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Quarterly ReportJuly 2019
For the Period Ended 31 July 2019
Areca Astute Assets Fund
QUA RTERLY REPORT J ULY 2019
ARECA ASTUTE ASSETS FUND
Contents
CORPORATE DIRECTORY 2
MANAGER’S REPORT
Fund Information, Performance & Review 3 Market Review & Outlook 6
STATEMENT BY THE MANAGER 7
UNAUDITED FINANCIAL STATEMENTS FOR
ARECA ASTUTE ASSETS FUND
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QUARTERLY REPORT JULY 2019
2
C O R P O R A T E D I R E C T O R Y
MANAGER
Areca Capital Sdn Bhd (740840-D)
107, Blok B, Pusat Dagangan Phileo Damansara 1
No. 9, Jalan 16/11, Off Jalan Damansara
46350 Petaling Jaya, Selangor
Tel: 603-7956 3111, Fax: 603-7955 4111
website: www.arecacapital.com
e-mail: [email protected]
BOARD OF DIRECTORS
Wong Teck Meng (Executive) Edward Iskandar Toh Bin Abdullah (Executive)
Raja Datuk Zaharaton Bt Raja Dato’ Zainal Abidin
(Independent)
Dr. Junid Saham (Independent)
INVESTMENT COMMITTEE MEMBERS
Dato’ Seri Lee Kah Choon (Independent)
Raja Datuk Zaharaton Bt Raja Dato’ Zainal Abidin
(Independent)
Dr. Junid Saham (Independent)
TRUSTEE
Maybank Trustees Berhad (5004-P)
8th Floor Menara Maybank,
100 Jalan Tun Perak,
50050 Kuala Lumpur
Tel: 03-2074 8580 Fax: 03-2070 9387
AUDITOR
Deloitte PLT (LLP0010145-LCA) Level 16, Menara LGB
1 Jalan Wan Kadir, Taman Tun Dr. Ismail
60000 Kuala Lumpur
Tel: 03-7610 8888, Fax: 03-7726 8986
TAX ADVISER
Deloitte Tax Services Sdn Bhd (36421-T) Level 16, Menara LGB
1 Jalan Wan Kadir, Taman Tun Dr. Ismail
60000 Kuala Lumpur
Tel: 03-7610 8888, Fax: 03-7726 8986
M A N A G E R ’ S O F F I C E A N D B R A N C H E S
HEAD OFFICE
107, Blok B, Pusat Dagangan Phileo Damansara 1, No. 9, Jalan 16/11, Off Jalan Damansara,
46350 Petaling Jaya, Selangor.
Tel: 603-7956 3111, Fax: 603-7955 4111
website: www.arecacapital.com
e-mail: [email protected]
PENANG BRANCH IPOH BRANCH MALACCA BRANCH
368-2-02 Belissa Row 11A, (First Floor) 95A, Jalan Melaka Raya 24
Jalan Burma, Georgetown Persiaran Greentown 5 Taman Melaka Raya
10350 Pulau Pinang Greentown Business Centre 75000 Melaka
Tel : 604-210 2011 30450 Ipoh, Perak Tel : 606-282 9111
Fax: 604-210 2013 Tel : 605-249 6697 Fax: 606-283 9112
Fax: 605-249 6696
KUCHING BRANCH
1st Floor, Sublot 3
Lot7998, Block 16
KCLD, Cha Yi Goldland
Jalan Tun Jugah/ Stutong
93350 Kuching, Sarawak
Tel: 6082-572 472
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
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F U N D I N F O R M A T I O N
Name of the Fund Areca Astute Assets Fund
Fund Category/
Type
Wholesale Equity Fund / Growth
Objective of the
Fund
The Fund aims to provide medium to long term capital growth.
Performance
Benchmark
Absolute returns of 7% per annum
Distribution
Policy of the
Fund
Incidental, subject to the availability of distributable income
Profile of unit
holdings
* excluding units held
by the Manager
(please refer to Notes
to Financial Statement
–Note 4)
As at 31 July 2019
Size of Holding
(Units)
No. of
accounts %
No. of
unit held
(million)
%
Up to 5,000 - - - -
5,001 to 10,000 - - - -
10,001 to 50,000 1 5.88 0.05 0.26
50,001 to 500,000 9 52.94 2.56 13.08
500,001 and above 7 41.18 16.96 86.66
Total* 17 100.00 19.57 100.00
Rebates & Soft
Commissions
The Manager will retain soft commissions received from stockbrokers, provided
these are of demonstrable benefit to the Unit Holders and in the form of
research and advisory services that assist in the decision making process
relating to the Fund’s investments. The soft commissions may be in the form
of goods and services such as data and quotation services, computer software
incidental to the management of the Fund and investment related publications.
