ENDED 28 FEBRUARY 2021 - PMB SHARIAH PREMIER FUND
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Islamic Fund Management Company (IFMC)
PMB SHARIAH
PREMIER FUND
INTERIM REPORT FOR
THE FINANCIAL PERIOD
ENDED 28 FEBRUARY 2021>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (1) Dear Unitholder, MOVING TOWARDS ELECTRONIC COMMUNICATION. We wish to inform that you have been automatically enrolled to receive funds‘ reports via electronic medium effective 31 March 2018. You will receive a notification by SMS/email when the funds‘ report is ready for download on our website at www.pmbinvestment.com.my. Please note that the report will be available to view and download from our website until next financial report.Please inform us in writing if you do not wish to receive the documents electronically. Should you have any queries or need further clarification, please do not hesitate to contact our Investor Relation Careline at 03- 4145 3900 or email at investorrelation@pelaburanmara.com.my Thank you.
>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (2) Dear Valued Customer PMB INVESTMENT BERHAD – PRIVACY NOTICE UNDER PERSONAL DATA PROTECTION ACT 2010 Effective from 15 November 2013, the Personal Data Protection Act 2010 (PDPA) was introduced to regulate the personal data processed in commercial transactions. PMB INVESTMENT BERHAD respects and is committed to the protection of your personal information and your privacy. This Personal Data Protection Notice explains how we collect and handle your personal information in accordance with the Malaysian Personal Data Protection Act 2010. Please note that PMB INVESTMENT BERHAD may amend this Personal Data Protection Notice at any time without prior notice and will notify you of any such amendment via our website or by email. Privacy Notice content involves matters concerning the processing of your personal information by us in connection with your investment account and/or services with us. Please take time to read and take note of the contents of the Privacy Notice in effect. If you would like to access your personal information, please refer to our Personal Data Access @ www.pmbinvestment.com.my and/or visit our offices whether head office or other branches. If you would like to obtain further information, please do not hesitate to contact us at Customer Care Line 03-4145 3900.
>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (3)
CORPORATE INFORMATION
MANAGER
PMB INVESTMENT BERHAD
(A member of Pelaburan MARA Berhad)
HEAD OFFICE
2nd Floor, Wisma PMB,
No.1A, Jalan Lumut,
50400 Kuala Lumpur.
Tel: (03) 4145 3800 Fax: (03) 41453901
E-mail: investorrelation@pelaburanmara.com.my
Website: www.pmbinvestment.com.my
BOARD OF DIRECTORS
Dato‘ Sri Hj Abd Rahim bin Hj Abdul
Prof. Dr. Faridah binti Hj Hassan
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
Najmi bin Haji Mohamed
(effective until 13 October 2020)
YM Tengku Ahmad Badli Shah bin Raja Hussin
Isnami bin Ahmad Mohtar
(Appointed on 12 October 2020)
CHIEF EXECUTIVE OFFICER
Najmi bin Haji Mohamed
(effective until 30 September 2020)
COMPANY SECRETARIES
Mohd Shah Bin Hashim (BC/M/148)
INVESTMENT COMMITTEE MEMBERS
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
Prof. Dr. Mohamed Aslam bin Mohamed Haneef
TRUSTEE
AMANAHRAYA TRUSTEES BERHAD
SHARIAH ADVISER
BIMB SECURITIES SDN BHD
AUDITORS
JAMAL, AMIN & PARTNERS
(effective until 17 March 2021)
MESSRS. AFRIZAN, TARMILI, KHAIRUL AZHAR
(effective from 15 April 2021)>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (4)
TABLE OF CONTENTS
1. FUND INFORMATION 6
1.1 FUND NAME 6
1.2 DATE OF RELAUNCH 6
1.3 FUND CATEGORY/TYPE 6
1.4 FUND INVESTMENT OBJECTIVE 6
1.5 FUND PERFORMANCE BENCHMARK 6
1.6 FUND DISTRIBUTION POLICY 6
1.7 UNIT HOLDINGS AS AT 28 FEBRUARY 2021 6
2. FUND PERFORMANCE DATA 7–8
2.1 PORTFOLIO COMPOSITION 7
2.2 PERFORMANCE DETAILS 7
3. MANAGER’S REPORT 9 – 25
3.1 FUND PERFORMANCE 9
3.2 INCOME DISTRIBUTION/UNIT SPLIT 9
3.3 POLICY AND INVESTMENT STRATEGY 9
3.4 FUND MANAGER‘S INVESTMENT STRATEGY 10
3.5 ASSET ALLOCATION OF THE FUND 10
3.6 ECONOMIC REVIEW 11>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (5)
TABLE OF CONTENTS
3.7 EQUITY MARKET REVIEW 13
3.8 MONEY MARKET REVIEW 15
3.9 INTEREST OF UNIT HOLDERS 15
3.10 SOFT COMMISSIONS AND REBATES 16
4. TRUSTEE’S REPORT 26
5. SHARIAH ADVISER’S REPORT 27
6. STATEMENT BY MANAGER 28
7. FINANCIAL STATEMENT 29 – 57
8. BUSINESS INFORMATION NETWORK 58 – 61
9. INFORMATION OF INVESTOR RELATION 62
10. INVESTOR PROFILE UPDATE FORM 63>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (6)
1. FUND INFORMATION
1.1 FUND NAME
PMB SHARIAH PREMIER FUND – PMB SPF.
1.2 DATE OF LAUNCH
15 January 2013.
1.3 FUND CATEGORY/TYPE
Equity (Shariah)/Growth.
1.4 FUND INVESTMENT OBJECTIVE
To provide opportunities for investors to achieve capital growth over the
medium to long term period through investment in any of the 50 largest
Shariah-compliant stocks by market capitalization (at the time of purchase)
listed on the Bursa Malaysia.
1.5 FUND PERFORMANCE BENCHMARK
FTSE Bursa Malaysia EMAS Shariah Index (FBMSHA).
1.6 FUND DISTRIBUTION POLICY
The distribution is incidental. The distribution of income, if any, will be
made in the form of cash or additional units.
1.7 UNIT HOLDINGS AS AT 28 FEBRUARY 2021
No. of Unit No. of Units
Size of Holdings % %
Holders Held
5,000 and below 6,436 46.23 15,605,735.39 4.25
5,001 - 10,000 2,122 15.24 15,976,629.51 4.35
10,001 - 50,000 4,243 30.48 97,587,924.50 26.59
50,001 - 500,000 1,094 7.86 118,223,610.07 32.22
500,001 and above 26 0.19 119,587,625.00 32.59
Total 13,921 100.00 366,981,524.47 100.00
* Note: Excluding manager’s unit>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (7)
2. FUND PERFORMANCE DATA
2.1 PORTFOLIO COMPOSITION
FOR PERIOD FINANCIAL YEAR ENDED 31
ENDED AUGUST
SECTOR 28 Feb 2021 2020 2019 2018
Main Market % % % %
Consumer Products & Services 0.73 9.46 20.29 30.14
Industrial Products & Services 18.25 6.91 10.11 19.71
Trading & Services - - - 26.98
Financial Services 4.02 2.81 9.38 -
Property - - 3.88 -
Plantation 2.94 0.30 - -
Technology 37.85 13.80 5.11 10.45
Energy - 4.39 17.31 -
Healthcare 11.05 20.58 - -
Telecommunication & Media 8.17 7.89 6.13 -
Transportation & Logistic - 3.75 8.34 -
Utilities 4.47 4.82 4.45 -
Islamic Real Estate Investment Trust - 8.65 - -
Islamic Deposit / Cash / Others 12.52 16.64 15.00 12.72
Total 100.00 100.00 100.00 100.00
2.2 PERFORMANCE DETAIL
FOR FINANCIAL YEAR ENDED 31
PERIOD AUGUST
ENDED
28 Feb 2020 2019 2018
2021
Net Asset Value (NAV) - xD (RM‘000) 143,165 103,506 108,278 89,836
Unit in circulation (‘000) 366,982 266,750 328,918 249,474
NAV per unit - xD (RM) 0.3901 0.3880 0.3292 0.3601
NAV per unit - xD: Highest (RM) 0.4007 0.4315 0.3629 0.3681
NAB Seunit - xD: Lowest (RM) 0.3533 0.2518 0.3149 0.3123
Total Return * (%) 0.54 28.52 (8.58) 13.31
- Capital Growth * (%) 0.54 17.89 (8.58) 13.31
- Income Return (%) - 10.63 - -
Gross Distribution per unit (sen) - ^3.50 - -
Net Distribution per unit (sen) - ^3.50 - -
Management Expenses Ratio (%) 0.79 1.58 1.58 1.67
(MER) ¹
Portfolio Turnover Ratio (times) 0.63 0.84 0.71 0.94
(PTR) ²
* Source: Lipper
^ The distribution is in the form of unit. Unit split (if any) are not eligible for income distribution
for the current financial year.
