HSBC Amanah LifeSelect Fixed Income Fund

Transcription

1 HSBC Amanah LifeSelect Fixed Income Fund Fund Fact Sheet June 2012

2 Investment Objective HSBC Amanah LifeSelect Fixed Income Fund aims to achieve a steady return in medium to long term by investing in a portfolio of Malaysian Islamic debt securities and money market instruments. The Fund also aims for some degree of capital stability. Performance Since Inception* Top Ten Unquoted Corporate Bonds % of NAV Performance Table Performance Since investing 12/06/08 to 30/06/12 6 Months 31/12/11 to 30/06/12 HSBC Amanah LifeSelect Fixed Income Fund* % Government Investment Issue Year 3 Rate % 10.82% 13.92% 1.77% 1.58% TSH Sukuk Ijarah Sdn Bhd 7.34 AmIslamic Bank Bhd 6.07 Binariang GSM Sdn Bhd 4.98 TSH Sukuk Ijarah Sdn Bhd 4.89 Tanjung Bin Energy Bhd 4.21 Projek Lebuhraya Usahasama Bhd 3.86 Besraya (M) Sdn Bhd 3.70 Manjung Island Energy Bhd 3.68 Sabah Credit Corporation 3.65 Aman Sukuk Bhd 3.64 Asset Allocation Islamic Money Market Instruments 13.44% Unquoted Sukuk 86.56% Source: Bloomberg Basis of calculation: Time-weighted rate of return 2

3 Market Review, Outlook & Strategy Having suffered a massive setback in May, risk sentiment experienced modest improvement in early June supported by better-than-expected economic data and better assessment of economic conditions in the Federal Reserve s beige book. Treasuries erased some of their recent gains as the bid for safety lost ground after the surge to a series of record low yields last month. Prices fell across the curve with the longer end experiencing steep losses largely on stock market gains and profit taking. Speculation on unified action by central banks to address financial market stresses in Europe at the G20 summit caused Treasuries to see-saw between gains and losses as investors debated whether the refuge appeal of US government debt outweighs buying at yields close to record lows. Nevertheless, the 10-year and 30-year offering came in strong at record low auction yields of 1.622% and 2.72% respectively. Thereafter, Treasuries traded weaker with moderate losses led by the intermediate part of the curve after a disappointingly cautious policy response by the Federal Open Market Committee (FOMC) to the deteriorating economic outlook. The Federal Reserve lowered their expectations for economic growth and eased policy by extending the current Operation Twist programme through end of the year. Towards month-end, prices of Treasuries saw a slight rebound boosted by sharp decline in stocks and concerns of a deepening debt crisis in the Euro region. US Treasuries recorded mild gains, pushing yields down about three to four basis points along the medium- and longer-dated tenures, as European leaders began a two-day summit. Bonds held onto gains after the sale of seven-year notes drew the lowest yield on record for a third consecutive month. The 10-year notes extended a quarterly gain as reports confirmed US economic growth slowed in the first quarter. GDP expanded at a 1.90% annual pace in the first quarter, meeting the government s previous estimate. Local government bonds traded firmer in June led by lower interest rate swaps. Buying interest was mainly focused in the mid- to long-tenure bonds. However, the uptrend was capped by the weakening Ringgit as it hovered at a six-month low against the Dollar. The weaker Ringgit was in tandem with the weakening of other Asian currencies on risk aversion given no firm progress from the G7 talks on the Euro zone debt crisis. Exports unexpectedly fell for a second month in April on easing external demand. Meanwhile, industrial production quickened by 3.20% in April on higher manufacturing and electricity output. Trading flows were aided by the RM3 billion auction of the new 15-year Government Investment Issues (GII) and three-year re-opening which received firm demand of times and times respectively. From mid-june onwards, benchmark MGS across tenures were seen trading steady with yields closing one to two basis points lower on the lack of domestic drivers ahead of the release of May inflation which saw CPI easing for the 7th straight month to the lowest in almost 2 years. CPI rose 1.70% from a year earlier after climbing 1.90% in April. Thereafter, market sentiment remained cautious ahead of the scheduled EU summit. Net buying activities boosted longer-dated government bonds to a firmer close during the month. The yield curve was further flattened as the shorter-dated benchmarks held steady ahead of the Monetary Policy Committee (MPC) meeting in early July. 3