Cash rebates, if any, will be directed to the account of the Fund.
Inception Date 26 March 2019
Initial Offer Price RM1.0000 per unit during the initial offer period of 20 days from launch date.
Pricing Policy Single Pricing – Selling and repurchase of units by Manager are at Net Asset
Value per unit
Financial Year
End
30 April
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
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F U N D P E R F O R M A N C E
26.3.2019 to
31.7.2019
Total Net Asset Value (“NAV”)
Total Net Asset Value (RM million) 20.0*
Units in circulation (million units) 20*
NAV per unit (RM) 1.0000*
*Ex-Distribution
HIGHEST & LOWEST NAV per unit Please refer to Note 1 for further information on NAV and pricing policy
Highest NAV per unit (RM) 1.0175 Lowest NAV per unit (RM) 1.0000
ASSET ALLOCATION % of NAV
Unlisted fixed income securities
Redeemable preference shares 100.00
DISTRIBUTION Please refer to Note 2 for further information
Distribution Date 29 July 2019
Gross distribution (sen per unit) 1.75
Net distribution (sen per unit) 1.75
NAV before distribution (RM per unit) 1.0175 (26 July)
NAV after distribution (RM per unit) 1.0000 (29 July)
UNIT SPLITS
There was no unit split exercise for the financial period under review.
EXPENSE/ TURNOVER
Management expense ratio (MER) (%) 0.88
Please refer to Note 3 for further information
Portfolio turnover ratio (PTR) (times) 0.51 Please refer to Note 4 for further information
TOTAL RETURN
Please refer to Note 5 for further information
Total Return (%) 1.75
- Capital Return (%) -
- Income Return (%) 1.75
Annual Total Return (%)
5.11*
Performance Benchmark: Absolute returns of 7% p.a.
*Annualised for comparison purpose only
Total Return since launch (%) 1.75
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
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1-yr 3-yrs 5-yrs
Average Total Return per annum (%) 1.75 N/A N/A
NOTES:
Note 1: Selling of units by the Management Company (i.e. when you purchase units and invests in the Fund)
and redemption of units by the Management Company (i.e. when you redeem your units and liquidate your
investments) will be carried out at NAV per unit (the actual value of a unit). The entry/ exit fee (if any) would
be computed separately based on your net investment/ liquidation amount.
Note 2: Net distribution of 1.75 sen per unit was declared on 29 July 2019 and in the absence of any
instructions, was automatically reinvested into another unit trust fund at the NAV per unit of the distribution
day without any entry fee.
Note 3: MER is calculated based on the total fees and expenses incurred by the Fund, divided by the average
net asset value calculated on a daily basis.
Note 4: PTR is computed based on the average of the total acquisitions and total disposals of the investment
securities of the Fund, divided by the average net asset value calculated on a daily basis.
Note 5: Fund performance figures are calculated based on NAV to NAV and assume reinvestment of
distributions (if any) at NAV. The total return and the performance benchmark are sourced from Lipper.
Unit prices and distributions payable, if any, may go down as well as up. Past performance of the
Fund is not an indication of its future performance.
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
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F U N D R E V I E W
The Fund received its first quarterly dividend of 1.75% in July 2019. This constitutes part of the
intended annual dividend of 7% which is also its benchmark. The portfolio is therefore in line with
the expectation of meeting the absolute return benchmark.
The underlying asset of debt collection remains closely monitored by the Fund Manager. This first
quarter was a period peppered with numerous public holidays, affecting the rate of collection.
Although in this early days of the portfolio, it is marginally below the overall 3 year average; it is
still within the projected estimates. We remain optimistic of meeting the projected dividends.
Investment Policy and Strategy
The Fund will invest a maximum of 100% of its NAV in domestic and foreign equities, equity-related
securities and collective investment schemes, to achieve its objective. The Fund may concentrate
its investments wholly in listed or unlisted securities of a company. For instance, the Fund may
invest in ordinary or preference shares of a single company that have potential for capital growth.
