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AmMetLife Insurance Berhad (15743-P)
A PIDM member
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
AmMetLife Insurance Berhad headquarters located atMenara 1 Sentrum, No.201 Jalan Tun Sambanthan, 50470 Kuala Lumpur.
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Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
Contents
Chairman's Message 05
Corporate Profile 06
Investment-Linked Funds Objective 07
Investment Market Review 11
Investment Outlook 19
Investment Strategy 23
Fund Performance 27
Sectoral and Category Breakdown 39
Comparative Performance Table 51
Summary of Financial Information 59
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 20194
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AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 20194
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 20195
Chairman's Message
We at AmMetLife have a proud history of making and keeping promises. Through our work, we provide financial security for millions of people and invest to support economic growth. It's a noble purpose, one that our employees carry out every day. Thanks to their efforts and dedication, AmMetLife is a trusted partner to individuals and institutions in Malaysia.
Coming off a strong 2018, I am pleased to announce that our investment-linked portfolios for the financial year ended 31 March 2019 recorded strong growth. For this financial year, the total net asset value of our investment-linked funds is RM140 million. This showed a marked increase of 18.9% in year-on-year growth, which is attributed to growth across most funds.
Our best performing investment-linked fund is the AmMetLife Asia Pacific REITS Fund, which outperformed last year’s performance and delivered a return of 15.6%. This was followed by AmMetLife Precious Metals Fund, which posted a one-year performance of 8.6% and AmMetLife Agribusiness Fund which delivered returns of 6.7% during the year.
Our three best performing domestic funds, namely the AmMetLife Bond Fund, AmMetLife Balanced Fund and AmMetLife Dana Teguh delivered two-year performance growth rates of 8.2%, 5.1% and 4.4% respectively. All the domestic funds outperformed their respective benchmarks over the past 3 years (FY17, FY18 & FY19), despite very challenging investment environment.
We take great pride with these financial results, a true testament of our sound investment strategies despite volatility in global markets. We stand committed in helping our customers navigate life with products and services that not only offer them protection but also improve their financial health.
To all our valued policyholders I would like to take this opportunity to thank you for your continued support and we look forward to partnering you in our journey to become the Preferred Life Insurer of Choice for all Malaysians.
Cho Horng FattChairmanAmMetLife Insurance Berhad
We stand committed in helping our customers navigate life with products and services that not only offer them protection but also improve their financial health.
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 20196
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
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 nearly 200 AmBank and
AmMetLife 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 Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 20196
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
Investment-LinkedFunds Objective
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 20198
Investment-Linked Funds Objective
1. AmMetLife Equity Fund
The Fund aims to provide the Policy Owner 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 Policy Owner 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 Policy Owner 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 Policy Owner 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 Policy Owner 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. Global 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.
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 20198
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 20199
8. AmMetLife Global Agribusiness Fund
The Fund seeks to achieve capital appreciation over the long-term horizon through investing mainly in a Target Fund: Global 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: Precious Metals Securities 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.
Investment-Linked Funds Objective (Cont’d)
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019THIS PAGE IS
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Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
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InvestmentMarket Review
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201912
Investment Market ReviewAmMetLife Equity Fund, Balanced Fund, Dana Teguh, Dividend Fund, Bond Fund
Equity Market ReviewDuring the period under review, FTSE Bursa Malaysia KLCI (KLCI) fell 11.8% to close at 1,644 points. KLCI hit a high of 1,895 points on 19 April 2018 and a low of 1,635 points on 18 December 2018. Sector wise, Bursa Malaysia Construction Index was the worst performer, down by 32%, mainly driven by a shift in the new government’s priorities away from mega projects towards fiscal consolidation.
Malaysia’s 14th General Election on 9 May 2018 delivered watershed result where the Pakatan Harapan (PH) coalition won and formed the federal government, unseating the incumbent Barisan Nasional (BN) for the first time in the Malaysian history, ending BN’s 61-year rule, since Malaysia’s independence. The new government introduced various new policies. Markets were further affected by the abolishment of the Goods & Services Tax (GST) and the revealing by the newly appointed Finance Minister, Lim Guan Eng, that Malaysia’s total debt to GDP ratio was 80%, of which approximately RM200 bil or 15% of GDP, was in lease payment debt or classified as Private-Public Projects. The Bursa Malaysia Construction Index suffered the most as the PH government announced its intention to review all mega projects, as part of its fiscal consolidation to manage the high debt to GDP ratio. Prime Minister Mahathir announced the scrapping of the RM110 bil KL-Singapore High Speed Rail (HSR) and the RM45 bil MRT3 project. Concurrently, the corporate results season was disappointing. 1Q 2018 corporate results season showed earnings momentum has slowed to 3% y-o-y from 11% y-o-y in the preceding quarter. It was weaker than Malaysia’s GDP growth of 5.4%. Analysts cut market earnings growth to 5% from 8% for 2018. KLCI plunged almost 10% post the General Election on 9 May before bottoming out on 7 Jun 2018 at 1660 points. Foreigners net sold RM10.5 bil worth of equities in the month of May & June 2018.
In 3Q 2018, investors’ attention turned to the rising US-China trade war as US imposed a 25% tariff on US$34 bil of Chinese exports on 6 July. China retaliated by imposing a similar 25% tariff on US products worth a total of $34 bil. Both sides announced the further potential tariffs. In September, the US-China trade tension escalated as US imposed a 10% tariff on about $200 bil of Chinese goods on 24 September and announced that it will more than double the rate in 2019. China countered immediately
with a 5-10% tariff on US$60 bil of US goods. President Trump threatened to pursue tariffs on $267 bil more if China retaliates, which would mean that virtually all Chinese imports may be subject to tariffs.
In the 2Q 2018 corporate result season, earnings growth was at 5% y-o-y (1Q 2018: 3% y-o-y). Earnings growth for 2018 is revised down slightly to 5% from 6% y-o-y.
In 4Q 18, KLCI started the quarter on a weak note in tandem with the global equity market rout. This was mainly driven by US Treasury 10Y yields surging to 3.23% in early Oct 18, breaking a 37-year trend line. Investors turned bearish as the high interest rates were indicative of a weakening economic outlook. By November, Federal Reserve Chairman Jerome Powell and New York Federal Reserve President John Williams started communicating to the market that the central bank was very close to the range of neutral-rate estimates, a sign that the central bank may cut short its plans to normalize interest rates in the new year. As the result, the US Treasury 10Y yield tumbled 68 bps in about 3 months to a low of 2.55% on 3 January 2019. The arrest of Huawei CFO, Meng Wanzhou, threw doubt onto whether the US-China trade dispute can be resolved, after a promising start with the 90-day truce.
On the domestic front, construction stocks were badly hit as the Government made some major decisions on Mass Rapid Transit 2 (MRT2) project. The Government has accepted an offer from MMC Gamuda, the former project delivery partner (PDP), to complete the above-ground portion of the project as a turnkey contactor for RM17.42 bil, which is equivalent to a reduction of RM5.22 bil or 23% from the original contract sum. In addition, the Government also has terminated MMC-Gamuda as the contractor for the underground (tunneling) portion of MRT2 project with the original contract sum of RM16.71 bil. In the 11th Malaysia Plan (2016-2020) Mid Term Review, Malaysia’s GDP forecast was revised down to 4.5-5.5% from 5.0-6.0%. The Government’s statement indicated the budget deficit to come in at 2.8% for 2018, >3% in 2019 and to normalize to 3% in 2020. KLCI hit the lowest point on 18 December 2018 at 1,635-points.
In 1Q19, global markets turned bullish as the US Federal Reserve signaled a pause in its interest rate hikes “in light of global economic and financial developments and muted
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201912
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201913
inflation pressures”. Markets turned hopeful as President Trump extended the China tariff deadline to raise tariffs on Chinese goods beyond 1 March 2019, citing substantial progress in the latest round of trade talks. By 19 March 2019, the US 10-Year Treasury yield collapsed further to close at 2.41%, causing an inverted yield curve versus the US Treasury 3-Month yield which closed at 2.42%. The markets started pricing in a 25bp cut in the Federal Fund Rate in 2019 and another 25bp rate cut in 2020. The US central bank also announced a schedule for ending balance sheet contraction. As a consequence, the US central bank balance sheet contraction will end at the end of September 2019 at US$3.7tn, or 6.8% below the current level of US$3.97tn. Interest rate came under further pressure following the release of weak February 2019 manufacturing numbers from major economies of the world. European Union’s and Japan’s PMI were particularly weak, dipping below 50, signaling contraction in economic activities in these countries.
Domestically, Malaysia’s 4Q 2018 corporate reporting season continued to disappoint. KLCI earnings growth ended 2018 with -2.5% y-o-y.
Fixed Income Market ReviewThe most significant event of FY2018 came on 9 May 2018 where the Pakatan Harapan coalition had a largely unexpected win in the country’s 14th General Election (GE14) and successfully took over the government from the Barisan Nasional coalition in an orderly and peaceful manner. However, policy uncertainties remained as Pakatan Harapan was in the midst of fulfilling its election manifestos. Malaysia’s country rating may come under pressure if economic growth or fiscal consolidation efforts get compromised.
The surprise win by Pakatan Harapan in the election saw some knee-jerk reaction in the govvies market with the 10y MGS moving 10 bps higher at 4.25%. However, these knee-jerk reactions did not last long as the strong support from the local institutional/pension funds brought the govvies levels down, ending the post-election period almost unchanged against the pre-election yields.
The weakening of MYR against the USD also weighs on the market due to fears of more foreign outflows. Nevertheless, the bond market was well supported by local institutions and pension funds as current yields remained attractive to long term investors.
Full year headline inflation for FY2018 was reported at 1.0% (2017: 3.9%) and was expected to remain subdued but moderately higher in 2019 at 2.0%. Core inflation for December 2018 also remained subdued at 0.4% YoY (Nov 2018: 0.5% YoY).
Malaysia’s 4Q2018 GDP rose 4.7% y-o-y (3Q2018: 4.4% y-o-y) beating consensus expectation of 4.5%. For the full year, 2018 GDP was announced at 4.7%.
In terms of foreign holdings, a total bond outflow of RM21.9 bil was experienced in FY 2018. Foreign players were exiting Malaysian debt market after the surprise outcome in GE14. The perceived lack of experience of the new administration coupled with the lack of clarity in terms of government policies going forward led to the outflows.
At the start of FY2019, as widely expected, the U.S Federal Reserve maintained the federal funds rate at 2.25%-2.50%, whilst its communication indicated that it might hold back on its earlier plan to raise rates in FY2019 due to increasing economic uncertainty. Treasuries traded mostly sideways in January 2019 with the 10 year UST closing at 2.63% vs. 2.66% at the start of the month. Concerns over a slowdown in China and Europe, ongoing trade tensions and the continuing threat of another U.S. government shutdown kept Treasury yields from rising sharply.
On the back of the slowing economic growth scenario, the domestic bond market experienced a strong rally in the Malaysian government bond space. Domestic sentiment was also shored up by external headwinds which caused Bank Negara Malaysia to lean towards a more dovish stance, as evidenced in their statements from their Monetary Policy Meetings. A scarcity of corporate bond primary market supply against ample domestic liquidity caused the yields of bonds to remain low.
- by AmFunds Management Berhad
Investment Market Review (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201914
Investment Market Review (Cont’d)
AmMetLife Oasis Islamic Equity Fund Feeder FundAmOasis Global Islamic Equity FundTarget FundOasis Crescent Global Equity Fund
Market ReviewThe global economy continues to be buffeted by trade tensions even though the financial markets have rallied in early 2019. Global prospects are being influenced by both trade and policy uncertainty. Policy traction in China is key for stabilizing growth in both the region and for the global economy through the value chain and confidence channel. China has been a drag on global growth since early 2018, which has impacted on Europe and Emerging Markets (EMs) as a result of China’s growth slowdown. But the tide looks to be turning with Beijing easing fiscal and monetary policies. Chinese economic data was firmer, after a weak start to the year. The March manufacturing Purchasing Managers’ Index (PMI) edged up to a higher-than-expected 50.5 in March, from 49.2 in February, while the PMI returned to expansionary territory after contracting for the 3rd consecutive month. Based on IMF data, China has accounted for approximately one-third of global growth since 2011 and a turnaround in China is likely to lift growth globally.
Global equity markets rebounded strongly in the first quarter of 2019 as investor sentiment improved due to signs of progress being made by US and China on the Trade deal, followed by the dovish stance taken by the Fed on interest rates. The recovery was broad based with the MSCI World and Emerging Markets indices gaining 13% and 10% respectively in the quarter. With a performance of 13.07% in the first three months of 2019, the S&P 500 has almost fully recovered the 13.97% loss it suffered in the fourth quarter of 2018.
On a sectoral basis, the strongest performers were Technology, Energy, Industrials and Materials. Commodity markets remain strong buoyed by tighter supply in minerals such as Iron ore and Palladium and improving demand, underpinned by stimulus measures in China. European markets benefited from the global markets rally but remain volatile due to the subdued economic performance and political uncertainty in UK and France. In contrast to the strong run in market, earnings growth rates have softened on macro concerns, and this has driven valuation metrics above long term average.
- Source: Oasis Crescent Global Equity- by AmFunds Management Berhad
AmMetLife Global Emerging Market FundFeeder FundGlobal Emerging Market Opportunities FundTarget FundSchroders ISF Global Emerging Market Opportunities Fund
Market ReviewEmerging markets (EM) equities recorded a negative return over the twelve months ending March 2019. US dollar strength, as the Federal Reserve (Fed) continued to normalise monetary policy, was a headwind for much of the period. Escalation in US-China trade tensions and concerns over the outlook for global growth also served to increase risk aversion. EM equities recovered somewhat in the last few months of the period, as US-China trade negotiations appeared to be progressing and as the Fed shifted policy, delaying further interest rate tightening until 2020. The MSCI EM Index decreased in value and underperformed the MSCI World Index.
Those markets most exposed to global liquidity tightening came under the greatest pressure. Turkey was the weakest index country. With inflation above target and continuing to rise, currency weakness forced the central bank into emergency interest rate rises. Early presidential elections, won by incumbent President Erdogan and a coalition led by his Law and Justice Party, added to uncertainty. Meanwhile the government continued to respond to the country’s economic problems with unconventional policy measures. The challenging external environment was also a headwind to South Africa. The market posted a negative return, amplified by currency weakness. Despite the optimism stemming from the appointment of Cyril Ramaphosa as president, economic growth was weaker than expected and the economy slipped into technical recession in Q2. Although it later exited recession, activity remained subdued. Greece also underperformed amid wider Eurozone concerns triggered by Italian political uncertainty.
South Korea underperformed as macroeconomic data deteriorated, and ongoing global trade concerns were compounded by disappointing corporate earnings results. Mexico also lagged amid rising domestic policy uncertainty under incoming president Andrés Manuel López Obrador, who was inaugurated in December.
By contrast, Qatar was the strongest index market. Despite the blockade by regional countries, the market rallied sharply, amid ongoing government support. India also posted a positive return. The economy is less open than other EM and
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201914
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201915
was less impacted by global trade concerns. Meanwhile, opinion polls indicated pick up in support for Prime Minister Modi’s Bharatiya Janata Party, ahead of elections in April-May. Elsewhere, Russia and Colombia registered solid gains, benefitting from crude oil price strength later in the period. China finished in negative territory but modestly outperformed the benchmark. GDP growth slowed to 6.4% in Q4 2018. The authorities announced a range of targeted economic support measures, including a shift to fiscal stimulus and credit easing. Macroeconomic concerns were exacerbated by escalation in trade tensions with the US, which implemented tariffs on a total of $250 bil of Chinese goods. The US also threatened to levy duty on the remaining $267 bil of goods that China exports to the US. China responded with tariffs on $110 bil of imports from the US. However, the market started to rebound in early 2019, as the two sides agreed a tentative truce, with the US delaying tariff hikes.
- Source: Schroders Investment Management Limited (the Target Fund’s investment manager)- by AmFunds Management Berhad
AmMetLife Global Agribusiness Fund Feeder FundGlobal Agribusiness FundTarget FundDWS Global Agribusiness Fund
Market ReviewIn March, global equity markets were up by 1.37% (MSCI World Index).
The US Dollar moved slightly up during the month (Dollar Index DXY: +1.71%) and the oil price (WTI) gained further by 5.1%.
Agricultural commodities market and price trendsMonth-on-Month price changes in the US: Corn, Wheat and Soybean were all almost flat in March versus February 2019. One year price changes in the US: Corn: -7.6%, Wheat: +1.6% (Feb ’19 collapse responsible for the entire Y-o-Y decline); Soybean: -15% (concerns from US-China trade war). Agricultural markets underperformed the broad commodities complex in Q1, 2019. On March 29 the USDA released the 2019 Prospective Plantings report, which presents the USDA’s 2019 expectations for planted acres of corn, soy, wheat, cotton, and other grains based off of the agency’s survey of farmer planting
intentions. Meanwhile, the grain stocks report represents the USDA’s measure of grain and oilseed inventories as of March 1st. The big surprise came from the grain stocks reports, which indicated that US corn inventories as of March 1st were 270M bushels greater than expectations, suggesting that grain supplies remain robust, with crop prices likely to remain low assuming normal weather conditions across the coming growing season.
Fertilizers market and price trendsUrea: after being weaker through Q1, 2019 due to weaker demand, primarily driven by unfavorable weather in North America and high stocks in some regions, urea prices were flat to up slightly in March vs. February 2019. A new Indian tender was announced at the end of March 2019 which combined with likely improving seasonal demand in the US/Europe likely aided urea pricing momentum in March.
Potash: potash demand has also seen some sort of a pause over the past month which has meant the potash prices have been gradually trickling down in the past month in most regions.
*All performance figures in USD; Past performance is not indicative of future returns.
- Source: Deutsche Asset Management (Asia) Limited (the Target Fund’s investment manager)- by AmFunds Management Berhad
AmMetLife Precious Metals Fund Feeder FundPrecious Metals Securities FundTarget FundDeutsche Noor Precious Metals Securities Fund
Market ReviewDecember ended with Gold on a run and the price sitting just under $1,300/oz. After several failed attempts to break through the $1,300/oz barrier, the end of January saw some fine-tuning of the language used by the Fed regarding current market conditions and their intentions going forward. The ultimate result was a decrease in expectations for rates moving forward and the catalyst which propelled Gold through the $1,300/oz barrier to end the month on a high note at $1,321/oz. February saw Gold trade in a $30/oz range, hitting a high of $1,341/oz before settling to end the month down. The main drivers of the
Investment Market Review (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201916
Investment Market Review (Cont’d)
move lower were a stronger dollar to open the month and broad increases in risk-on sentiment to close it. On the trade dispute front, positive rhetoric continued from officials in both China and the U.S. The U.S. also officially agreed to extend the March 1st deadline to afford additional time to reach an agreement, which also pushed back the next round of tariff increases and increased risk-on sentiment to close the month, to the detriment of Gold. Rates strengthened and the Dollar strengthened, undercutting bullion’s attractiveness. Technical selling may have also played a part in Gold’s retreat from its mid-February high, as $1,350/oz marks the approximate 5-year high for the Gold price and likely drove some profit-taking by Gold investors. March was a similar story, as Gold’s rally was halted mid-month by a strengthening USD. The main catalyst for the move, in our view, was once again the increasingly positive news flow about progress on the trade deal between the U.S. and China.
The trade dispute has been a major drag on sentiment since the first tariffs were announced, derailing the “globally synchronized growth” narrative and fueling demand for safe-haven assets such as Gold. Positive news flow around the trade dispute encourages risk on sentiment and drives flows toward risky assets and away from Gold. Additionally, 10-year yields bounced off year-to-date lows to close the quarter, adding to the bear case for holding Gold. We continue to see the trajectory for prices as relatively muted going forward. Central to this view are a combination of potential risks on the horizon, such as progress on the trade dispute between the U.S. and China driving risk-on sentiment and relative Dollar strength given macroeconomic divergences between the U.S. and the rest of the world.
Palladium sold off steeply during March, but still remains up >12% on the year. The sell-off appeared technical in nature and seemed to be triggered by comments from the CEO of a Palladium mining company that recent price action had created a bubble. We remain constructive on Palladium as underlying market fundamentals are still positive. Supply and demand conditions remain in deficit and the ability for producers’ to respond remains limited after years low margins driving capital expenditure reductions.
- Source: Deutsche Asset Management Investment GmbH (the Target Fund’s investment manager)- by AmFunds Management Berhad
AmMetLife Tactical Bond Fund Target FundAmTactical Bond Fund
Market ReviewIn BNM's Annual Report, the official government GDP growth expectation for 2019 was lowered to a range of 4.3-4.8% from point estimate of 4.9% made in November 2018 for Budget 2019 (2018: 4.7%). Headline inflation will average 0.7-1.7% in 2019 (2018: 1.0%). Nonetheless, core inflation is expected to be stable amid the steady expansion in economic activity and absence of excessive demand pressure.
Bond market sentiment improved after the Fed, at its March meeting, indicated that they will pause on further rate hikes for the remainder of 2019 due to deteriorating global economic outlook. Consequently, long-term UST yields declined more than short term yields in March 2019. This led to the UST yield curve inverting in the 3-month and 10-year segment. The curve inversion and general decline in yields were also driven by the market increasingly pricing in a rate cut in 2019. Consensus is currently pricing in 60% probability of at least one rate cut in 2019, on concern of a global economic slowdown.
After months of net foreign outflows from the Malaysian bond market, foreign funds increased their exposure to Malaysian government bonds as the improved sentiment towards Emerging Markets cascaded to the Malaysian bond market after some delay.
