Fund Performance Report

Transcription

1 2014 Fund Performance Report 2014

2 2014 Fund Performance Report Contents CEO Message Fund Objectives Market Review, Outlook and Strategy Asia Pacific Growth Fund (APGF Fund) Active Bond Fund (Bond Fund) Active Balanced Fund (Balanced Fund) Dana Imbang China Golden Titan 1A (CGT 1A) China Golden Titan 1B (CGT 1B) China Golden Titan 2 (CGT 2) China Golden Titan 3 (CGT 3) Asia Pacific Income Locker Fund (APIL) Asia Pacific Income Locker Fund II (APIL II) China and Oil Income Accrual Fund (COIA) Dana Income Plus Fund (IIF) Select Balanced Fund (SBF) Statement of Assets and Liabilities Statement of Income and Expenditure Statement of Changes in Net Asset Value Notes to the Financial Information Statement By Manager Independent Auditors Report

3 CEO Message CEO Message Dear Valued Policyholder, On behalf of AXA AFFIN Life Insurance Berhad ( AXA AFFIN Life ), I am pleased to share with you the fund performance report for the financial year ending 31st December 2014 and our outlook for For the financial year under review, 2014 was a challenging year for investments, especially in Malaysia. Our equity index, the FBMKLCI closed the year down -5.7% compared to the region which gained +4.8% (MSCI Asia ex Japan). Locally, both our equity and bond markets were mainly driven by external factors particularly the drop in global crude oil prices in the later part of 2014 and given the lack of positive local catalysts to spur our markets. This also resulted in a decrease in local corporate earnings during the year where the top 30 listed companies saw its earnings growth contracting by -2% against earlier expectation of 8% growth. Nonetheless, despite relatively poor earnings by listed companies, overall, Malaysia s economic fundamentals remained stable and resilient. Moreover, our economy expanded by 6.0% benefitting from better growth in exports and a robust domestic demand. Taking all this into account, Bank Negara Malaysia expects our economy to grow between 4.5 to 5.5% in Despite these challenges, our funds have managed not only to preserve your capital but also recorded another year of positive returns as well as outperforming most of its respective benchmarks. Fund Name Return (%) 2014 Since Inception* Benchmark (%) Return (%) Benchmark (%) Active Bond Fund Active Balanced Fund Dana Imbang Asia Pacific Growth Fund** Select Balanced Fund*** Dana Income Plus Fund**** Note: * Established in September 2006 except for Select Balanced Fund and Dana Income Plus Fund ** Benchmark return for Asia Pacific Growth Fund displayed above is in USD term *** Select Balanced Fund was established in July 2003 and made available to AXA AFFIN Life in March 2012 **** Dana Income Plus Fund was established in June 2004 and made available to AXA AFFIN Life in March

4 This was possible through our strategy to hold higher cash, when necessary, as we stay on the side of caution cognisant of our funds contribution towards meeting your financial goals. In 2015, we expect markets to remain challenging and as in 2014, to stay cautious when conditions are volatile. In addition, we will focus on identifying investment opportunities with specific niches in Malaysia and the region that we believe, would withstand these periods of volatility. We believe this combination would help towards a potentially stable return on your investments. Finally, I would like to take this opportunity to express our sincere appreciation for your trust and confidence in AXA AFFIN Life a part of AXA, the No. 1 Global Insurance Brand. Yours sincerely, AXA AFFIN Life Insurance Berhad LOKE KAH MENG Chief Executive Officer 2 CEO Message

5 Fund Objectives Fund Objectives The Asia Pacific Growth Fund aims to seek high capital growth over the medium to long-term period through investments in situational and high growth stocks. Investor Profile Seeking medium to long-term capital growth Wish to participate in the upside of regional (i.e Asia Pacific) stock markets excluding Japan markets Can withstand extended periods of market highs and lows in pursuit of capital growth Medium to long-term investment horizon The Active Bond Fund aims to provide a steady stream of income through investment in money market and private debt securities with limited exposure to equities. Investor Profile Conservative risk-reward temperament Seek stable annual income Medium term investor The Active Balanced Fund aims to provide a steady income and capital growth over the medium to long-term period. Investor Profile Conservative to moderate risk-reward temperament Preference for receiving regular income and a respectable measure of capital growth Medium to long-term investor The Dana Imbang aims to provide a steady income and capital growth over the medium to long-term period by investing in a portfolio of investments that complies with Shariah requirements. Note that, although the Fund invests in Shariah-approved securities, the investment-linked insurance plan itself is not a Shariah-compliant product. Investor Profile Conservative to moderate risk-reward temperament Preference for receiving regular income and a respectable measure of capital growth Medium to long-term investor 3

6 The China Golden Titan 1A, China Golden Titan 1B aim to provide a 5.80% p.a.* fixed coupon at the end of the 1st policy year and a conditional coupon of 3.00% p.a.* at the end of the 2nd, 3rd and 4th policy year if Chinese Yuan ( CNH ) appreciates against United States Dollar ( USD ), while preserving the initial capital. Investor Profile Seek 100% repayment of lump sum premium at maturity Seek a fixed coupon of 5.80% p.a.* at the end of the 1st policy year Seek a conditional coupon of 3% p.a.* if CNH appreciates against USD and can accept zero coupon otherwise, at the end of 2nd, 3rd and 4th policy year Can accept a holding period of 4 years Can accept credit risk of the Issuer Can accept currency risk from investing in a plan that is denominated in Australian Dollar ( AUD ) (applicable to those who are investing using funds converted from Malaysian Ringgit ( MYR ) or other currencies) and/or who intends to convert the coupons and lump sum premium from AUD to MYR or other currencies upon payout The China Golden Titan 2, China Golden Titan 3 aim to provide a 5.50% p.a.* fixed coupon at the end of the 1st policy year and a conditional coupon of 3.00% p.a.* at the end of the 2nd, 3rd and 4th policy year if CNH appreciates against USD, while preserving the initial capital. Investor Profile Seek 100% repayment of lump sum premium at maturity Seek a fixed coupon of 5.50% p.a.* at the end of the 1st policy year Seek a conditional coupon of 3% p.a.* if CNH appreciates against USD and can accept zero coupon otherwise, at the end of 2nd, 3rd and 4th policy year Can accept a holding period of 4 years Can accept credit risk of the Issuer Can accept currency risk from investing in a plan that is denominated in AUD (applicable to those who are investing using funds converted from MYR or other currencies) and/or who intends to convert the coupons and lump sum premium from AUD to MYR or other currencies upon payout. The Asia Pacific Income Locker Fund, Asia Pacific Income Locker Fund II aims to provide enhanced income over the medium term while preserving the initial capital. 4 Fund Objectives

7 Fund Objectives Investor Profile Seek 100% repayment of lump sum premium at maturity Seek a minimum fixed coupon of 3% p.a.* at the end of 1st year Seek to participate in an investment linked to Asia Pacific indices Seek the possibility of additional return at year 2, 3, 4 and 5 Can accept a holding period of 5 years * Net of investment tax The China & Oil Income Accrual Fund aims to provide enhanced income over the medium term while preserving the initial capital. Investor Profile Seek 100% repayment of lump sum premium at maturity Seek a potential conditional interest of up to 6% p.a. 1 Seek to participate in an investment linked to Hang Seng China Enterprises Index and WTI Crude Generic 1st CL Future Can accept a holding period of 5 years Can accept credit risk of the issuer 1 The conditional interest payout is dependent on the performance of the underlying indices, the interest rate (6.0% p.a. indicative) and the FX Conversion Factor. For illustration purposes, the indicative interest rate of 6.0% p.a. is used as the interest rate used for calculating the conditional interest payout. The conditional interest is net of investment tax. All conditional interest payout are subject to the ability of the issuer to repay. The Dana Income Plus Fund employs a feeder fund structure investing through Affin Hwang Aiiman Income Plus Fund. The objective is to provide a steady income stream over the medium to long term period through investments primarily in Shariah-approved debentures or Sukuk. Note that, although the Fund invests in Shariah-approved securities, the investment-linked insurance plan itself is not a Shariah-compliant product. Investor Profile Low risk tolerance Seek regular income distribution Medium to long term investment horizon 5

8 The Select Balanced Fund employs a feeder fund structure investing through Affin Hwang Select Balanced Fund. The objective is provide investors an affordable access into a diversified investment portfolio containing a balanced mixture of equities and fixed income securities to achieve a balance of growth and income over medium to long term. Investor Profile Conservative with a bias towards receiving regular income Prefer stable investment return Medium to long-term capital growth 6 Fund Objectives

9 Market Review, Outlook and Strategy Market Review, Outlook and Strategy Equity Market Review for 2014 Summary The equity market for Malaysia was particularly challenging in 2014 and driven mainly by external events. Locally, it was another disappointing year for corporate earnings which continued to come below expectations. Externally, Malaysia together with other emerging markets started the year down over concerns of slowing growth in China and reverse of capital flows from the eventual end of the US s quantitative easing programme. Nonetheless, things improved on the back of better news flow from China and signs of a sustained economic recovery in the US helped drove markets higher. However, sentiments dampened in the second half due to geopolitical tensions in the Middle East and Ukraine, the Ebola outbreak in West Africa and fears of another economic crisis in Europe. In the final quarter, the fall in crude oil prices took its toll on Malaysia and a series of negative news announcement by Petronas did not helped either. Locally, the FTSE Bursa Malaysia Kuala Lumpur Composite Index fell over -4% in December resulting in the index closing down -5.7% for the year making Malaysia the worst performing market in the region. Review Looking back, the local equity market was fraught with difficulties and was highly challenging in The local bellwether index, FTSE Bursa Malaysia Kuala Lumpur Composite Index ( FBMKLCI or the Index ), started the year tumbling over 80 points to 1, dragged by sell-off across Emerging Markets ( EM ) over concerns on China s slowing growth and the reverse of capital flows from the eventual end of the US Federal Reserve s ( the Feds ) Quantitative Easing ( QE ) programme later in the year. Buying support resumed and the Index rebounded briefly to close the month at 1,804.03, down point or -3.3%. Thereafter, the Index traded range bound and mainly driven by regional and global sentiments. Locally, there were little positive catalysts to spur the equity market as local corporate earnings releases remained lackluster disappointing analysts and investors. As we moved into the second quarter of 2014 ( 2Q14 ), the Index gradually picked up and hit new highs of 1, on 17 th May and 1, on 26 th June in line with improvements in global and regional sentiments spurred by China s HSBC Purchasing Managers Index ( PMI ) reading of 49.7 in May, was the best recorded since December Elsewhere, in the US, job growth remained robust signaling a sustained recovery in the world s largest economy. Locally, the better than expected 1Q14 Gross Domestic Growth ( GDP ) growth of 6.2% also helped. 7

10 Follow through buying from local and foreign investors continued to drive the Index and peaked an all-time high of 1, on 8 th July. Soon after, selling pressure returned on the back geopolitical tensions in the Middle East and Ukraine, Ebola outbreak in the West Africa as well as fears of another crisis looming in Eurozone sparked by the collapsed of Banco Espirito Santo Portugal s second largest bank. Furthermore, fears of Eurozone falling into deflation heightened as inflation slowed to just over 0.4% year-on-year in July making it the smallest increase since October The risk with deflation i.e. falling prices, is a phenomenon that perpetuates itself as consumers and businesses delay spending in anticipation of even lower prices. Thus, pushing the much needed driver for growth even further away. Locally, sentiments suffered on the loss of Malaysia Airlines Flight 017 ( MH17 ) in Ukraine. This was the second loss for the national airline after MH370 went missing in March. Nonetheless, there were periods of rebound during the 3Q14 on the back of another strong set of GDP growth for Malaysia, at 6.4% for 2Q14. Externally, China took steps to aid growth via further reductions of its reserve requirement ratio for some banks whilst in the US, benign inflation numbers helped pacified fears that the Feds may move to raise rates sooner than later post-qe. On the back of a weak 3Q14, 4Q14 proved to be the most challenging for the year. The quarter started badly with the International Monetary Fund ( IMF ) downgrading its global growth forecast for 2014 and 2015 citing concerns over weak and uneven growth. Also, there was heightened volatility as investors prepare for the end of the Feds QE programme, which after nearly 6 years and injecting US$4.5 trillion later, ended on 29 th October. In November, further worsening the already fragile situation was the speed of decline in crude oil prices from over US$ per barrel (based on Brent Crude Oil) on 30 th June to US$55.27 by 31 st December. This was due to a combination of higher supply from new sources like shale oil in North America and lower global demand. And, it finally crumbled on 27 th November when the Organisation of Petroleum Exporting Countries ( OPEC ) decided not to reduce production to support crude oil prices. In conjunction with OPEC s announcement, a series of negative news flow from Petronas did not helped either with the national oil company announcing cut-backs on its 2015 capital expenditure by 15-20%, no further awarding of new marginal oil field contracts and potential reductions of its revenue contributions to the Government. Locally, the Index plunged below 1,800 level and continued downwards to a low of 1, on 16 th December. For the month, the Index fell over 4% - the single largest monthly decline for the year. Cumulatively, this resulted in the Index closing the year down -5.7% making it the worst performing market in the region for year Market Review, Outlook and Strategy

11 Market Review, Outlook and Strategy Conversely, regional markets fared better where falling crude oil prices have been a positive to big energy importers like China and India. Coupled with its internal factors such as monetary easing policies in China and reforms in India, equity markets in China and India rose 52.9% (Shanghai Composite Index) and 31.4% (Nifty Index), respectively. Elsewhere, Philippines, up 22.8% (Philippines Stock Exchange Index), continued to attract investors with its high economic growth rates, Thailand, up 15.3% (Stock Exchange of Thailand Index), regained investors confidence as political situation stabilises and Indonesia, up 22.3% (Jakarta Composite Index), rose on reforms agenda. Equity Market Outlook 2015 In 2015, prospect for equity market is expected to stay challenging as concerns from 2014 spills over into the year. For Malaysia, the low crude oil price environment continues to weigh on sentiments as contributions from oil revenue accounts for about 30% of Government s revenue. Subsequently, a revised Budget 2015 was announced in January 2015 with measures to strengthen Malaysia s economic resilience, which fundamentally, remains robust and expect to record GDP growth of between 4.5 to 5.5% for External volatilities aside, locally, the upcoming 11 th Malaysia Plan ( 11MP ) (2016 to 2020) to be unveiled in May 2015 will underpin Malaysia s continued development and aspiration towards a developed nation by This is expected to spur further infrastructure investments in areas of transportation as well as investments in flood mitigation following last year s flood on the East Coast of Malaysia, which was the worst in the country s history. Regionally, equity markets are expected to be volatile as investors re-evaluate their investments in EMs post-qe. Also, execution on promised and/or expected reforms will be key to investors confidence for markets like India and Indonesia. For China, eyes will be on the country s new economic model of slower but higher quality growth. Elsewhere, geopolitical tensions in the Middle East and Ukraine remains which also adds to the volatile environment. On the back of these factors, our investment thesis for 2015 will be selective and focuses on companies with specific niche advantages that we believe will withstand periods of volatility and uncertainty. Similar to 2014, when required, we would maintain cash buffer during periods of heightened volatility. Locally, the upcoming 11MP is expected to provide further investment opportunities as well. Regionally, we continue to seek suitable investment opportunities from companies that are well positioned to benefit from reforms, policy changes and/or high economic growth. 9

12 Bond Market Review 2014 Summary The bond market for Malaysia, similar to its equity counterpart, had a challenging year as investors were generally caught by the unexpected yield movement. Note that bond yields and prices are inversely related. The year started with rising yields across emerging markets as investors re-positioned for a potential higher rate environment with the eventual end of quantitative easing in the US. Instead, the opposite happened as a confluence of factors, which led to falling US Treasury yields, drove global bond yields down for much of the year. Locally, the decision by Bank Negara Malaysia to raise the overnight policy rate in July, from 3.00 to 3.25% unsettled local bond markets and caused yields to rise but quickly retracted again, as inflationary pressures waned. However, sentiments soured in the final months as declining crude oil prices spooked investors. More worryingly were the impact to the Government s coffers and its fiscal position. This led to a sell down in December and bond yields spiked, paring back most of the gains made during the year. Review Local bond market, similar to its equity counterpart, started the year under pressure dragged by sell-downs across emerging markets. Locally, fear over policy rate hike saw investors selling down sovereign securities especially the long dated issuances, which resulted in the 10-Year ( 10Y ) Malaysian Government Securities ( MGS ) yield rose to a high of 4.30%. Similarly, this led long dated yields on Private Debt Securities ( PDS ), also known as corporate bonds, to rise too but at a lower magnitude given the tight supply and holding by mainly local institutional funds. Note that bond yields and prices are inversely related. Subsequently, instead of a rise in yields, the opposite happened as a confluence of factors drove yields down for much of the year. In the US, despite record amounts of QE over the years, inflation remains benign and well below the Fed s target of 2.0%. Furthermore, softer economic data on wage growth and labour participation in the US allayed fears that the Feds would move to hike rates sooner than expected. Externally, geopolitical tensions resulted in investors flocking to safe haven assets like the US Treasury. Elsewhere, diverging central bank policies whereby the US is expected to tighten post-qe whilst China, Japan and Europe is expected to ease monetary policies further to revive growth in their respective economies including the use of QE only resulted in further inflows into US. 10 Market Review, Outlook and Strategy

13 Market Review, Outlook and Strategy Led by the falling US Treasury yields, local MGS yields also steadily retracted during the 1H14, where the 10Y MGS yield fell from 4.2% as at end-january to below 4.0% in July. In July also, we saw Bank Negara Malaysia ( BNM ) raising the Overnight Policy Rate ( OPR ) by 25 basis points ( bps ) to 3.25% after holding at 3.00%, since May In its policy statement release, BNM cited that the rate hike was to correct economic and financial imbalances as inflation stayed above long term average and also, above OPR resulting in a worry of further leveraging by Malaysian households given the dis-incentive to save. Policy makers reiterated that the stance remains to maintain an accommodative policy supportive of Malaysia s economic growth. The hike, expectedly, impacted short dated yields more than longer dated ones. Concerns over possible further hikes drove yields higher for the remaining of 3Q14. However, concerns were short-lived as inflationary pressures waned and buying returned to the bond markets pushing 10Y MGS yields to its year low of 3.86% by end-october. Expectedly, over the next two monetary policy meeting, BNM held its OPR unchanged. Whilst inflationary pressures were muted throughout the 4Q14, similar to equity market, local bond markets came under pressure as crude oil prices tumbled and the end of QE. More worryingly for local bond markets were the effects of lower crude oil prices as Petronas contribution and oil related revenues accounts up to a third of the Government s revenue. Shortfall from this may result in the Government missing its budget deficit reduction target of -3.0% by end 2015 and its aim to achieve a balance budget by This heightened fears that Malaysia s sovereign rating which carries a Negative outlook by Fitch Ratings may be downgraded and coupled with the continued strengthening of the USD post-qe led to the aggressive sell-off in the last month of the year. 10Y and 15Y MGS yields rose to 4.10% and 4.40% by end-december 2014, paring back most of the gains made throughout the year. Concurrently, during the quarter, the MYR fell over 6% from 3.28 to 3.50 to the USD as foreign investors exited the country. In the local PDS space, total gross issuance was RM85.9 billion in 2014 making it the second consecutive year of lower issuances after last years RM86.2 billion and RM124.6 billion achieved in The reduced issuances resulted in tighter trading spreads and lesser volatility compared to the MGS market. Similar to past years, issuers from the financial services and infrastructure and utilities sectors dominated the local PDS accounting for almost two-thirds of total gross issuances. On rating distribution, high grade credits also continued to dominate, where AAA- and AA-rated issuances account for over 90% of the rated PDS market. 11

