INTERIM REPORT/LAPORAN PERTENGAHAN TAHUN 2015 …

INTERIM REPORT/LAPORAN PERTENGAHAN TAHUN 2015 LIBRA SYARIAHEXTRA FUND LIBRA AMANAH SAHAM WANITA LIBRA ASNITABOND

CONTENTS

FUND & SERVICE DIRECTORIES

MANAGER’S REPORT

Market Review & Outlook 1

Libra SyariahEXTRA Fund: Profile, Performance & Review 4

Libra Amanah Saham Wanita: Profile, Performance & Review 11

Libra ASnitaBOND: Profile, Performance & Review 17

ADDITIONAL INFORMATION / DISCLOSURE 23

TRUSTEES’ REPORT & SHARIAH ADVISER’S REPORT 25

UNAUDITED FINANCIAL STATEMENTS FOR

LIBRA SYARIAHEXTRA 28

Statement By Manager For Libra SyariahExtra Fund 51


LIBRA AMANAH SAHAM WANITA 52

Statement By Manager For Libra Amanah Saham Wanita 74


LIBRA ASnitaBOND 75

Statement By Manager For Libra ASnitaBOND Fund 96

This report is also available in Bahasa Malaysia and is a translation of the English

version. In instances of discrepancy, the English version shall prevail.

K A N D U N G A N

PANDUAN KORPORAT / PANDUAN PERKHIDMATAN

LAPORAN PENGURUS

Ulasan & Tinjauan Pasaran 97

Libra SyariahEXTRA Fund: Profil, Pretasi & Ulasan 101

Libra Amanah Saham Wanita: Profil, Pretasi & Ulasan 108

Libra ASnitaBOND: Profil, Pretasi & Ulasan 114

MAKLUMAT TAMBAHAN 118

Laporan ini adalah terjemahan daripada laporan asal dalam Bahasa Inggeris. Jika

berlakunya sebarang kekeliruan, versi Bahasa Inggeris adalah muktamad dan diterima

pakai.

F U N D D I R E C T O R Y / P A N D U A N K O R P O R A T

MANAGER/PENGURUS

Libra Invest Berhad (361207-D)

(A member of the ECM Libra Group)

Ground Floor, Bangunan ECM Libra

8 Jalan Damansara Endah

Damansara Heights

50490 Kuala Lumpur

General Line: 03-2089 1888

Investor Care: 03-2089 1883

Fax: 03-2096 1020 & 03-2096 1662

website: www.librainvest.com

e-mail: [email protected]

SHARIAH ADVISER/PENASIHAT SHARIAH

IBFIM(763075-W)

3rd Floor, Menara Takaful Malaysia

Jalan Sultan Sulaiman

50000 Kuala Lumpur

Tel: 03-2031 1010; Fax: 03-2078 5250

TRUSTEES/PEMEGANG-

PEMEGANG AMANAH

Maybank Trustees Berhad (5004-P)

8th Floor, Menara Maybank

100, Jalan Tun Perak

50050 Kuala Lumpur

Tel: 03-2078 8363; Fax: 03-2070 9387

CIMB ISLAMIC TRUSTEE BERHAD

(167913-M)

Level 17, Menara CIMB

Jalan Stesen Sentral 2

Kuala Lumpur Sentral

50470 Kuala Lumpur

Tel: 03-2261 8888; Fax: 03-2261 9889

AUDITOR/JURUAUDIT

Ernst & Young (AF 0039)

Level 23A, Menara Milenium

Jalan Damanlela

Pusat Bandar Damansara

50490 Kuala Lumpur

Tel: 03-7495 8000; Fax: 03-2095 5332

TAX ADVISER/PENASIHAT

PERCUKAIAN

PricewaterhouseCoopers Taxation

Services Sdn Bhd (464731-M)

Level 10, 1 Sentral

Jalan Travers

Kuala Lumpur Sentral

P.O Box 10192

50706 Kuala Lumpur

Tel: 03-2173 1188; Fax: 03-2173 1288

mailto:[email protected]

S E R V I C E D I R E C T O R Y / P A N D U A N P E R K H I D M A T A N

HEAD OFFICE

Ground Floor

Bangunan ECM Libra

8 Jalan Damansara Endah

Damansara Heights

50490 Kuala Lumpur

General Line : 03-2089 1888 Fax: 03-2096 1020 & 03-2096 1662

PENANG NEGERI SEMBILAN – SEREMBAN

1-5-6 E-Gate

Lebuh Tunku Kudin 2

11700 Gelugor

Penang

Tel: 04-656 6982; Fax: 04-656 6503

No. 43 (Bawah)

Jalan Tunku Hassan

70000 Seremban

Negeri Sembilan

Tel: 06-767 7277; Fax: 06-763 3368

PERAK – IPOH JOHOR – JOHOR BAHRU

C-2-1 (Room 3), 2nd

Floor

No. 2, Persiaran Greentown 3

30450 Ipoh

Perak

Tel: 05-255 5388; Fax: 05-243 8616

No. 105, Jalan Meranti Merah

Taman Melodies

80250 Johor Bahru

Johor

Tel: 07-332 2148; Fax: 07-335 0426

KELANTAN – KOTA BHARU SARAWAK – KUCHING

Lot 2 – 7, Tingkat 2

Bangunan MARA

Jalan Dato Pati

15000 Kota Bahru

Kelantan

Tel: 09-744 4991; Fax: 09-744 5991

1st Floor, Lot 2713, No. 343

Central Park Commercial Centre

Jalan Tun Ahmad Zaidi Adruce

93250 Kuching

Sarawak

Tel: 082-235 035; Fax: 082-238 035

MELAKA SABAH – KOTA KINABALU

2nd Floor, 73B

Jalan Merdeka

Taman Melaka Raya

75000 Melaka

Tel: 06-286 8289; Fax: 06-286 8200

Unit No. 1005, 10th

Floor

Wisma Merdeka, Phase 1

88000 Kota Kinabalu

Sabah

Tel: 088-253 030; Fax: 088-263 030

1

I NT ER I M RE PO RT 2 01 5

M a n a g e r ’ s R e p o r t

For The 6-Month Period Ended 30 June 2015

MARKET REVIEW: EQUITIES

After starting 2015 with two strong months, global equity markets hit a bump in March. MSCI World index

posted negative returns of 1.81%, affected by continuing weakness in emerging market currencies against the

US Dollar as fund flows reversed course to developed markets after indication that the Fed may hike rates

earlier than expected.

Comments by Fed Chairman Janet Yellen in early May that “US equity valuations are generally quite high and

risks that long term bond yield could move up when interest rate begin to rise” triggered a correction in

German Bunds pushing its 10-year yield to 0.8% from a low of 0.05% whilst the 10-year US Treasury hit a

6-month high of 2.37% which also caused selling in global equities, bonds and currency markets.

Meanwhile, possibility of Greece’s exit from the Eurozone (“Grexit”) and the steep fall in the China A-Share

market in June badly affected investors’ sentiments across the globe, while renewed talks of potential US

interest rate hike as early as September and possibly another one in December continued to drive fund flows

away from Emerging Markets to Developed Markets.

The MSCI World index still managed a 1.5% gain for the 6 months ending June 2015 despite the sharp 2.5%

sell-off in June following a 0.4% decline in May and a 2.25% gain in April. And the MSCI Asia Ex-Japan

index was up 4.2% for 1H15 mainly led by impressive gains in China/Hong Kong markets – Shanghai (32.2%),

Shenzen (74.1%), HSCEI (8.3%), Hang Seng (11.2%), while Asean markets were mixed – KLCI (-3.1%),

Singapore (-1.4%), Indonesia (-6.1%), Thailand (+0.5%), and Philippines (+4.6%).

MARKET REVIEW: FIXED INCOME / SUKUK

The Malaysian government bond (MGS) market started 2015 on a positive note, as strong buying interest from

local and offshore investors drove MGS prices higher. Positive sentiment in the MGS market was buoyed by

rising US Treasury prices, supported by concerns on slowing global growth, interest rate cuts in major

economies and tumbling crude oil prices.

In 1Q15, MGS prices remained resilient, supported by strong local and offshore demand. In early June, US

Treasury prices fell amidst cautious sentiment from fluctuations in global bond markets and positive US

economic data. Nevertheless, despite fluctuations in Ringgit and softer US Treasury prices, offshore demand

for MGS continued to be strong. Year to date up to June, foreign investors net purchased RM21.5billion of

MGS, bringing their total holdings to RM166.8billion (48.5% out of total RM343.8billion MGS outstanding).

On a related note, demand for primary corporate bond (PDS) issuances remained solid given robust liquidity in

the domestic bond market. Notable issuances include Danga Capital (Khazanah), Prasarana Malaysia Bhd,

Putrajaya Holdings and Benih Restu Bhd (Genting Plantation). The secondary PDS market was also active,

with trades concentrated on medium and longer-tenured bonds, and selective AAA and AA-rated names. Due

to a relatively dry PDS supply pipeline in 1H15, investors’ bids for secondary PDS were aggressive, thus

pushing prices higher.

In 1Q15, the Malaysian economy expanded by 5.6% (expected at 5.5%, 4Q14 revised down from 5.8% to

5.7%), underpinned by resilient domestic demand. In January, given the softer global growth outlook, Malaysia

revised down its growth projection for 2015 from 5.0%-6.0% to 4.5%-5.5% (FY2014 6.0%), and inflation

forecast from 2.5%-3.5% to 2.0%-3.0%. In 1H15, Bank Negara Malaysia (BNM) kept interest rate unchanged

at 3.25%, as the current level remains accommodative and supportive of economic activity.

2




MARKET OUTLOOK: EQUITIES

We expect volatility in global equities to continue to heighten over the next few months with many issues

unresolved; amongst them are the uneven global economic recovery, timing of the first US interest rate hike,

solution to Greece’s financial problems, clearer direction of China’s stock markets and strength of its economic

growth. We however see any significant market pullback as an opportunity for us to pick up good stocks at

attractive prices given our intended strategy to maintain substantial cash position.

Generally, we are cautious on the Malaysian market but see value emerging in other Asean markets. The

Malaysian economy is expected to face more headwinds with continuing weak consumer spending following

the recent implementation of GST in April, while foreign funds outflow is still persisting amidst concerns over

the country’s trade balance and the government’s fiscal position on the back of still weak crude oil prices and

the Ringgit. Hence, we will stay defensive in the domestic market preferring companies that can offer clear

earnings trajectory, strong franchise and concession type earnings.

We continue to like Philippines given its reasonably solid financial position while its’ economic and

consumption growth remains intact as gross remittance from overseas will continue to support domestic

consumption as well as the Peso. We will relook at Thailand again after avoiding it for more than a year as the

political situation has improved though domestic consumption is still weak. Both the Thai and Indonesian

governments are planning to implement major infrastructure projects soon which will provide significant

spin-offs to economic activities and consumption, hence boosting economic growth outlook further out.

As for China, the government is still implementing various policy measures both fiscal and monetary to drive a

sustainable economic growth path which is more domestic-centric given the uneven global economic recovery

and trade. Until there’s clearer evidence that the policy measures are working and gaining traction, we will

continue to be selectively buying into China (H-Shares) on thematic trends such as e-commerce logistics

fulfilment and US consumer growth story.

MARKET OUTLOOK: FIXED INCOME /SUKUK

In the near term, global macro uncertainties are expected to persist. Despite improving US economic data,

growth in advanced economies continue to be soft. In June, the World Bank cut its 2015 global growth forecast

from January’s projection of 3.0% to 2.8%. It also joined the International Monetary Fund (IMF) in urging the

US Fed to delay raising interest rates until 2016, citing uneven US recovery and the risks to emerging markets.

On this score, US Fed Chairman Janet Yellen emphasized that the timing of the rate hike is not as significant as

the pace of subsequent increases, and reassured that the lift-off will be done gradually and not routinely at each

US Fed meeting. Meanwhile in China, the central bank cut its benchmark borrowing and lending rates by

25bps on 27th June to a record low of 4.85% and 2.00% respectively. This was the fourth cut since November,

suggesting China has become more determined to stabilise growth and contain deflation risks.

Locally, Fitch Ratings reaffirmed Malaysia’s sovereign rating at A- and upgraded Malaysia’s outlook from

negative to stable on 30th June, supported by reasonably strong GDP growth, benign inflation and positive

impact of GST on Malaysia’s fiscal finances. While inflation is expected to trend higher due to the impact of

GST (June 2.5% vs. pre-GST in March 0.9%), BNM expects this to be partially offset by overall lower global

energy prices. Furthermore, underlying domestic inflation is also expected to remain contained amidst stable

domestic demand conditions. Due to expectations of softer domestic growth and stable inflation outlook, BNM

is widely expected to keep the interest rate unchanged for the rest of the year.

Given the flat interest rate outlook, prospects for the local bond market remain positive. In the near to medium

term, offshore participation in MGS may remain strong given Malaysia’s solid economic fundamentals, and as

the current Ringgit level presents an attractive entry level for foreign investors. Furthermore, the bulk of

offshore holdings in MGS comprise of long-term fundamental-based investors such as regional and global

3




central banks, sovereign wealth funds, global pension funds and insurance companies; therefore mitigating

risks of substantial outflows.

On the same note, demand for PDS is expected to remain healthy given ample liquidity in the local financial

system and favourable supply-demand dynamics. Buying interest may continue to be skewed towards AAA

and AA-rated bonds, and in medium and longer tenures due to the flat interest rate outlook. Nevertheless, given

lingering macro uncertainties, we will stay vigilant and continuously monitor developments on both the local

and global front. We will tread with caution and remain flexible in managing portfolio duration to enable a

quick response to changes in market environment, while enhancing portfolio yields and managing risk

exposure.

AVERAGE YIELD

Malaysian Government Securities/ Government Investment Issues

Tenure Rate

3 Years 3.30%

5 Years 3.67%

10 Years 4.03%

5-Year Private Debt Securities/sukuk

Ratings Rate

AAA 4.19%

AA 4.58%

A 6.87%

Interbank Money Market (Overnight)

Period Rate

30 June 2015 3.24%

Source: Bank Negara Malaysia (end of June 2015)

Interest rate is a general economic indicator that will have an impact on the management of the unit trust funds

regardless of whether it is a Shariah-compliant fund or otherwise. This does not in any way suggest that Libra

SyariahEXTRA Fund, Libra Amanah Saham Wanita or Libra ASnitaBOND will invest in conventional financial

instruments. All the investments carried out for Libra SyariahEXTRA Fund, Libra Amanah Saham Wanita and

Libra ASnitaBOND are in accordance with Shariah requirements.

Other Matters

1. Significant changes on state of affairs of Libra SyariahEXTRA Fund, Libra Amanah Saham Wanita

and Libra ASnitaBOND

There are no significant changes on state of affairs of Libra SyariahEXTRA Fund, Libra Amanah Saham

Wanita and Libra ASnitaBOND for the financial period ended 30 June 2015.

2. Circumstances that materially affect any interests of the unitholders.

Libra Invest Berhad and Libra SyariahEXTRA Fund, Libra Amanah Saham Wanita and Libra ASnitaBOND

have no circumstances that materially affect any interest of the unitholders.

4


M an age r ’ s R ep o r t


L I B R A S Y A R I A H E X T R A F U N D

F U N D P R O F I L E

Inception Date 12 March 1996 (The Fund has no predetermined fixed period or termination date).

Initial Offer Price RM1.0000 per unit during the Initial Offer Period (IOP) of 1 month ended 11 April

1996.

Background The Fund was established in 1996 by Abrar Unit Trust Management Berhad

(AUTMB). It was a general equity fund managed in compliance with Shariah

requirements and it was named Abrar Investment Fund. AUTMB remained the

manager for the Fund until August 2002, when Maybank Trustee Berhad (Trustee for

the Fund) removed AUTMB and appointed Libra Invest Berhad (LIB) in its place.

LIB has been managing this Fund since August 2002. The Fund now adopts a

relatively balanced approach towards Shariah-compliant equities and sukuk. It is

managed in compliance with Shariah requirements and it is now called the Libra

SyariahEXTRA Fund.

Date of First

Prospectus under

LIB

6 November 2002

Re-pricing Date 2 January 2003 (1:1.2425 unit split exercise carried out based on NAV per unit as at

31 December 2002)

Net Asset Value at

Re-pricing Date

RM0.2000 per unit

Pricing Policy Investment and Liquidation at Net Asset Value per unit

Fund Category/ Type Balanced (Shariah)/Growth and to a lesser extent income (Classification according

to the requirements of the Guidelines on Unit Trust Funds, which provides for broad

classification of funds)

Open-ended Shariah-compliant unit trust fund for the medium to long-term

investment horizon, with a bias for absolute (i.e. positive) returns^ through flexible

allocation between Shariah-compliant equities and sukuk. SyariahEXTRA focuses on

achieving a positive return, even in a downtrend market, rather than beating the

benchmark.

^ By definition “absolute returns” is the static measure of actual return an asset

achieves over a period of time.

Benchmark 50% of FTSE Bursa Malaysia Emas Shariah + 50% of Maybank’s 12-months General

Investment Account rate.

Investment Objective SyariahEXTRA aims to provide investors with medium to long-term capital

appreciation, through its Shariah-compliant investments in specified asset classes by

adopting a relatively balanced approach towards Shariah-compliant equities and

sukuk exposure based on Shariah principles. SyariahEXTRA aims to achieve capital

growth with lower short-term volatility than is normally associated with a pure equity

fund.

5






Investment Policy The Fund invests in a blend of Ringgit-denominated quoted Shariah-compliant

equities, sukuk and other Islamic money market instruments and Shariah-compliant

derivatives (Islamic financial instruments that have no intrinsic value, but derive their

value from an underlying instrument such as indices and share prices. They are used

to manage one’s exposure to unexpected price fluctuations in the Shariah-compliant

equity and sukuk markets), which have been approved by the Securities

Commission’s Shariah Advisory Council and/or the Shariah Adviser. Its key

objective is aimed at consistent absolute returns over the medium to long-term

investment horizon.

Investment Strategy For investments in Shariah-compliant equities, following the ‘top-down’ process, the

strategy is to identify key sectors or groups of Shariah-compliant stocks that are

expected to perform well under an anticipated set of economic conditions. Individual

Shariah-compliant stock selection will be based on well-managed, financially sound

companies with attractive relative valuations and have the potential for high earnings

growth over the medium to long-term time frame. The analysis methods used will

include ratio analysis on the financial performance of companies, trend analysis to

forecast future performance, and Shariah-compliant stock valuation methods.

With respect to investments in sukuk, the strategy is to focus on consistent, above-

average returns from fundamental research rather than from frequent trading.

Emphasis is placed on credit-worthiness of the investment-grade sukuk issuers. A

disciplined application of the ‘top-down’ investment process is therefore applied, with

due consideration given to the credit standing of individual issuers. SyariahEXTRA

will seek to diversify across sectors and individual Shariah-compliant securities to

minimize the risk profile of the portfolio.

Distribution Policy It is the intention of the Management Company to declare distribution of income

annually for SyariahEXTRA. The amount of income to be distributed will vary from

period to period, depending on interest rates, market conditions, the performance and

the objectives of the Fund. Income distributions may be made out of realised capital

gains, net profit from Islamic deposit and Islamic money market and net dividend

received by the Fund. It is also the Management Company’s policy to automatically

reinvest declared income distribution into additional units in the Fund at the end of

the distribution day (at ex-distribution price) with no entry fee. Unitholders wanting

to realise capital gain on units held may, liquidate all or part of their units on any

Business Day.

Soft Commissions &

Rebates Received

From Brokers

The Management Company retains soft commissions received from stockbrokers,

provided these are of demonstrable benefit and assist the decision-making process

relating to the unitholders investments. The soft commissions may take the form of

goods and services provided such as data and quotation services, computer software

and investment related publications such as Bloomberg, BPAM, Thomson Reuters

and etc which are incidental to the management of the Fund. During the period under

review the Management Company received data and quotation services and

investment related publications which are incidental to the Fund investment. Rebates,

if any, will be credited to the account of the Fund.

6






Profile of

Unitholdings

* Excluding units held

by the Management

Company

As at 30 June 2015 Unitholder Unit Holding

Size of Holding

(Units) No %

No

(million) %

5,000 and below 5,099 70.47 9.33 12.59

5,001 to 10,000 680 9.40 5.08 6.86

10,001 to 50,000 1,161 16.05 23.92 32.29

50,001 to 500,000 282 3.90 27.50 37.11

500,001 and above 13 0.18 8.26 11.15

* Total (Decimal

Rounding) 7,235 100.00 74.10 100.00

7





Past performance is not necessarily indicative of future performance. Unit prices and investment returns may fluctuate.

F U N D P E R F O R M A N C E

Management Company

Please refer to Note 1 for further information

Inception to 9 Aug 2002: Abrar Unit Trust Management Berhad

9 Aug 2002 onwards: Libra Invest Berhad

2015 2014 2013

NAV & PRICING for the period ended 30 June

Please refer to Note 2 for further information. Total Net Asset Value (RM million) 20.91 21.85 21.09

Units in circulation (million units) 74.10 77.95 82.01

NAV per unit (RM) 0.2822 0.2804 0.2573

HIGHEST & LOWEST NAV for the period ended 30 June

Please refer to Note 2 for further information. Highest NAV per unit (RM) 0.2932 0.2804 0.2589

Lowest NAV per unit (RM) 0.2721 0.2631 0.2239

PORTFOLIO COMPOSITION % of NAV for the period ended 30 June Quoted Shariah-compliant equities & equity-related securities

Main Board

Construction 15.6 11.5 14.8

Technology 5.1 - -

Consumer Products - 2.6

Infrastructure - 7.3 6.8

Plantations - 1.1 1.1

Properties 3.8 - -

Trading/Services 14.8 31.3 27.9

Unquoted Sukuk

Islamic Commercial Paper - - -

Sukuk - 11.2 10.0

Cash & others 60.7 35.0 39.4

The Fund has continued to maintain high cash levels with the still uncertain economic and market outlook, and

staying out of Sukuk investments given the unclear interest rates direction as possibility of the US Fed rate

hike draws nearer. We remain defensive with core positions in big-cap construction Shariah-compliant stocks

with secured sizeable orderbooks in hand, while maintaining selective exposures in utilities-type businesses

with recurring income.

EXPENSE/TURNOVER for the period ended 30 June

Management expense ratio (MER) (%) 1.08 0.91 1.13

Portfolio turnover ratio (PTR) (times) 0.34 0.23 0.66

Please refer to page 42 for further explanation on the difference in MER and PTR

8







Management Company




RETURN (%) for the period ended 30 June

Please refer to Note 3 for further information.

TOTAL RETURN 2015 2014 2013

Total Return

Capital Return

Income Return

0.64

0.64

-

8.98

8.98

-

12.60

12.60

-

AVERAGE TOTAL RETURN 1-yr 3-yrs 5-yrs

SyariahEXTRA (%)

(Inception Date: 12 March 1996) 0.64 23.50 46.14

9







Management Company




I N C O M E D I S T R I B U T I O N A N D U N I T S P L I T

For the period ended 30 June


2015 2014 2013

Distribution date - - -

Gross distribution (sen per unit) - - -

Net distribution (sen per unit) - - -

NAV before distribution (sen per unit) - - -

NAV after distribution (sen per unit) - - -

Unit Split - - -

F U N D R E V I E W

During the review period, the Fund registered a 2.3% gain, which outperformed its benchmark of 0.4% loss.

The Fund’s exposures in TimeDotCom, Scicom and MyE.G. have helped to offset the general weakness in

the market which was largely driven by foreign funds outflow and the weak Ringgit, given the uncertain

domestic economic outlook and government fiscal position.

The Fund will continue to stay defensive, holding a high cash level until outlook brightens up. Overall, the

Fund has met its investment objective of providing investors capital appreciation by adopting a relatively

balanced approach towards Shariah-compliant equities and sukuk exposure.

