AmLife Investment-Linked Funds Annual Report 2013 · Investment Strategy Fund Performance Sectoral...

Investment-Linked FundsAnnual Report For The Financial Year Ended 31 March 2013

AmLife Insurance Berhad (15743-P)

A PIDM member

CONTENTS

Chairman’s Message

Corporate Profile

Investment-Linked Funds Objective

Market Review

Investment Outlook

Investment Strategy

Fund Performance

Sectoral & Category Breakdown

Comparative Table: Fund Performance

Comparative Table: Net Asset Value, Number of Units & Unit Price

Summary of Financial Statements

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2AmLife Insurance Berhad Investment-Linked Funds Annual Report As at 31 March 2013

Dear Policyholder,

Throughout 2012, we witnessed slower growth among the advanced economies due to weak momentum that continued from the previous year. Being the largest economies in the world, both the European Union and the US were deeply interconnected and their slow recovery heavily influenced the performance of the global economy. The fragility of their financial sector had also caused Asia to experience moderate growth overall.

Our economy performed well and achieved a strong GDP growth of 5.6% despite the uncertainties at the global front. Private consumption grew positively with the support of stable labour market and low inflation environment while public consumption achieved a small growth of 5% amidst continued fiscal consolidation efforts during the year.

On the other hand, the FBM KLCI and FBM Hijrah Shariah Index closed at 1,671.63 and 12,361.9 respectively at the end of March 2013. For the period under review (1 April 2012 – 31 March 2013), the FBM KLCI and FBM Hijrah Shariah Index gave a modest performance of 4.2% and 6.8% respectively.

For the financial year ended 31 March 2013, the total fund size of our investment-linked funds’ portfolio stood at RM145.63 million. Our open ended funds contributed RM81.54 million or 56% of the total fund size. Our one year best performing investment-linked fund was AmAssurance Dividend Fund, which registered a return of 7.5% while the best performing fund since inception was AmAssurance Balanced Fund, which charted a return of 68.3%.

Going forward, we expect Asia’s economy to grow at a steady rate and continue to adopt advanced measures to reduce the impact of potential economic downturn in the region.

Above all, AmLife Insurance Berhad will remain vigilant in ensuring that we meet the investment objectives effectively. Whilst continuing to provide innovative ideas to meet your changing needs and desired financial goals, we will continue to utilise prudent investment approaches with the help of our professionally trained investment management team.

We wish to thank you for the trust and confidence placed in us and we look forward to continuing this mutually rewarding relationship in the years to come.

Tan Sri Azman HashimChairmanAmBank Group

“ AmLife Insurance Berhad will remain vigilant in ensuring that we meet the investment objectives effectively. Whilst continuing to provide innovative ideas to meet your changing needs and desired financial goals, we will continue to utilise prudent investment approaches with the help of our professionally trained investment management team.”

CHAIRMAN’S MESSAGE


ABOUT AMLIFE INSURANCE BERHADAmLife Insurance Berhad (AmLife) is a renowned life insurer in the local insurance industry. Backed by one of Malaysia’s largest banking groups, AmBank Group, AmLife is growing bigger and stronger with its fast growing customer base and innovative products and services.

AmLife was incorporated on 17 September 1973 as The First Life Insurance Company (M) Berhad. Since then it has undergone various restructurings and name changes; Prima Assurance Berhad on 30 December 1982, Arab-Malaysian Eagle Assurance Berhad on 5 June 1986 and then to Arab-Malaysian Assurance Berhad on 5 September 1994. In June 2002, the Arab-Malaysian Banking Group embarked on a rebranding exercise that involved a name change to AmBank Group and adopted new corporate colours of red and yellow, to reflect a new resolve to be bigger, better and simpler. In line with this exercise, Arab-Malaysian Assurance Berhad changed its name to AmAssurance Berhad on 10 June 2002.

On 1 December 2008, AmAssurance Berhad further reorganised its business portfolio into two specialised companies. The general insurance operations are now undertaken by AmGeneral Insurance Berhad while the life insurance operations are now undertaken by AmLife. However, both companies still carry the brand name of AmAssurance.

AmLife’s business is generated from a comprehensive range of life insurance and wealth protection solutions distributed through the Group’s network of over 200 AmBank and AmAssurance branded offices, in addition to the strength of its authorised life insurance agents nationwide.

CORPORATE PROFILE

INVESTMENT-LINKED FUNDS OBJECTIVE


AmAssurance Equity FundThe Fund aims to provide the Customer with capital growth, over a medium to long-term investment horizon, mainly through investments in Malaysian securities with superior growth potential.

Returns will be obtained via growth in unit price rather than income distribution.

AmAssurance Bond FundThe Fund aims to provide the Customer with an opportunity to gain higher than average income earned from fixed deposits, over a long-term investment horizon, mainly through investments in a diversified portfolio of fixed income securities.


AmAssurance Balanced FundThe Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed deposits with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon.


AmAssurance Dana Teguh FundThe Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed deposits with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon, via exposure in Syariah-compliant Malaysian equities and/or equity-related securities and fixed income securities.


AmAssurance Dividend FundThe Fund seeks to provide policyholders total returns primarily through investment in equity and equity-related securities of companies that offer sustainable dividend payments and attractive yields, emphasizing on long term capital appreciation opportunities.

Returns will obtain via growth in unit price rather than income distribution.

AmAssurance AmOasis Islamic Equity Fund

The Fund seeks to achieve moderate capital and income appreciation over a medium to long term by investing in shares of global Syariah-compliant companies via investments in:

INVESTMENT-LINKED FUNDS OBJECTIVE

1) AmOasis Global Islamic Equity Fund (Unit Trust – AmInvestment)

2) Equity exposure into Syariah approved counters listed in Bursa Malaysia.


AmAssurance Global Emerging Market Fund

The Fund seeks to achieve long-term capital appreciation through investing mainly in:

1) AmGlobal Emerging Market Opportunities Fund (Unit Trust – AmInvestment Management Sdn Bhd)

2) Equity exposure into counters listed in Bursa Malaysia.

AmAssurance Global Agribusiness FundThe Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmGlobal Agribusiness Fund (Unit Trust - AmInvestment Management Sdn Bhd), that invests in a portfolio of quoted equities of agribusiness. Agribusiness is a generic term that refers to the various businesses involved in food production.

AmAssurance Precious Metals FundThe Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmPrecious Metals Fund (Unit Trust – AmInvestment Management Sdn Bhd), that invests in a portfolio of global Syariah observant equity and equity-related securities of companies engaged in activities related to gold, silver, platinum or other precious metals.

AmAssurance AmCurrency Income Capital Guaranteed Fund

The Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.

AmAssurance AmCurrency Income II Capital Guaranteed Fund


AmAssurance AmCommodity Stable Capital Guaranteed Fund


MARKET REVIEW


AmAssurance Equity Fund, Balanced Fund, Dana Teguh Fund, Dividend Fund Market Review

The KLCI and FBM Hijrah Shariah started the financial year on 2nd April 2012 at 1604 and 11,577 respectively, with the continued selling pressure that stemmed from both external and local risks: external - by the lingering euro-debt crisis, and local - by the rumor of an imminent 13th general election. Taking a plunge by as much as 4.6%, the KLCI pummeled by 75 points to as low as 1,532 points on 18th May, 2012. However, in September, sentiment improved following better 2nd quarter GDP number for Malaysia and stronger July employment data in the US. With the improved sentiment, the KLCI rebounded and offset these earlier losses. On 4th September, the KLCI advanced to a high of 1,654 while FBM Hijrah advanced to 12,409.6.

Selling pressure re-emerged despite (i) US implementing the open-ended quantitative easing, (ii) European Central Bank (ECB) launching bond buying programme for troubled Eurozone, and (iii) Japan adding ¥11 trillion to its asset purchasing programme. These quantitative easing measures, whose short term targets were intended to spur further liquidity in the markets, failed to assure investors that the quantitative easing were able to translate into better economic outlook. The situation was exacerbated by lower-than-expected economic growth in India and China. Locally, speculation on the 13th GE resurfaced. Subsequently, the KLCI was seen retracing to 1,612 on 24th September 2012. Continued local buying, a result of ample liquidity, coupled with interests from foreign investors, who were taking advantage of the appreciation of the Ringgit, helped the KLCI advanced to an all-time high on 1st November 2012 of 1,675.

However, the KLCI suffered a sharp reversal of 77 points, reaching a low of 1,598 on 27th November 2012, triggered by these news flow : (1) the threat of the looming fiscal cliff in the US on the rest of the global economy, (2) Greece struggling to find a good solution to bridge its funding gap, (3) speculation arose again locally that the ruling party, Barisan Nasional, was going to announce the dissolution of Parliament after the UMNO general assembly, and (4) CPO prices dropping due to increase in inventory. As we entered the month of December, these news lost traction, as the KLCI rebounded, ending 31st December 2012 at 1689, advancing 85 points (or 5.3%) from 1604 on 2nd April 2012. The momentum continued into January 2013, with the benchmark hitting a 12-month high of 1,694 on 7th January 2013.

Negative sentiment set in thereafter, triggered by the World Bank cutting global GDP forecast, coupled with the unexpected contraction of 4th Quarter GDP forecast in the US, worsened by the news of the increasing pessimistic expectations of the contagion effect of Cyprus sovereign debt default and Italian election impasse in the Eurozone, and by the resurfacing, locally, of speculations of the 13th General Election. The KLCI and FBM Hijrah Shariah closed at 1,671.63 and 12,361.9 respectively at the end of March 2013. For the period under review (1st April 2012 – 31st March 2013), the KLCI and FBM Hijrah Shariah gave a modest performance of 4.2% and 6.8% respectively.

(By AmLife Insurance Berhad)

AmAssurance Bond Fund Market Review

The ringgit sovereign bond market rallied with the 10-year and 20-year Malaysian Government Securities (MGS) yields declining 21 basis points (bps) and 24 bps respectively to close the year at 3.48% and 3.83% amidst receding inflationary pressure. Core inflation slowed to 1.0% in November from 1.1% in October, allaying worries about demand price pressures. During January to November 2012 headline inflation remained low at 1.7% versus 3.2% a year ago. Export growth from January to November 2012 averaged 1.6% compared to an average of 9.3% over the corresponding period in 2011.

Bank Negara Malaysia’s (BNM) Monetary Policy Committee, which met in its six scheduled monetary policy committee (MPC) meetings during the year, had on all occasions kept the benchmark Overnight Policy Rate (OPR) unchanged at 3.00% as expected. Despite the interest rate cuts announced by most regional central banks in boosting their respective economies, BNM’s decision to maintain the benchmark rate is understandable in our view as domestic demand remained firm over the same period. The last MPC meeting in November 2012 was the ninth consecutive time that the OPR had been left untouched since July 2011. Policymakers view the current rate as ‘accommodative’ as they expect domestic demand to remain intact as both consumer spending and investments continue to expand but the external environment still presenting a challenge to Malaysia’s export sector. In fact, domestic demand has had a crucial role in keeping the country’s GDP above 5.0% in the first three quarters of 2012. Moreover, Malaysia also needs to address the growing imbalances in household balance sheets where the country’s household debt-to-GDP ratio climbed to 76.6% as at December 2011, which is among the highest in the region.

MARKET REVIEW


In Budget 2013, the government has extend cash handouts totaling MYR3.0 billion under the Bantuan Rakyat 1 Malaysia 2.0 (BR1M 2.0) scheme to benefit 4.3 million households and 2.7 million single unmarried individuals. During the tabling of Budget 2013, the government committed to reducing the country’s budget deficit-to-GDP ratio to 4.0% in 2013. The government has also pledged to keep the debt-to-GDP ratio below a “self-imposed” ceiling of 55% and we think the target is achievable as it can opt for off balance-sheet funding via the Government-Guaranteed (GG) bond market. While we are seeing a rise in debt guaranteed by the government, the risk of such practice is partly off-set by extremely deep liquidity in the domestic bond market seen at present. Overall, we do not expect any negatives as far as Malaysia’s sovereign credit rating is concerned.

MGS recorded net buying interest during most of 2012, aided by flight to security flows amidst the risk to growth and low inflation. Foreign interest into the segment particularly aided the gains, as foreign moneys sought out higher returns, especially as global liquidity increased as the FED and other central banks conducted their quantitative easing. However, there was a couple of periods of net selling along the segment, such as during the first and third quarter of 2012 when players took profits, disappointed after earlier expectations that Bank Negara was ready to cut the OPR to below the 3.00% level.

Apart from the increasing size of investible funds among local investors, an influx of foreign funds has also helped to push MGS yields lower. Foreign holdings of MGS climbed to MYR129.7 billion as at December 2012, equivalent to about 44% of the outstanding amount, which is the highest level thus far. Liquidity injections by major central banks in developed countries have triggered capital flows into this region, which is also reflected by the appreciation of the local currency. The ringgit gained 3.5% against the USD to close the year at 3.0580 per USD.

Foreign holdings of MGS rose to a record high of MYR129.7 billion in December 2012, or about 44% of the outstanding amount. At this juncture, foreign funds appear to be the biggest holders of MGS, holding amounts even higher than the Employees Provident Fund (EPF). Against the backdrop of QE3 and other central bank asset purchase plan, the MGS market will continue to be favored by foreign investors. In addition, positive interest rate differentials between Malaysia and developed countries as well as a stable sovereign credit rating will likely keep luring foreign funds into the MGS market.


AmAssurance AmOasis Islamic Equity Fund Market Review (Target Fund: AmOasis Global Islamic Equity Fund)

The global economy experienced a significant shift over the past decade with the developing world coming to the fore. The substantial improvement in these economies fiscal and financial positions during this period has led to currency appreciation relative to the developed markets. In addition, the robust demand and subsequent boom has led to a substantial rise in costs, particularly labour. This has resulted in a decline in competitiveness relative to the major developed markets. Cognizant of the rise in urbanization and their huge populations, the developing economies are looking to encourage consumer expenditure for their next phase of growth. Therefore, while developing economies are anticipated to remain the major drivers of global economic growth, the sources of growth within these economies are expected to change over the next 10-20 years. The developed world faces a tough environment but should deliver low but positive growth over the next few years. North America in particular is undergoing resurgence in their manufacturing and resources sectors which should support global economic growth over the medium term. US fiscal deficit and government debt levels are however high and uncertainty around the debt ceiling may suppress investment in the near future. Political risk in the Euro-area remains elevated while future fiscal consolidation efforts will need to be managed very carefully on the continent. In the short term, the global economy remains tough but some positive momentum in the US and China in recent months points to an improvement in economic growth in the year ahead.

Global equity markets have been relatively buoyant in 2012 despite the economic challenges faced by the developed world. Investor optimism through 2012 has largely been driven by central banks’ commitment to maintaining historically low interest rates and providing ample liquidity for the capital markets. In our view, while stimulatory measures have provided impetus to equity market performance, structural issues around sovereign debt in the developed world remain unresolved. Austerity in Europe and fiscal pressures in the US could still potentially lead to a drag on economic growth going forward as these economies unwind their past excesses. However, while macro uncertainties persist, global markets are generally trading at a discount to their long-term average valuations allowing for some investor comfort. Furthermore, our relative optimism for global equities stems from the fact that while governments globally are struggling to manage their finances, high quality large-cap companies, which have distinct competitive advantages, have continued to churn out strong cash flows and further strengthened their balance sheets.

(By AmInvestment Services Berhad)

MARKET REVIEW


AmAssurance Global Emerging Market Fund Market Review (Target Fund: AmGlobal Emerging Market Opportunities Fund)

Global equity markets posted strongly positive returns over the year ending March 2013. Growth in the US has shown gradual signs of improvement and the avoidance of the ‘fiscal cliff’ at the beginning of 2013 was positive for market sentiment. Elsewhere, the Japanese market has benefited more recently from the appointment of a new governor at the Bank of Japan with a mandate to beat deflation, and an improved competitive position given the sharp depreciation of the yen. The major central banks maintained loose monetary policy over the period with both the Federal Reserve Bank and the European Central Bank announcing quantitative easing measures in September 2012 and reaffirming their commitment to accommodative monetary policy more recently. In China, data releases showed signs of stabilisation at lower levels of economic growth. However, concerns about the increased importance of ‘shadow banking’ finance and moves by the authorities to curb real estate price growth weighed on the market. Overall, emerging market equities generated a small positive return over the period, underperforming the developed world.

At the start of the period our core markets were China, Egypt, South Korea, Thailand and Russia. Turkey was added to our core list at the beginning of September 2012 and China was removed in early October 2012. The portfolio was somewhat cautiously positioned from the beginning of the period to November 2012, primarily owing to the existence of significant tail risks stemming from the developed world. Thus the portfolio had an allocation to cash of around 15-20%. In early November we reduced our cash position but allocated a 5% investment to Mexican bonds which offered a relatively attractive yield in a country with minimal inflation concerns and a well-valued currency. However, in light of the reduction of tail risks seen towards the end of 2012, we moved the fund to a broadly neutral stance against the market by reducing our cash position and selling our Mexican bond exposure to fund equity purchases, leaving the fund fully invested. We remained generally focused on higher quality companies; for example companies with robust balance sheets, high ROE and strong free cash flow.

Higher beta market Turkey posted strong positive returns. The economy managed a soft landing for growth in 2012 at 2.75% for the full year and government and consensus expectations are for a re-acceleration of growth to 4% in 2013. The current account deficit moderated to 5.9% at the end of 2012, below the government’s target of 7.3%. Sentiment was further supported by abundant global liquidity and two upgrades to the country’s sovereign debt rating; one from Fitch Ratings in November 2012 to investment grade and one from Standard & Poor’s in March 2013 from BB to BB+.

Thailand also generated robust returns over the period as the economy continued to show signs of rebounding following 2011’s flooding; GDP expanded by an annual rate of 18.9% during Q4 2012. In a further boost to sentiment, the central bank raised its growth forecast for 2013 to 4.9% in January 2013 (and again to 5.1% in April) and Fitch Ratings upgraded the country’s sovereign debt rating to BBB+ in March 2013. Domestic consumption was resilient throughout the period and consumer confidence was high. Inflation was benign, enabling the central bank to cut interest rates by 25bps to 2.75% in October.

China produced positive returns over the year ending March 2013 as macroeconomic data releases suggested a stabilisation in economic growth; albeit at a lower level than previously seen (2012’s annual figure of 7.8% was the slowest reading since 1999). In light of the benign inflationary environment, the central bank has been able to cut the reserve requirement ratio and the interest rate twice since June 2012, together with accelerating new project approvals. Sentiment was also supported over the period by an easing of political uncertainty as Xi Jinping was announced as China’s new leader as widely expected. However, the equity market has recently been negatively affected by concerns about the increased importance of ‘shadow banking’ finance and moves by the authorities to curb real estate price growth.

The Korean market posted a small positive return over the period. Sentiment was supported by a number of stimulus measures designed to boost flagging economic growth (which was 2% for full-year 2012). These included a US$ 5.2 billion stimulus package and plans by President Park Geun Hye to spend more than 60% of 2013’s budget in the first half of the year. The central bank has also reduced interest rates from 3.25% to 2.75% over the period. However, yen weakness has contributed to softness in the export sector (Japan is one of Korea’s main export competitors, particularly for auto makers). Furthermore, increased tensions on the Korean peninsula with North Korea having declared a ‘state of war’ on South Korea have weighed on sentiment more recently.

The Egyptian equity market performed poorly over the period. At the end of June, the Muslim Brotherhood’s candidate, Mohammad Mursi, was sworn in as the first democratically-elected civilian president of Egypt. However, market confidence has suffered on widespread political unrest, particularly following moves by Mursi to increase his presidential powers in November, which triggered much public anger and prompted a steep fall in the equity market. Renewed political uncertainty following the opposition party’s threat to boycott parliamentary elections in recent months and continued

MARKET REVIEW


delays to a conclusion of an IMF loan agreement have also weighed on sentiment. On the economic front, foreign reserve levels have deteriorated, inflation has been accelerating and the Egyptian pound has depreciated significantly. The country also suffered as all three major ratings agencies downgraded Egypt’s sovereign credit rating.

The equity market in Russia sold off, reflecting the general weakness in energy prices over the period. Economic growth slowed to its weakest pace since 2009 at 3.4% for full-year 2012 and inflation was elevated for most of the period, owing primarily to utility price hikes that took place in July. The central bank has tightened monetary policy through a combination of higher policy rates and a narrower interest rate corridor. On the positive side, domestic consumption is strong and has been supported by positive labour market-related data including low unemployment and strong real wage growth. Furthermore, the government is legislating and implementing a micro-level reform programme in a bid to improve investment.


AmAssurance Global Agribusiness Fund Market Review (Target Fund: AmGlobal Agribusiness Fund)

After a lackluster performance at the beginning of 2012 the market gradually realized the extent of the US drought (worst drought in 50 years) and consequently upstream assets rallied. The fund has been positioned for this and upstream companies like CF Industries or Monsanto are among the main contributors. Also supply chain manager like Viterra, Graincorp and Bunge did very well as the market began to appreciate the replacement value of their assets. Among the main detractors were supermarkets like Supervalu and Tesco in the downstream segment. The fund only fell behind the global index in Q1 2013 as strong returns in the packaged foods and life sciences tools and services sectors were offset by weakness in the fertilizer manufacturing sector. Among the main detractors in Q1 were upstream fertilizer and agricultural products manufacturers. Specifically, nitrogen fertilizer producers detracted as global urea prices weakened over the month as inventories were built in key markets in preparation of spring planting.

More broadly speaking, the past year has again demonstrated that yields and prices for food are inextricably linked to climate and its adversity. Stocks for corn and soybeans were revised downwards due to poor climatic conditions in the US, Russia, and parts of Europe. Official forecasts from different countries now expect record plantings and improved growing conditions, which are supposedly accompanied by global demand destruction.

A wave of agribusiness mergers was initiated in 2012, with corporate actions occurring within the supply chain management theatre (Viterra, Graincorp, Petra) and the seed industry (Syngenta, DuPont, Dow, Vilmorin, KWS). With rates still at historic low levels around the world, scalability within several agribusiness subcategories, strong companies’ balance sheets and an always present managerial desire to increase corporate footprints globally.

The valuation gap between upstream and downstream companies widened. A significant part of last year’s consumer staple sector performance had its roots in earnings multiple expansions rather than realized earnings growth.


AmAssurance Precious Metals Fund Market Review (Target Fund: AmPrecious Metals Fund)

For the period under review (April 1st 2012 – March 31st 2013) the fund lost 22.69%, while gold and silver prices were down by 4.17% and 11.81%, respectively.

Prices showed volatility throughout the year: The more cautious tone from the Federal Reserve (FED) led to a strongly falling price and sideways trading until August. With the expectation of another monetary stimulus and the eventual announcement in September, gold prices recovered well in the 3rd quarter (but did not manage to climb above 2011 highs - they reached a 2012 high of $1796/oz in October), followed by a decline during the last quarter of the year. Weakness in gold prices during Q1 2013, following a stronger than anticipated global recovery, led to weak investor demand for bullion and drove down gold shares with it.

MARKET REVIEW


The second quarter of 2012 clearly saw investors continuing to show their lack of interest for a sector that had failed to benefit from the strong gold price environment. Concerns around operating and capital cost increases heading into Q1 results as well as political risks were overshadowed, following Mali’s coup in March. Argentina seized the energy assets of YPF in April, and Kirgizstan opposed Centerra’s main gold mine. Mining names with significant exposure to these countries were aggressively sold off. In May, the outcome of the French elections, lack of clarity from the Greek elections, and broader concerns in Europe drove currency flows into the USD, finishing +5.5% as measured by the USD Index (DXY).

After the market had been bombarded with negative news over the 1st half of 2012, the gold price was somewhat sluggish during the month of July, but reacted well to Mario Draghi comments to do anything to save the euro, and finished the month above the $1600 / oz level. Bullion’s strength in the latter part of July was also due to South Korea’s central bank making its first gold purchase in over a decade. The country announced that it had bought 25 tonnes of gold due to its burgeoning foreign exchange holding.

The most significant development clearly came from the FED in September and, again, in December 2012, when the central bank announced an overall 85 billion USD per month of unsterilized and open-end stimulus to help bringing the unemployment rate under 6.5%, as long as the inflation would remain below 2.5%. This program substitutes “Operation Twist” (selling short term bonds, buying long term bonds) and can be compared to the size of the first QE that was initiated in the middle of the financial crisis in 2008/2009. The FED’s QEs continues to be an important driver for gold prices, as this policy tool influences simultaneously real interest rates, commodity prices, and the USD.

GFMS estimated mine production in 2012 was 2,842 tonnes of gold (+0.2% vs. 2011). After a strong growth in mine production over the previous three years supply was flat due to lower production in most countries with only China, Russia and Finland registering notably higher gold output. Several mines in 2012 experienced delays vs. planned and unforeseen interruptions which occurred at some key operations including Grasberg and Kumtor and at several sites across South Africa due to strike activities and uprisings. Scrap supply is estimated to have declined yoy by 1.6% to 1,642 tonnes. Estimated jewellery fabrication demand in 2012 declined by 87 tonnes (-4.4%) to 1,885 tonnes, driven by price-led losses in India (which accounted for 85% of the decline). Indian jewellery demand fell 11% to 590 tonnes in 2012. Bar investment contributed 961 tonnes to overall demand in 2012, down 20% yoy, or 236 tonnes less than in 2011. Central bank buying in 2012 remained very strong, increasing by 17% to 536 tonnes on the back of a staggering 458% increase in 2011. Net investment rocketed upward 242% after slumping 92% in 2012. Total 2012 GFMS estimated demand was 4,484 tonnes (-0.7% yoy).

The market for precious metals continued to paint a very negative performance over the course of the first quarter of 2013. The main reason was found in the strength of the US economy which recovered from last year’s loosening momentum. It also had led to a shift towards higher risk appetite, as more people sold their zero-yielding bullion (Global ETFs declined by almost 7% year to date).

Further, the overall sentiment towards the debt crisis in the western world has improved, while no significant structural improvements are in sight, whether in Europe or in the US. In addition, the continuous public debate about a potential end of quantitative easing in the US has clearly been negative, although seems unfounded in 2013, in our view.


MARKET REVIEW


AmAssurance AmCurrency Income CGF Performance and Market Review

The current investment strategy “the Dynamic Strategy” for the AmAssurance AmCurrency Income I Capital Guaranteed Fund “the Fund” is recording zero returns. This is due to the extreme volatility witnessed in the FX markets and the direct interventions by central banks which are not modeled by the Funds’ strategy.

The AmCurrency Income Index is currently having a negative performance since inception due to certain financial events in 2011. Among the key events that had affected the performance of the index are:

US Credit Rating Downgrade - S&P downgraded US credit rating from AAA to AA+ in the beginning of the month resulting in increased risk aversion and volatility in the market.

European sovereign debt concerns – Though more announcements and bail outs for Greece have been announced, Italy became the focus of investors who are concerned about the feasibility of a monetary union without a fiscal union.

Global Slowdown - Concerns around global slowdown of recovery and potential double dip recession increased as the month saw a series of soft data points including Philadelphia FED Index, NFP and Eurozone GDP numbers

Interventions by SNB and BoJ – BoJ came in with what was one of the biggest interventions by a central bank on its own to arrest strengthening of JPY while SNB exhausted its money market measures before eventually announcing a target floor of 1.20 for EURCHF

Impact on V10 - Increased volatility and uncertainty in the market caused the strategy to change position 5 times since the beginning of August-11. In this period the strategy returned -8.89%.

Source: UBS Investment Bank

(By AmInvestment Management Berhad)

MARKET REVIEW

AmCurrency Income I Index Performance

Perf

orm

ance

(%)

Month

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

Aug

-10

Oct

-10

Dec

-10

Feb-

11

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Dec

-12

Mar

-13

(Source: Bloomberg)


AmAssurance AmCurrency Income II CGF Performance and Market Review

The current investment strategy “the Dynamic Strategy” for the AmCurrency Income II Capital Guaranteed Fund “the Fund” is recording zero returns. This is due to the extreme volatility witnessed in the FX markets and the direct interventions by central banks which are not modeled by the Funds’ strategy.

The AmCurrency Income II Index is currently having a negative performance since inception due to certain financial events in 2011. Among the key events that had affected the performance of the index are:

US Credit Rating Downgrade - S&P downgraded US credit rating from AAA to AA+ in the beginning of the month resulting in increased risk aversion and volatility in the market.

European sovereign debt concerns – Though more announcements and bail outs for Greece have been announced, Italy became the focus of investors who are concerned about the feasibility of a monetary union without a fiscal union.

Global Slowdown - Concerns around global slowdown of recovery and potential double dip recession increased as the month saw a series of soft data points including Philadelphia FED Index, NFP and Eurozone GDP numbers

Interventions by SNB and BoJ – BoJ came in with what was one of the biggest intervention by a central bank on its own to arrest strengthening of JPY while SNB exhausted its money market measures before eventually announcing a target floor of 1.20 for EURCHF

Impact on V10 - Increased volatility and uncertainty in the market caused the strategy to change position 5 times since the beginning of August. In this period the strategy returned -8.89%.

Source: UBS Investment Bank


MARKET REVIEW

AmCurrency Income II Index Performance

Perf

orm

ance

(%)

Month

7.00

8.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Dec

-12

Mar

-13

(Source: Bloomberg)


AmAssurance AmCommodity Stable CGF Performance and Market Review

The Dow Jones-UBS Commodity Excess Return (DJUBS) Index gained 0.67% in March to 137.4762 (Month-on-Month). However, the Year-on-Year performance has dipped by 3.05% while the MLCX Enhanced Benchmark A01 Excess Return (MLCXA01E) Index has gained 0.69% in March to 269.8598 MoM but the YoY performance has also dipped by 3.68%. The MLCX AmBank Commodity Alpha Index rose 0.03% to 175.3247 in March 2013 (MoM) while the YoY performance has dipped 0.68%.

MARKET REVIEW


(Source: Bloomberg)

Performance Since Inception

Date MLCXAMB MLCXA01E DJUBS

Commencement - - -31-Jan-11 0.87% 13.98% 13.02%

31-Mar-11 1.67% 18.77% 16.85%31-Mar-12 3.82% 1.58% -2.21%31-Jul-12 2.10% 1.63% -0.65%

31-Dec-12 2.96% -1.13% -4.16%28-Feb-13 3.11% -2.77% -5.89%29-Mar-13 3.14% -2.10% -5.26%

Performance of MLCXAMB Since Inception

Perf

orm

ance

(%)

Month

104.0

103.0

102.0

101.0

100.0

99.0

Oct

-10

Jul-1

1

Dec

-11

May

-12

Oct

-12

Mar

-13

Nov

-10

Mar

-11

Jun-

11

Nov

-11

Apr

-12

Sep-

12

Feb-

13

Feb-

11

May

-11

Oct

-11

Mar

-12

Aug

-12

Jan-

13

Jan-

11

Apr

-11

Sep-

11

Feb-

12

Jul-1

2

Dec

-12

Dec

-10

Aug

-11

Jan-

12

Jun-

12

Nov

-12

INVESTMENT OUTLOOK


AmAssurance Equity Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh Fund, AmAssurance Dividend Fund Market Outlook

Now that the Parliament has been dissolved, the fear factor may have already been priced in the market. This said, perhaps the extent to which market retrace post the dissolution may not be as deep as it did back in the last dissolution of Parliament in 2008. Regardless, we expect that the market could still, going into June 2013, be choppy, pending more clarity and visibility on the outcome of the GE13, although the level of volatility may be tapering off beginning 2H13 on the counts of (i) Malaysian economy is still robust and resilient, (ii) KLCI’s cheaper valuation relative to other regional markets and (iii) relatively lower foreign ownership.

As far as market outlook for 1H2013 goes, we see that any sell-down poses an opportunity to accumulate fundamentally strong stocks, as any retracement from current level will make valuations of local stocks more compelling relative to those of its regional peers. Notwithstanding the expected volatility stemming from the political risk at home, we believe that the local market will be revived of activities and positive momentum not too long after GE13. But this is on the proviso that BN is still in control – regardless of winning margin. On the other hand, if the opposition wins, the market may stay lull a little longer post GE13, pending the review of policy continuity under the new regime. This may not augur well for sector specific such as construction (for stocks earlier benefited from ETP) and oil & gas (for stocks earlier benefited from RAPID).

Come 2H2013, we expect better clarity in terms of political regime and party policy, as well as clearer earnings visibility from global and local economies. Economic conditions are expected to improve by this time, and investors would soon refocus more on the fundamentals than risk, in anticipating a more positive outlook. On the back of global economic recovery, of resilient economic growth locally driven by steady and strong domestic demand and of the supposition that liquidity will remain ample and that monetary policy remain manageable, we expect the KLCI to test 2013 year-end target of 1,800.


AmAssurance Bond Fund Market Outlook

Despite our view that inflation would trend higher and while domestic demand is expected to be resilient in 2013, we do not foresee BNM altering the OPR in 2013 because external headwinds still pose some downside risk to the economy. In addition, the US FED’s decision to extend the low interest rate environment in the US would also mean that there is no immediate pressure for BNM to raise the benchmark rate.

On the other hand, there is also no compelling reason for BNM to lower the OPR at this juncture as domestic demand remains resilient thus far. In addition, the central bank has made it clear that its main concern right now is the high level of household debt, and lowering the OPR at this juncture would jeopardize its efforts to contain financial imbalances among households. Should there be any move by the central bank in 2013, the greater likelihood is for a maximum rate hike of 25 bps in 2H 2012 rather than a rate cut assuming gradual improvement is seen in US and China.

Our central case for the ringgit bond yields at this juncture is for status quo ante as we do not expect the central bank to ease monetary policy further. This is based on the assumption that there will be a gradual improvement in the US and China economies. As such, we expect 10-year MGS yields to trade in the range of 3.40% - 3.60% and 3-year yields to trade in the range of 3.00%-3.30%. The 3-year yield is not expected to fall below 3.00% as there are no compelling reasons for investors to look for any rate cut from BNM at this juncture.

Corporate bond maturity in 2013 is estimated to be approximately MYR32.5 billion and given our gross issuance level of MYR75-90 billion, net issuance will be in the range of MYR43-58 billion. That kind of issuance size can be comfortably absorbed by domestic funds alone. The Employees Provident Fund and Kumpulan Wang Persaraan combined recorded a Compound Annual Growth Rate (CAGR) in total investible fund size of 7.4% from 2007 to 2011. Meanwhile, Takaful and insurance funds recorded a CAGR of 20.3% and 9.4% respectively over the same period. The conclusion from this analysis is that corporate bond yield compression will likely persist for the first half of 2013 due to strong demand from local and foreign flow.

Going into the second half of 2013, there will be an upside bias in bond yields as we expect inflationary pressure to creep in due to the factors already mentioned. The case for higher bond yields will become stronger should the federal government continue to proceed with its subsidy rationalization effort right after the General Election. Although we think that inflation will be capped around 2.5%, we are also of the view that bond investors will be more sensitive to inflation premiums.


INVESTMENT OUTLOOK


AmAssurance AmOasis Islamic Equity Fund Market Outlook (Target Fund: AmOasis Global Islamic Equity Fund)

Global equity markets have continued to move higher during 2013, despite most of the developed world still struggling with elevated debt levels and unsustainable level of government deficits. In our view, unless sustainable policies are put into place to resolve these structural issues, global equity markets are likely to remain volatile. However, while governments around the world need to repair their balance sheets, high quality companies have continued to churn out strong cash flows and strengthen their balance sheets, leaving them in one of the strongest positions relative to history. At the same time, global equity valuations are still marginally below their long-term averages while artificially low bond yields continue to lend support to equity valuations. In an environment where we do expect equities to outperform over the long-term albeit witnessing volatility in the short to medium term, we have maintained our investment philosophy of investing in high quality companies which have strong competitive advantages, and the ability to leverage off those advantages to deliver a higher level of sustainable Return on Equity (ROE) through the economic cycle. The relatively high free cash flow yield of the companies within our portfolios ensures that these companies have the ability to consistently invest in their businesses without being dependent on bank funding, which in our view gives them a long-term sustainable competitive advantage in the form of lower cost of capital.


AmAssurance Global Emerging Market Fund Market Outlook (Target Fund: AmGlobal Emerging Market Opportunities Fund)

The structural and fundamental case for Global Emerging Markets (GEMs) remains intact and at a 10.6 times prospective price-to-earnings-ratio (PER) with forecast earnings growth of around 14%, the MSCI Emerging Markets Index is cheaper than the MSCI World Index and enjoys superior growth. Muted inflationary pressure is allowing many GEMs policymakers to refocus on supporting growth which should also be positive for earnings. However, a strong US dollar (due to improving US growth prospects) can lead to capital outflows from GEMs. Furthermore if this eventually results in FED tightening, many emerging economies will, to a degree, import this policy via managed currency regimes. While a weak period of growth in the US may reverse this trend over the short-term, US dollar strength may weigh on GEMs relative performance for some time. The impact of recently-announced Japanese expansionary policy on GEMs is uncertain; in the near-term a weaker Yen may selectively weigh on Asian exporters, but should the authorities be successful in reflating the economy, low yields may push Japanese investors into GEMs. Overall, we remain cautiously optimistic about the near-to medium-term prospects for GEMs, which should be supported by improving growth and abundant global liquidity. Periodic setbacks, however, are likely as the developed world continues to tackle the debt overhang and as a consequence anaemic growth.

With this in mind we continue to position the portfolio with a broadly neutral stance; we are fully invested but are generally focused on higher quality companies; for example companies with robust balance sheets, high ROE and strong free cash flow.


AmAssurance Global Agribusiness Fund Market Outlook (Target Fund: AmGlobal Agribusiness Fund)

Relevant subjects impacting the agribusiness theme going forward are summarized below:

1. A wave of agribusiness mergers was initiated in 2012, with rates still at historic low levels around the world, scalability within several agribusiness subcategories, strong companies’ balance sheets and an always present managerial desire to increase corporate footprints globally, the fund manager expects a continuing appetite for mergers and acquisitions.

2. Considering the ever-increasing regulatory hurdles to comply with food safety, labeling and new product registrations, and the fund manager expects this valuation gap to narrow during 2013, as we are already experiencing strong demand for seeds, chemicals, nutrients and capital equipment. Ordinary dividend increases, special dividends and increased share buybacks should be expected within the downstream segment rather than upstream.

INVESTMENT OUTLOOK


3. Physical crop inventories in parts of the world already appear to us to be more depleted than officials will acknowledge. The fund manager expects more tailwinds for crop prices in the first part of 2013 due to tighter stock-to-usage ratios, steady demand or increases in food and protein demand, biofuels or trade. One instant consequence should be an affirmation of the global farmers’ balance sheets, a strong fundamental argument for the agribusiness theme. Soy and corn planting and production could be impacted by the ongoing drought situation in most parts of the US farm belt. Low to non-existing soil moisture levels almost assure suboptimal growing conditions and related harvested yields. The impact could be felt in August and September, keeping in mind that the world is relying on a top crop from LatAm and the US to bring back inventory levels to more than one month globally.

4. Input costs for many farmers and food processors are lower than previous years. Low gas prices, stable fertilizer costs plus falling transportation costs could help to increase margins. Cost focus should be on labor where some regions may experience steep increases.

5. Adverse global weather conditions support the scarcity argument for Agri infrastructure such as ports, railroads and storage. Since predictability of regional impact is low, a diversified approach helps to mitigate risks. Trade volume, however, should increase.


AmAssurance Precious Metals Fund Market Outlook (Target Fund: AmPrecious Metals Fund)

GoldReduced portfolio allocations from market participants with a shorter-term investment horizon have been driven by a confluence of factors. Most notably, US nominal rates, which represent opportunity costs to hold a non-yielding asset like gold, have risen, despite continued quantitative easing by the FED. This highlights that the business cycle is putting gold in an uncomfortable position. With the global GDP growth in recovery phase, the current environment is normally not bullish for a non-cyclical asset like gold. At the same time, sizeable output gaps in many nations have prevented a meaningful pick-up of inflation and inflation expectations in the current recovery phase. Until pro-cyclical buyers (ETFs) come back to the market, our opinion is for volatile prices in the near term, as contra-cyclical jewellery, bar and coin buyers are supportive of the price, but will not catapult the market higher by themselves.