The Fund may also invest in units of a single collective investment scheme and placement of
deposits with financial institutions
NAV per unit as at 31 July 2019 RM1.0000
Asset Allocation / Portfolio Composition 31.7.2019
Redeemable Preference Shares 100.00%
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
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MARKET REVIEW & OUTLOOK
ECONOMIC REVIEW & OUTLOOK
Global growth prospects have continued to deteriorate in recent months, evidenced by the global
manufacturing Purchasing Managers’ Index (PMI), which signaled a third straight contraction in July
mainly as a result of the continued trade tensions between the US and China. The Fed cut the federal
funds rate (FFR) by 25 basis points (bps) to a target range of 2.00%-2.25%, its first since the Global
Financial Crisis (GFC) in 2008, to support a slowing economic growth.
In the Euro zone, the European Central Bank (ECB) held interest rates steady after the International Monetary Fund (IMF) revised down the union bloc’s growth forecast and amid weak inflation readings.
However, it hinted at possible rate cuts and monetary easing going forward. In the UK, new Prime
Minister Boris Johnson vowed to deliver Brexit on 31st October 2019, resulting in a sharp weakening of
the Pound Sterling.
In China, credit growth accelerated following the government’s easing measures to counter an economic
slowdown. Foreign exchange reserves dropped marginally on the back of a weaker Yuan. The trade
conflict had also resulted in a contraction of the manufacturing sector. Exports soared due to front-
loading by exporters and trade surplus widened amid higher exports to ASEAN, South Korea and Japan.
Domestically, the Malaysian economy remained relatively resilient with 2Q2019 real GDP growth of 4.9%
(1Q2019: 4.5%), significantly supported by domestic demand. However, downside risks of the
Malaysian economy persisted as global uncertainties continued to affect external trade performance
and investment sentiment. As a result, Malaysia’s 1H2019 exports fell by 0.2%, down from 6.9% in the
corresponding period in 2018. Bank Negara Malaysia (BNM) cut the overnight policy rate (OPR) by 25
bps to 3.00% in line with the dovish stance adopted by global central banks.
Going forward, we do not rule out another reduction in the FFR in the coming months if global economic
uncertainties become more pronounced. Domestically, given increasing external risks and weak investment growth, Malaysia will likely implement measures to support its overall economy in the near
term. This is despite the stronger GDP growth recorded in 2Q2019. While BNM will likely keep its options
open before committing to further downward adjustments in the OPR, we feel that the rate cut could
happen in 2H2019 if macroeconomic conditions deteriorate in the near term. Having said this, we do
not expect the reduction to lead to a series of rate cuts akin to the one we saw during the GFC where
the OPR was reduced to 2%.
FIXED INCOME MARKET REVIEW & OUTLOOK
In April, Malaysian Government Securities (MGS) suffered severe losses following news that Malaysia
might be dropped from Norway’s sovereign wealth fund (SWF) and the FTSE World Government Bond
Index’s (WGBI) bond holdings. However, BNM’s move to cut the OPR in May and rising expectations of
further monetary policy easing by global central banks, have since fueled an MGS market rally with
both the 3y and 10y yields reaching multi-year lows. Foreign holdings of local bonds rose for the second
straight month in July as they continued their yield hunting activities, picking up local bonds amid
dovish sentiment. YTD, cumulative flows into local bonds turned positive at RM3.5 billion after recording
negative flows in 1H2019.
Going forward, the possible monetary policy support from BNM will generally be positive for the fixed
income market in the near term. This will alleviate the pressure arising from foreign capital outflows
that the market has experienced since 2016 and that could possibly take place due to investors’ anxiety
over FTSE Russell’s decision of whether to exclude Malaysian government bonds in its global index in
September. Downside risks would, however, emerge from a possible sustained depreciation in the
Chinese Reminbi and a faster-than-expected deceleration in the headline GDP growth.
