AmMetLife Insurance Berhad headquarters located atMenara 1 Sentrum, No.201 Jalan Tun Sambanthan, 50470 Kuala Lumpur.
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Contents
Chairman’s Message 04
Corporate Profile 06
Investment-Linked Funds Objective 07
Investment Market Review 11
Investment Outlook 23
Investment Strategy 29
Fund Performance 33
Sectoral and Category Breakdown 45
Comparative Performance Table 55
Summary of Financial Information 63
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AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
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Chairman’s Message
Dear Valued Policy Holders,
On the global front, we project that the world economy would
grow at a pace of 3.1% in 2016, with the U.S. economy to
remain as the bright spot, while euro’s recovery will remain
modest following the ‘Brexit’ referendum in the United
Kingdom, which has raised the level of uncertainty. However,
the risk of a potential global economic recession remains low,
which is comforting at this time.
As for the economy in Malaysia, it is expected to grow at a
credible 4% this year. This is supported by healthy government
spending, relief from rising oil prices and domestic activities,
complemented with a more stable currency and signs of
improving business sentiment. The recalibrated Budget 2016
has also provided some impetus to domestic consumption, as
well as increasing emphasis on building affordable homes and
implementation of infrastructure projects. Despite the potential
headwinds in the economy, there are still some opportunities,
such as the SME sector, the growth of which has consistently
outpaced that of GDP.
At AmMetLife, we have placed great emphasis on growing
our investment-linked portfolios for the financial year ended
31 March 2016.The total net asset value of our investment-
linked funds is RM 100.13 million, a year-on-year growth in
NAV of 3.63%. Our best performing investment-linked fund
for this financial year was AmMetLife Precious Metals Fund,
giving a commendable return of 7.88% for the year, driven by
We want to build enduring relationships with you and provide expertise and solutions to meet your evolving needs.
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
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the search for yields in a well-diversified universe of precious
metals-related securities.
As customers are at the heart of everything we do, it is
important that we continuously find new and exciting
opportunities to add value to our offerings and services.
With a strong focus on customer centricity, AmMetLife’s
primary goal is to be the preferred life insurance provider for
Malaysians from all walks of life. In line with this, we have
embarked on a multi-channel strategy to deliver products and
services to the growing consumer base in Malaysia. We will
continue to strengthen our agency force and work closely
with AmBank branches nationwide to broaden our reach and
widen the penetration rate which is currently below 50%.
This goes to show that there is large consumer base without
life insurance protection in Malaysia.
In our efforts to broaden our reach and align our business
objectives, AmMetLife has activated a transformation initiative
in mid-2015 to enhance our support system for better and
superior quality interaction with our customers. With the
rapid advancement in technology where information is easily
available on smart devices, it is crucial that we keep our
customers constantly updated. As a life insurance provider,
we too must enrich ourselves with knowledge of the diverse
needs of our customers to enable the development of clear
and transparent financial solutions. We would like to assure
all our customers that we remain committed to help you
reach your financial goals.
We would like to take this opportunity to thank you for your
trust and confidence in our products and services. We want
to build enduring relationships with you and provide expertise
and solutions to meet your evolving needs.
Thank you.
Tan Sri Azman HashimChairmanAmBank Group
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Corporate Profile
AmMetLife is a strategic partnership between AMMB
Holdings Berhad (“AmBank Group”) and MetLife
International Holdings LLC (“MetLife”). AmMetLife
offers a comprehensive range of life assurance and
wealth protection solutions distributed through a
combination of over 170 AmBank and AmMetLife
branded branch offices, in addition to the strength of
its authorised life insurance agents nationwide.
The strategic partnership combines the international
expertise and financial strength of MetLife with the
local strength and reach of AmBank Group to create a
customer-centric and modern life assurance solutions
provider in Malaysia.
We are focused on meeting our customers’ diverse
needs with innovative solutions at different stages of
their lives, making it easier and simpler for families
and individuals to achieve financial security and
pursue more from life.
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Investment-LinkedFunds Objective
AMMeTLIFe InSurAnCe BerHAd InveSTMenT-LInked FundS | AnnuAL rePOrT
For the Financial Year Ended 31 March 2016
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Investment-Linked Funds Objective
1. AmMetLife equity Fund
The Fund aims to provide the Policyholder with capital appreciation, over the medium to long-term investment horizon, mainly
through investments in Malaysian securities with superior growth potential.
Returns will be obtained via growth in unit price rather than income distribution.
2. AmMetLife Bond Fund
The Fund aims to provide the Policyholder with an opportunity to gain higher than the average income earned from fixed deposits,
over the long-term investment horizon, mainly through investments in a diversified portfolio of fixed income securities.
Returns will be obtained via growth in unit price rather than income distribution.
3. AmMetLife Balanced Fund
The Fund aims to provide the Policyholder with an opportunity to gain higher than the average income earned from fixed deposits
with a lower level of risk as compared to equity funds, over the medium-term investment horizon via exposure in Malaysian
equities and/or equity-related securities and fixed income and/or fixed income-related securities.
Returns will be obtained via growth in unit price rather than income distribution.
4. AmMetLife dana Teguh
The Fund aims to provide the Policyholder with an opportunity to gain higher than the average income earned from fixed deposits
with a lower level of risk as compared to equity funds, over the medium-term investment horizon, via exposure in Shariah-
approved Malaysian equities and/or equity-related securities and Islamic debt and/or debt-related securities.
Returns will be obtained via growth in unit price rather than income distribution.
5. AmMetLife dividend Fund
The Fund aims to provide the Policyholder with total returns primarily through investments in equities and/or equity-related
securities of companies that offer sustainable dividend payments and attractive yields, emphasising on medium to long-term
capital appreciation opportunities.
Returns will be obtained via growth in unit price rather than income distribution.
6. AmMetLife Oasis Islamic equity Fund
The Fund seeks to achieve capital appreciation over the medium to long-term via investments in:
1. AmOasis Global Islamic Equity Fund, a Collective Investment Scheme (CIS) managed by AmFunds Management Berhad.
2. Shariah-approved equities listed on Bursa Malaysia.
Returns will be obtained via growth in unit price rather than income distribution.
7. AmMetLife Global emerging Market Fund
The Fund seeks to achieve capital appreciation over the long-term horizon through investing mainly in:
1. AmGlobal Emerging Market Opportunities Fund, a Collective Investment Scheme (CIS) managed by AmFunds
Management Berhad.
2. Equities listed on Bursa Malaysia.
Returns will be obtained via growth in unit price rather than income distribution.
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8. AmMetLife Global Agribusiness Fund
The Fund seeks to achieve capital appreciation over the long-term horizon through investing mainly in a Target Fund: AmGlobal
Agribusiness Fund, a Collective Investment Scheme (CIS) managed by AmFunds Management Berhad that invests in global
agribusiness equities from agricultural commodities to consumer products. Agribusiness is a generic term that refers to the various
businesses involved in food production.
Returns will be obtained via growth in unit price rather than income distribution.
9. AmMetLife Precious Metals Fund
The Fund seeks to achieve capital appreciation over the medium to long-term horizon through investing mainly in a Target Fund:
AmPrecious Metals Fund, a Collective Investment Scheme (CIS) managed by AmFunds Management Berhad that invests in a
portfolio of global Shariah-observant equities and equity-related securities of companies engaged in activities related to gold,
silver, platinum or other precious metals.
Returns will be obtained via growth in unit price rather than income distribution.
10. AmMetLife Tactical Bond Fund
The Fund seeks to achieve moderate capital appreciation over the medium to long-term horizon through investing mainly in a
Target Fund: AmTactical Bond Fund, a Collective Investment Scheme (CIS) managed by AmFunds Management Berhad, where the
Target Fund aims to provide income and to a lesser extent, capital appreciation, by investing primarily in bonds.
Returns will be obtained via growth in unit price rather than income distribution.
11. AmMetLife Asia Pacific reITS Fund
The Fund seeks to achieve moderate capital appreciation over the medium to long-term horizon, investing mainly in a Target Fund:
AmAsia Pacific REITS Fund, a Collective Investment Scheme (CIS) managed by AmFunds Management Berhad, where the Target
Fund aims to provide regular income and to a lesser extent, capital appreciation over the medium to long-term by investing in real
estate investment trusts (REITS).
Returns will be obtained via growth in unit price rather than income distribution.
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InvestmentMarket review
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Investment Market review
AmMetLife equity Fund, Balanced Fund, dana Teguh, dividend Fund, Bond Fund
equity Market reviewThe market started the year under review on a positive note,
following the strong regional performance. Sentiment was also
supported by the stabilizing ringgit and oil prices. But all of the
gains were given up towards the end of the month on the back
of heavy profit taking. Equity market consolidated in the absence
of strong new positive catalysts from still-unresolved Greek debt
talks and continuing weak economic data out of China. For the
month of April, the FTSE Bursa Malaysia KLCI (“FBM KLCI”) eased
0.68% or 12.51 points to close at 1,818.27 points.
The negative market sentiments continued in May on concerns
over news related to 1MDB and poor first quarter 2015 corporate
results. However, there was a muted reaction to the 11th
Malaysia Plan announcement. Internationally, the equities market
was also lower on concerns over the US Federal Reserve (“Feds”)
rate tightening, despite the announcement of weak US economic
growth during the first quarter of 2015. Additionally, the over-
valuation of Chinese equities and stalled Greece talks over its
sovereign debts with its creditors negatively affected market
globally. Hawkish comments from the US Feds had also impacted
emerging market currencies as the safe-haven currency, US dollar,
rebounded. FBM KLCI ended the month down 3.89% to close at
1,747.52 points, or 70.75 points lower.
The bearish trajectory continued in June, as both the Malaysian
Ringgit and FBM KLCI Index fell sharply due to the concerns over
possible Fitch Ratings downgrade of Malaysia by end of June.
Malaysian Ringgit also fell by 2% to RM3.74 to 1 US Dollar. The
negative sentiments further deteriorated over possible Greek
loan default. The weak China economic numbers and sharp fall
in Shanghai stock market also contributed to the sharp fall in the
index. For the month, the FBM KLCI fell 2.34% or 40.88 points
to close 1,706.64 point.
Local equity market was under tremendous selling pressure in
July due to both negative domestic and international news. The
negative news started with the sharp drop in Chinese A-shares,
followed by the Greek bailout news. The sentiments were further
dampened by negative domestic news and the fall in Ringgit
to below RM3.80. This resulted in the FBM KLCI temporarily
falling below the 1,700 points psychological support level. The
Malaysian cabinet reshuffling, resulting in changes in UMNO’s
senior leadership team, and the decline in oil prices below US$60/
barrel, created more uncertainties to the market. For the month,
FBM KLCI ended 1,723.14 points, 16.50 points or 0.97% higher.
The global equity market was beaten down significantly in August
and FBM KLCI was of no exception, down 6.41% or 110.40
points in August to close at 1,612.74 points. The sell down was
led by the devaluation of Chinese currency due to the concern
over weak China exports. This led to the fall in the currencies
across the region. Malaysian Ringgit was not spared, plunging
to a new 17-year low against the US Dollar, becoming the worst
performing currency among the Asian currencies in August. The
fall in oil price to below USD40 per barrel also raised concerns on
Malaysia’s oil revenue and its ability to sustain its GDP above 5%.
The regional equity market performance was weak generally in
September due to the fear of further weakening of the Chinese
economy and expectations of US interest hikes. FBM KLCI initially
performed in line with weak regional markets, but rebounded
strongly on the back of news that the Government would be
allocating RM20bn to the Government’s investment vehicle,
ValueCap, to buy up good value stocks. However, China’s weaker-
than-expected September economics numbers pushed the index
to giving up much of its gains. For the month, the FBM KLCI
gained 0.51% or 8.30 points, to close at 1,621.04 points.
October was a recovery month for Malaysia as the FBM KLCI
rebounded and managed to stay above the 1,700 support level
for a while before profit-taking activities during the last week of
the month pushed it lower. A hawkish statement from the US
Feds after its October 26-27 meeting, about a possible rate hike
in December, undercut the supportive sentiment from China’s
interest-rate cut and Banks’ Reserve Requirement cut. The tone of
the 2017 Malaysian Budget was moderately expansionary, with
the Federal Government continuing its agenda of balancing the
‘capital’ and ‘people’ economy. For the month, the FBM KLCI rose
44.67 points or 2.76% to close at 1,665.71.
Malaysian shares were marginally strong in November, contributed
by the rebound in the Malaysian Ringgit as well as positive
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
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sentiments from the sale of Edra power assets to a Chinese
consortium. Malaysia’s economy expanded 4.7% annually in
the third quarter of 2015, a slight moderation from the 4.9%
recorded in the second quarter. Bank Negara Malaysia (“BNM”)
maintained the Overnight Policy Rate (OPR) at 3.25%. The move
was expected by investors, and marked the eighth consecutive
meeting in which BNM has left the OPR unchanged. For the
month of November, the FBM KLCI was up 0.39% or 6.45 points
to 1,672.16 points.
The first two weeks of December 2015 saw Malaysian shares
falling, and the index touched its low of 1,622.84 points on
15 December due to concerns over global growth stemming
from a sharp slide in oil prices and nervousness ahead of a
probable Federal Reserve rate increase. However, equity market
found stability after touching its low, boosted by a rebound in
global crude oil prices. Equity markets continued its rebound
progressively towards the end of the year, partly contributed by
the relief rally in crude oil and gains on Wall Street. The FBM KLCI
ended the month up 1.22% to settle at 1,692.51 points.
Going into the New Year, the market succumbed to initial selling
pressure due to weak oil price. This again raised concerns over the
country’s revenue forecasted by the Government earlier. Oil price
fell to below USD30 per barrel in January 2016. Weak Chinese
economic data also negatively affected sentiments globally,
pushing the FBM KLCI to touch its low of 1,618.83 levels. However,
the index rebounded post Statutory Reserves Requirements cut
towards month-end to close at 1,667.80 or 1.46%.
February was a month of consolidation for the local bourse as
well as regional equity indices. The FBM KLCI traded within a tight
range of 13.05 points during the month. Global crude oil prices
and the Ringgit also traded sideways. The December quarter
reporting season broadly came in line with expectations, with
beneficiaries of the weak Ringgit and cheap crude oil transporters
announcing positive surprises. A few of the construction and
property developers announced better results while the number
of oil and gas companies reporting milder profits, declined. Banks
as well as plantation companies continued to disappoint. Petronas
also announced weak FY15 results and gave a cautious outlook
with an announcement of cuts to its capital and operating
expenditure of RM15-20bn, a 20-30% decline from 2015, in its
bid to weather the weak oil price environment. The FBM KLCI
ended the month 0.78% lower.
The FBM KLCI performed strongly in the month of March in line
with the rest of the region as a delay in the Fed Fund rate hike
and a rebound in oil prices saw funds flowing back into emerging
markets. The Ringgit strengthened to the RM3.90 to the US
Dollar, while Brent Crude Oil touched $43.10 per barrel. The
construction sector was abuzz with news of contract awards for
the MRT and Pan Borneo Highway. The FBM KLCI ended FY2016
on a high of 1,717.58 points, 3.80% higher than the previous
month, and 113.20 points, or 6.18% lower than 31 March 2015
(1,830 points).
Fixed Income Market review2015 saw major capital market turmoil with heavy negative
pressure on Asia Pacific currencies and assets sparked by China’s
policy move to devalue the yuan and still continuing cycle
of economic stimulus and capital market stabilising moves.
Domestically, Malaysia’s ringgit plunging to as low as RM4.30
per USD, the lowest since 1998. The plunge was largely in line
with regional currencies but more apparent for the Ringgit due to
concerns that the authorities are running out of ammunitions to
defend its currency amid shrinking reserves, slumping oil prices,
an unexpected yuan devaluation and a political scandal.
Amidst the gloom and worries of a return of some form of capital
control and a Ringgit peg, both the Central Bank Governor as well
as the Prime Minister reaffirmed Malaysia’s commitment not to
re-introduce a Ringgit peg nor capital controls. The Government
also reaffirmed its view that the current MYR level is not reflective
of the country’s sound fundamentals which includes sustained
positive growth momentum, a diversified economy, continued
trade and current account surpluses as well as a healthy and
resilient banking system.
Bank Negara Malaysia (“BNM”) kept its Overnight Policy Rate
(“OPR”) unchanged at 3.25% in its Monetary Policy Committee
(“MPC”) meeting. BNM reiterated concerns on the heightened
downside risk posed by the uncertain external environment as
well as domestic developments. Nonetheless, BNM’s assessment
of domestic growth remains largely unchanged such that it
expects growth to stay intact and to range between 4.5% - 5.5%
this year.
BNM released its Annual Report for 2015, highlighting its
expectations of slower domestic growth, which is projected to
grow by 4.0 – 4.5% in 2016 primarily driven by domestic demand
and sustained mainly through private consumption. Meanwhile,
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Investment Market review (Cont’d)
inflation is expected to range between 2.5 – 3.5% in 2016.
Separately, it was also the first time BNM released information
on the composition of foreign holdings in MGS/GII and the
breakdown is as follows:
• AssetManagers:44%
• CentralBanks/Governments:29%
• PensionFunds:13%
• Banks:10%
• InsuranceCompanies:2%
• Nominees/Custodians:1%
• Others:1%
Lastly, S&P affirmed Malaysia’s A-/Stable rating premised on its
expectations that the 1MDB issues and the upcoming change in
BNM leadership will not diminish the effectiveness of policymaking
either in the executive branch or at the central bank. S&P also
believes the government has taken sufficient offsetting measures
to compensate for lost hydrocarbon-related fiscal revenue. In
addition, the country’s strong external position and fairly diverse
economy can absorb some weakness in the oil and gas sector.
- by AmFunds Management Berhad
AmMetLife Oasis Islamic equity Fund Market reviewFeeder Fund: AmOasis Global Islamic equity Fund
Target Fund: Oasis Crescent Global equity Fund
The global economy continues to undergo a number of structural
changes, including those taking place in China, where the
government is pursuing a host of supply-side reforms. One
by-product of this is that China requires far smaller volumes
of raw commodities within its aggregate production process,
which has dealt a structural blow to prices across almost the
entire commodity complex. Emerging market economies that
have historically relied on commodity exports for the bulk of
their dollar earnings, or to prop up public budgets face even
further uncertainty. Adding a layer of complexity to the dynamic
economic climate are the various monetary policy divergences
across the so-called advanced economies. In the United States
(US), monetary policy has already begun to tighten, leading to
a stronger dollar which has played its own important role in the
suppression of global commodity prices.
However, overall global monetary conditions remain loose on
the back of further easing in Europe and Japan, and significant
capacity for government support in China should provide for a
continued orderly transition towards a consumer-led economy.
Furthermore, the US Federal Reserve’s monetary policy committee
is expected to follow a relatively shallow hiking cycle over the
medium term, which should offset some global growth pressures
in the near term.
- by AmFunds Management Berhad
AmMetLife Global emerging Market Fund Market review Feeder Fund: AmGlobal emerging Markets Opportunities
Fund
Target Fund: Schroders ISF Global emerging Market
Opportunities Fund
Global equities recorded negative returns over the one-year
period. Stronger economic data in the US, the first monthly asset
purchases in the Eurozone and further monetary policy easing in
Japan initially served to boost equity markets. In this environment,
speculation over the timing of a first Federal Reserve (Fed) rate
hike, which eventually took place in December 2015, dominated
news flow. However, positive sentiment gave way to volatile
returns from August 2015, initially owing to growth and policy
concerns in China and some heavy oil price declines. Uncertainty
was exacerbated by fears of a recession in the US, primarily due to
deterioration in the manufacturing sector. However, these fears
dissipated and global equities recouped some of their negative
returns as the European Central Bank announced a larger than
anticipated stimulus package, and expectations for further Fed
rate hikes were delayed, resulting in some dollar weakness.
Despite a rebound in February 2016 and March 2016, emerging
markets faced the headwind of a stronger US dollar and declining
commodity prices. The MSCI Emerging Markets (EMs) declined in
value and underperformed the MSCI World index.
Emerging EMEA markets in general held-up better than other
emerging market peers. Hungary posted a very strong gain, with
all three index stocks up sharply. Russia was the only other index
market to record a positive return, with Sberbank leading the
market higher amid hopes for further interest rate cuts. Turkey
finished in negative territory but outperformed. An indecisive
general election in June led to months of uncertainty and coalition
negotiations failed. The AKP won a second election in November
2015, which served to boost confidence. However, the country’s
large and poorly funded current account deficit contributed to
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
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significant volatility in both the currency and equity markets
amid expectations for a tightening of global interest rates.
Furthermore, Turkey’s decision to join the US-led coalition in Syria,
and the shooting down of a Russian warplane on its border with
Syria led to a sharp rise in geopolitical risk. The UAE and Qatar
were both firmly down, negatively impacted by the heavy decline
in energy prices through the period. The UAE outperformed,
with large index stock Emaar properties providing support,
whilst Qatar finished slightly behind the index. The small Czech
market finished largely in line with the benchmark as underlying
economic indicators remained relatively firm. Poland lagged.
Macroeconomic data in general was strong with politics the
main headwind. A surprise win for the opposition PiS candidate
in a May presidential election was followed by a PIS victory in
October 2015 parliamentary elections. Local equities sold-off as
polls shifted towards PIS, given the party’s plans for higher fiscal
spending, which were expected to be funded by sector specific
taxes and a higher budget deficit. South Africa underperformed,
with the country’s large current account causing some unease in
the face of expectations for tighter global liquidity, and the rand
experienced a sharp decline relative to the US dollar. Heightened
risk of a sovereign debt downgrade to non-investment grade
was a further headwind. In Egypt, security concerns weighed on
sentiment, notably the downing of a commercial airliner after
take-off from Sharm El Sheik airport, which has implications for
the tourist sector. Greece was the weakest index country, recording
a sharp drawdown. The Syriza government called a referendum
at the end of June and introduced capital controls after a bailout
deal could not be agreed with Eurogroup creditors. A third bailout
deal was finally agreed but this involves major concessions from
the Greek government. Furthermore, the imposition of capital
controls resulted in banks requiring a significant recapitalisation.
Latin American markets rallied sharply towards the end of the
period but all finished in negative territory. Mexico was the
most resilient, with momentum in the domestic economy aided
consumer stocks in particular. The more defensive Chilean market
also outperformed. Copper price declines and both tax and labour
market reforms were the key headwinds to absolute returns. Peru
finished ahead of the benchmark with large index stock Credicorp
providing support. During the period MSCI announced that it was
considering Peru for downgrade to its frontier market index, a
decision it delayed until June 2016. It was a relatively volatile
period for Brazilian equities and the real, which succumbed to
sizeable declines through much of the period, before staging
a major rally in March 2016. Underlying macroeconomic data
continued to deteriorate whilst the “lava jato” corruption
scandal, which emanated from Petrobras, engulfed politics. This
contributed to rising expectations that President Rousseff may be
impeached, a move which would likely deliver significant policy
change. Colombia performed broadly in line with the benchmark
but local equities registered significant negative returns. This was
primarily attributable to oil price weakness, given oil represents
a significant share of government revenues. That said, economic
indicators have not deteriorated as rapidly as forecast.
Emerging Asian equities returns tended to the weak side over the
period. Korea held up better than regional peers. The economy is
well placed to weather an environment of tighter global liquidity
given its large current account surplus position. Malaysia faced
the challenges of low oil prices and a political scandal centred on
the country’s prime minister. However, the market has recently
rebounded as corruption allegations have eased and the oil price
has shown some improvement. The Philippines outperformed,
with the country’s current account surplus proving supportive
in the prevailing environment. Indonesia came under pressure
earlier in the period. However, inflation eased, enabling the
central bank to cut interest rates, and concerns over tighter
liquidity diminished. In Thailand, the local market declined in
value, modestly underperforming. The growth outlook remained
subdued and the government took some measures to stimulate
the economy, largely focused around infrastructure investment.
Meanwhile the military remained in power and although martial
law was lifted in April 2015, a draft constitution was rejected,
meaning elections will likely be delayed. India underperformed
by a small margin as a recent rebound in commodities prices,
concerns over forthcoming public sector wage rises and a number
of pieces of disappointing macroeconomic data weighed on
sentiment. Moreover, delays to reforms, owing to the BJP’s lack of
a majority in the Upper House, weighed on sentiment. China was
the weakest regional market. After the liquidity driven rally early
in the period, the authorities sought to tame the market volatility
and a correction ensued, which then prompted further rounds
of interest and bank reserve ratio requirement cuts, as well as
the injection of liquidity into the banking sector, in an effort to
calm markets. Meanwhile the underlying economy showed signs
of deceleration, with Q4 GDP growth easing to 6.8% year-on-
year. An apparent and unexpected shift in currency policy led
to further risk aversion and foreign exchange reserves recorded
some substantial falls. After several months of uncertainty, the
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People’s Bank of China Governor Zhou commented that the
central bank was not seeking to devalue the Chinese yuan in
trade-weighted terms. Meanwhile, the authorities opened the
domestic bond market to foreign investors. This was perceived as
a positive step towards the further opening up of China’s capital
markets. The market recovered somewhat from mid-February as
stronger credit growth signaled policy support, although equities
closed firmly down in absolute terms.
- by AmFunds Management Berhad
AmMetLife Global Agribusiness Fund Market reviewFeeder Fund: AmGlobal Agribusiness Fund
Target Fund: dWS Global Agribusiness Fund
The sell-off in risk assets, currencies, and commodities that
occurred in the second half of 2015 and reached a low in January
2016 has started to revert since. Easing monetary policy in several
markets through Europe and Asia, in combination with tightening
policy in the U.S., had led to overall USD strength. These factors
and a more benign global demand environment put significant
pressure on many commodities. Crude oil fell below $30 a barrel
mid-January to the lowest levels since 2003 and has recovered to
above $40 since. That being said, agricultural grains and oilseeds
appear to have decoupled and did not participate in the recent
volatility. In fact, corn, soy and sugar prices are flat over one year.
Farmers continue to have visibility into growing demand for grains
and oilseeds given increasing protein consumption globally. The
OECD projects that global meat consumption will grow by an
annual rate of 1.4% through 2024, and at this point the absolute
consumption levels on a per capita basis for developing countries
will still be less than half of the developed markets. As the
demand for meat products grows, production of coarse grains
and soybean meal, which constitute the largest portions of feed
rations increases at a faster rate.
- by AmFunds Management Berhad
AmMetLife Precious Metals Fund Market reviewFeeder Fund: AmPrecious Metals Fund
Target Fund: dWS noor Precious Metals Securities Fund
Gold began to see meaningful appreciation during the month
of January 2016 as global economic uncertainty contributed
to heightened volatility in financial markets, pushing investors
toward safe haven assets, further underscored by the inflow of
capital to Gold ETFs. This was followed by an impressive February
2016 run as the metal logged double-digit gains and largely
held its ground through quarter-end. Gold is shining as a safe-
haven asset amidst global economic slowdown, financial market
instability, and currency debasement fueled by unprecedented
central bank action. Market expectation of a US Fed rate rise has
dropped significantly for most of 2016. Concerns remain over
US dollar strength and weak economic data out of China that
continues to point toward economic slowdown.
Global economic Concerns
Obstacles for further Fed rate hikes had already begun to appear
in January 2016 as currency distortion and QE uncertainty created
more questions than answers. Of note was the BOJ’s decision
to adopt a negative interest rate policy, which we interpreted
as another move to sterilize extraordinary currency flows and
currency market distortion as a consequence of QE.
During February 2016, we saw massive inflows to gold ETFs,
indicating to us that currency market distortion continues and
that QE has only served to exacerbate market conditions by
creating further uncertainty around central banks and their ability
to implement effective monetary policy. The BOJ’s sudden and
unexpected move was also short-lived as the market began to
reconsider competitive currency devaluation as well. This intended
weakening of the JPY lasted merely a day, at which point the JPY
resumed its appreciation to the USD, by almost 7% for the month
of February. In our opinion, this was highly significant because
it illustrates the unintended consequences and risk of persistent
and ineffective QE.
Gold held its ground in March 2016, finding support as a safe-
haven asset amidst financial market instability and currency
debasement fueled by unprecedented central bank action.
Underscoring our opinion that further Fed rate hikes would be
on hold due to associated upward pressure from higher yield
differentials on the USD, Janet Yellen reduced the number of rate
hikes from 4 down to 2 during the March 2016 FOMC meeting.
unintended effects of Qe linger
The counter-intuitive, and more importantly, unintended effects of
additional QE on currency markets are adding to market uncertainty
and skepticism around the efficacy of quantitative easing.
Given the magnitude of the QE that has been introduced over the
last 7 years, we maintain the view that gold is not a commodity
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
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AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
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but a currency. The year 2015 marked the advent of negative
interest rates. We maintain that while gold doesn’t pay you a
yield, it doesn’t charge you interest either. We cannot emphasize
enough the BOJ’s decision to adopt a negative interest rate
policy. We mentioned previously that we believed the negative
interest rate move was an attempt to sterilize extraordinary
currency flows and currency market distortion as a consequence
of QE. Subsequent and unintended appreciated of the JPY is an
illustration of a failed monetary strategy.
Another anomaly created by QE is the lack of growth. As
weaker than expected growth continues in the US, and as
global monetary policy continues to adopt more aggressive QE
measures, we believe that growth is likely to continue to weaken.
Capital flight from NON-OECD economies (like China) continue
to pull down global growth while persistent USD strength is likely
to further weigh on US GDP. We believe this continues to be
reflected in the 2YR-10YR spread, which continued to narrow by
about 19pts throughout February. As short-term rates rise from
the Fed hike, longer-term rates continue to drop amid weaker
growth expectations.
uSd strength persists
USD strength raises the cost of debt service for non-dollar
borrowers. Any further currency weakness to the USD, whether
due to relatively weaker growth or (in the case of Emerging
Markets) a combination of both weaker growth and capital flight,
would cause the risk of default to rise. As mentioned in our prior
monthly, there are some estimates (Bloomberg) that foreign
holders of dollar denominated debt have raised from 1.4 trillion
dollars 15 years ago to over 9.2 trillion today. Just as importantly,
commodity producers in the energy and metals and mining space
are beginning to default on debt.
Despite positive economic data coming from the US economy,
we believe that the US Fed has no choice but to postpone
further rate hikes due to the associated upward pressure that
already higher US yield differentials apply to the USD. The spread
between the US 10 year, Eur and Asia already heavily favor the
US. In our opinion, should the US continue to raise rates, the USD
would likely appreciate, exacerbating capital flight pressure while
also deteriorating the trade deficit.
elusive economic growth
In our view, economic growth in Japan, emerging markets, and
now Europe will likely remain elusive as rates have already been
very low with little to no growth to show for it. Should the USD
continue to strengthen due to high yield differentials, a reduction
in exports will weigh on lower than expected US GDP as a result?
USD strength typically benefits those countries that export goods
and services denominated in USD. The problem is the duration
of that trade. Should borrowing requirements of the exporting
nations not drop significantly enough, or if inflation starts to
materialize more significantly as a consequence of weaker
respective currencies to the USD, the all-too-often solution
by central banks tends to be capital controls, often expressed
through higher rates. The higher interest rate response is typically
implemented as a last resort, when the currency devaluation gets
out of control.
Unfortunately we’ve seen this before, especially in emerging
markets, the rate rise intended to cap further currency weakness
exacerbates an economic slow-down that the weaker currency
was originally trying to offset. If the country is a commodity
producing nation like Russia, growth is hit twice, first by the
higher rate, and second by the falling commodity price.
Contributors to the performance of the fund: The following Gold
and PGM equities contributed positively to performance: Sibanye
Gold Ltd. (4.59% of the fund) up 165.50%, Randgold Resources
Limited (9.68% of the fund) up 50.96%, and Goldcorp Inc.
(9.47% of the fund) up 42.14%.
Detractors to the performance of the fund: The following Gold
and PGM equities detracted from performance: B2Gold Corp.
(0.44% of the fund) down -27.43%, Alamos Gold Inc. (0.15%
of the fund) down -3.96%, and AuRico Metals Inc (0.11% of the
fund) up 34.24%.
- by AmFunds Management Berhad
AmMetLife Tactical Bond Fund Market reviewTarget Fund: AmTactical Bond Fund
In April 2015, trade, growth and economic activity numbers while
still somewhat mixed, showed early signs of improvement in the
region. At the same time, central bank and policy action was
more diverse in the month of April 2015 versus a general regional
dovishness in March 2015. In Malaysia, exports contracted for a
second month in a row with Feb 2015 print at -9.7%YoY (Jan
2015: -0.6%YoY). The weakness in exports was broad-based
major trading partners with contraction year-on-year, in 7 out of
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Investment Market review (Cont’d)
the top 9. For the remaining 2 trading partners, exports grew at
a significantly lower pace to the US (Feb 2015: 8.2%YoY, Jan
2015: 18.1%) and Thailand (Feb 2015: 0.1%YoY, Jan 2015:
12.5%YoY). In terms of goods categories, the weakness was
also broad-based, in particular Crude Petroleum (Feb 2015:
-20.9%YoY, Jan 2015: 6.0%YoY) and Liquefied Neutral Gas
(“LNG”) (Feb 2015: -13.8%YoY, Jan 2015: -0.1%YoY). Imports
rebounded but was still weak at 0.4% for Feb 2015 (Jan 2015:
-5.2%), with the composition largely unchanged at 60.3% for
Intermediate Goods, 14.2% for Capital Goods and 8.1% for
Consumer Goods. Trade balance ended at RM4.52billion for Feb
2015 (consensus expectation: RM8.50billion, revised Jan 2015:
RM8.96billion).
In May 2015, activity data in the region was mixed but export
data saw improvement in many markets. In Malaysia, GDP
growth proved resilient with the print for1Q2015 at 5.6%YoY
(expectation: 5.5%, revised 4Q2014: 5.8%YoY). The growth
was supported by Private Spending at 8.8%YoY (4Q2014:
7.6%YoY) and Investment at 7.9%YoY (4Q2014: 4.3%YoY) but
the Export sector was weak at - 0.6%YoY (4Q2014: +1.9%YoY).
However, 2Q2015 GDP growth is expected to be lower due to
GST implementation (effective 1 Apr 2015) that is expected to
dampen Private Spending.
In June 2015, activity data in the region remains mixed skewing
towards weakness, at the same time export data disappointed
in many markets led by weaker electrical & electrical sector and
also lower crude oil and petroleum product prices. In Malaysia,
industrial production was subdued in Apr 2015 at 4.0%YoY
but only slightly below market expectation of 4.5%YoY (revised
Mar 2015: 7.1%YoY). The underlying data showed weaker
mining (Apr 2015: 3.9%YoY, Mar 2015: 9.9%YoY) due to the
drop in natural gas production and also weaker manufacturing
at 4.1%YoY (Mar 2015: 6.3%YoY) with electrical & electronic
products decelerated to 4.0%YoY (Mar 2015: 13.0%YoY) but
offset by rebound in food, beverages & tobacco to +5.5%YoY
(Mar 2015: -4.9%YoY).
In July 2015, data released show activity data in the region remains
mixed skewing towards weakness, at the same time export data
disappointed in many markets still led by weaker electrical &
electrical sector (though there are some notable exceptions such
as Singapore) and also lower crude oil and petroleum product
prices. Negative pressure on currencies (manifested in lower
forex reserves) is also rising in the region, as expectations US Fed
hike later this year are crystalising. In Malaysia, inflation picks-up
further in Jun 2015 with CPI growth at 2.5%YoY (expectation:
2.4%YoY, May 2015: 2.1%YoY), as broad based price increase
in GST-related CPI components were roughly unchanged, while
fuel-related deflation is waning (transport Jun 2015: -1.4%YoY
vs -4.7%YoY and -4.8%YoY in May and Apr 2015, respectively).
Foreign reserves weakened to just above the psychological
USD100b level (Jun 2015: USD100.5b, May 2015: USD105.5b).
The fall in reserves is a seen as a sign of currency pressure and
government intervention in the forex market.
In August 2015, the month continues to show export data
disappointing in many markets still led by weaker electrical &
electrical sector (though there are some notable exceptions such as
Singapore) and also lower crude oil and petroleum product prices.
At the same time, activity data in the region skewing towards
weakness. The month saw major capital market turmoil with heavy
negative pressure on Asia Pacific currencies and assets sparked
by China’s policy move to devalue the yuan and still continuing
cycle of economic stimulus and capital market stabilising moves.
In Malaysia, Malaysia reported its 2Q15 GDP where the economy
grew by a better than expected 4.9% YoY (Consensus: 4.5%). The
slowdown in 2Q15 growth from the 5.6% in 1Q15 was largely
expected due to the effect from the implementation of GST
beginning April. Despite the pre-emptive boost in consumption
in 1Q15 as a result of the GST, private consumption continue to
hold steady at 6.4% in 2Q15 with normalization expected in the
coming quarters. Meanwhile, Malaysia’s current surplus came in
at a relatively healthy RM7.7billion or 2.7% of GDP. On currency,
Malaysia’s ringgit plunging to as low as RM4.30 per USD, the
lowest since 1998. The plunge was largely in line with regional
currencies but more apparent for the Ringgit due to concerns
that the authorities are running out of ammunitions to defend
its currency amid shrinking reserves, slumping oil prices, an
unexpected yuan devaluation and a political scandal. Amidst the
gloom and worries of a return of some form of capital control
and a Ringgit peg, both the Central Bank Governor as well as
the Prime Minister reaffirmed Malaysia’s commitment not to re-
introduce a Ringgit peg nor capital controls. The Government
also reaffirmed its view that the current MYR level is not reflective
of the country’s sound fundamentals which includes sustained
positive growth momentum, a diversified economy, continued
trade and current account surpluses as well as a healthy and
resilient banking system.
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In September 2015, export data disappointing in many markets
but with some glimmers of possible improvement in coming
months, with improvement industrial activity and higher imports
in markets such as India, Malaysia and to some extent Indonesia.
In Malaysia, August 2015 Purchasing Managers Index (“PMI”)
at 47.2points (July 2015: 47.7points) indicated contraction
a fifth month in-a-row attributed by economists to weak
domestic rather than external demand. At the same time, data
for July 2015 still showed a promising picture of trade with an
improvement in imports at 5.9%YoY (expectation: -0.8%YoY,
June 2015: -1.5% Year-Over-Year (“YoY”) that bodes well
for future exports given the continued large composition of
intermediate and capital goods in the measure. At the same time
exports moderated but continued to grow at 3.5%YoY for July
2015 (expectation: 3.2%YoY, June 2015: 5.0%YoY), with trade
narrowing but still in surplus at +RM2.38billion for July 2015
(expectation: RM6.30billion, June 2015: RM7.98billion). During
the month Malaysia’s foreign reserves actually saw marginal
increase at USD95.7billion at 28 August 2015 (14 August 2015:
USD94.5billion) and USD95.3billion at 15 September 2015, as
the MYR continued weaken significantly during the month
(USDMYR: 4.4570 @ 29 September 2015 versus 4.1925 @ 31
August 2015). The increase in foreign reserves suggests the
central bank refraining from intervention during this period or
alternatively the repatriation of funds by Government-linked
Corporations (“GLCs”).
In October 2015, export data continues to disappoint in many
markets but with Malaysia being the notable exception while in
India there is some glimmer of possible improvement in coming
months, with improvement industrial activity. However, the
overriding theme of the data in the month is one of domestic
weakness, likely due to the weak external sector beginning to
wear down the previously resilient of consumer demand in the
region. In Malaysia, trade figures continue to beat expectations
with Exports for August 2015 growing 4.1%YoY (expectation:
1.3%YoY revised July 2015: 3.4%YoY) signaling a potential
U-shaped recovery in the external sector. Better exports came
from metal products at 41.7%YoY (July 2015: 37.0%YoY),
electrical & electronics at 16.7%YoY (July 2015: 12.1%YoY) and
machinery & appliances at 12.3%YoY (July 2015: 23.3%YoY).
Risks to recovery remain from a weaker than expected growth
in China. Imports fell sharply in August 2015 at - 6.1%YoY (July
2015: 5.9%YoY), mainly due to lower petrochemicals and crude
oil imports. It is a reversal of a jump in imports in July and remains
in 2-month zig-zag pattern signaling a 2-month order period for
Malaysian manufacturers.
In November 2015, Gross Domestic Product (“GDP”) numbers
for the 3rd quarter of 2015 released across the region showed
resilience in growth in large part due to more competent
economic management by financial and economic authorities.
However, there is a general trend of weakening in domestic
demand as fiscal consolidation measures coupled with still
weak external sector beginning to take its toll. In Malaysia, the
central bank left the policy rate unchanged at 3.25% for an
eighth consecutive bi-monthly meeting. The stance taken by
Bank Negara in its Monetary Policy Statement (“MPS”) remains
neutral with a slight dovish bias. The MPS stated that “at the
current level of the Overnight Policy Rate (“OPR”), the stance
of monetary policy remains accommodative and supportive
of economic activity”, but the Monetary Policy Committee
(“MPC”) recognises “that there are heightened risks in the global
economic and financial environment”. GDP for 3Q 2015 printed
at 4.7%YoY, moderating from growth of 4.9%YoY in 2Q 2015,
but within consensus expectation. The lower growth in 3Q 2015
was largely anticipated and mainly due to weaker consumer
spending following various prices hikes in the quarter and also
to lower government spending in line with the government’s
continued commitment to fiscal consolidation. From the supply-
side perspective, the data shows that the construction sector
provided most of the growth in the quarter.
In December 2015, PMI and Industrial Production (“IP”) numbers
for October and November 2015 mainly showed contraction. The
contractions were mainly due to weaker domestic demand with
most countries in the region continuing to show export resilience.
In Malaysia, IP was lower at 4.2% in October from 5.1% in
September, due to lower activity in the Mining sector at -1.4% YoY
(September: +4.4% YoY), while Manufacturing and Electricity was
higher at +6.2% YoY (September: +5.6% YoY) and +4.3% YoY
(September: +2.6% YoY) respectively, moderating the drag from
weaker Mining. PMI numbers showed contraction in economic
activity for a 9th month in-a-row at 48.0pts for December 2015
(Nov 2015: 47.0points). There was a slight rebound in the index
with new export orders marginally expanding, but overall new
orders remained in contraction dragged down by the domestic
sector. Inflation for Nov 2015 with Consumer Price Index (“CPI”)
at 2.6%YoY is higher than market expectation but only slightly
higher than the previous month (expectation: 2.3%YoY, October
20
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Investment Market review (Cont’d)
2015: 2.5%YoY). Higher alcohol & tobacco prices at 20.7%YoY
(September 2015: 13.3%) with contribution of 2.17% to the
index, offset slower food inflation at 4.1%YoY (September 2015:
4.7%YoY) with contribution of 30.33% to the index.
In January 2016, data from the region was mixed with the
general theme being lower inflation pressure from falling global
crude oil prices and the interrelated factor of global demand
weakness negatively impacting the exports sector. In Malaysia,
PMI numbers showed contraction in economic activity for a
9th month in-a-row at 48.0pts for December 2015 (November
2015: 47.0points). There was a slight rebound in the index with
new export orders marginally expanding, but overall new orders
remained in contraction dragged down by the domestic sector.
There was export weakness in November 2015 at 6.3%YoY
(expectation: 12.0%YoY, October 2015: 16.7%YoY). Weakness
in exports was pretty broad-based, with sharply lower growth in
shipments of electrical and electronics (+0.6%YoY in November
vs. +22.7%YoY in October), chemicals and chemical products
(+5.7% vs. +18.4%), machinery appliances (+17.4% vs. +55%),
rubber products (+12.9% vs. +25.7%), optical and scientific
equipment (+16.4% vs. +37.4%), and manufactures of metal
(+56.6% vs. +120%). Exports of Liquefied Neutral Gas (“LNG”)
also contracted more than the previous month (-20.5% vs.
-16.1%) while the pace of shrinking in crude oil eased (-2.6%
vs. -8.7%). Import growth rebounded at 9.1%YoY for November
2015 (expectation: 12.0%, revised October 2015: -0.4%YoY)
led by higher growth of consumption imports (+43.8%YoY) and
slight growth in intermediate imports (1.4%YoY) which helped
to offset the slowdown in imports of capital goods (+2%YoY).
As a consequence, trade balance narrowed but remained in large
surplus at RM10.24billion (expectation: RM12.00billion, revised
October 2015: RM12.17billion) with imports remaining well
below exports in absolute terms.
In February 2016, full-year GDP readings are being released and
generally indicate continued resilience of the region surprising
market expectations but with continued signs of weakness
in the data. The general theme for the region continues to be
lower inflation pressure from falling global crude oil prices and
the interrelated factor of global demand weakness negatively
impacting the exports sector, as well as signs of domestic
demand weakness. In Malaysia, reflecting the still sluggish global
economic outlook, exports for December 2015 decelerated
markedly at 1.4%YoY versus market expectation of 4.1%YoY
and a clear disappointment after the promising spike in October
2015 to 16.7YoY and a major drop from 6.3% in November
2015. Imports growth also decelerated at 3.2%YoY (expectation:
4.1%YoY, November 2015: 9.1%YoY) reflecting the multiple
factors of MYR weakness, lower commodities prices, and
possibly weakening domestic demand. Overall, trade surplus
narrowed to RM7.99billion (November 2015: RM10.24billion).
However, MYR weakness in 2H2015 helped lift full-year trade
surplus to RM94.3billion for the year versus RM82.5billion in
2014. Malaysia’s 4Q2015 GDP printed at 4.5% YoY, beating
strongly market expectation of 4.1% YoY but moderating from
4.7% YoY in 3Q2015. Full-year 2015 GDP works out to be
5.0% and beating market expectation of a 4.9% reading, while
also coming within official government’s estimate of 4.5-5.5%
(estimate for 2016 GDP is 4.0-4.5%). From the expenditure-
based perspective, the strong 4Q growth was driven by a) better
than expected exports at 3.7% YoY (3Q2015: 3.2%YoY), as well
as b) still resilient private consumption at 4.9%YoY (3Q2015:
4.1%YoY) offsetting weakness in investment spending in the
quarter at 2.8%YoY (3Q2015: 4.2%YoY). While GDP growth has
surprised expectations, QoQ, growth momentum is waning in
2015 versus 2014 and expected continued challenges of weak
commodity prices and weak consumer sentiment weigh on the
2016 growth outlook. Fitch has affirmed Malaysia’s rating at A-/
Stable on 23 February 2016, citing fiscal discipline and stabilizing
macroeconomic conditions despite falling global crude oil prices.
Fitch viewed the macroeconomic assumptions as “broadly
realistic” with oil price estimated at USD30–35/ barrel (“bbl”) and
GDP growth forecast at 4–4.5%
- by AmFunds Management Berhad
AmMetLife Asia Pacific reITS Fund Market reviewTarget Fund: AmAsia Pacific reITS Fund
In July, Yellen reiterated the Fed being on track to raise rates this
year while US initial jobless claims fell to the lowest level since
Nov 1973. This caused long term interest rates in Japan and the
US to rise sharply. A distribution of 1.8 cents was paid in August.
Volatility from the impending Fed rate decision mid-September
worsened with the RMB devaluation. Regional REITS were not
spared in the global selling rout. However, a rebound in equities
at the end of the month helped reduce negative performances.
Central banks in Norway, Taiwan, Hungary and India cut interest
rates during the month of September. The US Fed did not raise
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
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interest rates as expected although Yellen reiterated they are on
course to hike later this year. Chinese industrial company profits
declined 8.8% YoY. However, Tokyo August 2015 office vacancies
fell to 4.72%, Australia home price index +9.8% YoY and foreign
visitors to Japan in August +63.8% YoY (with Chinese visitors
+133% YoY).
In October, China cut its reserve rate for the 6th time by 25bps;
Bank of Japan left its monetary policy framework unchanged.
The Japan Real Estate Investment Trust (“REIT”) index +3.3%
on rising investor risk appetite; the Australia REIT index +5.0%
as REITS with a retail focus performed on strong specialty sales
while Singapore REITS +3.3% as sentiment on China recovered
and investors chased depressed valuations.
Japan fell back into a technical recession in November while
Australian building approvals +24.1%. Despite the less
than encouraging macro data, the Japan REIT index +1.6%,
outperforming the broader index as well as the real estate index.
The Australia REIT index -2.9%, Singapore REITS -4.0% although
most REITS had reported 3Q15 earnings growth which was in line
with expectations at +6.0% YoY and +2% qoq.
The US Federal Reserve finally commenced its interest rate hike
cycle, starting with a 25bps increase mid-December 2015. Oil
prices hit an 11-year low during the month at USD36.05 per
barrel while the Bank of Japan doubled its limit on REIT purchases
from 5% to 10%. The Japan REIT index -0.3%; Australia REITS
drove portfolio performance with the REIT index +2.4% whilst
Singapore REITS +0.3%.
China reported Gross Domestic Product (“GDP”) +6.8% came in
slightly lower than the forecast of +6.9% in January 2016. In the
same month, Japan announced a negative interest rate strategy.
Australia REITS +1.1% on 10 year bond yields compressing 20bps.
Japan REITS +1.9%, boosted by Bank of Japan (“BOJ”) buying as
well as its announcement. Singapore REITS 4Q15 results - large
cap industrial REITS, suburban retail and office landlords sustained
single-digit positive rental reversions; hospitality continued to
disappoint with challenges from oversupply.
In February 2016, China surprised the market with a 50bps Reserve
Requirement Ratio (“RRR”) cut at month end. Japan’s negative
interest rate policy did not deter the Yen from appreciating 6.5%.
Saudi Arabia announced a freeze on oil output. During the
month, Australia REITS +2.0%; Japan REITS +5.2%, Singapore
REITS +4.5%.
AmAsia Pacific REITS +3.48% in Apr 2016 vs. the benchmark
+5.10%. Equity weighting was 84.0%; running yield was 5.1%.
Japanese Yen hit a high against the USD with investors using it
as a haven asset. Crude oil +20% to USD46/bbl. An earthquake
on Kyushu Island, Japan was the strongest in 5 years. Australia
REITS +4.3%. Japan REITS +1.7%, hospitality REITS saw some
correction due to the earthquake. Singapore REITS +1.6%,
reporting 1QCY16 results. Most REITS in the portfolio reporting
stable financials and operational statistics.
- by AmFunds Management Berhad
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Investment Outlook
AMMeTLIFe InSurAnCe BerHAd InveSTMenT-LInked FundS | AnnuAL rePOrT
For the Financial Year Ended 31 March 2016
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For the Financial Year Ended 31 March 2016
Investment Outlook
AmMetLife equity Fund, Balanced Fund, dana Teguh, dividend Fund, Bond Fund
equity Market Outlook
uS
As we move into 2016, we see a modest global growth of 2.5%,
similar to 2015. While we believe that there is still positive earnings
growth in the US, consensus expectation of 8% might be too
optimistic. US non-financial margins have been coming under
pressure since mid-2014 as tailwinds from muted wage growth
and low interest rates are turning into headwinds, coupled with
a strengthening USD.
Wage growth has been quite muted in this recovery. However,
majority of market observers are suggesting that the economy
is moving closer to full capacity (expected at 4–4.5%). With
unemployment rate falling towards cycle lows, employment
growth of 2% and wage growths rising around 0.5% from its
trough towards 2.5%, profit margins are more likely to fall. This
would present a challenging environment for earnings growth
unless top line growth continues to exceed mid-single digit.
Federal Reserve Chair Janet Yellen hiked rates by 25 bps and
basically delivered a four-pronged message;
• The economy is performing well and on the path of
sustainable improvement
• Reasonably confident that inflation will rise over the
medium term
• Thepaceoffuturerate increasewillbegradualanddata
dependent (forecasted at 1.375% by end 2016)
• Emphasized that gradual does not mean mechanical –
evenly timed, equally sized rate hike
Rate hikes are meant to create room for easing into the next
recession but not to control inflation as it will be muted.
Fundamentally, we believe that rate hikes make little difference
to the equity market as the current average debt duration of S&P
500 companies is 9.9 years and 85% of companies have fixed
rate debt. It is the emotional aspect of subsequent hikes that will
affect equity performance as valuations are rich.
Historically, higher rates don’t necessarily result in negative
equity returns. It depends on valuations and the strength of the
economic recovery. We still expect market volatility as investors
decide on whether US have entered into a sustained and stable
economic recovery, strong enough to maintain earnings growth
to justify the rich valuation.
europe
We maintain our view to overweight Europe (on a relative basis)
based on a growth-policy that is equity supportive. M1 continues
to point to resilient economic activities while the composite PMI is
healthy at 54.2, despite the tough market environment.
While we are aware that valuations have risen and there isn’t
much room for multiple expansion, earnings outlook from
a brighter macro environment provides better upside in the
developed market space. Low oil prices, a dovish ECB and a
weaker euro will continue to create tailwinds for the economy.
The key reason why composite PMI has held up well is because
of pent-up domestic demand. Domestic demand has been the
major source of growth which has made the region more resilient
against external headwinds. Moreover, household savings ratio at
20.4% versus 5.6% in US is already high; therefore consumers
theoretically do not need to save the gains from the fall in oil prices.
With 75% of lending done via the banking system, the improvement
in the credit transmission mechanism has definitely helped the
domestic demand recovery. We believe that loan growth should
continue and banks risk appetite to lending will improve.
China
Growth will continue to face downward pressures going into
2016. Despite the rate cut of 150 bps since end 2014, credit
growth has been disappointing due to banks’ cautiousness
arising from stressed assets and the crackdown on corruption.
Consumer/services sector and disruptive technological sectors
have done well while the old economy is facing a value trap.
We still expect lower rates to help minimize the downside risk
as the government tries to rebalance the economy towards a
consumption spending nation. The good news is that November’s
macro data suggest some stabilization but we await more data
points to change our underweight position.
Earnings have been downgraded for 2 years in a row, caused
by weak energy/material prices, soft retail sales and negative
residential sales. We believe that low base effects will kick in for
2016 and growth sectors include IT, financial services, healthcare,
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
25
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
environmental plays and property. However, valuations are above
mean and hence, there is little room for missteps going forward.
