ENDED 30 JUNE 2021 - PMB SHARIAH TACTICAL FUND
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Islamic Fund Management Company (IFMC)
PMB SHARIAH
TACTICAL FUND
INTERIM REPORT FOR
THE FINANCIAL PERIOD
ENDED 30 JUNE 2021>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (1) Dear Unitholder, MOVING TOWARDS ELECTRONIC COMMUNICATION. We wish to inform that you have been automatically enrolled to receive funds’ reports via electronic medium effective 31 March 2018. You will receive a notification by SMS/email when the funds’ report is ready for download on our website at www.pmbinvestment.com.my. Please note that the report will be available to view and download from our website until next financial report. Please inform us in writing if you do not wish to receive the documents electronically. Should you have any queries or need further clarification, please do not hesitate to contact our Investor Relation Careline at 03-4145 3900 or email at investorrelation@pelaburanmara.com.my Thank you.
>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (2) Dear Valued Customer PMB INVESTMENT BERHAD – PRIVACY NOTICE UNDER PERSONAL DATA PROTECTION ACT 2010 Effective from 15 November 2013, the Personal Data Protection Act 2010 (PDPA) was introduced to regulate the personal data processed in commercial transactions. PMB INVESTMENT BERHAD respects and is committed to the protection of your personal information and your privacy. This Personal Data Protection Notice explains how we collect and handle your personal information in accordance with the Malaysian Personal Data Protection Act 2010. Please note that PMB INVESTMENT BERHAD may amend this Personal Data Protection Notice at any time without prior notice and will notify you of any such amendment via our website or by email. Privacy Notice content involves matters concerning the processing of your personal information by us in connection with your investment account and/or services with us. Please take time to read and take note of the contents of the Privacy Notice in effect. If you would like to access your personal information, please refer to our Personal Data Access @ www.pmbinvestment.com.my and/or visit our offices whether head office or other branches. If you would like to obtain further information, please do not hesitate to contact us at Customer Care Line 03-4145 3900.
>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (3)
CORPORATE INFORMATION
MANAGER
PMB INVESTMENT BERHAD
(A member of Pelaburan MARA Berhad)
HEAD OFFICE
2nd Floor, Wisma PMB,
No.1A, Jalan Lumut,
50400, Kuala Lumpur.
Tel: (03) 4145 3800 Fax: (03) 41453901
E-mail: investorrelation@pelaburanmara.com.my
Website: www.pmbinvestment.com.my
BOARD OF DIRECTORS
Dato’ Sri Hj Abd Rahim bin Hj Abdul
Prof. Dr. Faridah binti Hj Hassan
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
Najmi bin Haji Mohamed
(effective until 13 October 2020)
YM Tengku Ahmad Badli Shah bin Raja Hussin
(effective until 9 July 2021)
Isnami bin Ahmad Mohtar
Jasmani bin Abbas
(Appointed on 27 May 2021)
Noorizwa binti Jurish
(Appointed on 27 May 2021)
Ybhg. Dato’ Hj. Mohd Rusdi bin Mohd Darus
(Appointed on 27 May 2021)
Dato’ Zulfikri bin Osman
(Appointed on 9 July 2021)
CHIEF EXECUTIVE OFFICER
Najmi bin Haji Mohamed
(effective until 30 September 2020)
COMPANY SECRETARIES
Mohd Shah Bin Hashim (BC/M/148)
INVESTMENT COMMITTEE MEMBERS
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
Prof. Dr. Mohamed Aslam bin Mohamed Haneef>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (4)
CORPORATE INFORMATION
TRUSTEE
AMANAHRAYA TRUSTEES BERHAD
SHARIAH ADVISER
BIMB SECURITIES SDN BHD
AUDITORS
JAMAL, AMIN & PARTNERS
(effective until 17 March 2021)
MESSRS. AFRIZAN, TARMILI, KHAIRUL AZHAR
(effective from 15 April 2021)>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (5)
TABLE OF CONTENTS
1. FUND INFORMATION 7
1.1 FUND NAME 7
1.2 DATE OF RELAUNCH 7
1.3 FUND CATEGORY/TYPE 7
1.4 FUND INVESTMENT OBJECTIVE 7
1.5 FUND PERFORMANCE BENCHMARK 7
1.6 FUND DISTRIBUTION POLICY 7
1.7 UNIT HOLDINGS AS AT 30 JUNE 2021 7
2. FUND PERFORMANCE DATA 8–9
2.1 PORTFOLIO COMPOSITION 8
2.2 PERFORMANCE DETAILS 9
3. MANAGER’S REPORT 10 – 26
3.1 FUND PERFORMANCE 10
3.2 INCOME DISTRIBUTION/UNIT SPLIT 10
3.3 POLICY AND INVESTMENT STRATEGY 10 - 11
3.4 ASSET ALLOCATION OF THE FUND 11
3.5 ECONOMIC REVIEW 12 - 13
3.6 EQUITY MARKET REVIEW 14 - 16>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (6)
TABLE OF CONTENTS
3.7 MONEY MARKET REVIEW 16 - 17
3.8 INTEREST OF UNIT HOLDERS 17
3.9 SOFT COMMISSIONS AND REBATES 17
4. TRUSTEE’S REPORT 27
5. SHARIAH ADVISER’S REPORT 28
6. STATEMENT BY MANAGER 29
7. FINANCIAL STATEMENT 30 – 60
8. BUSINESS INFORMATION NETWORK 61 – 63
9. INFORMATION OF INVESTOR RELATION 64
10. INVESTOR PROFILE UPDATE FORM 65>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (7)
1. FUND INFORMATION
1.1 FUND NAME
PMB SHARIAH TACTICAL FUND - PMB STF
1.2 DATE OF RELAUNCH
25 October 2013.
1.3 FUND CATEGORY/TYPE
Mixed Asset Fund (Shariah)/Growth & Income
1.4 FUND INVESTMENT OBJECTIVE
To achieve capital growth over the medium to long term period by investing
in a portfolio of investments that comply with Shariah principles.
1.5 FUND PERFORMANCE BENCHMARK
50% FBMSHA + 50% Maybank 12-month Islamic Fixed Deposit
1.6 FUND DISTRIBUTION POLICY
The distribution (if any) is annual, subject to the availability of income for the
financial year.
1.7 UNIT HOLDINGS AS AT 30 JUNE 2021
No. of Unit No. of Units
Size of Holdings % %
Holders Held
5,000 and below 12,248 91.29 12,293,349.41 40.99
5,001 - 10,000 674 5.02 4,696,588.34 15.66
10,001 - 50,000 462 3.44 8,572,295.60 28.59
50,001 - 500,000 33 0.25 4,425,774.03 14.76
500,001 and above - - - -
Total 13,417 100.00 29,988,007.38 100.00
* Note: Excluding manager’s unit>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (8)
2. FUND PERFORMANCE DATA
2.1 PORTFOLIO COMPOSITION
Fund composition and performance for the financial period ended 30 June 2021
and 3 financial years ended 31 December.