- by AmFunds Management Berhad
AmMetLife Asia Pacific REITS Fund Target FundAmAsia Pacific REITS Fund
Market ReviewMuch of market volatility in 2Q18 can be attributed to the ongoing trade/tariff war between the US and China; in April, the US threatened to impose an additional USD100b tariffs on China products, to which China retaliated by imposing tariffs of up to 25% of USD3b in food imports from the US. The Federal Reserve left its rate unchanged in April while Brent crude prices traded higher as Trump decided to pull out of the US-Iran nuclear deal. ASEAN market performance was weighted by concerns on USD strengthening.
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201916
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201917
Performance in July and August 2018 continued to be held ransom by news flow on the US-China trade war and the risk of a slowdown of the economy in China as well as the already-weakened RMB as a result of this. To compound this, there was the concern that the economic crisis in Turkey would have significant contagion effects. ASEAN markets underwent a relief rally following the sell-off in 1H18 while currency depreciation in the Indonesian Rupiah and Filipino Peso took a breather. On a brighter note, US equity markets were positive in August on account of the strong earnings reported for 2Q18. Brent crude oil prices rebounded, closing the month at US$77/bbl, (+4.3% m.o.m) on concerns of Iran oil exports with US sanctions taking effect from November. September was the month that US-China tariffs ratcheted up albeit staggered imposition which was welcomed by global markets.
The volatility driven by macro uncertainties and the US-China trade disputes extended into 4Q18 as concerns of global economic weakness and the strength of the US Dollar weighed on Asian equities. A relief rally in global equity markets in November served as a short reprieve with the Fed Reserve Chairman hinting at a slower pace of rate increases in 2019 as well as optimism for a resolution on US-China trade disputes. The Fed raised interest rates by an additional 25bps in December; looking forward, the dot plot showed 2 rate hikes in 2019. Macro headwinds from crude oil prices hitting a trough at USD50/bbl to US-China tensions intensifying with the arrest of the Huawei CFO and two Chinese nationals charged with hacking the US government and military. Brexit was delayed by PM May.
In late January, the tone of the Fed turned more dovish with its decision to be more “patient” with additional rate hikes. Regionally, risk appetite has reduced due to macroeconomic headwinds i.e. geopolitical risks (US-China trade tensions, Brexit). Yield curves have flattened out in response to the risk of slower global growth attributable to the aforementioned headwinds. As such, investors have sought refuge in more defensive investments including REITs.
Global equity markets continued to rally in February on optimism for a resolution in the trade dispute between the US and China. Buying momentum was also supported by the minutes of the January FOMC meeting which reaffirmed dovishness of the central bank. Dow Jones Industrial Index posted a gain of 3.7% while Euro Stoxx 50 Price Index was upped by 4.4%. Brent crude oil price continued to improve in the month of February as it was up 6.7% m/m to USD66/bbl mainly driven by OPEC January production of 30.88mmbpd, the lowest level in the past four years.
Macro events that took place in March 2019 include the OECD cutting its 2019 growth projections to 3.3% for the year (-20 bps); data indicated that the US economy grew 2.9% in 2018. With regards to the US-China trade talks, the US is to maintain the tariffs on China in order to ensure enforcement on a trade deal. The US 3-month 10 year yield curve inverted for the first time since 2007 on further dovish comments made by Fed Chairman Powell. In Europe the ECB flipped back into easing mode just 2 months after ending 4 years of quantitative easing while EU leaders agreed to postpone Brexit until 12th April 2019 after the draft Brexit deal was rejected by Parliament multiple times.
In April, IMF cuts global growth to 3.3% from 3.5%, for the 3rd time in 6 months and the lowest since the 2009 crisis. Most downgrades were from Europe but there was a small upgrade to China GDP. On a brighter note, the US ISM manufacturing jumped from 2-year lows +0.9 to 55.3 while Brexit was delayed to Oct 31st. The UK economy grew 0.3% Dec–Feb vs the previous 3 months. The China economy +6.4%yoy in 1Q; in tandem with the uptrend, the manufacturing PMI rebounded from a 3-month contraction (+1.3 to 50.5), both better than expected.
- by AmFunds Management Berhad
Investment Market Review (Cont’d)
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Investment Outlook
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Investment OutlookAmMetLife Equity Fund, Balanced Fund, Dana Teguh, Dividend Fund, Bond Fund
Equity Market OutlookWe are of the view that market may make a comeback in the near term based on:1. local government’s increasing efforts in reviving the
economy that would reignite the long lost interest in the construction sector;
2. weakening RM outlook lately that would benefit exporters, especially the gloves players;
3. Malaysian worst performance YTD in the region would be attractive when risk-on mode is back, potentially attracting more foreign fund inflows;
4. certain banks such as CIMB has come to an attractive valuation level and
5. stronger oil price outlook will continue to benefit Malaysia as a whole, in particular to the oil & gas maintenance players.
We would take the upcoming results season in May to scout for potential winners.
Fixed Income Market OutlookWe remain bullish on the local bond market despite the volatility seen in April as we expect BNM to maintain its dovish pro-growth outlook. The market remains flush with liquidity as demonstrated by the strong recovery in government bond yields following the recent selloff owing the FTSE Russell announcement that the index provider could potentially remove Malaysia from the World Government Bond Index owing to concerns about criteria for market accessibility. Corporate bonds are expected to remain resilient due to the lack of primary supply and yield hunting by investors will further reduce the yields of relatively higher yielding bonds.
- by AmFunds Management Berhad
AmMetLife Oasis Islamic Equity FundFeeder Fund AmOasis Global Islamic Equity FundTarget Fund Oasis Crescent Global Equity Fund
Market OutlookFollowing the change in monetary policy guidance in major global economies, financial conditions have loosened again. Together with the US Federal Reserve (Fed), the European
Central Bank (ECB) has signaled a pause in hikes, and has announced that it would launch a series of targeted long-term refinancing operations (TLTROs) in September to ward off a credit squeeze. The Bank of England in the midst of Brexit also signaled a pause to its rate tightening. While the uncertainty around Brexit continues to cast a shadow over the growth outlook of the UK, the European Union has been receptive to the idea of granting the UK an extension on its exit from the EU.
Recent central bank actions have supported the view of a global slowdown but it has created a positive momentum across global financial markets and provided a boost to economy activity going forward. In the short term, the strength in equities and credit may persist for some due to momentum and some technical levels having been breached in equities. With measures to prevent further flattening of the yield curve and tightening of lending standards, weakening economic data presents a foreboding risk. Nevertheless, with increased liquidity through monetary policy normalization and reduced geopolitical risks, confidence should be restored after key events, providing an impetus for sustained growth.
WEIGHTED
HIGHQUALITY TRADING AT A DISCOUNT TO THE MARKET AT LOW
RISK
ROAE PE EV/EBITDA DY FCF
YIELD*ND/
EBITDA* BETA
OASIS CRESCENT GLOBAL EQUITY MODEL PORTFOLIO
26.4 15.7 9.2 3.2 6.0 0.5 0.9
DJIM INDEX 17.8 20.8 12.7 2.0 4.3 0.4 1.0
Source: Oasis Research; Bloomberg: March 2019
- Source: Schroders Investment Management Limited (the Target Fund’s investment manager) - by AmFunds Management Berhad
AmMetLife Global Emerging Market FundFeeder Fund Global Emerging Market Opportunities FundTarget Fund Schroders ISF Global Emerging Market Opportunities Fund
Market OutlookSince our April strategy meeting the main change has been the increase in uncertainty over a prospective US-China trade agreement. In our view, it is in both sides’ interests to reach a
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deal and while we may see some brinkmanship on an interim basis, our base case remains that a resolution to the dispute is found. However, even if this is right, brinkmanship carries its own risks and the costs to the US and China of already implemented moves will be felt in the months to come as the timeframe for resolution is pushed out.
Chinese economic growth is expected to decelerate to 6.3% this year but government stimulus, while not matching prior episodes in structure or scale, should moderate the extent of the slowdown. Recent data shows signs of this impact coming through, but is distorted in part by Chinese New Year. Moving through the year, the effect of fiscal and monetary stimulus should feed through and support growth. Statements from the Chinese authorities in the past month had appeared to signal an end to acceleration in policy stimulus, but the recent tariff increases may mean that support measures are further stepped up.
Aggregate EM valuations have lifted as a function of market performance and negative earnings revisions, and are now fair to above neutral. On a forward price-earnings basis, EM trades close to the long-term average. So, markets have anticipated a recovery in economic activity, but EPS revisions lag the move in valuations and are yet to turn positive, creating a degree of near-term risk. Relative to developed markets, valuations are attractive with the MSCI Emerging Markets Index trading on a price-earnings discount of over 21% to the MSCI World.
Given our base case of an eventual resolution of the US-China trade dispute, we maintain an outlook for a neutral to moderately upward bias for markets looking through to the end of the year. There is ongoing support from the dovish shift from major central banks. Meanwhile there are signs that the impact of Chinese stimulus is beginning to be reflected in macroeconomic data. Although the US dollar has been more resilient than we anticipated at the start of the year, we continue to anticipate a mild degree of weakness over the next 12-24 months, given some expectation for a narrowing in the growth differential between the US and the Eurozone. Dollar weakness should be supportive of EM, alleviating macroeconomic pressure and benefitting currencies and yields.
A number of index changes take place at the end of May. Argentina re-enters the MSCI Emerging Markets Index, as the
country is reclassified from Frontier. Meanwhile Saudi Arabia will be included for the first time. In addition, the inclusions factor of China A large cap shares will rise from 5% to 10%. This is the first of a three-step process that will take the inclusion factor to 20% by November. Chi Next large cap shares will also be added to the MSCI Emerging Markets Index for the first time, with a 10% inclusion factor.
- Source: Schroders Investment Management Limited (the Target Fund’s investment manager) - by AmFunds Management Berhad
AmMetLife Global Agribusiness FundFeeder Fund Global Agribusiness FundTarget Fund DWS Global Agribusiness Fund
Market OutlookFor more than five years weak overall grain markets have capped farmers’ income which translates into higher competition among farmer suppliers (fertilizers, seeds, machinery, etc.) for a higher share of a shrinking pie. This continues to be a drag on the core sector. Trade tension between the US and China lead to falling prices for soybeans. A further escalation of trade tariffs is seen as a clear negative for the US farming sector and beneficial for SA farmers.
However, over the last two and a half years, we have seen some good price developments for fertilizer prices, but even without, the broadened investment horizon of the fund provides even other opportunities in more remote sectors like food delivery, precision farming, higher value animal feed ingredients, protein producers (chicken, beef and pork) or aquaculture are less or even negatively correlated with the traditional Agribusiness and should therefore perform independently of grain commodity prices. As of now we keep our balanced and broader approach to the Agribusiness theme as a whole.
- Source: Deutsche Asset Management (Asia) Limited (the Target Fund’s investment manager)- by AmFunds Management Berhad
Investment Outlook (Cont’d)
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AmMetLife Precious Metals Fund Feeder Fund Precious Metals Securities FundTarget Fund Deutsche Noor Precious Metals Securities Fund
Market OutlookThe current rate environment has been extremely constructive for Gold. Nominal interest rates in the United States are still at historic lows and real rates are at the lowest levels since the 1980’s.
In the short run, heightened market uncertainty should keep the Gold price bid as investors’ demand for safe-haven assets meets a relatively fixed supply.
Over the long-term, we remain in an era of unprecedented negative nominal rates which has served to remove a key impediment to holding Gold (“it doesn’t pay a yield), strengthening the fundamental case for long-term appreciation in the Gold price.
We believe Gold represents the cleanest and most effective way to gain safe-haven exposure and that we should continue to see support for the yellow metal as long as uncertainty remains.
- Source: Deutsche Asset Management Investment GmbH (the Target Fund’s investment manager)- by AmFunds Management Berhad
AmMetLife Tactical Bond Fund Target Fund AmTactical Bond Fund
Market OutlookOutlook for the local bond market is increasingly bullish after BNM struck a more cautious tone in its latest monetary policy statement which point towards downside risks in the external and domestic growth. It said “materialization of downside risks from unresolved trade tensions, heightened uncertainties in the global and domestic environment, and prolonged weakness in the commodity-related sectors could further weigh on growth". The language is perceived to be more dovish than in the past MPC meetings, which led to expectations that BNM may see the need to cut the OPR in the near future. This view was further affirmed by the release of BNM’s Annual Report which lowered the 2019 GDP forecast to between 4.3% - 4.8%.
- by AmFunds Management Berhad
AmMetLife Asia Pacific REITS Fund Target Fund AmAsia Pacific REITS Fund
Market OutlookThe more dovish tone by the US Federal Reserve is expected to continue to drive investor interest in dividend-yielding stocks such as REITs. Yield gap widening between stock dividend yields and long term bond yields could be an impetus for upside.
Furthermore, whilst there seems to be progress made in the direction of trade talks between the US and China, we expect market movement to be held ransom by this until there is resolve and thus expect investors to seek refuge in defensive sectors.
- by AmFunds Management Berhad
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Investment Strategy
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201924
Investment StrategyAmMetLife Equity Fund, Balanced Fund, Dana Teguh, Dividend Fund, Bond Fund
Equity Investment StrategyMarket may remain volatile going forward; hence our picks will be skewed towards defensive stance. Our portfolio will be largely made up of income-based stocks such as high yielding stocks and REITs while we search for good alphas. Sectors that we continue to prefer are financials, consumer (nondiscretionary), and oil & gas players involved in maintenance, exporters, construction, selective technology players and REITs.
Fixed Income Investment StrategyWith prospects of a rate cut increasing this year, we maintain our overweight position on portfolio duration relative to benchmark. With a Fed pause and a dovish BNM, bond yields will at least remain supported in the near term.
The rally in MGS/GII has resulted in credit spreads widening, as corporate bond yields lagged the compression seen in government bond yields. As such, we would overweight corporate bonds over government bonds for yield pick-up. Government bonds will be the preferred segment for short-term trading owing to its better liquidity.
For Balanced Fund and Dana TeguhIn 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 FundFeeder Fund AmOasis Global Islamic Equity FundTarget Fund Oasis Crescent Global Equity Fund Investment StrategyThe objective of the Oasis Crescent Global Equity Fund is to achieve medium to long-term growth of capital and income by investing in shares, including preference shares, of companies and shares or units in collective investment schemes and real estate investment trusts (“REITS”), listed and traded on the international stock exchanges and on markets, set out in the Prospectus and that are Shariah compliant according to the guidelines set by the Investment Manager’s Shariah Advisory Board The Oasis
Crescent Global Equity Fund’s objective is to protect the real wealth and improve the standard of living of all investors. The Fund targets to provide attractive risk adjusted returns to our
clients, which is driven by our instrument selection based on quality and value and ensuring that the portfolio is appropriately diversified. One of the key attributes of our philosophy is to provide significant downside protection relative to the market based on our quality and valuation selection criteria. This is one of the key drivers of outperformance and wealth creation over the long term.
We have maintained our investment philosophy of investing in high quality companies which have strong competitive advantages and the ability to leverage off those 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.
The current environment is ideal for stock-picking, as we are often able to purchase high quality companies at a significant discount to their market value.
SHARPE RATIO SORTINO RATIO
OASIS CRESCENT GLOBAL EQUITY FUND 0.31 0.43
AVERAGE SHARIAH GLOBAL EQUITY PEER GROUP -0.04 -0.05
Source: Oasis Research; Bloomberg: December 2000 – March 2019
The Oasis Crescent Global Equity Fund portfolio valuation remains attractive relative to the DJIM Index on most metrics
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while maintaining a lower beta than the index. The companies in our portfolio have strong balance sheets, which should allow for value enhancing.
- Source: Oasis Crescent Global Equity - by AmFunds Management Berhad
AmMetLife Global Emerging Market FundFeeder Fund Global Emerging Markets Opportunities FundTarget FundSchroders ISF Global Emerging Market OpportunitiesInvestment StrategyOur core markets at the start of the period were South Korea, Greece, Hungary and Russia. In April we added Poland. The outlook for economic growth was robust and we identified a number of strong bottom-up opportunities. We also reduced risk in Russia by lowering the size of the relative overweight position. The move followed the announcement of new US sanctions on the country. We added Brazil to our core markets allocation in July. Following a sell-off, valuations were attractive, despite election related uncertainty. We made no other changes to our core markets allocation during the period.
- Source: Schrorders Investment Management Limited (the Target Fund’s investment manager)- by AmFunds Management Berhad
AmMetLife Global Agribusiness FundFeeder Fund Global Agribusiness FundTarget FundDWS Global Agribusiness Fund Investment StrategyAgriculture has developed into a dynamic growth market across the globe, as a growing world population needs to be provided with adequate food while per capita area under cultivation is declining. The fund management takes advantage of the opportunities of all important sectors of the agricultural industry and invests in a flexible way along the agricultural value chain – from “Seed to Supermarket” with a focus on the following areas: seep and crop protection, fertilizer, agricultural equipment, agricultural logistics, processing and distribution, food production as well as agricultural technology.
Specific Fund and Asset Class RisksOpportunities- Expected rise in food demand as a result of population
growth and more protein-rich diets in Emerging Markets.- The need to improve efficiency in Agribusiness could boost
investments along the whole value-chain.
Risks- Increasing global regulation of Agribusiness.- Weakening of underlying trends. (population growth and /
or trend to more protein-rich diets)
General risksOpportunities- Equity funds: market-, sector- and company-specific
price gains.
Risks- Market-, industry- and company based fluctuations of the
market price.- Possible exchange-rate risk.- The value of the fund’s shares fall below the price at which
the client originally bought them.- Because of its composition or the techniques used by its
managers, the fund features a reasonably high level of volatility. In other words, unit prices fluctuate significantly in either direction within short periods of time.
- Source: Deutsche Asset Management (Asia) Limited (the Target Fund’s manager)- by AmFunds Management Berhad
AmMetLife Precious Metals Fund Feeder Fund Precious Metals Securities FundTarget FundDeutsche Noor Precious Metals Securities FundInvestment StrategyComments from Federal Reserve officials have indicated that the tightening cycle may be more uncertain moving forward. This uncertainty stems partially from increased inclusion and importance of observed macroeconomic data (in addition to forecasts, which have been used historically). In addition, the Fed has implemented a shift in rhetoric that focuses on moving more slowly when implementing future rate hikes as the environment has become more uncertain. These factors
Investment Strategy (Cont’d)
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Investment Strategy (Cont’d)
have combined to drive down expectations for rates moving forward, which should benefit Gold.
In addition, inflationary pressures continue to appear tepid. Measures of both realized and expected inflation declined during the second half of 2018 and now stands below the Fed’s 2% target. Continuously benign inflation reduces the need for the Fed to hike rates and could contribute to a pause in the hiking cycle.
We continue to keep the fund invested in companies with strong management teams that have shown the ability to execute with operational stability and have a lower than average financial and operational risk profile. We believe this approach will generate alpha through the entire price cycle. However, deploying this approach does leave the fund underexposed to firms with extreme levels of operational and financial leverage. As such, the fund may underperform in the short term, during periods with elevated upward Gold price volatility. We believe our approaches will more than make up for the lack of gearing to the Gold price in environments with elevated volatility through company specific re-ratings. As portfolio firms demonstrate the increase in overall production level and financial flexibility that accompany exiting the heavy spending portion of the capex cycle, we believe investors will respond by increasing valuations relative to peers, driving alpha.
- Source: Deutsche Asset Management Investment GmbH (the Target Fund’s investment manager)- by AmFunds Management Berhad
AmMetLife Tactical Bond Fund Target FundAmTactical Bond FundInvestment StrategyWith prospects of a rate cut increasing this year, we maintain our overweight position on portfolio duration relative to benchmark. With a Fed pause and a dovish BNM, bond yields will at least remain supported in the near term.
The rally in MGS/GII has resulted in credit spreads widening, as corporate bond yields lagged the compression seen in government bond yields. As such, we would overweight corporate bonds over government bonds for yield pick-up. Government bonds will be the preferred segment for short-term trading owing to its better liquidity.
- by AmFunds Management Berhad
AmMetLife Asia Pacific REITS Fund Target FundAmAsia Pacific REITS FundInvestment StrategyInvestor sentiment on the REIT sector has turned around as interest rates are not expected to be raised further by global central banks. This stemmed from Fed Chairman Powell starting to sound more dovish which fuelled sector returns in 4Q18 particularly in Singapore where interest rates track that of the US. The Reserve Bank of Australia has also adopted a more dovish tone due to the slowdown in the Australian economy as well as the housing market. The Bank of Japan is unlikely to increase its interest rates anytime soon as CPI remains distant from achieving the 2% target rate.
We continue to be invested in the three core markets, Australia, Singapore and Japan in addition to other markets Malaysia, Hong Kong and Thailand. Construction of commercial developments has been more measured since the global financial crisis, leading to a regional-wide situation where new supply coming on stream is well-absorbed by tenants, with tech and increasingly co-working space becoming increasingly significant categories. In the 3 core markets, there is limited new supply over the next 2 – 3 years which will be supportive of office rental rates in key gateway cities Singapore, Hong Kong, Tokyo, Sydney and Melbourne.
Likewise in the industrial space, logistics warehouses are being well-taken up due to the growth of ecommerce as well as the drive for corporates to streamline their supply chains through the occupation of more modern, efficient facilities.
As such, we remain positive and invested in office and industrial REITs in Australia and Japan where we think there continue to be growth opportunities.