14 Bond Market Outlook 2015 In 2015, prospect for bond market in Malaysia and other emerging markets remains challenging with upward bias to yields on the back of continued strengthening of the US economy and the timing of the Fed s first rate hike post-qe. Concurrently, the lingering uncertainty over when the first rate hike would occur also led to increased volatility in the bond markets. Elsewhere, diverging monetary policies amongst major central banks such as the Feds, the Bank of England ( BoE ), the European Central Bank ( ECB ) and the Japanese Central Bank ( JCB ) also adds to the uncertainty as investors estimates and assesses the impacts of such policies. In the US and UK, it is widely expected that the Feds and BoE will gradually tighten monetary policies whilst ECB and JCB embarks on QE programmes to spur economic growth in their region. Locally, the focus will be on capital flows and its impact on sovereign bond yields as investors assesses Malaysia s economic fundamentals during this challenging period. As highlighted in the previous page, whilst Fitch Ratings have a Negative outlook on Malaysia, its other two peers have differing outlooks for Malaysia. Standard & Poor s noted Malaysia s outlook as Stable while Moody s gave Malaysia a Positive outlook, recognising the Government s continuing effort to reign in its budget deficit through subsidy cuts, GST and planned cuts to its 2015 operating expenditure. Also, to stem potential outflows, the Government have also instructed Government-Linked Companies and statutory bodies to prioritise domestic investment activity and where possible, hold off purchases and/ or investments abroad. Elsewhere, other factors to monitor include the growing inflation expectations from the upcoming GST implementation in April Issuance wise, supply is expected to remain tight for On MGS / Government Islamic Issuance ( GII ), whilst gross issuance is expected to be around RM90 billion, slightly higher than the RM85 billion gross issuance in 2014, net supply is expected to stay the same as 2014 around RM35 to 36 billion given the sizeable maturities in Similarly, supply for PDS is also likely to stay tight in the region of RM80 to 90 billion compared to RM85.9 in 2014 and to remain focused in the high grade space. On the back of these factors, our investment thesis for 2015 will continue to focus on issuers with sound credit fundamentals. Also, we would continue to invest into sovereign issuances as Malaysia s economic fundamentals remains sound and the presence of large domestic institutional investors would helped mitigate against the risk of a significant reversal of capital flows. 12 Market Review, Outlook and Strategy

15 ASIA PACIFIC GROWTH FUND ( APGF FUND ) Asia Pacific Growth Fund (APGF Fund) Performance Table Portfolio Composition By Category Portfolio Composition By Sector Portfolio Composition by Country Allocation Currency Breakdown Performance of Asia Pacific Growth Fund Against Benchmark Since Inception Portfolio Composition Composition of Funds Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 6,995,355 6,129,996 5,546,918 5,300,471 4,849,914 Total NAV (RM) 13,582,124 10,740,279 8,744,383 6,758,365 7,108,960 Highest NAV (RM/unit) Lowest NAV (RM/unit) Kuala Lumpur Composite Index Return (%) (5.7) Total Annual Return - Fund (%) Capital Growth (11.2) 8.8 Income Distribution Average Annual Return - Fund (%) One year Period (11.2) 8.8 Three year Period Five year Period Average Annual Return - Benchmark (%) One Year (6.2) 17.1 Since Inception

16 Performance Table Charges Fund Management Fees 1.5% 1.5% 1.5% 1.5% 1.5% Audit Fees (RM 000) Taxation 8.0% 8.0% 8.0% 8.0% 8.0% Portfolio Composition By Category Equities 68% 96% 91% 84% 87% Cash and Others 32% 4% 9% 16% 13% Portfolio Composition by Sector REITS, 4.5% Construction, 2.8% Consumer Products, 16.4% Trading/Services, 38.4% Finance, 23.7% Technology, 4.0% Properties, 7.4% Plantation, 2.8% 14 Asia Pacific Growth Fund (APGF Fund)

17 Asia Pacific Growth Fund (APGF Fund) Portfolio Composition by Country Allocation Singapore, 16.7% Thailand, 6.5% Hong Kong/China, 15.0% Philipines, 4.0% Indonesia, 11.8% Korea, 9.9% Malaysia, 36.1% Currency Breakdown Singapore Dollar, 18.3% Malaysia Ringgit, 47.5% US Dollar, 26.4% Hong Kong Dollar, 7.8% 15

18 Performance of Asia Pacific Growth Fund Against Benchmark Since Inception Percentage Growth (%) 16 Asia Pacific Growth Fund (APGF Fund)

19 Asia Pacific Growth Fund (APGF Fund) Portfolio Composition EQUITIES No. of Units Held Cost (RM) Market Value (RM) Percentage of NAV (%) CONSTRUCTION INDOCEMENT TUNGGAL PRAKARSA TBK 36, , , % 36, , , % CONSUMER PRODUCTS BGF RETAIL CO LTD 1, , , % BUMITAMA AGRI LTD 147, , , % COWAY CO LTD 1, , , % NONG SHIM CO LTD , , % PADINI HOLDINGS BERHAD 130, , , % 280,359 1,378,596 1,509, % FINANCE AIA GROUP LTD 17, , , % ALLIANZ MALAYSIA 20, , , % BANK OF CHINA LTD 217, , , % DBS GROUP HOLDINGS LTD NPV 5, , , % HONG LEONG BANK BERHAD 38, , , % METROPOLITAN BANK & TRUST 57, , , % 355,170 1,934,957 2,185, % PLANTATION FIRST RESOURCES LTD NPV 53, , , % 53, , , % PROPERTIES ALAM SUTERA REALTY TBK 1,175, , , % AMATA CORP PUBLIC CO LTD-NVDR 153, , , % EASTERN & ORIENTAL BHD 107, , , % 1,436, , , % 17

20 Portfolio Composition EQUITIES No. of Units Held Cost (RM) Market Value (RM) Percentage of NAV (%) REIT CAPITARETAIL CHINA TRUST NPV (REIT) 97, , , % 97, , , % TECHNOLOGY TENCENT HOLDINGS LTD 7, , , % 7, , , % TRADING / SERVICES AXIATA GROUP BERHAD 73, , , % BERJAYA FOOD BHD 180, , , % ELNUSA TBK 1,408, , , % KEPPEL TELECOM & TRANSPORT NPV 48, , , % KERRY LOGISTICS NETWORK LTD 46, , , % PERDANA PETROLEUM BHD 198, , , % TELEKOMUNIKASI INDONESIA PER 464, , , % TENAGA NASIONAL BHD 39, , , % TOTAL ACCESS COMMUNICA-NVDR 33, , , % WESTPORTS HOLDINGS 81, , , % 2,573,200 3,266,863 3,543, % TOTAL 4,840,131 8,681,699 9,231, % 18 Asia Pacific Growth Fund (APGF Fund)

21 Asia Pacific Growth Fund (APGF Fund) Composition of Funds Equities Construction 1.9% - 1.7% 2.1% 7.4% Consumer Products 11.2% 13.7% 23.5% 9.4% 7.8% Finance 16.0% 18.2% 20.6% 28.5% 10.9% Industrial Products % 8.1% 6.2% 17.8% Infrastructure - 2.0% 1.7% - - Mining % Oil & Gas % - - Pharmaceutical % Plantation 1.9% 4.7% 1.6% 3.2% 16.3% Properties 5.1% 7.9% 3.9% 8.6% 2.0% Technology 2.7% 4.5% 2.3% % Telecommunications % 6.0% 1.1% Trading / Services 26.1% 23.4% 9.4% 20.2% 5.6% REITS 3.1% 6.7% 12.1% - - Utilities - 3.0% Deposits & Cash 32.0% 4.3% 9.3% 15.8% 13.1% 100.0% 100.0% 100.0% 100.0% 100.0% 19

22 ACTIVE BOND FUND ( BOND FUND ) Performance Table Portfolio Composition By Category Portfolio Composition By Sector Performance of Active Bond Fund Against Benchmark Since Inception Portfolio Composition Composition of Funds Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 4,828,875 4,190,257 3,717,774 3,442,138 3,370,439 Total NAV (RM) 9,126,665 7,749,331 6,375,141 5,272,533 4,908,347 Highest NAV (RM/unit) Lowest NAV (RM/unit) Kuala Lumpur Composite Index Return (%) (5.7) Total Annual Return - Fund (%) Capital Growth Income Distribution Average Annual Return - Fund (%) One year Period Three year Period Five year Period Average Annual Return - Benchmark (%) One Year Since Inception Active Bond Fund (Bond Fund)

23 Active Bond Fund (Bond Fund) Performance Table Charges Fund Management Fees 1.0% 1.0% 1.0% 1.0% 1.0% Audit Fees (RM 000) Taxation 8.0% 8.0% 8.0% 8.0% 8.0% Portfolio Composition By Category Equities 24% 29% 26% 24% 22% Fixed Income 60% 62% 65% 72% - Cash and others 16% 9% 9% 4% 78% Portfolio Composition by Sector Construction, 2.0% Consumer, 14.5% Trading/Services, 44.6% Finance, 19.5% Infrastructure, 4.1% Properties, 5.4% Plantation, 9.9% 21

24 Performance of Active Bond Fund Against Benchmark Since Inception Percentage Growth (%) 22 Active Bond Fund (Bond Fund)

25 Active Bond Fund (Bond Fund) Portfolio Composition EQUITIES No. of Units Held Cost (RM) Market Value (RM) Percentage of NAV (%) CONSTRUCTION GAMUDA BHD 8,900 43,813 44, % 8,900 43,813 44, % CONSUMER CARLSBERG BREWERY-MALAY BHD 12, , , % FRASER & NEAVE HOLDINGS BHD 5,200 85,131 90, % QL RESOURCES BHD 25,400 86,503 83, % 42, , , % FINANCE ALLIANZ MALAYSIA 7,589 42,949 91, % CIMB GROUP HOLDINGS BHD 14, ,986 81, % HONG LEONG BANK BERHAD 12, , , % MALAYAN BANKING BHD 9,213 78,812 84, % 43, , , % INFRASTRUCTURE DIGI.COM BHD 14,500 67,468 89, % 14,500 67,468 89, % PLANTATION GENTING PLANTATIONS BHD 14, , , % GENTING PLANTATIONS-CW 2,900 4,785 7, % SARAWAK OIL PALMS BERHAD 12,500 68,921 64, % 29, , , % PROPERTIES EASTERN & ORIENTAL BHD 17,300 43,321 38, % IGB CORPORATION BHD 30,000 86,740 78, % 47, , , % 23

26 Portfolio Composition EQUITIES No. Of Units Held Cost (RM) Market Value (RM) Percentage of NAV (%) TRADING / SERVICES AXIATA GROUP BERHAD 24, , , % BERJAYA AUTO BHD 18,000 57,808 59, % BERJAYA FOOD BHD 46, , , % DAYANG ENTERPRISE HLDGS BHD 27,900 46,492 80, % PANTECH GROUP HOLDINGS BHD 84,000 81,230 64, % PERDANA PETROLEUM BHD 45,100 65,243 50, % TENAGA NASIONAL BHD 18, , , % WESTPORTS HOLDINGS 42, , , % 307, , , % TOTAL 494,194 1,975,217 2,185, % FIXED INCOME Nominal Amount (RM) Cost (RM) Market Value (RM) Percentage of NAV (%) ADCB FINANCE CAY ADCB /02/15 200, , , % DIJAYA CORP DJCMK 4 01/23/15 500, , , % HYUNDAI CAPITAL HYUCAP 4 05/25/15 500, , , % MALAYSIA GOV T MGS /31/19 300, , , % MALAYSIAN GOV T MGS /15/17 1,800,000 1,800,900 1,791, % PKNS PKNSMK /28/16 800, , , % SABAH DEV BANK SABAH /31/15 800, , , % UNITAPAH SDN CBHMK /12/18 600, , , % 5,500,000 5,506,510 5,490, % 24 Active Bond Fund (Bond Fund)

27 Active Bond Fund (Bond Fund) Composition of Funds Equities Construction 0.5% % 3.8% Consumer Products 3.5% 0.6% - 1.0% - Finance 4.7% 6.5% 5.1% 7.4% 0.9% Infrastructure 1.0% 1.4% Industrial Products - 0.9% 2.3% 2.7% 3.2% Plantation 2.4% 3.7% 1.1% 2.4% - Properties 1.3% 1.7% 2.1% 3.4% 1.5% Telecommunication % - Technology % Trading / Services 10.7% 12.4% 10.2% 5.1% 12.4% REITS - 1.6% 5.1% - - Fixed Income 60.2% 62.3% 65.1% 72.6% - Cash and others 15.7% 8.9% 9.0% 3.5% 78.1% 100.0% 100.0% 100.0% 100.0% 100.0% 25

28 ACTIVE BALANCED FUND ( BALANCED FUND ) Performance Table Portfolio Composition By Category Portfolio Composition By Sector Performance of Active Balanced Fund Against Benchmark Since Inception Portfolio Composition Composition of Funds Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 11,225,677 7,344,054 6,368,752 6,063,109 5,321,078 Total NAV (RM) 26,033,728 16,676,988 12,991,935 9,542,946 8,715,024 Highest NAV (RM/unit) Lowest NAV (RM/unit) Kuala Lumpur Composite Index Return (%) (5.7) Total Annual Return - Fund (%) Capital Growth Income Distribution Average Annual Return - Fund (%) One year Period Three year Period Five year Period Average Annual Return - Benchmark (%) One Year (1.4) Since Inception Active Balanced Fund (Balanced Fund)

29 Active Balanced Fund (Balanced Fund) Performance Table Charges Fund Management Fees 1.25% 1.25% 1.25% 1.25% 1.25% Audit Fees (RM 000) Taxation 8.0% 8.0% 8.0% 8.0% 8.0% Portfolio Composition By Category Equities 39% 59% 50% 51% 56% Fixed Income 35% 32% 36% 34% - Cash and others 25% 9% 14% 15% 44% Portfolio Composition by Sector Construction, 6.2% Consumer Products, 13.1% Trading/Services, 35.9% Finance, 20.0% Properties, 12.4% Infrastructure, 3.8% Plantation, 8.6% 27

30 Performance of Active Balanced Fund Against Benchmark Since Inception Percentage Growth (%) 28 Active Balanced Fund (Balanced Fund)

31 Active Balanced Fund (Balanced Fund) Portfolio Composition EQUITIES No. of Units Held Cost (RM) Market Value (RM) Percentage of NAV (%) CONSTRUCTION GAMUDA BHD 49, , , % IJM CORP BHD 59, , , % 108, , , % CONSUMER PRODUCTS CARLSBERG BREWERY-MALAY BHD 29, , , % FRASER & NEAVE HOLDINGS BHD 19, , , % PADINI HOLDINGS BERHAD 121, , , % QL RESOURCES BHD 151, , , % 320,600 1,386,408 1,347, % FINANCE ALLIANZ MALAYSIA 44, , , % CIMB GROUP HOLDINGS BHD 48, , , % HONG LEONG BANK BERHAD 47, , , % HONG LEONG FINANCIAL GROUP 13, , , % MALAYAN BANKING BHD 39, , , % 193,159 1,747,188 2,049, % INFRASTRUCTURE DIGI.COM BHD 63, , , % 63, , , % PLANTATION GENTING PLANTATIONS BHD 43, , , % GENTING PLANTATIONS-CW 8,600 14,190 20, % IJM PLANTATIONS BHD 47, , , % SARAWAK OIL PALMS BERHAD 51, , , % 150, , , % 29

32 Portfolio Composition EQUITIES No. Of Units Held Cost (RM) Market Value (RM) Percentage of NAV (%) PROPERTIES EASTERN & ORIENTAL BHD 102, , , % IGB CORPORATION BHD 114, , , % IJM LAND BHD 70, , , % METRO KAJANG HOLDINGS BHD 121, , , % SELANGOR PROPERTIES BERHAD 35, , , % 443,480 1,312,325 1,268, % TRADING / SERVICES AXIATA GROUP BERHAD 99, , , % BERJAYA AUTO BHD 81, , , % BERJAYA FOOD BHD 188, , , % DAYANG ENTERPRISE HLDGS BHD 92, , , % PANTECH GROUP HOLDINGS BHD 275, , , % PERDANA PETROLEUM BHD 240, , , % TENAGA NASIONAL BHD 63, , , % WESTPORTS HOLDINGS 152, , , % 1,192,450 3,258,252 3,688, % TOTAL 2,472,089 9,390,560 10,269, % 30 Active Balanced Fund (Balanced Fund)

33 Active Balanced Fund (Balanced Fund) FIXED INCOME Nominal Amount (RM) Cost (RM) Market Value (RM) Percentage of NAV (%) BANK PEMBANGUNAN PEMIMK /10/15 2,000,000 2,014,200 2,003, % MALAYSIA GOVT MGS /31/19 1,900,000 1,886,700 1,885, % MALAYSIA INVEST MGII /08/16 500, , , % MALAYSIAN GOV T MGS /31/17 1,000, , , % MALAYSIAN GOV T MGS /15/17 3,800,000 3,800,900 3,781, % 9,200,000 9,193,450 9,158, % Composition of Funds Equities Construction 2.4% 2.7% 2.6% 2.6% 6.5% Consumer Products 5.2% 1.1% 1.5% 2.6% 4.0% Finance 7.9% 12.2% 8.9% 13.9% 4.7% Infrastructure 1.5% 2.6% 2.0% - - Industrial Products - 2.4% 3.9% 10.5% 10.5% Plantation 3.4% 9.0% 4.3% 8.6% 13.8% Properties 4.9% 4.5% 4.0% 4.6% 5.1% Telecommunication % - Technology % Trading / Services 14.2% 22.9% 18.8% 5.0% 9.3% REITS - 1.4% 4.4% - - Fixed Income 35.2% 32.5% 35.8% 34.8% - Cash and others 25.3% 8.7% 13.8% 14.7% 44.0% 100.0% 100.0% 100.0% 100.0% 100.0% 31

34 DANA IMBANG ( DIS ) Performance Table Portfolio Composition By Category Portfolio Composition By Sector Performance of Dana Imbang Against Benchmark Since Inception Portfolio Composition Composition of Funds Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 7,777,731 6,942,460 5,675,832 6,356,825 4,257,945 Total NAV (RM) 17,616,301 15,093,057 10,957,958 7,981,569 6,763,398 Highest NAV (RM/unit) Lowest NAV (RM/unit) Kuala Lumpur Composite Index Return (%) (5.66) Total Annual Return - Fund (%) Capital Growth Income Distribution Average Annual Return - Fund (%) One year Period Three year Period Five year Period Average Annual Return - Benchmark One Year (0.4) Since Inception Dana Imbang (DIS)

35 Dana Imbang (DIS) Performance Table Charges Fund Management Fees 1.25% 1.25% 1.25% 1.25% 1.25% Audit Fees (RM 000) Taxation 8.0% 8.0% 8.0% 8.0% 8.0% Portfolio Composition By Category Equities 37% 53% 45% 38% 59% Fixed Income 36% 33% 32% 30% - Cash and Others 27% 14% 23% 32% 41% Portfolio Composition By Sector Construction, 9.4% Trading/Services, 38.6% Consumer, 13.7% Industrial Products, 2.7% Infrastructure, 4.2% Plantation, 15.2% Properties, 16.1% 33