We acknowledge that headwinds to gold may persist in the near-term. However, foreign exchange reserve diversification from emerging market central banks on the back of currency interventions to offset a weaker Yen could bring about increased gold buying later this year. We believe that Gold will continue to be valued as a currency, and an increasing part of foreign exchange reserves. The dramatic correction in Gold will likely attract new investors i.e. those central banks that believe they missed the previous rise in Gold and want to buy because their long term view around increased systemic risk to their liabilities (paper currency) remains well intact.

Recently, Japan also has become the focus, as the deflation ridden country has opted for unusual measures to end the spiral that it has been in. With the new government ousting the old president of the BOJ, the plan is to aggressively increase the money supply over the next few years to put Japan back onto the growth path. Problems won’t likely get resolved, as underlying issues are more related to an overburden of the economy with debt, and a population which is on the cusp of shrinking, while at the same time getting older. As less people join the work force, the government will find it more and more difficult to pay the bills for the elderly, as taxes won’t cover theses costs. The only way for the current government appears to be the printing press - as a reminder, the country already experiences the highest debt to GDP ratio in the world (over 2) which makes the announced tools an extremely dangerous endeavor. This example shows that, further out, the long term debt cycle is still not fixed (be it in Europe, in the US or in Japan) and real rates continue to be negative, igniting investors to lose some of their concern about the gold market.

Our team’s year end target has come down as a result of the recent weakness of the market. We now expect gold prices to reach 1725USD/oz. The long term price target remains at 2500USD/oz. Other than the dramatic sell-off, near term catalysts for Gold will include: economic statistics on global growth and GDP (which we believe will be weak); continued announcements about debt refinancing and or restructuring; further QE activity; declining yields and pressures on fiat currency. While we do acknowledge that the current environment for Gold and precious metals is somewhat frail, we believe the metal is attractive.

INVESTMENT OUTLOOK


Gold EquitiesThe first quarter was not a good start into the year for gold mining companies, as prices have fallen also for the important by-products like copper or silver and zinc. Further, an increase in cash costs of more than 10% is likely, while output remains relatively stagnant. As a result, year-over-year earnings will be under severe pressure in 2013. Coupled with redemptions, pressure on stocks may remain as long as management teams are unable to keep costs in check. We expect gold producers to be much more conservative going forward with their capital deployment. Consequently, we think gold production will decline as a result.

Working with the World Gold Council, some gold producers have begun adopting an “all-in sustaining cash cost” measure that the industry believes more fully defines the total costs associated with producing gold. All-in sustaining cash costs include by-product cash costs, sustaining capital, general & administrative expenses and exploration expense. This new measure seeks to reflect the full cost of gold production from current operations. This methodology has already been adopted by Goldcorp and Yamana and helps investors to better understand costs and the cash flow generation abilities of companies, setting expectations more realistically than in the past.


AmAssurance AmCommodity Stable CGF Market Outlook

Copper futures slumped to the lowest in almost eight months after an industry report on manufacturing signaled demand may ease in China, the world’s biggest user of industrial metals. Corn plunged the most since May, sparking a slump in soybeans and wheat, after the government said U.S. inventories were bigger than analysts forecast and that farmers will plant the most since 1936. Sugar futures fell to a five-week low on signs that cane farmers in Brazil, the world’s largest producer, will harvest a bumper crop and add to a global surplus. Cotton planting in India, the world’s largest grower after China, may drop for a second year after the weakest monsoon rains in three years deepened a water shortage in the main growing regions which caused cotton prices to rally. Near-record natural gas demand from U.S. electricity generators is driving prices back up toward $4 for the first time since September 2011 even as output climbs to an all-time high for the sixth straight year.

West Texas Intermediate rose to the highest level in almost six weeks as the U.S. economy grew at a faster pace than previously estimated in the fourth quarter narrowing its discount versus Brent to the lowest level since July, on signs that Cyprus is moving closer to a deal to stave off financial collapse and as the U.S. economy improved.

(Source: Bloomberg)


INVESTMENT OUTLOOK

INVESTMENT STRATEGY


AmAssurance Equity Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh Fund, AmAssurance Dividend Fund Investment Strategy

It is likely that we stay neutral from the period between parliament dissolution and polling date, now that the political risks are slowly dissipating. Retracements prior to, and after, the polling date may not be as deep as expected. Reasons for this assumption, besides resilient local economic growth and strong domestic demand, are relatively cheaper valuations against regional peers and relatively lower foreign ownership in the Malaysian market.

Having said the above, we look to nibble and slowly increase our exposure from current level if market retraces to 1,650 -1,620 range in the short term. We also look to accumulate more aggressively on selective stocks from overweight sectors such as oil & gas, banks and selective utilities and telco. Closer to 2H2013, we will likely shift away from concentrating in defensive stocks to building higher beta portfolio. Towards mid 2H2013, barring any major negative surprise, we envisage to be overweight in the market, with the expectation of the benchmark KLCI reaching our 2013 target of 1,800.


AmAssurance Bond Fund Investment Strategy

We see a cautious and bumpy global growth amidst the ongoing struggling recoveries in the advanced economies. However, we think global growth prospects will be more pronounced in the second half of the year, pressuring an upward pressure on the policy rate. We expect Bank Negara to stand pat on interest rates until 1H2013 but will mull a hike in the OPR in 2H2013, possibly one hike to end the year at 3.25%.There are a few factors we expect to see for 2013 such as MGS yield curve shifting upward, pressure for capital flow reversal and credit spreads to widen. In particular the record‐high foreign shareholdings of domestic bonds have stoked concerns about the impact of sudden capital flow reversals not only in the bond market but from other asset classes as well.

Ahead of the 2H2013, when we think OPR rate hikes come into the picture, we may see bond players ‘ladder up’, which enables players to reinvest their assets periodically over time in longer dated and higher yielding securities, reducing the effect of interest rate increases.

Our view is to maintain a corporate portfolio with a neutral duration of between 3 to 7 years to provide income above the average deposit rates. The reason is MGS yields is peaking towards all time – low, there is not much upside if BNM does not reduce OPR. We think the global liquidity influx into Malaysia will suppress local yields for the time being; however we do not see MYR/USD breaking RM3 in 2013, due to the high deficit figure against GDP.


AmAssurance AmOasis Islamic Equity Fund Investment Strategy (Target Fund: AmOasis Global Islamic Equity Fund)

Given a relatively volatile and uncertain macro environment, we remain firm in our investment philosophy of focusing on companies which have sustainable competitive advantages, healthy balance sheets, and the ability to generate strong cash flows and deliver a higher level of sustainable Return on Equity (ROE) through the economic cycle. In our view, unsustainably low interest rates and extraordinary liquidity in the global economy has provided a lifeline to some of the relatively weaker companies. Companies which were leveraged and had weak balance sheets, have had a tailwind of declining interest costs allowing them to survive through the tough economic conditions. At the same time companies which were cash flush, experienced an earnings drag as the return on their cash balances was reduced to being almost negligible. However, these large cash flush companies have been using their ‘competitive advantage’ of strong balance sheets to make opportunistic value enhancing acquisitions or by returning more cash to shareholders through higher dividends and share buybacks, with the latter providing significant downside protection in the case of any adverse economic surprises. Whenever liquidity conditions do normalize, the smaller leveraged players are likely to feel the pinch of higher interest costs on their earnings growth and on their ability to compete effectively. Consequently, we remain confident, that our investments in companies which have sustainable competitive advantages in the form of a well-diversified geographic exposure, strong brands, relatively low position on the cost-curve, strong balance sheets and the ability to deliver a sustainably high level of ROE through the economic cycle is likely to result in real wealth creation over the long-term while minimizing the volatility of our portfolios.

INVESTMENT STRATEGY


INVESTMENT STRATEGY

Our portfolios are well diversified with high quality companies which are trading at a significant discount to the market. This gives us confidence that our portfolios can deliver real wealth creation over the long-term while minimizing volatility.


AmAssurance Global Emerging Market Fund Investment Strategy (Target Fund: AmGlobal Emerging Market Opportunities Fund)

Our core markets at the start of April 2013 are South Korea, Thailand, Russia, Turkey and China. In Korea, equities are attractively valued and earnings growth is strong. The Thai equity market benefits from reasonable valuations and good earnings growth while in Russia, equity valuations are very cheap and economic and market reform progress is supportive. In Turkey, the equity market is reasonably valued and the macroeconomic environment is improving although the earnings outlook is relatively poor. China was added to the core list in early April. Despite a poor earnings outlook, economic growth is stabilising, valuations are attractive and market liquidity is improving. We removed Egypt from the core list at the beginning of April owing to increased political risk.


AmAssurance Global Agribusiness Fund Investment Strategy (Target Fund: AmGlobal Agribusiness Fund)

Our fund strategy and proven investment process remains unchanged: Our investment universe covers the whole value chain including up- and downstream companies. This holistic approach maximizes risk diversification benefits and enables us to capture growth trends in everything related to food. Efficiency gains are not only relevant in production, but also vital in downstream (food losses / food waste). A detailed assessment of risk factors is an integral part of our fundamental research. Tracking of ascribed milestone achievements as well as numerous exogenous risk factors are considered to support portfolio construction.

In the current dynamic environment of agriculture a critical eye is necessary when approaching the value chain. Now more than ever, investors need to make clear distinctions when assessing business models of companies. Market share, new products, operations and margins appear more important than just simple volume and price forecasts. With this investing approach in mind we look at common characteristics in agribusiness. Generally speaking, stocks in the agribusiness universe have scope to increase dividends or stock repurchases, or to explore strategic mergers. On the consumer side, business models for organic products, private labels, logistics, and data mining in distribution offer interesting investment opportunities.


AmAssurance Precious Metals Fund Investment Strategy (Target Fund: AmPrecious Metals Fund)

We cautiously lean to the theme for producers in 2013 to “under-promise and over-deliver”, following a challenging 2012 in which many producers faced continued rising operating and capital costs and operating issues at key mines. Our current positioning reflects the market’s aversion of companies overspending – our focus is on names that are able to control their cash outlays (mainly growth capital expenditures) and, thus, have a more conservative business model than the industry average, being able to generate free cash flows, and have low debt.

We continue to view cash as an important element of our overall strategy until companies are delivering on their promises and the market again warms up to the sector.



AmAssurance AmCurrency Income CGF Investment Strategy

The Fund employs a dynamic strategy. The quantum of participation is adjusted on a monthly basis depending on the performance of the strategy. When performance is negative the participation is adjusted downwards in the next month. This adjustment in participation rate is to enable the strategy to minimize the impact of downside moves while maximizing the benefits on the upside performance. Payments of the coupon amounts (if any) at the end of 18 months and at maturity are linked to AmCurrency Income Index (Bloomberg Ticker: UBFSACI Index) and are subject to the satisfaction of conditions stipulated by the Issuer.


AmAssurance AmCurrency Income II CGF Investment Strategy

The Fund employs a dynamic strategy. The quantum of participation is adjusted on a monthly basis depending on the performance of the strategy. When performance is negative the participation is adjusted downwards in the next month. This adjustment in participation rate is to enable the strategy to minimize the impact of downside moves while maximizing the benefits on the upside performance. Payments of the coupon amounts (if any) at the end of 18 months and at maturity are linked to AmCurrency Income II Index (Bloomberg Ticker: UBFSACII Index) and are subject to the satisfaction of conditions stipulated by the Issuer.


AmAssurance AmCommodity Stable CGF Investment Strategy

The MLCX AmBank Commodity Alpha Index (Bloomberg Code: MLCXAMB Index) tracks a long/short investment in commodity futures. This long short investment is the MLCXA01 Excess Return Index. It uses a combination of a long and short investment to generate alpha returns with a net delta exposure of near zero. The long leg rolls farther out on the curve than traditional benchmarks and employs weighting and roll window improvements to enhance returns. There will be no coupon payment in year 3 and year 4 (2% and 3% was paid in year 1 and year 2 respectively) and the final coupon in year 5 will depend on the performance of the MLCXAMB Index.


INVESTMENT STRATEGY

FUND PERFORMANCE


FUND PERFORMANCE

AmAssurance Equity Fund

(i) Since Inception Performance

(ii) Full Year Performance

AmAssurance Equity Fund Vs BenchmarkPerformance since 27 Feb 2004 - 31 Mar 2013

Perf

orm

ance

(%)

Month

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00

AmAssurance Equity FBMKLCI

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Mar

-13

Sep-

12

AmAssurance Equity Fund Vs BenchmarkPerformance since 1 Apr 2012 - 31 Mar 2013

Perf

orm

ance

(%)

Month

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Apr2012

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013



FUND PERFORMANCE

AmAssurance Bond Fund



AmAssurance Bond Fund Vs BenchmarkPerformance since 27 Feb 2004 - 31 Mar 2013

Perf

orm

ance

(%)

Month

60.00

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

AmAssurance Bond MGS Med

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Mar

-13

Sep-

12

AmAssurance Bond Fund Vs BenchmarkPerformance since 1 Apr 2012 - 31 Mar 2013

Perf

orm

ance

(%)

Month

-2.00

0.00

2.00

4.00

6.00

8.00

Apr2012

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013



AmAssurance Balanced Fund



AmAssurance Balanced Fund Vs BenchmarkPerformance since 27 Feb 2004 - 31 Mar 2013

Perf

orm

ance

(%)

Month

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

AmAssurance Balanced 50% FBM100 & 50% MGS Med

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Mar

-13

Sep-

12

AmAssurance Balanced Fund Vs BenchmarkPerformance since 1 Apr 2012 - 31 Mar 2013

Perf

orm

ance

(%)

Month

-2.000

0.000

2.000

4.000

6.000

Apr2012

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013


FUND PERFORMANCE


FUND PERFORMANCE

AmAssurance Dana Teguh Fund



AmAssurance Dana Teguh Fund Vs BenchmarkPerformance since Inception 27 Feb 2004 - 31 Mar 2013

Perf

orm

ance

(%)

Month

AmAssurance Dana Teguh 50% FBM Hijrah & 50% MGS Med

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Mar

-13

Sep-

12

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00

AmAssurance Dana Teguh Fund Vs BenchmarkPerformance since 1 Apr 2012 - 31 Mar 2013

Perf

orm

ance

(%)

Month

-1.000

0.000

1.000

3.000

5.000

7.000

Apr2012

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013


2.000

4.000

6.000


FUND PERFORMANCE

AmAssurance Dividend Fund



AmAssurance Dividend Fund Vs BenchmarkPerformance since 27 Oct 2011 - 31 Mar 2013

Perf

orm

ance

(%)

Month

16.00

6.008.00

2.00

12.0010.00

4.00

0.00-2.00

AmAssurance Dividend FBMKLCI

14.00

Oct

-11

Dec

-11

Nov

-11

Jan-

12

Feb-

12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Feb-

13

Mar

-13

AmAssurance Dividend Fund Vs BenchmarkPerformance since 1 Apr 2012 - 31 Mar 2013

Perf

orm

ance

(%)

Month

Apr2012

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013


-2.00-1.00

8.00

3.00

1.00

5.00

0.00

4.00

2.00

6.007.00


FUND PERFORMANCE




AmAssurance AmOasis Islamic Equity Fund Vs BenchmarkPerformance since 1 Apr 2007 - 31 Mar 2013

Perf

orm

ance

(%)

Month

30.00

10.00

-10.00

-30.00

20.00

0.00

-20.00

-40.00-50.00-60.00

AmAssurance AmOasis Islamic Equity Dow Jones Islamic Market Index

Apr

-07

Jul-0

7

Oct

-07

Jan-

08

Apr

-08

Jul-0

8

Oct

-08

Jan-

09

Apr

-09

Jul-0

9

Oct

-09

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Oct

-11

Jan-

11

Apr

-11

Jan-

13

Jul-1

1

Oct

-12

Jan-

12

Apr

-12

Jul-1

2AmAssurance AmOasis Islamic Equity Fund Vs BenchmarkPerformance since 1 Apr 2012 - 31 Mar 2013

Perf

orm

ance

(%)

Month

-15.00

-10.00

-5.00

0.00

10.00

Apr2012

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013

AmAssurance AmOasis Islamic Equity Dow Jones Islamic Market Index

5.00


FUND PERFORMANCE




AmAssurance Global Emerging Market Fund Vs BenchmarkPerformance since 1 Jun 2008 - 31 Mar 2013

Perf

orm

ance

(%)

Month

20.00

-10.000.00

-30.00

-50.00

10.00

-20.00

-40.00

-60.00

AmAssurance Global Emerging Market MSCI Emerging Markets Index

Jun-

08

Sep-

08

Mar

-09

Dec

-08

Jun-

09

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

AmAssurance Global Emerging Market Fund Vs BenchmarkPerformance since 1 Apr 2012 - 31 Mar 2013

Perf

orm

ance

(%)

Month

-15.00

-10.00

5.00

Apr2012

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013

AmAssurance Global Emerging Market MSCI Emerging Markets Index

0.00

-5.00


FUND PERFORMANCE

AmAssurance Global Agribusiness Fund



AmAssurance Global Agribusiness Fund Vs BenchmarkPerformance since 1 Sep 2008 - 31 Mar 2013

Perf

orm

ance

(%)

Month

30.00

-10.000.00

-30.00

20.0010.00

-20.00

-40.00-50.00

AmAssurance Global Agribusiness MSCI World Free Index

Sep-

08

Mar

-09

Dec

-08

Jun-

09

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

AmAssurance Global Agribusiness Fund Vs BenchmarkPerformance since 1 Apr 2012 - 31 Mar 2013

Perf

orm

ance

(%)

Month

-15.00

-10.00

15.00

Apr2012

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013

AmAssurance Global Agribusiness MSCI World Free Index

0.00

-5.00

5.00

10.00


FUND PERFORMANCE

AmAssurance Precious Metals Fund



AmAssurance Precious Metals Fund Vs BenchmarkPerformance since 1 Sep 2008 - 31 Mar 2013

Perf

orm

ance

(%)

Month

80.00

40.00

-10.000.00

-30.00

60.00

20.00

70.00

30.00

50.00

10.00

-20.00

-40.00-50.00

AmAssurance Precious Metals FTSE Gold Mines Index

Sep-

08

Mar

-09

Dec

-08

Jun-

09

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

AmAssurance Precious Metals Fund Vs BenchmarkPerformance since 1 Apr 2012 - 31 Mar 2013

Perf

orm

ance

(%)

Month

-30.00

-25.00

-20.00

-10.00

10.00

Apr2012

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013

AmAssurance Precious Metals FTSE Gold Mines Index

0.00

-15.00

-5.00

5.00


FUND PERFORMANCE

AmAssurance AmCurrency Income II Capital Guaranteed Fund


AmAssurance AmCurrency Income II Capital Guaranteed FundPerformance since 21 Mar 2012 - 31 Mar 2013

Perf

orm

ance

(%)

Month

1.00

-2.00

-1.00

0.00

-3.00

-4.00

AmAssurance AmCurrency Income II CGF

Mar

-11

May

-11

Sep-

11

Jul-1

1

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

AmAssurance AmCurrency Income Capital Guaranteed Fund


AmAssurance AmCurrency Income Capital Guaranteed FundPerformance since 16 Aug 2010 - 31 Mar 2013

Perf

orm

ance

(%)

Month

3.00

0.00

1.00

-2.00

2.00

-1.00

-3.00

AmAssurance AmCurrency Income CGF

Aug

-10

Oct

-10

Feb-

11

Dec

-10

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Feb-

13

Aug

-12

Oct

-12

Dec

-12


FUND PERFORMANCE

AmAssurance AmCommodity Stable Capital Guaranteed Fund


AmAssurance AmCommodity Stable Capital Guaranteed FundPerformance since 11 Oct 2010 - 31 Mar 2013

Perf

orm

ance

(%)

Month

0.00

-3.00

-2.00

-5.00

-1.00

-4.00

-6.00

AmAssurance AmCommodity Stable CGF

Oct

-10

Feb-

11

Dec

-10

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Feb-

13

Aug

-12

Oct

-12

Dec

-12

SECTORAL & CATEGORY BREAKDOWN



Details of portfolio composition of AmAssurance Equity Fund as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %

Construction 3.23 8.25 11.23 2.90 1.70Consumer products - - - 3.80 4.20Finance 5.54 7.58 7.32 17.80 8.20Industrial products 17.47 4.57 4.01 6.60 1.70Infrastructure 3.15 - - 1.50 2.50Properties - - 4.54 8.50 0.80Trading/Services 27.22 43.71 12.78 24.10 14.70REITS - 6.84 - - -Plantations 4.06 5.72 3.83 10.00 3.70Repurchase agreements/Cash 39.33 23.33 56.29 24.80 62.50

100.00 100.00 100.00 100.00 100.00


Details of portfolio composition of AmAssurance Bond Fund as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %

Fixed deposits/Repos/NCDs/BAs/Cash 27.19 11.54 39.12 45.90 11.10

Malaysia Unit Trusts 7.11 9.40 8.07 54.10 88.09Corporate Bonds 65.70 79.06 8.86 - -Malaysian Government

Securities - - 43.95 - -

100.00 100.00 100.00 100.00 100.00




Details of portfolio composition of AmAssurance Balanced Fund as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %

Construction - 7.61 7.81 2.58 2.10Consumer products - - - 2.68 1.80Finance 5.18 7.27 6.83 13.07 6.30Industrial products 10.32 3.91 2.34 5.43 1.50Infrastructure - - - 1.13 2.10Plantations 3.41 5.38 3.41 8.30 2.90Properties - - 3.74 1.69 0.50REITS - 6.16 - - -Trading/Services 22.51 35.91 10.34 16.36 12.30Corporate Bonds 26.95 27.08 11.72 - 13.80Malaysia Unit Trusts - - 5.94 13.23 24.70Repurchase agreements/Cash 31.63 6.68 47.87 35.54 32.00

100.00 100.00 100.00 100.00 100.00


Details of portfolio composition of AmAssurance Dana Teguh Fund as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %

Construction 3.14 11.45 11.30 7.20 4.50Consumer products - - - 2.10 3.20Industrial products 11.02 4.20 6.51 9.10 0.30Infrastructure 2.69 - - - 2.60Plantations - 4.85 - 8.50 6.30Properties - - 3.97 7.70 3.00Trading/Services 24.91 37.04 10.76 20.70 11.70Corporate Bonds 22.52 18.31 - - -Malaysia Unit Trusts 2.35 2.27 6.75 7.30 17.40Repurchase agreements/Cash 33.37 21.88 60.71 37.40 51.00

100.00 100.00 100.00 100.00 100.00




Details of portfolio composition of AmAssurance Dividend Fund as at 31 March 2013 are as follows:

FY 2013 FY 2012

% %

Finance 12.60 13.29Industrial products 10.13 6.11Infrastructure 4.61 5.92Properties 3.06 -Trading/Services 9.15 24.59REITS 4.08 16.56Plantations - 5.46Repurchase agreements/Cash 56.37 28.07

100.00 100.00


Details of portfolio composition of AmAssurance AmOasis Islamic Equity Fund as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %

Construction - 8.55 10.21 - -Industrial products - 2.88 - - -Infrastructure - 6.38 - - -Plantations - 3.84 - - -Properties - - 2.93 - -Trading/Services - 24.42 9.97 - -Malaysia Unit Trusts 74.34 26.64 32.61 54.47 70.60 Repurchase agreements/Cash 25.66 27.29 44.28 45.53 29.40

100.00 100.00 100.00 100.00 100.00

AmOasis Global Islamic Equity Fund (“Target Fund”) Sector Allocation*

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %

Basic Materials 5.00 9.00 14.00 12.00 11.00Communication 21.00 19.00 17.00 17.00 16.00Consumer, Cyclical 7.00 8.00 8.00 10.00 9.00Consumer, Non Cyclical 6.00 6.00 5.00 5.00 5.00Energy 11.00 12.00 10.00 7.00 7.00Financial - - 3.00 - -Healthcare 22.00 19.00 15.00 13.00 15.00Industrials 8.00 6.00 8.00 12.00 11.00Property 1.00 1.00 - 4.00 4.00Technology 17.00 18.00 17.00 16.00 17.00Utilities 2.00 2.00 3.00 4.00 5.00

100.00 100.00 100.00 100.00 100.00

Note : Source of Target Fund’s sector allocation from AmMutual *As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis




Details of portfolio composition of AmAssurance Global Emerging Market Fund as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %

Malaysia Unit Trusts 79.59 68.52 69.66 78.21 -Repurchase agreements/Cash 20.41 31.48 30.34 21.79 100.00

100.00 100.00 100.00 100.00 100.00

AmAssurance Global Emerging Market Opportunities Fund (“Target Fund”) Sector Allocation*

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %

Consumer Discretionary 10.26 19.49 12.77 11.73 9.67Consumer Staples 9.98 1.08 - 3.83 4.09Derivatives - -0.01 - - -Energy 5.00 11.57 13.18 10.02 12.00Financials 40.74 27.82 36.22 32.65 27.27Health Care 1.20 - - 1.94 -Industrials 4.48 5.06 6.90 9.76 7.13Information Technology 13.77 12.87 2.79 1.84 2.06Materials 3.26 6.51 8.91 3.17 4.76Not Classified - - - - 9.89Telecommunication Services 7.74 - 3.81 7.14 15.67Utilities 0.24 2.25 2.06 1.95 3.65Others Net Asset - 13.36 - 15.97 3.81Cash 3.33 - 13.35 - -





Details of portfolio composition of AmAssurance Global Agribusiness Fund as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %


100.00 100.00 100.00 100.00 100.00

AmGlobal Agribusiness Fund (“Target Fund”) Sector Allocation*

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %

Agricultural Products 23.60 25.20 29.70 25.90 22.40Construction/ Farm

Machinery 2.20 2.40 2.30 - 4.70Distillers & Vintners - - 3.50 - -Distributors - - - - 4.10Diversified Banks 2.10 2.00 2.70 2.90 2.60Diversified Chemicals 1.70 - - - -Fertilizers & Agricultural

Chemicals 43.00 40.30 19.80 13.70 33.30Food Retails 1.10 6.40 9.20 6.70 -Gas Utilities - - - 1.40 -Hypermarkets &

Super Center 2.40 1.50 - - -Life Sciences Tools & Service 2.10 2.80 - - -Marine - - - 1.90Marine Ports & Services 1.50 1.80 - 2.50 2.40Other Sectors 4.50 - 7.10 - -Packaged Foods & Meat 15.10 12.70 14.40 23.70 16.40Paper Products - - - 1.60 -Pharmaceuticals - - - 1.60 -Railroads 1.30 0.80 - - -Restaurants - - 2.80 3.50 2.50Speciality Chemicals - - - 1.80 2.80Cash & Other Sectors (0.60) 4.10 2.50 4.00 5.10Not Classified - - 6.00 10.70 1.70

100.00 100.00 100.00 100.00 100.00





Details of portfolio composition of AmAssurance Precious Metals Fund as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %


100.00 100.00 100.00 100.00 100.00

AmPrecious Metals Fund (“Target Fund”) Sector Allocation*

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

% % % % %

Diamond - - - 0.07Gold 79.78 71.75 74.05 72.35 79.43Platinum - - - 9.90 4.86Precious Metals & Minerals 16.12 12.92 21.08 - -Silver - - - 8.50 8.15Cash and other assets 4.07 15.31 4.84 9.25 7.49





Details of portfolio composition of AmAssurance AmCurrency Income CGF as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011

% % %

Structured Instrument 99.43 99.42 98.96 Repurchase agreements/Cash 0.57 0.58 1.04

100.00 100.00 100.00


Details of portfolio composition of AmAssurance AmCurrency Income II CGF as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011

% % %

Structured Instrument 98.60 98.59 98.24Repurchase agreements/Cash 1.40 1.41 1.76

100.00 100.00 100.00


Details of portfolio composition of AmAssurance AmCommodity Stable CGF as at 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011

% % %

Malaysia Unit Trust 1.89 1.67 1.64Structured Instrument 98.10 98.24 98.27Repurchase agreements/Cash 0.01 0.09 0.09

100.00 100.00 100.00


COMPARATIVE TABLE:FUND PERFORMANCE


Fund Performance As At 31 March 2013

1 year 3 years 5 years Since Launch

Annual Return (%)

Average Compounded

Annual Return (%)

AmAssurance Equity Fund 5.16 7.08 5.08 5.57 AmAssurance Bond Fund 3.56 4.47 4.40 4.61 AmAssurance Balanced Fund 3.64 4.93 4.43 5.92 AmAssurance Dana Teguh Fund 4.71 6.23 5.88 5.59 AmAssurance AmOasis Islamic Equity Fund 6.98 4.66 1.47 (0.91)AmAssurance Global Emerging Market Fund 0.40 (2.72) - (0.17)AmAssurance Agribusiness Fund 5.99 1.58 - 3.79 AmAssurance Precious Metals Fund (17.63) (10.48) - (7.28)AmAssurance AmCurrency Income CGF 3.05 - - 0.75 AmAssurance AmCommodity Stable CGF (0.15) - - (1.61)AmAssurance AmCurrency Income II CGF 3.05 - - 0.35 AmAssurance Dividend Fund 7.48 - - 7.95

COMPARATIVE TABLE:FUND PERFORMANCE

COMPARATIVE TABLE:NET ASSET VALUE, NUMBER OF

UNITS & UNIT PRICE


COMPARATIVE TABLE:NET ASSET VALUE, NUMBER OF UNITS & UNIT PRICE

NET ASSET VALUE, NUMBER OF UNITS AND UNIT PRICE AS AT 31 MARCH 2013


Performance details of the Fund for the financial year ended 31 March 2013 are as follows:

FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

Unit Prices (RM)Highest NAV per unit for the year 0.8265 0.8317 0.8280 0.6730 0.6663 Lowest NAV per unit for the year 0.7529 0.7070 0.6329 0.5010 0.4816

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million) 12.2637 14.5937 11.4753 4.6029 2.4408 UIC (in million) 14.8900 18.6334 14.1793 6.8745 4.8912 NAV per unit (RM) 0.8236 0.7832 0.8093 0.6708 0.4990

Total Return for the Year (%)Total Return¹ 5.16 (3.23) 20.65 34.43 (22.40)Capital growth 5.16 (3.23) 20.65 34.43 (22.40)Income distributions - - - - -

* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the Fund for the financial year

Note : 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees




FY 2013 FY 2012 FY 2011 FY 2010 FY 2009



Total Return for the Year (%)Total Return¹ 3.56 5.91 3.96 5.15 3.45 Capital growth 3.56 5.91 3.96 5.15 3.45 Income distributions - - - - -


Note : 1. Annualised return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of fees, annualised over one year.





FY 2013 FY 2012 FY 2011 FY 2010 FY 2009









FY 2013 FY 2012 FY 2011 FY 2010 FY 2009











FY 2013 FY 2012 FY 2011 FY 2010 FY 2009









FY 2013 FY 2012 FY 2011 FY 2010 FY 2009



Total Return for the Year (%)Total Return¹ (17.63) (19.14) 7.71 (1.91) -Capital growth (17.63) (19.14) 7.71 (1.91) -Income distributions - - - - -








FY 2013 FY 2012 FY 2011 FY 2010 FY 2009



Total Return for the Year (%)Total Return¹ 5.99 (5.30) 4.42 12.53 -Capital growth 5.99 (5.30) 4.42 12.53 -Income distributions - - - - -






FY 2013 FY 2012 FY 2011 FY 2010 FY 2009



Total Return for the Year (%)Total Return¹ 0.40 (8.89) 0.63 7.57 -Capital growth 0.40 (8.89) 0.63 7.57 -Income distributions - - - - -








FY 2013 FY 2012 FY 2011

Unit Prices (RM)Highest NAV per unit for the year 0.5099 0.5015 0.5000 Lowest NAV per unit for the year 0.4948 0.4877 0.4855

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million) 42.7828 42.0634 42.5831 UIC (in million) 83.9069 85.0083 87.2069 NAV per unit (RM) 0.5099 0.4948 0.4883

Total Return for the Year (%)Total Return¹ 3.05 1.33 -Capital growth 3.05 1.33 -Income distributions - - -






FY 2013 FY 2012 FY 2011



Total Return for the Year (%)Total Return¹ (0.15) 0.23 -Capital growth (0.15) 0.23 -Income distributions - - -








FY 2013 FY 2012 FY 2011



Total Return for the Year (%)Total Return¹ 3.05 (2.26) -Capital growth 3.05 (2.26) -Income distributions - - -






FY 2013 FY 2012

Unit Prices (RM)Highest NAV per unit for the year 0.5577 0.5273 Lowest NAV per unit for the year 0.5065 0.4973

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million) 6.3501 5.4439 UIC (in million) 11.3857 10.4925 NAV per unit (RM) 0.5577 0.5189

Total Return for the Year (%)Total Return¹ 7.48 -Capital growth 7.48 -Income distributions - -




SUMMARY OF FINANCIAL INFORMATION

Statement by the Manager

Independent Auditors’ Report

Statements of Assets and Liabilities

Statements of Income and Expenditure

Statements of Changes in Net Asset Value

Notes to the Financial Information

Page

54

55

57

64

71

78



STATEMENT BY THE MANAGERIn the opinion of the Manager, the accompanying financial information of the Investment-linked Funds of AmLife Insurance Berhad comprising the AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmAsia Recovery CG Fund (matured on 2 July 2012), AmAssurance AmCommodity Stable CG Fund, AmAssurance AmCurrency Income CG Fund, AmAssurance AmCurrency Income II CG Fund and AmAssurance Dividend Fund set out on page 57 to 123 have been prepared in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/ Takaful business issued by Bank Negara Malaysia.

On behalf of AmLife Insurance Berhad

Paul Low Hong CeongKuala Lumpur, Malaysia27 June 2013



INDEPENDENT AUDITORS’ REPORTto the Unitholders of the Investment-Linked Funds of AmLife Insurance Berhad (Incorporated in Malaysia) Report on the financial information

We have audited the financial information of the investment-linked funds of AmLife Insurance Berhad (“the Manager”) which comprise the statement of assets and liabilities as at 2 July 2012 (“maturity date”) of AmAssurance AmAsia Recovery CG Fund, and as at 31 March 2013 of AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmCommodity Stable CG Fund, AmAssurance AmCurrency Income CG Fund, AmAssurance AmCurrency Income II CG Fund and AmAssurance Dividend Fund, the statement of income and expenditure and statement of changes in net asset value from 1 April 2012 to the maturity date of AmAssurance AmAsia Recovery CG Fund and the statements of income and expenditure and statements of changes in net asset value for the year ended 31 March 2013 for AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmCommodity Stable Fund, AmAssurance AmCurrency Income CG Fund, AmAssurance AmCurrency Income II CG Fund and AmAssurance Dividend Fund, and a summary of significant accounting policies and other explanatory information (“financial information”), as set out on page 57 to 123.

Directors’ responsibility for the financial information

The directors of the Manager are responsible for the preparation of financial information in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara Malaysia, and for such internal control as the directors determine are necessary to enable the preparation of financial information that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial information 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 information are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial information. The procedures selected depend on our judgement, including the assessment of risks of material misstatement of the financial information, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation of financial information in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara Malaysia 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 Funds’ internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial information.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

As disclosed in Note 1 to the financial information, the AmAssurance AmAsia Recovery CG Fund had matured on 2 July 2012. Consequently, the financial information of this Fund have been prepared on a basis other than going concern. The assets of the Fund have been stated at their respective recoverable values and all liabilities of the Fund, including the estimated expenses upon maturity of the Fund, has been recognised.

In our opinion, the financial information have been prepared, in all material respects, in accordance with accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara Malaysia.



INDEPENDENT AUDITORS’ REPORT (cont’d)to the Unitholders of the Investment-Linked Funds of AmLife Insurance Berhad (Incorporated in Malaysia) Other matters

This report is made solely to the unitholders of the Funds, as a body, in accordance with the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.

Ernst & YoungAF: 0039Chartered Accountants

Kuala Lumpur, Malaysia27 June 2013

Brandon Bruce Sta MariaNo. 2937/09/13(J)Chartered Accountant



STATEMENTS OF ASSETS AND LIABILITIESAS AT 31 MARCH 2013

AmAssurance Equity Fund AmAssurance Bond Fund

Note 2013 2012 2013 2012

RM RM RM RM

ASSETSInvestments 3 12,648,180 14,621,733 16,058,825 11,718,566 Tax recoverable 33,294 - - - Deferred tax assets 4 - 8,138 - - Other receivables 38,871 14,341 415,552 301,125 Cash and bank balances 426 2,686 203 138 Total assets 12,720,771 14,646,898 16,474,580 12,019,829

LIABILITIESProvision for taxation - 25,736 64,541 66,876 Deferred tax liabilities 4 34,694 - 11,584 30,533 Other payables 422,373 27,445 22,238 14,479 Total liabilities 457,067 53,181 98,363 111,888

NET ASSET VALUE OF FUNDS ("NAV") 12,263,704 14,593,717 16,376,217 11,907,941

Represented by:Unitholders’ contribution 9,994,331 12,961,910 14,024,281 10,045,448 Undistributed income 2,269,373 1,631,807 2,351,936 1,862,493 Unitholders’ capital 5 12,263,704 14,593,717 16,376,217 11,907,941

UNITS IN CIRCULATION 5 14,890,034 18,633,446 21,626,088 16,285,582 NAV PER UNIT (RM) 5 0.8236 0.7832 0.7572 0.7312

The accompanying notes form an integral part of the financial information.