In the case of Singapore, the increased interest in REITs has rebooted IPO listings particularly where the REITs are listed on the SGX but hold assets located in other locations e.g. the US. These present us with new investment opportunities as well as diversification from incumbent names which have run up and are looking fairly valued. Furthermore, prospects for the office segment continue to be positive with limited new supply in the pipeline over the next 2 – 3 years, underpinning rental growth expectations.
- by AmFunds Management Berhad
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Fund Performance
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Fund Performance
AmMetLife Equity Fund
Since Inception Performance
AmMetLife Equity Fund vs BenchmarkPerformance since 27 February 2004 – 31 March 2019
Full Year Performance
AmMetLife Equity Fund vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Perf
orm
ance
(%)
Month
3.00
0.00
-3.00
-6.00
-9.00
-12.00
-15.00
AmMetLife EquityFBMKLCI
Mar
-04
Mar
-05
Mar
-06
Mar
-07
Mar
-08
Mar
-09
Mar
-10
Mar
-11
Mar
-12
Mar
-13
Mar
-14
Mar
-15
Mar
-16
Mar
-17
Mar
-18
Mar
-19
Perf
orm
ance
(%)
Month
150.00
120.00
90.00
60.00
30.00
0.00
-30.00
AmMetLife EquityFBMKLCI
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AmMetLife Bond Fund
Since Inception Performance
AmMetLife Bond Fund vs BenchmarkPerformance since 27 February 2004 – 31 March 2019
Full Year Performance
AmMetLife Bond Fund vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
Mar
-04
Mar
-05
Mar
-06
Mar
-07
Mar
-08
Mar
-09
Mar
-10
Mar
-11
Mar
-12
Mar
-13
Mar
-14
Mar
-15
Mar
-16
Mar
-17
Mar
-18
Mar
-19
Perf
orm
ance
(%)
Month
90.00
70.00
50.00
30.00
10.00
-10.00
AmMetLife BondMBB 12mth FD rates
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Perf
orm
ance
(%)
Month
6.00
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
AmMetLife BondMBB 12mth FD rates
Fund Performance (Cont’d)
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AmMetLife Balanced Fund
Since Inception Performance
AmMetLife Balanced Fund vs BenchmarkPerformance since 27 February 2004 – 31 March 2019
Full Year Performance
AmMetLife Balanced Fund vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
Fund Performance (Cont’d)M
ar-0
4
Mar
-05
Mar
-06
Mar
-07
Mar
-08
Mar
-09
Mar
-10
Mar
-11
Mar
-12
Mar
-13
Mar
-14
Mar
-15
Mar
-16
Mar
-17
Mar
-18
Mar
-19
Perf
orm
ance
(%)
150.00
120.00
90.00
60.00
30.00
0.00
-30.00
Month
AmMetLife Balanced50% FBMKLCI & 50% MBB 12mth FD rates
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Perf
orm
ance
(%)
Month
9.00
6.00
3.00
0.00
-3.00
-6.00
AmMetLife Balanced50% FBMKLCI & 50% MBB 12mth FD rates
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AmMetLife Dana Teguh
Since Inception Performance
AmMetLife Dana Teguh vs BenchmarkPerformance since inception 27 February 2004 – 31 March 2019
Full Year Performance
AmMetLife Dana Teguh vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
Mar
-04
Mar
-05
Mar
-06
Mar
-07
Mar
-08
Mar
-09
Mar
-10
Mar
-11
Mar
-12
Mar
-13
Mar
-14
Mar
-15
Mar
-16
Mar
-17
Mar
-18
Mar
-19
Perf
orm
ance
(%)
180.00
150.00
120.00
90.00
60.00
30.00
0.00
-30.00
Month
AmMetLife Dana Teguh50% FBM Emas Syariah & 50% MBB 12mth GIA
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Perf
orm
ance
(%)
Month
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
AmMetLife Dana Teguh50% FBM Emas Syariah & 50% MBB 12mth GIA
Fund Performance (Cont’d)
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Fund Performance (Cont’d)
AmMetLife Oasis Islamic Equity Fund
Since Inception Performance
AmMetLife Oasis Islamic Equity Fund vs BenchmarkPerformance since 1 April 2007 – 31 March 2019
Full Year Performance
AmMetLife Oasis Islamic Equity Fund vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
Apr
-07
Mar
-08
Feb-
09
Jan-
10
Dec
-10
Nov
-11
Oct
-12
Sep-
13
Aug
-14
Jul-1
5
Jul-1
6
May
-17
Apr
-18
Mar
-19
Perf
orm
ance
(%)
Month
90.00
60.00
30.00
0.00
-30.00
-60.00
AmMetLife Oasis Islamic EquityDow Jones Islamic Market Index
Perf
orm
ance
(%)
Month
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
AmMetLife Oasis Islamic EquityDow Jones Islamic Market Index
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AmMetLife Global Emerging Market Fund
Since Inception Performance
AmMetLife Global Emerging Market Fund vs BenchmarkPerformance since 1 June 2008 – 31 March 2019
Full Year Performance
AmMetLife Global Emerging Market Fund vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
Jun-
08
Feb-
09
Oct
-09
Jun-
10
Feb-
11
Oct
-11
Jun-
12
Feb-
13
Oct
-13
Jun-
14
Feb-
15
Oct
-15
Jun-
16
Feb-
17
Oct
-17
Jun-
18
Feb-
19
Perf
orm
ance
(%)
Month
60.00
40.00
20.00
0.00
-20.00
-40.00
-60.00
AmMetLife Global Emerging MarketMSCI Emerging Markets Index
Perf
orm
ance
(%)
Month
4.00
0.00
-4.00
-8.00
-12.00
-16.00
-20.00
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
AmMetLife Global Emerging Market
MSCI Emerging Markets Index
Fund Performance (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201934
Fund Performance (Cont’d)
AmMetLife Precious Metals Fund
Since Inception Performance
AmMetLife Precious Metals Fund vs BenchmarkPerformance since 1 September 2008 – 31 March 2019
Full Year Performance
AmMetLife Precious Metals Fund vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
Perf
orm
ance
(%)
80.00
60.00
40.00
20.00
0.00
-20.00
-40.00
-60.00
-80.00
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
Sep-
16
Mar
-17
Sep-
17
Mar
-18
Sep-
18
Mar
-19
Month
AmMetLife Precious Metals
FTSE Gold Mines Index
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Perf
orm
ance
(%)
Month
15.00
10.00
5.00
0.00
-5.00
-10.00
-15.00
-20.00
-25.00
AmMetLife Precious Metals
FTSE Gold Mines Index
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201934
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201935
AmMetLife Global Agribusiness Fund
Since Inception Performance
AmMetLife Global Agribusiness Fund vs BenchmarkPerformance since 1 September 2008 – 31 March 2019
Full Year Performance
AmMetLife Global Agribusiness Fund vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
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
Sep-
16
Mar
-17
Sep-
17
Mar
-18
Sep-
18
Mar
-19
Perf
orm
ance
(%)
90.00
60.00
30.00
0.00
-30.00
-60.00
Month
AmMetLife Global AgribusinessMSCI World Index
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Perf
orm
ance
(%)
Month
16.00
12.00
8.00
4.00
0.00
-4.00
-8.00
-12.00
AmMetLife Global Agribusiness
MSCI World Index
Fund Performance (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201936
Fund Performance (Cont’d)
AmMetLife Dividend Fund
Since Inception Performance
AmMetLife Dividend Fund vs BenchmarkPerformance since 27 October 2011 – 31 March 2019
Full Year Performance
AmMetLife Dividend Fund vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
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
Jun-
16
Oct
-16
Feb-
17
Jun-
17
Oct
-17
Feb-
18
Jun-
18
Oct
-18
Feb-
19
Perf
orm
ance
(%)
Month
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
AmMetLife Dividend
FBMKLCI
Perf
orm
ance
(%)
Month
4.00
2.00
0.00
-2.00
-4.00
-6.00
-8.00
-10.00
-12.00
-14.00
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
AmMetLife Dividend
FBMKLCI
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201936
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201937
AmMetLife Asia Pacific REITS Fund
Since Inception Performance
AmMetLife Asia Pacific REITS Fund vs BenchmarkPerformance since 17 September 2013 – 31 March 2019
Full Year Performance
AmMetLife Asia Pacific REITS Fund vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
Perf
orm
ance
(%)
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
Sep-
13
Dec
-13
Mar
-14
Jun-
14
Sep-
14
Dec
-14
Mar
-15
Jun-
15
Sep-
15
Dec
-15
Mar
-16
Jun-
16
Sep-
16
Dec
-16
Mar
-17
Jun-
17
Sep-
17
Dec
-17
Mar
-18
Jun-
18
Sep-
18
Dec
-18
Mar
-19
Month
S&P Pan Asia REITs Index
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Perf
orm
ance
(%)
Month
18.00
15.00
12.00
9.00
6.00
3.00
0.00
-3.00
-6.00
S&P Pan Asia REITs Index
Fund Performance (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201938
Fund Performance (Cont’d)
AmMetLife Tactical Bond Fund
Since Inception Performance
AmMetLife Tactical Bond Fund vs BenchmarkPerformance since 17 September 2013 – 31 March 2019
Full Year Performance
AmMetLife Tactical Bond Fund vs BenchmarkPerformance since 1 April 2018 – 31 March 2019
Sep-
13
Dec
-13
Mar
-14
Jun-
14
Sep-
14
Dec
-14
Mar
-15
Jun-
15
Sep-
15
Dec
-15
Mar
-16
Jun-
16
Sep-
16
Dec
-16
Mar
-17
Jun-
17
Sep-
17
Dec
-17
Mar
-18
Jun-
18
Sep-
18
Dec
-18
Mar
-19
Perf
orm
ance
(%)
30.00
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
Month
AmMetLife Tactical Bond
Quantshop ALL MGS Index
Apr
-18
May
-18
Jun-
18
Jul-1
8
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Perf
orm
ance
(%)
Month
8.00
6.00
4.00
2.00
0.00
-2.00
AmMetLife Tactical BondQuantshop ALL MGS Index
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201938
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
Sectoral andCategory Breakdown
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201940
Sectoral and Category Breakdown
AmMetLife Equity FundDetails of portfolio composition of AmMetLife Equity Fund as at 31 March 2019 are as follows:
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Construction 0.47 6.02 9.02 4.55 2.91
Consumer Products & Services 16.77 0.99 – – 3.07
Energy 5.45 – – – –
Financial Services 31.00 25.16 22.97 23.94 24.83
Health Care 0.84 – – – –
Industrial Products & Services 9.71 14.38 9.24 11.65 8.84
Infrastructure – – 1.96 1.70 3.80
Plantations 1.18 2.93 3.01 3.44 0.97
Properties – – 2.59 – –
Real Estate Investment Trusts 4.07 1.61 1.53 – –
Technology 4.01 3.24 5.88 4.05 4.19
Telecommunications & Media 5.82 – – – –
Trading/Services – 28.41 35.15 38.10 44.47
Utilities 5.28 – – – –
Repurchase agreements/Cash 15.39 17.26 8.66 12.57 6.91
100.00 100.00 100.00 100.00 100.00
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Malaysian Unit Trusts 0.23 0.24 0.21 9.67 9.75
Corporate Bonds 75.22 85.64 83.98 79.58 82.63
Malaysian Government Securities 6.25 6.67 – – –
Repurchase agreements/Cash 18.31 7.45 15.81 10.74 7.62
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 2019 are as follows:
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201940
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201941
AmMetLife Balanced FundDetails of portfolio composition of AmMetLife Balanced Fund as at 31 March 2019 are as follows:
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Construction 0.01 5.14 8.14 5.03 3.03
Consumer Products & Services 12.29 1.00 – – 2.01
Energy 4.05 – – – –
Financial Services 18.72 19.36 13.68 15.16 16.59
Foreign Stock – – – – –
Industrial Products & Services 6.71 12.68 7.04 8.55 7.71
Infrastructure – – 1.27 0.80 2.85
Plantations 1.20 2.63 2.13 2.52 –
Properties – – 2.60 – –
Real Estate Investment Trusts 3.45 – 0.93 – –
Technology 3.91 3.61 5.65 2.52 3.73
Telecommunications & Media 4.64 – – – –
Trading/Services – 22.04 26.46 21.75 29.54
Utilities 3.29 – – – –
Corporate Bonds 28.63 16.16 22.69 20.56 26.44
Malaysian Unit Trusts – – – – –
Repurchase agreements/Cash 13.11 17.37 9.41 23.12 8.11
100.00 100.00 100.00 100.00 100.00
Sectoral and Category Breakdown (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201942
Sectoral and Category Breakdown (Cont’d)
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Construction 0.01 6.39 9.60 5.50 5.51
Consumer Products & Services 8.82 0.99 – – 2.03
Energy 5.63 – – – –
Financial Services 2.99 1.96 1.47 – –
Industrial Products & Services 10.43 14.76 8.25 8.88 8.43
Infrastructure – – 1.96 0.99 3.53
Plantations 1.68 4.08 3.08 3.55 1.47
Properties – – 4.16 – 1.88
Real Estate Investment Trusts 1.85 1.22 – – –
Technology 3.98 3.38 6.78 3.07 4.63
Telecommunications & Media 5.63 – – – –
Trading/Services – 25.16 27.25 22.99 38.92
Utilities 6.61 – – – –
Corporate Bonds 39.88 18.20 19.60 11.98 13.64
Malaysian Unit Trusts 3.05 3.25 3.35 3.17 3.38
Repurchase agreements/Cash 9.45 20.60 14.50 39.87 16.59
100.00 100.00 100.00 100.00 100.00
AmMetLife Dana TeguhDetails of portfolio composition of AmMetLife Dana Teguh as at 31 March 2019 are as follows:
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201942
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201943
AmMetLife Oasis Islamic Equity FundDetails of portfolio composition of AmMetLife Oasis Islamic Equity Fund as at 31 March 2019 are as follows:
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Malaysian Unit Trusts 94.17 93.67 93.12 92.38 90.69
Repurchase agreements/Cash 5.83 6.33 6.88 7.62 9.31
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 Oasis Crescent Capital (Pty) Ltd (Target Fund’s Investment Manager)*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Basic Materials 8.00 4.00 6.00 7.00 8.00
Communication Services 22.00 16.00 19.00 20.00 20.00
Consumer Discretionary 9.00 – – – –
Consumer Staples 4.00 – – – –
Consumer, Cyclical – 14.00 13.00 15.00 11.00
Consumer, Non Cyclical – 5.00 6.00 5.00 8.00
Energy 8.00 7.00 7.00 7.00 8.00
Healthcare 23.00 23.00 20.00 18.00 19.00
Industrials – 5.00 4.00 4.00 3.00
Information Technology 25.00 – – – –
Property – 1.00 1.00 1.00 1.00
Real Estate 1.00 – – – –
Technology – 25.00 24.00 23.00 22.00
Sectoral and Category Breakdown (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201944
Sectoral and Category Breakdown (Cont’d)
AmMetLife Precious Metals FundDetails of portfolio composition of AmMetLife Precious Metals Fund as at 31 March 2019 are as follows:
Note: Source of Target Fund’s sector allocation from from Deutsche Investment Management America Inc (Target Fund’s Investment Manager)*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
Precious Metals Securities (“Target Fund”) Sector Allocation*
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Malaysian Unit Trusts 87.55 84.53 84.27 81.02 79.80
Repurchase agreements/Cash 12.45 15.47 15.73 18.98 20.20
100.00 100.00 100.00 100.00 100.00
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Gold 76.41 83.75 81.61 69.28 70.14
Precious Metals & Minerals 8.78 6.66 7.61 18.99 15.15
Silver 11.51 7.25 10.03 9.71 12.60
Diversified Metals & Mining – – – – –
Cash and other assets 3.25 2.30 0.71 1.96 2.09
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201944
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201945
AmMetLife Global Agribusiness FundDetails of portfolio composition of AmMetLife Global Agribusiness Fund as at 31 March 2019 are as follows:
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Malaysian Unit Trusts 93.78 91.09 92.14 93.68 90.29
Repurchase agreements/Cash 6.22 8.91 7.86 6.32 9.71
100.00 100.00 100.00 100.00 100.00
Global Agribusiness (“Target Fund”) Sector Allocation*
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Agricultural Products 10.80 16.30 14.60 24.50 22.70
Agricultural & Farm Machinery 7.00 – 4.20 – –
Breweries – 3.10 2.10 3.10 3.20
Diversified Chemicals 5.80 3.90 5.50 2.10 3.20
Fertilizers & Agricultural Chemicals 18.50 23.20 31.70 38.30 39.90
Food Distributors – – – 4.20 2.00
Food Retails 2.50 3.10 4.50 2.60 2.90
Internet Software & Services – 7.20 – – –
Internet Retail 3.20 – – – –
Marine Ports & Services – – – 1.60 1.40
Other Sectors 11.30 10.20 5.40 1.30 3.30
Packaged Foods & Meat 26.50 17.00 16.60 17.70 16.70
Personal Products 3.60 3.80 3.30 – –
Railroads – 3.00 – – –
Restaurants – – – 1.70 2.80
Speciality Chemicals 4.90 6.10 4.80 – –
Cash & Others Assets 2.90 – – – –
Not Classified – – – 1.40 0.90
Soft Drinks – – – 1.20 1.00
Tobacco 2.90 – 5.90 – –
Note: Source of Target Fund’s sector allocation from Deutsche Asset Management Investment GmbH (Target Fund’s Investment Manager)*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 Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201946
Sectoral and Category Breakdown (Cont’d)
AmMetLife Global Emerging Market FundDetails of portfolio composition of AmMetLife Global Emerging Market Fund as at 31 March 2019 are as follows:
Global Emerging Market Opportunities (“Target Fund”) Sector Allocation*
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Malaysian Unit Trusts 92.04 83.94 94.09 93.38 90.97
Repurchase agreements/Cash 7.96 16.06 5.91 6.62 9.03
100.00 100.00 100.00 100.00 100.00
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Consumer Discretionary 16.08 13.44 10.20 14.15 12.97
Consumer Staples 5.84 4.14 2.38 3.56 5.11
Communication Services 5.16 – – – –
Energy 13.64 10.58 9.57 3.62 3.71
Financials 17.75 23.09 27.14 31.81 33.68
Health Care 1.69 – 1.00 2.07 3.72
Industrials 1.38 2.61 6.72 5.72 3.98
Information Technology 20.32 27.46 21.79 21.64 24.10
Liquid Assets 7.38 2.29 3.33 9.80 –
Materials 10.26 12.17 8.51 3.40 1.94
Real Estate 0.51 0.27 1.93 – –
Telecommunication Services – 2.89 6.36 4.23 3.86
Utilities – 1.07 1.06 – 1.18
Cash – – – – 5.75
Note: Source of Target Fund’s sector allocation from Schroder Investment Management Ltd (Target Fund’s Investment Manager)*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201946
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201947
AmMetLife Dividend FundDetails of portfolio composition of AmMetLife Dividend Fund as at 31 March 2019 are as follows:
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Construction 0.51 6.61 9.24 5.44 3.89
Consumer Products & Services 17.03 0.99 – – 2.00
Energy 5.86 – – – –
Financial Services 29.20 26.46 23.22 25.53 24.41
Industrial Products & Services 11.20 15.16 9.33 12.24 8.88
Infrastructure – – 1.98 1.71 4.13
Plantations 1.45 3.17 3.12 2.73 0.48
Properties – – 2.67 – –
Real Estate Investment Trusts 4.13 0.94 1.53 – –
Technology 4.15 3.41 6.05 3.58 5.30
Telecommunications & Media 6.18 – – – –
Trading/Services – 30.91 34.52 39.82 44.23
Utilities 5.48 – – – –
Repurchase agreements/Cash 14.81 12.34 8.34 8.95 6.68
100.00 100.00 100.00 100.00 100.00
Sectoral and Category Breakdown (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201948
AmMetLife Asia Pacific REITS FundDetails of portfolio composition of AmMetLife Asia Pacific REITS Fund as at 31 March 2019 are as follows:
AmAsia Pacific REITS – Class B (MYR) Sector Allocation*
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Malaysian Unit Trusts 86.45 73.25 90.85 93.87 91.50
Repurchase agreements/Cash 13.55 26.75 9.15 6.13 8.50
100.00 100.00 100.00 100.00 100.00
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Cash and others 1.51 (1.19) 1.35 14.95 –
Fixed Deposit/Negotiable Instruments/Cash – – – – 15.20
Health Care – – 1.49 – –
Money Market Deposit 18.33 14.86 17.54 – –
Real Estate – 86.33 77.59 2.34 84.80
REITs 80.16 – – 80.25 –
Utilities – – 2.03 2.46 –
Note: Source of Target Fund’s sector allocation from AmFunds Management Berhad*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 Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201948
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201949
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Malaysian Unit Trusts 88.96 92.24 92.15 91.97 90.63
Repurchase agreements/Cash 11.04 7.76 7.85 8.03 9.37
100.00 100.00 100.00 100.00 100.00
AmTactical Bond – Class B (MYR) Sector Allocation*
AmMetLife Tactical Bond FundDetails of portfolio composition of AmMetLife Tactical Bond Fund as at 31 March 2019 are as follows:
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 % % % % %
Corporate Bonds 61.41 75.68 86.76 95.79 93.10
Foreign Corporate Bonds 20.86 – – – –
Money Market Deposit 2.09 – – – –
Malaysian Government Bonds 13.31 14.41 – – –
Cash and Others 2.33 9.91 13.24 4.21 6.90
Note: Source of Target Fund’s sector allocation from AmFunds Management Berhad*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)
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019THIS PAGE IS
INTENTIONALLYLEFT BLANK
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
ComparativePerformance Table
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201952
Comparative Performance TableFund Performance as at 31 March 2019
I Year 3 Years 5 Years Since Launch
Average Compounded Annual Return % Annual Return %
AmMetLife Equity Fund (7.00) 2.70 1.93 5.28
AmMetLife Bond Fund 4.80 3.85 3.56 4.11
AmMetLife Balanced Fund (3.75) 3.28 2.06 5.22
AmMetLife Dana Teguh (1.50) 2.92 3.25 5.81
AmMetLife Oasis Islamic Equity Fund 4.28 3.58 3.63 1.97
AmMetLife Global Emerging Market Fund (4.03) 9.17 5.41 2.72
AmMetLife Precious Metals Fund 8.61 0.74 (1.12) (5.79)
AmMetLife Global Agribusiness Fund 6.60 6.49 2.61 3.28
AmMetLife Dividend Fund (7.44) 2.93 3.98 5.87
AmMetLife Asia Pacific REITS Fund 15.46 8.02 9.06 7.77
AmMetLife Tactical Bond Fund 5.03 4.39 4.75 4.04
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201952
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201953
Net Asset Value, Number of Units and Unit PriceAs at 31 March 2019
