Select Income Fund. Interim Report 31 August MANAGER Affin Hwang Asset Management Berhad ( T)

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1 Affin Hwang Select Income Fund Interim Report 31 August 2017 MANAGER Affin Hwang Asset Management Berhad ( T) TRUSTEE HSBC (Malaysia) Trustee Berhad (1281-T)

2 AFFIN HWANG SELECT INCOME FUND Interim Report and Unaudited Financial Statements For the 6 Months Financial Period Ended 31 August 2017 Contents Page FUND INFORMATION... 2 FUND PERFORMANCE DATA... 3 MANAGER S REPORT... 5 TRUSTEE S REPORT... 8 STATEMENT OF COMPREHENSIVE INCOME... 9 STATEMENT OF FINANCIAL POSITION STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTES TO THE FINANCIAL STATEMENTS STATEMENT BY THE MANAGER DIRECTORY OF SALES OFFICE

3 FUND INFORMATION Fund Name Affin Hwang Select Income Fund Fund Type Income & Growth Fund Category Fixed Income Investment Objective Benchmark Distribution Policy To provide investors with a steady and regular income stream in the form of distributions over the medium to longer term The benchmark will be a combination of Maybank 12-month fixed deposit rate, weighting at 70% for the fixed income investments and Dow Jones / Asia Pacific Select Dividend 30 Index, weighting at 30% for the equities investment. Subject to the available of income, the Fund will distribute income on a quarterly basis. However, the amount of income available for distribution may fluctuate from year to year. BREAKDOWN OF UNITHOLDERS BY SIZE AS AT 31 AUGUST 2017 Size of holdings (units) No. of unitholders No. of units held * ( 000) 5,000 and below ,001 to 10, ,982 10,001 to 50, ,256 50,001 to 500, , ,001 and above 183 3,771,676 Total 2,177 3,878,184 * Note: Excluding Manager s stock 2

4 FUND PERFORMANCE DATA Category As at 31 Aug 2017 (%) As at 31 Aug 2016 (%) As at 31Aug 2015 (%) Portfolio composition Quoted equities local - Consumer goods Finance Industrial REITs Utilities Total quoted equities local Quoted equities foreign - Consumer goods Consumer services Finance Healthcare Industrial REITs Technology Telecommunications Utilities Total quoted equities foreign Unquoted fixed income securities local - Bonds Commercial papers Total unquoted fixed income securities local Unquoted fixed income securities foreign - Bond Total unquoted fixed income securities foreign Collective Investment Scheme Cash & cash equivalent Total Total NAV (RM million) 2, , ,157,467 NAV per Unit (RM) Unit in Circulation (million) 3, , ,641,084 Highest NAV Lowest NAV Return of the Fund (%) iii Capital Growth (%) i Income Distribution (%) ii Gross Distribution per Unit (sen) Net Distribution per Unit (sen) Management Expense Ratio (%) Portfolio Turnover Ratio (times) Basis of calculation and assumption made in calculating the 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. 1 The Fund s MER remained relatively unchanged, albeit marginally lower than previous period under review. 2 The Fund s PTR remained unchanged during the period under review. 3

5 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 = (1+Capital return) x (1+Income return) 1 Capital Return i = (NAV per 31/8/17 NAV per 28/2/17* - 1) x 100 = ( ) x 100 = 5.40% Income ex-date = {Income distribution per Unit NAV per Unit on ex- date} + 1 = { /03/17} + 1 = = { /06/17} + 1 = Total Income Return ii = {Income distribution per Unit NAV per Unit on ex-date} x 100 = { x } 1 x 100 = 1.36% Return of the Fund iii = [{(1 + Capital Return) x (1 + Income Return)} 1] x 100 = [{( %) x ( %)} 1] x 100 = 6.83% * Source HSBC Trustee Table 1: Performance of the Fund 6 Months (1/3/17-31/8/17) 1 Year (1/9/16-31/8/17) 3 Years (1/9/14-31/8/17) 5 Years (1/9/12-31/8/17) Since Commencement (27/1/05-31/8/17) Fund 6.83% 10.41% 27.76% 41.37% % Benchmark 0.32% 5.35% 26.99% 43.33% 99.18% Outperformance / (Underperformance) 6.51% 5.06% 0.77% (1.96%) 65.01% Source of Benchmark: Bursa Malaysia / Maybank Table 2: Average Total Return 1 Year (1/9/16-31/8/17) 3 Years (1/9/14-31/8/17) 5 Years (1/9/12-31/8/17) Since Commencement (27/1/05-31/8/17) Fund 10.41% 8.50% 7.17% 8.01% Benchmark 5.35% 8.28% 7.46% 5.62% Outperformance / (Underperformance) 5.06% 0.22% (0.31%) 2.39% Source of Benchmark: Bursa Malaysia / Maybank Table 3: Annual Total Return FYE 2017 (01/3/16-28/2/17) FYE 2016 (01/1/15-29/2/16) FYE 2014 (01/1/14-31/12/14) FYE 2013 (01/1/13-31/12/13) FYE 2012 (01/1/12-31/12/12) Fund 9.51% 6.30% 6.91% 2.88% 15.13% Benchmark 12.76% 5.24% 10.89% 7.19% 4.45% Outperformance / (Underperformance) (3.25%) 1.06% (3.98%) (4.31%) 10.68% Source of Benchmark: Bursa Malaysia / Maybank Past performance is not necessarily indicative of future performance and that Unit prices and investment returns may go down, as well as up. 4

