pmb shariah dividend fund · 2020-06-30 · mansoor bin ahmad nik mohamed zaki bin nik yusoff prof....

PMB SHARIAH DIVIDEND FUND

ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020

Islamic Fund Management Company (IFMC)

ANNUAL REPORT - PMB SHARIAH DIVIDEND FUND

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Dear Unitholder,

MOVING TOWARDS ELECTRONIC COMMUNICATION. We wish to inform that you have been automatically enrolled to receive funds‘ reports via electronic medium effective 31 March 2018. You will receive a notification by SMS/email when the funds‘ report is ready for download on our website at www.pmbinvestment.com.my. Please note that the report will be available to view and download from our website until next financial report. Please inform us in writing if you do not wish to receive the documents electronically. Should you have any queries or need further clarification, please do not hesitate to contact our Investor Relation Careline at 03-2785 9900 or email at [email protected] Thank you.

mailto:[email protected]


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Dear Valued Customer

PMB INVESTMENT BERHAD – PRIVACY NOTICE UNDER PERSONAL DATA PROTECTION ACT 2010

Effective from 15 November 2013, the Personal Data Protection Act 2010

(PDPA) was introduced to regulate the personal data processed in

commercial transactions.

PMB INVESTMENT BERHAD respects and is committed to the protection of

your personal information and your privacy. This Personal Data Protection

Notice explains how we collect and handle your personal information in

accordance with the Malaysian Personal Data Protection Act 2010.

Please note that PMB INVESTMENT BERHAD may amend this Personal

Data Protection Notice at any time without prior notice and will notify you

of any such amendment via our website or by email.

Privacy Notice content involves matters concerning the processing of your

personal information by us in connection with your investment account

and/or services with us. Please take time to read and take note of the

contents of the Privacy Notice in effect.

If you would like to access your personal information, please refer to our

Personal Data Access @ www.pmbinvestment.com.my and/or visit our

offices whether head office or other branches.

If you would like to obtain further information, please do not hesitate to

contact us at Customer Care Line 03-2785 9900.

http://www.pmbinvestment.com.my/


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MANAGER PMB INVESTMENT BERHAD (A member of Pelaburan MARA Berhad)

HEAD OFFICE Level 20, 1 Sentral

Jalan Rakyat, Kuala Lumpur Sentral

Peti Surat 10701

50722 Kuala Lumpur

Tel: (03) 2785 9800 Fax: (03) 2785 9901

E-mail: [email protected]

Website: www.pmbinvestment.com.my BOARD OF DIRECTORS Dato‘ Sri Hj Abd Rahim bin Hj Abdul

Prof. Dr. Faridah binti Hj Hassan

Mansoor bin Ahmad

Nik Mohamed Zaki bin Nik Yusoff

Najmi bin Haji Mohamed

YM Tengku Ahmad Badli Shah bin Raja Hussin

CHIEF EXECUTIVE OFFICER Najmi bin Haji Mohamed COMPANY SECRETARIES Mohd Shah Bin Hashim (BC/M/148)

INVESTMENT COMMITTEE MEMBERS Mansoor bin Ahmad

Nik Mohamed Zaki bin Nik Yusoff

Prof. Dr. Mohamed Aslam bin Mohamed Haneef TRUSTEE CIMB ISLAMIC TRUSTEE BERHAD

SHARIAH ADVISER BIMB SECURITIES SDN BHD

AUDITORS JAMAL, AMIN & PARTNERS

CORPORATE INFORMATION




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TABLE OF CONTENTS

1. FUND INFORMATION 6

1.1 FUND NAME 6

1.2 DATE OF LAUNCH 6

1.3 FUND CATEGORY/TYPE 6

1.4 FUND INVESTMENT OBJECTIVE 6

1.5 FUND PERFORMANCE BENCHMARK 6

1.6 FUND DISTRIBUTION POLICY 6

1.7 UNIT HOLDINGS AS AT 31 MARCH 2020 6

2. FUND PERFORMANCE DATA 7 – 8

2.1 PORTFOLIO COMPOSITION 7

2.2 PERFORMANCE DETAILS 7 - 8

3. MANAGER’S REPORT 9 – 16

3.1 FUND PERFORMANCE 9

3.2 INCOME DISTRIBUTION/UNIT SPLIT 9

3.3 POLICY AND INVESTMENT STRATEGY 10

3.4 ALLOTMENT OF FUND ASSETS 10


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TABLE OF CONTENTS 3.5 ECONOMIC REVIEW 11 - 12

3.6 EQUITY MARKET REVIEW 13 - 15

3.7 MONEY MARKET REVIEW 15 - 16

3.8 INTEREST OF UNIT HOLDERS 16

3.9 SOFT COMMISSIONS AND REBATES 16

4. TRUSTEE’S REPORT 27 5. SHARIAH ADVISER’S REPORT 28 6. STATEMENT BY MANAGER 29 7. AUDITOR’S REPORT 30 – 33 8. FINANCIAL STATEMENT 34 – 66 9. BUSINESS INFORMATION NETWORK 67 – 70 10. INFORMATION OF INVESTOR RELATION 71

11. INVESTOR PROFILE UPDATE FORM 72


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1. FUND INFORMATION

1.1 FUND NAME

PMB Shariah Dividend Fund - PMB SDF

1.2 DATE OF LAUNCH The Fund was launched on 21 July 2008 and began operating on 11

August 2008.

1.3 FUND CATEGORY/TYPE

Equity (Shariah)/Income

1.4 FUND INVESTMENT OBJECTIVE To provide investors with an opportunity to gain consistent and stable

income stream that is potentially higher than the average fixed deposit rates.

1.5 FUND PERFORMANCE BENCHMARK

FTSE Bursa Malaysia EMAS Shariah Index (FBMSHA).

1.6 FUND DISTRIBUTION POLICY The distribution is annually. The distribution of income, if any, will be made

in the form of cash or additional units.

1.7 UNIT HOLDINGS AS AT 31 MARCH 2020

Size of Holdings No. of Unit Holders % No. of Units

Held %

5,000 and below 835 30.20 1,371,949.46 1.14

5,001 - 10,000 375 13.56 2,731,875.03 2.27

10,001 - 50,000 1,085 39.24 27,112,074.10 22.48

50,001 - 500,000 456 16.49 53,754,555.12 44.58

500,001 and above 14 0.51 35,606,176.00 29.53

Total 2,765 100 120,576,629.71 100

* Note: Excluding manager’s unit


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2. FUND PERFORMANCE DATA 2.1 PORTFOLIO COMPOSITION

2.2 PERFORMANCE DETAILS

* Source: Lipper

^ Distribution is in the form of units

Past performance is not necessarily indicative of future performance,

unit prices and investment returns may fluctuate.

31 March SECTOR 2020 2019 2018 Main Market: % % %

Consumer Product & Services 23.34 22.91 14.54

Construction 4.89 - -

Financial Services - 6.62 -

Healthcare 6.40 9.49 -

Industrial Products & Services 17.24 20.79 31.66

Plantation - 3.21 -

Property - 8.26 8.73

Islamic Real Estate Investment Trust (REIT) 6.32 - -

Technology 3.94 14.82 15.68

Telecommunication & Media 5.81 - -

Trading & Services - - 18.35

Transportation & Logistics 10.17 - -

Utilities 5.57 9.32 -

Islamic Deposits & others 16.32 4.58 11.04

Total 100.00 100.00 100.00

31 March 2020 2019 2018 Net Asset Value (NAV) - xD (RM‘000) 22,595 28,669 28,612

Unit in circulation (‘000) 120,577 115,257 109,862

NAV per unit - xD (RM) 0.1874 0.2487 0.2604

NAV per unit - xD: Highest (RM) 0.2585 0.2832 0.3164

NAB Seunit - xD: Lowest (RM) 0.1653 0.2421 0.2604

Total Return * (%) (24.65) (2.57) (5.72)

- Capital Growth * (%) (24.65) (4.49) (5.72)

- Income Return (%) - 1.92 -

Gross Distribution per unit (sen) - ^0.50 -

Net Distribution per unit (sen) - ^0.50 -

Management Expenses Ratio (MER)¹ (%) 1.67 1.65 1.79

Portfolio Turnover Ratio (PTR) ² (times) 1.33 0.83 1.61


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2.2 PERFORMANCE DETAILS (CONT.)

¹ The MER for the financial period ending 31st March 2020 went up to

1.67% as compared to 1.65% in the previous financial year. The slight increase was attributable to 4.6% drop in the average Fund size against the 3.2% drop in total expenses.

² The PTR for the financial period ending 31st March 2020 rose to 1.33 time

from 0.83 time in the previous year corresponding period on account of 52.6% increase in average purchase and sales cost during the period. The

increase in purchase and sale activities were in-line with the volatile market condition.

* AVERAGE TOTAL RETURN (31 MARCH) 1-year 3-year 5-year PMB SDF (24.59%) (11.53%) (5.20%)

FBMSHA (13.51%) (7.60%) (5.09%)

*ANNUAL TOTAL RETURN (31 MARCH)

2020 2019 2018 2017 2016

PMB SDF (24.65%) (2.57%) (5.72%) 11.32% (0.63%)

FBMSHA (13.54%) (11.66%) 3.27% 2.50% (4.75%)

* Source: Lipper

Past performance is not necessarily indicative of future performance,

unit prices and investment returns may fluctuate.


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3. MANAGER’S REPORT

We are pleased to present the Manager‘s report of PMB SDF for the financial year ended 31 March 2020 (1 April 2019 until 31 March 2020).

3.1 FUND PERFORMANCE

PMB Shariah Dividend Fund did not met its objective, which is to gain consistent and stable income stream. Based on data from Lipper, the

Fund's returns for 10-year recorded an increase of 6.95%. Meanwhile for 5 and 3-year period, the Fund recorded a negative return of 30.79% and 23.44% respectively. For the 1-year financial period, the Fund's return fell by -24.65%.

Fund‘s performance measured against benchmark for 5-year financial

year ended 31 March 2020 is as follows:-

The graph illustrates the movement of the Fund‘s return against the benchmark. For the 5-year period ended 31 March 2020, the Fund‘s NAV/unit recorded a negative return of 23.44% whereas its benchmark also experienced the decline of 22.99%.

For 1-year financial period ended 31 March 2020, NAV/unit decreased by RM0.0613 or -24.65% to RM0.1874 from RM0.2487 as at 31 March 2019.

3.2 INCOME DISTRIBUTION/UNIT SPLIT No income distribution and unit split were declared during the financial year ended 31 March 2020.

Source: Lipper

Source: Lipper


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3.3 POLICY AND INVESTMENT STRATEGY

The Fund shall invest primarily in a diversified portfolio among any

Shariah-compliant securities of the top 300 companies in terms of market capitalization listed on Bursa Malaysia, with the exclusion of the following:-

a) those companies that have been classified as PN17 companies by Bursa Malaysia – this is to mitigate the risk of investing in a potential insolvent company; and

b) those companies that are expected to declare and pay annual dividend of less than 3.0% net based on the prevailling price.

The fund will maintain equity exposure within range of 70% to 99.5% of its NAV.

During the financial year ending 31 March 2020, the fund manager executed buy and sell activities for the fund based on relative strength analysis. The equity exposure of the Fund was maintained between 80%

and 95% throughout the period under review.

3.4 ALLOTMENT OF FUND ASSETS Comparison of investment components based on NAV is as follows:-

ASSET ALLOCATION

31 Mar 2020 (%)

31 Mar 2019 (%)

Change (%)

Investment Exposure Average

(%) Shariah-compliant Equity 77.36 95.42 (18.06) 86.39

Islamic Real Estate Investment Trust (REIT)

6.32 - 6.32 3.16

Islamic Deposits, cash &

others 16.32 4.58 11.74 10.45

As at 31 March 2020, 77.36% of the Fund‘s NAV was invested in Shariah-

compliant equity market. A total of 6.32% was invested in Islamic Real Estate Investment Trust (REIT). The balance of 16.32% was held in Islamic deposits and/or other permitted investments.


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3.5 ECONOMIC REVIEW The Malaysian economy was driven by higher private sector spending (7.4%; 3Q 2019: 5.4%) in the fourth quarter of 2019. Private consumption grew strongly by 8.1% (3Q 2019: 7.0%), while private investment registered a higher growth of 4.2% (3Q 2019: 0.3%). However, growth was

affected by supply disruptions in the commodities sector. Consequently, the Malaysian economy expanded by 3.6% in the fourth quarter of 2019. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 0.6% (3Q 2019: 0.9%). For 2019 as a whole, the economy expanded by

4.3% (2018: 4.7%). During the quarter, headline inflation averaged lower mainly reflecting the lapse in the impact from Sales and Services Tax (SST) implementation. Core inflation, excluding the impact of consumption tax policy changes, was stable at 1.4%.

