ENDED 31 MARCH 2021 - PMB DANA BESTARI
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Islamic Fund Management Company (IFMC)
PMB DANA
BESTARI
INTERIM REPORT FOR
THE FINANCIAL PERIOD
ENDED 31 MARCH 2021>>> INTERIM REPORT - PMB DANA BESTARI >>> (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 DANA BESTARI >>> (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 DANA BESTARI >>> (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) 4145 3901
E-mail: investorrelation@pelaburanmara.com.my
Website: www.pmbinvestment.com.my
BOARD OF DIRECTORS
Dato’ Sri Hj Abd Rahim bin Hj Abdul
Prof. Dr. Faridah binti Hj Hassan
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
Najmi bin Haji Mohamed
(effective until 13 October 2020)
YM Tengku Ahmad Badli Shah bin Raja Hussin
Isnami bin Ahmad Mohtar
(Appointed on 12 October 2020)
CHIEF EXECUTIVE OFFICER
Najmi bin Haji Mohamed
(effective until 30 September 2020)
COMPANY SECRETARIES
Mohd Shah Bin Hashim (BC/M/148)
INVESTMENT COMMITTEE MEMBERS
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
Prof. Dr. Mohamed Aslam bin Mohamed Haneef
TRUSTEE
AMANAHRAYA TRUSTEES BERHAD
SHARIAH ADVISER
BIMB SECURITIES SDN BHD
AUDITORS
JAMAL, AMIN & PARTNERS
(effective until 17 March 2021)
MESSRS. AFRIZAN, TARMILI, KHAIRUL AZHAR
(effective from 15 April 2021)>>> INTERIM REPORT - PMB DANA BESTARI >>> (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 31 MARCH 2021 6
2. FUND PERFORMANCE DATA 7–8
2.1 PORTFOLIO COMPOSITION 7
2.2 PERFORMANCE DETAILS 8
3. MANAGER’S REPORT 9 – 25
3.1 FUND PERFORMANCE 9
3.2 INCOME DISTRIBUTION/UNIT SPLIT 9
3.3 POLICY AND INVESTMENT STRATEGY 9 - 10
3.4 ASSET ALLOCATION OF THE FUND 10
3.5 ECONOMIC REVIEW 11 - 13
3.6 EQUITY MARKET REVIEW 13 - 15>>> INTERIM REPORT - PMB DANA BESTARI >>> (5)
TABLE OF CONTENTS
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 26
5. SHARIAH ADVISER’S REPORT 27
6. STATEMENT BY MANAGER 28
7. FINANCIAL STATEMENT 29 – 58
8. BUSINESS INFORMATION NETWORK 59 – 61
9. INFORMATION OF INVESTOR RELATION 62
10. INVESTOR PROFILE UPDATE FORM 63>>> INTERIM REPORT - PMB DANA BESTARI >>> (6)
1. FUND INFORMATION
1.1 FUND NAME
PMB DANA BESTARI - PMB BESTARI
1.2 DATE OF RELAUNCH
3 October 2002
1.3 FUND CATEGORY/TYPE
Equity (Shariah)/Growth & Income
1.4 FUND INVESTMENT OBJECTIVE
To provide investor with steady return and to achieve capital growth in the
medium to long term by investing in equities and fixed income securities that
conform to the Shariah principles.
1.5 FUND PERFORMANCE BENCHMARK
FTSE Bursa Malaysia Emas Shariah Index (FBMSHA)
1.6 FUND DISTRIBUTION POLICY
The distribution (if any) is annual, subject to the availability of income for the
financial period. The distribution of income, if any, will be made in the form
of cash or additional units.
1.7 UNIT HOLDINGS AS AT 31 MARCH 2021
No. of Unit No. of Units
Size of Holdings % %
Holders Held
5,000 and below 3,369 82.01 2,892,725.18 15.63
5,001 - 10,000 336 8.18 2,355,183.59 12.73
10,001 - 50,000 351 8.54 6,784,829.00 36.66
50,001 - 500,000 51 1.24 5,245,381.20 28.35
500,001 and above 1 0.03 1,227,400.00 6.63
Total 4,108 100.00 18,505,518.97 100.00
* Note: Excluding manager’s unit>>> INTERIM REPORT - PMB DANA BESTARI >>> (7)
2. FUND PERFORMANCE DATA
2.1 PORTFOLIO COMPOSITION
Fund composition and performance for the financial period ended 31 March 2021
and 3 financial years ended 30 September.
31 MAR 30 SEPTEMBER
SECTOR 2021 2020 2019 2018
Main Market % % % %
Consumer Product & Services 8.03 3.48 17.75 14.02
Construction 3.08 5.53 - 4.28
Energy 0.74 4.32 3.79 6.49
Financial Services 0.82 2.37 2.90 2.93
Healthcare 6.93 29.58 9.02 6.90
Industrial Products & Services 19.62 9.01 11.99 7.50
Plantation - 1.25 - 5.05
Properties 0.81 3.36 2.32 4.96
Technology 25.73 14.34 3.56 7.97
Telecommunication & Media 2.30 - - -
Transportation & Logistics 4.09 4.58 - 2.03
Utilities 6.18 2.20 7.88 7.10
Ace Market:
Construction - - - 1.99
Consumer Product & Services 1.46 - - -
Industrial Products & Services 6.51 - - -
Technology - 1.48 5.72 -
Islamic Real Estate Investment Trust - - - 3.94
Islamic Deposits & others 13.70 18.50 35.07 24.84
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 DANA BESTARI >>> (8)
2.2 PERFORMANCE DETAILS
31 MAR 30 SEPTEMBER
2021 2020 2019 2018
Net Asset Value (NAV) - xD (RM’000) 8,001 7,160 6,300 6,858
Unit in circulation (’000) 18,506 18,717 19,009 20,226
NAV per unit - xD (RM) 0.4324 0.3825 0.3314 0.3391
NAV per unit - xD: Highest (RM) 0.4698 0.4394 0.3398 0.3618
NAB Seunit - xD: Lowest (RM) 0.3829 0.2732 0.2955 0.3041
Total Return * (%) 13.05 18.44 (2.27) (2.75)
- Capital Growth * (%) 13.05 15.42 (2.27) (2.75)
- Income Return (%) - 3.02 - -
Gross Distribution per unit (sen) - ^1.00 - -
Net Distribution per unit (sen) - ^1.00 - -
Management Expenses (%)
0.93 1.70 1.68 1.79
Ratio (MER) ¹
Portfolio Turnover Ratio (times)
0.89 1.68 0.97 0.83
(PTR) ²
*Source: Lipper
^ The distribution is in the form of unit.
¹ The MER for the financial period ended 31 March 2021 up by 0.08
percentage points to 0.93% from 0.85% in the corresponding period last
year. This was due to a increase in total expenditure by 42.3%, in line with
the increase in the average size of the Fund by 29.9% to RM7.97 million
from RM6.14 million.
² The PTR for the financial period ended 31 March 2021 increased by 17.1%
to 0.89 times from 0.76 times in the previous year corresponding period.
The average cost of purchases & sales rose 53.0% due to higher sales and
purchase activities. Sales and purchase activities were carried out based on
a changing investment strategy in accordance with market conditions.
