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 2020ANNUAL 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 & PARTNERSANNUAL 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 10ANNUAL 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 73ANNUAL 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 unitANNUAL 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 2020ANNUAL 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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