No units will be issued or sold based on this Prospectus after the expiry date of this Prospectus.

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2 Responsibility Statements This Prospectus has been reviewed and approved by the directors of Affin Hwang Asset Management 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, that there are no false or misleading statements, or omission of other facts which would make any statement in the Prospectus false or misleading. Statement of Disclaimer The Securities Commission Malaysia has authorised the Fund and a copy of this Prospectus has been registered with the Securities Commission Malaysia. The authorisation of the Fund, and the registration of this Prospectus, should not be taken to indicate that Securities Commission Malaysia recommends the said Fund or assumes responsibility for the correctness of any statement made, opinion expressed or report contained in this Prospectus. The Securities Commission Malaysia is not liable for any non-disclosure on the part of Affin Hwang Asset Management Berhad, the management company responsible for the said Fund and takes no responsibility for the contents in this Prospectus. The Securities Commission Malaysia makes no representation on the accuracy or completeness of this Prospectus, and expressly disclaims any liability whatsoever arising from, or in reliance upon, the whole or any part of its contents. INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE MERITS AND RISKS OF THE INVESTMENT. IF INVESTORS ARE UNABLE TO MAKE THEIR OWN EVALUATION, THEY ARE ADVISED TO CONSULT PROFESSIONAL ADVISERS. Additional Statement No units will be issued or sold based on this Prospectus after the expiry date of this Prospectus. Investors should note that they may seek recourse under the Capital Markets and Services Act 2007 for breaches of securities laws including any statement in the Prospectus that is false, misleading, or from which there is a material omission; or for any misleading or deceptive act in relation to the Prospectus or the conduct of any other person in relation to the Fund. This Prospectus is not intended to and will not be issued and distributed in any country or jurisdiction other than in Malaysia ( Foreign Jurisdiction ). Consequently, no representation has been and will be made as to its compliance with the laws of any Foreign Jurisdiction. Accordingly, no issue or sale of Units of the Fund to which this Prospectus relates may be made in any Foreign Jurisdiction or under any circumstances where such action is unauthorised. ii

3 TABLE OF CONTENTS Section Page CORPORATE DIRECTORY 1 GLOSSARY 2 RISK FACTORS 6 GENERAL RISKS 6 SPECIFIC RISKS 6 RISK MANAGEMENT 8 ABOUT THE FUND 10 INVESTMENT OBJECTIVE 10 BENCHMARK 10 ASSET ALLOCATION 11 INVESTMENT STRATEGY 11 PERFORMANCE OF THE FUND 13 HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUND 15 ADDITIONAL INFORMATION IN RELATION TO THE FUND 17 PERMITTED INVESTMENTS 17 INVESTMENT RESTRICTIONS & LIMITS 17 VALUATION OF ASSETS 19 VALUATION POINT OF THE FUND 20 POLICY ON GEARING AND MINIMUM LIQUID ASSETS REQUIREMENTS 20 DISTRIBUTION POLICY 20 FEES AND CHARGES 22 SALES CHARGE 22 REPURCHASE CHARGE 22 TRANSFER FEE 22 SWITCHING FEE 22 ANNUAL MANAGEMENT FEE 23 ANNUAL TRUSTEE FEE 23 FUND EXPENSES 23 GOODS AND SERVICES TAX 24 POLICY ON STOCKBROKING REBATES AND SOFT COMMISSIONS 24 SALE AND PURCHASE OF UNITS 25 COMPUTATION OF NAV AND NAV PER UNIT 25 PRICING OF UNITS 27 SALE OF UNITS 28 MINIMUM UNITS HELD 30 REPURCHASE OF UNITS 30 PAYMENT OF REPURCHASE PROCEEDS 30 REPURCHASE FREQUENCY AND MINIMUM UNITS REPURCHASED 31 COOLING-OFF PERIOD & COOLING-OFF RIGHT 31 TRANSFER FACILITY 31 SWITCHING FACILITY 31 iii

4 WHERE TO PURCHASE AND REPURCHASE UNITS 32 UNCLAIMED MONEYS 33 SALIENT TERMS OF THE DEED 34 RIGHTS AND LIABILITIES OF UNIT HOLDERS 34 RIGHTS OF UNIT HOLDERS 34 LIABILITIES OF UNIT HOLDERS 34 PROVISIONS REGARDING UNIT HOLDERS MEETINGS 34 UNIT HOLDERS MEETING CONVENED BY UNIT HOLDERS 34 UNIT HOLDERS MEETING CONVENED BY MANAGER 35 QUORUM REQUIRED FOR CONVENING A UNIT HOLDERS MEETING 36 TERMINATION OF THE FUND 36 CIRCUMSTANCES THAT MAY LEAD TO THE TERMINATION OF THE FUND 36 THE MAXIMUM FEES AND CHARGES THAT MAY BE IMPOSED BY THE MANAGER AND THE STEPS TO BE TAKEN BY THE MANAGER TO INCREASE SUCH FEES AND CHARGES 36 MAXIMUM RATE OF DIRECT CHARGES AND INDIRECT FEES ALLOWABLE BY THE DEED 36 PROCEDURES TO BE TAKEN TO INCREASE THE DIRECT CHARGES AND INDIRECT FEES FROM THE CURRENT AMOUNT STIPULATED IN THE PROSPECTUS 36 PROCEDURES TO BE TAKEN TO INCREASE THE DIRECT CHARGES AND INDIRECT FEES FROM THE CURRENT AMOUNT STIPULATED BY THE DEED 37 OTHER EXPENSES PERMITTED UNDER THE DEED 37 RETIREMENT, REMOVAL OR REPLACEMENT OF THE MANAGER 38 RETIREMENT, REMOVAL OR REPLACEMENT OF THE TRUSTEE 39 THE MANAGER 40 THE TRUSTEE 42 RELATED PARTIES TRANSACTION AND CONFLICT OF INTEREST 44 TAX ADVISERS LETTER 45 RELEVANT INFORMATION 50 DOCUMENTS AVAILABLE FOR INSPECTION 51 VARIATIONS FROM THE GUIDELINES 52 DIRECTORY OF SALES OFFICES 53 iv

