Table of Content. 1.0 Manager s Report 3

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2 Table of Content 1.0 Manager s Report Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Performance for the Financial Year Ended 30 June Economic and Market Review Market Outlook And Strategy Asset Allocation as at the end of the last 3 financial years Other Performance Data for the Financial Year Ended 30 June Unit Holdings as at 30 June Policy on Rebate And Soft Commission Trustee s Report Shariah Committee s Report Directors Declaration Independent Auditors Report To The Unitholders of BIMB i Growth Financial Statements (Audited) Corporate Directory 55 2

3 1.0 Manager s Report Dear Unitholders, We are pleased to present the Manager s report of BIMB i Growth for the financial year ended 30 June Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Fund Name Fund Type Fund Category BIMB i Growth Aggressive growth Equity To provide a medium and long term return through capital appreciation and income distribution. Fund Investment Objective Fund Performance Benchmark Fund Distribution Policy Note: The capital appreciation is the primary objective while income distribution is the secondary objective of the Fund. Any material change to the investment objective of the Fund would require Unitholders approval. The selected performance benchmark for this Fund is the FBM Emas Shariah Index comprising BURSA Malaysia Main Market stocks that have been designated as Shariahcompliant securities by the Shariah Advisory Council (SAC) of the Securities Commission. The rationale is to reflect the Fund s major proportion of investments in equity of up to 98% of its Net Asset Value (NAV) in Shariah-compliant securities. Information on the benchmark can be obtained from BURSA Malaysia website. As income distribution is the secondary objective of the Fund, distribution of income (if any) is incidental. 3

4 1.2 Performance for the financial year ended 30 June Performance review For the financial year under review, BIMB i Growth (the Fund) registered a return of -8.67% as compared to its Benchmark s return of -8.80%. The Fund was 96.9% invested in equities as at the end of the year under review, same holdings for equities invested which is 96.9% as at the end of financial year The Fund s total Net Asset Value (NAV) was RM40,153,278 or sen per unit as compared to RM48,168,322 or sen per unit as at the end of financial year The selected performance benchmark for this Fund is the FBM EMAS Shariah Index comprising BURSA Malaysia Main Market stocks that have been designated as Shariahcompliant securities by the SAC. Our strategy is to meet the investment objective where the Fund will mainly focus on the equity investment comprising a diversified portfolio of blue chip, high growth and dividend paying companies that are listed on BURSA Malaysia. For the financial year under review, BIMB i Growth did not declare any income distribution as the Fund is a growth fund with the primary objective on unit price appreciation. If distribution is made, it would reduce the NAV per unit of the Fund. For example, if the Fund pays a 3% distribution, then the NAV per unit will fall by 3%. The Fund had not been declaring distributions since 2009 and this has contributed to the increasing trend in the unit price. For example, the unit price was at 24.0 sen as at 30 June 2009 and 26.7 sen as at 30 June As at 30 June 2015, the unit price of BIMB i Growth stood at sen. It is the intention of the Manager to grow the Fund s unit price for unitholders to benefit from the capital appreciation. Hence, it is the opinion of the Manager that the Fund has met its primary objective to achieve capital appreciation. For the year ended 30 June 2015, there were no significant changes to the state of affairs of the Fund and no circumstances that materially affect the interest of Unit Holders that have taken place up to the date of this Manager s Report. 4

5 1.2.2 Total return and average total return as at 30 June 2015 Total Return (%) BIMB i Growth Average Total Return (%) Total Return (%) Benchmark Average Total Return (%) 1-Year Period Year Period Year Period Annual total return as at the end of the last 5 financial years Financial Years BIMB i Growth (%) Total Return Benchmark (%) 30 June June June June June

6 Figure 1: Fund and Benchmark for the last 5 Financial Years Note: Data Source Data verified by Benchmark : BIMB Investment Management Berhad : Novagni Analytics & Advisory Sdn. Bhd. (formerly known as Perkasa Normandy Advisers Sdn. Bhd.) : FBM Emas Shariah Index Notes: 1. Total Return of the Fund has been verified by Novagni Analytics & Advisor Sdn. Bhd. (formerly known as Perkasa Normandy Managers Sdn. Bhd.) ( w) 2. Average Total return is derived by this formula: Total Return Number of Years under Review Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up. 6

7 1.3 Economic and Market Review Economy Global The United States ( US ) Gross Domestic Product (GDP) grew at a rate of 0.6% in the first quarter of 2015 as compared to 2.1% growth in the fourth quarter of 2014 and 4.3% in the third quarter of Similar to the previous year, the economy was weakened again by bad weather coupled with a slowdown at West Coast ports, stronger U.S. dollar, weak global demand and lower oil prices. Economic activity slowed down as dismal trade performance reflected businesses and consumers cautious stance for the period. US headline inflation rate decline to 0.1% in June 2015 from 2.0% in July 2014 due to lower energy prices. US core inflation rate moderated to 1.8% in June 2015 from 1.9% in July US unemployment rate fell to 5.3% in June 2015, from 6.2% in July 2014, as the strengthening labor market helps fuel the US economic recovery. The Euro zone economy grew by 0.4% in the first quarter of 2015, maintaining the same growth rate as in the fourth quarter of The Euro zone economy grew only by 0.2% in the third quarter of France and Italy s return to expansionary phase was a positive contribution that helped boost euro zone s economic growth which was previously been heavily reliant on Germany. Euro zone s annual inflation declined to 0.2% in June 2015 from 0.4% in July 2014 due to slowdown in cost of energy, food and services. The Euro zone unemployment rate fell to 11.1% in May 2015 from 11.6% in July 2014 due to continued improvement in the unemployment rate in Lithuania (from 11.0 % to 8.2 %), Spain (from 24.7 % to 22.5 %) and Ireland (from 11.7 % to 9.8 %) The Chinese economy grew by 7.0% in the first quarter of 2015 largely due to the weak growth in industrial production and fixed assets investments. The first quarter 2015 economic growth was the slowest in six years compared to the 7.3 % growth rate for the fourth and third quarter of (Source: Reuters, Bloomberg and RHB Research Institute Sdn Bhd) 7

