contents · it is my pleasure to present the annual report of syarikat takaful malaysia berhad’s...
TRANSCRIPT
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CONTENTS
Page
GROUP MANAGING DIRECTOR’S STATEMENT
3
FUND PROFILE
4
GLOBAL AND LOCAL ECONOMIC REVIEW
8
EQUITY AND FIXED INCOME MARKET REVIEW
10
MARKET OUTLOOK AND INVESTMENT STRATEGY
12
FUND PERFORMANCE REPORT
14
SOFT COMMISSION RECEIVED FROM BROKERS
28
STATEMENT BY DIRECTORS
29
REPORT OF THE AUDITORS
30
STATEMENTS OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2015
32
STATEMENTS OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2014
33
STATEMENTS OF INCOME AND EXPENDITURE FOR FINANCIAL YEAR ENDED 31 DECEMBER 2015
34
STATEMENTS OF INCOME AND EXPENDITURE FOR FINANCIAL PERIOD ENDED 31 DECEMBER 2014
35
STATEMENTS OF CHANGES IN NET ASSET VALUE FOR FINANCIAL YEAR ENDED 31 DECEMBER 2015
36
STATEMENTS OF CHANGES IN NET ASSET VALUE FOR FINANCIAL PERIOD ENDED 31 DECEMBER 2014
36
CASH FLOW STATEMENT FOR FINANCIAL YEAR ENDED 31 DECEMBER 2015
37
CASH FLOW STATEMENT FOR FINANCIAL YEAR ENDED 31 DECEMBER 2014
38
NOTES TO THE FINANCIAL STATEMENTS
39
DETAILS OF INVESTMENTS
43
COMPARATIVE PERFORMANCE TABLE
57
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GROUP MANAGING DIRECTOR’S STATEMENT
It is my pleasure to present the Annual Report of Syarikat Takaful Malaysia Berhad’s Investment-Linked Funds (ILP
Funds) for the financial year ended 31 December 2015.
2015 was a challenging year for the domestic market arising from a confluence of various internal and external factors.
The slowing down of the world’s second largest economy, i.e. China was the first indicator followed by the capital
outflows from the emerging markets in anticipation of rate hikes in the US. Declining commodity prices, the weakening
of the ringgit (-18.5% year-on-year) and the increasing inflation due to GST implementation in April 2015 put a damper
on consumer spending.
As at 31st December 2015, the FBM KLCI Index closed at 1,692.51 points which translated to a loss of 3.9% year-on-
year while our benchmark, FBMEmas Shariah Index ended the year 2015 with a gain of 2.35% year-on-year.
Regionally, the Malaysian market was at par with Philippines (-3.9%) but did not fare well as the Vietnam (+6.1%) and
Korean (+2.4%) markets. Malaysia however performed better than markets such as India (-5.0%), Hong Kong (-7.2%)
and Taiwan (-10.4%). China (-19.4%), Singapore (-14.3%) and Thailand (-14.0%) were the bottom 3 performers. Over
in the US, the Dow Jones was down by 2.2% during the similar period.
Amidst the challenging market conditions and the economic uncertainties impeding the country, be it political, economic
or the stock market, I am pleased to report that we have recorded a constantly stable and healthy return on investment
to our valued customers. We exercised prudent investment strategies in ensuring the long-term objectives of our
customers’ funds are met while managing the investment risk and return efficiently.
For the year 2015, most of our funds continued to register encouraging performance led by Istiqrar fund with a return of
3.50% against its benchmark performance of 3.07%, followed by our index tracker fund myEquity fund with a registered
return of 2.82%, outperforming its benchmark return of 2.35%. Similarly, our myBlueChips Fund also gained about
2.43%, outperforming its benchmark return of 2.35% during the same period under review. You may find out more
about the funds’ information and financial performance in the following pages.
Year 2016 started on a positive note for the country following the recalibration of Government Budget 2016 which was
announced on 28th January 2016 factoring in a more realistic USD30-35/bbl average crude oil price assumption. The
revised budget would give a level of certainty in the market with a total of 11 added measures introduced not only to
boost the economy but also to provide some catalyst to uplift the market. As the market is expected to remain
challenging for the year 2016 due to a slower economic growth and uncertain external environment, rest assured that
we will continue to be prudent and vigilant in outlining our investment strategies for the funds, taking into account of the
prevailing market conditions so as to ensure that the objectives of the funds and the target returns are achieved.
On behalf of the Company, I would like to express our utmost appreciation and gratitude for the confidence you have
shown in Takaful Malaysia and for your continuous support. We will continue to strive and work hard to serve you better
and achieve our vision to be the preferred choice for insurance.
Dato’ Sri Mohamed Hassan Kamil Group Managing Director
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FUND PROFILE
ITTIZAN
Investment Objective
To achieve reasonable returns and capital growth opportunities via selected investments in Shariah approved shares listed in Bursa Malaysia and Shariah-compliant Islamic debt securities/Sukuk.
Investment Strategy
Invest in a balanced asset allocation comprising of Shariah-compliant equity and Islamic debt securities/Sukuk and money market.
Asset Allocation
At least 30% and a maximum of 70% in Malaysian shares approved by the Shariah Advisory Council of the Securities Commission;
The balance in cash, long and short term Islamic debt securities/Sukuk and other liquid Islamic investments.
Performance Benchmark
70% FBM Emas Shariah Index (“FBMSI”) and 30% one-month return Maybank General Investment Account rate (“GIA”).
ISTIQRAR
Investment Objective
To achieve a relatively stable pattern of investment returns over medium term through selected investments in Shariah approved shares listed in Bursa Malaysia and Shariah-compliant fixed income securities/Sukuk.
Investment Strategy
Invest in a balanced asset allocation comprising mainly of Islamic debt securities/Sukuk with smaller exposure in Shariah-compliant equity.
Asset Allocation
A maximum of 35% in Malaysian shares approved by the Shariah Advisory Council of the Securities Commission;
At least 65% and a maximum 100% in cash, long and short term Islamic debt securities/Sukuk and other liquid Islamic investments.
Performance Benchmark
30% FBM Emas Shariah Index (“FBMSI”) and 70% one-month return at Maybank General Investment Account rate (“GIA”).
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myEQUITY INDEX FUND
Investment Objective
To achieve returns that tracks the performance of the FBM Emas Shariah Index.
Investment Strategy
Invest mainly in the top 40 of the Index component stocks; closely tracking the movement of the Benchmark in the medium to long term;
Constant rebalancing of the component stocks to closely track the benchmark performance.
Asset Allocation
90% - 95% in Malaysian shares approved by the Shariah Advisory Council of the Securities Commission;
The balance in Islamic money market instruments.
Performance Benchmark
FBM Emas Shariah Index (“FBMSI”).
myGROWTH FUND
Investment Objective
To achieve capital growth opportunities and dividend income through selective investments in Shariah approved shares listed in Bursa Malaysia.
Investment Strategy
Invest primarily in selected Shariah-compliant equities that comprise of a diversified portfolio of index-linked companies, blue-chip stocks and companies with growth prospects and attractive dividend yields that are listed on Bursa Malaysia;
Active portfolio management – constant review on asset allocation and stocks holding. Stock / portfolio turnover would be practically high in search for opportunities in capital gain and dividend yield stocks.
Asset Allocation
At least 50% and a maximum of 95% in Malaysian shares approved by the Shariah Advisory Council of the Securities Commission;
The balance in cash, long and short term Islamic debt securities/Sukuk and other liquid Islamic investments.
Performance Benchmark
FBM Emas Shariah Index (“FBMSI”).
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myBLUE CHIPS FUND
Investment Objective
To achieve consistent capital growth in the long run through investments in Shariah-compliant Blue Chips Shares.
Investment Strategy
Invest primarily in Shariah-compliant equities with higher market capitalisation to achieve long term capital growth;
Active portfolio management - constant review on asset allocation and stock holding in search of stocks that meet the objective of the Fund.
Asset Allocation
At least 40% and a maximum of 90% in Malaysian shares approved by the Shariah Advisory Council of the Securities Commission;
The balance in Islamic money market instruments.
Performance Benchmark
FBM Emas Shariah Index (“FBMSI”).
myDIVIDEND FUND
Investment Objective
To achieve dividend income in the long term through selective investments in high dividend yield shares that provide a minimum annual gross dividend of 4.00%.
To achieve capital growth through selective investments in Blue Chips Shares that could potentially provide capital growth in the long run.
Investment Strategy
Invest primarily in dividend yield stocks that provide a minimum annual gross dividend of 4.00% as well as blue-chip stocks that could potentially grow in the long run;
At all times, exposure in stocks that yield a minimum of 4% annual gross dividend shall be at least 50% of the equity exposure;
Constant review on asset allocation and stock holding in search of stocks that comply with the objectives of the Fund.
Asset Allocation
At least 40% and a maximum of 90% in Malaysian shares approved by the Shariah Advisory Council of the Securities Commission;
At least 50% of the equity exposure is in dividend yield shares;
The balance in Islamic money market instruments.
Performance Benchmark
FBM Emas Shariah Index (“FBMSI”).
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myBALANCED FUND
Investment Objective
To achieve moderate streams of income and consistent capital growth over the medium-to-long term period by investing in a diversified portfolio of investments;
To construct a diversified portfolio containing a balanced mixture of equities and fixed income securities.
Investment Strategy
Invest in a balanced asset allocation comprising of Shariah-compliant equity, Islamic debt securities/Sukuk and money market.
Asset Allocation
At least 10% and a maximum of 40% in Malaysian shares approved by the Shariah Advisory Council of the Securities Commission;
At least 10% and a maximum of 60% in Islamic debt securities/Sukuk and Malaysian Government Investment Issues;
The balance in Islamic money market instruments.
Performance Benchmark
40% FBM Emas Shariah Index (“FBMSI”) and 60% 12 months return Maybank General Investment Account rate (“GIA”).
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GLOBAL AND LOCAL ECONOMIC REVIEW
Economic Review This annual report is for the financial year of 1 January 2015 to 31 December 2015.
US GDP increased 2.0% in the 3Q 2015, according to the “third” estimate released by the Bureau of Economic
Analysis. The growth rate was revised down 0.1 percentage point from the “second” estimate released in
November. In the 2Q 2015, real GDP increased 3.9%. The third-quarter increase in real GDP mainly reflected a
rise in consumer spending. Business investment, state and local government spending, residential investment,
and exports also contributed to the increase. The pace of economic growth suggests a resilience that could help
give the US Federal Reserve (the Fed) confidence to raise interest rates going forward.
In December, US Federal Reserve decided to increase the interest rate by 25 basis points, leading to a 0.50%
level for its federal fund rate. Currently the Fed is expecting US interest rate level to end year-end 2016 at 1.50%,
and for the economy to grow by 2.4%, unemployment rate to reach 4.7% and for core PCE inflation to surge to
1.6%.
The Eurozone’s economy slipped in the third quarter as the slowdown in China and other emerging markets more
than offset the benefit to consumers from low oil prices. GDP among the Eurozone’s 19 members rose by 0.3% in
the 3Q 2015, down from 0.4% in the 2Q 2015.
China economy grew by 6.8% y-o-y in 4Q15, leading to an overall economic growth of 6.9% for year 2015, which
is in line with economist consensus in Bloomberg. The government’s statistics bureau said that for the first time
services accounted for more than half of the economy, climbing to 50.5% from 48.1% the year before. Meanwhile,
manufacturing’s share shed more than two percentage points, falling to 40.5%.
China is adopting a new exchange rate policy where it will be based on a new-trade weighted Yuan exchange
rate index. Due to the inclusion of Yuan in the SDR currency basket by IMF in December, China is currently able
to deviate its currency further from USD without risking massive capital outflow from the country, hence improving
its export competitiveness.
Crude oil prices dropped below $40 a barrel at the end of 2015. The decline in oil price was contributed by both
demand and supply side factors. From the demand side the causes are; i) economic slowdown of emerging
markets particularly due to China’s slowdown, and ii) this year’s El Nino – which is said to be strongest on record,
would lead to a warm winter next year. While from the supply side; i) OPEC is increasing its production to 31.9m
b/d, compared to its own symbolic quota of 30m b/d, and ii) UN is lifting economic sanctions on Iran.
Malaysia’s real GDP growth slowed from 5.3% y-o-y in 1H15 to 4.7% in 3Q15, and economic growth looks likely
to remain flat in 4Q15, due mainly to the domestic demand-led slowdown. Growth in domestic demand slowed
from 4.6% y-o-y in 2Q15 to 4% in 3Q15, with private consumption deteriorating from 6.4% y-o-y in 2Q15 to 4.1%
in 3Q15, as households may have continued to cut back on purchases, following the sharp depreciation of
Ringgit, which have impacted on consumer sentiments. This was in tandem with the MIER’s Consumer Sentiment
Index, which fell further from 71.7 in 2Q15 to 70.2 in 3Q15, the lowest level on record. Growth in public
consumption also slowed from 6.8% y-o-y in 2Q15 to 3.5% in 3Q15, due to lower government operating
expenditures in both emoluments and supplies and services.
