items denominated in foreign currencies that are measured at historical cost are translated
using the exchange rates as at the dates of initial transactions.
Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at
the date when the fair value was determined. All foreign exchange differences are taken to profit or loss,
except for differences relating to items where gains or losses are recognised directly in equity, in which case,
the gain or loss is recognised net of the exchange component in equity.
(n)
Cash and cash equivalents
Cash and cash equivalents consist of cash and bank balances, excluding fixed and call deposits.
96
3.Investments
(i) AmMetLife Equity Fund
Quoted equity securities
Deposits with licensed financial institutions
2015
2014
RM
RM
17,743,960 12,142,443
–
2,623,875
17,743,960 14,766,318
FVTPL:
Cost
16,225,883 9,674,073
Net unrealised gain
1,518,077 2,468,370
Fair value
17,743,960 12,142,443
Total investments at FVTPL
17,743,960 12,142,443
LAR:
–
2,623,875
Total investments
17,743,960 14,766,318
97
3.Investments (Cont’d)
(i) AmMetLife Equity Fund (Cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below:
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Construction
Gamuda Berhad
37,000 170,441 188,700 0.98%
IJM Corporation Berhad
26,400 179,493 190,080 0.98%
YTL Corporation Berhad
104,900 171,685 175,183 0.91% 5,600 391,788 384,496 1.99%
QL Resources Berhad 51,300 173,589 201,096 1.04%
440,154 2.28%
Consumer Products
British American Tobacco (Malaysia) Berhad
Finance
Bursa Malaysia Berhad
51,300 407,975 CIMB Group Holdings Berhad 164,098 1,118,594 1,020,690 5.28%
Malayan Banking Berhad 155,794 1,444,496 1,453,558 7.51%
Public Bank Berhad 96,300 1,747,143 1,818,144 9.40%
96,544 97,121 0.50%
Kossan Rubber Industries Berhad 68,800 305,466 390,096 2.02%
Petronas Gas Berhad
20,600 458,313 474,212 2.45%
Industrial
DRB-Hicom Berhad
49,300 SKP Resources Berhad
305,300 197,438 257,978 1.33%
V.S Industry Berhad
62,700 157,933 266,475 1.38%
WELLCALL Holdings Berhad
99,800 178,812 199,600 1.03%
618,589 725,130 3.75%
3,900 86,649 88,842 0.46%
Sarawak Oil Palms Berhad
19,000 112,135 96,710 0.50%
Infrastructure Project Co.
Digi.Com Berhad
115,100 Plantations
Kuala Lumpur Kepong Berhad
Technology
98
Elsoft Research Berhad
243,000 372,844 434,970 2.25%
Inari Amertron Berhad
52,200 151,567 172,782 0.89%
Malaysia Pacific Industries Berhad 27,400 148,351 191,800 0.99%
(i) AmMetLife Equity Fund (Cont’d)
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL: (Cont’d)
Quoted equity securities (Cont’d)
Trading & Services
AirAsia Berhad
68,700 169,521 163,506 0.85%
Astro Malaysia Holdings Berhad 61,500 182,091 196,800 1.02%
Axiata Group Berhad 134,600 943,888 952,968 4.93%
Berjaya Auto Berhad 131,500400,598497,070 2.57%
Dialog Group Berhad
206,420 250,144 326,144 1.69%
Engtex Group Berhad
148,800
192,036
147,312
0.76%
Genting Malaysia Berhad
101,100 406,805 427,653 2.21%
IHH Healthcare Berhad 71,300
353,592
428,513
2.21%
Malaysia Airports Holdings Berhad
61,320 428,837 429,240 2.22%
Maxis Berhad
80,100
544,902 575,919 2.98%
MISC Berhad
24,100 187,002 204,609 1.06%
MY E.G. Services Berhad
68,100
164,552
189,999
0.98%
Scicom (MSC) Berhad
148,180 234,741 294,878 1.52%
Sime Darby Berhad
61,900 590,597 573,813 2.97%
Sunway Berhad
100,000 335,406 365,000
1.89%
Telekom Malaysia Berhad
61,100 365,918 444,197 2.30%
Tenaga Nasional Berhad
119,500
1,354,963 1,716,020 8.87%
Uzma Berhad
94,800 177,236 197,184 1.02%
Westports Holdings Berhad
85,900 253,209 345,318
1.78%
16,225,883 17,743,960 91.72%
The weighted average effective interest rates are as follows:
Deposits with licensed financial institutions Weighted average effective
interest rate per annum
2015
2014
%%
–
2.90%
99
Unquoted corporate bonds
Unquoted unit and property trust funds
2015
2014
RM
RM
10,387,024 11,496,596
1,225,845 1,611,407
905,000 3,701,382
12,517,869 16,809,385
FVTPL:
Cost
10,763,296 11,729,915
Net unrealised loss
(376,272)
(233,319)
Fair value
10,387,024 11,496,596
Cost
1,137,267 1,552,472
Net unrealised gain
88,578 58,935
Fair value
1,225,845 1,611,407
11,612,869 13,108,003
LAR:
100
905,000 3,701,382
Total investments
12,517,869 16,809,385
(ii) AmMetLife Bond Fund (Cont’d)
2015
No. of
Units
FVTPL:
Cost
RM
Fair value
RM
Fair value as
% of NAV
Abu Dhabi Commercial Bank-BG
due 22/11/2017
1,000,000 1,020,300 1,023,360 8.24%
Gulf Investment Corporation
due 01/03/2016
500,000 500,000 505,795 4.07%
Special Power Vehicle Berhad
due 19/05/2016
625,000 1,004,250 732,331 5.90% Prominic Berhad
due 05/05/2016
1,000,000 1,006,200 1,003,430 8.08%
Encorp Systembilt Sdn Bhd
due 16/11/2018
1,300,000 1,292,720 1,306,513 10.52%
Sistem Penyuraian Trafik KL Barat Sdn Bhd
due 28/12/2018
1,300,000 1,335,880 1,370,733 11.04% Gulf Investment Corporation
due 01/03/2016
700,000 721,280 708,113 5.70%
Prominic Berhad
due 05/05/2016
400,000 408,800 401,372 3.23%
RHB Bank Berhad Hybrid Tier 1
due 29/03/2019
1,300,000 1,550,900 1,437,605 11.58%
Binariang GSM Sdn Bhd
due 28/12/2015
1,491,696 1,533,166 1,508,732 12.15%
389,800 389,040 10,763,296 10,387,024 Konsortium Lebuhraya Utara-Timur (KL)
Sdn Bhd due 02/12/2026
400,000 Unquoted unit and property trust funds AmBond Fund
3.13% 83.67%
909,137 999,447 1,082,601 8.72%
AmDynamic Bond Fund
230,111 137,820 143,244 1.15%
1,137,267 1,225,845
9.87%
11,900,563 11,612,869 93.55%
Unquoted corporate bonds – secured
Weighted average effective
2015
2014
%%
4.98% 4.98%
Unquoted corporate bonds – unsecured 4.83% 4.82%
Deposits with licensed financial institutions 3.70% 2.90%
101
2015
2014
RM
RM
14,322,553 14,776,048
5,785,797 5,972,720
Quoted unit and property trust funds
–
151,000
–
2,218,693
1,773,000 1,052,421
21,881,350 24,170,882
FVTPL:
Cost
13,019,179 11,218,670
Net unrealised gain
1,303,374 3,557,378
Fair value
14,322,553 14,776,048
Cost
6,177,165 6,177,165
Net unrealised loss
(391,368)
(204,445)
Fair value
5,785,797 5,972,720
Cost
–
154,710
Net unrealised loss
–
(3,710)
Fair value
–
151,000
Cost
–
2,319,247
Net unrealised loss
–
(100,554)
Fair value
–
2,218,693
20,108,350 23,118,461
LAR:
1,773,000
1,052,421
Total investments21,881,35024,170,882
102
(iii) AmMetLife Balanced Fund (Cont’d)
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Construction
Gamuda Berhad
42,400 203,587 216,240 0.99%
62,000 419,719 446,400 2.04%
442,260 439,424 2.00%
Consumer Products
6,400 Finance
38,200 329,226 327,756 1.50%
CIMB Group Holdings Berhad
123,748 853,137 769,713 3.51%
24,700 360,626 352,222 1.61%
Hong Leong Bank Berhad
Malayan Banking Berhad 100,127 916,833 934,185 4.26%
Industrial Products
Kossan Rubber Industries Berhad 85,300
377,355
483,651
2.21%
Petronas Gas Berhad
15,900
348,518
366,018
1.67%
SKP Resources Bhd
350,000
221,256
295,750
1.35%
V.S Industry Berhad
72,800
178,684
309,400
1.41%
116,000
207,839
232,000
1.06%
Digi.Com Berhad
99,000547,620623,700 2.85%
Technology
223,000 Inari Amertron Berhad
352,576 399,170 1.82%
59,300 174,027 196,283 0.90%
103
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL: (Cont’d)
Trading & Services
AirAsia Berhad
88,500 104
217,552 210,630 0.96%
Astro Malaysia Holdings Berhad
33,700 98,752 107,840 0.49%
Axiata Group Berhad
93,000 654,819 658,440 3.00%
Berjaya Auto Berhad 141,900 447,651 536,382 2.45%
Engtex Group Berhad
180,200 237,710 178,398 0.81%
63,400 254,381 268,182 1.22%
IHH Healthcare Berhad 21,300 104,125 128,013 0.58%
59,280 417,689 414,960 1.89%
Maxis Berhad
29,700 195,889 213,543 0.97%
MISC Berhad
25,800 199,932 219,042 1.00%
46,400 104,425 129,456 0.59%
Scicom (MSC) Berhad
203,600 324,418 405,164 1.85%
Sime Darby Berhad
35,500 335,440 329,085 1.50%
Sunway Berhad
113,000 379,481 412,450 1.88%
42,800 243,015 311,156 1.42%
Tenaga Nasional Bhd
92,600 998,358 1,329,736 6.07%
Uzma Berhad
55,200 102,852 114,816 0.52%
123,400 378,593 496,068 2.26%
13,019,179
14,322,553 65.34%
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL: (Cont’d)
due 22/11/2017
1,000,000 1,020,300 1,023,360 4.67%
due 01/03/2016
1,000,000 1,000,000 1,011,590 4.62%
due 19/05/2016
1,062,500 1,707,225 1,244,963 5.68% Encorp Systembilt Sdn Bhd
due 16/11/2018
500,000 497,200 502,505 1,952,440 2,003,379 6,177,165 5,785,797 26.40%
20,108,350 91.74%
due 28/12/2018
1,900,000 19,196,344 2.29%
9.14% The weighted average effective interest rates are as follows:
Unquoted corporate bonds – secured
2015
2014
%%
4.98% 4.98%
105
2015
2014
RM
RM
11,654,493 7,755,034
2,393,377 2,453,070
593,485 567,813
2,908,000 1,510,273
17,549,355 12,286,190
FVTPL:
Cost
10,072,437 5,553,382
Net unrealised gain
1,582,056 2,201,652
Fair value
11,654,493 7,755,034 Unquoted corporate bonds
Cost
2,521,790 2,521,790
Net unrealised loss
(128,413)
(68,720)
Fair value
2,393,377 2,453,070
Cost
559,532 552,453
Net unrealised gain
33,953 15,360
Fair value
593,485 567,813
14,641,355 10,775,917
LAR:
106
2,908,000 1,510,273
Total investments
17,549,355 12,286,190
(iv) AmMetLife Dana Teguh (Cont’d)
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Construction
Gamuda Berhad
34,300 162,425 174,930 0.97%
Hock Seng Lee Berhad
200,000 334,848 362,000 2.02%
59,700 342,874 429,840 2.39%
299,764 356,328 1.98%
Consumer Products
QL Resources Berhad
90,900 Industrial Products
DRB-Hicom Berhad 68,600134,339135,142 0.75%
334,660
433,188
2.41%
Petronas Gas Berhad
18,100
403,196
416,662
2.32%
SKP Resources Bhd
259,900 189,947 219,615 1.22%
V.S Industry Berhad
64,800 165,871 275,400 1.53%
Digi.Com Berhad
72,700 370,477 458,010 2.55%
Time Dotcom Berhad
27,300 126,879 161,616 0.90%
Plantations
Kuala Lumpur Kepong Berhad5,400 119,248 123,012 0.69%
26,600 156,464 135,394 0.75%
388,501 330,660 1.84%
220,800 326,485 395,232 2.20%
Globetronics Technology Berhad
31,500 142,726 165,690 0.92%
49,500 142,757 163,845 0.91%
Vitrox Corporation Berhad 26,600 89,484 87,248 0.49%
Properties
Tambun Indah Land Berhad
183,700 Technology
107
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL: (Cont’d)
Trading & Services
Berjaya Auto Berhad
145,000 468,891 548,100 3.05%
Dialog Group Berhad
243,258 291,644 384,348 2.14%
KPJ Healthcare Berhad
31,100 132,815 132,486 0.74%
Maxis Berhad
71,300 483,223 512,647 2.86%
MISC Berhad
38,000 309,163 322,620 1.80%
91,800 160,156 256,122 1.43%
Pos Malaysia Berhad
35,100 177,929 185,679 1.03%
Scicom (MSC) Berhad
173,000 274,679 344,270 1.92%
Sime Darby Berhad
38,200 362,366 354,114 1.97%
Sunway Berhad
117,400 393,732 428,510 2.39%
74,000
454,879
537,980
3.00%
Tenaga Nasional Bhd
78,300 831,485 1,124,388 6.26%
Uzma Berhad 86,200160,982179,296 1.00%
108
93,700
283,089
376,674
2.10%
10,072,437 11,654,493 64.92%
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL: (Cont’d)
due 19/05/2016
375,000 602,550 439,398 Encorp Systembilt Sdn Bhd
due 16/11/2018
1,000,000 994,400 1,005,010 5.60%
due 28/12/2018
900,000 924,840 948,969 5.29%
2,521,790 2,393,377
13.33%
Unquoted unit and property trust funds AmBon Islam Fund
2.45% 477,730 559,532 593,485 3.31%
13,153,759 14,641,355 81.55%
2015
2014
%%
109
2015
2014
RM
RM
3,988,807 4,055,245
–
473,719
3,988,807 4,528,964
FVTPL:
Cost
3,176,209 3,671,661
Net unrealised gain
812,598 383,584
Fair value
3,988,807 4,055,245
3,988,807 4,055,245
LAR:
–
473,719
Total investments
3,988,807 4,528,964
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Unquoted unit and property trust funds AmOasis Global Islamic Equity
3,286,485 3,176,209 3,988,807 93.06%
3,176,209 3,988,807 93.06%
Deposits with licensed financial institutions 110
2015
2014
%%
–% 2.93%
2015
2014
RM
RM
672,241 509,424
672,241 509,424
FVTPL:
Cost
590,348 505,311
Net unrealised gain
81,893 4,113
Fair value
672,241
509,424
672,241
509,424
Total investments
672,241
509,424
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Unquoted unit and property trust funds AmAsia Pacific REITS
992,530 590,348 672,241 98.03%
590,348 672,241 98.03%
111
2015
2014
RM
RM
885,544 790,362
–
110,000
885,544 900,362
FVTPL:
Cost
802,843 773,302
Net unrealised gain
82,701 17,060
Fair value
885,544 790,362
885,544 790,362
LAR:
–
110,000
Total investments
885,544 900,362
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Unquoted unit and property trust funds AmCash Management
90,086 90,086 90,086 9.45%
AmGlobal Emerging Market Opportunities
716,887 712,757 795,458 83.45%
802,843 885,544 92.90%
2015
2014
%%
–% 3.00%
2015
2014
RM
RM
421,026 421,809
421,026 421,809
FVTPL:
Cost
410,025 416,356
Net unrealised gain
11,001 5,453
Fair value
421,026 421,809
421,026 421,809
Total investments421,026421,809
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Unquoted unit and property trust funds AmTactical Bond
427,394 410,025 421,026 90.84%
410,025 421,026 90.84%
113
2015
2014
RM
RM
2,821,867 3,456,063
713,535 –
3,535,402 3,456,063
Cost
6,572,330 6,555,055
Net unrealised loss
(3,750,463)
(3,098,992)
Fair value
2,821,867 3,456,063
2,821,867 3,456,063
FVTPL:
LAR:
713,535 –
Total investments
3,535,402 3,456,063
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Unquoted unit and property trust funds AmPrecious Metals 8,069,392 6,572,330 2,821,867 73.74%
6,572,330 2,821,867 73.74%
2015
2014
%%
3.40% –%
2015
2014
RM
RM
1,929,471 1,677,913
205,535
226,123
2,135,006 1,904,036
FVTPL:
Cost1,557,4411,433,192
Net unrealised gain
372,030
244,721
Fair value
1,929,471 1,677,913
1,929,471 1,677,913
LAR:
205,535
226,123
Total investments
2,135,006 1,904,036
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Unquoted unit and property trust funds AmGlobal Agribusiness
1,746,127 1,557,441 1,929,471 91.22%
1,557,441 1,929,471 91.22%
2015
2014
%%
3.40% 3.00%
115
Structured product
2015
2014
RM
RM
4,934,688 4,760,165
57,248 91,382
4,991,936 4,851,547
FVTPL:
Structured product
Cost
4,715,094 4,715,094
Net unrealised gain
219,594 45,071
Fair value
4,934,688 4,760,165
Cost/Fair value57,24891,382
4,991,936 4,851,547
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Structured product
Floating Rate Negotiable Instrument of
Deposit Due 12/10/15
Unquoted unit and property trust funds AmIncome Fund
5,045,920 4,715,094 4,934,688 114.81%
57,248 57,248 57,248 1.33%
4,772,342 4,991,936 116.14%
116
2015
2014
RM
RM
11,550,834 7,245,830
–
430,350
–
1,823,730
11,550,834 9,499,910
FVTPL:
Cost
10,296,683 6,590,459
Net unrealised gain
1,254,151 655,371
Fair value
11,550,834 7,245,830
Cost
–
431,214
Net unrealised loss
–
(864)
Fair value
–
430,350
11,550,834 7,676,180
LAR:
–
1,823,730
Total investments11,550,834 9,499,910
117
(xii) AmMetLife Dividend Fund (Cont’d)
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL:
Construction
Gamuda Berhad
24,100 111,330 122,910 0.97%
34,000 230,378 244,800 1.93%
68,500 111,772 114,395 0.90%
251,141 247,176 1.95%
Consumer Products
3,600 Finance
35,300 283,440 302,874 2.39%
101,593 664,408 631,908 4.99%
Malayan Banking Berhad
95,130 Public Bank Berhad
63,500 894,926 887,563 7.01%
1,150,483 1,198,880 9.47%
Industrial Products
Petronas Gas Berhad
15,700 349,581 361,414 2.85%
SKP Resources Bhd
200,700 129,569 169,591 1.34%
V.S Industry Berhad
41,400 102,308 175,950 1.39%
65,200 116,498 130,400 1.03%
366,692 510,930 4.04%
57,052 59,228 0.47%
159 180 0.00%
161,700 249,039 289,443 2.29%
52,900 149,500 175,099 1.38%
Digi.Com Berhad
81,100 Plantations
Kuala Lumpur Kepong Berhad2,600 Properties
100 Technology
118
(xii) AmMetLife Dividend Fund (Cont’d)
2015
No. of
Units
Cost
RM
Fair value
RM
Fair value as
% of NAV
FVTPL: (Cont’d)
Trading & Services
AirAsia Berhad 56,800 148,983 135,184 1.07%
100,216 109,440
0.86%
34,200 Axiata Group Berhad
83,100 581,885 588,348 4.65%
Berjaya Auto Berhad
86,000 292,149 325,080 2.57%
66,200 277,642 280,026
2.21%
41,520 289,803 290,640 2.30%
Maxis Berhad
46,000 308,803 330,740 2.61%
MISC Berhad
15,100 108,171 128,199 1.01%
105,600
190,930
294,624
2.33%
Scicom (MSC) Berhad
97,640 154,767 194,304 1.53%
SEG International Bhd
87,000 122,263 124,410 0.98%
Sime Darby Berhad
40,900 390,626 379,143 2.99%
Sunway Berhad 92,300306,513336,895 2.66%
39,700 221,018 288,619 Tenaga Nasional Bhd
2.28%
75,600 787,815
1,085,616
8.58%
75,100 220,155
301,902
2.38%
10,296,683 11,550,834 91.24%
2015
2014
%%
–% 2.90%
119
4. Deffered Taxation
The deferred tax liability/(asset) relate to unrealised capital gain/(losses) on investments of the respective Funds.
2015
2014
RM
RM
At beginning of the year
197,470
Recognised in the Statement of Income and Expenditure (Note 8)
(76,023)
162,776
At end of the year
121,447 197,470
34,694 (ii) AmMetLife Bond Fund
2015
2014
RM
RM
(13,951)
11,584 Recognised in the Statement of Income and Expenditure (Note 8)
(9,063)
(25,535)
At end of the year
(23,014) (13,951)
2015
2014
RM
RM
259,894 31,030
(186,934)
228,864
At end of the year
72,960 259,894
120
2015
2014
RM
RM
171,863 14,027
(52,856)
157,836
At end of the year
119,007
171,863
2015
2014
RM
RM
30,687 (6,781) Recognised in the Statement of Income and Expenditure (Note 8)
34,321 37,468
At end of the year
65,008
30,687
2015
2014
RM
RM
329 –
6,223 329
At end of the year
6,552 329
2015
2014
RM
RM
1,365 (1,510)
5,251 2,875
At end of the year
6,616 1,365
2015
2014
RM
RM
436 –
444 436
At end of the year
880 436
121
4. Deffered Taxation (Cont’d)
2015
2014
RM
RM
(247,919)
(179,978) Recognised in the Statement of Income and Expenditure (Note 8)
(52,118)
(67,941)
At end of the year
(300,037)
(247,919)
2015
2014
RM
RM
19,578 12,787 Recognised in the Statement of Income and Expenditure (Note 8)
10,184 6,791
At end of the year
29,762 19,578
2015
2014
RM
RM
3,606 (8,943) Recognised in the Statement of Income and Expenditure (Note 8)
13,962 12,549
At end of the year
17,568 3,606
122
2015
2014
RM
RM
52,361 7,262
47,970 45,099
At end of the year
100,331 52,361
5. Unitholders’ Capital
20152014
No. of
Units RM
No. of
Units RM
Amount received for creations during the year
5,981,485 9,690,938 3,580,109 5,762,935
Amount paid for cancellations
due to surrenders during the year
(1,318,352)
(5,071,593)
(3,837,480)
(5,969,395)
4,663,133 4,619,345 (257,371)
Unitholders’ capital brought forward
14,632,663 14,543,771 14,890,034 12,263,704
after taxation
–
183,102 –
2,486,527
19,295,796 19,346,218 14,632,663 14,543,771
1.0026 0.9939
Net asset value per unit at 31 March
(206,460)
20152014
No. of
Units RM
No. of
Units RM
1,746,235 3,249,568 5,764,102
6,584,452
(7,807,721)
(8,004,383)
(5,796,406)
(6,637,757)
(6,061,486)
(4,754,815)
(32,304)
21,593,784 16,713,448 21,626,088 16,376,217
after taxation
–
455,529 –
390,536
15,532,298 12,414,162 21,593,784 Net asset value per unit at 31 March
0.7992 (53,305)
16,713,448 0.7740
123
5. Unitholders’ Capital (Cont’d)
20152014
No. of
Units RM
No. of
Units RM
3,563,363 8,387,650 3,442,556 6,824,737
(5,665,595)
(10,431,450)
(5,723,386)
(9,029,939)
(2,102,232)
(2,043,800)
(2,280,830)
(2,205,202)
24,674,688 24,157,637 26,955,518 22,890,142
after taxation
–
(194,474)
–
3,472,697
22,572,456 21,919,363 24,674,688
0.9711 24,157,637 0.9790
20152014
No. of
Units RM
6,808,452 9,613,259 1,492,824 3,187,043
(1,999,098)
(4,695,371)
(5,061,669)
(6,427,624)
4,809,354 4,917,888 (3,568,845)
(3,240,581)
12,100,742 12,176,875 15,669,587 12,922,403
after taxation
–
858,455 –
2,495,053
124
No. of
Units RM
1.0617 12,176,875 1.0063
20152014
No. of
Units RM
No. of
Units RM
668,947 741,116 3,658,529 2,035,198
(1,973,723)
(1,424,605)
(2,365,007)
(1,394,674)
(1,304,776)
(683,489)
1,293,522 Unitholders’ capital brought forward
8,541,049 4,513,925 7,247,527 3,430,179
after taxation
–
455,959 –
443,222
0.5923 640,524 4,513,925 0.5285
20152014
No. of
Units RM
No. of
Units RM
Amount received for creations during
the year/period
411,104 376,276 1,207,395 619,712
due to surrenders during the year/period
(382,433)
(363,095)
(22,453)
(33,888)
28,671 13,181 1,184,942 585,824
1,184,942 580,944 –
–
after taxation
–
91,606 –
(4,880)
1,213,613 685,731 1,184,942 Net asset value per unit at 31 March
0.5650 580,944 0.4903
125
20152014
No. of
Units RM
No. of
Units RM
1,190,620 129,571 246,638 149,658
(1,157,114)
(114,983)
(62,600)
(56,455)
33,506 14,588 184,038 Unitholders’ capital brought forward
1,720,080 883,932 1,536,042 761,916
after taxation
–
54,726 –
28,813
1,753,586 953,246 1,720,080 Net asset value per unit at 31 March
0.5436 93,203 883,932 0.5139
No. of
Units RM
No. of
Units RM
Amount received for creations during
the year/period
282,711 222,547 1,148,974 512,693
due to surrenders during the year/period
(378,158)
(269,500)
(154,043)
(18,087)
(95,447)
(46,953)
994,931 494,606 Unitholders’ capital brought forward
994,931 491,182 –
–
after taxation
–
19,249 –
(3,424)
899,484 463,478 994,931 Net asset value per unit at 31 March
126
20152014
0.5153 491,182 0.4937
20152014
No. of
Units RM
No. of
Units RM
4,688,605 1,366,592 2,703,945 959,846
(2,759,111)
(861,183)
(2,577,338)
(904,090)
1,929,494 505,409 126,607 55,756
13,961,225 3,930,030 13,834,618 4,891,635
Deficit of income over outgo
after taxation
–
(608,629)
–
(1,017,361)
0.2408 3,930,030 0.2815
20152014
No. of
Units RM
No. of
Units RM
1,483,710 541,111 544,918 566,988
(1,273,374)
(406,861)
(319,527)
(429,481)
210,336 134,250 225,391 137,507
3,020,546 1,869,293 2,795,155 1,657,240
after taxation
–
111,731 –
74,546
0.6547 1,869,293 0.6189
127
20152014
No. of
Units RM
No. of
Units RM
(9,500)
(4,214)
–
–
(9,500)
(4,214)
–
–
8,435,571 4,168,793 8,435,571 4,051,111
after taxation
–
133,606 –
117,682
0.5101 4,168,793 0.4942
20152014
No. of
Units RM
4,882,311 3,505,334 4,320,217
2,685,138
(1,743,279)
(1,459,199)
(675,982)
(510,739)
3,139,032 2,046,135 3,644,235
2,174,399 Unitholders’ capital brought forward
15,029,935
9,444,021
11,385,700 6,350,103
after taxation
–
1,169,096 –
919,519
18,168,967 12,659,252 15,029,935
128
No. of
Units RM
0.6968
9,444,021 0.6283
6. Interest Income
AmMetLife Bond Fund AmMetLife Equity Fund 2015201420152014
RMRMRMRM
Interest income from:
62,640 68,210 81,141 126,946
Corporate bonds
–
–
674,015 790,354
62,640 68,210 755,156 917,300
AmMetLife Balanced Fund AmMetLife Dana Teguh 2015201420152014
RMRMRMRM
Deposits with licensed financial institutions 57,261 63,270 72,550 37,050
Corporate bonds
464,355 464,451 177,663 188,617
521,616 527,721 250,213 225,667
AmMetLife AmOasis Islamic Equity Fund AmMetLife Asia Pacific
REITS Fund 1 April 2014 to17 September 2013
2015
2014 31 March 2015 to 31 March 2014
RMRMRMRM
10,143 37,264 AmMetLife Global Emerging Market Fund
1,852 577
AmMetLife Tactical
Bond Fund 1 April 2014 to17 September 2013
2015
2014 31 March 2015 to 31 March 2014
RMRMRMRM
2,269 5,978 1,509 638
129
6. Interest Income (Cont’d)
AmMetLife Precious Metals Fund Interest income from:
130
2015201420152014
RMRMRMRM
14,090 6,994 AmMetLife Commodity Stable Capital Guaranteed Fund
AmMetLife Global
Agribusiness Fund
6,663 11,528
AmMetLife
Dividend Fund 2015201420152014
RMRMRMRM
387 –
41,061 59,221
7. Dividend Income
RMRMRMRM
Gross dividends from:
Quoted equity securities in Malaysia
426,217 211,548 –
–
in Malaysia
–
–
13,372 28,713
426,217 211,548 13,372 28,713
RMRMRMRM
417,103 277,057 233,305 114,755
in Malaysia
7,800 5,300 –
–
in Malaysia
–
19,247 7,079 17,594
424,903
301,604
REITS Fund
240,384
132,349
AmMetLife Global
Emerging Market Fund
31 March 2015 to 31 March 01420152014
RMRMRMRM
in Malaysia
26,213 –
2,307 1,888
26,213 –
2,307 1,888
131
7. Dividend Income (Cont’d)
AmMetLife Tactical
Bond Fund
31 March 2015 to 31 March 201420152014
RMRMRMRM
in Malaysia
24,792 –
2,223 2,259
24,792 –
2,223 2,259
AmMetLife Dividend Fund 20152014
RMRM
132
368,142 277,348
Quoted unit and property trust funds in Malaysia
7,410 27,325
375,552 304,673
8. Taxation
RMRMRMRM
Malaysian income tax:
Current year’s provision
77,024 55,284 63,020 77,391
Deferred tax:
Relating to origination and reversal of
temporary differences (Note 4)
(76,023)
162,776 (9,063)
(25,535)
Tax expense for the year
1,001 218,060 53,957 51,856
AmMetLife Balanced Fund AmMetLife Dana Teguh
2015201420152014
RMRMRMRM
159,928 80,237
123,761
64,705
Deferred tax:
(186,934)
228,864 (52,856)
157,836
(27,006)
309,101 70,905 222,541
AmMetLife AmOasis
Islamic Equity Fund
REITS Fund
2015
2014 31 March 2015 to 31 March 2014
RMRMRMRM
Current year’s/period’s provision
6,362 2,981 315 46
Deferred tax:
34,321 37,468 6,223 329
Tax expense for the year/period
40,683 40,449 6,538 375
133
8. Taxation (Cont’d)
AmMetLife Global
Emerging Market Fund AmMetLife Tactical
Bond Fund 1 April 2014 to17 September 2013
2015
2014 31 March 2015 to 31 March 2014
RMRMRMRM
Current year’s/period’s provision
181 478 (118)
51
Deferred tax:
5,251 2,875 444 436
Tax expense for the year/period
5,432 3,353 326
487
AmMetLife Precious
Metals Fund
AmMetLife Global
Agribusiness Fund
2015201420152014
RMRMRMRM
931 (19,113)
533 922
Deferred tax:
(52,118)
(67,941)
10,184 6,791
(51,187)
(87,054)
10,717 7,713
AmMetLife
Dividend Fund
2015201420152014
RMRMRMRM
31 –
35,592 27,739
Deferred tax:
13,962 12,549 47,970 45,099
13,993 12,549 83,562 72,838
The tax charge on the Funds relates to investment income received and gain on disposal of investments during the year/period, at
the preferential tax rate of 8% (2014: 8%) in accordance with the method prescribed under the Income Tax Act, 1967 for life insurance business. 134
A reconciliation of income tax expense applicable to the excess/(deficit) of income over outgo before taxation at the income tax rate
applicable to the investment-linked funds, to income tax expense at the effective income tax rate, is as follows:
RMRMRMRM
Excess of income over outgo before taxation
184,103 2,704,587 509,486
442,392
Taxation at Malaysian tax charge of 8%
14,728 216,367 40,759 35,391
Income not subject to tax
(34,097)
(14,452)
2,097 2,041
Expenses not deductible for tax purposes
20,370 16,145 11,101 14,424
1,001 218,060 53,957 51,856
RMRMRMRM
before taxation
(221,480)
3,781,798 929,360 2,717,594
(17,718)
302,544 74,349 217,407
(33,368)
(18,850)
(19,231)
(8,496)
24,080 25,407 15,787 13,630
(27,006)
309,101 70,905 222,541
AmMetLife AmOasis
Islamic Equity Fund AmMetLife Asia Pacific
REITS Fund
2015
2014 31 March 2015 to 31 March 2014
RMRMRMRM
before taxation
496,642 483,671 98,144 (4,505)
39,731 38,694 7,851 (360)
–
–
(2,097)
–
952 1,755 784 735
40,683 40,449 6,538 375
135
8. Taxation (Cont’d)
AmMetLife Global
Emerging Market Fund AmMetLife Tactical
Bond Fund
2015
2014 31 March 2015 to 31 March 2014
RMRMRMRM
before taxation
60,158 32,166 19,575 (2,937)
4,813 2,573 1,566 (235)
(185)
(151)
(1,983)
–
804 931 743 722
5,432 3,353 326
487
AmMetLife Precious
Metals Fund
2015201420152014
RMRMRMRM
before taxation
(659,816)
(1,104,415)
122,448 82,259
(52,785)
(88,352)
9,796 6,581
1,598 1,298 921 1,132
(51,187)
(87,054)
10,717 7,713
136
AmMetLife Global
Agribusiness Fund
AmMetLife
Dividend Fund
2015201420152014
RMRMRMRM
before taxation
147,599 130,231 1,252,658 992,357
11,808 10,419 100,213 79,390
(178)
(180)
(30,044)
(16,855)
2,363 2,310 13,393 10,303
13,993 12,549 83,562 72,838
9. Comparitives
The prior period financial information for AmMetLife Asia Pacific REITS Fund and AmMetLife Tactical Bond Fund have been prepared
from the date of launch of the funds of 17 September 2013 to 31 March 2014. Therefore, the current year Statements of Income and
Expenditure and Statements of Changes in Net Asset Value and related notes of AmMetLife Asia Pacific REITS Fund and AmMetLife
Tactical Bond Fund are not comparable.
