MANULIFE SHARIAH DANA EKUITI

Transcription

1 Manulife Asset Management Services Berhad (formerly known as Manulife Unit Trusts Berhad)( U) MANULIFE SHARIAH DANA EKUITI RESPONSIBILITY STATEMENT This Product Highlights Sheet has been reviewed and approved by the directors of Manulife Asset Management Services Berhad (formerly known as Manulife Unit Trusts Berhad) and they collectively and individually accept full responsibility for the accuracy of the information. Having made all reasonable enquiries, they confirm to the best of their knowledge and belief, there are no false or misleading statements, or omission of other facts which would make any statement in the Product Highlights Sheet false or misleading. STATEMENT OF DISCLAIMER The Securities Commission Malaysia has authorized the issuance of Manulife Shariah Dana Ekuiti and a copy of this Product Highlights Sheet has been lodged with the Securities Commission Malaysia. The authorization of the Manulife Shariah Dana Ekuiti and lodgement of this Product Highlights Sheet, should not be taken to indicate that the Securities Commission Malaysia recommends the Manulife Shariah Dana Ekuiti or assumes responsibility for the correctness of any statement made or opinion or report expressed in this Product Highlights Sheet. The Securities Commission Malaysia is not liable for any non-disclosure on the part of the Manulife Asset Management Services Berhad (formerly known as Manulife Unit Trusts Berhad) responsible for the Manulife Shariah Dana Ekuiti and takes no responsibility for the contents of this Product Highlights Sheet. The Securities Commission Malaysia makes no representation on the accuracy or completeness of this Product Highlights Sheet, and expressly disclaims any liability whatsoever arising from, or in reliance upon, the whole or any part of its contents.

2 This Product Highlights Sheet only highlights the key features and risks of the Manulife Shariah Dana Ekuiti ( the Fund ). Investors are advised to request, read and understand the Prospectus of the Fund before deciding to invest. MANULIFE SHARIAH DANA EKUITI PRODUCT HIGHLIGHTS SHEET BRIEF INFORMATION ON THE PRODUCT 1. What is this product about? Fund type Fund category : Growth : Equity (Shariah) Investment Objective : The Fund aims to achieve capital growth over the medium to long term by investing primarily in Shariah-compliant equities and/or equity-related securities. Performance benchmark : FTSE Bursa Malaysia EMAS Shariah Index* Launch date : 27 May 2013 Offer Price : RM Offer Period : The period of 21 days from the date of the Prospectus which is from 27 May June Distribution policy : Incidental Capital guaranteed : No * The risk profile of the Fund differs from risk profile of the benchmark. PRODUCT SUITABILITY 2. Who is this product suitable for? This Fund would be suitable for you who: have a medium to long term investment horizon; and have a high risk tolerance. Please note that medium to long term refers to a period of 3 to more than 5 years. MANULIFE SHARIAH DANA ekuiti page 2

3 KEY PRODUCT FEATURES 3. What am I investing in? You will be investing in Shariah equity Fund that aims to achieve its objective by investing a minimum of 70% up to a maximum of 98% of its NAV in Shariah-compliant equities and/or equity-related securities. The balance of the Fund s NAV will be invested in sukuk, Islamic money market instruments or placed in Islamic deposits. The Fund s investment strategy aims at achieving long term risk-adjusted returns by exploiting potential inefficiencies in the capital markets through intensive, disciplined and consistent research. The Fund adopts a combination of top-down and bottomup approaches. The top-down approach examines global and local macro-economic factors such as interest rate trends, inflation rates, supply demand trends, commodities trends, industry outlook and trends, competitiveness as well as country risk. As for the bottom-up approach, the Manager evaluates Shariah-compliant securities of companies based on those companies individual attributes such as earnings/cash generation capabilities, growth drivers/ opportunities, scalability of business models, management s strengths/track records and valuation gaps. Emphasis is also given to portfolio diversification and using proper risk management to maximize long term riskadjusted returns. The Fund may also invest up to 30% of the Fund s NAV in Shariah-compliant equities issued in foreign markets which include but not limited to Asia Pacific region whenever opportunities arise. The Asia Pacific region would include but are not limited to Australia, Hong Kong, Indonesia, Philippines, Korea, India, Singapore and Thailand. The Manager may also invest in Shariah-compliant collective investment schemes provided it is consistent with the Fund s investment objective. As a temporary defensive measure, the Manager may lower the Fund s Shariah-compliant equity exposure to below the minimum 70% (of the Fund s NAV) limit if the Manager is of the opinion that the investment climate is deemed to be unfavorable or under adverse market conditions. The Manager will then decide on the best appropriate asset allocation strategy and reallocating the Fund s investment into more defensive investments such as sukuk, Islamic money market instruments and/or placement in Islamic deposits. MANULIFE SHARIAH DANA ekuiti page 3