However, growth in real exports turned around from -3.7% y-o-y in 2Q15 to 3.2% in 3Q15, posting a positive
growth after declining for two straight quarters since 1Q15, due to the impact of ringgit depreciation on export
value, especially in manufactured goods. Growth in gross exports accelerated significantly from 5.5% y-o-y in
3Q15 to 16.7% in October, the highest pace of growth since April 2014, and was led by higher growth in the
exports of manufactured goods at 22.2% (mainly in E&E products), which offset the 7.6% decline in commodity-
related products as commodity prices remained soft.
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December saw Malaysia recorded higher inflation year-on-year figure than the previous month at 2.68% due to
higher prices of alcoholic beverages & tobacco as well as food. The December figure put the 2015 yearly inflation
figure at 2.10%. Public rail transports saw record inflation figure at 48.3% yoy due to fare hikes in December but
impact to the overall headline inflation was marginal.
On 28 January 2016, the Government has announced a ‘2016 Budget Recalibration’ in view of the ‘challenging
economic realities’. The revised budget takes into calculation of the oil price at USD30-35/bbl Brent average, from
USD48/bbl as initially tabled in October 2015. Some of the main economic highlights were: (i) 2016 real GDP
growth range revised to 4-4.5% (from 4-5%); (ii) 2016 fiscal deficit target unchanged at 3.1% of GDP; (iii) the
national debt level will continue to be reduced and will not exceed the prudent level of 55% to GDP; (iv) no capital
control or pegging of the ringgit; (v) maintain an accommodative monetary policy and interest rate at a level that
supports domestic economic activity; and (vi) ensure sufficient liquidity in the financial system.
Bank Negara Malaysia (BNM) has kept its Overnight Policy Rate (OPR) unchanged at 3.25% since July 2014.
With a dual mandate to ensure a balance between inflation and economic growth, in view of global uncertainty,
BNM will continue its focus to provide support on the sustainability of economic growth into 2016.
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EQUITY AND FIXED INCOME MARKET REVIEW
Equity Market
The stock market was volatile in 2015, particularly in the second half of the year. The market started the year
with a positive note with the FBM Emas Syariah index rising 7%, from 12,507 to a high of 13,389 in April.
However since April, the market has started to turn lower and selling intensified in August. The index hit a 3-year-
low of 10,706 at the end of August. The market recovered part of the losses when bargain hunters seized
opportunities in the selloff by buying into stocks which were sold down indiscriminately. The index closed the
year at 12,801. For year-on-year, the FBM Emas Syariah Index rose a marginal 2.4%.
The key events during the year were:
(a) Weak crude oil prices which affected Malaysia’s economy.
Crude oil prices have been on a declining trend since mid-2014. In a matter of 6 months, crude prices had
fallen 50% from USD107.7 to close 2014 at USD53.3. In 2015, crude continued to remain under pressure,
falling another 30.5%. With such weak prices, the country’s revenue had been affected. Overall, we are
expecting a weaker economy with a growth of 4-5% in 2016 from an expected 4.5-5.5% in 2015 and 6% in
2014.
(b) Slowing China’s economy, yuan devaluation
China’s economy has been slowing for a large part of 2015 and this has prompted the Chinese Government
to cut its benchmark interest rates six times in less than a year. Its economy fell below 7% for the first time
since the global financial crisis when 3Q15 GDP grew 6.9%. In an unexpected move in August, the
Government devalued the yuan by over 3% in 2 days. This caused selloffs in all Emerging Asia currencies
which saw decline between 1.5-8.0%.
(c) Slew of initiatives announced by the Malaysian Government
In September, Prime Minister Dato’ Sri Najib announced a slew of measures recommended by the Special
Economic Committee totaling RM28bn. Among these measures were the RM20bn market stabilization fund,
RM2bn working capital guarantee scheme to assist the SMEs and RM4.5bn integrated development of
Desaru Coast Destination Resort. The announcement stemmed further market losses and the index rallied
8.8% in one month.
(d) Timing of US interest rate hikes
Global markets had been preoccupied with the timing of rate hikes in the US for most part of 2015. Finally in
mid-December, the Fed Chairman, Janet Yellen announced a 25 basis point hike in US rates, its first move
in 7 years. Economists are now expecting more hikes throughout 2016 with a projection of another 75 basis
point hikes, bringing rates to 1.25% by the end of 2016. The hike provided certainty to the market at a time
when global markets were looking for fresh leads. Despite the hike, emerging market currencies and stock
markets have remained relatively stable.
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Fixed Income Market
The US Treasury yields swung throughout the year, with the 10-year yield plunging to a record low of 1.64% in
January before climbing to its peak of 2.48% in June. It ended in December 2015 at 2.27%. The erratic
movements in the UST yields were largely attributed to the US Federal Reserve’s reluctance to raise the fed
funds rate until December 2015 amid global uncertainties. The yields for European bonds fell at the beginning of
2015, driven by multiple factors such as fear of deflation, worries on the possibility of a ‘Grexit’ and prospects of
further quantitative easing measures by the ECB. This continued until mid-April when a wave of positive
macroeconomic indicators surprised the market, triggering a large sell-off in European government bonds and
sending the yields up amid low secondary market liquidity. Yields went down again in the second half of 2015 in
view of weak inflation, slow growth of euro zone economies as well as expectations that the ECB would step up
its stimulus measures aggressively by December.
Locally, the MGS yield curve steepened as yields on the longer end of the curve shifted higher but yields on the
shorter end of the curve closed lower in view of slower growth and benign inflation replaced the earlier concern on
possibility of OPR hike. Bearish ringgit performance and a slump in crude oil and other commodity prices led
investors to shorten their portfolio duration. The 3yr/10yr Benchmark MGS spread doubled from 45 bps as at end
December 2014 to 90 bps as at end December 2015.
In terms of issuance, total new government offerings of MGS/GII increased to 29 securities worth RM92.5 billion
compared with RM84.5 billion in 2014. The amount was slightly higher than projected as the government
increased issuances in response to declining revenue as a result of falling crude oil prices. The government also
raised a total of RM4.5 billion through three Sukuk Perumahan Kerajaan auctions. In the corporate debt market, a
total gross issuance of RM85.0 billion was recorded in 2015, a drop of 1.1% from RM85.9 billion in 2014. The
relatively lackluster primary market activities in 2015 reflected the challenging environment in the local bond
market. Based on rating distribution, high grades still dominate the primary supply landscape whereby new issues
with ratings of AA-rated or higher accounted for more than 94% of total supply in 2015.
Money Market
In regards to the Islamic money market, Bank Negara Malaysia (BNM) has kept its Overnight Policy Rate (OPR)
unchanged at 3.25% since July 2014. The 1-month Maybank General Investment Account (GIA-i) Rate however
was revised up by 100 bps from 3.0% to 4.0% in 2015 as under the new classification by BNM it reclassified into
an investment product (against an Islamic deposit product previously).
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MARKET OUTLOOK AND INVESTMENT STRATEGY
Market Outlook
The International Monetary Fund (IMF) in its latest World Economic Outlook Update (WEO Update, January
2016), released in January 2016, revised downward the 2016 annual growth estimate for the world economy to
3.4% (2015: 3.1%), representing 0.2 percentage point lower than October 2015 WEO estimate of 3.6%. The IMF
also revised downward the global growth forecast for 2017 to 3.6%, down by 0.2 percentage point reflecting to a
substantial degree, but not exclusively, a weaker pickup in emerging economies than was forecast in October
2015. Risks to the global outlook remain tilted to the downside and relate to ongoing adjustments in the global
economy: a generalized slowdown in emerging market economies, China’s rebalancing, lower commodity prices,
and the gradual exit from extraordinarily accommodative monetary conditions in the United States. If these key
challenges are not successfully managed, global growth could be derailed.
For Malaysia, on 28 January 2016 a recalibration of its Budget 2016 was announced, of which the 2016 budget
deficit target of -3.1% (2015E: -3.2%) is maintained despite lower crude oil price assumption of USD30-35/bbl
against USD48/bbl previously. Revenues are projected to be RM7.8bn – RM9.4bn lower, with about 60% coming
from lower oil-related income, except Petronas dividend, which stays at RM16bn. To achieve the deficit target
and keep Government debt within the self-imposed 55% of GDP limit, total spending is cut by RM8.0bn -
RM9.5bn, with equal split between Operating Expenditure (OE: RM4.0bn – RM4.5bn) and Gross Development
Expenditure (GDE: RM4.0bn – RM5.0bn). Real GDP growth forecast range is narrowed to 4.0%- 4.5% from
4.0%-5.0%. Measures to stimulate consumer spending were also announced which could boost GST revenue.
With that, the year 2016 started on a positive note for the country which we believe, the recalibrated Budget 2016
would give a level of certainty in the market and regain foreign investors’ confidence with 11 added measures
introduced to enhance the economy. In addition, in January 2016, Bank Negara Malaysia in an unexpected move
has cut the Statutory Reserve Requirement from 4.0% to 3.5% to inject further liquidity into the financial system. It
is anticipated that 2016 will be relatively a better year compared to 2015. From the valuation perspective, it
seems that a lot of the bad news, whether on the political, economic or stock market fronts, has been priced in.
Meanwhile downside risks for domestic markets are expected to be limited and will be well supported. This is on
the pre text of various factors such as: (i) most foreign investors are currently underweight Malaysia, hence
massive foreign sell-off may no longer be the key risk; (ii) Malaysia has a large pool of domestic dedicated funds
which lend support in a declining market; (iii) The RM20bn injection into Value Cap will further provide stability to
the market; and (iv) various government initiatives to support the economic growth which is expected to be
forthcoming.
Despite the above, we expect the market to continue to be volatile for 2016 due to some of the ongoing
headwinds. Commodity prices in particular crude oil is expected to remain low. Ringgit seen a slight rebound
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beginning of 2016 however we expect it to maintain within 4.00 - 4.15 range (2015: 3.50 – 4.45 range) amid
dissipation of domestic political risk, fluid crude oil price situation, low commodity export growth, and the slowing
down of the world’s second largest importing country China.
As for the rates market, OPR is forecasted to be maintained at 3.25% throughout 2016 against a backdrop of a
relatively stable economic growth and contained inflation. The MGS yield to be volatile with upside pressure
particularly on the longer end of the yield curve mainly premised on the effect from the Fed’s interest rate hike
and higher supply for long-dated issuances. Nonetheless the rise in MGS yields is expected to be contained as
domestic institutional investors should provide critical support to local government bonds should there be a
significant rise in yields.
For the Corporate Sukuk market, yield curve is expected to move in line with the risk free rate albeit at a less
volatile rate. New issuances are expected to remain lacklustre in view of slower economic growth and the general
market sentiment turning cautious toward expansion and capex spending. In addition, the slower economic
growth and challenging operating environment may also give rise to credit risks.
Investment Strategy
As such, we remain prudent and vigilant in our investment strategy focusing on stocks with good fundamentals,
stable historical income, strong management team, long-term earnings visibility and solid balance sheet. We
prefer stocks that are defensive in nature, to protect the capital from any potential downside risks while meeting
the long-term objective of the funds.
For certain funds which have exposure to investment in fixed income, the focus will be on corporate sukuk within
AAA and AA segments to maintain the portfolio healthy credit profile as well as for better liquidity. Short to
medium term papers are preferred at this juncture with BNM is expected to hold interest rates steady throughout
2016. As for the yields for longer dated papers, they are expected to rise due to inflationary pressure and
expected gradual rise in US Treasury yields.
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FUND PERFORMANCE REPORT
ITTIZAN
Performance Review For the 12 months ended 31 December 2015, Ittizan recorded a positive return of 2.64% in tandem with the movement of the benchmark (70% FBMSI and 30% 1-Month GIA) which recorded a gain of 2.66% during the same period under review.
Asset Allocation In terms of asset allocation, the fund has invested 69.44% in equity, 29.50% in Sukuk and the remaining in money market / cash. On equity sectoral allocation, trading & services was the top sector that the fund invested in with 34.61% exposure. The details of asset allocation and the top 5 investment holdings are given below:-
(6.0)
(4.0)
(2.0)
0.0
2.0
4.0
6.0
Retu
rn %
Ittizan vs Benchmark
Ittizan Benchmark
34.61%
29.50%
11.92% 8.10% 7.57%
3.20%
Trading & Services Sukuk Plantation Industrial Products Construction Infrastructure Project
Total Return (%) Average Annual Return (%)
1-Year 3-Year 5-Year 1-Year 3-Year 5-Year
Ittizan 2.64 16.60 31.76 2.64 5.53 6.35
Benchmark 2.66 10.71 22.42 2.66 3.57 4.48
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Fees / Charges levied to the Fund Among the fees/charges levied to the fund are: a) Management fee which is calculated based on 1.5% per annum of the Gross Net Asset Value (NAV); b) Custodian fee which is calculated based on 0.03% per annum of equity market value and at par value of debt
securities.
