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INTERIM REPORT/LAPORAN PERTENGAHAN TAHUN 2019 LIBRA SYARIAHEXTRA FUND LIBRA AMANAH SAHAM WANITA LIBRA ASNITABOND

CONTENTS

FUND & SERVICE DIRECTORIES

MANAGER’S REPORT

Market Review & Outlook 1

Libra SyariahEXTRA Fund: Profile, Performance & Review 5

Libra Amanah Saham Wanita: Profile, Performance & Review 12

Libra ASnitaBOND: Profile, Performance & Review 18

ADDITIONAL INFORMATION / DISCLOSURE 23

TRUSTEES’ REPORT & SHARIAH ADVISER’S REPORT 25

UNAUDITED FINANCIAL STATEMENTS FOR

LIBRA SYARIAHEXTRA 28

Statement By Manager For Libra SyariahExtra Fund 55


LIBRA AMANAH SAHAM WANITA 56

Statement By Manager For Libra Amanah Saham Wanita 82


LIBRA ASnitaBOND 83

Statement By Manager For Libra ASnitaBOND Fund 108

This report is also available in Bahasa Malaysia and is a translation of the English

version. In instances of discrepancy, the English version shall prevail.

K A N D U N G A N

PANDUAN KORPORAT / PANDUAN PERKHIDMATAN

LAPORAN PENGURUS

Ulasan & Tinjauan Pasaran 109

Libra SyariahEXTRA Fund: Profil, Pretasi & Ulasan 114

Libra Amanah Saham Wanita: Profil, Pretasi & Ulasan 121

Libra ASnitaBOND: Profil, Pretasi & Ulasan 127

MAKLUMAT TAMBAHAN 132

Laporan ini adalah terjemahan daripada laporan asal dalam Bahasa Inggeris. Jika

berlakunya sebarang kekeliruan, versi Bahasa Inggeris adalah muktamad dan diterima

pakai.

F U N D D I R E C T O R Y / P A N D U A N K O R P O R A T

MANAGER/PENGURUS

Libra Invest Berhad (361207-D)

(A member of Kenanga Investors Group)

Ground Floor, Bangunan ECM Libra

8 Jalan Damansara Endah

Damansara Heights

50490 Kuala Lumpur

General Line: 03-2089 1888

Investor Care Line: 03-2089 1883

Fax: 03-2096 1020 & 03-2096 1662

website: www.librainvest.com

e-mail: [email protected]

SHARIAH ADVISER/PENASIHAT SYARIAH

BIMB Securities Sdn Bhd (290163-X)

Level 32, Menara Multi-Purpose

8, Capital Square

Jalan Munshi Abdullah

50100 Kuala Lumpur.

Tel: 603 – 2613 1600; Fax: 603 – 2613 1799

TRUSTEES/PEMEGANG-

PEMEGANG AMANAH

Maybank Trustees Berhad (5004-P)

8th Floor, Menara Maybank

100, Jalan Tun Perak

50050 Kuala Lumpur

Tel: 03-2074 8580 / 2074 8952

Fax: 03-2070 9387

CIMB ISLAMIC TRUSTEE

BERHAD (167913-M)

Level 6, Wisma CIMB

No. 11, Jalan 4/83A

Off Jalan Pantai Baru

59200 Kuala Lumpur

Tel: 03-2261 8888; Fax: 03-2261 9889

AUDITOR/JURUAUDIT

Ernst & Young (AF 0039)

Level 23A, Menara Milenium

Jalan Damanlela

Pusat Bandar Damansara

50490 Kuala Lumpur

Tel: 03-7495 8000; Fax: 03-2095 5332

TAX ADVISER/PENASIHAT

PERCUKAIAN

PricewaterhouseCoopers Taxation

Services Sdn Bhd (464731-M)

Level 10, 1 Sentral

Jalan Travers

Kuala Lumpur Sentral

P.O Box 10192

50706 Kuala Lumpur

Tel: 03-2173 1188; Fax: 03-2173 1288

S E R V I C E D I R E C T O R Y / P A N D U A N P E R K H I D M A T A N

HEAD OFFICE JOHOR – JOHOR BAHRU

Ground Floor No. 105, Jalan Meranti Merah

Bangunan ECM Libra Taman Melodies

8 Jalan Damansara Endah 80250 Johor Bahru

Damansara Heights Johor

50490 Kuala Lumpur Tel: 07-332 2148; Fax: 07-335 0426

General Line : 03-2089 1888

Investor Care Line: 03-2089 1883

Fax: 03-2096 1020 & 03-2096 1662

mailto:[email protected]

1

I NT ER I M RE PO RT 2 01 9

M a n a g e r ’ s R e p o r t

For The 6-Month Period Ended 30 June 2019

MARKET REVIEW: EQUITIES

US markets rose in January in comparison with the rough correction back in December, with the Dow Jones

Industrial Average Index, S&P 500 Index and Nasdaq Composite Index rising 7.2%, 7.9%, and 9.7%

respectively. The Fed kept interests rates unchanged at 2.25%-2.50% following its first Federal Open Market

Committee (FOMC) meeting in 2019. The central bank turned more dovish indicating it will be patient in its

monetary normalisation plan given moderating economic activity, muted inflation pressures and market

uncertainty arising from concerns regarding trade war and global growth. Over in the European Union (EU),

the Euro STOXX 50 rose 5.3% mimicking US markets and the European Central Bank (ECB) left its policy

rates unchanged. In the UK, Brexit uncertainty continues as British parliament votes on rejecting Prime

Minister Theresa May’s EU withdrawal agreement. This was followed by May’s administration winning a vote

of no-confidence in the House of Commons by a thin margin.

US markets rose for a second month in a row, with the Dow Jones Industrial Average Index, S&P 500 Index,

and Nasdaq Composite Index rising 3.7%, 3%, and 3.4% respectively. European markets were generally

positive as well. US President Donald Trump announced he will be delaying US tariffs on China until further

notice. MSCI Asia ex-Japan Index was up 2.05% in February as most countries posted positive returns in local

currency terms. Best performers were Shanghai SE Composite (+13.8%), Taiwan (+4.6%), and Nikkei (+3.8%)

while worst performers were Philippines (-3.8%), Jakarta (-1.4%), and Sensex Index (-1.1%). Investor

sentiment generally improved as US and China appear to be making progress on trade talks despite China

Caixin Purchasing Managers’ Index shrinks more than expected in January. MSCI confirmed that it will

increase the weight of China A shares in the MSCI Indexes by increasing the inclusion factor from 5% to 20%

in three steps beginning May 2019 rebalancing.

US markets continued its positive streak with the Dow Jones Industrial Average Index, S&P 500 Index, and

Nasdaq Composite Index rising 0.1%, 1.8%, and 2.6% respectively. However, the Fed Yield Curve inverted,

spooking investors as such inversion normally precedes a recession. Over to the European Union, the central

bank decided to keep rates at 0% and announced a new series of long-term lending operation to increase

liquidity and counter the slow growing economy while the U.K. parliament rejected the EU withdrawal

agreement for the third time, setting the motion for a no deal Brexit on April 12.

US markets touched one-year high in April with the Dow Jones Industrial Average Index, S&P 500 Index, and

Nasdaq Composite Index rising 2.56%, 5.34%, and 6.15% respectively, boosted by stronger than expected

macro-economic data and solid corporate earnings. 1Q 2019 US GDP growth unexpectedly accelerated by

3.2%, and ISM manufacturing PMI strengthened to 55.3 in March. After a temporary inversion, the yield curve

normalized during the month, which alleviated recession concern. Over to Europe, the agreement between UK

and EU to delay Brexit deadline by six months to 31 October 2019 averted the immediate risk of no-deal Brexit.

This, coupled with renewed monetary easing policy from the ECB boosted the Euro STOXX 50 index by

another 4.86% MoM.

The renewed US-China trade tension with both countries raising tariffs against each other triggered a

widespread selloff in May. The selloff also spilled over into the technology sector as US companies were

banned from doing business with Huawei. In response to that, China toughened its stance on the trade war in

the White Paper and emphasized that a trade deal must be mutually beneficial, indicating further delay of a

potential trade deal. One of the nontariff retaliatory measures China could take is to restrict rare earth export to

US as US imports up to 80% of its rare earth consumption from China. Brent oil price fell 11.4% MoM in May

as trade tensions weigh on market sentiment and global economy outlook.

On the domestic front, KLCI gained 0.5% in May despite the aggressive selloff in regional equities, partly

supported by foreign buying in the last three days of May. KLCI also outperformed FBM100 and FBMSC that

declined 0.2% and 7.9% respectively. On 7 May, Bank Negara Malaysia (BNM) cut Overnight Policy Rate by

2




25 bps to 3%, the first change in 8 policy meetings which is negative for Banks’ net interest margins and

companies with high cash holdings. 9 May marked the first anniversary of Pakatan Harapan government in

power where it made good progress in improving governance and addressing structural weaknesses. KLCI’s

negative performance of 12% since GE14 should be seen as short-term pain. 1Q19 GDP growth came in above

expectations at 4.5% but there was a broad-based deceleration in demand.

Noticeable mergers and acquisitions deals include the proposed Telenor-Axiata merger, YTL Cement’s

acquisition on Lafarge Malaysia followed by Hong Leong Group’s privatisation of Tasek Corp. Overall 1Q19

corporate results was not inspiring but there were some positive surprises among the big caps including Tenaga,

Dialog, Telekom Malaysia and Malaysian Airports. FTSE Russell and Bursa Malaysia announced no changes

to the constituents of KLCI following the semi-annual review. Foreign investors remained net sellers in May

(RM2 billion) and brought cumulative outflows in 5M19 to RM4.8 billion.

MARKET REVIEW: FIXED INCOME / SUKUK

The Malaysian Government Bond (MGS) market kicked off 2019 on a positive note as investors rebuilt their

portfolios in the new year. The positive sentiment was underpinned by growing expectations of accommodative

monetary policies by major central banks, amid rising concerns over the global growth outlook. Sentiment was

further boosted by the exceptionally strong demand for the first primary MGS issuance of the year i.e. the

RM3.5billion new 10-year benchmark GII, which was oversubscribed by 4.1 times, the highest

oversubscription rate since 2005.

In April, sentiment in the MGS market turned cautious on concerns of potential outflows from the domestic

bond market, after news headlines suggested that global index provider FTSE Russell may potentially exclude

MGS from its World Government Bond Index (WGBI). Nonetheless, the MGS market quickly recovered as

investors digested the news, given that FTSE Russell will continue to engage with local regulators and market

participants before making its decision. To alleviate some of FTSE Russell’s concerns, Bank Negara Malaysia

(BNM) introduced several key initiatives in May aimed at improving market efficiency, accessibility and

liquidity in the domestic financial market.

Meanwhile on 7 May, as widely expected, BNM lowered the Overnight Policy Rate (OPR) by 25bps from

3.25% to 3.00%. The central bank highlighted that the adjustment to the OPR is intended to preserve the degree

of monetary accommodativeness to support domestic economic growth. In 1Q19, Malaysia’s economic growth

eased from 4.7% y-o-y in 4Q18 to 4.5%, in line with expectations, driven by private sector spending and

supported by a recovery in the agriculture sector.

On 19 June, the US Fed kept interest rates unchanged at 2.25% to 2.50% as widely expected, while signaling

that it could potentially cut interest rates soon. In response, 10-year US Treasuries rallied, with yields falling to

the lowest level since November 2016, briefly dipping below the 2.00% psychological threshold. The positive

sentiment in US Treasuries spilled over into the local bond market as the MGS market posted strong gains

across the board, on robust demand from both local and foreign investors. In June, foreign investors were net

buyers of MGS, with RM5.8billion of inflows into MGS, bringing total foreign holdings of MGS to 36.9%

(May: 35.8%). On a related note, demand for primary MGS issuances remained robust, in particular the final

auction of 1H19 i.e. the RM2.0billion 20-year GII which garnered a record high oversubscription rate of

4.3 times.

Meanwhile, demand for primary corporate bond issuance in 1H19 remained strong, with notable issuances

being DanaInfra Nasional Bhd (government-guaranteed), Perbadanan Tabung Pendidikan Tinggi Nasional

(government-guaranteed), Pengurusan Air SPV Bhd, Danum Capital Bhd (Khazanah), CIMB Group Holdings

Bhd and Hong Leong Financial Group Bhd. The secondary corporate bond market was also active, with bond

prices driven higher in tandem with the rally in MGS.

3




MARKET OUTLOOK: EQUITIES

On the external front, investors will be tracking the latest developments on the US-China trade talks for a

possible deal, ECB meeting on 25 July, and US Federal Reserve meeting on 31 July. China and the U.S. had

agreed to resume trade talks after the close of the G20 summit in Osaka, Japan. While President Trump

declined to get into specifics of the deal with China, he has agreed not to put new tariffs on Chinese goods (but

the current U.S. tariffs on Chinese imports will remain in place). On a separate issue, President Trump also said

he would allow American companies to sell to Huawei, which the U.S. Commerce Department blacklisted last

month. All these positive developments will support trading/ investment sentiment of the local and regional

markets in the immediate term. The easing bias by monetary authorities globally attests to the mounting global

risks given their goal of sustaining economic development which could in turn provide some breathing space

for equity markets.

We expect the local market to remain volatile due to earnings risk and possible changes in global bond indices

which could potentially trigger outflows, though the recent truce in US-China trade war and spate of M&A

activities in the local market could boost near-term sentiment. We are positive on selective stocks in the

construction, oil and gas and export sector. We remain cautiously optimistic on the market and will focus on

stock selection in order to outperform amid volatile markets. We are overweight on Indonesia and Malaysia,

and prefer yield plays in Singapore.

MARKET OUTLOOK: FIXED INCOME /SUKUK

In the near to medium term, the global economic outlook is expected to remain modest amid lingering

uncertainties. In July, the International Monetary Fund (IMF) lowered its global growth projections for 2019

from 3.3% (as projected in April) to 3.2% (2020: lowered from 3.6% to 3.5%). The IMF highlighted that global

growth remains subdued and downside risks have intensified, with uncertainties from the ongoing trade

conflicts continuing to weigh on the growth outlook. Thus, major central banks are expected to remain

accommodative given the moderating global growth momentum and heightened uncertainties. On 2 July,

Australia cut interest rates by 25bps from 1.25% to a record low of 1.00%, following its first cut on 4 June, to

support employment growth. Meanwhile regionally, Indonesia cut interest rates by 25bps in July, for the first

time in almost two years. Similarly, the US Fed has also signalled potential interest rate cuts in the near future,

given concerns over the global growth outlook and continued trade tensions.

Locally, the Malaysian economy is projected to expand at a moderate pace of 4.3% to 4.8% in 2019

(2018: 4.7%), although downside risks to growth remain from ongoing uncertainties in the global and domestic

environment, and unresolved trade tensions. Meanwhile, headline inflation is expected to remain broadly stable

in 2019 compared to 2018 (+1.0%), although its trajectory will depend on global oil prices. Therefore, given

expectations of moderate domestic growth amid benign inflation, and coupled with potential external risks,

BNM is anticipated to remain accommodative to safeguard growth.

As a whole, the outlook for the local bond market remains conducive for fixed income investments, given

BNM’s accommodative monetary policy stance. In the near to medium term, the MGS market may continue to

be supported by Malaysia’s resilient growth momentum and solid economic fundamentals. Furthermore,

favourable demand-supply dynamics in the domestic corporate bond market is anticipated to continue to

support bond prices moving forward. Market appetite may continue to be skewed towards liquid, AAA and

AA-rated papers for their enhanced yield relative to lower yielding MGS. The limited supply of primary

corporate bond issuances against a backdrop of growing demand from major fixed income investors may

further enhance the positive supply-demand dynamics in the local bond market and drive corporate bond prices

higher.

4




AVERAGE YIELD

Malaysian Government Securities/ Government Investment Issues

Tenure Rate

3 Years 3.30%

5 Years 3.43%

10 Years 3.64%

5-Year Private Debt Securities/sukuk

Ratings Rate

AAA 3.95%

AA 4.29%

A 5.71%

Interbank Money Market (Overnight)

Period Rate

30 June 2019 3.01%

Source: Bank Negara Malaysia (end of June 2019)

Interest rate is a general economic indicator that will have an impact on the management of the unit trust funds

regardless of whether it is an Islamic fund or otherwise. This does not in any way suggest that Libra

SyariahEXTRA Fund, Libra Amanah Saham Wanita or Libra ASnitaBOND will invest in conventional financial

instruments. All the investments carried out for Libra SyariahEXTRA Fund, Libra Amanah Saham Wanita and

Libra ASnitaBOND are in accordance with Shariah requirements.

OTHER MATTERS

1. Significant changes on the state of affairs of Libra SyariahEXTRA Fund, Libra Amanah Saham

Wanita and Libra ASnitaBOND.

There are no significant changes on the state of affairs of Libra SyariahEXTRA Fund, Libra Amanah

Saham Wanita and Libra ASnitaBOND for the financial period ended 30 June 2019.

2. Circumstances that materially affect any interests of the unitholders.

Libra Invest Berhad and Libra SyariahEXTRA Fund, Libra Amanah Saham Wanita and Libra

ASnitaBOND have no circumstances that materially affect any interest of the unitholders.

5


M an age r ’ s R ep o r t


L I B R A S Y A R I A H E X T R A F U N D

F U N D P R O F I L E

Inception Date 12 March 1996 (The Fund has no predetermined fixed period or termination date).

Initial Offer Price RM1.0000 per unit during the Initial Offer Period (IOP) of 1 month ended 11 April

1996.

Background The Fund was established in 1996 by Abrar Unit Trust Management Berhad

(AUTMB). It was a general equity fund managed in compliance with Shariah

requirements and it was named Abrar Investment Fund. AUTMB remained the

manager for the Fund until August 2002, when Maybank Trustee Berhad (Trustee for

the Fund) removed AUTMB and appointed Libra Invest Berhad (LIB) in its place.

LIB has been managing this Fund since August 2002. The Fund now adopts a

relatively balanced approach towards Shariah-compliant equities and sukuk. It is

managed in compliance with Shariah requirements and it is now called the Libra

SyariahEXTRA Fund.

Date of First

Prospectus under

LIB

6 November 2002.

Re-pricing Date 2 January 2003 (1:1.2425 unit split exercise carried out based on NAV per unit as at

31 December 2002).

Net Asset Value at

Re-pricing Date

RM0.2000 per unit.

Pricing Policy Investment and Liquidation at Net Asset Value per unit.

Fund Category/ Type Balanced (Shariah)/Growth and to a lesser extent income.

Open-ended Islamic unit trust fund for the medium to long-term investment horizon,

with a bias for absolute (i.e. positive) returns^ through flexible allocation between

Shariah-compliant equities and sukuk. SyariahEXTRA focuses on achieving a

positive return, even in a downtrend market, rather than beating the benchmark.

^ By definition “absolute returns” is the static measure of actual return an asset

achieves over a period of time.

Benchmark 50% of FBM Emas Shariah Index + 50% of Maybank’s 12-months Islamic Fixed

Deposit-i rate.

*With effect from 1 July 2016, the Fund’s benchmark has been changed from a

composite benchmark comprising “50% FBM EMAS Shariah Index and 50%

Maybank’s 12-months GIA-i rate” to “50% FBM EMAS Shariah Index and 50%

Maybank’s 12-months Islamic Fixed Deposit-i rate”.

Investment Objective Libra SyariahEXTRA aims to provide investors with medium to long-term capital

appreciation, through its investments in specified asset classes by adopting a

relatively balanced approach towards equities and sukuk exposure based on the

Shariah principles. The Fund aims to achieve capital growth with lower short-term

volatility than is normally associated with a pure equity fund.

6






Investment Policy The Fund invests in a blend of Ringgit-denominated quoted Shariah-compliant

equities, sukuk and other Islamic money market instruments and Islamic derivatives

(Islamic financial instruments that have no intrinsic value, but derive their value from

an underlying instrument such as indices and share prices. They are used to manage

one’s exposure to unexpected price fluctuations in the Shariah-compliant equity and

sukuk markets), which have been approved by the Securities Commission’s Shariah

Advisory Council and/or the Shariah Adviser. Its key objective is aimed at consistent

absolute returns over the medium to long-term investment horizon.

Investment Strategy For investments in Shariah-compliant equities, following the ‘top-down’ process, the

strategy is to identify key sectors or groups of Shariah-compliant stocks that are

expected to perform well under an anticipated set of economic condition. Individual

Shariah-compliant stock selection will be based on well-managed, financially sound

companies with attractive relative valuations and have the potential for high earnings

growth over the medium to long-term time frame. The analysis methods used will

include ratio analysis on the financial performance of companies, trend analysis to

forecast future performance, and Shariah-compliant stock valuation methods.

With respect to investments in sukuk, the strategy is to focus on consistent, above-

average returns from fundamental research rather than from frequent trading.

Emphasis is placed on credit-worthiness of the investment-grade sukuk issuers. A

disciplined application of the ‘top-down’ investment process is therefore applied, with

due consideration given to the credit standing of individual issuers. Libra

SyariahEXTRA will seek to diversify across sectors and individual Shariah-compliant

securities to minimize the risk profile of the portfolio.

Distribution Policy It is the intention of the Management Company to declare distribution of income

annually for Libra SyariahEXTRA. The amount of income to be distributed will vary

from year to year, depending on interest rates, market conditions, the performance

and the objectives of the Fund. Income distributions may be made out of realised

capital gains, net profit from Islamic deposit and Islamic money market and net

dividend received by the Fund. It is also the Management Company’s policy to

automatically reinvest declared income distribution into additional units in the Fund

at the end of the distribution day (at ex-distribution price) with no sales charge.

Unitholders wanting to realise capital gain on units held may, liquidate all or part of

their units on any Business Day.

Soft Commissions &

Rebates Received

From Brokers

The Management Company may retain soft commissions received from stockbrokers,

provided that these are of demonstrable benefit to the unit holders and in the form of

research and advisory services that assist in the decision-making process relating to

the Fund’s investments. During the period under review the Management Company

has received financial news and data services and related publications which assist in

the decision making process of the Fund’s investment. Rebates, if any, will be

credited to the account of the Fund.

7






Cross-Trade

Transaction

During the period under review, there were cross-trade transactions undertaken by the

Fund. The transactions were executed through brokers/dealers on an arm’s length and

fair value basis and in the best interest of the unitholders.

Profile of

Unitholdings

*Excluding units held

by the Management

Company

As at 30 June 2019

Unitholder Unit Holding

Size of Holding

(Units) No %

No

(million) %

5,000 and below 4,817 71.94 9.54 6.48

5,001 to 10,000 517 7.72 3.90 2.65

10,001 to 50,000 1,124 16.79 23.57 16.00

50,001 to 500,000 228 3.41 23.94 16.25

500,001 and above 10 0.14 86.34 58.62

* Total (Decimal

Rounding) 6,696 100.00 147.29 100.00

8





F U N D P E R F O R M A N C E

Management Company

Please refer to Note 1 for further information

Inception to 9 Aug 2002: Abrar Unit Trust Management Berhad

9 Aug 2002 onwards: Libra Invest Berhad

2019 2018 2017

NAV & PRICING as at 30 June

Please refer to Note 2 for further information.

Total Net Asset Value (RM million) 44.47 58.57 55.73

Units in circulation (million units) 147.29 191.00 172.97

NAV per unit (RM) 0.3019 0.3067 0.3223

HIGHEST & LOWEST NAV for the period ended 30 June

Please refer to Note 2 for further information. Highest NAV per unit (RM) 0.3028 0.3219 0.3244

Lowest NAV per unit (RM) 0.2737 0.3034 0.2950

PORTFOLIO COMPOSITION % of NAV for the period ended 30 June

Quoted Shariah-compliant equities & Shariah-compliant equity-related securities

Main Board

Construction 3.35 3.42 8.51

Technology 11.74 1.98 3.50

Industrial Products 4.93 3.94 8.92

Consumer Products 6.63 5.00 -

Islamic REITS - - 3.25

Properties - 4.00 -

Trading/Services - 16.32 19.30

Telecommunications 2.52 - -

Utilities 4.85 - -

Energy 8.92 - -

Unquoted Sukuk

Islamic Commercial Paper - - -

Sukuk 16.42 26.34 8.80

Cash & others 40.64 39.00 47.72

For the first half of the year, the fund’s equity exposure was maintained when compared against the previous

year. Sector wise, the fund has increased its sector diversification. The fund has reduced exposure in Property

and Trading/ Services and increased exposure in Technology. Allocation was also increased in Energy,

Telecommunications and Utilities in view of there more defensive profiles.

EXPENSE/TURNOVER for the period ended 30 June

Management expense ratio (MER) (%) 1.01 0.98 1.10

Portfolio turnover ratio (PTR) (times) 0.51 0.39 0.55

Please refer to page 45 for further explanation on the difference in MER and PTR.