NAV PER UNIT

NAV per unit as at 31 December 2014

RM0.2759

NAV per unit as at 30 June 2015

RM0.2822

ASSET ALLOCATION as at 30 June 2015

1

2

1 Quoted Shariah-compliant equities & equity-related

securities

39.3%

2 Cash & Others 60.7%

10






N O T E S

Note 1: Data records up to 9 August 2002 was maintained by Abrar Unit Trust Management Berhad, the

previous Management Company for the Fund. Libra Invest Berhad took over the management of the Fund

on 9 August 2002. Re-pricing for the Fund was effected on 2 January 2003.

Note 2: Selling of units by the Management Company (i.e. when you purchase units and invest in the funds)

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 3: Returns prior to 9 August 2002 represent performance under the previous Management Company, Abrar

Unit Trust Management Bhd.

With the approval of the Fund’s unitholders in a meeting held on 4 September 2002, the Fund has

adopted a relatively balanced approach towards Shariah-compliant equities and sukuk exposure since 3

October 2002. Prior to 3 October 2002, the Fund was managed as an equity Fund.

Fund performance figures are calculated based on NAV to NAV and assume reinvestment of distributions

(if any) at NAV. The performance figures for the Fund and its Benchmark are sourced from Lipper.

Note 4: There were no income distribution or unit split exercise for the 6-month period ended 30 June 2015.

11




L IB RA AMA N AH S AH A M WA N IT A (ASNITA)


Inception Date 4 May 1998 (The Fund has no predetermined fixed period or termination date)

Initial Offer Price RM0.5000 per unit during the Initial Offer Period (IOP) of 21 days ended 24 May

1998.

Background Libra Amanah Saham Wanita (ASNITA) was established on 30 April 1998 by

Metrowangsa Unit Trusts Berhad (MUTB) (formerly known as Hijrah Unit Trust

Management Berhad). It was established as a general equity fund managed in

compliance with Shariah requirements. MUTB remained the Manager for ASNITA

until April 2003, when Mayban Trustees Berhad (Trustee for ASNITA) removed

MUTB and appointed Libra Invest Berhad (LIB) in its place. LIB has been managing

ASNITA since 2 May 2003.

Date of First

Prospectus under

LIB

1 July 2004


Fund Category/

Type

Equity (Shariah)/Growth and to a lesser extent income (Classification according to

the requirements of the Guidelines on Unit Trust Funds, which provides for broad

classification of funds).

Open-ended unit trust fund with a long-term investment horizon which invests

principally in Shariah-compliant equities and equity related securities.

Benchmark FTSE Bursa Malaysia Emas Shariah

Investment

Objective

ASNITA seeks to offer relatively good and safe long-term capital growth potential by

investing principally in quoted Shariah-compliant equities and equity-related

securities that comply with Shariah requirements.

Investment Policy The Fund invests in Shariah-compliant investments including ordinary Shariah-

compliant shares and other Shariah-compliant equity-related securities such as

convertible Shariah-compliant securities, preference shares, Shariah-compliant

warrants listed on Bursa Malaysia or traded in or under the rules of other recognized

stock exchange in Malaysia, units in other Shariah-compliant collective investment

schemes, sukuk as well as short term Islamic money market instruments and any other

kind of Shariah-compliant investments as agreed by the Management Company and

Independent Trustee, approved by the Securities Commission’s Shariah Advisory

Council and/or the Shariah Adviser from time to time.

12






Investment

Strategy

For investment in Shariah-compliant equities, following the ‘top-down’ process, the

strategy is to identify key sectors or groups of Shariah-compliant stocks that are

expected to perform well under an anticipated set of economic conditions. Individual

Shariah-compliant stock selection will be based on well-managed, financially sound

companies with attractive relative valuations and have the potential for high earnings

growth, over the medium to long-term time frame. The analysis methods used will

include ratio analysis on the financial performance of companies, trend analysis to

forecast future performance, and Shariah-compliant stock valuation methods. When

necessary, the indexation method will be used in tracking the performance of the

FTSE Bursa Malaysia Emas Shariah especially during buoyant/uncertain market

conditions.

Distribution

Policy

It is the intention of the Management Company to declare distribution of income

annually for ASNITA, provided there is sufficient realised gain. The amount of

income to be distributed will vary from period to period, depending on interest rates,

market conditions, the performance and the objectives of the Fund. Income

distributions may be made out of realised capital gains, net profit from Islamic

deposit and Islamic money market and net dividend received by the Fund. It is also

the Management Company’s policy to automatically reinvest declared income

distribution into additional units in the Fund at the end of the distribution day (at ex-

distribution price) with no entry fee. Unitholders wanting to realise the capital gain on

units held may, liquidate all or part of their units on any Business Day.

Soft Commissions

& Rebates

Received From

Brokers






and etc which are incidental to the management of the Fund. During the period under

review the Management Company received data and quotation services and

investment related publications which are incidental to the Fund investment. Rebates,

if any, will be credited to the account of the Fund.

Profile of

Unitholdings

*Excluding units

held by the

Management

Company


Size of Holding (Units) No % No (million) %

5,000 and below 48,232 95.69 45.41 47.70

5,001 to 10,000 1,258 2.50 8.95 9.40

10,001 to 50,000 851 1.69 16.12 16.93

50,001 to 500,000 56 0.11 6.16 6.46

500,001 and above 7 0.01 18.58 19.51

*Total (Decimal Rounding) 50,404 100.00 95.22 100.00

13







Management Company


Inception to 2 May 2003: Metrowangsa Unit Trusts Berhad

2 May 2003 onwards: Libra Invest Berhad

2015 2014 2013 NAV & PRICING for the period ended 30 June

Please refer to Note 2 for further information. Total Net Asset Value (RM million) 63.02 66.23 55.72


NAV per unit (RM) 0.6619 0.6738 0.6001


Please refer to Note 2 for further information. Highest NAV per unit (RM) 0.7017 0.6738 0.6091


PORTFOLIO COMPOSITION % of NAV for the period ended 30 June Quoted Shariah-compliant equities & equity-related securities

Main Board

Construction 19.9 11.2 21.3

Consumer - 4.9 -

Technology 1.3 - -

Infrastructure - 7.2 8.7

Plantations - 2.3 5.0

Properties 7.7 - -

Trading/Services 35.1 39.8 39.0

Unquoted Sukuk

Sukuk - - -

Cash & others 36.0 34.6 26.0

The Fund continues to hold a high cash level whilst maintaining a fairly balanced portfolio mix with the

Trading/ Services sector (with a diverse mix of businesses) accounting for the bulk of the Fund’s Shariah-

compliant equity exposure. In addition, the Fund invested in selected construction Shariah-compliant stocks

that are expected to benefit from the government’s continuing fiscal stimulus spending.




Please refer to page 66 for further explanation on the difference in MER and PTR

14







Management Company







Total Return

Capital Return

Income Return

-1.77

-1.77

-

12.26

12.26

-

14.28

14.28

-


Libra Amanah Saham Wanita (%)

(Inception Date: 4 May 1998) -1.77 26.03 45.73

15







Management Company






Please refer to Note 4 for further information. 2015 2014 2013

Distribution date - - -

Gross distribution (sen per unit) - - -

Net distribution (sen per unit) - - -

NAV before distribution (sen per unit) - - -

NAV after distribution (sen per unit) - - -

Unit Split - - -

F U N D R E V I E W

For the period under view, the fund posted a 1.5% gain, outperforming its benchmark FBM Emas Syariah

Index of a 2.4% loss. The outperformance was mainly driven by investments in TimeDotCom, MyEG and

Scicom. The Fund has achieved its objective of maximizing returns over a medium to long term period. Due

to the uncertain market outlook, the fund has continued to maintain high cash levels and will deploy the

excess gradually over the medium term.

NAV PER UNIT (Please refer to Note 5 for further information)


RM0.6518


RM0.6619


1

2

1 Quoted Shariah-compliant equities & equity-related

securities

64.0%

2 Cash & Others 36.0%

16






N O T E S

Note 1: Data for 2002 to 2 May 2003: Extracted from records maintained by Metrowangsa Unit Trusts

Berhad, the previous Management Company for the Fund. Libra Invest Berhad took over the management

of the Fund on 2 May 2003.

Note 2: Selling of units by the Management Company (i.e. when you purchase units and invest in the funds)


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 3: Returns prior to 2 May 2003 represent performance under the previous Management Company,

Metrowangsa Unit Trusts Berhad.

Fund performance figures are calculated based on NAV to NAV and assume reinvestment of

distributions (if any) at NAV. The performance figures for the Fund and its Benchmark are sourced from

Lipper.

Note 4: There were no income distribution or unit split exercise for the 6-month period ended 30 June

2015. Note 5: Effective 2 May 2003, ASNITA adopted the single pricing method.

17




L IB RA ASN IT ABO N D FU N D


Inception Date 18 March 2005 (The Fund has no predetermined fixed period or termination date)

Initial Offer Price RM0.5000 per unit during the Initial Offer Period (IOP) of 21 days ended 7 April

2005


Fund Category/

Type

Sukuk/Income (Classification according to the requirements of the Guidelines on

Unit Trust Funds, which provides for broad classification of Funds).

Open-ended Shariah-compliant unit trust fund with a short to medium term

investment horizon which invests principally in sukuk.

Benchmark Maybank’s 6-months General Investment Account rate

Investment

Objective

Aims to provide capital preservation with regular income over the short to medium

term period, by investing in Islamic money market instruments and sukuk.

Investment Policy ASnitaBOND invests principally in Government and semi-Government sukuk,

Islamic money market instruments, Corporate sukuk, and Islamic treasury products.

Investment Strategy The Fund shall adopt an investment strategy which will provide returns comparable

to that of medium term sukuk instruments and with emphasis on credit worthiness.

Distribution

Policy

It is the intention of the Management Company to declare distribution of income

annually for ASnitaBOND, provided there is a sufficient realised gain. The amount

of income to be distributed will vary from period to period, depending on interest

rates, market conditions, the performance and the objectives of the Fund. Income

distributions may be made out of realised capital gains, net profit from Islamic

deposit, Islamic money market and net dividend received by the Fund. It is also the

Management Company’s policy to automatically reinvest declared income

distribution into additional units in the Fund at the end of the distribution day (at ex-

distribution) with no entry fee. Unitholders wanting to the realize the capital gain on

units held may, liquidate all or part of their units on any Business Day.

Soft Commissions &

Rebates Received

From Brokers






and etc which are incidental to the management of the Fund. During the period

under review the Management Company received data and quotation services and

investment related publications which are incidental to the Fund investment.

Rebates, if any, will be credited to the account of the Fund.

18






Profile of

Unitholdings

*Excluding units held

by the Management

Company


Size of Holding (Units) No % No (million) %

5,000 and below 22 8.63 0.02 0.01

5,001 to 10,000 13 5.10 0.10 0.07

10,001 to 50,000 60 23.53 1.52 0.98

50,001 to 500,000 96 37.65 18.58 12.00

500,001 and above 64 25.09 134.69 86.94

*Total (Decimal Rounding) 255 100.00 154.91 100.00

19







2015 2014 2013

NAV & PRICING for the period ended 30 June


Total Net Asset Value (RM million) 91.52 82.93 113.73


NAV per unit (RM) 0.5908 0.5830 0.5949



Highest NAV per unit (RM) 0.6124 0.6016 0.6176


PORTFOLIO COMPOSITION % of NAV for the period ended 30 June Unquoted sukuk 60.7 83.9 96.4

Cash & others 39.3 16.1 3.6

The Fund’s exposure to sukuk declined towards end-June due to profit-taking activities to realise gains on

sukuk holdings, which have appreciated much in value.




Please refer to page 89-90 for further explanation on the difference in MER and PTR




Total Return

Capital Return

Income Return

6.54

1.32

5.22

2.26

-2.00

4.26

4.82

-0.27

5.09


ASnitaBond (%)

(Inception Date: 18 March 2005) 6.54 14.21 27.89

20










2015 2014 2013

Distribution date 26 Mar 26 Mar 13 Mar

Gross distribution (sen per unit) 3.00 2.50 3.00

Net distribution (sen per unit) 3.00 2.50 3.00

NAV before distribution (sen per unit) 61.24 (25 Mar) 60.16 (25 Mar) 61.76 (12 Mar)

NAV after distribution (sen per unit) 58.25 (26 Mar) 57.69 (26 Mar) 58.77 (13 Mar)

Unit Split - - -

21






F U N D R E V I E W

Libra ASnitaBOND Fund won the esteemed Morningstar Award 2015 Malaysia in the Best Islamic MYR

Bond Fund category in March 2015.

The Fund delivered outstanding returns of 6.54% for the 12 months ended 30 June 2015, significantly

outperforming its benchmark 6-month Maybank General Investment Account (GIA) return of 3.27%. The

performance was mainly attributed to massive capital appreciation from a careful selection of high grade

sukuk investments, after thorough analysis on domestic and global economic environment, market trends

and regional fund flows.

The Fund derived its return from a selection of sukuk, Islamic money market instruments and Islamic

deposit placements. The Fund will continue to give strong emphasis on sukuk issuers’ credit strength

focusing on cash flow consistency, stringent structure and experienced management teams. Careful

selection of sukuk and Islamic money market instruments are carried out to allow the Fund to benefit from

higher profit returns that commensurate with its risk profile. The Fund focuses on being conservative from

the risk perspective while benefiting from investments in government and corporate sukuk that conform to

Shariah requirements.

The fund achieved its investment objective of providing capital preservation with regular profit income

over the short to medium term period.

NAV PER UNIT


RM0.6031


RM0.5908


1 2

1

2

Unquoted sukuk

Cash & Others

60.7%

39.3%

22






N O T E S

Note 1: Selling of units by the Management Company (i.e. when you purchase units and invest in the Funds)


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: Fund performance figures are calculated based on NAV to NAV and assume reinvestment of

distributions (if any) at NAV. The performance figures for the Fund and its Benchmark are sourced from

Lipper.

Note 3: Distribution of 3.00 sen per unit was declared on 26 March 2015 and was automatically reinvested

into additional units on the same day at NAV after distribution with no entry fee.

There was no unit split exercise for the 6-month period ended 30 June 2015.

23

I NT ER I M RE PO R T 2 01 5

A D D ITI ON AL I N FO R MATI ON / D ISC LOS U RE


R E T U R N S O N A N I N I T I A L I N V E S T M E N T O F R M 1 0 0 , 0 0 0

I N L I B R A S Y A R I A H E X T R A F U N D A N D

L I B R A A M A N A H S A H A M W A N I T A ( A S N I T A ) F U N D

For ease of reference, the Fund’s total return for the period ended 30 June 2015 is in Ringgit terms. The following charts illustrate comparative growth figures for an initial investment of RM100,000 in Libra

SyariahEXTRA Fund and Libra Amanah Saham Wanita (ASNITA) Fund with their respective benchmark, for

the period specified below.

From 31 January 2003 to 30 June 2015

95,000

107,000

119,000

131,000

143,000

155,000

167,000

179,000

191,000

203,000

Jan-03 May-05 Sep-07 Jan-10 May-12 Sep-14

RM Libra SyariahEXTRA Benchmark

A RM100,000 investment in Libra

SyariahEXTRA and its benchmark

(50% FTSE Bursa Malaysia Emas

Shariah + 50% Maybank’s 12-

month General Investment

Account) from 31 January 2003 to

30 June 2015 (before tax) would

be worth RM193,494.98 and

RM198,348.76 respectively.

From 30 May 2003 to 30 June 2015

100,000

130,000

160,000

190,000

220,000

250,000

280,000

May-03 Jul-05 Sep-07 Nov-09 Jan-12 Mar-14

RM ASNITA Benchmark


ASNITA and its benchmark

(FTSE Bursa Malaysia Emas

Shariah), from 30 May 2003 to 30

June 2015 (before tax) would be

worth RM234,424.46 and



distributions (if any) at NAV. There are fees, charges and risks (market, specific, liquidity,

reclassification of Shariah status risk and others) involved and investors are advised to consider the fees,

charges and risks. Past performance is not necessarily indicative of future performance. Unit prices and

investment returns may fluctuate.

Please refer to page 10 and 16 respectively for further clarification on data source and assumptions used in

calculating return figures for the fund and its benchmark.

Source: Lipper

Jun 15

Jun 15

24

I NT ER I M RE PO R T 2 01 5

A D D ITI ON AL I N FO R MATI ON / D IS C LOS U RE


Jun 11

R E T U R N S O N A N I N I T I A L I N V E S T M E N T O F R M 1 0 0 , 0 0 0

I N L I B R A A S N I T A B O N D F U N D

For ease of reference, the Fund’s total return for the period ended 30 June 2015 is in Ringgit terms. The following charts illustrate comparative growth figures for an initial investment of RM100,000 in Libra

ASnitaBOND Fund and its benchmark for the period specified below.

From 31 March 2005 to 30 June 2015

100,000

108,000

116,000

124,000

132,000

140,000

148,000

156,000

Mar-05 May-07 Jul-09 Sep-11 Nov-13

RM Libra ASnitaBOND Benchmark


ASnitaBOND and its benchmark

(Maybank’s 6-month General

Investment Account) from 31

March 2005 to 30 June 2015

(before tax) would be worth

RM156,142.03 and



distributions (if any) at NAV. There are fees, charges and risks (credit/default, liquidity, inflation,

interest rate and others) involved and investors are advised to consider the fees, charges and risks. Past

performance is not necessarily indicative of future performance. Unit prices and investment returns may

fluctuate.

Please refer to page 22 for further clarification on data source and assumptions used in calculating return

figures for the fund and its benchmark

Source: Lipper

Jun 15

25

TRUSTEE’S REPORT To the Unitholders of Libra SyariahEXTRA Fund Libra Amanah Saham Wanita (collectively, “the Libra Funds”) We have acted as Trustee of the Libra Funds for the 6 months financial period ended 30 June 2015. In our opinion, Libra Invest Berhad (“the Manager” or the Management Company”) has managed the Libra Funds in the financial period under review in accordance with the following: 1. The limitations imposed on the investment powers of the Manager and the Trustee under the

Deeds, the Securities Commission’s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 and other applicable laws;

2. The valuation or pricing of the Libra Funds are carried out in accordance with the Deeds and relevant regulatory requirements; and

3. The creation and cancellation of units of the Libra Funds are carried out in accordance with the Deeds and relevant regulatory requirements.

For Maybank Trustees Berhad (Company No.: 5004-P)

Bernice K M Lau Head, Operations Kuala Lumpur, Malaysia 12 August 2015

26

TRUSTEE’S REPORT TO THE UNITHOLDERS OF LIBRA ASNITABOND FUND We, CIMB ISLAMIC TRUSTEE BERHAD (‘the Trustee’) being the Trustee of LIBRA ASNITABOND FUND (‘the Fund’) are of the opinion that LIBRA INVEST BERHAD (‘the Manager’), acting in the capacity as Manager of the Fund, has fulfilled its duties in the following manner for the financial period ended 30 June 2015. a) The Fund has been managed in accordance with the limitations imposed on the investment

powers of the Manager and the Trustee under the Deed, the Supplemental Deeds, the Securities Commission Malaysia’s Guidelines on Unit Trust Funds, the Capital Markets And Services Act 2007 (as amended from time to time) and other applicable laws;

b) Valuation/pricing of units of the Fund has been carried out in accordance with the Deed,the

Supplemental Deeds and relevant regulatory requirements; c) Creation and cancellation of units have been carried out in accordance with the Deed, the

Supplemental Deeds and relevant regulatory requirements; and d) The distribution of returns by the Fund is relevant and reflects the investment objective of the

Fund. For and on behalf of CIMB ISLAMIC TRUSTEE BERHAD

LEE KOOI YOKE Chief Operating Officer Kuala Lumpur, Malaysia 12 August 2015

27

SHARIAH ADVISER’S REPORT To the Unitholders of Libra SyariahEXTRA Fund Libra Amanah Saham Wanita Libra ASnitaBOND Fund We have acted as the Shariah Adviser of Libra SyariahEXTRA Fund (SyariahEXTRA), Libra Amanah Saham Wanita (ASNITA) and Libra ASnitaBOND Fund (ASnitaBOND). Our responsibility is to ensure that the procedures and processes employed by Libra Invest Berhad and that the provisions of the Deeds for SyariahEXTRA, ASNITA and ASnitaBOND are in accordance with Shariah principles. In our opinion, Libra Invest Berhad has managed and administered SyariahEXTRA, ASNITA and ASnitaBOND in accordance with Shariah principles and complied with applicable guidelines, rulings and decisions issued by the Securities Commission pertaining to Shariah matters for the period ended 30 June 2015. In addition, we also confirm that the investment portfolio of the SyariahEXTRA, ASNITA and ASnitaBOND comprise securities which have been classified as Shariah-compliant by the Shariah Advisory Council of the Securities Commission (“SACSC”). As for the securities which are not certified by the SACSC, we have reviewed the said securities and opined that these securities are designated as Shariah-compliant. For and on behalf of the Shariah Adviser IBFIM MOHD NASIR ISMAIL Shariah Advisor/Designated Person Responsible for Shariah Advisory

Kuala Lumpur 12 August 2015

28

Libra SyariahEXTRA Fund UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2015

30 June 30 June Note 2015 2014 RM RM ASSETS Shariah-compliant investments 3 8,208,125 14,198,968 Islamic deposits with financial institutions 5 12,500,000 7,365,000 Other receivables 6 248,004 232,834 Cash at bank 94,710 99,130 TOTAL ASSETS 21,050,839 21,895,932 LIABILITIES Other payables and accruals 8 141,076 44,938 TOTAL LIABILITIES 141,076 44,938 EQUITY Unitholders’ capital 12,113,135 13,210,243 Retained earnings 8,796,628 8,640,751 TOTAL EQUITY 9 20,909,763 21,850,994 TOTAL EQUITY AND LIABILITIES 21,050,839 21,895,932 NET ASSET VALUE 20,909,763 21,850,994 UNITS IN CIRCULATION 9(a) 74,102,321 77,952,868 Net Assets Value (“NAV”) Per Unit 10 0.2822 0.2804

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

29

Libra SyariahEXTRA Fund UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE 6-MONTH FINANCIAL PERIOD ENDED 30 JUNE 2015

Note 6 mths to 6 mths to 30 June 2015 30 June 2014 RM RM INVESTMENT INCOME Gross dividend income 143,668 128,859 Income from Islamic money market 218,671 154,313 Net gain from Shariah-compliant investments

- financial assets at fair value through profit or loss (“FVTPL”) 4 361,711

1,098,686

724,050 1,381,858 EXPENSES Manager’s fee 11 160,515 159,939 Trustee’s fee 12 6,421 6,398 Auditors’ remuneration 5,900 5,900 Tax agent’s fee 3,300 3,300 Other expenses 56,793 20,791 232,929 196,328 Net income before tax 491,121 1,185,530 Income tax expenses 13 - - Net income after tax 491,121 1,185,530 Other comprehensive income - - Total comprehensive income for the period 491,121 1,185,530 Net income after tax is made up of the following: Net realised income 979,484 445,728 Net unrealised (loss)/gain (488,363) 739,802 491,121 1,185,530


30

Libra SyariahEXTRA Fund

UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE 6-MONTH FINANCIAL PERIOD ENDED 30 JUNE 2015

Unitholders’ Retained Total equity capital earnings Note 9(a) Notes 9(b) and (c) RM RM RM As at 1 January 2014 13,604,445 7,455,221 21,059,666 Total comprehensive income for the period - 1,185,530 1,185,530 Creation of units 45,693 - 45,693 Cancellation of units (439,895) - (439,895) As at 30 June 2014 13,210,243 8,640,751 21,850,994 As at 1 January 2015 12,788,846 8,305,507 21,094,353 Total comprehensive income for the period - 491,121 491,121 Creation of units 2,968 - 2,968 Cancellation of units (678,679) - (678,679) As at 30 June 2015 12,113,135 8,796,628 20,909,763


31

Libra SyariahEXTRA Fund

UNAUDITED STATEMENT OF CASH FLOWS FOR THE 6-MONTH FINANCIAL PERIOD ENDED 30 JUNE 2015

6 mths to 6 mths to 30 June 2015 30 June 2014 RM RM Cash flows from operating and investing activities

Proceeds from sale/maturity of Shariah-compliant investments 6,796,044 5,823,914 Income received from Islamic money market 218,770 154,214 Dividends received 82,294 108,656 Purchase of Shariah-compliant investments (7,641,596) (4,226,711) Manager’s fee paid (159,585) (160,112) Trustee’s fee paid (6,384) (6,406) Payment for other fees and expenses (63,993) (26,091)

Net cash (used in)/generated from operating and investing activities (774,450)

1,667,465

Cash flows from financing activities

Cash proceeds from units created 2,968 45,693 Cash paid on units cancelled (678,679) (536,758)

Net cash used in financing activities (675,711) (491,065) Net (decrease)/increase in cash and cash equivalents (1,450,161) 1,176,400 Cash and cash equivalents at the beginning of the period 14,044,871 6,287,730 Cash and cash equivalents at the end of the period 12,594,710 7,464,130 Cash and cash equivalents comprise: Cash at bank 94,710 99,130 Islamic deposits with financial institutions 12,500,000 7,365,000 12,594,710 7,464,130


32

Libra SyariahEXTRA Fund NOTES TO THE FINANCIAL STATEMENTS - 30 JUNE 2015

1. GENERAL INFORMATION

Libra SyariahEXTRA Fund (“SyariahEXTRA” or “the Fund”) was established pursuant to a Deed dated 7 February 1996 and a Supplemental Deed dated 2 October 1998 between Abrar Unit Trust Management Berhad (“AUTMB”), Maybank Trustees Berhad (“the Trustee”) and the registered Unitholders of the Fund. On 9 August 2002, the Trustee exercised its powers to remove AUTMB as the management company of the Fund by virtue of Clause 29.1(c) of the Deed. Simultaneously, the Trustee appointed Libra Invest Berhad (“LIB”) (“the Manager”) to replace AUTMB as a management company of the Fund with the necessary approvals from the Securities Commission. On 4 March 2009, a Supplemental Master Deed was entered into between LIB and the Independent Trustee to merge the aforesaid Deeds to provide for certain modifications to bring them in line with changes to the relevant laws, and to merge them into a single document for ease of reference. This is further supplemented by a Second Supplemental Master Deed dated 6 May 2011 to reflect the name change of the funds and the Manager.

