Hong Leong Asia-Pacific Dividend Fund 2020/2021
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Reaching out to you Hong Leong Asia-Pacific Dividend Fund Interim Report 2020/2021 30 April 2021 Unaudited
Hong Leong Asia-Pacific Dividend Fund
Contents
Page
Manager’s Review and Report 1-9
Statement by the Manager 10
Trustee’s Report 11
Condensed Statement of Comprehensive Income 12
Condensed Statement of Financial Position 13
Condensed Statement of Changes in Equity 14
Condensed Statement of Cash Flows 15
Notes to the Condensed Financial Statements 16-47
Performance Data 48-49
Corporate Information 50
Corporate Directory 51Manager’s Review and Report
I. FUND INFORMATION
Fund Name
Hong Leong Asia-Pacific Dividend Fund
Fund Category
Equity
Fund Type
Growth & Income
Investment Objective
The Fund aims to provide investors with steady recurring income* that
is potentially higher than the average fixed deposit rates. At the same
time, the Fund also attempts to attain Medium-To-Long Term** capital
gains from investing in high quality dividend yielding equities***.
Benchmark
MSCI AC Asia-Pacific ex Japan Index
Distribution Policy
The Fund intends to provide regular income* and potentially consistent
Long-Term**** capital appreciation. Regular income returns will be
declared annually on a best effort basis, depending on interest rates,
market conditions and performance of the Fund. As such, the Fund will
strive to declare distributions annually, if any, in the form of either cash
or additional Units to the Unitholders.
Breakdown of Unitholdings By Size
Size of Holdings No. of Unitholders No. of Units Held
5,000 and below 265 688,680.90
5,001 to 10,000 152 1,121,830.78
10,001 to 50,000 254 5,854,399.52
50,001 to 500,000 53 5,956,170.76
500,001 and above 2 137,243,554.05
Notes:
* Income may be distributed in the form of cash and/or Units.
** Medium-To-Long Term refers to a period of 3 to 5 years.
*** High quality dividend yielding equities refer to equity securities that have
dividend yields at and/or above market average.
**** Long-Term refers to a period of above 5 years.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 1II. FUND PERFORMANCE
Chart 1: Performance of the Fund versus the benchmark
covering the last five-year financial period
200
150
Percentage Growth
100
50
0
30/04/2016
30/04/2017
30/04/2019
30/04/2020
30/04/2021
30/04/2018
From 30/04/2016 To 30/04/2021
Hong Leong Asia-Pacific MSCI AC Asia-Pacific ex
Dividend Fund Japan 75.36
(HLAPDF) 138.52
Source: Lipper For Investment Management, In Malaysian Ringgit terms, ex-
distribution, NAV Per Unit-to-NAV Per Unit basis with gross income (if any) from
HLAPDF reinvested.
Past performance is not necessarily indicative of future
performance and unit prices and investment returns may
go down, as well as up.
2 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDPerformance Review
This Interim Report covers the six-month financial period from 1
November 2020 to 30 April 2021.
The Fund posted a return of 33.19% in the past six months while its
benchmark the MSCI AC Asia Pacific ex Japan Index registered a return
of 20.36% (in Malaysian Ringgit terms). During the financial period
under review, the Fund had distributed income distribution of 2.00
sen per unit to its Unitholders on 19 January 2021. Prior to the income
distribution, the cum-distribution net asset value (NAV) per unit of
the Fund was RM0.6827 while the ex-distribution NAV per unit was
RM0.6627. Unitholders should note that income distribution has the
effect of reducing the NAV per unit of the Fund after distribution.
For the five-year financial period ended 30 April 2021, the Fund garnered
a return of 138.52% compared to the benchmark’s return of 75.36%
while distributing a total gross income of 9.90 sen per unit.
Table 1: Performance of the Fund for the following
periods as at 30 April 2021 (Source: Lipper For
Investment Management)
31/01/21– 31/10/20– 30/04/20– 30/04/18– 30/04/16– 30/04/11– 28/02/06–
30/04/21 30/04/21 30/04/21 30/04/21 30/04/21 30/04/21 30/04/21
Since
3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Launch
HLAPDF (%) 13.87 33.19 76.89 88.83 138.52 113.84 166.68
Benchmark (%) 3.04 20.36 38.52 27.76 75.36 90.24 134.79
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 3Table 2: Return of the Fund based on NAV Per Unit-to-NAV
Per Unit basis for the period 31 October 2020
to 30 April 2021 (Source: Lipper For Investment
Management)
30-Apr-21 31-Oct-20 Return
(%)
NAV Per Unit RM0.7363 RM0.5695 33.19#
Benchmark 696.37 570.43 20.36
vs Benchmark (%) - - 12.83
# Return is calculated after adjusting for income distribution during the period under
review.
Table 3: Financial Highlights
The Net Asset Value attributable to Unitholders is represented by:
30-Apr-21 31-Oct-20 Change
(RM) (RM) (%)
Unitholders’ Capital 87,227,080 25,488,111 242.23
Retained Earnings 23,861,108 8,955,050 166.45
Net Asset Value 111,088,188 34,443,161 222.53
Units in Circulation 150,864,636 60,483,297 149.43
Table 4: The Highest and Lowest NAV Per Unit, Total Return of
the Fund and the breakdown into Capital Growth and
Income Distribution for the financial period/years
Financial Period Financial Year Financial Year Financial Year
31/10/20– 31/10/19– 31/10/18– 31/10/17–
30/04/21 31/10/20 31/10/19 31/10/18
Highest NAV Per Unit (RM) 0.7610 0.6628 0.4694 0.4818
Lowest NAV Per Unit (RM) 0.5700 0.3702 0.3827 0.4146
Capital Growth (%) 29.29 21.33 11.36 -9.80
Income Distribution (%) 3.90 11.23 2.46 2.00
Total Return (%) 33.19 32.56 13.82 -7.80
Source: Lipper For Investment Management, In Malaysian Ringgit terms, ex-
distribution, NAV Per Unit-to-NAV Per Unit basis with gross income (if any) from
HLAPDF reinvested.