137
(Formerly known as AmLife Insurance Berhad)
Level 7, Menara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur, Malaysia
T 1300 88 8800
E [email protected]
ammetlife.com
L A P O R A N
T A H U N A N
2 0 1 5
Dana Berkaitan Pelaburan
Bagi Tahun Kewangan Berakhir 31 Mac 2015
(Dahulunya dikenali sebagai AmLife Insurance Berhad)
Ahli PIDM
AmMetlife Insurance Berhad
Dana Berkaitan Pelaburan | Laporan Tahunan
Ibu pejabat AmMetLife Insurance Berhad bertempat di
Menara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur.
Isi Kandungan
Mesej Pengerusi
142
Profil Korporat
144
Objektif Dana Berkaitan Pelaburan
145
Ulasan Pasaran Pelaburan
149
Tinjauan Pelaburan
163
Strategi Pelaburan
171
Prestasi Dana
177
Pecahan Mengikut Sektor dan Kategori
191
Jadual Perbandingan Prestasi
201
Ringkasan Maklumat Kewangan
209
Mesej Pengerusi
Pemegang Polisi Yang Dihargai,
Ekonomi global memasuki 2015 dengan beberapa isu yang
mempengaruhi prestasinya. Buat permulaan, pertumbuhan
ekonomi Amerika Syarikat (AS) dijangka akan bertambah
baik pada 2015. Justeru, kebarangkalian Rizab Persekutuan
AS untuk menaikkan kadar polisi menjadi semakin tinggi.
Kemudian kita mendapati bahawa pertumbuhan ekonomi
di China diunjur akan bergerak paling perlahan sejak 1990
dengan risiko kemelesetan. Dua lagi ekonomi BRIC yang
mengalami masalah adalah Rusia dan Brazil. Ini ditambah
pula dengan kadar inflasi rendah di kawasan zon Eropah yang
kemudiannya memberi ruang untuk peringanan kuantitatif
dalam percubaan untuk mempertingkatkan permintaan dan
menghalang deflasi. Kejatuhan harga minyak akan terus
memberi kesan kepada prestasi ekonomi negara pengeksport.
Akhir sekali, ketegangan geopolitik yang meningkat di Rusia
dan Ukraine dan di Asia Barat mungkin akan memberikan
pengaruh negatif pada prestasi ekonomi.
Untuk tahun kewangan 2016 (TK2016) akan datang,
pertumbuhan ekonomi Malaysia dijangka akan berkembang
dengan sederhana pada kadar 4.5%–5.5% berbanding
6.0% pada 2014. Tinjauan menunjukkan pengurangan
permintaan domestik akibat daripada keadaan fiskal dan
kewangan yang lebih ketat. Penggunaan persendirian akan
sederhana disebabkan kos sara hidup yang meningkat.
Walaupun terdapat cabaran daripada sektor minyak dan gas,
pelaburan tetap akan terus berkembang secara sederhana,
didorong oleh projek-projek infrastruktur yang baru dan yang
sedang berjalan. Bahan eksport dijangka akan berkurangan
142
akibat harga komoditi yang lebih rendah dan permintaan
rendah untuk minyak kelapa sawit dan produk petroleum.
Kadar inflasi diunjurkan kekal dalam lingkungan 2.5%–
2.7%, menunjukkan kesan pelaksanaan cukai barangan dan
perkhidmatan (GST) sejak 1 April 2015 serta nilai Ringgit
yang rendah yang sebahagian kesannya ditangani dengan
kelemahan harga dan permintaan komoditi global.
Persekitaran perniagaan dan ekonomi dijangka kekal mencabar
manakala keperluan-keperluan kepada pematuhan dijangka
terus meningkat untuk tempoh jangka panjang. Untuk jangka
masa sederhana, kami mengunjurkan sektor perbankan akan
mengalami pertumbuhan pinjaman yang lebih perlahan dan
tebaran faedah bersih yang semakin sempit manakala kualiti
aset berkemungkinan mengalami tekanan.
Kami telah memberikan tumpuan yang besar dalam
mengembangkan portfolio berkaitan pelaburan pada tahun
ini. Bagi tahun kewangan berakhir 31 Mac 2015 (TK2015),
nilai aset bersih keseluruhan pelaburan berkaitan dana adalah
berjumlah RM100.92 juta, dengan NAB tahun ke tahun
mencatatkan perningkatan 8.2%. Dana berkaitan pelaburan
dengan prestasi terbaik untuk tahun kewangan ialah Dana
AmMetLife Asia Pacific REITS yang memberikan pulangan
membanggakan 15.3%. Kejayaan ini didorong usaha
pencarian pulangan dalam ekuiti-ekuiti hartanah di rantau
Asia Pasifik yang pelbagai.
Kami juga gembira untuk melaporkan bahawa berkuat kuasa
1 Disember 2014, syarikat pengurus dana, AmInvestment
Management Sdn Bhd, telah digabungkan dengan
AmInvestment Services Berhad dan kini menjadi satu entiti
yang dikenali sebagai AmInvestment Services Berhad.
Bagaimanapun objektif dan strategi pelaburan dana-dana
kekal sama.
Dengan kelahiran jenama baru AmMetLife, satu kempen
penjenamaan yang segar dan bersemangat “Live Ready” telah
dilancarkan di seluruh negara pada 12 Ogos 2014. Kempen
ini memperkenalkan falsafah AmMetLife iaitu “Pelanggan
adalah nadi dalam setiap yang kami lakukan”, yang mana
ia diterjemahkan menerusi penyediaan penyelesaian sekuriti
kewangan yang jelas dan telus serta stabil kepada rakyat
Malaysia. Kami kekal komited untuk membantu anda
mencapai matlamat kewangan anda.
Kami juga mahu mengambil kesempatan ini untuk
merakamkan penghargaan kepada anda di atas keyakinan
dan kepercayaan terhadap produk-produk dan perkhidmatan
kami, dan kami sedia menjalin perhubungan yang berkekalan
serta menyediakan kepakaran dan penyelesaian yang akan
memenuhi keperluan anda yang sentiasa berubah.
Tan Sri Azman Hashim
Pengerusi
AmBank Group
143
Profil Korporat
AmMetLife merupakan perkongsian strategik antara
AMMB Holdings Berhad (“Kumpulan AmBank ”)
dan Metlife International Holdings LLC (“MetLife”).
AmMetLife menawarkan pelbagai insurans hayat dan
perlindungan dana kewangan yang komprehensif
yang diedarkan melalui rangkaian Kumpulan AmBank
yang mempunyai hampir 175 pejabat cawangan
AmBank dan AmMetLife di seluruh negara, tambahan
lagi dengan kekuatan pasukan ejen insurans hayat
yang sah di seluruh Malaysia.
Perkongsian strategik ini menggabungkan kepakaran
antarabangsa dan kekukuhan kewangan MetLife
dan kekuatan dan jangkauan tempatan AmBank
Group untuk menjadi syarikat insurans yang mesra
pelanggan dan moden di Malaysia.
Kami memberi tumpuan bagi memenuhi keperluan
pelanggan kami yang pelbagai dengan memberi
penyelesaian yang inovatif di pelbagai peringkat
kehidupan mereka, menjadikannya ia lebih mudah
dan senang untuk seisi keluarga dan individu untuk
mencapai jaminan kewangan dan meneruskan
kehidupan yang lebih baik.
144
Objektif Dana
Berkaitan Pelaburan
145
Objektif Dana Berkaitan Pelaburan
1. Dana AmMetLife Equity
Dana bertujuan menyediakan Pelanggan dengan pertumbuhan modal bagi tempoh pelaburan jangka sederhana dan panjang,
terutama melalui pelaburan di dalam sekuriti Malaysia dengan potensi pertumbuhan yang menggalakkan.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
2. Dana AmMetLife Bond
Dana bertujuan menyediakan Pelanggan satu peluang untuk mendapatkan pendapatan yang lebih tinggi berbanding pendapatan
purata yang diperoleh menerusi deposit tetap, selama satu tempoh pelaburan jangka masa panjang, terutama melalui pelaburan
dalam pelbagai portfolio sekuriti berpendapatan tetap.
3. Dana AmMetLife Balanced
purata yang diperoleh daripada deposit tetap dengan tahap risiko lebih rendah berbanding dengan dana ekuiti penuh, bagi satu
tempoh pelaburan jangka masa sederhana.
4. AmMetLife Dana Teguh
purata yang diperoleh daripada deposit tetap dengan tahap risiko lebih rendah berbanding dengan dana ekuiti penuh, bagi satu
tempoh pelaburan jangka sederhana menerusi pendedahakan kepada ekuiti patuh Syariah Malaysia dan/atau ekuiti berkaitan
sekuriti dan sekuriti berpendapatan tetap.
5. Dana AmMetLife Dividend
Dana bertujuan untuk menyediakan pemegang polisi pulangan keseluruhan terutama melaui pelaburan dalam ekuiti dan ekuiti
berkaitan sekuriti syarikat-syarikat yang menawarkan pembayaran dividen yang mampan dan hasil yang menarik, dengan
penekanan kepada peluang peningkatan modal jangka panjang.
6. Dana AmMetLife Oasis Islamic Equity
Dana berusaha mencapai peningkatan modal dan pendapatan sederhana dalam jangka masa sederhana hingga panjang dengan
melakukan pelaburan dalam saham syarikat-syarikat patuh Syariah global melalui pelaburan dalam:
1. Dana AmOasis Global Islamic Equity (Unit Amanah – AmInvestment)
2. Pendedahan ekuiti dalam kaunter-kaunter patuh Syariah yang tersenarai di Bursa Malaysia.
7. Dana AmMetLife Global Emerging Market
146
Dana berusaha mencapai peningkatan modal jangka panjang menerusi pelaburan terutama dalam:
1. Dana AmGlobal Emerging Market Opportunities (Unit Amanah– AmInvestment Services Berhad).
2. Pendedahan kepada ekuiti kaunter-kaunter yang tersenarai di Bursa Malaysia.
8. Dana AmMetLife Global Agribusiness
Dana berusaha mencapai peningkatan modal jangka panjang menerusi pelaburan terutama dalam Dana Sasaran, Dana AmGlobal
Agribusiness Fund (Unit Amanah - AmInvestment Services Berhad), yang melabur dalam portfolio ekuiti perniagaan agro.
Perniagaan agro ialah istilah umum yang merujuk kepada pelbagai perniagaan yang berkaitan dengan pengeluaran produk
makanan.
9. Dana AmMetLife Precious Metals
Dana berusaha mencapai peningkatan modal jangka panjang menerusi pelaburan terutama dalam Dana Sasaran, Dana AmPrecious
Metals (Unit Amanah – AmInvestment Services Berhad), yang melabur dalam ekuiti patuh Syariah dan ekuiti berkaitan sekuriti
syarikat-syarikat yang terbabit dalam kegiatan berkaitan emas, perak, platinum atau logam berharga lain.
10. Dana AmMetLife Tactical Bond
Dana berusaha mencapai peningkatan modal sederhana dalam jangka masa sederhana hingga panjang menerusi pelaburan
terutama dalam Dana Sasaran: Dana AmTactical Bond, satu Collective Investment Scheme (CIS) yang diuruskan oleh AmInvestment
Services Berhad, yang mana Dana Sasaran mensasarkan untuk memberikan pendapatan dan tidak ketinggalan, peningkatan
modal, dengan melabur terutama di dalam bon.
11. Dana AmMetLife Asia Pacific REITS
Dana berusaha mencapai peningkatan modal sederhana dalam jangka masa sederhana hingga panjang menerusi pelaburan
terutama dalam Dana Sasaran: AmAsia Pacific REITS, satu Collective Investment Scheme (CIS) yang diuruskan oleh AmInvestment
Services Berhad, yang mana Dana Sasaran mensasarkan untuk memberikan pulangan berterusan dan tidak ketinggalan
peningkatan modal dalam jangka masa sederhana hingga panjang dengan melabur dalam amanah pelaburan hartanah (REITS).
12. Dana AmMetLife Commodity Stable Capital Guaranteed
Dana berusaha memberikan pertumbuhan modal sepanjang tempoh Dana di samping menyediakan perlindungan modal pada
Tarikh Matang.
147
HALAMAN INI
SENGAJA DIBIARKAN
KOSONG
Ulasan Pasaran
Pelaburan
149
Ulasan Pasaran Pelaburan
Dana AmMetLife Equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond
Ulasan Pasaran Ekuiti
tindakan itu. Ditambah pula Janet Yellen mempengerusikan
Ekuiti-ekuiti Asia susut dengan nyata dan ia adalah prestasi
mesyuarat FOMC pertamanya, menyebabkan jualan pasaran
bulanan terburuk sejak ‘taper tantrum’ pada permulaan Jun.
selepas Jawatankuasa bukan saja mengekalkan kadar penarikan
Beberapa Bank Pusat Pasaran Baru Muncul (terutama Turki, India
pembelian aset AS$10 bilion tetapi membayangkan akan
dan Afrika Selatan) menaikkan kadar faedah bagi menaikkan mata
kenaikan sasaran kadar faedah jangka pendek lebih awal atau
wang dan mengukuhkan keyakinan pelabur. Selain itu, terdapat
lebih pantas daripada yang dijangkakan. Bagaimanapun, indeks
kebimbangan mengenai momentum ekonomi dan kestabilan
meningkat pada akhir bulan dengan jangkaan kelonggaran dasar
kewangan China serta keteguhan ekonomi AS. HSBC flash PMI
di China dan pemulihan sentimen terhadap EMs membuka jalan
China bagi Januari mengejutkan dengan kejatuhan pada 49.6
kepada kemasukan kukih aliran merentas sempadan kepada
(kali pertama di bawah bacaan 50 dalam enam bulan). Bayaran
ekuiti Asia. KLCI mengakhiri bukan berkenaan 0.7% lebih tinggi
gaji bukan perladangan AS turut menunjukkan penurunan
pada 1,849 mata.
momentum ekonomi domestik. KLCI diturup 3.3% lebih rendah
pada 1,804 mata. Tekanan jualan juga dilihat di pasaran-pasaran
maju dan baru muncul pada bulan sama dengan Indeks MSCI
Asia tidak termasuk Jepun susut 5.1% pada Januari.
apabila pelabur-pelabur meneruskan tumpuan kepada sahamsaham bermodal kecil. Bagaimanapun, menghampiri akhir
bulan, kita menyaksikan tanda-tanda pengambilan untung
Data ekonomi AS dan China yang lemah terus memberikan kesan
secara keseluruhan membabitkan sektor bermodal kecil dan
kepada sentimen pasaran pada bulan Februari. Bagaimanapun,
saham murah susut secara mendadak. Krisis di Ukraine terus
menjelang minggu ketiga Februari, sebahagian besar pasaran
mempengaruhi
Asia telah pulih daripada kerugian. People Republic of China
ekonomi AS menunjukkan peningkatan. Selain itu, perangkaan
(PBOC) menegaskan ia cenderung untuk mengetatkan dasar dan
China terus mengecewakan pelabur-pelabur. Disebabkan itu,
aktiviti walaupun data ekonominya menunjukkan kelembapan
pasaran AS dan serantau bergerak tidak menentu pada April.
berterusan. Perkembangan makro yang penting kepada Asia
KLCI mengakhiri bulan berkenaan 1.2% lebih tinggi pada 1,871
ialah penyusutan mendadak mata wang Yuan iaitu kejatuhan
dibantu sokongan belian sepanjang beberapa hari.
terbesar sejak penurunan nilai di China pada 1994. Penyusutan
Bagaimanapun, momentum positif itu tidak berlanjutan pada Mei
nilai Yuan bertujuan untuk mengelak kemasukan ‘wang panas’. Ia
walaupun dua data ekonomi positif telah diumumkan Data yang
juga menjadi pentas kepada liberalisasi regim tukaran wang asing
kukuh itu gagal menyokong pasaran secara keseluruhan. Bank
berbanding mempermudahkan dasar kewangan berdasarkan
Negara Malaysia mengekalkan kadar dasar semalaman (OPR)
eksport. Jelas PBOC dalam tempoh beberapa minggu telah
pada 3.00% pada mesyuaratnya yang ke-18 sejak Julai 2011.
menyerap kecairan dengan pembabitan di pasaran terbuka
Bagaimanapun, bank pusat telah memberikan petunjuk kukuh
yang sebenarny tidak produktif. Bagaimanapun, KLCI kembali
bahawa kenaikan kadar akan berlaku selepas mengambil kira
pulih daripada jualan besar-besaran pada Januari, selari dengan
unjuran pertumbuhan lebih kukuh, inflasi lebih tinggi daripada
pemulihan di Wall Street dan pasaran-pasaran serantau. Saham-
kebiasaan
saham peringkat kedua dan ketiga lebih aktif dan mendapat
kewangan.
perhatian kukuh. KLCI ditutup pada akhir bulan berkenaan 1.8%
lebih tinggi pada 1,836 mata.
150
Pada bulan April pasaran bergerak tidak menentu untuk KLCI
serta
sentimen
pasaran
peningkatan
walaupun
berterusan
perangkaan
ketidakseimbangan
GDP sebenar yang direkodkan adalah lebih tinggi daripada
unjuran pada 6.2% YoY untuk 1Q2014 (+5.1% pada 4Q2013),
Bulan Mac bermula agak berhati-hati selepas keputusan Rusia
didorong peningkatan domestik yang kukuh dan pemulihan
yang dengan pantas menerima kemasukan Crimea selepas
dalam eksport. Pertumbuhan penggunaan persendirian adalah
referendum kemerdekaan pada 16 Mac yang menyebabkan
menggalakkan walaupun berhadapan tekanan peningkatan kos
pelabur tertanya-tanya sejauh mana kesan ekonomi akibat
domestik manakala pertumbuhan pelaburan keseluruhan kekal
kukuh didorong pelaksanaan projek-projek ETP.
Bagaimanapun, prestasi korporat yang diumumkan pada bulan
berkenaan kurang menggalakkan dan melemahkan sentimen
pasaran. KLCI mengakhiri bulan berkenaan hanya 2 mata atau
0.1% lebih tinggi pada 1,873 mata.
Julai ialah bulan yang tidak menentu apabila KLCI mencapai
kadar teringgi baru pada awal bulan berkenaan tetapi terpaksa
berdepan tekanan jualan pada akhir bulan didorong ketegangan
geopolitik di Ukraine dan Timur Tengah, pasaran ekuiti AS
mencatatkan kadar tertinggi baru pada bulan berkenaan,
didorong data ekonomi kukuh (GDP Q2, bayaran gaji, peluang
Bulan Jun adalah bulan yang agak baik apabila KLCI mencapai
jawatan, dan CPI). Mesyuarat FOMC pada Julai mengesahkan
beberapa tahap tertinggi baru. Acara Invest Malaysia yang
pengurangan pembelian aset dan pasaran menjangkakan program
diadakan pada 9–10 Jun turut mencatatkan rekod kehadiran.
itu akan ditamatkan menjelang Oktober. Jawatankuasa itu turut
Bagaimanapun, tiada pengumuman penting untuk pasaran
mengakui aktiviti ekonomi kembali pulih berbanding penyusutan
dibuat pada acara itu.
pada Q1, tetapi peka bahawa tanda-tanda penyusutan dalam
Seperti dijangka, FOMC (Federal Open Market Committee)
mengurangkan program pembelian asetnya sebanyak $10
pasaran kerja semakin berkurangan dan peningkatan dalam
pertumbuhan perumahan.
bilion lagi, dibahagikan sama rata antara Perbendaharaan AS
Bagaimanapun, pada minggu terakhir Julai, saham AS merudum.
dan agensi MBS. Ini mengurangkan pembelian perbendaharaan
The Dow dan S&P 500 merekodkan kejatuhan bulanan pertama
pada Julai kepada $20 bilion (daripada $25 bilion) dan pembelian
sejak Januari, didorong kebimbangan pelabur terhadap ekonomi
agensi MBS kepada $15 bilion (daripada $20 bilion). FOMC lebih
Eropah berikutan sekatan terhadap Rusia, kegagalan membayar
yakin kelembapan ekonomi pasca musim sejuk dan berkata
hutang Argentina serta peningkatan kos buruh AS akan
pertumbuhan aktiviti ekonomi telah kembali pulih sejak beberapa
menyebabkan pengurangkan keuntungan korporat. PMI Chicago
bulan lalu, pasaran buruh menunjukan pemulihan tambahan dan
just jauh di bawah jangkaan, susut 10 mata kepada 52.6.
pelaburan dalam perniagaan kekal mencatatkan peningkatan.
Bagaimanapun, unjuran pertumbuhan GDP bagi 2014 telah
disemak turun dengan jangkaan 2.1–2.3%, lebih rendah
berbanding 2.8–3.0% pada Mac.
Bagaimanapun, pengurangan pembelian aset bukan lagi
penggerak pasaran kecuali berlaku perubahan besar kepada
unjuran ekonomi, kadar pengurangan dijangka kekal pada $10
bilion/mesyuarat. Pelabur-pelabur juga memerhatikan bila FOMC
akan mula meningkatkan kadar.
Pemulihan pertumbuhan China bagi 2Q adalah lebih baik
berbanding jangkaan pasaran, didorong oleh beberapa langkah
rangsangan yang menumpukan kepada peningkatan kepada
perbelanjaan untuk sistem rel dan perumahan awam dengan
penggunaan wang sendiri.
Perkembangan korporat utama untuk bulan berkenaan ialah
cadangan penggabungan CIMB, RHB dan MBSB selepas Bank
Negara memberikan kebenaran untuk rundingan di peringkat
Lembaga Pengarah. Kehilangan mengejut pesawat MH17,
Isu utama yang mendapat perhatian bulan lalu adalah keadaan di
beberapa bulan selepas pesawat MH370, menjadi tajuk utama.
Iraq. Bagaimanapun, AS telah menerbitkan perangkaan ekonomi
Keputusan korporat yang diumumkan pada bulan berkenaan
yang menggalakkan. Indeks Pembuatan US Institute for Supply
adalah agak baik yang mana daripada 12 syarikat di dalam
Management (ISM) berkembang kepada 55.4 pada Mei daripada
liputan kami, tujuh syarikat mencatatkan keputusan korporat
54.9 pada April. Agak mengejutkan juga, jualan kenderaan AS
dalam jangkaan, tiga lebih baik manakala hanya dua di bawah
lebih kukuh pada Mei telah mengukuhkan pandangan terhadap
jangkaan. KLCI mengakhiri bulan berkenaan 11 mata atau 0.6%
sektor pembuatan dan membayangkan sektor pengeluaran
lebih rendah untuk ditutup pada 1,871 mata.
dijangka mencatatkan pertumbuhan tambahan. Jualan kenderaan
meningkat 11.4% berbanding tahun sebelumnya kepada 16.77
juta unit, kadar terpantas sejak Februari 2007, menurut firma
penyelidikan Auto Data. Ini membantu meningkatkan sentimen
global pada bulan Jun.
KLCI mengakhiri bulan berkenaan 9 mata atau 0.5% lebih tinggi
Ogos ialah bulan yang tidak menentu yang mana KLCI
menyaksikan jualan besar-besaran pada awal bulan berkenaan
tetapi semua kerugian dapat diraih semula, didorong kekukuhan
di Wall Street. Pasaran AS mencapai tahap tertinggi pada akhir
Ogos selepas pelabur menyambut baik perangkaan ekonomi
yang sihat.
pada 1,882 mata.
151
Ulasan Pasaran Pelaburan (Bersambung)
Bagaimanapun, keputusan korporat Malaysia yang diumumkan
meningkat 0.3% kepada 18,666 mata manakala FBM ACE naik
pada bukan berkenaan adalah mendukacitakan. Tetapi kesan
0.5% kepada 7,279 mata. Nilai purata dagangan harian di Bursa
kepada keseluruhan harga saham hampir tidak berubah. KLCI
pada September mengurang 15% berbanding bulan terdahulu
mengakhiri bulan berkenaan 5 mata atau 0.3% lebih rendar
kepada RM2.14 bilion.
pada 1,866 mata. Pasaran keseluruhan KLCI ditutup lebih rendah
dengan FBM Emas susut 0.7% berbanding bulan terdahulu
kepada 12,995 mata. Syarikat modal kecil turut susut dengan
FBM Small Cap susut 2.4% kepada 18,605 mata manakala FBM
ACE jatuh 2% kepada 6,904 mata.
terhadap pelbagai isu mendorong kejatuhan pasaran global. Ini
termasuk kelemahan ekonomi negara-negara Eropah dan Jepun,
konflik di Iraq dan Ukraine selain kebimbangan penyebaran
penyakit Ebola. Wall Street mencatatkan kejatuhan besar tetapi
Pertumbuhan eksport turut mengecil pada Jun didorong
pada masa sama memulihkan pasaran-pasaran lain apabila
kesederhanaan
E&E.
ia kembali meningkat. KLCI susut di bawah paras sokongan
Pertumbuhan GDP sebenar meningkat kepada 6.4% YoY pada
dalam
eksport
E&E
serta
bukan
psikologi 1,800 mata untuk kali kedua tahun ini tetapi berjaya
2Q2014 (berbanding 6.2% pada 1Q2014). Selepas mengambil
meraih semua kerugian.
kira perubahan sukuan-ke-sukuan, ekonomi Malaysia tumbuh
sebanyak
1.8%
(+0.8%
pada
1Q2014).
Eksport
bersih
meningkatkan pertumbuhan keseluruhan GDP. Bagaimanapun,
permintaan
domestik
menyederhana
tetapi
pertumbuhan
permintaan swasta kekal kukuh.
November juga bulan yang tidak menentu dengan KLCI
mengembalikan sebahagian peningkatan besar yang dicatakan
pada bulan Oktober walaupun Wall Street terus mengukuh
sebelum terus meningkat pada akhir bulan. Keputusan korporat
pada November yang mendukacitakan terus melemahkan
September ialah bulan yang lemah dengan KLCI menyusut
sentimen pasaran. Bagaimanapun, KLCI berjaya kekal di atas
ke tahap terendah dalam enam bulan apabila pelabur mula
paras sokongan psikologi 1,800 mata walaupun dalam keadaan
mengambil kira pencapaian korporat yang mendukacitakan
pasaran yang tidak menentu. Untuk bulan berkenaan, KLCI susut
pada bulan berkenaan. Sentimen pasaran yang lemah turut
1.9% atau 35 mata untuk ditutup pada 1,820 mata.
dipengaruhi oleh berita kelembapan ekonomi Eropah dan China
manakala data ekonomi AS adalah lebih lemah daripada jangkaan
pakar ekonomi. Keputusan kerajaan China untuk meningkatkan
penyaluran kredit terus dicabar selepas data terkini menunjukkan
ekonomi kedua terbesar di dunia itu mengalami kelembapan
yang lebih besar, diburukkan lagi dengan kelemahan dalam sektor
perumahan. Pertumbuhan eksport kekal tidak menentu, dan
langkah untuk menstabilkan pasaran perumahan memburukkan
keadaan berikutan permintaan domestik yang semakin lemah.
Harga niaga hadapan untuk keluli dan bijih besi menjunam ke
paras terendah manakala minyak, tembaga dan bahan asas
lain turut susut berikutan kebimbangan yang dicetuskan oleh
kelembapan permintaan China. Ini secara langsung menjadikan
Amerika Syarikat sebagai satu-satunya pemacu pertumbuhan
ekonomi dunia.
Ketidaktentuan pasaran berlarutan pada bulan Disember apabila
KLCI menjunam ke paras terendah dalam tempoh 52 minggu
kepada 1,671 mata sebelum kembali pulih dengan sokongan
aktiviti pembelian “window dressing”. Walaupun Wall Street
meneruskan pengukuhan ke paras rekod tertinggi, KLCI seperti
mengambil haluan tersendiri. Kebimbangan harga minyak lemah
yang akan memberi kesan kepada GDP Malaysia pada 2015
termasuk keupayaan kerajaan meneruskan pelan fiskal dan
penurunan nilai Ringgit. Untuk bulan berkenaan, KLCI menjunam
60 mata untuk ditutup pada 1,861 mata.
Ulasan Pasaran Pendapatan Tetap
Sepanjang tempoh kajian, pasaran bon termpatan menyaksikan
penyusutan hasil yang mana keluk hasil mendatar. Minat belian
terhadap bon tempatan pulih secara berperingkat berikutan
Saham berwajaran kecil kembali mencatatkan peningkatan
jangkaan pengaliran keluar dana asing adalah lebih rendah
selepas susut pada Ogos. KLCI mengakhiri bulan berkenaan 20
berbanding 2013, tetapi kebimbangan mengenai kenaikan Kadar
mata atau 1.1% lebih rendah untuk ditutup pada 1,846 mata.
Dasar Semalaman (OPR) pada 2014 mengekang minat belian.
Pasaran keseluruhan turut ditutup lebih rendah tetapi lebih tinggi
berbanding KLCI, dengan FBM Emas susut 0.5% berbanding
bulan terdahulu kepada 12,925 mata. Indeks FBM Small Cap
152
Oktober ialah bulan yang tidak menentu dengan kebimbangan
Pada 2014, penyesuaian tarif elektrik yang merakumi 2.88%
daripada
Indeks
Harga
Pengguna
(CPI),
dijangka
tidak
memberikan kesan besar kepada kadar inflasi pada 2014.
berhati-hati dengan unjuran ekonomi global, sambil menekankan
Bagaimanapun, kadar inflasi Malaysia meningkat kepada 3.2%
“ketidaktentuan di pasaran kewangan antarabangsa telah
pada 2014 berbanding 2.1% pada 2013. Ini disebabkan susulan
meningkat disebabkan perubahan dalam kecairan global dan
kesan pemotongan subsidi (iaitu subsidi minyak dan kenaikan
ketidaktentuan terutama mengenai prospek pertumbuhan global
tarif elektrik). Berikutan jangkaan inflasi yang lebih tinggi, Bank
serta penurunan harga komoditi.” Bagaimanapun, BNM masih
Negara Malaysia (BNM) menaikkan OPR kepada 3.25% pada Julai
menjangkakan ekonomi domestik akan kekal pada landasan
2014 (daripada 3.00%), bagi menguruskan ketidakseimbangan
pertumbuhan walaupun berhadapan harga tenaga dan komoditi
kewangan.
pernormalan
yang rendah. Ia didorong pertumbuhan permintaan domestik
diperlukan bagi mengelak risiko ketidakseimbangan kewangan
BNM
berkata
dasar
kewangan
manakala aktiviti pelaburan dijangka kekal kukuh, sekali gus
dan ekonomi yang akan mempengaruhi pertumbuhan. Ia berkata
dapat mengimbangi penurunan aktiviti pelaburan berkaitan
langkah baru itu kekal menyokong ekonomi yang mana negara
minyak dan gas. BNM juga berpendapat dasar monetari semasa
menyaksikan pengukuhan berterusan dalam eksport dan aktiviti
kekal menyokong aktiviti ekonomi ketika ini.
sektor swasta.
Perdana Menteri Dato’ Sri Najib Tun Razak mengumumkan
Pada Oktober 2014, kerajaan turut membentangkan Bajet
semakan Bajet 2015 bagi menangani kesan kejatuhan harga
2015 yang mensasarkan untuk mencapai keseimbangan bagi
minyak terhadap ekonomi negara pada 20 Januari. Bajet yang
memastikan pertumbuhan domestik mampan dan mengekalkan
disemak semula dibuat berdasarkan unjuran harga minyak lebih
disiplin fiskal. Perbelanjaan keseluruhan dalam Bajet 2015
rendah dan realistik iaitu AS$55 setong. Antara pengumuman
berjumlah RM273.9 bilion, iaitu RM9.8 bilion (3.7%) lebih
penting lain adalah:
tinggi berbanding bajet 2014, yang mana RM223.4 bilion
diperuntukkan untuk Perbelanjaan Mengurus dan RM50.5 bilion
untuk Perbelanjaan Pembangunan. Antara pengumuman penting
lain ialah (1) GDP diunjurkan tumbuh kepada 5.5%–6.0% pada
2014 dan 5.0%–6.0% pada 2015; (2) inflasi diunjurkan dalam
lingkungan 3.4% pada 2014 dan meningkat kepada 4.0%–
5.0% pada 2015; dan (3) kerajaan mahu mengurangkan defisit
fiskal kepada 3.0% daripada GDP pada 2015 berbanding 3.5%
pada 2014. Malaysia turut memansuhkan subsidi petrol RON95
• Unjuran pertumbuhan GDP 2015 diturunkan kepada
4.5–5.5% (daripada 5.0–6.0% sebelum ini)
• Unjuran inflasi 2015 diturunkan kepada 2.5%–3.5%
(daripada 4.0%–5.0% sebelum ini)
• Defisit fiskal 2015 disasarkan melebar kepada 3.2%
daripada GDP (daripada 3.0% sebelum ini)
Perbelanjaan operasi dikurangkan sebanyak RM5.5 bilion tetapi
perbelanjaan pembangunan kekal pada RM48.5 bilion.
dan diesel berkuat kuasa 1 Disember dengan harga runcit bahan
Pasaran bon tempatan meneruskan pengukuhan pada suku
bakar ini ditetapkan berdasarkan mekanisme kawalan terapung.
pertama 2015 didorong kelemahan harga minyak mentah yang
Pengumuman ini dibuat ketika kejatuhan besar harga minyak
memberikan kesan kepada pertumbuhan GDP pada 2015.
mentah global.
Jangkaan kenaikan kadar feadah pada 2015 juga telah pudar,
Malaysia mengakhiri tahun berkenaan dengan GDP suku
keempat yang lebih baik. GDP mengukuh kepada 5.8% YoY
yang bukan saja lebih baik berbanding pertumbuhan suku ketiga
sekali gus meningkatkan minat belian terhadap bon tempatan.