5 CORPORATE DIRECTORY The Manager Affin Hwang Asset Management Berhad ( T) Registered Office 27 th Floor, Menara Boustead 69 Jalan Raja Chulan Kuala Lumpur Business Address Ground Floor, Menara Boustead 69 Jalan Raja Chulan Kuala Lumpur Tel No. : (603) Fax No. : (603) Toll free line : customercare@affinhwangam.com Website : Board of Directors of the Manager Tan Sri Dato Seri Che Lodin bin Wok Kamaruddin (Nonindependent Director) Datuk Maimoonah Binti Mohamed Hussain (Nonindependent Director) Mr Teng Chee Wai (Non-independent Director) Mr David Jonathan Semaya (Non-independent Director) En. Abd Malik bin A Rahman (Independent Director) YBhg Mej Jen Dato Hj Latip bin Ismail (Independent Director) Manager s Delegate (fund valuation & accounting function) Deutsche Bank (Malaysia) Berhad ( W) Business address Level 18-20, Menara IMC 8, Jalan Sultan Ismail Kuala Lumpur Tel No. : (603) Fax No. : (603) Trustee s Delegate (Local & Foreign Custodian) Deutsche Bank (Malaysia) Berhad ( W) Business address Level 18-20, Menara IMC 8, Jalan Sultan Ismail Kuala Lumpur Tel No. : (603) Fax No. : (603) Tax Adviser Ernst & Young Tax Consultants Sdn Bhd Level 23A, Menara Milenium Jalan Damanlela, Pusat Bandar Damansara Kuala Lumpur Auditor PricewaterhouseCoopers Level 10, 1 Sentral Jalan Rakyat, KL Sentral P.O. Box Kuala Lumpur Solicitors Soon Gan Dion & Partners 1 st Floor, No. 73, Jalan SS 21/1A Damansara Utama Petaling Jaya Selangor Banker HSBC Bank (M) Berhad Head Office 2, Leboh Ampang Kuala Lumpur Company Secretary Azizah Shukor (LS ) 27 th Floor Menara Boustead 69 Jalan Raja Chulan Kuala Lumpur The Trustee Deutsche Trustees Malaysia Berhad ( H) Registered office & business address Level 20, Menara IMC 8, Jalan Sultan Ismail Kuala Lumpur Tel No. : (603) Fax No. : (603)

6 GLOSSARY the Act or CMSA Base Currency the Board Bursa Malaysia Business Day Class(es) Cooling off Period Means the Capital Markets and Services Act 2007 as originally enacted and amended or modified from time to time. Means the currency in which the Fund is denominated i.e. Ringgit Malaysia (RM). Means the board of directors of Affin Hwang Asset Management Berhad. Means the stock exchange operated by Bursa Malaysia Securities Berhad and includes any changes to the name or the operator of the Malaysian stock exchange. Means a day on which the Bursa Malaysia is open for trading and this information can be obtained from the Bursa Malaysia s website at Means any class of Units representing similar interests in the assets of the Fund although a Class of Units of the Fund may have different features from another Class of Units of the same Fund. Refers to a period where you are entitled to exercise your Coolingoff Right. This period is six (6) Business Days from the date the purchase request is received by the Manager. Cooling off Right days Deed eligible market Refers to your right to apply for and receive a refund for every Unit that you paid for, provided that this right is exercised within the Cooling-off Period and you are an individual investor and investing in any funds managed by the Manager for the first time. This right is not applicable to you if you are: (1) a staff of the Manager; or (2) a person registered with a body approved by the SC to deal in unit trusts. You will be refunded within 10 days from receipt of the cooling-off application. In respect of this Fund, a reference to day means calendar day unless otherwise stated. Refers to the deed dated 1 July 2013 and the supplemental deed dated 5 November 2014, entered into between the Manager and the Trustee and includes any subsequent amendments and variations to the deed. Means a market that:- (a) is regulated by a regulatory authority; (b) operates regularly; 2

7 (c) is open to the public; and (d) has adequate liquidity for the purposes of the Fund. FiMM Financial Institution Means the Federation of Investment Managers Malaysia. Means (a) if the institution is in Malaysia (i) licensed bank; (ii) licensed investment bank; or (iii) licenced Islamic bank; (b) if the institution is outside Malaysia, any institution that is licensed, registered, approved or authorised by the relevant banking regulator to provide financial services. Forward Pricing the Fund Guidelines GST Hedged-class Institutional Unit Trust Advisers (IUTA) Latest Practicable Date (LPD) Manager, AHAM, we, us, our MARC medium to long-term Moody s NAV Means the method of determining the price of a Unit which is the NAV per Unit at the next valuation point after an application for purchase or repurchase request is received by the Manager. Refers to Affin Hwang Select Asia Pacific (ex Japan) Balanced Fund. Refers to the Guidelines on Unit Trust Funds issued by the SC and as amended, substituted or replaced from time to time. Refers to the tax levied on goods and services pursuant to the Goods and Services Tax Act Means the Class aimed to reduce the effect of exchange rate fluctuations between the Fund s Base Currency and the currency to which the Unit Holders are exposed to. Means institutional unit trust adviser, which is an institution, a corporation or an organisation that is registered with the FiMM to market and distribute unit trust funds. Means 30 September 2016 and is the latest practicable date for the purposes of ascertaining certain information deemed relevant in this Prospectus. Refers to Affin Hwang Asset Management Berhad. Malaysia Rating Corporation Berhad Means a period of between three (3) years and above. Moody s Investors Service Means the value of all the assets of the Fund less the value of all the liabilities of the Fund at a valuation point; solely for the purpose of computing the annual management fee and annual trustee fee, the NAV of a Fund is inclusive of the management fee and trustee 3