36 Performance of Dana Imbang Against Benchmark Since Inception Percentage Growth (%) 34 Dana Imbang (DIS)

37 Dana Imbang (DIS) Portfolio Composition EQUITIES No. Of Units Held Cost (RM) Market Value (RM) Percentage of NAV (%) CONSTRUCTION GAMUDA BHD 53, , , % IJM CORP BHD 51, , , % 105, , , % CONSUMER FRASER & NEAVE HOLDINGS BHD 16, , , % NESTLE (MALAYSIA) BERHAD 3, , , % QL RESOURCES BHD 104, , , % 124, , , % INDUSTRIAL PRODUCTS PETRONAS GAS BHD 8, , , % 8, , , % INFRASTRUCTURE DIGI.COM BHD 44, , , % 44, , , % PLANTATION GENTING PLANTATIONS BHD 48, , , % GENTING PLANTATIONS-CW 7,560 12,474 18, % IJM PLANTATIONS BHD 43, , , % SARAWAK OIL PALMS BERHAD 60, , , % 160, , , % PROPERTIES EASTERN & ORIENTAL BHD 70, , , % IJM LAND BHD 105, , , % METRO KAJANG HOLDINGS BHD 110, , , % SELANGOR PROPERTIES BERHAD 45, , , % 332,400 1,186,552 1,041, % 35

38 Portfolio Composition EQUITIES No. of Units Held Cost (RM) Market Value (RM) Percentage of NAV (%) TRADING / SERVICES AXIATA GROUP BERHAD 86, , , % BERJAYA AUTO BHD 100, , , % DAYANG ENTERPRISE HLDGS BHD 116, , , % DELEUM BERHAD 80, , , % TENAGA NASIONAL BHD 50, , , % WESTPORTS HOLDINGS 114, , , % 548,950 2,148,940 2,488, % TOTAL 1,324,210 6,033,952 6,450, % FIXED INCOME Nominal Amount (RM) Cost (RM) Market Value (RM) Percentage of NAV (%) MALAYSIA GOV T MGS /31/19 1,300,000 1,290,900 1,290, % MALAYSIA INVEST MGII /08/16 4,000,000 4,003,900 3,990, % MALAYSIA INVEST MGII /22/16 1,000,000 1,001, , % 6,300,000 6,295,900 6,278, % 36 Dana Imbang (DIS)

39 Dana Imbang (DIS) Composition of Funds EQUITIES Construction 3.4% 3.5% 4.2% 2.1% 3.7% Consumer Products 5.1% 2.6% - 0.3% - Healthcare % - Industrial Products 1.0% 2.2% 3.8% 9.7% 15.9% Infrastructure 1.5% 2.9% 1.9% - - Plantation 5.6% 9.3% 5.3% 11.0% 14.7% Properties 5.9% 6.4% 4.0% 2.1% 5.1% Technology - 1.9% 1.7% - 4.5% Telecommunication % 4.2% - Trading / Services 14.2% 22.8% - 7.1% 14.9% Trust (REITS) - 1.4% FIXED INCOME 35.6% 33.2% 32.1% 30.3% - Cash and Others 27.7% 13.8% 22.9% 31.7% 41.2% 100.0% 100.0% 100.0% 100.0% 100.0% 37

40 China Golden Titan 1A ( CGT 1A ) Performance Table Portfolio Composition By Category Performance of China Golden Titan 1A Fund Since Inception Asset Allocation Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 3,850,000 3,880,000 Total NAV (RM) 10,399,553 10,200,935 Highest NAV (AUD/unit) Lowest NAV (AUD/unit) Total Annual Return - Fund (%) Capital Growth 2.7 (10.3) Income Distribution Average Annual Return - Fund (%) One year Period 2.7 (10.3) Three year Period - - Five year Period - - Average Annual Return - Benchmark (%) One Year NA NA Since Inception NA NA Charges Fund Management Fees - - Audit Fees (RM 000) - - Taxation 8% 8% Portfolio Composition By Category Year Australian Dollar Notes Linked To Foreign Exchange USD-CNH 100% 100% 38 China Golden Titan 1A (CGT 1A)

41 China Golden Titan 1A (CGT 1A) Performance of China Golden Titan 1A Since Inception The sharp decrease in the fund s price for the month of August 2014 was due to payment of coupon. Asset Allocation 39

42 China Golden Titan 1B ( CGT 1B ) Performance Table Portfolio Composition By Category Performance of China Golden Titan 1B Fund Since Inception Asset Allocation Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 1,690,000 1,690,000 Total NAV (RM) 4,543,611 4,435,128 Highest NAV (AUD/unit) Lowest NAV (AUD/unit) Total Annual Return - Fund (%) Capital Growth 2.4 (10.0) Income Distribution Average Annual Return - Fund (%) One year Period 2.4 (10.0) Three year Period - - Five year Period - - Average Annual Return - Benchmark (%) One Year NA NA Since Inception NA NA Charges Fund Management Fees - - Audit Fees (RM 000) - - Taxation 8% 8% Portfolio Composition By Category Year Australian Dollar Notes Linked To Foreign Exchange USD-CNH 100% 100% 40 China Golden Titan 1B (CGT 1B)

43 China Golden Titan 1B (CGT 1B) Performance of China Golden Titan 1B Since Inception The sharp decrease in the fund s price for the month of August 2014 was due to payment of coupon. Asset Allocation 41

44 China Golden Titan 2 ( CGT 2 ) Performance Table Portfolio Composition By Category Performance of China Golden Titan 2 Fund Since Inception Asset Allocation Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 4,020,000 4,050,000 Total NAV (RM) 10,843,336 10,593,597 Highest NAV (AUD/unit) Lowest NAV (AUD/unit) Total Annual Return - Fund (%) Capital Growth 3.1 (13.7) Income Distribution Average Annual Return - Fund (%) One year Period 3.1 (13.7) Three year Period - - Five year Period - - Average Annual Return - Benchmark (%) One Year NA NA Since Inception NA NA Charges Fund Management Fees - - Audit Fees (RM 000) - - Taxation 8% 8% Portfolio Composition By Category Year Australian Dollar Notes Linked To Foreign Exchange USD-CNH 100% 100% 42 China Golden Titan 2 (CGT 2)

45 China Golden Titan 2 (CGT 2) Performance of China Golden Titan 2 Since Inception The sharp decrease in the fund s price for the month of September 2014 was due to payment of coupon. Asset Allocation 43

46 CHINA GOLDEN TITAN 3 ( CGT 3 ) Performance Table Portfolio Composition By Category Performance of China Golden Titan 3 Fund Since Inception Asset Allocation Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 3,120,000 3,120,000 Total NAV (RM) 8,379,655 8,070,063 Highest NAV (AUD/unit) Lowest NAV (AUD/unit) Total Annual Return - Fund (%) Capital Growth 3.8 (14.6) Income Distribution Average Annual Return - Fund (%) One year Period 3.8 (14.6) Three year Period - - Five year Period - - Average Annual Return - Benchmark (%) One Year NA NA Since Inception NA NA Charges Fund Management Fees - - Audit Fees (RM 000) - - Taxation 8% 8% Portfolio Composition By Category Year Australian Dollar Notes Linked To Foreign Exchange USD-CNH 100% 100% 44 China Golden Titan 3 (CGT 3)

47 China Golden Titan 3 (CGT 3) Performance of China Golden Titan 3 Since Inception The sharp decrease in the fund s price for the month of October 2014 was due to payment of coupon. Asset Allocation 45

48 ASIA PACIFIC INCOME LOCKER FUND ( APIL ) Performance Table Portfolio Composition By Category Performance of Asia Pacific Income Locker Fund Since Inception Asset Allocation Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 9,200,000 9,910,000 9,857,820 9,886,560 Total NAV (RM) 9,349,951 9,517,370 9,671,283 9,618,238 Highest NAV (RM/unit) Lowest NAV (RM/unit) Total Annual Return - Fund (%) Capital Growth 5.8 (2.1) 0.8 (2.7) Income Distribution Average Annual Return - Fund (%) One year Period 5.8 (2.1) 0.8 (2.7) Three year Period 1.5 (1.3) - - Five year Period Average Annual Return - Benchmark (%) One Year NA NA NA NA Since Inception NA NA NA NA Charges Fund Management Fees Audit Fees (RM 000) Taxation 8% 8% 8% 8% 46 Asia Pacific Income Locker Fund (APIL)

49 Asia Pacific Income Locker Fund (APIL) Portfolio Composition By Category Structured Product-Snowball and Income Locker Linked to Asian Indices 100% 100% 100% 100% Performance of Asia Pacific Income Locker Fund Since Inception The sharp decrease in the fund s price for the month of March 2012 and June 2013 was due to payment of coupon. Asset Allocation 47

50 ASIA PACIFIC INCOME LOCKER FUND II ( APIL II ) Performance Table Portfolio Composition By Category Performance of Asia Pacific Income Locker Fund II Since Inception Asset Allocation Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 17,180,000 17,360,000 16,726,680 16,966,180 Total NAV (RM) 16,812,258 16,312,117 16,299,769 16,363,677 Highest NAV (RM/unit) Lowest NAV (RM/unit) Total Annual Return - Fund (%) Capital Growth 4.2 (3.6) 1.0 (3.6) Income Distribution Average Annual Return - Fund (%) One year Period 4.2 (3.6) 1.0 (3.6) Three year Period 0.5 (2.0) - - Five year Period Average Annual Return - Benchmark (%) One Year NA NA NA NA Since Inception NA NA NA NA Charges Fund Management Fees Audit Fees (RM 000) Taxation 8% 8% 8% 8% 48 Asia Pacific Income Locker Fund II (APIL II)

51 Asia Pacific Income Locker Fund II (APIL II) Portfolio Composition By Category Structured Product-Snowball and Income Locker Linked to Asian Indices 100% 100% 100% 100% Performance of Asia Pacific Income Locker Fund II Since Inception The sharp decrease in the fund s price for the month of April 2012 and June 2013 was due to payment of coupon. Asset Allocation 49

52 CHINA AND OIL INCOME ACCRUAL FUND ( COIA ) Performance Table Portfolio Composition By Category Performance of China And Oil Income Accrual Fund Since Inception Asset Allocation Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 3,750,000 3,850,000 3,882,850 3,882,850 Total NAV (RM) 3,573,613 3,695,147 3,834,527 3,784,614 Highest NAV (RM/unit) Lowest NAV (RM/unit) Total Annual Return - Fund (%) Capital Growth (0.7) (2.8) 1.3 (2.5) Income Distribution Average Annual Return - Fund (%) One year Period (0.7) (2.8) 1.3 (2.5) Three year Period (0.7) (1.3) - - Five year Period Average Annual Return - Benchmark (%) One Year NA NA NA NA Since Inception NA NA NA NA Charges Fund Management Fees Audit Fees (RM 000) Taxation 8% 8% 8% 8% 50 China And Oil Income Accrual Fund (COIA)

53 China And Oil Income Accrual Fund (COIA) Portfolio Composition By Category Structured Product-Worst of Structure (Non-Call) Linked to WTI Crude Generic 1 st CL Future and Hang Seng China Enterprises Index 100% 100% 100% 100% Performance of China and Oil Income Accrual Fund Since Inception Asset Allocation 51

54 DANA INCOME PLUS FUND ( IIF ) Performance Table Portfolio Composition By Category Performance of Dana Income Plus Fund Since Inception Asset Allocation Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 97,851 39,448 15,009 Total NAV (RM) 50,838 18,498 8,757 Highest NAV (MYR/unit) Lowest NAV (MYR/unit) Total Annual Return - Fund (%) Capital Growth 10.8 (19.6) 4.6 Income Distribution Average Annual Return - Fund (%) One year Period 10.8 (19.6) 4.6 Three year Period Five year Period Average Annual Return - Benchmark (%) One Year NA NA NA Since Inception NA NA NA Charges Fund Management Fees (%) Audit Fees (RM 000) Taxation 8% 8% 8% 52 Dana Income Plus Fund (IIF)

55 Dana Income Plus Fund (IIF) Portfolio Composition By Category Affin Hwang Aiiman Income Plus Fund 100% 100% 100% Performance of Dana Income Plus Fund Since Inception Asset Allocation 53

56 SELECT BALANCED FUND ( SBF ) Performance Table Portfolio Composition By Category Performance of Select Balanced Fund Since Inception Asset Allocation Performance Table Net Asset Value (NAV) (RM/unit) Units in circulation 377, ,970 23,820 Total NAV (RM) 253, ,126 14,795 Highest NAV (MYR/unit) Lowest NAV (MYR/unit) Total Annual Return - Fund (%) Capital Growth (9.2) Income Distribution Average Annual Return - Fund (%) One year Period (9.2) Three year Period Five year Period Average Annual Return - Benchmark (%) One Year NA NA NA Since Inception NA NA NA Charges Fund Management Fees (%) Audit Fees (RM 000) Taxation 8% 8% 8% 54 Select Balanced Fund (SBF)

57 Select Balanced Fund (SBF) Portfolio Composition By Category Affin Hwang Select Balanced Fund 100% 100% 100% Performance of Select Balanced Fund Since Inception Asset Allocation 55

58 Statement of Assets and Liabilities Statement of Assets and Liabilities as at 31 December APGF Bond Balanced Dana Fund Fund Fund Imbang RM RM RM RM Investments: Equity securities quoted in Malaysia 3,330,173 2,185,410 10,269,519 6,450,246 Equity securities quoted outside Malaysia 5,901, Malaysian Government Securities - 2,088,750 7,155,785 6,278,560 Debt securities unquoted in Malaysia - 3,402,120 2,003,200-9,231,671 7,676,280 19,428,504 12,728,806 Dividend receivable ,753 - Interest receivable - 56,147 79,742 73,910 Other receivables 7, Amount due from Manager - 259, , ,780 Cash and cash equivalents 5,265,352 1,292,698 6,506,822 4,733,099 5,272,803 1,608,545 7,001,689 5,264,789 Total assets 14,504,474 9,284,825 26,430,193 17,993,595 Other payables (68,231) (20,918) (67,837) (49,315) Amount due to Manager (221,331) Current tax liabilities (588,791) (121,678) (261,105) (296,063) Deferred tax liabilities (43,997) (15,564) (67,523) (31,916) Total liabilities (922,350) (158,160) (396,465) (377,294) Net asset value 13,582,124 9,126,665 26,033,728 17,616,301 Represented by: Policyholders capital 4,679,894 5,967,229 19,456,711 11,774,423 Undistributed income carried forward 8,902,230 3,159,436 6,577,017 5,841,878 Net asset value attributable to policyholders 13,582,124 9,126,665 26,033,728 17,616,301 Units in circulation 6,995,355 4,828,875 11,225,677 7,777,731 Net asset value per unit The accompanying notes form an integral part of these financial information. 56 Statement of Assets and Liabilties

59 Statement of Assets and Liabilties Statement of Assets and Liabilities (Continued) Statement of Assets and Liabilities as at 31 December 2014 (Continued) 2014 APIL APIL II COIA RM RM RM Investments: Structured investments quoted in Malaysia 9,397,800 16,841,554 3,559,500 9,397,800 16,841,554 3,559,500 Amount due from Manager 27,115 46,172 7,099 Deferred tax assets ,140 27,115 46,172 17,239 Total assets 9,424,915 16,887,726 3,576,739 Current tax liabilities (28,228) (44,819) (3,126) Deferred tax liabilities (46,736) (30,649) Total liabilities (74,964) (75,468) (3,126) Net asset value 9,349,951 16,812,258 3,573,613 Represented by: Policyholders capital 8,800,725 16,480,521 3,691,414 Undistributed income/(accumulated losses) carried forward 549, ,737 (117,801) Net asset value attributable to policyholders 9,349,951 16,812,258 3,573,613 Units in circulation 9,200,000 17,180,000 3,750,000 Net asset value per unit The accompanying notes form an integral part of these financial information. 57

60 Statement of Assets and Liabilities (Continued) Statement of Assets and Liabilities as at 31 December 2014 (Continued) 2014 CGT 1A CGT 1B CGT 2 CGT 3 RM RM RM RM Investments: Structured investments quoted outside Malaysia 10,330,463 4,528,373 10,725,541 8,309,098 10,330,463 4,528,373 10,725,541 8,309,098 Amount due from Manager 83,897 25,381 96,502 52,877 Deferred tax assets 42,939 15,238 81,403 63, ,836 40, , ,238 Total assets 10,457,299 4,568,992 10,903,446 8,425,336 Current tax liabilities (57,746) (25,381) (60,110) (45,681) Deferred tax liabilities Total liabilities (57,746) (25,381) (60,110) (45,681) Net asset value 10,399,553 4,543,611 10,843,336 8,379,655 Represented by: Policyholders capital 11,139,271 4,772,718 12,425,955 9,589,953 Currency translation reserve (239,878) (53,869) (646,500) (488,841) Accumulated losses carried forward (499,840) (175,238) (936,119) (721,457) Net assets attributable to policyholders 10,399,553 4,543,611 10,843,336 8,379,655 Units in circulation 3,850,000 1,690,000 4,020,000 3,120,000 Net asset value per unit The accompanying notes form an integral part of these financial information. 58 Statement of Assets and Liabilties

61 Statement of Assets and Liabilties Statement of Assets and Liabilities (Continued) Statement of Assets and Liabilities as at 31 December 2014 (Continued) 2014 IIF SBF RM RM Investments: Equity securities quoted in Malaysia 54, ,744 54, ,744 Amount due from Manager - 13,966 Deferred tax assets ,656 Total assets 54, ,400 Amount due to Manager (3,461) - Current tax liabilities (25) (62) Deferred tax liabilities (3) - Total liabilities (3,489) (62) Net asset value 50, ,338 Represented by: Policyholders capital 48, ,405 Undistributed income carried forward 1,925 4,933 Net asset value attributable to policyholders 50, ,338 Units in circulation 97, ,641 Net asset value per unit The accompanying notes form an integral part of these financial information. 59

62 Statement of Assets and Liabilities (Continued) Statement of Assets and Liabilities as at 31 December APGF Bond Balanced Dana Fund Fund Fund Imbang RM RM RM RM Investments: Equity securities quoted in Malaysia 2,991,757 2,230,855 9,819,934 8,002,011 Equity securities quoted outside Malaysia 7,301, Malaysian Government Securities - 2,113,560 5,424,016 5,003,300 Debt securities unquoted in Malaysia - 2,712, ,293,547 7,056,705 15,243,950 13,005,311 Dividend receivable 4,425 3,909 12,056 10,670 Interest receivable - 52,887 67,368 69,411 Other receivables 7,451 73, Amount due from Manager - 64, , ,621 Cash and cash equivalents 1,685, ,524 2,346,845 1,851,618 1,697, ,606 2,668,774 2,482,320 Total assets 11,990,717 7,893,311 17,912,724 15,487,631 Other payables (109,376) (17,925) (881,690) (74,164) Amount due to Manager (584,109) Current tax liabilities (501,200) (93,053) (207,991) (194,363) Deferred tax liabilities (55,753) (33,002) (146,055) (126,047) Total liabilities (1,250,438) (143,980) (1,235,736) (394,574) Net asset value 10,740,279 7,749,331 16,676,988 15,093,057 Represented by: Policyholders capital 2,702,627 4,681,015 9,863,387 9,384,648 Undistributed income carried forward 8,037,652 3,068,316 6,813,601 5,708,409 Net asset value attributable to policyholders 10,740,279 7,749,331 16,676,988 15,093,057 Units in circulation 6,129,996 4,190,257 7,344,054 6,942,460 Net asset value per unit The accompanying notes form an integral part of these financial information. 60 Statement of Assets and Liabilties

