for the 6-month period ended 31 december 2008 · pasaran yang gerunkan ketidakpastian dalam apa-apa...
TRANSCRIPT
For the 6-month period ended 31 December 2008
PRUglobal leaders fund
Inte
rim R
epor
t
Interim Report
--------------------------------------------------------------------------------- 1Customer Service :
03-2332 1000
PRUglobal leaders fund
INTERIM REPORTFor the 6-month period ended
31 December 2008
Customer Service :
03-2332 10002 -------------------------------------------------------------------------------------------------------
A Note from PRU 4
Fund Information 5
Fund Performance 7
Manager’s Report 8
Rebates And Soft Commissions 10
Nota daripada PRU 11
Maklumat Dana 12
Prestasi Dana 14
Laporan Pengurus 15
Rebat dan Komisen Ringan 17
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Statement By Manager 24
Trustee’s Report To The Unitholders
Of Prudential Global Leaders Fund 25
Unaudited Income Statement 26
Unaudited Statement Of Assets
And Liabilities 27
Unaudited Statement Of Changes
In Net Asset Value 28
Unaudited Cash Flow Statement 29
Summary Of Significant
Accounting Policies 30
Notes To The Unaudited Financial
Statements 35
Corporate Directory 47
18
19
20
21
23
保诚之声
基金资料
基金表现 经理人报告
回扣与软性佣金
PRUglobal leaders fund Interim Report
Customer Service :
03-2332 10004 -------------------------------------------------------------------------------------------------------
A Note From PRU
The PRUglobal leaders posted a negative return of 41.10% behind the 31.25% loss from the benchmark
for the financial period ended 31 December 2008. This relative underperformance occurred in what has
been an exceptional time in the history of global stock markets.
The Fund feeds into the M&G Global Leaders Fund, which employs a bottom up investment process to
identify undervalued companies implementing self help strategies to improve their returns bias – in short,
it looks for cheap companies with plans for improvement. This process of internal change, usually involving
management and corporate restructuring, creates a degree of uncertainty around the short-term operating
performance of a company. This in turn often gives rise to a market mis-pricing that the fund seeks to
exploit for long term gain. However, in a market terrified of any sort of uncertainty, this approach faced
an intense headwind in the latter part of 2008.
Despite the obvious doom and gloom, as investors, we need to look forward. We believe that there are
opportunities hidden in any market condition. Ironically, the real opportunities, would lie where investors
most fear to tread – equities. Whilst the losses can be severe during periods of stress like what we are
witnessing presently, stocks would provide opportunity for greater capital appreciation during periods of
economic growth and especially during periods of recovery. Right now with stock prices having come off
significantly, a lot of bad news has already been priced in and values are definitely emerging. If there’s any
time that investors should put their faith in stocks, it would be periods like now.
Having said all this, there are investment strategies that you, as an individual investor, can employ to
weather through these turbulent times. First, is to re-evaluate the risk and return of your portfolio. Do
the funds that you hold still meet your overall financial objectives? You should also consider diversifying
your portfolio – build a balanced asset allocation, and instead of timing the market, dollar cost average.
Although these principles seem all too worn out and clichéd, it still holds true. You can’t hold a portfolio
that’s all equities because the risk of losses is high and you can’t hold a portfolio that’s all fixed income
because it won’t give you the growth that you need to hedge against inflation – especially if your objective
is to invest for your retirement. The challenge is to find a ratio that suites your risk tolerance. And, because
one can’t really time the market and predict when the market would bottom out, dollar cost averaging
is the logical solution.
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PRUglobal leaders fund Interim Report
Fund Information
PRUglobal leaders fund
Feeder/ Growth
The Fund seeks to maximise long term total return (the combination of income
and growth of capital) by investing in the M&G Global Leaders Fund (Target Fund),
which in turn invests in a wide range of global equities that are considered to be
leading in their field.
FTSE World Index
(obtainable from www.ftse.com)
Incidental, on a best effort basis only
As at 31 December 2008, the size of PRUglobal leaders fund stood at 240.083
million units.
Name of Fund
Fund Category/Type
Fund Objective
Fund Benchmark
Fund Income
Distribution Policy
Breakdown of unit
holding by size
300
250
200
150
100
50
0
Fund Size
Uni
ts (M
illio
n)
Jul2008
Aug2008
Sep2008
Oct2008
Nov2008
Dec2008
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Fund Information
Breakdown of unit
holding by sizeUnitholdings
5,000 units and below
5,001 to 10,000 units
10,001 to 50,000 units
50,001 to 500,000 units
500,001 units and above
Total
No. of
Unitholders
80
580
2,985
768
22
4,435
No. of Units*
(‘000)
251
5,430
68,364
83,169
80,344
237,558
%
1.80
13.08
67.30
17.32
0.50
100.00
%
0.11
2.29
28.78
35.01
33.82
100.01
* Exclude units held by the Manager
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PRUglobal leaders fund Interim Report
Fund Performance
The following information is for the financial year ended
30 June 2008
%
98.85 -
98.85 1.71
100.00
118,403 252,776 0.4684 0.5778 0.4268
(15.60)-
(15.60)- -
0.130.24
(15.60)2.32 0.00
Category
Collective investment schemeUnquoted fixed income securities
Cash And Liquid AssetsTotal Net Asset Value (RM’000)Units In Circulation (Units ‘000)Net Asset Value Per Unit (RM)Manager’s Highest NAV (RM)Manager’s Lowest NAV (RM)Total Return (%) - Capital Growth - Income DistributionsAverage Annual Return (%) - One Year (Annualised)Gross Distribution Per Unit (RM)Net Distribution Per Unit (RM)Management Expense Ratio (%)*Portfolio Turnover Ratio (times)* Average Annual ReturnPeriodOne yearTwo yearsThree years
30 June 2007
%
98.29-
98.29 1.70 100.00
214,610 386,695 0.5550 0.5560 0.4278
20.23 -
20.23 - -
0.33 1.00
20.23 0.00 0.00
* The Fund chartered lower MER and PTR in 2008 when compared to 2007. This is due to the calculation of 2007
was made based on 15 months period, i.e. from the Fund’s commencement date on 23 March 2006 to 30 June
2007.
The unit prices of the Fund may go down as well as up and past performance figures shown are not
indicative of future performance.
Customer Service :
03-2332 10008 -------------------------------------------------------------------------------------------------------
PRUglobal leaders fund posted a return of -41.10% (NAV per unit to NAV per
unit) during the financial period under review (1 July -31 December 2008), the
benchmark return was -31.25%. For the longer term since inception, the Fund
registered a negative return of 42.06%, underperformed the benchmark’s
negative return of 34.43%.
Source: Lipper Hindsight 5 and M&G, 31 December 2008
Past performance is no indication of the future performance of the Fund.
Manager’s Report
Fund
Performance
30
20
10
0
(10)
(20)
(30)
(40)
(50)
30
20
10
0
(10)
(20)
(30)
(40)
(50)
PRUglobal leaders fund FTSE World Index (FTWI01)
SI %
Cha
nge
Performance ChartPRUglobal leaders fund Vs FTSE World Index (FTWI01)
Apr2006
Jun2006
Aug2006
Oct2006
Jan2007
Mar2007
May2007
Jul2007
Apr2008
Sep2007
Jun2008
Nov2007
Aug2008
Feb2008
Oct2008
Dec2008
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PRUglobal leaders fund Interim Report
For the period from 1 July to 31 December 2008
* Capital return components:1) Collective Investment Scheme2) Cash and cash equivalents
No distributions or additional units were declared for the financial period ended 31 December 2008.
The Target Fund continued to invest in leading companies worldwide. It is managed on a purely bottom-up stock-picking basis, with no top-down sector, country or currency views imposed or reference made to a benchmark. The Target Fund manager sought out companies undergoing positive internal change leading to improvements in return on capital, such as a new focus on shareholder value creation or efficiency of capital allocation.
There have been no significant changes to the asset allocation since the Fund’s last report.
There have been neither significant change to the state of affairs of the Fund nor any circumstances that materially affect any interests of the unit holders during the period under review (1 July – 31 December 2008).
