HSBC Amanah LifeSelect Fixed Income Fund Fund Fact Sheet November 2015

Transcription

1 HSBC Amanah LifeSelect Fixed Income Fund Fund Fact Sheet November 2015

2 Investment Objective HSBC Amanah LifeSelect Fixed Income Fund aims to achieve capital growth in the medium to long term by investing in Pacific Dana Murni ("Target Fund"), a Shariah-compliant unit trust fund managed by Pacific Mutual Fund Berhad which invests primarily in a diversified portfolio of Islamic private debt securities and other liquid assets which are permitted by the Shariah Advisory Council of the Securities Commission Malaysia ( SACSC ). Top Ten Core Equity Holdings % of NAV AmIslamic Bank Bhd 5.89 TSH Sukuk Ijarah Sdn Bhd 4.71 TSH Sukuk Ijarah Sdn Bhd 4.71 Anih Bhd 3.00 Bumitama Agri Limited 2.99 RHB Islamic Bank Bhd 2.97 Malakoff Power Bhd 2.96 BGSM Management Sdn Bhd 2.96 Rantau Abang Capital Bhd 2.94 Alpha Circle Sdn Bhd 2.94 Asset Allocation Performance Table Performance HSBC Amanah LifeSelect Fixed Income Fund* Maybank GIA Tier II 12-Month Rate Since Inception 21.21% 27.04% Unquoted Sukuk 90.06% 6 Months 01/06/15 to 30/11/15 Source: Pacific Mutual Fund Bhd Basis of calculation: Time-weighted rate of return Composite Benchmark - from 12/06/08 to 27/06/13 : FBMS - 28/06/13 onwards : Maybank GIA Tier II 12-Month (%) 0.73% 1.64% Islamic Money Market Instruments 9.94%

3 Market Review, Outlook & Strategy Hawkish comments by Federal Reserve officials combined with October s better-than-expected job reports, helped push US Treasury yields higher during the month. In absence of the rate setting policy meeting, investors digested economic data releases for market direction. After a disappointing showing in the third quarter, the economy continues to show signs of strength which include an uptick in inflation numbers. The yield on the 10-year Treasury rose from 2.16% at the start of the month to a high of 2.32% in the first week of November before consolidating at % range for most of November. Meanwhile the yield on the two-year Treasury note, which is highly sensitive to the changes in the Federal Reserve s rate policy outlook jumped from 0.75% to more than 0.90%, its highest level in five years as solid job reports boosts odds of a December rate hike which led to a flatter yield curve during the month. The local market was slightly bearish, taking cue from the weak Treasuries following Janet Yellen s comments of a live possibility of a December rate move. Long-term yields shifted higher led by the 10-year MGS whereby the re-opening auction was concluded with a soft BTC of times, the lowest recorded this year. The 10-year yield which started the month at 4.12% reached a high of 4.34% in mid-november but managed to consolidate lower by month-end on strong local buying support and firm Ringgit levels. Elsewhere, the three-year GII re-opening also received tepid demand, with bid-to-cover of 1.86 times compared to its previous tender in May. Meanwhile, primary issuances were robust during the month as Issuers took advantage of the current rate environment before the expected December Federal Reserve hike. The MGS curve steepened led by the three-year MGS which closed lower by 17 basis points to 3.42% while the 10-year yields closed slightly higher by 8 basis points to 4.20%.

4 Manager s Comments The fixed income allocation of Pacific Dana Murni was slightly lower at 90.06% as at end November 2015 as compared to 91.44% as at end October 2015 due to short-term maturities. During the month, the Fund sold a short-dated AAA-rated sukuk and reinvested its proceeds in a medium tenured sukuk from the AA3 segment to lock in higher yielding sukuk into the year-end. Short-term yields were adjusted higher in anticipation of a potential December rate hike by the Federal Reserve as well as year-end funding requirements. Given the potential rate hike in the US in December, the Fund is currently on a yield seeking mode focussing on high yielding sukuk with moderate credit risks and upgrade potential. 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 managed by HSBC Amanah Takaful (Malaysia) 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 HSBC Amanah LifeSelect Fixed Income Fund Fund Fact Sheet November 2015