The Fund will continue its operations until terminated in accordance with Part 12 of the Supplemental Master Deed.

The principal activity of the Fund is to invest in investments as defined under Part 1 of the Supplemental Master Deed, which includes investments in a balanced portfolio of Shariah-compliant equities and sukuk. The objective of SyariahEXTRA is to provide investors with medium to long-term capital appreciation through investments in the specified asset classes by adopting a relatively balanced approach towards Shariah-compliant equities and sukuk. The Shariah Adviser will advise on the permissibility of investment tools to be selected by the Manager as well as counsel on operational matters of the Fund to ensure that the investment tools selected and the operations of the Fund comply with Shariah requirements. The Fund aims to achieve capital growth with lower short-term volatility than is normally associated with a pure equity fund.

The Manager of the Fund is LIB, a company incorporated in Malaysia. Its holding company is ECM Libra Financial Group Berhad, a company incorporated in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”).

The principal activities of the Manager are managing private and public funds; and distributing a range of unit trust funds to institutional and retail investors.

The financial statements were authorised for issue by the Board of Directors of the Manager in accordance with a resolution of the directors on 12 August 2015.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Preparation

The financial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”) as issued by Malaysian Accounting Standards Board (“MASB”) and International Financial Reporting Standards (“IFRS”) issued by International Accounting Standards Board (“IASB”).

33


2.1 Basis of Preparation (contd.)

The accounting policies adopted are consistent with those of the previous financial year except for the adoption of the new and amended MFRS and IC Interpretations which became effective for the Fund on 1 January 2014. The adoption of the new and amended MFRS and IC Interpretations did not have any significant impact on the financial position or performance of the Fund.

The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.

2.2 Standards, Amendments and Interpretations Issued But Not Yet Effective

As at the date of authorisation of these financial statements, the following Standards, Amendments and Issues Committee ("IC") Interpretations have been issued by the Malaysian Accounting Standards Board ("MASB") but are not yet effective and have not been adopted by the Fund.

Description

Effective for financial year

beginning on or after

MFRS 14: Regulatory Deferral Accounts 1 January 2016 Amendments to MFRS 116 and MFRS 138: Clarification of

Acceptable Methods of Depreciation and Amortisation

1 January 2016 Amendments to MFRS 11: Accounting for Acquisitions of Interests

in Joint Operations 1 January 2016

Amendments to MFRS 116 and MFRS 141: Agriculture: Bearer Plants

1 January 2016

Amendments to MFRS 127: Equity Method in Separate Financial Statements

1 January 2016

Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

1 January 2016

Amendments to MFRSs contained in the document entitled “Annual Improvements to MFRSs 2012–2014 Cycle”

1 January 2016

MFRS 15 Revenue from Contracts with Customers 1 January 2017 MFRS 9 Financial Instruments (IFRS 9 Financial Instruments as

issued by IASB in July 2014) 1 January 2018

34

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

2.2 Standards, Amendments and Interpretations Issued But Not Yet Effective (contd.)

The Fund will adopt the above pronouncements when they become effective in the respective financial period. These pronouncements are not expected to have any significant impact to the financial statements of the Fund upon their initial application, other than MFRS 9.

MFRS 9 replaces MFRS 139 on the following requirements: classification and measurement of financial assets and financial liabilities as defined in MFRS 139, impairment methodology and hedge accounting. The Fund is in the process of making an assessment of the impact of this Standard.

2.3 Summary of Significant Accounting Policies

(a) Financial assets

Financial assets are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instrument.

When financial assets are recognized initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs.

The Fund determines the classification of its financial assets at initial recognition, and the categories include financial assets at fair value through profit or loss and receivables.

(i) Financial assets at FVTPL

Financial assets are classified as financial assets at FVTPL if they are held for trading or are designated as such upon initial recognition. Financial assets held for trading include Shariah-compliant equity securities, sukuk and Shariah-compliant collective investment schemes acquired principally for the purpose of selling in the near term.

Subsequent to initial recognition, financial assets at FVTPL are measured at fair value. Changes in the fair value of those financial instruments are recorded in ‘Net gain or loss on financial assets at fair value through profit or loss’. Profit earned and dividend revenue elements of such instruments are recorded separately in ‘Profit income’ and ‘Gross dividend income’, respectively. Exchange differences on financial assets at FVTPL are not recognised separately in profit or loss but are included in net gains or net losses on changes in fair value of financial assets at FVTPL.

35

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) 2.3 Summary of Significant Accounting Policies

(a) Financial assets (contd.)

(ii) Receivables

Financial assets with fixed or determinable payments that are not quoted in an active market are classified as receivables. The Fund includes short term receivables in this classification

Subsequent to initial recognition, receivables are measured at amortised cost using the effective profit or yield method. Gains and losses are recognised in profit or loss when the receivables are derecognised or impaired, and through the amortisation process.

(b) Impairment of financial assets

The Fund assesses at each reporting date whether there is any objective evidence that a financial asset classified as receivables is impaired. To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Fund considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments.

If such evidence exists, the amount of impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective profit or yield rate. The impairment loss is recognised in profit or loss.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. If in a subsequent period, the amount of the impaired loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost balance at the reversal date. The amount of reversal is recognised in profit or loss.

(c) Financial Liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability.

Financial liabilities, within the scope of MFRS 139, are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instrument. Financial liabilities are classified as other financial liabilities.

36


2.3 Summary of Significant Accounting Policies (Contd.)

(c) Financial Liabilities (contd.)

The Fund’s financial liabilities which include trade and other payables are recognised initially at fair value plus directly attributable transaction costs and subsequently measured at amortised cost using the effective profit method.

A financial liability is derecognised when the obligation under the liability is extinguished. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process.

(d) Cash and Cash Equivalents Cash and cash equivalents comprise cash at bank and Islamic deposits with financial institutions which have an insignificant risk of changes in value.

(e) Revenue Recognition

Income is recognised to the extent that it is probable that the economic benefits will flow to the Fund and the income can be relatively measured. Income is measured at the fair value of the consideration received or receivable. Dividend income is recognised on the ex-dividend date. Profit income from Islamic deposits and sukuk is recognised on an accrual basis using effective profit or effective yield method.

Realised gain and loss on disposal of financial instruments classified as part of “at FVTPL” are calculated using the weighted average method. They represent the difference between an instrument’s carrying amount based on the weighted average method and disposal amount of the investment.

(f) Income Tax Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.

Current taxes are recognised in profit or loss except to the extent that the tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity.

No deferred tax is recognised as there are no material temporary differences.

(g) Unitholders’ Capital The unitholders’ capital of the Fund meet the definition of puttable instruments classified as equity instruments under the revised MFRS 132. Distributions to unitholders are recorded in equity when declared.

37



(h) Cash Flow Statement

The Fund adopts the direct method in the preparation of cash flow statement. Cash and cash equivalents include cash and bank balances and highly liquid Shariah-compliant investments (excludes Shariah-compliant equity investments) with maturities of three months or less from the date of acquisition and are readily convertible to cash with insignificant risk of changes in value.

(i) Functional and Presentation Currency

The financial statements of the Fund are measured using the currency of the primary economic environment in which it operates (“the functional currency”). The financial statements are presented in Ringgit Malaysia (“RM”), which is also the Fund’s functional currency.

(j) Significant Accounting Estimates And Judgements

The preparation of financial statements in accordance with MFRSs requires the use of certain accounting estimates and exercise of judgements. Estimates and judgements are continually evaluated and are based on past experience, reasonable expectations of future events and other factors.

When the fair value of financial assets recorded in the Statement of financial position cannot be derived from active markets, they are determined using a variety of valuation techniques that include the use of mathematical models. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. The judgements include considerations of liquidity and model inputs such as credit risk (both own and counterparty’s), correlation and volatility. Changes in assumption about these factors could affect the reported fair value of financial instruments. The models are calibrated regularly and tested for validity using prices from any observable current market transactions in the same instrument (without modification or repackaging) or based on any available observable market data.

3. SHARIAH – COMPLIANT INVESTMENTS

30 June 30 June 2015 2014

RM RM Financial Assets at FVTPL (Note 4) : Shariah-compliant investment 8,208,125 14,198,968

38

4. FINANCIAL ASSETS AT FVTPL

30 June 30 June 2015 2014 RM RM

Financial assets held for trading: Quoted Shariah-compliant securities 8,208,125 11,752,096 Unquoted sukuk - 2,446,872

8,208,125 14,198,968

Net gain on financial assets at FVTPL comprised: Realised gain on disposals 850,074 358,884 Unrealised changes in fair values (488,363) 739,802

361,711 1,098,686

Financial assets held for trading as at 30 June 2015 are as detailed below:

QUOTED SHARIAH-COMPLIANT SECURITIES

Name of Counter Quantity

Market Price Cost

Fair Value

% of NAV

Units RM RM RM % Shariah-compliant shares quoted

in Malaysia

Main Market

Construction Gamuda Berhad 250,000 4.67 1,304,300 1,167,500 5.58 IJM Corporation Berhad 180,000 6.52 1,194,051 1,173,600 5.61 Muhibbah Engineering (M) Bhd 181,000 2.27 458,202 410,870 1.96 WCT Holdings Berhad 352,389 1.42 838,411 500,392 2.40

3,794,964 3,252,362 15.55 Properties Eastern & Oriental Berhad 462,600 1.70 893,217 786,420 3.76 Technologies JCY International Berhad 1,164,600 0.71 847,475 821,043 3.93 SMRT Holdings Berhad 750,000 0.33 324,811 247,500 1.18 1,172,286 1,068,543 5.11

Trading and services Brahims Holdings Berhad 275,000 0.91 377,643 250,250 1.20 Cypark Resources Berhad 519,000 1.69 1,012,503 877,110 4.19 Malakoff Corporation Berhad 613,600 1.75 1,085,088 1,073,800 5.14

Scicom (MSC) Berhad 441,000 2.04 543,116 899,640 4.30 3,018,350 3,100,800 14.83

TOTAL QUOTED SHARIAH-COMPLIANT SECURITIES 8,878,817 8,208,125 39.25

39

5. ISLAMIC DEPOSITS WITH FINANCIAL INSTITUTIONS

Short-term Islamic deposits represent deposits with Bank Islam Malaysia Berhad, Hong Leong Islamic Bank Berhad, Kenanga Investment Bank Berhad and MIDF Amanah Investment Bank Berhad. The effective average rate of return as at 30 June 2015 is 3.22% (2.97% at 30 June 2014) per annum. The average maturity of these Islamic deposits as at 30 June 2015 is 1 (1 at 30 June 2014) day.

6. OTHER RECEIVABLES

30 June 30 June 2015 2014 RM RM Income receivable from Islamic money market 1,103 13,114 Dividends receivable 68,575 41,394 Tax recoverable 178,326 178,326

248,004 232,834

7. SHARIAH INFORMATION OF THE FUND The Shariah Adviser confirmed that the investments portfolio of the Fund is Shariah-compliant, which comprises:

(a) Equity securities listed in Bursa Malaysia which have been classified as Shariah-compliant by the Shariah Advisory Council of the Securities Commission; and

(b) Liquid assets in local market, which are placed in Shariah-compliant investments and/or instruments.

8. OTHER PAYABLES AND ACCRUALS

30 June 30 June 2015 2014 RM RM

Amount due to stockbrokers 99,826 - Amount due to Manager - cancellation of units - 4,805 Accruals:

Manager’s fee 27,836 26,859 Trustee’s fee 1,114 1,074 Auditors’ remuneration 4,300 5,600 Tax agent’s fee 8,000 6,600

141,076 44,938

40

9. TOTAL EQUITY

30 June 30 June Note 2015 2014 RM RM

Unitholders’ capital (a) 12,113,135 13,210,243

Retained earnings - Unrealised (deficits)/reserves (b) (670,692) 1,194,545 - Realised reserves (c) 9,467,320 7,446,206 Total equity 20,909,763 21,850,994

(a) Unitholders’ Capital

30 June 30 June 30 June 30 June 2015 2015 2014 2014 Units RM Units RM

At beginning of the period 76,459,113 12,788,846 79,393,703 13,604,445 Creation of units 10,391 2,968 165,971 45,693 Cancellation of units (2,367,183) (678,679) (1,606,806) (439,895) At end of the period 74,102,321 12,113,135 77,952,868 13,210,243

In accordance with Part 6 Division 6.1 of the Supplemental Master Deed and Securities Commission’s approval letter dated 7 February 1996, the maximum number of units that can be issued out for circulation is 250,000,000 (250,000,000 at 30 June 2014). As at 30 June 2015, the number of units not yet issued is 175,897,679 (172,047,132 at 30 June 2014).

(b) Unrealised (Deficits)/Reserve

30 June 30 June 2015 2014 RM RM

At beginning of the period 693,493 1,292,637 Unrealised gain attributable to Shariah-compliant

investments sold transferred to Realised Reserves

(875,822)

(837,894) Net unrealised (loss)/gain attributable to Shariah-

compliant investments held transferred from profit or loss

(488,363)

739,802 At end of the period (670,692) 1,194,545

41

9. TOTAL EQUITY (CONTD.)

(c) Realised Reserves

30 June 30 June 2015 2014 RM RM

At beginning of the period 7,612,014 6,162,584

Unrealised gain attributable to Shariah-compliant investments sold transferred from Unrealised Reserves 875,822

837,894 Net movement in realised gain for the period 8,487,836 7,000,478 Net income after tax 491,121 1,185,530 Net unrealised loss/(gain) transferred to Unrealised

Reserves 488,363

(739,802) At end of the period 9,467,320 7,446,206

10. NAV PER UNIT

The net assets value per unit is calculated by dividing the net assets of RM20,909,763 as at 30 June 2015 (RM21,850,994 at 30 June 2014) by 74,102,321 units in issue as at 30 June 2015 (77,952,868 units at 30 June 2014).

11. MANAGER’S FEE

Part 13 Division 13.1 and The Seventh Schedule of the Supplemental Master Deed provides that the Manager is entitled to a management fee computed daily on the net asset value of the Fund at a rate not exceeding 1.50% per annum. The management fee provided for in the financial statements amount to 1.50% (1.50% in 2014) per annum for the period.

12. TRUSTEE’S FEE

Part 13 Division 13.2 and The Eighth Schedule of the Supplemental Master Deed provides that the Trustee is entitled to a fee not exceeding 0.10% of the net asset value of the Fund. The Trustee’s fee for the period is 0.06% (0.06% in 2014) per annum of the net asset value of the Fund calculated on a daily basis.

13. INCOME TAX EXPENSES

Income tax is calculated at the Malaysian statutory tax rate of 25% (25% in 2014) of the estimated assessable income for the financial period. The tax charge for the financial period is in relation to the gross dividend income earned after deducting tax allowable expenses. In accordance with Schedule 6 of the Income Tax Act 1967, profit earned by the Fund from money market instruments is exempted from tax. Gain arising from realisation of investments are not treated as income pursuant to paragraph 61(1)(b) of the Income Tax Act, 1967.

42

13. INCOME TAX EXPENSES (CONTD.)

A reconciliation of income tax expense applicable to net income before tax at the statutory income tax rate to income tax expense at the effective income tax rate of the Fund is as follows:

2015 2014 RM RM

Net income before tax 491,121 1,185,530

Tax at Malaysia statutory rate of 25% (25% in 2014) 122,780 296,383 Tax effect of:

Income not subject to tax (303,103) (345,121) Losses not allowed for tax purposes 122,091 - Permitted expenses not used not available for future years 4,735 - Expenses not deductible for tax purposes 53,497 48,738

Tax expense for the period - -

14. MANAGEMENT EXPENSE RATIO & PORTFOLIO TURNOVER RATIO

Management Expense Ratio (“MER”) Management expense ratio for the Fund is 1.08% (0.91% in 2014) for the period ended 30 June 2015. The MER for the current period has increase compared to the previous period due to a higher percentage increase in the expenses compared to the percentage increase in the average net asset value.

The management expense ratio includes manager’s fee, trustee’s fee, auditors’ remuneration, tax agent’s fee and other expenses which are calculated as follows:

MER = (A + B + C + D + E) ÷ F x 100

A = Manager’s fee D = Tax agent’s fee B = Trustee’s fee E = Other expenses C = Auditors’ remuneration F = Average net asset value of fund

The average net asset value of the Fund for the period is RM21,578,376 (RM21,500,972 in 2014).

Portfolio Turnover Ratio (“PTR”) The portfolio turnover ratio for the Fund is 0.34 times (0.23 times in 2014) for the period ended 30 June 2015. The PTR for the current period has increase compared to the previous period due to a higher percentage increase in average transactional value compared to the percentage increase in the average net asset value.

The portfolio turnover is derived from the following calculation:

(Total acquisition for the period + total disposal for the period) ÷ 2 Average value of the Fund for the period calculated on a daily basis

Where: total acquisition for the period = RM 7,662,222 (RM4,226,711 in 2014) total disposal for the period = RM 6,796,044 (RM5,497,962 in 2014)

43

15. UNITS HELD BY THE MANAGER AND RELATED PARTIES

The manager and related parties do not held any units as at reporting date.

16. TRANSACTIONS WITH RELATED PARTIES AND OTHER STOCKBROKING COMPANIES/ INVESTMENT BANKS

Details of transactions with related parties and other stockbroking companies/investment bank for the financial period ended 30 June 2015 are as follows:

Brokers/Dealers Value of

Trades

% of Total

Trades Brokerage

Fees

% of Total Brokerage

Fees RM % RM % Hong Leong Islamic Bank Berhad 3,860,000 15.81 - - Maybank Investment Bank Berhad 3,858,069 15.80 14,385 26.77 Bank Islam Berhad 3,845,000 15.75 - - RHB Investment Bank Berhad 3,091,425 12.66 11,926 22.19 Public Investment Bank Berhad 2,754,930 11.28 10,175 18.93 Kenanga Investment Bank Berhad 1,707,883 6.99 1,478 2.75 CIMB Investment Bank Berhad 1,519,234 6.22 5,221 9.72 Affin Hwang Investment Bank Berhad 1,145,349 4.69 4,704 8.75 MIDF Amanah Investment Bank

Berhad 1,015,000 4.16 - - UBS Securities Malaysia Sdn Berhad 851,334 3.49 3,101 5.77 Other 768,711 3.15 2,748 5.12 24,416,935 100.00 53,738 100.00 The above transaction values were in respect of listed Shariah-compliant securities and Islamic money market deposits. The dealings with the above companies have been transacted at arm’s length based on the normal terms in the stockbroking industry. None of the parties mentioned above is related to the Manager.

17. SEGMENTAL REPORTING

For management purpose, the Fund is managed by two segments – quoted Shariah-compliant securities and unquoted sukuk.

The following table provides an analysis of the revenue, results and assets by its reportable segments:-

44

17. SEGMENTAL REPORTING (CONTD.)

2015

Quoted Shariah-

compliant securities

Unquoted sukuk Total

RM RM RM Revenue Segment income representing segment results 474,404 - 474,404 Unallocated income 218,671 Unallocated expenditure (201,954) Net income before taxation 491,121 Income tax expenses - Net income after taxation 491,121 Assets Segment assets – Shariah-compliant investments 8,208,125 - 8,208,125 Other allocated assets 68,575 - 68,575 8,276,700 - 8,276,700 Other unallocated assets 12,774,139 21,050,839 Liabilities Segment liabilities 99,826 - 99,826 Unallocated liabilities 41,250

141,076

2014

Revenue Segment income representing segment results 1,222,055 41,170 1,263,225 Unallocated income 100,385 Unallocated expenditure (178,080) Net income before taxation 1,185,530 Income tax expenses - Net income after taxation 1,185,530 Assets Segment assets – Shariah-compliant investments 11,752,096 2,446,872 14,198,968 Other allocated assets 41,394 12,514 53,908 11,793,490 2,459,386 14,252,876 Other unallocated assets 7,643,056

21,895,932 Liabilities Segment liabilities - - - Unallocated liabilities 44,938 44,938

45

18. RISK AND CAPITAL MANAGEMENT POLICIES AND PROCESSES

FINANCIAL RISK AND CAPITAL MANAGEMENT OBJECTIVES AND POLICIES The Fund’s objective in managing risk is the creation and protection of Unitholders’ value. In order to meet this objective, the Fund utilised risk management for both defensive and proactive purposes. As investments are only in Shariah-compliant instruments, the key risks faced by the Fund are market risk, interest rate risk, credit risk, liquidity risk and reclassification of Shariah status risk.

(i) Market risk

This is a class of risk that inherently exists in an economy and cannot be avoided by any business or company. It is usually due to changes in the economic outlook and affects broad market confidence. Market risk is managed through portfolio diversification and asset allocation whereby the Shariah-compliant securities exposure is monitored/reduced in the event of anticipated market weakness.

Equity price risk sensitivity

Based on the portfolio of the Fund at the end of the reporting year, the Manager’s best estimate of the effect on the net income and equity for the period due to a possible change in equity indices, with all other variables held constant is indicated in the table below.

Market index Changes in

equity price

Effects on profit/(loss) for

the period Effects on

equity % RM RM 2015 FTSE Bursa Malaysia KLCI +5 410,406 410,406

2014 FTSE Bursa Malaysia KLCI +5 587,605 587,605

An equivalent decrease in the market index shown above would have resulted in an equivalent, but opposite, impact.

In practice, the actual trading results may differ from the sensitivity analysis above and the difference could be material.