4 4. Who am I investing with? You will be investing with us, Manulife Asset Management Services Berhad. The following are the key parties related to the Fund: Trustee Shariah adviser Auditors Tax adviser Solicitor : CIMB Islamic Trustee Berhad (formerly known as CIMB Trustee Berhad) : IBFIM : PricewaterhouseCoopers : Deloitte Kassim Chan Taxation Services Sdn Bhd : Raja, Darryl & Loh 5. What are the possible outcomes of my investment? Investment involves risk. The value of the Fund and its distribution (if any) may rise or fall. These risk factors (see the following section for the key risks of the Fund), among others, may cause you to lose some or all of your investment. KEY RISKS 6. What are the key risks associated with this product? The following table describes the key risks you are exposed to when investing in the Fund: Risks Company specific risk Description This refers to the risk associated with a particular company, which the Fund invests in. Any changes to the company s business model, performance, its customers tastes and demand, litigations, competitiveness and management practices may cause fluctuations in the prices of the securities it issued. Thus, by holding its securities, the Fund s investment value may be subject to a certain extent of volatility. This risk is mitigated through the diversification process that we will employ in managing the Fund. MANULIFE SHARIAH DANA ekuiti page 4

5 KEY RISKS (cont d) 6. What are the key risks associated with this product? (cont d) Risks Liquidity risk Concentration risk Description Liquidity risk refers to the ease of liquidating an investment (be it Shariah-compliant equity or sukuk) at or close to its fair value. There is a risk that the investment (be it Shariah- compliant equity or sukuk) held by the Fund cannot be readily sold at or near its fair value due to insufficient trading volume. This, in turn, will adversely affect the value of the Fund. To mitigate liquidity risk, we will ensure that the Fund holds a minimum level of Islamic liquid assets to serve as buffer for meeting redemption requests. Concentration risk occurs when a portfolio is overweight on a particular security, sector or asset class. In scenario where the Fund invests a substantial portion of its assets in securities within a particular sector, it may be subject to greater price volatility or adversely affected by the performance of the securities of that particular sector. The risk may be mitigated through the diversification process that we will employ in the management of the Fund. Country risk Currency risk As this Fund may invest in foreign markets, this Fund will be exposed to the risks applicable to the countries that it invests in. We will give due consideration to the risk factors such as currency stability, political, regulatory, legal and economic environment before any investments are made in the foreign country. This risk is associated with investments denominated in currencies different from the base currency of the Fund. As the Fund is denominated in Malaysian Ringgit, investments in foreign markets will cause the Fund to be exposed to currency risks. When foreign currencies move unfavourably against Malaysian Ringgit, these investments may face currency loss in addition to any capital gains or losses, which may affect the NAV of the Fund, and consequently the unit price of the Fund. Such movements in the foreign currency rates will also impact the amount of income that the Fund may be able to declare. We may manage this risk by hedging the foreign currency exposure. MANULIFE SHARIAH DANA ekuiti page 5

6 KEY RISKS (cont d) 6. What are the key risks associated with this product? (cont d) Risks Derivatives risk Description Depending on the prevailing market circumstances at a particular point in time, we may choose to use financial derivatives to hedge against currency movements. While the use of derivatives can be beneficial, it also involves special risks, including but not limited to: the risk of derivative transactions having the effect of increasing the volatility of the Fund s NAV; the risk of loss from default by the counterparty, typically as a consequences of insolvency or failed settlement; and the risk of the supply and demand factors in the derivatives market and in other related markets impacting the liquidity of the derivatives market adversely, which in turn would adversely affect derivatives pricing and the Fund. To mitigate these risks, all investment in derivatives will be closely monitored. Reclassification of Shariah status risk The reclassification may occur if the Shariah-compliant securities invested by the Fund are reclassified to be non Shariah-compliant upon review of the securities by the Shariah Advisory Council of the Securities Commission (SACSC) twice yearly. If this occurs, the value of the Fund may be affected where we will have to take the necessary steps to dispose of such securities to ensure that the Fund is invested only in Shariah-compliant securities. IT IS IMPORTANT TO NOTE THAT THE ABOVE LIST OF RISKS MAY NOT BE EXHAUSTIVE. WHILE EVERY CARE WILL BE TAKEN BY US TO MITIGATE SUCH RISKS, INVESTORS ARE ADVISED THAT IT IS NOT ALWAYS POSSIBLE TO PROTECT INVESTMENTS AGAINST ALL RISKS. FURTHER, DIFFERENT ASSET CLASSES GENERALLY EXHIBIT DIFFERENT LEVELS OF RISK. MANULIFE SHARIAH DANA ekuiti page 6