The ringgit appreciated by 2.3% against the US dollar in the fourth quarter, supported mainly by the resumption in non-resident portfolio inflows. This was due to improved investor sentiments following positive developments

on global trade negotiations. Synchronised policy rate cuts by several major central banks also contributed to the improvement in global investor risk appetite during the quarter. As a result, for 2019 as a whole, the ringgit recorded an appreciation of 1.1% against the US dollar, in line with the

trend of regional currencies. The performance of ringgit in 2020 will continue to be influenced by external developments. While the Phase One trade deal between the US and PR China contributed to an improved outlook on global trade, investor sentiments are also affected by concerns

over the recent coronavirus outbreak. As a result, the ringgit depreciated by 1.3% against the US dollar this year up to 10 February, amid weaker sentiments in global financial markets.

Net financing expanded by 4.7% on an annual basis, supported by sustained growth in outstanding loans. Growth in outstanding business loans improved, while outstanding household loans grew at a stable pace. Demand for both business and household loans sustained its momentum

from improvements since the second quarter. However, growth of outstanding corporate bonds moderated slightly amid higher redemptions. Going into 2020, growth, particularly in the first quarter of the year, will be affected by the coronavirus outbreak. The overall impact of the virus on

the Malaysian economy will, however, depend on the duration and spread of the outbreak as well as policy responses by authorities. For the year as a whole, growth will be supported by household spending, the realisation of approved private investment projects in recent periods, and higher

public sector capital spending. Nevertheless, there are downside risks to growth. These include uncertainties in external conditions arising from the ongoing coronavirus outbreak, the various trade negotiations and geopolitical risks, as well as domestic factors, including weakness in the

commodities sector and delays in project implementation. Thus, two-way capital flows and exchange rate volatility should be expected. Headline inflation in 2020 is projected to average higher than in 2019, but remain modest. The trajectory of headline inflation will be dependent on global oil

and commodity price developments and the timing of the lifting of the domestic retail fuel price ceilings. Underlying inflation is expected to be broadly stable, reflecting the continued expansion in economic activity and the absence of strong demand pressures.


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3.5 ECONOMIC REVIEW (CONT.)

Gross Domestic Product (GDP) Growth For 4th Quarter 2019

Inflation Overall, inflation went up by 1.0% for 1-year period ended February 2020, higher than 0.5% growth recorded during the same period in the preceding year. The slower growth for 1-year period ended February 2020 was due to the drop in transport (-1.4%). Industrial Production Index (IPI) IPI in February 2020 registered a growth of 5.8% over the same month in the previous year. The growth in February 2020 was driven by the increase in all sectors; electricity (6.8%), mining (6.1%) and manufacturing (5.6%).

Balance of Trade For 1-year period ended February 2020, trade surplus stood at RM139.2 billion, an expansion of RM15.0 billion (+12.0%) when compared to the same period a year ago. Total trade for 1-year period ended January 2020

which was valued at RM1,846.8 billion, a drop of RM22.8 billion (-1.2%) when compared to RM1,869.6 billion at the same period a year ago. For the same period, total export shrunk 0.4% to RM993.0 billion while total import also shrunk 2.2% to RM853.8 billion.

(Source: Department of Statistics Malaysia, Official Portal)

Economic 2019 2019 2018 Expenditure 2019 2019 2018 Activity Q4 Q3 Q4 Components Q4 Q3 Q4

Agriculture -5.7% 3.7% -0.4% Private Final

Consumption 8.1% 7.0% 8.5%

Construction 1.0% -1.5% 2.6%

Government

Final

Consumption

1.3% 1.0% 4.0%

Services 6.1% 5.9% 6.9%

Growth Fixed

Capital

Formation

-0.7% -3.7% 0.3%

Manufacturing 3.0% 3.6% 4.7% Export -3.1% -1.4% 1.3%

Mining & Quarrying

-2.5% -4.3% 0.5% Import -2.3% -3.3% 0.2%

GDP 3.6% 4.4% 4.7% GDP 3.6% 4.4% 4.7%


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3.6 EQUITY MARKET REVIEW

For the year ending 31 March 2020, the main benchmark for the Malaysian Shariah-compliant equity, FBM Shariah Index, had dropped by -1,582.98 points or -13.54% to 10,105.08 while the main benchmark for Malaysian stock market, FBM KLCI, had dropped by -292.74 points or -

17.81% to 1,350.89. During that period, the FBM Shariah Index recorded its highest level of 12,334.29 on 4 July 2019 and its lowest of 9,120.49 on 19 March 2020.

Meanwhile, FBM KLCI posted its highest level of 1,691.00 on 2 July 2019 while the lowest level of 1,219.72 was recorded on 19 March 2020. The movement range for the FBM Shariah Index during the stipulated financial period was 3,213.80 points as compared to 2,362.98 points during the

same period in the previous year. Market continues to weaken in April 2019 as it lacked fresh catalyst. Moreover, market was weighed down by FTSE Russel announcement that

Malaysia was under its watchlist for potential removal from WGBI (FTSE World Government Bond Index). Malaysia — currently assigned a '2' and included to the WGBI since 2004, is being considered for a potential downgrade to '1' which would render Malaysia ineligible for inclusion in the

WGBI. If this materialize, Malaysia is facing fund outflow of USD6.0 billion to USD8.0 billion or approximately RM24.0 billion to RM33.0 billion and this would consequently put pressure on Malaysian Ringgit.

Foreign funds staged a commendable return to Bursa in last week of May after the deadlock in trade talks since the start of May had caused disarray in the markets. Trade talks failed after US raised levies to 25% from 10% on $200 billion worth of Chinese goods and Beijing retaliated by imposing

higher tariffs on $60 billion worth of U.S. goods. Trade tensions between China and the US escalated further after the U.S. Commerce Department moved to add Huawei and 70 affiliates to its so-

called "Entity List", effectively banning the Chinese telecoms giant from buying parts and components from U.S. companies without a government approval. However, US temporarily eased restrictions on China's Huawei Technologies. Washington granted Huawei Technologies Co Ltd a licence

to purchase U.S. goods until August 2019, a move intended to give telecom operators that rely on the Chinese firm time to make other arrangements.

Domestically, Bank Negara Malaysia (BNM) had cut its overnight policy rate (OPR) by 25 basis points to 3.00%, its first since 2016. Meanwhile, Malaysia's economy in the first three months of the year grew at a slower pace at 4.5% than the prior quarter of 4.7%.

The stock market rallied in June, boosted by U.S.-China trade optimism and dovish comments from the various central banks. However, the stock market closed lower in July, August and September despite Malaysia

posted Gross Domestic Product (GDP) growth of 4.9% for the second quarter of 2019.


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3.6 EQUITY MARKET REVIEW (CONT.) The contributing factors were mainly due to uninspiring second quarter Malaysia‘s corporate earnings, the 10-year US treasury yield inverted and briefly fell below the 2-year yield, tit-for-tat retaliation between US and

China had escalated the trade tensions, geopolitical concerns and China allowed the yuan to weaken beyond 7 per US dollar. In October, the FBMKLCI up 14.07 points or 0.9% month-on-month (MoM)

as key banking heavyweights led gains after the US central bank cut rates for the third time in 2019 by 25 basis points. In addition, the U.S. and China agreed to finalise the first phase of a trade agreement, which includes a pause in tariff escalation and China buying U.S. agriculture

products. The IMF cut its global growth forecast for 2019 to 3.0% from 3.2% due to falling manufacturing activity and trade. The forecast for 2020 was lowered to 3.4% from 3.6%. Locally, the budget 2020 was considered as an expansionary budget and market neutral.

The third-quarter corporate earnings reporting season had been somewhat underwhelming, yielding a mixed bag of results and few catalysts to drive the market. Externally, hopes of a Sino-US trade deal were dimmed after

China warned the US of retaliation after US President Donald Trump signed the Hong Kong Bill. Also, worries remained as some reports suggested Beijing and Washington were unable to agree on terms of tariff rollbacks and President Donald Trump threatened fresh tariffs.

For most of December, investors reacted positively to news that the U.S. and China are on the verge of signing a Phase One trade deal. In the UK, Boris Johnson won the U.K.‘s general election and subsequently set the

country on track to leave the European Union in January 2020. Meanwhile, Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production by 500,000 barrels per day until March 2020, with Saudi Arabia also offering up to an additional 400,000 barrel cut of its own.

Profit-taking and selling pressure continued to drag the local blue-chip benchmark FBM KLCI lower in January 2020, with investors seemingly reluctant to make significant moves amid lack of positive catalyst to spur the local market sentiment. Market sentiment was also rattled by the

geopolitical tension between US - Iran and the outbreak of a new coronavirus stemming from Wuhan, China. World Health Organization (WHO) declared a global health emergency but did not recommend restricting the movement of people and goods and said the country had

the situation under control. The World Bank projected Malaysia's economic growth to inch down to 4.5% in 2020 and 2021, with weak export expansion partly offset by strong domestic demand. Meanwhile, BNM cut OPR to 2.75% in pre-emptive measures to secure improving

growth trajectory. The stock market extended its sell-off in February in a volatile session, as a domestic political crisis and the widening spread of the coronavirus

heightened pessimism among investors.


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3.6 EQUITY MARKET REVIEW (CONT.) After Pakatan Harapan (PH) lost its Parliamentary majority, Tun Dr. Mahathir tendered his resignation as Prime Minister. However, he was appointed as Interim Prime Minister by the King. The political turmoil

plaguing Malaysia was resolved when the King appointed Tan Sri Muhyiddin Yassin as Malaysia‘s 8th Prime Minister. On the economic front, Malaysia‘s economy expanded by 3.6% in the 4Q 2019, dragging the full-year GDP growth to 4.3%, the lowest since the 2009 financial crisis

amid supply disruptions in the commodity sector during the quarter. Meanwhile, 4Q2019 corporate earnings saw more disappointing performances than outperformances.

In March 2020, FBMKLCI tumbled -8.9% MoM to close at 1,350.89 (rebounding off low of 1,220). The FBMKLCI Index started the month on a weaker tone due to (a) the rising number of COVID-19 infections across the region had reduced investors‘ appetite for riskier assets, (b) oil prices

tanked after OPEC led by Saudi Arabia, failed to reach agreement with the world‘s No. 2 oil producer Russia to deepen production cuts and later on Saudi Arabia initiated a price war, (c) WHO termed the coronavirus outbreak a pandemic, and (d) The Dow Jones Industrial Average closed

2,352.60 points lower, or 9.99%, at 21,200.62 on 12 March, its worst drop since the 1987 ―Black Monday‖ market crash, when it collapsed by more than 22%. By mid-month, FBMKLCI rallied on the news that (a) US Federal Reserve pledged an unlimited quantitative easing to stabilise the

economy, (b) US Senate approved the $2 trillion fiscal stimulus package for the economy, (c) Malaysia has unveiled a landmark comprehensive rescue plan worth a total of RM250 billion, and (d) Securities Commission and Bursa Malaysia have suspended short selling until 30th April.

In this volatile market sentiment, the NAV/unit decreased by 24.65% within a 1-year period ended 31 March 2020.

3.7 MONEY MARKET REVIEW Throughout 1-year period ended 31 March 2020, the Monetary Policy Committee (MPC) of BNM decided to reduce the OPR by 25 basis points

to 2.50% in their meeting held on 3 March 2020. The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.75% and 2.25%, respectively.

Global economic conditions have weakened in the recent period. The ongoing COVID-19 outbreak has disrupted production and travel activity, especially within the region. This has also led to greater risk aversion, resulting in tighter financial conditions and a resurgence in financial market

volatility. Downside risks to the global growth outlook have increased, particularly in the near term. However, a number of countries have implemented policy responses. With further anticipated policy measures, these actions are expected to mitigate the economic impact of COVID-19.


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3.7 MONEY MARKET REVIEW (CONT.) The Malaysian economy grew at a moderate pace of 4.3% in 2019. Looking ahead, growth, particularly in the first quarter, will be affected by the COVID-19 outbreak primarily in the tourism-related and manufacturing

sectors. The weakness in the agriculture sector is also likely to persist in the first quarter. For 2020, private and public sector activities will be supportive of growth. Household spending is expected to grow at a slower pace amid moderate employment and income growth. Investment activity

is projected to record a modest recovery, underpinned by ongoing and new projects, both in the public and private sectors. The 2020 economic stimulus package will also provide some support to economic activity. Although domestic growth is expected to gradually improve in the second

half of the year, there are key downside risks, mainly stemming from the evolving nature and prolonged impact of the COVID-19 outbreak, and continued weakness in commodity-related sectors.

