TA GLOBAL ASSET ALLOCATOR FUND - Interim Report TA Investment - TA Investment - TA Investment Management
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TAI
nvestment (
340588-
AMemberoftheTAGroup
T)
I
nteri
m Report
TAGLOBALASSET
ALLOCATORFUND
F
ort
he6monthsended
31J
anua
ry2020
TAI
nvestment (
340588-
AMemberoftheTAGroup
T)TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
Contents
Contents 1
Key Performance Data 2
Manager’s Report 4
Market Review 7
Market Outlook And Investment Strategy 8
Size Of Unitholdings 8
Soft Commission 8
Trustee’s Report 9
Statement By The Manager 10
Unaudited Statement Of Comprehensive Income 11
Unaudited Statement Of Financial Position 12
Unaudited Statement Of Changes In Equity 13
Unaudited Statement Of Cash Flows 14
Notes To The Unaudited Financial Statements 15
Corporate Information 32
1TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
Key Performance Data
6 months 6 months 6 months
ended ended ended
31/01/2020 31/01/2019 31/01/2018
PORTFOLIO COMPOSITION (% OF NAV)
Exchange Traded Fund 98.21 96.44 94.92
Unit Trust 0.04 0.03 0.02
Cash (Net of Liabilities) 1.75 3.53 5.06
Total Investment 100.00 100.00 100.00
Total Net Asset Value (RM'000) 1,656 # 1,989 2,837
Units In Circulation (Units '000) 3,312 4,109 5,356
Net Asset Value Per Unit (RM) 0.4999 # 0.4841 # 0.5297
Management Expense Ratio (MER) (%) * 2.53 2.25 1.56
Portfolio Turnover Ratio (PTR) (times) ** 0.48 0.77 0.20
# Refer to unaudited account Note 9.
* The MER for the current interim period has increased as compared to the previous period. This is due to decrease in the
average net asset value of the Fund.
** The PTR for the current interim period has decreased compared to previous interim period due to decrease in average
transaction value of the Fund.
UNIT PRICES ^
NAV Per Unit (RM) 0.4999 0.4841 0.5297
Highest NAV Per Unit for the Period (RM) 0.5080 0.5361 0.5484
Lowest NAV Per Unit for the Period (RM) 0.4895 0.4469 0.5275
^ Ex-distribution
TOTAL RETURN (%)
Capital Return 0.26 -8.26 -2.54
Income Return - - -
Total Return of Fund 0.26 -8.26 -2.54
Total Return of the Benchmark 1.32 -2.41 -1.96
- Equities : Morgan Stanley Capital International AC World Index
- Fixed Income Securities : JP Morgan Global Government Bond
Global Unhedged USD Index
- Property : S&P Developed REIT Index
- Commodities : S&P Goldman Sachs Commodity Index
2TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
AVERAGE TOTAL RETURN (%)
Fund Benchmark
Period
1 Year (31/01/2019 - 31/01/2020) 3.26 6.70
3 Years (31/01/2017 - 31/01/2020) -2.44 1.89
5 Years (31/01/2015 - 31/01/2020) 0.18 4.32
ANNUAL TOTAL RETURN (%)
Fund Benchmark
Period
31/01/2019 - 31/01/2020 3.26 6.70
31/01/2018 - 31/01/2019 -8.61 1.22
31/01/2017 - 31/01/2018 -1.60 -2.06
31/01/2016 - 31/01/2017 10.44 17.35
31/01/2015 - 31/01/2016 -1.64 -0.43
Source : Lipper for Investment Management
Past performance is not necessarily indicative of future performance. Unit prices and investment returns may go down, as
well as up.
3TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
Manager’s Report
TA Global Asset Allocator Fund
Fund Category/Type Fund of Funds (Global Mixed Asset) / Growth & Income
Fund Objective The Fund aims to provide investors with long-term capital
growth by investing in a diversified portfolio of collective
investment schemes or similar schemes globally that invests
in equities, fixed income instruments, property-related
securities and commodity related securities.
Performance Equities: Morgan Stanley Capital International (MSCI)
Benchmark(s) AC World Index - 25%
Fixed Income Securities: JP Morgan Global Government
Bond Global Unhedged USD Index - 25%
Property: S&P Developed REIT Index - 25%
Commodities: S&P Goldman Sachs Commodity Index
(GSCI) Index - 25%
Fund’s Distribution The Fund may declare annual/interim distribution (if any)
Policy during its financial year.
Fund’s Performance The Fund was managed within its investment objective for the
and Investment period under review and met its objective of providing capital
Strategies Employed returns. The Fund posted a return of 0.26% during the interim
six-month period under review but underperformed its
benchmark’s return of 1.32% in the same period.
The Fund was positioned to capitalise on the continued
economic recovery and improvement in corporate earnings.
Analysis of Fund’s 31/01/20 31/07/19 % Change
Performance
NAV/ unit (RM) 0.4999~ 0.4986 0.26
Total NAV 1,656~ 1,876 -11.73
(RM’000)
~ Refer to unaudited account Note 9.
Income Capital Return # Total Return
Distribution (%) (%) (%)
- 0.26 0.26
4TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
#
Capital Return components:
Collective investment schemes
Cash and cash equivalents
31/01/20 31/07/19 % Change
Benchmark 131.89 130.17 1.32
Performance Chart
Benchmark 23.59%
TAGAAF 0.89%
Distribution/Unit None were declared for the interim period under review 31
Split January 2020.
Asset Allocation 31/01/20 31/07/19
Cash (Net of Cash (Net of
Unit Trust Liabilities) 1.75% Unit Trust Liabilities) 3.49%
0.04% 0.03%
Exchange Traded Fund 98.21% Exchange Traded Fund 96.48%
The Fund Manager continued to use asset allocation
strategies to manage the Fund. Throughout the period, the
Fund’s investment level was maintained above 90%.
