HSBC Amanah LifeSelect Equity Fund

Transcription

1 HSBC Amanah LifeSelect Equity Fund Fund Fact Sheet June 2012

2 Investment Objective HSBC Amanah LifeSelect Equity Fund aims to achieve capital growth in medium to long term by investing in a portfolio of Shariah-compliant Malaysian equities and equity related securities. Performance Since Inception* Top Ten Core Equity Holdings % of NAV Sime Darby Bhd 6.52 IOI Corporation Bhd 5.80 Tenaga Nasional Bhd 4.52 Star Publications (Malaysia) Bhd Media Chinese International Limited Petronas Chemicals Group Bhd MISC Bhd 3.09 IJM Plantations Bhd 2.95 IJM Corporation Bhd 2.81 Performance Table Performance Since investing 12/06/08 to 30/06/12 6 Months 31/12/11 to 30/06/12 HSBC Amanah LifeSelect Equity Fund FBMS 46.23% 24.59% 1.75% 6.82% Source: Bloomberg Basis of calculation: Time-weighted rate of return TH Plantations Bhd 2.66 Asset Allocation Islamic Money Market Instruments 13.90% Top 10 Sectors: Food Beverage Capital Goods Materials Energy Media Transportation Quoted Shariah- Compliant Equities 86.10% Real Estate Telecommunication Services Utilities Semiconductors & Semiconductors Equipment

3 Equity Market Review, Outlook & Strategy A disappointing jobs report in the US, dismal data from China and Europe and an escalating banking crisis in Spain did not make for a good start to global equity markets in June as various growth forecasts were cut. Thereafter, equities moved in a yo-yo pattern as weakening economic data battled with hopes that policy makers would come up with additional stimulus for the various economies. China s announcement of an interest rate cut, its first since December 2008, was not enough to shore up markets as this was offset by signals from the US Federal Reserve s Chairman that there would not be any immediate US stimulus. Nevertheless, a massive overhang on markets was removed when the pro-bailout party won in the Greek election held on 17 June that was widely perceived as a turning point in the Euro zone crisis. However, this only provided a fleeting reprieve to the Euro zone debt crisis with Spain s benchmark borrowing costs spiking to a new Euro-era high. Hopes of further stimulus to the US and European markets nudged markets higher subsequently but these were overcome by the Federal Reserve s sombre growth outlook and further disappointing economic data from China and the US. Market s response to the US Federal Reserve s plan to extend its Operation Twist programme was muted. Subsequently, markets did continue to edge higher and even Moody s Investors Service credit downgrades for 15 of the world s largest banks did not deter the advance, as the downgrades came in less severe than expected. However, investors remained skittish on any developments in Europe as EU leaders began a two-day summit towards month-end. Wall Street saw a late rally after Euro zone leaders agreed on measures to cut soaring borrowing costs in Italy and Spain in addition to directly recapitalising regional banks. After their disappointing performance in May, the showing of global bourses in June were generally better: US (+4%), Japan (+5%), Hong Kong (+4%), Korea (+1%), Singapore (+4%), Taiwan (flat), Thailand (+3%), Philippines (+3%), Indonesia (+3%), Australia (flat), Shanghai (-6%), Shenzhen (-5%), and Reuters- Jefferies index (+4%). On Bursa Malaysia, relatively positive momentum was seen ahead of the sterling listing debut of Felda Global and the FBM KLCI ended with a slim gain of 1%. In local macro newsflow, Malaysia s industrial production in April 2012 came in better-thanexpected at 3.2% year-on-year (March 2012: 1.5% year-on-year) on sustained growth in manufacturing and power as mining fell for a second consecutive month. However, in tandem with a slowing global economy, Malaysia s export growth declined, albeit marginally, for the second consecutive month after 28 months of uninterrupted growth. 3