30 JUNE 31 DECEMBER
SECTOR 2021 2020 2019 2018
Main Market % % % %
Consumer Product & Services 2.81 9.03 9.30 8.64
Construction 1.61 5.69 - -
Energy 1.99 4.11 6.31 1.91
Financial Services 8.87 3.90 4.07 4.04
Healthcare - 5.59 15.91 7.12
Industrial Products & Services 1.60 7.41 14.26 12.38
Plantation 2.60 3.69 - -
Properties - 4.81 13.38 10.33
Technology 9.40 7.38 3.83 1.77
Telecommunication & Media 3.94 2.04 - -
Transportation & Logistics 4.15 4.18 - 4.10
Utilities 9.39 - 6.03 3.85
Ace Market:
Consumer Product & Services 2.23 - - -
Construction 1.85 - - -
Energy - 13.57 - -
Industrial Products & Services 14.18 1.92 - -
Technology 3.29 2.40 - -
Islamic Real Estate Investment
1.84 1.93 - -
Trust (REIT)
Quoted Shariah-compliant Warrants - - 0.24 -
Islamic Deposits & others 30.25 22.35 26.67 45.86
Total 100.00 100.00 100.00 100.00
Past performance is not necessarily indicative of future performance, unit
prices and investment returns may fluctuate.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (9)
2.2 PERFORMANCE DETAILS
30 JUNE 31 DECEMBER
2021 2020 2019 2018
Net Asset Value (NAV) - xD (RM’000) 14,530 14,643 10,927 10,586
Unit in circulation (’000) 29,988 30,555 29,115 29,695
NAV per unit - xD (RM) 0.4845 0.4792 0.3753 0.3565
NAV per unit - xD: Highest (RM) 0.5168 0.4814 0.3944 0.4326
NAB Seunit - xD: Lowest (RM) 0.4602 0.2779 0.3538 0.3514
Total Return * (%) 1.11 27.68 8.08 (13.20)
- Capital Growth * (%) 1.11 27.68 5.27 (13.20)
- Income Return (%) - - 2.81 -
Gross Distribution per unit (sen) - - ^1.00 -
Net Distribution per unit (sen) - - ^1.00 -
Management Expenses (%)
0.83 1.74 1.64 1.77
Ratio (MER) ¹
Portfolio Turnover Ratio (times)
(PTR) ² 0.85 1.44 1.27 1.42
*Source: Lipper
^ The distribution is in the form of unit.
¹ The MER percentage up marginally at 0.83% in the half-financial year ended
30 June 2021. The reasons were due to the increase in the Fund's average
size by 43.31% and total management expenditure by 45.88%.
² The PTR percentage rose to 0.85 times for the half-financial year ended 30
June 2021 from 0.52 times in the same period of the previous year. The
reasons were due to the increase in the buying and selling of shares
activities as the market turned active.
* AVERAGE TOTAL RETURN (30 JUNE)
1-year 3-year 5-year
PMB STF 31.77% 10.64% 1.14%
BENCHMARK 3.16% 3.04% 3.02%
* ANNUAL TOTAL RETURN (31 DECEMBER)
2020 2019 2018 2017 2016
PMB STF 27.68% 8.08% (13.20%) (13.13%) (5.43%)
BENCHMARK 7.96% 4.88% (4.01%) 8.36% (0.22%)
* Source: Lipper
Past performance is not necessarily indicative of future performance, unit
prices and investment returns may fluctuate.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (10)
3. MANAGER’S REPORT
We are pleased to present the Manager’s report of PMB STF for the financial
period ended 30 June 2021 (1 January 2021 until 30 June 2021).
3.1 FUND PERFORMANCE
Fund’s performance measured against benchmark for 5-year financial
period ended 30 June 2021 is as follows:-
The graph illustrates the movement of the Fund’s return against the
benchmark. For the 5-year period ended 30 June 2021, the Fund’s NAV/unit
recorded a return of 5.85%. In comparison, its benchmark increased
16.04%.
For the 6-month financial period ended 30 June 2021, NAV/unit increased
by RM0.0053 or 1.11% to RM0.4845 from RM0.4792 as at 31 December
2020.
3.2 INCOME DISTRIBUTION/UNIT SPLIT
No income distribution and unit split were declared during the 6-month
financial period ended 30 June 2021.
3.3 POLICY AND INVESTMENT STRATEGY
The Fund adopts a tactical asset allocation strategy and has the flexibility to
rebalance its allocation between the different asset classes of Shariah-
compliant equity and Shariah-compliant equity-related securities, and non-
equity investments including sukuk, Islamic money markets instruments,
Islamic deposit placements and/or other permitted investments, depending
on market conditions.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (11)
3.3 POLICY AND INVESTMENT STRATEGY (CONT.)
The extension of Movement Control Order in the first half of 2021, rising
COVID-19 new cases, political uncertainty, emergency implementation until
1 August, and the prospect of economic growth for 2021 would be revised
lower had impacted the market sentiment. Market sentiment remained
weak and volatile and saw the market supported by the retailers.
Meanwhile, both local institutions and foreign became market net sellers. In
line with the market condition, the fund manager had reduced the fund’s
position from 75.72% (31 December 2020) to 67.91% (30 June 2021). The
fund manager also adopted a trading strategy stance and locked profit,
especially in the first quarter of 2021.
3.4 ASSET ALLOCATION OF THE FUND
Comparison of investment components based on NAV is as follows:-
ASSET ALLOCATION
Investment
30 June 31 Dec Exposure
2021 2020 Change Average
(%) (%) (%) (%)
Shariah-compliant Equity 67.91 75.72 (7.81) 71.82
Islamic REIT 1.84 1.93 (0.09) 1.88
Islamic Deposits/ cash/
30.25 22.35 7.90 26.30
others
As at 30 June 2021, 67.91% of the Fund’s NAV was invested in Shariah-
compliant equity market. 1.84% was invested in Islamic REIT. The balance
of 30.25% was held in Islamic deposits and/or other permitted investments.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (12)
3.5 ECONOMIC REVIEW
The Malaysian economy registered a smaller decline of 0.5% in the first
quarter (4Q 2020: -3.4%). The growth performance was supported mainly
by the improvement in domestic demand and robust exports performance,
particularly for E&E products. Growth was also supported by the continued
policy measures. The imposition of the Second Movement Control Order
(MCO 2.0) and the continued closure of international borders and
restrictions on inter-state travel, however, weighed on economic activity.
Nevertheless, as restrictions were eased in February and March, economic
activity gradually picked up.
All economic sectors registered an improvement, particularly in the
manufacturing sector. On the expenditure side, growth was driven by better
private sector expenditure and strong exports. On a quarter-on-quarter
seasonally-adjusted basis, the economy registered a growth of 2.7% (4Q
2020: -1.5%).
Headline inflation turned positive to 0.5% during the quarter (4Q 2020: -
1.5%). This was attributable to the positive albeit low fuel inflation following
the base effect, as well as the lapse in the effect from the tiered electricity
tariff rebate which was implemented between April to December 2020. Core
inflation moderated to 0.7%, mainly reflecting the lower inflation for rental
and jewelleries.
The ringgit depreciated by 3.5% against the US dollar in the first quarter of
2021. This was due mainly to the strengthening of the US dollar, which also
resulted in a broad-based weakening of other advanced and emerging
market currencies. This was amid the rebalancing of portfolio investments
by global investors following the rise in US Treasury yields, driven by
anticipation of a stronger US economic recovery and higher inflation
expectations. Since 1 April, the ringgit has appreciated by 1.0% against the
US dollar (as at 7 May). This appreciation was in line with US dollar strength
subsiding as US Treasury yields have started to trend lower from its peak
in March. The increase in global oil prices in early April also provided some
support to overall investor sentiments. Going forward, as uncertainties
remain on the momentum of the global and domestic economic recovery,
the ringgit is expected to remain exposed to periods of heightened volatility.
Net financing to the private sector recorded an annual growth of 4.7% during
the quarter, supported mainly by higher total outstanding loan growth of
4.3% (4Q 2020: 3.7%). Business loan disbursements and repayments
remained above their 2017-2019 quarterly average levels. Household loan
demand also remained forthcoming amid the accommodative monetary
policy environment and implementation of various stimulus measures.
Despite the recent re-imposition of containment measures, the impact on
growth is expected to be less severe than that experienced in 2020, as
almost all economic sectors are allowed to operate. Overall, the growth
recovery will benefit from better global demand, increased public and private
sector expenditure as well as continued policy support. This will also be
reflected in the recovery in labour market conditions, especially in the
gradual improvement in hiring activity. Higher production from existing and
new manufacturing facilities, particularly in the E&E and primary-related
sub-sectors, as well as oil and gas facilities will provide a further impetus to
growth.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (13)
3.5 ECONOMIC REVIEW (CONT.)
The roll-out of the domestic COVID-19 vaccine programme will also lift
sentiments and contribute towards recovery in economic activity.