6 MANAGER S REPORT Performance review For the period 1 March 2017 to 31 August 2017 the fund registered a return of 6.83%, outperforming the benchmark return of 0.32% by 6.51 percentage points. The Net Asset Value (NAV) per unit of the fund on 31 August 2017 was RM while 28 February 2017 was RM The fund declared a gross income distribution of RM0.010 per unit for the period. (See Table 1 for performance of the fund and Figure 1 for movement of the fund versus the Benchmark respectively). Since commencement, the fund has registered a return of %. Compare to the benchmark that gained 99.18%, the fund outperformed the benchmark by percentage points. The fund has declared a total gross income distribution of RM per unit to-date. As such, the objective of providing investors with a steady income stream in the form of distributions has been met. Figure 1: Movement of the Fund versus the Benchmark Affin Hwang Select Income Fund Benchmark Jan-05 Apr-06 Aug-07 Nov-08 Feb-10 May-11 Aug-12 Nov-13 Feb-15 May-16 Aug-17 This information is prepared by Affin Hwang Asset Management Berhad (AFFINHWANGAM) 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. Source of Benchmark is from Bloomberg. Benchmark: 12-month fixed deposit rate, weighting at 70% for the fixed income investments and Dow Jones/Asia Pacific Select Dividend 30 Index, weighing at 30% for the equities investment Income Distribution / Unit Split Affin Hwang Asset Management Berhad recently declared a gross distribution of RM per Unit for investors of the Affin Hwang Select Income Fund over the period under review. The Net Asset Value per unit prior and subsequent to the distribution was as follows:- Cum Date Ex-Date Cum-distribution (RM) Distribution per Unit (RM) Ex-distribution (RM) 17 Mar Mar Jun Jun No unit split were declared for the financial year ended 31 August

7 Asset Allocation For a snapshot of the Fund s asset mix during the period under review, please refer to Figure 2. Figure 2: Asset allocation of the Fund 31 Aug Aug Aug 2015 (%) (%) (%) Quoted equities local Quoted equities foreign Unquoted fixed income securities local Unquoted fixed income securities foreign Collective investment scheme Cash & Cash equivalent Total As at 31 August 2017, the asset allocation of the Fund stood at 27.41% in equity, 67.10% in fixed income securities, 0.81% in collective investment scheme and the balance was held in cash. During the period under review, the Manager had reduced its equity exposure within the domestic market whereas exposure within the foreign market had increased particularly in the consumer services, finance, industrial and technology sectors. Fixed income exposure, on the other hand remained relatively unchanged compared to previous period under review. Correspondingly, the cash level of the Fund maintained at a low level over the same period due to purchase of securities. Strategies Employed We had maintained a bottom-up stock selection process for the Fund s investments - focusing on building a sustainable portfolio of quality investments for a medium to longer-term horizon. On the back of improving outlook on global financial markets, the Fund remained invested and diversified across regional markets. Market Review Politics and policies remained in focus over the period under review. The US Federal Reserve continued on its rate hike trail with a further 25 basis points hike in June, after tightening its monetary policy once in December 2016, and again in March Sentiment was, however, dampened with concerns over political instability in the US and the Trump administration s ability to push through its policies. After a stellar run in 2016, strength of the US Dollar stalled against Asian currencies, leaving regional markets to end stronger against the US, and European bourses. The S&P 500 index trended 13.9% higher in local currency terms in the period under review. Despite the more encouraging economic data flowing out of the Eurozone, a hawkish note by the European Central Banks had led to speculations that its stimulus measures may soon be tapered off. This had also resulted in a market pull-back leading to the end of the period under review. The reversal in Dollar strength, coupled with a more optimistic outlook and improved earnings led emerging markets to end the period as one of the stronger performers recording an impressive 16.2% in local currency terms over the period under review. This was largely supported by the strong gains seen within the Asian region, which rose 17.4% in local currency terms over the same period. The strong momentum and upward trend of global financial markets did, however, take a breather at the end of the period under review. Investors shifted into safer haven assets after the erratic actions of North Korea heightened the risk of uncertainty. While concerns escalated, markets were quick to dispel the actions are mere threats, and financial markets soon found itself continuing to climb higher. The Ringgit benefitted from the stall in US Dollar strength ending the month at RM4.27 to the Dollar compared to the RM4.44 rate being traded at the end of February The Ringgit has however remained below the RM4.07 levels seen in August The FBM KLCI Index ended the period under review with a 4.7% gain in local currency terms, and underperformed most of its regional peers. 6