Details on Distribution There was no distribution declared for Ittizan for the period ended 31 December 2015.
Descriptions of any changes in Fund’s Objectives and Strategies There were no material changes in the fund’s objectives and strategies for the period ended 31 December 2015.
69.44%
29.50%
1.06%
Equities
Sukuk
Money Market & Cash
6.58%
4.55%
4.53%
3.35%
3.20%
Tenaga Nasional Bhd
Axiata Group Berhad
Sime Darby Berhad
Petronas Chemicals Group Bhd
Digi.Com Bhd
Top 5 Investment Holding
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ISTIQRAR
Performance Review For the 12 months ended 31 December 2015, Istiqrar has outperformed its benchmark, recording a return of 3.50% against its benchmark of 3.07% (30% FBMSI and 70% 1-Month GIA).
Total Return (%) Average Annual Return (%)
1-Year 3-Year 5-Year 1-Year 3-Year 5-Year
Istiqrar 3.50 13.11 23.51 3.50 4.37 4.70
Benchmark 3.07 9.69 18.01 3.07 3.23 3.60
Asset Allocation In terms of asset allocation, the fund has invested 33.92% in equity, 52.10% in Sukuk and the remaining in money market / cash which is in accordance with its asset allocation strategy. On equity sectoral allocation, trading & services was the top sector the fund has invested in with 16.82% exposure. The details of asset allocation and the top 5 investment holdings are given below:-
(2.0)
(1.0)
0.0
1.0
2.0
3.0
4.0
Retu
rn %
Istiqrar vs Benchmark
Istiqrar Benchmark
52.10%
16.82%
5.63% 3.95% 3.87% 1.58%
Sukuk Trading/Services Plantation Industrial products Construction Infrastructure Project
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Fees / Charges levied to the Fund Among the fees/charges levied to the fund are as follows: a) Management fee which is calculated based on 1.5% per annum of the Gross Net Asset Value (NAV); b) Custodian fee which is calculated based on 0.03% per annum of equity market value and at par value of debt securities;
Details on Distribution There was no distribution declared for Istiqrar for the period ended 31 December 2015.
Descriptions of any changes in Fund’s Objectives and Strategies There were no material changes in the fund’s objectives and strategies for the period ended 31 December 2015.
52.10%
33.92%
13.98%
Sukuk
Equities
Money Market & Cash
4.38%
4.32%
4.14%
4.14%
4.06%
BGSM Management Sdn Bhd
Jimah Energy ventures Sdn Bhd
Ranhill Powertron II Sdn Bhd
Sarawak Energy Berhad
Anih Berhad
Top 5 Investment Holding
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myEQUITY INDEX FUND
Performance Review For the period under review, myEquity Index Fund recorded a positive return of 2.82%, outperforming the return of its benchmark FBMSI of 2.35%. Additionally, the tracking error was within the parameters set for the fund and its strategy as to closely track its benchmark. For the period, the fund’s tracking error stood at 1.61.
Total Return (%) Average Annual Return (%)
1-Year 3-Year 5-Year 1-Year 3-Year 5-Year
myEquity Index 2.82 25.51 47.29 2.82 8.50 9.46
Benchmark 2.35 11.47 25.73 2.35 3.82 5.15
Tracking Error 1.61 - - - - -
Note : Tracking error (also called active risk) is a measure of the deviation from the benchmark. It measures how closely a portfolio follows the index to which it is benchmarked. The index fund could have a tracking error close to zero, while an actively managed portfolio would normally have a higher tracking error.
Asset Allocation In terms of asset allocation, the fund has invested 93.47% in equity and the remaining in money market / cash. On equity sectoral allocation, trading & services was the top sector the fund has invested in, which is in accordance to the Bursa Malaysia FBMSI index component allocation. The details of asset allocation and the top 5 investment holdings are given below:-
0.0
4.0
8.0
12.0
16.0
20.0
(10.0)
(8.0)
(6.0)
(4.0)
(2.0)
0.0
2.0
4.0
6.0
8.0
Retu
rn %
myEquity Fund Index vs Benchmark
myEquity Index Fund (LHS)
Benchmark (LHS)
Tracking Error (RHS)
50.41%
14.57%
7.72% 5.79% 5.44% 4.32%
Trading/Services Industrial Product Plantation Infrastructure Project
Construction Consumer
P a g e | 19
Fees / Charges levied to the Fund Among the fees/charges levied to the fund are as follows: a) Management fee which is calculated based on 1.5% per annum of the equity market value and 1% of the
remaining Gross Net Asset Value (NAV); b) Custodian fee which is calculated based on 0.03% per annum of equity market value and at par value of debt
securities.
Details on Distribution There was no distribution declared for myEquity Index Fund for the period ended 31 December 2015.
Descriptions of any changes in Fund’s Objectives and Strategies There were no material changes in fund’s objectives and strategies for the period ended 31 December 2015.
93.47%
6.53%
Equities
Money Market & Cash
10.51%
7.28%
6.24%
5.22%
5.20%
Tenaga Nasional Bhd
Axiata Group Berhad
Sime Darby Berhad
Digi.Com Bhd
Petronas Chemicals Group Bhd
Top 5 Investment Holding
P a g e | 20
myGROWTH FUND
Performance Review For the financial year ended 31 December 2015, myGrowth Fund recorded a positive return of 1.89%, while its benchmark, FBMSI recorded a gain of 2.35% during the same period under review.
Total Return (%) Average Annual Return (%)
1-Year 3-Year 5-Year 1-Year 3-Year 5-Year
myGrowth 1.89 23.03 35.06 1.89 7.68 7.01
Benchmark 2.35 11.47 25.73 2.35 3.82 5.15
Asset Allocation In terms of asset allocation, the fund has invested 78.90% in equity and the remaining is in money market / cash. On equity sectoral allocation, trading & services was the top sector the fund has invested in with 39.61% exposure. The details of asset allocation and the top 5 investment holdings are given below:-
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
Retu
rn (
%)
myGrowth Fund vs Benchmark
myGrowth Fund
Benchmark
39.61%
13.32%
8.86% 7.02%
3.39% 3.29%
Trading/Services Plantation Industrial Products Construction Infrastruture Project Consumer
P a g e | 21
Fees / Charges levied to the Fund Among the fees/charges levied to the fund are as follows: a) Management fee which is calculated based on 1.5% per annum of the equity market value and 1% of the
remaining Gross Net Asset Value (NAV); b) Custodian fee which is calculated based on 0.03% per annum of equity market value and at par value of debt
securities.
Details on Distribution There was no distribution declared for myGrowth Fund for the period ended 31 December 2015.
Descriptions of any changes in Fund’s Objectives and Strategies There were no material changes in fund’s objectives and strategies for the period ended 31 December 2015.
78.90%
21.10%
Equities
Money Market & Cash
7.75%
5.79%
5.61%
4.77%
4.29%
Tenaga Nasional Bhd
Sime Darby Berhad
Axiata Group Berhad
Berjaya Auto Berhad
Petronas Chemicals Group Bhd
Top 5 Investment Holding
P a g e | 22
myBLUE CHIPS FUND
Performance Review For the period under review, myBlueChips Fund recorded a positive return of 2.43%, outperforming the positive return of its benchmark, FBMSI of 2.35%.
Total Return (%) Average Annual Return (%)
1-Year 3-Year 5-Year 1-Year 3-Year 5-Year
myBlue Chips 2.43 23.41 39.41 2.43 7.80 7.88
Benchmark 2.35 11.47 25.73 2.35 3.82 5.15
Asset Allocation In terms of asset allocation, the fund has invested 80.29% in equity and the remaining in money market / cash. On equity sectoral allocation, trading and services was the top sector the fund has invested in as most of the blue chip companies are included in this sector. The details of asset allocation and the top 5 investment holdings are given below:-
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
Retu
rn (
%)
myBlueChips Fund vs Benchmark
myBlueChips Fund
Benchmark
40.37%
13.65%
8.87% 7.21%
3.34% 3.26%
Trading/Services Plantation Industrial Products Construction Infrastructure Project Consumer
P a g e | 23
Fees / Charges levied to the Fund Among the fees/charges levied to the fund are as follows: a) Management fee which is calculated based on 1.5% per annum of the equity market value and 1% of the
remaining Gross Net Asset Value (NAV). b) Custodian fee which is calculated based on 0.03% per annum of equity market value and at par value of debt
securities.
Details on Distribution There was no distribution declared for myBlue Chips Fund for the period ended 31 December 2015.
Descriptions of any changes in Fund’s Objectives and Strategies There were no material changes in fund’s objectives and strategies for the period ended 31 December 2015.
80.29%
19.71%
Equities
Money Market & Cash
7.89%
5.81%
5.58%
4.84%
4.31%
Tenaga Nasional Bhd
Sime Darby Berhad
Axiata Group Berhad
Berjaya Auto Berhad
Petronas Chemicals Group Bhd
Top 5 Investment Holding
P a g e | 24
myDIVIDEND FUND
Performance Review For the 12 months ending 31 December 2015, myDividend Fund recorded a positive return of 1.55%. The fund which focused on high dividend yielding stocks tend to be less volatile as compared to the overall market thus the sudden spike in its benchmark performance at year-end was not in favor of the defensive nature of the fund.
Total Return (%) Average Annual Return (%)
1-Year 3-Year 5-Year 1-Year 3-Year 5-Year
myDividend 1.55 22.82 47.06 1.55 7.61 9.41
Benchmark 2.35 11.47 25.73 2.35 3.82 5.15
Asset Allocation In terms of asset allocation, the fund has invested 77.63% in equity and the remaining is in money market/cash. On equity sectoral allocation, trading & services was the top sector the fund invested in with 39.09% allocation. The details of asset allocation and the top 5 investment holdings are shown below:-
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
Retu
rn (
%)
myDividend Fund vs Benchmark
myDividend Fund
Benchmark
39.09%
12.81%
8.84% 6.88%
3.49% 3.19%
Trading/Services Plantation Industrial Products Construction Consumer Infrastructure Project
P a g e | 25
Fees / Charges levied to the Fund Among the fees/charges levied to the fund are as follows: a) management fee which is calculated based on 1.5% per annum of the equity market value and 1% of the
remaining Gross Net Asset Value (NAV); b) custodian fee which is calculated based on 0.03% per annum of equity market value and at par value of debt
securities.
Details on Distribution There was no distribution declared for myDividend Fund for the period ended 31 December 2015.
Descriptions of any changes in Fund’s Objectives and Strategies There were no material changes in fund’s objectives and strategies for the period ended 31 December 2015.
77.63%
22.37%
Equities
Money Market & Cash
7.61%
5.72%
5.45%
4.69%
4.32%
Tenaga Nasional Bhd
Sime Darby Berhad
Axiata Group Berhad
Berjaya Auto Berhad
Petronas Chemicals Group Bhd
Top 5 Investment Holding
P a g e | 26
myBALANCED FUND
Performance Review For the financial year ended 31 December 2015, myBalanced Fund recorded a positive return of 2.89% in tandem with its blended benchmark of 40% FBMSI and 60% 12-Month Maybank GIA rate also recorded a positive return of 3.08%.
Total Return (%) Average Annual Return (%)
1-Year 3-Year 5-Year 1-Year 3-Year 5-Year
myBalanced 2.89 15.70 27.76 2.89 5.23 5.55
Benchmark 3.08 10.57 20.04 3.08 3.52 4.01
Asset Allocation As at 31 December 2015, the majority of the fund’s asset allocation is towards Sukuk in line with its stated asset allocation mandate to invest up to 60% in Sukuk. The fund had invested 42.07% in Sukuk and remaining in equity (37.06%) and money market/cash (20.87%). The details of asset allocation and the top 5 investment holdings are given below:-
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
Retr
un
(%
)
myBalanced Fund vs Benchmark
myBalanced Fund
Benchmark
42.07%
18.42%
6.37% 4.38% 4.05%
1.72%
Sukuk Trading/Services Plantation Industrial Products Construction Infrastructure Project
P a g e | 27
Fees / Charges levied to the fund Among the fees/charges levied to the fund are as follows: a) Management fee which is calculated based on 1.2% per annum of the Gross Net Asset Value (NAV); b) Custodian fee which is calculated based on 0.03% per annum of equity market value and at par value of debt
securities.
Details on Distribution There was no distribution declared for myBalanced Fund for the period ended 31 December 2015.
Descriptions of any changes in Fund’s Objectives and Strategies There were no material changes in fund’s objectives and strategies for the period ended 31 December 2015.
