HSBC Amanah LifeSelect Equity Fund

Transcription

1 HSBC Amanah LifeSelect Equity Fund Fund Fact Sheet March 2013

2 Investment Objective HSBC Amanah LifeSelect Equity Fund aims to achieve capital growth in medium to long term by investing in a portfolio of Shariah-compliant Malaysian equities and equity related securities. Performance Since Inception* Top Ten Core Equity Holdings % of NAV Sime Darby Bhd 9.10 Tenaga Nasional Bhd 5.91 IOI Corporation Bhd 4.86 Digi.Com Bhd 4.24 Star Publications (Malaysia) 3.90 Bhd Axiata Group Bhd 3.55 Malaysian Bulk Carriers Bhd 2.97 Telekom Malaysia Bhd 2.79 Petronas Chemicals Group Bhd 2.71 Malaysia Marine & Heavy 2.38 Engineering Bhd Performance Table Performance Since investing 12/06/08 to 31/03/13 6 Months 01/10/12 to 31/03/13 HSBC Amanah LifeSelect Equity Fund FBMS 49.58% 28.59% 1.20% 0.13% Source: Bloomberg Basis of calculation: Time-weighted rate of return Asset Allocation Islamic Money Market Instruments 18.53% Quoted Shariah- Compliant Equities 81.47% Top 10 Sectors: Capital Goods Telecommunication Services Food Beverage Utilities Materials Transportation Energy Media Health Care Equipment & Services Automobiles & Components

3 Equity Market Review, Outlook & Strategy Global equity markets again showed mixed performance in March, with the US and Japanese markets standing out as they hit successive record highs. Initially, markets had been jittery following fresh property curbs in China and lower-than-expected PMI services data. Weighing on investors sentiment was also the US sequester, i.e. the US$85 billion of indiscriminate spending cuts, which were estimated to shave 0.5%-points off 2013 GDP. Subsequently, investors sentiment improved amid speculation that central banks would continue stimulus measures and as China maintained its economic growth target for Markets were also encouraged by the strong housing and jobs data in the US which led the US market to new record highs. However, concerns over more property curbs in Hong Kong / China and a radical bailout plan for Cyprus affected China, Hong Kong and European markets. Cyprus plan to include an unprecedented levy on private bank deposits above 100,000 to help fund a bailout sparked fears of contagion risk on other peripheral nations. Markets were relieved when Cypriot banks reopened after a period of closure without signs of panic. Locally, initial headwinds from the tensions in Sabah and uncertain timing of the 13th Malaysian general election dragged the KLCI to a low of 1,614 points on 18 March. However, following foreign brokers upgrades, a wave of foreign buying lifted the KLCI to close at 1,671 points; or a 2.1% gain for the month. In contrast, regional peers reported a mixed performance: Hong Kong (-3%), Korea (- 1%), Singapore (+1%), Taiwan (flat), Thailand (+1%), Philippines (+2%), Indonesia (+3%), Australia (- 3%), Shanghai (-5%), Shenzhen (-4%), Japan (+7%) and US (+4%). In Japan, the Nikkei hit record highs amid expectations of more stimulus from the newly appointed Bank of Japan governor and following better-than-expected fourth quarter 2012 GDP data (growth of 0.2% versus preliminary calculation of a 0.4% decline). In Indonesia, the Jakarta Composite Index reached an all-time high as domestic interest in equities recovered, offsetting foreign outflows in late March. Macro newsflow in March for Malaysia was slightly positive. The nation s industrial production continued to expand in January by 4.6% year-on-year versus 3.5% in December Although below market expectations of 5.4%, the improvement in industrial production was broad-based. Also, Malaysia s exports for January rebounded by 3.5% year-on-year (consensus estimate: +1.6%) after falling by 5.8% in December 2012 on the back of higher regional trade. Separately, inflation rate in February registered at 1.5% year-on-year after growing by 1.3% in January. Meanwhile, Bank Negara has forecast Malaysia s GDP to grow by 5-6% in The IMF has also upgraded Malaysia s 2013 growth forecast to 5% from 4.7% previously and is projecting Malaysia s annual growth until 2017 to be between 5.1% and 5.2%. 3