8 Performance of stocks within the energy sector was weak towards the end of the period under review, dragged down by lower oil prices on speculation that OPEC s production cap was losing its effectiveness. Sentiment was also dampened over the quarter after a reported rescindment in the sale of the TRX land to IWH CREC Sdn Bhd, a Sino-Malaysian consortium. Nevertheless, China had remained committed towards its continued investments into Malaysia, cemented with the signing of 9 memorandums of understanding ( MoUs ) totalling USD 7.2 billion during a ceremony held in China in May. Trade balance surplus had widened towards the end of the period under review, coming in at USD 2.8 billion after slowing exports and even slower imports. After slipping to an all-time low in June, Malaysia s Purchasing Manager s Index was seen rebounding to 48.3 in July. Bank Negara Malaysia (BNM) maintained its overnight policy rate at 3.0%, and expected to keep rates steady for the rest of 2017 on the back of expectations for a firmer inflation, and the recent cyclical stabilisation. Economic growth had kept within targets, recording a 4.2% growth for the full 2016, after seeing 4.5% growth in the final quarter of the year. Private consumptions and investments had helped offset the slower public spending in the final quarter of Global bond yields had generally trended higher over the period under review, on the back of improved economic conditions. The stronger growth trajectory and softer inflationary pressures had been a positive catalyst for the bond market. Rating agency Moody s had reaffirmed Malaysia s rating, stating that the economic had displayed resilience despite external vulnerabilities. Foreign holdings on the domestic govvies were seen to be on a steady decline, with the total foreign holdings of GII, and MGS sliding to 26.5% as at end-july. Investment Outlook Global financial markets are expected to remain robust, supported by the broader improvement in economic data with upward revisions in corporate earnings boosting investors sentiment. We remain tactically cautious on the opinion that markets are stable, but not entirely secure. We believe that the stronger economic data will be supportive of markets. The healthy pipeline of projects lined up within the infrastructure sector is expected to provide an opportunistic window for the Fund to participate into beneficiaries from the spending. Nevertheless, we will remain cautious when participating into the market given the prevailing external uncertainties. We also believe that the Fund is well positioned under the current economic landscape, and are optimistic that it will continue to meet its objective. State of Affairs of the Fund There is neither any significant change to the state affairs of the Fund nor any circumstances that materially affect any interests of the unit holders during the period under review. Soft Commissions received from Brokers As per the requirements of the Securities Commission s Guidelines on Unit Trust Funds and Guidelines on Compliance Function for Fund Management Companies, soft commissions received from brokers/dealers may be retained by the management company only if the (i) (ii) goods and services provided are of demonstrable benefit to Unit holders of the Fund; and goods and services are in the form of research and advisory services that assists in the decision making process. During the financial period under review, the management company had received on behalf of the Fund, soft commissions in the form of research materials, data and quotation services, investment-related publications, market data feed and industry benchmarking agencies which are of demonstrable benefit to Unitholders of the Fund. 7

9 TRUSTEE S REPORT TO THE UNITHOLDERS OF AFFIN HWANG SELECT INCOME FUND We have acted as Trustee of Affin Hwang Select Income Fund ( the Fund ) for the financial period ended 31 August To the best of our knowledge, Affin Hwang Asset Management Berhad ( the Management Company ), has operated and managed the Fund in accordance with the following:- a) limitations imposed on the investment powers of the Management Company and the Trustee under the Deeds, the Securities Commission s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 and other applicable laws; b) valuation/pricing is carried out in accordance with the Deeds and any regulatory requirements; and c) creation and cancellation of units are carried out in accordance with the Deeds and any regulatory requirements. During this financial period, a total distribution of 1.00 sen per unit (gross) has been distributed to the unitholders of the Fund. We are of the view that the distribution is not inconsistent with the objective of the Fund. For HSBC (Malaysia) Trustee Berhad Tan Bee Nie Head, Trustee Operations Kuala Lumpur 13 October