* AVERAGE TOTAL RETURN (31 MARCH)
1-year 3-year 5-year
PMB BESTARI 50.46% 8.99% 4.16%
FBMSHA 27.15% (0.97%) 0.55%
* ANNUAL TOTAL RETURN (30 SEPTEMBER)
2020 2019 2018 2017 2016
PMB BESTARI 18.44% (2.27%) (2.75%) (1.54%) (0.60%)
FBMSHA 9.62% (7.18%) (0.93%) 3.64% 3.86%
* Source: Lipper
Past performance is not necessarily indicative of future performance, unit
prices and investment returns may fluctuate.>>> INTERIM REPORT - PMB DANA BESTARI >>> (9)
3. MANAGER’S REPORT
We are pleased to present the Manager’s report of PMB BESTARI for the
financial period ended 31 March 2021 (1 October 2020 until 31 March 2021).
3.1 FUND PERFORMANCE
Fund’s performance measured against benchmark for 5-year financial
period ended 31 March 2021 is as follows:-
The graph illustrates the movement of the Fund’s return against the
benchmark. For the 5-year period ended 31 March 2021, the Fund’s
NAV/unit rose by 22.60%. In comparison, its benchmark increased 2.80%.
For the period under review ended 31 March 2021, NAV/unit increased by
RM0.0499 or 13.05% to RM0.4324 from RM0.3825 as at 30 September
2020.
3.2 INCOME DISTRIBUTION/UNIT SPLIT
No income distribution and unit split were declared during the 6-month
financial period ended 31 March 2021.
3.3 POLICY AND INVESTMENT STRATEGY
The Fund shall invest primarily in a diversified portfolio of Shariah-compliant
equity and Shariah-compliant equity-related securities of companies listed
on Bursa Malaysia with growth prospects and/or having forecast dividend
yield of 3.0% per annum or above over medium to long term to optimize the
total returns of the Fund. The Fund will maintain equity exposure within a
range of 70% to 99.5% of its NAV.
The Fund Manager adopted a top-down investment approach followed by
both quantitative and qualitative screen from stock selection. We will be
continuing to advocate a discipline portfolio approach with a focus on stocks
with sustainable earnings and solid growth prospects.>>> INTERIM REPORT - PMB DANA BESTARI >>> (10)
3.3 POLICY AND INVESTMENT STRATEGY (CONT.)
The asset allocation and stock selection will be reviewed periodically
depending on the country’s economic and stock market outlook.
During the 6-month period ended 31 March 2021, the Fund Manager
remained focus on its strategy of investing in Shariah-compliant securities
with a healthy balance sheet and strong cash with decent and sustain
earning growth. The fund manager will stay defensive in view of headwinds
brought by the Covid-19 pandemic, sharp decline in global crude oil prices,
weak domestic economy as well as rising political uncertainty.
3.4 ASSET ALLOCATION OF THE FUND
Comparison of investment components based on NAV is as follows:-
ASSET ALLOCATION
Investment
31 Mar 30 Sept Exposure
2021 2020 Change Average
(%) (%) (%) (%)
Shariah-compliant Equity 86.30 81.50 4.80 83.90
Islamic Deposits/ cash/
13.70 18.50 (4.80) 16.10
others
As at 31 March 2021, 86.30% of the Fund’s NAV was invested in Shariah-
compliant equity market. The balance of 13.70% was held in Islamic
deposits and/or other permitted investments.>>> INTERIM REPORT - PMB DANA BESTARI >>> (11)
3.5 ECONOMIC REVIEW
The economy registered a negative growth of 3.4% in the fourth quarter (3Q
2020: -2.6%), largely attributable to the imposition of the Conditional
Movement Control Order (CMCO) on a number of states since mid-October.
For 2020 as a whole, the economy contracted by 5.6%. The restrictions on
mobility, especially on inter-district and inter-state travel, weighed on
economic activity during the fourth quarter. Nevertheless, the continued
improvement in external demand provided support to growth. Consequently,
except for manufacturing, all economic sectors continued to record negative
growth. On the expenditure side, moderating private consumption and
public investment activities weighed on domestic demand. On a quarter-on-
quarter seasonally-adjusted basis, the economy registered a decline of
0.3% (3Q 2020: 18.2%).
For the quarter, headline inflation declined to -1.5% in part reflecting the
larger decline in retail fuel prices as compared to the corresponding period
last year. Core inflation moderated to 0.8% due mainly to lower inflation for
communication services and rental.
The ringgit appreciated by 3.6% against the US dollar during the fourth
quarter of 2020, driven mainly by non-resident portfolio inflows as investors’
risk appetite continued to improve. Positive investor sentiment during the
quarter was driven by news of successful vaccine trials and the rollout of
vaccination programmes in major economies, as well as greater clarity on
US policy direction following the outcome of the US presidential election.
Taken together, these factors formed the basis of a more positive investor
outlook for the recovery of the global health crisis, which strengthened
expectations for the eventual normalisation of economic activity. From 1
January to 8 February 2021, the ringgit has depreciated by 1.2% against
the US dollar, in line with broad-based weakening in major and regional
currencies, following the strengthening of US dollar amidst enhanced
prospects for an economic rebound in the US. Concerns over the rise in
COVID-19 infections and its implications for domestic economic activity also
weighed on investor sentiments. Portfolio investments recorded a smaller
net outflow of RM6.9 billion in the fourth quarter (3Q 2020: -RM23.1 billion),
while net FDI recorded an inflow of RM6.1 billion (3Q 2020: -RM0.8 billion).
In the near term, the risk of heightened exchange rate volatility remains as
lingering uncertainties surrounding the momentum of the global economic
recovery will continue to have a bearing on investor sentiments.
Net financing to the private sector continued to expand at 4.4% on an annual
basis. Total outstanding loans grew by 3.7% (3Q 2020: 4.7%) supported by
continued growth in the household and business segments. Total loan
disbursements to both businesses and household increased during the
quarter. Business loan repayments were also higher, with its growth
outpacing that of disbursements. Loan demand remained forthcoming
especially in the household segment.
While near-term growth in 2021 will be affected by the re-introduction of
stricter containment measures, the impact, however, will be less severe
than that experienced in 2020. The growth trajectory is projected to improve
from the second quarter onwards.>>> INTERIM REPORT - PMB DANA BESTARI >>> (12)
3.5 ECONOMIC REVIEW (CONT.)
The improvement will be driven by the recovery in global demand, where
the International Monetary Fund (IMF) has revised upwards their 2021
global growth forecast by 0.3 percentage points to 5.5%. Growth will also
be supported by a turnaround in public and private sector expenditure amid
continued support from policy measures including PENJANA, KITA
PRIHATIN, 2021 Budget and PERMAI, and higher production from existing
and new facilities in the manufacturing and mining sectors. The vaccine roll-
out which will commence this month is also expected to lift sentiments.
In line with earlier assessments, the average headline inflation was at -1.2%
in 2020 due mainly to the substantially lower global oil prices. For 2021,
headline inflation is projected to average higher, primarily due to higher
global oil prices. Underlying inflation is expected to remain subdued amid
continued spare capacity in the economy. The outlook, however, is subject
to global oil and commodity price developments.