STATEMENTS OF ASSETS AND LIABILITIES (cont’d)

AS AT 31 MARCH 2013

AmAssurance Balanced Fund AmAssurance Dana Teguh

Note 2013 2012 2013 2012

RM RM RM RM

ASSETSInvestments 3 22,547,079 21,362,548 12,910,742 12,921,964 Tax recoverable 11,301 - - - Deferred tax assets 4 - 3,139 - - Other receivables 395,316 192,275 67,665 279,038 Cash and bank balances 576 2,420 887 150 Total assets 22,954,272 21,560,382 12,979,294 13,201,152

LIABILITIESProvision for taxation - 15,671 10,236 48,006 Deferred tax liabilities 4 31,030 - 14,027 1,204 Other payables 33,100 33,441 32,628 22,618 Total liabilities 64,130 49,112 56,891 71,828


Represented by:Unitholders’ contribution 20,222,348 19,595,250 11,072,783 11,900,548 Undistributed income 2,667,794 1,916,020 1,849,620 1,228,776 Unitholders’ capital 5 22,890,142 21,511,270 12,922,403 13,129,324






AS AT 31 MARCH 2013



Note 2013 2012 2013 2012

RM RM RM RM

ASSETSInvestments 3 3,491,154 4,348,778 772,423 725,332 Deferred tax assets 4 6,781 30,678 1,510 2,103 Tax recoverable 9,543 - - - Other receivables 15,382 17,946 690 528 Cash and bank balances 927 891 851 9,286 Total assets 3,523,787 4,398,293 775,474 737,249

LIABILITIESProvision for taxation - 62 319 3,411 Other payables 93,608 50,376 13,239 12,258 Total liabilities 93,608 50,438 13,558 15,669

NET ASSET VALUE OF FUNDS ("NAV") 3,430,179 4,347,855 761,916 721,580

Represented by:Unitholders’ contribution 3,668,105 4,801,446 778,668 739,930 Accumulated losses (237,926) (453,591) (16,752) (18,350)Unitholders’ capital 5 3,430,179 4,347,855 761,916 721,580






AS AT 31 MARCH 2013



Note 2013 2012 2013 2012

RM RM RM RM

ASSETSInvestments 3 4,736,595 5,057,175 1,681,028 1,459,599 Deferred tax assets 4 179,978 89,864 - - Other receivables 16,189 43,810 8,202 16,623 Cash and bank balances 126 947 584 5,491 Total assets 4,932,888 5,191,796 1,689,814 1,481,713

LIABILITIESProvision for taxation 1,616 2,404 2,570 1,853 Deferred tax liabilities 4 - - 12,787 6,637 Other payables 39,637 28,850 17,217 14,253 Total liabilities 41,253 31,254 32,574 22,743


Represented by:Unitholders’ contribution 6,852,027 6,082,750 1,508,971 1,397,977 (Accumulated losses)/

Undistributed income (1,960,392) (922,208) 148,269 60,993 Unitholders’ capital 5 4,891,635 5,160,542 1,657,240 1,458,970






AS AT 31 MARCH 2013

AmAssurance AmAsia Recovery CG Fund

AmAssurance AmCommodity Stable CG Fund

Note 02.07.2012 31.03.2012 2013 2012

RM RM RM RM

ASSETSInvestments 3 - 90,843,497 4,692,166 4,654,869 Deferred tax assets 4 - - 8,943 11,059 Other receivables 12 144 231 228 Cash and bank balances 90,585,982 528 242 4,239 Total assets 90,585,994 90,844,169 4,701,582 4,670,395

LIABILITIESProvision for taxation 5,202 4,679 20,217 8,073 Deferred tax liabilities 4 - 358,269 - - Other payables 6,360,474 6,101,961 630,254 129,678 Total liabilities 6,365,676 6,464,909 650,471 137,751


Represented by:Unitholders’ contribution 82,505,096 82,539,771 4,245,117 4,715,132 Undistributed income/

(Accumulated losses) 1,715,222 1,839,489 (194,006) (182,488)Unitholders’ capital 5 84,220,318 84,379,260 4,051,111 4,532,644






AS AT 31 MARCH 2013

AmAssurance AmCurrency Income CG Fund

AmAssurance AmCurrency Income II CG Fund

Note 2013 2012 2013 2012

RM RM RM RM

ASSETSInvestments 3 45,836,035 44,211,429 18,543,742 17,878,906 Deferred tax assets 4 - 17,421 - 34,184 Other receivables 1,650 1,581 171 105 Cash and bank balances 639 659 161 181 Total assets 45,838,324 44,231,090 18,544,074 17,913,376

LIABILITIESProvision for taxation 9,526 8,904 1,370 756 Deferred tax liabilities 4 111,932 - 18,394 - Other payables 2,934,104 2,158,805 1,266,833 674,278 Total liabilities 3,055,562 2,167,709 1,286,597 675,034


Represented by:Unitholders’ contribution 41,972,699 42,526,927 17,232,699 17,730,297 Undistributed income/

(Accumulated losses) 810,063 (463,546) 24,778 (491,955)Unitholders’ capital 5 42,782,762 42,063,381 17,257,477 17,238,342






AS AT 31 MARCH 2013


Note 2013 2012

RM RM

ASSETSInvestments 3 6,427,808 5,463,444 Tax recoverable 7,839 - Other receivables 1,486 7,013 Cash and bank balances 916 1,345 Total assets 6,438,049 5,471,802

LIABILITIESProvision for taxation - 1,029 Deferred tax liabilities 4 7,262 11,543 Other payables 80,684 15,326 Total liabilities 87,946 27,898

NET ASSET VALUE OF FUNDS ("NAV") 6,350,103 5,443,904

Represented by:Unitholders’ contribution 5,724,734 5,253,589 Undistributed income 625,369 190,315 Unitholders’ capital 5 6,350,103 5,443,904

UNITS IN CIRCULATION 5 11,385,700 10,492,470 NAV PER UNIT (RM) 5 0.5577 0.5188




STATEMENTS OF INCOME AND EXPENDITUREFOR THE FINANCIAL YEAR ENDED 31 MARCH 2013


Note 2013 2012 2013 2012

RM RM RM RM

Net investment income:Interest income 6 83,350 120,078 666,466 512,100 Dividend income 7 359,069 286,961 33,134 31,983

442,419 407,039 699,600 544,083 Gain on disposal of investments - - 153,446 47,265 Net unrealised capital gain 535,432 - - 242,548 Total income 977,851 407,039 853,046 833,896

Management expenses (201,534) (214,898) (143,019) (117,966)Loss on disposal of investments (79,835) (452,444) - - Net unrealised capital loss - (344,417) (174,991) - Total outgo (281,369) (1,011,759) (318,010) (117,966)

Excess/(deficit) of income over outgo before taxation 696,482 (604,720) 535,036 715,930

Taxation 8 (58,916) 45,225 (45,593) (61,947)

Excess/(deficit) of income over outgo after taxation 637,566 (559,495) 489,443 653,983

Undistributed income brought forward 1,631,807 2,191,302 1,862,493 1,208,510 Undistributed income carried forward 2,269,373 1,631,807 2,351,936 1,862,493




STATEMENTS OF INCOME AND EXPENDITURE (cont’d)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2013


Note 2013 2012 2013 2012

RM RM RM RM


896,408 818,918 557,119 332,391 Gain on disposal of investments - - 110,150 44,616 Net unrealised capital gain 529,074 - 195,454 - Total income 1,425,482 818,918 862,723 377,007

Management expenses (279,406) (272,935) (188,220) (134,217)Loss on disposal of investments (329,228) (582,531) - - Net unrealised capital loss - (477,643) - (229,008)Total outgo (608,634) (1,333,109) (188,220) (363,225)

Excess/(deficit) of income over outgo before taxation 816,848 (514,191) 674,503 13,782

Taxation 8 (65,074) 31,420 (53,659) (5,553)

Excess/(deficit) of income over outgo after taxation 751,774 (482,771) 620,844 8,229

Undistributed income brought forward 1,916,020 2,398,791 1,228,776 1,220,547 Undistributed income carried forward 2,667,794 1,916,020 1,849,620 1,228,776







AmAssurance GlobalEmerging Market Fund

Note 2013 2012 2013 2012

RM RM RM RM


68,769 81,655 5,790 7,559 Gain on disposal of investments - - - 10,793 Net unrealised capital gain 298,698 - 7,404 - Total income 367,467 81,655 13,194 18,352

Management expenses (35,626) (50,114) (10,685) (11,555)Loss on disposal of investments (95,985) (40,890) - - Net unrealised capital loss - (167,007) - (77,658)Total outgo (131,611) (258,011) (10,685) (89,213)

Excess/(deficit) of income over outgo before taxation 235,856 (176,356) 2,509 (70,861)

Taxation 8 (20,191) 11,827 (911) 4,847

Excess/(deficit) of income over outgo after taxation 215,665 (164,529) 1,598 (66,014)

Undistributed (losses) /income brought forward (453,591) (289,062) (18,350) 47,664

Undistributed losses carried forward (237,926) (453,591) (16,752) (18,350)








Note 2013 2012 2013 2012

RM RM RM RM

Net investment income:Interest income 6 20,201 27,890 8,728 6,112

20,201 27,890 8,728 6,112 Gain on disposal of investments - - 23,402 - Net unrealised capital gain - - 76,887 - Total income 20,201 27,890 109,017 6,112

Management expenses (20,471) (23,144) (13,020) (11,344)Net unrealised capital loss (1,126,411) (1,074,815) - (74,139)Loss on disposal of investments - (38,097) - - Total outgo (1,146,882) (1,136,056) (13,020) (85,483)

(Deficit)/excess of income over outgo before taxation (1,126,681) (1,108,166) 95,997 (79,371)

Taxation 8 88,497 86,802 (8,721) 5,442

(Deficit)/excess of income over outgo after taxation (1,038,184) (1,021,364) 87,276 (73,929)

Undistributed (losses)/income brought forward (922,208) 99,156 60,993 134,922

Undistributed (losses)/ (1,960,392) (922,208) 148,269 60,993 income carried forward








Note01.04.2012

to 02.07.2012

01.04.2011 to

31.03.2012 2013 2012

RM RM RM RM

Net investment income:Interest income 6 6,530 24,355 151,792 100,918 Dividend income 7 - - 2,095 2,037

6,530 24,355 153,887 102,955 Gain on disposal of investments 4,213,658 - - - Net unrealised capital gain - 2,572,417 26,456 51,322 Total income 4,220,188 2,596,772 180,343 154,277

Management expenses (223,840) (848,978) (30,311) (31,174)Net unrealised capital loss (4,478,362) - - - Total outgo (4,702,202) (848,978) (30,311) (31,174)

(Deficit)/excess of income over outgo before taxation (482,014) 1,747,794 150,032 123,103

Taxation 8 357,747 (207,741) (14,260) (12,179)

(Deficit)/excess of income over outgo after taxation (124,267) 1,540,053 135,772 110,924

Undistributed income/(losses) brought forward 1,839,489 299,436 (182,488) (193,214)

Coupon payments - - (147,290) (100,198)

Undistributed income/(losses) carried forward 1,715,222 1,839,489 (194,006) (182,488)








Note 2013 2012 2013 2012

RM RM RM RM

Net investment income:Interest income 6 7,773 104,225 7,681 9,278

7,773 104,225 7,681 9,278 Net unrealised capital gain 1,616,900 751,055 657,221 - Total income 1,624,673 855,280 664,902 9,278

Management expenses (221,090) (221,309) (94,977) (96,772)Net unrealised capital loss - - - (264,021)Total outgo (221,090) (221,309) (94,977) (360,793)

Excess/(deficit) of income over outgo before taxation 1,403,583 633,971 569,925 (351,515)

Taxation 8 (129,974) (68,422) (53,192) 20,379

Excess/(deficit) of income over outgo after taxation 1,273,609 565,549 516,733 (331,136)

Undistributed losses brought forward (463,546) (1,029,095) (491,955) (160,819)

Undistributed income /(losses) carried forward 810,063 (463,546) 24,778 (491,955)







Note 01.04.2012

to 31.03.2013

27.10.2011 to

31.03.2012

RM RM

Net investment income:Interest income 6 62,454 30,028 Dividend income 7 296,206 51,762

358,660 81,790

Gain on disposal of investments 256,966 19,129 Net unrealised capital gain - 144,295 Total income 615,626 245,214

Management expenses (90,068) (37,907)Net unrealised capital loss (53,518) - Total outgo (143,586) (37,907)

Excess of income over outgo before taxation 472,040 207,307

Taxation 8 (36,986) (16,992)

Excess of income over outgo after taxation 435,054 190,315

Undistributed income brought forward 190,315 -

Undistributed income carried forward 625,369 190,315




STATEMENTS OF CHANGES IN NET ASSET VALUEFOR THE FINANCIAL YEAR ENDED 31 MARCH 2013


2013 2012

RM RM

Net asset value at the beginning of the year 14,593,717 11,475,270 Amounts received from units created 4,250,677 11,974,079 Amounts paid for units cancelled (7,218,256) (8,296,137)

11,626,138 15,153,212

Net realised income/ (loss) after taxation 144,966 (242,631)Net unrealised capital gain/ (loss) after taxation 492,600 (316,864)Net asset value at the end of the year 12,263,704 14,593,717


2013 2012

RM RM


15,886,774 11,253,958

Net realised income after taxation 645,485 436,444 Net unrealised capital (loss)/ gain after taxation (156,042) 217,539 Net asset value at the end of the year 16,376,217 11,907,941




STATEMENTS OF CHANGES IN NET ASSET VALUE (cont’d)



2013 2012

RM RM


22,138,368 21,994,041

Net realised income/ (loss) after taxation 256,868 (34,551)Net unrealised capital gain/ (loss) after taxation 494,906 (448,220)Net asset value at the end of the year 22,890,142 21,511,270

AmAssurance Dana Teguh

2013 2012

RM RM


12,301,559 13,121,095

Net realised income after taxation 438,213 221,753 Net unrealised capital gain/ (loss) after taxation 182,631 (213,524)Net asset value at the end of the year 12,922,403 13,129,324







2013 2012

RM RM

Net asset value at the beginning of the year 4,347,855 4,305,627 Amounts received from units created 510,354 3,021,175 Amounts paid for units cancelled (1,643,695) (2,814,418)

3,214,514 4,512,384

Net realised loss after taxation (59,136) (10,883)Net unrealised capital gain/ (loss) after taxation 274,801 (153,646)Net asset value at the end of the year 3,430,179 4,347,855


2013 2012

RM RM

Net asset value at the beginning of the year 721,580 722,767 Amounts received from units created 100,364 168,625 Amounts paid for units cancelled (61,626) (103,798)

760,318 787,594

Net realised (loss) /gain after taxation (5,213) 5,431 Net unrealised capital gain/ (loss) after taxation 6,811 (71,445)Net asset value at the end of the year 761,916 721,580







2013 2012

RM RM


5,929,819 6,181,906

Net realised loss after taxation (1,887) (32,534)Net unrealised capital loss after taxation (1,036,297) (988,830)Net asset value at the end of the year 4,891,635 5,160,542


2013 2012

RM RM

Net asset value at the beginning of the year 1,458,970 1,308,660 Amounts received from units created 499,835 737,273 Amounts paid for units cancelled (388,841) (513,034)

1,569,964 1,532,899

Net realised gain/ (loss) after taxation 16,539 (5,721)Net unrealised capital gain/ (loss) after taxation 70,737 (68,208)Net asset value at the end of the year 1,657,240 1,458,970







01.04.2012 to

02.07.2012

01.04.2011 to

31.03.2012

RM RM

Net asset value at the beginning of the period/year 84,379,260 84,339,039 Amounts paid for units cancelled (34,675) (1,499,832)

84,344,585 82,839,207

Net realised gain/(loss) after taxation 3,995,826 (826,571)Net unrealised capital (loss)/gain after taxation (4,120,093) 2,366,624 Net asset value at the end of the maturity date/year 84,220,318 84,379,260


2013 2012

RM RM

Net asset value at the beginning of the year 4,532,644 4,567,569 Amounts paid for units cancelled (470,015) (45,651)

4,062,629 4,521,918

Net realised gain after taxation 111,433 63,708 Net unrealised capital gain after taxation 24,339 47,216 Coupon payments (147,290) (100,198)Net asset value at the end of the year 4,051,111 4,532,644







2013 2012

RM RM

Net asset value at the beginning of the year 42,063,381 42,581,327 Amounts paid for units cancelled (554,228) (1,083,495)

41,509,153 41,497,832

Net realised loss after taxation (213,938) (125,422)Net unrealised capital gain after taxation 1,487,547 690,971 Net asset value at the end of the year 42,782,762 42,063,381


2013 2012

RM RM

Net asset value at the beginning of the year 17,238,342 18,213,206 Amounts paid for units cancelled (497,598) (643,728)

16,740,744 17,569,478

Net realised loss after taxation (87,910) (88,237)Net unrealised capital gain/ (loss) after taxation 604,643 (242,899)Net asset value at the end of the year 17,257,477 17,238,342







01.04.2012 to

31.03.2013

27.10.2011 to

31.03.2012

RM RM

Net asset value at the beginning of the year 5,443,904 - Amounts received from units created 591,011 5,283,559 Amounts paid for units cancelled (119,866) (29,970)

5,915,049 5,253,589

Net realised gain after taxation 484,291 57,563 Net unrealised capital (loss)/ gain after taxation (49,237) 132,752 Net asset value at the end of the year 6,350,103 5,443,904




NOTES TO THE FINANCIAL INFORMATION-31 MARCH 20131. THE MANAGER AND ITS PRINCIPAL ACTIVITY

The investment-linked funds of AmLife Insurance Berhad (“the Manager”) comprise the AmAssurance Equity Fund, AmAssurance Bond Fund, AmAssurance Balanced Fund, AmAssurance Dana Teguh, AmAssurance AmOasis Islamic Equity Fund, AmAssurance Global Emerging Market Fund, AmAssurance Precious Metals Fund, AmAssurance Global Agribusiness Fund, AmAssurance AmAsia Recovery CG Fund (matured on 2 July 2012), AmAssurance AmCommodity Stable CG Fund, AmAssurance AmCurrency Income CG Fund, AmAssurance AmCurrency Income II CG Fund and AmAssurance Dividend Fund (collectively referred to as “the Funds”).

The Manager is a public limited liability company incorporated and domiciled in Malaysia and licensed under the Insurance Act, 1996. Its principal activity is the underwriting of life and investment-linked insurance business.

There have been no significant changes in the nature of the principal activities of the Manager during the financial

year ended 31 March 2013.

The financial information were authorised for issue by the Board of Directors of the Manager in accordance with a resolution on 27 June 2013.

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Preparation

The financial information of the Funds have been prepared in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment- linked Insurance/ Takaful Business issued by Bank Negara Malaysia (“BNM”).

The financial information have been prepared under the historical cost convention except as disclosed in the significant accounting policies in Note 2.2 to the financial information.

The financial information are presented in Ringgit Malaysia (“RM”).

The Statement of Asset and Liabilities, Statement of Income and Expenditure and Statement of Changes in Net Asset Value of AmAssurance AmAsia Recovery CG Fund has been prepared for the period from 1 April 2012 to 2 July 2012 being the date of the maturity of the said Fund. Consequently, the financial information of this Fund has been prepared on a basis other than going concern. The assets of the Fund have been stated at their respective recoverable values and all liabilities of the Fund, including the estimated expenses upon maturity of the Fund, has been recognised.

2.2 Summary of significant accounting policies

(a) Management fee

Management fee is charged based on the Funds’ daily net assets value, at the following rates:

(i) AmAssurance Equity Fund 1.50% per annum (ii) AmAssurance Bond Fund 1.00% per annum (iii) AmAssurance Balanced Fund 1.50% per annum (iv) AmAssurance Dana Teguh 1.50% per annum (v) AmAssurance AmOasis Islamic Equity Fund 1.50% per annum (vi) AmAssurance Global Emerging Market Fund 1.50% per annum (vii) AmAssurance Precious Metals Fund 1.50% per annum (viii) AmAssurance Global Agribusiness Fund 1.50% per annum (ix) AmAssurance AmAsia Recovery CG Fund 1.00% per annum (x) AmAssurance AmCommodity Stable CG Fund 0.50% per annum (xi) AmAssurance AmCurrency Income CG Fund 0.50% per annum (xii) AmAssurance AmCurrency Income II CG Fund 0.50% per annum (xiii) AmAssurance Dividend Fund 1.50% per annum



NOTES TO THE FINANCIAL INFORMATION-31 MARCH 2013 (cont’d)

2. SIGNIFICANT ACCOUNTING POLICIES (cont’d)

2.2 Summary of significant accounting policies (cont’d)

(b) Financial instruments - initial recognition and subsequent measurement

(i) Date of recognition

All financial assets and liabilities are initially recognised on the trade date, i.e., the date that the Funds becomes a party to the contractual provisions of the instrument. This includes “regular way trades” purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place.

(ii) Initial measurement of financial instruments

Financial assets are classified as financial assets at fair value through profit or loss, financial assets available-for-sale, financial assets held-to-maturity or loans and receivables, as appropriate. Financial liabilities of the Funds are classified as financial liabilities at fair value through profit or loss or at amortised cost, as appropriate. The Funds determines the classification of its financial assets and financial liabilities at initial recognition.

The classification of financial instruments at initial recognition depends on the purpose and the management’s intention for which the financial instruments were acquired and their characteristics. All financial instruments are measured initially at their fair value plus transaction costs, except in the case of financial assets and financial liabilities recorded at fair value through profit or loss, which is measured at fair value.

The Funds classify the investment into financial assets at fair value through profit or loss (“FVTPL”) or loans and receivable (“LAR”).

(iii) Subsequent measurement

The subsequent measurement of financial instruments depends on their classification as described below:

1. Financial assets at fair value through profit or loss

Financial assets or financial liabilities are recorded in the Statements of Assets and Liabilities at fair value. Changes in fair value are recognised in the Statements of Income and Expenditure. Interest and dividend income or expense are recorded as “Net Investment Income” or “Interest expense”, as appropriate and in accordance with the terms of the contract, or when the right to the payment has been established.

Included in this classification are fixed income securities, collective investment schemes and equities.

2. Loans and receivables

Loans and receivables include non–derivative financial assets with fixed or determinable payments that are not quoted in an active market.

After initial measurement, the amounts are subsequently measured at amortised cost using the effective interest rate (“EIR”), less allowance for impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees and costs that are an integral part of the EIR.






(b) Financial instruments - initial recognition and subsequent measurement (cont’d)

(iv) Financial liabilities at amortised cost

Financial liabilities of the Funds, that are not designated at fair value through profit or loss, are classified as financial liabilities at amortised cost, where the substance of the contractual arrangement results in the Funds having an obligation either to deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of own equity instruments.

After initial measurement, these are subsequently measured at amortised cost using the EIR. Amortised cost is calculated by taking into account any discount or premium on the issue and costs that are an integral part of the EIR.

(c) Derecognition of financial assets and financial liabilities

(i) Financial assets

A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised when:

- The rights to receive cash flows from the asset have expired.

- The Funds have transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass–through” arrangement; and either:

- The Funds have transferred substantially all the risks and rewards of the asset, or

- The Funds have neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Funds have transferred their rights to receive cash flows from an asset or has entered into a pass–through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Funds continuing involvement in the asset. In that case, the Funds also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Funds have retained.

(ii) Financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the carrying value of the original financial liability and the consideration paid is recognised in profit or loss.






(d) Determination of fair value

The fair value for financial instruments traded in active markets at reporting date is based on their quoted market price or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs.

For financial instruments not traded in an active market, the fair value is determined by using appropriate valuation techniques. Valuation techniques include the discounted cash flow method, comparison to similar instruments for which market observable prices exist, option pricing models, credit models and other relevant valuation models.

(e) Impairment of financial assets

The Funds assess at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated.

Financial assets carried at amortised cost

Evidence of impairment may include indications that the borrower or a group of borrowers is experiencing significant financial difficulty, the probability that they will enter bankruptcy or other financial reorganisation, default or delinquency in interest or principal payments and where observable data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.

For financial assets carried at amortised cost, the Funds first assess individually whether objective evidence of impairment exists for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Funds determine that no objective evidence of impairment exists for an individually assessed financial asset, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.

If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the Statements of Income and Expenditure. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of “Interest income”. Loans and receivables together with the associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the funds. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a future write–off is later recovered, the recovery is credited to the “Impairment losses on loans and receivables” to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date.






(e) Impairment of financial assets (cont’d)

Financial assets carried at amortised cost (cont’d)

If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the Statements of Income and Expenditure. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of “Interest income”. Loans and receivables together with the associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the funds. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a future write–off is later recovered, the recovery is credited to the “Impairment losses on loans and receivables” to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date.

The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. If loans and receivables have variable interest rates, the discount rate for measuring any impairment loss is the current EIR. If the Funds have reclassified trading assets to loans and receivables, the discount rate for measuring any impairment loss is the new EIR determined at the reclassification date. The calculation of the present value of the estimated future cash flows of a collateralised financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure is probable.

(f ) Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the Statements of Assets and Liabilities if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is generally not the case with master netting agreements, therefore, the related assets and liabilities are presented gross in the Statements of Assets and Liabilities.

(g) Impairment of non-financial assets

The Funds assess at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Funds estimate the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash–generating unit’s (“CGU”) fair value less costs to sell and its value in use. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre–tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded entities or other available fair value indicators.






(g) Impairment of non-financial assets (cont’d)

For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Funds estimate the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the Statements of Income and Expenditure.

(h) Net creation of units

Net creation of units represents premiums paid by policyholders as payment for a new contract or subsequent payments to increase the amount of that contract less switching within funds. Net creation of units is recognised on a receipt basis.

(i) Net cancellation of units

Net cancellation of units represents cancellation of units arising from surrenders and withdrawals. Net cancellation is recognised upon surrendering of the related insurance contract.

(j) Other revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the funds and the revenue can be reliably measured. The following specific recognition criteria must be met before revenue is recognised.

(i) Interest income

Interest and financing income and expense is recognised in profit or loss using the effective interest method. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.

(ii) Realised gains and losses on investments On disposal of investments, the difference between the net disposal proceeds and the carrying

amount of investment is credited or charged to Statements of Income and Expenditure.

(iii) Dividend income

Dividend income represents gross dividends from quoted and unquoted investments and is recognised when the right to receive payment is established.

(k) Income tax

Income tax on the profit and loss comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit for the year and is measured using the






(k) Income tax (cont’d)

tax rates that have been enacted at the date of the Statements of Assets and Liabilities.

Deferred tax is provided for, using the liability method, on temporary differences at the date of Statements of Assets and Liabilities between the tax bases of assets and liabilities and their carrying amounts in the financial information. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilised.

Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the date of Statements of Assets and Liabilities. Deferred tax is recognised as income or an expense in the Statements of Income and Expenditure, except when it arises from a transaction which is recognised directly in unitholders’ capital, in which case, the deferred tax is also recognised in unitholders’ capital.

(l) Provisions

Provisions are recognised when the Funds have a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount can be made. Provisions are reviewed at each Statements of Assets and Liabilities date and adjusted to reflect the current best estimate. Where the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as finance cost.

(m) Foreign currencies transactions

(i) Functional and presentation currency

The financial statements are presented in Ringgit Malaysia (“RM”) which is also the functional and presentation currency of the Funds.

(ii) Foreign currency transaction

Transactions in foreign currencies are initially recorded in the functional currency rate prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the functional currency rate of exchange ruling at the reporting date. All differences are taken to profit or loss. Non-monetary items denominated in foreign currencies that are measured at historical cost are translated using the exchange rates as at the dates of initial transactions.

Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. All foreign exchange differences are taken to profit or loss, except for differences relating to items where gains or losses are recognised directly in equity, in which case, the gain or loss is recognised net of the exchange component in equity.

(n) Cash and cash equivalents

Cash and cash equivalents consist of cash and bank balances, excluding fixed and call deposits.




3. INVESTMENTS

(i) AmAssurance Equity Fund

2013 2012

RM RM

Quoted equity securities 7,673,180 10,212,233 Quoted unit and property trust funds - 1,000,500 Deposits with licensed financial institutions 4,975,000 3,409,000

12,648,180 14,621,733

FVPTL:

Quoted equity securities:Cost 7,239,504 10,340,620 Net unrealised gain/ (loss) 433,676 (128,387)Fair value 7,673,180 10,212,233

Quoted unit and property trust funds:Cost - 973,868 Net unrealised gain - 26,632 Fair value - 1,000,500

Total investments at FVTPL 7,673,180 11,212,733

LAR:

Deposits with licensed financial institutions 4,975,000 3,409,000

Total investments 12,648,180 14,621,733




3. INVESTMENTS (cont’d)

(i) AmAssurance Equity Fund (cont’d)

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2013 are as detailed below:

2013

No. of Cost Fair value Fair value as %

units RM RM of NAV

FVPTL:

Quoted equity securities:

ConstructionIJM Corporation Bhd 75,000 387,519 408,750 3.33%

FinanceMalayan Banking Bhd 75,000 627,704 701,250 5.72%

Industrial

DRB-HICOM Bhd 300,000 770,677 759,000 6.19%Perisai Petroleum Teknologi Bhd 525,000 592,752 567,000 4.62%Petronas Gas Bhd 46,500 860,277 883,500 7.20%

Infrastructure Project CompanyDigi.Com Bhd 86,000 399,296 398,180 3.25%

Plantation Boustead Holdings Bhd 100,000 529,007 513,000 4.18%

Trading & ServicesDialog Group Bhd 300,000 717,070 708,000 5.77%Perdana Petroleum Bhd 525,000 584,087 682,500 5.57%Sapurakencana Petroleum Bhd 375,000 789,938 1,125,000 9.17%Sime Darby Bhd 100,000 981,177 927,000 7.56%

Total investments at FVTPL 7,239,504 7,673,180 62.57%

The weighted average effective interest rates are as follows:

Weighted average effective interest rate per annum

2013 2012

% %

Deposits with licensed financial institutions 2.92 2.73





(ii) AmAssurance Bond Fund

2013 2012

RM RM

Unquoted corporate bonds 10,550,515 9,265,363 Unquoted unit and property trust funds 1,141,096 1,100,970 Deposits with licensed financial institutions 4,367,214 1,352,233

16,058,825 11,718,566

FVPTL:

Unquoted corporate bonds:Cost 10,533,053 9,066,520 Net unrealised gain 17,462 198,843 Fair value 10,550,515 9,265,363

Unquoted unit and property trust funds:Cost 1,013,758 980,625 Net unrealised gain 127,338 120,345 Fair value 1,141,096 1,100,970


LAR:







(ii) AmAssurance Bond Fund (cont’d)


2013


units RM RM of NAV

FVPTL:

Unquoted corporate bonds:

Abu Dhabi Commercial Bank-BGdue 22/11/2017 1,000,000 1,020,300 1,048,900 6.41%

RHB Bank Sub Debtdue 05/05/2017 1,300,000 1,300,000 1,302,340 7.95%

Encorp Systembilt Sdn

due 16/11/2018 1,300,000 1,292,720 1,321,320 8.07%Gulf Investment Corporation- G.S.C

due 01/03/2016 1,200,000 1,221,280 1,236,240 7.55%Special Power Vehicle Berhad

due 19/05/2016 625,000 1,004,250 881,688 5.38%Prominic Berhad due 05/05/2016 1,000,000 1,006,200 1,020,100 6.23%Sistem Penyuraian Trafik KL Barat

Sdn Bhd due 28/12/2018 1,300,000 1,335,880 1,362,270 8.32%Projek Lebuhraya Usahasama Berhad

due 10/01/2031 1,000,000 1,008,500 1,034,400 6.32%Binariang GSM Sdn Bhd due 28/12/2015 191,696 199,978 198,022 1.21%Sarawak Energy Bhd due 23/06/2026 1,050,000 1,143,945 1,145,235 6.99%

10,533,053 10,550,515 64.43%

Unquoted unit and property trust funds:AmBond Fund 882,589 1,007,582 6.15%AmDynamic Bond Fund 131,169 133,514 0.82%

1,013,758 1,141,096 6.97%Total investments at FVTPL 11,546,811 11,691,611 71.39%



2013 2012

% %

Unquoted corporate bonds - secured 0.49 1.77 Unquoted corporate bonds - unsecured 4.48 3.28 Deposits with licensed financial institutions 2.95 2.75





(iii) AmAssurance Balanced Fund

2013 2012

RM RM

Quoted equity securities 9,339,900 12,833,984 Unquoted corporate bonds 6,077,179 5,786,431 Quoted unit and property trust funds - 1,316,750 Deposits with licensed financial institutions 7,130,000 1,425,383

22,547,079 21,362,548

FVPTL:


Unquoted corporate bonds:Cost 6,177,165 5,753,295 Net unrealised (loss)/ gain (99,986) 33,136 Fair value 6,077,179 5,786,431

Quoted unit and property trust funds:Cost - 1,284,842 Net unrealised gain - 31,908 Fair value - 1,316,750


LAR:







(iii) AmAssurance Balanced Fund (cont’d)


2013


units RM RM of NAV

FVPTL:


FinanceMalayan Banking Bhd. 125,000 1,080,166 1,168,750 5.11%

Industrial Products

DRB-HICOM Bhd 375,000 971,954 948,750 4.14%

Perisai Petroleum Teknologi Bhd 800,000 898,250 864,000 3.77%Petronas Gas Bhd 27,000 519,472 513,000 2.24%

PlantationBoustead Holdings Bhd 150,000 789,838 769,500 3.36%

Trading & ServicesDialog Group Bhd 375,000 897,064 885,000 3.87%Perdana Petroleum Bhd 800,000 910,599 1,040,000 4.54%Sapurakencana Petroleum Bhd 525,000 1,116,320 1,575,000 6.88%Sime Darby Bhd 170,000 1,668,381 1,575,900 6.88%

8,852,044 9,339,900 40.80%


Abu Dhabi Commercial Bank-BGdue 22/11/2017 1,000,000 1,020,300 1,048,900 4.58%

Gulf Investment Corporation- G.S.C due 01/03/2016 1,000,000 1,000,000 1,030,200 4.50%

Special Power Vehicle Berhaddue 19/05/2016 1,062,500 1,707,225 1,498,869 6.55%

Encorp Systembilt Sdn Bhd due 16/11/2018 500,000 497,200 508,200 2.22%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 1,900,000 1,952,440 1,991,010 8.70%

6,177,165 6,077,179 26.55%Total investments at FVTPL 15,029,209 15,417,079 67.35%





(iii) AmAssurance Balanced Fund (cont’d)



2013 2012

% %

Unquoted corporate bonds - secured 0.85 1.28 Unquoted corporate bonds - unsecured 4.67 4.14 Deposits with licensed financial institutions 2.92 2.73

(iv) AmAssurance Dana Teguh

2013 2012

RM RM

Quoted equity securities 5,391,570 7,434,120 Unquoted corporate bonds 2,907,683 2,366,427 Quoted unit and property trust funds 303,489 293,655 Deposits with licensed financial institutions 4,308,000 2,827,762

12,910,742 12,921,964

FVPTL:


Unquoted corporate bonds:Cost 2,932,830 2,309,613 Net unrealised (loss)/ gain (25,147) 56,814 Fair value 2,907,683 2,366,427

Unquoted unit and property trust funds:Cost 274,859 267,602 Net unrealised gain 28,630 26,053 Fair value 303,489 293,655


LAR:







(iv) AmAssurance Dana Teguh (cont’d)


2013


units RM RM of NAV

FVPTL:


ConstructionHock Seng Lee Bhd 200,000 334,848 296,000 2.29%IJM Corporation Bhd 20,000 104,387 109,000 0.84%

Industrial Products

Perisai Petroleum Teknologi Bhd 500,000 564,424 540,000 4.18%Petronas Gas Bhd 46,500 860,502 883,500 6.84%


Trading & ServicesDialog Group Bhd 300,000 725,098 708,000 5.48%Perdana Petroleum Bhd 525,000 581,516 682,500 5.28%Sapurakencana Petroleum Bhd 250,000 539,928 750,000 5.80%Sime Darby Bhd 116,000 1,139,299 1,075,320 8.32%

5,219,720 5,391,570 41.72%


Special Power Vehicle Berhaddue 19/05/2016 375,000 602,550 529,013 4.09%

Encorp Systembilt Sdn Bhddue 16/11/2018 1,000,000 994,400 1,016,400 7.87%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 1,300,000 1,335,880 1,362,270 10.54%

2,932,830 2,907,683 22.50%

Unquoted unit and property trust funds:

AmBon Islam Fund 246,419 274,859 303,489 2.35% 274,859 303,489 2.35%






(iv) AmAssurance Dana Teguh (cont’d)



2013 2012

% %

Unquoted corporate bonds - secured - 1.91 Unquoted corporate bonds - unsecured 5.41 3.23 Deposits with licensed financial institutions 2.95 2.80

(v) AmAssurance AmOasis Islamic Equity Fund

2013 2012

RM RM

Quoted equity securities - 2,004,200 Unquoted unit and property trust funds 2,596,154 1,158,578 Deposits with licensed financial institutions 895,000 1,186,000

3,491,154 4,348,778

FVPTL:

Quoted equity securities:Cost - 2,055,660 Net unrealised loss - (51,460)Fair value - 2,004,200

Unquoted unit and property trust funds:Cost 2,680,921 1,490,584 Net unrealised loss (84,767) (332,006)Fair value 2,596,154 1,158,578


LAR:

Deposits with licensed financial institutions 895,000 1,186,000






(v) AmAssurance AmOasis Islamic Equity Fund (cont’d)


2013


units RM RM of NAV

FVPTL:


AmOasis Global Islamic Equity 2,869,947 2,680,921 2,596,154 75.69%




2013 2012

% %






(vi) AmAssurance Global Emerging Market Fund

2013 2012

RM RM

Unquoted unit and property trust funds 615,423 503,357 Deposits with licensed financial institutions 157,000 221,975

772,423 725,332

FVPTL:

Unquoted unit and property trust funds:Cost 634,301 529,640 Net unrealised loss (18,878) (26,283)Fair value 615,423 503,357

Total investments at FVTPL 615,423 503,357

LAR:

Deposits with licensed financial institutions 157,000 221,975

Total investments 772,423 725,332


2013


units RM RM of NAV

FVPTL:

Unquoted unit and property trust funds:AmCash Management 85,360 85,360 85,360 11.20%AmGlobal Emerging Market Opportunities 556,030 548,941 530,063 69.57%Total investments at FVTPL 634,301 615,423 80.77%



2013 2012

% %






(vii) AmAssurance Precious Metals Fund

2013 2012

RM RM

Unquoted unit and property trust funds 4,145,304 4,346,463 Deposits with licensed financial institutions 591,291 710,712

4,736,595 5,057,175

FVTPL:

Unquoted unit and property trust funds:Cost 6,395,025 5,469,773 Net unrealised loss (2,249,721) (1,123,310)Fair value 4,145,304 4,346,463


LAR:




2013


units RM RM of NAV

FVPTL:


Am Precious Metals 7,184,236 6,395,025 4,145,304 84.74%Total investments at FVTPL 6,395,025 4,145,304 84.74%



2013 2012

% %






(viii) AmAssurance Global Agribusiness Fund

2013 2012

RM RM

Unquoted unit and property trust funds 1,346,028 1,231,837 Deposits with licensed financial institutions 335,000 227,762

1,681,028 1,459,599

FVTPL:

Unquoted unit and property trust funds:Cost 1,186,187 1,148,882 Net unrealised gain 159,841 82,955 Fair value 1,346,028 1,231,837


LAR:




2013


units RM RM of NAV

FVPTL:


Am Global Agribusiness 1,382,527 1,186,187 1,346,028 81.22%Total investments at FVTPL 1,186,187 1,346,028 81.22%



2013 2012

% %






(ix) AmAssurance AmAsia Recovery CG Fund

02.07.2012 31.03.2012 RM RM

Structured product - 89,964,705 Deposits with licensed financial institutions - 878,792

- 90,843,497

FVTPL:

Structured product:Cost - 85,486,343 Net unrealised gain - 4,478,362 Fair value - 89,964,705

Total investments at FVTPL - 89,964,705

LAR:

Deposits with licensed financial institutions - 878,792

Total investments - 90,843,497



02.07.2012 31.03.2012

% %

Deposits with licensed financial institutions - 2.75 Floating rate negotiable instruments deposits - 4.93





(x) AmAssurance AmCommodity Stable CG Fund

2013 2012

RM RM

Structured product 4,603,312 4,576,856 Unquoted unit and property trust funds 88,854 78,013

4,692,166 4,654,869

FVTPL:

Structured product:Cost 4,715,094 4,715,094 Net unrealised loss (111,782) (138,238)Fair value 4,603,312 4,576,856

Unquoted unit and property trust funds:Cost 88,854 78,013 Net unrealised gain - - Fair value 88,854 78,013



2013


units RM RM of NAV

FVPTL:

Structured product:Floating Rate Negotiable Instrument

of Deposit Due 12/10/2015 5,045,920 4,715,094 4,603,312 113.63% 4,715,094 4,603,312 113.63%


AmCash Management Fund 35,072 35,072 35,072 0.87%AmIncome Fund 53,782 53,782 53,782 1.33%

88,854 88,854 2.19%Total investments at FVTPL 4,803,948 4,692,166 115.82%



2013 2012% %

Floating rate negotiable instrument of deposit due 12/10/2015 3.00 3.00





(xi) AmAssurance AmCurrency Income CG Fund

2013 2012

RM RM

Structured product 45,573,165 43,956,265 Deposits with licensed financial institutions 262,870 255,164

45,836,035 44,211,429

FVTPL:

Structured product:Cost 44,174,019 44,174,019 Net unrealised gain/(loss) 1,399,146 (217,754)Fair value 45,573,165 43,956,265


LAR:




2013


units RM RM of NAV

FVPTL:


of Deposit Due 16/08/2014 46,193,169 44,174,019 45,573,165 106.52%Total investments at FVTPL 44,174,019 45,573,165 106.52%



2013 2012

% %

Deposits with licensed financial institutions 3.00 2.98 Floating rate negotiable instrument of deposit

due 16/08/2014 4.57 4.57





(xii) AmAssurance AmCurrency Income II CG Fund

2013 2012

RM RM

Structured product 18,283,977 17,626,756 Deposits with licensed financial institutions 259,765 252,150

18,543,742 17,878,906

FVTPL:

Structured product:Cost 18,054,055 18,054,055 Net unrealised gain/(loss) 229,922 (427,299)Fair value 18,283,977 17,626,756


LAR:




2013


units RM RM of NAV

FVPTL:


of Deposit Due 20/03/2014 18,933,000 18,054,055 18,283,977 105.95%Total investments at FVTPL 18,054,055 18,283,977 105.95%



2013 2012

% %

Deposits with licensed financial institutions 3.00 2.98 Floating rate negotiable instrument of deposit

due 20/03/2014 4.85 4.85





(xiii) AmAssurance Dividend Fund

2013 2012

RM RM

Quoted equity securities 2,542,276 3,026,254 Unquoted unit and property trust funds 262,500 904,750 Deposits with licensed financial institutions 3,623,032 1,532,440

