BIMB-ARABESQUE MALAYSIA SHARIAH-ESG EQUITY FUND

Transcription

1 BIMB-ARABESQUE MALAYSIA SHARIAH-ESG EQUITY FUND UNAUDITED INTERIM REPORT FOR THE PERIOD FROM 9 MARCH 2017 (DATE OF COMMENCEMENT) TO 30 NOVEMBER 2017 LAPORAN INTERIM TIDAK DIAUDIT BAGI TEMPOH DARI 9 MAC 2017 (TARIKH PELANCARAN) SEHINGGA 30 NOVEMBER 2017 MANAGER: BIMB INVESTMENT MANAGEMENT BERHAD ( X)

2 Table of Contents No. Particulars Page 1.0 Manager s Report Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Performance for the period from 9 March 2017 (date of commencement) to 30 November Economic and Market Review Market Outlook And Strategy Asset Allocation as at 30 November Other Performance Data for the Period Ended 30 November Unit Holdings as at 30 November Policy on Rebate And Soft Commission Trustee s Report Shariah Committee s Report Directors Declaration Report Unaudited Financial Statements Corporate Directory 61 2

3 1.0 Manager s Report Dear Unit Holders, We are pleased to present the Manager s Report of BIMB-Arabesque Malaysia Shariah-ESG Equity Fund for the period from 9 March 2017 (date of commencement) to 30 November Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Fund Name Fund Type Fund Category Fund Investment Objective BIMB-Arabesque Malaysia Shariah-ESG Equity Fund Growth Equity The Fund seeks to achieve medium to long term 1 capital appreciation. Note: Any material change to the investment objective of the Fund would require Unit Holders approvals. Fund Performance Benchmark The selected performance benchmark for this Fund is based on 70:30 ratio of FBM KLCI Index and MSCI All Countries World Index. Note: The risk profile of the Fund is not the same as the risk profile of the performance benchmark. Fund Distribution Policy Payment Mode for Income Distribution The distribution of income is incidental. Payment into Unit Holders bank account or reinvestment. 1 Medium to long term in this context refers to three (3) years or more. 3

4 1.2 Performance for the period from 9 March 2017 (date of commencement) to 30 November Performance review For the period under review, BIMB-Arabesque Malaysia Shariah-ESG Equity Fund ( the Fund ) registered a return of 5.56% as compared to its Benchmark s return of 2.56%. The selected performance benchmark for the Fund is 70:30 ratio of FBM KLCI Index and MSCI All Countries World Index. As at 30 November 2017, the Fund has 98.15% exposure to equities and 1.85% in cash and cash equivalents. The total Net Asset Value (NAV) of the Fund is RM22.53 million that constitutes of four currency classes which are the Ringgit Malaysia, US Dollar, Singapore Dollar and the Euro. For the period under review, the Fund had maintained its equity investment level between 95% to 99.5% and remained invested across all sectors in order to take advantage of systematic market movement. Moving forward, the Manager will continue to be fully invested utilizing the Arabesque stock screening and momentum methodology as stated within its investment strategy in its prospectus. For the financial period under review, there were no significant changes to the state of affairs of the Fund and no circumstances that materially affect the interest of Unit Holders that have taken place up to the date of this Manager s Report. 4

5 1.2.2 Total return and average total return for the respective period ended 30 November 2017 Period Since Launch (9 Mar Nov 17) 1-month Period (Nov 17) 3-month Period (Sept 17 Nov 17) 6-month Period (Jun 17 Nov 17) BIMB-Arabesque Malaysia Shariah-ESG Equity Fund Total Average Return Total Return (%) (%) Total Return (%) Benchmark Average Total Return (%) 5.56 N/A 2.56 N/A N/A N/A 4.31 N/A N/A 6.07 N/A 0.27 N/A Figure 1: Performance of the Fund versus the Benchmark Note: Data Source Data verified by Benchmark : BIMB Investment Management Berhad : Novagni Analytics & Advisory Sdn. Bhd. : 70:30 ratio of FBM KLCI Index and MSCI All Countries World Index 5

6 Notes: 1. Total Return of the Fund has been verified by Novagni Analytics & Advisory Sdn. Bhd. ( W) 2. Average Total return is derived by this formula: Total Return Number of Years under Review Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up. 1.3 Economic and Market Review Economy a) Global United States (US) Gross Domestic Product (GDP) grew by 3.3% in the third quarter of 2017 as compared to 3.1% growth in the second quarter of 2017 and 1.2% in the first quarter of US inflation rate remains healthy at 2.0% in October 2017 while US unemployment rate continues to improve to 4.1% in October 2017 as compared to 4.6% in November Moving forward, the Fed intends to execute more potential rate hikes and quantitative tightening for the US in the near term. The Euro zone economy grew by 0.6% in the third quarter of 2017 as compared to 0.7% in the second quarter 2017 and 0.6% in the first quarter of The Euro zone economic recovery has gained momentum while unemployment has fallen against a backdrop of ultralow interest rates which are among the measures implemented by the European Central Bank (ECB) to boost economic activity. The Chinese economy grew by 6.8% for the third quarter of 2017, as compared to 6.9% in the second quarter of 2017 following improved industrial output and private consumption, aided by a robust property market and recovery in the exports sector. Overall, major global economies appear to be recovering in tandem while market sentiment for the emerging markets improved during the period under review. (Source: Bloomberg, Bank Negara Malaysia and RHB Research Institute Sdn Bhd) 6