Gross Domestic Product (GDP) Growth For Fourth Quarter 2020
Economic 2020 2020 2019 Expenditure 2020 2020 2019
Activity Q4 Q3 Q4 Components Q4 Q3 Q4
Private Final
Agriculture -0.7% -0.7% -5.7% -3.4% -2.1% 8.1%
Consumption
Government
Construction -13.9% -12.4% 1.0% Final 2.7% 6.9% 1.3%
Consumption
Gross Fixed
Services -4.9% -4.0% 6.1% Capital -11.9% -11.6% -0.7%
Formation
Manufacturing 3.0% 3.3% 3.0% Export -1.8% -4.7% -3.1%
Mining &
-10.6% -6.8% -2.5% Import -3.3% -7.8% -2.3%
Quarrying
GDP -3.4% -2.7% 3.6% GDP -3.4% -2.7% 3.6%
(Source: Bank Negara Malaysia’s Website)
Consumer Price Index (CPI)
Overall, CPI increased 0.1% in February 2021 to 122.5 as against 122.4 in
the same month of the preceding year. The increase in the overall index
was driven by escalation in several group indices which contributed 50.7%
to overall weight. Nevertheless, Transport decreased by 2.0% to 111.6 as
compared to 113.9 in corresponding month of the preceding year. This
group contributes 14.6% of CPI weight.
Industrial Production Index (IPI)
The IPI grew 1.5% in February 2021 as compared to the same month of the
previous year. The growth of IPI in February 2021 was driven by the
Manufacturing index with an increase of 4.5%. Meanwhile, Mining and
Electricity index dropped 6.0% and 5.8% respectively.>>> INTERIM REPORT - PMB DANA BESTARI >>> (13)
3.5 ECONOMIC REVIEW (CONT.)
Balance of Trade
For 6-month period ended February 2021, trade surplus stood at RM82.9
billion, an expansion of RM13.5 billion (+19.5%) when compared to the
same period a year ago. Total trade for 6-month period ended February
2021, which was valued at RM958.5 billion, an increased by RM39.7 billion
(+4.3%) as compared to RM918.8 billion recorded in the same period last
year. For the same period, total export grew 5.4% to RM520.7 billion while
total import grew 3.1% to RM437.8 billion.
(Source: Department of Statistics Malaysia, Official Portal)
3.6 EQUITY MARKET REVIEW
For the 6-month period ended 31 March 2021, the main benchmark for the
Malaysian Shariah-compliant equity, FBM Shariah Index, had decreased by
52.77 points or -0.41% to 12,848.17 while the main benchmark for
Malaysian stock market, FBM KLCI, had increased by 68.69 points or
4.56% to 1,573.51.
During that period, the FBM Shariah Index recorded its highest level of
13,599.88 on 8 December 2020 and its lowest of 12,670.75 on 3 November
2020. Meanwhile, FBM KLCI posted its highest level of 1,684.58 on 11
December 2020 while the lowest level of 1,461.45 was recorded on 3
November 2020. The movement range for the FBM Shariah Index during
the stipulated financial period was 929.13 points as compared to 2,983.81
points during the same period in the previous year.
In October, FBMKLCI continued to slide into the red amid deteriorating
market sentiment. The FBMKLCI closed at 1,466.89, a decline by 37.93
points or -2.5% MoM. Domestically - The political uncertainties, upcoming
budget announcement, the enforcement of CMCO in Klang Valley and
Sabah, and rising daily COVID-19 cases continued to hamper the market
sentiment. Investors stayed on the sideline and took profit on glove stocks.
Externally -Stalemate in U.S. fiscal talks, U.S. presidential election in
November, Brexit trade deal negotiations, and more lockdowns were being
introduced in some of the European countries, continued to affect the
market performance.
FBMKLCI extended its rise to a fresh three-month high in November, helped
by recovery optimism following strong economic data from Japan and
China, Joe Biden won U.S presidential election and positive COVID-19
vaccine developments. Locally, the government allocated RM322.5 billion
under Budget 2021 whereby RM69 billion will be allocated for Development
Expenditures in 2021, an increase of 38% from 2020. In the third quarter,
Malaysia’s GDP growth rebounded significantly to -2.7% from -17.1%
(2Q2020). On the final day, FBMKLCI finished down 44.88 points or 2.8%
after the final hour dive against a confluence of factors including MSCI
rebalancing pressures, lower crude oil prices and equity losses as investors
weighed Malaysia’s corporate financial results amid COVID-19 driven
economic weakness. Despite the late selling pressure at month-end, the
FBMKLCI closed at 1,562.71, rose by 95.82 points or 6.5% MoM.
In December, FBMKLCI closed at 1,627.21, increasing by 64.50 points or
4.1% MoM. The rally was fueled by, among others, the passing of Budget
2021, the US$900 billion rescue package bill signed by President Donald
Trump, a signed Brexit deal, and more vaccine roll-out news.>>> INTERIM REPORT - PMB DANA BESTARI >>> (14)
3.6 EQUITY MARKET REVIEW (CONT.)
The finance sector led the FBMKLCI higher as investors picked up banking
stocks, which were the proxy to the recovery in the economy. Brent surged
above US$50 a barrel for the first time since early March, fueled by hopes
of a faster demand recovery as countries start to roll out COVID-19
vaccines. Meanwhile, glove makers continued to dominate the top losers list
as investors took profit amid the rolling out of COVID-19 vaccines. Fitch
Ratings has downgraded Malaysia’s sovereign rating and Petroliam
Nasional Berhad’s long-term foreign and local-currency issuer default
ratings (IDR) from A- to BBB+, with an improved outlook from negative to
stable.
The FBMKLCI dropped 60.81 points or 3.7% MoM in January 2021 due to
continuous selling in most heavyweights names. Locally, the risk sentiment
was pressured by (1) the lifting of the ban on short selling by the Securities
Commission (SC) from 1 January, (2) the steep rise in new COVID-19
cases, (3) re-imposition of the movement control order (MCO 2.0) to all
states, save for Sarawak, until 4 February, (4) the King has declared a state
of emergency until 1 August 2021, (5) the government announced the fifth
instalment of fiscal stimulus, named Perlindungan Ekonomi dan Rakyat
Malaysia (PERMAI), amounting to RM15 billion, and (6) the Monetary Policy
Committee (MPC) of Bank Negara Malaysia (BNM) kept the Overnight
Policy Rate (OPR) unchanged at 1.75%. In Washington, Joe Biden was
inaugurated as the 46th president. He has unveiled a recovery plan worth
US$1.9 trillion and signed several executive orders to aid the fight against
the coronavirus.
The FBMKLCI rose 11.35 points or 0.7% MoM, in February 2021 due to
rising oil prices, vaccine roll-outs, the expectation of an additional stimulus
package in the U.S. and monetary policy support in major economies that
will boost economic recovery. However, the arrival of the COVID-19 vaccine
on Malaysian shores had somewhat dented sentiment on rubber glove
counters. Among the domestic factors that affected the local market were
(1) the Malaysian economy experienced a contraction of 3.4% in 4Q2020
and 5.6% in 2020, (2) The Yang di-Pertuan Agong had stated that
Parliament may convene during the emergency, (3) Prime Minister, Tan Sri
Muhyiddin Yassin took his first vaccine jab to kick-start a nationwide
immunization exercise, (4) Prime Minister announced "MyDigital — the
Malaysia Digital Economy Blueprint, and (5) SC and Bursa Malaysia Bhd
will be extending the temporary suspension of intraday short selling (IDSS)
and intraday short selling by propriety day traders (PDT short sale) to 29
August 2021.