Malaysia
While we believe it will be a challenging year in 2016, there are
certain bright spots looming in the horizon. We suspect that
the Malaysian Ringgit might have found a base unless oil prices
weaken further from USD35 – USD40 per barrel. Sentiment in the
Malaysian Ringgit might improve with:
• Theresolutionofissuessurrounding1MDB
• Sustainedcurrentaccountsurplus
• China’sinvestmentsintoMalaysia
Malaysia’s economic challenges are numerous and would require
fundamental restructuring. Consumer confidence is low and
domestic demand growth prospects is not encouraging at the
moment due to GST and rising job layoffs. The consumer also
faces a period of reduced spending due to high household debts.
Coupled with the potential risk of rising sovereign contingent
liability realization and reputational damage arising from events
surrounding 1MDB, we turn more cautious over the near term.
Fixed Income Market OutlookGlobal bond markets are expected to continue to perform strongly
on the back of Janet Yellen’s relatively dovish speech where she
spelled out what the US Federal Reserve (“Fed”) need to see
before conditions are met for future rate hikes. Furthermore, she
continues to stress on the Fed’s data dependence stance and the
importance for interest rates to be raised at a cautious pace. This
resulted in a broad strengthening of Emerging Market currencies
as well as other risk assets.
On the local front, domestic issues that have weighed on the
economy over the past year such as the weak Ringgit, soft global
commodity prices and declining global oil price has somewhat
dissipated amidst expectations of a slower Fed rate hike as well as
stabilization in global commodity prices especially crude oil price.
- by AmFunds Management Berhad
AmMetLife Oasis Islamic equity Fund Market OutlookFeeder Fund: AmOasis Global Islamic equity Fund
Target Fund: Oasis Crescent Global equity Fund
Global equity markets have remained volatile over the year due
to continued growth concerns in developing economies and
potential monetary policy normalization in the US. However,
global growth uncertainty has likely resulted in the US Fed
being more cautious about the speed and timing of interest rate
increases while at the same time the European Central Bank
(ECB) and Bank of Japan (BoJ) have continued to pump liquidity
into the system, resulting in equity markets bouncing back from
their lows. In our view, the volatility during the earlier part of the
year has been a reminder of the abnormal liquidity conditions
that are currently present and the potential increase in volatility as
monetary conditions eventually normalize. We believe investors
have started to become more cognizant of risk, which is evident
from the widening of credit spreads – particularly those of high
yield bonds. Companies which do not have healthy balance
sheets or strong cash flows have started to witness pressure on
both cost and availability of funding. These dynamics emphasize
the importance of investing in companies with strong competitive
advantages, healthy balance sheets and the ability to generate
sustainable cash flows and return on equity (ROE) through the
economic cycle.
Over the short to medium term, the equity risk premium remains
elevated across global equity markets due to abnormally low bond
yields which are providing support to equity valuations. However,
we need to be cognizant that record low bond yields (in some
cases even negative bond yields) are unlikely to sustain over the
long-term. With equity markets already trading relatively in line
with their long-term average valuations and liquidity conditions
likely to eventually tighten, equity markets are likely to remain
volatile. Given this backdrop, the market should start showing
even greater distinction between high quality and low quality
companies. Given that we are at the very beginning of the cycle
where cost and availability of funding are both getting tougher,
especially for poorer quality companies, we have continued
to ensure that the companies in our portfolios have strong
competitive advantages and the ability to deliver sustainably
strong cash flows and ROE through the economic cycle. These
companies have strong balance sheets and significantly higher
free cash flow yields than the market, ensuring their sustainability
during tough times while having the ability to consistently return
cash to shareholders through dividends and share repurchases.
The strong balance sheets also provide very valuable optionality
of being able to take advantage of distressed assets during tough
market conditions.
- by AmFunds Management Berhad
26
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Investment Outlook (Cont’d)
AmMetLife Global emerging Market Fund Market Outlook Feeder Fund: AmGlobal emerging Markets Opportunities
Fund
Target Fund: Schroders ISF Global emerging Market
Opportunities Fund
Since 20 January 2016, the MSCI Emerging Markets (EMs) Index
has returned 20% and outperformed developed markets by 9%
provoking debate as to whether this is the start of a more sustained
move higher by EMs. Recent strong stock market performance
has primarily been driven by US dollar weakness, with the dollar
depreciating year-to-date by around 6% on a trade-weighted
basis. This in turn has contributed to a recovery in commodity
prices. The result has been significant market rotation, with those
markets perceived most vulnerable to a withdrawal of global US
dollar liquidity among the strongest performers, together with
several commodity producers. However, the longevity of the rally
looks questionable. Global growth and hence trade demand
continues to be lackluster. EM’s earnings growth in US dollar terms,
which is related to the outlook for the US dollar and China given
strong trade ties, is yet to show any strong signs of improvement.
The nature of the recent market rally is also not convincing and
has several hallmarks of a bear market rally. The more cyclical
materials and energy sectors have outperformed and low quality,
weak growth stocks have, generally speaking, been among
the strongest performers. So there has been a sharp reversal of
the quality/growth trade which has dominated in recent years,
despite little change in the underlying macroeconomic backdrop.
Relentless negative sentiment towards EMs and attractive
valuations, particularly in relative terms, mean EMs could continue
to outperform developed peers but we are skeptical that this is
the start of a sustained move higher in absolute returns. With this
in mind, our portfolio characteristics are broadly unchanged and
we maintain a somewhat cautious stance.
Our core markets at the start of March 2016 are Brazil, China,
Hungary, Russia, South Korea, and Turkey.
In Brazil, economic fundamentals continue to deteriorate but
valuations are reasonable and expectations for political/policy
change have increased. In China, valuations and growth are
reasonable whilst policy is supportive, despite some ongoing
currency concerns. The macroeconomic environment in Hungary
continues to be firm whilst we have identified a strong stock
opportunity. South Korea has a robust current account position
and the market offers attractive valuations, despite some earnings
risk. In Russia, although geopolitical concerns are ongoing and
there is some earnings risk, valuations are cheap and there are
signs of some stabilisation in economic data. Turkey’s economy is
susceptible to tighter global liquidity whilst the policy/geopolitical
risks remain. However, earnings and valuations are attractive.
We are currently also finding strong bottom-up ideas in the non-
core markets, notably Taiwan, India and Mexico but also Georgia,
Pakistan and Kuwait.
- by AmFunds Management Berhad
AmMetLife Global Agribusiness Fund Market Outlook Feeder Fund: AmGlobal Agribusiness Fund
Target Fund: dWS Global Agribusiness Fund
The confluence of several factors has impacted performance
of the equities in the strategy in recent months; however, that
has not changed the attractiveness of the agribusiness category.
According to the FAO, global trade in food has grown almost
threefold in value over the past decade, and rates of growth
are projected to continue to rise, with some regions becoming
increasing net exporters and others increasing net importers. By
2050 the world’s population may reach 9.7 billion, urbanization
will likely have accelerated dramatically, and these consumers will
demand higher caloric foods. To match this demand, significant
investments still need to be made. We believe that the temporary
dislocation in the markets provide an attractive opportunity to
invest in the global agri-value chain.
Overall, the decline in nutrient pricing has now more than offset the lower commodity prices and farm input affordability is back in-line with historical averages. Globally, farmers are also benefiting from reduced land rental rates as well as lower electricity, gas, and oil inputs, providing further cost structure relief. In contrast to many of the companies in the basic materials sector, the agribusiness value-chain has retained a strong balance sheet, and capital projects are either completed or nearing completion lowering the aggregate cost of production for these enterprises. Supply discipline could be observed during the last quarter of 2015 for all nutrients. Furthermore, a substitute for these yield enhancing nutrients is yet to be created, and a lack of application will result in lower production. Similar to 2015 we expect that the managements of these businesses will return more capital to shareholders through buybacks and dividends, as they see this period of lower prices as temporary. Additionally, we expect further industry consolidation as many companies are trading at bottom-of-the-cycle valuations attracting corporate and financial interest.
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
27
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Supply chain managers should start to benefit from the opening
of the Argentinian market and several climate dislocations that
are currently impacting crop growing (Brazil, South Africa).
Despite historically higher valuation in the downstream segment
of our value chain, we have identified interesting companies that
either is in cost cutting mode or in the midst of product portfolio
restructuring or stable growing interesting new food categories.
Emerging markets became much more competitive which is
positive for the agribusiness theme but might cause short term
growth slowdown for some food multinationals.
Stability in crop prices and lower energy has improved prospective
returns for farmers in 2016. Farmers are also benefiting from
lower nutrient inputs following delayed purchases in the fall
application season. As a result, we continue to expect strong
planting globally. If farmers are going to plant it requires, at a
minimum, the purchase of seeds and the application of some
nutrients and chemicals. We believe that as spring demand picks
up during April and May 2016 to more normal levels. We could
see an improvement in the prices for several of the agricultural
inputs, which may also provide a catalyst for the nutrient equities.
Furthermore lower oil and diesel prices help to bring down cost on
the farm level and increase affordability to buy non-discretionary
input. More recently we observed a demand increase followed
by price increases for nutrients. We would expect that trend to
continue during 2016.
- by AmFunds Management Berhad
AmMetLife Precious Metals Fund Market OutlookFeeder Fund: AmPrecious Metals Fund
Target Fund: dWS noor Precious Metals Securities Fund
We expect investor demand for gold to resume as risk aversion
increases. As we have said in the past, the only thing that has
been growing steadily since the global financial crisis has been
debt. In order to efficiently pay down debt, both growth and
inflation are required; both have proven quite elusive despite
massive amounts of QE. We remain convinced that the US Fed
may want to continue to raise rates, but will most likely be unable
to do so and will have to delay further rate hikes. There is a one
way trade to the USD which is eroding the balance of payments
of the US, and weighing on GDP. With mounting debt and elusive
growth, we remain positive on Gold and believe it has further
upside as a safe-haven asset.
Gold and precious metals equities are continuing to benefit not
only from the gold price finding support, but also due to falling
input costs and currency tailwinds. We believe that more prudent
capital deployment and increased operating efficiency will lead
to the long-anticipated earnings leverage and positive ROIC for
precious metal equity investors. We believe this will result in a re-
rating of the gold and precious metals equity sector. We believe
that such a re-rating will result in an expansion of the Sharia
compliant universe providing greater selection and diversification
benefit for the DWS Noor Gold and Precious Metals Fund. We
also believe in this environment, headwinds to gold created by
extraordinary USD strength will eventually become tailwinds
to gold and subsequently gold equities. This will also serve to
enhance the overall selection of Sharia compliant gold and
precious metal equities.
- by AmFunds Management Berhad
AmMetLife Tactical Bond Fund Market OutlookTarget Fund: AmTactical Bond Fund
Global bond markets continue to perform strongly on the back of
Janet Yellen’s relatively dovish speech where she spelled out what the
US Federal Reserve (“Fed”) need to see before conditions are met for
future rate hikes. Furthermore, she continues to stress on the Fed’s
data dependence stance and the importance for interest rates to be
raised at a cautious pace. This resulted in a broad strengthening of
Emerging Market currencies as well as other risk assets.
On the local front, domestic issues that have weighed on the
economy over the past year such as the weak Ringgit, soft global
commodity prices and declining global oil price has somewhat
dissipated amidst expectations of a slower Fed rate hike as well
as stabilization in global commodity prices especially crude oil
price. The current backdrop is expected to sustain in the near
term with market expecting the Ringgit to hover around 3.80 –
3.90 to the US Dollar. The overall improvement in risk sentiment
is expected to benefit the local bond market with yields having
declined significantly across the board over the past two weeks.
With the domestic economy expected to grow at a slower pace of
4.0 – 4.5% in 2016 coupled with expectations of well contained
inflationary environment, BNM is expected to maintain its current
accommodative monetary policy stance. Given as such, the
Overnight Policy Rate (“OPR”) is likely to remain at its current rate
of 3.25% for 2016. Nevertheless, should the domestic economic
activity and external growth outlook deteriorate significantly and
28
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Investment Outlook (Cont’d)
more than expected, then we believe there is room for BNM to
cut the OPR to support domestic growth
- by AmFunds Management Berhad
AmMetLife Asia Pacific reITS Fund Market OutlookTarget Fund: AmAsia Pacific reITS FundGlobal earnings expectations are bottoming but profit growth looks to be lackluster. This is underpinned by a negative and falling OECD leading indicator. As concerning as this may be, the rate of deterioration is mild and points to a sub-trend growth rate over the next 2 quarters. US private sector credit growth has grown in the past 5 years while job gains have been robust and wages strengthening. Recent USD weakness will also contribute to manufacturing PMI improvements even as the negative drag from capital expenditure resulting from weak oil prices diminishes.
The market has priced in the US Fed’s more dovish stance,
assuming that there will be at the very best 2 rate hikes by year-
end. The RBA cut interest rates in early May following a weak
economic data print.
A rising tide lifts all boats and we see this as the case in Australia
and Japan, where, as articulated before, a low interest rate
environment will continue to drive demand for yield, causing
yield compression. However, we remain discerning where quality
is concerned. Thus we continue to monitor reporting season in
Singapore and operational updates in Australia for confirmation
or revision to the strategy, if need be.
- by AmFunds Management Berhad
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Investment Strategy
AMMeTLIFe InSurAnCe BerHAd InveSTMenT-LInked FundS | AnnuAL rePOrT
For the Financial Year Ended 31 March 2016
30
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Investment Strategy
AmMetLife equity Fund, Balanced Fund, dana Teguh, dividend Fund, Bond Fund
equity Investment Strategy
While valuation for Malaysia isn’t steep, it is premised on a
5% earnings growth. The reporting season has highlighted
more disappointments, with cautious guidance given by the
corporates. Despite this, it should be noted that foreign equity
ownership is still relatively low, whilst earnings expectations for
2016 remains low. A defensive posturing for yield and selective
trading would be the theme for 2016, as it is believed the market
will be range bound.
At the time of writing (FBM KLCI 1700), the upside is capped at
1750 (+2 SD above mean) while the downside is at 1642/1610 (-1
SD and -2 SD below mean respectively). There are no clear sector
winners and it would be a stock pickers market, as investors look
for more clarity as we head into 2017.
Fixed Income Investment Strategy
The current backdrop is expected to sustain in the near term with
market expecting the Ringgit to hover around 3.80 – 3.90 to the
US Dollar.
The overall improvement in risk sentiment is expected to benefit
the local bond market with yields having declined significantly
across the board over the past two weeks. With the domestic
economy expected to grow at a slower pace of 4.0 – 4.5% in
2016 coupled with expectations of well contained inflationary
environment, BNM is expected to maintain its current
accommodative monetary policy stance. Given as such, the
Overnight Policy Rate (“OPR”) is likely to remain at its current rate
of 3.25% for 2016. Nevertheless, should the domestic economic
activity and external growth outlook deteriorate significantly and
more than expected, then we believe there is room for BNM to
cut the OPR to support domestic growth.
For Balanced Fund and dana Teguh
In view of our market outlook above, we will keep the asset allocation
in the fixed income to its minimal and overweight equities.
- by AmFunds Management Berhad
AmMetLife Oasis Islamic equity Fund Investment StrategyFeeder Fund: AmOasis Global Islamic equity Fund
Target Fund: Oasis Crescent Global equity Fund
We have maintained our investment philosophy of investing
in high quality companies which have strong competitive
advantages and the ability to leverage off those competitive
advantages to deliver a higher level of sustainable Return on
Equity (ROE) through the economic cycle.
We believe that companies which have healthy balance sheets
and strong cash flows have the ability to sustain themselves
during challenging economic environments while delivering real
earnings growth over the long-term. Our portfolio trades at a
significant discount to the global equity market across various
measures and provides sustainably higher ROE through the
economic cycle.
This should result in real wealth creation for our clients over
the long term. Furthermore, given the current interest rate
environment, we believe earnings for large-cap cash flush
companies are understated due to almost negligible returns on
their cash balances. As economic conditions and interest rates
start to normalize, these companies stand to benefit while
higher leveraged companies will struggle as their funding costs
increase. Companies in our portfolio have a sustainable long term
competitive advantage in a form of a lower weighted average
cost of capital due to their strong free cash flow generations.
- by AmFunds Management Berhad
AmMetLife Global emerging Market Fund Investment StrategyFeeder Fund: AmGlobal emerging Markets Opportunities
Fund
Target Fund: Schroders ISF Global emerging Market
Opportunities Fund
Our core markets at the beginning of the period were UAE,
Turkey, South Korea, India, Hungary and China.
In April 2015, we added Thailand to the core market list because
in our view, reasonable valuations and improving economics
offset ongoing political uncertainty. We removed India, owing
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
31
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
to rich valuations, and Thailand, given slowing growth and
ongoing political uncertainty, in July 2015. Russia was added in
November 2015, given cheap valuations and signs that the weak
economy was stabilising. The UAE was removed in January 2016
owing to deterioration in the macroeconomic backdrop, which
stemmed from energy price weakness. Greece was included in
January. Valuations were cheap and the bank recapitalisation had
successfully completed. We added Turkey in early March 2016.
Valuations and earnings growth were attractive despite ongoing
sensitivity to the global liquidity environment and geopolitical risks.
- by AmFunds Management Berhad
AmMetLife Global Agribusiness Fund Investment StrategyFeeder Fund: AmGlobal Agribusiness Fund
Target Fund: dWS Global Agribusiness Fund
Lower commodities could be a tailwind for food processing
with inputs such as oil/gas, transportation, packaging and soft
commodities. The climate event of El Nino turning potentially
into a La Nina during 2016 have to be taken into consideration,
giving the strong accuracy of forecasting this phenomenon
so far. We would expect higher crop price volatility and trade
disturbances as a result to continue and potentially worsen in
2016. On a country level, most relevant has been the opening
export market for crop in Argentina that temporarily increased
supply. Some of our holdings did or should continue to benefit
from this release of stored inventory.
Our views have not dramatically changed on a bottom up
view with food demand still growing at a steady 2.5–2.7%,
the capex reductions even more visible in 2016 and no value
destructive M&A in the pipeline. No changes have been made
to our assessment of global supply of crops. El Nino did occur
in a strong way and some impairment has been observed in
several countries such as South Africa, South East Asia and Brazil
that should have a slight negative impact on supply. However,
global commodities’ sentiment, lower oil price and weaker EM
currencies did not encourage a rebound in crop prices. We have
not changed our geographical exposure with the portfolio’s
geographical allocation being a residual of the stock selection
process. Many EM offer interesting and in some cases historically
low valuation, and with recent currency and commodity
improvement we are more optimistic going into the remainder
of 2016. Agribusiness upstream companies still have lagged the
global materials rebound although fundamentals, balance sheet
and free cash flow have or soon will significantly improve for
many of our holdings. La Nina could become a bigger risk to
global crop yield towards the end of this year, putting a halt
on a three year increase in some of the row crop commodity
inventories. We have experienced dramatic production shortfalls
already for sugar during the beginning of 2016.
- by AmFunds Management Berhad
AmMetLife Precious Metals Fund Investment StrategyFeeder Fund: AmPrecious Metals Fund
Target Fund: dWS noor Precious Metals Securities Fund
Our positioning reflected the market’s aversion toward
companies overspending – our focus was on Gold and Precious
Metals names that were more determined to control their cash
outlays (mainly growth capital expenditures) and, thus, had a
more conservative business model than the industry average,
being able to generate relatively superior free cash flows (or less
negative FCFs), and had lower debt. Cash discipline continued to
be an important element of our overall strategy, as companies
had difficulties delivering on their promises to reduce operating
and capital costs. Extensive research continues to be done on
names that will serve to pivot the fund to a more aggressive
stance; however, Shari’a compliance remains at the forefront of
the investment management process. The fund cannot invest
in names that stand to benefit the most from a turnaround
in sentiment because those companies have a high degree of
financial leverage.
- by AmFunds Management Berhad
AmMetLife Tactical Bond Fund Investment StrategyTarget Fund: AmTactical Bond FundFor the financial period under review, the Fund invested primarily in corporate bonds and government securities. The Manager analyses the general economic and market conditions. The Manager also analyses and compares securities in terms of expected returns against assumed risk by analyzing credit rating and duration of the securities. The Manager also considers securities with a more favorable or improving credit or industry outlook that provide potential capital appreciation. The Fund’s investment is subject to active tactical duration management, where duration of the Fund is lengthened or shortened according
to interest rate outlook.
- by AmFunds Management Berhad
32
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Investment Strategy (Cont’d)
AmMetLife Asia Pacific reITS Fund Investment StrategyTarget Fund: AmAsia Pacific reITS Fund
For the financial period under review, the Fund achieved its
investment objective, where 70% to 98% of the Fund’s Net
Asset Value (“NAV”) was invested in REITs listed in the Asia Pacific
region, being Australia, Hong Kong, Japan, Malaysia, Singapore
and Thailand. In addition to country diversification, the Fund also
diversified its sector exposure in residential, retail, commercial
and industrial REITs. The Fund holds between 2% to 30% of its
NAV in liquid assets. These strategies will continue to be applied
going forward.
The Manager employs an active allocation strategy, which means
the asset allocation decisions will be made after reviewing the
macroeconomic trends and sector outlook of the respective
countries in the Asia Pacific region. The Manager will be targeting
REITs with strong track records in generating regular income
returns and which have potential for capital growth. In evaluating
the suitability of a REIT, the Manager, amongst other factors, will
review the track record, portfolio of assets, financial status, and
income distribution policy and cost factors of the REITs.
In an adverse market condition, the Manager may switch its asset
allocation to lower risk assets such as liquid assets to preserve
the Fund’s capital. During this period, the Fund’s investment may
differ from the stipulated investment strategy.
- by AmFunds Management Berhad
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Fund PerformanceFund Performance
AMMeTLIFe InSurAnCe BerHAd InveSTMenT-LInked FundS | AnnuAL rePOrT
For the Financial Year Ended 31 March 2016
34
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Fund Performance
AmMetLife equity Fund
Since Inception Performance
AmMetLife equity Fund vs Benchmark
Performance since 27 February 2004 – 31 March 2016
Full Year Performance
AmMetLife equity Fund vs Benchmark
Performance since 1 April 2015 – 31 March 2016
Perf
orm
ance
(%)
Month
120.00
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
Mar
-04
Nov
-04
Jul-0
5
Mar
-06
Nov
-06
Jul-0
7
Mar
-08
Nov
-08
Jul-0
9
Mar
-10
Nov
-10
Jul-1
1
Mar
-12
Nov
-12
Jul-1
3
Mar
-14
Nov
-14
Jul-1
5
Mar
-16
AmMetLife EquityFBMKLCI
Perf
orm
ance
(%)
Month
6.00
3.00
0.00
-3.00
-6.00
-9.00
-12.00
-15.00
Apr-1
5
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct
-15
Nov
-15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
AmMetLife EquityFBMKLCI
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
35
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Bond Fund
Since Inception Performance
AmMetLife Bond Fund vs Benchmark
Performance since 27 February 2004 – 31 March 2016
Full Year Performance
AmMetLife Bond Fund vs Benchmark
Performance since 1 April 2015 – 31 March 2016
Perf
orm
ance
(%)
Month
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
Mar
-04
Nov
-04
Jul-0
5
Mar
-06
Nov
-06
Jul-0
7
Mar
-08
Nov
-08
Jul-0
9
Mar
-10
Nov
-10
Jul-1
1
Mar
-12
Nov
-12
Jul-1
3
Mar
-14
Nov
-14
Jul-1
5
Mar
-16
AmMetLife Bond
MBB 12mth Tier 1
Perf
orm
ance
(%)
Month
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
Apr-1
5
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct
-15
Nov
-15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
AmMetLife Bond
MBB 12mth Tier 1
36
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Fund Performance (Cont’d)
AmMetLife Balanced Fund
Since Inception Performance
AmMetLife Balanced Fund vs Benchmark
Performance since 27 February 2004 – 31 March 2016
Full Year Performance
AmMetLife Balanced Fund vs Benchmark
Performance since 1 April 2015 – 31 March 2016
Perf
orm
ance
(%)
Month
2.00
0.00
-2.00
-4.00
-6.00
Apr-1
5
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct
-15
Nov
-15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
AmMetLife Balanced
50% FBMKLCI & 50% MBB 12mth Tier 1
Perf
orm
ance
(%)
120.00
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
Month
Mar
-04
Sep-
04
Mar
-05
Sep-
05
Mar
-06
Sep-
06
Mar
-07
Sep-
07
Mar
-08
Sep-
08
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
Sep-
14
Mar
-15
Sep-
15
Mar
-16
AmMetLife Balanced
50% FBMKLCI & 50% MBB 12mth Tier 1
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
37
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife dana Teguh
Since Inception Performance
AmMetLife dana Teguh vs Benchmark
Performance since inception 27 February 2004 – 31 March 2016
Full Year Performance
AmMetLife dana Teguh vs Benchmark
Performance since 1 April 2015 – 31 March 2016
Perf
orm
ance
(%)
Month
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
-3.00
-4.00
-5.00
-6.00
-7.00
Apr-1
5
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct
-15
Nov
-15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
AmMetLife Dana Teguh
50% FBM Emas Syariah & 50% MBB 12mth GIA Tier 1
Perf
orm
ance
(%)
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
Mar
-04
Sep-
04
Mar
-05
Sep-
05
Mar
-06
Sep-
06
Mar
-07
Sep-
07
Mar
-08
Sep-
08
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
Sep-
14
Mar
-15
Sep-
15
Mar
-16
Month
AmMetLife Dana Teguh
50% FBM Emas Syariah & 50% MBB 12mth GIA Tier 1
38
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Fund Performance (Cont’d)
AmMetLife Oasis Islamic equity Fund
Since Inception Performance
AmMetLife Oasis Islamic equity Fund vs Benchmark
Performance since 1 April 2007 – 31 March 2016
Full Year Performance
AmMetLife Oasis Islamic equity Fund vs Benchmark
Performance since 1 April 2015 – 31 March 2016
Apr-0
7
Sep-
07
Feb-
08
Jul-0
8
Dec-
08
May
-09
Oct
-09
Mar
-10
Aug-
10
Jan-
11
Jun-
11
Nov
-11
Apr-1
2
Sep-
12
Feb-
13
Jul-1
3
Dec-
13
May
-14
Oct
-14
Mar
-15
Aug-
15
Jan-
16
Perf
orm
ance
(%)
Month
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
AmMetLife Oasis Islamic Equity
Dow Jones Islamic Market Index
Perf
orm
ance
(%)
Month
9.00
6.00
3.00
0.00
-3.00
-6.00
-9.00
-12.00
Apr-1
5
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct
-15
Nov
-15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
AmMetLife Oasis Islamic EquityDow Jones Islamic Market Index
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
39
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Global emerging Market Fund
Since Inception Performance
AmMetLife Global emerging Market Fund vs Benchmark
Performance since 1 June 2008 – 31 March 2016
Full Year Performance
AmMetLife Global emerging Market Fund vs Benchmark
Performance since 1 April 2015 – 31 March 2016
Perf
orm
ance
(%)
Month
20.00
10.00
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
-60.00
Jun-
08
Sep-
08
Dec-
08
Mar
-09
Jun-
09
Sep-
09
Dec-
09
Mar
-10
Jun-
10
Sep-
10
Dec-
10
Mar
-11
Jun-
11
Sep-
11
Dec-
11
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Jun-
15
Sep-
15
Dec-
15
Mar
-16
AmMetLife Global Emerging Market
MSCI Emerging Markets Index
Perf
orm
ance
(%)
Month
10.00
5.00
0.00
-5.00
-10.00
-15.00
-20.00
-25.00
-30.00
Apr-1
5
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct
-15
Nov
-15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
AmMetLife Global Emerging Market
MSCI Emerging Markets Index
40
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Fund Performance (Cont’d)
AmMetLife Precious Metals FundAp
r-15
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct
-15
Nov
-15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
Perf
orm
ance
(%)
Month
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
-15.00
-20.00
-25.00
-30.00
AmMetLife Precious Metals
FTSE Gold Mines Index
Since Inception Performance
AmMetLife Precious Metals Fund vs Benchmark
Performance since 1 September 2008 – 31 March 2016
Full Year Performance
AmMetLife Precious Metals Fund vs Benchmark
Performance since 1 April 2015 – 31 March 2016
Perf
orm
ance
(%)
80.00
60.00
40.00
20.00
0.00
-20.00
-40.00
-60.00
-80.00
Sep-
08
Dec-
08
Mar
-09
Jun-
09
Sep-
09
Dec-
09
Mar
-10
Jun-
10
Sep-
10
Dec-
10
Mar
-11
Jun-
11
Sep-
11
Dec-
11
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Jun-
15
Sep-
15
Dec-
15
Mar
-16
Month
AmMetLife Precious Metals
FTSE Gold Mines Index
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
41
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Global Agribusiness Fund
Since Inception Performance
AmMetLife Global Agribusiness Fund vs Benchmark
Performance since 1 September 2008 – 31 March 2016
Full Year Performance
AmMetLife Global Agribusiness Fund vs Benchmark
Performance since 1 April 2015 – 31 March 2016
Perf
orm
ance
(%)
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
Sep-
08
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
Sep-
14
Mar
-15
Sep-
15
Mar
-16
Month
AmMetLife Global Agribusiness
MSCI World Free Index
Perf
orm
ance
(%)
Month
Apr-1
5
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct
-15
Nov
-15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
0.00
-12.00
-8.00
-4.00
-16.00
4.00
8.00
AmMetLife Global Agribusiness
MSCI World Free Index
42
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Fund Performance (Cont’d)
AmMetLife dividend Fund
Since Inception Performance
AmMetLife dividend Fund vs Benchmark
Performance since 27 October 2011 – 31 March 2016
Full Year Performance
AmMetLife dividend Fund vs Benchmark
Performance since 1 April 2015 – 31 March 2016
Perf
orm
ance
(%)
Month
Oct
-11
Feb-
12
Jun-
12
Oct
-12
Feb-
13
Jun-
13
Oct
-13
Feb-
14
Jun-
14
Oct
-14
Feb-
15
Jun-
15
Oct
-15
Feb-
16
0.00
10.00
20.00
30.00
40.00
50.00
-10.00
AmMetLife Dividend
FBMKLCI
Apr-1
5
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct
-15
Nov
-15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
Perf
orm
ance
(%)
Month
0.00
-9.00
-6.00
-3.00
-12.00
-15.00
6.00
3.00
AmMetLife DividendFBMKLCI
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
43
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Fund Performance
AmMetLife Asia Pacific reITS Fund
Since Inception Performance
AmMetLife Asia Pacific reITS Fund vs Benchmark
Performance since 17 September 2013 – 31 March 2016
Full Year Performance
AmMetLife Asia Pacific reITS Fund vs Benchmark
Performance since 1 April 2015 – 31 March 2016
44
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Fund Performance (Cont’d)
AmMetLife Tactical Bond Fund
Since Inception Performance
AmMetLife Tactical Bond Fund vs Benchmark
Performance since 17 September 2013 – 31 March 2016
Full Year Performance
AmMetLife Tactical Bond Fund vs Benchmark
Performance since 1 April 2015 – 31 March 2016
Perf
orm
ance
(%)
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
Jan-
16
Mar
-16
Month
0.00
2.00
4.00
6.00
8.00
10.00
12.00
-4.00
-2.00
AmMetLife Tactical Bond
RAM Quantum ALL MGS Index
Apr-1
5
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct
-15
Nov
-15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
Perf
orm
ance
(%)
Month
0.00
-1.00
-2.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
AmMetLife Tactical Bond
RAM Quantum ALL MGS Index
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Sectoral and CategoryBreakdown
AMMeTLIFe InSurAnCe BerHAd InveSTMenT-LInked FundS | AnnuAL rePOrT
For the Financial Year Ended 31 March 2016
46
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Sectoral and Category Breakdown
AmMetLife equity FundDetails of portfolio composition of AmMetLife Equity Fund as at 31 March 2016 are as follows:
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Construction 4.55 2.91 7.72 3.23 8.25
Consumer products – 3.07 – – –
Finance 23.94 24.83 11.34 5.54 7.58
Industrial products 11.65 8.84 13.03 17.47 4.57
Infrastructure 1.70 3.80 1.31 3.15 –
Plantations 3.44 0.97 – 4.06 5.72
Properties – – 2.97 – –
REITS – – – – 6.84
Technology 4.05 4.19 – – –
Trading/Services 38.10 44.47 45.85 27.22 43.71
Repurchase agreements/Cash 12.57 6.91 17.77 39.33 23.33
100.00 100.00 100.00 100.00 100.00
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Malaysia Unit Trusts 9.67 9.75 9.56 7.11 9.40
Corporate Bonds 79.58 82.63 68.18 65.70 79.06
Malaysian Government Securities – – – – –
Repurchase agreements/Cash 10.74 7.62 22.26 27.19 11.54
100.00 100.00 100.00 100.00 100.00
AmMetLife Bond Fund Details of portfolio composition of AmMetLife Bond Fund as at 31 March 2016 are as follows:
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
47
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Balanced FundDetails of portfolio composition of AmMetLife Balanced Fund as at 31 March 2016 are as follows:
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Construction 5.03 3.03 0.45 – 7.61
Consumer products – 2.01 – – –
Finance 15.16 16.59 9.00 5.18 7.27
Industrial products 8.55 7.71 10.65 10.32 3.91
Infrastructure 0.80 2.85 0.94 – –
Plantations 2.52 – – 3.41 5.38
Properties – – 3.02 – –
REITS – – 0.62 – 6.16
Technology 2.52 3.73 – – –
Trading/Services 21.75 29.54 37.07 22.51 35.91
Corporate Bonds 20.56 26.44 24.71 26.95 27.08
Malaysia Unit Trusts – – 9.18 – –
Repurchase agreements/Cash 23.12 8.11 4.36 31.63 6.68
100.00 100.00 100.00 100.00 100.00
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Construction 5.50 5.51 9.19 3.14 11.45
Consumer products – 2.03 – – –
Industrial products 8.88 8.43 9.44 11.02 4.20
Infrastructure 0.99 3.53 1.39 2.69 –
Plantations 3.55 1.47 – – 4.85
Properties – 1.88 3.21 – –
Technology 3.07 4.63 – – –
Trading/Services 22.99 38.92 39.89 24.91 37.04
Corporate Bonds 11.98 13.64 19.97 22.52 18.31
Malaysia Unit Trusts 3.17 3.38 4.62 2.35 2.27
Repurchase agreements/Cash 39.87 16.59 12.30 33.37 21.88
100.00 100.00 100.00 100.00 100.00
AmMetLife dana TeguhDetails of portfolio composition of AmMetLife Dana Teguh as at 31 March 2016 are as follows:
48
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Oasis Islamic equity FundDetails of portfolio composition of AmMetLife Oasis Islamic Equity Fund as at 31 March 2016 are as follows:
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Construction – – – – 8.55
Consumer products – – – – –
Industrial products – – – – 2.88
Infrastructure – – – – 6.38
Plantations – – – – 3.84
Properties – – – – –
Trading/Services – – – – 24.42
Warrant – – – – –
Malaysia Unit Trusts 92.38 90.69 89.53 74.34 26.64
Repurchase agreements/Cash 7.62 9.31 10.47 25.66 27.29
100.00 100.00 100.00 100.00 100.00
AmOasis Global Islamic equity Fund (“Target Fund”) Sector Allocation*
Note: Source of Target Fund’s sector allocation from AmInvest*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Basic Materials 7.00 8.00 4.00 5.00 9.00
Communication 20.00 20.00 18.00 21.00 19.00
Consumer, Cyclical 15.00 11.00 8.00 7.00 8.00
Consumer, Non Cyclical 5.00 8.00 9.00 6.00 6.00
Energy 7.00 8.00 10.00 11.00 12.00
Healthcare 18.00 19.00 22.00 22.00 19.00
Industrials 4.00 3.00 6.00 8.00 6.00
Property 1.00 1.00 1.00 1.00 1.00
Technology 23.00 22.00 22.00 17.00 18.00
Utilities – – – 2.00 2.00
Sectoral and Category Breakdown (Cont’d)
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
49
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Precious Metals FundDetails of portfolio composition of AmMetLife Precious Metals Fund as at 31 March 2016 are as follows:
Note: Source of Target Fund’s sector allocation from AmInvest*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
AmPrecious Metals Fund (“Target Fund”) Sector Allocation*
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Malaysia Unit Trusts 81.02 79.80 96.40 87.51 85.93
Repurchase agreements/Cash 18.98 20.20 3.60 12.49 14.07
100.00 100.00 100.00 100.00 100.00
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Gold 69.28 70.14 73.46 79.78 71.75
Platinum – – – – –
Precious Metals & Minerals 18.99 15.15 13.09 16.12 12.92
Silver 9.71 12.60 6.77 – –
Diversified Metals & Mining – – 6.60 – –
Cash and other assets 1.96 2.09 0.05 4.07 15.31
50
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Global Agribusiness FundDetails of portfolio composition of AmMetLife Global Agribusiness Fund as at 31 March 2016 are as follows:
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Malaysia Unit Trusts 93.68 90.29 88.08 80.04 84.08
Repurchase agreements/Cash 6.32 9.71 11.92 19.96 15.92
100.00 100.00 100.00 100.00 100.00
AmGlobal Agribusiness Fund (“Target Fund”) Sector Allocation*
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Agricultural Products 24.50 22.70 19.10 23.60 25.20
Breweries 3.10 3.20 3.70 – –
Construction/ Farm Machinery – – – 2.20 2.40
Distillers & Vintners – – – – –
Diversified Banks – – 3.20 2.10 2.00
Diversified Chemicals 2.10 3.20 3.70 1.70 –
Fertilizers & Agricultural Chemicals 38.30 39.90 38.20 43.00 40.30
Food Distributors 4.20 2.00 1.50 – –
Food Retails 2.60 2.90 2.90 1.10 6.40
Hypermarkets & Super Center – – – 2.40 1.50
Life Sciences Tools & Service – – – 2.10 2.80
Marine Ports & Services 1.60 1.40 1.70 1.50 1.80
Other Sectors 1.30 3.30 4.30 4.50 –
Packaged Foods & Meat 17.70 16.70 19.50 15.10 12.70
Railroads – – 1.30 1.30 0.80
Restaurants 1.70 2.80 0.90 – –
Cash & Others Sectors – – – -0.60 4.10
Not Classified 1.40 0.90 – – –
Soft Drinks 1.20 1.00 – – –
Note: Source of Target Fund’s sector allocation from AmInvest*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
Sectoral and Category Breakdown (Cont’d)
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
51
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Global emerging Markets FundDetails of portfolio composition of AmMetLife Global Emerging Markets Fund as at 31 March 2016 are as follows:
AmGlobal emerging Market Opportunities Fund (“Target Fund”) Sector Allocation*
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Malaysia Unit Trusts 93.38 90.97 87.74 79.59 68.52
Repurchase agreements/Cash 6.62 9.03 12.26 20.41 31.48
100.00 100.00 100.00 100.00 100.00
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Consumer Discretionary 14.15 12.97 15.87 10.26 19.49
Consumer Staples 3.56 5.11 3.37 9.98 1.08
Derivatives – – – – -0.01
Energy 3.62 3.71 10.12 5.00 11.57
Financials 31.81 33.68 34.12 40.74 27.82
Health Care 2.07 3.72 0.90 1.20 -
Industrials 5.72 3.98 2.59 4.48 5.06
Information Technology 21.64 24.10 18.14 13.77 12.87
Liquid Assets 9.80 – – – –
Materials 3.40 1.94 3.29 3.26 6.51
Telecommunication Services 4.23 3.86 3.63 7.74 –
Utilities – 1.18 – 0.24 2.25
Others Net Asset – – – – 13.36
Cash – 5.75 7.97 3.33 –
Note: Source of Target Fund’s sector allocation from AmInvest*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
52
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Asia Pacific reITS FundDetails of portfolio composition of AmMetLife Asia Pacific REITS Fund as at 31 March 2016 are as follows:
AmAsia Pacific reITS Fund (“Target Fund”) Sector Allocation*
FY 2016 FY 2015 FY 2014 % % %
Malaysia Unit Trusts 93.87 91.50 88.62
Repurchase agreements/Cash 6.13 8.50 11.38
100.00 100.00 100.00
FY 2016 FY 2015 FY 2014 % % %
Cash and others 14.95 – –
Fixed Deposit/Negotiable Instruments/Cash – 15.20 13.90
Real Estate 2.34 84.80 86.10
REITs 80.25 – –
Utilities 2.46 – –
Sectoral and Category Breakdown (Cont’d)
AmMetLife dividend FundDetails of portfolio composition of AmMetLife Dividend Fund as at 31 March 2016 are as follows:
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %
Construction 5.44 3.89 4.96 – –
Consumer products – 2.00 – – –
Finance 25.53 24.41 13.88 12.60 13.29
Industrial products 12.24 8.88 3.89 10.13 6.11
Infrastructure 1.71 4.13 4.99 4.61 5.92
Plantations 2.73 0.48 – – 5.46
Properties – 0.00 7.41 3.06 –
REITS – – 4.53 4.08 16.56
Technology 3.58 5.30 – – –
Trading/Services 39.82 44.23 41.11 9.15 24.59
Repurchase agreements/Cash 8.95 6.68 19.24 56.37 28.07
100.00 100.00 100.00 100.00 100.00
Note: Source of Target Fund’s sector allocation from AmInvest*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
53
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
FY 2016 FY 2015 FY 2014 % % %
Malaysia Unit Trusts 91.97 90.63 86.64
Repurchase agreements/Cash 8.03 9.37 13.36
100.00 100.00 100.00
FY 2016 FY 2015 FY 2014 % % %
Bond 95.79 93.10 84.47
Cash 4.21 6.90 15.53
AmTactical Bond Fund (“Target Fund”) Sector Allocation*
AmMetLife Tactical Bond FundDetails of portfolio composition of AmMetLife Tactical Bond Fund as at 31 March 2016 are as follows:
Note: Source of Target Fund’s sector allocation from AmInvest*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
THIS PAGE ISINTENTIONALLY
LEFT BLANK
ComparativePerformance Table
AMMeTLIFe InSurAnCe BerHAd InveSTMenT-LInked FundS | AnnuAL rePOrT
For the Financial Year Ended 31 March 2016
56
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Comparative Performance TableFund Performance as at 31 March 2016
I Year 3 Years 5 Years Since Launch
Average Compounded Annual return % Annual return %
AmMetLife Equity Fund 0.70 7.02 4.52 5.94
AmMetLife Bond Fund 3.00 2.83 3.58 4.18
AmMetLife Balanced Fund 1.35 5.04 3.26 5.72
AmMetLife Dana Teguh 2.00 9.51 6.44 6.55
AmMetLife Oasis Islamic Equity Fund (4.04) 6.29 4.41 1.44
AmMetLife Global Emerging Market Fund (5.43) 1.20 (1.06) 0.36
AmMetLife Precious Metals Fund 8.10 (9.71) (13.29) (8.27)
AmMetLife Global Agribusiness Fund (10.97) (0.57) (0.27) 2.05
AmMetLife Dividend Fund 0.50 7.89 – 7.92
AmMetLife Asia Pacific REITS Fund 6.23 – – 7.49
AmMetLife Tactical Bond Fund 6.23 – – 3.64
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
57
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
net Asset value, number of units and unit PriceAs at 31 March 2016
AmMetLife equity FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:
*Above prices and net asset value per unit are not shown as ex–distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
AmMetLife Bond Fund Performance details of the Fund for the financial years ended 31 March 2016 are as follows:
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
unit Prices (rM)
Highest NAV per unit for the year 1.0216 1.0197 0.9946 0.8265 0.8317
Lowest NAV per unit for the year 0.8888 0.8684 0.8253 0.7529 0.7070
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 20.3461 19.3462 14.5438 12.2637 14.5937
UIC (in million) 20.1536 19.2958 14.6327 14.8900 18.6334
NAV per unit (RM) 1.0096 1.0026 0.9939 0.8236 0.7832
Total return for the Year (%)
Total Return¹ 0.70 0.88 20.68 5.16 (3.23)
Capital growth 0.70 0.88 20.68 5.16 (3.23)
Income distributions – – – – –
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
unit Prices (rM)
Highest NAV per unit for the year 0.8241 0.7992 0.7752 0.7571 0.7323
Lowest NAV per unit for the year 0.7993 0.7738 0.7576 0.7309 0.6903
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 11.9043 12.4142 16.7134 16.3762 11.9079
UIC (in million) 14.4607 15.5323 21.5938 21.6261 16.2856
NAV per unit (RM) 0.8232 0.7992 0.7740 0.7571 0.7311
Total return for the Year (%)
Total Return¹ 3.00 3.26 2.23 3.56 5.91
Capital growth 3.00 3.26 2.23 3.56 5.91
Income distributions – – – – –
58
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Balanced FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
AmMetLife dana Teguh Performance details of the Fund for the financial years ended 31 March 2016 are as follows:
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
unit Prices (rM)
Highest NAV per unit for the year 0.9860 1.0026 0.9834 0.8507 0.8626
Lowest NAV per unit for the year 0.9036 0.8708 0.8513 0.7918 0.7568
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 22.2433 21.9194 24.1576 22.8901 21.5113
UIC (in million) 22.6014 22.5725 24.6747 26.9555 26.2568
NAV per unit (RM) 0.9842 0.9711 0.9790 0.8491 0.8193
Total return for the Year (%)
Total Return¹ 1.35 (0.81) 15.30 3.64 (2.25)
Capital growth 1.35 (0.81) 15.30 3.64 (2.25)
Income distributions – – – – –
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
unit Prices (rM)
Highest NAV per unit for the year 1.0948 1.0617 1.0088 0.8259 0.8169
Lowest NAV per unit for the year 0.9946 0.9333 0.8260 0.7632 0.7318
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 19.3700 17.9532 12.1769 12.9224 13.1293
UIC (in million) 17.8878 16.9101 12.1007 15.6696 16.6728
NAV per unit (RM) 1.0829 1.0617 1.0063 0.8246 0.7875
Total return for the Year (%)
Total Return¹ 2.00 5.51 22.03 4.71 (0.67)
Capital growth 2.00 5.51 22.03 4.71 (0.67)
Income distributions – – – – –
net Asset value, number of units and unit Price (Cont’d)
As at 31 March 2016
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
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AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Oasis Islamic equity FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:
AmMetLife Global emerging Markets Fund Performance details of the Fund for the financial years ended 31 March 2016 are as follows:
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
unit Prices (rM)
Highest NAV per unit for the year 0.6224 0.5953 0.5827 0.4747 0.4642
Lowest NAV per unit for the year 0.5525 0.5100 0.4672 0.4218 0.4110
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 3.9426 4.2864 4.5139 3.4302 4.3479
UIC (in million) 6.9363 7.2363 8.5410 7.2475 9.8279
NAV per unit (RM) 0.5684 0.5923 0.5285 0.4733 0.4424
Total return for the Year (%)
Total Return¹ -4.04 12.07 11.66 6.98 (3.41)
Capital growth -4.04 12.07 11.66 6.98 (3.41)
Income distributions – – – – –
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
unit Prices (rM)
Highest NAV per unit for the year 0.5792 0.5658 0.5229 0.5073 0.5557
Lowest NAV per unit for the year 0.4873 0.5143 0.4673 0.4655 0.4590
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 0.9253 0.9532 0.8839 0.7619 0.7216
UIC (in million) 1.8000 1.7536 1.7201 1.5360 1.4608
NAV per unit (RM) 0.5141 0.5436 0.5139 0.4960 0.4940
Total return for the Year (%)
Total Return¹ -5.43 5.78 3.61 0.40 (8.89)
Capital growth -5.43 5.78 3.61 0.40 (8.89)
Income distributions – – – – –
60
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Precious Metals FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:
AmMetLife Global Agribusiness Fund Performance details of the Fund for the financial years ended 31 March 2016 are as follows:
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
unit Prices (rM)
Highest NAV per unit for the year 0.2689 0.3027 0.3532 0.4582 0.5597
Lowest NAV per unit for the year 0.2021 0.2231 0.2534 0.3467 0.4293
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 3.8197 3.8268 3.9300 4.8916 5.1605
UIC (in million) 14.6769 15.8907 13.9612 13.8346 12.0202
NAV per unit (RM) 0.2603 0.2408 0.2815 0.3536 0.4293
Total return for the Year (%)
Total Return¹ 8.10 (14.46) (20.39) (17.63) (19.14)
Capital growth 8.10 (14.46) (20.39) (17.63) (19.14)
Income distributions – – – – –
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
unit Prices (rM)
Highest NAV per unit for the year 0.6959 0.6773 0.6195 0.6114 0.6046
Lowest NAV per unit for the year 0.5506 0.5785 0.5672 0.5196 0.4794
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 2.0259 2.1153 1.8693 1.6572 1.4590
UIC (in million) 3.4758 3.2309 3.0205 2.7952 2.6083
NAV per unit (RM) 0.5829 0.6547 0.6189 0.5929 0.5594
Total return for the Year (%)
Total Return¹ -10.97 5.78 4.39 5.99 (5.30)
Capital growth -10.97 5.78 4.39 5.99 (5.30)
Income distributions – – – – –
net Asset value, number of units and unit Price (Cont’d)
As at 31 March 2016
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
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AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife dividend FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:
AmMetLife Asia Pacific reITS FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
unit Prices (rM)
Highest NAV per unit for the year 0.7083 0.6968 0.6290 0.5577 0.5273
Lowest NAV per unit for the year 0.6196 0.6015 0.5566 0.5065 0.4973
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 14.0841 12.6593 9.4440 6.3501 5.4439
UIC (in million) 20.1110 18.1690 15.0299 11.3857 10.4925
NAV per unit (RM) 0.7003 0.6968 0.6283 0.5577 0.5189
Total return for the Year (%)
Total Return¹ 0.50 10.90 12.66 7.48 –
Capital growth 0.50 10.90 12.66 7.48 –
Income distributions – – – – –
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
FY 2016 FY 2015 FY 2014
unit Prices (rM)
Highest NAV per unit for the year 0.6113 0.5669 0.5000
Lowest NAV per unit for the year 0.5457 0.4907 0.4750
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 0.9213 0.6857 0.5809
UIC (in million) 1.5349 1.2136 1.1849
NAV per unit (RM) 0.6002 0.5650 0.4903
Total return for the Year (%)
Total Return¹ 6.23 15.24 –
Capital growth 6.23 15.24 –
Income distributions – – –
62
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Tactical Bond FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:
net Asset value, number of units and unit Price (Cont’d)
As at 31 March 2016
*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees
FY 2016 FY 2015 FY 2014
unit Prices (rM)
Highest NAV per unit for the year 0.5576 0.5153 0.5008
Lowest NAV per unit for the year 0.5026 0.4869 0.4807
net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*
Total NAV (RM million) 0.5451 0.4635 0.4912
UIC (in million) 0.9958 0.8995 0.9949
NAV per unit (RM) 0.5474 0.5153 0.4937
Total return for the Year (%)
Total Return¹ 6.23 – –
Capital growth 6.23 – –
Income distributions – – –
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Summary ofFinancial Information
Statement by the Manager 64
Independent Auditors’ Report 65
Statements of Assets and Liabilities 67
Statements of Income and Expenditure 73
Statements of Changes in Net Asset Value 79
Notes to the Financial Information 85
AMMeTLIFe InSurAnCe BerHAd InveSTMenT-LInked FundS | AnnuAL rePOrT
For the Financial Year Ended 31 March 2016
64
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Statement By The Manager
In the opinion of the Manager, the accompanying financial information of the Investment-linked Funds of AmMetLife Insurance Berhad
comprising the AmMetLife Equity Fund, AmMetLife Bond Fund, AmMetLife Balanced Fund, AmMetLife Dana Teguh, AmMetLife
AmOasis Islamic Equity Fund, AmMetLife Asia Pacific REITS Fund, AmMetLife Global Emerging Market Fund, AmMetLife Tactical Bond
Fund, AmMetLife Precious Metals Fund, AmMetLife Global Agribusiness Fund, AmMetLife Commodity Stable Capital Guaranteed Fund
(matured on 12 October 2015) and AmMetLife Dividend Fund set out on pages 67 to 130 have been prepared in accordance with the
accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful
Business issued by Bank Negara Malaysia.
On behalf of AmMetLife Insurance Berhad
Ch’ng Sok Heang
Kuala Lumpur, Malaysia
14 June 2016
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
65
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Independent Auditors’ report
report on the financial informationWe have audited the financial information of the Investment-Linked funds of AmMetLife Insurance Berhad (“the Manager”) (“the
Funds”) which comprise the Statements of Assets and Liabilities as at 12 October 2015 (“maturity date”) of AmMetLife Commodity
Stable Capital Guaranteed Fund and as at 31 March 2016 of AmMetLife Equity Fund, AmMetLife Bond Fund, AmMetLife Balanced
Fund, AmMetLife Dana Teguh , AmMetLife AmOasis Islamic Equity Fund, AmMetLife Asia Pacific REITS Fund, AmMetLife Global
Emerging Market Fund, AmMetLife Tactical Bond Fund, AmMetLife Precious Metals Fund, AmMetLife Global Agribusiness Fund,
AmMetLife Commodity Stable Capital Guaranteed Fund and AmMetLife Dividend Fund, the Statement of Income and Expenditure
and Statement of Changes in Net Asset Value from 1 April 2015 to maturity date of AmMetLife Commodity Stable Capital Guaranteed
Fund, the Statements of Income and Expenditure and Statements of Changes in Net Asset Value for the year ended 31 March 2016
for AmMetLife Equity Fund, AmMetLife Bond Fund, AmMetLife Balanced Fund, AmMetLife Dana Teguh, AmMetLife AmOasis Islamic
Equity Fund, AmMetLife Asia Pacific REITS Fund, AmMetLife Global Emerging Market Fund, AmMetLife Tactical Bond Fund, AmMetLife
Precious Metals Fund, AmMetLife Global Agribusiness Fund and AmMetLife Dividend Fund, and a summary of significant accounting
policies and other explanatory information (“financial information”), as set out on pages 67 to 130 .
directors’ responsibility for the financial information
The directors of the Manager are responsible for the preparation of financial information in accordance with the accounting policies
as described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by
Bank Negara Malaysia. The directors are also responsible for such internal control as the directors determine is necessary to enable the
preparation of financial information that are free from material misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial information based on our audit. We conducted our audit in accordance
with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial information are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial information. The
procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial information,
whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation
of financial information in accordance with the accounting policies as described in Note 2.2 to the financial information and the
Guidelines on lnvestment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal
control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting
estimates made by the Manager, as well as evaluating the overall presentation of the financial information.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
As discussed in Note 1 to the financial information, the AmMetLife Commodity Stable Capital Guaranteed Fund had matured on 12
October 2015. Consequently, the financial information of this fund has been prepared on a basis other than going concern. The assets
of the Fund have been stated at their respective reasonable values and all liabilities of the Fund, including estimated expenses upon
maturity of the Fund, have been recognised
In our opinion, the financial information have been prepared, in all material respects, in accordance with the accounting policies as
described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank
Negara Malaysia.