Asset Allocation
Collective Investment SchemeCash and cash equivalents
30 June 2008
(%)
982
31 December 2008
(%)
991
Changes (%)
1(1)
IncomeReturn
(%)
0.00
Capital Return*
(%)
(41.10)
Total Return(%)
(41.10)
Total Return of Benchmark
(%)
(31.25)
Analysis of Fund Performance
Distribution/unit splits
Investment Strategy During Period Under Review
Asset Allocation
State of Affairs of the Fund
Customer Service :
03-2332 100010 -------------------------------------------------------------------------------------------------------
This report is replicated from M&G’s
report which does not contain the market
report.
REBATES AND SOFT COMMISIONS
The Manager, our delegates and the Trustee are
not entitled to any rebates or to share in any
commission from any broker in consideration
for direct dealings in the investments of the
Funds. Accordingly, any rebates and shared
commissions are directed to the account of
the relevant Funds.
Notwithstanding the aforesaid, the Manager
may receive goods or services by way of soft
commissions provided always that the goods
or services are of demonstrable benefit to the
Funds and that the execution of a transaction is
consistent with the best execution standards.
During the period under review, the Manager
and the Trustee have received soft commissions
from stockbrokers in the form of computer
hardware and software which are incidental
to the investment management of the Fund.
The Manager, our delegates and the Trustee
have not received any rebates or shared any
commissions from any brokers during the same
period under review (1 July – 31 December
2008).
In case of discrepancy between the English, Chinese
and Bahasa Malaysia version of this report, the English
version shall prevail.
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03-2332 1000
PRUglobal leaders fundInterim Report
Nota daripada PRU
Para pelabur yang dihargai,
Dana PRUglobal leaders mencatatkan pulangan negatif sebanyak 41.10%, iaitu lebih rendah berbanding pulangan negatif penanda aras 31.25% bagi tahun kewangan berakhir 31 Disember 2008. Prestasi yang lebih rendah ini terjadi pada masa luar biasa dalam sejarah pasaran saham global.
Dana ini merupakan dana perantara kepada Dana M&G Global Leaders yang menggunakan proses pelaburan dari bawah ke atas bagi mengenal pasti syarikat di bawah nilai yang melaksanakan strategi bantu diri untuk memperbaiki pengaruh pulangan mereka – pendek kata, Dana ini mencari syarikat murah yang mempunyai pelan untuk kemajuan. Proses perubahan dalaman ini, yang biasanya melibatkan penstrukturan semula pengurusan dan korporat , mewujudkan ketidakpastian dalam prestasi kendalian jangka pendek sesebuah syarikat. Ini selalunya menimbulkan salah harga dalam pasaran yang dicari oleh Dana ini untuk dieksploitasi bagi keuntungan jangka masa panjang. Walau bagaimanapun, dalam pasaran yang gerunkan ketidakpastian dalam apa-apa bentuk sekalipun, pendekatan ini menghadapi rintangan hebat dalam bulan-bulan terakhir tahun 2008.
Walau pun keadaan amat sukar dan suram, sebagai pelabur, kita seharusnya memandang ke hadapan. Kami percaya peluang tetap wujud dalam mana-mana keadaan pasaran. Ironiknya, peluang sebenar terkandung dalam ekuiti, yang sangat takut didekati oleh para pelabur. Sungguhpun kerugian boleh menjadi teruk semasa tempoh tertekan seperti yang sedang kita alami, saham mampu memberi peluang tambah nilai modal yang lebih tinggi semasa tempoh pertumbuhan ekonomi dan khususnya semasa tempoh pemulihan. Pada masa ini dengan harga saham yang jatuh mendadak, banyak berita buruk telah diambil kira dan nilai sememangnya kian muncul. Inilah masanya para pelabur patut meletakkan kepercayaan mereka dalam saham.
Dengan tersusunnya kata-kata tersebut, anda sebagai pelabur individu, boleh mengguna pakai strategi pelaburan yang ada untuk menempuhi masa yang bergelora ini. Pertama, menilai semula risiko dan pulangan portfolio anda. Adakah dana-dana dalam pegangan memenuhi objektif kewangan keseluruhan anda? Anda juga harus mempertimbangkan kepelbagaian portfolio anda – membentuk peruntukan aset yang seimbang, dan pemurataan kos ringgit adalah lebih baik daripada menentukan masa yang bersesuaian untuk melabur dalam pasaran. Walaupun prinsip-prinsip ini kelihatan terlalu lusuh dan basi, namun ia tetap berguna. Anda tidak boleh memegang satu portfolio yang kesemuanya ekuiti kerana risiko kerugian adalah tinggi dan anda tidak boleh memegang satu portfolio yang kesemuanya pendapatan tetap kerana ia tidak akan memberikan anda pertumbuhan yang anda perlu untuk melindungi nilai terhadap inflasi – khususnya objektif anda adalah melabur untuk persaraan. Cabaran di sini ialah untuk mencari satu nisbah yang sesuai untuk toleransi risiko anda. Dan, disebabkan kesukaran menentukan masa yang tepat untuk melabur dalam pasaran dan menjangka bila pasaran akan memantul dari paras terendah, pemurataan kos ringgit adalah penyelesaian yang munasabah.
Customer Service :
03-2332 100012 -------------------------------------------------------------------------------------------------------
Maklumat Dana
Dana PRUglobal leaders
Dana Perantara / Pertumbuhan
Dana ini bermatlamat memaksimakan jumlah pulangan jangka panjang
(kombinasi pendapatan dan pertumbuhan modal) dengan melabur ke dalam
Dana M&G Global Leaders (Dana Sasaran) yang mana, ia akan melabur ke dalam
ekuiti global
yang boleh diklasifikasikan sebagai ekuiti yang utama di dalam bidangnya.
Indeks FTSE World
(boleh diperolehi dari www.ftse.com)
Sampingan, berdasarkan prestasi Dana.
Pada 31 Disember 2008, saiz Dana PRUglobal leaders ialah sebanyak 240.083 juta
unit.
Nama Dana
Kategori / Jenis
Dana
Objektif Dana
Tanda Aras Dana
Polisi Pengagihan
Pendapatan Dana
Huraian Pegangan
Unit Mengikut Saiz
DanaSaiz Dana
Uni
t (J
uta)
300
250
200
150
100
50
0Jul
2008Ogos2008
Sep2008
Okt2008
Nov2008
Dis2008
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PRUglobal leaders fundInterim Report
Maklumat Dana
Huraian Pegangan
Unit Mengikut Saiz
DanaPegangan Unit
5,000 unit dan ke bawah
5,001 hingga 10,000 unit
10,001 hingga 50,000 unit
50,001 hingga 500,000 unit
500,001 unit dan ke atas
Jumlah
Jumlah
Pemegang Unit
80
580
2,985
768
22
4,435
Jumlah Unit *
(‘000)
251
5,430
68,364
83,169
80,344
237,558
%
1.80
13.08
67.30
17.32
0.50
100.00
%
0.11
2.29
28.78
35.01
33.82
100.01
* tidak termasuk unit yang dipegang oleh Pengurus.
Customer Service :
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* Dana telah mencatatkan Nisbah Perbelanjaan Pengurusan dan Nisbah Pusing Ganti Portfolio yang
lebih rendah pada 2008 berbanding 2007. Ini adaah disebabkan pengiraan tahun 2007 adalah
berdasarkan tempoh 15 bulan, iaitu pada 23 Mac 2006 berikutan tarikh pelancaran Dana sehingga
30 Jun 2007.
Harga unit Dana boleh naik atau turun dan prestasi masa lalu bukanlah petunjuk prestasi
masa depan.