Past performance is not necessarily indicative of future performance,
unit prices and investment returns may fluctuate.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (8)
¹ The MER for the six months financial period ended 28 February 2021 was
unchanged at 0.79% as compared to the previous year corresponding
period. This was due to the increase in total expenditure by 23.99% which
almost at the same quantum of 23.79% increase in the average size of the
fund to RM131.96 million from RM106.61 million.
² The PTR percentage decreased by 133.33% to 0.63 times from 0.27 times
for the financial period ended 28 February 2021, as compared to the same
period of the previous year. This was due to the increase in the average
sales and purchase activities by 192.29%.
* AVERAGE TOTAL RETURN (28 FEB)
1-year 3-year 5-year
PMB SPF 32.32% 5.56% 8.20%
BENCHMARK 16.71% (1.12%) 1.16%
* ANNUAL TOTAL RETURN (31 AUGUST)
2020 2019 2018 2017 2016
PMB SPF 28.52% (8.58%) 13.31% 12.02% 8.08%
BENCHMARK 10.53% (6.99%) 0.45% 2.56% 8.63%
* Source: Lipper
Past performance is not necessarily indicative of future performance,
unit prices and investment returns may fluctuate.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (9)
3. MANAGER’S REPORT
We are pleased to present the Manager‘s report of PMB SPF for the
financial period ended 28 February 2021 (1 September 2020 until 28
February 2021).
3.1 FUND PERFORMANCE
Fund‘s performance measured against benchmark FBMSHA for 5-year
financial period ended 28 February 2021 is as follows:-
The graph illustrates the movement of the Fund‘s return against the
benchmark. For the 5-year period ended 28 February 2021, the Fund‘s
NAV/unit increased 48.36% whereas its benchmark only increased by
5.96%.
For the period under review ended 28 February 2021, NAV/unit increased
by RM0.0021 or 0.54% to RM0.3901 from RM0.3880 as at 31 August
2020.
3.2 INCOME DISTRIBUTION/UNIT SPLIT
For the half-year financial period ended 28 February 2021, the Fund has
declared no income distribution and unit split were declared during the
financial period ended 28 February 2021.
3.3 POLICY AND INVESTMENT STRATEGY
The Fund shall invest in a diversified portfolio of Shariah-compliant equity-
related listed on any recognized stock exchange in Malaysia, primarily
among any of the 50 largest Shariah-compliant stocks in terms of market
capitalization (at the point of purchase) listed on Bursa Malaysia. It may
invest not more than 30% of its NAV in any of the next top 25 largest listed
companies based on market capitalization listed on Bursa Malaysia. The
Fund will focus on companies that are stable with growth potential and/or
have dividend yield of 3.0% per annum or above. The Fund will maintain
equity exposure within a range of 70% to 99.5% of its NAV.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (10)
3.4 FUND MANAGER’S INVESTMENT STRATEGY
During the half-year financial ended 28 February 2021, the fund manager
executed buy and sell activities for the fund based on relative strength
analysis. The equity exposure of the Fund was maintained between 80%
and 95% throughout the period under review.
3.5 ASSET ALLOCATION OF THE FUND
Comparison of investment components based on NAV is as follows:-
ASSET ALLOCATION
Investment
28 Feb 31 Aug Exposure
2021 2020 Change Average
(%) (%) (%) (%)
Shariah-compliant Equity 87.48 74.71 12.77 81.10
Islamic Real Estate
- 8.65 (8.65) 4.32
Investment Trust (REIT)
Islamic Deposits/ cash/
12.52 16.64 (4.12) 14.58
others
As at 28 February 2021, 87.48% of the Fund‘s NAV was invested in equity
market while the balance of 12.52% was held in Islamic deposits and/or
other permitted investments.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (11)
3.6 ECONOMIC REVIEW
The economy registered a negative growth of 3.4% in the fourth quarter
(3Q 2020: -2.6%), largely attributable to the imposition of the Conditional
Movement Control Order (CMCO) on a number of states since mid-
October. For 2020 as a whole, the economy contracted by 5.6%. The
restrictions on mobility, especially on inter-district and inter-state travel,
weighed on economic activity during the fourth quarter. Nevertheless, the
continued improvement in external demand provided support to growth.
Consequently, except for manufacturing, all economic sectors continued to
record negative growth. On the expenditure side, moderating private
consumption and public investment activities weighed on domestic
demand. On a quarter-on-quarter seasonally-adjusted basis, the economy
registered a decline of 0.3% (3Q 2020: 18.2%).
For the quarter, headline inflation declined to -1.5% in part reflecting the
larger decline in retail fuel prices as compared to the corresponding period
last year. Core inflation moderated to 0.8% due mainly to lower inflation for
communication services and rental.
The ringgit appreciated by 3.6% against the US dollar during the fourth
quarter of 2020, driven mainly by non-resident portfolio inflows as
investors‘ risk appetite continued to improve. Positive investor sentiment
during the quarter was driven by news of successful vaccine trials and the
rollout of vaccination programmes in major economies, as well as greater
clarity on US policy direction following the outcome of the US presidential
election. Taken together, these factors formed the basis of a more positive
investor outlook for the recovery of the global health crisis, which
strengthened expectations for the eventual normalisation of economic
activity. From 1 January to 8 February 2021, the ringgit has depreciated by
1.2% against the US dollar, in line with broad-based weakening in major
and regional currencies, following the strengthening of US dollar amidst
enhanced prospects for an economic rebound in the US. Concerns over
the rise in COVID-19 infections and its implications for domestic economic
activity also weighed on investor sentiments. Portfolio investments
recorded a smaller net outflow of RM6.9 billion in the fourth quarter (3Q
2020: -RM23.1 billion), while net FDI recorded an inflow of RM6.1 billion
(3Q 2020: -RM0.8 billion). In the near term, the risk of heightened
exchange rate volatility remains as lingering uncertainties surrounding the
momentum of the global economic recovery will continue to have a
bearing on investor sentiments.
Net financing to the private sector continued to expand at 4.4% on an
annual basis. Total outstanding loans grew by 3.7% (3Q 2020: 4.7%)
supported by continued growth in the household and business segments.
Total loan disbursements to both businesses and household increased
during the quarter. Business loan repayments were also higher, with its
growth outpacing that of disbursements. Loan demand remained
forthcoming especially in the household segment.
While near-term growth in 2021 will be affected by the re-introduction of
stricter containment measures, the impact, however, will be less severe
than that experienced in 2020. The growth trajectory is projected to
improve from the second quarter onwards. The improvement will be driven
by the recovery in global demand, where the International Monetary Fund
(IMF) has revised upwards their 2021 global growth forecast by 0.3
percentage points to 5.5%.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (12)
3.6 ECONOMIC REVIEW (CONT.)
Growth will also be supported by a turnaround in public and private sector
expenditure amid continued support from policy measures including
PENJANA, KITA PRIHATIN, 2021 Budget and PERMAI, and higher
production from existing and new facilities in the manufacturing and mining
sectors. The vaccine roll-out which will commence this month is also
expected to lift sentiments.