4 Equity Market Review, Outlook & Strategy (Cont ) In the US, the jobs report came in weaker-than-expected in May while retail sales in the same month fell to their worst levels in two years. However, the biggest part of the US economy, which is the service industries, continued to sustain their pace of growth. Meanwhile, the Federal Open Market Committee (FOMC) came out with a less favourable growth and employment outlook for the US. In China, with inflation falling to the lowest in two years and deflation in producer prices deepening, retail prices of diesel and gasoline were cut for the second consecutive month. Overall, China s economy continued to slow down but its May economic data was a slight improvement over the disappointing April data. In the Euro zone, business activity shrank for the fifth consecutive month in June. Over in Japan, the Lower House approved the doubling of sales tax to 10% over three years in a bid to rein in the country s massive debt. In the near term, markets may take the cue from the second quarter reporting season which will kick off soon with reporting by US companies. After quite a number of disappointing economic indicators reported in the second quarter, there are doubts if there would be many positive surprises. 4

5 Manager s Comments The equity exposure of HSBC Amanah LifeSelect Equity Fund was increased from 81.29% as at end- May 2012 to 86.10% as at end-june 2012 due to net equity purchases in line with the internal tactical asset allocation call. Purchases were of selected stocks in the automotive, construction, media, oil and gas, plantations, properties, telecommunications, transport and utilities sectors on price weakness. Positions initiated include a leading property developer and a plantations stock with estates in Malaysia and overseas. The Fund also participated in the IPO of a major plantation company during the month and trimmed its positions upon listing. Positions exited included holdings in a leading glove manufacturer on price strength. The Fund will maintain an opportunistic stance to ride the market volatility in the near term. Risk The investment risks associated to the investment are described in Product Disclosure Sheet. If you have any queries, you are advised to consult your professional adviser before making a commitment to invest. In the event that you choose not to seek advice from a professional investment adviser, you should consider whether this investment is suitable based on your risk appetite, investment experience and objectives. Other Information You may refer to the Product Disclosure Sheet for the basis and frequency of valuing assets underlying of the fund, Annual Fund Management Fee and other charges related to the fund. The HSBC Amanah LifeSelect Equity Fund is underwritten by HSBC Amanah Takaful (Malaysia) Sdn. Bhd. and is managed by Pacific Mutual Fund Berhad. This material is prepared strictly for information only. Information provided herein including any expression of opinion or forecast has been obtained from or is based on sources believed by us to be reliable, but is not guaranteed as to accuracy or completeness. The information is given without obligation and on understanding that any person who acts upon it or changes his/her position in reliance thereon does so entirely at his/her own risk. Past performance figures shown are not indicative of future performance. 5

6 Dana Ekuiti HSBC Amanah LifeSelect Laporan Dana Jun 2012

7 Objektif Pelaburan Dana Ekuiti HSBC Amanah LifeSelect bermatlamat mencapai pertumbuhan modal dalam jangka sederhana hingga panjang dengan melabur dalam portfolio ekuiti dan sekuriti berkaitan ekuiti Malaysia yang berlandaskan prinsip Syariah Prestasi Sejak Pelancaran* Senarai 10 Pegangan Ekuiti Yang Terbesar % NAB Sime Darby Bhd 6.52 IOI Corporation Bhd 5.80 Tenaga Nasional Bhd 4.52 Star Publications (Malaysia) Bhd Media Chinese International Limited Petronas Chemicals Group Bhd MISC Bhd 3.09 IJM Plantations Bhd 2.95 IJM Corporation Bhd 2.81 Jadual Prestasi TH Plantations Bhd 2.66 Peruntukan Aset Prestasi Sejak dilaburkan 12/06/08 hingga 30/06/12 6 Bulan 30/11/11 hingga 30/06/2012 Dana Ekuiti HSBC Amanah LifeSelect Sumber: Bloomberg Asas pengiraan: Kadar nilai pulangan FBMS 46.23% 24.59% 1.75% 6.82% Instrumen Pasaran Wang Islam 13.90% Ekuiti Disebutharga Yang Berlandaskan Syariah 86.10% Senarai 10 Sektor Terbesar: Makanan Dan Minuman Barangan Modal Material Tenaga Media Pengangkutan Harta Tanah Perkhidmatan Telekomunikasi Utiliti Semikonduktor Dan Peralatan Semikonduktor