(ii) Interest rate risk

Interest rate risks are uncertainties resulting from the effects of fluctuations in the prevailing level of market interest rates on the Fund’s investments and financial position.

Movements in interest rate will affect the valuation of unquoted sukuk. The Fund seeks to manage this risk by constructing a sukuk portfolio in accordance to the interest rate strategies developed after thorough evaluation of macroeconomic variables. Profit rate on Islamic deposits are determined based on prevailing market rates. The Fund seeks to obtain rates that are competitive.

46

18. RISK AND CAPITAL MANAGEMENT POLICIES AND PROCESSES (CONTD.)

(ii) Interest rate risk (Contd.)

The above interest rate is a general economic indicator that will have an impact on the management of the Fund regardless whether it is a Shariah-compliant unit trust fund or otherwise. It does not in any way suggest that the Fund will invest in conventional financial instruments. All the investments carried out for the Fund are in accordance with Shariah requirements.

Interest rate risk sensitivity

The following table demonstrates the sensitivity of the Fund’s net income and equity for the period to a possible change in interest rates, with all other variables held constant. The sensitivity is the effect of the assumed changes in interest rates on:

- The net profit income for 6 months, based on the floating rate financial assets held at the end of the reporting period; and

- Changes in fair value of Shariah-compliant investments for the period based on

revaluing fixed rate financial assets at the end of the reporting period.

Changes in basis points*

Sensitivity of profit income

Sensitivity of changes in fair

value of investments

Net combined sensitivity

Changes to net income and

equity RM RM RM

2015 +25/-25 15,625/(15,625) Nil 15,625/(15,625) 2014 +25/-25 9,206/(9,206) (4,672)/4,672 4,534/(4,534)

* The assumed movement in basis points for interest rate sensitivity analysis is based on the currently observable market environment.

Interest rate risk exposure

The following table analyses the Fund’s interest rate risk exposure. The Fund’s assets and liabilities are included at their carrying amounts and categorised by the earlier of contractual re-pricing or maturity dates.

Up to

1 month 1 - 3

months 3 - 12

months 1 - 5

years Over

5 years

Non-exposure

to interest rate

movement Total RM RM RM RM RM RM RM

2015 Assets Cash at bank - - - - - 94,710 94,710 Islamic deposits with

financial institutions 12,500,000 - - - - - 12,500,000

Unquoted sukuk - - - - - - - Other assets - - - - - 8,456,129 8,456,129 Total assets 12,500,000 - - - - 8,550,839 21,050,839

47


(ii)Interest rate risk (Contd.)

Up to 1 month

1 - 3 months

3 - 12 months

1 - 5 years

Over 5 years

Non-exposure

to interest rate

movement Total RM RM RM RM RM RM RM

2015 Liabilities Other payables and

accruals - - - - - 141,076 141,076 Total liability - - - - - 141,076 141,076 Net interest rate

sensitivity gap 12,500,000 - - - -

2014 Assets Cash at bank - - - - - 99,130 99,130 Islamic deposits with

financial institutions 7,365,000 - - - - - 7,365,000 Unquoted sukuk - - - 2,446,872 - - 2,446,872 Other assets - - - - - 11,984,930 11,984,930 Total assets 7,365,000 - - 2,446,872 - 12,084,060 21,895,932 Liabilities Other payables and


sensitivity gap 7,365,000 - - 2,446,872 -

(iii) Credit risk

Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Fund. The risk applies mainly to unquoted sukuk. The Fund expects to reduce credit risks substantially by conducting thorough credit analysis before investment and by diversifying the portfolio.

For Islamic deposits in financial institutions, the Fund minimises credit risk by adopting an investment policy which allows dealing with counterparties with good credit rating only. Receivables are monitored to ensure that exposure to bad debts is minimised.

At the reporting date, the Fund has neither past due nor impaired receivables. The maximum exposure to credit risk is projected by the carrying amount of each class of financial assets in the statement of financial position.

Concentration of risk is monitored and managed based on sectorial distribution (include both credit and equity risks) as set out below:

48

18. RISK AND CAPITAL MANAGEMENT POLICIES AND PROCESSES (CONTD.) (iii ) Credit risk (Contd.)

��---------------- 2015 ----------------�� ------------------ 2014 ---------------��

Short-term Islamic

deposits

Unquoted sukuk

Quoted Shariah-


Short-term

Islamic deposits

Unquoted sukuk

Quoted Shariah-


RM RM RM RM RM RM

(Credit risk) (Credit

risk) (Equity

risk) (Credit

risk) (Credit

risk) (Equity

risk)

Construction - - 3,252,362 - - 2,505,500 Consumer product - - - - - 562,380 Finance, takaful and

business services 12,500,000 - - 7,365,000 - - Infrastructure project co. - - - - - 1,604,064 Plantation - - - - 2,446,872 234,900 Properties - - 786,420 - - - Technologies - - 1,068,543 - - - Trading and services - - 3,100,800 - - 6,845,252

12,500,000 - 8,208,125 7,365,000 2,446,872 11,752,096

Credit quality of financial assets

The following table analyses the Fund’s portfolio of sukuk by rating category:

As at 30 June 2015 As at 30 June 2014 Credit

rating

As a % of sukuk

As a % of NAV

As a % of sukuk

As a % of NAV

AA2/AA - - 100.00 11.20

(iv) Liquidity risk

In a weak and thinly traded market where the transactions volume is low, the investments in the Fund may not be liquidated in the desired amounts without causing the market price of the Shariah-compliant securities to fall sharply. The Fund Manager aims to reduce liquidity risk by investing mainly in Shariah-compliant securities with relatively large market capitalisation, and are fairly liquid.

The following table summarises the Fund’s remaining contractual maturity for its financial liabilities:

49


(iv) Liquidity risk (contd.)

Up to 1 month

1 - 3 months

3 - 12 months

1 - 5 years

Over 5 years Total

RM RM RM RM RM RM

2015 Financial liabilities Other payables and accruals 128,776 12,300 - - - 141,076 Total liabilities 128,776 12,300 - - - 141,076 2014 Financial liabilities Other payables and accruals 32,738 12,200 - - - 44,938 Total liabilities 32,738 12,200 - - - 44,938

(v) Reclassification of Shariah status risk

The risk that the currently held Shariah-compliant securities in the portfolio of Shariah-compliant Funds may be reclassified to be Shariah non-compliant upon review of the securities by the Shariah Advisory Council of the Securities Commission performed twice yearly. If this occurs, the Manager will take the necessary steps to dispose of such securities.

19. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Fund uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2: Inputs other than quoted prices included within Level 1 that are observable

for the asset or liability either directly or indirectly Level 3: Inputs for the asset or liability that are not based on observable market data

As at 30 June 2015, the Fund held the following financial instruments carried at fair value on the Statement of Financial Position.

Note Level 1 Level 2 Level 3 Total RM RM RM RM

2015 Financial assets at FVTPL: 4

- Quoted Shariah-compliant securities

8,208,125

-

- 8,208,125

50

19. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTD.) Note Level 1 Level 2 Level 3 Total RM RM RM RM

2014 Financial asset at

FVTPL: 4

- Quoted Shariah-compliant securities

11,752,096

-

- 11,752,096

- Unquoted sukuk - 2,446,872 - 2,446,872 11,752,096 2,446,872 - 14,198,968

For Islamic deposits and placements with financial institutions with maturities of less than twelve months, the carrying value is a reasonable estimate of fair value. The carrying amounts of the financial assets (other than the investments) and financial liabilities as at reporting date approximate their fair values because of the short term to maturity of these instruments.

20. INTERIM ACCOUNT The interim accounts for the six months ended 30 June 2015 are unaudited.

51

Libra SyariahEXTRA Fund STATEMENT BY MANAGER To the Unitholders of Libra SyariahEXTRA Fund (“the Fund”)

We, Mohd Fadzil Bin Mohamed and Datuk Kamarudin Bin Md Ali, being two of the Directors of the Manager, Libra Invest Berhad, do hereby state that in the opinion of the Manager, the unaudited financial statements set out on pages 28 to 50 are drawn up in accordance with the provisions of the Deed and give a true and fair view of the unaudited statement of financial position of the Fund as at 30 June 2015 and the unaudited statement of comprehensive income, the unaudited statement of changes in equity and the unaudited statement of cash flows of the Fund together with the notes thereto for the period ended on that date in accordance with the Malaysian Financial Reporting Standards, International Financial Reporting Standards and the Securities Commission’s Guidelines on Unit Trust Funds in Malaysia.

For and on behalf of the Manager LIBRA INVEST BERHAD

MOHD FADZIL BIN MOHAMED DATUK KAMARUDIN BIN MD ALI CHIEF EXECUTIVE OFFICER/

EXECUTIVE DIRECTOR INDEPENDENT NON EXECUTIVE

DIRECTOR 12 August 2015

52

Libra Amanah Saham Wanita UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2015

30 June 30 June Note 2015 2014 RM RM ASSETS Shariah-compliant investments 3 40,317,380 43,359,099 Islamic deposits with financial institutions 5 23,630,000 23,450,000 Other receivables 6 272,829 255,597 Cash at bank 93,181 96,072 TOTAL ASSETS 64,313,390 67,160,768 LIABILITIES Other payables and accruals 8 1,295,173 927,561 TOTAL LIABILITIES 1,295,173 927,561 EQUITY Unitholders’ capital 10,075,534 12,166,859 Retained earnings 52,942,683 54,066,348 TOTAL EQUITY 9 63,018,217 66,233,207 TOTAL EQUITY AND LIABILITIES 64,313,390 67,160,768 NET ASSET VALUE 63,018,217 66,233,207 UNITS IN CIRCULATION 9(a) 95,209,232 98,303,494 Net Asset Value (“NAV”) Per Unit 10 0.6619 0.6738


53

Libra Amanah Saham Wanita UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE 6-MONTH FINANCIAL PERIOD ENDED 30 JUNE 2015

Note 6 mths to 6 mths to 30 June 2015 30 June 2014 RM RM INVESTMENT INCOME Gross dividend income 632,056 612,463 Income from Islamic money market 395,086 273,452 Net gain from Shariah-compliant investments


4,805,900

1,790,862 5,691,815 EXPENSES Manager’s fee 11 485,463 485,038 Trustee’s fee 12 32,364 32,336 Auditors’ remuneration 9,790 9,900 Tax agent’s fee 4,000 3,300 Other expenses 244,859 88,034 776,476 618,608 Net income before tax 1,014,386 5,073,207 Income tax expenses 13 - - Net income after tax 1,014,386 5,073,207 Other comprehensive income - - Total comprehensive income for the period 1,014,386 5,073,207 Net income after tax is made up of the following: Net realised income 2,360,747 1,720,746 Net unrealised (loss)/gain (1,346,361) 3,352,461 1,014,386 5,073,207


54

Libra Amanah Saham Wanita UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE 6-MONTH FINANCIAL PERIOD ENDED 30 JUNE 2015

Unitholders’ Retained Total equity capital earnings Note 9(a) Notes 9(b) and (c) RM RM RM As at 1 January 2014 11,694,909 48,993,141 60,688,050 Total comprehensive income for the period - 5,073,207 5,073,207 Creation of units 3,465,878 - 3,465,878 Cancellation of units (2,993,928) - (2,993,928) As at 30 June 2014 12,166,859 54,066,348 66,233,207 As at 1 January 2015 11,976,463 51,928,297 63,904,760 Total comprehensive income for the period - 1,014,386 1,014,386 Creation of units 6,649 - 6,649 Cancellation of units (1,907,578) - (1,907,578) As at 30 June 2015 10,075,534 52,942,683 63,018,217


55

Libra Amanah Saham Wanita UNAUDITED STATEMENT OF CASH FLOWS FOR THE 6-MONTH FINANCIAL PERIOD ENDED 30 JUNE 2015


Proceeds from sale of Shariah-compliant investments 28,335,874 28,133,909 Dividends received 489,641 595,856 Income received from Islamic money market 395,605 272,893 Purchase of Shariah-compliant investment (32,539,040) (22,819,905) Manager’s fee paid (482,472) (481,403) Trustee’s fee paid (32,165) (32,094) Payment for other fees and expenses (257,459) (97,334) Income tax refunded - 42,358

Net cash (used in)/generated from operating and investing activities (4,090,016)

5,614,280

Cash flows from financing activities

Cash received from units created 3,782 3,465,878 Cash paid on units cancelled (1,908,939) (2,997,293)

Net cash (used in)/generated from financing activities (1,905,157) 468,585 Net (decrease)/increase in cash and cash equivalents (5,995,173) 6,082,865 Cash and cash equivalents at the beginning of the period 29,718,354 17,463,207 Cash and cash equivalents at the end of the period 23,723,181 23,546,072 Cash and cash equivalents comprise:

Cash at bank 23,630,000 96,072 Islamic deposits with financial institutions 93,181 23,450,000

23,723,181 23,546,072

The accompanying notes form an integral part of the financial statements

56

Libra Amanah Saham Wanita NOTES TO THE FINANCIAL STATEMENTS – 30 JUNE 2015 1. GENERAL INFORMATION

Libra Amanah Saham Wanita (“ASNITA” or “the Fund”) was established pursuant to a Deed dated 30 April 1998 between Metrowangsa Unit Trusts Berhad (“MUTB”), Maybank Trustees Berhad (“the trustee”) and the registered Unitholders of the Fund. On 2 May 2003, the Trustee exercised its powers to remove MUTB as the management company of the Fund by virtue of Clause 33.1(c) of the Deed. Simultaneously, the Trustee appointed Libra Invest Berhad (“LIB”) (“the Manager”) to replace MUTB as the management company of the Fund with the necessary approvals from the Securities Commission. On 4 March 2009, a Supplemental Master Deed was entered into between LIB and the Independent Trustee to merge the aforesaid Deeds to provide for certain modifications to bring them in line with changes to the relevant laws, and to merge them into a single document for ease of reference. The Fund will continue its operations until terminated in accordance with Part 12 of the Supplemental Master Deed. This is further supplemented by a Second Supplemental Master Deed dated 6 May 2011 to reflect the name change of the funds and the Manager.

The principal activity of the Fund is to invest in investments as defined under Part 1 of the Supplemental Master Deed, which includes Shariah-compliant securities quoted on Bursa Malaysia Securities Berhad (“Bursa Malaysia”) and Islamic money market instruments. The objective of ASNITA is to seek relatively good and safe capital growth over the long-term period by investing principally in an actively-managed, diversified portfolio of equities and equity-related securities. The investments selected will in all cases be in compliance with Shariah requirements and Fiqh Muamalat practices as set forth by the Shariah Advisory Council of the Securities Commission. The Shariah Adviser will advise on the permissibility of investment tools to be selected by the Manager as well as counsel on operational matters of the Fund to ensure that the investment tools selected and the operations of the Fund comply with Shariah requirements.






The financial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”) as issued by Malaysian Accounting Standards Board (“MASB”) and International Financial Reporting Standards (“IFRS”) issued by International Accounting Standards Board (“IASB”).

57



The accounting policies adopted are consistent with those of the previous financial year except for the adoption of the new and amended MFRS and IC Interpretations which became effective for the Fund on 1 January 2014. The adoption of the new and amended MFRS and IC Interpretations did not have any significant impact on the financial position or performance of the Fund.




Description








1 January 2016


1 January 2016


1 January 2016


1 January 2016



The Fund will adopt the above pronouncements when they become effective in the respective financial period. These pronouncements are not expected to have any significant impact to the financial statements of the Fund upon their initial application, other than MFRS 9.

58


2.2 Standards, Amendments and Interpretations Issued But Not Yet Effective (contd.)

MFRS 9 replaces MFRS 139 on the following requirements: classification and measurement of financial assets and financial liabilities as defined in MFRS 139, impairment methodology and hedge accounting. The Fund is in the process of making an assessment of the impact of this Standard.



Financial assets are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instrument.

When financial assets are recognized initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs.





(ii) Receivables

Financial assets with fixed or determinable payments that are not quoted in an active market are classified as receivables. The Fund includes short term receivables in this classification.


59


2.3 Summary of Significant Accounting Policies (contd.)

(b) Impairment of financial assets The Fund assesses at each reporting date whether there is any objective evidence that a financial asset classified as receivables is impaired.

To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Fund considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If such evidence exists, the amount of impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective profit or yield rate. The impairment loss is recognised in profit and loss

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable becomes uncollectible, it is written off against the allowance account.

If in a subsequent year, the amount of the impaired loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost balance at the reversal date. The amount of reversal is recognised in profit or loss.






(d) Cash and Cash Equivalents

Cash and cash equivalents comprise cash at bank and Islamic deposits with financial institutions which have an insignificant risk of changes in value.

60


2.3 Summary of Significant Accounting Policies (contd.)

(e) Revenue Recognition Income is recognised to the extent that it is probable that the economic benefits will flow to the Fund and the income can be relatively measured. Income is measured at the fair value of the consideration received or receivable. Dividend income is recognised on the ex-dividend date. Profit income from Islamic deposits and sukuk is recognised on an accrual basis using effective profit or effective yield method. Realised gain and loss on disposal of financial instruments classified as part of “at FVTPL” are calculated using the weighted average method. They represent the difference between an instrument’s carrying amount based on the weighted average method and disposal amount of the investment.

(f) Income Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.



(g) Unitholders’ Capital The unitholders’ capital of the Fund meet the definition of puttable instruments classified as equity instruments under the revised MFRS 132. Distributions to unitholders are recorded in equity when declared.





61


2.3 Summary of Significant Accounting Policies (contd.) (j) Significant Accounting Estimates And Judgements



3. SHARIAH - COMPLIANT INVESTMENTS

30 June 30 June 2015 2014 RM RM Financial Assets at FVTPL (Note 4) : Shariah-compliant investment 40,317,380 43,359,099


30 June 30 June 2015 2014 RM RM Financial assets held for trading:

Quoted Shariah-compliant securities 40,317,380 43,359,099 Net gain on financial assets at FVTPL comprised: Realised gain on disposals 2,110,081 1,453,439 Unrealised changes in fair values (1,346,361) 3,352,461

763,720 4,805,900

62

4. FINANCIAL ASSETS AT FVTPL (CONTD.)

Financial assets held for trading as at 30 June 2015 are as detailed below:

QUOTED SHARIAH-COMPLIANT SECURITIES

Name of Counter Quantity Market

Price

Cost Fair

Value % of NAV

Units RM RM RM % Shariah-compliant shares quoted

in Malaysia

Main Market Construction Gamuda Berhad 1,091,900 4.67 5,510,504 5,099,173 8.09 Muhibah Engineering (M) Bhd 2,574,900 2.27 6,434,220 5,845,023 9.28 WCT Holdings Bhd 1,131,250 1.42 2,778,088 1,606,375 2.55

14,722,812 12,550,571 19.92 Properties Eastern & Oriental Berhad 2,000,000 1.70 3,941,728 3,400,000 5.40 MCT Berhad 1,146,000 1.25 1,474,214 1,432,500 2.27 5,415,942 4,832,500 7.67 Technology SMRT Holdings Berhad 2,408,200 0.33 1,132,328 794,706 1.26 Trading and services Brahims Holdings Berhad 3,132,300 0.91 4,144,654 2,850,393 4.52 Cypark Resources Berhad 2,093,700 1.69 4,207,869 3,538,353 5.61 Malakoff Corporation Berhad 1,929,000 1.75 3,443,620 3,375,750 5.36 Scicom (MSC) Berhad 2,904,060 2.04 2,752,950 5,924,282 9.40

Trading and services SEG International Berhad 3,000,000 1.43 4,200,000 4,290,000 6.81 Uzma Berhad 919,500 2.35 2,148,465 2,160,825 3.43

20,897,558 22,139,603 35.13 TOTAL QUOTED SHARIAH-COMPLIANT

SECURITIES 42,168,640 40,317,380 63.98

5. ISLAMIC DEPOSIT WITH FINANCIAL INSTITUTIONS

Short-term Islamic deposits represent deposit with Kenanga Investment Bank Berhad and MIDF Amanah Investment Bank Berhad. The effective average rate of return as at 30 June 2015 is 3.23% (2.97% at 30 June 2014) per annum. The average maturity of these Islamic deposits as at 30 June 2015 is 1 (1 at 30 June 2014) day.

63


30 June 30 June 2015 2014 RM RM Amount due from stockbrokers - 158,796 Amount due from Manager – creation of units 2,867 - Dividends receivable 267,870 94,846 Profits receivable from short-term Islamic deposits 2,092 1,955

272,829 255,597

7. SHARIAH INFORMATION OF THE FUND

The Shariah Adviser confirmed that the investments portfolio of the Fund is Shariah-compliant, which comprises:

(a) Equity securities listed in Bursa Malaysia which have been classified as Shariah-compliant by the Shariah Advisory Council of the Securities Commission; and

(b) Liquid assets in local market, which are placed in Shariah-compliant investments and/or instruments.

8. OTHER PAYABLES AND ACCRUALS

30 June 30 June 2015 2014 RM RM

Amount due to stockbrokers 1,179,098 819,691 Amount due to Manager - cancellation of units 2,694 2,931 Tax payables 7,417 1,962 Accruals:


1,295,173 927,561

9. TOTAL EQUITY

30 June 30 June Note 2015 2014 RM RM Unitholders’ capital (a) 10,075,534 12,166,859 Retained earnings - Unrealised reserves /

(deficits) (b)

(1,851,260) 4,703,954 - Realised reserves (c) 54,793,943 49,362,394 Total equity 63,018,217 66,233,207

64




At beginning of the period 98,039,233 11,976,463 97,430,689 11,694,909

Creation of units 9,934 6,649 5,444,322 3,465,878 Cancellation of units (2,839,935) (1,907,578) (4,571,517) (2,993,928) At end of the period 95,209,232 10,075,534 98,303,494 12,166,859

In accordance with Part 6 Division 6.1 of the Supplemental Master Deed and Securities Commission’s approval letter dated 23 April 2002, the maximum number of units that can be issued out for circulation is 450,000,000 (450,000,000 at 30 June 2014). As at 30 June 2015, the number of units not yet issued is 354,790,768 (351,696,506 at 30 June 2014).

(b) Unrealised Reserve / (Deficits)

30 June 30 June 2015 2014 RM RM

At beginning of the period 2,515,117 3,803,151 Unrealised gain attributable to Shariah-compliant

investments sold transferred to Realised Reserves

(3,020,016)

(2,451,658) Net unrealised (loss)/gain attributable to Shariah-


(1,346,361)

3,352,461 At end of the period (1,851,260) 4,703,954


30 June 30 June 2015 2014 RM RM

At beginning of the period 49,413,180 45,189,990 Unrealised gain attributable to Shariah-compliant

investments sold transferred from Unrealised Reserves

3,020,016

2,451,658 Net movement in realised gain for the period 52,433,196 47,641,648 Net income after tax 1,014,386 5,073,207 Net unrealised loss/(gain) transferred to

Unrealised Reserves

1,346,361

(3,352,461) At end of the period 54,793,943 49,362,394

65

10. NAV PER UNIT The net asset value per unit is calculated by dividing the net assets of RM63,018,217 as at 30 June 2015 (RM66,233,207 at 30 June 2014) by 95,209,232 units in issue as at 30 June 2015 (98,303,494 units at 30 June 2014).

11. MANAGER’S FEE Part 13 Division 13.1 and The Seventh Schedule of the Supplemental Master Deed provided that the Manager is entitled to a management fee computed daily on the net asset value of the Fund at a rate not exceeding 2% per annum. The management fee provided for in the financial statements amount to 1.50% (1.50% in 2014) per annum for the period.

12. TRUSTEE’S FEE Part 13 Division 13.2 and The Eighth Schedule of the Supplemental Master Deed provided that the Trustee is entitled to a fee not exceeding 0.30% of the net asset value of the Fund. The Trustee’s fee calculated on a daily basis for the period is 0.10% (0.10% in 2014) per annum of the net asset value of the Fund, subject to a minimum of RM50,000 per annum unless a waiver is obtained from the Trustee.