8 fee for the relevant day; where a Fund has more than one class of Units, there shall be a Net Asset Value of the Fund attributable to each class of Units. NAV per Unit Prospectus RAM Repurchase Charge Repurchase Price RM RM Class S&P Sales Charge SC Selling Price SGD Special Resolution Means the Net Asset Value of the Fund at a particular valuation point divided by the number of Units in circulation at the same valuation point; where the Fund has more than one class of Units, there shall be a Net Asset Value per Unit for each class of Units; the Net Asset Value per Unit of a class of Units at a particular valuation point shall be the Net Asset Value of the Fund attributable to that class of Units divided by the number of Units in circulation of that class of Units at the same valuation point. Refers to this prospectus in respect of the Fund and includes any supplementary or replacement prospectus, as the case may be. RAM Rating Services Berhad. Means a charge imposed pursuant to a repurchase request (if any). Means the price of a Unit payable by the Manager to a Unit Holder for a Unit of the Fund pursuant to a repurchase request and it shall be exclusive of any Repurchase Charge (if any). Means Ringgit Malaysia, the lawful currency of Malaysia. Represents a Class issued by the Fund which is denominated in Ringgit Malaysia (RM). Standard & Poor s. Means a charge imposed pursuant to a purchase request. Means Securities Commission Malaysia. Means the price of a Unit payable by an applicant for a Unit of the Fund pursuant to an application for Units and it shall be exclusive of any Sales Charge. Means Singapore Dollar. Means a resolution passed by a majority of not less than ¾ of Unit Holders voting at a meeting of Unit Holders. For the purpose of terminating a Fund, a Special Resolution is passed by a majority in number representing at least ¾ of the value of Units held by Unit Holders voting at the meeting. For the purpose of terminating a Class of Units, a Special Resolution passed by Unit Holders of that particular Class voting at the meeting is required. 4

9 transferable securities The Trustee Unit(s) Units in Circulation Unit Holder(s), you Refers to equities, debentures and warrants. Refers to Deutsche Trustees Malaysia Berhad ( H). Means 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 and if the Fund has more than one class of Units, it means a Unit issued for each class of Units. Means Units created and fully paid for and which has not been cancelled. Means the person for the time being who is registered pursuant to the Deed as a holder of Units, including a jointholder. 5

10 RISK FACTORS This section of the Prospectus provides you with information on the general risks involved when investing in the Fund and the specific risks associated with the securities or instruments that the Fund will be investing in. GENERAL RISKS Fund management risk This risk refers to the day-to-day management of the Fund by the Manager which will impact the performance of the Fund. For example, investment decisions undertaken by the Manager as a result of an incorrect view of the market or any non-compliance with internal policies, investment mandate, the Deed, relevant law or guidelines due to factors such as human error, fraudulent, dishonesty or weaknesses in operational process and systems, may adversely affect the performance of the Fund. Inflation risk This is the risk that your investment in the Fund may not grow or generate income at a rate that keeps pace with inflation. This would reduce your purchasing power even though the value of the investment in monetary terms has increased. Loan financing risk This risk occurs when you take a loan/financing to finance your investment. The inherent risk of investing with borrowed money includes you being unable to service the loan repayments. In the event Units are used as collateral, you may be required to top-up your existing instalment if the prices of Units fall below a certain level due to market conditions. Failing which, the Units may be sold at a lower NAV per Unit as compared to the NAV per Unit at the point of purchase towards settling the loan. Operational risk This risk refers to the possibility of a breakdown in the Manager s internal controls and policies. The breakdown may be a result of human error, system failure or fraud where employees of the Manager collude with one another. This risk may cause monetary loss and/or inconvenience to you. The Manager will regularly review its internal policies and system capability to mitigate instances of this risk. Additionally, the Manager maintains a strict segregation of duties to mitigate instances of fraudulent practices amongst employees of the Manager. SPECIFIC RISKS You should take into consideration the following specific risks associated with the securities or instruments invested by the Fund:- Equity and equity linked instruments investment risk The buying and selling of equity and equity linked instruments (the word equities hereinafter is referring to the equity and equity linked instruments, such as warrants) carry a number of risks. The most important being the volatility of the capital markets (of those tradable equities), the general insolvency risk associated with the issuers of equities, and/or the performance of the underlying equity that the equity linked instrument is linked to. The value of equities investment depends on its earnings potential, sound management, treatment of minority shareholders, as well as a myriad of other factors. Failure to achieve the expected earnings would result in declining investment value which in turn affects the performance of the Fund. This risk could be mitigated by diversifying the Fund s portfolio. The Manager will employ stringent stock selection criteria which would effectively filter its stock 6