Prestasi Dana
Maklumat berikutan adalah untuk tahun kewangan berakhir
Kategori
Skim Pelaburan KolektifSekuriti pendapatan tetap tidak tersenarai
Tunai dan Aset CairJumlah
Nilai Aset Bersih (RM’000)Unit Dalam Edaran (‘000 Unit)Nilai Aset Bersih Seunit (RM)NAB Tertinggi bagi Pengurus (RM)NAB Terendah bagi Pengurus (RM)Jumlah Pulangan (%) - Pertumbuhan Modal - Agihan PendapatanPulangan Purata Tahunan (%) - Satu Tahun (Tahunan)Agihan Kasar Seunit (RM)Agihan Bersih Seunit (RM)Nisbah Perbelanjaan Pengurusan (%)*Nisbah Pusing Ganti Portfolio (kali)* Purata Pulangan TahunanTempohSatu TahunDua TahunTiga Tahun
30 June 2008
%
98.85 -
98.85 1.71
100.00
118,403 252,776 0.4684 0.5778 0.4268
(15.60)-
(15.60)- -
0.130.24
(15.60)2.32 0.00
30 June 2007
%
98.29-
98.29 1.70 100.00
214,610 386,695 0.5550 0.5560 0.4278
20.23 -
20.23 - -
0.33 1.00
20.23 0.00 0.00
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PRUglobal leaders fundInterim Report
Dana PRUglobal leaders telah mencatat pulangan -41.10% (pada asas NAB seunit
ke NAB seunit) bagi tempoh tinjauan (1 Julai – 31 Disember 2008), sementara
pulangan penanda aras ialah -31.25%. Bagi tempoh yang lebih panjang iaitu
sejak dilancarkan, Dana telah mencatat pulangan negatif sebanyak 42.06%,
dengan itu membelakangi prestasi penanda arasnya yang mencatat pulangan
negatif sebanyak 34.43%.
Sumber: Lipper Hindsight 5 and M&G, 31 Disember 2008
Prestasi masa lalu Dana ini tidak mencerminkan prestasi masa depannya.
Bagi tempoh dari 1 Julai hingga 31 Disember 2008
*Komponen Pulangan Modal:
1) Skim Kolektif Pelaburan
2) Tunai dan kesetaraan tunai
Laporan Pengurus
Prestasi Dana
Analisis Prestasi Dana
Dana PRUglobal leaders FTSE World Index (FTWI01)
SI %
Cha
nge
Carta PrestasiDana PRUglobal leaders berbanding FTSE World Index (FTWI01)
Apr2006
Jun2006
Ogos2006
Okt2006
Jan2007
Mac2007
Mei2007
Jul2007
Apr2008
Sep2007
Jun2008
Nov2007
Ogos2008
Feb2008
Okt2008
Dis2008
30
20
10
0
(10)
(20)
(30)
(40)
(50)
30
20
10
0
(10)
(20)
(30)
(40)
(50)
Pulangan Pendapatan
(%)
0.00
Pulangan Modal*
(%)
(41.10)
Jumlah Pulangan
(%)
(41.10)
Jumlah Pulangan Tanda Aras
(%)
(31.25)
Customer Service :
03-2332 100016 -------------------------------------------------------------------------------------------------------
Tiada pengagihan pendapatan atau pecahan unit yang diisytiharkan bagi tempoh
dalam tinjauan berakhir 31 Disember 2008.
Dana Sasaran terus melabur dalam syarikat-syarikat utama di seluruh dunia. Ia
diurus dengan dasar pemilihan saham semata-mata berlandaskan pendekatan
bawah-atas (bottom-up), tanpa tinjauan atas-bawah (top-down) sektor
berkenaan, negara atau mata wang, mahupun rujukan kepada satu penanda
aras. Pengurus Dana Sasaran memilih syarikat-syarikat yang menjalani perubahan
dalaman yang positif yang menuju ke arah peningkatan pulangan modal,
contohnya jika ia memberi satu fokus baru ke atas pewujudan nilai pemegang
saham atau kecekapan dalam peruntukan modal.
Tiada perubahan ketara dalam peruntukan aset sejak laporan yang lepas.
Tiada perubahan ketara pada kedudukan hal-ehwal Dana ini mahupun sebarang
keadaan yang memberikan kesan yang ketara kepada kepentingan pemegang
unit dalam tempoh tinjauan (1 Julai – 31 Disember 2008).
Peruntukan Aset
Skim Kolektif Pelaburan
Tunai dan kesetaraan tunai
30 Jun
2008
(%)
98
2
31 Disember
2008
(%)
99
1
Perubahan
(%)
1
(1)
Pengagihan /
Pecahan Unit
Strategi
Pelaburan
Semasa
Tempoh Di
Bawah Kajian
Peruntukan
Aset
Kedudukan
Hal-Ehwal Dana
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PRUglobal leaders fundInterim Report
Laporan ini adalah replikasi daripada
l a p o r a n M & G y a n g m a n a t i d a k
mengandungi laporan pasaran.
REBAT DAN KOMISEN RINGAN
Pengurus dan Pemegang Amanah tidak berhak
menerima sebarang rebat atau berkongsi
sebarang komisen daripada mana-mana broker
sebagai balasan untuk urus niaga langsung
dalam pelaburan Dana-dana. Sehubungan itu,
sebarang rebat dan komisen yang dikongsi itu
akan dimasukkan ke dalam akaun Dana-dana
yang berkaitan. Walau bagaimanapun, Pengurus
boleh menerima barangan atau perkhidmatan
dalam bentuk komisen ringan selagi barangan
dan perkhidmatan itu ternyata bermanfaat
kepada Dana-dana dan pelaksanaan sesuatu
urus niaga itu adalah selaras dengan piawai
pelaksanaan terbaik.
Semasa tempoh di bawah tinjauan (1 Julai – 31
Disember 2008), pengurus telah menerima
komisen ringan daripada syarikat broker saham
dalam bentuk perisian dan perkakasan komputer
yang berkaitan dengan pengurusan pelaburan
Dana. Pengurus, delegasi dan Pemegang
Amanah kami tidak menerima sebarang rebat
atau berkongsi sebarang komisen daripada
mana-mana broker sepanjang tempoh yang
sama di bawah tinjauan.
Laporan kewangan ini adalah terjemahan dari
versi Bahasa Inggeris kepada Bahasa Malaysia.
Jika terdapat percanggahan antara versi
Bahasa Inggeris dan terjemahan versi Bahasa
Malaysia, maka versi Bahasa Inggeris akan
diterima pakai.