- oleh AmInvestment Services Berhad
pelaburan sektor swasta lebih kukuh dan perbelanjaan berjaya
Ulasan Pasaran Dana AmMetLife Oasis
Islamic Equity
mengimbangi penurunan eksport bersih dan pelaburan sektor
Dana Sasaran: AmOasis Global Islamic Equity
awam. Secara keseluruhan, ekonomi Malaysia tumbuh pada
Dana Sasaran Akhir: Dana Oasis Crescent Global Equity
kadar terpantas dalam tempoh empat tahun iaitu 6.0% pada
Ekonomi global dikategorikan berdasarkan perbezaan dasar yang
2014 berbanding 4.7% pada 2013.
jelas dalam suku pertama 2015, dengan tindakan “easing” di
2014 iaitu 5.6% tetapi mengatasi unjuran 5.0%. Sekali lagi,
Pada Januari 2015, mesyuarat jawatankuasa monetari BNM
(MPC) mengekalkan OPR pada 3.25% untuk kali ketiga berturutturut sejajar jangkaan pasaran. Dalam kenyataannya, BNM agak
zon Eropah dan Jepun menyebabkan penurunan nilai mata wang
di rantau-rantau ini. Manakala, unjuran peningkatan kadar di
AS menyebabkan dolar meningkat pada suku sama, sekali gus
153
membolehkan inflasi dan pertumbuhan dikawal dalam tempoh
kepada dasar monetari AS dan risiko defisit akaun semasa yang
terdekat. Berikutan penurunan inflasi dan jangkaan pertumbuhan,
tidak dibiayai dengan baik. Pada masa sama, kami mengeluarkan
beberapa ekonomi baru muncul bertindak memudahkan
Hungary berikutan kebimbangan terhadap hutang luar yang
dasar monetari ketika penstrukturan semula ekonomi China
tinggi dan kemerosatan unjuran EPS. Kami memasukkan India
terus memberi kesan kepada permintaan import, sekali gus
kepada senarai utama pada Oktober 2014. Walaupun pasaran
mempengaruhi harga komoditi. Walaupun ketidaktentuan
kelihatan seperti telah dinilai sepenuhnya, ekonomi asas
geopolitik berjaya ditangani, keputusan OPEC mengekalkan
dan pendapatan menunjukkan tanda-tanda pemulihan serta
pengeluaran minyak pada paras tinggi dijangka memacu
penerimaan terhadap agenda reformasi kerajaan. Kami juga
pertumbuhan global kepada 3.6% pada 2015, didorong harga
memasukkan Thailand berikutan pertumbuhan EPS yang semakin
minyak yang jauh rendah, sekali gus meningkatkan keupayaan
baik dan penilaian yang munasabah. Kami mengeluarkan Brazil
membeli di kalangan Negara ekonomi pengimport minyak bersih.
disebabkan ketidaktentuan politik menjelang pilihan raya. Pada
November kami mengeluarkan Qatar disebabkan penilaian
yang terlalu tinggi. Pada Januari 2015 kami telah mengeluarkan
Ulasan Pasaran Dana AmMetLife Global
Emerging Market
Thailand dan memasukkan Hungary pada Mac.
Dana Sasaran: AmGlobal Emerging Markets Opportunities
meningkat
Dana Sasaran Akhir: Schroders ISF Global Emerging memenangi pilihan raya umum dan menjadi parti tunggal dalam
lebih 20 tahun untuk memenangi pilihan raya dengan sokongan
Market Opportunities
selepas
parti
pimpinan
Narendra
Modi,
BJP
Ekuiti-ekuiti global mencatatkan perolehan kukuh untuk
majoriti. Ini dijangka membantu kerajaan untuk melaksanakan
tahun kewangan berakhir Mac 2015. AS ialah pasaran paling
perubahan yang sangat diperlukan. Thailand turut mencatatkan
kukuh dengan data makro mencatatkan pemulihan dan Rezab
pulangan kukuh. Walaupun wujud kebimbangan berikutan
Persekutuan
“quantitative
rampasan kuasa tentera pada Mei 2014, pasaran di negara itu
easing”, tindakan terakhir pengurangan pada Oktober. Spekulasi
kembali pulih berikutan kestabilan politik yang dicapai. Ekuiti di
seterusnya ialah bila kenaikan kadar akan berlaku. Bagaimanapun,
China juga mengukuh.Walaupun pertumbuhan perlahan kepada
unjuran ia berlaku berubah ke Disember selepas data ekonomi
7% YoY, prestasinya didorong sokongan kecairan menjelang
yang mendatar. Fed bertindak mengurangkan jangkaan kenaikan
akhir tempoh ketika pengawal selia sekuriti mengumumkan ia
kadar serta kebimbangannya mengenai nilai USD yang tinggi.
akan membenarkan dana bersama untuk melabur dalam saham
Ekuiti Eropah kekal negatif berikutan kemerosotan berterusan
Hong Kong menerusi skim Shanghai-Hong Kong Connect. Qatar
petunjuk-petunjuk
(Fed)
mengurangkan
program
European
mencatatkan pulangan positif, disokong peningkatan besar Gulf
Central Bank (ECB) mengambil beberapa tindakan permudah
International Services. Hungary memberikan pulangan negatif,
dasar monetari termasuk pengenalan “sovereign quantitative
sebahagian besar disebabkan persembahan lemah syarikat
easing” pada Mac yang mana bank pusat berjanji akan membeli
farmaseutikal Gedeon Richter yang menyaksikan jualannya di
$60 bilion aset setiap bulan. Pada masa sama, harga minyak
Rusia berdepan pengurangan nilai berganda. Ekuiti Korea susut
merudum 48.9% pada akhir 2014 disebabkan bekalan berlebihan
selepas pertumbuhan GDP mendatar dan kerajaan mengambil
ketika persekitaran permintaan yang lemah. Mata wang USD
langkah meningkatkan ekonomi. Ekuiti-ekuiti tempatan juga
yang kukuh mempengaruhi tempoh berkenaan serta memberi
mengalami tekanan berikutan kebimbangan tadbir urus korporat.
kesan negatif terhadap pasaran-pasaran baru muncul. Indeks
Di UAE pasaran terjejas berikutan sentimen negatif berikutan
MSCI Emerging Markets (EM) mencatatkan pulangan negatif dan
kejatuhan harga minyak. Ia juga tempoh yang tidak menentu
ketinggalan berbanding negara-negara maju.
untuk pasaran Turki berikutan defisit akuan semasa yang tinggi
ekonominya.
Ini
mendorong
Pada permulaan tempoh, pasaran utama kami ialah Brazil, China,
Hungary, Korea Selatan, Qatar dan UAE. Pada Julai 2014 kami
telah memasukkan Turki berikutan penilaian yang menarik dan
semakan perolehan yang baik walaupun terdapat penyesuaian
154
Pasaran yang mencatatkan prestasi terbaik ialah India yang
serta hutang luar yang besar. Bagaimanapun, harga minyak yang
rendah memberi kesan positif kepada negara itu dan membantu
memulihkan pasaran tempatan. Bagaimanapun, peningkatan
itu terhakis berikutan pertelingkahan di antara bank pusat dan
Presiden Erdogan yang menjejaskan kredibiliti dan kebebasan
bank pusat. Ini sekali gus memberikan tekanan kepada mata wang
susut sepertimana lanjut daripada suku kedua 2014 apabila
lira. Brazil ialah pasaran utama yang mencatatkan prestasi paling
USD mengukuh dan tekanan jualan minyak berlebihan mula
buruk. Pemilihan semula Presiden Dilma Rousseff pada Oktober
memberi kesan. Kami mula melihat pengurangan perbelanjaan
disusuli kejatuhan di pasaran tempatan berikutan kebimbangan
modal sektor minyak. Pertumbuhan sukar dicapai di Eropah dan
terhadap keupayaan pentadbirannya menangani pertumbuhan
Jepun dan pertumbuhan lebih perlahan di China dan pasaran
yang semakin rendah dan peningkatan inflasi. Pelantikan menteri
baru muncul lain menyukarkan kemasukan modal ke pasaran
kewangan yang baru membantu kepada kembalinya negara itu
Organization for Economic Co-operation & Development (OECD)
kepada dasar lebih ortodoks manakala bank pusat menaikkan
(iaitu AS). Kami percaya perbezaan hasil terutama di antara AS
kadar faedah bagi menangai inflasi. Ia juga menghentikan
berbanding Eropah dan Jepun akan terus memacu pengukuhan
program campur tangan mata wang. Bagaimanapun data makro
USD dan bakal menjadi cabaran kepada emas dalam tempoh
jangka masa terdekat kekal lemah.
terdekat.
Kebimbangan Ekonomi Global
Emas dan USD diniagakan bersama memasuki 2015: Dollar
Ulasan Pasaran Dana AmMetLife
Global Agribusiness
Index Spot (DXY) (trade weighted dollar) naik sehingga 5%
Dana Sasaran: AmGlobal Agribusiness
satu pergerakan yang aneh berikutan dolar dan emas selalunya
Dana Sasaran Akhir: DWS Global Agribusiness
bergerak dalam arah berbeza. Hubungan positif antara emas
Pasaran-pasaran ekuiti global mencatatkan perolehan agak
dan DXY bagaimanapun tidak kekal lama apabila DXY terus
baik untuk tahun semakan sehingga 31 Mac 2015, dibantu
mengukuh berbanding rakan dagangnya manakala emas susut
pendapatan dua angka dari AS, penurunan di Eropah dan
lebih 5% menjelang akhir Februari. Kami percaya ini berikutan
perkembangan berbeza di pasaran-pasaran baru muncul. Tahun
kembalinya kepada hubungan yang lebih normal (antara emas
ini diingati kerana peningkatan ketegangan hasil konflik Rusia-
dan USD).
Ukraine, penyebaran virus Ebola di Africa, keganasan di Timur
Tengah, kejatuhan mendadak harga minyak dan pengukuhan
USD. Pasaran ekuiti AS disokong data ekonomi dan penggajian
yang baik, peningkatan keuntungan korporat dan ketiadaan
kebimbangan tekanan inflasi. Ekuiti-ekuiti pasaran-pasaran
Eropah dipengaruhi ketegangan di Eropah Timur dan pada akhir
tempoh semakan, krisis hutang kerajaan Greek serta rundingan
bantuan dengan zon Euro. Di kalangan pasaran-pasaran baru
muncul, India mencatatkan prestasi terbaik, disokong pemilihan
Narenda Modi manakala Rusia dan mata wangnya, Ruble,
kepada rakan dagangnya manakala emas naik sehingga 8%,
Pengaliran modal meningkat berikutan jangkaan Bank Pusat
Eropah (ECB) melaksanakan pelan Quantitative Easing (QE)
pada 9 Mac 2015. Presiden ECB Mario Draghi mengumumkan
satu strategi QE yang akan bermula pada Mac 2015 sehingga
September 2016, membabitkan pembelian bon bernilai lebih
$1 trilion. Berikutan program QE ini, kami berpendapat emas
dan USD akan menjadi barang dagangan yang lebih selamat
berikutan perolehan di Eropah, terutama Swiss Franc (CHF), telah
bertukar negatif akibat pengaliran keluar Euro (EUR).
susut dengan mendadak berikutan sekatan Barat. Keadaan itu
Kebiasaannya, kami akan bertelingkah bahawa QE adalah
diburukkan dengan kejatuhan harga minya yang menjadi eksport
lebih mutlak terhadap risiko dagangan. Walaupun kami
utama negara itu.
menjangkakan terdapat sedikit risiko terhadap dagangan
Precious Metals
Dana Sasaran: AmPrecious Metals
Dana Sasaran Akhir: Dana DWS Noor Precious Metals Securities
Ekuiti emas dan logam berharga mencatatkan prestasi yang
sejajar dengan USD pada suku pertama 2015, tetapi kembali
sebaik QE bermula, kami mengiktiraf pergerakan besar CHF
dalam satu hari berbanding USD (+17.6%) dan EUR (+18.8%)
selepas Swiss National Bank menggugurkan penetapan kepada
EUR. Pengguguran penetapan ini, yang dilaksanakan sejak
2011, menyebabkan peningkatan permintaan untuk CHF. Kami
berpendapat kesan lebih besar selepas pergerakan dalam CHF
serta negara bukan Kesatuan Eropah (EU) lain (seperti Denmark,
Iceland, dan Sweden) membayangkan status negara-negara ini
sebagai “destinasi mata wang” apabila modal mengalir keluar
155
dari Euro. Permintaan untuk mata wang bukan EU adalah sangat
pengenalan tindakan fiskal tambahan dan pertumbuan global
tinggi sehingga peningkatan bon menyebabkan pulangan
yang mendukacitakan.
negatif. Kami percaya ini adalah penting kerana ini menunjukkan
permintaan kukuh untuk destinasi pelaburan selamat.
Pada Mei 2014, pada masa Bank Negara Malaysia mengekal
Kadar Dasar Semalaman pada 3.00% seperti yang dijangkakan,
Sejak pengenalan Abenomics pada Mac 2013, kami sedar bahawa
Kenyataan Dasar Monetari lebih keras berbanding kenyataan
emas tidak memberikan sebarang pulangan. Bagaimanapun
MPC terdahulu dengan penekakan kepada “kadar penyesuaian
sejak itu, QE di AS sudah berakhir, QE diperkenalkan di Jepun,
monetari mungkin perlu diubah” jika perlu bagi menangani
serta strategi QE baru diperkenalkan di EU. Kami percaya pakej
risiko-risiko yang wujud berikutan ketidakseimbangan kewangan
QE terbaru akan kurang berkesan berikutan hasil yang sangat
dan ekonomi tempatan. Perubahan nada BNM disusuli unjuran
rendah di EU dan hasil negatif untuk mata wang Eropah bukan
ekonomi lebih baik untuk Malaysia bagi 2014 selepeas
EU. Mengambil kira kedua-dua persekitaran di Eropah yang jauh
pengumuman perangkaan GDP 1Q yang lebih kukuh iaitu
berbeza berbanding hasil yang lebih tinggi di AS, kami percaya
6.2% YoY yang mana ia mengejutkan pasaran yang sebelum
Euro menawarkan dagangan sehala (iaitu rendah untuk beberapa
ini menjangkakan hanya pertumbuhan 5.7%. Pertumbuhan ini
suku). Malah, hasil negatif membabitkan mata wang bukan EU,
didorong oleh eksport yang meningkat 7.9% YoY berbanding
hasil 0 bagi emas adalah secara umumnya lebih baik, menjurus
5.7% pada 4Q2013 selain perbelanjaan kerajaan yang meningkat
kepada dagangan membabitkan dolar, emas dan mata wang
11.2% YoY.
negara bukan EU.
Pada Jun 2014, beberapa tindakan liberalisasi pasaran diumumkan
Perdana Menteri Datuk Seri Najib Tun Razak pada Invest Malaysia
2014. Ini termasuk penghapusan keperluan mandatori untuk
Tactical Bond
penarafan bon kredit korporat, sekali gus membolehkan agensiagensi penarafan asing dan syarikat pengurusan unit amanah
Dana Sasaran: AmTactical Bond Fund
untuk beroperasi di Malaysia selain membenarkan keupayaan
dengan
mendagangkan bon dan sukuk yang tidak diberikan penarafan.
kemungkinan kenaikan kadar faedah menjelang pertengahan
Kadar pengangguran susut kepada kurang daripada 3.0% untuk
2015, Pengerusi Rezab Persekutuan AS, Janet Yellen berusaha
kali pertama sejak Jun 2013, iaitu 2.9% pada April berbanding
mengembalikan keyakinan pelabur menerusi ucapan yang
3.0% pada Mac. Inflasi pula yang diukur oleh indeks CPI menurun
bertujuan menyakinkan pasaran bahawa FED tidak akan
kepada 3.2% YoY pada Mei berbanding 3.4% pada April.
Pada
April
2014
selepas
mengejutkan
pasaran
menaikkan kadar faedah sehingga dua mandatnya tercapai. Ini
melegakan pasaran serta dibantu pengumuman pertumbuhan
GDP 7.4% YoY oleh China untuk 1Q2014, mengatasi jangkaan
7.3% pasaran, sekali gus mengurangkan kebimbangan kejatuhan
besar ekonomi. Di Malaysia, inflasi kekal pada 3.5%, sekali gus
menunjukkan kembalinya kestabilan selepas peningkatan tujuh
bulan berturut-turut. Malaysia juga melaporkan rezab asing yang
lebih kukuh pada April, meningkat 0.7% bulan ke bulan kepada
AS$131.1 bilion. Pengeluaran industri meningkat 6.7% YoY pada
Februari manakala pertumbuhan eksport kekal mampan dengan
peningkatan dua angka iaitu 12.3% YoY pada Februari (+12.2%
pada Januari). BNM turut mengumumkan dalam laporan
tahunannya, semakan sasaran GDP kepada 4.5–5.5% untuk
156
Pada Julai 2014 Bank Negara Malaysia menaikkan Kadar Dasar
Semalaman sebanyak 25 bps kepada 3.25%, sejajar dengan
jangkaan pasaran. Kenaikan ini dilakukan selaras dengan
unjuran pertumbuhan ekonomi yang lebih kukuh, purata
inflasi jangka panjang yang sederhana serta kebimbangan
berterusan ketidakseimbangan ekonomi dan kewangan seperti
yang dinyatakan BNM dalam mesyuarat MPC terdahulu.
Bagaimanapun, kenyataan MPC terkini menunjukkan BNM
mengambil pendekatan terbuka terhadap dasar kadar walaupun
ini bergantung kepada tren data ekonomi untuk beberapa bulan
akan datang, terutama tanda-tanda tekanan inflasi selain kawalan
terhadap peningkatan risiko ketidakseimbangan kewangan.
2014 berbanding sasaran Kementerian Kewangan 5.0–5.5%.
Pada Ogos 2014, Malaysia melaporkan GDP untuk 2Q2014 yang
Sasaran GDP BNM yang lebih konservatif bertujuan memberikan
lebih tinggi daripada jangkaan iaitu +6.4% YoY berbanding
ruang kepada kemungkinan risiko penurunan yang disebabkan
jangkaan +5.8%. Angka ini mengatasi pertumbuhan di negara
jiran Indonesia (2Q +5.1%), Thailand (2Q +0.4%) dan hampir
suku pertama 2014: 6.2%) yang dilaporkan pada Ogos 2013
menyamai Filipina (2Q +6.4%). Angka pertumbuhan GDP
mampu menyokong sektor domestik untuk separuh tahun kedua
2Q2014 Malaysia itu adalah yang terpantas sejak 1Q2013 dan
tahun berkenaan.
dipacu oleh peningkatan eksport bersih yang naik (+14.2% YoY)
lebih pantas berbanding import (+8.6% YoY) sepanjang suku
berkenaan. Pelaburan swasta meningkat didorong unjuran global
yang lebih baik dengan pelaburan dalam sektor perkhidmatan
dan pembuatan kekal kukuh. Bagaimanapun, perbelanjaan
swasta terus mendatar pada +6.5% berbanding +7.1% pada
1Q2014. Perbelanjaan swasta bagaimanapun kekal menyokong
pengwujudan pekerjaan dan pertumbuhan upah. Indeks harga
pengguna yang mengukur inflasi terus mendatar pada 3.2%
YoY pada Julai (Jun: +3.3%). Kadar inflasi yang sederhana itu
disebabkan harga makanan dan minuman bukan alkohol yang
meningkat lebih rendah 3.1% YoY (Jun: +3.5%). Pegangan
asing bagi MGS terus mencatatkan peningkatan. Bagi Julai,
kemasukan bersih asing bagi MGS berjumlah RM6.7 bilion, sekali
gus menjadikan keseluruhan pegangan asing kepada RM154
bilion (Jun: RM147.3 bilion), rekod tertinggi dan meningkatkan
% pemilikan asing kepada 48.4% (Jun: 46.7%). Keseluruhan
pegangan asing dalam MGS semakin mencapai paras tertinggi
49.5% yang dicatatkan pada Mei 2013 sebelum permulaan
pengurangan QE.
Pada Oktober 2014, selaras dengan data ekonomi luar yang
sedikit lebih baik, Pengeluaran Industri Malaysia untuk Ogos 2014
mengatasi jangkaan pada 6.5% YoY (unjuran: 5.1% YoY, Julai:
0.6% YoY) dipacu pertumbuhan pembuatan sebanyak 7.4%
YoY (Julai: 3.2% YoY) dan peningkatna penggunaan elektrik
sebanyak 8.4% YoY (Julai: 5.0% YoY). Inflasi menurun seperti
dijangkakan kepada 2.6% YoY pada September 2014 daripada
3.3% YoY pada Ogos 2014 (unjuran: 2.6% YoY), dipengaruhi
kesan asas kenaikan harga minyak tahun lalu pada September
2013 berbanding kenaikan terbaru minyak pada Oktober 2014.
Di Indonesia, kadar rujukan Bank Indonesia kekal tidak berubah
untuk bulan ke-11 berturut-turut pada 7.50% selepas mesyuarat
dasar monetari pada 7 Oktober 2014. Paras kadar itu dianggap
ketat bagi mengawal tekanan inflasi dan kestabilan mata wang
berikutan unjuran berakhirnya permudahan monetari AS. Sasaran
inflasi Bank Indonesia (BI”s) kekal pada 4.5%±1% untuk 2014
dengan CPI terbaru bagi September 2014 meningkat pada 4.53%
YoY. Kedudukan akaun semasa nasional terus dinyatakan sebagai
dasar penentu bank pusat. Data aktiviti the HSBC Indonesia
Manufacturing Purchasing Managers Index (PMI) mencatatkan
Pada September 2014, rantau ini berterusan mencatatkan
49.2 mata pada Oktober 2014 selepas berkembang pada
kelemahan eksport; berikutan pusingan pengurangan stok yang
September 2014 pada 50.7 mata, selaras unjuran pertumbuhan
bermula sejak Jun 2014 serta dijangka berterusan sehingga akhir
serantau yang lebih lemah.
tahun dengan potensi peningkatan eksport dijangka bermula
pada Disember 2014. Bagaimanapun, angka GDP suku kedua
(data dikeluarkan pada Ogos 2014) membabitkan beberapa
pasaran sepatutnya akan menyokong permintaan domestik ketika
berhadapan data dagangan negatif. Di Malaysia, pertumbuhan
eksport terus mendatar pada 1.73% YoY untuk Ogos 2014 (Julai
2014: 0.81% YoY, Jun 2014: 7.9% YoY berbanding Mei: 16.2%
YoY) dengan elektrikal/elektronik dan minyak mentah serta
eksport kekal lemah berbanding Mei 2014, sebelum penghabisan
stok global. Pada bulan berkenaan Bank Negara mengekalkan
OPR pada 3.25% dengan bank pusat lebih cenderung kepada
“memastikan kamampanan prospek pertumbuhan ekonomi
Malaysia,” berbanding kenyataan dasar sebelum ini. Imbangan
dagangan Malaysia terus mencatatkan lebihan untuk Ogos 2014
berjumlah RM3.86 bilion (Julai 2014: RM3.64 bilion) tetapi jauh
lebih lemah berbanding paras RM8 bilion–RM10 bilion yang
dicatatkan pada April, Mac dan Februari 2014. Bagaimanapun
pertumbuhan GDP suku kedua iaitu 6.4% YoY (unjuran: 5.8%,
Pada November 2014, rantau ini secara umum menyaksikan
GDP suku ketiga yang lemah disebabkan permintaan luar yang
lemah dan konsolidasi fiskal kerajaan yang mengurangkan
permintaan domestik. Bagaimanapun, kebanyakan ekonomi
serantau menunjukkan kestabilan dan ketahanan berikutan
dasar yang berhemah dan berkesan oleh pihak berkuasa
kewangan dan ekonomi. Pada masa salam tren “disinflationary”
dijangkakan berikutan harga komoditi global yang mendatar. Di
Malaysia, BNM mengekalkan kadar dasar pada mesyuarat pada
6 November 2014. Pertumbuhan GDP untuk suku ketiga 2015
mengikut unjuran pasaran pada 5.6% YoY (unjuran: 5.6% YoY,
suku kedua 2014: 6.5% YoY). Kelemahan ini sebahagiannya
disebabkan kesan asas tinggi pada suku ketiga 2013 dengan GDP
pada berada pada paras agak tinggi iaitu RM 200.6 bilion (suku
kedua 2013: RM193.2 bilion, suku ketiga 2014: RM211.7 bilion).
Mengenai permintaan, terdapat penurunan dalam pelaburan
sebanyak 1.1% YoY berbanding 7.2% YoY pada suku kedua
157
2014 dan kemerosotan eksport kepada 2.8% YoY berbanding
penyusutan import pada November 2014 pada 0.1% YoY
8.8% YoY pada suku kedua 2014. Bagaimanapun, kami melihat
(unjuran: 8.3% YoY, sebelumnya: 9.1% YoY). Ini meningkatkan
bukti perbelanjaan kerajaan yang lebih tinggi iaitu 5.3% YoY
kebimbangan pertumbuhan yang lemah pada Disember 2014
berbanding -0.5% YoY pada suku kedua 2014. Sektor yang
dan Januari 2015. Export kembali pulih pada 2.1% YoY untuk
mencatatkan pertumbuhan YoY yang lemah adalah pertanian
November 2014 (unjuran: -0.7% YoY, disemak semula: -3.2%
4.0%, Perlombongan dan Pembuatan berbanding suku kedua
YoY).
2014. Inflasi untuk Oktober 2014 lebih rendah berbanding
jangkaan pada 2.8% YoY (unjuran: 3.0% YoY, September: 2.6%
YoY). Perubahan dalam CPI didorong oleh pengangkutan +5.3%
YoY (September: +0.5% YoY) yang merangkumi 14.9% indeks
CPI. Inflasi yang rendah disumbang oleh kesan “disinflation”
global yang mengurangkan impak kenaikan harga petrol.
pertumbuhan lebih baik daripada jangkaan bagi suku keempat
2014. Bagaimanapun, ahli ekonomi menjangkakan 2015 yang
lebih berhati-hati sejajar dengan penggubal dasar serantau yang
secara umum berpandangan tidak agresif hingga neutral. Satu
lagi tren yang dirasai ekonomi-ekonomi rantau Asia Pasifik bulan
Pada Disember 2014, rantau ini menyaksikan data perdagangan
lalu ialah “unambiguous disinflation/deflation” yang sepatutnya
yang lemah pada bukan berkenaan didorong kelemahan
memberikan sedikit sokongan kepada pemintaan domestik ketika
berterusan China dan Kesatuan Eropah walaupun terdapat
berhadapan jangkaan pertumbuhan yang lemah untuk tahun
pemulihan dalam permintaan AS. Di Malaysia, CPI meningkat
mendatang. Di Malaysia, GDP suku keempat 2014 mengatasi
kepada 3.0% YoY pada November 2014 (unjuran 2.7%, Oktober
jangkaan iaitu pada 5.8% YoY (unjuran: 5.0%, suku ketiga
2014: 2.8%) sebahagian besar disebabkan kenaikan duti
2014: 5.6%). Ini membolehkan pertumbuhan untuk tahun 2014
eksais 12% untuk tembakau pada 1 November 2014. Eksport
meningkat 6.0% (2013: 4.7%) iaitu kenaikan yang sangat kukuh
menyusut lebih tinggi daripada jangkaan iaitu sebanyak -3.1%
dan mengatasi jangkaan 5.9% serta pada peringkat atas unjuran
YoY untuk Oktober 2014 (unjuran: -0.3%, September 2014:
BNM sebanyak 5.5–6.0% untuk tahun berkenaan. Mengikut
+2.0%), berikutan permintaan global yang lemah dan kesan asas
sektor, terdapa penyusutan berterusan dan pertumbuhan lemah
peningkatan besar setahun lalu. Bagaimanapun, import kekal
dalam sektor pertanian dan pembuatan, tetapi sektor-sektor
kukuh pada 9.1% YoY pada Oktober 2014 (unjuran: -0.3%,
lain seperti pembinaan dan perkhidmatan kembali pulih. Sektor
September 2014: 1.1%), dengan barangan keperluan menjadi
yang cemerlang pada suku keempat 2014 ialah perlombongan
komponen utama pada 64.3%, barangan modal pada 12.1%,
yang meningkat 9.6% YoY. Sementara itu, perbelanjaan swasta
manakala barangan konsumer kekal kecil pada 6.8%. Lebihan
meningkat kepada 7.80% YoY (suku ketiga 2014: 6.70%)
dagangan mengecil kepada RM1.196 bilion pada Oktober 2014
dan pelaburan pada 4.30% YoY (suku ketiga 2014: 1.10%).
daripada RM9.33 bilion pada September 2014. IP mencatatkan
Walaupun pertumbuhan dicatatkan membabitkan perbelanjaan
angka lebih kukuh untuk Oktober 2014 dengan pertumbuhan
kerajaan mendatar iaitu sebanyak 2.70% YoY (suku ketiga 2014:
5.0% YoY (unjuran: 4.1%, September 2014: 5.4%) didorong
5.30%), ia adalah positif kredit dan selaras dengan konsolidasi
pemulihan kukuh sektor perlombongan dibantu pengeluaran
fiskal bagi mengekalkan profil kredit negara.
minyak mentah dan gas.
Pada Januari 2015, ekonomi di rantau ini tidak mencatatkan
daya pemulihan menunjukkan kekuatan masing-masing di
Ulasan Pasaran Dana AmMetLife Asia
Pacific REITS
dalam persekitaran pertumbuhan global yang tidak menentu.
Dana Sasaran: Dana AmAsia Pacific REITS
Ekonomi yang lebih maju dan penggubal dasar kewangan
Pada 2QCY2014, Yellen menekankan babawa pendirian mendatar
memperkenalkan pelbagai dasar bagi meningkatkan ekonomi
Fed AS; pergerakan hasil 10 tahun di bawah 2.5%, kadar
masing-masing. Di Malaysia, terdapat permulihan yang lebih baik
terendah dalam setahun; Bank Dunia dan IMF mengurangkan
daripada jangkaan dalam imbangan dagangan untuk November
unuran pertumbuhan AS kepada 2%. Pada 3QCY2014, konflik
2014 dengan lebihan sebanyak RM11.13 bilion (unjuran:
di Timur Tengah meningkat manakala China mengurangkan
RM4.10 bilion, dikaji semula: RM1.15 bilion), tetapi disebabkan
sekatan pembelian rumah di beberapa bandar tertentu. Komen
pergerakan pada Januari 2015 dengan ekonomi yang lebih
158
Pada Februari 2015, ekonomi serantau mencatatkan angka
semakin hampir kepada langkah “quantitative easing”. Untuk
Ulasan Pasaran AmMetLife Commodity
Stable CGF
dua suku terakhir, prestasi REIT Australia didorong penstrukturan
Indeks Dow Jones-UBS Commodity Excess Return (DJUBS) susut
korporat dan M&A; di Singapura REITS mencatatkan pemulihan
5.14% pada Mac bulan ke bulan (MoM) dengna pencapaian YoY
pada 1QCY2014 tetapi prestasinya mendatar pada 2Q2014
mengurang sebanyak 27.06%. Manakala indeks MLCX Enhanced
disusuli
berikutan
Benchmark A01 Excess Return (MLCXA01E) susut 4.94% pada
kebimbangan kadar faedah lebih tinggi menjejaskan sentiment
Mac berbanding MoM manakala berbanding pencapaian YoY, ia
pelabur; di Jepun prestasi sedikit sebanyak dipacu sentiment
mengalami kerugian 28.27%. Indeks MLCX AmBank Commodity
positif berikutan dasar kerajaan mengakhiri halangan kenaikan
Alpha (MLCXAMB) mencatatkan prestasi berbeza berbanding
cukai penggunaan.
kedua-dua indeks dan meningkat 0.20% MoM pada akhir
Pada November dan Disember 2014, prestasi Singapura Real
Mac 2015. Secara tahunan, indeks prestasi YoY kekal dengan
daripada Mario Draghi meningkatkan spekulasi bahawa ECB
tekanan
jualan
memasuki
3QCY2014
Estate Investment Trusts (REIT) dipacu pengurangan kadar oleh
keuntungan 2.37%.
China serta penurunan hasil bon 10 tahun MAS manakala prestasi
Jepun dipacu kelewatan 18 bulan kenaikan cukai penggunaan
selain permintaan untuk diadakan pilihan raya segera. Prestasi
REIT Australia terus mendapat perhatian pelabur dengan hasil bon
10 tahun semakin mampat. Januari 2015 menyaksikan beberapa
dasar penggalak dibuat oleh China (memudahkan pinjaman dan
nisbah deposit); Jepun meluluskan stimulus ekonomi berjumlah
AS$29 bilion dan Eropah akhirnya mengumumkan Quantitative
Easing (QE). Pengumuman dasar tambahan di buat pada
Februari 2015 dengan China mengurangkan RRR sebanyak 50
asas mata (bps), MAS Singapura melonggarkan dasar terhadap
SGD dengan menurunkan keluk NEER. Kerajaan Singapura juga
meluaskan peraturan ketelusan cukai untuk merangkumi REITS,
menyingkirkan risiko insiden cukai korporat untuk REITS dengan
syarat sekurang-kurangnya 95% pendapatan diagihkan. REITS
Jepun mencatatkan prestasi lebih buruk berbanding TOPIX
disebabkan prospek kadar faedah jangka panjang yang tidak
menentu.
Pada Mac 2015 Norwegian Government Pension Fund Global
mengumunkan Tokyo dan Singapura sebagai sasaran hartanah
Asia. REITS Australia mencatatkan -2.1%, lebih rendah berbanding
ASX200. REITS Singapura +0.29% disebabkan kadar faedah
jangka panjang meningkat sepanjang bulan. REITS Jepun -2%
didorong risiko kenaikan kadar di AS dan jangkaan pemulihan
ekonomi domestik. Bagaimanapun REITS hotel jelas sebagai yang
mencatatkan prestasi lebih baik, selaras tema pilihan dalaman.