11 components to equities which can provide returns to the Fund in the form of capital gains and income. Credit and default risk Credit risk relates to the creditworthiness of the issuers of the investment (fixed income instruments and money markets instruments) and their expected ability to make timely payment of interest and/or principal. Any adverse situations faced by the issuer may impact the value as well as liquidity of the investment. In the case of rated investments, this may lead to a credit downgrade. Default risk relates to the risk of an issuer of the investment either defaulting on payments or failing to make payments in a timely manner which will in turn adversely affect the value of the investment. This could adversely affect the value of the Fund. Interest rate risk Fixed income instruments are subject to interest rate fluctuations. Investments in fixed income instruments may be affected by the rise or fall in interest rates. The Fund will manage interest rate risk by considering each instrument s sensitivity to interest rate changes as measured by its duration. When interest rates are expected to increase, the Fund would then likely seek to switch to instruments with lower duration that are less sensitive to interest rate changes. Currency risk As the investments of the Fund may be denominated in currencies other than the Base Currency, any fluctuation in the exchange rate between the Base Currency and the currencies in which the investments are denominated may have an impact on the value of these investments. You should note that any gains or losses arising from the fluctuation in the exchange rate may further increase or decrease the returns of the investment. Currency risk at the Fund level The impact of the exchange rate movement between the Base Currency of the Fund and the currency of the underlying investments may result in a depreciation of the value of the investments as expressed in the Base Currency of the Fund. Currency risk at the Class level The impact of the exchange rate movement between the Base Currency of the Fund and the currency of the SGD Hedged-class may result in a depreciation of your holdings as expressed in the Base Currency of the Fund. Reinvestment risk This risk arises when coupons from fixed income investments are not reinvested at the prevailing interest rate when the investment was initially made. The risk is more likely to take place during a declining interest rate and may impact the yield-to-maturity of the investments which is calculated based on the assumption that all coupon payments made by the investments are reinvested at the same interest rate when the investments were first made. The Manager will mitigate this risk by closely monitoring the interest rate movements and take measures which will not be limited to reduce the Fund s exposure into such investments. Derivatives risk The Manager may use derivatives for hedging as well as for investment purposes. Valuation of derivatives takes into account a multitude of factors such as movement of the underlying asset, volatility of underlying assets, the correlation of the underlying assets with the Fund, the implied future direction of the underlying assets and other factors. Any adverse changes of the factors mentioned above, may result in a lower NAV price. Structured products risk This risk arises from investments into instruments such as equity-linked notes (ELNs) and credit-linked notes (CLNs) structured by a third party. These instruments are linked to the performance of its underlying investments, hence exposing the Fund to the risk of the underlying investments, for example, investments into ELNs which are linked to the performance 7

12 of an equity(ies), will expose the Fund to equity risk. Similarly, CLNs which are linked to the performance of a credit paper(s) will expose the Fund to credit risk. As such, the prices of the structured product will be dependent on the prices of its underlying, where a drop in the price of the equity that the ELN is linked to will also result in a drop in the price of the ELN. As these structured products (such as ELNs and CLNs) are structured by a third party, the Fund will also be exposed to counterparty risk and default risk arising from the third party s inability to meet the agreed terms. Counterparty risk Counterparty risk concerns the Fund s investment in structured products (such as equity linked notes) and derivatives ( Investments ). Counterparty risk is prevalent as the potential returns derived from the Investments are dependent on the ongoing ability and willingness of the issuer i.e. a Financial Institution to fulfill their respective financial commitments to the Fund in a timely manner. Bankruptcy, fraud or regulatory non-compliance arising out of and/or in connection with the issuer may impair the operations and/or the performance of the Fund. However, stringent credit selection process of the issuer of the Investments by the Manager prior to making the investments, and monitoring mechanisms established by the Manager may potentially mitigate this risk. If, in the opinion of the Manager there is material adverse change to an issuer, the Manager may consider unwinding the issuer s Investments to mitigate potential losses that may arise. Country risk Investments of the Fund in any countries may be affected by changes in the economic and political climate, restriction on currency repatriation or other developments in the law or regulations of the countries in which the Fund invests in. For example, the deteriorating economic condition of such countries may adversely affect the value of the investments undertaken by the Fund in those affected countries. This in turn may cause the NAV of the Fund or prices of Units to fall. RISK MANAGEMENT In the Manager s day to day running of the business, the Manager employs a proactive risk management approach to manage portfolio risks and operational risks. The Board has established a Compliance & Risk Management Committee to oversee the Manager s risk management activities both at operational level and at portfolio management level to ensure that the risk management process is in place and functioning. The Compliance & Risk Management Committee comprises of at least three Board members and is chaired by an independent director. At the operational level, the Manager has established an Executive Risk Management Committee with the primary function of identifying, evaluating and monitoring risks as well as to formulate internal control measures to manage and mitigate the exposure to risks that may affect the performance of the Fund, returns to the investors or Unit Holders interest within a clearly defined framework and is primarily responsible for ensuring that the policies and procedures that have been implemented are reviewed on an on-going basis with periodic assessments. The Executive Risk Management Committee reports to the Compliance & Risk Management Committee on a quarterly basis. As part of its portfolio management process, the Manager engages a stringent screening process by conducting fundamental analysis of economic, political and social factors to evaluate their likely effects on the performance of the markets and sectors and any risks associated with it. Regular meetings are held to discuss investment themes and portfolio decisions taken at the meetings are then implemented according to the investment guidelines and risks tolerance, which also take into account requirements for minimum portfolio diversification across individual investment holdings, sectors, geographies and asset classes (based on the portfolio s objective and strategy) to mitigate risks. For investments in fixed income securities, credit risks are evaluated at a credit committee. The Manager also practises prudent 8