20.87%
37.06%
42.07%
Money Market & Cash
Equities
Sukuk
3.55%
3.50%
3.36%
3.35%
3.27%
Tenaga Nasional Bhd
Jimah Energy Ventures Sdn Bhd
Ranhill Powertron Ii Sdn Bhd
Sarawak Energy Berhad
Projek Lebuhraya Usahasama Bhd
Top 5 Investment Holding
P a g e | 28
SOFT COMMISSION RECEIVED FROM BROKERS
Soft commissions received from brokers may be retained by the Company on behalf of the funds; provided that the services rendered are related to the management of the investment-linked funds and of demonstrable benefit to certificate owners as per the requirements of Clause 6.2 of the Guidelines on Investment-Linked Insurance / Takaful Business. During the financial year under review, the management company had received on behalf of the funds, soft commissions in the form of research materials and investment related publications which are incidental to the investment management of the funds. Meanwhile, all dealings with brokers are executed at competitive market rates.
P a g e | 29
STATEMENT BY DIRECTORS
In the opinion of the Manager, the Takaful Investment-Linked Funds (“Funds’’) financial statements set out on pages 32
to 42, comprising the Statements of Assets and Liabilities as at 31 December 2015 and the related Statements of
Income and Expenditure, Changes in Net Asset Value and cash flow of the Funds for the financial year ended 31
December 2015 together with the notes thereto, have been drawn up in accordance with the Guidelines on Investment-
Linked Insurance / Takaful Business issued by Bank Negara Malaysia and give true and fair view of the financial
position of the Funds as at 31 December 2015 and their financial performance and the movements in the Statements of
Changes in Net Assets attributable to the unitholders of the Funds for year ended on that date.
Signed in accordance with a resolution of the Directors: ………………………………………………………… Dato’ Sri Mohamed Hassan Kamil ………………………………………………………… Mahadzir Azizan Kuala Lumpur Date: 18 February 2016
P a g e | 30
REPORT OF THE AUDITORS to the unitholders of the Takaful Malaysia’s Investment-Linked Funds (Company No. 131646-K) (Incorporated in Malaysia)
Report on the Financial Statements
We have audited the financial statements of Takaful Investment-Linked Funds (“Funds”) of Syarikat Takaful Malaysia
Berhad, which comprise the Statements of Assets and Liabilities as at 31 December 2015, and the related Statements
of Income and Expenditure, Changes in Net Asset Value and cash flow of the Funds for the year then ended, and a
summary of significant accounting policies and other explanatory information, as set out on pages 32 to 42.
Directors’ Responsibility for the Financial Statements
The Directors of the Manager are responsible for the preparation of these financial statements in accordance with the
accounting policies set out in Note 1 to the financial statements and Guidelines on Investment-Linked Insurance/Takaful
Business, and for such internal control as the Directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on our judgment, including the assessment of risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider
internal control relevant to the Funds’ preparation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the Directors of the Manager, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements as of 31 December 2015 and for the year then ended have been prepared, in all
material respects in accordance with the accounting policies set out in Note 1 to the financial statements and the
Guidelines on Investment-Linked Insurance/Takaful Business.
P a g e | 31
Other Matters
This report is made solely to the unitholders of Takaful Investment-Linked Funds, as a body, in accordance with the
Guidelines on Investment-Linked Insurance/Takaful Business and for no other purpose. We do not assume
responsibility to any other person for the content of this report.
KPMG Desa Megat & Co Firm Number: AF 0759 Chartered Accountants Petaling Jaya, Selangor
Date: 18 February 2016
P a g e | 32
STATEMENTS OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2015
ITTIZAN ISTIQRAR
myEQUITY
INDEX myGROWTH
myBLUE
CHIPS myDIVIDEND myBALANCED
Note RM RM RM RM RM RM RM
ASSETS
Islamic Debt
Securities
2 6,777,813 6,465,429 - - - - 3,221,538
Quoted Shares 3 15,955,871 4,209,938 19,815,285 6,314,985 6,059,601 6,825,571 2,837,276
Other Assets 287,517 205,253 1,909,561 791,793 657,667 877,907 322,678
Deposits with
Financial
Institutions
220,000 1,675,000 1,411,000 1,225,000 1,075,000 1,409,000 1,522,000
Cash and Cash
Equivalents
563 8,825 1,276 769 238 579 377
23,241,764 12,564,445 23,137,122 8,332,547 7,792,506 9,113,057 7,903,869
LIABILITIES
Other Liabilities 264,700 154,353 1,937,921 328,605 245,477 321,100 247,186
264,700 154,353 1,937,921 328,605 245,477 321,100 247,186
Net Asset Value 22,977,064 12,410,092 21,199,201 8,003,942 7,547,029 8,791,957 7,656,683
REPRESENTED
BY
Certificate
Holders Capital
8,118,248 7,204,122 17,878,243 6,753,929 6,233,421 7,139,196 6,899,707
Accumulated
Income Carried
Forward
14,858,816 5,205,970 3,320,958 1,250,013 1,313,608 1,652,761 756,976
22,977,064 12,410,092 21,199,201 8,003,942 7,547,029 8,791,957 7,656,683
Number of Units
12,248,713 8,611,777 12,187,734 5,912,989 5,471,230 5,975,763 6,352,300
Net Asset Value
Per Unit
1.8759 1.4411 1.7394 1.3536 1.3794 1.4713 1.2053
P a g e | 33
STATEMENTS OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2014
ITTIZAN ISTIQRAR
myEQUITY
INDEX myGROWTH
myBLUE
CHIPS myDIVIDEND myBALANCED
Note RM RM RM RM RM RM RM
ASSETS
Islamic Debt
Securities
2 5,340,310 6,448,064 - - - - 2,367,639
Quoted Shares 3 13,566,326 3,869,259 12,248,081 5,724,933 5,551,176 6,128,340 2,141,509
Other Assets 253,100 158,528 1,013,262 282,389 237,214 295,303 322,600
Deposits with
Financial
Institutions
4,636,000 2,124,000 3,563,625 1,329,233 1,327,233 1,388,243 2,098,000
Cash and Cash
Equivalents
8,231 2,848 4,836 305 2,735 1,390 1,697
23,803,967 12,602,699 16,829,804 7,336,860 7,118,358 7,813,276 6,931,445
LIABILITIES
Other Liabilities 418,757 201,869 1,048,622 323,794 285,818 352,127 205,674
418,757 201,869 1,048,622 323,794 285,818 352,127 205,674
Net Asset Value 23,385,210 12,400,830 15,781,182 7,013,066 6,832,540 7,461,149 6,725,771
REPRESENTED
BY
Certificate
Holders Capital
8,570,380 7,386,792 12,662,879 5,757,803 5,518,972 5,755,863 6,080,579
Accumulated
Income Carried
Forward
14,814,830 5,014,038 3,118,303 1,255,263 1,313,568 1,705,286 645,192
23,385,210 12,400,830 15,781,182 7,013,066 6,832,540 7,461,149 6,725,771
Number of Units
12,518,467 8,751,945 9,160,411 5,177,770 4,955,050 5,036,643 5,668,099
Net Asset Value
Per Unit
1.8681 1.4169 1.7228 1.3545 1.3789 1.4814 1.1866
P a g e | 34
STATEMENTS OF INCOME AND EXPENDITURE FOR FINANCIAL YEAR ENDED 31 DECEMBER 2015
ITTIZAN ISTIQRAR
myEQUITY
INDEX myGROWTH
myBLUE
CHIPS myDIVIDEND myBALANCED
RM RM RM RM RM RM RM
Income
Gross Dividend Income 420,654 117,725 520,017 193,496 183,127 213,364 73,093
Profit Income:
Islamic Debt
Securities 322,758 350,349 - - - - 152,885
Islamic Investment
Deposits with
Financial
Institutions
100,436 73,129 67,943 36,705 35,711 37,770 67,372
Profit on Disposal:
Quoted Shares - 34,888 2,176 - - - -
Unrealised Capital Gain - - - 19,439 - - -
843,848
576,091
590,136
249,640
218,838
251,134
293,350
Outgo
Fees (347,281) (185,972) (263,314) (107,059) (102,838) (115,060) (86,816)
Loss on Disposal:
Quoted Shares (95,253) - - (134,349) (80,443) (88,777) (5,851)
Debt Securities (5,225) (18,967) - - - - (14,128)
Unrealised Capital Loss (311,480) (141,728) (78,294) - (22,000) (89,754) (53,653)
Other Outgo (40,623) (37,492) (45,873) (13,482) (13,517) (10,068) (21,118)
(799,862)
(384,159)
(387,481)
(254,890)
(218,798)
(303,659)
(181,566)
Excess of Income over
Outgo / (Outgo over
Income)
43,986 191,932 202,655 (5,250) 40 (52,525) 111,784
Undistributed Income
brought forward 14,814,830 5,014,038 3,118,303 1,255,263 1,313,568 1,705,286 645,192
Amount Available for
Distribution 14,858,816 5,205,970 3,320,958 1,250,013 1,313,608 1,652,761 756,976
Undistributed Income
carried forward 14,858,816 5,205,970 3,320,958 1,250,013 1,313,608 1,652,761 756,976
P a g e | 35
STATEMENTS OF INCOME AND EXPENDITURE FOR FINANCIAL PERIOD ENDED 31 DECEMBER 2014
ITTIZAN ISTIQRAR
myEQUITY
INDEX myGROWTH
myBLUE
CHIPS myDIVIDEND myBALANCED
RM RM RM RM RM RM RM
Income
Gross Dividend
Income 356,462 98,043 291,229 137,722 141,944 144,599 49,675
Profit Income:
Islamic Debt
Securities 287,625 349,704 - - - - 129,346
Islamic Investment
Deposits with
Financial
Institutions
130,330 61,746 77,020 35,794 35,891 41,357 39,835
Profit on Disposal:
Quoted Shares 2,232,522 542,224 1,402,113 585,155 574,659 697,598 193,288
Islamic Debt
Securities 21,368 26,903 - - - - -
Other Income 236,525 63,635 127,762 64,987 63,800 63,817 23,869
3,264,832
1,142,255
1,898,124
823,658
816,294
947,371
436,013
Outgo
Fees (360,820) (187,380) (198,314) (95,285) (93,273) (107,606) (69,444)
Unrealised Capital
Loss (2,956,563) (795,431) (1,597,020) (812,341) (797,504) (797,706) (298,368)
Other Outgo (256,466) (96,967) (157,830) (75,752) (74,163) (83,965) (43,655)
(3,573,849)
(1,079,778)
(1,953,164)
(983,378)
(964,940)
(989,277)
(411,467)
Excess of (Outgo
over Income) /
Income over Outgo
(309,017) 62,477 (55,040) (159,720) (148,646) (41,906) 24,546
Undistributed Income
brought forward 15,123,847 4,951,561 3,173,343 1,414,983 1,462,214 1,747,192 620,646
Amount Available for
Distribution 14,814,830 5,014,038 3,118,303 1,255,263 1,313,568 1,705,286 645,192
Undistributed
Income carried
forward
14,814,830 5,014,038 3,118,303 1,255,263 1,313,568 1,705,286 645,192
P a g e | 36
STATEMENTS OF CHANGES IN NET ASSET VALUE FOR FINANCIAL YEAR ENDED 31 DECEMBER 2015
ITTIZAN ISTIQRAR
myEQUITY
INDEX myGROWTH
myBLUE
CHIPS myDIVIDEND myBALANCED
RM RM RM RM RM RM RM
Net Asset Value at the
Beginning of the
Financial Year
23,385,210 12,400,830 15,781,182 7,013,066 6,832,540 7,461,149 6,725,771
Amount Received from
Units Creation 585,459 241,579 6,239,508 1,299,051 1,037,834 1,666,368 1,133,267
Amount Paid from
Units Cancellation (1,037,591) (424,249) (1,024,144) (302,925) (323,385) (283,035) (314,139)
Net Income / (Outgo) 43,986 191,932 202,655 (5,250) 40 (52,525) 111,784
Net Asset Value at the
End of Financial Year 22,977,064 12,410,092 21,199,201 8,003,942 7,547,029 8,791,957 7,656,683
STATEMENTS OF CHANGES IN NET ASSET VALUE FOR FINANCIAL YEAR ENDED 31 DECEMBER 2014
ITTIZAN ISTIQRAR
myEQUITY
INDEX myGROWTH
myBLUE
CHIPS myDIVIDEND myBALANCED
RM RM RM RM RM RM RM
Net Asset Value at the
Beginning of the
Financial Year
24,457,762 12,532,966 12,377,754 6,254,346 6,067,297 6,687,265 5,146,370
