KENANGA GROWTH FUND INTERIM REPORT

KENANGA GROWTH FUND INTERIM REPORT For the Financial Period from 1 June 2017 to 30 November 2017

KENANGA GROWTH FUND Contents Page Corporate Directory ii Directory of Manager s Offices iii Fund Information 1 Manager s Report 2-5 Fund Performance 6-8 Trustee s Report 9 Statement by the Manager 10 Financial Statement 11-38

CORPORATE DIRECTORY Manager: Kenanga Investors Berhad (Company No. 353563-P) Registered Office Business Office Level 17, Kenanga Tower Level 14, Kenanga Tower 237, Jalan Tun Razak 237, Jalan Tun Razak 50400 Kuala Lumpur, Malaysia 50400 Kuala Lumpur, Malaysia Tel: 03-2172 2888 Tel: 03-2172 3000 Fax: 03-2172 2999 Tel: 03-2172 3080 E-mail: InvestorServices@kenanga.com.my Website: www.kenangainvestors.com.my Board Of Directors Datuk Syed Ahmad Alwee Alsree (Chairman) Syed Zafi len Syed Alwee (Independent Director) Peter John Rayner (Independent Director) Imran Devindran bin Abdullah (Independent Director) Dato Bruce Kho Yaw Huat Ismitz Matthew De Alwis Investment Committee Dato Bruce Kho Yaw Huat (Chairman) Syed Zafi len Syed Alwee (Independent Member) Peter John Rayner (Independent Member) Imran Devindran bin Abdullah (Independent Member) Ismitz Matthew De Alwis Company Secretary: Norliza Abd Samad (MAICSA 7011089) Level 17, Kenanga Tower, 237, Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia Trustee: CIMB Commerce Trustee Berhad (Company No. 313031-A) Registered Office Business Office Level 13, Menara CIMB Level 21, Menara CIMB Jalan Stesen Sentral 2 Jalan Stesen Sentral 2 Kuala Lumpur Sentral Kuala Lumpur Sentral 50490 Kuala Lumpur 50490 Kuala Lumpur Tel: 03-2261 8888 Tel: 03-2261 8888 Fax: 03-2261 0099 Fax: 03-2261 9889 Website: www.cimb.com Auditor: Ernst & Young (AF: 0039) Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur. Tel: 03-7495 8000 Fax: 03-2095 5332 Tax Adviser: Ernst & Young Tax Consultants Sdn Bhd (Company No. 179793-K) Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur. Tel: 03-7495 8000 Fax: 03-2095 5332 Membership: Federation Of Investment Managers Malaysia (FIMM) 19-06-1, 6 th Floor, Wisma Tune, 19, Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur, Malaysia. Tel: 03-2093 2600 Fax: 03-2093 2700 Website: www.fimm.com.my ii Kenanga Growth Fund Interim Report

DIRECTORY OF MANAGER S OFFICES REGIONAL BRANCH OFFICES: Kuala Lumpur Level 13, Kenanga Tower 237, Jalan Tun Razak 50400 Kuala Lumpur, Malaysia Tel : 03-2172 3123 Fax : 03-2172 3133 Melaka No. 25-1, Jalan Kota Laksamana 2/17 Taman Kota Laksamana, Seksyen 2 75200 Melaka Tel : 06-281 8913 / 06-282 0518 Fax : 06-281 4286 Klang No. 12, Jalan Batai Laut 3 Taman Intan, 41300 Klang Selangor Darul Ehsan Tel : 03-3341 8818 / 03-3348 7889 Fax : 03-3341 8816 Penang 5.04, 5th Floor, Menara Boustead Penang No. 39, Jalan Sultan Ahmad Shah 10050 Penang Tel : 04-210 6628 Fax : 04-210 6644 Miri 2nd Floor, Lot 1264 Centre Point Commercial Centre Jalan Melayu 98000 Miri, Sarawak Tel : 085-416 866 Fax : 085-322 340 Seremban 2nd Floor, No. 1D-2, Jalan Tuanku Munawir 70000 Seremban, Negeri Sembilan Tel : 06-761 5678 Fax : 06-761 2242 Johor Bahru Lot 11.03, 11th Floor, Menara MSC Cyberport No. 5, Jalan Bukit Meldrum 80300 Johor Bahru, Johor Tel : 07-223 7505 / 4798 Fax : 07-223 4802 Kuching 1st Floor, No 71 Lot 10900, Jalan Tun Jugah 93350 Kuching, Sarawak Tel : 082-572 228 Fax : 082-572 229 Kuantan No. B8, Ground Floor Jalan Tun Ismail 1 25000 Kuantan, Pahang Tel : 09-514 3688 Fax : 09-514 3838 Ipoh Suite 1, 2nd Floor, No. 63, Persiaran Greenhill 30450 Ipoh, Perak, Malaysia Tel : 05-254 7573 / 7570 / 7575 Fax : 05-254 7606 Kota Kinabalu A-03-11, 3rd Floor Block A, Warisan Square Jalan Tun Fuad Stephens 88000 Kota Kinabalu, Sabah Tel : 088-447 089 / 088-448 106 Fax : 088-447 039 Petaling Jaya 44B, Jalan SS21/35, Damansara Utama 47400 Petaling Jaya, Selangor Tel : 03-7710 8828 Fax : 03-7710 8830 Kenanga Growth Fund Interim Report iii

1. FUND INFORMATION 1.1 Fund Name Kenanga Growth Fund (KGF or the Fund) 1.2 Fund Category / Type Equity / Growth 1.3 Investment Objective The Fund aims to provide unit holders with long-term capital growth. 1.4 Investment Strategy The Fund s assets are actively invested in a diversifi ed portfolio of Malaysian equity and equity-related securities of companies with sustainable business model that is trading at discount to its intrinsic value. 1.5 Duration The Fund was launched on 17 January 2000 and shall exist as long as it appears to the Manager and the Trustee that it is in the interests of the unitholders for it to continue. 1.6 Performance Benchmark FTSE-Bursa Malaysia Kuala Lumpur Composite Index (FBM-KLCI). 1.7 Distribution Policy Income distribution is incidental, if any. 1.8 Breakdown of unit holdings of KGF as at 30 November 2017 Size of holdings No. of unit holders No. of units held 5,000 and below 7,153 16,325,257 5,001-10,000 4,158 30,860,147 10,001-50,000 8,698 201,355,544 50,001-500,000 2,846 319,685,356 500,001 and above 82 512,004,343 Total 22,937 1,080,230,647 1 Kenanga Growth Fund Interim Report

