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3 Contents Chairman s Message 04 Corporate Profile 06 Investment-Linked Funds Objectives 07 Investment Market Review 09 Investment Outlook 17 Investment Strategy 21 Fund Performance 23 Sectoral and Category Breakdown 29 Comparative Performance Table 33 Summary of Financial Information 37

4 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Chairman s Message Dear Valued Certificate Holders, On the global front, we project that the world economy would grow at a pace of 3.1% in 2016, with the U.S. economy to remain as the bright spot, while euro s recovery will remain modest following the Brexit referendum in the United Kingdom, which has raised the level of uncertainty. However, the risk of a potential global economic recession remains low, which is comforting at this time. To ensure that all our customers are well informed and professionally served, AmMetLife Takaful has also developed online learning programmes for our intermediaries. As for the economy in Malaysia, it is expected to grow at a credible 4% this year. This is supported by healthy government spending, relief from rising oil prices and domestic activities, complemented with a more stable currency and signs of improving business sentiment. The recalibrated Budget 2016 has also provided some impetus to domestic consumption, as well as increasing emphasis on building affordable homes and implementation of infrastructure projects. Despite the potential headwinds in the economy, there are still some opportunities, such as the SME sector, the growth of which has consistently outpaced that of GDP. With the challenges emanating from the unfavorable market environment, we have placed great emphasis on growing our investment-linked portfolios for this year. The total net asset value of our investment-linked funds for the financial year ended 31 March 2016 is RM24 million, a year-on-year growth in NAV of 11.91%. Our best performing investment-linked fund for this financial year was AmMetLife Takaful Sukuk Fund, which gave a commendable return of 2.8% for the 4

5 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 year, despite the weak Ringgit, soft global commodity prices and declining global oil prices. AmMetLife Takaful has developed a long term business strategy to provide a seamless business process platform for all intermediaries. In line with our business strategy, a Pointof-Sales solution is also being designed to enhance service delivery for our certificate holders. In addition to this, AmMetLife Takaful will soon provide an online sales platform to promote affordable takaful plans to suit the needs of Malaysians. It is important that we make available various touch points for the convenience of our customers. The online platform is a service which has been developed in line with the Life Insurance and Family Takaful Framework. to build enduring relationships with you and provide expertise and solutions to meet your evolving needs. Thank you. Tan Sri Azman Hashim Chairman AmBank Group To ensure that all our customers are well informed and professionally served, AmMetLife Takaful has also developed online learning programmes for our intermediaries. This initiative is part of our long-term commitment to helping Malaysia s takaful intermediaries to become better professionals, as befits the sector. With a strong focus on customer centricity and in line with AmMetLife Takaful s core philosophy of Customers are at the heart of everything we do, our priority is to deliver clear and transparent shariah-compliant financial solutions to suit the needs of Malaysians. We remain committed to help you reach your financial goals. We would like to take this opportunity to thank you for your trust and confidence in our products and services. We want 5

6 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Corporate Profile AmMetLife Takaful is a strategic partnership between AMMB Holdings Berhad ( AmBank Group ) and MetLife International Holdings LLC ( MetLife ). AmMetLife Takaful offers a comprehensive range of takaful products distributed through a combination of over 170 AmBank and AmMetLife branded branch offices, in addition to the strength of its authorised takaful agents nationwide. The strategic partnership combines the international expertise and financial strength of MetLife with the local strength and reach of AmBank Group to create a customer-centric and modern takaful solutions provider in Malaysia. Together with a deep and respectful knowledge of Shariah principles and values, we are focused on meeting our customers diverse needs with innovative solutions at different stages of their lives, making it easier and simpler for families and individuals to achieve financial security and pursue more from life. 6

7 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment-Linked Funds Objectives

8 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment-Linked Funds Objectives 1. AmMetLife Takaful Equity Fund The Fund aims to provide the certificate holder with capital growth over a medium to long-term period by investing in a portfolio of Shariah compliant securities with superior growth potential. Returns to certificate holders will be obtained via growth in unit price of the Fund. 2. AmMetLife Takaful Sukuk Fund The Fund aims to provide the certificate holder with an opportunity to gain higher than average income earned from Islamic fixed deposits, over a medium to long term investment horizon, mainly through investment in a diversified portfolio of Islamic fixed income securities. Returns to certificate holders will be obtained via growth in unit price of the Fund. 3. AmMetLife Takaful Balanced Fund The Fund aims to achieve moderate capital growth over a medium to long-term time period by investing in a portfolio of Shariah compliant investments. Returns to certificate holders will be obtained via growth in unit price of the Fund. 4. AmMetLife Takaful Balanced Plus Fund The Fund aims to provide the Certificate Holder with an opportunity to gain potentially higher than Shariah-compliant fixed deposits, over a medium to long term investment horizon, through investing in Shariah-compliant collective investment schemes ( CIS ). Returns to certificate holders will be obtained via growth in unit price of the Fund. 8

9 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Market Review

10 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Market Review AmMetLife Takaful Equity Fund, Balanced Fund, Sukuk Fund and Balanced Plus Fund Equity Market Review The market started the year under review on a positive note, following the strong regional performance. Sentiment was also supported by the stabilizing ringgit and oil prices. But all of the gains were given up towards the end of the month on the back of heavy profit taking. Equity market consolidated in the absence of strong new positive catalysts from still-unresolved Greek debt talks and continuing weak economic data out of China. For the month of April, the FBM Emas Shariah Index eased 0.37% or points to close at 13, points. The negative market sentiments continued in May on concerns over news related to 1MDB and poor first quarter 2015 corporate results. However, there was a muted reaction to the 11th Malaysia Plan announcement. Internationally, the equities market was also lower on concerns over the US Federal Reserve ( Feds ) rate tightening, despite the announcement of weak US economic growth during the first quarter of Additionally, the over-valuation of Chinese equities and stalled Greece talks over its sovereign debts with its creditors negatively affected market globally. Hawkish comments from the US Feds had also impacted emerging market currencies as the safe-haven currency, US dollar, rebounded. FBM Emas Shariah Index ended the month down 3.80% to close at 12, points, or points lower. The bearish trajectory continued in June, as both the Malaysian Ringgit and FBM Emas Shariah Index fell sharply due to the concerns over possible Fitch Ratings downgrade of Malaysia by end of June. Malaysian Ringgit also fell by 2% to RM3.74 to 1 US Dollar. The negative sentiments further deteriorated over possible Greek loan default. The weak China economic numbers and sharp fall in Shanghai stock market also contributed to the sharp fall in the index. For the month, the FBM Emas Shariah Index fell 2.92% or points to close at 12, points. Local equity market was under tremendous selling pressure in July due to both negative domestic and international news. The negative news started with the sharp drop in Chinese A-shares, followed by the Greek bailout news. The sentiments were further dampened by negative domestic news and the fall in Ringgit to below RM3.80. This resulted in the FBM Emas Shariah Index temporarily falling below the 12,300 points psychological support level. The Malaysian cabinet reshuffling, resulting in changes in UMNO s senior leadership team, and the decline in oil prices below US$60/barrel, created more uncertainties to the market. For the month, FBM Emas Shariah Index ended 12, points, points or 1.35% higher. The global equity market was beaten down significantly in August and FBM Emas Shariah Index was of no exception, down 7.52% or points in August to close at 11, points. The sell down was led by the devaluation of Chinese currency due to the concern over weak China exports. This led to the fall in the currencies across the region. Malaysian Ringgit was not spared, plunging to a new 17-year low against the US Dollar, becoming the worst performing currency among the Asian currencies in August. The fall in oil price to below USD40 per barrel also raised concerns on Malaysia s oil revenue and its ability to sustain its GDP above 5%. The regional equity market performance was weak generally in September due to the fear of further weakening of the Chinese economy and expectations of US interest hikes. FBM Emas Shariah Index initially performed in line with weak regional markets, but rebounded strongly on the back of news that the Government would be allocating RM20bn to the Government s investment vehicle, ValueCap, to buy up good value stocks. However, China s weaker-than-expected September economics numbers pushed the index to giving up much of its gains. For the month, the FBM Emas Shariah Index gained 3.89% or points, to close at 11, points. October was a recovery month for Malaysia as the FBM Emas Shariah Index rebounded and managed to stay above the 12,300 support level for a while before profit-taking activities during the last week of the month pushed it lower. A hawkish statement from the US Feds after its October meeting, about a possible rate hike in December, undercut the supportive sentiment from China s interest-rate cut and Banks Reserve Requirement cut. The tone of the 2017 Malaysian Budget was moderately expansionary, with the Federal Government continuing its agenda of balancing the capital and people economy. For the month, the FBM Emas Shariah Index rose points or 4.24% to close at 12,

11 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Market Review (Cont d) Malaysian shares were marginally strong in November, contributed by the rebound in the Malaysian Ringgit as well as positive sentiments from the sale of Edra power assets to a Chinese consortium. Malaysia s economy expanded 4.7% annually in the third quarter of 2015, a slight moderation from the 4.9% recorded in the second quarter. Bank Negara Malaysia ( BNM ) maintained the Overnight Policy Rate (OPR) at 3.25%. The move was expected by investors, and marked the eighth consecutive meeting in which BNM has left the OPR unchanged. For the month of November, the FBM Emas Shariah Index was up 0.92% or points to 12, points. The first two weeks of December 2015 saw Malaysian shares falling, and the index touched its low of 12, points on 14 December due to concerns over global growth stemming from a sharp slide in oil prices and nervousness ahead of a probable Federal Reserve rate increase. However, equity market found stability after touching its low, boosted by a rebound in global crude oil prices. Equity markets continued its rebound progressively towards the end of the year, partly contributed by the relief rally in crude oil and gains on Wall Street. The FBM Emas Shariah Index ended the month up 2.35% to settle at 12, points. Going into the New Year, the market succumbed to initial selling pressure due to weak oil price. This again raised concerns over the country s revenue forecasted by the Government earlier. Oil price fell to below USD30 per barrel in January Weak Chinese economic data also negatively affected sentiments globally, pushing the FBM Emas Shariah Index to touch its low of 12, levels. However, the index rebounded post Statutory Reserves Requirements cut towards month-end to close at 12, or 2.97% lower. February was a month of consolidation for the local bourse as well as regional equity indices. The KLCI traded within a tight range of 40 points during the month. Global crude oil prices and the Ringgit also traded sideways. The December quarter reporting season broadly came in line with expectations, with beneficiaries of the weak Ringgit and cheap crude oil transporters announcing positive surprises. A few of the construction and property developers announced better results while the number of oil and gas companies reporting milder profits, declined. Banks as well as plantation companies continued to disappoint. Petronas also announced weak FY15 results and gave a cautious outlook with an announcement of cuts to its capital and operating expenditure of RM15-20bn, a 20-30% decline from 2015, in its bid to weather the weak oil price environment. The FBM Emas Shariah Index ended the month 1.38% lower. The FBM Emas Shariah Index performed strongly in the month of March in line with the rest of the region as a delay in the Fed Fund rate hike and a rebound in oil prices saw funds flowing back into emerging markets. The Ringgit strengthened to the RM3.90 to the US Dollar, while Brent Crude Oil touched $43.10 per barrel. The construction sector was abuzz with news of contract awards for the MRT and Pan Borneo Highway. The FBM Emas Shariah Index ended FY2016 on a high of 12, points, 2.03% higher than the previous month, and points, or 4.75 % lower than 31 March Sukuk Market Review The year 2015 saw major capital market turmoil with heavy negative pressure on Asia Pacific currencies and assets sparked by China s policy move to devalue the Chinese Yuan and still continuing cycle of economic stimulus and capital market stabilizing moves. Domestically, Malaysia s Ringgit plunging to as low as RM4.30 = 1USD, the lowest since The plunge was largely in line with regional currencies but more apparent for the Ringgit due to concerns that the authorities are running out of ammunitions to defend its currency amid shrinking reserves, slumping oil prices, an unexpected Yuan devaluation and a political scandal. Amidst the gloom and worries of a return of some form of capital control and a Ringgit peg, both the Central Bank Governor as well as the Prime Minister reaffirmed Malaysia s commitment not to re-introduce a Ringgit peg nor capital controls. The Government also reaffirmed its view that the current MYR level is not reflective of the country s sound fundamentals which includes sustained positive growth momentum, a diversified economy, continued trade and current account surpluses as well as a healthy and resilient banking system. Bank Negara Malaysia ( BNM ) kept its Overnight Policy Rate ( OPR ) unchanged at 3.25% in its Monetary Policy Committee meeting. BNM reiterated concerns on the heightened downside risk posed by the uncertain external environment as well as domestic developments. Nonetheless, BNM s assessment of domestic growth remains largely unchanged such that it expects growth to stay intact and to range between 4.5% 5.5% this year. 11

12 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Market Review (Cont d) BNM released its Annual Report for 2015, highlighting its expectations of slower domestic growth, which is projected to grow by % in 2016 primarily driven by domestic demand and sustained mainly through private consumption. Meanwhile, inflation is expected to range between % in Separately, it was also the first time BNM released information on the composition of foreign holdings in MGS/GII and the breakdown is as follows: Asset Managers: 44% Central Banks / Governments: 29% Pension Funds: 13% Banks:10% Insurance Companies: 2% Nominees / Custodians: 1% Others: 1% Lastly, S&P affirmed Malaysia s A-/Stable rating premised on its expectations that the 1MDB issues and the upcoming change in BNM leadership will not diminish the effectiveness of policymaking either in the executive branch or at the central bank. S&P also believes the government has taken sufficient offsetting measures to compensate for lost hydrocarbon-related fiscal revenue. In addition, the country s strong external position and fairly diverse economy can absorb some weakness in the oil and gas sector. ~by AmFunds Management Berhad Balanced Plus Market Review Dana Al-Ilham The 2Q2015 continued its positive trend as China and Hong Kong equity markets rallied on the back of the commencement of the Shanghai-Hong Kong Connect, and the People s Bank of China s move to lower the reserve requirement ratio for all banks by 100 basis points. However global markets tumbled by the end of 2Q2015 on the United States (US) growth concerns, amid concerns over a possible Greek exit. Domestically, the FTSE Bursa Malaysia KLCI (FBMKLCI) corrected below the 1,700 points psychological support temporarily on the back of weak corporate results, heightened political concerns, the fear of a Fitch Ratings downgrade, and the weak Malaysian Ringgit (MYR). Big cap utility company, Tenaga Berhad was under selling pressure during the quarter, on speculation of Tenaga taking over 1Malaysia Development Berhad s (1MDB) power assets. However, 2Q2015 closed with some unexpected good news as Fitch Ratings affirmed Malaysia s long-term foreign currency Issuer Default Rating at A- but upgraded the outlook to Stable from Negative. The 3Q2015 started off on fairly firm footing following a resolution to the Greek crisis. However global equity markets corrected sharply mid-3q2015 amid concerns over China s weak economic growth, the Renminbi (RMB) devaluation, tepid global growth, weak commodity prices, and fears of a US Federal interest rate lift-off. Emerging market currencies were much weaker during the quarter, and were further exacerbated by the surprising RMB devaluation in August. Some stability returned to global equity markets by the end of the quarter after the US decided to hold rates steady. The FBMKLCI corrected sharply during the quarter as investors reacted to a confluence of negative factors such as the continued international media reports on 1MDB, increased political uncertainty, weak crude oil prices, weak corporate earnings reporting, threat of US rate hikes, the sudden RMB devaluation, and the sharply lower MYR. The MYR depreciated by 16.5% quarter-on-quarter (q-o-q) against the USD to end the 3Q2015 at RM4.395/USD, levels not seen in more than 17 years since the Asian Financial Crisis of Towards the end of 3Q2015, the FBMKLCI rebounded on the announcement of economic measures by the government which included aims to shore up domestic investments by encouraging government linked companies to repatriate their overseas investments and re-invest locally, and the reactivation of the government equity investment firm ValueCap with an injection of RM20bil, to boost the stock market. The 4Q2015 started off on a positive note with global equities rallying on signs of China s economy stabilizing, better US corporates earnings results and resilient economic data from the Eurozone. The International Monetary Fund s (IMF) board announced that the RMB has been officially approved for inclusion in the Special Drawing Rights (SDR) effective 1 Oct Post the last meeting for the year, the US Federal Open Market Committee (FOMC) announced the long awaited liftoff, with the FOMC unanimously voting to increase the target range for the Fed Funds rate by 25bps (to 0.25%-0.5%). In Malaysia the 2016 budgeted fiscal deficit was revised to 3.1%, only slightly lower than 2015 fiscal deficit of 3.2%, on the back of better than expected GST revenue collection amid declining investment income from Petronas. Investor sentiment improved 12

