STATEMENT BY 31 March 2021 - Takaful ...
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TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY
MANAGER & AUDITED
FINANCIAL
INFORMATION
31 March 20211 - 19
Portfolio Statement
20
Statement by the Manager
21 - 23
Independent Auditors' Report
24 - 25
Contents Statements of Assets and Liabilities
26 - 27
Statements of Income and Expenditure
28
Statements of Changes in Net Asset Value
29-39
Notes to the Financial Information
40
Net Asset Value per Unit Information
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds01
FUND NAME
Portfolio Statement IKHLAS Fixed Income Fund
IKHLAS Balanced Fund
Economic And Equity Market Review IKHLAS Growth Fund
A liquidity driven relief rally lifted the FTSE Bursa Malaysia Shariah (“FBMS”) Index by 7.8% in April Nonetheless, the rally was not sustained into the month of August 2020 as market sentiment dented
2020, trimming Year-to-Date (YTD) loss to 8.8%. Small and mid-cap stocks, led mainly by technology by subdued the second quarter of 2020 (“2Q20”) corporate earnings results despite earlier
stocks, staged a much stronger rebound as the FTSE Bursa Malaysia (“FBM”) Small Cap Index surged expectation of severe earnings contraction due to the full impact of MCO. The earnings
20.2% in April 2020. The sharp turnaround in investors’ sentiment was driven by coordinated fiscal disappointment was further compounded by the absence of any interim dividends by the banks to
and monetary responses globally following the COVID-19 outbreak which led to a sharp recession as preserve capital against potential losses as the end of loan moratorium loomed.
economic activities came to a halt.
The market continued to slide in September 2020 affected by selling pressure on the Healthcare
The FBMS Index gained 10.4% in May 2020, outperforming the FTSE Bursa Malaysia Composite Index sector, due to the correction in glove stocks on vaccine development news flow, as well as the
(“KLCI”) and markets in the region (versus MSCI ASEAN +1.3%). The positive performance was driven sell-down of some blue-chip stocks amid continued net outflow by foreign institutional investors.
entirely by glove stocks as Hartalega Holdings Bhd and Top Glove Corporation Bhd gained 65% and Politics was another dampener on the equity market (especially for the foreign investors). Any
83% respectively during the month on the back of rising Average Selling Price (“ASP”) amid tight global potential change in Government could lead to policy uncertainty, thus negatively impacting the
supply of medical gloves. Excluding the glove stocks, the benchmark index would have been flat in May markets in the short term.
2020.
The equity market slipped for third consecutive month in October 2020 since staging a strong rally in
Subsequent to the rally in the month of May 2020, FBMS Index was facing some profit-taking activities July 2020. The sharp rise in COVID-19 post Sabah state election resulted in the implementation of
in June after the strong surge since late March 2020 as there are concern of second wave of COVID-19 Conditional MCO (“CMCO”). Despite assurance that all economic sectors would be allowed to operate
new infections after Movement Control Order (“MCO”) is being lifted gradually. Over the course of June, during the implementation of CMCO, productivity and consumer sentiment as well as spending was
the government has announced further RM35 billion stimulus under National Economic Recovery Plan affected. Politics also took the limelight in October 2020 when there was news that the Prime Minister
(“PENJANA”) which consists of RM10 billion in direct fiscal injections, RM8 billion in tax incentives and had proposed to the King to call for a state of emergency for the country, which was later declined by
the rest via measures by public sector entities. The Government also announced that it is offering up the King.
to 100% sales tax exemption for Completely Knocked Down (“CKD”) and Completely Build-Up (“CBU”)
vehicles from 15 June 2020 till 31 December 2020 while property sector will be boosted by With threats to the economy growing by the day, the market hoped that the Budget 2021 would
reintroduction of the Home Ownership Campaign (“HOC”), exemption of individuals’ Real Property provide sufficient economic stimulus and safety net for the Bottom 40 (“B40”) to steer past COVID-19.
Gains Tax (“RPGT”) and the lifting of the maximum loan-to-value ratio (“LTV”) to 70%. FBMS Index closed in November 2020 with a rally amidst successful test trials of several COVID-19
vaccines and passing of the Budget 2021 by parliament which kept the Perikatan Nasional (PN)
In July 2020, Malaysia equity market continued to have a strong rally, outperforming its regional Government in power.
peers. The Healthcare sector was again the star of the month as the continued rise in global COVID-19
new cases underpinned the spike in demand for Personal Protective Equipment (“PPE”) including
gloves. This led to a 68% month-on-month (“m-o-m”) gain in Bursa Malaysia Healthcare Index. Besides
Healthcare, Technology (+24.4% m-o-m) and Plantation (+6.5% m-o-m) are the two other notable
sectors which also contributed to the broad rally.
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION02
Economic And Equity Market Review (Cont’d.)
The KLCI posted a second consecutive month with gains in December 2020 as investors continued to Bank Negara in the recent release of its Annual Report pegs 2021 GDP growth at 6.0-7.5% premised on
position into the COVID-19 recovery play in the market, following news of COVID-19 vaccine improved external demand driven by the tech upcycle and containment of Covid-19 daily cases now at
breakthroughs in November. On top of that, the Ministry of Health (MOH) announced that it has revised low 1,000s versus over 3,000 in February - and with vaccination roll-out well underway. Employment
the quarantine period from two weeks to 10 days for all travelers and close contacts of COVID-19 market is improving with strong policy support for businesses and households. There is expectation
positive patients. The Budget 2021 was passed in the final approval stage in the Dewan Rakyat via an of a spike in inflation of 2.5-4.0% but the central bank expects to maintain an accommodative
en bloc vote. The vote ended with 111 Members of Parliament (MPs) in favor and 108 MPs against the monetary policy. Malaysia’s manufacturing PMI rose to 49.9 in March from 47.7 in February. These are
passing of the budget. Despite the downgrade in Malaysia's Long-Term Foreign-Currency Issuer all promising indicators.
Default Rating (IDR) rating by Fitch from ‘A-’ to ‘BBB+’, Malaysian Ringgit and bond yield remained
stable. The Ministry of Finance announced the extension of the vehicle sales tax exemption period by
a further six months until 30 June 2021. Equity Market Outlook
Much of the optimism over recovery in November and December 2020 went away as numbers of
Malaysia corporate earnings for 4Q2020 showed a modest beat and resulted in a slight upgrade of
COVID-19 cases climbed which led to the Government imposing MCO 2.0 beginning mid-January 2021.