AmMetLife Equity FundPerformance details of the Fund for the financial years ended 31 March 2019 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 2019 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 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 1.1920 1.2146 1.0646 1.0216 1.0197
Lowest NAV per unit for the year 1.0658 1.0596 0.9663 0.8888 0.8684
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 32.7688 27.4472 22.4706 20.3461 19.3462
UIC (in million) 29.9702 23.3447 21.1743 20.1536 19.2958
NAV per unit (RM) 1.0935 1.1758 1.0612 1.0096 1.0026 Total Return for the Year (%)
Total Return¹ (7.00) 10.80 5.11 0.70 0.88
Capital growth (7.00) 10.80 5.11 0.70 0.88
Income distributions – – – – –
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 0.9219 0.8797 0.8520 0.8241 0.7992
Lowest NAV per unit for the year 0.8763 0.8520 0.8234 0.7993 0.7738
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 11.6071 10.3783 10.6700 11.9043 12.4142
UIC (in million) 12.5890 11.7957 12.5241 14.4607 15.5323
NAV per unit (RM) 0.9219 0.8797 0.8520 0.8232 0.7992 Total Return for the Year (%)
Total Return¹ 4.80 3.25 3.50 3.00 3.26
Capital growth 4.80 3.25 3.50 3.00 3.26
Income distributions – – – – –
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201954
Net Asset Value, Number of Units and Unit Price (Cont’d)
As at 31 March 2019
AmMetLife Balanced FundPerformance details of the Fund for the financial years ended 31 March 2019 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 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 1.1408 1.1608 1.0332 0.9860 1.0026
Lowest NAV per unit for the year 1.0552 1.0309 0.9573 0.9036 0.8708
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 33.6761 26.5720 23.4425 22.2433 21.9194
UIC (in million) 31.0643 23.5920 22.7392 22.6014 22.5725
NAV per unit (RM) 1.0841 1.1263 1.0309 0.9842 0.9711
Total Return for the Year (%)
Total Return¹ (3.75) 9.25 4.74 1.35 (0.81)
Capital growth (3.75) 9.25 4.74 1.35 (0.81)
Income distributions – – – – –
AmMetLife Dana Teguh Performance details of the Fund for the financial years ended 31 March 2019 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 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 1.2152 1.2569 1.1340 1.0948 1.0617
Lowest NAV per unit for the year 1.1319 1.1310 1.0611 0.9946 0.9333
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 23.3447 20.7810 19.3195 19.3700 17.9532
UIC (in million) 19.7708 17.3367 17.0814 17.8878 16.9101
NAV per unit (RM) 1.1807 1.1987 1.1310 1.0829 1.0617
Total Return for the Year (%)
Total Return¹ (1.50) 5.99 4.44 2.00 5.51
Capital growth (1.50) 5.99 4.44 2.00 5.51
Income distributions – – – – –
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201954
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201955
Net Asset Value, Number of Units and Unit Price (Cont’d)
As at 31 March 2019
AmMetLife Oasis Islamic Equity FundPerformance details of the Fund for the financial years ended 31 March 2019 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 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 0.6633 0.6567 0.6618 0.6224 0.5953
Lowest NAV per unit for the year 0.5816 0.6050 0.5558 0.5525 0.5100
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 3.5354 3.6121 4.1535 3.9426 4.2864
UIC (in million) 5.5966 5.9629 6.3387 6.9363 7.2363
NAV per unit (RM) 0.6317 0.6058 0.6553 0.5684 0.5923
Total Return for the Year (%)
Total Return¹ 4.28 (7.55) 15.29 (4.04) 12.07
Capital growth 4.28 (7.55) 15.29 (4.04) 12.07
Income distributions – – – – –
AmMetLife Global Emerging Market Fund Performance details of the Fund for the financial years ended 31 March 2019 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 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 0.7042 0.7271 0.6496 0.5792 0.5658
Lowest NAV per unit for the year 0.6187 0.6403 0.5016 0.4873 0.5143
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 4.0594 3.0306 1.1770 0.9253 0.9532
UIC (in million) 6.0691 4.3478 1.8222 1.8000 1.7536
NAV per unit (RM) 0.6689 0.6970 0.6459 0.5141 0.5436
Total Return for the Year (%)
Total Return¹ (4.03) 7.91 25.64 (5.43) 5.78
Capital growth (4.03) 7.91 25.64 (5.43) 5.78
Income distributions – – – – –
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201956
Net Asset Value, Number of Units and Unit Price (Cont’d)
As at 31 March 2019
AmMetLife Precious Metals FundPerformance details of the Fund for the financial years ended 31 March 2019 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 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 0.2683 0.3003 0.3393 0.2689 0.3027
Lowest NAV per unit for the year 0.2247 0.2448 0.2500 0.2021 0.2231
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 3.5752 3.3177 4.1296 3.8197 3.8268
UIC (in million) 13.4342 13.5443 14.5436 14.6769 15.8907
NAV per unit (RM) 0.2661 0.2450 0.2839 0.2603 0.2408
Total Return for the Year (%)
Total Return¹ 8.61 (13.70) 9.07 8.10 (14.46)
Capital growth 8.61 (13.70) 9.07 8.10 (14.46)
Income distributions – – – – –
AmMetLife Global Agribusiness Fund Performance details of the Fund for the financial years ended 31 March 2019 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 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 0.7440 0.7177 0.6846 0.6959 0.6773
Lowest NAV per unit for the year 0.6410 0.6571 0.5584 0.5506 0.5785
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 2.5233 2.3152 2.2642 2.0259 2.1153
UIC (in million) 3.5851 3.5065 3.3927 3.4758 3.2309
NAV per unit (RM) 0.7039 0.6603 0.6674 0.5829 0.6547
Total Return for the Year (%)
Total Return¹ 6.60 (1.06) 14.50 (10.97) 5.78
Capital growth 6.60 (1.06) 14.50 (10.97) 5.78
Income distributions – – – – –
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201956
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201957
AmMetLife Dividend FundPerformance details of the Fund for the financial years ended 31 March 2019 are as follows:
AmMetLife Asia Pacific REITS FundPerformance details of the Fund for the financial years ended 31 March 2019 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 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 0.8363 0.8522 0.7404 0.7083 0.6968
Lowest NAV per unit for the year 0.7404 0.7365 0.6720 0.6196 0.6015
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 17.0505 15.9615 14.8032 14.0841 12.6593
UIC (in million) 22.3274 19.3455 20.0619 20.1110 18.1690
NAV per unit (RM) 0.7637 0.8251 0.7379 0.7003 0.6968
Total Return for the Year (%)
Total Return¹ (7.44) 11.82 5.37 0.50 10.90
Capital growth (7.44) 11.82 5.37 0.50 10.90
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 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 0.7565 0.6896 0.6835 0.6113 0.5669
Lowest NAV per unit for the year 0.6545 0.6530 0.5906 0.5457 0.4907
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 6.1101 3.3038 1.3032 0.9213 0.6857
UIC (in million) 8.0768 5.0429 1.9066 1.5349 1.2136
NAV per unit (RM) 0.7565 0.6552 0.6835 0.6002 0.5650
Total Return for the Year (%)
Total Return¹ 15.46 (4.14) 13.88 6.23 15.24
Capital growth 15.46 (4.14) 13.88 6.23 15.24
Income distributions – – – – –
Net Asset Value, Number of Units and Unit Price (Cont’d)
As at 31 March 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201958
AmMetLife Tactical Bond FundPerformance details of the Fund for the financial years ended 31 March 2019 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 2019 FY 2018 FY 2017 FY 2016 FY 2015
Unit Prices (RM)
Highest NAV per unit for the year 0.6227 0.5941 0.5854 0.5576 0.5153
Lowest NAV per unit for the year 0.5928 0.5839 0.5458 0.5026 0.4869
Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*
Total NAV (RM million) 1.7032 0.9704 0.7058 0.5451 0.4635
UIC (in million) 2.7351 1.6367 1.2088 0.9958 0.8995
NAV per unit (RM) 0.6227 0.5929 0.5839 0.5474 0.5153
Total Return for the Year (%)
Total Return¹ 5.03 1.54 6.67 6.23 4.38
Capital growth 5.03 1.54 6.67 6.23 4.38
Income distributions – – – – –
Net Asset Value, Number of Units and Unit Price (Cont’d)
As at 31 March 2019
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201958
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
Summary ofFinancial InformationStatement by the Manager 60
Independent Auditors’ Report 61
Statements of Assets and Liabilities 63
Statements of Income and Expenditure 69
Statements of Changes in Net Asset Value 75
Notes to the Financial Information 81
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201960
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 Oasis 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 set out on pages 63 to 123 have been prepared in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Business issued by Bank Negara Malaysia.
On behalf of AmMetLife Insurance Berhad
Lee Jiau Jiunn
Kuala Lumpur, Malaysia13 June 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201960
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201961
Independent Auditors’ ReportReport on the financial information
OpinionWe have audited the financial information of AmMetLife Equity Fund, AmMetLife Bond Fund, AmMetLife Balanced Fund, AmMetLife Dana Teguh, AmMetLife Oasis 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 (collectively referred to as "the Funds"), which comprise the statement of assets and liabilities as at 31 March 2019, and the statement of income and expenditure, statement of changes in net asset value of the Funds for the year then ended, and a summary of significant accounting policies, as set out on pages 63 to 123.
In our opinion, the accompanying financial information of the Funds for the year ended 31 March 2019 are 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 Business issued by Bank Negara Malaysia.
Basis for OpinionWe conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Information section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of MatterWe draw attention to Note 2.1 to the financial information of the Funds, which describes the basis of accounting. The financial information of the Funds are prepared to assist the Funds in complying with the Guidelines on Investment-linked Business issued by Bank Negara Malaysia. As a result, the financial information of the Funds may not be suitable for another purpose. Our report is intended solely for the unitholders of the Funds, as a body and should not be distributed to or used by parties other than the unitholders of the Funds. Our opinion is not modified in respect of this matter.
Independence and Other Ethical ResponsibilitiesWe are independent of the Funds in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.
Information Other than the Financial Information and Auditors’ Report ThereonThe directors of the Manager ("the directors") are responsible for the other information. The other information comprises the information contained in the Annual Report of the Funds, but does not include the financial information of the Funds and our auditors’ report thereon.
Our opinion on the financial information of the Funds does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial information of the Funds, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial information of the Funds or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201962
Independent Auditors’ Report (Cont’d)
Responsibilities of the Directors of the Manager for the Financial InformationThe directors are responsible for the preparation of financial information of the Funds that give a true and fair view in accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked 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 of the Funds that are free from material misstatement, whether due to fraud or error.
In preparing the financial information of the Funds, the directors are responsible for assessing the Funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Funds or to cease operations, or have no realistic alternative but to do so.
Auditors’ Responsibilities for the Audit of the Financial InformationOur objectives are to obtain reasonable assurance about whether the financial information of the Funds as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial information.
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:• IdentifyandassesstherisksofmaterialmisstatementofthefinancialinformationoftheFunds,whetherduetofraudorerror,design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relateddisclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the auditevidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial information of the Funds or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Funds to cease to continue as a going concern.
• Evaluatetheoverallpresentation,structureandcontentofthefinancialinformationoftheFunds,includingthedisclosures,andwhether the financial information represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the directors of the manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Ernst & Young Ahmad Hammami Bin MuhyidinAF: 0039 No. 03313/07/2019 JChartered Accountants Chartered Accountant
Kuala Lumpur, Malaysia13 June 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201962
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201963
Summary of Financial Information
Statements of Assets and Liabilities
As at 31 March 2019
AmMetLife Equity Fund AmMetLife Bond Fund
2019 2018 2019 2018 Note RM RM RM RM
Assets
Investments 3 27,725,314 22,709,193 10,367,862 10,324,347
Deferred tax assets 4 – – – 17,066
Other receivables 590,232 473,186 153,129 186,401
Cash and bank balances 4,959,283 4,678,596 1,353,799 53,774
Total assets 33,274,829 27,860,975 11,874,790 10,581,588
Liabilities
Provision for taxation 80,549 118,502 232,003 186,284
Deferred tax liabilities 4 48,919 249,816 16,934 –
Other payables 376,514 45,442 18,750 17,043 Total liabilities 505,982 413,760 267,687 203,327
Net asset value of funds (“NAV”) 32,768,847 27,447,215 11,607,103 10,378,261
Represented by:
Unitholders’ contribution 26,280,375 18,720,260 6,813,996 6,098,692
Undistributed income 6,488,472 8,726,955 4,793,107 4,279,569 Unitholders’ capital 5 32,768,847 27,447,215 11,607,103 10,378,261
Units in circulation 5 29,970,231 23,344,659 12,588,965 11,795,727
NAV per unit (RM) 5 1.0934 1.1757 0.9220 0.8798
The accompanying notes form an integral part of the financial information.
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201964
Statements of Assets and Liabilities (Cont’d)
As at 31 March 2019
AmMetLife Balanced Fund AmMetLife Dana Teguh
2019 2018 2019 2018 Note RM RM RM RM
Assets
Investments 3 29,261,528 21,955,658 21,139,237 16,500,663
Other receivables 695,719 424,648 487,227 321,276
Cash and bank balances 4,334,392 4,587,723 2,054,346 4,258,583 Total assets 34,291,639 26,968,029 23,680,810 21,080,522
Liabilities
Provision for taxation 160,629 162,011 175,084 151,745
Deferred tax liabilities 4 72,483 192,361 55,355 113,386
Other payables 382,414 41,649 105,638 34,385 Total liabilities 615,526 396,021 336,077 299,516
Net asset value of funds (“NAV”) 33,676,113 26,572,008 23,344,733 20,781,006
Represented by:
Unitholders’ contribution 25,390,308 17,111,079 16,157,392 13,253,239
Undistributed income 8,285,805 9,460,929 7,187,341 7,527,767 Unitholders’ capital 5 33,676,113 26,572,008 23,344,733 20,781,006
Units in circulation 5 31,064,333 23,592,015 19,770,765 17,336,705
NAV per unit (RM) 5 1.0841 1.1263 1.1808 1.1987
The accompanying notes form an integral part of the financial information.
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201964
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201965
Statements of Assets and Liabilities (Cont’d)
As at 31 March 2019
AmMetLife Oasis AmMetLife Asia Islamic Equity Fund Pacific REITS Fund
2019 2018 2019 2018 Note RM RM RM RM
Assets
Investments 3 3,329,144 3,383,640 5,689,287 2,555,849
Tax recoverable 7,700 6,612 – –
Deferred tax assets 4 19,357 32,542 – –
Other receivables – 1,533 471,679 743,431
Cash and bank balances 204,300 207,603 600 16,585 Total assets 3,560,501 3,631,930 6,161,566 3,315,865
Liabilities
Provision for taxation – – 6,167 438
Deferred tax liabilities 4 – – 38,917 4,933
Other payables 25,132 19,788 6,402 6,661 Total liabilities 25,132 19,788 51,486 12,032
Net asset value of funds (“NAV”) 3,535,369 3,612,142 6,110,080 3,303,833
Represented by:
Unitholders’ contribution 2,576,324 2,815,174 5,239,518 3,123,965
Undistributed income 959,045 796,968 870,562 179,868 Unitholders’ capital 5 3,535,369 3,612,142 6,110,080 3,303,833
Units in circulation 5 5,596,589 5,962,878 8,076,841 5,042,910
NAV per unit (RM) 5 0.6317 0.6058 0.7565 0.6551
The accompanying notes form an integral part of the financial information.
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201966
AmMetLife Global AmMetLife Emerging Market Fund Tactical Bond Fund
2019 2018 2019 2018 Note RM RM RM RM
Assets
Investments 3 3,969,520 2,707,293 1,515,085 895,082
Other receivables 217,258 309,761 105,605 21,178
Cash and bank balances 413 50,624 95,042 63,172 Total assets 4,187,191 3,067,678 1,715,732 979,432
Liabilities
Provision for taxation 3,159 1,166 693 378
Deferred tax liabilities 4 12,162 28,701 5,919 2,801
Other payables 112,445 7,215 5,941 5,825 Total liabilities 127,766 37,082 12,553 9,004
Net asset value of funds (“NAV”) 4,059,425 3,030,596 1,703,179 970,428
Represented by:
Unitholders’ contribution 3,895,590 2,701,024 1,542,814 874,724
Undistributed income 163,835 329,572 160,365 95,704 Unitholders’ capital 5 4,059,425 3,030,596 1,703,179 970,428
Units in circulation 5 6,069,132 4,347,776 2,735,128 1,636,696
NAV per unit (RM) 5 0.6689 0.6970 0.6227 0.5929
The accompanying notes form an integral part of the financial information.
Statements of Assets and Liabilities (Cont’d)
As at 31 March 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201966
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201967
AmMetLife AmMetLife Global Precious Metals Fund Agribusiness Fund
2019 2018 2019 2018 Note RM RM RM RM
Assets
Investments 3 3,130,012 2,804,365 2,570,397 2,328,372
Deferred tax assets 4 212,963 248,956 – –
Tax recoverable 57,970 47,798 – –
Other receivables – 26,101 9,094 29,840
Cash and bank balances 188,815 199,874 958 788 Total assets 3,589,760 3,327,094 2,580,449 2,359,000
Liabilities
Provision for taxation – – 6,013 4,019
Deferred tax liabilities 4 – – 40,822 29,275
Other payables 14,519 9,375 10,266 10,463 Total liabilities 14,519 9,375 57,101 43,757
Net asset value of funds (“NAV”) 3,575,241 3,317,719 2,523,348 2,315,243
Represented by:
Unitholders’ contribution 6,769,608 6,803,554 2,012,937 1,958,591
(Accumulated losses)/ Undistributed income (3,194,367) (3,485,835) 510,411 356,652 Unitholders’ capital 5 3,575,241 3,317,719 2,523,348 2,315,243
Units in circulation 5 13,434,242 13,544,270 3,585,079 3,506,537
NAV per unit (RM) 5 0.2661 0.2450 0.7038 0.6603
The accompanying notes form an integral part of the financial information.
Statements of Assets and Liabilities (Cont’d)
As at 31 March 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201968
AmMetLife Dividend Fund
2019 2018 Note RM RM
Assets
Investments 3 14,525,670 13,991,677
Other receivables 110,386 272,338
Cash and bank balances 2,713,149 1,959,493 Total assets 17,349,205 16,223,508
Liabilities
Provision for taxation 54,035 65,883
Deferred tax liabilities 4 46,214 170,452
Other payables 198,422 25,697 Total liabilities 298,671 262,032
Net asset value of funds (“NAV”) 17,050,534 15,961,476
Represented by:
Unitholders’ contribution 13,093,828 10,720,714
Undistributed income 3,956,706 5,240,762 Unitholders’ capital 5 17,050,534 15,961,476
Units in circulation 5 22,327,440 19,345,529
NAV per unit (RM) 5 0.7637 0.8251
The accompanying notes form an integral part of the financial information.
Statements of Assets and Liabilities (Cont’d)
As at 31 March 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201968
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201969
AmMetLife Equity Fund AmMetLife Bond Fund
2019 2018 2019 2018 Note RM RM RM RM
Net investment income:
Interest income 6 172,746 80,548 576,584 545,841
Dividend income 7 943,480 735,583 555 2,483
1,116,226 816,131 577,139 548,324
Gain on disposal of investments – 1,222,399 – 8,255
Net unrealised capital gain – 1,028,119 134,820 –
Other income – – – 1 Total income 1,116,226 3,066,649 711,959 556,580
Management expenses (435,197) (362,818) (113,452) (105,941)
Loss on disposal of investments (647,150) – (5,250) –
Net unrealised capital loss (2,511,211) – – (79,286) Total outgo (3,593,558) (362,818) (118,702) (185,227)
(Deficit)/excess of income over outgo before taxation (2,477,332) 2,703,831 593,257 371,353
Taxation 8 238,849 (186,485) (79,719) (39,639)
(Deficit)/excess of income over outgo before taxation (2,238,483) 2,517,346 513,538 331,714
Undistributed income brought forward 8,726,955 6,209,609 4,279,569 3,947,855
Undistributed income carried forward 6,488,472 8,726,955 4,793,107 4,279,569
The accompanying notes form an integral part of the financial information.