Past performance is not necessarily indicative of future performance. Unit prices and investment returns

may fluctuate.

9






Management Company




RETURN (%) for the 12-month period ended 30 June


TOTAL RETURN 2019 2018 2017

Total Return

Capital Return

Income Return

3.64

-1.57

5.21

-0.25

-4.84

4.59

9.55

9.55

-

AVERAGE TOTAL RETURN 1-yr 3-yrs 5-yrs

SyariahEXTRA (%)

(Inception Date: 12 March 1996) 3.64 4.28 3.61

*With effect from 1 July 2016, the Fund’s benchmark has been changed from a composite benchmark comprising

“50% FBM EMAS Shariah Index and 50% Maybank’s 12-month GIA-i rate” to “50% FBM EMAS Shariah Index

and 50% Maybank’s 12-month Islamic Fixed Deposit-i rate”.


may fluctuate.

10






Management Company




I N C O M E D I S T R I B U T I O N A N D U N I T S P L I T

For the period ended 30 June


2019 2018 2017

Distribution date - - -

Gross distribution (sen per unit) - - -

Net distribution (sen per unit) - - -

NAV before distribution (sen per unit) - - -

NAV after distribution (sen per unit) - - -

Unit Split - - -


may fluctuate.

F U N D R E V I E W

For the period, the fund recorded a positive return of 9.34% vs its benchmark return of -3.47%. The

outperformance was due to stocks invested in the Technology, Finance, Telecommunication and O&G

sector. For 2019, we will continue to look for companies with the emphasis of growth and quality. The

fund will continue to invest in companies with long-term track record of consistent performance and

sustainable dividend yields.

NAV PER UNIT

NAV per unit as at 31 December 2018

RM0.2761

NAV per unit as at 30 June 2019

RM0.3019

ASSET ALLOCATION as at 30 June 2019

21

3

1 Quoted Shariah-compliant equities & Shariah-

compliant equity-related securities

42.94%

2

3

Unquoted Sukuk

Cash& Others

16.42%

40.46%

11





N O T E S

Note 1: Data records up to 9 August 2002 was maintained by Abrar Unit Trust Management Berhad, the

previous Management Company for the Fund. Libra Invest Berhad took over the management of the Fund

on 9 August 2002. Re-pricing for the Fund was effected on 2 January 2003.

Note 2: Selling of units by the Management Company (i.e. when you purchase units and invest in the funds)

and redemption of units by the Management Company (i.e. when you redeem your units and liquidate your

investments) will be carried out at NAV per unit (the actual value of a unit). The entry/exit fee (if any) would

be computed separately based on your net investment/liquidation amount.

Note 3:

Returns prior to 9 August 2002 represent performance under the previous Management Company, Abrar

Unit Trust Management Bhd.

With the approval of the Fund’s unitholders in a meeting held on 4 September 2002, the Fund has

adopted a relatively balanced approach towards Shariah-compliant equities and sukuk exposure since 3

October 2002. Prior to 3 October 2002, the Fund was managed as an equity Fund.

Fund performance figures are calculated based on NAV to NAV and assume reinvestment of distributions

(if any) at NAV. The performance figures for the Fund and its Benchmark are sourced from Lipper.

Note 4: There were no income distribution or unit split exercise for the 6-month period ended 30 June 2019.


may fluctuate.

12




L IB RA AMA N AH S AH A M WA N IT A


Inception Date 4 May 1998 (The Fund has no predetermined fixed period or termination date).

Initial Offer Price RM0.5000 per unit during the Initial Offer Period (IOP) of 21 days ended 24 May

1998.

Background Libra Amanah Saham Wanita (ASNITA) was established on 30 April 1998 by

Metrowangsa Unit Trusts Berhad (MUTB) (formerly known as Hijrah Unit Trust

Management Berhad). It was established as a general equity fund managed in

compliance with Shariah requirements. MUTB remained the Manager for ASNITA

until April 2003, when Maybank Trustees Berhad (Trustee for ASNITA) removed

MUTB and appointed Libra Invest Berhad (LIB) in its place. LIB has been managing

ASNITA since 2 May 2003.

Date of First

Prospectus under

LIB

1 July 2004.


Fund Category/

Type

Equity (Shariah)/Growth and to a lesser extent income.

Open-ended unit trust fund with a long-term investment horizon which invests

principally in quoted Shariah-compliant equities and Shariah-compliant equity related

securities.

Benchmark FTSE Bursa Malaysia Emas Shariah Index.

Investment

Objective

The primary objective of the Fund is to offer relatively good and safe capital growth1

over the long-term period by investing principally in an actively-managed, diversified

portfolio of Shariah-compliant equities and equity-related securities.

Note : 1 Growth is targeted to be consistent and stable by not taking excessive risk.

Investment Policy The Fund invests in Shariah-compliant investments including ordinary Shariah-

compliant shares and other Shariah-compliant equity-related securities such as

convertible Shariah-compliant securities, Shariah-compliant preference shares,

Shariah-compliant warrants listed on Bursa Malaysia or traded in or under the rules of

other recognized stock exchange in Malaysia, units in other Islamic collective

investment schemes, sukuk as well as short-term Islamic money market instruments

and any other kind of Shariah-compliant investments as agreed by the Management

Company and Independent Trustee, approved by the Securities Commission’s Shariah

Advisory Council and/or the Shariah Adviser from time to time.

13






Investment

Strategy

For investment in Shariah-compliant equities, following the ‘top-down’ process, the

strategy is to identify key sectors or groups of Shariah-compliant stocks that are

expected to perform well under an anticipated set of economic conditions. Individual

Shariah-compliant stock selection will be based on well-managed, financially sound

companies with attractive relative valuations and have the potential for high earnings

growth, over the medium to long-term time frame. The analysis methods used will

include ratio analysis on the financial performance of companies, trend analysis to

forecast future performance, and Shariah-compliant stock valuation methods. When

necessary, the indexation method will be used in tracking the performance of the

FTSE Bursa Malaysia Emas Shariah especially during buoyant/uncertain market

conditions.

Distribution

Policy

It is the intention of the Management Company to declare distribution of income

annually for ASNITA, provided there is sufficient realised gain. The amount of

income to be distributed will vary from year to year, depending on interest rates,

market conditions, the performance and the objectives of the Fund. Income

distributions may be made out of realised capital gains, net profit from Islamic

deposit and Islamic money market and net dividend received by the Fund. It is also

the Management Company’s policy to automatically reinvest declared income

distribution into additional units in the Fund at the end of the distribution day (at ex-

distribution price) with no sales charge. Unitholders wanting to realise the capital gain

on units held may, liquidate all or part of their units on any Business Day.

Soft Commissions

& Rebates

Received From

Brokers

The Management Company may retain soft commissions received from stockbrokers,

provided that these are of demonstrable benefit to the unit holders and in the form of

research and advisory services that assist in the decision-making process relating to

the Fund’s investments. During the period under review the Management Company

has received financial news and data services and related publications which assist in

the decision making process of the Fund’s investment. Rebates, if any, will be

credited to the account of the Fund.

Profile of

Unitholdings

*Excluding units

held by the

Management

Company

As at 30 June 2019


Size of Holding (Units) No % No (million) %

5,000 and below 45,629 96.11 41.53 43.32

5,001 to 10,000 1,073 2.26 7.60 7.93

10,001 to 50,000 716 1.51 13.48 14.07

50,001 to 500,000 50 0.11 5.93 6.19

500,001 and above 7 0.01 27.31 28.49

*Total (Decimal Rounding) 47,475 100.00 95.85 100.00

14






may fluctuate.


Management Company


Inception to 2 May 2003: Metrowangsa Unit Trusts Berhad

2 May 2003 onwards: Libra Invest Berhad

2019 2018 2017 NAV & PRICING as at 30 June




NAV per unit (RM) 0.6941 0.6884 0.7175



Highest NAV per unit (RM) 0.6993 0.7730 0.7197



Quoted Shariah-compliant equities & Shariah-compliant equity-related securities

Main Board

Construction 5.61 2.22 5.26

Consumer Products 6.14 2.60 -

Technology 10.67 3.80 -

Energy 17.35 - -

Plantations - - 8.03

Properties - 5.11 0.51

Industrial Products 6.57 4.72 12.10

Trading/Services

Finance

-

3.88

27.86

3.32

44.24

-

Telecommunications 3.87 - -

Utilities 7.54 - -

Unquoted Sukuk

Sukuk - - -

Cash & others 38.37 50.37 29.86

Compared to the previous year, the fund has significantly increased its equity exposure and reduced its cash

levels. Cash levels were reduced from 50.37% to 37.37%. Allocation into sectors such as Properties,

Trading/Services were also reduced and alongside cash funds were re-deployed into sectors such as

Construction, Consumer, Technology, Telecommunication, Energy and Utilities that offered more defensive

growth profiles.





15






may fluctuate.


Management Company







Total Return

Capital Return

Income Return

0.84

0.84

-

-4.07

-4.07

-

10.89

10.89

-


Libra Amanah Saham Wanita (%)

(Inception Date: 4 May 1998) 0.84 2.72 1.12

16






may fluctuate.


Management Company







2019 2018 2017






Unit Split - - -

F U N D R E V I E W

For the period, the fund recorded a positive return of 12.29% vs its benchmark return of 5.46%,

outperforming its benchmark. The outperformance was due to stocks invested in the Technology, Finance,

Telecommunication and O&G sector. The fund will continue to invest in companies with long-term track

record of consistent performance.

NAV PER UNIT


RM0.6182


RM0.6941


2

1

1 Quoted Shariah-compliant equities & Shariah-

compliant equity-related securities

61.63%

2 Cash & Others 38.37%

17






may fluctuate.

N O T E S

Note 1: Data for 2002 to 2 May 2003: Extracted from records maintained by Metrowangsa Unit Trusts

Berhad, the previous Management Company for the Fund. Libra Invest Berhad took over the management

of the Fund on 2 May 2003.

Note 2: Selling of units by the Management Company (i.e. when you purchase units and invest in the funds)


investments) will be carried out at NAV per unit (the actual value of a unit). The entry/exit fee (if any)

would be computed separately based on your net investment/liquidation amount.

Note 3:

Returns prior to 2 May 2003 represent performance under the previous Management Company,

Metrowangsa Unit Trusts Berhad.

Fund performance figures are calculated based on NAV to NAV and assume reinvestment of

distributions (if any) at NAV. The performance figures for the Fund and its Benchmark are sourced from

Lipper.

Note 4: There were no income distribution or unit split exercise for the 6-month period ended 30 June

2019.

18




L IB RA ASN IT ABO N D FU N D


Inception Date 18 March 2005 (The Fund has no predetermined fixed period or termination date).

Initial Offer Price RM0.5000 per unit during the Initial Offer Period (IOP) of 21 days ended 7 April

2005.


Fund Category/

Type

Bond (Shariah) /Income.

Open-ended unit trust fund with a short to medium-term investment horizon which

invests principally in sukuk.

Benchmark Maybank’s 12-Month Islamic Fixed Deposit-i rate.

*With effect from 1 July 2016, the Fund’s benchmark has been changed from

Maybank’s 6-month GIA-I Tier 1 rate to Maybank’s 12-month Islamic Fixed Deposit-i

rate.

Investment

Objective

The Fund aims to provide capital preservation1 with regular income2 over the short to

medium-term period by investing in Islamic money market instruments and sukuk.

Note : 1 Unit Holders are to note that this is not a capital guaranteed nor protected Fund.

Unit Holders’ capital is neither guaranteed nor protected.

2 All income distribution will be automatically reinvested into additional units.

Investment Policy Libra ASnitaBOND invests principally in Government and semi-Government

sukuk, Islamic money market instruments, Corporate sukuk, and Islamic treasury

products.

Investment Strategy The Fund adopts an investment strategy which will provide returns comparable to

that of short-term Islamic money market deposits, and at the same time preserve the

Fund ‘s principal value and maintain a high degree of liquidity.

Distribution

Policy

It is the intention of the Management Company to declare distribution of income

annually for Libra ASnitaBOND, provided there is a sufficient realised gain. The

amount of income to be distributed will vary from year to year, depending on

interest rates, market conditions, the performance and the objectives of the Fund.

Income distributions may be made out of realised capital gains, net profit from

Islamic deposit, Islamic money market and net dividend received by the Fund. It is

also the Management Company’s policy to automatically reinvest declared income

distribution into additional units in the Fund at the end of the distribution day (at ex-

distribution) with no entry fee. Unitholders wanting to the realise the capital gain on

units held may, liquidate all or part of their units on any Business Day.

Soft Commissions &

Rebates Received

From Brokers

The Management Company may retain soft commissions received from

stockbrokers, provided that these are of demonstrable benefit to the unit holders and

in the form of research and advisory services that assist in the decision-making

process relating to the Fund’s investments. During the period under review the

Management Company has received financial news and data services and related

publications which assist in the decision making process of the Fund’s investment.

Rebates, if any, will be credited to the account of the Fund.

19






Cross-Trade

Transaction During the period under review, there were cross-trade transactions undertaken by

the Fund. The transactions were executed through brokers/dealers on an arm’s

length and fair value basis and in the best interest of the unitholder.

Profile of

Unitholdings

*Excluding units held

by the Management

Company

As at 30 June 2019


Size of Holding (Units) No % No (million) %

5,000 and below 41 14.29 0.05 0.02

5,001 to 10,000 20 6.97 0.16 0.06

10,001 to 50,000 81 28.22 2.24 0.82

50,001 to 500,000 84 29.27 15.74 5.74

500,001 and above 61 21.25 255.88 93.36

*Total (Decimal Rounding) 287 100.00 274.07 100.00

20






2019 2018 2017

NAV & PRICING as at 30 June




NAV per unit (RM) 0.6450 0.6244 0.6276



Highest NAV per unit (RM) 0.6450 0.6244 0.6277



Unquoted sukuk 88.47 81.17 85.23

Cash & others 11.53 18.83 14.77

The Fund’s exposure to sukuk increased during the period to capitalise on investment opportunities given that

the interest rate outlook is expected to remain conducive and supply demand dynamics may continue to drive

positive sentiment in the domestic bond market.








Total Return

Capital Return

Income Return

7.32

3.30

4.02

3.58

-0.51

4.09

4.65

4.65

-


ASnitaBond (%)

(Inception Date: 18 March 2005) 7.32 5.07 5.55


may fluctuate.

21






*With effect from 1 July 2016, the Fund’s benchmark has been changed from Maybank 6-months GIA-I Tier 1 rate to

Maybank 12-months Islamic Fixed Deposit-i rate.




2019 2018 2017






Unit Split - - -


may fluctuate.

22





F U N D R E V I E W

The Fund delivered strong returns of 7.23% for the 12 months ended 30 June 2019, significantly

outperforming its benchmark return of 3.32%. The performance was mainly attributed to capital

appreciation from a careful selection of high grade sukuk investments, after thorough analysis on domestic

and global economic environment, market trends and regional fund flows. The Fund will continue to give

strong emphasis on sukuk issuers’ credit strength focusing on cashflow consistency, stringent structure and

experienced management teams.

The Fund achieved its investment objective of providing capital preservation with regular profit income

over the short to medium-term period.

NAV PER UNIT


RM0.6175


RM0.6450


2

1

1

2

Unquoted sukuk

Cash & Others

88.47%

11.53%

N O T E S

Note 1: Selling of units by the Management Company (i.e. when you purchase units and invest in the Funds)


investments) will be carried out at NAV per unit (the actual value of a unit). The entry/exit fee (if any) would

be computed separately based on your net investment/liquidation amount.

Note 2: Fund performance figures are calculated based on NAV to NAV and assume reinvestment of

distributions (if any) at NAV. The performance figures for the Fund and its Benchmark are sourced from

Lipper.

Note 3: There were no income distribution or unit split exercise for the 6-month period ended 30 June 2019.


may fluctuate.

23

I NT ER I M RE PO R T 2 01 9

A D D ITI ON AL I N FO R MATI ON / D ISC LOS U RE


may fluctuate.

R E T U R N S O N A N I N I T I A L I N V E S T M E N T O F R M 1 0 0 , 0 0 0

I N L I B R A S Y A R I A H E X T R A F U N D A N D

L I B R A A M A N A H S A H A M W A N I T A ( A S N I T A ) F U N D

For ease of reference, the Fund’s total return for the period ended 30 June 2019 is in Ringgit terms.

The following charts illustrate comparative growth figures for an initial investment of RM100,000 in Libra

SyariahEXTRA Fund and Libra Amanah Saham Wanita (ASNITA) Fund with their respective benchmark, for

the period specified below.

From 31 January 2003 to 30 June 2019

95,000

110,000

125,000

140,000

155,000

170,000

185,000

200,000

215,000

230,000

Jan-03 Feb-05 Mar-07 Apr-09 May-11 Jun-13 Jul-15 Aug-17

RM Libra SyariahEXTRA Benchmark

A RM100,000 investment in Libra

SyariahEXTRA and its benchmark*

from 31 January 2003 to 30 June

2019 (before tax) would be worth

RM228,388.83 and RM212,431.62

respectively.

*With effect from 1 July 2016, the Fund’s benchmark

has been changed from a composite benchmark

comprising “50% FBM EMAS Shariah Index and

50% Maybank 12-months GIA-i rate” to “50% FBM

EMAS Shariah Index and 50% Maybank 12-months

Islamic Fixed Deposit-i rate”.

Source : Lipper

From 30 May 2003 to 30 June 2019

100,000

130,000

160,000

190,000

220,000

250,000

280,000

May-03 Jan-06 Sep-08 May-11 Jan-14 Sep-16 May-19

RM ASNITA Benchmark


Amanah Saham Wanita and its

benchmark (FTSE Bursa Malaysia

Emas Shariah), from 30 May 2003

to 30 June 2019 (before tax) would

be worth RM245,864.12 and

RM250,306.76 respectively.


distributions (if any) at NAV. There are fees, charges and risks (credit/default, liquidity, inflation,

interest rate and others) involved and investors are advised to consider the fees, charges and risks.

Please refer to page 11 and 17 respectively for further clarification on data source and assumptions used in

calculating return figures for the fund and its benchmark.

Source: Lipper

Jun-19

Jun-19

24

I NT ER I M RE PO R T 2 01 9

A D D ITI ON AL I N FO R MATI ON / D ISC LOS U RE


may fluctuate.

Jun 11

R E T U R N S O N A N I N I T I A L I N V E S T M E N T O F R M 1 0 0 , 0 0 0

I N L I B R A A S N I T A B O N D F U N D

For ease of reference, the Fund’s total return for the period ended 30 June 2019 is in Ringgit terms.

The following charts illustrate comparative growth figures for an initial investment of RM100,000 in Libra

ASnitaBOND Fund with its benchmark for the period specified below.

From 31 March 2005 to 30 June 2019

100,000

110,000

120,000

130,000

140,000

150,000

160,000

170,000

180,000

190,000

200,000

Mar-05 Sep-07 Mar-10 Sep-12 Mar-15 Sep-17

RM Libra ASnitaBOND Benchmark


ASnitaBOND and its benchmark*

from 31 March 2005 to 30 June

2019 (before tax) would be worth

RM193,176.46 and RM154,843.18

respectively.

*With effect from 1 July 2016, the Fund’s benchmark

has been changed from Maybank 6-months GIA-I Tier

1 rate to Maybank 12-months Islamic Fixed Deposit-i

rate.


distributions (if any) at NAV. There are fees, charges and risks (credit/default, liquidity, inflation,

interest rate and others) involved and investors are advised to consider the fees, charges and risks.

Please refer to page 22 for further clarification on data source and assumptions used in calculating return

figures for the fund and its benchmark.

Source: Lipper

Jun-19

25

TRUSTEE’S REPORT

To the Unitholders of

Libra SyariahEXTRA Fund

Libra Amanah Saham Wanita

(collectively, “the Libra Funds”)

We have acted as Trustee for the Libra Funds for the financial period ended 30 June 2019. To the

best of our knowledge, Libra Invest Berhad (“the Manager”) has managed the Libra Funds in the

financial period under review in accordance with the following:

1. limitations imposed on the investment powers of the Manager under the deeds, securities laws

and Guidelines on Unit Trust Funds;

2. valuation and pricing of the Fund are carried out in accordance with the deeds and any

regulatory requirement; and

3. creation and cancellation of units are carried out in accordance with the deeds and any

regulatory requirement.

For Maybank Trustees Berhad

(Company No.: 5004-P)

BERNICE K M LAU

Head, Operations

Kuala Lumpur, Malaysia

07 August 2019

26

TRUSTEE’S REPORT

TO THE UNIT HOLDERS OF LIBRA ASNITABOND FUND

We, CIMB Islamic Trustee Berhad being the trustee of Libra ASnitaBOND Fund (“the Fund”)

are of the opinion that Libra Invest Berhad (“the Manager”) acting in the capacity as the Manager

of the Fund, has fulfilled its duties in the following manner for the 6-month financial period ended

30 June 2019.

a) The Fund has been managed in accordance with the limitations imposed on the investment

powers of the Manager under the Deeds, the Securities Commission Malaysia’s Guidelines on

Unit Trust Funds, the Capital Markets and Services Act 2007 (as amended from time to time),

and other applicable laws;

b) Valuation and pricing for the Fund has been carried out in accordance with the Deeds and any

relevant regulatory requirements; and

c) Creation and cancellation of units have been carried out in accordance with the Deeds and any

regulatory requirements.

For and on behalf of

CIMB Islamic Trustee Berhad

Lee Kooi Yoke

Chief Executive Officer


07 August 2019

27

SHARIAH ADVISER’S REPORT

TO THE UNIT HOLDERS OF LIBRA SYARIAHEXTRA FUND, LIBRA AMANAH

SAHAM WANITA AND LIBRA ASNITABOND FUND

We have acted as the Shariah Adviser of LIBRA INVEST BHD, the Manager of LIBRA

SYARIAHEXTRA FUND, LIBRA AMANAH SAHAM WANITA and LIBRA ASNITABOND

FUND (“the Funds”) for the financial period ended 30 June 2019.

Our responsibility is to ensure that the procedures and processes employed by the Manager as well

as the provisions of the Funds’ Deeds are all in accordance with Shariah principles.

In our opinion, based on the periodic reports submitted to us, the Manager has managed and

administered the Funds in accordance with Shariah principles and has complied with applicable

guidelines, rulings and decisions issued by the Shariah Advisory Council (“SAC’) of the Securities

Commission (“SC”) for the financial period ended 30 June 2019.

We confirm that the investment portfolios of the Funds comprise securities and instruments which

have been classified as Shariah-compliant by either the SAC of the SC or the SAC of Bank Negara

Malaysia (“BNM”). The exception is the securities of Scicom (MSC) Berhad held in the portfolio of

Libra Amanah Saham Wanita which have been reclassified as Shariah non-compliant by the SAC of

the SC. These reclassified Shariah non-compliant securities shall be disposed of according to the

guidelines prescribed by the SC.

As for securities and instruments which have not been classified by the SAC of the SC nor by the

SAC of BNM, we have reviewed and determined the Shariah status of the said securities and

instruments.

For and on behalf of the Shariah Adviser

BIMB SECURITIES SDN BHD

IR. DR. MUHAMAD FUAD ABDULLAH

Designated Shariah Person

Kuala Lumpur

07 August 2019

28


UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2019

30 June 30 June

Note 2019 2018

RM RM

ASSETS

Shariah-compliant investments 3 26,395,592 35,727,144

Islamic deposits with financial institutions 5 17,912,000 22,620,000

Other receivables 6 141,994 251,154

Cash at bank 91,668 91,647

TOTAL ASSETS 44,541,254 58,689,945

LIABILITIES

Other payables and accruals 8 68,771 115,178

TOTAL LIABILITIES 68,771 115,178

EQUITY

Unitholders’ capital 36,362,773 49,252,537

Retained earnings 8,109,710 9,322,230

TOTAL EQUITY 9 44,472,483 58,574,767

TOTAL EQUITY AND LIABILITIES 44,541,254 58,689,945

NET ASSET VALUE 44,472,483 58,574,767

UNITS IN CIRCULATION 9(a) 147,291,474 191,003,049

Net Assets Value (“NAV”) Per Unit 10 0.3019 0.3067

The accompanying notes form an integral part of the financial statements.