63 Statement of Assets and Liabilties Statement of Assets and Liabilities (Continued) Statement of Assets and Liabilities as at 31 December 2013 (Continued) 2013 APIL APIL II COIA RM RM RM Investments: Structured investments quoted in Malaysia 9,519,413 16,283,294 3,683,503 9,519,413 16,283,294 3,683,503 Amount due from Manager 26,832 46,046 10,319 Deferred tax assets - 27,807 8,084 26,832 73,853 18,403 Total assets 9,546,245 16,357,147 3,701,906 Current tax liabilities (26,824) (45,030) (6,759) Deferred tax liabilities (2,051) - - Total liabilities (28,875) (45,030) (6,759) Net asset value 9,517,370 16,312,117 3,695,147 Represented by: Policyholders capital 9,498,452 16,650,313 3,786,890 Undistributed income/(accumulated losses) carried forward 18,918 (338,196) (91,743) Net asset value attributable to policyholders 9,517,370 16,312,117 3,695,147 Units in circulation 9,910,000 17,360,000 3,850,000 Net asset value per unit The accompanying notes form an integral part of these financial information. 61

64 Statement of Assets and Liabilities (Continued) Statement of Assets and Liabilities as at 31 December 2013 (Continued) 2013 CGT 1A CGT 1B CGT 2 CGT 3 RM RM RM RM Investments: Structured investments quoted outside Malaysia 10,135,636 4,410,457 10,486,021 7,980,406 10,135,636 4,410,457 10,486,021 7,980,406 Deferred tax assets 65,299 24, ,576 89,657 65,299 24, ,576 89,657 Total assets 10,200,935 4,435,128 10,593,597 8,070,063 Current tax liabilities Deferred tax liabilities Total liabilities Net asset value 10,200,935 4,435,128 10,593,597 8,070,063 Represented by: Policyholders capital 10,956,363 4,669,374 12,234,380 9,399,165 Currency translation reserve (4,484) 49,475 (403,665) (298,052) Accumulated losses carried forward (750,944) (283,721) (1,237,118) (1,031,050) Net assets attributable to policyholders 10,200,935 4,435,128 10,593,597 8,070,063 Units in circulation 3,880,000 1,690,000 4,050,000 3,120,000 Net asset value per unit The accompanying notes form an integral part of these financial information. 62 Statement of Assets and Liabilities

65 Statement of Assets and Liabilties Statement of Assets and Liabilities (Continued) Statement of Assets and Liabilities as at 31 December 2013 (Continued) 2013 IIF SBF RM RM Investments: Equity securities quoted in Malaysia 21,835 95,622 Amount due from Manager - 12,067 Deferred tax assets ,067 Total assets 21, ,689 Amount due to Manager (3,282) - Current tax liabilities (69) (344) Deferred tax liabilities - (219) Total liabilities (3,351) (563) Net asset value 18, ,126 Represented by: Policyholders capital 17, ,774 Undistributed income carried forward 545 6,352 Net asset value attributable to policyholders 18, ,126 Units in circulation 39, ,970 Net asset value per unit The accompanying notes form an integral part of these financial information. 63

66 Statement of Income and Expenditure Statement of Income and Expenditure for the Financial Year Ended 31 December APGF Bond Balanced Dana Fund Fund Fund Imbang RM RM RM RM Investment income: Interest income - 211, , ,935 Dividend income 168,170 56, , ,665 Accretion of discounts Unrealised capital gain on investments Realised gain on disposal of investments 911, , ,079 1,031,655 Realised foreign exchange gain 37, Other income 9,815 12,332 54,330 40,661 Total income 1,127, , ,211 1,436,916 Amortisation of premiums - (16,532) (18,063) (4,754) Unrealised capital loss on investments (146,943) (256,228) (1,010,980) (1,186,658) Unrealised foreign exchange loss Realised foreign exchange loss Management fees (72,959) (37,873) (143,654) (110,355) Total expenses (219,902) (310,633) (1,172,697) (1,301,767) Net income/(loss) before taxation 907, ,197 (264,486) 135,149 Taxation: (43,337) (12,077) 27,902 (1,680) Current tax (55,092) (29,515) (50,630) (95,811) Deferred tax 11,755 17,438 78,532 94,131 Net income/(loss) after taxation 864,578 91,120 (236,584) 133,469 Undistributed income brought forward 8,037,652 3,068,316 6,813,601 5,708,409 Undistributed income carried forward 8,902,230 3,159,436 6,577,017 5,841,878 The accompanying notes form an integral part of these financial information. 64 Statement of Income and Expenditure

67 Statement of Income and Expenditure Statement of Income and Expenditure (Continued) Statement of Income and Expenditure for the Financial Year Ended 31 December 2014 (Continued) 2014 APIL APIL II COIA RM RM RM Investment income: Interest income ,033 Dividend income Unrealised capital gain on investments 558, ,699 - Realised gain on disposal of investments 17, Total income 576, ,699 38,033 Unrealised capital loss on investments - - (25,703) Realised loss on disposal of investments (2,648) (2,824) Total expenses - (2,648) (28,527) Net income before taxation 576, ,051 9,506 Taxation: (45,806) (58,118) (574) Current tax (1,121) 338 (2,630) Deferred tax (44,685) (58,456) 2,056 Net income after taxation 530, ,933 8,932 Interest distribution - - (34,990) Undistributed income/(accumulated losses) brought forward 18,918 (338,196) (91,743) Undistributed income/(accumulated losses) carried forward 549, ,737 (117,801) The accompanying notes form an integral part of these financial information. 65

68 Statement of Income and Expenditure (Continued) Statement of Income and Expenditure for the Financial Year Ended 31 December 2014 (Continued) 2014 CGT 1A CGT 1B CGT 2 CGT 3 RM RM RM RM Investment income: Interest income 728, , , ,014 Unrealised capital gain on investments 279, , , ,691 Total income 1,007, ,178 1,088, ,705 Realised loss on disposal of investments (6,568) - (10,417) - Total expenses (6,568) - (10,417) - Net income before taxation 1,001, ,178 1,078, ,705 Taxation: (80,106) (34,814) (86,283) (71,976) Current tax (57,746) (25,381) (60,110) (45,681) Deferred tax (22,360) (9,433) (26,173) (26,295) Net income after taxation 921, , , ,729 Interest distribution (670,117) (291,881) (691,249) (518,136) Accumulated losses brought forward (750,944) (283,721) (1,237,118) (1,031,050) Accumulated losses carried forward (499,840) (175,238) (936,119) (721,457) The accompanying notes form an integral part of these financial information. 66 Statement of Income and Expenditure

69 Statement of Income and Expenditure Statement of Income and Expenditure (Continued) Statement of Income and Expenditure for the Financial Year Ended 31 December 2014 (Continued) 2014 IIF SBF RM RM Investment income: Interest income 1,429 9,039 Unrealised capital gain on investments Total income 1,643 9,039 Unrealised capital loss on investments - (11,360) Management fees (290) (289) Total expenses (290) (11,649) Net income/(loss) before taxation 1,353 (2,610) Taxation: 27 1,191 Current tax Deferred tax (17) 909 Net income/(loss) after taxation 1,380 (1,419) Undistributed income brought forward 545 6,352 Undistributed income carried forward 1,925 4,933 The accompanying notes form an integral part of these financial information. 67

70 Statement of Income and Expenditure (Continued) Statement of Income and Expenditure for the Financial Year Ended 31 December APGF Bond Balanced Dana Fund Fund Fund Imbang RM RM RM RM Investment income: Interest income - 178, , ,147 Dividend income 195,196 74, , ,723 Accretion of discounts ,845 Unrealised capital gain on investments - 158, , ,737 Realised gain on disposal of investments 1,502, ,633 1,184, ,168 Other income 18,861 8,569 23,799 26,120 Total income 1,716, ,478 2,434,257 1,945,740 Amortisation of premiums - (11,293) (18,115) - Unrealised capital loss on investments (270,738) Unrealised foreign exchange loss (24,731) Realised foreign exchange loss (122,363) Management fees (122,500) (37,437) (101,477) (92,285) Total expenses (540,332) (48,730) (119,592) (92,285) Net income before taxation 1,175, ,748 2,314,665 1,853,455 Taxation: (142,077) (41,631) (180,874) (147,537) Current tax (163,736) (31,094) (118,435) (87,722) Deferred tax 21,659 (10,537) (62,439) (59,815) Net income after taxation 1,033, ,117 2,133,791 1,705,918 Undistributed income brought forward 7,003,881 2,541,199 4,679,810 4,002,491 Undistributed income carried forward 8,037,652 3,068,316 6,813,601 5,708,409 The accompanying notes form an integral part of these financial information. 68 Statement of Income and Expenditure

71 Statement of Income and Expenditure Statement of Income and Expenditure (Continued) Statement of Income and Expenditure for the Financial Year Ended 31 December 2013 (Continued) 2013 APIL APIL II COIA RM RM RM Investment income: Interest income ,623 Dividend income Unrealised capital gain on investments 228, ,552 - Total income 228, ,552 80,623 Unrealised capital loss on investments - - (44,654) Realised loss on disposal of investments (3,539) (1,576) (2,340) Total expenses (3,539) (1,576) (46,994) Net income before taxation 224, ,976 33,629 Taxation: (18,272) (9,404) (2,877) Current tax - - (6,450) Deferred tax (18,272) (9,404) 3,573 Net income after taxation 206, ,572 30,752 Interest distribution - - (74,172) Accumulated losses brought forward (187,670) (444,768) (48,323) Undistributed income/(accumulated losses) carried forward 18,918 (338,196) (91,743) The accompanying notes form an integral part of these financial information. 69

72 Statement of Income and Expenditure (Continued) Statement of Income and Expenditure for the Financial Year Ended 31 December 2013 (Continued) 2013 CGT 1A CGT 1B CGT 2 CGT 3 RM RM RM RM Investment income: Interest income Unrealised capital gain on investments Total income Unrealised capital loss on investments (816,244) (308,392) (1,344,694) (1,120,707) Total expenses (816,244) (308,392) (1,344,694) (1,120,707) Net loss before taxation (816,244) (308,392) (1,344,694) (1,120,707) Taxation: 65,300 24, ,576 89,657 Current tax Deferred tax 65,300 24, ,576 89,657 Net loss after taxation (750,944) (283,721) (1,237,118) (1,031,050) Accumulated losses brought forward Accumulated losses carried forward (750,944) (283,721) (1,237,118) (1,031,050) The accompanying notes form an integral part of these financial information. 70 Statement of Income and Expenditure

73 Statement of Income and Expenditure Statement of Income and Expenditure (Continued) Statement of Income and Expenditure for the Financial Year Ended 31 December 2013 (Continued) 2013 IIF SBF RM RM Investment income: Interest income 548 3,525 Unrealised capital gain on investments - 2,523 Total income 548 6,048 Unrealised capital loss on investments (246) - Management fees (81) (112) Total expenses (327) (112) Net income before taxation 221 5,936 Taxation: (24) (484) Current tax (44) (282) Deferred tax 20 (202) Net income after taxation 197 5,452 Undistributed income brought forward Undistributed income carried forward 545 6,352 The accompanying notes form an integral part of these financial information. 71

74 Statement of Changes in Net Asset Value Statement of Changes in Net Asset Value for the Financial Year Ended 31 December APGF Bond Balanced Dana Fund Fund Fund Imbang RM RM RM RM Net asset value attributable to policyholders at beginning of the financial year 10,740,279 7,749,331 16,676,988 15,093,057 Movement due to units created and cancelled during the financial year: 1,977,267 1,286,214 9,593,324 2,389,775 Net creation of units 5,083,570 2,187,136 19,028,706 11,141,328 Net cancellation of units (3,106,303) (900,922) (9,435,382) (8,751,553) Net income/(loss) for the financial year: 864,578 91,120 (236,584) 133,469 Net realised income 999, , ,864 1,225,996 Unrealised loss on investments, net of tax (135,188) (238,790) (932,448) (1,092,527) Net asset value attributable to policyholders at the end of the financial year 13,582,124 9,126,665 26,033,728 17,616,301 The accompanying notes form an integral part of these financial information. 72 Statement of Changes in Net Asset Value

75 Statement of Changes in Net Asset Value Statement of Changes in Net Asset Value (Continued) Statement of Changes in Net Asset Value for the Financial Year Ended 31 December 2014 (Continued) 2014 APIL APIL II COIA RM RM RM Net asset value attributable to policyholders at beginning of the financial year 9,517,370 16,312,117 3,695,147 Movement due to units created and cancelled during the financial year: (697,727) (169,792) (95,476) Net creation of units Net cancellation of units (697,727) (169,792) (95,476) Net income/(loss) for the financial year: 530, ,933 8,932 Net realised income/(loss) 16,426 (2,310) 32,579 Unrealised gain on investments, net of tax 513, ,243 - Unrealised loss on investments, net of tax - - (23,647) Interest distribution - - (34,990) Net asset value attributable to policyholders at the end of the financial year 9,349,951 16,812,258 3,573,613 The accompanying notes form an integral part of these financial information. 73

76 Statement of Changes in Net Asset Value (Continued) Statement of Changes in Net Asset Value for the Financial Year Ended 31 December 2014 (Continued) 2014 CGT 1A CGT 1B CGT 2 CGT 3 RM RM RM RM Net asset value attributable to policyholders at beginning of the financial year 10,200,935 4,435,128 10,593,597 8,070,063 Movement due to units created and cancelled during the financial year: (52,486) - (51,260) - Net creation of units Net cancellation of units (52,486) - (51,260) - Net income for the financial year: 921, , , ,729 Net realised income/(loss) 664, , , ,333 Unrealised gain on investments, net of tax 257, , , ,396 Interest distribution (670,117) (291,881) (691,249) (518,137) Net asset value attributable to policyholders at the end of the financial year 10,399,553 4,543,611 10,843,336 8,379,655 The accompanying notes form an integral part of these financial information. 74 Statement of Changes in Net Asset Value

77 Statement of Changes in Net Asset Value Statement of Changes in Net Asset Value (Continued) Statement of Changes in Net Asset Value for the Financial Year Ended 31 December 2014 (Continued) 2014 IIF SBF RM RM Net asset value attributable to policyholders at beginning of the financial year 18, ,126 Movement due to units created and cancelled during the financial year: 30, ,631 Net creation of units 85, ,455 Net cancellation of units (54,703) (181,824) Net income/(loss) for the financial year: 1,380 (1,419) Net realised income 1,183 9,032 Unrealised gain on investments, net of tax Unrealised loss on investments, net of tax - (10,451) Net asset value attributable to policyholders at the end of the financial year 50, ,338 The accompanying notes form an integral part of these financial information. 75

78 Statement of Changes in Net Asset Value (Continued) Statement of Changes in Net Asset Value for the Financial Year Ended 31 December APGF Bond Balanced Dana Fund Fund Fund Imbang RM RM RM RM Net asset value attributable to policyholders at beginning of the financial year 8,744,383 6,375,141 12,991,935 10,957,958 Movement due to units created and cancelled during the financial year: 962, ,073 1,551,262 2,429,181 Net creation of units 3,830,169 1,515,293 8,930,565 7,418,427 Net cancellation of units (2,868,044) (668,220) (7,379,303) (4,989,246) Net income for the financial year: 1,033, ,117 2,133,791 1,705,918 Net realised income 1,307, ,612 1,397,580 1,013,400 Unrealised gain on investments, net of tax - 145, , ,518 Unrealised loss on investments, net of tax (273,810) Net asset value attributable to policyholders at the end of the financial year 10,740,279 7,749,331 16,676,988 15,093,057 The accompanying notes form an integral part of these financial information. 76 Statement of Changes in Net Asset Value

79 Statement of Changes in Net Asset Value Statement of Changes in Net Asset Value (Continued) Statement of Changes in Net Asset Value for the Financial Year Ended 31 December 2013 (Continued) 2013 APIL APIL II COIA RM RM RM Net asset value attributable to policyholders at beginning of the financial year 9,671,283 16,299,769 3,834,527 Movement due to units created and cancelled during the financial year: (360,501) (94,224) (95,960) Net creation of units Net cancellation of units (360,501) (94,224) (95,960) Net income/(loss) for the financial year: 206, ,572 30,752 Net realised income/(loss) (3,539) (1,576) 71,833 Unrealised gain on investments, net of tax 210, ,148 - Unrealised loss on investments, net of tax - - (41,081) Interest distribution - - (74,172) Net asset value attributable to policyholders at the end of the financial year 9,517,370 16,312,117 3,695,147 The accompanying notes form an integral part of these financial information. 77

80 Statement of Changes in Net Asset Value (Continued) Statement of Changes in Net Asset Value for the Financial Year Ended 31 December 2013 (Continued) 2013 CGT 1A CGT 1B CGT 2 CGT 3 RM RM RM RM Net asset value attributable to policyholders at beginning of the financial period Movement due to units created and cancelled during the financial period: 10,951,879 4,718,849 11,830,715 9,101,113 Net creation of units 10,951,879 4,718,849 11,830,715 9,101,113 Net cancellation of units Net loss for the financial period: (750,944) (283,721) (1,237,118) (1,031,050) Net realised income Unrealised loss on investments, net of tax (750,944) (283,721) (1,237,118) (1,031,050) Net asset value attributable to policyholders at the end of the financial period 10,200,935 4,435,128 10,593,597 8,070,063 The accompanying notes form an integral part of these financial information. 78 Statement of Changes in Net Asset Value

81 Statement of Changes in Net Asset Value Statement of Changes in Net Asset Value (Continued) Statement of Changes in Net Asset Value for the Financial Year Ended 31 December 2013 (Continued) 2013 IIF SBF RM RM Net asset value attributable to policyholders at beginning of the financial year 8,757 14,795 Movement due to units created and cancelled during the financial year: 9,544 86,879 Net creation of units 54, ,566 Net cancellation of units (44,888) (109,687) Net income for the financial year: 197 5,452 Net realised income 423 3,131 Unrealised gain on investments, net of tax - 2,321 Unrealised loss on investments, net of tax (226) - Net asset value attributable to policyholders at the end of the financial year 18, ,126 The accompanying notes form an integral part of these financial information. 79

82 Notes to the Financial Information - 31 December PRINCIPAL ACTIVITIES AND GENERAL INFORMATION The principal activities of Asia Pacific Growth Fund ( APGF Fund ), Active Bond Fund ( Bond Fund ), Active Balanced Fund ( Balanced Fund ), Dana Imbang ( Dana Imbang ), Asia Pacific Income Locker Fund ( APIL ), Asia Pacific Income Locker Fund II ( APIL II ), China and Oil Income Accrual Fund ( COIA ), China Golden Titan 1A ( CGT 1A ), China Golden Titan 1B ( CGT 1B ), China Golden Titan 2 ( CGT 2 ), China Golden Titan 3 ( CGT 3 ), Dana Income Plus Fund ( IIF ) and Select Balanced Fund ( SBF ) (hereinafter referred to collectively as the Funds ) are to invest in authorised investments. The Asia Pacific Growth Fund ( APGF Fund ) which commenced on 9 August 2006 seeks high capital growth over the medium to long-term period through investments in situational and high growth stocks. The Active Bond Fund ( Bond Fund ) which commenced on 9 August 2006 aims to provide a steady stream of income through investment in money market and private debt securities with limited exposure to equities. The Active Balanced Fund ( Balanced Fund ) which commenced on 9 August 2006 aims to provide a steady income and capital growth over the medium to long-term period. The Dana Imbang ( Dana Imbang ) which commenced on 9 August 2006 aims to provide a steady income and capital growth over the medium to long-term period by investing in a portfolio of investments that complies with Syariah requirements. The Asia Pacific Income Locker Fund ( APIL ) is a close ended 5-year Malaysian Ringgit denominated capital protected fund. The fund was offered from 10 January 2011 to 25 February It aims to provide enhanced income over the medium term while preserving the initial capital. The Asia Pacific Income Locker Fund II ( APIL II ) is a close ended 5-year Malaysian Ringgit denominated capital protected fund. The fund was offered from 8 March 2011 to 12 April It aims to provide enhanced income over the medium term while preserving the initial capital. The China and Oil Income Accrual Fund ( COIA ) is a close ended 5-year Malaysian Ringgit denominated capital protected fund. The fund was offered from 18 July 2011 to 15 August It aims to provide enhanced income over the medium term while preserving the initial capital. 80 Notes to the Financial Information