Summary of Financial Information
Statements of Income and Expenditure
For the financial year ended 31 March 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201970
Statements of Income and Expenditure (Cont’d)
For the financial year ended 31 March 2019
AmMetLife Balanced Fund AmMetLife Dana Teguh
2019 2018 2019 2018 Note RM RM RM RM
Net investment income:
Interest income 6 540,126 335,707 473,360 276,576
Dividend income 7 670,701 547,293 350,081 390,146 1,210,827 883,000 823,441 666,722
Gain on disposal of investments – 1,023,963 – 759,399
Net unrealised capital gain – 762,506 – 51,179
Other income – 2 – 1 Total income 1,210,827 2,669,471 823,441 1,477,301
Management expenses (401,703) (338,172) (272,311) (258,938)
Loss on disposal of investments (557,394) – (181,612) –
Net unrealised capital loss (1,548,114) – (744,637) –
Total outgo (2,507,211) (338,172) (1,198,560) (258,938)
(Deficit)/excess of income over outgo before taxation (1,296,384) 2,331,299 (375,119) 1,218,363
Taxation 8 121,260 (171,399) 34,693 (86,972)
(Deficit)/excess of income over outgo after taxation (1,175,124) 2,159,900 (340,426) 1,131,391 Undistributed income brought forward 9,460,929 7,301,029 7,527,767 6,396,376
Undistributed income carried forward 8,285,805 9,460,929 7,187,341 7,527,767
The accompanying notes form an integral part of the financial information.
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201970
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201971
Statements of Income and Expenditure (Cont’d)
For the financial year ended 31 March 2019
The accompanying notes form an integral part of the financial information.
AmMetLife Oasis AmMetLife Asia Islamic Equity Fund Pacific REITS Fund
2019 2018 2019 2018 Note RM RM RM RM
Net investment income:
Interest income 6 5,484 7,113 10,526 4,082
Dividend income 7 21,519 197,119 245,752 29,260 27,003 204,232 256,278 33,342
Gain on disposal of investments – – 61,079 817
Net unrealised capital gain 164,816 – 424,800 –
Other income 9,541 10,778 4 1 Total income 201,360 215,010 742,161 34,160
Management expenses (8,106) (8,025) (11,754) (8,227)
Loss on disposal of investments (19,080) (7,744) – –
Net unrealised capital loss – (533,510) – (131,440) Total outgo (27,186) (549,279) (11,754) (139,667)
Excess/(deficit) of income over outgo before taxation 174,174 (334,269) 730,407 (105,507)
Taxation 8 (12,097) 42,732 (39,713) 10,123
Excess/(deficit) of income over outgo after taxation 162,077 (291,537) 690,694 (95,384)
Undistributed income brought forward 796,968 1,088,505 179,868 275,252
Undistributed income carried forward 959,045 796,968 870,562 179,868
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201972
AmMetLife Global AmMetLife Emerging Market Fund Tactical Bond Fund
2019 2018 2019 2018 Note RM RM RM RM
Net investment income:
Interest income 6 9,519 4,602 2,245 1,980
Dividend income 7 1,945 2,671 32,007 29,573 11,464 7,273 34,252 31,553
Gain on disposal of investments 15,401 – 1,695 2,103
Net unrealised capital gain – 80,826 38,974 –
Other income 10,067 4,596 – – Total income 36,932 92,695 74,921 33,656
Management expenses (10,490) (8,246) (6,827) (6,271)
Net unrealised capital loss (206,724) – – (16,741) Total outgo (217,214) (8,246) (6,827) (23,012)
(Deficit)/excess of income over outgo before taxation (180,282) 84,449 68,094 10,644
Taxation 8 14,545 (6,834) (3,433) 1,012
(Deficit)/excess of income over outgo after taxation (165,737) 77,615 64,661 11,656 Undistributed income brought forward 329,572 251,957 95,704 84,048
Undistributed income carried forward 163,835 329,572 160,365 95,704
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 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201972
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201973
AmMetLife AmMetLife Global Precious Metals Fund Agribusiness Fund
2019 2018 2019 2018 Note RM RM RM RM
Net investment income:
Interest income 6 5,288 6,182 6,780 6,584 5,288 6,182 6,780 6,584
Gain on disposal of investments – – 18,138 –
Net unrealised capital gain 449,910 – 144,345 –
Other income 7,665 9,513 6,264 6,573 Total income 462,863 15,695 175,527 13,157
Management expenses (13,141) (12,674) (8,227) (7,976)
Loss on disposal of investments (132,433) (384,946) – –
Net unrealised capital loss – (187,278) – (33,232) Total outgo (145,574) (584,898) (8,227) (41,208)
Excess/(deficit) of income over outgo before taxation 317,289 (569,203) 167,300 (28,051)
Taxation 8 (25,821) 45,283 (13,541) 2,132
Excess/(deficit) of income over outgo before taxation 291,468 (523,920) 153,759 (25,919) Undistributed (losses)/income brought forward (3,485,835) (2,961,915) 356,652 382,571
Undistributed (losses)/income carried forward (3,194,367) (3,485,835) 510,411 356,652
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 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201974
AmMetLife Dividend Fund
2019 2018 Note RM RM
Net investment income:
Interest income 6 83,894 41,146
Dividend income 7 519,381 468,145 603,275 509,291
Gain on disposal of investments – 827,355
Net unrealised capital gain – 710,809 Total income 603,275 2,047,455
Management expenses (238,453) (227,257)
Loss on disposal of investments (231,985) –
Net unrealised capital loss (1,552,978) – Total outgo (2,023,416) (227,257)
(Deficit)/excess of income over outgo before taxation (1,420,141) 1,820,198
Taxation 8 136,085 (126,345)
(Deficit)/excess of income over outgo before taxation (1,284,056) 1,693,853 Undistributed income brought forward 5,240,762 3,546,909
Undistributed income carried forward 3,956,706 5,240,762
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 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201974
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201975
Summary of Financial Information
Statements of Changes in Net Asset Value
For the financial year ended 31 March 2019
2019 2018 RM RM
Net asset value at the beginning of the year 27,447,215 22,470,571
Amounts received from units created 18,110,320 11,142,198
Amounts paid for units cancelled (10,550,205) (8,682,900) 35,007,330 24,929,869
Net realised gain after taxation 71,831 1,571,476
Net unrealised capital (loss)/gain after taxation (2,310,314) 945,870 Net asset value at the end of the year 32,768,847 27,447,215
The accompanying notes form an integral part of the financial information.
AmMetLife Equity Fund
2019 2018 RM RM
Net asset value at the beginning of the year 10,378,261 10,670,049
Amounts received from units created 5,524,517 3,730,927
Amounts paid for units cancelled (4,809,213) (4,354,429) 11,093,565 10,046,547
Net realised gain after taxation 412,718 406,288
Net unrealised capital gain/(loss) after taxation 100,820 (74,574) Net asset value at the end of the year 11,607,103 10,378,261
AmMetLife Bond Fund
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201976
Statements of Changes in Net Asset Value (Cont’d)
For the financial year ended 31 March 2019
2019 2018 RM RM
Net asset value at the beginning of the year 26,572,008 23,442,455
Amounts received from units created 17,257,820 9,369,120
Amounts paid for units cancelled (8,978,591) (8,399,467) 34,851,237 24,412,108
Net realised gain after taxation 253,112 1,460,019
Net unrealised capital (loss)/gain after taxation (1,428,236) 699,881 Net asset value at the end of the year 33,676,113 26,572,008
The accompanying notes form an integral part of the financial information.
2019 2018 RM RM
Net asset value at the beginning of the year 20,781,006 19,319,513
Amounts received from units created 9,420,205 7,118,683
Amounts paid for units cancelled (6,516,052) (6,788,581) 23,685,159 19,649,615
Net realised gain after taxation 346,180 1,084,306
Net unrealised capital (loss)/gain after taxation (686,606) 47,085 Net asset value at the end of the year 23,344,733 20,781,006
AmMetLife Dana Teguh
AmMetLife Balanced Fund
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201976
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201977
Statements of Changes in Net Asset Value (Cont’d)
For the financial year ended 31 March 2019
2019 2018 RM RM
Net asset value at the beginning of the year 3,612,142 4,153,455
Amounts received from units created 767,498 594,384
Amounts paid for units cancelled (1,006,348) (844,160) 3,373,292 3,903,679
Net realised gain after taxation 10,446 199,292
Net unrealised capital gain/(loss) after taxation 151,631 (490,829) Net asset value at the end of the year 3,535,369 3,612,142
2019 2018 RM RM
Net asset value at the beginning of the year 3,303,833 1,303,203
Amounts received from units created 5,388,850 3,473,654
Amounts paid for units cancelled (3,273,297) (1,377,640) 5,419,386 3,399,217
Net realised gain after taxation 299,878 25,541
Net unrealised capital gain/(loss) after taxation 390,816 (120,925) Net asset value at the end of the year 6,110,080 3,303,833
The accompanying notes form an integral part of the financial information.
AmMetLife Oasis Islamic Equity Fund
AmMetLife Asia Pacific REITS Fund
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201978
The accompanying notes form an integral part of the financial information.
AmMetLife Tactical Bond Fund
AmMetLife Global Emerging Market Fund
2019 2018 RM RM
Net asset value at the beginning of the year 3,030,596 1,176,955
Amounts received from units created 1,847,618 2,317,524
Amounts paid for units cancelled (653,052) (541,498) 4,225,162 2,952,981
Net realised gain after taxation 24,448 3,255
Net unrealised capital (loss)/gain after taxation (190,185) 74,360 Net asset value at the end of the year 4,059,425 3,030,596
2019 2018 RM RM
Net asset value at the beginning of the year 970,428 705,801
Amounts received from units created 1,447,430 799,751
Amounts paid for units cancelled (779,340) (546,780) 1,638,518 958,772
Net realised gain after taxation 28,805 27,058
Net unrealised capital gain/(loss) after taxation 35,856 (15,402) Net asset value at the end of the year 1,703,179 970,428
Statements of Changes in Net Asset Value (Cont’d)
For the financial year ended 31 March 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201978
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201979
2019 2018 RM RM
Net asset value at the beginning of the year 3,317,719 4,129,638
Amounts received from units created 704,681 508,585
Amounts paid for units cancelled (738,627) (796,584) 3,283,773 3,841,639
Net realised loss after taxation (122,449) (351,625)
Net unrealised capital gain/(loss) after taxation 413,917 (172,295) Net asset value at the end of the year 3,575,241 3,317,719
2019 2018 RM RM
Net asset value at the beginning of the year 2,315,243 2,264,212
Amounts received from units created 441,078 422,072
Amounts paid for units cancelled (386,732) (345,122) 2,369,589 2,341,162
Net realised gain after taxation 20,961 4,655
Net unrealised capital gain/(loss) after taxation 132,798 (30,574) Net asset value at the end of the year 2,523,348 2,315,243
The accompanying notes form an integral part of the financial information.
AmMetLife Global Agribusiness Fund
AmMetLife Precious Metals Fund
Statements of Changes in Net Asset Value (Cont’d)
For the financial year ended 31 March 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201980
The accompanying notes form an integral part of the financial information.
2019 2018 RM RM
Net asset value at the beginning of the year 15,961,476 14,803,212
Amounts received from units created 5,074,761 2,332,544
Amounts paid for units cancelled (2,701,647) (2,868,133) 18,334,590 14,267,623
Net realised gain after taxation 144,684 1,039,908
Net unrealised capital (loss)/gain after taxation (1,428,740) 653,945 Net asset value at the end of the year 17,050,534 15,961,476
AmMetLife Dividend Fund
Statements of Changes in Net Asset Value (Cont’d)
For the financial year ended 31 March 2019
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201980
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201981
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 Oasis 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 (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 businesses.
There have been no significant changes in the nature of the principal activity of the Manager during the financial year ended 31 March 2019.
The financial information were authorised for issue by the Board of Directors of the Manager in accordance with a resolution on 13 June 2019.
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 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 of the Funds have been prepared on a going concern basis.
The financial information are presented in Ringgit Malaysia ("RM").
2.2 Summary of significant accounting policies(a) Management fee
Management fee is charged based on the Funds' daily net asset 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 Oasis 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 Dividend Fund 1.50% per annum
Summary of Financial Information
Note to the Financial Information
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201982
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 within the scope of MFRS 139 Financial Instruments (“MFRS 139”) are classified as financial assets at fair value through profit or loss, financial assets available-for-sale, 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.
The Funds classify the investment into financial assets at fair value through profit or loss ("FVTPL") or loans and receivables ("LAR").
(iii) Subsequent measurement The subsequent measurement of financial instruments depends on their classification as described below:
1. 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. LARLAR 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 method. 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.
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201982
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201983
Notes to the Financial Information (Cont’d)
(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 has expired;– The Funds have transferred their 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;
– 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, the 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., unquoted bonds, 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 liabilities. All transaction costs directly attributable to the acquisition are also included in the cost of the investments.
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.
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201984
(e) Impairment of financial assetsThe 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.
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.
(i) Financial assets carried at amortised cost 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, they include the asset in a group of financial assets with similar credit risk characteristics and collectively assess 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 instrumentsFinancial 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)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201984
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201985
(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 or amortisation, 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 the 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.
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201986
(k) Income taxIncome 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 reporting date.
Deferred tax is provided for, using the liability method, on temporary differences at the reporting date 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 reporting date. Deferred tax is recognised as an 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) ProvisionsProvisions 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 reporting 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 a finance cost.
(m) Foreign currencies transactions The financial information are presented in Ringgit Malaysia ("RM") which is also the functional and presentation currency of the Funds.
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 the Statements of Income and Expenditure. Non-monetary items denominated in foreign currencies that are measured at historical cost are translated using the exchange rates as at the dates of the 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 is determined. All foreign exchange differences are taken to the Statements of Income and Expenditure, except for differences relating to items where gains or losses are recognised directly in unitholders' capital, in which case, the gains or losses are recognised net of the exchange component in unitholders' capital.
(n) Cash and cash equivalentsCash and cash equivalents consist of cash and bank balances, excluding fixed and call deposits.
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201986
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201987
2019 2018 RM RM
Quoted equity securities 26,391,110 22,267,521
Quoted unit and property trust funds 1,334,204 441,672
27,725,314 22,709,193
FVTPL:
Quoted equity securities
Cost 25,844,458 19,103,788
Net unrealised gain 546,652 3,163,733
Fair value 26,391,110 22,267,521
Quoted unit and property trust funds
Cost 1,269,367 482,705
Net unrealised gain/(loss) 64,837 (41,033)
Fair value 1,334,204 441,672
Total investments at FVTPL 27,725,314 22,709,193
Total investments 27,725,314 22,709,193
3. Investments
(i) AmMetLife Equity Fund
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201988
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Quoted equity securities
Construction
Gamuda Berhad – Warrants 10,616 2,654 2,389 0.01%
IJM Corporation Berhad 68,300 228,557 151,626 0.46%
Consumer Products & Services
Bermaz Auto Berhad 600,800 1,348,597 1,357,808 4.14%
British American Tabacco Malaysia Berhad 12,100 411,202 437,294 1.33%
Genting Berhad 162,800 1,295,378 1,080,992 3.30%
Genting Malaysia Berhad 184,800 891,930 591,360 1.80%
MyNews Holdings Berhad 25,200 29,687 34,524 0.11%
Padini Holdings Berhad 187,200 733,227 672,048 2.05%
Panasonic Manufacturing Malaysia Berhad 13,700 542,007 516,490 1.58%
Sime Darby Berhad 76,862 129,040 171,402 0.52%
UMW Holdings Berhad 110,700 652,126 634,311 1.94%
Energy
Dialog Group Berhad 190,300 319,113 603,251 1.84%
Hibiscus Petroleum Berhad 131,000 158,481 140,170 0.43%
Serba Dinamik Holdings Berhad 276,600 968,464 1,042,782 3.18%
Financial Services
AEON Credit Service (M) Berhad 39,400 665,687 661,920 2.02%
CIMB Group Holdings Berhad 240,462 1,378,793 1,238,379 3.78%
Hong Leong Bank Berhad 75,900 1,426,557 1,540,770 4.70%
Malayan Banking Berhad 323,973 2,886,092 3,003,230 9.16%
Public Bank Berhad 124,700 2,502,303 2,888,052 8.81%
RHB Bank Berhad 145,100 785,700 827,070 2.52%
Healthcare
Hartalega Holdings Berhad 59,600 248,131 275,948 0.84%
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 2019 are as detailed below:
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201988
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201989
3. Investments (Cont’d)
(i) AmMetLife Equity Fund (Cont’d)
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL: (Cont’d)
Quoted equity securities (Cont’d)
Industrial Products & Services
ATA IMS Berhad 472,900 790,767 808,659 2.47%
Petronas Chemicals Group Berhad 184,100 1,402,645 1,686,356 5.15%
Uchi Technologies Berhad 257,300 754,295 686,991 2.10%
Plantations
Sime Darby Plantation Berhad 76,862 389,614 385,847 1.18%
Technology
Frontken Corporation Berhad 422,900 280,290 418,671 1.28%
Inari Amertron Berhad 61,950 63,569 97,262 0.30%
MY E.G. Services Berhad 565,100 665,592 796,791 2.43%
Telecomunications & Media
Axiata Group Berhad 303,182 1,480,827 1,258,205 3.84%
Time Dotcom Berhad 74,700 653,999 649,890 1.98%