6,427,808 5,463,444

FVPTL:

Quoted equity securities:Cost 2,451,046 2,901,003 Net unrealised gain 91,230 125,251 Fair value 2,542,276 3,026,254

Quoted unit and property trust funds:Cost 262,953 885,706 Net unrealised (loss)/gain (453) 19,044 Fair value 262,500 904,750


LAR:







(xiii) AmAssurance Dividend Fund (cont’d)


2013


units RM RM of NAV

FVPTL:


FinanceMalayan Banking Bhd 50,000 426,295 467,500 7.36%Malaysian Building Society Bhd 125,000 280,543 342,500 5.39%

IndustrialCB Industrial Products Holdings Bhd 68,200 196,198 175,956 2.77%Petronas Gas Bhd 25,000 471,799 475,000 7.48%


PropertiesGlomac Bhd 200,000 167,973 197,000 3.10%

Trading & ServicesFaber Group Bhd 150,000 263,124 234,000 3.68%Media Chinese International Ltd 300,000 333,966 354,000 5.57%

2,451,046 2,542,276 40.04%

Quoted unit and property trust funds:

Hektar Real Estate Investment Trust 175,000 262,953 262,500 4.13% 262,953 262,500 4.13%




2013 2012

% %





4. DEFERRED TAXATION

The deferred tax liability/(asset) relate to unrealised capital gain/(losses) on investments of the respective Funds:


2013 2012

RM RM

At beginning of the year (8,138) 19,415 Recognised in the Statement of Income and Expenditure (Note 8) 42,832 (27,553)At end of the year 34,694 (8,138)


2013 2012

RM RM

At beginning of the year 30,533 5,524 Recognised in the Statement of Income and Expenditure (Note 8) (18,949) 25,009 At end of the year 11,584 30,533


2013 2012

RM RM

At beginning of the year (3,139) 26,284 Recognised in the Statement of Income and Expenditure (Note 8) 34,169 (29,423)At end of the year 31,030 (3,139)


2013 2012

RM RM

At beginning of the year 1,204 16,688 Recognised in the Statement of Income and Expenditure (Note 8) 12,823 (15,484)At end of the year 14,027 1,204


2013 2012

RM RM

At beginning of the year (30,678) (17,317)Recognised in the Statement of Income and Expenditure (Note 8) 23,897 (13,361)At end of the year (6,781) (30,678)




4. DEFERRED TAXATION (cont’d)


2013 2012

RM RM

At beginning of the year (2,103) 4,110 Recognised in the Statement of Income and Expenditure (Note 8) 593 (6,213)At end of the year (1,510) (2,103)


2013 2012

RM RM

At beginning of the year (89,864) (3,879)Recognised in the Statement of Income and Expenditure (Note 8) (90,114) (85,985)At end of the year (179,978) (89,864)


2013 2012

RM RM

At beginning of the year 6,637 12,568 Recognised in the Statement of Income and Expenditure (Note 8) 6,150 (5,931)At end of the year 12,787 6,637


02.07.2012 31.03.2012

RM RM

At beginning of the year 358,269 152,476 Recognised in the Statement of Income and Expenditure (Note 8) (358,269) 205,793 At end of the period/year - 358,269


2013 2012

RM RM

At beginning of the year (11,059) (15,165)Recognised in the Statement of Income and Expenditure (Note 8) 2,116 4,106 At end of the year (8,943) (11,059)




4. DEFERRED TAXATION (cont’d)


2013 2012

RM RM

At beginning of the year (17,421) (77,505)Recognised in the Statement of Income and Expenditure (Note 8) 129,353 60,084 At end of the year 111,932 (17,421)


2013 2012

RM RM

At beginning of the year (34,184) (13,062)Recognised in the Statement of Income and Expenditure (Note 8) 52,578 (21,122)At end of the year 18,394 (34,184)


2013 2012

RM RM

At beginning of the year/launch date of the fund 11,543 - Recognised in the Statement of Income and Expenditure (Note 8) (4,281) 11,543 At end of the year/period 7,262 11,543




5. UNITHOLDERS’ CAPITAL


2013 2012

No. of units RM No. of units RM

Amount received for creationsduring the year 6,879,809 4,250,677 15,853,631 11,974,079

Amount paid for cancellations dueto surrenders during the year (10,623,221) (7,218,256) (11,399,456) (8,296,137)

(3,743,412) (2,967,579) 4,454,175 3,677,942

Unitholders’ capital brought forward 18,633,446 14,593,717 14,179,271 11,475,270 Excess/ (deficit) of income over

outgo after taxation - 637,566 - (559,495) 14,890,034 12,263,704 18,633,446 14,593,717

Net asset value per unit at 31 March 0.8236 0.7832


2013 2012




5,340,506 3,978,833 (175,962) (109,017)

Unitholders’ capital brought forward 16,285,582 11,907,941 16,461,544 11,362,975 Excess of income over

outgo after taxation - 489,443 - 653,983 21,626,088 16,376,217 16,285,582 11,907,941





5. UNITHOLDERS’ CAPITAL (cont’d)


2013 2012




698,683 627,098 5,328,876 4,453,030





2013 2012




(1,003,224) (827,765) 7,780,941 6,071,223

Unitholders’ capital brought forward 16,672,811 13,129,324 8,891,870 7,049,872 Excess of income over outgo

after taxation - 620,844 - 8,229 15,669,587 12,922,403 16,672,811 13,129,324







2013 2012


Amount received for creationsduring the year 1,730,518 510,354 7,042,611 3,021,175


(2,580,395) (1,133,341) 427,178 206,757





2013 2012


Amount received for creationsduring the year 220,373 100,364 339,337 168,625

Amount paid for cancellations dueto surrenders during the year (145,087) (61,626) (211,672) (103,798)

75,286 38,738 127,665 64,827

Unitholders’ capital brought forward 1,460,756 721,580 1,333,091 722,767 Excess/ (deficit) of income over

outgo after taxation - 1,598 - (66,014) 1,536,042 761,916 1,460,756 721,580







2013 2012




1,814,376 769,277 3,468,426 1,641,902

Unitholders’ capital brought forward 12,020,242 5,160,542 8,551,816 4,540,004 Deficit of income over outgo

after taxation - (1,038,184) - (1,021,364) 13,834,618 4,891,635 12,020,242 5,160,542



2013 2012


Amount received for creationsduring the year 949,656 499,835 1,363,450 737,273


186,843 110,994 392,711 224,239









02.07.2012 31.03.2012


Amount paid for cancellations dueto surrenders during the year (67,725) (34,675) (2,970,816) (1,499,832)

(67,725) (34,675) (2,970,816) (1,499,832)

Unitholders’ capital brought forward 165,071,089 84,379,260 168,041,905 84,339,039 (Deficit)/excess of income

over outgo after taxation - (124,267) - 1,540,053 165,003,364 84,220,318 165,071,089 84,379,260

Net asset value per unitat 2 July 2012 /31 March 2012 0.5104 0.5112


2013 2012



(988,000) (470,015) (95,276) (45,651)

Unitholders’ capital brought forward 9,423,571 4,532,644 9,518,847 4,567,569 Excess of income

over outgo after taxation - 135,772 - 110,924 Coupon payment - (147,290) - (100,198)

8,435,571 4,051,111 9,423,571 4,532,644







2013 2012


Amount paid for cancellations dueto surrenders during the year (1,101,433) (554,228) (2,198,616) (1,083,495)

(1,101,433) (554,228) (2,198,616) (1,083,495)

Unitholders’ capital brought forwardat launch date 85,008,326 42,063,381 87,206,942 42,581,327

Excess of income over outgoafter taxation - 1,273,609 - 565,549

83,906,893 42,782,762 85,008,326 42,063,381



2013 2012


Amount paid for cancellations dueto surrenders during the year (1,003,094) (497,598) (1,304,100) (643,728)

(1,003,094) (497,598) (1,304,100) (643,728)

Unitholders’ capital brought forwardat launch date 35,273,557 17,238,342 36,577,657 18,213,206

Excess/ (deficit) of income over outgo after taxation - 516,733 - (331,136)

34,270,463 17,257,477 35,273,557 17,238,342







2013 2012


Amount received for creationsduring the year 1,132,657 591,011 10,570,844 5,283,559


893,230 471,145 10,492,470 5,253,589

Unitholders’ capital brought forward 10,492,470 5,443,904 - - Excess of income over outgo

after taxation 435,054 - 190,315 11,385,700 6,350,103 10,492,470 5,443,904





6. INTEREST INCOME


2013 2012 2013 2012

RM RM RM RM

Interest income from:Deposits with licensed

financial institutions 83,350 120,078 68,907 78,042 Malaysia government securities - - - 8,538 Corporate bonds - - 597,559 425,520

83,350 120,078 666,466 512,100


2013 2012 2013 2012

RM RM RM RM


financial institutions 88,749 100,931 85,862 85,910 Corporate bonds 460,601 343,156 197,302 127,965

549,350 444,087 283,164 213,875



2013 2012 2013 2012

RM RM RM RM


financial institutions 26,319 52,683 3,988 6,278



2013 2012 2013 2012

RM RM RM RM






6. INTEREST INCOME (cont’d)



01.04.2012 to

02.07.2012

01.04.2012 to

31.03.2012 2013 2012

RM RM RM RM





2013 2012 2013 2012

RM RM RM RM




01.04.2012 to

31.03.2013

27.10.2011 to

31.03.2012

RM RM

Interest income from:Deposits with licensed financial institutions 62,454 30,028




7. DIVIDEND INCOME


2013 2012 2013 2012

RM RM RM RM

Gross dividends from:Quoted equity securities in Malaysia 359,069 275,331 - 31,983 Quoted unit and property

trust funds in Malaysia - 11,630 - - Unquoted unit and property

trust funds in Malaysia - - 33,134 - 359,069 286,961 33,134 31,983


2013 2012 2013 2012

RM RM RM RM

Gross dividends from:Quoted equity securities in Malaysia 347,058 306,852 266,697 118,516 Quoted unit and property

trust funds in Malaysia - 67,979 7,258 - 347,058 374,831 273,955 118,516



2013 2012 2013 2012

RM RM RM RM

Gross dividends from:Quoted equity securities in Malaysia 42,450 28,972 - 1,281 Unquoted unit and property

trust funds in Malaysia - - 1,802 - 42,450 28,972 1,802 1,281

AmAssurance AmCommodity Stable CG Fund AmAssurance Dividend Fund

2013 2012

01.04.2012 to

31.03.2013

27.10.2011 to

31.03.2012

RM RM RM RM

Gross dividends from:Quoted equity securities in Malaysia - 2,037 286,806 42,177 Quoted unit and property

trust funds in Malaysia - - 9,400 9,585 Unquoted unit and property

trust funds in Malaysia 2,095 - - - 2,095 2,037 296,206 51,762




8. TAXATION


2013 2012 2013 2012

RM RM RM RM

Malaysian income tax:Current year’s provision 16,084 (17,672) 64,542 36,938

Deferred tax:Relating to origination and reversal of

temporary differences (Note 4) 42,832 (27,553) (18,949) 25,009 Tax expense for the year 58,916 (45,225) 45,593 61,947


2013 2012 2013 2012

RM RM RM RM

Malaysian income tax:Current year’s provision 30,905 (1,997) 40,836 21,037


temporary differences (Note 4) 34,169 (29,423) 12,823 (15,484)Tax expense for the year 65,074 (31,420) 53,659 5,553



2013 2012 2013 2012

RM RM RM RM

Malaysian income tax:Current year’s provision (3,706) 1,534 318 1,366


temporary differences (Note 4) 23,897 (13,361) 593 (6,213)Tax expense for the year 20,191 (11,827) 911 (4,847)




8. TAXATION (cont’d)



2013 2012 2013 2012

RM RM RM RM

Malaysian income tax:Current year’s provision 1,617 (817) 2,571 489


temporary differences (Note 4) (90,114) (85,985) 6,150 (5,931)Tax expense for the year (88,497) (86,802) 8,721 (5,442)



01.04.2012 to

02.07.2012

01.04.2012 to

31.03.2012 2013 2012

RM RM RM RM

Malaysian income tax:Current period’s/ year’s provision 522 1,948 12,144 8,073


temporary differences (Note 4) (358,269) 205,793 2,116 4,106 Tax expense for the period/ year (357,747) 207,741 14,260 12,179







2013 2012 2013 2012

RM RM RM RM

Malaysian income tax:Current year’s provision 621 8,338 614 743


temporary differences (Note 4) 129,353 60,084 52,578 (21,122)Tax expense for the year 129,974 68,422 53,192 (20,379)


01.04.2012 to

31.03.2013

27.10.2011 to

31.03.2012

RM RM

Malaysian income tax:Current year’s provision 41,267 5,449

Deferred tax:Relating to origination and reversal of temporary differences (Note 4) (4,281) 11,543 Tax expense for the year/period 36,986 16,992

The tax charge on the Funds relates to investment income received and gain on disposal of investments during the year/period, at the preferential tax rate of 8% (2012: 8%) in accordance with the method prescribed under the Income Tax Act, 1967 for life insurance business.





A reconciliation of income tax expense applicable to the excess/(deficit) of income over outgo before taxation at the income tax rate applicable to the investment-linked funds, to income tax expense at the effective income tax rate, is as follows:


2013 2012 2013 2012

RM RM RM RM

Excess/ (deficit) of income over outgobefore taxation 696,482 (604,720) 535,036 715,930

Taxation at Malaysian tax charge of 8% 55,719 (48,378) 42,803 57,275 Income not subject to tax (12,926) (14,039) (8,651) (4,765)Expenses not deductible for tax purposes 16,123 17,192 11,441 9,437

58,916 (45,225) 45,593 61,947


2013 2012 2013 2012

RM RM RM RM

Excess/ (deficit) of income over outgobefore taxation 816,848 (514,191) 674,503 13,782

Taxation at Malaysian tax charge of 8% 65,349 (41,135) 53,960 1,104 Income not subject to tax (22,627) (12,117) (15,359) (6,288)Expenses not deductible for tax purposes 22,352 21,832 15,058 10,737

65,074 (31,420) 53,659 5,553



2013 2012 2013 2012

RM RM RM RM

Excess/ (deficit) of income over outgobefore taxation 235,856 (176,356) 2,509 (70,861)

Taxation at Malaysian tax charge of 8% 18,869 (14,108) 201 (5,668)Income not subject to tax (1,528) (1,728) (145) (103)Expenses not deductible for tax purposes 2,850 4,009 855 924

20,191 (11,827) 911 (4,847)







2013 2012 2013 2012

RM RM RM RM

(Deficit)/excess of income over outgobefore taxation (1,126,681) (1,108,166) 95,997 (79,371)

Taxation at Malaysian tax charge of 8% (90,134) (88,653) 7,680 (6,350)Expenses not deductible for tax purposes 1,637 1,851 1,041 908

(88,497) (86,802) 8,721 (5,442)



01.04.2012 to

31.03.2013

27.10.2011 to

31.03.2012 2013 2012

RM RM RM RM

(Deficit)/excess of income over outgobefore taxation (482,014) 1,747,794 150,032 123,103

Taxation at Malaysian tax charge of 8% (38,561) 139,824 12,003 9,848 Income not subject to tax (337,093) - (168) (163)Expenses not deductible for tax purposes 17,907 67,917 2,425 2,494

(357,747) 207,741 14,260 12,179





AmAssurance AmCurrency

Income CG Fund AmAssurance AmCurrency

Income II CG Fund

2013 2012 2013 2012

RM RM RM RM

Excess/ (deficit) of income over outgobefore taxation 1,403,583 633,971 569,925 (351,515)

Taxation at Malaysian tax charge of 8% 112,287 50,717 45,594 (28,121)Expenses not deductible for tax purposes 17,687 17,705 7,598 7,742

129,974 68,422 53,192 (20,379)


01.04.2012 to

31.03.2013

27.10.2011 to

31.03.2012

RM RM

Excess of income over outgobefore taxation 472,040 207,307

Taxation at Malaysian tax charge of 8% 37,763 16,585 Income not subject to tax (7,982) (2,626)Expenses not deductible for tax purposes 7,205 3,033

36,986 16,992




9. COMPARATIVES

The current year financial information for AmAssurance AmAsia Recovery CG Fund has been prepared for the period from 1 April 2012 to 2 July 2012. Therefore, the current year statement of income and expenditure and statement of changes in net asset value and related notes of AmAssurance AmAsia Recovery CG Fund are not comparable.

The comparative financial information for AmAssurance Dividend Fund covered the period from the date of launch on 27 October 2011 to 31 March 2012. Therefore, the comparative amounts for the statement of income and expenditure and statement of changes in net asset value and related notes for AmAssurance Dividend Fund are not comparable.

Dana Berkaitan PelaburanLaporan Tahunan Bagi Tahun Kewangan Berakhir 31 March 2013

AmLife Insurance Berhad (15743-P)

Ahli PIDM

ISI KANDUNGAN

Objektif Dana Berkaitan Pelaburan

Ulasan Pasaran

Tinjauan Pelaburan

Strategi Pelaburan

Prestasi Dana

Pecahan Sektor & Kategori

Jadual Perbandingan: Prestasi Dana

Jadual Perbandingan: Nilai Aset Bersih, Jumlah Unit & Harga Unit

Ringkasan Maklumat Kewangan

Muka Surat

126

128

138

144

148

160

168

170

177

OBJEKTIF DANA BERKAITAN PELABURAN

127AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi Tahun Kewangan Berakhir 31 Mac 2013

Dana AmAssurance EquityDana bertujuan untuk menyediakan Pemegang Polisi dengan pertumbuhan modal, dalam satu tempoh pelaburan jangka masa sederhana ke panjang, terutamanya melalui pelaburan di dalam sekuriti Malaysia dengan potensi pertumbuhan yang menggalakkan.

Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

Dana AmAssurance BondDana bertujuan untuk menyediakan Pemegang Polisi dengan satu peluang untuk mendapatkan pendapatan yang lebih tinggi daripada pendapatan purata yang diperoleh daripada deposit tetap, selama satu tempoh pelaburan jangka masa panjang, terutamanya melalui pelaburan di dalam pelbagai portfolio sekuriti berpendapatan tetap.


Dana AmAssurance BalancedDana bertujuan untuk menyediakan Pemegang Polisi dengan satu peluang untuk mendapatkan pendapatan yang lebih tinggi daripada pendapatan purata yang boleh diperoleh daripada deposit tetap berisiko lebih rendah berbanding dengan dana ekuiti penuh, selama satu tempoh pelaburan jangka masa sederhana.


Dana AmAssurance Dana TeguhDana bertujuan untuk menyediakan Pemegang Polisi dengan satu peluang untuk mendapatkan pendapatan yang lebih tinggi daripada pendapatan purata yang diperoleh daripada deposit tetap berisiko lebih rendah berbanding dengan dana ekuiti penuh, selama satu tempoh pelaburan jangka masa sederhana, melalui pendedahan di dalam ekuiti-ekuiti Malaysia yang mematuhi hukum Syariah dan/atau sekuriti-sekuriti berkaitan ekuiti dan sekuriti berpendapatan tetap.


Dana AmAssurance DividendDana berusaha untuk menyediakan Pemegang Polisi dengan jumlah pulangan terutamanya melalui pelaburan di dalam ekuiti dan syarikat-syarikat sekuriti berkaitan ekuiti yang menawarkan pembayaran dividen yang mampan dan hasil yang menarik, dengan penekanan ke atas peluang peningkatan modal jangka masa panjang.

Peluang akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

Dana AmAssurance AmOasis Islamic EquityDana berusaha untuk mencapai modal sederhana dan apresiasi pendapatan selama satu tempoh jangka masa

OBJEKTIF DANA BERKAITAN PELABURAN

sederhana ke panjang dengan melabur di dalam saham-saham syarikat-syarikat global yang mematuhi hukum Syariah melalui pelaburan di dalam: 1) Dana AmOasis Global Islamic Equity (Unit

Amanah– AmInvestment) 2) Pendedahan ekuiti kepada kaunter-kaunter

lulus Syariah yang tersenarai di Bursa Malaysia.


Dana AmAssurance Global Emerging MarketDana berusaha untuk mencapai apresiasi modal jangka masa panjang melalui pelaburan terutamanya di dalam: 1) Dana AmGlobal Emerging Market Opportunities

(Unit Amanah – AmInvestment Management Sdn Bhd)

2) Pendedahan ekuiti kepada kaunter-kaunter yang tersenarai di Bursa Malaysia.

Dana AmAssurance Global AgribusinessDana berusaha untuk mencapai apresiasi modal jangka masa panjang melalui pelaburan terutamanya di dalam Dana Sasaran, Dana AmGlobal Agribusiness (Unit Amanah – AmInvestment Management Sdn Bhd), yang melabur di dalam portfolio ekuiti terpilih perniagaan-agro. Perniagaan-agro adalah satu istilah umum yang merujuk kepada pelbagai perniagaan yang terlibat di dalam pengeluaran produk makanan.

Dana AmAssurance Precious MetalsDana berusaha untuk mencapai apresiasi modal jangka masa panjang melalui pelaburan terutamanya di dalam Dana Sasaran, Dana AmPrecious Metals (Unit Amanah – AmInvestment Management Sdn Bhd), yang melabur di dalam portfolio ekuiti global yang mematuhi hukum Syariah dan syarikat-syarikat sekuriti berkaitan ekuiti yang menjalankan aktiviti-aktiviti berkaitan emas, perak, platinum atau logam berharga yang lain.

Dana AmAssurance AmCurrency Income Capital Guaranteed

Dana berusaha untuk menyediakan pertumbuhan modal sepanjang tempoh masa Dana di samping menyediakan perlindungan modal pada Tarikh Matang.

Dana AmAssurance AmCurrency Income II Capital Guaranteed


Dana AmAssurance AmCommodity Stable Capital Guaranteed


ULASAN PASARAN


Ulasan Pasaran Dana AmAssurance Equity, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance Dividend

KLCI dan FBM Hijrah Shariah memulakan tahun kewangan pada 2 April 2012 masing-masing pada 1,604 mata dan 11,577 mata, dengan menghadapi tekanan jualan yang berterusan yang disebabkan oleh faktor risiko luaran dan tempatan: luaran – disebabkan oleh krisis hutang Euro yang masih berlarutan, dan tempatan – disebabkan oleh desas desus menjelang pilihan raya umum ke-13 (PRU ke-13). Dengan menjunam sebanyak 4.6%, KLCI merosot sebanyak 75 mata kepada serendah 1,532 mata pada 18 Mei 2012. Walau bagaimanapun, pada September, sentimen menjadi bertambah baik berikutan angka KDNK suku kedua Malaysia yang lebih baik dan data pekerjaan bulan Julai di Amerika Syarikat yang lebih kukuh. Berikutan sentimen yang bertambah baik ini, KLCI pulih dan mengimbangi kerugian sebelum ini. Pada 4 September, KLCI melonjak ke paras yang lebih tinggi kepada 1,654 mata manakala FBM Hijrah melonjak kepada 12,409.6 mata.

Tekanan jualan muncul semula meskipun (i) Amerika Syarikat menjalankan langkah-langkah pelonggaran kuantitatif terbuka (ii) Bank Pusat Eropah (ECB) melancarkan program belian bon bagi Eurozone yang bermasalah, dan (iii) Jepun menambah ¥11 trilion kepada program pembelian asetnya. Langkah-langkah pelonggaran kuantitatif ini, yang mana sasaran jangka pendeknya ialah bertujuan untuk menggalakkan lebih kecairan dalam pasaran, gagal memberikan jaminan kepada para pelabur bahawa pelonggaran kuantitatif boleh membawa kepada tinjauan ekonomi yang lebih baik. Situasi tersebut diburukkan lagi oleh pertumbuhan ekonomi di India dan China yang lebih rendah daripada jangkaan. Dalam negeri, spekulasi tentang PRU ke-13 timbul semula. Berikutan itu, KLCI dilihat menjejak semula kepada 1,612 mata pada 24 September 2012. Belian tempatan yang berterusan, kecairan yang tinggi, ditambah dengan minat para pelabur asing, yang mengambil kesempatan ke atas pengukuhan Ringgit, melonjakkan KLCI ke paras tertinggi pada 1 November 2012 iaitu kepada 1,675 mata.

Walau bagaimanapun, keadaan itu hanya sementara di mana KLCI mengalami pembalikan mendadak sebanyak 77 mata, mencapai serendah 1,598 mata pada 27 November 2012, dicetuskan oleh aliran berita berikut: (1) ancaman oleh cenuram fiskal (fiscal cliff) di Amerika Syarikat ke atas ekonomi global yang lain, (2) kesukaran Greece untuk mencari penyelesaian yang berkesan untuk menyambung pembiayaannya, (3) spekulasi timbul lagi di pasaran tempatan bahawa parti pemerintah, Barisan Nasional, akan mengumumkan pembubaran Parlimen selepas perhimpunan agung UMNO, dan (4) kejatuhan harga Minyak Sawit Mentah yang disebabkan oleh pertambahan dalam inventori. Ketika memasuki bulan Disember, berita sedemikian hilang tarikannya di mana KLCI melantun semula, mengakhiri 31 Disember 2012 dengan 1,689 mata, iaitu peningkatan sebanyak 85 mata (atau 5.3%) daripada 1,604 mata pada 2 April 2012. Momentum tersebut berterusan sehingga Januari 2013, dengan penanda aras mencapai paras tertinggi dalam 12 bulan iaitu kepada 1,694 mata pada 7 Januari 2013.

Selepas itu, sentimen negatif wujud, dicetuskan oleh tindakan Bank Dunia yang mengurangkan ramalan KDNK dunia, ditambah dengan pengecutan yang tidak dijangka ke atas ramalan KDNK Suku ke-4 di Amerika Syarikat. Ini diburukkan lagi oleh berita tentang peningkatan kerisauan terhadap kesan penularan kemungkiran pembayaran hutang kerajaan Cyprus dan kebuntuan pilihan raya Itali di Eurozone, dan oleh kemunculan semula spekulasi tentang PRU ke-13 di pasaran tempatan. KLCI dan FBM Hijrah Shariah masing-masing ditutup pada 1,671.63 mata dan 12,361.9 mata pada akhir Mac 2013. Bagi tempoh yang disemak (1 April 2012 – 31 Mac 2013), KLCI dan FBM Hijrah Shariah memberikan prestasi yang sederhana masing-masing sebanyak 4.2% dan 6.8%.

(Oleh AmLife Insurance Berhad)

Ulasan Pasaran Dana AmAssurance Bond

Pasaran Ringgit bon Kerajaan bersaing dengan hasil Sekuriti Kerajaan Malaysia (MGS) 10 tahun dan 20 tahun yang mana masing-masing merosot sebanyak 21 mata asas (bps) dan 24 bps untuk mengakhiri tahun pada 3.48% dan 3.83% semasa penyusutan tekanan inflasi. Inflasi teras berkurang kepada 1.0% pada November daripada 1.1% pada Oktober, mengurangkan kebimbangan mengenai tekanan harga permintaan. Semasa Januari hingga November 2012, inflasi utama kekal rendah pada 1.7% berbanding 3.2% pada tahun sebelumnya. Purata pertumbuhan eksport dari Januari hingga November 2012 ialah 1.6% berbanding dengan purata 9.3% bagi tempoh yang sama pada 2011.

Jawatankuasa Dasar Monetari Bank Negara Malaysia (BNM), yang berjumpa dalam enam mesyuarat jawatankuasa dasar monetari (MPC) berjadual tahunannya, telah mengekalkan penanda aras Kadar Dasar Semalaman (KDS) tidak berubah pada 3.00% pada setiap mesyuarat sebagaimana yang dijangkakan. Meskipun kebanyakan bank pusat serantau telah mengumumkan penurunan kadar faedah untuk menggalakkan ekonomi masing-masing, pada pandangan kami keputusan BNM untuk mengekalkan kadar penanda aras boleh difahami disebabkan oleh permintaan dalam negeri

ULASAN PASARAN


yang kekal kukuh dalam tempoh yang sama. Mesyuarat MPC yang terakhir pada November 2012 merupakan kali yang kesembilan berturut-turut di mana KDS telah dikekalkan sejak Julai 2011. Penggubal dasar menganggap kadar ini adalah bersesuaian kerana mereka menjangkakan permintaan dalam negeri akan kekal tidak berubah disebabkan oleh kedua-dua perbelanjaan pengguna dan pelaburan yang terus meningkat. Walau bagaimanapun persekitaran luaran masih memberikan cabaran kepada sektor eksport Malaysia. Malah permintaan dalam negeri memainkan peranan penting dalam mengekalkan KDNK negara lebih daripada 5.0% dalam tiga suku pertama 2012. Tambahan pula Malaysia perlu menangani masalah ketidakseimbangan yang semakin meningkat dalam kunci kira-kira isi rumah di mana nisbah hutang isi rumah kepada KDNK telah meningkat menjadi 76.6% pada Disember 2011, yang merupakan antara yang tertinggi di rantau ini.

Dalam Bajet 2013, kerajaan telah melanjutkan program bantuan tunai berjumlah MYR3.0 bilion di bawah skim Bantuan Rakyat 1 Malaysia 2.0 (BR1M 2.0) yang memberikan manfaat kepada 4.3 juta isi rumah dan 2.7 juta individu bujang. Semasa pembentangan Bajet 2013, kerajaan memberikan komitmen untuk mengurangkan nisbah defisit fiskal negara kepada KDNK kepada 4.0% pada 2013. Kerajaan juga berjanji untuk memastikan nisbah hutang Kerajaan Persekutuan kepada KDNK tidak melebihi paras sasaran sebanyak 55%. Kami percaya sasaran ini boleh dicapai kerana ia boleh memilih untuk menggunakan pembiayaan di luar kunci kira-kira melalui pasaran bon Dijamin Kerajaan (GG). Justeru itu, kami menyaksikan peningkatan dalam hutang yang dijamin kerajaan. Walau bagaimanapun, risiko peningkatan tersebut diimbangi sebahagiannya oleh kecairan yang amat tinggi dalam pasaran bon tempatan sebagaimana yang dilihat kini. Secara keseluruhannya, kami tidak menjangka wujudnya sebarang unsur negatif yang akan memberi kesan terhadap penarafan kredit kerajaan Malaysia.

MGS merekodkan minat belian bersih sepanjang 2012, dibantu oleh perubahan aliran sekuriti di sebalik risiko pertumbuhan dan inflasi yang rendah. Minat pelabur asing dalam segmen sedemikian khususnya membantu meningkatkan keuntungan disebabkan oleh pencarian pulangan yang lebih tinggi oleh pelabur asing, terutamanya disebabkan daripada kecairan global yang bertambah apabila FED dan bank pusat lain melaksanakan pelonggaran kuantitatif mereka. Walau bagaimanapun terdapat beberapa tempoh di sepanjang tempoh segmen di mana wujudnya jualan bersih, seperti tiada suku pertama dan ketiga 2012 apabila pelabur yang sebelum ini menjangkakan bahawa Bank Negara telah bersedia untuk mengurangkan KDS di bawah paras 3.00%, berasa kecewa dan bertindak mengambil untung.

Di samping saiz dana yang boleh dilaburkan yang semakin meningkat di kalangan pelabur tempatan, aliran masuk dana asing yang besar juga telah menjadi faktor yang menekan hasil MGS menjadi lebih rendah. Pemegangan asing dalam MGS meningkat kepada MYR129.7 bilion pada Disember 2012, bersamaan dengan kira-kira 44% daripada amaun tertunggak, yang merupakan paras tertinggi setakat ini. Suntikan kecairan oleh bank pusat utama di negara-negara maju telah mencetuskan aliran modal ke rantau ini, yang juga dipamerkan melalui pengukuhan mata wang tempatan. Ringgit mengukuh 3.5% berbanding USD untuk menutup tahun pada 3.0580 bagi setiap USD.

Pada masa ini, dana asing merupakan pemegang terbesar MGS, malah memegang amaun yang lebih tinggi daripada Kumpulan Wang Simpanan Pekerja (EPF). Di sebalik latar belakang Pelonggaran Kuantitatif ke-3 dan rancangan belian aset bank pusat yang lain, pasaran MGS terus menjadi kegemaran pelabur-pelabur asing. Selain itu, perbezaan kadar faedah positif antara Malaysia dan negara-negara maju serta penarafan kredit kerajaan yang stabil akan terus menarik dana asing ke pasaran MGS.


Ulasan Pasaran Dana AmAssurance AmOasis Islamic Equity (Dana Sasaran: Dana AmOasis Global Islamic Equity)

Ekonomi global telah mengalami perubahan yang signifikan sepanjang dekad yang lampau dengan negara-negara membangun mula mengambil tempat di hadapan. Peningkatan yang ketara semasa tempoh dalam kedudukan fiskal dan kewangan ekonomi-ekonomi membangun ini telah membawa kepada pengukuhan mata wang mereka berbanding pasaran maju. Selain itu, permintaan yang kukuh dan ledakan yang menyusuli telah menyebabkan peningkatan ketara dalam kos, terutamanya tenaga buruh. Ini telah menyebabkan daya saing ekonomi ini merosot berbanding dengan pasaran maju utama. Menyedari akan peningkatan dalam pembandaran dan populasinya yang besar, ekonomi membangun berusaha untuk menggalakkan perbelanjaan pengguna bagi fasa pertumbuhan seterusnya. Oleh itu, walaupun ekonomi membangun diramal akan kekal sebagai pemacu utama pertumbuhan ekonomi dunia, sumber pertumbuhan dalam ekonomi ini dijangka akan berubah dalam 10-20 tahun akan datang. Ekonomi maju juga menghadapi persekitaran yang sukar tetapi ianya masih boleh memberikan pertumbuhan, walaupun rendah namun positif dalam beberapa tahun akan datang. Amerika Utara khususnya sedang mengalami kebangkitan semula dalam sektor pembuatan dan sumber, yang boleh menyokong pertumbuhan ekonomi global dalam jangka masa sederhana. Walau bagaimanapun, defisit fiskal dan

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paras hutang kerajaan Amerika Syarikat adalah tinggi dan keraguan yang menyelubungi had hutang Amerika Syarikat mungkin memberi tekanan ke atas pelaburan pada masa terdekat. Risiko politik di kawasan Euro kekal tinggi sementara usaha untuk menyatukan fiskal masa hadapan perlu diuruskan dengan berhati-hati. Dalam jangka pendek, ekonomi global kekal sukar tetapi terdapat sedikit momentum positif di Amerika Syarikat dan China pada bulan-bulan terakhir ini yang memberikan petanda peningkatan dalam pertumbuhan ekonomi pada tahun seterusnya.

Pasaran ekuiti global agak memberangsangkan pada 2012 di sebalik cabaran ekonomi yang dihadapi oleh dunia maju. Pelabur optimistik sepanjang 2012 didorong terutamanya oleh komitmen bank-bank pusat untuk mengekalkan kadar faedah pada tahap yang rendah dan memberikan kecairan yang tinggi bagi pasaran modal. Pada pandangan kami, walaupun langkah-langkah rangsangan ini memberikan dorongan kepada prestasi pasaran ekuiti, isu struktur yang menyelubungi hutang kerajaan di dunia maju masih belum selesai. Langkah penjimatan di Eropah dan tekanan fiskal di Amerika Syarikat berpotensi untuk membawa kepada kejatuhan pertumbuhan ekonomi masa hadapan apabila ekonomi ini melupuskan lebihan masa lepasnya. Walau bagaimanapun, ketika ketidaktentuan makro berterusan, pasaran global pada umumnya didagangkan pada diskaun kepada penilaian purata jangka panjangnya yang memberikan sedikit kelegaan kepada pelabur. Tambahan pula, kami berasa agak optimistik terhadap ekuiti global kerana ketika kerajaan global masih bergelut untuk menguruskan kewangan mereka, syarikat-syarikat besar yang berkualiti tinggi, yang mempunyai kelebihan daya saing yang ketara, terus menghasilkan aliran tunai yang teguh dan mengukuhkan kunci kira-kira mereka.

(Oleh AmInvestment Services Berhad)

Ulasan Pasaran Dana AmAssurance Global Emerging Market (Dana Sasaran: Dana AmGlobal Emerging Market Opportunities)

Pasaran ekuiti global mencatatkan pulangan positif yang kukuh dalam tahun yang berakhir pada Mac 2013. Pertumbuhan di Amerika Syarikat telah beransur-ansur menunjukkan tanda-tanda pembaikan dan penghindaran “cenuram fiskal (fiscal cliff)” pada permulaan 2013 adalah positif bagi sentimen pasaran. Sementara itu, pasaran Jepun telah mendapat manfaat baru-baru ini daripada pelantikan gabenor Bank Jepun yang baharu dengan mandat untuk menghapuskan deflasi dan kedudukan persaingan yang bertambah baik memandangkan Yen merosot mendadak. Bank-bank pusat utama mengekalkan dasar monetari yang longgar sepanjang tempoh dengan kedua-dua Bank Rizab Persekutuan dan Bank Pusat Eropah mengumumkan langkah-langkah pelonggaran kuantitatif pada September 2012 dan mengesahkan semula komitmen mereka untuk dasar monetari yang akomodatif baru-baru ini. Di China, data yang dikeluarkan menunjukkan tanda-tanda kestabilan pertumbuhan ekonomi pada tahap lebih rendah. Walau bagaimanapun, kebimbangan mengenai peningkatan kepentingan kewangan “perbankan oleh pengantara bukan bank (shadow banking)” dan tindakan pihak berkuasa untuk menyekat pertumbuhan harga harta tanah telah membebankan pasaran. Secara keseluruhannya, ekuiti pasaran baru muncul menjana pulangan positif yang sedikit sepanjang tempoh, dengan prestasi lebih rendah daripada dunia maju.

Pada permulaan tempoh, pasaran teras kami merupakan China, Mesir, Korea Selatan, Thailand dan Rusia. Turki ditambah ke dalam senarai teras pada permulaan September 2012 dan China dikeluarkan pada awal Oktober 2012. Portfolio tersebut diubah kedudukannya dengan berhati-hati daripada permulaan tempoh hingga November 2012, terutamanya disebabkan kewujudan risiko hujung yang signifikan berpunca daripada dunia maju. Oleh itu, portfolio mempunyai peruntukan tunai kira-kira 15-20%. Pada awal November kami mengurangkan kedudukan tunai kami tetapi memperuntukkan pelaburan sebanyak 5% bagi bon Mexico yang menawarkan hasil yang menarik secara relatif di negara di mana kebimbangan tentang inflasi adalah minimum dan mata wang dinilai dengan baik. Walau bagaimanapun, disebabkan pengurangan dalam risiko hujung yang dilihat menjelang akhir 2012, kami mengubah dana ke kedudukan yang neutral terhadap pasaran dengan mengurangkan kedudukan tunai dan menjual pendedahan bon Mexico kami untuk membiayai pembelian ekuiti, menjadikan dana dilaburkan sepenuhnya. Pada umumnya, tumpuan kami kekal pada syarikat-syarikat berkualiti tinggi, contohnya syarikat dengan kunci kira-kira yang kukuh, Pulangan Pelaburan yang tinggi dan aliran tunai bebas yang teguh.

Turki, iaitu pasaran beta lebih tinggi mencatatkan pulangan positif yang kukuh. Ekonomi tersebut berjaya mencapai pertumbuhan yang perlahan pada 2012 pada 2.75% bagi tahun lengkap. Kerajaan dan konsensus menjangkakan pertumbuhan akan kembali meningkat kepada 4% pada 2013. Defisit akaun semasa menjadi sederhana kepada 5.9% pada akhir 2012, di bawah sasaran kerajaan sebanyak 7.3%. Sentimen turut disokong oleh kecairan global yang tinggi dan dua peningkatan kepada penarafan hutang kerajaan negara; satu daripada Fitch Ratings pada November 2012 kepada gred pelaburan dan satu lagi daripada Standard & Poor’s pada Mac 2013 daripada BB ke BB+.