In line with earlier assessments, the average headline inflation was at -
1.2% in 2020 due mainly to the substantially lower global oil prices. For
2021, headline inflation is projected to average higher, primarily due to
higher global oil prices. Underlying inflation is expected to remain subdued
amid continued spare capacity in the economy. The outlook, however, is
subject to global oil and commodity price developments.
(Source: Bank Negara Malaysia’s Website)
Gross Domestic Product (GDP) Growth For Fourth Quarter 2020
Sector 2020 2020 2019 Sector 2020 2020 2019
Production Q4 Q3 Q4 Expenditure Q4 Q3 Q4
Private Final
Agriculture -0.7% -0.7% -5.7% -3.4% -2.1% 8.1%
Consumption
Government
Construction -13.9% -12.4% 1.0% Final 2.7% 6.9% 1.3%
Consumption
Gross Fixed
Services -4.9% -4.0% 6.1% Capital -11.9% -11.6% -0.7%
Formation
Manufacturing 3.0% 3.3% 3.0% Export -1.8% -4.7% -3.1%
Mining &
-10.6% -6.8% -2.5% Import -3.3% -7.8% -2.3%
Quarrying
GDP -3.4% -2.7% 3.6% GDP -3.4% -2.7% 3.6%
(Source: Bank Negara Malaysia’s Website)
Consumer Price Index (CPI)
CPI declined 0.2% in January 2021 to 122.1 as against 122.4 in the same
month of the preceding year. The decrease in the overall index was
attributed by the decline in Transport (-5.1%)
Industrial Production Index (IPI)
IPI grew 1.2% in January 2021 as compared to the same month of the
previous year. The growth of IPI in January 2021 was driven by the
Manufacturing index with an increase of 3.5%. Meanwhile, Mining and
Electricity index dropped 4.5% and 4.6% respectively.
Balance of Trade
For 6-month period ended January 2021, trade surplus stood at RM78.2
billion, an expansion of RM10.5 billion (+15.5%) when compared to the
same period a year ago. Total trade for 6-month period ended January
2021, which was valued at RM946.2 billion, an increase of RM11.9 billion
(+1.3%) when compared to RM934.3 billion at the same period a year ago.
For the same period, total export grew 2.2% to RM512.2 billion while total
import grew 0.2% to RM434.0 billion.
(Source: Department of Statistics Malaysia, Official Portal)>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (13)
3.7 EQUITY MARKET REVIEW
For the 6-month ended 28 February 2021, the main benchmark for the
Malaysian Shariah-compliant equity, FBM Shariah Index, decreased by
187.5 points or -1.42% to 12,979.15 while the main benchmark for the
Malaysian stock market, FBM KLCI, had rose by 52.54 points or 3.44% to
1,577.75.
During that period, the FBM Shariah Index recorded its highest level of
13,599.88 on 8 December 2020 and its lowest of 12,372.83 on 10
September 2020. Meanwhile, FBM KLCI posted its highest level of
1,684.58 on 11 December 2020 while the lowest level of 1,461.45 was
recorded on 3 November 2020. The movement range for the FBM Shariah
Index during the stipulated financial period was 1,227.05 points as
compared to 983.15 points during the same period in the previous year.
The FBMKLCI closed at 1,504.82, a decline of 20.39 points or -1.3%
month-on-month (MoM). Stocks ended lower in September as retailers
continued to reduce trading positions due to the end of the six-month loan
moratorium. However, rubber glove and healthcare-related stocks rose on
a spike in local COVID-19 transmissions. FBMKLCI also continued to slide
into the red amid deteriorating market sentiment as lingering political
uncertainty, unresolved U.S. fiscal talks, and the tech war between U.S. –
China. On the political front, YB Dato‘ Seri Anwar Ibrahim, the leader of
the opposition, announced on 23 September 2020 that it had the majority
to form a new Government with the realignment of some current
Government MPs. Gabungan Rakyat Sabah (GRS), a coalition of parties
supporting the Federal Government, won the Sabah State Election. The
government unveiled another economic stimulus package, KITA
PRIHATIN, worth of RM10 billion, aiming to bolster the economic recovery
amid the still on-going COVID-19. Meanwhile, the World Bank forecasted
Malaysia 2020 real Gross Domestic Product (GDP) growth to a contraction
of 4.9% from the previously estimated 3.1% decline. FTSE Russell
retained Malaysia on Watchlist of FTSE World Government Bond Index,
for possible reclassification from Market Accessibility Level 2 to 1.
In October, FBMKLCI continued to slide into the red amid deteriorating
market sentiment. The FBMKLCI closed at 1,466.89, a decline by 37.93
points or -2.5% MoM. Domestically - The political uncertainties, upcoming
budget announcement, the enforcement of CMCO in Klang Valley and
Sabah, and rising daily COVID-19 cases continued to hamper the market
sentiment. Investors stayed on the sideline and took profit on glove stocks.
Externally -Stalemate in U.S. fiscal talks, U.S. presidential election in
November, Brexit trade deal negotiations, and more lockdowns were being
introduced in some of the European countries, continued to affect the
market performance.
FBMKLCI extended its rise to a fresh three-month high in November,
helped by recovery optimism following strong economic data from Japan
and China, Joe Biden won U.S presidential election and positive COVID-
19 vaccine developments. Locally, the government allocated RM322.5
billion under Budget 2021 whereby RM69 billion will be allocated for
Development Expenditures in 2021, an increase of 38% from 2020. In the
third quarter, Malaysia‘s GDP growth rebounded significantly to -2.7%
from -17.1% (2Q2020).>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (14)
3.7 EQUITY MARKET REVIEW (CONT.)
On the final day, FBMKLCI finished down 44.88 points or 2.8% after the
final hour dive against a confluence of factors including MSCI rebalancing
pressures, lower crude oil prices and equity losses as investors weighed
Malaysia‘s corporate financial results amid COVID-19 driven economic
weakness. Despite the late selling pressure at month-end, the FBMKLCI
closed at 1,562.71, rose by 95.82 points or 6.5% MoM.
In December, FBMKLCI closed at 1,627.21, increasing by 64.50 points or
4.1% MoM. The rally was fueled by, among others, the passing of Budget
2021, the US$900 billion rescue package bill signed by President Donald
Trump, a signed Brexit deal, and more vaccine roll-out news. The finance
sector led the FBMKLCI higher as investors picked up banking stocks,
which were the proxy to the recovery in the economy. Brent surged above
US$50 a barrel for the first time since early March, fueled by hopes of a
faster demand recovery as countries start to roll out COVID-19 vaccines.
Meanwhile, glove makers continued to dominate the top losers list as
investors took profit amid the rolling out of COVID-19 vaccines. Fitch
Ratings has downgraded Malaysia‘s sovereign rating and Petroliam
Nasional Berhad‘s long-term foreign and local-currency issuer default
ratings (IDR) from A- to BBB+, with an improved outlook from negative to
stable.
The FBMKLCI dropped 60.81 points or 3.7% MoM in January 2021 due to
continuous selling in most heavyweights names. Locally, the risk
sentiment was pressured by (1) the lifting of the ban on short selling by the
Securities Commission (SC) from 1 January, (2) the steep rise in new
COVID-19 cases, (3) re-imposition of the movement control order (MCO
2.0) to all states, save for Sarawak, until 4 February, (4) the King has
declared a state of emergency until 1 August 2021, (5) the government
announced the fifth instalment of fiscal stimulus, named Perlindungan
Ekonomi dan Rakyat Malaysia (PERMAI), amounting to RM15 billion, and
(6) the Monetary Policy Committee (MPC) of Bank Negara Malaysia
(BNM) kept the Overnight Policy Rate (OPR) unchanged at 1.75%. In
Washington, Joe Biden was inaugurated as the 46th president. He has
unveiled a recovery plan worth US$1.9 trillion and signed several
executive orders to aid the fight against the coronavirus.
