ENDED 29 FEBRUARY 2020 - PMB SHARIAH GROWTH FUND - PMB Investment Berhad
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Islamic Fund Management Company (IFMC) PMB SHARIAH GROWTH FUND ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2020
ANNUAL REPORT - PMB SHARIAH GROWTH 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- 2785 9900 or email at investorrelation@pelaburanmara.com.my Thank you.
ANNUAL REPORT - PMB SHARIAH GROWTH 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 03-2785 9900.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (3) CORPORATE INFORMATION MANAGER PMB INVESTMENT BERHAD (A member of Pelaburan MARA Berhad) HEAD OFFICE Level 20, 1 Sentral Jalan Rakyat, Kuala Lumpur Sentral Peti Surat 10701 50722 Kuala Lumpur Tel: (03) 2785 9800 Fax: (03) 2785 9901 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 YM Tengku Ahmad Badli Shah bin Raja Hussin CHIEF EXECUTIVE OFFICER Najmi bin Haji Mohamed 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
ANNUAL REPORT - PMB SHARIAH GROWTH 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 29 FEBRUARY 2020 6 2. FUND PERFORMANCE DATA 7–8 2.1 PORTFOLIO COMPOSITION 7 2.2 PERFORMANCE DETAILS 7-8 3. MANAGER’S REPORT 9 – 16 3.1 FUND PERFORMANCE 9 3.2 INCOME DISTRIBUTION/UNIT SPLIT 9 3.3 POLICY AND INVESTMENT STRATEGY 10 3.4 ALLOTMENT OF FUND ASSETS 10
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (5) TABLE OF CONTENTS 3.5 ECONOMIC REVIEW 11 - 12 3.6 EQUITY MARKET REVIEW 13 - 15 3.7 MONEY MARKET REVIEW 15 - 16 3.8 INTEREST OF UNIT HOLDERS 16 3.9 SOFT COMMISSIONS AND REBATES 16 4. TRUSTEE’S REPORT 27 5. SHARIAH ADVISER’S REPORT 28 6. STATEMENT BY MANAGER 29 7. AUDITOR’S REPORT 30 – 33 8. FINANCIAL STATEMENT 34 – 67 9. BUSINESS INFORMATION NETWORK 68 – 71 10. INFORMATION OF INVESTOR RELATION 72 11. INVESTOR PROFILE UPDATE FORM 73
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (6) 1. FUND INFORMATION 1.1 FUND NAME PMB Shariah Growth Fund - PMB SGF 1.2 DATE OF RELAUNCH 15 January 2013. 1.3 FUND CATEGORY/TYPE Equity (Shariah)/Growth 1.4 FUND INVESTMENT OBJECTIVE To provide investors with an opportunity to achieve capital growth over the medium to long term period by investing in Shariah-compliant securities. 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 29 FEBRUARY 2020 No. of Unit No. of Units Size of Holdings % % Holders Held 5,000 and below 5,732 59.49 9,886,587.95 9.86 5,001 - 10,000 1,659 17.22 12,043,442.42 12.01 10,001 - 50,000 1,934 20.07 40,855,975.80 40.73 50,001 - 500,000 302 3.13 26,878,079.80 26.80 500,001 and above 9 0.09 10,633,664.00 10.60 Total 9,636 100.00 100,297,749.97 100.00 * Note: Excluding manager’s unit
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (7) 2. FUND PERFORMANCE DATA 2.1 PORTFOLIO COMPOSITION 29/28 February SECTOR 2020 2019 2018 Main Market: % % % Consumer Product & Services 10.55 21.88 7.28 Construction 4.50 - 17.72 Energy 17.10 12.27 - Healthcare 5.39 10.25 - Industrial Products & Services 5.27 18.26 29.43 Property - 4.21 - Technology 4.48 22.35 13.11 Trading & Services - - 19.40 Utilities 5.30 - - ACE Market: Technology - - 3.81 Islamic Deposits & others 47.41 10.78 9.25 Total 100.00 100.00 100.00 2.2 PERFORMANCE DETAILS 29/28 February 2020 2019 2018 Net Asset Value (NAV) - xD (RM‘000) 113,005 86,633 51,943 Unit in circulation (‘000) 100,298 76,437 34,167 NAV per unit - xD (RM) 1.1267 1.1334 1.5203 NAV per unit - xD: Highest (RM) 1.2930 1.5128 1.7459 NAB Seunit - xD: Lowest (RM) 1.0910 1.0895 1.3592 Total Return * (%) (25.45) 21.00 - Capital Growth * (%) (25.45) 12.15 - Income Return (%) - 8.85 Gross Distribution per unit (sen) ^6.00 - ^12.00 Net Distribution per unit (sen) ^6.00 - ^12.00 Management Expenses Ratio (MER)¹ (%) 1.61 1.59 1.71 Portfolio Turnover Ratio (PTR) ² (times) 1.48 1.04 0.99 * Source: Lipper ^ Distribution is in the form of units Past performance is not necessarily indicative of future performance, unit prices and investment returns may fluctuate.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (8) 2.2 PERFORMANCE DETAILS (CONT.) ¹ The MER for the financial period ending 29 February 2020 went up to 1.61% as compared to 1.59% in the previous financial year. The increase was due to the increase in total expenditure in line with the increase in the average Fund size. ² The PTR for the financial period ending 29 February 2020 rose to 1.48 time from 1.04 time in the previous year corresponding period on account of 48.4% increase in average purchase and sales cost during the period. The increase in purchase and sale activities was in accordance with the 68.7% growth in average fund size. * AVERAGE TOTAL RETURN (29/28 FEBRUARY) 1-year 3-year 5-year PMB SGF 4.69% (1.88%) 0.25% FBMSHA (5.19%) (3.53%) (3.25%) *ANNUAL TOTAL RETURN (29/28 FEBRUARY) 2020 2019 2018 2017 2016 PMB SGF 4.70% (25.45%) 21.00% 0.47% 6.68% FBMSHA (5.21%) (12.63%) 8.39% 1.13% (6.64%) * Source: Lipper Past performance is not necessarily indicative of future performance, unit prices and investment returns may fluctuate.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (9) 3. MANAGER’S REPORT We are pleased to present the Manager‘s report of PMB SGF for the financial year ended 29 February 2020 (1 March 2019 until 29 February 2020). 3.1 FUND PERFORMANCE PMB Shariah Growth Fund has met its objective, which is to achieve capital growth over the medium to long term. Based on data from Lipper, the Fund‘s return for the 10 and 5-year period recorded an increase of 79.69% and 1.24% respectively, while for the 3-year period, the Fund experienced a decline of 5.55%. For the 1-year period ended 29 February 2020, the Fund‘s return rose 4.70%. Fund‘s performance measured against benchmark for 5-year financial year ended 29 February 2020 is as follows:- Source: Lipper The graph illustrates the movement of the Fund‘s return against the benchmark. For the 5-year period ended 29 February 2020, the Fund‘s NAV/unit increased 1.24%, meanwhile the benchmark experienced the decline of 15.24%. For the 1-year financial period ended 29 February 2020, NAV/unit increased by RM0.0533 or 4.70% to RM1.1867 (cD) from RM1.1334 (xD) as at 28 February 2019. 3.2 INCOME DISTRIBUTION/UNIT SPLIT The Fund has declared an income distribution of 6.0 sen (net) per unit in the form of new units for the financial year ended 29 February 2020. No unit split was declared during the period under review.