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Thailand turut menjana pulangan yang kukuh pada tempoh ini apabila ekonomi terus menunjukkan tanda-tanda melantun balik berikutan banjir yang melanda pada 2011. KDNK berkembang pada kadar tahunan sebanyak 18.9% semasa Q4 2012. Untuk melonjakkan lagi sentimen, bank pusat menaikkan ramalan pertumbuhannya bagi 2013 kepada 4.9% pada Januari 2013 (dan sekali lagi kepada 5.1% pada April) dan Fitch Ratings menaikkan penarafan hutang kerajaan negara tersebut kepada BBB+ pada Mac 2013. Penggunaan dalam negeri kekal anjal sepanjang tempoh dan keyakinan pengguna adalah tinggi. Inflasi berada dalam kedudukan yang baik, membolehkan bank pusat mengurangkan kadar faedah sebanyak 25 bps kepada 2.75% pada Oktober.

China menghasilkan pulangan positif sepanjang tahun berakhir pada Mac 2013 apabila data makroekonomi yang dikeluarkan menunjukkan kestabilan dalam pertumbuhan ekonomi, walaupun pada tahap yang lebih rendah daripada yang disaksikan sebelum ini (angka tahunan 2012 sebanyak 7.8% ialah bacaan terendah sejak 1999). Berikutan persekitaran inflasi yang baik, bank pusat boleh menurunkan nisbah keperluan rizab dan kadar faedah sebanyak dua kali sejak Jun 2012, bersama dengan kelulusan projek baru yang pesat. Dalam tempoh tersebut, sentimen turut disokong oleh ketidaktentuan politik yang semakin berkurang apabila Xi Jinping telah diumumkan sebagai pemimpin China yang baharu sebagaimana yang dijangka ramai. Walau bagaimanapun, baru-baru ini pasaran ekuiti telah terjejas oleh kebimbangan terhadap kewangan “perbankan oleh perantara bukan bank (shadow banking)” yang semakin penting dan tindakan oleh pihak berkuasa untuk menyekat pertumbuhan harga harta tanah.

Pasaran Korea mencatatkan pulangan positif yang kecil sepanjang tempoh ini. Sentimen disokong oleh beberapa langkah rangsangan yang dirangka untuk melonjakkan pertumbuhan ekonomi yang merosot (yang merupakan 2% bagi tahun lengkap 2012). Ini termasuk pakej rangsangan US$5.2 bilion dan rancangan oleh Presiden Park Geun Hye untuk membelanjakan lebih daripada 60% daripada bajet 2013 dalam separuh tahun pertama. Bank pusat juga telah mengurangkan kadar faedah daripada 3.25% kepada 2.75% dalam tempoh tersebut. Walau bagaimanapun, Yen yang lemah telah menyebabkan kelemahan dalam sektor eksport (Jepun ialah salah satu pesaing eksport utama Korea, terutamanya bagi pembuatan kereta). Tambahan pula, peningkatan ketegangan ke atas semenanjung Korea dengan Korea Utara mengisytiharkan “perang” ke atas Korea Selatan telah membebankan sentimen baru-baru ini.

Prestasi pasaran ekuiti Mesir adalah lemah pada tempoh ini. Pada akhir Jun, calon Muslim Brotherhood, Mohammad Mursi, telah mengangkat sumpah sebagai presiden Mesir pertama dari kalangan orang awam yang dilantik secara demokrat. Walau bagaimanapun, keyakinan pasaran terjejas akibat pergolakan politik yang meluas, terutamanya berikutan tindakan Mursi menambah kuasa presidennya pada November, yang mencetuskan kemarahan awam dan menyebabkan pasaran ekuiti menjunam. Ketidaktentuan politik yang bermula semula berikutan ancaman parti pembangkang untuk memulaukan pilihan raya parlimen pada bulan-bulan terkini dan penangguhan berterusan dalam memuktamadkan perjanjian pinjaman IMF turut membebankan sentimen. Dari segi ekonomi, tahap rizab asing telah merosot, inflasi telah meningkat dan nilai pound Mesir telah menyusut dengan signifikan. Negara tersebut turut terjejas disebabkan oleh ketiga-tiga agensi penarafan utama telah menurunkan penarafan kredit kerajaan Mesir.

Pasaran ekuiti di Rusia menghadapi jualan mendadak, mencerminkan kelemahan secara umum dalam harga tenaga sepanjang tempoh ini. Pertumbuhan ekonomi menjadi perlahan sehingga ke paras terburuknya sejak 2009 iaitu pada 3.4% bagi tahun penuh 2012 dan inflasi meningkat ke tahap paling tinggi sepanjang tempoh, disebabkan oleh peningkatan harga utiliti terutamanya yang berlaku pada Julai. Bank pusat telah mengetatkan dasar monetari melalui gabungan kadar dasar yang tinggi dan koridor kadar faedah yang lebih terhad. Dari segi positifnya, penggunaan dalam negeri adalah kukuh dan telah disokong oleh data berkaitan pasaran buruh yang positif termasuk kadar pengangguran yang rendah dan pertumbuhan gaji sebenar yang teguh. Di samping itu, kerajaan sedang merangka dan melaksanakan program pemulihan pada tahap mikro dalam cubaan untuk menambahbaik pelaburan.


Ulasan Pasaran Dana AmAssurance Global Agribusiness (Dana Sasaran: Dana AmGlobal Agribusiness)

Selepas prestasi yang lembap pada permulaan 2012, pasaran beransur-ansur menyedari akan tahap keseriusan kemarau Amerika Syarikat (kemarau terburuk dalam 50 tahun) dan berikutan itu aset huluan pulih. Dana telah bersedia untuk keadaan ini dan syarikat-syarikat huluan seperti CF Industries atau Mosanto adalah antara penyumbang terbesar. Selain itu, pengurus rangkaian bekalan seperti Viterra, Graincorp dan Bunge memberikan prestasi yang baik ketika pasaran mula meningkatkan nilai gantian aset mereka. Antara pihak utama yang menjejaskan prestasi ialah pasar raya seperti Supervalu dan Tesco dalam segmen hiliran. Dana hanya berada di belakang indeks global pada suku tahun pertama

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2013 disebabkan oleh pulangan yang kukuh dalam pakej peralatan sains makanan dan hayat dan sektor perkhidmatan diimbangi oleh kelemahan dalam sektor pembuatan baja. Antara pihak utama menjejaskan prestasi dalam suku tahun pertama ialah pembuat produk baja dan pertanian huluan. Secara khususnya, pengeluar baja nitrogen terjejas disebabkan oleh harga urea global yang lemah sepanjang bulan ketika inventori dikumpulkan dalam pasaran utama untuk penyediaan penanaman musim bunga.

Secara umumnya, tahun yang lepas telah sekali lagi menunjukkan bahawa hasil dan harga makanan adalah berhubung kait dengan cuaca dan kesan buruknya. Stok bagi jagung dan kacang soya telah merosot disebabkan keadaan cuaca yang buruk di Amerika Syarikat, Rusia dan sesetengah bahagian Eropah. Ramalan rasmi daripada negara-negara yang berlainan kini menjangkakan rekod penanaman dan keadaan pertumbuhan yang bertambah baik, yang sepatutnya diiringi oleh kemusnahan permintaan global.

Gelombang penggabungan perniagaan-agro telah bermula pada 2012, melalui tindakan korporat mengambil tempat di dalam pengurusan rangkaian bekalan (Viterra, Graincorp, Petra) dan industri biji benih (Syngenta, DuPont, Dow, Vilmorin, KWS). Dengan kadar yang masih pada tahap rendah dalam sejarah di seluruh dunia, skala dalam beberapa sub-kategori perniagaan-agro, kunci kira-kira syarikat-syarikat yang kukuh dan keinginan pengurusan semasa yang sentiasa ingin meningkatkan jejak korporat secara global.

Jurang penilaian antara syarikat-syarikat huluan dan hiliran telah meluas. Sebahagian signifikan prestasi sektor barangan asas pengguna pada tahun lepas adalah berasaskan perkembangan berganda dalam perolehan dan bukannya pertumbuhan perolehan yang direalisasi.


Ulasan Pasaran Dana AmAssurance Precious Metals (Dana Sasaran: Dana AmPrecious Metals)

Bagi tempoh yang disemak (1 April 2012 – 31 Mac 2013), Dana telah mengalami kerugian sebanyak 22.69%, manakala harga emas dan perak masing-masing jatuh sebanyak 4.17% dan 11.81%.

Harga turun naik sepanjang tahun. Pendirian Rizab Persekutuan (FED) yang lebih berhati-hati membawa kepada kejatuhan harga yang ketara dan dagangan sisi sehingga Ogos. Dengan jangkaan tentang satu lagi pakej rangsangan kewangan dan pengumuman yang akhirnya dibuat pada September, harga emas pulih pada suku ke-3 (tetapi tidak berjaya mencapai ketinggian yang lebih daripada 2011 – ia mencapai ketinggian tertinggi 2012 sebanyak $1,796/auns pada Oktober), diikuti dengan penurunan semasa suku tahun terakhir. Kelemahan harga emas semasa suku tahun pertama 2013, berikutan pemulihan global yang lebih teguh daripada yang dijangka, membawa kepada permintaan pelabur yang lemah bagi bulion dan mendorong kejatuhan saham emas bersama-samanya.

Suku kedua 2012 jelas menyaksikan para pelabur terus menunjukkan kekurangan minat bagi sektor yang telah gagal untuk mendapat manfaat daripada persekitaran harga emas yang kukuh. Kebimbangan sekitar peningkatan kos operasi dan modal memberi kesan ke atas keputusan suku tahun pertama begitu juga risiko politik yang membayangi, berikutan rampasan kuasa Mali pada Mac. Argentina menyita aset tenaga YPF pada April, dan Kirgizstan menentang perlombongan emas utama Centerra. Nama-nama besar perlombongan dengan pendedahan yang signifikan bagi negara-negara ini telah dijual mendadak dengan agresif. Pada Mei, keputusan pilihan raya Perancis, kekurangan ketelusan pilihan raya Greek, dan kebimbangan yang meluas di Eropah mendorong aliran mata wang kepada USD, mengakhiri +5.5% sebagaimana diukur dengan Indeks USD (DXY).

Selepas pasaran dilimpahi dengan berita negatif pada setengah tahun pertama 2012, harga emas agak lembap semasa bulan Julai, tetapi bertindak balas dengan baik terhadap kenyataan Mario Draghi untuk berbuat apa sahaja untuk menyelamatkan Euro, dan mengakhiri bulan tersebut di atas tahap $1,600/auns. Kekuatan bulion pada akhir Julai adalah juga disebabkan oleh tindakan bank pusat Korea Selatan yang membuat belian emas pertamanya selepas lebih sedekad. Negara tersebut mengumumkan bahawa ia telah membeli 25 tan emas disebabkan pemegangan tukaran asingnya yang berkembang.

Perkembangan paling signifikan jelas datang dari FED pada September dan, sekali lagi pada Disember 2012, apabila bank pusat tersebut mengumumkan pakej rangsangan keseluruhan tanpa campur tangan dan terbuka sebanyak USD85 bilion setiap bulan untuk membantu mengurangkan kadar pengangguran ke bawah 6.5%, selagi inflasi kekal di bawah 2.5%. Program ini menggantikan “Operasi Twist” (menjual bon jangka pendek, membeli bon jangka panjang) dan boleh

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dibandingkan dengan saiz Pelonggaran Kuantitatif pertama yang dimulakan pada pertengahan krisis kewangan pada 2008/2009. Pelonggaran Kuantitatif FED terus menjadi pendorong utama bagi harga emas, disebabkan oleh alat dasar ini mempengaruhi kadar faedah sebenar, harga komoditi dan USD dengan serentak.

GFMS Ltd (dikenali sebelum ini sebagai Gold Fields Mineral Services) (GFMS) menganggarkan pengeluaran lombong pada 2012 adalah sebanyak 2,842 tan emas (+0.2% berbanding 2011). Selepas pertumbuhan kukuh dalam pengeluaran lombong sepanjang tiga tahun sebelumnya bekalan emas mendatar disebabkan pengeluaran yang lebih rendah dalam kebanyakan negara yang mana hanya China, Rusia dan Finland mencatatkan hasil keluaran emas yang lebih tinggi. Beberapa lombong mengalami kelewatan pada 2012 disebabkan gangguan yang dirancang dan tidak dirancang yang berlaku pada beberapa operasi penting termasuk Grasberg dan Kumtor dan di beberapa tapak merentasi Afrika Selatan disebabkan aktiviti mogok dan pemberontakan. Bekalan sekerap dianggarkan menurun tahun ke tahun sebanyak 1.6% kepada 1,642 tan. Anggaran permintaan fabrikasi barang kemas pada 2012 turun sebanyak 87 tan (-4.4%) kepada 1,885 tan, didorong oleh kerugian disebabkan harga di India (yang membentuk 85% daripada penurunan). Permintaan barang kemas di India jatuh 11% kepada 590 tan pada 2012. Pelaburan bar menyumbang 961 tan kepada permintaan keseluruhan pada 2012, jatuh 20% tahun ke tahun, atau 236 tan lebih rendah daripada 2011. Belian bank pusat pada 2012 kekal teguh, meningkat sebanyak 17% kepada 536 tan berbanding peningkatan ketara 458% pada 2011. Pelaburan bersih melonjak 242% selepas jatuh 92% pada 2012. Jumlah anggaran permintaan GFMS 2012 ialah 4,484 tan (-0.7% tahun ke tahun).

Pasaran bagi logam berharga terus melakarkan prestasi negatif sepanjang suku pertama 2013. Sebab utamanya ialah pada kekuatan ekonomi Amerika Syarikat yang pulih daripada momentum kerugian tahun lalu. Ia juga membawa kepada peralihan ke arah penerimaan risiko yang lebih tinggi, apabila lebih ramai orang menjual bulion mereka tanpa hasil (ETF Global jatuh sebanyak hampir 7% bagi tahun sehingga kini).

Di samping itu, sentimen menyeluruh terhadap krisis hutang di dunia barat telah bertambah baik, walaupun tiada penambahbaikan struktur yang signifikan dilihat sama ada di Eropah atau di Amerika Syarikat. Di samping itu, debat awam yang berterusan mengenai potensi berakhirnya pelonggaran kuantitatif jelas adalah negatif, walaupun pada pandangan kami, adalah tidak berasas pada 2013.


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Prestasi dan Ulasan Pasaran Dana AmAssurance AmCurrency Income CG

Strategi pelaburan semasa “Strategi Dinamik” bagi Dana AmAssurance AmCurrency Income I Capital Guaranteed, “Dana”, merekodkan pulangan sifar. Ini disebabkan turun naik melampau yang disaksikan dalam pasaran FX dan campur tangan langsung oleh bank pusat yang tidak dimodelkan oleh strategi Dana.

Prestasi Indeks AmCurrency Income kini adalah negatif sejak ia dimulakan disebabkan peristiwa kewangan tertentu yang berlaku pada 2011. Antara peristiwa penting yang telah mempengaruhi prestasi indeks adalah:

Penurunan taraf Penarafan Kredit Amerika Syarikat – S&P menurunkan taraf penarafan kredit Amerika Syarikat daripada AAA kepada AA+ pada permulaan bulan menyebabkan peningkatan penghindaran risiko dan turun naik dalam pasaran.

Kebimbangan hutang kerajaan Eropah – Walaupun lebih banyak pengumuman dan jaminan keluar bagi Greece telah diumumkan, Itali menjadi tumpuan pelabur yang bimbang akan kebolehlaksanaan penyatuan kewangan tanpa penyatuan fiskal.

Kelembapan Global – Kebimbangan sekitar kelembapan pemulihan global dan potensi kemelesetan berganda meningkat ketika bulan menyaksikan satu siri titik data anjal termasuk Indeks Philadelphia FED, NFP dan angka KDNK Eurozone.

Campur tangan oleh SNB dan BoJ – BoJ telah masuk campur yang merupakan salah satu campur tangan terbesar oleh sebuah bank pusat untuk menghentikan pengukuhan JPY sementara SNB menggunakan langkah-langkah pasaran wangnya sebelum akhirnya mengumumkan tahap sasaran minimum 1.20 bagi EURCHF.

Kesan ke atas V10 – Peningkatan turun naik dan ketidaktentuan dalam pasaran menyebabkan strategi diubah posisi sebanyak 5 kali sejak permulaan Ogos-11. Dalam tempoh ini strategi tersebut memberi pulangan sebanyak -8.89%.

Sumber: UBS Investment Bank

(Oleh AmInvestment Management Berhad)

Prestasi Indeks AmCurrency Income I

Pres

tasi

(%)

Bulan

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

Ogo

s-10

Okt

-10

Dis

-10

Feb-

11

Apr

-11

Jun-

11

Ogo

s-11

Okt

-11

Dis

-11

Feb-

12

Dis

-12

Mac

-13

(Sumber: Bloomberg)

ULASAN PASARAN


Prestasi dan Ulasan Pasaran Dana AmAssurance AmCurrency Income II CG

Strategi pelaburan semasa “Strategi Dinamik” bagi Dana AmCurrency Income II Capital Guaranteed, “Dana”, merekodkan pulangan sifar. Ini disebabkan oleh turun naik melampau yang disaksikan dalam pasaran FX dan campur tangan langsung oleh bank pusat yang tidak dimodelkan oleh strategi Dana.

Prestasi Indeks AmCurrency Income 2 kini adalah negatif sejak ia dimulakan disebabkan peristiwa kewangan tertentu yang berlaku pada 2011. Antara peristiwa penting yang telah mempengaruhi prestasi indeks adalah:

Penurunan taraf Penarafan Kredit Amerika Syarikat – S&P menurunkan taraf penarafan kredit Amerika Syarikat daripada AAA kepada AA+ pada permulaan bulan menyebabkan peningkatan penghindaran risiko dan naik turun dalam pasaran.

Kebimbangan hutang Kerajaan Eropah – Walaupun lebih banyak pengumuman dan jaminan keluar bagi Greece telah diumumkan, Itali menjadi tumpuan pelabur yang bimbang akan kebolehlaksanaan penyatuan kewangan tanpa penyatuan fiskal.

Kelembapan Global – Kebimbangan sekitar kelembapan pemulihan global dan potensi kemelesetan berganda meningkat ketika bulan menyaksikan satu siri titik data anjal termasuk Indeks Philadelphia FED, NFP dan angka KDNK Eurozone.

Campur tangan oleh SNB dan BoJ – BoJ telah masuk campur yang merupakan salah satu campur tangan terbesar oleh sebuah bank pusat untuk menghentikan pengukuhan JPY sementara SNB menggunakan langkah-langkah pasaran wangnya sebelum akhirnya mengumumkan tahap sasaran minimum 1.20 bagi EURCHF.

Kesan ke atas V10 – Peningkatan turun naik dan ketidaktentuan dalam pasaran menyebabkan strategi diubah posisi sebanyak 5 kali sejak permulaan Ogos. Dalam tempoh ini strategi tersebut memberi pulangan sebanyak -8.89%.

Sumber: UBS Investment Bank


Prestasi Indeks AmCurrency Income II

Pres

tasi

(%)

Bulan

7.00

8.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

Mac

-11

Mei

-11

Jul-1

1

Sep-

11

Nov

-11

Dis

-12

Mac

-13

(Sumber: Bloomberg)

ULASAN PASARAN


Prestasi dan Ulasan Pasaran Dana AmAssurance AmCommodity Stable CG

Indeks Dow Jones-UBS Commodity Excess Return (DJUBS) meningkat 0.67% pada Mac kepada 137.4762 (Bulan ke Bulan). Walau bagaimanapun, prestasi Tahun ke Tahun telah merosot sebanyak 3.05% sementara Indeks MLCX Enhanced Benchmark A01 Excess Return (MLCXA01E) meningkat 0.69% pada Mac kepada 269.8598 MoM tetapi prestasi YoY turut jatuh sebanyak 3.68%. Indeks MLCX AmBank Commodity Alpha meningkat 0.03% kepada 175.3247 pada Mac 2013 (MoM) manakala prestasi YoY jatuh 0.68%.


(Sumber: Bloomberg)

Prestasi Sejak Permulaan

Tarikh MLCXAMB MLCXA01E DJUBS

Permulaan - - -

31-Jan-11 0.87% 13.98% 13.02%

31-Mac-11 1.67% 18.77% 16.85%

31-Mac-12 3.82% 1.58% -2.21%

31-Jul-12 2.10% 1.63% -0.65%

31-Dis-12 2.96% -1.13% -4.16%

28-Feb-13 3.11% -2.77% -5.89%

29-Mac-13 3.14% -2.10% -5.26%

Prestasi MLCXAMB Sejak Permulaan

Pres

tasi

(%)

Bulan

104.0

103.0

102.0

101.0

100.0

99.0

Okt

-10

Jul-1

1

Dis

-11

Mei

-12

Okt

-12

Mac

-13

Nov

-10

Mac

-11

Jun-

11

Nov

-11

Apr

-12

Sep-

12

Feb-

13

Feb-

11

Mei

-11

Okt

-11

Mac

-12

Ogo

s-12

Jan-

13

Jan-

11

Apr

-11

Sep-

11

Feb-

12

Jul-1

2

Dis

-12

Dis

-10

Ogo

s-11

Jan-

12

Jun-

12

Nov

-12

ULASAN PASARAN

TINJAUAN PELABURAN


Tinjauan Pasaran Dana AmAssurance Equity, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance Dividend

Kini Parlimen telah dibubarkan, faktor kebimbangan mungkin telah diambil kira dalam harga di pasaran. Pada tahap yang mana pasaran menjejak semula selepas pembubaran tersebut mungkin tidak sebanyak yang berlaku semasa pembubaran Parlimen pada 2008 yang lalu. Apa sekalipun, kami menjangka pasaran masih boleh menjadi tidak menentu sehingga Jun 2013, sementara menantikan keputusan PRU 13 yang boleh dilihat dengan lebih jelas dan nyata, walaupun tahap turun naik mungkin semakin berkurangan bermula 2H13 dengan syarat: (i) ekonomi Malaysia masih teguh dan anjal, (ii) penilaian KLCI lebih rendah berbanding pasaran serantau lain dan (iii) pemilikan asing yang lebih rendah secara relatif.

Tinjauan pasaran bagi 1H2013 menyaksikan bahawa sebarang jualan rendah yang berlangsung akan menawarkan peluang untuk mengumpulkan saham yang mempunyai asas yang kukuh, oleh sebab sebarang penjejakan semula daripada tahap semasa akan menjadikan penilaian saham tempatan lebih menarik berbanding saham daripada rakan serantaunya. Meskipun jangkaan turun naik adalah berpunca daripada risiko politik dalaman, kami percaya pasaran tempatan akan kembali aktif dan dengan momentum yang positif tidak lama selepas PRU 13. Tetapi ini dengan syarat BN masih berkuasa – tanpa mempedulikan margin kemenangan. Sebaliknya, jika pembangkang menang, pasaran mungkin kekal tenang lebih lama selepas PRU 13, sementara menunggu semakan semula dasar yang akan diteruskan di bawah rejim baharu. Ini mungkin merupakan petanda buruk bagi sesetengah sektor khusus seperti pembinaan (bagi saham yang telah mendapat manfaat daripada ETP sebelum ini) dan minyak & gas (bagi saham yang telah mendapat manfaat daripada RAPID sebelum ini).

Menjelang 2H2013, kami menjangkakan rejim politik dan dasar parti yang lebih jelas dapat diperhatikan, serta perolehan yang lebih jelas boleh dilihat daripada ekonomi global dan tempatan. Keadaan ekonomi dijangka akan bertambah baik menjelang masa ini, dan para pelabur akan memberi tumpuan semula terhadap asas dan bukannya risiko, dalam meramalkan tinjauan yang lebih positif. Dengan pemulihan ekonomi global, pertumbuhan ekonomi anjal yang didorong secara dalaman oleh permintaan dalam negeri yang stabil dan kukuh dan anggapan yang kecairan akan kekal tinggi serta dasar monetari kekal boleh diuruskan, kami menjangka KLCI akan mencapai sasaran akhir tahun pada 1800 mata.


Tinjauan Pasaran Dana AmAssurance Bond

Meskipun pada pandangan kami inflasi akan berada dalam trend menaik sementara permintaan dalam negeri dijangka anjal pada 2013, kami tidak menjangka BNM akan mengubah KDS (Kadar Dasar Semalaman) pada 2013 oleh sebab rintangan luaran masih memberikan risiko menurun ke atas ekonomi.. Selain itu, keputusan FED Amerika Syarikat untuk melanjutkan persekitaran kadar faedah yang rendah di Amerika Syarikat turut bermakna tiada tekanan serta-merta bagi BNM untuk menaikkan kadar penanda aras.

Sebaliknya, BNM juga tidak mempunyai alasan yang baik untuk mengurangkan KDS pada masa ini oleh sebab permintaan dalam negeri kekal anjal setakat ini. Selain itu, bank pusat telah menjelaskan bahawa kebimbangan utama pada masa ini ialah tahap hutang isi rumah yang tinggi dan pengurangan KDS pada masa ini akan menjejaskan usahanya untuk mengawal ketidakseimbangan kewangan antara isi rumah. Sekiranya bank pusat mengambil sebarang tindakan pada 2013, kemungkinan besar ia adalah kenaikan kadar maksimum sebanyak 25 bps pada 2H 2012 dan bukannya penurunan kadar dengan andaian penambahbaikan beransur-ansur dapat dilihat di Amerika Syarikat dan China.

Hujah utama kami bagi hasil bon ringgit pada masa ini adalah sebagaimana sebelumnya oleh sebab kami tidak menjangka bank pusat akan melonggarkan dasar monetari selanjutnya. Ini berdasarkan andaian bahawa terdapat penambahbaikan beransur-ansur dalam ekonomi Amerika Syarikat dan China. Oleh itu, kami menjangka hasil Sekuriti Kerajaan Malaysia 10 tahun akan didagangkan di antara 3.40%-3.60% dan hasil 3 tahun didagangkan antara 3.00%-3.30%. Hasil 3 tahun tidak dijangka akan jatuh di bawah 3.00% kerana tiada sebab yang mendesak para pelabur untuk mencari sebarang penurunan kadar daripada BNM pada masa ini.

Bon korporat yang matang pada 2013 dianggarkan kira-kira MYR32.5 bilion dan dengan tahap terbitan kasar kami sebanyak MYR75-90 bilion, terbitan bersih akan berada dalam lingkungan MYR43-58 bilion. Saiz terbitan sedemikian boleh diserap dengan selesa hanya oleh dana tempatan. Gabungan Kumpulan Wang Simpanan Pekerja dan Kumpulan Wang Persaraan merekodkan Kadar Pertumbuhan Tahunan Kompaun (CAGR) dalam jumlah saiz dana yang boleh dilaburkan sebanyak 7.4% dari 2007 hingga 2011. Sementara itu, Takaful dan dana insurans masing-masing merekodkan CAGR sebanyak 20.3% dan 9.4% ke atas tempoh yang sama. Kesimpulan yang boleh dibuat daripada analisis ini ialah tekanan ke atas hasil bon korporat mungkin akan berterusan bagi setengah tahun pertama 2013 disebabkan aliran permintaan yang kukuh dari

TINJAUAN PELABURAN


dalam dan luar negara. Menjelang setengah tahun kedua 2013, akan terdapat kecenderungan meningkat dalam hasil bon oleh sebab kami menjangka tekanan inflasi akan menular akibat daripada faktor-faktor yang telah disebut sebelum ini. Hujah bagi hasil bon yang lebih tinggi akan menjadi lebih kukuh sekiranya kerajaan persekutuan meneruskan usaha merasionalisasikan subsidi sejurus selepas PRU. Walaupun kami berpendapat bahawa inflasi akan dihadkan sekitar 2.5%, kami juga berpendapat yang pelabur bon akan lebih sensitif terhadap premium inflasi.


Tinjauan Pasaran Dana AmAssurance AmOasis Islamic Equity (Dana Sasaran: Dana AmOasis Global Islamic Equity)

Pasaran ekuiti global terus melonjak lebih tinggi semasa 2013, meskipun kebanyakan dunia maju masih bergelut dengan tahap hutang yang meningkat di samping tahap defisit kerajaan yang tidak mampan. Pada pandangan kami, kecuali dasar mampan untuk menyelesaikan isu struktur ini diwujudkan, pasaran ekuiti global berkemungkinan akan terus bergolak. Namun begitu, ketika kerajaan di seluruh dunia perlu membaiki kunci kira-kiranya, syarikat-syarikat berkualiti tinggi terus menghasilkan aliran tunai yang teguh dan mengukuhkan kunci kira-kira mereka, meletakkan mereka pada kedudukan terkukuh berbanding sebelum ini. Pada masa yang sama penilaian ekuiti global masih sedikit lebih rendah daripada purata jangka panjangnya sementara hasil bon rendah secara buatan terus menyokong penilaian ekuiti. Dalam persekitaran di mana kami menjangka prestasi ekuiti akan memberikan prestasi yang lebih tinggi dalam jangka masa panjang walaupun menyaksikan turun naik dalam jangka masa pendek hingga sederhana, kami mengekalkan falsafah pelaburan kami untuk melabur dalam syarikat-syarikat berkualiti tinggi yang mempunyai kelebihan daya saing yang kukuh, dan kemampuan untuk mengambil kesempatan ke atas kelebihan tersebut untuk menghasilkan tahap Pulangan atas Ekuiti (ROE) mampan yang lebih tinggi melalui kitaran ekonomi. Hasil aliran tunai bebas yang agak tinggi oleh syarikat-syarikat dalam portfolio kami memastikan syarikat-syarikat ini mampu untuk melabur secara berterusan dalam perniagaan mereka tanpa perlu bergantung pada dana bank, yang mana pada pandangan kami memberikan mereka kelebihan daya saing jangka panjang yang mampan dalam bentuk kos modal yang lebih rendah.


Tinjauan Pasaran Dana AmAssurance Global Emerging Market (Dana Sasaran: Dana AmGlobal Emerging Market Opportunities)

Kes struktur dan asas bagi Pasaran Baru Muncul Global (GEM) kekal tidak berubah dan pada 10.6 kali nisbah harga ke atas perolehan (PER) prospektif dengan ramalan pertumbuhan perolehan sekitar 14%, Indeks MSCI Emerging Markets adalah lebih rendah daripada Indeks MSCI World dan menikmati pertumbuhan yang lebih baik. Tekanan inflasi senyap membolehkan banyak penggubal dasar GEM menumpukan semula untuk menyokong pertumbuhan yang sepatutnya turut memberi kesan positif ke atas perolehan. Walau bagaimanapun dolar Amerika Syarikat yang kukuh (disebabkan prospek pertumbuhan Amerika Syarikat yang bertambah baik) boleh membawa kepada aliran keluar modal daripada GEM. Tambahan pula, jika pengukuhan dolar ini kemudiannya mengakibatkan FED mengetatkan dasar monetarinya, banyak ekonomi baru akan muncul, sehingga ke satu tahap, mengimport dasar ini melalui rejim mata wang terurus. Walaupun tempoh pertumbuhan yang lemah di Amerika Syarikat mungkin membalikkan trend ini dalam jangka masa pendek, kekuatan dolar Amerika Syarikat mungkin membebankan prestasi GEM secara relatif buat seketika. Selain itu, kesan dasar perkembangan Jepun yang diumumkan baru-baru ini adalah tidak menentu; dalam jangka masa terdekat Yen yang lebih lemah mungkin secara selektif memberi beban ke atas pengeksport Asia, tetapi jika pihak berkuasa berjaya memulihkan semula ekonomi, hasil yang rendah mungkin menolak para pelabur ke GEM. Secara keseluruhannya, kami masih optimistik tetapi berhati-hati tentang prospek jangka masa terdekat hingga sederhana bagi GEM, yang sepatutnya disokong oleh pertumbuhan yang bertambah baik dan kecairan global yang tinggi. Walau bagaimanapun halangan mungkin wujud dari masa ke masa ketika dunia maju terus cuba untuk menangani masalah hutang yang masih wujud dan, ini mengakibatkan pertumbuhan yang lemah.

Berdasarkan yang di atas, kami memegang pendirian untuk terus meletakkan portfolio pada posisi neutral secara amnya di mana kami telah melabur sepenuhnya tetapi pada umumnya menumpukan pada syarikat-syarikat berkualiti tinggi, sebagai contohnya syarikat dengan kunci kira-kira yang kukuh, ROE yang tinggi dan aliran tunai bebas yang teguh.


TINJAUAN PELABURAN


Tinjauan Pasaran Dana AmAssurance Global Agribusiness (Dana Sasaran: Dana AmGlobal Agribusiness)

Subjek relevan yang memberi kesan terhadap tema perniagaan-agro di masa hadapan diringkaskan seperti berikut:

1. Gelombang penggabungan perniagaan agro telah bermula pada 2012, dengan kadar yang masih pada tahap rendah bersejarah di seluruh dunia, skala dalam sub-kategori beberapa perniagaan agro, kunci kira-kira syarikat yang kukuh dan pengurusan semasa yang sentiasa ingin meningkatkan jejak korporat secara global, pengurus dana menjangka kesediaan penerimaan secara berterusan bagi penggabungan dan pemerolehan.

2. Mengambil kira cabaran yang semakin meningkat untuk mematuhi kawalan selia ke atas tahap keselamatan makanan, pelabelan dan pendaftaran produk baru, dan pengurus dana menjangka jurang penilaian ini akan berkurang semasa 2013, oleh sebab kami telah mengalami permintaan yang kukuh bagi biji benih, kimia, nutrien dan peralatan modal. Peningkatan dividen biasa, dividen khas dan peningkatan belian balik saham harus dijangka dalam segmen hiliran dan bukannya huluan.

3. Kami telah menyaksikan inventori tanaman fizikal di beberapa bahagian dunia menyusut dengan lebih ketara daripada yang diakui secara rasmi. Pengurus dana menjangka wujudnya lebih banyak rangsangan bagi harga hasil tanaman pada setengah tahun pertama 2013 disebabkan nisbah stok ke atas penggunaan yang lebih ketat, permintaan yang stabil atau peningkatan dalam permintaan makanan dan protein, biobahan api atau dagangan. Satu kesan serta merta ialah pengesahan kunci kira-kira peladang global, hujah asas yang kukuh bagi tema perniagaan agro. Penanaman dan pengeluaran soya dan jagung mungkin terjejas oleh keadaan kemarau yang sedang berlaku dalam hampir kesemua bahagian kawasan ladang Amerika Syarikat. Tahap kelembapan tanah yang rendah hingga hampir tiada menjamin keadaan pertumbuhan yang suboptimum dan hasil penunaian berkaitan. Kesannya boleh dirasai pada Ogos dan September, perlu diingatkan bahawa dunia bergantung pada hasil tanaman terbaik daripada LatAm dan Amerika Syarikat untuk membawa tahap inventori kembali kepada lebih daripada sebulan secara global.

4. Kos input bagi kebanyakan peladang dan pemproses makanan adalah lebih rendah daripada tahun sebelumnya. Harga gas yang rendah, kos baja yang stabil ditambah dengan kos pengangkutan yang menurun boleh membantu meningkatkan margin. Tumpuan kos sepatutnya pada tenaga buruh di mana sesetengah rantau mungkin mengalami kenaikan mendadak.

5. Keadaan cuaca global yang buruk menyokong hujah tentang kekurangan infrastruktur agro seperti pelabuhan, landasan kereta api dan penyimpanan. Oleh sebab impak serantau adalah sukar diramal, kaedah yang pelbagai membantu untuk mengurangkan risiko. Namun begitu, jumlah dagangan sepatutnya bertambah.


Tinjauan Pasaran Dana AmAssurance Precious Metals (Dana Sasaran: Dana AmPrecious Metals)

EmasPeruntukan portfolio yang berkurang daripada peserta pasaran dengan tempoh pelaburan jangka masa lebih pendek telah didorong oleh pertembungan beberapa faktor. Yang paling nyata, kadar nominal Amerika Syarikat, yang mewakili kos melepaskan untuk memegang aset tanpa hasil seperti emas, telah meningkat, meskipun dengan pelonggaran kuantitatif yang berterusan oleh FED. Ini menyerlahkan bahawa kitaran perniagaan telah meletakkan emas dalam kedudukan yang tidak selesa. Dengan pertumbuhan KDNK global dalam fasa pemulihan, persekitaran semasa biasanya tidak bulis bagi aset tidak berkitar seperti emas. Pada masa yang sama jurang hasil keluaran yang agak besar di banyak negara telah menghalang pemulihan dan jangkaan inflasi yang lebih bermakna dalam fasa pemulihan semasa. Sehingga pembeli pro kitaran (ETF) kembali ke pasaran, kami berpendapat bahawa harga akan turun naik dalam jangka masa terdekat, oleh sebab pembeli barang kemas kitaran kontra, bar dan syiling menyokong harga tersebut, tetapi ini tidak akan menyebabkan pasaran menjadi lebih tinggi.

Kami menyedari bahawa persekitaran yang mencabar ini mungkin berterusan pada jangka masa terdekat. Walau bagaimanapun, tindakan bank pusat pasaran baru muncul untuk mempelbagaikan rizab tukaran asing disokong oleh campur tangan untuk mengimbangi Yen yang lebih lemah boleh membawa kepada peningkatan dalam belian emas pada akhir tahun ini. Kami percaya Emas akan terus dinilai sebagai mata wang, dan sebahagian daripada rizab tukaran asing.

TINJAUAN PELABURAN


Pembetulan dramatik dalam Emas berkemungkinan akan menarik minat pelabur baharu iaitu bank-bank pusat yang percaya mereka telah terlepas kenaikan sebelumnya dalam Emas dan ingin membeli kerana pada pandangan mereka dalam jangka masa panjang kenaikan risiko sistemik ke atas liabiliti mereka (mata wang kertas) kekal tidak berubah.

Baru-baru ini Jepun juga telah menjadi tumpuan apabila negara yang dikuasai deflasi tersebut telah memilih langkah-langkah luar biasa untuk mengakhiri lingkaran yang sedang dihadapinya. Dengan kerajaan baharu yang menyingkirkan presiden lama BoJ, rancangannya ialah untuk meningkatkan secara agresif penawaran wang dalam masa beberapa tahun akan datang untuk meletakkan Jepun kembali pada jalan pertumbuhan. Namun begitu, masalah yang dihadapinya mungkin tidak selesai kerana isu dasarnya adalah lebih berkaitan dengan ekonomi yang terlalu dibebani dengan hutang, dan populasi yang hampir berkurang, pada masa yang sama semakin berumur. Dengan kurangnya peningkatan dalam tenaga kerja, kerajaan akan mendapati adalah lebih sukar untuk menjelaskan bil bagi golongan yang lebih berumur, oleh sebab cukai yang dikutip tidak dapat menampung kos ini. Satu-satunya cara bagi kerajaan semasa ialah mesin cetak – sebagai peringatan, negara tersebut telah mengalami nisbah hutang ke atas KDNK tertinggi dalam dunia (melebihi 2) yang membuatkan alat yang diumumkan tersebut sebagai satu usaha yang sangat membahayakan. Contoh ini menunjukkan bahawa, kitaran hutang jangka panjang masih belum diperbaiki (sama ada di Eropah, Amerika Syarikat atau Jepun) dan kadar sebenar terus menjadi negatif, menyebabkan pelabur mengurangkan sebahagian daripada kebimbangan mereka mengenai pasaran emas.

Sasaran akhir tahun pasukan kami telah diturunkan akibat kelemahan pasaran baru-baru ini. Kami kini menyasarkan harga emas untuk mencapai USD1,725/auns. Sasaran harga jangka panjang kekal pada USD2,500/auns. Selain daripada jualan dramatik, pemangkin tempoh terdekat bagi Emas akan termasuk: statistik ekonomi tentang pertumbuhan global dan KDNK (yang kami percaya akan menjadi lemah); pengumuman berterusan mengenai pembiayaan semula hutang atau penstrukturan semula; aktiviti Pelonggaran Kuantitatif lanjut; hasil yang menurun dan tekanan ke atas mata wang fiat. Walaupun kami mengakui bahawa persekitaran semasa bagi Emas dan logam berharga adalah agak rapuh, kami percaya logam tersebut masih menarik.