Customer Service :
03-2332 100018 -------------------------------------------------------------------------------------------------------
保诚之声
亲爱的投资者,
在截至2008年12月31日的财政期间,保诚全球领导基金报以41.10%的负回酬,表现低于报
31.25%负回酬的基准。低於基准的表现乃因为全球股市陷入史无前例的困境。
本基金联接至M&G全球领导基金,后者采用了自下而上的投资方式以确认运用内部策略改善
回酬偏差的价值低估公司,意即它所寻找的是备有改善计划但估值廉宜的公司。这种内部改革
一般上涉及管理层与公司的重组,在某程度上会对公司的短期营运表现造成影响,从而导致市
场错价的现象;本基金将会投资于这类公司,并在长期内赚利。无论如何,在充斥着不明朗因
素的市场内,有关策略在2008年杪受到严重的冲击。
尽管环境阴霾密布,身为投资者,我们必须向前看。我们相信无论市况如何,其间都会藏有良
机。讽刺的是,真正的良机却在于投资者目前最不想涉足的股票市场。眼前股市的损失无疑惨
重,但在经济复苏及成长的阶段,股票将得以提供更大的资本增值机会。现在的股价大幅滑
跌,而且许多负面因素的影响也已计算在内,其价值因之相当具吸引力。现在是投资者应该对
股票有信心的时刻。
即使如此,身为散户投资者的你,其实可以采用一些投资策略以度过这些艰辛的时段。你必须
先重新评估你投资组合中的风险与回酬。你所持有的基金是否依旧达致你的整体财务目标?你
也应该考虑分散投资 – 作出平衡的资产分配,而且与其臆测市场的时机,不如采用平均成本
法定期定额的投资。也许这些原则看来全过时了,但其内含的真理不变。你不可以将资金全投
资于股票,因为损失的风险很大;你也不可以全投资于固定收益证券,因为其收入成长将无法
在通膨时代产生保值的作用,如果你的投资目标是为退休作准备则这将是个问题。你的挑战是
寻求一个符合你的风险承受度的投资比例。此外,由于我们难以臆测市场的时机,而且也难以
预料市场何时达致谷底,平均成本法乃是最合逻辑的解决方案。
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PRUglobal leaders fund Interim Report
300
250
200
150
100
50
0
基金资料
保诚全球领导基金
积资汇注/ 成长
本基金通过投资在M&G全球领导基金 (目标基金),以取得最高的
长期回酬(结合收益与资本成长)。M&G全球领导基金广泛地投资在
全球股市,并专注于各行各业的领导业者。
金融时报全球指数(FTSE World Index)(资料摘自www.ftse.com)
不定,视基金的最佳表现
截至2008年12月31日,保诚全球领导基金的规模企于2亿4千零83万单位。
基金名称
基金种类/类型
基金目标
基金基准指标
基金收益分配政策
单位持有人分析(根据基金规模)
持有单位
5,000单位及以下
5,001至10,000单位
10,001至50,000单位
50,001至500,000单位
500,001单位及以上
总数
持有人数
80
580
2,985
768
22
4,435
%
1.80
13.08
67.30
17.32
0.50
100.00
单位数目
(‘000)
251
5,430
68,364
83,169
80,344
237,558
%
0.11
2.29
28.78
35.01
33.82
100.01
* 不包括经理人所持有的单位
*
2008年7月
2008年8月
2008年9月
2008年10月
2008年11月
2008年12月
单位(百
万)
基金规模
Customer Service :
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基金表现
截至以下财政年度
种类
集资投资计划
无挂牌固定收益证券
现金与流动性资产总额
净资产值 (RM’000) 流通单位数目 (‘000)每单位净资产值 (RM)经理人的最高净资产值 (RM)经理人的最低净资产值 (RM)总回酬 (%)- 资本成长
- 收益分配
常年平均回酬 (%)- 1年 (常年化)每单位总分配 (RM)每单位净分配 (RM)管理开支比率 (%) *投资组合交易比率 (次数) *
常年平均回酬期限1年2年3年
* 与2007年相比,本基金2008年的管理开支比率及投资组合交易比率较底,因为有关比率自
本基金的生效日(2006年3月23日)开始计算,至2007年6月30日,为期15个月,因此难以
作出比较。
本基金的单位价格会扬升也会走低,而且上述的过往表现数据不可视为未来表现的指标。
2008年6月30日
%
98.85 -
98.85 1.71
100.00
118,403 252,776 0.4684 0.5778 0.4268
(15.60)-
(15.60)- -
0.130.24
(15.60)2.32 0.00
2007年6月30日
%
98.29-
98.29 1.70 100.00
214,610 386,695 0.5550 0.5560 0.4278
20.23 -
20.23 - -
0.33 1.00
20.23 0.00 0.00
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30
20
10
0
(10)
(20)
(30)
(40)
(50)
30
20
10
0
(10)
(20)
(30)
(40)
(50)
在检讨期间(2008年7月1日至12月31日),保诚全球领导基金报以-41.10%
的回酬(每单位净资产值对每单位净资产值),低於报-31.25%的基准指
标回酬。自推介的较长期内,本基金报以42.06%的负回酬,表现低於基准
的-34.43%。
资料来源: Lipper Hindsight 5及M&G,2008年12月31日
基金以往表现不可视为未来表现的指标。
2008年7月1日至2008年12月31日
*资本回酬包括:
1) 集资投资计划
2) 现金与现金等值项目
经理人报告
基金表现
基金表现分析
收益回酬(%)
0.00
资本回酬*(%)
(41.10)
总回酬(%)
(41.40)
基准总回酬 (%)
(31.25)
2006年4月
2006年6月
2006年8月
2006年10月
2007年1月
2007年3月
2007年5月
2007年7月
2008年4月
2008年12月
2007年9月
2008年6月
2007年11月
2008年8月
2008年2月
2008年10月
截至今日的年度%变动
表现图表保诚全球领导基金对基准指标
保诚全球领导基金 基准指标
Customer Service :
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截至2008年12月31日的检讨期间,本基金并没有任何收益分配或单位分拆。
目标基金将继续投资于全球的领先公司。它采用了纯自下而上的股票遴选方
式,不加入自上而下的货币、领域或国家观点,亦不以任何基准作参考。目
标基金的经理人所选择的公司一般有着正面的内部改革,其资本报酬率因之
而得以改善,如股东价值创造方面的新焦点,或资本分配的效率。
资产配置 2008年 2008年
12月31日 6月30日 波幅
(%) (%) (%)
集资投资计划 99 98 1
现金与现金等值项目 1 2 (1)
自从本基金提呈上个报告以来,资产配置没有显著变动。
检讨期间(2008年7月1日至2008年12月31日)本基金状况无任何重大改
变,也未出现任何严重情况足以影响单位持有人利益。
分配/单位分拆
检讨期间的投资
策略
资产配置
基金状况
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此报告乃复制M&G报告,因此不含市场汇
报。
回扣与软性佣金
经理人和信托人在直接交易投资并不享有任
何回扣,或分享任何一位经纪商的佣金。有
鉴于此,任何回扣和佣金分享是直接进入相
关基金的帐户。
除此以外,经理人可接受以软性佣金方式发
给的商品与服务,只要有关商品或服务是证
明对基金有益,且交易的执行是依循最好的
执行标准。
检讨期间(2008年7月1日至12月31日),经理人
接获经纪商以电脑软硬件的形式所支付的软性
佣金。就本基金投资管理方面而言,此属偶发
性质。同期内,经理人与信托人并未接获任何
经纪商所发给的回扣或佣金分享。
此年度报告是从英文版所翻译,如有任何差
别,一切将以英文版为准。
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We, Dato’ Tharmaratnam s/o Kanagaratnam and Mark Toh Chin Hian, two of the Directors of
Prudential Fund Management Berhad, do hereby state that, in the opinion of the Manager, the
financial statements set out on pages 26 to 46 are drawn up in accordance with the provisions of
the Deeds and give a true and fair view of the state of affairs of the Fund as at 31 December 2008
and of its results, changes in net assets attributable to unitholders and cash flows of the Fund for the
6-month financial period ended on that date in accordance with the Financial Reporting Standards,
the MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities and
the Securities Commission’s Guidelines on Unit Trust Funds.
For and on behalf of the Manager,
PRUDENTIAL FUND MANAGEMENT BERHAD
DATO’ THARMARATNAM S/O KANAGARATNAM
DIRECTOR
MARK TOH CHIN HIAN
DIRECTOR
Kuala Lumpur
Date: 26 February 2009
STATEMENT BY MANAGER
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We have acted as Trustee of Prudential Global Leaders Fund (the “Fund”) for the financial period from
01 July 2008 to 31 December 2008. To the best of our knowledge, Prudential Fund Management
Berhad (“the Manager”), has operated and managed the Fund in accordance with the following:
(a) limitations imposed on the investment powers of the management company and the trustee
under the Deed, the securities Commission’s Guidelines on Unit Trust Funds, the Capital Markets
and Services Act 2007, and other applicable laws;
(b) valuation/pricing is carried out in accordance with the Deed and any regulatory requirements;
and
(c) creation and cancellation of units are carried out in accordance with the Deed and any regulatory
requirements.
For HSBC (Malaysia) Trustee Berhad
(Company No. : 001281-T)
MAZIAH YONG
Head, Unit trust
Kuala Lumpur
Date: 26 February 2009
TRUSTEE’S REPORT TO THE UNIT HOLDERS OF PRUDENTIAL GLOBAL LEADERS FUND
Customer Service :
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01.07.2008 01.07.2007 to to 31.12.2008 31.12.2007 Note RM RM
INVESTMENT INCOMERealised (losses)/gains on sale of investments (1,391,572) 4,996,668Net realised gain on foreign currency exchange 490,999 3,692,259Net unrealised losses on foreign currency exchange (8,828,899) (8,861,646)Interest from deposits with licensed financial institutions 22,149 61,174 (9,707,323) (111,545)EXPENSESManagement fee 4 (11,382) (23,778)Trustee’s fee 5 (31,271) (60,966)Auditors’ remuneration (3,176) (3,016)Tax agent’s fee (5,011) (1,408)Administration expenses (17,491) (20,195) (68,331) (109,363) NET LOSS BEFORE TAXATION (9,775,654) (220,908)
TAXATION 6 - -
DECREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (9,775,654) (220,908)
Net loss after taxation is made up of the following: Realised amount (946,755) 8,640,738 Unrealised amount (8,828,899) (8,861,646) (9,775,654) (220,908)
UNAUDITED INCOME STATEMENT
FOR THE 6-MONTH FINANCIAL PERIOD ENDED 31 DECEMBER 2008
The accompanying summary of significant accounting policies and notes to the financial statements
form an integral part of these financial statements.