The FBMKLCI rose 11.35 points or 0.7% MoM, in February 2021 due to
rising oil prices, vaccine roll-outs, the expectation of an additional stimulus
package in the U.S. and monetary policy support in major economies that
will boost economic recovery. However, the arrival of the COVID-19
vaccine on Malaysian shores had somewhat dented sentiment on rubber
glove counters. Among the domestic factors that affected the local market
were (1) the Malaysian economy experienced a contraction of 3.4% in
4Q2020 and 5.6% in 2020, (2) The Yang di-Pertuan Agong had stated that
Parliament may convene during the emergency, (3)Prime Minister, Tan Sri
Muhyiddin Yassin took his first vaccine jab to kick-start a nationwide
immunization exercise, (4) Prime Minister announced "MyDigital — the
Malaysia Digital Economy Blueprint, and (5) SC and Bursa Malaysia Bhd
will be extending the temporary suspension of intraday short selling (IDSS)
and intraday short selling by propriety day traders (PDT short sale) to 29
August 2021.
In this volatile market sentiment, the NAV/unit increased by 0.52% within a
6-month period ended 28 February 2021.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (15)
3.8 MONEY MARKET REVIEW
BNM held the OPR unchanged at 1.75% during its meeting on 9 – 10
September 2020, 2 – 3 November 2020 and 20 January 2021. Earlier, the
central bank had slashed the interest rates by an accumulated 125 basis
points since early 2020 to bring the OPR rate to the lowest on record of
1.75% to support the coronavirus-hit economy.
The global economy continues to recover, led by improvements in
manufacturing and export activity. However, the recent resurgences of
COVID-19 cases and the subsequent containment measures have
affected economic activity in several major economies. The expedited roll-
out of mass vaccination programmes, together with ongoing policy
support, are expected to lift global growth prospects going forward.
Financial conditions also remain supportive. The overall outlook remains
subject to downside risks, primarily if there is further resurgence of
COVID-19 infections and delays in mass inoculation against COVID-19.
For Malaysia, the resurgence in COVID-19 cases and the introduction of
targeted containment measures has affected the recovery momentum in
the fourth quarter of 2020. As a result, growth for 2020 is expected to be
near the lower end of the earlier forecasted range. For 2021, while near-
term growth will be affected by the re-introduction of stricter containment
measures, the impact will be less severe than that experienced in 2020.
The growth trajectory is projected to improve from the second quarter
onwards. The improvement will be driven by the recovery in global
demand, turnaround in public and private sector expenditure amid
continued support from policy measures, and higher production from
existing and new manufacturing and mining facilities. The roll-out of
vaccines in the coming months will also lift sentiments. Downside risks to
the outlook remain, stemming mainly from ongoing uncertainties
surrounding the dynamics of the pandemic and potential challenges that
might affect the roll-out of vaccines both globally and domestically.
In line with earlier assessments, the average headline inflation is expected
to be negative in 2020 due mainly to the substantially lower global oil
prices. For 2021, headline inflation is projected to average higher, primarily
due to higher global oil prices. Underlying inflation is expected to remain
subdued amid continued spare capacity in the economy. The outlook,
however, is subject to global oil and commodity price developments.
The MPC considers the stance of monetary policy to be appropriate and
accommodative. Given the uncertainties surrounding the pandemic, the
stance of monetary policy going forward will be determined by new data
and information, and their implications on the overall outlook for inflation
and domestic growth. The Bank remains committed to utilise its policy
levers as appropriate to create enabling conditions for a sustainable
economic recovery.
(Source: Bank Negara Malaysia’s Website)
3.9 INTEREST OF UNIT HOLDERS
For the financial period under review, there is no circumstances that
materially affect any interest of the unit holders other than business
transaction in accordance with the limitations imposed under the Deeds,
Securities Commission‘s Guidelines, the Capital Markets and Services Act
2007 and other applicable laws during the financial period then ended.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (16)
3.10 SOFT COMMISSIONS AND REBATES
During the 6-month financial period ended 28 February 2021, the Fund
Manager received services from one of the stockbroking institutions that
indirectly assists in the decision-making process pertaining to the fund's
investment. The services received are in the form of advisory services on
Shariah matters. In addition, the FM also received soft commission from
brokers in term of software and computer hardware related to fund‘s
investment, stock market and economic matters.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (17)
3. LAPORAN PENGURUS
Bagi tempoh kewangan berakhir 28 Februari 2021 (1 September 2020
hingga 28 Februari 2021).
3.1 PRESTASI DANA
Dana berbanding tanda aras sejak bagi tempoh 5-tahun adalah seperti
berikut:-
Graf di atas mencerminkan pergerakan pulangan Dana untuk jangkamasa
5-tahun berakhir 28 Februari 2021. Sepanjang tempoh tersebut, NAB/unit
Dana meningkat 48.36% manakala penanda aras hanya naik sebanyak
5.96%.
Sepanjang tempoh kajian berakhir 28 Februari 2021, NAB/unit Dana
meningkat sebanyak RM0.0021 atau 0.54% kepada RM0.3901 daripada
RM0.3880 pada 31 Ogos 2020.
3.2 PENGAGIHAN PENDAPATAN/TERBITAN UNIT PECAHAN
Bagi tempoh 6-bulan berakhir 28 Februari 2021, tiada sebarang
pengisytiharan pengagihan pendapatan atau unit pecahan dicadangkan
sepanjang tempoh 6-bulan tempoh kewangan berakhir 28 Februari 2021.
Tiada sebarang unit pecahan dicadangkan sepanjang tempoh 6-bulan
berakhir 28 Februari 2021.
3.3 POLISI DAN STRATEGI PELABURAN
Dana dilabur dalam portfolio di kalangan 50 saham patuh Syariah terbesar
dari segi modal pasaran (pada masa pembelian) yang tersenarai di Bursa
Malaysia. Dana juga boleh melabur tidak lebih 30% daripada NAB dalam
mana-mana 25 syarikat tersenarai terbesar seterusnya dari segi modal
pasaran. Dana ini akan memberi tumpuan kepada syarikat-syarikat yang
mempunyai potensi pertumbuhan dan/atau mempunyai hasil dividen
sebanyak 3.0% setahun atau lebih. Dana melabur di antara 70% dan
99.5% daripada nilai aset bersih dalam ekuiti.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (18)
3.4 STRATEGI PELABURAN PENGURUS DANA
Sepanjang setengah tahun kewangan berakhir 28 Februari 2021,
pengurus dana melaksanakan aktiviti penjualan dan pembelian ekuiti di
dalam portfolio Dana berdasarkan analisa ―relative strength‖. Pendedahan
ekuiti Dana dikekalkan antara 80% dan 95% sepanjang tempoh kajian.
3.5 PERUMPUKAN ASET DANA
Pecahan seunit mengikut kelas aset adalah seperti berikut:-
PECAHAN SEUNIT MENGIKUT KELAS ASET
Purata
28 Feb 31 Ogos Perubahan Pendedahan
2021 2020 Peratus Pelaburan
(%) (%) Mata (%)
Ekuiti Patuh Syariah 87.48 74.71 12.77 81.10
Amanah Pelaburan - 8.65 (8.65) 4.32
Hartanah Islam (REIT)
Deposit Islam dan lain-lain 12.52 16.64 (4.12) 14.58
Pada 28 Februari 2021, pegangan ekuiti patuh Syariah Dana ialah
sebanyak 87.48%. Baki 12.52% berada dalam deposit Islam dan
pelaburan-pelaburan lain yang dibenarkan.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (19)
3.6 SUASANA EKONOMI NEGARA
Ekonomi mencatatkan pertumbuhan negatif sebanyak 3.4% pada suku
keempat (S3 2020: -2.6%), terutamanya berikutan pelaksanaan Perintah
Kawalan Pergerakan Bersyarat (PKPB) di beberapa negeri semenjak
pertengahan bulan Oktober. Pada tahun 2020 secara keseluruhan,
ekonomi menguncup sebanyak 5.6%. Sekatan pergerakan, terutamanya
perjalanan antara daerah dan antara negeri, menjejaskan kegiatan
ekonomi pada suku keempat. Walau bagaimanapun, permintaan luaran
yang terus bertambah baik telah menyokong pertumbuhan. Kesannya,
kesemua sektor ekonomi kecuali perkilangan terus mencatatkan
pertumbuhan negatif. Dari segi perbelanjaan, aktiviti penggunaan swasta
dan pelaburan awam yang sederhana menjejaskan permintaan dalam
negara. Pada asas suku tahunan terlaras secara bermusim, ekonomi
mencatatkan penurunan sebanyak 0.3% (S3 2020: 18.2%).