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (10) 3.3 POLICY AND INVESTMENT STRATEGY The Fund shall invest primarily in a diversified portfolio among any Shariah-compliant securities of the top 300 companies in terms of market capitalization listed on Bursa Malaysia, except:- a) those companies that have been classified as PN17 companies by Bursa Malaysia – this is to mitigate the risk of investing in a potential insolvent company; and b) those companies that are expected to register earnings per share growth below 10% per annum. The fund will maintain equity exposure within range of 80% to 99.5% of its NAV. During the financial year ending 29 February 2020, 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. 3.4 ALLOTMENT OF FUND ASSETS Comparison of investment components based on NAV is as follows:- ASSET ALLOCATION Investment 29 Feb 28 Feb Exposure 2020 2019 Change Average (%) (%) (%) (%) Shariah-compliant Equity 52.59 89.22 (36.63) 70.91 Islamic Deposits & others 47.41 10.78 36.63 29.09 As at 29 February 2020, 52.59% of the Fund‘s NAV was invested in Shariah-compliant equity market. The balance of 47.41% was held in Islamic deposits and/or other permitted investments.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (11) 3.5 ECONOMIC REVIEW The Malaysian economy was driven by higher private sector spending (7.4%; 3Q 2019: 5.4%) in the fourth quarter of 2019. Private consumption grew strongly by 8.1% (3Q 2019: 7.0%), while private investment registered a higher growth of 4.2% (3Q 2019: 0.3%). However, growth was affected by supply disruptions in the commodities sector. Consequently, the Malaysian economy expanded by 3.6% in the fourth quarter of 2019. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 0.6% (3Q 2019: 0.9%). For 2019 as a whole, the economy expanded by 4.3% (2018: 4.7%). During the quarter, headline inflation averaged lower mainly reflecting the lapse in the impact from Sales and Services Tax (SST) implementation. Core inflation, excluding the impact of consumption tax policy changes, was stable at 1.4%. The ringgit appreciated by 2.3% against the US dollar in the fourth quarter, supported mainly by the resumption in non-resident portfolio inflows. This was due to improved investor sentiments following positive developments on global trade negotiations. Synchronised policy rate cuts by several major central banks also contributed to the improvement in global investor risk appetite during the quarter. As a result, for 2019 as a whole, the ringgit recorded an appreciation of 1.1% against the US dollar, in line with the trend of regional currencies. The performance of ringgit in 2020 will continue to be influenced by external developments. While the Phase One trade deal between the US and PR China contributed to an improved outlook on global trade, investor sentiments are also affected by concerns over the recent coronavirus outbreak. As a result, the ringgit depreciated by 1.3% against the US dollar this year up to 10 February, amid weaker sentiments in global financial markets. Net financing expanded by 4.7% on an annual basis, supported by sustained growth in outstanding loans. Growth in outstanding business loans improved, while outstanding household loans grew at a stable pace. Demand for both business and household loans sustained its momentum from improvements since the second quarter. However, growth of outstanding corporate bonds moderated slightly amid higher redemptions. Going into 2020, growth, particularly in the first quarter of the year, will be affected by the coronavirus outbreak. The overall impact of the virus on the Malaysian economy will, however, depend on the duration and spread of the outbreak as well as policy responses by authorities. For the year as a whole, growth will be supported by household spending, the realisation of approved private investment projects in recent periods, and higher public sector capital spending. Nevertheless, there are downside risks to growth. These include uncertainties in external conditions arising from the ongoing coronavirus outbreak, the various trade negotiations and geopolitical risks, as well as domestic factors, including weakness in the commodities sector and delays in project implementation. Thus, two-way capital flows and exchange rate volatility should be expected. Headline inflation in 2020 is projected to average higher than in 2019, but remain modest. The trajectory of headline inflation will be dependent on global oil and commodity price developments and the timing of the lifting of the domestic retail fuel price ceilings. Underlying inflation is expected to be broadly stable, reflecting the continued expansion in economic activity and the absence of strong demand pressures.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (12) 3.5 ECONOMIC REVIEW (CONT.) Gross Domestic Product (GDP) Growth For 4th Quarter 2019 Economic 2019 2019 2018 Expenditure 2019 2019 2018 Activity Q4 Q3 Q4 Components Q4 Q3 Q4 Private Final Agriculture -5.7% 3.7% -0.4% 8.1% 7.0% 8.5% Consumption Government Construction 1.0% -1.5% 2.6% Final 1.3% 1.0% 4.0% Consumption Growth Fixed Services 6.1% 5.9% 6.9% Capital -0.7% -3.7% 0.3% Formation Manufacturing 3.0% 3.6% 4.7% Export -3.1% -1.4% 1.3% Mining & -2.5% -4.3% 0.5% Import -2.3% -3.3% 0.2% Quarrying GDP 3.6% 4.4% 4.7% GDP 3.6% 4.4% 4.7% (Source: Bank Negara Malaysia’s Website) Inflation Overall, inflation went up by 0.8% for 1-year period ended January 2020, higher than 0.7% growth recorded during the same period in the preceding year. The slower growth for 1-year period ended January 2020 was due to the drop in transport (-2.2%) compared to 0.4% growth recorded in the same period last year. Industrial Production Index (IPI) IPI grew by 0.6% in January 2020 as compared with the same month of the previous year. The growth in January 2020 was driven by the increase in the index of manufacturing (2.1%). Meanwhile, index of mining and electricity recorded a decline of 3.9% and 0.01% respectively. Balance of Trade For 1-year period ended January 2020, trade surplus stood at RM137.6 billion, an expansion of RM15.4 billion (+12.6%) when compared to the same period a year ago. Total trade for 1-year period ended January 2020 which was valued at RM1,832.6 billion, a drop of RM46.5 billion (-2.5%%) when compared to RM1,879.1 billion at the same period a year ago. For the same period, total export shrunk 1.6% to RM985.1 billion while total import also shrunk 3.5% to RM847.5 billion. (Source: Department of Statistics Malaysia, Official Portal)