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2008 2007 Note RM RM INVESTMENTS Collective investment scheme – foreign 7 65,443,842 141,722,033
OTHER ASSETSReceivables 8 8,039 960,072Deposits with licensed financial institutions 9 770,000 2,160,000Cash and bank balances 9 25,858 18,273 803,897 3,138,345TOTAL ASSETS 66,247,739 144,860,378
LIABILITIESPayables 10 12,536 210,048
LIABILITIES (EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS) 12,536 210,048
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 66,235,203 144,650,330
REPRESENTED BYFair value of outstanding units 11 66,235,203 144,650,330
NUMBER OF UNITS IN CIRCULATION 11 240,083,000 279,937,000
NET ASSET VALUE PER UNIT 0.2759 0.5167
UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2008
The accompanying summary of significant accounting policies and notes to the financial statements
form an integral part of these financial statements.
Customer Service :
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01.07.2008 01.07.2007 to to 31.12.2008 to 31.12.2007 Note RM RM
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AT THE BEGINNING OF THE FINANCIAL PERIOD 118,402,564 214,620,257
Movement due to units created and released during the financial period: Creation of units 354,745 339,914 Release of units (5,029,847) (59,078,611) (4,675,102) (58,738,697)Net decrease in net assets attributable to unitholders during the financial periodNet loss after taxation (9,775,654) (220,908)Net change in fair value reserve (37,716,605) (11,010,322) (47,492,259) (11,231,230)NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AT THE END OF THE FINANCIAL PERIOD 11 66,235,203 144,650,330
UNAUDITED STATEMENT OF CHANGES IN NET ASSET VALUEFOR THE 6-MONTH FINANCIAL PERIOD ENDED 31 DECEMBER 2008
The accompanying summary of significant accounting policies and notes to the financial statements
form an integral part of these financial statements.
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01.07.2008 01.07.2007 to to 31.12.2008 to 31.12.2007 Note RM RM
CASH FLOWS FROM OPERATING AND INVESTING ACTIVITIESProceeds from sale of investments 4,147,155 60,086,549Purchase of investments - -Interest received from deposits with licensed financial institutions 22,166 61,092Management fees paid (15,529) (25,011)Trustee’ fees paid (42,117) (79,624)Payment for other fees and expenses (30,191) (26,190)Net cash generated from operating and investing activities 4,081,484 60,016,816
CASH FLOWS FROM FINANCING ACTIVITIESProceeds from creation of units 346,775 213,115Payments for release of units (6,059,410) (62,202,335)Net cash used in financing activities (5,712,635) (61,989,220)
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,631,151) (1,972,404)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL PERIOD 2,427,009 4,150,677
CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL PERIOD 9 795,858 2,178,273
UNAUDITED CASH FLOW STATEMENT
FOR THE 6-MONTH FINANCIAL PERIOD ENDED 31 DECEMBER 2008
The accompanying summary of significant accounting policies and notes to the financial statements form an integral part of these financial statements.
Customer Service :
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR THE 6-MONTH FINANCIAL PERIOD ENDED 31 DECEMBER 2008
The following accounting policies have
been used in dealing with items which are
considered material in relation to the financial
statements.
A BASIS OF PREPARATION OF THE
FINANCIAL STATEMENTS
The financial statements of the Fund
have been prepared under the historical
cost convention in accordance with the
Financial Reporting Standards (“FRS”), the
Malaysian Accounting Standards Board
(“MASB”) Approved Accounting Standards
in Malaysia for Entities Other than Private
Entities and the SC Guidelines on Unit Trust
Funds.
(a) Standards that are effective
During the financial year, the Fund adapted
the following revised FRS issued by MASB
that are relevant and effective for financial
periods beginning 1 January 2008:
• FRS107 CashFlowsStatements
• FRS112 IncomeTaxes
• FRS118 Revenue
• FRS121 TheEffectsofChangesin
Foreign Exchange Rates
• FRS134 InterimFinancialReporting
• FRS137 Provisions,Contingent
Liabilities and Contingent
Assets
The adoption of the above revised FRS does
not have any significant financial impact on
the results of the Fund.
(b) Standards that are not yet effective and
have not been early adopted are as
follows:
The new accounting standards that are
effective for financial periods beginning 1
January 2009 or later periods, but which
the Fund has not early adopted, are as
follows:
• AmendmenttoFRS101:Presentationof
Financial Statements-Capital Disclosures
(effective for accounting periods beginning
on or after 1 january 2009). The amendment
introduces disclosures about the level of
an entity’s capital and how the capital is
managed.
• FRS139FinancialInstruments:Recognition
and Measurement (effective for accounting
periods beginning on or after 1 January
2010). FRS 139 establishes principles for
recognising and measuring financial assets,
financial liabilities and some contracts to
buy and sell non-financial items. Hedge
accounting is permitted only under strict
circumstances. The Fund will apply this
standards when effective;
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B INCOME RECOGNITION
Interest income from short term deposits
is recognised on the accrual basis.
Dividend income from the Underlying Fund
is recognised on the ex-dividend date.
Realised gains and losses on sales of
listed investments are accounted for as
the difference between the net disposal
proceeds and the carrying amount of
investments, determined on a weighted
average cost basis for equities.
C FINANCE COST
Proposed distributions to unitholders
are recognised in the income statement
upon approval by the Board of Directors
of the Manager. The distribution to the
unitholders is recognised as finance cost
in the income statement.
D TAXATION
Current tax expense is determined
according to the Malaysian tax laws of the
jurisdiction in which the Fund operates and
includes all taxes based upon the taxable
profits. Dividend income from foreign
quoted investments is based on the tax
regime of the respective countries that the
Fund invested in.
E PRESENTATION AND FUNCTIONAL CURRENCY
The financial statements are presented
in Ringgit Malaysia, which is the Fund’s
presentation and functional currency.
F INVESTMENTS
Investments are initially recorded at cost,
which include transaction costs, and
subsequently revalued to their fair values
as at the date of the statement of assets
and liabilities.
Valuation of the Underlying Fund shall be
based at the most recent price if a single
price for buying and selling units is quoted.
If separate buying and selling prices are
quoted, valuation shall be at the average
of the two prices provided the buying price
has been reduced by any initial charge
included therein and the selling prices
excludes any exit or redemption charge
attributable thereto. If in the opinion of
the fund manager of M&G Global Leaders
Fund, the price obtained is unreliable or
no recent traded price is available or no
recent price exists, valuation shall be at a
value which, in the opinion of the said fund
manager, is fair and reasonable.
Unrealised gains or losses are transferred
to the fair value reserve included in the net
assets attributable to unitholders and are
not distributable.
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G FOREIGN CURRENCY TRANSLATION
Foreign currency transactions in the Fund
are translated into the functional currency
using the exchange rates prevailing at the
transaction dates. Foreign exchange gains
and losses resulting from the settlement of
such transactions and from the translation
at year-end exchange rates of monetary
assets and liabilities denominated in foreign
currencies are recognised in the income
statement.
The principal closing rates used in the
translation of foreign currencies were as
follows:
Foreign currency 2008 2007
RM RM
1 EURO Dollar 4.8214 4.8207
H CASH AND CASH EQUIVALENTS
For the purpose of the cash flow statement,
cash and cash equivalents comprise cash
and bank balances and deposits that are
readily convertible to known amounts
of cash and which are subject to an
insignificant risk of changes in value.
I CREATION AND CANCELLATION OF UNITS
The Fund issues cancellable units, which
are cancelled at the unitholder’s option
and are classified as financial liability.
Cancellable units can be put back to
the Fund at any time for cash equal to a
proportionate share of the Fund’s net asset
value. The outstanding units is carried at
the redemption amount that is payable
at the balance sheet date if the holder
exercises the right to put the unit back to
the Fund.