83 Notes to the Financial Information Notes to the Financial Information - 31 December 2014 (Continued) 1 PRINCIPAL ACTIVITIES AND GENERAL INFORMATION (Continued) The China Golden Titan 1 ( CGT 1 ) is a close ended 4-year Australian dollar denominated fund which commenced on 31 July Policyholders may get back 100% of their lump-sum premium, if held to maturity and subject to the issuer s credit risk (i.e. making good the payment). The fund was offered from 11 June 2013 to 12 July It aims to provide enhanced income over the medium term while preserving the initial capital. The China Golden Titan 2 ( CGT 2 ) is a close ended 4-year Australian dollar denominated fund which commenced on 6 September Policyholders may get back 100% of their lump-sum premium, if held to maturity and subject to the issuer s credit risk (i.e. making good the payment). The fund was offered from 13 August 2013 to 29 August It aims to provide enhanced income over the medium term while preserving the initial capital. The China Golden Titan 3 ( CGT 3 ) is a close ended 4-year Australian dollar denominated fund which commenced on 9 October Policyholders may get back 100% of their lump-sum premium, if held to maturity and subject to the Issuer s credit risk (i.e. making good the payment). The fund was offered from 10 September 2013 to 27 September It aims to provide enhanced income over the medium term while preserving the initial capital. The Dana Income Plus Fund ( IIF ) which commenced on 25 March 2012 aims to provide a steady income stream over the medium to long term period through investments primarily in Syariah-approved debentures or Sukuk. The Select Balanced Fund ( SBF ) which commenced on 25 March 2012 aims to provide investors an affordable access into a diversified investment portfolio containing a balanced mixture of equities and fixed income securities to achieve a balance of growth and income over medium to long term. There are no changes to the Funds objectives, strategies, restrictions and limitations during the financial year. The Manager of the Funds is AXA AFFIN Life Insurance Berhad, a company incorporated in Malaysia, principally engaged in the underwriting of life insurance business, including investment-linked business. 81

84 Notes to the Financial Information - 31 December 2014 (Continued) 2 BASIS OF PREPARATION The financial information of the Funds have been prepared in accordance with the accounting policies as described in Note 3 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia ( BNM ) in all material aspects. The financial information of the Funds have been prepared under the historical cost convention except as disclosed in the significant accounting policies in Note 3 to the financial information. The preparation of the financial information requires the use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial information, and the reported amounts of income and expenses during the reported financial year. It also requires the Manager to exercise its judgement in the process of applying the Funds accounting policies. Although these estimates are based on the Manager s best knowledge of current events and actions, actual results may differ from those estimates. However, the Manager is of the opinion that there are currently no areas where assumptions and estimates that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year and no accounting policies which requires significant judgement to be exercised. 3 SIGNIFICANT ACCOUNTING POLICIES (a) Investments (i) Fair value through profit or loss financial assets The Funds designate their investment portfolio into fair value through profit or loss ( FVTPL ) financial assets at inception as they are managed and evaluated on a fair value basis, in accordance with the respective investment strategy and mandate. Financial assets classified as FVTPL are initially recorded at fair value. Subsequent to initial recognition, these financial assets are re-measured at fair value. Fair value gains and losses are recognised in the statement of income and expenditure. 82 Notes to the Financial Information

85 Notes to the Financial Information Notes to the Financial Information - 31 December 2014 (Continued) 3 SIGNIFICANT ACCOUNTING POLICIES (Continued) (a) Investments (Continued) (i) Fair value through profit or loss financial assets (Continued) All purchases of investments are recognised on their trade dates, i.e. the date the commitment exists to purchase the investments. The investments are initially recorded at cost, being the fair value of the consideration given. The attributable transaction costs are recognised in the statement of income and expenditure when incurred. After initial recognition, the investments are recorded at fair value and the unrealised gains or losses on re-measurement to fair value are recognised in the statement of income and expenditure. (ii) Fair value of financial assets The fair values of Malaysian Government Securities and unquoted corporate debt securities are based on the indicative market prices by reference to the quotations provided by financial institutions as at the date of the statement of assets and liabilities. The fair values of quoted equity securities are determined by reference to the stock exchange closing price as at the date of the statement of assets and liabilities. Structured investments are investments where part of the Funds is invested in the fixed income instruments issued by the financial institutions while the remaining Funds are invested in instruments which are linked to the performance of one or more prices, rates, indices, securities and other financial instruments. Structured investments are carried at fair values, determined by reference to quotations provided by the issuing financial institutions as at the date of the statement of assets and liabilities. Cash and cash equivalents with licensed financial institutions are stated at their carrying amounts as at the date of the statement of assets and liabilities. Any increase or decrease in the value of these investments is credited or charged to the statement of income and expenditure. 83

86 Notes to the Financial Information - 31 December 2014 (Continued) 3 SIGNIFICANT ACCOUNTING POLICIES (Continued) (b) Net creation of units Net creation of units represents premiums paid by policyholders as payment for a new contract or subsequent payments to increase the amount of that contract. Net creation of units is recognised on a receipt basis. (c) Net cancellation of units Net cancellation of units represents cancellation of units arising from surrenders and withdrawals by policyholders. Net cancellation of units is recognised upon surrendering of the related insurance contract. (d) Income recognition Interest income on unquoted corporate debt securities is recognised on a time proportion basis that takes into account the effective yield of the assets. Other interest income, including amortisation of premiums and accretion of discounts, is recognised on a time proportion basis that takes into account the effective yield of the assets. Dividend income is recognised when the right to receive payment is established. Realised gains or losses on disposal of investments are calculated by comparing the net proceeds with the cost of the investments determined on the first-in-first-out method, and are credited or charged to the statement of income and expenditure. (e) Taxation Taxation on the statement of income and expenditure for the financial year comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of taxable profits for the financial year and is measured using the tax rates that have been enacted at the date of the statement of assets and liabilities. Current tax is recognised in the statement of income and expenditure. Deferred tax is recognised in full, using the liability method, on temporary differences arising between the amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial information. 84 Notes to the Financial Information

87 Notes to the Financial Information Notes to the Financial Information - 31 December 2014 (Continued) 3 SIGNIFICANT ACCOUNTING POLICIES (Continued) (e) Taxation (Continued) Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences or unutilised tax losses can be utilised. Deferred tax is determined using tax rates that are expected to apply in the financial year when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantially enacted at the date of the statement of assets and liabilities. Deferred tax is recognised in the statement of income and expenditure. (f) Foreign currencies (i) Functional and presentation currency Items included in the financial information of the Funds are measured using the currency of the primary economic environment in which the Funds operate ( the functional currency ). The functional currency and presentation currency of the Funds is Ringgit Malaysia except for CGT1A, CGT1B, CGT 2 and CGT 3 where the functional currency is Australian Dollar. (ii) Transactions and balances Transactions in a currency other than the functional currency ( foreign currency ) are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Currency translation gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and expenditure. 85

88 Notes to the Financial Information - 31 December 2013 (Continued) 3 SIGNIFICANT ACCOUNTING POLICIES (Continued) (f) Foreign currencies (Continued) (ii) Transactions and balances (Continued) The results and financial position of the Funds that have a functional currency that is different from the presentation currency are translated into the presentation currency as follows: (1) Assets and liabilities for the statement of assets and liabilities presented are translated at the closing rate at the date of the statement of assets and liabilities; (2) Income and expenses for the statement of income and expenditure are translated at average exchange rate (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates), in which case income and expenses are translated using the exchange rates at the date of the transactions; and (3) All resulting exchange differences are taken to the currency translation reserve. (g) Cash and cash equivalents Cash and cash equivalents consist of cash and bank balances held for working capital purpose. 4 INVESTMENTS The details of investments of the Funds are set out on pages 13 to 55 of the Funds Performance Report. 5 PERFORMANCE TABLE The performance table of the Funds are set out on pages 13 to 55 of the Funds Performance Report. 86 Notes to the Financial Information

89 Statement by Manager Statement by Manager Asia Pacific Growth Fund ( APGF Fund ) Active Bond Fund ( Bond Fund ) Active Balanced Fund ( Balanced Fund ) Dana Imbang ( Dana Imbang ) China Golden Titan 1A ( CGT 1A ) China Golden Titan 1B ( CGT 1B ) China Golden Titan 2 ( CGT 2 ) China Golden Titan 3 ( CGT 3 ) Asia Pacific Income Locker Fund ( APIL ) Asia Pacific Income Locker Fund II ( APIL II ) China and Oil Income Accrual Fund ( COIA ) Dana Income Plus Fund ( IIF ) Select Balanced Fund ( SBF ) STATEMENT BY MANAGER We, Jeneral (B) Tan Sri Dato Seri Abdul Rahman Bin Abdul Hamid and Loke Kah Meng, two of the Directors of AXA AFFIN Life Insurance Berhad, state that, in the opinion of the Manager of the above Funds, the accompanying financial information of AXA Affin Life Insurance Berhad Investment-Linked Funds set out on pages 56 to 86 have been prepared in accordance with the accounting policies prescribed in Note 3 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia. Signed on behalf of the Manager JENeral (B) TAN SRI Dato SERI ABDUL RAHMAN BIN ABDUL HAMID CHAIRMAN LOKE KAH MENG DIRECTOR 20 March

90 Independent Auditors Report INDEPENDENT AUDITORS REPORT TO THE POLICYHOLDERS OF ASIA PACIFIC GROWTH FUND ( APGF FUND ) ACTIVE BOND FUND ( BOND FUND ) ACTIVE BALANCED FUND ( BALANCED FUND ) DANA IMBANG ( DANA IMBANG ) CHINA GOLDEN TITAN 1A ( CGT 1A ) CHINA GOLDEN TITAN 1B ( CGT 1B ) CHINA GOLDEN TITAN 2 ( CGT 2 ) CHINA GOLDEN TITAN 3 ( CGT 3 ) ASIA PACIFIC INCOME LOCKER FUND ( APIL ) ASIA PACIFIC INCOME LOCKER FUND II ( APIL II ) CHINA AND OIL INCOME ACCRUAL FUND ( COIA ) DANA INCOME PLUS FUND ( IIF ) SELECT BALANCED FUND ( SBF ) (THEREINAFTER REFERRED TO COLLECTIVELY AS THE FUNDS ) REPORT ON THE FINANCIAL INFORMATION We have audited the financial information of the Funds, which comprise the statements of assets and liabilities as at 31 December 2014, the statements of income and expenditure and changes in net asset value of the Funds for the financial year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 56 to 86. Manager s Responsibility for the Financial Information AXA AFFIN Life Insurance Berhad ( The Manager of the Funds ) is responsible for the preparation of financial information in accordance with the accounting policies prescribed in Note 3 to the financial information and the Guidelines on Investment-Linked Insurance/ Takaful Business issued by Bank Negara Malaysia, and for such internal controls as the Manager of the Funds determines are necessary to enable the preparation of financial information that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial information based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial information are free from material misstatement. 88 Independent Auditors Report

91 Independent Auditors Report Independent Auditors Report (Continued) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial information. The procedures selected depend on our judgement, including the assessment of risks of material misstatement of the financial information, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Manager s preparation of financial information 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 Manager s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial information. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial information of the Funds have been properly prepared in accordance with the accounting policies prescribed in Note 3 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia. OTHER MATTERS This report is made solely to the policyholders of the Funds, as a body in accordance with the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia, and for no other purpose. We do not assume responsibility to any other person for the content of this report. PRICEWATERHOUSECOOPERS (No. AF: 1146) Chartered Accountants Kuala Lumpur 20 March

92 Laporan Prestasi Dana 2014 KANDUNGAN Mesej CEO Objektif Dana Penilaian Pasaran, Tinjauan dan Strategi Asia Pacific Growth Fund (APGF Fund) Active Bond Fund (Bond Fund) Active Balanced Fund (Balanced Fund) Dana Imbang China Golden Titan 1A (CGT 1A) China Golden Titan 1B (CGT 1B) China Golden Titan 2 (CGT 2) China Golden Titan 3 (CGT 3) Asia Pacific Income Locker Fund (APIL) Asia Pacific Income Locker Fund II (APIL II) China and Oil Income Accrual Fund (COIA) Dana Income Plus Fund (IIF) Select Balanced Fund (SBF) Penyata Aset dan Liabiliti Penyata Pendapatan dan Perbelanjaan Penyata Perubahan dalam Nilai Aset Bersih Nota-Nota kepada Maklumat Kewangan Penyata Pengurus Dana Laporan Juruaudit Bebas

93 Mesej CEO Mesej CEO Pemegang Polisi yang Dihormati, Bagi pihak AXA AFFIN Life Insurance Berhad ( AXA AFFIN Life ), saya dengan sukacitanya membentangkan laporan prestasi dana bagi tahun kewangan berakhir 31hb Disember 2014 dan tinjauan untuk Menurut kajian tahun kewangan 2014, ia merupakan tahun yang mencabar bagi sektor pelaburan, terutama di Malaysia. Indeks ekuiti FBMKLCI mengakhiri tahun dengan kejatuhan -5.7% berbanding peningkatan +4.8% oleh pasaran serantau (MSCI Asia kecuali Jepun). Kedua-dua pasaran ekuiti dan bon terjejas oleh faktor-faktor luar terutama kejatuhan harga minyak mentah global pada tahun 2014 di samping kekurangan mangkin positif untuk merangsang pasaran Malaysia. Ini turut menyebabkan pengurangan pendapatan korporat sepanjang tahun di mana pendapatan bagi 30 syarikat teratas yang tersenarai menurun -2% berbanding dengan peningkatan 8% yang dijangka sebelum ini. Di sebalik pemerolehan pendapatan yang agak lemah oleh syarikat-syarikat tersenarai, ekonomi Malaysia pada keseluruhannya, kekal stabil dan kukuh. Ekonomi tempatan turut meningkat 6.0% berikutan pertumbuhan eksport yang lebih tinggi dan permintaan domestik yang kukuh. Berdasarkan kesemua faktor ini, Bank Negara Malaysia menjangka pertumbuhan ekonomi antara 4.5% hingga 5.5% bagi Di sebalik segala cabaran ini, dana-dana kami bukan sahaja berjaya mengekalkan modal anda, malahan turut mencatat pulangan positif sekali lagi dan mengatasi prestasi kebanyakan tanda aras masing-masing Sejak Dilancarkan* Pulangan Tanda Aras Pulangan Tanda Aras Nama Dana (%) (%) (%) (%) Active Bond Fund Active Balanced Fund Dana Imbang Asia Pacific Growth Fund** Select Balanced Fund*** Dana Income Plus Fund**** Nota: * Dilancarkan pada September 2006 kecuali Select Balanced Fund dan Dana Income Plus Fund ** Pulangan tanda aras untuk Asia Pacific Growth Fund yang tertunjuk di atas adalah dalam nilai USD *** Select Balanced Fund telah dilancarkan pada Julai 2003 dan disediakan kepada AXA AFFIN Life pada Mac 2012 **** Dana Income Plus Fund telah dilancarkan pada Jun 2004 dan disediakan kepada AXA AFFIN Life pada Mac

94 Kejayaan ini dicapai melalui strategi pemegangan tunai yang lebih tinggi, di mana perlu. Kami mengambil langkah berhati-hati dalam memastikan dana kami menyumbang kepada pencapaian matlamat kewangan anda. Pada tahun 2015, kami menjangka pasaran akan kekal mencabar dan seperti 2014, kami akan berhati-hati dalam menangani pasaran yang tidak stabil. Pelaburan juga akan tertumpu kepada peluang-peluang yang memenuhi keperluan khusus di Malaysia dan di rantau yang berkemampuan menghadapi pasaran yang tidak stabil. Kami yakin gabungan ini akan membantu mencapai pulangan yang berpotensi dan stabil atas pelaburan anda. Akhir kata, saya ingin mengambil peluang ini untuk merakamkan setinggi-tinggi penghargaan atas kepercayaan dan keyakinan anda terhadap AXA AFFIN Life sebahagian daripada AXA, Jenama Insurans Global No. 1. Yang ikhlas, AXA AFFIN Life Insurance Berhad LOKE KAH MENG Ketua Pegawai Eksekutif 2 Mesej CEO

95 Objektif Dana Objektif Dana Asia Pacific Growth Fund menyasarkan pertumbuhan modal yang tinggi dalam jangka masa sederhana hingga jangka masa panjang melalui pelaburan di dalam saham situasi dan saham dengan pertumbuhan tinggi. Profil Pelabur Inginkan pertumbuhan modal dalam tempoh sederhana hingga jangka masa panjang Ingin terlibat dalam perubahan di pasaran saham serantau (iaitu Asia Pasifik) tidak termasuk pasaran Jepun Mampu bertahan tempoh yang lama apabila berhadapan dengan turun-naik pasaran dalam usaha mendapatkan pertumbuhan modal Pelaburan dalam lingkungan jangka sederhana ke panjang Active Balanced Fund bertujuan untuk menyediakan aliran pendapatan yang tetap melalui pelaburan di dalam pasaran wang dan sekuriti hutang swasta dengan pendedahan terhad kepada ekuiti. Profil Pelabur Menerima nisbah risiko-ganjaran yang konservatif Mencari pendapatan tahunan yang stabil Pelabur jangka sederhana hingga jangka panjang Active Balanced Fund menyasarkan penjanaan pendapatan secara tetap dan pertumbuhan modal dalam tempoh sederhana hingga jangka panjang. Profil Pelabur Menerima nisbah risiko-ganjaran yang konservatif hingga sederhana Memilih untuk menerima pendapatan secara tetap dan pertumbuhan modal yang ketara Pelabur jangka sederhana hingga jangka panjang Dana Imbang bertujuan untuk menjana pendapatan secara stabil dan pertumbuhan modal dalam tempoh sederhana hingga jangka panjang dengan melabur di dalam portfolio pelaburan yang mematuhi keperluan Syariah. Meskipun Dana tersebut melabur di dalam sekuriti yang menepati Syariah, pelan insurans berkaitan pelaburan ini bukan produk yang mematuhi Syariah. Profil Pelabur Menerima nisbah risiko-ganjaran yang konservatif hingga sederhana Memilih untuk menerima pendapatan secara tetap dan pertumbuhan modal yang ketara Pelabur jangka sederhana hingga jangka panjang 3