Top Investments Top 5 Investments
As at 31/01/20 % NAV
SPDR Bloomberg Barclays Global Aggregate 17.29
Bond Etf
5TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
Ossiam Shiller Barclays Cape USD 11.30
SPDR S&P 500 Low Volatility UCITs Etf 10.52
SPDR Global Convertible Bond 8.78
SPDR Euro Stoxx Low Volatility Etf 7.20
As at 31/07/19 % NAV
DBX II Global Aggregate Bond 1D 21.19
Ossiam Shiller Barclays Cape USD 10.93
SPDR Global Convertible Bond 8.47
SPDR Euro Stoxx Low Volatility Etf 7.33
Lyxor Russel 1000 Growth 5.58
Past performance is not necessarily indicative of future performance. Unit prices and
investment returns may go down, as well as up.
6TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
Market Review
Global equities underwent a volatile start to the second half of 2019 as the trade dispute
between the United States (“US”) and China worsened and investors sold equities but
loaded up on bonds in August, 2019. Market sentiment was also fragile with the United
Kingdom’s (“UK”) new Prime Minister, Boris Johnson bent on taking Britain out from the
European Union on 31 October 2019 with or without a deal. The US Dow Jones Industrial
index fell 1.7% in August 2019, which was relatively mild compared to the MSCI Asia
Pacific Index’s drop of 3.4%. By September 2019, the European Central Bank (“ECB”)
reduced its deposit rate by 10 bps to -0.5% and relaunched its Quantitative Easing (“QE”)
program for “as long as necessary to reinforce the accommodative impact of its policy
rates” amid a slowdown in Europe, with Germany’s real Gross Domestic Product (“GDP”)
at its lowest since quarter one of 2013 (0% Year-on-Year in quarter two 2019). A strong
showing of Quarter three 2019 US corporate earnings lifted the Dow Jones and S&P 500
indices to almost historic high levels in September 2019. Sentiment was further stoked
after the US Federal Reserve (“the Fed”) cut interest rates by 25 basis points (“bps”) for
the third time in 2019 while other central banks were also on rate-cutting mode. Despite
House Democrats’ impeachment proceedings against US President Trump, US stock
markets continued their record-breaking streak throughout November 2019 up until
January 2020. The Dow Jones index surged 1.7% in December 2019 and 22.3% for the
whole year of 2019. The longest expansion in history, now in its 11th year, remains on
track thanks to the Fed cutting interest rates three times in 2019.
Sentiment improved in 2020 following the conclusion of the Phase 1 deal between the US
and China. But the improved sentiment did not last long when news emerged on the novel
coronavirus, causing global stocks to plummet again. Market sentiment dipped further with
the rapid spread of the virus and the increase in deaths within China and the subsequent
spread around the world. The number of confirmed cases surpassed the total number of
infections of the nine-month Severe Acute Respiratory Syndrome (“SARS”) outbreak of
2003 in less than a month and the World Health Organization formally declared the
pneumonia-like virus a global health emergency. Consequently, traders remained on edge
and took a longer Chinese New Year break. US equity markets were, however, less
impacted as The Dow Jones Industrial index and S&P 500 index fell 1% and 0.2%
respectively while the Nasdaq climbed 2% in January 2020.
In August 2019, US Treasury yields on the benchmark 30-year Treasury bond sank to an
all-time low of less than 2% while the US yield curve inverted, sparking fears of a
recession ahead. Brent crude oil plunged 7.3% due to worries of an impending global
economic slowdown and Organization of the Petroleum Exporting Countries (“OPEC’s”)
forecast that there would be excess supply in 2020 as rivals continue to increase
production. Crude oil rose slightly by 0.6% in September 2019 despite a sharp spike
immediately after a drone attack on a Saudi Arabian oilfield. Brent crude oil climbed 5.7%
in December 2019 and 22.7% for the whole year of 2019 due to the drop in US crude
inventories, greater investors’ risk appetite and overall effort by the Organization of the
Petroleum Exporting Countries (“OPEC”) and allies including Russia to curb production.
The Brent crude oil price retreated 11.9% in January 2020 as fears grew over the impact
of the virus outbreak on demand, particularly with the transportation lockdown in China
and airlines suspending flights, and China’s weak 2019 GDP growth of 6.1%, the weakest
in just under three decades.
7TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
Market Outlook And Investment Strategy
Global markets started 2020 well spurred by possible resolutions to some of the key
issues plaguing the world economy in 2019. The US and European equity indices reached
new highs as investors hope to put the trade war and Brexit debacles behind them. Is
such optimism justified? We believe global markets would likely overshoot expectations on
such “feel good” sentiment if no new concern emerges. However, the world is increasingly
volatile and it is wishful thinking to assume that things could quiet down this year. The
recent outbreak of the Wuhan coronavirus is an extremely good example of how market
trends can easily be disrupted.
Size Of Unitholdings
- 31 January 2020
Size of Holdings No. of % of No. of Units % of Unit
(units) Unitholders Unitholders Held ('000) Held
5,000 and below 28 18.79% 90 2.72%
5,000-10,000 27 18.12% 197 5.96%
10,001-50,000 80 53.69% 1,646 49.69%
50,000-500,000 14 9.40% 1,379 41.63%
500,001 and above - - - -
Total 149 100.00% 3,312 100.00%
Soft Commission
The Manager retains soft commissions received from brokers only if the goods and
services are of demonstrable benefits to the unitholders as allowed under the Securities
Commission's Guidelines on Unit Trust Funds. The soft commission received include
research and advisory services which are used to support the investment decision making
process and are of demonstrable benefit to Unitholders of the Fund.
8TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
TRUSTEE'S REPORT
FOR THE FINANCIAL PERIOD ENDED 31 JANUARY 2020
TO THE UNITHOLDERS OF TA GLOBAL ASSET ALLOCATOR FUND
We have acted as Trustee for TA GLOBAL ASSET ALLOCATOR FUND ("the Fund") for the
financial period ended 31 January 2020. To the best of our knowledge, TA Investment
Management Berhad (“the Manager”) has managed the Fund in the financial period under review
in accordance with the following:
(a) Limitations imposed on the investment powers of the Manager under the deeds, securities
laws and Guidelines on Unit Trust Funds;
(b) Valuation and pricing of the Fund are carried out in accordance with the deeds and any
regulatory requirement; and
(c) Creation and cancellation of units are carried out in accordance with the deeds and any
regulatory requirement.