Units are created and cancelled at the
holder’s option at prices based on the
Fund’s net asset value per unit at the time
of creation or cancellation. The Fund’s net
asset value is calculated by dividing the
net assets attributable to unitholders with
the total number of outstanding units.
In accordance with the SC Guidelines on
Unit Trust Funds, investment positions are
valued based on the last traded market
price for the purpose of determining the
net asset value per unit for creations and
cancellations.
J PROCEEDS AND PAYMENTS ON CREATION AND CANCELLATION OF UNITS
The net asset value per unit is computed
for each dealing day. The price at which
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units are created or cancelled is calculated
by reference to the net asset value per unit
as at the close of business on the relevant
dealing day. Units in the Fund are classified
as financial liability in the statement of net
assets and liabilities and are stated at fair
value representating the price at which
unitholders can redeem the units from the
Fund.
K AMOUNT DUE FROM/(TO) STOCKBROKERS
Amount due from/(to) stockbrokers is
carried at approved transaction amount
as stated in the contract notes.
L SEGMENTAL INFORMATION
A business segment is a group of assets and
operations engaged in providing products
or services that are subject to risks and
returns that are different from those of
other business segments. A geographical
segment is engaged in providing products
or services within a particular economic
environment that are subject to risks and
returns that are different from those of
segments operating in other economic
environments. In the opinion of the
Manager, all activities of the Fund are
in the single business of investment
activities conducted mainly in England
and Wales. Consequently, no segmental
reporting is provided in the Fund’s financial
statements.
M FINANCIAL INSTRUMENTS
Financial instruments comprise financial
assets and financial liabilities. Fair value is
the amount at which a financial asset could
be exchanged or a financial liability settled,
between knowledgeable and willing
parties in an arm’s length transaction. The
information presented herein represents
the estimates of fair values as at the
statement of assets and liabilities date.
Where available, quoted and observable
market prices are used as the measure
of fair values. Where such quoted and
observable market prices are not available,
fair values are estimated based on a
range of methodologies and assumptions
regarding risk characteristics of various
financial instruments, discount rates,
estimates of future cash flows and other
factors. Changes in the uncertainties and
assumptions could materially affect these
estimates and the resulting fair value
estimates.
A range of methodologies and assumptions
had been used in deriving the fair values of
the Fund’s financial instruments as at the
statement of assets and liabilities date. The
total fair value of each financial instrument
is not materially different from the total
carrying value.
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The fair values are based on the following
methodologies and assumptions:
(a) Short term deposits
For deposits and placements with financial
institutions with maturities of less than three
months, the carrying value is a reasonable
estimate of fair value. For deposits and
placements with maturities three months
and above, estimated fair value is based
on discounted cash flows using prevailing
money market interest rates at which
similar deposits and placements would
be made with financial institutions of
similar credit risk and remaining period to
maturity.
(b) Collective investment scheme
The valuation of each unit or share in
any collective investment scheme will be
based on the last published NAV per unit
or share of such collective investment
scheme or, if unavailable, on the average
of the last published buying price and the
last published selling price of such unit or
share (excluding any sales charge included
in such selling price).
(c) Other short term financial instruments
Other short term financial instruments
comprise interest receivable, dividends
receivable, receivables, payables and
accruals.
The carrying value of these assets and
liabilities are assumed to approximate their
fair value due to short tenure of less than
one year.
N CRITICAL ACCOUNTING ESTIMATES
AND JUDGEMENTS
The preparation of financial statements in
conformity with the Financial Reporting
Standards and the SC Guidelines on
Unit Trust Funds requires the use of
estimates and assumptions that affect the
reported amounts of assets and liabilities
at the date of the financial statements
and the reported amounts of revenues
and expenses during the financial year.
Although these estimates are based on
the Manager’s best knowledge of current
events and actions, actual results could
differ from those estimates.
Estimates and judgments are continually
evaluated by the Manager and the Trustee
and are based on historical experience
and other factors, including expectations
of future events that are believed to be
reasonable under the circumstances.
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NOTES TO THE UNAUDITED FINANCIAL STATEMENTSFOR THE 6-MONTH FINANCIAL PERIOD ENDED 31 DECEMBER 2008
1 INFORMATION ON THE FUND
Prudential Global Leaders Fund (“the
Fund”) was constituted pursuant to the
execution of a Master Deed (“the Deed”)
dated 6 March 2006 between HSBC
(Malaysia) Trustees Bhd (“the Trustee”)
and Prudential Fund Management Berhad
(formerly known as Prudential Unit Trusts
Berhad) (“the Manager”).
The Fund commenced operations on
23 March 2006 and will continue its
operations until terminated by the Trustee
as provided under Part 12 of the Deed.
The main objective of the Fund is to seek
to maximise long term total return (the
combination of income and growth of
capital) by investing in the M&G Global
Leaders Fund, which in turn invests in
a wide range of global equities that are
considered to be leading in their field.
All investments will be subject to the SC
Guidelines, the SC requirements, the Deed,
except where exemptions or variations
have been approved by the SC, internal
policies and procedures and the Fund’s
objective.
The Manager is a company incorporated
in Malaysia and is related to Prudential
Plc., a public listed company in the
United Kingdom. The principal activity
of the Manager is the establishment,
management and distribution of unit trust
funds.
2 FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES
The Fund is exposed to a variety of risks
which include market risk, stock/issuer risk,
liquidity risk, interest rate risk and credit/
default risk.
Financial risk management is carried out
through internal control processes adopted
by the Manager and adherence to the
investment restrictions as stipulated by the
SC Guidelines on Unit Trust Funds.
Market risk
This risk refers to changes and developments
in regulations, politics and the economy of
the country. The very nature of a unit trust
fund, however, helps mitigate this risk. The
Underlying Fund that is the M&G Global
Leaders Fund would generally hold a well-
diversified portfolio of securities from
different market sectors that the collapse of
Customer Service :
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any one security or any one market sector
would not impact too greatly on the value
of the M&G Global Leaders Fund.
Single security risk
The fund essentially invests in a single
security, which is the M&G Global Leaders.
The feeder fund mitigates single securities
risk by investing in a diversified portfolio of
equities.
This risk is associated with a feeder fund
that essentially invests in a single security,
which is the M&G Global Leaders Fund in
this case. The M&G Global Leaders Fund,
by investing in a diversified portfolio of
equities helps to mitigate this single
security risk.
Foreign exchange/currency risk
As the Underlying Fund, M&G Global
Leaders Fund may invest its assets in
securities denominated in a wide range
of currencies other than Ringgit Malaysia,
the NAV of the M&G Global Leaders
Fund expressed in Euro may be affected
favourably or unfavourably by exchange
control regulations or changes in the
exchange rates between Euro and such
other currencies. This risk is minimized
through investing in a wide range of
foreign currencies denominated assets and
thus, diversifying the risk of single currency
exposure. It also minimizes the foreign
exchange/currency risk between Ringgit
Malaysia (the Fund) and Euro (the M&G
Global Leaders Fund).
In the normal course of investment, the
M&G Global Leaders Fund will usually
not hedge foreign currency exposure.
The M&G Global Leaders Fund may
however depending on prevailing market
circumstances at a particular point in time,
choose to use forward or option contracts
for hedging and risk reduction purposes.
Similarly, the Fund shall not hedge foreign
currency exposure.
Country risk
The NAV of the M&G Global Leaders Fund
may be affected by uncertainties such as
currency fluctuations, international political
developments, restrictions on foreign
investment and currency repatriation,
changes in governmental policies, changes
in taxation and other developments in
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the laws and regulations of countries
in which investment may be made. In
addition, the reduced availability of public
information, the legal infrastructure and
the lack of uniform accounting, auditing
and financial reporting standards or other
regulatory practices and requirements may
reduce the degree of investor protection
afforded. Some of the securities may
also be subjected to government taxes
or incur higher custodian expenses which
may reduce the yield on such securities.
Investing into various markets will however
mitigate the country risk of the portfolio.
Liquidity risk
The Fund maintains sufficient level of
liquid assets, after consultation with the
Trustee, to meet anticipated payments and
cancellations of units by unitholders. Liquid
assets comprise cash, deposits with licensed
financial institutions and other instruments
which are capable of being converted into
cash within 7 days. The Fund has a policy
of maintaining a minimum level of one
percent (1%) of liquid assets to reduce the
liquidity risk.
