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Quarterly ReportJuly 2019

For the Period Ended 31 July 2019

Areca Astute Assets Fund

QUA RTERLY REPORT J ULY 2019

ARECA ASTUTE ASSETS FUND

Contents

CORPORATE DIRECTORY 2

MANAGER’S REPORT

Fund Information, Performance & Review 3 Market Review & Outlook 6

STATEMENT BY THE MANAGER 7

UNAUDITED FINANCIAL STATEMENTS FOR


8

QUARTERLY REPORT JULY 2019

2

C O R P O R A T E D I R E C T O R Y

MANAGER

Areca Capital Sdn Bhd (740840-D)

107, Blok B, Pusat Dagangan Phileo Damansara 1

No. 9, Jalan 16/11, Off Jalan Damansara

46350 Petaling Jaya, Selangor

Tel: 603-7956 3111, Fax: 603-7955 4111

website: www.arecacapital.com

e-mail: [email protected]

BOARD OF DIRECTORS

Wong Teck Meng (Executive) Edward Iskandar Toh Bin Abdullah (Executive)

Raja Datuk Zaharaton Bt Raja Dato’ Zainal Abidin

(Independent)

Dr. Junid Saham (Independent)

INVESTMENT COMMITTEE MEMBERS

Dato’ Seri Lee Kah Choon (Independent)

Raja Datuk Zaharaton Bt Raja Dato’ Zainal Abidin

(Independent)

Dr. Junid Saham (Independent)

TRUSTEE

Maybank Trustees Berhad (5004-P)

8th Floor Menara Maybank,

100 Jalan Tun Perak,

50050 Kuala Lumpur

Tel: 03-2074 8580 Fax: 03-2070 9387

AUDITOR

Deloitte PLT (LLP0010145-LCA) Level 16, Menara LGB

1 Jalan Wan Kadir, Taman Tun Dr. Ismail

60000 Kuala Lumpur

Tel: 03-7610 8888, Fax: 03-7726 8986

TAX ADVISER

Deloitte Tax Services Sdn Bhd (36421-T) Level 16, Menara LGB

1 Jalan Wan Kadir, Taman Tun Dr. Ismail

60000 Kuala Lumpur

Tel: 03-7610 8888, Fax: 03-7726 8986

M A N A G E R ’ S O F F I C E A N D B R A N C H E S

HEAD OFFICE

107, Blok B, Pusat Dagangan Phileo Damansara 1, No. 9, Jalan 16/11, Off Jalan Damansara,

46350 Petaling Jaya, Selangor.

Tel: 603-7956 3111, Fax: 603-7955 4111

website: www.arecacapital.com

e-mail: [email protected]

PENANG BRANCH IPOH BRANCH MALACCA BRANCH

368-2-02 Belissa Row 11A, (First Floor) 95A, Jalan Melaka Raya 24

Jalan Burma, Georgetown Persiaran Greentown 5 Taman Melaka Raya

10350 Pulau Pinang Greentown Business Centre 75000 Melaka

Tel : 604-210 2011 30450 Ipoh, Perak Tel : 606-282 9111

Fax: 604-210 2013 Tel : 605-249 6697 Fax: 606-283 9112

Fax: 605-249 6696

KUCHING BRANCH

1st Floor, Sublot 3

Lot7998, Block 16

KCLD, Cha Yi Goldland

Jalan Tun Jugah/ Stutong

93350 Kuching, Sarawak

Tel: 6082-572 472



3

F U N D I N F O R M A T I O N

Name of the Fund Areca Astute Assets Fund

Fund Category/

Type

Wholesale Equity Fund / Growth

Objective of the

Fund

The Fund aims to provide medium to long term capital growth.