66
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Other Matters
This report is made solely to the unitholders of the Funds, as a body, in accordance with the Guidelines on Investment-Linked Insurance/
Takaful Business issued by Bank Negara Malaysia and for no other purpose. We do not assume responsibility to any other person for
the content of this report.
ernst & Young Megat Iskandar Shah Bin Mohamad norAF: 0039 No. 3083/07/17(J)Chartered Accountants Chartered Accountant
Kuala Lumpur, Malaysia14 June 2016
Independent Auditors’ report (Cont’d)
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
67
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
Summary of Financial Information
Statements of Assets and LiabilitiesAs at 31 March 2016
AmMetLife equity Fund AmMetLife Bond Fund
2016 2015 2016 2015 note rM rM rM rM
Assets
Investments 3 17,789,025 17,743,960 10,625,405 12,517,869
Deferred tax assets 4 – – 34,926 23,014
Other receivables 172,499 530,521 220,780 170,079
Cash and bank balances 3,064,757 1,317,419 1,237,428 53,201 Total assets 21,026,281 19,591,900 12,118,539 12,764,163
Liabilities
Provision for taxation 39,016 91,290 196,123 204,952
Deferred tax liabilities 4 90,472 121,447 – –
Other payables 550,653 32,945 18,081 145,049 Total liabilities 680,141 245,682 214,204 350,001
net asset value of funds (“nAv”) 20,346,140 19,346,218 11,904,335 12,414,162
represented by:
Unitholders’ contribution 15,240,432 14,407,216 8,351,373 9,216,161
Undistributed income 5,105,708 4,939,002 3,552,962 3,198,001 unitholders’ capital 5 20,346,140 19,346,218 11,904,335 12,414,162
units in circulation 5 20,153,579 19,295,796 14,460,749 15,532,298
nAv per unit (rM) 5 1.0096 1.0026 0.8232 0.7992
The accompanying notes form an integral part of the financial information.
68
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Balanced Fund AmMetLife dana Teguh
2016 2015 2016 2015 note rM rM rM rM
Assets
Investments 3 17,100,984 21,881,350 11,648,083 17,549,355
Other receivables 182,167 355,183 116,279 740,649
Cash and bank balances 5,430,621 1,968 8,139,513 3,400 Total assets 22,713,772 22,238,501 19,903,875 18,293,404
Liabilities
Provision for taxation 112,868 212,385 157,007 192,628
Deferred tax liabilities 4 28,167 72,960 52,749 119,007
Other payables 329,435 33,793 324,115 28,551 Total liabilities 470,470 319,138 533,871 340,186
net asset value of funds (“nAv”) 22,243,302 21,919,363 19,370,004 17,953,218
represented by:
Unitholders’ contribution 16,007,216 15,973,346 13,792,393 12,750,090
Undistributed income 6,236,086 5,946,017 5,577,611 5,203,128 unitholders’ capital 5 22,243,302 21,919,363 19,370,004 17,953,218
units in circulation 5 22,601,416 22,572,456 17,887,770 16,910,096
nAv per unit (rM) 5 0.9842 0.9711 1.0829 1.0617
The accompanying notes form an integral part of the financial information.
Statements of Assets and Liabilities (Cont’d)
As at 31 March 2016
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
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AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife AmOasis Islamic AmMetLife Asia Pacific equity Fund reITS Fund
2016 2015 2016 2015 note rM rM rM rM
Assets
Investments 3 3,642,122 3,988,807 864,835 672,241
Tax recoverable 35 200 – –
Other receivables 31,872 15,835 13,739 197
Cash and bank balances 322,750 409,675 61,286 62,462 Total assets 3,996,779 4,414,517 939,860 734,900
Liabilities
Provision for taxation – – 930 361
Deferred tax liabilities 4 44,458 65,008 8,127 6,552
Other payables 9,692 63,114 9,513 42,256 Total liabilities 54,150 128,122 18,570 49,169
net asset value of funds (“nAv”) 3,942,629 4,286,395 921,290 685,731
represented by:
Unitholders’ contribution 3,442,694 3,625,140 783,464 599,005
Undistributed income 499,935 661,255 137,826 86,726 unitholders’ capital 5 3,942,629 4,286,395 921,290 685,731
units in circulation 5 6,936,301 7,236,273 1,534,876 1,213,613
nAv per unit (rM) 5 0.5684 0.5923 0.6002 0.5650
The accompanying notes form an integral part of the financial information.
70
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Global emerging AmMetLife Market Fund Tactical Bond Fund
2016 2015 2016 2015 note rM rM rM rM
Assets
Investments 3 864,077 885,544 501,385 421,026
Tax recoverable – – – 67
Other receivables 20,177 705 5,941 9,131
Cash and bank balances 53,470 87,925 50,059 43,529 Total assets 937,724 974,174 557,385 473,753
Liabilities
Provision for taxation 1,440 979 185 –
Deferred tax liabilities 4 1,949 6,616 2,646 880
Other payables 9,000 13,333 9,413 9,395 Total liabilities 12,389 20,928 12,244 10,275
net asset value of funds (“nAv”) 925,335 953,246 545,141 463,478
represented by:
Unitholders’ contribution 909,764 886,459 499,399 447,653
Undistributed income 15,571 66,787 45,742 15,825 unitholders’ capital 5 925,335 953,246 545,141 463,478
units in circulation 5 1,799,970 1,753,586 995,790 899,484
nAv per unit (rM) 5 0.5141 0.5436 0.5474 0.5153
The accompanying notes form an integral part of the financial information.
Statements of Assets and Liabilities (Cont’d)
As at 31 March 2016
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
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AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Precious AmMetLife Global Metals Fund Agribusiness Fund
2016 2015 2016 2015 note rM rM rM rM
Assets
Investments 3 3,094,720 3,535,402 2,044,060 2,135,006
Deferred tax assets 4 279,301 300,037 – –
Tax recoverable 15,687 16,566 – –
Other receivables 1,634 9,331 2,647 21,704
Cash and bank balances 496,762 807 922 2,080 Total assets 3,888,104 3,862,143 2,047,629 2,158,790
Liabilities
Provision for taxation – – 4,088 4,026
Deferred tax liabilities 4 – – 8,327 29,762
Other payables 68,369 35,333 9,281 9,728 Total liabilities 68,369 35,333 21,696 43,516
net asset value of funds (“nAv”) 3,819,735 3,826,810 2,025,933 2,115,274
represented by:
Unitholders’ contribution 7,162,780 7,413,192 1,936,648 1,780,728
(Accumulated losses)/ Undistributed income (3,343,045) (3,586,382) 89,285 334,546 unitholders’ capital 5 3,819,735 3,826,810 2,025,933 2,115,274
units in circulation 5 14,676,895 15,890,719 3,475,797 3,230,882
nAv per unit (rM) 5 0.2603 0.2408 0.5829 0.6547
The accompanying notes form an integral part of the financial information.
72
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
AmMetLife Commodity Stable AmMetLife Capital Guaranteed Fund dividend Fund
12.10.2015 31.03.2015 2016 2015 note rM rM rM rM
Assets
Investments 3 – 4,991,936 12,823,073 11,550,834
Other receivables 4,381,557 223 21,856 438,025
Cash and bank balances 402 37,179 1,861,177 827,377 Total assets 4,381,959 5,029,338 14,706,106 12,816,236
Liabilities
Provision for taxation – 20,248 20,953 31,994
Deferred tax liabilities 4 – 17,568 67,697 100,331
Other payables – 693,337 533,334 24,659 Total liabilities – 731,153 621,984 156,984
net asset value of funds (“nAv”) 4,381,959 4,298,185 14,084,122 12,659,252
represented by:
Unitholders’ contribution 4,240,903 4,240,903 11,288,940 9,945,268
Undistributed income 141,056 57,282 2,795,182 2,713,984 unitholders’ capital 5 4,381,959 4,298,185 14,084,122 12,659,252
units in circulation 5 8,426,071 8,426,071 20,110,980 18,168,967
nAv per unit (rM) 5 0.5200 0.5101 0.7003 0.6968
The accompanying notes form an integral part of the financial information.
Statements of Assets and Liabilities (Cont’d)
As at 31 March 2016
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AmMetLife equity Fund AmMetLife Bond Fund
2016 2015 2016 2015 note rM rM rM rM
Net investment income:
Interest income 6 45,697 62,640 666,147 755,156
Dividend income 7 520,530 426,217 50,325 13,372
566,227 488,857 716,472 768,528
Gain on disposal of investments 263,676 900,163 11,241 32,592 Total income 829,903 1,389,020 727,713 801,120
Management expenses (282,242) (254,624) (116,303) (138,740)
Net unrealised capital loss (387,179) (950,293) (214,169) (152,894) Total outgo (669,421) (1,204,917) (330,472) (291,634)
Excess of income over outgo before taxation 160,482 184,103 397,241 509,486
Taxation 8 6,224 (1,001) (42,280) (53,957)
Excess of income over outgo after taxation 166,706 183,102 354,961 455,529
Undistributed income brought forward 4,939,002 4,755,900 3,198,001 2,742,472
Undistributed income carried forward 5,105,708 4,939,002 3,552,962 3,198,001
The accompanying notes form an integral part of the financial information.
Summary of Financial Information
Statements of Income and expenditureFor the financial year ended 31 March 2016
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AmMetLife Balanced Fund AmMetLife dana Teguh
2016 2015 2016 2015 note rM rM rM rM
Net investment income:
Interest income 6 549,444 521,616 309,462 250,213
Dividend income 7 404,702 424,903 365,466 240,384
954,146 946,519 674,928 490,597
Gain on disposal of investments 195,946 1,469,678 792,295 1,296,801 Total income 1,150,092 2,416,197 1,467,223 1,787,398
Management expenses (285,257) (301,013) (242,609) (197,342)
Net unrealised capital loss (559,928) (2,336,664) (828,250) (660,696) Total outgo (845,185) (2,637,677) (1,070,859) (858,038)
Excess/(deficit) of income over outgo before taxation 304,907 (221,480) 396,364 929,360
Taxation 8 (14,838) 27,006 (21,881) (70,905)
Excess/(deficit) of income over outgo after taxation 290,069 (194,474) 374,483 858,455 Undistributed income brought forward 5,946,017 6,140,491 5,203,128 4,344,673
Undistributed income carried forward 6,236,086 5,946,017 5,577,611 5,203,128
The accompanying notes form an integral part of the financial information.
Statements of Income and expenditure (Cont’d)
For the financial year ended 31 March 2016
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The accompanying notes form an integral part of the financial information.
AmMetLife AmOasis AmMetLife Asia Pacific Islamic equity Fund reITS Fund
2016 2015 2016 2015 note rM rM rM rM
Net investment income:
Interest income 6 10,007 10,143 2,341 1,852
Dividend income 7 – – 32,497 26,213
10,007 10,143 34,838 28,065
Gain on disposal of investments 71,579 69,383 8,706 2,085
Net unrealised capital gain – 429,013 19,691 77,779 Total income 81,586 508,539 63,235 107,929
Management expenses (60) (11,897) (9,676) (9,785)
Net unrealised capital loss (256,868) – – – Total outgo (256,928) (11,897) (9,676) (9,785)
(Deficit)/excess of income over outgo before taxation (175,342) 496,642 53,559 98,144
Taxation 8 14,022 (40,683) (2,459) (6,538)
(Deficit)/excess of income over outgo after taxation (161,320) 455,959 51,100 91,606
Undistributed income/ (losses) brought forward 661,255 205,296 86,726 (4,880)
Undistributed income carried forward 499,935 661,255 137,826 86,726
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AmMetLife Global AmMetLife Tactical emerging Market Fund Bond Fund
2016 2015 2016 2015 note rM rM rM rM
Net investment income:
Interest income 6 2,181 2,269 1,245 1,509
Dividend income 7 2,544 2,307 17,117 24,792
4,725 4,576 18,362 26,301
Gain on disposal of investments 5,852 – 429 –
Net unrealised capital gain – 65,641 22,071 5,549 Total income 10,577 70,217 40,862 31,850
Management expenses (7,473) (10,059) (9,045) (9,295)
Loss on disposal of investments – – – (2,980)
Net unrealised capital loss (58,345) – – – Total outgo (65,818) (10,059) (9,045) (12,275)
(Deficit)/excess of income over outgo before taxation (55,241) 60,158 31,817 19,575
Taxation 8 4,025 (5,432) (1,900) (326)
(Deficit)/excess of income over outgo after taxation (51,216) 54,726 29,917 19,249 Undistributed income/(losses) brought forward 66,787 12,061 15,825 (3,424)
Undistributed income carried forward 15,571 66,787 45,742 15,825
The accompanying notes form an integral part of the financial information.
Statements of Income and expenditure (Cont’d)
For the financial year ended 31 March 2016
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AmMetLife Precious AmMetLife Global Metals Fund Agribusiness Fund
2016 2015 2016 2015 note rM rM rM rM
Net investment income:
Interest income 6 22,627 14,090 7,442 6,663
22,627 14,090 7,442 6,663
Net unrealised capital gain 259,199 – – 127,309 Total income 281,826 14,090 7,442 133,972
Management expenses (15,943) (19,986) (5,605) (11,524)
Loss on disposal of investments – (2,448) – –
Net unrealised capital loss – (651,472) (267,938) – Total outgo (15,943) (673,906) (273,543) (11,524)
Excess/(deficit) of income over outgo before taxation 265,883 (659,816) (266,101) 122,448
Taxation 8 (22,546) 51,187 20,840 (10,717)
Excess/(deficit) of income over outgo after taxation 243,337 (608,629) (245,261) 111,731 Undistributed (losses)/income brought forward (3,586,382) (2,977,753) 334,546 222,815
Undistributed (losses)/income carried forward (3,343,045) (3,586,382) 89,285 334,546
The accompanying notes form an integral part of the financial information.
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AmMetLife Commodity Stable AmMetLife Capital Guaranteed Fund dividend Fund
1 April 2015 to 1 April 2014 12 October 2015 31 March 2015 2016 2015 note rM rM rM rM
Net investment income:
Interest income 6 551 387 32,850 41,061
Dividend income 7 1,029 2,223 374,947 375,552 1,580 2,610 407,797 416,613
Gain on disposal of investments 330,826 – 274,039 403,835
Net unrealised capital gain – 174,523 – 599,644 Total income 332,406 177,133 681,836 1,420,092
Management expenses (20,095) (29,534) (200,789) (167,434)
Net unrealised capital loss (219,594) – (407,933) – Total outgo (239,689) (29,534) (608,722) (167,434)
Excess of income over outgo before taxation 92,717 147,599 73,114 1,252,658
Taxation 8 (8,943) (13,993) 8,084 (83,562)
Excess of income over outgo after taxation 83,774 133,606 81,198 1,169,096 Undistributed income/(losses) brought forward 57,282 (76,324) 2,713,984 1,544,888
Undistributed income carried forward 141,056 57,282 2,795,182 2,713,984
The accompanying notes form an integral part of the financial information.
Statements of Income and expenditure (Cont’d)
For the financial year ended 31 March 2016
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2016 2015 rM rM
Net asset value at the beginning of the year 19,346,218 14,543,771
Amounts received from units created 8,011,603 9,690,938
Amounts paid for units cancelled (7,178,387) (5,071,593) 20,179,434 19,163,116
Net realised gain after taxation 522,910 1,057,372
Net unrealised capital loss after taxation (356,204) (874,270) Net asset value at the end of the year 20,346,140 19,346,218
The accompanying notes form an integral part of the financial information.
Summary of Financial Information
Statements of Changes in net Asset valueFor the financial year ended 31 March 2016
AmMetLife equity Fund
2016 2015 rM rM
Net asset value at the beginning of the year 12,414,162 16,713,448
Amounts received from units created 3,472,695 3,249,568
Amounts paid for units cancelled (4,337,483) (8,004,383) 11,549,374 11,958,633
Net realised gain after taxation 557,218 599,360
Net unrealised capital loss after taxation (202,257) (143,831) Net asset value at the end of the year 11,904,335 12,414,162
AmMetLife Bond Fund
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Net asset value at the beginning of the year 21,919,363 24,157,637
Amounts received from units created 6,566,211 8,387,650
Amounts paid for units cancelled (6,532,341) (10,431,450) 21,953,233 22,113,837
Net realised gain after taxation 805,204 1,955,256
Net unrealised capital loss after taxation (515,135) (2,149,730) Net asset value at the end of the year 22,243,302 21,919,363
The accompanying notes form an integral part of the financial information.
Statements of Changes in net Asset value (Cont’d)
For the financial year ended 31 March 2016
2016 2015 rM rM
Net asset value at the beginning of the year 17,953,218 12,176,875
Amounts received from units created 5,567,588 9,613,259
Amounts paid for units cancelled (4,525,285) (4,695,371) 18,995,521 17,094,763
Net realised gain after taxation 1,136,475 1,466,295
Net unrealised capital loss after taxation (761,992) (607,840) Net asset value at the end of the year 19,370,004 17,953,218
AmMetLife dana Teguh
AmMetLife Balanced Fund
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Net asset value at the beginning of the year 4,286,395 4,513,925
Amounts received from units created 983,849 741,116
Amounts paid for units cancelled (1,166,295) (1,424,605) 4,103,949 3,830,436
Net realised gain after taxation 74,998 61,266
Net unrealised capital (loss)/gain after taxation (236,318) 394,693 Net asset value at the end of the year 3,942,629 4,286,395
2016 2015 rM rM
Net asset value at the beginning of the year 685,731 580,944
Amounts received from units created 712,024 376,276
Amounts paid for units cancelled (527,565) (363,095) 870,190 594,125
Net realised gain after taxation 32,984 20,050
Net unrealised capital gain after taxation 18,116 71,556 Net asset value at the end of the year 921,290 685,731
The accompanying notes form an integral part of the financial information.
AmMetLife AmOasis Islamic equity Fund
AmMetLife Asia Pacific reITS Fund
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Statements of Changes in net Asset value (Cont’d)
For the financial year ended 31 March 2016
The accompanying notes form an integral part of the financial information.
AmMetLife Tactical Bond Fund
AmMetLife Global emerging Market Fund
2016 2015 rM rM
Net asset value at the beginning of the year 953,246 883,932
Amounts received from units created 136,798 129,571
Amounts paid for units cancelled (113,493) (114,983) 976,551 898,520
Net realised gain/(loss) after taxation 2,462 (5,664)
Net unrealised capital (loss)/gain after taxation (53,678) 60,390 Net asset value at the end of the year 925,335 953,246
2016 2015 rM rM
Net asset value at the beginning of the year 463,478 491,182
Amounts received from units created 294,449 222,547
Amounts paid for units cancelled (242,703) (269,500) 515,224 444,229
Net realised gain after taxation 9,612 14,144
Net unrealised capital gain after taxation 20,305 5,105 Net asset value at the end of the year 545,141 463,478
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Net asset value at the beginning of the year 3,826,810 3,930,030
Amounts received from units created 806,682 1,366,592
Amounts paid for units cancelled (1,057,094) (861,183) 3,576,398 4,435,439
Net realised gain/(loss) after taxation 4,874 (9,275)
Net unrealised capital gain/(loss) after taxation 238,463 (599,354) Net asset value at the end of the year 3,819,735 3,826,810
2016 2015 rM rM
Net asset value at the beginning of the year 2,115,274 1,869,293
Amounts received from units created 514,899 541,111
Amounts paid for units cancelled (358,979) (406,861) 2,271,194 2,003,543
Net realised gain/(loss) after taxation 1,242 (5,394)
Net unrealised capital (loss)/gain after taxation (246,503) 117,125 Net asset value at the end of the year 2,025,933 2,115,274
The accompanying notes form an integral part of the financial information.
AmMetLife Global Agribusiness Fund
AmMetLife Precious Metals Fund
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Statements of Changes in net Asset value (Cont’d)
For the financial year ended 31 March 2016
AmMetLife Commodity Stable Capital Guaranteed Fund
1 April 2015 to 1 April 2014 to 12 October 2015 31 March 2015 rM rM
Net asset value at the beginning of the year 4,298,185 4,168,793
Amounts paid for units cancelled – (4,214) 4,298,185 4,164,579
Net realised gain/(loss) after taxation 285,800 (26,955)
Net unrealised capital (loss)/gain after taxation (202,026) 160,561 Net asset value at the maturity date/end of the year 4,381,959 4,298,185
The accompanying notes form an integral part of the financial information.
2016 2015 rM rM
Net asset value at the beginning of the year 12,659,252 9,444,021
Amounts received from units created 3,177,171 3,505,334
Amounts paid for units cancelled (1,833,499) (1,459,199) 14,002,924 11,490,156
Net realised gain after taxation 456,497 617,423
Net unrealised capital (loss)/gain after taxation (375,299) 551,673 Net asset value at the end of the year 14,084,122 12,659,252
AmMetLife dividend Fund
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1. The Manager and its principal activity
The investment-linked funds of AmMetLife Insurance Berhad (“the Manager”) comprise the AmMetLife Equity Fund, AmMetLife
Bond Fund, AmMetLife Balanced Fund, AmMetLife Dana Teguh, AmMetLife AmOasis Islamic Equity Fund, AmMetLife Asia Pacific
REITS Fund, AmMetLife Global Emerging Market Fund, AmMetLife Tactical Bond Fund, AmMetLife Precious Metals Fund, AmMetLife
Global Agribusiness Fund, AmMetLife Commodity Stable Capital Guaranteed Fund (matured on 12 October 2015) and AmMetLife
Dividend Fund (collectively referred to as “the Funds”).
The Manager is a public limited liability company incorporated and domiciled in Malaysia and licensed under the Financial Services
Act 2013. Its principal activity is the underwriting of life and investment-linked insurance business.
There has been no significant changes in the nature of the principal activities of the Manager during the financial year ended 31
March 2016.
The financial information were authorised for issue by the Board of Directors of the Manager in accordance with a resolution on
14 June 2016.
2. Significant accounting policies
2.1 Basis of Preparation
The financial information of the Funds have been prepared in accordance with the accounting policies as described in Note
2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara
Malaysia (“BNM”).
The financial information have been prepared under the historical cost convention except as disclosed in the significant
accounting policies in Note 2.2 to the financial information.
The financial information are presented in Ringgit Malaysia (“RM”).
The Statements of Assets and Liabilities, Statements of Income and Expenditure and Statements of Changes in Net Asset
Value of AmMetLife Commodity Stable Capital Guaranteed Fund have been prepared for the period from 1 April 2015 to 12
October 2015 being the dates of the maturity of the said Fund. Consequently, the financial information of the Fund has been
prepared on a basis other than going concern. The assets of the Fund has been stated at their respective recoverable values
and all liabilities of the Fund, including the estimated expenses upon maturity of the Fund, has been recognised.
2.2 Summary of significant accounting policies
(a) Management fee
Management fee is charged based on the Funds’ daily net assets value, at the following rates:
(i) AmMetLife Equity Fund 1.50% per annum
(ii) AmMetLife Bond Fund 1.00% per annum
(iii) AmMetLife Balanced Fund 1.50% per annum
(iv) AmMetLife Dana Teguh 1.50% per annum
(v) AmMetLife AmOasis Islamic Equity Fund 1.50% per annum
(vi) AmMetLife Asia Pacific REITS Fund 1.50% per annum
(vii) AmMetLife Global Emerging Market Fund 1.50% per annum
(viii) AmMetLife Tactical Bond Fund 1.00% per annum
(ix) AmMetLife Precious Metals Fund 1.50% per annum
(x) AmMetLife Global Agribusiness Fund 1.50% per annum
(xi) AmMetLife Commodity Stable Capital Guaranteed Fund 0.50% per annum
(xii) AmMetLife Dividend Fund 1.50% per annum
Summary of Financial Information
notes to the Financial Information31 March 2016
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notes to the Financial Information (Cont’d)
(b) Financial instruments – initial recognition and subsequent measurement
(i) date of recognition
All financial assets and liabilities are initially recognised on the trade date, i.e. the date that the Funds become
a party to the contractual provisions of the instrument. This includes “regular way trades” purchases or sales
of financial assets that require delivery of assets within the time frame generally established by regulation or
convention in the market place.
(ii) Initial measurement of financial instruments
Financial assets are classified as financial assets at fair value through profit or loss, financial assets available-for-
sale, financial assets held-to-maturity or loans and receivables, as appropriate. Financial liabilities of the Funds
are classified as financial liabilities at fair value through profit or loss or at amortised cost, as appropriate. The
Funds determine the classification of its financial assets and financial liabilities at initial recognition.
The classification of financial instruments at initial recognition depends on the purpose and the management’s
intention for which the financial instruments were acquired and their characteristics. All financial instruments
are measured initially at their fair value plus transaction costs, except in the case of financial assets and
financial liabilities recorded at fair value through profit or loss, which is measured at fair value.
The Funds classify the investment into financial assets at fair value through profit or loss (“FVTPL”) or loans
and receivable (“LAR”).
(iii) Subsequent measurement
The subsequent measurement of financial instruments depends on their classification as described below:
1. Financial assets at fair value through profit or loss (“FVTPL”)
Financial assets at FVTPL are recorded in the Statements of Assets and Liabilities at fair value. Changes
in fair value are recognised in the Statements of Income and Expenditure. Interest and dividend income
or expense are recorded as “Net Investment Income” or “Interest expense”, as appropriate and in
accordance with the terms of the contract, or when the right to the payment has been established.
Included in this classification are fixed income securities, collective investment schemes and equities.
2. Loans and receivables (“LAR”)
LAR include non–derivative financial assets with fixed or determinable payments that are not quoted in
an active market.
After initial measurement, the amounts are subsequently measured at amortised cost using the effective
interest rate (“EIR”), less allowance for impairment. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees and costs that are an integral part of the EIR.
(iv) Financial liabilities at amortised cost
Financial liabilities of the Funds, that are not designated at FVTPL, are classified as financial liabilities at amortised
cost, where the substance of the contractual arrangement results in the Funds having an obligation either to
deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of
a fixed amount of cash or another financial asset for a fixed number of own equity instruments.
After initial measurement, these are subsequently measured at amortised cost using the EIR. Amortised cost
is calculated by taking into account any discount or premium on the issue and costs that are an integral part
of the EIR.
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(c) derecognition of financial assets and financial liabilities
(i) Financial assets
A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets)
is derecognised when:
– The rights to receive cash flows from the asset have expired
– The Funds have transferred its rights to receive cash flows from the asset or have assumed an obligation
to pay the received cash flows in full without material delay to a third party under a “pass–through”
arrangement; and either:
– The Funds have transferred substantially all the risks and rewards of the asset, or
– The Funds have neither transferred nor retained substantially all the risks and rewards of the asset, but
have transferred control of the asset.
When the Funds have transferred their rights to receive cash flows from an asset or have entered into a
pass–through arrangement, and have neither transferred nor retained substantially all the risks and rewards
of the asset nor transferred control of the asset, the asset is recognised to the extent of the Funds continuing
involvement in the asset. In that case, the Funds also recognise an associated liability. The transferred asset
and the associated liability are measured on a basis that reflects the rights and obligations that the Funds
have retained.
(ii) Financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired.
Where an existing financial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modified, such an exchange or modification
is treated as a derecognition of the original liability and the recognition of a new liability. The difference
between the carrying value of the original financial liability and the consideration paid is recognised in profit
or loss.
(d) determination of fair value
The fair value of financial assets such as equity securities, that are actively traded in organised financial markets is
determined by reference to quoted prices for assets at the close of business on the reporting date.
For investment in unit, real estate investment trusts, fair value is determined by reference to published net asset
values. Investments in equity that do not have quoted market price in an active market and whose fair value cannot
be reliaby measured will be stated at cost less impairment losses.
For financial instruments where there is no active market such as unquoted fixed income securities i.e. uquoted
bond, fair value is obtained from Bond Pricing Agency Malaysia Sdn. Bhd. (“BPAM”).
If the fair value cannot be measured reliaby, financial instruments are measured at cost, being the fair value of the
consideration paid for the acquisition of the instruments or the amount received on issuing the financial liability. All
transaction costs directly attributable to the acquisition are also included in the cost of the investment.
The fair value of Negotiable Instruments of Deposit (“NID”) are based on broker quotes, whereas the fair value of
fixed/yield bearing deposits is the principal itself.
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(e) Impairment of financial assets
The Funds assess at each reporting date whether there is any objective evidence that a financial asset or a group
of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only
if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial
recognition of the asset (an incurred “loss event”) and that loss event (or events) has an impact on the estimated
future cash flows of the financial asset or the group of financial assets that can be reliably estimated.
Financial assets carried at amortised cost
Evidence of impairment may include indications that the borrower or a group of borrowers is experiencing significant
financial difficulty, the probability that they will enter bankruptcy or other financial reorganisation, default or
delinquency in interest or principal payments and where observable data indicates that there is a measurable decrease
in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.
For financial assets carried at amortised cost, the Funds first assess individually whether objective evidence of
impairment exists for financial assets that are individually significant, or collectively for financial assets that are not
individually significant. If the Funds determine that no objective evidence of impairment exists for an individually
assessed financial asset, it includes the asset in a group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an
impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.
If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the
difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding
future expected credit losses that have not yet been incurred). The carrying amount of the asset is reduced through
the use of an allowance account and the amount of the loss is recognised in the Statements of Income and
Expenditure. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate
of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest
income is recorded as part of “Interest income”. LAR together with the associated allowance are written off when
there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the
Funds. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an
event occurring after the impairment was recognised, the previously recognised impairment loss is increased or
reduced by adjusting the allowance account. If a future write–off is later recovered, the recovery is credited to the
“Impairment losses on LAR” to the extent that the carrying amount of the asset does not exceed its amortised cost
at the reversal date.
The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. If LAR have
variable interest rates, the discount rate for measuring any impairment loss is the current EIR. If the Funds have
reclassified trading assets to LAR, the discount rate for measuring any impairment loss is the new EIR determined at
the reclassification date. The calculation of the present value of the estimated future cash flows of a collateralised
financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the
collateral, whether or not foreclosure is probable.
(f) Offsetting financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the Statements of Assets and
Liabilities if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is generally
not the case with master netting agreements, therefore, the related assets and liabilities are presented gross in the
Statements of Assets and Liabilities.
notes to the Financial Information (Cont’d)
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(g) Impairment of non-financial assets
The Funds assess at each reporting date whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Funds estimate the asset’s recoverable
amount. An asset’s recoverable amount is the higher of an asset’s or cash–generating unit’s (“CGU”) fair value less
costs to sell and its value in use. Where the carrying amount of an asset or CGU exceeds its recoverable amount. An
asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre–tax discount rate that reflects current market
assessment of the time value of money and the risks specific to the asset. In determining fair value less costs to sell,
an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share
prices for publicly traded entities or other available fair value indicators.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication
that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists,
the Funds estimate the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed
only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last
impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its
recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years. Such reversal is recognised in the Statements of Income
and Expenditure.
(h) net creation of units
Net creation of units represents premiums paid by policyholders as payment for a new contract or subsequent
payments to increase the amount of that contract less switching costs, if any, within funds. Net creation of units is
recognised on a receipt basis.
(i) net cancellation of units
Net cancellation of units represents cancellation of units arising from surrenders and withdrawals. Net cancellation
is recognised upon surrendering of the related insurance contract.
(j) Other revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Funds and the revenue
can be reliably measured. The following specific recognition criteria must be met before revenue is recognised.
(i) Interest income
Interest and financing income and expense are recognised in profit or loss using the effective interest
method. Once a financial asset or a group of similar financial assets has been written down as a result of
an impairment loss, interest income is recognised using the rate of interest used to discount the future cash
flows for the purpose of measuring the impairment loss.
(ii) realised gains and losses on investments
On disposal of investments, the difference between the net disposal proceeds and the carrying amount of
investment is credited or charged to Statements of Income and Expenditure.
(iiI) dividend income
Dividend income represents gross dividends from quoted and unquoted investments and is recognised
when the right to receive payment is established.
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For the Financial Year Ended 31 March 2016
(k) Income tax
Income tax on the profit and loss comprises current and deferred tax. Current tax is the expected amount of income
taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted
on the date of the Statements of Assets and Liabilities.
Deferred tax is provided for, using the liability method, on temporary differences at the date of Statements of Assets
and Liabilities between the tax bases of assets and liabilities and their carrying amounts in the financial information.
In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are
recognised for all deductible temporary differences, to the extent that it is probable that taxable profits will be
available against which the deductible temporary differences can be utilised.
Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the
liability is settled, based on tax rates that have been enacted or substantively enacted at the date of Statements
of Assets and Liabilities. Deferred tax is recognised as income or an expense in the Statements of Income and
Expenditure, except when it arises from a transaction which is recognised directly in unitholders’ capital, in which
case, the deferred tax is also recognised in unitholders’ capital.
(l) Provisions
Provisions are recognised when the Funds have a present obligation as a result of a past event and it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable
estimate of the amount can be made. Provisions are reviewed at each Statements of Assets and Liabilities date and
adjusted to reflect the current best estimate. Where the effect of the time value of money is material, provisions
are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where
discounting is used, the increase in the provision due to the passage of time is recognised as finance cost.
(m) Foreign currencies transactions
(i) Functional and presentation currency
The financial statements are presented in Ringgit Malaysia (“RM”) which is also the functional and
presentation currency of the Funds.
(ii) Foreign currency transaction
Transactions in foreign currencies are initially recorded in the functional currency rate prevailing at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the
functional currency rate of exchange ruling at the reporting date. All differences are taken to profit or loss.
Non-monetary items denominated in foreign currencies that are measured at historical cost are translated
using the exchange rates as at the dates of initial transactions.
Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at
the date when the fair value was determined. All foreign exchange differences are taken to profit or loss,
except for differences relating to items where gains or losses are recognised directly in equity, in which case,
the gain or loss is recognised net of the exchange component in equity.
(n) Cash and cash equivalents
Cash and cash equivalents consist of cash and bank balances, excluding fixed and call deposits.
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Quoted equity securities 17,789,025 17,743,960
FvTPL:
Quoted equity securities
Cost 16,658,127 16,225,883
Net unrealised gain 1,130,898 1,518,077
Fair value 17,789,025 17,743,960
Total investments at FvTPL 17,789,025 17,743,960
Total investments 17,789,025 17,743,960
3. Investments
(i) AmMetLife equity Fund
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For the Financial Year Ended 31 March 2016
2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL:
Quoted equity securities
Construction
Gamuda Berhad 63,700 289,439 313,404 1.54%
Gamuda Berhad – Warrants 10,616 2,654 11,678 0.06%
Ikhmas Jaya Group Berhad 603,000 358,620 428,130 2.10%
YTL Corporation Berhad 104,900 171,685 172,036 0.85%
Finance
Bursa Malaysia Berhad 46,500 402,689 413,850 2.03%
CIMB Group Holdings Berhad 200,000 912,901 970,000 4.77%
Malayan Banking Berhad 194,212 1,769,486 1,751,792 8.61%
Public Bank Berhad 92,400 1,676,387 1,735,272 8.53%
Industrial Products
Kossan Rubber Industries Berhad 45,800 314,575 277,090 1.36%
Petronas Chemicals Group Berhad 49,600 303,614 332,816 1.64%
Petronas Gas Berhad 24,600 549,514 541,200 2.66%
SKP Resources Berhad 343,400 300,443 442,986 2.18%
Top Glove Corporation Berhad 52,700 300,546 264,554 1.30%
V.S Industry Berhad 418,600 454,237 502,320 2.47%
V.S Industry Berhad – Warrants 29,850 – 9,552 0.05%
Infrastructure Project Co.
Digi.Com Berhad 69,900 364,182 345,306 1.70%
Plantations
Genting Plantation Berhad 17,900 180,063 200,480 0.99%
Kuala Lumpur Kepong Berhad 20,800 476,252 499,200 2.45%
Technology
Inari Amertron Berhad 128,200 399,849 412,804 2.03%
Prestariang Berhad 139,700 381,495 412,115 2.03%
3. Investments (Cont’d)
(i) AmMetLife equity Fund (Cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL: (Cont’d)
Quoted equity securities (Cont’d)
Trading & Services
AirAsia Berhad 230,000 311,295 420,900 2.07%
Axiata Group Berhad 68,700 473,655 404,643 1.99%
Berjaya Auto Berhad 188,000 400,306 407,960 2.01%
Dialog Group Berhad 192,320 263,318 307,712 1.51%
Genting Berhad 43,000 358,812 421,400 2.07%
Genting Malaysia Berhad 132,700 547,323 602,458 2.96%
IHH Healthcare Berhad 59,300 315,255 389,008 1.91%
Malaysia Airports Holdings Berhad 46,900 270,166 318,920 1.57%
Maxis Berhad 31,900 214,871 202,565 1.00%
MISC Berhad 36,000 286,831 320,400 1.57%
Only World Group Holdings Berhad 120,000 296,071 288,000 1.42%
Sapurakencana Petroleum Berhad 98,100 201,978 182,466 0.90%
Scicom (MSC) Berhad 47,480 75,216 113,477 0.56%
Sime Darby Berhad 113,700 921,379 903,915 4.44%
Telekom Malaysia Berhad 58,400 369,085 385,440 1.89%
Tenaga Nasional Berhad 127,100 1,441,241 1,771,774 8.71%
Westports Holdings Berhad 75,400 302,695 311,402 1.53%
Total investments at FvTPL 16,658,127 17,789,025 87.43%
(i) AmMetLife equity Fund (Cont’d)
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Unquoted corporate bonds 9,473,950 10,387,024
Unquoted unit and property trust funds 1,151,455 1,225,845
Deposits with licensed financial institutions – 905,000 10,625,405 12,517,869
FvTPL:
unquoted corporate bonds
Cost 9,989,900 10,763,296
Net unrealised loss (515,950) (376,272)
Fair value 9,473,950 10,387,024
unquoted unit and property trust funds
Cost 1,072,074 1,137,267
Net unrealised gain 79,381 88,578
Fair value 1,151,455 1,225,845
Total investments at FvTPL 10,625,405 11,612,869
LAr:
Deposits with licensed financial institutions – 905,000
Total investments 10,625,405 12,517,869
3. Investments (Cont’d)
(ii) AmMetLife Bond Fund
notes to the Financial Information (Cont’d)
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
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2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL: unquoted corporate bonds
Abu Dhabi Commercial Bank-BG due 22/11/2017 1,000,000 1,020,300 1,013,200 8.51%
Special Power Vehicle Berhad due 19/05/2016 625,000 1,004,250 637,963 5.36%
Prominic Berhad due 05/05/2016 500,000 503,100 500,495 4.20%
Encorp Systembilt Sdn Bhd due 16/11/2018 1,300,000 1,292,720 1,304,641 10.96%
Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 1,300,000 1,335,880 1,350,271 11.34%
Prominic Berhad due 05/05/2016 400,000 408,800 400,396 3.36%
RHB Bank Berhad Hybrid Tier 1 due 29/03/2019 1,300,000 1,550,900 1,402,323 11.78%
Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd due 02/12/2026 400,000 389,800 386,580 3.25%
Sime Darby Berhad due 24/03/2026 1,500,000 1,500,000 1,499,970 12.60%
Tanjung Bin Energy Issuer Berhad due 15/09/2013 900,000 984,150 978,111 8.22%
9,989,900 9,473,950 79.58%
unquoted unit and property trust funds
AmBond Fund 846,757 934,253 1,001,629 8.41%
AmDynamic Bond Fund 230,111 137,820 149,826 1.26%
1,072,074 1,151,455 9.67%
Total investments at FvTPL 11,061,974 10,625,405 89.26%
The weighted average effective interest rates per annum are as follows:
2016 2015 % %
Unquoted corporate bonds – secured 4.98% 4.98%
Unquoted corporate bonds – unsecured 5.12% 4.83%
Deposits with licensed financial institutions –% 3.70%
(ii) AmMetLife Bond Fund (Cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Quoted equity securities 12,527,990 14,322,553
Unquoted corporate bonds 4,572,994 5,785,797
Deposits with licensed financial institutions – 1,773,000 17,100,984 21,881,350
FvTPL:
Quoted equity securities
Cost 11,571,741 13,019,179
Net unrealised gain 956,249 1,303,374
Fair value 12,527,990 14,322,553
unquoted corporate bonds
Cost 5,177,165 6,177,165
Net unrealised loss (604,171) (391,368)
Fair value 4,572,994 5,785,797
Total investments at FvTPL 17,100,984 20,108,350
LAr:
Deposits with licensed financial institutions – 1,773,000
Total investments 17,100,984 21,881,350
3. Investments (Cont’d)
(iii) AmMetLife Balanced Fund
notes to the Financial Information (Cont’d)
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
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2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL:
Quoted equity securities
Construction
Gamuda Berhad 61,200 302,592 301,104 1.35%
Gamuda Berhad – Warrants 10,200 2,550 11,220 0.05%
IJM Corporation Berhad 68,000 230,168 240,040 1.08%
Ikhmas Jaya Group Berhad 531,200 313,980 377,152 1.70%
YTL Corporation Berhad 114,900 186,262 188,436 0.85%
Finance
Bursa Malaysia Berhad 38,900 335,846 346,210 1.56%
CIMB Group Holdings Berhad 146,600 671,574 711,010 3.20%
Malayan Banking Berhad 127,874 1,155,062 1,153,424 5.19%
Public Bank Berhad 61,800 1,132,571 1,160,604 5.22%
Industrial Products
Kossan Rubber Industries Berhad 33,800 234,330 204,490 0.92%
Petronas Chemicals Group Berhad 34,100 204,187 228,811 1.03%
Petronas Gas Berhad 17,900 394,591 393,800 1.77%
SKP Resources Berhad 421,200 325,973 543,348 2.44%
Top Glove Corporation Berhad 39,600 225,887 198,792 0.89%
V.S Industry Berhad 273,300 301,148 327,960 1.47%
V.S Industry Berhad – Warrants 13,800 – 4,416 0.02%
Infrastructure Project Co.
Digi.Com Berhad 36,200 178,812 178,828 0.80%
Plantations
Genting Plantation Berhad 15,400 155,298 172,480 0.78%
Kuala Lumpur Kepong Berhad 16,200 373,056 388,800 1.75%
Technology
Inari Amertron Berhad 68,200 198,368 219,604 0.99%
Prestariang Berhad 115,300 312,084 340,135 1.53%
(iii) AmMetLife Balanced Fund (Cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
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2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL: (Cont’d)
Quoted equity securities (Cont’d)
Trading & Services
AirAsia Berhad 169,700 229,908 310,551 1.40%
Axiata Group Berhad 38,000 265,085 223,820 1.01%
Berjaya Auto Berhad 102,000 214,566 221,340 1.00%
Dialog Group Berhad 97,000 159,127 155,200 0.70%
Genting Berhad 23,600 188,303 231,280 1.04%
Genting Malaysia Berhad 77,200 321,459 350,488 1.58%
IHH Healthcare Berhad 33,300 183,195 218,448 0.98%
Malaysia Airports Holdings Berhad 29,500 162,095 200,600 0.90%
Maxis Berhad 26,600 175,389 168,910 0.76%
MISC Berhad 33,200 261,699 295,480 1.33%
Only World Group Holdings Berhad 57,960 109,053 139,104 0.63%
Sapurakencana Petroleum Berhad 81,400 166,015 151,404 0.68%
Scicom (MSC) Berhad 29,000 46,209 69,310 0.31%
Sime Darby Berhad 56,900 460,385 452,355 2.03%
Telekom Malaysia Berhad 49,100 303,385 324,060 1.46%
Tenaga Nasional Berhad 88,000 988,676 1,226,720 5.52%
Uzma Berhad 55,200 102,852 98,256 0.44%
11,571,741 12,527,990 56.32%
3. Investments (Cont’d)
(iii) AmMetLife Balanced Fund (Cont’d)
notes to the Financial Information (Cont’d)
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
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2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL: (Cont’d)
unquoted corporate bonds
Abu Dhabi Commercial Bank-BG due 22/11/2017 1,000,000 1,020,300 1,013,200 4.56%
Special Power Vehicle Berhad due 19/05/2016 1,062,500 1,707,225 1,084,536 4.88%
Encorp Systembilt Sdn Bhd due 16/11/2018 500,000 497,200 501,785 2.26%
Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 1,900,000 1,952,440 1,973,473 8.87%
5,177,165 4,572,994 20.56%
Total investments at FvTPL 16,748,906 17,100,984 76.88%
2016 2015 % %
Unquoted corporate bonds – secured 4.98% 4.98%
Unquoted corporate bonds – unsecured 5.70% 5.61%
Deposits with licensed financial institutions –% 3.70%
The weighted average effective interest rates per annum are as follows:
(iii) AmMetLife Balanced Fund (Cont’d)
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Quoted equity securities 8,713,033 11,654,493
Unquoted corporate bonds 2,321,151 2,393,377
Unquoted unit and property trust funds 613,899 593,485
Deposits with licensed financial institutions – 2,908,000 11,648,083 17,549,355
FvTPL:
Quoted equity securities
Cost 7,878,310 10,072,437
Net unrealised gain 834,723 1,582,056
Fair value 8,713,033 11,654,493
unquoted corporate bonds
Cost 2,521,790 2,521,790
Net unrealised loss (200,639) (128,413)
Fair value 2,321,151 2,393,377
unquoted unit and property trust funds
Cost 588,637 559,532
Net unrealised gain 25,262 33,953
Fair value 613,899 593,485
Total investments at FvTPL 11,648,083 14,641,355
LAr:
Deposits with licensed financial institutions - 2,908,000
Total investments 11,648,083 17,549,355
3. Investments (Cont’d)
(iv) AmMetLife dana Teguh
notes to the Financial Information (Cont’d)
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2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL:
Quoted equity securities
Construction
Gamuda Berhad 72,100 359,541 354,732 1.83%
Gamuda Berhad – Warrants 12,016 3,004 13,218 0.07%
IJM Corporation Berhad 75,400 218,810 266,162 1.37%
Ikhmas Jaya Group Berhad 606,500 358,813 430,615 2.22%
Industrial Products
Kossan Rubber Industries Berhad 29,700 206,199 179,685 0.93%
Petronas Chemicals Group Berhad 24,400 142,111 163,724 0.85%
Petronas Gas Berhad 19,000 423,929 418,000 2.16%
SKP Resources Berhad 378,500 295,097 488,265 2.52%
Top Glove Corporation Berhad 34,800 198,529 174,696 0.90%
V.S Industry Berhad 238,200 230,951 285,840 1.48%
V.S Industry Berhad – Warrants 30,075 – 9,624 0.05%
Infrastructure Project Co.
Digi.Com Berhad 38,900 199,075 192,166 0.99%
Plantations
Genting Plantation Berhad 26,700 268,777 299,040 1.54%
Kuala Lumpur Kepong Berhad 16,200 368,001 388,800 2.01%
Technology
Inari Amertron Berhad 92,475 273,278 297,770 1.54%
Prestariang Berhad 100,800 266,167 297,360 1.54%
(iv) AmMetLife dana Teguh (Cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
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2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL: (Cont’d)
Quoted equity securities (Cont’d)
Trading & Services
Axiata Group Berhad 33,400 231,713 196,726 1.02%
Berjaya Auto Berhad 138,500 316,971 300,545 1.55%
Dialog Group Berhad 243,258 291,644 389,213 2.01%
IHH Healthcare Berhad 45,300 226,612 297,168 1.53%
Maxis Berhad 34,600 236,602 219,710 1.13%
MISC Berhad 22,000 182,992 195,800 1.01%
Sapurakencana Petroleum Berhad 72,100 146,950 134,106 0.69%
Scicom (MSC) Berhad 54,900 87,167 131,211 0.68%
Sime Darby Berhad 62,000 501,412 492,900 2.54%
Telekom Malaysia Berhad 77,400 480,344 510,840 2.64%
Tenaga Nasional Berhad 88,100 979,942 1,228,114 6.34%
Uzma Berhad 117,500 236,172 209,150 1.08%
Westports Holdings Berhad 35,800 147,506 147,854 0.76%
7,878,310 8,713,033 44.98%
3. Investments (Cont’d)
(iv) AmMetLife dana Teguh (Cont’d)
notes to the Financial Information (Cont’d)
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2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL: (Cont’d)
unquoted corporate bonds
Special Power Vehicle Berhad due 19/05/2016 375,000 602,550 382,778 1.98%
Encorp Systembilt Sdn Bhd due 16/11/2018 1,000,000 994,400 1,003,570 5.18%
Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 900,000 924,840 934,803 4.83%
2,521,790 2,321,151 11.98%
unquoted unit and property trust funds
AmBon Islam Fund 501,511 588,637 613,899 3.17%
Total investments at FvTPL 10,988,737 11,648,083 60.13%
(iv) AmMetLife dana Teguh (Cont’d)
2016 2015 % %
Unquoted corporate bonds – unsecured 5.30% 5.32%
Deposits with licensed financial institutions –% 3.30%
The weighted average effective interest rates per annum are as follows:
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2016 2015 rM rM
Unquoted unit and property trust funds 3,642,122 3,988,807
FvTPL:
unquoted unit and property trust funds
Cost 3,086,392 3,176,209
Net unrealised gain 555,730 812,598
Fair value 3,642,122 3,988,807
Total investments at FvTPL 3,642,122 3,988,807
Total investments 3,642,122 3,988,807
3. Investments (Cont’d)
(v) AmMetLife AmOasis Islamic equity Fund
notes to the Financial Information (Cont’d)
2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL:
unquoted unit and property trust funds
AmOasis Global Islamic Equity 3,165,686 3,086,392 3,642,122 92.38%
Total investments at FvTPL 3,086,392 3,642,122 92.38%
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Unquoted unit and property trust funds 864,835 672,241
FvTPL:
unquoted unit and property trust funds
Cost 763,252 590,348
Net unrealised gain 101,583 81,893
Fair value 864,835 672,241
Total investments at FvTPL 864,835 672,241
Total investments 864,835 672,241
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL:
unquoted unit and property trust funds
AmAsia Pacific REITS 1,226,021 763,252 864,835 93.87%
Total investments at FvTPL 763,252 864,835 93.87%
(vi) AmMetLife Asia Pacific reITS Fund
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3. Investments (Cont’d)
(vii) AmMetLife Global emerging Market Fund
notes to the Financial Information (Cont’d)
2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL:
unquoted unit and property trust funds
AmCash Management 92,904 92,904 92,904 10.04%
AmGlobal Emerging Market Opportunities 745,382 746,817 771,173 83.34%
839,721 864,077 93.38%
Total investments at FvTPL 839,721 864,077 93.38%
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
2016 2015 rM rM
Unquoted unit and property trust funds 864,077 885,544
FvTPL:
unquoted unit and property trust funds
Cost 839,721 802,843
Net unrealised gain 24,356 82,701
Fair value 864,077 885,544
Total investments at FvTPL 864,077 885,544
Total investments 864,077 885,544
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Unquoted unit and property trust funds 501,385 421,026
FvTPL:
unquoted unit and property trust funds
Cost 468,312 410,025
Net unrealised gain 33,073 11,001
Fair value 501,385 421,026
Total investments at FvTPL 501,385 421,026
Total investments 501,385 421,026
2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL:
unquoted unit and property trust funds
AmTactical Bond 484,430 468,312 501,385 91.97%
Total investments at FvTPL 468,312 501,385 91.97%
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
(viii) AmMetLife Tactical Bond Fund
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Unquoted unit and property trust funds 3,094,720 2,821,867
Deposits with licensed financial institutions – 713,535 3,094,720 3,535,402
FvTPL:
unquoted unit and property trust funds
Cost 6,585,985 6,572,330
Net unrealised loss (3,491,265) (3,750,463)
Fair value 3,094,720 2,821,867
Total investments at FvTPL 3,094,720 2,821,867
LAr:
Deposits with licensed financial institutions – 713,535
Total investments 3,094,720 3,535,402
3. Investments (Cont’d)
(ix) AmMetLife Precious Metals Fund
notes to the Financial Information (Cont’d)
2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL:
unquoted unit and property trust funds
AmPrecious Metals 8,111,980 6,585,985 3,094,720 81.02%
Total investments at FvTPL 6,585,985 3,094,720 81.02%
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
2016 2015 % %
Deposits with licensed financial institutions –% 3.40%
The weighted average effective interest rates per annum are as follows:
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For the Financial Year Ended 31 March 2016
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
Unquoted unit and property trust funds 1,897,834 1,929,471
Deposits with licensed financial institutions 146,226 205,535 2,044,060 2,135,006
FvTPL:
unquoted unit and property trust funds
Cost 1,793,742 1,557,441
Net unrealised gain 104,092 372,030
Fair value 1,897,834 1,929,471
Total investments at FvTPL 1,897,834 1,929,471
LAr:
Deposits with licensed financial institutions 146,226 205,535
Total investments 2,044,060 2,135,006
(x) AmMetLife Global Agribusiness Fund
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL:
unquoted unit and property trust funds
AmGlobal Agribusiness 1,968,912 1,793,742 1,897,834 93.68%
Total investments at FvTPL 1,793,742 1,897,834 93.68%
2016 2015 % %
Deposits with licensed financial institutions 3.40% 3.40%
The weighted average effective interest rates per annum are as follows:
110
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For the Financial Year Ended 31 March 2016
12 October 2015 31 March 2015 rM rM
Structured product – 4,934,688
Unquoted unit and property trust funds – 57,248 – 4,991,936
FvTPL:
Structured product
Cost – 4,715,094
Net unrealised gain – 219,594
Fair value – 4,934,688
unquoted unit and property trust funds
Cost/Fair value – 57,248
Total investments at FvTPL – 4,991,936
Total investments – 4,991,936
3. Investments (Cont’d)
(xi) AmMetLife Commodity Stable Capital Guaranteed Fund
notes to the Financial Information (Cont’d)
2016 2015 rM rM
Quoted equity securities 12,823,073 11,550,834
FvTPL:
Quoted equity securities
Cost 11,976,855 10,296,683
Net unrealised gain 846,218 1,254,151
Fair value 12,823,073 11,550,834
Total investments at FvTPL 12,823,073 11,550,834
Total investments 12,823,073 11,550,834
(xii) AmMetLife dividend Fund
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For the Financial Year Ended 31 March 2016
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For the Financial Year Ended 31 March 2016
2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL:
Quoted equity securities
Construction
Gamuda Berhad 48,900 241,372 240,588 1.71%
Gamuda Berhad – Warrants 8,150 2,038 8,965 0.06%
Ikhmas Jaya Group Berhad 431,300 257,233 306,223 2.17%
YTL Corporation Berhad 128,600 213,141 210,904 1.50%
Finance
Bursa Malaysia Berhad 40,600 351,308 361,340 2.57%
CIMB Group Holdings Berhad 152,300 695,768 738,655 5.24%
Malayan Banking Berhad 134,944 1,232,831 1,217,195 8.64%
Public Bank Berhad 68,100 1,236,117 1,278,918 9.08%
Industrial Products
Kossan Rubber Industries Berhad 31,900 218,990 192,995 1.37%
Petronas Chemicals Group Berhad 33,400 204,423 224,114 1.59%
Petronas Gas Berhad 21,200 474,544 466,400 3.31%
SKP Resources Berhad 290,200 271,624 374,358 2.66%
Top Glove Corporation Berhad 37,000 211,069 185,740 1.32%
V.S Industry Berhad 227,300 237,669 272,760 1.94%
V.S Industry Berhad – Warrants 21,400 – 6,848 0.05%
Infrastructure Project Co.