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
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STATEMENT BY THE MANAGER
To the Unitholders of Areca Astute Assets Fund
We, WONG TECK MENG and EDWARD ISKANDAR TOH BIN ABDULLAH, two of the Directors of the
Manager, Areca Capital Sdn Bhd, do hereby state that in the opinion of the Manager, the unaudited
financial statements give a true and fair view of the financial position of the Fund as of 31 July 2019,
and of its financial performance and cash flows for the year then ended in accordance with Malaysian
Financial Reporting Standards, International Financial Reporting Standard and the relevant Securities
Commission Malaysia’s Guidelines in Malaysia.
For and on behalf of the Manager
Areca Capital Sdn Bhd
WONG TECK MENG
EDWARD ISKANDAR TOH BIN ABDULLAH
CEO/ EXECUTIVE DIRECTOR
Kuala Lumpur
26 September 2019
CIO/ EXECUTIVE DIRECTOR
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
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UNAUDITED STATEMENT OF FINANCIAL POSITION
As of 31 July 2019
Note RM Assets
Investment
Redeemable preference shares 3 20,000,000
Other Assets
Interest receivable 35
Short-term deposit 450,527
Total Other Assets 450,562
Total Assets 20,450,562
Unitholders’ Fund and Liabilities
Liabilities
Distribution payable 350,000
Accrued management fee 100,000
Total Liabilities
450,000
Unitholders’ Fund
Unitholders’ capital 20,000,000
Retained earnings 562
Net Asset Value Attributable to Unitholders 20,000,562
Total Unitholders’ Fund and Liability 20,450,562
Number of Units in Circulation 20,000,000
Net Asset Value Per Unit 5 1.0000
The accompanying Notes form an integral part of the Financial Statements.
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
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UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For The Financial Period 26 March 2019 (Date of Launch) to 31 July 2019
Note RM
Investment Income
Interest income 562
Dividend income 450,000
Total Investment Income 450,562
Expenditure
Management fee 6 100,000
Total Expenditure 100,000
Net Income Before Tax 350,562
Income Tax Expense 9 -
Net Income After Tax/Total Comprehensive
Income For The Financial Period 350,562
Net Income After Tax Is Made Up Of:
Realised gain 350,562
UNAUDITED STATEMENT OF CHANGES IN NET ASSET VALUE
For The Financial Period 26 March 2019 (Date of Launch) to 31 July 2019
Unitholders’
capital
Retained
earnings
Total net asset
value
RM RM RM
As at 26 March 2019 (date of launch)
-
-
-
Amount received from units created 20,000,000 - 20,000,000
Total comprehensive income for the
financial period
-
350,562
350,562
Distribution - (350,000) (350,000)
As at 31 July 2019 20,000,000 562 20,000,562
The accompanying Notes form an integral part of the Financial Statements.
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
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UNAUDITED STATEMENT OF CASH FLOWS For The Financial Period 26 March 2019 (Date of Launch) to 31 July 2019
RM
Cash Flows Used In Operating Activities
Interest received 527
Dividend received 450,000
Purchase of investment (20,000,000)
Net Cash Used In Operating Activities (19,549,473)
Cash Flows From Financing Activities
Cash proceeds from units created 20,000,000
Net Cash From Financing Activities 20,000,000
Net Increase In Cash And Cash Equivalents 450,527
Cash And Cash Equivalents At Date of Launch -
Cash And Cash Equivalents At End of Period 450,527
Cash and cash equivalents consist of the following amount:
RM
Short-term deposit 450,527
The accompanying Notes form an integral part of the Financial Statements.
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
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NOTES TO THE FINANCIAL STATEMENTS
1 GENERAL INFORMATION
Areca Astute Assets Fund (“the Fund”) was established pursuant to the Trust Deed dated 20 March
2019 (“the Deed”) between Areca Capital Sdn Bhd as the Manager, Maybank Trustees Berhad as
the Trustee and all the registered unit holders of the Fund.
The principal activity of the Fund is to invest in investments as defined under Schedule 7 of the
Deed, which include securities listed on Bursa Malaysia Securities Berhad or any other permitted
foreign stock exchanges, unlisted securities, debentures, collective investment schemes, preference
shares, fixed income related structured products, derivatives, deposits with financial institutions
and other forms of investments as may be agreed upon by the Manager and the Trustee from time
to time. The Fund commenced operations on 26 March 2019 and will continue its operations until
terminated by the Trustee in accordance with Part 11 of the Deed.
The objective of the Fund is to provide investors a combination of income and capital growth. Any
material changes to the Fund’s objective would require unit holder’s approval.