For Maybank Trustees Berhad
[Co. No.: 196301000109 (5004-P)]
JULIA BINTI MUSTAFFA
Chief Executive Officer
Kuala Lumpur, Malaysia
18 March 2020
9TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
STATEMENT BY THE MANAGER
We, CHOO SWEE KEE and MOHAMMED A'REEFF BIN ABDUL KHALID, being two of the
directors of TA INVESTMENT MANAGEMENT BERHAD, do hereby state that, in the opinion of
the Manager, the accompanying unaudited financial statements set out on page 11 to 31, are
drawn up in accordance with Malaysian Financial Reporting Standards ("MFRS") 134 Interim
Financial Reporting so as to give a true and fair view of the financial position of TA GLOBAL
ASSET ALLOCATOR FUND as at 31 January 2020 and of its unaudited financial performance
and unaudited cash flows for the financial period then ended.
On behalf of the Manager,
CHOO SWEE KEE MOHAMMED A'REEFF BIN ABDUL KHALID
Kuala Lumpur, Malaysia
18 March 2020
10TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL PERIOD ENDED 31 JANUARY 2020
01.08.2019 01.08.2018
to to
31.01.2020 31.01.2019
Note RM RM
INCOME/(LOSS)
Dividend income 8,988 20,378
Net gain/(loss) on:
- financial assets at fair value through profit
or loss ("FVTPL") 6 39,118 (151,302)
48,106 (130,924)
EXPENSES
Manager's fee 3 15,542 20,917
Trustee's fee 4 5,080 7,591
Auditors' remuneration 3,000 3,000
Tax agent's fee 1,380 2,140
Investment committee's remuneration 3,600 3,600
Brokerage and other transaction fees 10,981 19,097
Administrative fees and expenses 3,851 14,658
43,434 71,003
Net income/(loss) before tax 4,672 (201,927)
Less: Income tax expense 5 (1,675) (4,193)
Net income/(loss) after tax, representing total
comprehensive income for the financial period 2,997 (206,120)
Net income/(loss) after tax is made up of the following:
Net realised income/(loss) 29,690 (17,363)
Net unrealised loss (26,693) (188,757)
2,997 (206,120)
The accompanying notes form an integral part of the financial statements.
11TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2020
31.01.2020 31.07.2019
Note RM RM
ASSETS
Investments 6 1,623,925 1,808,101
Amount due from the Manager 7 - 2
Other receivable 12 10
Cash at banks 90,738 83,815
TOTAL ASSETS 1,714,675 1,891,928
LIABILITIES
Amount due to the Manager 7 50,603 5,665
Amount due to Trustee 80 1,000
Other payables and accruals 10,930 11,650
TOTAL LIABILITIES 61,613 18,315
EQUITY
Unitholders' capital 8(a) 480,081 62,641
Retained earnings 8(b),(c) 1,172,981 1,810,972
NET ASSET VALUE ("NAV") ATTRIBUTABLE
TO UNITHOLDERS 1,653,062 1,873,613
TOTAL EQUITY AND LIABILITIES 1,714,675 1,891,928
NUMBER OF UNITS IN CIRCULATION 8(a) 3,312,279 3,762,396
NAV PER UNIT 9 0.4991 0.4980
The accompanying notes form an integral part of the financial statements.
12TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL PERIOD ENDED 31 JANUARY 2020
Unitholders' Retained
capital earnings Total
Note 8(a) Note 8(b),(c) NAV
RM RM RM
At 1 August 2018 725,528 1,963,459 2,688,987
Total comprehensive loss for the period - (206,120) (206,120)
Creation of units - - -
Cancellation of units (495,432) - (495,432)
At 31 January 2019 230,096 1,757,339 1,987,435
At 1 August 2019 62,641 1,810,972 1,873,613
Total comprehensive income for the period - 2,997 2,997
Creation of units 24,588 - 24,588
Cancellation of units (248,136) - (248,136)
Distribution equalisation 640,988 (640,988) -
At 31 January 2020 480,081 1,172,981 1,653,062
The accompanying notes form an integral part of the financial statements.
13TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL PERIOD ENDED 31 JANUARY 2020
01.08.2019 01.08.2018
to to
31.01.2020 31.01.2019
RM RM
CASH FLOWS FROM OPERATING AND INVESTING
ACTIVITIES
Proceeds from sales of investments 941,095 2,025,184
Purchases of investments (717,801) (1,543,790)
Dividend received 8,988 20,753
Tax paid (1,675) (4,193)
Manager's fee paid, net of rebate (12,942) (17,950)
Trustee's fee paid (6,000) (9,000)
Payments for other fees and expenses (23,532) (19,259)
Net cash generated from operating and investing activities 188,133 451,745
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from units created 24,590 7,567
Cash paid on units cancelled (205,800) (499,491)
Net cash used in financing activities (181,210) (491,924)
NET INCREASE/ (DECREASE) IN CASH AND
CASH EQUIVALENTS 6,923 (40,179)
CASH AND CASH EQUIVALENTS AT THE BEGINNING
OF THE FINANCIAL PERIOD 83,815 125,409
CASH AND CASH EQUIVALENTS AT THE END
OF THE FINANCIAL PERIOD 90,738 85,230
CASH AND CASH EQUIVALENTS COMPRISE:
Cash at banks 90,738 85,230
Cash and cash equivalents 90,738 85,230
The accompanying notes form an integral part of the financial statements.
14TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD ENDED 31 JANUARY 2020
1. THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES
TA Global Asset Allocator Fund ("the Fund") was constituted pursuant to the execution of a
Deed of Trust ("the Deed") dated 17 May 2006 between the Manager, TA Investment
Management Berhad, the Trustee, HSBC (Malaysia) Trustees Berhad and the registered
holders of the Fund.
Effective 6 May 2013, HSBC Trustee has ceased to become the Trustee of the Fund. With
the execution of First Supplemental Deed ("First Deed") dated 3 April 2013, Maybank
Trustees Berhad ("MTB") has been appointed as the Trustee of the Fund effective 7 May
2013. MTB shall resume the roles and responsibilities as Trustee for the Fund and any
reference made to "Trustee" of the Fund from 7 May 2013 shall refer to MTB. The First Deed
shall be read in concurrent with the Deed of the Fund.