29


UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 6-MONTH FINANCIAL PERIOD ENDED 30 JUNE 2019

Note 6 mths to 6 mths to

30 June 2019 30 June 2018

RM RM

INVESTMENT INCOME

Gross dividend income 211,497 179,209

Income from Islamic money market deposits 518,892 723,534

Net gain/ (loss) from Shariah-compliant investments

- financial assets at fair value through profit or loss

(“FVTPL”) 4 4,107,613

(2,518,359)

4,838,002 (1,615,616)

EXPENSES

Manager’s fee 11 374,872 430,962

Trustee’s fee 12 14,995 17,238

Auditors’ remuneration 5,900 5,900

Tax agent’s fee 3,900 3,900

Other expenses 106,906 110,261

506,573 568,261

Net income/ (loss) before tax 4,331,429 (2,183,877)

Income tax expenses 13 - (136,221)

Net income/ (loss) after tax 4,331,429 (2,320,098)

Other comprehensive income - -

Total comprehensive income/ (loss) for the period 4,331,429 (2,320,098)

Net income/ (loss) after tax is made up of the following:

Net realised income/ (loss) 855,970 (1,714,134)

Net unrealised gain/ (loss) 3,475,459 (605,964)

4,331,429 (2,320,098)


30


UNAUDITED STATEMENT OF CHANGES IN EQUITY


Unitholders’ Retained Total equity

capital earnings

Note 9(a) Notes 9(b)

and (c)

RM RM RM

As at 1 January 2018 44,626,138 11,642,328 56,268,466

Total comprehensive loss for the period - (2,320,098) (2,320,098)

Creation of units 5,007,773 - 5,007,773

Cancellation of units (381,374) - (381,374)

As at 30 June 2018 49,252,537 9,322,230 58,574,767

As at 1 January 2019 48,243,044 3,778,281 52,021,325

Total comprehensive income for the period - 4,331,429 4,331,429

Creation of units 8,169 - 8,169

Cancellation of units (11,888,440) - (11,888,440)

As at 30 June 2019 36,362,773 8,109,710 44,472,483


31


UNAUDITED STATEMENT OF CASH FLOWS


6 mths to 6 mths to

30 June 2019 30 June 2018

RM RM

Cash flows from operating and investing activities

Proceeds from sale/maturity of Shariah-compliant investments 35,972,483 24,727,335

Income received from Islamic money market deposits 774,129 684,528

Dividends received 161,988 386,438

Purchase of Shariah-compliant investments (23,776,028) (20,607,955)

Manager’s fee paid (387,460) (433,646)

Trustee’s fee paid (15,499) (17,346)

Payment for other fees and expenses (113,405) (116,760)

Payment for income tax expenses (136,221)

Net cash generated from operating and investing activities 12,616,208 4,486,373

Cash flows from financing activities

Cash proceeds from units created 8,169 5,007,773

Cash paid on units cancelled (11,891,577) (379,504)

Net cash (used in)/ generated from financing activities (11,883,408) 4,628,269

Net increase in cash and cash equivalents 732,800 9,114,642

Cash and cash equivalents at the beginning of the period 17,270,868 13,597,005

Cash and cash equivalents at the end of the period 18,003,668 22,711,647

Cash and cash equivalents comprise:

Cash at bank 91,668 91,647

Islamic deposits with financial institutions 17,912,000 22,620,000

18,003,668 22,711,647


32


NOTES TO THE FINANCIAL STATEMENTS - 30 JUNE 2019

1. GENERAL INFORMATION

Libra SyariahEXTRA Fund (“the Fund”) was constituted pursuant to the executed Deed dated 7

February 1996 (collectively, together with deeds supplemental thereto, referred to as “the

Deed”) between the Manager, Abrar Unit Trust Management Berhad and Maybank Trustees

Berhad (“the Trustee”). In accordance with the provision of the Deed, Maybank Trustee Berhad

has appointed Libra Invest Berhad as the Manager of the Fund with effect from 9 August 2002.

The Fund commenced operations on 12 March 1996 and will continue to be in operation until

terminated as provided under Part 12 of the Deed.

With effect from 8 July 2019, Libra Invest Berhad is a wholly-owned subsidiary of Kenanga

Investors Berhad, which is in turn a wholly-owned subsidiary of Kenanga Investment Bank

Berhad that is listed on the Main Board of Bursa Malaysia Securities Berhad. Prior to 8 July

2019, Libra Invest Berhad was the wholly-owned subsidiary of ECM Libra Financial Group

Berhad that is listed on the Main Board of Bursa Malaysia Securities Berhad. All of these

companies are incorporated in Malaysia.

The principle place of business of the Manager is Ground Floor, Bangunan ECM Libra, 8, Jalan

Damansara Endah, Damansara Heights, 50490 Kuala Lumpur.

The Fund seeks to achieve capital growth with lower short-term volatility than is normally

associated with a pure Islamic equity fund. The principal activity of the Fund as defined of the

Deed is to invest in a balanced portfolio of Shariah-compliant equities and sukuk. The Shariah

Adviser advises the Manager on the permissibility of investment tools and operational matters

of the Fund to ensure the investment tools and operational matters are compliant with Shariah

requirements.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Preparation

The financial statements of the Fund have been prepared in accordance with Malaysian

Financial Reporting Standards (“MFRS”) as issued by Malaysian Accounting Standards

Board (“MASB”) and International Financial Reporting Standards (“IFRS”) issued by

International Accounting Standards Board (“IASB”).

The accounting policies adopted are consistent with those of the previous financial year

except for the adoption of the new and amended MFRS and IC Interpretations which

became effective for the Fund on 1 January 2019. The adoption of the new and amended

MFRS and IC Interpretations did not have any significant impact on the financial position

or performance of the Fund.

The financial statements have been prepared on the historical cost basis except as disclosed

in the accounting policies below.

33

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)

2.2 Standards, Amendments and Interpretations Issued but Not Yet Effective

As at the date of authorisation of these financial statements, the following Standards,

Amendments and Issues Committee ("IC") Interpretations have been issued by the

Malaysian Accounting Standards Board ("MASB") but are not yet effective and have not

been adopted by the Fund.

Description

Effective for

financial year

beginning on

or after

Amendments to References to the Conceptual Framework in MFRS

Standards

1 January 2020

(1) Amendments to MFRS 2 Share-Based Payment *

(2) Amendment to MFRS 3 Business Combinations *

(3) Amendments to MFRS 6 Exploration for and Evaluation of

Mineral Resources *

(4) Amendment to MFRS 14 Regulatory Deferral Accounts *

(5) Amendments to MFRS 101 Presentation of Financial Statements

(6) Amendments to MFRS 108 Accounting Policies, Changes in

Accounting Estimates and Errors

(7) Amendments to MFRS 101 & MFRS 108 Definition of Material

(8) Amendments to MFRS 134 Interim Financial Reporting

(9) Amendment to MFRS 137 Provisions, Contingent Liabilities and

Contingent Assets

(10) Amendment to MFRS 138 Intangible Assets *

(11) Amendment to IC Interpretation 12 Service Concession

Arrangements *

(12) Amendment to IC Interpretation 19 Extinguishing Financial

Liabilities with Equity Instruments *

(13) Amendment to IC Interpretation 20 Stripping Costs in the

Production Phase of a Surface Mine *

(14) Amendment to IC Interpretation 22 Foreign Currency

Transactions and Advance Consideration

(15) Amendments to IC Interpretation 132 Intangible Assets - Web

Site Costs *

MFRS 17 : Insurance contracts* 1 January 2021

Sale or Contribution of Assets between an Investor and its Associate or

Joint Venture (Amendments to MFRS 10 and MFRS 128) *

To be

announced

34


2.2 Standards, Amendments and Interpretations Issued But Not Yet Effective (cont’d)

The Fund adopted MFRS 9 Financial Instruments (“MFRS 9”) which was effective for

periods beginning on or after 1 January 2018. MFRS 9 which replaces MFRS 139 Financial

Instruments: Recognition and Measurement (“MFRS 139”) brings together all three aspects

of the accounting for financial instruments project: classification and measurement,

impairment and hedge accounting. MFRS 9 is not applicable to financial instruments that

have been derecognised in previous financial year. Comparative figures as at the previous

financial year are not compulsory to be restated and are still accounted for in accordance

with MFRS 139 Financial Instruments.

Classification and measurement

The Fund has assessed the classification of financial instruments as at the date of initial

application and has chosen to take advantage of the option not to restate comparatives.

Therefore, the 2017 figures are presented and measured under MFRS 139. Note 2.3(a) and

Note 2.3(c) describes the original measurement categories under MFRS 139 and the new

measurement categories under MFRS 9 for the Fund’s financial assets and liabilities as at 1

January 2018. Based on the assessment, financial assets previously held at fair value

continue to be measured at fair value and financial assets previously classified as

receivables that are held to collect contractual cash flows continue to be measured at

amortised cost under MFRS 9.

The classification of financial liabilities under MFRS 9 remains broadly the same as under

MFRS 139. The main impact on measurement from the classification of liabilities under

MFRS 9 relates to the element of gains or losses for financial liabilities designated at Fair

Value Through Profit or Loss (“FVTPL”) attributable to changes in credit risk. The Fund

has not designated such financial liabilities as FVTPL and therefore, this requirement has

not had an impact to the Fund.

Impairment

MFRS 9 requires the Fund to record Expected Credit Losses (“ECLs”) on all of its debt

securities and trade receivables, either on a 12-month or lifetime basis. Given the limited

exposure of the Fund to credit risk, there is no material impact to the Fund’s financial

statements. The Fund only holds receivables with no financing component and which have

maturities of less than 12 months at amortised cost and therefore has adopted an approach

similar to the simplified approach to ECLs.

Hedge accounting

The Fund has not applied hedge accounting under MFRS 139 nor will it apply hedge

accounting under MFRS 9.

* These MFRSs, Amendments and IC Interpretations are not relevant to the Fund.

35


2.3 Summary of 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.

A financial asset or financial liability is considered to be held for trading if:

• It is acquired or incurred principally for the purpose of selling or repurchasing it in

the near term; or

• On initial recognition, it is part of a portfolio of identified financial instruments that

are managed together and for which, there is evidence of a recent actual pattern of

short-term profit-taking; or

• It is a derivative (except for a derivative that is a financial guarantee contract or a

designated and effective hedging instrument).

When financial assets are recognized initially, they are measured at fair value, plus, in

the case of financial assets not at fair value through profit or loss, directly attributable

transaction costs.

The Fund determines the classification of its financial assets at initial recognition, and

the categories include financial assets at fair value through profit or loss and

receivables.

(i) Financial assets at FVTPL

A financial asset is measured at fair value through profit or loss if:

(a) Its contractual terms do not give rise to cash flows on specified dates that are

solely payments of principal and profit on the principal amount outstanding;

or

(b) It is not held within a business model whose objective is either to collect

contractual cash flows, or to both collect contractual cash flows and sell; or

(c) At initial recognition, it is irrevocably designated as measured at FVPL

when doing so eliminates or significantly reduces a measurement or

recognition inconsistency that would otherwise arise from measuring assets

or liabilities or recognising the gains and losses on them on different bases.

Financial Assets held for trading includes equity instruments and debt

instruments which are acquired principally for the purpose of generating a

profit from short-term fluctuations in price.

36


2.3 Summary of Significant Accounting Policies (cont’d.)

(a) Financial assets (cont’d.)

(i) Financial assets at FVTPL (cont’d.)

Previously under MFRS 139, 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 Shariah-compliant equity

securities, sukuk and Islamic collective investment schemes 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 fair value through profit or loss’. Profit

earned and dividend revenue elements of such instruments are recorded separately

in ‘Profit income’ and ‘Gross dividend income’, respectively.

Exchange differences on financial assets at FVTPL are not recognised separately

in profit or loss but are included in net gains or net losses on changes in fair value

of financial assets at FVTPL.

(ii) Financial assets at amortised cost

A financial asset is measured at amortised cost if it is held within a business

model whose objective is to hold financial assets in order to collect contractual

cash flows and its contractual terms give rise on specified dates to cash flows that

are solely payments of principal and profit on the principal amount outstanding.

The Fund includes in this category amount due from brokers/financial institutions,

amount due from the Manager and other receivables.

Previously under MFRS 139, 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, receivables are measured at amortised cost using

the effective profit or yield method. Gains and losses are recognised in profit or

loss when the receivables are derecognised or impaired, and through the

amortisation process.

(b) Impairment

The Fund holds only receivables which have maturities of less than 12 months at

amortised cost and has chosen to apply the simplified approach on all receivables.

Previously under MFRS 139, The Fund assesses at each reporting date whether there

is any objective evidence that a financial asset classified as receivables is impaired.

37



(b) Impairment (cont’d.)

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 debtor and default or significant

delay in payments.

If 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 profit or yield rate. The

impairment loss is recognised in profit or loss.

The carrying amount of the financial asset is reduced by the impairment loss directly

for all financial assets with the exception of trade receivables, where the carrying

amount is reduced through the use of an allowance account. When a trade receivable

becomes uncollectible, it is written off against the allowance account.

If in a subsequent period, the amount of the impaired 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 balance at the reversal date.

The amount of reversal is recognised in profit or loss.

(c) Financial Liabilities

Financial liabilities are recognised initially at fair value and classified according to the

substance of the contractual arrangements entered into and the definitions of a

financial liability.

The Fund derecognises a financial liability when the obligation under the liability is

discharged, cancelled or expired.

(i) Financial Liabilities at FVTPL

A financial liability is measured at FVTPL if it meets the definition of held for

trading. The fund does not have any investments in financial liabilities held for

trading.

(ii) Financial Liabilities at amortised cost

This category includes all financial liabilities, other than those measured at

FVTPL. The Fund includes in this category amount due to brokers/financial

institutions, amounts due to the Manager and the Trustee, and other payables.

Previously for MFRS 139, financial liabilities are classified according to the


financial liability

38



(c) Financial Liabilities (cont’d.)

(ii) Financial Liabilities at amortised cost (cont’d.)

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. Financial liabilities are

classified as other financial liabilities.

The Fund’s financial liabilities which include trade and other payables are

recognised initially at fair value plus directly attributable transaction costs and

subsequently measured at amortised cost using the effective profit 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.

(d) Cash and Cash Equivalents

Cash and cash equivalents comprise cash at banks and Islamic deposits with financial

institutions which have an insignificant risk of changes in value.

(e) Revenue Recognition

Dividend income is recognised on the ex-dividend date. Profit income from Islamic

deposits and sukuk is recognised on an accrual basis using effective profit or effective

yield method.

Realised gain and loss on disposal of financial instruments classified as part of “at

FVTPL” are calculated using the weighted average method. They represent the

difference between an instrument’s carrying amount based on the weighted average

method and disposal amount of the investment.

(f) Income Tax

Current tax assets and liabilities are measured at the amount expected to be recovered

from or paid to the tax authorities. The tax rates and tax laws used to compute the

amount 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.

No deferred tax is recognised as there are no material temporary differences.

39



(g) Unitholders’ Capital

The unitholders’ capital of the Fund meet the definition of puttable instruments

classified as equity instruments under the revised MFRS 132. Distributions to

unitholders are recorded in equity when declared.

(h) Statement of Cash Flows

The Fund adopts the direct method in the preparation of cash flow statement. Cash and

cash equivalents include cash and bank balances and highly liquid Shariah-compliant

investments (excludes Shariah-compliant equity investments) with maturities of three

months or less from the date of acquisition and are readily convertible to cash with

insignificant risk of changes in value.

(i) Functional and Presentation Currency

The financial statements of the Fund are measured using the currency of the primary

economic environment in which it operates (“the functional currency”). The financial

statements are presented in Ringgit Malaysia (“RM”), which is also the Fund’s

functional currency.

(j) Significant Accounting Estimates and Judgements

The preparation of financial statements in accordance with MFRSs requires the use of

certain accounting estimates and exercise of judgements. Estimates and judgements

are continually evaluated and are based on past experience, reasonable expectations of

future events and other factors.

When the fair value of financial assets recorded in the Statement of financial position

cannot be derived from active markets, they are determined using a variety of

valuation techniques that include the use of mathematical models. The inputs to these

models are taken from observable markets where possible, but where this is not

feasible, a degree of judgement is required in establishing fair values. The judgements

include considerations of liquidity and model inputs such as credit risk (both own and

counterparty’s), correlation and volatility. Changes in assumption about these factors

could affect the reported fair value of financial instruments. The models are calibrated

regularly and tested for validity using prices from any observable current market

transactions in the same instrument (without modification or repackaging) or based on

any available observable market data.

3. SHARIAH – COMPLIANT INVESTMENTS

30 June 30 June

2019 2018

RM RM

Financial Assets at FVTPL (Note 4) :

Shariah-compliant investments 26,395,592 35,727,144

40

4. FINANCIAL ASSETS AT FVTPL

30 June 30 June

2019 2018

RM RM

Financial assets held for trading:

Quoted Shariah-compliant securities 19,094,302 20,297,399

Unquoted sukuk 7,301,290 15,429,745

26,395,592 35,727,144

Net gain/ (loss) on financial assets at FVTPL comprised:

Realised (loss)/ gain on disposals 632,154 (1,912,395)

Unrealised changes in fair values 3,475,459 (605,964)

4,107,613 (2,518,359)

The Fund’s investments are carried at fair value, which were determined using prices in active

markets for identical assets.

Quoted Shariah-compliant equity securities and Islamic collective investment schemes

Fair value is determined directly by reference to the published market price at the reporting date,

determined by reference to information made publicly available by the respective stock

exchanges.

Unquoted sukuk

The fair values of unquoted sukuk are obtained from the indicative market yields quoted by

Bond Pricing Agency Malaysia (“BPAM”).

Financial assets held for trading as at 30 June 2019 are as detailed below:

QUOTED SHARIAH-COMPLIANT SECURITIES

Name of Counter Quantity

Market

Price Cost

Fair

Value

% of

NAV

Units RM RM RM %

Shariah-compliant shares quoted

in Malaysia

Main Market

Construction

Muhibbah Engineering (M) Berhad 540,400 2.76 1,429,440 1,491,504 3.35

Consumer Products

Sime Darby Berhad 1,304,200 2.26 2,874,114 2,947,492 6.63

Energy

Dialog Group Berhad 372,300 3.26 1,215,096 1,213,698 2.73

Yinson Holdings Berhad 452,000 6.09 1,964,192 2,752,680 6.19

3,179,288 3,966,378 8.92

41

4. FINANCIAL ASSETS AT FVTPL (CONT’D.)

QUOTED SHARIAH-COMPLIANT SECURITIES (CONT’D.)


Market

Price Cost

Fair

Value

% of

NAV

Units RM RM RM %


in Malaysia

Main Market

Industrial Products

UCHI Technologies Berhad 760,600 2.88 2,134,468 2,190,528 4.93

Technology

Mi Technovation Berhad 1,440,500 1.67 2,801,344 2,405,635 5.41

Pentamaster Corporation Berhad 978,000 2.88 2,070,753 2,816,640 6.33

4,872,097 5,222,275 11.74

Telecommunications

Axiata Group Berhad 225,148 4.98 932,179 1,121,237 2.52

Utilities

Tenaga Nasional Berhad 155,700 13.84 2,139,466 2,154,888 4.85

TOTAL QUOTED SHARIAH-COMPLIANT

SECURITIES 17,561,052 19,094,302 42.94

UNQUOTED SUKUK

Issuer (rating) maturity/

profit (%)

Nominal

Value

Market

Price Cost

Fair

Value

% of

NAV

RM RM RM RM %

Sukuk

Anih Berhad (AA) 2026/5.70 2,000,000 109.11 2,150,000 2,182,220 4.91

Gamuda Berhad (AA3)

2022/4.825 4,000,000 102.13 4,046,400 4,085,240 9.19

Jimah East Power Berhad

(AA-) 2023/5.27 500,000 104.46 513,900 522,290 1.17

Tanjung Bin O&M Berhad

(AA-) 2022/4.90 500,000 102.31 508,300 511,540 1.15

TOTAL UNQUOTED SUKUK 7,218,600 7,301,290 16.42

TOTAL FINANCIAL ASSETS AT FVTPL 24,779,652 26,395,592 59.36

The effective average rate for unquoted sukuk as at 30 June 2019 is 4.18% (4.89 at 30 June 2018)

per annum.

42

5. ISLAMIC DEPOSITS WITH FINANCIAL INSTITUTIONS

The effective average rate of return per annum is as follows:

30 June 30 June

2019 2018

% %

Islamic deposits with licensed financial institutions 2.92 3.20

The average maturity of these Islamic deposits as at 31 December 2019 is 1 (2 in 2018) day.

6. OTHER RECEIVABLES

30 June 30 June

2019 2018

RM RM

Income receivable from Islamic money market 49,253 251,154

Dividends receivable 92,741 -

141,994 251,154

7. SHARIAH INFORMATION OF THE FUND

The Shariah Adviser confirmed that the investments portfolio of the Fund is Shariah-compliant,

which comprises:

(a) Securities listed on Bursa Malaysia which have been classified as Shariah-compliant by

the Shariah Advisory Council of the Securities Commission;

(b) The investments in sukuk are in order and as per the list of sukuk available at Bond Info

Hub and Fully Automated System For Issuing/Tendering of Bank Negara Malaysia; and

(c) Liquid assets in local market, which are placed in Shariah-compliant investments and/or

instruments.

8. OTHER PAYABLES AND ACCRUALS

30 June 30 June

2019 2018

RM RM

Amount due to Manager - cancellation of units - 27,428

Accruals:

Manager’s fee 54,107 72,356

Trustee’s fee 2,164 2,894



68,771 115,178

43

9. TOTAL EQUITY

30 June 30 June

Note 2019 2018

RM RM

Unitholders’ capital (a) 36,362,773 49,252,537

Retained earnings

- Unrealised reserves (b) 1,615,940 97,578

- Realised reserves (c) 6,493,770 9,224,652

Total equity 44,472,483 58,574,767

(a) Unitholders’ Capital 30 June 30 June 30 June 30 June 2019 2019 2018 2018 Units RM Units RM

At beginning of the period 188,412,218 48,243,044 176,431,753 44,626,138

Creation of units 27,533 8,169 15,787,828 5,007,773

Cancellation of units (41,148,277) (11,888,440) (1,216,532) (381,374)

At end of the period 147,291,474 36,362,773 191,003,049 49,252,537

(b) Unrealised Reserve

30 June 30 June

2019 2018

RM RM

At beginning of the period (1,859,519) 3,926,241

Unrealised loss/ (gain) attributable to Shariah-

compliant investments sold transferred to Realised

Reserves

1,378,873

(3,222,699)

Net unrealised gain/ (loss) attributable to Shariah-

compliant investments held transferred from profit

or loss

2,096,586

(605,964)

At end of the period 1,615,940 97,578

(c) Realised Reserves

30 June 30 June

2019 2018

RM RM

At beginning of the period 5,637,800 7,716,087

Unrealised (loss)/ gain attributable to Shariah-

compliant investments sold transferred from

Unrealised Reserves (1,378,873)

3,222,699


Net unrealised (gain)/ loss transferred to Unrealised

Reserves (2,096,586)

605,964

At end of the period 6,493,770 9,224,652

44

10. NAV PER UNIT

The net assets value per unit is calculated by dividing the net assets of RM44,472,483 as at 30

June 2019 (RM58,574,767 at 30 June 2018) by 147,291,474 units in issue as at 30 June 2019

(191,003,049 units at 30 June 2018).

11. MANAGER’S FEE

Part 13 Division 13.1 and The Seventh Schedule of the Supplemental Master Deed provides that

the Manager is entitled to a management fee computed daily on the net asset value of the Fund

at a rate not exceeding 1.50% per annum. The management fee provided for in the financial

statements amount to 1.50% (1.50% in 2018) per annum for the period.

12. TRUSTEE’S FEE

Part 13 Division 13.2 and The Eighth Schedule of the Supplemental Master Deed provides that

the Trustee is entitled to a fee not exceeding 0.10% of the net asset value of the Fund. The

Trustee’s fee for the period is 0.06% (0.06% in 2018) per annum of the net asset value of the

Fund calculated on a daily basis.

13. INCOME TAX EXPENSES

2019 2018

RM RM

Under provision of tax - (136,221)

Tax expense - (136,221)

Income tax is calculated at the Malaysian statutory tax rate of 24% (24% in 2018) of the

estimated assessable income for the financial period.

The tax charge for the financial period is in relation to the gross dividend income earned after

deducting tax allowable expenses. In accordance with Schedule 6 of the Income Tax Act 1967,

profit earned by the Fund from Islamic money market instruments is exempted from tax. Gain

arising from realisation of investments are not treated as income pursuant to paragraph 61(1)(b)

of the Income Tax Act, 1967.

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:

2019 2018

RM RM


Tax at Malaysia statutory rate of 24% (24% in 2018) 1,039,543 (524,130)

Tax effect of:

Income not subject to tax (327,010) 296,696

Losses not allowed for tax deduction (834,110) 91,052

Permitted expenses not used not available for future years 9,291 11,088

45

13. INCOME TAX EXPENSES (CONT’D.)

2019 2018

RM RM

Expenses not deductible for tax purposes 112,286 125,294

Under provision of tax - (136,221)

Tax expense for the period - (136,221)

14. MANAGEMENT EXPENSE RATIO & PORTFOLIO TURNOVER RATIO

Management Expense Ratio (“MER”)

Management expense ratio for the Fund is 1.01% (0.98% in 2018) for the period ended 30 June

2019.