Nevertheless, the pace of recovery will be uneven across economic sectors.
Gross Domestic Product (GDP) Growth For First Quarter 2021
Economic 2021 2020 2020 Expenditure 2021 2020 2020
Activity Q1 Q4 Q1 Components Q1 Q4 Q1
Private Final
Agriculture 0.4% -0.7% -8.7% -1.5% -3.4% 6.7%
Consumption
Government
Construction -10.4% -13.9% -7.9% Final 5.9% 2.7% 5.0%
Consumption
Gross Fixed
Services -2.3% -4.9% 3.1% Capital -3.3% -11.9% -4.6%
Formation
Manufacturing 6.6% 3.0% 1.5% Export 11.9% -1.8% -7.1%
Mining &
-5.0% -10.6% -2.0% Import 13.0% -3.3% -2.5%
Quarrying
GDP -0.5% -3.4% 0.7% GDP -0.5% -3.4% 0.7%
(Source: Bank Negara Malaysia’s Website)
Consumer Price Index (CPI)
CPI increased 4.40% in May 2021 to 123.10 as against 117.90 in the same
month of the preceding year. The increase in the overall CPI was due to the
lower base effect last year which recorded a significant increase mainly by
the group of Transport (26.0%); while other indices contributed 6.8% to the
overall weightage.
Industrial Production Index (IPI)
IPI surged 26.0% in May 2021 as compared to the same month of the
previous year. The growth of IPI in May 2021 was underpinned by the
expansion in all indices; Manufacturing index (29.8%), Mining index (20.7%)
and Electricity index (7.9%).
Balance of Trade
For 6-month period ended May 2021, trade surplus stood at RM80.3 billion,
an expansion of RM23.87 billion (+42.1%) when compared to the same
period a year ago. Total trade for 6-month period ended May 2021, which
was valued at RM1,037.9 billion, an increase of RM189.0 billion (+22.3%)
as compared to RM848.9 billion recorded in the same period a year ago.
For the same period, total export grew 23.5% to RM559.1 billion while total
import grew 20.8% to RM478.8 billion.
(Source: Department of Statistics Malaysia, Official Portal)>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (14)
3.6 EQUITY MARKET REVIEW
For the 6-month period ended 30 June 2021, the main benchmark for the
Malaysian Shariah compliant equity, FBM Shariah Index, had decreased by
980.87 points or -7.45% to 12,178.28 while the main benchmark for
Malaysian stock market, FBM KLCI, had decreased by 94.58 points or
-5.81% to 1,532.63.
During that period, the FBM Shariah Index recorded its highest level of
13,444,31 on 26 April 2021 and its lowest of 12,178.28 on 30 June 2021.
Meanwhile, FBM KLCI posted its highest level of 1,639.83 on 10 March
2021 while the lowest level of 1,532.63 was recorded on 30 June 2021. The
movement range for the FBM Shariah Index during the stipulated financial
period was 1,266.03 points as compared to 3,392.07 points during the same
period in the previous year.
The FBMKLCI dropped 60.81 points or 3.7% Month-on-Month (MoM) in
January 2021 due to continuous selling in most heavyweights names.
Locally, the risk sentiment was pressured by (a) the lifting of the ban on
short selling by the Securities Commission (SC) from 1 January, (b) the
steep rise in new COVID-19 cases, (c) re-imposition of the MCO 2.0 to all
states, save for Sarawak, until 4 February, (d) the King has declared a state
of emergency until 1 August 2021, (e) the government announced the fifth
instalment of fiscal stimulus, named Perlindungan Ekonomi dan Rakyat
Malaysia (PERMAI), amounting to RM15 billion, and (f) the Monetary Policy
Committee (MPC) of Bank Negara Malaysia (BNM) kept the Overnight
Policy Rate (OPR) unchanged at 1.75%. In Washington, Joe Biden was
inaugurated as the 46th president. He had unveiled a recovery plan worth
US$1.9 trillion and signed several executive orders to aid the fight against
the coronavirus.
The FBMKLCI rose 11.35 points or 0.7% MoM, in February 2021 due to
rising oil prices, vaccine roll-outs, the expectation of an additional stimulus
package in the U.S. and monetary policy support in major economies that
will boost economic recovery. However, the arrival of the COVID-19 vaccine
on Malaysian shores had somewhat dented sentiment on rubber glove
counters. Among the domestic factors that affected the local market were
(a)the Malaysian economy experienced a contraction of 3.4% in 4Q2020
and 5.6% in 2020, (b) The Yang di-Pertuan Agong had stated that
Parliament may convene during the emergency, (c)Prime Minister, Tan Sri
Muhyiddin Yassin took his first vaccine jab to kick-start a nationwide
immunization exercise, (d) Prime Minister announced "MyDigital” — the
Malaysia Digital Economy Blueprint, and (e) SC and Bursa Malaysia Bhd
will be extending the temporary suspension of intraday short selling (IDSS)
and intraday short selling by propriety day traders (PDT short sale) to 29
August 2021.
The FBMKLCI fell 4.24 points or 0.3% MoM to close at 1,573.51 after it
plunged 35.68 points or 2.2% on the last trading day of March 2021 due to
heavy selling by foreigners. The local bourses were weighed down by losses
primarily in glove stocks. 1H of the month FBMKLCI went up to 1,640
backed by Joe Biden signed the USD1.9 trillion stimulus bill. For 2H of the
month, the market faced selling pressure due to domestic political
uncertainty and a jump in 10-year US Treasury yield.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (15)
3.6 EQUITY MARKET REVIEW (CONT.)
In March, (a) Prime Minister Tan Sri Muhyiddin Yassin announced a RM20
billion Rakyat and Economic Strategic Empowerment Programme
(Pemerkasa) to jump-start the economy, (b) BNM kept OPR unchanged at
1.75%, (c) Malaysia will be removed from the FTSE Russell Watch List for
potential reclassification of its market accessibility level from “2” to “1” and
will retain its membership in the FTSE World Government Bond Index
(WGBI), (d) UMNO decided to contest the 15th general election solely under
the Barisan Nasional (BN) coalition banner, and (e) BNM reduced the lower
end of its 2021 Gross Domestic Product (GDP) growth forecast range to
6.0-7.5% from 6.5- 7.5% previously.
In April, despite a backdrop of a resurgence in COVID-19 infections globally,
the FBMKLCI posted a decent gain of 1.8% to close at 1,601.65. The
rebound was capped by worries of increasing in local COVID-19 cases and
slow vaccinations. Investors continued to lighten their positions in recovery-
themed stocks and scooped up gloves names. Market conditions, for the
most part, remain tepid, undermined by the lack of noteworthy leads and
the ongoing political concerns that also kept sentiments on the cautious
side. The notable news in April was (a) The International Monetary Fund
(IMF) maintained Malaysia's GDP growth at 6.5% this year and 6% in 2022.
The agency also raised its 2021 growth outlook for the global economy to
6%, up from January’s forecast of 5.5%, (b) Malaysia had extended its MCO
3.0 by an additional two weeks, up till 17 May 2021, and (c) The COVID-19
vaccination Phase 2 programme began on 19 April in eight states.