2021 KLCI earnings. We saw sustained growth in Tech and Gloves, higher commodity prices which
This was quickly followed by the Yang di-Pertuan Agong declaring State of Emergency for Malaysia
benefitted Petrochem and Plantations, and improved sales from the relaxation of movement controls
until the end of July 2021. In addition, the suspension of Regulated Short Selling (RSS) from 24 March
driving Autos, Financials, Utilities, Oil & Gas (O&G) and Construction posted weaker results overall but
last year was lifted this year, adding to the volatility of the market. On the macroeconomic end,
they (except for Construction) largely met or beat expectations. Unfortunately, KLCI earnings for 2022
Malaysia Manufacturing Purchasing Managers' Index (PMI) eased again in January to 48.9 after picking
were cut by ~2%, largely due to Gloves. Consensus now projects KLCI earnings to grow 48% in 2021
up to 49.1 in December, remaining below 50 suggesting that growth is not improving at the pace as
but close to zero in 2022, from a 13% contraction in 2020. Excluding gloves, earnings growth for 2021
anticipated. With further extension of MCO 2.0, the Government’s earlier Gross Domestic Product
and 2022 are 39% and 16% respectively.
(GDP) target of 6.5-7.5% for 2021 is at risk of being adjusted 0.5-1.0% lower. The market remains
hopeful with the vaccine roll-out scheduled at the end of February 2021 but the speed and efficiency
We are Neutral on Malaysia considering the balance of risk – improving fiscal position and corporate
of the execution and how that translate to improvement in the numbers of COVID-19 cases is critical
earnings recovery weighed against near-term political uncertainty. We remain proponents of the
to the timing of overall recovery.
reopening theme and thus constructive on sectors such as Cyclicals, Commodities and select
Transports. We continue to like Tech names due to the structural growth story, but near-term
MCO 2.0 is being eased gradually as new cases stabilize while recovery cases increase. The highlight
sentiment could be tempered by jitters on interest rates and US-China relations. We are cautious on
for February 2021 also includes the arrival of vaccines (Pfizer and Sinovac) and the roll-out of the
Gloves as earnings seem to have peaked.
COVID-19 immunization programme starting with the 500,000 front-liners in the first Phase. While
Regulated Short Selling (“RSS”) resumed, intraday short selling (“IDSS”) suspension was extended to 29
August 2021. On the macroeconomic end, Malaysia’s Manufacturing Purchasing Managers' Index (PMI)
eased again in February to 47.7 vs 48.9 in January, remaining below 50 suggesting that growth is not
improving at the pace as anticipated. However, with global demand showing signs of reviving,
production growth should start to pick up again in the second quarter, and it was encouraging to see
business optimism about the year ahead improve after its weak start to the year. The effectiveness of
vaccine roll-out will be key to ensure the sustainability of the imminent recovery.
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION03
Sukuk Market Review
The Prihatin Rakyat Economic Stimulus Package ("PRIHATIN") was announced in April 2020 amounting In October 2020, The Malaysian Government Investment Issues ("MGII") yield curve steepened with the
to RM10 billion targeted to provide financial relief for Small and medium-sized enterprises (SMEs) to shorter-end of the curve (i.e. 3 & 5 years) trading sharply lower during the period, with the market
support businesses and retain jobs during and post MCO. The country saw a fourth stimulus package anticipating another round of rate cut by BNM in its next November MPC meeting. The momentum
being announced in early June 2020 aptly named Pelan Jana Semula Ekonomi Negara (“PENJANA”) to intensified as the number of COVID-19 cases spiked sharply towards new highs, with restriction
reenergize the economy. With this, the Ministry of Finance's (MoF) now expects the 2020 budget orders being re-implemented in targeted areas. However, the market was more cautious towards the
deficit/GDP at 5.8-6.0% on PENJANA’s RM18 billion direct fiscal impact. The total fiscal injection of longer-end of the curve.
both PENJANA and PRIHATIN by the Government is RM45 billion.
In November MPC meeting, BNM has decided to maintain its OPR at 1.75%, after already cutting it by a
In July 2020, Bank Negara Malaysia (BNM) lowered the Overnight Policy Rate (OPR) by 25 bps to 1.75% total of 125 bps YTD. BNM sounded upbeat and optimistic in the recovery of the global and domestic
for the fourth time this year at its Monetary Policy Committee (“MPC”) meeting held in July 2020. The economies. BNM expects Malaysia’s growth for 2020 to be within the earlier forecasted range of -3.5
Central Bank mentioned that the reduction in OPR provides additional policy stimulus to accelerate to -5.5% and considers the current stance of the monetary policy to be “appropriate and
the pace of the economy. It was also mentioned they will continue to utilize policy levers as accommodative”. Malaysia’s Budget 2021 was passed at its policy stage via a majority voice rote on 27
appropriate for a sustainable economic recovery. November 2020 with additional measures/amendments including a further loan moratorium for the
B40 and micro-SMEs and the expansion of i-Sinar facility to include all Employees' Provident Fund
2Q2020 GDP contracted sharply by 17.1% year-on-year (”y-o-y”) and 16.5% quarter-on-quarter (“q-o-q”) (EPF) members whose income has been affected persons from by the pandemic. Meanwhile, 3Q GDP
(1Q2020: +0.7% y-o-y and -2.0% q-o-q) as the economy was affected by concurvent supply and rebounded strongly recording a smaller.
demand shocks arising from weak external demand conditions and strict containment measures in
the second quarter of 2020. On the supply side, a broad-based contraction was recorded across There were only a handful of domestic economic data released in December 2020. Industrial
sectors except for agriculture. production dropped 0.5% YoY in October 2020, swinging from September’s +1.0% YoY increase and
contracting for the first time in four months. October’s downturn was largely attributed to a stronger
In August 2020, the sovereign yield curve bear steepened tracking the rising US Treasury (“UST”) decline in mining and quarrying output, largely due to the reimplementation of Conditional Movement
yields as well as cautious sentiment ahead of the US Federal Reserve (the “Fed”) Chairman Powell’s Control Order ("CMCO") in most of the states since early October. Meanwhile, Consumer Price Index
speech and incoming supply concerns contributed to the weakness. Overall, during the financial continued to slipped for the 9th consecutive month in November 2020 to -1.7% YoY mainly attributed
period under review, the 3-, 5-, 7-, 10-, 15-, 20- and 30-year Government Investment Issues (“GII”) yields to the decrease in transportation (-11%) and utilities (-3%). Soft inflation continues to provide support
closed at 1.88%, 2.14%, 2.35%, 2.58%, 3.20%, 3.41% and 3.77% respectively at the end of August 2020. for low bond yield which is crucial for 2021 economic recovery.