13 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Market Review (Cont d) with the announcement that 1MDB would sell its power assets under Edra Global Energy Bhd to unlisted China General Nuclear Power Corporation (CGN) for RM9.83bil. However, towards the end of the quarter, the Malaysian equity market corrected amid concerns of the sharply lower crude oil prices and the weaker China economy. The start of 1Q2016 was a very volatile period for global equity markets as investors fretted over the state of the US economy, weak oil prices with seemingly little impact on oil production, and continued concerns over China s stock market rout. China lifted the ruling that regulators put in place in 2015 to now allow shareholders with holdings exceeding 5% and insiders to sell their stakes. China s Securities Regulatory Commission (CSRC) introduced the use of circuit breakers in an attempt to tame the wild gyrations of the market, but had the opposite reaction, resulting in increased selling pressure triggering the circuit breaker many times in the first week of trading, until the CSRC abandoned it four days later. This was further complicated by weakness in the US Dollar as expectations for the US Federal Reserve to continue their hawkish stance diminished significantly early February due to the tighter financial conditions. Given the sharply lower oil prices, the Malaysian government announced a recalibrated Budget 2016 in an effort to maintain fiscal discipline. The 4Q2015 results reporting season ended with consensus adjusting down 2015 earnings to a contraction of 2%-3%, and 2016 EPS is now expected to grow by 5%-6% year-onyear (y-o-y), down from 7%-8% at the beginning of The MYR strengthened from RM4.29/USD at the end of 4Q2015 to RM3.90/USD by end of 1Q2016. Foreign institutional investors were net buy Malaysian equities for the 1Q2016 of RM5.7bil, after six consecutive quarters of net foreign outflow. Crude oil prices also rebounded from the low of USD27.10/bbl in January 2016, to end the quarter at USD38.34/bbl as production from shale oil production in the US started showing signs of declining. The FBM KLCI closed the year under review at 1, points, down 6.18%. The broader FBM Emas (FBMS) Index closed the period under review lower by -5.11%. The MSCI Asia Pacific ex- Japan Index declined by 14.12% in USD terms. ~by Eastspring Investments Berhad CIMB Islamic DALI Equity Growth Fund The FBM Kuala Lumpur Composite Index ( FBMKLCI ) ended March 2016 down 6.2% to end the financial year under review. Malaysia s Gross Domestic Product ( GDP ) expanded 3.0% quarter-over-quarter ( q-o-q ) on 30 June Growth was slightly higher than expected at 4.9% year-over-year ( y-o-y ), however, was pretty much soft across all domestic demand components. The main offset was from net exports due to imports contracting more than exports. June 2015 trade surplus came in at USD2.10 billion, up from USD1.50 billion in May Seasonally adjusted, exports increased 1.9% month-over-month ( m-o-m ) led by a solid 4.8% increase in electronic exports, while imports were down 0.7% m-o-m. When the Malaysian Prime Minister announced plans to inject RM20 billion into the equities market via Value CAP on 14 September 2015, the Index staged a brief rally before giving up most of the gains by month end. There was growing concern of a sharper than expected slowdown in global growth and deflationary pressures as China released weak macro data. The Malaysian Ringgit ( MYR ) hit low of 4.46 on 29 September 2015 before closing at 3.90 to end 31 March Foreign investors unloaded USD7 billion of equities and bonds in 2015 while Malaysia s foreign exchange reserves hit a low of USD94.0 billion in October 2015 before rebounding to USD97.0 billion in March On the whole, 2015 was a washed-out year for investors. Returns from most asset classes were either flat or negative. Global equity returns were negative primarily due to currency effects (USD strength wiped out marginally positive returns from MSCI AC World in local currency terms). Commodities tanked massively for a second year running. Emerging markets had their third successive year of underperformance relative to MSCI World and have now underperformed in 4 of the last 5 years for a cumulative gap of -66% in USD terms. The few winners for the year included Japanese equities (in both local currency and USD terms), onshore Chinese equities, long Growth over Value equities, long oil consumers vs. oil producers, long USD positions against most currencies (Emerging and Developed) and short commodities. CIMB Islamic Sukuk Fund US Treasuries ( UST ) yields at the short-end notably dropped following the Federal Reserve ( Fed ) Chairwoman Janet Yellen s more dovish remarks that emphasized the need for gradualism, and suggested that rate hikes will be slower than what was initially expected during the beginning of Long-end yields jumped across the first half of March 2016, but saw their biggest weekly declines in two months during the last week of March. 13

14 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Market Review (Cont d) Bank Negara Malaysia ( BNM ) kept its Overnight Policy Rate ( OPR ) at 3.25% during the Monetary Policy Committee meeting in May BNM believes the current policy stance is accommodative and supportive of economic activity. Meanwhile, data releases of Malaysian exports and industrial production were below expectations. Exports collapsed into negative territory while industrial production reached a nine month low in April Malaysia s May 2015 Consumer Price Index ( CPI ) accelerated to 2.1% y-o-y due to GST implementation. However, the average CPI remained low at 1.2% for the first five months suggesting modest price pressure. The financial year under review saw S&P re-affirm Malaysia s sovereign rating at A-/Stable; basing their decision on Malaysia s strong external position and monetary flexibility to offset the impact of low oil prices on the fiscal position. ~by CIMB-Principal Asset Management Berhad AmIslamic Growth Fund The market started the year under review on a positive note, following the strong regional performance. Sentiments were also supported by the stabilizing Ringgit and oil prices. But all of the gains were given up towards the end of the April month on the back of heavy profit taking. Equity market consolidated in absence of strong new positive catalysts from still-unresolved Greek debt talks and continuing weak economic data out of China. For the month of April, the FBM Emas Shariah Index eased 0.37% or points to close at 13, points. The negative market sentiments continued in May where the equity market was concerned on the development of 1MDB and poor first quarter 2015 corporate results. However, there was a muted reaction to the 11th Malaysia Plan announcement. Internationally, the equities market was also lower on concerns over Fed tightening despite weak US economic growth during first quarter Besides that, overvaluation of Chinese equities and stalled Greece s talks with its creditors also negatively affected market globally. Hawkish comments from Fed had also impacted Emerging Market currencies as US dollar rebounded. FBM Emas Shariah Index ended the month down 3.8% to close at 12, points, or points lower. Month June was again a very difficult month for Malaysia as both the Malaysian Ringgit and FBM Emas Shariah Index fell sharply due to the concerns over possible Fitch Ratings downgrade of Malaysia by end of June. Malaysian Ringgit also fell by 2% to RM3.74 to 1 USD. The negative sentiments further deteriorated over possible Greek loan default. The weak China economic numbers and sharp fall in Shanghai stock market also contributed to the sharp fall in the index. For the month, the FBM Emas Shariah Index fell 2.92% or points to close at 12, points. Local equity market was under tremendous selling pressure in July due to both negative domestic and international news. The negative news started with sharp drop in Chinese A-share and followed by Greek bailout. The sentiments were further dampened by negative domestic news and the fall in Ringgit to below RM3.80. This has resulted in the FBM Emas Shariah Index fell below the 12,200 points psychological support temporarily. The drop of several senior UMNO leaders in the cabinet reshuffle and the decline in oil prices below US$60/barrel created more uncertainties to the market. For the month, FBM Emas Shariah Index ended 12, points, points or 1.35% higher. The global equity market was beaten down significantly in August and FBM Emas Shariah Index was of no exception, down 7.52% or points in August to close at 11, points. The sell down was led by the devaluation of Chinese currency due to the concerned over weak China export. This has led to the fall in the currencies across the region. Ringgit was also taken a hit and plunged to new 17-year lows against USD. Ringgit was the worst performing currency among Asian countries in August. The fall in oil price to below USD40 per barrel also raised concerns on Malaysia s oil revenue and its ability to sustain GDP above 5%. The regional equity market performance was weak generally in September due to the fear of further weakening in China economy and expectations of US interest hikes. FBM Emas Shariah Index was initially performed in line with weak regional market performance but rebounded strongly on the back of the news that the government would be allocating RM20bn to Value Cap to buy up good value stocks. However, China s weaker-thanexpected September economics numbers give up much of those gains. For the month, the FBM Emas Shariah Index gained 3.89% or points, to close at 11, points. October was a recovery month for Malaysia as the FBM Emas Shariah Index rebounded and managed to stay above the 12,000 support level for a while before profit taking activities pushed it lower during the last week of the month. A hawkish statement from the FOMC after its October meeting, keeping 14

15 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Market Review (Cont d) a possible rate hike in December, undercut the supportive sentiment from China s interest-rate cut and Banks Reserve Requirement cut. The budget is moderately expansionary, with the Federal government continuing its agenda of balancing the capital and people economy. For the month, the FBM SI rose 504 points or 4.24% to close at 12, Malaysian shares were marginally strong in November contributed by the rebound in the Malaysian Ringgit as well as positive sentiments from the sale of Edra power assets to a Chinese consortium. Malaysia s economy expanded 4.7% annually in the third quarter of 2015, a slight moderation from the 4.9% recorded in Q2. Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate (OPR) at 3.25%. The move was expected by the markets and marks the eighth consecutive meeting in which BNM has left the OPR unchanged. For the month of November the FBM Emas Shariah Index was up 0.92% or 114 points to 12, points. The first two weeks of December 2015 saw Malaysian shares fell and the index touched its low of 12, points on 14 December due to concerns over global growth stemming from a sharp slide in oil prices and nervousness ahead of a probable Federal Reserve rate increase. However, equity market found stability after touching its low helped by a rebound in global crude oil prices. Equity market continued its rebound progressively towards the end of the year partly contributed by the relief rally in crude oil and gains on Wall Street. The FBM Emas Shariah Index ended the month up 2.35% to settle at 12, points. positive surprises. A few of construction and property developers announced better results while oil and gas companies which had milder profit declines. Banks as well as plantation companies continued to disappoint. Petronas also announced weak FY15 results and gave a cautious outlook with cuts to capex/opex by RM15-20bn, a 20-30% decline from 2015, in order to weather through this weak oil price environment. The FBM Emas Shariah Index ended the month 1.38% lower. The FBM Emas Shariah Index performed strongly in the month of March in line with the rest of the region as a delay in the Fed Fund rate hike and rebound in oil prices saw funds flowing into emerging markets. The RM strengthened up to the RM3.90 to the USD while the Brent Crude Oil touched $ The construction sector was abuzz with news of contract awards for the MRT and Pan Borneo Highway. The FBM Emas Shariah Index rallied to a high of 12, points and ended the month 2.03% higher. ~by AmIslamic Funds Management Sdn Bhd Going into the New Year, the market succumbed to initial selling pressure due to weak oil price. This has raised concerns over the country s revenue forecasted by the government earlier. Oil price came down to below USD30 per barrel in January. Weak Chinese economic data has also negatively affected sentiment globally which pushed FBM Emas Shariah Index to touch its low of 12, levels. However, the index rebounded post Statutory Reserves Requirements cut towards month-end to close at 12, or -2.97%. February was a month of consolidation for the local bourse as well as regional equity indexes. The FBM Emas Shariah Index traded within 350 points of trading range during the month. The crude oil prices and Ringgit also traded sideways. The December quarter reporting season broadly came in line with beneficiaries of weak Ringgit and cheap crude oil transporters announcing 15

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17 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Outlook

18 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Outlook AmMetLife Takaful Equity Fund, Balanced Fund, Sukuk Fund and Balanced Plus Fund Equity Market Outlook Malaysia While we believe it will be a challenging year in 2016, there are certain bright spots looming in the horizon. We suspect that the Malaysian Ringgit might have found a base unless oil prices weaken further from USD35 USD40 per barrel. Sentiment in the Malaysian Ringgit might improve with: The resolution of issues surrounding 1MDB Sustained current account surplus China s investments into Malaysia Malaysia s economic challenges are numerous and would require fundamental restructuring. Consumer confidence is low and domestic demand growth prospects is not encouraging at the moment due to GST and rising job layoffs. The consumer also faces a period of reduced spending due to high household debts. Coupled with the potential risk of rising sovereign contingent liability realization and reputational damage arising from events surrounding 1MDB, we turn more cautious over the near term. US As we move into 2016, we see a modest global growth of 2.5%, similar to While we believe that there is still positive earnings growth in the US, consensus expectation of 8% might be too optimistic. US non-financial margins have been coming under pressure since mid-2014 as tailwinds from muted wage growth and low interest rates are turning into headwinds, coupled with a strengthening USD. Wage growth has been quite muted in this recovery. However, majority of market observers are suggesting that the economy is moving closer to full capacity (expected at 4 4.5%). With unemployment rate falling towards cycle lows, employment growth of 2% and wage growths rising around 0.5% from its trough towards 2.5%, profit margins are more likely to fall. This would present a challenging environment for earnings growth unless top line growth continues to exceed mid-single digit. Federal Reserve Chair Janet Yellen hiked rates by 25 bps and basically delivered a four-pronged message; The economy is performing well and on the path of sustainable improvement Reasonably confident that inflation will rise over the medium term The pace of future rate increase will be gradual and data dependent (forecasted at 1.375% by end 2016) Emphasized that gradual does not mean mechanical evenly timed, equally sized rate hike Rate hikes are meant to create room for easing into the next recession but not to control inflation as it will be muted. Fundamentally, we believe that rate hikes make little difference to the equity market as the current average debt duration of S&P 500 companies is 9.9 years and 85% of companies have fixed rate debt. It is the emotional aspect of subsequent hikes that will affect equity performance as valuations are rich. Historically, higher rates don t necessarily result in negative equity returns. It depends on valuations and the strength of the economic recovery. We still expect market volatility as investors decide on whether US have entered into a sustained and stable economic recovery, strong enough to maintain earnings growth to justify the rich valuation. Europe We maintain our view to overweight Europe (on a relative basis) based on a growth-policy that is equity supportive. M1 continues to point to resilient economic activities while the composite PMI is healthy at 54.2, despite the tough market environment. While we are aware that valuations have risen and there isn t much room for multiple expansion, earnings outlook from a brighter macro environment provides better upside in the developed market space. Low oil prices, a dovish ECB and a weaker euro will continue to create tailwinds for the economy. The key reason why composite PMI has held up well is because of pent-up domestic demand. Domestic demand has been the major source of growth which has made the region more resilient against external headwinds. Moreover, household savings ratio at 20.4% versus 5.6% in US is already high, therefore consumers theoretically do not need to save the gains from the fall in oil prices. With 75% of lending done via the banking system, the improvement in the credit transmission mechanism has definitely helped the domestic demand recovery. We believe that loan growth should continue and banks risk appetite to lending will improve. 18

19 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Outlook (Cont d) China Growth will continue to face downward pressures going into Despite the rate cut of 150 bps since end 2014, credit growth has been disappointing due to banks cautiousness arising from stressed assets and the crackdown on corruption. Consumer/services sector and disruptive technological sectors have done well while the old economy is facing a value trap. We still expect lower rates to help minimize the downside risk as the government tries to rebalance the economy towards a consumption spending nation. The good news is that November s macro data suggest some stabilization but we await more data points to change our underweight position. Earnings have been downgraded for 2 years in a row, caused by weak energy/material prices, soft retail sales and negative residential sales. We believe that low base effects will kick in for 2016 and growth sectors include IT, financial services, healthcare, environmental plays and property. However, valuations are above mean and hence, there is little room for missteps going forward. Underweight. Sukuk Market Outlook Global bond markets are expected to continue to perform strongly on the back of Janet Yellen s relatively dovish speech where she spelled out what the US Federal Reserve ( Fed ) need to see before conditions are met for future rate hikes. Furthermore, she continues to stress on the Fed s data dependence stance and the importance for interest rates to be raised at a cautious pace. This resulted in a broad strengthening of Emerging Market currencies as well as other risk assets. On the local front, domestic issues that have weighed on the economy over the past year such as the weak Ringgit, soft global commodity prices and declining global oil price has somewhat dissipated amidst expectations of a slower Fed rate hike as well as stabilization in global commodity prices especially crude oil price. ~by AmFunds Management Berhad Balanced Plus Market Outlook Dana Al-Ilham We are expecting global monetary policy to remain in focus in 2016, and markets are likely to remain volatile with investors second guessing the timing of policy events as they did for most of Expectations for the US rate hike in 2016 have been tampered down to either 1-2 hikes in 2H2016 from initially 4 hikes. This could be further complicated by the UK s referendum in June on whether to leave the European Union or not, which polls seem to indicate it is fairly divided. The US Presidential race thus far has surprised investors given Trump s popularity which may have implications on whether the TPPA will be ratified should he be elected President. The robust supply of oil indicates that the recent rally cannot last, but we may have seen the bottom already. Crude palm oil prices have also been boosted due to the El Nino phenomenon s impact on production. On a macro level for Malaysia, we remain relatively cautious as we continue to expect a challenging environment for the Malaysian economy in The strength in the MYR may continue in the short term, but may not be as sustainable with the supply of oil still abundant, and the US still likely to hike rates in the 2H Expect the continued negative international media coverage on Malaysia and 1MDB, together with the public dispute between 1MDB and IPIC will affect investors sentiment. Malaysian corporate results reporting are underway and looks likely to disappoint again, with more downgrades. Despite the potential headwinds and lack of macro catalysts, as usual we would be utilizing any correction in the market as an opportunity to accumulate fundamentally strong stocks on weakness. ~ by Eastspring Investments Berhad CIMB Islamic DALI Equity Growth Fund In March 2016 the FBMKLCI rallied 3.8% to close at 1, points on the back of higher oil prices, stronger Ringgit and increasing investor optimism that the Federal Reserve may delay its future Fed Funds rate hike. The confluence of these positive macro factors led to an RM6.1 billion net foreign equity inflow into the Malaysian market. While earnings momentum remains negative, the downgrade momentum at -0.4% remains less than our regional peers. In the short term, we believe that the FBMKLCI should have a positive bias based on the following: Capital flows will continue to seek refuge in defensive higher yielding countries like Malaysia, especially in an environment where negative yields persist in the EU and Japan 2) Earnings momentum, although negative, is bottoming and expectations are more realistic than a year ago. 3) Malaysia is cheap from a USD perspective based on price to book (1.7x currently vs. 5-year-average at 2.1x). 19

20 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Outlook (Cont d) CIMB Islamic Sukuk Fund Malaysia domestic bond yields have rallied YTD as of March 2016, and seem to have bottomed. As a result, credit spreads tightened with strong buying interest targeting the longer dated bonds. There remains no change to the interest rate outlook for Malaysia after BNM reiterated that the current monetary policy remains accommodative on the back of steady domestic growth. The Malaysian domestic market expects to stay range bound due to the uncertainty of timing of Fed s rate hike as well as waiting for new catalyst to drive the market. Corporate bond supply is expected to be low this year as issuers have not taken the opportunity to issue bonds in a low interest rate environment due to growth concerns. Thus, we expect market players to generally remain bullish in the fixed income market due to bond supply and demand mismatch. Preference for corporate debt continues as market players target higher yielding corporate bonds as alternatives to sovereign bonds. AmIslamic Growth Fund Malaysia s economic challenges are numerous and would require fundamental restructuring. Consumer confidence is low and domestic demand growth prospects is not encouraging at the moment due to GST and rising job layoffs. The consumer also faces a period of reduced spending due to the high household debt. Coupled with the potential risk of rising contingent liability realization and reputational damage arising from events surrounding 1MDB, we turn more cautious over the near term. At the time of writing (FTSE KLCI 1700), the upside is capped at 1750 (+2 SD above mean) while the downside is at 1642/1610 (-1 SD and -2 SD below mean respectively) ~ by AmIslamic Funds Management Sdn Bhd ~ by CIMB-Principal Asset Management Berhad 20