13 liquidity management with the objective to ensure that the Fund is able to meet its short term expenses including repurchase requests by the Unit Holders. The Manager also has in place a credit risk management process to reduce credit risk of derivatives counterparty. Prior to entering into a contract with the counterparty, the Manager will conduct an evaluation on the credit of the counterparty to ensure they are able to meet their contractual obligations. It is important to note that an event of downgrade does not constitute a default. If the Manager views that the counterparty may have high credit risk, the Manager will not hesitate to take preemptive measures to unwind these positions. In the event of a downgrade in the rating of the issuer in the case of over-the-counter (OTC) options, the Manager may opt to sell-down or reduce its exposure into the options. Nevertheless, the Manager will carry out a credit analysis on issuer to determine its ability of financial obligations prior to making the Fund s investment. To manage compliance and regulatory risks, the Manager uses information techonology system that is able to monitor the transactions to ensure compliance with the Fund s limits and restrictions. These limits are system-controlled and not manually tracked, thus reducing the probability of human error occurring in ensuring the Fund s limits and restrictions are adhered to. The Manager also undertakes stringent evaluation of movements in market prices and regularly monitors, reviews and reports to the investment committee to ensure that all the Fund s investment objectives are met. Regular portfolio reviews by senior members of the investment team further reduce the risk of implementation inconsistencies and Guidelines violations. The Manager also employs a performance attribution system that enables the Manager to review the performance of the Fund to determine the key factors that have contributed and detracted from the Fund s performance. This system complements the Manager s overall risk management process as the system also provides standard risk analytics on the portfolio such as the Fund s standard deviation, tracking error and measures of excess return. The data produced by the performance attribution system is reviewed regularly and at least on a monthly basis in meetings chaired by the managing director and participated by the portfolio managers and the performance evaluation team. It is important to note that events affecting the investments cannot always be foreseen. Therefore, it is not possible to protect investments against all risks. You are recommended to read the whole Prospectus to assess the risks associated to the Fund. If necessary, you should consult your professional adviser(s) for a better understanding of the risks. 9

14 ABOUT THE FUND Affin Hwang Select Asia Pacific (ex Japan) Balanced Fund Classes RM Class SGD Hedged-class Fund Category Base Currency Investment Horizon Financial Year End Deed(s) that Govern the Fund Balanced MYR Three (3) years and more This Fund is suitable for you if you seek medium to long-term capital growth and regular income distributions. 30 April You will receive the interim report and the annual report of the Fund within two (2) months after the end of the financial period the report covers. Deed dated 1 July 2013 and the supplemental deed dated 5 November INVESTMENT OBJECTIVE The Fund endeavours to provide investors an affordable access into a diversified investment portfolio containing a balanced mixture of equities and fixed income instruments to achieve a balance of growth and income* over the medium to long-term period. Note : Any material change to the Fund s investment objective would require Unit Holders approval. * Income distribution will either be made in the form of Units or in cash. Please refer to Distribution Policy for more details. BENCHMARK 50% MSCI AC Asia Pacific ex Japan Index + 50% RAM Quantshop MGS All Index* As there are currently no direct benchmarks that employ a similar investment strategy to the Fund, the Fund will be employing a composition of the two (2) indices indicated i.e 50% of the MSCI AC Asia Pacific ex Japan Index and 50% of the RAM Quantshop MGS All Index. The different weighting of the benchmark as compared to the Fund s asset allocation is due to the expected effective exposure of the Fund over the medium to long term in meeting the Fund s objective. The composite benchmark has been selected as there is no direct performance benchmark to the Fund s investment strategy. The composite benchmark provides a balanced gauge on the performance of equities and equities linked instruments listed on the Asia Pacific (ex Japan) stock exchanges as measured by the MSCI Asia ex Japan Index. And the fixed income instruments will be measured against the RAM Quantshop MGS All Index. The RAM Quantshop MGS All Index has been selected as it aims to reflect the performance of the investment opportunities related to investments into fixed income instruments. The index represents the performance benchmark relating to interest bearing isntruments of similar risk profile. 10

15 *There will be no credit rating constraint for the Fund. However, focus will be placed on the fixed income investments that are rated as investment grade by rating agencies such as S&P, Moody's, RAM, and MARC. The performance of the Fund is measured against the benchmark that is calculated in the Base Currency of the Fund. The risk profile of the Fund is not the same as the risk profile of the performance benchmark. (Please note that you may obtain information on the benchmark from us upon request.) TENURE The Fund does not have fixed maturity date and may only be terminated in accordance with the terms of the Prospectus and the provisions of the Deed. ASSET ALLOCATION The Fund s asset allocation range are as follows:- Equities Fixed income instruments such as fixed income securities, money market instruments and deposits with Financial Institutions Minimum of 40% to maximum of 60% of the Fund s NAV Minimum of 40% to maximum of 60% of the Fund s NAV INVESTMENT STRATEGY To achieve its objective, the Fund will be investing in permitted investments through a balanced portfolio of equities and fixed income instruments. The Fund will be focusing its investments within the Asia Pacific (ex Japan) region. The Manager performs fundamental analysis when making investment decisions with the aim of meeting the Fund s objective. For equity investments, the investments will be driven by growth potential of the companies. The equity selection process will include but not be limited to the following considerations: Historical and expected future dividend yield; Industry and business medium to long-term outlook; Management track record/quality; Treatment towards minority shareholders by management and controlling shareholders; Financial strength and gearing levels; Earnings and cash flow volatility; Expected future earnings growth; and Share price valuation. As for fixed income investments, the investments will be driven by quality credits that could potentially benefit from credit upgrades. We classify quality credits as credits that meet our in-house fixed income selection process as highlighted below. The Manager will also look out for papers that offer attractive yields, i.e. yields that are comparatively higher to its peers from the same industry and/or yields that are comparatively higher to investments with the similar credit rating. 11