The management expense ratio includes manager’s fee, trustee’s fee, auditors’ remuneration, tax

agent’s fee and other expenses which are calculated as follows:

MER = (A + B + C + D + E) ÷ F x 100

A = Manager’s fee D = Tax agent’s fee

B = Trustee’s fee E = Other expenses

C = Auditors’ remuneration F = Average net asset value of fund

The average net asset value of the Fund for the period is RM50,395,014 (RM57,935,220 in

2018).

Portfolio Turnover Ratio (“PTR”)

The portfolio turnover ratio for the Fund is 0.51 times (0.39 times in 2018) for the period ended

30 June 2019.

The portfolio turnover is derived from the following calculation:

(Total acquisition for the period + total disposal for the period) 2

Average value of the Fund for the period calculated on a daily basis

Where: total acquisition for the period = RM23,357,933 (RM20,607,955 in 2018)

total disposal for the period = RM27,972,483 (RM24,727,335 in 2018)

15. UNITS HELD BY THE MANAGER AND RELATED PARTIES

The manager and related parties do not held any units as at reporting date.

46

16. TRANSACTIONS WITH RELATED PARTIES AND OTHER STOCKBROKING

COMPANIES/ INVESTMENT BANKS

Details of transactions with related parties and other stockbroking companies/investment bank

for the financial period ended 30 June 2019 are as follows:

Brokers/Dealers

Value of

Trades

% of

Total

Trades

Brokerage

Fees

% of Total

Brokerage

Fees

RM % RM %

UBS Securities Malaysia Sdn Bhd 13,073,761 25.47 14,689 20.62

RHB Investment Bank Berhad 8,308,450 16.19 - -

Maybank Investment Bank Berhad 4,622,232 9.00 12,711 17.84

Alliance Bank Malaysia Berhad 4,130,800 8.05 - -

CLSA Securities Malaysia Sdn Berhad 3,565,728 6.95 9,806 13.76

CIMB Investment Bank Berhad 3,542,968 6.90 9,743 13.68

Kenanga Investment Bank Berhad 3,298,157 6.43 9,070 12.73

Affin Hwang Investment Bank Berhad 3,185,012 6.20 8,759 12.29

Malayan Banking Berhad 2,991,341 5.83 - -

CLSA Securities Malaysia Sdn Bhd 1,708,323 3.33 1,367 1.92

Others 2,897,872 5.65 5,100 7.16

51,324,644 100.00 71,245 100.00

The above transaction values were in respect of listed Shariah-compliant securities and unquoted

sukuk. The dealings with the above companies have been transacted at arm’s length based on the

normal terms in the stockbroking industry. None of the parties mentioned above is related to the

Manager.

17. SEGMENTAL REPORTING

For management purpose, the Fund is managed by two segments – quoted Shariah-compliant

securities and unquoted sukuk.

The following table provides an analysis of the revenue, results and assets by its reportable

segments:-

Quoted

Shariah-

compliant

securities

Unquoted

sukuk Total

2019 RM RM RM

Revenue

Segment income representing segment results 4,191,508 281,945 4,473,453

Unallocated income 266,106

Unallocated expenditure (408,130)

Net income before taxation 4,331,429

Income tax expenses -

Net income after taxation 4,331,429

47

17. SEGMENTAL REPORTING (CONT’D.)

Quoted

Shariah-

compliant

securities

Unquoted

sukuk Total

RM RM RM

2019

Assets

Segment assets – Shariah-compliant investments 19,094,302 7,301,290 26,395,592

Other allocated assets 92,741 39,187 131,928

19,187,043 7,340,477 26,527,520

Other unallocated assets 18,013,734

44,541,254

Liabilities

Segment liabilities - - -

Unallocated liabilities 68,771

68,771

2018

Revenue

Segment loss representing segment results (2,238,248) 230,943 (2007,305)

Unallocated income 335,011

Unallocated expenditure (511,583)

Net loss before taxation (2,183,877)

Income tax expenses (136,221)

Net loss after taxation (2,320,098)

Assets

Segment assets – Shariah-compliant investments 20,297,399 15,429,745 35,727,144

Other allocated assets - 247,188 247,188

20,297,399 15,676,933 35,974,332

Other unallocated assets 22,715,613

58,689,945

Liabilities

Segment liabilities - - -

Unallocated liabilities 115,178

115,178

48

18. RISK AND CAPITAL MANAGEMENT POLICIES AND PROCESSES

FINANCIAL RISK AND CAPITAL MANAGEMENT OBJECTIVES AND POLICIES

The Fund’s objective in managing risk is the creation and protection of Unitholders’ value. In

order to meet this objective, the Fund utilised risk management for both defensive and proactive

purposes. As investments are only in Shariah-compliant instruments, the key risks faced by the

Fund are market risk, interest rate risk, credit risk, liquidity risk and Shariah status

reclassification risk.

(i) Market risk

This is a class of risk that inherently exists in an economy and cannot be avoided by any

business or company. It is usually due to changes in the economic outlook and affects

broad market confidence. Market risk is managed through portfolio diversification and

asset allocation whereby the Shariah-compliant securities exposure is monitored/reduced

in the event of anticipated market weakness.

Equity price risk sensitivity

Based on the portfolio of the Fund at the end of the reporting year, the Manager’s best

estimate of the effect on the net income and equity for the period due to a possible change

in equity indices, with all other variables held constant is indicated in the table below.

Market index

Changes in equity

price

Effects on

profit/(loss) for

the period

Effects on

equity

% RM RM

2019

FTSE Bursa Malaysia KLCI +5 954,715.10 954,715.10

2018

FTSE Bursa Malaysia KLCI +5 1,014,869 1,014,869

An equivalent decrease in the market index shown above would have resulted in an

equivalent, but opposite, impact.

In practice, the actual trading results may differ from the sensitivity analysis above and the

difference could be material.

(ii) Interest rate risk

Interest rate risks are uncertainties resulting from the effects of fluctuations in the

prevailing level of market interest rates on the Fund’s investments and financial position.

Movements in interest rate will affect the valuation of unquoted sukuk. The Fund seeks to

manage this risk by constructing a sukuk portfolio in accordance to the interest rate

strategies developed after thorough evaluation of macroeconomic variables. Profit rate on

Islamic deposits are determined based on prevailing market rates. The Fund seeks to obtain

rates that are competitive.

49

18. RISK AND CAPITAL MANAGEMENT POLICIES AND PROCESSES (CONT’D.)


(CONT’D.)

(ii) Interest rate risk (cont’d.)

The above interest rate is a general economic indicator that will have an impact on the

management of the Fund regardless whether it is an Islamic unit trust fund or otherwise. It

does not in any way suggest that the Fund will invest in conventional financial instruments.

All the investments carried out for the Fund are in accordance with Shariah requirements.

Interest rate risk sensitivity

The following table demonstrates the sensitivity of the Fund’s net income and equity for

the period to a possible change in interest rates, with all other variables held constant. The

sensitivity is the effect of the assumed changes in interest rates on:

- The net profit income for 6 months, based on the floating rate financial assets held at

the end of the reporting period; and

- Changes in fair value of Shariah-compliant investments for the period based on

revaluing fixed rate financial assets at the end of the reporting period.

Changes in

basis points*

Sensitivity of

profit income

Sensitivity of

changes in fair

value of

investments

Net combined

sensitivity

Changes to net

income and

equity

RM RM RM

2019 +25/-25 22,390/(22,390) (21,174)/21,174 1,216/(1,216)

2018 +25/-25 28,275/(28,275) (94,850)/94,850 (66,575)/66,575

* The assumed movement in basis points for interest rate sensitivity analysis is based on

the currently observable market environment.

Interest rate risk exposure

The following table analyses the Fund’s interest rate risk exposure. The Fund’s assets and

liabilities are included at their carrying amounts and categorised by the earlier of

contractual re-pricing or maturity dates.

50



(CONT’D.)


Interest rate risk exposure (cont’d.)

Up to

1 month

1 - 3

months

3 - 12

months

1 - 5

years

Over

5 years

Non-

exposure

to interest

rate

movement Total

RM RM RM RM RM RM RM

2019

Assets

Cash at bank - - - - - 91,668 91,668

Islamic deposits with financial

institutions 17,912,000 - - - - - 17,912,000

Unquoted sukuk - - - 4,596,780 2,704,510 - 7,301,290

Other assets - - - - - 19,236,296 19,236,296

Total assets 17,912,000 - - 4,596,780 2,704,510 19,327,964 44,541,254

Liabilities

Other payables and

accruals - - - - - 68,771 68,771

Total liability - - - - - 68,771 68,771

Net interest rate

sensitivity gap 17,912,000 - - 4,596,780 2,704,510

2018

Assets

Cash at bank - - - - - 91,647 91,647

Islamic deposits with

financial institutions 22,620,000 - - - - - 22,620,000

Unquoted sukuk - - - 5,002,300 10,427,445 - 15,429,745

Other assets - - - - - 20,548,553 20,548,553

Total assets 22,620,000 - - 5,002,300 10,427,445 20,640,200 58,689,945

Liabilities

Other payables and

accruals - - - - - 115,178 115,178

Total liability - - - - - 115,178 115,178

Net interest rate

sensitivity gap 22,620,000 - - 5,002,300 10,427,445

(iii) Credit risk

Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a

commitment that it has entered into with the Fund. The risk applies mainly to unquoted

sukuk. The Fund expects to reduce credit risks substantially by conducting thorough credit

analysis before investment and by diversifying the portfolio.

For Islamic deposits in financial institutions, the Fund minimises credit risk by adopting an

investment policy which allows dealing with counterparties with good credit rating only.

Receivables are monitored to ensure that exposure to bad debts is minimised.

51



(CONT’D.)

(iii) Credit risk (cont’d.)

At the reporting date, the Fund has neither past due nor impaired receivables. The

maximum exposure to credit risk is projected by the carrying amount of each class of

financial assets in the statement of financial position.

Concentration of risk is monitored and managed based on sectorial distribution (include

both credit and equity risks) as set out below:

---------------- 2019 ---------------- ------------------ 2018 ---------------

Short-term

Islamic

deposits

Unquoted

sukuk

Quoted

Shariah-

compliant

securities

Short-

term

Islamic

deposits

Unquoted

sukuk

Quoted

Shariah-

compliant

securities

RM RM RM RM RM RM

(Credit

risk)

(Credit

risk)

(Equity

risk)

(Credit

risk)

(Credit

risk)

(Equity

risk)

Construction - 4,085,240 1,491,504 - - 1,997,709

Consumer Products - - 2,947,492 - - 2,930,955 Energy - - 3,966,378 - - -

Finance, takaful and

business services 17,912,000 - - 22,620,000 - -

Industrial Products - 2,190,528 - 5,002,300 2,304,377

Properties - - - - - 2,347,281

Power 1,033,830 - - 8,311,525 -

Technology - - 5,222,275 - - 1,160,320

Telecommunications - - 1,121,237 - - -

Toll & Road - 2,182,220 - - 2,115,920 -

Trading and services - - 2,154,888 - - 9,556,757

17,912,000 7,301,290 19,094,302 22,620,000 15,429,745 20,297,399

Credit quality of financial assets

The following table analyses the Fund’s portfolio of sukuk by rating category:

As at 30 June 2019 As at 30 June 2018

Credit rating

As a % of

sukuk

As a % of

NAV

As a % of

sukuk

As a % of

NAV

AA2/AA 29.89 4.91 13.71 3.61

AA3/AA- 70.11 11.51 86.29 22.73

100.00 16.42 100.00 26.34

52



(CONT’D.)

(iv) Liquidity risk

In a weak and thinly traded market where the transactions volume is low, the investments

in the Fund may not be liquidated in the desired amounts without causing the market price

of the Shariah-compliant securities to fall sharply. The Fund Manager aims to reduce

liquidity risk by investing mainly in Shariah-compliant securities with relatively large

market capitalisation and are fairly liquid.

The following table summarises the Fund’s remaining contractual maturity for its financial

liabilities:

Up to

1 month

1 - 3

months

3 - 12

months

1 - 5

years

Over

5 years

Total

RM RM RM RM RM RM

2019

Financial liabilities

Other payables and accruals 56,271 12,500 - - - 68,771

Total liabilities 56,271 12,500 - - - 68,771

2018


Other payables and accruals 102,678 12,500 - - - 115,178


(v) Shariah Status Reclassification risk

The risk that the currently held Shariah-compliant securities in the portfolio of Islamic

Funds may be reclassified as Shariah non-compliant in the periodic review of the

securities by the SAC of the SC or the Shariah Adviser. If this occurs, the Manager will

take the necessary steps to dispose of such securities.

Opportunity loss could occur due to the restriction on the Fund to retain the excess capital

gains derived from the disposal of the reclassified Shariah non-compliant securities. In

such an event, the Fund is required:

(a) to dispose such securities with immediate effect or within one (1) calendar month if the

value of the securities exceeds or is equal to the investment cost on the effective date

of Reclassification of the List of Shariah-compliant securities (“Reclassification”) by

the SAC of the SC or the Shariah Adviser. The Fund is allowed to keep dividends

received and capital gains from the disposal of the securities up to the effective date of

Reclassification. However, any dividends received and excess capital gains from the

disposal of the Shariah non-compliant securities after the effective date of

Reclassification should be channelled to baitulmal and/or approved charitable bodies;

53



(CONT’D.)

(v) Shariah Status Reclassification risk (cont’d.)

(b) to hold such securities if the value of the said securities is below the investment cost

on the effective date of Reclassification until the total subsequent dividends received

(if any) and the market price of the securities is equal to the cost of investment at

which time disposal has to take place within one (1) calendar month, capital gains (if

any) from the disposal of the securities should be channelled to baitulmal and/or

approved charitable bodies; or

(c) to dispose such securities at a price lower than the investment cost which will result in

a decrease in the Fund’s value.

19. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Fund uses the following hierarchy for determining and disclosing the fair value of

financial instruments by valuation technique:

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: Inputs other than quoted prices included within Level 1 that are observable for

the asset or liability either directly or indirectly

Level 3: Inputs for the asset or liability that are not based on observable market data

As at 30 June 2019, the Fund held the following financial instruments carried at fair value on

the Statement of Financial Position.

Note Level 1 Level 2 Level 3 Total

RM RM RM RM

2019

Financial assets at

FVTPL: 4

- Quoted Shariah-

compliant securities

19,094,302

-

- 19,094,302

-Unquoted sukuk - 7,301,290 - 7,301,290

19,094,302 7,301,290 - 26,395,592

2018

Financial asset at

FVTPL: 4

- Quoted Shariah-

compliant securities

20,297,399

-

- 20,297,399

-Unquoted sukuk - 15,429,745 - 15,429,745

20,297,399 15,429745 - 35,727,144

54

19. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONT’D.)

For Islamic deposits and placements with financial institutions with maturities of less than

twelve months, the carrying value is a reasonable estimate of fair value. The carrying amounts

of the financial assets (other than the investments) and financial liabilities as at reporting date

approximate their fair values because of the short term to maturity of these instruments.

20. INTERIM ACCOUNT

The interim accounts for the six months ended 30 June 2019 are unaudited.

55


STATEMENT BY MANAGER

To the Unitholders of Libra SyariahEXTRA Fund

I, Ismitz Matthew De Alwis, being a director of Libra Invest Berhad, do hereby state that, in the

opinion of the Manager, the accompanying unaudited financial statements are drawn up in

accordance with the provisions of the Deeds and give a true and fair view of the unaudited statement

of financial position of the Fund as at 30 June 2019 and the unaudited statement of comprehensive

income, the unaudited statement of changes in equity and the unaudited statement of cash flows of

the Fund together with the notes thereto for the period ended on that date in accordance with the

Malaysian Financial Reporting Standards, International Financial Reporting Standards and the

Securities Commission Malaysia’s Guidelines on Unit Trust Funds in Malaysia.

For and on behalf of the Manager

LIBRA INVEST BERHAD

ISMITZ MATTHEW DE ALWIS

Director


07 August 2019

56



AS AT 30 JUNE 2019

30 June 30 June

Note 2019 2018

RM RM

ASSETS

Shariah-compliant investments 3 41,001,161 33,495,396

Islamic deposits with financial institutions 5 25,402,000 33,995,000

Other receivables 6 142,124 20,030

Cash at bank 91,847 91,328

TOTAL ASSETS

66,637,132 67,601,754

LIABILITIES

Other payables and accruals 8 106,366 107,483


EQUITY



TOTAL EQUITY 9 66,530,766 67,494,271


NET ASSET VALUE 66,530,766 67,494,271


Net Asset Value (“NAV”) Per Unit 10 0.6941 0.6884


57





30 June 2019 30 June 2018

RM RM

INVESTMENT INCOME

Gross dividend income 474,178 471,426

Income from Islamic money market deposits 330,335 313,484



(“FVTPL”) 4 7,264,282

(5,237,411)

8,068,795 (4,452,501)

EXPENSES

Manager’s fee 11 470,814 496,048

Trustee’s fee 12 31,388 33,070




734,230 881,357


Income tax expenses 13 - -



Total comprehensive income/ (loss) for the period 7,334,565 (5,333,858)

Net income/ (loss) after tax is made up of the following:

Net realised income/ (loss) 3,433,504 (5,181,408)


7,334,565 (5,333,858)


58





capital earnings


and (c)

RM RM RM

As at 1 January 2018 4,073,416 60,163,008 64,236,424

Total comprehensive loss for the period - (5,333,858) (5,333,858)



As at 30 June 2018 12,665,121 54,829,150 67,494,271

As at 1 January 2019 12,191,817 47,997,429 60,189,246


Creation of units 15,380 - 15,380


As at 30 June 2019 11,198,772 55,331,994 66,530,766


59




6 mths to 6 mths to

30 June 2019 30 June 2018

RM RM


Proceeds from sale of Shariah-compliant investments 30,992,450 54,291,622

Dividends received 533,152 490,073

Income received from Islamic money market deposits 326,793 310,190

Purchase of Shariah-compliant investment (34,009,968) (38,904,879)




Net cash (used in)/ generated from operating and investing

activities (2,885,474)

15,307,286


Cash received from units created 15,380 10,088,884

Cash paid on units cancelled (1,006,668) (1,501,753)

Net cash (used in)/ generated from financing activities (991,288) 8,587,131

Net (decrease)/ increase in cash and cash equivalents (3,876,762) 23,894,417




Cash at bank 91,847 91,328

Islamic deposits with financial institutions 25,402,000 33,995,000

25,493,847 34,086,328

The accompanying notes form an integral part of the financial statement

60


NOTES TO THE FINANCIAL STATEMENTS – 30 JUNE 2019


Libra Amanah Saham Wanita (“the Fund”) was constituted pursuant to the executed Deed

dated 30 April 1998 (collectively, together with deeds supplemental thereto, referred to as “the

Deed”) between the Manager, Metrowangsa Unit Trusts Berhad and Maybank Trustees Berhad

(“the Trustee”). In accordance with the provision of the Deed, Maybank Trustee Berhad has

appointed Libra Invest Berhad as the Manager of the Fund with effect from 2 May 2003. The

Fund commenced operations on 4 May 1998 and will continue to be in operation until








The principle place of business of the Manager is Ground Floor, Bangunan ECM Libra, 8,

Jalan Damansara Endah, Damansara Heights, 50490 Kuala Lumpur.

The Fund seeks relatively good and safe capital growth over the long-term period by investing

principally in an actively-managed, diversified portfolio of Shariah-compliant equities and

equity-related securities. The principal activity of the Fund as defined of the Deed is to invest

in Shariah-compliant securities quoted on Bursa Malaysia Securities Berhad (“Bursa

Malaysia”) and Islamic money market instruments. The investments of the Fund will be in

compliance with Shariah requirements and Fiqh Muamalat practices as set forth by the Shariah

Adviser. The Shariah Adviser advises the Manager on the permissibility of investment tools

and operational matters of the Fund to ensure the investment tools and operational matters are

compliant with Shariah requirements.







61


2.1 Basis of Preparation (cont’d.)






The financial statements have been prepared on the historical cost basis except as

disclosed in the accounting policies below.

2.2 Standards, Amendments and Interpretations Issued But Not Yet Effective





Description

Effective for

financial year

beginning on

or after


Standards

1 January 2020




Mineral Resources *


(5) Amendments to MFRS 101 Presentation of Financial Statements



(7) Amendments to MFRS 101 & MFRS 108 Definition of Material


(9) Amendment to MFRS 137 Provisions, Contingent Liabilities and

Contingent Assets



Arrangements *





62


2.2 Standards, Amendments and Interpretations Issued but Not Yet Effective (cont’d.)

Description

Effective for

financial year

beginning on

or after




Site Costs *


Sale or Contribution of Assets between an Investor and its Associate or

Joint Venture (Amendments to MFRS 10 and MFRS 128) *

To be

announced


periods beginning on or after 1 January 2018. MFRS 9 which replaces MFRS 139

Financial Instruments: Recognition and Measurement (“MFRS 139”) brings together all

three aspects of the accounting for financial instruments project: classification and

measurement, impairment and hedge accounting. MFRS 9 is not applicable to financial

instruments that have been derecognised in previous financial year. Comparative figures as

at the previous financial year are not compulsory to be restated and are still accounted for

in accordance with MFRS 139 Financial Instruments.






measurement categories under MFRS 9 for the Fund’s financial assets and liabilities as at

1 January 2018. Based on the assessment, financial assets previously held at fair value









not had an impact to the Fund

63



Impairment




statements. The Fund only holds receivables with no financing component and which

have maturities of less than 12 months at amortised cost and therefore has adopted an

approach similar to the simplified approach to ECLs.

Hedge accounting








instrument.



the near term; or






When financial assets are recognized initially, they are measured at fair value, plus,

in the case of financial assets not at fair value through profit or loss, directly

attributable transaction costs.

The Fund determines the classification of its financial assets at initial recognition,

and the categories include financial assets at fair value through profit or loss and

receivables.

64






(a) Its contractual terms do not give rise to cash flows on specified dates that

are solely payments of principal and profit on the principal amount

outstanding; or







Financial Assets held for trading includes equity instruments and debt

instruments which are acquired principally for the purpose of generating a

profit from short-term fluctuations in price.









earned and dividend revenue elements of such instruments are recorded

separately in ‘Profit income’ and ‘Gross dividend income’, respectively.


in profit or loss but are included in net gains or net losses on changes in fair

value of financial assets at FVTPL.




cash flows and its contractual terms give rise on specified dates to cash flows

that are solely payments of principal and profit on the principal amount

outstanding. The Fund includes in this category amount due from

brokers/financial institutions, amount due from the Manager and other

receivables.

65




(ii) Financial assets at amortised cost (cont’d.)

Previously under MFRS 139, 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, receivables are measured at amortised cost

using the effective profit or yield method. Gains and losses are recognised in

profit or loss when the receivables are derecognised or impaired, and through the


(b) Impairment





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 debtor and default or

significant delay in payments.












amount of the asset does not exceed its amortised cost balance at the reversal date.

The amount of reversal is recognised in profit or loss.

66




Financial liabilities are recognised initially at fair value and classified according to

the substance of the contractual arrangements entered into and the definitions of a







trading.









statement of financial position when, and only when, the Fund becomes a party

to the contractual provisions of the financial instrument. Financial liabilities are








67




Cash and cash equivalents comprise cash at banks and Islamic deposits with financial



Dividend income is recognised on the ex-dividend date. Profit income from Islamic

deposits and sukuk is recognised on an accrual basis using effective profit or

effective yield method.





(f) Income Tax




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.







The Fund adopts the direct method in the preparation of cash flow statement. Cash

and cash equivalents include cash and bank balances and highly liquid Shariah-

compliant investments (excludes Shariah-compliant equity investments) with

maturities of three months or less from the date of acquisition and are readily

convertible to cash with insignificant risk of changes in value.

68









The preparation of financial statements in accordance with MFRSs requires the use

of certain accounting estimates and exercise of judgements. Estimates and

judgements are continually evaluated and are based on past experience, reasonable

expectations of future events and other factors.



valuation techniques that include the use of mathematical models. The inputs to

these models are taken from observable markets where possible, but where this is not

feasible, a degree of judgement is required in establishing fair values. The

judgements include considerations of liquidity and model inputs such as credit risk

(both own and counterparty’s), correlation and volatility. Changes in assumption

about these factors could affect the reported fair value of financial instruments. The

models are calibrated regularly and tested for validity using prices from any

observable current market transactions in the same instrument (without modification

or repackaging) or based on any available observable market data.