10 STATEMENT OF COMPREHENSIVE INCOME FOR THE 6 MONTHS FINANCIAL PERIOD ENDED 31 AUGUST months 6 months financial financial period ended period ended Note RM RM INVESTMENT INCOME Dividend income 10,684,289 3,679,722 Interest income 4 41,369,564 28,403,777 Net foreign currency exchange (loss)/gain (512,914) 2,711,839 Net gain on forward foreign currency contracts at fair value through profit or loss 46,438,632 18,801,859 Net gain on futures at fair value through profit or loss 21,244 - Net (loss)/gain on interest rate swap at fair value through profit or loss (290,696) 867,579 Net gain on financial assets at fair value through profit or loss 9 99,472,826 52,434, ,182, ,899,569 EXPENSES Management fee 5 (18,754,739) (11,621,762) Trustee fee 6 (891,081) (547,268) Auditors' remuneration (3,879) (2,378) Tax agent's fee (37,650) (13,933) Transaction costs (5,526,531) (3,644,836) Other expenses (1,902,606) (1,164,242) (27,116,486) (16,994,419) NET PROFIT BEFORE TAXATION 170,066,459 89,905,150 TAXATION 7 (1,806,271) (976,527) NET PROFIT AFTER TAXATION AND TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD 168,260,188 88,928,623 Net profit after taxation is made up of the following: Realised amount 132,368,364 73,310,082 Unrealised amount 35,891,824 15,618, ,260,188 88,928,623 The accompanying summary of significant accounting policies and notes to the financial statements form an integral part of these financial statements. 9

11 STATEMENT OF FINANCIAL POSITION FOR THE 6 MONTHS FINANCIAL PERIOD ENDED 31 AUGUST 2017 ASSETS Note RM RM Financial assets at fair value through profit or loss 9 2,837,008,880 1,658,752,598 Cash and cash equivalents ,412, ,655,635 Dividend receivables 969, ,697 Amount due from Manager - creation of units 28,835,488 13,760,110 Amount due from brokers 1,216,015 14,193,195 Forward foreign currency contracts at fair value through profit or loss 11 16,000,927 4,615,272 Interest rate swap at fair value Through profit or loss 12 5,081 - TOTAL ASSETS 2,992,448,731 1,865,269,807 LIABILITIES Forward foreign currency contracts at fair value through profit or loss 11 1,577,215 2,457,182 Interest rate swap at fair value through profit or loss ,755 3,084,029 Futures at fair value through profit or loss ,684 - Amount due to Manager - management fee 3,635,767 2,236,468 - cancellation of units - 5,150,597 Amount due to Trustee 169, ,211 Amount due to brokers 10,150,213 33,578,302 Auditors remuneration 3,529 3,529 Tax agent s fee 5,665 5,999 Other payables and accruals 341, ,314 TOTAL LIABILITIES 16,395,579 46,840,631 NET ASSET VALUE OF THE FUND 2,976,053,152 1,818,428,875 EQUITY Unitholders capital 2,584,022,308 1,575,989,207 Retained earnings 392,030, ,439,668 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2,976,053,152 1,818,428,875 NUMBER OF UNITS IN CIRCULATION 14 3,878,188,000 2,510,078,000 NET ASSET VALUE PER UNIT (RM) The accompanying summary of significant accounting policies and notes to the financial statements form an integral part of these financial statements. 10

12 STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS FINANCIAL PERIOD ENDED 31 AUGUST 2017 Unitholders Retained capital earnings Total RM RM RM Balance as at 1 March ,028,414, ,211,361 2,284,625,970 Total comprehensive income for the financial period - 168,260, ,260,188 Distribution (Note 8) - (32,440,705) (32,440,705) Movement in unitholders capital: Creation of units arising from applications 565,323, ,323,707 Creation of units arising from distributions 29,728,388-29,728,388 Cancellation of units (39,444,396) - (39,444,396) Balance as at 31 August ,584,022, ,030,844 2,976,053,152 Balance as at 1 March ,167,259, ,242,325 1,341,502,033 Total comprehensive income for the financial period - 88,928,623 88,928,623 Distribution (Note 8) - (20,731,280) (20,731,280) Movement in unitholders capital: Creation of units arising from applications 399,843, ,843,337 Creation of units arising from distributions 19,169,552-19,169,552 Cancellation of units (10,283,390) - (10,283,390) Balance as at 31 August ,575,989, ,439,668 1,818,428,875 The accompanying summary of significant accounting policies and notes to the financial statements form an integral part of these financial statements. 11