6 Objektif Pelaburan Dana Pendapatan Tetap HSBC Amanah LifeSelect bermatlamat untuk mencapai pertumbuhan modal dalam jangka masa sederhana hingga panjang dengan pelaburan dalam Pacific Dana Murni ("Dana Sasaran"), sebuah dana unit amanah patuh Syariah yang diurus oleh Pacific Mutual Fund Berhad, yang dilaburkan terutamanya dalam portfolio sekuriti hutang Islam yang pelbagai dan lain-lain aset cair yang dibenarkan oleh Majlis Penasihat Syariah Suruhanjaya Sekuriti Malaysia ( SACSC ). Prestasi Sejak Pelancaran* Senarai 10 Pegangan Ekuiti Yang Terbesar % NAB AmIslamic Bank Bhd 5.89 TSH Sukuk Ijarah Sdn Bhd 4.71 TSH Sukuk Ijarah Sdn Bhd 4.71 Anih Bhd 3.00 Bumitama Agri Limited 2.99 RHB Islamic Bank Bhd 2.97 Malakoff Power Bhd 2.96 BGSM Management Sdn Bhd 2.96 Rantau Abang Capital Bhd 2.94 Alpha Circle Sdn Bhd 2.94 Jadual Prestasi Peruntukan Aset Sejak Pelancaran Prestasi Dana Pendapatan Tetap HSBC Amanah LifeSelect Maybank GIA Tier II Kadar 12 Bulan 21.21% 27.04% Sukuk Tidak Disebutharga 90.06% 6 Bulan 01/06/2015 hingga 30/11/2015 Sumber: Pacific Mutual Fund Bhd Asas pengiraan: Kadar nilai pulangan Penanda aras komposit - 12/06/08 hingga 27/06/13 : FBMS - 28/06/13 dan seterusnya : Maybank GIA Tier II 12-Month (%) 0.73% 1.64% Instrumen Pasaran Wang Islam 9.94%

7 Tinjauan, Pandangan dan Strategi Pasaran Ekuiti Komen agresif oleh Federal Reserve bersama dengan laporan pekerjaan yang lebih baik dari jangkaan pada bulan Oktober, membantu meningkatkan kadar hasil Treasury AS pada bulan yang dikaji. Dengan ketiadaan mesyuarat dasar untuk menetapkan kadar, para pelabur mengkaji data ekonomi untuk menjangka hala tujuan pasaran. Selepas keputusan mengecewakan bagi suku ketiga, ekonomi negara masih menunjukkan tanda-tanda kekuatan termasuk peningkatan kadar inflasi. Kadar hasil Treasury 10- tahun meningkat dari 2.16% pada permulaan bulan dikaji ke paras tinggi 2.32% pada minggu pertama bulan November sebelum mengukuh pada julat % untuk hampir sepanjang bulan November. Sementara itu, kadar hasil nota Treasury dua tahun, yang sangat sensitif terhadap perubahan dasar kadar faedah Federal Reserve melonjak dari 0.75% ke lebih dari 0.90%, paras tertingginya dalam tempoh lima tahun disebabkan oleh laporan pekerjaan yang kukuh menyokong peningkatan kadar faedah pada bulan Disember yang menyebabkan keluk hasil lebih mendatar pada bulan tersebut. Pasaran tempatan kurang aktif, akibat kelemahan Treasuries berikutan komen Janet Yellen adanya kemungkinan kadar faedah berubah pada bulan Disember. Kadar hasil jangka panjang meningkat didorong oleh MGS 10-tahun di mana lelongan pembukaan semula berakhir dengan nisbah BTC 1.503, kadar terendah tahun ini. Hasil 10-tahun yang mencatat 4.12% pada awal bulan, meningkat ke 4.34% pada pertengahan November tetapi mampu mengukuh pada catatan yang lebih rendah pada akhir bulan didorong oleh sokongan pembelian tempatan yang sihat serta paras Ringgit yang kukuh. Pembukaan semula GII tiga tahun juga menerima permintaan yang kurang memberangsangkan, dengan nisbah tawaran permintaan 1.86 kali berbanding tender sebelum ini pada bulan Mei. Sementara itu, terbitan utama kukuh pada bulan yang dikaji kerana penerbit mengambil kesempatan kadar semasa sebelum kenaikan kadar faedah oleh Federal Reserve pada bulan Disember. Keluk MGS mencuram didorong oleh MGS tiga tahun yang ditutup lebih rendah sebanyak 17 mata asas ke 3.42% manakala kadar hasil 10-tahun ditutup tinggi sedikit sebanyak 8 mata asas ke 4.20%.

8 Ulasan Pengurus Pegangan pelaburan pendapatan tetap Pacific Dana Murni menurun sedikit ke 90.06% pada akhir bulan November 2015 berbanding dengan 91.44% pada akhir bulan Oktober 2015 disebabkan tempoh matang jangka pendek. Pada bulan dikaji, Dana telah menjual sukuk jangka pendek bertaraf AAA dan melabur semula hasilnya ke dalam sukuk jangka sederhana dari segmen AA3 untuk memastikan pegangan sukuk berhasil tinggi pada akhir tahun. Hasil jangka pendek telah diselaraskan lebih tinggi kerana jangkaan kenaikan kadar faedah pada bulan Disember oleh Federal Reserve serta keperluan pembiayaan akhir tahun. Memandangkan adanya potensi kenaikan kadar faedah di AS pada bulan Disember, Dana kini dalam mod mencari hasil dan memberi fokus terhadap sukuk berhasil tinggi yang mempunyai risiko kredit sederhana dan potensi untuk dinaiktarafkan. 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 diuruskan oleh HSBC Amanah Takaful (Malaysia) 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.