Kenanga Investors Berhad

Company No: 199501024358 (353563-P)

Level 14, Kenanga Tower

237, Jalan Tun Razak

50400 Kuala Lumpur

Tel: 03-2172 3000

Toll Free: 1800-88-3737

www.kenangainvestors.com.my Strictly for Clients of Kenanga Investors Berhad

September 2020

Market Review and Outlook

1

Global Market

Review

The Target Fund returned 9.44% for the MYR Class and 9.50% for the USD Class in August 2020.

During this same period, the S&P 500 has registered a return of 5.13% whereas the KLCI

registered a return of -4.90% (Source: Lipper).

Equities asset class held by the Target Fund delivered net +16.5%, led by the recovery of global

equities. S&P 500 rallied +7.0% in August 2020. Fixed income asset class held by the Target Fund

delivered net -2.1%, led by broad and significant stimulus by central banks to provide support to

economies affected by COVID-19 global pandemic. As per below diagram, the expansion of the

Fed Reserve balance sheet has been significant and the consensus is for it to continue to be very

supportive of asset prices.

Kenanga Investors Berhad

Company No: 199501024358 (353563-P)

Level 14, Kenanga Tower

237, Jalan Tun Razak

50400 Kuala Lumpur

Tel: 03-2172 3000

Toll Free: 1800-88-3737

www.kenangainvestors.com.my Strictly for Clients of Kenanga Investors Berhad

September 2020

Market Review and Outlook

2

Commodities positions held by the Target Fund delivered net +3.5%, led by gains in base metals

and agricultural commodities. Foreign currencies held by the Target Fund delivered a net -1.3%,

as the US Dollar continued to weaken.

The Target Fund’s outlook is cautiously optimistic. The low interest rate environment is expected

to be particularly supportive of the Target Fund strategy. The portfolio has upside exposure if

markets continue to rally on optimism of continued stimulus and greater confidence in

governments' abilities to manage the commercial and social impacts of the pandemic. The

portfolio also has risk-off exposure if economic slowdown prolongs and when asset bubbles and

corrections occur. The Target Fund remains well-diversified and dynamically re-balances

frequently to take advantage of opportunities.

The Target Fund is an ultra-diversified global portfolio of global equities, fixed income,

commodities and currencies. This global portfolio is re-balanced in real time to ensure it is always

positioned optimally to reduce volatility and optimize returns on a risk adjusted basis. Whilst the

portfolio may experience short-term drawdowns from a coordinated systemic sell-off of all asset

classes, the portfolio is intentionally risk neutral.

Source: Taaffeite Capital Management, LLC

Disclaimer: Kenanga Investors Berhad (“We”) do not make any express or implied representations or warranties as to the accuracy, timeliness or

completeness of the Materials and nothing shall be relied upon as a promise or representation by us. We or our directors or employees will not be liable

or responsible to you or any other parties for any and all liabilities arising directly or indirectly from any reliance on the Materials. We are not responsible

for information stated to be obtained or derived from third party sources or statistical service. Certain of the statements contained in the Materials are

statements of future expectations and other forward-looking statements. These expectations are based on the Target Fund Manager’s current views,

assumptions or opinions and involve known and unknown risks and uncertainties. Views, opinions and estimates may change without notice and are

based on a number of assumptions which may or may not eventuate or prove to be accurate.

Benchmark

RM 1.1128 19-Feb-20

MYR Class

USD Class

MYR Class

Highest

FUND OBJECTIVE

Annual Trustee Fee

#Source: Lipper, 31 August 2020

3 years

USD 0.22 million

- -

-0.50 47.46

USD 0.9950

FUND SIZE *

RM 18.70 million RM 1.0193

98.20%TCM GLOBAL INDEX FUND - FLAGSHIP USD

Kenanga Global Multi Asset Fund

Sales Charge

FUND SIZE * NAV PER UNIT *

15% per annum

0.08% p.a. up to RM 200,000,000 and 0.06% p.a. excess RM

200,000,000

Launch Date

20 November 2017

Trustee

RHB Trustees Berhad

Benchmark

Nil

15.90 17.32

All fees and charges payable to the Manager and the Trustee are

subject to the goods and services tax /sales and services tax/other taxes

of similar nature as may be imposed by the government or other

authorities from time to time.