Interest Rate Risk
The Fund is exposed to interest rate
risk. To the extent the Fund invests in
the Underlying Fund, it is exposed to
the risk of interest rate changes. If the
markets’ interest change, the price of
these securities may be deeply affected
and this applies to a greater degree if the
Underlying Fund holds securities with high
correlation to the interest rates. Changes
in interest rates will affect the value of the
investments and its returns. To manage
the risk, investments will be concentrated
in investment grade issues by financial
institutions and companies determined by
the Manager.
Interest rate risk is a general economic
indicator that will have an impact on the
management of the fund. The reason for
this is because a high level of interest rates
will inevitably affect corporate profits and
this will have an impact on the value of
investments.
As at the date of the statement of assets
and liabilities, the net asset value of the
Fund can be analysed into interest and
non-interest bearing balances, as follows:
Customer Service :
03-2332 100038 -------------------------------------------------------------------------------------------------------
TotalRM
65,443,842
770,00025,858
-
7,97069
-65,247,739
(7,387)
(1,325)
(3,824)(12,536)
As at 31 December 2008
AssetsCollective Investment Scheme-ForeignDeposits with licensed institutionsCash and bankAmount due from stockbrokersAmount due from ManagerOther receivablesTax recoverable
LiabilitiesOther payables and accrualsAmount due to managerAmount due to trustee
Total interest sensitivity gap
Up to1 year
RM
-
770,000-
-
---
770,000
-
-
--
770,000
1 year but not
morethan
2 yearsRM
-
--
-
----
-
-
--
-
2 years but not
morethan
3 yearsRM
-
--
-
----
-
-
--
-
3 years but not
morethan
4 yearsRM
-
--
-
----
-
-
--
-
Interest rate risk (continued)
4 years but not
more than
5 yearsRM
-
--
-
----
-
-
--
-
More than
5 yearsRM
-
--
-
----
-
-
--
-
Non-interestbearing
RM
65,443,842
-25,858
-
7,97069
-65,477,739
(7,387)
(1,325)
(3,824)(12,536)
65,465,203
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TotalRM
141,722,033
2,160,00018,273
833,075
126,799198
-144,860,378
(7,223)
(194,083)
(8,742)(210,048)
As at 31 December 2007
AssetsCollective Investment Scheme-ForeignDeposits with licensed financial institutionsCash and bank Amount due from stockbrokersAmount due from ManagerInterest receivablesTax recoverable
LiabilitiesOther payables and accrualsAmount due to managerAmount due to trustee
Total interest sensitivity gap
Up to1 year
RM
-
2,160,000-
-
---
2,160,000
-
-
--
2,160,000
1 year but not
morethan
2 yearsRM
-
--
-
----
-
-
--
-
2 years but not
morethan
3 yearsRM
-
--
-
----
-
-
--
-
3 years but not
morethan
4 yearsRM
-
--
-
----
-
-
--
-
Interest rate risk (continued)
4 years but not
more than
5 yearsRM
-
--
-
----
-
-
--
-
More than
5 yearsRM
-
--
-
----
-
-
--
-
Non-interestbearing
RM
141,722,033
-18,273
833,075
126,799198
-142,700,378
(7,223)
(194,083)
(8,742)(210,048)
142,490,330
Customer Service :
03-2332 100040 -------------------------------------------------------------------------------------------------------
2 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) The weighted average interest rate of deposits placement with licensed banks per annum at the
date of statement of assests and liabilities are as follows:
2008 2007 %p.a %p.a
Deposits with licensed banks 3.27 3.35
The deposits have an average maturity of less than 1 year.
Credit risk
Credit risk refers to the ability of an issuer or a counter party to make timely payments of interest, principlas and proceeds from realisation of investments.
The credits risk arising from placements of deposits in licensed financial institutions is managed by ensuring that the Fund will only place deposits in reputable licensed financial institutions. For amount due from stockbrokers, the settlement terms are governed by the relevant rules and regulations as prescribed by Bursa Securities. The settlement terms of the proceeds from the creation of units receivable from the Manager are governed by the Securities Commission’s
Guidelines on Unit Trust Funds.
As at 31 December 2008
Trust
Others
As at 31 December 2007
Trust
Others
Cashbalance
anddeposits
RM
-795,858795,858
-2,178,2732,178,273
Amountdue from
stockbrokersRM
---
-833,075833,075
Collectiveinvestment
schemeRM
65,443,842-
65,443,842
141,722,033-
141,722,033
Other assets
RM
- 8,0398,039
-126,997126,997
Total
RM
65,443,842
803,897
66,247,739
141,722,033
3,138,345
144,860,378
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3 NET ASSETS ATTRIBUTBALE TO UNITHOLDERS
In accordance with the provisions of the Fund’s Deed, quoted investments are stated at the last traded price on the valuation date for the purpose of determining the net asset value per unit for creations and cancellations and for various fee calculation. Net assets attributable to unitholders represent a liability in the balance sheet, carried at the redemption amount that would be payable at the balance sheet date if the unitholder exercised the right to redeem unit of the Fund.
4 MANAGEMENT FEE
In accordance with the Deed, the Manager is entitled to a management fee at a rate of 1.75% (2007: 1.75%) per annum on the net asset value of the Fund accrued on a daily basis for the financial period.
Rebates of management fee relate to the rebate for investing in M&G Global Leaders Fund .The rebates is 1.75% per annum calculated on net asset value of M&G Global Leaders Fund on a daily basis.
5 TRUSTEE’S FEE
In accordance with the Deed, the Trustee is entitled to a fee at a rate of 0.07% per annum on the net asset value of the Fund accrued on a daily basis for the financial period subject to a minimum fee of RM18,000 per annum.
6 TAXATION 01.07.2008 01.07.2007 to to 31.12.2008 to 31.12.2007 RM RM
Current taxation - -
The numerical reconciliation between net income before taxation multiplied by the Malaysian statutory tax rate and tax expense of the Fund is as follows:
Net loss before taxation (9,775,654) (220,908)
Tax at Malaysia statutory rate of 26% (2007: 27%) (2,541,670) (59,645) Tax effects of: Income not subject to tax (5,759) 30,117 Net realised loss on sale of investments not subject to tax 2,529,663 - Expenses not deductible for tax purposes 17,766 29,528 Tax expense - -
Customer Service :
03-2332 100042 -------------------------------------------------------------------------------------------------------
7 COLLECTIVE INVESTMENT SCHEME - FOREIGN
Market value as at 31.12.2008 expressed as Market percentage Aggregate value as at of value of Name of counter Quantity cost 31.12.2008 Fund RM RM %
M & G Global Leaders Fund 1,783,655 111,153,196 65,443,842 98.81
Market value as at 31.12.2007 expressed as Market percentage Aggregate value as at of value of Name of counter Quantity cost 31.12.2007 Fund RM RM %
M & G Global Leaders Fund 2,044,426 127,395,955 141,722,033 97.98
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8 OTHER RECEIVABLES
2008 2007 RM RM
Amount due from Brokers - 833,075 Amount due from Manager: - creation 7,970 126,799 Interest receivable from deposits with licensed financial institutions 69 198 8,039 960,072
9 CASH AND CASH EQUIVALENTS
2008 2007 RM RM
Cash and bank balances - local 25,858 18,273 Deposit with licensed bank 770,000 2,160,000 795,858 2,178,273
10 PAYABLES
2008 2007 RM RM
Amount due to Manager: - management fee 1,325 3,569 - release of units - 190,514 Amount due to Trustee 3,824 8,742 Auditors’ remuneration 3,176 3,016 Tax agent’s fee 4,211 4,207 12,536 210,048
Customer Service :
03-2332 100044 -------------------------------------------------------------------------------------------------------
11 NUMBER OF UNITS IN CIRCULATION AND NET ASSETS ATTRIBUTABLE TO UNITHOLDERS
Financial period ended Financial period ended
31.12.2008 to 31.12.2007
Units RM Units RM
As at the beginning of the
financial period 252,776,000 118,402,564 386,695,000 214,620,257
Creation during the
financial period 1,139,000 354,745 636,000 339,914
Release during the
financial period (13,832,000) (5,029,847) (107,394,000) (59,078,611)
Net decrease in net assets
attributable to unitholders - (9,775,654) - (220,908)
Net charge in fair value
reserve - (37,716,605) - (11,010,322)
As at the end of the
financial period 240,083,000 66,235,203 279,937,000 144,650,330
Approved size of Fund 1,050,000,000 1,050,000,000
In accordance with the Deed, the Manager may increase the size of the Fund from time to time
with the approval of the Trustee and the SC. The maximum number of units that can be issued
out for circulation by the Fund is 1,050,000,000. As at 31 December 2008, the number of units
not yet issued by the Fund is 809,917,000 (2007: 770,063,000).
