Fund Information Fund Name (PIADF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To provide income by investing in a portfolio of stocks in domestic and regional markets that complies with Shariah requirements and which offer or have the potential to offer attractive dividend yields*. * Stocks which offer attractive dividend yields refer to stocks with consistency in rewarding shareholders via dividend payouts. Fund Performance Benchmark The benchmarks of the Fund and their respective percentages are 70% S&P Shariah BMI Asia Ex-Japan Index, 20% FTSE Bursa Malaysia Hijrah Shariah Index and 10% 3-Month Islamic Interbank Money Market (IIMM) rate. The S&P Shariah BMI Asia Ex-Japan Index is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by Public Mutual Berhad. Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); Standard & Poor s, S&P and Dow Jones are trademarks of the SPDJI; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Public Mutual Berhad. Public Mutual Berhad s PIADF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affi liates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P Shariah BMI Asia Ex-Japan Index. The PIADF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ( FTSE ) or by Bursa Malaysia Berhad ( BURSA MALAYSIA ) or by the London Stock Exchange Group companies (the LSEG ) and neither FTSE nor BURSA MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE BURSA MALAYSIA HIJRAH SHARIAH INDEX ( the Index ), and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein. FTSE, FT-SE and Footsie are trade marks of LSEG and are used by FTSE under licence. BURSA MALAYSIA is a trade mark of BURSA MALAYSIA. Fund Distribution Policy Annual Breakdown of Unitholdings of PIADF as at 31 October 2017 Size of holdings No. of % of No. of units unitholders unitholders held (million) 5,000 and below 2,795 11.09 10 5,001 to 10,000 5,054 20.06 33 10,001 to 50,000 11,540 45.79 261 50,001 to 500,000 5,650 22.42 578 500,001 and above 162 0.64 168 Total 25,201 100.00 1,050 Note: Excluding Manager s Stock.
Fund Performance Fund Performance Average Total Return for the Following Years Ended 31 October 2017 Average Total Return of PIADF (%) 1 Year 24.05 3 Years 15.15 5 Years 13.19 Annual Total Return for the Financial Years Ended 30 April Year 2017 2016 2015 2014 2013 PIADF (%) 21.57-5.85 11.58 10.58 7.48 The calculation of the above returns is based on computation methods of Lipper. Notes: 1. Total return of the Fund is derived by this formulae: End of Period FYCurrent Year NAV per unit End of Period FYPrevious Year NAV per unit - 1 ( ) (Adjusted for unit split and distribution paid out for the period) The above total return of the Fund was sourced from Lipper. 2. Average total return is derived by this formulae: 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. Other Performance Data for the Past Three Financial Periods Ended 31 October 2017 2016 2015 Unit Prices (MYR) Highest NAV per unit for the period 0.3695 0.3133 0.3128 Lowest NAV per unit for the period 0.3218 0.2726 0.2744 Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the Period Total NAV (MYR 000) 387,919 302,713 306,918 UIC (in 000) 1,049,852 985,805 984,463 NAV per unit (MYR) 0.3695 0.3071 0.3118 Total Return for the Period (%) 15.41 13.10 4.28 Capital growth (%) 14.85 12.55 3.81 Income (%) 0.49 0.49 0.45 Management Expense Ratio (%) 1.76 1.76 1.77 Portfolio Turnover Ratio (time) 0.13 0.19 0.34 Notes: Management Expense Ratio is calculated by taking the total management expenses expressed as an annual percentage of the Fund s average net asset value. Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and disposals of the investments in the Fund for the period over the average net asset value of the Fund calculated on a daily basis. The Portfolio Turnover Ratio for the financial period 2017 dropped to 0.13 time from 0.19 time in the previous fi nancial period on account of lower level of rebalancing activities performed by the Fund during the period. Asset Allocation for the Past Three Financial Periods As at 31 October (Per Cent of Net Asset Value) 2017 2016 2015 % % % EQUITY SECURITIES Quoted Malaysia Basic Materials 0.8 1.0 - Communications 2.8 6.4 3.4 Consumer, Cyclical - - 0.1 Consumer, Non-cyclical 1.8 2.6 1.3 Diversifi ed - 0.9 - Energy 0.8 1.7 - Industrial 0.8 1.3 1.0 Utilities 2.8 3.6-9.8 17.5 5.8 Outside Malaysia Hong Kong Communications 12.7 13.8 14.7 Consumer, Cyclical 2.9-2.7 Consumer, Non-cyclical 0.4 0.4 0.6 Energy 1.0 0.1 2.5 Financial - 1.2 0.9 Industrial 10.3 5.4 3.0 Technology 0.4 0.6 - Utilities 1.1 0.7 1.0 28.8 22.2 25.4 Indonesia Communications 1.3 1.8 0.8 Consumer, Non-cyclical 0.8 1.6 - Financial 0.4 1.3 - Industrial 0.3 0.8 0.3 2.8 5.5 1.1 Korea Basic Materials 2.8 1.4 0.9 Communications 3.0 2.6 4.1 Consumer, Cyclical 4.2 2.7 2.7 Consumer, Non-cyclical 2.4 3.2 6.9 Industrial - 1.0 5.1 Technology 4.3 1.7 10.3 16.7 12.6 30.0 Singapore Communications 1.3 2.3 2.0 Consumer, Non-cyclical 0.6 1.0 1.0 Industrial - 0.6-1.9 3.9 3.0
Fund Performance Manager s Report Asset Allocation for the Past Three Financial Periods (cont d) As at 31 October (Per Cent of Net Asset Value) 2017 2016 2015 % % % Taiwan Basic Materials 1.0 - - Communications 2.9 4.1 1.7 Consumer, Cyclical 0.5 - - Industrial 4.0 4.9 6.7 Technology 12.7 7.8 7.6 21.1 16.8 16.0 Thailand Consumer, Cyclical - - 0.8 Consumer, Non-cyclical 1.6 1.7 - Industrial 2.5 1.9 0.8 4.1 3.6 1.6 United States Communications 5.4 1.0 2.8 Overview This Interim Report covers the financial period from 1 May 2017 to 31 October 2017. (PIADF or the Fund) aims to provide income by investing in a portfolio of stocks in domestic and regional markets that complies with Shariah requirements and which offer or have the potential to offer attractive dividend yields. For the financial period under review, the Fund registered a return of +15.41% as compared to its Benchmark s return of +9.96%. The Fund s Shariahcompliant equity portfolio registered a return of +17.91% while its Islamic money market portfolio registered a return of +1.48% during the fi nancial period under review. A detailed performance attribution analysis is provided in the sections below. For the fi ve fi nancial years ended 31 October 2017, the Fund registered a return of +66.01% as compared to the Benchmark s return of +66.10% over the same period. Performance of PIADF from 31 October 2012 to 31 October 2017 TOTAL QUOTED EQUITY SECURITIES 90.6 83.1 85.7 80% PIADF BENCHMARK 60% COLLECTIVE INVESTMENT FUNDS Quoted Outside Malaysia Hong Kong Financial 1.0 1.1 1.3 Singapore Financial - 0.9 1.2 Returns from Start of Period 40% 20% 0% TOTAL QUOTED COLLECTIVE INVESTMENT FUNDS 1.0 2.0 2.5 SHARIAH-BASED PLACEMENTS WITH FINANCIAL INSTITUTIONS 3.9 6.5 4.9 OTHER ASSETS & LIABILITIES 4.5 8.4 6.9-20% 2012 2013 2014 2015 2016 2017 The Fund s Benchmark is a composite index of 70% S&P Shariah BMI Asia Ex-Japan Index, 20% FTSE Bursa Malaysia Hijrah Shariah Index and 10% 3-Month Islamic Interbank Money Market Rate (IIMMR). Effect of Distribution Reinvestment on Portfolio Exposures There were no distributions declared for the period ended 31 October 2017. Change in Portfolio Exposures from 30-Apr-17 to 31-Oct-17 Average 30-Apr-17 31-Oct-17 Change Exposure Shariah-compliant Equities & Related Securities 92.5% 91.6% -0.9% 91.07% Islamic Money Market 7.5% 8.4% +0.9% 8.93%
Manager s Report Manager s Report Returns Breakdown by Asset Class Market / Returns On Benchmark Benchmark Average Attributed Investments Returns Index Used Exposure Returns Shariahcompliant Equities & Related Equity Securities 17.91% 10.89% Benchmark 91.07% 16.31% Islamic Money Overnight Market 1.48% 1.51% Islamic Rate 8.93% 0.13% less: Expenses -1.03% Total Net Return for the Period 15.41% Overnight Islamic Rate = Overnight Islamic Interbank Money Market Rate Shariah-compliant Equity Portfolio Review For the fi nancial period under review, the Fund s Shariah-compliant equity portfolio registered a return of +17.91% and outperformed the equity Benchmark s return of +10.89%. The Fund s Shariah-compliant equity portfolio outperformed the equity Benchmark as the Fund s holdings of selected stocks in the China, Taiwan and Korea markets outperformed the broader markets during the financial