2. MANAGER S REPORT 2.1 Explanation on whether the Fund has achieved its investment objective. Since inception, the Fund has appreciated by 425.09% in Net Asset Value terms (whilst its benchmark rose 26.74%), thus achieving the Fund s stated objective to provide longterm capital growth. 2.2 Comparison between the Fund s performance and performance of the benchmark Performance Chart Since Launch (17/01/2000-30/11/2017) Kenanga Growth Fund vs FTSE-Bursa Malaysia Kuala Lumpur Composite Index Source: Lipper 2.3 Investment strategies and policies employed during the financial period under review For the period under review, the Fund continued with its strategy of investing in companies with sustainable business models and competent management, whilst trading at a discount to their intrinsic / fair value. 2.4 The Fund s asset allocation as at 30 November 2017 and comparison with the previous financial period Asset 30 Nov 2017 30 Nov 2016 Listed investment securities 76.8% 78.8% Short term deposits and cash 23.2% 21.2% Reason for the differences in asset allocation As at 30 Nov 2017, the asset allocation of the Fund stood at 76.8% in equities and the balance of 23.2% in liquidity. The reduction in equities exposure during the period under review is mainly due to the fund manager reserving cash to take advantage of weakness in the market. Kenanga Growth Fund Interim Report 2

2.5 Fund performance analysis based on NAV per unit (adjusted for income distribution; if any) since last review period Period under review Kenanga Growth Fund 5.68% FTSE-Bursa Malaysia Kuala Lumpur Composite Index (FBM-KLCI) -2.72% Source: Lipper For the period under review, the Fund outperformed the FBM-KLCI by 8.4%. The outperformance was mainly due to stock selection. 2.6 Review of the market Market Review Asian markets performed well in June with key indices reaching an all-time high. As a widely expected move, US Fed raised interest rates for the second time in 2017 by 25bps after upgrading GDP growth forecast to 2.2% and unemployment rate to 4.3% for 2017. Sector wise, Technology suffered a minor sell down in June as investors rotate into fi nancial and energy stocks for value. The International Monetary Fund (IMF) remained confi dent that the global economic recovery is on a fi rmer footing this year on expectations of accelerating growth in the Euro-zone, Japan and China. In the July 2017 update of its World Economic Outlook (WEO), the IMF kept its global GDP forecast at 3.5% for 2017 and 3.6% for 2018 unchanged from its April 2017 outlook. Major European and Asian Indexes fell early August with concerns over North Korea, Hurricane Harvey, Spain terror attacks and the US political environment. Stronger economic data and positive corporate earnings propped up August numbers. The Jackson Hole Economic Policy Symposium accentuates the challenges faced by central bankers to spur wage infl ation despite falling global unemployment, as speeches from Janet Yellen and Mario Draghi avoided monetary policy, focusing on regulatory reforms and market risks. The third round of negotiations between UK and EU has begun, with a multi-year transitional agreement likely to arrive after March 2019. The regional markets were jittery in September as sabre rattling by North Korea sent investors into selling mode while heightened expectations of another US interest rate hike and balance sheet contraction this year following comments from Federal Reserve offi cials also added to the downbeat sentiment. Meanwhile, the Asian Development Bank came out a report and remained confi dent that the global economic recovery is on a fi rmer footing this year as controlled growth moderation in China is balanced by expected healthy growth elsewhere. Regional markets fared better in October compared to previous month driven by a recovery in tech stocks and easing geopolitical tension between China and Korea following the year-long standoff over deployment of anti-missile systems. Following this, both economies agreed to a currency swap agreement, which was key rerating catalyst for China-centric Korean equities. 3 Kenanga Growth Fund Interim Report

2.6 Review of the market Market Review (contd.) The month of November started off with the Bank of England raising UK interest rates for fi rst time since 2007. The Bank of England raised rates by 25bps but the Pound still fell as gloomy forecasts for growth appeared to rule out the prospect of steep increases in the cost of credit before 2020. As largely expected, President Donald Trump has named Jerome Powell as the next Federal Reserve Chairman. November ended with MSCI Asia Pacifi c ex-japan marginally higher by 0.58%. In local currency, key outperformers were Hong Kong HSI (+3.30%) and Singapore STI (+1.76%). The HSI surpassed 30,000 points for the fi rst time in a decade on late November driven by Tencent Holdings, which became the fi rst Chinese company to reach a market capitalisation of over USD500bil, before pulling back. Singapore s Q3 GDP grew much faster than forecasted at 4.6% yoy, supported by strong manufacturing activity. The Ministry of Trade and Industry has revised Singapore s annual growth forecast for 2017 from 3.0% to 3.5%. Laggards were China SHCOMP (-2.24%), Taiwan TWSE (-2.16%) and Korea KOSPI (-1.86%). Commodities posted a mixed set of performance in November with Brent crude up 3.6% and CPO down 7.5% respectively. Market Outlook Economic growth in Malaysia is forecasted to run at a decent pace of about 5.3%, albeit lower than the 5.8% expected for 2017. Drivers of growth should broaden into domestic demand, as strong exports, higher commodity prices and stronger Ringgit feed into the other sectors of the economy. Besides, the undemanding valuations of the Malaysian market against regional peers are likely to sustain foreign interest on top of stronger MYR and crude oil prices. The ongoing economic momentum, coupled with positive seasonality (January effect and pre-cny rally) will likely result in a strong start in 2018. Expectations of GE14 should spur additional trading interest. We are positive and hence will maintain a relative high investment levels in the 1Q, but tactically scale back upon dissolution of parliament. Strategy We are more positive on the market going into 1H18. We favour construction, exporters which provide more value added or are naturally hedged by having USD raw material cost, consumer staples like F&B, banks and utilities. We remain selective on oil & gas and property. 2.7 Distribution For the fi nancial period under review, the Fund did not declare any income distribution. 2.8 Details of any unit split exercise The Fund did not carry out any unit split exercise during the fi nancial period under review. Kenanga Growth Fund Interim Report 4