4 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDTable 5: Average Total Return of the Fund
30/04/20– 30/04/18– 30/04/16–
30/04/21 30/04/21 30/04/21
1 Year 3 Years 5 Years
Average Total Return (%) 76.89 29.61 27.70
Source: Lipper For Investment Management, In Malaysian Ringgit terms, ex-
distribution, NAV Per Unit-to-NAV Per Unit basis with gross income (if any) from
HLAPDF reinvested.
Table 6: Annual Total Return of the Fund
Financial Year 31/10/19– 31/10/18– 31/10/17– 31/10/16– 31/10/15–
31/10/20 31/10/19 31/10/18 31/10/17 31/10/16
Annual Total Return (%) 32.56 13.82 -7.80 18.85 5.97
Source: Lipper For Investment Management, In Malaysian Ringgit terms, ex-
distribution, NAV Per Unit-to-NAV Per Unit basis with gross income (if any) from
HLAPDF reinvested.
III. INVESTMENT PORTFOLIO
Chart 2: Asset Allocation - November 2020 to April 2021
Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
Equities
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 5Chart 3: Sector Allocation as at 30 April 2021
Deposits & Cash
Equivalents
12.32% Consumer Products
Energy & Services
3.34% 28.10%
Real Estate
4.01%
Financial Services
6.70%
Technology
6.75%
Industrial Products
Materials & Services
17.35% 21.43%
Chart 4: Geographical Allocation as at 30 April 2021
Deposits & Cash
Equivalents
12.32% Malaysia
Thailand 32.16%
3.87%
Taiwan
24.59%
Hong Kong
27.06%
6 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDStrategies employed by the Fund during the period under review
During the period under review, the Fund was well invested and
managed to benefit from the vaccine-led market recovery, particularly
at the end of 2020 and the beginning of 2021. In particular, the Fund’s
exposure to export stocks in Taiwan and Malaysia drove most of the
Fund’s outperformance during the period.
The Fund remains predominantly invested in Hong Kong, Taiwan and
Malaysia equities. This geographical allocation enables the Fund to
benefit from both the strong economic recovery in developed markets
and the long-term structural domestic demand growth in Asia.
As of 30 April 2021, the Fund’s top-three holdings are D&O Green
Technologies Berhad–Malaysia (6.75%), Eclat Textile Company Limited–
Taiwan (6.71%) and Shimao Services Holdings Limited–Hong Kong
(6.70%).
Notification of changes
A 3rd Supplementary Master Prospectus (“3rd SMP”) was issued
on 31 December 2020 which is supplementary to and to be read
in conjunction with the Hong Leong Master Prospectus dated 23
August 2019 (“MP”), the 1st Supplementary Master Prospectus dated
18 November 2019 (“1st SMP”) and the 2nd Supplementary Master
Prospectus dated 27 March 2020 (“2nd SMP”).
Changes that require your attention are:
• The information stated under the “The Key Personnel of the
Investment Team” was amended to reflect the change of
designated Fund Manager effective 1 October 2020; and
• The section on “Fund Switching” was partly re-arranged for clarity
purposes.
A copy of the MP, the 1st SMP, the 2nd SMP and the 3rd SMP can be
obtained from our website at www.hlam.com.my.
For the financial period under review, there were no significant
changes in the state of affairs of the Fund or circumstances that
would materially affect the interest of Unitholders up to the date of
this Manager’s report.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 7IV. MARKET REVIEW
During the period in review, the MSCI AC Asia Pacific ex Japan Index
rose 20.4% (in RM terms). The best performing markets were Taiwan
and Korea while the laggards were Philippines and China. In the
local market, the FTSE Bursa Malaysia KLCI rose 9.2%. Small caps
outperformed as the FTSE Bursa Malaysia Small Cap Index rose 33.4%.
The fourth quarter of 2020 had a rocky start as the resurgence of
COVID-19 in Europe and the United States (US) started to accelerate at
a worrying pace. There were also concerns about the possibility of a
contentious US election. However, all the concerns quickly dissipated in
November following a slew of positive news on the COVID-19 vaccines
and a convincing US election results. Despite infection rates hitting
new highs in various countries around the world, investors appeared
to be in a hurry to deploy cash into equities with the assumption that
the pandemic is likely to be successfully contained as the vaccines
are being rolled out globally.
The global market carried much of the positive momentum over to
2021. The technology sector led the rally in the early part of the first
quarter, but took a breather following a rise in treasury yields due to
concerns about rising inflation and the prospects of an earlier than
expected US Federal Reserve tightening cycle. However, the market
rally resumed with gusto in March as the number of COVID-19 cases
continued to decline rapidly in the US and Europe, along with the rise
in the number of people getting vaccinated.
The local market ended higher during the fourth quarter of 2020 along
with other regional markets. Risk-on sentiment from the positive
vaccine development spilled over to the local market as foreign
investors started taking an interest in emerging market laggards.
Investors’ sentiment also received a boost as the 2021 Budget was
successfully passed towards the end of the year.
It was a subdued start to the year of 2021 for the local market as the
FTSE BM KLCI was pretty much one of the last few off the blocks among
regional peers. From a technical perspective, the index was dragged
down by the glove sector. Local investor sentiment was dampened
by the stubbornly high number of COVID-19 cases, resulting in the
imposition of Movement Control Order (MCO) 2.0.
8 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDV. FUTURE PROSPECTS AND PROPOSED STRATEGIES
The global economy is showing clear signs that it is firmly on the
recovery path. However, the pace of recovery has been extremely
divergent among various countries and region and the economic gap
is growing. In particular, many ASEAN countries are seeing a bigger
resurgence in COVID-19 cases and experiencing a shortage of vaccine
supplies whilst developed countries such as the US and Europe appear
to have successfully contained the pandemic through the rapid rollout
of vaccines. Notwithstanding the uneven economic recovery, we
expect the developed markets to lead the global economic growth
due to accommodative monetary policies and generous government
fiscal stimuli.