The Manager of the Fund is Areca Capital Sdn Bhd, a company incorporated in Malaysia. Its principal
activities are managing private and unit trust funds.
2 BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
The financial statements of the Fund have been prepared in accordance with Malaysian Financial
Reporting Standards (“MFRSs”), International Financial Reporting Standards (“IFRSs”) and
Securities Commission Malaysia’s Guidelines on Unlisted Capital Market Products under the Lodge
and Launch Framework in Malaysia.
3 INVESTMENT
RM At aggregate cost
Redeemable preference shares 20,000,000
At market value
Redeemable preference shares 20,000,000
Details of the Redeemable preference shares as of 31 July 2019 are as follows:
Issuer (rating)
maturity/ coupon
(%)
Nominal
Value
Valuation
Price
Aggregate
Cost
Carrying
Value
Fair
Value
Fair Value
as a % of
Net Asset
Value RM RM RM RM RM %
Redeemable Preference
Shares NRK Asset Management
Sdn Bhd 20,000,000 1.00 20,000,000 20,000,000 20,000,000 100.00
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
13
4 UNITS HELD BY THE MANAGER
As at end of the financial period, the total number and value of units held by the Manager is as
follows:
No. of units RM
The Manager 434,265 434,265
5 NET ASSET VALUE PER UNIT
The net asset value per unit is calculated by dividing the net asset value attributable to unitholders
as of 31 July 2019 of RM20,000,562 by units in issue as of 31 July 2019 of 20,000,000 units.
6 MANAGEMENT FEE
The Schedule 8 of the Deed provides that the Manager is entitled to an annual management fee
at a rate not exceeding 2.50% per annum computed daily on the net asset value of the Fund
before the deduction of the management fee and Trustee’s fee for the relevant day.
7 TRUSTEE’S FEE BORNE BY THE MANAGER
The Schedule 9 of the Deed provides that the Trustee is entitled to an annual Trustee’s fee at rate
not exceeding 0.04% per annum computed daily on the net asset value of the Fund before the
deduction of the management fee and Trustee’s fee for the relevant day.
There is no Trustee’s fee provided for in the financial statements for the financial period as the fee
was borne by the Manager.
8 EXPENSES BORNE BY THE MANAGER
There are no audit fee and tax agent’s fee provided for in the financial statements for the financial
period as the fees were borne by the Manager.
9 INCOME TAX EXPENSE
There is no income tax expense for the period as interest income and dividend income derived by
the Fund are exempted income from tax pursuant to Paragraph 35 and 35A of Schedule 6; and
12B Schedule 6 of the Income Tax Act, 1967.
10 MANAGEMENT EXPENSE RATIO AND PORTFOLIO TURNOVER
Management Expense Ratio (MER)
Management expense ratio for the Fund is 0.88% for the financial period from 26 March 2019
(date of launch) to 31 July 2019. The management expense ratio which includes management fee
and other expenses, is calculated as follows:
MER = (A + B ) ÷ F x 100
A = Management fee
B = Other expenses
F = Average net asset value of Fund
The average net asset value of the Fund for the financial period is RM19,488,718
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
14
Portfolio Turnover Ratio (PTR)
The portfolio turnover ratio for the Fund is 0.51 times for the financial period from 26 March 2019
(date of launch) to 31 July 2019. The portfolio turnover ratio is derived from the following
calculation:
(Total acquisition for the financial period + total disposal for financial the period) ÷ 2
Average net asset value of the Fund for the financial period calculated on a daily basis
Where: total acquisition for the financial period = RM20,000,000
total disposal for the financial period = NIL
11 TRADE WITH BROKERS/DEALERS
Details of transactions with brokers/dealers are as follows:
Brokers/Dealers
Value of
Trades
% of
Total
Trades
RM %
Malayan Banking Berhad 450,000 100.00
Included in transactions with brokers/dealers are trades conducted on normal terms in relation to
money market instruments.
12 RISK MANAGEMENT POLICIES
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Fund seeks to preserve capital as well as to provide investors with medium to long term capital
growth by investing in securities that have potential for capital growth. In order to meet its stated
investment objectives, the Fund utilises risk management for both defensive and proactive
purposes. Rigorous analysis of sources of risk in the portfolio is carried out and the following
policies are implemented to provide effective ways to reduce future risk and enhance future returns
within the Fund’s mandate.