period under review. The Fund commenced the financial period under review with a Shariahcompliant equity exposure of 92.5% and this was gradually reduced to below 90% in August 2017 to lock in profits on selected Shariah-compliant equity investments. The Fund subsequently increased its Shariah-compliant equity exposure to capitalise on Shariah-compliant investment opportunities in the domestic and regional markets and ended the financial period under review with a Shariah-compliant equity exposure of 91.6%. Based on an average Shariah-compliant equity exposure of 91.07%, the Shariah-compliant equity portfolio is deemed to have registered a return of +16.31% to the Fund as a whole for the financial period under review. A full review of the performance of the equity markets is tabled in the following sections. Country Allocation In terms of country allocation within the Shariah-compliant equity portfolio, the Fund s Shariah-compliant equity investments in Malaysia accounted for 9.8% of the Net Asset Value (NAV) of the Fund. Other than Malaysia, the top 5 countries accounted for 77.1% of the NAV of the Fund and 84.2% of the Fund s Shariah-compliant equity portfolio. The weightings of the top 5 countries excluding Malaysia are in the following order: Hong Kong (29.8%), Taiwan (21.1%), Korea (16.7%), the United States (5.4%) and Thailand (4.1%). Islamic Money Market Portfolio Review During the financial period under review, the Fund s Islamic money market portfolio, which was invested primarily in Islamic deposits, yielded a return of +1.48%. In comparison, the Overnight Islamic Interbank Money Market Rate (Overnight Islamic Rate) registered a return of +1.51% over the same period. During the fi nancial period under review, the Fund s exposure to Islamic money market investments increased from 7.5% to 8.4% following the disposal of selected Shariah-compliant equity investments. Based on an average exposure of 8.93%, the Islamic money market portfolio is estimated to have contributed +0.13% to the Fund s overall return for the fi nancial period under review. Stock Market Review Commencing the financial period under review at 12,972.49 points, the FTSE Bursa Malaysia EMAS Shariah Index (FBMS) remained in an uptrend in mid- May, underpinned by strong foreign fund infl ows, fi rmer regional currencies and stable oil prices. The Index subsequently traded range-bound in late May on the back of softer global energy prices. The market rose in early June amid sustained buying support for selected blue chips but moved lower in late June on softer oil prices. In July, the Index remained in a tight trading range due to a lack of fresh catalysts to draw further buying interest from foreign investors. The FBMS rose in August amid buying support for selected blue chips. The Index continued its uptrend in early September before easing lower on the back of profi t-taking activities. The Index moved higher in October amid gains in technology and energy stocks. The FBMS closed at 13,082.72 points to register a gain of 0.85% for the fi nancial period under review. The regional equity markets, as proxied by the S&P Shariah BMI Asia Ex- Japan (S&P SAEJ) Index, commenced the fi nancial period under review at 93.28 points. Driven by improving liquidity conditions in China and a better global economic outlook, the S&P SAEJ Index advanced further from May to October 2017. The Index closed at 109.04 points to register a gain of 16.90% (+14.01% in Ringgit terms) for the financial period under review. Regional markets, namely the Korea, Thailand, Taiwan, Hong Kong, Singapore and Indonesia markets registered returns of +23.45%, +19.56%, +11.25%, +2.97%, -1.19% and -5.16% (in Ringgit terms) respectively for the fi nancial period under review. Index 110 100 90 80 S&P Shariah BMI Asia Ex-Japan Index (30 April 2017-31 October 2017) Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Islamic Money Market Review The Overnight Islamic Rate commenced the fi nancial period under review at 2.99% and ranged between 2.96% to 3.00% over the 6-month, before ending the financial period under review at 2.99%.