21 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Strategy

22 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Investment Strategy AmMetLife Takaful Equity Fund, Balanced Fund, Sukuk Fund and Balanced Plus Fund Equity Investment Strategy While valuation for Malaysia isn t steep, it is premised on a 5% earnings growth. The reporting season has highlighted more disappointments, with cautious guidance given by the corporates. Despite this, it should be noted that foreign equity ownership is still relatively low, whilst earnings expectations for 2016 remains low. A defensive posturing for yield and selective trading would be the theme for 2016, as it is believed the market will be range bound. There are no clear sector winners and it would be a stock pickers market, as investors look for more clarity as we head into Sukuk Investment Strategy The current backdrop is expected to sustain in the near term with market expecting the Ringgit to hover around to the US Dollar. The overall improvement in risk sentiment is expected to benefit the local bond market with yields having declined significantly across the board over the past two weeks. With the domestic economy expected to grow at a slower pace of % in 2016 coupled with expectations of well contained inflationary environment, BNM is expected to maintain its current accommodative monetary policy stance. Given as such, the Overnight Policy Rate ( OPR ) is likely to remain at its current rate of 3.25% for Nevertheless, should the domestic economic activity and external growth outlook deteriorate significantly and more than expected, then we believe there is room for BNM to cut the OPR to support domestic growth. ~by AmFunds Management Berhad Balanced Plus Investment Strategy Dana Al-Ilham We prefer value and income stocks for now until we see better visibility and catalysts for the equity market. We remain focus on stock selection and favor companies with healthy balance sheets, good market positioning, decent earnings growth and are trading at attractive valuations. CIMB Islamic DALI Equity Growth Fund In terms of strategy, we believe large caps currently offer more value than small caps. Hence, we have recently raised our equity allocation to 85-95% (from 80-90%) and beta to (from ) to ride the beta rally. As large cap Banks now offer relative value vs. other sectors, we have upgraded banks from underweight to neutral. We also maintain our overweight in Construction. CIMB Islamic Sukuk Fund The new governor will have an influence on whether BNM will cut the OPR. However, we believe BNM may first opt to cut the Statutory Reserve Requirement further to provide liquidity in the financial markets and thereby support the local sukuk market. At current levels, Government Investment Issues ( GIIs ) are dealing below its 3 year average. As such, we prefer to switch to corporate sukuks as the credit spreads are more attractive, and target selective buying of GIIs on market dips. We remain selective buying MGS / GII on the back of potential monetary easing and strong institutional support. We prefer the long-end of MGS / GII sovereign yields as they are relatively attractive compared to the short-end. Primary issuances will be our main focus for credit which offers higher yields. We will also continue to invest into lower rated new corporate bond issuances for yield enhancement but remain selective as downgrades and defaults on credits are expected to rise in the near term. For the credit market, we have a preference for medium to long duration of AAA / AA rated sukuk issues due to the better yields, and aim to extend the portfolio s duration within 1.05x to 1.20x of the benchmark duration. ~ by CIMB-Principal Asset Management Berhad AmIslamic Growth Fund There are no clear sector winners and it would be a stock pickers market. The positive aspect is that earnings expectation is low for 2016 and we need to wait for more clarity with regards to the 2017 outlook. ~ by AmIslamic Funds Management Sdn Bhd ~ by Eastspring Investments Berhad 22

23 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Fund Performance

24 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Fund Performance AmMetLife Takaful Equity Fund Since Inception Performance AmMetLife Takaful Equity Fund vs Benchmark Performance since 19 March March AmMetLife Takaful Equity FBM Hijrah Shariah Performance (%) Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Month Full Year Performance AmMetLife Takaful Equity Fund vs Benchmark Performance since 1 April March AmMetLife Takaful Equity FBM Hijrah Shariah Performance (%) Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Month Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 24

25 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Fund Performance (Cont d) AmMetLife Takaful Sukuk Fund Since Inception Performance AmMetLife Takaful Sukuk Fund vs Benchmark Performance since 19 March March AmMetLife Takaful Sukuk MBB (GIA) 12mth Performance (%) Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Month Full Year Performance AmMetLife Takaful Sukuk Fund vs Benchmark Performance since 1 April March AmMetLife Takaful Sukuk MBB (GIA) 12mth Performance (%) Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Month Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 25

26 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Fund Performance (Cont d) AmMetLife Takaful Balanced Fund Since Inception Performance AmMetLife Takaful Balanced Fund vs Benchmark Performance since 19 March March AmMetLife Takaful Balanced 60% FBM Hijrah & 40% MBB (GIA) 12mth Performance (%) Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Month Full Year Performance AmMetLife Takaful Balanced Fund vs Benchmark Performance since 1 April March AmMetLife Takaful Balanced 60% FBM Hijrah & 40% MBB (GIA) 12mth Performance (%) Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Month Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 26

27 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Fund Performance (Cont d) AmMetLife Takaful Balanced Plus Fund Since Inception Performance AmMetLife Takaful Balanced Plus Fund vs Benchmark Performance since 1 October March Performance (%) AmMetLife Takaful Balanced Plus 50% FBM Hijrah & 50% Maybank 12 Months GIA Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Month Full Year Performance AmMetLife Takaful Balanced Plus Fund vs Benchmark Performance since 1 April March AmMetLife Takaful Balanced Plus 50% FBM Hijrah & 50% Maybank 12 Months GIA Performance (%) Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Month Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 27

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29 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Sectoral and Category Breakdown

30 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Sectoral and Category Breakdown AmMetLife Takaful Equity Fund Details of portfolio composition of as at 31 March 2016 are as follows: FY 2016 FY 2015 FY 2014 FY 2013 % % % % Construction Industrial products Infrastructure Plantations Properties Technology Trading/Services Special Investment Account/Cash AmMetLife Takaful Sukuk Fund Details of portfolio composition of as at 31 March 2016 are as follows: FY 2016 FY 2015 FY 2014 FY 2013 % % % % Corporate debt securities Special Investment Account/Cash AmMetLife Takaful Balanced Fund Details of portfolio composition of as at 31 March 2016 are as follows: FY 2016 FY 2015 FY 2014 FY 2013 % % % % Construction Industrial products Infrastructure Plantations Properties Technology Trading/Services Corporate debt securities Special Investment Account/Cash

31 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Sectoral and Category Breakdown (Cont d) AmMetLife Takaful Balanced Plus Fund Details of portfolio composition of as at 31 March 2016 are as follows: FY 2016 FY 2015 FY 2014 % % % Malaysia Unit Trust Special Investment Account/Cash Malaysian Unit Trust - CIMB Islamic DALI Equity Growth Fund FY 2016 FY 2015 FY 2014 % % % Construction Consumer Finance Industrials IPC Plantations Properties REITS 0.71 Sukuk Technology Trading/Services Cash ** Note: Source of Malaysian Unit Trust sector allocation from CIMB Principal Asset Management Malaysian Unit Trust - CIMB Islamic Sukuk Fund FY 2016 FY 2015 FY 2014 % % % Sukuk Cash ** Note: Source of Malaysian Unit Trust sector allocation from CIMB Principal Asset Management

32 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Sectoral and Category Breakdown (Cont d) Malaysian Unit Trust - Eastspring Investments Dana al-ilham FY 2016 FY 2015 FY 2014 % % % Automotive Banking & Finance Cash & cash equivalents Conglomerate Construction Consumer Health Care Manufacturing Oil & Gas Plantation / Natural Resources Power / Utilities Property Technology Telecommunication Transportation ** Note: Source of Malaysian Unit Trust sector allocation from Eastspring Investment Malaysian Unit Trust - AmIslamic Growth FY 2016 FY 2015 FY 2014 % % % Construction Finance 6.70 Industrial Infrastructure Plantations Properties Technology Trading/Services Cash and other investments ** Note: Source of Malaysian Unit Trust sector allocation from AmInvest

33 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Comparative Performance Table

34 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Comparative Performance Table Fund Performance as at 31 March Year 3 Years 5 Years Since Launch Average Compounded Annual Return (%) Annual Return (%) AmMetLife Takaful Equity Fund (1.28) AmMetLife Takaful Sukuk Fund AmMetLife Takaful Balanced Fund (0.86) AmMetLife Takaful Balanced Plus Fund

35 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Net Asset Value, Number of Units and Unit Price As at 31 March 2016 AmMetLife Takaful Equity Fund Performance details of the Fund for the financial years ended 31 March 2016 are as follows: FY 2016 FY 2015 FY 2014 FY 2013 Unit Prices (RM) Highest NAV per unit for the year Lowest NAV per unit for the year Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million) UIC (in million) NAV per unit (RM) Total Return for the Year (%) Total Return 1 (1.28) Capital growth (1.28) Income distributions * Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees AmMetLife Takaful Sukuk Fund Performance details of the Fund for the financial years ended 31 March 2016 are as follows: FY 2016 FY 2015 FY 2014 FY 2013 Unit Prices (RM) Highest NAV per unit for the year Lowest NAV per unit for the year Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million) UIC (in million) NAV per unit (RM) Total Return for the Year (%) Total Return (1.30) 4.46 Capital growth (1.30) 4.46 Income distributions * Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees 35

36 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Net Asset Value, Number of Units and Unit Prices (Cont d) As at 31 March 2016 AmMetLife Takaful Balanced Fund Performance details of the Fund for the financial years ended 31 March 2016 are as follows: FY 2016 FY 2015 FY 2014 FY 2013 Unit Prices (RM) Highest NAV per unit for the year Lowest NAV per unit for the year Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million) UIC (in million) NAV per unit (RM) Total Return for the Year (%) Total Return 1 (0.86) vbv Capital growth (0.86) Income distributions * Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees AmMetLife Takaful Balanced Plus Fund Performance details of the Fund for the financial years ended 31 March 2016 are as follows: FY 2016 FY 2015 FY 2014 Unit Prices (RM) Highest NAV per unit for the year Lowest NAV per unit for the year Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year* Total NAV (RM million) UIC (in million) NAV per unit (RM) Total Return for the Year (%) Total Return Capital growth Income distributions * Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees 36

37 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Statement by The Manager 38 Independent Auditors Report 39 Statements of Income and Expenditure 40 Statements of Assets and Liabilities 42 Statements of Changes in Net Asset Value 44 Notes to The Financial Information 45

38 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Statement by The Manager In the opinion of the Manager, the accompanying financial information of the Investment-linked Funds of AmMetLife Takaful Berhad comprising the AmMetLife Takaful Equity Fund, AmMetLife Takaful Sukuk Fund, AmMetLife Takaful Balanced Fund and AmMetLife Takaful Balanced Plus Fund set out on pages 40 to 56 have been prepared in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful Business (BNM/RH/GL ) issued by Bank Negara Malaysia. On behalf of AmMetLife Takaful Berhad Mohamad Salihuddin Bin Ahmad Kuala Lumpur, Malaysia 14 June

39 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Independent Auditors Report Report on the financial statements We have audited the financial information of the investment-linked funds of AmMetLife Takaful Berhad ( the Manager ) ( the Funds ) which comprise the statements of assets and liabilities as at 31 March 2016 of AmMetLife Takaful Equity Fund, AmMetLife Takaful Sukuk Fund, AmMetLife Takaful Balanced Fund and AmMetLife Takaful Balanced Plus Fund and the statements of income and expenditure and statements of changes in net asset value for the year ended 31 March 2016 of the Funds and a summary of significant accounting policies and other explanatory information, as set out on pages 40 to 56. Directors responsibility for the financial statements The directors of the Manager are responsible for the preparation of the financial information in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara Malaysia, and for such internal control as the directors determine are necessary to enable the preparation of financial information that are free from material misstatement, whether due to fraud or error. Auditors responsibility Our responsibility is to express an opinion on the financial information based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial information are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial information, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Fund s preparation of the financial information in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara Malaysia in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial information. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial information have been prepared, in all material respects, in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara Malaysia. Other matters This report is made solely to the unit holders of the Funds, as a body, in accordance with the Guidelines on Investment-linked Insurance/ Takaful Business issued by Bank Negara Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report. Ernst & Young AF: 0039 Chartered Accountants Brandon Bruce Sta Maria No. 2937/09/17 (J) Chartered Accountant Kuala Lumpur, Malaysia 14 June

40 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Statements of Income and Expenditure For The Financial Year Ended 31 March April 2015 to 31 March 2016 AmMetLife AmMetLife AmMetLife AmMetLife Takaful Takaful Takaful Takaful Equity Fund Sukuk Fund Balanced Balanced Fund Plus Fund RM RM RM RM Net investment income: Profit from deposit with Islamic financial institutions 21,529 13,096 58,459 11,066 Profit from corporate debt securities 196,181 29,240 Distribution from unit trusts 29,005 Dividend income 202, ,656 29, , , ,355 69,458 Gain on disposal of investments 471,244 12, ,250 1,848 Total income 695, , ,605 71,306 Loss on disposal of investments (346,897) (233,707) (220) Unrealised capital loss of investments (302,142) (33,062) (245,052) (36,028) Management expenses (132,754) (49,600) (119,996) (5,291) Total outgo (781,793) (82,662) (598,755) (41,539) Excess of (loss)/income over outgo before taxation (86,384) 139,003 (62,150) 29,767 Taxation 12,501 (15,421) 8, Net (loss)/income for the year (73,883) 123,582 (53,735) 30,062 Distributable income brought forward 1,522, ,002 1,360,250 68,580 Distributable income carried forward 1,448, ,584 1,306,515 98,642 Analysis of income after taxation Net realised gain 228, , ,317 66,090 Net unrealised (loss) (302,142) (33,062) (245,052) (36,028) (73,883) 123,582 (53,735) 30,062 The accompanying notes form an integral part of the financial information 40

41 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Statements of Income and Expenditure For The Financial Year Ended 31 March 2016 (Cont d) 1 April 2014 to 31 March 2015 AmMetLife AmMetLife AmMetLife AmMetLife Takaful Takaful Takaful Takaful Equity Fund Sukuk Fund Balanced Balanced Fund Plus Fund RM RM RM RM Net investment income: Profit from deposit with Islamic financial institutions 33,352 35,050 52,487 6,080 Profit from corporate debt securities 149,267 36,330 Distribution from unit trusts 40,619 Dividend income 138, ,701 8, , , ,518 55,652 Gain on disposal of investments 565,315 11, ,169 Unrealised capital gain of investments 124,384 14,666 Total income 737, , ,687 70,318 Loss on disposal of investments (153,291) (47,881) (108,311) Unrealised capital loss of investments (243,365) (319,384) Management expenses (104,859) (47,673) (106,674) (3,560) Total outgo (501,515) (95,554) (534,369) (3,560) Excess of income over outgo before taxation 235, , ,318 66,758 Taxation (16,161) (19,542) (16,742) (2,376) Net income for the year 219, , ,576 64,382 Distributable income brought forward 1,303,042 81,524 1,134,674 4,198 Distributable income carried forward 1,522, ,002 1,360,250 68,580 Analysis of income after taxation Net realised gain 463,060 81, ,960 49,716 Net unrealised (loss)/gain (243,365) 124,384 (319,384) 14, , , ,576 64,382 The accompanying notes form an integral part of the financial information 41

42 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Statements of Assets and Liabilities As at 31 March AmMetLife AmMetLife AmMetLife AmMetLife Takaful Takaful Takaful Takaful Equity Fund Sukuk Fund Balanced Balanced Fund Plus Fund Note RM RM RM RM Assets Investments 3 Fair value through profit or loss ( FVTPL ): Shariah approved equities 8,491,053 4,669,926 Unit Trust Fund 2,016,416 Corporate debt securities 4,217, ,758 Deferred tax assets 3,030 1,371 Tax recoverable 129 Other receivables 5,729 59,642 9,219 Cash and cash equivalents 765, ,907 2,787, ,112 Total assets 9,262,580 4,616,468 8,065,806 2,443,028 Liabilities Provision for taxation 11,670 17,733 11,360 3,367 Deferred tax liabilities 48,171 35,318 Other payables 60,611 39,272 51, ,632 Total liabilities 120,452 57,005 97, ,999 Net asset value of funds ( NAV ) 9,142,128 4,559,463 7,967,862 2,307,029 Equity Unitholders capital 7,693,274 4,148,879 6,661,347 2,208,387 Undistributed income 1,448, ,584 1,306,515 98,642 Unitholders account 9,142,128 4,559,463 7,967,862 2,307,029 Units in circulation 13,839,948 8,196,801 12,610,391 4,257,594 NAV per unit The accompanying notes form an integral part of the financial information 42

43 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Statements of Assets and Liabilities As at 31 March 2016 (Cont d) 2015 AmMetLife AmMetLife AmMetLife AmMetLife Takaful Takaful Takaful Takaful Equity Fund Sukuk Fund Balanced Balanced Fund Plus Fund Note RM RM RM RM Assets Investments 3 Fair value through profit or loss ( FVTPL ): Shariah approved equities 6,477,041 4,601,274 Unit Trust Fund 1,537,084 Corporate debt securities 4,132, ,346 Loans and receivables ( LAR ) Islamic investment account 298,000 2,267,000 Deferred tax assets 426 Tax recoverable 2,580 1, Other receivables 294,521 59, , ,796 Cash and cash equivalents 933,986 1,086 2,717 90,896 Total assets 7,708,128 4,490,797 7,694,559 1,816,869 Liabilities Provision for taxation 46,165 15,719 48,260 1,291 Deferred tax liabilities 72,342 54,923 1,512 Other payables 14,795 16,488 14, Total liabilities 133,302 32, ,634 3,237 Net asset value of funds ( NAV ) 7,574,826 4,458,590 7,576,925 1,813,632 Equity Unitholders capital 6,052,089 4,171,588 6,216,675 1,745,052 Undistributed income 1,522, ,002 1,360,250 68,580 Unitholders account 7,574,826 4,458,590 7,576,925 1,813,632 Units in circulation 11,277,166 8,227,758 11,844,558 3,357,424 NAV per unit The accompanying notes form an integral part of the financial information 43

44 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Statements of Changes in Net Asset Value For The Financial Year Ended 31 March AmMetLife AmMetLife AmMetLife AmMetLife Takaful Takaful Takaful Takaful Equity Fund Sukuk Fund Balanced Balanced Fund Plus Fund RM RM RM RM Net asset value at the beginning of the year 7,574,826 4,458,590 7,576,925 1,813,632 Amount received from units created 2,363, ,380 1,343, ,813 Amount paid for units cancelled (722,480) (289,089) (898,727) (489,479) Net (loss)/income for the year (73,883) 123,582 (53,735) 30,062 Net asset value at end of the year 9,142,128 4,559,463 7,967,862 2,307, AmMetLife AmMetLife AmMetLife AmMetLife Takaful Takaful Takaful Takaful Equity Fund Sukuk Fund Balanced Balanced Fund Plus Fund RM RM RM RM Net asset value at the beginning of the year 6,181,971 3,858,411 6,874, ,042 Amount received from units created 1,565, ,723 1,120,100 1,242,516 Amount paid for units cancelled (392,754) (261,022) (643,546) (274,307) Net income for the year 219, , ,576 64,382 Net asset value at end of the year 7,574,826 4,458,590 7,576,925 1,813,632 The accompanying notes form an integral part of the financial information. 44