7 b) Local The Malaysian economy grew faster at 6.2% in the third quarter of 2017 as compared to 5.8% in the second quarter 2017 and 5.6% in the first quarter The stronger GDP growth for the period was due to improvements in private consumption and exports. Malaysia s inflation on the other hand declined to 3.4% in November 2017, slowing from 3.7% in the prior month. It was the lowest inflation rate since July, due to a slowdown in cost of food & non-alcoholic beverages, transport and housing & utilities. Despite the inflationary pressure faced by the local economy, Bank Negara Malaysia s Monetary Policy Committee (MPC) had decided to maintain the Overnight Policy Rate (OPR) at 3.00% during its November meeting to accommodate and support growth prospect for the country. Bank Negara s international reserve rose to USD billion as at 30 November 2017 that is sufficient to finance 7.5 months of retained imports and is 1.1 times the short-term external debt Market Review Equity (Source: Bloomberg, Bank Negara Malaysia and RHB Research Institute Sdn Bhd) FTSE Bursa Malaysia EMAS Shariah Index ( FBM Shariah Index ) commenced the period under review at 12,550.4 points and reached the highest point of 13, on 16 May The FBM Shariah Index s lowest point of 12, was on 11 August 2017 before closing at 12, points on 30 November For the period under review, the FBM Shariah Index was up points or +2.95% whereas the FBM KLCI index declined 5.35 points or -0.31% to close at 1, points. Among the key factors that contributed to the movement of the index are highlighted below: 7

8 In April 2017, a historic meeting between US President Donald Trump and China s leader Xi Jinping signaled more understanding between the two countries after a summit held in Florida, USA and appears to have successfully defused a potential trade war between the world s two largest economies. A stabilizing US-China trade relationship will allow the US Federal Reserve to conduct its third rate hike of the year by 25bps to 1.50% on the back of stronger economic fundamentals in the US. In August 2017, the North Korea and US dispute escalated to new heights post of North Korea s missile testing exercise that had prompted US President Trump to issue a retaliation warning. However, markets were quick to discount the negative news and sentiment recovered subsequently as the US Federal Reserve announced of its quantitative tightening measures. The Fed intends to retire USD3.6 trillion or 50% of its Quantitative easing money in the market in three years time along with more rate hikes in the short to medium term horizon. (Source: Bloomberg and RHB Research Institute Sdn Bhd) 1.4 Market Outlook and Strategy Given the bottom-up, quantitative and momentum-based nature of the strategy, we do not perform any macro analysis and do not manage the Fund based on views/expected outlook. 8

9 1.5 Asset Allocation as at 30 November 2017 BIMB-Arabesque Malaysia Shariah-ESG Equity Fund Investment in Quoted Securities (%) Construction 2.32 Consumer products Finance 0.47 Industrial products Infrastructure 4.20 Plantation 5.50 Properties 5.60 Technology REITs 0.95 Trading and services CASH

10 1.6 Other performance data for the period ended 30 November 2017 BIMB-Arabesque Malaysia Shariah-ESG Equity Fund Since commencement to Net Asset Value (NAV) - MYR class 21,903,962 - USD class 4,672 - SGD class 621,693 - EUR class 4,985 Units in Circulation - MYR class 82,985,332 - USD class 4,000 - SGD class 744,524 - EUR class 4,000 NAV per Unit in RM - MYR class USD class SGD class EUR class NAV per Unit in respective currencies - MYR class USD class SGD class EUR class Highest NAV per Unit in respective currencies - MYR class USD class SGD class EUR class Lowest NAV per Unit in respective currencies - MYR class USD class SGD class EUR class

11 1.6 Other performance data for the period ended 30 November 2017 (continued) BIMB-Arabesque Malaysia Shariah-ESG Equity Fund Total Return (%) (1) Since commencement to MYR class USD class SGD class EUR class 2.43 Capital Return (%) - MYR class USD class SGD class EUR class 2.43 Income Return (%) - MYR class - - USD class - - SGD class - - EUR class - Management Expense Ratio (MER) (%) (2) 1.95 Portfolio Turnover Ratio (PTR) (times) (3) 1.22 Note: a) Return of the Fund = NAV per unit (end of period) - 1 NAV per unit (opening of period) b) Capital Growth = Total Return of the Fund Income Return c) Income Return = {Income Distribution per Unit / NAV per opening of period} x 100 d) Management Expenses Ratio e) Portfolio Turnover Ratio = The Management Expenses Ratio is the total management expenses expressed as an annual percentage of the Fund s average Net Asset Value of the Fund calculated on a daily basis. = It represents the average of the total acquisitions and disposals of the investment in the Fund for the interim period over the average Net Asset Value of the Fund calculated on a daily basis. 11

12 1.7 Unit Holdings as at 30 November 2017 BIMB-Arabesque Malaysia Shariah-ESG Equity Fund (MYR Class) Size of Holdings No. of Unit Holders No. of Units Held No. % Units % 5,000 and below , ,001 to 10, , ,001 to 50, , ,001 to 500, ,872, ,001 and above * ,244, Unit Held by Holders ,985, Unit Held by Manager Grand Total for The Fund ,985, * Included under this category are nominee accounts BIMB-Arabesque Malaysia Shariah-ESG Equity Fund (USD Class) Size of Holdings No. of Unit Holders No. of Units Held No. % Units % 5,000 and below ,001 to 10, ,001 to 50, ,001 to 500, ,001 and above Unit Held by Holders Unit Held by Manager , Grand Total for The Fund ,

13 Size of Holdings BIMB-Arabesque Malaysia Shariah-ESG Equity Fund (SGD Class) No. of Unit Holders No. of Units Held No. % Units % 5,000 and below ,001 to 10, ,001 to 50, , ,001 to 500, ,001 and above * , Unit Held by Holders , Unit Held by Manager Grand Total for The Fund , * Included under this category are nominee accounts BIMB-Arabesque Malaysia Shariah-ESG Equity Fund (EUR Class) Size of Holdings No. of Unit Holders No. of Units Held No. % Units % 5,000 and below ,001 to 10, ,001 to 50, ,001 to 500, ,001 and above Unit Held by Holders Unit Held by Manager , Grand Total for The Fund ,