We are cautiously optimistic on the local market outlook. The recent
lockdowns that have been imposed in the beginning of the year
have not been able to reduce the number of cases meaningfully and
the persistently high number of cases in the country is expected to
dampen domestic demand recovery. Fortunately, the encouraging
external demand outlook is expected to benefit the export sector and
this is expected to drive most of the economic growth for the year.
We would take the opportunity to accumulate should stocks decline
to attractive valuations.
We like sectors that are expected to benefit from the ongoing global
economic recovery, particular the export sector which is seen as the
biggest beneficiary from a developed economy-led recovery. We
also remain invested in companies that will benefit from the rising
domestic demand growth in Asia.
VI. SOFT COMMISSIONS
The Manager has received soft commissions from brokers/dealers in
the form of goods and services such as research materials, data and
quotation services incidental to investment management of the Fund
and investment related publications. Such soft commissions received
are of demonstrable benefit to Unitholders.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 9STATEMENT BY THE MANAGER I, Hoo See Kheng, as the Director of Hong Leong Asset Management Bhd, do hereby state that, in the opinion of the Manager, the accompanying unaudited condensed financial statements set out on pages 12 to 47 are drawn up in accordance with the provision of the Deeds and give a true and fair view of the financial position of the Fund as at 30 April 2021 and of its financial performance, changes in equity and cash flows for the financial period ended 30 April 2021 in accordance with the Malaysian Financial Reporting Standards (“MFRS”) 134 “Interim Financial Reporting” and International Financial Reporting Standards (“IFRS”) 34 “Interim Financial Reporting”. For and on behalf of the Manager, Hong Leong Asset Management Bhd (Company No.: 199401033034 (318717-M)) HOO SEE KHENG Chief Executive Officer/Executive Director Kuala Lumpur 15 June 2021 10 HONG LEONG A SIA-PACIFIC DIVIDEND FUND
TRUSTEE’S REPORT
TO THE UNIT HOLDERS OF HONG LEONG ASIA-PACIFIC DIVIDEND
FUND
We have acted as the Trustee for Hong Leong Asia-Pacific Dividend Fund
(the “Fund”) for the financial period ended 30 April 2021. To the best of
our knowledge, for the financial period under review, Hong Leong Asset
Management Bhd (the “Manager”) has operated and managed the Fund
in accordance with the following: -
(a) limitations imposed on the investment powers of the Manager
under the Deed(s), the Securities Commission’s Guidelines on Unit
Trust Funds, the Capital Markets and Services Act 2007 and other
applicable laws;
(b) valuation and pricing for the Fund is carried out in accordance with the
Deed(s) of the Fund and any regulatory requirements; and
(c) creation and cancellation of units for the Fund are carried out
in accordance with the Deed(s) of the Fund and any regulatory
requirements.
We are of the view that the distribution made during the financial period
ended 30 April 2021 by the Manager is not inconsistent with the objectives
of the Fund.
For Deutsche Trustees Malaysia Berhad
Ng Hon Leong Gerard Ang
Head, Trustee Operations Chief Executive Officer
Kuala Lumpur
15 June 2021
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 11CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) FOR THE FINANCIAL PERIOD ENDED 30 APRIL 2021 2021 2020 Note RM RM INVESTMENT INCOME/(LOSS) Interest income from financial assets measured at amortised cost 24,779 18,284 Dividend income 813,671 144,728 Net gain/(loss) on financial assets at fair value through profit or loss (“FVTPL”) 8 17,170,749 (357,302) Net loss on derivatives 9 (419,617) (418,487) Net foreign currency exchange (loss)/gain (255,954) 91,713 17,333,628 (521,064) EXPENDITURE Management fee 4 (529,038) (181,813) Trustee’s fee 5 (23,059) (8,485) Auditors’ remuneration (4,811) (4,823) Tax agent’s fee (1,289) (1,642) Custodian fees (11,564) (4,256) Transaction costs (603,970) (124,224) Other expenses (101,882) (6,387) (1,275,613) (331,630) PROFIT/(LOSS) BEFORE TAXATION 16,058,015 (852,694) Taxation 6 - - PROFIT/(LOSS) AFTER TAXATION AND TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE FINANCIAL PERIOD 16,058,015 (852,694) Profit/(loss) after taxation is made up as follows: Realised amount (4,002,844) 2,463,633 Unrealised amount 20,060,859 (3,316,327) 16,058,015 (852,694) Distribution for the financial period: Net distribution 7 1,590,054 254,430 Net distribution per unit (sen) 7 2.0000 0.5000 Gross distribution per unit (sen) 7 2.0000 0.5000 The accompanying notes to the financial statements form an integral part of these unaudited condensed financial statements. 12 HONG LEONG A SIA-PACIFIC DIVIDEND FUND
CONDENSED STATEMENT OF FINANCIAL POSITION (Unaudited)
AS AT 30 APRIL 2021
30.04.2021 31.10.2020
Note RM RM
ASSETS
Cash and cash equivalents 12,204,221 1,553,227
Amount due from brokers/dealers - 176,986
Amount due from the Manager
-creation of units 1,978,983 299,888
Dividends receivable 360,359 70,416
Financial assets at fair value through
profit or loss (“FVTPL”) 8 97,404,257 32,703,699
TOTAL ASSETS 111,947,820 34,804,216
LIABILITIES
Amount due to brokers/dealers - 293,435
Amount due to the Manager
-cancellation of units 431,855 -
-management fee 163,907 42,871
-expenses - 157
Amount due to the Trustee 6,020 2,001
Derivatives 9 242,829 8,993
Other payables and accruals 15,021 13,598
TOTAL LIABILITIES 859,632 361,055
NET ASSET VALUE OF THE FUND 111,088,188 34,443,161
EQUITY
Unit holders’ capital 87,227,080 25,488,111
Retained earnings 23,861,108 8,955,050
NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS 111,088,188 34,443,161
UNITS IN CIRCULATION (UNITS) 10 150,864,636 60,483,297
NET ASSET VALUE PER UNIT (RM) 0.7363 0.5695
The accompanying notes to the financial statements form an integral part of these