Performance

Benchmark

Absolute returns of 7% per annum

Distribution

Policy of the

Fund

Incidental, subject to the availability of distributable income

Profile of unit

holdings

* excluding units held

by the Manager

(please refer to Notes

to Financial Statement

–Note 4)

As at 31 July 2019

Size of Holding

(Units)

No. of

accounts %

No. of

unit held

(million)

%

Up to 5,000 - - - -

5,001 to 10,000 - - - -

10,001 to 50,000 1 5.88 0.05 0.26

50,001 to 500,000 9 52.94 2.56 13.08

500,001 and above 7 41.18 16.96 86.66

Total* 17 100.00 19.57 100.00

Rebates & Soft

Commissions

The Manager will retain soft commissions received from stockbrokers, provided

these are of demonstrable benefit to the Unit Holders and in the form of

research and advisory services that assist in the decision making process

relating to the Fund’s investments. The soft commissions may be in the form

of goods and services such as data and quotation services, computer software

incidental to the management of the Fund and investment related publications.

Cash rebates, if any, will be directed to the account of the Fund.

Inception Date 26 March 2019

Initial Offer Price RM1.0000 per unit during the initial offer period of 20 days from launch date.

Pricing Policy Single Pricing – Selling and repurchase of units by Manager are at Net Asset

Value per unit

Financial Year

End

30 April



4

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

26.3.2019 to

31.7.2019

Total Net Asset Value (“NAV”)

Total Net Asset Value (RM million) 20.0*

Units in circulation (million units) 20*

NAV per unit (RM) 1.0000*

*Ex-Distribution

HIGHEST & LOWEST NAV per unit Please refer to Note 1 for further information on NAV and pricing policy

Highest NAV per unit (RM) 1.0175 Lowest NAV per unit (RM) 1.0000

ASSET ALLOCATION % of NAV

Unlisted fixed income securities

Redeemable preference shares 100.00

DISTRIBUTION Please refer to Note 2 for further information

Distribution Date 29 July 2019

Gross distribution (sen per unit) 1.75

Net distribution (sen per unit) 1.75

NAV before distribution (RM per unit) 1.0175 (26 July)

NAV after distribution (RM per unit) 1.0000 (29 July)

UNIT SPLITS

There was no unit split exercise for the financial period under review.

EXPENSE/ TURNOVER

Management expense ratio (MER) (%) 0.88

Please refer to Note 3 for further information

Portfolio turnover ratio (PTR) (times) 0.51 Please refer to Note 4 for further information

TOTAL RETURN

Please refer to Note 5 for further information

Total Return (%) 1.75

- Capital Return (%) -

- Income Return (%) 1.75

Annual Total Return (%)

5.11*

Performance Benchmark: Absolute returns of 7% p.a.

*Annualised for comparison purpose only

Total Return since launch (%) 1.75



5

1-yr 3-yrs 5-yrs

Average Total Return per annum (%) 1.75 N/A N/A

NOTES:

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

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

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

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

Note 2: Net distribution of 1.75 sen per unit was declared on 29 July 2019 and in the absence of any

instructions, was automatically reinvested into another unit trust fund at the NAV per unit of the distribution

day without any entry fee.

Note 3: MER is calculated based on the total fees and expenses incurred by the Fund, divided by the average

net asset value calculated on a daily basis.

Note 4: PTR is computed based on the average of the total acquisitions and total disposals of the investment

securities of the Fund, divided by the average net asset value calculated on a daily basis.

Note 5: Fund performance figures are calculated based on NAV to NAV and assume reinvestment of

distributions (if any) at NAV. The total return and the performance benchmark are sourced from Lipper.

Unit prices and distributions payable, if any, may go down as well as up. Past performance of the

Fund is not an indication of its future performance.



6

F U N D R E V I E W

The Fund received its first quarterly dividend of 1.75% in July 2019. This constitutes part of the

intended annual dividend of 7% which is also its benchmark. The portfolio is therefore in line with

the expectation of meeting the absolute return benchmark.

The underlying asset of debt collection remains closely monitored by the Fund Manager. This first

quarter was a period peppered with numerous public holidays, affecting the rate of collection.

Although in this early days of the portfolio, it is marginally below the overall 3 year average; it is

still within the projected estimates. We remain optimistic of meeting the projected dividends.

Investment Policy and Strategy

The Fund will invest a maximum of 100% of its NAV in domestic and foreign equities, equity-related

securities and collective investment schemes, to achieve its objective. The Fund may concentrate

its investments wholly in listed or unlisted securities of a company. For instance, the Fund may

invest in ordinary or preference shares of a single company that have potential for capital growth.