Manager s Report Manager s Report Economic Review Malaysia s GDP growth gained pace from 4.2% in 2016 to 5.7% in 1H 2017 on the back of higher domestic demand and export growth. Growth in the services sector rose from 5.6% in 2016 to 6.1% in 1H 2017. Meanwhile, growth in manufacturing activities increased from 4.4% to 5.8% over the same period. Malaysia s export growth accelerated to 22.2% in the fi rst eight months of 2017 from 1.2% in 2016 due mainly to higher exports of electrical and electronic products. Import growth surged to 23.0% from 1.9% over the same period. Malaysia s cumulative trade surplus widened to RM60.8 billion in the fi rst eight months of 2017 compared to RM52.5 billion for the corresponding period of the prior year. Due to capital inflows, Malaysia s foreign reserves rose to US$101.2 billion as at end-september 2017 compared to US$97.7 billion a year ago. Malaysia s inflation rate climbed to 4.0% in the first nine months of 2017 from 2.1% in 2016 amid higher transportation costs arising from elevated fuel prices. Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate (OPR) at 3.00% to support economic activities. Loans growth inched lower to 5.2% in the first nine months of 2017 from 5.3% in 2016 on the back of slower demand from the household sector. On the regional front, Singapore s GDP growth expanded from 2.0% in 2016 to 3.3% in the first three quarters of 2017 due to higher output from the manufacturing and services sectors. Singapore s inflation rate turned positive at +0.6% in the first nine months of 2017 compared to -0.5% in 2016 amid higher transportation costs. Indonesia s economic growth was sustained at 5.0% in 1H 2017 compared to a similar growth rate in 2016 on the back of resilient domestic demand. Driven by higher housing and transportation costs, the inflation rate climbed to 3.9% in the first nine months of 2017 from 3.5% in 2016. To support domestic economic activities, Bank Indonesia (BI) reduced its benchmark interest rate by 50 basis points (bps) to 4.25% during the August-September 2017 period. Led by resilient consumer spending and higher export growth, Thailand s GDP growth edged up from 3.2% in 2016 to 3.5% in 1H 2017. The inflation rate rose to 0.6% in the first nine months of 2017 from 0.2% in 2016 due to higher transportation costs. The Bank of Thailand maintained its policy interest rate at 1.50% to support economic growth. In North Asia, China s GDP growth expanded from 6.7% in 2016 to 6.9% in the fi rst three quarters of 2017, driven by firmer growth in the industrial sector. Industrial sector growth increased from 6.0% in 2016 to 6.4% in the first three quarters of 2017 as manufacturing activities picked up. Meanwhile, China s infl ation rate softened to 1.5% in the first nine months of 2017 from 2.0% in 2016 amid lower food prices. To support China s economic activities, the People s Bank of China (PBoC) maintained its lending rate at 4.35%. Hong Kong s GDP growth strengthened from 2.0% in 2016 to 4.0% in 1H 2017 due to higher consumer spending and export growth. The infl ation rate slowed to 1.4% in the first nine months of 2017 from 2.4% in 2016 on the back of moderating food and housing costs. To curb elevated residential property prices, Hong Kong s government introduced additional tightening measures in May 2017. Driven by higher investment spending and export growth, South Korea s GDP growth rose to 3.1% in the fi rst three quarters of 2017 from 2.8% in 2016. The infl ation rate increased to 2.1% in the fi rst nine months of 2017 from 1.0% in 2016 due to higher food prices and transportation costs. To maintain economic growth, the Bank of Korea held its benchmark interest rate at 1.25%. Taiwan s GDP growth strengthened from 1.5% in 2016 to 2.6% in the fi rst three quarters of 2017 amid higher export growth. Taiwan s infl ation rate softened to 0.7% in the fi rst nine months of 2017 from 1.4% in 2016 on the back of moderating food prices. The Bank of Taiwan left its discount rate unchanged at 1.375% to support domestic demand. Led by higher investment spending and export growth, U.S. GDP growth rose from 1.5% in 2016 to 2.2% in the fi rst three quarters of 2017. Investment spending increased by 3.1% in the fi rst three quarters of 2017 compared to a contraction of 1.6% in 2016 due to higher investment in equipment. Meanwhile, exports expanded by 2.9% compared to a decline of 0.3% over the same period. At