There was a negative performance in Bursa Malaysia in May as concerns
remain about the continuing surge in daily COVID-19 cases in Malaysia and
the imposition of MCO 3.0 throughout May. The FBMKLCI lost 18.1 points
or 1.1% MoM to close at 1,583.55. The equity markets were buoyant in the
last week of the month as all regional markets were firmer and also aided
by some strong quarterly results of key index-linked stocks. However, after
market closing on 28 May, the Prime Minister announced Malaysia will be
placed under a full lockdown for two weeks starting 1 June to 14 June. This
had resulted in selling pressure on 31 May and FBMKLCI down 10.89 points
at the end of the day. Other notable domestic news were 1Q21 GDP
registered a decline of 0.5%, BNM kept the OPR at 1.75% and Prime
Minister launched the RM3.5 billion Jaringan Prihatin programme.
In June, the FBM KLCI fell 50.92 points to end the month at 1,532.63 from
1,583.55 MoM, its lowest level since 9 November 2020. The extension of
the MCO 3.0 had affected investor sentiment, resulting in a heavy sell down.
The lockdown extension had sparked concern that the economic recovery
may stall for even longer. The other main issues include domestic political
development, a mixed and slower recovery among emerging market
economies given a resurgence in infections, slow pace of vaccinations,
higher inflation pressures, weaker fiscal outlook, debt burden, taper-tantrum
risk, and rising daily local COVID-19 cases. Throughout the month, Prime
Minister Tan Sri Muhyiddin Yassin unveiled the National Recovery Plan and
the National People Well-Being and Economic Recovery Package or
dubbed as PEMULIH, worth RM150 billion.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (16)
3.6 EQUITY MARKET REVIEW (CONT.)
On the political front, the King decreed that the Parliament should be
reconvened as soon as possible. Meanwhile, the World Bank and S&P
Global Ratings lowered their GDP forecast for Malaysia to 4.5% (previously
6.0%) and 4.1% (previously 6.2%), respectively. S&P Global Ratings also
affirmed its A- long-term sovereign credit ratings and a negative outlook on
Malaysia.
In this volatile market sentiment, the NAV/unit increased by 1.11% within a
6-month period ended 30 June 2021.
3.7 MONEY MARKET REVIEW
Throughout 6-month financial period ended 30 June 2021, BNM held the
OPR unchanged at 1.75% since a series of meeting on 20 January, 4 March
and 6 May 2021. Earlier, the central bank had slashed the interest rates by
an accumulated 125 basis points since early 2020 to bring the OPR rate to
the lowest on record of 1.75% to support the coronavirus-hit economy.
The global economic recovery continues to strengthen, particularly in the
major economies, supported by improvements in manufacturing and trade
activity, although the pace may vary across countries. The ongoing roll-out
of vaccination programmes and sizeable fiscal stimulus measures in the US
as well as policy support in other major economies will further facilitate an
improvement in domestic demand. However, the recovery trajectory in
some economies could be disrupted by a re-tightening of containment
measures to curb COVID-19 resurgences. Recent financial market volatility
has somewhat receded, and financial conditions remain supportive of
growth. The balance of risks to the growth outlook remains tilted to the
downside, due mainly to uncertainty over the path of the pandemic as well
as potential risks of heightened financial market volatility.
For Malaysia, latest indicators point to continued improvements in economic
activity in the first quarter and into April. While the recent re-imposition of
containment measures in select locations will affect economic activity in the
short term, the impact will be less severe as almost all economic sectors are
allowed to operate. The growth trajectory is projected to improve, driven by
the stronger recovery in global demand and increased public and private
sector expenditure amid continued support from policy measures. Growth
will also be supported by higher production from existing and new
manufacturing facilities, particularly in the E&E and primary-related sub-
sectors, as well as oil and gas facilities. The progress of the domestic
COVID-19 vaccine programme will also lift sentiments and contribute
towards recovery in economic activity. The growth outlook, however,
remains subject to downside risks, stemming mainly from ongoing
uncertainties in developments related to the pandemic, and potential
challenges that might affect the roll-out of vaccines both globally and
domestically.
Headline inflation in 2021 is projected to average higher between 2.5% and
4.0%, primarily due to the cost-push factor of higher global oil prices. In
terms of trajectory, headline inflation is anticipated to temporarily spike in
the second quarter of 2021, due particularly to the lower base from the low
domestic retail fuel prices in the corresponding quarter of 2020.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (17)
3.7 MONEY MARKET REVIEW (CONT.)
However, this will be transitory as headline inflation is projected to moderate
thereafter as this base effect dissipates. Underlying inflation, as measured
by core inflation, is expected to remain subdued, averaging between 0.5%
and 1.5% for the year, amid continued spare capacity in the economy. The
outlook, however, is subject to global oil and commodity price
developments.
The MPC considers the stance of monetary policy to be appropriate and
accommodative. Given the uncertainties surrounding the pandemic, the
stance of monetary policy going forward will continue to be determined by
new data and information, and their implications on the overall outlook for
inflation and domestic growth. The Bank remains committed to utilise its
policy levers as appropriate to foster enabling conditions for a sustainable
economic recovery.
(Source: Bank Negara Malaysia’s Website)
3.8 INTEREST OF UNIT HOLDERS
For the financial period under review ended 30 June 2021, 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 6-month financial period 30 June 2021, the Fund Manager
received services from one of the stockbroking institutions that indirectly
assists in the decision-making process pertaining to the fund's investment.
The services received are in the form of advisory services on Shariah
matters. In addition, the 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.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (18)
3. LAPORAN PENGURUS
Bagi tempoh enam (6) bulan berakhir 30 Jun 2021 (1 Jan 2021 hingga 30
Jun 2021).
3.1 PRESTASI DANA
Prestasi Dana berbanding tanda aras bagi tempoh 5 tahun kewangan
berakhir 30 Jun 2021 adalah seperti berikut:-
Graf di atas mencerminkan pergerakan pulangan Dana untuk jangkamasa
5-tahun berakhir 30 Jun 2021. Sepanjang tempoh tersebut, NAB/unit Dana
mencatat pertumbuhan 5.85% berbanding peningkatan tanda aras
sebanyak 16.04%.
Sepanjang tempoh 6-bulan pertama kewangan berakhir 30 Jun 2021
NAB/unit Dana meningkat sebanyak RM0.0053 atau 1.11% kepada
RM0.4845 daripada RM0.4792 pada 31 Disember 2020.
3.2 PENGAGIHAN PENDAPATAN/TERBITAN UNIT PECAHAN
Dana ini tidak mengisytiharkan sebarang agihan pendapatan dan unit
pecahan untuk tahun kewangan berakhir 30 Jun 2021.
3.3 POLISI DAN STRATEGI PELABURAN
Dana ini mengguna pakai strategi peruntukan aset taktikal dan mempunyai
fleksibiliti untuk mengimbangkan semula peruntukan di kalangan kelas-
kelas aset yang berbeza seperti ekuiti patuh Syariah dan sekuriti berkaitan
ekuiti patuh Syariah tersenarai di Bursa Malaysia dan pelaburan bukan
ekuiti seperti sekuriti hutang Islam, instrumen pasaran wang Islam,
penempatan deposit Islam dan / atau pelaburan lain yang dibenarkan,
bergantung kepada keadaan pasaran.
Pelanjutan Perintah Kawalan Pergerakan pada separuh pertama tahun
2021, peningkatan kes baru COVID-19, ketidakpastian politik, pelaksanaan
darurat hingga 1 Ogos, dan prospek pertumbuhan ekonomi untuk 2021
akan disemak lebih rendah telah mempengaruhi sentimen pasaran.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (19)
3.3 POLISI DAN STRATEGI PELABURAN (SAMB.)
Sentimen pasaran kekal lemah dan turun naik dan menyaksikan pasaran
disokong oleh peruncit. Sementara itu, institusi tempatan dan asing
menjadi penjual bersih pasaran. Sejajar dengan keadaan pasaran,
pengurus dana telah mengurangkan kedudukan dana dari 75.72% (31
Disember 2020) kepada 67.91% (30 Jun 2021). Pengurus dana juga
mengambil pendekatan strategi dagangan dan mengambil keuntungan,
terutamanya pada suku pertama 2021.