13. INCOME TAX EXPENSES

Income tax is calculated at the Malaysian statutory tax rate of 25% (25% in 2014) of the estimated assessable income for the financial period.

The tax charge for the financial period is in relation to the gross dividend income earned after deducting tax allowable expenses. In accordance with Schedule 6 of the Income Tax Act 1967, income from money market instruments earned by the Fund is exempted from tax. Gains arising from realisation of investments are not treated as income pursuant to Paragraph 61 (1)(b) of the Income Tax Act 1967.

A reconciliation of income tax expense applicable to net income before tax at the applicable statutory rate to income tax expense at the effective income tax rate of the Fund is as follow:

2015 2014 RM RM

Net income before tax 1,014,386 5,073,207

Tax at Malaysia statutory rate of 25% (25% in 2014) 253,597 1,268,302 Tax effect of:

Income not subject to tax (784,306) (1,422,954) Losses not allowed for tax purposes 336,590 - Permitted expenses not used not available for future years 15,543 - Expenses not deductible for tax purposes 178,576 154,652


66

14. MANAGEMENT EXPENSE RATIO & PORTFOLIO TURNOVER RATIO

Management Expense Ratio (“MER”) Management expense ratio for the Fund is 1.19% (0.95% in 2014) for the period ended 30 June 2015. The MER for the current period has increased compared to the previous period due to a higher percentage increase in the expenses compared to the percentage increase in the average net asset value.

The management expense ratio includes manager’s fee, trustee’s fee, auditors’ remuneration, tax agent’s fee and other expenses (excluding allowance for doubtful debts) which are calculated as follows: MER = (A + B + C + D + E) ÷ F x 100



Portfolio Turnover Ratio (“PTR”) The portfolio turnover ratio for the Fund is 0.47 times (0.39 times in 2014) for the period ended 30 June 2015. The PTR for the current period has increased compared to the previous period due to a higher percentage increase in average transactional value compared to the percentage increase in the average net asset value. The portfolio turnover is derived from the following calculation: (Total acquisition for the period + total disposal for the period) ÷ 2 Average value of the Fund for the period calculated on a daily basis

Where: total acquisition for the period = RM33,447,706 (RM22,750,669 in 2014) total disposal for the period = RM27,727,169 (RM27,490,458 in 2014)

15. UNITS HELD BY THE MANAGER AND RELATED PARTIES

The Manager and related parties do not hold any units as at reporting date.

67

16. TRANSACTIONS WITH RELATED PARTIES AND OTHER STOCKBROKING COMPANIES/ INVESTMENT BANKS

Details of transactions with related parties and other stockbroking companies/investment bank for the financial period ended 30 June 2015 are as follows:


Trades

% of Total

Trades Brokerage

Fees

% of Total Brokerage

Fees RM % RM % Kenanga Investment Bank Bhd 29,570,534 22.98 477 0.25 MIDF Amanah Investment Bank Berhad 19,930,000 15.49 - - Maybank Investment Bank Berhad 13,162,865 10.23 35,348 18.88 Hong Leong Islamic Bank Berhad 12,541,000 9.74 - - UBS Securities Asia Ltd 10,667,850 8.29 - - RHB Islamic Bank 8,810,000 6.85 - - Public Investment Bank Berhad 8,329,593 6.47 28,162 15.04 RHB Investment Bank Berhad 7,214,216 5.60 26,035 13.91 CLSA Securities Malaysia Sdn Bhd 5,202,411 4.04 16,132 8.62 Affin Hwang Investment Bank Berhad 4,688,066 3.64 15,785 8.43 Other 8,583,224 6.67 65,277 34.87 128,699,759 100.00 187,216 100.00

The above transaction values were in respect of listed Shariah-compliant securities and Islamic money market deposits. The dealings with the above companies have been transacted at arm’s length based on the normal terms in the stockbroking industry. None of the parties mentioned above is related to the Manager.


For management purpose, the Fund is managed by two segments – quoted Shariah-compliant securities and unquoted sukuk.

The following table provides an analysis of the revenue, results and assets by its reportable segments.

2015

Quoted Shariah-



RM RM RM

Revenue Segment income representing segment

results 1,279,434 - 1,279,434 Unallocated income 395,086 Unallocated expenditure (660,134) Net income before taxation 1,014,386 Income tax expense - Net income after taxation 1,014,836

68

17. SEGMENTAL REPORTING (CONTD.)

2015

Quoted Shariah-



RM RM RM

Assets Segment assets – Shariah-compliant

Investments 40,317,380 - 40,317,380 267,870 - 267,870 40,585,250 - 40,585,250 Other unallocated assets 23,728,140 64,313,390 Liabilities Segment liabilities 1,179,098 1,179,098 Unallocated liabilities 116,075 1,295,173 2014 Revenue Segment loss representing segment results 5,333,873 - 5,333,873 Unallocated income 273,452 Unallocated expenditure (534,118) Net loss before taxation 5,073,207 Income tax expense - Net loss after taxation 5,073,207

Assets Segment assets – Shariah-compliant

Investments 43,359,099 - 43,359,099 Other allocated assets 253,642 - 253,642 43,612,741 - 43,612,741 Other unallocated assets 23,548,027 67,160,768 Liabilities Segment liabilities 819,691 - 819,691 Unallocated liabilities 107,870 927,561

69

18. RISK AND CAPITAL MANAGEMENT POLICIES AND PROCESSES

FINANCIAL RISK AND CAPITAL MANAGEMENT OBJECTIVES AND POLICIES

The Fund’s objective in managing risk is the creation and protection of Unitholders’ value. In order to meet this objective, the Fund utilised risk management for both defensive and proactive purposes. As investments are only in Shariah-compliant instruments, the key risks faced by the Fund are market risk, interest rate risk, credit risk, liquidity risk and reclassification of Shariah status risk. (i) Market risk


Equity price risk sensitivity

Based on the portfolio of the Fund at the end of the reporting period, the Manager’s best estimate of the effect on the net income and equity for the period due to a possible change in equity indices, with all other variables held constant is indicated in the table below.

Market index Changes in

equity price

Effects on profit /(loss)

for the period

Effects on equity

% RM RM 2015 FTSE Bursa Malaysia KLCI +5 2,015,869 2,015,869 2014 FTSE Bursa Malaysia KLCI +5 2,167,955 2,167,955

An equivalent decrease in the market index shown above would have resulted in an equivalent, but opposite, impact.

In practice, the actual trading results may differ from the sensitivity analysis above and the difference could be material.


Interest rate risks are uncertainties resulting from the effects of fluctuations in the prevailing level of market interest rates on the Fund’s investments and financial position.

Profit rate on Islamic deposits are determined based on prevailing market rates. The Fund seeks to obtain rates that are competitive.

The above interest rate is a general economic indicator that will have an impact on the management of the fund regardless whether it is a Shariah-compliant unit trust fund or otherwise. It does not in any way suggest that the Fund will invest in conventional financial instruments. All the investments carried out for the Fund are in accordance with Shariah requirements.

70


(ii ) Interest rate risk (contd.) Interest rate risk sensitivity

The following table demonstrates the sensitivity of the Fund’s net income and equity for the period to a possible change in interest rates, with all other variables held constant. The sensitivity is the effect of the assumed changes in interest rates on: - The net profit income for 6 months, based on the floating rate financial assets held at the

end of the reporting period; and - Changes in fair value of Shariah-compliant investments for the period based on

revaluing fixed rate financial assets at the end of the reporting period.

Changes in

basis points* Sensitivity of profit income

Sensitivity of changes in fair

value of investments


Changes to net income and

equity RM RM RM

2015 +25/-25 29,538/(29,538) Nil 29,538/(29,538) 2014 +25/-25 29,313/(29,313) Nil 29,313/(29,313)

* The assumed movement in basis points for interest rate sensitivity analysis is based on the currently observable market environment.

Interest rate risk exposure

The following table analyses the Fund’s interest rate risk exposure. The Fund’s assets and liabilities are included at their carrying amounts and categorised by the earlier of contractual re-pricing or maturity dates.

Up to

1 month 1 - 3

months 3 - 12

months 1 - 5

years Over

5 years

Non- exposure

to interest rate

movement Total RM RM RM RM RM RM RM 2015 Assets Cash at bank - - - - - 93,181 93,181 Islamic deposits with

financial institutions 23,630,000 - - - - - 23,630,000 Other assets - - - - - 40,590,209 40,590,209 Total assets 23,630,000 - - - - 40,683,390 64,313,390 Liabilities Other payables and

accruals - - - - - 1,295,173 1,295,173 Total liability - - - - - 1,295,173 1,295,173 Net interest rate


71


(ii ) Interest rate risk (contd.)

Up to

1 month 1 - 3

months 3 - 12

months 1 - 5

years Over

5 years

Non- exposure

to interest rate

movement Total RM RM RM RM RM RM RM 2014 Assets Cash at bank - - - - - 96,072 96,072 Islamic deposits with

financial institutions 23,450,000 - - - - - 23,450,000 Other assets - - - - - 43,614,696 43,614,696 Total assets 23,450,000 - - - - 43,710,768 67,160,768 Liabilities Other payables and



(iii) Credit risk




Concentration of risk is monitored and managed based on sectorial distribution (include both credit and equity risks) as set out below: ��------------ 2015 ------------�� ------------ 2014 ---------------��

Short-term Islamic

deposits

Quoted Shariah-


Short-term Islamic

deposits

Quoted Shariah-


RM RM RM RM (Credit risk) (Equity risk) (Credit risk) (Equity risk) Construction - 12,550,571 - 7,423,717 Consumer Product - - - 3,276,000 Finance, takaful & business

services 23,630,000 - 23,450,000 - Infrastructure Project Co. - - - 4,789,554 Plantation - - - 1,506,600 Properties - 4,832,500 - -

72


(iii.) Credit risk (contd.)

��------------ 2015 ------------�� ------------ 2014 ---------------��

Short-term Islamic

deposits

Quoted Shariah-


Short-term Islamic

deposits

Quoted Shariah-


RM RM RM RM (Credit risk) (Equity risk) (Credit risk) (Equity risk) Technology - 794,706 - - Trading & Services - 22,139,603 - 26,363,228 23,630,000 40,317,380 23,450,000 43,359,099

(iv) Liquidity risk



Up to

1 month 1 - 3

months 3 - 12

months 1 - 5

years Over

5 years Total RM RM RM RM RM RM 2015 Financial liabilities Other payables and

accruals 1,271,556 23,617 - - - 1,295,173 Total liabilities 1,271,556 23,617 - - - 1,295,173 2014 Financial liabilities Other payables and

accruals 909,399 18,162 - - - 927,561 Total liabilities 909,399 18,162 - - - 927,561

(v) Reclassification of Shariah status risk

The risk that the currently held Shariah-compliant securities in the portfolio of Shariah-compliant Funds may be reclassified to be Shariah non-compliant upon review of the securities by the Shariah Advisory Council of the Securities Commission performed twice yearly. If this occurs, the Manager will take the necessary steps to dispose of such securities.

73

19. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Fund uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2: Inputs other than quoted prices included within Level 1 that are observable for the

asset or liability either directly or indirectly Level 3: Inputs for the asset or liability that are not based on observable market data


Note Level 1 Level 2 Level 3 Total RM RM RM RM 2015 Financial assets at FVTPL: 4 - Quoted Shariah-compliant

securities

40,317,380 - - 40,307,380 2014 Financial asset at FVTPL: 4 - Quoted Shariah-compliant

securities

43,359,099 - - 43,359,099 For Islamic deposits and placements with financial institutions with maturities of less than twelve months, the carrying value is a reasonable estimate of fair value. The carrying amounts of the financial assets (other than the investments) and financial liabilities as at reporting date approximate their fair values because of the short term to maturity of these instruments.

20. INTERIM ACCOUNT

The interim accounts for the six months ended 30 June 2015 are unaudited.

74

Libra Amanah Saham Wanita STATEMENT BY MANAGER To the Unitholders of Libra Amanah Saham Wanita (“the Fund”) We, Mohd Fadzil Bin Mohamed and Datuk Kamarudin Bin Md Ali, being two of the Directors of the Manager, Libra Invest Berhad, do hereby state that in the opinion of the Manager, the unaudited financial statements set out on pages 52 to 73 are drawn up in accordance with the provisions of the Deed and give a true and fair view of the unaudited statement of financial position of the Fund as at 30 June 2015 and the unaudited statement of comprehensive income, the unaudited statement of changes in equity and the unaudited statement of cash flows of the Fund together with the notes thereto for the period ended on that date in accordance with the Malaysian Financial Reporting Standards, International Financial Reporting Standards and the Securities Commission’s Guidelines on Unit Trust Funds in Malaysia. For and on behalf of the Manager, LIBRA INVEST BERHAD




75

Libra ASnitaBOND Fund

UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2015

30 June 30 June Note 2015 2014 RM RM ASSETS Shariah-compliant investment 3 55,548,815 69,538,493 Islamic deposits with financial institution 5 35,020,000 12,555,000 Other receivables 6 1,268,848 913,902 Cash at bank 7,969 7,403 TOTAL ASSETS 91,845,632 83,014,798 LIABILITIES Other payable and accruals 8 321,732 81,777 TOTAL LIABILITIES 321,732 81,777 EQUITY Unitholders’ capital 87,753,659 80,257,580 Retained earnings 3,770,241 2,675,441 TOTAL EQUITY 9 91,523,900 82,933,021 TOTAL EQUITY AND LIABILITIES 91,845,632 83,014,798 NET ASSET VALUE 91,523,900 82,933,021 UNITS IN CIRCULATION 9(a) 154,913,738 142,252,718 Net Asset Value (“NAV”) Per Unit 10 0.5909 0.5830


76

Libra ASnitaBOND Fund UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE 6-MONTH FINANCIAL PERIOD ENDED 30 JUNE 2015

Note 6 mths to 6 mths to 30 June 2015 30 June 2014 RM RM INVESTMENT INCOME Income from Islamic money market 2,114,174 2,260,159 Net gain from Shariah-compliant investments


(392,682)

3,023,102 1,867,477 EXPENSES Manager’s fee 11 427,652 496,531 Trustee’s fee 12 29,936 34,757 Auditors’ remuneration 3,600 3,900 Tax agent’s fee 2,400 2,100 Other expenses 16,578 1,867 480,166 539,155 Net income before tax 2,542,936 1,328,322 Income tax expenses 13 - - Net income after tax 2,542,936 1,328,322 Other comprehensive income - Total comprehensive income for the period 2,542,936 1,328,322 Net income after tax is made up of the following: Net realised income 2,334,354 1,609,113 Net unrealised gain/(loss) 208,582 (280,791) 2,542,936 1,328,322 Net distribution amount 14 4,183,877 3,954,014 Gross distribution per unit (sen) 3.00 2.50 Net distribution per unit (sen) 3.00 2.50


77


UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE 6-MONTH FINANCIAL PERIOD ENDED 30 JUNE 2015

Unitholders’ Retained Total equity capital Earnings Note 9(a) Notes 9(b) and (c) RM RM RM As at 1 January 2014 111,150,410 5,301,133 116,451,543 Total comprehensive income for the period - 1,328,322 1,328,322 Creation of units 6,884,248 - 6,884,248 Cancellation of units (37,777,078) - (37,777,078) Distribution (Note 14) - (3,954,014) (3,954,014) As at 30 June 2014 80,257,580 2,675,441 82,933,021 As at 1 January 2015 79,997,161 5,411,182 85,408,343 Total comprehensive income for the period - 2,542,936 2,542,936 Creation of units 17,819,977 - 17,819,977 Cancellation of units (10,063,479) - (10,063,479) Distribution (Note 14) - (4,183,877) (4,183,877) As at 30 June 2015 87,753,659 3,770,241 91,523,900


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Libra ASnitaBOND Fund UNAUDITED STATEMENT OF CASH FLOWS FOR THE 6-MONTH FINANCIAL PERIOD ENDED 30 JUNE 2015


Proceeds from sale/maturity of Shariah-compliant investments 68,372,150 112,413,342

Income received from Islamic money market 2,458,431 2,230,327 Purchase of Shariah-compliant investments (49,408,605) (96,418,000) Manager’s fee paid (416,586) (526,333) Trustee’s fee paid (29,161) (36,843) Payment for other fees and expenses (20,478) (5,166)

Net cash generated from operating and investing activities 20,955,751 17,657,327 Cash flows from financing activities

Cash received from units created 20,862,745 6,877,322 Cash paid on units cancelled (9,834,827) (38,322,185) Distribution paid (4,183,877) (3,954,014)

Net cash generated/(used in) from financing activities 6,844,041 (35,398,877) Net increase/(decrease) in cash and cash equivalents 27,799,792 (17,741,550) Cash and cash equivalents at the beginning of the period 7,228,177 30,303,953 Cash and cash equivalents at the end of the period 35,027,969 12,562,403 Cash and cash equivalents comprise:

Cash at bank 7,969 7,403 Islamic deposits with financial institution 35,020,000 12,555,000

35,027,969 12,562,403


79

Libra ASnitaBOND Fund NOTES TO THE FINANCIAL STATEMENTS – 30 JUNE 2015 1. GENERAL INFORMATION

Libra ASnitaBOND Fund (“ASnitaBOND” or “the Fund”) was established pursuant to a Deed dated 3 March 2005 between Libra Invest Berhad (“LIB”) as the Manager, HSBC (Malaysia) Trustees Berhad as the Trustee and the registered unitholders of the Fund. On 4 March 2009, the Third Supplemental Master Deed was entered into between LIB and the Independent Trustee to merge the aforesaid Deeds to provide for certain modifications to bring them in line with changes to the relevant laws, and to merge several deeds under the Trustee into a single document for ease of reference. This is further supplemented by a Second Supplemental Master Deed dated 6 May 2011 to reflect the name change of the funds and the Manager. Effective 8 January 2014, HSBC (Malaysia) Trustee Berhad has retire as the Trustee of the Fund. Pursuant to Fifth Supplemental Master Deed dated 17 December 2013 CIMB Islamic Trustee Berhad resume the role as Trustee of the Fund with immediate effect.

The principal activity of the Fund is to invest in investments as defined under Part 1 of the Third Supplemental Master Deed, which includes investments in Islamic money market instruments and other sukuk. ASnitaBOND commenced operations on 18 March 2005 and will continue its operations until terminated in accordance with Part 12 of the Third Supplemental Master Deed. The objective of ASnitaBOND is to provide capital preservation with regular income over the short to medium term period by investing in Islamic money market instruments and sukuk.






The financial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”) as issued by Malaysian Accounting Standards Board (“MASB”) and International Financial Reporting Standards (“IFRS”) issued by International Accounting Standards Board (“IASB”). The accounting policies adopted are consistent with those of the previous financial year except for the adoption of the new and amended MFRS and IC Interpretations which became effective for the Fund on 1 January 2014. The adoption of the new and amended MFRS and IC Interpretations did not have any significant impact on the financial position or performance of the Fund.

80






Description








1 January 2016


1 January 2016


1 January 2016


1 January 2016





Financial assets are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instrument. When financial assets are recognized initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs.

81

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) 2.3 Summary of Significant Accounting Policies (contd.)

(a) Financial assets (contd.)





(ii) Receivables

Financial assets with fixed or determinable payments that are not quoted in an active market are classified as receivables.The Fund includes short term receivables in this classification.


(b) Impairment of financial assets

The Fund assesses at each reporting date whether there is any objective evidence that a financial asset classified as receivables is impaired.

82



(b) Impairment of financial assets (contd.)

To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Fund considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If such evidence exists, the amount of impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective profit or yield rate. The impairment loss is recognised in profit or loss. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account.

If in a subsequent year, the amount of the impaired loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost balance at the reversal date. The amount of reversal is recognised in profit or loss.






(d) Cash and Cash Equivalents

Cash and cash equivalents comprise cash at bank and Islamic deposits with financial institutions which have an insignificant risk of changes in value.

83



(e) Revenue Recognition Income is recognised to the extent that it is probable that the economic benefits will flow to the Fund and the income can be relatively measured. Income is measured at the fair value of the consideration received or receivable. Profit income from Islamic deposits and sukuk is recognised on an accrual basis using effective profit or effective yield method. Realised gain and loss on disposal of financial instruments classified as part of “at FVTPL” are calculated using the weighted average method. They represent the difference between an instrument’s carrying amount based on the weighted average method and disposal amount of the investment.

(f) Income Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.



(g) Unitholders’ Capital

The unitholders’ capital of the Fund meet the definition of puttable instruments classified as equity instruments under the revised MFRS 132. Distributions to unitholders are recorded in equity when declared.





84



(j) Significant Accounting Estimates And Judgements



3. SHARIAH - COMPLIANT INVESTMENTS

30 June 30 June 2015 2014 RM RM Financial Assets at FVTPL (Note 4) : Shariah-compliant investment 55,548,815 69,538,493


30 June 30 June 2015 2014 RM RM Financial Assets held for trading: Unquoted sukuk 55,548,815 69,538,493

Net gain/(loss) on financial assets at FVTPL comprised:

Realised gain/(loss) on disposals 700,346 (111,891) Unrealised changes in fair values 208,582 (280,791) 908,928 (392,682)

85

4. FINANCIAL ASSETS AT FVTPL (CONTD.) Financial assets held for trading as at 30 June 2015 are as detailed below:

UNQUOTED SUKUK

Issuer (rating) maturity/ profit (%)

Nominal Value

Valuation Price Cost

Market Price

% of NAV

RM RM RM RM % Sukuk Anih Bhd (AA) 2022/5.22 5,000,000 104.16 5,124,400 5,207,955 5.69 DRB-Hicom Bhd (A)

2019/7.50 16,000,000 101.30 16,150,700 16,208,608 17.70 Eversendai Corporation Bhd

(A2) 2018/4.70 8,000,000 95.85 8,004,900 7,667,720 8.38 Kesas Sdn Bhd (AA2)

2023/4.85 1,000,000 102.02 1,007,080 1,020,184 1.11 Malakoff Power Berhad

(AA-) 2029/6.05 9,000,000 105.96 9,354,600 9,536,292 10.42 Malaysia Airports Holdings

Bhd (AA2) 2024/5.75 7,000,000 105.28 7,037,200 7,369,383 8.05 Mudajaya Corporation Bhd

(AA3) 2019/4.80 8,600,000 99.29 8,600,000 8,538,673 9.34 TOTAL UNQUOTED SUKUK 55,278,880 55,548,815 60.69

The effective average rate for unquoted sukuk as at 30 June 2015 is 5.86% (5.08% at 30 June 2014) per annum.

5. ISLAMIC DEPOSITS WITH FINANCIAL INSTITUTION

Short-term Islamic deposits represent deposits with Kenanga Investment Bank Berhad and MIDF Amanah Investment Bank Berhad. The effective average rate of return as at 30 June 2015 is 3.23% (2.98% at 30 June 2014) per annum. The average maturity of these Islamic deposits as at 30 June 2015 is 1 (1 at 30 June 2014) day.


30 June 30 June 2015 2014 RM RM Amount due from Manager – creation of units 305,537 6,926 Income receivable from Islamic money market

instruments 963,311 906,976 1,268,848 913,902

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7. SHARIAH INFORMATION OF THE FUND

The Shariah Adviser confirmed that the investments portfolio of the Fund is Shariah-compliant, which comprises:

a) The investments in sukuk are in order and as per the list of sukuk available at Bond Info

Hub and Fully Automated System For Issuing/Tendering of Bank Negara Malaysia; and

b) Liquid assets in local market, which are placed in Shariah-compliant investments and/or instruments.