2.9 Significant changes in the state of affair of the Fund during the financial period There were no signifi cant changes in the state of affair of the Fund during the fi nancial period and up until the date of the manager s report, not otherwise disclosed in the fi nancial statements. 2.10 Circumstances that materially affect any interests of the unitholders During the fi nancial period under review, there were no circumstances that materially affected any interests of the unitholders. 2.11 Rebates & Soft commissions Any rebates received are channelled back to the Fund. On the other hand, soft commissions received from the stockbrokers for goods and services such as technical analysis software, fundamental database, fi nancial wire services, stock quotation system and portfolio management software incidental to investment management of the Fund shall be retained by the Manager. For the fi nancial period under review, the Manager has received soft commissions from stockbrokers. 5 Kenanga Growth Fund Interim Report

3. FUND PERFORMANCE 3.1 Details of portfolio composition of the Fund for the financial period as at 30 November 2017 against last 3 financial years as at 31 May are as follows: a. Distribution among industry sectors and category of investments: As at FY FY FY 30.11.2017 2017 2016 2015 % % % % Trading/Services 22.5 21.1 18.1 21.6 Constructions 13.1 17.8 16.1 9.9 Industrial products 12.9 12.2 13.5 12.3 Finance 7.7 10.6 8.4 4.7 Consumer products 7.1 8.9 4.5 5.3 Properties 5.8 9.0 5.5 5.5 Technology 4.1 4.5 0.5 10.5 Plantations 1.3-1.7 0.9 Special Purpose Acquisition Company 0.8 0.9 0.6 - Infrastructure - 1.0 2.5 4.1 Hotels - 0.2 - - Real Estate Investments Trusts 0.8 1.1 0.5 - Warrants 0.4 - - 0.1 Loan stocks 0.3 - - - Short term deposits and cash 23.2 12.7 28.1 25.1 100.0 100.0 100.0 100.0 Note: The above mentioned percentages are based on total investment market value plus cash. b. Distribution among markets The Fund invests in local listed investment securities and cash instruments only. Kenanga Growth Fund Interim Report 6

3.2 Performance details of the Fund for the financial period ended 30 November 2017 against last 3 financial years ended 31 May are as follows: Period from 1.6.2017 to FY FY FY 30.11.2017 2017 2016 2015 Net asset value ( NAV ) (RM Million) 1,321.80* 1,052.93 661.21 483.92 Units in circulation (Million) 1,080.23 909.46 686.49 471.00 NAV per unit (RM) 1.2236* 1.1578 0.9632 1.0274 Highest NAV per unit (RM) 1.2287 1.1820 1.0984 1.0952 Lowest NAV per unit (RM) 1.1553 0.9573 0.9512 0.9321 Total return (%) 5.68 20.20 3.30 13.20 - Capital growth (%) 5.68 20.20-6.25 3.40 - Income growth (%) - - 9.55 9.80 Gross distribution per unit (sen) - - 9.82 9.48 Net distribution per unit (sen) - - 9.82 9.48 Management expense ratio ( MER ) (%) 1 1.61 1.69 1.70 1.59 Portfolio turnover ratio ( PTR ) (times) 2 0.28 0.79 0.77 0.87 Note: Total return is the actual return of the Fund for the respective fi nancial period/years, computed based on NAV per unit and net of all fees. MER is computed based on the total fees and expenses incurred by the Fund divided by the average fund size calculated on a daily basis. PTR is computed based on the average of the total acquisitions and total disposals of investment securities of the Fund divided by the average fund size calculated on a daily basis. 1 MER is lower against previous fi nancial year mainly due to lower recovered expenses incurred during the fi nancial period under review. 2 PTR is lower due to the shorter period under review. * Based on bid price fair valuation method on all investments held by the Fund as at 30 November 2017, the NAV and NAV per unit would be RM1,314.85 million and RM1.2172 respectively. (As disclosed under Note 12 of the fi nancial statements) 7 Kenanga Growth Fund Interim Report

3.3 Average total return of the Fund 1 Year 3 Years 5 Years 30 Nov 16 30 Nov 14 30 Nov 12-30 Nov 17-30 Nov 17-30 Nov 17 Kenanga Growth Fund 23.41% 12.18% 15.53% FTSE-Bursa Malaysia Kuala Lumpur Composite Index (FBM-KLCI) 6.10% -1.67% 1.56% Source: Lipper 3.4 Annual total return of the Fund Period Period under review 1 Year 1 Year 1 Year from 1 Year 31 May 17 31 May 16 31 May 15 31 May 14 31 Dec 12 31 Dec 12-30 Nov 17-31 May 17-31 May 16-31 May 15-31 May 14-31 Dec 13 Kenanga Growth Fund 5.68% 20.20% 3.30% 13.20% 38.23% 26.35% FTSE-Bursa Malaysia Kuala Lumpur Composite Index (FBM-KLCI) -2.72% 8.60% -6.95% -6.72% 10.92% 10.54% Source: Lipper Investors are reminded that past performance is not necessarily indicative of future performance. Unit prices and investment returns may fluctuate. Kenanga Growth Fund Interim Report 8

4 TRUSTEE S REPORT TO THE UNIT HOLDERS OF KENANGA GROWTH FUND We, CIMB Commerce Trustee Berhad being the trustee of Kenanga Growth Fund ( the Fund ), are of the opinion that Kenanga Investors Berhad ( the Manager ), acting in the capacity as Manager of the Fund, has fulfi lled its duties in the following manner for the fi nancial period from 1 June 2017 to 30 November 2017. a) The Fund has been managed in accordance with the limitations imposed on the investment powers of the Manager under the Deed, the Securities Commission Malaysia s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 (as amended from time to time) and other applicable laws; b) Valuation and pricing for the Fund has been carried out in accordance with the Deed and relevant regulatory requirements; and c) Creation and cancellation of units have been carried out in accordance with the Deed and relevant regulatory requirements. For and on behalf of CIMB Commerce Trustee Berhad Lee Kooi Yoke Chief Operating Offi cer Kuala Lumpur, Malaysia 26 January 2018 9 Kenanga Growth Fund Interim Report