Amount Received from
Units Creation 620,501 282,451 4,326,637 1,113,499 1,166,731 1,333,027 1,716,863
Amount Paid from
Units Cancellation (1,384,036) (477,064) (868,169) (195,059) (252,842) (517,237) (162,008)
Net (Outgo) / Income (309,017) 62,477 (55,040) (159,720) (148,646) (41,906) 24,546
Net Asset Value at the
End of Financial Year 23,385,210 12,400,830 15,781,182 7,013,066 6,832,540 7,461,149 6,725,771
P a g e | 37
CASH FLOW STATEMENT FOR FINANCIAL YEAR ENDED 31 DECEMBER 2015
ITTIZAN ISTIQRAR
myEQUITY
INDEX myGROWTH
myBLUE
CHIPS myDIVIDEND myBALANCED
2015 RM RM RM RM RM RM RM
Cash Flow from
Operating Activities
Income / (Outgo) Before
Taxation
43,986
191,932
202,655
(5,250)
40
(52,525)
111,784
Adjustment for:
Profit Income
(423,194) (423,478) (67,943) (36,705) (35,711) (37,770) (220,257)
Gross Dividend
Income (420,654) (117,725) (520,017) (193,496) (183,127) (213,364) (73,093)
Profit on Disposal 100,478 (15,921) (2,176) 134,349 80,443 88,777 19,979
Unrealised Capital Loss 311,480 141,728 78,294 (19,439) 22,000 89,754 53,653
Outgo from Operations
Before Changes in
Operating Assets and
Liabilities
(387,904)
(223,464)
(309,187)
(120,541)
(116,355)
(125,128)
(107,934)
Proceeds from Disposal of
Investment 15,021,987 4,427,425 12,818,358 5,895,164 5,593,505 5,548,387 2,514,607
Purchase of Investment (14,844,993) (4,462,275) (18,309,054) (6,495,893) (5,952,140) (6,444,906) (3,561,906)
Increase in Other Assets (34,417) (46,726) (896,299) (509,404) (420,453) (582,604) (77)
(Decrease) / Increase in
Other Liabilities (154,057) (47,516) 889,298 4,811 (40,341) (31,027) 41,512
Cash used in Operations (399,384) (352,556) (5,806,884) (1,225,863) (935,784) (1,635,278) (1,113,798)
Profit Income Received 423,194 423,478 67,943 36,705 35,711 37,770 220,257
Gross Dividend Income
Received 420,654 117,725 520,017 193,496 183,127 213,364 73,093
Net Cash generated from
/ (used in) Operating
Activities
444,464 188,647 (5,218,924) (995,662) (716,946) (1,384,144) (820,448)
Cash Flow from
Financing Activities
Proceeds from Creations of
Units
585,459
241,579
6,239,508
1,299,051
1,037,834
1,666,368
1,133,267
Payment for Cancellation of
Units (1,037,591) (424,249) (1,024,144) (302,925) (323,385) (283,035) (314,139)
Net Cash (used in) /
generated from
Financing Activities
(452,132) (182,670) 5,215,364 996,126 714,449 1,383,333 819,128
Net (Decrease) / Increase
in Cash and Cash
Equivalents
(7,668) 5,977 (3,560) 464 (2,497) (811) (1,320)
Cash and Cash
Equivalents at 1
January 2015
8,231 2,848 4,836 305 2,735 1,390 1,697
Cash and Cash
Equivalents at 31
December 2015
563 8,825 1,276 769 238 579 377
P a g e | 38
CASH FLOW STATEMENT FOR FINANCIAL YEAR ENDED 31 DECEMBER 2014
ITTIZAN ISTIQRAR
myEQUITY
INDEX myGROWTH
myBLUE
CHIPS myDIVIDEND myBALANCED
2014 RM RM RM RM RM RM RM
Cash Flow from Operating
Activities
(Outgo) / Income Before
Taxation
(309,017)
62,477
(55,040)
(159,720)
(148,646)
(41,906)
24,546
Adjustment For:
Profit Income
(417,955) (411,450) (77,020) (35,794) (35,891) (41,357) (169,181)
Gross Dividend
Income (356,462) (98,043) (291,229) (137,722) (141,944) (144,599) (49,675)
Profit on Disposal (2,253,890) (569,127) (1,402,113) (585,155) (574,659) (697,598) (193,288)
Unrealised Capital Loss 2,956,563 795,431 1,597,020 812,341 797,504 797,706 298,368
Outgo from Operations
Before Changes in
Operating Assets and
Liabilities
(380,761) (220,712) (228,382) (106,050) (103,637) (127,754) (89,230)
Proceeds from Disposal of
Investment
22,587,460
7,979,063
20,518,282
11,096,040
9,191,879
9,892,330
3,519,164
Purchase of Investment (22,012,824) (8,047,876) (24,379,936) (12,108,551) (10,246,286) (10,835,861) (5,177,419)
Decrease / (Increase) in
Other Assets 485,024 191,362 38,482 (6,638) 47,538 26,819 (57,162)
(Decrease) / Increase in
Other Liabilities (682,048) (214,702) 229,144 33,175 21,266 43,037 32,579
Cash used in Operations (3,149) (312,865) (3,822,410) (1,092,024) (1,089,240) (1,001,429) (1,772,068)
Profit Income Received 417,955 411,450 77,020 35,794 35,891 41,357 169,181
Gross Dividend Income
Received
356,462
98,043
291,229
137,722
141,944
144,599
49 675
Net Cash Generated from /
(used In) Operating
Activities
771,268 196,628 (3,454,161) (918,508) (911,405) (815,473) (1,553,212)
Cash Flow from Financing
Activities
Proceeds from Creations of
Units 620,501 282,451 4,326,637 1,113,499 1,166,731 1,333,027 1,716,863
Payment for Cancellation of
Units (1,384,036) (477,064) (868,169) (195,059) (252,842) (517,237) (162,008)
Net Cash (used in) /
generated from
Financing Activities
(763,535) (194,613) 3,458,468 918,440 913,889 815,790 1,554,855
Net Increase / (Decrease)
in Cash and Cash
Equivalents
7,733 2,015 4,307 (68) 2,484 317 1,643
Cash and Cash
Equivalents at 1 January
2014
498 833 529 373 251 1,073 54
Cash and Cash
Equivalents at 31
December 2014 8,231 2,848 4,836 305 2,735 1,390 1,697
P a g e | 39
NOTES TO THE FINANCIAL STATEMENTS
The Manager and its principal activities The Manager is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The address of its registered office and principal place of business of the Manager is located at: 26
th Floor, Annexe Block
Menara Takaful Malaysia No.4, Jalan Sultan Sulaiman 50000 Kuala Lumpur The Manager is principally engaged in managing family and general takaful businesses. The family takaful business includes investment-linked products. The financial statements were approved by the Board of Directors of the Manager on 18 February 2016. 1. Summary of significant accounting policies
The accounting policies set out below have been applied consistently to periods presented in these financial statements, unless otherwise stated.
(a) Basis of accounting
The financial statements have been prepared in accordance with the notes set out in Note 1, The Guidelines on Investment-Linked Insurance/Takaful Business (issued by Bank Negara Malaysia) and the requirements of the certificate document.
(b) Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (RM), which is the Funds’ functional currency.
(c) Investments
Quoted shares, which are Shariah approved, are stated at the closing market prices as at the date of the statement of assets and liabilities. Islamic debt securities are valued at cost adjusted for amortisation of premiums or accretion of discounts over their par values at the time of acquisition using the effective yield method. The carrying value is subsequently revalued to reflect their fair values by using price quoted by Bond Pricing Agency Malaysia. Any increase or decrease in value of investments at each reporting date is taken into Statement of Income and Expenditure.
(d) Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand and bank balances.
(e) Net Creation of Units Net creation of units represents contributions paid by participants as payment for new certificate/top up for existing certificate. Net creation of units is recognized on a receipt basis.
P a g e | 40
(f) Net Cancellation of Units Net cancellation of units represents cancellation of units arising from the surrenders and withdrawals by participants. Net cancellation of units is recognized upon surrendering of/withdrawal from the related takaful certificates.
(g) Income Recognition
Dividend income is recognized when the right to receive payment is established. Income is recognized on time proportion basis that takes into account the effective yield of the asset. Gain or loss of disposal of quoted shares is credited or charged to the Statement of Income and Expenditure.
(h) Investment management fees
Investment management fees are calculated in accordance with the provisions of the certificate document.
2. Islamic debt securities
31 December 2015 RM
31 December 2014 RM
(i) Ittizan
Cost 6,962,996 5,484,341
Unrealised capital loss (185,183) (144,031)
Market value 6,777,813 5,340,310
(ii) Istiqrar
Cost 6,653,962 6,603,369
Unrealised capital loss (188,533) (155,305)
Market value 6,465,429 6,448,064
(iii) myBalanced
Cost 3,306,301 2,444,158
Unrealised capital loss (84,763) (76,519)
Market value 3,221,538 2,367,639
3. Quoted shares
31 December 2015
RM
31 December 2014
RM
(i) Ittizan
Cost 15,767,205 13,107,332
Unrealised capital gain 188,666 458,994
Market value 15,955,871 13,566,326
P a g e | 41
31 December 2015
RM
31 December 2014
RM
(ii) Istiqrar
Cost 4,132,081 3,682,901
Unrealised capital gain 77,857 186,358
Market value 4,209,938 3,869,259
(iii) myEquity Index
Cost 19,530,441 11,884,944
Unrealised capital gain 284,844 363,137
Market value 19,815,285 12,248,081
(iv) myGrowth
Cost 6,306,270 5,735,657
Unrealised capital gain/(loss) 8,715 (10,724)
Market value 6,314,985 5,724,933
(v) myBlue Chips
Cost 6,023,557 5,493,132
Unrealised capital gain 36,044 58,044
Market value 6,059,601 5,551,176
(vi) myDividend
Cost 6,802,568 6,015,583
Unrealised capital gain 23,003 112,757
Market value 6,825,571 6,128,340
(vii) myBalanced
Cost 2,837,770 2,096,593
Unrealised capital (loss) / gain (494) 44,916
Market value 2,837,276 2,141,509
4. Financial Instruments The Funds are exposed to market, credit, liquidity and profit rate risks.
Market risk Market risk arises when the value of securities fluctuates in response to the activities of the individual companies, general market or economic conditions. The market risk is managed through portfolio diversification and asset allocation whereby the securities exposure will be reduced in the event of anticipated market weakness.
P a g e | 42
Credit risk Credit risk refers to the ability of an issuer or a counterparty to make timely profit and principal payments. The maximum exposure to credit risk is represented by the carrying amount of each financial asset as disclosed in the Statement of Assets and Liabilities.
Liquidity risk
This may come about when realisation of units is required in excess of normal amounts. The extent of exposure to the risk is contained in provisions set out in the prospectus.
Profit rate risk When the profit rate rises, bond prices fall and vice versa. The market risk is monitored through periodic reviews of its asset and liability positions with the objective to limit the net changes in the value of assets and liabilities arising from profit rate movements. Shariah risk Shariah risk arises when transaction entered by Islamic Financial Institution (IFI) are declared impermissible. Any profit sourced from shariah non compliance activities shall be cleansed in order to retain compliance and it also will impact the reputation of IFI.
Fair values The fair values of investments have been disclosed in notes 2 and 3. The basis of deriving the fair values is disclosed in Note 1(c).