Bank Negara Malaysia kept hold its Overnight Policy Rate at 1.75% at its September 2020 meeting. The The Government Investment Issues ("GII") yield curve moved lower across tenor in January 2021
September Monetary Policy Committee ("MPC") statement sounded mildly neutral albeit still following the surprise Overnight Policy Rate ("OPR") cut. Trading volume in corporate sukuk increased
reiterating risks faced to the local and global economy due to the pandemic. On September 23, the to RM14.1 billion in January from RM10.4 billion previously with focus mainly on Quasi-Sovereign and
Prime Minister announced an additional RM10 billion fiscal stimulus packages to bolster the country’s AAA rated sukuk.
economy in weathering the impact of COVID-19. The Kita Prihatin programme is a special initiative
aimed at helping micro entrepreneurs, the country’s workforce and those from the B40 as well as the
M40 income group. Meanwhile, FTSE Russell decided to keep Malaysia in World Government Bond
Index ("WGBI") while keeping it on the on its watch list.
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION04
Sukuk Market Review (Cont’d.) Investment Objective
In January 2021, the central bank continued to mention that the overall outlook locally and globally IKHLAS Fixed Income Fund
remains subject to downside risks, primarily if there is a further resurgence of Corid-19 cases. They
expect growth for 2020 to be at the lower-end of the forecasted range and for a pick-up in growth to
The investment objective of the Fund is to gain higher than average income over the medium to
be seen in Q22021. Meanwhile, the Government unveiled Perlindungan Ekonomi Dan Rakyat Malaysia
long-term by investing in a diversified portfolio consisting principally of Sukuk, Certificates of
("PERMAI") on 18th January, its 5th economic stimulus package to date worth RM15 billion spread over
Deposits, short-term money market instruments and other permissible investments under Shariah
22 initiatives aimed at safeguarding the welfare of the people and supporting business continuity
principles.
following the implementation of MCO2.0. Moody’s reaffirmed Malaysia’s A3 rating and maintained its
stable outlook on 28 January. The rating agency cited strong medium-term growth prospects,
credible and effective macro policymaking institutions and expectations of gradual fiscal IKHLAS Balanced Fund
consolidation over the next 2-3 years. These credit strengths moderate Malaysia’s relatively high debt
level. The objective of the Fund is to grow the value of the Unitholders’ investments over the long-term in a
diversified mix of Malaysian assets in approved Shariah-compliant instruments while providing
The Government Investment Issues ("GII") yield curve bear steepened yields rising by 17 bps to 57 bps
consistent income.
in February 2021 amidst thin liquidity tracking the US Treasuries relation trades. The sell-off in the
domestic sovereign bonds has resulted in a narrower credit spreads across tenors and rating
segments. Malaysia’s 4Q2020 GDP registered a contraction of 3.4% y-o-y compared to a decline of
IKHLAS Growth Fund
2.7% in 3Q2020. This brings the full year 2020 GDP to a contraction of 5.6%, lower than Ministry of
Finance's projections of -3.5%-5.5% for 2020. The deflation rate eased further to -0.2% y-o-y in
The objective of the Fund is to achieve consistent capital growth over the medium to long-term.
January 2021 (December 2020: -1.4% y-o-y), mainly on continued slower decline in transport and
electricity costs.
In March 2021, the central bank maintained the Overnight Policy Rate unchanged at 1.75% and noted
that global growth risks hare abated slightly but the balance of risks remains tilted to the downside
due to uncertainties surrounding the COVID-19 pandemic and efficacy of vaccination programs. BNM
projected 2021 real GDP growth to rebound to between 6.0%-7.5% on the back of improved external
demand and gradual improvement in domestic economic activity. Inflation forecast for 2021 was
revised higher to average 2.5%-4% mainly due to cost push factors such as the expected increase in
global crude oil and commodity prices as well as lower electricity tariff rebates.
Sukuk Market Outlook
FTSE Russell had decided to retain Malaysia’s position the WGBI and removed it from the watch list.
We remain overweight on corporates for better yield pick-up. The increased supply in corporates may
push yields higher and this will provide good buying opportunity. With that said, we continue to be
mindful in our credit selection with a preference on names which are more resilient with stronger
fundamentals, as well as better liquidity.
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION05
Portfolio Performance Review And Strategy
IKHLAS Fixed Income Fund The FTSE Bursa Malaysia Emas Shariah Index (“FBMS”) ended March lower at 12,848.17 pts, down
130.98 pts or -1.0%. The weakness on the last day of the month was largely attributed to MSCI
The Fund reported a return of -1.31% and underperformed its benchmark by 146 bps in March 2021. On rebalancing and sell-off on gloves. The latest tally placed Property and Construction as top
a Year-to-Date Financial Year (YTD-FY), the Fund’s return was at 4.01%, outperforming the benchmark performing sector indices, up 8% and 6% respectively during the month, while Healthcare (-9%) and
by 206 bps. Technology (-6%) were the worst performers.
The Government Investment Issues ("GII") yield curve shifted higher moving higher by 3 to 41 bps We are Neutral on Malaysia considering the balance of risk – improving fiscal position and corporate
across the tenor with the 30-year rising by 41 bps to close at 4.70% in March. Credit spreads widened earnings recovery weighed against near-term political uncertainty. We remain proponents of the
across tenor for the AAA and AA rating segments, except for A2 rated segment which saw mixed reopening theme and thus constructive on sectors such as Cyclicals, Commodities and select
movements. The influx of supply from primary issuances had resulted in higher adjusted yields for the Transports. We continue to like Tech names due to the structural growth story, but near-term
secondary corporate bonds. sentiment could be tempered by jitters on interest rates and US-China relations. We are cautious on
Gloves as earnings seem to have peaked.
In March, we saw Bank Negara Malaysia (“BNM”) maintained the Overnight Policy Rate unchanged at
1.75% and noted that global growth risks had abated slightly but the balance of risks remains tilted to For Sukuk strategy, the current steepness in government Sukuk curve is mainly due to the sharp rise
the downside due to uncertainties surrounding the COVID-19 pandemic and efficacy of vaccination in US Treasury yields. We are not expecting BNM to revise policy rate upward in 2021 and this presents
programs. BNM projected 2021 real GDP growth to rebound to between 6.0%-7.5% on the back of as an opportunity to increase Sukuk exposure at a relatively cheap cost. There is also lack of drivers
improved external demand and gradual improvement in domestic economic activity. Inflation for higher US yields seeing there is a lack of stimulus news other than President Biden saying an
forecast for 2021 was revised higher to average 2.5%-4% mainly due to cost push factors such as the infrastructure spending package with only scant details for the time being. We continue to focus on
expected increase in global crude oil and commodity prices as well as lower electricity tariff rebates. high quality medium duration corporate bonds in the primary market to enhance portfolio yield.