8 Local The Malaysian economy grew by 5.6 % in the first quarter of 2015 as compared to 5.7% in the fourth quarter of 2014 and 5.6% in the third quarter of 2014, underpinned by growth driven by services, construction, manufacturing and the mining and quarrying sectors on the backs of strong domestic demand. Malaysia s headline inflation in June 2015 declined to 2.5% from 3.2% in July 2014 due to reduction in government subsidies on electricity and fuel prices. Bank Negara s international reserve stood at USD billion as at 30 June 2015 from US$131.8 billion in July 2014 due to capital outflows. At these levels, the foreign exchange reserves are sufficient to finance 8.2 months of retained imports and cover 1.1 times the short term external debt of the nation. Loan growth was 8.9% in May 2015 as compared to 8.6% in July 2014 due to higher construction and non-residential property loan growth. (Source: Bank Negara Malaysia, Bloomberg and RHB Research Institute Sdn. Bhd.) Equity Market Review FTSE Bursa Malaysia EMAS Shariah Index (FBM Shariah) commenced the year under review at 13, and peaked to the highest level of 13, points on 8 July 2014 before it declined to the lowest level of 11, points on 17 December On 30th June 2015, the FBM Shariah closed at 12, points. For the financial year under review, the FBM Shariah lost 1, points or -8.80%. Among the key factors that contributed to the movement of the index are highlighted below: Bank Negara Malaysia raised its overnight policy rate (OPR) by 25bps to 3.25% on 10 July Weakening of oil prices in September 2014 below USD100 due to rise in US stockpile. Continued oil price collapse below USD80 per barrel in November On 27 November 2014, Organisation of Petroleum Exporting Countries (OPEC) decided against lowering production to support oil price. On 1 December 2014, the FBM Shariah continued to drop by 3.24% dragged lower by oil and gas, plantation and property sectors as the local market was trying to comprehend the possible implications of lower oil revenue for the country. Towards the end of January 2015, European Central Bank (ECB) executed a fullscale quantitative easing (QE) to mitigate deflationary concerns and spur growth in the European Union. Fitch s comments on Malaysia s sovereign rating of a possible downgrade on 20 January The devaluation of MYR against USD is tied to concerns over the implications of prolonged low crude oil prices on the country s fiscal position and speculation over the timing of the US interest rate hike by the Fed. 8

9 Prolonged selling pressure by foreign institutions on mounting concerns over the outcome of Fitch s announcement on Malaysia s sovereign rating coupled by the possible negative outcome of Greece exiting the Eurozone. On 30 Jun 2015, Fitch affirmed Malaysia s sovereign credit rating at A- with outlook upgraded to Stable on the backs of improving fiscal position, financing flexibility and favorable GDP growth. Speculation over the timing of the US interest rate hike by the Fed remains uncertain. (Source: Bank Negara Malaysia, Bloomberg and RHB Research Institute Sdn. Bhd.) 1.4 Market Outlook and Strategy The equity market outlook is expected to be volatile in Bursa Malaysia should be supported by domestic liquidity, gradual turnaround of corporate earnings growth, potential oil prices recovery and buying support from local funds. Malaysia s export sector is projected to benefit from the weaker Ringgit on the backs of global economic recovery supported by cheaper oil and QE (Quantitative Easing) in Euro zone and Japan. Nevertheless, the domestic equity market sentiments are influenced by commodity and currency price fluctuations, political tensions as well as the US interest rate hike that is likely to happen in second half of The Malaysian economy is on track to grow at the projected rate of 4.0% to 5.5% in 2015 as domestic demand remains as the key driver of growth supported by broadbased capital spending by both the private and public sectors (implementation of Malaysia s 11th Plan). Given the absence of inflation threat, as Consumer Price Index forecasted to be in-line at 2.5% for the year while Bank Negara Malaysia maintaining Overnight Policy Rate at 3.25%, the Malaysian economy is still projected to remain robust and on track towards its projected growth rate. Our equity strategy is to invest in companies with good earnings visibility, strong balance sheet, high dividend yield and good valuation prospects. 9

10 1.5 Asset Allocation as at the end of the last 3 financial years BIMB i Growth Investment in Quoted Securities As at 30 June 2015 (%) As at 30 June 2014 (%) As at 30 June 2013 (%) Construction Consumer Products Finance Industrial Products Infrastructure Project Companies Plantation Properties Technology Trading and Services Warrant INVESTMENT IN ISLAMIC DEBT SECURITIES: SHORT TERM INVESTMENTS:

11 1.6 Other Performance Data for the financial years ended 30 June BIMB i Growth Unit Prices (MYR) FYE 2015 FYE 2014 FYE 2013 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 (MYR) 40,153,278 48,168,322 49,935,042 Units in Circulation (UIC) 112,121, ,832, ,913,727 NAV per unit (MYR) Return of Fund (%) (a) Capital Growth (%) (b) Income Return (%) (c) Return of Fund (%) Management Expense Ratio (MER) (%) (d) Portfolio Turnover Ratio (PTR) (times) (e) Note: a) Total Return of the Fund = NAV per unit (as at Year End) - 1 NAV per unit (beginning of the Year) b) Capital Growth = Total Return of the Fund Income Return c) Income Return = {Income Distribution per Unit / NAV per beginning of the year} x 100 d) Management Expenses Ratio e) Portfolio Turnover Ratio = It is the total management expenses expressed as an annual percentage of the Fund s average Net Asset Value. = It represents the average of the total acquisitions and disposals of the investment in the Fund for the year over the average Net Asset Value of the Fund calculated on a daily basis. 11