8. OTHER PAYABLE AND ACCRUALS

30 June 30 June 2015 2014 RM RM Amount due to Manager - cancellation of units 228,652 - Accruals:


321,732 81,777

9. TOTAL EQUITY

30 June 30 June Note 2015 2014 RM RM Unitholders’ capital (a) 87,753,659 80,257,580 Retained earnings - Unrealised reserves/ (deficits) (b) 269,935 (215,827) - Realised reserves (c) 3,500,306 2,891,268 Total equity 91,523,900 82,933,021



At beginning of the period 141,620,171 79,997,161 194,148,977 111,150,410 Creation of units 30,219,912 17,819,977 11,792,695 6,884,248 Cancellation of units (16,926,345) (10,063,479) (63,688,954) (37,777,078) At end of the period 154,913,738 87,753,659 142,252,718 80,257,580

87



In accordance with Part 6 Division 6.1 of the Third Supplemental Master Deed and Securities Commission’s approval letter dated 17 December 2004, the maximum number of units that can be issued out for circulation is 500,000,000 (500,000,000 at 30 June 2014). As of 30 June 2015, the number of units not yet issued is 345,086,262 (357,747,282 at 30 June 2014). Included in units created during the period are 7,182,804 units from reinvestment of distribution (6,853,933 units in 2014).

(b) Unrealised Reserves/ (Deficits)

30 June 30 June 2015 2014 RM RM

At beginning of the period 707,137 (161,434) Unrealised (gain)/loss attributable to Shariah-

compliant investments sold transferred to Realised Reserves

(645,784)

226,398 Net unrealised gain/(loss) attributable to Shariah-


208,582

(280,791) At end of the period 269,935 (215,827)


30 June 30 June 2015 2014 RM RM

At beginning of the period 4,704,045 5,462,567 Unrealised gain/(loss) attributable to Shariah-

compliant investments sold transferred from Unrealised Reserves

645,784

(226,398) Net movement in realised gain for the period 5,349,829 5,236,169 Net income after tax 2,542,936 1,328,322 Net unrealised (gain)/loss transferred to Unrealised

Reserves

(208,582)

280,791 Distribution for the period (4,183,877) (3,954,014) At end of the period 3,500,306 2,891,268

88

10. NAV PER UNIT The net asset value per unit is calculated by dividing the net assets of RM91,523,900 as at 30 June 2015 (RM82,933,021 at 30 June 2014) by 154,913,738 units in issue as at 30 June 2015 (142,252,718 units at 30 June 2014).

11. MANAGER’S FEE Part 13.1 and The Seventh Schedule of the Third Supplemental Master Deed provides that the Manager is entitled to a management fee computed daily on the net asset value of the Fund at a rate not exceeding 3.00% per annum. The management fee provided for in the financial statements amounted to 1.00% (1.00% in 2014) per annum for the period.

12. TRUSTEE’S FEE

Part 13.2 and The Eighth Schedule of the Third Supplemental Master Deed provides that the Trustee is entitled to a fee not exceeding 0.20% of net asset value of the Fund. The Trustee’s fee calculated on a daily basis for the period is 0.07% (0.07% in 2014) per annum of the net asset value of the Fund, subject to a minimum fee of RM18,000 per annum unless a waiver is obtained from the Trustee.

13. INCOME TAX EXPENSE

Income tax is calculated at the Malaysian statutory tax rate of 25% (25% in 2014) of the estimated assessable income for the financial period. There is no tax charge as profit from money market instruments derived by the Fund is exempted pursuant to Paragraph 35 and 35A, Schedule 6 of the Income Tax Act, 1967. Gains arising from realisation of investments are not treated as income pursuant to Paragraph 61(1)(b) of the Income Tax Act, 1967

A reconciliation of income tax expense applicable to net income before tax at the applicable statutory rate to income tax expense at the effective income tax rate of the Fund is as follows:

2015 2014 RM RM

Net income before tax 2,542,936 1,328,322 Tax at Malaysian statutory rate of 25% (25% in 2014) 635,734 332,081 Tax effect of:

Income not subject to tax (755,775) (454,339) Permitted expenses not used not available for future period 11,175 - Expenses not deductible for tax purposes 108,866 122,258


89

14. DISTRIBUTION Distribution to unitholders is from the following sources: 2015 2014

RM RM

Income from Islamic money market 2,114,174 - Realised gain on sale of Shariah-compliant investments 700,346 2,260,159 Previous period’s realised gains 1,849,523 2,233,010 4,664,043 4,493,169 Less: Expenses (480,166) (539,155) Net distribution amount 4,183,877 3,954,014 Gross distribution per unit (sen) 3.00 2.50 Net distribution per unit (sen) 3.00 2.50

The distributions above have been made on 26 March 2015 (26 March 2014) before taking into account unrealised gain for the period of RM208,582 (unrealised loss RM280,791 in 2014) which is carried forward to next year.

15. MANAGEMENT EXPENSE RATIO & PORTFOLIO TURNOVER RATIO Management Expense Ratio (“MER”)

Management expense ratio for the Fund is 0.56% (0.54% in 2014) for the period ended 30 June 2014. The MER for the current period has increase compared to the previous financial period due to a lower percentage increase in the expenses compared to the percentage increase in the average net asset value.

The management expense ratio includes manager’s fee, trustee’s fee, auditors’ remuneration, tax agent’s fee and other expenses which are calculated as follows:

MER = (A + B + C + D + E) ÷ F x 100



Portfolio Turnover Ratio (“PTR”) The portfolio turnover ratio for the Fund is 0.68 (1.04 in 2014) times for the period ended 30 June 2014. The PTR for the current period has decreased compared to the previous period due to higher percentage decreased in average transactional value compared to the percentage decrease in the average net asset value.

90

15. MANAGEMENT EXPENSE RATIO & PORTFOLIO TURNOVER RATIO (CONTD.) Portfolio Turnover Ratio (“PTR”) (contd.) The portfolio turnover is derived from the following calculation: (Total acquisition for the period + total disposal for the period) ÷ 2 Average value of the Fund for the period calculated on a daily basis

Where : total acquisition for the period = RM49,408,605 (RM96,418,000 in 2014) total disposal for the period = RM68,372,150 (RM112,413,342 in 2014)

16. UNITS HELD BY THE MANAGER AND RELATED PARTIES The manager and related parties do not hold any units as at the reporting date.

17. TRANSACTIONS WITH STOCKBROKING COMPANIES/ INVESTMENT BANKS Details of transactions with stockbroking companies/investment bank for the financial period ended 30 June 2015 are as follows:


Trades

% of Total

Trades Brokerage

Fees

% of Total

Brokerage Fees

RM % RM % MIDF Amanah Investment Bank Berhad 123,619,000 33.56 - - CIMB Islamic Bank Berhad 65,912,557 17.89 - - Kenanga Investment Bank Bhd 57,000,000 15.48 - - CIMB Bank Berhad 32,239,942 8.75 - - Hong Leong Islamic Bank Berhad 24,925,000 6.77 - - Hong Leong Investment Bank Berhad 24,148,260 6.56 - - RHB Investment Bank Bhd 19,157,629 5.20 - - Hong Leong Bank Bhd 15,089,971 4.10 - - Malayan Banking Berhad 6,236,126 1.69 - - 368,328,485 100.00 - -

The above transaction values were in respect of sukuk and Islamic money market deposits. The dealings with the above companies have been transacted at arm’s length based on the normal terms in the stockbroking industry. None of the parties mentioned above is related to the Manager.


In accordance with the objective of the Fund, all of the Fund’s investments are substantially in the form of sukuk in Malaysia. Accordingly, all significant operating decisions are based upon analysis of the Fund as one segment.

91

19. RISK AND CAPITAL MANAGEMENT POLICIES AND PROCESSES FINANCIAL RISK AND CAPITAL MANAGEMENT OBJECTIVES AND POLICIES The Fund’s objective in managing risk is the creation and protection of Unitholders’ value. In order to meet this objective, the Fund utilised risk management for both defensive and proactive purposes. As investments are only in Shariah-compliant instruments, the key risks faced by the Fund are market risk, interest rate risk, credit risk and liquidity risk.

(i) Market risk



Interest rate risks are uncertainties resulting from the effects of fluctuations in the prevailing level of market interest rates on the Fund’s investments and financial position. Movements in interest rate will affect the valuation of unquoted sukuk. The Fund seeks to manage this risk by constructing a sukuk portfolio in accordance to the interest rate strategies developed after thorough evaluation of macroeconomic variables. Profit rate on Islamic deposits are determined based on prevailing market rates. The Fund seeks to obtain rates that are competitive.

The above interest rate is a general economic indicator that will have an impact on the management of the Fund regardless whether it is a Shariah-compliant unit trust fund or otherwise. It does not in any way suggest that the Fund will invest in conventional financial instruments. All the investments carried out for the Fund are in accordance with Shariah requirements.

Interest rate risk sensitivity The following table demonstrates the sensitivity of the Fund’s net income and equity for the period to a possible change in interest rates, with all other variables held constant. The sensitivity is the effect of the assumed changes in interest rates on: - The net profit income for 6 months, based on the floating rate financial assets held at

the end of the reporting period; and

- Changes in fair value of Shariah-compliant investments for the period based on revaluing fixed rate financial assets at the end of the reporting period.

92

19. RISK AND CAPITAL MANAGEMENT POLICIES AND PROCESSES (CONTD.) (ii) Interest rate risk (contd.)

Changes in basis points*

Sensitivity of profit income

Sensitivity of changes in fair value of

investments


Changes to net income and equity

RM RM RM 2015 +25/ -25 43,775/(43,775) (447,291)/447,291 (403,516)/403,516 2014 +25/ -25 15,694/(15,694) (848,884)/848,884 (833,191)/833,191 * The assumed movement in basis points for interest rate sensitivity analysis is based on

the currently observable market environment.

Interest rate risk exposure The following table analyses the Fund’s interest rate risk exposure. The Fund’s assets and liabilities are included at fair value and categorised by the earlier of contractual re-pricing or maturity dates.

Up to 1 month

1 - 3 months

3 - 12 months 1 - 5 years

Over 5 years

Non-exposure to

interest rate movement Total

RM RM RM RM RM RM RM 2015 Assets Cash at bank - - - - - 7,969 7,969 Islamic deposits with

financial institutions 35,020,000 - - - - - 35,020,000 Unquoted sukuk - - - 32,415,001 23,133,814 - 55,548,815 Other assets - - - - - 1,268,848 1,268,848 Total assets 35,020,000 - - 32,415,001 23,133,814 1,276,817 91,845,632

Liabilities Accruals - - - - - 321,732 321,732 Total liability - - - - - 321,732 321,732 Net interest rate

sensitivity gap 35,020,000 - - 32,415,001 23,133,814 2014 Assets Cash at bank - - - - - 7,403 7,403 Islamic deposits with

financial institutions 12,555,000 - - - - - 12,555,000 Unquoted sukuk - - - 19,458,512 50,079,981 - 69,538,493 Other assets - - - - - 913,902 913,902 Total assets 12,555,000 19,458,512 50,079,981 921,305 83,014,798

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19. RISK AND CAPITAL MANAGEMENT POLICIES AND PROCESSES (CONTD.) (ii) Interest rate risk (contd.)

Up to

1 month 1 - 3

months 3 - 12

months 1 - 5 years Over

5 years

Non-exposure to

interest rate movement Total

RM RM RM RM RM RM RM 2014 Liabilities Accruals - - - - - 81,777 81,777 Total liability - - - - - 81,777 81,777 Net interest rate

sensitivity gap 12,555,000 - - 19,458,512 50,079,981

(iii) Credit risk




Concentration of risk is monitored and managed based on sectorial distribution as set out below: ��--------- 2015 ---------�� ---------2014 ---------��

Short-term Islamic

deposits

Unquoted sukuk

Short-term Islamic

deposits Unquoted

sukuk RM RM RM RM Construction - 16,206,393 - 16,954,699 Finance, takaful and business

services 35,020,000 - 12,555,000 - Industrial - 16,208,608 - - Power - 9,536,292 - 22,600,064 Properties - - - 6,007,044 Toll roads - 6,228,139 - 5,095,200 Transportation - 7,369,383 - 11,049,220 Utilities - - - 7,832,266

35,020,000 55,548,815 12,555,000 69,538,493

94


(iii) Credit risk (contd.)

Credit quality of financial assets

The following table analyses the Fund’s portfolio of sukuk by rating category: As at 30 June 2015 As at 30 June 2014

Credit rating

As a % of sukuk

As a % of NAV

As a % of sukuk

As a % of NAV

AA1/AA+ - - 4.99 4.19 AA2/AA 24.48 14.86 14.50 12.16 AA3/AA- 32.54 19.74 80.51 67.50 A2/A 42.98 26.09 - -

100.00 60.69 100.00 83.85

(iv) Liquidity risk



Up to 1 month

1 – 3 months

3 - 12 months

1 - 5 years

Over 5 years Total

RM RM RM RM RM RM 2015 Financial liabilities Other payable and


2014 Financial liabilities Other payable and


95

20. FAIR VALUE OF FINANCIAL INSTRUMENTS The Fund uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly

Level 3: Inputs for the asset or liability that are not based on observable market data


Note Level 1 Level 2 Level 3 Total RM RM RM RM 2015 Financial assets at FVTPL: 4 - Unquoted sukuk - 55,548,815 - 55,548,815 2014 Financial asset at FVTPL: 4 - Unquoted sukuk - 69,538,493 - 69,538,493

For Islamic deposits and placements with financial institutions with maturities of less than twelve months, the carrying value is a reasonable estimate of fair value. The carrying amounts of the financial assets (other than the investments) and financial liabilities as at reporting date approximate their fair values because of the short term to maturity of these instruments.

21. INTERIM ACCOUNT

The interim accounts for the six months ended 30 June 2015 are unaudited.

96


STATEMENT BY MANAGER To the Unitholders of Libra ASnitaBOND Fund (“the Fund”) We, Mohd Fadzil Bin Mohamed and Datuk Kamarudin Bin Md Ali, being two of the Directors of the Manager, Libra Invest Berhad, do hereby state that in the opinion of the Manager, the unaudited financial statements set out on pages 75 to 95 are drawn up in accordance with the provisions of the Deed and give a true and fair view of the unaudited statement of financial position of the Fund as at 30 June 2015 and the unaudited statement of comprehensive income, the unaudited statement of changes in equity and the unaudited statement of cash flows of the Fund together with the notes thereto for the period ended on that date in accordance with the Malaysian Financial Reporting Standards, International Financial Reporting Standards and the Securities Commission’s Guidelines on Unit Trust Funds in Malaysia. For and on behalf of the Manager LIBRA INVEST BERHAD




97

L A PO RA N SETE NGA H T AH UN 2 01 5

LA P O R A N P E NG UR US

B a gi Tem po h 6 Bu la n B er a kh i r 3 0 Ju n 2 01 5

ULASAN PASARAN - EKUITI

Pasaran ekuiti global bermula kukuh pada dua bulan pertama 2015, sebelum mengalami kemerosotan pada

bulan Mac. Indeks MSCI World mencatatkan pulangan negative 1.81%, didorong oleh kejatuhan nilai

matawang negara-negara membangun berbanding Dollar AS, manakala aliran dana beralih arah ke pasaran

negara-negara maju berikutan tanda-tanda Rizab Persekutuan AS mungkin menaikkan kadar faedah lebih awal

daripada jangkaan.

Kenyataan Pengerusi Rizab Persekutuan AS, Janet Yellen pada awal Mei bahawa “nilai ekuiti AS berada pada

tahap agak tinggi dan risiko kadar hasil bon jangka masa panjang mungkin meningkat apabila kadar faedah

mula meningkat naik” mencetuskan susutnilai bon kerajaan Jerman, seterusnya melonjakkan kadar hasil bon

10-tahunnya dari serendah 0.05% kepada 0.8%, manakala kadar hasil Bon Perbendaharaan AS 10-tahun

melonjak ke aras tertinggi dalam tempoh 6-bulan kepada 2.37%, yang turut mengakibatkan penjualan di

pasaran ekuiti, bon dan matawang dunia.

Sementara itu, kebarangkalian keluarnya Greece dari Kesatuan Eropah (“Grexit”) dan kejatuhan mendadak

pasaran saham-A China dalam bulan Jun mengakibatkan sentiment pelabur di serata dunia terjejas teruk,

manakala perbincangan semula mengenai potensi kenaikan kadar faedah AS seawal bulan September dan

kemungkinan kenaikan seterusnya dalam bulan Disember terus menyebabkan pengaliran keluar dana dari

pasaran negara membangun ke pasaran negara maju.

Indeks MSCI World masih berupaya mencatatkan keuntungan 1.5% bagi 6 bulan berakhir June 2015 walaupun

mengalami kejatuhan mendadak sebanyak 2.5% dalam bulan Jun, selepas merosot 0.4% dalam bulan Mei dan

peningkatan 2.25% dalam bulan April. Indeks MSCI Asia kecuali-Jepun meningkat 4.2% pada setengah tahun

pertama 2015 didorong oleh peningkatan mengagumkan di pasaran China/Hong Kong – Shanghai (32.2%),

Shenzen (74.1%), HSCEI (8.3%), Hang Seng (11.2%), sementara pasaran Asean mencatatkan prestasi

bercampur-campur – KLCI (-3.1%), Singapura (-1.4%), Indonesia (-6.1%), Thailand (+0.5%), dan Filipina

(+4.6%).

ULASAN PASARAN: PENDAPATAN TETAP / SUKUK

Pasaran bon kerajaan Malaysia (MGS) membuka tirai 2015 dengan prestasi memberangsangkan berikutan

minat langganan yang teguh dari pelabur tempatan dan luar negara, sekaligus melonjakkan harga bon MGS ke

tahap lebih tinggi. Sentimen positif dalam pasaran MGS turut dipacu oleh peningkatan harga di pasaran Bon

Perbendaharaan AS, disokong oleh kebimbangan terhadap kelembapan ekonomi global, pengurangan kadar

faedah di kalangan ekonomi utama dunia dan kejatuhan harga minyak mentah.

Harga bon MGS kekal teguh pada suku pertama 2015, disokong oleh permintaan yang kukuh dari pelabur

tempatan dan luar negara. Pada awal Jun, harga Bon Perbendaharaan AS merosot dengan sentimen pasaran

lebih berhati-hati berikutan turun naik pasaran bon global dan data ekonomi US yang positif. Walau

bagaimanapun, di sebalik turun naik nilai Ringgit dan kemerosotan harga Bon Perbendaharaan AS, permintaan

pelabur asing terhadap MGS kekal kukuh. Untuk tahun semasa sehingga Jun, nilai langganan bersih pelabur

asing dalam MGS berjumlah RM21.5 bilion, dengan jumlah pegangan sebanyak RM166.8 bilion (48.5% dari

jumlah keseluruhan MGS bernilai RM343.8 bilion).

Permintaan untuk bon korporat (PDS) terbitan terbaharu kekal teguh, disokong kadar kecairan yang tinggi di

pasaran bon tempatan. Antara terbitan utama adalah Danga Capital (Khazanah), Prasarana Malaysia Bhd,

Putrajaya Holdings dan Benih Restu Bhd (Genting Plantation). Pasaran sedia ada PDS juga bergerak aktif,

dengan urusniaga bertumpu kepada bon berjangka masa matang sederhana dan panjang, bertaraf AAA dan AA

98




yang tertentu. Berikutan kekurangan terbitan baharu PDS pada setengah tahun pertama 2015, pelabur di

pasaran sedia ada membida dengan agresif, lalu melonjakkan harga ke tahap lebih tinggi.

Ekonomi Malaysia berkembang pada kadar 5.6% pada suku pertama 2015 (anggaran pada 5.5%, manakala

kadar perkembangan suku keempat 2014 disemak semula lebih rendah dari 5.8% kepada 5.7%), disokong oleh

permintaan dalam negara yang teguh. Pada bulan Januari, Malaysia menyemak semula unjuran pertumbuhan

ekonomi untuk 2015 ke tahap lebih rendah dari 5.0%-6.0% kepada 4.5%-5.5% (tahun berakhir 2014 6.0%)

selari dengan ramalan pertumbuhan ekonomi global yang lebih lemah, manakala ramalan inflasi juga disemak

dari 2.5%-3.5% kepada 2.0%-3.0%. Bank Negara Malaysia (BNM) mengekalkan kadar faedah pada tahap

3.25% pada setengah tahun pertama 2015, berikutan tahap faedah semasa terus menyokong aktiviti ekonomi.

TINJAUAN PASARAN - EKUITI

Kami menjangkakan turun naik di pasaran ekuiti global akan terus meningkat dalam beberapa bulan berikutan

memandangkan masih banyak isu yang belum ditangani; antaranya pemulihan ekonomi global yang tidak

sekata, pemasaan bagi kenaikan kadar faedah pertama di AS, penyelesaian kepada masalah kewangan Greece,

halatuju pasaran saham China yang lebih jelas dan kekukuhan pertumbuhan ekonominya. Walau bagaimana

pun, kami melihat setiap kemerosotan pasaran sebagai peluang untuk mengumpul saham-saham terpilih pada

harga yang menarik selari dengan strategi kami yang mengekalkan kadar pegangan tunai yang agak tinggi.

Secara keseluruhannya, kami terus berwaspada dengan pasaran Malaysia tetapi melihat kebangkitan nilai di

pasaran Asean yang lain. Ekonomi Malaysia dijangka berhadapan dengan cabaran berikutan kelembapan

perbelanjaan pengguna yang berlarutan selepas penguatkuasaan GST dalam bulan April, manakala pengaliran

keluar dana asing masih berterusan di kala kebimbangan terhadap imbangan dagangan negara dan kedudukan

fiscal kerajaan disebabkan harga minyak mentah dan nilai matawang Ringgit yang masih lemah. Oleh itu, kami

akan terus mengambil langkah bertahan di pasaran tempatan dan lebih menggemari syarikat yang menawarkan

unjuran pendapatan yang jelas, francais yang kukuh dan pendapatan berbentuk konsesi.

Kami terus menggemari Filipina berdasarkan kedudukan kewangan yang teguh manakala pertumbuhan

ekonomi dan penggunaan kekal utuh berikutan pengiriman wang dari luar negara yang akan terus menyokong

penggunaan dalam negara dan juga nilai Peso. Kami akan menganalisa kembali pasaran Thailand selepas

menghindarinya lebih dari setahun memandangkan situasi politik yang telah kembali pulih walaupun

penggunaan dalam negara masih agak lemah. Kedua-dua kerajaan Thailand dan Indonesia telah merancang

untuk melaksanakan projek-projek infrastruktur utama tidak lama lagi yang akan menjana aktiviti ekonomi

sampingan dan penggunaan, seterusnya menggalakkan unjuran pertumbuhan ekonomi selanjutnya.

Sementara itu, kerajaan China masih melaksanakan berbagai dasar fiskal dan kewangan untuk menggalakkan

pertumbuhan ekonomi yang mampan dan lebih bertumpu di dalam negara memandangkan corak pemulihan

ekonomi global dan dagangan yang tidak sekata. Sehingga terdapat bukti yang lebih jelas bahawa dasar-dasar

tersebut mula menunjukkan kesan, kami akan terus mengambil langkah berhati-hati dalam membeli saham-

saham terpilih China (saham-H) berlandaskan perkembangan semasa seperti logistik e-dagang dan

pertumbuhan pengguna AS.

99




TINJAUAN PASARAN : PENDAPATAN TETAP / SUKUK

Ketidaktentuan makro global dianggarkan akan berterusan untuk jangka masa terdekat. Di sebalik peningkatan

data ekonomi AS, pertumbuhan ekonomi di kalangan negara-negara maju kekal lemah. Pada bulan Jun, Bank

Dunia mencantas ramalan pertumbuhan ekonomi global dari 3.0% (anggaran pada Januari) kepada 2.8%.