13 STATEMENT OF CASH FLOWS FOR THE 6 MONTHS FINANCIAL PERIOD ENDED 31 AUGUST 2017 CASH FLOWS FROM OPERATING ACTIVITIES 6 months 6 months financial financial period ended period ended Note RM RM Proceeds from sale of investments 1,827,183,794 1,112,116,402 Purchase of investments (2,485,191,244) (1,472,184,221) Dividends received 8,659,729 3,397,244 Interest received 41,985,115 24,077,953 Management fee paid (17,689,243) (10,945,715) Trustee fee paid (841,834) (442,057) Payment for other fees and expenses (7,355,846) (4,761,509) Realised gain on forward foreign currency contracts 32,536,896 30,593,924 Realised loss on interest rate swap (566,785) (1,090,587) Net realised foreign currency exchange gain 27,207,166 10,354,057 Net cash used in from operating activities (574,072,252) (308,884,509) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from creation of units 539,390, ,462,609 Payments for cancellation of units (40,536,974) (5,206,369) Payment for distributions (2,712,317) (1,561,728) Net cash generated from financing activities 496,141, ,694,512 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (77,930,813) 73,810,003 EFFECTS OF FOREIGN CURRENCY EXCHANGE 748,951 4,643,745 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL PERIOD 185,594,492 95,201,887 CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL PERIOD ,412, ,655,635 The accompanying summary of significant accounting policies and notes to the financial statements form an integral part of these financial statements. 12

14 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR THE 6 MONTHS FINANCIAL PERIOD ENDED 31 AUGUST 2017 The following accounting policies have been used in dealing with items which are considered material in relation to the financial statements. A BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS The financial statements have been prepared under the historical cost convention, except as disclosed in the summary of significant accounting policies and comply with Malaysian Financial Reporting Standards ( MFRS ) and International Financial Reporting Standards ( IFRS ). The preparation of financial statements in conformity with MFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported financial period. It also requires the Manager to exercise their judgment in the process of applying the Fund s accounting policies. Although these estimates and judgment are based on the Manager s best knowledge of current events and actions, actual results may differ. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note N. (a) Standards, amendments to published standards and interpretations that are effective The Fund has applied the following amendments for the first time for the financial year beginning on 1 March 2017: Amendments to MFRS 101 Presentation of financial statements Disclosure initiative Annual Improvements to MFRSs Cycle The adoption of these amendments did not have any impact on the current year or any prior period and is not likely to affect future periods. (b) The new standards and amendments to the published standards that are applicable to the Fund but not yet effective and have not been early adopted are as follows: (i) Financial year beginning on/after 1 March 2018 Amendments to MFRS 107 Statement of Cash Flows Disclosure Initiative (effective from 1 January 2017) introduce an additional disclosure on changes in liabilities arising from financing activities. (ii) Financial year beginning on/after 1 March 2018 MFRS 15 Revenue from contracts with customers (effective from 1 January 2018) replaces MFRS 118 Revenue and MFRS 111 Construction contracts and related interpretations. The standard deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity s contracts with customers. 13

15 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (CONTINUED) (b) The new standards and amendments to published standards that are applicable to the Fund but not yet effective and have not been early adopted are as follows: (continued) (ii) Financial year beginning on/after 1 March 2018 (continued) Revenue is recognised when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The core principle in MFRS 15 is that an entity recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. MFRS 9 Financial Instruments (effective from 1 January 2018) will replace MFRS 139 Financial Instruments: Recognition and Measurement. MFRS 9 retains but simplifies the mixed measurement model in MFRS 139 and establishes three primary measurement categories for financial assets: amortised cost, fair value through profit or loss and fair value through other comprehensive income ( OCI ). The basis of classification depends on the entity's business model and the cash flow characteristics of the financial asset. Investments in equity instruments are always measured at fair value through profit or loss with an irrevocable option at inception to present changes in fair value in OCI (provided the instrument is not held for trading). A debt instrument is measured at amortised cost only if the entity is holding it to collect contractual cash flows and the cash flows represent principal and interest. For liabilities, the standard retains most of the MFRS 139 requirements. These include amortised cost accounting for most financial liabilities, with bifurcation of embedded derivatives. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity s own credit risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. MFRS 9 introduces an expected credit loss model on impairment that replaces the incurred loss impairment model used in MFRS 139. The expected credit loss model is forward-looking and eliminates the need for a trigger event to have occurred before credit losses are recognised. The Fund will apply this standard when effective. This standard is not expected to have a significant impact on the Fund s financial statements. 14