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (13) 3.6 EQUITY MARKET REVIEW For 1-year period ended 29 February 2020, the main benchmark for the Malaysian Shariah-compliant equity, FBM Shariah Index, had dropped by 610.96 points or 5.21% to 11,121.15 while the main benchmark for Malaysian stock market, FBM KLCI, had dropped by 225.09 points or 13.18% to 1,482.64. During that period, the FBM Shariah Index recorded its highest level of 12,334.29 on 4 July 2019 and its lowest of 11,121.15 on 28 February 2020. Meanwhile, FBM KLCI posted its highest level of 1,707.73 on 28 February 2019 while the lowest level of 1,482.64 was recorded on 28 February 2020. The movement range for the FBM Shariah Index during the stipulated financial period was 1,213.14 points as compared to 2,364.47 points during the same period in the previous year. Local bourse weakened further in March 2019 due to external headwind such as worries over slowing global economic growth, the continuous trade talk between US and China, Brexit delay, and the US Federal Reserve‘s rate hike pause. US Fed‘s dovish stance coupled with Malaysia‘s low inflation, recorded in the recent months, had spurred worries over potential overnight policy rate cut. The expectation on potential rate cut had weighed down on financial stocks and consequently the overall market. Market continues to weaken in April 2019 as it lacked fresh catalyst. Moreover, market was weighed down by FTSE Russell announcement that Malaysia was under its watchlist for potential removal from WGBI (FTSE World Government Bond Index). Malaysia — currently assigned a '2' and included to the WGBI since 2004, is being considered for a potential downgrade to '1' which would render Malaysia ineligible for inclusion in the WGBI. If this materialize, Malaysia is facing fund outflow of USD6.0 billion to USD8.0 billion or approximately RM24.0 billion to RM33.0 billion and this would consequently put pressure on Malaysian Ringgit. Foreign funds staged a commendable return to Bursa in last week of May after the deadlock in trade talks since the start of May had caused disarray in the markets. Trade talks failed after US raised levies to 25% from 10% on $200 billion worth of Chinese goods and Beijing retaliated by imposing higher tariffs on $60 billion worth of U.S. goods. Trade tensions between China and the US escalated further after the U.S. Commerce Department moved to add Huawei and 70 affiliates to its so- called "Entity List", effectively banning the Chinese telecoms giant from buying parts and components from U.S. companies without a government approval. However, US temporarily eased restrictions on China's Huawei Technologies. Washington granted Huawei Technologies Co Ltd a licence to purchase U.S. goods until August 2019, a move intended to give telecom operators that rely on the Chinese firm time to make other arrangements.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (14) 3.6 EQUITY MARKET REVIEW (CONT.) Domestically, Bank Negara Malaysia (BNM) had cut its overnight policy rate (OPR) by 25 basis points to 3.00%, its first since 2016. Meanwhile, Malaysia's economy in the first three months of the year grew at a slower pace at 4.5% than the prior quarter of 4.7%. The stock market rallied in June, boosted by U.S.-China trade optimism and dovish comments from the various central banks. However, the stock market closed lower in July, August and September despite Malaysia posted GDP growth of 4.9% for the second quarter of 2019. The contributing factors were mainly due to uninspiring second quarter Malaysia‘s corporate earnings, the 10-year US treasury yield inverted and briefly fell below the 2-year yield, tit-for-tat retaliation between US and China had escalated the trade tensions, geopolitical concerns and China allowed the yuan to weaken beyond 7 per US dollar. In October, the FBMKLCI up 14.07 points or 0.9% month-on-month as key banking heavyweights led gains after the US central bank cut rates for the third time this year by 25 basis points. In addition, the U.S. and China agreed to finalise the first phase of a trade agreement, which includes a pause in tariff escalation and China buying U.S. agriculture products. The IMF cut its global growth forecast for 2019 to 3.0% from 3.2% due to falling manufacturing activity and trade. The forecast for 2020 was lowered to 3.4% from 3.6%. Locally, the budget 2020 was considered as an expansionary budget and market neutral. The FBMKLCI dropped 36.24 points or 2.3% month-on-month to close at 1,561.74 points at the end of November 2019. Malaysian economy grew by 4.4% in the third quarter from a year earlier, slowest in a year but in-line with expectations. BNM cut banks' statutory reserve requirement (SRR) to 3.00% from 3.50%, effective 16 November. The third-quarter corporate earnings reporting season had been somewhat underwhelming, yielding a mixed bag of results and few catalysts to drive the market. Externally, hopes of a Sino-US trade deal were dimmed after China warned the US of retaliation after US President Donald Trump signed the Hong Kong Bill. Also, worries remained as some reports suggested Beijing and Washington were unable to agree on terms of tariff rollbacks and President Donald Trump threatened fresh tariffs. For most of December, investors reacted positively to news that the U.S. and China are on the verge of signing a Phase One trade deal. In the UK, Boris Johnson won the U.K.‘s general election and subsequently set the country on track to leave the European Union in January 2020. Meanwhile, OPEC agreed to cut production by 500,000 barrels per day until March 2020, with Saudi Arabia also offering up to an additional 400,000 barrel cut of its own.