unaudited condensed financial statements.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 13CONDENSED STATEMENT OF CHANGES IN EQUITY (Unaudited) FOR THE FINANCIAL PERIOD ENDED 30 APRIL 2021 Unit holders’ Retained capital earnings Total Note RM RM RM Balance as at 1 November 2020 25,488,111 8,955,050 34,443,161 Movement in net asset value: Creation of units from applications 71,422,099 - 71,422,099 Creation of units from distribution 782,298 - 782,298 Cancellation of units (10,027,331) - (10,027,331) Total comprehensive income for the financial period - 16,058,015 16,058,015 Distribution for the financial period 7 (438,097) (1,151,957) (1,590,054) Balance as at 30 April 2021 87,227,080 23,861,108 111,088,188 Balance as at 1 November 2019 18,906,647 5,771,525 24,678,172 Movement in net asset value: Creation of units from applications 7,198,810 - 7,198,810 Creation of units from distribution 61,046 - 61,046 Cancellation of units (9,944,048) - (9,944,048) Total comprehensive loss for the financial period - (852,694) (852,694) Distribution for the financial period 7 - (254,430) (254,430) Balance as at 30 April 2020 16,222,455 4,664,401 20,886,856 The accompanying notes to the financial statements form an integral part of these unaudited condensed financial statements. 14 HONG LEONG A SIA-PACIFIC DIVIDEND FUND
CONDENSED STATEMENT OF CASH FLOWS (Unaudited)
FOR THE FINANCIAL PERIOD ENDED 30 APRIL 2021
2021 2020
RM RM
CASH FLOWS FROM OPERATING ACTIVITIES
Proceeds from sales of financial assets at FVTPL 75,984,051 22,688,451
Purchase of financial assets at FVTPL (124,234,278) (18,486,533)
Realised loss on derivatives (185,781) (506,363)
Realised foreign exchange differences arising
from operating activities (228,725) 55,786
Interest income received from financial assets
measured at amortised cost 24,779 18,284
Dividend income received 440,684 124,554
Management fee paid (408,002) (190,235)
Trustee’s fee paid (19,040) (8,878)
Payment for other fees and expenses (32,104) (25,362)
Net cash (used in)/generated from
operating activities (48,658,416) 3,669,704
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from creation of units 69,743,004 7,198,810
Payments for cancellation of units (9,595,476) (9,946,101)
Payment for distribution (807,756) (193,384)
Net cash generated from/(used in)
financing activities 59,339,772 (2,940,675)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 10,681,356 729,029
EFFECTS OF FOREIGN EXCHANGE RATE CHANGES (30,362) 44,159
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE FINANCIAL PERIOD 1,553,227 1,753,625
CASH AND CASH EQUIVALENTS AT THE END
OF THE FINANCIAL PERIOD 12,204,221 2,526,813
The accompanying notes to the financial statements form an integral part of these
unaudited condensed financial statements.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 15NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Unaudited)
FOR THE FINANCIAL PERIOD ENDED 30 APRIL 2021
1. THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES
Hong Leong Asia-Pacific Dividend Fund (“the Fund”) was constituted
pursuant to the execution of a Deed dated 27 January 2006 and
Supplemental Deed dated 30 April 2010 between the Manager, Hong
Leong Asset Management Bhd and HSBC (Malaysia) Trustee Berhad
for the unit holders of the Fund. HSBC (Malaysia) Trustee Berhad has
been replaced with Deutsche Trustees Malaysia Berhad (“the Trustee”)
effective 1 November 2012 and Supplemental Master Deeds were
entered into between the Manager and the Trustee for the unit holders
of the Fund on 21 September 2012 and 25 March 2015 to effect the
change (“the Deeds”).
The Fund aims to provide investors with steady recurring income that
is potentially higher than the average fixed deposit rates. At the same
time, the Fund also attempts to attain Medium-To-Long Term capital
gains from investing in high quality dividend yielding equities.
The Fund will invest a minimum 70% of its net asset value into
equities and equity-related securities which include common stock and
depository receipts of companies in the Asia-Pacific ex Japan region.
The Fund may invest in ETFs and REITs. A maximum 30% of its net asset
value may be invested into fixed income instruments which include
fixed income securities, money market instruments and deposits. The
Fund’s investments may include derivatives which include futures,
options, forward contracts and warrants to gain exposure to equities in
the Asia-Pacific ex Japan region and in fixed income instruments. The
Fund commenced operations on 28 February 2006 and will continue its
operations until terminated as provided under Part 12 of the Deed.
The Manager of the Fund is Hong Leong Asset Management Bhd,
a company incorporated in Malaysia. The principal activity of the
Manager is the management of unit trust funds and private investment
mandates. Its holding company is Hong Leong Capital Berhad, a
company incorporated in Malaysia and listed on the Main Market of
Bursa Malaysia Securities Berhad.
The financial statements were authorised for issue by the Manager
on 15 June 2021.
16 HONG LEONG A SIA-PACIFIC DIVIDEND FUND2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been applied consistently in
dealing with items which are considered material in relation to the
financial statements:
(a) Basis of preparation
The condensed financial statements are unaudited and have
been prepared in accordance with the Malaysian Financial
Reporting Standards (“MFRS”) 134 “Interim Financial Reporting”
and International Financial Reporting Standards (“IFRS”) 34 “Interim
Financial Reporting”.
The condensed financial statements should be read in
conjunction with the audited financial statements of the Fund
for the financial year ended 31 October 2020 which have been
prepared in accordance with the provisions of the Malaysian
Financial Reporting Standards (“MFRS”) and International Financial
Reporting Standards (“IFRS”).
(i) Amendments to published standard and interpretations that
are effective and relevant.
The Fund has applied the following amendments and
interpretations for the first time for the financial period
beginning 1 November 2020:
• Amendments to the definition of material (Amendments
to MFRS 101 and MFRS 108) effective 1 January 2020.