12 1.7 Unit Holdings as at 30 June 2015 Size of Holdings Unitholders BIMB i Growth Units Held No. % Units % 5,000 and below ,190, ,001 to 10, , ,001 to 50, ,334, ,001 to 500, ,563, ,001 and above * ,098, Units Held by Holders 1, ,121, Unit Held by Manager Grand Total for The Fund * Included under this category are nominee accounts 1, ,121, Policy on Rebate and Soft Commission Any stock broking rebates received by the Manager will be directed to the account of the Fund. Any soft commissions received from the brokers which are in the form of research and advisory services that assist in the decision-making process relating to the Fund s investment may be retained by the Manager. The Manager received soft commission from brokers in the form of research and advisory services during the year under review. For and on behalf of The Manager BIMB INVESTMENT MANAGEMENT BERHAD Date: 19 August

13 1.0 Laporan Pengurus Para Pemegang Unit yang Dihormati, Kami dengan sukacitanya membentangkan Laporan Pengurus BIMB i Growth bagi tahun kewangan berakhir 30 Jun Nama Dana/ Jenis Dana/ Kategori Dana/ Objektif Pelaburan Dana/ Penanda Aras Prestasi Dana/ Dasar Agihan Dana Nama Dana Jenis Dana Kategori Dana BIMB i Growth Dana Pertumbuhan Agresif Ekuiti Menawarkan pulangan bagi tempoh jangkamasa sederhana dan panjang melalui peningkatan modal dan pengagihan pendapatan. Objektif Pelaburan Dana Penanda Aras Prestasi Dana Dasar Agihan Dana Nota: Peningkatan modal merupakan objektif utama Dana manakala pengagihan pendapatan merupakan objektif kedua Dana. Sebarang perubahan ketara dalam objektif pelaburan Dana memerlukan kelulusan daripada pemegang unit. Penanda aras terpilih prestasi Dana ialah Indeks FBM Emas Syariah yang terdiri daripada saham-saham tersenarai di Papan Utama BURSA Malaysia yang diklasifikasikan sebagai sekuriti patuh Syariah oleh Majlis Penasihat Syariah Suruhanjaya Sekuriti ( SAC ). Rasional pemilihannya disebabkan sebahagian besar pelaburan Dana dalam pasaran ekuiti iaitu sehingga 98% daripada Nilai Aset Bersih (NAB) terdiri daripada sekuriti patuh Syariah. Maklumat berkaitan penanda aras boleh diperoleh dari laman sesawang BURSA Malaysia. Oleh sebab, pengagihan pendapatan merupakan objektif kedua Dana, pengagihan pendapatan (jika ada) adalah sampingan. 13

14 1.2 Pencapaian bagi tahun kewangan berakhir pada 30 Jun Kajian Pencapaian Bagi tahun kewangan dalam kajian, BIMB i Growth (Dana) telah mencatatkan pulangan sebanyak -8.67% berbanding dengan penanda aras -8.80%. Dana menyaksikan sebanyak 96.9% daripada pelaburannya adalah dalam pasaran ekuiti bagi tempoh sehingga akhir tahun kewangan dalam kajian, sama pegangan pelaburan dalam ekuiti pada akhir tahun kewangan Jumlah Nilai Aset Bersih (NAV) Dana ialah RM40,153,278 atau sen seunit berbanding RM48,168,322 atau sen seunit pada akhir tahun kewangan Penanda aras terpilih prestasi Dana ialah "Indeks FBM Emas Syariah" yang terdiri daripada saham-saham tersenarai di Papan Utama BURSA Malaysia yang ditetapkan sebagai sekuriti patuh Syariah oleh SAC. Strategi kami adalah untuk mencapai objektif pelaburan di mana Dana akan memberikan tumpuan terutamanya kepada pelaburan ekuiti yang terdiri daripada pelbagai portfolio saham-saham mewah, saham-saham pertumbuhan tinggi dan syarikat-syarikat tersenarai di BURSA Malaysia yang membayar dividen. Bagi tahun kewangan dalam kajian, BIMB i Growth tidak mengisytiharkan sebarang agihan pendapatan sejajar dengan kedudukannya sebagai dana pertumbuhan yang mempunyai objektif utama untuk mencatatkan peningkatan harga unit. Sekiranya pengagihan dibuat, ia akan mengurangkan NAB seunit Dana. Contohnya, jika Dana membayar pengagihan sebanyak 3%, maka NAB seunit Dana akan jatuh sebanyak 3%. Dana tidak mengumumkan pengagihan pendapatan sejak tahun 2009 dan tindakan itu telah menyebabkan berlakunya arah aliran menaik dalam harga unit. Contohnya, harga unit adalah pada 24.0 sen pada 30 Jun 2009 dan 26.7 sen pada 30 Jun Setakat 30 Jun 2015, harga unit BIMB i Growth berada pada paras sen. Pengurus sememangnya mahu menyaksikan harga unit Dana terus meningkat supaya para pemegang unit mendapat manfaat daripada peningkatan modal. Oleh itu, Pengurus berpendapat bahawa Dana telah memenuhi matlamat utamanya untuk mencapai peningkatan modal. Bagi tahun kewangan berakhir pada 30 Jun 2015, tiada sebarang perubahan ketara dalam hal ehwal pengurusan Dana dan tidak berlaku sebarang keadaan yang menjejaskan kepentingan para pemegang unit sehingga tarikh Laporan Pengurus disediakan. 14