14 1.8 Policy on Rebate and Soft Commission Any stock broking rebates received by the Manager will be directed into the account of the Fund. Any soft commissions received from the broker which are in the form of research and advisory services that assist in the decision-making process relating to the Fund s investment may be retained by the Manager. The Manager does not receive any soft commission from broker during the period under review. For and on behalf of The Manager BIMB INVESTMENT MANAGEMENT BERHAD Date: 29 January

15 1.0 Laporan Pengurus Para Pemegang Unit yang dihormati, Kami dengan sukacitanya membentangkan Laporan Pengurus BIMB-Arabesque Malaysia Shariah-ESG Equity Fund bagi tempoh dari 9 Mac 2017 (tarikh pelancaran) hingga 30 November Nama Dana/ Jenis Dana/ Kategori Dana/ Objektif Pelaburan Dana/ Penanda Aras Dana/ Polisi Agihan Dana Nama Dana Jenis Dana Kategori Dana Objektif Pelaburan Dana BIMB-Arabesque Malaysia Shariah-ESG Equity Fund Pertumbuhan Ekuiti Tujuan utama Dana ini adalah untuk mencapai pertumbuhan modal dalam jangkamasa sederhana hingga panjang 2 Nota: Sebarang perubahan ketara kepada objektif Pelaburan Dana memerlukan kelulusan daripada Pemegang Unit Penanda Aras Dana Polisi Agihan Dana Kaedah Pembayaran Agihan Pendapatan Penanda aras prestasi terpilih bagi Dana ini adalah berdasarkan kepada nisbah 70:30 Indeks FBM KLCI dan Indeks MSCI All Countries World Nota: Profil risiko Dana tidak sama dengan profil risiko penanda aras prestasi Pengagihan pendapatan adalah sampingan Bayaran ke akaun Pemegang Unit atau pelaburan semula 2 Jangkamasa sederhana hingga panjang dalam konteks ini merujuk kepada tempoh lebih dari tiga (3) tahun. 15

16 1.2 Pencapaian Dana bagi tempoh dari 9 Mac 2017 (tarikh pelancaran) hingga 30 November Kajian Pencapaian Bagi tempoh dalam kajian, BIMB-Arabesque Malaysia Shariah-ESG Equity Fund ( Dana ) mencatatkan pulangan 5.56% berbanding pulangan yang diraih penanda aras sebanyak 2.56%. Penanda aras prestasi terpilih Dana ialah nisbah 70:30 Indeks FBM KLCI dan Indeks MSCI All Countries World. Sehingga pada 30 November 2017, Dana mempunyai pendedahan sebanyak 98.15% dalam pasaran ekuiti dan 1.85% dalam pegangan tunai dan setara tunai. Jumlah Nilai Aset Bersih (NAB) Dana adalah RM22.53 juta yang terdiri daripada empat kelas matawang iaitu Ringgit Malaysia, Dollar Amerika, Dollar Singapura and Euro. Bagi tempoh dalam kajian, Dana telah mengekalkan tahap pelaburan ekuitinya antara 95% hingga 99.5% dan melabur merentasi semua sektor untuk mengambil manfaat dari pergerakan sistematik pasaran. Melangkah ke hadapan, Pengurus akan terus melabur sepenuhnya menggunakan kaedah pemeriksaan and momentum Arabesque berdasarkan strategi pelaburannya yang dinyatakan dalam prospektusnya. Bagi tempoh kewangan dalam kajian, tiada perubahan ketara berlaku terhadap hal ehwal berkaitan pengurusan Dana dan keadaan yang boleh menjejaskan secara langsung kepentingan para Pemegang Unit sehinggalah tarikh penyediaan Laporan Pengurus ini. 16

17 1.2.2 Jumlah pulangan dan purata jumlah pulangan bagi tempoh- tempoh berikut hingga 30 November 2017 Tempoh Sejak pelancaran (9 Mac Nov 17) 1 bulan (Nov 17) 3 bulan (Sept 17 Nov 17) 6 bulan (Jun 17 Nov 17) BIMB-Arabesque Malaysia Shariah-ESG Equity Fund Jumlah Pulangan (%) Purata Jumlah Pulangan (%) Penanda Aras Jumlah Pulangan (%) Purata Jumlah Pulangan (%) 5.56 N/A 2.56 N/A N/A N/A 4.31 N/A N/A 6.07 N/A 0.27 N/A Rajah 1: Prestasi Dana Berbanding Penanda Aras Nota: Sumber Data : BIMB Investment Management Berhad Data disahkan oleh : Novagni Analytics & Advisor Sdn. Bhd Penanda Aras : Nisbah 70:30 Indeks FBM KLCI dan Indeks Dunia Semua Negara MSCI 17

18 Nota: 1. Jumlah Pulangan telah disahkan oleh Novagni Analytics & Advisor Sdn. Bhd. ( W) 2. Jumlah Pulangan Purata adalah berpandukan formula berikut: Jumlah Pulangan Bilangan Tahun Bawah Kajian Prestasi masa lepas tidak semestinya menjadi petunjuk prestasi masa depan dan harga unit serta pulangan pelaburan mungkin turun dan naik. 1.3 Ekonomi dan Kajian Pasaran Ekonomi a) Global Keluaran Dalam Negara Kasar (KDNK) Amerika Syarikat (AS) berkembang sebanyak 3.3% pada suku ketiga 2017 berbanding pertumbuhan 3.1% pada suku kedua 2017 dan 1.2% pada suku pertama Kadar inflasi AS kekal sihat iaitu sekitar 2.0% pada Oktober 2017 sementara kadar pengangguran AS terus menurun kepada 4.1% pada Oktober 2017 daripada 4.6% pada November Bergerak kehadapan, pihak Rizab Persekutuan AS bercadang untuk menaikan kadar faedah dan pengetatan kuantitatif di AS dalam tempoh terdekat. Ekonomi zon Euro berkembang sebanyak 0.6% pada suku ketiga 2017 berbanding 0.7% pada suku kedua 2017 dan 0.6% pada suku pertama Pemulihan ekonomi zon Euro menyaksikan berlakunya peningkatan momentum dengan kadar pengangguran telah menurun di sebalik kejatuhan kadar faedah yang teramat rendah, iaitu di antara langkah-langkah yang telah dilaksanakan oleh Bank Pusat Eropah (ECB) untuk meningkatkan aktiviti ekonomi. 18