The principal activity of the Fund is to invest in "Authorised Investments" as defined under
Division 7.1 of the Deed, which include all types of collective investment schemes including
unlisted and listed unit trusts that are regulated and registered/authorised/approved by the
relevant authorities in their home jurisdiction and money market instruments. The Fund aims
to provide investors with long term capital growth by investing in a diversified portfolio of
collective investment schemes or similar schemes globally that invests in equity, fixed income
instruments, property-related securities and commodity related securities. The Fund
commenced operations on 12 June 2006 and will continue its operations until terminated by
the Trustee as provided under Divisions 12.2 and 12.3 of the Deed.
The Manager, TA Investment Management Berhad, a company incorporated in Malaysia, is a
wholly owned subsidiary of TA Securities Holdings Berhad. Its ultimate holding company is
TA Enterprise Berhad, a company listed on the Main Market of Bursa Malaysia Securities
Berhad. Its principal activities are the establishment and management of unit trust funds and
fund management. The Manager is licensed to carry out dealing in securities and fund
management activities under the Capital Markets and Services Act 2007.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Preparation
(a) Statement of compliance
The financial statements of the Fund have been prepared in accordance with
Malaysian Financial Reporting Standards ("MFRS") and International Financial
Reporting Standards ("IFRS"), collectively known as the "Standards".
The following are accounting standards, amendments and interpretations of the
MFRS framework that have been issued by the Malaysian Accounting Standards
Board (“MASB”) but have not been adopted by the Fund:
15TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
2.1 Basis of Preparation (contd.)
(a) Statement of compliance (contd.)
MFRSs, Interpretations and amendments effective for annual periods
beginning on or after 1 January 2020
• MFRS 16, Leases
• IC Interpretation 23, Uncertainty over Income Tax Treatments
• Amendments to MFRS 3, Business Combinations (Annual Improvements to
MFRS Standards 2015-2017 Cycle)
• Amendments to MFRS 9, Financial Instruments – Prepayment Features with
Negative Compensation
• Amendments to MFRS 11, Joint Arrangements (Annual Improvements to
MFRS Standards 2015-2017 Cycle)
• Amendments to MFRS 112, Income Taxes (Annual Improvements to MFRS
Standards 2015-2017 Cycle)
• Amendments to MFRS 119, Employee Benefits – Plan Amendment,
Curtailment or Settlement
• Amendments to MFRS 123, Borrowing Costs (Annual Improvements to MFRS
Standards 2015-2017 Cycle)
• Amendments to MFRS 128, Investments in Associates and Joint Ventures –
Long-term Interests in Associates and Joint Ventures
MFRSs, Interpretations and amendments effective for annual periods
beginning on or after 1 January 2021
• Amendments to MFRS 2, Share-based Payment
• Amendments to MFRS 3, Business Combinations
• Amendments to MFRS 6, Exploration for and Evaluation of Mineral Resources
• Amendment to MFRS 14, Regulatory Deferral Accounts
• Amendments to MFRS 101, Presentation of Financial Statements
• Amendments to MFRS 108, Accounting Policies, Changes in Accounting
Estimates and Errors
• Amendments to MFRS 134, Interim Financial Reporting
• Amendments to MFRS 137, Provision, Contigent Liabilities and Contingent
Assets
• Amendments to MFRS 138, Intangible Assets
• Amendments to IC Interpretation 12, Service Concession Arrangements
• Amendments to IC Interpretation 19, Extinguishing Financial Liabilities with
• Amendments to IC Interpretation 20, Stripping Costs in the Production Phase
of a Surface Mine
• Amendments to IC Interpretation 22, Foreign Currency Transactions and
Advance Consideration
• Amendments to IC Interpretation 132, Intangible Assets – Web Site Costs
MFRSs, Interpretations and amendments effective for annual periods
beginning on or after 1 January 2022
• MFRS 17, Insurance Contracts
16TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
2.1 Basis of Preparation (contd.)
(a) Statement of compliance (contd.)
MFRSs, Interpretations and amendments effective for annual periods
beginning on or after a date yet to be confirmed
• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128,
Investments in Associates and Joint Ventures – Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture
The Fund plans to adopt the abovementioned accounting standards, amendments
and interpretations:
• from the annual period beginning on 1 August 2020 for those accounting
standard, amendments and intepretations that are effective for annual periods
beginning on or after 1 January 2020 except for Amendments to MFRS 11,
Amendments to MFRS112, Amendments to MFRS 119, Amendments to MFRS
123 and Amendments to MFRS 128; and
• from the annual period beginning on 1 August 2021 for those accounting
standard, amendments and interpretation that are effective for annual periods
beginning on or after 1 January 2021, except for Amendments to MFRS 2,
Amendments to MFRS 3, Amendments to MFRS 6, Amendments to MFRS 14
and Amendments to IC Interpretation 20 which are not applicable to the Fund.
The Fund does not plan to apply MFRS 17, Insurance Contracts that is effective for
annual periods beginning on 1 January 2021 as it is not applicable to the Fund.
The initial application of the abovementioned accounting standards, amendments or
interpretations are not expected to have any material impacts to the financial
statements of the Fund except as mentioned below:
MFRS 9: Financial Instruments
MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition
and Measurement on the classification and measurement of financial assets and
financial liabilities, and on hedge accounting.
In respect of impairment of financial assets, MFRS 9 replaces the “incurred loss”
model in MFRS 139 with an “expected credit loss” (ECL) model. The new
impairment model applies to financial assets measured at amortised cost, contract
assets and sukuk investments measured at fair value through other comprehensive
income, but not to investments in Shariah-compliant equity instruments.
17TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
2.1 Basis of Preparation (contd.)
(a) Statement of compliance (contd.)
Estimated impact of the adoption of MFRS 9
The Fund has assessed that the initial application of MFRS 9 on its financial
statements for the year ending 31 July 2020 will have no material impact on the net
assets and net income of the Fund.