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (15) 3.6 EQUITY MARKET REVIEW (CONT.) Profit-taking and selling pressure continued to drag the local blue-chip benchmark FBM KLCI lower in January 2020, with investors seemingly reluctant to make significant moves amid lack of positive catalyst to spur the local market sentiment. Market sentiment was also rattled by the geopolitical tension between US - Iran and the outbreak of a new coronavirus stemming from Wuhan, China. World Health Organization (WHO) declared a global health emergency but did not recommend restricting the movement of people and goods and said the country had the situation under control. The World Bank projected Malaysia's economic growth to inch down to 4.5% in 2020 and 2021, with weak export expansion partly offset by strong domestic demand. Meanwhile, BNM cut OPR to 2.75% in pre-emptive measures to secure improving growth trajectory. The stock market extended its sell-off in February in a volatile session, as a domestic political crisis and the widening spread of the coronavirus heightened pessimism among investors. After Pakatan Harapan (PH) lost its Parliamentary majority, Tun Dr. Mahathir tendered his resignation as Prime Minister. However, he was appointed as Interim Prime Minister by the King. The political turmoil plaguing Malaysia was resolved when the King appointed Tan Sri Muhyiddin Yassin as Malaysia‘s 8th Prime Minister. On the economic front, Malaysia‘s economy expanded by 3.6% in the 4Q 2019, dragging the full-year Gross Domestic Product (GDP) growth to 4.3%, the lowest since the 2009 financial crisis amid supply disruptions in the commodity sector during the quarter. Meanwhile, 4Q2019 corporate earnings saw more disappointing performances than outperformances. In this volatile market sentiment, the NAV/unit rose by 4.70% within a 12- month period ended 29 February 2020. 3.7 MONEY MARKET REVIEW Throughout 1-year period ended 29 February 2020, the Monetary Policy Committee (MPC) of BNM decided to reduce the OPR to 2.75% on 22 January 2020. The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 3.00% and 2.50%, respectively. According to BNM, the global economy continues to expand at a moderate pace. Latest indicators and the recent dissipation of trade tensions point to improving global trade activity. Monetary easing across major economies in the second half of 2019 has helped ease financial conditions, and is expected to continue to support economic activity. However, downside risks remain due to geopolitical tensions and policy uncertainties in a number of countries. This could cause a resurgence of financial market volatility and weigh on the global growth outlook.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (16) 3.7 MONEY MARKET REVIEW (CONT.) For the Malaysian economy, latest indicators and supply disruptions in commodity-related sectors point to moderate expansion of economic activity in the fourth quarter. For 2019, growth will be within the projected range. For 2020, growth is expected to gradually improve, with continued support from household spending and better export performance. Overall investment activity is expected to record a modest recovery, underpinned by ongoing and new projects, both in the public and private sectors. However, downside risks to growth remain. These include uncertainty from various trade negotiations, geopolitical risks, weaker-than-expected growth of major trade partners, heightened volatility in financial markets, and domestic factors that include weakness in commodity-related sectors and delays in the implementation of projects. Headline inflation averaged at 0.7% in 2019. In 2020, headline inflation is expected to average higher but remain modest. The trajectory of headline inflation will be dependent on global oil and commodity price developments and the timing of the lifting of the domestic retail fuel price ceilings. Underlying inflation is expected to remain broadly stable, reflecting the continued expansion in economic activity and the absence of strong demand pressures. The adjustment to the OPR is a pre-emptive measure to secure the improving growth trajectory amid price stability. At this current level of the OPR, the MPC considers the stance of monetary policy to be appropriate in sustaining economic growth with price stability. (Source: Bank Negara Malaysia’s website) 3.8 INTEREST OF UNIT HOLDERS For the financial year 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. 3.9 SOFT COMMISSIONS AND REBATES During the 1-year financial period ended 29 February 2020, 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 Fund Manager also received soft commission from brokers in term of software and computer hardware related to fund‘s investment, stock market and economic matters.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (17) 3. LAPORAN PENGURUS Bagi tempoh dua belas (12) bulan berakhir 29 Februari 2020 (1 Mac 2019 hingga 29 Februari 2020). 3.1 PRESTASI DANA PMB Shariah Growth Fund telah mencapai objektifnya, iaitu untuk memperolehi pertumbuhan modal dalam jangka sederhana hingga panjang. Berdasarkan data daripada sumber Lipper, pulangan Dana untuk jangkamasa 10 dan 5-tahun masing-masing mencatat peningkatan sebanyak 79.69% dan 1.24% manakala bagi tempoh tiga tahun, Dana mengalami penyusutan sebanyak 5.55%. Untuk tempoh setahun berakhir 29 Februari 2020, pulangan Dana meningkat 4.70%. Prestasi Dana berbanding tanda aras bagi tempoh 5 tahun adalah seperti berikut:- Graf di atas mencerminkan pergerakan pulangan Dana untuk jangkamasa 5-tahun berakhir 29 Februari 2020. Sepanjang tempoh tersebut, NAB/unit Dana meningkat 1.24%. Penanda aras pula mengalami penyusutan sebanyak 15.24%. Sepanjang tempoh setahun kewangan berakhir 29 Februari 2020, NAB/unit Dana meningkat sebanyak RM0.0533 atau 4.70% kepada RM1.1867 (cD) daripada RM1.1334 (xD) pada 28 Februari 2019. 3.2 PENGAGIHAN PENDAPATAN/TERBITAN UNIT PECAHAN Dana ini telah mengisytiharkan agihan pendapatan sebanyak 6.0 sen (bersih) seunit dalam bentuk unit baru bagi tahun kewangan berakhir 29 Februari 2020. Tiada sebarang unit pecahan dicadangkan untuk tahun kewangan berakhir 29 Februari 2020.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (18) 3.3 POLISI DAN STRATEGI PELABURAN Dana ini dilabur dalam portfolio yang pelbagai di kalangan mana-mana sekuriti patuh Syariah oleh 300 syarikat teratas dari segi modal pasaran yang tersenarai di Bursa Malaysia dengan pengecualian berikut: a) Syarikat-syarikat yang telah diklasifikasikan sebagai syarikat PN17 oleh Bursa Malaysia – ini adalah untuk mengurangkan risiko melabur dalam syarikat berpotensi muflis; dan b) Syarikat-syarikat yang dijangka mencatatkan pertumbuhan pendapatan sesaham di bawah 10% setahun. Dana melabur di antara 80% dan 99.5% dalam ekuiti. Untuk tempoh setahun berakhir 29 Februari 2020, 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. 