P a g e | 43
DETAILS OF INVESTMENTS
ITTIZAN
Security Name Number of
Units Total Cost Market Value
% of NAV
Construction
Gamuda Bhd 94,300 460,459 439,438 1.91%
IJM Corporation Bhd 138,000 490,961 466,440 2.03%
Ho Hup Construction Company Bhd 122,000 169,320 129,320 0.56%
Hock Seng Lee Bhd 86,000 158,459 162,540 0.71%
Mitrajaya Holdings Bhd 201,000 229,114 241,200 1.05%
Muhibbah Engineering (M) Bhd 136,000 307,932 300,560 1.31%
Consumer
PPB Group Bhd 10,000 155,761 159,000 0.69%
Industrial Products
Cahya Mata Sarawak Berhad 60,000 300,825 307,800 1.34%
Petronas Chemicals Group Bhd 106,000 701,977 770,620 3.35%
Petronas Gas Bhd 27,900 616,390 633,330 2.76%
SKP Resources Bhd 114,000 159,772 149,340 0.65%
Infrastructure Project Company
Digi.Com Bhd 136,200 762,017 735,480 3.20%
Plantation
Genting Plantations Bhd 62,000 659,154 657,200 2.86%
Felda Global Ventures Holdings Berhad 88,000 158,150 150,480 0.66%
IJM Plantations Bhd 80,000 293,657 284,000 1.24%
IOI Corporation Bhd 145,000 622,412 646,700 2.82%
Sarawak Oil Palms Bhd 100,700 476,893 441,066 1.92%
Kuala Lumpur Kepong Bhd 24,500 562,217 560,560 2.44%
Property
SP Setia Bhd 47,800 159,839 152,960 0.67%
Sunway Bhd 48,000 159,871 147,840 0.64%
Technology
Globetronics Technology Bhd 23,000 142,168 149,500 0.65%
Unisem (M) Bhd 63,900 147,229 152,082 0.66%
Inari Amertron Bhd 36,000 113,205 164,880 0.72%
P a g e | 44
Trading/Services
Axiata Group Berhad 162,979 977,544 1,044,695 4.55%
Berjaya Auto Berhad 286,200 652,563 612,468 2.67%
Dialog Group Bhd 172,664 292,273 276,263 1.20%
E.A. Technique(M) Berhad 123,000 157,258 136,530 0.59%
IHH Healthcare Berhad 72,000 401,773 473,760 2.06%
KPJ Healthcare Bhd 34,300 128,846 144,746 0.63%
Malakoff Corporation Bhd 187,300 322,561 299,680 1.30%
MISC Berhad 50,000 390,920 468,500 2.04%
Maxis Berhad 68,600 457,908 466,480 2.03%
MMC Corporation Bhd 115,400 266,806 226,184 0.98%
MyEG Services Bhd 78,000 218,762 336,960 1.47%
Sime Darby Berhad 134,452 1,228,002 1,042,003 4.53%
SapuraKencana Petroleum Berhad 73,000 161,153 147,460 0.64%
Telekom Malaysia Bhd 65,966 433,243 447,250 1.95%
Tenaga Nasional Bhd 113,487 1,350,163 1,511,647 6.58%
UEM Edgenta Berhad 50,000 159,502 165,500 0.72%
Westports Holdings Berhad 37,000 159,206 152,440 0.66%
Real Estate Investment Trust
Axis Real Estate Investment Trust 591 940 969 0.00%
Total Malaysian Equities 3,775,239 15,767,205 15,955,871 69.44%
Malaysian Debt Securities
Kapar Energy Ventures Sdn Bhd 500,000 512,000 494,920 2.15%
BGSM Management Sdn Bhd 439,999 482,591 468,867 2.04%
Senari Synergy Sdn Bhd 250,000 254,025 251,110 1.09%
CIMB Islamic Bank Berhad 200,000 219,540 208,442 0.91%
Anih Berhad 500,000 505,200 504,130 2.19%
DRB Hicom Berhad 500,000 501,110 499,270 2.17%
Projek Lebuhraya Usahasama Berhad 500,000 505,350 500,245 2.18%
Jimah Energy Ventures Sdn Bhd 500,000 594,400 535,925 2.33%
Ranhill Powertron Ii Sdn Bhd 500,000 550,200 514,090 2.24%
TNB Northern Energy Bhd 600,000 600,000 571,044 2.49%
Alam Maritime Resources Bhd 500,000 504,700 497,270 2.16%
Sarawak Energy Berhad 500,000 517,400 513,740 2.24%
Cerah Sama Sdn Bhd 400,000 394,000 396,636 1.73%
Malakoff Power Berhad 400,000 414,480 414,184 1.80%
National Bank Of Abu Dhabi 400,000 408,000 407,940 1.78%
Total Malaysian Equities & Debt Securities 10,465,238 22,730,201 22,733,684 98.94%
P a g e | 45
ISTIQRAR
Security Name Number of
Units Total Cost Market Value
% of NAV
Construction
IJM Corporation Bhd 36,000 123,343 121,680 0.98%
Gamuda Bhd 29,000 148,917 135,140 1.09%
Hock Seng Lee Bhd 23,400 43,120 44,226 0.36%
Ho Hup Construction Company Bhd 32,000 44,412 33,920 0.27%
Mitrajaya Holdings Bhd 56,000 63,553 67,200 0.54%
Muhibbah Engineering (M) Bhd 35,600 80,451 78,676 0.63%
Consumer
PPB Group Bhd 3,000 46,729 47,700 0.38%
Industrial Products
Cahya Mata Sarawak Berhad 16,000 80,080 82,080 0.66%
Petronas Chemicals Group Bhd 28,000 185,240 203,560 1.64%
Petronas Gas Bhd 7,200 155,773 163,440 1.32%
SKP Resources Bhd 31,000 43,447 40,610 0.33%
Infrastructure Project Company
Digi.Com Bhd 36,300 200,917 196,020 1.58%
Plantation
Genting Plantations Bhd 16,000 170,860 169,600 1.37%
Felda Global Ventures Holdings Berhad 24,000 43,132 41,040 0.33%
IJM Plantations Bhd 21,000 77,091 74,550 0.60%
IOI Corporation Bhd 39,000 167,470 173,940 1.40%
Sarawak Oil Palms Bhd 27,000 127,549 118,260 0.95%
Kuala Lumpur Kepong Bhd 5,300 120,960 121,264 0.98%
Property
SP Setia Berhad 13,000 43,563 41,600 0.33%
Sunway Berhad 13,000 43,299 40,040 0.32%
Technology
Globetronics Technology Bhd 6,000 37,088 39,000 0.31%
Unisem (M) Bhd 17,800 40,950 42,364 0.34%
Inari Amertron Bhd 10,000 31,421 45,800 0.37%
Trading/Services
Axiata Group Berhad 44,927 241,821 287,982 2.32%
Berjaya Auto Berhad 76,600 175,038 163,924 1.32%
Dialog Group Bhd 48,608 84,038 77,773 0.63%
E.A. Technique(M) Berhad 33,000 42,118 36,630 0.30%
IHH Healthcare Berhad 19,000 97,856 125,020 1.01%
KPJ Healthcare Bhd 9,400 35,318 39,668 0.32%
Malakoff Corporation Bhd 49,300 84,913 78,880 0.64%
MISC Berhad 13,000 104,576 121,810 0.98%
Maxis Berhad 17,900 119,352 121,720 0.98%
MMC Corporation Bhd 31,000 71,219 60,760 0.49%
MyEG Services Bhd 20,000 59,278 86,400 0.70%
Sime Darby Berhad 35,451 323,804 274,745 2.21%
P a g e | 46
Sapurakencana Petroleum Berhad 20,000 44,151 40,400 0.33%
Telekom Malaysia Bhd 18,258 118,165 123,789 1.00%
Tenaga Nasional Bhd 30,575 367,782 407,259 3.28%
Westports Holdings Berhad 10,000 43,028 41,200 0.33%
Real Estate Investment Trust
Axis Real Estate Investment Trust 163 259 268 0.00%
Total Malaysian Equities 1,002,782 4,132,081 4,209,938 33.92%
Malaysian Debt Securities
Kapar Energy Ventures Sdn Bhd 500,000 512,000 494,920 3.99%
BGSM Management Sdn Bhd 509,999 559,367 543,460 4.38%
Senari Synergy Sdn Bhd 250,000 254,025 251,110 2.02%
CIMB Islamic Bank Berhad 400,000 439,080 416,884 3.36%
Anih Berhad 500,000 505,200 504,130 4.06%
DRB Hicom Berhad 500,000 501,110 499,270 4.02%
Jimah Energy Ventures Sdn Bhd 500,000 594,400 535,925 4.32%
Ranhill Powertron Ii Sdn Bhd 500,000 550,200 514,090 4.14%
TNB Northern Bhd 500,000 500,000 475,870 3.83%
Alam Maritime 500,000 504,700 497,270 4.01%
Sarawak Energy Berhad 500,000 517,400 513,740 4.14%
Cerah Sama Sdn Bhd 400,000 394,000 396,636 3.20%
Malakoff Power Berhad 400,000 414,480 414,184 3.34%
National Bank Of Abu Dhabi 400,000 408,000 407,940 3.29%
Total Malaysian Equities & Debt Securities 7,362,781 10,786,043 10,675,367 86.02%
P a g e | 47
myEQUITY INDEX
Security Name Number of
Units Total Cost Market Value
% of NAV
Construction
Gamuda Bhd 112,400 559,160 523,784 2.47%
IJM Corporation Bhd 164,000 559,485 554,320 2.61%
Ho Hup Construction Company Berhad 10,000 13,879 10,600 0.05%
Mitrajaya Holdings Bhd 21,500 24,500 25,800 0.12%
Muhibbah Engineering (M) Bhd 17,500 38,797 38,675 0.18%
Consumer
PPB Group Bhd 32,600 506,341 518,340 2.45%
QL Resources Bhd 29,000 116,187 124,410 0.59%
UMW Holdings Berhad 34,600 408,822 272,302 1.28%
Industrial Products
Cahya Mata Sarawak Bhd 28,000 137,779 143,640 0.68%
Hartalega Holdings Bhd 38,000 213,406 225,720 1.06%
Kossan Rubber Industries Bhd 17,000 150,035 158,100 0.75%
Lafarge Malaysia Bhd 23,000 209,468 204,240 0.96%
Petronas Chemicals Group Bhd 151,700 982,496 1,102,859 5.20%
Petronas Gas Bhd 42,100 948,252 955,670 4.51%
Top Glove Corporation Bhd 22,000 220,620 298,760 1.41%
Infrastructure Project Company
Digi.Com Bhd 204,800 1,170,141 1,105,920 5.22%
Time Dotcom Bhd 16,000 108,820 121,600 0.57%
Plantation
Felda Global Ventures Holdings Bhd 98,000 183,341 167,580 0.79%
Genting Plantations Bhd 17,500 186,265 185,500 0.88%
IOI Corporation Berhad 142,300 633,903 634,658 2.99%
Kuala Lumpur Kepong Bhd 28,400 641,632 649,792 3.07%
Property
IOI Properties Group Bhd 96,900 208,936 218,025 1.03%
Mah Sing Group Bhd 83,000 113,609 120,350 0.57%
SP Setia Berhad 45,800 153,418 146,560 0.69%
Sunway Berhad 40,000 135,652 123,200 0.58%
UEM Sunrise Bhd 84,000 108,777 94,080 0.44%
Technology
Unisem (M) Bhd 25,700 59,193 61,166 0.29%
Inari Amertron Bhd 25,000 78,749 114,500 0.54%
Globetronics Technology Bhd 8,700 48,492 56,550 0.27%
Trading/Services
Axiata Group Berhad 240,685 1,474,162 1,542,791 7.28%
Berjaya Auto Berhad 32,800 82,531 70,192 0.33%
Bumi Armada Bhd 179,000 184,907 182,580 0.86%
Dialog Group Bhd 216,984 369,697 347,174 1.64%
IHH Healthcare Berhad 147,000 866,680 967,260 4.56%
P a g e | 48
KPJ Healthcare Bhd 30,200 113,529 127,444 0.60%
MISC Berhad 78,500 614,437 735,545 3.47%
Malakoff Corporation Berhad 89,500 147,308 143,200 0.68%
Maxis Berhad 138,500 917,108 941,800 4.44%
MMC Corporation Bhd 44,000 101,484 86,240 0.41%
MyEG Services Bhd 38,500 99,668 166,320 0.78%
Petronas Dagangan Berhad 16,000 360,391 397,760 1.88%
SapuraKencana Petroleum Bhd 202,000 466,982 408,040 1.92%
Sime Darby Berhad 170,714 1,538,013 1,323,034 6.24%
Telekom Malaysia Bhd 116,271 755,810 788,317 3.72%
Tenaga Nasional Bhd 167,325 2,109,404 2,228,769 10.51%
Westports Holdings Bhd 56,000 237,598 230,720 1.09%
Real Estate Investment Trust
Axis Real Estate Investment Trust 1,194 1,898 1,958 0.01%
KLCC Property & KLCC Reits Staple Group 24,000 168,679 169,440 0.80%
Total Malaysian Equities 3,648,673 19,530,441 19,815,285 93.47%
P a g e | 49
myGROWTH
Security Name Number of
Units Total Cost Market Value
% of NAV
Construction
Gamuda Bhd 49,300 242,718 229,738 2.87%
IJM Corporation Bhd 58,300 198,391 197,054 2.46%
Ho Hup Construction Company Bhd 56,000 77,721 59,360 0.74%
Hock Seng Lee Bhd 40,000 73,704 75,600 0.94%
Consumer