In 2020, headline inflation is expected to average higher but remain modest. The trajectory of headline inflation will be dependent on global oil and commodity price developments and the timing of the lifting of the domestic retail fuel price ceilings. Underlying inflation is expected to be

more moderate, amid limited demand pressures despite the continued expansion in economic activity. The reduction in the OPR is intended to provide a more accommodative

monetary environment to support the projected improvement in economic growth amid price stability. The MPC will continue to monitor and assess the balance of risks surrounding the outlook for domestic growth and inflation.

(Source: Bank Negara Malaysia’s website)

3.8 INTEREST OF UNIT HOLDERS For the financial year under review, there is no circumstances that

materially affect any interest of the unit holders other than business transaction in accordance with the limitations imposed under the Deeds, Securities Commission‘s Guidelines, the Capital Markets and Services Act 2007 and other applicable laws during the financial period then ended.

3.9 SOFT COMMISSIONS AND REBATES During the 1-year financial period ended 31 March 2020, the Fund

Manager received services from one of the stockbroking institutions that indirectly assists in the decision-making process pertaining to the fund's investment. The services received are in the form of advisory services on

Shariah matters. In addition, the Fund Manager also received soft commission from brokers in term of software and computer hardware related to fund‘s investment, stock market and economic matters.


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3. LAPORAN PENGURUS

Bagi tempoh dua belas (12) bulan berakhir 31 Mac 2020 (1 April 2019

hingga 31 Mac 2020).

3.1 PRESTASI DANA PMB Shariah Dividend Fund tidak mencapai objektifnya, iaitu untuk

memperolehi pendapatan konsisten dan stabil. Berdasarkan data daripada sumber Lipper, pulangan Dana untuk jangkamasa 10 tahun mencatat kenaikkan pulangan sebanyak 6.95%. Sementara itu, bagi tempoh 5 dan 3-tahun masing-masing mencatat pulangan negatif

sebanyak 30.79% dan 23.44%. Bagi tempoh setahun kewangan berakhir 31 Mac 2020, pulangan Dana menyusut sebanyak 24.65%.

Prestasi Dana berbanding tanda aras bagi tempoh 5 tahun adalah seperti berikut:-

Graf di atas mencerminkan pergerakan pulangan Dana untuk jangkamasa 5-tahun berakhir 31 Mac 2020. Sepanjang tempoh tersebut, NAB/unit Dana menyusut 23.44% berbanding penyusutan penanda aras sebanyak 22.99%.

Sepanjang tempoh setahun kewangan berakhir 31 Mac 2020, NAB/unit

Dana menyusut sebanyak RM0.0613 atau -24.65% kepada RM0.1874 daripada RM0.2487 pada 31 Mac 2019.

3.2 PENGAGIHAN PENDAPATAN/TERBITAN UNIT PECAHAN Tiada sebarang pengagihan pendapatan dan unit pecahan dicadangkan

sepanjang tempoh setahun kewangan berakhir 31 Mac 2020.

Sumber: Lipper


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3.3 POLISI DAN STRATEGI PELABURAN

Dana melabur terutamanya dalam portfolio yang pelbagai di kalangan mana-mana sekuriti patuh Syariah oleh 300 syarikat teratas dari segi modal pasaran yang tersenarai di Bursa Malaysia dengan pengecualian berikut:

a) Syarikat-syarikat yang telah diklasifikasikan sebagai syarikat PN17 oleh Bursa Malaysia – ini adalah untuk mengurangkan risiko melabur dalam syarikat berpotensi muflis; dan

b) Syarikat-syarikat yang dijangka akan mengisytihar dan membayar

dividen tahunan kurang daripada 3.0% bersih berdasarkan harga semasa.

Dana melabur di antara 70% dan 99.5% daripada nilai aset bersih dalam ekuiti.

Untuk tempoh setahun berakhir 31 Mac 2020, pengurus dana melaksanakan aktiviti penjualan dan pembelian ekuiti di dalam portfolio Dana berdasarkan analisa ―relative strength‖. Pendedahan ekuiti Dana dikekalkan antara 80% dan 95% sepanjang tempoh kajian.

3.4 PERUMPUKAN ASET-ASET DANA Pecahan seunit mengikut kelas aset adalah seperti berikut:-

PECAHAN SEUNIT MENGIKUT KELAS ASET

31 Mac 2020 (%)

31 Mac 2019 (%)

Perubahan

Peratus Mata

Purata Pendedahan

Pelaburan (%)

Ekuiti Patuh Syariah 77.36 95.42 (18.06) 86.39

Amanah Pelaburan Hartanah Islam (REIT)

6.32 - 6.32 3.16

Deposit Islam dan lain-lain 16.32 4.58 11.74 10.45

Pada 31 Mac 2020, pegangan ekuiti patuh Syariah Dana ialah sebanyak 77.36%. Sebanyak 6.32% telah dilabur ke dalam Amanah Pelaburan

Hartanah Islam (REIT). Baki 16.32% berada dalam deposit Islam dan pelaburan-pelaburan lain yang dibenarkan.


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3.5 SUASANA EKONOMI NEGARA

Ekonomi Malaysia telah dipacu oleh perbelanjaan sektor swasta yang lebih

tinggi (7.4%; S3 2019: 5.4%) pada suku keempat 2019. Penggunaan

swasta meningkat dengan kukuh sebanyak 8.1% (S3 2019: 7.0%),

manakala pelaburan swasta mencatatkan pertumbuhan yang lebih tinggi

sebanyak 4.2% (S3 2019: 0.3%). Walau bagaimanapun, pertumbuhan

telah menerima kesan daripada gangguan bekalan dalam sektor komoditi.

Berikutan itu, ekonomi Malaysia berkembang sebanyak 3.6% pada suku

keempat 2019. Berdasarkan pelarasan bermusim suku tahunan, ekonomi

meningkat sebanyak 0.6% (S3 2019: 0.9%). Bagi keseluruhan tahun 2019,

ekonomi negara berkembang sebanyak 4.3% (2018: 4.7%). Pada suku

keempat, purata inflasi keseluruhan adalah lebih rendah, mencerminkan

luputnya kesan daripada pelaksanaan Cukai Jualan dan Perkhidmatan

(Sales and Services Tax, SST). Inflasi teras, yang tidak mengambil kira

kesan perubahan dasar cukai penggunaan, stabil pada kadar 1.4%.

Ringgit menambah nilai sebanyak 2.3% berbanding dengan dolar Amerika

Syarikat (AS) pada suku keempat, disokong terutamanya oleh aliran masuk

semula portfolio bukan pemastautin. Hal ini disebabkan oleh sentimen

pelabur yang bertambah baik berikutan perkembangan yang positif dalam

rundingan perdagangan global. Langkah yang diambil oleh beberapa buah

bank pusat utama dengan mengurangkan kadar dasar secara serentak

turut meningkatkan kesanggupan pelabur global untuk mengambil risiko

pada suku tersebut. Hasilnya, ringgit menambah nilai sebanyak 1.1%

berbanding dengan dolar AS bagi keseluruhan tahun 2019. Perkembangan

ini sejajar dengan trend mata wang serantau. Prestasi ringgit pada tahun

2020 akan terus dipengaruhi oleh perkembangan di luar negara. Meskipun

perjanjian perdagangan Fasa Satu antara AS dengan Republik Rakyat

China (RR China) telah menyumbang kepada prospek perdagangan global

yang bertambah baik, namun sentimen pelabur juga terjejas oleh

kebimbangan terhadap penularan wabak koronavirus baru-baru ini.

Berikutan itu, ringgit menyusut nilai sebanyak 1.3% berbanding dengan

dolar AS pada tahun ini sehingga 10 Februari dalam keadaan sentimen

pasaran kewangan global yang bertambah lemah.

Pembiayaan bersih berkembang sebanyak 4.7% pada asas tahunan

disokong oleh pertumbuhan pinjaman terkumpul yang berterusan.

Pertumbuhan pinjaman perniagaan terkumpul bertambah baik manakala

pinjaman isi rumah terkumpul meningkat pada kadar yang stabil.

Permintaan untuk pinjaman perniagaan dan pinjaman isi rumah

mengekalkan momentumnya yang bertambah baik sejak suku kedua.

Walau bagaimanapun, pertumbuhan bon korporat terkumpul menjadi

sederhana sedikit berikutan penebusan yang lebih tinggi.


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3.5 SUASANA EKONOMI NEGARA (SAMB.)

Menjelang tahun 2020, khususnya pada separuh tahun pertama,

pertumbuhan dijangka terjejas akibat penularan wabak koronavirus. Walau

bagaimanapun, impak keseluruhan daripada wabak tersebut ke atas

ekonomi Malaysia bergantung pada tempoh masa dan penyebaran wabak

tersebut serta langkah tindak balas dasar yang diambil oleh pihak

berkuasa. Bagi keseluruhan tahun 2020, pertumbuhan akan disokong oleh

perbelanjaan isi rumah dan pelaksanaan projek pelaburan swasta yang

diluluskan baru-baru ini serta perbelanjaan modal sektor awam yang lebih

tinggi. Namun demikian, masih terdapat risiko yang boleh mengakibatkan

pertumbuhan menjadi lebih perlahan. Risiko-risiko ini termasuklah

ketidakpastian mengenai keadaan luaran akibat wabak koronavirus yang

sedang menular, pelbagai rundingan perdagangan dan risiko geopolitik,

dan juga faktor-faktor dalam negara, termasuk kelemahan sektor komoditi

dan kelewatan pelaksanaan projek. Maka, volatility dalam aliran masuk dan

keluar modal serta kadar pertukaran dijangka berlaku. Purata inflasi

keseluruhan bagi tahun 2020 diunjurkan lebih tinggi berbanding dengan

tahun 2019 tetapi kekal pada tahap yang sederhana. Trajektori inflasi

keseluruhan akan bergantung pada perkembangan harga minyak dan

harga komoditi sedunia serta masa pemansuhan harga siling bagi harga

runcit bahan api domestik. Inflasi asas pada amnya dijangka stabil,

mencerminkan kegiatan ekonomi yang terus berkembang dan ketiadaan

tekanan permintaan yang besar.

Pertumbuhan Keluaran Dalam Negara Kasar Malaysia (KDNK) Untuk Suku Keempat 2019

(Sumber: Laman sesawang Bank Negara Malaysia)

Aktiviti 2019 2019 2018 Komponen 2019 2019 2018 Ekonomi S4 S3 S4 Perbelanjaan S4 S3 S4

Pertanian -5.7% 3.7% -0.4% Penggunaan Akhir Swasta

8.1% 7.0% 8.5%

Pembinaan 1.0% -1.5% 2.6% Penggunaan Akhir Kerajaan

1.3% 1.0% 4.0%

Perkhidmatan 6.1% 5.9% 6.9%

Pembentukan Modal Tetap Kasar

-0.7% -3.7% 0.3%

Pembuatan 3.0% 3.6% 4.7% Eksport -3.1% -1.4% 1.3%

Perlombongan -2.5% -4.3% 0.5% Import -2.3% -3.3% 0.2%

KDNK 3.6% 4.4% 4.7% KDNK 3.6% 4.4% 4.7%


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3.5 SUASANA EKONOMI NEGARA (SAMB.)

Inflasi Secara keseluruhannya, inflasi berkembang pada kadar 1.0% untuk tempoh setahun berakhir Februari 2020 lebih tinggi berbanding 0.5% yang

dicatat dalam tempoh yang sama tahun lalu. Pertumbuhan inflasi yang

perlahan ini ekoran penyusutan dalam kumpulan pengangkutan (-1.4%).

Indeks Pengeluaran Perindustrian (IPP) IPP meningkat sebanyak 5.8% pada bulan Februari 2020 berbanding bulan yang sama tahun sebelumnya. Pertumbuhan pada bulan Februari

2020 disokong oleh pertumbuhan dalam semua indeks; elektrik (6.8%), pembuatan (5.6%) dan perlombongan (6.1%).

Perdagangan Luar Negara Untuk tempoh 1-tahun berakhir Februari 2020, imbangan dagangan

Malaysia mencecah nilai RM139.2 bilion berkembang RM15.0 bilion (+12.0%) berbanding tempoh yang sama tahun sebelumnya. Jumlah

perdagangan untuk tempoh 1-tahun berakhir Februari 2020 bernilai

RM1,846.8 bilion menguncup RM22.8 bilion (-1.2%) berbanding RM1,869.6 bilion yang dicatatkan dalam tempoh yang sama tahun lepas.

Untuk tempoh yang sama, jumlah eksport menguncup 0.4%, mencecah nilai RM993.0 bilion manakala jumlah import turut menguncup 2.2%,

mencecah nilai RM853.8 bilion.