45 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information 1. The manager and its principal activities The investment-linked funds of AmMetLife Takaful Berhad ( the Manager ) comprise the AmMetLife Takaful Equity Fund, AmMetLife Takaful Sukuk Fund, AmMetLife Takaful Balanced Fund and AmMetLife Takaful Balanced Plus Fund (collectively known to as the Funds ). The Manager is a public limited liability company incorporated under the Companies Act 1965 and is licensed under the Islamic Financial Services Act, 2013 to carry out its principal activities. It is domiciled in Malaysia. The registered office and principal place of business of the Company are located at 22nd Floor, Bangunan AmBank Group, No. 55 Jalan Raja Chulan, Kuala Lumpur and Level 23, Menara 1 Sentrum, No 201, Jalan Tun Sambanthan, Kuala Lumpur respectively. Its principal activities of the Manager are that of managing family takaful business including group takaful and investment-linked business. There have been no significant changes in the nature of the principal activities of the Manager. The Fund s activities are conducted strictly in accordance with the requirements of the Shariah principles and monitored by the Shariah Committee of the Manager. The financial information were authorised for issue by the Board of Directors of the Manager in accordance with a resolution of the directors on 14 June Significant accounting policies 2.1 Basis of preparation The financial information of the Funds have been prepared in accordance with the accounting policies described in Note 2.2 to the financial information and the Guidelines on Investment- linked Insurance/Takaful Business (BN85M/RH/GL ) issued by Bank Negara Malaysia. The financial information have been prepared under the historical cost convention except as disclosed in the significant accounting policies in Note 2.2 to the financial information. The financial information are presented in Ringgit Malaysia (RM). 2.2 Summary of significant accounting policies (a) Revenue recognition Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the funds and the amount of the revenue can be measured reliably. (i) (ii) (iii) Profit income is recognised on an accrual basis. Dividend income is recognised on a declared basis when the right to receive payment is established. Realised gains or losses on disposal of investments is recognised in the statements of income and expenditure as the difference between the net disposal proceeds and the carrying amount of the investments. (b) Management Fee Management fee is charged based on the Funds daily net asset value, at the following rates: AmMetLife Takaful Equity Fund 1.50% p.a. AmMetLife Takaful Sukuk Fund 1.00% p.a AmMetLife Takaful Balanced Fund 1.50% p.a. AmMetLife Takaful Balanced Plus Fund 1.50% p.a. (c) Taxation Income tax on profit or loss comprises current and deferred tax. Current tax is the expected amount of income earned taxes payable in respect of the taxable income earned for the year and is measured using the tax rates that have been enacted at the date of the statement of assets and liabilities. 45

46 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) Deferred tax is provided for using the liability method. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. Deffered tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on the tax rates that have been enacted or substantively enacted at the the date of statements of assets and liabilities. Deffered tax is recognised as income or an expense in the statements of income and expenditure, except when it arise from a transaction which is recognised directly in unitholders capital, in which case, the deferred tax is also recognised in unitholders capital. (d) Investments financial assets Investments are recognised in the statements of assets and liabilities when the Funds have become a party to the contractual provisions of the financial assets. A financial asset is recognised initially, at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. The Funds classify the investments into financial assets at fair value through profit or loss ( FVTPL ) and loans and receivables ( LAR ). (i) (ii) Financial assets at FVTPL Subsequent to the initial recognition, financial asset at FVTPL are re-measured at fair value. Fair value adjustments and realised gain/losses due to the de-recognition are recognised in the statements of income and expenditure. Transaction costs in respect of financial assets at FVTPL are expensed as they are incurred. Loans and receivables ( LAR ) Financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, the loans and receivables are measured at amortised cost using the effective profit rate method. Gains and losses are recognised in the statements of income and expenditure when the loans and receivables are derecognised or impaired, and through the amortisation process. (e) Financial liabilities at amortised cost Financial liabilities of the Funds, that are not designated at fair value through profit or loss, are classified as financial liabilities at amortised cost, where the substance of the contractual arrangement results in the Funds having an obligation either to deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Funds equity instruments. After initial measurement, these financial investments are subsequently measured at amortised cost using the effective profit rate method. Amortised cost is calculated by taking into account any discount or premium on the issue and costs that are an integral part of the effective profit rate method. (f) Derecognition of financial assets and financial liabilities (i) Financial assets A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised when: The rights to receive cash flows from the asset have expired; The Funds have transferred its rights to receive cash flows from the asset or have assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass through arrangement; and 46

47 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) eith er: The Funds have transferred substantially all the risks and rewards of the asset, or The Funds have neither transferred nor retained substantially all the risks and rewards of the asset, but have transferred control of the asset. When the Funds have transferred their rights to receive cash flows from an asset or have entered into a pass-through arrangement, and have neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Funds continuing involvement in the asset. In that case, the Funds also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Funds have retained. (ii) Financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the carrying value of the original financial liability and the consideration paid is recognised in profit or loss. (g) Determination of fair value The fair value for financial instruments traded in active markets at reporting date is based on their quoted market price or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined by using appropriate valuation techniques. Valuation techniques include the discounted cash flow method, comparison to similar instruments for which market observable prices exist, option pricing models, credit models and other relevant valuation models. (h) Impairment of financial assets The Funds assess at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred loss event ) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. 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, the previously recognised impairment loss is reversed. Any subsequent reversal of an impairment loss is recognised in the profit or loss, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. (i) Cash and cash equivalents Cash and cash equivalents consists of cash at bank. It excludes deposits with which are held for investment purpose. 47

48 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) 3. Investments (i) AmMetLife Takaful Equity Fund The composition, costs and fair values of the investments in Malaysia as at 31 March 2016 are as detailed below. (a) FVTPL Quoted shariah approved equities 2016 Fair value No. of units Cost Fair value as % of NAV RM RM Construction Gamuda Berhad 66, , , % Gamuda - Warrant exp 06/03/ ,050 2,763 12, % Hock Seng Lee Berhad 100, , , % IJM Corporation Berhad 109, , , % Ikhmas Jaya Group Berhad 283, , , % Industrial Hume Industries Berhad 60, , , % Kossan Rubber Industries Berhad 20, , , % Lafarge Malayan Cement Berhad 13, , , % Petronas Chemicals Group Berhad 40, , , % Petronas Gas Berhad 19, , , % SKP Resources Berhad 185, , , % Top Glove Corporation Berhad 34, , , % V.S Industry Berhad 192, , , % Infrastructure Project Company Digi.Com Berhad 72, , , % Plantations Genting Plantations Berhad 19, , , % Kuala Lumpur Kepong Berhad 18, , , % Properties Matrix Concepts Holdings Berhad 34,400 82,015 85, % Technology Inari Amertron Berhad 55, , , % Prestariang Berhad 78, , , % Trading/Services Axiata Group Berhad 62, , , % Berjaya Auto Berhad 85, , , % Dialog Group Berhad 190, , , % IHH Healthcare Berhad 69, , , % Malakoff Corporation Berhad 114, , , % Maxis Berhad 36, , , % MISC Berhad 20, , , % Sapurakencana Petroleum Berhad 45,000 89,454 83, % SIME Darby Berhad 78, , , % Telekom Malaysia Berhad 60, , , % Tenaga Nasional Berhad 64, , , % Westports Holdings Berhad 34, , , % 2,279,045 7,888,920 8,491, % 48

49 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) (i) AmMetLife Takaful Equity Fund (Cont d) The composition, costs and fair values of the investments in Malaysia as at 31 March 2015 are as detailed below: (a) FVTPL Quoted shariah approved equities 2015 Fair value No. of units Cost Fair value as % of NAV RM RM Construction Gamuda Berhad 54, , , % Hock Seng Lee Berhad 100, , , % IJM Corporation Berhad 54, , , % Industrial Hartalega Holding Berhad 7,200 61,107 62, % Hume Industries Berhad 16,800 72,789 59, % Petronas Gas Berhad 13, , , % Infrastructure Project Company Digi.Com Berhad 68, , , % Plantations Kuala Lumpur Kepong Berhad 9, , , % Sarawak Oil Palms Berhad 13,600 78,537 69, % Properties Eco World Development Group 80, , , % Eco World Development Group - Warrant 21,440 6, % Matrix Concepts Holdings Berhad 30,500 85,299 85, % Technology Globetronics Technology Berhad 31, , , % Vitrox Corp Berhad 25,800 65,220 84, % Trading/Services Axiata Group Berhad 79, , , % Berjaya Auto Berhad 35, , , % Dayang Enterprise Holdings Berhad 17,500 55,822 40, % Dialog Group Berhad 190, , , % IHH Healthcare Berhad 71, , , % Maxis Berhad 40, , , % MBM Resources Berhad 18,000 57,637 59, % MISC Berhad 32, , , % MY EG Services Berhad 47,200 87, , % SIME Darby Berhad 37, , , % Telekom Malaysia Berhad 64, , , % Tenaga Nasional Berhad 49, , , % UZMA Berhad 34,000 72,696 70, % Westports Holdings Berhad 40, , , % 1,286,485 5,572,763 6,477, % 49

50 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) (ii) AmMetLife Takaful Sukuk Fund The composition, costs and fair values of the investments in Malaysia as at 31 March 2016 are as detailed below: (a) FVTPL Unquoted Islamic corporate debt securities: 2016 Fair value No. of units Cost Fair value as % of NAV RM RM Encorp Systembilt Sdn Bhd due 16/11/ , , , % Mudajaya due 23/01/ , , , % UEM Sunrise Berhad due 30/06/ , , , % BGSM Management Sdn Bhd due 24/12/ , , , % IJM Corporation Berhad due 09/04/ , , , % WCT Holdings Berhad due 23/10/ , , , % First Resources Limited due 27/10/ , , , % Bumitama Agri Ltd due 02/09/ , , , % Teknologi Tenaga Perlis Consortium due 31/07/ , , , % Encorp Systembilt Sdn Bhd due 18/11/ , , , % Sarawak Energy Berhad due 19/01/ , , , % Tanjung Bin Energy Issuer Berhad due 15/03/ , , , % Benih Restu Berhad due 05/06/ , , , % Malaysia Building Society Berhad due 10/12/ , , , % Jimah East Power Sdn Bhd due 03/12/ , , , % 4,200,000 4,255,764 4,217, % 50

51 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) (ii) AmMetLife Takaful Sukuk Fund (Cont d) The composition, costs and fair values of the investments in Malaysia as at 31 March 2015 are as detailed below: (a) FVTPL Unquoted Islamic corporate debt securities: 2015 Fair value No. of units Cost Fair value as % of NAV RM RM Encorp Systembilt Sdn Bhd due 16/11/ , , , % Mudajaya due 23/01/ , , , % UEM Sunrise Berhad due 30/06/ , , , % BGSM Management Sdn Bhd due 24/12/ , , , % IJM Corporation Berhad due 09/04/ , , , % WCT Holdings Berhad due 23/10/ , , , % First Resources Limited due 27/10/ , , , % Bumitama Agri Ltd due 02/09/ , , , % Teknologi Tenaga Perlis Consortium due 31/07/ , , , % 4,100,000 4,137,520 4,132, % 2015 Cost RM Carrying value as % of NAV (b) LAR Islamic investment account: AmIslamic Bank Berhad 298, % 51

52 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) (iii) AmMetLife Takaful Balanced Fund The composition, costs and fair values of the investments in Malaysia as at 31 March 2016 are as detailed below: (a) FVTPL Quoted shariah approved equities: 2016 Fair value No. of units Cost Fair value as % of NAV RM RM Construction Gamuda Berhad 34, , , % Gamuda - Warrant exp 06/03/2021 5,666 1,417 6, % Hock Seng Lee Berhad 75, , , % IJM Corporation Berhad 60, , , % Ikhmas Jaya Group Berhad 154, , , % Industrial Hume Industries Berhad 26,500 89,588 86, % Kossan Rubber Industries Berhad 12,000 82,235 72, % Lafarge Malayan Cement Berhad 5,500 49,945 49, % Petronas Chemicals Group Berhad 17, , , % Petronas Gas Berhad 11, , , % SKP Resources Berhad 98, , , % Top Glove Corporation Berhad 14,200 81,009 71, % V.S Industry Berhad 97, , , % Infrastructure Project Company Digi.Com Berhad 23, , , % Plantations Genting Plantations Berhad 11, , , % Kuala Lumpur Kepong Berhad 9, , , % Properties Matrix Concepts Holdings Berhad 20,000 47,731 49, % Technology Inari Amertron Berhad 24,250 76,770 78, % Prestariang Berhad 41, , , % Trading/Services Axiata Group Berhad 27, , , % Berjaya Auto Berhad 37,000 78,009 80, % Dialog Group Berhad 151, , , % IHH Healthcare Berhad 31, , , % Malakoff Corporation Berhad 37,300 60,666 59, % Maxis Berhad 19, , , % MISC Berhad 9,000 67,025 80, % Sapurakencana Petroleum Berhad 30,000 59,636 55, % SIME Darby Berhad 42, , , % Telekom Malaysia Berhad 43, , , % Tenaga Nasional Berhad 55, , , % 1,228,061 4,207,043 4,669, % 52

53 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) The composition, costs and fair values of the investments in Malaysia as at 31 March 2015 are as detailed below: (iii) AmMetLife Takaful Balanced Fund (Cont d) 2016 Fair value No. of units Cost Fair value as % of NAV RM RM (a) FVTPL (Cont d) Unquoted corporate bonds: Projek Lebuhraya Usahasama Berhad due 12/01/ , , , % 600, , , % 1,828,061 4,827,203 5,268, % 53

54 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) (iii) AmMetLife Takaful Balanced Fund (Cont d) The composition, costs and fair values of the investments in Malaysia as at 31 March 2015 are as detailed below: (a) FVTPL Quoted shariah approved equities: 2015 Fair value No. of units Cost Fair value as % of NAV RM RM Construction Gamuda Berhad 34, , , % Hock Seng Lee Berhad 75, , , % IJM Corporation Berhad 30, , , % Industrial Hartalega Holding Berhad 4,200 35,646 36, % Hume Industries Berhad 11,100 48,127 39, % Petronas Gas Berhad 8, , , % Infrastructure Project Company Digi.Com Berhad 43, , , % Plantations Kuala Lumpur Kepong Berhad 5, , , % Sarawak Oil Palms Berhad 8,000 46,198 40, % Properties Eco World Development Group 53, ,995 99, % Eco World Development Group - Warrant 14,320 4, % Matrix Concepts Holdings Berhad 20,000 55,934 56, % Technology Globetronics Technology Berhad 11,300 54,169 59, % Vitrox Corp Berhad 15,000 37,777 49, % Trading/Services Axiata Group Berhad 48, , , % Berjaya Auto Berhad 24,000 77,815 90, % Dayang Enterprise Holdings Berhad 15,000 47,811 34, % Dialog Group Berhad 151, , , % IHH Healthcare Berhad 44, , , % Maxis Berhad 50, , , % MBM Resources Berhad 10,900 34,902 35, % MISC Berhad 20, , , % MY EG Services Berhad 35,100 66,221 97, % SIME Darby Berhad 22, , , % Telekom Malaysia Berhad 61, , , % Tenaga Nasional Berhad 44, , , % UZMA Berhad 23,000 49,176 47, % Westports Holdings Berhad 22,800 76,073 95, % 909,215 3,896,928 4,601, % 54

55 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) The composition, costs and fair values of the investments in Malaysia as at 31 March 2015 are as detailed below: (iii) AmMetLife Takaful Balanced Fund (Cont d) 2015 Fair value No. of units Cost Fair value as % of NAV RM RM (a) FVTPL (Cont d) Unquoted corporate bonds: Projek Lebuhraya Usahasama Berhad due 12/01/ , , , % 600, , , % 1,509,215 4,517,088 5,203, % 2015 Cost RM Carrying value as % of NAV (b) LAR Islamic investment account: AmIslamic Bank Berhad 2,267, % 55

56 Investment-Linked Funds Annual Report For the Financial Year Ended 31 March 2016 Summary of Financial Information Notes to the Financial Information (Cont d) (iv) AmMetLife Takaful Balanced Plus Fund The composition, costs and fair values of the investments in Malaysia as at 31 March 2016 are as detailed below: 2016 Fair value No. of units Cost Fair value as % of NAV RM RM Unquoted unit trust funds: CIMB Islamic DALI Equity Growth 319, , , % CIMB Islamic Sukuk 378, , , % Eastspring Investments Dana Al-Ilham 848, , , % AmIslamic Growth 988, , , % 2,534,836 2,033,548 2,016, % The composition, costs and fair values of the investments in Malaysia as at 31 March 2015 are as detailed below: 2015 Fair value No. of units Cost Fair value as % of NAV RM RM Unquoted unit trust funds: CIMB Islamic DALI Equity Growth 211, , , % CIMB Islamic Sukuk 242, , , % Eastspring Investments Dana Al-Ilham 676, , , % AmIslamic Growth 839, , , % 1,970,629 1,518,189 1,537, % 56

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60 MUKASURAT INI SENGAJA DIBIARKAN KOSONG

61 Kandungan Mesej Pengerusi 62 Profil Korporat 64 Objektif Dana Berkaitan Pelaburan 65 Ulasan Pasaran Pelaburan 67 Tinjauan Pelaburan 75 Strategi Pelaburan 79 Prestasi Dana 81 Pecahan Sektor dan Kategori 87 Jadual Perbandingan Prestasi 91 Ringkasan kepada Maklumat Kewangan 95