Meanwhile, FTSE Russell had decided to retain Malaysia’s position the WGBI and removed it from the
watch list. We remain overweight on corporates for better yield pick-up. The increased supply in
corporates may push yields higher and this will provide good buying opportunity. With that said, we
continue to be mindful in our credit selection with a preference on names which are more resilient
IKHLAS Growth Fund
with stronger fundamentals, as well as better liquidity.
The Fund rose 0.17% in March 2021, outperforming the benchmark by 1.18%. Stock selection in
Industrials, Communication Services and Materials sectors as well as the underweight in Healthcare
contributed positively to the fund. For YTD-FY, the fund underperformed the Benchmark by -5.59%.
IKHLAS Balanced Fund
Bank Negara in the recent release of its Annual Report pegs 2021 GDP growth at 6.0-7.5% premised on
In March, the fund fell -1.79%, underperforming the Benchmark by 124 bps. The underperformance improved external demand driven by the tech upcycle and containment of COVID-19 daily cases now at
was contributed by overweight in technology and energy. On a YTD-FY basis, the fund low 1,000s versus over 3,000 in February - and with vaccination roll-out well underway. Employment
underperformed the benchmark by 12 bps due to underweight in gloves and overweight in materials, market is improving with strong policy support for businesses and households. There is expectation
industrials and energy. of a spike in inflation of 2.5-4.0% but the central bank expects to maintain an accommodative
monetary policy. Malaysia’s manufacturing PMI rose to 49.9 in March from 47.7 in February. These are
all promising indicators.
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION06
Portfolio Performance Review And Strategy (Cont’d.) Summary of Position
IKHLAS Growth Fund (Cont'd.) IKHLAS Fixed Income Fund
Malaysia corporate earnings for 4Q2020 showed a modest beat and resulted in a slight upgrade of 2021 As At 31 Mar 2021
KLCI earnings. We saw sustained growth in Tech and Gloves, higher commodity prices which RM
benefitted Petrochem and Plantations, and improved sales from the relaxation of movement controls Net Capital Injections : 18,481,000
driving Autos. Financials, Utilities, O&G and Construction posted weaker results overall but they Value at Cost : 19,895,403
(except for Construction) largely met or beat expectations. Unfortunately, KLCI earnings for 2022 Market Value : 24,443,010
were cut by ~2%, largely due to Gloves. Consensus now projects KLCI earnings to grow 48% in 2021 but
Exposure Unit Trust : 98% RM 23,963,530
close to zero in 2022, from a 13% contraction in 2020. Excluding gloves, earnings growth for 2021 and
Liquidity : 2% RM 479,480
2022 are 39% and 16% respectively.
Total RM 24,443,010
We are Neutral on Malaysia considering the balance of risk – improving fiscal position and corporate
earnings recovery weighed against near-term political uncertainty. We remain proponents of the
reopening theme and thus constructive on sectors such as Cyclicals, Commodities and select IKHLAS Balanced Fund
Transports. We continue to like Tech names due to the structural growth story, but near-term
sentiment could be tempered by jitters on interest rates and US-China relations. We are cautious on As At 31 Mar 2021
Gloves as earnings seem to have peaked. RM
Net Capital Injections : 35,091,000
Value at Cost : 36,548,590
Distribution Market Value : 41,686,790
Exposure Unit Trust : 98% RM 40,861,746
In order to maximise returns, Funds' Manager adopt policy of reinvesting investment profits. Liquidity : 2% RM 825,044
Therefore, it does not declare distributions during the period.
Total RM 41,686,790
Rebates And Soft Commissions IKHLAS Growth Fund
The Manager and the External Fund Manager as well as the Trustees (including their officers) will not As At 31 Mar 2021
retain any form of rebate or soft commission from, or otherwise share in any commission with, any RM
broker in consideration for directing dealings in the investments of the Funds unless the soft Net Capital Injections : 89,871,000
commission received is retained in the form of goods and services such as financial wire services and Value at Cost : 90,401,439
stock quotations system incidental to investment management of the Funds. All dealings with Market Value : 94,927,532
brokers are executed on best available terms. During the financial period under review, the
Exposure Unit Trust : 98% RM 93,069,792
management company did not receive any rebates and soft commissions from brokers or dealers.
Liquidity : 2% RM 1,857,740
Total RM 94,927,532
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION07
Funds Performance
IKHLAS Fixed Income Fund
IKHLAS Fixed Income Fund IKHLAS FixedReturn
Average Annual Income Fund Portfolio Benchmark
Cumulative Performance Since Inception
Since Inception until 31 March 2021 4.84% 2.90%
60%
1 Year (April 2020 - March 2021) 5.41% 1.95%
50%
3 Year (April 2018 - March 2021) 3.96% 2.78%
CUMULATIVE RETURN
40% 5 Year (April 2016 - March 2021) 5.66% 2.93%
30%
Note: Fund performance compared with benchmark on 12-months GIA
20%
10%
0%
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Fixed Income (%) Benchmark (%)
Performance YTD
10%
8%
AVERAGE ANNUAL RETURN
6%
4%
2%
0%
Fixed Income (%) Benchmark (%)
Since Incep�on 5 years 3 years 1 year
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION08
Funds Performance (Cont’d.)
IKHLAS Balanced Fund
IKHLAS Balanced Fund IKHLAS FixedReturn
Average Annual Income Fund Portfolio Benchmark
Cumulative Performance Since Inception Since Inception until 31 March 2021 4.44% 2.84%
60%
1 Year (April 2020 - March 2021) 9.66% 16.70%
50%
3 Year (April 2018 - March 2021) 1.82% 1.25%
CUMULATIVE RETURN
40% 5 Year (April 2016 - March 2021) 3.62% 1.94%
30% Note: Fund performance compared with benchmark on 60% FBM Emas Shariah Index and
40% CIMB 1-month GIA
20%
10%
0%
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Balance (%) Benchmark (%)
Performance YTD
20%
18%
16%
AVERAGE ANNUAL RETURN
14%
12%
10%
8%
6%
4%
2%
0%
Balance (%) Benchmark (%)
Since Incep�on 5 years 3 years 1 year
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION09
Funds Performance (Cont’d.)