16 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES B INCOME RECOGNITION Interest income from short term deposits with a licensed financial institution, unquoted fixed income securities and unquoted credit linked investment contracts are recognised based on effective interest rate method on an accruals basis. Dividend income is recognised on the ex-dividend date, when the right to receive the dividend has been established. For quoted investments, realised gains and losses on sale of investments are accounted for as the difference between the net disposal proceeds and the carrying amount of investments, determined on a weighted average cost basis. For unquoted fixed income securities and unquoted negotiable instruments of deposits, realised gains and losses on sale of investments are accounted for as the difference between the net disposal proceeds and the carrying amount of investments, determined on cost adjusted for accretion of discount or amortisation of premium on investments. For unquoted credit linked investment contracts, realised gains and losses on sale of investments are accounted for as the difference between the net disposal proceeds and the carrying amount of investments, determined on cost. For collective investment schemes ( CIS ), realised gains and losses on sale of investments are accounted for as the difference between the net disposal proceeds and the carrying amount of the investments, determined on a weighted average cost basis. C TRANSACTION COSTS Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include the bid-ask spread, fees and commissions paid to agents, advisors, brokers and dealers. Transaction costs, when incurred, are immediately recognised in the statement of comprehensive income as expenses. D DIVIDEND DISTRIBUTION A distribution to the Fund s unitholders is accounted for as a deduction from realised reserve. A proposed distribution is recognised as a liability in the period in which it is approved by the Trustee of the Fund. E TAXATION Current tax expense is determined according to the Malaysian tax laws at the current rate based upon the taxable profits earned during the financial period. Tax on investment income from foreign investments is based on the tax regime of the respective countries that the Fund invests in. F FUNCTIONAL AND PRESENTATION CURRENCY Items included in the financial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates (the functional currency ). The financial 15

17 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES F FUNCTIONAL AND PRESENTATION CURRENCY (CONTINUED) statements are presented in Ringgit Malaysia, which is the Fund s functional and presentation currency. G FOREIGN CURRENCY TRANSLATION Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in statement of comprehensive income, except when deferred in other comprehensive income as qualifying cash flow hedges. H FINANCIAL ASSETS AND FINANCIAL LIABILITIES (i) Classification The Fund designates its investment in quoted equities, unquoted fixed income securities, unquoted credit linked investment contracts and collective investment schemes as financial assets at fair value through profit or loss at inception. Financial assets are designated at fair value through profit or loss when they are managed and their performance evaluated on a fair value basis. Derivatives are financial assets/ (liabilities) at fair value through profit or loss categorised as held for trading unless they are designated hedges (Note M) Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and have been included in current assets. The Fund s loans and receivables comprise cash and cash equivalents, dividend receivables, amount due from Manager and amount due from brokers. Financial liabilities are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability. The Fund classifies accrued management fee, amount due to Manager, amount due to Trustee, amounts due to brokers, auditors remuneration, tax agent s fee, and other payables and accruals as other financial liabilities. (ii) Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date the date on which the Fund commits to purchase or sell the asset. Investments are initially recognised at fair value. Transaction costs are expensed in the statement of comprehensive income. Financial liabilities, within the scope of MFRS 139, are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership. 16

18 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES H FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONTINUED) (ii) Recognition and measurement (continued) Financial liabilities are derecognised when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expired. Gains or losses arising from changes in the fair value of the financial assets at fair value through profit or loss category including the effects of foreign transactions are presented in the statement of comprehensive income within net (loss)/gain on financial assets at fair value through profit and loss in the period which they arise. Dividend income from financial assets at fair value through profit or loss is recognised in the statement of comprehensive income as part of gross dividend income when the Fund s right to receive payments is established. If a valuation based on the market price does not represent the fair value of the securities, for example during abnormal market conditions or when no market price is available, including in the event of a suspension in the quotation of the securities for a period exceeding 14 days, or such shorter period as agreed by the Trustee, then the securities are valued as determined in good faith by the Manager, based on the methods or basis approved by the Trustee after appropriate technical consultation. Unquoted fixed income securities denominated in Ringgit Malaysia are revalued on a daily basis based on fair value prices quoted by a bond pricing agency ( BPA ) registered with the SC as per the SC Guidelines on Unit Trust Funds. Where such quotation are not available or where the Manager is of the view that the price quoted by the BPA for a specific unquoted fixed income securities differs from the market price by more than 20 basis points, the Manager may use the market price, provided that the Manager: (i) (ii) (iii) records its basis for using non-bpa price; and obtains necessary internal approvals to use the non-bpa price; and keeps an audit trail of all decisions and basis for adopting the market yield. Unquoted fixed income securities denominated in foreign currencies are revalued at least twice a week by reference to the mid price quoted in Bloomberg. We use the Composite Bloomberg Bond Trader (CBBT) which is a weighted average bid and ask of price contributions submitted by Bloomberg Dealers. However if such quotations are not available, the fair value shall be determined by reference to the bid and offer prices quoted by independent and reputable financial institutions. Valuation of the investment in unquoted credit linked investment contracts is based on amount as stated in the contract between issuers and the Manager. Valuation provided by issuers is then compared against the Manager s valuation determined by using a valuation model, which is based on independently sourced observable or implied market data, mainly interest rate yield curves, recent market transactions, foreign exchange rates and market volatility. Investment in collective investment schemes is valued at the last published net asset value ( NAV ) per unit at the date of the statement of financial position. Derivative investment consists of currency forward contract. Financial derivative position will be marked to market at the close of each valuation day. Foreign exchange gains and losses on the derivative financial instrument are recognised in profit or loss when settled or at the date of the statement of financial position at which time they are included in the measurement of the derivative financial instrument. 17