19 Ekonomi China berkembang sebanyak 6.8% pada suku ketiga 2017 berbanding 6.9% pada suku pertama 2017 berikutan peningkatan dalam pengeluaran perindustrian dan penggunaan swasta yang dibantu oleh pasaran hartanah yang kukuh dan pemulihan sektor eksport. Secara keseluruhan, ekonomi utama dunia kelihatan semakin pulih dengan kadar yang sejajar, dan sentimen untuk prestasi pasaran saham untuk pasaran-pasaran baru telah meningkat pada tempoh dalam kajian. (Sumber: Bloomberg, Bank Negara Malaysia dan RHB Research Institute Sdn Bhd) b) Dalam Negara Ekonomi Malaysia berkembang lebih pantas sebanyak 6.2% pada suku ketiga 2017 berbanding 5.8% pada suku kedua 2017 dan 5.6% pada suku pertama KDNK yang lebih kukuh dalam tempoh berkenaan adalah hasil peningkatan dalam penggunaan swasta dan eksport. Kadar inflasi Malaysia pada November 2017 menurun kepada 3.4% daripada 3.7% pada bulan sebelumnya. Ia adalah kadar inflasi terendah sejak Julai, disebabkan oleh kelembapan kos makanan dan minuman bukan alkohol, pengangkutan dan perumahan serta utiliti. Meskipun terdapat tekanan inflasi yang dihadapi oleh ekonomi tempatan, Jawatankuasa Dasar Monetari Bank Negara Malaysia (MPC) mengekalkan Kadar Dasar Semalaman (OPR) pada paras 3.00% dalam mesyuaratnya yang diadakan pada November bagi menampung dan menyokong prospek pertumbuhan negara. Rizab antarabangsa Bank Negara meningkat kepada AS$101.9 bilion setakat pada 30 November 2017 yang memadai untuk membiayai 7.5 bulan import tertangguh dan mewakili 1.1 kali hutang jangka pendek luar negara. (Sumber: Bloomberg, Bank Negara Malaysia dan RHB Research Institute Sdn Bhd) 19

20 1.3.2 Kajian Pasaran Ekuiti Indeks Syariah EMAS FTSE Bursa Malaysia (Indeks Syariah FBM) memasuki tempoh dalam kajian pada paras 12,550.4 mata dan naik ke paras tertinggi 13, mata pada 16 Mei Indeks Syariah FBM kemudiannya jatuh ke paras terendah 12, pada 11 Ogos 2017 sebelum ditutup pada paras 12, mata pada 30 November Bagi tempoh dalam kajian, indeks Syariah FBM naik mata atau 2.95% manakala indeks FBM KLCI turun 5.35 mata atau -0.31% untuk ditutup pada 1, mata. Antara faktor-faktor utama yang menyumbang kepada pergerakan indeks adalah seperti berikut: Pada April 2017, pertemuan bersejarah antara Presiden AS Donald Trump dan pemimpin China, Xi Jinping telah menunjukkan persefahaman yang lebih di antara kedua-dua negara itu selepas sidang kemuncak diadakan di Florida, AS yang mungkin dapat melenyapkan potensi berlakunya perang perdagangan antara dua kuasa ekonomi terbesar dunia. Hubungan perdagangan AS-China yang stabil juga telah membolehkan Rizab Persekutuan AS menaikkan kadar faedah ketiga pada tahun ini sebanyak 25bps kepada 1.50% berasaskan fundamental ekonomi yang lebih kukuh dalam ekonomi AS. Pada Ogos 2017, pertikaian antara Korea Utara dengan AS semakin memuncak selepas Korea Utara melakukan ujian peluru berpandu sehingga Presiden Trump mengeluarkan amaran untuk bertindak balas. Walau bagaimanapun, pasaran bertindak cepat untuk tidak mengendahkan berita buruk tersebut dan sentimen kemudiannya pulih berikutan pengumuman Rizab Persekutuan Amerika Syarikat akan memulakan langkah pengetatan kuantitatifnya. Rizab Persekutuan Amerika Syarikat bercadang untuk menghentikan program kelonggaran kuantitatif sebanyak AS$3.6 trilion atau 50% daripada wangnya dalam pasaran bagi tempoh tiga tahun akan datang selain melakukan lebih banyak kenaikan kadar faedah dalam jangka masa pendek ke sederhana. (Sumber: Bloomberg dan RHB Research Institute Sdn Bhd) 1.4 Tinjauan Pasaran dan Strategi Memandangkan strategi berasaskan kuantitatif dan momentum, kami tidak menjalankan sebarang analisis makro dan tidak menguruskan Dana berdasarkan pandangan-pandangan atau prospek yang dijangka. 20

21 1.5 Peruntukan Aset pada 30 November 2017 BIMB-Arabesque Malaysia Shariah-ESG Equity Fund (%) Pelaburan dalam Sekuriti Tersiarharga Pembinaan 2.32 Barangan pengguna Kewangan 0.47 Barangan industri Infrastruktur 4.20 Perladangan 5.50 Hartanah 5.60 Teknologi REITs 0.95 Perdagangan dan perkhidmatan TUNAI