(Sumber: Portal Rasmi Jabatan Perangkaan Malaysia)

3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA Bagi tempoh setahun berakhir 31 Mac 2020, penanda aras utama ekuiti patuh Syariah Malaysia iaitu Indeks FBM Shariah menurun 1,582.98 mata atau -13.54 % kepada 10,105.08 manakala penanda aras utama Bursa

Malaysia iaitu FBM KLCI menurun 292.74 mata atau -17.81% kepada 1,350.89. Bagi tempoh tersebut, Indeks FBM Shariah mencatat paras tertinggi

12,334.29 pada 4 Julai 2019 dan paras terendah 9,120.49 pada 19 Mac 2020. Sementara itu, FBM KLCI mencatat paras tertinggi 1,691.00 pada 2 Julai 2019 manakala paras terendah pula ialah 1,219.72 yang dicatat pada 19 Mac 2020. Julat pergerakan Indeks FBM Shariah untuk tempoh

tersebut ialah 3,213.8 mata berbanding 2,362.98 mata pada tempoh yang sama tahun sebelumnya. Pada bulan April 2019, pasaran saham berterusan lemah akibat

kekurangan pemangkin baru di pasaran. Satu lagi faktor yang kurang memberangsangkan membabitkan tindakan penyedia indeks global FTSE Russell yang meletakkan Malaysia dalam senarai pemantauannya.


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3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.) Pada masa ini, Malaysia yang diberikan kedudukan ‗2‘ (tahap akses tertinggi) Indeks Bon Kerajaan Dunia FTSE (WGBI) semenjak tahun 2004, berpotensi dipertimbang untuk diturunkan kepada tahap ‗1‘ yang akan menjadikan Malaysia tidak lagi layak untuk disenaraikan dalam WGBI.

Sekiranya hal ini terjadi, Malaysia berdepan risiko aliran keluar dana berjumlah AS$6 bilion hingga AS$8 bilion atau kira-kira RM24 hingga RM33 bilion dan hal ini boleh memberi tekanan kepada Ringgit Malaysia.

Di minggu akhir Mei, dana asing memasuki semula pasaran tempatan selepas kebuntuan dalam perbincangan perdagangan telah menyebabkan kekacauan di pasaran sejak permulaan bulan Mei. Perbincangan perdagangan gagal selepas AS mempertingkatkan levi ke atas barangan

China yang bernilai AS$200 bilion kepada 25% daripada 10% dan Beijing bertindak balas dengan mengenakan tarif yang lebih tinggi ke atas barangan AS yang bernilai AS$60 bilion.

Ketegangan perdagangan antara China dan AS terus meningkat selepas langkah Jabatan Perdagangan AS menyenaraikan Huawei dan 70 sekutunya ke "Daftar Entiti", seterusnya menyekat syarikat gergasi telekom China tersebut daripada membeli bahagian dan komponen dari

syarikat AS tanpa kelulusan kerajaan AS. Walau bagaimanapun, selepas itu AS melonggarkan sekatan ke atas Huawei Technologies China. Washington telah memberikan kebenaran kepada Huawei untuk membeli barangan AS hingga Ogos 2019, bertujuan untuk memberi masa kepada pengendali telekom yang bergantung kepada Huawei untuk mencari

alternatif lain. Di peringkat domestik, Bank Negara Malaysia (BNM) telah menurunkan kadar dasar semalaman (OPR) sebanyak 25 mata asas kepada 3.00%,

pemotongan yang pertama sejak 2016. Sementara itu, ekonomi Malaysia dalam tempoh tiga bulan pertama 2019 tumbuh lebih perlahan pada kadar 4.5% berbanding suku sebelumnya iaitu 4.7%.

Pasaran saham melonjak pada bulan Jun, didorong oleh keyakinan terhadap perdagangan A.S.-China dan ulasan yang menjurus kepada pelonggaran dasar dari pelbagai bank pusat. Walau bagaimanapun, pasaran saham ditutup rendah pada bulan Julai, Ogos dan September

walaupun Malaysia mencatatkan pertumbuhan Keluaran Dalam Negara Kasar (KDNK) 4.9% pada suku kedua 2019. Di antara faktor penyumbang kejatuhan disebabkan oleh keputusan korporat Malaysia suku kedua yang kurang memberangsangkan, hasil perbendaharaan AS untuk 10 tahun

menyongsang atau lebih rendah berbanding hasil 2 tahun, tindakan saling berbalas antara AS dan China telah meningkatkan ketegangan perdagangan, kerisauan geo-politik dan China membenarkan matawangnya jatuh melepasi paras 7 yuan bagi setiap dolar AS.

Pada bulan Oktober, FBMKLCI naik 14.07 mata atau 0.9% bulan ke bulan (MoM) berikutan saham perbankan mencatatkan peningkatan selepas bank rizab persekutuan AS memotong kadar faedah buat kali ketiga tahun

2019 sebanyak 25 mata asas.


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3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.) Di samping itu, AS dan China bersetuju untuk memuktamadkan fasa pertama perjanjian perdagangan, dengan peningkatan tarif diberhentikan dan China membeli produk pertanian A.S. IMF telah menyemak unjuran pertumbuhan global untuk 2019 kepada 3.0% daripada 3.2% disebabkan

kejatuhan dalam aktiviti pembuatan dan perdagangan. Ramalan untuk 2020 juga diturunkan kepada 3.4% daripada 3.6%. Diperingkat tempatan, bajet 2020 dianggap sebagai belanjawan pengembangan dan neutral kepada pasaran.

FBMKLCI turun 36.24 mata atau 2.3% MoM untuk ditutup pada 1,561.74 mata pada akhir November 2019. Ekonomi Malaysia meningkat sebanyak 4.4% pada suku ketiga berbanding tahun sebelumnya, paling perlahan

dalam setahun tetapi selaras dengan jangkaan. BNM mengurangkan keperluan rizab berkanun (SRR) bank kepada 3.00% daripada 3.50%, berkuatkuasa 16 November. Musim pelaporan pendapatan korporat suku ketiga masih mengecewakan, menghasilkan keputusan yang bercampur

dan menyumbang sedikit pemangkin untuk memacu pasaran. Secara luaran, harapan perjanjian perdagangan Sino-AS suram setelah China memberi amaran akan bertindak balas setelah Presiden AS Donald Trump menandatangani Rang Undang-undang Hong Kong. Di samping itu,

kebimbangan terus wujud ekoran terdapat laporan menyatakan Beijing dan Washington gagal untuk bersetuju mengenai terma perubahan tarif dan Presiden Donald Trump mengancam akan mengenakan tarif baru. Untuk sebahagian besar Disember, pelabur bertindak balas dengan positif

kepada berita bahawa A.S. dan China akan menandatangani perjanjian perdagangan Fasa Satu. Di UK, Boris Johnson memenangi pilihan raya umum UK dan seterusnya meletakkan negara itu di landasan untuk meninggalkan Kesatuan Eropah pada Januari 2020. Sementara itu,

Organisasi Negara Pengeksport Petroleum (OPEC) bersetuju untuk memotong pengeluaran sebanyak 500,000 tong sehari sehingga Mac 2020, dengan Arab Saudi juga menawarkan potongan tambahan 400,000 tong.

Pengambilan untung dan tekanan jualan terus mengheret indeks penanda aras, FBM KLCI lebih rendah pada Januari 2020, dengan para pelabur enggan memasuki pasaran di tengah-tengah kekurangan pemangkin

untuk merangsang sentimen pasaran tempatan. Sentimen pasaran juga terkesan oleh ketegangan geopolitik antara AS - Iran dan wabak koronavirus baru yang berpunca dari Wuhan, China. Pertubuhan Kesihatan Sedunia (WHO) mengisytiharkan kecemasan kesihatan global

tetapi tidak mencadangkan menghadkan pergerakan manusia dan barangan dan berkata keadaan adalah terkawal. Bank Dunia mengunjurkan pertumbuhan ekonomi Malaysia mencapai 4.5% pada tahun 2020 dan 2021, dengan perkembangan eksport yang lemah

diimbangi oleh permintaan domestik yang kukuh. Sementara itu, BNM memotong OPR kepada 2.75% dalam langkah-langkah awal untuk memastikan peningkatan pertumbuhan.


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3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.) Penjualan saham di pasaran berterusan pada bulan Februari dalam dagangan yang tidak menentu, ekoran berlakunya krisis politik domestik dan penyebaran wabak koronavirus telah meningkatkan keadaan yang pesimis di kalangan pelabur. Selepas Pakatan Harapan (PH) kehilangan

majoriti di Parlimen, Tun Dr. Mahathir mengemukakan peletakan jawatannya sebagai Perdana Menteri. Walau bagaimanapun, beliau dilantik sebagai Perdana Menteri Interim oleh Yang Dipertuan Agong. Kemelut politik yang melanda Malaysia telah diselesaikan apabila Yang

Dipertuan Agong melantik Tan Sri Muhyiddin Yassin sebagai Perdana Menteri Malaysia ke-8. Mengenai ekonomi, KDNK Malaysia berkembang 3.6% pada S4 2019, menyeret pertumbuhan tahun 2019 kepada 4.3%, yang terendah sejak krisis kewangan 2009 di tengah-tengah gangguan

bekalan di sektor komoditi pada suku tersebut. Sementara itu, pendapatan korporat S4 2019 menyaksikan prestasi di bawah jangkaan adalah lebih banyak berbanding yang melebihi jangkaan.

Pada bulan Mac 2020, FBMKLCI jatuh 8.9% MoM untuk ditutup pada 1.350.89 (melantun dari paras terendah 1.220). Indeks FBMKLCI bermula lemah ekoran (a) peningkatan jumlah jangkitan COVID-19 di rantau ini telah mengurangkan keinginan pelabur keatas aset berisiko, (b) harga

minyak merosot setelah OPEC yang dipimpin oleh Arab Saudi, gagal mencapai kesepakatan dengan pengeluar minyak No. 2 dunia Rusia untuk meningkatkan pemotongan pengeluaran dan kemudiannya Arab Saudi memulakan perang harga, (c) WHO isytihar wabak koronavirus sebagai pandemik, dan (d) Dow Jones Industrial Average ditutup 2.352.60 mata

lebih rendah, atau 9.99%, pada 21.200.62 pada 12 Mac, penurunan terburuk sejak peristiwa "Black Monday" 1987, ketika ia jatuh lebih dari 22%. Menjelang pertengahan bulan, FBMKLCI melantun kembali didokong oleh (a) Rizab Persekutuan AS akan melaksanakan pelonggaran

kuantitatif tanpa had untuk menstabilkan ekonomi, (b) Senat AS meluluskan pakej rangsangan fiskal $ 2 trilion, (c) Malaysia telah mengumumkan rancangan penyelamatan bernilai keseluruhan RM250 bilion, dan (d) Suruhanjaya Sekuriti dan Bursa Malaysia telah

menggantung penjualan singkat sehingga 30 April. Dalam keadaan pasaran yang tidak menentu ini, nilai NAB/unit Dana menyusut 24.65% bagi tempoh 1-tahun kewangan berakhir 31 Mac 2020.

3.7 SUASANA PASARAN WANG TEMPATAN SEMASA

Dalam tempoh setahun berakhir 31 Mac 2020, Jawatankuasa Dasar

Monetari (MPC) BNM dalam mesyuaratnya bertarikh 3 Mac 2020 telah membuat keputusan untuk mengurangkan OPR sebanyak 25 mata asas kepada 2.50%. Dengan itu, kadar koridor tertinggi dan terendah bagi OPR masing-masing diturunkan kepada 2.75% dan 2.25%.

Keadaan ekonomi global telah merosot dalam tempoh kebelakangan ini. Wabak COVID-19 yang sedang menular telah mengganggu aktiviti pengeluaran dan aktiviti yang berkaitan dengan perjalanan, terutamanya di rantau ini.


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3.7 SUASANA PASARAN WANG TEMPATAN SEMASA (SAMB.) Hal ini juga telah mendorong kepada kegiatan penghindaran risiko yang lebih ketara, lantas mengakibatkan keadaan kewangan menjadi lebih ketat dan mendadak semula volatiliti pasaran kewangan. Risiko kepada prospek pertumbuhan global telah meningkat, terutamanya dalam tempoh terdekat.

Walau bagaimanapun, beberapa negara telah melaksanakan tindak balas dasar. Dengan jangkaan pelaksanaan beberapa langkah dasar, tindakan ini dijangka boleh mengurangkan impak ke atas ekonomi akibat wabak COVID-19.