96 China Golden Titan 1A, China Golden Titan 1B bertujuan untuk menyediakan kupon tetap pada 5.80% setahun* pada penghujung tahun polisi pertama dan kupon bersyarat pada 3.00% setahun* pada penghujung tahun polisi ke-2, ke-3 dan ke-4 sekiranya Yuan China ( CNH ) meningkat berbanding Dolar Amerika Syarikat ( USD ), sambil mengekalkan modal asal. Profil Pelabur Mencari 100% pembayaran premium sekaligus pada tarikh matang Mencari kupon tetap pada 5.80% setahun* pada penghujung tahun polisi pertama Mencari kupon bersyarat pada 3.0% setahun* sekiranya CNH meningkat berbanding USD dan jika tidak, boleh menerima kupon sifar pada penghujung tahun polisi ke-2, ke-3 dan ke-4 Boleh menerima tempoh pemegangan 4 tahun Boleh menerima risiko kredit Pengeluar Boleh menerima risiko mata wang dalam pelaburan yang menggunakan denominasi Dolar Australia ( AUD ) (sah untuk mereka yang melabur menggunakan dana yang ditukar daripada Ringgit Malaysia ( MYR ) atau mata wang lain) dan/atau mereka yang bertujuan untuk menukar kupon dan premium sekaligus daripada AUD kepada MYR atau mata wang lain apabila dibayar China Golden Titan 2, China Golden Titan 3 bertujuan untuk menyediakan kupon tetap pada 5.50% setahun* pada penghujung tahun polisi pertama dan kupon bersyarat pada 3.00% setahun* pada penghujung tahun polisi ke-2, ke-3 dan ke-4 sekiranya CNH meningkat berbanding USD, sambil mengekalkan modal asal. Profil Pelabur Mencari 100% pembayaran premium sekaligus pada tarikh matang Mencari kupon tetap pada 5.50% setahun* pada penghujung tahun polisi pertama Mencari kupon bersyarat pada 3.0% setahun* sekiranya CNH meningkat berbanding USD dan jika tidak, boleh menerima kupon sifar pada penghujung tahun polisi ke-2, ke-3 dan ke-4 Boleh menerima tempoh pemegangan 4 tahun Boleh menerima risiko kredit Pengeluar Boleh menerima risiko mata wang dalam pelaburan yang menggunakan denominasi AUD (sah untuk mereka yang melabur menggunakan dana yang ditukar daripada MYR atau mata wang lain) dan/atau mereka yang bertujuan untuk menukar kupon dan premium sekaligus daripada AUD kepada MYR atau mata wang lain apabila dibayar Asia Pacific Income Locker Fund, Asia Pacific Income Locker Fund II menyasarkan pertumbuhan pendapatan sepanjang tempoh sederhana sambil mengekalkan modal asal. 4 Objektif Dana

97 Objektif Dana Profil Pelabur Mencari 100% pembayaran premium sekaligus pada tarikh matang Mencari kupon tetap minimum pada 3% setahun* pada penghujung tahun pertama Mencari penglibatan dalam pelaburan berkaitan indeks Asia Pasifik Mencari kemungkinan meraih pulangan tambahan pada tahun 2, 3, 4 dan 5 Boleh menerima tempoh pemegangan 5 tahun * Bersih daripada cukai pelaburan China & Oil Income Accrual Fund menyasarkan pertumbuhan pendapatan sepanjang tempoh sederhana sambil mengekalkan modal asal. Profil Pelabur Mencari 100% pembayaran premium sekaligus pada tarikh matang Mencari potensi faedah bersyarat sehingga 6% setahun1 Mencari penglibatan dalam pelaburan berkaitan Indeks Hang Seng China Enterprises dan WTI Crude Generic 1st CL Future Boleh menerima tempoh pemegangan 5 tahun Boleh menerima risiko kredit pengeluar 1 Pembayaran faedah bersyarat bergantung kepada prestasi indeks-indeks berkenaan, kadar faedah indikatif (6.0% setahun) dan Faktor Pertukaran FX. Untuk tujuan ilustrasi, kadar faedah indikatif 6.0% setahun digunakan sebagai kadar faedah untuk mengira pembayaran faedah bersyarat. Faedah bersyarat adalah bersih daripada cukai pelaburan. Semua pembayaran faedah bersyarat adalah tertakluk kepada ketersediaan pengeluar untuk membayar. Dana Income Plus Fund menggunakan struktur Dana Feedar dalam pelaburan melalui Affin Hwang Aiiman Income Plus Fund. Ia bertujuan untuk menjana pendapatan secara tetap dalam tempoh sederhana hingga jangka panjang melalui pelaburan di dalam debentur yang mematuhi keperluan Syariah atau Sukuk. Meskipun Dana tersebut melabur di dalam sekuriti yang menepati Syariah, pelan insurans berkaitan pelaburan ini bukan produk yang mematuhi Syariah. Profil Pelabur Toleransi risiko rendah Mencari pengagihan pendapatan secara tetap Pelaburan dalam lingkungan jangka sederhana ke panjang 5

98 Select Balanced Fund menggunakan struktur Dana Feedar dalam pelaburan melalui Affin Hwang Select Balanced Fund. Ia bertujuan untuk menyediakan pelabur dengan akses kepada portfolio pelaburan pelbagai yang mengandungi campuran seimbang antara ekuiti dan sekuriti pendapatan tetap bagi mencapai keseimbangan pertumbuhan dan pendapatan dalam tempoh sederhana hingga jangka panjang. Profil Pelabur Konservatif dan mengutamakan penerimaan pendapatan tetap Mengutamakan pulangan pelaburan yang stabil Pertumbuhan modal jangka sederhana ke panjang 6 Objektif Dana

99 Penilaian Pasaran, Tinjauan dan Strategi Penilaian Pasaran, Tinjauan dan Strategi Penilaian Pasaran Ekuiti bagi 2014 Ringkasan 2014 menyaksikan pasaran ekuiti Malaysia melalui pelbagai cabaran di mana kebanyakannya disebabkan oleh faktor-faktor luar. Tahun ini turut menghampakan bagi pasaran tempatan kerana pendapatan korporat terus berada di bawah jangkaan. Malaysia bersama pasaran lain memulakan tahun dengan berhati-hati, bimbang terhadap perkembangan perlahan di China dan pembalikan aliran modal yang mungkin berlaku selepas program pelonggaran kuantitatif di AS berakhir. Bagaimanapun, keadaan bertambah baik setelah menerima laporan yang menggalakkan dari China sementara tanda-tanda pemulihan ekonomi di AS turut membantu meningkatkan pasaran Malaysia. Separuh kedua tahun 2014, melihat sentimen pasaran merosot disebabkan ketegangan geopolitik di Timur Tengah dan di Ukraine, wabak Ebola di Afrika Barat dan kebimbangan terhadap berlakunya krisis ekonomi di Eropah. Pada suku akhir tahun, kejatuhan harga minyak mentah telah menjejaskan pasaran Malaysia, disusuli berita negatif dari Petronas yang menggentingkan lagi keadaan. Di pasaran tempatan, Indeks Komposit Kuala Lumpur FTSE Bursa Malaysia jatuh -4% pada bulan Disember untuk mengakhiri tahun pada -5.7% dan meletak Malaysia sebagai pasaran berprestasi paling kurang memberangsangkan di rantau ini. Penilaian Mengimbas kembali, 2014 merupakan tahun yang amat mencabar bagi pasaran ekuiti tempatan. Indeks saham pandu tempatan iaitu Indeks Komposit Kuala Lumpur FTSE Bursa Malaysia ( FBMKLCI atau Indeks ) memulakan tahun dengan kejatuhan 80 mata kepada 1, Ini disebabkan oleh aktiviti jualan di seluruh Pasaran Memuncul ( EM ) yang berlaku kerana bimbang terhadap perkembangan perlahan di China dan pembalikan aliran modal apabila program Pelonggaran Kuantitatif ( QE ) oleh US Federal Reserve ( Feds ) berakhir kelak. Pembelian kembali aktif dan Indeks pemulihan seketika untuk mengakhiri bulan pada 1, mata, turun mata atau -3.3%. Selaras dengan sentimen serantau dan global pada waktu itu, Indeks berdagang berbataskan julat. Di pasaran tempatan, kehampaan penganalisis dan pelabur terjejas dengan pendapatan korporat yang kekal rendah dan kekurangan mangkin positif untuk merangsang pasaran ekuiti. Memasuki suku kedua 2014 ( S214 ), Indeks beransur-ansur naik dan mencecah ketinggian baru 1, mata pada 17hb Mei dan 1, mata pada 26hb Jun. Ini adalah sejajar dengan pemulihan sentimen global dan serantau setelah Indeks Pengurus Pembelian ( PMI ) HSBC China mencatatkan 49.7 mata pada Mei, catatan terbaik semenjak Disember Di AS, pertumbuhan dalam sektor kerja kekal aktif menandakan pemulihan berterusan bagi ekonomi terbesar dunia. Di samping itu, pertumbuhan melebihi jangkaan sebanyak 6.2% bagi Keluaran Dalam Negeri Kasar ( KDNK ) untuk S114 turut membantu pasaran tempatan. 7

100 Pembelian oleh pelabur tempatan dan asing terus mendorong Indeks untuk mencapai paras tertinggi 1, mata pada 8hb Julai. Sejurus kemudian, tekanan jualan kembali ekoran ketegangan di Timur Tengah dan di Ukraine, wabak Ebola di Afrika Barat di samping kekhuatiran terhadap berlakunya krisis di Zon Eropah berikutan kejatuhan Banco Espirito Santo, bank kedua terbesar di Portugal. Dalam pada itu, kadar inflasi tahun-ketahun pada bulan Julai mencatatkan 0.4%, kenaikan terendah semenjak Oktober 2009 dan ini telah menambahkan kebimbangan pasaran terhadap berlakunya deflasi di Zon Eropah. Risiko berkaitan deflasi seperti kejatuhan harga adalah suatu fenomenon yang tidak akan berakhir. Pengguna dan perniagaan menangguhkan berbelanja kerana menjangka harga akan turun lagi dan ini akan melambatkan pertumbuhan ekonomi. Sentimen di pasaran tempatan turut muram dengan kehilangan Pesawat Malaysia Airlines 017 ( MH17 ) di Ukraine, kehilangan kedua buat syarikat penerbangan negara selepas kehilangan MH370 pada bulan Mac. Bagaimanapun, pasaran pemulihan seketika pada S314 dengan peningkatan KDNK Malaysia sebanyak 6.4% bagi S214. Di luar negara, China berusaha untuk menggalakkan pertumbuhan dengan mengurangkan nisbah keperluan rizab bagi beberapa bank sementara di AS, kadar inflasi yang rendah membantu meredakan kerunsingan terhadap berlakunya kenaikan kadar yang lebih awal oleh Feds selepas QE. Meskipun S314 menunjukkan prestasi yang kurang memberangsangkan, S414 terbukti lebih mencabar bagi tahun ini dengan permulaan suku yang amat perlahan. Tabung Kewangan Antarabangsa ( IMF ) menurunkan ramalan pertumbuhan global bagi 2014 dan 2015 kerana bimbang terhadap pertumbuhan yang lemah dan tidak sekata. Dalam pada itu, ketidakstabilan pasaran semakin meningkat dan pelabur bersiap sedia untuk menghadapi penamatan program QE oleh Feds. Selepas hampir 6 tahun dengan suntikan sebanyak AS$4.5 trilion, program ini berakhir pada 29hb Oktober. Keadaan bertambah tenat pada bulan November dengan kejatuhan harga minyak mentah daripada AS$ setong (berdasarkan Minyak Mentah Brent) pada 30hb Jun kepada AS$55.27 menjelang 31hb Disember. Kejatuhan ini disebabkan bekalan yang lebih tinggi oleh sumber-sumber baru seperti minyak syal di Amerika Utara sementara permintaan global kekal rendah. Pada 27hb November, ketegangan memuncak dengan keputusan Pertubuhan Negara- Negara Pengeksport Petroleum ( OPEC ) untuk tidak mengurangkan pengeluaran bagi menyokong harga minyak mentah. Pengumuman OPEC disusuli berita negatif oleh Petronas di mana syarikat minyak kebangsaan itu mengumumkan pengurangan perbelanjaan modal sebanyak 15-20% bagi 2015, penamatan pemberian kontrak baru untuk medan minyak dan pengurangan sumbangan hasil kepada Kerajaan. Di pasaran tempatan, Indeks jatuh bawah 1,800 mata dan terus merosot serendah 1, pada 16hb Disember. Pada bulan ini, Indeks jatuh lebih 4% iaitu kejatuhan bulanan terbesar bagi tahun. Ini menyebabkan Indeks mengakhiri tahun dengan kejatuhan -5.7% untuk meletaknya sebagai pasaran berprestasi paling kurang memberangsangkan di rantau ini bagi Penilaian Pasaran, Tinjauan dan Strategi

101 Penilaian Pasaran, Tinjauan dan Strategi Pasaran serantau pula menunjukkan prestasi yang lebih baik di mana kejatuhan harga minyak mentah telah memanfaatkan pengimport-pengimport utama seperti China dan India. Di samping itu, faktor-faktor dalaman seperti dasar pelonggaran kewangan di China dan pembaharuan di India telah meningkatkan pasaran ekuiti di China dan India, masingmasing sebanyak 52.9% (Indeks Komposit Shanghai) dan 31.4% (Indeks Nifty). Di tempattempat lain, Filipina meningkat 22.8% (Indeks Bursa Saham Filipina) dan terus menarik masuk pelabur dengan kadar pertumbuhan ekonomi yang tinggi sementara Thailand mula mengembalikan keyakinan pelabur setelah keadaan politik kembali stabil. Indonesia pula meningkat 22.3% (Indeks Komposit Jakarta) berikutan pembaharuan yang dilakukan. Tinjauan Pasaran Ekuiti 2015 Prospek untuk pasaran ekuiti 2015 kekal mencabar di mana kerumitan daripada tahun 2014 dijangka memasuki tahun Harga minyak mentah yang rendah terus melemahkan sentimen pasaran di Malaysia memandangkan sumbangan daripada hasil minyak merangkumi 30% daripada hasil Kerajaan. Oleh itu, Bajet 2015 yang dikemaskini semula telah diumumkan pada Januari 2015 berserta langkah-langkah untuk mengukuhkan ekonomi Malaysia secara keseluruhannya dan dijangka mencatat pertumbuhan KDNK antara 4.5 hingga 5.5% bagi Dalam negeri, Rancangan Malaysia ke-11 ( RMK-11 ) (2016 hingga 2020) yang bakal diumumkan pada Mei 2015 diharap akan terus mendorong perkembangan, bagi mencapai aspirasi Malaysia untuk menjadi negara maju menjelang Ini dijangka akan meningkatkan pelaburan infrastruktur dalam sektor pengangkutan serta pelaburan dalam pelan pengawalan banjir berikutan kejadian banjir terbesar dalam sejarah negara yang melanda Pantai Timur, Malaysia pada tahun lepas. Di peringkat serantau, kestabilan pasaran ekuiti dijangka tidak stabil apabila pelabur menilai semula pelaburan mereka di EM selepas QE. Untuk menambahkan keyakinan pelabur di pasaran-pasaran seperti India dan Indonesia, polisi-polisi yang telah dijanjikan dan/atau dijangka harus dilaksanakan dan ditepati. Untuk China, perhatian akan tertumpu kepada penggunaan model ekonomi baru dikatakan untuk merangsang pertumbuhan yang lebih berkualiti meskipun lebih perlahan. Ketegangan geopolitik di Timur Tengah dan di Ukraine yang masih berterusan dijangka akan menambahkan ketidakstabilan. Berdasarkan faktor-faktor ini, fokus pelaburan kami bagi 2015 adalah selektif dan tertumpu kepada syarikat-syarikat yang memiliki kelebihan tertentu dan diyakini mampu mengharungi segala kemeruapan dan ketidakstabilan. Seperti pada tahun 2014, kami akan mengekalkan penimbal tunai apabila perlu, bagi menangani ketidakstabilan. Dalam negeri, RMK-11 dijangka membuka lebih peluang untuk pelaburan. Di peringkat serantau pula, kami akan terus mencari peluang pelaburan yang sesuai daripada syarikatsyarikat yang bersedia untuk memanfaatkan pembaharuan, pertukaran dasar dan/atau pertumbuhan ekonomi yang tinggi. 9

102 Penilaian Pasaran Bon 2014 Ringkasan Seperti pasaran ekuiti, pasaran bon di Malaysia melalui tahun yang mencabar di mana pelabur terperangkap oleh pergerakan kadar hasil yang tidak dijangka. Perlu diketahui, kadar hasil dan harga bon mempunyai kolerasi songsang. Tahun ini bermula dengan kadar hasil yang meningkat di seluruh pasaran. Pelabur mengukuhkan kedudukan mereka bagi menghadapi kemungkinan kadar meningkat apabila program pelonggaran kuantitatif di AS berakhir kelak. Bagaimanapun, perkara sebaliknya berlaku di mana kejatuhan kadar hasil Perbendaharaan AS telah menyebabkan kadar hasil bon global menurun hampir sepanjang tahun ini. Dalam negeri, keputusan Bank Negara Malaysia untuk menaikkan kadar dasar semalaman pada Julai, daripada 3.00 kepada 3.25% meresahkan pasaran bon tempatan, menyebabkan peningkatan kadar hasil dengan cepat sebelum kembali turun apabila tekanan inflasi berkurangan. Bagaimanapun, sentimen bertukar muram pada bulan-bulan akhir dengan kejatuhan harga minyak yang membimbangkan pelabur. Lebih merisaukan adalah kesannya kepada rizab dan kedudukan fiskal Kerajaan. Ini membawa kepada penjualan pada Disember di mana kadar hasil bon melonjak dan mengurangkan kebanyakan untung yang diperoleh sepanjang tahun. Penilaian Seperti pasaran ekuiti, pasaran bon tempatan memulakan tahun dengan lemah berikutan aktiviti jualan di seluruh pasaran. Di pasaran tempatan, kebimbangan terhadap kenaikan kadar dasar menyaksikan pelabur menjual sekuriti berdaulat terutamanya terbitan bertempoh panjang. Ini menyebabkan kadar hasil Sekuriti Kerajaan Malaysia ( MGS ) 10-tahun ( 10T ) meningkat kepada 4.30%. Begitu juga dengan kadar hasil Sekuriti Hutang Swasta ( PDS ) atau bon korporat yang turut meningkat tetapi pada kadar lebih rendah disebabkan terbitan dan pemegangan ketat oleh pelabur institusi tempatan. Perlu diketahui, kadar hasil dan harga bon mempunyai kolerasi songsang. Seterusnya, perkara sebaliknya berlaku di mana kadar hasil bon menurun dan bukannya meningkat hampir sepanjang tahun. Di AS, kadar inflasi kekal rendah, kurang daripada 2.0% yang disasarkan oleh Fed meskipun QE telah berlangsung beberapa tahun. Dalam pada itu, data ekonomi yang diperoleh bagi pertumbuhan gaji dan penglibatan pekerja di AS meredakan kerisauan terhadap berlakunya kenaikan kadar yang lebih awal oleh Feds. Di luar negara, ketegangan geopolitik menyebabkan pelabur beralih kepada aset-aset selamat seperti Perbendaharaan AS. Di tempat-tempat lain, dasar-dasar bank pusat yang berlainan seperti pengetatan dasar kewangan di AS selepas QE dan pelonggaran dasar kewangan di China, Jepun serta Eropah untuk merangsang pertumbuhan ekonomi masingmasing termasuk penggunaan QE, hanya menggalakkan lebih banyak aliran masuk ke dalam AS. 10 Penilaian Pasaran, Tinjauan dan Strategi