The amendments clarify the definition of materiality and
use a consistent definition throughout MFRSs and the
Conceptual Framework for Financial Reporting.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 17The definition of ‘material’ has been revised as “Information
is material if omitting, misstating or obscuring it could
reasonably be expected to influence decisions that the
primary users of general purpose financial statements
make on the basis of those financial statements, which
provide financial information about a specific reporting
entity.”
The amendments also:
- clarify that an entity assess materiality in the context
of the financial statements as a whole.
- explain the concept of obscuring information in the
new definition. Information is obscured if it have
the effect similar as omitting or misstating of that
information. For example, material transaction
is scattered throughout the financial statements,
dissimilar items are inappropriately aggregated,
or material information is hidden by immaterial
information.
- clarify the meaning of ‘primary users of general
purpose financial statements’ to whom those financial
statements are directed, by defining them as ‘existing
and potential investors, lenders and other creditors’
that must rely on general purpose financial statements
for much of the financial information they need.
• The Conceptual Framework for Financial Reporting
(“Framework”) effective 1 January 2020.
The Framework was revised with the primary purpose
to assist the International Accounting Standards Board
(“IASB”) to develop IFRS that are based on consistent
concepts and enable preparers to develop consistent
accounting policies where an issue is not addressed by an
IFRS. The Framework is not an IFRS, and does not override
any IFRSs.
18 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDKey changes include:
- Objective of general purpose financial reporting -
clarification that the objective of financial reporting is
to provide useful information to the users of financial
statements for resource allocation decisions and
assessment of management’s stewardship.
- Qualitative characteristics of useful financial information
- reinstatement of the concepts of prudence when
making judgment of uncertain conditions and
“substance over form” concept to ensure faithful
representation of economic phenomenon.
- Clarification on reporting entity for financial reporting -
introduction of new definition of a reporting entity, which
might be a legal entity or a portion of a legal entity.
- Elements of financial statements - the definitions of
an asset and a liability have been refined. Guidance
in determining unit of account for assets and liabilities
have been added, by considering the nature of
executory contracts and substance of contracts.
- Recognition and derecognition - the probability
threshold for asset or liability recognition has been
removed. New guidance on de-recognition of asset
and liability have been added.
- Measurement - explanation of factors to consider
when selecting a measurement basis have been
provided.
- Presentation and disclosure - clarification that
statement of comprehensive income is the primary
source of information about an entity’s financial
performance for a reporting period. In principle,
recycling of income/expense included in other
comprehensive income to profit or loss is required if
this results in more relevant information or a more
faithful representation of profit or loss.
The adoption of the amendments to published standards and
revised Framework did not have any impact on the current period
or any prior period and is not likely to affect future periods.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 19(ii) Standards, amendments and interpretations that have
been issued but not yet effective and have not been early
adopted.
A number of new standards, amendments to standards and
interpretations are effective for annual periods beginning
after 1 November 2020, and have not been early adopted
in preparing these financial statements. None of these
are expected to have a material effect on the financial
statements of the Fund.
(b) Financial assets and financial liabilities
Classification
The Fund classifies its financial assets in the following
measurement categories:
• those to be measured subsequently at fair value (either through
other comprehensive income (‘OCI’) or through profit or loss),
and
• those to be measured at amortised cost.
The Fund classifies its investments based on both the Fund’s
business model for managing those financial assets and the
contractual cash flows characteristics of the financial assets.
The portfolio of financial assets is managed and performance is
evaluated on a fair value basis. The Fund is primarily focused on
fair value information and uses that information to assess the
assets’ performance and to make decisions. The Fund has not
taken the option to irrevocably designate any equity securities as
fair value through other comprehensive income. The contractual
cash flows of the Fund’s debt securities are solely principal and
interest, however, these securities are neither held for the purpose
of collecting contractual cash flows nor held both for collecting
contractual cash flows and for sale. The collection of contractual
cash flows is only incidental to achieving the Fund’s business
model’s objective. Consequently, all investments are measured
at fair value through profit or loss.
20 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDThe Fund classifies cash and cash equivalents, amount due from
brokers/dealers, amount due from the Manager and dividends
receivable as financial assets at amortised cost as these financial
assets are held to collect contractual cash flows consisting of the
amount outstanding.
The Fund classifies amount due to brokers/dealers, amounts due
to the Manager, amount due to the Trustee and other payables
and accruals as financial liabilities measured at amortised cost.
Recognition and measurement
Regular purchases and sales of financial assets are recognised on the
trade-date – the date on which the Fund commits to purchase or sell
the asset. Investments are initially recognised at fair value. Transaction
costs are expensed in the statement of comprehensive income.
Financial liabilities, within the scope of MFRS 9 are recognised
in the statement of financial position when, and only when, the
Fund becomes a party to the contractual provisions of the financial
instrument.
Financial assets are derecognised when the rights to receive cash
flows from the investments have expired or have been transferred
and the Fund has transferred substantially all risks and rewards
of ownership.
Financial liabilities are derecognised when it is extinguished, i.e.
when the obligation specified in the contract is discharged or
cancelled or expired.
Unrealised gains or losses arising from changes in the fair value of
the financial assets at fair value through profit or loss including the
effects of currency translation are presented in the statement of
comprehensive income within net gain or loss on financial assets
at fair value through profit or loss in the period which they arise.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 21Dividend income from financial assets at fair value through profit
or loss is recognised in the statement of comprehensive income
as part of dividend income when the Fund’s right to receive
payments is established.
Local quoted investments are valued at the last done market prices
quoted on Bursa Malaysia Securities Berhad (“Bursa Securities”)
at the date of the statement of financial position.
Foreign quoted investments are valued at the last traded market
prices quoted on the respective foreign stock exchanges at
the close of the business day of the respective foreign stock
exchanges.
If a valuation based on the market price does not represent
the fair value of the quoted investments, for example during
abnormal market conditions or when no market price is available,
including in the event of a suspension in the quotation of the
quoted securities for a period exceeding 14 days, or such shorter
period as agreed by the Trustee, then the quoted securities are
valued as determined in good faith by the Manager, based on
the methods or bases approved by the Trustee after appropriate
technical consultation.