159
Butiran Prestasi Asas Indeks
Prestasi Sejak Permulaan
Tarikh
Permulaan
169.9859275.6397145.1062
31 Mac 2012
3.82%
1.58%
-2.21%
30 September 2012
2.51%
5.10%
2.34%
31 Mac 2013
3.14%
-2.10%
-5.26%
30 September 2013
3.58%
-9.10%
-12.40%
31 Mac 2014
3.33%
-4.04%
-7.29%
30 September 2014
4.72%
-14.17%
-18.20%
31 Mac 2015
5.78%
-28.27%
-32.38%
Prestasi Bulanan
Tarikh
Permulaan
30 September 2014
–––
-0.02%
-6.25%
-6.23%
31 Oktober 2014
0.06%
-0.75%
-0.81%
30 November 2014
0.20%
-3.87%
-4.07%
31 Disember 2014
0.76%
-6.87%
-7.63%
31 Januari 2015
-0.07%
-3.41%
-3.34%
28 Februari 2015
-0.13%
2.44%
2.57%
0.20%
-4.94%
-5.14%
31 Mac 2015
Prestasi Tahunan
Tarikh
160
Permulaan
–––
31 Mac 2012
2.11%
-14.47%
-16.31%
31 Mac 2013
-0.65%
-3.62%
-3.12%
31 Mac 2014
0.18%
-1.99%
-2.15%
31 Mac 2015
2.37%
-25.24%
-27.06%
Okt-10
Nov-10
Dis-10
Jan-11
Feb-11
Mac-11
Apr-11
Mei-11
Jun-11
Jul-11
Ogos-11
Sep-11
Okt-11
Nov-11
Dis-11
Jan-12
Feb-12
Mac-12
Apr-12
Mei-12
Jun-12
Jul-12
Ogos-12
Sep-12
Okt-12
Nov-12
Dis-12
Jan-13
Feb-13
Mac-13
Apr-13
Mei-13
Jun-13
Jul-13
Ogos-13
Sep-13
Okt-13
Nov-13
Dis-13
Jan-14
Feb-14
Mac-14
Apr-14
Mei-14
Jun-14
Jul-14
Ogos-14
Sep-14
Okt-14
Nov-14
Dis-14
Jan-15
Feb-15
Mac-15
Prestasi MLCXAMB Sejak Permulaan
106.0%
105.0%
104.0%
103.0%
102.0%
101.0%
100.0%
99.0%
(Sumber: Bloomberg)
- oleh AmBank (M) Berhad
161
HALAMAN INI
SENGAJA DIBIARKAN
KOSONG
Tinjauan Pelaburan
163
Tinjauan Pelaburan
Jangkaan Pasaran Ekuiti
pasca tren 09 membayangkan bahawa kadar pengangguran
Sambil kita melihat kepada tahun 2015, kami percaya ia akan
akan terus menurun dan berkemungkinan lebih rendah daripada
menjadi tahun yang tidak menentu dengan rantau-rantau
5.5% (secara teknikal penggajian penuh) sebelum akhir 2015.
menunjukkan paten yang sangat berbeza. Kisah untuk 2015
ialah kembali kepada penormalan untuk AS, pengembangan
pengeluaran ekonomi bagi Jepun, menangani deflasi di Eropah
dan permudahan kewangan di China. Penilaian sedikit tinggi
di sebahagian besar rantau menunjukkan kenaikan saham
akan bergantung kepada catatan keuntungan. Kuasa-kuasa
“deflationary” dari Jepun dan Eropah dijangka akan memaksa
mendapati ia bukan murah walaupun pertumbuhan 10% CAGR
EPS untuk tempoh 2 tahun akan datang. Bagaimanapun, equitiequiti AS sedang bersaing the ekuiti dan kelas aset rantau lain.
Justeru, ia perlu dinilai berdasarkan asas relatif. Dalam aspek ini,
kami percaya terdapat ruang peningkatan bagi ekuiti AS.
Fed untuk melambatkan peningkatan kadar ke akhir tahun 2015;
Eropah
justeru pandangan kami ialah kami percaya pasaran akan terus
Data terkini memberi kami asas terhadap unjuran optimistik
mencatatkan kenaikan pada separuh pertama dan ketidaktentuan
tetapi berhati-hati terhadap ekonomi rantau ini. GDP suku
akan dirasai pada peringkat akhir separuh tahun kedua.
ketiga menunjukkan kawasa euro (dengan dan tanpa Jerman)
Ekonomi China mencatatkan kelembapan tetapi tidak akan
berkembang pada at 0.6% suku ke suku dan 0.8% YoY.
mengalami kejatuhan sukar. Penilaiannya masih bersesuaian dan
Inflasi teras Euro adalah lebih rendah berbanding sasaran 2%
kami selesa dengan China. Mengenai komoditi, peningkatan
ECB tetapi berita yang baik adalah ia telah kembali stabil dan
bekalan dan pemintaan yang mendatar akan menyebabkan
menghampiri 1%. Berbanding dengan ECB, Rezab Persekutuan
harga terus lemah. Bagaimanapun kita perlu sedar bahawa semua
dan Bank of Jepun telah melaksanakan program pengembangan
pengbolehubah di atas adalah dinamik dan tidak statik. Kami
kunci kira-kira yang besar serta tidak pernah dilakukan sebelum
perlu peka dan menilai unjuran dengan kerap bagi mengubah
ini tetapi inflasi teras ekonomi-ekonomi terbabit tidak ketara.
peruntukan taktikal jika perlu.
Satu lagi perkara yang perlu diberi perhatian ialah sebahagian
AS
besar ekonomi Eropah dipacu oleh makanan dan tenaga. Dengan
Fed akan mengakhiri dasar kadar faedah sifar menjelang akhir
penurunan harga makanan dan tenaga, kami sangsi akan ada
2015 dan ia akan menjadi focus di kalangan pelabur-pelabur.
pihak yang akan merungut mengenai bil makanan dan tenaga
Peningkatan AS$ dibantu deflasi di Eropah dan ekonomi China
yang rendah. Ini juga akan meningkatkan penggunaan dan
yang lebih lemah akan menjadi factor untuk mengetatkan
keuntungan korporat walaupun upah adalah mendatar.
persekitaran monetari yang sekali gus menjejaskan sedikit
China
pertumbuhan. Justeru pandangan kami ialah kenaikan kadar
Baru-baru ini kita melihat penstabilan harga rumah dan
akan berlaku. Lebih-lebih lagi harga minyak yang rendah akan
peningkatan inventori rumah di 10 bandar terbesar yang
menyebabkan inflasi yang rendah.
menggalakkan. Walaupun PMI bukan pembuatan terus menurun,
Berita yang baik ialah kejatuhan harga minyak akan meningkatkan
kami mengesyaki kelembapan pertumbuhan berkemungkinan
perbelanjaan konsumer. Harga minyak telah susut sebanyak
mencapai peringkat mendatar. Pada masa hadapan, kami
30% dan dengan import minyak bersih pada 1.2% daripada
menjangkakan peningkatan dalam jualan rumah, perbelanjaan
GDP AS (sumber CSFB), ini mampu meningkatkan pertumbuhan
fiskal digandakan (membabitkan infrastruktur) dan dasar
sebanyak kira-kira 0.4%. Dengan komponen upah dan gaji indek
permunah monetari bagi meningkatan pembiayaan kredit. Kami
kos penggajian meningkat melebihi 2% (tertinggi sejak 2009)
berpendapat persekitaran monetari terlalu ketat dan tindakan
membayangkan terdapat peningkatan kuasa beli.
permudah baru-baru ini akan menjadi pemangkin kepada
Nisbah kekosongan berbanding pengangguran telah melepasi
164
Walaupun kami selesa dengan unjuran makro, penilaian-penilaian
pemulihan pasaran. Secara umum, pertumbuhan ekonomi
sebanyak 7% mungkin tidak terlalu membangkitkan kekaguman
berbanding beberapa tahun lalu, risiko penurunan adalah terhad
jika dasar yang betul dapat dilaksanakan.
mengelak berlakunya defisit berganda.
Walaupun terdapat konsensus bahawa peningkatan kadar
pertama akan berlaku pada September 2015 dan pada kadar
Daripada apa yang dapat kami telah daripada pengumuman-
yang beransur-ansur, kesan kadar faedah secara umum
pengumuman kerajaan, peningkatan pembelian domestik,
akan meningkat bagi tempoh masa sederhana dan panjang.
meningkatkan
dan
Bagaimanapun, dalam tempoh terdekat, ketidaktentuan hasil
bagi mencapai
bon, mata wang dan pasaran ekuiti dijangka akan meningkat
mengekalkan
pertumbuhan
reformasi,
kestabilan
yang
mewujudkan
menjadi
mampan.
objektif
pekerjaan
Bagaimanapun
rasional
kepimpinan yang percaya kadar GDP normal baru ialah kirakira 7% dan keupayaan ekonomi dalam mewujudkan peluang
pekerjaan adalah semakin baik sejak beberapa tahun lalu. Justeru
tiada keperluan bagi memacu pertumbuhan keterlaluan bagi
menyerap bekalan buruh.
dan Malaysia, yang menjadi sebahagian daripada pasaran baru
muncul, besar kemungkinan akan merasai kesannya.
Kestabilan harga minyak mentah mengurangkan tekanan
terhadap kewangan kerajaan tetapi hutang isi rumah yang
tinggi akan mengekang pertumbuhan perbelanjaan dalam
suasana perbelanjaan runcit yang berhadapan harga tinggi yang
Kami percaya peningkatan dalam saham China baru-baru ini
berpunca daripada pelaksanaan GST serta mata wang Ringgit
sebahagian besar didorong pembalikan daripada paras yang
yang lemah. Kami akan terus memberi perhatian kepada tren-
mendukacitakan berbanding peningkatan mengatasi unjuran.
tren utama yang akan memberi kesan kepada penggubal dasar
Justeru, sebarang pembetulan dilihat sebagai peluang untuk
dalam tempoh terdekat.
meningkatkan pendedahan. Untuk tempoh 6 bulan akan datang,
• Inflasi menyederhana – Kejatuhan harga minyak mentah
kami menjangkakan proses pembalikan berpotensi mencatatkan
terus memberikan kesan positif kepad inflasi. Sehingga
peningkatan dan tekanan penurunan hanya akan berlaku jika
Mac 2015, pertumbuhan CPI YoY Malaysia kekal di bawah
persekitaran-persekitaran berikut berlaku:
1%. Bagaimanapun, kesan sepenuhnya daripada GST
• Sambungan/penilaian tinggi
(berkuat kuasa 1 April 2015) dijangka akan dirasai dengan
• Mengetatkan dasar monetari
peningkatan inflasi tetapi dijangka akan kembali pulih
• Kejatuhan pertumbuhan global
selepas 6 bulan.
• Pelaburan sektor swasta – Pelaburan sektor swasta
Jangkaan Pasaran Pendapatan Tetap
(yang meningkat 13.9% pada 2014) telah menyokong
Ketika bank pusat di seluruh dunia terus mengambil pendekatan
pertumbuhan GDP Malaysia sejak pengenalan Program ETP
menyokong, International Monetary Fund memberi amaran
dan ia dijangka akan terus memberi kesan sama walaupun
ekonomi-ekonomi utama dunia untuk “bersedia untuk tempoh
berkemungkinan pada kadar lebih perlahan (pertumbuhan
kadar pertumbuhan rendah yang berpanjangan” yang mana
satu angka tinggi). Fokus pelaburan sektor swasta kekal
dilabel sesetengah ahli ekonomi sebagai “secular stagnation”.
dalam sektor pembuatan dan perkhidmatan yang lebih
China, contohnya, masih bergelut bagi mengelak pengecutan
berdaya maju berbanding sektor sumber.
besar membabitkan pertumbuhan potensi pengeluaran manakala
• Eksport – Eksport Malaysia akan mengalami tekanan
Amerika Syarikat sudah menunjukkan tanda-tanda pertumbuhan
dengan penurunan harga minyak mentah. Minyak mentah
yang lebih perlahan dengan GDP Q12015 berada pada 0.2%
dan produk petroleum secara bersama merangkumi 13.6%
YoY, jauh lebih rendah berbanding unjuran pertumbuhan 1%.
daripada keseluruhan eksport negara. Bagaimanapun apa
Sebagai dua rakan dagang terbesar Malaysia, pengecutan ketara
membabitkan kedua-dua ekonomi ini akan memberikan tekanan
kepada kerajaan dalam mencapai sasaran pengurangan defist
belanjawan yang penting dalam memberikan ruang kepada
kerajaan meningkatkan perbelanjaan ketika tempoh-tempoh
pertumbuhan yang perlahan. Selain itu, lebihan dagangan
Malaysia yang semakin mengecil membimbangkan kerajaan serta
yang menjadi perkara utama kepada prestasi eksport
Malaysia dalam tempoh terdekat ialah harga gas asli dan
minyak kelapa sawit yang telah menunjukkan ketahanan
dan/atau belum menggambarkan kejatuhan harga
minyak mentah
• Kelemahan Ringgit – Kejatuhan nilai Ringgit memberi
manfaat kepada pengeluar kita terutama dalam sektor
E&E. Dengan peningkatan persaingan dan permintaan
165
Tinjauan Pelaburan (Bersambung)
lebih tinggi produk elektronik terutama sensor yang
Kekukuhan USD menjadi salah satu halangan untuk GEMs
digunakan dalam industri auto, telefon pintar dan “tablet”,
yang secara tradisi lebih cenderung untuk bergelut berbanding
keuntungan yang diraih daripada sektor E&E mampu
pasaran-pasaran maju dalam persekitaran dolar yang mengukuh.
mengimbangi kelemahan daripada sektor sumber.
Unjuran USD kekal tidak menentu berikutan mata wang
Ketika kami terus memantau semua faktor-faktor di atas, kami
berpegang kepada pandangan bahawa BNM akan meneruskan
kecenderungan dalam mengekalkan pertumbuhan mampan
Malaysia berbanding inflasi. Kami juga memberi perhatian
terhadap kejatuhan berterusan rezab FC Malaysia disebabkan
pengaliran keluar modal telah meningkatkan kebimbangan akan
ketidaktentuan di pasaran modal. Bagaimanapun, terdapat bukti
dasar pelaburan asing jangka panjang akan kekal menyokong
pasaran serta melepasi impak jangka masa terdekat yang
berpunca daripada harga minyak mentah yang rendah serta
kejatuhan nilai Ringgit dan mengambil kira kekuatan asas
ekonomi Malaysia yang menurut Bank Negara masih mampu
berkembang antara 4.5%–5.5%.
Jangkaan Pasaran Dana AmMetLife Oasis
Islamic Equity
berkemungkinan mahu mengelak peningkatan berterusan
berikutan kesannya terhadap daya saing ekonomi negara itu.
Bagaimanapun, kami percaya aliran pengukuhan dolar akan
berterusan untuk sedikit masa lagi terutama dengan perbezaan
dasar monetari membabitkan negara maju. Kebelakangan ini,
prospek melambatkan kenaikan kadar telah mendorong kepada
kestabilan USD. Harga komoditi yang rendah dan potensi
perkembangan terhadap “re-synchronization” pertumbuhan
global akan menyokong pengeksport GEM walaupun eksport
komoditi terus mengalami tekanan berikutan perubahan
ekonomi yang sedang berlaku di China. Perlu dinyatakan cabaran
yang dihadapi GEMs telah diambil kira dalam penentuan harga
dan paras kelembapan pelabur telah menjadi keterlaluan; Indeks
MSCI EM kekal dalam lingkungan sejak 2010 dan kini telah
mengatasi tempoh kelembapan paling panjang sebelumnya
berbanding indeks MSCI World selama 52 bulan pada akhir
1990-an. Ini mendorong kepada penilaian yang menarik dan
GEMs diniagakan pada diskaun terbesar berbanding S&P 500
Dana Sasaran Akhir: Dana Oasis Crescent Global Equity
untuk tempoh lebih 10 tahun. Secara keseluruhan, kami sedar
Pasaran-pasaran ekuiti global tidak menunjukkan pergerakan
pemantulan dalam GEMs baru-baru ini dan unjuran GEMS kekal
yang besar berbanding suku sebelumnya. Bagaimanapun,
konstruktif, walaupun kami tidak menjangka ini ialah permulaan
ketidaktentuan telah meningkat dengan mendadak. Ekuiti-ekuiti
kepada “bull run” berpanjangan berikutan terlalu banyak
pasaran baru muncul terus ketinggalan berbanding pasaran
ketidaktentuan. Portfolio kami dilaburkan sepenuhnya pada beta
maju, diburukkan dengan harga minyak yang mendukacitakan,
di bawah 1 tetapi kekal “underweight” untuk sektor-sektor yang
penilaian semula mata wang, risiko politik dan sosial. Pada
lebih berkitar (cyclical).
masa sama, prospek ekonomi pasaran maju telah menunjukkan
pemulihan dan menarik kemasukan aliran. Syarikat-syarikat
di pasaran baru muncul secara agregat terus meningkatkan
kunci kira-kira, dan berbeza di pasaran maju dan dengan kadar
pusingan pemulihan yang dijangkakan, permintaan untuk
kaunter yang berkualiti dengan kunci kira-kira kukuh dijangka
akan meningkat.
Jangkaan Pasaran Dana AmMetLife
Global Agribusiness
Dengan musim penanaman di hemisfera utara semakan hampir,
Jangkaan Pasaran Dana AmMetLife Global
Emerging Market
166
itu telah mengukuh dengan nyata dan pihak berkuasa AS
petani sedang membuat keputusan jenis tanaman yang akan
dipilih, seterusnya menentukan jenis benih yang akan dibeli selaun
campuran nutrien dan kimia tanaman yang akan digunakan.
Kami telah membincangkannya sebelum ini bahawa sebahagian
Dana Sasaran: AmGlobal Emerging Markets Opportunities
besar petani mempunyai kunci kira-kira yang sangat kukuh dan
Dana Sasaran Akhir: Schroders ISF Global Emerging walaupun dalam persekitaran pertanian komoditi semasa masih
manpu mencapai keuntungan yang kukuh.
Di AS, dijangka petani akan menyemai kira-kira 89 juta ekar
membayar lebih bagi mendapatkan produk nutrien dan kesihatan.
dengan jagung, sedikit rendah (2%) daripada paras teringgi tahun
Pelaburan kami antaranya dalam Panera, Ebro Foods, TreeHouse,
lalu. Ekar tanaman kayang soya akan meningkat sedikit walaupun
ConAgra, The Fresh Market, Select Harvest dan Noodles boleh
peningkatan yang lebih nyata dijangkakan untuk barli, sorgum
terbabit dalam tren yang berterusan ini.
dan bunga matahari. Semua tanaman ini akan memberikan kesan
positif kepada industri biji benih dan nutrien dan pengeluar kimia
berikutan benih jagung mendapat harga premium disebabkan
teknologi tinggi yang digabungkan. Tanaman ini juga pembajaan
yang intensif. Selain itu, daripada perspektif global, petani
berada pada kedudukan yang lebih baik berbanding beberapa
bulan lalu. Penurunan nilai mata wang di Brazil, Argentina, dan
Rusia tidak diikuti dengan kejatuhan harga komoditi. Justeru,
petani-petani di rantau-rantau ini akan menikmati pertumbuhan
keuntungan berikutan kos mereka adalah dalam mata wang
tempatan manakala harga hasil pengeluaran mereka ditetapkan
dalam dolar.
Precious Metals
Dana Sasaran: AmPrecious Metals
Dana Sasaran Akhir: Dana DWS Noor Precious
Metals Securities
Mengikut pandangan kami, pertumbuhan elusif di Jepun,
pasaran-pasaran baru muncul dan kini Eropah, akan kekal elusif
berikutan kadar terlalu rendah dengan hampir tiada ruang
untuk menunjukkan pertumbuhan. Kami percaya sekiranya Fed
menaikkan kadar, kita akan menyaksikan peningkatan lebih besar
Bagaimanapun bukan semua kawasan di AS yang beroperasi
nilai USD berbanding mata wang-mata wang lain. Pengukuhan
dalam suasana sama tahun ini. California sedang mengalami
tambahan USD akan merosakkan imbangan bayaran dan
musim kering untuk tahun keempat berturut-turut dan
menjejaskan pertumbuhan ekonomi yang sangat diperlukan.
penggubal undang-undang di negeri itu telah meluluskan
Kekukuhan USD akan memberi manfaat kepada negara-negara
perbelanjaan kemarau berjumlah $1 bilion. Taburan hujan
yang mengeksport dalam USD, tetapi masalahnya terletak pada
yang mencapai rekod terendah dan salji terhad semasa musim
tempoh dagangan berkenaan. Jika keperluan pinjaman negara-
sejuk menyebabkan empangan hanya separuh penuh. Kira-kira
negara pengeksport tidak menurun secukupnya, atau inflasi
80% daripada bekalan air California disalurkan kepada industri
semakin nyata berikutan kejatuhan nilai mat wang, kawalan
tenusu dan daging, tanaman khusus serta sayuran yang bernilai
modal mungkin perlu dilaksanakan. Selain itu, banyak negara
$48 bilion. Negara seperti Australia dan New Zealand yang
pengeksport baru muncul (contohnya Rusia) sedang mengalami
mengeluarkan tanaman bercampur mungkin terpaksa membantu
kejatuhan besar harga eksport komoditi (seperti minyak) yang
jika pengeluaran terjejas.
mana penilaian semula mata wang memberi tekanan kepada
Kepada pengguna, penggabungan dan pengambilalihan terus
mendapat perhatian dan kali ini membabitkan Warren Buffet dan
3G dalam penggabungan Heinz/Kraft. Pasaran menyabut baik
pengambilalihan ini berikutan kenyataan pengurusan bahawa
sinergi besar dapat dicapai menerusi program pengurangan
GDP. Dalam kes-kes penyusutan ketika kejatuhan harga
eksport, kesan utama ialah ekonomi yang lebih lemah berikutan
penerimaan pembayaran dalam mata wang sukar didapati dan
keperluan untuk meminjam akan memerlukan hasil yang tinggi
bagi menarik kemasukan modal.
kos yang besar serta keupayaan mengguna pakai kuasa kuasa
Pengukuhan USD juga menjadi masalah kepada ekonomi AS
runding dengan peruncit. Apa yang menarik, kedua-dua Heinz
berikutan eksport yang lemah akan memberi tekanan kepada
dan Kraft terdedah kepada sektor pertumbuhan yang sangat
pertumbuhan ekonomi. Pertumbuhan ekonomi AS sudah mula
terhad yang cenderung terhadap kadar pertumbuhan pasaran
dipersoalkan selepas kejatuhan harga minyak. Walaupun harga
makanan maju yang lebih besar. Walaupun kami melihat nilai
rendah di pam menyokong pembelian pengguna, kami belum
dalam penggabungan seperti ini, ia adalah jelas banyak jenama
dalam memahami implikasi menyeluruh daripada harga minyak
kebangsaan berhadapan masalah-masalah tersembunyi yang
yang rendah terhadap AS yang telah menyaksikan pengeluaran
besar. Persaingan daripada label persendirian dan makanan
minyak meningkat sekali ganda dalam tempoh 6 tahun.
organik
syarikat-syarikat
Sekiranya harga minyak kekal pada paras lemah semasa, kami
ini. Pengguna berbelah bahagi dengan sebahagian besar
menjauhkan
pengguna
daripada
menjangkakan kejatuhan pengeluaran dan kehilangan pekerjaan
memfokuskan kepada nilai manakala selebihnya sanggup untuk
dalam sektor berkaitan hidrokarbon. Selain itu pengukuhan
167
berlebihan USD bersama pengaliran keluar modal dari EUR dan
modal mengalir keluar dari Euro. Permintaan untuk mata wang
pasaran baru muncul mungkin mendorong AS untuk menimbang
bukan EU adalah sangat tinggi sehingga peningkatan bon
semula QE tambahan. Sekiranya QE baru diperkenalkan oleh
menyebabkan pulangan negatif. Kami percaya ini adalah penting
Fed AS selepas penamatan baru-baru ini, kami percaya krisis
kerana ini menunjukkan permintaan kukuh untuk destinasi
kepercayaan akan menjelma dalam pasaran dengan bank pusat
pelaburan selamat.
di serata dunia dan mata wang FIAT akan berhadapan tekanan
yang besar.
kejutan kepada pas¬aran) pakej QE ini akan kurang berkesan
Emas
disebabkan hasilnya yang sangat rendah di kalangan EU dan
Enam bulan akhir 2014 menghidangkan persekitaran yang
negatif untuk mata wang negara Eropah bukan EU. Dengan
mencabar untuk keseluruhan sektor emas dan logam berharga,
mengambil kira hasil negatif dan sangat rendah persekitaran
sekali gus menamatkan pemulihan yang dilihat sepanjang 1H
Eropah, hasil 0 bagi emas secara relatifnya adalah lebih baik dan
2014. Pada November 2014, cabaran jangka pendek kekal
tumpuan dagangan selamat akan membabitkan USD, emas dan
mencabar untuk emas pada ketika Jepun dan Eropah berhadapan
mata wang negara bukan EU.
cabaran mencapai pertumbuhan yang elusif serta terus bertindak
atau menimbang QE tambahan. Emas juga merasai kesan
keputusan OPEC untuk tidak mengurangkan pengeluaran pada
27 November dan jualan besar-besar minyak mentah (jualan
minyak meningkat lebih 10% sehari selepas mesyuarat OPEC),
dan pengukuhan berterusan USD. Kami melihat penamatan
QE di AS, aliran keluar modal, pengurang hasil yang besar
membabitkan pasaran EU, dan ketidakseimbangan dagangan
antara AS dan rakan dagangannya, semua ini menjurus kepada
peningkatan risiko pada 2015 yang mana kita sudah mula
menyaksikan perbelanjaan sektor minyak mula dikurangkan.
Ekuiti Emas
Ekuiti emas dan logam berharga berhadapan cabaran pada akhir
2014 apabila keseluruhan pasaran emas dan logam berharga
gagal mencari hala tuju. Dagangan “risk-on, risk-off” berlanjutan
sejajar data ekonomi AS yang lebih baik. Seperti dijangkakan Fed
menamatkan QE oada Oktober. Ini disusuli dengan penurunan
EUR dan peningkatan nyata bagi merangsang ekonomi Jepun
yang telah menguncup sejak suku kedua. BOJ mengumumkan
tambahan besar kepada program rangsangan serta peningkatan
peruntukan pencen bagi ekuiti pada 31 Oktober yang mana
prospek kenaikan kadar mula memberi tekanan terhadap emas.
Pengaliran keluar modal sebelum pelaksanaan pelan QE
Aliran keluar ETF emas berterusan berikutan pemintaan kepada
ECB yang bermula pada 9 Mac 2015. Presiden ECB Mario
dolar berbanding kelemahan EUR dan JPY. Pada Januari 2015,
Draghi mengumumkan strategi QE besar-besar bermula Mac
prestasi ekuiti emas dan logam berharga lain dilihat selari dengan
2015 hingga September 2016 membabitkan lebih $1 trilion
prestasi USD, tetapi dengan pantas susut dan ia telah berterusan
pembelian bon. Dengan berlatarbelakangkan senario ini,
sejak suku kedua 2014 terutama dengan pengukuhan berterusan
adalah menjadi pandangan kami bahawa emas dan USD akan
USD serta tekanan akibat jualan besar-besar minyak yang mula
menjadi sebahagian sasaran untuk pelaburan dagangan selamat
memberi kesan kepada emas.
terutama dengan hasil di Eropah, terutama dengan CHF, telah
menjadi negatif berikutan aliran keluar modal. Kebiasaannya,
kami akan bertelingkah bahawa QE adalah lebih mutlak terhadap
risiko dagangan. Walaupun kami menjangkakan terdapat sedikit
risiko terhadap dagangan sebaik QE bermula, kami mengiktiraf
pergerakan besar CHF dalam satu hari berbanding USD (+17.6%)
dan EUR (+18.8%) selepas Swiss National Bank menggugurkan
penetapan kepada EUR. Pengguguran penetapan ini, yang
dilaksanakan sejak 2011, menyebabkan peningkatan permintaan
untuk CHF. Kami berpendapat kesan lebih besar selepas
pergerakan dalam CHF serta negara bukan Kesatuan Eropah
(EU) lain (seperti Denmark, Iceland, dan Sweden) membayangkan
status negara-negara ini sebagai “destinasi mata wang” apabila
168
Kami percaya dengan perkembangan terbaru ini (iaitu bukan satu
Tactical Bond
Dana Sasaran: Dana AmTactical Bond
Senario ekonomi global yang bergerak pada dua kelajuan berbeza
akan beterusan berikutan Fed AS kekal pada landasan untuk
menaikkan kadar faedah pada 2H2015 manakala sebahagian
lain dunia kekal lembab. People’s Bank of China (PBOC) di China
contohnya mengumumkan pemotongan kadar faedah sebanyak
25 asas mata (bp) berbanding penanda aras deposit dan kadar
pinjaman berkuat kuasa 1 Mac 2015. Bukan sahaja tindakan
ini lebih awal daripada jangkaan pasaran, terdapat beberapa
pertumbuhan mampan dengan permintaan domestik dan
andaian bahawa PBOC akan terus melaksanakan dasar monetari
pelaburan swasta menjadi pemacu utama pertumbuhan.
yang longgar dengan mengurangkan kadar faedah penanda aras
Pada ketika ini, unjuran pertumbuhan ekonomi kerajaan pada
sebanyak dua kai dan RRR sebanyak tiga kali untuk bagi tahun
4.5–5.5% kekal tidak berubah walaupun berhadapan cabaran-
berkenaan.
cabaran yang dinyatakan di atas.
Dasar monetari membabitkan dua ekonomi terbesar dunia
Ketika kami terus memantau semua faktor-faktor di atas, kami
memberikan kesan kepada ekonomi Malaysia. Selain berhadapan
berpegang kepada pandangan bahawa BNM akan meneruskan
dengan hutang isi rumah yang tinggi, dagangan global yang
kecenderungan dalam mengekalkan pertumbuhan mampan
lemah dan kejatuhan harga minyak mentah, penggubal dasar
Malaysia berbanding inflasi. Dengan lebih banyak bank pusat turut
Malaysia mengakui akan cabaran lebih besar pertumbuhan
serta dalam melaksanakan pemudahan monetari, kemungkinan
GDP pada masa hadapan. Faktor-faktor berikut akan diberikan
pemotongan kadar faedah oleh BNM turut meningkat dengan
perhatian untuk tempoh enam bulan akan datang:
JP Morgan menjadi firma pertama meminta pemotongan kadar
• Inflasi menyederhana – Kejatuhan harga minyak mentah terus
faedah seawal suku kedua 2015. Untuk bulan-bulan akan datang,
memberikan kesan positif kepada inflasi. Sehingga Januari
pasaran-pasaran global akan terus melihat sama ada kejatuhan
2015, indeks CPI susut kepada 1% YoY yang secara tidak
harga minyak telah berakhir dan kembali stabil di antara USD50
langsung menguntungkan konsumer dalam meningkatkan
– USD60, tindakan lanjut yang bakal diperkenalkan oleh China
kuasa beli sebenar. Walaupun pelaksanaan GST bulan
untuk menyokong pertumbuhan ekonomi dan bila AS akan
hadapan akan meningkatkan inflasi ia dijangka akan kembali
melaksanakan kenaikan kadar. Semua peristiwa ini akan terus
pulih selepas 6 bulan.
mempengaruhi hala tuju penggubal dasar dan pasaran modal
• Pelaburan sektor swasta – Pelaburan sektor swasta (yang
meningkat 11% pada 2014) telah menyokong pertumbuhan
GDP Malaysia sejak pengenalan Program ETP dna ia dijangka
akan terus memberi kesan sama walaupun berkemungkinan
pada kadar lebih perlahan (pertumbuhan satu angka tinggi).
Fokus pelaburan sektor swasta kekal dalam sektor pembuatan
dan perkhidmatan yang lebih berdaya maju berbanding sektor
sumber.
• Eksport – Eksport Malaysia akan mengalami tekanan dengan
penurunan harga minyak mentah. Minyak mentah dan
produk petroleum secara bersama merangkumi 13.6%
daripada keseluruhan eksport negara. Bagaimanapun apa
yang menjadi perkara utama kepada prestasi eksport Malaysia
dalam tempoh terdekat ialah harga gas asli dan minyak kelapa
sawit yang telah menunjukkan ketahanan dan/atau belum
menggambarkan kejatuhan harga minyak mentah.
• Kelemahan Ringgit – Kejatuhan nilai Ringgit memberi manfaat
kepada pengeluar kita terutama dalam sektor E&E. Dengan
peningkatan persaingan dan permintaan lebih tinggi produk
elektronik terutama sensor yang digunakan dalam industri
auto, telefon pintar dan “tablet”, keuntungan yang diraih
daripada sektor E&E mampu mengimbangi kelemahan
daripada sektor sumber.
Malaysia.
Jangkaan Pasaran Dana AmMetLife Asia
Pacific REITS
Data penggajian AS terbaru meningkatkan kecenderungkan Fed
akan melambatkan kenaikan ke 2016. Persekitaran monetari
kekal kondusif untuk ekuiti yang menyokong pandangan “prorisk”. Zon Euro bagaimanapun akan meraih manfaat daripada
harga minyak yang rendah, mata wang yang lemah, pengurangan
pendekatan jimat cermat dan pertumbuhan kredit negatif
kepada sedikit positif adalah dorongan kepada pandangan
lebih optimistik untuk jangka masa terdekat walaupun wujud
kebimbangan terhadap deflasi jangka panjang. GDP 1Q15 China
adalah terendah sejak 2010 tetapi masih dalam unjuran berikutan
ia sebahagian daripada proses “normalization” Objektif-objektif
utama kerajaan ialah meluaskan reformasi, mewujudkan
pekerjaan dan mengekalkan kestabilan. Dasar permudah
dan pemotongan langsung dijangka mengubah persekitaran
monetari yang ketat sebelum ini. Peruntukan portfolio selalunya
dijadikan “weighting” kepada penanda aras sesebuah negara.
Persekitaran kadar faedah rendah di Australia menjadikan kelas
Walaupun cabaran tempoh terdekat terus mencabar, BNM
aset seperti REITS yang menjana hasil tinggi mendapat perhatian di
masih menjangkakan ekonomi Malaysia akan terus mencatatkan
kalangan pelabur. Di Jepun, seperti juga di Australia, persekitaran
169
rendah kadar faedah mendorong permintaaan kepada kelas aset
terburuk dalam empat dekad. Petani merekodkan tuaian gandum
dengan hasil tinggi. Terdapat juga peningkatan yang disebabkan
tertinggi baru berdasarkan data kerajaan AS. International Grains
oleh pemulihan ekonomi yang dipacu oleh dasar monetari dan
Council meningkatkan unjuran hasil jagung dunia. Thailand pula
fiskal. Singapura kekal sebagai sasaran portfolio bukan hanya
bersedia melepaskan bekalan tambahan dalam pasaran yang
kerana “weighting” tetapi juga kestabilan pasaran. Ia juga
sememangnya terlebih bekalan manakala hujan telah membantu
meraih manfaaft daripada pemulihan ekonomi global berikutan
pengeluaran kacang soya di Brazil. Kebanyakan bahan mentah
pendedahannya kepada aktiviti ekonomi luar. Strategi ini dijangka
berada dalam pasaran lemah. Bloomberg Commodity Index susut
berterusan untuk setiap negara kecuali berlaku sesuatu di luar
untuk tujuh bulan berturut-turut, tempoh terpanjang sejak 2009.
jangkaan yang mengubah landskap makro. Pembetulan pasaran
Kejatuhan minyak disebabkan pengurangan kos dan sekali gus
juga mempersembahkan peluang untuk membuat pelaburan
menggalakkan pengeluaran tambahan dalam pasaran global
yang mana pertumbuhan dijangkakan mampan.
yang sememangnya berhadapan lebihan.