103 Penilaian Pasaran, Tinjauan dan Strategi Berikutan kejatuhan kadar hasil Perbendaharaan AS, kadar hasil MGS tempatan turut menurun pada separuh pertama 2014 di mana MGS 10T menurun daripada 4.2% pada penghujung Januari kepada 4.0% pada Julai. Julai turut menyaksikan Bank Negara Malaysia ( BNM ) menaikkan Kadar Dasar Semalaman ( OPR ) sebanyak 25 mata asas ( bps ) kepada 3.25% daripada 3.00%, semenjak Mei Dalam kenyataannya, BNM menjelaskan keperluan kenaikan kadar untuk membetulkan ketidakseimbangan ekonomi dan kewangan memandangkan kadar inflasi melebihi kadar purata jangka panjang dan melebihi OPR. Ini mungkin membawa kepada penambahan hutang isi rumah di Malaysia disebabkan ketiadaan insentif untuk berjimat. Pembuat dasar menegaskan bahawa mereka akan mengekalkan dasar akomodatif untuk menggalakkan pertumbuhan ekonomi Malaysia. Seperti dijangka, kenaikan ini menjejaskan kadar hasil terbitan bertempoh singkat dengan lebih ketara berbanding terbitan bertempoh panjang. Kebimbangan terhadap kenaikan tambahan mendorong kadar hasil untuk meningkat lebih tinggi sepanjang tempoh S314 yang selebihnya. Bagaimanapun, kebimbangan ini tidak bertahan lama dan apabila tekanan inflasi mula reda, pembelian kembali aktif di pasaran bon, serta menolak turun kadar hasil MGS 10T serendah 3.86% pada penghujung Oktober. Seperti dijangka, BNM mengekalkan kadar OPR dalam dua mesyuarat dasar kewangan yang seterusnya. Meskipun tekanan inflasi adalah terkawal sepanjang S414, seperti pasaran ekuti, pasaran bon tempatan turut tertekan dengan kejatuhan harga minyak mentah dan penamatan QE. Lebih membimbangkan pasaran bon tempatan adalah kesan-kesan daripada kejatuhan harga minyak mentah memandangkan sumbangan dan hasil berkaitan minyak Petronas membentuk sepertiga daripada hasil Kerajaan. Kekurangan ini mungkin menyebabkan Kerajaan gagal mencapai sasaran untuk mengurangkan defisit bajet sebanyak -3.0% pada penghujung 2015, serta mencapai bajet seimbang menjelang Penarafan Negatif yang diberi kepada Malaysia oleh Fitch Ratings dan kedudukan USD yang terus mengukuh selepas QE, menambahkan kebimbangan pasaran dan ini membawa kepada aktiviti jualan agresif pada bulan terkahir tahun. Kadar hasil 10T dan 15T meningkat kepada 4.0% dan 4.40% pada penghujung Disember 2014 dan mengurangkan kebanyakan untung yang diperoleh sepanjang tahun. Sepanjang suku ini, MYR jatuh lebih 6% berbanding USD, daripada 3.28 kepada 3.50 apabila pelabur asing mula mengurangkan pelaburan di Malaysia. Di pasaran PDS tempatan, jumlah terbitan kasar adalah RM85.9 bilion pada 2014, menjadikannya tahun kedua berturut-turut mencatatkan terbitan lebih rendah selepas RM86.2 bilion yang tercatat pada tahun lepas dan RM bilion pada Pengurangan terbitan membawa kepada pengetatan spread jual-beli dan penyusutan ketegangan berbanding pasaran MGS. Seperti tahun-tahun lepas, pengeluar daripada perkhidmatan kewangan dan sektor infrastruktur serta utiliti menguasai pasaran PDS tempatan dan membentuk hampir dua pertiga daripada jumlah terbitan kasar. Dari segi penarafan, kredit gred tinggi terus menguasai pasaran di mana terbitan bertaraf AAA- dan AA- membentuk lebih 90% daripada pasaran PDS. 11

104 Tinjauan Pasaran Bon 2015 Prospek bagi pasaran bon di Malaysia dan pasaran lain pada 2015 kekal mencabar dengan kecenderungan kepada kenaikan kadar hasil. Ini disebabkan ekonomi AS yang kukuh di samping pemasaan yang diambil oleh Feds untuk membuat kenaikan pertama selepas QE. Ketidakpastian tentang bila berlakunya kenaikan kadar yang pertama dijangka menambahkan lagi ketegangan di pasaran bon. Di tempat-tempat lain, dasar-dasar kewangan yang berlainan antara bank-bank pusat utama seperti Feds, Bank of England ( BoE ), Bank Pusat Eropah ( ECB ) dan Bank Pusat Jepun (JCB ) turut menambahkan ketidakstabilan apabila pelabur mengagak dan menilai kesan-kesan daripada dasar dasar tersebut. Di AS dan di UK, Feds dan BoE dijangka mengetatkan dasar-dasar kewangan mereka secara beransur-ansur sementara ECB dan JCB dijangka memulakan program-program QE untuk mendorong pertumbuhan ekonomi di rantau mereka. Di pasaran tempatan, fokus akan diberi kepada aliran modal dan kesannya terhadap kadar hasil bon berdaulat apabila pelabur menilai ekonomi Malaysia sepanjang tempoh mencabar ini. Seperti yang ditegaskan dalam halaman sebelum ini, meskipun Fitch Ratings memberi penarafan Negatif kepada Malaysia, dua agensi lain mempunyai pandangan yang berbeza terhadap Malaysia. Agensi Standard & Poor s menarafkan Malaysia sebagai Stabil sementara Moody s menarafkan Malaysia sebagai Positif. Pengiktirafan diberi kepada usaha berterusan Kerajaan untuk mengawal defisit bajet melalui potongan subsidi, GST dan potongan terancang daripada perbelanjaan operasi Dalam usahanya untuk menghalang aliran keluar, Kerajaan mengarahkan Syarikat Berkaitan Kerajaan dan badan-badan berkanun untuk mengutamakan pelaburan domestik dan di mana mungkin, tangguhkan pembelian dan/atau pelaburan di luar negara. Lain-lain faktor yang harus dipantau temasuk jangkaan inflasi daripada pelaksanaan GST pada April Dari segi terbitan, bekalan dijangka ketat pada Meskipun terbitan kasar MGS/ Terbitan Pelaburan Kerajaan ( GII ) dijangka mencapai RM90 bilion berbanding RM85 bilion pada 2014, bekalan bersih dijangka kekal sama seperti 2014 iaitu RM35 hingga 36 bilion berdasarkan bilangan terbitan yang matang pada Begitu juga dengan bekalan untuk PDS yang dijangka ketat pada RM80 hingga RM90 bilion berbanding RM85.9 pada 2014 dan kekal dalam kategori gred tinggi. Berdasarkan faktor-faktor ini, fokus pelaburan kami bagi 2015 tertumpu kepada penerbit yang memiliki kredit kukuh. Kami juga akan meneruskan pelaburan dalam terbitan-terbitan berdaulat bagi memanfaatkan kestabilan ekonomi Malaysia serta kehadiran pelabur institusi tempatan yang boleh mengurangkan risiko pembalikan aliran modal yang ketara. 12 Penilaian Pasaran, Tinjauan dan Strategi

105 ASIA PACIFIC GROWTH FUND ( APGF FUND ) Asia Pacific Growth Fund (APGF Fund) Jadual Prestasi Pembahagian Portfolio Mengikut Kategori Pembahagian Portfolio Mengikut Sektor Pembahagian Portfolio Mengikut Negara Pecahan mata wang Prestasi Asia Pacific Growth Fund Berbanding Tanda Aras Sejak Dilancarkan Pembahagian Portfolio Komposisi Dana Jadual Prestasi Nilai Aset Bersih (NAV) (RM/unit) Unit dalam edaran 6,995,355 6,129,996 5,546,918 5,300,471 4,849,914 Jumlah NAV (RM) 13,582,124 10,740,279 8,744,383 6,758,365 7,108,960 NAV Tertinggi (RM/unit) NAV Terendah (RM/unit) Pulangan Indeks Komposit Kuala Lumpur (%) (5.7) Jumlah Pulangan Tahunan - Dana (%) Pertumbuhan Modal (11.2) 8.8 Pengagihan Pendapatan Purata Pulangan Tahunan - Dana (%) Tempoh satu tahun (11.2) 8.8 Tempoh tiga tahun Tempoh lima tahun Purata Pulangan Tahunan Tanda Aras (%) Satu Tahun (6.2) 17.1 Sejak Dilancarkan

106 Jadual Prestasi Caj-caj Yuran Pengurusan Dana 1.5% 1.5% 1.5% 1.5% 1.5% Yuran Audit (RM 000) Pencukaian 8.0% 8.0% 8.0% 8.0% 8.0% Pembahagian Portfolio Mengikut Kategori Ekuiti 68% 96% 91% 84% 87% Tunai dan Lain-lain 32% 4% 9% 16% 13% Pembahagian Portfolio Mengikut Sektor REITS, 4.5% Pembinaan, 2.8% Barangan Pengguna, 16.4% Perdagangan/ Perkhimatan, 38.4% Kewangan, 23.7% Teknologi, 4.0% Hartanah, 7.4% Perladangan, 2.8% 14 Asia Pacific Growth Fund (APGF Fund)

107 Asia Pacific Growth Fund (APGF Fund) Pembahagian Portfolio Mengikut Negara Singapura, 16.7% Thailand, 6.5% Hong Kong/China, 15.0% Filipina, 4.0% Indonesia, 11.8% Korea, 9.9% Malaysia, 36.1% Pecahan Mata wang Dolar Singapura, 18.3% Ringgit Malaysia, 47.5% Dolar US, 26.4% Dolar Hong Kong, 7.8% 15

108 Prestasi Asia Pacific Growth Fund Berbanding Tanda Aras Sejak Dilancarkan Pertumbuhan Peratusan (%) Tanda Aras 16 Asia Pacific Growth Fund (APGF Fund)

109 Asia Pacific Growth Fund (APGF Fund) Pembahagian Portfolio EKUITI Jumlah Unit Dipegang Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) PEMBINAAN INDOCEMENT TUNGGAL PRAKARSA TBK 36, , , % 36, , , % BARANGAN PENGGUNA BGF RETAIL CO LTD 1, , , % BUMITAMA AGRI LTD 147, , , % COWAY CO LTD 1, , , % NONG SHIM CO LTD , , % PADINI HOLDINGS BERHAD 130, , , % 280,359 1,378,596 1,509, % KEWANGAN AIA GROUP LTD 17, , , % ALLIANZ MALAYSIA 20, , , % BANK OF CHINA LTD 217, , , % DBS GROUP HOLDINGS LTD NPV 5, , , % HONG LEONG BANK BERHAD 38, , , % METROPOLITAN BANK & TRUST 57, , , % 355,170 1,934,957 2,185, % PERLADANGAN FIRST RESOURCES LTD NPV 53, , , % 53, , , % HARTANAH ALAM SUTERA REALTY TBK 1,175, , , % AMATA CORP PUBLIC CO LTD-NVDR 153, , , % EASTERN & ORIENTAL BHD 107, , , % 1,436, , , % 17

110 Pembahagian Portfolio EKUITI Jumlah Unit Dipegang Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) REITS CAPITARETAIL CHINA TRUST NPV (REIT) 97, , , % 97, , , % TEKNOLOGI TENCENT HOLDINGS LTD 7, , , % 7, , , % PERDAGANGAN / PERKHIDMATAN AXIATA GROUP BERHAD 73, , , % BERJAYA FOOD BHD 180, , , % ELNUSA TBK 1,408, , , % KEPPEL TELECOM & TRANSPORT NPV 48, , , % KERRY LOGISTICS NETWORK LTD 46, , , % PERDANA PETROLEUM BHD 198, , , % TELEKOMUNIKASI INDONESIA PER 464, , , % TENAGA NASIONAL BHD 39, , , % TOTAL ACCESS COMMUNICA-NVDR 33, , , % WESTPORTS HOLDINGS 81, , , % 2,573,200 3,266,863 3,543, % JUMLAH 4,840,131 8,681,699 9,231, % 18 Asia Pacific Growth Fund (APGF Fund)

111 Asia Pacific Growth Fund (APGF Fund) Komposisi Dana Ekuiti Pembinaan 1.9% - 1.7% 2.1% 7.4% Barangan Pengguna 11.2% 13.7% 23.5% 9.4% 7.8% Kewangan 16.0% 18.2% 20.6% 28.5% 10.9% Barangan Perindustrian % 8.1% 6.2% 17.8% Prasarana - 2.0% 1.7% - - Perlombongan % Minyak & Gas % - - Farmasi % Perladangan 1.9% 4.7% 1.6% 3.2% 16.3% Hartanah 5.1% 7.9% 3.9% 8.6% 2.0% Teknologi 2.7% 4.5% 2.3% % Telekomunikasi % 6.0% 1.1% Perdagangan / Perkhidmatan 26.1% 23.4% 9.4% 20.2% 5.6% REITS 3.1% 6.7% 12.1% - - Utiliti - 3.0% Deposit & Tunai 32.0% 4.3% 9.3% 15.8% 13.1% 100.0% 100.0% 100.0% 100.0% 100.0% 19

112 ACTIVE BOND FUND ( BOND FUND ) Jadual Prestasi Pembahagian Portfolio Mengikut Kategori Pembahagian Portfolio Mengikut Sektor Prestasi Active Bond Fund Berbanding Tanda Aras Sejak Dilancarkan Pembahagian Portfolio Komposisi Dana Jadual Prestasi Nilai Aset Bersih (NAV) (RM/unit) Unit dalam edaran 4,828,875 4,190,257 3,717,774 3,442,138 3,370,439 Jumlah NAV (RM) 9,126,665 7,749,331 6,375,141 5,272,533 4,908,347 NAV Tertinggi (RM/unit) NAV Terendah (RM/unit) Pulangan Indeks Komposit Kuala Lumpur (%) (5.7) Jumlah Pulangan Tahunan - Dana (%) Pertumbuhan Modal Pengagihan Pendapatan Purata Pulangan Tahunan - Dana (%) Tempoh satu tahun Tempoh tiga tahun Tempoh lima tahun Purata Pulangan Tahunan Tanda Aras (%) Satu Tahun Sejak Dilancarkan Active Bond Fund (Bond Fund)

113 Active Bond Fund (Bond Fund) Jadual Prestasi Caj-caj Yuran Pengurusan Dana 1.0% 1.0% 1.0% 1.0% 1.0% Yuran Audit (RM 000) Pencukaian 8.0% 8.0% 8.0% 8.0% 8.0% Pembahagian Portfolio Mengikut Kategori Ekuiti 24% 29% 26% 24% 22% Pendapatan Tetap 60% 62% 65% 72% - Tunai dan Lain-lain 16% 9% 9% 4% 78% Pembahagian Portfolio Mengikut Sektor Pembinaan, 2.0% Pengguna, 14.5% Perdagangan/ Perkhidmatan, 44.6% Kewangan, 19.5% Prasarana, 4.1% Hartanah, 5.4% Perladangan, 9.9% 21

114 Prestasi Active Bond Fund Berbanding Tanda Aras Sejak Dilancarkan Pertumbuhan Peratusan (%) Tanda Aras 22 Active Bond Fund (Bond Fund)

115 Active Bond Fund (Bond Fund) Pembahagian Portfolio EKUITI Jumlah Unit Dipegang Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) PEMBINAAN GAMUDA BHD 8,900 43,813 44, % 8,900 43,813 44, % PENGGUNA CARLSBERG BREWERY-MALAY BHD 12, , , % FRASER & NEAVE HOLDINGS BHD 5,200 85,131 90, % QL RESOURCES BHD 25,400 86,503 83, % 42, , , % KEWANGAN ALLIANZ MALAYSIA 7,589 42,949 91, % CIMB GROUP HOLDINGS BHD 14, ,986 81, % HONG LEONG BANK BERHAD 12, , , % MALAYAN BANKING BHD 9,213 78,812 84, % 43, , , % PRASARANA DIGI.COM BHD 14,500 67,468 89, % 14,500 67,468 89, % PERLADANGAN GENTING PLANTATIONS BHD 14, , , % GENTING PLANTATIONS-CW 2,900 4,785 7, % SARAWAK OIL PALMS BERHAD 12,500 68,921 64, % 29, , , % HARTANAH EASTERN & ORIENTAL BHD 17,300 43,321 38, % IGB CORPORATION BHD 30,000 86,740 78, % 47, , , % 23

116 Pembahagian Portfolio EKUITI Jumlah Unit Dipegang Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) PERDAGANGAN / PERKHIDMATAN AXIATA GROUP BERHAD 24, , , % BERJAYA AUTO BHD 18,000 57,808 59, % BERJAYA FOOD BHD 46, , , % DAYANG ENTERPRISE HLDGS BHD 27,900 46,492 80, % PANTECH GROUP HOLDINGS BHD 84,000 81,230 64, % PERDANA PETROLEUM BHD 45,100 65,243 50, % TENAGA NASIONAL BHD 18, , , % WESTPORTS HOLDINGS 42, , , % 307, , , % JUMLAH 494,194 1,975,217 2,185, % PENDAPATAN TETAP Jumlah Nominal (RM) Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) ADCB FINANCE CAY ADCB /02/15 200, , , % DIJAYA CORP DJCMK 4 01/23/15 500, , , % HYUNDAI CAPITAL HYUCAP 4 05/25/15 500, , , % MALAYSIA GOVT MGS /31/19 300, , , % MALAYSIAN GOV T MGS /15/17 1,800,000 1,800,900 1,791, % PKNS PKNSMK /28/16 800, , , % SABAH DEV BANK SABAH /31/15 800, , , % UNITAPAH SDN CBHMK /12/18 600, , , % 5,500,000 5,506,510 5,490, % 24 Active Bond Fund (Bond Fund)

117 Active Bond Fund (Bond Fund) Komposisi Dana Ekuiti Pembinaan 0.5% % 3.8% Barangan Pengguna 3.5% 0.6% - 1.0% - Kewangan 4.7% 6.5% 5.1% 7.4% 0.9% Prasarana 1.0% 1.4% Barangan Perindustrian - 0.9% 2.3% 2.7% 3.2% Perladangan 2.4% 3.7% 1.1% 2.4% - Hartanah 1.3% 1.7% 2.1% 3.4% 1.5% Telekomunikasi % - Teknologi % Perdagangan / Perkhidmatan 10.7% 12.4% 10.2% 5.1% 12.4% REITS - 1.6% 5.1% - - Pendapatan Tetap 60.2% 62.3% 65.1% 72.6% - Tunai dan Lain-lain 15.7% 8.9% 9.0% 3.5% 78.1% 100.0% 100.0% 100.0% 100.0% 100.0% 25

118 ACTIVE BALANCED FUND ( BALANCED FUND ) Jadual Prestasi Pembahagian Portfolio Mengikut Kategori Pembahagian Portfolio Mengikut Sektor Prestasi Active Balanced Fund Berbanding Tanda Aras Sejak Dilancarkan Pembahagian Portfolio Komposisi Dana Jadual Prestasi Nilai Aset Bersih (NAV) (RM/unit) Unit dalam edaran 11,225,677 7,344,054 6,368,752 6,063,109 5,321,078 Jumlah NAV (RM) 26,033,728 16,676,988 12,991,935 9,542,946 8,715,024 NAV Tertinggi (RM/unit) NAV Terendah (RM/unit) Pulangan Indeks Komposit Kuala Lumpur (%) (5.7) Jumlah Pulangan Tahunan - Dana (%) Pertumbuhan Modal Pengagihan Pendapatan Purata Pulangan Tahunan - Dana (%) Tempoh satu tahun Tempoh tiga tahun Tempoh lima tahun Purata Pulangan Tahunan Tanda Aras (%) Satu Tahun (1.4) Sejak Dilancarkan Active Balanced Fund (Balanced Fund)

119 Active Balanced Fund (Balanced Fund) Jadual Prestasi Caj-caj Yuran Pengurusan Dana 1.25% 1.25% 1.25% 1.25% 1.25% Yuran Audit (RM 000) Pencukaian 8.0% 8.0% 8.0% 8.0% 8.0% Pembahagian Portfolio Mengikut Kategori Ekuiti 39% 59% 50% 51% 56% Pendapatan Tetap 35% 32% 36% 34% - Tunai dan Lain-lain 25% 9% 14% 15% 44% Pembahagian Portfolio Mengikut Sektor Pembinaan, 6.2% Barangan Pengguna, 13.1% Perdagangan/ Perkhidmatan, 35.9% Kewangan, 20.0% Hartanah, 12.4% Prasarana, 3.8% Perladangan, 8.6% 27