(b) Basis of measurement
The financial statements of the Fund have been prepared on the historical cost
basis, unless otherwise indicated in Note 2.2.
(c) Functional and presentation currency
The financial statements are presented in Ringgit Malaysia ("RM"), which is the
Fund's functional currency.
2.2 Significant Accounting Policies
(a) Financial Assets
Financial assets 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.
When financial assets are recognised initially, they are measured at fair value, plus,
in the case of financial assets not at FVTPL, directly attributable transaction costs.
A financial asset is derecognised when the asset is disposed and the contractual
right to receive cash flows from the asset has expired. On derecognition of a
financial asset, the difference between the carrying amount and the sum of the
consideration received is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the financial
statement when there is a legally enforceable right to offset the recognised amounts
and there is an intention to settle on a net basis or realise the asset and settle the
liability simultaneously.
The Fund determines the classification of its financial assets at initial recognition,
and the categories include financial assets at FVTPL and receivables.
18TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
2.2 Significant Accounting Policies
(a) Financial Assets (contd.)
(i) Financial assets at FVTPL
Financial assets are classified as financial assets at FVTPL if they are held for
trading or are designated as such upon initial recognition. Financial assets held
for trading include collective investment scheme acquired principally for the
purpose of selling in the near term.
Subsequent to initial recognition, financial assets at FVTPL are measured at
fair value. Changes in the fair value of those financial instruments are recorded
in "Net gain or loss on financial assets at FVTPL". Interest earned of such
instruments is recorded in 'Interest income'. Exchange differences on financial
assets at FVTPL are not recognised separately in profit or loss but are included
in net gain or net loss on changes in fair value of financial assets at FVTPL.
(ii) Receivables
Financial assets with fixed or determinable payments that are not quoted in an
active market are classified as receivables. The Fund includes short-term
receivables in this classification.
Subsequent to initial recognition, financial assets categorised as receivables
are measured at amortised cost using the effective interest rate method. Gains
and losses are recognised in profit or loss when such financial assets are
derecognised or impaired, and through the amortisation process.
(b) Impairment of Financial Assets
The Fund assesses at each reporting date whether there is any objective evidence
that a financial asset is impaired.
Receivables and other financial assets carried at amortised cost
To determine whether there is objective evidence that an impairment loss on
financial assets has been incurred, the Fund considers factors such as the
probability of insolvency or significant financial difficulties of the receivable and
default or significant delay in payments.
If any such evidence exists, the amount of impairment loss is measured as the
difference between the asset's carrying amount and the present value of estimated
future cash flows discounted at the financial asset's original effective interest rate.
The impairment loss is recognised in profit or loss.
19TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
2.2 Significant Accounting Policies (Contd.)
(c) Classification of Realised and Unrealised Gains and Losses
The carrying amount of the financial asset is reduced by the impairment loss directly
for all financial assets with the exception of receivables, where the carrying amount
is reduced through the use of an allowance account. When a receivable becomes
uncollectible, it is written off against the allowance account.
If in a subsequent period, the amount of the impairment loss decreases and the
decrease can be related objectively to an event occurring after the impairment was
recognised, the previously recognised impairment loss is reversed to the extent that
the carrying amount of the asset does not exceed its amortised cost at the reversal
date. The amount of reversal is recognised in profit or loss.
Unrealised gains and losses comprise changes in the fair value of financial
instruments for the period and from reversal of prior period's unrealised gains and
losses for financial instruments which were realised (i.e. sold, redeemed or
matured) during the financial period.
Realised gains and losses on disposals of financial instruments classified as part of
'at FVTPL' are calculated using weighted average method. They represent the
difference between an instrument's initial carrying amount and disposal amount.
(d) Financial Liabilities
Financial liabilities are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial liability.
Financial liabilities, within the scope of MFRS 139, 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.
The Fund's financial liabilities are recognised initially at fair value plus any directly
attributable transaction costs and subsequently measured at amortised cost using
the effective interest rate method.
A financial liability is derecognised when the obligation under the liability is
extinguished. Gains and losses are recognised in profit or loss when the liabilities
are derecognised, and through the amortisation process.
20TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
2.2 Significant Accounting Policies (contd.)
(e) Foreign Currency
(i) Functional and presentation currency
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 RM, which is also the
Fund's functional currency.
(ii) Foreign currency transactions
Transactions in foreign currencies are measured in the functional currency of
the Fund and are recorded on initial recognition in the functional currency at
exchange rates approximating those ruling at the transaction dates. Monetary
assets and liabilities denominated in foreign currencies are translated at the
rate of exchange ruling at the reporting date. Non-monetary items denominated
in foreign currencies measured at fair value are translated using the exchange
rates at the date when the fair value was determined.
Exchange differences arising on the settlement of monetary items or on
translating monetary items at the reporting date are recognised in profit or loss.
Exchange differences arising on the translation of non-monetary items carried
at fair value are included in profit or loss for the period except for the
differences arising on the translation of non-monetary items in respect of which
gains and losses are recognised directly in other comprehensive income or
equity. Exchange differences arising from such non-monetary items are also
recognised directly in other comprehensive income or equity.
(f) Unitholders’ Capital
The unitholders' capital of the Fund is classified as an equity instrument.
Distribution equalisation represents the average distributable amount included in the
creation and cancellation prices of units. This amount is either refunded to
unitholders by way of distribution and/or adjusted accordingly when units are
cancelled.
(g) Distribution
Distribution is at the discretion of the Fund. A distribution to the Fund's unitholders is
accounted for as a deduction from realised reserves except where distribution is
sourced out of distribution equalisation which is accounted for as a deduction from
unitholders' capital. A proposed distribution is recognised as a liability in the period
which it is approved.
21TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
2.2 Significant Accounting Policies (contd.)
(h) Cash and Cash Equivalents
Cash and cash equivalents comprise cash at banks and short-term deposit with
financial institution that are readily convertible to known amount of cash and which
are subject to an insignificant risk of changes in value.
(i) Income Recognition
Income is recognised to the extent that it is probable that the economic benefits will
flow to the Fund and the income can be reliably measured. Income is measured at
the fair value of consideration received or receivable.