The Fund may also invest in units of a single collective investment scheme and placement of

deposits with financial institutions

NAV per unit as at 31 July 2019 RM1.0000

Asset Allocation / Portfolio Composition 31.7.2019

Redeemable Preference Shares 100.00%



7

MARKET REVIEW & OUTLOOK

ECONOMIC REVIEW & OUTLOOK

Global growth prospects have continued to deteriorate in recent months, evidenced by the global

manufacturing Purchasing Managers’ Index (PMI), which signaled a third straight contraction in July

mainly as a result of the continued trade tensions between the US and China. The Fed cut the federal

funds rate (FFR) by 25 basis points (bps) to a target range of 2.00%-2.25%, its first since the Global

Financial Crisis (GFC) in 2008, to support a slowing economic growth.

In the Euro zone, the European Central Bank (ECB) held interest rates steady after the International Monetary Fund (IMF) revised down the union bloc’s growth forecast and amid weak inflation readings.

However, it hinted at possible rate cuts and monetary easing going forward. In the UK, new Prime

Minister Boris Johnson vowed to deliver Brexit on 31st October 2019, resulting in a sharp weakening of

the Pound Sterling.

In China, credit growth accelerated following the government’s easing measures to counter an economic

slowdown. Foreign exchange reserves dropped marginally on the back of a weaker Yuan. The trade

conflict had also resulted in a contraction of the manufacturing sector. Exports soared due to front-

loading by exporters and trade surplus widened amid higher exports to ASEAN, South Korea and Japan.

Domestically, the Malaysian economy remained relatively resilient with 2Q2019 real GDP growth of 4.9%

(1Q2019: 4.5%), significantly supported by domestic demand. However, downside risks of the

Malaysian economy persisted as global uncertainties continued to affect external trade performance

and investment sentiment. As a result, Malaysia’s 1H2019 exports fell by 0.2%, down from 6.9% in the

corresponding period in 2018. Bank Negara Malaysia (BNM) cut the overnight policy rate (OPR) by 25

bps to 3.00% in line with the dovish stance adopted by global central banks.

Going forward, we do not rule out another reduction in the FFR in the coming months if global economic

uncertainties become more pronounced. Domestically, given increasing external risks and weak investment growth, Malaysia will likely implement measures to support its overall economy in the near

term. This is despite the stronger GDP growth recorded in 2Q2019. While BNM will likely keep its options

open before committing to further downward adjustments in the OPR, we feel that the rate cut could

happen in 2H2019 if macroeconomic conditions deteriorate in the near term. Having said this, we do

not expect the reduction to lead to a series of rate cuts akin to the one we saw during the GFC where

the OPR was reduced to 2%.

FIXED INCOME MARKET REVIEW & OUTLOOK

In April, Malaysian Government Securities (MGS) suffered severe losses following news that Malaysia

might be dropped from Norway’s sovereign wealth fund (SWF) and the FTSE World Government Bond

Index’s (WGBI) bond holdings. However, BNM’s move to cut the OPR in May and rising expectations of

further monetary policy easing by global central banks, have since fueled an MGS market rally with

both the 3y and 10y yields reaching multi-year lows. Foreign holdings of local bonds rose for the second

straight month in July as they continued their yield hunting activities, picking up local bonds amid

dovish sentiment. YTD, cumulative flows into local bonds turned positive at RM3.5 billion after recording

negative flows in 1H2019.

Going forward, the possible monetary policy support from BNM will generally be positive for the fixed

income market in the near term. This will alleviate the pressure arising from foreign capital outflows

that the market has experienced since 2016 and that could possibly take place due to investors’ anxiety

over FTSE Russell’s decision of whether to exclude Malaysian government bonds in its global index in

September. Downside risks would, however, emerge from a possible sustained depreciation in the

Chinese Reminbi and a faster-than-expected deceleration in the headline GDP growth.



