REPORT PACIFIC CASH DEPOSIT FUND QUARTERLY. For The Financial Period From 1 January 2018 To 30 June

Transcription

1 REPORT QUARTERLY For The Financial Period From 1 January 2018 To 30 June 2018 PACIFIC CASH DEPOSIT FUND PACIFIC MUTUAL FUND BHD ( U) A member of the OCBC Group

2 CONTENTS Fund Information Fund Performance Market Review Fund Review Fund Returns Asset Allocation Income Distribution Financial Statements Unaudited Statement Of Financial Position Unaudited Statement Of Comprehensive Income

3 FUND INFORMATION As at 30 June 2018 Name Of Fund : Manager Of Fund : Launch Date : Pacific Cash Deposit Fund Pacific Mutual Fund Bhd ( U) 30 August 2016 The Fund will continue its operations until terminated as provided under Section 25 of the Deed. Category Of Fund : Type Of Fund : Investment Objective : Money market (wholesale) Income Pacific Cash Deposit Fund aims to provide income, liquidity and stability of capital by investing in cash deposits. Income is in reference to the Fund s distribution, which will be in the form of cash or units. Performance Benchmark : Distribution Policy : Fund Size : Maybank Overnight Repo Rate Distribution of income, if any, at least on a monthly basis million units 2

4 FUND PERFORMANCE For The Financial Period From 1 January 2018 To 30 June 2018 Market Review The local bond yields closed marginally weaker during the interim period on the back of weaker Treasuries and the overnight policy rate hike in January. The Monetary Policy Committee (MPC) delivered a 25 basis points hike in the overnight policy rate to 3.25% in the January meeting, the first hike since July In the accompanying statement, Bank Negara Malaysia cited the need to normalize monetary accommodation in light of the steady economic growth and in a bid to pre-empt the build-up of risks as a result of prolonged low interest rates. Thereafter, local yields were well-supported, tracking the stronger Ringgit against the USD which subsequently traded sub RM3.900 to the Dollar as at end-march Bank Negara released the 2017 Annual Report with revisions in growth projections to % in 2018 on stronger global growth prospects and positive spill over to the domestic economy. Additionally, a lower inflation forecast of % was introduced. Towards mid second quarter 2018, the local bond market saw a general upward trend across the curve as sentiment was largely affected by rising Treasury yields coupled with the post-election sell-off. Market players were cautious over the policy direction of the new government and more importantly its implications on the Ringgit and fiscal impact from the implementation of the new government s key election proposals such as abolishment of GST and re-introduction of fuel subsidies. Flows were generally thin with onshore investors in the shorter-end of the yield curve while offshore investors were sellers across the curve. Meanwhile, Bank Negara maintained overnight policy rate at 3.25% at the MPC meeting in May and expects the economy to remain on a steady growth path amid moderating inflation trend. The yield curve shifted in a near parallel move with the 3-year Malaysian Government Securities (MGS) and 10-year MGS increasing by 30 basis points and 29 basis points respectively to close at 3.62% and 4.20%. Fund Review Total NAV of the Pacific Cash Deposit Fund increased to RM322,488,671 while NAV per unit recorded RM per unit net of its quarterly distribution of 0.3 sen per unit. The Fund has consistently declared steady income distribution since inception. As at 30 June 2018, the portfolio was 100% invested in cash deposits. During the review period, the Fund outperformed its benchmark by 86 basis points returning 1.79% while the benchmark returned 0.93%. Outperformance was due to active management along the liquidity spectrum. Fund flows were actively managed to ensure liquidity requirements are met, thus mitigating the risk of early termination of cash deposit placements. During the period, the Fund benefited from higher cash deposit rates following the 25 basis points overnight policy rate hike in January. Thereafter, rates were seen trading steadily in range. 3

5 Fund Returns to to Year's Period ( to ) Financial YTD ( to ) Since Launch ( to ) Total Returns Pacific Cash Deposit Fund 0.89% 0.89% 3.55% 1.79% 6.81% Benchmark 0.45% 0.47% 1.81% 0.93% 3.29% Source: Lipper, Maybank Asset Allocation As At 30 June 2018 Cash And Liquid Assets % 4

6 Income Distribution Gross distribution per unit Net distribution per unit NAV per unit before declaration (as at 29 June 2018) NAV per unit after declaration (as at 29 June 2018) Pacific Cash Deposit Fund 1.80 sen ( : 0.30 sen : 0.30 sen : 0.30 sen : 0.30 sen : 0.30 sen : 0.30 sen) 1.80 sen ( : 0.30 sen : 0.30 sen : 0.30 sen : 0.30 sen : 0.30 sen : 0.30 sen) RM RM

7 UNAUDITED STATEMENT OF FINANCIAL POSITION As at 30 June 2018 Assets Interest receivable Amount due from manager Cash and cash equivalents Total Assets Liabilities Amount due to Manager Other payables Distribution payable Total Liabilities Net Asset Value Of The Fund Equity Unitholders' capital Retained earnings Net Asset Value Attributable To Unitholders Total Equity And Liabilities Number Of Units In Circulation (Units) Net Asset Value Per Unit (ex-distribution) 2018 RM 698,475 5, ,828, ,532,374 72,074 14, ,253 1,043, ,488, ,889,907 3,598, ,488, ,532, ,084,206 RM

8 UNAUDITED STATEMENT OF COMPREHENSIVE INCOME For The Financial Period From 1 January 2018 To 30 June 2018 Investment Income Interest income Expenses Audit fee Tax agent's fee Manager's fee Trustee's fee Administration expenses Net Income Before Taxation Taxation Net Income After Taxation Total Comprehensive Income Total Comprehensive Income Is Made Up As Follows: Realised Unrealised to RM 7,088,756 3,522 1, ,057 36,724 32, ,635 6,556,121-6,556,121 6,556,121 6,556,121-6,556,121 7

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10 Growing Together To reach out for excellence, to persevere, to mutually trust and support. That s the essence of growing together with Pacific Mutual for a brighter future. PACIFIC MUTUAL FUND BHD ( U) A member of the OCBC Group 1001, Level 10, Uptown 1, No. 1 Jalan SS21/58, Damansara Uptown, Petaling Jaya, Selangor Tel: Fax: ib.support@pacificmutual.com.my Website: BRANCHES Pulau Pinang penang@pacificmutual.com.my Perak ipoh@pacificmutual.com.my Sarawak kuching@pacificmutual.com.my Sabah kk@pacificmutual.com.my Our IUTA may not carry the complete set of our Funds. Investments made via our IUTA may be subject to different terms and conditions. INVESTORS ARE ADVISED TO PROVIDE UPDATED PERSONAL DETAILS TO PACIFIC MUTUAL ON A TIMELY BASIS. YOU MAY UPDATE YOUR DETAILS VIA OUR E-SERVICE AT OR CALL ib.support@pacificmutual.com.my