IKHLAS Growth Fund
IKHLAS Growth Fund IKHLAS FixedReturn
Average Annual Income Fund Portfolio Benchmark
Cumulative Performance Since Inception Since Inception until 31 March 2021 3.23% 2.65%
40%
1 Year (April 2020 - March 2021) 11.43% 27.15%
35%
3 Year (April 2018 - March 2021) 0.02% 0.65%
30%
CUMULATIVE RETURN
25% 5 Year (April 2016 - March 2021) 0.87% 1.54%
20% Note: Fund performance compared with benchmark FBM Emas Shariah Index
15%
10%
5%
0%
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Growth (%) Benchmark (%)
Performance YTD
30%
25%
AVERAGE ANNUAL RETURN
20%
15%
10%
5%
0%
Growth (%) Benchmark (%)
Since Incep�on 5 years 3 years 1 year
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION10
Comparative Fund Performance Table
IKHLAS Fixed Income Fund IKHLAS Growth Fund
Category of Investments Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Category of Investments Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1 - Islamic Unit Trust 98% 97% 98% 98% 98% 1 - Islamic Unit Trust 97% 97% 93% 98% 98%
2 - Liquidity/Cash 2% 3% 2% 2% 2% 2 - Liquidity/Cash 3% 3% 7% 2% 2%
Total Investment (RM) 16,764,774 11,791,915 14,200,644 16,663,458 24,422,830 Total Investment (RM) 21,378,990 26,507,107 38,253,109 42,562,858 94,907,392
Total NAV/Market Value (RM) 9,733,992 12,034,333 15,979,177 18,985,467 24,634,720 Total NAV/Market Value (RM) 20,080,751 30,571,853 46,779,397 62,400,023 98,399,571
Total Number of Units 9,986,285 10,879,844 12,053,270 13,566,226 17,118,853 Total Number of Units 23,027,566 29,375,108 40,842,791 59,751,754 85,709,170
Published NAV per unit (RM) 0.9747 1.1061 1.3257 1.3995 1.4390 Published NAV per unit (RM) 0.8720 1.0407 1.1454 1.0443 1.1481
Highest NAV per unit (RM) 1.2323 1.2813 1.3295 1.4352 1.4652 Highest NAV per unit (RM) 1.3793 1.3149 1.2303 1.1649 1.1683
Lowest NAV per unit (RM) 1.1292 1.1687 1.2747 1.3295 1.3971 Lowest NAV per unit (RM) 1.2307 1.0410 1.0833 0.9569 1.0040
Total Annual return: Total Annual return:
- Capital growth 10.83% 5.61% 3.85% 2.62% 5.41% - Capital growth 4.24% 0.06% (5.85%) (5.52%) 11.43%
IKHLAS Balanced Fund
Category of Investments Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1 - Islamic Unit Trust 97% 97% 95% 98% 98%
2 - Liquidity/Cash 3% 3% 5% 2% 2%
Total Investment (RM) 17,878,122 15,773,491 19,865,576 21,826,153 41,666,646
Total NAV/Market Value (RM) 11,923,109 16,301,020 22,613,079 30,193,035 43,320,668
Total Number of Units 10,775,454 12,403,045 15,116,444 21,483,219 27,781,033
Published NAV per unit (RM) 1.1065 1.3143 1.4959 1.4054 1.5594
Highest NAV per unit (RM) 1.4977 1.5923 1.5320 1.5390 1.5909
Lowest NAV per unit (RM) 1.3214 1.4326 1.4458 1.3770 1.4087
Total Annual return:
- Capital growth 7.15% 5.50% (2.82%) (1.38%) 9.66%
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION11
FUND NAME
AmHigh Islamic Cash Strategy Fund
AmHigh Islamic Equity Strategies Fund
IKHLAS Islamic Cash Strategy Fund
Economic And Equity Market Review IKHLAS Islamic Equity Strategies Fund
While 2020 was a challenging year globally because of the COVID-19 pandemic, it was on the other With lockdowns imposed and social distancing becoming commonplace, a new “normal” emerged, one
hand a remarkable year for global financial markets. After the onset of COVID-19 pandemic which of which is that more and more people began to work from home or work remotely. Demand for
triggered one of the worst stock market crashes in decades, unprecedented stimulus from software used to conduct online meetings surged, as well as the need to upgrade internet
governments trying to revive the economy and new vaccine breakthroughs had sent stocks soaring to connectivity. The fact that people stayed at home most of the time also caused a sharp rise in online
record highs in some markets. More than 1.7 million people had died due to COVID-19 in 2020, while shopping, delivery services, online financial transactions, online streaming services and video
unemployment reached dizzying levels amid global recessions, yet global stocks on average ended up conferencing amongst others. Companies which provided these services such as Amazon, Netflix,
some 13% in 2020. Zoom and others experienced a boom in growth during the COVID-19 era.
The COVID-19 pandemic had affected the investment world that had never seen before. After surging While the markets crashed to record low in some cases, it also provided buying opportunities of a
cases of COVID-19 beginning of March 2020 countries imposed strict lockdowns and effectively shut lifetime, provided of course if investors had the nerve to buy into the stock markets in the early stages
down all business activities and school in order to stem the virus. The freeze in economic activities of the pandemic. Those who did certainly were rewarded with handsome returns, arising from the
triggered a major financial turmoil around the world as investors worried that economic activities turnaround and strong market recovery due to various reasons.
would grind to a halt.
One of the reasons for the strong market and economic recovery is that governments went on an
Countries closed borders to international travellers, and investors braced for a global recession. The all-out war to fight the negative effects on economic activities caused by the pandemic, by
consumption of fossil fuels and carbon emissions also reduced significantly as people stopped introducing stimulus economic packages. The US for example, announced stimulus packages worth
driving to work as they work from home, while airlines remain grounded. These caused an oversupply trillions. Central banks around the world slashed interest rates to record lows so that borrowing cost
of oil and sent crude oil prices crashing down. is cheaper. Support packages for businesses, retailers, retrenched workers and sectors devastated
by the pandemic were also dished out. On top of that, accelerated research and advancement in
In early March 2020, both the United States (US) and United Kingdom (UK) experienced one-day stock medical technology had produced breakthroughs in producing vaccines for the COVID-19 virus in
market crash of more than 10% as investors were in a panic-selling mode. Wall Street’s super long record time. Vaccine rollouts soon followed, bringing a semblance of confidence to investors to return
bull-run died, and along with it came a wave of selling which wiped out all the gains that happened the stock market.
previously under President Trump. Other world markets were also not spared either. Major markets
such as Japan, Australia, Hong Kong and Singapore to name a few all fell more than 20% on average in
the first quarter of 2020.
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION12
Economic And Equity Market Review (Cont’d.)