8

STATEMENT BY THE MANAGER

To the Unitholders of Areca Astute Assets Fund

We, WONG TECK MENG and EDWARD ISKANDAR TOH BIN ABDULLAH, two of the Directors of the

Manager, Areca Capital Sdn Bhd, do hereby state that in the opinion of the Manager, the unaudited

financial statements give a true and fair view of the financial position of the Fund as of 31 July 2019,

and of its financial performance and cash flows for the year then ended in accordance with Malaysian

Financial Reporting Standards, International Financial Reporting Standard and the relevant Securities

Commission Malaysia’s Guidelines in Malaysia.

For and on behalf of the Manager

Areca Capital Sdn Bhd

WONG TECK MENG

EDWARD ISKANDAR TOH BIN ABDULLAH

CEO/ EXECUTIVE DIRECTOR

Kuala Lumpur

26 September 2019

CIO/ EXECUTIVE DIRECTOR



9

UNAUDITED STATEMENT OF FINANCIAL POSITION

As of 31 July 2019

Note RM Assets

Investment

Redeemable preference shares 3 20,000,000

Other Assets

Interest receivable 35

Short-term deposit 450,527

Total Other Assets 450,562

Total Assets 20,450,562

Unitholders’ Fund and Liabilities

Liabilities

Distribution payable 350,000

Accrued management fee 100,000

Total Liabilities

450,000

Unitholders’ Fund

Unitholders’ capital 20,000,000

Retained earnings 562

Net Asset Value Attributable to Unitholders 20,000,562

Total Unitholders’ Fund and Liability 20,450,562

Number of Units in Circulation 20,000,000

Net Asset Value Per Unit 5 1.0000

The accompanying Notes form an integral part of the Financial Statements.



10

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For The Financial Period 26 March 2019 (Date of Launch) to 31 July 2019

Note RM

Investment Income

Interest income 562

Dividend income 450,000

Total Investment Income 450,562

Expenditure

Management fee 6 100,000

Total Expenditure 100,000

Net Income Before Tax 350,562

Income Tax Expense 9 -

Net Income After Tax/Total Comprehensive

Income For The Financial Period 350,562

Net Income After Tax Is Made Up Of:

Realised gain 350,562

UNAUDITED STATEMENT OF CHANGES IN NET ASSET VALUE

For The Financial Period 26 March 2019 (Date of Launch) to 31 July 2019

Unitholders’

capital

Retained

earnings

Total net asset

value

RM RM RM

As at 26 March 2019 (date of launch)

-

-

-

Amount received from units created 20,000,000 - 20,000,000

Total comprehensive income for the

financial period

-

350,562

350,562

Distribution - (350,000) (350,000)

As at 31 July 2019 20,000,000 562 20,000,562




11

UNAUDITED STATEMENT OF CASH FLOWS For The Financial Period 26 March 2019 (Date of Launch) to 31 July 2019

RM

Cash Flows Used In Operating Activities

Interest received 527

Dividend received 450,000

Purchase of investment (20,000,000)

Net Cash Used In Operating Activities (19,549,473)

Cash Flows From Financing Activities

Cash proceeds from units created 20,000,000

Net Cash From Financing Activities 20,000,000

Net Increase In Cash And Cash Equivalents 450,527

Cash And Cash Equivalents At Date of Launch -

Cash And Cash Equivalents At End of Period 450,527

Cash and cash equivalents consist of the following amount:

RM





12

NOTES TO THE FINANCIAL STATEMENTS

1 GENERAL INFORMATION

Areca Astute Assets Fund (“the Fund”) was established pursuant to the Trust Deed dated 20 March

2019 (“the Deed”) between Areca Capital Sdn Bhd as the Manager, Maybank Trustees Berhad as

the Trustee and all the registered unit holders of the Fund.

The principal activity of the Fund is to invest in investments as defined under Schedule 7 of the

Deed, which include securities listed on Bursa Malaysia Securities Berhad or any other permitted

foreign stock exchanges, unlisted securities, debentures, collective investment schemes, preference

shares, fixed income related structured products, derivatives, deposits with financial institutions

and other forms of investments as may be agreed upon by the Manager and the Trustee from time

to time. The Fund commenced operations on 26 March 2019 and will continue its operations until

terminated by the Trustee in accordance with Part 11 of the Deed.