Dalam sektor pertanian, minyak kepada sawit naik sebanyak
9 hari pada akhir 2014, peningkatan paling panjang dalam
Jangkaan Pasaran AmMetLife Commodity
Stable CGF
Jika dilihat pada tahun-tahun lalu, pasaran komoditi berterusan
rendah dengan kadar kejatuhan meningkat sejajar dengan
pertumbuhan global. Dan dengan Fed AS mula menamatkan
Program QE yang telah menaikkan harga komoditi berikutan
kehadiran kecaiaran murah sejak beberapa tahun lalu.
selain pengurangan pengeluaran mengikut musim di negara itu.
Emas dan perak susut ke tahap terendah sejak 2010 sejajar
pengukuhan dolar selepas Bank of Japan meningkatkan
program rangsangan secara mengejut dan Rezab Persekutuan
menamatkan pembelian aset. Emas memadamkan peningkatan
pada 2014 pada 30 Oktober, selepas GDP AS mengatasi jangkaan.
Tahun ini diakhiri dengan kejatuhan besar harga minyak mentah
Emas mengakhiri Oktober dengan kejatuhan sebanyak 5.5%,
yang mendorong kepada tren kejatuhan harga komoditi untuk
kejatuhan terbesar sejak September 2013. Emas meningkat
keseluruhan 2014 dan awal 2015. Minyak mentah susut ke
70% dari Disember 2008 hingga Jun 2011 apabila Fed membeli
tahap terburuk sejak 2008 berikutan lebih pengeluaran menarik
hutang dan mengekalkan kos pinjaman pada kadar hampir sifar
kejatuhan komoditi untuk tahun keempat berturut-turut. Minyak
menerusi program pembelian aset.
mentah West Texas Intermediate jatuh 2.3% kepada $52.89
setong Indeks Bloomberg Commodity Index yang memantau
22 barangan susut 0.8% untuk kejatuhan 16% pada 2014.
Kejatuhan 45% minyak mentah tahun ini, didorong pengeluaran
tertinggi oleh AS dalam tiga dekad dan keengganan OPEC
untuk menggurangkan pengeluaran mengejutkan pasaran. Ini
mendorong pelabur untuk menilai semula harga-harga aset.
Untuk bijirin, krisis Ruble Rusia menjejaskan pasaran gandum
global. Dengan kejatuhan berterusan mata wang Rusia ke
paras terendah berbanding dolar pada akhir 2014, disebabkan
sekatan ekonomi yang dikaitkan dengan persengketaan di
Ukraine, negara itu memperlahankan eksport gandum dengan
tujuan meningkatkan simpanan dan mengekalkan harga pasaran
tempatan. Dengan Rusia sebagai pengeksport gandum keempat
terbesar di dunia, ini meningkatkan kebimbangan bekalan
global. Ini sekali gus meningkat niaga hadapan gandum ke tahap
tertinggi sejak Mei. Peningkatan lebihan gandum pada permulaan
2015 mendorong kejatuhan harga komoditi ini ke tahap terendah
sejak 2010. Niaga hadapan gandum bermula pada paras
170
sedekad berikutan banjir di Malaysia menjejaskan penuaian
Menurut mereka yang terlibat di pasaran, disebabkan kos tenaga
merangkumi hampir separuh kos bagi mengeluarkan makanan
dan logam, semua komoditi akan terus susut disebabkan harga
minyak rendah. Dengan inventori berlebihan dan kelembapan
ekonomi seperti di China dan penurunan permintaan, jagung
mungkin akan susut sebanyak 3% lagi, kapas 6.5% dan emas 5%.
(Sumber: Bloomberg)
Strategi Pelaburan
171
Strategi Pelaburan
Strategi Pelaburan Ekuiti
kecuali Singapura, India dan Taiwan. Secara keseluruhan, 2015
2015 bukan tahun yang mudah. Kami percaya prestasinya adalah
bukan tahun yang mudah walaupun terdapat tanda-tanda
pelaburan tekanan pangkal disebabkan jangkaan peningkatan
positif seperti data makro, tekanan deflasi disebabkan harga
hasil
ini,
komoditi dan minyak yang rendah akan memacu penggunaan
pengukuhan USD dan kelemahan harga komoditi. Kebimbangan
dan pendapatan. Kami tidak menjangkakan penurunan gred
makro yang berpanjangan akan menjejaskan pengembangan
pendapatan kecuali untuk Korea, Thailand dan Malaysia.
Perbendaharaan
pada
bahagian
kedua
tahun
PER dan kerana itu, negara dengan PER di atas purata (mean)
iaitu Indonesia, Thailand dan Filipina akan ketinggalan. Negara
dengan tekanan inflasi berikutan import komoditi seperti India,
Korea dan China, akan meraih manfaat. Bagaimanapun, untuk
India, gandaan PE adalah di atas purata. Dengan ROE yang
tinggi, kejatuhan harga komoditi, demografik yang baik, unjuran
Walaupun pertumbuhan GDP yang selesa sejak tiga tahun lalu,
pertumbuhan pendapatan sangat mendukacitakan pada satu
angka yang rendah. Walaupun terdapat pemulihan pasaran,
penilaian hanya berada dalam kawasan neutral.
politik lebih baik, penurunan defisit akaun semasa dan langkah
ETP direncana untuk menjadikan Malaysia negara berpendapatan
permudah monetari, PE tinggi berganda akan mampu disokong
tinggi tetapi menangani transformasi pengeluaran modal insan
ketika ini.
dan berasaskan pengetahuan bukan mudah kerana banyak
Kami juga bimbang dengan beberapa isu politik.
yang perlu dilakuan. Isu-isu seperti penghapusan subsidi
minyak walaupun perlu, adalah berbentuk taktikal dan isuisu
Indonesia
jangka panjang perlu ditangani atau berhadapan kemungkinan
Pentadbiran Jokowi mungkin tidak mempunyai mandat umum
kehilangan FDI yang akan mengalir ke negara-negara jiran.
di parlimen untuk melaksanakan pelbagai perubahan dan
Aliran keluar FDI mengatasi kemasukan dan akan menjejaslan
berkemungkinan menghabiskan tenaga untuk menyakinkan
imbangan bayaran terutama dengan harga minyak yang rendah
pembangkang akan kebaikan perubahan-perubahan ini.
serta pengakuan kesilapan dan pengakuan di dalam akaun.
Thailand
Dengan harga minyak yang lemah, kami percaya peningkatan
Tidak jelas jenis sistem perundangan dan pentadbiran menjelang
adalah terhada berdasarkan kontrak hadapan minyak. Risiko
2016. Kedua, kebanyakan pelaburan infrastruktur telah ditunda
pengurangan fiskal meningkat jika harga minyak mentah Tapis
dan akan menjejaskan daya saingnya. Adalah tidak jelas sama
susut di bawah USD65 yang mana perolehan kerajaan akan
ada perubahan politik dan infrastruktur akan dilaksanakan
terjejas teruk dan tidak dapat diatasi dengan penghapusan
dengan bersungguh-sungguh seperti yang dijangka sebelumnya.
subsidi. Walaupun kerajaan boleh menunda beberapa projek
Korea
Kebimbangan utama ialah daya saingnya berbanding China
(produk kategori bawah hingga pertengahan) dan Jepun
(produk tinggi selain kelemahan Yen). Keengganan konglomerat
untuk meningkatkan nisbah pembayaran dividen oleh kerajaan
mendukacitakan pelabur. Korea Inc harus melaksanakan program
yang lebih baik bagi menggalakkan tadbir urus korporat yang
pembangunan, adalah lebih baik mengetatkan isu operasi
berkaitan perbelanjaan seperti yang dinyatakan dalam laporan
Ketua Audit Negara. Mesej utama ialah dengan persekitaran
harga minyak rendah, perancangan berhemah dan pelaksanaan
operasi yang lebih baik diperlukan bagi memastikan kesihatan
fiskal Malaysia. Kegagalan melakukan semua ini akan mendorong
kepada penghijrahan warga asing dalam MGS.
lebih baik serta menggalakkan rantaian bekalan SME yang lebih
Dengan pelaksanaan GST, pengurangan subsidi dan penundaan
bertenaga seperti di Taiwan.
pelaksanaan fiskal, unjuran pendapatan menjadi tidak menentu.
Berdasarkan unjuran pendapatan, penurunan gred pada 2015
di Asia Pasifik kecuali Jepun berlaku di hampir semua negara
172
Malaysia
Berdasarkan persetujuan, jangkaan untuk tempoh dua tahun
akan datang ialah pertumbuhan 9% setahan. Dengan tiada
ruang kepada peluasan PER, pendapatan menjadi kunci utama.
Strategi kami untuk 2015 akan difokuskan kepada syarikat
kekal mampan ketika persekitaran ekonomi yang mencabar
dengan pertumbuhan pendapatan stabil seperti pembinaan
dan mencatatkan pertumbuhan pendapatan sebenar untuk
dan penjagaan kesihatan. Kami juga akan memilih syarikat yang
tempoh jangka panjang. Portfolio dagangan kami didagang pada
memberikan dividen baik seperti telekomunikasi dan yang akan
diskaun yang besar berbanding pasaran ekuiti global dan mampu
meraih manfaat daripada reformasi seperti Tenaga (rasionalisasi
menjana ROE tinggi yang mampan dalam kitaran ekonomi serta
tarif elektrik).
mewujudkan kekayaan sebenar kepada pelanggan kami untuk
Walaupun Malaysia lebih murah berbanding jiran ASEAN lain
kecuali Singapura, kebimbangan utama kami ialah pendaptan
tempoh jangka panjang.
yang mendukacitakan. Penghasilan peringkat atas dijangka sukar
daripada eksport minyak dan dan komoditi. Untuk ketika ini,
Strategi Pelaburan Dana AmMetLife Global
Emerging Market
kami menjangkakan menjelang akhir tahun 2015 sasaran KLCI
Dana Sasaran: AmGlobal Emerging Markets ialah pada 1850, tetapi kami harus menekankan bahawa visibiliti
Opportunities
masa hadapan ketika ini sangat lemah.
Dana Sasaran Akhir: Schroders ISF Global Emerging disebabkan kita menerima kesan daripada terma yang rendah
Strategi Pelaburan Pendapatan Tetap
Dengan jangkaan inflasi yang sederhana, pertumbuhan ekonomi
yang perlahan dan kurang keghairan tahun ini, kami percaya
OPR dijangka kekal pada tahap 3.25%. Jika data ekonomi
terus menunjukkan kelemahan tambahan, kami tidak menolak
kemungkinan BNM akan mengurangkan kadar faedah.
Kami juga berhati-hati aspek struktur bagi pasaran tempatan
dan global yang masih merasai ketidaktentuan terutama dengan
jangkaan peningkatan kadar faedah oleh Fed AS pada masa
terdekat serta unjuran kejatuhan Ringgit.
Pasaran utama kami ketika ia bermula pada April 2015 ialah
China, Hungary, India, Korea Selatan, Thailand, Turki dan UAE.
Kami telah memasukkan semula Thailand selepas model sukuan
menunjukkan “overweight” berikutan pemulihan dalam angka
risiko dan pertumbuhan.
Di China, penilaian adalah menarik dan ekonomi yang stabil,
digabungkan dengan agenda perubahan yang menggalakkan.
Di Hungary, penilaiannya adalah menarik dengan pasaran
menawarkan pertumbuhan pendapatan yang kukuh. Pasaran
India dinilai sepenuhnya tetapi ekonomi asas menunjukkan
Berdasarkan ujuran tidak menentu ini, kami cenderung untuk
tanda-tanda pemulihan tambahan serta penerimaan berterusan
melabur dalam terbitan baru bagi meraih hasil lebih menarik
kepada agenda reformasi kerajaan. Walaupun wujud sedikit
serta mengambil tindakan taktikal.
kebimbangan terhadap ESG, pasaran Korea Selatan sangat
Untuk Dana Balanced dan Dana Teguh
menarik dan akan meraih manfaat daripada pemulihan
Dengan mengambil kira unjuran pasaran di atas, kami akan
pertumbuhan global. Turki menikmati penilaian yang menarik
mengekalkan peruntukan aset dalam perndapatan tetap ke
walaupun pasaran di negara itu peka terhadap dasar monetari AS
tahap minimum dan lebih kepada ekuiti.
berikutan defisit akaun semasa yang tidak dibiaya dengan baik.
Strategi Pelaburan Dana AmMetLife Oasis
Islamic Equity
Dana Sasaran Akhir: Oasis Crescent Global Equity
Kami telah mengekalkan pelaburan dalam syarikat-syarikat
berkualiti tinggi yang mempunyai daya saing kukuh, serta
Kami juga peka akan risiko politik di Turki sebelum pilihan raya
umum pada Jun 2015. Di UAE, kami percaya pasaran ekuiti telah
merasai impak keterlaluan daripada kejatuhan harga minyak dan
fundamentalnya tetap kukuh. Thailand menawarkan penilaian
yang munasabah dan ekonominya semakin pulih walaupun
terdapat ketidaktentuan politik.
mampan ketika melalui kitaran ekonomi Kami percaya syarikat-
Strategi Pelaburan Dana AmMetLife
Global Agribusiness
syarikat dengan kunci kira-kira dan aliran tunai kukuh dapat
mampu mencatatkan Pulangan atas Ekuiti (ROE) tinggi serta
173
Strategi Pelaburan (Bersambung)
dan skala ekonomi menggunakan tanah sedia ada dengan
Sejak 12 bulan lalu, strategi Global Agribusiness meraih manfaat
mengoptimumkan
daripada prestasi tema-tema di bawah sektor konsumer seperti:
penilaian kepada aset nilai bersih dilakukan dan telah menjadi
makanan organik (SunOpta, Royal Wessanen ), campuran
pemacu kepada pelaburan tahun lalu. Teknologi perniagaan
(Senomyx, Frutarom), jenama persendirian (Conagra, TreeHouse),
pertanian tertentu baru seperti bioteknologi pertanian (Syngenta,
dan pemprosesan perdana (Hillshire, Post Holdings). Pada ketika
KWS Saat) tidak mencatatkan prestasi seperti yang dijangkakan
makanan organik menunjukkan aliran terhadap kesedaran
disebabak kelewatan pengenalan produk baru serta tersasar
kualiti, aspek kesihatan dan kelestarian makanan selain jenama
sedikit daripada sasaran keuntungan. Boleh dilihat bahawa
persendirian yang memehuhi pasaran lebih rendah daripada
sebahagian besar prestasi yang negatif bukan disebabkan
segmen makanan dunia yang lebih maju. Jenama persendirian
tema yang dipilih tetapi berpunca daripada sekuriti dengan
atau jenama sendiri terkenal di kalangan konsumer Eropah
pendedahan kepada pasaran baru muncul di Brazil, China, Rusia,
tetapi menikmati pertumbuhan untuk konsumer AS yang lebih
dan Ukraine selain sekuriti tertentu di Eropah Barat merangkumi
peka jenama. Syarikat-syarikat terpilih untuk makanan organik
semua sub tema. Beberapa penggabungan dan pengambilalihan
meraih manfaat daripada pertumbuhan pasaran yang lebih baik
pada 2014 termasuk syarikat-syarikat yang kami miliki seperti
daripada jangkaan selain pada masa sama, mengoptimumkan kos
Safeway, Annie’s, Hilshire, Olam International, dan Nutreco.
dan aset asas. Segmen campuran (dijana dengan peningkatan
Seterusnya kami menjual pegangan dalam syarikat ini pada harga
penembusan pasan di pasar raya dan peningkatan pengambilan
yang menyamai harga sasaran. Terdapat juga usaga penyepaduan
makanan paket), kami memiliki syarikat-syarikat yang spesifik
membabitkan pasaran nitrogen AS, minuman global, koko
sama ada beroperasi dalam persekitaran biotekonologi atau
global, dan makanana organik. Kebanyakan transaksi-transaksi
teknologi makanan (Senomyx) atau meraih pasaran menerusi
ini menunjukkan penilaian yang menarik serta kadar pembiayaan
penyepaduan sektor (Fruatarom). Bagi jenama persendirian,
yang hampir mencecah paras terendah global.
Conagra menawarkan potensi penstrukturan untuk syarikat
jenama peribadi, makanan ternamadan penyedia perkhidmatan
makanan. Treehouse mencatatkan prestasi yang baik berikutan
berada dalam kategori pertumbuhan selain menggabungkan
pengambilalihan lalu dengan berkesan. Pemprosesan perdana
yang ditakrifkan kami sebagai pemprosesan berkualiti tinggi telah
berkembang ke dalam kategori baru global dan pasaran seperti
pengeluar protein haiwan Hillshire (pengambilalihan) dan Post
pengeluar bijirin ketiga terbesar di AS (penilaian pada diskaun
berbanding syarikat sama) membantu dalam peningkatkan
input.
Pemberian
harga komoditi utama, penurunan kos input utama seperti minyak
dan gas, harga baik daripada petani untuk nutrien, peningkatan
dagangan global dan pencapahan tren penggunaan. Kami
melihat pengekalan menarik penilaian syarikat-syarikat yang baru
menamatkan program perbelanjaan modal besar-besaran kerana
ia membawa kepada peningkatan pengeluaran dan pendapatan,
penjanaan bebas tunai tinggi serta kenaikan pembayaran dividen
serta pembelian balik saham sepanjang 12 bulan lalu.
Untuk segmen huluan kami, US nitrogen mencatatkan prestasi
Precious Metals
meraih manfaat kos input rendah berikutan harga gas yang
rendah serta penstabilan harga Urea sebagai hasil pengeluaran.
Juga pasaran potash dan fosfat telah pulih dengna peningkatan
permintaan (potash) dan harga yang lebih baik bagi fosfat.
Yang menjejaskan prestasi ialah kelemahan yang berpunca
daripada kualiti tanah dan operator. Fokus kepada segmen sub
tema dengan strategi peningkatan hasil dengan meningkatkan
nilai penaksiran ladang terutama membabitkan pendedahan
kami di Brazil dan ladang di Ukrainian menerusi pengusaha
(SLC dan Kernel). Operator tanah berusaha meningkatkan hasil
diskaun
Pada peringkat akhir tempoh semakan, kami melihat peningkatan
prestasi.
sangat baik dengan CF Industries dan Agrium kedua-duanya
174
faktor-faktor
Dana Sasaran: Dana AmPrecious Metals
Dana Sasaran Akhir: Dana DWS Noor Precious Metals Securities
Emas kekal dalam lingkungan yang menjadi dan sebahagian
dagangan selamat yang lebih luas
Untuk ketika ini ECB akan mencetak wang bagi membeli bon.
Bagaimanapun, jika terdapat permintaan untuk modal yang
lebih nyata, terdapat kebimbangan kadar perlu dinaikkan
untuk menarik modal. Jika ini berlaku, ia akan menyebabkan
terhadap QE ECB. Kami memantau situasi ini dan peka bawah
Strategi Pelaburan Dana AmMetLife Asia
Pacific REITS
QE yang dilaksanakan sejak 6 tahun lalu telah membuktikan ia
kurang efektif berbanding pakej rangsangan yang diperkenalkan
Untuk tahun kewangan yang disemak, dana ini mencapai objektif
sebelum ini. Kami skeptikal mengenai efikasi QE yang baru
pelaburan yang mana 70% hingga 98% nilai aset bersih (NAB)
diperkenalkan di Eropah. Kami percaya ia akan mengambil
dana dilaburkan dalam REITS tersenarai di rantau Asia Pasifik iaitu
masa tiga bulan untuk pasaran mula mempersoalkan kebaikan
Australia, Hong Kong, Jepun, Malaysia, Singapura dan Thailand.
rangsangan ini. Emas akan kekal dalam lingkungan tetap dan
Dana juga mempelbagaikan sektor pendedahan dalam REITS
menjadi dagangan selamat yang lebih luas.
kediaman, runcit, komersial dan industri. Dana memiliki antara
Dengan kelemahan mata wang Eropah dan Asia serta pengaliran
2% hingga 30% daripada NAB dalam bentuk aset cair. Strategi
pembetulan pasaran yang akan memberi kesan berbeza
keluar modal dan pengukuhan USD, kami menjangkakan
ini akan terus digunakan pada masa hadapan.
peningkatan pemindahan risiko dan minat baru untuk emas
Pengurus pelaburan melaksanakan strategi peruntukan yang aktif
sebagai mata wang yang selamat. Kami juga menjangkakan
yang mana keputusan pembahagian aset dibuat selepas penilaian
ketidaktentuan akan meningkat disebabkan imbangan semasa
tren makro ekonomi dan unjuran sektor di setiap negara Asia
membabitkan AS dan rakan dagangnya. Kami menjangka ia akan
Pasifik. Pengurus pelaburan akan menumpukan kepada REITS
mewujudkan peluang belian yang baik untuk emas dan ekuiti
dengan rekod kukuh dalam menjana pendapatan berterusan
logam berharga.
dan potensi pertumbuhan modal. Dalam menilai kestabilan
Untuk Dana Noor, kami menumpukan kepada syarikat-syarikat
sesuatu REIT, pengurus pelaburan antara lain akan melihat rekod
yang patuh Syariah yang dapat mempamerkan pulangan
modal tinggi. Kami fleksibel dalam pengembangkan pegangan
membabitkan ekuiti patuh Syariah dan mengambil kedudukan
lebih bertahan dalam persekitaran tidak menentu yang
berterusan.
kepada aset yang rendah risiko seperti aset cair bagi melindungi
modal dana. Untuk tahun ini, pelaburan dana mungkin berbeza
Strategi Pelaburan AmMetLife Commodity
Stable CGF
Dana Sasaran: Dana AmTactical Bond
Untuk tahun kewangan yang disemak, dana ini melabur
terutamanya dalam bon korporat. Pengurus akan menganalisis
persekitaran ekonomi dan pasaran. Pengurus juga menganalisis
dan membandingkan sekuriti berdasarkan jangkaan pulangan
berbanding risiko dengan menganalisis penarafan kredit dan
tempoh sekuriti yang mana pengurus akan memilih sekuriti yang
dapat memberikan pulangan setimpal dengan paras risiko. Selain
itu, pengurus boleh menimbangkan sekuriti dengan kredit baik
atau semakin pulih atau industri yang berpotensi menawarkan
Pelaburan
negatif, pengurus pelaburan boleh menukar pengagihan ast
Tactical Bond
modal.
pendapatan serta faktor kos REITS. Dalam keadaan pasaran yang
berbanding apa yang dinyatakan dalam strategi pelaburan.
peningkatan
lampau, portfolio aset, status kewangan, dan dasar pengagihan
dana
tertakluk
kepada
pengurusan tempoh yang mana jangka masa dana dipantau
dan diubah mengikut unjuran kadar faedah tanpa had terhadap
MLCX AmBank Commodity Alpha Index (Bloomberg Code:
MLCXAMB Index) memantau pelaburan jangka pendek/panjang
dalam niaga hadapan komoditi. Pelaburan panjang pendek
ini adalah MLCXA01 Excess Return Index. Ia menggunakan
kombinasi pelaburan panjang dan pendek untuk menjana
pulangan alpha dengan pendedahan delta bersih hampir sifar.
Jangkauan panjangnya mencapai lengkungan lebih jauh daripada
penanda aras tradisional dan menggunakan penambahbaikan
pemberat dan roll window untuk meningkatkan pulangan. Tidak
ada pembayaran kupon pada tahun ketiga dan keempat (2% dan
3% dibayar masing-masing pada tahun pertama dan kedua) dan
kupon akhir dalam tahun ke-5 akan bergantung pada prestasi
tempoh matang portfolio.
MLCXAMB Index.
175
HALAMAN INI
SENGAJA DIBIARKAN
KOSONG
Prestasi Dana
Prestasi Dana
Dana AmMetLife Equity
Dana AmMetLife Equity berbanding Penanda Aras
Prestasi sejak 27 Februari 2004 – 31 Mac 2015
120.00
AmMetLife Equity
FBMKLCI
100.00
Prestasi (%)
80.00
60.00
40.00
20.00
0.00
Mac-15
Sep-14
Mac-14
Sep-13
Mac-13
Sep-12
Mac-12
Sep-11
Mac-11
Sep-10
Mac-10
Sep-09
Mac-09
Sep-08
Mac-08
Sep-07
Mac-07
Sep-06
Mac-06
Sep-05
Mac-05
Sep-04
Mac-04
-20.00
Bulan
Prestasi Setahun Lengkap
Dana AmMetLife Equity berbanding Penanda Aras
Prestasi sejak 1 April 2014 – 31 Mac 2015
9.00
6.00
AmMetLife Equity
FBMKLCI
Prestasi (%)
3.00
0.00
-3.00
-6.00
-9.00
178
Bulan
Mac-15
Feb-15
Jan-15
Dis-14
Nov-14
Okt-14
Sep-14
Ogos-14
Jul-14
Jun-14
Mei-14
Apr-14
-12.00
Dana AmMetLife Bond
Dana AmMetLife Bond berbanding Penanda Aras
70.00
AmMetLife Bond
60.00
MBB 12mth Tier 1
Prestasi (%)
50.00
40.00
30.00
20.00
10.00
0.00
Mac-15
Sep-14
Mac-14
Sep-13
Mac-13
Sep-12
Mac-12
Sep-11
Mac-11
Sep-10
Mac-10
Sep-09
Mac-09
Sep-08
Mac-08
Sep-07
Mac-07
Sep-06
Mac-06
Sep-05
Mac-05
Sep-04
Mac-04
-10.00
Bulan
Dana AmMetLife Bond berbanding Penanda Aras
6.00
AmMetLife Bond
MBB 12mth Tier 1
2.00
0.00
Mac-15
Feb-15
Jan-15
Dis-14
Nov-14
Okt-14
Sep-14
Ogos-14
Jul-14
Jun-14
Mei-14
-2.00
Apr-14
Prestasi (%)
4.00
Bulan
179
Prestasi Dana
(Bersambung)
Dana AmMetLife Balanced
Dana AmMetLife Balanced berbanding Penanda Aras
120.00
AmMetLife Balanced
100.00
Prestasi (%)
80.00
60.00
40.00
20.00
0.00
Mac-15
Sep-14
Mac-14
Sep-13
Mac-13
Sep-12
Mac-12
Sep-11
Mac-11
Sep-10
Mac-10
Sep-09
Mac-09
Sep-08
Mac-08
Sep-07
Mac-07
Sep-06
Mac-06
Sep-05
Mac-05
Sep-04
Mac-04
-20.00
Bulan
Dana AmMetLife Balanced berbanding Penanda Aras
4.00
2.00
Prestasi (%)
0.00
-2.00
-4.00
-6.00
-8.00
AmMetLife Balanced
180
Bulan
Mac-15
Feb-15
Jan-15
Dis-14
Nov-14
Okt-14
Sep-14
Ogos-14
Jul-14
Jun-14
Mei-14
Apr-14
-10.00
Dana AmMetLife Dana Teguh
Dana AmMetLife Dana Teguh berbanding Penanda Aras
120.00
100.00
Prestasi (%)
80.00
60.00
40.00
20.00
0.00
Mac-15
Sep-14
Mac-14
Sep-13
Mac-13
Sep-12
Mac-12
Sep-11
Mac-11
Sep-10
Mac-10
Sep-09
Mac-09
Sep-08
Mac-08
Sep-07
Mac-07
Sep-06
Mac-06
Sep-05
Mac-05
Sep-04
Mac-04
-20.00
Bulan
Dana AmMetLife Dana Teguh berbanding Penanda Aras
6.00
4.00
0.00
-2.00
-4.00
Mac-15
Feb-15
Jan-15
Dis-14
Nov-14
Okt-14
Sep-14
Ogos-14
Jul-14
Jun-14
Mei-14
-6.00
Apr-14
Prestasi (%)
2.00
Bulan
181
Prestasi Dana
(Bersambung)
Dana AmMetLife Oasis Islamic Equity
Dana AmMetLife Oasis Islamic Equity berbanding Penanda Aras
50.00
40.00
30.00
Prestasi (%)
20.00
10.00
0.00
-10.00
-20.00
-30.00
-40.00
Mac-15
Okt-14
Mei-14
Dis-13
Jul-13
Feb-13
Sep-12
Apr-12
Nov-11
Jun-11
Jan-11
Ogos-10
Mac-10
Okt-09
Mei-09
Dis-08
Jul-08
Feb-08
Sep-07
Apr-07
-50.00
Bulan
Dana AmMetLife Oasis Islamic Equity berbanding Penanda Aras
20.00
Prestasi (%)
15.00
10.00
5.00
0.00
182
Bulan
Mac-15
Feb-15
Jan-15
Dis-14
Nov-14
Okt-14
Sep-14
Ogos-14
Jul-14
Jun-14
Mei-14
Apr-14
-5.00
Dana AmMetLife Global Emerging Market
Dana AmMetLife Global Emerging Market berbanding Penanda Aras
Prestasi sejak 1 Jun 2008 – 31 Mac 2015
20.00
10.00
Prestasi (%)
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
Mac-15
Jun-14
Sep-13
Dis-12
Mac-12
Jun-11
Sep-10
Dis-09
Mac-09
Jun-08
-60.00
Bulan
Dana AmMetLife Global Emerging Market berbanding Penanda Aras
12.00
10.00
8.00
4.00
2.00
0.00
-2.00
-4.00
Mac-15
Feb-15
Jan-15
Dis-14
Nov-14
Okt-14
Sep-14
Ogos-14
Jul-14
Jun-14
Mei-14
-6.00
Apr-14
Prestasi (%)
6.00
Bulan
183
Prestasi Dana
(Bersambung)
Dana AmMetLife Precious Metals
Dana AmMetLife Precious Metals berbanding Penanda Aras
Prestasi sejak 1 September 2008 – 31 Mac 2015
80.00
60.00
Prestasi (%)
40.00
20.00
0.00
-20.00
-40.00
Mac-15
Dis-14
Sep-14
Jun-14
Mac-14
Dis-13
Sep-13
Jun-13
Mac-13
Dis-12
Sep-12
Jun-12
Mac-12
Dis-11
Sep-11
Jun-11
Mac-11
Dis-10
Sep-10
Jun-10
Mac-10
Dis-09
Sep-09
Jun-09
Mac-09
Dis-08
Sep-08
-60.00
Bulan
Dana AmMetLife Precious Metals berbanding Penanda Aras
20.00
Prestasi (%)
10.00
0.00
-10.00
-20.00
184
Bulan
Mac-15
Feb-15
Jan-15
Dis-14
Nov-14
Okt-14
Sep-14
Ogos-14
Jul-14
Jun-14
Mei-14
Apr-14
-30.00
Dana AmMetLife Global Agribusiness
Dana AmMetLife Global Agribusiness berbanding Penanda Aras
40.00
30.00
20.00
Prestasi (%)
10.00
0.00
-10.00
-20.00
-30.00
-40.00
Mac-15
Dis-14
Sep-14
Jun-14
Mac-14
Dis-13
Sep-13
Jun-13
Mac-13
Dis-12
Sep-12
Jun-12
Mac-12
Dis-11
Sep-11
Jun-11
Mac-11
Dis-10
Sep-10
Jun-10
Mac-10
Dis-09
Sep-09
Jun-09
Mac-09
Dis-08
Sep-08
-50.00
Bulan
Dana AmMetLife Global Agribusiness berbanding Penanda Aras
10.00
8.00
4.00
2.00
0.00
-2.00
Mac-15
Feb-15
Jan-15
Dis-14
Nov-14
Okt-14
Sep-14
Ogos-14
Jul-14
Jun-14
Mei-14
-4.00
Apr-14
Prestasi (%)
6.00
Bulan
185
Prestasi Dana (Bersambung)
Dana AmMetLife Dividend
Dana AmMetLife Dividend berbanding Penanda Aras
Prestasi sejak 27 Oktober 2011 – 31 Mac 2015
50.00
AmMetLife Dividend
FBMKLCI
40.00
Prestasi (%)
30.00
20.00
10.00
0.00
Feb-15
Dis-14
Okt-14
Ogos-14
Jun-14
Apr-14
Feb-14
Dis-13
Okt-13
Ogos-13
Jun-13
Apr-13
Feb-13
Dis-12
Okt-12
Ogos-12
Jun-12
Apr-12
Feb-12
Dis-11
Okt-11
-10.00
Bulan
Dana AmMetLife Dividend berbanding Penanda Aras
12.00
9.00
AmMetLife Dividend
FBMKLCI
Prestasi (%)
6.00
3.00
0.00
-3.00
186
Bulan
Mac-15
Feb-15
Jan-15
Dis-14
Nov-14
Okt-14
Sep-14
Ogos-14
Jul-14
Jun-14
Mei-14
Apr-14
-6.00
Dana AmMetLife Commodity Stable Capital Guaranteed
Prestasi sejak 11 Oktober 2010 – 31 Mac 2015
3.00
2.00
1.00
-1.00
-2.00
-3.00
-4.00
-5.00
Feb-15
Okt-14
Jun-14
Feb-14
Okt-13
Jun-13
Feb-13
Okt-12
Jun-12
Feb-12
Okt-11
Jun-11
Feb-11
-6.00
Okt-10
Prestasi (%)
0.00
Bulan
187
Prestasi Dana (Bersambung)
Dana AmMetLife Asia Pacific REITS
Dana AmMetLife Asia Pacific REITS berbanding Penanda Aras
Dana AmMetLife Asia Pacific REITS berbanding Penanda Aras
188
Dana AmMetLife Tactical Bond
Dana AmMetLife Tactical Bond berbanding Penanda Aras
Dana AmMetLife Tactical Bond berbanding Penanda Aras
189
HALAMAN INI
SENGAJA DIBIARKAN
KOSONG
Pecahan Mengikut
Sektor dan Kategori
Pecahan Mengikut Sektor dan Kategori
Butiran komposisi Dana AmMetLife Equity setakat 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
Pembinaan
2.917.723.238.25
11.23
Produk konsumer
3.07
––––
Kewangan
24.83
11.345.547.587.32
Saham asing
–––––
Produk industri
8.8413.0317.47 4.57 4.01
Infrastruktur
3.801.313.15–
Perladangan
0.97–
Harta
–2.97
––4.54
REITS
–––6.84
–
Teknologi
4.19
––––
Perdagangan/Perkhidmatan
–
4.065.723.83
44.4745.8527.2243.7112.78
Waran
–––––
Perjanjian Pembelian Semula/Tunai
6.91
17.77
39.33
23.33
56.29 100.00100.00100.00100.00100.00
Dana AmMetLife Bond
Butiran komposisi Dana AmMetLife Bond setakat 31 Mac 2015 adalah seperti berikut:
Unit Amanah Malaysia
Bon Korporat
9.759.567.119.408.07
82.6368.1865.7079.06 8.86
Sekuriti Kerajaan Malaysia
––––
43.95
7.62
192
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
22.26
27.19
11.54
39.12 100.00100.00100.00100.00100.00
Butiran komposisi Dana AmMetLife Balanced setakat 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
Pembinaan
3.030.45–
Produk konsumer
2.01
––––
Kewangan
7.617.81
16.599.005.187.276.83
Saham asing
–––––
Produk industri
7.7110.6510.32 3.91 2.34
Infrastruktur
2.85
0.94
–––
Perladangan
–
Harta
–3.02
––3.74
REITS
–
Teknologi
3.73
––––
Waran
Bon Korporat
–
0.62–
6.16–
29.5437.0722.5135.9110.34
–––––
26.4424.7126.9527.0811.72
–
9.18
8.11
4.36
3.415.383.41
–
31.63
–
6.68
5.94
47.87 100.00100.00100.00100.00100.00
Butiran komposisi Dana AmMetLife Dana Teguh setakat 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
Pembinaan
5.51 9.19 3.1411.4511.30
Produk konsumer
2.03
––––
Produk industri
8.439.44
11.024.206.51
Infrastruktur
3.531.392.69–
Perladangan
1.47–
Harta
1.883.21–
Teknologi
4.63
––––
Waran
Bon Korporat
–
–
4.85–
–
3.97
38.9239.8924.9137.0410.76
–––––
13.6419.9722.5218.31 –
3.384.622.352.276.75
Perjanjian Pembelian Semula/Tunai 16.5912.3033.3721.8860.71 100.00100.00100.00100.00100.00
193
Pecahan Mengikut Sektor dan Kategori (Bersambung)
Butiran komposisi Dana AmMetLife Oasis Islamic Equity setakat 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
Pembinaan
–––8.55 10.21
Produk konsumer
–––––
Produk industri
–
Infrastruktur
–––6.38 –
Perladangan
–––3.84 –
Harta
––––2.93
–––
24.42 9.97
Waran
–––––
–
–
2.88 –
90.69 89.53
74.34 26.64 32.61
9.31 10.47
25.66 27.29 44.28
100.00100.00100.00100.00100.00
Peruntukan Sektor* Dana AmOasis Global Islamic Equity (“Dana Sasaran”)
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
Bahan Asas
8.004.005.009.00
14.00
Komunikasi
20.0018.0021.0019.0017.00
Pengguna, Berkitar
11.008.007.008.008.00
Pengguna, Tidak Berkitar
8.009.006.006.005.00
Tenaga
8.0010.0011.0012.0010.00
Kewangan
––––3.00
Penjagaan Kesihatan
19.0022.0022.0019.0015.00
Industri
3.006.008.006.008.00
Hartanah
1.001.001.001.00–
Teknologi
Utiliti
22.0022.0017.0018.0017.00
–
–
2.00
2.00
Nota: Sumber peruntukan sektor Dana Sasaran adalah dari AmInvest
*Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan kerap setiap hari.