Ekonomi Malaysia meningkat pada kadar yang sederhana sebanyak 4.3% pada tahun 2019. Pertumbuhan pada masa akan datang, khususnya pada suku pertama, akan terjejas oleh wabak COVID-19 terutamanya dalam

sektor yang berkaitan pelancongan dan sektor perkilangan. Kelemahan dalam sektor pertanian juga dijangka berterusan pada suku pertama. Pada tahun 2020, aktiviti sektor swasta dan sektor awam dijangka terus menyokong pertumbuhan. Perbelanjaan isi rumah diunjurkan berkembang

pada kadar yang lebih perlahan dalam keadaan pertumbuhan pekerjaan dan pendapatan yang sederhana. Aktiviti pelaburan dijangka mencatatkan pemulihan yang sederhana, disokong oleh projek-projek sektor awam dan swasta yang baharu dan sedang dilaksanakan. Pakej rangsangan

ekonomi 2020 juga akan menyediakan sokongan kepada kegiatan ekonomi. Walaupun pertumbuhan dalam negara dijangka bertambah baik secara beransur-ansur pada separuh tahun kedua, terdapat risiko pertumbuhan menjadi lebih perlahan yang berpunca terutamanya

daripada sifat evolusi dan kesan berpanjangan daripada wabak COVID-19 serta kelemahan yang berterusan dalam sektor yang berkaitan komoditi. Pada tahun 2020, inflasi keseluruhan dijangka mencatatkan purata lebih

tinggi tetapi kekal pada kadar yang sederhana. Trajektori inflasi keseluruhan akan bergantung pada perkembangan harga minyak dan komoditi sedunia serta masa pemansuhan harga siling bagi harga runcit bahan api domestik. Inflasi asas dijangka lebih sederhana, dalam keadaan

tekanan permintaan yang terhad meskipun kegiatan ekonomi terus berkembang. Pengurangan dalam OPR bertujuan untuk menyediakan persekitaran monetari yang lebih akomodatif bagi menyokong jangkaan pertumbuhan

ekonomi yang bertambah baik dalam keadaan harga yang stabil. MPC akan terus memantau dan menilai imbangan risiko berhubung dengan prospek pertumbuhan domestik dan inflasi.

(Sumber: Laman Sesawang Bank Negara Malaysia)


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3.8 KEPENTINGAN PEMEGANG-PEMEGANG UNIT Sepanjang tempoh kajian, tiada sebarang kejadian yang menjejaskan

kepentingan Pemegang-Pemegang Unit selain daripada urusniaga-urusniaga yang dijalankan selaras dengan Surat Ikatan Amanah, Garispanduan Tabung Unit Amanah, Akta Pasaran Modal dan Perkhidmatan 2007 dan undang-undang lain yang berkuatkuasa.

3.9 REBAT DAN KOMISEN RINGAN Sepanjang tempoh setahun kewangan berakhir 31 Mac 2020, Pengurus

Dana menerima perkhidmatan daripada salah sebuah institusi broker saham yang membantu proses membuat keputusan berkaitan pelaburan dana secara tidak langsung. Perkhidmatan yang diterima adalah dalam

bentuk khidmat nasihat berkaitan hal-hal Syariah. Sebagai tambahan, Pengurus Dana juga telah menerima komisen ringan daripada syarikat broker saham dalam bentuk perisian dan perkakasan komputer yang berkaitan dengan pengurusan pelaburan dana dan pengurusan pasaran

saham dan ekonomi.

Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam

Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan

Bahasa Inggeris.


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4. TRUSTEE’S REPORT To the Unit Holders of PMB SHARIAH DIVIDEND FUND We, CIMB Islamic Trustee Berhad being the trustee for PMB Shariah Dividend Fund (‖the Fund‖), are of the opinion that PMB Investment Berhad (‖the

Manager‖), acting in the capacity as the Manager of the Fund, has fulfilled its

duties in the following manner for the financial year ended 31 March 2020.

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

the investment powers of the Manager under the Deeds, the Securities

Commission Malaysia‘s Guidelines on Unit Trust Funds, the Capital

Markets and Services Act 2007 (as amended from time to time) and other

applicable laws;

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

the Deeds and relevant regulatory requirements; and

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

the Deeds and relevant regulatory requirements.

For and on behalf of CIMB ISLAMIC TRUSTEE BERHAD

LEE KOOI YOKE Chief Executive Officer

Kuala Lumpur, Malaysia 23 June 2020


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5. SHARIAH ADVISER’S REPORT To the Unit Holders of PMB SHARIAH DIVIDEND FUND We have acted as the Shariah Adviser of PMB SHARIAH DIVIDEND FUND (―the

Fund‖) managed by PMB INVESTMENT BERHAD (―the Manager‖) for the

financial year ended 31 March 2020.

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

the Manager as well as the provisions of the Fund‘s 5th Supplemental Deed dated

26 March 2015 which had been registered with the Securities Commission (―SC‖)

on 3 April 2015 are all in accordance with Shariah principles.

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

managed and administered the Fund in accordance with Shariah principles and

has complied with applicable guidelines, rulings and decisions issued by the

Shariah Advisory Council (―SAC‖) of the SC for the financial year ended 31 March

2020.

We confirm that the investment portfolio of the Fund comprises securities cited in

the latest ―List of Shariah-Compliant Securities‖ issued by the SAC of the SC and

instruments which have been classified as Shariah-compliant by the SAC of Bank

Negara Malaysia (―BNM‖). As for securities and instruments which have not been

classified by the SAC of the SC nor by the SAC of BNM, we have reviewed and

determined the Shariah status of the said securities and instruments.

For and on behalf of the Shariah Adviser, BIMB SECURITIES SDN BHD

IR. DR. MUHAMAD FUAD ABDULLAH Designated Shariah Person KUALA LUMPUR 17 June 2020


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6. STATEMENT BY MANAGER To the Unit Holders of PMB SHARIAH DIVIDEND FUND We, NAJMI BIN HAJI MOHAMED and TENGKU AHMAD BADLI SHAH

BIN RAJA HUSSIN, being two of the Directors of PMB INVESTMENT BERHAD,

do hereby state that in the opinion of the Manager, the financial statements give

true and fair view on the financial position of the Fund as at 31 March 2020, and

of its statement of comprehensive income, changes in equity, and cash flows of

the Funds for the financial year ended 31 March 2020 in accordance with

Malaysian Financial Reporting Standards (MFRSs), International Financial

Reporting Standards (IFRSs) and modified in accordance with the Guidelines on

Unit Trust Funds by the Securities Commission Malaysia.

For and on behalf of

PMB INVESTMENT BERHAD As Manager of PMB SHARIAH DIVIDEND FUND

NAJMI BIN HAJI MOHAMED Director

TENGKU AHMAD BADLI SHAH BIN RAJA HUSSIN Director KUALA LUMPUR 3 June 2020


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7. AUDITOR’S REPORT To the Unit Holders of PMB SHARIAH DIVIDEND FUND Report on the Financial Statements Opinion

We have audited the financial statements of PMB SHARIAH DIVIDEND FUND, which comprise the statement of financial position as at 31 March 2020, and statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statement, including a summary of significant accounting policies and other explanatory notes. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at 31 March 2020 and of its financial performance and its cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards (MFRSs), International Financial Reporting Standards (IFRSs) and modified in accordance with the Guidelines on Unit Trust Funds, issued by the Securities Commission of Malaysia. We have also verified the computation of the Management Expenses Ratio and Portfolio Turnover Ratio as disclosed in Notes 16 and 17 of the financial statements are reasonable. The schedule have been drawn primarily from the accounting records and other records of the Fund which have been subjected to tests and other audit procedures during our review of the Fund‘s financial statements for the financial year ended 31 March 2020. In our opinion, the informations as a whole, have been presented fairly if deemed in all aspects in respect of the financial statements. Basis for Opinion We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors‘ Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence and Other Ethical Responsibilities We are independent of the Fund in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (―By-Laws‖) and the International Ethics Standards Board for Accountants‘ Code of Ethics for Professional Accountants (―IESBA Code‖) and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code. Information Other than the Financial Statements and Auditor’s Report Thereon The Manager of the Fund is responsible for the other information. The other information comprises the Manager‘s Report and Statement by Manager, but does not include the financial statements of the Fund and our auditors‘ report thereon.


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Auditors’ Report to the Unit holders of PMB SHARIAH DIVIDEND FUND (CONT.) Auditors’ Responsibility for the Audit of the Financial Statements (Cont.)

• Identify and assess the risks of material misstatement of the financial statements of the Fund, whether due to fraud or error, design and perform

audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit 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 Fund‘s

internal control.

• Evaluate the appropriateness of accounting policies used and the

reasonableness of accounting estimates and related disclosures made by the Manager.

• Conclude on the appropriateness of the Manager‘s use of the going concern basis of accounting and, based on the audit evidence obtained,

whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund‘s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors‘ report to the related disclosures in the

financial statements of the Fund or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors‘ report. However, future events or conditions may cause the Fund to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial

statements of the Fund, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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Other Matters

This report is made solely to the unit holders of the Fund, as a body, in accordance with the Securities Commission‘s Guidelines on Unit Trust in Malaysia and for no other purposes. We do not assume responsibility to any other person for the contents of this report.

JAMAL, AMIN & PARTNERS (No. AF 1067)

Chartered Accountants

AHMAD HILMY BIN JOHARI (No: 2977/03/20(J)) Chartered Accountants

3 June 2020 KUALA LUMPUR


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8. FINANCIAL STATEMENT

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2020

NOTE 2020 2019 RM RM

ASSETS INVESTMENTS 4

Quoted Shariah-compliant shares

in Malaysia

18,862,732 27,228,782

Islamic deposits with licensed financial institutions in Malaysia 5

2,453,387 1,782,009

21,316,119 29,010,791

OTHER ASSETS

Amount owing by stockbroking companies

920,523 -

Profit receivable from Islamic deposits 165 476

Dividend receivable 106,367 54,016

Tax receivable - 3,892

Al-Wadiah savings 239,076 128,226

1,266,131 186,610

TOTAL ASSETS 22,582,250 29,197,401

LIABILITIES

Amount owing to Manager 6 24,804 74,126

Amount owing to Trustee 2,010 2,488

Distribution 7 - 576,285

Other payables and accruals 4,350 4,050

TOTAL LIABILITIES 31,164 656,949

EQUITY

Unit holders‘ capital 8 32,434,710 30,953,791

Retained loss (9,883,624) (2,413,339)

TOTAL EQUITY 22,551,086 28,540,452

TOTAL EQUITY AND LIABILITIES 22,582,250 29,197,401

UNITS IN CIRCULATION 8 120,573,630 115,257,000

NET ASSET VALUE PER UNIT (RM) - XD 9 0.1870 0.2476


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STATEMENT OF COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020 NOTE 2020 2019

RM RM INVESTMENT INCOMES

Profits from Islamic deposits 67,880 65,966

Hibah from Al-Wadiah savings 578 565

Dividends income 1,264,240 1,111,951

Other income - 189

(Loss)/Profit from sale of investments (4,984,907) 108,361

Unrealised loss on changes in fair value of investments

10 (3,146,573) (1,555,221)

(6,798,782) (268,189)

EXPENSES

Management fee 11 430,287 449,621

Trustee fee 12 28,686 29,975

Audit fee 3,250 3,250

Tax agent fee 1,400 800

Stockbroking fee and other transaction

costs 13 188,225 127,983

Sales and services taxation 8,956 6,886

Administrative expenses 6,254 4,357

667,058 622,872

LOSS BEFORE TAXATION (7,465,840) (891,061)

Taxation 14 (4,445) -

LOSS AFTER TAXATION (7,470,285) (891,061)

LOSS AFTER TAXATION IS MADE UP AS FOLLOWS:

REALISED (LOSS) / PROFIT (4,323,712) 664,160

UNREALISED LOSS 10 (3,146,573) (1,555,221)

(7,470,285) (891,061)


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STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020

Note Unit Holders’

Capital Retained losses

Total Equity

RM RM RM

Balance as at 1 Apr 2018 29,511,886 (945,993) 28,565,893

Realised profit - 664,160 664,160

Unrealised loss - (1,555,221) (1,555,221)

Creation of units 3,106,515 - 3,106,515

Cancellation of units (1,664,610) - (1,664,610)

Distribution 7 - (576,285) (576,285)

Balance as at 31 Mar 2019 30,953,791 (2,413,339) 28,540,452

Balance as at 1 Apr 2019 30,953,791 (2,413,339) 28,540,452

Realised loss - (4,323,712) (4,323,712)

Unrealised loss - (3,146,573) (3,146,573)

Creation of units 10,233,713 - 10,233,713

Cancellation of units (8,752,794) - (8,752,794)

Balance as at 31 Mar 2020 32,434,710 (9,883,624) 22,551,086


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STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020