Bersama dengan International Monetary Fund (IMF), ia turut serta mendesak Rizab Persekutuan AS untuk

menangguhkan rancangan menaikkan kadar faedah sehingga 2016, berlandaskan pemulihan ekonomi AS yang

tidak sekata dan risikonya terhadap negara-negara membangun. Berikutan kenyataan itu, Pengerusi Rizab

Persekutuan AS, Janet Yellen menekankan bahawa pemasaan kenaikan kadar faedah tersebut tidaklah terlalu

penting berbanding tahap kepesatan kenaikan kadar yang seterusnya, dan meyakinkan bahawa peningkatan

kadar faedah akan dibuat secara beransur-ansur dan bukannya secara tetap pada setiap kali persidangan Rizab

Persekutuan AS. Sementara itu, bank pusat China menurunkan kadar penanda aras pinjaman dan pemberi

pinjaman sebanyak 25 mata asas ke tahap terendah iaitu 4.85% dan 2.00% pada 27 Jun. Ini adalah pengurangan

kali keempat semenjak November, menunjukkan China kini lebih bertekad untuk menstabilkan pertumbuhan

ekonomi dan mengawal risiko deflasi.

Perkembangan dalam negara, Fitch Ratings mengesahkan penarafan negara Malaysia kekal di tahap A- dan

menaiktaraf unjuran Malaysia dari negatif ke stabil pada 30 Jun 2015, disokong oleh pertumbuhan Keluaran

Dalam Negara Kasar (KDNK) yang agak kukuh, kadar inflasi yang rendah dan kesan positif penguatkuasaan

GST ke atas kewangan fiskal Malaysia. Walaupun kadar inflasi dijangka meningkat berikutan kesan

penguatkuasaan GST (Jun 2.5% berbanding sebelum GST pada March 0.9%), BNM menganggarkan kesan ini

akan diimbangi sebahagiannya oleh harga minyak dunia yang lebih rendah. Tambahan pula, kadar inflasi

domestik diramalkan terkawal dengan kestabilan permintaan dalam negara. Berikutan anggaran pertumbuhan

ekonomi dalam negara yang lebih lembap dan kadar inflasi yang stabil, BNM umumnya dijangkakan akan

mengekalkan kadar faedah semasa sehingga akhir tahun ini.

Berdasarkan jangkaan kadar faedah yang tidak berubah, prospek bagi pasaran bon tempatan kekal positif.

Dalam jangka masa terdekat hingga sederhana, penyertaan pelabur luar negara dalam pasaran MGS dijangka

kekal kukuh berlandaskan keteguhan asas ekonomi Malaysia, dan nilai Ringgit semasa yang membuka ruang

pelaburan yang menarik bagi pelabur asing. Tambahan pula, sebahagian besar pegangan asing dalam MGS

adalah terdiri daripada para pelabur sebenar jangka masa panjang, seperti bank-bank pusat serantau dan global,

dana kewangan negara asing, dana persaraan dan syarikat insurans global; sekaligus mengurangkan risiko

aliran keluar yang ketara.

Pada masa yang sama, permintaan terhadap bon korporat (PDS) dijangka kekal sihat berdasarkan tahap

kecairan yang lebih daripada mencukupi di dalam sistem kewangan tempatan dan tahap permintaan-penawaran

yang menggalakkan. Minat langganan dijangka kekal cenderung ke arah bon bertaraf AAA dan AA, dan bon

berjangka masa matang sederhana dan panjang berdasarkan unjuran kadar faedah yang kekal tidak berubah.

Walau bagaimana pun, dengan ketidaktentuan global yang berlarutan, kami akan sentiasa berjaga-jaga dan

terus memantau perkembangan pasaran global dan tempatan. Kami akan mengambil langkah dengan berhati-

hati dan kekal fleksibel dalam menguruskan tempoh portfolio bagi membolehkan tindak balas yang pantas

terhadap perubahan dalam persekitaran pasaran, di samping meningkatkan kadar hasil portfolio dan

menguruskan pendedahan risiko.

100




HASIL PURATA

Sekuriti Kerajaan Malaysia

Tempoh Kadar

3 tahun 3.30%

5 tahun 3.67%

10 tahun 4.03%

Sekuriti Penghutangan Swasta-5 tahun/Sukuk

Pengkadaran Kadar

AAA 4.19%

AA 4.58%

A 6.87%

Pasaran Matawang antara-bank (Semalaman)

Jangkamasa Kadar

30 Jun 2015 3.24%

Sumber: Bank Negara Malaysia (akhir-Jun 2015)

Kadar faedah adalah satu penunjuk ekonomi am yang akan memberi impak terhadap pengurusan dana

amanah tidak kira dana tersebut adalah dana berdasarkan Syariah atau sebaliknya. Ianya tidak bermaksud

yang Libra SyariahEXTRA Fund, Libra Amanah Saham Wanita atau Libra ASnitaBOND akan melabur di

dalam sekuriti pendapatan tetap konvensional. Semua pelaburan yang dibuat bagi Dana Libra SyariahEXTRA,

Libra Amanah Saham Wanita dan Libra ASnitaBOND adalah mematuhi kehendak Syariah.

Lain-lain Perkara

1. Perubahan yang ketara terhadap kedudukan Libra SyariahEXTRA, Libra Amanah Saham Wanita

dan Libra ASnitaBOND dalam tempoh kewangan

Bagi tempoh kewangan berakhir 30 Jun 2015, tiada sebarang perubahan yang ketara terhadap kedudukan Libra

SyariahEXTRA, Libra Amanah Saham Wanita dan Libra ASnitaBOND.

2. Situasi yang boleh menjejaskan kepentingan Pemegang Unit

Libra Invest Berhad dan Libra SyariahEXTRA, Libra Amanah Saham Wanita dan Libra ASnitaBOND tidak

mempunyai kaitan dengan sebarang perkara yang memberi kesan ke atas sebarang kepentingan para pemegang

unit.

101


Lap o r an P en gu rus


L IB RA S YA RI A HE XT R A FU N D

P R O F I L D A N A

Tarikh Pelancaran 12 Mac 1996 (Dana ini tidak mempunyai tempoh tertentu yang tetap atau tarikh

penamatan).

Harga Tawaran

Permulaan

RM 1.0000 se unit sewaktu tempoh tawaran permulaan (IOP) selama 1 bulan

yang berakhir pada 11 April 1996

Latar Belakang Dana ini ditubuhkan pada tahun 1996 oleh Abrar Unit Trust Management Berhad

(AUTMB). Ianya adalah dana ekuiti yang diuruskan menurut prinsip-prinsip

Syariah dan dahulu dikenali sebagai Abrar Investment Fund. Dana ini diuruskan

oleh AUTMB sehingga Ogos 2002, apabila Mayban Trustees Berhad (pemegang

amanah Dana ini) menamatkan khidmat AUTMB dan melantik Libra Invest

Berhad (LIB) sebagai pengurus Dana yang baru bermula pada bulan Ogos 2002.

Pada masa sekarang, Dana ini mengambil pendekatan mengadaptasi pendedahan

seimbang terhadap ekuiti dan sekuriti pendapatan tetap. Ianya terus diuruskan

mengikut prinsip Syariah malahan sekarang Dana ini dikenali sebagai Libra

SyariahEXTRA Fund

Tarikh prospektus

pertama di bawah

Pengurusan LIB

6 November 2002

Tarikh Penilaian

Semula Harga

2 Januari 2003 (1:1.2425 pecahan unit berdasarkan NAB se unit pada 31

Disember 2002)

Nilai Aset Bersih pada

Tarikh Penilaian

Semula Harga

RM0.2000 se unit

Polisi Penilaian Harga Pelaburan dan penjualan balik pada Nilai Aset Bersih se unit

Kategori / Jenis Dana Seimbang(Syariah)/ Pertumbuhan dan dalam masa yang sama menghadkan

tumpuan pengagihan pendapatan (Klasifikasi menurut keperluan Garispanduan

Tabung-Tabung Unit Amanah, yang mana klasifikasi dana digunapakai secara

meluas)

Dana unit amanah terbuka (open-ended) untuk jangka sederhana hingga jangka

panjang yang cenderung kepada pulangan mutlak(i.e. positif) melalui peruntukan

aset yang fleksibel antara ekuiti yang diluluskan Syariah dan sukuk. Tumpuan

SyariahEXTRA ditujukan kepada suatu pencapaian yang positif, walaupun dalam

keadaan pasaran yang menurun, selain dari mengatasi tanda aras.

^ Definasi “pulangan mutlak” adalah ukuran statik daripada pulangan sebenar

suatu pencapaian aset tersebut dalam suatu jangka masa

Tanda Aras 50% FTSE Indek Emas Syariah Bursa Malaysia + 50% Kadar Akaun Pelaburan

Am Maybank (GIA) bagi tempoh 12 bulan

Objektif Pelaburan SyariahEXTRA bermatlamat memberikan pelabur-pelabur pertumbuhan modal

dalam jangkamasa sederhana hingga jangkamasa panjang melalui pelaburan dalam

bidang aset yang spesifik dengan pendekatan mengadaptasikan pendedahan yang

seimbang terhadap ekuiti dan sukuk berlandaskan prinsip Syariah. SyariahEXTRA

bermatlamatkan pencapaian peningkatan modal dengan volatiliti jangkamasa

102





P R O F I L D A N A

pendek yang lebih rendah yang biasanya dikaitkan dengan dana ekuiti tulen.

Polisi Pelaburan Melabur dalam ekuiti tersenarai yang bernominasi ringgit, sukuk dan lain-lain

instrumen pasaran wang Islamik dan derivatif kewangan (instrumen kewangan

yang tidak mempunyai nilai yang hakiki (instrinsic), tetapi nilainya didapati

berdasarkan sandaran kepada suatu instrumen seperti indek dan harga saham.

Ianya digunakan bagi menguruskan sesuatu pendedahan kepada naik-turun harga

yang tidak dapat dijangkakan dalam ekuiti dan pasaran bon), yang telah diluluskan

Majlis Penasihat Syariah Suruhanjaya Sekuriti dan/atau Penasihat Syariah.

Objektif utama adalah bagi mencapai prestasi pulangan yang mutlak dalam

pelaburan jangkamasa sederhana hingga jangkamasa panjang.

Strategi Pelaburan Bagi pelaburan dalam ekuiti mematuhi Syariah, mengikut proses pelaburan ‘top

down’ (pendekatan analisis sekuriti yang melibatkan ramalan tentang prestasi

ekonomi, kemudian ramalan terhadap industri dan seterusnya syarikat yang mana

setiap tingkat ramalan bergantung kepada tingkat analisis yang dibuat

sebelumnya). Strategi adalah mengenalpasti sektor-sektor atau kumpulan saham-

saham yang mana ianya dipercayai dapat memberi pulangan yang baik dalam

keadaan ekonomi dalam suatu jangkaan. Pemilihan saham individu pula

difokuskan kepada syarikat-syarikat yang mempunyai pengurusan yang baik,

kewangan yang kukuh serta mempunyai nilai yang menarik dan berpotensi

pertumbuhan pendapatan dalam jangkamasa sederhana hingga jangkamasa

panjang. Keadah analisis yang digunakan termasuk analisis nisbah terhadap

prestasi kewangan syarikat-syarikat, tren analisis akan difokuskan kepada ramalan

prestasi masa hadapan dan kaedah penilaian saham. Bila perlu, kaedah

pengindeksan akan diguna pakai bagi menjejaki prestasi FTSE Emas Syariah

Bursa Malaysia terutamanya semasa keadaan pasaran tidak menentu.

Untuk pelaburan dalam sukuk pula, strategi akan difokuskan kepada pulangan

yang melebihi kadar purata dan konsisten melalui asas penyelidikan selain dari

berurusniaga secara tetap. Keutamaan diberikan kepada kredit yang dipercayai,

gred pelaburan pengeluar hutang. Berdisiplin dan mematuhi proses pelaburan ‘top

down’ (huraiannya seperti dalam strategi pelaburan), oleh itu ianya mematuhi

pertimbangan yang diberikan terhadap kedudukan kredit sesuatu penerbit individu.

Dana akan mempelbagaikan pelaburan dalam sektor-sektor dan sekuriti-sekuriti

individu bagi meminimakan profil risiko portfolionya.

Polisi Pengagihan

Adalah menjadi hasrat Syarikat Pengurusan untuk mengistihar agihan dari

pendapatan tahunan bagi SyariahEXTRA. Jumlah pendapatan yang akan

diagihkan akan berubah-ubah dari semasa ke semasa, bergantung kepada kadar

faedah, keadaan pasaran, prestasi dan objektif Dana. Pengagihan pendapatan

mungkin terdiri daripada keuntungan modal yang direalisasi, untung bersih dari

simpanan berdasarkan Syariah dan pasaran wang Islam dan dividen bersih yang

diterima oleh Dana. Adalah menjadi polisi Syarikat Pengurusan untuk melabur

kembali agihan pendapatan secara automatik unit-unit tambahan kedalam Dana

pada hari yang sama pengagihan dibuat (pada harga selepas pengagihan) tanpa

dikenakan sebarang fi kemasukan. Pemegang-pemegang unit yang ingin

mengambil keuntungan modal daripada unit-unit yang mereka ada boleh menjual

balik semua atau sebahagain unit-unit tersebut pada mana-mana Hari Bekerja.

103





P R O F I L D A N A

Rebat & Manfaat

Komisen Ringan (“Soft

Commissions”)

Diterima Dari Broker-

Broker

Syarikat Pengurusan mengekalkan komisen ringan “Soft commissions” yang

diterima daripada broker saham, hanya jika ia memberi faedah dan membantu

proses membuat keputusan berkaitan pelaburan oleh pemegang unit. “Soft

commission” boleh mengambil bentuk barangan dan perkhidmatan yang di

sediakan seperti data, perkhidmatan sebutharga, perisian komputer dan penerbitan

berkaitan pelaburan seperti Bloomberg, BPAM, Thomson Reuters dan lain-lain.

Dalam tempoh kajian syarikat pengurusan menerima data dan sebut harga serta

penerbitan berkaitan pelaburan yang bersampingan dengan pelaburan Dana.

Rebat, jika ada, akan dikreditkan ke dalam akaun Dana.

Profil Pegangan Unit

* Tidak termasuk unit

yang dipegang oleh

Pengurus

Pada 30 Jun 2015 Pemegang Unit Pegangan Unit

Saiz Pegangan (Unit) No % (juta) %

Sehingga 5,000 5,099 70.47 9.33 12.59

5,001 hingga 10,000 680 9.40 5.08 6.86

10,001 hingga 50,000 1,161 16.05 23.92 32.29

50,001 hingga 500,000 282 3.90 27.50 37.11

Melebihi 500,001 13 0.18 8.26 11.15

Jumlah*(Perbezaan bundar) 7,235 100.00 74.10 100.00

104





Prestasi terdahulu tidak semestinya mewakili prestasi masa hadapan dan nilai unit dan pulangan pelaburan mungkin berubah-ubah.

P R E S T A S I D A N A

Syarikat Pengurusan

Sila rujuk pada Nota 1 bagi keterangan lanjut.

Tarikh permulaan hingga 9 Ogos 2002: Abrar Unit Trust Management Berhad

Bermula 9 Ogos 2002: Libra Invest Berhad

2015 2014 2013

NAB & HARGA bagi tempoh berakhir 30 Jun


Nilai Aset Bersih (NAB) (RM juta) 20.91 21.85 21.09

Unit Dalam Edaran (juta unit) 74.10 77.95 82.01

NAB se unit (RM) 0.2822 0.2804 0.2573

NAB TERTINGGI & TERENDAH bagi tempoh berakhir 30 Jun

Sila rujuk Nota 2 untuk keterangan lanjut. NAB se unit tertinggi (RM) 0.2932 0.2804 0.2589

NAB se unit terendah (RM) 0.2721 0.2631 0.2239

KOMPOSISI PELABURAN % dari NAB bagi tempoh berakhir 30 Jun Saham Tersenarai & Sekuriti Berkaitan Ekuiti Selaras Prinsip Syariah

Papan Utama

Pembinaan 15.6 11.5 14.8

Teknologi 5.1 - -

Produk Pengguna - 2.6 -

Infrastruktur - 7.3 6.8

Perladangan - 1.1 1.1

Hartanah 3.8 - -

Perdagangan/ Perkhidmatan 14.8 31.3 27.9

Sukuk Tidak Tersenarai Kertas Komersial - - -

Sukuk - 11.2 10.0

Tunai & Lain-lain 60.7 35.0 39.4

Dana ini terus mengekalkan tahap pegangan tunai yang tinggi selari dengan keadaan pasaran dan ekonomi yang

masih tidak menentu, dan mengelakkan pelaburan dalam Sukuk memandangkan halatuju kadar faedah yang

masih kabur dan kebarangkalian kenaikan kadar faedah Rizab Perbendaharaan AS semakin hampir. Kami terus

mengambil langkah bertahan dengan pegangan utama dalam saham-saham sektor pembinaan bermodal tinggi

dengan nilai tempahan disahkan yang agak besar, di samping mengekalkan pendedahan terpilih dalam perniagaan

bercorak utiliti dengan pendapatan berulang-ulang.

PERBELANJAAN/JUMLAH DAGANGAN bagi tempoh berakhir 30 Jun

Nisbah Perbelanjaan Pengurusan (NPP) (%) 1.08 0.91 1.13

Nisbah Dagangan Portfolio (NDP) (kali) 0.34 0.23 0.66

Sila rujuk muka surat 42 untuk keterangan lanjut perbezaan NPP dan NDP

105







Syarikat Pengurusan




PULANGAN bagi tempoh berakhir 30 Jun


JUMLAH PULANGAN 2015 2014 2013

Jumlah Pulangan 0.64 8.98 12.60

Pertumbuhan Modal 0.64 8.98 12.60

PURATA JUMLAH PULANGAN 1-tahun 3-tahun 5-tahun

Libra SyariahEXTRA (%)

Tarikh pelancaran: 12 Mac 1996 0.64 23.50 46.14

106







Syarikat Pengurusan




AGIHAN PENDAPATAN DAN PECAHAN UNIT

Bagi tempoh berakhir 30 Jun

Sila rujuk Nota 4 untuk keterangan lanjut

2015 2014 2013

Tarikh agihan - - -

Agihan kasar (sen se unit) - - -

Agihan bersih (sen se unit) - - -

NAB sebelum agihan (sen se unit) - - -

NAB selepas agihan (sen se unit) - - -

Pecahan Unit - - -

ULASAN DANA Syarikat Pengurusan




Semasa tempoh ulasan, dana ini telah mencatatkan keuntungan 2.3%, mengatasi penanda arasnya yang mencatat

kerugian -0.4%. Pendedahan dana dalam TimeDotCom, Scicom dan MyEG telah membantu mengimbangi

kelembapan pasaran yang sebahagian besarnya didorong oleh aliran keluar dana asing dan kelemahan matawang

Ringgit, yang diakibatkan oleh ketidaktentuan tinjauan ekonomi tempatan dan kedudukan fiskal kerajaan.

Dana ini akan terus mengambil langkah bertahan, memegang tahap tunai yang tinggi sehingga keadaan beralih

cerah. Secara keseluruhan, dana ini telah menepati matlamat pelaburannya untuk memberikan pelabur naiknilai

modal dengan mengambil pendekatan seimbang terhadap ekuiti berlandaskan Syariah dan Sukuk.

NAB SE UNIT

NAB se unit pada 31 Disember 2014 RM0.2759

NAB se unit pada 30 Jun 2015 RM0.2822

PERUNTUKAN ASET pada 30 Jun 2015

107







Syarikat Pengurusan




2

1

1 Ekuiti dan sekuriti berkaitan ekuiti

tersenarai diluluskan oleh Syariah 39.3%

2 Tunai dan lain-lain 60.7%

NOTA-NOTA

Nota 1: Data bagi tempoh 2001 hingga 9 Ogos 2002: Diperolehi daripada rekod-rekod yang disediakan oleh

syarikat pengurusan dana yang terdahulu, Abrar Unit Trust Management Berhad. Libra Invest Berhad

mengambil alih pengurusan dana pada 9 Ogos 2002.

Nota 2: Penjualan unit-unit oleh Syarikat Pengurusan (contoh, apabila anda membeli unit dan melabur di dalam

dana) dan pembelian balik unit-unit oleh syarikat pengurusan (contoh, apabila anda menjual kembali unit-unit

dan membubarkan pelaburan anda) akan dilaksanakan pada nilai NAB se unit (nilai sebenar seunit). Yuran

kemasukan/pengeluaran (jika ada) akan dikira berasingan berdasarkan nilai bersih pelaburan atau jumlah

penjualan balik unit-unit anda.

Nota 3: Pulangan sebelum 9 Ogos 2002 mewakili prestasi di bawah syarikat pengurusan terdahulu, iaitu Abrar

Unit Trust Management Berhad.

Dengan kelulusan oleh pemegang-pemegang unit dalam mesyuarat bertarikh 4 September 2002, dimana

mulai 3 Oktober 2002, Dana telah mengadaptasi pendedahan seimbang terhadap ekuiti dan pendapatan

tetap selaras dengan prinsip Shariah. Sebelum itu, Dana ini adalah Dana ekuiti.

Angka-angka prestasi dana dikira berdasarkan NAB ke NAB dengan mengandaikan pelaburan semula

pengagihan (jika ada) pada NAB. Data-data Jumlah Pulangan, Jumlah Pulangan Purata dan Purata

Pulangan Tahunan berbanding Tanda arasnya diperolehi dari sumber berikut: Lipper.

Nota 4: Tiada agihan pendapatan atau pecahan unit untuk 6 bulan tahun berakhir 30 Jun 2015.

108




L I B R A A M A N A H S A H A M W A N I T A ( ASNITA)

P R O F I L D A N A

Tarikh Pelancaran 4 Mei 1998 (Dana tidak mempunyai tempoh tertentu yang tetap atau tarikh

penamatan)

Harga Tawaran

Pemulaan

RM0.5000 se unit sewaktu tempoh tawaran permulaan(IOP) selama 21 hari

yang berakhir 24 Mei 1998.

Latar Belakang Libra Amanah Saham Wanita (ASNITA) telah ditubuhkan pada 30 April 1998

oleh Metrowangsa Unit Trusts Berhad (MUTB) (dahulunya dikenali sebagai

Hijrah Unit Trust Management Berhad). ASNITA adalah sebuah dana ekuiti

yang diuruskan mengikut kehendak Syariah. MUTB adalah syarikat

pengurusan untuk ASNITA sehingga April 2003, apabila Mayban Trustees

Berhad (pemegang amanah ASNITA) menamatkan khidmat MUTB dan

melantik Libra Invest Berhad (LIB) menggantikan tempatnya. Libra mula

menguruskan ASNITA sejak 2 Mei 2003.

Tarikh Prospektus

Pertama di bawah LIB

1 Julai 2004

Polisi Penilaian Harga Pelaburan dan penjualan balik pada Nilai Aset Bersih se unit

Kategori/ Jenis Ekuiti(Syariah)/ Pertumbuhan dan dalam masa yang sama ianya menghadkan

tumpuan pengagihan pendapatan (Klasifikasi menurut keperluan

Garispanduan Tabung-tabung Unit Amanah, yang mana klasifikasi Dana

digunapakai secara meluas).

Dana unit amanah terbuka (“open-ended”) dengan jangka masa panjang

dimana pelaburannya adalah di dalam ekuiti-ekuiti dan sekuriti berkaitan ekuiti

yang diluluskan oleh Syariah.

Tanda Aras Indek FTSE Emas Syariah Bursa Malaysia

Objektif Pelaburan Asnita bermatlamat menawarkan secara relatifnya pertumbuhan jangka

panjang yang baik dan selamat dengan melabur secara prinsipalnya dalam

ekuiti mematuhi Syariah dan sekuriti berkaitan Syariah yang mematuhi

kehendak Syariah.