3.4 PERUMPUKAN ASET-ASET DANA Pecahan seunit mengikut kelas aset adalah seperti berikut:- PECAHAN SEUNIT MENGIKUT KELAS ASET Purata 29 Feb 28 Feb Perubahan Pendedahan 2020 2019 Peratus Pelaburan (%) (%) Mata (%) Ekuiti Patuh Syariah 52.59 89.22 (36.63) 70.91 Deposit Islam dan lain-lain 47.41 10.78 36.63 29.09 Pada 29 Februari 2020, pegangan ekuiti patuh Syariah Dana ialah sebanyak 52.59%. Baki sebanyak 47.41% berada dalam deposit Islam dan pelaburan-pelaburan lain yang dibenarkan.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (19) 3.5 SUASANA EKONOMI NEGARA Ekonomi Malaysia telah dipacu oleh perbelanjaan sektor swasta yang lebih tinggi (7.4%; S3 2019: 5.4%) pada suku keempat 2019. Penggunaan swasta meningkat dengan kukuh sebanyak 8.1% (S3 2019: 7.0%), manakala pelaburan swasta mencatatkan pertumbuhan yang lebih tinggi sebanyak 4.2% (S3 2019: 0.3%). Walau bagaimanapun, pertumbuhan telah menerima kesan daripada gangguan bekalan dalam sektor komoditi. Berikutan itu, ekonomi Malaysia berkembang sebanyak 3.6% pada suku keempat 2019. Berdasarkan pelarasan bermusim suku tahunan, ekonomi meningkat sebanyak 0.6% (S3 2019: 0.9%). Bagi keseluruhan tahun 2019, ekonomi negara berkembang sebanyak 4.3% (2018: 4.7%). Pada suku keempat, purata inflasi keseluruhan adalah lebih rendah, mencerminkan luputnya kesan daripada pelaksanaan Cukai Jualan dan Perkhidmatan (Sales and Services Tax, SST). Inflasi teras, yang tidak mengambil kira kesan perubahan dasar cukai penggunaan, stabil pada kadar 1.4%. Ringgit menambah nilai sebanyak 2.3% berbanding dengan dolar Amerika Syarikat (AS) pada suku keempat, disokong terutamanya oleh aliran masuk semula portfolio bukan pemastautin. Hal ini disebabkan oleh sentimen pelabur yang bertambah baik berikutan perkembangan yang positif dalam rundingan perdagangan global. Langkah yang diambil oleh beberapa buah bank pusat utama dengan mengurangkan kadar dasar secara serentak turut meningkatkan kesanggupan pelabur global untuk mengambil risiko pada suku tersebut. Hasilnya, ringgit menambah nilai sebanyak 1.1% berbanding dengan dolar AS bagi keseluruhan tahun 2019. Perkembangan ini sejajar dengan trend mata wang serantau. Prestasi ringgit pada tahun 2020 akan terus dipengaruhi oleh perkembangan di luar negara. Meskipun perjanjian perdagangan Fasa Satu antara AS dengan Republik Rakyat China (RR China) telah menyumbang kepada prospek perdagangan global yang bertambah baik, namun sentimen pelabur juga terjejas oleh kebimbangan terhadap penularan wabak koronavirus baru-baru ini. Berikutan itu, ringgit menyusut nilai sebanyak 1.3% berbanding dengan dolar AS pada tahun ini sehingga 10 Februari dalam keadaan sentimen pasaran kewangan global yang bertambah lemah. Pembiayaan bersih berkembang sebanyak 4.7% pada asas tahunan disokong oleh pertumbuhan pinjaman terkumpul yang berterusan. Pertumbuhan pinjaman perniagaan terkumpul bertambah baik manakala pinjaman isi rumah terkumpul meningkat pada kadar yang stabil. Permintaan untuk pinjaman perniagaan dan pinjaman isi rumah mengekalkan momentumnya yang bertambah baik sejak suku kedua. Walau bagaimanapun, pertumbuhan bon korporat terkumpul menjadi sederhana sedikit berikutan penebusan yang lebih tinggi.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (20) 3.5 SUASANA EKONOMI NEGARA (SAMB.) Menjelang tahun 2020, khususnya pada separuh tahun pertama, pertumbuhan dijangka terjejas akibat penularan wabak koronavirus. Walau bagaimanapun, impak keseluruhan daripada wabak tersebut ke atas ekonomi Malaysia bergantung pada tempoh masa dan penyebaran wabak tersebut serta langkah tindak balas dasar yang diambil oleh pihak berkuasa. Bagi keseluruhan tahun 2020, pertumbuhan akan disokong oleh perbelanjaan isi rumah dan pelaksanaan projek pelaburan swasta yang diluluskan baru-baru ini serta perbelanjaan modal sektor awam yang lebih tinggi. Namun demikian, masih terdapat risiko yang boleh mengakibatkan pertumbuhan menjadi lebih perlahan. Risiko-risiko ini termasuklah ketidakpastian mengenai keadaan luaran akibat wabak koronavirus yang sedang menular, pelbagai rundingan perdagangan dan risiko geopolitik, dan juga faktor-faktor dalam negara, termasuk kelemahan sektor komoditi dan kelewatan pelaksanaan projek. Maka, volatility dalam aliran masuk dan keluar modal serta kadar pertukaran dijangka berlaku. Purata inflasi keseluruhan bagi tahun 2020 diunjurkan lebih tinggi berbanding dengan tahun 2019 tetapi kekal pada tahap yang sederhana. Trajektori inflasi keseluruhan akan bergantung pada perkembangan harga minyak dan harga komoditi sedunia serta masa pemansuhan harga siling bagi harga runcit bahan api domestik. Inflasi asas pada amnya dijangka stabil, mencerminkan kegiatan ekonomi yang terus berkembang dan ketiadaan tekanan permintaan yang besar. Pertumbuhan Keluaran Dalam Negara Kasar Malaysia (K DNK) Untuk Suku Keempat 2019 Aktiviti 2019 2019 2018 Komponen 2019 2019 2018 Ekonomi S4 S3 S4 Perbelanjaan S4 S3 S4 Penggunaan Pertanian -5.7% 3.7% -0.4% 8.1% 7.0% 8.5% Akhir Swasta Penggunaan Pembinaan 1.0% -1.5% 2.6% 1.3% 1.0% 4.0% Akhir Kerajaan Pembentukan Perkhidmatan 6.1% 5.9% 6.9% Modal Tetap -0.7% -3.7% 0.3% Kasar Pembuatan 3.0% 3.6% 4.7% Eksport -3.1% -1.4% 1.3% Perlombongan -2.5% -4.3% 0.5% Import -2.3% -3.3% 0.2% KDNK 3.6% 4.4% 4.7% KDNK 3.6% 4.4% 4.7% (Sumber: Laman sesawang Bank Negara Malaysia)
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (21) 3.5 SUASANA EKONOMI NEGARA (SAMB.) Inflasi Secara keseluruhannya, inflasi berkembang sebanyak 0.8% untuk tempoh 1-tahun berakhir Januari 2020 lebih tinggi berbanding 0.7% untuk tempoh yang sama tahun sebelumnya. Pertumbuhan inflasi yang perlahan ini ekoran penyusutan dalam kumpulan pengangkutan (-2.2%) berbanding pertumbuhan 0.4% pada tempoh yang sama tahun sebelumnya. Indeks Pengeluaran Perindustrian (IPP) IPP meningkat sebanyak 0.6% pada bulan Januari 2020 berbanding bulan yang sama tahun sebelumnya. Peningkatan pada bulan Januari 2020 disokong oleh pertumbuhan dalam indeks pembuatan (2.1%). Sementara itu, indeks perlombongan dan elektrik masing-masing mencatat penurunan 3.9% dan 0.01%. Perdagangan Luar Negara Untuk tempoh 1-tahun berakhir Januari 2020, imbangan dagangan Malaysia mencecah nilai RM137.6 bilion berkembang RM15.4 bilion (+12.6%) berbanding tempoh yang sama tahun sebelumnya. Jumlah perdagangan untuk tempoh 1-tahun berakhir Januari 2020 bernilai RM1.832.6 bilion menguncup RM46.5 