3. SHARIAH - COMPLIANT INVESTMENTS

30 June 30 June

2019 2018

RM RM


Shariah-compliant investments 41,001,161 33,495,396


30 June 30 June

2019 2018

RM RM

Financial assets held for trading: Quoted Shariah-compliant securities 41,001,161 33,495,396

69


30 June 30 June

2019 2018

RM RM

Net gain/ (loss) on financial assets at FVTPL comprised:

Realised gain/ (loss) on disposals 3,363,221 (5,084,961)


7,264,282 (5,237,411)



Quoted Shariah –compliant equity securities and Islamic collective investment schemes

Fair value is determined directly by reference to the published market price at the reporting date,

determined by reference to information made publicly available by the respective stock

exchanges.




Market

Price

Cost

Fair

Value

% of

NAV

Units RM RM RM %


in Malaysia

Main Market

Construction

Muhibbah Engineering (M)

Berhad 1,351,900 2.76 3,876,523 3,731,244 5.61

Consumer Products

Sime Darby Berhad 1,807,700 2.26 3,968,103 4,085,402 6.14

Energy

Dialog Group Berhad 968,800 3.26 3,161,160 3,158,288 4.74

Sapura Energy Berhad 14,300,000 0.30 4,558,400 4,290,000 6.45

Yinson Holdings Berhad 672,900 6.09 2,707,110 4,097,961 6.16

10,426,670 11,546,249 17.35

Finance

Syarikat Takaful Malaysia

Keluarga Berhad 377,100

6.85

1,345,142 2,583,135 3.88

Industrial Products

Scicom (MSC) Berhad [Note 7(a)] 1,837,360 0.82 2,057,028 1,506,635 2.27

UCHI Technologies Berhad 992,800 2.88 2,805,554 2,859,264 4.30

4,862,582 4,365,899 6.57

70




Market

Price

Cost

Fair

Value

% of

NAV

Units RM RM RM %


in Malaysia

Main Market

Technology

Mi Technovation Berhad 2,151,700 1.67 4,436,834 3,593,339 5.40

Pentamaster Corporation Berhad 1,216,350 2.88 2,503,144 3,503,088 5.27

6,939,978 7,096,427 10.67

Telecommunications

Axiata Group Berhad 516,952 4.98 2,100,976 2,574,421 3.87

Utilities

Tenaga Nasional Berhad 362,600 13.84 5,222,335 5,018,384 7.54

TOTAL QUOTED SHARIAH-COMPLIANT 38,742,309 41,001,161 61.63

SECURITIES

5. ISLAMIC DEPOSITS WITH FINANCIAL INSTITUTIONS


30 June 30 June

2019 2018

% %


The average maturity of these Islamic deposits as at 30 June 2019 is 1 (2 in 2018) day.


30 June 30 June

2019 2018

RM RM

Amount due from stockbrokers 40,220 -

Dividends receivable 95,797 14,100

Profits receivable from short-term Islamic deposits 6,107 5,930

142,124 20,030

71



which comprises:

(a) Securities listed on Bursa Malaysia which have been classified as Shariah-compliant by

the Shariah Advisory Council of the Securities Commission except for Scicom (MSC)

Berhad which has been reclassified as Shariah non-compliant by the Shariah Advisory

Council of the Securities Commission on 31 May 2019.

The above securities have to be disposed of with immediate effect or within one (1)

calendar month if the value of the securities exceeds or is equal to the investment cost on

the effective date of Reclassification. The Fund is allowed to keep dividends received and

capital gains from the disposal of the securities up to the effective date of Reclassification.

However, any dividends received and excess capital gains from the disposal of the Shariah

non-compliant securities after the effective date of Reclassification should be channelled

to baitulmal and/or approved charitable bodies; and

(b) Liquid assets in local market, which are placed in Shariah-compliant investments and/or

instruments.


30 June 30 June

2019 2018

RM RM

Amount due to Manager - cancellation of units 3,859 2,367

Accruals:

Manager’s fee 80,913 83,359




106,366 107,483

9. TOTAL EQUITY

30 June 30 June

Note 2019 2018

RM RM


Retained earnings

- Unrealised reserves (b) 2,258,852 1,914,815


Total equity 66,530,766 67,494,271

72

9. TOTAL EQUITY (CONT’D.)

(a) Unitholders’ Capital

30 June 30 June 30 June 30 June

2019 2019 2018 2018

Units RM Units RM


Creation of units 23,443 15,380 13,934,248 10,088,884

Cancellation of units (1,536,016) (1,008,425) (2,103,656) (1,497,179)


(b) Unrealised Reserves

30 June 30 June

2019 2018

RM RM

At beginning of the period (1,642,208) 6,763,102

Unrealised gain attributable to Shariah-compliant

investments sold transferred to Realised Reserves

(885,809)

(4,695,837)


compliant investments held transferred from

profit or loss

4,786,869

(152,450)



30 June 30 June

2019 2018

RM RM


Unrealised gain attributable to Shariah-compliant

investments sold transferred from Unrealised

Reserves

885,809

4,695,837



Reserves

(4,786,869)

152,450


10. NAV PER UNIT

The net asset value per unit is calculated by dividing the net assets of RM66,530,766 as at 30


(98,047,772 units at 30 June 2018).

73

11. MANAGER’S FEE

Part 13 Division 13.1 and The Seventh Schedule of the Supplemental Master Deed provided

that the Manager is entitled to a management fee computed daily on the net asset value of the

Fund at a rate not exceeding 2% per annum. The management fee provided for in the financial

statements amount 1.50% (1.50% in 2018) per annum for the period.

12. TRUSTEE’S FEE

Part 13.2 and The Eighth Schedule of the Supplemental Master Deed provides that the Trustee

is entitled to a fee not exceeding 0.30% of the net asset value of the Fund. The Trustee’s fee

calculated on a daily basis for the period is 0.10% (0.10% in 2018) per annum of the net asset

value of the Fund, subject to a minimum of RM50,000 per annum unless a waiver is obtained

from the Trustee.

13. INCOME TAX EXPENSES

2019 2018

RM RM

Current tax expense - -



The tax charge for the financial period is in relation to the gross dividend income earned after

deducting tax allowable expenses. In accordance with Schedule 6 of the Income Tax Act 1967,

income from Islamic money market instruments earned by the Fund is exempted from tax.

Gains arising from realisation of investments are not treated as income pursuant to Paragraph

61 (1)(b) of the Income Tax Act 1967.

A reconciliation of income tax expense applicable to net income/ (loss) before tax at the

applicable statutory rate to income tax expense at the effective income tax rate of the Fund is as

follow:

2019 2018

RM RM


Tax at Malaysia statutory rate of 24% (24% in 2018) 1,760,296 (1,280,125)

Tax effect of:

Income not subject to tax (1,000,256) 1,032,012

Losses not allowed for tax purposes (936,255) 36,588

Permitted expenses not used not available for future years 12,474 16,291


Tax expense for the period - -

74




2019.

The management expense ratio includes manager’s fee, trustee’s fee, auditors’ remuneration,

tax agent’s fee and other expenses which are calculated as follows:

MER = (A + B + C + D + E) ÷ F x 100





2018)


The portfolio turnover ratio for the Fund is 0.51 times (0.70 times in 2018) for the period ended

30 June 2019.




Where: total acquisition for the period = RM33,404,362 (RM38,789,022 in 2018)



The Manager and related parties do not hold any units as at reporting date.


COMPANIES/ INVESTMENT BANKS

Details of transactions with related parties and other stockbroking companies/investment bank

for the financial period ended 30 June 2019 are as follows:

Brokers/Dealers

Value of

Trades

% of

Total

Trades

Brokerage

Fees

% of

Total

Brokerage

Fees

RM % RM %

UBS Securities Malaysia Sdn Berhad 24,715,246 38.37 35,164 26.46


75


COMPANIES/ INVESTMENT BANKS (CONT’D.)

Brokers/Dealers

Value of

Trades

% of

Total

Trades

Brokerage

Fees

% of Total

Brokerage

Fees

RM % RM %

Maybank Investment Bank Berhad 7,998,879 12.42 21,997 16.55


Public Investment Bank Berhad 5,194,710 8.06 14,303 10.76

CIMB Investment Bank Berhad 3,622,240 5.62 9,961 7.49

Affin Hwang Invsetment Bank Berhad 3,292,360 5.11 9,054 6.81

Kenanga Investment Bank Berhad 3,076,230 4.78 8,460 6.36

RHB Investment Bank Berhad 2,290,642 3.56 6,299 4.74

64,414,532 100.00 132,923 100.00

The above transaction values were in respect of listed Shariah-compliant securities. The

dealings with the above companies have been transacted at arm’s length based on the normal

terms in the stockbroking industry. None of the parties mentioned above is related to the

Manager.


In accordance with the objective of the Fund, all of the Fund’s investments are substantially in

the form of quoted Shariah-compliant securities in Malaysia. Accordingly, all significant

operating decisions are based upon analysis of the Fund as one segment.




order to meet this objective, the Fund utilised risk management for both defensive and

proactive purposes. As investments are only in Shariah-compliant instruments, the key risks

faced by the Fund are market risk, interest rate risk, credit risk, liquidity risk and Shariah status

reclassification risk.

(i) Market risk




asset allocation whereby the Shariah-compliant securities exposure is monitored/reduced

in the event of anticipated market weakness.

76



(CONT’D.)

(i) Market risk (cont’d.)

Equity price risk sensitivity

Based on the portfolio of the Fund at the end of the reporting period, the Manager’s best

estimate of the effect on the net income and equity for the period due to a possible change

in equity indices, with all other variables held constant is indicated in the table below.

Market index

Changes in

equity price

Effects on

profit/(loss)

for the period

Effects on

equity

% RM RM

2019


2018


An equivalent decrease in the market index shown above would have resulted in an

equivalent, but opposite, impact.

In practice, the actual trading results may differ from the sensitivity analysis above and the

difference could be material.




Profit rate on Islamic deposits are determined based on prevailing market rates. The Fund

seeks to obtain rates that are competitive.


management of the fund regardless whether it is an Islamic unit trust fund or otherwise. It







77



(CONT’D.)


Interest rate risk sensitivity (cont’d.)

- The net profit income for 6 months, based on the floating rate financial assets held at the

end of the reporting period; and



Changes in

basis points*

Sensitivity of

profit income

Sensitivity of

changes in fair

value of

investments

Net combined

sensitivity

Changes to

net income

and equity

RM RM RM

2019 +25/-25 31,753/(31,753) (Nil)/Nil 31,753/(31,753)

2018 +25/-25 42,494/(42,494) (Nil)/Nil 42,494/(42,494)





liabilities are included at their carrying amounts and categorised by the earlier of

contractual re-pricing or maturity dates.

Up to

1 month

1 - 3

months

3 - 12

months

1 - 5

years

Over

5 years

Non-

exposure

to interest

rate

movement Total


2019

Assets

Cash at bank - - - - - 91,847 91,847



Other assets - - - - - 41,143,285 41,143,285

Total assets 25,402,000 - - - - 41,235,132 66,637,132

Liabilities

Other payables and

accruals - - - - - 106,366 106,366

Total liability - - - - - 106,366 106,366

Net interest rate

sensitivity gap 25,402,000 - - - -

78



(CONT’D.)



Up to

1 month

1 - 3

months

3 - 12

months

1 - 5

years

Over

5 years

Non-

exposure

to interest

rate

movement Total


2018

Assets

Cash at bank - - - - - 91,328 91,328 Islamic deposits with


Other assets - - - - - 33,515,426 33,515,426

Total assets 33,995,000 - - - - 33,606,754 67,601,754

Liabilities

Other payables and

accruals - - - - - 107,483 107,483

Total liability - - - - - 107,483 107,483

Net interest rate

sensitivity gap 33,995,000 - - - -

(iii) Credit risk





For Islamic deposits in financial institutions, the Fund minimises credit risk by adopting

an investment policy which allows dealing with counterparties with good credit rating

only. Receivables are monitored to ensure that exposure to bad debts is minimised.




Concentration of risk is monitored and managed based on sectorial distribution (include

both credit and equity risks) as set out below:

------------ 2019 ------------

------------ 2018 ---------------

Short-term

Islamic

deposits

Quoted

Shariah-

compliant

securities

Short term

Islamic

deposits

Quoted Shariah-

compliant

securities

RM RM RM RM

(Credit risk) (Equity risk) (Credit risk) (Equity risk)

Construction - 3,731,244 - 1,497,006

Consumer Products - 4,085,402 - 1,752,783

79



(CONT’D.)

(iii) Credit risk (cont’d.) ------------ 2019 ------------ ------------ 2018 ------------

Short-term

Islamic

deposits

Quoted

Shariah-

compliant

securities

Short term

Islamic

deposits

Quoted

Shariah-

compliant

securities

RM RM RM RM

(Credit risk) (Equity risk) (Credit risk) (Equity risk)

Energy - 11,546,249 - - Finance, takaful & business

services 25,402,000 2,583,135 33,995,000 2,239,890

Industrial Products - 4,365,899 - 3,183,780

Properties - - - 3,451,320

Technology - 7,096,427 - 2,561,475

Telecommunications - 2,574,421 - -

Trading & services - 5,018,384 - 18,809,142

25,402,000 41,001,161 33,995,000 33,495,396

(iv) Liquidity risk





market capitalisation, and are fairly liquid.


liabilities:

Up to

1 month

1 - 3

months

3 - 12

months

1 - 5

years

Over

5 years Total

RM RM RM RM RM RM

2019


Other payables and

accruals 90,166 16,200 - - - 106,366


2018


Other payables and

accruals 91,283 16,200 - - - 107,483


80



(CONT’D.)

(v) Shariah Status Reclassification risk

The risk that the currently held Shariah-compliant securities in the portfolio of Islamic

Funds may be reclassified as Shariah non-compliant in the periodic review of the

securities by the SAC of the SC or the Shariah Adviser. If this occurs, the Manager will

take the necessary steps to dispose of such securities.

Opportunity loss could occur due to the restriction on the Fund to retain the excess capital

gains derived from the disposal of the reclassified Shariah non-compliant securities. In

such an event, the Fund is required:

(a) to dispose such securities with immediate effect or within one (1) calendar month if

the value of the securities exceeds or is equal to the investment cost on the effective

date of Reclassification of the List of Shariah-compliant securities

(“Reclassification”) by the SAC of the SC or the Shariah Adviser. The Fund is

allowed to keep dividends received and capital gains from the disposal of the

securities up to the effective date of Reclassification. However, any dividends

received and excess capital gains from the disposal of the Shariah non-compliant

securities after the effective date of Reclassification should be channelled to baitulmal

and/or approved charitable bodies;

(b) to hold such securities if the value of the said securities is below the investment cost

on the effective date of Reclassification until the total subsequent dividends received

(if any) and the market price of the securities is equal to the cost of investment at

which time disposal has to take place within one (1) calendar month, capital gains (if

any) from the disposal of the securities should be channelled to baitulmal and/or

approved charitable bodies; or

(c) to dispose such securities at a price lower than the investment cost which will result in

a decrease in the Fund’s value.


The Fund uses the following hierarchy for determining and disclosing the fair value of

financial instruments by valuation technique:


Level 2: Inputs other than quoted prices included within Level 1 that are observable for the

asset or liability either directly or indirectly


81





RM RM RM RM

2019

Financial assets at FVTPL: 4

- Quoted Shariah-compliant

securities

41,001,161 - - 41,001,161

2018

Financial asset at FVTPL: 4

- Quoted Shariah-compliant

securities

33,495,396 - - 33,495,396





20. INTERIM ACCOUNT


82



To the Unitholders of Libra Amanah Saham Wanita









For and on behalf of the Manager,

LIBRA INVEST BERHAD


Director


07 August 2019

83

Libra ASnitaBOND Fund


AS AT 30 JUNE 2019

30 June 30 June

Note 2019 2018

RM RM

ASSETS

Shariah-compliant investment 3 156,398,555 120,406,080

Islamic deposits with financial institution 5 17,864,000 26,496,000

Other receivables 6 2,080,802 968,719

Cash at bank 593,536 603,372

TOTAL ASSETS

176,936,893

148,474,171

LIABILITIES

Other payable and accruals 8 160,856 141,149


EQUITY



TOTAL EQUITY 9 176,776,037 148,333,022


NET ASSET VALUE 176,776,037 148,333,022


Net Asset Value (“NAV”) Per Unit 10 0.6450 0.6244


84





30 June 2019 30 June 2018

RM RM

INVESTMENT INCOME

Income from Islamic money market deposits 4,334,938 3,975,011

Other Income - -



(“FVTPL”) 4 3,809,515

(382,101)

8,144,453 3,592,910

EXPENSES

Manager’s fee 11 828,800 755,190

Trustee’s fee 12 58,016 52,863




895,178 860,448

Net income before tax 7,249,275 2,732,462

Income tax expenses 13 - -

Net income after tax 7,249,275 2,732,462


Total comprehensive income for the period 7,249,275 2,732,462

Net income after tax is made up of the following:

Net realised income 3,907,200 3,104,167


7,249,275 2,732,462


85





capital earnings


and (c)

RM RM RM

As at 1 January 2018 156,191,873 7,784,750 163,976,623




As at 30 June 2018 137,815,810 10,517,212 148,333,022

As at 1 January 2019 154,920,861 9,050,056 163,970,917




As at 30 June 2019 160,476,706 16,299,331 176,776,037


86




6 mths to 6 mths to

30 June 2019 30 June 2018

RM RM


Proceeds from sale/ maturity of Shariah-compliant

investments 39,869,413 56,201,440

Income received from Islamic money market deposits 4,155,388 4,172,714

Other income - -

Purchase of Shariah-compliant investments (45,232,373) (30,695,844)




Net cash (used in)/ generated from operating and investing

activities (2,094,717) 28,789,000


Cash received from units created 34,597,525 15,836,363

Cash paid on units cancelled (28,855,763) (34,248,375)

Net cash generated/ (used in) from financing activities 5,741,762 (18,412,012)

Net increase in cash and cash equivalents 3,647,045 10,376,988




Cash at bank 593,536 603,372

Islamic deposits with financial institution 17,864,000 26,496,000

18,457,536 27,099,372


87


NOTES TO THE FINANCIAL STATEMENTS – 30 JUNE 2019


Libra ASnitaBOND Fund (“the Fund”) was constituted pursuant to the executed Deed dated 3

March 2005 between the Manager, Libra Invest Berhad and HSBC (Malaysia) Trustee Berhad

(“the Trustee” prior to 8 January 2014). The Fund has changed its trustee to CIMB Commerce

Trustee Berhad (“the Trustee” with effect from 8 January 2014). The aforesaid change was

effected on 8 January 2014 via a Fifth Supplemental Master Deed dated 17 December 2013. The

Fund commenced operations on 18 March 2005 and will continue to be in operation until








The principle place of business of the Manager is Ground Floor, Bangunan ECM Libra, 8, Jalan

Damansara Endah, Damansara Heights, 50490 Kuala Lumpur.

The Fund seeks to provide capital preservation with regular income over the short to medium

term period by investing in Islamic money market instruments and sukuk. The principal activity

of the Fund as defined of the Deed is to invest in Islamic money market instruments and other

sukuk.












The financial statements have been prepared on the historical cost basis except as

disclosed in the accounting policies below.

88


2.2 Standards, Amendments and Interpretations Issued but Not Yet Effective





Description

Effective for

financial year

beginning on

or after


Standards

1 January 2020




Mineral Resources *


(5) Amendments to MFRS 101 Presentation of Financial

Statements



(7) Amendments to MFRS 101 & MFRS 108 Definition of

Material


(9) Amendment to MFRS 137 Provisions, Contingent Liabilities

and Contingent Assets



Arrangements *








Site Costs *


Sale or Contribution of Assets between an Investor and its Associate

or Joint Venture (Amendments to MFRS 10 and MFRS 128) *

To be

announced

89




periods beginning on or after 1 January 2018. MFRS 9 which replaces MFRS 139 Financial

Instruments: Recognition and Measurement (“MFRS 139”) brings together all three aspects

of the accounting for financial instruments project: classification and measurement,

impairment and hedge accounting. MFRS 9 is not applicable to financial instruments that

have been derecognised in previous financial year. Comparative figures as at the previous

financial year are not compulsory to be restated and are still accounted for in accordance

with MFRS 139 Financial Instruments.






measurement categories under MFRS 9 for the Fund’s financial assets and liabilities as at 1

January 2018. Based on the assessment, financial assets previously held at fair value









not had an impact to the Fund.

Impairment




statements. The Fund only holds receivables with no financing component and which have

maturities of less than 12 months at amortised cost and therefore has adopted an approach

similar to the simplified approach to ECLs.

Hedge accounting




90






instrument.



the near term; or






When financial assets are recognized initially, they are measured at fair value, plus, in

the case of financial assets not at fair value through profit or loss, directly attributable

transaction costs.

The Fund determines the classification of its financial assets at initial recognition, and

the categories include financial assets at fair value through profit or loss and

receivables.



(a) Its contractual terms do not give rise to cash flows on specified dates that are

solely payments of principal and profit on the principal amount outstanding;

or







91




(i) Financial assets at FVTPL (cont’d.)

Financial Assets held for trading includes equity instruments and debt instruments

which are acquired principally for the purpose of generating a profit from short-

term fluctuations in price.









earned and dividend revenue elements of such instruments are recorded separately

in ‘Profit income’ and ‘Gross dividend income’, respectively.


in profit or loss but are included in net gains or net losses on changes in fair value

of financial assets at FVTPL.




cash flows and its contractual terms give rise on specified dates to cash flows that

are solely payments of principal and profit on the principal amount outstanding.

The Fund includes in this category amount due from brokers/financial institutions,

amount due from the Manager and other receivables.

Previously under MFRS 139, 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, receivables are measured at amortised cost using

the effective profit or yield method. Gains and losses are recognised in profit or

loss when the receivables are derecognised or impaired, and through the


92



(b) Impairment of financial assets





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 debtor and default or significant

delay in payments.












amount of the asset does not exceed its amortised cost balance at the reversal date. The

amount of reversal is recognised in profit or loss.


Financial liabilities are recognised initially at fair value and classified according to the








trading.

93



(c) Financial Liabilities (cont’d.)









statement of financial position when, and only when, the Fund becomes a party to

the contractual provisions of the financial instrument. Financial liabilities are









Cash and cash equivalents comprise cash at bank and Islamic deposits with financial



Profit income from Islamic deposits and sukuk is recognised on an accrual basis using

effective profit or effective yield method.





94



(f) Income Tax




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.







The Fund adopts the direct method in the preparation of cash flow statement. Cash and

cash equivalents include cash and bank balances and highly liquid Shariah-compliant

investments (excludes Shariah-compliant equity investments) with maturities of three

months or less from the date of acquisition and are readily convertible to cash with

insignificant risk of changes in value.







The preparation of financial statements in accordance with MFRSs requires the use of

certain accounting estimates and exercise of judgements. Estimates and judgements

are continually evaluated and are based on past experience, reasonable expectations of

future events and other factors.

95



(j) Significant Accounting Estimates and Judgements (cont’d.)



valuation techniques that include the use of mathematical models. The inputs to these

models are taken from observable markets where possible, but where this is not

feasible, a degree of judgement is required in establishing fair values. The judgements

include considerations of liquidity and model inputs such as credit risk (both own and

counterparty’s), correlation and volatility. Changes in assumption about these factors

could affect the reported fair value of financial instruments. The models are calibrated

regularly and tested for validity using prices from any observable current market

transactions in the same instrument (without modification or repackaging) or based on

any available observable market data.

3. INVESTMENTS

30 June 30 June

2019 2018

RM RM


Shariah-compliant investment 156,398,555 120,406,080


30 June 30 June

2019 2018

RM RM

Financial Assets held for trading:

Unquoted sukuk 156,398,555 120,406,080

Net gain/ (loss) on financial assets at FVTPL

comprised: Realised gain/ (loss) on disposals 467,440 (10,396)


3,809,515 (382,101)



Unquoted sukuk

The fair values of sukuk are obtained from the indicative market yields quoted by Bond Pricing

Agency Malaysia (“BPAM”).