Pada suku tersebut, inflasi keseluruhan menurun kepada -1.5%
mencerminkan sebahagiannya penurunan harga bahan api runcit yang
lebih besar berbanding dengan tempoh yang sama pada tahun
sebelumnya. Inflasi teras menjadi sederhana sedikit kepada 0.8%
disebabkan terutamanya oleh inflasi yang lebih rendah untuk
perkhidmatan komunikasi dan sewa.
Ringgit menambah nilai sebanyak 3.6% berbanding dengan dolar AS pada
suku keempat 2020, dipacu terutamanya oleh aliran masuk portfolio bukan
pemastautin apabila kesanggupan pelabur mengambil risiko terus
meningkat. Sentimen pelabur yang positif pada suku itu didorong oleh
berita kejayaan ujian penggunaan vaksin dan program pemvaksinan yang
mula dilaksanakan di negara-negara utama, serta hala tuju dasar di AS
yang semakin jelas susulan keputusan pilihan raya presiden AS. Secara
kolektif, faktor-faktor ini membentuk asas prospek pelaburan yang lebih
positif untuk pemulihan krisis kesihatan global, lantas memperkukuh
jangkaan kegiatan ekonomi akhirnya akan kembali normal. Dari 1 Januari
hingga 8 Februari 2021, ringgit menurun nilai sebanyak 1.2% berbanding
dengan dolar AS. Hal ini adalah sejajar dengan penurunan nilai mata
wang utama dan serantau secara keseluruhan, berikutan pengukuhan
dolar AS dalam keadaan prospek pemulihan ekonomi AS bertambah baik.
Kebimbangan mengenai peningkatan kes jangkitan COVID-19 dan
kesannya terhadap kegiatan ekonomi dalam negara juga mempengaruhi
sentimen pelabur. Pelaburan portfolio mencatatkan aliran keluar bersih
yang lebih kecil sebanyak RM6.9 bilion pada suku keempat (S3 2020: -
RM23.1 bilion), sementara FDI bersih mencatatkan aliran masuk
sebanyak RM6.1 bilion (S3 2020: -RM0.8 bilion). Bagi tempoh jangka
pendek, masih wujud risiko bahawa volatiliti kadar pertukaran akan
meningkat. Hal ini disebabkan oleh ketidakpastian yang berlarutan
berhubung dengan momentum pemulihan ekonomi global yang akan terus
mempengaruhi sentimen pelabur.
Pembiayaan bersih kepada sektor swasta terus berkembang pada asas
tahunan sebanyak 4.4%. Jumlah pinjaman terkumpul meningkat 3.7% (S3
2020: 4.7%) disokong oleh pertumbuhan yang berterusan dalam segmen
isi rumah dan perniagaan. Jumlah pengeluaran pinjaman untuk sektor
perniagaan dan isi rumah meningkat pada suku tersebut. Pertumbuhan
pembayaran balik pinjaman perniagaan juga lebih tinggi, iaitu mengatasi
pengeluaran pinjaman. Permintaan terhadap pinjaman terus
menggalakkan terutamanya dalam segmen isi rumah.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (20)
3.6 SUASANA EKONOMI NEGARA (SAMB.)
Walaupun pertumbuhan jangka pendek pada tahun 2021 akan
dipengaruhi oleh pelaksanaan semula langkah-langkah pembendungan
yang lebih ketat, namun kesannya tidak seteruk yang dialami pada tahun
2020. Trajektori pertumbuhan diunjurkan bertambah baik dari suku kedua
dan seterusnya. Peningkatan ini akan didorong oleh pemulihan
permintaan global, apabila Tabung Kewangan Antarabangsa (IMF) telah
menaikkan unjuran pertumbuhan global tahun 2021 sebanyak 0.3 mata
peratusan kepada 5.5%. Pertumbuhan ini juga akan disokong oleh
perubahan perbelanjaan sektor awam dan swasta berikutan sokongan
yang berterusan daripada langkah-langkah dasar termasuk PENJANA,
KITA PRIHATIN, Belanjawan 2021 dan PERMAI, serta pengeluaran yang
lebih tinggi daripada fasiliti perkilangan dan perlombongan yang sedia ada
dan baharu. Pemberian vaksin yang akan bermula pada bulan ini juga
diharapkan dapat meningkatkan sentimen.
Sejajar dengan penilaian sebelum ini, purata inflasi keseluruhan adalah -
1.2% pada tahun 2020 disebabkan terutamanya oleh harga minyak dunia
yang ketara lebih rendah. Bagi tahun 2021, purata inflasi keseluruhan
diunjurkan lebih tinggi, terutamanya disebabkan oleh kenaikan harga
minyak dunia. Inflasi asas dijangka kekal rendah dalam keadaan lebihan
kapasiti yang berterusan dalam ekonomi. Walau bagaimanapun, prospek
pertumbuhan ini bergantung pada perkembangan harga minyak dunia dan
komoditi.
Pertumbuhan Keluaran Dalam Negara Kasar Malaysia untuk Suku keempat
2020
Aktiviti 2020 2020 2019 komponen 2020 2020 2019
Ekonomi S4 S3 S4 Perbelanjaan S4 S3 S4
Penggunaan
Pertanian -0.7% -0.7% -5.7% -3.4% -2.1% 8.1%
Akhir Swasta
Penggunaan
Pembinaan -13.9% -12.4% 1.0% Akhir 2.7% 6.9% 1.3%
Kerajaan
Pembentukan
Perkhidmatan -4.9% -4.0% 6.1% Modal Tetap -11.9% -11.6% -0.7%
Kasar
Pembuatan 3.0% 3.3% 3.0% Eksport -1.8% -4.7% -3.1%
Perlombongan -10.6% -6.8% -2.5% Import -3.3% -7.8% -2.3%
KDNK -3.4% -2.7% 3.6% KDNK -3.4% -2.7% 3.6%
(Sumber: Laman sesawang Bank Negara Malaysia)
Indeks Harga Pengguna (IHP)
IHP menurun 0.2% pada bulan Januari 2021 kepada 122.1 berbanding
122.4 pada bulan yang sama tahun sebelumnya. Penurunan IHP
keseluruhan ini adalah disebabkan oleh penurunan indeks Pengangkutan
(-5.1%).>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (21)
3.6 SUASANA EKONOMI NEGARA (SAMB.)
Indeks Pengeluaran Perindustrian (IPP)
IPP berkembang 1.2% pada bulan Januari 2021 berbanding bulan yang
sama pada tahun sebelumnya. Pertumbuhan IPP pada bulan Januari
2021 dipacu oleh indeks Pembuatan dengan peningkatan 3.5%.
Sementara itu, indeks Perlombongan dan Elektrik masing-masing
menguncup 4.5% dan 4.6%.
Perdagangan Luar Negara
Untuk tempoh 6-bulan berakhir Januari 2021, imbangan dagangan
Malaysia mencecah nilai RM78.2 bilion berkembang RM10.5 bilion
(+15.5%) berbanding tempoh yang sama tahun lepas. Jumlah
perdagangan untuk tempoh 6-bulan berakhir Januari 2021 bernilai
RM946.2 bilion mengembang RM11.9 bilion (+1.3%) berbanding RM934.3
bilion yang dicatatkan dalam tempoh yang sama tahun lepas. Untuk
tempoh yang sama, jumlah eksport berkembang sebanyak 2.2%, kepada
RM512.2 bilion manakala jumlah import turut berkembang sebanyak 0.2%,
kepada RM434.0 bilion.