Digi.Com Berhad 48,800 234,886 241,072 1.71%
Plantations
Kuala Lumpur Kepong Berhad 16,000 366,168 384,000 2.73%
Technology
Inari Amertron Berhad 67,100 195,916 216,062 1.53%
Prestariang Berhad 97,500 264,923 287,625 2.04%
(xii) AmMetLife dividend Fund (Cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:
112
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For the Financial Year Ended 31 March 2016
2016
no. of Cost Fair value Fair value as units rM rM % of nAv
FvTPL: (Cont’d)
Quoted equity securities (Cont’d)
Trading & Services
AirAsia Berhad 161,300 218,621 295,179 2.10%
Axiata Group Berhad 48,000 326,480 282,720 2.01%
Berjaya Auto Berhad 164,000 352,064 355,880 2.53%
Genting Berhad 30,100 255,538 294,980 2.09%
Genting Malaysia Berhad 89,600 380,830 406,784 2.89%
IHH Healthcare Berhad 62,100 329,386 407,376 2.89%
Malaysia Airports Holdings Berhad 24,400 134,561 165,920 1.18%
Maxis Berhad 22,300 148,535 141,605 1.01%
MISC Berhad 25,200 195,494 224,280 1.59%
Only World Group Holdings Berhad 84,000 207,310 201,600 1.43%
Sapurakencana Petroleum Berhad 73,800 151,604 137,268 0.97%
Scicom (MSC) Berhad 6,940 11,000 16,587 0.12%
Sime Darby Berhad 88,700 717,248 705,165 5.01%
Telekom Malaysia Berhad 62,200 391,623 410,520 2.91%
Tenaga Nasional Berhad 96,500 1,035,318 1,345,210 9.55%
Westports Holdings Berhad 52,600 211,224 217,238 1.54%
Total investments at FvTPL 11,976,855 12,823,073 91.05%
(xii) AmMetLife dividend Fund (Cont’d)
3. Investments (Cont’d)
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
4. deffered Taxation The deferred tax liability/(asset) relate to unrealised capital gain/(losses) on investments of the respective Funds.
(i) AmMetLife equity Fund
2016 2015 rM rM
At beginning of the year 121,447 197,470
Recognised in the Statement of Income and Expenditure (Note 8) (30,975) (76,023) At end of the year 90,472 121,447
2016 2015 rM rM
At beginning of the year (23,014) (13,951)
Recognised in the Statement of Income and Expenditure (Note 8) (11,912) (9,063) At end of the year (34,926) (23,014)
(ii) AmMetLife Bond Fund
2016 2015 rM rM
At beginning of the year 72,960 259,894
Recognised in the Statement of Income and Expenditure (Note 8) (44,793) (186,934) At end of the year 28,167 72,960
(iii) AmMetLife Balanced Fund
2016 2015 rM rM
At beginning of the year 119,007 171,863
Recognised in the Statement of Income and Expenditure (Note 8) (66,258) (52,856) At end of the year 52,749 119,007
(iv) AmMetLife dana Teguh
114
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For the Financial Year Ended 31 March 2016
2016 2015 rM rM
At beginning of the year 6,552 329
Recognised in the Statement of Income and Expenditure (Note 8) 1,575 6,223 At end of the year 8,127 6,552
(vi) AmMetLife Asia Pacific reITS Fund
2016 2015 rM rM
At beginning of the year 65,008 30,687
Recognised in the Statement of Income and Expenditure (Note 8) (20,550) 34,321 At end of the year 44,458 65,008
2016 2015 rM rM
At beginning of the year 6,616 1,365
Recognised in the Statement of Income and Expenditure (Note 8) (4,667) 5,251 At end of the year 1,949 6,616
(vii) AmMetLife Global emerging Market Fund
2016 2015 rM rM
At beginning of the year 880 436
Recognised in the Statement of Income and Expenditure (Note 8) 1,766 444 At end of the year 2,646 880
(viii) AmMetLife Tactical Bond Fund
4. deffered Taxation (Cont’d)
(v) AmMetLife AmOasis Islamic equity Fund
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
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For the Financial Year Ended 31 March 2016
(ix) AmMetLife Precious Metals Fund
2016 2015 rM rM
At beginning of the year (300,037) (247,919)
Recognised in the Statement of Income and Expenditure (Note 8) 20,736 (52,118) At end of the year (279,301) (300,037)
2016 2015 rM rM
At beginning of the year 29,762 19,578
Recognised in the Statement of Income and Expenditure (Note 8) (21,435) 10,184 At end of the year 8,327 29,762
(x) AmMetLife Global Agribusiness Fund
12 October 2015 31 March 2015 rM rM
At beginning of the year 17,568 3,606
Recognised in the Statement of Income and Expenditure (Note 8) (17,568) 13,962 At end of the period/year – 17,568
(xi) AmMetLife Commodity Stable Capital Guaranteed Fund
2016 2015 rM rM
At beginning of the year 100,331 52,361
Recognised in the Statement of Income and Expenditure (Note 8) (32,634) 47,970 At end of the year 67,697 100,331
(xii) AmMetLife dividend Fund
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For the Financial Year Ended 31 March 2016
5. unitholders’ Capital
(i) AmMetLife equity Fund
(ii) AmMetLife Bond Fund
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 3,327,781 8,011,603 5,981,485 9,690,938
Amount paid for cancellations due to surrenders during the year (2,469,998) (7,178,387) (1,318,352) (5,071,593)
857,783 833,216 4,663,133 4,619,345 Unitholders’ capital brought forward 19,295,796 19,346,218 14,632,663 14,543,771
Excess of income over outgo after taxation – 166,706 – 183,102
20,153,579 20,346,140 19,295,796 19,346,218
Net asset value per unit at 31 March 1.0096 1.0026
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 2,318,848 3,472,695 1,746,235 3,249,568
Amount paid for cancellations due to surrenders during the year (3,390,397) (4,337,483) (7,807,721) (8,004,383)
(1,071,549) (864,788) (6,061,486) (4,754,815) Unitholders’ capital brought forward 15,532,298 12,414,162 21,593,784 16,713,448
Excess of income over outgo after taxation – 354,961 – 455,529
14,460,749 11,904,335 15,532,298 12,414,162
Net asset value per unit at 31 March 0.8232 0.7992
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
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For the Financial Year Ended 31 March 2016
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 2,810,644 6,566,211 3,563,363 8,387,650
Amount paid for cancellations due to surrenders during the year (2,781,684) (6,532,341) (5,665,595) (10,431,450)
28,960 33,870 (2,102,232) (2,043,800) Unitholders’ capital brought forward 22,572,456 21,919,363 24,674,688 24,157,637
Excess/(deficit) of income over outgo after taxation – 290,069 – (194,474)
22,601,416 22,243,302 22,572,456 21,919,363
Net asset value per unit at 31 March 0.9842 0.9711
(iii) AmMetLife Balanced Fund
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 2,816,413 5,567,588 6,808,452 9,613,259
Amount paid for cancellations due to surrenders during the year (1,838,739) (4,525,285) (1,999,098) (4,695,371)
977,674 1,042,303 4,809,354 4,917,888 Unitholders’ capital brought forward 16,910,096 17,953,218 12,100,742 12,176,875
Excess of income over outgo after taxation – 374,483 – 858,455
17,887,770 19,370,004 16,910,096 17,953,218
Net asset value per unit at 31 March 1.0829 1.0617
(iv) AmMetLife dana Teguh
118
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For the Financial Year Ended 31 March 2016
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 741,555 712,024 411,104 376,276
Amount paid for cancellations due to surrenders during the year (420,292) (527,565) (382,433) (363,095)
321,263 184,459 28,671 13,181 Unitholders’ capital brought forward 1,213,613 685,731 1,184,942 580,944
Excess of income over outgo after taxation – 51,100 – 91,606
1,534,876 921,290 1,213,613 685,731
Net asset value per unit at 31 March 0.6002 0.5650
(vi) AmMetLife Asia Pacific reITS Fund
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 1,001,694 983,849 668,947 741,116
Amount paid for cancellations due to surrenders during the year (1,301,666) (1,166,295) (1,973,723) (1,424,605)
(299,972) (182,446) (1,304,776) (683,489) Unitholders’ capital brought forward 7,236,273 4,286,395 8,541,049 4,513,925
(Deficit)/excess of income over outgo after taxation – (161,320) – 455,959
6,936,301 3,942,629 7,236,273 4,286,395
Net asset value per unit at 31 March 0.5684 0.5923
5. unitholders’ Capital (Cont’d)
(v) AmMetLife AmOasis Islamic equity Fund
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
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For the Financial Year Ended 31 March 2016
(vii) AmMetLife Global emerging Market Fund
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 200,337 136,798 1,190,620 129,571
Amount paid for cancellations due to surrenders during the year (153,953) (113,493) (1,157,114) (114,983)
46,384 23,305 33,506 14,588 Unitholders’ capital brought forward 1,753,586 953,246 1,720,080 883,932
(Deficit)/excess of income over outgo after taxation – (51,216) – 54,726
1,799,970 925,335 1,753,586 953,246
Net asset value per unit at 31 March 0.5141 0.5436
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 275,995 294,449 282,711 222,547
Amount paid for cancellations due to surrenders during the year (179,689) (242,703) (378,158) (269,500)
96,306 51,746 (95,447) (46,953) Unitholders’ capital brought forward 899,484 463,478 994,931 491,182
Excess of income over outgo after taxation – 29,917 – 19,249
995,790 545,141 899,484 463,478
Net asset value per unit at 31 March 0.5474 0.5153
(viii) AmMetLife Tactical Bond Fund
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For the Financial Year Ended 31 March 2016
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 2,288,349 806,682 4,688,605 1,366,592
Amount paid for cancellations due to surrenders during the year (3,502,173) (1,057,094) (2,759,111) (861,183)
(1,213,824) (250,412) 1,929,494 505,409 Unitholders’ capital brought forward 15,890,719 3,826,810 13,961,225 3,930,030
Excess/(deficit) of income over outgo after taxation – 243,337 – (608,629)
14,676,895 3,819,735 15,890,719 3,826,810
Net asset value per unit at 31 March 0.2603 0.2408
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 440,894 514,899 1,483,710 541,111
Amount paid for cancellations due to surrenders during the year (195,979) (358,979) (1,273,374) (406,861)
244,915 155,920 210,336 134,250 Unitholders’ capital brought forward 3,230,882 2,115,274 3,020,546 1,869,293
(Deficit)/excess of income over outgo after taxation – (245,261) – 111,731
3,475,797 2,025,933 3,230,882 2,115,274
Net asset value per unit at 31 March 0.5829 0.6547
(x) AmMetLife Global Agribusiness Fund
5. unitholders’ Capital (Cont’d)
(ix) AmMetLife Precious Metals Fund
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
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For the Financial Year Ended 31 March 2016
12 October 2015 31 March 2015
no. of no. of units rM units rM
Amount paid for cancellations due to surrenders during the period/year – – (9,500) (4,214)
– – (9,500) (4,214) Unitholders’ capital brought forward 8,426,071 4,298,185 8,435,571 4,168,793
Excess of income over outgo after taxation – 83,774 – 133,606
8,426,071 4,381,959 8,426,071 4,298,185
Net asset value per unit at 12 October/31 March 0.5200 0.5101
2016 2015
no. of no. of units rM units rM
Amount received for creations during the year 3,746,406 3,177,171 4,882,311 3,505,334
Amount paid for cancellations due to surrenders during the year (1,804,394) (1,833,499) (1,743,279) (1,459,199)
1,942,013 1,343,672 3,139,032 2,046,135 Unitholders’ capital brought forward 18,168,967 12,659,252 15,029,935 9,444,021
Excess of income over outgo after taxation – 81,198 – 1,169,096
20,110,980 14,084,122 18,168,967 12,659,252
Net asset value per unit at 31 March 0.7003 0.6968
(xii) AmMetLife dividend Fund
(xi) AmMetLife Commodity Stable Capital Guaranteed Fund
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6. Interest Income
AmMetLife equity Fund AmMetLife Bond Fund
2016 2015 2016 2015 rM rM rM rM
Interest income from: Deposits with licensed financial institutions 45,697 62,640 43,974 81,141
Corporate bonds – – 622,173 674,015
45,697 62,640 666,147 755,156
AmMetLife Balanced Fund AmMetLife dana Teguh
2016 2015 2016 2015 rM rM rM rM
Interest income from: Deposits with licensed financial institutions 88,221 57,261 131,233 72,550
Corporate bonds 461,223 464,355 178,229 177,663
549,444 521,616 309,462 250,213
AmMetLife AmOasis AmMetLife Asia Pacific Islamic equity Fund reITS Fund
2016 2015 2016 2015 rM rM rM rM
Interest income from: Deposits with licensed financial institutions 10,007 10,143 2,341 1,852
AmMetLife Global AmMetLife Tactical emerging Market Fund Bond Fund
2016 2015 2016 2015 rM rM rM rM
Interest income from: Deposits with licensed financial institutions 2,181 2,269 1,245 1,509
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
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For the Financial Year Ended 31 March 2016
AmMetLife Precious AmMetLife Global Metals Fund Agribusiness Fund
2016 2015 2016 2015 rM rM rM rM
Interest income from: Deposits with licensed financial institutions 22,627 14,090 7,442 6,663
AmMetLife Commodity Stable AmMetLife Capital Guaranteed Fund dividend Fund
1 April 2015 to 1 April 2014 to 12 October 2015 31 March 2015 2016 2015 rM rM rM rM
Interest income from: Deposits with licensed financial institutions 551 387 32,850 41,061
124
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For the Financial Year Ended 31 March 2016
7. dividend Income
AmMetLife equity Fund AmMetLife Bond Fund
2016 2015 2016 2015 rM rM rM rM
Gross dividends from: Quoted equity securities in Malaysia 520,530 426,217 – –
Unquoted unit and property trust funds in Malaysia – – 50,325 13,372
520,530 426,217 50,325 13,372
AmMetLife Balanced Fund AmMetLife dana Teguh
2016 2015 2016 2015 rM rM rM rM
Gross dividends from: Quoted equity securities in Malaysia 404,702 417,103 336,361 233,305
Quoted unit and property trust funds in Malaysia – 7,800 – –
Unquoted unit and property trust funds in Malaysia – – 29,105 7,079
404,702 424,903 365,466 240,384
AmMetLife Asia Pacific AmMetLife Global reITS Fund emerging Market Fund
2016 2015 2016 2015 rM rM rM rM
Gross dividends from: Unquoted unit and property trust funds in Malaysia 32,497 26,213 2,544 2,307
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
125
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For the Financial Year Ended 31 March 2016
AmMetLife Tactical AmMetLife Commodity Stable Bond Fund Capital Guaranteed Fund
1 April 2015 to 1 April 2014 to 2016 2015 12 October 2015 31 March 2015 rM rM rM rM
Gross dividends from: Unquoted unit and property trust funds in Malaysia 17,117 24,792 1,029 2,223
AmMetLife dividend Fund
2016 2015 rM rM
Gross dividends from: Quoted equity securities in Malaysia 374,947 368,142
Quoted unit and property trust funds in Malaysia – 7,410
374,947 375,552
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For the Financial Year Ended 31 March 2016
8. Taxation
AmMetLife equity Fund AmMetLife Bond Fund
2016 2015 2016 2015 rM rM rM rM
Malaysian income tax: Current year’s provision 24,751 77,024 54,192 63,020
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (30,975) (76,023) (11,912) (9,063)
Tax expense for the year (6,224) 1,001 42,280 53,957
AmMetLife Balanced Fund AmMetLife dana Teguh
2016 2015 2016 2015 rM rM rM rM
Malaysian income tax: Current year’s provision 59,631 159,928 88,139 123,761
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (44,793) (186,934) (66,258) (52,856)
Tax expense for the year 14,838 (27,006) 21,881 70,905
AmMetLife AmOasis AmMetLife Asia Pacific Islamic equity Fund reITS Fund
2016 2015 2016 2015 rM rM rM rM
Malaysian income tax: Current year’s provision 6,528 6,362 884 315
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (20,550) 34,321 1,575 6,223
Tax expense for the year (14,022) 40,683 2,459 6,538
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
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For the Financial Year Ended 31 March 2016
AmMetLife Global AmMetLife Tactical emerging Market Fund Bond Fund
2016 2015 2016 2015 rM rM rM rM
Malaysian income tax: Current year’s provision 642 181 134 (118)
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (4,667) 5,251 1,766 444
Tax expense for the year (4,025) 5,432 1,900 326
AmMetLife Commodity Stable AmMetLife Capital Guaranteed Fund dividend Fund
1 April 2015 to 1 April 2014 to 12 October 2015 31 March 2015 2016 2015 rM rM rM rM
Malaysian income tax: Current period’s/year’s provision 26,511 31 24,550 35,592
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (17,568) 13,962 (32,634) 47,970
Tax expense for the period/year 8,943 13,993 (8,084) 83,562
AmMetLife Precious AmMetLife Global Metals Fund Agribusiness Fund
2016 2015 2016 2015 rM rM rM rM
Malaysian income tax: Current year’s provision 1,810 931 595 533
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) 20,736 (52,118) (21,435) 10,184
Tax expense for the year 22,546 (51,187) (20,840) 10,717
The tax charge on the Funds relates to investment income received and gain on disposal of investments during the year/period, at the preferential tax rate of 8% (2015: 8%) in accordance with the method prescribed under the Income Tax Act, 1967 for life insurance business.
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AmMetLife equity Fund AmMetLife Bond Fund
2016 2015 2016 2015 rM rM rM rM
Excess of income over outgo before taxation 160,482 184,103 397,241 509,486
Taxation at Malaysian tax charge of 8% 12,839 14,728 31,779 40,759
Income not subject to tax (41,642) (34,097) 1,197 2,097
Expenses not deductible for tax purposes 22,579 20,370 9,304 11,101
(6,224) 1,001 42,280 53,957
AmMetLife Balanced Fund AmMetLife dana Teguh
2016 2015 2016 2015 rM rM rM rM
Excess/(deficit) of income over outgo before taxation 304,907 (221,480) 396,364 929,360
Taxation at Malaysian tax charge of 8% 24,393 (17,718) 31,709 74,349
Income not subject to tax (32,376) (33,368) (29,237) (19,231)
Expenses not deductible for tax purposes 22,821 24,080 19,409 15,787
14,838 (27,006) 21,881 70,905
AmMetLife AmOasis AmMetLife Asia Pacific Islamic equity Fund reITS Fund
2016 2015 2016 2015 rM rM rM rM
(Deficit)/excess of income over outgo before taxation (175,342) 496,642 53,559 98,144
Taxation at Malaysian tax charge of 8% (14,027) 39,731 4,285 7,851
Income not subject to tax – – (2,600) (2,097)
Expenses not deductible for tax purposes 5 952 774 784
(14,022) 40,683 2,459 6,538
A reconciliation of income tax expense applicable to the excess/(deficit) of income over outgo before taxation at the income tax rate applicable to the investment-linked funds, to income tax expense at the effective income tax rate, is as follows:
8. Taxation (Cont’d)
notes to the Financial Information (Cont’d)
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For the Financial Year Ended 31 March 2016
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AmMetLife Global AmMetLife Tactical emerging Market Fund Bond Fund
2016 2015 2016 2015 rM rM rM rM
(Deficit)/excess of income over outgo before taxation (55,241) 60,158 31,817 19,575
Taxation at Malaysian tax charge of 8% (4,419) 4,813 2,545 1,566
Income not subject to tax (204) (185) (1,369) (1,983)
Expenses not deductible for tax purposes 598 804 724 743
(4,025) 5,432 1,900 326
AmMetLife Precious AmMetLife Global Metals Fund Agribusiness Fund
2016 2015 2016 2015 rM rM rM rM
Excess/(deficit) of income over outgo before taxation 265,883 (659,816) (266,101) 122,448
Taxation at Malaysian tax charge of 8% 21,271 (52,785) (21,288) 9,796
Expenses not deductible for tax purposes 1,275 1,598 448 921
22,546 (51,187) (20,840) 10,717
AmMetLife Commodity Stable AmMetLife Capital Guaranteed Fund dividend Fund
1 April 2015 to 1 April 2014 to 12 October 2015 31 March 2015 2016 2015 rM rM rM rM
Excess of income over outgo before taxation 92,717 147,599 73,114 1,252,658
Taxation at Malaysian tax charge of 8% 7,417 11,808 5,849 100,213
Income not subject to tax (82) (178) (29,996) (30,044)
Expenses not deductible for tax purposes 1,608 2,363 16,063 13,393
8,943 13,993 (8,084) 83,562
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9. Comparitives
The current period financial information for AmMetLife Commodity Stable Capital Guaranteed Fund have been prepared for the period from 1 April 2015 to 12 October 2015. Therefore, the current year Statements of Income and Expenditure and Statements of Changes in Net Asset Value and related notes of AmMetLife Commodity Stable Capital Guaranteed Fund is not comparable.
notes to the Financial Information (Cont’d)
AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report
For the Financial Year Ended 31 March 2016
THIS PAGE ISINTENTIONALLY
LEFT BLANK
AmMetLife Insurance Berhad headquarters located atMenara 1 Sentrum, No.201 Jalan Tun Sambanthan, 50470 Kuala Lumpur.
HALAMAN INI SENGAJA DIBIARKAN
KOSONG
Isi Kandungan
Mesej Pengerusi 136
Profil Korporat 138
Objektif Dana Berkaitan Pelaburan 139
Ulasan Pasaran Pelaburan 143
Tinjauan Pelaburan 155
Strategi Pelaburan 161
Prestasi Dana 165
Pecahan Mengikut Sektor dan Kategori 177
Jadual Perbandingan Prestasi 187
Ringkasan Maklumat Kewangan 195
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Bagi Tahun Kewangan Berakhir 31 Mac 2016
Mesej Pengerusi
Pemegang Polisi Yang Dihargai,
Di peringkat global, kami menjangkakan ekonomi dunia akan
berkembang pada kadar 3.1% pada 2016, dengan penumpuan
pada ekonomi Amerika Syarikat, sementara pemulihan euro
akan kekal sederhana berikutan referendum ‘Brexit’ di United
Kingdom, yang telah meningkatkan tahap ketidakpastian.
Walaubagaimanapun, risiko kemungkinan kemelesetan ekonomi
global masih rendah, dan adalah menenangkan pada masa ini.
Ekonomi Malaysia dijangka berkembang pada kadar 4%
pada tahun ini, disokong oleh perbelanjaan kerajaan yang
sihat, kelegaan daripada kenaikan harga minyak dan aktiviti
domestik, ditambah lagi dengan kestabilan mata wang dan
tanda-tanda sentimen perniagaan yang semakin bertambah
baik. Bajet 2016 yang dikalibrasi semula juga telah memberi
dorongan kepada penggunaan domestik, serta meningkatkan
penekanan kepada pembinaan rumah-rumah mampu milik
yang berpatutan dan pelaksanaan projek-projek infrastruktur.
Meskipun dengan kemungkinan halangan-halangan dalam
ekonomi, masih terdapat beberapa peluang, seperti sektor
SME yang telah secara konsisten mengatasi pertumbuhan
Keluaran Dalam Negara Kasar.
Di AmMetLife, kami telah memberi penumpuan yang sepenuhnya untuk mengembangkan portfolio berkaitan pelaburan kami untuk tahun ini. Bagi tahun kewangan berakhir 31 Mac 2016, jumlah nilai aset bersih dana berkaitan pelaburan kami adalah RM 100.13 juta, pertumbuhan tahun ke tahun Nilai Aset Bersih sebanyak 3.63%. Dana berkaitan pelaburan kami yang terbaik untuk tahun kewangan ini adalah Dana AmMetLife Precious Metals yang telah memberikan pulangan yang memberangsangkan sebanyak 7.88%, didorong oleh pencarian hasil dalam persekitaran sekuriti berkaitan logam yang berharga.
Kami mahu membina hubungan yang berkekalan dengan anda dan juga menyediakan kepakaran dan penyelesaian untuk memenuhi keperluan anda.
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Bagi Tahun Kewangan Berakhir 31 Mac 2016
Pelanggan adalah tumpuan utama bagi segala yang kami
lakukan dan adalah amat penting untuk kami sentiasa mencari
peluang-peluang yang menarik untuk meningkatkan nilai
buat penawaran produk dan perkhidmatan kami. Dengan
fokus utama terhadap kepentingan pelanggan, matlamat
utama AmMetLife adalah untuk menjadi penyedia insurans
hayat pilihan untuk rakyat Malaysia dari semua lapisan
masyarakat. Selaras dengan ini, kami mempunyai strategi
pelbagai saluran untuk menyampaikan produk-produk dan
perkhidmatan kepada segmen pengguna yang semakin
meningkat di Malaysia. Kami akan terus mengukuhkan
pasukan agensi kami dan bekerja rapat dengan cawangan-
cawangan AmBank di seluruh negara untuk meluaskan
jangkauan kami dan meningkatkan kadar penembusan
perlindungan insurans hayat yang kini di bawah 50%. Ini
menunjukkan bahawa terdapat asas pengguna yang besar
tanpa perlindungan insurans hayat di Malaysia.
Dalam usaha kami untuk meluaskan capaian kami dan juga menyelaraskan objektif-objektif perniagaan, AmMetLife telah memulakan inisiatif-inisiatif transformasi pada pertengahan 2015 untuk meningkatkan sistem sokongan kami untuk interaksi yang lebih baik dan berkualiti unggul dengan semua pelanggan. Dengan kemajuan pesat dalam teknologi di mana maklumat boleh didapati dengan mudah melalui peranti pintar, ia adalah penting untuk kami memastikan bahawa semua pelanggan sentiasa menerima maklumat terkini. Sebagai penyedia insurans hayat, kami juga harus sentiasa menambah pengetahuan mengenai keperluan pelanggan-pelanggan untuk membolehkan penyediaan penyelesaian kewangan yang jelas dan telus. Kami ingin memberi jaminan kepada semua pelanggan bahawa kami adalah komited untuk membantu anda mencapai matlamat kewangan anda.
Kami ingin mengambil kesempatan ini untuk mengucapkan
terima kasih atas kepercayaan dan keyakinan anda terhadap
produk dan perkhidmatan AmMetLife. Kami mahu membina
hubungan yang berkekalan dengan anda dan juga menyediakan
kepakaran dan penyelesaian untuk memenuhi keperluan anda.
Terima kasih.
Tan Sri Azman HashimPengerusiAmBank Group
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Profil Korporat
AmMetLife merupakan perkongsian strategik antara
AMMB Holdings Berhad (“Kumpulan AmBank ”)
dan Metlife International Holdings LLC (“MetLife”).
AmMetLife menawarkan pelbagai insurans hayat dan
perlindungan dana kewangan yang komprehensif
yang diedarkan melalui rangkaian Kumpulan AmBank
yang mempunyai lebih daripada 170 cawangan
AmBank dan AmMetLife di seluruh negara, tambahan
lagi dengan kekuatan pasukan ejen insurans hayat
yang sah di seluruh Malaysia.
Perkongsian strategik ini menggabungkan kepakaran
antarabangsa dan kekukuhan kewangan MetLife dan
kekuatan dan jangkauan tempatan AmBank Group
untuk menjadi syarikat insurans yang mesra pelanggan
dan moden di Malaysia. Kami memberi tumpuan bagi
memenuhi keperluan pelanggan kami yang pelbagai
dengan memberi penyelesaian yang inovatif di
pelbagai peringkat kehidupan mereka, menjadikannya
ia lebih mudah dan senang untuk seisi keluarga dan
individu untuk mencapai jaminan kewangan dan
meneruskan kehidupan yang lebih baik.
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Objektif DanaBerkaitan Pelaburan
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Objektif Dana Berkaitan Pelaburan
1. Dana AmMetLife equity
Dana ini bertujuan untuk memberikan Pemegang Polisi dengan peningkatan modal, bagi tempoh pelaburan jangka masa sederhana
ke panjang, terutamanya melalui pelaburan di dalam sekuriti Malaysia dengan potensi pertumbuhan yang menggalakkan.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
2. Dana AmMetLife Bond
Dana ini bertujuan untuk memberikan Pemegang Polisi peluang untuk mendapatkan pendapatan yang lebih tinggi berbanding
pendapatan purata yang diperoleh menerusi pendapatan tetap, bagi tempoh pelaburan jangka masa panjang, terutamanya
melalui pelaburan dalam pelbagai portfolio sekuriti berpendapatan tetap.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
3. Dana AmMetLife Balanced
Dana ini bertujuan untuk memberikan Pemegang Polisi peluang untuk mendapatkan pendapatan yang lebih tinggi berbanding
pendapatan purata yang diperoleh daripada deposit tetap dengan tahap risiko lebih rendah berbanding dengan dana ekuiti, bagi
tempoh pelaburan jangka masa sederhana melalui pendedahan kepada ekuiti dan/atau sekuriti berkaitan ekuiti Malaysia dan
pendapatan tetap dan/atau sekuriti berkaitan pendapatan tetap.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
4. AmMetLife Dana Teguh
Dana ini bertujuan untuk memberikan Pemegang Polisi peluang untuk mendapatkan pendapatan yang lebih tinggi berbanding
pendapatan purata yang diperoleh daripada deposit tetap dengan tahap risiko lebih rendah berbanding dengan dana ekuiti, bagi
tempoh pelaburan jangka masa sederhana, melalui pendedahan kepada ekuiti patuh Syariah Malaysia dan/atau sekuriti berkaitan
ekuiti dan hutang Islam dan/atau sekuriti berkaitan hutang.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
5. Dana AmMetLife Dividend
Dana ini bertujuan untuk memberikan Pemegang Polisi pulangan keseluruhan terutamanya melalui pelaburan dalam ekuiti dan/
atai sekuriti berkaitan ekuiti syarikat-syarikat yang menawarkan pembayaran dividen yang mampan dan hasil yang menarik,
dengan memberi penekanan kepada peluang peningkatan modal dalam jangka masa sederhana ke panjang.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
6. Dana AmMetLife Oasis Islamic equity
Dana ini bertujuan untuk mencapai peningkatan modal dalam jangka masa sederhana ke panjang melalui pelaburan dalam:
1. Dana AmOasis Global Islamic Equity, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds
Management Berhad.
2. Ekuiti-ekuiti patuh Syariah yang tersenarai di Bursa Malaysia.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
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7. Dana AmMetLife Global emerging Market
Dana ini bertujuan untuk mencapai peningkatan modal dalam jangka masa panjang melalui pelaburan dalam:
1. Dana AmGlobal Emerging Market Opportunities, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds
Management Berhad.
2. Ekuiti-ekuiti yang tersenarai di Bursa Malaysia.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
8. Dana AmMetLife Global Agribusiness
Dana ini bertujuan untuk mencapai peningkatan modal dalam jangka masa panjang terutamanya melalui pelaburan dalam Dana
Sasaran: Dana AmGlobal Agribusiness, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds Management
Berhad yang melabur dalam ekuiti perniagaan agro global dari komoditi pertanian kepada produk pengguna. Perniagaan agro
adalah istilah umum yang merujuk kepada pelbagai perniagaan yang berkaitan dengan pengeluaran produk makanan.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
9. Dana AmMetLife Precious Metals
Dana ini bertujuan untuk mencapai peningkatan modal dalam jangka masa sederhana ke panjang terutamanya melalui pelaburan
dalam Dana Sasaran: Dana AmPrecious Metals, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds
Management Berhad yang melabur dalam portfolio ekuiti patuh Syariah global dan sekuriti berkaitan ekuiti syarikat-syarikat yang
terbabit dalam kegiatan berkaitan emas, perak, platinum atau logam berharga lain.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
10. Dana AmMetLife Tactical Bond
Dana ini bertujuan untuk mencapai peningkatan modal sederhana dalam jangka masa sederhana ke panjang terutamanya melalui
pelaburan dalam Dana Sasaran: Dana AmTactical Bond, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds
Management Berhad, di mana Dana Sasaran bermatlamat untuk memberikan pendapatan dan sebahagian kecilnya, peningkatan
modal, dengan melabur terutamanya di dalam bon.
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
11. Dana AmMetLife Asia Pacific reITS
Dana ini bertujuan untuk mencapai peningkatan modal sederhana dalam jangka masa sederhana ke panjang terutamanya
melalui pelaburan dalam Dana Sasaran: Dana AmAsia Pacific REITS, sebuah Collective Investment Scheme (CIS) yang diuruskan
oleh AmFunds Management Berhad, di mana Dana Sasaran bermatlamat untuk memberikan pendapatan tetap dan sebahagian
kecilnya, peningkatan modal dalam jangka masa sederhana ke panjang dengan melabur dalam amanah pelaburan hartanah (REITs).
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
HALAMAN INI SENGAJA DIBIARKAN
KOSONG
ulasan PasaranPelaburan
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ulasan Pasaran Pelaburan
Dana AmMetLife equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond
ulasan Pasaran ekuitiDalam tempoh tinjauan, pasaran bermula dengan sentimen
positif, berikutan prestasi serantau yang kukuh. Kestabilan harga
ringgit dan minyak juga terus menyokong sentimen tersebut.
Walau bagaimanapun, menghampiri akhir bulan, pengambilan
untung yang berat telah mengakibatkan pengurangan
keuntungan. Ketiadaan pemangkin positif kukuh yang baru
akibat rundingan hutang Greek yang masih belum diselesaikan
dan data ekonomi lemah yang berterusan daripada China telah
menyatukan ekuiti pasaran Bagi bulan April, FTSE Bursa Malaysia
KLCI ( “FBM KLCI”) susut 0.68% atau 12.51 mata untuk ditutup
pada 1,818.27 mata.
Pada bulan Mei, berita 1MDB dan keputusan korporat suku
pertama 2015 yang lemah dan membimbangkan meneruskan
sentimen pasaran yang negatif. Walau bagaimanapun, tiada
tindak balas diperhatikan kepada pengumuman Rancangan
Malaysia ke-11. Di peringkat antarabangsa, kebimbangan
pengetatan kadar oleh Rizab Persekutuan AS (“Feds”) dan
pengumuman pertumbuhan ekonomi AS yang lemah pada
suku pertama 2015 menampakkan pasaran ekuiti yang lebih
rendah. Selain itu, penilaian ekuiti China yang berlebihan dan
rundingan hutang berdaulat Greek dengan pemiutangnya yang
terhenti telah menjejaskan pasaran global secara negatif. Dolar
AS meningkat semula tetapi komen agresif dari Feds AS telah
memberi kesan kepada mata wang pasaran baru muncul. FBM
KLCI mengakhiri bulan 3.89% ke bawah untuk ditutup pada
1,747.52 mata, atau 70.75 mata lebih rendah.
Pada bulan Jun, trajektori menurun berterusan kerana
kebimbangan terhadap kemungkinan penurunan Penarafan
Fitch Malaysia menyebabkan Ringgit Malaysia dan Indeks FBM
KLCI jatuh mendadak pada akhir bulan tersebut. Ringgit Malaysia
juga jatuh sebanyak 2% kepada RM3.74 untuk 1 Dolar AS.
Kemungkinan kegagalan pinjaman Greek telah merosotkan
sentimen negatif dengan lebih lagi. Indeks jatuh mendadak
berikutan angka ekonomi China yang lemah dan kejatuhan
mendadak dalam pasaran saham Shanghai. Bagi bulan tersebut,
FBM KLCI turun 2.34% atau 40.88 mata untuk ditutup pada
1,706.64 mata.
Berita tempatan dan antarabangsa yang negatif telah
menyebabkan tekanan jualan yang besar bagi pasaran ekuiti
tempatan pada bulan Julai. Berita negatif bermula dengan
kejatuhan mendadak dalam saham Chinese A, diikuti dengan
berita bantuan kewangan untuk Greek. Berita negatif dalam
negeri dan kejatuhan dalam Ringgit ke bawah RM3.80 terus
melemahkan sentimen negatif yang sedia ada. FBM KLCI
jatuh ke bawah 1,700 mata tahap sokongan psikologi buat
sementara waktu. Perubahan dalam pasukan kepimpinan kanan
UMNO berikutan rombakan kabinet Malaysia, dan penurunan
harga minyak di bawah AS$60/tong, mencipta lebih banyak
ketidaktentuan kepada pasaran. Bagi bulan itu, FBM KLCI ditutup
pada 1,723.14 mata, 16.50 mata atau 0.97% lebih tinggi.
Pada bulan Ogos, pasaran ekuiti global menurun dengan ketara
dan FBM KLCI tidak terkecuali dengan penurunan 6.41% atau
110.40 mata untuk ditutup pada 1,612.74 mata. Penurunan
nilai mata wang China berikutan kebimbangan ke atas eksport
China yang lemah telah menjejaskan aktiviti penjualan yang
seterusnya membawa kepada kejatuhan dalam mata wang
serantau. Ringgit Malaysia juga tidak terkecuali, menjunam ke
paras terendah yang baru dalam 17 tahun berbanding Dolar
Amerika Syarikat, menjadikannya mata wang yang mempunyai
prestasi paling teruk di kalangan mata wang Asia pada bulan
Ogos. Kejatuhan harga minyak di bawah USD40 setong telah
menimbulkan kebimbangan kepada hasil pendapatan Malaysia
daripada minyak dan keupayaannya untuk mengekalkan KDNK
melebihi 5%.
Penyusutan ekonomi China yang membimbangkan dan jangkaan
kenaikan faedah AS secara umumnya melemahkan lagi prestasi
pasaran ekuiti serantau pada bulan September. Prestasi FBM
KLCI yang pada mulanya sejajar dengan pasaran serantau yang
lemah, meningkat semula berikutan berita bahawa kerajaan
akan memperuntukkan RM20bn kepada ValueCap, pemandu
pelaburan Kerajaan untuk membeli saham-saham bernilai baik.
Walau bagaimanapun, indeks menurun berikutan nombor
ekonomi September China yang lemah daripada yang dijangka.
Bagi bulan September, FBM KLCI meningkat 0.51% atau 8.30
mata, untuk ditutup pada 1,621.04 mata.
Indeks FBM KLCI pulih pada bulan Oktober dan berjaya kekal
melepasi paras sokongan 1,700 untuk seketika sebelum
menurun pada minggu terakhir berikutan aktiviti pengambilan
untung. Sentimen positif berikutan pemotongan kadar faedah
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di China dan Keperluan Rizab Bank lemah berikutan kenyataan
kemungkinan kenaikan kadar pada bulan Disember oleh Feds
AS selepas mesyuarat 26-27 Oktober. Bajet Malaysia 2017
berkembang dengan sederhana, dengan Kerajaan Persekutuan
meneruskan agendanya untuk mengimbangi ekonomi ‘modal’
dan ‘orang’. Bagi bulan tersebut, Indeks FBM KLCI meningkat
44.67 mata atau 2.76% untuk ditutup pada 1,665.71.
Pada bulan November, peningkatan Ringgit Malaysia dan
sentimen positif daripada penjualan aset kuasa Edra kepada
sebuah konsortium China mengukuhkan sedikit saham-saham
Malaysia. Ekonomi Malaysia berkembang 4.7% secara tahunan
pada suku ketiga 2015 berbanding 4.9% yang dicatatkan pada
suku kedua. Bank Negara Malaysia (“BNM”) mengekalkan Kadar
Dasar Semalaman (OPR) pada 3.25%. Langkah itu dijangka oleh
pelabur, dan menandakan mesyuarat kelapan berturut-turut di
mana BNM tidak mengubah OPR. Bagi bulan November, FBM
KLCI meningkat 0.39% atau 6.45 mata kepada 1,672.16 mata.
Pada dua minggu pertama Disember 2015, penurunan mendadak
harga minyak dan kegemuruhan terhadap kemungkinan kenaikan
kadar Rizab Persekutuan menyaksikan saham-saham Malaysia
jatuh dan indeks mencecah paras rendah 1,622.84 mata pada
15 Disember. Walau bagaimanapun, pasaran ekuiti mencapai
kestabilan berikutan pemulihan harga minyak mentah global.
Pasaran ekuiti terus memulih secara beransur-ansur ke arah akhir
tahun, sebahagiannya disumbangkan oleh peningkatan bantuan
bagi minyak mentah dan keuntungan di Wall Street. FBM KLCI
mengakhiri bulan dengan kenaikan 1.22% untuk ditutup pada
1,692.51 mata.
Pada tahun baru, pasaran mengalah kepada tekanan jualan
berikutan harga minyak yang lemah. Kebimbangan terhadap
pendapatan negara yang diramalkan oleh Kerajaan sebelum
ini timbul sekali lagi. Pada Januari 2016, harga minyak jatuh di
bawah USD30 setong. FBM KLCI mencecah paras rendah ke tahap
1,618.83 disebabkan sentimen negatif secara global berikutan
data ekonomi China yang lemah. Walau bagaimanapun, indeks
melonjak berikutan pemotongan Keperluan Rizab Berkanun
pada penghujung bulan untuk tutup pada 1,667.80 atau 1.46%
lebih rendah.
Bursa tempatan dan indeks ekuiti serantau disatukan pada
bulan Februari. FBM KLCI diniagakan dalam julat kecil 13.05
mata pada bulan itu. Harga minyak mentah dunia dan Ringgit
juga tidak menentu pada bulan tersebut. Pengumuman kejutan
positif oleh benefisiari Ringgit yang lemah dan pengangkut
minyak mentah yang murah tiba sejajar dengan jangkaan
meluas pada musim laporan suku Disember. Beberapa pemaju
pembinaan dan hartanah mengumumkan keputusan yang lebih
baik manakala bilangan syarikat-syarikat minyak dan gas yang
melaporkan keuntungan lebih ringan, menurun. Bank-bank dan
syarikat-syarikat perladangan terus mengecewakan. Petronas
turut mengumumkan keputusan TK15 lemah dan berhati-
hati dengan tinjauan yang diberikan dengan mengumumkan
potongan RM15-20bn kepada modal dan perbelanjaan operasi,
penurunan sebanyak 20-30% berbanding 2015, dalam usaha
untuk mengharungi persekitaran harga minyak yang lemah. FBM
KLCI mengakhiri bulan 0.78% lebih rendah.
Kelewatan dalam kenaikan kadar Dana Fed dan pemulihan harga
minyak mengukuhkan prestasi Indeks FBM Emas Shariah pada
bulan Mac selaras dengan negara lain di rantau ini dan seterusnya
menyaksikan dana mengalir kembali ke dalam pasaran baru
muncul. Ringgit meningkat kepada RM3.90 untuk Dolar AS,
manakala Minyak Mentah Brent menyentuh $43.10 setong.
Sektor pembinaan sibuk dengan berita anugerah kontrak bagi
MRT dan Lebuhraya Pan Borneo. FBM KLCI mengakhiri TK2016
dengan tinggi pada 1,717.58 mata, 3.80% lebih tinggi daripada
bulan sebelumnya, dan 113.20 mata atau 6.18% lebih rendah
daripada 31 Mac 2015 (1,830 mata).
ulasan Pasaran Pendapatan TetapTahun 2015 menyaksikan kegawatan pasaran modal besar
dengan tekanan negatif yang berat ke atas mata wang dan aset
Asia Pasifik yang dicetuskan oleh langkah dasar China untuk
menurunkan nilai Yuan China dan kitaran rangsangan penstabilan
ekonomi dan pasaran modal yang masih berterusan. Ringgit
Malaysia menjunam serendah RM4.30 = 1USD, pencapaian
yang paling rendah sejak 1998. Kejatuhan ini lebih ketara
bagi Ringgit berbanding mata wang serantau disebabkan oleh
kebimbangan bahawa pihak berkuasa telah kehabisan cara untuk
mempertahankan mata wang di tengah-tengah pengurangan
rizab, kejatuhan harga minyak, penurunan nilai Yuan yang tidak
dijangka dan skandal politik.
Gabenor Bank Pusat dan Perdana Menteri mengesahkan
komitmen Malaysia untuk tidak memperkenalkan semula
tambatan Ringgit atau kawalan modal. Kerajaan juga
menegaskan pandangannya bahawa tahap MYR semasa
tidak mencerminkan asas kukuh negara ini yang merangkumi
momentum pertumbuhan positif berterusan, ekonomi yang
pelbagai, perdagangan berterusan dan lebihan akaun semasa
serta sistem perbankan yang kukuh dan berdaya tahan.
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ulasan Pasaran Pelaburan (Bersambung)
Bank Negara Malaysia (“BNM”) mengekalkan Kadar Dasar
Semalaman (“OPR”) pada 3.25% di mesyuarat Jawatankuasa
Dasar Monetari. BNM menegaskan kebimbangan mengenai risiko
kemerosotan yang mungkin timbul dari persekitaran luar yang
tidak menentu dan juga perkembangan dalam negeri. Walau
bagaimanapun, penilaian BNM mengenai pertumbuhan domestik
kekal tidak berubah dan menjangka pertumbuhan untuk kekal
utuh dan berada di antara 4.5%–5.5% pada tahun ini.
Laporan Tahunan 2015 BNM menonjolkan jangkaan pertumbuhan
domestik yang lebih perlahan, dan dijangka berkembang sebanyak
4.0–4.5% pada tahun 2016 didorong terutamanya oleh permintaan
dalam negeri dan dikekalkan terutamanya melalui penggunaan
persendirian. Sementara itu, inflasi dijangka berkisar antara 2.5–
3.5% pada tahun 2016. Ini juga merupakan kali pertama BNM
mengeluarkan maklumat mengenai komposisi pegangan asing
dalam MGS/GII dan pecahan adalah seperti berikut:
• PengurusAset:44%
• BankPusat/Kerajaan:29%
• DanaPencen:13%
• Bank-bank:10%
• SyarikatInsurans:2%
• Calon-calon/Penjaga:1%
• Lain-lain:1%
Akhir sekali, S&P mengesahkan penarafan berdaulat A-/Stabil
Malaysia berdasarkan jangkaan bahawa isu-isu 1MDB dan
perubahan yang akan datang dalam kepimpinan BNM tidak
akan mengurangkan keberkesanan dasar sama ada di cawangan
eksekutif atau di bank pusat. S&P juga percaya kerajaan telah
mengambil langkah-langkah pengimbangan yang mencukupi
untuk mengimbangi kehilangan pendapatan fiskal hidro
karbon. Di samping itu, kelemahan dalam sektor minyak dan
gas diimbangi oleh kedudukan luaran negara yang kukuh dan
ekonomi yang pelbagai.
- oleh AmFunds Management Berhad
ulasan Pasaran Dana AmMetLife Oasis Islamic equity Dana Sasaran: Dana AmOasis Global Islamic equity
Dana Sasaran Akhir: Dana Oasis crescent Global equity
Struktur ekonomi global terus mengalami beberapa perubahan,
termasuk di China, di mana pelbagai penbaharuan penawaran
sedang dilaksanakan oleh kerajaan. Kesan daripada perubahan
ini adalah bahawa China memerlukan jumlah komoditi mentah di
dalam proses pengeluaran agregat yang jauh lebih kecil, yang telah
mengalami tamparan harga di hampir seluruh kompleks komoditi.
Ekonomi pasaran baru muncul yang bergantung kepada eksport
komoditi untuk sebahagian besar daripada pendapatan mereka, atau
untuk menaikkan belanjawan awam menghadapi ketidakpastian
yang lebih jauh. Kepelbagaian dasar monetari di seluruh negara-
negara yang dianggap maju menambahkan lagi kerumitan kepada
ekonomi. Di Amerika Syarikat (AS), dolar yang lebih kukuh telah
memainkan peranan penting dalam penurunan harga komoditi
global berikutan dasar monetary yang telah mula diketatkan.
Walau bagaimanapun, kelonggaran di Eropah dan Jepun
mengekalkan keadaan monetari global, dan kapasiti yang
besar untuk sokongan kerajaan di China harus menyediakan
peralihan teratur yang berterusan ke arah ekonomi pengguna.
Tambahan pula, jawatankuasa dasar monetari Rizab Persekutuan
AS dijangka mengikuti kitaran peningkatan kadar yang kecil
dalam jangka sederhana, yang boleh mengimbangi tekanan
pertumbuhan global dalam tempoh terdekat.
- oleh AmFunds Management Berhad
ulasan Pasaran Dana AmMetLife Global emerging Market Dana Sasaran: Dana AmGlobal emerging Markets
Opportunities
Dana Sasaran Akhir: Dana Schroders ISf Global emerging
Market Opportunities
Ekuiti global mencatatkan pulangan negatif sepanjang tempoh
satu tahun. Pasaran ekuiti pada awalnya ditingkatkan oleh
data ekonomi yang lebih kukuh di Amerika Syarikat, pembelian
aset bulanan yang pertama di zon Euro dan pelonggaran dasar
monetari di Jepun. Dalam persekitaran ini, spekulasi mengenai
masa kenaikan kadar Rizab Persekutuan (Fed) pertama, yang
akhirnya berlaku pada bulan Disember 2015, menguasai aliran
berita. Walau bagaimanapun, pulangan yang tidak menentu dari
Ogos 2015 menurunkan sentiment positif yang sedia ada kerana
kebimbangan pertumbuhan dan polisi di China dan penurunan
harga minyak yang mendadak. Ketidakpastian diburukkan lagi
oleh kebimbangan kemelesetan di Amerika Syarikat, terutamanya
disebabkan oleh kemerosotan dalam sektor pembuatan.
Pengumuman Bank Pusat Eropah mengenai pakej rangsangan
yang lebih besar daripada yang dijangkakan dan kelemahan
dolar yang disebabkan oleh kenaikan kadar Fed yang tertangguh
menghilangkan kebimbangan tersebut dan membolehkan ekuiti
global mengaut semula pulangan negatif mereka. Walaupun
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terdapat pemulihan pada bulan Februari 2016 dan Mac 2016,
pasaran baru muncul menghadapi cabaran berikutan dolar AS
yang lebih kukuh dan kejatuhan harga komoditi. Nilai MSCI
Emerging Markets (EM) merosot dan menyebabkan kekurangan
prestasi indeks MSCI World.
Pasaran baru muncul EMEA secara umumnya lebih berdaya
tahan berbanding rakan-rakan pasaran baru muncul yang lain.