22 1.6 Lain-lain data prestasi bagi tempoh berakhir 30 November 2017 BIMB-Arabesque Malaysia Shariah-ESG Equity Fund Nilai Aset Bersih (NAB) Semenjak pelancaran sehingga Kelas RM 21,903,962 - Kelas USD 4,672 - Kelas SGD 621,693 - Kelas EUR 4,985 Unit Dalam Edaran - Kelas RM 82,985,332 - Kelas USD 4,000 - Kelas SGD 744,524 - Kelas EUR 4,000 NAB seunit dalam RM - Kelas RM Kelas USD Kelas SGD Kelas EUR NAVB seunit dalam setiap matawang - Kelas RM Kelas USD Kelas SGD Kelas EUR NAB tertinggi seunit dalam setiap matawang - Kelas RM Kelas USD Kelas SGD Kelas EUR

23 1.6 Lain-lain data prestasi bagi tempoh berakhir 30 November 2017 (sambungan) BIMB-Arabesque Malaysia Shariah-ESG Equity Fund NAB terendah seunit dalam setiap matawang Semenjak pelancaran sehingga Kelas RM Kelas USD Kelas SGD Kelas EUR Jumlah Pulangan (%) (1) - Kelas RM Kelas USD Kelas SGD Kelas EUR 2.43 Pulangan Modal (%) - Kelas RM Kelas USD Kelas SGD Kelas EUR 2.43 Pulangan Pendapatan (%) - Kelas RM - - Kelas USD - - Kelas SGD - - Kelas EUR - Nisbah Perbelanjaan Pengurusan (NPP) (%) (2) 1.95 Nisbah Pusing Ganti Portfolio (NPG) (kali) (3)

24 Nota:- a) Pulangan ke atas Dana = Harga seunit (pada akhir tempoh) - 1 Harga seunit (pada awal tempoh) b) Pertumbuhan Modal = Jumlah Pulangan Dana Pulangan Pendapatan c) Pulangan Pendapatan = {Pengagihan Pendapatan Se Unit / NAB se unit pada awal tempoh} x 100 d) Nisbah Perbelanjaan Pengurusan e) Nisbah Pusing Ganti Portfolio 1.7 Pecahan Pegangan Unit Setakat 30 November 2017 = Ia dikira dengan mengambil jumlah perbelanjaan pengurusan sepertimana yang dinyatakan sebagai peratusan tahunan daripada jumlah purata Nilai Aset Bersih Dana yang dikira pada asas harian. = Ia dikira dengan mengambil purata jumlah perolehan dan pelupusan pelaburan dalam Dana bagi tempoh setengah tahun dibahagi dengan purata Nilai Aset Bersih Dana yang dikira pada asas harian. Saiz Pegangan BIMB-Arabesque Malaysia Shariah-ESG Equity Fund (Kelas RM) Bilangan Pemegang Unit Bilangan Pegangan Unit Bilangan % Bilangan Unit % 5,000 dan ke bawah 5,001 hingga 10,000 10,001 hingga 50,000 50,001 hingga 500, , , , ,872, ,001 dan ke atas * ,244, Unit yang dipegang oleh Pemegang unit ,985, Unit yang dipegang oleh Pengurus Jumlah Keseluruhan Dana ,985, * Akaun penama juga termasuk di bawah kategori ini 24

25 Saiz Pegangan BIMB-Arabesque Malaysia Shariah-ESG Equity Fund (Kelas USD) Bilangan Pemegang Unit Bilangan Pegangan Unit Bilangan % Bilangan Unit % 5,000 dan ke bawah 5,001 hingga 10,000 10,001 hingga 50,000 50,001 hingga 500, ,001 dan ke atas Unit yang dipegang oleh Pemegang unit Unit yang dipegang oleh Pengurus , Jumlah Keseluruhan Dana , Saiz Pegangan BIMB-Arabesque Malaysia Shariah-ESG Equity Fund (Kelas SGD) Bilangan Pemegang Unit Bilangan Pegangan Unit Bilangan % Bilangan Unit % 5,000 dan ke bawah 5,001 hingga 10,000 10,001 hingga 50,000 50,001 hingga 500, , ,001 dan ke atas * , Unit yang dipegang oleh Pemegang unit , Unit yang dipegang oleh Pengurus Jumlah Keseluruhan Dana , * Akaun penama juga termasuk di bawah kategori ini 25

26 Saiz Pegangan BIMB-Arabesque Malaysia Shariah-ESG Equity Fund (Kelas EUR) Bilangan Pemegang Unit Bilangan Pegangan Unit Bilangan % Bilangan Unit % 5,000 dan ke bawah 5,001 hingga 10,000 10,001 hingga 50,000 50,001 hingga 500, ,001 dan ke atas Unit yang dipegang oleh Pemegang unit Unit yang dipegang oleh Pengurus , Jumlah Keseluruhan Dana , Polisi Rebat dan Komisyen Bukan Tunai Sebarang rebat broker saham yang diterima oleh Pengurus akan dimasukkan ke akaun Dana. Apa-apa komisyen bukan tunai yang diterima daripada broker dalam bentuk perkhidmatan penyelidikan dan nasihat yang membantu dalam proses membuat keputusan yang berkaitan dengan pelaburan Dana boleh disimpan oleh Pengurus. Pengurus tidak menerima sebarang komisyen bukan tunai daripada broker bagi tempoh dalam kajian. Untuk dan bagi pihak Pengurus BIMB INVESTMENT MANAGEMENT BERHAD Tarikh: 29 Januari 2018 Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan Bahasa Inggeris. 26

27 2.0 Trustee s Report FOR THE FINANCIAL PERIOD FROM 9 MARCH 2017 (DATE OF COMMENCEMENT) TO 30 NOVEMBER 2017 To the Unit Holders of BIMB-ARABESQUE MALAYSIA SHARIAH-ESG EQUITY FUND We, CIMB Islamic Trustee Berhad being the trustee for BIMB-Arabesque Malaysia Shariah-ESG Equity Fund ( the Fund ), are of the opinion that BIMB Investment Management Berhad ("the Manager ), acting in the capacity as Manager of the Fund, has fulfilled its duties in the following manner for the financial period from 9 March 2017 (date of commencement) to 30 November We are also of the opinion that: a) The Fund has been managed in accordance with the limitations imposed on the investment powers of the Manager under the Deed, the Securities Commission Malaysia s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 (as amended from time to time) and other applicable laws; b) Valuation and pricing for the Fund has been carried out in accordance with the Deed and relevant regulatory requirements; and c) Creation and cancellation of units have been carried out in accordance with the Deed and any regulatory requirements. Yours faithfully CIMB ISLAMIC TRUSTEE BERHAD LEE KOOI YOKE Chief Operating Officer Kuala Lumpur, Malaysia Date: 29 January