5. STATEMENT BY THE MANAGER I, Ismitz Matthew De Alwis, being a director of Kenanga Investors Berhad, do hereby state that, in the opinion of the Manager, the accompanying statement of fi nancial position as at 30 November 2017 and the related statement of comprehensive income, statement of changes in net asset value and statement of cash fl ows for the fi nancial period from 1 June 2017 to 30 November 2017 together with notes thereto, are drawn up in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards so as to give a true and fair view of the fi nancial position of Kenanga Growth Fund as at 30 November 2017 and of its fi nancial performance and cash fl ows for the fi nancial period from 1 June 2017 to 30 November 2017 and comply with the requirements of the Deed. For and on behalf of the Manager KENANGA INVESTORS BERHAD ISMITZ MATTHEW DE ALWIS Executive Director/Chief Executive Offi cer Kuala Lumpur, Malaysia 26 January 2018 Kenanga Growth Fund Interim Report 10

6. FINANCIAL STATEMENT 6.1 STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD FROM 1 JUNE 2017 TO 30 NOVEMBER 2017 (unaudited) INVESTMENT INCOME 1.6.2017 to 1.6.2016 to Note 30.11.2017 30.11.2016 RM RM Dividend income 10,847,473 9,297,046 Interest income 3,316,598 2,601,795 Net gain from investments: - Financial assets at fair value through profi t or loss ( FVTPL ) 4 63,821,377 14,792,521 77,985,448 26,691,362 EXPENSES Manager s fee 5 8,837,182 5,477,119 Trustee s fee 6 294,689 182,571 Auditors remuneration 9,409 6,016 Tax agent s fee 2,006 2,005 Administration expenses 693,256 485,472 Brokerage and other transaction costs 3,425,232 2,871,365 13,261,774 9,024,548 NET INCOME BEFORE TAX 64,723,674 17,666,814 Income tax 7 - - NET INCOME AFTER TAX, REPRESENTING TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD 64,723,674 17,666,814 Net income after tax is made up as follows: Realised gain 26,172,311 2,512,656 Unrealised gain 4 38,551,363 15,154,158 64,723,674 17,666,814 The accompanying notes form an integral part of the financial statements. 11 Kenanga Growth Fund Interim Report

6.2 STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2017 (unaudited) Note 30.11.2017 30.11.2016 RM RM ASSETS INVESTMENTS Financial assets at FVTPL 4 1,023,942,264 597,542,510 Short term deposits 8 267,073,000 158,867,413 1,291,015,264 756,409,923 OTHER ASSETS Amount due from Manager - 1,053,302 Other receivables 9 10,720,363 7,924,568 Tax recoverable 16,671 57,361 Cash at bank 42,696,998 2,273,510 53,434,032 11,308,741 TOTAL ASSETS 1,344,449,296 767,718,664 LIABILITIES Amount due to Manager 1,190,417 - Amount due to Trustee 53,310 31,475 Other payables 10 28,359,443 10,192,486 TOTAL LIABILITIES 29,603,170 10,223,961 EQUITY Unit holders contribution 1,074,174,158 714,150,606 Retained earnings 240,671,968 43,344,097 NET ASSET VALUE ( NAV ) ATTRIBUTABLE TO UNIT HOLDERS 11 1,314,846,126 757,494,703 TOTAL LIABILITIES AND EQUITY 1,344,449,296 767,718,664 NUMBER OF UNITS IN CIRCULATION 11(a) 1,080,230,647 767,992,683 NET ASSET VALUE PER UNIT (RM) 12 1.2172 0.9863 The accompanying notes form an integral part of the financial statements. Kenanga Growth Fund Interim Report 12

6.3 STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE FINANCIAL PERIOD FROM 1 JUNE 2017 TO 30 NOVEMBER 2017 (unaudited) Unit holders Retained Total Note contribution earnings NAV RM RM RM 1.6.2017 to 30.11.2017 At beginning of the fi nancial period 871,373,692 175,948,294 1,047,321,986 Total comprehensive income - 64,723,674 64,723,674 Creation of units 11(a) 226,588,952-226,588,952 Cancellation of units 11(a) (26,755,955) - (26,755,955) Distribution equalisation 11(a) 2,967,469-2,967,469 At end of the fi nancial period 1,074,174,158 240,671,968 1,314,846,126 1.6.2016 to 30.11.2016 At beginning of the fi nancial period 633,382,883 25,677,283 659,060,166 Total comprehensive income - 17,666,814 17,666,814 Creation of units 11(a) 108,917,540-108,917,540 Cancellation of units 11(a) (28,222,582) - (28,222,582) Distribution equalisation 11(a) 72,765-72,765 At end of the fi nancial period 714,150,606 43,344,097 757,494,703 The accompanying notes form an integral part of the financial statements. 13 Kenanga Growth Fund Interim Report

6.4 STATEMENT OF CASH FLOWS FOR THE FINANCIAL PERIOD FROM 1 JUNE 2017 TO 30 NOVEMBER 2017 (unaudited) CASH FLOWS FROM OPERATING AND INVESTING ACTIVITIES 1.6.2017 to 1.6.2016 to Note 30.11.2017 30.11.2016 RM RM Proceeds from sale of fi nancial assets at FVTPL 378,093,696 299,370,459 Dividends received 11,886,777 9,366,797 Interest from deposits received 3,236,543 2,784,047 Proceeds from the maturity of investment - 25,046,232 Placement of investment - (7,208,490) Auditors remuneration paid (16,000) (12,000) Trustee s fee paid (287,733) (179,479) Payment for other fees and expenses (621,462) (398,433) Manager s fee paid (8,548,577) (5,358,005) Purchase of fi nancial assets at FVTPL (413,095,640) (411,080,382) Cash used in operating and investing activities (29,352,396) (8,766,254) Tax refunded - 15,539 Net cash used in operating and investing activities (29,352,396) (87,653,715) CASH FLOWS FROM FINANCING ACTIVITIES Cash received from units created 232,336,045 108,827,654 Cash paid on units cancelled (26,389,904) (28,268,689) Net cash generated from financing activities 205,946,141 80,558,965 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 176,593,745 (7,094,750) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL PERIOD 133,176,253 161,027,183 CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL PERIOD 309,769,998 153,932,433 Cash and cash equivalents comprise: Cash at bank 42,696,998 2,273,510 Short term deposits 8 267,073,000 151,658,923 309,769,998 153,932,433 The accompanying notes form an integral part of the financial statements. Kenanga Growth Fund Interim Report 14