Peningkatan ketara ketiga-tiga saham indeks mencatatkan
keuntungan yang sangat kuat bagi Hungary. Rusia adalah satu-
satunya pasaran indeks lain untuk merakamkan pulangan yang
positif, dengan Sberbank menerajui pasaran dengan harapan
untuk penurunan kadar faedah. Turki tutup dalam lingkungan
negatif walaupun mengatasi prestasi. Pilihan raya umum
yang meragukan pada Jun membawa kepada keadaan yang
tidak menentu pada bulan tersebut dan gabungan rundingan
gagal. Keyakinan meningkat berikutan kemenangan pilihan
raya AKP buat kali kedua pada bulan November 2015. Walau
bagaimanapun, defisit akaun semasa yang besar dan kurang
dibiayai menyumbang kepada ketidaktentuan dalam kedua-
dua mata wang dan ekuiti pasaran di tengah-tengah jangkaan
pengetatan kadar faedah global. Tambahan pula, risiko geopolitik
meningkat dengan keputusan Turki untuk menyertai gabungan
yang diketuai AS di Syria, dan penembakan sebuah kapal terbang
perang Rusia di sempadan dengan Syria. Penurunan harga tenaga
pada tempoh tersebut telah memberi kesan negatif kepada UAE
dan Qatar. UAE mengatasi prestasi dengan sokongan oleh saham
indeks besar hartanah Emaar, manakala Qatar mengakhiri di
belakang indeks. Pasaran kecil Czech berakhir sejajar dengan
penanda aras berikutan penunjuk ekonomi yang kekal kukuh dan
Poland ketinggalan. Data makroekonomi kukuh secara umumnya
disebabkan terutamanya oleh politik. Kemenangan mengejut
untuk calon pembangkang PIS dalam pilihan raya presiden
pada bulan Mei diikuti dengan kemenangan PIS pada pilihan
raya parlimen Oktober 2015. Ekuiti tempatan dijual dengan
cepat berikutan tinjauan pilihan raya yang memihak kepada PIS,
memandangkan rancangan parti itu untuk perbelanjaan fiskal
yang lebih tinggi, yang dijangka akan dibiayai oleh sektor cukai
tertentu dan defisit bajet yang lebih tinggi. Kebimbangan kecairan
global yang lebih ketat bagi akaun semasa yang besar dan nilai
rand yang menurun dengan mendadak berbanding dolar AS
menyebabkan Afrika Selatan kurang berprestasi. Ketinggian risiko
penurunan taraf hutang berdaulat ke gred bukan pelaburan juga
merupakan halangan selanjutnya. Di Mesir, penembakan jatuh
sebuah pesawat komersial selepas berlepas dari lapangan terbang
Sharm El Sheikh menyebabkan kebimbangan keselamatan
dan memberi implikasi kepada sektor pelancongan. Greek
merekodkan kejatuhan mendadak dan adalah negara indeks
yang paling lemah. Kerajaan Syriza memperkenalkan kawalan
modal selepas perjanjian bantuan tidak dapat dipersetujui
dengan pemiutang Eurogroup di referendum pada akhir bulan
Jun. Perjanjian bantuan ketiga akhirnya dipersetujui tetapi ini
melibatkan banyak konsesi daripada kerajaan Greek. Tambahan
pula, pengenalan kawalan modal menyebabkan bank-bank
memerlukan permodalan semula yang ketara.
Pasaran Latin Amerika meningkat dengan mendadak pada
penghujung tempoh tetapi berakhir dalam persekitaran negatif.
Mexico adalah yang paling berdaya tahan, dengan momentum
dalam ekonomi domestik membantu saham pengguna khususnya.
Prestasi pasaran Chile yang defensif juga turut meningkat.
Penurunan harga tembaga dan reformasi kedua-dua pasaran
cukai dan buruh merupakan halangan utama untuk pulangan
mutlak. Peru mengakhiri melebihi penanda aras dengan sokongan
daripada saham indeks besar Credicorp. Dalam tempoh tersebut,
MSCI mengumumkan bahawa ia sedang mempertimbangkan
Peru bagi penurunan indeks pasaran frontier, satu keputusan
yang ditangguhkan sehingga Jun 2016. Ia adalah satu tempoh
yang agak tidak menentu bagi ekuiti dan hartanah Brazil, dengan
beberapa penurunan dalam tempoh itu, sebelum menurun
dengan mendadak pada Mac 2016. Data makroekonomi terus
merosot manakala skandal rasuah “lava Jato”, yang berpunca
daripada Petrobas, melanda bidang politik. Ini telah menyumbang
kepada peningkatan jangkaan bahawa Presiden Rousseff boleh
dicabar, satu langkah yang mungkin akan membawa perubahan
dasar yang ketara. Prestasi Colombia sejajar dengan penanda
aras tetapi ekuiti tempatan mencatatkan pulangan negatif
yang ketara. Ini terutamanya disebabkan oleh kelemahan harga
minyak, memandangkan minyak mewakili sebahagian besar
daripada hasil kerajaan. Dengan itu, petunjuk ekonomi tidak
merosot dengan mendadak seperti yang diramalkan.
Pulangan ekuiti Asia baru muncul lemah sepanjang tempoh.
Korea lebih stabil daripada rakan-rakan serantau. Ekonomi adalah
stabil untuk mengharungi persekitaran mudah tunai global yang
lebih ketat berikutan lebihan akaun semasa yang besar. Malaysia
menghadapi cabaran harga minyak yang rendah dan skandal politik
yang melibatkan Perdana Menteri. Walau bagaimanapun, pasaran
baru-baru ini meningkat semula kerana dakwaan rasuah telah
berkurangan dan harga minyak telah menunjukkan peningkatan.
Prestasi Filipina meningkat, dengan sokongan daripada lebihan
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akaun semasa negara. Indonesia mengalami tekanan lebih awal
dalam tempoh tersebut. Walau bagaimanapun, penyusutan
inflasi membolehkan bank pusat untuk mengurangkan kadar
faedah, dan kebimbangan terhadap mudah tunai yang lebih
ketat berkurangan. Di Thailand, pasaran tempatan susut nilai,
dan berprestasi rendah. Prospek pertumbuhan kekal rendah
dan kerajaan mengambil beberapa langkah untuk merangsang
ekonomi, sebahagian besarnya tertumpu kepada pelaburan
infrastruktur. Sementara itu pihak tentera kekal berkuasa dan
walaupun undang-undang ketenteraan telah ditarik balik pada
April 2015, draf perlembagaan telah ditolak, bermakna pilihan
raya mungkin akan memakan masa. India kurang berprestasi
dengan margin yang kecil berikutan peningkatan semula dalam
harga komoditi baru-baru ini, kebimbangan akan kenaikan
gaji sektor awam dan beberapa data makroekonomi yang
mengecewakan mempengaruhi sentimen. Selain itu, kelewatan
reformasi, yang disebabkan oleh kekurangan majoriti bagi BJP
di Dewan Atas, mempengaruhi sentimen. China merupakan
pasaran serantau yang paling lemah. Selepas kebangkitan
yang didorong mudah tunai pada awal tempoh tersebut, pihak
berkuasa cuba untuk menstabilkan turun naik pasaran diikuti
pembetulan, yang mendorong pemotongan kadar faedah dan
keperluan nisbah rizab bank, serta suntikan mudah tunai ke
dalam sektor perbankan, sebagai usaha untuk menenangkan
pasaran. Sementara itu ekonomi asas menunjukkan tanda-
tanda penurunan, dengan pertumbuhan KDNK Q4 berkurangan
kepada 6.8% tahun ke tahun. Dasar mata wang yang tidak
dijangka menyebabkan pengelakan risiko yang lebih lanjut dan
rizab pertukaran asing mencatatkan beberapa penurunan yang
besar. Selepas beberapa bulan yang tidak menentu, Gabenor
Zhou dari People’s Bank of China berkata bahawa bank pusat
tidak berhasrat untuk menurunkan nilai yuan China dari segi
wajaran perdagangan. Sementara itu, pihak berkuasa membuka
pasaran bon dalam negeri kepada pelabur asing. Ini dilihat
sebagai langkah positif ke arah pembukaan pasaran modal
China. Pasaran pulih daripada pertengahan bulan Februari
dengan pertumbuhan kredit lebih kuat menandakan sokongan
dasar, walaupun ekuiti ditutup dengan penurunan secara mutlak.
- oleh AmFunds Management Berhad
ulasan Pasaran Dana AmMetLife Global Agribusiness Dana Sasaran: Dana AmGlobal Agribusiness
Dana Sasaran Akhir: Dana DWS Global Agribusiness
Penjualan aset berisiko, mata wang dan komoditi yang berlaku
pada separuh tahun kedua 2015 mula pulih selepas menurun
pada Januari 2016. Pelonggaran dasar monetari di beberapa
pasaran Eropah dan Asia dan pengetatan dasar di Amerika
Syarikat, telah membawa kepada kekuatan USD secara
keseluruhan. Faktor-faktor ini dan persekitaran permintaan
global yang lebih jinak meletakkan tekanan yang besar ke atas
kebanyakan komoditi. Harga minyak mentah turun di bawah $30
setong pada pertengahan bulan Januari kepada paras terendah
sejak tahun 2003 dan telah pulih ke atas $40 selepas itu. Bijirin
pertanian dan minyak bijirin nampaknya telah dipisahkan dan
tidak mengambil bahagian dalam ketidaktentuan yang berlaku
baru-baru ini. Malah, harga jagung, kacang soya dan gula kekal
rata melebihi satu tahun.
Para petani dapat melihat pertumbuhan permintaan untuk bijirin
dan minyak bijirin berikutan peningkatan penggunaan protein
secara global. OECD menjangkakan bahawa penggunaan global
daging akan berkembang pada kadar tahunan sebanyak 1.4%
sehingga 2024, dan pada ketika itu tahap penggunaan mutlak
pada dasar per kapita untuk negara-negara membangun masih
akan berkurangan separuh daripada pasaran maju. Pengeluaran
bijirin kasar dan kacang soya yang merupakan bahagian terbesar
daripada makanan haiwan meningkat pada kadar yang lebih
cepat berikutan peningkatan permintaan untuk produk daging.
- oleh AmFunds Management Berhad
ulasan Pasaran Dana AmMetLife Precious Metals Dana Sasaran: Dana AmPrecious Metals
Dana Sasaran Akhir: Dana DWS noor Precious Metals SecuritiesHarga emas mula meningkat pada bulan Januari 2016 berikutan ketidaktentuan ekonomi global yang menyumbang kepada ketidakstabilan dalam pasaran kewangan. Keadaan ini seterusnya menolak pelabur untuk melabur dalam aset yang selamat, dan didorong oleh aliran masuk modal ke Gold ETF. Ini diikuti dengan prestasi memberangsangkan pada Februari 2016 apabila logam ini mencatatkan keuntungan dua angka dan mengekalkan prestasi tersebut sehingga akhir suku. Emas merupakan aset selamat dalam suasana kelembapan ekonomi global, ketidakstabilan pasaran kewangan, dan penurunan nilai mata wang yang tidak disangka oleh bank pusat. Jangkaan pasaran untuk kenaikan kadar oleh AS Fed telah menurun dengan ketara bagi tempoh 2016. Kebimbangan berterusan terhadap kekuatan dolar AS dan data ekonomi yang lemah daripada China terus menunjukkan ke arah kelembapan ekonomi.
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Kebimbangan ekonomi Global
Pada bulan Januari 2016, halangan untuk kenaikan kadar Fed
sudah mula muncul kerana penyelewengan mata wang dan
ketidaktentuan QE mewujudkan lebih banyak persoalan daripada
jawapan. BOJ membuat keputusan untuk menerima pakai dasar
kadar faedah negatif, yang kami tafsirkan sebagai satu lagi
langkah untuk menjaga aliran mata wang luar biasa dan herotan
pasaran mata wang akibat daripada QE.
Pada bulan Februari 2016, kami melihat aliran masuk ETF emas
secara besar-besaran. Ini menunjukkan bahawa herotan pasaran
mata wang sedang berterusan dan QE telah hanya memburukkan
lagi keadaan pasaran dengan mewujudkan ketidakpastian
di sekitar bank-bank pusat dan keupayaan mereka untuk
melaksanakan dasar monetari yang berkesan. Langkah secara
tiba-tiba dan tidak dijangka BOJ juga tidak kekal lama apabila
pasaran mula menimbang semula penurunan nilai mata wang
kompetitif. Kelemahan JPY yang disengajakan ini berlangsung
hanya untuk sehari, di mana JPY bangkit semula kepada USD,
hampir 7% bagi bulan Februari. Pada pendapat kami, ini adalah
sangat penting kerana ia menggambarkan akibat yang tidak
diingini dan risiko QE yang berterusan dan tidak berkesan.
Emas kekal bertahan pada Mac 2016 dan mendapat sokongan
sebagai aset selamat dalam suasana ketidakstabilan pasaran
kewangan dan penurunan nilai mata wang yang tidak disangka
oleh bank pusat. Kami berpendapat bahawa kenaikan kadar
Fed akan ditangguhkan lagi kerana tekanan menaik daripada
perbezaan perolehan yang lebih tinggi pada USD. Janet Yellen
mengurangkan jumlah kadar kenaikan dari 4 ke 2 semasa
mesyuarat FOMC pada Mac 2016.
Kesan-kesan yang tidak diingini daripada Qe yang
berlarutan
Intuisi yang bertentangan, dan kesan-kesan yang tidak diingini
daripada QE tambahan di pasaran mata wang menambah
ketidaktentuan pasaran dan keraguan terhadap keberkesanan
pelonggaran kuantitatif. Memandangkan magnitud QE yang
telah diperkenalkan sejak 7 tahun lalu, kami mengekalkan
pandangan bahawa emas bukan komoditi tetapi mata wang.
Tahun 2015 menandakan kedatangan kadar faedah negatif.
Kami mengekalkan pendapat bahawa emas tidak membayar
hasil dan juga tidak mengenakan kadar faedah. Kami tidak
boleh menekankan dengan secukupnya keputusan BOJ
untuk menerima pakai dasar kadar faedah negatif. Kami telah
menyatakan sebelum ini bahawa kami percaya langkah kadar
faedah negatif adalah satu usaha untuk menjaga aliran mata
wang luar biasa dan herotan pasaran mata wang akibat daripada
QE. JPY berikutnya dan peningkatan yang tidak disengajakan
adalah gambaran strategi kewangan yang gagal.
Kekurangan pertumbuhan adalah satu lagi keluarbiasaan
yang dicipta oleh QE. Kami percaya bahawa pertumbuhan
akan semakin terbantut berikutan pertumbuhan lemah yang
berterusan di Amerika Syarikat, dan pengambilan langkah-
langkah agresif QE oleh dasar kewangan global. Pengeluaran
modal daripada ekonomi BUKAN OECD (seperti China) terus
membantutkan pertumbuhan global manakala kekuatan USD
yang berterusan mungkin memberi tekanan kepada KDNK AS.
Kami percaya ini terus dapat dilihat dalam sebaran 2YR-10YR,
yang mengecil sebanyak kira-kira 19 mata sepanjang bulan
Februari. Oleh kerana kadar jangka pendek meningkat daripada
kenaikan Fed, kadar jangka panjang terus jatuh di tengah-tengah
jangkaan pertumbuhan yang lemah.
Kekuatan uSD berterusan
Kekuatan USD meninggikan kos khidmat hutang bagi peminjam
bukan dolar. Kelemahan mata wang yang berterusan lagi kepada
USD, sama ada kerana pertumbuhan yang agak lemah atau (dalam
kes Pasaran Baru Muncul) gabungan kedua-dua pertumbuhan
lemah dan pengeluaran modal, akan meningkatkan risiko
kegagalan pembayaran hutang. Seperti yang dinyatakan dalam
bulanan lepas, terdapat beberapa anggaran (Bloomberg) yang
pemegang asing hutang berdenominasikan dolar telah meningkat
daripada 1.4 trilion dolar 15 tahun yang lalu kepada lebih 9.2
trilion hari ini. Kegagalan membayar hutang oleh pengeluar
komoditi dalam tenaga dan logam dan ruang perlombongan
sedang bermula.
Walaupun ekonomi AS mengeluarkan data ekonomi yang positif,
kami percaya bahawa Rizab Persekutuan AS tidak mempunyai
pilihan tetapi untuk menangguhkan kenaikan kadar selanjutnya
kerana tekanan menaik disebabkan perbezaan perolehan US
yang sudah lebih tinggi dikenakan kepada USD. Penyebaran di
antara 10 tahun AS, Eur dan Asia telah banyak memihak kepada
AS. Pada pendapat kami, USD akan terus meningkat sekiranya AS
terus menaikkan kadar, memburukkan lagi tekanan pengeluaran
modal dan juga merosotkan defisit perdagangan.
Pertumbuhan ekonomi yang sukar difahami
Pada pandangan kami, pertumbuhan ekonomi di Jepun, pasaran
baru muncul, dan kini Eropah mungkin akan kekal sukar difahami
kerana kadar yang telah sedia adalah amat rendah dengan kadar
pertumbuhan yang hampir boleh diabaikan. Sekiranya USD terus
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ulasan Pasaran Pelaburan (Bersambung)
kukuh disebabkan oleh perbezaan hasil yang tinggi, pengurangan
dalam eksport akan menjejaskan KDNK AS lebih daripada yang
dijangkakan. Kekuatan USD biasanya memberi manfaat kepada
negara-negara yang mengeksport barangan dan perkhidmatan
dalam mata wang USD. Masalahnya ialah tempoh perdagangan
tersebut. Sekiranya keperluan pinjaman daripada negara-negara
pengeksport tidak menurun dengan ketara, atau jika inflasi mula
berlaku akibat daripada mata wang yang lemah kepada USD,
penyelesaian yang sering dilakukan oleh bank-bank pusat adalah
kawalan modal melalui kadar yang lebih tinggi. Pengenalan kadar
faedah yang lebih tinggi biasanya dilaksanakan sebagai langkah
terakhir, apabila penurunan nilai mata wang tidak dapat dikawal.
Malangnya kami telah melihat keadaan begini, terutamanya
dalam pasaran baru muncul, kenaikan kadar yang bertujuan
untuk mengehadkan kelemahan mata wang selanjutnya
memburukkan lagi keadaan ekonomi yang sedang dibaik pulih
pada asalnya. Jika negara tersebut adalah sebuah negara yang
menghasilkan komoditi seperti Rusia, pertumbuhan akan dicabar
dua kali, pertama dengan kadar yang lebih tinggi, dan yang
kedua oleh kejatuhan harga komoditi.
Penyumbang kepada prestasi dana: Ekuiti Emas dan PGM berikut
menyumbang secara positif kepada prestasi: Sibanye Gold Ltd.
(4.59% daripada dana) naik 165.50%, Randgold Resources
Limited (9.68% daripada dana) naik 50.96%, dan Goldcorp Inc.
(9.47% daripada dana) naik 42.14%.
Penjejas kepada prestasi dana: Ekuiti Emas dan PGM berikut
memberikan prestasi yang kurang: B2Gold Corp. (0.44% daripada
dana) turun -27.43%, Alamos Gold Inc. (0.15% daripada dana)
turun -3.96%, dan AuRico Metals Inc (0.11% daripada dana)
naik 34.24%.
- oleh AmFunds Management Berhad
ulasan Pasaran Dana AmMetLife Tactical Bond Dana Sasaran: Dana AmTactical Bond
Pada bulan April 2015, nombor perdagangan, pertumbuhan dan
aktiviti ekonomi menunjukkan tanda-tanda awal peningkatan
di rantau ini. Pada masa yang sama, terdapat pelbagai tindakan
bank pusat dan dasar pada bulan April 2015 berbanding tindakan
serantau yang kurang agresif pada Mac 2015. Di Malaysia,
eksport menurun bagi bulan kedua berturut-turut dengan
cetakan Feb 2015 pada -9.7% tahun ke tahun (Jan 2015: -0.6%
YoY). Kelemahan dalam eksport adalah rakan perdagangan
utama yang meluas dengan penurunan tahun-ke-tahun, dalam
7 daripada 9 teratas. Bagi 2 rakan perdagangan yang selebihnya,
eksport meningkat pada kadar yang jauh lebih rendah kepada
Amerika Syarikat (Feb 2015: 8.2% YoY, Jan 2015: 18.1%) dan
Thailand (Feb 2015: 0.1% YoY, Jan 2015: 12.5% YoY). Dari segi
kategori barang, kelemahan juga adalah meluas, terutamanya
Petroleum Mentah (Feb 2015: -20.9% Yoy, Jan 2015: 6.0% YoY)
dan Gas Neutral Cair (“LNG”) (Feb 2015: -13.8% YoY, Jan 2015:
-0.1% YoY). Import meningkat tetapi masih lemah pada 0.4%
untuk Feb 2015 (Jan 2015: -5.2%), dengan sebahagian besar
komposisi yang tidak berubah pada 60.3% untuk Barangan
Pengantara, 14.2% untuk Barangan Modal dan 8.1% untuk
Barangan Pengguna. Imbangan perdagangan berakhir pada
RM4.52 bilion untuk Feb 2015 (jangkaan sepakat: RM8.50 bilion,
disemak semula Jan 2015: RM8.96 bilion).
Pada bulan Mei 2015, data aktiviti di rantau ini adalah bercampur-
campur tetapi data eksport menyaksikan peningkatan dalam
kebanyakan pasaran. Di Malaysia, pertumbuhan KDNK terbukti
berdaya tahan dengan cetakan untuk 1Q2015 pada 5.6%
YoY (jangkaan 5.5%, disemak semula 4Q2014 5.8% YoY).
Pertumbuhan ini disokong oleh Perbelanjaan Persendirian pada
8.8% YoY (4Q2014: 7.6% YoY) dan Pelaburan pada 7.9% YoY
(4Q2014: 4.3% YoY) tetapi sektor Eksport adalah lemah pada
-0.6% YoY (4Q2014: + 1.9% YoY). Walau bagaimanapun,
pertumbuhan KDNK 2Q2015 dijangka lebih rendah kerana
pelaksanaan GST (berkuatkuasa 1 Apr 2015) yang dijangka akan
mengurangkan Perbelanjaan Persendirian.
Pada bulan Jun 2015, data aktiviti di rantau ini kekal bercampur
tetapi lebih bersandar ke arah kelemahan, dan pada masa yang
sama data eksport mengecewakan di kebanyakan pasaran
berikutan kelemahan sektor elektrik dan elektronik dan harga
minyak mentah dan produk petroleum yang juga lebih rendah. Di
Malaysia, pengeluaran perindustrian agak lemah pada April 2015
pada 4.0% YoY tetapi hanya sedikit di bawah jangkaan pasaran
sebanyak 4.5% YoY (disemak semula Mac 2015: 7.1% YoY).
Data asas menunjukkan perlombongan yang lemah (Apr 2015:
3.9% YoY, Mac 2015: 9.9% YoY) disebabkan oleh kejatuhan
dalam pengeluaran gas asli dan kelemahan pengeluaran pada
4.1% YoY (Mac 2015: 6.3% YoY) dengan barangan elektrik dan
elektronik menurun kepada 4.0% YoY (Mac 2015: 13.0% YoY)
tetapi diimbangi oleh pemulihan dalam makanan, minuman &
tembakau kepada + 5.5% YoY (Mac 2015: -4.9% YoY).
Pada bulan Julai 2015, data yang dikeluarkan menujukkan
aktiviti data di rantau ini masih bercampur tetapi lebih bersandar
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ke arah kelemahan, dan pada masa yang sama data eksport
mengecewakan di kebanyakan pasaran dan masih disebabkan
oleh sektor elektrik dan elektronik yang lemah (walaupun
terdapat beberapa pengecualian ketara seperti Singapura) dan
harga minyak mentah dan produk petroleum yang juga lebih
rendah. Tekanan negatif ke atas mata wang (digambarkan dalam
rizab tukaran mata wang asing yang lebih rendah) juga semakin
meningkat di rantau ini, sementara jangkaan kenaikan US Fed
lewat tahun ini semakin menjadi kenyataan. Di Malaysia, inflasi
meningkat lagi pada bulan Jun 2015 dengan pertumbuhan
CPI pada 2.5% YoY (jangkaan: 2.4% YoY, Mei 2015: 2.1%
YoY), kenaikan harga meluas komponen CPI berkaitan GST
tidak berubah, manakala deflasi berkaitan bahan api menyusut
(pengangkutan Jun 2015: -1.4% YoY berbanding -4.7% YoY
dan -4.8% YoY pada bulan Mei dan Apr 2015, masing-masing).
Rizab luar negara jatuh hanya di atas paras psikologi USD100b
(Jun 2015: USD100.5b, Mei 2015: USD105.5b). Kejatuhan rizab
dilihat sebagai tanda tekanan mata wang dan campur tangan
kerajaan dalam pasaran tukaran mata wang asing.
Bulan Ogos 2015 terus menunjukkan data eksport yang
mengecewakan di kebanyakan pasaran dan masih disebabkan
terutamanya oleh sektor elektrik dan elektronik yang lemah
(walaupun terdapat beberapa pengecualian yang ketara seperti
Singapura) dan harga minyak mentah dan produk petroleum juga
lebih rendah. Pada masa yang sama, data aktiviti di rantau ini
masih lemah. Bulan Ogos menyaksikan ketidakstabilan pasaran
modal yang besar dengan tekanan negatif yang berat ke atas mata
wang dan aset Asia Pasifik yang dicetuskan oleh langkah dasar
China untuk menurunkan nilai yuan dan rangsangan ekonomi
serta penstabilan pasaran modal yang masih berterusan. Malaysia
melaporkan KDNK 2Q15 di mana ekonomi berkembang dengan
lebih baik daripada yang dijangkakan 4.9% YoY (Konsensus:
4.5%). Kelembapan dalam pertumbuhan 2Q15 daripada 5.6%
pada 1Q15 sebahagian besarnya dijangkakan disebabkan oleh
pelaksanaan GST yang bermula pada bulan April. Walaupun
rangsangan awal dalam penggunaan di 1Q15 akibat GST,
penggunaan persendirian terus stabil pada 6.4% di 2Q15 dan
pemulihan dijangka berlaku pada suku-suku akan datang.
Lebihan semasa Malaysia adalah pada RM7.7billion atau 2.7%
daripada KDNK. Ringgit Malaysia menjunam kepada serendah
RM4.30 setiap USD, yang paling rendah sejak 1998. Kejatuhan
ini sebahagian besarnya sejajar dengan mata wang serantau
tetapi lebih ketara bagi Ringgit disebabkan oleh kebimbangan
bahawa pihak berkuasa kehabisan cara untuk mempertahankan
mata wang di tengah-tengah pengecutan rizab, kejatuhan
harga minyak, penurunan nilai yuan yang tidak dijangka dan
skandal politik. Gabenor Bank Pusat dan Perdana Menteri
mengesahkan komitmen Malaysia untuk tidak memperkenalkan
semula tambatan Ringgit atau kawalan modal. Kerajaan juga
menegaskan pandangannya bahawa tahap MYR semasa
tidak mencerminkan asas kukuh negara ini yang merangkumi
momentum pertumbuhan positif berterusan, ekonomi yang
pelbagai, perdagangan berterusan dan lebihan akaun semasa
serta sistem perbankan yang kukuh dan berdaya tahan.
Walaupun data eksport yang mengecewakan pada bulan
September 2015, kelihatan peningkatan yang mungkin berlaku
dalam beberapa bulan akan datang, dengan peningkatan aktiviti
perindustrian dan import yang lebih tinggi di pasaran seperti
India, Malaysia dan sedikit sebanyak Indonesia. Di Malaysia,
Indeks Purchasing Managers Ogos 2015 (“PMI”) pada 47.2
mata (Julai 2015: 47.7 mata) menunjukkan penguncupan lima
bulan berturut-turut disebabkan oleh ekonomi permintaan
domestik yang lemah berbanding dengan permintaan luaran.
Pada masa yang sama, data bagi bulan Julai 2015 menunjukkan
peningkatan dalam perdagangan dengan peningkatan dalam
import pada kadar 5.9% YoY (jangkaan: -0.8% YoY, Jun 2015:
-1.5% YoY) yang merupakan petanda baik bagi eksport masa
depan memandangkan komposisi besar barangan pengantara
dan modal. Pada masa yang sama, eksport kembali tenang tetapi
terus berkembang pada kadar 3.5% YoY untuk bulan Julai 2015.
(jangkaan: 3.2% YoY, Jun 2015: 5.0% YoY), dengan penurunan
perdagangan tetapi masih dalam lebihan di + RM2.38 bilion bagi
Julai 2015 (jangkaan: RM6.30 bilion, Jun 2015: RM7.98 bilion).
Rizab luar negara menyaksikan peningkatan marginal pada
USD95.7 bilion pada 28 Ogos 2015 (14 Ogos 2015: USD94.5
bilion) dan USD95.3 bilion pada 15 September 2015, dan MYR
terus jatuh dengan ketara pada bulan tersebut di (USDMYR:
4.4570 @ 29 September 2015 berbanding 4,1925 @ 31 Ogos
2015). Peningkatan rizab asing mencadangkan bank pusat tidak
bercampur tangan dalam tempoh ini atau sebagai penghantaran
balik dana oleh Syarikat Berkaitan Kerajaan (“GLC”).
Pada bulan Oktober 2015, data eksport terus mengecewakan
di kebanyakan pasaran kecuali Malaysia manakala di India
peningkatan dalam aktiviti perindustrian menunjukkan
kemungkinan pertumbuhan dalam beberapa bulan akan
datang, dengan aktiviti industri penambahbaikan. Kelemahan
domestik amat ketara pada bulan ini, mungkin disebabkan oleh
kelemahan sektor luaran yang mula menjejaskan permintaan
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ulasan Pasaran Pelaburan (Bersambung)
pengguna yang berdaya tahan di rantau sebelum ini. Di Malaysia,
angka perdagangan terus mengatasi jangkaan dengan Eksport
bagi Ogos 2015 berkembang 4.1% YoY (jangkaan: 1.3% YoY
disemak semula Julai 2015: 3.4% YoY) memberi isyarat potensi
pemulihan dalam sektor luaran. Eksport yang lebih baik dating
daripada produk logam pada 41.7% YoY (Julai 2015: 37.0%
YoY), barangan elektrik dan elektronik di 16.7% YoY (Julai 2015:
12.1% YoY) dan mesin & peralatan pada 12.3% YoY (Julai 2015:
23.3% YoY) . Risiko pemulihan kekal berikutan pertumbuhan
yang lebih lemah daripada jangkaan di China. Import jatuh
mendadak pada bulan Ogos 2015 di -6.1% YoY (Julai 2015:
5.9% YoY), terutamanya disebabkan oleh import petrokimia dan
minyak mentah yang lebih rendah. Ia adalah perubahan import
yang bertentangan berbanding peningkatan bulan Julai dan kekal
dalam corak turun naik selama 2 bulan yang seterusnya memberi
isyarat tempoh pesanan 2 bulan untuk pengilang di Malaysia.
Pada bulan November 2015, data Keluaran Dalam Negara Kasar
( “KDNK”) bagi suku ke-3 2015 yang dikeluarkan di seluruh
rantau ini menunjukkan pertumbuhan yang berdaya tahan
disebabkan oleh pengurusan ekonomi yang lebih cekap oleh
pihak berkuasa kewangan dan ekonomi. Walau bagaimanapun,
terdapat satu aliran permintaan domestik yang semakin lemah
disebabkan langkah-langkah konsolidasi fiskal dan sektor luaran
yang masih lemah. Di Malaysia, bank pusat mengekalkan kadar
dasar pada 3.25% untuk mesyuarat dwi bulanan berturut-
turut yang kelapan. Pendirian yang diambil oleh Bank Negara
dalam Pernyataan Dasar Monetari (“MPS”) kekal neutral dan
tidak agresif. MPS menyatakan bahawa “pada paras semasa
Kadar Dasar Semalaman (“OPR”), pendirian dasar monetari
kekal akomodatif dan menyokong aktiviti ekonomi”, tetapi
Jawatankuasa Dasar Monetari (“MPC”) mengakui “bahawa
terdapat risiko yang tinggi dalam persekitaran ekonomi dan
kewangan global”. KDNK bagi 3Q 2015 dicatat pada 4.7% YoY,
menyederhana daripada pertumbuhan 4.9% YoY pada 2Q 2015,
tetapi berada dalam konsensus jangkaan. Pertumbuhan yang lebih
rendah pada 3Q 2015 sememangnya dijangka dan disebabkan
terutamanya oleh perbelanjaan pengguna yang lebih lemah
berikutan pelbagai kenaikan harga dan juga untuk pengurangan
perbelanjaan kerajaan yang sejajar dengan komitmen berterusan
kerajaan untuk konsolidasi fiskal. Dari perspektif pengeluaran,
data menunjukkan bahawa sebahagian besar pertumbuhan
disumbang oleh sektor pembinaan pada suku tersebut.
Pada bulan Disember 2015, angka PMI dan Pengeluaran
Perindustrian (“IP”) menunjukkan penguncupan untuk bulan
Oktober dan November 2015 terutamanya. Pengecutan
disebabkan terutamanya oleh permintaan dalam negeri yang
lemah dan eksport kebanyakan negara di rantau ini yang terus
berdaya tahan. Di Malaysia, IP adalah lebih rendah pada 4.2%
pada bulan Oktober daripada 5.1% pada bulan September,
disebabkan oleh aktiviti yang lebih rendah dalam sektor
Perlombongan pada -1.4% YoY (September: +4.4% YoY),
manakala Pengilangan dan Elektrik lebih tinggi pada +6.2% YoY
(September: +5.6% YoY) dan +4.3% YoY (September: +2.6%
YoY) masing-masing, mengimbangkan pengecutan dari sektor
Perlombongan. Angka PMI menunjukkan penguncupan aktiviti
ekonomi bagi bulan ke-9 berturut-turut pada 48.0 mata untuk
Disember 2015 (Nov 2015: 47.0 mata). Terdapat pemulihan kecil
dalam indeks dengan peningkatan tempahan eksport baru, tetapi
pesanan baru secara keseluruhan kekal menurun disebabkan oleh
sektor domestik. Inflasi untuk Nov 2015 dengan Indeks Harga
Pengguna (“CPI”) pada 2.6% YoY adalah lebih tinggi daripada
jangkaan pasaran tetapi hanya lebih tinggi sedikit daripada bulan
sebelumnya (jangkaan: 2.3% YoY, Oktober 2015: 2.5% YoY).
Harga alkohol & tembakau yang lebih tinggi pada 20.7% YoY
(September 2015: 13.3%) dengan sumbangan 2.17% kepada
indeks, mengimbangi inflasi makanan yang lebih perlahan pada
4.1% YoY (September 2015: 4.7% YoY) dengan sumbangan
30.33% kepada indeks.
Pada bulan Januari 2016, data dari rantau ini adalah bercampur-
campur dengan tekanan inflasi yang lebih rendah secara
umumnya disebabkan penurunan harga minyak mentah global
dan kelemahan permintaan global yang memberikan kesan
negatif terhadap sektor eksport. Di Malaysia, nombor PMI
menunjukkan penguncupan aktiviti ekonomi bagi bulan ke-9
berturut-turut pada 48.0 mata untuk Disember 2015 (November
2015: 47.0 mata). Terdapat pemulihan kecil dalam indeks
dengan perkembangan eksport baru, tetapi pesanan baru secara
keseluruhan kekal menurun disebabkan oleh sektor domestik.
Terdapat kelemahan eksport pada bulan November 2015 pada
kadar 6.3% YoY (jangkaan: 12.0% YoY, Oktober 2015: 16.7%
YoY). Kelemahan dalam eksport agak meluas, dengan penurunan
mendadak dalam penghantaran elektrik dan elektronik (+0.6%
tahun ke tahun pada November berbanding +22.7% YoY pada
bulan Oktober), kimia dan bahan kimia (+5.7% berbanding
+18.4%), perkakasan mesin (+17.4% berbanding +55%), produk
getah (+12.9% berbanding +25.7%), barangan optik dan saintifik
(+16.4% berbanding +37.4%), dan pengilangan logam (+56.6%
berbanding +120%). Eksport Gas Neutral Cecair (“LNG”)
juga lebih menguncup daripada bulan sebelumnya (-20.5%
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berbanding -16.1%) manakala kadar pengecutan minyak mentah
susut (-2.6% berbanding -8.7%). Pertumbuhan import meningkat
semula pada 9.1% YoY pada bulan November 2015 (jangkaan:
12.0%, disemak semula Oktober 2015: -0.4% YoY) disebabkan
terutamanya oleh pertumbuhan yang lebih tinggi daripada import
barangan penggunaan (+43.8% YoY) dan pertumbuhan kecil
dalam import barangan pengantara (1.4% YoY) yang membantu
mengimbangi kelembapan dalam import barangan modal (+ 2%
YoY). Akibatnya, imbangan perdagangan mengecil tetapi kekal
dalam lebihan besar pada RM10.24 bilion (jangkaan: RM12.00
bilion, disemak semula Oktober 2015: RM12.17 bilion) dengan
import kekal di bawah eksport secara keseluruhannya.
Pada bulan Februari 2016, bacaan KDNK setahun penuh secara
amnya menunjukkan jangkaan pasaran mengejut dengan daya
tahan yang berterusan di rantau ini tetapi dengan tanda-tanda
kelemahan yang berterusan dalam data. Tekanan inflasi yang
lebih rendah secara umumnya disebabkan penurunan harga
minyak mentah global dan kelemahan permintaan global yang
memberikan kesan negatif kepada sektor eksport, serta tanda-
tanda kelemahan permintaan domestik. Melihatkan prospek
ekonomi global yang masih lembap, eksport di Malaysia
untuk Disember 2015 menurun dengan ketara pada 1.4%
YoY berbanding jangkaan pasaran sebanyak 4.1% YoY dan
kekecewaan yang jelas selepas kenaikan pada Oktober 2015 ke
16.7 YoY dan penurunan daripada 6.3% pada November 2015.
Pertumbuhan import juga menurun pada 3.2% YoY (jangkaan:
4.1% YoY, November 2015: 9.1% YoY) mencerminkan pelbagai
faktor kelemahan MYR, harga komoditi yang lebih rendah,
dan kelemahan permintaan dalam negeri. Secara keseluruhan,
lebihan dagangan mengecil kepada RM7.99 bilion (November
2015: RM10.24 bilion). Walau bagaimanapun, kelemahan MYR
dalam 2H2015 membantu meningkatkan lebihan dagangan
setahun penuh kepada RM94.3 bilion berbanding RM82.5
bilion pada 2014. KDNK 4Q2015 Malaysia dicatat pada kadar
4.5% YoY, menewaskan jangkaan pasaran pada 4.1% YoY
tetapi menyederhana daripada 4.7% YoY dalam 3Q2015. KDNK
setahun penuh 2015 adalah 5.0% dan menewaskan jangkaan
pasaran 4.9%, di samping termasuk dalam anggaran rasmi
kerajaan sebanyak 4.5-5.5% (anggaran untuk KDNK 2016
adalah 4.0-4.5%). Dari perspektif berdasarkan perbelanjaan,
pertumbuhan 4Q yang kuat didorong oleh a) eksport yang lebih
baik daripada jangkaan pada 3.7% YoY (3Q2015: 3.2% YoY),
serta b) penggunaan persendirian yang masih berdaya tahan
pada 4.9% YoY (3Q2015: 4.1% YoY) mengimbangi kelemahan
dalam perbelanjaan pelaburan suku tahunan pada 2.8% YoY
(3Q2015: 4.2% YoY). Walaupun pertumbuhan KDNK memberi
harapan mengejut, dari suku ke suku, momentum pertumbuhan
menyusut pada 2015 berbanding 2014 dan cabaran dijangka
berterusan berikutan harga komoditi dan sentimen pengguna
yang lemah menjejaskan prospek pertumbuhan 2016. Fitch
telah mengesahkan penarafan Malaysia pada A-/Stabil pada 23
Februari 2016, berasaskan disiplin fiskal dan kestabilan keadaan
makroekonomi walaupun harga minyak mentah global jatuh.
Fitch melihat andaian makroekonomi sebagai “secara umumnya
realistik” dengan harga minyak dianggarkan pada USD30-35/
tong dan unjuran pertumbuhan KDNK pada 4-4.5%.
- oleh AmFunds Management Berhad
ulasan Pasaran Dana AmMetLife Asia Pacific reITS Dana Sasaran: Dana AmAsia Pacific reITS
Pada bulan Julai, Yellen menegaskan Fed berada di landasan
yang betul untuk menaikkan kadar tahun ini manakala tuntutan
pengangguran awal AS jatuh kepada paras terendah sejak
November 1973. Ini menyebabkan peningkatan kadar faedah
jangka panjang dengan ketara di Jepun dan Amerika Syarikat.
Pengagihan sebanyak 1.8 sen telah dibayar pada bulan Ogos.
Ketidaktentuan keputusan kadar oleh Fed pada pertengahan
September bertambah buruk dengan penurunan nilai RMB. REIT
serantau juga tidak terkecuali dalam kekalahan jualan global.
Walau bagaimanapun, pemulihan dalam ekuiti pada akhir bulan
membantu mengurangkan prestasi negatif. Bank-bank pusat di
Norway, Taiwan, Hungary dan India mengurangkan kadar faedah
pada bulan September. Fed AS tidak menaikkan kadar faedah
seperti yang dijangkakan walaupun Yellen mengulangi mereka
akan menaikkan kadar pada akhir tahun ini. Keuntungan syarikat
perindustrian China merosot 8.8% YoY. Walau bagaimanapun,
kekosongan pejabat Ogos Tokyo 2015 jatuh kepada 4.72%, indeks
harga rumah Australia +9.8% YoY dan pelawat asing ke Jepun
pada Ogos + 63.8% YoY (dengan pelawat Cina +133% YoY).
Pada bulan Oktober, China mengurangkan kadar rizab untuk
kali ke-6 sebanyak 25 mata asas; Bank of Japan tidak mengubah
rangka kerja dasar monetari. Indeks Japan Real Estate Investment
Trust (“REIT”) +3.3% ke atas peningkatan selera risiko pelabur;
indeks Australia REIT +5.0% berikutan REIT dengan tumpuan
runcit menunjukkan prestasi di atas jualan khusus yang kuat
manakala Singapura REITs +3.3% dengan pemulihan sentimen di
China pulih dan pelabur mengejar penilaian tertekan.
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Pada bulan November, Jepun jatuh kembali ke dalam kemelesetan
teknikal manakala kelulusan bangunan Australia +24.1%.
Walaupun data makro kurang memberangsangkan, indeks Jepun
REIT +1.6%, mengatasi indeks yang lebih meluas serta indeks
hartanah. Indeks Australia REIT -2.9%, REITs Singapura -4.0%
walaupun kebanyakan REIT telah melaporkan pertumbuhan
pendapatan 3Q15 yang seiring dengan jangkaan di + 6.0% YoY
dan +2% QoQ.
Rizab Persekutuan AS akhirnya memulakan kitaran kenaikan
kadar faedah, bermula dengan peningkatan 25 mata asas
pada pertengahan Disember 2015. Pada bulan tersebut, harga
minyak menurun mencecah tahun ke-11 pada USD36.05 setong
manakala Bank of Japan menggandakan had pembelian REIT
daripada 5% kepada 10%. Indeks Jepun REIT -0.3%; Australia
REITs memacu prestasi portfolio dengan indeks REIT +2.4%
manakala REIT Singapura +0.3%.
Pada bulan Januari, China melaporkan Keluaran Dalam Negara Kasar (“KDNK”) +6.8%, rendah sedikit daripada ramalan +6.9%. Pada bulan yang sama, Jepun mengumumkan strategi kadar faedah yang negatif. Australia REITs +1.1% ke atas kadar hasil bon 10 tahun dengan pengecilan 20 mata asas. REIT Jepun +1.9%, didorong oleh pembelian Bank of Japan (“BOJ”) serta pengumumannya. Keputusan 4Q15 Singapura REITs – REIT industri bermodal besar, peruncitan pinggir bandar dan tuan tanah pejabat mengekalkan kenaikan kadar sewa satu angka yang positif; hospitaliti terus mengecewakan dengan cabaran daripada pengeluaran lebihan.
Pada bulan Februari 2016, China mengejutkan pasaran dengan
pengurangan 50 mata asas Nisbah Keperluan Rizab (“RRR”) pada
akhir bulan. Dasar kadar faedah negatif Jepun tidak menghalang
Yen dari meningkat 6.5%. Arab Saudi mengumumkan
pembekuan pengeluaran minyak. Pada bulan itu, REITs Australia
+2.0%; REITs Jepun +5.2%, REITs Singapura +4.5%.
AmAsia Pacific REITs +3.48% pada Apr 2016 berbanding penanda
aras +5.10%. Wajaran ekuiti adalah 84.0%; hasil berterusan
adalah 5.1%. Yen Jepun mencecah paras tertinggi berbanding
USD dengan pelabur menggunakannya sebagai aset selamat.
Minyak mentah +20% kepada USD46/tong. Gempa bumi di
Pulau Kyushu, Jepun adalah yang terkuat dalam 5 tahun. Australia
REITs +4.3%. REIT Jepun +1.7%, REIT hospitaliti menyaksikan
beberapa pembetulan berikutan gempa bumi. Keputusan
1QCY16 melaporkan REIT Singapura +1.6%. Kebanyakan REIT
dalam portfolio dilaporkan mempunyai kewangan & statistik
operasi yang stabil.
- oleh AmFunds Management Berhad
ulasan Pasaran Pelaburan (Bersambung)
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Tinjauan Pelaburan
AMMeTLIfe InSurAnce BerHAD DAnA BerKAITAn PeLABurAn | LAPOrAn TAHunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
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Tinjauan Pelaburan
Dana AmMetLife equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond
Tinjauan Pasaran ekuiti
AS
Ketika kami melangkah ke 2016, kami melihat pertumbuhan
global yang sederhana sebanyak 2.5%, sama dengan tahun
2015. Jangkaan pertumbuhan sebanyak 8% mungkin terlalu
optimis walaupun kami percaya terdapat pertumbuhan
pendapatan positif di Amerika Syarikat. Margin bukan kewangan
AS berada di bawah tekanan sejak pertengahan 2014 sebagai
akibat daripada pertumbuhan gaji yang rendah dan kadar faedah
yang tidak menentu, ditambah pula dengan pengukuhan USD.
Pertumbuhan gaji adalah agak rendah dalam pemulihan ini. Walau
bagaimanapun, kebanyakan pemerhati pasaran mencadangkan
bahawa ekonomi sedang mencapai kapasiti penuh (dijangka
pada 4 - 4.5%). Margin keuntungan mempunyai kecenderungan
untuk menurun berikutan kejatuhan kadar pengangguran ke
tahap yang amat rendah, pertumbuhan pekerjaan sebanyak 2%
dan pertumbuhan gaji yang hanya meningkat sekitar 0.5% ke
arah 2.5%. Ini akan mewujudkan persekitaran yang mencabar
bagi pertumbuhan pendapatan kecuali jika pertumbuhan utama
terus melebihi pertengahan satu digit.
Pengerusi Rizab Persekutuan Janet Yellen menaikkan kadar faedah
sebanyak 25 mata asas dan pada dasarnya menyampaikan mesej
serampang empat mata;
• Ekonomi menunjukkan prestasi yang baik dan berada
dalam jalan peningkatan mampan
• Berkeyakinanbahawainflasiakanmeningkatdalamjangka
masa sederhana
• Tahap peningkatan kadar masa hadapan akan berlaku
secara beransur dan bersandarkan data (diramalkan pada
1.375% pada akhir 2016)
• Menekankan bahawa secara beransur-ansur tidak
bermakna mekanikal – penetapan masa yang sama rata,
peningkatan kadar yang bersaiz sama
Kenaikan kadar bertujuan terutamanya untuk mengurangkan
kesan kemelesetan ekonomi akan datang tetapi bukan untuk
mengawal inflasi kerana ia tidak akan berkesan. Pada dasarnya,
kami percaya bahawa kenaikan kadar membawa sedikit perbezaan
kepada pasaran ekuiti kerana tempoh hutang purata semasa
S&P 500 syarikat adalah 9.9 tahun dan 85% daripada syarikat
mempunyai hutang kadar tetap. Kenaikan kadar berikutnya yang
akan memberi kesan kepada prestasi ekuiti kerana penilaian yang
kaya ditambah dengan sentimen persekitaran yang negatif.
Dari segi sejarah, kadar yang lebih tinggi tidak semestinya
memberi pulangan ekuiti negatif. Ia bergantung kepada penilaian
dan kekuatan pemulihan ekonomi. Kami masih menjangka
ketidakstabilan pasaran sementara pelabur membuat keputusan
sama ada ekonomi AS telah pulih dan stabil sehingga cukup kuat
untuk mengekalkan pertumbuhan pendapatan agar penilaian
yang kaya dapat diwajarkan.
eropah
Secara relatifnya, kami akan memberi perhatian yang lebih kepada
Eropah kerana dasar pertumbuhan Eropah yang menyokong
ekuiti. Walaupun pasaran mengharungi persekitaran yang sukar,
M1 terus menunjukkan aktiviti ekonomi yang berdaya tahan
manakala komposit PMI adalah kukuh pada 54.2.
Walaupun kami sedar bahawa penilaian telah meningkat
dan tidak ada banyak ruang untuk pengembangan pelbagai,
prospek pendapatan dari persekitaran makro yang lebih cerah
menyediakan peningkatan yang lebih baik dalam ruang pasaran
maju. Ekonomi akan terus menghadapi rintangan berikutan
harga minyak yang rendah, ECB yang kurang menyakinkan dan
euro yang lemah.
Permintaan domestik yang terpendam adalah sebab utama
mengapa komposit PMI telah bertahan dengan baik. Permintaan
domestik telah menjadi sumber utama pertumbuhan yang
menjadikan rantau ini lebih berdaya tahan terhadap cabaran
luaran. Secara teorinya, pengguna tidak perlu menyimpan
keuntungan daripada kejatuhan harga minyak kerana simpanan
isi rumah yang tinggi sebanyak 20.4% berbanding 5.6% di
Amerika Syarikat.
Dengan 75% daripada pemberian pinjaman dilakukan melalui
sistem perbankan, peningkatan dalam mekanisme penghantaran
kredit telah banyak membantu pemulihan permintaan dalam negeri.
Kami percaya bahawa pertumbuhan pinjaman perlu diteruskan
dan selera risiko bank terhadap pinjaman akan meningkat.
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china
Pertumbuhan kredit mengecewakan kerana sikap berhati-hati
bank yang timbul daripada aset-aset tertunggak dan tindakan
keras ke atas rasuah walaupun kadar menurun sebanyak 150
mata asas menjelang 2016. Sektor pengguna/perkhidmatan
dan teknologi yang menimbulkan gangguan telah bertumbuh
dengan baik manakala bidang-bidang ekonomi lama sedang
menghadapi masalah nilai yang terperangkap. Kami masih
mengharapkan kadar yang lebih rendah untuk membantu
mengurangkan risiko penurunan sementara kerajaan cuba untuk
mengimbangi semula ekonomi ke arah menjadi sebuah negara
perbelanjaan pengguna. Data makro November merupakan
berita baik dan mencadangkan beberapa penstabilan tetapi kami
sedang menanti untuk mata data yang lebih untuk mengubah
kedudukan kami yang rendah.
Harga tenaga/bahan yang lemah, jualan runcit yang kurang dan
jualan kediaman yang negatif telah mengurangkan perolehan
selama 2 tahun berturut-turut. Kami percaya bahawa kesan
asas yang rendah akan bermula untuk 2016 dan sektor-sektor
pertumbuhan termasuk IT, perkhidmatan kewangan, penjagaan
kesihatan, alam sekitar dan harta benda. Walau bagaimanapun,
penilaian berada di atas nilai min dan oleh itu, ruang untuk salah
langkah pada masa hadapan adalah minimum. “Underweight”.
Malaysia
Terdapat beberapa tanda harapan cerah walaupun kami
percaya ia akan menjadi tahun yang mencabar pada 2016.
Kami mengesyaki bahawa nilai Ringgit Malaysia mungkin
telah mendatar melainkan jika harga minyak terus menurun
dari USD35 - USD40 setong. Sentimen dalam Ringgit Malaysia
mungkin bertambah baik dengan:
• Penyelesaianisu-isu1MDB
• Lebihanakaunsemasayangberterusan
• PelaburanChinakeMalaysia
Ekonomi Malaysia memerlukan penstrukturan asas disebabkan
oleh cabaran-cabaran yang perlu diharungi. GST dan kenaikan
pemberhentian kerja tidak menggalakkan prospek pertumbuhan
permintaan domestik pada masa ini. Keyakinan pengguna pula
semakin lemah dan mereka terpaksa mengurangkan perbelanjaan
kerana hutang isi rumah yang semakin tinggi. Kami lebih berhati-
hati pada masa ini berikutan potensi risiko kesedaran liabiliti luar
jangka yang semakin meningkat dan kerosakan reputasi yang
timbul daripada peristiwa-peristiwa sekitar 1MDB.
Tinjauan Pasaran Pendapatan TetapBerikutan ucapan Janet Yellen di mana beliau menyatakan
perkara yang perlu diambil kira oleh Rizab Persekutuan AS
(“Fed”) sebelum memenuhi syarat untuk kenaikan kadar pada
masa depan, pasaran bon global dijangka terus menunjukkan
prestasi yang kukuh. Tambahan pula, beliau terus menekankan
pendirian Fed terhadap kebergantungan data dan kepentingan
untuk kadar faedah dinaikkan pada kadar yang lebih berhati-
hati. Ini menyebabkan pengukuhan meluas mata wang Pasaran
Baru Muncul dan aset-aset berisiko yang lain.
Isu-isu domestik yang telah memberi kesan kepada ekonomi
sepanjang tahun lalu seperti Ringgit yang lemah, harga komoditi
global yang rendah dan harga minyak global yang berkurangan
telah lenyap di tengah-tengah jangkaan kenaikan kadar Fed yang
lebih perlahan serta penstabilan dalam komoditi global harga
harga minyak terutamanya minyak mentah.
- oleh AmFunds Management Berhad
Tinjauan Pasaran Dana AmMetLife Oasis Islamic equity Dana Sasaran: Dana AmOasis Global Islamic equity
Dana Sasaran Akhir: Dana Oasis crescent Global equity
Pasaran ekuiti global kekal tidak menentu sepanjang tahun ini
berikutan kebimbangan pertumbuhan ekonomi membangun yang
berterusan dan potensi normalisasi dasar monetari di Amerika
Syarikat. Walau bagaimanapun, ketidaktentuan pertumbuhan
global telah menyebabkan Fed AS menjadi lebih berhati-hati
mengenai kelajuan dan masa kenaikan kadar faedah dan pada
masa yang sama pasaran ekuiti kembali meningkat semula dari
paras terendah berikutan penyuntikan kemudahan tunai oleh Bank
Pusat Eropah (ECB) dan Bank of Japan (BoJ) ke dalam sistem. Pada
pandangan kami, ketidakstabilan pada awal tahun adalah satu
peringatan kepada keadaan kemudahan tunai yang tidak normal
pada masa kini dan potensi peningkatan ketidakstabilan apabila
keadaan monetari akhirnya normal. Kami percaya pelabur telah
mula sedar akan risiko yang sedia ada, dibuktikan oleh sebaran
kredit yang meluas - terutamanya bon yang memberikan hasil
yang tinggi. Syarikat-syarikat yang tidak mempunyai kunci kira-kira
yang sihat atau aliran tunai yang kukuh telah mula menyaksikan
tekanan ke atas kos dan pembiayaan yang sedia ada. Dinamik
ini menekankan kepentingan melabur dalam syarikat yang
mempunyai kelebihan daya saing yang kuat, kunci kira-kira yang
sihat dan keupayaan untuk menjana aliran tunai dan pulangan ke
atas ekuiti (ROE) yang berterusan melalui kitaran ekonomi.