bilion (-2.5%) berbanding RM1.879.1 bilion yang dicatatkan dalam tempoh yang sama tahun lepas. Untuk tempoh yang sama, jumlah eksport menguncup 1.6%, mencecah nilai RM985.1 bilion manakala jumlah import turut menguncup 3.5%, mencecah nilai RM847.5 bilion. (Sumber: Portal Rasmi Jabatan Perangkaan Malaysia) 3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA Bagi tempoh 1-tahun berakhir 29 Februari 2020, penanda aras utama ekuiti patuh Syariah Malaysia iaitu Indeks FBM Shariah menurun 610.96 mata atau 5.21 % kepada 11,121.15 manakala penanda aras utama Bursa Malaysia iaitu FBM KLCI menurun 225.09 mata atau 13.18% kepada 1,482.64. Bagi tempoh tersebut, Indeks FBM Shariah mencatat paras tertinggi 12,334.29 pada 4 Julai 2019 dan paras terendah 11,121.15 pada 28 Februari 2020. Sementara itu, FBM KLCI mencatat paras tertinggi 1,707.73 pada 28 Februari 2019 manakala paras terendah pula ialah 1,482.64 yang dicatat pada 28 Februari 2020. Julat pergerakan Indeks FBM Shariah untuk tempoh tersebut ialah 1,213.14 mata berbanding 2,364.47 mata pada tempoh yang sama tahun sebelumnya.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (22) 3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.) Prestasi pasaran saham sepanjang bulan Mac 2019 terus lemah, dipengaruhi oleh perkembangan global melibatkan kebimbangan mengenai kelembapan ekonomi global, rundingan perdagangan antara AS dan China yang tidak berkesudahan, permintaan penangguhan Brexit, dan pendirian Rizab Persekutuan AS yang memihak kepada kadar faedah rendah. Pendirian baru Rizab Persekutuan AS, di tambah pula dengan kadar inflasi tempatan yang rendah, telah menyebabkan pelabur-pelabur beranggapan bahawa Jawatankuasa Dasar Monetari Bank Negara Malaysia (BNM) mungkin mengurangkan kadar faedah. Jangkaan ini, lantas, memberi kejutan kepada saham perbankan dan menjejaskan prestasi pasaran saham pada bulan Mac 2019. Menjelang bulan April 2019, pasaran saham berterusan lemah akibat kekurangan pemangkin baru di pasaran. Satu lagi faktor yang kurang memberangsangkan membabitkan tindakan penyedia indeks global FTSE Russell yang meletakkan Malaysia dalam senarai pemantauannya. Pada masa ini, Malaysia yang diberikan kedudukan ‗2‘ (tahap akses tertinggi) Indeks Bon Kerajaan Dunia FTSE (WGBI) semenjak tahun 2004, berpotensi dipertimbang untuk diturunkan kepada tahap ‗1‘ yang akan menjadikan Malaysia tidak lagi layak untuk disenaraikan dalam WGBI. Sekiranya hal ini terjadi, Malaysia berdepan risiko aliran keluar dana berjumlah AS$6 bilion hingga AS$8 bilion atau kira-kira RM24 hingga RM33 bilion dan hal ini boleh memberi tekanan kepada Ringgit Malaysia. Di minggu akhir Mei, dana asing memasuki semula pasaran tempatan selepas kebuntuan dalam perbincangan perdagangan telah menyebabkan kekacauan di pasaran sejak permulaan bulan Mei. Perbincangan perdagangan gagal selepas AS mempertingkatkan levi ke atas barangan China yang bernilai AS$200 bilion kepada 25% daripada 10% dan Beijing bertindak balas dengan mengenakan tarif yang lebih tinggi ke atas barangan AS yang bernilai AS$60 bilion. Ketegangan perdagangan antara China dan AS terus meningkat selepas langkah Jabatan Perdagangan AS menyenaraikan Huawei dan 70 sekutunya ke "Daftar Entiti", seterusnya menyekat syarikat gergasi telekom China tersebut daripada membeli bahagian dan komponen dari syarikat AS tanpa kelulusan kerajaan AS. Walau bagaimanapun, selepas itu AS melonggarkan sekatan ke atas Huawei Technologies China. Washington telah memberikan kebenaran kepada Huawei untuk membeli barangan AS hingga Ogos 2019, bertujuan untuk memberi masa kepada pengendali telekom yang bergantung kepada Huawei untuk mencari alternatif lain. Di peringkat domestik, BNM telah menurunkan kadar dasar semalaman (OPR) sebanyak 25 mata asas kepada 3.00%, pemotongan yang pertama sejak 2016. Sementara itu, ekonomi Malaysia dalam tempoh tiga bulan pertama 2019 tumbuh lebih perlahan pada kadar 4.5% berbanding suku sebelumnya iaitu 4.7%.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (23) 3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.) Pasaran saham melonjak pada bulan Jun, didorong oleh keyakinan terhadap perdagangan A.S.-China dan ulasan yang menjurus kepada pelonggaran dasar dari pelbagai bank pusat. Walau bagaimanapun, pasaran saham ditutup rendah pada bulan Julai, Ogos dan September walaupun Malaysia mencatatkan pertumbuhan KDNK 4.9% pada suku kedua 2019. Di antara faktor penyumbang kejatuhan disebabkan oleh keputusan korporat Malaysia suku kedua yang kurang memberangsangkan, hasil perbendaharaan AS untuk 10 tahun menyongsang atau lebih rendah berbanding hasil 2 tahun, tindakan saling berbalas antara AS dan China telah meningkatkan ketegangan perdagangan, kerisauan geo-politik dan China membenarkan matawangnya jatuh melepasi paras 7 yuan bagi setiap dolar AS. Pada bulan Oktober, FBMKLCI naik 14.07 mata atau 0.9% bulan ke bulan berikutan saham perbankan mencatatkan peningkatan selepas bank rizab persekutuan AS memotong kadar faedah buat kali ketiga tahun ini sebanyak 25 mata asas. Di samping itu, AS. dan China bersetuju untuk memuktamadkan fasa pertama perjanjian perdagangan, dengan peningkatan tarif diberhentikan dan China membeli produk pertanian A.S. IMF telah menyemak unjuran pertumbuhan global untuk 2019 kepada 3.0% daripada 3.2% disebabkan kejatuhan dalam aktiviti pembuatan dan perdagangan. Ramalan untuk 2020 juga diturunkan kepada 3.4% daripada 3.6%. Diperingkat tempatan, bajet 2020 dianggap sebagai belanjawan pengembangan dan neutral kepada pasaran. FBMKLCI turun 36.24 mata atau 2.3% bulan ke bulan untuk ditutup pada 1,561.74 mata pada akhir November 2019. Ekonomi Malaysia meningkat sebanyak 4.4% pada suku ketiga berbanding tahun sebelumnya, paling perlahan dalam setahun tetapi selaras dengan jangkaan. BNM mengurangkan keperluan rizab berkanun (SRR) bank kepada 3.00% daripada 3.50%, berkuatkuasa 16 November. Musim pelaporan pendapatan korporat suku ketiga masih mengecewakan, menghasilkan keputusan yang bercampur dan menyumbang sedikit pemangkin untuk memacu pasaran. Secara luaran, harapan perjanjian perdagangan Sino- AS suram setelah China memberi amaran akan bertindak balas setelah Presiden AS Donald Trump menandatangani Rang Undang-undang Hong Kong. Di samping itu, kebimbangan terus wujud ekoran terdapat laporan menyatakan Beijing dan Washington gagal untuk bersetuju mengenai terma perubahan tarif dan Presiden Donald Trump mengancam akan mengenakan tarif baru. Untuk sebahagian besar Disember, pelabur bertindak balas dengan positif kepada berita bahawa A.S. dan China akan menandatangani perjanjian perdagangan Fasa Satu. Di UK, Boris Johnson memenangi pilihan raya umum UK dan seterusnya meletakkan negara itu di landasan untuk meninggalkan Kesatuan Eropah pada Januari 2020. Sementara itu, OPEC bersetuju untuk memotong pengeluaran sebanyak 500,000 tong sehari sehingga Mac 2020, dengan Arab Saudi juga menawarkan potongan tambahan 400,000 tong.