Period MYR Class USD Class Benchmark

1 month 9.44 11.46 1.19

Period

September 2020

TARGET FUND PORTFOLIO (% NAV)*

CUMULATIVE FUND PERFORMANCE (%)#

CALENDAR YEAR FUND PERFORMANCE(%)#

USD Class

-22.40

Up to 3.00%

Annual Management Fee

1.00% p.a.

Taafeite Capital Management, LLC

Target Fund Manager

ASSET ALLOCATION (% NAV) *

NAV PER UNIT *

SECTOR ALLOCATION (% NAV) *

Fund Category/Type

Equity (feeder) / Growth

Redemption Charge

-

1

Seeks to provide capital appreciation by investing in the Target

Fund.

FUND PERFORMANCE (%)

15.002019

Lowest RM 0.6190 1-Apr-20

Date

Date

19-Feb-20

- -

HISTORICAL FUND PRICE *

7.28

15.00

Since Inception

Highest USD 1.0754

-

Lowest USD 0.5774 1-Apr-20

USD Class

Not Applicable

18.29 20.68 2017 1.58

2016

Since Inception

--2015-

The Information Memorandum dated 20 November 2017 has been deposited with the Securities Commission Malaysia, who takes no responsibility for its contents. Investors are advised

to read and understand the relevant Information Memorandum and consider the fees and charges involved before investing. Unit prices and distributions may go down as well as up.

Where a distribution is declared, investors are advised that following the distribution, the NAV per unit will be reduced from cum-distribution NAV to ex-distribution NAV. The fund fact

sheet has not been reviewed by the SC. A Fund’s track record does not guarantee its future performance. Investors are advised to read and understand the contents of the unit trust loan

financing risk disclosure statement before deciding to borrow to purchase units. Kenanga Investors Berhad is committed to preventing Conflict of Interest between its various businesses

and activities and between its clients / directors / shareholders and employees by having in place procedures and measures for identifying and properly managing any apparent, potential

and perceived Conflict of Interest by making disclosures to Clients, where appropriate. The Manager wishes to highlight the specific risks of the Fund are liquidity risks, currency risks,

country risks, concentration risks, redemption risks,and target fund manager risks.

-

1 year

1.93Since Launch

0.06

-

MYR Class

-23.50

-4.93

-0.17

-

* Source: Kenanga Investors Berhad, 31 August 2020

6 months -8.25 15.002018

5 years

DISTRIBUTION HISTORY

2.50%

1.00%

1.80%

97.50%

99.00%

98.20%

June

July

August

Collective Investment Scheme Liquidity

98.2%

1.8%

Foreign Collective Investment Scheme

Short Term Deposit and Cash

-50

-30

-10

10

30

50

70

No

v 1

7

No

v 1

7

De

c 1

7

Jan

18

Feb

18

Mar

18

Ap

r 1

8

May

18

Jun

18

Jul 1

8

Au

g 1

8

Sep

18

Oct

18

No

v 1

8

De

c 1

8

Jan

19

Feb

19

Mar

19

Ap

r 1

9

May

19

Jun

19

Jul 1

9

Au

g 1

9

Sep

19

Oct

19

No

v 1

9

De

c 1

9

Jan

20

Feb

20

Mar

20

Ap

r 2

0

May

20

Jun

20

Jul 2

0

Au

g 2

0

Kenanga Global Multi Asset Fund MYR : 1.93 Kenanga Global Multi Asset Fund USD : -0.50 15.00% p.a : 47.46

Source: Novagni Analytics and Advisory

% Cumulative Return, Launch to 31/08/2020