Dividend income is recognised when the Fund's right to receive payment is
established.
Interest income is recognised using the effective interest rate method.
(j) Income Tax
Current tax assets and liabilities are measured as at reporting date are measured at
the net amount expected to be recovered from or paid to the tax authorities. The tax
rates and tax laws used to compute the tax expense for the financial period are
those that are enacted or substantively enacted by the reporting date.
Current taxes are recognised in profit or loss except to the extent that the tax relates
to items recognised outside profit or loss, either in other comprehensive income or
directly in equity.
Deferred tax is provided for, using the liability method, on taxable temporary
differences at the reporting date between the tax bases of assets and liabilities and
their carrying amounts in the financial statements. In principle, deferred tax liabilities
are recognised for all taxable temporary differences and deferred tax assets are
recognised for all deductible temporary differences.
(k) Segment Reporting
For management purposes, the Fund is managed by two main portfolios, namely
equity instruments and money market instruments. Each segment engages in
separate investment activities and the operating results are reviewed by the
Investment Manager and Investment Committee. The Investment Committee
assumes the role of chief operating decision maker, for performance assessment
purposes and to make decisions about resources allocated to each investment
segment.
22TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
2.2 Significant Accounting Policies (contd.)
(l) Significant Accounting Estimates and Judgments
The preparation of the Fund's financial statements requires the Manager to make
judgments, estimates and assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities
at the reporting date. However, uncertainty about these assumptions and estimates
could result in outcomes that could require a material adjustment to the carrying
amount of the asset or liability in the future.
The Manager classifies its quoted equity securities as financial assets at FVTPL as
the Fund is an open-ended Fund that may sell its investments in the short-term for
profit-taking or to meet unitholders' redemptions.
No other major judgments have been made by the Manager in applying the Fund's
accounting policies. There are no key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial period.
3. MANAGER'S FEE
The Manager's fee is computed on a daily basis at 1.8% (2019: 1.8%) per annum of the NAV
of the Fund, as agreed by the Trustee and the Manager.
4. TRUSTEE'S FEE
Trustee's fee is computed on a daily basis at 0.055% (2019: 0.055%) per annum of the NAV
of the Fund, subject to a minimum of RM12,000 (2019: RM12,000) per annum.
5. INCOME TAX EXPENSE
01.08.2019 01.08.2018
to to
31.01.2020 31.01.2019
RM RM
Tax expense for the financial period
- Foreign tax 1,675 4,193
Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2019: 24%) of
the estimated assessable profit for the financial period. Dividend, interest and other income
derived from sources outside Malaysia are exempted from Malaysian income tax. However,
such income may be subject to tax in the country from which it is derived.
23TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
5. INCOME TAX EXPENSE (CONTD.)
The taxation charge for the financial period is on taxable dividend income derived from
countries, calculated at the rate prevailing in these countries. In accordance with Schedule 6
of the Income Tax Act 1967, interest income earned by the Fund is exempted from Malaysian
tax.
A reconciliation of income tax expense applicable to net income/(loss) before tax at the
statutory income tax rate to income tax expense at the effective income tax rate of the Fund
is as follows:
01.08.2019 01.08.2018
to to
31.01.2020 31.01.2019
RM RM
Net income/(loss) before tax 4,672 (201,927)
Taxation at Malaysian statutory rate of 24% (2019: 24%) 1,121 (48,462)
Effects of tax withheld on income from other countries 320 819
Effects of income not subject to tax (16,596) (10,506)
Effects of expenses not deductible for tax purposes 12,380 56,602
Restriction on tax deductible expenses for unit trust funds 4,450 5,740
Income tax expense for the financial period 1,675 4,193
6. INVESTMENTS
31.01.2020 31.07.2019
RM RM
Financial assets at FVTPL:
Quoted exchange traded funds outside Malaysia 1,623,298 1,807,490
Quoted collective investment scheme outside Malaysia 627 611
1,623,925 1,808,101
Net gain/(loss) on financial assets at FVTPL comprises:
Realised net gain on disposals 65,811 73,762
Unrealised loss on net changes in fair value (26,693) (130,868)
39,118 (57,106)
Financial assets at FVTPL as at 31 January 2020 are as detailed belows:
(a) Quoted exchange traded funds outside Malaysia
Name of Counter Quantity Cost Fair Value % of NAV
Unit RM RM %
Energy Select
Sector SPDR 160 46,438 35,014 2.12
HSCB Japan ETF 470 62,680 64,788 3.92
24TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
6. INVESTMENTS (CONTD.)
(a) Quoted exchange traded funds outside Malaysia (contd.)
Name of Counter Quantity Cost Fair Value % of NAV
Unit RM RM %
Invesco Nasdaq - 100 Dist 60 36,257 54,332 3.29
Ishares Euro HY Corp 117 57,546 55,519 3.36
Ishares MSCI EM ETF USD 500 74,313 69,292 4.19
L&G Robo Global
Robotics&Aut 1,050 67,224 70,284 4.25
LYX FTSE E/N GL
DE ETF DUSD 969 68,277 85,940 5.20
Lyxor Russell 1000 Growth 128 92,219 114,990 6.96
Ossiam Shiller BRLY
Cape USD 58 156,509 186,794 11.30
SPDR BBGBARC Global
AGG ETF 2,269 290,088 285,866 17.29
SPDR Dow Jones Reit ETF 198 76,143 83,082 5.03
SPDR EURO STOXX
LOW VOL ETF 618 107,221 119,028 7.20
SPDR Global
Convertible Bond 919 130,822 145,091 8.78
SPDR S&P 500
Low Volatility 690 166,561 173,920 10.52
SPDR S&P GL
Nat Resources 457 81,918 79,358 4.80
Total Quoted
Exchange Traded
Funds outside Malaysia 8,663 1,514,216 1,623,298 98.21
(b) Quoted collective investment scheme outside Malaysia
Name of Counter Quantity Cost Fair Value % of NAV
Unit RM RM %
Lionglobal China
Growth Fund 94 417 627 0.04
Total Quoted Collective
Investment Scheme
outside Malaysia 94 417 627 0.04
TOTAL FINANCIAL
ASSETS AT FVTPL 8,757 1,514,633 1,623,925 98.25
EXCESS OF FAIR VALUE OVER COST 109,292
25TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
7. AMOUNT DUE FROM/(TO) THE MANAGER
Amount due from/(to) the Manager relate to amounts payable from/(to) the Manager arising
from creation/cancellation of units and accruals for Manager's fee at the end of the financial
period. The normal credit term for creation/cancellation of units is 10 days (2019: 10 days)
and the normal credit term for Manager's fee is 30 days (2019: 30 days).