6.5 NOTES TO THE FINANCIAL STATEMENTS FOR FOR THE FINANCIAL PERIOD FROM 1 JUNE 2017 TO 30 NOVEMBER 2017 (unaudited) 1. THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES Kenanga Growth Fund ( the Fund ) was constituted pursuant to the executed Deed dated 30 December 1999 (collectively, together with deeds supplemental thereto, referred to as the Deed ) between the Manager, Kenanga Investors Berhad, and HSBC (Malaysia) Trustee Berhad ( the Trustee prior to 3 December 2013). The Fund has changed its trustee to CIMB Commerce Trustee Berhad ( the Trustee with effect from 3 December 2013). The aforesaid change was effected on 3 December 2013 via a Second Master Supplemental Deed dated 19 November 2013. The Fund commenced operations on 17 January 2000 and will continue to be in operation until terminated by the Trustee, as provided under Clause 12 of the Deed. Kenanga Investors Berhad is a wholly-owned subsidiary of Kenanga Investment Bank Berhad. Prior to 1 November 2016, Kenanga Investment Bank Berhad was a whollyowned subsidiary of K & N Kenanga Holdings Berhad that was listed on the Main Market of Bursa Malaysia Securities Berhad. Pursuant to an internal reorganisation exercise completed on 1 November 2016, Kenanga Investment Bank Berhad has become the holding company of K & N Kenanga Holdings Berhad. On 2 November 2016, Kenanga Investment Bank Berhad has assumed the listing status of K & N Kenanga Holdings Berhad. All of these companies are incorporated in Malaysia. The principal place of business of the Manager is Level 14, Kenanga Tower, 237, Jalan Tun Razak, 50400 Kuala Lumpur. The Fund seeks to provide unit holders with long term capital growth. 2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Fund is exposed to a variety of risks including market risk (which includes interest rate risk and price risk), credit risk and liquidity risk. Whilst these are the most important types of fi nancial risks inherent in each type of fi nancial instruments, the Manager and the Trustee would like to highlight that this list does not purport to constitute an exhaustive list of all the risks inherent in an investment in the Fund. The Fund has an approved set of investment guidelines and policies as well as internal controls which sets out its overall business strategies to manage these risks to optimise returns and preserve capital for the unit holders, consistent with the long term objectives of the Fund. a. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk includes interest rate risk. Market risk arises when the value of the investments fl uctuates in response to the activities of individual companies, general market or economic conditions. It stems from the fact that there are economy-wide perils, which threaten all businesses. Hence, investors are exposed to market uncertainties. Fluctuation in the investments prices caused by uncertainties in the economic, political and social environment will affect the NAV of the Fund. 15 Kenanga Growth Fund Interim Report

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) a. Market risk (contd.) The Manager manages the risk of unfavourable changes in prices by cautious review of the investments and continuous monitoring of their performance and risk profiles. i. Interest rate risk Interest rate risk refers to how the changes in the interest rate environment would affect the performance of Fund s investments. Rate offered by the fi nancial institutions will fl uctuate according to the Overnight Policy Rate determined by Bank Negara Malaysia and this has direct correlation with the Fund s investments in deposits. The Fund is not exposed to signifi cant interest rate risk as its deposits are short term in nature and have fi xed interest rates. Interest rate risk exposure The following table analyses the Fund s interest rate risk exposure. The Fund s fi nancial assets and fi nancial liabilities are disclosed at fair value and categorised by the earlier of contractual re-pricing or maturity dates. Weighted Non- average exposure to effective Up to interest rate interest 1 year movement Total rate* RM RM RM % 30.11.2017 Assets Financial assets at FVTPL - 1,023,942,264 1,023,942,264 Short term deposits 267,073,000-267,073,000 3.3 Other assets - 53,417,361 53,417,361 267,073,000 1,077,359,625 1,344,432,625 Liabilities Other liabilities - 29,451,091 29,451,091 Total interest rate sensitivity gap 267,073,000 1,047,908,534 1,314,981,534 Kenanga Growth Fund Interim Report 16

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) a. Market risk (contd.) i. Interest rate risk (contd.) Interest rate risk exposure (contd.) 17 Kenanga Growth Fund Interim Report Weighted Non- average exposure to effective Up to interest rate interest 1 year movement Total rate* RM RM RM % 30.11.2016 Assets Financial assets at FVTPL - 597,542,510 597,542,510 Short term deposits 158,867,413-158,867,413 3.2 Other assets - 11,251,380 11,251,380 158,867,413 608,793,890 767,661,303 Liabilities Other liabilities - 10,115,617 10,115,617 Total interest rate sensitivity gap 158,867,413 598,678,273 757,545,686 * Computed based on assets with exposure to interest rate movement only. ii. Price risk Price risk is the risk of unfavorable changes in the fair values of listed equity securities, listed collective investment schemes, listed warrants and listed loan stocks. The Fund invests in listed equity securities, listed collective investment schemes, listed warrants and listed loan stocks which are exposed to price fluctuations. This may then affect the NAV per unit of the Fund. Price risk sensitivity The Manager s best estimate of the effect on the profit for the financial period due to a reasonably possible change in investments in listed equity securities, listed collective investment schemes, listed warrants and listed loan stocks with all other variables held constant is indicated in the table below: Effects on profit for Changes in price the financial period Increase/(Decrease) Increase/(Decrease) Basis points RM 30.11.2017 Financial assets at FVTPL 5/(5) 511,971/(511,971) 30.11.2016 Financial assets at FVTPL 5/(5) 298,771/(298,771)