3.4 PERUMPUKAN ASET DANA
Pecahan seunit mengikut kelas aset adalah seperti berikut:-
PECAHAN SEUNIT MENGIKUT KELAS ASET
Purata
30 Jun 31 Dis Perubahan Pendedahan
2021 2020 Peratus Pelaburan
(%) (%) Mata (%)
Ekuiti Patuh Syariah 67.91 75.72 (7.81) 71.82
Amanah Pelaburan
Hartanah Islam (REIT) 1.84 1.93 (0.09) 1.88
Deposit Islam dan lain-lain 30.25 22.35 7.90 26.30
Pada 30 Jun 2021, pegangan ekuiti patuh Syariah Dana ialah sebanyak
67.91%. Sebanyak 1.84% dilabur dalam REIT Islam. Baki 30.25% berada
dalam deposit Islam dan pelaburan-pelaburan lain yang dibenarkan.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (20)
3.5 SUASANA EKONOMI NEGARA
Ekonomi Malaysia mencatatkan penurunan yang lebih kecil sebanyak 0.5%
pada suku pertama (S4 2020: -3.4%). Prestasi pertumbuhan disokong
terutamanya oleh kekukuhan permintaan luar negara yang mendorong
keteguhan eksport terutamanya untuk produk elektrik dan elektronik (E&E).
Pertumbuhan juga disokong oleh langkah-langkah dasar yang berterusan.
Walau bagaimanapun, pelaksanaan Perintah Kawalan Pergerakan Kedua
(PKP 2.0) serta penutupan sempadan antarabangsa dan sekatan
perjalanan antara negeri yang berterusan telah menjejaskan kegiatan
ekonomi. Namun begitu, apabila sekatan dilonggarkan pada bulan Februari
dan Mac, kegiatan ekonomi mula meningkat secara beransur-ansur.
Semua sektor ekonomi mencatatkan peningkatan, terutamanya sektor
perkilangan. Dari segi perbelanjaan, pertumbuhan didorong oleh
perbelanjaan sektor swasta yang lebih baik dan eksport yang kukuh. Pada
asas suku tahunan terlaras secara bermusim, ekonomi mencatatkan
pertumbuhan sebanyak 2.7% (S4 2020: -1.5%).
Inflasi keseluruhan menjadi positif kepada 0.5% pada suku pertama (S4
2020: -1.5%). Peningkatan ini disebabkan oleh inflasi bahan api yang positif
meskipun rendah berikutan kesan asas, serta luputnya kesan daripada
rebat tarif eletrik secara bertingkat yang dilaksanakan antara bulan April
hingga Disember 2020. Inflasi teras menjadi sederhana kepada 0.7%,
mencerminkan terutamanya inflasi yang lebih rendah untuk sewa dan
barang kemas.
Ringgit menyusut nilai sebanyak 3.5% berbanding dengan dolar AS pada
suku pertama tahun 2021. Penyusutan ini disebabkan terutamanya oleh
dolar AS yang semakin kukuh, yang juga mengakibatkan mata wang negara
maju dan negara sedang pesat membangun secara umumnya menjadi
semakin lemah. Hal ini disebabkan oleh tindakan pelabur global yang
mengimbangi semula pelaburan portfolio mereka berikutan kenaikan kadar
hasil Perbendaharaan AS, yang didorong oleh prospek pemulihan ekonomi
AS yang bertambah kukuh dan jangkaan inflasi yang lebih tinggi. Sejak 1
April, ringgit telah menambah nilai sebanyak 1.0% berbanding dengan dolar
AS (setakat 7 Mei). Pertambahan nilai ini adalah sejajar dengan penurunan
nilai dolar AS apabila kadar hasil Perbendaharaan AS mula menunjukkan
trend menurun daripada paras tertinggi pada bulan Mac. Kenaikan harga
minyak dunia pada awal bulan April juga memberikan sedikit sokongan
kepada sentimen pelabur secara keseluruhan. Memandangkan keadaan
berhubung dengan momentum pemulihan ekonomi global dan dalam
negara pada masa hadapan masih tidak menentu, ringgit dijangka terus
terdedah kepada tempoh volatiliti yang ketara.
Pembiayaan bersih kepada sektor swasta mencatatkan pertumbuhan
tahunan sebanyak 4.7% pada suku pertama, disokong terutamanya oleh
pertumbuhan jumlah pinjaman terkumpul yang lebih tinggi sebanyak 4.3%
(S4 2020: 3.7%). Pengeluaran pinjaman dan pembayaran balik pinjaman
perniagaan kekal melebihi paras purata suku tahunan pada tahun 2017
hingga 2019. Permintaan pinjaman isi rumah juga kekal menggalakkan
berikutan persekitaran dasar monetari yang akomodatif dan pelaksanaan
pelbagai langkah rangsangan.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (21)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
Meskipun langkah-langkah pembendungan dilaksanakan semula baru-baru
ini, kesan terhadap pertumbuhan dijangka kurang teruk berbanding dengan
tahun 2020 berikutan hampir semua sektor ekonomi dibenarkan beroperasi.
Secara keseluruhan, pemulihan pertumbuhan dijangka memperoleh
manfaat daripada permintaan global yang lebih baik, perbelanjaan sektor
awam dan swasta yang meningkat serta sokongan dasar yang berterusan.
Hal ini juga mencerminkan pemulihan keadaan pasaran pekerja,
terutamanya berikutan aktiviti pengambilan pekerja yang meningkat secara
beransur-ansur. Pengeluaran yang lebih tinggi daripada fasiliti perkilangan
yang sedia ada dan baharu, terutamanya dalam sektor E&E dan subsektor
berkaitan sumber, serta daripada loji pengeluaran minyak dan gas akan
memberikan dorongan selanjutnya kepada pertumbuhan. Pelaksanaan
program pemberian vaksin COVID-19 dalam negara juga akan
meningkatkan sentimen dan menyumbang ke arah pemulihan kegiatan
ekonomi. Walau bagaimanapun, kadar pemulihan dijangka tidak sekata
merentas sektor ekonomi.
Pertumbuhan Keluaran Dalam Negara Kasar Malaysia untuk Suku Pertama
2021
Aktiviti 2021 2020 2020 Komponen 2021 2020 2020
Ekonomi Q1 Q4 Q1 Perbelanjaan Q1 Q4 Q1
Penggunaan
Pertanian 0.4% -0.7% -8.7% -1.5% -3.4% 6.7%
Akhir Swasta
Penggunaan
Pembinaan -10.4% -13.9% -7.9% Akhir 5.9% 2.7% 5.0%
Kerajaan
Pembentukan
Perkhidmatan -2.3% -4.9% 3.1% Modal Tetap -3.3% -11.9% -4.6%
Kasar
Pembuatan 6.6% 3.0% 1.5% Eksport 11.9% -1.8% -7.1%
Perlombongan -5.0% -10.6% -2.0% Import 13.0% -3.3% -2.5%
KDNK -0.5% -3.4% 0.7% KDNK -0.5% -3.4% 0.7%
(Sumber: Laman sesawang Bank Negara Malaysia)
Indeks Harga Pengguna (IHP)
IHP menunjukkan peningkatan 4.40% pada bulan Mei 2021 kepada 123.10
berbanding 117.90 pada bulan yang sama tahun sebelumnya. Peningkatan
IHP keseluruhan ini adalah disebabkan oleh kesan asas yang rendah pada
tahun lalu yang menyaksikan peningkatan ketara terutamanya dalam
kumpulan Pengangkutan (26.0%); manakala lain-lain indeks menyumbang
sebanyak 6.8% kepada keseluruhan wajaran.