As a testament to the strong recovery of markets with all the stimulus and vaccine rollouts mentioned The Malaysian economy contracted in 2020, with the Gross Domestic Product (GDP) falling by -5.6%,
above, the US Dow Jones Industrial Index for example was up by 7.3% for the whole year of 2020. Even as the economy reeled from the effects of the pandemic and the continued fall of oil prices. The
more remarkable, from a low of 18,591.53 points on 23 March 2020, it ended at 30,606.48 points on 31 Movement Control Order imposed by the government helped reduce the spread of the virus, however,
Dec 2020, an amazing recovery of 64.6%. During the whole year of 2020, Japan’s Nikkei index was up mobility restrictions and supply chain disruptions took a toll on the economy. Private consumptions
16% while Korea was also up at 30.8%. Of course, not all markets recovered and outperformed during contracted by -2.5% year-on-year in 2020 due to job and income losses. Furthermore, stricter
the pandemic. The UK’s FTSE 100 Index for example, made a loss of -14.3% in 2020 while Singapore’s lockdown measures weighed heavily on business operations, forcing some companies to reduce their
Strait Times Index showed a loss of -11.8%. The Malaysian market, on the other hand only gained a workforce. This in turn worsened the unemployment rate, which peaked at 5.1%. More significantly,
modest +3.5% in 2020. public spending plunged by -21.4% due to the slowdown in government infrastructure spending.
Foreign direct investments also fell, with an outflow of almost US$40 billion. All told, almost all areas
Other than the COVID-19 pandemic, major events in 2020 include the US Presidential Election which of the Malaysian economy suffered in 2020.
saw the change of Presidents. Another major event was the incident at the Suez Canal where a ship
was wedged and forced the closure of the canal for almost a week, triggering a temporary commodity During the one-year period under review from 31 March 2020 to 31 March 2021, the KLCI posted a gain
crisis as major global shipments were disrupted. The canal blockage prevented an estimated US$9.6 of +21.8%. The FBM Emas Syariah Index on the other hand, performed slightly better, ending up
billion worth of trade between Europe and Asia and the Middle East. This crippled the flow of goods +27.2%. In 2020, the KLCI dropped to a low of 1,219.72 points on 19 March 2020, reflecting the
and prompted selected selling in the markets especially on companies which relied on these goods. concerns investors had on the degree and scale of impact the COVID-19 will have on the Malaysian
economy. However, this worry gradually eased as more and more stimulus packages are rolled out by
Malaysia’s stock market was also not spared from the pandemic where the Kuala Lumpur Composite the government and the vaccination programme progresses effectively. The KLCI ended at 1,627.21
Index ("KLCI") fell more than 15% during the first quarter of 2020, in line with the performance of global points on 31 March 2021, a recovery of +33.4% from the low in 2020.
markets. The Malaysian government took swift action to address the effects by the pandemic on the
economy by releasing an initial RM260 billon economic stimulus package. Further economic stimulus
packages were also released subsequently. Six-month moratoriums on bank borrowing repayments Bond And Sukuk Market Review
were also imposed to help cushion the blow.
Among the highlights of 2020 which affected the Malaysian bond and sukuk market, the most
The Malaysian government also embarked on a national vaccination programme with the aim of significant was Bank Negara’s decision to reduce the Overnight Policy Rate gradually to 1.75% in 2020
achieving herd immunity by having at least 70% of the population vaccinated. While movement from 3.00% in 2019, setting a record low. The government and Ministry of Finance injected about
control orders were imposed as and when the COVID-19 infection rate decreases, economic activities RM55 billion of direct fiscal injection to stimulate the economy ravaged by the COVID-19 pandemic. No
began to pick up. defaults were recorded in rated credits while the Malaysian Government Securities (MGS) curve bull
flattened in 2020 with yields shedding between 25 bps to 120 bps year-on-year.
A few sectors thrived during the pandemic. Rubber gloves were in high demand, soaring some 300%
as practically every country in the world demanded for rubber gloves. In fact, all the public-listed Throughout 2020, the Malaysian government borrowed its way out of the COVID-19 pandemic amid
rubber glove companies posted record profits amidst surging demands. It had also prompted several record low yields and fiscal limitations, as revenue fell. The government had introduced huge fiscal
other public-listed companies to venture into rubber glove manufacturing for the first time. The stimuli and expects its fiscal deficit to swell to 6.0% of GDP in 2020, its highest since the Asian
electronics sector also saw heavy activities as demand for new gadgets and devices which have Financial Crisis.
better internet connectivity rose which led to an increase in demand for electronic and electrical
components.
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION13
Bond And Sukuk Market Review (Cont’d.)
In November 2020, there was a spike in MGS yields, due to a knee-jerk reaction towards EPF’s In terms of the stock markets, the outlook remains bright as vaccine rollouts continue, although there
statement that it may need to offload some of its assets to fund i-Sinar withdrawals. The government are concerns of the ever-mutating variants of the COVID-19 virus lurking every now and then. The time
had earlier announced the i-Sinar programme which allows EPF contributors to withdraw up to a frame of how long it would take for most of the global population to be fully vaccinated is also a cause
certain limit from Account 1 of their EPF savings. for concern. Nevertheless, many economies have opened, global trades have soared, economic
activities have picked up as evidenced by the increasing number of people going about their daily
Overall in 2020, issuance of government securities grew +27.4% to its highest annual level at RM147.4 lives, and all these would eventually lead to a better recovery in the stock market.
billion, while issuance of corporate bonds and sukuks fell -20.8% to RM104.6 billion. Foreign investors
remained as net buyers of local bonds, with net foreign inflows amounted to RM14.8 billion. Key risks to the market from last year continue to linger in the market going forward. Other than the
ongoing global COVID-9 pandemic, the risks include the political situation in Malaysia, the reduced
trade activities (hence affecting exports), geo-political situations between China and its neighbours,
Equity Market Outlook the slow but gradual recovery of economic activities globally, a volatile ringgit, and volatility of oil
prices, since Malaysia is a net exporter of oil.
Bank Negara Malaysia opined that the Malaysia’s GDP for 2021 should be in the mid-point average from
a range of between 6.0% and 7.5%. However, the GDP recovery is expected to be uneven, as it depends
on several factors, including the course of the COVID-19 pandemic and vaccine rollout, the extent of
external spill overs, sector specific developments, and the degree of improvement in the labour
market. Interestingly, BNM is optimistic that the GDP will likely return to pre-COVID-19 levels by
mid-2021. The projection also took into consideration that herd immunity will only likely be achieved
by the first quarter of 2022 and in a phased manner. While inflation was negative by -1.2% in 2020, it is
likely to return to between 2.5% and 4.0% in 2021. Despite that, BNM hinted that it will not likely
increase the OPR rate in the near term.