19 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES H FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONTINUED) (ii) Recognition and measurement (continued) Deposits with licensed financial institutions are stated at cost plus accrued interest calculated on the effective interest method over the period from the date of placement to the date of maturity of the deposit. Loans and receivables and other liabilities are subsequently carried at amortised cost using the effective interest method. (iii) Impairment For assets carried at amortised cost, the Fund assesses at the end of the reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a loss event ) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. The amount of the loss is measured as the difference between the asset s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset s original effective interest rate. The asset s carrying amount of the asset is reduced and the amount of the loss is recognised in profit or loss. If loans and receivables or a held-to-maturity investment has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Fund may measure impairment on the basis of an instrument s fair value using an observable market price. If, in a subsequent year, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor s credit rating), the reversal of the previously recognised impairment loss is recognised in statement of comprehensive income. When an asset is uncollectible, it is written off against the related allowance account. Such assets are written off after all the necessary procedures have been completed and the amount of the loss has been determined. I CASH AND CASH EQUIVALENTS For the purpose of statement of cash flows, cash and cash equivalents comprise cash and bank balances and deposits held in highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 18

20 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES J AMOUNTS DUE FROM/(TO) BROKERS Amounts due from and to brokers represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively. These amounts are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment for amounts due from brokers. A provision for impairment of amounts due from brokers is established when there is objective evidence that the Fund will not be able to collect all amounts due from the relevant broker. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganisation and default in payments are considered indicators that the amount due from brokers is impaired. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or loans expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or, when appropriate, a shorter period, to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Fund estimates cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. K UNITHOLDERS CAPITAL The unit holders contributions to the Fund meet the criteria to be classified as equity instruments under MFRS 132 Financial Instruments: Presentation. Those criteria include: the units entitle the holder to a proportionate share of the Fund s net assets value; the units are the most subordinated class and class features are identical; there is no contractual obligations to deliver cash or another financial asset other than the obligation on the Fund to repurchase; and the total expected cash flows from the units over its life are based substantially on the profit or loss of the Fund. The outstanding units are carried at the redemption amount that is payable at each financial year if unit holder 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 asset value per unit at the time of creation or cancellation. The Fund s net asset value per unit is calculated by dividing the net assets attributable to unit holders with the total number of outstanding units. 19

21 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES L SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting used by the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the strategic asset allocation committee of the Manager that makes strategic decisions. M DERIVATIVE FINANCIAL INSTRUMENTS A derivative financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise. A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from another enterprise, a contractual right to exchange financial instruments with another enterprise under conditions that are potentially favourable, or an equity instrument of another enterprise. A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another enterprise, or to exchange financial instruments with another enterprise under conditions that are potentially unfavourable. The Fund s derivative financial instruments comprise forward currency contracts and interest rate swap. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. The fair value of forward foreign exchange contracts is determined using forward exchange rates at the date of statements of financial position with the resulting value discounted back to present value. The fair value of interest rate swap is calculated as the present value of the estimated future cash flows based on observable yield curves. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and the nature of the item being hedged. Derivatives that do not qualify for hedge accounting are classified as held for trading and accounted for in accordance with the accounting policy set out in Note H. 20

22 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES N CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES The Fund makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal the related actual results. To enhance the information contents on the estimates, certain key variables that are anticipated to have material impacts to the Fund s results and financial position are tested for sensitivity to changes in the underlying parameters. Estimates and judgments are continually evaluated by the Manager and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In undertaking any of the Fund s investment, the Manager will ensure that all assets of the Fund under management will be valued appropriately, that is at fair value and in compliance with the SC Guidelines on Unit Trust Funds. 21