the Federal Open Market Committee (FOMC) meeting on 31 October 1 November 2017, the Federal Reserve maintained the Federal funds rate target range at 1.00%-1.25%. Eurozone GDP growth gained pace from 1.8% in 2016 to 2.2% in the fi rst three quarters of 2017 on the back of higher growth in France. At its monetary policy meeting on 26 October 2017, the European Central Bank (ECB) kept its main refi nancing and deposit rates at 0.00% and -0.40% respectively. The ECB has extended its quantitative-easing program from January 2018 until September 2018 or beyond, if necessary. However, it will reduce the monthly pace of bond-buying from 60 billion to 30 billion with effect from January 2018. In a referendum held on 23 June 2016, British voters voted in favour of exiting the European Union (EU). The United Kingdom (UK) formally notified of its exit from the EU under Article 50 on 29 March 2017, which commences a 2-year process of trade negotiations with the EU. Outlook and Investment Strategy After trading on a mixed note in 1H 2016, global and regional markets strengthened in 2H 2016 amid an improved outlook for the U.S. and global economies. Global and regional equity markets continued to trend higher in the fi rst 10 months of 2017 on expectations that the global economy would grow at a resilient pace. Looking ahead, the performance of the equity markets will depend on the economic growth momentum and market valuations of the U.S., Europe and the Asia Pacifi c region. U.S. economic growth is projected to edge up from 2.2% in 2017 to 2.4% in 2018, driven by higher investment spending. In the Eurozone, economic growth is envisaged to ease from 2.2% in 2017 to 1.8% in 2018 on expectations of slower export growth. In North Asia, China s GDP growth is estimated to moderate from 6.8% in 2017 to 6.4% in 2018 as China continues to transform from a manufacturingdriven and export-led economy to one underpinned by services and domestic consumption. Meanwhile, China s infl ation rate is projected to increase from 1.6% in 2017 to 2.2% in 2018.
Manager s Report Extracts Of Financial Statements Hong Kong s GDP growth is expected to ease from 3.4% in 2017 to 2.5% in 2018 amid moderating export growth. Going forward, the Hong Kong government is anticipated to maintain its tightening stance on the residential property market. However, ample liquidity, demand for better living standards and resilient economic growth should lend support to Hong Kong s property market over the long term. South Korea s GDP growth is anticipated to inch lower from 2.9% in 2017 to 2.7% in 2018 as investment spending eases. Meanwhile, Taiwan s GDP growth is envisaged to remain unchanged at 2.2% in 2018 compared to a similar growth rate in 2017, driven by sustained domestic demand. In South-East Asia, Singapore s GDP growth is estimated to edge down from 2.5% in 2017 to 2.4% in 2018 on expectations of moderating export growth. Indonesia s GDP growth is expected to expand from 5.2% in 2017 to 5.4% in 2018 due to robust domestic demand. Meanwhile, Thailand s GDP growth is envisaged to be sustained at 3.5% in 2018 compared to a similar growth rate in 2017 on the back of resilient domestic demand. On the domestic front, Malaysia s GDP growth is projected to ease from 5.2% in 2017 to 4.8% in 2018 amid moderating export growth. However, domestic demand will be supported by sustained consumer and investment spending backed by government measures to increase disposable incomes as well as the ongoing implementation of infrastructure projects. The budget deficit is projected to narrow to RM39.8 billion (2.8% of GDP) in 2018 from the RM39.9 billion (3.0% of GDP) estimated for 2017 while the federal revenue is forecast to expand by 6.4% to RM239.9 billion in 2018. Meanwhile, operating expenditure and net development expenditure are expected to grow by 6.5% to RM234.3 billion and 0.2% to RM45.4 billion respectively in 2018. As at end-october 2017, the local stock market was trading at a prospective P/E ratio of 16.6x, which was above its 10-year average of 16.4x. The market s dividend yield was 3.33%. Among the regional markets, South-East Asian markets were trading at premiums while North Asian markets were generally trading at discounts to their historical averages following their respective performances over the same period. Given the above factors, the Fund will continue to rebalance its investment portfolio