Utilities
Tenaga Nasional Berhad 136,700 1,759,134 1,730,622 5.28%
25,844,458 26,391,110 80.54%
Quoted unit and property trust funds
KLCC Real Estate Investment Trust 82,200 643,512 637,872 1.95%
Pavillion Real Estate Investment Trust 382,600 625,855 696,332 2.12%
1,269,367 1,334,204 4.07%
Total investments at FVTPL 27,113,825 27,725,314 84.61%
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201990
2019 2018 RM RM
Malaysian government securities 724,892 692,587
Unquoted corporate bonds 8,730,293 8,887,733
Unquoted unit and property trust funds 26,677 25,027
Deposits with licensed financial institutions 886,000 719,000
10,367,862 10,324,347
FVTPL:Malaysian government securities
Cost 695,975 695,975
Net unrealised gain/(loss) 28,917 (3,388)
Fair value 724,892 692,587
Unquoted corporate bonds
Cost 8,548,940 9,097,980
Net unrealised gain/(loss) 181,353 (210,247)
Fair value 8,730,293 8,887,733
Unquoted unit and property trust funds
Cost 25,267 24,712
Net unrealised gain 1,410 315
Fair value 26,677 25,027
Total investments at FVTPL 9,481,862 9,605,347
LAR:
Deposits with licensed financial institutions 886,000 719,000
Total investments 10,367,862 10,324,347
3. Investments (Cont’d)
(ii) AmMetLife Bond Fund
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201990
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201991
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Malaysian government securities 700,000 695,975 724,892 6.25%
Unquoted corporate bonds
Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd due 02/12/2026 400,000 389,800 403,716 3.48% Sime Darby Berhad due 24/03/2026 1,500,000 1,500,000 1,592,415 13.72% Tanjung Bin Energy Issuer Berhad due 15/09/2031 900,000 984,150 1,023,921 8.82%Sarawak Energy Berhad due 25/04/2036 500,000 500,300 521,360 4.49% Manjung Island Energy Berhad due 25/11/2025 1,000,000 1,013,700 1,013,770 8.73% Sarawak Hidro Sdn Berhad due 11/08/2026 300,000 301,200 302,844 2.61%Hong Leong Financial Group Berhad due 26/06/2023 500,000 500,000 503,065 4.33%UEM Sunrise Berhad due 31/10/2023 500,000 501,100 507,450 4.37%Edra Energy Sdn Berhad due 05/01/2027 1,500,000 1,534,500 1,529,205 13.17%Edra Energy Sdn Berhad due 05/01/2032 800,000 821,440 821,632 7.08% Telekom Malaysia Berhad due 31/10/2028 500,000 502,750 510,915 4.40%
8,548,940 8,730,293 75.22%
Unquoted unit and property trust funds
AmBond Fund 15,762 18,962 19,767 0.17%AmDynamic Bond Fund 10,416 6,305 6,910 0.06%
25,267 26,677 0.23%
Total investments at FVTPL 9,270,182 9,481,862 81.69%
Notes to the Financial Information (Cont’d)
3. Investments (Cont’d)
(ii) AmMetLife Bond Fund (Cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2019 are as detailed below:
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201992
2019 2018 % %
Malaysian government securities 4.93 4.93
Unquoted corporate bonds – unsecured 5.20 4.97
Deposits with licensed financial institutions 3.40 3.50
3. Investments (Cont’d)
(ii) AmMetLife Bond Fund (Cont’d)
The weighted average effective interest rates per annum are as follows:
2019 2018 RM RM
Quoted equity securities 18,459,761 17,660,512
Quoted unit and property trust funds 1,161,630 –
Unquoted corporate bonds 9,640,137 4,295,146
29,261,528 21,955,658
FVTPL:
Quoted equity securities
Cost 17,694,991 15,193,912
Net unrealised gain 764,770 2,466,600
Fair value 18,459,761 17,660,512
Quoted unit and property trust funds
Cost 1,121,605 –
Net unrealised gain 40,025 –
Fair value 1,161,630 –
Unquoted corporate bonds
Cost 9,538,900 4,357,240
Net unrealised gain/(loss) 101,237 (62,094)
Fair value 9,640,137 4,295,146
Total investments at FVTPL 29,261,528 21,955,658
Total investments 29,261,528 21,955,658
(iii) AmMetLife Balanced Fund
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201992
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201993
3. Investments (Cont’d)
(iii) AmMetLife Balanced Fund (Cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2019 are as detailed below:
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Quoted equity securities
Construction
Gamuda Berhad - Warrants 10,200 2,550 2,295 0.01%
Consumer Products & Services
Bermaz Auto Berhad 425,700 940,959 962,082 2.86%
British American Tabacco (M) Berhad 12,400 421,575 448,136 1.33%
Genting Berhad 111,900 875,836 743,016 2.21%
Genting Malaysia Berhad 76,100 360,867 243,520 0.72%
MyNews Holdings Berhad 25,400 29,923 34,798 0.10%
Padini Holdings Berhad 186,200 737,691 668,458 1.98%
Panasonic Manufacturing Malaysia Berhad 10,900 429,865 410,930 1.22%
Sime Darby Berhad 80,678 142,158 179,912 0.53%
UMW Holdings Berhad 78,300 461,001 448,659 1.33%
Energy
Dialog Group Berhad 162,500 272,524 515,125 1.53%
Hibiscus Petroleum Berhad 130,000 157,271 139,100 0.41%
Serba Dinamik Holdings Berhad 188,200 648,901 709,514 2.11%
Financial Services
AEON Credit Service (M) Berhad 28,600 481,727 480,480 1.43%
CIMB Group Holdings Berhad 173,744 993,262 894,782 2.66%
Hong Leong Bank Berhad 42,200 759,067 856,660 2.54%
Malayan Banking Berhad 169,621 1,503,703 1,572,387 4.67%
Public Bank Berhad 93,200 1,862,821 2,158,512 6.41%
RHB Bank Berhad 59,700 324,459 340,290 1.01%
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201994
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL: (Cont’d)
Quoted equity securities (Cont’d)
Industrial Products & Services
ATA IMS Berhad 331,700 542,647 567,207 1.68%
Petronas Chemicals Group Berhad 135,500 1,010,896 1,241,180 3.69%
Uchi Technologies Berhad 168,700 487,308 450,429 1.34%
Plantations
Sime Darby Plantation Berhad 80,678 429,220 405,004 1.20%
Technology
Frontken Corporation Berhad 422,900 281,494 418,671 1.24%
Inari Amertron Berhad 61,400 67,425 96,398 0.29%
MY E.G. Services Berhad 568,200 682,727 801,161 2.38%
Telecommunications & Media
Axiata Group Berhad 215,812 1,044,421 895,620 2.66%
Time Dotcom Berhad 76,600 670,617 666,420 1.98%
Utilities
Tenaga Nasional Berhad 87,600 1,072,076 1,109,015 3.29%
17,694,991 18,459,761 54.82%
3. Investments (Cont’d)
(iii) AmMetLife Balanced Fund (Cont’d)
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201994
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201995
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL: (Cont’d)
Quoted unit and property trust funds
KLCC Real Estate Investment Trust 82,500 652,948 640,200 1.90%
Pavillion Real Estate Investment Trust 286,500 468,657 521,430 1.55%
1,121,605 1,161,630 3.45%
Unquoted corporate bonds
Tanjung Bin Energy Issuer Berhad due 15/09/2028 1,900,000 1,907,600 1,918,012 5.70%
Hong Leong Financial Group Berhad due 26/06/2023 2,000,000 2,000,000 2,012,260 5.98%
Sarawak Hidro Sdn Berhad due 11/08/2026 1,500,000 1,604,850 1,644,195 4.88%
Edra Energy Sdn Berhad due 05/01/2027 500,000 511,500 509,735 1.51%
Perbadanan Kemajuan Negeri Selangor due 17/01/2022 1,000,000 1,001,200 1,001,360 2.97%
Telekom Malaysia Berhad due 31/10/2028 2,500,000 2,513,750 2,554,575 7.59%
9,538,900 9,640,137 28.63%
Total investments at FVTPL 28,355,496 29,261,528 86.89%
2019 2018 % %
Unquoted corporate bonds – unsecured 4.75 5.02
The weighted average effective interest rates per annum are as follows:
3. Investments (Cont’d)
(iii) AmMetLife Balanced Fund (Cont’d)
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201996
2019 2018 RM RM
Quoted equity securities 10,686,606 11,788,466
Quoted unit and property trust funds 430,680 254,535
Unquoted corporate bonds 9,309,222 3,783,081
Unquoted unit and property trust funds 712,729 674,581
21,139,237 16,500,663
FVTPL:
Quoted equity securities
Cost 10,162,829 10,314,812
Net unrealised gain 523,777 1,473,654
Fair value 10,686,606 11,788,466
Quoted unit and property trust funds
Cost 436,629 278,230
Net unrealised loss (5,949) (23,695)
Fair value 430,680 254,535
Unquoted corporate bonds
Cost 9,175,950 3,826,840
Net unrealised gain/(loss) 133,272 (43,759)
Fair value 9,309,222 3,783,081
Unquoted unit and property trust funds
Cost 671,896 663,452
Net unrealised gain 40,833 11,129
Fair value 712,729 674,581
Total investments at FVTPL 21,139,237 16,500,663
Total investments 21,139,237 16,500,663
3. Investments (Cont’d)
(iv) AmMetLife Dana Teguh
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201996
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201997
3. Investments (Cont’d)
(iv) AmMetLife Dana Teguh (Cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2019 are as detailed below:
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Quoted equity securities
Construction
Gamuda Berhad – Warrants 12,016 3,004 2,704 0.01%
Consumer Products & Services
Bermaz Auto Berhad 420,800 949,943 951,008 4.07%
Padini Holdings Berhad 138,300 612,501 496,497 2.13%
Sime Darby Berhad 77,934 137,118 173,793 0.74%
UMW Holdings Berhad 76,500 450,711 438,345 1.88%
Energy
Dialog Group Berhad 168,800 283,082 535,096 2.29%
Hibiscus Petroleum Berhad 96,000 116,139 102,720 0.44%
Serba Dinamik Holdings Berhad 179,500 618,858 676,715 2.90%
Financial Services
BIMB Holdings Berhad 161,900 667,116 697,789 2.99%
Industrial Products & Services
ATA IMS Berhad 259,700 424,697 444,087 1.90%
Petronas Chemicals Group Berhad 177,600 1,382,637 1,626,816 6.97%
Uchi Technologies Berhad 135,900 393,081 362,853 1.55%
Plantations
Sime Darby Plantation Berhad 77,934 414,002 391,229 1.68%
Technology
Frontken Corporation Berhad 312,600 206,305 309,474 1.33%
Inari Amertron Berhad 46,200 47,698 72,534 0.31%
MY E.G. Services Berhad 388,600 453,156 547,926 2.35%
Telecommunications & Media
Axiata Group Berhad 200,221 1,027,066 830,916 3.56%
Time Dotcom Berhad 55,500 486,559 482,850 2.07%
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201998
3. Investments (Cont’d)
(iv) AmMetLife Dana Teguh (Cont’d)
Notes to the Financial Information (Cont’d)
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL: (Cont’d)
Quoted equity securities (Cont’d)
Utilities
Tenaga Nasional Berhad 121,900 1,489,156 1,543,254 6.61%
10,162,829 10,686,606 45.78%
Quoted unit and property trust funds
KLCC Real Estate Investment Trust 55,500 436,629 430,680 1.84%
Unquoted corporate bonds
Sarawak Hidro Sdn Berhad due 11/08/2026 1,900,000 1,907,600 1,918,012 8.22%
Tanjung Bin Energy Issuer Berhad due 15/09/2028 3,500,000 3,744,650 3,836,455 16.43%
Edra Energy Sdn Berhad due 05/01/2027 500,000 511,500 509,735 2.18%
Perbadanan Kemajuan Negeri Selangor due 17/01/2022 1,000,000 1,001,200 1,001,360 4.29%
Telekom Malaysia Berhad due 31/10/2028 2,000,000 2,011,000 2,043,660 8.75%
9,175,950 9,309,222 39.88%
Unquoted unit and property trust funds
AmBon Islam Fund 569,910 671,896 712,729 3.05%
Total investments at FVTPL 20,447,304 21,139,237 90.55%
2019 2018 % %
Unquoted corporate bonds – unsecured 4.77 4.76
The weighted average effective interest rates per annum are as follows:
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201998
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 201999
3. Investments (Cont’d)
(v) AmMetLife Oasis Islamic Equity Fund
2019 2018 RM RM
Unquoted unit and property trust funds 3,329,144 3,383,640
FVTPL:
Unquoted unit and property trust funds
Cost 3,571,105 3,790,418
Net unrealised loss (241,961) (406,778)
Fair value 3,329,144 3,383,640
Total investments at FVTPL 3,329,144 3,383,640
Total investments 3,329,144 3,383,640
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Unquoted unit and property trust funds
AmOasis Global Islamic Equity 3,747,348 3,571,105 3,329,144 94.17%
Total investments at FVTPL 3,571,105 3,329,144 94.17%
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2019 are as detailed below:
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019100
3. Investments (Cont’d)
(vi) AmMetLife Asia Pacific REITS Fund
Notes to the Financial Information (Cont’d)
2019 2018 RM RM
Unquoted unit and property trust funds 5,282,198 2,420,040
Deposits with licensed financial institutions 407,089 135,809
5,689,287 2,555,849 FVTPL:
Unquoted unit and property trust funds
Cost 4,795,740 2,358,382
Net unrealised gain 486,458 61,658
Fair value 5,282,198 2,420,040
Total investments at FVTPL 5,282,198 2,420,040
LAR:
Deposits with licensed financial institutions 407,089 135,809
Total investments 5,689,287 2,555,849
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2019 are as detailed below:
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Unquoted unit and property trust funds
AmAsia Pacific REITS 6,543,852 4,795,740 5,282,198 86.45%
Total investments at FVTPL 4,795,740 5,282,198 86.45%
2019 2018 % %
Deposits with licensed financial institutions 3.40 3.40
The weighted average effective interest rates per annum are as follows:
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019100
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019101
3. Investments (Cont’d)
(vii) AmMetLife Global Emerging Market Fund
2019 2018 RM RM
Unquoted unit and property trust funds 3,736,460 2,543,844
Deposits with licensed financial institutions 233,060 163,449
3,969,520 2,707,293 FVTPL:
Unquoted unit and property trust funds
Cost 3,584,425 2,185,085
Net unrealised gain 152,035 358,759
Fair value 3,736,460 2,543,844
Total investments at FVTPL 3,736,460 2,543,844
LAR:
Deposits with licensed financial institutions 233,060 163,449
Total investments 3,969,520 2,707,293
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Unquoted unit and property trust funds
AmGlobal Emerging Market Opportunities 2,604,167 3,584,425 3,736,460 92.04% Total investments at FVTPL 3,584,425 3,736,460 92.04%
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2019 are as detailed below:
2019 2018 % %
Deposits with licensed financial institutions 3.40 3.40
The weighted average effective interest rates per annum are as follows:
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019102
3. Investments (Cont’d)
(viii) AmMetLife Tactical Bond Fund
Notes to the Financial Information (Cont’d)
2019 2018 RM RM
Unquoted unit and property trust funds 1,515,085 895,082
FVTPL:
Unquoted unit and property trust funds
Cost 1,441,099 860,070
Net unrealised gain 73,986 35,012
Fair value 1,515,085 895,082
Total investments at FVTPL 1,515,085 895,082
Total investments 1,515,085 895,082
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Unquoted unit and property trust funds
AmTactical Bond 1,392,158 1,441,099 1,515,085 88.96%
Total investments at FVTPL 1,441,099 1,515,085 88.96%
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2019 are as detailed below:
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019102
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019103
3. Investments (Cont’d)
(ix) AmMetLife Precious Metals Fund
2019 2018 RM RM
Unquoted unit and property trust funds 3,130,012 2,804,365
FVTPL:
Unquoted unit and property trust funds
Cost 5,792,048 5,916,311
Net unrealised loss (2,662,036) (3,111,946)
Fair value 3,130,012 2,804,365
Total investments at FVTPL 3,130,012 2,804,365
Total investments 3,130,012 2,804,365
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Unquoted unit and property trust funds
AmPrecious Metals 7,856,457 5,792,048 3,130,012 87.55%
Total investments at FVTPL 5,792,048 3,130,012 87.55%
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2019 are as detailed below:
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019104
3. Investments (Cont’d)
(x) AmMetLife Global Agribusiness Fund
Notes to the Financial Information (Cont’d)
2019 2018 RM RM
Unquoted unit and property trust funds 2,366,352 2,108,847
Deposits with licensed financial institutions 204,045 219,525 2,570,397 2,328,372
FVTPL:
Unquoted unit and property trust funds
Cost 1,856,074 1,742,914
Net unrealised gain 510,278 365,933
Fair value 2,366,352 2,108,847
Total investments at FVTPL 2,366,352 2,108,847
LAR:
Deposits with licensed financial institutions 204,045 219,525
Total investments 2,570,397 2,328,372
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2019 are as detailed below:
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Unquoted unit and property trust funds
AmGlobal Agribusiness 1,983,531 1,856,074 2,366,352 93.78%
Total investments at FVTPL 1,856,074 2,366,352 93.78%
2019 2018 % %
Deposits with licensed financial institutions 3.40 3.40
The weighted average effective interest rates per annum are as follows:
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019104
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019105
3. Investments (Cont’d)
(xi) AmMetLife Dividend Fund
2019 2018 RM RM
Quoted equity securities 13,822,004 13,841,107
Quoted unit and property trust funds 703,666 150,570 14,525,670 13,991,677
FVTPL:
Quoted equity securities
Cost 13,279,803 11,696,436
Net unrealised gain 542,201 2,144,671
Fair value 13,822,004 13,841,107
Quoted unit and property trust funds
Cost 668,191 164,587
Net unrealised gain/(loss) 35,475 (14,017)
Fair value 703,666 150,570
Total investments at FVTPL 14,525,670 13,991,677
Total investments 14,525,670 13,991,677
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019106
3. Investments (Cont’d)
(xi) AmMetLife Dividend Fund (Cont’d)
The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2019 are as detailed below:
Notes to the Financial Information (Cont’d)
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL:
Quoted equity securities
Construction
Gamuda Berhad – Warrants 8,150 2,038 1,834 0.01%
IJM Corporation Berhad 38,400 128,206 85,248 0.50%
Consumer Products & Services
Bermaz Auto Berhad 310,200 696,645 701,052 4.11%
British American Tabacco (M) Berhad 6,900 234,443 249,366 1.46%
Genting Berhad 82,800 676,943 549,792 3.22%
Genting Malaysia Berhad 94,800 459,044 303,360 1.78%
MyNews Holdings Berhad 15,800 18,614 21,646 0.13%
Padini Holdings Berhad 97,100 377,119 348,589 2.04%
Panasonic Manufacturing Malaysia Berhad 7,700 303,656 290,290 1.70%
Sime Darby Berhad 49,167 82,150 109,642 0.64%
UMW Holdings Berhad 57,700 339,954 330,621 1.94%
Energy
Dialog Group Berhad 126,900 212,864 402,273 2.36%
Hibiscus Petroleum Berhad 70,000 84,684 74,900 0.44%
Serba Dinamik Holdings Berhad 138,400 474,550 521,768 3.06%
Financial Services
AEON Credit Service (M) Berhad 20,800 351,510 349,440 2.05%
CIMB Group Holdings Berhad 124,811 714,229 642,777 3.77%
Hong Leong Bank Berhad 32,600 598,689 661,780 3.88%
Malayan Banking Berhad 166,724 1,442,155 1,545,531 9.06%
Public Bank Berhad 63,800 1,203,521 1,477,608 8.67%
RHB Bank Berhad 52,800 286,982 300,960 1.77%
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019106
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019107
3. Investments (Cont’d)
(xi) AmMetLife Dividend Fund (Cont’d)
2019
No. of Cost Fair value Fair value as Units RM RM % of NAV
FVTPL: (Cont’d)
Quoted equity securities (Cont’d)
Industrial Products & Services
ATA IMS Berhad 241,200 400,287 412,452 2.42%
Petronas Chemicals Group Berhad 105,100 791,782 962,716 5.65%
Uchi Technologies Berhad 200,400 570,095 535,068 3.14%
Plantations
Sime Darby Plantation Berhad 49,167 248,039 246,818 1.45%
Technology
Frontken Corporation Berhad 238,800 157,069 236,412 1.39%
Inari Amertron Berhad 34,300 35,206 53,851 0.32%
MY E.G. Services Berhad 296,500 349,330 418,065 2.45%
Telecommunications & Media
Axiata Group Berhad 171,339 838,090 711,057 4.17%
Time Dotcom Berhad 39,400 345,080 342,780 2.01%
Utilities
Tenaga Nasional Berhad 73,800 856,829 934,308 5.48%
13,279,803 13,822,004 81.06%
Quoted unit and property trust funds
KLCC Real Estate Investment Trust 42,200 330,077 327,472 1.92%
Pavillion Real Estate Investment Trust 206,700 338,114 376,194 2.21%
668,191 703,666 4.13%
Total investments at FVTPL 13,947,994 14,525,670 85.19%
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019108
Notes to the Financial Information (Cont’d)
4. Deffered Taxation The deferred tax liability/(asset) relate to unrealised capital gain/(losses) on investments of the respective Funds.