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (24) 3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.) Pengambilan untung dan tekanan jualan terus mengheret indeks penanda aras, FBM KLCI lebih rendah pada Januari 2020, dengan para pelabur enggan memasuki pasaran di tengah-tengah kekurangan pemangkin untuk merangsang sentimen pasaran tempatan. Sentimen pasaran juga terkesan oleh ketegangan geopolitik antara AS - Iran dan wabak koronavirus baru yang berpunca dari Wuhan, China. Pertubuhan Kesihatan Sedunia (WHO) mengisytiharkan kecemasan kesihatan global tetapi tidak mencadangkan menghadkan pergerakan manusia dan barangan dan berkata keadaan adalah terkawal. Bank Dunia mengunjurkan pertumbuhan ekonomi Malaysia mencapai 4.5% pada tahun 2020 dan 2021, dengan perkembangan eksport yang lemah diimbangi oleh permintaan domestik yang kukuh. Sementara itu, BNM memotong OPR kepada 2.75% dalam langkah-langkah awal untuk memastikan peningkatan pertumbuhan. Penjualan saham di pasaran berterusan pada bulan Februari dalam dagangan yang tidak menentu, ekoran berlakunya krisis politik domestik dan penyebaran wabak koronavirus telah meningkatkan keadaan yang pesimis di kalangan pelabur. Selepas Pakatan Harapan (PH) kehilangan majoriti di Parlimen, Tun Dr. Mahathir mengemukakan peletakan jawatannya sebagai Perdana Menteri. Walau bagaimanapun, beliau dilantik sebagai Perdana Menteri Interim oleh Yang Dipertuan Agong. Kemelut politik yang melanda Malaysia telah diselesaikan apabila Yang Dipertuan Agong melantik Tan Sri Muhyiddin Yassin sebagai Perdana Menteri Malaysia ke-8. Mengenai ekonomi, KDNK Malaysia berkembang 3.6% pada S4 2019, menyeret pertumbuhan tahun 2019 kepada 4.3%, yang terendah sejak krisis kewangan 2009 di tengah-tengah gangguan bekalan di sektor komoditi pada suku tersebut. Sementara itu, pendapatan korporat S4 2019 menyaksikan prestasi di bawah jangkaan adalah lebih banyak berbanding yang melebihi jangkaan. Dalam keadaan pasaran yang tidak menentu ini, nilai NAB/unit Dana naik 4.70% bagi tempoh setahun kewangan berakhir 29 Februari 2020. 3.7 SUASANA PASARAN WANG TEMPATAN SEMASA Dalam tempoh setahun berakhir 29 Februari 2020, mesyuarat Jawatankuasa Dasar Monetari (MPC) yang berlangsung pada 22 Januari 2020, BNM membuat keputusan untuk mengurangkan OPR kepada 2.75%. Oleh itu, kadar koridor tertinggi dan terendah bagi OPR masing- masing diturunkan kepada 3.00% dan 2.50%. Menurut BNM, ekonomi global terus berkembang pada kadar yang sederhana. Penunjuk terkini dan pertikaian perdagangan yang semakin reda baru-baru ini menunjukkan aktiviti perdagangan global menjadi bertambah baik. Pelonggaran dasar monetari merentas ekonomi utama pada separuh kedua tahun 2019 telah membantu melegakan keadaan kewangan dan langkah ini dijangka terus menyokong aktiviti ekonomi.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (25) 3.7 SUASANA PASARAN WANG TEMPATAN SEMASA (SAMB.) Walau bagaimanapun, masih wujudnya risiko pertumbuhan ekonomi global menjadi lebih rendah disebabkan oleh ketegangan geopolitik dan ketidakpastian dasar di beberapa negara. Hal ini boleh mengakibatkan mendadaknya semula keadaan volatiliti di pasaran kewangan sekali gus menjejaskan prospek pertumbuhan global. Bagi Malaysia, penunjuk ekonomi terkini dan gangguan bekalan dalam sektor berkaitan komoditi menunjukkan kegiatan ekonomi pada suku keempat berkembang dengan sederhana. Pertumbuhan ekonomi Malaysia dijangka tetap berada dalam lingkungan yang diunjurkan pada tahun 2019. Bagi tahun 2020, pertumbuhan dijangka bertambah baik secara beransur-ansur, dengan sokongan perbelanjaan isi rumah yang berterusan dan prestasi eksport yang lebih baik. Aktiviti pelaburan secara keseluruhan dijangka pulih sedikit disokong oleh projek yang sedang dilaksanakan dan projek baharu dalam sektor awam dan swasta. Namun begitu, masih wujud risiko pertumbuhan menjadi lebih rendah. Risiko ini termasuk ketidakpastian tentang pelbagai rundingan perdagangan, risiko geopolitik, pertumbuhan yang lebih rendah daripada jangkaan bagi rakan- rakan perdagangan utama Malaysia, volatiliti pasaran kewangan yang ketara, dan faktor-faktor dalam negara termasuk kelemahan dalam sektor berkaitan komoditi dan kelewatan pelaksanaan projek. Purata inflasi keseluruhan pada tahun 2019 ialah 0.7%. Pada tahun 2020, purata inflasi keseluruhan dijangka lebih tinggi tetapi kekal pada kadar yang sederhana. Trajektori inflasi keseluruhan akan bergantung pada perkembangan harga minyak dan harga komoditi sedunia serta masa pemansuhan harga siling bagi harga runcit bahan api domestik. Inflasi asas pada amnya dijangka stabil mencerminkan kegiatan ekonomi yang terus berkembang dan ketiadaan tekanan permintaan yang besar. Pelarasan terhadap OPR merupakan langkah awalan untuk memastikan trajektori pertumbuhan yang bertambah baik kekal kukuh dalam keadaan harga yang stabil. Pada kadar semasa OPR ini, MPC menyifatkan pendirian dasar monetari adalah wajar bagi menyokong pertumbuhan ekonomi yang mampan dalam keadaan harga yang stabil. (Sumber: Laman Sesawang Bank Negara Malaysia) 3.8 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.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (26) 3.9 REBAT DAN KOMISEN RINGAN Sepanjang tempoh setahun kewangan berakhir 29 Februari 2020, 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.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (27) 4. TRUSTEE’S REPORT We, AMANAHRAYA TRUSTEES BERHAD, have acted as Trustee of PMB SHARIAH GROWTH FUND for the financial year ended 29 February 2020. In our opinion, PMB INVESTMENT BERHAD, the Manager, has operated and managed PMB SHARIAH GROWTH 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 during the financial year then ended. We are also of the opinion that: (a) Valuation and pricing is carried out in accordance with the Deed and any regulatory requirement; (b) Creation and cancellation of units are carried out in accordance with the Deed and any regulatory requirement; and (c) The distribution of income made by PMB Shariah Growth Fund as declared by the Manager is appropriate and reflects the investment objective of PMB Shariah Growth Fund. Yours faithfully AMANAHRAYA TRUSTEES BERHAD ZAINUDIN BIN SUHAIMI Deputy Chief Executive Officer Kuala Lumpur, Malaysia 8 May 2020