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) a. Market risk (contd.) ii. Price risk (contd.) Price risk sensitivity (contd.) In practice, the actual trading results may differ from the sensitivity analysis above and the difference could be material. Price risk concentration The following table sets out the Fund s exposure and concentration to price risk based on its portfolio of fi nancial instruments as at the reporting date. Fair value Percentage of NAV 30.11.2017 30.11.2016 30.11.2017 30.11.2016 RM RM % % Financial assets at FVTPL 1,023,942,264 597,542,510 77.9 78.9 The Fund s concentration of price risk from the Fund s listed equity securities, listed collective investment schemes, listed warrants and listed loan stocks analysed by sector is as follows: Fair value Percentage of NAV 30.11.2017 30.11.2016 30.11.2017 30.11.2016 RM RM % % Trading/Services 300,067,391 174,705,770 22.8 23.1 Constructions 174,782,331 120,071,689 13.3 15.8 Industrial products 172,601,735 82,347,435 13.1 10.9 Finance 103,175,531 77,116,770 7.8 10.2 Consumer products 95,143,534 44,461,881 7.2 5.9 Properties 76,931,744 54,831,732 5.9 7.2 Technology 54,868,372 15,683,954 4.2 2.1 Plantations 16,709,818 7,989,708 1.3 1.0 Special Purpose Acquisition Company 10,099,070 8,288,012 0.8 1.1 Infrastructure - 1,342,412-0.2 Real Estate Investments Trusts 10,752,690 10,480,470 0.8 1.4 Warrants 5,554,304 222,677 0.4 - Loan stocks 3,255,744-0.3-1,023,942,264 597,542,510 77.9 78.9 Kenanga Growth Fund Interim Report 18

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) b. Credit risk Credit risk is the risk that the counterparty to a fi nancial instrument will cause a fi nancial loss to the Fund by failing to discharge an obligation. The Manager manages the credit risk by undertaking credit evaluation to minimise such risk. i. Credit risk exposure As at the reporting date, the Fund s maximum exposure to credit risk is represented by the carrying amount of each class of fi nancial asset recognised in the statement of fi nancial position. ii. Financial assets that are either past due or impaired As at the reporting date, there are no fi nancial assets that are either past due or impaired. iii. Credit quality of financial assets The Fund invests in deposits with fi nancial institutions licensed under the Financial Services Act 2013 and Islamic Financial Services Act 2013. The following table analyses the licensed fi nancial institutions by rating category: Short term deposits Percentage of total short term deposits Percentage of NAV 30.11.2017 30.11.2016 30.11.2017 30.11.2016 % % % % Rating P1 63.3 100.0 12.8 20.1 WR 36.7-7.5-100.0 100.0 20.3 20.1 c. Liquidity risk Liquidity risk is defi ned as the risk that the Fund will encounter diffi culty in meeting obligations associated with fi nancial liabilities that are to be settled by delivering cash or another fi nancial asset. Exposure to liquidity risk arises because of the possibility that the Fund could be required to pay its liabilities or cancel its units earlier than expected. The Fund is exposed to cancellation of its units on a regular basis. Units sold to unit holders by the Manager are cancellable at the unit holders option based on the Fund s NAV per unit at the time of cancellation calculated in accordance with the Deed. The liquid assets comprise cash, short term deposits with licensed fi nancial institutions and other instruments, which are capable of being converted into cash within 7 days. 19 Kenanga Growth Fund Interim Report

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) c. Liquidity risk (contd.) The following table analyses the maturity profi le of the Fund s fi nancial assets and fi nancial liabilities in order to provide a complete view of the Fund s contractual commitments and liquidity. Up to 1 year Note 30.11.2017 30.11.2016 RM RM Assets Financial assets at FVTPL 1,023,942,264 597,542,510 Short term deposits 267,073,000 158,867,413 Other assets 53,417,361 11,251,380 i. 1,344,432,625 767,661,303 Liabilities Other liabilities ii. 29,451,091 10,115,617 Equity iii. 1,314,846,126 757,494,703 Liquidity gap 135,408 50,983 i. Financial assets Analysis of fi nancial assets at FVTPL into maturity groupings is based on the expected date on which these assets will be realised. The Fund s investments in listed equity securities, listed collective investment schemes, listed warrants and listed loan stocks have been included in the up to 1 year category on the assumption that these are highly liquid investments which can be realised should all of the Fund s unit holders equity be required to be redeemed. For other assets, the analysis into maturity groupings is based on the remaining period from the end of the reporting period to the contractual maturity date or if earlier, the expected date on which the assets will be realised. ii. Financial liabilities The maturity grouping is based on the remaining period from the end of the reporting period to the contractual maturity date or if earlier, the date on which liabilities will be settled. When the counterparty has a choice of when the amount is paid, the liability is allocated to the earliest period in which the Fund can be required to pay. iii. Equity As the unit holders can request for redemption of their units, they have been categorised as having a maturity of up to 1 year. Kenanga Growth Fund Interim Report 20

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) d. Regulatory reportings It is the Manager s responsibility to ensure full compliance of all requirements under the Guidelines on Unit Trust Funds issued by Securities Commission Malaysia. Any breach of any such requirement will be reported in the mandatory reporting to Securities Commission Malaysia on a monthly basis. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of accounting The fi nancial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards ( MFRS ) as issued by the Malaysian Accounting Standards Board ( MASB ) and International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ). The accounting policies adopted are consistent with those of the previous fi nancial period except for the adoption of the new and amended MFRS which became effective for the Fund on 1 June 2017. The adoption of the new and amended MFRS did not have any signifi cant impact on the fi nancial position or performance of the Fund. The fi nancial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. b. Standards, amendments and interpretation issued but not yet effective As at the reporting date, the following Standards, Amendments and Interpretation Committee s ( IC ) Interpretation that have been issued by MASB will be effective for the Fund in future periods. The Fund intends to adopt the relevant standards when they become effective. Description Effective for financial period beginning on or after Amendments to MFRS contained in the documents entitled Annual improvements to MFRS Standards 2014-2016 Cycle 1 January 2017 Amendments to MFRS 107: Disclosure Initiative 1 January 2017 Amendments to MFRS 112: Recognition of Deferred Tax Assets for Unrealised Losses 1 January 2017 Amendments to MFRS contained in the documents entitled Annual improvements to MFRS Standards 2014-2016 Cycle 1 January 2018 MFRS 9: Financial Instruments 1 January 2018 MFRS 15: Revenue from Contracts with Customers 1 January 2018 Clarifications to MFRS 15: Revenue from Contracts with Customers 1 January 2018 Amendments to MFRS 1: First-time Adoption of Malaysian Financial Reporting Standards contained in the documents entitled Annual Improvements to MFRS Standards 2014-2016 Cycle 1 January 2018 21 Kenanga Growth Fund Interim Report