8. NET ASSET VALUE ATTRIBUTABLE TO UNITHOLDERS
31.01.2020 31.07.2019
Note RM RM
Unitholders' capital (a) 480,081 62,641
Retained earnings
- Realised reserve (distributable) (b) 1,000,443 1,611,741
- Unrealised reserve (non-distributable) (c) 172,538 199,231
1,653,062 1,873,613
(a) Unitholders' capital
31.01.2020 31.07.2019
No of units RM No of units RM
At beginning of the
financial period/year 3,762,396 62,641 5,096,241 725,528
Creation of units 49,116 24,588 61,451 30,784
Cancellation of units (499,233) (248,136) (1,395,296) (693,671)
Distribution equalisation - 640,988 - -
At end of the financial
period/year 3,312,279 480,081 3,762,396 62,641
(b) Realised reserve - Distributable
31.01.2020 31.07.2019
RM RM
At beginning of the financial period/year 1,611,741 1,633,360
Net realised income/(loss) for the financial period/year 29,690 (21,619)
Distribution equalisation (640,988) -
At end of the financial period/year 1,000,443 1,611,741
(c) Unrealised reserve - Non-distributable
31.01.2020 31.07.2019
RM RM
At beginning of the financial period/year 199,231 330,099
Net unrealised loss for the financial period/year (26,693) (130,868)
At end of the financial period/year 172,538 199,231
26TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
9. NAV PER UNIT
The quoted financial assets have been valued at the bid prices at the close of business. In
accordance with the Deed, quoted financial assets are stated at the last done market price in
the calculation of NAV attributable to unitholders per unit for the issuance and redemption of
units.
A reconciliation of NAV attributable to unitholders for the purpose of issuance/redemption of
units at end of reporting period and the NAV attributable to unitholders as disclosed in the
financial statements is as follows:
31.01.2020 31.07.2019
RM RM/Unit RM RM/Unit
NAV attributable to unitholders
for issuing/redeeming of units 1,655,824 0.4999 1,876,012 0.4986
Effect from adopting bid prices
as fair value (2,762) (0.0008) (2,399) (0.0006)
NAV attributable to unitholders
per financial statements 1,653,062 0.4991 1,873,613 0.4980
10. TRANSACTIONS WITH INVESTMENT BANKS/BROKERS
Details of the transactions with investment banks/brokers during the financial period are as
follows:
Percentage
Percentage to total
to total Brokerage brokerage
Name of investment banks/ Value of value of fees and fees and
brokers trade trade commission commission
RM % RM %
CGS CIMB Securities (Singapore) LTD 1,483,370 90.33 8,102 73.78
DBS Vickers (Hong Kong) Ltd 158,735 9.67 2,879 26.22
1,642,105 100.00 10,981 100.00
The directors of the Manager are of the opinion that the dealings with the immediate holding
company to the Manager have been transacted on an arm's length basis.
11. MANAGEMENT EXPENSE AND PORTFOLIO TURNOVER RATIOS
(a) Management Expense Ratio
The management expense ratio for the financial period ended 31 January 2020 is 2.53%
(2019: 2.25%). This ratio represents total management expenses expressed as an
annualised percentage of the Fund's average NAV, calculated on a daily basis.
Brokerage and other transaction fees on financial assets at FVTPL are trading related
and are not classified as management expenses.
27TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
11. MANAGEMENT EXPENSE AND PORTFOLIO TURNOVER RATIOS (CONTD.)
(b) Portfolio Turnover Ratio
The portfolio turnover ratio for the financial period ended 31 January 2020 is 0.48
times (2019: 0.77 times). This ratio represents the average of the total
acquisitions and disposals of the Fund for the financial period over the average
NAV of the Fund for the financial period calculated on a daily basis.
12. SEGMENT INFORMATION
The Manager and Investment Committee of the Fund are responsible for allocating
resources available to the Fund in accordance with the overall investment strategies as
set out in the Investment Guidelines of the Fund. The Fund is managed by two
segments:
- A portfolio of equity in quoted exchange traded funds;
- A portfolio of money market instruments including deposits with financial institutions.
The investment objective is to achieve steady capital appreciation by investing in
instruments with the potential of substantial value appreciation over the medium to long
term period. There have been no changes in reportable segments in the current
financial period.
13. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES
The Fund maintains investment portfolio in a variety of listed and unlisted financial
instruments as dictated by its Deed and investment management strategy.
The Fund is exposed to a variety of market risks, which include economic risk and fund
manager risk, special market and emerging market risks, currency risk, repatriation
risk, credit and settlement risks, derivatives risk, and liquidity risk. The overall financial
risk management objective of the Fund is to mitigate capital losses, ensure
preservation of value and minimal erosion of capital.
Risk management is carried out through strict adherence to the Manager's internal
policies and control procedures and also to the powers and restrictions vested by the
regulators as contained in the Securities Commission’s Guidelines on Unit Trust Funds
in Malaysia ("the Guidelines").
28TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
13. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (CONTD.)
(a) Economic Risk and Fund Manager Risk
Prospective investors should be aware that the price of units and the income from
their investments may go down or up in response to changes in interest rates,
foreign exchange, economic and political conditions and the earnings of
corporations making up in the portfolio of the Fund. Economic risk is managed
through portfolio diversification and asset allocation and monitoring of investment
portfolio by professional fund manager and the investment committee, with the
aim to minimise securities exposure in the event of anticipated market
weaknesses. It is the Fund's policy to invest in a minimum of five Real Estate
Investment Trusts, Exchange Traded Funds or collective investment schemes at
all times and not more than 30% of the Fund's NAV shall be invested in any one
unit of a Real Estate Investment Trust, Exchange Traded Fund or collective
investment scheme at any one time.