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Tinjauan Pelaburan (Bersambung)
Premium risiko ekuiti kekal tinggi di seluruh pasaran ekuiti global
dalam tempoh jangka masa pendek ke sederhana disebabkan
oleh kadar hasil bon rendah luar biasa yang menyediakan
sokongan kepada penilaian ekuiti. Walau bagaimanapun, kita
perlu sedar bahawa hasil bon rendah yang direkod (walaupun
hasil bon negatif) tidak mungkin kekal dalam jangka masa
panjang. Dengan pasaran ekuiti diniagakan dengan purata
penilaian jangka panjang mereka dan kemudahan tunai yang
mungkin diperketatkan, pasaran ekuiti dijangka kekal tidak
menentu. Memandangkan keadaan ini, pasaran perlu mula
menunjukkan perbezaan yang lebih besar antara syarikat-
syarikat yang berkualiti tinggi dan rendah. Memandangkan
kita berada di awal-awal kitaran di mana kos dan keupayaan
pembiayaan semakin sukar, terutamanya bagi syarikat-syarikat
berkualiti rendah, kami terus memastikan bahawa syarikat-
syarikat dalam portfolio kami mempunyai kelebihan daya saing
yang kuat dan keupayaan untuk menyampaikan aliran tunai dan
ROE yang berterusan melalui kitaran ekonomi. Syarikat-syarikat
ini mempunyai lembaran imbangan yang kukuh dan hasil aliran
tunai yang jauh lebih tinggi daripada pasaran, untuk memastikan
kemampanan mereka dalam masa yang sukar serta mempunyai
keupayaan untuk mengembalikan tunai kepada pemegang
saham melalui dividen dan pembelian balik saham secara
konsisten. Lembaran imbangan yang kukuh juga menyediakan
pilihan untuk mengambil kesempatan ke atas aset bermasalah
semasa keadaan pasaran yang sukar.
- oleh AmFunds Management Berhad
Tinjauan Pasaran Dana AmMetLife Global emerging Market Dana Sasaran: Dana AmGlobal emerging Markets
Opportunities
Dana Sasaran Akhir: Dana Schroders ISf Global emerging
Market Opportunities
Sejak 20 Januari 2016, Indeks MSCI Emerging Markets (EM)
telah mengembalikan 20% dan mengatasi pasaran membangun
sebanyak 9% memprovokasi perbahasan sama ada ini adalah
permulaan langkah yang lebih kukuh oleh EM. Prestasi pasaran
saham baru-baru ini meningkat didorong oleh kelemahan dolar
Amerika Syarikat, dengan penyusutan nilai dolar tahun terkini di
sekitar 6% berasaskan wajaran perdagangan. Ini seterusnya telah
menyumbang kepada pemulihan dalam harga komoditi. Hasilnya
ialan putaran pasaran yang ketara, dengan pasaran yang dianggap
paling terdedah kepada pengeluaran mudah tunai dolar AS global
di kalangan pasaran yang berprestasi, bersama-sama dengan
beberapa pengeluar komoditi. Walau bagaimanapun, jangka
hayat prestasi ini tidak menentu dan kemungkinan besar boleh
dipersoalkan. Pertumbuhan global dan permintaan perdagangan
terus menjadi suram. Pertumbuhan pendapatan EM dari segi
dolar AS masih belum menunjukkan apa-apa tanda kemajuan.
Sifat peningkatan pasaran baru-baru ini juga tidak meyakinkan
dan mempunyai beberapa ciri peningkatan jangka masa pendek.
Bahan-bahan berkitar dan sektor tenaga telah meningkatkan
prestasi dan saham yang berkualiti rendah dan mempunyai
pertumbuhan yang lemah, secara umumnya, adalah antara yang
berprestasi kuat. Kualiti perdagangan/pertumbuhan yang telah
menguasai pada tahun-tahun kebelakangan ini telah menurun
dengan mendadak, walaupun asas makroekonomi hanya
mempunyai perubahan yang kecil. Sentimen negatif terhadap
EM dan penilaian menarik yang berterusan secara relatifnya
bermakna EM boleh terus mengatasi rakan-rakan pasaran
maju tetapi kami ragu-ragu bahawa ini adalah permulaan satu
langkah pulangan mutlak tinggi yang berterusan. Disebabkan
ini, ciri-ciri portfolio kami secara amnya tidak berubah dan kami
mengekalkan pendirian yang agak berhati-hati.
Pasaran utama kami pada awal Mac 2016 ialah Brazil, China,
Hungary, Russia, Korea Selatan, dan Turki.
Di Brazil, asas ekonomi terus merosot tetapi penilaian yang
munasabah dan harapan untuk perubahan politik/dasar telah
meningkat. Di China, penilaian dan pertumbuhan adalah
munasabah manakala dasar memberi sokongan, walaupun
terdapat beberapa kebimbangan mata wang yang berterusan.
Persekitaran ekonomi makro di Hungary terus kukuh dan kami
telah mengenal pasti peluang saham yang kuat. Korea Selatan
mempunyai kedudukan akaun semasa yang kukuh dan pasaran
menawarkan penilaian yang menarik, walaupun terdapat
beberapa risiko pendapatan. Di Rusia, walaupun terdapat
kebimbangan geopolitik dan beberapa risiko pendapatan yang
berterusan, penilaian adalah rendah dan terdapat tanda-tanda
penstabilan dalam data ekonomi. Ekonomi Turki terdedah
kepada kemudahan tunai global yang lebih ketat manakala risiko
polisi/geopolitik kekal. Walau bagaimanapun, pendapatan dan
penilaian adalah menarik.
Kami juga sedang mencari idea bawah ke atas yang kukuh dalam
pasaran bukan teras, terutamanya Taiwan, India dan Mexico
tetapi juga Georgia, Pakistan dan Kuwait.
- oleh AmFunds Management Berhad
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Tinjauan Pasaran Dana AmMetLife Global Agribusiness Dana Sasaran: Dana AmGlobal Agribusiness
Dana Sasaran Akhir: Dana DWS Global Agribusiness
Gabungan beberapa faktor telah memberi kesan kepada
prestasi ekuiti dalam beberapa bulan kebelakangan ini; walau
bagaimanapun, ia tidak pernah daya tarikan kategori perniagaan
tani. Menurut FAO, perdagangan makanan global telah
berkembang hampir tiga kali ganda dalam nilai sepanjang dekad
yang lalu, dan kadar pertumbuhan dijangka terus meningkat,
dengan beberapa kawasan menjadi pengeksport bersih dan
pengimport bersih yang meningkat. Pada tahun 2050 bilangan
penduduk dunia boleh mencapai 9.7 bilion, urbanisasi mungkin
telah meningkat secara mendadak, dan pengguna akan
menuntut makanan berkalori tinggi. Pelaburan yang besar perlu
dibuat untuk memenuhi permintaan ini. Kami percaya bahawa
kepincangan pasaran buat sementara waktu memberi peluang
menarik untuk melabur dalam rantaian nilai pertanian global.
Secara keseluruhan, penurunan dalam harga nutrien kini
mengimbangi harga komoditi yang rendah dan kemampuan
input lading kembali selaras dengan purata sejarah. Di peringkat
global, petani juga mendapat manfaat daripada pengurangan
kadar sewa tanah dan elektrik yang lebih rendah, gas, dan input
minyak, memberikan lagi bantuan struktur kos. Berbanding
syarikat-syarikat dalam sektor bahan asas, rantaian nilai
perniagaan tani telah mengekalkan lembaran imbangan yang
kukuh, dan projek-projek modal sama ada siap atau hampir siap
dan seterusnya mengurangkan kos agregat pengeluaran bagi
perusahaan-perusahaan ini. Disiplin bekalan boleh diperhatikan
pada suku terakhir 2015 untuk semua nutrien. Tambahan pula,
pengganti untuk meningkatkan hasil nutrien masih belum dicipta,
dan kekurangan aplikasi akan menyebabkan pengeluaran yang
lebih rendah. Sama dengan 2015 kami menjangkakan bahawa
pengurusan perniagaan ini akan mengembalikan lebih banyak
modal kepada pemegang saham melalui pembelian balik dan
dividen, apabila mereka melihat tempoh harga yang lebih rendah
ini buat sementara waktu sahaja. Selain itu, kami menjangkakan
penggabungan industri kerana banyak syarikat yang tersenarai
sedang berniaga pada kitaran penilaian rendah yang menarik
minat korporat dan kewangan.
Pengurus rantaian bekalan akan mendapat manfaat daripada
pembukaan pasaran Argentina dan beberapa kehelan iklim yang
kini memberi kesan kepada pertumbuhan tanaman (Brazil, Afrika
Selatan). Walaupun sejarah penilaian yang lebih tinggi dalam
segmen rantaian nilai kami, kami telah mengenal pasti syarikat-
syarikat yang menarik yang sama ada dalam proses memotong
kos atau di tengah-tengah penyusunan semula portfolio produk
atau mengembangkan kategori makanan baru yang menarik.
Pasaran baru muncul menjadi lebih berdaya saing dan adalah
satu perkara positif untuk perniagaan tani tetapi mungkin
menyebabkan kelembapan pertumbuhan jangka pendek untuk
beberapa syarikat multinasional makanan.
Kestabilan harga tanaman dan tenaga yang lebih rendah telah
meningkatkan pulangan kepada petani pada 2016. Petani juga
mendapat manfaat daripada input nutrien yang lebih rendah
berikutan kelewatan pembelian pada musim luruh. Hasilnya,
kami terus menjangkakan penanaman peringkat global. Petani
akan memerlukan sekurang-kurangnya pembelian benih dan
penggunaan beberapa nutrien dan bahan kimia jika ingin
menanam. Kami percaya apabila permintaan meningkat pada
musim bunga di April dan Mei 2016 ke tahap normal, kita boleh
melihat peningkatan dalam harga untuk beberapa input pertanian,
yang juga boleh menjadi pemangkin bagi ekuiti nutrien.
Harga minyak dan diesel yang lebih rendah membantu untuk
menurunkan kos di ladang dan meningkatkan kemampuan
untuk membeli input yang tidak boleh dibudi bicara. Baru-baru
ini kami memerhatikan peningkatan permintaan diikuti oleh
kenaikan harga bagi nutrien. Kami menjangkakan aliran itu
untuk diteruskan pada 2016.
- oleh AmFunds Management Berhad
Tinjauan Pasaran Dana AmMetLife Precious Metals Dana Sasaran: Dana AmPrecious Metals
Dana Sasaran Akhir: Dana DWS noor Precious
Metals Securities
Kami menjangka permintaan pelabur untuk emas akan
bersambung semula dengan peningkatan pengelakan risiko.
Seperti yang telah kami nyatakan, hutang adalah satu-satunya
perkara yang telah berkembang dengan kukuh sejak krisis
kewangan global. Dalam usaha untuk membayar hutang dengan
efisien, pertumbuhan dan inflasi diperlukan yang terbukti agak
sukar difahami walaupun dengan sejumlah besar QE. Kami
tetap yakin bahawa Rizab Persekutuan AS mungkin mahu terus
menaikkan kadar, tetapi kemungkinan besar kadar kenaikan
selanjutnya perlu dilambatkan. Terdapat satu cara perdagangan
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Tinjauan Pelaburan (Bersambung)
untuk USD yang semakin menghakis baki pembayaran di
Amerika Syarikat, dan memberi kesan yang berat ke atas KDNK.
Dengan hutang yang semakin meningkat dan pertumbuhan
yang sukar difahami, kami kekal positif pada Emas dan percaya ia
mempunyai faedah lain sebagai aset selamat.
Ekuiti emas dan logam berharga sedang memberi manfaat
berterusan bukan sahaja daripada sokongan harga emas, tetapi
juga disebabkan oleh kejatuhan kos input dan keadaan mata wang.
Kami percaya bahawa penggunaan modal yang lebih berhemat
dan peningkatan kecekapan operasi akan membawa kepada
pendapatan yang lama dijangka dan ROIC positif untuk pelabur
ekuiti logam berharga. Kami percaya ini akan menyebabkan
penarafan semula sektor ekuiti emas dan logam berharga.
Kami percaya bahawa penarafan semula akan menyebabkan
pengembangan pematuhan Syariah dan seterusnya menyediakan
pelbagai pemilihan dan faedah kepelbagaian untuk DWS Noor Gold
dan Dana Precious Metals. Kami juga percaya dalam persekitaran
ini, halangan kepada emas yang dicipta oleh kekuatan USD yang
luar biasa akhirnya akan berfaedah kepada pertumbuhan emas dan
ekuiti emas. Ini juga akan meningkatkan pemilihan keseluruhan
ekuiti dan logan berharga yang patuh Syariah.
- oleh AmFunds Management Berhad
Tinjauan Pasaran Dana AmMetLife Tactical Bond Dana Sasaran: Dana AmTactical Bond
Berikutan ucapan Janet Yellen di mana beliau menyatakan
perkara yang perlu diambil kira oleh Rizab Persekutuan AS
(“Fed”) sebelum memenuhi syarat untuk kenaikan kadar pada
masa depan, pasaran bon global dijangka terus menunjukkan
prestasi yang kukuh. Tambahan pula, beliau terus menekankan
pendirian Fed terhadap kebergantungan data dan kepentingan
untuk kadar faedah dinaikkan pada kadar yang lebih berhati-
hati. Ini menyebabkan pengukuhan meluas mata wang Pasaran
Baru Muncul dan aset-aset berisiko yang lain.
Isu-isu domestik yang telah memberi kesan kepada ekonomi
sepanjang tahun lalu seperti Ringgit yang lemah, harga komoditi
global yang rendah dan harga minyak global yang berkurangan
telah lenyap di tengah-tengah jangkaan kenaikan kadar Fed
yang lebih perlahan serta penstabilan dalam komoditi global
harga harga minyak terutamanya minyak mentah. Keadaan
semasa dijangka kekal dalam tempoh terdekat dengan pasaran
menjangkakan Ringgit berlegar sekitar 3.80-3.90 kepada Dolar
Amerika Syarikat. Dengan pulangan yang menurun dengan ketara
secara menyeluruh dalam tempoh dua minggu yang lalu, sentimen
risiko yang lebih positif dijangka memberi manfaat kepada
pasaran bon tempatan. BNM dijangka akan mengekalkan dasar
monetari akomodatif semasa berikutan ekonomi domestik yang
dijangka berkembang pada kadar yang lebih perlahan sebanyak
4.0 - 4.5% pada 2016 dan jangkaan inflasi yang terkawal. Bagi
tahun 2016, Kadar Dasar Semalaman (“OPR”) dijangka kekal
pada kadar semasa sebanyak 3.25%. Namun begitu, terdapat
kemungkinan untuk BNM mengurangkan OPR bagi menyokong
pertumbuhan domestik sekiranya aktiviti ekonomi domestik dan
prospek pertumbuhan luar merosot dengan ketara.
- oleh AmFunds Management Berhad
Tinjauan Pasaran Dana AmMetLife Asia Pacific reITS Dana Sasaran: Dana AmAsia Pacific reITS
Jangkaan pendapatan global berada pada paras terendah
tetapi pertumbuhan keuntungan kelihatan seperti tidak
memberangsangkan. Ini diperkukuhkan penunjuk utama
OECD yang negatif dan menurun. Walaupun begitu, kadar
kemerosotan adalah sederhana dan menunjukkan kepada aliran
pertumbuhan dalam tempoh 2 suku akan datang. Pertumbuhan
kredit sektor swasta AS telah berkembang dalam 5 tahun
yang lepas manakala peluang pekerjaan telah meningkat dan
kadar upah diperkukuhkan. Kelemahan USD baru-baru ini
akan menyumbang kepada penambahbaikan PMI walaupun
pengurangan negatif daripada perbelanjaan modal yang terhasil
daripada harga minyak yang lemah berkurangan.
Harga pasaran sekarang berdasarkan pendirian Rizab Persekutuan
AS yang kurang agresif, dengan andaian bahawa akan ada
sekurang-kurangnya 2 kenaikan kadar menjelang akhir tahun.
RBA mengurangkan kadar faedah pada awal Mei berikutan data
ekonomi yang lemah.
Di Australia dan Jepun, di mana, persekitaran kadar faedah yang
rendah akan terus memacu permintaan bagi hasil, menyebabkan
pemampatan hasil. Walau bagaimanapun, kami tetap berhati-
hati dengan kualiti. Oleh itu, kami terus memantau musim
pelaporan di Singapura dan laporan terbaru operasi di Australia
untuk pengesahan atau semakan strategi, jika perlu.
- oleh AmFunds Management Berhad
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
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Strategi Pelaburan
AMMeTLIfe InSurAnce BerHAD DAnA BerKAITAn PeLABurAn | LAPOrAn TAHunAn
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Strategi Pelaburan
Dana AmMetLife equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond
Strategi Pelaburan ekuiti
Walaupun kadar penilaian untuk Malaysia tidak berubah secara
mendadak, ia adalah berdasarkan pertumbuhan pendapatan 5%.
Lebih kekecewaan telah ditekankan pada musim laporan ini, dan
syarikat-syarikat korporat amat berwaspada dengan bimbingan
yang diberikan. Walaupun begitu, pemilikan ekuiti asing adalah
masih rendah, manakala jangkaan pendapatan bagi 2016 kekal
rendah. Tema bagi 2016 adalah pendirian defensif untuk kadar
hasil dan perdagangan terpilih, dan pasaran dipercayai akan
berada dalam jajaran ketat.
Pada masa penulisan (FBM KLCI 1700), kenaikan dihadkan pada
1750 (+2 SD di atas min) manakala penurunan adalah pada
1642/1610 (-1SD dan -2SD di bawah min masing-masing).
Sementara para pelabur mencari penjelasan ketika menuju
ke dalam 2017, tiada pemenang sektor yang jelas dan ia akan
menjadi pasaran pemilihan saham.
Strategi Pelaburan Pendapatan Tetap
Keadaan semasa dijangka kekal dalam tempoh terdekat dengan
pasaran menjangkakan Ringgit berlegar sekitar 3.80-3.90 kepada
Dolar Amerika Syarikat.
Dengan pulangan yang menurun dengan ketara secara
menyeluruh dalam tempoh dua minggu yang lalu, sentimen
risiko yang lebih positif dijangka memberi manfaat kepada
pasaran bon tempatan. BNM dijangka akan mengekalkan dasar
monetari akomodatif semasa berikutan ekonomi domestik yang
dijangka berkembang pada kadar yang lebih perlahan sebanyak
4.0 - 4.5% pada 2016 dan jangkaan inflasi yang terkawal. Bagi
tahun 2016, Kadar Dasar Semalaman (“OPR”) dijangka kekal
pada kadar semasa sebanyak 3.25%. Namun begitu, terdapat
kemungkinan untuk BNM mengurangkan OPR bagi menyokong
pertumbuhan domestik sekiranya aktiviti ekonomi domestik dan
prospek pertumbuhan luar merosot dengan ketara.
untuk Dana Balanced dan Dana Teguh
Dengan mengambil kira tinjauan pasaran di atas, kami akan
mengekalkan peruntukan aset dalam pendapatan tetap ke tahap
minimum dan lebih kepada ekuiti.
- oleh AmFunds Management Berhad
Strategi Pelaburan Dana AmMetLife Oasis Islamic equity Dana Sasaran: Dana AmOasis Global Islamic equity
Dana Sasaran Akhir: Dana Oasis crescent Global equity
Kami telah mengekalkan pelaburan dalam syarikat-syarkat
berkualiti tinggi yang mempunyai daya saing yang kukuh, serta
mampu mencatatakan Pulangan atas Ekuiti (ROE) tinggi serta
mampan ketika melalui kitaran ekonomi.
Kami percaya syarikat-syarikat dengan lembaran imbangan dan
aliran tunai kukuh dapat kekal mampan ketika persekitaran
ekonomi yang mencabar dan mencatatkan pertumbuhan
pendapatan sebenar untuk tempoh jangka panjang. Portfolio
kami didagangkan pada diskaun yang besar berbanding pasaran
ekuiti global dan mampu menjana ROE tinggi yang mampan
dalam kitaran ekonomi.
Ini sepatutnya menyebabkan penciptaan kekayaan sebenar
untuk pelanggan kami dalam jangka masa panjang. Tambahan
pula, dengan persekitaran kadar faedah semasa, kami percaya
pendapatan bagi syarikat-syarikat tunai bermodal besar kurang
kerana pulangan yang hampir boleh diabaikan atas baki tunai
mereka. Sementara keadaan ekonomi dan kadar faedah mula
kembali normal, syarikat-syarikat ini akan mendapat manfaat
manakala syarikat-syarikat yang menggunakan modal kewangan
lebih tinggi akan bergelut berikutan peningkatan kos pembiayaan
mereka. Syarikat-syarikat dalam portfolio kami mempunyai
kelebihan daya saing jangka panjang yang berterusan dalam
bentuk kos purata wajaran yang lebih rendah daripada modal
kerana generasi aliran tunai mereka yang kuat.
- oleh AmFunds Management Berhad
Strategi Pelaburan Dana AmMetLife Global emerging Market Dana Sasaran: Dana AmGlobal emerging Markets
Opportunities
Dana Sasaran Akhir: Dana Schroders ISf Global emerging
Market Opportunities
Pasaran utama kami pada awal tempoh ialah UAE, Turki, Korea
Selatan, India, Hungary dan China.
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Pada bulan April 2015, kami menambah Thailand ke senarai
pasaran teras kerana pada pandangan kami, penilaian yang
munasabah dan ekonomi yang meningkat mengimbangi
ketidaktentuan politik yang sedang berlangsung. Kami
mengeluarkan India, oleh kerana penilaian yang kaya, dan
Thailand, memandangkan pertumbuhan perlahan dan
ketidaktentuan politik yang berterusan pada bulan Julai 2015.
Rusia telah ditambah pada November 2015, berdasarkan
penilaian murah dan tanda-tanda bahawa ekonomi yang
lemah semakin stabil. UAE telah dikeluarkan pada Januari 2016
kerana kemerosotan dalam latar belakang makroekonomi,
yang berpunca daripada kelemahan harga tenaga. Greek telah
dimasukkan pada bulan Januari. Penilaian adalah murah dan
permodalan semula bank telah berjaya diselesaikan. Kami telah
menambah Turki pada awal Mac 2016. Penilaian dan pendapatan
pertumbuhan adalah menarik walaupun sensitiviti berterusan
berikutan persekitaran mudah tunai global dan risiko geopolitik.
- oleh AmFunds Management Berhad
Strategi Pelaburan Dana AmMetLife Global AgribusinessDana Sasaran: Dana AmGlobal Agribusiness
Dana Sasaran Akhir: Dana DWS Global Agribusiness
Komoditi yang lebih rendah boleh mendorong pemprosesan
makanan dengan input seperti minyak/gas, pengangkutan,
pembungkusan dan komoditi lembut. Potensi El Nino untuk
beralih menjadi La Nina dalam 2016 perlu diambil kira,
memberikan ketepatan peramalan fenomena tersebut setakat
ini. Kami menjangkakan turun naik harga tanaman dan
gangguan perdagangan yang lebih tinggi untuk berterusan
dan berpotensi menjadi lebih teruk pada tahun 2016. Pada
peringkat negara, pembukaan pasaran eksport untuk tanaman
di Argentina meningkatkan bekalan buat sementara waktu.
Beberapa daripada pegangan dalam syarikat kami telah atau
harus mendapat manfaat daripada pelepasan inventori yang
disimpan ini.
Pendapat kami tidak berubah secara dramatik dengan permintaan
makanan masih berkembang pada 2.5–2.7%, pengurangan
perbelanjaan modal lebih jelas pada 2016 dan tidak mempunyai
nilai yang merosakkan M&A dalam perancangan. Penilaian kami
terhadap bekalan tanaman global tidak berubah. El Nino telah
menyebabkan kemerosotan di beberapa negara seperti Afrika
Selatan, Asia Tenggara dan Brazil yang mungkin memberi kesan
negatif terhadap bekalan. Walau bagaimanapun, sentimen
komoditi global, harga minyak yang lebih rendah dan kelemahan
mata wang EM tidak menggalakkan pemulihan harga tanaman.
Kami tidak mengubah pendedahan geografi dengan peruntukan
geografi portfolio sebagai sisa daripada proses pemilihan saham.
Kebanyakan EM menawarkan penilaian yang menarik dan rendah,
dan dengan peningkatan mata wang dan komoditi baru-baru
ini kami lebih optimistik bagi 2016 selebihnya. Syarikat-syarikat
perniagaan tani masih ketinggalan dalam pemulihan bahan global
walaupun, kunci kira-kira dan aliran tunai bebas tidak lama lagi
akan meningkat bagi kebanyakan syarikat pegangan kami. La
Nina boleh menjadi risiko yang lebih besar untuk hasil tanaman
global menjelang akhir tahun ini, menyebabkan perhentian
kepada peningkatan tiga tahun di beberapa inventori komoditi
tanaman. Kami telah mengalami kekurangan pengeluaran gula
yang dramatik pada awal 2016.
- oleh AmFunds Management Berhad
Strategi Pelaburan Dana AmMetLife Precious Metals Dana Sasaran: Dana AmPrecious Metals
Dana Sasaran Akhir: Dana DWS noor Precious Metals
Securities
Kedudukan kami mencerminkan pengelakkan pasaran terhadap
syarikat-syarikat yang berbelanja lebih - fokus kami adalah kepada
nama-nama Emas dan Logam Berharga yang lebih berazam untuk
mengawal perbelanjaan tunai mereka (terutamanya perbelanjaan
modal pertumbuhan) dan oleh itu, mempunyai model perniagaan
yang lebih konservatif daripada purata dalam industri, yang
mampu menjana aliran tunai percuma (atau FCF yang kurang
negatif), dan mempunyai hutang yang lebih rendah. Disiplin tunai
terus menjadi elemen penting dalam strategi keseluruhan kami,
kerana syarikat-syarikat menghadapi kesukaran menunaikan janji
mereka untuk mengurangkan kos operasi dan modal. Kajian
menyeluruh terus dilakukan ke atas nama-nama yang akan
berkhidmat untuk memangsi dana kepada pendirian yang lebih
agresif; bagaimanapun, pematuhan Syariah adalah yang paling
utama dalam proses pengurusan pelaburan. Dana tidak boleh
melabur dalam nama-nama yang akan mendapat manfaat paling
besar daripada pemulihan dalam sentimen kerana syarikat-
syarikat mempunyai tahap kewangan yang tinggi.
- oleh AmFunds Management Berhad
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Strategi Pelaburan Dana AmMetLife Tactical Bond Dana Sasaran: Dana AmTactical Bond
Bagi tempoh kewangan yang ditinjau, Dana ini melabur
terutamanya dalam bon korporat dan sekuriti kerajaan.
Pengurus akan menganalisis persekitaran ekonomi dan pasaran
umum. Pengurus juga menganalisis dan membandingkan
sekuriti berdasarkan jangkaan pulangan terhadap risiko yang
diambil dengan menganalisis penarafan kredit dan tempoh
sekuriti. Pengurus juga menimbangkan sekuriti dengan kredit
baik atau industri yang berpotensi menawarkan peningkatan
modal. Pelaburan Dana adalah tertakluk kepada pengurusan
tempoh taktikal aktif, di mana tempoh Dana dipanjangkan atau
dipendekkan mengikut prospek kadar faedah.
- oleh AmFunds Management Berhad
Strategi Pelaburan Dana AmMetLife Asia Pacific reITS Dana Sasaran: Dana AmAsia Pacific reITS
Bagi tempoh kewangan yang ditinjau, Dana mencapai objektif
pelaburannya, di mana 70% kepada 98% daripada Nilai Aset
Bersih (“NAB”) Dana telah melabur dalam REITs tersenarai di
rantau Asia Pasifik, iaitu Australia, Hong Kong, Jepun, Malaysia,
Singapura dan Thailand. Selain kepelbagaian negara, Dana juga
mempelbagaikan sektor pendedahan dalam REIT kediaman,
runcit, perdagangan dan perindustrian. Dana memegang di
antara 2% hingga 30% daripada NABnya dalam aset cair.
Strategi ini akan terus digunakan pada masa depan.
Pengurus menggunakan strategi peruntukan yang aktif, yang
bermakna keputusan peruntukan aset akan dibuat selepas
mengkaji aliran makroekonomi dan tinjauan sektor negara
masing-masing di rantau Asia Pasifik. Pengurus akan mensasarkan
REIT yang mempunyai rekod prestasi yang kukuh dalam menjana
pulangan pendapatan yang tetap dan yang mempunyai potensi
untuk pertumbuhan modal. Dalam menilai kesesuaian REIT,
Pengurus akan menyemak rekod prestasi, portfolio aset, status
kewangan, dan dasar pengagihan pendapatan dan faktor-faktor
kos REIT.
Dalam keadaan pasaran yang buruk, Pengurus boleh menukar
peruntukan aset kepada aset berisiko rendah seperti aset cair
untuk memelihara modal Dana. Dalam tempoh ini, pelaburan Dana
mungkin berbeza daripada strategi pelaburan yang ditetapkan.
- oleh AmFunds Management Berhad
Strategi Pelaburan (Bersambung)
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Prestasi Dana
AMMeTLIfe InSurAnce BerHAD DAnA BerKAITAn PeLABurAn | LAPOrAn TAHunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
166
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Prestasi Dana
Dana AmMetLife equity
Prestasi Sejak Permulaan
Dana AmMetLife equity berbanding Penanda Aras
Prestasi sejak 27 februari 2004 – 31 Mac 2016
Prestasi Setahun Penuh
Dana AmMetLife equity berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
Pres
tasi
(%)
Bulan
120.00
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
Mac
-04
Nov
-04
Jul-0
5
Mac
-06
Nov
-06
Jul-0
7
Mac
-08
Nov
-08
Jul-0
9
Mac
-10
Nov
-10
Jul-1
1
Mac
-12
Nov
-12
Jul-1
3
Mac
-14
Nov
-14
Jul-1
5
Mac
-16
AmMetLife EquityFBMKLCI
Pres
tasi
(%)
Bulan
6.00
3.00
0.00
-3.00
-6.00
-9.00
-12.00
-15.00
Apr-1
5
Mei
-15
Jun-
15
Jul-1
5
Ogo
s-15
Sep-
15
Okt
-15
Nov
-15
Dis-
15
Jan-
16
Feb-
16
Mac
-16
AmMetLife EquityFBMKLCI
167
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Bond
Prestasi Sejak Permulaan
Dana AmMetLife Bond berbanding Penanda Aras
Prestasi sejak 27 februari 2004 – 31 Mac 2016
Prestasi Setahun Penuh
Dana AmMetLife Bond berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
Pres
tasi
(%)
Bulan
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
Mac
-04
Nov
-04
Jul-0
5
Mac
-06
Nov
-06
Jul-0
7
Mac
-08
Nov
-08
Jul-0
9
Mac
-10
Nov
-10
Jul-1
1
Mac
-12
Nov
-12
Jul-1
3
Mac
-14
Nov
-14
Jul-1
5
Mac
-16
AmMetLife Bond
MBB 12mth Tier 1
Pres
tasi
(%)
Bulan
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
Apr-1
5
Mei
-15
Jun-
15
Jul-1
5
Ogo
s-15
Sep-
15
Okt
-15
Nov
-15
Dis-
15
Jan-
16
Feb-
16
Mac
-16
AmMetLife Bond
MBB 12mth Tier 1
168
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Prestasi Dana (Bersambung)
Dana AmMetLife Balanced
Prestasi Sejak Permulaan
Dana AmMetLife Balanced berbanding Penanda Aras
Prestasi sejak 27 februari 2004 – 31 Mac 2016
Prestasi Setahun Penuh
Dana AmMetLife Balanced berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
Pres
tasi
(%)
120.00
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
Bulan
Mac
-04
Sep-
04
Mac
-05
Sep-
05
Mac
-06
Sep-
06
Mac
-07
Sep-
07
Mac
-08
Sep-
08
Mac
-09
Sep-
09
Mac
-10
Sep-
10
Mac
-11
Sep-
11
Mac
-12
Sep-
12
Mac
-13
Sep-
13
Mac
-14
Sep-
14
Mac
-15
Sep-
15
Mac
-16
AmMetLife Balanced
50% FBMKLCI & 50% MBB 12mth Tier 1
Pres
tasi
(%)
Bulan
2.00
0.00
-2.00
-4.00
-6.00
Apr-1
5
Mei
-15
Jun-
15
Jul-1
5
Ogo
s-15
Sep-
15
Okt
-15
Nov
-15
Dis-
15
Jan-
16
Feb-
16
Mac
-16
AmMetLife Balanced
50% FBMKLCI & 50% MBB 12mth Tier 1
169
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmMetLife Dana Teguh
Prestasi Sejak Permulaan
AmMetLife Dana Teguh berbanding Penanda Aras
Prestasi sejak inception 27 februari 2004 – 31 Mac 2016
Prestasi Setahun Penuh
AmMetLife Dana Teguh berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
Pres
tasi
(%)
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
-20.00
Mac
-04
Sep-
04
Mac
-05
Sep-
05
Mac
-06
Sep-
06
Mac
-07
Sep-
07
Mac
-08
Sep-
08
Mac
-09
Sep-
09
Mac
-10
Sep-
10
Mac
-11
Sep-
11
Mac
-12
Sep-
12
Mac
-13
Sep-
13
Mac
-14
Sep-
14
Mac
-15
Sep-
15
Mac
-16
Bulan
AmMetLife Dana Teguh
50% FBM Emas Syariah & 50% MBB 12mth GIA Tier 1
Pres
tasi
(%)
Bulan
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
-3.00
-4.00
-5.00
-6.00
-7.00
Apr-1
5
Mei
-15
Jun-
15
Jul-1
5
Ogo
s-15
Sep-
15
Okt
-15
Nov
-15
Dis-
15
Jan-
16
Feb-
16
Mac
-16
AmMetLife Dana Teguh
50% FBM Emas Syariah & 50% MBB 12mth GIA Tier 1
170
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Prestasi Dana (Bersambung)
Dana AmMetLife Oasis Islamic equity
Prestasi Sejak Permulaan
Dana AmMetLife Oasis Islamic equity berbanding Penanda Aras
Prestasi sejak 1 April 2007 – 31 Mac 2016
Prestasi Setahun Penuh
Dana AmMetLife Oasis Islamic equity berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
Apr-0
7
Sep-
07
Feb-
08
Jul-0
8
Dis-
08
Mei
-09
Okt
-09
Mac
-10
Ogo
s-10
Jan-
11
Jun-
11
Nov
-11
Apr-1
2
Sep-
12
Feb-
13
Jul-1
3
Dis-
13
Mei
-14
Okt
-14
Mac
-15
Ogo
s-15
Jan-
16
Pres
tasi
(%)
Bulan
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
AmMetLife Oasis Islamic Equity
Dow Jones Islamic Market Index
Pres
tasi
(%)
Bulan
9.00
6.00
3.00
0.00
-3.00
-6.00
-9.00
-12.00
Apr-1
5
Mei
-15
Jun-
15
Jul-1
5
Ogo
s-15
Sep-
15
Okt
-15
Nov
-15
Dis-
15
Jan-
16
Feb-
16
Mac
-16
AmMetLife Oasis Islamic EquityDow Jones Islamic Market Index
171
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Global emerging Market
Prestasi Sejak Permulaan
Dana AmMetLife Global emerging Market berbanding Penanda Aras
Prestasi sejak 1 Jun 2008 – 31 Mac 2016
Prestasi Setahun Penuh
Dana AmMetLife Global emerging Market berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
Pres
tasi
(%)
Bulan
20.00
10.00
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
-60.00
Jun-
08
Sep-
08
Dis-
08
Mac
-09
Jun-
09
Sep-
09
Dis-
09
Mac
-10
Jun-
10
Sep-
10
Dis-
10
Mac
-11
Jun-
11
Sep-
11
Dis-
11
Mac
-12
Jun-
12
Sep-
12
Dis-
12
Mac
-13
Jun-
13
Sep-
13
Dis-
13
Mac
-14
Jun-
14
Sep-
14
Dis-
14
Mac
-15
Jun-
15
Sep-
15
Dis-
15
Mac
-16
AmMetLife Global Emerging Market
MSCI Emerging Markets Index
Pres
tasi
(%)
Bulan
10.00
5.00
0.00
-5.00
-10.00
-15.00
-20.00
-25.00
-30.00
Apr-1
5
Mei
-15
Jun-
15
Jul-1
5
Ogo
s-15
Sep-
15
Okt
-15
Nov
-15
Dis-
15
Jan-
16
Feb-
16
Mac
-16
AmMetLife Global Emerging Market
MSCI Emerging Markets Index
172
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Prestasi Dana (Bersambung)
Dana AmMetLife Precious Metals
Prestasi Sejak Permulaan
Dana AmMetLife Precious Metals berbanding Penanda Aras
Prestasi sejak 1 September 2008 – 31 Mac 2016
Prestasi Setahun Penuh
Dana AmMetLife Precious Metals berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
Pres
tasi
(%)
80.00
60.00
40.00
20.00
0.00
-20.00
-40.00
-60.00
-80.00
Sep-
08
Dis-
08
Mac
-09
Jun-
09
Sep-
09
Dis-
09
Mac
-10
Jun-
10
Sep-
10
Dis-
10
Mac
-11
Jun-
11
Sep-
11
Dis-
11
Mac
-12
Jun-
12
Sep-
12
Dis-
12
Mac
-13
Jun-
13
Sep-
13
Dis-
13
Mac
-14
Jun-
14
Sep-
14
Dis-
14
Mac
-15
Jun-
15
Sep-
15
Dis-
15
Mac
-16
Bulan
AmMetLife Precious Metals
FTSE Gold Mines Index
Apr-1
5
Mei
-15
Jun-
15
Jul-1
5
Ogo
s-15
Sep-
15
Okt
-15
Nov
-15
Dis-
15
Jan-
16
Feb-
16
Mac
-16
Pres
tasi
(%)
Bulan
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
-15.00
-20.00
-25.00
-30.00
AmMetLife Precious Metals
FTSE Gold Mines Index
173
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Global Agribusiness
Prestasi Sejak Permulaan
Dana AmMetLife Global Agribusiness berbanding Penanda Aras
Prestasi sejak 1 September 2008 – 31 Mac 2016
Prestasi Setahun Penuh
Dana AmMetLife Global Agribusiness berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
Pres
tasi
(%)
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
Sep-
08
Mac
-09
Sep-
09
Mac
-10
Sep-
10
Mac
-11
Sep-
11
Mac
-12
Sep-
12
Mac
-13
Sep-
13
Mac
-14
Sep-
14
Mac
-15
Sep-
15
Mac
-16
Bulan
AmMetLife Global Agribusiness
MSCI World Free Index
Pres
tasi
(%)
Bulan
Apr-1
5
Mei
-15
Jun-
15
Jul-1
5
Ogo
s-15
Sep-
15
Okt
-15
Nov
-15
Dis-
15
Jan-
16
Feb-
16
Mac
-16
0.00
-12.00
-8.00
-4.00
-16.00
4.00
8.00
AmMetLife Global Agribusiness
MSCI World Free Index
174
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Prestasi Dana (Bersambung)
Dana AmMetLife Dividend
Prestasi Sejak Permulaan
Dana AmMetLife Dividend berbanding Penanda Aras
Prestasi sejak 27 Oktober 2011 – 31 Mac 2016
Prestasi Setahun Penuh
Dana AmMetLife Dividend berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
Pres
tasi
(%)
Bulan
Okt
-11
Feb-
12
Jun-
12
Okt
-12
Feb-
13
Jun-
13
Okt
-13
Feb-
14
Jun-
14
Okt
-14
Feb-
15
Jun-
15
Okt
-15
Feb-
16
0.00
10.00
20.00
30.00
40.00
50.00
-10.00
AmMetLife Dividend
FBMKLCI
Apr-1
5
Mei
-15
Jun-
15
Jul-1
5
Ogo
s-15
Sep-
15
Okt
-15
Nov
-15
Dis-
15
Jan-
16
Feb-
16
Mac
-16
Pres
tasi
(%)
Bulan
0.00
-9.00
-6.00
-3.00
-12.00
-15.00
6.00
3.00
AmMetLife DividendFBMKLCI
175
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Asia Pacific reITS
Prestasi Sejak Permulaan
Dana AmMetLife Asia Pacific reITS berbanding Penanda Aras
Prestasi sejak 17 September 2013 – 31 Mac 2016
Prestasi Setahun Penuh
Dana AmMetLife Asia Pacific reITS berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
176
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Prestasi Dana (Bersambung)
Dana AmMetLife Tactical Bond
Prestasi Sejak Permulaan
Dana AmMetLife Tactical Bond berbanding Penanda Aras
Prestasi sejak 17 September 2013 – 31 Mac 2016
Prestasi Setahun Penuh
Dana AmMetLife Tactical Bond berbanding Penanda Aras
Prestasi sejak 1 April 2015 – 31 Mac 2016
Pres
tasi
(%)
Sep-
13
Nov
-13
Jan-
14
Mac
-14
Mei
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mac
-15
Mei
-15
Jul-1
5
Sep-
15
Nov
-15
Jan-
16
Mac
-16
Bulan
0.00
2.00
4.00
6.00
8.00
10.00
12.00
-4.00
-2.00
AmMetLife Tactical Bond
RAM Quantum ALL MGS Index
Apr-1
5
Mei
-15
Jun-
15
Jul-1
5
Ogo
s-15
Sep-
15
Okt
-15
Nov
-15
Dis-
15
Jan-
16
Feb-
16
Mac
-16
Pres
tasi
(%)
Bulan
0.00
-1.00
-2.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
AmMetLife Tactical Bond
RAM Quantum ALL MGS Index
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Pecahan MengikutSektor dan Kategori
AMMeTLIfe InSurAnce BerHAD DAnA BerKAITAn PeLABurAn | LAPOrAn TAHunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
178
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Pecahan Sektor dan Kategori
Dana AmMetLife equityButiran komposisi portfolio Dana AmMetLife Equity pada 31 Mac 2016 adalah seperti berikut:
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Pembinaan 4.55 2.91 7.72 3.23 8.25
Produk pengguna – 3.07 – – –
Kewangan 23.94 24.83 11.34 5.54 7.58
Produk perindustrian 11.65 8.84 13.03 17.47 4.57
Infrastruktur 1.70 3.80 1.31 3.15 –
Perladangan 3.44 0.97 – 4.06 5.72
Hartanah – – 2.97 – –
REITS – – – – 6.84
Teknologi 4.05 4.19 – – –
Perdagangan/Perkhidmatan 38.10 44.47 45.85 27.22 43.71
Perjanjian pembelian semula/Tunai 12.57 6.91 17.77 39.33 23.33
100.00 100.00 100.00 100.00 100.00
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Unit Amanah Malaysia 9.67 9.75 9.56 7.11 9.40
Bon Korporat 79.58 82.63 68.18 65.70 79.06
Sekuriti Kerajaan Malaysia – – – – –
Perjanjian pembelian semula/Tunai 10.74 7.62 22.26 27.19 11.54
100.00 100.00 100.00 100.00 100.00
Dana AmMetLife Bond Butiran komposisi portfolio Dana AmMetLife Bond pada 31 Mac 2016 adalah seperti berikut:
179
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife BalancedButiran komposisi portfolio Dana AmMetLife Balanced pada 31 Mac 2016 adalah seperti berikut:
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Pembinaan 5.03 3.03 0.45 – 7.61
Produk pengguna – 2.01 – – –
Kewangan 15.16 16.59 9.00 5.18 7.27
Produk perindustrian 8.55 7.71 10.65 10.32 3.91
Infrastruktur 0.80 2.85 0.94 – –
Perladangan 2.52 – – 3.41 5.38
Hartanah – – 3.02 – –
REITS – – 0.62 – 6.16
Teknologi 2.52 3.73 – – –
Perdagangan/Perkhidmatan 21.75 29.54 37.07 22.51 35.91
Bon Korporat 20.56 26.44 24.71 26.95 27.08
Unit Amanah Malaysia – – 9.18 – –
Perjanjian pembelian semula/Tunai 23.12 8.11 4.36 31.63 6.68
100.00 100.00 100.00 100.00 100.00
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Pembinaan 5.50 5.51 9.19 3.14 11.45
Produk pengguna – 2.03 – – –
Produk perindustrian 8.88 8.43 9.44 11.02 4.20
Infrastruktur 0.99 3.53 1.39 2.69 –
Perladangan 3.55 1.47 – – 4.85
Hartanah – 1.88 3.21 – –
Teknologi 3.07 4.63 – – –
Perdagangan/Perkhidmatan 22.99 38.92 39.89 24.91 37.04
Bon Korporat 11.98 13.64 19.97 22.52 18.31
Unit Amanah Malaysia 3.17 3.38 4.62 2.35 2.27
Perjanjian pembelian semula/Tunai 39.87 16.59 12.30 33.37 21.88
100.00 100.00 100.00 100.00 100.00
AmMetLife Dana TeguhButiran komposisi portfolio AmMetLife Dana Teguh pada 31 Mac 2016 adalah seperti berikut:
180
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Oasis Islamic equityButiran komposisi portfolio Dana AmMetLife Oasis Islamic Equity pada 31 Mac 2016 adalah seperti berikut:
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Pembinaan – – – – 8.55
Produk pengguna – – – – –
Produk perindustrian – – – – 2.88
Infrastruktur – – – – 6.38
Perladangan – – – – 3.84
Hartanah – – – – –
Perdagangan/Perkhidmatan – – – – 24.42
Waran – – – – –
Unit Amanah Malaysia 92.38 90.69 89.53 74.34 26.64
Perjanjian pembelian semula/Tunai 7.62 9.31 10.47 25.66 27.29
100.00 100.00 100.00 100.00 100.00
Peruntukan Sektor* Dana AmOasis Global Islamic equity (“Dana Sasaran”)
Nota: Sumber peruntukan sektor Dana Sasaran daripada AmInvest*Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Bahan Asas 7.00 8.00 4.00 5.00 9.00
Komunikasi 20.00 20.00 18.00 21.00 19.00
Pengguna, Berkitar 15.00 11.00 8.00 7.00 8.00
Pengguna, Tidak Berkitar 5.00 8.00 9.00 6.00 6.00
Tenaga 7.00 8.00 10.00 11.00 12.00
Penjagaan Kesihatan 18.00 19.00 22.00 22.00 19.00
Perindustrian 4.00 3.00 6.00 8.00 6.00
Hartanah 1.00 1.00 1.00 1.00 1.00
Teknologi 23.00 22.00 22.00 17.00 18.00
Utiliti – – – 2.00 2.00
Pecahan Sektor dan Kategori (Bersambung)
181
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Precious MetalsButiran komposisi portfolio Dana AmMetLife Precious Metals pada 31 Mac 2016 adalah seperti berikut:
Nota: Sumber peruntukan sektor Dana Sasaran daripada AmInvest*Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
Peruntukan Sektor* Dana AmPrecious Metals (“Dana Sasaran”)
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Unit Amanah Malaysia 81.02 79.80 96.40 87.51 85.93
Perjanjian pembelian semula/Tunai 18.98 20.20 3.60 12.49 14.07
100.00 100.00 100.00 100.00 100.00
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Emas 69.28 70.14 73.46 79.78 71.75
Platinum – – – – –
Logam Berharga & Mineral 18.99 15.15 13.09 16.12 12.92
Perak 9.71 12.60 6.77 – –
Pelbagai Logam & Perlombongan – – 6.60 – –
Tunai dan aset lain 1.96 2.09 0.05 4.07 15.31
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Global AgribusinessButiran komposisi portfolio Dana AmMetLife Global Agribusiness pada 31 Mac 2016 adalah seperti berikut:
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Unit Amanah Malaysia 93.68 90.29 88.08 80.04 84.08
Perjanjian pembelian semula/Tunai 6.32 9.71 11.92 19.96 15.92
100.00 100.00 100.00 100.00 100.00
Peruntukan Sektor* Dana AmGlobal Agribusiness (“Dana Sasaran”)
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Produk Pertanian 24.50 22.70 19.10 23.60 25.20
Kilang Minuman Keras 3.10 3.20 3.70 – –
Jentera Pembinaan/ Perladangan – – – 2.20 2.40
Penyulingan & Pembuatan Wain – – – – –
Pelbagai Bahan Bank – – 3.20 2.10 2.00
Pelbagai Bahan Kimia 2.10 3.20 3.70 1.70 –
Baja & Kimia Pertanian 38.30 39.90 38.20 43.00 40.30
Pengedar Makanan 4.20 2.00 1.50 – –
Peruncit Makanan 2.60 2.90 2.90 1.10 6.40
Pasaraya Besar & Pusat Membeli Belah – – – 2.40 1.50
Peralatan & Perkhidmatan Sains Hayat – – – 2.10 2.80
Pelabuhan & Perkhidmatan Marin 1.60 1.40 1.70 1.50 1.80
Sektor lain 1.30 3.30 4.30 4.50 –
Makanan Berbungkus & Daging 17.70 16.70 19.50 15.10 12.70
Landasan Keretapi – – 1.30 1.30 0.80
Restoran 1.70 2.80 0.90 – –
Tunai & Sektor Lain – – – -0.60 4.10
Tidak diklasifikasikan 1.40 0.90 – – –
Minuman Ringan 1.20 1.00 – – –
Nota: Sumber peruntukan sektor Dana Sasaran daripada AmInvest*Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
Pecahan Sektor dan Kategori (Bersambung)
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Global emerging MarketButiran komposisi portfolio Dana AmMetLife Global Emerging Market pada 31 Mac 2016 adalah seperti berikut:
Peruntukan Sektor* Dana AmGlobal emerging Market Opportunities (“Dana Sasaran”)
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Unit Amanah Malaysia 93.38 90.97 87.74 79.59 68.52
Perjanjian pembelian semula/Tunai 6.62 9.03 12.26 20.41 31.48
100.00 100.00 100.00 100.00 100.00
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Budi Bicara Pengguna 14.15 12.97 15.87 10.26 19.49
Barangan Asas Pengguna 3.56 5.11 3.37 9.98 1.08
Derivatif – – – – -0.01
Tenaga 3.62 3.71 10.12 5.00 11.57
Kewangan 31.81 33.68 34.12 40.74 27.82
Penjagaan Kesihatan 2.07 3.72 0.90 1.20 -
Perindustrian 5.72 3.98 2.59 4.48 5.06
Teknologi Maklumat 21.64 24.10 18.14 13.77 12.87
Aset Cair 9.80 – – – –
Bahan-bahan 3.40 1.94 3.29 3.26 6.51
Perkhidmatan Telekomunikasi 4.23 3.86 3.63 7.74 –
Utiliti – 1.18 – 0.24 2.25
Aset Bersih Lain – – – – 13.36
Tunai – 5.75 7.97 3.33 –
Nota: Sumber peruntukan sektor Dana Sasaran daripada AmInvest*Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Asia Pacific reITSButiran komposisi portfolio Dana AmMetLife Asia Pacific REITS pada 31 Mac 2016 adalah seperti berikut:
Peruntukan Sektor* Dana AmAsia Pacific reITS (“Dana Sasaran”)
TK 2016 TK 2015 TK 2014 % % %
Unit Amanah Malaysia 93.87 91.50 88.62
Perjanjian pembelian semula/Tunai 6.13 8.50 11.38
100.00 100.00 100.00
TK 2016 TK 2015 TK 2014 % % %
Tunai dan lain-lain 14.95 – –
Deposit Tetap/Instrumen Boleh Niaga/Tunai – 15.20 13.90
Hartanah 2.34 84.80 86.10
REITs 80.25 – –
Utiliti 2.46 – –
Pecahan Sektor dan Kategori (Bersambung)
Dana AmMetLife DividendButiran komposisi portfolio Dana AmMetLife Dividend pada 31 Mac 2016 adalah seperti berikut:
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %
Pembinaan 5.44 3.89 4.96 – –
Produk pengguna – 2.00 – – –
Kewangan 25.53 24.41 13.88 12.60 13.29
Produk perindustrian 12.24 8.88 3.89 10.13 6.11
Infrastruktur 1.71 4.13 4.99 4.61 5.92
Perladangan 2.73 0.48 – – 5.46
Hartanah – 0.00 7.41 3.06 –
REITS – – 4.53 4.08 16.56
Teknologi 3.58 5.30 – – –
Perdagangan/Perkhidmatan 39.82 44.23 41.11 9.15 24.59
Perjanjian pembelian semula/Tunai 8.95 6.68 19.24 56.37 28.07
100.00 100.00 100.00 100.00 100.00
Nota: Sumber peruntukan sektor Dana Sasaran daripada AmInvest*Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
TK 2016 TK 2015 TK 2014 % % %
Unit Amanah Malaysia 91.97 90.63 86.64
Perjanjian pembelian semula/Tunai 8.03 9.37 13.36
100.00 100.00 100.00
TK 2016 TK 2015 TK 2014 % % %
Bon 95.79 93.10 84.47
Tunai 4.21 6.90 15.53
Peruntukan Sektor* Dana AmTactical Bond (“Dana Sasaran”)
Dana AmMetLife Tactical BondButiran komposisi portfolio Dana AmMetLife Tactical Bond pada 31 Mac 2016 adalah seperti berikut:
Nota: Sumber peruntukan sektor Dana Sasaran daripada AmInvest*Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
HALAMAN INI SENGAJA DIBIARKAN
KOSONG
JadualPerbandingan Prestasi
AMMeTLIfe InSurAnce BerHAD DAnA BerKAITAn PeLABurAn | LAPOrAn TAHunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Jadual Perbandingan PrestasiPrestasi Dana pada 31 Mac 2016
1 Tahun 3 Tahun 5 Tahun Sejak Pelancaran
Purata Kompaun Pulangan Tahunan % Pulangan Tahunan %
Dana AmMetLife Equity 0.70 7.02 4.52 5.94
Dana AmMetLife Bond 3.00 2.83 3.58 4.18
Dana AmMetLife Balanced 1.35 5.04 3.26 5.72
AmMetLife Dana Teguh 2.00 9.51 6.44 6.55
Dana AmMetLife Oasis Islamic Equity (4.04) 6.29 4.41 1.44
Dana AmMetLife Global Emerging Market (5.43) 1.20 (1.06) 0.36
Dana AmMetLife Precious Metals 8.10 (9.71) (13.29) (8.27)
Dana AmMetLife Global Agribusiness (10.97) (0.57) (0.27) 2.05
Dana AmMetLife Dividend 0.50 7.89 – 7.92
Dana AmMetLife Asia Pacific REITS 6.23 – – 7.49
Dana AmMetLife Tactical Bond 6.23 – – 3.64
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife equityButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
Dana AmMetLife Bond Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 1.0216 1.0197 0.9946 0.8265 0.8317
NAB terendah seunit bagi tahun 0.8888 0.8684 0.8253 0.7529 0.7070
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 20.3461 19.3462 14.5438 12.2637 14.5937
UDE (dalam juta) 20.1536 19.2958 14.6327 14.8900 18.6334
NAB seunit (RM) 1.0096 1.0026 0.9939 0.8236 0.7832
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ 0.70 0.88 20.68 5.16 (3.23)
Pertumbuhan Modal 0.70 0.88 20.68 5.16 (3.23)
Pengagihan Pendapatan – – – – –
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 0.8241 0.7992 0.7752 0.7571 0.7323
NAB terendah seunit bagi tahun 0.7993 0.7738 0.7576 0.7309 0.6903
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 11.9043 12.4142 16.7134 16.3762 11.9079
UDE (dalam juta) 14.4607 15.5323 21.5938 21.6261 16.2856
NAB seunit (RM) 0.8232 0.7992 0.7740 0.7571 0.7311
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ 3.00 3.26 2.23 3.56 5.91
Pertumbuhan Modal 3.00 3.26 2.23 3.56 5.91
Pengagihan Pendapatan – – – – –
nilai Aset Bersih, Jumlah unit dan Harga unitPada 31 Mac 2016
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Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife BalancedButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
AmMetLife Dana Teguh Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 0.9860 1.0026 0.9834 0.8507 0.8626
NAB terendah seunit bagi tahun 0.9036 0.8708 0.8513 0.7918 0.7568
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 22.2433 21.9194 24.1576 22.8901 21.5113
UDE (dalam juta) 22.6014 22.5725 24.6747 26.9555 26.2568
NAB seunit (RM) 0.9842 0.9711 0.9790 0.8491 0.8193
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ 1.35 (0.81) 15.30 3.64 (2.25)
Pertumbuhan Modal 1.35 (0.81) 15.30 3.64 (2.25)
Pengagihan Pendapatan – – – – –
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 1.0948 1.0617 1.0088 0.8259 0.8169
NAB terendah seunit bagi tahun 0.9946 0.9333 0.8260 0.7632 0.7318
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 19.3700 17.9532 12.1769 12.9224 13.1293
UDE (dalam juta) 17.8878 16.9101 12.1007 15.6696 16.6728
NAB seunit (RM) 1.0829 1.0617 1.0063 0.8246 0.7875
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ 2.00 5.51 22.03 4.71 (0.67)
Pertumbuhan Modal 2.00 5.51 22.03 4.71 (0.67)
Pengagihan Pendapatan – – – – –
nilai Aset Bersih, Jumlah unit dan Harga unit (Bersambung)
As at 31 Mac 2016
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Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Oasis Islamic equityButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
Dana AmMetLife Global emerging MarketButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 0.6224 0.5953 0.5827 0.4747 0.4642
NAB terendah seunit bagi tahun 0.5525 0.5100 0.4672 0.4218 0.4110
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 3.9426 4.2864 4.5139 3.4302 4.3479
UDE (dalam juta) 6.9363 7.2363 8.5410 7.2475 9.8279
NAB seunit (RM) 0.5684 0.5923 0.5285 0.4733 0.4424
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ -4.04 12.07 11.66 6.98 (3.41)
Pertumbuhan Modal -4.04 12.07 11.66 6.98 (3.41)
Pengagihan Pendapatan – – – – –
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 0.5792 0.5658 0.5229 0.5073 0.5557
NAB terendah seunit bagi tahun 0.4873 0.5143 0.4673 0.4655 0.4590
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 0.9253 0.9532 0.8839 0.7619 0.7216
UDE (dalam juta) 1.8000 1.7536 1.7201 1.5360 1.4608
NAB seunit (RM) 0.5141 0.5436 0.5139 0.4960 0.4940
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ -5.43 5.78 3.61 0.40 (8.89)
Pertumbuhan Modal -5.43 5.78 3.61 0.40 (8.89)
Pengagihan Pendapatan – – – – –
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Precious MetalsButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
Dana AmMetLife Global Agribusiness Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 0.2689 0.3027 0.3532 0.4582 0.5597
NAB terendah seunit bagi tahun 0.2021 0.2231 0.2534 0.3467 0.4293
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 3.8197 3.8268 3.9300 4.8916 5.1605
UDE (dalam juta) 14.6769 15.8907 13.9612 13.8346 12.0202
NAB seunit (RM) 0.2603 0.2408 0.2815 0.3536 0.4293
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ 8.10 (14.46) (20.39) (17.63) (19.14)
Pertumbuhan Modal 8.10 (14.46) (20.39) (17.63) (19.14)
Pengagihan Pendapatan – – – – –
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 0.6959 0.6773 0.6195 0.6114 0.6046
NAB terendah seunit bagi tahun 0.5506 0.5785 0.5672 0.5196 0.4794
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 2.0259 2.1153 1.8693 1.6572 1.4590
UDE (dalam juta) 3.4758 3.2309 3.0205 2.7952 2.6083
NAB seunit (RM) 0.5829 0.6547 0.6189 0.5929 0.5594
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ -10.97 5.78 4.39 5.99 (5.30)
Pertumbuhan Modal -10.97 5.78 4.39 5.99 (5.30)
Pengagihan Pendapatan – – – – –
nilai Aset Bersih, Jumlah unit dan Harga unit (Bersambung)
Pada 31 Mac 2016
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife DividendButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
Dana AmMetLife Asia Pacific reITSButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
TK 2016 TK 2015 TK 2014 TK 2013 TK 2012
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 0.7083 0.6968 0.6290 0.5577 0.5273
NAB terendah seunit bagi tahun 0.6196 0.6015 0.5566 0.5065 0.4973
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 14.0841 12.6593 9.4440 6.3501 5.4439
UDE (dalam juta) 20.1110 18.1690 15.0299 11.3857 10.4925
NAB seunit (RM) 0.7003 0.6968 0.6283 0.5577 0.5189
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ 0.50 10.90 12.66 7.48 –
Pertumbuhan Modal 0.50 10.90 12.66 7.48 –
Pengagihan Pendapatan – – – – –
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
TK 2016 TK 2015 TK 2014
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 0.6113 0.5669 0.5000
NAB terendah seunit bagi tahun 0.5457 0.4907 0.4750
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 0.9213 0.6857 0.5809
UDE (dalam juta) 1.5349 1.2136 1.1849
NAB seunit (RM) 0.6002 0.5650 0.4903
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ 6.23 15.24 –
Pertumbuhan Modal 6.23 15.24 –
Pengagihan Pendapatan – – –
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Dana AmMetLife Tactical BondButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:
nilai Aset Bersih, Jumlah unit dan Harga unit (Bersambung)
Pada 31 Mac 2016
*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran
TK 2016 TK 2015 TK 2014
Harga Seunit (rM)
NAB tertinggi seunit bagi tahun 0.5576 0.5153 0.5008
NAB terendah seunit bagi tahun 0.5026 0.4869 0.4807
nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*
Jumlah NAB (RM juta) 0.5451 0.4635 0.4912
UDE (dalam juta) 0.9958 0.8995 0.9949
NAB seunit (RM) 0.5474 0.5153 0.4937
Jumlah Pulangan Bagi Tahun (%)
Jumlah Pulangan¹ 6.23 – –
Pertumbuhan Modal 6.23 – –
Pengagihan Pendapatan – – –
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ringkasan kepadaMaklumat Kewangan
Pernyataan oleh Pengurus 196
Laporan Juruaudit Bebas 197
Penyata Aset dan Liabiliti 199
Penyata Pendapatan dan Perbelanjaan 205
Penyata Perubahan di dalam Nilai Aset Bersih 211
Nota-nota kepada Maklumat Kewangan 217
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Pernyataan oleh Pengurus
Pada pendapat Pengurus, maklumat kewangan Dana-dana Berkaitan Pelaburan AmMetLife Insurance Berhad yang disertakan yang
terdiri daripada Dana AmMetLife Equity, Dana AmMetLife Bond, Dana AmMetLife Balanced, AmMetLife Dana Teguh, Dana AmMetLife
AmOasis Islamic Equity, Dana AmMetLife Asia Pacific REITS, Dana AmMetLife Global Emerging Market, Dana AmMetLife Tactical Bond,
Dana AmMetLife Precious Metals, Dana AmMetLife Global Agribusiness, Dana AmMetLife Commodity Stable Capital Guaranteed
(matang pada 12 Oktober 2015) dan Dana AmMetLife Dividend seperti yang termaktub dalam muka surat 199 hingga 262 telah
disediakan menurut dasar perakaunan seperti yang diterangkan dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan
Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia.