96



UNQUOTED SUKUK


profit (%)

Nominal

Value

Valuation

Price Cost

Market

Price

% of

NAV

RM RM RM RM %

Sukuk

Anih Bhd (AA) 2022/5.22 3,000,000 103.65 3,074,640 3,109,380 1.76

Anih Bhd (AA) 2027/5.85 3,500,000 110.93 3,835,650 3,882,445 2.19

Anih Bhd (AA) 2028/6.00 8,000,000 112.78 8,938,800 9,022,560 5.10

DRB-Hicom Bhd (A-) 2019/7.50 16,000,000 101.43 16,150,700 16,229,440 9.18

Jimah East Power Sdn Bhd (AA-)

2023/5.27 5,000,000 104.46 5,177,000 5,222,900 2.96


2026/5.52 5,000,000 107.82 5,195,000 5,390,750 3.05


2032/6.28 5,000,000 118.48 5,552,500 5,923,750 3.35

Malaysia Airports Holdings Bhd

(AA2) 2024/5.75 16,500,000 106.49 17,494,300 17,570,025 9.94

MMC Corporation Bhd (AA-)

2027/5.95 6,000,000 105.26 6,208,800 6,315,300 3.57

MMC Corporation Bhd (AA-)

2028/5.70 8,500,000 103.55 8,500,000 8,801,665 4.98

Quantum Solar Park

(Semenanjung) Sdn Bhd (A+)

2023/5.24 1,000,000 100.04 1,008,190 1,000,370 0.57

Quantum Solar Park


2024/5.32 2,000,000 99.90 2,018,580 1,997,920 1.13

Quantum Solar Park


2027/5.52 5,000,000 99.15 5,058,950 4,957,250 2.80

Quantum Solar Park


2028/5.60 2,500,000 98.64 2,531,675 2,466,100 1.39

Quantum Solar Park


2030/5.76 2,000,000 97.49 2,028,480 1,949,780 1.10

Quantum Solar Park


2032/5.92 4,500,000 97.00 4,335,750 4,364,820 2.47

97


UNQUOTED SUKUK (CONT’D.)


profit (%)

Nominal

Value

Valuation

Price Cost

Market

Price

% of

NAV

RM RM RM RM %

Sukuk (cont’d.)

Southern Power Generation Sdn

Bhd (AA-) 2024/4.85 5,000,000 104.03 5,000,000 5,201,450 2.94


Bhd (AA-) 2027/5.02 3,000,000 106.57 3,047,400 3,197,010 1.81


Bhd (AA-) 2029/5.09 3,500,000 107.93 3,709,300 3,777,550 2.14


Bhd (AA-) 2029/5.13 5,000,000 108.51 5,185,500 5,425,500 3.07

Tanjung Bin Energy Issuer Bhd

(AA3) 2027/5.70 5,000,000 109.98 5,465,500 5,498,750 3.11

Tanjung Bin Energy Issuer Bhd

(AA3) 2028/5.80 5,000,000 111.46 5,399,500 5,573,000 3.15

Tanjung Bin O&M Bhd (AA-)

2028/5.50 10,000,000 108.98 10,597,850 10,898,300 6.17

Tanjung Bin Power Sdn Bhd

(AA2) 2027/5.28 3,500,000 107.07 3,622,850 3,747,450 2.12

UMW Holdings Bhd (AA2)

2026/5.22 5,000,000 107.32 5,128,000 5,365,800 3.04

UMW Holdings Bhd (A1)

2028/6.35 8,500,000 111.87 8,895,500 9,509,290 5.38

TOTAL UNQUOTED SUKUK 153,160,415 156,398,555 88.47

TOTAL FINANCIAL ASSETS AT FVTPL 153,160,415 156,398,555 88.47

The effective average rate for unquoted sukuk as at 30 June 2019 is 4.57% (5.53% at 30 June

2018) per annum.

5. ISLAMIC DEPOSITS WITH FINANCIAL INSTITUTION


30 June 30 June

2019 2018

% %


The average maturity of these Islamic deposits as at 31 December 2019 is 1 (2 in 2018) day.

98


30 June 30 June

2019 2018

RM RM

Amount due from Manager – creation of units 683,202 28,394

Income receivable from Islamic money market instruments 1,397,600 940,325

2,080,802 968,719



which comprises:

a) The investments in sukuk are in order and as per the list of sukuk available at Bond Info

Hub and Fully Automated System For Issuing/Tendering of Bank Negara Malaysia; and

b) Liquid assets in local market, which are placed in Shariah-compliant investments and/or

instruments.


9. TOTAL EQUITY

30 June 30 June

Note 2019 2018

RM RM


Retained earnings

- Unrealised reserves/ (deficits) (b) 3,238,140 (950,805)


Total equity 176,776,037 148,333,022

30 June 30 June

2019 2018

RM RM

Amount due to Manager - cancellation of units - 2,659

Accruals:

Manager’s fee 143,043 122,140




160,856 141,149

99

9. TOTAL EQUITY (CONT’D.)

(a) Unitholders’ Capital

30 June 30 June 30 June 30 June

2019 2019 2018 2018

Units RM Units RM


Creation of units 54,242,640 34,279,727 25,667,636 15,854,809

Cancellation of units (45,695,860) (28,723,882) (55,407,627) (34,230,872)


(b) Unrealised Reserves/ (Deficits)

30 June 30 June

2019 2018

RM RM

At beginning of the period (103,935) (596,964)

Unrealised (gain)/ loss attributable to Shariah-

compliant investments sold transferred to Realised

Reserves

(29,075)

17,864


compliant investments held transferred from profit

or loss

3,371,150

(371,705)

At end of the period 3,238,140 (950,805)


30 June 30 June

2019 2018

RM RM


Unrealised gain/ (loss) attributable to Shariah-

compliant investments sold transferred from

Unrealised Reserves

29,075

(17,864)

Net income after tax 7,249,275 2,732,462


Reserves

(3,371,150)

371,705


100

10. NAV PER UNIT

The net asset value per unit is calculated by dividing the net assets of RM176,776,037 as at 30


(237,559,683 units at 30 June 2018).

11. MANAGER’S FEE

Part 13.1 and The Seventh Schedule of the Third Supplemental Master Deed provides that the

Manager is entitled to a management fee computed daily on the net asset value of the Fund at a

rate not exceeding 3.00% per annum. The management fee provided for in the financial

statements amounted to 1.00% (1.00% in 2018) per annum for the period.

12. TRUSTEE’S FEE

Part 13.2 and The Eighth Schedule of the Third Supplemental Master Deed provides that the

Trustee is entitled to a fee not exceeding 0.20% of net asset value of the Fund. The Trustee’s fee

calculated on a daily basis for the period is 0.07% (0.07% in 2018) per annum of the net asset

value of the Fund.

13. INCOME TAX EXPENSE

2019 2018

RM RM

Current tax expense - -



There is no tax charge as profit from Islamic money market instruments derived by the Fund is

exempted pursuant to Paragraph 35 and 35A, Schedule 6 of the Income Tax Act, 1967. Gains

arising from realisation of investments are not treated as income pursuant to Paragraph 61(1)(b)

of the Income Tax Act, 1967.

A reconciliation of income tax expense applicable to net income before tax at the applicable

statutory rate to income tax expense at the effective income tax rate of the Fund is as follows:

2019 2018

RM RM

Net income before tax 7,249,275 2,732,462

Tax at Malaysian statutory rate of 24% (24% in 2018) 1,739,826 655,791

Tax effect of:

Income not subject to tax (1,954,669) (862,298)

Permitted expenses not used not available for future period 20,001 18,260


Tax expense for the period - -

101




2019.

The management expense ratio includes manager’s fee, trustee’s fee, auditors’ remuneration, tax

agent’s fee and other expenses which are calculated as follows:

MER = (A + B + C + D + E) ÷ F x 100





2018).


The portfolio turnover ratio for the Fund is 0.25 (0.29 in 2018) times for the period ended 30

June 2019.




Where : total acquisition for the period = RM45,232,373 (RM30,695,844 in 2018)



The manager and related parties do not hold any units as at the reporting date.

16. TRANSACTIONS WITH STOCKBROKING COMPANIES/ INVESTMENT BANKS

Details of transactions with stockbroking companies/investment bank for the financial period

ended 30 June 2019 are as follows:

Brokers/Dealers

Value of

Trades

% of

Total

Trades

Brokerage

Fees

% of

Total

Brokerage

Fees

RM % RM %

RHB Investment Bank Berhad 30,936,450 36.35 - -

Alliance Bank Malaysia Berhad 22,515,700 26.46 - -

CIMB Bank Berhad 11,894,140 13.98 - -

CIMB Islamic Bank Berhad 8,212,000 9.65 - -

102

16. TRANSACTIONS WITH STOCKBROKING COMPANIES/ INVESTMENT BANKS

(CONT’D.)

Brokers/Dealers

Value of

Trades

% of

Total

Trades

Brokerage

Fees

% of

Total

Brokerage

Fees

RM % RM %

Standard Chartered Bank Berhad 4,148,400 4.88 - -

Affin Hwang Investment Bank Berhad 4,084,400 4.80 - -

Hong Leong Bank Berhad 3,304,800 3.88 - -

85,095,890 100.00 - -

The above transaction values were in respect of unquoted sukuk. The dealings with the above

companies have been transacted at arm’s length based on the normal terms in the industry. None

of the parties mentioned above is related to the Manager.


In accordance with the objective of the Fund, all of the Fund’s Shariah-compliant investments

are substantially in the form of sukuk in Malaysia. Accordingly, all significant operating

decisions are based upon analysis of the Fund as one segment.




order to meet this objective, the Fund utilised risk management for both defensive and proactive

purposes. As investments are only in Shariah-compliant instruments, the key risks faced by the

Fund are market risk, interest rate risk, credit risk and liquidity risk.

(i) Market risk




asset allocation whereby the Shariah-compliant securities exposure is monitored/reduced in

the event of anticipated market weakness.




Movements in interest rate will affect the valuation of unquoted sukuk. The Fund seeks to

manage this risk by constructing a sukuk portfolio in accordance to the interest rate

strategies developed after thorough evaluation of macroeconomic variables.

103



(CONT’D.)


Profit rate on Islamic deposits are determined based on prevailing market rates. The Fund

seeks to obtain rates that are competitive.


management of the Fund regardless whether it is an Islamic unit trust fund or otherwise. It







- The net profit income for 6 months, based on the floating rate financial assets held at

the end of the reporting period; and



Changes

in basis

points*

Sensitivity of

profit income

Sensitivity of changes

in fair value of

investments

Net combined

sensitivity

Changes to net

income and equity

RM RM RM

2019 +25/-25 22,330/(22,330) (2,013,631)/2,013,631 (1,991,301)/1,991,301

2018 +25/-25 33,120/(33,120) (1,377,941)/1,377,941 (1,344,821)/1,344,821





liabilities are included at fair value and categorised by the earlier of contractual re-pricing

or maturity dates.

104



(CONT’D.)



Up to

1 month

1 - 3

months

3 - 12

months

1 - 5

years

Over

5 years

Non-

exposure

to interest

rate

movement Total


2019

Assets

Cash at bank - - - - - 593,536 593,536

Islamic deposits with financial institutions 17,864,000 - - - - - 17,864,000

Unquoted sukuk - - 16,229,440 9,332,650 130,836,465 - 156,398,555

Other assets - - - - - 2,080,802 2,080,802

Total assets 17,864,000 - 16,229,440 9,332,650 130,836,465 2,674,338 176,936,893

Liabilities Other payable and

accruals - - - - - 160,856 160,856

Total liability - - - - - 160,856 160,856

Net interest rate sensitivity gap 17,864,000 - 16,229,440 9,332,650 130,836,465

2018

Assets

Cash at bank - - - - - 603,372 603,372



Unquoted sukuk - - - 26,116,740 94,289,340 - 120,406,080

Other assets - - - - - 968,719 968,719

Total assets 26,496,000 - - 26,116,740 94,289,340 1,572,091 148,474,171

Liabilities

Other payable and accruals - - - - - 141,149 141,149

Total liability - - - - - 141,149 141,149

Net interest rate

sensitivity gap 26,496,000 - - 26,116,740 94,289,340

(iii) Credit risk





105



(CONT’D.)

(iii) Credit risk (cont’d.)

For Islamic deposits in financial institutions, the Fund minimises credit risk by adopting an

investment policy which allows dealing with counterparties with good credit rating only.

Receivables are monitored to ensure that exposure to bad debts is minimised.




Concentration of risk is monitored and managed based on sectorial distribution as set out

below:

--------- 2019--------- ---------2018 ---------

Short-term

Islamic

deposits

Unquoted

sukuk

Short-term

Islamic

deposits

Unquoted

sukuk

RM RM RM RM

(Credit risk) (Credit risk) (Credit risk) (Credit risk)

Construction - - - 2,497,650

Finance, takaful and business

services 17,864,000 - 26,496,000 -

Industrial products - 31,104,530 - 29,329,570

Power - 76,592,650 - 49,932,555

Toll & Roads - 16,014,385 - 10,528,650

Trading and services - 15,116,965 - 10,969,205

Transportation - 17,570,025 - 17,148,450

17,864,000 156,398,555 26,496,000 120,406,080

Credit quality of financial assets

The following table analyses the Fund’s portfolio of sukuk by rating category:

As at 30 June 2019 As at 30 June 2018

Credit rating

As a % of

sukuk

As a % of

NAV

As a % of

sukuk

As a % of

NAV

AA2/AA 27.30 24.15 22.99 18.66

AA3/AA- 45.54 40.29 52.65 42.74

A1/A+ 16.78 14.85 11.07 8.99

A3/A- 10.38 9.18 13.29 10.78

100.00 88.47 100.00 81.17

106



(CONT’D.)

(iv) Liquidity risk





market capitalisation, and are fairly liquid.


liabilities:

Up to

1 month

1 – 3

months

3 - 12

months

1 - 5

years

Over

5 years Total

RM RM RM RM RM RM

2019


Other payable and

accruals 153,056 7,800 - - - 160,856


2018


Other payable and

accruals 133,349 7,800 - - - 141,149



The Fund uses the following hierarchy for determining and disclosing the fair value of financial

instruments by valuation technique:


Level 2: Inputs other than quoted prices included within Level 1 that are observable for the

asset or liability either directly or indirectly




107



RM RM RM RM

2019

Financial assets at FVTPL: 4

- Unquoted sukuk - 156,398,555 - 156,398,555

2018

Financial asset at FVTPL: 4

- Unquoted sukuk - 120,406,080 - 120,406,080





20. INTERIM ACCOUNT


108



To the Unitholders of Libra ASnitaBOND Fund









For and on behalf of the Manager

LIBRA INVEST BERHAD


Director


07 August 2019

109

L A PO RA N SETE NGA H T AH UN 2 01 9

L apo ran Peng urus

B a gi Tem po h 6 Bu la n B er a kh i r 3 0 Ju n 2 01 9

ULASAN PASARAN - EKUITI

Pasaran AS meningkat pada bulan Januari berbanding situasi mencabar pada bulan Disember tahun

sebelumnya, dengan Dow Jones Industrial Average Index, S&P 500 Index dan Nasdaq Composite Index

masing-masing menyaksikan peningkatan sebanyak 7.2%, 7.9% dan 9.7%. Rizab Persekutuan Amerika

Syarikat telah mengekalkan kadar faedah pada 2.25%-2.50% selepas mesyuarat Jawatankuasa Pasaran Terbuka

Persekutuan (FOMC) pertamanya pada tahun 2019. Bank pusat tersebut mula bertukar nada untuk

melonggarkan kadar faedah memandangkan aktiviti ekonomi yang sederhana, tekanan inflasi yang kian

berkurangan dan ketidaktentuan pasaran yang timbul berikutan perang dagangan dan pertumbuhan global.

Manakala di Eropah, Euro STOXX 50 turut mencatatkan peningkatan sepertimana pasaran AS dengan

pulangan sebanyak 5.3%, selain keputusan Bank Pusat Eropah (ECB) untuk mengekalkan kadar polisinya. Di

UK, ketidaktentuan Brexit berterusan setelah parlimen British mengundi untuk menolak perjanjian penarikan

diri daripada EU oleh Perdana Menteri Theresa May. Ini disusuli pula oleh kemenangan pentadbiran May

dalam meraih undi tidak percaya di House of Commons dengan margin yang tipis.

Pasaran AS terus meningkat bagi bulan kedua berturut-turut, dengan Dow Jones Industrial Average Index, S&P

500 Index dan Nasdaq Composite Index masing-masing naik sebanyak 3.7%, 3.0% dan 3.4%. Pasaran Eropah

juga secara umumnya menunjukkan perkembangan positif. Presiden AS, Donald Trump, mengumumkan

bahawa beliau akan menangguhkan tarif AS ke atas China sehingga diberitahu kelak. Indeks MSCI Asia ex-

Japan telah naik 2.05% pada bulan Februari dengan kebanyakan negara mencatat pulangan positif dari sudut

matawang tempatan. Prestasi terbaik telah dicatatkan oleh Shanghai SE Composite (+13.8%), Taiwan (+4.6%)

dan Nikkei (+3.8%), manakala prestasi paling buruk pula dicatatkan oleh Filipina (-3.8%), Jakarta (-1.4%) dan

Indeks Sensex (-1.1%). Sentimen pelabur secara amnya telah meningkat setelah AS dan China dilihat semakin

aktif melakukan rundingan dagangan walaupun Indeks China Caixin Purchasing Managers menguncup lebih

daripada jangkaan pada bulan Januari. MSCI mengesahkan bahawa ia akan menambah pemberat bagi

pegangan China A dalam indeks-indeks MSCI dengan menaikkan faktor kemasukan daripada 5% kepada 20%

dalam tiga langkah bermula daripada pengimbangan semula pada Mei 2019.

Pasaran AS meneruskan rentak positif dengan Dow Jones Industrial Average Index, S&P 500 Index dan

Nasdaq Composite Index masing-masing meningkat sebanyak 0.1%, 1.8% dan 2.6%. Walau bagaimanapun,

keluk hasil (yield curve) Rizab Persekutuan mulai songsang, sekaligus mencetuskan kebimbangan di kalangan

pelabur memandangkan keadaan sebegini selalunya akan disusuli dengan kemelesetan ekonomi. Pada masa

yang sama di Eropah, ECB telah memutuskan untuk mengekalkan kadar pada 0%, selain mengumumkan satu

siri baru operasi pinjaman jangka panjang untuk meningkatkan kecairan dan menangani pertumbuhan ekonomi

yang perlahan sementara parlimen UK menolak perjanjian penarikan diri daripada EU buat kali ketiga, yang

membawa kepada cadangan untuk meneruskan Brexit tanpa persepakatan pada 12 April.

Pasaran AS mencecah paras tertinggi dalam setahun pada bulan April dengan Dow Jones Industrial Average

Index, S&P 500 Index dan Nasdaq Composite Index masing-masing meningkat sebanyak 2.56%, 5.34% dan

6.15%, didorong oleh data makro-ekonomi yang lebih baik daripada jangkaan dan pendapatan korporat yang

kukuh. Pertumbuhan KDNK AS bagi suku pertama 2019 berkembang lebih daripada jangkaan iaitu sebanyak

3.2% di samping ISM manufacturing PMI yang mengukuh kepada 55.3 pada bulan Mac. Penyongsangan keluk

hasil juga hanya bersifat sementara dan telah kembali normal pada bulan yang sama, sekaligus meredakan

kebimbangan terhadap kemelesetan ekonomi. Di Eropah pula, perjanjian antara UK dan EU untuk

menangguhkan tarikh akhir Brexit selama 6 bulan lagi ke 31 Oktober 2019 telah mengelakkan risiko Brexit

tanpa persepakatan. Langkah ini, ditambah pula dengan polisi perlonggaran kewangan yang diperbaharui oleh

Bank Pusat Eropah, telah melonjakkan lagi indeks Euro STOXX 50 sebanyak 4.86% bulan-ke-bulan.

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Ketegangan dagangan antara AS-China kembali meruncing apabila tindakan kedua-dua negara menaikkan tarif

ke atas satu sama lain dan telah mencetuskan penjualan saham secara besar-besaran pada bulan Mei. Penjualan

besar-besaran ini turut mempengaruhi sektor teknologi setelah syarikat-syarikat AS dilarang meneruskan

urusan dengan syarikat Huawei. Sebagai tindakbalas, China telah menguatkan pegangannya dalam perang

dagangan di atas Kertas Putih, dan menekankan bahawa sesuatu perjanjian dagangan mestilah menguntungkan

kedua-dua pihak, sekaligus memberi isyarat bahawa sebarang persepakatan masih jauh untuk dicapai. Salah

satu tindakan balas yang boleh diambil oleh China selain daripada menaikkan tarif adalah dengan menyekat

eksport nadir bumi ke AS memandangkan 80% daripada sumber nadir bumi AS adalah diimport dari China.

Harga minyak Brent jatuh sebanyak 11.4% pada bulan Mei bulan-ke-bulan, dengan ketegangan dagangan terus

mempengaruhi sentimen pasaran dan gambaran ekonomi global.

Di sebalik aktiviti penjualan ekuiti serantau secara agresif, pasaran domestik KLCI meningkat sebanyak 0.5%

pada bulan Mei, dibantu oleh pembelian asing pada tiga hari terakhir bulan tersebut. Prestasi KLCI juga turut

mengatasi indeks FBM100 dan FBMSC, yang masing-masing merekodkan penurunan sebanyak 0.2% dan

7.9%. Pada 7 Mei, Bank Negara Malaysia (BNM) telah mengurangkan Kadar Polisi Semalaman sebanyak 25

mata asas kepada 3.00%, iaitu perubahan pertama setelah 8 mesyuarat dasar terdahulu – sesuatu yang kurang

memberangsangkan bagi margin faedah bank-bank dan syarikat dengan pegangan tunai tinggi. 9 Mei

merupakan ulangtahun pertama peralihan kuasa oleh kerajaan Pakatan Harapan yang telah menunjukkan

kemajuan dalam menambahbaik tadbir urus dan memperbaiki kelemahan-kelemahan dalam struktur kerajaan.

Prestasi negatif KLCI sebanyak 12% sejak PRU14 perlu dilihat sebagai isu jangka pendek. Pertumbuhan

KDNK suku pertama 2019 mencatatkan pertumbuhan melebihi jangkaan pada 4.5%, namun terdapat

penurunan mendadak dalam permintaan.

Antara penggabungan dan pengambilalihan yang menonjol termasuklah penggabungan antara Telenor-Axiata,

pembelian Lafarge Malaysia oleh YTL Cement dan penswastaan Tasek Corp oleh Kumpulan Hong Leong.

Secara keseluruhannya, prestasi korporat bagi suku pertama 2019 tidak begitu menggalakkan, tetapi terdapat

beberapa kejutan positif yang berlaku dalam kalangan nama-nama besar seperti Tenaga, Dialog, Telekom

Malaysia dan Malaysian Airports. FTSE Russel dan Bursa Malaysia mengumumkan bahawa tiada perubahan

pada komposisi KLCI berdasarkan ulasan semi-tahunan. Pelabur-pelabur asing kekal sebagai penjual utama

pada bulan Mei (RM2 bilion); manjadikan kadar aliran keluar kumulatif bagi 5 bulan pertama pada jumlah

RM4.8 bilion.

ULASAN PASARAN: PENDAPATAN TETAP / SUKUK

Pasaran Bon Kerajaan Malaysia (MGS) memulakan tahun 2019 dengan positif ekoran tindakan para pelabur

memperbaharui portfolio mereka sempena tahun baru. Sentimen positif ini didorong oleh peningkatan jangkaan

bahawa bank-bank pusat utama akan menetapkan dasar kewangan yang akomodatif, di sebalik kebimbangan

yang semakin ketara terhadap unjuran pertumbuhan global. Sentimen telah dilonjakkan lagi oleh permintaan

yang sangat tinggi ke atas terbitan utama MGS yang pertama tahun ini, iaitu penanda aras baru 10-tahun GII

sebanyak RM3.5 bilion, yang telah mencatatkan lebihan langganan sebanyak 4.1 kali, iaitu yang tertinggi sejak

tahun 2005.

Pada bulan April, sentimen pasaran MGS bertukar menjadi lebih berhati-hati ekoran kebimbangan terhadap

kemungkinan berlakunya pengaliran keluar dana daripada pasaran bon tempatan, setelah berita tentang

penyedia indeks global FTSE Russell mungkin akan mengeluarkan MGS daripada Indeks Bon Kerajaan Dunia

(WGBI) tersebar. Walau bagaimanapun, pasaran MGS pulih dengan pantas setelah para pelabur menganalisa

berita tersebut dengan teliti, memandangkan kesediaan FTSE Russell untuk berhubung dengan pihak berkuasa

tempatan dan pelabur pasaran sebelum membuat sebarang keputusan. Untuk meredakan kebimbangan

berkenaan hal tersebut, Bank Negara Malaysia (BNM) telah memperkenalkan beberapa inisiatif penting pada

111


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bulan Mei yang mensasarkan untuk memperbaiki kecekapan, capaian dan kecairan pasaran kewangan

tempatan.

Sementara itu pada 7 Mei, sepertimana yang dijangka, BNM telah menurunkan Kadar Polisi Semalaman (OPR)

sebanyak 25 mata asas daripada 3.25% kepada 3.00%. Bank pusat tersebut menegaskan bahawa perubahan

pada OPR ini adalah bertujuan untuk memelihara tahap kemudahan kewangan bagi menyokong pertumbuhan

ekonomi tempatan. Sepertimana dijangka, pertumbuhan ekonomi Malaysia telah menyusut daripada 4.7% pada

suku keempat 2018 kepada 4.5% pada suku pertama 2019, didorong oleh perbelanjaan sektor swasta dan

disokong oleh pemulihan dalam sektor pertanian.