(b) Special Market and Emerging Market Risks
The Fund invests primarily in Exchange Traded Funds quoted or listed on
recognised stock exchanges and collective investment schemes globally. While
this may present greater opportunities for capital appreciation, it also involves
greater risk than is customarily associated with the securities of companies
quoted or listed on the stock exchanges or publicly traded in more developed
countries. The marketability of quoted securities or collective investment schemes
of some markets may be limited due to foreign investment restrictions, wide
dealing spreads, restricted opening hours of stock exchanges or a narrow range
of investors. Trading volume and market capitalisation may be lower than in more
developed stock markets. This may result in a lower degree of liquidity for the
Fund’s investments. The Manager shall approve any deviations from the single
country limit under specific conditions such as potential sharp downturn in any
market or other defensive conditions for the best interest of the Fund.
(c) Currency Risk
As the investments of the Fund may be denominated in foreign currencies,
fluctuations of the exchange rates of foreign currencies against the RM may affect
the value of the units of the Fund. To mitigate this risk, the Manager may from
time to time employ currency hedging techniques to manage the impact of the
exchange rate fluctuations on the Fund and/or for the purpose of efficient portfolio
management.
29TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
13. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (CONTD.)
(d) Repatriation Risk
Certain countries may impose limitations with respect to the Fund’s ability to
repatriate investment income, capital or the proceeds from sales of securities. The
Fund would be adversely affected by delays in, or a refusal to grant, any required
governmental approval for repatriation of capital as well or the application of
restrictions on investments to the Fund. Repatriation risk is managed through
portfolio diversification and asset allocation and monitoring of investment portfolio
by professional fund manager and the investment committee, with the aim to
minimise securities exposure in the event of any repatriation risks.
(e) Credit and Settlement Risks
Credit risk refers to the ability of an issuer or a counterparty to make timely
payments of interest, principals and proceeds from realisation of investments.
Trading and settlement practices of some of the markets in which the Fund may
invest may not be the same as those in more developed markets, and this may
increase settlement risk and/or result in delays in realising investments made by
the Fund. In addition, the Fund will be exposed to credit risk on parties with whom
it trades and will bear the risk of settlement default. The Fund Manager manages
the credit risk by setting counterparty limits and undertaking credit evaluation to
minimise such risk.
(f) Derivatives Risk
The Fund may from time to time invest in derivatives, which are financial contracts
whose values depend on, or are derived from, the value of an underlying asset,
reference rate or index. Such assets, rates and indices may include bonds,
shares, interest rates, foreign exchange rates, bond indices and stock indices.
While the judicious use of derivatives by professional investment managers can
be beneficial, derivatives involve risks different from, and, in some cases, greater
than, the risks presented by more traditional securities investments. Some of the
risks associated with derivatives are market risk, management risk, credit risk,
liquidity risk and leverage risk. The Manager do not intend to use derivatives
transactions for speculation or leverage but may use them for efficient portfolio
management and to hedge existing positions. The Manager will attempt to
minimise the risks through careful selection of reputable counterparties and
constant monitoring of the Fund’s derivatives positions.
(g) Liquidity Risk
The Fund maintains sufficient level of liquid assets, after consultation with the
Trustee, to meet anticipated payments and cancellation of units by unitholders.
Liquid assets comprise cash, deposits with licensed financial institutions and other
instruments, which are capable of being converted into cash within 7 business
days. The Fund’s policy is to always maintain a prudent level of liquid assets so as
to reduce the liquidity risk.
30TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
14. COMPARATIVE FIGURES
The current period's figures and comparative figures are presented as follows:
- The unaudited Statement of Fund Financial Position and its relevant notes are as
at 31 January 2020 and 31 July 2019, respectively.
- The unaudited Statement of Comprehensive Income, Statement of Changes in
Equity and Statement of Cash Flows and its relevant notes are for the period from
1 August 2019 to 31 January 2020 and 1 August 2018 to 31 January 2019
respectively.
15. UNAUDITED ACCOUNT
The interim accounts for the six months ended 31 January 2020 are unaudited.
31TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
Corporate Information
Manager TA Investment Management Berhad (340588-T)
Registered Office 34th Floor, Menara TA One
22 Jalan P. Ramlee
50250 Kuala Lumpur
Board of Directors En. Mohammed A'reeff Bin Abdul Khalid (Non-Independent
/ Executive Director)
Mr. Choo Swee Kee (Non-Independent / Executive
Director)
Dr. Wong Hong Meng (Independent / Non-Executive
Director)
Mr. Chew Chin Guan (Independent / Non-Executive
Director)
Investment Committee Choo Swee Kee (Non-Independent)
Members Kaladher A/L Govindan (Non-Independent)
Dato' Tay Kian Chuan (Independent)
Dr. Wong Hong Meng (Independent)
Trustee of the Fund Maybank Trustees Berhad
8th Floor, Menara Maybank
100 Jalan Tun Perak
50050 Kuala Lumpur
Auditor of the Manager KPMG PLT
and the Fund Chartered Accountants
Level 10, KPMG Tower
8 First Avenue, Bandar Utama
47800 Petaling Jaya
Selangor
Banker Malayan Banking Bhd
Ground Floor, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur
Secretaries Chuah Wen Pin (MAICSA 7014581)
Tan Kit Yee (MAICSA 7061042)
32TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)
Corporate Information (cont’d)
Management Staff Wong Mien Tee Ling Ling
Chief Executive Officer Head of Sales & Marketing
Presley Chua Chung Alicia Khor
Leong Head of Operations
Head of Compliance
Investment Team Choo Swee Kee
Chief Investment Officer
Jennifer Mak Fong Ching Lam Chee Mun
Fund Manager Fund Manager
Head Office 23rd Floor, Menara TA One
22 Jalan P. Ramlee
50250 Kuala Lumpur
Toll Free: 1-800-38-7147
Tel: (603) 2031 6603
Fax: (603) 2031 4479
Website: http://www.tainvest.com.my
E-mail: investor.taim@ta.com.my
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