(Sumber data: Portal Rasmi Jabatan Perangkaan Malaysia)
3.7 SUASANA BURSA SAHAM TEMPATAN
Bagi tempoh 6-bulan berakhir 28 Februari 2021, penanda aras utama
ekuiti patuh Syariah Malaysia iaitu Indeks FBM Shariah jatuh 187.5 mata
atau -1.42% kepada 12,979.15 manakala penanda aras utama Bursa
Malaysia iaitu FBM KLCI meningkat 52.54 mata atau 3.44% kepada
1,577.75 .
Bagi tempoh tersebut, Indeks FBM Shariah mencatat paras tertinggi
13,599.88 pada 8 Disember 2020 dan paras terendah 12,372.83 pada 10
September 2020. Sementara itu, FBM KLCI mencatat paras tertinggi
1,684.58 pada 11 Disember 2020 manakala paras terendah pula ialah
1,461.45 yang dicatat pada 3 November 2020. Julat pergerakan Indeks
FBM Shariah untuk tempoh tersebut ialah 1,227.05 mata berbanding
983.15 mata pada tempoh yang sama tahun sebelumnya.
FBMKLCI ditutup pada 1,504.82, penurunan 20.39 mata atau -1.3% bulan-
ke-bulan (MoM). Pasaran berakhir lebih rendah pada bulan September
kerana pelabur runcit terus mengurangkan pegangan menjelang
berakhirnya tempoh moratorium pinjaman enam bulan. Walau
bagaimanapun, saham berkaitan sarung tangan dan kesihatan meningkat
ekoran lonjakan jangkitan COVID-19 tempatan. FBMKLCI juga terus
lemah di tengah sentimen pasaran yang semakin merosot kerana
ketidakpastian politik, perbincangan fiskal A.S. yang tidak dapat
dimuktamadkan, dan perang teknologi antara A.S. - China. Berkaitan
politik, YB Dato ‘Seri Anwar Ibrahim, pemimpin pembangkang,
mengumumkan pada 23 September 2020 bahawa mereka mempunyai
majoriti untuk membentuk Kerajaan baru dengan beralihnya sokongan
beberapa Ahli Parlimen Kerajaan. Gabungan Rakyat Sabah (GRS),
gabungan parti yang menyokong Kerajaan Persekutuan, memenangi
Pilihan Raya Negeri Sabah. Kerajaan melancarkan satu lagi pakej
rangsangan ekonomi, KITA PRIHATIN, bernilai RM10 bilion, yang
bertujuan untuk meningkatkan pemulihan ekonomi di tengah-tengah
COVID-19 yang masih berlaku.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (22)
3.7 SUASANA BURSA SAHAM TEMPATAN (SAMB.)
Sementara itu, Bank Dunia meramalkan pertumbuhan Keluaran Dalam
Negara Kasar (KDNK) Malaysia 2020 menguncup 4.9% daripada negatif
3.1% yang diunjurkan sebelumnya. FTSE Russell pula mengekalkan
Malaysia dalam Senarai Pemantauan Indeks Bon Kerajaan Dunia FTSE,
dengan kemungkinan pengkelasan semula dari Kebolehcapaian Pasaran
Tahap 2 kepada 1.
Pada bulan Oktober, FBMKLCI terus mengalami kejatuhan di tengah
kemerosotan sentimen pasaran. FBMKLCI ditutup pada 1,466.89,
penurunan sebanyak 37.93 mata atau -2.5% MoM. Di dalam negara -
Ketidakpastian politik, pengumuman bajet di bulan November,
penguatkuasaan PKPB di Lembah Klang dan Sabah, dan peningkatan kes
COVID-19 setiap hari terus mengganggu sentimen pasaran. Pelabur terus
berada diluar pasaran dan mengambil keuntungan dari saham berasaskan
sarung tangan. Di peringkat antarabangsa- Kebuntuan dalam
perbincangan dasar fiskal A.S., pilihan raya presiden A.S. pada bulan
November, rundingan perjanjian perdagangan Brexit, dan pengumuman
sekatan pergerakan di berapa negara Eropah, terus mempengaruhi
prestasi pasaran.
FBMKLCI melonjak ke paras tertinggi bagi tempoh tiga bulan pada bulan
November, dibantu oleh optimisme tentang pemulihan berikutan data
ekonomi yang kukuh dari Jepun dan China, Joe Biden menang pemilihan
presiden A.S, dan perkembangan positif vaksin COVID-19. Di peringkat
tempatan, kerajaan memperuntukkan RM322.5 bilion di bawah
Belanjawan 2021 di mana RM69 bilion akan diperuntukkan untuk
Perbelanjaan Pembangunan pada tahun 2021, meningkat 38% dari tahun
2020. Pada suku ketiga, pertumbuhan KDNK Malaysia meningkat semula
dengan ketara kepada -2.7% daripada -17.1% (S22020). Pada hari
terakhir, FBMKLCI turun 44.88 mata atau 2.8% selepas tekanan jualan
disaat akhir disebabkan pelbagai faktor seperti tekanan pengimbangan
semula MSCI, penurunan harga minyak mentah dan kerugian ekuiti ketika
para pelabur menilai keputusan korporat Malaysia di tengah kelemahan
ekonomi yang didorong oleh COVID-19. Walaupun terdapat tekanan
jualan lewat pada akhir bulan, FBMKLCI ditutup pada 1,562.71, meningkat
95.82 mata atau 6.5% MoM.
Di bulan Disember, FBMKLCI ditutup pada 1,627.21, meningkat 64.50
mata atau 4.1% MoM. Peningkatan ini didorong oleh diantaranya,
Belanjawan 2021 diluluskan, bil pakej ransangan bernilai AS$900 bilion
ditandatangani oleh Presiden Donald Trump, perjanjian Brexit
ditandatangani, dan berita-berita positif berkaitan vaksin. Sektor
kewangan menerajui FBMKLCI lebih tinggi apabila pelabur menumpu
kegiatan pembelian ke atas saham-saham perbankan, yang menjadi
proksi kepada pemulihan ekonomi. Brent melonjak melepasi paras AS$50
setong untuk pertama kalinya sejak awal Mac, didorong oleh harapan
permintaan kembali pulih lebih cepat ekoran kebanyakkan negara bakal
memulakan penyuntikan vaksin COVID-19. Sementara itu, saham syarikat
pembuat sarung tangan terus mendominasi senarai kerugian berikutan
pengambilan untung oleh pelabur ekoran pengeluaran vaksin COVID-19.
Fitch Ratings pula telah menurunkan penarafan kedaulatan Malaysia dan
penarafan jangka panjang terbitan mata wang asing dan tempatan (IDR)
Petroliam Nasional Berhad dari A- ke BBB+ dengan tinjauan yang lebih
baik dari negatif ke stabil.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (23)
3.7 SUASANA BURSA SAHAM TEMPATAN (SAMB)
FBMKLCI turun 60.81 mata atau 3.7% MoM pada Januari 2021 ekoran
penjualan berterusan kebanyakan saham berwajaran tinggi. Di peringkat
tempatan, sentimen risiko ditekan oleh (1) penarikan balik larangan
penjualan singkat oleh Suruhanjaya Sekuriti (SC) mulai 1 Januari, (2)
kenaikan mendadak kes baru COVID-19, (3) perlaksanaan semula
perintah kawalan pergerakan (PKP 2.0) ke semua negeri, kecuali
Sarawak, hingga 4 Februari, (4) Agong telah mengisytiharkan keadaan
darurat hingga 1 Ogos 2021, (5) kerajaan mengumumkan pakej
rangsangan fiskal ke-lima, yang dinamakan Perlindungan Ekonomi dan
Rakyat Malaysia (PERMAI), berjumlah RM15 bilion, dan (6) Jawatankuasa
Dasar Monetari (MPC) Bank Negara Malaysia (BNM) mengekalkan Kadar
Dasar Semalaman (OPR) pada 1.75% . Di Washington, Joe Biden dilantik
sebagai Presiden ke-46. Dia telah mencadangkan pelan rancangan
pemulihan bernilai AS$1.9 trilion dan menandatangani beberapa perintah
eksekutif untuk memerangi koronavirus.