15 1.2.2 Jumlah pulangan dan purata jumlah pulangan pada 30 Jun 2015 Jangkamasa 1-Tahun Jangkamasa 3-Tahun Jangkamasa 5-Tahun Jumlah Pulangan (%) BIMB i Growth Purata Jumlah Pulangan (%) Jumlah Pulangan (%) Penanda Aras Purata Jumlah Pulangan (%) Jumlah pulangan tahunan bagi 5 tahun kewangan yang lalu Tahun Kewangan BIMB i Growth (%) Jumlah Pulangan Penanda Aras (%) 30 Jun Jun Jun Jun Jun

16 Rajah 1: Pulangan Dana dan Pulangan Penanda Aras bagi 5 Tahun yang Lalu Nota: Sumber Data : BIMB Investment Management Berhad Data disahkan oleh : Novagni Analytics & Advisor Sdn. Bhd. (dahulunya dikenali sebagai Perkasa Normandy Managers Sdn.Bhd) Penanda Aras : Indeks FBM Emas Syariah Nota: 1. Jumlah Pulangan telah disahkan oleh Novagni Analytics & Advisor Sdn. Bhd. (dahulunya dikenali sebagai Perkasa Normandy Managers Sdn. Bhd.) ( w). 2. Jumlah Pulangan Purata adalah berpandukan formula berikut: Jumlah Pulangan Bilangan Tahun Bawah Kajian Prestasi tahun-tahun sebelum ini tidak semestinya menjadi petunjuk prestasi masa depan dan harga unit serta pulangan pelaburan mungkin turun dan naik. 16

17 1.3 Ekonomi dan Kajian Pasaran Ekonomi Dunia Keluaran Dalam Negara Kasar (KDNK) Amerika Syarikat ( AS ) tumbuh pada kadar sebanyak 0.6% pada suku pertama 2015 berbanding pertumbuhan sebanyak 2.1% pada suku keempat 2014 dan 4.3% pada suku ketiga Seperti mana yang dialami pada tahun sebelumnya, ekonomi negara tersebut kembali lemah selepas dilanda cuaca buruk dan juga kelembapan yang berlaku di pelabuhan pantai barat, pengukuhan nilai mata wang dolar, permintaan global yang lemah dan harga minyak mentah yang rendah. Penurunan dalam aktiviti-aktiviti ekonomi berlaku disebabkan oleh prestasi perdagangan yang buruk mencerminkan sektor perniagaan dan pelanggan mengambil sikap berhati-hati dalam tempoh berkenaan. Kadar inflasi kasar AS jatuh kepada 0.1% pada bulan Jun 2015 daripada 2.0% pada bulan Julai 2014 disebabkan oleh harga bahan api yang lebih rendah. Kadar inflasi teras AS berada pada kadar yang sederhana iaitu 1.8% pada bulan Jun 2015 daripada 1.9% pada bulan Julai Kadar pengangguran AS jatuh kepada 5.3% pada bulan Jun 2015 daripada 6.2% pada bulan Julai 2014 apabila pengukuhan pasaran buruh membantu menyemarakkan pemulihan ekonomi negara itu. Ekonomi zon Euro berkembang sebanyak 0.4% pada suku pertama 2015, menyamai kadar pada suku keempat Ekonomi zon Euro berkembang hanya sebanyak 0.2% pada suku ketiga Ekonomi Perancis dan Itali yang kembali memasuki fasanya untuk berkembang memberikan sumbangan positif dalam membantu menggalakkan pertumbuhan ekonomi zon Euro yang sebelumnya terlalu bergantung kepada Jerman. Inflasi tahunan zon Eropah jatuh kepada 0.2% pada bulan Jun 2015 daripada 0.4% pada bulan Julai 2014 disebabkan oleh pengurangan kos bahan api, makanan dan perkhidmatan. Kadar pengangguran zon Eropah jatuh kepada 11.1% pada bulan Mei 2015 daripada 11.6% pada bulan Julai 2014 disebabkan oleh penurunan yang berterusan dalam kadar pengangguran di Lithuania (daripada 11.0% kepada 8.2%), Sepanyol (daripada 24.7% kepada 22.5%) dan Ireland (daripada 11.7% kepada 9.8%). Ekonomi China berkembang sebanyak 7.0% dalam suku pertama 2015 sebahagian besarnya disebabkan oleh pertumbuhan yang lemah dalam pengeluaran perindustrian dan pelaburan aset tetap. Pertumbuhan ekonomi dalam suku pertama 2015 merupakan kadar paling rendah dalam tempoh enam tahun berbanding sebanyak 7.3% pada suku ketiga dan keempat (Sumber: Reuters, Bloomberg dan RHB Research Institute Sdn. Bhd.) 17