Bagi pihak AmMetLife Insurance Berhad
ch’ng Sok Heang
Kuala Lumpur, Malaysia
14 Jun 2016
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Laporan Juruaudit Bebas
Laporan mengenai maklumat kewanganKami telah mengaudit maklumat kewangan untuk dana-dana berkaitan pelaburan AmMetLife Insurance Berhad (“Pengurus”) (“Dana-
dana”) yang terdiri daripada Penyata-penyata Aset dan Liabiliti pada 12 Oktober 2015 (“tarikh matang”) bagi Dana AmMetLife
Commodity Stable Capital Guaranteed dan pada 31 Mac 2016 bagi Dana AmMetLife Equity, Dana AmMetLife Bond, Dana AmMetLife
Balanced, AmMetLife Dana Teguh, Dana AmMetLife AmOasis Islamic Equity, Dana AmMetLife Asia Pacific REITS, Dana AmMetLife
Global Emerging Market, Dana AmMetLife Tactical Bond, Dana AmMetLife Precious Metals, Dana AmMetLife Global Agribusiness,
dan Dana AmMetLife Dividend, Penyata-penyata Pendapatan dan Perbelanjaan dan Penyata-penyata Perubahan dalam Nilai Aset
Bersih dari 1 April 2015 hingga tarikh matang Dana AmMetLife Commodity Stable Capital Guaranteed, Penyata-penyata Pendapatan
dan Perbelanjaan dan Penyata-penyata Perubahan dalam Nilai Aset Bersih bagi tahun berakhir 31 Mac 2016 untuk Dana AmMetLife
Equity, Dana AmMetLife Bond, Dana AmMetLife Balanced, AmMetLife Dana Teguh, Dana AmMetLife AmOasis Islamic Equity, Dana
AmMetLife Asia Pacific REITS, Dana AmMetLife Global Emerging Market, Dana AmMetLife Tactical Bond, Dana AmMetLife Precious
Metals, Dana AmMetLife Global Agribusiness dan Dana AmMetLife Dividend, dan ringkasan polisi-polisi perakaunan yang penting dan
maklumat penerangan lain (“maklumat kewangan”), seperti yang dibentangkan dalam muka surat 199 hingga 262.
Tanggungjawab para pengarah terhadap maklumat kewangan
Para pengarah kepada Pengurus bertanggungjawab atas penyediaan maklumat kewangan menurut dasar-dasar perakaunan seperti
yang diterangkan dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan
yang dikeluarkan oleh Bank Negara Malaysia. Para pengarah juga bertanggungjawab atas kawalan dalaman tertentu sebagaimana
yang ditentukan oleh para pengarah sebagai perlu untuk membolehkan penyediaan maklumat kewangan yang bebas daripada salah
nyata matan, sama ada disebabkan oleh penipuan atau kesilapan.
Tanggungjawab juruaudit
Tanggungjawab kami adalah untuk menyatakan pendapat berkenaan maklumat kewangan ini berdasarkan audit kami. Kami telah
menjalankan audit kami menurut piawaian pengauditan yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami mematuhi
keperluan etika dan merancang serta menjalankan audit untuk mendapatkan pengesahan yang wajar mengenai sama ada maklumat
kewangan tersebut bebas daripada salah nyata yang penting.
Audit melibatkan pelaksanaan prosedur-prosedur untuk memperoleh bukti audit mengenai amaun dan pendedahan dalam maklumat
kewangan. Prosedur yang dipilih bergantung kepada pertimbangan kami, yang termasuk penilaian risiko-risiko bagi salah nyata
matan maklumat kewangan, sama ada disebabkan oleh penipuan atau kesilapan. Dalam membuat penilaian risiko-risiko tersebut,
kami menganggap bahawa kawalan dalaman relevan dengan penyediaan maklumat kewangan Dana-dana menurut dasar-dasar
perakaunan seperti yang diterangkan dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful
Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia dengan tujuan merangka prosedur audit yang wajar mengikut
keadaannya, tetapi bukan bertujuan menyatakan pendapat mengenai keberkesanan kawalan dalaman Dana-dana tersebut. Audit
juga merangkumi penilaian kewajaran dasar-dasar perakaunan yang digunakan dan kewajaran anggaran perakaunan yang dibuat
oleh Pengurus, serta penilaian keseluruhan pembentangan maklumat kewangan tersebut.
Kami percaya bahawa bukti audit yang kami perolehi mencukupi dan wajar untuk memberikan asas kepada pendapat audit kami.
Pendapat
Seperti yang dinyatakan dalam Nota 1 kepada maklumat kewangan, Dana AmMetLife Commodity Stable Capital Guaranteed telah
matang pada 12 Oktober 2015. Oleh itu, maklumat kewangan dana ini telah disediakan atas dasar selain dasar usaha berterusan.
Aset Dana telah dinyatakan pada nilai wajar masing-masing dan semua liabiliti Dana, termasuk anggaran perbelanjaan sewaktu
kematangan Dana, telah diiktiraf.
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Pada pendapat kami, maklumat kewangan tersebut telah disediakan, dalam segala aspek penting, menurut dasar-dasar perakaunan
seperti yang diterangkan dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan
Pelaburan yang dikeluarkan oleh Bank Negara Malaysia.
Lain-lain perkara
Laporan ini telah dibuat hanya untuk pemegang unit Dana, sebagai satu badan, menurut Garis Panduan Perniagaan Insurans/Takaful
Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia dan bukan untuk tujuan lain. Kami tidak bertanggungjawab kepada
mana-mana individu untuk kandungan laporan ini.
ernst & Young Megat Iskandar Shah Bin Mohamad norAF: 0039 No. 3083/07/17(J)Akauntan Berkanun Akauntan Berkanun
Kuala Lumpur, Malaysia14 Jun 2016
Ini adalah terjemahan Bahasa Malaysia untuk penyata kewangan dana-dana berkaitan pelaburan AmMetLife Insurance Berhad yang telah diaudit yang pada asalnya telah disediakan dalam Bahasa Inggeris. Terjemahan ini telah dibuat untuk membolehkan Pemegang Unit Dana-dana yang fasih dalam Bahasa Malaysia untuk memahami sepenuhnya maklumat kewangan berkenaan. Para pembaca dinasihatkan supaya merujuk kepada versi Bahasa Inggeris untuk penyata kewangan dan juruaudit yang telah disahkan.
Laporan Juruaudit Bebas (Bersambung)
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Dana AmMetLife equity Dana AmMetLife Bond
2016 2015 2016 2015 nota rM rM rM rM
Aset
Pelaburan 3 17,789,025 17,743,960 10,625,405 12,517,869
Aset cukai tertangguh 4 – – 34,926 23,014
Lain-lain belum terima 172,499 530,521 220,780 170,079
Tunai dan baki di bank 3,064,757 1,317,419 1,237,428 53,201 Jumlah aset 21,026,281 19,591,900 12,118,539 12,764,163
Liabiliti
Peruntukan cukai 39,016 91,290 196,123 204,952
Liabiliti cukai tertangguh 4 90,472 121,447 – –
Lain-lain belum bayar 550,653 32,945 18,081 145,049 Jumlah liabiliti 680,141 245,682 214,204 350,001
nilai aset bersih dana (“nAB”) 20,346,140 19,346,218 11,904,335 12,414,162
Diwakili oleh:
Sumbangan pemegang unit 15,240,432 14,407,216 8,351,373 9,216,161
Pendapatan tidak teragih 5,105,708 4,939,002 3,552,962 3,198,001 Modal pemegang unit 5 20,346,140 19,346,218 11,904,335 12,414,162
unit dalam edaran 5 20,153,579 19,295,796 14,460,749 15,532,298
nAB seunit (rM) 5 1.0096 1.0026 0.8232 0.7992
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
ringkasan kepada Maklumat Kewangan
Penyata-penyata Aset dan Liabiliti Pada 31 Mac 2016
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Dana AmMetLife Balanced AmMetLife Dana Teguh
2016 2015 2016 2015 nota rM rM rM rM
Aset
Pelaburan 3 17,100,984 21,881,350 11,648,083 17,549,355
Lain-lain belum terima 182,167 355,183 116,279 740,649
Tunai dan baki di bank 5,430,621 1,968 8,139,513 3,400 Jumlah aset 22,713,772 22,238,501 19,903,875 18,293,404
Liabiliti
Peruntukan cukai 112,868 212,385 157,007 192,628
Liabiliti cukai tertangguh 4 28,167 72,960 52,749 119,007
Lain-lain belum bayar 329,435 33,793 324,115 28,551 Jumlah liabiliti 470,470 319,138 533,871 340,186
nilai aset bersih dana (“nAB”) 22,243,302 21,919,363 19,370,004 17,953,218
Diwakili oleh:
Sumbangan pemegang unit 16,007,216 15,973,346 13,792,393 12,750,090
Pendapatan tidak teragih 6,236,086 5,946,017 5,577,611 5,203,128 Modal pemegang unit 5 22,243,302 21,919,363 19,370,004 17,953,218
unit dalam edaran 5 22,601,416 22,572,456 17,887,770 16,910,096
nAB seunit (rM) 5 0.9842 0.9711 1.0829 1.0617
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Aset dan Liabiliti (Bersambung)
Pada 31 Mac 2016
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Dana AmMetLife Dana AmMetLife AmOasis Islamic equity Asia Pacific reITS
2016 2015 2016 2015 nota rM rM rM rM
Aset
Pelaburan 3 3,642,122 3,988,807 864,835 672,241
Cukai boleh pulih 35 200 – –
Lain-lain belum terima 31,872 15,835 13,739 197
Tunai dan baki di bank 322,750 409,675 61,286 62,462 Jumlah aset 3,996,779 4,414,517 939,860 734,900
Liabiliti
Peruntukan cukai – – 930 361
Liabiliti cukai tertangguh 4 44,458 65,008 8,127 6,552
Lain-lain belum bayar 9,692 63,114 9,513 42,256 Jumlah liabiliti 54,150 128,122 18,570 49,169
nilai aset bersih dana (“nAB”) 3,942,629 4,286,395 921,290 685,731
Diwakili oleh:
Sumbangan pemegang unit 3,442,694 3,625,140 783,464 599,005
Pendapatan tidak teragih 499,935 661,255 137,826 86,726
Modal pemegang unit 5 3,942,629 4,286,395 921,290 685,731
unit dalam edaran 5 6,936,301 7,236,273 1,534,876 1,213,613
nAB seunit (rM) 5 0.5684 0.5923 0.6002 0.5650
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
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Dana AmMetLife Dana AmMetLife Global emerging Market Tactical Bond
2016 2015 2016 2015 nota rM rM rM rM
Aset
Pelaburan 3 864,077 885,544 501,385 421,026
Cukai boleh pulih – – – 67
Lain-lain belum terima 20,177 705 5,941 9,131
Tunai dan baki di bank 53,470 87,925 50,059 43,529 Jumlah aset 937,724 974,174 557,385 473,753
Liabiliti
Peruntukan cukai 1,440 979 185 –
Liabiliti cukai tertangguh 4 1,949 6,616 2,646 880
Lain-lain belum bayar 9,000 13,333 9,413 9,395 Jumlah liabiliti 12,389 20,928 12,244 10,275
nilai aset bersih dana (“nAB”) 925,335 953,246 545,141 463,478
Diwakili oleh:
Sumbangan pemegang unit 909,764 886,459 499,399 447,653
Pendapatan tidak teragih 15,571 66,787 45,742 15,825 Modal pemegang unit 5 925,335 953,246 545,141 463,478
unit dalam edaran 5 1,799,970 1,753,586 995,790 899,484
nAB seunit (rM) 5 0.5141 0.5436 0.5474 0.5153
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Aset dan Liabiliti (Bersambung)
Pada 31 Mac 2016
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Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness
2016 2015 2016 2015 nota rM rM rM rM
Aset
Pelaburan 3 3,094,720 3,535,402 2,044,060 2,135,006
Aset cukai tertangguh 4 279,301 300,037 – –
Cukai boleh pulih 15,687 16,566 – –
Lain-lain belum terima 1,634 9,331 2,647 21,704
Tunai dan baki di bank 496,762 807 922 2,080 Jumlah aset 3,888,104 3,862,143 2,047,629 2,158,790
Liabiliti
Peruntukan cukai – – 4,088 4,026
Liabiliti cukai tertangguh 4 – – 8,327 29,762
Lain-lain belum bayar 68,369 35,333 9,281 9,728 Jumlah liabiliti 68,369 35,333 21,696 43,516
nilai aset bersih dana (“nAB”) 3,819,735 3,826,810 2,025,933 2,115,274
Diwakili oleh:
Caruman pemegang unit 7,162,780 7,413,192 1,936,648 1,780,728
(Kerugian terkumpul)/ Pendapatan tidak teragih (3,343,045) (3,586,382) 89,285 334,546 Modal pemegang unit 5 3,819,735 3,826,810 2,025,933 2,115,274
unit dalam edaran 5 14,676,895 15,890,719 3,475,797 3,230,882
nAB seunit (rM) 5 0.2603 0.2408 0.5829 0.6547
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
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Dana AmMetLife commodity Dana AmMetLife Stable capital Guaranteed Dividend
12.10.2015 31.03.2015 2016 2015 nota rM rM rM rM
Aset
Pelaburan 3 – 4,991,936 12,823,073 11,550,834
Lain-lain belum terima 4,381,557 223 21,856 438,025
Tunai dan baki di bank 402 37,179 1,861,177 827,377 Jumlah aset 4,381,959 5,029,338 14,706,106 12,816,236
Liabiliti
Peruntukan cukai – 20,248 20,953 31,994
Liabiliti cukai tertangguh 4 – 17,568 67,697 100,331
Lain-lain belum bayar – 693,337 533,334 24,659 Jumlah liabiliti – 731,153 621,984 156,984
nilai aset bersih dana (“nAB”) 4,381,959 4,298,185 14,084,122 12,659,252
Diwakili oleh:
Sumbangan pemegang unit 4,240,903 4,240,903 11,288,940 9,945,268
Pendapatan tidak teragih 141,056 57,282 2,795,182 2,713,984 Modal pemegang unit 5 4,381,959 4,298,185 14,084,122 12,659,252
unit dalam edaran 5 8,426,071 8,426,071 20,110,980 18,168,967
nAB seunit (rM) 5 0.5200 0.5101 0.7003 0.6968
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Aset dan Liabiliti (Bersambung)
Pada 31 Mac 2016
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Dana AmMetLife equity Dana AmMetLife Bond
2016 2015 2016 2015 nota rM rM rM rM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 45,697 62,640 666,147 755,156
Pendapatan dividen 7 520,530 426,217 50,325 13,372
566,227 488,857 716,472 768,528
Perolehan daripada pelupusan pelaburan 263,676 900,163 11,241 32,592 Jumlah pendapatan 829,903 1,389,020 727,713 801,120
Perbelanjaan pengurusan (282,242) (254,624) (116,303) (138,740)
Kerugian modal tidak terealisasi bersih (387,179) (950,293) (214,169) (152,894) Jumlah perbelanjaan (669,421) (1,204,917) (330,472) (291,634)
Lebihan pendapatan daripada perbelanjaan sebelum cukai 160,482 184,103 397,241 509,486
Cukai 8 6,224 (1,001) (42,280) (53,957)
Lebihan pendapatan daripada perbelanjaan selepas cukai 166,706 183,102 354,961 455,529
Pendapatan tidak teragih dibawa ke hadapan 4,939,002 4,755,900 3,198,001 2,742,472
Pendapatan tidak teragih dihantar ke hadapan 5,105,708 4,939,002 3,552,962 3,198,001
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
ringkasan kepada Maklumat Kewangan
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Dana AmMetLife Balanced AmMetLife Dana Teguh
2016 2015 2016 2015 nota rM rM rM rM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 549,444 521,616 309,462 250,213
Pendapatan dividen 7 404,702 424,903 365,466 240,384
954,146 946,519 674,928 490,597
Perolehan daripada pelupusan pelaburan 195,946 1,469,678 792,295 1,296,801 Jumlah pendapatan 1,150,092 2,416,197 1,467,223 1,787,398
Perbelanjaan pengurusan (285,257) (301,013) (242,609) (197,342)
Kerugian modal tidak terealisasi bersih (559,928) (2,336,664) (828,250) (660,696) Jumlah perbelanjaan (845,185) (2,637,677) (1,070,859) (858,038)
Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai 304,907 (221,480) 396,364 929,360
Cukai 8 (14,838) 27,006 (21,881) (70,905)
Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai 290,069 (194,474) 374,483 858,455 Pendapatan tidak teragih dibawa ke hadapan 5,946,017 6,140,491 5,203,128 4,344,673
Pendapatan tidak teragih dihantar ke hadapan 6,236,086 5,946,017 5,577,611 5,203,128
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Pendapatan dan Perbelanjaan (Bersambung)
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Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Dana AmMetLife Dana AmMetLife AmOasis Islamic equity Asia Pacific reITS
2016 2015 2016 2015 nota rM rM rM rM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 10,007 10,143 2,341 1,852
Pendapatan dividen 7 – – 32,497 26,213
10,007 10,143 34,838 28,065
Perolehan daripada pelupusan pelaburan 71,579 69,383 8,706 2,085
Perolehan modal tidak terealisasi bersih – 429,013 19,691 77,779 Jumlah pendapatan 81,586 508,539 63,235 107,929
Perbelanjaan pengurusan (60) (11,897) (9,676) (9,785)
Kerugian modal tidak terealisasi bersih (256,868) – – – Jumlah perbelanjaan (256,928) (11,897) (9,676) (9,785)
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai (175,342) 496,642 53,559 98,144
Cukai 8 14,022 (40,683) (2,459) (6,538)
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai (161,320) 455,959 51,100 91,606
Pendapatan/(kerugian) tidak teragih dibawa ke hadapan 661,255 205,296 86,726 (4,880)
Pendapatan tidak teragih dihantar ke hadapan 499,935 661,255 137,826 86,726
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Dana AmMetLife Dana AmMetLife Global emerging Market Tactical Bond
2016 2015 2016 2015 nota rM rM rM rM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 2,181 2,269 1,245 1,509
Pendapatan dividen 7 2,544 2,307 17,117 24,792
4,725 4,576 18,362 26,301
Perolehan daripada pelupusan pelaburan 5,852 – 429 –
Perolehan modal tidak terealisasi bersih – 65,641 22,071 5,549 Jumlah pendapatan 10,577 70,217 40,862 31,850
Perbelanjaan pengurusan (7,473) (10,059) (9,045) (9,295)
Kerugian atas pelupusan pelaburan – – – (2,980)
Kerugian modal tidak terealisasi bersih (58,345) – – – Jumlah perbelanjaan (65,818) (10,059) (9,045) (12,275)
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai (55,241) 60,158 31,817 19,575
Cukai 8 4,025 (5,432) (1,900) (326)
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai (51,216) 54,726 29,917 19,249 Pendapatan/(kerugian) tidak teragih dibawa ke hadapan 66,787 12,061 15,825 (3,424)
Pendapatan tidak teragih dihantar ke hadapan 15,571 66,787 45,742 15,825
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Pendapatan dan Perbelanjaan (Bersambung)
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Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness
2016 2015 2016 2015 nota rM rM rM rM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 22,627 14,090 7,442 6,663
22,627 14,090 7,442 6,663
Perolehan modal tidak terealisasi bersih 259,199 – – 127,309 Jumlah pendapatan 281,826 14,090 7,442 133,972
Perbelanjaan pengurusan (15,943) (19,986) (5,605) (11,524)
Kerugian atas pelupusan pelaburan – (2,448) – –
Kerugian modal tidak terealisasi bersih – (651,472) (267,938) – Jumlah perbelanjaan (15,943) (673,906) (273,543) (11,524)
Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai 265,883 (659,816) (266,101) 122,448
Cukai 8 (22,546) 51,187 20,840 (10,717)
Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai 243,337 (608,629) (245,261) 111,731 (Kerugian)/pendapatan tidak teragih dibawa ke hadapan (3,586,382) (2,977,753) 334,546 222,815
(Kerugian)/pendapatan tidak teragih dihantar ke hadapan (3,343,045) (3,586,382) 89,285 334,546
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
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Dana AmMetLife commodity Dana AmMetLife Stable capital Guaranteed Dividend
1 April 2015 hingga 1 April 2014 hingga 12 Oktober 2015 31 Mac 2015 2016 2015 nota rM rM rM rM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 551 387 32,850 41,061
Pendapatan dividen 7 1,029 2,223 374,947 375,552 1,580 2,610 407,797 416,613
Perolehan daripada pelupusan pelaburan 330,826 – 274,039 403,835
Perolehan modal tidak terealisasi bersih – 174,523 – 599,644 Jumlah pendapatan 332,406 177,133 681,836 1,420,092
Perbelanjaan pengurusan (20,095) (29,534) (200,789) (167,434)
Kerugian modal tidak terealisasi bersih (219,594) – (407,933) – Jumlah perbelanjaan (239,689) (29,534) (608,722) (167,434)
Lebihan pendapatan daripada perbelanjaan sebelum cukai 92,717 147,599 73,114 1,252,658
Cukai 8 (8,943) (13,993) 8,084 (83,562)
Lebihan pendapatan daripada perbelanjaan selepas cukai 83,774 133,606 81,198 1,169,096 Pendapatan/(kerugian) tidak teragih dibawa ke hadapan 57,282 (76,324) 2,713,984 1,544,888
Pendapatan tidak teragih dihantar ke hadapan 141,056 57,282 2,795,182 2,713,984
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Pendapatan dan Perbelanjaan (Bersambung)
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2016 2015 rM rM
Nilai aset bersih pada awal tahun 19,346,218 14,543,771
Amaun diterima daripada penerbitan unit 8,011,603 9,690,938
Amaun dibayar bagi pembatalan unit (7,178,387) (5,071,593) 20,179,434 19,163,116
Pendapatan terealisasi bersih selepas cukai 522,910 1,057,372
Kerugian modal belum terealisasi bersih selepas cukai (356,204) (874,270) Nilai aset bersih pada akhir tahun 20,346,140 19,346,218
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Dana AmMetLife equity
2016 2015 rM rM
Nilai aset bersih pada awal tahun 12,414,162 16,713,448
Amaun diterima daripada penerbitan unit 3,472,695 3,249,568
Amaun dibayar bagi pembatalan unit (4,337,483) (8,004,383) 11,549,374 11,958,633
Pendapatan terealisasi bersih selepas cukai 557,218 599,360
Kerugian modal belum terealisasi bersih selepas cukai (202,257) (143,831) Nilai aset bersih pada akhir tahun 11,904,335 12,414,162
Dana AmMetLife Bond
ringkasan kepada Maklumat Kewangan
Penyata-penyata Perubahan di dalam nilai Aset Bersih Bagi tahun kewangan berakhir 31 Mac 2016
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2016 2015 rM rM
Nilai aset bersih pada awal tahun 21,919,363 24,157,637
Amaun diterima daripada penerbitan unit 6,566,211 8,387,650
Amaun dibayar bagi pembatalan unit (6,532,341) (10,431,450) 21,953,233 22,113,837
Pendapatan terealisasi bersih selepas cukai 805,204 1,955,256
Kerugian modal belum terealisasi bersih selepas cukai (515,135) (2,149,730) Nilai aset bersih pada akhir tahun 22,243,302 21,919,363
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
2016 2015 rM rM
Nilai aset bersih pada awal tahun 17,953,218 12,176,875
Amaun diterima daripada penerbitan unit 5,567,588 9,613,259
Amaun dibayar bagi pembatalan unit (4,525,285) (4,695,371) 18,995,521 17,094,763
Pendapatan terealisasi bersih selepas cukai 1,136,475 1,466,295
Kerugian modal belum terealisasi bersih selepas cukai (761,992) (607,840) Nilai aset bersih pada akhir tahun 19,370,004 17,953,218
AmMetLife Dana Teguh
Dana AmMetLife Balanced
Penyata-penyata Perubahan di dalam nilai Aset Bersih (Bersambung)
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2016 2015 rM rM
Nilai aset bersih pada awal tahun 4,286,395 4,513,925
Amaun diterima daripada penerbitan unit 983,849 741,116
Amaun dibayar bagi pembatalan unit (1,166,295) (1,424,605) 4,103,949 3,830,436
Pendapatan terealisasi bersih selepas cukai 74,998 61,266
(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (236,318) 394,693 Nilai aset bersih pada akhir tahun 3,942,629 4,286,395
2016 2015 rM rM
Nilai aset bersih pada awal tahun 685,731 580,944
Amaun diterima daripada penerbitan unit 712,024 376,276
Amaun dibayar bagi pembatalan unit (527,565) (363,095) 870,190 594,125
Pendapatan terealisasi bersih selepas cukai 32,984 20,050
Perolehan modal tidak terealisasi bersih selepas cukai 18,116 71,556 Nilai aset bersih pada akhir tahun 921,290 685,731
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Dana AmMetLife AmOasis Islamic equity
Dana AmMetLife Asia Pacific reITS
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Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Dana AmMetLife Tactical Bond
Dana AmMetLife Global emerging Market
2016 2015 rM rM
Nilai aset bersih pada awal tahun 953,246 883,932
Amaun diterima daripada penerbitan unit 136,798 129,571
Amaun dibayar bagi pembatalan unit (113,493) (114,983) 976,551 898,520
Pendapatan/(kerugian) terealisasi bersih selepas cukai 2,462 (5,664)
(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (53,678) 60,390 Nilai aset bersih pada akhir tahun 925,335 953,246
2016 2015 rM rM
Nilai aset bersih pada awal tahun 463,478 491,182
Amaun diterima daripada penerbitan unit 294,449 222,547
Amaun dibayar bagi pembatalan unit (242,703) (269,500) 515,224 444,229
Pendapatan terealisasi bersih selepas cukai 9,612 14,144
Perolehan modal tidak terealisasi bersih selepas cukai 20,305 5,105 Nilai aset bersih pada akhir tahun 545,141 463,478
Penyata-penyata Perubahan di dalam nilai Aset Bersih (Bersambung)
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2016 2015 rM rM
Nilai aset bersih pada awal tahun 3,826,810 3,930,030
Amaun diterima daripada penerbitan unit 806,682 1,366,592
Amaun dibayar bagi pembatalan unit (1,057,094) (861,183) 3,576,398 4,435,439
Pendapatan/(kerugian) terealisasi bersih selepas cukai 4,874 (9,275)
Perolehan/(kerugian) modal tidak terealisasi bersih selepas cukai 238,463 (599,354) Nilai aset bersih pada akhir tahun 3,819,735 3,826,810
2016 2015 rM rM
Nilai aset bersih pada awal tahun 2,115,274 1,869,293
Amaun diterima daripada penerbitan unit 514,899 541,111
Amaun dibayar bagi pembatalan unit (358,979) (406,861) 2,271,194 2,003,543
Pendapatan/(kerugian) terealisasi bersih selepas cukai 1,242 (5,394)
(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (246,503) 117,125 Nilai aset bersih pada akhir tahun 2,025,933 2,115,274
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Dana AmMetLife Global Agribusiness
Dana AmMetLife Precious Metals
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Dana AmMetLife commodity Stable capital Guaranteed
1 April 2015 hingga 1 April 2014 hingga 12 Oktober 2015 31 Mac 2015 rM rM
Nilai aset bersih pada awal tahun 4,298,185 4,168,793
Amaun dibayar bagi pembatalan unit – (4,214) 4,298,185 4,164,579
Pendapatan/(kerugian) terealisasi bersih selepas cukai 285,800 (26,955)
(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (202,026) 160,561 Nilai aset bersih pada tarikh matang/akhir tahun 4,381,959 4,298,185
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
2016 2015 rM rM
Nilai aset bersih pada awal tahun 12,659,252 9,444,021
Amaun diterima daripada penerbitan unit 3,177,171 3,505,334
Amaun dibayar bagi pembatalan unit (1,833,499) (1,459,199) 14,002,924 11,490,156
Pendapatan terealisasi bersih selepas cukai 456,497 617,423
(Kerugian)/perolehan modal belum terealisasi bersih selepas cukai (375,299) 551,673 Nilai aset bersih pada akhir tahun 14,084,122 12,659,252
Dana AmMetLife Dividend
Penyata-penyata Perubahan di dalam nilai Aset Bersih (Bersambung)
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1. Pengurus dan aktiviti utamanya
Dana-dana berkaitan pelaburan AmMetLife Insurance Berhad (“Pengurus”) terdiri daripada Dana AmMetLife Equity, Dana
AmMetLife Bond, Dana AmMetLife Balanced, AmMetLife Dana Teguh, Dana AmMetLife AmOasis Islamic Equity, Dana AmMetLife
Asia Pacific REITS, Dana AmMetLife Global Emerging Market, Dana AmMetLife Tactical Bond, Dana AmMetLife Precious Metals,
Dana AmMetLife Global Agribusiness, Dana AmMetLife Commodity Stable Capital Guaranteed (matang pada 12 Oktober 2015)
dan Dana AmMetLife Dividend (keseluruhannya dirujuk sebagai “Dana”).
Pengurus adalah sebuah syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia dan dilesenkan di bawah
Akta Perkhidmatan Kewangan 2013. Aktiviti utamanya adalah perniagaan pengunderaitan insurans hayat dan berkaitan pelaburan.
Tidak terdapat perubahan ketara dalam aktiviti utama Pengurus semasa tahun kewangan berakhir 31 Mac 2016.
Maklumat kewangan telah dibenarkan keluarannya oleh Lembaga Pengarah Pengurus menurut resolusi pada 14 Jun 2016.
2. Polisi perakaunan yang penting
2.1 Asas Penyediaan
Maklumat kewangan Dana-dana telah disediakan menurut polisi perakaunan seperti yang dinyatakan dalam Nota 2.2 kepada
maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara
Malaysia (“BNM”).
Maklumat kewangan ini telah disediakan di bawah konvensyen kos sejarah kecuali seperti yang dinyatakan di dalam polisi
perakaunan yang penting di dalam Nota 2.2 kepada maklumat kewangan.
Maklumat kewangan dibentangkan dalam Ringgit Malaysia (“RM”).
Penyata Aset dan Liabiliti, Penyata Pendapatan dan Perbelanjaan dan Penyata Perubahan dalam Nilai Aset Bersih Dana
AmMetLife Commodity Stable Capital Guaranteed telah disediakan untuk tempoh 1 April 2015 hingga 12 Oktober 2015,
yang merupakan tarikh matang bagi Dana tersebut. Oleh itu, maklumat kewangan Dana tersebut telah disediakan atas dasar
bukan usaha berterusan. Aset-aset Dana ini yang telah dinyatakan pada nilai boleh pulihnya semua liabiliti Dana tersebut,
termasuk anggaran perbelanjaan pada kematangan Dana, telah teriktiraf.
2.2 ringkasan polisi perakaunan yang penting
(a) Yuran pengurusan
Yuran pengurusan dicaj berdasarkan kepada nilai aset bersih Dana-dana, pada kadar berikut:
(i) Dana AmMetLife Equity 1.50% setahun
(ii) Dana AmMetLife Bond 1.00% setahun
(iii) Dana AmMetLife Balanced 1.50% setahun
(iv) AmMetLife Dana Teguh 1.50% setahun
(v) Dana AmMetLife AmOasis Islamic Equity 1.50% setahun
(vi) Dana AmMetLife Asia Pacific REITS 1.50% setahun
(vii) Dana AmMetLife Global Emerging Market 1.50% setahun
(viii) Dana AmMetLife Tactical Bond 1.00% setahun
(ix) Dana AmMetLife Precious Metals 1.50% setahun
(x) Dana AmMetLife Global Agribusiness 1.50% setahun
(xi) Dana AmMetLife Commodity Stable Capital Guaranteed 0.50% setahun
(xii) Dana AmMetLife Dividend 1.50% setahun
ringkasan kepada Maklumat Kewangan
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nota-nota kepada Maklumat Kewangan (Bersambung)
(b) Instrumen kewangan – pengiktirafan permulaan dan ukuran berikutnya (i) Tarikh pengiktirafan
Semua aset dan liabiliti kewangan pada mulanya diiktiraf pada tarikh dagangan, iaitu tarikh Dana-dana menjadi pihak kepada peruntukan kontrak instrumen tersebut. Ini termasuk pembelian atau penjualan “dagangan lazim” aset kewangan yang memerlukan penghantaran aset dalam tempoh masa yang secara amnya ditetapkan oleh peraturan atau konvensyen di dalam pasaran.
(ii) ukuran permulaan instrumen kewangan Aset kewangan diklasifikasikan sebagai aset kewangan pada nilai saksama melalui keuntungan atau kerugian, aset kewangan sedia untuk dijual, aset kewangan dipegang sehingga matang atau pinjaman dan belum terima, sewajarnya. Liabiliti-liabiliti kewangan Dana-dana diklasifikasikan sebagai liabiliti-liabiliti kewangan pada nilai saksama melalui keuntungan atau kerugian atau pada kos terlunas, sebagaimana sewajarnya. Dana-dana menentukan klasifikasi aset-aset kewangan dan liabiliti-liabiliti kewangannya pada pengiktirafan permulaan.
Klasifikasi instrumen kewangan pada pengiktirafan permulaan bergantung kepada tujuan dan niat pengurusan yang mana instrumen kewangan dan ciri-cirinya. Semua instrumen kewangan diukur pada mulanya pada nilai saksama, ditambah kos transaksi, kecuali dalam kes aset kewangan dan liabiliti-liabiliti kewangan yang direkodkan pada nilai saksama melalui keuntungan atau kerugian, yang diukur pada nilai saksama.
Dana-dana mengklasifikasikan pelaburan ke dalam aset kewangan pada nilai saksama melalui keuntungan atau kerugian (“FVTPL”) atau pinjaman dan belum terima (“LAR”).
(iii) ukuran berikutnya Ukuran berikutnya instrumen kewangan bergantung kepada klasifikasinya seperti yang dinyatakan di bawah:1. Aset kewangan pada nilai saksama melalui keuntungan atau kerugian Aset-aset kewangan pada FVTPL direkodkan dalam Penyata Aset dan Liabiliti pada nilai saksama. Perubahan
dalam nilai saksama diiktiraf dalam Penyata Pendapatan dan Perbelanjaan. Pendapatan atau perbelanjaan faedah dan dividen direkodkan sebagai “Pendapatan Pelaburan Bersih” atau “Perbelanjaan faedah”, sebagaimana yang wajar dan menurut terma kontrak, atau apabila hak pembayaran telah ditentukan.
Termasuk dalam klasifikasi ini ialah sekuriti pendapatan tetap, skim pelaburan kolektif dan ekuiti.
2. Pinjaman dan belum terima (“LAr”) LAR termasuk aset kewangan bukan derivatif dengan pembayaran tetap atau boleh ditentukan dengan harga yang dipaparkan di dalam pasaran aktif.
Selepas ukuran permulaan, amaun seterusnya diukur pada kos terlunas menggunakan kadar faedah efektif (“EIR”), tolak peruntukan untuk kemerosotan. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium atas pemerolehan dan yuran serta kos yang merupakan sebahagian penting EIR.
(iv) Liabiliti kewangan pada kos terlunas Liabiliti-liabiliti kewangan Dana-dana, yang tidak ditetapkan pada FVTPL, diklasifikasikan sebagai liabiliti kewangan pada kos terlunas, di mana kandungan aturan berkontrak menyebabkan Dana-dana berkewajipan sama ada untuk memberikan wang tunai atau aset kewangan yang lain kepada pemegang, atau untuk memenuhi kewajipan tersebut selain daripada dengan pertukaran satu amaun tunai yang tetap atau aset kewangan yang lain untuk sejumlah tetap instrumen ekuiti sendiri.
Selepas ukuran permulaan, ini seterusnya diukur pada kos terlunas menggunakan EIR. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium di atas penerbitan dan kos yang merupakan sebahagian besar EIR.
2. Polisi perakaunan yang penting (Bersambung)
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(c) Penyahiktirafan aset kewangan dan liabiliti kewangan (i) Aset kewangan
Aset kewangan (atau, di mana berkaitan, sebahagian daripada aset kewangan atau sebahagian daripada sekumpulan aset kewangan yang serupa) dinyahiktiraf apabila:
– Hak-hak untuk menerima aliran tunai daripada aset telah luput– Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset-aset atau telah
mengambil alih kewajipan untuk membayar aliran-aliran tunai yang diterima sepenuhnya tanpa kelewatan material kepada pihak ketiga di bawah aturan “serah semua”; dan sama ada:
– Dana-dana telah memindahkan sebahagian besar risiko dan ganjaran aset, atau– Dana-dana belum memindahkan mahupun menyimpan sebahagian besar semua dan ganjaran aset,
tetapi telah memindahkan kawalan aset.
Apabila Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset atau telah terlibat dalam aturan serah semua, dan tidak memindahkan mahupun menyimpan semua risiko dan ganjaran aset atau pun memindahkan kawalan aset, aset tersebut diiktiraf setakat penglibatan berterusan Dana-dana di dalam aset tersebut. Dalam kes ini, Dana-dana juga mengiktiraf liabiliti yang berkaitan. Aset yang telah dipindahkan dan liabiliti yang berkaitan diukur pada dasar yang menunjukkan hak dan kewajipan yang telah disimpan oleh Dana-dana.
(ii) Liabiliti kewangan Liabiliti kewangan dinyahiktiraf apabila tanggungjawab di bawah liabiliti dilepaskan, dibatalkan atau luput. Di mana liabiliti kewangan sedia ada digantikan dengan yang lain daripada peminjam yang sama pada terma-terma yang berbeza secara besar, atau terma liabiliti sedia ada yang diubah secara besar, pertukaran atau perubahan sedemikian dianggap sebagai penyahiktirafan liabiliti asal dan pengiktirafan liabiliti yang baru. Perbezaan di antara nilai dibawa liabiliti kewangan asal dan pertimbangan yang dibayar diiktiraf di dalam keuntungan atau kerugian.
(d) Penentuan nilai saksama Nilai saksama aset kewangan seperti sekuriti ekuiti, yang didagangkan secara aktif di dalam pasaran kewangan teratur ditentukan dengan merujuk kepada harga yang disiarkan bagi aset pada penutup dagangan pada tarikh laporan.
Bagi pelaburan di dalam unit, saham amanah hartanah, nilai saksama ditentukan dengan merujuk kepada nilai aset bersih yang diterbitkan. Pelaburan di dalam ekuiti yang tidak mempunyai harga pasaran yang disiarkan di dalam pasaran aktif dan yang mana nilai saksama tidak boleh diukur dengan tepat akan dinyatakan pada kos ditolak kerugian kemerosotan.
Bagi instrumen kewangan yang mana tiada pasaran aktif seperti sekuriti pendapatan tetap tidak tersiar harga iaitu bon tidak tersiar harga, nilai saksama didapatkan daripada Bond Pricing Agency Malaysia Sdn. Bhd. (“BPAM”).
Sekiranya nilai saksama tidak boleh diukur dengan tepat, instrumen kewangan diukur pada kos, yang merupakan nilai saksama pertimbangan yang dibayar bagi pemerolehan instrumen tersebut atau amaun yang diterima atas penerbitan liabiliti kewangan tersebut. Semua kos transaksi yang boleh dikaitkan secara langsung kepada pemerolehan tersebut juga dimasukkan di dalam kos pelaburan.
Nilai saksama Instrumen Deposit Boleh Niaga (“NID”) adalah berdasarkan kepada siaran harga broker, manakala nilai saksama deposit tetap/berhasil adalah pokoknya sendiri.
(e) Kemerosotan aset kewanganDana-dana menilai pada setiap tarikh laporan sama ada terdapat sebarang bukti objektif bahawa sesuatu aset kewangan atau sekumpulan aset kewangan telah merosot. Suatu aset kewangan atau sekumpulan aset kewangan dianggap merosot sekiranya, dan hanya sekiranya, terdapat bukti objektif kemerosotan akibat satu atau lebih kejadian yang telah berlaku selepas pengiktirafan permulaan aset tersebut (“kejadian kerugian” yang telah berlaku) dan
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kejadian (atau kejadian-kejadian) kerugian tersebut memberi impak ke atas anggaran aliran tunai masa hadapan aset kewangan atau kumpulan aset kewangan yang boleh dianggarkan secara tepat.
Aset kewangan yang dibawa pada kos terlunasBukti kemerosotan boleh termasuk tanda-tanda bahawa peminjam atau sekumpulan peminjam sedang mengalami masalah kewangan, kemungkinan bahawa mereka akan diisytiharkan muflis atau penyusunan semula kewangan yang lain, keingkaran atau delinkuensi dalam pembayaran faedah atau pokok dan di mana data yang boleh dilihat menunjukkan bahawa terdapat pengurangan yang boleh diukur di dalam anggaran aliran tunai masa hadapan, seperti perubahan di dalam tunggakan atau keadaan ekonomi yang berkaitan dengan keingkaran.
Bagi aset-aset kewangan yang dibawa pada kos terlunas, Dana-dana pada mulanya menilai secara individu sama ada bukti objektif kemerosotan wujud bagi aset kewangan yang signifikan secara individu, atau secara kolektif bagi aset-aset kewangan yang tidak signifikan secara individu. Sekiranya Dana-dana menentukan bahawa tiada bukti objektif kemerosotan wujud bagi aset kewangan yang telah dinilai secara individu, ia memasukkan aset tersebut ke dalam sekumpulan aset kewangan dengan sifat-sifat risiko kredit yang serupa dan menilainya secara kolektif bagi kemerosotan. Aset-aset yang dinilai secara individu bagi kemerosotan dan yang mana kerugian kemerosotan diiktiraf atau terus diiktiraf, tidak dimasukkan di dalam penilaian kemerosotan secara kolektif.
Sekiranya terdapat bukti objektif bahawa kerugian kemerosotan telah berlaku, amaun kerugian diukur sebagai perbezaan di antara amaun dibawa aset tersebut dan nilai semasa anggaran aliran tunai masa hadapan (tidak termasuk jangkaan kerugian kredit masa hadapan yang belum berlaku). Amaun dibawa aset tersebut dikurangkan melalui penggunaan akaun peruntukan dan amaun kerugian diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan. Pendapatan faedah terus diakru pada amaun dibawa yang telah dikurangkan dan diakru menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan bagi tujuan mengukur kerugian kemerosotan. Pendapatan faedah direkodkan sebagai sebahagian daripada “Pendapatan faedah”. LAR bersama dengan peruntukan yang berkaitan dihapus kira apabila tiada prospek realistik pemulihan masa hadapan dan semua cagaran telah terealisasi atau telah dipindahkan ke Dana-dana.
Sekiranya, di dalam tahun seterusnya, amaun anggaran kerugian kemerosotan meningkat atau berkurang disebabkan oleh kejadian yang berlaku selepas kemerosotan tersebut diiktiraf, kerugian kemerosotan yang diiktiraf terdahulu ditingkatkan atau dikurangkan dengan menyelaraskan akaun peruntukan. Sekiranya hapus kira masa hadapan dipulihkan kemudian, pemulihan tersebut dikreditkan ke “Kerugian kemerosotan di atas LAR” setakat mana amaun dibawa aset tidak melebihi kos terlunasnya pada tarikh pembalikan.
Nilai semasa anggaran aliran tunai masa hadapan didiskaunkan pada EIR asal aset kewangan. Sekiranya LAR mempunyai kadar faedah boleh ubah, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR semasa. Sekiranya Dana-dana telah mengklasifikasikan semula aset dagangan kepada LAR, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR baru yang ditentukan pada tarikh klasifikasi semula. Pengiraan nilai semasa anggaran aliran tunai masa hadapan aset kewangan bercagar menunjukkan aliran tunai yang mungkin terhasil daripada perampasan harta tolak kos bagi mendapatkan dan menjual cagaran tersebut, sama ada perampasan harta berkemungkinan atau tidak.