Deposits with licensed financial institutions are stated at cost
plus accrued interest calculated on the effective interest rate
method over the period from the date of placement to the date
of maturity of the respective deposits, which is a close estimate
of their fair value due to the short term nature of the deposits.
Financial assets at amortised cost and other financial liabilities
are subsequently carried at amortised cost using the effective
interest rate method.
22 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDImpairment
The Fund measures credit risk and expected credit losses using
probability of default, exposure at default and loss given default.
Management considers both historical analysis and forward
looking information in determining any expected credit loss.
Management considers the probability of default to be closed
to zero as these instruments have a low risk of default and the
counterparties have a strong capacity to meet their contractual
obligations in the near term. As a result, no loss allowance has
been recognised based on 12 months expected credit losses as
any such impairment would be wholly insignificant to the Fund.
Significant increase in credit risk
A significant increase in credit risk is defined by management as
any contractual payment which is more than 30 days past due.
Definition of default and credit-impaired financial assets
Any contractual payment which is more than 90 days past due
is considered credit impaired.
Write-off
The Fund writes off financial assets, in whole or in part, when it
has exhausted all practical recovery efforts and has concluded
there is no reasonable expectation of recovery. The assessment of
no reasonable expectation of recovery is based on unavailability
of obligor’s sources of income or assets to generate sufficient
future cash flows to pay the amount. The Fund may write-off
financial assets that are still subject to enforcement activity.
Subsequent recoveries of amounts previously written off will
result in impairment gains. There are no write-offs/recoveries
during the financial period.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 23(c) Foreign currency
Functional and presentation currency
Items included in the financial statements of the Fund are
measured using the currency of the primary economic environment
in which the Fund operates (the “functional currency”). The
financial statements are presented in Ringgit Malaysia (“RM”),
which is the Fund’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions or valuation where items are remeasured. Foreign
exchange gains and losses resulting from the settlement of such
transactions and from the translation at period-end exchange
rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss, except when deferred in
other comprehensive income as qualifying cash flow hedges.
Translation differences on non-monetary financial assets and
liabilities such as equities held at fair value through profit or loss are
recognised in profit or loss as part of the fair value gain or loss.
(d) Income recognition
Dividend income is recognised on the ex-dividend date when the
Fund’s right to receive payment is established.
Interest income from deposits with licensed financial institutions
and auto-sweep facility bank account are recognised on the
effective interest rate method on an accrual basis.
Interest income is calculated by applying the effective interest
rate to the gross carrying amount of a financial asset except
for financial assets that subsequently become credit-impaired.
For credit-impaired financial assets the effective interest rate is
applied to the net carrying amount of the financial asset (after
deduction of the loss allowance).
24 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDRealised gain or loss on disposal of quoted investments is
accounted for as the difference between the net disposal proceeds
and the carrying amount of quoted investments determined on
a weighted average cost basis.
(e) Cash and cash equivalents
For the purpose of statement of cash flows, cash and cash
equivalents comprise cash at banks and deposits held in highly
liquid investments that are readily convertible to known amounts
of cash with an original maturity of three months or lesser
which are subject to an insignificant risk of changes in value.
(f) Amount due from/to brokers/dealers
Amount due from/to brokers/dealers represents receivables/
payables for investments sold/purchased that have been
contracted for but not yet settled or delivered on the statement
of financial position date respectively.
These amounts are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest rate method, less provision for impairment for amount
due from brokers/dealers. A provision for impairment of amount
due from a broker/dealer is established when there is objective
evidence that the Fund will not be able to collect all amounts due
from the relevant broker/dealer. Significant financial difficulties
of the broker/dealer, probability that the broker/dealer will enter
bankruptcy or financial reorganisation, and default in payments are
considered indicators that the amount due from brokers/dealers
is impaired. Once a financial asset or a group of similar financial
assets has been written down as a result of an impairment loss,
interest income is recognised using the rate of interest used to
discount the future cash flows for the purpose of measuring the
impairment loss.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 25(g) Taxation
Current tax expense is determined according to Malaysian tax laws
at the prevailing tax rate based on the taxable profit earned during
the financial period. Withholding taxes on investment income from
foreign investments are based on the tax regime of the respective
countries that the Fund invests in. Such withholding taxes are not
“income tax” in nature and are recognised and measured based on
the requirements of MFRS 137. There are presented within other
expenses line in the statement of comprehensive income.
(h) Distributions
A distribution to the Fund’s unit holders is accounted for as
a deduction from realised reserve. A proposed distribution is
recognised as a liability in the financial period in which it is
approved by the Board of Directors of the Manager.
(i) Transaction costs
Transaction costs are costs incurred to acquire or dispose financial
assets or liabilities at fair value through profit or loss. They include
fees and commissions paid to agents, advisors and brokers/dealers.
Transaction costs, when incurred, are immediately recognised in
the statement of comprehensive income as expenses.
(j) Unit holders’ capital
The unit holders’ contributions to the Fund meet the criteria to
be classified as equity instruments under MFRS 132 “Financial
Instruments: Presentation”. Those criteria include:
• the units entitle the unit holder to a proportionate share of the
Fund’s net asset value;
• the units are the most subordinated class and class features
are identical;
• there is no contractual obligations to deliver cash or another
financial asset other than the obligation on the Fund to
repurchase the units; and
26 HONG LEONG A SIA-PACIFIC DIVIDEND FUND• the total expected cash flows from the units over its life are
based substantially on the profit or loss and change in the net
asset value of the Fund.
The outstanding units are carried at the redemption amount that
is payable at the date of the statement of financial position if unit
holder exercises the right to put the unit back to the Fund.
Units are created and cancelled at prices based on the Fund’s
net asset value per unit at the time of creation and cancellation.
The Fund’s net asset value per unit is calculated by dividing the
net assets attributable to unit holders with the total number of
outstanding units.
(k) Derivatives
A derivative is any contract that gives rise to a financial asset/
liability of the Fund and a financial liability/asset or equity
instrument of another enterprise.