(i) AmMetLife Equity Fund
2019 2018 RM RM
At beginning of the year 249,816 167,567
Recognised in the Statement of Income and Expenditure (Note 8) (200,897) 82,249 At end of the year 48,919 249,816
2019 2018 RM RM
At beginning of the year (17,066) (12,354)
Recognised in the Statement of Income and Expenditure (Note 8) 34,000 (4,712) At end of the year 16,934 (17,066)
(ii) AmMetLife Bond Fund
2019 2018 RM RM
At beginning of the year 192,361 129,736
Recognised in the Statement of Income and Expenditure (Note 8) (119,878) 62,625 At end of the year 72,483 192,361
(iii) AmMetLife Balanced Fund
2019 2018 RM RM
At beginning of the year 113,386 109,292
Recognised in the Statement of Income and Expenditure (Note 8) (58,031) 4,094 At end of the year 55,355 113,386
(iv) AmMetLife Dana Teguh
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019108
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019109
2019 2018 RM RM
At beginning of the year 4,933 15,448
Recognised in the Statement of Income and Expenditure (Note 8) 33,984 (10,515) At end of the year 38,917 4,933
(vi) AmMetLife Asia Pacific REITS Fund
2019 2018 RM RM
At beginning of the year (32,542) 10,139
Recognised in the Statement of Income and Expenditure (Note 8) 13,185 (42,681) At end of the year (19,357) (32,542)
2019 2018 RM RM
At beginning of the year 28,701 22,235
Recognised in the Statement of Income and Expenditure (Note 8) (16,539) 6,466 At end of the year 12,162 28,701
(vii) AmMetLife Global Emerging Market Fund
2019 2018 RM RM
At beginning of the year 2,801 4,140
Recognised in the Statement of Income and Expenditure (Note 8) 3,118 (1,339) At end of the year 5,919 2,801
(viii) AmMetLife Tactical Bond Fund
Notes to the Financial Information (Cont’d)
4. Deffered Taxation (Cont’d)
(v) AmMetLife Oasis Islamic Equity Fund
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019110
4. Deffered Taxation (Cont’d)
(ix) AmMetLife Precious Metals Fund
Notes to the Financial Information (Cont’d)
2019 2018 RM RM
At beginning of the year (248,956) (233,973)
Recognised in the Statement of Income and Expenditure (Note 8) 35,993 (14,983) At end of the year (212,963) (248,956)
2019 2018 RM RM
At beginning of the year 29,275 31,933
Recognised in the Statement of Income and Expenditure (Note 8) 11,547 (2,658) At end of the year 40,822 29,275
(x) AmMetLife Global Agribusiness Fund
2019 2018 RM RM
At beginning of the year 170,452 113,588
Recognised in the Statement of Income and Expenditure (Note 8) (124,238) 56,864 At end of the year 46,214 170,452
(xi) AmMetLife Dividend Fund
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019110
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019111
5. Unitholders’ Capital
(i) AmMetLife Equity Fund
(ii) AmMetLife Bond Fund
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 9,240,328 18,110,320 4,559,620 11,142,198
Amount paid for cancellations due to surrenders during the year (2,614,756) (10,550,205) (2,389,232) (8,682,900) 6,625,572 7,560,115 2,170,388 2,459,298 Unitholders’ capital brought forward 23,344,659 27,447,215 21,174,271 22,470,571
(Deficit)/excess of income over outgo after taxation – (2,238,483) – 2,517,346 29,970,231 32,768,847 23,344,659 27,447,215
Net asset value per unit at 31 March 1.0934 1.1757
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 2,602,754 5,524,517 1,920,282 3,730,927
Amount paid for cancellations due to surrenders during the year (1,809,516) (4,809,213) (2,648,652) (4,354,429) 793,238 715,304 (728,370) (623,502) Unitholders’ capital brought forward 11,795,727 10,378,261 12,524,097 10,670,049
Excess of income over outgo after taxation – 513,538 – 331,714 12,588,965 11,607,103 11,795,727 10,378,261
Net asset value per unit at 31 March 0.9220 0.8798
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019112
5. Unitholders’ Capital (Cont’d)
(iii) AmMetLife Balanced Fund
Notes to the Financial Information (Cont’d)
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 9,377,581 17,257,820 3,217,133 9,369,120
Amount paid for cancellations due to surrenders during the year (1,905,263) (8,978,591) (2,364,292) (8,399,467) 7,472,318 8,279,229 852,841 969,653 Unitholders’ capital brought forward 23,592,015 26,572,008 22,739,174 23,442,455
(Deficit)/excess of income over outgo after taxation – (1,175,124) – 2,159,900 31,064,333 33,676,113 23,592,015 26,572,008
Net asset value per unit at 31 March 1.0841 1.1263
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 4,510,597 9,420,205 2,817,584 7,118,683
Amount paid for cancellations due to surrenders during the year (2,076,537) (6,516,052) (2,562,284) (6,788,581) 2,434,060 2,904,153 255,300 330,102 Unitholders’ capital brought forward 17,336,705 20,781,006 17,081,405 19,319,513
(Deficit)/excess of income over outgo after taxation – (340,426) – 1,131,391 19,770,765 23,344,733 17,336,705 20,781,006
Net asset value per unit at 31 March 1.1808 1.1987
(iv) AmMetLife Dana Teguh
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019112
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019113
5. Unitholders’ Capital (Cont’d)
(v) AmMetLife Oasis Islamic Equity Fund
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 5,532,098 5,388,850 3,559,172 3,473,654
Amount paid for cancellations due to surrenders during the year (2,498,167) (3,273,297) (422,857) (1,377,640) 3,033,931 2,115,553 3,136,315 2,096,014 Unitholders’ capital brought forward 5,042,910 3,303,833 1,906,595 1,303,203
Excess/(deficit) of income over outgo after taxation – 690,694 – (95,384) 8,076,841 6,110,080 5,042,910 3,303,833
Net asset value per unit at 31 March 0.7565 0.6551
(vi) AmMetLife Asia Pacific REITS Fund
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 584,959 767,498 898,002 594,384
Amount paid for cancellations due to surrenders during the year (951,248) (1,006,348) (1,273,843) (844,160) (366,289) (238,850) (375,841) (249,776) Unitholders’ capital brought forward 5,962,878 3,612,142 6,338,719 4,153,455
Excess/(deficit) of income over outgo after taxation – 162,077 – (291,537) 5,596,589 3,535,369 5,962,878 3,612,142
Net asset value per unit at 31 March 0.6317 0.6058
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019114
5. Unitholders’ Capital (Cont’d)
(vii) AmMetLife Global Emerging Market Fund
Notes to the Financial Information (Cont’d)
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 2,851,153 1,847,618 2,665,491 2,317,524
Amount paid for cancellations due to surrenders during the year (1,129,797) (653,052) (139,905) (541,498) 1,721,356 1,194,566 2,525,586 1,776,026 Unitholders’ capital brought forward 4,347,776 3,030,596 1,822,190 1,176,955
(Deficit)/excess of income over outgo after taxation – (165,737) – 77,615 6,069,132 4,059,425 4,347,776 3,030,596
Net asset value per unit at 31 March 0.6689 0.6970
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 1,490,711 1,447,430 779,028 799,751
Amount paid for cancellations due to surrenders during the year (392,279) (779,340) (351,150) (546,780) 1,098,432 668,090 427,878 252,971 Unitholders’ capital brought forward 1,636,696 970,428 1,208,818 705,801
Excess of income over outgo after taxation – 64,661 – 11,656 2,735,128 1,703,179 1,636,696 970,428
Net asset value per unit at 31 March 0.6227 0.5929
(viii) AmMetLife Tactical Bond Fund
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019114
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019115
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 1,871,632 704,681 2,329,233 508,585
Amount paid for cancellations due to surrenders during the year (1,981,660) (738,627) (3,328,588) (796,584) (110,028) (33,946) (999,355) (287,999) Unitholders’ capital brought forward 13,544,270 3,317,719 14,543,625 4,129,638
Excess/(deficit) of income over outgo after taxation – 291,468 – (523,920) 13,434,242 3,575,241 13,544,270 3,317,719
Net asset value per unit at 31 March 0.2661 0.2450
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 364,350 441,078 351,855 422,072
Amount paid for cancellations due to surrenders during the year (285,808) (386,732) (238,010) (345,122) 78,542 54,346 113,845 76,950 Unitholders’ capital brought forward 3,506,537 2,315,243 3,392,692 2,264,212
Excess/(deficit) of income over outgo after taxation – 153,759 – (25,919) 3,585,079 2,523,348 3,506,537 2,315,243
Net asset value per unit at 31 March 0.7038 0.6603
(x) AmMetLife Global Agribusiness Fund
Notes to the Financial Information (Cont’d)
5. Unitholders’ Capital (Cont’d)
(ix) AmMetLife Precious Metals Fund
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019116
5. Unitholders’ Capital (Cont’d)
(xi) AmMetLife Dividend Fund
6. Interest Income
2019 2018
No. of No. of Units RM Units RM
Amount received for creations during the year 4,237,332 5,074,761 1,266,274 2,332,544
Amount paid for cancellations due to surrenders during the year (1,255,421) (2,701,647) (1,982,681) (2,868,133) 2,981,911 2,373,114 (716,407) (535,589) Unitholders’ capital brought forward 19,345,529 15,961,476 20,061,936 14,803,212
(Deficit)/excess of income over outgo after taxation – (1,284,056) – 1,693,853 22,327,440 17,050,534 19,345,529 15,961,476
Net asset value per unit at 31 March 0.7637 0.8251
Notes to the Financial Information (Cont’d)
AmMetLife Equity Fund AmMetLife Bond Fund
2019 2018 2019 2018 RM RM RM RM
Interest income from: Deposits with licensed financial institutions 172,746 80,548 37,641 42,702
Corporate bonds – – 538,943 503,139
172,746 80,548 576,584 545,841
AmMetLife Balanced Fund AmMetLife Dana Teguh
2019 2018 2019 2018 RM RM RM RM
Interest income from: Deposits with licensed financial institutions 181,190 75,042 136,781 91,006
Corporate bonds 358,936 260,665 336,579 185,570
540,126 335,707 473,360 276,576
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019116
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019117
6. Interest Income (Cont’d)
AmMetLife Oasis AmMetLife Asia Islamic Equity Fund Pacific REITS Fund
2019 2018 2019 2018 RM RM RM RM
Interest income from: Deposits with licensed financial institutions 5,484 7,113 10,526 4,082
AmMetLife Global AmMetLife Emerging Market Fund Tactical Bond Fund
2019 2018 2019 2018 RM RM RM RM
Interest income from: Deposits with licensed financial institutions 9,519 4,602 2,245 1,980
AmMetLife AmMetLife Global Precious Metals Fund Agribusiness Fund
2019 2018 2019 2018 RM RM RM RM
Interest income from: Deposits with licensed financial institutions 5,288 6,182 6,780 6,584
AmMetLife Dividend Fund
2019 2018 RM RM
Interest income from: Deposits with licensed financial institutions 83,894 41,146
Notes to the Financial Information (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019118
Notes to the Financial Information (Cont’d)
7. Dividend Income
AmMetLife Equity Fund AmMetLife Bond Fund
2019 2018 2019 2018 RM RM RM RM
Gross dividends from: Quoted equity securities in Malaysia 901,455 709,725 – –
Quoted unit and property trust funds in Malaysia 42,025 25,858 – –
Unquoted unit and property trust funds in Malaysia – – 555 2,483
943,480 735,583 555 2,483
AmMetLife Balanced Fund AmMetLife Dana Teguh
2019 2018 2019 2018 RM RM RM RM
Gross dividends from: Quoted equity securities in Malaysia 648,988 529,498 326,322 336,004
Quoted unit and property trust funds in Malaysia 21,713 17,795 15,315 9,780
Unquoted unit and property trust funds in Malaysia – – 8,444 44,362
670,701 547,293 350,081 390,146
AmMetLife Oasis AmMetLife Asia Islamic Equity Fund Pacific REITS Fund
2019 2018 2019 2018 RM RM RM RM
Gross dividends from: Unquoted unit and property trust funds in Malaysia 21,519 197,119 245,752 29,260
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019118
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019119
AmMetLife Global AmMetLife Emerging Market Fund Tactical Bond Fund
2019 2018 2019 2018 RM RM RM RM
Gross dividends from: Unquoted unit and property trust funds in Malaysia 1,945 2,671 32,007 29,573
AmMetLife Dividend Fund
2019 2018 RM RM
Gross dividends from: Quoted equity securities in Malaysia 500,123 453,291
Quoted unit and property trust funds in Malaysia 19,258 14,854
519,381 468,145
Notes to the Financial Information (Cont’d)
7. Dividend Income (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019120
Notes to the Financial Information (Cont’d)
8. Taxation
AmMetLife Equity Fund AmMetLife Bond Fund
2019 2018 2019 2018 RM RM RM RM
Malaysian income tax: Current year’s provision (37,952) 104,236 45,719 44,351
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (200,897) 82,249 34,000 (4,712)
Tax (credit)/expense for the year (238,849) 186,485 79,719 39,639
AmMetLife Balanced Fund AmMetLife Dana Teguh
2019 2018 2019 2018 RM RM RM RM
Malaysian income tax: Current year’s provision (1,382) 108,774 23,338 82,878
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (119,878) 62,625 (58,031) 4,094
Tax (credit)/expense for the year (121,260) 171,399 (34,693) 86,972
AmMetLife Oasis AmMetLife Asia Islamic Equity Fund Pacific REITS Fund
2019 2018 2019 2018 RM RM RM RM
Malaysian income tax: Current year’s provision (1,088) (51) 5,729 392
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) 13,185 (42,681) 33,984 (10,515)
Tax expense/(credit) for the year 12,097 (42,732) 33,984 (10,123)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019120
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019121
AmMetLife Global AmMetLife Emerging Market Fund Tactical Bond Fund
2019 2018 2019 2018 RM RM RM RM
Malaysian income tax: Current year’s provision 1,994 368 315 327
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (16,539) 6,466 3,118 (1,339)
Tax (credit)/expense for the year (14,545) 6,834 3,433 (1,012)
AmMetLife Dividend Fund
2019 2018 RM RM
Malaysian income tax: Current year’s provision (11,847) 69,481
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (124,238) 56,864
Tax (credit)/expense for the year (136,085) 126,345
AmMetLife AmMetLife Global Precious Metals Fund Agribusiness Fund
2019 2018 2019 2018 RM RM RM RM
Malaysian income tax: Current year’s provision (10,172) (30,300) 1,994 526
Deferred tax: Relating to origination and reversal of temporary differences (Note 4) 35,993 (14,983) 11,547 (2,658)
Tax expense/(credit) for the year 25,821 (45,283) 13,541 (2,132)
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% in accordance with the method prescribed under the Income Tax Act, 1967 for life insurance business.
Notes to the Financial Information (Cont’d)
8. Taxation (Cont’d)
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019122
8. Taxation (Cont’d)
Notes to the Financial Information (Cont’d)
AmMetLife Equity Fund AmMetLife Bond Fund
2019 2018 2019 2018 RM RM RM RM
(Deficit)/excess of income over outgo before taxation (2,477,332) 2,703,831 593,257 371,353
Taxation at Malaysian tax charge of 8% (198,187) 216,306 47,461 29,708
Income not subject to tax (75,478) (58,846) 23,182 1,456
Expenses not deductible for tax purposes 34,816 29,025 9,076 8,475
(238,849) 186,485 79,719 39,639
AmMetLife Balanced Fund AmMetLife Dana Teguh
2019 2018 2019 2018 RM RM RM RM
(Deficit)/excess of of income over outgo before taxation (1,296,384) 2,331,299 (375,119) 1,218,363
Taxation at Malaysian tax charge of 8% (103,711) 186,504 (30,010) 97,469
Income not subject to tax (49,685) (42,159) (26,468) (31,212)
Expenses not deductible for tax purposes 32,136 27,054 21,785 20,715
(121,260) 171,399 (34,693) 86,972
AmMetLife Oasis AmMetLife Asia Islamic Equity Fund Pacific REITS Fund
2019 2018 2019 2018 RM RM RM RM
Excess/(deficit) of income over outgo before taxation 174,174 (334,269) 730,407 (105,507)
Taxation at Malaysian tax charge of 8% 13,934 (26,742) 58,433 (8,441)
Income not subject to tax (2,485) (16,632) (19,660) (2,340)
Expenses not deductible for tax purposes 648 642 940 658
12,097 (42,732) 39,713 (10,123)
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:
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019122
AmMetLife Insurance Berhad Annual Report for the Investment-Linked Funds Financial Year Ended 31 March 2019123
AmMetLife Global AmMetLife Emerging Market Fund Tactical Bond Fund
2019 2018 2019 2018 RM RM RM RM
(Deficit)/excess of income over outgo before taxation (180,282) 84,449 68,094 10,644
Taxation at Malaysian tax charge of 8% (14,423) 6,756 5,448 852
Income not subject to tax (961) (582) (2,561) (2,366)
Expenses not deductible for tax purposes 839 660 546 502
(14,545) 6,834 3,433 (1,012)
AmMetLife AmMetLife Global Precious Metals Fund Agribusiness Fund
2019 2018 2019 2018 RM RM RM RM
Excess/(deficit) of income over outgo before taxation 317,289 (569,203) 167,300 (28,051)
Taxation at Malaysian tax charge of 8% 25,383 (45,536) 13,384 (2,244)
Income not subject to tax (613) (761) (501) (526)
Expenses not deductible for tax purposes 1,051 1,014 658 638
25,821 (45,283) 13,541 (2,132)
AmMetLife Dividend Fund
2019 2018 RM RM
(Deficit)/excess of income over outgo before taxation (1,420,141) 1,820,198
Taxation at Malaysian tax charge of 8% (113,611) 145,616
Income not subject to tax (41,550) (37,452)
Expenses not deductible for tax purposes 19,076 18,181
(136,085) 126,345
Notes to the Financial Information (Cont’d)
8. Taxation (Cont’d)
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AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019125
AmMetLife Insurance Berhad (15743-P)
Ahli PIDM
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019126
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019HALAMAN INI
SENGAJA DIBIARKAN KOSONG
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019126
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019127
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
Isi Kandungan
Mesej Pengerusi 129
Profil Korporat 130
Objektif Dana Berkaitan Pelaburan 131
Ulasan Pasaran Pelaburan 135
Tinjauan Pelaburan 143
Strategi Pelaburan 147
Prestasi Dana 153
Pecahan Mengikut Sektor dan Kategori 165
Jadual Perbandingan Prestasi 177
Ringkasan Maklumat Kewangan 185
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019128
HALAMAN INI SENGAJA DIBIARKAN
KOSONG
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019128
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019129
Mesej Pengerusi
Kami di AmMetLife sentiasa membuktikan komitmen kami dalam membentuk dan menunaikan janji. Menerusi usaha yang dilaksanakan, kami menyediakan jaminan kewangan kepada berjuta pelanggan dan melabur demi menzahirkan sokongan kepada pertumbuhan ekonomi negara. Ia merupakan satu hasrat yang mulia, yang dipraktikkan oleh tenaga kerja AmMetLife setiap hari. Terima kasih atas usaha dan dedikasi mereka, AmMetLife adalah sebuah rakan kongsi yang dipercayai bagi individu dan institusi di Malaysia.
Selepas pencapaian kukuh pada 2018, saya dengan sukacitanya mengumumkan bahawa portfolio berkaitan pelaburan kami bagi tahun kewangan berakhir 31 Mac 2019 telah merekodkan pertumbuhan yang mantap. Bagi tahun kewangan ini, jumlah nilai aset bersih dana berkaitan pelaburan kami adalah sebanyak RM140 juta. Pencapaian ini menunjukkan peningkatan memberangsangkan sebanyak 18.9% dalam pertumbuhan tahun ke tahun, berikutan pertumbuhan dalam kebanyakan dana.
Dana berkaitan pelaburan kami yang terbaik ialah Dana AmMetLife Asia Pacific REITS, yang mengatasi prestasi tahun lepas dan menghasilkan pulangan sebanyak 15.6%. Ini diikuti dengan Dana AmMetLife Precious Metals, yang mencatat prestasi satu tahun pada 8.6%, sementara Dana AmMetLife Agribusiness merekodkan pulangan 6.7% pada tahun tersebut.
Tiga dana domestik kami dengan prestasi terbaik, iaitu Dana AmMetLife Bond, Dana AmMetLife Balanced dan AmMetLife Dana Teguh masing-masing mencapai kadar pertumbuhan prestasi pada 8.2%, 5.1% dan 4.4%. Semua dana domestik tersebut telah mengatasi penanda aras masing-masing sepanjang 3 tahun (TK17, TK18 dan TK19), meskipun dengan persekitaran pelaburan yang sangat mencabar.
Kami sangat berbangga dengan keputusan kewangan ini, yang menjadi bukti keberkesanan strategi pelaburan kami yang teratur dan mantap, walaupun di tengah-tengah kemelut ketidaktentuan pasaran global. Kami terus komited untuk membantu pelanggan kami menjalani kehidupan dengan produk dan perkhidmatan yang bukan sahaja menawarkan perlindungan, malah juga meningkatkan prestasi dan kestabilan kewangan mereka.
Kepada semua pemegang polisi yang dihargai, saya ingin mengambil kesempatan ini untuk mengucapkan ribuan terima kasih atas sokongan anda yang berterusan, dan kami berbesar hati untuk membentuk kerjasama yang jitu bersama dengan anda dalam perjalanan kami untuk menjadi sebuah Syarikat Insurans Hayat Pilihan Utama bagi seluruh rakyat Malaysia.
Cho Horng FattPengerusiAmMetLife Insurance Berhad
Kami terus komited untuk membantu pelanggan kami menjalani kehidupan dengan produk dan perkhidmatan yang bukan sahaja menawarkan perlindungan, malah juga meningkatkan prestasi dan kestabilan kewangan mereka.
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019130
Profil Korporat
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
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 hampir 200 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.
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019130
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019131
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
Objektif DanaBerkaitan Pelaburan
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019132
Objektif Dana Berkaitan Pelaburan
1. Dana AmMetLife Equity
Dana ini bertujuan untuk memberikan Pemegang Polisi pertumbuhan modal, dalam tempoh jangka masa sederhana hingga panjang, dengan melabur dalam portfolio 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/atau 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 hingga 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 hingga 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.
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019132
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019133
7. Dana AmMetLife Global Emerging Market
Dana ini bertujuan untuk mencapai peningkatan modal dalam jangka masa panjang melalui pelaburan dalam:
1. Dana Global 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 Global Agribusiness, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds Management Berhad yang melabur dalam ekuiti perniagaan agro global, daripada 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 hingga panjang terutamanya melalui pelaburan dalam Dana Sasaran: Dana Precious Metals Securities, 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 hingga 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 bagi jangka masa sederhana hingga panjang melalui pelaburan terutamanya melalui 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 hingga panjang dengan melabur dalam amanah pelaburan harta tanah (REITS).
Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.
Objektif Dana Berkaitan Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019134
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019HALAMAN INI
SENGAJA DIBIARKAN KOSONG
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019134
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019135
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
Ulasan PasaranPelaburan
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019136
Ulasan Pasaran PelaburanDana AmMetLife Equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond
Ulasan Pasaran EkuitiBagi tempoh tinjauan, FTSE Bursa Malaysia KLCI (KLCI) jatuh 11.8% untuk ditutup pada 1,644 mata. KLCI mencecah paras tertinggi 1,895 mata pada 19 April 2018 dan paras terendah 1,635 mata pada 18 Disember 2018. Dari segi sektor, indeks pembinaan Bursa Malaysia mencatatkan prestasi paling buruk dengan susut 32%, selepas kerajaan baharu mengubah keutamaannya daripada projek mega kepada penyatuan fiskal.
Pilihan Raya Umum Malaysia Ke-14 pada 9 Mei 2018 memberi keputusan mengejutkan apabila parti Pakatan Harapan (PH) menang dan membentuk kerajaan persekutuan buat pertama kalinya dalam sejarah Malaysia, menjatuhkan kerajaan sedia ada Barisan Nasional (BN) buat kali pertama dalam sejarah Malaysia, sekaligus menamatkan pemerintahan BN selama 61 tahun sejak negara ini mencapai kemerdekaannya. Kerajaan baharu telah memperkenalkan pelbagai dasar baharu. Pasaran juga terjejas lebih teruk oleh pemansuhan Cukai Barangan dan Perkhidmatan (GST) dan pengumuman Menteri Kewangan yang baru dilantik, Lim Guan Eng, bahawa jumlah hutang Malaysia kepada nisbah KDNK ialah 80%, di mana kira-kira RM200 bilion atau 15% KDNK adalah pembayaran hutang pajakan atau dikelaskan sebagai Projek Kerjasama Awam Swasta. Indeks Indeks Pembinaan Bursa Malaysia menunjukkan penyusutan paling tinggi berikutan hasrat kerajaan PH untuk mengkaji semula semua projek mega, sebagai sebahagian daripada penyatuan fiskalnya untuk menguruskan hutang yang tinggi berbanding nisbah KDNK. Perdana Menteri Tun Mahathir mengumumkan pembatalan projek Kereta Api Berkelajuan Tinggi (HSR) KL-Singapura bernilai RM110 bilion dan projek MRT3 bernilai RM45 bilion. Seiring dengan itu, pendapatan korporat juga mengecewakan. Musim pendapatan korporat suku pertama 2018 menunjukkan penyusutan momentum pendapatan kepada 3% y-o-y daripada 11% y-o-y pada suku sebelumnya. Ini ternyata lebih lemah daripada pertumbuhan KDNK Malaysia sebanyak 5.4%. Penganalisis menurunkan kadar pertumbuhan pendapatan pasaran daripada 8% kepada 5% untuk tahun 2018. KLCI menjunam hampir 10% selepas Pilihan Raya Umum 9 Mei sebelum mendatar di paras terendah 1660 mata pada 7 Jun 2018. Penjualan bersih asing melibatkan ekuiti merekodkan jumlah RM10.5 bilion pada bulan Mei & Jun 2018.