16 The fixed income selection process will include but not be limited to the following considerations: Issuer s and/or guarantor s industry and business medium to long-term outlook; Issuer s and/or guarantor s financial strength and gearing levels; Issuer s and/or guarantor s cash flow quality and volatility; Issuer s and/or guarantor s expected future cash flow and ability to pay interest and principal; Issuer s and/or guarantor s credit rating; Collateral type and value, claims priority; Price and yield-to-maturity (YTM); and Issuer s and/or guarantor s ratings by RAM, MARC, Standard & Poor s, Moody s, or equivalent. The Fund will invest in Asia Pacific (ex Japan) countries where the regulatory authorities are the ordinary or associate members of the International Organization of Securities Commissions (IOSCO). As the Fund remains primarily focused on investment opportunities within Asia Pacific (ex Japan), investments into global markets outside of Asia Pacific (ex Japan) will be capped to no more than 20% of the Fund s NAV. The Manager will have some core holdings with a medium to long-term investment horizon bias, similar to a buy and hold philosophy. Concurrently, the Manager will also hold exposure into trading positions to take advantage of prevailing market conditions and its opportunity to benefit from potential market movements with the aim of meeting the Fund s objective. The Manager would have the flexibility to remain invested in the market during periods of market upturn, or liquidate investments and hold cash before values are eroded during market downturns. The Manager may take temporary defensive positions that may be inconsistent with the Fund s principal strategy by holding up to all of the Fund's NAV in fixed income instruments in attempting to respond to adverse market conditions that may impact financial markets. Similarly, the Manager may also invest into instruments that are negatively correlated to the markets to protect the Fund from adverse market conditions. These instruments may include, but not be limited to, inverse exchange traded funds. Inverse exchange traded funds are collective investment schemes that move in the opposite direction of the market, for example, rise in value in a declining market scenario. The Fund may also invest in equity linked instruments such as warrants, as well as collective investment schemes that have similar investment objectives to the Fund s investment objective. The value of the Fund s investments in these instruments will not exceed 30% of the Fund s NAV. Derivative Investments The Manager may employ derivatives primarily for hedging purposes. The instrument will include, but not be limited to, options, futures, forward contracts and swaps of financial instruments. When employing these derivatives for hedging purposes, for example, the Manager may enter into futures on a selected currency that it has investment exposure into, if the outlook for the currency is unfavourable against the base currency of the Fund. This will be done in an effort to mitigate the Fund s foreign currency risk. The employment of derivatives under these circumstances is expected to reduce the impact of foreign currency movements on the Fund s NAV, irrespective of the currency classes. While the hedging strategy will assist with mitigating the potential foreign exchange losses by the Fund, any potential foreign exchange gains will be capped as well. The Fund may also employ derivatives for investment purposes to enhance the returns of the Fund by taking a view on the underlying asset or currency and establish a long position to gain a specific underlying exposure. The Fund s exposure into derivatives for these purposes could potentially result in higher volatility for the Fund s NAV as the price of the derivatives will move dependent on the underlying assets, similar to that of purchasing the underlying assets. 12

17 The types of derivatives envisaged for hedging as well as for investment purposes includes over-thecounter (OTC) and those traded on a centralised exchange which could typically include forwards and swaps. Structured Products Notwithstanding, the Fund may invest a maximum of 30% of the Fund s NAV in structured products such as but not limited to equity linked notes, and credit linked notes. Investment into these structured product will provide the Fund with the exposure to the reference asset. Each of these products have its own targeted maturity and will expose investors to the price fluctuations of, in the case of an equity linked note, the stock that the equity linked note is linked to. As such, the Fund s exposure into these instruments could expose the Fund to higher volatility in its NAV movement as prices of the note will be dependent on its underlying asset, thus the exposure to market risk. As the note is structured by an external party, investments into a structured product will also expose the Fund to counterparty risk, which the Manager will attempt to mitigate by carrying out a stringent selection process on its counterparty prior to an investment being made. PERFORMANCE OF THE FUND Performance of the Fund (29 December April 2016) For the period under review from 29 December 2014 to 30 April 2016, the Fund registered a return of 3.64% underperforming the benchmark return of 14.84% by %. The NAV per Unit of the Fund as at 30 April 2016 was RM while the NAV per Unit as at 29 December 2014 was RM (See Table 1 for performance of the Fund and Figure 1 for the movement of the Fund versus the benchmark). We believe the Fund s objective is being met to provide the capital growth opportunities and sufficient level of liquidity to meet cash flow requirement while maintaining capital preservation. The income distribution will only be declared after the end of its first financial year. Table 1: Performance of the Fund Since Commencement (29/12/14-30/4/16) Fund 3.64% Benchmark 14.84% Outperformance / (Underperformance) (11.20%) Source of benchmark: Bloomberg Table 2: Average Total Return Since Commencement (29/12/14-30/4/16) Fund 2.70% Benchmark 10.88% Outperformance / (Underperformance) (8.18%) Source of benchmark: Bloomberg 13