Indeks Pengeluaran Perindustrian (IPP)
IPP melonjak 26.0% pada bulan Mei 2021 berbanding bulan yang sama
pada tahun sebelumnya. Pertumbuhan IPP pada bulan Mei 2021 disokong
oleh pengembangan dalam kesemua indeks; indeks Pembuatan (29.8%),
indeks Perlombongan (20.7%) dan indeks Elektrik (7.9%)>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (22)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
Perdagangan Luar Negara
Untuk tempoh 6-bulan berakhir Mei 2021, imbangan dagangan Malaysia
mencecah nilai RM80.3 bilion berkembang RM23.8 bilion (+42.1%)
berbanding tempoh yang sama tahun sebelumnya. Jumlah perdagangan
untuk tempoh 6-bulan berakhir Mei 2021 bernilai RM1,037.9 bilion
meningkat RM189.0 bilion (+22.3%) berbanding RM848.9 bilion yang
dicatatkan dalam tempoh yang sama tahun lepas. Untuk tempoh yang
sama, jumlah eksport meningkat 23.5%, mencecah nilai RM559.1 bilion
manakala jumlah import meningkat sebanyak 20.8%, mencecah nilai
RM478.8 bilion.
(Sumber data: Portal Rasmi Jabatan Perangkaan Malaysia)
3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA
Bagi tempoh 6-bulan berakhir 30 Jun 2021, penanda aras utama ekuiti
patuh Syariah Malaysia iaitu Indeks FBM Shariah menyusut 980.87 mata
atau -7.45% kepada 12,178.28 manakala penanda aras utama Bursa
Malaysia iaitu FBM KLCI turun 94.58 mata atau -5.81% kepada 1,532.63.
Bagi tempoh tersebut, Indeks FBM Shariah mencatat paras tertinggi
13,444.31 pada 26 April 2021 dan paras terendah 12,178.28 pada 30 Jun
2021. Sementara itu, FBM KLCI mencatat paras tertinggi 1,639.83 pada 10
Mac 2021 manakala paras terendah pula ialah 1,532.63 yang dicatat pada
30 Jun 2021. Julat pergerakan Indeks FBM Shariah untuk tempoh tersebut
ialah 1,266.03 mata berbanding 3,392.07 mata pada tempoh yang sama
tahun sebelumnya.
FBMKLCI turun 60.81 mata atau 3.7% bulan ke bulan (MoM) pada Januari
2021 ekoran penjualan berterusan kebanyakan saham berwajaran tinggi.
Di peringkat tempatan, sentimen risiko ditekan oleh (a) penarikan balik
larangan penjualan singkat oleh Suruhanjaya Sekuriti (SC) mulai 1 Januari,
(b) kenaikan mendadak kes baru COVID-19, (c) perlaksanaan semula PKP
2.0 ke semua negeri, kecuali Sarawak, hingga 4 Februari, (d) Agong telah
mengisytiharkan keadaan darurat hingga 1 Ogos 2021, (e) kerajaan
mengumumkan pakej rangsangan fiskal ke-lima, yang dinamakan
Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI), berjumlah RM15
bilion, dan (f) Mesyuarat Jawatankuasa Monetari (MPC) Bank Negara
Malaysia (BNM) mengekalkan Kadar Dasar Semalaman (OPR) pada
1.75% . Di Washington, Joe Biden dilantik sebagai Presiden ke-46. Dia
telah mencadangkan pelan rancangan pemulihan bernilai AS$1.9 trilion dan
menandatangani beberapa perintah eksekutif untuk memerangi
koronavirus.
FBMKLCI menokok 11.35 mata atau 0.7%, MoM, pada Februari 2021
disebabkan kenaikan harga minyak, suntikan vaksin, jangkaan pakej
rangsangan tambahan di A.S., dan sokongan dasar monetari di negara
ekonomi utama yang akan meningkatkan pemulihan ekonomi. Walau
bagaimanapun, kedatangan vaksin COVID-19 di Malaysia memberi
sentimen negatif ke atas kaunter sarung tangan. Antara faktor domestik
yang mempengaruhi pasaran tempatan adalah (a) ekonomi Malaysia
mengalami penguncupan 3.4% pada S42020 dan 5.6% pada tahun 2020,
(b) Yang di-Pertuan Agong telah menyatakan bahawa Parlimen boleh
bersidang semasa darurat, (c) Perdana Menteri, Tan Sri Muhyiddin Yassin
menerima suntikan vaksin pertamanya untuk memulakan program
imunisasi di seluruh negara,>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (23)
3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.)
(d) Perdana Menteri mengumumkan "MyDigital” - Pelan Pembangunan
Ekonomi Digital Malaysia, dan (e) SC dan Bursa Malaysia Bhd akan
memperpanjang penangguhan sementara jual beli “intraday” (IDSS) dan
penjualan singkat “intraday” oleh pedagang harian “propriety” (penjualan
singkat PDT) hingga 29 Ogos 2021.
FBMKLCI jatuh 4.24 mata atau 0.3% MoM untuk ditutup pada 1,573.51
setelah jatuh 35.68 mata atau 2.2% pada hari terakhir urusniaga Mac 2021,
disebabkan penjualan oleh pelabur asing. Kejatuhan pasaran tempatan
disumbang oleh kerugian terutamanya oleh kaunter di sektor sarung
tangan. Pada separuh bulan pertama, FBMKLCI meningkat ke paras 1,640
dipacu oleh rang undang-undang rangsangan A.S bernilai AS$1.9 trilion
telah ditandatangani oleh Joe Biden. Untuk separuh bulan kedua, pasaran
menghadapi tekanan jualan kerana ketidaktentuan politik domestik dan
lonjakan dalam hasil Perbendaharaan A.S 10 tahun. Pada bulan Mac, (a)
Perdana Menteri Tan Sri Muhyiddin Yassin mengumumkan Program
Pemerkasaan Strategik Rakyat dan Ekonomi (Pemerkasa) bernilai RM20
bilion untuk menjana ekonomi, (b) BNM mengekalkan OPR tidak berubah
pada 1.75%, (c) Malaysia akan dikeluarkan dari Senarai Pemantauan FTSE
Russell untuk pengkelasan semula tahap kebolehcapaian pasaran dari "2"
menjadi "1" dan akan mengekalkan kedudukannya dalam FTSE World
Government Bond Index (WGBI), (d) UMNO memutuskan untuk bertanding
pada pilihan raya umum ke-15 sendirian di bawah gabungan komponen
Barisan Nasional (BN), dan (e) BNM mengurangkan ramalan pertumbuhan
Keluaran Dalam Negara Kasar (KDNK) 2021 lebih rendah kepada 6.0 -
7.5% daripada 6.5- 7.5% sebelumnya.
Pada April, walaupun terdapat peningkatan jangkitan COVID-19 di seluruh
dunia, FBMKLCI mencatat kenaikan sebanyak 1.8% untuk ditutup pada
1,601.65. Peningkatan ini dibendung oleh kebimbangan peningkatan kes
COVID-19 tempatan dan vaksinasi yang perlahan. Pelabur terus
mengurangkan pegangan mereka dalam saham bertema pemulihan dan
menumpukan pembelian ke atas syarikat berteraskan sarung tangan.
Keadaan pasaran, sebahagian besarnya, kekal kurang bersemangat,
terganggu oleh kurangnya petunjuk penting dan kebimbangan politik yang
berterusan yang turut menyumbang kepada sentimen yang berhati-hati.
Berita penting pada bulan April adalah (a)Tabung Kewangan Antarabangsa
(IMF) mengekalkan pertumbuhan KDNK Malaysia pada 6.5% tahun ini dan
6% pada tahun 2022. Agensi ini juga menaikkan prospek pertumbuhan
2021 untuk ekonomi global kepada 6%, naik dari ramalan Januari 5.5%, (b)
Malaysia telah memperpanjang Perintah Kawalan Pergerakan (PKP3.0)
dengan tambahan dua minggu, sehingga 17 Mei 2021, dan (c) Program
Fasa 2 vaksinasi COVID-19 bermula pada 19 April di lapan negeri.