The objective of the Fund is to provide investors a combination of income and capital growth. Any

material changes to the Fund’s objective would require unit holder’s approval.

The Manager of the Fund is Areca Capital Sdn Bhd, a company incorporated in Malaysia. Its principal

activities are managing private and unit trust funds.

2 BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

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

Reporting Standards (“MFRSs”), International Financial Reporting Standards (“IFRSs”) and

Securities Commission Malaysia’s Guidelines on Unlisted Capital Market Products under the Lodge

and Launch Framework in Malaysia.

3 INVESTMENT

RM At aggregate cost

Redeemable preference shares 20,000,000

At market value


Details of the Redeemable preference shares as of 31 July 2019 are as follows:

Issuer (rating)

maturity/ coupon

(%)

Nominal

Value

Valuation

Price

Aggregate

Cost

Carrying

Value

Fair

Value

Fair Value

as a % of

Net Asset

Value RM RM RM RM RM %

Redeemable Preference

Shares NRK Asset Management

Sdn Bhd 20,000,000 1.00 20,000,000 20,000,000 20,000,000 100.00



13

4 UNITS HELD BY THE MANAGER

As at end of the financial period, the total number and value of units held by the Manager is as

follows:

No. of units RM

The Manager 434,265 434,265

5 NET ASSET VALUE PER UNIT

The net asset value per unit is calculated by dividing the net asset value attributable to unitholders

as of 31 July 2019 of RM20,000,562 by units in issue as of 31 July 2019 of 20,000,000 units.

6 MANAGEMENT FEE

The Schedule 8 of the Deed provides that the Manager is entitled to an annual management fee

at a rate not exceeding 2.50% per annum computed daily on the net asset value of the Fund

before the deduction of the management fee and Trustee’s fee for the relevant day.

7 TRUSTEE’S FEE BORNE BY THE MANAGER

The Schedule 9 of the Deed provides that the Trustee is entitled to an annual Trustee’s fee at rate

not exceeding 0.04% per annum computed daily on the net asset value of the Fund before the

deduction of the management fee and Trustee’s fee for the relevant day.

There is no Trustee’s fee provided for in the financial statements for the financial period as the fee

was borne by the Manager.

8 EXPENSES BORNE BY THE MANAGER

There are no audit fee and tax agent’s fee provided for in the financial statements for the financial

period as the fees were borne by the Manager.

9 INCOME TAX EXPENSE

There is no income tax expense for the period as interest income and dividend income derived by

the Fund are exempted income from tax pursuant to Paragraph 35 and 35A of Schedule 6; and

12B Schedule 6 of the Income Tax Act, 1967.

10 MANAGEMENT EXPENSE RATIO AND PORTFOLIO TURNOVER

Management Expense Ratio (MER)

Management expense ratio for the Fund is 0.88% for the financial period from 26 March 2019

(date of launch) to 31 July 2019. The management expense ratio which includes management fee

and other expenses, is calculated as follows:

MER = (A + B ) ÷ F x 100

A = Management fee

B = Other expenses

F = Average net asset value of Fund

The average net asset value of the Fund for the financial period is RM19,488,718



14

Portfolio Turnover Ratio (PTR)

The portfolio turnover ratio for the Fund is 0.51 times for the financial period from 26 March 2019

(date of launch) to 31 July 2019. The portfolio turnover ratio is derived from the following

calculation:

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

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

Where: total acquisition for the financial period = RM20,000,000

total disposal for the financial period = NIL

11 TRADE WITH BROKERS/DEALERS

Details of transactions with brokers/dealers are as follows:

Brokers/Dealers

Value of

Trades

% of

Total

Trades

RM %

Malayan Banking Berhad 450,000 100.00

Included in transactions with brokers/dealers are trades conducted on normal terms in relation to

money market instruments.

12 RISK MANAGEMENT POLICIES

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Fund seeks to preserve capital as well as to provide investors with medium to long term capital

growth by investing in securities that have potential for capital growth. In order to meet its stated

investment objectives, the Fund utilises risk management for both defensive and proactive

purposes. Rigorous analysis of sources of risk in the portfolio is carried out and the following

policies are implemented to provide effective ways to reduce future risk and enhance future returns

within the Fund’s mandate.