4 Equity Market Review, Outlook & Strategy (Cont ) On the foreign front, a string of positive US macro data helped to boost market sentiment. These included the pick-up in job creation in February and the fall in the unemployment rate to 7.7% (January: 7.9%), which was the lowest level in more than four years. Separately, US services industries expanded at the fastest pace in a year in February as a recovery in housing rippled through the economy. US home prices saw the highest increase in January since the housing bubble burst. In China, exports jumped 21.8% year-on-year in February, exceeding the 15% rise market had expected and adding to optimism over China s recovery. Preliminary reading of HSBC s PMI indicated a pick-up in China s manufacturing activity in March. In the Euro zone, Fitch Ratings cut Italy s sovereign credit rating by one notch to BBB plus, after the country s inconclusive election and rising debt. Market volatility could increase in the near term as locally, Malaysia s general elections are just around the corner while overseas, potential headwinds include political and systemic risks in the Euro zone, policy-fuelled risk in China and geo-political risks from an increasingly belligerent North Korea. 4

5 Manager s Comments The equity exposure of HSBC Amanah LifeSelect Equity Fund rose from 76.85% as at end-february 2013 to 81.47% as at end-march 2013 due to net equity purchases especially during market weakness in the middle of the month. Purchases were mainly of oversold or undervalued stocks in the construction, glove manufacturing, oil and gas, plantations, properties, telecommunications, transportation and utilities sectors. Positions initiated during the month included an offshore supply vessel (OSV) operator, a floating production storage and offloading (FPSO) provider, a small-cap provider of milling equipment, a mid-cap planter with good dividend yields and a leading rubber gloves producer. Positions exited on price strength included a small-cap crane operator, two property developers and a small-cap construction company. The Fund will look to increase equity exposure on sharp market weakness but will also adopt an opportunistic stance to ride the expected market volatility caused by election uncertainty. Risk The investment risks associated to the investment are described in Product Disclosure Sheet. If you have any queries, you are advised to consult your professional adviser before making a commitment to invest. In the event that you choose not to seek advice from a professional investment adviser, you should consider whether this investment is suitable based on your risk appetite, investment experience and objectives. Other Information You may refer to the Product Disclosure Sheet for the basis and frequency of valuing assets underlying of the fund, Annual Fund Management Fee and other charges related to the fund. The HSBC Amanah LifeSelect Equity Fund is underwritten by HSBC Amanah Takaful (Malaysia) Sdn. Bhd. and is managed by Pacific Mutual Fund Berhad. This material is prepared strictly for information only. Information provided herein including any expression of opinion or forecast has been obtained from or is based on sources believed by us to be reliable, but is not guaranteed as to accuracy or completeness. The information is given without obligation and on understanding that any person who acts upon it or changes his/her position in reliance thereon does so entirely at his/her own risk. Past performance figures shown are not indicative of future performance. 5

6 Dana Ekuiti HSBC Amanah LifeSelect Laporan Dana Mac 2013

7 Objektif Pelaburan Dana Ekuiti HSBC Amanah LifeSelect bermatlamat mencapai pertumbuhan modal dalam jangka sederhana hingga panjang dengan melabur dalam portfolio ekuiti dan sekuriti berkaitan ekuiti Malaysia yang berlandaskan prinsip Syariah Prestasi Sejak Pelancaran* Senarai 10 Pegangan Ekuiti Yang Terbesar % NAB Sime Darby Bhd 9.10 Tenaga Nasional Bhd 5.91 IOI Corporation Bhd 4.86 Digi.Com Bhd 4.24 Star Publications (Malaysia) 3.90 Bhd Axiata Group Bhd 3.55 Malaysian Bulk Carriers Bhd 2.97 Telekom Malaysia Bhd 2.79 Petronas Chemicals Group Bhd 2.71 Malaysia Marine & Heavy 2.38 Engineering Bhd Jadual Prestasi Prestasi Sejak dilaburkan 12/06/08 hingga 31/03/13 6 Bulan 01/10/12 hingga 31/03/2013 Dana Ekuiti HSBC Amanah LifeSelect Sumber: Bloomberg Asas pengiraan: Kadar nilai pulangan FBMS 49.58% 28.59% 1.20% 0.13% Peruntukan Aset Instrumen Pasaran Wang Islam 18.53% Ekuiti Disebutharga Yang Berlandaskan Syariah 81.47% Senarai 10 Sektor Terbesar: Barangan Modal Perkhidmatan Telekomunikasi Makanan Dan Minuman Utiliti Material Pengangkutan Tenaga Media Perkhidmatan Dan Peralatan Penjagaan Kesihatan Automobil Dan Komponen