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) b. Standards, amendments and interpretation issued but not yet effective (contd.) Description Effective for financial period beginning on or after Amendments to MFRS 2: Classifi cation and Measurement of Shared-based Payment Transactions 1 January 2018 Amendments to MFRS 128: Investment in Associates and Joint Ventures contained in the documents entitled Annual improvements to MFRS Standards 2014-2016 Cycle 1 January 2018 Temporary exemption from MFRS 9 subject to certain criteria being met for annual periods beginning on Amendments to MFRS 4: Applying MFRS 9 Financial Instruments or after with MFRS 4 Insurance Contracts 1 January 2018 Amendment to MFRS 140: Transfer of Property 1 January 2018 Amendments to MFRS 140: Transfers of Investment Property 1 January 2018 IC Interpretation 22: Foreign Currency Transactions and Advance Consideration 1 January 2018 Amendments to MFRS contained in the documents entitled Annual improvements to MFRS Standards 2015-2017 Cycle 1 January 2019 Amendments to MFRS 3: Business Combinations contained in the documents entitled Annual improvements to MFRS Standards 2015-2017 Cycle 1 January 2019 Amendments to MFRS 11: Joint Arrangements contained in the documents entitled Annual improvements to MFRS Standards 2015-2017 Cycle 1 January 2019 Amendments to MFRS 112: Income Tax Consequences of Payments on Financial Instruments Classified as Equity contained in the documents entitled Annual improvements to MFRS Standards 2015-2017 Cycle 1 January 2019 Amendments to MFRS 123: Borrowing Costs Eligible for Capitalisation contained in the documents entitled Annual improvements to MFRS Standards 2015-2017 Cycle 1 January 2019 MFRS 16: Leases 1 January 2019 Amendments to MFRS 9: Prepayment Features with Negative Compensation 1 January 2019 Amendment to MFRS 128: Long-term interests in Associates and Joint Ventures 1 January 2019 IC Interpretation 23: Uncertainty Over Income Tax Treatments 1 January 2019 MFRS 17: Insurance Contracts 1 January 2021 Amendments to MFRS 10 and MFRS 128: Sale or Contribution To be of Assets between an Investor and its Associate or Joint announced Venture by MASB Kenanga Growth Fund Interim Report 22

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) b. Standards, amendments and interpretation issued but not yet effective (contd.) The Fund will adopt the above pronouncements when they become effective in the respective fi nancial periods. These pronouncements are not expected to have any signifi cant impact to the fi nancial statements of the Fund upon their initial application, other than MFRS 9. MFRS 9 replaces MFRS 139 on the following requirements: classifi cation and measurement of fi nancial assets and fi nancial liabilities as defi ned in MFRS 139, impairment methodology and hedge accounting. The Fund is in the process of making an assessment of the impact of this Standard. c. Financial assets Financial assets are recognised in the statement of fi nancial position when, and only when, the Fund becomes a party to the contractual provisions of the fi nancial instruments. When fi nancial assets are recognised initially, they are measured at fair value, plus, in the case of fi nancial assets not at FVTPL, directly attributable transaction costs. The Fund determines the classifi cation of its fi nancial assets at initial recognition. i. Financial assets at FVTPL Financial assets are classifi ed as fi nancial assets at FVTPL if they are held for trading or are designated as such upon initial recognition. Financial assets held for trading include listed equity securities, listed collective investment schemes, listed warrants and listed loan stocks acquired principally for the purpose of selling in the near term. Subsequent to initial recognition, fi nancial assets at FVTPL are measured at fair value. Changes in the fair value of those fi nancial instruments are recorded in profi t or loss. Interest earned and dividend revenue elements of such instruments are recorded separately in interest income and dividend income, respectively. ii. Receivables Financial assets with fi xed or determinable payments that are not quoted in an active market are classifi ed as receivables. Subsequent to initial recognition, receivables are measured at amortised cost using the effective interest method. Gain or loss is recognised in profi t or loss when the receivable is derecognised or impaired, and through the amortisation process. A fi nancial asset is derecognised when the contractual right to receive cash fl ows from the asset has expired. On derecognition of a fi nancial asset, the difference between the carrying amount and the sum of the consideration received is recognised in profit or loss. 23 Kenanga Growth Fund Interim Report

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) d. Impairment of financial assets The Fund assesses at each reporting date whether there is any objective evidence that a fi nancial asset is impaired. To determine whether there is objective evidence that an impairment loss on fi nancial assets has been incurred, the Fund considers factors such as the probability of insolvency or signifi cant fi nancial diffi culties of the debtor and default or signifi cant delay in payments. If any such evidence exists, the amount of impairment loss is measured as the difference between the asset s carrying amount and the present value of estimated future cash fl ows discounted at the fi nancial asset s original effective interest rate. The impairment loss is recognised in profi t or loss. The carrying amount of the fi nancial asset is reduced by the impairment loss directly for all fi nancial assets, with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a receivable becomes uncollectible, it is written off against the allowance account. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the assets does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profi t or loss. e. Income Income is recognised to the extent that it is probable that the economic benefi ts will fl ow to the Fund and the income can be reliably measured. Income is measured at the fair value of consideration received or receivable. Interest income is recognised using the effective interest method. Dividend income is recognised on declared basis, when the right to receive the dividend is established. The realised gain or loss on sale of investments is measured as the difference between the net disposal proceeds and the carrying amount of the investment. f. Cash and cash equivalents For the purposes of the statement of cash fl ows, cash and cash equivalents include cash at bank and short term deposits with licensed fi nancial institutions with insignifi cant risk of changes in value. Kenanga Growth Fund Interim Report 24