The key risks faced by the Fund are credit risk, liquidity risk, market risk (including price risk) and
capital risk.
Categories of Financial Instruments
RM
Financial assets
Carried at FVTPL:
Redeemable preference shares 20,000,000
Amortised costs:
Interest receivable 35
Short-term deposit 450,527
Financial liabilities:
Amortised costs:
Distribution payable 350,000
Accrued management fee 100,000
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
15
Credit risk management
Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for
the Fund by failing to discharge an obligation. The Fund is exposed to the risk of credit-related
losses that can occur as a result of a counterparty or issuer being unable or unwilling to honour
its contractual obligations to make timely repayments of interest, principal and proceeds from
realisation of investments.
The Manager manages the Fund’s credit risk by undertaking credit evaluation and close monitoring
of any changes to the issuer/counterparty’s credit profile to minimise such risk. It is the Fund’s
policy to enter into financial instruments with reputable counterparties.
The Fund’s maximum exposure to credit risk is represented by the carrying amount of each class
of financial assets recognised in the statement of financial position. None of the Fund’s financial
assets were past due or impaired as of 31 July 2019.
The credit risk for cash at bank is considered negligible, since the counterparties are reputable
banks with high quality external ratings.
Liquidity risk management
This risk is defined as the ease with which a security can be sold at or near its fair value depending
on the volume traded on the market. The Fund manages its liquidity risk by maintaining a sufficient
level of liquid assets to meet anticipated payments and cancellations by unit holders. The liquid
assets comprise short-term deposit which is capable of being converted into cash within 7 days.
The table below summarises the maturity profile of the Fund’s liabilities at the reporting date based
on contractual undiscounted repayment obligations:
Up to
1 month
1 - 3
months
3 months
to 1 year
Total
RM RM RM RM
Financial liabilities:
Non-interest bearing
Distribution payable 350,000 - - 350,000 Accrued management fee - 100,000 - 100,000
Market risk management
This is a class of risk that inherently exists in an economy and cannot be avoided by any business
or fund. It is usually due to changes in market variables such as interest rates and markets prices.
This risk cannot be removed from an investment portfolio, which is solely invested within that
particular market, by diversification.
During the current financial period, as the Fund invests only in Malaysian unlisted securities, the
performance of the Fund might go up or down in accordance with the prevailing market risk of
Malaysia.
Price risk management
Price risk is the risk of unfavourable changes in the value of unlisted securities as the result of
changes in the levels of the equity indices. The price risk exposure arises from the Fund’s
investment in unlisted securities. The Manager manages the risk of unfavourable changes in prices
by continuous monitoring of the performance and risk profile of the investment portfolio.
QUARTERLY REPORT JULY 2019
ARECA ASTUTE ASSETS FUND
16
Capital risk management
The capital of the Fund is represented by equity consisting of unitholders’ capital and retained
earnings. The amount of equity can change significantly on a daily basis as the Fund is subject to
daily subscriptions and redemptions at the discretion of unitholders. The Fund’s objective when
managing capital is to safeguard the Fund’s ability to continue as a going concern in order to
provide returns for unitholders and benefits for other stakeholders and to maintain a strong capital
base to support the development of the investment activities of the Fund.
13 COMPARATIVE FIGURES
The financial statements are drawn up for the financial period 26 March 2019 (date of launch) to
31 July 2019. As the financial statements are drawn up for the first time, no comparative figures
are presented.
14 QUARTERLY ACCOUNTS
The quarterly accounts for the period ended 31 July 2019 have not been audited.
Kuching Branch1st Floor, Sublot 3, Lot 7998, Block16 KCLD, Cha Yi Goldland, Jalan Tun Jugah / Stutong93350 Kuching, SarawakT 082 572 472
Pulau Pinang Branch368-2-02 Belisa Row, Jalan Burma Georgetown, 10350 Pulau PinangT 604 210 2011 F 604 210 2013· ·
Ipoh Branch11A, (First Floor), Persiaran Greentown 5Greentown Business Centre, 30450 Ipoh, PerakT 605 249 6697 F 605 249 6696·
Melaka Branch95-A, Jalan Melaka Raya 24Taman Melaka Raya, 75000 MelakaT 606 282 9111 F 606 283 9112·
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