4 Manager s Comments The fixed income allocation of HSBC Amanah LifeSelect Fixed Income Fund was higher at 86.56% from 84.78% previously due to net purchasing activities despite fund inflows. The Fund reinvested in matured commercial papers and increased positions in a power producer, a plantation group and a telecommunications company given the attractive relative valuation in the secondary market. 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 Fixed Income 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. 4

5 Dana Pendapatan Tetap HSBC Amanah LifeSelect Laporan Dana Jun 2012

6 Dana Pendapatan Tetap HSBC Amanah LifeSelect Laporan Dana Jun 2012

7 Objektif Pelaburan Dana Pendapatan Tetap HSBC Amanah LifeSelect bermatlamat mencapai pulangan stabil dalam jangka sederhana hingga panjang dengan melabur dalam portfolio sekuriti hutang dan instrumen pasaran wang Islam Malaysia. Dana ini juga bermatlamat mengekalkan kestabilan modal. Prestasi Sejak Pelancaran* Senarai 10 Pegangan Bon Korporat Tidak Disebutharga Yang Terbesar % daripada NAB TSH Sukuk Ijarah Sdn Bhd 7.34 AmIslamic Bank Bhd 6.07 Binariang GSM Sdn Bhd 4.98 TSH Sukuk Ijarah Sdn Bhd 4.89 Tanjung Bin Energy Bhd 4.21 Projek Lebuhraya Usahasama Bhd 3.86 Besraya (M) Sdn Bhd 3.70 Manjung Island Energy Bhd 3.68 Sabah Credit Corporation 3.65 Jadual Prestasi Aman Sukuk Bhd 3.64 Peruntukan Aset Prestasi Dana Pendapatan Tetap HSBC Amanah LifeSelect* % Kadar 3 Tahun Government Investment Issue % Sukuk Tidak Disebutharga 86.56% Sejak dilaburkan 12/06/08 hingga 30/06/12 6 Bulan 31/12/11 hingga 30/06/ % 13.92% 1.77% 1.58% Instrumen Pasaran Wang Islam 13.44% Sumber: Bloomberg Asas pengiraan: Kadar nilai pulangan 7