7 FEES AND CHARGES 7. What are the fees and charges involved? The following table describes the charges and fees that you may directly incur for investing in the Fund: Sales Charge From all distribution Up to 5.50% of the (payable when you channels NAV per Unit place your purchase) The Sales Charge is negotiable. Redemption Charge Transfer fee (payable when you transfer your Units to another person or organisation) Switching fee (payable when you switch your Units to other funds managed by us) Other Charges We do not intend to impose any Redemption Charge. RM5.00 for each transfer request. We do not intend to impose any switching fee, however, you are subject to the conditions on switching as set out in the Prospectus of the Fund. There are no other charges (except charges levied by banks on remittance of money) payable directly by you when purchasing or redeeming Units of the Fund. The following table describes the fees and expenses that you may indirectly incur for investing in the Fund: Annual Management Fee Annual Trustee Fee 1.55% of the NAV of the Fund per annum calculated and accrued on a daily basis. 0.04% of the NAV of the Fund per annum calculated and accrued on a daily basis. MANULIFE SHARIAH DANA ekuiti page 7

8 FEES AND CHARGES (cont d) 7. What are the fees and charges involved? (cont d) Other Expenses audit fees; commission/fees paid to brokers; tax adviser s fee; taxes and other duties imposed by the government and/ or other authorities; valuation fees incurred for the valuation of any investment of the Fund by independent valuers for the benefit of the Fund; independent investment committee members fee; Shariah Adviser s fee; cost for modification of Deed save where such modification is for the benefit of the Manager and/or the Trustee; cost of convening meetings for Unit Holders other than those incurred by or for the benefit of the Manager and/ or the Trustee; and any other expenses allowed under the Deed. VALUATION AND EXITING FROM INVESTMENT 8. How often are valuations available? The Fund must be valued at least once every Business Day. The Guidelines also requires a valuation of the Fund to be carried out in a fair and accurate manner. The Fund adopts a forward pricing basis which means that prices of Units will be calculated based on the NAV of the Fund at a valuation point in the future, i.e. the next valuation point after an application for Units or requests for redemption of Units is received by the Manager. As the value of the Fund s investments at the close of a Business Day will only be known the following Business Day (because some of the investments of the Fund are in foreign markets and certain foreign markets in which the Fund may invest in have yet to close due to the different time zones of these countries), the valuation of the Fund in respect of a particular Business Day can only be done the following Business Day (T + 1). Accordingly, if applications for Units or requests for redemption are received before the cut-off time of 3.00 p.m. on a Business Day, say, Tuesday, the price of the Units in respect of those applications and requests will be calculated based on the valuation of the Units done on Wednesday (T + 1). MANULIFE SHARIAH DANA ekuiti page 8

9 VALUATION AND EXITING FROM INVESTMENT (cont d) 8. How often are valuations available? (cont d) Accordingly, applications for Units or requests for redemption received after the cut-off time of 3.00 p.m. on the Business Day of, for example, Tuesday, the applicable prices for those applications and requests will be the prices calculated on Thursday (assuming Thursday is a Business Day) (T + 2). The prices of Units will be published on the next Business Day following the valuation which resulted in those prices in at least 1 national English language newspaper and 1 national Bahasa Malaysia newspaper on a daily basis. For example, applications for Units or requests for redemption received before the cut-off time of 3 p.m. on the Business Day, say, Tuesday, the prices published on Thursday will apply to those applications and requests. Alternatively, Unit Holders may contact the Manager directly during business hours to obtain the latest price of the Fund. Note: Valuation point is the particular point in time on a Business Day, as the Manager may decide, at which the NAV of the Fund is calculated. 9. How can I exit from this investment and what are the risks and costs involved? You may make a request for redemption on any Business Day. Units will be redeemed at the NAV per Unit of the Fund as at the next valuation point. Take for example, the price of Units for redemption request received before 3.00 p.m. (cut off time) will be calculated based on the valuation of the Units on the same Business Day. Whereas, a redemption request received after 3.00 p.m. (cut off time), the request will be processed based on the NAV per Unit on the following Business Day. The minimum redemption for the Fund is 500 units. The Manager will not process the redemption request if the redemption request leaves you with less than 500 Units (minimum holdings). In this instance, you will be required to make an application for the Manager to liquidate all your holdings in the Fund. Redemption proceeds will be paid within 10 days from the date we receive your the redemption request. Please also note that there will be no Redemption Charge imposed. MANULIFE SHARIAH DANA ekuiti page 9