8 Tinjauan, Pandangan dan Strategi Pasaran Ekuiti Pada bulan Jun, pasaran ekuiti global dilanda dengan berita-berita negatif seperti laporan pekerjaan yang mengecewakan di AS, data yang mengecewakan dari China dan Eropah, dan krisis perbankan yang semakin serius di Sepanyol, dan seterusnya penurunan jangkaan pertumbuhan di merata dunia. Selepas itu, pasaran ekuiti bergerak dalam corak yo-yo akibat dari kesan kelemahan data ekonomi bercampur dengan harapan bahawa penggubal dasar akan mengumumkan pelbagai rangsangan tambahan untuk ekonomi negara masing-masing. Pengumuman pemotongan kadar faedah oleh negara China, yang pertama sejak Disember 2008, tidak mencukupi untuk memulihkan pasaran kerana ini telah diimbangi oleh isyarat daripada Pengerusi Federal Reserve AS bahawa untuk tempoh terdekat ini, AS tidak akan memulakan sebarang rangsangan. Walau bagaimanapun, kebimbangan pasaran yang besar dapat dikawal apabila pihak yang pro-jaminan-hutang menang dalam pilihan raya Greece yang diadakan pada 17 Jun, dan kejadian ini dianggap sebagai titik perubahan dalam krisis zon Euro. Walau bagaimanapun, ini hanya memberi kelegaan sementara untuk krisis hutang zon Euro kerana kos pinjaman Sepanyol semakin meningkat ke tahap tertinggi dalam era Euro. Harapan rangsangan selanjutnya untuk pasaran AS dan Eropah menggalakkan pasaran meningkat, tetapi berita baik ini seterusnya ditenggelami oleh pandangan pertumbuhan yang suram oleh Federal Reserve dan data ekonomi yang mengecewakan dari China dan AS. Sambutan pasaran terhadap pelan Federal Reserve AS untuk melanjutkan rancangan Operation Twist berakhir selepas ini. Seterusnya, pasaran meningkat jua, dan penurunan taraf kredit oleh Moody s Investors Service ke atas 15 bank terbesar di dunia tidak menghalang peningkatan pasaran, kerana tahap penurunan tidak seteruk yang dijangka. Walau bagaimanapun, pelabur kekal berhati-hati ke atas sebarang perkembangan di Eropah apabila pemimpin EU memulakan sidang kemuncak dua hari menjelang akhir bulan. Wall Street mengalami rali lewat selepas pemimpin zon Euro bersetuju dengan langkahlangkah untuk mengurangkan kos pinjaman di Itali dan Sepanyol yang melambung tinggi sebagai langkah tambahan kepada kemasukan modal semula ke dalam bank serantau. Selepas prestasi yang mengecewakan pada bulan Mei, prestasi bursa global pada bulan Jun secara amnya baik: AS (4%), Jepun (5%), Hong Kong (4%), Korea (1%), Singapura (+ 4%), Taiwan (tidak berubah), negara Thai (3%), Filipina (3%), Indonesia (3%), Australia (tidak berubah), Shanghai (-6%), Shenzhen (-5%), dan index Reuters- Jefferies (4%). Di Bursa Malaysia, momentum yang agak positif dapat disaksikan sebelum penyenaraian Felda Global dan FBM KLCI mengakhiri bulan Jun dengan keuntungan kecil sebanyak 1%. Keluaran perindustrian Malaysia pada April 2012 adalah lebih baik dari jangkaan pada 3.2% tahun-ke-tahun (Mac 2012: 1.5% tahun-ke-tahun) disokong oleh pertumbuhan berterusan dalam sektor pembuatan dan sektor kuasa, dan sektor perlombongan jatuh dua bulan berturut-turut. Walau bagaimanapun, selaras dengan ekonomi global yang memperlahan, pertumbuhan eksport Malaysia merosot sedikit, untuk dua bulan berturut-turut selepas 28 bulan pertumbuhan tanpa gangguan. 8