194
3.00 AmMetlife Insurance Berhad
Butiran komposisi Dana AmMetLife Precious Metals setakat 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
79.80
96.40
87.51 85.93 47.92
20.20
3.60
12.49 14.07 52.08
100.00100.00100.00100.00100.00
Peruntukan Sektor* Dana AmPrecious Metals (“Dana Sasaran”)
Berlian
Emas
Platinum
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
––––
70.1473.4679.7871.7574.05
–––––
Logam Berharga & Mineral
15.1513.0916.1212.9221.08
Perak
12.60
6.77
–––
Pelbagai Logam & Perlombongan
–
6.60
–
Tunai dan aset lain
2.09
0.05
4.07
–
15.31
–
4.84
195
Butiran komposisi Dana AmMetLife Global Agribusiness setakat 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
90.29
88.08
80.04 84.08 70.39
9.71
11.92
19.96 15.92 29.61
100.00100.00100.00100.00100.00
Peruntukan Sektor* Dana AmGlobal Agribusiness (“Dana Sasaran”)
Produk Pertanian
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
22.7019.1023.6025.2029.70
Kilang Minuman Keras
3.20
3.70
–
–
–
Jentera Pembinaan/ Perladangan
–
–
2.20
2.40
2.30
Penyulingan & Pembuatan Wine
–
–
–
–
3.50
Pengedar
–––––
Pelbagai Bank
–
Pelbagai Kimia
Baja & Kimia Pertanian
3.202.102.002.70
3.203.701.70–
–
39.9038.2043.0040.3019.80
Pengedar Makanan
2.00
1.50
–––
Peruncitan Makanan
2.902.901.106.409.20
Utiliti Gas
–––––
Pasaraya Besar & Pusat Membeli Belah
–
–
2.40
1.50
–
Peralatan & Perkhidmatan Sains Hayat
–
–
2.10
2.80
–
Marin
––––
Pelabuhan & Perkhidmatan Marin
1.40
Sektor lain
3.304.304.50–
1.70
1.50
1.80
–
7.10
Pembungkusan Makanan & Daging16.7019.5015.1012.7014.40
Produk Kertas
–––––
Farmasi
–––––
Landasan Keretapi
–
Restoran
2.800.90–
Kimia Khusus
–––––
Tunai & Sektor Lain
–
Tidak diklasifikasikan
0.90
–––6.00
Minuman Ringan
1.00
––––
1.301.300.80–
–
-0.60
–
4.10
196
2.80
2.50
Butiran komposisi Dana AmMetLife Global Emerging Market setakat 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
90.97
87.74
79.59 68.52 69.66
9.03
12.26
20.41 31.48 30.34 100.00100.00100.00100.00100.00
Peruntukan Sektor* Dana AmGlobal Emerging Market Opportunities (“Dana Sasaran”)
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
Barangan Bukan Keperluan Pengguna
12.9715.8710.2619.4912.77
Barangan Asas Pengguna
5.113.379.981.08–
Derivatif
–––-0.01
–
Tenaga
3.7110.12 5.0011.5713.18
Kewangan
33.6834.1240.7427.8236.22
Penjagaan Kesihatan
3.720.901.20–
Industri
3.982.594.485.066.90
Teknologi Maklumat
–
24.1018.1413.7712.87 2.79
Bahan-bahan
1.943.293.266.518.91
Tidak diklasifikasikan
–––––
Perkhidmatan Telekomunikasi
3.863.637.74–
Utiliti
1.18–
0.242.252.06
Aset Bersih Lain
–
–
Tunai
5.757.973.33– 13.35
–
13.36
3.81
–
197
Butiran komposisi Dana AmMetLife Commodity Stable Capital Guaranteed setakat 31 Mac 2015 adalah seperti berikut:
Instrumen Yang Berstruktur
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
%%%%%
1.141.881.891.671.64
98.1298.1198.1098.2498.27
Perjanjian Pembelian Semula/Tunai 0.740.000.010.090.09
100.00100.00100.00100.00100.00
Butiran komposisi Dana AmMetLife Dividend setakat 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
TK 2013
TK 2012
%%%%
Pembinaan
3.894.96–
Produk konsumer
2.00
–––
Kewangan
–
24.4113.8812.6013.29
Produk industri
8.883.89
10.136.11
Infrastruktur
4.134.994.615.92
Perladangan
0.48–
Harta
0.007.413.06–
REITS
–
Teknologi
5.30
–––
–
5.46
4.53 4.0816.56
44.2341.11 9.1524.59
Perjanjian Pembelian Semula/Tunai 6.6819.2456.3728.07
100.00100.00100.00100.00
198
Butiran komposisi Dana AmMetLife Asia Pacific REITS setakat 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
%
%
91.50
88.62
8.50
11.38
100.00
100.00
Peruntukan Sektor* Dana AmAsia Pacific REITS (“Dana Sasaran”)
TK 2015
TK 2014
%
%
Hartanah
84.80
86.10
Deposit Tetap/Instrumen Boleh Niaga/Tunai
15.20
13.90
Butiran komposisi Dana AmMetLife Tactical Bond setakat 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
%
%
90.63
86.64
9.37
13.36 100.00
100.00
Peruntukan Sektor* Dana AmTactical Bond (“Dana Sasaran”)
TK 2015
TK 2014
%
%
Bon
93.10
84.47
Tunai
6.90
15.53
199
HALAMAN INI
SENGAJA DIBIARKAN
KOSONG
Jadual
Perbandingan Prestasi
Jadual Perbandingan Prestasi
Prestasi Dana setakat 31 Mac 2015
I Tahun
3 Tahun
5 Tahun
Sejak
Penerbitan
Purata Kompaun
Pulangan
Tahunan %
Pulangan Tahunan %
202
0.88 8.58
8.37
6.41
Dana AmMetLife Bond
3.26
3.01 3.78
4.28
(0.81)
5.83 5.73
6.10
5.51 10.47 9.07 6.95
12.07
10.22 7.49 2.14 Dana AmMetLife Global Emerging Market
5.78
3.24 0.18 1.23
(14.46)
(17.53)
(13.35)
(10.51)
5.78
5.38 2.97 4.18
3.24
1.98 –
0.45
10.90 10.33 –
10.17
15.24 –
–
8.29
4.38
–
–
1.98
Nilai Aset Bersih, Jumlah Unit dan Harga Unit
Setakat 31 Mac 2015
Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
Harga Unit (RM)
NAB setiap unit tertinggi bagi tahun
1.0197
0.9946
0.8265
0.8317 0.8280
NAB setiap unit terendah bagi tahun
0.8684
0.8253
0.7529
0.7070 0.6329
Jumlah NAB (RM juta)
19.3462
14.5438
12.2637
14.5937 11.4753
UIC (juta)
19.295814.632714.890018.6334 14.1793
Nilai Aset Bersih (NAB) dan Unit
dalam Edaran (UIC) setakat
penghujung Tahun*
NAB setiap unit (RM)
1.0026
0.9939
0.8236
0.7832 0.8093
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹
0.88
20.68
5.16
(3.23)
20.65
Pertumbuhan Modal
0.88
20.68
5.16
(3.23)
20.65
Pengagihan Pendapatan
–––––
*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan
Nota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran
Dana AmMetLife Bond
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
Harga Unit (RM)
0.79920.77520.75710.7323 0.6915
0.77380.75760.73090.6903 0.6640
penghujung Tahun*
12.4142 16.7134 16.3762 11.9079 11.3630
UIC (juta)
15.5323 21.5938 21.6261 16.2856 16.4615
0.7992 0.7740 0.7571 0.7311 0.6903
Jumlah Pulangan¹
3.26 2.23 3.56 5.91 3.96
Pertumbuhan Modal
3.26 2.23 3.56 5.91 3.96
–––––
203
Nilai Aset Bersih, Jumlah Unit dan Harga Unit (Bersambung)
Setakat 31 Mac 2015
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
Harga Unit (RM)
1.00260.98340.85070.8626 0.8588
0.87080.85130.79180.7568 0.7085
penghujung Tahun*
21.9194
UIC (juta)
22.572524.674726.955526.2568 20.9280
24.1576
22.8901
21.5113 17.5410
0.97110.97900.84910.8193 0.8382
Jumlah Pulangan¹
(0.81)
15.30 3.64 (2.25)
14.04
Pertumbuhan Modal
(0.81)
15.30 3.64 (2.25)
14.04
–––––
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
Harga Unit (RM)
1.06171.00880.82590.8169 0.8118
0.93330.82600.76320.7318 0.6501
penghujung Tahun*
17.9532
UIC (juta)
16.910112.100715.669616.6728 8.8919
12.1769
12.9224
13.1293 7.0499
1.06171.00630.82460.7875 0.7928
Jumlah Pulangan¹
5.50 22.03 4.71 (0.67)
15.27
Pertumbuhan Modal
5.50 22.03 4.71 (0.67)
15.27
–––––
204
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
Harga Unit (RM)
0.59530.58270.47470.4642 0.4688
0.51000.46720.42180.4110 0.3915
penghujung Tahun*
4.2864
4.5139
3.4302
4.3479 4.3056
UIC (juta)
7.23638.54107.24759.8279 9.4007
0.59230.52850.47330.4424 0.4580
Jumlah Pulangan¹
12.08 11.66 6.98 (3.41)
10.95
Pertumbuhan Modal
12.08 11.66 6.98 (3.41)
10.95
–––––
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
Harga Unit (RM)
0.5658
0.5229
0.5073
0.5557 0.5726
0.5143
0.4673
0.4655
0.4590 0.4853
0.9532
0.8839
0.7619
0.7216 0.7228
UIC (juta)
1.75361.72011.53601.4608 1.3331
0.54360.51390.49600.4940 0.5422
penghujung Tahun*
Jumlah Pulangan¹
5.78 3.61 0.40 (8.89)
0.63
Pertumbuhan Modal
5.78 3.61 0.40 (8.89)
0.63
–––––
205
Setakat 31 Mac 2015
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
Harga Unit (RM)
0.30270.35320.45820.5597 0.5665
0.2231
0.2534
0.3467
0.4293 0.4892
3.8268
3.9300
4.8916
5.1605 4.5400
penghujung Tahun*
UIC (juta)
15.890713.961213.834612.0202 8.5518
0.2408
0.2815
0.3536
0.4293 0.5309
Jumlah Pulangan¹
(14.45)(20.39)(17.63)(19.14) 7.71
Pertumbuhan Modal
(14.45)(20.39)(17.63)(19.14) 7.71
–––––
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
Harga Unit (RM)
0.6773
0.6195
0.6114
0.6046 0.5976
0.5785
0.5672
0.5196
0.4794 0.4943
2.1153
1.8693
1.6572
1.4590 1.3087
UIC (juta)
3.23093.02052.79522.6083 2.2156
0.6547
0.6189
0.5929
0.5594 0.5907
Jumlah Pulangan¹
5.79 4.39 5.99 (5.30)
4.42
Pertumbuhan Modal
5.79 4.39 5.99 (5.30)
4.42
–––––
penghujung Tahun*
206
TK 2015
TK 2014
TK 2013
TK 2012
TK 2011
Harga Unit (RM)
0.5102
0.4942
0.4892
0.4891 0.5000
0.4942
0.4803
0.4753
0.4749 0.4799
4.2982
4.1688
4.0511
4.5326 4.5676
UIC (juta)
8.42618.43568.43569.4236 9.5188
0.5102
0.4942
0.4803
0.4810 0.4799
Jumlah Pulangan¹
3.24 2.89 (0.15)
0.23 –
Pertumbuhan Modal
3.24 2.89 (0.15)
0.23 –
–––––
penghujung Tahun*
TK 2015
TK 2014
TK 2013
TK 2012
Harga Unit (RM)
0.6968
0.6290
0.5577
0.5273 NAB setiap unit terendah bagi tahun
0.6015
0.5566
0.5065
0.4973 Jumlah NAB (RM juta)
12.6593
9.4440
6.3501
5.4439 UIC (juta)
18.169015.029911.385710.4925 Nilai Aset Bersih (NAB) dan Unit
penghujung Tahun*
0.6968
0.6283
0.5577
0.5189 Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹
10.89 12.66 7.48 –
Pertumbuhan Modal
10.89 12.66 7.48 –
––––
207
Setakat 31 Mac 2015
TK 2015
TK 2014
Harga Unit (RM)
0.5669
0.5000
0.4907
0.4750
dalam Edaran (UIC) setakat penghujung Tahun*
0.6857
0.5809
UIC (juta)
1.2136
1.1849
0.5650
0.4903
Jumlah Pulangan¹
15.24 –
Pertumbuhan Modal
15.24 –
Pengagihan Pendapatan––
TK 2015
TK 2014
Harga Unit (RM)
0.5153
0.5008
0.4869
0.4807
dalam Edaran (UIC) setakat penghujung Tahun*
0.4635
0.4912
UIC (juta)
0.89950.9949
0.5153
0.4937
Jumlah Pulangan¹
––
Pertumbuhan Modal––
Pengagihan Pendapatan––
208
Ringkasan kepada
Maklumat Kewangan
Pernyataan oleh Pengurus
210
Laporan Juruaudit Bebas
211
Penyata Aset dan Liabiliti
213
Penyata Pendapatan dan Perbelanjaan
219
Penyata Perubahan di dalam Nilai Aset Bersih
225
Nota-nota kepada Maklumat Kewangan
231
209
Pernyataan oleh Pengurus
Pada pendapat Pengurus, maklumat kewangan Dana-dana Berkaitan Pelaburan AmMetLife Insurance Berhad (dahulu dikenali sebagai
AmLife Insurance Berhad) yang disertakan yang terdiri daripada Dana AmMetLife Equity (dahulu dikenali sebagai Dana AmAssurance
Equity), Dana AmMetLife Bond (dahulu dikenali sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu dikenali
sebagai Dana AmAssurance Balanced), Dana AmMetLife Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh), Dana
AmMetLife AmOasis Islamic Equity (dahulu dikenali sebagai Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia Pacific
REITS (dahulu dikenali sebagai Dana AmLife Asia Pacific REITS), Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai
Dana AmAssurance Global Emerging Market), Dana AmMetLife Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond),
Dana AmMetLife Precious Metals (dahulu dikenali sebagai Dana AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness
(dahulu dikenali sebagai Dana AmAssurance Global Agribusiness), Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu
dikenali sebagai Dana AmAssurance AmCommodity Stable CG) dan Dana AmMetLife Dividend (dahulu dikenali sebagai Dana
AmAssurance Dividend) yang dibentangkan di mukasurat 213 hingga 277 telah disediakan menurut polisi-polisi perakaunan seperti
yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan
yang diterbitkan oleh Bank Negara Malaysia.
Bagi pihak AmMetLife Insurance Berhad
(dahulu dikenali sebagai AmLife Insurance Berhad)
Ramzi Albert Toubassy
20 Mei 2015
210
Laporan Juruaudit Bebas
Laporan mengenai maklumat kewangan
Kami telah mengaudit maklumat kewangan dana-dana berkaitan pelaburan AmMetLife Insurance Berhad (“Pengurus”) (“Danadana”) yang merangkumi Penyata-penyata Aset dan Liabiliti pada 31 Mac 2015 Dana AmMetLife Equity (dahulu dikenali sebagai Dana
AmAssurance Equity), Dana AmMetLife Bond (dahulu dikenali sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu
dikenali sebagai Dana AmAssurance Balanced), Dana AmMetLife Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh),
Dana AmMetLife AmOasis Islamic Equity (dahulu dikenali sebagai Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia
Pacific REITS (dahulu dikenali sebagai Dana AmLife Asia Pacific REITS), Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai
Dana AmAssurance Global Emerging Market), Dana AmMetLife Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond), Dana
AmMetLife Precious Metals (dahulu dikenali sebagai Dana AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness (dahulu
dikenali sebagai Dana AmAssurance Global Agribusiness), Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu dikenali
sebagai Dana AmAssurance AmCommodity Stable CG) dan Dana AmMetLife Dividend (dahulu dikenali sebagai Dana AmAssurance
Dividend), Penyata-penyata Pendapatan dan Perbelanjaan serta Penyata-penyata Perubahan di dalam Nilai Aset Bersih bagi tahun berakhir
31 Mac 2015 untuk Dana AmMetLife Equity (dahulu dikenali sebagai Dana AmAssurance Equity), Dana AmMetLife Bond (dahulu dikenali
sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu dikenali sebagai Dana AmAssurance Balanced), Dana AmMetLife
Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh), Dana AmMetLife AmOasis Islamic Equity (dahulu dikenali sebagai
Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia Pacific REITS (dahulu dikenali sebagai Dana AmLife Asia Pacific REITS),
Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai Dana AmAssurance Global Emerging Market), Dana AmMetLife
Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond), Dana AmMetLife Precious Metals (dahulu dikenali sebagai Dana
AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness (dahulu dikenali sebagai Dana AmAssurance Global Agribusiness),
Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu dikenali sebagai Dana AmAssurance AmCommodity Stable CG) dan
Dana AmMetLife Dividend (dahulu dikenali sebagai Dana AmAssurance Dividend), serta ringkasan polisi-polisi perakaunan yang penting
dan maklumat penerangan lain (“maklumat kewangan”), seperti yang dibentangkan pada mukasurat 213 hingga 277.
Tanggungjawab para pengarah ke atas maklumat kewangan
Para pengarah Pengurus bertanggungjawab ke atas penyediaan maklumat kewangan menurut polisi-polisi perakaunan seperti yang
dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang
diterbitkan oleh Bank Negara Malaysia. Para pengarah adalah juga bertanggungjawab ke atas sebarang kawalan dalamanan yang
ditentukan oleh pengarah Pengurus sebagai perlu untuk membolehkan penyediaan maklumat kewangan yang bebas daripada salah
nyata yang penting, sama ada disebabkan oleh penipuan atau kesilapan.
Tanggungjawab juruaudit
Tanggungjawab kami adalah untuk menyatakan pendapat ke atas maklumat kewangan ini berdasarkan audit kami. Kami telah
melaksanakan audit kami menurut piawaian pengauditan yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami mematuhi
keperluan etika dan merancang serta melaksanakan audit tersebut untuk memperoleh keyakinan yang munasabah mengenai sama
ada maklumat kewangan ini bebas daripada salah nyata yang penting.
Audit melibatkan pelaksanaan prosedur-prosedur untuk memperoleh bukti audit mengenai amaun dan pendedahan dalam
maklumat kewangan. Prosedur yang dipilih bergantung pada pertimbangan kami, termasuk penilaian risiko salah nyata yang penting
dalam maklumat kewangan, sama ada disebabkan oleh penipuan atau kesilapan. Dalam membuat penilaian risiko tersebut, kami
mempertimbangkan kawalan dalaman yang relevan kepada penyediaan maklumat kewangan Dana-dana menurut polisi-polisi
perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful
Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia bagi merangka prosedur audit yang bersesuaian dengan keadaan,
tetapi bukan bertujuan untuk menyatakan pendapat mengenai keberkesanan kawalan dalaman Dana-dana. Audit juga melibatkan
penilaian kesesuaian polisi-polisi perakaunan yang telah digunakan dan kewajaran anggaran-anggaran perakaunan yang telah dibuat
oleh Pengurus, serta penilaian keseluruhan pembentangan maklumat kewangan.
211
Laporan Juruaudit Bebas (Bersambung)
Kami percaya bahawa bukti audit yang telah kami perolehi adalah mencukupi dan bersesuaian untuk memberikan asas untuk pendapat
audit kami.
Pendapat
Pada pendapat kami, maklumat kewangan tersebut telah disediakan, dalam semua perkara yang penting, menurut polisi-polisi
perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful
Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia.
Perkara-perkara lain
Laporan ini dibuat khusus untuk para pemegang unit Dana-dana, sebagai satu badan, menurut Garis Panduan Perniagaan Insurans/
Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia dan bukan untuk tujuan lain. Kami tidak bertanggungjawab
ke atas mana-mana pihak lain bagi isi kandungan laporan ini.
Ernst & Young
AF: 0039
Akauntan Bertauliah
Megat Iskandar Shah Bin Mohamad Nor
No. 3083/07/15(J)
Akauntan Bertauliah
20 Mei 2015
Ini adalah terjemahan Bahasa Malaysia untuk penyata kewangan dana-dana berkaitan pelaburan AmMetLife Insurance Berhad
yang telah diaudit, yang pada asalnya telah disediakan dalam Bahasa Inggeris. Terjemahan ini telah dibuat untuk membolehkan
Pemegang Unit Dana-dana yang fasih dalam Bahasa Malaysia untuk memahami sepenuhnya maklumat kewangan berkenaan. Para
pembaca dinasihatkan supaya merujuk kepada versi Bahasa Inggeris untuk penyata kewangan dan juruaudit yang telah disahkan.
212
Ringkasan kepada Maklumat Kewangan
Penyata-penyata Aset dan Liabiliti
Pada 31 Mac 2015
Dana AmMetLife Bond
20152014
Nota RMRM
20152014
RMRM
Aset
Pelaburan
3
17,743,96014,766,31812,517,86916,809,385
Aset cukai tertangguh
4
–
–
23,014 13,951
Lain-lain belum terima
530,521 23,601 170,079 184,996
Tunai dan baki di bank
1,317,419 926 53,201
52,848
Jumlah aset
19,591,900 14,790,845 12,764,163 17,061,180
Liabiliti
Peruntukan cukai
91,290 14,266 204,952 141,932
4
121,447 197,470 –
–
Lain-lain belum bayar
32,945 35,338 145,049
205,800
350,001 347,732
Liabiliti cukai tertangguh
Jumlah liabiliti
245,682 247,074 Nilai aset bersih dana (“NAB”)
19,346,218 14,543,771 12,414,162 16,713,448
Sumbangan pemegang unit
14,407,216 9,787,871 9,216,161 13,970,976
Pendapatan tidak teragih
4,939,002 4,755,900 3,198,001 2,742,472
Diwakili oleh:
Modal pemegang unit
5
19,346,218 14,543,771 12,414,162 16,713,448
Unit dalam edaran
5
19,295,796 14,632,663 15,532,298 21,593,784
NAB seunit (RM)
5
1.0026 0.9939 0.7992 0.7740
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
213
Penyata-penyata Aset dan Liabiliti (Bersambung)
Pada 31 Mac 2015
20152014
Nota RMRM
20152014
RMRM
Aset
Pelaburan
3
21,881,35024,170,88217,549,35512,286,190
355,183 412,307 740,649 153,463
1,968 785 3,400 475
Jumlah aset
22,238,501 24,583,974 18,293,404 12,440,128
Liabiliti
Peruntukan cukai
212,385 53,237 192,628 68,867
4
72,960 259,894 119,007 171,863
33,793 113,206 28,551 22,523
340,186 263,253
24,157,637 17,953,218 12,176,875
Jumlah liabiliti
21,919,363 Diwakili oleh:
15,973,346 18,017,146 12,750,090 7,832,202
5,946,017 6,140,491 5,203,128 4,344,673
Modal pemegang unit5
21,919,363 24,157,637 17,953,218 12,176,875
Unit dalam edaran
5 22,572,456 24,674,688 16,910,096 12,100,742
NAB seunit (RM)
5 0.9711 0.9790 1.0617 1.0063
214
Dana AmMetLife AmOasis
Islamic Equity
Dana AmMetLife
Asia Pacific REITS
20152014
Nota RMRM
20152014
RMRM
Aset
Pelaburan
3
3,988,807
4,528,964672,241509,424
Cukai boleh pulih
200 6,562 –
–
15,835 66,386 197 16,275
409,675 280 62,462 65,411
Jumlah aset
4,414,517 4,602,192 734,900 Liabiliti
591,110
Peruntukan cukai
–
–
361
47
4
65,008 30,687 6,552 329
63,114 57,580 42,256
9,790
49,169 10,166
Jumlah liabiliti
4,286,395 4,513,925 685,731 580,944
3,625,140 4,308,629 599,005 585,824
Pendapatan tidak teragih/
(Kerugian terkumpul)
661,255 205,296 86,726 (4,880)
Diwakili oleh:
Modal pemegang unit
5
4,286,395 4,513,925 685,731 580,944
Unit dalam edaran
5
7,236,273 8,541,049 1,213,613 1,184,942
NAB seunit (RM)
5
0.5923 0.5285 0.5650 0.4903
215
Pada 31 Mac 2015
Dana AmMetLife Global
Emerging Market
Dana AmMetLife
Tactical Bond
20152014
Nota RMRM
20152014
RMRM
Aset
Pelaburan
3
885,544900,362421,026421,809
Cukai boleh pulih
–
–
67 –
705 696 9,131
14,620
87,925 403 43,529 65,019
Jumlah aset
974,174 901,461 473,753 501,448
Liabiliti
Peruntukan cukai
979 797 –
51
4
6,616 1,365 880 436
13,333 15,367 9,395 9,779
10,275 10,266
883,932 463,478 491,182
Jumlah liabiliti
20,928 17,529 Nilai aset bersih dana (“NAB”)953,246 Diwakili oleh:
886,459 871,871 447,653 494,606
Pendapatan tidak teragih/
66,787 12,061 15,825
(3,424)
953,246 883,932 463,478 491,182
1,720,080 899,484 994,931
0.5139 0.5153 0.4937
Unit dalam edaran5
1,753,586 NAB seunit (RM)
5
0.5436 Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
216
Dana AmMetLife
Precious Metals
Dana AmMetLife
Global Agribusiness
20152014
Nota RMRM
20152014
RMRM
Aset
Pelaburan3
3,535,402
3,456,063 Aset cukai tertangguh
2,135,006 1,904,036
4
300,037 247,919 –
–
Cukai boleh pulih
16,566
17,497 –
–
9,331 126,979 21,704 7,579
807 129,015 2,080 916
Jumlah aset
3,862,143 3,977,473 2,158,790 1,912,531
Liabiliti
Peruntukan cukai
–
–
4,026 3,493
4
–
–
29,762 19,578
35,333 47,443 9,728 20,167
43,516 43,238
3,930,030 2,115,274 1,869,293
7,413,192 6,907,783 1,780,728 1,646,478
(Kerugian terkumpul)/
(3,586,382)
(2,977,753)
334,546 222,815
3,826,810 3,930,030 2,115,274 1,869,293
13,961,225 3,230,882 3,020,546
0.2815 0.6547 0.6189
Jumlah liabiliti
35,333 47,443 Nilai aset bersih dana (“NAB”) 3,826,810 Diwakili oleh:
Unit dalam edaran5
15,890,719 NAB seunit (RM)
5
0.2408 Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
217
Pada 31 Mac 2015
Dana AmMetLife Commodity
Stable Capital Guaranteed
20152014
Nota RMRM
Dana AmMetLife
Dividend
20152014
RMRM
Aset
Pelaburan
3
4,991,936
4,851,547 11,550,834
9,499,910
Cukai boleh pulih
–
–
–
3,597
223 231 438,025 11,236
37,179 222 827,377
4,636
Jumlah aset
5,029,338 4,852,000 12,816,236 9,519,379
Liabiliti
Peruntukan cukai
20,248 20,217 31,994 –
4
17,568 3,606 100,331 52,361
693,337 659,384 24,659 22,997
156,984 75,358
4,168,793 12,659,252 9,444,021
4,245,117 9,945,268 7,899,133
(76,324)
2,713,984 1,544,888
4,298,185 4,168,793 12,659,252 9,444,021
Unit dalam edaran
5 8,426,071 8,435,571 18,168,967 15,029,935
NAB seunit (RM)
5
0.4942 0.6968 0.6283
Jumlah liabiliti
4,298,185 Diwakili oleh:
4,240,903 Pendapatan tidak teragih/
57,282 0.5101 Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
218
Penyata-penyata Pendapatan dan Perbelanjaan
Bagi tahun kewangan berakhir 31 Mac 2015
Dana AmMetLife Bond
20152014
Nota RMRM
20152014
RMRM
Pendapatan pelaburan bersih:
Pendapatan faedah
6
62,640 68,210 755,156 917,300 Pendapatan dividen
7
426,217 211,548 13,372
28,713
488,857 279,758 768,528 946,013
Perolehan daripada pelupusan pelaburan
900,163 591,948 32,592 50,086
Perolehan modal tidak terealisasi bersih
–
2,034,694 –
–
Jumlah pendapatan
1,389,020 2,906,400 801,120 996,099
Perbelanjaan pengurusan
(254,624)
(201,813)
(138,740)
(180,296)
(950,293)
–
(152,894)
(373,411)
Jumlah perbelanjaan
(1,204,917)
(201,813)
(291,634)
(553,707)
184,103 2,704,587 509,486 442,392
8
(1,001)
(218,060)
(53,957)
(51,856)
Lebihan pendapatan daripada perbelanjaan
selepas cukai
183,102 2,486,527 455,529 390,536
dibawa ke hadapan
4,755,900 2,269,373
2,742,472 2,351,936
dihantar ke hadapan
4,939,002 4,755,900 3,198,001 2,742,472
Kerugian modal tidak terealisasi bersih
sebelum cukai
Cukai
219
Penyata-penyata Pendapatan dan Perbelanjaan (Bersambung)
20152014
Nota RMRM
20152014
RMRM
Pendapatan faedah
6
521,616 527,721 250,213
225,667 Pendapatan dividen
7
424,903 301,604 240,384 132,349
946,519 829,325 490,597 358,016
1,469,678 409,264 1,296,801 558,846
–
2,860,799 –
1,971,108
Jumlah pendapatan
2,416,197 4,099,388 1,787,398 2,887,970
(301,013)
(317,590)
(197,342)
(170,376)
(2,336,664)
–
(660,696)
–
Jumlah perbelanjaan
(2,637,677)
(317,590)
(858,038)
(170,376)
(Defisit)/Lebihan pendapatan daripada
perbelanjaan sebelum cukai
(221,480)
3,781,798 929,360 2,717,594
Cukai
8
27,006 (309,101)
(70,905)
(222,541)
perbelanjaan selepas cukai
(194,474)
3,472,697 858,455 2,495,053
dibawa ke hadapan
6,140,491 2,667,794
4,344,673 1,849,620
dihantar ke hadapan
5,946,017 6,140,491 5,203,128 4,344,673
220
Islamic Equity
Dana AmMetLife
Asia Pacific REITS
2015
2014
Nota RMRM
1 April 2014 17 September 2013
hingga
hingga
31 Mac 2015 31 Mac 2014
RMRM
Pendapatan faedah
6
10,143 37,264 1,852 577 Pendapatan dividen
7
–
–
26,213 –
10,143 37,264 28,065 577
69,383 –
2,085 –
429,013 468,352 77,779 4,113
Jumlah pendapatan
508,539 505,616 107,929 4,690
(11,897)
(21,945)
(9,785)
(9,195)
Jumlah perbelanjaan
(11,897)
(21,945)
(9,785)
(9,195)
Lebihan/(Defisit) pendapatan daripada
496,642 483,671 98,144 (4,505)
Cukai
8
(40,683)
(40,449)
(6,538)
(375)
455,959 443,222 91,606 (4,880)
Pendapatan/(kerugian) tidak teragih
dibawa ke hadapan
205,296 (237,926)
(4,880)
–
dihantar ke hadapan
661,255 205,296 86,726 (4,880)
221
Dana AmMetLife
Global Emerging Market
Dana AmMetLife
Tactical Bond
2015
2014
Nota RMRM
1 April 201417 September 2013
hingga hingga
31 Mac 2015 31 Mac 2014
RMRM
Pendapatan faedah
6
2,269 5,978 1,509
Pendapatan dividen
7
2,307 1,888 24,792 –
4,576 7,866 26,301 638
65,641 35,938 5,549 5,453
Jumlah pendapatan
70,217 43,804 31,850 6,091
(10,059)
(11,638)
(9,295)
(9,028)
–
–
(2,980)
–
Jumlah perbelanjaan
(10,059)
(11,638)
(12,275)
(9,028)
60,158 32,166 19,575 (2,937)
Cukai
(5,432)
(3,353)
(326)
(487)
54,726 28,813 19,249 (3,424)
12,061 (16,752)
(3,424)
–
66,787 12,061 15,825 (3,424)
Kerugian atas pelupusan pelaburan
8
dibawa ke hadapan
dihantar ke hadapan
222
638 AmMetlife Insurance Berhad
Dana AmMetLife
Precious Metals
Dana AmMetLife
Global Agribusiness
20152014
Nota RMRM
Pendapatan faedah
20152014
RMRM
6
14,090 6,994 6,663 11,528
14,090 6,994 6,663 11,528 Perolehan modal tidak terealisasi bersih
–
–
127,309 84,879
Jumlah pendapatan
14,090 6,994 133,972 96,407
(19,986)
(16,230)
(11,524)
(14,148)
Kerugian atas pelupusan pelaburan
(2,448)
(245,908)
–
–
(651,472)
(849,271)
–
–
Jumlah perbelanjaan
(673,906)
(1,111,409)
(11,524)
(14,148)
(659,816)
(1,104,415)
122,448 82,259
51,187 87,054 (10,717)
(7,713)
(1,017,361)
111,731 74,546
(1,960,392)
222,815 148,269
(2,977,753)
334,546 222,815
Cukai
8
(608,629)
(Kerugian)/pendapatan tidak teragih
dibawa ke hadapan
(2,977,753)
dihantar ke hadapan
(3,586,382)
223
20152014
Nota RMRM
Dana AmMetLife
Dividend
20152014
RMRM
Pendapatan faedah
6
387 –
41,061 Pendapatan dividen
7
2,223 2,259 375,552 304,673
2,610 2,259 416,613
363,894
–
–
403,835 193,523
174,523 156,852 599,644 563,730
Jumlah pendapatan
177,133 159,111 1,420,092 1,121,147
(29,534)
(28,880)
(167,434)
(128,790)
Jumlah perbelanjaan
(29,534)
(28,880)
(167,434)
(128,790)
sebelum cukai
147,599 130,231 1,252,658 992,357
Cukai
(13,993)
(12,549)
(83,562)
(72,838)
133,606 117,682 1,169,096 919,519
(76,324)
(194,006)
1,544,888 625,369
57,282 (76,324)
2,713,984 1,544,888
8
selepas cukai
dibawa ke hadapan
dihantar ke hadapan
224
59,221 AmMetlife Insurance Berhad
Penyata-penyata Perubahan di dalam Nilai Aset Bersih
2015
2014
RM
RM
Nilai aset bersih pada awal tahun
14,543,771 12,263,704
Amaun diterima daripada penerbitan unit
9,690,938 5,762,935
Amaun dibayar bagi pembatalan unit
(5,071,593)
19,163,116 (5,969,395)
Pendapatan terealisasi bersih selepas cukai
12,057,244
1,057,372 614,609
(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai
(874,270)
1,871,918
Nilai aset bersih pada akhir tahun
19,346,218 14,543,771
Dana AmMetLife Bond
2015
2014
RM
RM
16,713,448 16,376,217
3,249,568 6,584,452
(8,004,383)
11,958,633 (6,637,757)
16,322,912
599,360 738,412
Kerugian modal tidak terealisasi bersih selepas cukai
(143,831)
(347,876)
12,414,162 16,713,448
225
Penyata-penyata Perubahan di dalam Nilai Aset Bersih (Bersambung)
2015
2014
RM
RM
24,157,637 22,890,142
8,387,650 6,824,737
(10,431,450)
22,113,837 (9,029,939)
20,684,940
1,955,256 840,762
(2,149,730)
2,631,935
21,919,363 24,157,637
12,176,875 12,922,403
9,613,259 3,187,043
(4,695,371)
17,094,763 (6,427,624)
9,681,822
1,466,295 681,782
(607,840)
1,813,271
17,953,218 12,176,875
226
2015
2014
RM
RM
Dana AmMetLife AmOasis Islamic Equity
2015
2014
RM
RM
4,513,925 3,430,179
741,116 2,035,198
(1,424,605)
3,830,436 (1,394,674)
4,070,703
61,266 12,339
Perolehan modal tidak terealisasi selepas cukai
394,693 430,883
4,286,395 4,513,925
hinggahingga
31 Mac 2015
31 Mac 2014
RM
RM
580,944 Amaun diterima daripada penerbitan unit
376,276 619,712 Amaun dibayar bagi pembatalan unit
(363,095)
594,125 (33,888)
Pendapatan/(kerugian) terealisasi bersih selepas cukai
–
585,824
20,050 (8,664)
71,556 3,784
685,731 580,944
227
2015
2014
RM
RM
883,932 761,916
129,571 149,658
(114,983)
898,520 (56,455)
Kerugian terealisasi bersih selepas cukai
855,119
(5,664)
(4,250)
60,390 33,063
953,246 883,932
491,182 –
222,547 512,693
(269,500)
444,229 (18,087)
Pendapatan/(kerugian) terealisasi bersih selepas cukai
494,606
14,144 (8,440)
5,105 5,016
463,478 491,182
228
hingga
hingga
31 Mac 2015 31 Mac 2014
RM
RM
2015
2014
RM
RM
3,930,030 4,891,635
1,366,592 959,846
(861,183)
4,435,439 (904,090)
4,947,391
(9,275)
(236,032)
Kerugian modal tidak terealisasi bersih selepas cukai
(599,354)
(781,329)
3,826,810 3,930,030
2015
2014
RM
RM
1,869,293 1,657,240
541,111 566,988
(406,861)
2,003,543 (429,481)
1,794,747
(5,394)
(3,543)
117,125 78,089
2,115,274 1,869,293
229
2015
2014
RM
RM
4,168,793 4,051,111
(4,214)
4,164,579 –
4,051,111
(26,955)
(26,622)
160,561 144,304
4,298,185 4,168,793
9,444,021 6,350,103
3,505,334 2,685,138
(1,459,199)
11,490,156 (510,739)
8,524,502
617,423 400,888
551,673 518,631
12,659,252 9,444,021
230
2015
2014
RM
RM
Nota-nota kepada Maklumat Kewangan
31 Mac 2015
1. Pengurus dan aktiviti utamanya
Dana-dana berkaitan pelaburan AmMetLife Insurance Berhad (dahulu dikenali sebagai AmLife Insurance Berhad) (“Pengurus”)
terdiri daripada Dana AmMetLife Equity (dahulu dikenali sebagai Dana AmAssurance Equity), Dana AmMetLife Bond (dahulu
dikenali sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu dikenali sebagai Dana AmAssurance Balanced),
Dana AmMetLife Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh), Dana AmMetLife AmOasis Islamic Equity
(dahulu dikenali sebagai Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia Pacific REITS (dahulu dikenali sebagai
Dana AmLife Asia Pacific REITS), Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai Dana AmAssurance Global
Emerging Market), Dana AmMetLife Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond), Dana AmMetLife Precious
Metals (dahulu dikenali sebagai Dana AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness (dahulu dikenali sebagai
Dana AmAssurance Global Agribusiness), Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu dikenali sebagai Dana
AmAssurance AmCommodity Stable CG) dan Dana AmMetLife Dividend (dahulu dikenali sebagai Dana AmAssurance Dividend)
(secara bersama dirujuk sebagai “Dana-dana”).