10 CONTACT INFORMATION 10. Who should I contact for further information or to lodge a complaint? For further information or internal dispute resolution, you may contact us at: (a) via phone to : (b) via to : my_utservice@manulife.com (c) via letter to : Manulife Asset Management Services Berhad (formerly known as Manulife Unit Trusts Berhad) 13 th floor, Menara Manulife 6, Jalan Gelenggang Damansara Heights Kuala Lumpur If you are dissatisfied with the outcome of the internal dispute resolution process, please refer your dispute to the Securities Industries Dispute Resolution Corporation (SIDREC): (a) via phone to : (b) via fax to : (c) via to : info@sidrec.com.my (d) via letter to : Securities Industry Dispute Resolution Center (SIDREC) Unit A-9-1, Level 9, Tower A Menara UOA Bangsar No. 5, Jalan Bangsar Utama Kuala Lumpur You can also direct your complaint to Securities Commission Malaysia even if you have initiated a dispute resolution process with SIDREC. To make a complaint, please contact their Investor Affairs &Complaints Department: (a) via phone to the Aduan Hotline at : (b) via fax to : (c) via to : aduan@seccom.com.my (d) via online complaint form available at: (e) via letter to : Investor Affairs & Complaints Department Securities Commission Malaysia No 3 Persiaran Bukit Kiara Bukit Kiara Kuala Lumpur MANULIFE SHARIAH DANA ekuiti page 10

11 APPENDIX: GLOSSARY Business Day Deed the Fund Guidelines Launch Date long term the Manager or we or us MARC medium term Net Asset Value (NAV) NAV per Unit Offer Period Offer Price Prospectus RAM Redemption Charge a day on which the Bursa Malaysia is open for trading. Note: Bursa Malaysia refers to Bursa Malaysia Securities Berhad, the stock exchange managed or operated by Bursa Malaysia Berhad. the Deed entered into between the Manager and the Trustee dated 6 th February 2013 in relation to the Fund and registered with the Securities Commission Malaysia. the Manulife Shariah - Dana Ekuiti. the Guidelines on Unit Trust Funds, issued by the Securities Commission Malaysia, as may be amended from time to time. means the date of the Prospectus and is the date on which sale of Units of the Fund may first be made; the Launch Date is also the date of constitution of the Fund. a period of more than 5 years. means Manulife Asset Management Services Berhad (formerly known as Manulife Unit Trusts Berhad). means Malaysian Rating Corporation Berhad. a period between 3 to 5 years. the NAV of the Fund is determined by deducting the value of all the Fund s liabilities from the value of all the Fund s assets, at the valuation point. For the purpose of computing the annual management fee and annual trustee fee, the NAV of the Fund should be inclusive of the management fee and the trustee fee for the relevant day. the NAV of the Fund divided by the number of Units in circulation at the valuation point. means the period during which Units of the Fund are offered at the Offer Price. means a fixed price per Unit payable by an investor for the purchase of Units during the Offer Period. means the first Prospectus in respect of the Manulife Shariah - Dana Ekuiti. means RAM Rating Services Berhad. means a fee to be paid by a Unit Holder when redeeming Units of the Fund. MANULIFE SHARIAH DANA ekuiti page 11

12 APPENDIX: GLOSSARY (cont d) Sales Charge the SC Shariah Shariah Adviser Shariah requirements sukuk the Trustee Unit or Units Units in Circulation Unit Holder or Unit Holders means a fee to be paid by an investor when purchasing Units of the Fund. the Securities Commission Malaysia established under the Securities Commission Act means Islamic Law comprising the whole body of rulings pertaining to human conducts derived from the primary and secondary sources of the Shariah. The primary sources are the Quran, the Sunnah, Ijma and Qiyas while the secondary ones are those established sources such as Maslahah, Istihsan, Istishab, Uruf and Sadd Zara ie. means IBFIM. is a phrase or expression which generally means making sure that any human conduct must not involve any prohibition and that in performing that conduct all the essential elements that make up the conduct must be present and each essential element must meet all the necessary conditions required by the Shariah for that element. refers to certificates of equal value which evidence undivided ownership or investment in the assets using Shariah principles and concepts endorsed by the Shariah Advisory Council of the SC, but shall not include any agreement for a financing/ investment where the financier/investor and customer/ investee are signatories to the agreement and where the financing/investment of money is in the ordinary course of business of the financier/investor, and any promissory note issued under the terms of such an agreement. Means CIMB Islamic Trustee Berhad (formerly known as CIMB Trustee Berhad). is an undivided share in the beneficial interest and/or right in the Fund and a measurement of the interest and/or right of a Unit Holder in the Fund and means a Unit of the Fund. Units created and fully paid for and which has not been cancelled and is the total number of Units issues at a particular valuation point. the person registered as the holder of a Unit or Units including persons jointly registered. MANULIFE SHARIAH DANA ekuiti page 12