Ekuiti EmasSuku pertama bukanlah permulaan tahun yang baik bagi syarikat-syarikat perlombongan emas oleh sebab harga telah jatuh. Begitu juga bagi produk sampingan yang penting seperti tembaga atau perak dan zink. Selanjutnya, mungkin berlaku peningkatan dalam kos tunai sebanyak lebih daripada 10%, sementara hasil keluaran kekal lembap secara relatif. Akibatnya, perolehan tahun ke tahun akan berada di bawah tekanan yang kuat pada 2013. Ditambah dengan penebusan, tekanan ke atas saham mungkin kekal selagi pasukan pengurusan tidak mampu untuk mengawal kos. Kami menjangka pengeluar emas akan menjadi lebih konservatif di masa hadapan dengan kerahan modal mereka. Berikutan itu, kami menjangka pengeluaran emas akan berkurang.

Bekerjasama dengan Majlis Emas Dunia, sesetengah pengeluar emas telah mula menerima pakai langkah-langkah “kos tunai mampan merangkumi semuanya” yang industri percaya dapat mentafsirkan jumlah kos yang berkaitan dengan pengeluaran emas dengan lebih jelas. Kos tunai mampan merangkumi semuanya termasuk kos tunai produk sampingan, kos mengekalkan modal, perbelanjaan am & pentadbiran dan perbelanjaan penerokaan. Langkah baharu ini cuba untuk menunjukkan kesemua kos yang ditanggung dalam pengeluaran emas daripada operasi semasa. Metodologi ini telah diterima pakai oleh Goldcorp dan Yamana dan membantu pelabur untuk lebih memahami kos dan kemampuan penjanaan aliran tunai oleh syarikat-syarikat, dengan itu menetapkan jangkaan lebih realistik berbanding pada masa lepas.


Tinjauan Pasaran Dana AmAssurance AmCommodity Stable CG

Niaga hadapan tembaga merosot kepada paras terendah dalam hampir lapan bulan selepas laporan industri mengenai pembuatan menandakan permintaan mungkin longgar di China, iaitu pengguna logam industri terbesar dunia. Jagung jatuh paling teruk sejak Mei, mencetuskan kemerosotan dalam kacang soya dan gandum, selepas kerajaan menyatakan bahawa inventori Amerika Syarikat adalah lebih besar daripada yang diramalkan penganalisis dan bahawa peladang akan membuat penanaman yang paling banyak sejak 1936. Niaga hadapan gula jatuh kepada paras terendah dalam lima minggu apabila terdapat petanda bahawa peladang tebu di Brazil, pengeluar terbesar dunia, akan mencapai hasil tuaian penanaman yang luar biasa banyaknya dan menambah kepada bekalan global. Penanaman kapas di India, penanam terbesar dunia selepas China, mungkin jatuh untuk tahun kedua selepas hujan monsun paling sedikit dalam tiga tahun memburukkan masalah kekurangan air di rantau penanaman utama yang menyebabkan harga kapas meningkat kukuh. Permintaan gas asli yang hampir mencipta rekod daripada penjana elektrik Amerika Syarikat mendorong harga naik sehingga $4 untuk pertama kalinya sejak September 2011 walaupun hasil keluaran meningkat kepada paras tertinggi buat tahun keenam berturut-turut.

TINJAUAN PELABURAN


West Texas Intermediate melonjak kepada paras tertinggi dalam hampir enam minggu ketika ekonomi Amerika Syarikat bertumbuh pada rentak yang lebih cepat daripada yang dianggar sebelum ini dalam suku keempat mengurangkan diskaunnya berbanding Brent kepada tahap terendah sejak Julai, selepas terdapat petanda yang Cyprus telah hampir mencapai kata persetujuan dalam urus niaga untuk mengelak kejatuhan kewangan dan apabila ekonomi Amerika Syarikat bertambah baik.

(Sumber: Bloomberg)


TINJAUAN PELABURAN

STRATEGI PELABURAN


Strategi Pelaburan Dana AmAssurance Equity, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh & Dana AmAssurance Dividend

Kami mungkin mengekalkan pendirian neutral pada tempoh dari pembubaran parlimen hingga tarikh pengundian, memandangkan risiko politik semakin kurang pada masa ini. Penjejakan semula sebelum, dan selepas, tarikh pengundian mungkin tidak sebanyak yang dijangka. Andaian ini berasaskan bahawa, selain pertumbuhan ekonomi tempatan yang anjal dan permintaan dalam negeri yang tinggi, penilaian adalah agak rendah berbanding rakan serantau dan pemilikan asing agak rendah dalam pasaran Malaysia.

Walaupun sedemikian, kami akan beransur-ansur meningkatkan pendedahan kami daripada paras semasa jika pasaran berbalik semula kepada lingkungan 1,650-1,620 dalam jangka masa pendek. Kami juga akan mengumpulkan dengan lebih agresif saham-saham terpilih daripada sektor berwajaran lebih seperti minyak & gas, perbankan dan utiliti terpilih dan telekomunikasi. Menjelang 2H2013, kami berkemungkinan akan beralih daripada menumpukan pada saham pertahanan kepada membina portfolio beta yang lebih tinggi. Menjelang pertengahan 2H2013, melainkan terdapat apa-apa kejutan negatif, kami menjangka akan memberi wajaran lebih dalam pasaran, dengan jangkaan yang penanda aras KLCI mencapai sasaran kami bagi 2013 pada 1800 mata.


Strategi Pelaburan Dana AmAssurance Bond

Kami menyaksikan pertumbuhan global yang berhemat dan tidak menentu di tengah-tengah pergelutan untuk pulih dalam ekonomi maju. Walau bagaimanapun, kami berpendapat bahawa prospek pertumbuhan global akan lebih ketara pada setengah tahun kedua, memberi tekanan menaik ke atas kadar dasar. Kami menjangka Bank Negara akan mengekalkan kadar faedah sehingga 1H2013 tetapi akan mula menaikkan KDS pada 2H2013, mungkin satu peningkatan untuk mengakhiri tahun pada 3.25%. Kami juga menjangka akan dapat menyaksikan faktor-faktor seperti keluk hasil MGS beralih ke atas, pembalikan tekanan bagi aliran modal dan sebaran kredit menjadi lebih meluas pada 2013. Secara khususnya pemegangan asing dalam bon tempatan yang tinggi telah mencetuskan kebimbangan mengenai impak pembalikan aliran modal yang tiba-tiba bukan hanya dalam pasaran bon tetapi dari kelas aset lain juga.

Sebelum 2H2013, apabila kadar KDS telah naik seperti yang kami jangkakan, kami mungkin melihat pemain bon “ladder up”, yang membolehkan pemain untuk melabur semula aset mereka secara berkala dalam sekuriti berjangka lebih panjang dan dengan hasil yang lebih tinggi, mengurangkan kesan peningkatan kadar faedah.

Pandangan kami adalah untuk mengekalkan portfolio korporat bertempoh neutral antara 3 hingga 7 tahun untuk menyediakan pendapatan yang lebih tinggi daripada kadar purata deposit. Sebabnya ialah hasil MGS sedang memuncak ke arah paras terendah, tiada ruang meningkat jika BNM tidak menurunkan KDS. Kami berpendapat bahawa aliran masuk kecairan global yang besar ke Malaysia akan menekan hasil tempatan ketika ini; walau bagaimanapun kami tidak nampak MYR/USD akan melebihi RM3 pada 2013 disebabkan angka defisit yang tinggi berbanding KDNK.


Strategi Pelaburan Dana AmAssurance AmOasis Islamic Equity (Dana Sasaran: Dana AmOasis Global Islamic Equity)

Memandangkan persekitaran makro yang agak tidak stabil dan tidak menentu, kami berpegang teguh dengan falsafah pelaburan kami untuk menumpukan pada syarikat-syarikat yang mempunyai kelebihan daya saing yang mampan, kunci kira-kira yang kukuh, dan kemampuan untuk menghasilkan aliran tunai yang teguh dan memberikan tahap Pulangan atas Ekuiti (ROE) mampan yang lebih tinggi melalui kitaran ekonomi. Pada pandangan kami, kadar faedah rendah yang tidak mampan dan kecairan yang luar biasa dalam ekonomi global telah memberikan peluang kepada syarikat-syarikat yang lebih lemah secara relatifnya. Syarikat-syarikat yang mempunyai pinjaman di samping kunci kira-kira yang lemah, mendapat rangsangan daripada kos faedah yang semakin menurun yang membolehkan mereka untuk bertahan dalam keadaan ekonomi yang sukar. Pada masa yang sama syarikat-syarikat yang mempunyai tunai yang tinggi, mengalami kejatuhan dalam perolehan oleh sebab pulangan ke atas baki tunai mereka berkurang sehingga hampir boleh diabaikan. Walau bagaimanapun syarikat-syarikat dengan tunai yang tinggi ini telah menggunakan “kelebihan daya saing” mereka iaitu kunci kira-kira yang kukuh untuk menjalankan pemerolehan peningkatan nilai atau dengan memulangkan lebih

STRATEGI PELABURAN


STRATEGI PELABURAN

banyak tunai kepada pemegang saham melalui dividen yang lebih tinggi dan belian balik saham, yang mana belian balik saham memberikan perlindungan terhadap penurunan yang signifikan sekiranya terdapat sebarang kejutan ekonomi yang negatif. Apabila keadaan kecairan menjadi normal, pengusaha lebih kecil yang mempunyai pinjaman berkemungkinan akan merasai kesan kos faedah yang lebih tinggi ke atas pertumbuhan perolehan mereka dan kemampuan mereka untuk bersaing dengan efektif. Dengan itu, kami yakin bahawa pelaburan kami dalam syarikat-syarikat yang mempunyai kelebihan daya saing yang mampan dalam bentuk pendedahan geografi yang pelbagai, jenama yang kukuh, kedudukan yang agak rendah pada keluk kos, kunci kira-kira yang kukuh dan kemampuan menghasilkan tahap ROE yang tinggi dan mampan melalui kitaran ekonomi berkemungkinan akan menghasilkan kewujudan kekayaan sebenar dalam jangka masa panjang di samping meminimumkan ketidakstabilan portfolio kami.

Portfolio kami adalah pelbagai dengan syarikat-syarikat berkualiti tinggi yang didagangkan pada diskaun yang signifikan kepada pasaran. Ini memberikan kami keyakinan yang portfolio kami boleh menghasilkan kekayaan sebenar dalam jangka masa panjang di samping meminimumkan ketidakstabilan.


Strategi Pelaburan Dana AmAssurance Global Emerging Market (Dana Sasaran: Dana AmGlobal Emerging Market Opportunities)

Pasaran teras kami pada permulaan April 2013 ialah Korea Selatan, Thailand, Rusia, Turki dan China. Di Korea, ekuiti dinilai dengan menarik dan pertumbuhan perolehan adalah kukuh. Pasaran ekuiti Thai mendapat faedah daripada penilaian yang munasabah dan pertumbuhan perolehan yang baik sementara di Rusia, penilaian ekuiti adalah lebih rendah dan ekonomi dan proses pemulihan pasaran mendapat sokongan. Di Turki, pasaran ekuiti dinilai dengan munasabah dan persekitaran makroekonomi bertambah baik walaupun tinjauan perolehan agak buruk. China ditambah ke senarai teras pada awal April. Walaupun tinjauan perolehan yang tidak begitu baik, pertumbuhan ekonomi adalah stabil, penilaian adalah menarik dan kecairan pasaran bertambah baik. Kami mengeluarkan Mesir daripada senarai teras pada awal April disebabkan risiko politik semakin meningkat.


Strategi Pelaburan Dana AmAssurance Global Agribusiness (Dana Sasaran: Dana AmGlobal Agribusiness)

Strategi dana kami dan proses pelaburan yang terbukti kekal tidak berubah: Sektor pelaburan kami merangkumi keseluruhan rangkaian nilai termasuk syarikat-syarikat huluan dan hiliran. Kaedah holistik ini memaksimumkan manfaat kepelbagaian risiko dan membolehkan kami menawan trend pertumbuhan dalam semua yang berkaitan dengan makanan. Keuntungan kecekapan tidak hanya relevan dalam pengeluaran, tetapi juga penting dalam hiliran (kehilangan makanan/sisa makanan). Penilaian terperinci mengenai faktor-faktor risiko ialah sebahagian penting penyelidikan asas kami. Menjejaki pencapaian penting serta berbagai-bagai faktor risiko eksogen diambil kira untuk menyokong pembinaan portfolio.

Dalam persekitaran pertanian semasa yang dinamik, kita perlu kritis apabila mendekati rangkaian nilai. Terutamanya pada masa ini, pelabur perlu membezakan dengan jelas dalam menilai model perniagaan syarikat-syarikat. Bahagian pasaran, produk baru, operasi dan margin adalah lebih penting daripada ramalan jumlah dagangan dan harga yang mudah. Dengan kaedah pelaburan ini, kami mencari ciri-ciri yang sama dalam perniagaan-agro. Biasanya, saham dalam sektor perniagaan-agro mempunyai skop untuk menaikkan dividen atau membeli semula stok, atau untuk meneroka penggabungan strategik. Daripada pihak pengguna, model perniagaan bagi produk organik, label swasta, logistik dan perlombongan data dalam pengedaran menawarkan peluang pelaburan yang menarik.



Strategi Pelaburan Dana AmAssurance Precious Metals (Dana Sasaran: Dana AmPrecious Metals)

Kami lebih cenderung pada tema “janji terkurang dan hasil terlebih” bagi pengeluar pada 2013, berikutan 2012 yang mencabar yang mana ramai pengeluar menghadapi peningkatan kos operasi dan modal yang berterusan dan isu operasi di lombong-lombong utama. Kedudukan kami sekarang mencerminkan pendirian pasaran yang menghindari syarikat yang terlebih belanja – tumpuan kami pada syarikat-syarikat yang boleh mengawal perbelanjaan tunai mereka (terutamanya peningkatan perbelanjaan modal), dengan itu, mempunyai model perniagaan yang lebih konservatif daripada purata industri, berkemampuan untuk menghasilkan aliran tunai bebas dan mempunyai kadar hutang yang rendah.

Kami terus menganggap tunai sebagai satu elemen penting bagi strategi menyeluruh kami sehingga syarikat-syarikat menunaikan janji mereka dan pasaran sekali lagi beralih tumpuan kepada sektor tersebut.


Strategi Pelaburan Dana AmAssurance AmCurrency Income CG

Dana menggunakan strategi dinamik. Kuantum penyertaan dilaraskan setiap bulan berdasarkan prestasi strategi tersebut. Apabila prestasi negatif, penyertaan dilaraskan untuk menurun pada bulan berikutnya. Pelarasan dalam kadar penyertaan ini adalah untuk membolehkan strategi tersebut mengurangkan kesan kejatuhan sementara memaksimumkan manfaat peningkatan prestasi. Pembayaran amaun kupon (jika ada) pada akhir 18 bulan dan pada tarikh matang dikaitkan kepada Indeks AmCurrency Income (Penanda Bloomberg: Indeks UBFSACI) dan tertakluk kepada pematuhan syarat yang ditetapkan oleh Penerbit.


Strategi Pelaburan Dana AmAssurance AmCurrency Income II CG

Dana menggunakan strategi dinamik. Kuantum penyertaan dilaraskan setiap bulan berdasarkan prestasi strategi. Apabila prestasi negatif, penyertaan dilaraskan untuk menurun pada bulan berikutnya. Pelarasan dalam kadar penyertaan ini adalah untuk membolehkan strategi tersebut mengurangkan kesan kejatuhan pada masa yang sama memaksimumkan manfaat peningkatan prestasi. Pembayaran amaun kupon (jika ada) pada akhir 18 bulan dan pada tarikh matang dikaitkan kepada Indeks AmCurrency Income II (Penanda Bloomberg: Indeks UBFSACII) dan tertakluk kepada pematuhan syarat yang ditetapkan oleh Penerbit.


Strategi Pelaburan Dana AmAssurance AmCommodity Stable CG

Indeks MLCX AmBank Commodity Alpha (Kod Bloomberg: Indeks MLCXAMB) mengikuti pelaburan panjang/pendek dalam komoditi hadapan. Bagi pelaburan panjang dan pendek ini ialah Indeks MLCXA01 Excess Return. Ia menggunakan gabungan pelaburan panjang dan pendek untuk menjana pulangan alfa dengan pendedahan delta bersih menghampiri sifar. “Long leg” berada jauh pada keluk berbanding penanda aras tradisional dan menggunakan wajaran dan penambahbaikan penggunaan peluang untuk meningkatkan pulangan. Tiada pembayaran kupon pada tahun 3 dan 4 (2% dan 3% dibayar pada tahun 1 dan 2 masing-masing) dan kupon akhir pada tahun 5 akan bergantung pada prestasi Indeks MLCXAMB.


STRATEGI PELABURAN

PRESTASI DANA


PRESTASI DANA

Dana AmAssurance Equity

(i) Prestasi Sejak Permulaan

(ii) Prestasi Tahun Lengkap

Dana AmAssurance Equity Berbanding Tanda ArasPrestasi sejak 27 Feb 2004 - 31 Mac 2013

Pres

tasi

(%)

Bulan

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00


Mac

-04

Sep-

04

Mac

-05

Sep-

05

Mac

-06

Sep-

06

Mac

-07

Sep-

07

Mac

-08

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Mac

-13

Sep-

12

Dana AmAssurance Equity Berbanding Tanda ArasPrestasi sejak 1 Apr 2012 - 31 Mac 2013

Pres

tasi

(%)

Bulan

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Apr2012

Mei2012

Jun2012

Jul2012

Ogos2012

Sep2012

Okt2012

Nov2012

Dis2012

Jan2013

Feb2013

Mac2013



PRESTASI DANA

Dana AmAssurance Bond



Dana AmAssurance Bond Berbanding Tanda ArasPrestasi sejak 27 Feb 2004 - 31 Mac 2013

Pres

tasi

(%)

Bulan

60.00

50.00

40.00

30.00

20.00

10.00

0.00

-10.00


Mac

-04

Sep-

04

Mac

-05

Sep-

05

Mac

-06

Sep-

06

Mac

-07

Sep-

07

Mac

-08

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Mac

-13

Sep-

12

Dana AmAssurance Bond Fund Berbanding Tanda ArasPrestasi sejak 1 Apr 2012 - 31 Mac 2013

Pres

tasi

(%)

Bulan

-2.00

0.00

2.00

4.00

6.00

8.00

Apr2012

Mei2012

Jun2012

Jul2012

Ogos2012

Sep2012

Okt2012

Nov2012

Dis2012

Jan2013

Feb2013

Mac2013



Dana AmAssurance Balanced



Dana AmAssurance Balanced Berbanding Tanda ArasPrestasi sejak 27 Feb 2004- 31 Mac 2013

Pres

tasi

(%)

Bulan

100.00

80.00

60.00

40.00

20.00

0.00

-20.00


Mac

-04

Sep-

04

Mac

-05

Sep-

05

Mac

-06

Sep-

06

Mac

-07

Sep-

07

Mac

-08

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Mac

-13

Sep-

12

Dana AmAssurance Balanced Berbanding Tanda ArasPrestasi sejak 1 Apr 2012- 31 Mac 2013

Pres

tasi

(%)

Bulan

-2.000

0.000

2.000

4.000

6.000

Apr2012

Mei2012

Jun2012

Jul2012

Ogos2012

Sep2012

Okt2012

Nov2012

Dis2012

Jan2013

Feb2013

Mac2013


PRESTASI DANA


Dana AmAssurance Dana Teguh



Dana AmAssurance Dana Teguh Berbanding Tanda ArasPrestasi sejak permulaan 27 Feb 2004-31 Mac 2013

Pres

tasi

(%)

Bulan


Mac

-04

Sep-

04

Mac

-05

Sep-

05

Mac

-06

Sep-

06

Mac

-07

Sep-

07

Mac

-08

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Mac

-13

Sep-

12

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00

Dana AmAssurance Dana Teguh Berbanding Tanda ArasPrestasi sejak 1 Apr 2012-31 Mac 2013

Pres

tasi

(%)

Bulan

-1.000

0.000

1.000

3.000

5.000

7.000

Apr2012

Mei2012

Jun2012

Jul2012

Ogos2012

Sep2012

Okt2012

Nov2012

Dis2012

Jan2013

Feb2013

Mac2013


2.000

4.000

6.000

PRESTASI DANA


Dana AmAssurance AmOasis Islamic Equity



Dana AmAssurance AmOasis Islamic Equity Berbanding Tanda ArasPrestasi sejak 1 Apr 2007 - 31 Mac 2013

Pres

tasi

(%)

Bulan

30.00

10.00

-10.00

-30.00

20.00

0.00

-20.00

-40.00-50.00-60.00

AmAssurance AmOasis Islamic Equity Indeks Dow Jones Islamic Market

Apr

-07

Jul-0

7

Okt

-07

Jan-

08

Apr

-08

Jul-0

8

Okt

-08

Jan-

09

Apr

-09

Jul-0

9

Okt

-09

Jan-

10

Apr

-10

Jul-1

0

Okt

-10

Okt

-11

Jan-

11

Apr

-11

Jan-

13

Jul-1

1

Okt

-12

Jan-

12

Apr

-12

Jul-1

2Dana AmAssurance AmOasis Islamic Equity Berbanding Tanda ArasPrestasi sejak 1 Apr 2012 - 31 Mac 2013

Pres

tasi

(%)

Bulan

-15.00

-10.00

-5.00

0.00

10.00

Apr2012

Mei2012

Jun2012

Jul2012

Ogos2012

Sep2012

Okt2012

Nov2012

Dis2012

Jan2013

Feb2013

Mac2013

AmAssurance AmOasis Islamic Equity Indeks Dow Jones Islamic Market

5.00

PRESTASI DANA


Dana AmAssurance Precious Metals



Dana AmAssurance Precious Metals Berbanding Tanda ArasPrestasi sejak 1 Sep 2008 - 31 Mac 2013

Pres

tasi

(%)

Bulan

80.00

40.00

-10.000.00

-30.00

60.00

20.00

70.00

30.00

50.00

10.00

-20.00

-40.00-50.00

AmAssurance Precious Metals Indeks FTSE Gold Mines

Sep-

08

Mac

-09

Dis

-08

Jun-

09

Sep-

09

Dis

-09

Mac

-10

Jun-

10

Sep-

10

Dis

-10

Mac

-11

Jun-

11

Sep-

11

Dis

-11

Mac

-12

Jun-

12

Sep-

12

Dis

-12

Mac

-13

Dana AmAssurance Precious Metals Berbanding Tanda ArasPrestasi sejak 1 Apr 2012 - 31 Mac 2013

Pres

tasi

(%)

Bulan

-30.00

-25.00

-20.00

-10.00

10.00

Apr2012

Mei2012

Jun2012

Jul2012

Ogos2012

Sep2012

Okt2012

Nov2012

Dis2012

Jan2013

Feb2013

Mac2013

AmAssurance Precious Metals Indeks FTSE Gold Mines

0.00

-15.00

-5.00

5.00

PRESTASI DANA


Dana AmAssurance Global Agribusiness



Dana AmAssurance Global Agribusiness Berbanding Tanda ArasPrestasi sejak 1 Sep 2008 - 31 Mac 2013

Pres

tasi

(%)

Bulan

30.00

-10.000.00

-30.00

20.0010.00

-20.00

-40.00-50.00

AmAssurance Global Agribusiness Indeks MSCI World Free

Sep-

08

Mac

-09

Dis

-08

Jun-

09

Sep-

09

Dis

-09

Mac

-10

Jun-

10

Sep-

10

Dis

-10

Mac

-11

Jun-

11

Sep-

11

Dis

-11

Mac

-12

Jun-

12

Sep-

12

Dis

-12

Mac

-13

Dana AmAssurance Global Agribusiness Berbanding Tanda ArasPrestasi sejak 1 Apr 2012 - 31 Mac 2013

Pres

tasi

(%)

Bulan

-15.00

-10.00

15.00

Apr2012

Mei2012

Jun2012

Jul2012

Ogos2012

Sep2012

Okt2012

Nov2012

Dis2012

Jan2013

Feb2013

Mac2013

AmAssurance Global Agribusiness Indeks MSCI World Free

0.00

-5.00

5.00

10.00

PRESTASI DANA


Dana AmAssurance Global Emerging Market



Dana AmAssurance Global Emerging Market Berbanding Tanda ArasPrestasi sejak 1 Jun 2008 - 31 Mac 2013

Pres

tasi

(%)

Bulan

20.00

-10.000.00

-30.00

-50.00

10.00

-20.00

-40.00

-60.00

AmAssurance Global Emerging Market Indeks MSCI Emerging Market

Jun-

08

Sep-

08

Mac

-09

Dis

-08

Jun-

09

Sep-

09

Dis

-09

Mac

-10

Jun-

10

Sep-

10

Dis

-10

Mac

-11

Jun-

11

Sep-

11

Dis

-11

Mac

-12

Jun-

12

Sep-

12

Dis

-12

Mac

-13

Dana AmAssurance Global Emerging Market Berbanding Tanda ArasPrestasi sejak 1 Apr 2012 - 31 Mac 2013

Pres

tasi

(%)

Bulan

-15.00

-10.00

5.00

Apr2012

Mei2012

Jun2012

Jul2012

Ogos2012

Sep2012

Okt2012

Nov2012

Dis2012

Jan2013

Feb2013

Mac2013

AmAssurance Global Emerging Market Indeks MSCI Emerging Market

0.00

-5.00

PRESTASI DANA


Dana AmAssurance Dividend



Dana AmAssurance Dividend Berbanding Tanda ArasPrestasi sejak 27 Oct 2011 - 31 Mac 2013

Pres

tasi

(%)

Bulan

16.00

6.008.00

2.00

12.0010.00

4.00

0.00-2.00


14.00

Okt

-11

Dis

-11

Nov

-11

Jan-

12

Feb-

12

Mac

-12

Apr

-12

Mei

-12

Jun-

12

Jul-1

2

Ogo

s-12

Sep-

12

Okt

-12

Nov

-12

Dis

-12

Jan-

13

Feb-

13

Mac

-13

Dana AmAssurance Dividend Berbanding Tanda ArasPrestasi sejak 1 Apr 2012 - 31 Mac 2013

Pres

tasi

(%)

Bulan

Apr2012

Mei2012

Jun2012

Jul2012

Ogos2012

Sep2012

Okt2012

Nov2012

Dis2012

Jan2013

Feb2013

Mac2013


-2.00-1.00

8.00

3.00

1.00

5.00

0.00

4.00

2.00

6.007.00

PRESTASI DANA


Dan AmAssurance AmCurrency Income Capital Guaranteed


Dana AmAssurance AmCurrency Income Capital GuaranteedPrestasi sejak 16 Ogos 2010 - 31 Mac 2013

Pres

tasi

(%)

Bulan

3.00

0.00

1.00

-2.00

2.00

-1.00

-3.00

AmAssurance AmCurrency Income CG

Ogo

s-10

Okt

-10

Feb-

11

Dis

-10

Apr

-11

Jun-

11

Ogo

s-11

Okt

-11

Dis

-11

Feb-

12

Apr

-12

Jun-

12

Feb-

13

Ogo

s-12

Okt

-12

Dis

-12

PRESTASI DANA

Dana AmAssurance AmCommodity Stable Capital Guaranteed


Dana AmAssurance AmCommodity Stable Capital GuaranteedPrestasi sejak 11 Okt 2010 - 31 Mac 2013

Pres

tasi

(%)

Bulan

0.00

-3.00

-2.00

-5.00

-1.00

-4.00

-6.00

AmAssurance AmCommodity Stable CG

Okt

-10

Feb-

11

Dis

-10

Apr

-11

Jun-

11

Ogo

s-11

Okt

-11

Dis

-11

Feb-

12

Apr

-12

Jun-

12

Feb-

13

Ogo

s-12

Okt

-12

Dis

-12


Dana AmAssurance AmCurrency Income II Capital Guaranteed


Dana AmAssurance AmCurrency Income II Capital GuaranteedPrestasi sejak 21 Mac 2012 - 31 Mac 2013

Pres

tasi

(%)

Bulan

1.00

-2.00

-1.00

0.00

-3.00

-4.00

AmAssurance AmCurrency Income II CG

Mac

-11

Mei

-11

Sep-

11

Jul-1

1

Nov

-11

Jan-

12

Mac

-12

Mei

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mac

-13

PRESTASI DANA

PECAHAN SEKTOR & KATEGORI



Butiran komposisi portfolio Dana AmAssurance Equity setakat 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %

Pembinaan 3.23 8.25 11.23 2.90 1.70

Produk Pengguna - - - 3.80 4.20

Kewangan 5.54 7.58 7.32 17.80 8.20

Produk Industri 17.47 4.57 4.01 6.60 1.70

Infrastruktur 3.15 - - 1.50 2.50

Hartanah - - 4.54 8.50 0.80

Perdagangan/Perkhidmatan 27.22 43.71 12.78 24.10 14.70

REITS - 6.84 - - -

Perladangan 4.06 5.72 3.83 10.00 3.70

Perjanjian Beli Semula/Tunai 39.33 23.33 56.29 24.80 62.50

100.00 100.00 100.00 100.00 100.00


Butiran komposisi portfolio Dana AmAssurance Bond pada 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %

Deposit tetap/Repo/NCD/

BA/Tunai 27.19 11.54 39.12 45.90 11.10

Unit Amanah Malaysia 7.11 9.40 8.07 54.10 88.09

Bon Korporat 65.70 79.06 8.86 - -

Sekuriti Kerajaan Malaysia - - 43.95 - -

100.00 100.00 100.00 100.00 100.00




Butiran komposisi portfolio Dana AmAssurance Balanced setakat 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %

Pembinaan - 7.61 7.81 2.58 2.10


Kewangan 5.18 7.27 6.83 13.07 6.30

Produk Industri 10.32 3.91 2.34 5.43 1.50

Infrastruktur - - - 1.13 2.10

Perladangan 3.41 5.38 3.41 8.30 2.90

Hartanah - - 3.74 1.69 0.50

REITS - 6.16 - - -


Bon Korporat 26.95 27.08 11.72 - 13.80

Unit Amanah Malaysia - - 5.94 13.23 24.70


100.00 100.00 100.00 100.00 100.00


Butiran komposisi portfolio Dana AmAssurance Dana Teguh pada 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %

Pembinaan 3.14 11.45 11.30 7.20 4.50


Produk Industri 11.02 4.20 6.51 9.10 0.30

Infrastruktur 2.69 - - - 2.60

Perladangan - 4.85 - 8.50 6.30

Hartanah - - 3.97 7.70 3.00


Bon Korporat 22.52 18.31 - - -



100.00 100.00 100.00 100.00 100.00




Butiran komposisi portfolio Dana AmAssurance Dividend setakat 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012

% %

Kewangan 12.60 13.29

Produk Industri 10.13 6.11

Infrastruktur 4.61 5.92

Hartanah 3.06 -

Perdagangan/Perkhidmatan 9.15 24.59

REITS 4.08 16.56

Perladangan - 5.46

Perjanjian Beli Semula/Tunai 56.37 28.07

100.00 100.00


Butiran komposisi portfolio Dana AmAssurance AmOasis Islamic Equity setakat 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %

Pembinaan - 8.55 10.21 - -

Produk Industri - 2.88 - - -

Infrastruktur - 6.38 - - -

Perladangan - 3.84 - - -

Hartanah - - 2.93 - -

Perdagangan/Perkhidmatan - 24.42 9.97 - -



100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmOasis Global Islamic Equity (“Dana Sasaran”)

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %

Bahan Asas 5.00 9.00 14.00 12.00 11.00

Komunikasi 21.00 19.00 17.00 17.00 16.00

Pengguna, Berkitar 7.00 8.00 8.00 10.00 9.00

Pengguna, Tidak Berkitar 6.00 6.00 5.00 5.00 5.00

Tenaga 11.00 12.00 10.00 7.00 7.00

Kewangan - - 3.00 - -

Penjagaan Kesihatan 22.00 19.00 15.00 13.00 15.00

Industri 8.00 6.00 8.00 12.00 11.00

Hartanah 1.00 1.00 - 4.00 4.00

Teknologi 17.00 18.00 17.00 16.00 17.00

Utiliti 2.00 2.00 3.00 4.00 5.00

100.00 100.00 100.00 100.00 100.00

Nota : Sumber peruntukan sektor Dana Sasaran daripada AmMutual *Sebagai peratusan daripada NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari




Butiran komposisi portfolio Dana AmAssurance Global Emerging Market setakat 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %

Unit Amanah Malaysia 79.59 68.52 69.66 78.21 -


100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmGlobal Emerging Market Opportunities (“Dana Sasaran”)

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %

Barangan Bukan Keperluan

Pengguna 10.26 19.49 12.77 11.73 9.67

Barangan Asasi Pengguna 9.98 1.08 - 3.83 4.09

Derivatif - -0.01 - - -

Tenaga 5.00 11.57 13.18 10.02 12.00

Kewangan 40.74 27.82 36.22 32.65 27.27

Penjagaan Kesihatan 1.20 - - 1.94 -

Industri 4.48 5.06 6.90 9.76 7.13

Teknologi Maklumat 13.77 12.87 2.79 1.84 2.06

Bahan 3.26 6.51 8.91 3.17 4.76

Tidak Dikelaskan - - - - 9.89

Perkhidmatan Telekomunikasi 7.74 - 3.81 7.14 15.67

Utiliti 0.24 2.25 2.06 1.95 3.65

Aset Bersih Lain - 13.36 - 15.97 3.81

Tunai 3.33 - 13.35 - -





Butiran komposisi portfolio Dana AmAssurance Global Agribusiness setakat 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %



100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmGlobal Agribusiness (“Dana Sasaran”)

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %

Produk Pertanian 23.60 25.20 29.70 25.90 22.40

Jentera Pembinaan/

Perladangan 2.20 2.40 2.30 - 4.70

Penyulingan & Pembuatan Wain - - 3.50 - -

Pengedar - - - - 4.10

Bank Berpelbagai 2.10 2.00 2.70 2.90 2.60

Pelbagai Kimia 1.70 - - - -

Baja & Kimia Pertanian 43.00 40.30 19.80 13.70 33.30

Peruncitan Makanan 1.10 6.40 9.20 6.70 -

Utiliti Gas - - - 1.40 -

Pasar Raya Besar &

Pusat Membeli Belah 2.40 1.50 - - -

Peralatan & Perkhidmatan

Sains Hayat 2.10 2.80 - - -

Marin - - - 1.90

Pelabuhan & Perkhidmatan Marin 1.50 1.80 - 2.50 2.40

Lain-lain Sektor 4.50 - 7.10 - -

Pembungkusan Makanan & Daging 15.10 12.70 14.40 23.70 16.40

Produk Kertas - - - 1.60 -

Farmasi - - - 1.60 -

Landasan Kereta api 1.30 0.80 - - -

Restoran - - 2.80 3.50 2.50

Kimia Khusus - - - 1.80 2.80

Tunai & Lain-lain Sektor (0.60) 4.10 2.50 4.00 5.10

Tidak Dikelaskan - - 6.00 10.70 1.70

100.00 100.00 100.00 100.00 100.00





Butiran komposisi portfolio Dana AmAssurance Precious Metals setakat 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %



100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmPrecious Metals (“Dana Sasaran”)

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

% % % % %

Berlian - - - 0.07

Emas 79.78 71.75 74.05 72.35 79.43

Platinum - - - 9.90 4.86

Logam Berharga & Mineral 16.12 12.92 21.08 - -

Perak - - - 8.50 8.15

Tunai dan Aset lain 4.07 15.31 4.84 9.25 7.49

Nota : Sumber peruntukan sektor Dana Sasaran daripada AmMutual *Sebagai peratusan daripada NAB. Sila ambil perhatian bahawa pendedahan aset bagi Dana adalah tertakluk kepada perubahan yang kerap setiap hari



Dana AmAssurance AmCurrency Income CG

Butiran komposisi portfolio Dana AmAssurance AmCurrency Income CG setakat 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011

% % %

Instrumen Berstruktur 99.43 99.42 98.96

Perjanjian Beli Semula/Tunai 0.57 0.58 1.04

100.00 100.00 100.00

Dana AmAssurance AmCurrency Income II CG

Butiran komposisi portfolio Dana AmAssurance AmCurrency Income II CG setakat 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011

% % %



100.00 100.00 100.00

Dana AmAssurance AmCommodity Stable CG

Butiran komposisi portfolio Dana AmAssurance AmCommodity Stable CG setakat 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011

% % %

Unit Amanah Malaysia 1.89 1.67 1.64



100.00 100.00 100.00


JADUAL PERBANDINGAN :PRESTASI DANA


Prestasi Dana setakat 31 Mac 2013

1 tahun 3 tahun 5 tahun Sejak Penerbitan

Pulangan Tahunan(%)

Purata Kompaun

Pulangan Tahunan (%)

Dana AmAssurance Equity 5.16 7.08 5.08 5.57

Dana AmAssurance Bond 3.56 4.47 4.40 4.61

Dana AmAssurance Balanced 3.64 4.93 4.43 5.92

Dana AmAssurance Dana Teguh 4.71 6.23 5.88 5.59

Dana AmAssurance AmOasis Islamic Equity 6.98 4.66 1.47 (0.91)

Dana AmAssurance Global Emerging Market 0.40 (2.72) - (0.17)

Dana AmAssurance Agribusiness 5.99 1.58 - 3.79

Dana AmAssurance Precious Metals (17.63) (10.48) - (7.28)

Dana AmAssurance AmCurrency Income CG 3.05 - - 0.75

Dana AmAssurance AmCommodity Stable CG (0.15) - - (1.61)

Dana AmAssurance AmCurrency Income II CG 3.05 - - 0.35

Dana AmAssurance Dividend 7.48 - - 7.95

JADUAL PERBANDINGAN :PRESTASI DANA

JADUAL PERBANDINGAN :NILAI ASET BERSIH, JUMLAH UNIT

DAN HARGA UNIT


JADUAL PERBANDINGAN :NILAI ASET BERSIH, JUMLAH UNIT DAN HARGA UNIT

NILAI ASET BERSIH, JUMLAH UNIT DAN HARGA UNIT SETAKAT 31 MAC 2013


Butiran prestasi Dana bagi tahun kewangan berakhir pada 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

Harga Unit (RM)

NAB setiap unit tertinggi bagi tahun 0.8265 0.8317 0.8280 0.6730 0.6663

NAB setiap unit terendah bagi tahun 0.7529 0.7070 0.6329 0.5010 0.4816

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun*

Jumlah NAB (RM juta) 12.2637 14.5937 11.4753 4.6029 2.4408

UIC (juta) 14.8900 18.6334 14.1793 6.8745 4.8912

NAB setiap unit (RM) 0.8236 0.7832 0.8093 0.6708 0.4990

Jumlah Pulangan bagi Tahun (%)

Jumlah Pulangan¹ 5.16 (3.23) 20.65 34.43 (22.40)

Pertumbuhan modal 5.16 (3.23) 20.65 34.43 (22.40)

Pengagihan pendapatan - - - - -

* Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengedaran pendapatan diisytiharkan oleh dana bagi tahun kewangan

Nota : 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran



Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

Harga Unit (RM)





UIC (juta) 21.6261 16.2856 16.4615 8.8720 5.5422



Jumlah Pulangan¹ 3.56 5.91 3.96 5.15 3.45

Pertumbuhan modal 3.56 5.91 3.96 5.15 3.45



Nota : 1. Pulangan disetahunkan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada yuran, digenapkan setahun.





TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

Harga Unit (RM)





UIC (juta) 26.9555 26.2568 20.9280 7.9035 5.0283



Jumlah Pulangan¹ 3.64 (2.25) 14.04 28.65 (16.44)








TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

Harga Unit (RM)





UIC (juta) 15.6696 16.6728 8.8919 4.0512 3.0755



Jumlah Pulangan¹ 4.71 (0.67) 15.27 28.34 (13.54)










TK 2013 TK 2012

Harga Unit (RM)

NAB setiap unit tertinggi bagi tahun 0.5577 0.5273

NAB setiap unit terendah bagi tahun 0.5065 0.4973

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung tahun*

Jumlah NAB (RM juta) 6.3501 5.4439

UIC (juta) 11.3857 10.4925

NAB setiap unit (RM) 0.5577 0.5189


Jumlah Pulangan¹ 7.48 -

Pertumbuhan modal 7.48 -

Pengagihan pendapatan - -

* Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan oleh kerana pengedaran pendapatan diisytiharkan oleh dana bagi tahun kewangan





TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

Harga Unit (RM)





UIC (juta) 7.2475 9.8279 9.4007 8.0792 8.2108



Jumlah Pulangan¹ 6.98 (3.41) 10.95 24.68 (24.75)










TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

Harga Unit (RM)





UIC (juta) 1.5360 1.4608 1.3331 1.1554 1.0807



Jumlah Pulangan¹ 0.40 (8.89) 0.63 7.57 -

Pertumbuhan modal 0.40 (8.89) 0.63 7.57 -







TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

Harga Unit (RM)





UIC (juta) 2.7952 2.6083 2.2156 1.2188 1.0564



Jumlah Pulangan¹ 5.99 (5.30) 4.42 12.53 -

Pertumbuhan modal 5.99 (5.30) 4.42 12.53 -



Nota : 1. .Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran






TK 2013 TK 2012 TK 2011 TK 2010 TK 2009

Harga Unit (RM)



Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun *


UIC (juta) 13.8346 12.0202 8.5518 3.9231 1.1887



Jumlah Pulangan¹ (17.63) (19.14) 7.71 (1.91) -

Pertumbuhan modal (17.63) (19.14) 7.71 (1.91) -






Butiran prestasi Dana bagi tempoh kewangan berakhir pada 31 Mac 2013 adalah seperti berikut:

TK 2013 TK 2012 TK 2011

Harga Unit (RM)

NAB setiap unit tertinggi bagi tahun 0.5099 0.5015 0.5000

NAB setiap unit terendah bagi tahun 0.4948 0.4877 0.4855


Jumlah NAB (RM juta) 42.7828 42.0634 42.5831

UIC (juta) 83.9069 85.0083 87.2069

NAB setiap unit (RM) 0.5099 0.4948 0.4883


Jumlah Pulangan¹ 3.05 1.33 -

Pertumbuhan modal 3.05 1.33 -

Pengagihan pendapatan - - -








TK 2013 TK 2012 TK 2011

Harga Unit (RM)





UIC (juta) 34.2704 35.2736 36.5777



Jumlah Pulangan¹ 3.05 (2.26) -

Pertumbuhan modal 3.05 (2.26) -






TK 2013 TK 2012 TK 2011

Harga Unit (RM)





UIC (juta) 8.4356 9.4236 9.5188



Jumlah Pulangan¹ (0.15) 0.23 -

Pertumbuhan modal (0.15) 0.23 -


* Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan oleh sebab tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan

Nota : 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada semua yuran


RINGKASAN MAKLUMAT KEWANGAN

Pernyataan oleh Pengurus

Laporan Juruaudit Bebas

Penyata Aset dan Liabiliti

Penyata Pendapatan dan Perbelanjaan

Penyata Perubahan di dalam Nilai Aset Bersih

Nota-nota kepada Maklumat Kewangan

Muka surat

178

179

181

188

195

202


RINGKASAN MAKLUMAT KEWANGAN

PERNYATAAN OLEH PENGURUSPada pendapat Pengurus, maklumat kewangan Dana Berkaitan Pelaburan AmLife Insurance Berhad yang disertakan yang terdiri daripada Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market, Dana AmAssurance Precious Metals, Dana AmAssurance Global Agribusiness, Dana AmAssurance AmAsia Recovery CG (matang pada 2 Julai 2012), Dana AmAssurance AmCommodity Stable CG, Dana AmAssurance AmCurrency Income CG, Dana AmAssurance AmCurrency Income II CG dan Dana AmAssurance Dividend yang dibentangkan pada mukasurat 181 hingga 247 telah disediakan menurut polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia.

Bagi pihak AmLife Insurance Berhad

Paul Low Hong CeongKuala Lumpur, Malaysia27 Jun 2013


LAPORAN JURUAUDIT BEBAS kepada para pemegang unit Dana Berkaitan Pelaburan AmLife Insurance Berhad (Diperbadankan di Malaysia) Laporan mengenai maklumat kewangan

Kami telah mengaudit maklumat kewangan dana berkaitan pelaburan AmLife Insurance Berhad (“Pengurus”) yang terdiri daripada penyata aset dan liabiliti pada 2 Julai 2012 (“tarikh matang”) Dana AmAssurance AmAsia Recovery CG, dan pada 31 Mac 2013 bagi Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Markets, Dana AmAssurance Precious Metal, Dana AmAssurance Global Agribusiness, Dana AmAssurance AmCommodity Stable CG, Dana AmAssurance AnCurrency Income CG, Dana AmAssurance AmCurrency Income II CG dan Dana AmAssurance Dividend, penyata pendapatan dan perbelanjaan dan penyata perubahan di dalam nilai aset bersih dari 1 April 2012 hingga tarikh matang Dana AmAssurance AmAsia Recovery CG, penyata pendapatan dan perbelanjaan dan penyata perubahan di dalam nilai aset bersih bagi tahun berakhir 31 Mac 2013 bagi Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Markets, Dana AmAssurance Precious Metals, Dana AmAssurance Global Agribusiness, Dana AmAssurance AmCommodity Stable CG, Dana AmAssurance AmCurrency Income CG, Dana AmAssurance AmCurrency Income II CG dan Dana AmAssurance Dividend, dan ringkasan polisi perakaunan yang penting dan lain-lain maklumat penerangan (“maklumat kewangan”), seperti yang dibentangkan pada mukasurat 181 hingga 247.

Tanggungjawab Pengarah ke atas maklumat kewangan

Para pengarah Pengurus bertanggungjawab ke atas penyediaan maklumat kewangan menurut polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful yang dikeluarkan oleh Bank Negara Malaysia, dan bagi kawalan dalaman sedemikian seperti yang ditentukan oleh para pengarah sebagai perlu untuk membolehkan penyediaan maklumat kewangan yang bebas daripada salah nyata yang penting, sama ada disebabkan oleh penipuan atau kesilapan.

Tanggungjawab juruaudit

Tanggungjawab kami adalah untuk menyatakan pendapat mengenai maklumat kewangan ini berdasarkan kepada audit kami. Kami telah menjalankan audit kami menurut piawaian pengauditan yang telah diluluskan di Malaysia. Piawaian itu memerlukan kami mematuhi syarat-syarat beretika dan merancang serta menjalankan audit tersebut untuk mendapatkan kepastian yang wajar mengenai sama ada maklumat kewangan tersebut bebas daripada salah nyata yang penting.

Audit melibatkan prosedur yang dijalankan untuk mendapatkan bukti audit mengenai amaun dan pendedahan di dalam maklumat kewangan. Prosedur dipilih bergantung kepada pertimbangan kami, termasuk penilaian risiko salah nyata yang penting pada maklumat kewangan, sama ada disebabkan oleh penipuan atau kesilapan. Dalam membuat penilaian ke atas risiko itu, kami mempertimbangkan kawalan dalaman yang relevan ke atas penyediaan maklumat kewangan Dana menurut polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia untuk mereka prosedur audit yang wajar di dalam keadaan tersebut, tetapi bukan untuk tujuan menyatakan pendapat mengenai keberkesanan kawalan dalaman Dana. Audit juga termasuk menilai kewajaran polisi perakaunan yang telah digunakan dan kewajaran anggaran perakaunan yang telah dibuat oleh Pengurus, serta menilai keseluruhan pembentangan maklumat kewangan.

Kami percaya bahawa bukti audit yang telah kami dapati mencukupi dan wajar untuk memberikan asas kepada pendapat audit kami.

Pendapat

Seperti yang dinyatakan di dalam Nota 1 kepada maklumat kewangan, Dana AmAssurance AmAsia Recovery CG telah matang pada 2 Julai 2012. Oleh itu, maklumat kewangan Dana ini telah disediakan berdasarkan selain daripada usaha berterusan. Aset Dana telah dinyatakan pada nilai boleh pulihnya masing-masing dan semua liabiliti Dana, termasuk anggaran perbelanjaan pada kematangan Dana, telah diambil kira.

DANA BERKAITAN PELABURAN


LAPORAN JURUAUDIT BEBAS (bersambung)kepada para pemegang unit Dana Berkaitan Pelaburan AmLife Insurance Berhad (Diperbadankan di Malaysia)

Pada pendapat kami, maklumat kewangan telah disediakan, dalam semua aspek penting, menurut polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan bagi Perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia.

Lain-lain perkara

Laporan ini telah dibuat semata-mata untuk para pemegang unit Dana tersebut, sebagai sebuah badan, menurut Garis Panduan bagi Perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia dan bukan untuk tujuan lain. Kami tidak memikul tanggungjawab kepada sesiapa yang lain bagi isi kandungan laporan ini.

Ini adalah terjemahan Bahasa Malaysia untuk maklumat kewangan dana berkaitan pelaburan AmLife Insurance Berhad yang telah diaudit, yang pada asalnya telah disediakan dalam Bahasa Inggeris. Terjemahan ini telah dibuat untuk membolehkan Pemegang Unit Dana yang fasih dalam Bahasa Malaysia untuk memahami sepenuhnya maklumat kewangan berkenaan. Para pembaca dinasihatkan supaya merujuk kepada versi Bahasa Inggeris untuk maklumat kewangan dan pendapat juruaudit yang telah disahkan.

Ernst & YoungAF: 0039Akauntan Bertauliah

Kuala Lumpur, Malaysia27 Jun 2013

Brandon Bruce Sta MariaNo. 2937/09/13(J)Akauntan Bertauliah



PENYATA ASET DAN LIABILITIPADA 31 MAC 2013

Dana AmAssurance Equity Dana AmAssurance Bond

Nota 2013 2012 2013 2012

RM RM RM RM

ASET

Pelaburan 3 12,648,180 14,621,733 16,058,825 11,718,566

Cukai boleh pulih 33,294 - - -

Aset cukai tertangguh 4 - 8,138 - -

Lain-lain belum terima 38,871 14,341 415,552 301,125

Tunai dan baki di bank 426 2,686 203 138

Jumlah aset 12,720,771 14,646,898 16,474,580 12,019,829

LIABILITI

Peruntukan untuk cukai - 25,736 64,541 66,876

Liabiliti cukai tertangguh 4 34,694 - 11,584 30,533

Lain-lain belum bayar 422,373 27,445 22,238 14,479

Jumlah liabiliti 457,067 53,181 98,363 111,888

NILAI ASET BERSIH DANA (“NAB”) 12,263,704 14,593,717 16,376,217 11,907,941

Diwakili oleh:

Sumbangan para pemegang unit 9,994,331 12,961,910 14,024,281 10,045,448

Pendapatan tidak teragih 2,269,373 1,631,807 2,351,936 1,862,493

Modal para pemegang unit 5 12,263,704 14,593,717 16,376,217 11,907,941

UNIT DALAM EDARAN 5 14,890,034 18,633,446 21,626,088 16,285,582

NAB SEUNIT (RM) 5 0.8236 0.7832 0.7572 0.7312


Nota yang disertakan membentuk sebahagian penting maklumat kewangan tersebut.


PENYATA ASET DAN LIABILITI (bersambung)

PADA 31 MAC 2013

Dana AmAssurance Balanced Dana AmAssurance Dana Teguh

Nota 2013 2012 2013 2012

RM RM RM RM

ASET

Pelaburan 3 22,547,079 21,362,548 12,910,742 12,921,964


Aset cukai tertangguh 4 - 3,139 - -


Tunai dan baki di bank 576 2,420 887 150

Jumlah aset 22,954,272 21,560,382 12,979,294 13,201,152

LIABILITI

Peruntukan untuk cukai - 15,671 10,236 48,006

Liabiliti cukai tertangguh 4 31,030 - 14,027 1,204




Diwakili oleh:


Pendapatan tidak teragih 2,667,794 1,916,020 1,849,620 1,228,776



NAB SEUNIT (RM) 5 0.8492 0.8193 0.8247 0.7875





PADA 31 MAC 2013



Nota 2013 2012 2013 2012

RM RM RM RM

ASET

Pelaburan 3 3,491,154 4,348,778 772,423 725,332

Aset cukai tertangguh 4 6,781 30,678 1,510 2,103


Lain-lain belum terima 15,382 17,946 690 528

Tunai dan baki di bank 927 891 851 9,286

Jumlah aset 3,523,787 4,398,293 775,474 737,249

LIABILITI

Peruntukan untuk cukai - 62 319 3,411



NILAI ASET BERSIH DANA (“NAB”) 3,430,179 4,347,855 761,916 721,580

Diwakili oleh:

Sumbangan para pemegang unit 3,668,105 4,801,446 778,668 739,930

Pendapatan tidak teragih (237,926) (453,591) (16,752) (18,350)

Modal para pemegang unit 5 3,430,179 4,347,855 761,916 721,580


NAB SEUNIT (RM) 5 0.4733 0.4424 0.4960 0.4940





PADA 31 MAC 2013


Dana AmAssuranceGlobal Agribusiness

Nota 2013 2012 2013 2012

RM RM RM RM

ASET

Pelaburan 3 4,736,595 5,057,175 1,681,028 1,459,599

Aset cukai tertangguh 4 179,978 89,864 - -


Tunai dan baki di bank 126 947 584 5,491

Jumlah aset 4,932,888 5,191,796 1,689,814 1,481,713

LIABILITI

Peruntukan untuk cukai 1,616 2,404 2,570 1,853

Liabiliti cukai tertangguh 4 - - 12,787 6,637




Diwakili oleh:


(Kerugian terkumpul)/

Pendapatan tidak teragih (1,960,392) (922,208) 148,269 60,993


Unit dalam edaran 5 13,834,618 12,020,242 2,795,155 2,608,312

NAB seunit (RM) 5 0.3536 0.4293 0.5929 0.5594





PADA 31 MAC 2013

Dana AmAssurance AmAsia Recovery CG

Dana AmAssuranceAmCommodity Stable CG

Nota 02.07.2012 31.03.2012 2013 2012

RM RM RM RM

ASET

Pelaburan 3 - 90,843,497 4,692,166 4,654,869

Aset cukai tertangguh 4 - - 8,943 11,059

Lain-lain belum terima 12 144 231 228

Tunai dan baki di bank 90,585,982 528 242 4,239

Jumlah aset 90,585,994 90,844,169 4,701,582 4,670,395

LIABILITI

Peruntukan untuk cukai 5,202 4,679 20,217 8,073

Liabiliti cukai tertangguh 4 - 358,269 - -

Lain-lain belum bayar 6,360,474 6,101,961 630,254 129,678

Jumlah liabiliti 6,365,676 6,464,909 650,471 137,751


Diwakili oleh:


Pendapatan tidak teragih/

(Kerugian terkumpul) 1,715,222 1,839,489 (194,006) (182,488)



NAB seunit (RM) 5 0.5104 0.5112 0.4802 0.4810





PADA 31 MAC 2013

Dana AmAssuranceAmCurrency Income CG

Dana AmAssuranceAmCurrency Income II CG

Nota 2013 2012 2013 2012

RM RM RM RM

ASET

Pelaburan 3 45,836,035 44,211,429 18,543,742 17,878,906

Aset cukai tertangguh 4 - 17,421 - 34,184

Lain-lain belum terima 1,650 1,581 171 105

Tunai dan baki di bank 639 659 161 181

Jumlah aset 45,838,324 44,231,090 18,544,074 17,913,376

LIABILITI

Peruntukan untuk cukai 9,526 8,904 1,370 756

Liabiliti cukai tertangguh 4 111,932 - 18,394 -

Lain-lain belum bayar 2,934,104 2,158,805 1,266,833 674,278

Jumlah liabiliti 3,055,562 2,167,709 1,286,597 675,034


Diwakili oleh:


Pendapatan tidak teragih/

(Kerugian terkumpul) 810,063 (463,546) 24,778 (491,955)



NAB seunit (RM) 5 0.5099 0.4948 0.5036 0.4887





PADA 31 MAC 2013


Nota 2013 2012

RM RM

ASET

Pelaburan 3 6,427,808 5,463,444

Aset cukai tertangguh 7,839 -

Lain-lain belum terima 1,486 7,013

Tunai dan baki di bank 916 1,345

Jumlah aset 6,438,049 5,471,802

LIABILITI

Peruntukan untuk cukai - 1,029

Liabiliti cukai tertangguh 4 7,262 11,543

Lain-lain belum bayar 80,684 15,326

Jumlah liabiliti 87,946 27,898

NILAI ASET BERSIH DANA (“NAB”) 6,350,103 5,443,904

Diwakili oleh:

Sumbangan para pemegang unit 5,724,734 5,253,589

Pendapatan tidak teragih 625,369 190,315

Modal para pemegang unit 5 6,350,103 5,443,904

Unit dalam edaran 5 11,385,700 10,492,470

NAB seunit (RM) 5 0.5577 0.5188




PENYATA PENDAPATAN DAN PERBELANJAANBAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2013


Nota 2013 2012 2013 2012

RM RM RM RM

Pendapatan pelaburan bersih:

Pendapatan faedah 6 83,350 120,078 666,466 512,100

Pendapatan dividen 7 359,069 286,961 33,134 31,983

442,419 407,039 699,600 544,083

Perolehan atas pelupusan pelaburan - - 153,446 47,265

Perolehan modal tidak terealisasi bersih 535,432 - - 242,548

Jumlah pendapatan 977,851 407,039 853,046 833,896

Perbelanjaan pengurusan (201,534) (214,898) (143,019) (117,966)

Kerugian atas pelupusan pelaburan (79,835) (452,444) - -

Kerugian modal tidak terealisasi bersih - (344,417) (174,991) -

Jumlah perbelanjaan (281,369) (1,011,759) (318,010) (117,966)

Lebihan/(defisit) pendapatan daripada

perbelanjaan sebelum cukai 696,482 (604,720) 535,036 715,930

Cukai 8 (58,916) 45,225 (45,593) (61,947)


perbelanjaan selepas cukai 637,566 (559,495) 489,443 653,983

Pendapatan tidak teragih dibawa ke hadapan 1,631,807 2,191,302 1,862,493 1,208,510

Pendapatan tidak teragih dihantar ke hadapan 2,269,373 1,631,807 2,351,936 1,862,493




PENYATA PENDAPATAN DAN PERBELANJAAN (bersambung)

BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2013


Nota 2013 2012 2013 2012

RM RM RM RM




896,408 818,918 557,119 332,391

Perolehan atas pelupusan pelaburan - - 110,150 44,616

Perolehan modal tidak terealisasi bersih 529,074 - 195,454 -

Jumlah pendapatan 1,425,482 818,918 862,723 377,007



Kerugian modal tidak terealisasi bersih - (477,643) - (229,008)

Jumlah perbelanjaan (608,634) (1,333,109) (188,220) (363,225)



Cukai 8 (65,074) 31,420 (53,659) (5,553)


perbelanjaan selepas cukai 751,774 (482,771) 620,844 8,229

Pendapatan tidak teragih dibawa ke hadapan 1,916,020 2,398,791 1,228,776 1,220,547

Pendapatan tidak teragih dihantar ke hadapan 2,667,794 1,916,020 1,849,620 1,228,776






Dana AmAssuranceAmOasis Islamic Equity

Dana AmAssuranceGlobal Emerging Market

Nota 2013 2012 2013 2012

RM RM RM RM




68,769 81,655 5,790 7,559

Perolehan atas pelupusan pelaburan - - - 10,793

Perolehan modal tidak terealisasi bersih 298,698 - 7,404 -




Kerugian modal tidak terealisasi bersih - (167,007) - (77,658)

Jumlah perbelanjaan (131,611) (258,011) (10,685) (89,213)


perbelanjaan sebelum cukai 235,856 (176,356) 2,509 (70,861)

Cukai 8 (20,191) 11,827 (911) 4,847


perbelanjaan selepas cukai 215,665 (164,529) 1,598 (66,014)

(Kerugian)/pendapatan tidak teragih

dibawa ke hadapan (453,591) (289,062) (18,350) 47,664

Kerugian tidak teragih dibawa ke hadapan (237,926) (453,591) (16,752) (18,350)






Dana AmAssurancePrecious Metals

Dana AmAssuranceGlobal Agribusiness

Nota 2013 2012 2013 2012

RM RM RM RM



20,201 27,890 8,728 6,112

Perolehan atas pelupusan pelaburan - - 23,402 -

Perolehan modal tidak terealisasi bersih - - 76,887 -



Kerugian atas pelupusan pelaburan (1,126,411) (1,074,815) - (74,139)

Kerugian modal tidak terealisasi bersih - (38,097) - -

Jumlah perbelanjaan (1,146,882) (1,136,056) (13,020) (85,483)

(Defisit)/lebihan pendapatan daripada

perbelanjaan sebelum cukai (1,126,681) (1,108,166) 95,997 (79,371)

Cukai 8 88,497 86,802 (8,721) 5,442


perbelanjaan selepas cukai (1,038,184) (1,021,364) 87,276 (73,929)


dibawa ke hadapan (922,208) 99,156 60,993 134,922


(1,960,392) (922,208) 148,269 60,993 dihantar ke hadapan






Dana AmAssuranceAmAsia Recovery CG


Nota01.04.2012

hingga 02.07.2012

01.04.2011 hingga

31.03.2012 2013 2012

RM RM RM RM



Pendapatan dividen 7 - - 2,095 2,037

6,530 24,355 153,887 102,955

Perolehan atas pelupusan pelaburan 4,213,658 - - -

Perolehan modal tidak terealisasi bersih - 2,572,417 26,456 51,322

Jumlah pendapatan 4,220,188 2,596,772 180,343 154,277


Kerugian modal tidak terealisasi bersih (4,478,362) - - -

Jumlah perbelanjaan (4,702,202) (848,978) (30,311) (31,174)


perbelanjaan sebelum cukai (482,014) 1,747,794 150,032 123,103

Cukai 8 357,747 (207,741) (14,260) (12,179)

(Defisit)/lebihan pendapatan

daripada perbelanjaan (124,267) 1,540,053 135,772 110,924

Pendapatan/(kerugian) tidak teragih

dibawa ke hadapan 1,839,489 299,436 (182,488) (193,214)

Pembayaran kupon - - (147,290) (100,198)


dibawa ke hadapan 1,715,222 1,839,489 (194,006) (182,488)






Dana AmAssuranceAmCurrency Income CG

Dana AmAssuranceAmCurrency Income II CG

Nota 2013 2012 2013 2012

RM RM RM RM



7,773 104,225 7,681 9,278

Perolehan modal tidak terealisasi bersih 1,616,900 751,055 657,221 -

Jumlah pendapatan 1,624,673 855,280 664,902 9,278


Kerugian modal tidak terealisasi bersih - - - (264,021)

Jumlah perbelanjaan (221,090) (221,309) (94,977) (360,793)


perbelanjaan sebelum cukai 1,403,583 633,971 569,925 (351,515)

Cukai 8 (129,974) (68,422) (53,192) 20,379


perbelanjaan selepas cukai 1,273,609 565,549 516,733 (331,136)

Kerugian tidak teragih dibawa ke hadapan (463,546) (1,029,095) (491,955) (160,819)


dibawa ke hadapan 810,063 (463,546) 24,778 (491,955)







Nota 01.04.2012

hingga 31.03.2013

27.10.2011 hingga

31.03.2012

RM RM


Pendapatan faedah 6 62,454 30,028

Pendapatan dividen 7 296,206 51,762

358,660 81,790

Perolehan atas pelupusan pelaburan 256,966 19,129

Perolehan modal tidak terealisasi bersih - 144,295

Jumlah pendapatan 615,626 245,214

Perbelanjaan pengurusan (90,068) (37,907)

Kerugian modal tidak terealisasi bersih (53,518) -

Jumlah perbelanjaan (143,586) (37,907)

Lebihan pendapatan daripada perbelanjaan sebelum cukai 472,040 207,307

Cukai 8 (36,986) (16,992)

Lebihan pendapatan daripada perbelanjaan selepas cukai 435,054 190,315

Pendapatan tidak teragih dibawa ke hadapan 190,315 -

Pendapatan tidak teragih dihantar ke hadapan 625,369 190,315




PENYATA PERUBAHAN DI DALAM NILAI ASET BERSIHBAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2013


2013 2012

RM RM

Nilai aset bersih pada awal tahun 14,593,717 11,475,270

Amaun diterima daripada unit yang dicipta 4,250,677 11,974,079

Amaun dibayar untuk unit yang dibatalkan (7,218,256) (8,296,137)

11,626,138 15,153,212

Pendapatan/(kerugian) terealisasi bersih selepas cukai 144,966 (242,631)

Perolehan/(kerugian) modal tidak terealisasi bersih selepas cukai 492,600 (316,864)

Nilai aset bersih pada akhir tahun 12,263,704 14,593,717


2013 2012

RM RM




15,886,774 11,253,958

Pendapatan terealisasi bersih selepas cukai 645,485 436,444

(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (156,042) 217,539





PENYATA PERUBAHAN DI DALAM NILAI ASET BERSIH (bersambung)



2013 2012

RM RM




22,138,368 21,994,041

Pendapatan/(kerugian) terealisasi bersih selepas cukai 256,868 (34,551)




2013 2012

RM RM




12,301,559 13,121,095

Pendapatan terealisasi bersih selepas cukai 438,213 221,753









2013 2012

RM RM


Amaun diterima daripada unit yang dicipta 510,354 3,021,175


3,214,514 4,512,384

Kerugian terealisasi bersih selepas cukai (59,136) (10,883)




2013 2012

RM RM

Nilai aset bersih pada awal tahun 721,580 722,767

Amaun diterima daripada unit yang dicipta 100,364 168,625

Amaun dibayar untuk unit yang dibatalkan (61,626) (103,798)

760,318 787,594

(Kerugian)/perolehan terealisasi bersih selepas cukai (5,213) 5,431


Nilai aset bersih pada akhir tahun 761,916 721,580







2013 2012

RM RM




5,929,819 6,181,906


Kerugian modal tidak terealisasi bersih selepas cukai (1,036,297) (988,830)



2013 2012

RM RM


Amaun diterima daripada unit yang dicipta 499,835 737,273


1,569,964 1,532,899

Perolehan/(kerugian) terealisasi bersih selepas cukai 16,539 (5,721)









01.04.2012 hingga

02.07.2012

01.04.2011 hingga

31.03.2012

RM RM

Nilai aset bersih pada awal tempoh/tahun 84,379,260 84,339,039

Amaun dibayar untuk unit yang dibatalkan (34,675) (1,499,832)

84,344,585 82,839,207

Perolehan/(kerugian) terealisasi bersih selepas cukai 3,995,826 (826,571)

(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (4,120,093) 2,366,624

Nilai aset bersih pada akhir tarikh kematangan/tahun 84,220,318 84,379,260


2013 2012

RM RM



4,062,629 4,521,918

Perolehan terealisasi bersih selepas cukai 111,433 63,708

Perolehan modal tidak terealisasi bersih selepas cukai 24,339 47,216

Pembayaran kupon (147,290) (100,198)








2013 2012

RM RM


Amaun dibayar untuk unit yang dibatalkan (554,228) (1,083,495)

41,509,153 41,497,832


Perolehan modal tidak terealisasi bersih selepas cukai 1,487,547 690,971



2013 2012

RM RM



16,740,744 17,569,478










01.04.2012 hingga

31.03.2013

27.10.2011 hingga

31.03.2012

RM RM

Nilai aset bersih pada awal tahun 5,443,904 -

Amaun diterima daripada unit yang dicipta 591,011 5,283,559


5,915,049 5,253,589

Perolehan terealisasi bersih selepas cukai 484,291 57,563

(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (49,237) 132,752




202


AmLife Insurance Berhad Laporan Tahunan Dana Berkaitan Pelaburan Bagi Tahun Kewangan Berakhir 31 Mac 2013

NOTA KEPADA MAKLUMAT KEWANGAN-31 MAC 20131. PENGURUS DAN AKTIVITI UTAMANYA

Dana berkaitan pelaburan AmLife Insurance Berhad (“Pengurus”) terdiri daripada Dana AmAssurance Equity, Dana AmAssurance Bond, Dana AmAssurance Balanced, Dana AmAssurance Dana Teguh, Dana AmAssurance AmOasis Islamic Equity, Dana AmAssurance Global Emerging Market, Dana AmAssurance Precious Metals, Dana AmAssurance Global Agribusiness, Dana AmAssurance AmAsia Recovery CG (matang pada 2 Julai 2012), Dana AmAssurance AmCommodity Stable CG, Dana AmAssurance AmCurrency Income CG, Dana AmAssurance AmCurrency Income II CG dan Dana AmAssurance Dividend (bersama-sama dirujuk sebagai “Dana”).

Pengurus merupakan syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia dan berlesen di bawah Akta Insurans, 1996. Aktiviti utamanya adalah perniagaan pengunderaitan insurans hayat dan berkaitan pelaburan.

Tiada perubahan besar dalam sifat aktiviti utama Pengurus semasa tahun kewangan berakhir 31 Mac 2013.

Penyata kewangan telah dibenarkan untuk dikeluarkan oleh Lembaga Pengarah Pengurus menurut satu resolusi pada 27 Jun 2013.

2. POLISI PERAKAUNAN YANG PENTING

2.1 Asas Penyediaan

Maklumat kewangan Dana telah disediakan menurut polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia (“BNM”).

Maklumat kewangan tersebut telah disediakan di bawah konvensyen kos sejarah kecuali seperti yang dinyatakan di dalam polisi perakaunan yang penting di dalam Nota 2.2 kepada maklumat kewangan.

Maklumat kewangan tersebut dibentangkan dalam Ringgit Malaysia (“RM”).

Penyata Asset dan Liabiliti, Penyata Pendapatan dan Perbelanjaan dan Penyata Perubahan di dalam Nilai Aset Bersih bagi Dana AmAssurance AmAsia Recovery CG disediakan untuk tempoh dari 1 April 2012 hingga 2 Julai 2012. Oleh itu, penyata kewangan Dana ini telah disediakan berdasarkan selain daripada usaha berterusan. Aset Dana telah dinyatakan pada nilai boleh pulihnya masing-masing dan semua liabiliti Dana, termasuk anggaran perbelanjaan pada kematangan Dana, telah diambil kira.

2.2 Ringkasan polisi perakaunan yang penting

(a) Yuran pengurusan

Yuran pengurusan dicaj berdasarkan kepada nilai aset bersih harian Dana, pada kadar yang berikut: (i) Dana AmAssurance Equity 1.50% setahun (ii) Dana AmAssurance Bond 1.00% setahun (iii) Dana AmAssurance Balanced 1.50% setahun

(iv) Dana AmAssurance Dana Teguh 1.50% setahun (v) Dana AmAssurance AmOasis Islamic Equity 1.50% setahun (vi) Dana AmAssurance Global Emerging Market 1.50% setahun (vii) Dana AmAssurance Precious Metals 1.50% setahun (viii) Dana AmAssurance Global Agribusiness 1.50% setahun (ix) Dana AmAssurance AmAsia Recovery CG 1.00% setahun (x) Dana AmAssurance AmCommodity Stable CG 0.50% setahun (xi) Dana AmAssurance AmCurrency Income CG 0.50% setahun (xii) Dana AmAssurance AmCurrency Income II CG 0.50% setahun (xiii) Dana AmAssurance Dividend 1.50% setahun



NOTA KEPADA MAKLUMAT KEWANGAN-31 MAC 2013 (bersambung)

2. POLISI PERAKAUNAN YANG PENTING (bersambung)

2.2 Ringkasan polisi perakaunan yang penting (bersambung)

(b) Instrumen kewangan - pengiktirafan permulaan dan ukuran seterusnya

(i) Tarikh pengiktirafan

Semua aset dan liabiliti kewangan pada mulanya diiktiraf pada tarikh dagangan, iaitu tarikh yang mana Dana menjadi pihak kepada peruntukan berkontrak instrumen. Ini termasuk “perdagangan cara biasa” belian atau jualan aset kewangan yang memerlukan penghantaran aset dalam tempoh masa yang secara amnya ditetapkan oleh peraturan atau konvensyen di pasaran.

(ii) Ukuran permulaan instrumen kewangan

Aset kewangan dikelaskan sebagai aset kewangan pada nilai saksama melalui keuntungan atau kerugian, aset kewangan yang sedia untuk dijual, aset kewangan yang dipegang sehingga matang atau pinjaman dan belum bayar, sewajarnya. Liabiliti kewangan dana dikelaskan sebagai liabiliti kewangan pada nilai saksama melalui keuntungan atau kerugian atau pada kos terlunas, sewajarnya. Dana tersebut menentukan klasifikasi aset kewangan dan liabiliti kewangannya pada pengiktirafan permulaan.

Klasifikasi instrumen kewangan pada pengiktirafan permulaan bergantung kepada tujuan dan niat pengurusan yang mana instrumen kewangan tersebut diperolehi dan sifat-sifatnya. Semua instrumen kewangan diukur pada permulaan pada nilai saksamanya campur kos transaksi, kecuali dalam kes aset kewangan dan liabiliti kewangan yang direkodkan pada nilai saksama melalui keuntungan atau kerugian, yang diukur pada nilai saksama.

Dana tersebut mengkelaskan pelaburan tersebut kepada aset kewangan pada nilai saksama melalui keuntungan atau kerugian (“FVTPL”) atau pinjaman dan belum terima (“LAR”).

(iii) Ukuran berikutnya

Ukuran instrumen kewangan berikutnya bergantung kepada klasifikasinya seperti yang dinyatakan di bawah:

1. Aset kewangan pada nilai saksama melalui keuntungan atau kerugian

Aset kewangan atau liabiliti kewangan direkodkan di dalam Penyata Aset dan Liabiliti pada nilai saksama. Perubahan dalam nilai saksama diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan. Pendapatan atau perbelanjaan faedah dan dividen direkodkan sebagai “Pendapatan Pelaburan Bersih” atau “Perbelanjaan faedah”, sewajarnya dan menurut terma kontrak, atau apabila hak pembayaran telah ditetapkan.

Yang termasuk di dalam klasifikasi ini adalah sekuriti pendapatan tetap, skim pelaburan

kolektif dan ekuiti. 2. Pinjaman dan belum terima

Pinjaman dan belum terima adalah termasuk aset kewangan bukan derivatif dengan pembayaran tetap atau boleh ditentukan yang tidak tersiar harga di pasaran aktif.

Selepas ukuran permulaan, amaun berikutnya diukur pada kos terlunas menggunakan kadar faedah efektif (“EIR”), tolak peruntukan bagi kemerosotan. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium atas pemerolehan dan yuran serta kos yang merupakan sebahagian penting EIR.

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(b) Instrumen kewangan - pengiktirafan permulaan dan ukuran seterusnya (bersambung)

(iv) Liabiliti kewangan pada kos terlunas

Liabiliti kewangan Dana, yang tidak ditetapkan pada nilai saksama melalui keuntungan atau kerugian, dikelaskan sebagai liabiliti kewangan pada kos terlunas, yang mana isi perjanjian berkontrak menyebabkan Dana berkewajipan sama ada untuk memberikan tunai atau aset kewangan lain kepada pemegang, atau untuk menjalankan kewajipan selain daripada melalui pertukaran amaun tetap tunai atau aset kewangan lain dengan jumlah tetap instrumen ekuiti sendiri.

Selepas ukuran permulaan, ini berikutnya diukur pada kos terlunas menggunakan EIR. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium atau pengeluaran dan kos yang merupakan sebahagian penting EIR.

(c) Penyahiktirafan aset kewangan dan liabiliti kewangan

(i) Aset kewangan

Aset kewangan (atau, yang mana berkenaan sebahagian daripada aset kewangan atau sebahagian daripada kumpulan aset kewangan yang serupa) dinyahiktiraf apabila:

- Hak untuk menerima aliran tunai daripada aset telah luput.

- Dana telah memindahkan haknya untuk menerima aliran tunai daripada aset tersebut atau telah menjalankan kewajipan untuk membayar aliran tunai yang diterima sepenuhnya tanpa kelewatan penting kepada pihak ketiga di bawah perjanjian “serah semua”; dan sama ada:

- Dana telah memindahkan secara besarnya semua risiko dan ganjaran aset, atau

- Dana tidak memindahkan mahupun mengekalkan secara besarnya semua risiko dan ganjaran aset, tetapi telah memindahkan kawalan aset.

Apabila Dana telah memindahkan haknya untuk menerima aliran tunai daripada aset atau telah membuat perjanjian serah semua, dan tidak memindahkan mahupun mengekalkan semua risiko dan ganjaran aset ataupun tidak memindahkan kawalan aset, aset diiktiraf setakat mana Dana berterusan terlibat di dalam aset. Oleh itu, Dana juga mengiktiraf liabiliti yang berkaitan. Aset yang telah dipindahkan dan liabiliti yang berkaitan diukur pada asas yang menggambarkan hak dan kewajipan yang telah dikekalkan oleh Dana.

(ii) Liabiliti kewangan

Liabiliti kewangan dinyahiktiraf apabila kewajipan di bawah liabiliti dilepaskan, dibatalkan atau luput. Yang mana liabiliti kewangan sedia ada digantikan oleh yang lain daripada peminjam yang sama pada terma yang berbeza secara besar, atau terma liabiliti sedia ada diubahsuai secara besar, pertukaran atau pengubahsuaian sedemikian dianggap sebagai penyahiktirafan liabiliti asal dan pengiktirafan liabiliti baru. Perbezaan di antara nilai dibawa liabiliti kewangan asal dan pertimbangan yang dibayar diiktiraf di dalam keuntungan atau kerugian.






(d) Penentuan nilai saksama

Nilai saksama bagi instrumen kewangan yang didagangkan di dalam pasaran aktif pada tarikh laporan adalah berdasarkan kepada harga pasaran tersiar harga atau sebut harga perniagaannya (harga bidaan bagi kedudukan panjang dan harga permintaan bagi kedudukan pendek), tanpa sebarang pemotongan bagi kos transaksi.

Bagi instrumen kewangan yang tidak didagangkan di dalam pasaran aktif, nilai saksama ditentukan dengan menggunakan teknik penilaian yang sewajarnya. Teknik penilaian adalah termasuk kaedah aliran tunai berdiskaun, perbandingan dengan instrumen yang serupa yang mana wujudnya harga pasaran yang boleh didapati, model penetapan harga opsyen, model kredit dan lain-lain model penilaian yang relevan.

(e) Kemerosotan aset kewangan

Dana menilai sama ada terdapat sebarang bukti objektif bahawa sesuatu aset kewangan atau sekumpulan aset kewangan merosot pada setiap tarikh laporan. Aset kewangan atau sekumpulan aset kewangan dianggap merosot sekiranya, dan hanya sekiranya, terdapat bukti objektif kemerosotan akibat satu atau lebih peristiwa yang telah berlaku selepas pengiktirafan permulaan aset tersebut (“peristiwa kerugian” yang telah berlaku) dan peristiwa (atau peristiwa-peristiwa) kerugian itu memberi impak kepada anggaran aliran tunai masa hadapan aset kewangan atau kumpulan aset kewangan yang boleh dianggarkan dengan pasti.

Aset kewangan dibawa pada kos terlunas

Bukti kemerosotan boleh termasuk tanda-tanda bahawa peminjam atau sekumpulan peminjam sedang mengalami masalah kewangan, kemungkinan bahawa mereka akan muflis atau penyusunan semula kewangan yang lain, keingkaran atau masalah dalam pembayaran faedah atau pokok dan yang mana data yang boleh didapati menunjukkan bahawa terdapat penurunan yang boleh diukur dalam anggaran aliran tunai masa hadapan, seperti perubahan pada tunggakan atau keadaan ekonomi yang berkaitan dengan keingkaran.

Bagi aset kewangan yang dibawa pada kos terlunas, Dana pada mulanya menilai secara individu sama

ada bukti objektif kemerosotan wujud bagi aset kewangan yang besar secara individu, atau secara kolektif bagi aset kewangan yang tidak besar secara individu. Sekiranya Dana menentukan bahawa bukti objektif kemerosotan tidak wujud bagi aset kewangan yang dinilai secara individu, ia termasuk aset di dalam sekumpulan aset kewangan dengan sifat-sifat risiko kredit yang serupa dan menilainya secara kolektif bagi kemerosotan. Aset yang dinilai secara individu bagi kemerosotan dan yang mana kerugian kemerosotan adalah, atau berterusan, diiktiraf tidak termasuk di dalam penilaian kolektif kemerosotan.