18 Table 3: Annual Total Return Since Commencement (29/12/14-30/4/16) Fund 3.64% Benchmark 14.84% Outperformance / (Underperformance) (11.20%) Source of benchmark: Bloomberg Basis of calculation and assumption made in calculating returns: The performance figures are a comparison of the growth/decline in NAV for the stipulated period taking into account all the distribution payable (if any) during the stipulated period. An illustration of the above would be as follow:- Capital return = NAV per Unit end / NAV per Unit begin 1 Income Return = Income distribution per Unit / NAV per Unit ex-date Total return = Capital return x Income return - 1 This information is prepared by the Manager for information purposes only. Past earnings or the Fund s distribution record is not a guarantee or reflection of the Fund s future earnings/future distributions. Investors are advised that Unit prices, distributions payable and investment returns may go down as well as up. Benchmark: 50% MSCI AC Asia Pacific ex Japan Index + 50% JACI Investment Grade Index. The previous benchmark of 50% MSCI AC Asia Pacific ex Japan Index + 50% JACI Investment Grade Index have been changed to 50% MSCI AC Asia Pacific ex Japan Index + 50% RAM Quantshop MGS All Index. As there are currently no direct benchmarks that employ a similar investment strategy to the Fund, the Fund will be employing a composition of the two (2) indices indicated i.e 50% of the MSCI AC Asia Pacific ex Japan Index and 50% of the RAM Quantshop MGS All Index. The different weighting of the benchmark as compared to the Fund s asset allocation is due to the expected effective exposure of the Fund over the medium to long term in meeting the Fund s objective. The composite benchmark has been selected as there is no direct performance benchmark to the Fund s investment strategy. The composite benchmark provides a balanced gauge on the performance of equities and equities linked instruments listed on the Asia Pacific (ex Japan) stock exchanges as measured by the MSCI Asia ex Japan Index. And the fixed income instruments will be measured against the RAM Quantshop MGS All Index. The 14

19 RAM Quantshop MGS All Index has been selected as it aims to reflect the performance of the investment opportunities related to investments into fixed income instruments. The index represents the performance benchmark relating to interest bearing isntruments of similar risk profile. Asset Allocation As at 30 April 2016, the Fund s exposure to the fixed income securities stood at 43.44% and equity stood at 43.70% of the Fund s NAV, while the balance was held in cash. Please refer to Figure 2 for a snapshot of the Fund s asset mix. Figure 2: Summary of Asset Allocation Asset Allocation 30 April 2016 Equity - Local 3.32% Equity - Foreign Investment Fixed Income - Foreign Bond 43.44% Cash 12.86% Total % Over the period under review, the equity and fixed income exposure were equally distributed at approximately 43% while the Fund s cash position was maintained at a moderate level of 12.86%. Distribution as at 30 April 2016 Gross distribution per Unit (sen) Nil Net distribution per Unit (sen) Nil Distribution will be made in the form of cash as well as Units in lieu of cash, if any. Portfolio Turnover Ratio (PTR) 2016 PTR (times) 2.40 Past performance of the Fund is not an indication of its future performance. HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUND Extract of Statement of Income and Expenditure for the Financial Year Ended 30 April 2016 From 8/12/14 (launch date) to 30/4/16 Investment income/(loss) 402,844 Expenses (370,743) Net income/(loss) before taxation 32,101 Net income/(loss) after taxation 18,217 15

20 Extract of Statement of Assets and Liabilities as at 30 April Total investment 17,059,510 Other assets 327,664 Total assets 17,387,174 Total liabilities 104,643 NAV / Unit Holders capital 17,282,531 Expenses incurred by the Fund as at 30 April 2016 Management Fee Trustee Fee Fund Expenses Total Annual Expenses RM % RM % RM % RM % 214, , , ,828, Management Expense Ratio (MER) 2016 MER 2.14 Past performance of the Fund is not an indication of its future performance. The audited financial statement of the Fund is disclosed in the Fund s annual report. The Fund s annual report is available upon request. 16

21 ADDITIONAL INFORMATION IN RELATION TO THE FUND PERMITTED INVESTMENTS The Fund will invest in the following assets, subject to the Deed, the Fund s objective, the Guidelines, the requirements of the SC and all relevant laws:- (1) Listed securities; (2) Unlisted securities including, without limitation, securities that have been approved by the relevant regulatory authorities for the listing of and quotation for such securities; (3) Government bonds, treasury bills and other government approved or guaranteed bonds; (4) Debentures including private debt securities and bonds; (5) Money market instruments; (6) Deposits with Financial Institutions; (7) Structured products such as credit-linked notes; (8) Derivatives instruments, including but not limited to options, futures contracts, forward contracts and swaps; (9) Warrants; (10) Units/ shares in local and foreign collective investment schemes which are in line with the objective of the Fund; (11) Any other form of investments permitted by the SC from time to time which are in line with the objective of the Fund. INVESTMENT RESTRICTIONS & LIMITS (1) The value of the Fund s investments in ordinary shares issued by any single issuer must not exceed 10% of the Fund s NAV; (2) The value of the Fund s investments in unlisted securities must not exceed 10% of the Fund s NAV. However, the said limit does not apply to unlisted securities that are; Equities not listed or quoted on a stock exchange but have been approved by the relevant regulatory authority for such listing and quotation, and are offered directly to the Fund by the issuer; Debentures traded on an organized over-the-counter market; and Structured products; (3) The Fund s investments in money market instruments must not exceed 10% of the instruments issued by any single issuer. This limit does not apply to money market instruments that do not have a pre-determined issue size. (4) The value of the Fund s investments in transferable securities and money market instruments issued by any group of companies must not exceed 20% of the Fund s NAV; (5) The Fund s investments in transferable securities (other than debentures) must not exceed 10% of the securities issued by any single issuer; (6) The Fund s investments in debentures shall not exceed 20% of the debentures issued by any single issuer; (7) The value of the Fund s placements in deposits with any single institution must not exceed 20% of the Fund s NAV; (8) The value of the Fund s investments in structured products issued by a single counter-party must not exceed 15% of the Fund s NAV; 17