The key risks faced by the Fund are credit risk, liquidity risk, market risk (including price risk) and

capital risk.

Categories of Financial Instruments

RM

Financial assets

Carried at FVTPL:


Amortised costs:

Interest receivable 35


Financial liabilities:

Amortised costs:

Distribution payable 350,000

Accrued management fee 100,000



15

Credit risk management

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for

the Fund by failing to discharge an obligation. The Fund is exposed to the risk of credit-related

losses that can occur as a result of a counterparty or issuer being unable or unwilling to honour

its contractual obligations to make timely repayments of interest, principal and proceeds from

realisation of investments.

The Manager manages the Fund’s credit risk by undertaking credit evaluation and close monitoring

of any changes to the issuer/counterparty’s credit profile to minimise such risk. It is the Fund’s

policy to enter into financial instruments with reputable counterparties.

The Fund’s maximum exposure to credit risk is represented by the carrying amount of each class

of financial assets recognised in the statement of financial position. None of the Fund’s financial

assets were past due or impaired as of 31 July 2019.

The credit risk for cash at bank is considered negligible, since the counterparties are reputable

banks with high quality external ratings.

Liquidity risk management

This risk is defined as the ease with which a security can be sold at or near its fair value depending

on the volume traded on the market. The Fund manages its liquidity risk by maintaining a sufficient

level of liquid assets to meet anticipated payments and cancellations by unit holders. The liquid

assets comprise short-term deposit which is capable of being converted into cash within 7 days.

The table below summarises the maturity profile of the Fund’s liabilities at the reporting date based

on contractual undiscounted repayment obligations:

Up to

1 month

1 - 3

months

3 months

to 1 year

Total

RM RM RM RM

Financial liabilities:

Non-interest bearing

Distribution payable 350,000 - - 350,000 Accrued management fee - 100,000 - 100,000

Market risk management

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

or fund. It is usually due to changes in market variables such as interest rates and markets prices.

This risk cannot be removed from an investment portfolio, which is solely invested within that

particular market, by diversification.

During the current financial period, as the Fund invests only in Malaysian unlisted securities, the

performance of the Fund might go up or down in accordance with the prevailing market risk of

Malaysia.

Price risk management

Price risk is the risk of unfavourable changes in the value of unlisted securities as the result of

changes in the levels of the equity indices. The price risk exposure arises from the Fund’s

investment in unlisted securities. The Manager manages the risk of unfavourable changes in prices

by continuous monitoring of the performance and risk profile of the investment portfolio.



16

Capital risk management

The capital of the Fund is represented by equity consisting of unitholders’ capital and retained

earnings. The amount of equity can change significantly on a daily basis as the Fund is subject to

daily subscriptions and redemptions at the discretion of unitholders. The Fund’s objective when

managing capital is to safeguard the Fund’s ability to continue as a going concern in order to

provide returns for unitholders and benefits for other stakeholders and to maintain a strong capital

base to support the development of the investment activities of the Fund.

13 COMPARATIVE FIGURES

The financial statements are drawn up for the financial period 26 March 2019 (date of launch) to

31 July 2019. As the financial statements are drawn up for the first time, no comparative figures

are presented.

14 QUARTERLY ACCOUNTS

The quarterly accounts for the period ended 31 July 2019 have not been audited.

Kuching Branch1st Floor, Sublot 3, Lot 7998, Block16 KCLD, Cha Yi Goldland, Jalan Tun Jugah / Stutong93350 Kuching, SarawakT 082 572 472

Pulau Pinang Branch368-2-02 Belisa Row, Jalan Burma Georgetown, 10350 Pulau PinangT 604 210 2011 F 604 210 2013· ·

Ipoh Branch11A, (First Floor), Persiaran Greentown 5Greentown Business Centre, 30450 Ipoh, PerakT 605 249 6697 F 605 249 6696·

Melaka Branch95-A, Jalan Melaka Raya 24Taman Melaka Raya, 75000 MelakaT 606 282 9111 F 606 283 9112·

·

·

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