accordingly with the objective of providing income by investing in a portfolio of stocks in domestic and regional markets that complies with Shariah requirements and which offer or have the potential to offer attractive dividend yields. Note: H = Half The following pages are extracts of the audited fi nancial statements of the Fund for the fi nancial period ended 31 October 2017. The full set of the audited fi nancial statements together with the Independent Auditors Report is available upon request without charge. Statement of Assets and Liabilities As at 31 October 2017 31.10.2017 30.4.2017 MYR 000 MYR 000 Assets Investments 355,190 306,429 Due from brokers/fi nancial institutions, net - 3,300 Due from the Manager, net - 415 Tax recoverable 14 14 Other receivables 45 116 Shariah-based placements with fi nancial institutions 15,337 12,558 Cash at banks 20,304 8,433 390,890 331,265 Liabilities Due to brokers/fi nancial institutions, net 2,343 - Due to the Manager, net 491 - Due to the Trustee 20 17 Other payables 117 91 Distribution payable - 10,032 2,971 10,140 Total net assets 387,919 321,125 Net asset value ( NAV ) attributable to unitholders (Total equity) 387,919 321,125 Units in circulation (in 000) 1,049,852 1,003,189 NAV per unit (in sen) 36.95 32.01 Policy on Soft Commissions The management company may receive goods or services which include research materials, data and quotation services and investment related publications by way of soft commissions provided they are of demonstrable benefi t to the Fund and unitholders. During the fi nancial period under review, PIADF has received data and quotation services by way of soft commissions. These services were used to provide fi nancial data on securities and price quotation information to the Fund Manager during the financial period under review.
Extracts Of Financial Statements (cont d) Extracts Of Financial Statements (cont d) Statement of Income and Expenditure 1.5.2017 1.5.2016 to to 31.10.2017 31.10.2016 MYR 000 MYR 000 Income Profi t from Shariah-based placements 207 267 Dividend income 5,657 4,023 Dividend income from non-permissible securities - 234 Net gain from investments 50,141 31,636 Net realised/unrealised foreign exchange (loss)/gain (321) 2,031 55,684 38,191 Less: Expenses Trustee s fee 115 92 Management fee 3,158 2,539 Audit fee 3 3 Tax agent s fee 2 1 Brokerage fee 338 408 Administrative fees and expenses 81 68 3,697 3,111 Net income before taxation 51,987 35,080 Taxation (626) (339) Net income after taxation 51,361 34,741 Statement of Changes in Net Asset Value Unitholders Retained capital earnings Total MYR 000 MYR 000 MYR 000 As at 1 May 2016 234,382 25,110 259,492 Creation of units 19,297-19,297 Cancellation of units (10,817) - (10,817) Net income after taxation - 34,741 34,741 As at 31 October 2016 242,862 59,851 302,713 As at 1 May 2017 248,566 72,559 321,125 Creation of units 23,030-23,030 Cancellation of units (7,597) - (7,597) Net income after taxation - 51,361 51,361 As at 31 October 2017 263,999 123,920 387,919 Net income after taxation is made up as follows: Realised 5,483 6,960 Unrealised 45,878 27,781 51,361 34,741
Extracts Of Financial Statements (cont d) Statement of Cash Flows 1.5.2017 1.5.2016 to to 31.10.2017 31.10.2016 MYR 000 MYR 000 Cash flows from operating activities Proceeds from sale of investments 50,693 45,914 Purchase of investments (44,016) (63,433) Capital distribution received 55 15 Maturity of Shariah-based placements 1,725,207 2,130,463 Shariah-based placements (1,727,986) (2,125,663) Profi t from Shariah-based placements received 209 270 Interest received from foreign currency accounts 1 3 Net dividend income received 5,086 3,981 Trustee s fee paid (112) (90) Management fee paid (3,063) (2,480) Audit fee paid (4) (4) Payment of other fees and expenses (56) (81) Payment to charitable bodies (1) - Net cash inflow/(outflow) from operating activities 6,013 (11,105) Cash flows from financing activities Cash proceeds from units created 23,755 19,281 Cash paid on units cancelled (7,511) (10,365) Distribution paid (10,032) (9,557) Net cash inflow/(outflow) from financing activities 6,212 (641) Net increase/(decrease) in cash and cash equivalents 12,225 (11,746) Effect of change in foreign exchange rates (354) 2,003 Cash and cash equivalents at the beginning of the financial period 8,433 29,013 Cash and cash equivalents at the end of the financial period 20,304 19,270