On the economic prospects, the recovery in investments is likely to be modest, as the resumption in
construction activities may face near-term setbacks with the introduction of pandemic-related
restrictions. Even so, public investment should receive a shot in the arm, with the resumption of
construction on the East Coast Rail Link, MRT2 and MRT3 as well as the Pan Borneo Highway. As for
private investment, vaccine rollout and firming foreign demand should help boost business
sentiment.
The 2021 Budget as announced by the government is expansionary, with fiscal stimulus totalling some
RM320 billion (which is equivalent to roughly 20% of GDP). As part of the budget, measures were put
in place to boost consumer spending, which includes extension of wage subsidies, cash handouts and
income tax cuts and reliefs. The budget also includes investment incentive packages to attract
technology and high-valued added investments. In addition, it also included income tax incentives for
pharmaceutical companies, and other financial support for struggling sectors, especially tourism and
hospitality.
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION14
Sukuk Market Outlook Investment Objective
Given the unprecedented scale and scope of the COVID-19 pandemic’s impact, it is not surprising that During the year under review, there had been no changes in the investment objective.
2021 would be a record year for new supply of Malaysian Government Securities as the Malaysian
The investment objective is to provide participants with a steady medium to long term capital growth
government faces severe fiscal limitations. Furthermore, the statutory debt limit had been
at a reasonable level of risk through investments in a diversified portfolio of unit trust funds (both
temporarily raised for 2 years to 60% of GDP from 55% previously. The government may raise the debt
equities and non-equities) which are Syariah-compliant.
ceiling further should another round of fiscal stimulus be warranted amid a prolonged Conditional
Movement Control Order.
In fact, the tabling of the expansionary Budget 2021 only sought to reaffirmed expectations that Portfolio Performance Review
additional fiscal support is much needed. As such, the government is expected to issue more debt to
fund its initiatives to steer Malaysia towards recovery. AmHigh Islamic Cash Strategy Fund
While news of COVID-19 vaccines has fuelled a rally in risk assets, there are still lingering concerns
Since inception on 16 July 2008, the Cash Strategy had performed steadily, registering a return of
about their effectiveness and take-up rates. There is a possibility that the current public health and
+42.00% as at 31 March 2021, against its benchmark, the Kuala Lumpur Islamic Reference Rate, which
economic crisis could be prolonged as new case continues to soar and most countries remain in
registered a return of +37.36% For the 1-year period under review, the Cash Strategy registered a
lockdown. This may further compress MGS yields if international borders remain closed most of 2020,
return of -2.57%, while its benchmark registered a return of +2.97%.
hindering economic recovery prospects.
As for the Malaysian corporate bond market, gross issuance should rebound in 2021, provided that the
current economic recovery momentum continues, leading to an improvement in private investments
AmHigh Islamic Equity Strategies Fund
as business confidence increases. The current conducive financing landscape should also persuade
Since inception, the Equity Strategy registered a +92.08% return as at 31 March 2021, compared with
issuers to raise their issuance to secure financing costs. The steady growth of semi-government
the FTSE Bursa Malaysia Emas Syariah Index, which recorded a +59.36% performance growth during
corporate bond/sukuk issuance should also continue as the government reaffirmed large scale mega
the same period. For the 1-year period as at 31 March 2021, the Equity Strategy gained +34.59%, while
projects such as Mass Rapid Transit 2 (MRT2), East Coast Rail Link (ECRL) and the resumption of Mass
the Emas Syariah Index had a slower gain of +27.15%. We managed to outperform for the year
Rapid Transit 3 (MRT3).
compared to the Emas Syariah Index, due to prudent selection of funds which remained resilient to
the poor market sentiments in 2020 while at the same time leveraging on the strong recovery towards
early 2021.
IKHLAS Islamic Cash Strategy Fund
Since inception on 14 June 2011, the Cash Strategy had performed steadily, registering a return of
+37.57% as at 31 March 2021, compared to its benchmark, the Kuala Lumpur Islamic Reference Rate,
which registered a return of +29.11%. For the 1-year period under review, the Cash Strategy registered
a return of +15.78%, while its benchmark registered a return of +2.97%. The outperformance was
because we leveraged on the performance of balanced unit trust funds.
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION15
Portfolio Performance Review (Cont’d.)
The Manager and the External Investment Adviser however, do not retain any rebate from, or
IKHLAS Islamic Equity Strategies Fund
otherwise share in any commission with unit trust management companies or brokers, in
consideration for direct dealings in the investment of the funds. Accordingly, any rebates or
Since inception, the Equity Strategy registered a +60.16% return as at 31 March 2021, compared with
commissions will be directed and reinvested for the mutual benefit of Participants.
the FTSE Bursa Malaysia Emas Syariah Index, which recorded a slower gain of +23.96% during the
same period. For the 1-year period as at 31 March 2021, the Equity Strategy recorded a strong growth
of +48.07%, while the Emas Syariah Index had a slower growth of +27.15%. We managed to outperform
for the year compared to the Emas Syariah Index, due to prudent selection of funds which remained
Summary of Position
resilient to the poor market sentiments in 2020 while at the same time leveraged on the strong
recovery towards early 2021. AmHigh Islamic Cash Strategy Fund and AmHigh Islamic Equity
Strategies Fund
As At 31 March 2021
Future Prospect and Portfolio Strategy RM
Islamic Cash Strategy : 4,072,464
Our core strategy is to perform active and dynamic investment management, via portfolio rebalancing Islamic Large Capital Equity Strategy : 6,226,523
and to leverage on the right market timing. Through the use of our Quant technical model, suitable unit Islamic Medium Capital Equity Strategy : 8,806,350
trust funds will be selected for the investment portfolio. Continuous stringent screening process of Islamic Small Capital Equity Strategy : 5,992,383
underlying unit trust funds will also be in place. For the near term, we will leverage on any weaknesses Total all strategies 25,097,721
in the market by picking funds when there are any corrections.