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (28) 5. SHARIAH ADVISER’S REPORT To the Unit Holders of PMB SHARIAH GROWTH FUND We have acted as the Shariah Adviser of PMB SHARIAH GROWTH FUND (―the Fund‖) managed by PMB INVESTMENT BERHAD (―the Manager‖) for the financial year ended 29 February 2020. Our responsibility is to ensure that the procedures and processes employed by the Manager as well as the provisions of the Fund‘s 14th Supplemental Deed dated 6 September 2016 which had been registered with the Securities Commission (―SC‖) on 14 October 2016 are all in accordance with Shariah principles. In our opinion, based on the periodic reports submitted to us, the Manager has managed and administered the Fund in accordance with Shariah principles and has complied with applicable guidelines, rulings and decisions issued by the Shariah Advisory Council (―SAC‖) of the SC for the financial year ended 29 February 2020. We confirm that the investment portfolio of the Fund comprises securities cited in the latest ―List of Shariah-Compliant Securities‖ issued by the SAC of the SC and instruments which have been classified as Shariah-compliant by the SAC of Bank Negara Malaysia (―BNM‖). As for securities and instruments which have not been classified by the SAC of the SC nor by the SAC of BNM, we have reviewed and determined the Shariah status of the said securities and instruments. For and on behalf of the Shariah Adviser, BIMB SECURITIES SDN BHD IR. DR. MUHAMAD FUAD ABDULLAH Designated Shariah Person KUALA LUMPUR 14 May 2020
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (29) 6. STATEMENT BY MANAGER To the Unit Holders of PMB SHARIAH GROWTH FUND We, NAJMI BIN HAJI MOHAMED 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 financial statements give true and fair view on the financial position of the Fund as at 29 February 2020 and of its statement of comprehensive income, changes in equity, and cash flows of the Funds for the financial year ended 29 February 2020 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 GROWTH FUND NAJMI BIN HAJI MOHAMED Director TENGKU AHMAD BADLI SHAH BIN RAJA HUSSIN Director KUALA LUMPUR 27 April 2020
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (30) 7. AUDITOR’S REPORT To the Unit Holders of PMB SHARIAH GROWTH FUND Report on the Financial Statements Opinion We have audited the financial statements of PMB SHARIAH GROWTH FUND, which comprise the statement of financial position as at 29 February 2020, and statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. In our opinion, the Fund‘s financial statements give a true and fair view of the financial position of the Fund as at 29 February 2020 and of its financial performance, changes in equity and cash flows for the financial year ended 29 February 2020 in accordance with Malaysian Financial Reporting Standards (MFRSs) and International Financial Reporting Standards (IFRSs) and being modified in accordance with Guidelines on Unit Trust Funds by the Securities Commission Malaysia. We have also verified the computation of the Management Expenses Ratio and Portfolio Turnover Ratio as disclosed in Notes 16 and 17 of the financial statements are reasonable. The schedule have been drawn primarily from the accounting records and other records of the Fund which have been subjected to tests and other audit procedures during our review of the Fund‘s financial statements for the financial year ended 29 February 2020. In our opinion, the informations as a whole, have been presented fairly if deemed in all aspects in respect of the financial statements. Basis for Opinion We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors‘ Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence and Other Ethical Responsibilities We are independent of the Fund in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (―By- Laws‖) and the International Ethics Standards Board for Accountants‘ Code of Ethics for Professional Accountants (―IESBA Code‖) and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code. Information Other than the Financial Statements and Auditor’s Report Thereon The Manager of the Fund is responsible for the other information. The other information comprises the Manager‘s Report and Statement by Manager, but does not include the financial statements of the Fund and our auditors‘ report thereon. Our opinion on the financial statements of the Fund does not cover the other information and we do not express any form of assurance conclusion thereon.
ANNUAL REPORT - PMB SHARIAH GROWTH FUND (31) Auditors’ Report to the Unit holders of PMB SHARIAH GROWTH FUND (CONT.) Information Other than the Financial Statements and Auditor’s Report Thereon (Cont.) In connection with our audit of the financial statements of the Fund, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements of the Fund or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Manager for the Financial Statements The Manager of the Fund is responsible for the preparation of financial statements of the Fund that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the Securities Commission‘s Guidelines on Unit Trust Funds in Malaysia. The Manager is also responsible for such internal control as the Manager determine is necessary to enable the preparation of financial statements of the Fund that are free from material misstatement, whether due to fraud or error. The Trustee is responsible for ensuring that the Manager maintains proper accounting and other records as are necessary to enable true and fair presentation of these financial statements. In preparing the financial statements of the Fund, the Manager is responsible for assessing the Fund‘s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. Auditors’ Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements of the Fund as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors‘ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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