62 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Mesej Pengerusi Pemegang Sijil Yang Dihargai, Di peringkat global, kami menjangkakan ekonomi dunia akan berkembang pada kadar 3.1% pada 2016, dengan penumpuan pada ekonomi Amerika Syarikat, sementara pemulihan euro akan kekal sederhana berikutan referendum Brexit di United Kingdom, yang telah meningkatkan tahap ketidakpastian. Walaubagaimanapun, risiko kemungkinan kemelesetan ekonomi global masih rendah, dan adalah menenangkan pada masa ini. Bagi memastikan yang semua pelangganpelanggan kami sentiasa dimaklumkan dan diberikan khidmat profesional, AmMetLife Takaful juga telah menyediakan programprogram pembelajaran dalam talian untuk semua perantaraperantara kami. Ekonomi Malaysia dijangka berkembang pada kadar 4% pada tahun ini, disokong oleh perbelanjaan kerajaan yang sihat, kelegaan daripada kenaikan harga minyak dan aktiviti domestik, ditambah lagi dengan kestabilan mata wang dan tanda-tanda sentimen perniagaan yang semakin bertambah baik. Bajet 2016 yang dikalibrasi semula juga telah memberi dorongan kepada penggunaan domestik, serta meningkatkan penekanan kepada pembinaan rumah-rumah mampu milik yang berpatutan dan pelaksanaan projek-projek infrastruktur. Meskipun dengan kemungkinan halangan-halangan dalam ekonomi, masih terdapat beberapa peluang, seperti sektor SME yang telah secara konsisten mengatasi pertumbuhan Keluaran Dalam Negara Kasar. Dengan cabaran yang berpunca daripada persekitaran pasaran yang tidak menggalakkan, kami telah menumpukan usahausaha kami untuk mengembangkan portfolio berkaitan pelaburan kami untuk tahun ini. Jumlah nilai asset bersih dana berkaitan pelaburan kami bagi tahun kewangan berakhir 31 Mac 2016 adalah RM 24 juta, pertumbuhan tahun ke tahun NAB sebanyak 11.91%. Dana berkaitan pelaburan kami yang terbaik untuk tahun kewangan ini adalah Dana AmMetLife Takaful Sukuk, yang memberikan pulangan yang 62

63 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 memberangsangkan sebanyak 2.8% untuk tahun ini, walaupun dengan Ringgit yang lemah, harga komoditi global yang rendah dan harga minyak global yang menurun. AmMetLife Takaful telah membangunkan strategi perniagaan jangka panjang untuk menyediakan platform proses perniagaan yang sempurna bagi semua perantara-perantara. Selaras dengan strategi perniagaan kami, satu penyelesaian iaitu Point-of Sales juga sedang dibangunkan untuk meningkatkan penyampaian perkhidmatan bagi semua pemegang-pemegang sijil kami. Di samping itu, AmMetLife Takaful akan menyediakan platform jualan dalam talian untuk mempromosikan pelan takaful yang berpatutan untuk memenuhi keperluan rakyat Malaysia. Ia adalah penting bagi kami untuk menyediakan pelbagai saluran perhubungan untuk kemudahan pelanggan-pelanggan kami. Platform dalam talian adalah perkhidmatan yang telah dibangunkan selaras dengan Rangka Kerja Insurans Hayat dan Takaful Keluarga. keperluan rakyat Malaysia. Kami tetap komited untuk membantu anda mencapai matlamat kewangan anda. Kami ingin mengambil kesempatan ini untuk mengucapkan terima kasih atas kepercayaan dan keyakinan anda terhadap produk dan perkhidmatan kami. Kami mahu membina hubungan yang berkekalan dengan anda dan juga menyediakan kepakaran dan penyelesaian untuk memenuhi keperluan anda. Terima kasih. Tan Sri Azman Hashim Pengerusi AmBank Group Bagi memastikan yang semua pelanggan-pelanggan kami sentiasa dimaklumkan dan diberikan khidmat profesional, AmMetLife Takaful juga telah menyediakan program-program pembelajaran dalam talian untuk semua perantara-perantara kami. Inisiatif ini adalah sebahagian daripada komitmen jangka panjang kami untuk membantu perantara-perantara takaful Malaysia untuk menjadi profesional yang lebih baik, seperti yang layak bagi sektor ini. Dengan fokus utama terhadap kepentingan pelanggan dan selaras dengan falsafah teras AmMetLife Takaful iaitu Pelanggan adalah tumpuan utama bagi segala yang kami lakukan, keutamaan kami adalah penyediaan penyelesaian kewangan patuh Syariah yang jelas dan telus untuk memenuhi 63

64 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Profil Korporat AmMetLife Takaful merupakan perkongsian strategik antara AMMB Holdings Berhad ( Kumpulan AmBank ) dan MetLife International Holdings LLC ( MetLife ). AmMetLife Takaful menawarkan pelbagai produk takaful yang komprehensif yang diedarkan melalui rangkaian Kumpulan AmBank yang mempunyai lebih daripada 170 cawangan AmBank dan AmMetLife di seluruh negara, tambahan lagi dengan kekuatan pasukan ejen takaful yang sah di seluruh Malaysia. Perkongsian strategik ini menggabungkan kepakaran antarabangsa dan kekukuhan kewangan MetLife dan kekuatan dan jangkauan tempatan Kumpulan AmBank untuk menjadi syarikat takaful yang mesra pelanggan dan moden di Malaysia. Berserta dengan pengetahuan yang tinggi dan mendalam mengenai prinsip-prinsip dan nilai-nilai Shariah, kami memberi tumpuan bagi memenuhi keperluan pelanggan kami yang pelbagai dengan memberi penyelesaian yang inovatif di pelbagai peringkat kehidupan mereka, menjadikannya ia lebih mudah dan senang untuk seisi keluarga dan individu untuk mencapai jaminan kewangan dan meneruskan kehidupan yang lebih baik. 64

65 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Objektif Dana Berkaitan Pelaburan

66 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Objektif Dana Berkaitan Pelaburan 1. Dana AmMetLife Takaful Equity Dana ini bertujuan untuk memberikan pemegang sijil pertumbuhan modal dalam tempoh jangka masa sederhana ke panjang dengan melabur di dalam portfolio sekuriti patuh Syariah dengan potensi pertumbuhan yang menggalakkan. Pulangan kepada para pemegang sijil akan diperoleh melalui peningkatan harga unit Dana. 2. Dana AmMetLife Takaful Sukuk Dana ini bertujuan untuk memberikan pemegang sijil peluang unutk memperoleh pendapatan yang lebih tinggi berbanding purata yang diperolehi daripada deposit tetap Islamik, dalam tempoh pelaburan jangka masa sederhana ke panjang, terutamanya melalui pelaburan di dalam pelbagai portfolio sekuriti pendapatan tetap Islamik. Pulangan kepada para pemegang sijil akan diperoleh melalui peningkatan harga unit Dana. 3. Dana AmMetLife Takaful Balanced Dana ini bertujuan untuk mencapai pertumbuhan modal yang sederhana dalam tempoh jangka masa sederhana ke panjang dengan melabur di dalam portfolio pelaburan patuh Syariah. Pulangan kepada para pemegang sijil akan diperoleh melalui peningkatan harga unit Dana. 4. Dana AmMetLife Takaful Balanced Plus Dana ini bertujuan untuk memberikan pemegang sijil peluang untuk memperoleh potensi yang lebih tinggi daripada deposit tetap patuh-syariah, dalam tempoh pelaburan jangka masa sederhana ke panjang, melalui pelaburan di dalam skim pelaburan kolektif patuh-syariah ( CIS ). Pulangan kepada para pemegang sijil akan diperoleh melalui peningkatan harga unit Dana. 66

67 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Ulasan Pasaran Pelaburan

68 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Ulasan Pasaran Pelaburan Dana AmMetLife Takaful Equity, Balanced, Sukuk dan Balanced Plus Ulasan Pasaran Ekuiti Dalam tempoh tinjauan, pasaran bermula dengan sentimen positif, berikutan prestasi serantau yang kukuh. Kestabilan harga ringgit dan minyak juga terus menyokong sentimen tersebut. Walau bagaimanapun, menghampiri akhir bulan, pengambilan untung yang berat telah mengakibatkan pengurangan keuntungan. Ketiadaan pemangkin positif kukuh yang baru akibat rundingan hutang Greek yang masih belum diselesaikan dan data ekonomi lemah yang berterusan daripada China telah menyatukan ekuiti pasaran. Indeks FBM Emas Shariah turun sebanyak 0.37% atau mata untuk ditutup pada 13, mata pada bulan April. Pada bulan Mei, berita 1MDB dan keputusan korporat suku pertama 2015 yang lemah dan membimbangkan meneruskan sentimen pasaran yang negatif. Walau bagaimanapun, tiada tindak balas diperhatikan kepada pengumuman Rancangan Malaysia ke-11. Di peringkat antarabangsa, kebimbangan pengetatan kadar oleh Rizab Persekutuan AS ( Feds ) dan pengumuman pertumbuhan ekonomi AS yang lemah pada suku pertama 2015 menampakkan pasaran ekuiti yang lebih rendah. Selain itu, penilaian ekuiti China yang berlebihan dan rundingan hutang berdaulat Greek dengan pemiutangnya yang terhenti telah menjejaskan pasaran global secara negatif. Dolar AS meningkat semula tetapi komen agresif dari Feds AS telah memberi kesan kepada mata wang pasaran baru muncul. Indeks FBM Emas Shariah mengakhiri bulan 3.80% lebih rendah untuk ditutup pada 12, mata, atau mata lebih rendah. Pada bulan Jun, trajektori menurun berterusan kerana kebimbangan terhadap kemungkinan penurunan Penarafan Fitch Malaysia menyebabkan Ringgit Malaysia dan Indeks FBM Emas Shariah jatuh mendadak pada akhir bulan tersebut. Ringgit Malaysia juga jatuh sebanyak 2% kepada RM3.74 untuk 1 Dolar AS. Kemungkinan kegagalan pinjaman Greek telah merosotkan sentimen negatif dengan lebih lagi. Indeks jatuh mendadak berikutan angka ekonomi China yang lemah dan kejatuhan mendadak dalam pasaran saham Shanghai. Bagi bulan tersebut, Indeks FBM Emas Shariah jatuh 2.92% atau mata untuk ditutup pada 12, mata. Berita tempatan dan antarabangsa yang negatif telah menyebabkan tekanan jualan yang besar bagi pasaran ekuiti tempatan pada bulan Julai. Berita negatif bermula dengan kejatuhan mendadak dalam saham Chinese A, diikuti dengan berita bantuan kewangan untuk Greek. Berita negatif dalam negeri dan kejatuhan dalam Ringgit ke bawah RM3.80 terus melemahkan sentimen negatif yang sedia ada. Indeks FBM Emas Shariah jatuh ke bawah 12,300 mata tahap sokongan psikologi buat sementara waktu. Perubahan dalam pasukan kepimpinan kanan UMNO berikutan rombakan kabinet Malaysia, dan penurunan harga minyak di bawah AS$60/tong, mencipta lebih banyak ketidaktentuan kepada pasaran. Bagi bulan tersebut, Indeks FBM Emas Shariah berakhir pada 12, mata, mata atau 1.35% lebih tinggi. Pada bulan Ogos, pasaran ekuiti global menurun dengan ketara dan Indeks FBM Emas Shariah tidak terkecuali dengan penurunan 7.52% atau mata untuk ditutup pada 11, mata. Penurunan nilai mata wang China berikutan kebimbangan ke atas eksport China yang lemah telah menjejaskan aktiviti penjualan yang seterusnya membawa kepada kejatuhan dalam mata wang serantau. Ringgit Malaysia juga tidak terkecuali, menjunam ke paras terendah yang baru dalam 17 tahun berbanding Dolar Amerika Syarikat, menjadikannya mata wang yang mempunyai prestasi paling teruk di kalangan mata wang Asia pada bulan Ogos. Kejatuhan harga minyak di bawah USD40 setong telah menimbulkan kebimbangan kepada hasil pendapatan Malaysia daripada minyak dan keupayaannya untuk mengekalkan KDNK melebihi 5%. Penyusutan ekonomi China yang membimbangkan dan jangkaan kenaikan faedah AS secara umumnya melemahkan lagi prestasi pasaran ekuiti serantau pada bulan September. Prestasi Indeks FBM Emas Shariah yang pada mulanya sejajar dengan pasaran serantau yang lemah, meningkat semula berikutan berita bahawa kerajaan akan memperuntukkan RM20bn kepada ValueCap, pemandu pelaburan Kerajaan untuk membeli sahamsaham bernilai baik. Walau bagaimanapun, indeks menurun berikutan nombor ekonomi September China yang lemah daripada yang dijangka. Bagi bulan September, Indeks FBM Emas Shariah meningkat 3.89% atau mata, untuk ditutup pada 11, mata. Indeks FBM Emas Shariah pulih pada bulan Oktober dan berjaya kekal melepasi paras sokongan 12,300 untuk seketika sebelum 68

69 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Ulasan Pasaran Pelaburan (Sambungan) menurun pada minggu terakhir berikutan aktiviti pengambilan untung. Sentimen positif berikutan pemotongan kadar faedah di China dan Keperluan Rizab Bank lemah berikutan kenyataan kemungkinan kenaikan kadar pada bulan Disember oleh Feds AS selepas mesyuarat Oktober. Bajet Malaysia 2017 berkembang dengan sederhana, dengan Kerajaan Persekutuan meneruskan agendanya untuk mengimbangi ekonomi modal dan orang. Bagi bulan tersebut, Indeks FBM Emas Shariah meningkat mata atau 4.24% untuk ditutup pada 12, Pada bulan November, peningkatan Ringgit Malaysia dan sentimen positif daripada penjualan aset kuasa Edra kepada sebuah konsortium China mengukuhkan sedikit saham-saham Malaysia. Ekonomi Malaysia berkembang 4.7% secara tahunan pada suku ketiga 2015 berbanding 4.9% yang dicatatkan pada suku kedua. Bank Negara Malaysia ( BNM ) mengekalkan Kadar Dasar Semalaman (OPR) pada 3.25%. Langkah itu dijangka oleh pelabur, dan menandakan mesyuarat kelapan berturut-turut di mana BNM tidak mengubah OPR. Bagi bulan November, Indeks FBM Emas Shariah meningkat 0.92% atau mata kepada 12, mata. Pada dua minggu pertama Disember 2015, penurunan mendadak harga minyak dan kegemuruhan terhadap kemungkinan kenaikan kadar Rizab Persekutuan menyaksikan saham-saham Malaysia jatuh dan indeks mencecah paras rendah 12, mata pada 14 Disember. Walau bagaimanapun, pasaran ekuiti mencapai kestabilan berikutan pemulihan harga minyak mentah global. Pasaran ekuiti terus memulih secara beransuransur ke arah akhir tahun, sebahagiannya disumbangkan oleh peningkatan bantuan bagi minyak mentah dan keuntungan di Wall Street. Indeks FBM Emas Shariah mengakhiri bulan dengan kenaikan 2.35% untuk ditutup pada 12, mata. Pada tahun baru, pasaran mengalah kepada tekanan jualan berikutan harga minyak yang lemah. Kebimbangan terhadap pendapatan negara yang diramalkan oleh Kerajaan sebelum ini timbul sekali lagi. Pada Januari 2016, harga minyak jatuh di bawah USD30 setong. Indeks FBM Emas Shariah mencecah paras rendah ke tahap 12, disebabkan sentimen negatif secara global berikutan data ekonomi China yang lemah. Walau bagaimanapun, indeks melonjak berikutan pemotongan Keperluan Rizab Berkanun pada penghujung bulan untuk tutup pada 12, atau 2.97% lebih rendah. Bursa tempatan dan indeks ekuiti serantau disatukan pada bulan Februari. KLCI diniagakan dalam julat kecil 40 mata pada bulan itu. Harga minyak mentah dunia dan Ringgit juga tidak menentu pada bulan tersebut. Pengumuman kejutan positif oleh benefisiari Ringgit yang lemah dan pengangkut minyak mentah yang murah tiba sejajar dengan jangkaan meluas pada musim laporan suku Disember. Beberapa pemaju pembinaan dan hartanah mengumumkan keputusan yang lebih baik manakala bilangan syarikat-syarikat minyak dan gas yang melaporkan keuntungan lebih ringan, menurun. Bank-bank dan syarikatsyarikat perladangan terus mengecewakan. Petronas turut mengumumkan keputusan TK15 lemah dan berhati-hati dengan tinjauan yang diberikan dengan mengumumkan potongan RM15-20bn kepada modal dan perbelanjaan operasi, penurunan sebanyak 20-30% berbanding 2015, dalam usaha untuk mengharungi persekitaran harga minyak yang lemah. Indeks FBM Emas Shariah Index mengakhiri bulan 1.38% lebih rendah. Kelewatan dalam kenaikan kadar Dana Fed dan pemulihan harga minyak mengukuhkan prestasi Indeks FBM Emas Shariah pada bulan Mac selaras dengan negara lain di rantau ini dan seterusnya menyaksikan dana mengalir kembali ke dalam pasaran baru muncul. Ringgit meningkat kepada RM3.90 untuk Dolar AS, manakala Minyak Mentah Brent menyentuh $43.10 setong. Sektor pembinaan sibuk dengan berita anugerah kontrak bagi MRT dan Lebuhraya Pan Borneo. Indeks FBM Emas Shariah mengakhiri TK2016 dengan tinggi pada 12, mata, 2.03% lebih tinggi daripada bulan sebelumnya, dan mata atau 4.75% lebih rendah daripada 31 Mac Ulasan Pasaran Sukuk Tahun 2015 menyaksikan kegawatan pasaran modal besar dengan tekanan negatif yang berat ke atas mata wang dan aset Asia Pasifik yang dicetuskan oleh langkah dasar China untuk menurunkan nilai Yuan China dan kitaran rangsangan penstabilan ekonomi dan pasaran modal yang masih berterusan. Ringgit Malaysia menjunam serendah RM4.30 = 1USD, pencapaian yang paling rendah sejak Kejatuhan ini lebih ketara bagi Ringgit berbanding mata wang serantau disebabkan oleh kebimbangan bahawa pihak berkuasa telah kehabisan cara untuk mempertahankan mata wang di tengah-tengah pengurangan rizab, kejatuhan harga minyak, penurunan nilai Yuan yang tidak dijangka dan skandal politik. Gabenor Bank Pusat dan Perdana Menteri mengesahkan komitmen Malaysia untuk tidak memperkenalkan semula tambatan Ringgit atau kawalan modal. Kerajaan juga menegaskan pandangannya bahawa tahap MYR semasa tidak mencerminkan asas kukuh 69