9 Tinjauan, Pandangan dan Strategi Pasaran Ekuiti (Samb) Di AS, laporan pekerjaan bulan Mei lebih lemah dari jangkaan manakala jualan runcit pada bulan yang sama jatuh ke paras terendah dalam tempoh dua tahun. Walau bagaimanapun, sektor terbesar ekonomi AS, iaitu industri perkhidmatan, terus mengekalkan momentum pertumbuhan. Sementara itu, Federal Open Market Committee mengumumkan pandangan pertumbuhan dan pekerjaan yang kurang memberangsangkan untuk AS. Di China, harga runcit diesel dan petrol telah diturunkan untuk dua bulan berturut-turut akibat daripada kejatuhan kadar inflasi ke tahap paling rendah dalam tempoh dua tahun dan deflasi harga pengeluar yang semakin mendalam. Secara keseluruhan, ekonomi China terus memperlahan tetapi data ekonomi Mei adalah sedikit lebih baik daripada data April yang mengecewakan. Dalam zon Euro, aktiviti perniagaan susut untuk lima bulan berturut-turut pada bulan Jun. Di Jepun, Lower House telah meluluskan peningkatan cukai jualan sebanyak dua kali ganda ke 10% dalam tempoh tiga tahun dalam usaha mengawal hutang negara yang tinggi. Dalam tempoh terdekat, pasaran mungkin mengambil petunjuk daripada musim laporan suku kedua yang akan bermula tidak lama lagi dengan laporan oleh syarikatsyarikat AS. Selepas beberapa petunjuk ekonomi mengecewakan yang dilaporkan pada suku kedua, terdapat keraguan jika akan ada banyak kejutan positif. 9

10 Ulasan Pengurus Pendedahan ekuiti Dana Ekuiti HSBC Amanah LifeSelect meningkat dari 81.29% pada akhir bulan Mei 2012 ke 86.10% pada akhir bulan Jun 2012 akibat daripada pembelian ekuiti bersih selaras dengan strategi peruntukan aset taktikal pengurus dana. Pembelian saham berfokus pada sektor automotif, pembinaan, media, minyak dan gas, perladangan, hartanah, telekomunikasi, pengangkutan dan utiliti atas kelemahan harga. Dana juga melabur dalam saham sebuah syarikat pemaju hartanah yang terkemuka dan saham sebuah syarikat perladangan yang memiliki ladang-ladang di Malaysia dan di luar negara. Dana juga mengambil bahagian dalam tawaran awam awal sebuah syarikat perladangan utama pada bulan yang ditinjau dan mengurangkan pegangan apabila saham tersebut disenaraikan. Dana melepaskan pegangan ke atas saham sebuah syarikat pengilang sarung tangan apabila harga saham tersebut meningkat. Dalam jangka masa terdekat, Dana akan terus mencari peluang pelaburan dalam keadaan pasaran yang turun naik. Risiko Risiko pelaburan yang dikaitkan dengan pelaburan dinyatakan dalam Lembaran Pendedahan Produk. Sekiranya anda mempunyai apa-apa kemusykilan, anda dinasihatkan agar berunding dengan penasihat profesional sebelum membuat komitmen untuk melabur. Sekiranya anda membuat keputusan untuk tidak mendapatkan khidmat penasihat pelaburan profesional, anda perlu mempertimbangkan sama ada pelaburan ini sesuai berasaskan toleransi risiko, pengalaman pelaburan dan objektif anda. Maklumat Lain Anda boleh merujuk kepada Lembaran Pendedahan Produk untuk meneliti asas dan kekerapan penilaian aset dana, Yuran Pengurusan Dana tahunan dan caj lain yang berkaitan dengan dana. Dana Ekuiti HSBC Amanah LifeSelect ditaja jamin oleh HSBC Amanah Takaful (Malaysia) Sdn. Bhd. dan diuruskan oleh Pacific Mutual Fund Berhad. Bahan ini disediakan khusus sebagai maklumat sahaja. Maklumat yang terkandung di dalam ini, termasuk sebarang pernyataan pendapat atau ramalan, telah diperolehi dan berasaskan sumber yang kami yakin boleh dipercayai, tetapi tidak djamin ketepatan atau kelengkapannya. Maklumat ini diberikan tanpa sebarang kewajipan dan berasaskan kefahaman bahawa sesiapa yang bertindak ke atasnya atau bertukar pelaburan berasaskan maklumat ini berbuat demikian atas risiko sendiri. Angka prestasi masa lalu yang ditunjukkan bukan petunjuk prestasi masa depan. 10