2020 2019 RM RM

CASH FLOWS FROM INVESTING AND OPERATING ACTIVITIES

Proceeds from sale of investments 36,995,337 23,317,105

Purchase of investments (37,681,290) (27,299,374)

Dividends received 1,211,888 1,112,619

Profit from Islamic deposits 68,192 66,314

Hibah from Al-Wadiah savings 578 565

Receipt from other income - 189

Management fee paid (437,460) (448,900)

Trustee fee paid (29,164) (29,927)

Payment for Audit fee (3,250) (2,500)

Payment of Tax agent fee (1,100) (800)

Payment of tax expenses (553) -

Payment of other expenses (203,435) (141,568)

Net cash used in investing and operating

activities

(80,257) (3,426,277)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from creation of units 9,585,549 3,772,981

Payment of cancellation of units (8,723,064) (1,626,540)

Net cash generated from financing activities

862,485 2,146,441

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 782,228 (1,279,836)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 1,910,235 3,190,071

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 2,692,463 1,910,235

CASH AND CASH EQUIVALENTS COMPRISE

Al-Wadiah Savings 239,076 128,226

Islamic deposits with lisenced financial institutions in Malaysia

2,453,387 1,782,009

2,692,463 1,910,235


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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020

1. THE FUND, THE MANAGER AND PRINCIPAL ACTIVITIES

PMB Shariah Dividend Fund is managed by PMB INVESTMENT BERHAD, was launched on 21 July 2008 and fully operational on 11 August 2008 under the name of ASM Syariah Dividend Fund. On 13

November 2013, this Fund changed its name to ASM Shariah Dividend Fund as stated in the Third Supplemental Master Deed. Pursuant to the Master Prospectus dated on 28 April 2014, this Fund once again changed its name from ASM Shariah Dividend Fund to PMB Shariah

Dividend Fund in line with the changes of the Manager‘s name from ASM Investment Berhad to PMB Investment Berhad. This Fund will continue to operate until it is terminated or dissolved in accordance with the provisions of the Deed of Trust and the Capital Markets and Services

Act 2007. The main activities of PMB Shariah Dividend Fund is marketable securities transaction in which the investment is made in the "Permitted

Investments" as defined under Clause No.1 of the Deed of Trust and subject to approval by the Securities Commission of Malaysia and in accordance with Shariah Principles from time to time. This includes securities listed on Bursa Malaysia and in money market instruments

approved by the Shariah Principles. The Manager is a company incorporated in Malaysia and wholly owned by Pelaburan MARA Berhad. The principal activity of the Manager is the

management of Unit Trust Funds and Corporate Funds.

2. OBJECTIVES AND POLICIES OF FINANCIAL RISK MANAGEMENT

This Unit Trust Fund operations are exposed to several risks including equity market risk, stock specific risk, equity-related securities risk,

Shariah status reclassification risk, dividend policy risk and liquidity risk. Financial risk management is carried out through the system of internal control and investment restrictions outlined in the Guidelines on Unit Trust Funds by the Securities Commission Malaysia and based on

Shariah Principles. (a) Equity Market Risk

The performance of the Fund is subject to the volatility of the

stock market which is influenced by the changes in the economic and political climate, profit rate, international stock market performance and regulatory policies. The movement of the value in the underlying investment portfolio will affect the

Net Asset Value (NAV) of the Fund. Any downward movement of the value will negatively impact the NAV of the Fund.


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2. OBJECTIVES AND POLICIES OF FINANCIAL RISK MANAGEMENT (CONT.)

(a) Equity Market Risk (Cont.)

The table below shows the impact on the net asset value of the

Fund at the reporting date due to the possible change in equity price with all other variables held constant:

(b) Stock Specific Risk

Prices of a particular stock may fluctuate in response to the circumstances affecting individual companies such as adverse financial performance, news of a possible merger or loss of key personnel of a company. Any adverse price movements of

such stock will adversely affect the Fund‘s Net Asset Value (NAV).

(c) Equity-related Securities Risk

The value of the Shariah-compliant equity-related securities depends on the value of the underlying equities that the

Shariah-compliant securities are related to. Any upward movement in the value of the underlying Shariah-compliant equities may result an upward movement of the value of the respective Shariah-compliant equity-related securities, and vice

versa. Hence, the movement of the value of the Shariah-compliant equity-related securities will affect the value of the Fund. The fund may also invest in Shariah-compliant equity-related securities such as Shariah-compliant warrants, that

have an expiry date and may experience time decay, and the erosion of value accelerates as the instrument advances to its expiry date. If the Shariah-compliant warrant is not exercised on or before the expiry date, the Shariah-compliant warrant will

have no value and negatively impact the Net Asset Value (NAV) of the Fund.

Quoted Shariah-

compliant shares in Malaysia

Changes in equity

price

Impact on distributed

net asset value

RM % RM 18,862,732 +5 / -5 943,137 / (943,137)


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(d) Shariah Status Reclassification Risk

This risk refers to the risk that the currently held Shariah-

compliant securities in the portfolio of Shariah-compliant funds may be reclassified as Shariah non-compliant in the periodic review of the securities by the SAC of the SC, the Shariah Adviser or the Shariah Supervisory Boards of relevant Islamic

indices. If this occurs, the Manager will take the necessary steps to dispose of such securities. Opportunity loss could occur due to the restriction on the Fund to

retain the excess capital gains derived from the disposal of the reclassified Shariah non-compliant securities. In such an event, the Fund is required:

(i) to dispose such securities with immediate effect or within one (1) calendar month if the value of the securities exceeds or is equal to the investment cost on the effective date of Reclassification of the List of Shariah-

compliant securities (―Reclassification‖) by the SAC of the SC, the Shariah Adviser or the Shariah Supervisory Boards of relevant Islamic indices. The Fund is allowed to keep dividends received and capital gains from the

disposal of the securities up to the effective date of Reclassification. However, any dividends received and excess capital gains from the disposal of the Shariah non-compliant securities after the effective date of

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

(ii) to hold such securities if the value of the said securities

is below the investment cost on the effective date of Reclassification until the total subsequent dividends received (if any) and the market price of the securities is equal to the cost of investment at which time disposal has to take place within one (1) calendar month, capital

gains (if any) from the disposal of the securities should be channelled to baitulmal and/or approved charitable bodies; or

(iii) to dispose such securities at a price lower than the investment cost which will result in a decrease in the Fund‘s value.


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(e) Dividend Policy Risk

Dividend policy risk is the risk that the Fund will has heavy

emphasis on high yield dividend stock. Such a risk may occur when fundamentals of the company‘s business deteriorate or if

there is a change in the dividend payout policy resulting in a reduction of the dividend to be paid by the company. This risk may be mitigated by investing mainly in companies with a consistent historical record of paying dividends, strong cash flow,

or operating in fairly stable industries.

(f) Liquidity Risk risk refers to the ease of liquidating an asset depending on the asset‘s volume traded in the market. If the Fund holds assets that are illiquid, or are difficult to dispose of, the value of the Fund will be negatively affected when it has to sell such assets at unfavourable prices.

Liquidity risk refers to the ease of liquidating an asset depending on the asset‘s volume traded in the market. If the Fund hold

assets that are illiquid, or are difficult to dispose of, the value of the Fund will be negatively affected when it has to sell such assets at unfavourable prices.

The Fund maintains sufficient level of Islamic liquid assets, after consultation with the Trustee, to meet anticipated payments and cancellations of units by unit holders. Islamic liquid assets comprise cash, Islamic deposits with licensed financial

institutions and other Shariah-compliant instruments which are capable of being converted into cash within 7 days. The table below summarises the Fund‘s financial liabilities into

relevant maturity grouping based on the remaining period as at the statement of financial position date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.

2020 BETWEEN Less

than 1 month

1 month to 1 year

Total RM RM RM Amount owing to Manager 24,804 - 24,804

Amount owing to Trustee 2,010 - 2,010

Other payables and accruals - 4,350 4,350

Contractual cash outflows 26,814 4,350 31,164


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(f) Liquidity Risk (Cont.)

2019 BETWEEN Less

than 1 month

1 month to 1 year

Total RM RM RM Amount owing to Manager 74,126 - 74,126

Amount owing to Trustee 2,488 - 2,488

Distribution 576,285 - 576,285

Other payables and accruals - 4050 4,050

Contractual cash outflows 652,899 4,050 656,949

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Preparation

The financial statements of the Fund are prepared under the historical cost convention and modified to include other bases

of valuation as disclosed in other sections under significant accounting policies and in compliance with Malaysian Financial Reporting Standards (MFRSs), International Financial Reporting Standards (IFRSs) and Guidelines on Unit Trust

Funds by the Securities Commission Malaysia. The Fund has not yet adopted the following MFRS, that have been issued by the Malaysian Accounting Standards Board

(MASB) but are not yet effective:-

Effective date

MFRS 101 Definition of Material

(Amendments to MFRS 101)

1 January 2020

MFRS 108 Definition of Material (Amendments to MFRS 108)

1 January 2020

The adoption of the above standards is not expected to have

any material impact on the Fund‘s financial statements.


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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

(b) Quoted Shariah-compliant Shares Malaysia

Quoted Shariah-compliant shares in Malaysia are valued based on bid price at close of the market on Bursa Malaysia on

the reporting date. This is to comply with Malaysian Financial Reporting Standards – MFRS 9.

However, this unit trust is subject to the Trust Deed whereby

quoted Shariah-compliant shares are valued at the market closing price on Bursa Malaysia at the reporting date. Accordingly, for any unit trust transactions at this reporting date, the actual sales and purchase price of the unit is set out in note 9.

(c) Dividend Income

The amount of dividend from the investment is determined on an accrual basis once the company's share price is recorded

"XD" (without dividend) on Bursa Malaysia. The single tier system was introduced effective 1 January 2008 and single-tier dividend distributed by a resident company are exempt from tax in Malaysia.

(d) Profit from Islamic Deposits

The profit from Islamic deposits is on accrual basis. The profit received by the Fund was derived from Malaysia and credited

by any bank or financial institution licensed under the Financial Services Act 2013 or Islamic Financial and Services Act 2013 which are exempt from tax according to Income Tax Act 1967 (ITA 1967).

(e) Profit/(Loss) from Sale of Investments

Costs incurred to determine profit/(loss) from sale of investments are based on the weighted average cost. Pursuant

to ITA 1967, profit from realisation of investments will not be treated as income of the Fund and are not subject to tax.

(f) Unrealised Profit/(Loss)

Unrealised profit/(loss) represent profit/(loss) as a result of changes in fair market value of quoted Shariah-compliant shares using the bid price at the reporting date as compared to the previous financial year.

(g) Creation and Cancellation of Units

Proceeds from creation of units and payment of cancellation of units are based on the market value of the units comprising the

share of capital and the portion of income at the date of the invention or disposition.


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(h) Distribution Equalisation

Distribution equalisation is accounted for on the date of issue and depreciation based on the average amount of distributable

income included in the unit price and disposals.

(i) Cash and Cash Equivalents

Cash and cash equivalents comprise Islamic deposits and Al-

Wadiah savings with banks and licensed financial institutions where such savings are based on Shariah Principles.

(j) Financial Instruments

Unless specifically disclosed below, the Fund generally applied

the following accounting policies retrospectively. Nevertheless, as permitted by MFRS 9, Financial Instruments, the Fund have elected not to restate the comparatives.

(i) Recognition and Initial Measurement

A financial asset or a financial liability is recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions

of the instrument.

A financial asset (unless it is a trade receivable without significant financing component) or a financial liability is initially measured at fair value plus or minus, for an item not at fair value through profit or loss, transaction costs

that are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at the transaction price.

An embedded derivative is recognised separately from the host contract where the host contract is not a financial asset, and accounted for separately if, and only if, the derivative is not closely related to the economic

characteristics and risks of the host contract and the host contract is not measured at fair value through profit or loss. The host contract, in the event an embedded derivative is recognised separately, is accounted for in

accordance with policy applicable to the nature of the host contract.


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(j) Financial Instruments (Cont.)

(ii) Financial instrument categories and subsequent

measurement

Financial assets

Categories of financial assets are determined on initial recognition and are not reclassified subsequent to their initial recognition unless the Fund changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day

of the first reporting period following the change of the business model. (a) Amortised cost (AC)

Amortised cost category comprises financial assets that are held within a business model whose objective is to hold assets to collect

contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and profit on the principal amount outstanding. The financial

assets are not designated as fair value through profit or loss. Subsequent to initial recognition, these financial assets are measured at amortised cost using the effective profit method. The

amortised cost is reduced by impairment losses. Profit income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised

in profit or loss. Profit income is recognised by applying effective profit rate to the gross carrying amount except for

credit impaired financial assets where the effective profit rate is applied to the amortised cost.