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. In March, (1) Prime
Minister Tan Sri Muhyiddin Yassin announced a RM20 billion Rakyat and
Economic Strategic Empowerment Programme (Pemerkasa) to jump-start
the economy,>>> INTERIM REPORT - PMB DANA BESTARI >>> (15)
3.6 EQUITY MARKET REVIEW (CONT.)
(2) BNM kept OPR unchanged at 1.75%, (3) 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), (4) UMNO decided to contest the
15th general election solely under the Barisan Nasional (BN) coalition
banner, and (5) BNM reduced the lower end of its 2021 GDP growth forecast
range to 6.0 - 7.5% from 6.5 - 7.5% previously.
In this volatile market sentiment, the NAV/unit unit increased by 13.05%
within a 6-month period ended 31 March 2021.
3.7 MONEY MARKET REVIEW
During the 6-month period ended 31 March 2021, BNM held the OPR
unchanged at 1.75% during its meeting on 2 – 3 November 2020, 20
January, and 4 March 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, while uneven, is gaining momentum,
supported by steady improvements in manufacturing and trade activity. The
ongoing roll-out of vaccination programmes in many economies, together
with policy support, will further facilitate an improvement in private demand
and labour market conditions. While financial markets have experienced
bouts of volatility, financial conditions remain supportive of economic
activity. Risks to the growth outlook have abated slightly, but remain tilted
to the downside, primarily due to uncertainty over the path of the COVID-19
pandemic and effectiveness of the vaccination programmes.
For Malaysia, latest indicators point to improvements in external demand
and continued consumer spending. While the re-imposition of containment
measures will affect growth in the first quarter, the impact is expected to be
less severe than that experienced in the second quarter of 2020. Going
forward, growth is projected to improve from the second quarter onwards,
driven by the recovery in global demand, increased public and private sector
expenditure amid continued support from policy measures and more
targeted containment 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
roll-out of the domestic COVID-19 vaccine programme will also lift
sentiments and 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, primarily due to
higher global oil prices. In terms of trajectory, headline inflation is anticipated
to temporarily spike in the second quarter of 2021 due to the lower base
from the low domestic retail fuel prices in the corresponding quarter of 2020,
before moderating thereafter. Underlying inflation is expected to remain
subdued amid continued spare capacity in the economy. The outlook,
however, is subject to global oil and commodity price developments.>>> INTERIM REPORT - PMB DANA BESTARI >>> (16)
3.7 MONEY MARKET REVIEW (CONT.)
The MPC considers the stance of monetary policy to be appropriate and
accommodative. Given the uncertainties surrounding the pandemic, the
stance of monetary policy going forward will be determined by new data and
information, and their implications on the overall outlook for inflation and
domestic growth. The Bank remains committed to utilise its policy levers as
appropriate to create enabling conditions for a sustainable economic
recovery.
(Source: Bank Negara Malaysia’s Website)
3.8 INTEREST OF UNIT HOLDERS
For the financial period under review ended 31 March 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 31 March 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 DANA BESTARI >>> (17)
3. LAPORAN PENGURUS
Bagi tempoh enam (6) bulan berakhir 31 Mac 2021 (1 Oktober 2020 hingga
31 Mac 2021).
3.1 PRESTASI DANA
Prestasi Dana berbanding tanda aras bagi tempoh 5 tahun kewangan
berakhir 31 March 2021 adalah seperti berikut:-
Graf di atas mencerminkan pergerakan pulangan Dana untuk jangkamasa
5-tahun berakhir 31 Mac 2021. Sepanjang tempoh tersebut, NAB/unit Dana
meningkat 22.60% berbanding kenaikan penanda aras sebanyak 2.80%.
Sepanjang tempoh 6-bulan berakhir 31 Mac 2021, NAB/unit Dana
meningkat sebanyak RM0.0499 atau 13.05% kepada RM0.4324 daripada
RM0.3825 pada 30 September 2020.
3.2 PENGAGIHAN PENDAPATAN/TERBITAN UNIT PECAHAN
Tiada sebarang pengagihan pendapatan atau unit pecahan dicadangkan
sepanjang tempoh 6-bulan kewangan berakhir 31 Mac 2021.
3.3 POLISI DAN STRATEGI PELABURAN
Dana dilabur terutamanya dalam portfolio yang pelbagai dalam ekuiti patuh
Syariah dan sekuriti berkaitan ekuiti patuh Syariah oleh syarikat-syarikat
tersenarai di Bursa Malaysia yang mempunyai prospek dalam pertumbuhan
dan/ atau mempunyai hasil dividen sebanyak 3% setahun atau lebih. Dana
melabur di antara 70% dan 99.5% daripada NAB dalam ekuiti.
Pengurus Dana menggunakan pendekatan pelaburan atas-ke-bawah (“top
down”) diikuti oleh skrin kuantitatif dan kualitatif dari pemilihan saham. Kami
akan terus menganjurkan pendekatan portfolio yang berdisiplin dengan
memberi tumpuan kepada saham dengan pendapatan berterusan dan
prospek pertumbuhan yang kukuh. Peruntukan aset dan pemilihan saham
akan dikaji secara berkala bergantung kepada tinjauan ekonomi dan
pasaran saham negara.>>> INTERIM REPORT - PMB DANA BESTARI >>> (18)
3.3 POLISI DAN STRATEGI PELABURAN (SAMB.)
Dalam tempoh 6-bulan kewangan berakhir 31 Mac 2021, Pengurus Dana
tetap fokus terhadap strategi pelaburan dalam sekuriti patuh Syariah yang
mempunyai kewangan yang kukuh dan aliran tunai yang baik dengan
pertumbuhan pendapatan berdaya tahan dan berterusan. Pengurus Dana
akan meneruskan langkah bertahan memandangkan sentimen yang
memuncak terutamanya disebabkan oleh pandemik Covid-19, penurunan
mendadak dalam harga minyak mentah global, ekonomi domestik yang
lemah serta ketidakpastian politik yang meningkat.