QL Resources Berhad 19,000 77,977 81,510 1.02%
PPB Group Bhd 5,000 78,168 79,500 0.99%
UMW Holdings Berhad 13,000 153,427 102,310 1.28%
Industrial Products
Petronas Chemicals Group Bhd 47,200 311,154 343,144 4.29%
Petronas Gas Bhd 12,900 298,246 292,830 3.66%
SKP Resources Bhd 56,000 78,192 73,360 0.92%
Infrastructure Project Company
Time Dotcom Bhd 2,000 11,644 15,200 0.19%
Digi.Com Bhd 47,500 271,200 256,500 3.20%
Plantation
Genting Plantations Bhd 26,100 269,484 276,660 3.46%
IJM Plantations Bhd 44,000 160,779 156,200 1.95%
IOI Corporation Berhad 53,000 228,560 236,380 2.95%
Kuala Lumpur Kepong Bhd 13,900 315,381 318,032 3.97%
Sarawak Oil Palms Bhd 18,000 85,778 78,840 0.98%
Property
SP Setia Berhad 11,600 38,805 37,120 0.46%
Technology
Globetronics Technology Bhd 13,000 80,356 84,500 1.06%
Unisem (M) Bhd 13,300 30,618 31,654 0.40%
Inari Amertron Bhd 26,000 81,844 119,080 1.49%
Trading/Services
Axiata Group Berhad 69,999 450,928 448,693 5.61%
Berjaya Auto Berhad 178,500 404,746 381,990 4.77%
Dialog Group Bhd 93,512 157,253 149,619 1.87%
E.A. Technique (M) Berhad 90,500 118,138 100,455 1.26%
IHH Healthcare Berhad 21,000 100,696 138,180 1.73%
KPJ Healthcare Bhd 15,300 57,620 64,566 0.81%
MISC Berhad 16,400 112,400 153,668 1.92%
Maxis Berhad 11,000 73,130 74,800 0.93%
MyEG Services Bhd 19,000 47,668 82,080 1.02%
Petronas Dagangan Berhad 2,500 62,695 62,150 0.78%
Prestariang Berhad 46,600 121,832 138,402 1.73%
Sime Darby Berhad 59,847 556,203 463,814 5.79%
SapuraKencana Petroleum Berhad 34,600 76,253 69,892 0.87%
Tenaga Nasional Bhd 46,550 589,335 620,046 7.75%
P a g e | 50
Telekom Malaysia Bhd 27,028 175,822 183,250 2.29%
UEM Edgenta Berhad 11,600 37,005 38,396 0.48%
Real Estate Investment Trust
Axis Real Estate Investment Trust 251 399 412 0.01%
Total Malaysian Equities 1,369,287 6,306,270 6,314,985 78.90%
P a g e | 51
myBLUECHIPS
Security Name Number of
Units Total Cost Market Value
% of NAV
Construction
Gamuda Bhd 48,000 236,592 223,680 2.96%
IJM Corporation Bhd 56,300 190,671 190,294 2.52%
Ho Hup Construction Company Bhd 55,000 76,333 58,300 0.77%
Hock Seng Lee Bhd 38,000 70,014 71,820 0.95%
Consumer
QL Resources Berhad 18,000 73,873 77,220 1.02%
PPB Group Bhd 4,700 73,479 74,730 0.99%
UMW Holdings Berhad 12,000 141,625 94,440 1.25%
Industrial Products
Petronas Chemicals Group Bhd 44,700 295,178 324,969 4.31%
Petronas Gas Bhd 12,100 274,899 274,670 3.64%
SKP Resources Bhd 53,000 74,003 69,430 0.92%
Infrastructure Project Company
Time Dotcom Bhd 1,100 6,424 8,360 0.11%
Digi.Com Bhd 45,200 255,962 244,080 3.23%
Plantation
Genting Plantations Bhd 25,500 271,961 270,300 3.58%
IJM Plantations Bhd 42,000 153,471 149,100 1.98%
IOI Corporation Berhad 52,000 224,251 231,920 3.07%
Kuala Lumpur Kepong Bhd 13,100 301,659 299,728 3.97%
Sarawak Oil Palms Bhd 18,000 85,778 78,840 1.04%
Property
SP Setia Berhad 9,600 32,173 30,720 0.41%
Technology
Globetronics Technology Bhd 13,000 80,356 84,500 1.12%
Unisem (M) Bhd 13,200 30,406 31,416 0.42%
Inari Amertron Bhd 27,000 84,991 123,660 1.64%
Real Estate Investment Trust
Axis Real Estate Investment Trust 238 378 390 0.01%
Trading/Services
Axiata Group Berhad 65,719 405,924 421,259 5.58%
Berjaya Auto Berhad 170,700 387,637 365,298 4.84%
Dialog Group Bhd 89,512 152,340 143,219 1.90%
E.A. Technique (M) Berhad 85,600 111,742 95,016 1.26%
IHH Healthcare Berhad 20,000 95,931 131,600 1.74%
KPJ Healthcare Bhd 15,000 56,358 63,300 0.84%
MISC Berhad 17,700 121,189 165,849 2.20%
Maxis Berhad 11,700 77,769 79,560 1.05%
MyEG Services Bhd 18,500 46,416 79,920 1.06%
Petronas Dagangan Berhad 2,400 60,187 59,664 0.79%
Prestariang Berhad 43,100 112,742 128,007 1.70%
P a g e | 52
Sime Darby Berhad 56,556 530,351 438,309 5.81%
SapuraKencana Petroleum Berhad 33,900 75,068 68,478 0.91%
Telekom Malaysia Bhd 26,311 171,146 178,389 2.36%
Tenaga Nasional Bhd 44,700 551,742 595,404 7.89%
UEM Edgenta Berhad 10,200 32,538 33,762 0.45%
Total Malaysian Equities 1,313,336 6,023,557 6,059,601 80.29%
P a g e | 53
myDIVIDEND
Security Name Number of
Units Total Cost Market Value
% of NAV
Construction
Gamuda Bhd 53,500 263,155 249,310 2.84%
IJM Corporation Bhd 62,500 213,748 211,250 2.40%
Hock Seng Lee Bhd 42,900 79,047 81,081 0.92%
Ho Hup Construction Company Bhd 60,000 83,273 63,600 0.72%
Consumer
QL Resources Berhad 21,000 86,185 90,090 1.02%
PPB Group Bhd 6,700 104,459 106,530 1.21%
UMW Holdings Berhad 14,000 165,036 110,180 1.25%
Industrial Products
Petronas Gas Bhd 14,000 317,758 317,800 3.61%
Petronas Chemicals Group Bhd 52,200 345,661 379,494 4.32%
SKP Resources Bhd 61,000 85,173 79,910 0.91%
Infrastructure Project Company
Digi.Com Bhd 51,900 294,708 280,260 3.19%
Plantation
Genting Plantations Bhd 27,200 286,273 288,320 3.28%
IJM Plantations Bhd 48,000 175,395 170,400 1.94%
IOI Corporation Berhad 54,000 232,869 240,840 2.74%
Kuala Lumpur Kepong Bhd 15,000 342,859 343,200 3.90%
Sarawak Oil Palms Bhd 19,000 90,543 83,220 0.95%
Property
SP Setia Berhad 12,000 40,143 38,400 0.44%
Technology
Globetronics Technology Bhd 14,000 86,537 91,000 1.03%
Unisem (M) Bhd 14,500 33,409 34,510 0.39%
Inari Amertron Bhd 28,000 88,141 128,240 1.46%
Real Estate Investment Trust
Axis Real Estate Investment Trust 968 1,539 1,587 0.02%
Trading/Services
Axiata Group Berhad 74,763 478,559 479,231 5.45%
Berjaya Auto Berhad 192,800 437,065 412,592 4.69%
Dialog Group Bhd 103,800 174,131 166,080 1.89%
E.A. Technique (M) Berhad 98,900 129,105 109,779 1.25%
IHH Healthcare Berhad 21,000 100,701 138,180 1.57%
KPJ Healthcare Bhd 16,500 61,976 69,630 0.79%
MISC Berhad 17,700 123,982 165,849 1.89%
Maxis Berhad 13,900 92,350 94,520 1.08%
MyEG Services Bhd 17,500 43,930 75,600 0.86%
Petronas Dagangan Berhad 3,500 60,083 87,010 0.99%
Prestariang Berhad 49,700 130,004 147,609 1.68%
P a g e | 54
Sime Darby Berhad 64,890 613,664 502,897 5.72%
SapuraKencana Petroleum Berhad 38,900 85,937 78,578 0.89%
Telekom Malaysia Bhd 29,559 192,056 200,410 2.28%
Tenaga Nasional Bhd 50,200 624,833 668,664 7.61%
UEM Edgenta Berhad 12,000 38,281 39,720 0.45%
Total Malaysian Equities 1,477,980 6,802,568 6,825,571 77.63%
P a g e | 55
myBALANCED
Security Name Number of
Units Total Cost Market Value
% of NAV
Construction
IJM Corporation Bhd 24,000 82,493 81,120 1.06%
Gamuda Bhd 17,900 91,569 83,414 1.09%
Ho Hup Construction Company Bhd 21,000 29,146 22,260 0.29%
Hock Seng Lee Bhd 14,500 26,748 27,405 0.36%
Mitrajaya Holdings Bhd 36,000 41,072 43,200 0.56%
Muhibbah Engineering (M) Bhd 23,700 53,191 52,377 0.68%
Consumer
PPB Group Bhd 2,000 31,153 31,800 0.42%
Industrial Products
Cahya Mata Sarawak Berhad 11,000 55,091 56,430 0.74%
Petronas Gas Bhd 5,000 113,409 113,500 1.48%
Petronas Chemicals Group Bhd 19,000 125,211 138,130 1.80%
SKP Resources Bhd 21,000 29,432 27,510 0.36%
Infrastructure Project Company
Digi.Com Bhd 24,400 138,769 131,760 1.72%
Plantation
Genting Plantations Bhd 11,000 114,432 116,600 1.52%
Felda Global Ventures Holdings Berhad 17,000 30,552 29,070 0.38%
IJM Plantations Bhd 15,000 55,050 53,250 0.70%
IOI Corporation Bhd 26,000 111,679 115,960 1.52%
Kuala Lumpur Kepong Bhd 4,100 92,073 93,808 1.23%
Sarawak Oil Palms Bhd 18,000 85,032 78,840 1.03%
Property
SP Setia Berhad 8,000 26,812 25,600 0.34%
Sunway Berhad 8,000 26,645 24,640 0.32%
Technology
Globetronics Technology Bhd 4,000 24,725 26,000 0.34%
Unisem (M) Bhd 11,000 25,355 26,180 0.34%
Inari Amertron Bhd 6,000 18,877 27,480 0.36%
Trading/Services
Axiata Group Berhad 28,881 180,354 185,127 2.42%
Berjaya Auto Berhad 51,300 116,532 109,782 1.43%
Dialog Group Bhd 29,304 50,155 46,886 0.61%
E.A. Technique (M) Berhad 23,000 29,597 25,530 0.33%
IHH Healthcare Berhad 13,000 72,420 85,540 1.12%
KPJ Healthcare Bhd 5,500 20,684 23,210 0.30%
MISC Berhad 9,000 73,452 84,330 1.10%
Malakoff Corporation Bhd 32,300 55,525 51,680 0.67%
Maxis Berhad 12,300 82,023 83,640 1.09%
MMC Corporation Bhd 20,000 45,634 39,200 0.51%
MyEG Services Bhd 14,000 42,620 60,480 0.79%
P a g e | 56
Sime Darby Berhad 22,804 215,692 176,731 2.31%
Sapurakencana Petroleum Berhad 14,000 30,906 28,280 0.37%
Telekom Malaysia Bhd 11,739 76,623 79,590 1.04%
Tenaga Nasional Bhd 20,400 257,645 271,728 3.55%
UEM Edgenta Berhad 9,000 28,711 29,791 0.39%
Wesports Holdings Berhad 7,000 30,121 28,840 0.38%
Real Estate Investment Trust
Axis Real Estate Investment Trust 352 560 577 0.01%
Total Malaysian Equities 671,480 2,837,770 2,837,276 37.06%
Malaysian Debt Securities
BGSM Management Sdn Bhd 220,000 241,296 234,434 3.06%
Bank Islam Malaysia Berhad 200,000 200,000 200,758 2.62%
CIMB Islamic Bank Berhad 200,000 219,540 208,442 2.72%
Projek Lebuhraya Usahasama Berhad 250,000 252,675 250,122 3.27%
Jimah Energy Ventures Sdn Bhd 250,000 297,200 267,963 3.50%
Ranhill Powertron II Sdn Bhd 250,000 275,100 257,045 3.36%
TNB Northern Bhd 250,000 250,000 237,935 3.11%
Alam Maritime Resources Bhd 250,000 252,350 248,635 3.25%
Kapar Energy Ventures Sdn Bhd 250,000 251,200 247,460 3.23%
Sarawak Energy Berhad 250,000 258,700 256,870 3.35%
Cerah Sama Sdn Bhd 200,000 197,000 198,318 2.59%
Malakoff Power Berhad 200,000 207,240 207,092 2.70%
National Bank Of Abu Dhabi 200,000 204,000 203,970 2.66%
Jimah East Power Sdn Bhd 200,000 200,000 202,494 2.65%
Total Malaysian Equities & Debt Securities 3,841,480 6,144,071 6,058,814 79.13%
P a g e | 57
COMPARATIVE PERFORMANCE TABLE
ITTIZAN
Portfolio Composition 31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
(%) (%) (%) (%) (%)
a. Equities: 69.44 58.01 68.65 67.29 58.55
● Construction 7.57 1.86 2.20 3.66 4.91
● Consumer Products 0.69 1.97 - 1.72 2.52