120 Prestasi Active Balanced Fund Berbanding Tanda Aras Sejak Dilancarkan Pertumbuhan Peratusan (%) Tanda Aras 28 Active Balanced Fund (Balanced Fund)

121 Active Balanced Fund (Balanced Fund) Pembahagian Portfolio EKUITI Jumlah Unit Dipegang Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) PEMBINAAN GAMUDA BHD 49, , , % IJM CORP BHD 59, , , % 108, , , % BARANGAN PENGGUNA CARLSBERG BREWERY-MALAY BHD 29, , , % FRASER & NEAVE HOLDINGS BHD 19, , , % PADINI HOLDINGS BERHAD 121, , , % QL RESOURCES BHD 151, , , % 320,600 1,386,408 1,347, % KEWANGAN ALLIANZ MALAYSIA 44, , , % CIMB GROUP HOLDINGS BHD 48, , , % HONG LEONG BANK BERHAD 47, , , % HONG LEONG FINANCIAL GROUP 13, , , % MALAYAN BANKING BHD 39, , , % 193,159 1,747,188 2,049, % PRASARANA DIGI.COM BHD 63, , , % 63, , , % PERLADANGAN GENTING PLANTATIONS BHD 43, , , % GENTING PLANTATIONS-CW 8,600 14,190 20, % IJM PLANTATIONS BHD 47, , , % SARAWAK OIL PALMS BERHAD 51, , , % 150, , , % 29

122 Pembahagian Portfolio EKUITI Jumlah Unit Dipegang Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) HARTANAH EASTERN & ORIENTAL BHD 102, , , % IGB CORPORATION BHD 114, , , % IJM LAND BHD 70, , , % METRO KAJANG HOLDINGS BHD 121, , , % SELANGOR PROPERTIES BERHAD 35, , , % 443,480 1,312,325 1,268, % PERDAGANGAN / PERKHIDMATAN AXIATA GROUP BERHAD 99, , , % BERJAYA AUTO BHD 81, , , % BERJAYA FOOD BHD 188, , , % DAYANG ENTERPRISE HLDGS BHD 92, , , % PANTECH GROUP HOLDINGS BHD 275, , , % PERDANA PETROLEUM BHD 240, , , % TENAGA NASIONAL BHD 63, , , % WESTPORTS HOLDINGS 152, , , % 1,192,450 3,258,252 3,688, % JUMLAH 2,472,089 9,390,560 10,269, % 30 Active Balanced Fund (Balanced Fund)

123 Active Balanced Fund (Balanced Fund) PENDAPATAN TETAP Jumlah Nominal (RM) Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) BANK PEMBANGUNAN PEMIMK /10/15 2,000,000 2,014,200 2,003, % MALAYSIA GOVT MGS /31/19 1,900,000 1,886,700 1,885, % MALAYSIA INVEST MGII /08/16 500, , , % MALAYSIAN GOV T MGS /31/17 1,000, , , % MALAYSIAN GOV T MGS /15/17 3,800,000 3,800,900 3,781, % 9,200,000 9,193,450 9,158, % Komposisi Dana Ekuiti Pembinaan 2.4% 2.7% 2.6% 2.6% 6.5% Barangan Pengguna 5.2% 1.1% 1.5% 2.6% 4.0% Kewangan 7.9% 12.2% 8.9% 13.9% 4.7% Prasarana 1.5% 2.6% 2.0% - - Barangan Perindustrian - 2.4% 3.9% 10.5% 10.5% Perladangan 3.4% 9.0% 4.3% 8.6% 13.8% Hartanah 4.9% 4.5% 4.0% 4.6% 5.1% Telekomunikasi % - Teknologi % Perdagangan / Perkhidmatan 14.2% 22.9% 18.8% 5.0% 9.3% REITS - 1.4% 4.4% - - Pendapatan Tetap 35.2% 32.5% 35.8% 34.8% - Tunai dan Lain-lain 25.3% 8.7% 13.8% 14.7% 44.0% 100.0% 100.0% 100.0% 100.0% 100.0% 31

124 DANA IMBANG ( DIS ) Jadual Prestasi Pembahagian Portfolio Mengikut Kategori Pembahagian Portfolio Mengikut Sektor Prestasi Dana Imbang Berbanding Tanda Aras Sejak Dilancarkan Pembahagian Portfolio Komposisi Dana Jadual Prestasi Nilai Aset Bersih (NAV) (RM/unit) Unit dalam edaran 7,777,731 6,942,460 5,675,832 6,356,825 4,257,945 Jumlah NAV (RM) 17,616,301 15,093,057 10,957,958 7,981,569 6,763,398 NAV Tertinggi (RM/unit) NAV Terendah (RM/unit) Pulangan Indeks Komposit Kuala Lumpur (%) (5.66) Jumlah Pulangan Tahunan - Dana (%) Pertumbuhan Modal Pengagihan Pendapatan Purata Pulangan Tahunan - Dana (%) Tempoh satu tahun Tempoh tiga tahun Tempoh lima tahun Purata Pulangan Tahunan Tanda Aras (%) Satu Tahun (0.4) Sejak Dilancarkan Dana Imbang (DIS)

125 Dana Imbang (DIS) Jadual Prestasi Caj-caj Yuran Pengurusan Dana 1.25% 1.25% 1.25% 1.25% 1.25% Yuran Audit (RM 000) Pencukaian 8.0% 8.0% 8.0% 8.0% 8.0% Pembahagian Portfolio Mengikut Kategori Ekuiti 37% 53% 45% 38% 59% Pendapatan Tetap 36% 33% 32% 30% - Tunai dan Lain-lain 27% 14% 23% 32% 41% Pembahagian Portfolio Mengikut Sektor Pembinaan, 9.4% Perdagangan/ Perkhidmatan, 38.6% Pengguna, 13.7% Barangan Perindustrian, 2.7% Prasarana, 4.2% Perladangan, 15.2% Hartanah, 16.1% 33

126 Prestasi Dana Imbang Berbanding Tanda Aras Sejak Dilancarkan Pertumbuhan Peratusan (%) Tanda Aras 34 Dana Imbang (DIS)

127 Dana Imbang (DIS) Pembahagian Portfolio EKUITI Jumlah Unit Dipegang Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) PEMBINAAN GAMUDA BHD 53, , , % IJM CORP BHD 51, , , % 105, , , % PENGGUNA FRASER & NEAVE HOLDINGS BHD 16, , , % NESTLE (MALAYSIA) BERHAD 3, , , % QL RESOURCES BHD 104, , , % 124, , , % BARANGAN PERINDUSTRIAN PETRONAS GAS BHD 8, , , % 8, , , % PRASARANA DIGI.COM BHD 44, , , % 44, , , % PERLADANGAN GENTING PLANTATIONS BHD 48, , , % GENTING PLANTATIONS-CW 7,560 12,474 18, % IJM PLANTATIONS BHD 43, , , % SARAWAK OIL PALMS BERHAD 60, , , % 160, , , % HARTANAH EASTERN & ORIENTAL BHD 70, , , % IJM LAND BHD 105, , , % METRO KAJANG HOLDINGS BHD 110, , , % SELANGOR PROPERTIES BERHAD 45, , , % 332,400 1,186,552 1,041, % 35

128 Pembahagian Portfolio EKUITI Jumlah Unit Dipegang Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) PERDAGANGAN / PERKHIDMATAN AXIATA GROUP BERHAD 86, , , % BERJAYA AUTO BHD 100, , , % DAYANG ENTERPRISE HLDGS BHD 116, , , % DELEUM BERHAD 80, , , % TENAGA NASIONAL BHD 50, , , % WESTPORTS HOLDINGS 114, , , % 548,950 2,148,940 2,488, % JUMLAH 1,324,210 6,033,952 6,450, % PENDAPATAN TETAP Jumlah Nominal (RM) Kos (RM) Nilai Pasaran (RM) Peratusan Nilai Aset Bersih (%) MALAYSIA GOVT MGS /31/19 1,300,000 1,290,900 1,290, % MALAYSIA INVEST MGII /08/16 4,000,000 4,003,900 3,990, % MALAYSIA INVEST MGII /22/16 1,000,000 1,001, , % 6,300,000 6,295,900 6,278, % 36 Dana Imbang (DIS)

129 Dana Imbang (DIS) Komposisi Dana EKUITI Pembinaan 3.4% 3.5% 4.2% 2.1% 3.7% Barangan Pengguna 5.1% 2.6% - 0.3% - Jagaan Kesihatan % - Barangan Perindustrian 1.0% 2.2% 3.8% 9.7% 15.9% Prasarana 1.5% 2.9% 1.9% - - Perladangan 5.6% 9.3% 5.3% 11.0% 14.7% Hartanah 5.9% 6.4% 4.0% 2.1% 5.1% Teknologi - 1.9% 1.7% - 4.5% Telekomunikasi % 4.2% - Perdagangan / Perkhidmatan 14.2% 22.8% - 7.1% 14.9% REITS - 1.4% PENDAPATAN TETAP 35.6% 33.2% 32.1% 30.3% - Tunai dan Lain-lain 27.7% 13.8% 22.9% 31.7% 41.2% 100.0% 100.0% 100.0% 100.0% 100.0% 37

130 China Golden Titan 1A ( CGT 1A ) Jadual Prestasi Pembahagian Portfolio Mengikut Kategori Prestasi China Golden Titan 1A Fund Sejak Dilancarkan Pembahagian Aset Jadual Prestasi Nilai Aset Bersih (NAV) (RM/unit) Unit dalam edaran 3,850,000 3,880,000 Jumlah NAV (RM) 10,399,553 10,200,935 NAV Tertinggi (AUD/unit) NAV Terendah (AUD/unit) Jumlah Pulangan Tahunan - Dana (%) Pertumbuhan Modal 2.7 (10.3) Pengagihan Pendapatan Purata Pulangan Tahunan - Dana (%) Tempoh satu tahun 2.7 (10.3) Tempoh tiga tahun - - Tempoh lima tahun - - Purata Pulangan Tahunan Tanda Aras (%) Satu Tahun TB TB Sejak Dilancarkan TB TB Caj-caj Yuran Pengurusan Dana - - Yuran Audit (RM 000) - - Pencukaian 8% 8% Pembahagian Portfolio Mengikut Kategori Tahun Denominasi Dolar Australia Berpaut Dengan Pertukaran Asing USD-CNH 100% 100% 38 China Golden Titan 1A (CGT 1A)

131 China Golden Titan 1A (CGT 1A) Pestasi China Golden Titan 1A Sejak Dilancarkan Kejatuhan menjunam harga dana pada Ogos 2014 adalah disebabkan oleh pembayaran kupon. Pembahagian Aset 4-Tahun Denominasi Dolar Australia Berpaut Dengan Pertukaran Asing USD-CNH 39

132 CHINA GOLDEN TITAN 1B ( CGT 1B ) Jadual Prestasi Pembahagian Portfolio Mengikut Kategori Prestasi China Golden Titan 1B Sejak Dilancarkan Pembahagian Aset Jadual Prestasi Nilai Aset Bersih (NAV) (RM/unit) Unit dalam edaran 1,690,000 1,690,000 Jumlah NAV (RM) 4,543,611 4,435,128 NAV Tertinggi (AUD/unit) NAV Terendah (AUD/unit) Jumlah Pulangan Tahunan - Dana (%) Pertumbuhan Modal 2.4 (10.0) Pengagihan Pendapatan Purata Pulangan Tahunan - Dana (%) Tempoh satu tahun 2.4 (10.0) Tempoh tiga tahun - - Tempoh lima tahun - - Purata Pulangan Tahunan Tanda Aras (%) Satu Tahun TB TB Sejak Dilancarkan TB TB Caj-caj Yuran Pengurusan Dana - - Yuran Audit (RM 000) - - Pencukaian 8% 8% Pembahagian Portfolio Mengikut Kategori Tahun Denominasi Dolar Australia Berpaut Dengan Pertukaran Asing USD-CNH 100% 100% 40 CHINA GOLDEN TITAN 1B (CGT 1B)

133 CHINA GOLDEN TITAN 1B (CGT 1B) Prestasi China Golden Titan 1B Sejak Dilancarkan Kejatuhan menjunam harga dana pada Ogos 2014 adalah disebabkan oleh pembayaran kupon. Pembahagian Aset 4-Tahun Denominasi Dolar Australia Berpaut Dengan Pertukaran Asing USD-CNH 41

134 CHINA GOLDEN TITAN 2 ( CGT 2 ) Jadual Prestasi Pembahagian Portfolio Mengikut Kategori Prestasi China Golden Titan 2 Fund Sejak Dilancarkan Pembahagian Aset Jadual Prestasi Nilai Aset Bersih (NAV) (RM/unit) Unit dalam edaran 4,020,000 4,050,000 Jumlah NAV (RM) 10,843,336 10,593,597 NAV Tertinggi (AUD/unit) NAV Terendah (AUD/unit) Jumlah Pulangan Tahunan - Dana (%) Pertumbuhan Modal 3.1 (13.7) Pengagihan Pendapatan Purata Pulangan Tahunan - Dana (%) Tempoh satu tahun 3.1 (13.7) Tempoh tiga tahun - - Tempoh lima tahun - - Purata Pulangan Tahunan Tanda Aras (%) Satu Tahun TB TB Sejak Dilancarkan TB TB Caj-caj Yuran Pengurusan Dana - - Yuran Audit (RM 000) - - Pencukaian 8% 8% Pembahagian Portfolio Mengikut Kategori Tahun Denominasi Dolar Australia Berpaut Dengan Pertukaran Asing USD-CNH 100% 100% 42 CHINA GOLDEN TITAN 2 (CGT 2)

135 CHINA GOLDEN TITAN 2 (CGT 2) Prestasi China Golden Titan 2 Sejak Dilancarkan Kejatuhan menjunam harga dana pada September 2014 adalah disebabkan oleh pembayaran kupon. Pembahagian Aset 4-Tahun Denominasi Dolar Australia Berpaut Dengan Pertukaran Asing USD-CNH 43

136 CHINA GOLDEN TITAN 3 ( CGT 3 ) Jadual Prestasi Pembahagian Portfolio Mengikut Kategori Prestasi China Golden Titan 3 Fund Sejak Dilancarkan Pembahagian Aset Jadual Prestasi Nilai Aset Bersih (NAV) (RM/unit) Unit dalam edaran 3,120,000 3,120,000 Jumlah NAV (RM) 8,379,655 8,070,063 NAV Tertinggi (AUD/unit) NAV Terendah (AUD/unit) Jumlah Pulangan Tahunan - Dana (%) Pertumbuhan Modal 3.8 (14.6) Pengagihan Pendapatan Purata Pulangan Tahunan - Dana (%) Tempoh satu tahun 3.8 (14.6) Tempoh tiga tahun - - Tempoh lima tahun - - Purata Pulangan Tahunan Tanda Aras (%) Satu Tahun TB TB Sejak Dilancarkan TB TB Caj-caj Yuran Pengurusan Dana - - Yuran Audit (RM 000) - - Pencukaian 8% 8% Pembahagian Portfolio Mengikut Kategori Tahun Denominasi Dolar Australia Berpaut Dengan Pertukaran Asing USD-CNH 100% 100% 44 CHINA GOLDEN TITAN 3 (CGT 3)

137 CHINA GOLDEN TITAN 3 (CGT 3) Prestasi China Golden Titan 3 Sejak Dilancarkan Kejatuhan menjunam harga dana pada Oktober 2014 adalah disebabkan oleh pembayaran kupon. Pembahagian Aset 4-Tahun Denominasi Dolar Australia Berpaut Dengan Pertukaran Asing USD-CNH 45

138 ASIA PACIFIC INCOME LOCKER FUND ( APIL ) Jadual Prestasi Pembahagian Portfolio Mengikut Kategori Prestasi Asia Pacific Income Locker Fund Sejak Dilancarkan Pembahagian Aset Jadual Prestasi Nilai Aset Bersih (NAV) (RM/unit) Unit dalam edaran 9,200,000 9,910,000 9,857,820 9,886,560 Jumlah NAV (RM) 9,349,951 9,517,370 9,671,283 9,618,238 NAV Tertinggi (RM/unit) NAV Terendah (RM/unit) Jumlah Pulangan Tahunan - Dana (%) Pertumbuhan Modal 5.8 (2.1) 0.8 (2.7) Pengagihan Pendapatan Purata Pulangan Tahunan - Dana (%) Tempoh satu tahun 5.8 (2.1) 0.8 (2.7) Tempoh tiga tahun 1.5 (1.3) - - Tempoh lima tahun Purata Pulangan Tahunan Tanda Aras (%) Satu Tahun TB TB TB TB Sejak Dilancarkan TB TB TB TB Caj-caj Yuran Pengurusan Dana Yuran Audit (RM 000) Pencukaian 8% 8% 8% 8% 46 ASIA PACIFIC INCOME LOCKER FUND (APIL)

139 ASIA PACIFIC INCOME LOCKER FUND (APIL) Pembahagian Portfolio Mengikut Kategori Produk Berstruktur - Snowball and Income Locker Berpaut Dengan Indeks Asia 100% 100% 100% 100% Prestasi Asia Pacific Income Locker Fund Sejak Dilancarkan Kejatuhan menjunam harga dana pada Mac 2012 dan Jun 2013 adalah disebabkan oleh pembayaran kupon. Pembahagian Aset Produk Berstruktur - Snowball and Income Locker Berpaut Dengan Indeks Asia 47

140 ASIA PACIFIC INCOME LOCKER FUND II ( APIL II ) Jadual Prestasi Pembahagian Portfolio Mengikut Kategori Prestasi Asia Pacific Income Locker Fund II Sejak Dilancarkan Pembahagian Aset Jadual Prestasi Nilai Aset Bersih (NAV) (RM/unit) Unit dalam edaran 17,180,000 17,360,000 16,726,680 16,966,180 Jumlah NAV (RM) 16,812,258 16,312,117 16,299,769 16,363,677 NAV Tertinggi (RM/unit) NAV Terendah (RM/unit) Jumlah Pulangan Tahunan - Dana (%) Pertumbuhan Modal 4.2 (3.6) 1.0 (3.6) Pengagihan Pendapatan Purata Pulangan Tahunan - Dana (%) Tempoh satu tahun 4.2 (3.6) 1.0 (3.6) Tempoh tiga tahun 0.5 (2.0) - - Tempoh lima tahun Purata Pulangan Tahunan Tanda Aras (%) Satu Tahun TB TB TB TB Sejak Dilancarkan TB TB TB TB Caj-caj Yuran Pengurusan Dana Yuran Audit (RM 000) Pencukaian 8% 8% 8% 8% 48 ASIA PACIFIC INCOME LOCKER FUND II (APIL II)

141 ASIA PACIFIC INCOME LOCKER FUND II (APIL II) Pembahagian Portfolio Mengikut Kategori Produk Berstruktur - Snowball and Income Locker Berpaut Dengan Indeks Asia 100% 100% 100% 100% Prestasi Asia Pacific Income Locker Fund II Sejak Dilancarkan Kejatuhan menjunam harga dana pada April 2012 dan Jun 2013 adalah disebabkan oleh pembayaran kupon. Pembahagian Aset Produk Berstruktur - Snowball and Income Locker Berpaut Dengan Indeks Asia 49