18 Tempatan Ekonomi Malaysia berkembang sebanyak 5.6% pada suku pertama 2015 berbanding dengan 5.7% pada suku keempat 2014 dan 5.6% pada suku ketiga 2014, disokong oleh pertumbuhan dalam sektor perkhidmatan, pembinaan, perkilangan, perlombongan dan kuari berikutan permintaan domestik yang kukuh. Kadar inflasi kasar Malaysia pada bulan Jun 2015 jatuh kepada 2.5% daripada 3.2% pada bulan Julai 2014 disebabkan oleh tindakan kerajaan mengurangkan subsidi tarif elektrik dan bahan api. Rizab antarabangsa Bank Negara Malaysia berada pada paras AS$105.5 bilion pada 30 Jun 2015 daripada AS$131.8 bilion dalam bulan Julai 2014 disebabkan oleh berlakunya aliran keluar modal. Jumlah rizab itu adalah mencukupi untuk membiayai import tertangguh untuk tempoh selama 8.2 bulan dan membayar 1.1 kali hutang luar jangka pendek negara. Pertumbuhan pinjaman adalah 8.9% pada bulan Mei 2015 berbanding 8.6% pada bulan Julai 2014 disebabkan oleh pertumbuhan pinjaman yang tinggi untuk kegiatan pembinaan dan hartanah bukan kediaman. (Sumber: Bank Negara Malaysia, Bloomberg dan RHB Research Institute Sdn. Bhd.) Kajian Pasaran Ekuiti Indeks FBM Emas Syariah ("FBM Emas Syariah") memasuki tahun kewangan pada paras 13, mata dan mencapai paras tertinggi sebanyak 13, mata pada 8 Julai 2014 sebelum jatuh ke paras terendah iaitu 11, mata pada 17 Disember Pada 30 Jun 2015, FBM Emas Syariah ditutup pada 12, mata. Bagi tahun kewangan dalam kajian, FBM Emas Syariah jatuh 1, mata atau -8.80%. Antara faktor utama yang menyumbang kepada pergerakan indeks adalah seperti dinyatakan di bawah ini: Bank Negara Malaysia telah menaikkan kadar dasar semalaman (OPR) sebanyak 25 mata asas kepada 3.25% pada 10 Julai Pengurangan harga minyak mentah pada bulan September 2014 di bawah AS$100 disebabkan oleh peningkatan stok simpanan minyak AS. Harga minyak mentah terus jatuh di bawah paras AS$80 setong dalam bulan November Pada 27 November 2014, Pertubuhan Negara-negara Pengeksport Petroleum (OPEC) menentang cadangan mengurangkan pengeluaran bertujuan meningkatkan harga minyak mentah. Pada 1 Disember 2014, FBM Emas Syariah terus jatuh sebanyak 3.24% untuk berada di paras yang rendah akibat daripada kejatuhan harga-harga saham dalam 18

19 sektor minyak dan gas, perladangan dan hartanah apabila pasaran tempatan cuba memahami implikasi yang mungkin dihadapi oleh negara dengan hasil pendapatan minyak mentah yang lebih rendah. Menjelang akhir Januari 2015, Bank Pusat Eropah (ECB) melaksanakan program Kelonggaran Kuantitatif (QE) secara besar-besaran untuk mengurangkan kebimbangan terhadap berlakunya deflasi dan menggalakkan pertumbuhan Kesatuan Eropah. Ulasan Fitch s tentang penarafan kedaulatan Malaysia mungkin diturunkan taraf yang dibuat pada 20 Januari Penurunan nilai RM berbanding dolar AS adalah berkait dengan kebimbangan terhadap implikasi berterusan harga minyak mentah yang rendah kepada kedudukan fiskal negara dan spekulasi mengenai tempoh perlaksanaan kenaikan kadar faedah oleh Rizab Persekutuan AS. Tekanan jualan yang berterusan dilakukan oleh institusi-institusi asing berikutan memuncaknya kebimbangan terhadap pengumuman Fitch s mengenai penarafan kedaulatan Malaysia berserta kemungkinan kesan negatif Greece keluar dari zon Euro. Pada 30 Jun 2015, Fitch s mengesahkan penarafan kredit kedaulatan Malaysia pada A dengan tinjauannya dinaikkan kepada stabil berikutan kedudukan fiskal yang bertambah baik, pembiayaan yang longgar dan pertumbuhan KDNK yang menggalakkan. Spekulasi tentang tempoh pelaksanaan kenaikan kadar faedah AS oleh Rizab Persekutuan terus gagal mendapat sebarang kepastian. (Sumber: Bank Negara Malaysia, Bloomberg dan RHB Research Institute Sdn. Bhd.) 1.4 Tinjauan Pasaran dan Strategi Tinjauan pasaran ekuiti dijangka tidak menentu pada tahun Bursa Malaysia terus mendapat sokongan daripada mudah tunai dalam negara, pemulihan beransuransur dalam pertumbuhan pendapatan korporat, potensi pemulihan harga minyak mentah dan sokongan belian daripada dana-dana tempatan. Sektor eksport Malaysia diunjur mendapat faedah daripada kelemahan nilai Ringgit berikutan pemulihan ekonomi global yang disokong oleh harga minyak mentah yang murah dan program QE (Kelonggaran Kuantitatif) di zon Euro dan Jepun. Meskipun begitu, sentimen pasaran ekuiti dalam negara dipengaruhi oleh naik turun harga komoditi dan mata wang, ketegangan politik dan kenaikan kadar faedah AS yang berkemungkinan berlaku pada setengah kedua tahun Ekonomi Malaysia berada di landasan betul untuk berkembang pada kadar 4.0% hingga 5.5% pada tahun 2015 apabila permintaan dalam negara kekal menjadi pemacu utama pertumbuhan disokong oleh perbelanjaan modal secara meluas oleh sektor swasta dan awam (pelaksanaan Rancangan Malaysia Ke-11). Dengan ketiadaan ancaman inflasi apabila Indeks Harga Pengguna diramalkan berada pada 19

20 2.5% dalam tahun kewangan manakala Bank Negara Malaysia mengekalkan Kadar Dasar Semalaman pada paras 3.25%, ekonomi Malaysia diunjurkan kekal berkembang pantas dan berada di landasan untuk mencapai kadar pertumbuhan yang diunjurkan. 1.5 Peruntukan Aset pada akhir 3 tahun kewangan BIMB i Growth Pelaburan Sekuriti Tersiarharga Pada 30 Jun 2015 (%) Pada 30 Jun 2014 (%) Pada 30 Jun 2013 (%) Pembinaan Barangan Pengguna Kewangan Barangan Industri Syarikat Projek Infrastruktur Perladangan Hartanah Teknologi Perdagangan dan Perkhidmatan Waran Pelaburan Dalam Sekuriti Hutang Secara Islam: Pelaburan Jangka Pendek:

21 1.6 Lain-Lain data prestasi bagi tempoh kewangan berakhir 30 Jun BIMB i Growth Harga Unit (RM) Tahun kewangan berakhir 2015 Tahun kewangan berakhir 2014 Tahun kewangan berakhir 2013 NAB tertinggi seunit dalam tahun NAB terendah seunit dalam tahun Nilai Asset Bersih (NAB) dan Unit Dalam Edaran (UDE) pada Akhir Tahun Jumlah NAB (RM) 40,153,278 48,168,322 49,935,042 Unit Dalam Edaran (UDE) 112,121, ,832, ,913,727 NAB seunit (RM) Jumlah Pulangan Dana (%) Pertumbuhan Modal (%) (b) Pulangan Pendapatan (%) (c) Pulangan Dana Nisbah Perbelanjaan Pengurusan (NPP) (%) (d) Nisbah Pusing Ganti Portfolio (NPG) (Kali) (e) Nota:- a) Jumlah Pulangan ke atas Dana = Harga seunit (pada akhir tahun) - 1 Harga seunit (pada awal tahun) b) Pertumbuhan Modal = Jumlah Pulangan Dana Pulangan Pendapatan c) Pulangan Pendapatan = {Pengagihan Pendapatan Se Unit / NAB se unit pada awal tahun} x 100 d) Nisbah Perbelanjaan Pengurusan = Ia dikira dengan mengambil jumlah perbelanjaan pengurusan sepertimana yang dinyatakan sebagai peratusan tahunan daripada jumlah purata Nilai Aset Bersih Dana. e) Nisbah Pusing Ganti Portfolio = Ia dikira dengan mengambil purata jumlah perolehan dan pelupusan pelaburan dalam Dana bagi tempoh setahun dibahagi dengan purata Nilai Aset Bersih Dana yang dikira pada asas harian. 21

22 1.7 Pecahan Pegangan Unit pada 30 Jun 2015 Saiz Dipegang Pemegang Unit BIMB i Growth Pegangan Unit Bilangan % Bilangan Unit % Kurang daripada 5, ,190, ,001 hingga 10, , ,001 hingga 50, ,334, ,001 hingga 500, ,563, ,001 dan ke atas * ,098, Unit yang dipegang oleh Pemegang Unit Unit yang dipegang oleh Pengurus Jumlah Keseluruhan Dana * Akaun penama juga termasuk di bawah kategori ini 1.8 Polisi Rebat dan Komisyen Bukan Tunai 1, ,121, , ,121, Sebarang rebat broker saham yang diterima oleh Pengurus akan dimasukkan ke dalam akaun Dana. Mana-mana komisen ringan (bukan tunai) yang diterima daripada broker dalam bentuk perkhidmatan penyelidikan dan khidmat nasihat bertujuan membantu proses membuat keputusan berkaitan dengan pelaburan Dana boleh disimpan oleh Pengurus. Pengurus menerima komisen bukan tunai daripada broker dalam bentuk perkhidmatan penyelidikan dan khidmat nasihat bagi tahun dalam kajian. Untuk dan bagi pihak Pengurus BIMB INVESTMENT MANAGEMENT BERHAD Tarikh: 19 Ogos 2015 Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan Bahasa Inggeris. 22

23 2.0 Trustee s Report FOR FINANCIAL YEAR ENDED 30 JUNE 2015 We have acted as Trustee of BIMB i Growth ( the Fund ) for the financial year ended 30 June In our opinion, BIMB Investment Management Berhad ( the Manager ), has managed the Fund in the financial year under review in accordance with the following:- 1. The limitations imposed on the investment powers of the Manager and thetrustee under the Deeds, the Securities Commission Malaysia s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 and other applicable laws; 2. The valuation or pricing of the Fund is carried out in accordance with the Deeds and relevant regulatory requirements;and 3. The creation and cancellation of units of the Fund are carried out in accordance with the Deeds and relevant regulatory requirements. For Maybank Trustees Berhad (Company No.:5004-P) Bernice K M Lau Head, Operations Kuala Lumpur, Malaysia Date: 19 August

24 3.0 Shariah Committee s Report ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2015 To the Unitholders of BIMB i Growth ب ي ٱ ب ٱ رل س م ب ٱ رل ب ب ي ب س We have acted as the Shariah Committee of BIMB i Growth. Our responsibilities are to ensure that the procedures and processes employed by BIMB Investment Management Berhad and that the provisions of the Deed dated 17 May 1994 are in accordance with Shariah principles. In our opinion, BIMB Investment Management Berhad has managed BIMB i Growth in accordance with Shariah principles and complied with applicable guidelines, rulings or decisions issued by the Securities Commission pertaining to Shariah matters for the financial year ended 30 June In addition, we also confirm that the investment portfolio of BIMB i Growth comprises securities which have been classified as Shariah-compliant by the Shariah Advisory Council (SAC) of the Securities Commission, as the case may be and that all deposits and money market instruments placed by the Fund are Shariah-compliant. ا عٱي واالله For and on behalf of the Shariah Committee.. USTAZ DR. AHMAD SHAHBARI@SOBRI SALAMON (Chairman).. USTAZ DR. YUSOF RAMLI (Committee Member).. USTAZAH DR. ASMAK AB. RAHMAN (Committee Member) Date: 19 August

25 4.0 Directors Declaration ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2015 To the Unitholders of BIMB i Growth We, Mustapha bin Hamat and Najmuddin bin Mohd Lutfi, being two of the directors of the Manager, BIMB Investment Management Berhad, for BIMB i Growth do hereby state that in our opinion, the accompanying Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Net Asset Value and Statement of Cash Flows are drawn up so as to give a true and fair view of the Statement of Financial Position of the Fund as at 30 June 2015 and Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Net Asset Value and Statement of Cash Flows for the year ended on that date. For and on behalf of the Board of Directors, BIMB Investment Management Berhad.. MUSTAPHA BIN HAMAT (Non Executive Independent Director).. NAJMUDDIN BIN MOHD LUTFI (Chief Executive Officer) Date: 19 August