8 Tinjauan, Pandangan dan Strategi Pasaran Ekuiti Setelah mengalami penurunan besar pada bulan Mei, sentimen risiko meningkat sedikit pada awal bulan Jun disokong oleh data ekonomi yang lebih baik dari yang dijangkakan dan penilaian keadaan ekonomi yang lebih baik dalam buku beige Federal Reserve. Treasuries kehilangan sedikit keuntungannya apabila permintaan terhadap pelaburan berisiko rendah menurun selepas kadar faedah menurun pada bulan lepas. Harga pelaburan pendapatan tetap jatuh akibat daripada keuntungan dalam pasaran saham dan aktiviti pengambilan untung. Spekulasi ke atas tindakan seragam bank-bank pusat untuk menangani tekanan pasaran kewangan di Eropah pada sidang kemuncak G20 menyebabkan Treasuries beralih antara keuntungan dan kerugian kerana pelabur berbahas sama ada hutang kerajaan AS lebih menarik daripada pelaburan yang mempunyai kadar faedah yang rendah. Walau bagaimanapun, tawaran pelaburan 10 tahun dan 30 tahun kukuh pada kadar hasil lelong rekod rendah 1.622% dan 2.72% masing-masing. Selepas itu, Treasuries diniagakan lemah dengan kerugian yang sederhana selepas pasaran bertindak balas terhadap pengumuman oleh Federal Open Market Committee supaya berhati-hati dengan pelaburan dalam keadaan ekonomi yang semakin merosot. Federal Reserve menurunkan jangkaan mereka untuk pertumbuhan ekonomi dan melegakan polisi dengan melanjutkan rancangan Operation Twist sehingga akhir tahun. Menjelang akhir bulan, harga Treasuries pulih sedikit disebabkan oleh penurunan mendadak dalam pasaran saham dan kebimbangan krisis hutang yang semakin serius di rantau Euro. Treasuries AS mencatatkan keuntungan yang sederhana, menekan pulangan menurun tiga hingga empat mata asas dalam pelaburan bertempoh sederhana dan panjang, apabila pemimpin Eropah memulakan sidang kemuncak dua hari. Bon mengalami keuntungan selepas jualan pelaburan tujuh tahun mencecah hasil terendah pada rekod bagi tiga bulan berturut-turut. Pelaburan 10 tahun melanjutkan keuntungan suku tahunan apabila laporan mengesahkan pertumbuhan ekonomi AS memperlahan pada suku pertama. KDNK mengembang pada kadar tahunan 1.90% pada suku pertama, memenuhi anggaran kerajaan sebelumnya. Bon kerajaan tempatan diniaga lebih kukuh pada bulan Jun diterajui oleh swap kadar faedah yang lebih rendah. Minat belian tertumpu pada bon bertempoh sederhana ke panjang. Walau bagaimanapun, aliran meningkat itu telah dihadkan oleh nilai matawang Ringgit yang semakin lemah kerana ia berlegar pada paras terendah dalam tempoh enam bulan berbanding Dolar. Ringgit yang lemah adalah seiring dengan kelemahan matawang Asia akibat daripada penghindaran risiko oleh pelabur kerana tiada kemajuan kukuh dari rundingan G7 mengenai krisis hutang zon Euro. Eksport jatuh di luar jangkaan untuk bulan yang kedua pada bulan April, akibat dari penurunan permintaan luaran. Sementara itu, pengeluaran perindustrian meningkat sebanyak 3.20% pada bulan April akibat dari peningkatan pembuatan dan keluaran elektrik. Aliran dagangan disokong oleh lelong Government Investment Issues 15-tahun berjumlah RM3 bilion dan pembukaan semula pelaburan tiga tahun yang menerima permintaan kukuh kali dan kali masing-masing. 8

9 Tinjauan, Pandangan dan Strategi Pasaran Ekuiti (Sambungan) Dari pertengahan Jun dan seterusnya, MGS kesemua tempoh didagang mantap dengan hasil menurun satu hingga dua mata asas atas faktor kekurangan rangsangan domestik menjelang pengumuman kadar inflasi Mei, di mana indeks harga pengguna menurun tujuh bulan berturut-turut ke tahap terendah dalam tempoh dua tahun. Indeks harga pengguna meningkat 1.70% berbanding tahun sebelumnya selepas meningkat 1.90% pada bulan April. Selepas itu, sentimen pasaran kekal berhati-hati menjelang sidang kemuncak EU. Aktiviti belian bersih meningkatkan bon kerajaan yang bertempoh panjang menutup lebih kukuh. Keluk kadar hasil terus mendatar apabila tanda aras pelaburan jangka pendek mantap menjelang mesyuarat Jawatankuasa Dasar Monetari pada awal bulan Julai. 9

10 Ulasan Pengurus Peruntukan pelaburan pendapatan tetap Dana Pelaburan Pendapatan Tetap HSBC Amanah LifeSelect adalah lebih tinggi pada 86.56% berbanding 84.78% yang direkod sebelum ini akibat daripada aktiviti pembelian bersih walaupun terdapat aliran masuk dana. Dana melabur semula kertas komersial yang telah matang dan meningkatkan pelaburan dalam sebuah syarikat pengeluar tenaga, sebuah syarikat perladangan dan sebuah syarikat telekomunikasi yang diberikan penilaian yang menarik dalam pasaran sekunder. 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 Pendapatan Tetap 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