Pengurus adalah sebuah syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia serta dilesenkan di
bawah Akta Perkhidmatan Kewangan 2013. Aktiviti utamanya adalah perniagaan pengunderaitan insurans hayat dan berkaitan
pelaburan.
Tiada perubahan ketara dalam aktiviti-aktiviti utama Pengurus semasa tahun kewangan berakhir 31 Mac 2015.
Maklumat kewangan ini telah diluluskan untuk penerbitan oleh Lembaga Pengarah Pengurus menurut satu resolusi pada 20 Mei 2015.
2. Polisi perakaunan yang penting
2.1 Asas Penyediaan
Maklumat kewangan Dana-dana telah disediakan menurut polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2
kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank
Negara Malaysia (“BNM”).
Maklumat kewangan ini telah disediakan di bawah konvensyen kos sejarah kecuali seperti yang dinyatakan di dalam polisi
perakaunan yang penting di dalam Nota 2.2 kepada maklumat kewangan.
Maklumat kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”).
2.2 Ringkasan polisi perakaunan yang penting
(a)
Yuran pengurusan
Yuran pengurusan dicaj berdasarkan kepada nilai aset bersih Dana-dana, pada kadar-kadar berikut:
(i)
1.50% setahun
(ii) Dana AmMetLife Bond
1.00% setahun
(iii) Dana AmMetLife Balanced
1.50% setahun
(iv) Dana AmMetLife Dana Teguh
1.50% setahun
(v) Dana AmMetLife AmOasis Islamic Equity
1.50% setahun
(vi) Dana AmMetLife Asia Pacific REITS
1.50% setahun
(vii) Dana AmMetLife Global Emerging Market
1.50% setahun
(viii) Dana AmMetLife Tactical Bond
1.00% setahun
(ix) Dana AmMetLife Precious Metals
1.50% setahun
(x) Dana AmMetLife Global Agribusiness
1.50% setahun
(xi) Dana AmMetLife Commodity Stable Capital Guaranteed 0.50% setahun
(xii) Dana AmMetLife Dividend
1.50% setahun
231
Nota-nota kepada Maklumat Kewangan (Bersambung)
(b)
Instrumen kewangan – pengiktirafan permulaan dan ukuran berikutnya
(i)
Tarikh pengiktirafan
Semua aset dan liabiliti kewangan pada mulanya diiktiraf pada tarikh dagangan, iaitu tarikh Dana-dana
menjadi pihak kepada peruntukan kontrak instrumen tersebut. Ini termasuk pembelian atau penjualan
“dagangan lazim” aset kewangan yang memerlukan penghantaran aset dalam tempoh masa yang secara
amnya ditetapkan oleh peraturan atau konvensyen di dalam pasaran.
(ii)
Ukuran permulaan instrumen kewangan
Aset-aset kewangan diklasifikasikan sebagai aset kewangan pada nilai saksama melalui keuntungan atau
kerugian, aset kewangan sedia untuk dijual, aset kewangan dipegang sehingga matang atau pinjaman
dan belum terima, sewajarnya. Liabiliti-liabiliti kewangan Dana-dana diklasifikasikan sebagai liabiliti-liabiliti
kewangan pada nilai saksama melalui keuntungan atau kerugian atau pada kos terlunas, sewajarnya. Dana-dana
menentukan klasifikasi aset-aset kewangan dan liabiliti-liabiliti kewangannya pada pengiktirafan permulaan.
Klasifikasi instrumen kewangan pada pengiktirafan permulaan bergantung kepada tujuan dan niat
pengurusan yang mana instrumen kewangan tersebut diperolehi serta sifat-sifatnya. Semua instrumen
kewangan diukur pada mulanya pada nilai saksamanya tambah kos transaksi, kecuali dalam kes aset-aset
kewangan dan liabiliti-liabiliti kewangan yang direkodkan pada nilai saksama melalui keuntungan atau
kerugian, yang diukur pada nilai saksama.
Dana-dana mengklasifikasikan pelaburan ke dalam aset kewangan pada nilai saksama melalui keuntungan
atau kerugian (“FVTPL”) atau pinjaman dan belum terima (“LAR”). (iii)
Ukuran berikutnya
Ukuran berikutnya instrumen kewangan bergantung kepada klasifikasinya seperti yang dinyatakan di bawah:
1. Aset kewangan pada nilai saksama melalui keuntungan atau kerugian (“FVTPL“)
Aset-aset kewangan atau liabiliti-liabiliti kewangan direkodkan di dalam Penyata Aset dan Liabiliti pada
nilai saksama. Perubahan di dalam nilai saksama diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan.
Pendapatan atau perbelanjaan faedah dan dividen direkodkan sebagai “Pendapatan Pelaburan Bersih”
atau “Perbelanjaan faedah”, sewajarnya dan menurut terma kontrak, atau apabila hak pembayaran telah
ditetapkan.
Termasuk di dalam klasifikasi tersebut adalah sekuriti pendapatan tetap, skim pelaburan kolektif dan ekuiti.
2. Pinjaman dan belum terima (“LAR”)
LAR termasuk aset kewangan bukan derivatif dengan pembayaran tetap atau boleh ditentukan dengan
harga yang dipaparkan di dalam pasaran aktif.
Selepas ukuran permulaan, amaun seterusnya diukur pada kos terlunas menggunakan kadar faedah
efektif (“EIR”), tolak peruntukan untuk kemerosotan. Kos terlunas dikira dengan mengambil kira sebarang
diskaun atau premium atas pemerolehan dan yuran serta kos yang merupakan sebahagian penting EIR.
(iv)
Liabiliti kewangan pada kos terlunas
Liabiliti-liabiliti kewangan Dana-dana, yang tidak ditetapkan pada FVTPL, diklasifikasikan sebagai liabiliti kewangan
pada kos terlunas, di mana kandungan aturan berkontrak menyebabkan Dana-dana berkewajipan sama ada untuk
memberikan wang tunai atau aset kewangan yang lain kepada pemegang, atau untuk memenuhi kewajipan
tersebut selain daripada dengan pertukaran satu amaun tunai yang tetap atau aset kewangan yang lain untuk
sejumlah tetap instrumen ekuiti sendiri.
Selepas ukuran permulaan, ini seterusnya diukur pada kos terlunas menggunakan EIR. Kos terlunas dikira
232
dengan mengambil kira sebarang diskaun atau premium di atas penerbitan dan kos yang merupakan
sebahagian besar EIR.
(c)
Penyahiktirafan aset kewangan dan liabiliti kewangan
(i)
Aset kewangan
Aset kewangan (atau, di mana berkaitan, sebahagian daripada aset kewangan atau sebahagian daripada
sekumpulan aset kewangan yang serupa) dinyahiktiraf apabila:
–
Hak-hak untuk menerima aliran tunai daripada aset telah luput
–
Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset-aset atau telah
mengambil alih kewajipan untuk membayar aliran-aliran tunai yang diterima sepenuhnya tanpa
kelewatan material kepada pihak ketiga di bawah aturan “serah semua”; dan sama ada:
–
Dana-dana telah memindahkan sebahagian besar risiko dan ganjaran aset, atau
–
Dana-dana belum memindahkan mahupun menyimpan sebahagian besar semua dan ganjaran aset,
tetapi telah memindahkan kawalan aset.
Apabila Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset atau telah terlibat
dalam aturan serah semua, dan tidak memindahkan mahupun menyimpan semua risiko dan ganjaran aset
atau pun memindahkan kawalan aset, aset tersebut diiktiraf setakat penglibatan berterusan Dana-dana di
dalam aset tersebut. Dalam kes ini, Dana-dana juga mengiktiraf liabiliti yang berkaitan. Aset yang telah
dipindahkan dan liabiliti yang berkaitan diukur pada dasar yang menunjukkan hak dan kewajipan yang telah
disimpan oleh Dana-dana.
(ii)
Liabiliti kewangan
Liabiliti kewangan dinyahiktiraf apabila tanggungjawab di bawah liabiliti dilepaskan, dibatalkan atau luput.
Di mana liabiliti kewangan sedia ada digantikan dengan yang lain daripada peminjam yang sama pada
terma-terma yang berbeza secara besar, atau terma liabiliti sedia ada yang diubah secara besar, pertukaran
atau perubahan sedemikian dianggap sebagai penyahiktirafan liabiliti asal dan pengiktirafan liabiliti yang
baru. Perbezaan di antara nilai dibawa liabiliti kewangan asal dan pertimbangan yang dibayar diiktiraf di
dalam keuntungan atau kerugian.
(d)
Penentuan nilai saksama
Nilai saksama aset kewangan seperti sekuriti ekuiti, yang didagangkan secara aktif di dalam pasaran kewangan teratur
ditentukan dengan merujuk kepada harga yang disiarkan bagi aset pada penutup dagangan pada tarikh laporan.
Bagi pelaburan di dalam unit, saham amanah hartanah, nilai saksama ditentukan dengan merujuk kepada nilai aset
bersih yang diterbitkan. Pelaburan di dalam ekuiti yang tidak mempunyai harga pasaran yang disiarkan di dalam
pasaran aktif dan yang mana nilai saksama tidak boleh diukur dengan tepat akan dinyatakan pada kos ditolak
kerugian kemerosotan.
Bagi instrumen kewangan yang mana tiada pasaran aktif seperti sekuriti pendapatan tetap tidak tersiar harga iaitu
bon tidak tersiar harga, nilai saksama didapatkan daripada Bond Pricing Agency Malaysia Sdn. Bhd. (“BPAM”).
Sekiranya nilai saksama tidak boleh diukur dengan tepat, instrumen kewangan diukur pada kos, yang merupakan
nilai saksama pertimbangan yang dibayar bagi pemerolehan instrumen tersebut atau amaun yang diterima
atas penerbitan liabiliti kewangan tersebut. Semua kos transaksi yang boleh dikaitkan secara langsung kepada
pemerolehan tersebut juga dimasukkan di dalam kos pelaburan.
Nilai saksama Instrumen Deposit Boleh Niaga (“NID”) adalah berdasarkan kepada siaran harga broker, manakala
nilai saksama deposit tetap/berhasil adalah pokoknya sendiri.
233
(e)
Kemerosotan aset kewangan
Dana-dana menilai pada setiap tarikh laporan sama ada terdapat sebarang bukti objektif bahawa sesuatu aset
kewangan atau sekumpulan aset kewangan telah merosot. Suatu aset kewangan atau sekumpulan aset kewangan
dianggap merosot sekiranya, dan hanya sekiranya, terdapat bukti objektif kemerosotan akibat satu atau lebih
kejadian yang telah berlaku selepas pengiktirafan permulaan aset tersebut (“kejadian kerugian” yang telah berlaku)
dan kejadian (atau kejadian-kejadian) kerugian tersebut memberi impak ke atas anggaran aliran tunai masa hadapan
aset kewangan atau kumpulan aset kewangan yang boleh dianggarkan secara tepat.
Aset-aset kewangan yang dibawa pada kos terlunas
Bukti kemerosotan boleh termasuk tanda-tanda bahawa peminjam atau sekumpulan peminjam sedang mengalami
masalah kewangan, kemungkinan bahawa mereka akan diisytiharkan muflis atau penyusunan semula kewangan
yang lain, keingkaran atau delinkuensi dalam pembayaran faedah atau pokok dan di mana data yang boleh dilihat
menunjukkan bahawa terdapat pengurangan yang boleh diukur di dalam anggaran aliran tunai masa hadapan,
seperti perubahan di dalam tunggakan atau keadaan ekonomi yang berkaitan dengan keingkaran.
Bagi aset-aset kewangan yang dibawa pada kos terlunas, Dana-dana pada mulanya menilai secara individu sama
ada bukti objektif kemerosotan wujud bagi aset kewangan yang signifikan secara individu, atau secara kolektif bagi
aset-aset kewangan yang tidak signifikan secara individu. Sekiranya Dana-dana menentukan bahawa tiada bukti
objektif kemerosotan wujud bagi aset kewangan yang telah dinilai secara individu, ia memasukkan aset tersebut
ke dalam sekumpulan aset kewangan dengan sifat-sifat risiko kredit yang serupa dan menilainya secara kolektif
bagi kemerosotan. Aset-aset yang dinilai secara individu bagi kemerosotan dan yang mana kerugian kemerosotan
diiktiraf atau terus diiktiraf, tidak dimasukkan di dalam penilaian kemerosotan secara kolektif.
Sekiranya terdapat bukti objektif bahawa kerugian kemerosotan telah berlaku, amaun kerugian diukur sebagai
perbezaan di antara amaun dibawa aset tersebut dan nilai semasa anggaran aliran tunai masa hadapan
(tidak termasuk jangkaan kerugian kredit masa hadapan yang belum berlaku). Amaun dibawa aset tersebut
dikurangkan melalui penggunaan akaun peruntukan dan amaun kerugian diiktiraf di dalam Penyata Pendapatan
dan Perbelanjaan. Pendapatan faedah terus diakru pada amaun dibawa yang telah dikurangkan dan diakru
menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan bagi tujuan mengukur
kerugian kemerosotan. Pendapatan faedah direkodkan sebagai sebahagian daripada “Pendapatan faedah”. LAR
bersama dengan peruntukan yang berkaitan dihapus kira apabila tiada prospek realistik pemulihan masa hadapan
dan semua cagaran telah terealisasi atau telah dipindahkan ke Dana-dana.
Sekiranya, di dalam tahun seterusnya, amaun anggaran kerugian kemerosotan meningkat atau berkurang
disebabkan oleh kejadian yang berlaku selepas kemerosotan tersebut diiktiraf, kerugian kemerosotan yang diiktiraf
terdahulu ditingkatkan atau dikurangkan dengan menyelaraskan akaun peruntukan. Sekiranya hapus kira masa
hadapan dipulihkan kemudian, pemulihan tersebut dikreditkan ke “Kerugian kemerosotan di atas LAR” setakat
mana amaun dibawa aset tidak melebihi kos terlunasnya pada tarikh pembalikan.
Nilai semasa anggaran aliran tunai masa hadapan didiskaunkan pada EIR asal aset kewangan. Sekiranya LAR
mempunyai kadar faedah boleh ubah, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah
EIR semasa. Sekiranya Dana-dana telah mengklasifikasikan semula aset dagangan kepada LAR, kadar diskaun
bagi mengukur sebarang kerugian kemerosotan adalah EIR baru yang ditentukan pada tarikh klasifikasi semula.
Pengiraan nilai semasa anggaran aliran tunai masa hadapan aset kewangan bercagar menunjukkan aliran tunai
yang mungkin terhasil daripada perampasan harta tolak kos bagi mendapatkan dan menjual cagaran tersebut,
sama ada perampasan harta berkemungkinan atau tidak.
(f)
234
Pengimbangan instrumen kewangan
Aset-aset kewangan dan liabiliti-liabiliti kewangan diimbangi dan amaun bersih dilaporkan di dalam Penyata Aset
dan Liabiliti sekiranya, dan hanya sekiranya, pada masa ini terdapat hak undang-undang yang boleh dikuatkuasakan
untuk mengimbangi amaun-amaun yang diiktiraf dan terdapat niat untuk menyelesaikan secara bersih, atau untuk
merealisasikan aset tersebut dan menyelesaikan liabiliti secara serentak. Ini pada amnya tidak berlaku bagi perjanjian
perjanjian induk penghasilan bersih, oleh itu, aset-aset dan liabiliti-liabiliti yang berkaitan dibentangkan kasar di
dalam Penyata Aset dan Liabiliti.
(g)
Kemerosotan aset bukan kewangan
Dana-dana menilai pada setiap tarikh laporan sama ada terdapat tanda bahawa sesuatu aset mungkin merosot.
Sekiranya sebarang tanda wujud, atau apabila ujian kemerosotan tahunan bagi sesuatu aset diperlukan, Dana-dana
menganggarkan amaun boleh pulih aset tersebut. Amaun boleh pulih sesuatu aset adalah Nilai saksamaet atau unit
penjanaan tunai (“CGU”) tolak kos untuk menjual atau nilai gunaannya, yang mana lebih tinggi. Di mana amaun
dibawa aset atau CGU melebihi amaun boleh pulihnya, aset tersebut dianggap merosot dan dikira turun kepada
amaun boleh pulihnya.
Dalam menilai nilai gunaan, anggaran aliran tunai masa hadapan didiskaun kepada nilai semasanya menggunakan
kadar diskaun pra-cukai yang menunjukkan penilaian pasaran semasa nilai masa wang dan risiko yang spesifik
kepada aset tersebut. Dalam menentukan nilai saksama ditolak kos untuk menjual, satu model penilaian yang wajar
digunakan. Pengiraan ini disokong oleh gandaan penilaian, harga saham tersiar harga bagi entiti-entiti dagangan
awam atau penanda nilai saksama lain yang ada.
Bagi aset-aset tidak termasuk ihsan, penilaian dibuat pada setiap tarikh laporan sama ada terdapat sebarang
tanda yang kerugian kemerosotan yang telah diiktiraf terdahulu mungkin tidak lagi wujud atau mungkin telah
berkurangan. Sekiranya terdapat tanda sedemikian, Dana-dana menganggarkan amaun boleh pulih aset atau CGU
tersebut. Kerugian kemerosotan yang telah diiktiraf terdahulu dibalikkan hanya sekiranya terdapat perubahan di
dalam anggapan-anggapan yang digunakan untuk menentukan amaun boleh pulih aset sejak kerugian kemerosotan
yang terakhir diiktiraf. Pembalikan tersebut adalah terhad agar amaun dibawa aset tidak melebihi amaun boleh
pulihnya, mahupun melebihi amaun dibawa yang mungkin akan ditentukan, bersih daripada susut nilai, tiada
kerugian kemerosotan diiktiraf bagi aset tersebut di dalam tahun-tahun terdahulu. Pembalikan sedemikian diiktiraf
di dalam Penyata Pendapatan dan Perbelanjaan.
(h)
Penerbitan bersih unit
Penerbitan bersih unit mewakili premium yang dibayar oleh para pemegang polisi sebagai pembayaran bagi kontrak
baru atau pembayaran berikutnya untuk meningkatkan amaun kontrak itu tolak kos penukaran, sekiranya ada, di
dalam dana-dana. Penerbitan bersih unit diiktiraf berdasarkan penerimaan.
(i)
Pembatalan bersih unit
Pembatalan bersih unit mewakili pembatalan unit yang timbul daripada serahan dan pengeluaran. Pembatalan
bersih diiktiraf semasa serahan kontrak insurans yang berkaitan.
(j)
Pengiktirafan hasil yang lain
Hasil diiktiraf selagi ia berkemungkinan bahawa manfaat ekonomi akan mengalir kepada Dana-dana dan hasil
tersebut boleh diukur secara tepat. Kriteria pengiktirafan berikut harus dipenuhi sebelum hasil diiktiraf.
(i)
Pendapatan faedah
Pendapatan dan perbelanjaan faedah dan pembiayaan diiktiraf di dalam keuntungan atau kerugian
menggunakan kaedah faedah efektif. Apabila sesuatu aset kewangan atau sekumpulan aset kewangan
yang serupa telah dikira turun akibat kerugian kemerosotan, pendapatan faedah diiktiraf menggunakan
kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan untuk tujuan mengukur
kerugian kemerosotan.
(ii)
Keuntungan dan kerugian pelaburan terealisasi
Pada pelupusan pelaburan, perbezaan di antara hasil kutipan pelupusan bersih dan amaun dibawa
pelaburan dikreditkan atau dicaj kepada Penyata Pendapatan dan Perbelanjaan.
(iIi)
Pendapatan dividen
Pendapatan dividen mewakili dividen kasar daripada pelaburan-pelaburan tersiar harga dan tidak tersiar
harga dan diiktiraf apabila hak untuk menerima pembayaran ditetapkan.
235
(k)
Cukai pendapatan
Cukai pendapatan ke atas keuntungan dan kerugian terdiri daripada cukai semasa dan tertangguh. Cukai semasa
adalah jangkaan amaun cukai pendapatan yang harus dibayar berkenaan dengan keuntungan boleh cukai bagi
tahun ini dan diukur menggunakan kadar cukai berkanun pada tarikh Penyata Aset dan Liabiliti.
Cukai tertangguh diperuntukkan, menggunakan kaedah liabiliti, atas perbezaan sementara pada tarikh Penyata
Aset dan Liabiliti di antara asas cukai aset dan liabiliti dan amaun dibawanya di dalam maklumat kewangan. Pada
dasarnya, liabiliti cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh cukai dan aset cukai tertangguh
diiktiraf bagi semua perbezaan sementara boleh potong, setakat mana ia berkemungkinan bahawa keuntungan
boleh cukai akan tersedia yang mana perbezaan sementara boleh potong boleh digunakan.
Cukai tertangguh diukur pada kadar cukai yang dijangka akan dikenakan di dalam tempoh yang amaun aset
tersebut direalisasikan atau liabiliti diselesaikan, berdasarkan kepada kadar cukai berkanun atau berkanun secara
substantif pada tarikh Penyata Aset dan Liabiliti. Cukai tertangguh diiktiraf sebagai pendapatan atau perbelanjaan
di dalam Penyata Pendapatan dan Perbelanjaan, kecuali apabila ia timbul daripada transaksi yang telah diiktiraf
secara terus di dalam modal para pemegang unit, yang mana dalam kes ini, cukai tertangguh juga diiktiraf di dalam
modal para pemegang unit.
(l)
Peruntukan
Peruntukan diiktiraf apabila Dana-dana mempunyai obligasi semasa akibat kejadian terdahulu dan ia berkemungkinan
bahawa alir keluar sumber yang membawa manfaat-manfaat ekonomi diperlukan untuk menyelesaikan obligasi
tersebut, dan anggaran tepat amaun boleh dibuat. Peruntukan dikaji semula pada setiap tarikh Penyata Aset dan
Liabiliti dan diselaraskan untuk menunjukkan anggaran terbaik semasa. Di mana kesan nilai masa wang adalah
penting, peruntukan didiskaun menggunakan kadar pra-cukai semasa yang menunjukkan, sewajarnya, risiko yang
spesifik kepada liabiliti. Di mana pendiskaunan digunakan, peningkatan di dalam peruntukan disebabkan oleh
peredaran masa diiktiraf sebagai kos kewangan.
(m)
Transaksi matawang asing
(i)
Matawang fungsi dan pembentangan
Penyata-penyata kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”) yang juga matawang fungsi
dan pembentangan Dana-dana.
(ii)
Transaksi matawang asing
Transaksi dalam matawang asing pada mulanya direkodkan pada kadar semasa matawang fungsi pada
tarikh transaksi. Aset-aset dan liabiliti-liabiliti monetari berdenominasi matawang asing ditukarkan semula
pada kadar pertukaran matawang fungsi pada tarikh laporan. Semua perbezaan dibawa ke keuntungan dan
kerugian. Butiran bukan monetari berdenominasi matawang asing yang diukur pada kod sejarah ditukarkan
menggunakan kadar pertukaran pada tarikh transaksi awal.
Butiran bukan monetari diukur pada nilai saksama dalam matawang asing ditukarkan menggunakan kadar
pertukaran pada tarikh apabila nilai saksama ditentukan. Semua perbezaan pertukaran asing dibawa ke
keuntungan atau kerugian, kecuali bagi perbezaan yang berkaitan dengan butiran yang mana keuntungan
atau kerugian diiktiraf secara langsung di dalam ekuiti, yang mana dalam hal ini, keuntungan atau kerugian
diiktiraf bersih daripada komponen pertukaran di dalam ekuiti.
(n)
Tunai dan tunai setara
Tunai dan tunai setara terdiri daripada tunai dan baki di bank, tidak termasuk deposit tetap dan panggilan.