3.4 PERUMPUKAN ASET DANA
Pecahan seunit mengikut kelas aset adalah seperti berikut:-
PECAHAN SEUNIT MENGIKUT KELAS ASET
Purata
31 Mar 30 Sept Perubahan Pendedahan
2021 2020 Peratus Pelaburan
(%) (%) Mata (%)
Ekuiti Patuh Syariah 86.30 81.50 4.80 83.90
Deposit Islam dan lain-lain 13.70 18.50 (4.80) 16.10
Pada 31 Mac 2021, pegangan ekuiti patuh Syariah Dana ialah sebanyak
86.30%. Baki 13.70% berada dalam deposit Islam dan pelaburan-pelaburan
lain yang dibenarkan.>>> INTERIM REPORT - PMB DANA BESTARI >>> (19)
3.5 SUASANA EKONOMI NEGARA
Ekonomi mencatatkan pertumbuhan negatif sebanyak 3.4% pada suku
keempat (S3 2020: -2.6%), terutamanya berikutan pelaksanaan Perintah
Kawalan Pergerakan Bersyarat (PKPB) di beberapa negeri semenjak
pertengahan bulan Oktober. Pada tahun 2020 secara keseluruhan,
ekonomi menguncup sebanyak 5.6%. Sekatan pergerakan, terutamanya
perjalanan antara daerah dan antara negeri, menjejaskan kegiatan ekonomi
pada suku keempat. Walau bagaimanapun, permintaan luaran yang terus
bertambah baik telah menyokong pertumbuhan. Kesannya, kesemua sektor
ekonomi kecuali perkilangan terus mencatatkan pertumbuhan negatif. Dari
segi perbelanjaan, aktiviti penggunaan swasta dan pelaburan awam yang
sederhana menjejaskan permintaan dalam negara. Pada asas suku
tahunan terlaras secara bermusim, ekonomi mencatatkan penurunan
sebanyak 0.3% (S3 2020: 18.2%).
Pada suku tersebut, inflasi keseluruhan menurun kepada -1.5%
mencerminkan sebahagiannya penurunan harga bahan api runcit yang
lebih besar berbanding dengan tempoh yang sama pada tahun
sebelumnya. Inflasi teras menjadi sederhana sedikit kepada 0.8%
disebabkan terutamanya oleh inflasi yang lebih rendah untuk perkhidmatan
komunikasi dan sewa.
Ringgit menambah nilai sebanyak 3.6% berbanding dengan dolar AS pada
suku keempat 2020, dipacu terutamanya oleh aliran masuk portfolio bukan
pemastautin apabila kesanggupan pelabur mengambil risiko terus
meningkat. Sentimen pelabur yang positif pada suku itu didorong oleh berita
kejayaan ujian penggunaan vaksin dan program pemvaksinan yang mula
dilaksanakan di negara-negara utama, serta hala tuju dasar di AS yang
semakin jelas susulan keputusan pilihan raya presiden AS. Secara kolektif,
faktor-faktor ini membentuk asas prospek pelaburan yang lebih positif untuk
pemulihan krisis kesihatan global, lantas memperkukuh jangkaan kegiatan
ekonomi akhirnya akan kembali normal. Dari 1 Januari hingga 8 Februari
2021, ringgit menurun nilai sebanyak 1.2% berbanding dengan dolar AS.
Hal ini adalah sejajar dengan penurunan nilai mata wang utama dan
serantau secara keseluruhan, berikutan pengukuhan dolar AS dalam
keadaan prospek pemulihan ekonomi AS bertambah baik. Kebimbangan
mengenai peningkatan kes jangkitan COVID-19 dan kesannya terhadap
kegiatan ekonomi dalam negara juga mempengaruhi sentimen pelabur.
Pelaburan portfolio mencatatkan aliran keluar bersih yang lebih kecil
sebanyak RM6.9 bilion pada suku keempat (S3 2020: -RM23.1 bilion),
sementara FDI bersih mencatatkan aliran masuk sebanyak RM6.1 bilion
(S3 2020: -RM0.8 bilion). Bagi tempoh jangka pendek, masih wujud risiko
bahawa volatiliti kadar pertukaran akan meningkat. Hal ini disebabkan oleh
ketidakpastian yang berlarutan berhubung dengan momentum pemulihan
ekonomi global yang akan terus mempengaruhi sentimen pelabur.
Pembiayaan bersih kepada sektor swasta terus berkembang pada asas
tahunan sebanyak 4.4%. Jumlah pinjaman terkumpul meningkat 3.7% (S3
2020: 4.7%) disokong oleh pertumbuhan yang berterusan dalam segmen
isi rumah dan perniagaan. Jumlah pengeluaran pinjaman untuk sektor
perniagaan dan isi rumah meningkat pada suku tersebut.>>> INTERIM REPORT - PMB DANA BESTARI >>> (20)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
Pertumbuhan pembayaran balik pinjaman perniagaan juga lebih tinggi, iaitu
mengatasi pengeluaran pinjaman. Permintaan terhadap pinjaman terus
menggalakkan terutamanya dalam segmen isi rumah.
Walaupun pertumbuhan jangka pendek pada tahun 2021 akan dipengaruhi
oleh pelaksanaan semula langkah-langkah pembendungan yang lebih
ketat, namun kesannya tidak seteruk yang dialami pada tahun 2020.
Trajektori pertumbuhan diunjurkan bertambah baik dari suku kedua dan
seterusnya. Peningkatan ini akan didorong oleh pemulihan permintaan
global, apabila Tabung Kewangan Antarabangsa (IMF) telah menaikkan
unjuran pertumbuhan global tahun 2021 sebanyak 0.3 mata peratusan
kepada 5.5%. Pertumbuhan ini juga akan disokong oleh perubahan
perbelanjaan sektor awam dan swasta berikutan sokongan yang berterusan
daripada langkah-langkah dasar termasuk PENJANA, KITA PRIHATIN,
Belanjawan 2021 dan PERMAI, serta pengeluaran yang lebih tinggi
daripada fasiliti perkilangan dan perlombongan yang sedia ada dan baharu.
Pemberian vaksin yang akan bermula pada bulan ini juga diharapkan dapat
meningkatkan sentimen.
Sejajar dengan penilaian sebelum ini, purata inflasi keseluruhan adalah -
1.2% pada tahun 2020 disebabkan terutamanya oleh harga minyak dunia
yang ketara lebih rendah. Bagi tahun 2021, purata inflasi keseluruhan
diunjurkan lebih tinggi, terutamanya disebabkan oleh kenaikan harga
minyak dunia. Inflasi asas dijangka kekal rendah dalam keadaan lebihan
kapasiti yang berterusan dalam ekonomi. Walau bagaimanapun, prospek
pertumbuhan ini bergantung pada perkembangan harga minyak dunia dan
komoditi.
Pertumbuhan Keluaran Dalam Negara Kasar Malaysia untuk Suku Keempat
2020
Aktiviti 2020 2020 2019 Komponen 2020 2020 2019
Ekonomi S4 S3 S4 Perbelanjaan S4 S3 S4
Penggunaan
Pertanian -0.7% -0.7% -5.7% -3.4% -2.1% 8.1%
Akhir Swasta
Penggunaan
Pembinaan -13.9% -12.4% 1.0% Akhir 2.7% 6.9% 1.3%
Kerajaan
Pembentukan
Perkhidmatan -4.9% -4.0% 6.1% Modal Tetap -11.9% -11.6% -0.7%
Kasar
Pembuatan 3.0% 3.3% 3.0% Eksport -1.8% -4.7% -3.1%
Perlombongan -10.6% -6.8% -2.5% Import -3.3% -7.8% -2.3%
KDNK -3.4% -2.7% 3.6% KDNK -3.4% -2.7% 3.6%
(Sumber: Laman sesawang Bank Negara Malaysia)>>> INTERIM REPORT - PMB DANA BESTARI >>> (21)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
Indeks Harga Pengguna (IHP)
Secara keseluruhan, IHP menunjukkan peningkatan 0.1% pada bulan
Februari 2021 kepada 122.5 berbanding 122.4 pada bulan yang sama
tahun sebelumnya. Peningkatan IHP keseluruhan ini adalah didorong oleh
peningkatan dalam pelbagai kumpulan indeks yang menyumbang 50.7%
kepada keseluruhan wajaran. Walau bagaimanapun, Pengangkutan
menurun 2.0% kepada 111.6 berbanding 113.9 pada bulan yang sama
tahun sebelumnya. Kumpulan ini menyumbang 14.6% daripada
keseluruhan wajaran IHP.