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(ii) Financial instrument categories and subsequent measurement (Cont.)

Financial assets (Cont.)

(b) Fair value through other comprehensive

income (FVOCI)

(i) Debt investments

Fair value through other comprehensive

income category comprises debt investment where it is held within a business model whose objective is achieved by both collecting contractual

cash flows and selling the debt investment, and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and profit on

the principal amount outstanding. The debt investment is not designated as at fair value through profit or loss. Profit income calculated using the effective profit

method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in other comprehensive

income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss.

Profit income is recognised by applying effective profit rate to the gross carrying amount except for credit impaired financial

assets where the effective profit rate is applied to the amortised cost.


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NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020




Financial assets (Cont.)

(b) Fair value through other comprehensive

income (FVOCI) (Cont.)

(ii) Equity investments

This category comprises investment in

equity that is not held for trading, and the Fund irrevocably elect to present subsequent changes in the investment‘s fair value in other comprehensive income.

This election is made on an investment-by investment basis. Dividends are recognised as income in profit or loss unless the dividend clearly represents a

recovery of part of the cost of investment. Other net gains and losses are recognised in other comprehensive income. On

derecognition, gains and losses accumulated in other comprehensive income are not reclassified to profit or loss.

(c) Fair value through profit or loss (FVPL)

All financial assets not measured at amortised cost or fair value through other comprehensive

income as described above are measured at fair value through profit or loss. This includes derivative financial assets (except for a derivative that is a designated and effective hedging

instrument). On initial recognition, the Fund may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at fair value

through other comprehensive income as at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.


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Financial assets (Cont.) (c) Fair value through profit or loss (FVPL) (Cont.)

Financial assets categorised as fair value through profit or loss are subsequently measured at their fair value. Net gains or losses, including any profit or dividend income, are recognised in

the profit or loss.

All financial assets, except for those measured at fair value through profit or loss and equity

investments measured at fair value through other comprehensive income, are subject to impairment assessment.

Financial liabilities The categories of financial liabilities at initial recognition are as follows:

(a) Fair value through profit or loss (FVPL)

Fair value through profit or loss category

comprises financial liabilities that are derivatives (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument), contingent consideration in

a business combination and financial liabilities that are specifically designated into this category upon initial recognition.

On initial recognition, the Fund may irrevocably designate a financial liability that otherwise meets the requirements to be measured at amortised cost as at fair value through profit or loss:

(a) if doing so eliminates or significantly

reduces an accounting mismatch that would otherwise arise;


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measurement (Cont.) Financial liabilities (Cont.)

The categories of financial liabilities at initial recognition are as follows: (a) Fair value through profit or loss (FVPL)

(b) a group of financial liabilities or assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented

risk management or investment strategy, and information about the group is provided internally on that basis to the Fund‘s key management personnel; or

(c) if a contract contains one or more

embedded derivatives and the host is not a financial asset in the scope of MFRS 9,

where the embedded derivative significantly modifies the cash flows and separation is not prohibited.

Financial liabilities categorised as fair value through profit or loss are subsequently measured at their fair value with gains or losses, including any profit expense are recognised in the profit or

loss.

For financial liabilities where it is designated as fair value through profit or loss upon initial

recognition, the Fund recognise the amount of change in fair value of the financial liability that is attributable to change in credit risk in the other comprehensive income and remaining amount of

the change in fair value in the profit or loss, unless the treatment of the effects of changes in the liability‘s credit risk would create or enlarge an accounting mismatch.


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measurement (Cont.) Financial liabilities (Cont.)

(b) Amortised cost (AC) (Cont.)

Other financial liabilities not categorised as fair value through profit or loss are subsequently measured at amortised cost using the effective

profit method. Profit expense and foreign exchange gains and losses are recognised in the profit or loss. Any

gains or losses on derecognition are also recognised in the profit or loss.

(c) Provisions

Provision is recognised only when the Fund has a present obligation (legal and constructive) as a result of a past event, it is probable that an

outflow of economic resources will be required to settle the obligation and the amount of the obligation can be estimated reliably.

Provision is reviewed at each reporting date and

adjusted to reflect the current best estimate. If it

is no longer probable that an outflow of economic

resources will be required to settle the obligation,

the provision is reversed. If the effect of the time

value of money is material, provisions are

discounted using a current pre tax rate that

reflects, where appropriate, the risks specific to

the liability. When discounting is used, the

increase in the provision due to the passage of

time is recognised as a finance cost.

(iii) Derecognition

A financial asset or part of it is derecognised when, and only when, the contractual rights to the cash flows from

the financial asset expired or transferred, or control of the asset is not retained or substantially all of the risks and rewards of ownership of the financial asset are transferred to another party.


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FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)


(iii) Derecognition (Cont.)

On derecognition of a financial asset, the difference between the carrying amount of the financial asset and the sum of consideration received (including any new

asset obtained less any new liability assumed) is recognised in profit or loss. A financial liability or a part of it is derecognised when, and only when, the obligation specified in the contract is

discharged, cancelled or expired. A financial liability is also derecognised when its terms are modified and the cash flows of the modified liability are substantially different, in which case, a new financial liability based on

modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount of the financial liability

extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.

(iv) Offsetting

Financial assets and financial liabilities are offset and the

net amount presented in the statement of financial position when, and only when, the Fund currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise

the asset and liability simultaneously.

(v) Unitholders‘ Contribution

The Unitholders‘ contributions to the Fund meet the definition of puttable instruments classified as equity under the MFRS 132.

Instruments classified as equity are measured at cost and are not remeasured subsequently. Distribution equalisation is accounted for at the date of

creation and cancellation of units of the Fund. It represents the average amount of distributable income or loss included in the creation and cancellation prices of units.


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(k) Impairment of Assets

(i) Financial assets

Unless specifically disclosed below, the Fund generally applied the following accounting policies retrospectively. Nevertheless, as permitted by MFRS 9, Financial

Instruments, the Fund elected not to restate the comparatives. The Fund recognised loss allowances for expected credit losses on financial assets measured at amortised cost,

debt investments measured at fair value through other comprehensive income, contract assets and lease receivables. Expected credit losses are a probability-weighted estimate of credit losses.

The Fund measure loss allowances at an amount equal to lifetime expected credit loss, except for debt securities that are determined to have low credit risk at the

reporting date, cash and bank balance and other debt securities for which credit risk has not increased significantly since initial recognition, which are measured at 12-month expected credit loss. Loss allowances for

trade receivables, contract assets and lease receivables are always measured at an amount equal to lifetime expected credit loss.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit loss, the Fund consider reasonable and supportable information that is

relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Fund‘s historical experience and informed credit assessment and including forward-

looking information, where available. Lifetime expected credit losses are the expected credit losses that result from all possible default events over

the expected life of the asset, while 12-month expected credit losses are the portion of expected credit losses that result from default events that are possible within the 12 months after the reporting date. The maximum period

considered when estimating expected credit losses is the maximum contractual period over which the Fund are exposed to credit risk.


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(k) Impairment of Assets (Cont.)

(i) Financial assets (Cont.)

The Fund estimate the expected credit losses on trade receivables using a provision matrix with reference to historical credit loss experience.

An impairment loss in respect of financial assets measured at amortised cost is recognised in profit or loss and the carrying amount of the asset is reduced through the use of an allowance account.

An impairment loss in respect of debt investments measured at fair value through other comprehensive income is recognised in profit or loss and the allowance

account is recognised in other comprehensive income. At each reporting date, the Fund assess whether financial assets carried at amortised cost and debt

securities at fair value through other comprehensive income are credit impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of

the financial asset have occurred. The gross carrying amount of a financial asset is written off (either partially or fully) to the extent that there is no

realistic prospect of recovery. This is generally the case when the Fund determines that the obligor does not have assets or sources of income that could generate sufficient cash flows to pay the amounts subject to the

write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Fund‘s procedures for recovery amounts due.


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(ii) Other Assets

The carrying amounts of other assets (except for inventories, contract assets, lease receivables, deferred tax asset, assets arising from employee benefits,

investment property measured at fair value and non-current assets (or disposal groups) classified as held for sale) are reviewed at the end of each reporting period to determine whether there is any indication of impairment.

If any such indication exists, then the asset‘s recoverable amount is estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated

each period at the same time. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that

generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating units. Subject to an operating segment ceiling test, for the purpose of goodwill impairment

testing, cash-generating units to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting

purposes. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less

costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money

and the risks specific to the asset or cash-generating unit. An impairment loss is recognised if the carrying amount

of an asset or its related cash-generating unit exceeds its estimated recoverable amount.


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(ii) Other Assets

Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying

amount of any goodwill allocated to the cash-generating unit (group of cash-generating units) and then to reduce the carrying amounts of the other assets in the cash-generating unit (groups of cash-generating units) on a pro rata basis. An impairment loss in respect of goodwill

is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at the end of each reporting period for any indications that the loss has decreased or no longer exists. An impairment

loss is reversed if there has been a change in the estimates used to determine the recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent that the

asset‘s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses are

credited to profit or loss in the financial year in which the reversals are recognised.

(l) Fair Value of financial instruments

The carrying values of the financial instruments recorded at the date of reporting approximate their fair values.


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4. INVESTMENTS

Details are as follows: - 2020 2019 RM RM

(a) Quoted Shariah-compliant

shares @ cost

24,458,574 29,678,051

Deficit (5,595,842) (2,449,269)

Market Value 18,862,732 27,228,782

(b) Islamic Deposits 2,453,387 1,782,009

Total Investments 21,316,119 29,010,791

The list of investments is as in Schedule A.

5. ISLAMIC DEPOSIT WITH LICENSED FINANCIAL INSTITUTIONS IN MALAYSIA

Islamic deposit includes fixed deposits based on Shariah Principles in

licensed financial institutions as follows: -

2020 2019 RM RM (a) Islamic Banks - 1,782,009

(b) Investment Banks 2,453,387 -

2,453,387 1,782,009

Average profit rate during the financial year and the average maturity of the deposits on the closing date are as follows: -

Average Profit Rate

Average Maturity Period

% Days (a) Islamic Banks - - (b) Investment Banks 2.45 2


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6. AMOUNT OWING TO MANAGER

2020 2019 RM RM Creation of units receivable 73,142 1,263

Cash payable for cancellation of units (67,800) (38,070)

Management fee accrued (30,146) (37,319)

(24,804) (74,126)

7. DISTRIBUTION

No income distribution to unitholders is recommended for the financial

year ended 31 March 2020 [2019: Distributed income in the form of units of 0.50 sen (gross) (net: 0.50 sen) per unit].

Distributions to unitholders is as follows:

2020 2019 RM RM Gross dividend -

1,111,951

Profit from Islamic deposits - 65,966

Hibah from Al-Wadiah saving - 565

Other income -

189

Profit from sale of investment - 108,361

Undistributed profit for the year -

(87,875)

1,199,157

Expenses - (622,872)

Taxation - -

576,285

Unit in circulation - 115,275,000

Gross distribution per unit (sen) - 0.50

Net distribution per unit (sen) - 0.50


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FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020 8. UNITHOLDERS’ CAPITAL 2020 2019

Unit RM Unit RM

Balance brought forward

115,257,000 30,953,791 109,862,000 29,511,886

Creation of units

during the year 42,528,553 10,233,713 11,715,000 3,106,515

157,785,553 41,187,504 121,577,000 32,618,401

Cancellation of units during the

year

(37,208,923) (8,752,794) (6,320,000) (1,664,610)

Balance carried forward

120,576,630 32,434,710 115,257,000 30,953,791

9. NET ASSET VALUE

Net Asset Value is derived for after deducting the total liabilities of the Fund from the Fund's total assets.

To comply with MFRS 9 in preparing this Financial Statements, quoted Shariah-compliant shares and warrants have been valued at the bid price at the market close on Bursa Malaysia at the reporting date as

compared to the Deed of Trust which sets market value at the last quoted price on Bursa Malaysia for the determination of the sales and purchase price of unit trust at that date.

Accordingly, on 31 March 2020 and 31 March 2019 the adjustment of the net asset value per unit for the purpose of distribution to the unit holders of the unit trust as at the above dates is as follows:

2020 2019

RM RM/Unit RM RM/Unit

Net asset value per unit for

the distribution of unit trust

22,595,226 0.1874 28,668,792 0.2487

Net asset value difference

when complying with MFRS

9

44,140 0.0004 128,340 0.0011

Net asset value per unit attributable to the unit holders as disclosed in the

Financial Statements

22,551,086 0.1870 28,540,452 0.2476


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10. UNREALISED LOSS ON CHANGES IN FAIR VALUE OF INVESTMENT

2020 RM

2019

RM

Unrealised loss on quoted Shariah-compliant shares

(5,595,842) (2,449,269)

Total unrealised loss (5,595,842) (2,449,269)

Less: Unrealised loss of

previous year (2,449,269) (894,048)

(3,146,573) (1,555,221)

11. MANAGEMENT FEE

The fee paid to the Manager, PMB INVESTMENT BERHAD is computed on a daily basis at 1.5% per annum on the Net Asset Value before deducting Management fee and Trustee fee for that particular day.