28 3.0 Shariah Committee s Report UNAUDITED INTERIM REPORT FOR THE FINANCIAL PERIOD FROM 9 MARCH 2017 (DATE OF COMMENCEMENT) TO 30 NOVEMBER 2017 ب س م ٱلل ٱلر ح م ن ٱلر ح ي م To the Unit Holders of BIMB-ARABESQUE MALAYSIA SHARIAH-ESG EQUITY FUND We have acted as the Shariah Committee of BIMB-Arabesque Malaysia Shariah-ESG Equity Fund. Our responsibilities are to ensure that the procedures and processes employed by BIMB Investment Management Berhad and that the provisions of the Deed dated 18 November 2016 are in accordance with Shariah principles. In our opinion, BIMB Investment Management Berhad has managed BIMB-Arabesque Malaysia Shariah-ESG Equity Fund in accordance with Shariah principles and complied with applicable guidelines, rulings or decisions issued by the Securities Commission pertaining to Shariah matters for the financial period from 9 March 2017 to 30 November In addition, we also confirm that the investment portfolio of BIMB-Arabesque Malaysia Shariah-ESG Equity Fund comprise securities which have been classified as Shariahcompliant by the Shariah Advisory Council (SAC) of the Securities Commission and the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI), as the case may be and that all deposits and money market instruments placed by the Fund are Shariah-compliant. ا علم والله For and on behalf of the Shariah Committee.. USTAZ DR. AHMAD SHAHBARI@SOBRI SALAMON (Chairman).. USTAZ DR. YUSOF RAMLI (Committee Member).. USTAZAH DR. ASMAK AB. RAHMAN (Committee Member) Date: 29 January

29 4.0 Directors Declaration UNAUDITED INTERIM REPORT FOR THE FINANCIAL PERIOD FROM 9 MARCH 2017 (DATE OF COMMENCEMENT) TO 30 NOVEMBER 2017 To the Unit Holders of BIMB-ARABESQUE MALAYSIA SHARIAH-ESG EQUITY FUND We, Dato Ghazali Bin Awang and Najmuddin Bin Mohd Lutfi, being two of the directors of the Manager, BIMB Investment Management Berhad, for BIMB-Arabesque Malaysia Shariah-ESG Equity Fund do hereby state that in our opinion, the accompanying Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Net Asset Value and Statement of Cash Flows are drawn up so as to give a true and fair view of the Statement of Financial Position of the Fund as at 30 November 2017 and Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Net Asset Value and Statement of Cash Flows for the period ended on that date. For and on behalf on the Board of Directors, DATO GHAZALI BIN AWANG (Non Executive Independent Director).. NAJMUDDIN BIN MOHD LUTFI (Chief Executive Officer) Date: 29 January

30 5.0 Unaudited Financial Statements Fair Value of Financial Instruments All Assets and Liabilities of the Fund are carried at fair values. The accounting policies on recognition and measurement of the fair value for the Fund s investments are disclosed in their respective accounting policies. The fair value for the amount due from/(to) stockbroker, amount due from/(to) Manager and Trustee, cash at bank, sundry receivables, sundry payables and accruals approximate their respective carrying amounts as at the balance sheet date due to the relatively short-term maturity of these Financial Instruments. 30

31 Financial Statements 5.1 Unaudited Statement of Financial Position as at 30 November 2017 As at Note RM Assets Investments 4 22,119,029 Amount due from Manager 7,623 Other receivables 42,029 Cash and cash equivalents 5 691,701 Total assets 22,860,382 Liabilities Amount due to Manager 267,751 Other payables 57,319 Total liabilities 325,070 Net asset value 22,535,312 Unitholders fund Unitholders capital 6 21,258,745 Retained profit 1,276,567 22,535,312 Net asset value attributable to unitholders - MYR class 21,903,962 - USD class 4,672 - SGD class 621,693 - EUR class 4,985 22,535,312 Number of units in circulation - MYR class 82,985,332 - USD class 4,000 - SGD class 744,524 - EUR class 4,000 Net asset value per unit in RM - MYR class sen - USD class sen - SGD class sen - EUR class sen 31

32 5.1 Unaudited Statement of Financial Position as at 30 November 2017 (continued) As at Note RM Net asset value per unit in respective currencies - MYR class sen - USD class cent - SGD class cent - EUR class cent The notes on pages 36 to 60 are an integral part of these financial statements. 32

33 5.2 Unaudited Statement of Profit or Loss and Other Comprehensive Income for the financial period from 9 March 2017 (date of commencement) to 30 November to Note RM Income Gross dividend income from quoted shares 333,759 Gain on sale of quoted investments 118,876 Income from short term investments 27,543 Hibah from Al-Wadiah account 989 Realised loss on foreign exchange (79,609) Other unrealised loss on foreign exchange (101,420) Unrealised gain from financial instruments at fair value through profit or loss 1,281,751 Gross income 1,581,889 Expenses Manager s fee 7 219,567 Trustee s fee 8 7,319 Audit fee 7,380 Tax agent s fee 7,380 Administrative expenses 50, ,717 Net income before taxation 1,290,172 Taxation 9 (13,605) Net income after taxation 1,276,567 Other comprehensive income for the period - Total comprehensive income for the period 1,276,567 Total comprehensive income for the period consist of: Realised amount (5,184) Unrealised amount 1,281,751 1,276,567 The notes on pages 36 to 60 are an integral part of these financial statements. 33