Indeks Pengeluaran Perindustrian (IPP)
IPP berkembang 1.5% pada bulan Februari 2021 berbanding bulan yang
sama pada tahun sebelumnya. Pertumbuhan IPP pada bulan Februari 2021
dipacu oleh indeks Pembuatan dengan peningkatan 4.5%. Sementara itu,
indeks Perlombongan dan Elektrik masing-masing menguncup 6.0% dan
5.8%.
Perdagangan Luar Negara
Untuk tempoh 6-bulan berakhir Februari 2021, imbangan dagangan
Malaysia mencecah nilai RM82.9 bilion berkembang RM13.5 bilion
(+19.5%) berbanding tempoh yang sama tahun sebelumnya. Jumlah
perdagangan untuk tempoh 6-bulan berakhir Februari 2021 bernilai
RM958.5 bilion mengembang RM39.7 bilion (+4.3%) berbanding RM918.8
bilion yang dicatatkan dalam tempoh yang sama tahun lepas. Untuk tempoh
yang sama, jumlah eksport tumbuh 5.4%, kepada RM520.7 bilion manakala
jumlah import tumbuh 3.1%, kepada RM437.8 bilion.
(Sumber data: Portal Rasmi Jabatan Perangkaan Malaysia)
3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA
Bagi tempoh 6-bulan kewangan berakhir 31 Mac 2021, penanda aras
utama ekuiti patuh Syariah Malaysia iaitu Indeks FBM Shariah menyusut
52.77 mata atau 0.41% kepada 12,848.17 manakala penanda aras utama
Bursa Malaysia iaitu FBM KLCI meningkat 68.69 mata atau 4.56% kepada
1,573.51.
Bagi tempoh tersebut, Indeks FBM Shariah mencatat paras tertinggi
13,599.88 pada 8 Disember 2020 dan paras terendah 12,670.75 pada 3
November 2020. Sementara itu, FBM KLCI mencatat paras tertinggi
1,684.58 pada 11 Disember 2020 manakala paras terendah pula ialah
1,461.45 yang dicatat pada 3 November 2020. Julat pergerakan Indeks
FBM Shariah untuk tempoh tersebut ialah 929.13 mata berbanding
2,983.81 mata pada tempoh yang sama tahun sebelumnya.
Pada bulan Oktober, FBMKLCI terus mengalami kejatuhan di tengah
kemerosotan sentimen pasaran. FBMKLCI ditutup pada 1,466.89,
penurunan sebanyak 37.93 mata atau -2.5% bulan-ke-bulan (MoM). Di
dalam negara - Ketidakpastian politik, pengumuman bajet di bulan
November, penguatkuasaan PKPB di Lembah Klang dan Sabah, dan
peningkatan kes COVID-19 setiap hari terus mengganggu sentimen
pasaran. Pelabur terus berada diluar pasaran dan mengambil keuntungan
dari saham berasaskan sarung tangan.>>> INTERIM REPORT - PMB DANA BESTARI >>> (22)
3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.)
Di peringkat antarabangsa- Kebuntuan dalam perbincangan dasar fiskal
A.S., pilihan raya presiden A.S. pada bulan November, rundingan perjanjian
perdagangan Brexit, dan pengumuman sekatan pergerakan di berapa
negara Eropah, terus mempengaruhi prestasi pasaran.
FBMKLCI melonjak ke paras tertinggi bagi tempoh tiga bulan pada bulan
November, dibantu oleh optimisme tentang pemulihan berikutan data
ekonomi yang kukuh dari Jepun dan China, Joe Biden menang pemilihan
presiden A.S, dan perkembangan positif vaksin COVID-19. Di peringkat
tempatan, kerajaan memperuntukkan RM322.5 bilion di bawah Belanjawan
2021 di mana RM69 bilion akan diperuntukkan untuk Perbelanjaan
Pembangunan pada tahun 2021, meningkat 38% dari tahun 2020. Pada
suku ketiga, pertumbuhan Keluaran Dalam Negara Kasar (KDNK) Malaysia
meningkat semula dengan ketara kepada -2.7% daripada -17.1% (S22020).
Pada hari terakhir, FBMKLCI turun 44.88 mata atau 2.8% selepas tekanan
jualan disaat akhir disebabkan pelbagai faktor seperti tekanan
pengimbangan semula MSCI, penurunan harga minyak mentah dan
kerugian ekuiti ketika para pelabur menilai keputusan korporat Malaysia di
tengah kelemahan ekonomi yang didorong oleh COVID-19. Walaupun
terdapat tekanan jualan lewat pada akhir bulan, FBMKLCI ditutup pada
1,562.71, meningkat 95.82 mata atau 6.5% MoM.
Di bulan Disember, FBMKLCI ditutup pada 1,627.21, meningkat 64.50 mata
atau 4.1% MoM. Peningkatan ini didorong oleh diantaranya, Belanjawan
2021 diluluskan, bil pakej ransangan bernilai AS$900 bilion ditandatangani
oleh Presiden Donald Trump, perjanjian Brexit ditandatangani, dan berita-
berita positif berkaitan vaksin. Sektor kewangan menerajui FBMKLCI lebih
tinggi apabila pelabur menumpu kegiatan pembelian ke atas saham-saham
perbankan, yang menjadi proksi kepada pemulihan ekonomi. Brent
melonjak melepasi paras AS$50 setong untuk pertama kalinya sejak awal
Mac, didorong oleh harapan permintaan kembali pulih lebih cepat ekoran
kebanyakkan negara bakal memulakan penyuntikan vaksin COVID-19.
Sementara itu, saham syarikat pembuat sarung tangan terus mendominasi
senarai kerugian berikutan pengambilan untung oleh pelabur ekoran
pengeluaran vaksin COVID-19. Fitch Ratings pula telah menurunkan
penarafan kedaulatan Malaysia dan penarafan jangka panjang terbitan
mata wang asing dan tempatan (IDR) Petroliam Nasional Berhad dari A- ke
BBB+ dengan tinjauan yang lebih baik dari negatif ke stabil.
FBMKLCI turun 60.81 mata atau 3.7% MoM pada Januari 2021 ekoran
penjualan berterusan kebanyakan saham berwajaran tinggi. Di peringkat
tempatan, sentimen risiko ditekan oleh (1) penarikan balik larangan
penjualan singkat oleh Suruhanjaya Sekuriti (SC) mulai 1 Januari, (2)
kenaikan mendadak kes baru COVID-19, (3) perlaksanaan semula perintah
kawalan pergerakan (PKP 2.0) ke semua negeri, kecuali Sarawak, hingga
4 Februari, (4) Agong telah mengisytiharkan keadaan darurat hingga 1
Ogos 2021, (5) kerajaan mengumumkan pakej rangsangan fiskal ke-lima,
yang dinamakan Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI),
berjumlah RM15 bilion, dan (6) Jawatankuasa Dasar Monetari (MPC) Bank
Negara Malaysia (BNM) mengekalkan Kadar Dasar Semalaman (OPR)
pada 1.75% . Di Washington, Joe Biden dilantik sebagai Presiden ke-46.