Pada 19 Jun, Rizab Persekutuan Amerika Syarikat telah mengekalkan kadar faedah iaitu di antara 2.25% dan

2.50% sepertimana dijangka, sambil mengisyaratkan bahawa kadar faedah ini mungkin akan diturunkan tidak

lama lagi. Hasilnya, harga Perbendaharaan 10-tahun AS melonjak naik ke paras tertinggi sejak November

2016. Sentimen positif dalam Perbendaharaan AS ini turut memberi kesan kepada pasaran bon tempatan

apabila pasaran MGS secara keseluruhannya mencatatkan perolehan yang kukuh, dengan permintaan yang

mantap baik daripada pelabur tempatan mahupun asing. Pada bulan Jun, pelabur-pelabur asing kembali

menjadi pembeli MGS dengan aliran masuk bersih sebanyak RM5.8 bilion, menjadikan jumlah pegangan asing

MGS sebanyak 36.9% (Mei: 35.8%). Dalam hal yang berkaitan, permintaan bagi terbitan MGS utama kekal

mantap, terutamanya pada lelongan terakhir separuh pertama tahun 2019, iaitu 20-tahun GII bernilai

RM2.0 bilion yang mencatat rekod kadar lebihan langganan sebanyak 4.3 kali.

Sementara itu, permintaan bagi terbitan bon korporat utama pada separuh pertama tahun 2019 kekal kukuh,

dengan terbitan yang menonjol termasuklah DanaInfra Nasional Bhd (dijamin oleh kerajaan), Perbadanan

Tabung Pendidikan Tinggi Nasional (dijamin oleh kerajaan), Pengurusan Air SPV Bhd., Danum Capital Bhd.

(Khazanah), CIMB Group Holdings Bhd. dan Hong Leong Financial Group Bhd. Pasaran bon korporat

sekunder juga turut aktif, dengan harga bon dipacu lebih tinggi selari dengan lonjakan dalam MGS.

TINJAUAN PASARAN - EKUITI

Di pasaran luar, para pelabur dijangka akan terus mengikuti perkembangan terkini rundingan perdagangan

antara AS-China untuk sebarang kemungkinan berlakunya persepakatan, mesyuarat ECB pada 25 Julai, dan

mesyuarat Rizab Persekutuan AS pada 31 Julai. China dan AS telah bersetuju untuk meneruskan rundingan

setelah berakhirnya sidang kemuncak G20 di Osaka, Jepun. Walaupun Presiden Trump menolak untuk

mengulas lanjut tentang butiran rundingan dengan China, namun beliau juga turut bersetuju untuk tidak

meletakkan tarif baru ke atas barangan China (tarif semasa AS ke atas barangan import China masih tetap

dikekalkan). Dalam isu yang berasingan, Presiden Trump juga berkata bahawa beliau akan membenarkan

semula syarikat-syarikat Amerika untuk berurusan dengan syarikat Huawei, yang telah disenaraihitamkan oleh

Jabatan Perdagangan AS pada bulan lalu. Semua perkembangan positif ini mampu mempengaruhi sentimen

perdagangan dan pelaburan bagi pasaran tempatan dan serantau dalam jangka masa terdekat. Sikap pihak bank

pusat yang menjurus kepada melonggarkan polisi kewangan berdasarkan matlamat untuk mengukuhkan

perkembangan ekonomi mampu memberi peluang kepada pasaran ekuiti.

Kami menjangkakan pasaran tempatan akan kekal tidak menentu ekoran risiko perolehan dan kemungkinan

perubahan dalam pasaran bon global yang berpotensi untuk mencetuskan aliran keluar, di sebalik

perkembangan positif dalam perang dagangan AS-China baru-baru ini serta rangkaian aktviti M&A dalam

pasaran tempatan yang mampu melonjakkan sentimen dalam masa terdekat. Kami positif tentang pemilihan

stok dalam sektor pembinaan, minyak dan gas serta eksport. Kami juga kekal optimis sambil berhati-hati

terhadap pasaran, dan akan fokus ke atas pemilihan stok dalam usaha untuk mendepani pasaran yang tak

menentu. Kami cenderung terhadap Indonesia dan Malaysia, dan menyukai pulangan hasil di Singapura.

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TINJAUAN PASARAN : PENDAPATAN TETAP / SUKUK

Bagi jangka masa terdekat hingga sederhana, unjuran ekonomi global dijangka kekal sederhana ekoran

ketidaktentuan yang berlaku. Pada bulan Julai, Dana Kewangan Antarabangsa (IMF) menurunkan unjuran

pertumbuhan globalnya bagi tahun 2019 daripada 3.3% (sepertimana yang diunjur pada bulan April) kepada

3.2% (2020: diturunkan daripada 3.6% kepada 3.5%). IMF turut menegaskan bahawa pertumbuhan global

kekal mendatar sementara risiko untuk melemah semakin meningkat, di samping ketidaktentuan daripada

konflik dagangan yang berterusan semakin mempengaruhi gambaran pertumbuhan. Justeru, bank-bank pusat

utama dijangka akan terus bersikap akomodatif berdasarkan momentum pertumbuhan global dan

ketidaktentuan yang semakin meningkat. Pada 2 Julai, bank pusat Australia telah menurunkan kadar faedah

sebanyak 25 mata asas daripada 1.25% kepada paras terendah yang pernah dicatatkan iaitu 1.00%, setelah

membuat pemotongan pertama pada 4 Jun untuk meyokong pertumbuhan pekerjaan. Sementara itu, bank pusat

Indonesia menurunkan kadar faedah sebanyak 25 mata asas pada bulan Julai, untuk kali pertama dalam tempoh

hampir dua tahun. Pada masa yang sama, Rizab Persekutuan Amerika Syarikat juga turut mengisyaratkan

kemungkinan penurunan kadar faedah dalam masa terdekat, berdasarkan kebimbangan terhadap gambaran

pertumbuhan global dan ketegangan dagangan yang berlarutan.

Di dalam negara, ekonomi Malaysia diunjur untuk berkembang pada kadar sederhana di antara 4.3% ke 4.8%

bagi tahun 2019 (2018: 4.7%), namun kekal berisiko ekoran ketidaktentuan yang berlarutan dalam persekitaran

tempatan dan global, serta kemelut dagangan yang belum ada penyelesaiannya. Pada masa yang sama, kadar

inflasi dijangka kekal stabil secara umumnya pada tahun 2019 berbanding 2018 (+1.0%), walaupun

trajektorinya adalah bergantung kepada harga minyak global. Justeru, berdasarkan jangkaan pertumbuhan

domestik yang sederhana dan inflasi yang stabil, ditambah pula dengan kemungkinan risiko-risiko asing, BNM

dijangka akan terus bersikap akomodatif bagi melindungi pertumbuhan.

Secara keseluruhannya, gambaran bagi pasaran bon tempatan kekal kondusif bagi pelaburan pendapatan tetap,

berdasarkan pendirian dasar kewangan BNM yang akomodatif. Bagi jangka masa terdekat hingga sederhana,

pasaran MGS akan terus disokong oleh momentum pertumbuhan ekonomi Malaysia yang cergas dan asas yang

kukuh. Tambahan lagi, dinamik permintaan-bekalan yang positif dalam pasaran bon korporat tempatan juga

dijangka akan terus menyokong harga bon-bon pada masa akan datang. Permintaan pasaran juga akan terus

menjurus ke arah kertas-kertas bertaraf AAA dan AA- yang mempunyai kecairan kerana pulangan yang lebih

tinggi berbanding MGS. Penawaran terbitan bon korporat utama yang terhad berbanding permintaan daripada

pelabur pendapatan tetap utama yang semakin meningkat akan terus mengukuhkan dinamik permintaan-

bekalan positif dalam pasaran bon tempatan serta memacu harga bon korporat menjadi lebih tinggi.

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HASIL PURATA

Sekuriti Kerajaan Malaysia

Tempoh Kadar

3 tahun 3.30%

5 tahun 3.43%

10 tahun 3.64%

Sekuriti Penghutangan Swasta-5 tahun/Sukuk

Pengkadaran Kadar

AAA 3.95%

AA 4.29%

A 5.71%

Pasaran Matawang antara-bank (Semalaman)

Jangkamasa Kadar

30 Jun 2019 3.01%

Sumber: Bank Negara Malaysia (akhir-Jun 2019)

Kadar faedah adalah satu penunjuk ekonomi am yang akan memberi impak terhadap pengurusan dana

amanah tidak kira dana tersebut adalah dana Islamik atau sebaliknya. Ianya tidak bermaksud yang Dana

Libra SyariahEXTRA, Libra Amanah Saham Wanita atau Libra ASnitaBOND akan melabur di dalam sekuriti

pendapatan tetap konvensional. Semua pelaburan yang dibuat bagi Dana Libra SyariahEXTRA, Libra Amanah

Saham Wanita dan Libra ASnitaBOND adalah mematuhi kehendak Syariah.

LAIN-LAIN PERKARA

1. Perubahan yang ketara terhadap kedudukan Libra SyariahEXTRA, Libra Amanah Saham Wanita

dan Libra ASnitaBOND dalam tempoh kewangan.

Bagi tempoh kewangan berakhir 30 Jun 2019, tiada sebarang perubahan yang ketara terhadap kedudukan

Libra SyariahEXTRA, Libra Amanah Saham Wanita dan Libra ASnitaBOND.

2. Situasi yang boleh menjejaskan kepentingan Pemegang Unit.

Libra Invest Berhad dan Libra SyariahEXTRA, Libra Amanah Saham Wanita dan Libra ASnitaBOND

tidak mempunyai kaitan dengan sebarang perkara yang memberi kesan ke atas sebarang kepentingan para

pemegang unit.

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D A N A LIB R A S YA R I AHE XT RA

P R O F I L D A N A

Tarikh Pelancaran 12 Mac 1996 (Dana ini tidak mempunyai tempoh tertentu yang tetap atau tarikh

penamatan).

Harga Tawaran

Permulaan

RM 1.0000 se unit sewaktu tempoh tawaran permulaan (IOP) selama 1 bulan

yang berakhir pada 11 April 1996.

Latar Belakang Dana ini ditubuhkan pada tahun 1996 oleh Abrar Unit Trust Management Berhad

(AUTMB). Ianya adalah dana ekuiti yang diuruskan menurut prinsip-prinsip

Shariah dan dahulu dikenali sebagai Abrar Investment Fund. Dana ini diuruskan

oleh AUTMB hanya sehingga Ogos 2002, apabila Maybank Trustees Berhad

(pemegang amanah Dana ini) menamatkan khidmat AUTMB dan melantik Libra

Invest Berhad (LIB) sebagai pengurus Dana yang baru bermula pada bulan Ogos

2002. Pada masa sekarang, Dana ini mengambil pendekatan mengadaptasi

pendedahan seimbang terhadap ekuiti patuh Shariah dan sukuk. Ianya terus

diuruskan mengikut prinsip Shariah malahan sekarang Dana ini dikenali sebagai

Libra SyariahEXTRA Fund.

Tarikh prospektus

pertama di bawah

Pengurusan LIB

6 November 2002.

Tarikh Penilaian

Semula Harga

2 Januari 2003 (1:1.2425 pecahan unit berdasarkan NAB se unit pada 31

Disember 2002).

Nilai Aset Bersih pada

Tarikh Penilaian

Semula Harga

RM0.2000 se unit.

Polisi Penilaian Harga Pelaburan dan penjualan balik pada Nilai Aset Bersih se unit.

Kategori / Jenis Dana Seimbang(Shariah)/Pertumbuhan dan dalam masa yang sama menghadkan

tumpuan pengagihan pendapatan.

Dana unit amanah terbuka (open-ended) untuk jangka sederhana hingga jangka

panjang yang cenderung kepada pulangan mutlak^ (iaitu positif) melalui

peruntukan aset yang fleksibel antara ekuiti patuh Shariah dan sukuk. Tumpuan

Libra SyariahEXTRA ditujukan kepada suatu pencapaian yang positif, walaupun

dalam keadaan pasaran yang menurun, selain dari mengatasi tanda aras.

^ Definasi “pulangan mutlak” adalah ukuran statik daripada pulangan sebenar

suatu pencapaian aset tersebut dalam suatu jangka masa.

Tanda Aras

50% Indeks Shariah Emas FTSE Bursa Malaysia + 50% Kadar Simpanan Tetap-i

Islamik Maybank bagi tempoh 12 bulan.

*Berkuatkuasa 1 Julai 2016, penanda aras dana ini telah berubah daripada

komposit penanda aras yang terdiri daripada “50% FBM EMAS Indeks Shariah

dan 50% Kadar GIA-i Maybank bagi tempoh 12 bulan” kepada “50% FMB Emas

Indeks Shariah dan 50% Kadar Simpanan Tetap-i Islamik Maybank bagi tempoh

12 bulan”.

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P R O F I L D A N A

Objektif Pelaburan

Polisi Pelaburan

Strategi Pelaburan

Libra SyariahEXTRA bermatlamat memberikan pelabur-pelabur pertumbuhan

modal dalam jangka masa sederhana hingga jangka masa panjang melalui

pelaburan dalam bidang aset yang spesifik dengan pendekatan mengadaptasikan

pendedahan yang seimbang terhadap ekuiti dan sukuk berlandaskan prinsip

Shariah. Libra SyariahEXTRA bermatlamat untuk mencapai peningkatan modal

dengan turun naik jangka masa pendek yang lebih rendah yang biasanya dikaitkan

dengan dana ekuiti tulen.

Melabur dalam ekuiti patuh Shariah tersenarai yang berdenominasi ringgit, sukuk

dan lain-lain instrumen pasaran wang Islamik dan derivatif kewangan Islamik

(instrumen kewangan yang tidak mempunyai nilai yang hakiki (instrinsic), tetapi

nilainya didapati berdasarkan sandaran kepada suatu instrumen seperti indek dan

harga saham. Ianya digunakan bagi menguruskan sesuatu pendedahan kepada

turun naik harga yang tidak dapat dijangkakan dalam ekuiti patuh Shariah dan

pasaran sukuk) yang telah diluluskan Majlis Penasihat Shariah Suruhanjaya

Sekuriti dan/atau Penasihat Shariah. Objektif utama adalah bagi mencapai prestasi

pulangan mutlak konsisten dalam pelaburan jangka masa sederhana hingga jangka

masa panjang.

Bagi pelaburan dalam ekuiti patuh Shariah, mengikut satu proses pelaburan ‘top

down’ (pendekatan analisis sekuriti yang melibatkan ramalan tentang prestasi

ekonomi, kemudian ramalan terhadap industri dan seterusnya syarikat yang mana

setiap tingkat ramalan bergantung kepada tingkat analisis yang dibuat

sebelumnya). Strategi adalah mengenalpasti sektor-sektor atau kumpulan saham

yang berlandaskan Shariah yang mana ianya dipercayai dapat memberi pulangan

yang baik dalam keadaan ekonomi dalam suatu jangkaan. Pemilihan saham patuh

Shariah individu pula difokuskan kepada syarikat-syarikat yang mempunyai

pengurusan yang baik, kewangan yang kukuh serta mempunyai nilai yang menarik

dan berpotensi pertumbuhan pendapatan dalam jangka masa sederhana hingga

jangka masa panjang. Keadah analisis yang digunakan termasuk analisis nisbah

terhadap prestasi kewangan syarikat-syarikat, trend analisis akan difokuskan

kepada ramalan prestasi masa hadapan dan kaedah penilaian saham yang

berlandaskan Shariah. Bila perlu, kaedah pengindeksan akan diguna pakai bagi

menjejaki pretasi Indeks Syariah Emas FTSE Bursa Malaysia terutamanya

semasa keadaan pasaran tidak menentu.

Untuk pelaburan dalam sukuk pula, strategi akan difokuskan kepada pulangan

yang melebihi kadar purata dan konsisten melalui asas penyelidikan selain dari

berurusniaga secara tetap. Keutamaan diberikan kepada kredit yang dipercayai,

gred pelaburan pengeluar hutang. Berdisiplin dan mematuhi proses pelaburan ‘top

down’ (huraiannya seperti dalam strategi pelaburan), oleh itu ianya mematuhi

pertimbangan yang diberikan terhadap kedudukan kredit sesuatu penerbit individu.

Libra SyariahExtra akan mempelbagaikan pelaburan dalam sektor-sektor dan

sekuriti-sekuriti yang berlandaskan Shariah individu bagi meminimakan profil

risiko portfolionya.

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P R O F I L D A N A

Polisi Pengagihan

Rebat & Manfaat

Komisen Ringan (“Soft

Commissions”)

Diterima Dari Broker-

Broker

Perdagangan Rentas

Profil Pegangan Unit

* Tidak termasuk unit

yang dipegang oleh

Syarikat Pengurusan

Adalah menjadi hasrat Syarikat Pengurusan untuk mengistihar agihan dari

pendapatan tahunan bagi Libra SyariahEXTRA. Jumlah pendapatan yang akan

diagihkan akan berubah-ubah dari semasa ke semasa, bergantung kepada kadar

faedah, keadaan pasaran, prestasi dan objektif Dana. Pengagihan pendapatan

mungkin terdiri daripada keuntungan modal yang direalisasi, untung bersih dari

simpanan berdasarkan Shariah dan pasaran wang Islam dan dividen bersih yang

diterima oleh Dana. Adalah menjadi polisi Syarikat Pengurusan juga untuk

melabur kembali agihan pendapatan secara automatik unit-unit tambahan ke

dalam Dana pada hari yang sama pengagihan dibuat (pada harga ex-pengagihan)

tanpa dikenakan sebarang caj jualan. Pemegang-pemegang unit yang ingin

mengambil keuntungan modal daripada unit-unit yang mereka ada boleh menjual

balik semua atau sebahagain unit-unit tersebut pada mana-mana Hari Bekerja.

Syarikat Pengurusan mengekalkan komisen ringan “Soft commissions” yang

diterima daripada broker saham, hanya jika ia memberi faedah dan membantu

proses membuat keputusan berkaitan pelaburan dana. Dalam tempoh kajian

syarikat pengurusan menerima data dan sebut harga serta penerbitan berkaitan

pelaburan yang bersampingan dengan pelaburan Dana. Rebat, jika ada, akan

dikreditkan ke dalam akaun Dana.

Sepanjang di dalam tempoh semakan, terdapat beberapa perdagangan rentas yang

dilaksanakan oleh dana ini. Transaksi ini telah dilaksanakan melalui

broker/peniaga secara urus niaga tulus dan pada nilai saksama, demi kepentingan

pemegang-pemegang unit saham.

Pada 30 Jun 2019

Pemegang Unit Pegangan Unit

Saiz Pegangan (Unit) No % (juta) %

Sehingga 5,000 4,817 71.94 9.54 6.48

5,001 hingga 10,000 517 7.72 3.90 2.65

10,001 hingga 50,000 1,124 16.79 23.57 16.00

50,001 hingga 500,000 228 3.41 23.94 16.25

Melebihi 500,001 10 0.14 86.34 58.62

Jumlah*(Perbezaan bundar) 6,696 100.00 147.29 100.00

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Prestasi terdahulu tidak semestinya mewakili prestasi masa hadapan. Harga unit dan pulangan pelaburan

mungkin berubah-ubah.

P R E S T A S I D A N A

Syarikat Pengurusan

Sila rujuk pada Nota 1 bagi keterangan lanjut.

Tarikh permulaan hingga 9 Ogos 2002: Abrar Unit Trust Management Berhad

Bermula 9 Ogos 2002: Libra Invest Berhad

2019 2018 2017

NAB & HARGA pada 30 Jun


Nilai Aset Bersih (NAB) (RM juta) 44.47 58.57 55.73

Unit Dalam Edaran (juta unit) 147.29 191.00 172.97

NAB se unit (RM) 0.3019 0.3067 0.3223

NAB TERTINGGI & TERENDAH bagi tempoh berakhir 30 Jun

Sila rujuk Nota 2 untuk keterangan lanjut. NAB se unit tertinggi (RM) 0.3028 0.3219 0.3244

NAB se unit terendah (RM) 0.2737 0.3034 0.2950

KOMPOSISI PELABURAN % dari NAB bagi tempoh berakhir 30 Jun

Saham Tersenarai & Sekuriti Berkaitan Ekuiti Selaras Prinsip Syariah

Papan Utama

Pembinaan 3.35 3.42 8.51

Teknologi 11.74 1.98 3.50

Produk Industri

Produk Pengguna

4.93

6.63

3.94

5.00

8.92

-

REITS Islamik - - 3.25

Hartanah - 4.00 -

Perdagangan/ Perkhidmatan - 16.32 19.30

Telekomunikasi 2.52 - -

Utiliti 4.85 - -

Tenaga 8.92 - -

Sukuk Tidak Tersenarai

Kertas Komersial - - -

Sukuk 16.42 26.34 8.80

Tunai & Lain-lain 40.64 39.00 47.72

Bagi tempoh enam bulan pertama, pendedahan ekuiti dana ini telah dikekalkan seperti tahun sebelumnya. Dana

ini telah mengurangkan pendedahan dalam sektor Hartanah dan Servis/Perkhidmatan serta menambah

pendedahan dalam sektor Teknologi. Peruntukan juga telah ditingkatkan bagi sektor Tenaga, Telekomunikasi

dan Utiliti memandangkan ia bersifat lebih defensif.

PERBELANJAAN/JUMLAH DAGANGAN bagi tempoh berakhir 30 Jun

Nisbah Perbelanjaan Pengurusan (NPP) (%) 1.01 0.98 1.10

Nisbah Dagangan Portfolio (NDP) (kali) 0.51 0.39 0.55

Sila rujuk muka surat 45 untuk keterangan lanjut perbezaan NPP dan NDP.

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Syarikat Pengurusan




PULANGAN bagi tempoh 12 bulan berakhir 30 Jun


JUMLAH PULANGAN 2019 2018 2017

Jumlah Pulangan 3.64 -0.25 9.55

Pertumbuhan Modal

Pulangan Pendapatan

-1.57

5.21

-4.84

4.59

9.55

-

PURATA JUMLAH PULANGAN 1-tahun 3-tahun 5-tahun

Libra SyariahEXTRA (%)

Tarikh pelancaran: 12 Mac 1996 3.64 4.28 3.61

*Berkuatkuasa 1 Julai 2016, penanda aras dana ini telah berubah daripada komposit penanda aras yang terdiri

daripada “50% FBM EMAS Indeks Shariah dan 50% Kadar GIA-i Maybank bagi tempoh 12 bulan” kepada

“50% Indeks Shariah Emas FTSE Bursa Malaysia dan 50% Kadar Simpanan Tetap-i Islamik Maybank bagi

tempoh 12 bulan”.

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Syarikat Pengurusan




AGIHAN PENDAPATAN DAN PECAHAN UNIT

Bagi tempoh berakhir 30 Jun

Sila rujuk Nota 4 untuk keterangan lanjut.

2019 2018 2017

Tarikh agihan - - -

Agihan kasar (sen se unit) - - -

Agihan bersih (sen se unit) - - -

NAB sebelum agihan (sen se unit) - - -

NAB selepas agihan (sen se unit) - - -

Pecahan Unit - - -

ULASAN DANA

Bagi tempoh masa ulasan, dana ini telah merekodkan pulangan positif sebanyak 9.34% berbanding penanda aras

pulangannya iaitu -3.47%. Prestasi baik ini disumbangkan oleh pelaburan dalam saham sektor Teknologi,

Kewangan, Telekomunikasi dan Minyak & Gas. Bagi tahun 2019, kami akan terus memberi penekanan terhadap

syarikat yang berkualiti dan berpotensi untuk berkembang. Dana akan terus melabur dalam syarikat yang

mempunyai rekod prestasi konsisten dan pemberian dividen yang mampan.

NAB SE UNIT

NAB se unit pada 31 Disember 2018 RM0.2761

NAB se unit pada 30 Jun 2019 RM0.3019

PERUNTUKAN ASET pada 30 Jun 2019

3

12

1 Ekuiti dan sekuriti berkaitan ekuiti tersenarai

diluluskan oleh Syariah 42.94%

2 Sukuk Tak Tersenarai 16.42%

3 Tunai dan lain-lain 40.46%

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NOTA-NOTA

Nota 1: Data bagi tempoh 2001 hingga 9 Ogos 2002: Diperolehi daripada rekod-rekod yang disediakan oleh

syarikat pengurusan dana yang terdahulu, Abrar Unit Trust Management Berhad. Libra Invest Berhad

mengambil alih pengurusan dana pada 9 Ogos 2002.

Nota 2: Penjualan unit-unit oleh Syarikat Pengurusan (contoh, apabila anda membeli unit dan melabur di dalam

dana) dan pembelian balik unit-unit oleh syarikat pengurusan (contoh, apabila anda menjual kembali unit-unit

dan membubarkan pelaburan anda) akan dilaksanakan pada nilai NAB se unit (nilai sebenar seunit). Yuran

kemasukan/pengeluaran (jika ada) akan dikira berasingan berdasarkan nilai bersih pelaburan atau jumlah

penjualan balik unit-unit anda.