23 FOR THE 6 MONTHS FINANCIAL PERIOD ENDED 31 AUGUST INFORMATION ON THE FUND The Unit Trust Fund was constituted under the name of Hwang-DBS Select Income Fund (the Fund ) pursuant to the execution of Deed dated 9 December 2004 as modified by First Supplemental Deed dated 16 November 2005, Third Supplemental Deed dated 15 October 2008, Sixth Supplemental Deed dated 22 July 2015 and Seventh Supplemental Deed dated 28 April The Fund has changed its name from Hwang- DBS Select Income Fund to HwangDBS Select Income Fund as amended by Second Supplemental Deed dated 18 June 2007, from HwangDBS Select Income Fund to Hwang Select Income Fund as amended by Fourth Supplemental Deed dated 18 January 2012 and from Hwang Select Income Fund to Affin Hwang Select Income Fund as amended by Fifth Supplemental Deed dated 27 June 2014 (the Deeds ) entered into between Affin Hwang Asset Management Berhad (the Manager ) and HSBC (Malaysia) Trustee Berhad (the Trustee ). The Fund was launched on 6 January 2005 and will continue its operations until being terminated by the Trustee as provided under Clause 3.1 of the Deed. The Fund may invest in any of the following investment: (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) Securities of companies listed on Bursa Malaysia and any other exchanges of countries who are members of International Organization of Securities Commissions Unlisted securities including, without limitation, securities that have been approved by the relevant regulatory authorities for the listing of and quotation for such securities Debentures Money market instruments Deposits Derivatives, for the purpose of hedging only Warrants Structured products Units or shares in collective investment schemes Any other form of investments as may be permitted by the SC from time to time which are in line with the objective of the Fund All investments will be subjected to the SC Guidelines on UTF, the Deeds and the objective of the Fund. The main objective of the Fund is to seek steady and regular income stream in the form of distributions over the medium to long term through investment primarily in equity and fixed income instruments. The Manager is a company incorporated in Malaysia. The principal activities of the Manager are establishment and management of unit trust funds and private retirement schemes as well as providing fund management services to private clients. The financial statements were authorised for issue by the Manager on 13 October

24 2 FINANCIAL INSTRUMENTS, RISK MANAGEMENT OBJECTIVE AND POLICIES Financial instruments are as follows: 2017 Financial assets (liabilities) at fair value Loans and through Note receivables profit or loss Total RM RM RM Quoted equities 9-815,825, ,825,722 Unquoted fixed income securities 9-1,997,124,085 1,997,124,085 Collective investment scheme 9-24,059,073 24,059,073 Cash and cash equivalents ,412, ,412,630 Dividend receivables 969, ,710 Amount due from manager - creation of units 28,835,488-28,835,488 Amount due from brokers 1,216,015-1,216,015 Forward foreign currency contracts 11-14,423,712 14,423,712 Interest rate swap 12 - (312,674) (312,674) Futures 13 (193,684) (193,684) Total 139,433,843 2,850,926,234 2,990,360, Quoted equities 9-412,363, ,363,831 Unquoted fixed income securities 9-1,225,011,748 1,225,011,748 Collective investment scheme 9-21,377,019 21,377,019 Cash and cash equivalents ,655, ,655,635 Dividend receivables 292, ,697 Amount due from manager - creation of units 13,760,110-13,760,110 Amount due from brokers 14,193,195-14,193,195 Forward foreign currency contracts 11-2,158,089 2,158,089 Interest rate swap 12 - (3,084,029) (3,084,029) Total 201,901,637 1,657,826,658 1,859,728,295 All current liabilities, except forward foreign currency contracts, interest rate swap, are financial liabilities which are carried at amortised cost. The Fund is exposed to a variety of risks which include market risk (including price risk, interest rate risk, currency risk), liquidity risk, credit risk and capital risk. Financial risk management is carried out through internal control processes adopted by the Manager and adherence to the investment restrictions as stipulated by the SC s Guidelines on Unit Trust Funds. 23

25 2 FINANCIAL INSTRUMENTS, RISK MANAGEMENT OBJECTIVE AND POLICIES (CONTINUED) Market risk (a) Price risk Price risk arises mainly for uncertainty about future prices of investments. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements. The Manager manages the risk of unfavourable changes in prices by continuous monitoring of the performance and risk profile of the investment portfolio. The Fund s overall exposure to price risk was as follows: RM RM Quoted investment Quoted equities designated at fair value through profit or loss 815,825, ,363,831 Unquoted investment * Unquoted fixed income securities designated at fair value through profit or loss 1,997,124,085 1,225,011,748 Collective investment scheme Collective investment scheme designated at fair value through profit or loss 24,059,073 21,377,019 Forward foreign currency contracts Forward foreign currency contracts designated at fair value through profit or loss 14,423,712 2,158,089 Interest rate swap Interest rate swap designated at fair value through profit or loss (312,674) (3,084,029) Futures Futures designated at fair value through profit or loss (193,684) - *Include interest receivable RM23,358,102 (2016: RM17,369,994). The following table summarises the sensitivity of the Fund s profit after taxation and net asset value to price risk movements. The analysis is based on the assumptions that the market price increased by 5% and decreased by 5% with all other variables held constant. This represents management s best estimate of a reasonable possible shift in the quoted and unquoted securities, having regard to the historical volatility of the prices. 24

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