26 5.0 Independent Auditors Report To The Unitholders Of BIMB i Growth (Established in Malaysia) Report on the Financial Statements We have audited the financial statements of BIMB i Growth ( the Fund ), which comprise the statement of financial position as at 30 June 2015, and the statements of profit or loss and other comprehensive income, changes in net asset value and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 28 to 54. Managers and Trustee s Responsibility for the Financial Statements The Manager of the Fund is responsible for the preparation of financial statements that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and Securities Commission s Guidelines on Unit Trust Funds in Malaysia. The Manager is also responsible for such internal control as the Manager determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Trustee is responsible for ensuring that the Manager maintains proper accounting and other records as are necessary to enable true and fair presentation of these financial statements. Auditors Responsibility Our responsibility is to express an opinion on these financial statements 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 statements 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 judgement, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity s preparation of financial statements that give a true and fair view 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 entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 26

27 Opinion In our opinion, the financial statements give a true and fair view of the financial position of the Fund as of 30 June 2015 and of its financial performance, changes in net asset attributable to unitholders and cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards. Other Matters This report is made solely to the unitholders of the Fund as a body in accordance with Securities Commission Guidelines on Unit Trust Funds in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report. KPMG Desa Megat & Co. Firm Number: AF 0759 Chartered Accountants Ow Peng Li Approval Number: 2666/09/15(J) Chartered Accountant Petaling Jaya, Selangor Date: 19 August

28 6.0 Financial Statements (Audited) BIMB i Growth 6.1 Statement of Financial Position as at 30 June 2015 Note RM % RM % Investments Quoted securities 4 38,905, ,671, Other assets Amount due from stockbroker 967, Amount due from Manager , Other receivables 179, , Current tax assets 124, , Cash and cash equivalents 5 890, ,541, Total assets 41,067, ,473, Liabilities Amount due to stockbroker 792, Amount due to Manager 11, , Other payables 110, , Total liabilities 914, , ,153, ,168, Unitholders funds Unitholders capital 6 126,428, ,524, Accumulated losses (86,275,132) (214.9) (82,355,901) (171.0) 40,153, ,168, Number of units in circulation 6 112,121, ,832,440 Net asset value attributable to unitholders 40,153, ,168, Net asset value per unit (sen) The notes on pages 32 to 54 are an integral part of these financial statements. 28

29 6.2 Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 30 June 2015 (Loss)/Income Note RM RM Gains on sale of shares 1,674,846 5,108,815 Gross dividend from shares quoted in Malaysia 1,269,476 1,342,926 Income from short term investments 61,464 58,292 Net loss from financial instruments at fair value through profit or loss Expenses (6,189,646) (2,180,204) (3,183,860) 4,329,829 Manager s fee 7 688, ,193 Trustee s fee 8 27,522 29,248 Audit fee 11,000 10,600 Tax agent s fee 2,000 1,550 Administrative expenses 6,811 28, , ,551 Net (loss)/income before taxation (3,919,231) 3,528,278 Tax expense Net (loss)/income after taxation (3,919,231) 3,528,278 Other comprehensive (loss)/income for the year Total comprehensive (loss)/income for the year - - (3,919,231) 3,528,278 Total comprehensive (loss)/income for the year consist of: Realised amount 2,270,415 5,708,482 Unrealised amount (6,189,646) (2,180,204) (3,919,231) 3,528,278 The notes on pages 32 to 54 are an integral part of these financial statements. 29

30 6.3 Statement of Changes in Net Asset Value for the Year Ended 30 June 2015 Unitholders capital Accumulated (Losses)/Profit Total RM RM RM As at 30 June 2013/1 July ,819,221 (85,884,179) 49,935,042 Movement in unitholders contribution Creation of units 2,519,716-2,519,716 Cancellation of units (7,814,714) - (7,814,714) Total distribution to unitholders (5,294,998) - (5,294,998) Net income for the year - 3,528,278 3,528,278 As at 30 June 2014/ 1 July ,524,223 (82,355,901) 48,168,322 Creation of units 2,678,798-2,678,798 Cancellation of units (6,774,611) - (6,774,611) Total distribution to unitholders (4,095,813) - (4,095,813) Net loss for the year - (3,919,231) (3,919,231) As at 30 June ,428,410 (86,275,132) 40,153,278 The notes on pages 32 to 54 are an integral part of these financial statements. 30

31 6.4 Statement of Cash Flows for the Year Ended 30 June 2015 Cash flows from operating activities Dividend received 1,197,891 1,397,120 Income from short term investments 61,715 57,979 Management fee paid (691,309) (429,942) Trustee fee paid (27,652) (29,206) Audit fee paid (10,000) (10,000) Tax agent fee paid (6,250) - Payment for other fees and expenses (32,583) (250,622) Proceed from sale of investments 34,776,871 42,855,175 Purchase of investments (31,701,002) (38,984,092) Cash generated from operating activities 3,567,681 4,606,412 Tax paid - (14,510) Tax refund Net cash generated from operating activities Cash flows from financing activities RM RM - 16,987 3,567,681 4,608,889 Cash receipt for creation of units 2,707,182 2,519,716 Cash payment for cancellation of units (6,925,434) (7,814,715) Net cash used in financing activities (4,218,252) (5,294,999) Net decrease in cash and cash equivalents (650,571) (686,110) Cash and cash equivalents at 1 July 1,541,467 2,227,577 Cash and cash equivalents at 30 June 890,896 1,541,467 Cash and cash equivalents comprise: Cash at bank 188, ,770 Short term investments 702,642 1,268, ,896 1,541,467 The notes on pages 32 to 54 are an integral part of these financial statements. 31