Prestasi Bursa Malaysia pada bulan Mei adalah negatif ekoran kenaikan
berterusan kes harian COVID-19 di Malaysia dan perlaksanaan PKP 3.0
sepanjang bulan Mei. FBMKLCI susut18.1 mata atau 1.1% MoM untuk
ditutup pada 1,583.55. Pasaran ekuiti meningkat pada minggu terakhir
bulan Mei berikutan pasaran serantau lebih kukuh dan juga dibantu oleh
keputusan suku tahunan beberapa saham berkaitan indeks yang lebih baik.
Namun, selepas pasaran ditutup pada 28 Mei, Perdana Menteri
mengumumkan bahawa Malaysia akan berada di bawah PKP penuh
selama dua minggu bermula 1 Jun hingga 14 Jun.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (24)
3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.)
Ini telah menyebabkan tekanan penjualan pada 31 Mei dan FBMKLCI turun
10.89 mata pada penghujung hari. Berita domestik lain yang penting ialah
KDNK S12021 mencatat penguncupan 0.5%, BNM mengekalkan OPR
pada 1.75% dan Perdana Menteri melancarkan program Jaringan Prihatin
bernilai RM3.5 bilion.
Pada bulan Jun, FBM KLCI jatuh 50.92 mata untuk mengakhiri bulan ini
pada 1,532.63 daripada 1,583.55 MoM, tahap terendah sejak 9 November
2020. Pelanjutan PKP telah mempengaruhi sentimen pelabur dan
mendorong tekanan jualan. Pelanjutan PKP telah menimbulkan
kebimbangan bahawa pemulihan ekonomi mungkin akan mengambil masa
yang lebih lama. Isu utama lain termasuk perkembangan politik tempatan,
pemulihan yang bercampur dan lebih perlahan di kalangan ekonomi
pasaran baru muncul berikutan peningkatan jangkitan, kadar vaksinasi
yang perlahan, tekanan inflasi yang lebih tinggi, prospek fiskal yang lebih
lemah, beban hutang, risiko pengurangan ransangan dan peningkatan kes
COVID-19 tempatan setiap hari. Sepanjang bulan ini, Perdana Menteri Tan
Sri Muhyiddin Yassin melancarkan Rancangan Pemulihan Nasional dan
Pakej Kesejahteraan Rakyat dan Pemulihan Ekonomi Nasional atau digelar
sebagai PEMULIH, bernilai RM150 bilion. Dari sudut politik, YDP Agong
menitahkan bahawa Parlimen harus bersidang secepat mungkin.
Sementara itu, Bank Dunia dan S&P Global menurunkan ramalan KDNK
Malaysia masing-masing kepada 4.5% (sebelumnya 6.0%) dan 4.1%
(sebelumnya 6.2%). Global S&P Global Ratings juga mengekalkan
penarafan kredit berdaulat jangka panjang kepada A- dan tinjauan
negatifnya terhadap Malaysia.
Dalam keadaan pasaran yang tidak menentu ini, nilai NAB/unit Dana
meningkat 1.11% bagi tempoh 6-bulan berakhir 30 Jun 2021.
3.7 SUASANA PASARAN WANG TEMPATAN SEMASA
Sepanjang tempoh 6-bulan berakhir 30 June 2021, BNM mengekalkan
OPR tidak berubah pada 1.75% dalam beberapa siri mesyuaratnya pada
20 Januari, 4 Mac dan 6 Mei 2021. Sebelumnya, ia telah memotong kadar
faedah sebanyak 125 mata asas (terkumpul) sejak awal 2020 untuk
membawa kadar OPR ke tahap terendah pada rekod 1.75% bagi
menyokong ekonomi yang dilanda koronavirus.
Pemulihan ekonomi global terus kukuh terutamanya di ekonomi utama,
disokong oleh peningkatan dalam aktiviti perkilangan dan perdagangan,
meskipun pada kadar yang mungkin berbeza-beza antara negara. Program
pemberian vaksin yang sedang dilaksanakan dan langkah-langkah
rangsangan fiskal yang besar di Amerika Syarikat serta sokongan dasar di
ekonomi utama lain akan terus membantu menambah baik keadaan
permintaan dalam negara. Walau bagaimanapun, trajektori pemulihan di
beberapa negara mungkin terganggu oleh langkah-langkah
pembendungan yang diperketatkan kembali bagi mengekang penularan
semula COVID-19. Volatiliti dalam pasaran kewangan baru-baru ini telah
reda sedikit dan keadaan kewangan terus menyokong pertumbuhan.
Imbangan risiko terhadap prospek pertumbuhan terus cenderung ke arah
pertumbuhan menjadi lebih perlahan, disebabkan terutamanya oleh
ketidakpastian berhubung dengan perkembangan pandemik dan potensi
risiko volatiliti pasaran kewangan yang ketara.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (25)
3.7 SUASANA PASARAN WANG TEMPATAN SEMASA (SAMB.)
Bagi Malaysia, penunjuk terkini menunjukkan kegiatan ekonomi terus
bertambah baik pada suku pertama dan sehingga bulan April. Walaupun
pelaksanaan semula langkah-langkah pembendungan di lokasi terpilih
baru-baru ini akan menjejaskan kegiatan ekonomi dalam jangka pendek,
kesannya akan kurang teruk memandangkan hampir semua sektor
ekonomi dibenarkan beroperasi. Trajektori pertumbuhan diunjurkan untuk
meningkat, didorong oleh pemulihan yang lebih kukuh dalam permintaan
global serta peningkatan perbelanjaan sektor awam dan swasta berikutan
sokongan langkah-langkah dasar yang berterusan. Pertumbuhan juga akan
disokong oleh pengeluaran yang lebih tinggi daripada fasiliti perkilangan
yang sedia ada dan baharu, terutamanya dalam subsektor elektrik dan
elektronik (E&E) dan subsektor berkaitan sumber, serta loji pengeluaran
minyak dan gas. Kemajuan program pemberian vaksin COVID-19 dalam
negara juga akan meningkatkan sentimen dan menyumbang ke arah
pemulihan kegiatan ekonomi. Walau bagaimanapun, prospek pertumbuhan
ekonomi terus bergantung pada risiko pertumbuhan menjadi rendah. Hal ini
berpunca terutamanya daripada ketidakpastian yang berterusan mengenai
perkembangan yang berkaitan dengan pandemik serta cabaran yang
mungkin dihadapi yang boleh menjejaskan pemberian vaksin pada
peringkat global dan dalam negara.
Purata inflasi keseluruhan pada tahun 2021 diunjurkan lebih tinggi antara
2.5% hingga 4.0%, disebabkan terutamanya oleh faktor tolakan kos
berikutan harga minyak dunia yang meningkat. Dari segi trakjektori, inflasi
keseluruhan dijangka naik mendadak untuk sementara waktu pada suku
kedua tahun 2021 disebabkan terutamanya oleh asas yang lebih rendah
daripada harga bahan api runcit dalam negara yang rendah pada suku yang
sama tahun 2020. Walau bagaimanapun, keadaan ini adalah bersifat
sementara kerana inflasi keseluruhan diunjurkan menjadi sederhana
selepas itu apabila kesan asas ini luput. Inflasi asas, seperti yang diukur
oleh inflasi teras, dijangka kekal rendah, berpurata antara 0.5% hingga
1.5% untuk tahun ini, dalam keadaan lebihan kapasiti yang berterusan
dalam ekonomi. Walau bagaimanapun, prospek ini bergantung pada
perkembangan harga minyak dunia dan komoditi.
MPC menyifatkan pendirian dasar monetari adalah wajar dan akomodatif.