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) g. Income tax Income tax on the profi t or loss for the fi nancial period comprises current tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit for the fi nancial period. As no temporary differences have been identifi ed, no deferred tax has been recognised. h. Unrealised reserves Unrealised reserves represent the net gain or loss arising from carrying investments at their fair values at reporting date. This reserve is not distributable. i. Financial liabilities Financial liabilities are classifi ed according to the substance of the contractual arrangements entered into and the defi nitions of a fi nancial liability. Financial liabilities are recognised in the statement of fi nancial position when, and only when, the Fund becomes a party to the contractual provisions of the fi nancial instrument. The Fund s fi nancial liabilities are classifi ed as other fi nancial liabilities. The Fund s fi nancial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. A fi nancial liability is derecognised when the obligation under the liability is extinguished. Gains and losses are recognised in profi t or loss when the liabilities are derecognised, and through the amortisation process. j. Unit holders contribution NAV attributable to unit holders The unit holders contribution to the Fund is classifi ed as equity instruments. Distribution equalisation represents the average amount of undistributed net income included in the creation or cancellation price of units. This amount is either refunded to unit holders by way of distribution and/or adjusted accordingly when units are released back to the Trustee. k. Functional and presentation currency The fi nancial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates ( the functional currency ). The fi nancial statements are presented in Ringgit Malaysia ( RM ), which is also the Fund s functional currency. l. Distribution Distributions are at the discretion of the Manager. A distribution to the Fund s unit holders is accounted for as a deduction from retained earnings. 25 Kenanga Growth Fund Interim Report

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) m. Significant accounting judgments and estimates The preparation of fi nancial statements requires the use of certain accounting estimates and exercise of judgment. Estimates and judgments are continually evaluated and are based on past experience, reasonable expectations of future events and other factors. i. Critical judgments made in applying accounting policies There are no major judgments made by the Manager in applying the Fund s accounting policies. ii. Key sources of estimation uncertainty There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a signifi cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fi nancial period. 4. FINANCIAL ASSETS AT FVTPL 30.11.2017 30.11.2016 RM RM Financial assets held for trading, at FVTPL: Listed equity securities 1,004,379,526 586,839,363 Listed collective investment schemes 10,752,690 10,480,470 Listed warrants 5,554,304 222,677 Listed loan stocks 3,255,744-1,023,942,264 597,542,510 1.6.2017 to 1.6.2016 to 30.11.2017 30.11.2016 RM RM Net gain on financial assets at FVTPL comprised: Realised gain/(loss) on disposals 25,270,014 (361,637) Unrealised changes in fair values 38,551,363 15,154,158 63,821,377 14,792,521 Kenanga Growth Fund Interim Report 26

4. FINANCIAL ASSETS AT FVTPL (CONTD.) Details of financial assets at FVTPL as at 30 November 2017: Listed equity securities Aggregate Percentage Quantity cost Fair value of NAV RM RM % Trading/Services Axiata Group Berhad 1,909,689 9,251,123 10,178,642 0.8 Berjaya Auto Berhad 4,228,600 9,610,602 8,626,344 0.7 Bison Consolidated Berhad 6,165,300 12,008,483 16,338,045 1.2 Bumi Armada Berhad 10,997,100 8,701,293 8,137,854 0.6 Century Logistics Holdings Berhad 6,013,000 7,253,355 6,133,260 0.5 Chin Hin Group Berhad 13,043,100 13,824,001 15,129,996 1.1 Dialog Group Berhad 10,343,700 20,629,691 24,928,317 1.9 Genting Berhad 2,030,400 18,216,876 17,867,520 1.4 Malaysia Airports Holdings Berhad 2,048,700 17,055,547 16,901,775 1.3 Oldtown Berhad 3,216,600 8,356,373 8,395,326 0.6 PESTECH International Berhad 10,672,664 10,883,883 17,930,075 1.4 Pos Malaysia Berhad 2,382,300 10,101,260 12,530,898 0.9 Sapura Energy Berhad (formerly known as SapuraKencana Petroleum Berhad) 4,719,900 7,739,108 5,899,875 0.4 Sime Darby Berhad 9,969,193 21,284,859 23,327,912 1.8 Sunway Berhad 13,185,422 18,629,747 21,360,384 1.6 Tenaga Nasional Berhad 2,805,600 38,998,557 43,318,464 3.3 TIME dotcom Berhad 1,030,000 9,037,827 9,197,900 0.7 Yinson Holdings Berhad 8,888,400 27,331,985 33,864,804 2.6 268,914,570 300,067,391 22.8 Constructions Ahmad Zaki Resources Berhad 8,178,100 8,207,306 8,259,881 0.6 Econpile Holdings Berhad 5,775,500 7,495,642 18,135,070 1.4 Gabungan AQRS Berhad 19,034,800 23,240,494 37,688,904 2.9 IJM Corporation Berhad 3,987,600 13,368,955 12,281,808 0.9 Ikhmas Jaya Group Berhad 8,946,100 6,077,737 5,457,121 0.4 Kerjaya Prospek Group Berhad 6,173,800 13,462,989 24,818,676 1.9 Malaysian Resources Corporation Berhad 6,717,300 7,656,362 7,120,338 0.6 ML Global Berhad 10,963,600 9,430,389 18,857,392 1.4 Muhibbah Engineering (M) Berhad 1,937,100 4,858,064 5,346,396 0.4 Sunway Construction Group Berhad 8,212,500 14,405,774 19,710,000 1.5 TRC Synergy Berhad 10,224,500 8,374,519 6,543,680 0.5 WCT Holdings Berhad 6,949,385 12,801,108 10,563,065 0.8 129,379,339 174,782,331 13.3 27 Kenanga Growth Fund Interim Report