Sekiranya terdapat bukti objektif bahawa kerugian kemerosotan telah berlaku, amaun kerugian diukur sebagai perbezaan di antara amaun dibawa aset tersebut dan nilai semasa anggaran aliran tunai masa hadapan (tidak termasuk jangkaan kerugian kredit masa hadapan yang belum berlaku). Amaun dibawa aset tersebut dikurangkan melalui penggunaan akaun peruntukan dan amaun kerugian diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan. Pendapatan faedah diakru secara berterusan pada amaun dibawa yang berkurangan dan diakru menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan untuk tujuan mengukur kerugian kemerosotan. Pendapatan faedah direkodkan sebagai sebahagian daripada “Pendapatan faedah”. Pinjaman dan belum terima bersama dengan peruntukan yang berkaitan dihapus kira apabila tiada prospek pemulihan masa hadapan yang realistik dan semua cagaran telah direalisasi atau telah dipindahkan kepada dana. Sekiranya, dalam tahun berikutnya, amaun anggaran kerugian kemerosotan meningkat atau menurun kerana satu peristiwa yang berlaku selepas kemerosotan diiktiraf, kerugian kemerosotan yang telah diiktiraf sebelumnya ditingkatkan atau dikurangkan dengan mengubah akaun peruntukan. Sekiranya hapus kira masa hadapan pulih kemudiannya, pemulihan dikreditkan kepada “Kerugian kemerosotan di atas pinjaman dan belum terima setakat yang mana amaun dibawa aset tidak melebihi kos terlunasnya pada tarikh pembalikan.

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(e) Kemerosotan aset kewangan (bersambung)

Aset kewangan dibawa pada kos terlunas (bersambung)

Nilai semasa anggaran aliran tunai masa hadapan didiskaun pada EIR asal aset kewangan. Sekiranya pinjaman dan belum terima mempunyai kadar faedah yang pelbagai, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR semasa. Sekiranya dana tersebut telah mengkelaskan aset dagangan kepada pinjaman dan belum terima, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR baru yang ditentukan pada tarikh pengkelasan semula. Pengiraan nilai semasa anggaran aliran tunai masa hadapan aset kewangan bercagar menggambarkan aliran tunai yang mungkin terhasil daripada penebusan ditolak kos bagi mendapatkan dan menjual cagaran tersebut, sama ada penebusan berkemungkinan atau tidak.

(f ) Mengimbangi instrumen kewangan

Aset kewangan dan liabiliti kewangan diimbangi dan amaun bersih yang dilaporkan di dalam Penyata Aset dan Liabiliti sekiranya, dan hanya sekiranya, terdapat hak undang-undang yang berkuatkuasa pada masa ini dan terdapat niat untuk menyelesaikan pada asas bersih, atau untuk merealisasikan aset dan menyelesaikan liabiliti sekaligus. Ini pada amnya bukan halnya dengan perjanjian ‘master netting’, oleh itu, aset dan liabiliti yang berkaitan dibentangkan kasar di dalam Penyata Aset dan Liabiliti.

(g) Kemerosotan aset bukan kewangan

Dana menilai sama ada terdapat tanda-tanda bahawa sesuatu aset itu berkemungkinan merosot pada setiap tarikh laporan. Sekiranya sebarang tanda wujud, atau apabila ujian kemerosotan tahunan bagi sesuatu aset diperlukan, Dana menganggarkan amaun boleh pulih aset tersebut. Amaun boleh pulih aset tersebut adalah nilai saksama aset atau unit penjana tunai (“CGU”) tersebut ditolak kos untuk jualan atau nilai gunaannya, yang mana lebih tinggi. Yang mana amaun dibawa aset atau CGU melebihi amaun boleh pulihnya, aset tersebut dianggap merosot dan dikira turun kepada amaun boleh pulihnya. Dalam menilai nilai gunaan, anggaran aliran tunai masa hadapan didiskaun kepada nilai semasanya menggunakan kadar diskaun pra-cukai yang menggambarkan penilaian pasaran semasa nilai masa wang dan risiko yang spesifik kepada aset tersebut. Dalam menentukan nilai saksama tolak kos untuk jualan, satu model penilaian yang wajar digunakan. Pengiraan ini disokong oleh gandaan penilaian, harga saham tersiar harga bagi entiti dagangan awam atau penunjuk nilai saksama lain yang boleh didapati.

Bagi aset yang tidak termasuk ihsan, satu penilaian dibuat pada setiap tarikh laporan sama ada terdapat sebarang petunjuk bahawa kerugian kemerosotan yang telah diiktiraf terdahulu tidak lagi wujud atau mungkin telah berkurangan. Sekiranya petunjuk sedemikian wujud, dana menganggarkan amaun amaun boleh pulih aset atau CGU tersebut. Kerugian kemerosotan yang telah diiktiraf terdahulu diterbalikkan hanya sekiranya terdapat perubahan dalam anggapan yang digunakan untuk menentukan amaun boleh pulih aset tersebut sejak kerugian kemerosotan terakhir diiktiraf. Pembalikan dihadkan agar amaun dibawa aset tersebut tidak melebihi amaun boleh pulihnya, mahupun melebihi amaun dibawa yang akan ditentukan, bersih daripada susut nilai, tiada kerugian kemerosotan telah diiktiraf bagi aset tersebut dalam tahun-tahun terdahulu. Pembalikan sedemikian diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan.






(h) Penciptaan bersih unit

Penciptaan bersih unit mewakili premium yang dibayar oleh para pemegang polisi sebagai pembayaran bagi kontrak baru atau pembayaran berikutnya untuk meningkatkan amaun kontrak itu ditolak pengubahan dalam dana. Penciptaan bersih unit diiktiraf apabila diterima.

(i) Pembatalan bersih unit

Pembatalan bersih unit mewakili pembatalan unit yang timbul daripada serahan dan pengeluaran. Pembatalan bersih diiktiraf pada waktu serahan kontrak insurans yang berkaitan.

(j) Pengiktirafan pendapatan lain

Pendapatan diiktiraf setakat yang mana ia berkemungkinan bahawa manfaat ekonomi akan mengalir kepada dana dan pendapatan tersebut boleh diukur dengan pasti. Kriteria pengiktirafan spesifik berikut harus ditepati sebelum pendapatan diiktiraf.

(i) Pendapatan faedah

Pendapatan dan perbelanjaan faedah dan pembiayaan diiktiraf di dalam keuntungan atau kerugian menggunakan kaedah faedah efektif. Apabila aset kewangan atau sekumpulan aset kewangan telah dikira turun akibat kerugian kemerosotan, pendapatan faedah diiktiraf menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan untuk tujuan mengukur kerugian kemerosotan.

(ii) Keuntungan dan kerugian atas pelaburan terealisasi Pada pelupusan pelaburan, perbezaan di antara hasil kutipan pelupusan bersih dan amaun dibawa

pelaburan dikreditkan atau dicaj kepada Penyata Pendapatan dan Perbelanjaan.

(iii) Pendapatan dividen

Pendapatan dividen mewakili dividen kasar daripada pelaburan tersiar harga dan tidak tersiar harga dan diiktiraf apabila hak menerima pembayaran ditetapkan.

(k) Cukai pendapatan

Cukai pendapatan ke atas keuntungan dan kerugian terdiri daripada cukai semasa dan tertangguh. Cukai semasa adalah jangkaan amaun cukai pendapatan yang harus dibayar berkenaan dengan keuntungan boleh cukai bagi tahun tersebut dan diukur menggunakan kadar cukai yang telah berkuatkuasa pada tarikh Penyata Aset dan Liabiliti.

Cukai tertangguh diperuntukan, menggunakan kaedah liabiliti, pada perbezaan sementara pada tarikh Penyata Aset dan Liabiliti di antara asas cukai aset dan liabiliti dan amaun dibawanya di dalam maklumat kewangan. Secara prinsipnya, liabiliti cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh cukai dan aset cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh potong, setakat mana ia berkemungkinan bahawa keuntungan boleh cukai boleh didapati pada mana perbezaan sementara boleh potong boleh digunakan.

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(k) Cukai pendapatan (bersambung)

Cukai tertangguh diukur pada kadar cukai yang dijangka akan diguna pakai dalam tempoh yang mana aset tersebut direalisasi atau liabiliti tersebut diselesaikan, berdasarkan kepada kadar cukai yang telah berkuatkuasa atau sebahagian besarnya telah berkuatkuasa pada tarikh Penyata Aset dan Liabiliti. Cukai tertangguh diiktiraf sebagai pendapatan atau perbelanjaan di dalam Penyata Pendapatan dan Perbelanjaan, kecuali apabila ia timbul daripada transaksi yang diiktiraf secara langsung di dalam modal para pemegang unit, yang mana dalam hal ini, cukai tertangguh tersebut juga diiktiraf di dalam modal para pemegang unit.

(l) Peruntukan

Peruntukan diiktiraf apabila Dana mempunyai kewajipan semasa akibat peristiwa lepas dan adalah berkemungkinan bahawa aliran keluar sumber yang mengandungi manfaat ekonomi akan diperlukan untuk menyelesaikan kewajipan tersebut, dan anggaran amaun yang pasti boleh dibuat. Peruntukan dikaji semula pada setiap tarikh Penyata Aset dan Liabiliti dan diubah untuk menggambarkan anggaran terbaik semasa. Yang mana kesan nilai masa wang adalah penting, peruntukan didiskaun menggunakan kadar pra-cukai semasa yang menggambarkan, di mana wajar, risiko yang spesifik kepada liabiliti. Yang mana pendiskaunan digunakan, peningkatan dalam peruntukan kerana peredaran masa diiktiraf sebagai kos pembiayaan.

(m) Transaksi matawang asing

(i) Matawang fungsi dan pembentangan

Penyata kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”) yang juga merupakan matawang fungsi dan pembentangan Dana.

(ii) Transaksi matawang asing

Transaksi dalam matawang asing pada mulanya direkodkan dalam kadar matawang fungsi semasa pada tarikh transaksi. Aset dan liabiliti monetari dengan denominasi matawang asing ditukarkan semula pada kadar pertukaran matawang fungsi pada tarikh laporan. Semua perbezaan dibawa ke keuntungan atau kerugian. Butiran bukan monetari dengan denominasi matawang asing yang diukur pada kos sejarah ditukar menggunakan kadar pertukaran pada tarikh transaksi permulaan.

Butiran bukan monetari diukur pada nilai saksama pada nilai saksama dalam matawang asing ditukar menggunakan kadar pertukaran pada tarikh apabila nilai saksama ditentukan. Semua perbezaan pertukaran asing dibawa ke keuntungan atau kerugian, kecuali bagi perbezaan yang berkaitan dengan butiran yang mana keuntungan atau kerugian diiktiraf secara langsung di dalam ekuiti, yang mana, keuntungan atau kerugian diiktiraf bersih daripada komponen pertukaran di dalam ekuiti.

(n) Tunai dan tunai setara

Tunai dan tunai setara terdiri daripada tunai dan baki di bank, tidak termasuk deposit tetap dan panggilan.




3. PELABURAN

(i) Dana AmAssurance Equity

2013 2012

RM RM

Sekuriti ekuiti tersiar harga 7,673,180 10,212,233

Unit tersiar harga dan dana amanah harta - 1,000,500

Deposit dengan institusi kewangan berlesen 4,975,000 3,409,000

12,648,180 14,621,733

FVPTL:

Sekuriti ekuiti tersiar harga:

Kos 7,239,504 10,340,620

Keuntungan/(kerugian) tidak terealisasi bersih 433,676 (128,387)

Nilai saksama 7,673,180 10,212,233

Unit tersiar harga dan dana amanah harta:

Kos - 973,868

Keuntungan tidak terealisasi bersih - 26,632

Nilai saksama - 1,000,500

Jumlah pelaburan pada FVTPL 7,673,180 11,212,733

LAR:


Jumlah pelaburan 12,648,180 14,621,733

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3. PELABURAN (bersambung)

(i) Dana AmAssurance Equity (bersambung)

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2013 diterangkan di bawah:

2013

Jumlah Kos Nilai saksama Nilai saksama

sebagai %unit RM RM daripada NAB

FVPTL:


Pembinaan

IJM Corporation Bhd 75,000 387,519 408,750 3.33%

Kewangan

Malayan Banking Bhd 75,000 627,704 701,250 5.72%

Perindustrian

DRB-HICOM Bhd 300,000 770,677 759,000 6.19%

Perisai Petroleum Teknologi Bhd 525,000 592,752 567,000 4.62%

Petronas Gas Bhd 46,500 860,277 883,500 7.20%

Syarikat Projek Infrastruktur

Digi.Com Bhd 86,000 399,296 398,180 3.25%

Perladangan

Boustead Holdings Bhd 100,000 529,007 513,000 4.18%

Perdagangan & Perkhidmatan

Dialog Group Bhd 300,000 717,070 708,000 5.77%

Perdana Petroleum Bhd 525,000 584,087 682,500 5.57%

Sapurakencana Petroleum Bhd 375,000 789,938 1,125,000 9.17%

Sime Darby Bhd 100,000 981,177 927,000 7.56%

Jumlah pelaburan pada FVTPL 7,239,504 7,673,180 62.57%

Purata wajaran kadar faedah efektif adalah seperti berikut:

Purata wajaran kadar faedah efektif setahun

2013 2012

% %

Deposit dengan institusi kewangan berlesen 2.92 2.73





(ii) Dana AmAssurance Bond

2013 2012

RM RM

Bon korporat tidak tersiar harga 10,550,515 9,265,363

Unit tidak tersiar harga dan dana amanah harta 1,141,096 1,100,970


16,058,825 11,718,566

FVPTL:

Bon korporat tidak tersiar harga:

Kos 10,533,053 9,066,520

Keuntungan tidak terealisasi bersih 17,462 198,843

Nilai saksama 10,550,515 9,265,363

Unit tidak tersiar harga dan dana amanah harta:

Kos 1,013,758 980,625


Nilai saksama 1,141,096 1,100,970


LAR:



Bon korporat tidak tersiar harga

Unit tidak tersiar harga dan dana amanah harta

Deposit dengan institusi kewangan berlesen

FVPTL:


Kos

Keuntungan tidak terealisasi bersih

Nilai saksama


Kos

Keuntungan tidak terealisasi bersih

Nilai saksama

Jumlah pelaburan pada FVTPL

LAR:

Deposit dengan institusi kewangan berlesen

Jumlah pelaburan

212





(ii) Dana AmAssurance Bond (bersambung)


2013



FVPTL:


Abu Dhabi Commercial Bank-BG

tamat tempoh pada 22/11/2017 1,000,000 1,020,300 1,048,900 6.41%

RHB Bank Sub Debt


Encorp Systembilt Sdn


Gulf Investment Corporation- G.S.C


Special Power Vehicle Berhad

tamat tempoh pada 19/05/2016 625,000 1,004,250 881,688 5.38%

Prominic Berhad


Sistem Penyuraian Trafik KL Barat Sdn Bhd


Projek Lebuhraya Usahasama Berhad


Binariang GSM Sdn Bhd

tamat tempoh pada 28/12/2015 191,696 199,978 198,022 1.21%

Sarawak Energy Bhd


10,533,053 10,550,515 64.43%

Unit tidak tersiar harga dandana amanah harta:

Dana AmBond 882,589 1,007,582 6.15%

Dana AmDynamic Bond 131,169 133,514 0.82%

1,013,758 1,141,096 6.97%






(ii) Dana AmAssurance Bond (bersambung)



2013 2012

% %

Bon korporat tidak tersiar harga - bercagar 0.49 1.77

Bon korporat tidak tersiar harga - tidak bercagar 4.48 3.28


(iii) Dana AmAssurance Balanced

2013 2012

RM RM



Unit tersiar harga dan dana amanah harta - 1,316,750


22,547,079 21,362,548

FVPTL:


Kos 8,852,044 13,040,417


Nilai saksama 9,339,900 12,833,984


Kos 6,177,165 5,753,295

(Kerugian)/keuntungan tidak terealisasi bersih (99,986) 33,136

Nilai saksama 6,077,179 5,786,431


Kos - 1,284,842

Keuntungan tidak terealisasi bersih - 31,908



LAR:



214





(iii) Dana AmAssurance Balanced (bersambung)


2013



FVPTL:


Kewangan

Malayan Banking Bhd. 125,000 1,080,166 1,168,750 5.11%

Produk perindustrian

DRB-HICOM Bhd 375,000 971,954 948,750 4.14%


Petronas Gas Bhd 27,000 519,472 513,000 2.24%

Perladangan

Boustead Holdings Bhd 150,000 789,838 769,500 3.36%


Dialog Group Bhd 375,000 897,064 885,000 3.87%

Perdana Petroleum Bhd 800,000 910,599 1,040,000 4.54%

Sapurakencana Petroleum Bhd 525,000 1,116,320 1,575,000 6.88%

Sime Darby Bhd 170,000 1,668,381 1,575,900 6.88%

8,852,044 9,339,900 40.80%


Abu Dhabi Commercial Bank-BG


Gulf Investment Corporation- G.S.C




Encorp Systembilt Sdn Bhd




6,177,165 6,077,179 26.55%






(iii) Dana AmAssurance Balanced (bersambung)



2013 2012

% %

Bon korporat tidak tersiar harga - bercagar 0.85 1.28



(iv) Dana AmAssurance Dana Teguh

2013 2012

RM RM



Unit tidak tersiar harga dan dana amanah harta 303,489 293,655


12,910,742 12,921,964

FVPTL:


Kos 5,219,720 7,537,387


Nilai saksama 5,391,570 7,434,120


Kos 2,932,830 2,309,613

(Kerugian)/keuntungan tidak terealisasi bersih (25,147) 56,814

Nilai saksama 2,907,683 2,366,427


Kos 274,859 267,602


Nilai saksama 303,489 293,655


LAR:



216





(iv) Dana AmAssurance Dana Teguh (bersambung)

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2013 adalah seperti yang diterangkan di bawah:

2013



FVPTL:


Pembinaan

Hock Seng Lee Bhd 200,000 334,848 296,000 2.29%

IJM Corporation Bhd 20,000 104,387 109,000 0.84%

Produk Perindustrian


Petronas Gas Bhd 46,500 860,502 883,500 6.84%


Digi.Com Bhd 75,000 369,718 347,250 2.69%


Dialog Group Bhd 300,000 725,098 708,000 5.48%

Perdana Petroleum Bhd 525,000 581,516 682,500 5.28%

Sapurakencana Petroleum Bhd 250,000 539,928 750,000 5.80%

Sime Darby Bhd 116,000 1,139,299 1,075,320 8.32%

5,219,720 5,391,570 41.72%




Encorp Systembilt Sdn Bhd

tamat tempoh pada 16/11/2018 1,000,000 994,400 1,016,400 7.87%



2,932,830 2,907,683 22.50%

Unit tidak tersiar harga dan

dana amanah harta:

Dana AmBon Islam 246,419 274,859 303,489 2.35%

274,859 303,489 2.35%






(iv) Dana AmAssurance Dana Teguh (bersambung)



2013 2012

% %

Bon korporat tidak tersiar harga - bercagar - 1.91



(v) Dana AmAssurance AmOasis Islamic Equity

2013 2012

RM RM

Sekuriti ekuiti tersiar harga - 2,004,200


Deposit dengan institusi kewangan berlesen 895,000 1,186,000

3,491,154 4,348,778

FVPTL:


Kos - 2,055,660

Kerugian tidak terealisasi bersih - (51,460)



Kos 2,680,921 1,490,584

Kerugian tidak terealisasi bersih (84,767) (332,006)

Nilai saksama 2,596,154 1,158,578


LAR:

Deposit dengan institusi kewangan berlesen 895,000 1,186,000


218





(v) Dana AmAssurance AmOasis Islamic Equity (bersambung)


2013



FVPTL:


dana amanah harta:

AmOasis Global Islamic Equity 2,869,947 2,680,921 2,596,154 75.69%




2013 2012

% %






(vi) Dana AmAssurance Global Emerging Market

2013 2012

RM RM


Deposit dengan institusi kewangan berlesen 157,000 221,975

772,423 725,332

FVTPL:


Kos 634,301 529,640



Jumlah pelaburan pada FVTPL 615,423 503,357

LAR:


Jumlah pelaburan 772,423 725,332


2013



FVPTL:


dana amanah harta:

AmCash Management 85,360 85,360 85,360 11.20%

AmGlobal Emerging Market Opportunities 556,030 548,941 530,063 69.57%

Jumlah pelaburan pada FVTPL 634,301 615,423 80.77%



2013 2012

% %


220





(vii) Dana AmAssurance Precious Metals

2013 2012

RM RM



4,736,595 5,057,175

FVTPL:


Kos 6,395,025 5,469,773

Kerugian tidak terealisasi bersih (2,249,721) (1,123,310)

Nilai saksama 4,145,304 4,346,463


LAR:




2013



FVPTL:


dana amanah harta:

Logam Berharga Am 7,184,236 6,395,025 4,145,304 84.74%




2013 2012

% %






(viii) Dana AmAssurance Global Agribusiness

2013 2012

RM RM



1,681,028 1,459,599

FVTPL:


Kos 1,186,187 1,148,882


Nilai saksama 1,346,028 1,231,837


LAR:




2013



FVPTL:


dana amanah harta:

Global Agribusiness Am 1,382,527 1,186,187 1,346,028 81.22%




2013 2012

% %


222





(ix) Dana AmAssurance AmAsia Recovery CG

02.07.2012 31.03.2012

RM RM

Produk berstruktur - 89,964,705

Deposit dengan institusi kewangan berlesen - 878,792

- 90,843,497

FVTPL:

Produk berstruktur:

Kos - 85,486,343

Keuntungan tidak terealisasi bersih - 4,478,362


Jumlah pelaburan pada FVTPL - 89,964,705

LAR:

Deposit dengan institusi kewangan berlesen - 878,792

Jumlah pelaburan - 90,843,497



02.07.2012 31.03.2012

% %

Deposit dengan institusi kewangan berlesen - 2.75

Deposit instrumen boleh niaga kadar terapung - 4.93





(x) Dana AmAssurance AmCurrency Income CG

2013 2012

RM RM

Produk berstruktur 4,603,312 4,576,856


4,692,166 4,654,869

FVTPL:

Produk berstruktur:

Kos 4,715,094 4,715,094


Nilai saksama 4,603,312 4,576,856


Kos 88,854 78,013

Keuntungan tidak terealisasi bersih - -




2013

Jumlah Kos Nilai

saksama Nilai saksama


FVPTL:

Produk berstruktur:

Instrumen Deposit Boleh Niaga Kadar

Terapung Tamat Tempoh pada 12/10/2015 5,045,920 4,715,094 4,603,312 113.63%

4,715,094 4,603,312 113.63%


Dana AmCash Management 35,072 35,072 35,072 0.87%

Dana AmIncome 53,782 53,782 53,782 1.33%

88,854 88,854 2.19%




2013 2012

% %

Instrumen deposit boleh niaga kadar terapung tamat tempoh pada 12/10/2015 3.00 3.00

224





(xi) Dana AmAssurance AmCurrency Income CG

2013 2012

RM RM



45,836,035 44,211,429

FVTPL:

Produk berstruktur:

Kos 44,174,019 44,174,019

Keuntungan/(kerugian) tidak terealisasi bersih 1,399,146 (217,754)

Nilai saksama 45,573,165 43,956,265


LAR:




2013

Jumlah Kos Nilai



FVPTL:

Produk berstruktur:

Instrumen Deposit Boleh Niaga Kadar Terapung

Tarikh Tamat Tempoh pada 16/08/2014 46,193,169 44,174,019 45,573,165 106.52%




2013 2012

% %


Instrumen deposit boleh niaga kadar terapung

tamat tempoh pada 16/08/2014 4.57 4.57





(xii) Dana AmAssurance AmCurrency Income II CG

2013 2012

RM RM



18,543,742 17,878,906

FVTPL:

Produk berstruktur:

Kos 18,054,055 18,054,055


Nilai saksama 18,283,977 17,626,756


LAR:




2013

Jumlah Kos Nilai



FVPTL:

Produk berstruktur:

Instrumen Deposit Boleh Niaga Kadar

Terapung Tamat Tempoh pada 20/03/2014 18,933,000 18,054,055 18,283,977 105.95%




2013 2012

% %


Instrumen deposit boleh niaga kadar terapung

tamat tempoh pada 20/03/2014 4.85 4.85

226





(xiii) Dana AmAssurance Dividend

2013 2012

RM RM


Unit tersiar harga dan dana amanah harta 262,500 904,750


6,427,808 5,463,444

FVPTL:


Kos 2,451,046 2,901,003


Nilai saksama 2,542,276 3,026,254


Kos 262,953 885,706

(Kerugian)/keuntungan tidak terealisasi bersih (453) 19,044



LAR:







(xiii) Dana AmAssurance Dividend (bersambung)


2013



FVPTL:


Kewangan

Malayan Banking Bhd 50,000 426,295 467,500 7.36%

Malaysian Building Society Bhd 125,000 280,543 342,500 5.39%

Perindustrian

CB Industrial Products Holdings Bhd 68,200 196,198 175,956 2.77%

Petronas Gas Bhd 25,000 471,799 475,000 7.48%


Digi.Com Bhd 64,000 311,148 296,320 4.67%

Hartanah

Glomac Bhd 200,000 167,973 197,000 3.10%


Faber Group Bhd 150,000 263,124 234,000 3.68%

Media Chinese International Ltd 300,000 333,966 354,000 5.57%

2,451,046 2,542,276 40.04%

Unit tersiar harga dan dana

amanah harta:

Hektar Real Estate Investment Trust 175,000 262,953 262,500 4.13%

262,953 262,500 4.13%




2013 2012

% %


228




4. CUKAI TERTANGGUH

Liabiliti/(aset) cukai tertangguh berkaitan dengan keuntungan/(kerugian) modal tidak terealisasi di atas pelaburan Dana masing-masing.


2013 2012

RM RM

Pada awal tahun (8,138) 19,415

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 42,832 (27,553)

Pada akhir tahun 34,694 (8,138)


2013 2012

RM RM

Pada awal tahun 30,533 5,524

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (18,949) 25,009

Pada akhir tahun 11,584 30,533


2013 2012

RM RM





2013 2012

RM RM





2013 2012

RM RM

Pada awal tahun (30,678) (17,317)


Pada akhir tahun (6,781) (30,678)




4. CUKAI TERTANGGUH (bersambung)


2013 2012

RM RM


Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 593 (6,213)



2013 2012

RM RM

Pada awal tahun (89,864) (3,879)

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (90,114) (85,985)



2013 2012

RM RM





02.07.2012 31.03.2012

RM RM



Pada akhir tahun - 358,269

(x) Dana AmAssurance AmCurrency Income CG

2013 2012

RM RM

Pada awal tahun (11,059) (15,165)

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 2,116 4,106


230




4. CUKAI TERTANGGUH (bersambung)


2013 2012

RM RM

Pada awal tahun (17,421) (77,505)

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 129,353 60,084



2013 2012

RM RM

Pada awal tahun (34,184) (13,062)




2013 2012

RM RM

Pada awal tahun 11,543 -






5. MODAL PARA PEMEGANG UNIT


2013 2012

Jumlah unit RM Jumlah unit RM

Amaun diterima bagi penciptaan

semasa tahun tersebut 6,879,809 4,250,677 15,853,631 11,974,079

Amaun dibayar bagi pembatalan

kerana serahan semasa tahun tersebut (10,623,221) (7,218,256) (11,399,456) (8,296,137)

(3,743,412) (2,967,579) 4,454,175 3,677,942

Modal para pemegang unit dibawa ke hadapan 18,633,446 14,593,717 14,179,271 11,475,270


perbelanjaan selepas cukai - 637,566 - (559,495)

14,890,034 12,263,704 18,633,446 14,593,717

Nilai aset bersih seunit pada 31 Mac 0.8236 0.7832


2013 2012






5,340,506 3,978,833 (175,962) (109,017)


Lebihan pendapatan daripada

perbelanjaan selepas cukai - 489,443 - 653,983

21,626,088 16,376,217 16,285,582 11,907,941


232




5. MODAL PARA PEMEGANG UNIT (bersambung)


2013 2012






698,683 627,098 5,328,876 4,453,030




26,955,518 22,890,142 26,256,835 21,511,270



2013 2012






(1,003,224) (827,765) 7,780,941 6,071,223




15,669,587 12,922,403 16,672,811 13,129,324







2013 2012



semasa tahun tersebut 1,730,518 510,354 7,042,611 3,021,175



(2,580,395) (1,133,341) 427,178 206,757




7,247,527 3,430,179 9,827,922 4,347,855



2013 2012



semasa tahun tersebut 220,373 100,364 339,337 168,625


kerana serahan semasa tahun tersebut (145,087) (61,626) (211,672) (103,798)

75,286 38,738 127,665 64,827

Modal para pemegang unit dibawa ke hadapan 1,460,756 721,580 1,333,091 722,767



1,536,042 761,916 1,460,756 721,580


234






2013 2012






1,814,376 769,277 3,468,426 1,641,902


Defisit pendapatan daripada

perbelanjaan selepas cukai - (1,038,184) - (1,021,364)

13,834,618 4,891,635 12,020,242 5,160,542



2013 2012



semasa tahun tersebut 949,656 499,835 1,363,450 737,273



186,843 110,994 392,711 224,239




2,795,155 1,657,240 2,608,312 1,458,970







02.07.2012 31.03.2012



kerana serahan semasa tahun tersebut (67,725) (34,675) (2,970,816) (1,499,832)

(67,725) (34,675) (2,970,816) (1,499,832)



perbelanjaan selepas cukai - (124,267) - 1,540,053

165,003,364 84,220,318 165,071,089 84,379,260

Nilai aset bersih seunit pada

2 Julai 2012/31 Mac 2012 0.5104 0.5112

(x) Dana AmAssurance AmCommodity Stable CG

2013 2012




(988,000) (470,015) (95,276) (45,651)




Pembayaran kupon - (147,290) - (100,198)

8,435,571 4,051,111 9,423,571 4,532,644


236






2013 2012



kerana serahan semasa tahun tersebut (1,101,433) (554,228) (2,198,616) (1,083,495)

(1,101,433) (554,228) (2,198,616) (1,083,495)

Modal para pemegang unit dibawa ke

hadapan/pada tarikh pelancaran 85,008,326 42,063,381 87,206,942 42,581,327


perbelanjaan selepas cukai - 1,273,609 - 565,549

83,906,893 42,782,762 85,008,326 42,063,381



2013 2012



kerana serahan semasa tahun tersebut (1,003,094) (497,598) (1,304,100) (643,728)

(1,003,094) (497,598) (1,304,100) (643,728)




34,270,463 17,257,477 35,273,557 17,238,342







2013 2012



semasa tahun/tempoh tersebut 1,132,657 591,011 10,570,844 5,283,559

Amaun dibayar bagi pembatalan kerana

serahan semasa tahun/tempoh tersebut (239,427) (119,866) (78,374) (29,970)

893,230 471,145 10,492,470 5,253,589

Modal para pemegang unit dibawa ke hadapan 10,492,470 5,443,904 - -


perbelanjaan selepas cukai 435,054 - 190,315

11,385,700 6,350,103 10,492,470 5,443,904


238




6. PENDAPATAN FAEDAH


2013 2012 2013 2012

RM RM RM RM

Pendapatan faedah daripada:

Deposit dengan institusi

kewangan berlesen 83,350 120,078 68,907 78,042

Sekuriti kerajaan Malaysia - - - 8,538

Bon korporat - - 597,559 425,520

83,350 120,078 666,466 512,100


2013 2012 2013 2012

RM RM RM RM




Bon korporat 460,601 343,156 197,302 127,965

549,350 444,087 283,164 213,875



2013 2012 2013 2012

RM RM RM RM






2013 2012 2013 2012

RM RM RM RM







6. PENDAPATAN FAEDAH (bersambung)



01.04.2012 hingga

02.07.2012

01.04.2012 hingga

31.03.2012 2013 2012

RM RM RM RM






2013 2012 2013 2012

RM RM RM RM





01.04.2012 hingga

31.03.2013

27.10.2011 hingga

31.03.2012

RM RM



240




7. PENDAPATAN DIVIDEN


2013 2012 2013 2012

RM RM RM RM

Dividen kasar daripada:

Sekuriti ekuiti tersiar harga di Malaysia 359,069 275,331 - 31,983

Unit tersiar harga dan dana amanah

harta di Malaysia - 11,630 - -

Unit tidak tersiar harga dan dana

amanah harta di Malaysia - - 33,134 -

359,069 286,961 33,134 31,983


2013 2012 2013 2012

RM RM RM RM


Sekuriti ekuiti tersiar harga di Malaysia 347,058 306,852 266,697 118,516


harta di Malaysia - 67,979 7,258 -

347,058 374,831 273,955 118,516



2013 2012 2013 2012

RM RM RM RM


Sekuriti ekuiti tersiar harga di Malaysia 42,450 28,972 - 1,281


amanah harta di Malaysia - - 1,802 -

42,450 28,972 1,802 1,281

Dana AmAssurance AmCommodity Stable CG Dana AmAssurance Dividend

2013 2012

01.04.2012 to

31.03.2013

27.10.2011 to

31.03.2012

RM RM RM RM


Sekuriti ekuiti tersiar harga di Malaysia - 2,037 286,806 42,177


harta di Malaysia - - 9,400 9,585


amanah harta di Malaysia 2,095 - - -

2,095 2,037 296,206 51,762




8. CUKAI


2013 2012 2013 2012

RM RM RM RM

Cukai pendapatan Malaysia:

Peruntukan tahun semasa 16,084 (17,672) 64,542 36,938

Cukai tertangguh:

Berkaitan dengan pengasalan dan pembalikan

perbezaan sementara (Nota 4) 42,832 (27,553) (18,949) 25,009

Perbelanjaan cukai bagi tahun tersebut 58,916 (45,225) 45,593 61,947


2013 2012 2013 2012

RM RM RM RM


Peruntukan tahun semasa 30,905 (1,997) 40,836 21,037

Cukai tertangguh:


perbezaan sementara (Nota 4) 34,169 (29,423) 12,823 (15,484)

Perbelanjaan cukai bagi tahun tersebut 65,074 (31,420) 53,659 5,553



2013 2012 2013 2012

RM RM RM RM


Peruntukan tahun semasa (3,706) 1,534 318 1,366

Cukai tertangguh:


perbezaan sementara (Nota 4) 23,897 (13,361) 593 (6,213)

Perbelanjaan cukai bagi tahun tersebut 20,191 (11,827) 911 (4,847)

242




8. CUKAI (bersambung)



2013 2012 2013 2012

RM RM RM RM


Peruntukan tahun semasa 1,617 (817) 2,571 489

Cukai tertangguh:


perbezaan sementara (Nota 4) (90,114) (85,985) 6,150 (5,931)

Perbelanjaan cukai bagi tahun tersebut (88,497) (86,802) 8,721 (5,442)



01.04.2012 hingga

02.07.2012

01.04.2012 hingga

31.03.2012 2013 2012

RM RM RM RM


Peruntukan tempoh/tahun semasa 522 1,948 12,144 8,073

Cukai tertangguh:


perbezaan sementara (Nota 4) (358,269) 205,793 2,116 4,106

Perbelanjaan cukai bagi tempoh/tahun tersebut (357,747) 207,741 14,260 12,179







2013 2012 2013 2012

RM RM RM RM


Peruntukan tahun semasa 621 8,338 614 743

Cukai tertangguh:


perbezaan sementara (Nota 4) 129,353 60,084 52,578 (21,122)

Perbelanjaan cukai bagi tahun tersebut 129,974 68,422 53,192 (20,379)


01.04.2012 hingga

31.03.2013

27.10.2011 hingga

31.03.2012

RM RM


Peruntukan tahun semasa 41,267 5,449

Cukai tertangguh:

Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (4,281) 11,543

Perbelanjaan cukai bagi tempoh/tahun tersebut 36,986 16,992

Caj cukai ke atas Dana berkaitan dengan pendapatan pelaburan yang diterima dan keuntungan atas pelupusan pelaburan semasa tahun/tempoh tersebut, pada kadar cukai keutamaan sebanyak 8% (2012: 8%) menurut kaedah yang telah ditetapkan di bawah Akta Cukai Pendapatan, 1967 bagi perniagaan insurans hayat.

244





Penyesuaian perbelanjaan cukai pendapatan yang diguna pakai kepada lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai pada kadar cukai pendapatan yang diguna pakai kepada dana berkaitan pelaburan, kepada perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif, adalah seperti berikut:


2013 2012 2013 2012

RM RM RM RM



Cukai pada caj cukai Malaysia sebanyak 8% 55,719 (48,378) 42,803 57,275

Pendapatan tidak tertakluk kepada cukai (12,926) (14,039) (8,651) (4,765)

Perbelanjaan tidak boleh boleh dipotong

untuk tujuan cukai 16,123 17,192 11,441 9,437

58,916 (45,225) 45,593 61,947


2013 2012 2013 2012

RM RM RM RM



Cukai pada caj cukai Malaysia sebanyak 8% 65,349 (41,135) 53,960 1,104

Pendapatan tidak tertakluk kepada cukai (22,627) (12,117) (15,359) (6,288)



65,074 (31,420) 53,659 5,553



2013 2012 2013 2012

RM RM RM RM


perbelanjaan sebelum cukai 235,856 (176,356) 2,509 (70,861)

Cukai pada caj cukai Malaysia sebanyak 8% 18,869 (14,108) 201 (5,668)

Pendapatan tidak tertakluk kepada cukai (1,528) (1,728) (145) (103)


untuk tujuan cukai 2,850 4,009 855 924

20,191 (11,827) 911 (4,847)







2013 2012 2013 2012

RM RM RM RM


perbelanjaan sebelum cukai (1,126,681) (1,108,166) 95,997 (79,371)

Cukai pada caj cukai Malaysia sebanyak 8% (90,134) (88,653) 7,680 (6,350)


untuk tujuan cukai 1,637 1,851 1,041 908

(88,497) (86,802) 8,721 (5,442)



01.04.2012 hingga

31.03.2013

27.10.2011 hingga

31.03.2012 2013 2012

RM RM RM RM


perbelanjaan sebelum cukai (482,014) 1,747,794 150,032 123,103

Cukai pada caj cukai Malaysia sebanyak 8% (38,561) 139,824 12,003 9,848

Pendapatan tidak tertakluk kepada cukai (337,093) - (168) (163)



(357,747) 207,741 14,260 12,179

246







2013 2012 2013 2012

RM RM RM RM


perbelanjaan sebelum cukai 1,403,583 633,971 569,925 (351,515)

Cukai pada caj cukai Malaysia sebanyak 8% 112,287 50,717 45,594 (28,121)



129,974 68,422 53,192 (20,379)


01.04.2012 hingga

31.03.2013

27.10.2011 hingga

31.03.2012

RM RM

Lebihan pendapatan daripada perbelanjaan sebelum cukai 472,040 207,307

Cukai pada caj cukai Malaysia sebanyak 8% 37,763 16,585

Pendapatan tidak tertakluk kepada cukai (7,982) (2,626)

Perbelanjaan tidak boleh boleh dipotong untuk tujuan cukai 7,205 3,033

36,986 16,992




9. PERBANDINGAN

Maklumat kewangan tahun semasa bagi Dana AmAssurance AmAsia Recovery CG adalah dari 1 April 2012 hingga 2 Julai 2012. Oleh itu, penyata pendapatan dan perbelanjaan dan penyata perubahan dalam nilai aset bersih tahun semasa dan nota berkaitan Dana AmAssurance AmAsia Recovery CG tidak boleh dibandingkan.

Perbandingan maklumat kewangan bagi Dana AmAssurance Dividend dari tarikh pelancaran pada 27 Oktober 2011 hingga 31 Mac 2012. Oleh itu, amaun perbandingan bagi penyata pendapatan dan perbelanjaan dan penyata perubahan dalam nilai aset bersih dan nota berkaitan Dana AmAssurance Dividend tidak boleh dibandingkan.

AmLife Investment-Linked Funds Annual Report 2013 · Investment Strategy Fund Performance Sectoral...

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