12. TRUSTEE FEE The fee paid to Trustee, CIMB ISLAMIC TRUSTEE BERHAD is

computed on a daily basis at 0.1% per annum on the Net Asset Value subject to a minimum fee of RM18,000 per annum before deducting Management fee and Trustee fee for that particular day.


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FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020 13. TRANSACTIONS WITH BROKER / DEALER (01/04/2019 - 31/03/2020)

Transaction Value

RM

Commission & Fee RM

Broker/Dealer

% %

CGS-CIMB Securities Sdn Bhd

17,560,209 23.23 37,102 19.71

RHB Investment Bank Bhd

10,671,244

14.12

27,182

14.44

KAF Equities Sdn Bhd

7,801,856

10.32

20,879

11.09

Public Investment Bank Bhd

6,719,532

8.89

14,420

7.66

Hong Leong Investment Bank Bhd

6,051,105 8.00 14,741 7.83

Maybank Investment Bank Bhd

5,998,976 7.93 17,080 9.08

MIDF Amanah Investment

Bank Bhd 4,870,041 6.44 14,028 7.45

Kenanga Investment Bank Bhd

4,480,224 5.93 11,099 5.90

Alliance Investment Bank Bhd

3,906,508 5.17 10,303 5.47

Affin Hwang Investment Bank Bhd

3,077,538 4.07 8,809 4.68

BIMB Securities Sdn Bhd

2,625,040

3.47

7,576

4.03

AmInvestment Bank Bhd

1,834,877

2.43

5,006

2.66

Total Transaction 75,597,150 100.00 188,225 100.00


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18. FINANCIAL INSTRUMENTS (CONT.)

a) Classification of financial instruments (Cont.)

Reclassification to new MFRS 9 category 2020 Carrying

Amount

AC

FVPL

FVOCI MFRS 139 RM RM RM RM

Financial Assets

Quoted Shariah-compliant

shares in Malaysia

18,862,732 - 18,862,732 -

Islamic deposits

with licensed financial institutions in

Mlalaysia

2,453,387 2,453,387 - -

Amount owing

by stockbroking companies

920,523 920,523 - -

Profits receivable

from Islamic deposits

165 165 - -

Dividends receivable

106,367 106,367 - -

Al- Wadiah savings

239,076 239,076 - -

22,582,250 3,719,518 18,862,732 -

Reclassification to new MFRS 9

category 2020 Carrying

Amount AC

MFRS 139 RM RM Financial Liabilities

Amount owing to Manager 24,804 24,804



31,164 31,164


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FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020 18. FINANCIAL INSTRUMENTS (CONT.)

a) Classification of financial instruments (Cont.)

Reclassification to new MFRS 9 category 2019 Carrying

Amount

AC

FVPL

FVOCI MFRS 139 RM RM RM RM Financial

Assets

Quoted Shariah-compliant shares in

Malaysia

27,228,782 - 27,228,782 -

Islamic deposits with licensed financial

institution

1,782,009 1,782,009 - -

Profits receivable

from Islamic deposits

476 476 - -

Dividend receivable

54,016 54,016 - -

Al- Wadiah

savings 128,226 128,226 - -

29,193,509 1,964,727 27,228,782

-

19. FUNCTIONAL AND PRESENTATION CURRENCY

The financial statements are presented in Malaysia Ringgit, which is the Fund‘s functional and presentation currency.

Reclassification to new MFRS 9 category

2019 Carrying Amount

AC MFRS 139 RM RM Financial Liabilities Amount owing to Manager 74,126 74,126


Distribution 576,285 576,285


656,949 656,949


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SCHEDULE A

LIST OF INVESTMENTS AS AT 31 MARCH 2020

RM RM % A

QUOTED SHARIAH-COMPLIANT SHARES

MAIN MARKET

CONSTRUCTION

1 GDB Holdings Bhd 2,300,000 1,435,760 1,104,000 4.90

CONSUMER PRODUCTS &

SERVICES

1 Johore Tin Bhd 1,050,000 1,532,242 1,291,500 5.73

2 MBM Resources Bhd 390,000 1,576,347 1,084,200 4.81

3 Power Root Bhd

590,500 1,256,450 1,121,950 4.97

4 Salutica Bhd 1,833,000 1,532,909 678,210 3.01

5 Teo Seng Capital Bhd 1,145,000 1,459,106 1,099,200 4.87

Total 7,357,054 5,275,060 23.39

HEALTHCARE

1 Duopharma Biotech Bhd 1,040,000 1,464,300 1,435,200 6.36

INDUSTRIAL PRODUCTS & SERVICES

1 SKP Resources Bhd 1,000,000 1,364,050 770,000 3.41

2 Success Transformer Corporation Bhd

1,500,000

1,436,250 742,500 3.29

3 Sunway Bhd 800,000 1,448,560 1,240,000 5.50

4 Uchi Technologies Bhd 595,000 1,681,820 1,142,400 5.07

Total 5,930,680 3,894,900 17.27

TECHNOLOGY

1 Globetronics Technology Bhd

550,000 1,299,600 891,000 3.95

TELECOMMUNICATIONS & MEDIA

1 Telekom Malaysia Bhd 350,000 1,416,885 1,298,500 5.76

NO. OF AT AT PERCENTAGE OF NO. NAME OF INVESTMENT SHARES COST FAIR VALUE NET ASSET VALUE


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SCHEDULE A

LIST OF INVESTMENTS AS AT 31 MARCH 2020

RM RM

%

A

QUOTED SHARIAH-COMPLIANT SHARES (CONT.)

MAIN MARKET (CONT.)

TRANSPORTATION & LOGISTIC

1 MISC Bhd 172,000 1,420,100 1,276,240 5.66

2 Westports Holdings Bhd 301,400 1,137,607 1,018,732 4.52

Total 2,557,707 2,294,972 10.18

UTILITIES

1 Taliworks Corporation Bhd 1,700,000 1,607,333 1,249,500 5.54

CAPITAL MARKET INSTRUMENT

ISLAMIC REAL ESTATE INVESTMENT TRUSTS

1 Axis Real Estate Investment

Trust 780,000 1,389,255 1,419,600 6.29

Total Quoted Shariah-compliant Shares

24,458,574 18,862,732 83.64

Unrealised Loss (5,595,842) 18,862,732

RM RM %

B ISLAMIC DEPOSITS

1 Kenanga Investment Bank Bhd

Commodity Murabahah

2,453,387 2,453,552 10.88

Total Islamic Deposits 2,453,387 2,453,552 10.88 21,316,284 94.52

PERCENTAGE OF PLACEMENT PLACEMENT NET ASSET NO. FINANCIAL INSTITUTION TYPE COST FUND VALUE VALUE

NO. OF AT AT PERCENTAGE OF NO. NAME OF INVESTMENT SHARES COST FAIR VALUE NET ASSET VALUE


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9. BUSINESS INFORMATION NETWORK REGIONAL OFFICES Head Office Level 21, 1 Sentral, Jalan Rakyat

Kuala Lumpur Sentral 50470 Kuala Lumpur Tel: (03) 27859900 Fax: (03) 27859901 E-mail: [email protected]

Central Region Tingkat 1, Wisma PMB

No. 1A, Jalan Lumut 50400 Kuala Lumpur

Tel: (03) 40454000 Fax: (03) 40443800

H/P: (013) 7948058 (Suhaila Ridzuan)

E-mail: [email protected] [email protected]

Northern Region No. 46 1/F Jalan Todak 2 Pusat Bandar Seberang Jaya 13700 Perai, Pulau Pinang

Tel: (04) 3909036 Fax: (04) 3909041

H/P: (013) 2710392 (Suhaila Malzuki)


Eastern Region Lot D103, Tingkat 1, Mahkota Square

Jalan Mahkota, 25000 Kuantan, Pahang Tel: (09) 5158545 Fax: (09) 5134545

H/P: (017) 7710117 (Ameer Khalifa Mohd Azman)


Southern Region No. 17-01, Jalan Molek 1/29 Taman Molek, 81100 Johor Bahru

Tel: (07) 3522120 Fax: (07) 3512120

H/P: (012) 2070440 (Ahmad Zaki Omar)



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REGIONAL OFFICES Sarawak No. 59, Tingkat Satu, Jalan Tun Jugah 93350 Kuching, Sarawak Tel: (082) 464402 Fax: (082) 464404

H/P: (013) 8230645 (John Nyaliaw)


[email protected] Sabah Lot 16-4, Block C, Level 3 Harbour City, Sembulan

88100 Kota Kinabalu, Sabah Tel: (088) 244129 Fax: (088) 244419

H/P: (013) 8808273 (Hadjira@Azeera Mangguna)


STATE SALES OFFICE Kedah

No. 65, 1st Floor, Kompleks Sultan Abdul Hamid, Persiaran SSAH 1A, 05050 Alor Setar, Kedah Tel: (04) 7724000

E-mail: [email protected] Kelantan

Tingkat 1, Lot 1156, Seksyen 11, 15100 Kota Bharu, Kelantan

Tel: (09) 7421791

H/P: (019) 9894866 (Rosnani Ibrahim)


AGENCY OFFICES Kuala Lumpur

Nor Azihan Alias

AAG Suite, Level 3, Wisma PMB, No. 1A, Jalan Lumut

50400 Kuala Lumpur

H/P: (019) 2277375


Abdul Samad Ashaari Al-Fateh, Suite 1402, Level 14, G Tower 199, Jalan Tun Razak

50400 Kuala Lumpur

H/P: (019) 2206085



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Kuala Lumpur

Amir Md Yusof

No. 55-1, Jln 3/23A, Off Jln Genting Klang, Tmn Danau Kota, 53300 Kuala Lumpur

H/P: (011) 16776969


Ahmad Sanusi Husain Tingkat 16, Menara TH 1 Sentral, Jalan Rakyat, Kuala Lumpur Sentral,

50470 Kuala Lumpur

H/P: (019) 2348786


Melaka

Datuk Md. Ramly Mohamad

No. 253-A, Jalan TMR 3, Taman Melaka Raya

75000 Melaka

Tel: (06) 2815051 Fax: (06) 2815046 H/P: (012) 6093859

E-mail: [email protected] Terengganu

Mohd Nazri Othman No. 472-C, Tingkat 1, Jalan Kamaruddin 20400 Kuala Terengganu, Terenggganu

Tel: (09) 6271820 H/P: (019) 9847878

E-mail: [email protected] Nor Azihan Alias Lot 9520, Ground Floor, Jalan Kemaman Dungun,

24000 Bandar Kertih, Kemaman, Terenggganu

H/P: (019) 2277375


Kedah

Mohd Azrik Sapee

CEO POD 1, Tingkat 4, Wisma Ria 08000 Sungai Petani, Kedah

H/P: (017) 4219195


Pulau Pinang

Norshuhada Din

115, 1st Floor, Jalan Dagangan 2, Pusat Bandar Bertam Perdana 1, 13200 Kepala Batas, Pulau Pinang

H/P: (011) 14711650




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Institutional Unit Trust Agents: Financial Institutions For Autodebit Services:

iFast Capital Sdn. Bhd.

Affin Bank Berhad

TA Investment Management Berhad

KAF Investment Funds Berhad

Bank Simpanan Nasional

CIMB Bank Berhad

Malayan Banking Berhad/Maybank Islamic Berhad

RHB Bank Berhad/RHB Islamic Bank Berhad

Corporate Unit Trust Adviser (CUTA):

Genexus Advisory Sdn. Bhd


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10. INFORMATION OF INVESTOR RELATION

CUSTOMER SERVICES

You may communicate with us via:-

Investor Relation Careline : (03) 2785 9900

E-mail : [email protected]

Our Customer Service Personnel would assist your queries on our unit

trust funds.

NOTES TO PROSPECTIVE INVESTORS

This report in not an offer to sell units.

Prospective investor should read and understand the contents of the

Prospectus. If you are in doubt, please consult your investment

adviser on this scheme.

Past performance of the Fund is not an indication of future

performance and unit prices and investment returns may fluctuate.

Kindly be advised that this report available to view and download from our website at www.pmbinvestment.com.my

until next financial period.



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11. INVESTOR PROFILE UPDATE FORM

pmb shariah dividend fund · 2020-06-30 · mansoor bin ahmad nik mohamed zaki bin nik yusoff prof....

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