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12 TRANSACTIONS WITH BROKERS/DEALERS
Details of transactions with all brokers/dealers are as follows:
Value Percentage
of trade of total trades
Name of brokers/dealers RM %
Financial period ended 31 December 2008
M & G International Investment Limited 4,160,380 100.00
4,160,380 100.00
Financial period ended 31 December 2007
M & G International Investment Limited 58,025,321 100.00
58,025,321 100.00
The brokers/dealers highlighted above are not related to the Manager.
There are no brokerage fees charged by the brokers/dealers.
Customer Service :
03-2332 100046 -------------------------------------------------------------------------------------------------------
13 UNITS HELD BY THE MANAGER AND PARTIES RELATED TO THE MANAGER
The related parties of and their relationship with the Fund are as follows:
Related parties Relationship
Prudential Fund Management Berhad The Manager
2008 2007 Units RM Units RM
Manager - Prudential Fund Management Berhad. 2,524,361 696,471 2,452,506 1,267,210
Director of the manager - Mark Toh Chin Hian 428,432 118,204 428,432 221,371
The above units were transacted at the prevailing market price.
No units held by the Director of the Manager.
14 SEGMENT INFORMATION
Segmental information has been provided by virtue of disclosing the investments undertaken
by the Fund by industry sector and country as disclosed in Note 7 to the financial statements.
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THE MANAGER
NAME
PRUDENTIAL FUND MANAGEMENT BERHAD
COMPANY NO.
531241-U
REGISTERED OFFICE
18th Floor, Wisma Sime Darby,
Jalan Raja Laut,
50350 Kuala Lumpur
HEAD OFFICE
Level 12, Menara Prudential
10, Jalan Sultan Ismail
50250 Kuala Lumpur
TELEPHONE NO.
03-2052 3388
FAX NO.
03-2170 0399
WEBSITE
www.prudential.com.my
THE TRUSTEE
NAME
HSBC (MALAYSIA) TRUSTEE BERHAD
COMPANY NO.
001281-T
REGISTERED OFFICE/
HEAD OFFICE
Suite 901
9th Floor, Wisma Hamzah-Kwong Hing
No.1 Leboh Ampang
50100 Kuala Lumpur
TELEPHONE NO.
03-2074 3200
FAX NO.
03-2078 0145
THE TRUSTEE’S DELEGATE (Local)
NAME
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED (as Custodian)
and assets held through HSBC NOMINEES
(TEMPATAN) SDN BHD
COMPANY NO.
258854-D
REGISTERED OFFICE / HEAD OFFICE
No. 2 Leboh Ampang
50100 Kuala Lumpur
Corporate Directory
Customer Service :
03-2332 100048 -------------------------------------------------------------------------------------------------------
TELEPHONE NO.
03 – 2070 0744
FAX NO.
03 – 2070 6944
THE TRUSTEE’S DELEGATE (Foreign)
NAME
HSBC INSTITUTIONAL TRUST SERVICES (ASIA)
LIMITED
REGISTERED OFFICE / HEAD OFFICE
6th Floor, Tower One
HSBC Centre
1 Sham Mong Road
Kowloon, Hong Kong
TELEPHONE NO.
852 – 2533 6333
FAX NO.
852 – 2533 6120
BOARD OF DIRECTORS
1. Dato’ Tharmaratnam a/l Kanagaratnam
(independent)
2. Ho Yik (independent)
3. Tan Sri Datuk Abdul Rahim bin Haji Din
(non-independent)
4. Mark Toh Chin Hian (non-independent)
5. Julian Christopher Vivian Pull
(non-independent)
INVESTMENT COMMITTEE
1. Ho Yik (independent)
2. Robert Yap Yen Choon (independent)
3. Mark Toh Chin Hian (non-independent)
4. Tan Sri Datuk Abdul Rahim bin Haji Din
(non-independent)
AUDIT & COMPLIANCE COMMITTEE
1. Dato’ Tharmaratnam a/l Kanagaratnam
(independent)
2. Ho Yik (independent)
COMPANY SECRETARIES
NAME
JENNIFER CHEONG NGEI FAAN (BC/C/049)
CHEONG CHOOI KEAT (MAICSA 7036394)
ADDRESS
RDL Corporate Services Sdn Bhd
18th Floor, Wisma Sime Darby
Jalan Raja Laut
50350 Kuala Lumpur
TELEPHONE NO.
03 - 2694 9999
AUDITORS FOR THE MANAGER
NAME
KPMG
ADDRESS
Level 10, KPMG Tower
8 First Avenue, Bandar Utama
47800 Petaling Jaya
Selangor
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TELEPHONE NO.
03-7721 3388
AUDITORS & REPORTING ACCOUNTANTS FOR THE FUND
NAME
PRICEWATERHOUSECOOPERS
ADDRESS
Level 10, 1 Sentral
Jalan Travers
Kuala Lumpur Sentral
P O Box 10192
50706 Kuala Lumpur
TELEPHONE NO.
03- 2173 1188
TAXATION ADVISER FOR THE FUND
NAME
PRICEWATERHOUSECOOPERS TAXATION
SERVICES SDN BHD
ADDRESS
Level 10, 1 Sentral
Jalan Travers
Kuala Lumpur Sentral
P O Box 10192
50706 Kuala Lumpur
TELEPHONE NO.
03- 2173 1188
SOLICITORS
NAME
RAJA, DARRYL & LOH
ADDRESS
18th Floor, Wisma Sime Darby
Jalan Raja Laut
50350 Kuala Lumpur
TELEPHONE NO.
03 - 2694 9999
PRINCIPAL BANKERS
NAME
MALAYAN BANKING BERHAD
ADDRESS
100, Jalan Tun Perak
50050 Kuala Lumpur
TELEPHONE NO.
03 - 2070 8833
NAME
STANDARD CHARTERED BANK MALAYSIA
BERHAD
ADDRESS
No. 2, Jalan Ampang
50450 Kuala Lumpur
TELEPHONE NO.
03 - 2074 4309
Customer Service :
03-2332 100050 -------------------------------------------------------------------------------------------------------
NAME
HSBC BANK MALAYSIA BERHAD
ADDRESS
No. 2, Leboh Ampang
50100 Kuala Lumpur
TELEPHONE NO.
03 - 2070 0744
SALE & PURCHASE OF UNITS
Prudential Fund Management Berhad
Level 12, Menara Prudential
10, Jalan Sultan Ismail
50250 Kuala Lumpur
GENERAL TEL NO.
03-2052 3388
GENERAL FAX NO.
03-2070 6129
BRANCHES
BRANCH
Bandar Sri Damansara
No. 9-2, Jalan Damar SD15/1
Bandar Sri Damansara
52200 Kuala Lumpur
TELEPHONE NO.
03-6279 5888
BRANCH
Kota Kinabalu
Suite E3, 9th Floor
CPS Tower, Centre Point Sabah
No. 1, Jalan Centre Point
88000 Kota Kinabalu, Sabah
TELEPHONE NO.
088-238613
ENQUIRIES
CUSTOMER SERVICE
03-2332 1000
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Customer Service :
03-2332 100052 -------------------------------------------------------------------------------------------------------
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Prudential Fund Management Berhad (531241-U) Level 12, Menara Prudential, 10 Jalan Sultan Ismail, 50250 Kuala Lumpur.
General Tel No.: 03-2052 3388 General Fax No.: 03-2070 6129 Customer Service: 603-2332 1000 Customer Service Fax No.: 603-2026 5577
Email: [email protected]
website: www.prudential.com.my