70 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Ulasan Pasaran Pelaburan (Sambungan) negara ini yang merangkumi momentum pertumbuhan positif berterusan, ekonomi yang pelbagai, perdagangan berterusan dan lebihan akaun semasa serta sistem perbankan yang kukuh dan berdaya tahan. Bank Negara Malaysia ( BNM ) mengekalkan Kadar Dasar Semalaman ( OPR ) pada 3.25% di mesyuarat Jawatankuasa Dasar Monetari. BNM menegaskan kebimbangan mengenai risiko kemerosotan yang mungkin timbul dari persekitaran luar yang tidak menentu dan juga perkembangan dalam negeri. Walau bagaimanapun, penilaian BNM mengenai pertumbuhan domestik kekal tidak berubah dan menjangka pertumbuhan untuk kekal utuh dan berada di antara 4.5% 5.5% pada tahun ini. Laporan Tahunan 2015 BNM menonjolkan jangkaan pertumbuhan domestik yang lebih perlahan, dan dijangka berkembang sebanyak % pada tahun 2016 didorong terutamanya oleh permintaan dalam negeri dan dikekalkan terutamanya melalui penggunaan persendirian. Sementara itu, inflasi dijangka berkisar antara % pada tahun Ini juga merupakan kali pertama BNM mengeluarkan maklumat mengenai komposisi pegangan asing dalam MGS/GII dan pecahan adalah seperti berikut: Pengurus Aset: 44% Bank Pusat / Kerajaan: 29% Dana Pencen: 13% Bank-bank:10% Syarikat Insurans: 2% Calon-calon / Penjaga: 1% Lain-lain: 1% Akhir sekali, S&P mengesahkan penarafan berdaulat A-/Stabil Malaysia berdasarkan jangkaan bahawa isu-isu 1MDB dan perubahan yang akan datang dalam kepimpinan BNM tidak akan mengurangkan keberkesanan dasar sama ada di cawangan eksekutif atau di bank pusat. S&P juga percaya kerajaan telah mengambil langkah-langkah pengimbangan yang mencukupi untuk mengimbangi kehilangan pendapatan fiskal hidro karbon. Di samping itu, kelemahan dalam sektor minyak dan gas diimbangi oleh kedudukan luaran negara yang kukuh dan ekonomi yang pelbagai. ~oleh AmFunds Management Berhad Ulasan Pasaran Balanced Plus Dana Al-Ilham Pasaran ekuiti China dan Hong Kong bangkit semula pada suku tahun kedua 2015 dengan bermulanya Shanghai-Hong Kong Connect. People s Bank of China mengambil langkah untuk menurunkan nisbah keperluan rizab bagi semua bank sebanyak 100 mata asas. Kebimbangan terhadap kadar pertumbuhan Amerika Syarikat (AS) dan kemungkinan pengunduran Greek menyebabkan pasaran global jatuh pada akhir suku tahun kedua Di dalam negara, FTSE Bursa Malaysia KLCI (FBMKLCI) diperbetulkan di bawah 1,700 mata sokongan psikologi buat sementara waktu berikutan keputusan korporat yang lemah, kebimbangan politik yang memuncak, ketakutan terhadap penurunan Penarafan Fitch dan Ringgit Malaysia yang lemah (MYR). Spekulasi bahawa Tenaga Berhad akan mengambil alih aset kuasa 1Malaysia Development Berhad (1MDB) telah menyebabkan syarikat utiliti bermodal besar tersebut untuk berada di bawah tekanan jualan pada suku tersebut. Walau bagaimanapun, suku tahun kedua 2015 ditutup dengan beberapa berita baik yang tidak dijangka seperti pengesahan mata wang asing jangka panjang Penarafan Issuer Default Malaysia pada A- oleh Penarafan Fitch tetapi kemudiannya dinaik taraf kepada Stabil daripada Negatif. Berikutan resolusi krisis Greek, suku tahun ketiga 2015 bermula di landasan yang agak kukuh. Walau bagaimanapun pasaran ekuiti global diperbetulkan dengan mendadak di pertengahan suku tahun ketiga 2015 di tengah-tengah kebimbangan terhadap pertumbuhan ekonomi China yang lemah, penurunan nilai Renminbi (RMB), pertumbuhan global yang kurang memberangsangkan, harga komoditi yang lemah, dan kebimbangan terhadap penarikan keluar kadar faedah US Federal. Mata wang pasaran baru muncul lebih lemah pada suku tersebut, dan telah diburukkan lagi dengan penurunan nilai RMB yang mengejutkan pada bulan Ogos. Keputusan Amerika Syarikat untuk mengekalkan kadar mengembalikan kestabilan ke pasaran ekuiti global pada suku akhir. Pada suku tersebut, FBMKLCI diperbetulkan dengan mendadak apabila para pelabur memberi reaksi kepada penemuan factor-faktor negatif seperti laporan media antarabangsa yang berterusan ke atas 1MDB, peningkatan ketidaktentuan politik, harga minyak mentah yang lemah, laporan pendapatan korporat yang lemah, ancaman kenaikan kadar AS, penurunan nilai RMB secara tiba-tiba, dan penurunan MYR secara mendadak. Nilai MYR menyusut 70

71 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Ulasan Pasaran Pelaburan (Sambungan) sebanyak 16.5% suku ke suku (suku tahun sebelumnya) berbanding USD bagi mengakhiri suku tahun ketiga 2015 di RM4.395/USD, tahap yang tidak pernah dilihat selama lebih daripada 17 tahun sejak krisis kewangan Asia pada tahun FBMKLCI meningkat semula dengan pengumuman langkahlangkah ekonomi oleh kerajaan menjelang akhir suku tahun ketiga Langkah-langkah tersebut termasuk matlamat untuk menyokong pelaburan domestik dengan menggalakkan syarikat berkaitan kerajaan untuk membawa balik pelaburan mereka di luar negara dan melabur semula dalam negara, dan peningkatan pasaran saham dengan pengaktifan semula firma pelaburan ekuiti kerajaan ValueCap dengan suntikan sebanyak RM20 bilion. Suku tahun keempat 2015 bermula dengan positif dengan peningkatan ekuiti global berikutan tanda-tanda ekonomi China yang stabil, hasil pendapatan korporat Amerika Syarikat yang lebih baik dan data ekonomi yang berdaya tahan dari zon Euro. Lembaga Tabung Kewangan Antarabangsa (IMF) mengumumkan bahawa RMB telah diluluskan secara rasmi untuk dimasukkan ke dalam Special Drawing Rights (SDR) berkuat kuasa 1 Okt Jawatankuasa Pasaran Terbuka Persekutuan AS (FOMC) mengumumkan pelepasan yang dinanti-nantikan selepas mesyuarat terakhir untuk tahun ini, dengan FOMC sebulat suara mengundi untuk meningkatkan julat sasaran bagi kadar Dana Fed sebanyak 25 mata asas (0.25% -0.5%). Di Malaysia, defisit fiskal belanjawan 2016 telah disemak semula kepada 3.1% berbanding defisit fiskal 2015 sebanyak 3.2%. Ini adalah berikutan hasil kutipan GST yang lebih baik daripada jangkaan dan penurunan pendapatan pelaburan dari Petronas. Pengumuman bahawa 1MDB akan menjual aset kuasanya di bawah Edra Global Energy Bhd kepada China General Nuclear Power Corporation (CGN) yang tidak tersenarai untuk RM9.83bil meningkatkan sentimen pelabur. Walau bagaimanapun, menjelang akhir suku, pasaran ekuiti Malaysia diperbetulkan di tengah-tengah kebimbangan harga minyak mentah rendah yang amat ketara dan ekonomi China yang lebih lemah. Kebimbangan pelabur terhadap keadaan ekonomi AS, harga minyak yang lemah, hasil pengeluaran minyak yang tidak berubah, dan kebimbangan yang berterusan terhadap kejatuhan pasaran saham China menghasilkan keadaan yang tidak menentu bagi pasaran ekuiti global pada permulaan suku tahun pertama China kini membolehkan pemegang saham dengan pegangan melebihi 5% dan orang dalaman menjual kepentingan mereka dengan menarik balik keputusan yang dilaksanakan oleh pengawal selia pada Suruhanjaya Kawal Selia Sekuriti China (CSRC) memperkenalkan penggunaan pemutus litar dalam usaha untuk menjinakkan legaran liar pasaran. Ini telah menghasilkan tindak balas yang bertentangan dengan peningkatan tekanan jualan yang mencetuskan pemutus litar berkali-kali dalam minggu pertama perdagangan, sehingga CSRC meninggalkannya empat hari kemudian. Keadaan menjadi lebih rumit dengan kelemahan dalam Dolar Amerika Syarikat apabila jangkaan untuk Rizab Persekutuan AS bagi meneruskan pendirian agresif mereka berkurangan dengan ketara pada awal Februari kerana keadaan kewangan yang lebih ketat. Kerajaan Malaysia mengumumkan Bajet 2016 yang dikalibrasi semula dalam usaha untuk mengekalkan disiplin fiskal berikutan kejatuhan harga minyak dengan mendadak. Musim laporan keputusan suku tahun keempat 2015 berakhir dengan kata sepakat untuk menurunkan pendapatan 2015 dengan penguncupan sebanyak 2% 3%. EPS 2016 kini dijangka berkembang sebanyak 5% 6% tahun ke tahun (y-o-y), turun 7% 8% pada permulaan tahun MYR diperkukuhkan dari RM4.29/USD pada akhir suku tahun keempat 2015 kepada RM3.90/USD pada akhir suku tahun pertama Pelabur institusi asing merupakan pembelian bersih ekuiti Malaysia bagi suku tahun pertama 2016 dengan RM5.7bil, selepas aliran keluar asing bersih selama enam suku berturut-turut. Pada Januari 2016, harga minyak mentah juga meningkat semula daripada tahap rendah USD27.10/bbl untuk mengakhiri suku pada USD38.34/bbl kerana tanda-tanda penurunan pengeluaran minyak syal di AS. FBM KLCI menutup tahun yang ditinjau pada 1, mata, turun 6.18%. Indeks FBM Emas Shariah (FBMS) menutup tempoh yang ditinjau dengan lebih rendah sebanyak -5.11%. Indeks MSCI Asia Pacific kecuali Jepun menurun sebanyak 14.12% dari segi USD. ~oleh Eastspring Investments Berhad Dana CIMB Islamic DALI Equity Growth Indeks Komposit Kuala Lumpur FBM ( FBMKLCI ) mengakhiri Mac 2016 dengan menurun sebanyak 6.2% untuk menamatkan tahun kewangan yang dikaji. Pada 30 Jun 2015, keluaran dalam negara kasar ( KDNK ) Malaysia berkembang 3.0% suku ke suku. Pertumbuhan adalah lebih tinggi sedikit daripada yang dijangkakan pada 4.9% tahun ke tahun ( y-o-y ), bagaimanapun, cukup rendah di semua komponen permintaan domestik. Eksport bersih disebabkan oleh import yang melebihi eksport merupakan sebab utama yang mengimbangi kadar pertumbuhan. Pada Jun 2015, lebihan 71

72 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Ulasan Pasaran Pelaburan (Sambungan) dagangan adalah sebanyak USD2.10 bilion, meningkat daripada USD1.50 bilion pada Mei Eksport meningkat 1.9% bulan ke bulan ( m-o-m ) disebabkan terutamanya oleh peningkatan yang kukuh dalam eksport elektronik sebanyak 4.8%, manakala import turun 0.7% bulan ke bulan. Indeks bertindak balas sementara waktu sebelum melepaskan sebahagian besar keuntungannya menjelang akhir bulan apabila Perdana Menteri mengumumkan rancangan untuk menyuntik RM20 bilion ke dalam pasaran ekuiti melalui Value CAP pada 14 September Berikutan pengeluaran data makro China yang lemah, kebimbangan terhadap kelembapan pertumbuhan global dan tekanan deflasi yang lebih meruncing daripada yang dijangkakan semakin meningkat. Ringgit Malaysia ( RM ) mencecah nilai rendah 4.46 pada 29 September 2015 sebelum ditutup pada 3.90 untuk mengakhiri 31 Mac Pelabur asing mengeluarkan ekuiti dan bon bernilai USD7 bilion pada 2015 manakala rizab pertukaran asing Malaysia mencecah nilai rendah USD94.0 bilion pada Oktober 2015 sebelum pulih kepada USD97.0 bilion pada bulan Mac Secara keseluruhannya, tahun 2015 merupakan tahun yang tidak berdaya untuk pelabur. Kebanyakan kelas aset memberikan pulangan sama rata atau negatif. Pulangan ekuiti global adalah negatif disebabkan oleh kesan mata wang (kekuatan USD melenyapkan pulangan positif daripada MSCI AC World dari segi mata wang tempatan). Bagi tahun kedua berturut-turut, komoditi gagal sepenuhnya secara besar-besaran. Pasaran baru muncul menunjukkan prestasi yang kurang bagi tahun ketiga berturutturut berbanding MSCI World dan kini telah kurang berprestasi dalam 4 daripada 5 tahun yang lalu bagi jurang terkumpul -66% dari segi USD. Beberapa pemenang untuk tahun ini termasuk ekuiti Jepun (dalam kedua-dua segi mata wang tempatan dan USD), ekuiti Cina pesisir, ekuiti Pertumbuhan panjang atas Nilai, pengguna minyak lama berbanding pengeluar minyak, kedudukan USD lama berbanding kebanyakan mata wang (Baru Muncul dan Maju) dan komoditi jangka pendek. Dana CIMB Islamic Sukuk Kadar hasil Perbendaharaan AS ( UST ) menurun berikutan kenyataan Pengerusi Rizab Persekutuan ( Fed ) Janet Yellen yang menekankan perlunya perubahan beransur, dan mencadangkan bahawa kenaikan kadar akan lebih perlahan daripada apa yang pada mulanya dijangka semasa awal Kadar hasil jangka panjang melonjak pada separuh pertama bulan Mac 2016, tetapi menyaksikan penurunan mingguan terbesar mereka dalam tempoh dua bulan pada minggu terakhir bulan Mac. Di mesyuarat Jawatankuasa Dasar Monetari pada Mei 2015, Bank Negara Malaysia ( BNM ) mengekalkan Kadar Dasar Semalaman ( OPR ) pada 3.25%. BNM percaya bahawa pendirian dasar semasa adalah akomodatif dan menyokong aktiviti ekonomi. Sementara itu, data eksport dan hasil perindustrian Malaysia berada di bawah jangkaan. Hasil eksport runtuh ke tahap negatif manakala pengeluaran perindustrian mencapai tahap rendah selama sembilan bulan berturut-turut pada April Pada bulan Mei 2015, Indeks Harga Pengguna ( CPI ) Malaysia meningkat kepada 2.1% y-o-y berikutan pelaksanaan GST. Walau bagaimanapun, purata CPI kekal rendah pada 1.2% bagi tempoh lima bulan pertama yang mencadangkan tekanan harga yang sederhana. S&P mengesahkan semula penarafan berdaulat Malaysia pada A-/Stabil pada tahun kajian; keputusan mereka berdasarkan kedudukan luaran Malaysia yang kukuh dan fleksibiliti kewangan untuk mengimbangi kesan harga minyak yang rendah pada kedudukan fiskal. ~oleh CIMB-Principal Asset Management Berhad Dana AmIslamic Growth Dalam tempoh tinjauan, pasaran bermula dengan sentimen positif, berikutan prestasi serantau yang kukuh. Kestabilan harga ringgit dan minyak juga terus menyokong sentimen tersebut. Walau bagaimanapun, menghampiri akhir bulan, pengambilan untung yang berat telah mengakibatkan pengurangan keuntungan. Ketiadaan pemangkin positif kukuh yang baru akibat rundingan hutang Greek yang masih belum diselesaikan dan data ekonomi lemah yang berterusan daripada China telah menyatukan ekuiti pasaran. Indeks FBM Emas Shariah turun sebanyak 0.37% atau mata untuk ditutup pada 13, mata pada bulan April. Pada bulan Mei, berita 1MDB dan keputusan korporat suku pertama 2015 yang lemah dan membimbangkan meneruskan sentimen pasaran yang negatif. Walau bagaimanapun, tiada tindak balas diperhatikan kepada pengumuman Rancangan Malaysia ke-11. Di peringkat antarabangsa, kebimbangan pengetatan kadar oleh Rizab Persekutuan AS ( Feds ) dan pengumuman pertumbuhan ekonomi AS yang lemah pada suku pertama 2015 menampakkan pasaran ekuiti yang lebih rendah. Selain itu, penilaian ekuiti China yang berlebihan dan 72