236
3.Pelaburan
(i) Dana AmMetLife Equity
Sekuriti ekuiti tersiar harga
Deposit dengan institusi kewangan berlesen
2015
2014
RM
RM
17,743,960 12,142,443
–
2,623,875
17,743,960 14,766,318
FVTPL:
Kos
16,225,883 9,674,073
Keuntungan tidak terealisasi bersih
1,518,077 2,468,370
Nilai saksama
17,743,960 12,142,443
Jumlah pelaburan pada FVTPL
17,743,960 12,142,443
LAR:
–
2,623,875
Jumlah pelaburan
17,743,960 14,766,318
237
3.Pelaburan (Bersambung)
(i) Dana AmMetLife Equity (Bersambung)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah:
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
Pembinaan
Gamuda Berhad
37,000 170,441 188,700 0.98%
26,400 179,493 190,080 0.98%
104,900 171,685 175,183 0.91% 5,600 391,788 384,496 1.99%
QL Resources Berhad 51,300 173,589 201,096 1.04%
407,975 440,154 2.28%
CIMB Group Holdings Berhad 164,098 1,118,594 1,020,690 5.28%
Malayan Banking Berhad 155,794 1,444,496 1,453,558 7.51%
96,544 97,121 0.50%
305,466 390,096 2.02%
Produk Pengguna
Kewangan
51,300 Perindustrian
DRB-Hicom Berhad
49,300 Kossan Rubber Industries Berhad 68,800 Petronas Gas Berhad
20,600 458,313 474,212 2.45%
SKP Resources Berhad
305,300 197,438 257,978 1.33%
V.S Industry Berhad
62,700 157,933 266,475 1.38%
99,800 178,812 199,600 1.03%
618,589 725,130 3.75%
3,900 86,649 88,842 0.46%
19,000 112,135 96,710 0.50%
Syarikat Projek Infrastruktur
Digi.Com Berhad
115,100 Perladangan
Kuala Lumpur Kepong Berhad
Teknologi
238
243,000 372,844 434,970 2.25%
52,200 151,567 172,782 0.89%
(i) Dana AmMetLife Equity (Bersambung)
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL: (Bersambung)
Sekuriti ekuiti tersiar harga (Bersambung) Perdagangan & Perkhidmatan
AirAsia Berhad
68,700 169,521 163,506 0.85%
Astro Malaysia Holdings Berhad 61,500 182,091 196,800 1.02%
Berjaya Auto Berhad 131,500400,598497,070 2.57%
Dialog Group Berhad
206,420 250,144 326,144 1.69%
Engtex Group Berhad
148,800
192,036
147,312
0.76%
101,100 406,805 427,653 2.21%
IHH Healthcare Berhad 71,300
353,592
428,513
2.21%
61,320 428,837 429,240 2.22%
Maxis Berhad
80,100
544,902 575,919 2.98%
MISC Berhad
24,100 187,002 204,609 1.06%
68,100
164,552
189,999
0.98%
Scicom (MSC) Berhad
148,180 234,741 294,878 1.52%
Sime Darby Berhad
61,900 590,597 573,813 2.97%
Sunway Berhad
100,000 335,406 365,000
1.89%
61,100 365,918 444,197 2.30%
119,500
1,354,963 1,716,020 8.87%
Uzma Berhad
94,800 177,236 197,184 1.02%
85,900 253,209 345,318
1.78%
16,225,883 17,743,960 91.72%
Purata wajaran kadar faedah efektif adalah seperti berikut:
Deposit dengan institusi kewangan berlesen Purata wajaran
kadar faedah efektif setahun
2015
2014
%%
–
2.90%
239
Bon korporat tidak tersiar harga
Unit tidak tersiar harga dan dana amanah hartanah
2015
2014
RM
RM
10,387,024 11,496,596
1,225,845 1,611,407
905,000 3,701,382
12,517,869 16,809,385
FVTPL:
Bon Korporat tidak tersiar harga
Kos
10,763,296 11,729,915
Kerugian tidak terealisasi bersih
(376,272)
(233,319)
Nilai saksama
10,387,024 11,496,596
Kos
1,137,267 1,552,472
88,578 58,935
Nilai saksama
1,225,845 1,611,407
11,612,869 13,108,003
LAR:
240
905,000 3,701,382
Jumlah pelaburan
12,517,869 16,809,385
(ii) Dana AmMetLife Bond (Bersambung)
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
matang pada 22/11/2017
1,000,000 1,020,300 1,023,360 8.24%
500,000 500,000 505,795 4.07%
625,000 1,004,250 732,331 5.90% Prominic Berhad
1,000,000 1,006,200 1,003,430 8.08%
Encorp Systembilt Sdn Bhd
1,300,000 1,292,720 1,306,513 10.52%
1,300,000 1,335,880 1,370,733 11.04% Gulf Investment Corporation
700,000 721,280 708,113 5.70%
Prominic Berhad
400,000 408,800 401,372 3.23%
RHB Bank Berhad Hybrid Tier 1
1,300,000 1,550,900 1,437,605 11.58%
Binariang GSM Sdn Bhd
1,491,696 1,533,166 1,508,732 12.15%
389,800 389,040 10,763,296 10,387,024 Konsortium Lebuhraya Utara-Timur (KL)
Sdn Bhd matang pada 02/12/2026
400,000 Unit tidak tersiar harga dan dana
amanah hartanah
Dana AmBond
3.13% 83.67%
909,137 999,447 1,082,601 8.72%
Dana AmDynamic Bond
230,111 137,820 143,244 1.15%
1,137,267 1,225,845
9.87%
11,900,563 11,612,869 93.55%
Bon korporat tidak tersiar harga – terjamin Purata wajaran
2015
2014
%%
4.98% 4.98%
Bon korporat tidak tersiar harga – tidak terjamin 4.83% 4.82%
Deposit dengan institusi kewangan berlesen 3.70% 2.90%
241
2015
2014
RM
RM
14,322,553 14,776,048
5,785,797 5,972,720
Unit tersiar harga dan dana amanah hartanah
–
151,000
–
2,218,693
1,773,000 1,052,421
21,881,350 24,170,882
FVTPL:
Kos
13,019,179 11,218,670
1,303,374 3,557,378
Nilai saksama
14,322,553 14,776,048
Kos
6,177,165 6,177,165
(391,368)
(204,445)
Nilai saksama
5,785,797 5,972,720
Kos
–
154,710
–
(3,710)
Nilai saksama
–
151,000
Kos
–
2,319,247
–
(100,554)
Nilai saksama
–
2,218,693
20,108,350 23,118,461
LAR:
1,773,000
1,052,421
Jumlah pelaburan21,881,35024,170,882
242
(iii) Dana AmMetLife Balanced (Bersambung)
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
Pembinaan
Gamuda Berhad
42,400 203,587 216,240 0.99%
62,000 419,719 446,400 2.04%
442,260 439,424 2.00%
Produk Pengguna
British American Tobacco (Malaysia) Berhad 6,400 Kewangan
38,200 329,226 327,756 1.50%
853,137 769,713 3.51%
Hong Leong Bank Berhad
123,748 24,700 360,626 352,222 1.61%
Malayan Banking Berhad 100,127 916,833 934,185 4.26%
377,355
483,651
2.21%
Petronas Gas Berhad
15,900
348,518
366,018
1.67%
350,000
221,256
295,750
1.35%
Produk Perindustrian
V.S Industry Berhad
72,800
178,684
309,400
1.41%
116,000
207,839
232,000
1.06%
Syarikat Projek Infrastruktur Digi.Com Berhad
99,000547,620623,700 2.85%
Teknologi
223,000 352,576 399,170 1.82%
59,300 174,027 196,283 0.90%
243
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL: (Bersambung)
AirAsia Berhad
88,500 244
217,552 210,630 0.96%
33,700 98,752 107,840 0.49%
Axiata Group Berhad
93,000 654,819 658,440 3.00%
Berjaya Auto Berhad 141,900 447,651 536,382 2.45%
Engtex Group Berhad
180,200 237,710 178,398 0.81%
63,400 254,381 268,182 1.22%
59,280 417,689 414,960 1.89%
Maxis Berhad
29,700 195,889 213,543 0.97%
MISC Berhad
25,800 199,932 219,042 1.00%
46,400 104,425 129,456 0.59%
Scicom (MSC) Berhad
203,600 324,418 405,164 1.85%
Sime Darby Berhad
35,500 335,440 329,085 1.50%
Sunway Berhad
113,000 379,481 412,450 1.88%
42,800 243,015 311,156 1.42%
92,600 998,358 1,329,736 6.07%
Uzma Berhad
55,200 102,852 114,816 0.52%
123,400 378,593 496,068 2.26%
13,019,179
14,322,553 65.34%
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL: (Bersambung)
1,000,000 1,020,300 1,023,360 4.67%
1,000,000 1,000,000 1,011,590 4.62%
1,062,500 1,707,225 1,244,963 5.68% Encorp Systembilt Sdn Bhd
500,000 497,200 502,505 1,952,440 2,003,379 6,177,165 5,785,797 26.40%
20,108,350 91.74%
1,900,000 19,196,344 2.29%
9.14% Purata wajaran kadar faedah efektif adalah seperti berikut:
Bon korporat tidak tersiar harga – terjamin Purata wajaran
2015
2014
%%
4.98% 4.98%
245
2015
2014
RM
RM
11,654,493 7,755,034
2,393,377 2,453,070
593,485 567,813
2,908,000 1,510,273
17,549,355 12,286,190
FVTPL:
Kos
10,072,437 5,553,382
1,582,056 2,201,652
Nilai saksama
11,654,493 7,755,034 Bon korporat tidak tersiar harga
Kos
2,521,790 2,521,790
(128,413)
(68,720)
Nilai saksama
2,393,377 2,453,070
Kos
559,532 552,453
33,953 15,360
Nilai saksama
593,485 567,813
14,641,355 10,775,917
LAR:
246
2,908,000 1,510,273
Jumlah pelaburan
17,549,355 12,286,190
(iv) Dana AmMetLife Dana Teguh (Bersambung)
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
Pembinaan
Gamuda Berhad
34,300 162,425 174,930 0.97%
Hock Seng Lee Berhad
200,000 334,848 362,000 2.02%
59,700 342,874 429,840 2.39%
299,764 356,328 1.98%
Produk Pengguna
QL Resources Berhad
90,900 Produk Perindustrian
DRB-Hicom Berhad 68,600134,339135,142 0.75%
334,660
433,188
2.41%
Petronas Gas Berhad
18,100
403,196
416,662
2.32%
259,900 189,947 219,615 1.22%
V.S Industry Berhad
64,800 165,871 275,400 1.53%
Digi.Com Berhad
72,700 370,477 458,010 2.55%
Time Dotcom Berhad
27,300 126,879 161,616 0.90%
Kuala Lumpur Kepong Berhad5,400 119,248 123,012 0.69%
26,600 156,464 135,394 0.75%
388,501 330,660 1.84%
395,232 2.20%
Syarikat Projek Infrastruktur Perladangan
Hartanah
183,700 Teknologi
220,800 326,485 Globetronics Technology Berhad
31,500 142,726 165,690 0.92%
49,500 142,757 163,845 0.91%
Vitrox Corporation Berhad 26,600 89,484 87,248 0.49%
247
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL: (Bersambung)
Berjaya Auto Berhad
145,000 468,891 548,100 3.05%
Dialog Group Berhad
243,258 291,644 384,348 2.14%
KPJ Healthcare Berhad
31,100 132,815 132,486 0.74%
Maxis Berhad
71,300 483,223 512,647 2.86%
MISC Berhad
38,000 309,163 322,620 1.80%
91,800 160,156 256,122 1.43%
Pos Malaysia Berhad
35,100 177,929 185,679 1.03%
Scicom (MSC) Berhad
173,000 274,679 344,270 1.92%
Sime Darby Berhad
38,200 362,366 354,114 1.97%
Sunway Berhad
117,400 393,732 428,510 2.39%
74,000
454,879
537,980
3.00%
78,300 831,485 1,124,388 6.26%
Uzma Berhad 86,200160,982179,296 1.00%
248
93,700
283,089
376,674
2.10%
10,072,437 11,654,493 64.92%
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL: (Bersambung)
375,000 602,550 439,398 Encorp Systembilt Sdn Bhd
1,000,000 994,400 1,005,010 5.60%
900,000 924,840 948,969 5.29%
2,521,790 2,393,377
13.33%
Unit tidak tersiar harga dan dana
amanah hartanah
Dana AmBon Islam
2.45% 477,730 559,532 Jumlah pelaburan pada FVTPL
13,153,759 593,485 3.31%
14,641,355 81.55%
Purata wajaran
2015
2014
%%
249
2015
2014
RM
RM
3,988,807 4,055,245
–
473,719
3,988,807 4,528,964
FVTPL:
Kos
3,176,209 3,671,661
812,598 383,584
Nilai saksama
3,988,807 4,055,245
3,988,807 4,055,245
LAR:
–
473,719
Jumlah pelaburan
3,988,807 4,528,964
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
amanah hartanah
AmOasis Global Islamic Equity
3,286,485 3,176,209 3,988,807 93.06%
3,176,209 3,988,807 93.06%
Deposit dengan institusi kewangan berlesen 250
Purata wajaran
2015
2014
%%
–% 2.93%
2015
2014
RM
RM
672,241 672,241 509,424
509,424
FVTPL:
Kos
590,348 505,311
81,893 4,113
Nilai saksama
672,241
509,424
672,241
509,424
Jumlah pelaburan
672,241
509,424
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
amanah hartanah
AmAsia Pacific REITS
992,530 590,348 672,241 98.03%
590,348 672,241 98.03%
251
2015
2014
RM
RM
885,544 790,362
–
110,000
885,544 900,362
FVTPL:
Kos
802,843 773,302
82,701 17,060
Nilai saksama
885,544 790,362
885,544 790,362
LAR:
–
110,000
Jumlah pelaburan
885,544 900,362
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
amanah hartanah
AmCash Management
90,086 90,086 90,086 9.45%
AmGlobal Emerging Market Opportunities
716,887 712,757 795,458 83.45%
802,843 885,544 92.90%
Purata wajaran
2015
2014
%%
–% 3.00%
2015
2014
RM
RM
421,026 421,026 421,809
421,809
FVTPL:
Kos
410,025 416,356
11,001 5,453
Nilai saksama
421,026 421,809
421,026 421,809
Jumlah pelaburan421,026421,809
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
amanah hartanah
AmTactical Bond
427,394 410,025 421,026 90.84%
410,025 421,026 90.84%
253
2,821,867 Deposit dengan institusi kewangan berlesen
FVTPL:
2015
2014
RM
RM
3,456,063
713,535 –
3,535,402 3,456,063
Kos
6,572,330 6,555,055
(3,750,463)
(3,098,992)
Nilai saksama
2,821,867 3,456,063
2,821,867 3,456,063
LAR:
713,535 –
Jumlah pelaburan
3,535,402 3,456,063
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
amanah hartanah
AmPrecious Metals 8,069,392 6,572,330 2,821,867 73.74%
6,572,330 2,821,867 73.74%
Purata wajaran
2015
2014
%%
3.40% –%
2015
2014
RM
RM
1,929,471 Deposit dengan institusi kewangan berlesen
1,677,913
205,535
226,123
2,135,006 1,904,036
FVTPL:
Kos1,557,4411,433,192
372,030
244,721
Nilai saksama
1,929,471 1,677,913
1,929,471 1,677,913
LAR:
205,535
226,123
Jumlah pelaburan
2,135,006 1,904,036
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
amanah hartanah
AmGlobal Agribusiness
1,746,127 1,557,441 1,929,471 91.22%
1,557,441 1,929,471 91.22%
2015
2014
%%
3.40% 3.00%
255
(xi) Dana AmMetLife Commodity Stable Capital Guaranteed
Produk berstruktur
2015
2014
RM
RM
4,934,688 4,760,165
57,248 91,382
4,991,936 4,851,547
FVTPL:
Produk berstruktur
Kos
4,715,094 4,715,094
219,594 45,071
Nilai saksama
4,934,688 4,760,165
Kos/Nilai saksama57,24891,382
4,991,936 4,851,547
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
Produk berstruktur Instrumen Deposit Boleh Niaga Kadar
Terapung matang pada 12/10/15
amanah hartanah
Dana AmIncome
5,045,920 4,715,094 4,934,688 114.81%
57,248 57,248 57,248 1.33%
4,772,342 4,991,936 116.14%
256
2015
2014
RM
RM
11,550,834 7,245,830
–
430,350
–
1,823,730
11,550,834 9,499,910
FVTPL:
Kos
10,296,683 6,590,459
1,254,151 655,371
Nilai saksama
11,550,834 7,245,830
Kos
–
431,214
–
(864)
Nilai saksama
–
430,350
11,550,834 7,676,180
LAR:
–
1,823,730
Jumlah pelaburan11,550,834 9,499,910
257
(xii) Dana AmMetLife Dividend (Bersambung)
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL:
Pembinaan
Gamuda Berhad
24,100 111,330 122,910 0.97%
34,000 230,378 244,800 1.93%
68,500 111,772 114,395 0.90%
251,141 247,176 1.95%
302,874 2.39%
Produk Pengguna
3,600 Kewangan
35,300 283,440 CIMB Group Holdings Berhad
101,593 664,408 631,908 4.99%
Malayan Banking Berhad
95,130 894,926 887,563 7.01%
1,150,483 1,198,880 9.47%
Petronas Gas Berhad
15,700 349,581 361,414 2.85%
200,700 129,569 169,591 1.34%
V.S Industry Berhad
41,400 102,308 175,950 1.39%
65,200 116,498 130,400 1.03%
366,692 510,930 4.04%
57,052 59,228 0.47%
159 180 0.00%
249,039 289,443 2.29%
Public Bank Berhad
63,500 Produk Perindustrian
Syarikat Projek Infrastruktur Digi.Com Berhad
81,100 Perladangan
Kuala Lumpur Kepong Berhad2,600 Hartanah
100 Teknologi
161,700 Inari Amertron Berhad
258
52,900 149,500 175,099 1.38%
(xii) Dana AmMetLife Dividend (Bersambung)
2015
Nilai saksama
Jumlah
Kos
Nilai saksama
sebagai %
Unit
RM
RM daripada NAB
FVTPL: (Bersambung)
AirAsia Berhad 56,800 Astro Malaysia Holdings Berhad
34,200 148,983 135,184 1.07%
100,216 109,440
0.86%
Axiata Group Berhad
83,100 581,885 588,348 4.65%
Berjaya Auto Berhad
86,000 292,149 325,080 2.57%
277,642 280,026
2.21%
66,200 IHH Healthcare Berhad 46,900 226,134 281,869 2.23%
41,520 289,803 290,640 2.30%
Maxis Berhad
46,000 308,803 330,740 2.61%
MISC Berhad
15,100 108,171 128,199 1.01%
105,600
190,930
294,624
2.33%
Scicom (MSC) Berhad
97,640 154,767 194,304 1.53%
SEG International Bhd
87,000 122,263 124,410 0.98%
Sime Darby Berhad
40,900 390,626 379,143 2.99%
Sunway Berhad 92,300306,513336,895 2.66%
39,700 221,018 288,619 2.28%
75,600 787,815
1,085,616
8.58%
75,100 220,155
301,902
2.38%
10,296,683 11,550,834 91.24%
2015
2014
%%
–% 2.90%
259
4. Cukai Tertangguh
Liabiliti/(aset) cukai tertangguh adalah berkaitan dengan keuntungan/(kerugian) modal tidak terealisasi di atas pelaburan Dana-
dana masing-masing.
2015
2014
RM
RM
Pada awal tahun
197,470
Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)
(76,023)
162,776
Pada akhir tahun
121,447 197,470
34,694 (ii) Dana AmMetLife Bond
2015
2014
RM
RM
Pada awal tahun
(13,951)
11,584 Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)
(9,063)
(25,535)
Pada akhir tahun
(23,014) (13,951)
2015
2014
RM
RM
Pada awal tahun
259,894 31,030
(186,934)
228,864
Pada akhir tahun
72,960 259,894
260
2015
2014
RM
RM
Pada awal tahun
171,863 14,027
(52,856)
157,836
Pada akhir tahun
119,007
171,863
Pada awal tahun
2015
2014
RM
RM
30,687 (6,781) Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)
34,321 37,468
Pada akhir tahun
65,008
30,687
Pada awal tahun
2015
2014
RM
RM
329 –
6,223 329
Pada akhir tahun
6,552 329
Pada awal tahun
2015
2014
RM
RM
1,365 (1,510)
5,251 2,875
Pada akhir tahun
6,616 1,365
Pada awal tahun
2015
2014
RM
RM
436 –
444 436
Pada akhir tahun
880 436
261
4. Cukai Tertangguh (Bersambung)
2015
2014
RM
RM
Pada awal tahun
(247,919)
(179,978) Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)
(52,118)
(67,941)
Pada akhir tahun
(300,037)
(247,919)
Pada awal tahun
2015
2014
RM
RM
19,578 12,787 Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)
10,184 6,791
Pada akhir tahun
29,762 19,578
Pada awal tahun
2015
2014
RM
RM
3,606 (8,943) Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8)
13,962 12,549
Pada akhir tahun
17,568 3,606
Pada awal tahun
262
2015
2014
RM
RM
52,361 7,262
47,970 45,099
Pada akhir tahun
100,331 52,361
5. Modal Para Pemegang Unit
20152014
Jumlah
Unit RM
Jumlah
Unit RM
Amaun diterima bagi penerbitan semasa
tahun tersebut
5,981,485 9,690,938 3,580,109 5,762,935
Amaun dibayar bagi pembatalan disebabkan
oleh serahan semasa tahun tersebut
(1,318,352)
(5,071,593)
(3,837,480)
(5,969,395)
4,663,133 4,619,345 (257,371)
14,632,663 14,543,771 14,890,034 12,263,704
selepas cukai
–
183,102 –
2,486,527
19,295,796 19,346,218 14,632,663 14,543,771
1.0026 0.9939
Modal para pemegang unit dibawa ke hadapan
Nilai aset bersih seunit pada 31 Mac
(206,460)
20152014
Jumlah
Unit RM
Jumlah
Unit RM
tahun tersebut
1,746,235 3,249,568 5,764,102
6,584,452
(7,807,721)
(8,004,383)
(5,796,406)
(6,637,757)
(6,061,486)
(4,754,815)
(32,304)
21,593,784 16,713,448 21,626,088 16,376,217
selepas cukai
–
455,529 –
390,536
15,532,298 12,414,162 21,593,784 Nilai aset bersih seunit pada 31 Mac
0.7992 (53,305)
16,713,448 0.7740
263
5. Modal Para Pemegang Unit (Bersambung)
20152014
Jumlah
Unit RM
Jumlah
Unit RM
tahun tersebut
3,563,363 8,387,650 3,442,556 6,824,737
(5,665,595)
(10,431,450)
(5,723,386)
(9,029,939)
(2,102,232)
(2,043,800)
(2,280,830)
(2,205,202)
24,674,688 24,157,637 26,955,518 22,890,142
(Defisit)/Lebihan daripada perbelanjaan
selepas cukai
–
(194,474)
–
3,472,697
22,572,456 21,919,363 24,674,688
0.9711 24,157,637 0.9790
20152014
Jumlah
Unit RM
Jumlah
Unit RM
tahun tersebut
6,808,452 9,613,259 1,492,824 3,187,043
(1,999,098)
(4,695,371)
(5,061,669)
(6,427,624)
4,809,354 4,917,888 (3,568,845)
(3,240,581)
12,100,742 12,176,875 15,669,587 12,922,403
selepas cukai
–
858,455 –
2,495,053
16,910,096 17,953,218 12,100,742 Modal para pemegang unit dibawa ke hadapan
264
1.0617 12,176,875 1.0063
20152014
Jumlah
Unit RM
Jumlah
Unit RM
tahun tersebut
668,947 741,116 3,658,529 2,035,198
(1,973,723)
(1,424,605)
(2,365,007)
(1,394,674)
(1,304,776)
(683,489)
1,293,522 Modal para pemegang unit dibawa ke hadapan
8,541,049 4,513,925 7,247,527 3,430,179
selepas cukai
–
455,959 –
443,222
7,236,273 4,286,395 8,541,049 Nilai aset bersih seunit pada 31 Mac
0.5923 640,524 4,513,925 0.5285
20152014
Jumlah
Unit RM
Jumlah
Unit RM
tahun/tempoh tersebut
411,104 376,276 1,207,395 619,712
oleh serahan semasa tahun/tempoh tersebut
(382,433)
(363,095)
(22,453)
(33,888)
28,671 13,181 1,184,942 585,824
1,184,942 580,944 –
–
Lebihan/(Defisit) daripada perbelanjaan
selepas cukai
–
91,606 –
(4,880)
1,213,613 685,731 1,184,942 Modal para pemegang unit dibawa ke hadapan
0.5650 580,944 0.4903
265
20152014
Jumlah
Unit RM
Jumlah
Unit RM
tahun tersebut
1,190,620 129,571 246,638 149,658
(1,157,114)
(114,983)
(62,600)
(56,455)
33,506 14,588 184,038 1,720,080 883,932 1,536,042 761,916
selepas cukai
–
54,726 –
28,813
1,753,586 953,246 1,720,080 Modal para pemegang unit dibawa ke hadapan
0.5436 93,203 883,932 0.5139
Jumlah
Unit RM
Jumlah
Unit RM
tahun/tempoh tersebut
282,711 222,547 1,148,974 512,693
oleh serahan semasa tahun/tempoh tersebut
(378,158)
(269,500)
(154,043)
(18,087)
(95,447)
(46,953)
994,931 494,606 Modal para pemegang unit dibawa ke hadapan
994,931 491,182 –
–
Lebihan/(Defisit) daripada perbelanjaan
selepas cukai
–
19,249 –
(3,424)
899,484 463,478 994,931 Nilai aset bersih seunit pada 31 Mac
266
20152014
0.5153 491,182 0.4937
20152014
Jumlah
Unit RM
Jumlah
Unit RM
tahun tersebut
4,688,605 1,366,592 2,703,945 959,846
(2,759,111)
(861,183)
(2,577,338)
(904,090)
1,929,494 505,409 126,607 55,756
13,961,225 3,930,030 13,834,618 4,891,635
Defisit pendapatan daripada perbelanjaan
selepas cukai
–
(608,629)
–
(1,017,361)
0.2408 3,930,030 0.2815
20152014
Jumlah
Unit RM
Jumlah
Unit RM
tahun tersebut
1,483,710 541,111 544,918 566,988
(1,273,374)
(406,861)
(319,527)
(429,481)
210,336 134,250 225,391 137,507
3,020,546 1,869,293 2,795,155 1,657,240
selepas cukai
–
111,731 –
74,546
0.6547 1,869,293 0.6189
267
20152014
Jumlah
Unit RM
Jumlah
Unit RM
(9,500)
(4,214)
–
–
(9,500)
(4,214)
–
–
8,435,571 4,168,793 8,435,571 4,051,111
selepas cukai
–
133,606 –
117,682
0.5101 4,168,793 0.4942
20152014
Jumlah
Unit RM
Jumlah
Unit RM
tahun tersebut
4,882,311 3,505,334 4,320,217
2,685,138
(1,743,279)
(1,459,199)
(675,982)
(510,739)
3,139,032 2,046,135 3,644,235
2,174,399 15,029,935
9,444,021
11,385,700 6,350,103
selepas cukai
–
1,169,096 –
919,519
18,168,967 12,659,252 15,029,935
268
0.6968
9,444,021 0.6283
6. Pendapatan Faedah
Dana AmMetLife Bond Dana AmMetLife Equity 2015201420152014
RMRMRMRM
Pendapatan faedah daripada:
62,640 68,210 81,141 126,946
Bon korporat
–
–
674,015 790,354
62,640 68,210 755,156 917,300
Dana AmMetLife Balanced Dana AmMetLife Dana Teguh 2015201420152014
RMRMRMRM
57,261 63,270 72,550 37,050
Bon korporat
464,355 464,451 177,663 188,617
521,616 527,721 250,213 225,667
Dana AmMetLife AmOasis Islamic Equity Dana AmMetLife
Asia Pacific REITS 1 April 201417 September 2013
hingga
hingga
2015
2014 31 Mac 2015 31 Mac 2014
RMRMRMRM
10,143 37,264 Dana AmMetLife Global Emerging Market
1,852 577
Dana AmMetLife
Tactical Bond 1 April 201417 September 2013
hingga
hingga
2015
2014 31 Mac 2015 31 Mac 2014
RMRMRMRM
2,269 5,978 1,509 638
269
6. Pendapatan Faedah (Bersambung)
270
Dana AmMetLife
Global Agribusiness
2015201420152014
RMRMRMRM
14,090 6,994 Dana AmMetLife Commodity Stable Capital Guaranteed
6,663 11,528
Dana AmMetLife
Dividend
2015201420152014
RMRMRMRM
387 –
41,061 59,221
7. Pendapatan Dividen
RMRMRMRM
Dividen kasar daripada:
Sekuriti ekuiti tersiar harga di Malaysia
426,217 211,548 –
–
amanah hartanah di Malaysia
–
–
13,372 28,713
426,217 211,548 13,372 28,713
RMRMRMRM
417,103 277,057 233,305 114,755
Unit tersiar harga dan dana amanah
hartanah di Malaysia
7,800 5,300 –
–
Unit tidak tersiar harga dan dana amanah
–
19,247 7,079 17,594
424,903
301,604
Dana AmMetLife
Asia Pacific REITS
240,384
132,349
Dana AmMetLife
Global Emerging Market
hinggahingga
31 Mac 2015
31 Mac 01420152014
RMRMRMRM
26,213 –
2,307 1,888
26,213 –
2,307 1,888
271
7. Pendapatan Dividen (Bersambung)
Dana AmMetLife
Tactical Bond
hinggahingga
31 Mac 2015 31 Mac 201420152014
RMRMRMRM
24,792 –
2,223 2,259
24,792 –
2,223 2,259
Dana AmMetLife Dividend 20152014
RMRM
272
368,142 277,348
Unit tersiar harga dan dana amanah hartanah di Malaysia
7,410 27,325
375,552 304,673
8. Cukai
RMRMRMRM
Cukai pendapatan Malaysia:
Peruntukan tahun semasa
77,024 55,284 63,020 77,391
Cukai tertangguh:
Berkaitan dengan pengasalan dan
pembalikan perbezaan sementara (Nota 4)
(76,023)
162,776 (9,063)
(25,535)
Perbelanjaan cukai bagi tahun tersebut
1,001 218,060 53,957 51,856
Dana AmMetLife Balanced Dana AmMetLife Dana Teguh
2015201420152014
RMRMRMRM
159,928 80,237
123,761
64,705
Cukai tertangguh:
(186,934)
228,864 (52,856)
157,836
(27,006)
309,101 70,905 222,541
Islamic Equity
Dana AmMetLife
Asia Pacific REITS
hingga
hingga
2015
2014 31 Mac 2015 31 Mac 2014
RMRMRMRM
Peruntukan tahun/tempoh semasa
6,362 2,981 315 46
Cukai tertangguh:
34,321 37,468 6,223 329
Perbelanjaan cukai bagi tahun/tempoh tersebut
40,683 40,449 6,538 375
273
8. Cukai (Bersambung)
Dana AmMetLife
Global Emerging Market Dana AmMetLife
Tactical Bond 1 April 201417 September 2013
hingga
hingga
2015
2014 31 Mac 2015 31 Mac 2014
RMRMRMRM
Peruntukan tahun/tempoh semasa
181 478 (118)
51
Cukai tertangguh:
5,251 2,875 444 436
Perbelanjaan cukai bagi tahun/tempoh tersebut
5,432 3,353 326
487
Dana AmMetLife
Precious Metals
Dana AmMetLife
Global Agribusiness
2015201420152014
RMRMRMRM
931 (19,113)
533 922
Cukai tertangguh:
(52,118)
(67,941)
10,184 6,791
(51,187)
(87,054)
10,717 7,713
Dana AmMetLife
Dividend
2015201420152014
RMRMRMRM
31 –
35,592 27,739
Cukai tertangguh:
13,962 12,549 47,970 45,099
13,993 12,549 83,562 72,838
Caj cukai ke atas Dana-dana adalah berkaitan dengan pendapatan pelaburan yang diterima dan keuntungan di atas pelupusan
pelaburan semasa tahun/tempoh tersebut, pada kadar cukai keutamaan 8% (2014: 8%) menurut kaedah yang telah ditetapkan di
bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat. 274
Satu penyesuaian perbelanjaan cukai pendapatan yang dikenakan kepada lebihan/(defisit) pendapatan berbanding daripada
perbelanjaan sebelum cukai pada kadar cukai pendapatan yang dikenakan kepada dana-dana berkaitan pelaburan, kepada
perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif, adalah seperti berikut:
RMRMRMRM
sebelum cukai
184,103 2,704,587 509,486
442,392
Cukai pada caj cukai Malaysia 8%
14,728 216,367 40,759 35,391
Pendapatan tidak tertakluk kepada cukai
(34,097)
(14,452)
2,097 2,041
Perbelanjaan tidak boleh potong untuk
tujuan cukai
20,370 16,145 11,101 14,424
1,001 218,060 53,957 51,856
RMRMRMRM
(221,480)
3,781,798 929,360 2,717,594
(17,718)
302,544 74,349 217,407
(33,368)
(18,850)
(19,231)
(8,496)
tujuan cukai
24,080 25,407 15,787 13,630
(27,006)
309,101 70,905 222,541
Islamic Equity Dana AmMetLife
Asia Pacific REITS
hingga
hingga
2015
2014 31 Mac 2015 31 Mac 2014
RMRMRMRM
496,642 483,671 98,144 (4,505)
39,731 38,694 7,851 (360)
–
–
(2,097)
–
tujuan cukai
952 1,755 784 735
40,683 40,449 6,538 375
275
8. Cukai (Bersambung)
Dana AmMetLife
Global Emerging Market Dana AmMetLife
Tactical Bond
hingga
hingga
2015
2014 31 Mac 2015 31 Mac 2014
RMRMRMRM
60,158 32,166 19,575 (2,937)
4,813 2,573 1,566 (235)
(185)
(151)
(1,983)
–
tujuan cukai
804 931 743 722
5,432 3,353 326
487
Dana AmMetLife
Precious Metals
2015201420152014
RMRMRMRM
(659,816)
(1,104,415)
122,448 82,259
(52,785)
(88,352)
9,796 6,581
tujuan cukai
1,598 1,298 921 1,132
(51,187)
(87,054)
10,717 7,713
Dana AmMetLife
Dividend
2015201420152014
RMRMRMRM
Lebihan pendapatan daripada
147,599 130,231 1,252,658 992,357
11,808 10,419 100,213 79,390
(178)
(180)
(30,044)
(16,855)
2,363 2,310 13,393 10,303
13,993 12,549 83,562 72,838
tujuan cukai
276
Dana AmMetLife
Global Agribusiness
9. Perbandingan
Maklumat kewangan tempoh terdahulu bagi Dana AmMetLife Asia Pacific REITS dan Dana AmMetLife Tactical Bond telah disediakan
dari tarikh pelancaran dana-dana tersebut pada 17 September 2013 hingga 31 Mac 2014. Oleh itu, Penyata-penyata Pendapatan dan
Perbelanjaan dan Penyata-penyata Perubahan di dalam Nilai Aset Bersih tahun semasa serta nota-nota yang berkaitan dengan Dana
AmMetLife Asia Pacific REITS dan Dana AmMetLife Tactical Bond tidak boleh dibandingkan.
277
(Dahulunya dikenali sebagai AmLife Insurance Berhad)
Tingkat 7, Menara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur, Malaysia
T 1300 88 8800
E [email protected]
ammetlife.com

Investment-Linked Funds

Transcription

Similar documents

GSTD - Kastam DiRaja Malaysia

GSTB - Kastam DiRaja Malaysia

Kim R Gibson Financial Disclosure Report for 2004

GSt SECURITIES I,IMITED

Private equity investments

vogue for virtue - Welcome to Queensbay Mall

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

For advertising enquiries, call 088-230055 Vacancy

Management Committee 2012/ 2013

march march march march march march march march march march