22 (9) The aggregate value of the Fund s investments in transferable securities, money market instruments, deposits, OTC derivatives and structured products issued by or placed with (as the case may be) any single issuer/institution must not exceed 25% of the Fund s NAV; (10) For investment in derivatives, the exposure to the underlying assets must not exceed the investment spread limits stipulated in the Guidelines and the value of a Fund s OTC derivative transaction with any single counterparty must not exceed 10% of the Fund s NAV; (11) The warrants that the Fund invests in must carry the right in respect of a security traded in or under the rules of an eligible market; (12) For investments in a foreign market, a foreign market is an eligible market where it has satisfactory provisions relating to:- the regulation of the foreign market; the general carrying on of business in the market with due regard to the interests of the public; adequacy of market information; corporate governance; disciplining of participants for conduct inconsistent with just and equitable principles in the transaction of business, or for a contravention of, or a failure to comply with the rules of the market; and arrangements for the unimpeded transmission of income and capital from the foreign market. Notwithstanding with the above, investments in a foreign market are limited to markets where the regulatory authority is a member of the International Organization of Securities Commissions (IOSCO). (13) The Fund s investments in collective investment schemes must not exceed 25% of the units/shares in any one collective investment scheme; (14) The value of the Fund s investments in units/shares of any collective investment scheme must not exceed 20% of the Fund s NAV; (15) There will be no limits and restrictions on securities or instruments issued or guaranteed by the Malaysian government or Bank Negara Malaysia; and (16) Any other investments or restrictions imposed by the relevant regulatory authorities or pursuant to the Guidelines, any laws and/ or regulations applicable to the Fund. The abovementioned limits and restrictions will be complied with at all times based on the up-to-date value of the Fund, and the value of its investments and instruments, unless the SC grants the exemption or variation. However, a 5% allowance in excess of any limits or restrictions may be permitted where the limit or restriction is breached through the appreciation or depreciation of the NAV of the Fund (whether as a result of an appreciation or depreciation in value of the investments, or as a result of repurchase of Units or payment made from the Fund). The Manager will not make any further acquisitions to which the relevant limit is breached and the Manager shall within a reasonable period of not more than three (3) months from the date of the breach take all necessary steps and actions to rectify the breach. 18

23 VALUATION OF ASSETS In valuing the Fund s investments, the Manager will ensure that all the assets of the Fund will be valued at fair value and in accordance to the applicable law and Guidelines. The valuation bases for the permitted investments of the Fund are as follow: Listed securities Valuation of listed securities such as equities, warrants or listed collective investment schemes shall be based on market price i.e closing bid price. Where no market value is publicly available or where the use of the quoted market value is inappropriate, or where no market price is available, including in the event of suspension in the quotation of the securities for a period exceeding fourteen (14) days, or such shorter period as agreed by the Trustee, such securities will be valued at fair value determined in good faith by the Manager, based on the methods or bases approved by the Trustee after appropriate technical consultation. Other Unlisted Securities For unlisted securities, valuations will be based on fair value as determined in good faith by the Manager using methods or bases which have been verified by the auditor of the Fund and approved by the Trustee. Fixed Deposit Deposits placed with Financial Institutions are valued by reference to the principal value of such investments and the interests accrued thereon for the relevant period. Fixed Income Instruments Valuation of unlisted fixed income instruments denominated in Ringgit Malaysia will be done using the fair value price quoted by a bond pricing agency ( BPA ) registered with the SC. If the Manager is of the view that the price quoted by BPA differs from the market price quoted by at least 3 independent dealers by more than 20 basis points and the Manager determines that the methodology used by the independent dealers to obtain the market price is more appropriate, the Manager may elect to use the price quoted by the independent dealers as the market price, provided that the Manager records its basis for using a non-bpa price, obtains the necessary internal approvals to use the non-bpa price and keeps an audit trail of all decisions and basis for adopting the market yields. Investments in other unlisted fixed income instruments will be valued using the average indicative price quoted by at least 3 independent dealers. Derivatives/Structured Products The valuation of derivatives and structured products will be based on the rates provided by the respective issuers. For foreign exchange forward contracts ( FX Forwards ), the Manager will apply interpolation formula to compute the value of the FX Forwards based on the rates provided by the Bloomberg/Reuters. If the rates are not available on the Bloomberg/Reuters, the FX Forwards will be valued by reference to the average indicative rate quoted by at least 3 independent dealers. In the case where the Manager is unable to obtain quotation from 3 independent dealers, the FX Forwards will be valued in accordance to fair value as determined in good faith by the Manager, on methods or bases which have been verified by the auditor of the Fund and approved by the Trustee. Unlisted collective investment schemes (CIS) Unlisted collective investment schemes will be valued based on the last published repurchase price of the unlisted CIS that the Fund invests in. 19

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