FBMKLCI menokok 11.35 mata atau 0.7%, MoM, pada Februari 2021
disebabkan kenaikan harga minyak, suntikan vaksin, jangkaan pakej
rangsangan tambahan di A.S., dan sokongan dasar monetari di negara
ekonomi utama yang akan meningkatkan pemulihan ekonomi. Walau
bagaimanapun, kedatangan vaksin COVID-19 di Malaysia memberi
sentimen negatif ke atas kaunter sarung tangan. Antara faktor domestik
yang mempengaruhi pasaran tempatan adalah (1) ekonomi Malaysia
mengalami penguncupan 3.4% pada S42020 dan 5.6% pada tahun 2020,
(2) Yang di-Pertuan Agong telah menyatakan bahawa Parlimen boleh
bersidang semasa darurat, (3) Perdana Menteri, Tan Sri Muhyiddin Yassin
menerima suntikan vaksin pertamanya untuk memulakan program
imunisasi di seluruh negara, (4) Perdana Menteri mengumumkan
"MyDigital - Pelan Pembangunan Ekonomi Digital Malaysia, dan (5) SC
dan Bursa Malaysia Bhd akan memperpanjang penangguhan sementara
jual beli ―intraday‖ (IDSS) dan penjualan singkat ―intraday‖ oleh pedagang
harian ―propriety‖ (penjualan singkat PDT) hingga 29 Ogos 2021.
Dalam keadaan pasaran yang tidak menentu ini, nilai NAB/unit Dana
meningkat 0.52% bagi tempoh 6-bulan kewangan berakhir 28 Februari
2021.
3.8 SUASANA PASARAN WANG TEMPATAN SEMASA
BNM mengekalkan OPR tidak berubah pada 1.75% semasa
mesyuaratnya pada 9 - 10 September 2020, 2 - 3 November 2020 dan 20
Januari 2021. Sebelumnya, ia telah memotong kadar faedah sebanyak
125 mata asas (terkumpul) sejak awal 2020 untuk membawa kadar OPR
ke tahap terendah pada rekod 1.75% bagi menyokong ekonomi yang
dilanda koronavirus.
.
Pertumbuhan ekonomi global terus pulih, didorong oleh aktiviti
perkilangan dan eksport yang bertambah baik. Walau bagaimanapun,
penularan semula kes COVID-19 baru-baru ini dan langkah-langkah
pembendungan yang dilaksanakan seterusnya telah menjejaskan
kegiatan ekonomi di beberapa ekonomi utama. Pelaksanaan program
pemvaksinan secara meluas yang dipercepatkan, bersama-sama dengan
sokongan dasar yang berterusan, dijangka meningkatkan prospek
pertumbuhan global pada masa hadapan.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (24)
3.8 SUASANA PASARAN WANG TEMPATAN SEMASA (SAMB.)
Keadaan kewangan juga terus memberikan sokongan. Prospek
keseluruhan terus bergantung pada risiko pertumbuhan ekonomi menjadi
lebih rendah terutamanya jika jangkitan COVID-19 menular semula dan
inokulasi melawan COVID-19 secara meluas ditangguhkan.
Bagi Malaysia, penularan semula kes COVID-19 dan pelaksanaan
langkah-langkah pembendungan bersasar telah menjejaskan momentum
pemulihan pada suku keempat tahun 2020. Akibatnya, pertumbuhan bagi
tahun 2020 dijangka berada pada paras lebih rendah dalam julat unjuran
sebelum ini. Meskipun pertumbuhan jangka pendek akan dipengaruhi
oleh pelaksanaan semula langkah pembendungan yang lebih ketat pada
tahun 2021, kesannya tidak seteruk yang dialami pada tahun 2020.
Trajektori pertumbuhan diunjurkan bertambah baik mulai suku kedua
tahun 2021 dan seterusnya. Keadaan yang bertambah baik ini akan
didorong oleh permintaan global yang kembali pulih, perbelanjaan sektor
awam dan swasta yang meningkat semula berikutan sokongan yang
berterusan daripada langkah-langkah dasar serta pengeluaran yang lebih
tinggi daripada fasiliti perkilangan dan perlombongan yang sedia ada dan
baharu. Pemberian vaksin pada bulan-bulan yang akan datang juga akan
meningkatkan sentimen. Risiko terhadap prospek pertumbuhan menjadi
rendah masih wujud. Hal ini berpunca terutamanya daripada
ketidakpastian yang berterusan mengenai pandemik dan cabaran yang
akan dihadapi yang boleh menjejaskan pemberian vaksin di dalam dan
luar negara.
. Sejajar dengan penilaian sebelum ini, purata inflasi keseluruhan dijangka
negatif pada tahun 2020 terutamanya disebabkan oleh harga minyak
dunia yang ketara lebih rendah. Bagi tahun 2021, purata inflasi
keseluruhan diunjurkan meningkat disebabkan terutamanya oleh harga
minyak dunia yang dijangka lebih tinggi. Inflasi asas diunjurkan kekal
rendah dalam keadaan lebihan kapasiti yang berterusan dalam ekonomi.
Walau bagaimanapun, prospek ini bergantung pada perkembangan harga
minyak dunia dan komoditi.
. MPC menyifatkan pendirian dasar monetari adalah wajar dan akomodatif.
Berikutan keadaan pandemik yang terus tidak menentu, pendirian dasar
monetari pada masa hadapan akan ditentukan oleh data dan maklumat
baharu serta kesannnya kepada prospek keseluruhan inflasi dan
pertumbuhan dalam negara. BNM terus komited untuk menggunakan alat-
alat dasarnya yang bersesuaian bagi mewujudkan keadaan yang
menyokong pemulihan ekonomi yang berterusan.
(Sumber: Laman sesawang Bank Negara Malaysia)
3.9 KEPENTINGAN PEMEGANG-PEMEGANG UNIT
Sepanjang tempoh kajian, tiada sebarang kejadian yang menjejaskan
kepentingan Pemegang-Pemegang Unit selain daripada urusniaga-
urusniaga yang dijalankan selaras dengan Surat Ikatan Amanah,
Garispanduan Tabung Unit Amanah, Akta Pasaran Modal dan
Perkhidmatan 2007 dan undang-undang lain yang berkuatkuasa.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (25)
3.10 REBAT DAN KOMISEN RINGAN
Sepanjang tempoh setahun kewangan berakhir 28 Februari 2021,
Pengurus Dana menerima perkhidmatan daripada salah sebuah institusi
broker saham yang membantu proses membuat keputusan berkaitan
pelaburan dana secara tidak langsung. Perkhidmatan yang diterima
adalah dalam bentuk khidmat nasihat berkaitan hal-hal Syariah. Sebagai
tambahan, Pengurus Dana juga telah menerima komisen ringan daripada
syarikat broker saham dalam bentuk perisian dan perkakasan komputer
yang berkaitan dengan pengurusan pelaburan dana dan pengurusan
pasaran saham dan ekonomi.
Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam
Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan
Bahasa Inggeris.>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (26)
4. TRUSTEE’S REPORT
To the Unit Holders of
PMB SHARIAH PREMIER FUND
We, AMANAHRAYA TRUSTEES BERHAD , have acted as Trustee of PMB
SHARIAH PREMIER FUND for the six months financial period ended 28 February
2021. In our opinion, PMB INVESTMENT BERHAD, the Manager, has operated
and managed PMB SHARIAH PREMIER FUND in accordance with the limitations
imposed on the investment powers of the management company under the Deed,
securities laws and the applicable Guidelines on Unit Trust Funds for the six
months financial period ended 28 February 2021.