Exposure Unit Trust : 100% RM 25,097,721
Total RM 25,097,721
Distribution
These Funds are pure growth funds and adopt a policy of reinvesting investment profits to maximise IKHLAS Islamic Cash Strategy Fund and IKHLAS Islamic Equity
returns. Therefore, these Funds do not declare distributions, or do have a distribution policy in Strategies Fund
relation to investments. As At 31 March 2021
RM
Islamic Cash Strategy : 556,332
Rebates and Soft Commissions Islamic Large Capital Equity Strategy : 700,942
Islamic Medium Capital Equity Strategy : 1,436,962
The Manager and the External Investment Adviser receive soft commissions from unit trust Islamic Small Capital Equity Strategy : 1,263,771
management companies and brokers in the form of goods and services such as research materials, Total all strategies 3,958,007
data and quotation services, investment related publications and software incidental to investment
activities. Such soft commissions are of demonstrable benefit to Participants and are retained by the Exposure Unit Trust : 100% RM 3,958,007
Manager and/or the External Investment Adviser. Total RM 3,958,007
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION16
Funds Performance
AmHigh Islamic Cash Strategy Fund and AmHigh Islamic Equity
Strategies Fund Performance
(as at 31 March 2021)
AmHigh Islamic
Cash Strategy
Benchmark
(1-yr KLIRR)
AmHigh Islamic
Equity Strategies
Benchmark
(FBM Emas Syariah)
Since inception (16 July 2008) 42.00% 37.76% 92.08% 59.36%
Year-to-date (from 1 January) -2.66% 0.72% 1.13% -2.36%
3-year return 4.81% 8.92% 12.69% -2.89%
1-year return -2.57% 2.97% 34.59% 27.15%
6-month return -1.47% 1.48% 7.37% -0.41%
3-month return -2.66% 0.73% 1.13% -2.36%
1-month return -1.03% 0.25% -1.50% -1.01%
Monthly Performance (%)
AmHigh Islamic Benchmark AmHigh Islamic Benchmark
Cash Strategy (1-yr KLIRR) Equity Strategies (FBM Emas Syariah)
April-20 3.03 0.24 7.91 7.77
AmHigh Islamic Equity Strategies Performance
from 16 Jul 2008 to 31 March 2021 May-20 0.98 0.25 7.47 10.42
June-20 0.53 0.24 1.49 0.12
July-20 2.70 0.25 17.08 11.63
August-20 -0.07 0.25 -2.32 -2.03
September-20 -7.88 0.24 -6.88 -2.02
October-20 0.66 0.25 1.25 -1.23
AmHigh Islamic Equity Strategies
November-20 0.10 0.24 2.66 3.18
FBM Emas Syariah
December-20 0.46 0.25 2.14 0.09
January-21 0.78 0.25 2.57 -2.19
February-21 -2.41 0.23 0.09 0.84
March-21 -1.03 0.25 -1.50 -1.01
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION17
Funds Performance (Cont’d.)
IKHLAS Islamic Cash Strategy Fund and IKHLAS Islamic Equity
Strategies Fund Performance
(as at 31 March 2021)
IKHLAS Islamic
Cash Strategy
Benchmark
(1-yr KLIRR)
IKHLAS Islamic
Equity Strategies
Benchmark
(FBM Emas Syariah)
Since inception (14 June 2011) 37.57% 29.11% 60.16% 23.96%
IKHLAS Islamic Cash Strategy Performance from
Year-to-date (from 1 January) -0.33% 0.72% 3.30% -2.36%
14 June 2011 to 31 March 2021
3-year return 18.92% 8.92% 24.79% -2.89%
IKHLAS Islamic Cash Strategy
1-year Kuala Lumpur Islamic Reference Rates (KLIRR) 1-year return 15.78% 2.97% 48.07% 27.15%
6-month return 2.31% 1.48% 12.44% -0.41%
3-month return -0.33% 0.73% 3.30% -2.36%
1-month return -1.31% 0.25% -1.20% -1.01%
Monthly Performance (%)
IKHLAS Islamic Benchmark IKHLAS Islamic Benchmark
IKHLAS Islamic Equity Strategies Performance from Cash Strategy (1-yr KLIRR) Equity Strategies (FBM Emas Syariah)
14 June 2011 to 31 March 2021 April-20 3.59 0.24 7.56 7.77
IKHLAS Islamic Equity Strategies May-20 2.74 0.25 6.49 10.42
FBM Emas Syariah
June-20 1.00 0.24 1.71 0.12
July-20 5.63 0.25 15.94 11.63
August-20 0.26 0.25 -1.29 -2.03
September-20 -0.61 0.24 -1.21 -2.02
October-20 0.58 0.25 1.48 -1.23
November-20 0.05 0.24 3.33 3.18
December-20 2.01 0.25 3.80 0.09
January-21 1.28 0.25 3.07 -2.19
February-21 -0.29 0.23 1.45 0.84
March-21 -1.31 0.25 -1.20 -1.01
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
STATEMENT BY MANAGER & AUDITED FINANCIAL INFORMATION18
Funds Performance (Cont’d.)
AmHigh Islamic Cash Strategy Fund IKHLAS Islamic Cash Strategy Fund
As at As at As at As at As at As at As at As at As at As at
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Total annual return 2.54% 5.72% 2.40% 5.05% (2.57%) Total annual return 2.20% 4.61% 1.84% 0.86% 15.78%
- Capital growth 2.54% 5.72% 2.40% 5.05% (2.57%) - Capital growth 2.20% 4.61% 1.84% 0.86% 15.78%
- Income distributions - - - - - - Income distributions - - - - -
Average annual return 2.54% 5.72% 2.40% 5.05% (2.57%) Average annual return 2.20% 4.61% 1.84% 0.86% 15.78%
Benchmark return (1-year KLIRR) 3.91% 3.61% 3.62% 2.98% 2.97% Benchmark return (1-year KLIRR) 3.91% 3.61% 3.62% 2.98% 2.97%
AmHigh Islamic Equity Strategies Fund IKHLAS Islamic Equity Strategies Fund
As at As at As at As at As at As at As at As at As at As at
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Total annual return 4.93% 3.15% (5.76%) (11.15%) 34.59% Total annual return 6.72% 3.42% (5.05%) (11.24%) 48.07%
- Capital growth 4.93% 3.15% (5.76%) (11.15%) 34.59% - Capital growth 6.72% 3.42% (5.05%) (11.24%) 48.07%
- Income distributions - - - - - - Income distributions - - - - -
Average annual return 4.93% 3.15% (5.76%) (11.15%) 34.59% Average annual return 6.72% 3.42% (5.05%) (11.24%) 48.07%
Benchmark return (FBM Emas Syariah Index) 2.36% 3.27% (11.66%) (13.54%) 27.15% Benchmark return (FBM Emas Syariah Index) 2.36% 3.27% (11.66%) (13.54%) 27.15%
* The weighted average performance return of the three equity strategies. * The weighted average performance return of the three equity strategies.
TAKAFUL IKHLAS FAMILY BERHAD 200201025412 (593075-U)
Takaful Investment-linked Funds
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