Nota 3:

Pulangan sebelum 9 Ogos 2002 mewakili prestasi di bawah syarikat pengurusan terdahulu, iaitu Abrar

Unit Trust Management Berhad.

Dengan kelulusan oleh pemegang-pemegang unit dalam mesyuarat bertarikh 4 September 2002, dimana

mulai 3 Oktober 2002, Dana telah mengadaptasi pendedahan seimbang terhadap ekuiti dan pendapatan

tetap selaras dengan prinsip Shariah. Sebelum itu, Dana ini adalah Dana ekuiti.

Angka-angka prestasi dana dikira berdasarkan NAB ke NAB dengan mengandaikan pelaburan semula

pengagihan (jika ada) pada NAB. Data-data Jumlah Pulangan, Jumlah Pulangan Purata dan Purata

Pulangan Tahunan berbanding Tanda arasnya diperolehi dari sumber berikut: Lipper.

Nota 4: Tiada agihan pendapatan atau pecahan unit untuk 6 bulan tahun berakhir 30 Jun 2019.

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L I B R A A M A N A H S A H A M W A N I T A

P R O F I L D A N A

Tarikh Pelancaran 4 Mei 1998 (Dana tidak mempunyai tempoh tertentu yang tetap atau tarikh

penamatan).

Harga Tawaran

Pemulaan

RM0.5000 se unit sewaktu tempoh tawaran permulaan(IOP) selama 21 hari

yang berakhir 24 Mei 1998.

Latar Belakang Amanah Saham Wanita (ASNITA) telah ditubuhkan pada 30 April 1998 oleh

Metrowangsa Unit Trusts Berhad (MUTB) (dahulunya dikenali sebagai Hijrah

Unit Trust Management Berhad). ASNITA adalah sebuah dana ekuiti yang

diuruskan mengikut kehendak Shariah. MUTB adalah Syarikat Pengurusan

untuk ASNITA hanya sehingga April 2003, apabila MaybankTrustees Berhad

(pemegang amanah ASNITA) menamatkan khidmat MUTB dan melantik

Libra Invest Berhad (LIB) menggantikan tempatnya. LIB mula menguruskan

ASNITA sejak 2 Mei 2003.

Tarikh Prospektus

Pertama di bawah LIB

1 Julai 2004.

Polisi Penilaian Harga Pelaburan dan penjualan balik pada Nilai Aset Bersih se unit.

Kategori/ Jenis Ekuiti(Shariah)/ Pertumbuhan dan dalam masa yang sama ianya menghadkan

tumpuan pengagihan pendapatan.

Dana unit amanah terbuka (“open-ended”) dengan jangka masa panjang

dimana pelaburannya adalah di dalam ekuiti-ekuiti dan sekuriti berkaitan ekuiti

yang diluluskan oleh Shariah.

Tanda Aras Indeks Syariah Emas FTSE Bursa Malaysia.

Objektif Pelaburan ASNITA bermatlamat menawarkan secara relatifnya pertumbuhan jangka

panjang yang baik dan selamat dengan melabur secara prinsipalnya dalam

ekuiti mematuhi Syariah dan sekuriti berkaitan Syariah yang mematuhi

kehendak Syariah.

Polisi Pelaburan Melabur dalam pelaburan mematuhi Syariah termasuk saham-saham biasa dan

lain-lain sekuriti berkaitan ekuiti seperti sekuriti boleh tukar, saham-saham

petunjuk, waran yang disenarai di Bursa Malaysia atau di dagangkan

dalam/atau di bawah peraturan lain-lain pasaran saham di Malaysia yang

diiktiraf atau pasaran luar negeri yang diluluskan oleh Suruhanjaya Sekuriti,

unit-unit dalam lain-lain skim pelaburan kolektif, sukuk dan juga instrument

pasaran wang jangka pendek dan lain-lain jenis pelaburan yang dipersetujui

oleh Syarikat Pengurusan dan Pemegang Amanah, diluluskan oleh Majlis

Penasihat Syariah Suruhanjaya Sekuriti dan/atau Penasihat Syariah dari semasa

ke semasa.

Strategi Pelaburan Bagi pelaburan di dalam ekuiti patuh Syariah, mengikut proses “top-down”

(suatu pendekatan analisis sekuriti yang melibatkan ramalan tentang prestasi

ekonomi, kemudian ramalan terhadap industri dan seterusnya syarikat yang

mana setiap tingkat ramalan bergantung kepada tingkat analisis yang dibuat

sebelumnya). Strategi ASNITA adalah mengenalpasti sektor-sektor utama atau

kumpulan stok yang dipercayai berprestasi baik dalam situasi ekonomi dalam

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P R O F I L D A N A

suatu jangkaan. Pemilihan saham individu pula difokuskan kepada syarikat-

syarikat yang mempunyai pengurusan yang baik, kewangan yang kukuh serta

mempunyai nilai yang menarik dan mempunyai potensi pertumbuhan

pendapatan dalam jangka masa sederhana hingga jangka masa panjang.

Kaedah analisis yang digunakan adalah analisis nisbah terhadap prestasi

kewangan syarikat-syarikat, trend analisis akan difokuskan kepada ramalan

prestasi masa hadapan dan kaedah penilaian saham. Bila perlu, kaedah indek

akan digunakan bagi menjejaki prestasi Indeks Syariah Emas FTSE Bursa

Malaysia terutamanya semasa pasaran tidak menentu.

Polisi Pengagihan Adalah menjadi hasrat Syarikat Pengurusan untuk mengiystiharkan agihan dari

pendapatan tahunan bagi Libra SyariahEXTRA. Jumlah pendapatan yang akan

diagihkan akan berubah-ubah dari semasa ke semasa, bergantung kepada kadar

faedah, keadaan pasaran, prestasi dan objektif Dana. Pengagihan pendapatan

mungkin terdiri daripada keuntungan modal yang direalisasi, untung bersih

dari simpanan berdasarkan Shariah dan pasaran wang Islam dan dividen bersih

yang diterima oleh Dana. Adalah menjadi polisi Syarikat Pengurusan untuk

melabur kembali agihan pendapatan secara automatik kepada unit-unit

tambahan ke dalam Dana pada hari yang sama semasa pengagihan dibuat (pada

harga setelah pengagihan) tanpa dikenakan sebarang fi kemasukan. Pemegang-

pemegang unit yang ingin mengambil keuntungan modal daripada unit-unit

yang mereka ada boleh menjual balik ke semua atau sebahagiann unit-unit

tersebut pada mana-mana Hari Bekerja.

Rebat & Manfaat

Komisen Ringan (“Soft

Commissions”) Diterima

Dari Broker-Broker








* Tidak termasuk unit yang

dipegang oleh Syarikat

Pengurusan

Pada 30 Jun 2019


Saiz Pegangan (Unit) No % (juta) %

Sehingga 5,000 45,629 96.11 41.53 43.32

5,001 hingga 10,000 1,073 2.26 7.60 7.93

10,001 hingga 50,000 716 1.51 13.48 14.07

50,001 hingga 500,000 50 0.11 5.93 6.19

Melebihi 500,001 7 0.01 27.31 28.49

Jumlah* (Perbezaan Bundar) 47,475 100.00 95.85 100.00

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Syarikat Pengurusan


Tarikh permulaan sehingga 2 Mei 2003: Metrowangsa Unit Trusts Berhad

Bermula 2 Mei 2003: Libra Invest Berhad

2019 2018 2017

NAB & HARGA pada 30 Jun. Sila rujuk Nota 2 bagi keterangan lanjut.



NAB se unit (RM) 0.6941 0.6884 0.7175


Sila rujuk Nota 2 untuk keterangan lanjut. NAB tertinggi (RM) 0.6993 0.7730 0.7197

NAB terendah (RM) 0.6137 0.6602 0.6354


Ekuiti & Sekuriti Berkaitan Ekuiti Yang Tersenarai Selaras Prinsip Syariah

Papan Utama

Pembinaan 5.61 2.22 5.26

Barangan Pengguna 6.14 2.60 -

Teknologi

Tenaga

10.67

17.35

3.80

-

-

-

Perladangan - - 8.03

Harta - 5.11 0.51

Barangan Industri 6.57 4.72 12.10

Perdagangan/ Perkhidmatan - 27.86 44.24

Kewangan 3.88 3.32 -

Telekomunikasi 3.87 - -

Utiliti 7.54 - -

Sukuk Tidak Tersenarai

Sukuk - - -

Tunai & lain-lain 38.37 50.37 29.86

Berbanding tahun lalu, dana ini telah meningkatkan pendedahan ekuitinya dan mengurangkan kadar

tunainya secara signifikan. Kadar tunai telah dikurangkan daripada 50.37% kepada 37.37%. Peruntukan bagi

sektor Hartanah dan Servis/Perkhidmatan juga telah dikurangkan, dengan dana tunai dilaburkan semula ke

dalam sektor Pembinaan, Pengguna, Teknologi, Telekomunikasi, Tenaga dan Utiliti yang menawarkan

pertumbuhan lebih defensif.

PERBELANJAAN/JUMLAH DAGANGAN bagi tempoh berakhir 30 Jun


Nisbah Dagangan Portfolio (NDP) (kali) 0.51 0.70 0.60

Sila rujuk muka surat 74 untuk keterangan lanjut perbezaan NPP dan NDP

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PULANGAN (%) bagi tempoh 12 bulan berakhir 30 Jun



Jumlah Pulangan 0.84 -4.07 10.89

Pertumbuhan Modal

Pulangan Pendapatan

0.84

-

-4.07

-

10.89

-

PURATA JUMLAH PULANGAN 1-tahun 3-tahun 5-tahun

Libra Amanah Saham Wanita (%)

Tarikh pelancaran: 4 Mei 1998 0.84 2.72 1.12

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2019 2018 2017

Tarikh Agihan - - -

Agihan Kasar (sen se unit) - - -

Agihan Bersih (sen se unit) - - -

NAB Sebelum Agihan (sen se unit) - - -

NAB Selepas Agihan (sen se unit) - - -

Pecahan Unit - - -

U L A S A N D A N A

Bagi tempoh masa ulasan, dana ini telah merekodkan pulangan positif sebanyak 12.29%, mengatasi pulangan

penanda arasnya iaitu 5.46%. Prestasi baik ini disumbangkan oleh pelaburan dalam saham sektor Teknologi,

Kewangan, Telekomunikasi dan Minyak & Gas. Dana ini akan terus melabur dalam syarikat-syarikat yang

mempunyai rekod prestasi yang konsisten.

NAB SE UNIT

NAB se unit pada 31 Disember 2018 RM0.6182



2

1. Ekuiti dan sekuriti berkaitan ekuiti yang

mematuhi Syariah

61.63%

2. Tunai & Lain-Lain 38.37%

1

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NOTA-NOTA

Nota 1: Data-data bagi tahun 2002 hingga 2 Mei 2003: Diperolehi daripada rekod-rekod Dana yang

disediakan oleh syarikat pengurusan dana yang terdahulu, Metrowangsa Unit Trusts Berhad. Libra Invest

Berhad mengambil alih pengurusan dana pada 2 Mei 2003.

Nota 2: Penjualan unit-unit oleh Syarikat Pengurusan (contoh, apabila anda membeli unit dan melabur di

dalam dana) dan pembelian balik unit-unit oleh syarikat pengurusan (contoh, apabila anda menjual kembali

unit-unit dan membubarkan pelaburan anda) akan dilaksanakan pada nilai NAB se unit (nilai sebenar

seunit). Yuran kemasukan/pengeluaran (jika ada) akan dikira berasingan berdasarkan nilai bersih

pelaburan atau jumlah penjualan balik unit-unit anda.

Nota 3:

Pulangan sebelum 2 Mei 2003 mewakili prestasi di bawah pengurusan syarikat terdahulu iaitu

Metrowangsa Unit Trusts Berhad.

Angka-angka prestasi Dana dikira berdasarkan NAB ke NAB dengan mengandaikan pelaburan

semula pengagihan (jika ada) pada NAB. Data-data Jumlah Pulangan, Jumlah Pulangan Purata dan

Purata Pulangan Tahunan berbanding Tanda arasnya diperolehi dari sumber berikut: Lipper.

Nota 4: Tiada agihan pendapatan atau pecahan unit dilaksanakan untuk tempoh 6 bulan berakhir 30 Jun

2019.

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D A N A L I B R A A S N I T A B O N D

P R O F I L D A N A

Tarikh Pelancaran 18 Mac 2005 (Dana tidak mempunyai tempoh tertentu yang tetap atau tarikh

penamatan).

Harga Tawaran

Permulaan

RM 0.5000 se unit sewaktu tempoh tawaran permulaan selama 21 hari yang

berakhir pada 7 April 2005.

Polisi Penilaian Harga Pelaburan dan Jualan balik pada Nilai Aset Bersih se unit.

Kategori/ Jenis Dana Sukuk /Pendapatan.

Dana terbuka (open-ended) dengan horizon pelaburan jangka masa pendek hingga

jangka masa sederhana yang melabur terutamanya dalam Sukuk.

Tanda Aras “Kadar Simpanan Tetap-i Islamik Maybank bagi tempoh 12 bulan”.

*Berkuatkuasa 1 Julai 2016, penanda aras dana ini telah berubah daripada

“Kadar GIA-i Maybank bagi tempoh 6 bulan” kepada “Kadar Simpanan Tetap-i

Islamik Maybank bagi tempoh 12 bulan”.

Objektif Pelaburan Bermatlamatkan memelihara modal dengan memberi pendapatan tetap dalam

jangka masa pendek hingga jangka masa sederhana dengan melabur di dalam

instrumen pasaran wang Islam dan lain-lain sekuriti pendapatan tetap Islam yang

diluluskan Syariah.

Polisi Pelaburan Libra ASnitaBOND melabur terutamanya di dalam sukuk kerajaan dan separuh

kerajaan, Akaun Pelaburan Am, Akaun Pelaburan Khas, pasaran wang Islam, bon

Islam dan sukuk Korporat dan produk perbendaharaan Islam.

Strategi Pelaburan Dana mengadaptasi suatu strategi pelaburan yang akan memberi pulangan

setanding deposit pasaran wang Islam jangka pendek, dan dalam masa yang sama,

memelihara nilai pokok (principal value) dan sentiasa menetapkan tahap kecairan

yang tinggi.

Manfaat Pembiayaan

(“Soft Commissions”)

dan Rebet Yang

Diterima Dari Broker-

Broker

Perdagangan Rentas







Sepanjang di dalam tempoh semakan, terdapat beberapa perdagangan rentas yang

dilaksanakan oleh dana ini. Transaksi ini telah dilaksanakan melalui

broker/peniaga secara urus niaga tulus dan pada nilai saksama, demi kepentingan

pemegang-pemegang unit saham.

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P R O F I L D A N A


* Tidak termasuk unit

yang dipegang oleh

Syarikat Pengurusan

Pada 30 Jun 2019


Saiz Pegangan (Unit) No % No (juta) %

Sehingga 5,000 41 14.29 0.05 0.02

5,001 hingga 10,000 20 6.97 0.16 0.06

10,001 hingga 50,000 81 28.22 2.24 0.82

50,001 hingga 500,000 84 29.27 15.74 5.74

Melebihi 500,001 61 21.25 255.88 93.36

Jumlah* (Perbezaan Bundar) 287 100.00 274.07 100.00

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2019 2018 2017

NAB & HARGA pada 30 Jun




NAB se unit (RM) 0.6450 0.6244 0.6276



NAB tertinggi se unit (RM) 0.6450 0.6244 0.6277

NAB terendah se unit (RM) 0.6175 0.6135 0.6112


Sukuk Tidak Tersenarai 88.47 81.17 85.23

Tunai & lain-lain 11.53 18.83 14.77

Pendedahan dana dalam pelaburan sukuk telah meningkat bagi tempoh masa tinjauan untuk merebut peluang

pelaburan memandangkan kadar faedah dijangka akan kekal kondusif, dengan dinamik permintaan-bekalan

juga dijangka terus mendorong sentimen positif dalam pasaran bon tempatan.

PERBELANJAAN / DAGANGAN PORTFOLIO bagi tempoh berakhir 30 Jun


Nisbah Dagangan Portfolio(NDP) (kali) 0.25 0.29 0.39

Sila rujuk muka surat 101 untuk keterangan lanjut perbezaan NPP dan NDP

PULANGAN bagi tempoh12 bulan berakhir 30 Jun



Jumlah Pulangan 7.32 3.58 4.65

Pertumbuhan Modal 3.30 -0.51 4.65

Pulangan Pendapatan 4.02 4.09 -

PURATA JUMLAH PULANGAN 1-Tahun 3-Tahun 5-Tahun

Libra ASnita Bond (%)

Tarikh Pelancaran: 18 Mac 2005

7.32 5.07 5.55



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*Berkuatkuasa 1 Julai 2016, penanda aras dana ini telah berubah daripada “Kadar GIA-i Maybank bagi tempoh 6

bulan” kepada “Kadar Simpanan Tetap-i Islamik Maybank bagi tempoh 12 bulan”.



Sila rujuk Nota 3 untuk keterangan lanjut

2019 2018 2017

Tarikh agihan pendapatan - - -

Agihan pendapatan kasar (sen se unit) - - -

Agihan pendapatan bersih (sen se unit) - - -

NAB sebelum agihan (sen se unit) - - -

NAB selepas agihan (sen se unit) - - -

Pecahan Unit - - -



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U L A S A N D A N A

Dana ini memberi pulangan kukuh sebanyak 7.23% bagi tempoh 12 bulan berakhir 30 Jun 2019, jauh lebih baik

daripada penanda aras pulangannya iaitu 3.32%. Faktor utama pencapaian ini didorong oleh peningkatan modal

daripada pelaburan sukuk gred tinggi yang dipilih secara teliti berdasarkan analisis menyeluruh terhadap

persekitaran ekonomi domestik dan global, trend pasaran serta aliran dana serantau. Dana ini akan terus

memberi penekanan terhadap kekuatan kredit penerbit sukuk dengan menumpukan fokus kepada aliran tunai

yang konsisten, struktur yang kukuh serta kumpulan pengurusan yang berpengalaman.

Dana ini telah mencapai objektif pelaburannya iaitu menyediakan pemuliharaan modal dengan pulangan

pendapatan yang tetap bagi jangka masa pendek hingga jangka masa sederhana.

NAB SE UNIT NAB se unit dari 31 Disember 2018 RM0.6175



2

1

1. Sukuk tidak Tersenarai 88.47%

2. Tunai dan lain-lain 11.53%

NOTA-NOTA

Nota 1: Penjualan unit-unit oleh Syarikat Pengurusan (contoh, apabila anda membeli unit dan melabur di

dalam dana) dan pembelian balik unit-unit oleh syarikat pengurusan (contoh, apabila anda menjual kembali

unit-unit dan membubarkan pelaburan anda) akan dilaksanakan pada nilai NAB se unit (nilai sebenar seunit).

Yuran kemasukan/pengeluaran (jika ada) akan dikira berasingan berdasarkan nilai bersih pelaburan atau

jumlah penjualan balik unit-unit anda.

Nota 2: Data-data prestasi dana dikira berdasarkan NAB ke NAB dan mengandaikan pelaburan semula agihan

pendapatan (jika ada) pada NAB. Data-data Jumlah Pulangan, Jumlah Pulangan Purata dan Purata Pulangan

Tahunan berbanding Tanda arasnya diperolehi dari sumber berikut: Lipper.

Nota 3: Tiada agihan pendapatan atau pecahan unit untuk 6 bulan berakhir 30 Jun 2019.



132


MA KL U MA T T AMB AH A N

PULANGAN P E L A B U R A N P E R M U L A A N S E B A N Y A K R M 1 0 0 , 0 0 0

D A N A L I B R A S Y A R I A H E X T R A D A N D A N A L I B R A A M A N A H S A H A M

W A N I T A ( A S N I T A )

Bagi memudahkan rujukan, jumlah pulangan Dana bagi tempoh berakhir 30 Jun 2019 dalam Ringgit Malaysia.

Carta-carta di bawah menunjukkan angka-angka perbandingan bagi pertumbuhan pelaburan permulaan

sebanyak RM100,000 dalam Libra SyariahEXTRA dan Libra Amanah Saham Wanita (ASNITA) berbanding

tanda aras masing-masing bagi tempoh seperti di bawah.

Dari 31 Januari 2003 hingga 30 Jun 2019

95,000

110,000

125,000

140,000

155,000

170,000

185,000

200,000

215,000

230,000

Jan-03 Feb-05 Mar-07 Apr-09 May-11 Jun-13 Jul-15 Aug-17

RM Libra SyariahEXTRA Tanda Aras

Pelaburan sebanyak RM100,000

dalam Libra SyariahEXTRA dan

penanda arasnya*dari 31 Jan 2003

hingga 30 Jun 2019 (sebelum

cukai) masing-masing bernilai RM228,388.83 dan RM212,431.62 *Berkuatkuasa 1 Julai 2016, penanda aras dana

ini telah berubah daripada komposit penanda

aras yang terdiri daripada “50% FBM EMAS

Indeks Shariah dan 50% Kadar GIA-i Maybank

bagi tempoh 12 bulan” kepada “50% FBM

Emas Indeks Shariah dan 50% Kadar Simpanan

Tetap-i Islamik Maybank bagi tempoh 12

bulan”.

Sumber: Lipper

Dari 30 May 2003 hingga 30 Jun 2019

100,000

130,000

160,000

190,000

220,000

250,000

280,000

May-03 Jun-05 Jul-07 Aug-09 Sep-11 Oct-13 Nov-15 Dec-17

RM ASNITA Tanda Aras


dalam Libra Amanah Saham

Wanita dan penanda arasnya

(Indeks Syariah Emas FTSE Bursa

Malaysia) dari 30 May

2003 hingga 30 Jun 2019

(sebelum cukai) masing-masing

bernilai RM245,864.12 dan

RM250,306.76.

Pulangan dana adalah berdasarkan NAB ke NAB dan mengandaikan pelaburan semula pengagihan pendapatan (jika

ada) pada Nilai Aset Bersih (NAB). Terdapat yuran, caj dan risiko ( kadar faedah, kredit, kecairan, inflasi, kadar

faedah, pengkelasan semula status Syariah dan lain-lain) yang terlibat. Oleh itu, para pelabur adalah dinasihatkan

untuk meneliti yuran-yuran, caj-caj dan risiko-risiko yang terlibat.

Sila rujuk pada muka surat 120 dan 126 bagi keterangan lanjut berkenaan sumber data dan andaian yang digunakan dalam

pengiraan prestasi dana serta tanda aras yang berkaitan.



Jun-19

09

Sumber: Lipper

Jun-19

133


MA KL U MA T T AMB AH A N

P U L A N G A N P E L A B U R A N P E R M U L A A N S E B A N Y A K R M 1 0 0 , 0 0 0


Bagi memudahkan rujukan, jumlah pulangan Dana bagi tempoh berakhir 30 Jun 2019 dalam Ringgit Malaysia.

Carta-carta di bawah menunjukkan angka-angka perbandingan bagi pertumbuhan pelaburan permulaan

sebanyak RM100,000 dalam Dana Libra AsnitaBOND berbanding tanda arasnya bagi tempoh seperti di

bawah.

Dari 31 Mac 2005 hingga 30 Jun 2019

100,000

110,000

120,000

130,000

140,000

150,000

160,000

170,000

180,000

190,000

200,000

Mar-05 Sep-07 Mar-10 Sep-12 Mar-15 Sep-17

RM Libra ASnitaBOND Tanda Aras


dalam Dana Libra AsnitaBOND

dan penanda arasnya* dari 31

Mac 2005 hingga 30 Jun 2019

(sebelum cukai) masing-masing

bernilai RM193,176.46 dan

RM154,843.18. *Berkuatkuasa 1 Julai 2016, penanda

aras dana ini telah berubah daripada

“Kadar GIA-i Maybank bagi tempoh 6

bulan” kepada “Kadar Simpanan

Tetap-i Islamik Maybank bagi tempoh

12 bulan”.

Sumber: Lipper

Pulangan dana adalah berdasarkan NAB ke NAB dan mengandaikan pelaburan semula pengagihan pendapatan (jika

ada) pada Nilai Aset Bersih (NAB). Terdapat yuran, caj dan risiko ( kadar faedah, kredit, kecairan, inflasi, kadar

faedah, pengkelasan semula status Syariah dan lain-lain) yang terlibat. Oleh itu, para pelabur adalah dinasihatkan

untuk meneliti yuran-yuran, caj-caj dan risiko-risiko yang terlibat.

Sila rujuk pada muka surat 131 bagi keterangan lanjut berkenaan sumber data dan andaian yang digunakan dalam pengiraan

prestasi dana serta tanda aras yang berkaitan.



Jun-19

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