A financial asset is any asset that is cash, a contractual right to
receive cash or another financial asset from another enterprise, a
contractual right to exchange financial instruments with another
enterprise under conditions that are potentially favorable, or an
equity instrument of another enterprise.
A financial liability is any liability that is a contractual obligation
to deliver cash or another financial asset to another enterprise, or
to exchange financial instruments with another enterprise under
conditions that are potentially unfavorable.
The Fund’s derivatives comprise unquoted forward currency
contracts. Derivatives are initially recognised at fair value on the
date a derivative contract is entered into and is subsequently
re-measured at their fair value.
The fair value of forward foreign currency contracts is determined
using forward exchange rates at the date of statements of financial
position with the resulting value discounted back to present value.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 27The method of recognising the resulting gain or loss depends on
whether the derivative is designated as a hedging instrument,
and the nature of the item being hedged. Derivatives that do not
qualify for hegde accounting are classified as held for trading and
accounted for in accordance wih the accounting policy set out in
Note 2(b).
(l) Fair value of financial instruments
Financial instruments comprise financial assets and financial
liabilities. Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The
information presented herein represents the estimates of fair
values as at the date of the statement of financial position.
The Fund’s financial assets and financial liabilities are measured
on an ongoing basis at either fair value or at amortised cost based
on the respective classification.
The following table analyses the financial assets and financial liabilities of
the Fund in the statement of financial position as at the reporting date:
Financial Financial
assets/ assets/
liabilities liabilities at
at FVTPL amortised cost Total
RM RM RM
30.04.2021
Financial assets
Cash and cash equivalents - 12,204,221 12,204,221
Amount due from the Manager
-creation of units - 1,978,983 1,978,983
Dividends receivable - 360,359 360,359
Financial assets at FVTPL (Note 8) 97,404,257 - 97,404,257
97,404,257 14,543,563 111,947,820
Financial liabilities
Amount due to the Manager
-cancellation of units - 431,855 431,855
-management fee - 163,907 163,907
Amount due to the Trustee - 6,020 6,020
Derivatives (Note 9) 242,829 - 242,829
Other payables and accruals - 15,021 15,021
242,829 616,803 859,632
28 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDFinancial Financial
assets/ assets/
liabilities liabilities at
at FVTPL amortised cost Total
RM RM RM
31.10.2020
Financial assets
Cash and cash equivalents - 1,553,227 1,553,227
Amount due from brokers/dealers - 176,986 176,986
Amount due from the Manager
-creation of units - 299,888 299,888
Dividends receivable - 70,416 70,416
Financial assets at FVTPL (Note 8) 32,703,699 - 32,703,699
32,703,699 2,100,517 34,804,216
Financial liabilities
Amount due to brokers/dealers - 293,435 293,435
Amount due to the Manager
-management fee - 42,871 42,871
-expenses - 157 157
Amount due to the Trustee - 2,001 2,001
Derivatives (Note 9) 8,993 - 8,993
Other payables and accruals - 13,598 13,598
8,993 352,062 361,055
All liabilities except derivatives are financial liabilities which are carried
at amortised cost.
(m) Critical accounting estimates and judgments in applying
accounting policies
The Fund makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, rarely equal
the related actual results. To enhance the information content of
the estimates, certain key variables that are anticipated to have
material impact to the Funds’ results and financial position are
tested for sensitivity to changes in the underlying parameters.
Estimates and judgments are continually evaluated by the Manager
and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable
under the circumstances.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 29In undertaking any of the Fund’s investment, the Manager will
ensure that all assets of the Fund under management will be
valued appropriately, that is at fair value and in compliance with the
Securities Commission Malaysia’s Guidelines on Unit Trust Funds.
However, the Manager is of the opinion that there are no accounting
policies which require significant judgment to be exercised.
3. FAIR VALUE ESTIMATION
The fair value of financial assets traded in active markets (such as
publicly traded derivatives and trading securities) are based on quoted
market prices at the close of trading on the reporting date. The Fund
utilises the last traded market price for financial assets where the last
traded price falls within the bid-ask spread. In circumstances where
the last traded price is not within the bid-ask spread, the Manager
will determine the point within the bid-ask spread that is most
representative of the fair value.
A financial instrument is regarded as quoted in an active market if
quoted prices are readily and regularly available from an exchange,
dealer, broker, industry group, pricing service, or regulatory agency,
and those prices represent actual and regularly occurring market
transactions on an arm’s length basis.
The fair value of financial assets that are not traded in an active market
is determined by using valuation techniques. The Fund uses a variety of
methods and makes assumptions that are based on market conditions
existing at each period end date. Valuation techniques used for non-
standardised financial instruments such as options, currency swaps
and other over-the-counter derivatives, include the use of comparable
recent arm’s length transactions, reference to other instruments that are
substantially the same, discounted cash flow analysis, option pricing
models and other valuation techniques commonly used by market
participants making the maximum use of market inputs and relying
as little as possible on entity-specific inputs.
30 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDFor instruments for which there is no active market, the Fund may use
internally developed models, which are usually based on valuation
methods and techniques generally recognised as standard within the
industry. Valuation models are used primarily to value unlisted equity,
debt securities and other debt instruments for which market were or
have been inactive during the financial period. Some of the inputs
to these models may not be market observable and are therefore
estimated based on assumptions.
The output of a model is always an estimate or approximation of a value
that cannot be determined with certainty and valuation techniques
employed may not fully reflect all factors relevant to the positions
the Fund holds. Valuations are therefore adjusted, where appropriate,
to allow for additional factors including model risk, liquidity risk and
counter party risk.
An active market is a market in which transactions for the asset or
liability take place with sufficient frequency and volume to provide
pricing information on an on-going basis.
(i) Fair value hierarchy
The table below analyses financial instruments carried at fair value.
The different levels have been defined as follows:
• Quoted prices (unadjusted) in active market for identical assets
or liabilities (Level 1);
• Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (that is, as
prices) or indirectly (that is, derived from prices) (Level 2); and
• Inputs for the asset and liability that are not based on observable
market data (that is, unobservable inputs) (Level 3).