73 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Ulasan Pasaran Pelaburan (Sambungan) rundingan hutang berdaulat Greek dengan pemiutangnya yang terhenti telah menjejaskan pasaran global secara negatif. Dolar AS meningkat semula tetapi komen agresif dari Feds AS telah memberi kesan kepada mata wang pasaran baru muncul. Indeks FBM Emas Shariah mengakhiri bulan 3.80% lebih rendah untuk ditutup pada 12, mata, atau mata lebih rendah. Bulan Jun sekali lagi merupakan bulan yang amat sukar kerana kebimbangan terhadap kemungkinan penurunan Penarafan Fitch Malaysia menyebabkan Ringgit Malaysia dan Indeks FBM Emas Shariah jatuh mendadak pada akhir bulan tersebut. Ringgit Malaysia juga jatuh sebanyak 2% kepada RM3.74 untuk 1 Dolar AS. Kemungkinan kegagalan pinjaman Greek telah merosotkan sentimen negatif dengan lebih lagi. Indeks jatuh mendadak berikutan angka ekonomi China yang lemah dan kejatuhan mendadak dalam pasaran saham Shanghai. Bagi bulan tersebut, Indeks FBM Emas Shariah jatuh 2.92% atau mata untuk ditutup pada 12, mata. Berita tempatan dan antarabangsa yang negatif telah menyebabkan tekanan jualan yang besar bagi pasaran ekuiti tempatan pada bulan Julai. Berita negatif bermula dengan kejatuhan mendadak dalam saham Chinese A, diikuti dengan berita bantuan kewangan untuk Greek. Berita negatif dalam negeri dan kejatuhan dalam Ringgit ke bawah RM3.80 terus melemahkan sentimen negatif yang sedia ada. Indeks FBM Emas Shariah jatuh ke bawah 12,200 mata tahap sokongan psikologi buat sementara waktu. Perubahan dalam pasukan kepimpinan kanan UMNO berikutan rombakan kabinet Malaysia, dan penurunan harga minyak di bawah AS$60/tong, mencipta lebih banyak ketidaktentuan kepada pasaran. Bagi bulan tersebut, Indeks FBM Emas Shariah berakhir pada 12, mata, mata atau 1.35% lebih tinggi. Pada bulan Ogos, pasaran ekuiti global menurun dengan ketara dan Indeks FBM Emas Shariah tidak terkecuali dengan penurunan 7.52% atau mata untuk ditutup pada 11, mata. Penurunan nilai mata wang China berikutan kebimbangan ke atas eksport China yang lemah telah menjejaskan aktiviti penjualan yang seterusnya membawa kepada kejatuhan dalam mata wang serantau. Ringgit Malaysia juga tidak terkecuali, menjunam ke paras terendah yang baru dalam 17 tahun berbanding Dolar Amerika Syarikat, menjadikannya mata wang yang mempunyai prestasi paling teruk di kalangan mata wang Asia pada bulan Ogos. Kejatuhan harga minyak di bawah USD40 setong telah menimbulkan kebimbangan kepada hasil pendapatan Malaysia daripada minyak dan keupayaannya untuk mengekalkan KDNK melebihi 5%. Penyusutan ekonomi China yang membimbangkan dan jangkaan kenaikan faedah AS secara umumnya melemahkan lagi prestasi pasaran ekuiti serantau pada bulan September. Prestasi Indeks FBM Emas Shariah yang pada mulanya sejajar dengan pasaran serantau yang lemah, meningkat semula berikutan berita bahawa kerajaan akan memperuntukkan RM20bn kepada ValueCap, pemandu pelaburan Kerajaan untuk membeli sahamsaham bernilai baik. Walau bagaimanapun, indeks menurun berikutan nombor ekonomi September China yang lemah daripada yang dijangka. Bagi bulan September, Indeks FBM Emas Shariah meningkat 3.89% atau mata, untuk ditutup pada 11, mata. Indeks FBM Emas Shariah pulih pada bulan Oktober dan berjaya kekal melepasi paras sokongan 12,000 untuk seketika sebelum menurun pada minggu terakhir berikutan aktiviti pengambilan untung. Sentimen positif berikutan pemotongan kadar faedah di China dan Keperluan Rizab Bank lemah berikutan kenyataan kemungkinan kenaikan kadar pada bulan Disember oleh Feds AS selepas mesyuarat Oktober. Bajet Malaysia 2017 berkembang dengan sederhana, dengan Kerajaan Persekutuan meneruskan agendanya untuk mengimbangi ekonomi modal dan orang. Bagi bulan tersebut, Indeks FBM Emas Shariah meningkat 504 mata atau 4.24% untuk ditutup pada 12, Pada bulan November, peningkatan Ringgit Malaysia dan sentimen positif daripada penjualan aset kuasa Edra kepada sebuah konsortium China mengukuhkan sedikit saham-saham Malaysia. Ekonomi Malaysia berkembang 4.7% secara tahunan pada suku ketiga 2015 berbanding 4.9% yang dicatatkan pada suku kedua. Bank Negara Malaysia ( BNM ) mengekalkan Kadar Dasar Semalaman (OPR) pada 3.25%. Langkah itu dijangka oleh pelabur, dan menandakan mesyuarat kelapan berturut-turut di mana BNM tidak mengubah OPR. Bagi bulan November, Indeks FBM Emas Shariah meningkat 0.92% atau 114 mata kepada 12, mata. Pada dua minggu pertama Disember 2015, penurunan mendadak harga minyak dan kegemuruhan terhadap kemungkinan kenaikan kadar Rizab Persekutuan menyaksikan saham-saham Malaysia jatuh dan indeks mencecah paras rendah 12, mata pada 14 Disember. Walau bagaimanapun, pasaran ekuiti mencapai kestabilan berikutan pemulihan harga minyak mentah global. Pasaran ekuiti terus memulih secara beransur- 73

74 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Ulasan Pasaran Pelaburan (Sambungan) ansur ke arah akhir tahun, sebahagiannya disumbangkan oleh peningkatan bantuan bagi minyak mentah dan keuntungan di Wall Street. Indeks FBM Emas Shariah mengakhiri bulan dengan kenaikan 2.35% untuk ditutup pada 12, mata. Pada tahun baru, pasaran mengalah kepada tekanan jualan berikutan harga minyak yang lemah. Kebimbangan terhadap pendapatan negara yang diramalkan oleh Kerajaan sebelum ini timbul sekali lagi. Pada Januari 2016, harga minyak jatuh di bawah USD30 setong. Indeks FBM Emas Shariah mencecah paras rendah ke tahap 12, disebabkan sentimen negatif secara global berikutan data ekonomi China yang lemah. Walau bagaimanapun, indeks melonjak berikutan pemotongan Keperluan Rizab Berkanun pada penghujung bulan untuk tutup pada 12, atau -2.97%. Bursa tempatan dan indeks ekuiti serantau disatukan pada bulan Februari. Indeks FBM Emas Shariah diniagakan dalam jajaran 350 mata julat dagangan pada bulan itu. Harga minyak mentah dunia dan Ringgit juga tidak menentu pada bulan tersebut. Pengumuman kejutan positif oleh benefisiari Ringgit yang lemah dan pengangkut minyak mentah yang murah tiba sejajar dengan jangkaan meluas pada musim laporan suku Disember. Beberapa pemaju pembinaan dan hartanah mengumumkan keputusan yang lebih baik manakala bilangan syarikat-syarikat minyak dan gas yang melaporkan keuntungan lebih ringan, menurun. Bank-bank dan syarikat-syarikat perladangan terus mengecewakan. Petronas turut mengumumkan keputusan TK15 lemah dan berhati-hati dengan tinjauan yang diberikan dengan mengumumkan potongan RM15-20bn kepada modal dan perbelanjaan operasi, penurunan sebanyak 20-30% berbanding 2015, dalam usaha untuk mengharungi persekitaran harga minyak yang lemah. Indeks FBM Emas Shariah Index mengakhiri bulan 1.38% lebih rendah. Kelewatan dalam kenaikan kadar Dana Fed dan pemulihan harga minyak mengukuhkan prestasi Indeks FBM Emas Shariah pada bulan Mac selaras dengan negara lain di rantau ini dan seterusnya menyaksikan dana mengalir kembali ke dalam pasaran baru muncul. Ringgit meningkat kepada RM3.90 untuk Dolar AS, manakala Minyak Mentah Brent menyentuh $43.10 setong. Sektor pembinaan sibuk dengan berita anugerah kontrak bagi MRT dan Lebuhraya Pan Borneo. Indeks FBM Emas Shariah melonjak ke paras tertinggi pada 12, mata dan mengakhiri bulan tersebut 2.03% lebih tinggi. ~Oleh AmIslamic Funds Management Sdn Bhd 74

75 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Tinjauan Pelaburan

76 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Tinjauan Pelaburan Dana AmMetLife Takaful Equity, Balanced, Sukuk dan Balanced Plus Tinjauan Pasaran Ekuiti Malaysia Terdapat beberapa tanda harapan cerah walaupun kami percaya ia akan menjadi tahun yang mencabar pada Kami mengesyaki bahawa nilai Ringgit Malaysia mungkin telah mendatar melainkan jika harga minyak terus menurun dari USD35 - USD40 setong. Sentimen dalam Ringgit Malaysia mungkin bertambah baik dengan: Penyelesaian isu-isu 1MDB Lebihan akaun semasa yang berterusan Pelaburan China ke Malaysia Ekonomi Malaysia memerlukan penstrukturan asas disebabkan oleh cabaran-cabaran yang perlu diharungi. GST dan kenaikan pemberhentian kerja tidak menggalakkan prospek pertumbuhan permintaan domestik pada masa ini. Keyakinan pengguna pula semakin lemah dan mereka terpaksa mengurangkan perbelanjaan kerana hutang isi rumah yang semakin tinggi. Kami lebih berhatihati pada masa ini berikutan potensi risiko kesedaran liabiliti luar jangka yang semakin meningkat dan kerosakan reputasi yang timbul daripada peristiwa-peristiwa sekitar 1MDB. Amerika Syarikat Ketika kami melangkah ke 2016, kami melihat pertumbuhan global yang sederhana sebanyak 2.5%, sama dengan tahun Jangkaan pertumbuhan sebanyak 8% mungkin terlalu optimis walaupun kami percaya terdapat pertumbuhan pendapatan positif di Amerika Syarikat. Margin bukan kewangan AS berada di bawah tekanan sejak pertengahan 2014 sebagai akibat daripada pertumbuhan gaji yang rendah dan kadar faedah yang tidak menentu, ditambah pula dengan pengukuhan USD. Pertumbuhan gaji adalah agak rendah dalam pemulihan ini. Walau bagaimanapun, kebanyakan pemerhati pasaran mencadangkan bahawa ekonomi sedang mencapai kapasiti penuh (dijangka pada 4-4.5%). Margin keuntungan mempunyai kecenderungan untuk menurun berikutan kejatuhan kadar pengangguran ke tahap yang amat rendah, pertumbuhan pekerjaan sebanyak 2% dan pertumbuhan gaji yang hanya meningkat sekitar 0.5% ke arah 2.5%. Ini akan mewujudkan persekitaran yang mencabar bagi pertumbuhan pendapatan kecuali jika pertumbuhan utama terus melebihi pertengahan satu digit. Pengerusi Rizab Persekutuan Janet Yellen menaikkan kadar faedah sebanyak 25 mata asas dan pada dasarnya menyampaikan mesej serampang empat mata; Ekonomi menunjukkan prestasi yang baik dan berada dalam jalan peningkatan mampan Berkeyakinan bahawa inflasi akan meningkat dalam jangka masa sederhana Tahap peningkatan kadar masa hadapan akan berlaku secara beransur dan bersandarkan data (diramalkan pada 1.375% pada akhir 2016) Menekankan bahawa secara beransur-ansur tidak bermakna mekanikal penetapan masa sama rata, peningkatan kadar yang bersaiz sama Kenaikan kadar bertujuan terutamanya untuk mengurangkan kesan kemelesetan ekonomi akan datang tetapi bukan untuk mengawal inflasi kerana ia tidak akan berkesan. Pada dasarnya, kami percaya bahawa kenaikan kadar membawa sedikit perbezaan kepada pasaran ekuiti kerana tempoh hutang purata semasa S&P 500 syarikat adalah 9.9 tahun dan 85% daripada syarikat mempunyai hutang kadar tetap. Kenaikan kadar berikutnya yang akan memberi kesan kepada prestasi ekuiti kerana penilaian yang kaya ditambah dengan sentimen persekitaran yang negatif. Dari segi sejarah, kadar yang lebih tinggi tidak semestinya memberi pulangan ekuiti negatif. Ia bergantung kepada penilaian dan kekuatan pemulihan ekonomi. Kami masih menjangka ketidakstabilan pasaran sementara pelabur membuat keputusan sama ada ekonomi AS telah pulih dan stabil sehingga cukup kuat untuk mengekalkan pertumbuhan pendapatan agar penilaian yang kaya dapat diwajarkan. Eropah Secara relatifnya, kami akan memberi perhatian yang lebih kepada Eropah kerana dasar pertumbuhan Eropah yang menyokong ekuiti. Walaupun pasaran mengharungi persekitaran yang sukar, M1 terus menunjukkan aktiviti ekonomi yang berdaya tahan manakala komposit PMI adalah kukuh pada Walaupun kami sedar bahawa penilaian telah meningkat dan tidak ada banyak ruang untuk pengembangan pelbagai, 76

77 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Tinjauan Pelaburan (Sambungan) prospek pendapatan dari persekitaran makro yang lebih cerah menyediakan peningkatan yang lebih baik dalam ruang pasaran maju. Ekonomi akan terus menghadapi rintangan berikutan harga minyak yang rendah, ECB yang kurang menyakinkan dan euro yang lemah. Permintaan domestik yang terpendam adalah sebab utama mengapa komposit PMI telah bertahan dengan baik. Permintaan domestik telah menjadi sumber utama pertumbuhan yang menjadikan rantau ini lebih berdaya tahan terhadap cabaran luaran. Secara teorinya, pengguna tidak perlu menyimpan keuntungan daripada kejatuhan harga minyak kerana simpanan isi rumah yang tinggi sebanyak 20.4% berbanding 5.6% di Amerika Syarikat. Dengan 75% daripada pemberian pinjaman dilakukan melalui sistem perbankan, peningkatan dalam mekanisme penghantaran kredit telah banyak membantu pemulihan permintaan dalam negeri. Kami percaya bahawa pertumbuhan pinjaman perlu diteruskan dan selera risiko bank terhadap pinjaman akan meningkat. China Pertumbuhan kredit mengecewakan kerana sikap berhati-hati bank yang timbul daripada aset-aset tertunggak dan tindakan keras ke atas rasuah walaupun kadar menurun sebanyak 150 mata asas menjelang Sektor pengguna/perkhidmatan dan teknologi yang menimbulkan gangguan telah bertumbuh dengan baik manakala bidang-bidang ekonomi lama sedang menghadapi masalah nilai yang terperangkap. Kami masih mengharapkan kadar yang lebih rendah untuk membantu mengurangkan risiko penurunan sementara kerajaan cuba untuk mengimbangi semula ekonomi ke arah menjadi sebuah negara perbelanjaan pengguna. Data makro November merupakan berita baik dan mencadangkan beberapa penstabilan tetapi kami sedang menanti untuk mata data yang lebih untuk mengubah kedudukan kami yang rendah. Harga tenaga/bahan yang lemah, jualan runcit yang kurang dan jualan kediaman yang negatif telah mengurangkan perolehan selama 2 tahun berturut-turut. Kami percaya bahawa kesan asas yang rendah akan bermula untuk 2016 dan sektor-sektor pertumbuhan termasuk IT, perkhidmatan kewangan, penjagaan kesihatan, alam sekitar dan harta benda. Walau bagaimanapun, penilaian berada di atas nilai min dan oleh itu, ruang untuk salah langkah pada masa hadapan adalah minimum. Underweight. Tinjauan Pasaran Sukuk Berikutan ucapan Janet Yellen di mana beliau menyatakan perkara yang perlu diambil kira oleh Rizab Persekutuan AS ( Fed ) sebelum memenuhi syarat untuk kenaikan kadar pada masa depan, pasaran bon global dijangka terus menunjukkan prestasi yang kukuh. Tambahan pula, beliau terus menekankan pendirian Fed terhadap kebergantungan data dan kepentingan untuk kadar faedah dinaikkan pada kadar yang lebih berhati-hati. Ini menyebabkan pengukuhan meluas mata wang Pasaran Baru Muncul dan aset-aset berisiko yang lain. Isu-isu domestik yang telah memberi kesan kepada ekonomi sepanjang tahun lalu seperti Ringgit yang lemah, harga komoditi global yang rendah dan harga minyak global yang berkurangan telah lenyap di tengah-tengah jangkaan kenaikan kadar Fed yang lebih perlahan serta penstabilan dalam komoditi global hargaharga minyak terutamanya minyak mentah. ~oleh AmFunds Management Berhad Tinjauan Pasaran Balanced Plus Dana Al-Ilham Kami menjangkakan bahawa dasar monetari global akan terus diberi tumpuan pada 2016, dan dengan pelabur meneka perubahan-perubahan dasar yang mungkin terjadi seperti yang dilakukan untuk sebahagian besar tahun 2015, pasaran yang tidak menentu akan tetap kekal. Kenaikan kadar AS pada 2016 yang dijangka akan mengalami 4 kenaikan telah diubah ke sama ada 1-2 kenaikan pada suku tahun kedua Keadaan ini boleh menjadi lebih rumit dengan keputusan UK untuk meninggalkan Kesatuan Eropah atau tidak pada bulan Jun semasa referendum UK, di mana peninjauan seolah-olah menunjukkan keputusan buat masa sekarang adalah agak sama rata. Perlumbaan Presidential Amerika Syarikat telah mengejutkan pelabur setakat ini memandangkan populariti Trump yang mungkin mempunyai implikasi sama ada TPPA akan disahkan sekiranya beliau menjadi Presiden. Peningkatan bekalan minyak yang memberangsangkan dijangka tidak dapat bertahan, tetapi kita mungkin telah melihat dasarnya. Harga minyak sawit mentah juga memberangsangkan disebabkan kesan fenomena El Nino terhadap pengeluaran. Pada gambaran yang lebih meluas bagi Malaysia, kami tetap agak berhati-hati kerana kami terus menjangkakan persekitaran yang mencabar bagi ekonomi Malaysia pada tahun Kekuatan dalam MYR mungkin tidak dapat dikekalkan dengan 77