34 5.3 Unaudited Statement of Changes in Net Asset Value for the financial period from 9 March 2017 (date of commencement) to 30 November 2017 Unitholders Retained capital profit Total Note RM RM RM As at 9 March 2017 (date of commencement) Movement in unitholders contribution Creation of units via cash - MYR class 24,968,264-24,968,264 - USD class 42,294-42,294 - SGD class 603, ,280 - EUR class 4,725-4,725 Cancellation of units - MYR class (4,316,103) - (4,316,103) - USD class (37,556) - (37,556) - SGD class (6,159) - (6,159) - EUR class Total attributable to unitholders 6 21,258,745-21,258,745 Total comprehensive income for the period - 1,276,567 1,276,567 As at 30 November ,258,745 1,276,567 22,535,312 The notes on pages 36 to 60 are an integral part of these financial statements. 34

35 5.4 Unaudited Statement of Cash Flows for the financial period from 9 March 2017 (date of commencement) to 30 November to RM Cash flows from operating activities Dividend received 278,125 Income from short term investments 28,532 Proceed from sale of investments 14,488,500 Purchase of investments (35,206,902) Loss from foreign exchange (181,030) Manager s fee paid (190,976) Trustee fee paid (6,366) Custodian fee paid (12,718) Payment for administrative expenses (24,337) Net cash used in operating activities (20,827,172) Cash flows from financing activities Cash receipt for creation of units 25,610,940 Cash payment for cancellation of units (4,092,067) Net cash generated from financing activities 21,518,873 Net increase in cash and cash equivalents 691,701 Cash and cash equivalents at 9 March Cash and cash equivalents at 30 November ,701 Cash and cash equivalents comprise: Short term placements - Cash at bank 691, ,701 The notes on pages 36 to 60 are an integral part of these financial statements. 35

36 5.5 Notes to the Financial Statements 1. Information on the Fund BIMB-Arabesque Malaysia Shariah-ESG Equity Fund (hereinafter referred to as the Fund ) was constituted pursuant to the execution of a Deed dated 18 November 2016 between the Manager - BIMB Investment Management Berhad, the Trustee CIMB Islamic Trustee Berhad and the registered unitholders of the Fund. The principal activity of the Fund is to invest in authorised investments as defined in the Deed, which include stocks and shares of companies quoted on Bursa Malaysia and foreign markets where the regulatory authority is an ordinary or associate member of the International Organisation of Securities Commissions and short term placements. The Manager, BIMB Investment Management Berhad, a company incorporated in Malaysia, is a subsidiary of Bank Islam Malaysia Berhad. The financial statements were approved by the Board of Directors of the Manager on 29 January Basis of preparation (a) Statement of compliance The financial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards ( MFRS ), International Financial Reporting Standards ( IFRS ), the Deed and Securities Commission s Guidelines on Unit Trust Funds ( Guidelines ) in Malaysia. The following are accounting standards, amendments and interpretations that have been issued by the Malaysian Accounting Standards Board ( MASB ) but have not been adopted by the Fund: 36

37 2. Basis of preparation (continued) (a) Statement of compliance (continued) MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2018 MFRS 9, Financial Instruments (2014) MFRS 15, Revenue from Contracts with Customers Clarifications to MFRS 15, Revenue from Contracts with Customers IC Interpretation 22, Foreign Currency Transactions and Advance Consideration Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements to MFRS Standards Cycle) Amendments to MFRS 2, Share-based Payment Classification and Measurement of Share-based Payment Transactions Amendments to MFRS 4, Insurance Contracts Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts Amendments to MFRS 128, Investments in Associates and Joint Ventures (Annual Improvements to MFRS Standards Cycle) Amendments to MFRS 140, Investment Property Transfers of Investment Property MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2019 MFRS 16, Leases IC Interpretation 23, Uncertainty over Income Tax Treatments Amendments to MFRS 128, Long-term Interests in Associates and Joint Ventures Amendments to MFRS 9, Prepayment Features with Negative Compensation MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2021 MFRS 17, Insurance Contracts MFRSs, Interpretations and amendments effective for a date yet to be confirmed Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The Fund plans to apply the abovementioned accounting standards, amendments and interpretations, where applicable: 37

38 2. Basis of preparation (continued) (a) Statement of compliance (continued) from the annual period beginning on 1 June 2018 for those accounting standards, amendments and interpretations that are effective for annual periods beginning on or after 1 January 2018; from the annual period beginning on 1 June 2019 for the accounting standards, amendments and interpretations that are effective for annual periods beginning on or after 1 January 2019; from the annual period beginning on 1 June 2021 for the accounting standards, amendments and interpretations that are effective for annual periods beginning on or after 1 January The initial application of the accounting standards, amendments or interpretations are not expected to have any material financial impact to the current period financial statements of the Fund, except as mentioned below: MFRS 15, Revenue from Contracts with Customers MFRS 15 replaces the guidance in MFRS 111, Construction Contracts, MFRS 118, Revenue, IC Interpretation 13, Customer Loyalty Programmes, IC Interpretation 15, Agreements for Construction of Real Estate, IC Interpretation 18, Transfers of Assets from Customers and IC Interpretation 131, Revenue - Barter Transactions Involving Advertising Services. MFRS 9, Financial Instruments MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition and Measurement on the classification and measurements of financial assets and financial liabilities, and on hedge accounting. MFRS 16, Leases MFRS 16 replaces the guidance in MFRS 117, Leases, IC Interpretation 4, Determining whether an Arrangement contains a Lease, IC Interpretation 115, Operating Leases Incentives and IC Interpretation 127, Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The Fund is currently assessing the financial impact that may arise from the adoption of MFRS 15, MFRS 9 and MFRS