32 6.5 Notes to the Financial Statements 1. Information on the Fund BIMB i Growth (hereinafter referred to as the Fund ) was constituted pursuant to the execution of a Deed dated 17 May 1994 and the various Supplemental Deeds between the Manager - BIMB Investment Management Berhad, the Trustee - Maybank Trustees Berhad and the registered holders of the Fund. The address of the registered office and principal place of business of the Fund are as follows: Registered office Level 32, Menara Bank Islam No. 22, Jalan Perak Kuala Lumpur Principal place of business Level 19, Menara Bank Islam No. 22, Jalan Perak Kuala Lumpur The principal activity of the Fund is to invest in Authorised Investments as defined in the Deed, which include stocks and shares of companies quoted on Bursa Malaysia and short term deposits. The Manager, BIMB Investment Management Berhad, a company incorporated in Malaysia, is a subsidiary of Bank Islam Malaysia Berhad. The financial statements were approved by the Board of Directors of the Manager on 19 August Basis of Preparation (a) Statement of compliance The financial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards ( MFRS ), International Financial Reporting Standards and Securities Commission s Guidelines on Unit Trust Funds in Malaysia. 32

33 2. Basis of Preparation (continued) (a) Statement of compliance (continued) MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2016 Amendments to MFRS 5, Non-current Assets Held for Sale and Discontinued Operations (Annual Improvements Cycle) Amendments to MFRS 7, Financial Instruments: Disclosures (Annual Improvements Cycle) Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to MFRS 10, Consolidated Financial Statements, MFRS 12, Disclosure of Interests in Other Entities and MFRS 128, Investments in Associates and Joint Ventures Investment Entities: Applying the Consolidation Exception Amendments to MFRS 11, Joint Arrangements Accounting for Acquisitions of Interests in Joint Operations MFRS 14, Regulatory Deferral Accounts Amendments to MFRS 101, Presentation of Financial Statements Disclosure Initiative Amendments to MFRS 116, Property, Plant and Equipment and MFRS 138, Intangible Assets Clarification of Acceptable Methods of Depreciation and Amortisation Amendments to MFRS 116, Property, Plant and Equipment and MFRS 141, Agriculture Agriculture: Bearer Plants Amendments to MFRS 119, Employee Benefits (Annual Improvements Cycle) Amendments to MFRS 127, Separate Financial Statements Equity Method in Separate Financial Statements Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements Cycle) MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2017 MFRS 15, Revenue from Contracts with Customers MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2018 MFRS 9, Financial Instruments (2014) 33

34 2. Basis of Preparation (continued) (a) Statement of compliance (continued) The Fund plans to apply the abovementioned accounting standards, amendments and interpretations: from the annual period beginning on 1 July 2016 for those accounting standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2016 except for MFRS 5, MFRS 10, MFRS 11, MFRS, 116, MFRS 119, MFRS 127 and MFRS 134 which are not applicable to the Fund. from the annual period beginning on 1 July 2017 for those accounting standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January from the annual period beginning on 1 July 2018 for those accounting standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January The Fund is currently assessing the financial impact of adopting the abovementioned standards, amendments and interpretations. (b) Basis of measurement The financial statements are prepared on the historical cost basis except as disclosed in note 3(a). (c) Functional and presentation currency These financial statements are presented in Ringgit Malaysia (RM), which is the Fund s functional currency. 34

35 2. Basis of preparation (continued) (d) Use of estimates and judgements The preparation of the financial statements in conformity with MFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods effected. There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant effect on the amounts recognised in the financial statements. 3. Significant Accounting Policies The accounting policies set out below have been applied consistently to the periods presented in these financial statements, unless otherwise stated. (a) Financial instruments (i) Initial recognition and measurement A financial instrument is recognised in the statement of financial statements when, and only when, the Fund becomes a party to the contractual provisions of the instrument. A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument. (ii) Financial instrument categories and subsequent measurement The Fund categories financial instruments as follows: 35

36 3. Significant accounting policies (continued) (a) Financial instruments (continued) Financial assets (a) Financial assets at fair value through profit or loss Fair value through profit or loss category comprises financial assets that are held for trading, or financial assets that are specifically designated into this category upon initial recognition. These include quoted securities and Islamic debt securities. Financial assets categorised as fair value through profit or loss are subsequently measured at their fair values with the gain or loss recognised in the statement of profit or loss and other comprehensive income. (b) Financing and receivables Financing and receivables category are debt instruments that are not quoted in an active market and these comprises other receivables, amount due from stockbroker, amount due from Manager, cash at bank and short term investments. Financial assets categorised as financing and receivables are subsequently measured at amortised cost using the effective profit method. All financial assets except for those measured at fair value through profit or loss, are subject to review for impairment, note 3(d). Financial liabilities Financial liabilities measured at amortised cost comprises amount due to stockbroker, amount due to Manager and other payables. 36

37 3. Significant accounting policies (continued) (a) Financial instruments (continued) (iii) Derecognition A financial asset or part of it is derecognised when, and only when the contractual rights to the cash flows from the financial asset expire or the financial asset is transferred to another party without retaining control or substantially all risks and rewards of the asset. On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received (including any new asset obtained less any new liability assumed) and any cumulative gain or loss that had been recognised in equity is recognised in profit or loss. A financial liability or a part of it is derecognised when, and only when, the obligation specified in the contract is discharged or cancelled or expires. On derecognition of a financial liability, the difference between the carrying amount of the financial liability extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. (b) Income recognition (i) Dividend income Dividend from quoted investment is recognised when right to receive payment is established. (ii) Income from short term investments and Islamic debt securities Income from short term investments and Islamic debt securities are recognised in the statement of profit or loss and other comprehensive income as it accrues, taking into account the effective profit on the asset. (c) Cash and cash equivalents Cash and cash equivalents consist of cash at bank and short term investments with licensed financial institutions which are readily convertible to cash with an insignificant risk of changes in value. Cash and cash equivalents are categorised and measured as financing and receivables in accordance with policy Note 3(a)(ii)(b). 37