Dia telah mencadangkan pelan rancangan pemulihan bernilai AS$1.9 trilion
dan menandatangani beberapa perintah eksekutif untuk memerangi
koronavirus.>>> INTERIM REPORT - PMB DANA BESTARI >>> (23)
3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.)
FBMKLCI menokok 11.35 mata atau 0.7%, MoM, pada Februari 2021
disebabkan kenaikan harga minyak, suntikan vaksin, jangkaan pakej
rangsangan tambahan di A.S., dan sokongan dasar monetari di negara
ekonomi utama yang akan meningkatkan pemulihan ekonomi. Walau
bagaimanapun, kedatangan vaksin COVID-19 di Malaysia memberi
sentimen negatif ke atas kaunter sarung tangan. Antara faktor domestik
yang mempengaruhi pasaran tempatan adalah (1) ekonomi Malaysia
mengalami penguncupan 3.4% pada S42020 dan 5.6% pada tahun 2020,
(2) Yang di-Pertuan Agong telah menyatakan bahawa Parlimen boleh
bersidang semasa darurat, ( 3) Perdana Menteri, Tan Sri Muhyiddin Yassin
menerima suntikan vaksin pertamanya untuk memulakan program
imunisasi di seluruh negara, (4) Perdana Menteri mengumumkan "MyDigital
- Pelan Pembangunan Ekonomi Digital Malaysia, dan (5) SC dan Bursa
Malaysia Bhd akan memperpanjang penangguhan sementara jual beli
“intraday” (IDSS) dan penjualan singkat “intraday” oleh pedagang harian
“propriety” (penjualan singkat PDT) hingga 29 Ogos 2021.
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 AS 10 tahun. Pada bulan Mac, (1)
Perdana Menteri Tan Sri Muhyiddin Yassin mengumumkan Program
Pemerkasaan Strategik Rakyat dan Ekonomi (Pemerkasa) bernilai RM20
bilion untuk menjana ekonomi, (2) BNM mengekalkan OPR tidak berubah
pada 1.75% , (3) 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), (4) UMNO memutuskan untuk
bertanding pada pilihan raya umum ke-15 sendirian di bawah gabungan
komponen Barisan Nasional (BN), dan (5) BNM mengurangkan ramalan
pertumbuhan KDNK 2021 lebih rendah kepada 6.0-7.5% daripada 6.5-
7.5% sebelumnya.
Dalam keadaan pasaran yang tidak menentu ini, nilai NAB/unit Dana
menokok 13.05% bagi tempoh 6-bulan berakhir 31 Mac 2021.
3.7 SUASANA PASARAN WANG TEMPATAN SEMASA
Sepanjang tempoh 6-bulan berakhir 31 March 2021, BNM mengekalkan
OPR tidak berubah pada 1.75% semasa mesyuaratnya pada 2 - 3
November 2020, 20 Januari, dan 4 Mac 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 korona virus.
Pemulihan ekonomi global semakin rancak meskipun tidak sekata,
disokong oleh peningkatan yang stabil dalam aktiviti perkilangan dan
perdagangan.>>> INTERIM REPORT - PMB DANA BESTARI >>> (24)
3.7 SUASANA PASARAN WANG TEMPATAN SEMASA (SAMB.)
Program pemberian vaksin yang sedang dilaksanakan di banyak negara,
bersama-sama dengan sokongan dasar, akan terus membantu menambah
baik keadaan permintaan swasta dan pasaran tenaga kerja. Meskipun
pasaran kewangan telah mengalami volatiliti, keadaan kewangan terus
menyokong kegiatan ekonomi. Risiko terhadap prospek pertumbuhan telah
berkurang sedikit, tetapi terus cenderung ke arah pertumbuhan menjadi
lebih perlahan. Hal ini disebabkan terutamanya oleh ketidakpastian
berhubung dengan pandemik COVID-19 dan keberkesanan program
pemberian vaksin.
Bagi Malaysia, penunjuk terkini menunjukkan permintaan luaran bertambah
baik dan perbelanjaan pengguna berterusan. Walaupun pelaksanaan
semula langkah-langkah pembendungan akan menjejaskan pertumbuhan
pada suku pertama, kesannya dijangka tidak seteruk yang dialami pada
suku kedua tahun 2020. Pada masa hadapan, pertumbuhan diunjurkan
meningkat mulai suku kedua dan seterusnya. Keadaan ini didorong oleh
pemulihan permintaan global, peningkatan perbelanjaan sektor awam dan
swasta berikutan sokongan yang berterusan daripada langkah-langkah
dasar serta langkah-langkah pembendungan yang lebih bersasar.
Pertumbuhan juga akan disokong oleh pengeluaran yang lebih tinggi
daripada fasiliti sedia ada dan baharu dalam sektor perkilangan, khususnya
dalam subsektor elektrik dan elektronik (E&E) dan subsektor berkaitan
sumber, serta loji pengeluaran minyak dan gas. Program pemberian vaksin
COVID-19 dalam negara juga akan meningkatkan sentimen dan kegiatan
ekonomi. Walau bagaimanapun, prospek pertumbuhan terus bergantung
pada risiko pertumbuhan ekonomi menjadi rendah. Keadaan ini berpunca
terutamanya daripada ketidakpastian yang berterusan mengenai
perkembangan yang berkaitan dengan pandemik serta cabaran yang akan
dihadapi yang boleh menjejaskan pemberian vaksin pada peringkat global
dan dalam negara.
Purata inflasi keseluruhan pada tahun 2021 diunjurkan lebih tinggi
disebabkan terutamanya oleh harga minyak yang meningkat. Dari segi
trajektori, inflasi keseluruhan dijangka naik mendadak untuk sementara
waktu pada suku kedua tahun 2021. Hal ini disebabkan oleh asas yang
lebih rendah daripada harga runcit bahan api dalam negara yang rendah
pada suku yang sama tahun 2020, sebelum menjadi sederhana. Inflasi
asas dijangka kekal rendah dalam keadaan lebihan kapasiti yang
berterusan dalam ekonomi. Walau bagaimanapun, prospek ini bergantung
pada perkembangan harga minyak dunia dan komoditi.
MPC menyifatkan pendirian dasar monetari adalah wajar dan akomodatif.
Berikutan keadaan pandemik yang terus tidak menentu, pendirian dasar
monetari pada masa hadapan akan 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)>>> INTERIM REPORT - PMB DANA BESTARI >>> (25)
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.