8 Tinjauan, Pandangan dan Strategi Pasaran Ekuiti Pasaran ekuiti global sekali lagi menunjukkan prestasi bercampur-campur pada bulan Mac, dengan pasaran AS dan Jepun mencapai rekod tertinggi masing-masing. Pada mulanya, pasaran gelisah berikutan sekatan hartanah di China dan data perkhidmatan PMI yang lebih rendah dari jangkaan. Faktor lain yang menjejas sentimen pelabur ialah sequester AS, iaitu pemotongan perbelanjaan sebanyak AS$85 bilion, yang dianggar akan menurunkan 0.5%-mata KDNK Selepas itu, sentimen pelabur bertambah baik di tengah-tengah spekulasi bank pusat akan terus melaksanakan langkah-langkah rangsangan dan negara China mengekalkan sasaran pertumbuhan ekonomi bagi tahun Pasaran juga digalakkan oleh data perumahan dan data pekerjaan yang kukuh di AS yang membawa pasaran AS ke paras rekod tinggi baru. Walau bagaimanapun, kebimbangan sekatan hartanah di Hong Kong / China dipertingkatkan dan pelan pembiayaan hutang yang radikal untuk Cyprus menjejas sentimen China, Hong Kong dan Eropah. Pelan Cyprus untuk mengenakan levi yang tidak pernah berlaku sebelum ini ke atas deposit bank swasta melebihi 100,000 untuk membantu membiayai hutang mencetuskan kebimbangan risiko penularan di negara-negara lain dalam zon Euro. Pasaran berasa lega apabila bank-bank Cyprus dibuka semula selepas tempoh penutupan tanpa tanda-tanda panik. Di pasaran tempatan, rintangan awal dari ketegangan di Sabah dan ketidaktentuan masa pilihanraya umum ke-13 Malaysia menyeret indeks FBM KLCI ke tahap rendah 1,614 mata pada 18 Mac. Walau bagaimanapun, berikutan peningkatan taraf oleh broker asing, pembelian ekuiti oleh pelabur asing menjulang indeks FBM KLCI ditutup pada 1,671 mata; atau keuntungan 2.1% untuk bulan Mac. Sebaliknya, pasaranpasaran serantau mencatatkan prestasi bercampur-campur: Hong Kong (-3%), Korea (- 1%), Singapura (+1%), Taiwan (tidak berubah), negara Thai (+1%), Filipina (+2%), Indonesia (+3%), Australia (-3%), Shanghai (-5%), Shenzhen (-4%), Jepun (+7%) dan AS (+4%). Di Jepun, Nikkei meyentuh rekod tertinggi di tengah-tengah jangkaan lebih banyak rangsangan dari governor Bank Of Japan yang baru dilantik dan berikutan data KDNK suku keempat 2012 yang lebih baik dari yang dijangkakan (pertumbuhan sebanyak 0.2% berbanding pengiraan awal penurunan 0.4%). Di Indonesia, Indeks Komposit Jakarta mencapai ketinggian sepanjang masa disebabkan oleh minat domestik terhadap ekuiti pulih, mengimbangi aliran keluar pelabur asing pada akhir Mac. 8

9 Tinjauan, Pandangan dan Strategi Pasaran Ekuiti (Samb) Aliran berita makro pada bulan Mac bagi Malaysia adalah sedikit positif. Pengeluaran perindustrian negara terus berkembang pada bulan Januari sebanyak 4.6% tahun-ke-tahun berbanding 3.5% pada bulan Disember Walaupun di bawah jangkaan pasaran 5.4%, peningkatan dalam pengeluaran perindustrian adalah berleluasa. Selain itu, eksport Malaysia pada bulan Januari meningkat semula sebanyak 3.5% tahun-ke-tahun (anggaran konsensus: +1.6%) selepas jatuh sebanyak 5.8% pada bulan Disember 2012 akibat perdagangan serantau yang lebih tinggi. Dari aspek lain, kadar inflasi bulan Februari adalah 1.5% tahun-ke-tahun selepas meningkat sebanyak 1.3% pada bulan Januari. Sementara itu, Bank Negara menjangka KDNK Malaysia berkembang sebanyak 5-6% pada tahun IMF juga telah menaikkan jangkaan pertumbuhan 2013 Malaysia ke 5% dari 4.7% sebelum ini dan menjangkakan pertumbuhan tahunan Malaysia sehingga 2017 adalah di antara 5.1% dan 5.2%. Di luar negara, beberapa data makro AS yang positif membantu meningkatkan sentimen pasaran. Ini termasuk peningkatan dalam peluang pekerjaan pada bulan Februari dan kejatuhan dalam kadar pengangguran ke 7.7% (Januari: 7.9%), iaitu paras terendah dalam tempoh masa lebih dari empat tahun. Dalam aspek lain, industri perkhidmatan AS berkembang pada kadar terpantas dalam setahun pada bulan Februari apabila pemulihan perumahan memberi kesan kepada ekonomi. Harga rumah AS mengalami kenaikan tertinggi pada bulan Januari kerana gelembung perumahan berpecah. Di China, eksport melonjak 21.8% tahun-ke-tahun pada bulan Februari, melebihi jangkaan pasaran 15%, dan faktor ini meningkatkan keyakinan terhadap pemulihan China. Bacaan awal PMI HSBC menunjukkan peningkatan dalam aktiviti pembuatan China pada bulan Mac. Dalam zon Euro, Fitch Ratings menurunkan penarafan kredit berdaulat Itali sebanyak satu tahap ke BBB plus, selepas pilihanraya yang tidak mempunyai keputusan yang meyakinkan dan hutang negara yang semakin meningkat. Ketidaktentuan pasaran mungkin meningkat dalam tempoh terdekat, dari aspek tempatan, pilihanraya umum Malaysia akan dijalankan tidak lama lagi. Di luar negara pula, potensi rintangan adalah termasuk risiko politik dan sistem di zon Euro, risiko politik di China dan risiko geo-politik berpunca dari ancaman Korea Utara. 9