● Industrial Products 8.10 2.45 8.02 7.65 7.08
● Infrastructure 3.20 2.96 3.46 4.74 4.71
● Plantation 11.92 3.97 8.76 5.26 3.38
● Property 1.31 2.21 - 1.52 3.05
● Trading & Services 2.03 42.59 46.20 41.09 31.42
● REITs 34.61 - 0.01 1.65 1.48
● Derivatives 0.00 - - - -
b. Islamic Debt Securities 29.50 22.84 25.03 23.13 25.14
c. Money Market & Cash 1.06 19.15 6.32 9.58 16.31
TOTAL 100.00 100.00 100.00 100.00 100.00
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
Total NAV (RM) 22,977,064 23,385,210 24,457,156 22,774,730 21,239,238
Number of units 12,248,713 12,518,467 12,926,122 13,530,802 13,871,401
NAV per Unit (RM) 1.876 1.868 1.892 1.683 1.531
Highest NAV (RM) 1.953 1.934 1.892 1.683 1.551
Lowest NAV (RM) 1.714 1.802 1.628 1.522 1.406
Total Annual Return (% p.a)
a) Capital Growth 2.64 1.54 12.42 9.94 5.22
b) Income Distributions - - - - -
Average Annual Return :
One-Year 2.64 1.54 12.42 9.94 5.22
Three-Year 5.53 7.97 9.20 9.64 3.07
Five-Year 6.35 8.58 6.32 2.96 8.96
Benchmark Performance (70% FBM Shariah Index : 30% 1-Month GIA Rates Maybank)
Average Annual Return :
One-Year 2.66 -2.08 10.13 9.15 2.56
Three-Year 3.57 5.73 7.28 8.15 2.34
Five-Year 4.48 6.50 5.26 2.17 7.99
P a g e | 58
ISTIQRAR
Portfolio Composition 31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
(%) (%) (%) (%) (%)
a. Equities: 33.92 31.20 34.28 29.38 29.64
● Construction 3.87 0.88 1.15 1.41 1.16
● Consumer Products 0.38 1.06 - 1.14 1.24
● Industrial Products 3.95 1.47 4.22 3.30 3.21
● Infrastructure 1.58 1.86 1.77 2.84 2.70
● Plantation 5.63 2.11 4.60 1.78 2.21
● Property 0.66 1.14 - - 1.19
● Trading & Services 1.02 0.00 22.53 16.84 16.14
● REITs 16.82 22.69 0.01 2.07 1.79
b. Islamic Debt Securities 52.10 52.00 61.92 59.96 69.61
c. Money Market & Cash 13.98 16.80 3.80 10.66 0.75
TOTAL 100.00 100.00 100.00 100.00 100.00
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
Total NAV (RM) 12,410,092 12,400,830 12,534,317 12,120,158 11,715,673
Number of units 8,611,777 8,751,945 8,904,600 9,203,208 9,423,878
NAV per Unit (RM) 1.441 1.417 1.408 1.317 1.243
Highest NAV (RM) 1.459 1.430 1.408 1.317 1.244
Lowest NAV (RM) 1.372 1.372 1.298 1.24 1.19
Total Annual Return (% p.a)
a) Capital Growth 3.50 2.70 6.91 5.95 4.45
b) Income Distributions - - - - -
Average Annual Return :
One-Year 3.50 2.70 6.91 5.95 4.45
Three-Year 4.37 5.19 5.77 5.4 0.69
Five-Year 4.70 5.16 4.98 1.86 3.81
Benchmark Performance (30% FBM Shariah Index : 70% 1-Month GIA Rates Maybank)
Average Annual Return :
One-Year 3.07 0.71 5.91 5.55 2.77
Three-Year 3.23 4.06 4.74 4.60 1.90
Five-Year 3.60 4.08 3.43 2.02 4.43
P a g e | 59
Portfolio Composition
myEQUITY INDEX
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
(%) (%) (%) (%) (%)
a. Equities: 93.47 77.61 92.00 93.83 94.38
● Construction 5.44 5.58 3.65 6.68 9.40
● Consumer Products 4.32 3.24 - 1.47 2.56
● Industrial Products 14.57 3.95 10.94 9.08 11.13
● Information Technology 5.79 - - - -
● Infrastructure 7.72 4.49 4.30 8.51 7.22
● Plantation 3.31 5.04 11.99 9.31 12.66
● Property 1.10 2.94 - 4.54 4.64
● Trading & Services 50.41 52.35 61.07 52.24 46.77
● Warrants 0.81 0.02 0.05 - -
b. Islamic Debt Securities - - - - -
c. Money Market & Cash 6.53 22.39 8.00 6.17 5.62
TOTAL 100.00 100.00 100.00 100.00 100.00
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
Total NAV (RM) 21,199,201 15,781,182 12,377,753 7,722,366 5,058,579
Number of units 12,187,734 9,160,411 7,153,541 5,126,342 3,790,811
NAV per Unit (RM) 1.739 1.723 1.730 1.506 1.334
Highest NAV (RM) 1.828 1.785 1.730 1.506 1.351
Lowest NAV (RM) 1.523 1.625 1.432 1.320 1.178
Total Annual Return (% p.a)
a) Capital Growth 2.82 3.23 19.46 16.66 5.12
b) Income Distributions - - - - -
Average Annual Return :
One-Year 2.82 3.23 19.46 16.66 5.12
Three-Year 8.50 13.12 13.75 13.17 -
Five-Year 9.46 12.44 - - -
Benchmark Performance (FBM Shariah Index)
Average Annual Return :
One-Year 2.35 -4.17 13.29 11.85 2.41
Three-Year 3.82 6.99 9.18 10.82 -
Five-Year 5.15 8.32 - - -
P a g e | 60
Portfolio Composition
myGROWTH
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
(%) (%) (%) (%) (%)
a. Equities: 78.90 81.63 87.57 87.97 71.33
● Construction 7.02 5.11 4.58 7.03 9.31
● Consumer Products 3.29 3.75 1.93 2.01 -
● Industrial Products 8.86 4.36 13.76 11.89 8.09
● Information Technology 3.39 - - - -
● Infrastructure 13.32 4.13 4.76 5.60 1.55
● Plantation 0.46 5.13 10.45 9.26 7.10
● Property 2.94 3.52 - 1.09 8.09
● Trading & Services 39.61 55.63 52.08 51.08 37.19
● REITS 0.01 - - 1.40 -
b. Islamic Debt Securities - - - - -
c. Money Market & Cash 21.10 18.37 12.44 12.03 28.67
TOTAL 100.00 100.00 100.01 100.00 100.00
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
Total NAV (RM) 8,003,942 7,013,066 6,254,346 4,620,531 3,786,286
Number of units 5,912,989 5,177,770 4,510,356 3,867,556 3,383,972
NAV per Unit (RM) 1.3536 1.3545 1.387 1.195 1.119
Highest NAV (RM) 1.443 1.455 1.387 1.195 1.161
Lowest NAV (RM) 1.200 1.300 1.142 1.097 0.997
Total Annual Return (% p.a)
a) Capital Growth 1.89 1.16 19.98 9.26 2.77
b) Income Distributions - - - - -
Average Annual Return :
One-Year 1.89 1.16 19.98 9.26 2.77
Three-Year 7.68 10.13 10.67 7.24 -
Five-Year 7.01 8.57 - - -
Benchmark Performance (FBM Shariah Index)
Average Annual Return :
One-Year 2.35 -4.17 13.29 11.85 2.41
Three-Year 3.82 6.99 9.18 10.82 -
Five-Year 5.15 8.32 - - -
P a g e | 61
Portfolio Composition
myBLUE CHIPS
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
(%) (%) (%) (%) (%)
a. Equities: 80.29 81.25 88.40 85.81 69.99
● Construction 7.21 5.04 2.94 7.84 8.92
● Consumer Products 3.26 3.85 - 2.92 2.95
● Industrial Products 8.87 3.79 10.43 9.35 8.57
● Information Technology 3.34 - - - -
● Infrastructure 13.65 4.11 4.35 5.36 4.14
● Plantation 0.41 5.96 11.60 7.49 8.58
● Property 3.17 3.28 - 2.06 3.79
● Trading & Services 40.37 55.22 59.08 50.79 33.04
● REITS 0.01 - - - -
b. Islamic Debt Securities - - - - -
c. Money Market & Cash 19.71 18.75 11.60 14.19 30.01
TOTAL 100.00 100.00 100.00 100.00 100.00
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
Total NAV (RM) 7,547,029 6,832,540 6,067,297 4,579,614 3,672,455
Number of units 5,471,230 4,955,050 4,302,222 3,733,835 3,335,751
NAV per Unit (RM) 1.379 1.379 1.410 1.226 1.101
Highest NAV (RM) 1.470 1.452 1.410 1.226 1.131
Lowest NAV (RM) 1.220 1.324 1.174 1.095 0.997
Total Annual Return (% p.a)
a) Capital Growth 2.43 0.81 20.17 14.32 1.68
b) Income Distributions - - - - -
Average Annual Return :
One-Year 2.43 0.81 20.17 14.32 1.68
Three-Year 7.80 11.77 12.06 8.18 -
Five-Year 7.88 9.11 - - -
Benchmark Performance (FBM Shariah Index)
Average Annual Return :
One-Year 2.35 -4.17 13.29 11.85 2.41
Three-Year 3.82 6.99 9.18 10.82 -
Five-Year 5.15 8.32 - - -
P a g e | 62
Portfolio Composition
myDIVIDEND
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
(%) (%) (%) (%) (%)
a. Equities: 77.63 82.14 88.57 84.99 72.32
● Construction 6.88 4.51 3.01 5.08 4.31
● Consumer Products 3.49 3.82 - 4.36 6.21
● Industrial Products 8.84 4.25 10.21 9.83 8.91
● Information Technology 3.19 - 0.47 - -
● Infrastructure 12.81 5.38 4.36 9.78 6.58
● Plantation 0.44 5.1 11.71 6.84 5.34
● Property 2.89 3.13 - 2.27 5.35
● Trading & Services 39.09 53.23 58.8 43.5 32.12
● REITs 0.02 2.72 - 3.32 3.5
b. Islamic Debt Securities - - - - -
c. Money Market & Cash 22.37 17.86 11.43 15.01 27.68
TOTAL 100.00 100.00 100.00 100.00 100.00
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
Total NAV (RM) 8,791,957 7,461,149 6,687,100 4,719,043 3,741,263
Number of units 5,975,763 5,036,643 4,487,083 3,638,863 3,306,250
NAV per Unit (RM) 1.471 1.481 1.490 1.297 1.132
Highest NAV (RM) 1.568 1.539 1.490 1.297 1.140
Lowest NAV (RM) 1.310 1.400 1.240 1.125 1.039
Total Annual Return (% p.a)
a) Capital Growth 1.55 3.06 18.21 17.95 6.29
b) Income Distributions - - - - -
Average Annual Return :
One-Year 1.55 3.06 18.21 17.95 6.29
Three-Year 7.61 13.07 14.15 10.44 -
Five-Year 9.41 10.52 - - -
Benchmark Performance (FBM Shariah Index)
Average Annual Return :
One-Year 2.35 -4.17 13.29 11.85 2.41
Three-Year 3.82 6.99 9.18 10.82 -
Five-Year 5.15 8.32 - - -
P a g e | 63
Portfolio Composition
myBALANCED
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
(%) (%) (%) (%) (%)
a. Equities: 37.06 31.84 38.89 37.48 31.51
● Construction 4.05 1.14 1.49 2.82 2.00
● Consumer Products 0.42 1.14 - 0.82 2.03
● Industrial Products 4.38 1.98 4.74 4.60 5.61
● Information Technology 1.72 - - - -
● Infrastructure 6.37 1.96 1.80 3.58 1.92
● Plantation 0.66 1.85 4.78 3.62 4.96
● Property 1.04 1.27 - 0.46 1.47
● Trading & Services 18.42 21.42 26.07 21.57 13.52
● REITs 0.01 1.08 - - -
b. Islamic Debt Securities 42.07 35.20 46.34 41.86 51.06
c. Money Market & Cash 20.87 32.96 14.77 20.66 17.43
TOTAL 100.00 100.00 100.00 100.00 100.00
31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11
Total NAV (RM) 7,656,683 6,725,771 5,146,369 4,141,321 3,458,390
Number of units 6,352,300 5,668,099 4,356,342 3,762,770 3,326,291
NAV per Unit (RM) 1.2053 1.1866 1.1810 1.1010 1.0400
Highest NAV (RM) 1.2220 1.2020 1.1810 1.1010 1.0540
Lowest NAV (RM) 1.1460 1.1470 1.1420 1.0380 0.9960
Total Annual Return (% p.a)
a) Capital Growth 2.89 2.58 10.23 7.88 4.18
b) Income Distributions - - - - -
Average Annual Return :
One-Year 2.89 2.58 10.23 7.88 4.18
Three-Year 5.23 6.90 7.43 5.02 -
Five-Year 5.55 - - - -
Benchmark Performance (FBM Shariah Index)
Average Annual Return :
One-Year 3.08 0.26 7.23 6.66 2.81
Three-Year 3.52 4.72 5.57 4.97 -
Five-Year 4.01 - - - -
P a g e | 64