3.9 REBAT DAN KOMISEN RINGAN
Sepanjang tempoh 6-bulan kewangan berakhir 31 Mac 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 DANA BESTARI >>> (26)
4. TRUSTEE’S REPORT
To the Unit Holders of
PMB DANA BESTARI
We, AMANAHRAYA TRUSTEES BERHAD, have acted as Trustee of PMB DANA
BESTARI for the six months financial period ended 31 March 2021. In our opinion,
PMB INVESTMENT BERHAD, the Manager, has operated and managed PMB DANA
BESTARI 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 31 March
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
4 May 2021>>> INTERIM REPORT - PMB DANA BESTARI >>> (27)
5. SHARIAH ADVISER’S REPORT
TO THE UNIT HOLDERS OF PMB DANA BESTARI (“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
31 March 2021, in accordance with Shariah principles and complied with
the applicable guidelines, rulings or decisions issued by the Securities
Commission Malaysia pertaining to Shariah matters; and
2. The asset of the Fund comprises instruments that have been classified as
Shariah compliant.
For and on behalf of the Shariah Adviser,
BIMB SECURITIES SDN BHD
IR. DR. MUHAMAD FUAD ABDULLAH
Designated Shariah Person
KUALA LUMPUR
6 May 2021>>> INTERIM REPORT - PMB DANA BESTARI >>> (28) 6. STATEMENT BY MANAGER To the Unit Holders of PMB DANA BESTARI We, ISNAMI BIN AHMAD MOHTAR and NIK MOHAMED ZAKI BIN NIK YUSOFF, being two of the directors of PMB INVESTMENT BERHAD, do hereby state that in the opinion of the Manager, the unaudited financial statement give a true and fair view on the financial position of the Fund as at 31 March 2021 and of its statement of comprehensive income, changes in equity and cash flows of the Fund for the financial period ended 31 March 2021 in accordance with Malaysian Financial Reporting Standards (MFRSs), International Financial Reporting Standards (IFRSs) and modified in accordance with the Guidelines on Unit Trust Funds by the Securities Commission Malaysia. For and on behalf of PMB INVESTMENT BERHAD As Manager of PMB DANA BESTARI ISNAMI BIN AHMAD MOHTAR Director NIK MOHAMED ZAKI BIN NIK YUSOFF Director KUALA LUMPUR 28 April 2021
>>> INTERIM REPORT - PMB DANA BESTARI >>> (29)
7. FINANCIAL STATEMENT
STATEMENT OF UNAUDITED FINANCIAL POSITION
AS AT 31 MARCH 2021
NOTE 31.03.2021 30.09.2020
RM RM
ASSETS
INVESTMENTS 4
Quoted Shariah-compliant shares
in Malaysia 6,891,449 5,820,456
Islamic deposits with licensed 5
635,519 1,101,947
financial institutions in Malaysia
7,526,968 6,922,403
OTHER ASSETS
Amount owing by Manager 6 - 21,071
Amount owing by stockbroking
456,704 -
companies
Profit receivable from Islamic
57 106
deposits
Dividend receivable 61,902 16,266
Tax receivable 86 86
Al-Wadiah savings 46,780 376,868
565,529 414,397
TOTAL ASSETS 8,092,497 7,336,800
LIABILITIES
Amount owing to Manager 6 102,886 -
Amount owing to Trustee 349 285
Distribution 7 - 187,168
Other payables and accruals 4,990 6,290
TOTAL LIABILITIES 108,225 193,743
EQUITY
Unitholders’ capital 8 7,810,350 7,906,130
Retained profit/(loss) 173,922 (763,073)
TOTAL EQUITY 7,984,272 7,143,057
TOTAL EQUITY AND LIABILITIES 8,092,497 7,336,800
UNITS IN CIRCULATION 8 18,505,519 18,716,850
NET ASSET VALUE PER UNIT
9 0.4315 0.3816
(RM) - XD>>> INTERIM REPORT - PMB DANA BESTARI >>> (30)
STATEMENT OF UNAUDITED COMPREHENSIVE INCOME
FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2021
SIX MONTH SIX MONTH
ENDED ENDED
NOTE 31.03.2021 31.03.2020
RM RM
INVESTMENTS INCOME
Profit from Islamic deposits 9,251 25,019
Hibah from Al-Wadiah savings 34 33
Dividends income 99,585 52,694
Loss from sale of investments 341,726 77,789
Unrealised profit/(loss) on
changes in fair value of 10 597,306 (708,743)
investments
1,047,902 (553,208)
EXPENSES
Management fee 11 59,591 46,159
Trustee fee 12 1,986 1,538
Audit fee 2,500 1,625
Tax agent fee 550 550
Stockbroking fee and other
13 36,924 27,860
transaction costs
Sales and services taxation 1,466 1,057
Administrative expenses 7,890 1,490
110,907 80,279
PROFIT/(LOSS) BEFORE TAXATION 936,995 (633,487)
Taxation 14 - -
PROFIT/(LOSS) AFTER TAXATION 936,995 (633,487)
PROFIT/(LOSS) AFTER TAXATION IS
MADE UP AS FOLLOWS:
REALISED PROFIT 339,689 75,256
UNREALISED PROFIT/(LOSS) 10 597,306 (708,743)
936,995 (633,487)>>> INTERIM REPORT - PMB DANA BESTARI >>> (31)
STATEMENT OF UNAUDITED CHANGES IN EQUITY
FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2021
Unit holders’ Retained Total
NOTE Capital Profit/(Loss) Equity
RM RM RM
Balance as at 1 October 2019 7,967,421 (1,697,243) 6,270,178
Realised profit - 75,256 75,256
Unrealised loss 10 - (708,743) (708,743)
Creation of units 8 25,699 - 25,699
Cancellation of units 8 (333,777) - (333,777)
Balance as at 31 March 2020 7,659,343 (2,330,730) 5,328,613
Balance as at 1 October 2020 7,906,130 (763,073) 7,143,057
Realised profit - 339,681 339,681
Unrealised profit 10 - 597,314 597,314
Creation of units 8 1,020,881 - 1,020,881
Cancellation of units 8 (1,116,661) - (1,116,661)
Balance as at 31 March 2021 7,810,350 173,922 7,984,272>>> INTERIM REPORT - PMB DANA BESTARI >>> (32)
STATEMENT OF UNAUDITED CASH FLOWS
FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2021
31.03.2021 31.03.2020
RM RM
CASH FLOWS FROM INVESTING AND
OPERATING ACTIVITIES
Proceeds from sale of investments 6,552,882 4,525,288
Puchase of investments (7,141,547) (4,409,251)
Dividends received 53,950 55,749
Profits from Islamic deposits 9,300 25,402
Hibah from Al-Wadiah savings 34 33
Management fee paid (57,671) (46,903)
Trustee fee paid (1,922) (1,564)
Payment for audit fee (3,250) (3,250)
Payment for tax agent fee (1,100) -
Payment of other expenses (46,281) (30,407)
Net cash (used in)/generated from investing (635,605) 115,097
and operating activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from creation of units 860,543 25,699
Payment of cancellation of units (1,021,454) (333,777)
Net cash used in from financing activities (160,911) (308,078)
NET DECREASE IN CASH AND (796,516) (192,981)
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE
1,478,815 2,122,346
BEGINNING OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE
682,299 1,929,365
END OF THE PERIOD
CASH AND CASH EQUIVALENTS COMPRISE
Al-Wadiah Savings 46,780 56,340
Islamic deposits with licensed financial 635,519 1,873,025
institutions in Malaysia
682,299 1,929,365You can also read