78 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Tinjauan Pelaburan (Sambungan) bekalan minyak yang masih banyak, dan Amerika Syarikat yang masih cenderung untuk menaikkan kadar dalam pertengahan tahun kedua Sentimen pelabur akan terjejas dengan liputan negatif media antarabangsa yang berterusan mengenai Malaysia dan 1MDB, bersama-sama dengan pertikaian awam antara 1MDB dan IPIC. Pelaporan keputusan korporat Malaysia sedang dijalankan dan mungkin mengecewakan lagi, dengan lebih banyak penurunan. Kami akan menggunakan apa-apa pembetulan dalam pasaran sebagai peluang untuk mengumpul saham yang kukuh walaupun kekurangan pemangkin makro dan menghadapi halangan. ~ oleh Eastspring Investments Berhad Dana CIMB Islamic DALI Equity Growth Pada Mac 2016 FBMKLCI naik 3.8% untuk ditutup pada 1, mata berikutan kenaikan harga minyak, Ringgit yang lebih kukuh dan keyakinan pelabur bahawa Rizab Persekutuan akan melambatkan kenaikan kadar Dana Fed yang akan datang. Faktor-faktor positif ini membawa kepada aliran masuk ekuiti bersih asing sebanyak RM6.1 bilion ke dalam pasaran Malaysia. Walaupun momentum pendapatan kekal negatif, momentum penurunan pada -0.4% masih kurang berbanding rakan-rakan serantau kami. Dalam jangka masa pendek, kami percaya bahawa FBMKLCI akan lebih positif berdasarkan perkara berikut: Aliran modal akan terus mencari perlindungan di negara-negara yang memberikan pulangan pertahanan yang lebih tinggi seperti Malaysia, terutamanya dalam persekitaran di mana hasil negatif berterusan di Kesatuan Eropah dan Jepun 2) momentum pendapatan, walaupun negatif, berada pada paras terendah dan jangkaan adalah lebih realistik daripada setahun yang lalu. 3) Malaysia adalah murah dari perspektif USD berdasarkan harga tempahan (1.7x kini berbanding 5 tahun purata pada 2.1x). untuk kekal dalam jajaran kecil berikutan ketidaktentuan waktu kenaikan kadar Fed dan menunggu pemangkin baru untuk memacu pasaran. Bekalan bon korporat dijangka rendah pada tahun ini kerana penerbit tidak mengambil peluang untuk menerbitkan bon dalam persekitaran kadar faedah yang rendah berikutan kebimbangan pertumbuhan. Oleh itu, kami menjangkakan pemain pasaran akan secara amnya kekal yakin di pasaran pendapatan tetap akibat bekalan bon dan permintaan yang tidak sepadan. Kecenderungan untuk hutang korporat berterusan berikutan peserta pasaran menyasarkan bon korporat yang memberikan pulangan lebih tinggi sebagai alternatif kepada bon berdaulat. ~ oleh CIMB-Principal Asset Management Berhad Dana AmIslamic Growth Malaysia menghadapi pelbagai cabaran ekonomi dan memerlukan penyusunan semula. Keyakinan pengguna adalah rendah dan prospek pertumbuhan permintaan domestik tidak menggalakkan pada masa ini disebabkan oleh GST dan kenaikan pemberhentian kerja. Pengguna juga menghadapi tempoh perbelanjaan yang dikurangkan kerana hutang isi rumah yang tinggi. Ditambah pula dengan potensi risiko kesedaran liabiliti luar jangka yang semakin meningkat dan kerosakan reputasi yang timbul daripada peristiwa-peristiwa sekitar 1MDB, kami lebih berhati-hati dalam jangka masa terdekat. Pada masa penulisan (FTSE KLCI 1700), kenaikan dihadkan pada 1750 (+2 SD di atas min) manakala kekangan yang timbul ialah pada 1642/1610 (-1 SD dan -2 SD di bawah min masing-masing). ~ Oleh AmIslamic Funds Management Sdn Bhd Dana CIMB Islamic Sukuk Kadar hasil bon domestik Malaysia telah bangkit YTD Mac 2016 dan seolah-olah berada pada paras yang paling rendah buat masa ini. Sebagai akibatnya, minat belian untuk bon yang mempunyai jangka masa yang lama meningkat dan sebaran kredit diperketatkan. Tiada perubahan kepada prospek kadar faedah bagi Malaysia selepas BNM mengulangi bahawa dasar monetari semasa kekal akomodatif berikutan pertumbuhan dalam negeri yang stabil. Pasaran domestik Malaysia menjangka 78

79 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Strategi Pelaburan

80 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Strategi Pelaburan Dana AmMetLife Takaful Equity, Balanced, Sukuk dan Balanced Plus Strategi Pelaburan Ekuiti Walaupun kadar penilaian untuk Malaysia tidak berubah secara mendadak, ia adalah berdasarkan pertumbuhan pendapatan 5%. Lebih kekecewaan telah ditekankan pada musim laporan ini, dan syarikat-syarikat korporat amat berwaspada dengan bimbingan yang diberikan. Walaupun begitu, pemilikan ekuiti asing adalah masih rendah, manakala jangkaan pendapatan bagi 2016 kekal rendah. Tema bagi 2016 adalah pendirian defensif untuk kadar hasil dan perdagangan terpilih, dan pasaran dipercayai akan berada dalam jajaran ketat. Sementara para pelabur mencari penjelasan ketika menuju ke dalam 2017, tiada pemenang sektor yang jelas dan ia akan menjadi pasaran pemilihan saham. Strategi Pelaburan Sukuk Keadaan semasa dijangka kekal dalam tempoh terdekat dengan pasaran menjangkakan Ringgit berlegar sekitar kepada Dolar Amerika Syarikat. Dengan pulangan yang menurun dengan ketara secara menyeluruh dalam tempoh dua minggu yang lalu, sentimen risiko yang lebih positif dijangka memberi manfaat kepada pasaran bon tempatan. BNM dijangka akan mengekalkan dasar monetari akomodatif semasa berikutan ekonomi domestik yang dijangka berkembang pada kadar yang lebih perlahan sebanyak % pada 2016 dan jangkaan inflasi yang terkawal. Bagi tahun 2016, Kadar Dasar Semalaman ( OPR ) dijangka kekal pada kadar semasa sebanyak 3.25%. Namun begitu, terdapat kemungkinan untuk BNM mengurangkan OPR bagi menyokong pertumbuhan domestik sekiranya aktiviti ekonomi domestik dan prospek pertumbuhan luar merosot dengan ketara. ~oleh AmFunds Management Berhad Strategi Pelaburan Balanced Plus Dana Al-Ilham Kami lebih gemar saham bernilai dan saham yang memberikan pendapatan yang tetap buat masa sekarang sehingga kami mendapat gambaran pasaran ekuiti yang lebih jelas dan pemangkin yang lebih baik. Kami tetap memberi tumpuan kepada pemilihan saham dan memihak kepada syarikat-syarikat dengan lembaran imbangan yang sihat, kedudukan pasaran yang baik, pertumbuhan pendapatan yang baik dan didagangkan pada penilaian yang menarik. Dana CIMB Islamic DALI Equity Growth Dari segi strategi, kami percaya modal besar kini menawarkan nilai yang lebih daripada modal kecil. Oleh itu, kami baru-baru ini menaikkan peruntukan ekuiti kami kepada 85-95% (dari 80-90%) dan beta kepada (dari ). Sementara Bank-bank bermodal besar kini menawarkan nilai relatif berbanding sektorsektor lain, kami telah menaik taraf bank dari berkurangan kepada neutral. Kami juga mengekalkan lebihan kami dalam Pembinaan. Dana CIMB Islamic Sukuk Gabenor baru akan mempunyai pengaruh ke atas sama ada BNM akan mengurangkan OPR. Walau bagaimanapun, kami percaya BNM akan terutamanya memilih untuk mengurangkan Keperluan Rizab Berkanun bagi menyediakan kemudahan tunai dalam pasaran kewangan dan dengan itu menyokong pasaran sukuk tempatan. Terbitan Pelaburan Kerajaan ( GIIs ) sedang berurusan di bawah purata 3 tahun buat masa sekarang. Oleh itu, kami memilih untuk beralih kepada sukuk korporat kerana kemudahan kredit yang lebih menarik, dan membeli GII terpilih pada harga pasaran yang rendah. Walaupun terdapat potensi pelonggaran dasar monetari dan sokongan institusi yang kukuh, kami kekal selektif apabila membeli MGS/GII. Kami lebih gemar pulangan berdaulat MGS/GII jangka panjang yang lebih menarik berbanding dengan yang berjangka pendek. Terbitan utama akan menjadi tumpuan utama kami untuk kemudahan kredit yang menawarkan hasil yang lebih tinggi. Kami juga akan terus melabur ke dalam terbitan bon korporat baru yang bernilai lebih rendah bagi peningkatan hasil tetapi kekal selektif kerana penurunan dan kegagalan pembayaran kredit dijangka meningkat dalam tempoh terdekat. Untuk pasaran kredit, kami memberi keutamaan yang lebih kepada terbitan sukuk bertaraf AA / AAA yang berjangka masa sederhana ke panjang disebabkan oleh hasil yang lebih baik, dan berhasrat untuk memanjangkan tempoh portfolio tersebut dalam tempoh 1.05x ke 1.20x dari tempoh penanda aras. ~oleh CIMB-Principal Asset Management Berhad Dana AmIslamic Growth Tiada pemenang sektor yang jelas dan ia akan menjadi pasaran pemilihan saham. Aspek positif ialah pendapatan dijangka rendah untuk 2016 dan kita perlu menunggu untuk gambaran yang lebih jelas mengenai prospek ~sumber: AmIslamic Funds Management Sdn Bhd 80

81 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Prestasi Dana

82 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Prestasi Dana Dana AmMetLife Takaful Equity Prestasi Sejak Permulaan Dana AmMetLife Takaful Equity berbanding Penanda Aras Prestasi sejak 19 Mac Mac AmMetLife Takaful Equity FBM Hijrah Shariah Prestasi (%) Mac-12 Jun-12 Sep-12 Dis-12 Mac-13 Jun-13 Sep-13 Dis-13 Mac-14 Jun-14 Sep-14 Dis-14 Mac-15 Jun-15 Sep-15 Dis-15 Mac-16 Bulan Prestasi Setahun Penuh Dana AmMetLife Takaful Equity berbanding Penanda Aras Prestasi sejak 1 April Mac AmMetLife Takaful Equity FBM Hijrah Shariah Prestasi (%) Apr-15 Mei-15 Jun-15 Jul-15 Ogos-15 Sep-15 Bulan Okt-15 Nov-15 Dis-15 Jan-16 Feb-16 Mac-16 82

83 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Prestasi Dana (Sambungan) Dana AmMetLife Takaful Sukuk Prestasi Sejak Permulaan Dana AmMetLife Takaful Sukuk berbanding Penanda Aras Prestasi sejak 19 Mac Mac AmMetLife Takaful Sukuk MBB (GIA) 12mth Prestasi (%) Mac-12 Jun-12 Sep-12 Dis-12 Mac-13 Jun-13 Sep-13 Dis-13 Mac-14 Jun-14 Sep-14 Dis-14 Mac-15 Jun-15 Sep-15 Dis-15 Mac-16 Bulan Prestasi Setahun Penuh Dana AmMetLife Takaful Sukuk berbanding Penanda Aras Prestasi sejak 1 April Mac AmMetLife Takaful Sukuk MBB (GIA) 12mth Prestasi (%) Apr-15 Mei-15 Jun-15 Jul-15 Ogos-15 Sep-15 Bulan Okt-15 Nov-15 Dis-15 Jan-16 Feb-16 Mac-16 83

84 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Prestasi Dana (Sambungan) Dana AmMetLife Takaful Balanced Prestasi Sejak Permulaan Dana AmMetLife Takaful Balanced berbanding Penanda Aras Prestasi sejak 19 Mac Mac AmMetLife Takaful Balanced 60% FBM Hijrah & 40% MBB (GIA) 12mth Prestasi (%) Mac-12 Jun-12 Sep-12 Dis-12 Mac-13 Jun-13 Sep-13 Dis-13 Mac-14 Jun-14 Sep-14 Dis-14 Mac-15 Jun-15 Sep-15 Dis-15 Mac-16 Bulan Prestasi Setahun Penuh Dana AmMetLife Takaful Balanced berbanding Penanda Aras Prestasi sejak 1 April Mac AmMetLife Takaful Balanced 60% FBM Hijrah & 40% MBB (GIA) 12mth Prestasi (%) Apr-15 Mei-15 Jun-15 Jul-15 Ogos-15 Sep-15 Bulan Okt-15 Nov-15 Dis-15 Jan-16 Feb-16 Mac-16 84

85 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Prestasi Dana (Sambungan) Dana AmMetLife Takaful Balanced Plus Prestasi Sejak Permulaan Dana AmMetLife Takaful Balanced Plus berbanding Penanda Aras Prestasi sejak 1 Oktober Mac AmMetLife Takaful Balanced Plus 50% FBM Hijrah & 50% Maybank 12 Months GIA Prestasi (%) Okt-13 Dis-13 Feb-14 Apr-14 Jun-14 Ogos-14 Okt-14 Dis-14 Feb-15 Apr-15 Jun-15 Ogos-15 Okt-15 Dis-15 Feb-16 Bulan Prestasi Setahun Penuh Dana AmMetLife Takaful Balanced Plus berbanding Penanda Aras Prestasi sejak 1 April Mac AmMetLife Takaful Balanced Plus 50% FBM Hijrah & 50% Maybank 12 Months GIA Prestasi (%) Apr-15 Mei-15 Jun-15 Jul-15 Ogos-15 Sep-15 Bulan Okt-15 Nov-15 Dis-15 Jan-16 Feb-16 Mac-16 85

86 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 MUKASURAT INI SENGAJA DIBIARKAN KOSONG 86

87 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Pecahan Sektor dan Kategori

88 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Pecahan Sektor dan Kategori Dana AmMetLife Takaful Equity Butiran komposisi portfolio pada 31 Mac 2016 adalah seperti berikut: TK 2016 TK 2015 TK 2014 TK 2013 % % % % Pembinaan Produk perindustrian Infrastruktur Perladangan Hartanah Teknologi Perdagangan/Perkhidmatan Akaun Pelaburan Khas/Tunai Dana AmMetLife Takaful Sukuk Butiran komposisi portfolio pada 31 Mac 2016 adalah seperti berikut: TK 2016 TK 2015 TK 2014 TK 2013 % % % % Sekuriti hutang korporat Akaun Pelaburan Khas/Tunai Dana AmMetLife Takaful Balanced Butiran komposisi portfolio pada 31 Mac 2016 adalah seperti berikut: TK 2016 TK 2015 TK 2014 TK 2013 % % % % Pembinaan Produk perindustrian Infrastruktur Perladangan Hartanah Teknologi Perdagangan/Perkhidmatan Sekuriti hutang korporat Akaun Pelaburan Khas/Tunai

89 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Pecahan Sektor dan Kategori (Sambungan) Dana AmMetLife Takaful Balanced Plus Butiran komposisi portfolio pada 31 Mac 2016 adalah seperti berikut: TK 2016 TK 2015 TK 2014 % % % Unit Amanah Malaysia Akaun Pelaburan Khas/Tunai Unit Amanah Malaysia Dana CIMB Islamic DALI Equity Growth TK 2016 TK 2015 TK 2014 % % % Pembinaan Pengguna Kewangan Perindustrian IPC Perladangan Hartanah REITs 0.71 Sukuk Teknologi Perdagangan/Perkhidmatan Tunai ** Nota: Sumber peruntukan sektor Unit Amanah Malaysia daripada CIMB Principal Asset Management Unit Amanah Malaysia Dana CIMB Islamic Sukuk TK 2016 TK 2015 TK 2014 % % % Sukuk Tunai ** Nota: Sumber peruntukan sektor Unit Amanah Malaysia daripada CIMB Principal Asset Management

90 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Pecahan Sektor dan Kategori (Sambungan) Unit Amanah Malaysia - Eastspring Investments Dana al-ilham TK 2016 TK 2015 TK 2014 % % % Automotif Perbankan & Kewangan Tunai & tunai setara Konglomerat Pembinaan Pengguna Penjagaan Kesihatan Perkilangan Minyak & Gas Perladangan / Sumber Asli Tenaga / Utiliti Hartanah Teknologi Telekomunikasi Pengangkutan ** Nota: Sumber peruntukan sektor Unit Amanah Malaysia daripada Eastspring Investment Unit Amanah Malaysia - AmIslamic Growth TK 2016 TK 2015 TK 2014 % % % Pembinaan Kewangan 6.70 Perindustrian Infrastruktur Perladangan Hartanah Teknologi Perdagangan/Perkhidmatan Tunai dan tunai setara ** Nota: Sumber peruntukan sektor Unit Amanah Malaysia daripada AmInvest

91 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Jadual Perbandingan Prestasi

92 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Jadual Perbandingan Prestasi Prestasi Dana pada 31 Mac Tahun 3 Tahun 5 Tahun Sejak Pelancaran Purata Terkompaun Pulangan Tahunan (%) Pulangan Tahunan (%) Dana AmMetLife Takaful Equity (1.28) Dana AmMetLife Takaful Sukuk Dana AmMetLife Takaful Balanced (0.86) Dana AmMetLife Takaful Balanced Plus

93 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Nilai Aset Bersih, Jumlah Unit dan Harga Seunit Pada 31 Mac 2016 Dana AmMetLife Takaful Equity Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut: TK 2016 TK 2015 TK 2014 TK 2013 Harga Seunit (RM) NAB tertinggi seunit bagi tahun NAB terendah seunit bagi tahun Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) pada akhir Tahun* Jumlah NAB (RM juta) UIC (dalam juta) NAB seunit (RM) Jumlah Pulangan bagi Tahun (%) Jumlah Pulangan 1 (1.28) Pertumbuhan modal (1.28) Pengagihan pendapatan * Harga dan nilai aset bersih seunit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran Dana AmMetLife Takaful Sukuk Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut: TK 2016 TK 2015 TK 2014 TK 2013 Harga Seunit (RM) NAB tertinggi seunit bagi tahun NAB terendah seunit bagi tahun Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) pada akhir Tahun* Jumlah NAB (RM juta) UIC (dalam juta) NAB seunit (RM) Jumlah Pulangan bagi Tahun (%) Jumlah Pulangan (1.30) 4.46 Pertumbuhan modal (1.30) 4.46 Pengagihan pendapatan * Harga dan nilai aset bersih seunit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran 93

94 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Nilai Aset Bersih, Jumlah Unit dan Harga Seunit (Sambungan) Pada 31 Mac 2016 Dana AmMetLife Takaful Balanced Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut: TK 2016 TK 2015 TK 2014 TK 2013 Harga Seunit (RM) NAB tertinggi seunit bagi tahun NAB terendah seunit bagi tahun Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) pada akhir Tahun* Jumlah NAB (RM juta) UIC (dalam juta) NAB seunit (RM) Jumlah Pulangan bagi Tahun (%) Jumlah Pulangan 1 (0.86) Pertumbuhan modal (0.86) Pengagihan pendapatan * Harga dan nilai aset bersih seunit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran Dana AmMetLife Takaful Balanced Plus Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut: TK 2016 TK 2015 TK 2014 Harga Seunit (RM) NAB tertinggi seunit bagi tahun NAB terendah seunit bagi tahun Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) pada akhir Tahun* Jumlah NAB (RM juta) UIC (dalam juta) NAB seunit (RM) Jumlah Pulangan bagi Tahun (%) Jumlah Pulangan Pertumbuhan modal Pengagihan pendapatan * Harga dan nilai aset bersih seunit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan Nota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran 94

95 Dana Berkaitan Pelaburan Laporan Tahunan Bagi Tahun Kewangan Berakhir 31 Mac 2016 Ringkasan kepada Maklumat Kewangan Penyata oleh Pengurus 96 Laporan Juruaudit Bebas 97 Penyata Pendapatan dan Perbelanjaan 98 Penyata Aset dan Liabiliti 100 Penyata Perubahan dalam Nilai Aset Bersih 102 Nota-nota kepada Maklumat Kewangan 103