39 2. Basis of preparation (continued) (b) Basis of measurement The financial statements are prepared on the historical cost basis except as disclosed in Note 3(a)(ii). (c) Functional and presentation currency These financial statements are presented in Ringgit Malaysia (RM), which is the Fund s functional currency. (d) Use of estimates and judgements The preparation of the financial statements in conformity with MFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future years affected. There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant effect on the amounts recognised in the financial statements. 3. Significant accounting policies The accounting policies set out below have been applied consistently to the period presented in these financial statements, unless otherwise stated. (a) Financial instruments (i) Initial recognition and measurement A financial instrument is recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the instrument. A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument. 39

40 3. Significant accounting policies (continued) (a) Financial instruments (continued) (ii) Financial instrument categories and subsequent measurement The Fund categorises financial instruments as follows: Financial assets (a) Financial assets at fair value through profit or loss Fair value through profit or loss category comprises financial assets that are held for trading, or financial assets that are specifically designated into this category upon initial recognition. Financial assets categorised as fair value through profit or loss are subsequently measured at their fair values with the gain or loss recognised in the statement profit or loss. (b) Financing and receivables Financing and receivables category are debt instruments that are not quoted in an active market and these comprises amount due from Managers, other receivables, short term investments and cash and cash equivalents. Financial assets categorised as financing and receivables are subsequently measured at amortised cost using the effective profit method. All financial assets except for those measured at fair value through profit or loss, are subject to review for impairment, see Note 3(d). Financial liabilities Financial liabilities measured at amortised cost comprises amount due to Manager, amount due to Trustee, and other payables. 40

41 3. Significant accounting policies (continued) (a) Financial instruments (continued) (iii) Derecognition A financial asset or part of it is derecognised when, and only when, the contractual rights to the cash flows from the financial asset expire or the financial asset is transferred to another party without retaining control or substantially all risks and rewards of the asset. On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received (including any new asset obtained less any new liability assumed) and any cumulative gain or loss that had been recognised in equity is recognised in profit or loss. A financial liability or a part of it is derecognised when, and only when, the obligation specified in the contract is discharged or cancelled or expires. On derecognition of a financial liability, the difference between the carrying amount of the financial liability extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. (b) Income recognition (i) Dividend income Dividend income is recognised in profit or loss on the date that the Fund s right to receive payment is established, which in the case of quoted shares is the entitlement date. (ii) Income from short term investments Income from short term investments is recognised as it accrues, using the effective profit method in profit or loss. (iii) Gain on sale of investments The realised gain on sales of investments is measured as the difference between the net disposal proceeds and the carrying amount of the investments. The carrying amount for determining the realised gain on sale of investments is based on the weighted average cost method and where applicable adjusted for accretion for discount and amortisation of premium. 41

42 3. Significant accounting policies (continued) (c) Cash and cash equivalents Cash and cash equivalents consist of cash at bank and short term placements with licensed financial institutions which have insignificant risk of changes in fair value with original maturities of less than 30 days, and are used by the Fund in the management of its short term commitments. Cash and cash equivalents are categorised and measured as financing and receivables in accordance with Note 3(a)(ii)(b). (d) Impairment Financial assets All financial assets (except for financial assets categorised as fair value through profit or loss) are assessed at each reporting date whether there is any objective evidence of impairment as a result of one or more events having an impact on the estimated future cash flows of the asset. Losses expected as a result of future events, no matter how likely, are not recognised. An impairment loss in respect of financing and receivables is recognised in profit or loss and is measured as the difference between the asset s carrying amount and the present value of estimated future cash flows discounted at the asset s original effective profit rate. The carrying amount of the asset is reduced through the use of an allowance account. (e) Income tax Income tax expense comprises of current tax. Current tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income for the period, using tax rates enacted or substantively enacted at the statement of financial position date. 42

43 3. Significant accounting policies (continued) (f) Unitholders capital The Fund issues cancellable units, which are cancelled at the unitholder s option and are classified as equity. Cancellable units can be put back to the Fund at any time for cash equal to a proportionate share of the Fund s net asset value. The outstanding units is carried at the redemption amount that is payable at the financial position date if the unitholder exercises the right to put the unit back to the Fund. Units are created and cancelled at the unitholder s option at prices based on the Fund s net assets value per unit at the time of creation or cancellation. The Fund s net assets value per unit is calculated by dividing the net assets attributable to unitholders with the total number of outstanding units. In accordance with the Securities Commission s Guidelines on Unit Trust Funds in Malaysia, investment positions are valued based on the last traded market price for the purpose of determining the net assets value per unit for creations and cancellations. The units in the Fund are puttable instruments, classified as equity, which entitle the unitholders to a pro-rata share of the net asset of the Fund. The units are subordinated and have identical features. There is no contractual obligation to deliver cash or another financial asset other than the obligation on the Fund to repurchase the units. The total expected cash flows from the units are based on the change in the net asset of the Fund. (g) Distribution Distribution is at discretion of the Fund. A distribution to the Fund s unitholders is accounted for as a deduction from realised reserves. A proposed distribution is recognised as a liability in the period in which they are declared. (h) Net Asset Value The Net Asset Value is calculated after deducting the retained profits allocated for distribution. 43

44 3. Significant accounting policies (continued) (i) Fair value measurement (continued) The Fund adopted MFRS 13, Fair Value Measurement which prescribed that fair value of an asset or a liability, except for share-based payment and lease transactions, is determined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market or in the absence of a principal market, in the most advantageous market. For non-financial asset, the fair value measurement takes into account a market participant s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. When measuring the fair value of an asset or a liability, the Fund uses observable market data as far as possible. Fair value are categorised into different levels in a fair value hierarchy based on the input used in the valuation technique as follows: Level 1: Level 2: Level 3: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund can access at the measurement date. inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. unobservable inputs for the asset or liability. The Fund recognises transfers between levels of the fair value hierarchy as of the date of the event or change in circumstances that caused the transfers. 44