Polisi Pelaburan Melabur dalam pelaburan mematuhi Syariah termasuk saham-saham biasa dan

lain-lain sekuriti berkaitan ekuiti seperti sekuriti boleh tukar, saham-saham

petunjuk, waran yang disenarai di Bursa Malaysia atau di dagangkan

dalam/atau di bawah peraturan lain-lain pasaran saham di Malaysia yang

diiktiraf atau pasaran luar negeri yang diluluskan oleh Suruhanjaya Sekuriti,

unit-unit dalam lain-lain skim pelaburan kolektif, sukuk dan juga instrument

pasaran wang jangka pendek dan lain-lain jenis pelaburan yang dipersetujui

oleh Syarikat Pengurusan dan Pemegang Amanah, diluluskan oleh Majlis

Penasihat Syariah Suruhanjaya Sekuriti dan/atau Penasihat Syariah dari semasa

ke semasa.

Strategi Pelaburan Bagi pelaburan di dalam ekuiti mematuhi Syariah, mengikut proses “top-

down” (suatu pendekatan analisis sekuriti yang melibatkan ramalan tentang

prestasi ekonomi, kemudian ramalan terhadap industri dan seterusnya syarikat

yang mana setiap tingkat ramalan bergantung kepada tingkat analisis yang

109





P R O F I L D A N A

dibuat sebelumnya). Strategi ASNITA adalah mengenalpasti sektor-sektor

utama atau kumpulan-kumpulan stok yang dipercayai berprestasi baik dalam

situasi ekonomi dalam suatu jangkaan. Pemilihan saham individu pula

difokuskan kepada syarikat-syarikat yang mempunyai pengurusan yang baik,

kewangan yang kukuh serta mempunyai nilai yang menarik dan berpotensi

pertumbuhan pendapatan dalam jangkamasa sederhana hingga jangkamasa

panjang. Kaedah analisis yang digunakan adalah analisis nisbah terhadap

prestasi kewangan syarikat-syarikat, tren analisis akan difokuskan kepada

ramalan prestasi masa hadapan dan kaedah penilaian saham. Bila perlu, kaedah

indek akan digunakan bagi menjejaki prestasi FTSE Indek Emas Syariah Bursa

Malaysia terutamanya semasa pasaran tidak menentu.

Polisi Pengagihan Adalah menjadi hasrat Syarikat Pengurusan untuk mengiystiharkan agihan dari

pendapatan tahunan bagi SyariahEXTRA. Jumlah pendapatan yang akan

diagihkan akan berubah-ubah dari semasa ke semasa, bergantung kepada kadar

faedah, keadaan pasaran, prestasi dan objektif Dana. Pengagihan pendapatan

mungkin terdiri daripada keuntungan modal yang direalisasi, untung bersih

dari simpanan berdasarkan Shariah dan pasaran wang Islam dan dividen bersih

yang diterima oleh Dana. Adalah menjadi polisi Syarikat Pengurusan untuk

melabur kembali agihan pendapatan secara automatik kepada unit-unit

tambahan ke dalam Dana pada hari yang sama semasa pengagihan dibuat (pada

harga setelahpengagihan) tanpa dikenakan sebarang fi kemasukan. Pemegang-

pemegang unit yang ingin mengambil keuntungan modal daripada unit-unit

yang mereka ada boleh menjual balik ke semua atau sebahagiann unit-unit

tersebut pada mana-mana Hari Bekerja.

Rebat & Manfaat

Komisen Ringan (“Soft

Commissions”) Diterima

Dari Broker-Broker





sediakan seperti data, perkhidmatan sebutharga, perisian komputer dan

penerbitan berkaitan pelaburan seperti Bloomberg, BPAM, Thomson Reuters

dan lain-lain. Dalam tempoh kajian syarikat pengurusan menerima data dan

sebut harga serta penerbitan berkaitan pelaburan yang bersampingan dengan

pelaburan Dana. Rebat, jika ada, akan dikreditkan ke dalam akaun Dana.


* Tidak termasuk unit yang

dipegang oleh Pengurus


Saiz Pegangan (Unit) No % (juta) %

Sehingga 5,000 48,232 95.69 45.41 47.70

5,001 hingga 10,000 1,258 2.50 8.95 9.40

10,001 hingga 50,000 851 1.69 16.12 16.93

50,001 hingga 500,000 56 0.11 6.16 6.46

Melebihi 500,001 7 0.01 18.58 19.51

Jumlah* (Perbezaan Bundar) 50,404 100.00 95.22 100.00

110





Prestasi masa lalu tidak semestinya mewakili prestasi masa hadapan. Harga unit dan pulangan pelaburan mungkin berubah-ubah.


Syarikat Pengurusan


Tarikh permulaan sehingga 2 Mei 2003: Metrowangsa Unit Trusts Berhad

Bermula 2 Mei 2003: Libra Invest Berhad

2015 2014 2013

NAB & HARGA bagi tempoh berakhir 30 Jun. Sila rujuk Nota 2 bagi keterangan lanjut.



NAB se unit (RM) 0.6619 0.6738 0.6001


Sila rujuk Nota 2 untuk keterangan lanjut. NAB tertinggi (RM) 0.7017 0.6738 0.6091

NAB terendah (RM) 0.6348 0.6141 0.5067

KOMPOSISI PELABURAN % dari NAB bagi tempoh berakhir 30 Jun Ekuiti & Sekuriti Berkaitan Ekuiti Yang Tersenarai Selaras Prinsip Syariah

Papan Utama

Pembinaan 19.9 11.2 21.3

Barangan Pengguna - 4.9 -

Teknologi 1.3 - -

Infrastruktur - 7.2 8.7

Perladangan - 2.3 5.0

Harta 7.7 - -

Perdagangan/ Perkhidmatan 35.1 39.8 39.0

Sukuk Tidak Tersenarai

Sukuk - - -

Tunai & lain-lain 36.0 34.6 26.0

Dana ini terus memegang tahap pegangan tunai yang tinggi sambil mengekalkan adunan portfolio yang

seimbang dengan sector Dagangan/Perkhidmatan (dengan adunan perniagaan yang berbagai) merangkumi

sebahagian besar dari pendedahan ekuiti berlandaskan Syariah terhadap dana ini. Tambahan pula, dana ini

telah melabur dalam saham sektor pembinaan terpilih yang dijangka akan mendapat manfaat dari

rangsangan perbelanjaan fiskal kerajaan yang berterusan.

PERBELANJAAN/JUMLAH DAGANGAN bagi tempoh berakhir 30 Jun

Nisbah Perbelanjaan Pengurusan (NPP) (%) 1.19 0.95 1.36

Nisbah Dagangan Portfolio (NDP) (kali) 0.47 0.39 1.02

Sila rujuk muka surat 66 untuk keterangan lanjut perbezaan NPP dan NDP

111







Syarikat Pengurusan


Tarikh permulaan sehingga 2 Mei 2003: Metrowangsa Unit Trusts Berhad

Bermula 2 Mei 2003: Libra Invest Berhad

PULANGAN (%) bagi tempoh berakhir 30 Jun



Jumlah Pulangan (%) -1.77 12.26 14.28

- Pertumbuhan Modal (%) -1.77 12.26 14.28

PURATA JUMLAH PULANGAN 1-tahun 3-tahun 5-tahun

Libra Amanah Saham Wanita (%)

Tarikh pelancaran: 4 Mei 1998 -1.77 26.03 45.73

112









2015 2014 2013

Tarikh Agihan - - -

Agihan Kasar (sen se unit) - - -

Agihan Bersih (sen se unit) - - -

NAB Sebelum Agihan (sen se unit) - - -

NAB Selepas Agihan (sen se unit) - - -

Pecahan Unit - - -

U L A S A N D A N A

Dalam tempoh ulasan, dana ini telah mencatatkan keuntungan 1.5%, mengatasi penanda aras Indeks FBM

Emas Syariah yang mencatatkan kerugian -2.4%. Prestasi memberangsangkan tersebut didorong oleh

pelaburan dalam TimeDotCom, MyEG dan Scicom. Dana ini telah menepati matlamatnya untuk

memaksimakan pulangan dalam jangkamasa sederhana hingga panjang. Berikutan ketidaktentuan tinjauan

pasaran, dana ini terus mengekalkan tahap pegangan tunai yang tinggi dan akan memanfaatkannya secara

beransur-ansur dalam jangkamasa sederhana.

NAB SE UNIT (Sila rujuk Nota 5 untuk keterangan lanjut)

NAB se unit pada 31 Dis 2014 RM0.6518



1

1. Ekuiti dan sekuriti berkaitan ekuiti yang

mematuhi Syariah

64.0%

2. Tunai & Lain-Lain 36.0%

2

113






NOTA-NOTA

Nota 1: Data-data bagi tahun 2002 hingga 2 Mei 2003: Diperolehi daripada rekod-rekod Dana yang

disediakan oleh syarikat pengurusan dana yang terdahulu, Metrowangsa Unit Trusts Berhad. Libra Invest

Berhad mengambil alih pengurusan dana pada 2 Mei 2003.

Nota 2: Penjualan unit-unit oleh Syarikat Pengurusan (contoh, apabila anda membeli unit dan melabur di

dalam dana) dan pembelian balik unit-unit oleh syarikat pengurusan (contoh, apabila anda menjual kembali

unit-unit dan membubarkan pelaburan anda) akan dilaksanakan pada nilai NAB se unit (nilai sebenar

seunit). Yuran kemasukan/pengeluaran (jika ada) akan dikira berasingan berdasarkan nilai bersih

pelaburan atau jumlah penjualan balik unit-unit anda.

Nota 3: Pulangan sebelum 2 Mei 2003 mewakili prestasi di bawah pengurusan syarikat terdahulu iaitu

Metrowangsa Unit Trusts Berhad.

Angka-angka prestasi Dana dikira berdasarkan NAB ke NAB dengan mengandaikan pelaburan

semula pengagihan (jika ada) pada NAB. Data-data Jumlah Pulangan, Jumlah Pulangan Purata dan

Purata Pulangan Tahunan berbanding Tanda arasnya diperolehi dari sumber berikut: Lipper.

Nota 4: Tiada agihan pendapatan atau pecahan unit dilaksanakan untuk tempoh 6 bulan berakhir 30 Jun

2015.

Nota 5: Sejak 2 Mei 2003, ASNITA menggunapakai kaedah harga tunggal.

114



B a gi Tem po h 6 B u la n B er a kh i r 3 0 Ju n 2 01 5

L I B R A A S N I T A B O N D F U N D

P R O F I L D A N A

Tarikh Pelancaran 18 Mac 2005 (Dana tidak mempunyai tempoh tertentu yang tetap atau tarikh

penamatan)

Harga Tawaran

Permulaan

RM 0.5000 se unit sewaktu tempoh tawaran permulaan selama 21 hari yang

berakhir pada 7 April 2005

Polisi Penilaian Harga Pelaburan dan Jualan balik pada Nilai Aset Bersih se unit

Kategori/ Jenis Dana Sukuk /Pendapatan (Klasifikasi menurut keperluan Garispanduan Tabung-Tabung

Unit Amanah, yang mana klasifikasi dana digunapakai secara meluas

Dana terbuka (open-ended) dengan horizon pelaburan jangkamasa pendek hingga

jangkamasa sederhana yang melabur terutamanya dalam Sukuk

Tanda Aras Kadar tersiar Akaun Pelaburan Am Maybank (GIA) bagi tempoh 6 bulan.

Objektif Pelaburan Bermatlamatkan memelihara modal dengan memberi pendapatan tetap dalam

jangkamasa pendek hingga jangkamasa sederhana dengan melabur di dalam

instrumen pasaran wang Islam dan lain-lain sekuriti pendapatan tetap Islam yang

diluluskan Syariah

Polisi Pelaburan ASnitaBOND melabur terutamanya di dalam sukuk kerajaan dan separuh kerajaan,

Akaun Pelaburan Am, Akaun Pelaburan Khas, pasaran wang Islam, bon Islam dan

sukuk Korporat dan produk perbendaharaan Islam

Strategi Pelaburan Dana mengadaptasi suatu strategi pelaburan yang akan memberi pulangan

setanding deposit pasaran wang Islam jangka pendek, dan dalam masa yang sama,

memelihara nilai pokok (principal value) dan sentiasa menetapkan tahap kecairan

yang tinggi.

Manfaat Pembiayaan

(“Soft Commissions”)

dan Rebet Yang

Diterima Dari Broker-

Broker





sediakan seperti data, perkhidmatan sebutharga, perisian komputer dan penerbitan

berkaitan pelaburan seperti Bloomberg, BPAM, Thomson Reuters dan lain-lain.

Dalam tempoh kajian syarikat pengurusan menerima data dan sebut harga serta

penerbitan berkaitan pelaburan yang bersampingan dengan pelaburan Dana. Rebat,

jika ada, akan dikreditkan ke dalam akaun Dana.


* Tidak termasuk unit

yang dipegang oleh

Pengurus


Saiz Pegangan (Unit) No % No (juta) %

Sehingga 5,000 22 8.63 0.02 0.01

5,001 hingga 10,000 13 5.10 0.10 0.07

10,001 hingga 50,000 60 23.53 1.52 0.98

50,001 hingga 500,000 96 37.65 18.58 12.00

Melebihi 500,001 64 25.09 134.69 86.94

Jumlah* (Perbezaan Bundar) 255 100.00 154.91 100.00

115






2015 2014 2013

NAB & HARGA bagi tempoh berakhir 30 Jun




NAB se unit (RM) 0.5908 0.5830 0.5949


Sila rujuk Nota 1 untuk keterangan lanjut. NAB tertinggi se unit (RM) 0.6124 0.6016 0.6176

NAB terendah se unit (RM) 0.5825 0.5728 0.5876

KOMPOSISI PELABURAN % dari NAB bagi tempoh berakhir 30 Jun Sukuk Tidak Tersenarai

Sukuk Tidak Tersenarai 60.7 83.9 96.4

Tunai & lain-lain 39.3 16.1 3.6

Pendedahan Dana terhadap pelaburan sukuk berkurangan menjelang akhir Jun didorong oleh aktiviti

pengambilan untung untuk merealisasikan keuntungan dalam pegangan sukuk yang nilainya telah meningkat

dengan banyak.

PERBELANJAAN / DAGANGAN PORTFOLIO bagi tempoh berakhir 30 Jun Nisbah Perbelanjaan Pengurusan (NPP) (%) 0.56 0.54 0.54

Nisbah Dagangan Portfolio(NDP) (kali) 0.68 1.04 0.53

Sila rujuk muka surat 89-90 untuk keterangan lanjut perbezaan NPP dan NDP

PULANGAN bagi tempoh berakhir 30 Jun

Sila rujuk Nota 2 untuk keterangan lanjut.


Jumlah Pulangan 6.54 2.26 4.82

Pertumbuhan Modal 1.32 -2.00 -0.27

Pulangan Pendapatan 5.22 4.26 5.09

PURATA JUMLAH PULANGAN 1-Tahun 3-Tahun 5-Tahun

Tarikh Pelancaran: 18 Mac 2005

Libra ASnita Bond (%)

6.54 14.21 27.89

Prestasi masa lalu tidak semestinya mewakili prestasi masa hadapan. Harga unit dan pulangan pelaburan

mungkin berubah-ubah.

116









2015 2014 2013

Tarikh agihan pendapatan 26 Mar 26 Mar 13 Mar

Agihan pendapatan kasar (sen se unit) 3.00 2.50 3.00

Agihan pendapatan bersih (sen se unit) 3.00 2.50 3.00

NAB sebelum agihan (sen se unit) 61.24 (25 Mar) 60.16 (25 Mar) 61.76 (12 Mar)

NAB selepas agihan (sen se unit) 58.25 (26 Mar) 57.69 (26 Mar) 58.77 (13 Mar)

Pecahan Unit - - -


117





U L A S A N D A N A

Libra ASnitaBOND Fund telah memenangi anugerah berprestij Morningstar Award 2015 Malaysia dalam

kategori Best Islamic MYR Bond Fund (Dana Bon Islamik Ringgit Terbaik) dalam bulan Mac 2015.

Dana ini telah mencatatkan pulangan mengagumkan 6.54% untuk 12 bulan berakhir 30 Jun 2015, jauh

mengatasi penanda arasnya 6-bulan Akaun Pelaburan Am Maybank (“General Investment Account, GIA”)

yang memberi pulangan 3.27%. Prestasi cemerlang ini sebahagian besarnya berpunca dari peningkatan nilai

yang banyak dalam pelaburan sukuk bergred tinggi yang dipilih secara terperinci, melalui analisa mendalam

terhadap ekonomi tempatan dan global, halatuju pasaran dan aliran dana serantau.

Dana ini memperoleh pulangan daripada sukuk terpilih, instrumen pasaran wang Islamik dan deposit Islamik.

Dana ini akan terus memberi tumpuan kepada kekukuhan kredit penerbit-penerbit sukuk dan memberi perhatian

kepada aliran tunai yang konsisten, struktur kewangan yang ketat dan pasukan pengurusan yang

berpengalaman. Pemilihan sukuk dan instrumen pasaran wang Islam yang teliti dilaksanakan, untuk

membolehkan dana ini mendapat manfaat dari pulangan keuntungan yang lebih tinggi, setara dengan tahap

risikonya. Dana ini lebih bersifat konservatif dari sudut pengambilan risiko, di samping menikmati manfaat

daripada pelaburan sukuk terbitan kerajaan dan sektor korporat yang berlandaskan hukum-hukum Syariah.

Dana ini telah berjaya mencapai objektif pelaburannya untuk memelihara modal di samping memberikan

pendapatan secara berterusan untuk jangka masa pendek hingga sederhana.

NAB se unit

NAB se unit dari 31 Disember 2014 RM0.6031



1 2

1. Sukuk tidak Tersenarai 60.7%

2. Tunai dan lain-lain 39.3%

NOTA-NOTA

Nota 1: Penjualan unit-unit oleh Syarikat Pengurusan (contoh, apabila anda membeli unit dan melabur di

dalam dana) dan pembelian balik unit-unit oleh syarikat pengurusan (contoh, apabila anda menjual kembali

unit-unit dan membubarkan pelaburan anda) akan dilaksanakan pada nilai NAB se unit (nilai sebenar seunit).

Yuran kemasukan/pengeluaran (jika ada) akan dikira berasingan berdasarkan nilai bersih pelaburan atau

jumlah penjualan balik unit-unit anda.

Nota 2: Data-data prestasi dana dikira berdasarkan NAB ke NAB dan mengandaikan pelaburan semula agihan

pendapatan (jika ada) pada NAB. Data-data Jumlah Pulangan, Jumlah Pulangan Purata dan Purata Pulangan

Tahunan berbanding Tanda arasnya diperolehi dari sumber berikut: Lipper. Nota 3: Agihan pendapatan sebanyak 3.00 sen se unit telah diisytiharkan pada 25 Mac 2015 dan telah

dilaburkan semula secara automatik pada hari yang sama pada NAB selepas pengagihan iaitu

Tiada pecahan unit bagi tempoh 6 bulan berakhir 30 Jun 2015.


118


MA KL U MA T T AMB AH A N

PULANGAN P E L A B U R A N P E R M U L A A N S E B A N Y A K R M 1 0 0 , 0 0 0

L I B R A S Y A R I A H E X T R A D A N L I B R A A M A N A H S A H A M W A N I T A

( A S N I T A )

Bagi memudahkan rujukan, jumlah pulangan Dana bagi tempoh berakhir 30 Jun 2015 dalam Ringgit Malaysia. Carta-carta di bawah menunjukkan angka-angka perbandingan bagi pertumbuhan pelaburan permulaan

sebanyak RM100,000 dalam Libra SyariahEXTRA dan Libra Amanah Saham Wanita (ASNITA) berbanding

tanda aras masing-masing bagi tempoh seperti di bawah.

Dari 31 Jan 2003 hingga 30 Jun 2015

95,000

107,000

119,000

131,000

143,000

155,000

167,000

179,000

191,000

203,000

Jan-03 May-05 Sep-07 Jan-10 May-12 Sep-14

RM Libra SyariahEXTRA Tanda Aras

Pelaburan sebanyak RM100,000

dalam Libra SyariahEXTRA dan

penanda arasnya (50% Indek

FTSE Emas Syariah Bursa

Malaysia + 50% Kadar Akaun

Pelaburan Am Maybank bagi

tempoh 12 bulan) dari 31 Jan

2003 hingga 30 Jun 2015

(sebelum cukai) akan masing-

masing bernilai RM193,494.98

dan RM198,348.76.

Dari 30 May 2003 hingga 30 Jun 2015

100,000

130,000

160,000

190,000

220,000

250,000

280,000

May-03 Jul-05 Sep-07 Nov-09 Jan-12 Mar-14

RM ASNITA Tanda Aras

Pelaburan sebanyak

RM100,000 dalam ASNITA

dan penanda arasnya ( Indek

FTSE Emas Syariah Bursa

Malaysia) dari 30 May 2003

hingga 30 Jun 2015 (sebelum

cukai) akan masing-masing

bernilai RM234,424.46 dan

RM251,872.78.

Pulangan dana adalah berdasarkan NAB ke NAB dan mengandaikan pelaburan semula pengagihan pendapatan

(jika ada) pada Nilai Aset Bersih (NAB). Terdapat yuran, caj dan risiko ( kadar faedah, kredit, kecairan, inflasi,

kadar faedah, pengkelasan semula status Syariah dan lain-lain) yang terlibat. Oleh itu, para pelabur adalah

dinasihatkan untuk meneliti yuran-yuran, caj-caj dan risiko-risiko yang terlibat. Prestasi terdahulu tidak

semestinya mewakili prestasi masa depan dan nilai unit dan pulangan pelaburan mungkin naik/ turun.

Sila rujuk pada muka surat 107 dan 113 bagi keterangan lanjut berkenaan sumber data dan andaian yang digunakan

dalam pengiraan prestasi dana serta tanda aras yang berkaitan


Jun-15

Jun-15

09 Sumber: Lipper

119


MA KL U MA T T AMB AH A N

P U L A N G A N P E L A B U R A N P E R M U L A A N S E B A N Y A K R M 1 0 0 , 0 0 0


Bagi memudahkan rujukan, jumlah pulangan Dana bagi tempoh berakhir 30 Jun 2015 dalam Ringgit Malaysia. Carta-carta di bawah menunjukkan angka-angka perbandingan bagi pertumbuhan pelaburan permulaan

sebanyak RM100,000 dalam Libra AsnitaBOND Fund berbanding tanda arasnya bagi tempoh seperti di

bawah.

Dari 31 Mac 2005 hingga 30 Jun 2015

100,000

108,000

116,000

124,000

132,000

140,000

148,000

156,000

Mar-05 May-07 Jul-09 Sep-11 Nov-13

RM Libra ASnitaBOND Tanda Aras

Pelaburan sebanyak

RM100,000 dalam Libra

AsnitaBOND Fund dan

penanda arasnya (Akaun

Pelaburan Am Maybank 6

Bulan) dari 31 Mac 2005

hingga 30 Jun 2015 (sebelum

cukai) akan masing-masing

bernilai RM156,142.03 dan

RM135,330.93.

Pulangan dana adalah berdasarkan Nilai Aset Bersih. Data-data pulangan adalah berdasarkan

pelaburan semula agihan pendapatan (sekiranya ada) pada Nilai Aset Bersih. Pelaburan dalam tabung

unit amanah melibatkan pelbagai yuran, caj dan risiko (risiko kadar faedah, risiko kredit, risiko

kecairan, risiko inflasi, risiko pasaran dan lain-lain). Oleh itu, para pelabur adalah dinasihatkan untuk

meneliti yuran-yuran, caj-caj dan risiko-risiko yang terlibat. Prestasi terdahulu tidak semestinya

mewakili prestasi masa depan dan nilai unit dan pulangan pelaburan mungkin naik/ turun.

Sila rujuk pada muka surat 117 bagi keterangan lanjut berkenaan sumber data dan andaian yang digunakan

dalam pengiraan prestasi dana serta tanda aras yang berkaitan.


Sumber: Lipper

Jun- 15

INTERIM REPORT/LAPORAN PERTENGAHAN TAHUN 2015 …

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