We are also of the opinion that:
(a) Valuation and pricing is carried out in accordance with the Deed and any
regulatory requirement; and
(b) Creation and cancellation of units are carried out in accordance with the
Deed and any regulatory requirement.
Yours faithfully
AMANAHRAYA TRUSTEES BERHAD
ZAINUDIN BIN SUHAIMI
Chief Executive Officer
Kuala Lumpur, Malaysia
16 April 2021>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (27)
5. SHARIAH ADVISER’S REPORT
TO THE UNIT HOLDERS OF PMB SHARIAH PREMIER FUND (“Fund”)
We hereby confirm the following:
1. To the best of our knowledge, after having made all reasonable enquiries,
PMB Investment Berhad has operated and managed the Fund for the
period covered by these financial statements namely, the period ended 28
February 2021, in accordance with Shariah principles and complied with
the applicable guidelines, rulings or decisions issued by the Securities
Commission Malaysia pertaining to Shariah matters; and
2. The asset of the Fund comprises instruments that have been classified as
Shariah compliant.
For and on behalf of the Shariah Adviser,
BIMB SECURITIES SDN BHD
IR. DR. MUHAMAD FUAD ABDULLAH
Designated Shariah Person
KUALA LUMPUR
22 April 2021>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (28) 6. STATEMENT BY MANAGER To the Unit Holders of PMB SHARIAH PREMIER FUND We, ISNAMI BIN AHMAD MOHTAR and TENGKU AHMAD BADLI SHAH BIN RAJA HUSSIN, being two of the directors of PMB INVESTMENT BERHAD, do hereby state that in the opinion of the Manager, the unaudited financial statements give a true and fair view on the financial position of the Fund as at 28 February 2021 and of its statement of comprehensive income, changes in equity and cash flows of the Fund for the financial period ended 28 February 2021 in accordance with Malaysian Financial Reporting Standards (MFRSs), International Financial Reporting Standards (IFRSs) and modified in accordance with the Guidelines on Unit Trust Funds by the Securities Commission Malaysia. For and on behalf of PMB INVESTMENT BERHAD As Manager of PMB SHARIAH PREMIER FUND ISNAMI BIN AHMAD MOHTAR Director TENGKU AHMAD BADLI SHAH BIN RAJA HUSSIN Director KUALA LUMPUR 9 April 2021
>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (29)
7. FINANCIAL STATEMENT
STATEMENT OF UNAUDITED FINANCIAL POSITION
AS AT 28 FEBRUARY 2021
NOTE 28.02.2021 31.08.2020
RM RM
ASSETS
INVESTMENT 4
Quoted Shariah-compliant shares
124,913,021 85,661,520
in Malaysia
Islamic deposits with licensed
5 16,690,546 23,932,906
financial institutions in Malaysia
141,603,567 109,594,426
OTHER ASSETS
Amount owing by Manager 6 364,277 1,357,297
Profit receivable from Islamic deposits 2,263 7,685
Dividend receivable 291,613 96,059
Al-Wadiah savings 580,373 1,173,831
1,238,526 2,634,872
TOTAL ASSETS 142,842,093 112,229,298
LIABILITIES
Amount owing to Trustee 5,597 4,676
Distribution 7 - 9,336,256
Other payables and accruals 5,900 8,300
TOTAL LIABILITIES 11,497 9,349,232
EQUITY
Unit holders‘ capital 8 147,703,904 110,089,175
Retained loss (4,873,308) (7,209,109)
TOTAL EQUITY 142,830,596 102,880,066
TOTAL EQUITY AND LIABILITIES 142,842,596 112,229,298
UNITS IN CIRCULATION 8 366,981,524 266,750,165
NET ASSET VALUE PER UNIT
9 0.3892 0.3857
(RM) -XD>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (30)
STATEMENT OF UNAUDITED COMPREHENSIVE INCOME
FOR THE FINANCIAL PERIOD ENDED 28 FEBRUARY 2021
NOTE Six month Six month
ended ended
28.02.2021 29.02.2020
RM RM
INVESTMENT INCOME
Profit from Islamic deposits 111,516 126,793
Hibah from Al-Wadiah savings 600 437
Dividends income 1,274,762 1,084,215
Profit / (Loss) from sale of
3,764,385 (2,110,480)
investment
Unrealised loss on changes in
10 (1,387,423) (962,748)
fair value of investment
3,763,840 (1,861,783)
EXPENSES
Management fee 11 981,779 797,628
Trustee fee 12 32,726 26,587
Audit fee 3,000 3,000
Tax agent‘s fee 600 600
Stockbroking fee and other
13 388,545 146,897
transaction costs
Sales and services taxation 18,734 7,229
Administrative expenses 2,655 3,137
1,428,039 985,078
PROFIT / (LOSS) BEFORE
2,335,801 (2,846,861)
TAXATION
Taxation 14 - (24,699)
PROFIT / (LOSS) AFTER
2,335,801 (2,871,560)
TAXATION
PROFIT / (LOSS) AFTER TAXATION IS
MADE UP AS FOLLOWS:
REALISED PROFIT / (LOSS) 3,723,224 (1,908,812)
UNREALISED LOSS 10 (1,387,423) (962,748)
2,335,801 (2,871,560)>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (31)
STATEMENT OF UNAUDITED CHANGES IN EQUITY
FOR THE FINANCIAL PERIOD ENDED 28 FEBRUARY 2021
Unit holders’ Retained Total
NOTE Capital Loss Equity
RM RM RM
Balance as at 1 September 2019 133,276,597 (25,375,241) 107,901,356
Realised Loss - (1,908,812) (1,908,812)
Unrealised Loss 10 - (962,748) (962,748)
Creation of units 8 5,030,279 - 5,030,279
Cancellation of units 8 (10,428,267) - (10,428,267)
Balance as 29 February 2020 127,878,609 (28,246,801) 99,631,808
Balance as at 1 September 2020 110,089,175 (7,209,109) 102,880,066
Realised Profit - 3,723,224 3,723,224
Unrealised Loss 10 - (1,387,423) (1,387,423)
Creation of units 8 59,118,315 - 59,118,315
Cancellation of units 8 (21,503,586) - (21,503,586)
Balance as at 28 February 2021 147,703,904 (4,873,308) 142,830,596>>> INTERIM REPORT - PMB SHARIAH PREMIER FUND >>> (32)
STATEMENT OF CASH FLOWS
FOR THE FINANCIAL PERIOD ENDED 28 FEBRUARY 2021
28.02.2021 29.02.2020
RM RM
CASH FLOWS FROM INVESTING AND
OPERATING ACTIVITIES
Proceeds from sale of investments 64,942,590 30,065,181
Puchase of investments (101,817,130) (34,163,952)
Dividend received 1,079,208 1,108,158
Profit from Islamic deposit 116,938 130,323
Hibah from Al-Wadiah savings 600 437
Management fee paid (954,153) (811,998)
Trustee fee paid (31, 805) (27,067)
Payment for audit fee (6,000) (6,000)
Payment of other expenses (409,934) (157,263)
Net cash used in investing
(37,079,686) (3,862,181)
and operating activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from creation of units 50,685,475 4,909,562
Payment of cancellation of units (21,441,607) (10,341,709)
Net cash generated from / (used in)
29,243,868 (5,432,147)
from financing activities
NET DECREASE IN CASH AND (7,835,818) (9,294,328)
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE
25,106,737 14,816,147
BEGINNING OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE
17,270,919 5,521,819
END OF THE PERIOD
CASH AND CASH EQUIVALENTS COMPRISE
Al-Wadiah Savings 580,373 51,919
Islamic deposits with licensed financial 16,690,546 5,469,900
institution in Malaysia
17,270,919 5,521,819You can also read