(f) Pengimbangan instrumen kewanganAset-aset kewangan dan liabiliti-liabiliti kewangan diimbangi dan amaun bersih dilaporkan di dalam Penyata Aset dan Liabiliti sekiranya, dan hanya sekiranya, pada masa ini terdapat hak undang-undang yang boleh dikuatkuasakan untuk mengimbangi amaun-amaun yang diiktiraf dan terdapat niat untuk menyelesaikan secara bersih, atau untukmerealisasikan aset tersebut dan menyelesaikan liabiliti secara serentak. Ini pada amnya tidak berlaku bagi perjanjianperjanjian induk penghasilan bersih, oleh itu, aset-aset dan liabiliti-liabiliti yang berkaitan dibentangkan kasar di dalam Penyata Aset dan Liabiliti.
(g) Kemerosotan aset bukan kewanganDana-dana menilai pada setiap tarikh laporan sama ada terdapat tanda bahawa sesuatu aset mungkin merosot.
nota-nota kepada Maklumat Kewangan (Bersambung)
2. Polisi perakaunan yang penting (Bersambung)
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Sekiranya sebarang tanda wujud, atau apabila ujian kemerosotan tahunan bagi sesuatu aset diperlukan, Dana-dana menganggarkan amaun boleh pulih aset tersebut. Amaun boleh pulih sesuatu aset adalah Nilai saksamaet atau unit penjanaan tunai (“CGU”) tolak kos untuk menjual atau nilai gunaannya, yang mana lebih tinggi. Di mana amaun dibawa aset atau CGU melebihi amaun boleh pulihnya, aset tersebut dianggap merosot dan dikira turun kepada amaun boleh pulihnya.
Dalam menilai nilai gunaan, anggaran aliran tunai masa hadapan didiskaun kepada nilai semasanya menggunakan kadar diskaun pra-cukai yang menunjukkan penilaian pasaran semasa nilai masa wang dan risiko yang spesifik kepada aset tersebut. Dalam menentukan nilai saksama ditolak kos untuk menjual, satu model penilaian yang wajar digunakan. Pengiraan ini disokong oleh gandaan penilaian, harga saham tersiar harga bagi entiti-entiti dagangan awam atau penanda nilai saksama lain yang ada.
Bagi aset-aset tidak termasuk ihsan, penilaian dibuat pada setiap tarikh laporan sama ada terdapat sebarang tanda yang kerugian kemerosotan yang telah diiktiraf terdahulu mungkin tidak lagi wujud atau mungkin telah berkurangan. Sekiranya terdapat tanda sedemikian, Dana-dana menganggarkan amaun boleh pulih aset atau CGU tersebut. Kerugian kemerosotan yang telah diiktiraf terdahulu dibalikkan hanya sekiranya terdapat perubahan di dalam anggapan-anggapan yang digunakan untuk menentukan amaun boleh pulih aset sejak kerugian kemerosotan yang terakhir diiktiraf. Pembalikan tersebut adalah terhad agar amaun dibawa aset tidak melebihi amaun boleh pulihnya, mahupun melebihi amaun dibawa yang mungkin akan ditentukan, bersih daripada susut nilai, tiada kerugian kemerosotan diiktiraf bagi aset tersebut di dalam tahun-tahun terdahulu. Pembalikan sedemikian diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan.
(h) Penerbitan bersih unit Penerbitan bersih unit mewakili premium yang dibayar oleh para pemegang polisi sebagai pembayaran bagi kontrak baru atau pembayaran berikutnya untuk meningkatkan amaun kontrak itu tolak kos penukaran, sekiranya ada, di dalam dana-dana. Penerbitan bersih unit diiktiraf berdasarkan penerimaan.
(i) Pembatalan bersih unitPembatalan bersih unit mewakili pembatalan unit yang timbul daripada serahan dan pengeluaran. Pembatalan bersih diiktiraf semasa serahan kontrak insurans yang berkaitan.
(j) Pengiktirafan hasil yang lain Hasil diiktiraf selagi ia berkemungkinan bahawa manfaat ekonomi akan mengalir kepada Dana-dana dan hasil tersebut boleh diukur secara tepat. Kriteria pengiktirafan berikut harus dipenuhi sebelum hasil diiktiraf.
(i) Pendapatan faedah Pendapatan dan perbelanjaan faedah dan pembiayaan diiktiraf di dalam keuntungan atau kerugian menggunakan kaedah faedah efektif. Apabila sesuatu aset kewangan atau sekumpulan aset kewangan yang serupa telah dikira turun akibat kerugian kemerosotan, pendapatan faedah diiktiraf menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan untuk tujuan mengukur kerugian kemerosotan.
(ii) Keuntungan dan kerugian pelaburan terealisasi Pada pelupusan pelaburan, perbezaan di antara hasil kutipan pelupusan bersih dan amaun dibawa pelaburan dikreditkan atau dicaj kepada Penyata Pendapatan dan Perbelanjaan.
(iii) Pendapatan dividen Pendapatan dividen mewakili dividen kasar daripada pelaburan-pelaburan tersiar harga dan tidak tersiar harga dan diiktiraf apabila hak untuk menerima pembayaran ditetapkan.
(k) cukai pendapatan Cukai pendapatan ke atas keuntungan dan kerugian terdiri daripada cukai semasa dan tertangguh. Cukai semasa
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adalah jangkaan amaun cukai pendapatan yang harus dibayar berkenaan dengan keuntungan boleh cukai bagi tahun ini dan diukur menggunakan kadar cukai berkanun pada tarikh Penyata Aset dan Liabiliti.
Cukai tertangguh diperuntukkan, menggunakan kaedah liabiliti, atas perbezaan sementara pada tarikh Penyata Aset dan Liabiliti di antara asas cukai aset dan liabiliti dan amaun dibawanya di dalam maklumat kewangan. Pada dasarnya, liabiliti cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh cukai dan aset cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh potong, setakat mana ia berkemungkinan bahawa keuntungan boleh cukai akan tersedia yang mana perbezaan sementara boleh potong boleh digunakan.
Cukai tertangguh diukur pada kadar cukai yang dijangka akan dikenakan di dalam tempoh yang amaun aset tersebut direalisasikan atau liabiliti diselesaikan, berdasarkan kepada kadar cukai berkanun atau berkanun secara substantif pada tarikh Penyata Aset dan Liabiliti. Cukai tertangguh diiktiraf sebagai pendapatan atau perbelanjaan di dalam Penyata Pendapatan dan Perbelanjaan, kecuali apabila ia timbul daripada transaksi yang telah diiktiraf secara terus di dalam modal para pemegang unit, yang mana dalam kes ini, cukai tertangguh juga diiktiraf di dalam modal para pemegang unit.
(l) PeruntukanPeruntukan diiktiraf apabila Dana-dana mempunyai obligasi semasa akibat kejadian terdahulu dan ia berkemungkinan bahawa alir keluar sumber yang membawa manfaat-manfaat ekonomi diperlukan untuk menyelesaikan obligasi tersebut, dan anggaran tepat amaun boleh dibuat. Peruntukan dikaji semula pada setiap tarikh Penyata Aset dan Liabiliti dan diselaraskan untuk menunjukkan anggaran terbaik semasa. Di mana kesan nilai masa wang adalah penting, peruntukan didiskaun menggunakan kadar pra-cukai semasa yang menunjukkan, sewajarnya, risiko yang spesifik kepada liabiliti. Di mana pendiskaunan digunakan, peningkatan di dalam peruntukan disebabkan oleh peredaran masa diiktiraf sebagai kos kewangan.
(m) Transaksi matawang asing (i) Matawang fungsi dan pembentangan
Penyata-penyata kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”) yang juga matawang fungsi dan pembentangan Dana-dana.
(ii) Transaksi matawang asing Transaksi dalam matawang asing pada mulanya direkodkan pada kadar semasa matawang fungsi pada tarikh transaksi. Aset-aset dan liabiliti-liabiliti monetari berdenominasi matawang asing ditukarkan semula pada kadar pertukaran matawang fungsi pada tarikh laporan. Semua perbezaan dibawa ke keuntungan dan kerugian. Butiran bukan monetari berdenominasi matawang asing yang diukur pada kod sejarah ditukarkan menggunakan kadar pertukaran pada tarikh transaksi awal.
Butiran bukan monetari diukur pada nilai saksama dalam matawang asing ditukarkan menggunakan kadar pertukaran pada tarikh apabila nilai saksama ditentukan. Semua perbezaan pertukaran asing dibawa ke keuntungan atau kerugian, kecuali bagi perbezaan yang berkaitan dengan butiran yang mana keuntungan atau kerugian diiktiraf secara langsung di dalam ekuiti, yang mana dalam hal ini, keuntungan atau kerugian diiktiraf bersih daripada komponen pertukaran di dalam ekuiti.
(n) Tunai dan tunai setaraTunai dan tunai setara terdiri daripada tunai dan baki di bank, tidak termasuk deposit tetap dan panggilan.
nota-nota kepada Maklumat Kewangan (Bersambung)
2. Polisi perakaunan yang penting (Bersambung)
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2016 2015 rM rM
Sekuriti ekuiti tersiar harga 17,789,025 17,743,960
fVTPL:
Sekuriti ekuiti tersiar harga
Kos 16,658,127 16,225,883
Keuntungan tidak terealisasi bersih 1,130,898 1,518,077
Nilai saksama 17,789,025 17,743,960
Jumlah pelaburan pada fVTPL 17,789,025 17,743,960
Jumlah pelaburan 17,789,025 17,743,960
3. Pelaburan
(i) Dana AmMetLife equity
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2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL:
Sekuriti ekuiti tersiar harga
Pembinaan
Gamuda Berhad 63,700 289,439 313,404 1.54%
Gamuda Berhad – Waran 10,616 2,654 11,678 0.06%
Ikhmas Jaya Group Berhad 603,000 358,620 428,130 2.10%
YTL Corporation Berhad 104,900 171,685 172,036 0.85%
Kewangan
Bursa Malaysia Berhad 46,500 402,689 413,850 2.03%
CIMB Group Holdings Berhad 200,000 912,901 970,000 4.77%
Malayan Banking Berhad 194,212 1,769,486 1,751,792 8.61%
Public Bank Berhad 92,400 1,676,387 1,735,272 8.53%
Produk Perindustrian
Kossan Rubber Industries Berhad 45,800 314,575 277,090 1.36%
Petronas Chemicals Group Berhad 49,600 303,614 332,816 1.64%
Petronas Gas Berhad 24,600 549,514 541,200 2.66%
SKP Resources Berhad 343,400 300,443 442,986 2.18%
Top Glove Corporation Berhad 52,700 300,546 264,554 1.30%
V.S Industry Berhad 418,600 454,237 502,320 2.47%
V.S Industry Berhad – Waran 29,850 – 9,552 0.05%
Syarikat Projek Infrastruktur
Digi.Com Berhad 69,900 364,182 345,306 1.70%
Perladangan
Genting Plantation Berhad 17,900 180,063 200,480 0.99%
Kuala Lumpur Kepong Berhad 20,800 476,252 499,200 2.45%
Teknologi
Inari Amertron Berhad 128,200 399,849 412,804 2.03%
Prestariang Berhad 139,700 381,495 412,115 2.03%
3. Pelaburan (Bersambung)
(i) Dana AmMetLife equity (Bersambung)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
nota-nota kepada Maklumat Kewangan (Bersambung)
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2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL: (Bersambung)
Sekuriti ekuiti tersiar harga (Bersambung)
Perdagangan & Perkhidmatan
AirAsia Berhad 230,000 311,295 420,900 2.07%
Axiata Group Berhad 68,700 473,655 404,643 1.99%
Berjaya Auto Berhad 188,000 400,306 407,960 2.01%
Dialog Group Berhad 192,320 263,318 307,712 1.51%
Genting Berhad 43,000 358,812 421,400 2.07%
Genting Malaysia Berhad 132,700 547,323 602,458 2.96%
IHH Healthcare Berhad 59,300 315,255 389,008 1.91%
Malaysia Airports Holdings Berhad 46,900 270,166 318,920 1.57%
Maxis Berhad 31,900 214,871 202,565 1.00%
MISC Berhad 36,000 286,831 320,400 1.57%
Only World Group Holdings Berhad 120,000 296,071 288,000 1.42%
Sapurakencana Petroleum Berhad 98,100 201,978 182,466 0.90%
Scicom (MSC) Berhad 47,480 75,216 13,477 0.56%
Sime Darby Berhad 113,700 921,379 903,915 4.44%
Telekom Malaysia Berhad 58,400 369,085 385,440 1.89%
Tenaga Nasional Berhad 127,100 1,441,241 1,771,774 8.71%
Westports Holdings Berhad 75,400 302,695 311,402 1.53%
Jumlah pelaburan pada fVTPL 16,658,127 17,789,025 87.43%
(i) Dana AmMetLife equity (Bersambung)
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2016 2015 rM rM
Bon korporat tidak tersiar harga 9,473,950 10,387,024
Unit tidak tersiar harga dan dana amanah hartanah 1,151,455 1,225,845
Deposit dengan institusi kewangan berlesen – 905,000 10,625,405 12,517,869
fVTPL:
Bon korporat tidak tersiar harga
Kos 9,989,900 10,763,296
Kerugian tidak terealisasi bersih (515,950) (376,272)
Nilai saksama 9,473,950 10,387,024
unit tidak tersiar harga dan dana amanah hartanah
Kos 1,072,074 1,137,267
Keuntungan tidak terealisasi bersih 79,381 88,578
Nilai saksama 1,151,455 1,225,845
Jumlah pelaburan pada fVTPL 10,625,405 11,612,869
LAr:
Deposit dengan institusi kewangan berlesen – 905,000
Jumlah pelaburan 10,625,405 12,517,869
3. Pelaburan (Bersambung)
(ii) Dana AmMetLife Bond
nota-nota kepada Maklumat Kewangan (Bersambung)
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2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL: Bon korporat tidak tersiar harga
Abu Dhabi Commercial Bank-BG matang pada 22/11/2017 1,000,000 1,020,300 1,013,200 8.51%
Special Power Vehicle Berhad matang pada 19/05/2016 625,000 1,004,250 637,963 5.36%
Prominic Berhad matang pada 05/05/2016 500,000 503,100 500,495 4.20%
Encorp Systembilt Sdn Bhd matang pada 16/11/2018 1,300,000 1,292,720 1,304,641 10.96%
Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 1,300,000 1,335,880 1,350,271 11.34%
Prominic Berhad matang pada 05/05/2016 400,000 408,800 400,396 3.36%
RHB Bank Berhad Hibrid Tahap 1 matang pada 29/03/2019 1,300,000 1,550,900 1,402,323 11.78%
Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd matang pada 02/12/2026 400,000 389,800 386,580 3.25%
Sime Darby Berhad matang pada 24/03/2026 1,500,000 1,500,000 1,499,970 12.60%
Tanjung Bin Energy Issuer Berhad matang pada 15/09/2013 900,000 984,150 978,111 8.22%
9,989,900 9,473,950 79.58%
unit tidak tersiar harga dan dana amanah hartanah
Dana AmBond 846,757 934,253 1,001,629 8.41%
Dana AmDynamic Bond 230,111 137,820 149,826 1.26%
1,072,074 1,151,455 9.67%
Jumlah pelaburan pada fVTPL 11,061,974 10,625,405 89.26%
Purata wajaran kadar faedah efektif tahunan adalah seperti berikut:
2016 2015 % %
Bon korporat tidak tersiar harga – terjamin 4.98% 4.98%
Bon korporat tidak tersiar harga – tidak terjamin 5.12% 4.83%
Deposit dengan institusi kewangan berlesen –% 3.70%
(ii) Dana AmMetLife Bond (Bersambung)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
228
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016 2015 rM rM
Sekuriti ekuiti tersiar harga 12,527,990 14,322,553
Bon korporat tidak tersiar harga 4,572,994 5,785,797
Deposit dengan institusi kewangan berlesen – 1,773,000 17,100,984 21,881,350
fVTPL:
Sekuriti ekuiti tersiar harga
Kos 11,571,741 13,019,179
Keuntungan tidak terealisasi bersih 956,249 1,303,374
Nilai saksama 12,527,990 14,322,553
Bon korporat tidak tersiar harga
Kos 5,177,165 6,177,165
Kerugian tidak terealisasi bersih (604,171) (391,368)
Nilai saksama 4,572,994 5,785,797
Jumlah pelaburan pada fVTPL 17,100,984 20,108,350
LAr:
Deposit dengan institusi kewangan berlesen – 1,773,000
Jumlah pelaburan 17,100,984 21,881,350
3. Pelaburan (Bersambung)
(iii) Dana AmMetLife Balanced
nota-nota kepada Maklumat Kewangan (Bersambung)
229
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL:
Sekuriti ekuiti tersiar harga
Pembinaan
Gamuda Berhad 61,200 302,592 301,104 1.35%
Gamuda Berhad – Waran 10,200 2,550 11,220 0.05%
IJM Corporation Berhad 68,000 230,168 240,040 1.08%
Ikhmas Jaya Group Berhad 531,200 313,980 377,152 1.70%
YTL Corporation Berhad 114,900 186,262 188,436 0.85%
Kewangan
Bursa Malaysia Berhad 38,900 335,846 346,210 1.56%
CIMB Group Holdings Berhad 146,600 671,574 711,010 3.20%
Malayan Banking Berhad 127,874 1,155,062 1,153,424 5.19%
Public Bank Berhad 61,800 1,132,571 1,160,604 5.22%
Produk Perindustrian
Kossan Rubber Industries Berhad 33,800 234,330 204,490 0.92%
Petronas Chemicals Group Berhad 34,100 204,187 228,811 1.03%
Petronas Gas Berhad 17,900 394,591 393,800 1.77%
SKP Resources Berhad 421,200 325,973 543,348 2.44%
Top Glove Corporation Berhad 39,600 225,887 198,792 0.89%
V.S Industry Berhad 273,300 301,148 327,960 1.47%
V.S Industry Berhad – Waran 13,800 – 4,416 0.02%
Syarikat Projek Infrastruktur
Digi.Com Berhad 36,200 178,812 178,828 0.80%
Perladangan
Genting Plantation Berhad 15,400 155,298 172,480 0.78%
Kuala Lumpur Kepong Berhad 16,200 373,056 388,800 1.75%
Teknologi
Inari Amertron Berhad 68,200 198,368 219,604 0.99%
Prestariang Berhad 115,300 312,084 340,135 1.53%
(iii) Dana AmMetLife Balanced (Bersambung)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
230
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL: (Bersambung)
Sekuriti ekuiti tersiar harga (Bersambung)
Perdagangan & Perkhidmatan
AirAsia Berhad 169,700 229,908 310,551 1.40%
Axiata Group Berhad 38,000 265,085 223,820 1.01%
Berjaya Auto Berhad 102,000 214,566 221,340 1.00%
Dialog Group Berhad 97,000 159,127 155,200 0.70%
Genting Berhad 23,600 188,303 231,280 1.04%
Genting Malaysia Berhad 77,200 321,459 350,488 1.58%
IHH Healthcare Berhad 33,300 183,195 218,448 0.98%
Malaysia Airports Holdings Berhad 29,500 162,095 200,600 0.90%
Maxis Berhad 26,600 175,389 168,910 0.76%
MISC Berhad 33,200 261,699 295,480 1.33%
Only World Group Holdings Berhad 57,960 109,053 139,104 0.63%
Sapurakencana Petroleum Berhad 81,400 166,015 151,404 0.68%
Scicom (MSC) Berhad 29,000 46,209 69,310 0.31%
Sime Darby Berhad 56,900 460,385 452,355 2.03%
Telekom Malaysia Berhad 49,100 303,385 324,060 1.46%
Tenaga Nasional Berhad 88,000 988,676 1,226,720 5.52%
Uzma Berhad 55,200 102,852 98,256 0.44%
11,571,741 12,527,990 56.32%
3. Pelaburan (Bersambung)
(iii) Dana AmMetLife Balanced (Bersambung)
nota-nota kepada Maklumat Kewangan (Bersambung)
231
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL: (Bersambung)
Bon korporat tidak tersiar harga
Abu Dhabi Commercial Bank-BG matang pada 22/11/2017 1,000,000 1,020,300 1,013,200 4.56%
Special Power Vehicle Berhad matang pada 19/05/2016 1,062,500 1,707,225 1,084,536 4.88%
Encorp Systembilt Sdn Bhd matang pada 16/11/2018 500,000 497,200 501,785 2.26%
Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 1,900,000 1,952,440 1,973,473 8.87%
5,177,165 4,572,994 20.56%
Jumlah pelaburan pada fVTPL 16,748,906 17,100,984 76.88%
2016 2015 % %
Bon korporat tidak tersiar harga – terjamin 4.98% 4.98%
Bon korporat tidak tersiar harga – tidak terjamin 5.70% 5.61%
Deposit dengan institusi kewangan berlesen –% 3.70%
Purata wajaran kadar faedah efektif tahunan adalah seperti berikut:
(iii) Dana AmMetLife Balanced (Bersambung)
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016 2015 rM rM
Sekuriti ekuiti tersiar harga 8,713,033 11,654,493
Bon korporat tidak tersiar harga 2,321,151 2,393,377
Unit tidak tersiar harga dan dana amanah hartanah 613,899 593,485
Deposit dengan institusi kewangan berlesen – 2,908,000 11,648,083 17,549,355
fVTPL:
Sekuriti ekuiti tersiar harga
Kos 7,878,310 10,072,437
Keuntungan tidak terealisasi bersih 834,723 1,582,056
Nilai saksama 8,713,033 11,654,493
Bon korporat tidak tersiar harga
Kos 2,521,790 2,521,790
Kerugian tidak terealisasi bersih (200,639) (128,413)
Nilai saksama 2,321,151 2,393,377
unit tidak tersiar harga dan dana amanah hartanah
Kos 588,637 559,532
Keuntungan tidak terealisasi bersih 25,262 33,953
Nilai saksama 613,899 593,485
Jumlah pelaburan pada fVTPL 11,648,083 14,641,355
LAr:
Deposit dengan institusi kewangan berlesen - 2,908,000
Jumlah pelaburan 11,648,083 17,549,355
3. Pelaburan (Bersambung)
(iv) AmMetLife Dana Teguh
nota-nota kepada Maklumat Kewangan (Bersambung)
233
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL:
Sekuriti ekuiti tersiar harga
Pembinaan
Gamuda Berhad 72,100 359,541 354,732 1.83%
Gamuda Berhad – Waran 12,016 3,004 13,218 0.07%
IJM Corporation Berhad 75,400 218,810 266,162 1.37%
Ikhmas Jaya Group Berhad 606,500 358,813 430,615 2.22%
Produk Perindustrian
Kossan Rubber Industries Berhad 29,700 206,199 179,685 0.93%
Petronas Chemicals Group Berhad 24,400 142,111 163,724 0.85%
Petronas Gas Berhad 19,000 423,929 418,000 2.16%
SKP Resources Berhad 378,500 295,097 488,265 2.52%
Top Glove Corporation Berhad 34,800 198,529 174,696 0.90%
V.S Industry Berhad 238,200 230,951 285,840 1.48%
V.S Industry Berhad – Waran 30,075 – 9,624 0.05%
Syarikat Projek Infrastruktur
Digi.Com Berhad 38,900 199,075 192,166 0.99%
Perladangan
Genting Plantation Berhad 26,700 268,777 299,040 1.54%
Kuala Lumpur Kepong Berhad 16,200 368,001 388,800 2.01%
Teknologi
Inari Amertron Berhad 92,475 273,278 297,770 1.54%
Prestariang Berhad 100,800 266,167 297,360 1.54%
(iv) AmMetLife Dana Teguh (Bersambung)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
234
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL: (Bersambung)
Sekuriti ekuiti tersiar harga (Bersambung)
Perdagangan & Perkhidmatan
Axiata Group Berhad 33,400 231,713 196,726 1.02%
Berjaya Auto Berhad 138,500 316,971 300,545 1.55%
Dialog Group Berhad 243,258 291,644 389,213 2.01%
IHH Healthcare Berhad 45,300 226,612 297,168 1.53%
Maxis Berhad 34,600 236,602 219,710 1.13%
MISC Berhad 22,000 182,992 195,800 1.01%
Sapurakencana Petroleum Berhad 72,100 146,950 134,106 0.69%
Scicom (MSC) Berhad 54,900 87,167 131,211 0.68%
Sime Darby Berhad 62,000 501,412 492,900 2.54%
Telekom Malaysia Berhad 77,400 480,344 510,840 2.64%
Tenaga Nasional Berhad 88,100 979,942 1,228,114 6.34%
Uzma Berhad 117,500 236,172 209,150 1.08%
Westports Holdings Berhad 35,800 147,506 147,854 0.76%
7,878,310 8,713,033 44.98%
3. Pelaburan (Bersambung)
(iv) AmMetLife Dana Teguh
nota-nota kepada Maklumat Kewangan (Bersambung)
235
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL: (Bersambung)
Bon korporat tidak tersiar harga
Special Power Vehicle Berhad matang pada 19/05/2016 375,000 602,550 382,778 1.98%
Encorp Systembilt Sdn Bhd matang pada 16/11/2018 1,000,000 994,400 1,003,570 5.18%
Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 900,000 924,840 934,803 4.83%
2,521,790 2,321,151 11.98%
unit tidak tersiar harga dan dana amanah hartanah
Dana AmBon Islam 501,511 588,637 613,899 3.17%
Jumlah pelaburan pada fVTPL 10,988,737 11,648,083 60.13%
(iv) AmMetLife Dana Teguh (Bersambung)
2016 2015 % %
Bon korporat tidak tersiar harga – tidak terjamin 5.30% 5.32%
Deposit dengan institusi kewangan berlesen –% 3.30%
Purata wajaran kadar faedah efektif tahunan adalah seperti berikut:
236
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016 2015 rM rM
Unit tidak tersiar harga dan dana amanah hartanah 3,642,122 3,988,807
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
Kos 3,086,392 3,176,209
Keuntungan tidak terealisasi bersih 555,730 812,598
Nilai saksama 3,642,122 3,988,807
Jumlah pelaburan pada fVTPL 3,642,122 3,988,807
Jumlah pelaburan 3,642,122 3,988,807
3. Pelaburan (Bersambung)
(v) Dana AmMetLife AmOasis Islamic equity
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
AmOasis Global Islamic Equity 3,165,686 3,086,392 3,642,122 92.38%
Jumlah pelaburan pada fVTPL 3,086,392 3,642,122 92.38%
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
nota-nota kepada Maklumat Kewangan (Bersambung)
237
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016 2015 rM rM
Unit tidak tersiar harga dan dana amanah hartanah 864,835 672,241
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
Kos 763,252 590,348
Keuntungan tidak terealisasi bersih 101,583 81,893
Nilai saksama 864,835 672,241
Jumlah pelaburan pada fVTPL 864,835 672,241
Jumlah pelaburan 864,835 672,241
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
AmAsia Pacific REITS 1,226,021 763,252 864,835 93.87%
Jumlah pelaburan pada fVTPL 763,252 864,835 93.87%
(vi) Dana AmMetLife Asia Pacific reITS
238
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
3. Pelaburan (Bersambung)
(vii) Dana AmMetLife Global emerging Market
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
AmCash Management 92,904 92,904 92,904 10.04%
AmGlobal Emerging Market Opportunities 745,382 746,817 771,173 83.34%
839,721 864,077 93.38%
Jumlah pelaburan pada fVTPL 839,721 864,077 93.38%
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
2016 2015 rM rM
Unit tidak tersiar harga dan dana amanah hartanah 864,077 885,544
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
Kos 839,721 802,843
Keuntungan tidak terealisasi bersih 24,356 82,701
Nilai saksama 864,077 885,544
Jumlah pelaburan pada fVTPL 864,077 885,544
Jumlah pelaburan 864,077 885,544
nota-nota kepada Maklumat Kewangan (Bersambung)
239
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016 2015 rM rM
Unit tidak tersiar harga dan dana amanah hartanah 501,385 421,026
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
Kos 468,312 410,025
Keuntungan tidak terealisasi bersih 33,073 11,001
Nilai saksama 501,385 421,026
Jumlah pelaburan pada fVTPL 501,385 421,026
Jumlah pelaburan 501,385 421,026
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
AmTactical Bond 484,430 468,312 501,385 91.97%
Jumlah pelaburan pada fVTPL 468,312 501,385 91.97%
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
(viii) Dana AmMetLife Tactical Bond
240
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016 2015 rM rM
Unit tidak tersiar harga dan dana amanah hartanah 3,094,720 2,821,867
Deposit dengan institusi kewangan berlesen – 713,535 3,094,720 3,535,402
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
Kos 6,585,985 6,572,330
Kerugian tidak terealisasi bersih (3,491,265) (3,750,463)
Nilai saksama 3,094,720 2,821,867
Jumlah pelaburan pada fVTPL 3,094,720 2,821,867
LAr:
Deposit dengan institusi kewangan berlesen – 713,535
Jumlah pelaburan 3,094,720 3,535,402
3. Pelaburan (Bersambung)
(ix) Dana AmMetLife Precious Metals
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
AmPrecious Metals 8,111,980 6,585,985 3,094,720 81.02%
Jumlah pelaburan pada fVTPL 6,585,985 3,094,720 81.02%
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
2016 2015 % %
Deposit dengan institusi kewangan berlesen –% 3.40%
Purata wajaran kadar faedah efektif tahunan adalah seperti berikut:
nota-nota kepada Maklumat Kewangan (Bersambung)
241
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016 2015 rM rM
Unit tidak tersiar harga dan dana amanah hartanah 1,897,834 1,929,471
Deposit dengan institusi kewangan berlesen 146,226 205,535 2,044,060 2,135,006
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
Kos 1,793,742 1,557,441
Keuntungan tidak terealisasi bersih 104,092 372,030
Nilai saksama 1,897,834 1,929,471
Jumlah pelaburan pada fVTPL 1,897,834 1,929,471
LAr:
Deposit dengan institusi kewangan berlesen 146,226 205,535
Jumlah pelaburan 2,044,060 2,135,006
(x) Dana AmMetLife Global Agribusiness
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL:
unit tidak tersiar harga dan dana amanah hartanah
AmGlobal Agribusiness 1,968,912 1,793,742 1,897,834 93.68%
Jumlah pelaburan pada fVTPL 1,793,742 1,897,834 93.68%
2016 2015 % %
Deposit dengan institusi kewangan berlesen 3.40% 3.40%
Purata wajaran kadar faedah efektif tahunan adalah seperti berikut:
242
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
12 Oktober 2015 31 Mac 2015 rM rM
Produk struktur – 4,934,688
Unit tidak tersiar harga dan dana amanah hartanah – 57,248 – 4,991,936
fVTPL:
Produk berstruktur
Kos – 4,715,094
Keuntungan tidak terealisasi bersih – 219,594
Nilai saksama – 4,934,688
unit tidak tersiar harga dan dana amanah hartanah
Kos/Nilai saksama – 57,248
Jumlah pelaburan pada fVTPL – 4,991,936
Jumlah pelaburan – 4,991,936
3. Pelaburan (Bersambung)
(xi) Dana AmMetLife commodity Stable capital Guaranteed
2016 2015 rM rM
Sekuriti ekuiti tersiar harga 12,823,073 11,550,834
fVTPL:
Sekuriti ekuiti tersiar harga
Kos 11,976,855 10,296,683
Keuntungan tidak terealisasi bersih 846,218 1,254,151
Nilai saksama 12,823,073 11,550,834
Jumlah pelaburan pada fVTPL 12,823,073 11,550,834
Jumlah pelaburan 12,823,073 11,550,834
(xii) Dana AmMetLife Dividend
nota-nota kepada Maklumat Kewangan (Bersambung)
243
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL:
Sekuriti ekuiti tersiar harga
Pembinaan
Gamuda Berhad 48,900 241,372 240,588 1.71%
Gamuda Berhad – Waran 8,150 2,038 8,965 0.06%
Ikhmas Jaya Group Berhad 431,300 257,233 306,223 2.17%
YTL Corporation Berhad 128,600 213,141 210,904 1.50%
Kewangan
Bursa Malaysia Berhad 40,600 351,308 361,340 2.57%
CIMB Group Holdings Berhad 152,300 695,768 738,655 5.24%
Malayan Banking Berhad 134,944 1,232,831 1,217,195 8.64%
Public Bank Berhad 68,100 1,236,117 1,278,918 9.08%
Produk Perindustrian
Kossan Rubber Industries Berhad 31,900 218,990 192,995 1.37%
Petronas Chemicals Group Berhad 33,400 204,423 224,114 1.59%
Petronas Gas Berhad 21,200 474,544 466,400 3.31%
SKP Resources Berhad 290,200 271,624 374,358 2.66%
Top Glove Corporation Berhad 37,000 211,069 185,740 1.32%
V.S Industry Berhad 227,300 237,669 272,760 1.94%
V.S Industry Berhad – Waran 21,400 – 6,848 0.05%
Syarikat Projek Infrastruktur
Digi.Com Berhad 48,800 234,886 241,072 1.71%
Perladangan
Kuala Lumpur Kepong Berhad 16,000 366,168 384,000 2.73%
Teknologi
Inari Amertron Berhad 67,100 195,916 216,062 1.53%
Prestariang Berhad 97,500 264,923 287,625 2.04%
(iv) Dana AmMetLife Dividend (Bersambung)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:
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2016
nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB
fVTPL: (Bersambung)
Sekuriti ekuiti tersiar harga (Bersambung)
Perdagangan & Perkhidmatan
AirAsia Berhad 161,300 218,621 295,179 2.10%
Axiata Group Berhad 48,000 326,480 282,720 2.01%
Berjaya Auto Berhad 164,000 352,064 355,880 2.53%
Genting Berhad 30,100 255,538 294,980 2.09%
Genting Malaysia Berhad 89,600 380,830 406,784 2.89%
IHH Healthcare Berhad 62,100 329,386 407,376 2.89%
Malaysia Airports Holdings Berhad 24,400 134,561 165,920 1.18%
Maxis Berhad 22,300 148,535 141,605 1.01%
MISC Berhad 25,200 195,494 224,280 1.59%
Only World Group Holdings Berhad 84,000 207,310 201,600 1.43%
Sapurakencana Petroleum Berhad 73,800 151,604 137,268 0.97%
Scicom (MSC) Berhad 6,940 11,000 16,587 0.12%
Sime Darby Berhad 88,700 717,248 705,165 5.01%
Telekom Malaysia Berhad 62,200 391,623 410,520 2.91%
Tenaga Nasional Berhad 96,500 1,035,318 1,345,210 9.55%
Westports Holdings Berhad 52,600 211,224 217,238 1.54%
Jumlah pelaburan pada fVTPL 11,976,855 12,823,073 91.05%
(xii) Dana AmMetLife Dividend (Bersambung)
3. Pelaburan (Bersambung)
nota-nota kepada Maklumat Kewangan (Bersambung)
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4. cukai Tertangguh Liabiliti/(aset) cukai tertangguh adalah berkaitan dengan keuntungan/(kerugian) modal tidak terealisasi di atas pelaburan Dana- dana masing-masing.
(i) Dana AmMetLife equity
2016 2015 rM rM
Pada awal tahun 121,447 197,470
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (30,975) (76,023) Pada akhir tahun 90,472 121,447
2016 2015 rM rM
Pada awal tahun (23,014) (13,951)
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (11,912) (9,063) Pada akhir tahun (34,926) (23,014)
(ii) Dana AmMetLife Bond
2016 2015 rM rM
Pada awal tahun 72,960 259,894
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (44,793) (186,934) Pada akhir tahun 28,167 72,960
(iii) Dana AmMetLife Balanced
2016 2015 rM rM
Pada awal tahun 119,007 171,863
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (66,258) (52,856) Pada akhir tahun 52,749 119,007
(iv) AmMetLife Dana Teguh
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2016 2015 rM rM
Pada awal tahun 6,552 329
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 1,575 6,223 Pada akhir tahun 8,127 6,552
(vi) Dana AmMetLife Asia Pacific reITS
2016 2015 rM rM
Pada awal tahun 65,008 30,687
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (20,550) 34,321 Pada akhir tahun 44,458 65,008
2016 2015 rM rM
Pada awal tahun 6,616 1,365
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (4,667) 5,251 Pada akhir tahun 1,949 6,616
(vii) Dana AmMetLife Global emerging Market
2016 2015 rM rM
Pada awal tahun 880 436
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 1,766 444 Pada akhir tahun 2,646 880
(viii) Dana AmMetLife Tactical Bond
4. cukai Tertangguh (Bersambung)
(v) Dana AmMetLife AmOasis Islamic equity
nota-nota kepada Maklumat Kewangan (Bersambung)
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(ix) Dana AmMetLife Precious Metals
2016 2015 rM rM
Pada awal tahun (300,037) (247,919)
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 20,736 (52,118) Pada akhir tahun (279,301) (300,037)
2016 2015 rM rM
Pada awal tahun 29,762 19,578
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (21,435) 10,184 Pada akhir tahun 8,327 29,762
(x) Dana AmMetLife Global Agribusiness
12 Oktober 2015 31 Mac 2015 rM rM
Pada awal tahun 17,568 3,606
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (17,568) 13,962 Pada akhir tahun – 17,568
(xi) Dana AmMetLife commodity Stable capital Guaranteed
2016 2015 rM rM
Pada awal tahun 100,331 52,361
Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (32,634) 47,970 Pada akhir tahun 67,697 100,331
(xii) Dana AmMetLife Dividend
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5. Modal Para Pemegang unit
(i) Dana AmMetLife equity
(ii) Dana AmMetLife Bond
2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 3,327,781 8,011,603 5,981,485 9,690,938
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (2,469,998) (7,178,387) (1,318,352) (5,071,593)
857,783 833,216 4,663,133 4,619,345 Modal para pemegang unit dibawa ke hadapan 19,295,796 19,346,218 14,632,663 14,543,771
Lebihan pendapatan daripada perbelanjaan selepas cukai – 166,706 – 183,102
20,153,579 20,346,140 19,295,796 19,346,218
Nilai aset bersih seunit pada 31 Mac 1.0096 1.0026
2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 2,318,848 3,472,695 1,746,235 3,249,568
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (3,390,397) (4,337,483) (7,807,721) (8,004,383)
(1,071,549) (864,788) (6,061,486) (4,754,815) Modal para pemegang unit dibawa ke hadapan 15,532,298 12,414,162 21,593,784 16,713,448
Lebihan pendapatan daripada perbelanjaan selepas cukai – 354,961 – 455,529
14,460,749 11,904,335 15,532,298 12,414,162
Nilai aset bersih seunit pada 31 Mac 0.8232 0.7992
nota-nota kepada Maklumat Kewangan (Bersambung)
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Bagi Tahun Kewangan Berakhir 31 Mac 2016
2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 2,810,644 6,566,211 3,563,363 8,387,650
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (2,781,684) (6,532,341) (5,665,595) (10,431,450)
28,960 33,870 (2,102,232) (2,043,800) Modal para pemegang unit dibawa ke hadapan 22,572,456 21,919,363 24,674,688 24,157,637
Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai – 290,069 – (194,474)
22,601,416 22,243,302 22,572,456 21,919,363
Nilai aset bersih seunit pada 31 Mac 0.9842 0.9711
(iii) Dana AmMetLife Balanced
2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 2,816,413 5,567,588 6,808,452 9,613,259
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,838,739) (4,525,285) (1,999,098) (4,695,371)
977,674 1,042,303 4,809,354 4,917,888 Modal para pemegang unit dibawa ke hadapan 16,910,096 17,953,218 12,100,742 12,176,875
Lebihan pendapatan daripada perbelanjaan selepas cukai – 374,483 – 858,455
17,887,770 19,370,004 16,910,096 17,953,218
Nilai aset bersih seunit pada 31 Mac 1.0829 1.0617
(iv) AmMetLife Dana Teguh
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2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 741,555 712,024 411,104 376,276
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (420,292) (527,565) (382,433) (363,095)
321,263 184,459 28,671 13,181 Modal para pemegang unit dibawa ke hadapan 1,213,613 685,731 1,184,942 580,944
Lebihan pendapatan daripada perbelanjaan selepas cukai – 51,100 – 91,606
1,534,876 921,290 1,213,613 685,731
Nilai aset bersih seunit pada 31 Mac 0.6002 0.5650
(vi) Dana AmMetLife Asia Pacific reITS
2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 1,001,694 983,849 668,947 741,116
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,301,666) (1,166,295) (1,973,723) (1,424,605)
(299,972) (182,446) (1,304,776) (683,489) Modal para pemegang unit dibawa ke hadapan 7,236,273 4,286,395 8,541,049 4,513,925
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai – (161,320) – 455,959
6,936,301 3,942,629 7,236,273 4,286,395
Nilai aset bersih seunit pada 31 Mac 0.5684 0.5923
5. Modal Para Pemegang unit (Bersambung)
(v) Dana AmMetLife AmOasis Islamic equity
nota-nota kepada Maklumat Kewangan (Bersambung)
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(vii) Dana AmMetLife Global emerging Market
2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 200,337 136,798 1,190,620 129,571
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (153,953) (113,493) (1,157,114) (114,983)
46,384 23,305 33,506 14,588 Modal para pemegang unit dibawa ke hadapan 1,753,586 953,246 1,720,080 883,932
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai – (51,216) – 54,726
1,799,970 925,335 1,753,586 953,246
Nilai aset bersih seunit pada 31 Mac 0.5141 0.5436
2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 275,995 294,449 282,711 222,547
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (179,689) (242,703) (378,158) (269,500)
96,306 51,746 (95,447) (46,953) Modal para pemegang unit dibawa ke hadapan 899,484 463,478 994,931 491,182
Lebihan pendapatan daripada perbelanjaan selepas cukai – 29,917 – 19,249
995,790 545,141 899,484 463,478
Nilai aset bersih seunit pada 31 Mac 0.5474 0.5153
(viii) Dana AmMetLife Tactical Bond
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2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 2,288,349 806,682 4,688,605 1,366,592
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (3,502,173) (1,057,094) (2,759,111) (861,183)
(1,213,824) (250,412) 1,929,494 505,409 Modal para pemegang unit dibawa ke hadapan 15,890,719 3,826,810 13,961,225 3,930,030
Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai – 243,337 – (608,629)
14,676,895 3,819,735 15,890,719 3,826,810
Nilai aset bersih seunit pada 31 Mac 0.2603 0.2408
2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 440,894 514,899 1,483,710 541,111
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (195,979) (358,979) (1,273,374) (406,861)
244,915 155,920 210,336 134,250 Modal para pemegang unit dibawa ke hadapan 3,230,882 2,115,274 3,020,546 1,869,293
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai – (245,261) – 111,731
3,475,797 2,025,933 3,230,882 2,115,274
Nilai aset bersih seunit pada 31 Mac 0.5829 0.6547
(x) Dana AmMetLife Global Agribusiness
5. Modal Para Pemegang unit (Bersambung)
(ix) Dana AmMetLife Precious Metals
nota-nota kepada Maklumat Kewangan (Bersambung)
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12 Oktober 2015 31 Mac 2015
Jumlah Jumlah unit rM unit rM
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tempoh/tahun tersebut – – (9,500) (4,214)
– – (9,500) (4,214) Modal para pemegang unit dibawa ke hadapan 8,426,071 4,298,185 8,435,571 4,168,793
Lebihan pendapatan daripada perbelanjaan selepas cukai – 83,774 – 133,606
8,426,071 4,381,959 8,426,071 4,298,185
Nilai aset bersih seunit pada 12 Oktober/31 Mac 0.5200 0.5101
2016 2015
Jumlah Jumlah unit rM unit rM
Amaun diterima bagi penerbitan semasa tahun tersebut 3,746,406 3,177,171 4,882,311 3,505,334
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,804,394) (1,833,499) (1,743,279) (1,459,199)
1,942,013 1,343,672 3,139,032 2,046,135 Modal para pemegang unit dibawa ke hadapan 18,168,967 12,659,252 15,029,935 9,444,021
Lebihan pendapatan daripada perbelanjaan selepas cukai – 81,198 – 1,169,096
20,110,980 14,084,122 18,168,967 12,659,252
Nilai aset bersih seunit pada 31 Mac 0.7003 0.6968
(xii) Dana AmMetLife Dividend
(xi) Dana AmMetLife commodity Stable capital Guaranteed
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6. Pendapatan faedah
Dana AmMetLife equity Dana AmMetLife Bond
2016 2015 2016 2015 rM rM rM rM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 45,697 62,640 43,974 81,141
Bon korporat – – 622,173 674,015
45,697 62,640 666,147 755,156
Dana AmMetLife Balanced AmMetLife Dana Teguh
2016 2015 2016 2015 rM rM rM rM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 88,221 57,261 131,233 72,550
Bon korporat 461,223 464,355 178,229 177,663
549,444 521,616 309,462 250,213
Dana AmMetLife Dana AmMetLife AmOasis Islamic equity Asia Pacific reITS
2016 2015 2016 2015 rM rM rM rM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 10,007 10,143 2,341 1,852
Dana AmMetLife Dana AmMetLife Global emerging Market Tactical Bond
2016 2015 2016 2015 rM rM rM rM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 2,181 2,269 1,245 1,509
nota-nota kepada Maklumat Kewangan (Bersambung)
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness
2016 2015 2016 2015 rM rM rM rM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 22,627 14,090 7,442 6,663
Dana AmMetLife commodity Stable Dana AmMetLife capital Guaranteed Dividend
1 April 2015 hingga 1 April 2014 hingga 12 Oktober 2015 31 Mac 2015 2016 2015 rM rM rM rM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 551 387 32,850 41,061
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7. Pendapatan Dividen
Dana AmMetLife equity Dana AmMetLife Bond
2016 2015 2016 2015 rM rM rM rM
Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia 520,530 426,217 – –
Unit tidak tersiar harga dan dana amanah hartanah di Malaysia – – 50,325 13,372
520,530 426,217 50,325 13,372
Dana AmMetLife Balanced AmMetLife Dana Teguh
2016 2015 2016 2015 rM rM rM rM
Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia 404,702 417,103 336,361 233,305
Unit tersiar harga dan dana amanah hartanah di Malaysia – 7,800 – –
Unit tidak tersiar harga dan dana amanah hartanah di Malaysia – – 29,105 7,079
404,702 424,903 365,466 240,384
Dana AmMetLife Dana AmMetLife Asia Pacific reITS Global emerging Market
2016 2015 2016 2015 rM rM rM rM
Dividen kasar daripada: Unit tidak tersiar harga dan dana amanah hartanah di Malaysia 32,497 26,213 2,544 2,307
nota-nota kepada Maklumat Kewangan (Bersambung)
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AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Dana AmMetLife commodity Tactical Bond Stable capital Guaranteed
1 April 2015 hingga 1 April 2014 hingga 2016 2015 12 Oktober 2015 31 Mac 2015 rM rM rM rM
Dividen kasar daripada: Unit tidak tersiar harga dan dana amanah hartanah di Malaysia 17,117 24,792 1,029 2,223
Dana AmMetLife Dividend
2016 2015 rM rM
Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia 374,947 368,142
Unit tersiar harga dan dana amanah hartanah di Malaysia – 7,410
374,947 375,552
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8. cukai
Dana AmMetLife equity Dana AmMetLife Bond
2016 2015 2016 2015 rM rM rM rM
Cukai pendapatan Malaysia: Peruntukan tahun semasa 24,751 77,024 54,192 63,020
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (30,975) (76,023) (11,912) (9,063)
Perbelanjaan cukai bagi tahun tersebut (6,224) 1,001 42,280 53,957
Dana AmMetLife Balanced AmMetLife Dana Teguh
2016 2015 2016 2015 rM rM rM rM
Cukai pendapatan Malaysia: Peruntukan tahun semasa 59,631 159,928 88,139 123,761
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (44,793) (186,934) (66,258) (52,856)
Perbelanjaan cukai bagi tahun tersebut 14,838 (27,006) 21,881 70,905
Dana AmMetLife Dana AmMetLife AmOasis Islamic equity Asia Pacific reITS
2016 2015 2016 2015 rM rM rM rM
Cukai pendapatan Malaysia: Peruntukan tahun semasa 6,528 6,362 884 315
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (20,550) 34,321 1,575 6,223
Perbelanjaan cukai bagi tahun tersebut (14,022) 40,683 2,459 6,538
nota-nota kepada Maklumat Kewangan (Bersambung)
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Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Global Dana AmMetLife emerging Market Tactical Bond
2016 2015 2016 2015 rM rM rM rM
Cukai pendapatan Malaysia: Peruntukan tahun semasa 642 181 134 (118)
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (4,667) 5,251 1,766 444
Perbelanjaan cukai bagi tahun tersebut (4,025) 5,432 1,900 326
Dana AmMetLife commodity Dana AmMetLife Stable capital Guaranteed Dividend
1 April 2015 hingga 1 April 2014 hingga 12 Oktober 2015 31 Mac 2015 2016 2015 rM rM rM rM
Cukai pendapatan Malaysia: Peruntukan tempoh/tahun semasa 26,511 31 24,550 35,592
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (17,568) 13,962 (32,634) 47,970
Perbelanjaan cukai bagi tempoh/tahun tersebut 8,943 13,993 (8,084) 83,562
Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness
2016 2015 2016 2015 rM rM rM rM
Cukai pendapatan Malaysia: Peruntukan tahun semasa 1,810 931 595 533
Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) 20,736 (52,118) (21,435) 10,184
Perbelanjaan cukai bagi tahun tersebut 22,546 (51,187) (20,840) 10,717
Caj cukai ke atas Dana-dana adalah berkaitan dengan pendapatan pelaburan yang diterima dan keuntungan di atas pelupusan pelaburan semasa tahun/tempoh tersebut, pada kadar cukai keutamaan 8% (2015: 8%) menurut kaedah yang telah ditetapkan di bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat.
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Dana AmMetLife equity Dana AmMetLife Bond
2016 2015 2016 2015 rM rM rM rM
Lebihan pendapatan daripada perbelanjaan sebelum cukai 160,482 184,103 397,241 509,486
Cukai pada caj cukai Malaysia sebanyak 8% 12,839 14,728 31,779 40,759
Pendapatan tidak tertakluk kepada cukai (41,642) (34,097) 1,197 2,097
Perbelanjaan tidak boleh potong untuk tujuan cukai 22,579 20,370 9,304 11,101
(6,224) 1,001 42,280 53,957
Dana AmMetLife Balanced AmMetLife Dana Teguh
2016 2015 2016 2015 rM rM rM rM
Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai 304,907 (221,480) 396,364 929,360
Cukai pada caj cukai Malaysia sebanyak 8% 24,393 (17,718) 31,709 74,349
Pendapatan tidak tertakluk dikenakan cukai (32,376) (33,368) (29,237) (19,231)
Perbelanjaan tidak boleh potong untuk tujuan cukai 22,821 24,080 19,409 15,787
14,838 (27,006) 21,881 70,905
Dana AmMetLife Dana AmMetLife AmOasis Islamic equity Asia Pacific reITS
2016 2015 2016 2015 rM rM rM rM
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai (175,342) 496,642 53,559 98,144
Cukai pada caj cukai Malaysia sebanyak 8% (14,027) 39,731 4,285 7,851
Pendapatan tidak tertakluk dikenakan cukai – – (2,600) (2,097)
Perbelanjaan tidak boleh potong untuk tujuan cukai 5 952 774 784
(14,022) 40,683 2,459 6,538
Satu penyesuaian perbelanjaan cukai pendapatan yang dikenakan kepada lebihan/(defisit) pendapatan berbanding daripada perbelanjaan sebelum cukai pada kadar cukai pendapatan yang dikenakan kepada dana-dana berkaitan pelaburan, kepada perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif, adalah seperti berikut:
8. cukai (Bersambung)
nota-nota kepada Maklumat Kewangan (Bersambung)
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Bagi Tahun Kewangan Berakhir 31 Mac 2016
Dana AmMetLife Global Dana AmMetLife emerging Market Tactical Bond
2016 2015 2016 2015 rM rM rM rM
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai (55,241) 60,158 31,817 19,575
Cukai pada caj cukai Malaysia sebanyak 8% (4,419) 4,813 2,545 1,566
Pendapatan tidak tertakluk dikenakan cukai (204) (185) (1,369) (1,983)
Perbelanjaan tidak boleh potong untuk tujuan cukai 598 804 724 743
(4,025) 5,432 1,900 326
Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness
2016 2015 2016 2015 rM rM rM rM
Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai 265,883 (659,816) (266,101) 122,448
Cukai pada caj cukai Malaysia sebanyak 8% 21,271 (52,785) (21,288) 9,796
Perbelanjaan tidak boleh potong untuk tujuan cukai 1,275 1,598 448 921
22,546 (51,187) (20,840) 10,717
Dana AmMetLife commodity Dana AmMetLife Stable capital Guaranteed Dividend
1 April 2015 hingga 1 April 2015 hingga 12 Oktober 2015 31 Mac 2015 2016 2015 rM rM rM rM
Lebihan pendapatan daripada perbelanjaan sebelum cukai 92,717 147,599 73,114 1,252,658
Cukai pada caj cukai Malaysia sebanyak 8% 7,417 11,808 5,849 100,213
Pendapatan tidak tertakluk dikenakan cukai (82) (178) (29,996) (30,044)
Perbelanjaan tidak boleh potong untuk tujuan cukai 1,608 2,363 16,063 13,393
8,943 13,993 (8,084) 83,562
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9. Perbandingan
Maklumat kewangan tempoh semasa bagi Dana AmMetLife Commodity Stable Capital Guaranteed telah disediakan bagi tempoh dari 1 April 2015 hingga 12 Oktober 2015. Oleh itu, Penyata-penyata Pendapatan dan Perbelanjaan dan Penyata-penyata Perubahan di dalam Nilai Aset Bersih tahun semasa serta nota-nota yang berkaitan dengan Dana AmMetLife Commodity Stable Capital Guaran-teed tidak boleh dibandingkan.
nota-nota kepada Maklumat Kewangan (Bersambung)
AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn
Bagi Tahun Kewangan Berakhir 31 Mac 2016
HALAMAN INI SENGAJA DIBIARKAN
KOSONG
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