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 31The level in the fair value hierarchy within which the fair value
measurement is categorised in its entirely is determined on the
basis of the lowest level input that is significant to the fair value
measurement in its entirely. For this purpose, the significance of
an input is assessed against the fair value measurement in its
entirely. If a fair value measurement uses observable inputs that
requires significant adjustment based on unobservable inputs,
that measurement is a Level 3 measurement. Assessing the
significance of a particular input to the fair value measurement
in its entirely requires judgment, considering factors specific to
the asset or liability.
The determination of what constitutes ‘observable’ requires
significant judgment by the Fund. The Fund considers observable
data to be that market data that is readily available, regularly
distributed or updated, reliable and verifiable, not proprietary
and provided by independent sources that are actively involved
in the relevant market.
The following table analyses within the fair value hierarchy of the Fund’s
financial assets and liabilities (by class) measured at fair value:
Level 1 Level 2 Level 3 Total
RM RM RM RM
30.04.2021
Financial assets at FVTPL:
- Quoted equity securities
- local 35,725,500 - - 35,725,500
- Quoted equity securities
- foreign 61,678,757 - - 61,678,757
97,404,257 - - 97,404,257
Financial liabilities:
- Derivatives - (242,829) - (242,829)
32 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDLevel 1 Level 2 Level 3 Total
RM RM RM RM
31.10.2020
Financial assets at FVTPL:
- Quoted equity securities
- local 17,590,700 - - 17,590,700
- Quoted equity securities
- foreign 15,112,999 - - 15,112,999
32,703,699 - - 32,703,699
Financial liabilities:
- Derivatives - (8,993) - (8,993)
Investments whose values are based on quoted market prices in
active markets, and are therefore classified within Level 1, include
active listed equities. The Fund does not adjust the quoted prices for
this instrument. The Fund’s policies on valuation of these financial
assets are stated in Note 2(b).
Financial instruments that trade in markets that are not considered
to be active but are valued based on quoted market prices, dealer
quotations or alternative pricing sources supported by observable
inputs are classified within Level 2. This include derivatives. As
Level 2 instruments include positions that are not traded in active
markets and/or are subject to transfer restrictions, valuations may
be adjusted to reflect illiquidity and/or non-transferability, which are
generally based on available market information. The Fund’s policies
on valuation of these financial liabilities are stated in Note 2(b).
(ii) The carrying values of financial assets (other than financial assets
at FVTPL) and financial liabilities (other than derivatives) are a
reasonable approximation of their fair values due to their short
term nature.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 334. MANAGEMENT FEE
In accordance with Division 13.1 of the Deed, the Manager is entitled to
a management fee of up to 2.00% per annum calculated daily based
on the net asset value of the Fund.
For the financial period ended 30 April 2021, the management fee is
recognised at a rate of 1.50% per annum until 6 April 2021. With effect
from 7 April 2021, the management fee rate has been revised to 2.00%
(2020: 1.50%) per annum.
There will be no further liability to the Manager in respect of
management fee other than the amount recognised above.
5. TRUSTEE’S FEE
In accordance with Division 13.2 of the Deed, the Trustee is entitled
to a fee not exceeding 0.20% subject to a minimum of RM18,000 per
annum calculated daily based on the net asset value of the Fund.
For the financial period ended 30 April 2021, the Trustee’s fee is
recognised at a rate of 0.07% (2020: 0.07%) per annum.
There will be no further liability to the Trustee in respect of Trustee’s
fee other than the amount recognised above.
6. TAXATION
2021 2020
RM RM
Tax charge for the financial period:
Current taxation - -
34 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDThe numerical reconciliation between profit/(loss) before taxation multiplied
by the Malaysian statutory income tax rate and tax expense of the Fund is
as follows:
2021 2020
RM RM
Profit/(loss) before taxation 16,058,015 (852,694)
Taxation at Malaysian statutory rate of
24% (2020: 24%) 3,853,924 (204,647)
Tax effects of:
(Investment income not subject to tax)/
investment loss disallowed from tax (4,160,071) 125,055
Expenses not deductible for tax purposes 175,824 34,178
Restriction on tax deductible expenses
for unit trust fund 130,323 45,414
Taxation - -
7. DISTRIBUTION
2021 2020
RM RM
Prior financial years’ realised income 1,151,957 143,608
Current financial period’s realised income - 110,822
Distribution equalisation 438,097 -
Net distribution amount 1,590,054 254,430
Date of Declaration
Distribution on 19/21 January
Gross/net distribution per unit (sen) 2.0000 0.5000
Net distribution above is sourced from prior financial years’ and current
financial period’s realised income. Gross distribution is derived using
total income less total expenses.
Gross distribution per unit is derived from net realised income less
expenses divided by units in circulation, while net distribution per
unit is derived from net realised income less expenses and taxation
divided by units in circulation.
HONG LEONG A SIA-PACIFIC DIVIDEND FUND 35Distribution equalisation represents the average amount of distributable
income included in the creation and cancellation of units. It is
computed as at each date of creation and cancellation of units. For the
purpose of determining amount available for distribution, distribution
equalisation is included in the computation of distribution available
for unit holders.
The above distribution has been proposed before taking into account
the unrealised gain of RM20,060,859 (2020: unrealised loss of
RM3,316,327) which is carried forward to the next financial period.
8. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
(“FVTPL”)
30.04.2021 31.10.2020
RM RM
Financial assets at FVTPL:
Quoted equity securities - local 35,725,500 17,590,700
Quoted equity securities - foreign 61,678,757 15,112,999
97,404,257 32,703,699
2021 2020
RM RM
Net gain/(loss) on financial assets at FVTPL:
Realised (loss)/gain on disposals (3,151,175) 3,082,585
Changes in unrealised fair values 20,321,924 (3,439,887)
17,170,749 (357,302)
36 HONG LEONG A SIA-PACIFIC DIVIDEND FUNDYou can also read