Berikutan keadaan pandemik yang tidak menentu, pendirian dasar monetari
pada masa hadapan akan terus ditentukan oleh data dan maklumat baharu,
serta kesannya kepada prospek keseluruhan inflasi dan pertumbuhan
dalam negara. BNM terus komited untuk menggunakan alat-alat dasarnya
yang bersesuaian bagi mewujudkan keadaan yang menyokong pemulihan
ekonomi yang berterusan.
(Sumber: Laman sesawang Bank Negara Malaysia)
3.8 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.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (26)
3.9 REBAT DAN KOMISEN RINGAN
Sepanjang tempoh 6-bulan kewangan berakhir 30 Jun 2021, Pengurus
Dana menerima perkhidmatan daripada salah sebuah institusi broker
saham yang membantu proses membuat keputusan berkaitan pelaburan
dana secara tidak langsung. Perkhidmatan yang diterima adalah dalam
bentuk khidmat nasihat berkaitan hal-hal Syariah. Sebagai tambahan,
Pengurus Dana juga telah menerima komisen ringan daripada syarikat
broker saham dalam bentuk perisian dan perkakasan komputer yang
berkaitan dengan pengurusan pelaburan dana dan pengurusan pasaran
saham dan ekonomi.
Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa
Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan Bahasa
Inggeris.>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (27)
4. TRUSTEE’S REPORT
To the Unit Holders of
PMB SHARIAH TACTICAL FUND
We, AMANAHRAYA TRUSTEES BERHAD, have acted as Trustee of PMB SHARIAH
TACTICAL FUND for the six months financial period ended 30 June 2021. In our
opinion, PMB INVESTMENT BERHAD, the Manager, has operated and managed
PMB SHARIAH TACTICAL FUND in accordance with the limitations imposed on the
investment powers of the management company under the Deed, securities laws
and the applicable Guidelines on Unit Trust Funds for the six months financial
period ended 30 June 2021.
We are also of the opinion that:
(a) Valuation and pricing is carried out in accordance with the Deed and any
regulatory requirement; and
(b) Creation and cancellation of units are carried out in accordance with the Deed
and any regulatory requirement.
Yours faithfully
AMANAHRAYA TRUSTEES BERHAD
ZAINUDIN BIN SUHAIMI
Chief Executive Officer
Kuala Lumpur, Malaysia
17 August 2021>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (28)
5. SHARIAH ADVISER’S REPORT
TO THE UNIT HOLDERS OF PMB SHARIAH TACTICAL FUND (“Fund”)
We hereby confirm the following:
1. To the best of our knowledge, after having made all reasonable enquiries,
PMB Investment Berhad has operated and managed the Fund for the
period covered by these financial statements namely, the period ended
30 June 2021, in accordance with Shariah principles and complied with the
applicable guidelines, rulings or decisions issued by the Securities
Commission Malaysia pertaining to Shariah matters; and
2. The asset of the Fund comprises instruments that have been classified as
Shariah compliant.
For and on behalf of the Shariah Adviser,
BIMB SECURITIES SDN BHD
NURUSSA’ADAH NASARUDIN
Designated Shariah Officer
KUALA LUMPUR
20 August 2021>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (29) 6. STATEMENT BY MANAGER To the Unit Holders of PMB SHARIAH TACTICAL FUND We, ISNAMI BIN AHMAD MOHTAR and MANSOOR BIN AHMAD, being two of the Directors of PMB INVESTMENT BERHAD, do hereby state that in the opinion of the Manager, the unaudited financial statements give a true and fair view on the financial position of the Fund as at 30 June 2021 and of its statement of comprehensive income, changes in equity and cash flows of the Fund for the financial period ended 30 June 2021 in accordance with Malaysian Financial Reporting Standards (MFRSs), International Financial Reporting Standards (IFRSs) and accordance with the requirements of Guidelines on Unit Trust Funds by the Securities Commission Malaysia. For and on behalf of PMB INVESTMENT BERHAD As Manager of PMB SHARIAH TACTICAL FUND ISNAMI BIN AHMAD MOHTAR Director MANSOOR BIN AHMAD Director KUALA LUMPUR 12 August 2021
>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (30)
7. FINANCIAL STATEMENT
STATEMENT OF UNAUDITED FINANCIAL POSITION
AS AT 30 JUNE 2021
NOTE 30.06.2021 31.12.2020
RM RM
ASSETS
INVESTMENTS 4
Quoted Shariah-compliant shares
in Malaysia 10,116,264 11,332,700
Quoted Shariah-compliant warrants
in Malaysia - 12,300
Cash and cash equivalents 5 3,794,311 2,927,656
13,910,575 14,272,656
OTHER ASSETS
Amount due by stockbroking
590,696 622,472
companies
Profit receivable from Islamic
636 404
deposits
Dividend receivable 30,173 31,188
621,505 654,064
TOTAL ASSETS 14,523,080 14,926,720
LIABILITIES
Amount owing to Manager 6 17,595 18,033
Amount owing to Trustee 587 603
Amount due to stockbroking
- 285,839
companies
Other payables and accruals 6,660 5,310
TOTAL LIABILITIES 24,842 309,785
EQUITY
Unitholders’ capital 7 39,842,922 40,108,060
Accumulated losses (25,335,684) (25,491,125)
TOTAL EQUITY 14,507,238 14,616,935
TOTAL EQUITY AND LIABILITIES 14,532,080 14,926,720
UNITS IN CIRCULATION 7 29,988,007 30,555,350
NET ASSET VALUE PER UNIT
8 0.4838 0.4784
(RM) - XD>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (31)
STATEMENT OF UNAUDITED COMPREHENSIVE INCOME
FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021
SIX MONTH SIX MONTH
ENDED ENDED
NOTE 30.06.2021 30.06.2020
RM RM
INVESTMENT INCOME
Profit from Islamic deposits 26,304 37,833
Hibah from Al-Wadiah savings 60 120
Dividends income 111,551 102,513
Profit from sale of investments 1,541,260 172,026
Unrealised loss on changes in fair
9 (1,334,248) (411,985)
value of investments
344,927 (99,493)
EXPENSES
Management fee 10 110,276 77,304
Trustee fee 11 3,676 2,577
Audit fee 4,000 1,625
Tax agent fee 600 600
Stockbroking fee and other
12 65,871 34,118
transaction costs
Goods and services taxation 2,682 1,311
Administrative expenses 2,381 1,594
189,486 119,129
PROFIT/(LOSS) BEFORE TAXATION 155,441 (218,622)
Taxation 13 - -
PROFIT/(LOSS) AFTER TAXATION 155,441 (218,622)
PROFIT/(LOSS) AFTER TAXATION IS
MADE UP AS FOLLOWS:
REALISED PROFIT 1,489,689 193,363
UNREALISED LOSS 9 (1,334,248) (411,985)
155,441 (218,622)>>> INTERIM REPORT - PMB SHARIAH TACTICAL FUND >>> (32)
STATEMENT OF UNAUDITED CHANGES IN EQUITY
FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021
Unit holders’ Retained Total
NOTE Capital Profit/(Loss) Equity
RM RM RM
Balance as at 1 January 2020 39,472,107 (28,586,452) 10,885,655
Realised profit - 193,363 193,363
Unrealised loss 9 - (411,985) (411,985)
Creation of units 7 293,256 - 293,256
Cancellation of units 7 (85,990) - (85,990)
Balance as at 30 June 2020 39,679,373 (28,805,074) 10,874,299
Balance as at 1 January 2021 40,108,060 (25,491,125) 14,616,935
Realised profit - 1,489,689 1,489,689
Unrealised loss 9 - (1,334,248) (1,334,248)
Creation of units 7 256,436 - 256,436
Cancellation of units 7 (521,574) - (521,574)
Balance as at 30 June 2021 39,842,922 (25,335,684) 14,507,238You can also read