10 Ulasan Pengurus Pendedahan ekuiti Dana Ekuiti HSBC Amanah LifeSelect meningkat dari 76.85% pada akhir bulan Februari 2013 ke 81.47% pada akhir bulan Mac 2013 disebabkan pembelian bersih ekuiti terutamanya semasa keadaan pasaran lemah pada pertengahan bulan. Kebanyakan pembelian tertumpu pada saham-saham yang terlebih jual atau bernilai rendah dalam sektor pembinaan, pembuatan sarung tangan, petroleum dan gas, perladangan, hartanah, telekomunikasi, pengangkutan dan utiliti. Dalam bulan Mac, Dana memulakan pegangan dalam saham sebuah syarikat pengendali kapal bekalan luar pesisir (OSV), sebuah syarikat floating production, storage and offloading (FPSO), sebuah syarikat pembekal peralatan pengilangan berwajaran kecil, sebuah syarikat perladangan berwajaran sederhana dengan pulangan dividen yang baik dan sebuah syarikat pengeluar sarung tangan getah terkemuka. Dana melupuskan pegangan saham sebuah syarikat pengendali kren berwajaran kecil, dua pemaju hartanah dan sebuah syarikat pembinaan berikutan pengukuhan harga. Dana akan meningkatkan pendedahan ekuiti apabila wujud peluang pelaburan ketika pasaran jatuh untuk mengharungi jangkaan keadaan pasaran turun naik disebabkan ketidaktentuan pilihanraya. Risiko Risiko pelaburan yang dikaitkan dengan pelaburan dinyatakan dalam Lembaran Pendedahan Produk. Sekiranya anda mempunyai apa-apa kemusykilan, anda dinasihatkan agar berunding dengan penasihat profesional sebelum membuat komitmen untuk melabur. Sekiranya anda membuat keputusan untuk tidak mendapatkan khidmat penasihat pelaburan profesional, anda perlu mempertimbangkan sama ada pelaburan ini sesuai berasaskan toleransi risiko, pengalaman pelaburan dan objektif anda. Maklumat Lain Anda boleh merujuk kepada Lembaran Pendedahan Produk untuk meneliti asas dan kekerapan penilaian aset dana, Yuran Pengurusan Dana tahunan dan caj lain yang berkaitan dengan dana. Dana Ekuiti HSBC Amanah LifeSelect ditaja jamin oleh HSBC Amanah Takaful (Malaysia) Sdn. Bhd. dan diuruskan oleh Pacific Mutual Fund Berhad. Bahan ini disediakan khusus sebagai maklumat sahaja. Maklumat yang terkandung di dalam ini, termasuk sebarang pernyataan pendapat atau ramalan, telah diperolehi dan berasaskan sumber yang kami yakin boleh dipercayai, tetapi tidak djamin ketepatan atau kelengkapannya. Maklumat ini diberikan tanpa sebarang kewajipan dan berasaskan kefahaman bahawa sesiapa yang bertindak ke atasnya atau bertukar pelaburan berasaskan maklumat ini berbuat demikian atas risiko sendiri. Angka prestasi masa lalu yang ditunjukkan bukan petunjuk prestasi masa depan. 10