Pada suku ketiga 2018, perhatian pelabur beralih kepada perang perdagangan AS-China yang semakin hangat apabila
AS mengenakan tarif 25% ke atas eksport China bernilai AS $34 bilion pada 6 Julai. China bertindak balas dengan mengenakan tarif 25% yang serupa ke atas produk AS bernilai $34 bilion. Kedua-dua pihak mengisytiharkan kenaikan tarif yang berpotensi dilaksanakan. Pada bulan September, ketegangan perdagangan AS-China semakin meruncing apabila AS mengenakan tarif 10% ke atas kira-kira $200 bilion produk China pada 24 September dan mengumumkan peningkatan lebih dua kali ganda kadar tarif pada 2019. China segera mengenakan tarif balas sebanyak 5-10% ke atas produk AS bernilai AS $60 bilion. Presiden Trump mengancam untuk membuat tarif tambahan ke atas $267 bilion barangan dari China jika China membalas, ini bermakna kesemua barangan import dari China boleh dikenakan tarif.
Pada musim pembentangan keputusan korporat 2Q 2018, pertumbuhan pendapatan merekodkan 5% y-o-y (1Q 2018: 3% y-o-y). Semakan semula pertumbuhan pendapatan untuk tahun 2018 dikurangkan sedikit kepada 5% daripada 6% y-o-y.
Pada suku keempat 2018, KLCI bermula dengan nota lemah seiring dengan kelembapan pasaran ekuiti global. Ini didorong terutamanya oleh hasil Perbendaharaan AS 10 Tahun yang melonjak kepada 3.23% pada awal Oktober 2018, yang telah melepasi garis trend 37 tahun. Pelabur menunjukkan sikap bearish apabila kadar faedah yang terlalu tinggi itu menandakan prospek ekonomi yang kian lemah. Menjelang November, Pengerusi Rizab Persekutuan Jerome Powell dan Presiden Rizab Persekutuan New York John Williams memaklumkan kepada pasaran bahawa bank pusat itu sangat menghampiri anggaran kadar neutral, satu petanda bahawa bank pusat mungkin akan membatalkan rancangannya untuk menormalkan kadar faedah pada tahun baharu. Akibatnya, hasil Perbendaharaan AS 10 Tahun jatuh 68 bps dalam tempoh kira-kira 3 bulan ke paras terendah 2.55% pada 3 Januari 2019. Penangkapan CFO Huawei, Meng Wanzhou, menambah keraguan sama ada pertikaian perdagangan AS-China dapat diselesaikan dengan jayanya, selepas permulaan yang memberangsangkan dengan tempoh perdamaian 90 hari.
Di peringkat domestik, stok pembinaan terjejas teruk apabila kerajaan membuat beberapa keputusan penting mengenai projek Transit Aliran Massa 2 (MRT2). Kerajaan telah menerima tawaran daripada MMC Gamuda, bekas pelaksana projek (PDP), untuk menyiapkan komponen atas tanah projek
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019136
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019137
itu sebagai kontraktor turnkey untuk RM17.42 bilion, yang bersamaan dengan pengurangan sebanyak RM5.22 bilion atau 23% daripada jumlah kontrak asal. Di samping itu, kerajaan juga telah menamatkan MMC-Gamuda sebagai kontraktor bagi komponen bawah tanah (terowong) projek MRT2 itu dengan jumlah kontrak asal sebanyak RM16.71 bilion. Dalam Kajian Separuh Penggal Rancangan Malaysia ke-11 (2016-2020), ramalan KDNK Malaysia turun kepada 4.5-5.5% daripada 5.0-6.0%. Kenyataan Kerajaan setakat ini menunjukkan defisit belanjawan pada kadar 2.8% untuk tahun 2018, >3% pada tahun 2019 dan akan pulih pada kadar 3% pada tahun 2020. Pada 18 Disember 2018, KLCI mencatatkan paras terendah pada 1,635 mata.
Pada suku pertama 2019, pasaran global menunjukkan trend bullish apabila Rizab Persekutuan AS membayangkan penangguhan kenaikan kadar faedah “disebabkan kelemahan perkembangan ekonomi dan kewangan global serta tekanan inflasi”. Pasaran kembali berharap apabila Presiden Trump melanjutkan tempoh akhir kenaikan tarif ke atas barangan China sehingga selepas 1 Mac 2019, menandakan kemajuan besar dalam perbincangan perdagangan terkini. Menjelang 19 Mac 2019, hasil Perbendaharaan AS 10 tahun merudum untuk ditutup pada 2.41% yang menterbalikkan lengkung hasil, berbanding hasil Perbendaharaan AS 3 Bulan yang ditutup pada 2.42%. Pasaran memulakan pemotongan Kadar Dana Persekutuan sebanyak 25bp pada tahun 2019 dan pemotongan kadar 25bp yang selanjutnya pada tahun 2020. Bank Pusat AS juga mengumumkan jadual untuk mengakhiri pengecutan saiz lembaran imbangan. Akibatnya, pengecutan lembaran imbangan Bank Pusat AS akan berakhir pada hujung September 2019 pada AS $3.7 trilion, atau 6.8% di bawah paras semasa AS $3.97 trilion. Kadar faedah terus tertekan berikutan pengumuman indeks pembuatan yang lemah pada Februari 2019 oleh beberapa ekonomi utama dunia. Indeks PMI Kesatuan Eropah dan Jepun sangat lemah dengan menjunam di bawah 50, menandakan penguncupan dalam aktiviti ekonomi di negara-negara ini.
Di peringkat domestik, musim pembentangan pelaporan korporat 4Q18 Malaysia terus mengecewakan. Pertumbuhan pendapatan KLCI mengakhiri tahun 2018 dengan kadar -2.5% y-o-y.
Ulasan Pasaran Pendapatan Tetap9 Mei 2018 mencatatkan peristiwa paling penting dalam Tahun Kewangan 2018 apabila Pakatan Harapan menang besar dalam Pilihan Raya Umum Ke-14 (PRU14) dan berjaya mengambil alih tampuk pemerintahan negara daripada Barisan Nasional secara lancar dan aman. Walau bagaimanapun, ketidakpastian dasar terus ketara ketika Pakatan Harapan sedang berusaha untuk menunaikan manifesto pilihan rayanya. Penarafan Malaysia mungkin tergugat sekiranya pertumbuhan ekonomi atau usaha penyatuan fiskal terjejas teruk.
Kemenangan Pakatan Harapan yang tidak dijangka dalam pilihan raya itu menyaksikan tindak balas sementara dalam pasaran kerajaan dengan prestasi MGS 10 tahun naik 10 mata lebih tinggi pada 4.25%. Bagaimanapun, tindak balas ini tidak berlanjutan lama apabila sokongan padu institusi tempatan/dana pencen berjaya menurunkan pasaran kerajaan, dengan itu menamatkan tempoh selepas pilihan raya pada tahap yang hampir tidak berubah berbanding hasil sebelum pilihan raya.
Nilai MYR yang susut berbanding USD juga mengundang kegelisahan pasaran disebabkan kebimbangan aliran keluar dana asing. Walau bagaimanapun, pasaran bon tetap disokong dengan baik oleh institusi tempatan dan dana pencen kerana hasil semasa terus dilihat menarik kepada pelabur jangka panjang.
Kadar inflasi utama bagi tahun kewangan penuh 2018 dilaporkan pada 1.0% (2017: 3.9%) dan dijangka kekal lemah tetapi sederhana tinggi pada 2019 pada kadar 2.0%. Inflasi teras bagi Disember 2018 juga kekal rendah pada 0.4% YoY (Nov 2018: 0.5% YoY).
KDNK Malaysia 4Q2018 meningkat 4.7% y-o-y (3Q2018: 4.4% y-o-y) dengan menewaskan jangkaan konsensus 4.5%. Bagi tahun penuh, KDNK 2018 diumumkan pada kadar 4.7%.
Dari segi pegangan asing, aliran keluar bon keseluruhan adalah sebanyak RM21.9 bilion pada Tahun Kewangan 2018. Pelabur asing beramai-ramai menarik keluar dana dalam sekuriti hutang Malaysia selepas kejutan PRU14. Pentadbiran baharu yang kurang berpengalaman ditambah pula dengan dasar kerajaan yang dilihat kurang jelas pada masa depan turut menumbang kepada aliran keluar itu.
Ulasan Pasaran Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019138
Pada permulaan Tahun Kewangan 2019, seperti yang dijangkakan, Rizab Persekutuan AS mengekalkan kadar dana persekutuan pada 2.25% -2.50%, manakala komunikasinya menunjukkan bahawa ia mungkin akan menangguhkan rancangan terdahulunya untuk menaikkan kadar pada Tahun Kewangan 2019 disebabkan ketidakpastian ekonomi yang semakin meningkat. Perbendaharaan kebanyakannya didagangkan mendatar pada Januari 2019 dengan UST 10 tahun ditutup pada 2.63% berbanding 2.66% pada awal bulan. Kebimbangan mengenai kelembapan ekonomi China dan Eropah, ketegangan perdagangan yang berterusan dan ancaman satu lagi penutupan pentadbiran kerajaan AS telah mengekalkan hasil Perbendaharaan daripada meningkat dengan mendadak.
Di sebalik senario pertumbuhan ekonomi yang lembap, pasaran bon domestik menunjukkan peningkatan yang besar dalam ruang bon kerajaan Malaysia. Sentimen domestik juga dipengaruhi impak negatif luar negara yang menyebabkan Bank Negara Malaysia bersandar pada pendirian yang lebih dovish dalam kenyataannya di Mesyuarat Dasar Monetari BNM. Kekurangan penawaran pasaran utama bon korporat berbanding kecairan domestik yang mencukupi menyebabkan hasil bon kekal rendah.
- oleh AmFunds Management Berhad
Dana AmMetLife Oasis Islamic Equity Dana PengantaraDana AmOasis Global Islamic EquityDana SasaranDana Oasis Crescent Global Equity
Ulasan PasaranEkonomi global terus bergolak oleh ketegangan perdagangan walaupun pasaran kewangan semakin kukuh pada awal tahun 2019. Prospek global dipengaruhi oleh ketidakpastian dagangan dan juga dasar. Tarikan dasar di China adalah kunci untuk menstabilkan pertumbuhan di rantau dan juga ekonomi global melalui rantaian nilai dan saluran keyakinan. Sejak awal tahun 2018 lagi, China telah menjadi salah satu faktor yang melambatkan pertumbuhan global, malah kelembapan pertumbuhan China ini telah memberi impak kepada Eropah dan Pasaran Baru Muncul (EM). Namun, keadaan ini tampaknya semakin baik berikutan langkah Beijing yang melonggarkan
dasar fiskal dan monetari. Data ekonomi China lebih kukuh selepas permulaan yang lemah untuk tahun ini. Indeks Pengurus Pembelian (PMI) pembuatan pada bulan Mac naik kepada paras yang lebih tinggi daripada jangkaan, iaitu 50.5 pada Mac berbanding 49.2 pada Februari, manakala PMI kembali berkembang selepas susut 3 bulan berturut-turut. Berdasarkan data IMF, China menyumbang kepada kira-kira satu pertiga pertumbuhan global sejak 2011 dan pemulihan di republik ini dilihat mampu menyemarakkan pertumbuhan global.
Pasaran ekuiti global pulih dengan kukuh pada suku pertama 2019 apabila sentimen pelabur bertambah baik berikutan tanda-tanda kemajuan yang diperlihatkan oleh AS dan China dalam urus niaga Perdagangan, diikuti dengan sikap dovish Fed terhadap kadar faedah. Pemulihan adalah menyeluruh dengan indeks MSCI World dan Pasaran Baru Muncul yang masing-masing meningkat 13% dan 10% pada suku tersebut. Dengan prestasi 13.07% pada tiga bulan pertama tahun 2019, S&P 500 telah hampir pulih sepenuhnya daripada kerugian 13.97% yang dialaminya pada suku keempat 2018.
Mengikut sektor, Teknologi, Tenaga, Industri dan Bahan menunjukkan prestasi paling teguh. Pasaran komoditi terus melonjak dengan bekalan mineral yang lebih ketat, seperti bijih besi dan Paladium, dan permintaan lebih tinggi yang disokong oleh langkah-langkah rangsangan di China. Pasaran Eropah mendapat manfaat daripada kenaikan pasaran global tetapi kekal tidak menentu disebabkan prestasi ekonomi yang lemah dan ketidakpastian politik di UK dan Perancis. Berbeza dengan prestasi kukuh di pasaran, kadar pertumbuhan pendapatan agak lemah akibat kebimbangan makro, dan situasi ini telah menaikkan metrik penilaian melebihi kadar purata jangka panjang.
- Sumber: Oasis Crescent Global Equity- oleh AmFunds Management Berhad
Dana AmMetLife Global Emerging Market Dana Pengantara Dana Global Emerging Market OpportunitiesDana Sasaran Dana Schroders ISF Global Emerging Market Opportunities
Ulasan PasaranEkuiti Pasaran Baru (EM) mencatatkan pulangan negatif sepanjang dua belas bulan berakhir Mac 2019. Pengukuhan Dolar AS, ekoran tindakan Rizab Persekutuan (Federal Reserve
Ulasan Pasaran Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019138
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019139
atau Fed) yang terus menormalkan dasar monetari, menjadi cabaran yang besar sepanjang tempoh tersebut. Perang perdagangan AS-China yang semakin hangat dan kebimbangan terhadap prospek pertumbuhan global juga meningkatkan tekanan risiko. Ekuiti EM beransur pulih dalam beberapa bulan terakhir tempoh itu apabila rundingan perdagangan AS-China menunjukkan kemajuan dan Fed mengubah dasarnya dengan menangguhkan kenaikan kadar faedah selanjutnya sehingga tahun 2020. Nilai indeks MSCI EM menurun dan mencatatkan prestasi lemah berbanding Indeks MSCI World.
Pasaran-pasaran yang paling terdedah kepada pengetatan kecairan global berada di bawah tekanan paling tinggi. Turki muncul sebagai negara yang mempunyai indeks terburuk. Dengan inflasi yang melepasi paras sasaran dan terus meningkat, kelemahan mata wang telah memaksa bank pusat menaikkan kadar faedah sebagai langkah kecemasan. Pilihan raya awal presiden, yang dimenangi oleh Presiden Erdogan dan kerajaan campuran yang diketuai oleh Parti Undang-undang dan Keadilan, semakin menambah ketidakpastian pasaran. Sementara itu, kerajaan terus berusaha menangani masalah ekonomi negara dengan melaksanakan langkah-langkah dasar yang tidak konvensional. Persekitaran luar yang getir juga menjadi cabaran besar kepada Afrika Selatan. Pasaran mencatatkan pulangan negatif yang bertambah teruk disebabkan kelemahan mata wang. Keadaan tampak lebih optimis berikutan pelantikan Cyril Ramaphosa sebagai presiden, namun pertumbuhan ekonomi ternyata lebih lemah daripada jangkaan dan ekonomi negara ini memasuki kancah kemelesetan teknikal pada suku kedua. Walaupun Afrika Selatan akhirnya berjaya keluar daripada kemelesetan, aktiviti pasaran tetap lemah. Greece juga mencatatkan prestasi lemah dengan berlatarbelakangkan kebimbangan Eurozone yang meluas berpunca daripada ketidakpastian politik Itali.
Korea Selatan menampilkan prestasi hambar apabila data makroekonomi merosot dan kebimbangan berterusan tentang isu perdagangan global kian tenat oleh hasil pendapatan korporat yang mengecewakan. Mexico juga ketinggalan di belakang disebabkan ketidakpastian dasar domestik yang semakin meningkat dalam fasa perubahan pucuk pimpinan, yang menyaksikan Presiden Andrés Manuel López Obrador dilantik dengan rasminya pada bulan Disember.
Sebagai kontras, Qatar merupakan pasaran indeks yang paling kukuh. Walaupun dibebani sekatan oleh negara-negara serantau, pasaran terus melonjak dengan ketara hasil sokongan
kerajaan secara berterusan. India juga mencatatkan pulangan positif. Ekonominya kurang terbuka berbanding EM yang lain dan kurang dipengaruhi oleh kebimbangan perdagangan global. Sementara itu, tinjauan pendapat menunjukkan sokongan yang semakin meningkat untuk Parti Bharatiya Janata di bawah naungan Perdana Menteri Modi menjelang pilihanraya April-Mei. Di rantau lain, Rusia dan Colombia merekodkan keuntungan kukuh ekoran kemantapan harga minyak mentah pada bahagian akhir tempoh berkenaan. China pula mencatatkan pulangan negatif tetapi mengatasi penanda aras pada tahap sederhana. Pertumbuhan KDNK menurun kepada 6.4% pada Q418. Pihak berkuasa mengumumkan pelbagai langkah sokongan ekonomi yang disasarkan, termasuk perubahan kepada rangsangan fiskal dan pelonggaran kredit. Kebimbangan makroekonomi semakin getir akibat hubungan perdagangan dengan AS yang semakin tegang, apabila AS mengenakan tarif terhadap $250 bilion produk dari negara China. AS juga mengancam akan mengenakan cukai ke atas $267 bilion produk selebihnya yang dieksport ke AS. China bertindak balas dengan mengenakan tarif ke atas $110 bilion import dari Amerika Syarikat. Namun, pasaran mula pulih pada awal tahun 2019 setelah kedua-dua pihak bersetuju untuk berdamai buat seketika dengan Amerika Syarikat melambatkan kenaikan tarif yang dirancangnya.
- Sumber: Schroders Investment Management Limited (pengurus pelaburan Dana Sasaran)- oleh AmFunds Management Berhad
Dana AmMetLife Global Agribusiness Dana Pengantara Dana Global AgribusinessDana Sasaran Dana DWS Global Agribusiness
Ulasan PasaranPada bulan Mac, pasaran ekuiti global meningkat sebanyak 1.37% (Indeks MSCI World).
Dolar AS mengukuh sedikit pada bulan itu (Indeks Dolar DXY: +1.71%) manakala harga minyak (WTI) mencatatkan peningkatan sebanyak 5.1%.
Pasaran komoditi pertanian dan trend hargaPerubahan harga bulan ke bulan di Amerika Syarikat: Jagung, Gandum dan Kacang Soya hampir mendatar pada bulan Mac berbanding Februari 2019. Perubahan harga satu tahun di Amerika Syarikat: Jagung: -7.6%, Gandum: + 1.6% (kejatuhan harga pada Februari 2019 menyumbang kepada keseluruhan kemerosotan
Ulasan Pasaran Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019140
Y-o-Y); Kacang soya: -15% (kebimbangan perang perdagangan AS-China). Pasaran pertanian menampilkan prestasi yang kurang memuaskan berbanding pasaran komoditi yang lebih luas pada Q119. Pada 29 Mac, USDA telah mengeluarkan laporan Penanaman Prospektif 2019 yang membentangkan jangkaan USDA pada tahun 2019 untuk bilangan ekar bagi penanaman jagung, soya, gandum, kapas dan bijirin lain, dengan berdasarkan pada kaji selidik agensi tersebut berhubung hasrat penanaman petani. Sementara itu, laporan stok gandum mewakili ukuran inventori bijirin dan biji minyak USDA setakat 1 Mac. Laporan saham bijirin membawa kejutan besar apabila inventori jagung AS pada 1 Mac ialah 270 juta busyel lebih tinggi daripada jangkaan. Ini mencadangkan bahawa bekalan bijirin kekal teguh, manakala harga tanaman berkemungkinan rendah dengan mengandaikan keadaan cuaca yang normal sepanjang musim pertumbuhan akan datang.
Pasaran baja dan trend hargaUrea: selepas lemah sepanjang suku pertama 2019 disebabkan oleh permintaan yang rendah, didorong terutamanya oleh cuaca buruk di Amerika Utara dan stok yang tinggi di sesetengah kawasan, harga urea naik sedikit pada bulan Mac berbanding Februari 2019. Tender India baharu yang diumumkan pada akhir bulan Mac 2019, ditambah dengan permintaan bermusim yang dijangka meningkat di AS/Eropah, berkemungkinan dapat mendorong momentum harga urea pada bulan Mac.
Potash: permintaan potash juga tampak mendatar sepanjang bulan lalu, ini bermakna harga potash telah beransur-ansur turun pada bulan lalu di kebanyakan kawasan.
*Semua angka prestasi dalam USD; Prestasi lalu tidak menggambarkan pulangan masa depan.
- Sumber: Deutsche Asset Management (Asia) Limited (pengurus Dana Sasaran)- oleh AmFunds Management Berhad
Dana AmMetLife Precious Metals Dana Pengantara Dana Precious Metals SecuritiesDana Sasaran Dana Deutsche Noor Precious Metals SecuritiesUlasan PasaranBulan Disember berakhir dengan pecutan harga Emas yang hampir mencecah $1,300/oz. Selepas beberapa cubaan gagal untuk menerobos paras $1,300/oz itu, hujung Januari
menyaksikan pelarasan bahasa yang digunakan oleh Fed berhubung keadaan pasaran semasa dan niat mereka pada masa depan. Hasilnya adalah penurunan jangkaan kadar akan datang serta pemangkin yang memacu Emas untuk melepasi paras $1,300/oz dan ditutup lebih tinggi pada $1,321/oz pada akhir bulan. Februari menyaksikan perdagangan Emas dalam lingkungan $30/oz, mencecah paras tertinggi $1,341/oz sebelum menurun pada akhir bulan. Pemacu utama pergerakan ke bawah ini adalah dolar yang lebih kukuh pada permulaan bulan dan sentimen peningkatan risiko yang lebih besar pada penghujung bulan. Mengenai pertikaian perdagangan, retorik positif yang berterusan dilihat daripada pegawai kedua-dua pihak China dan AS. AS juga secara rasmi bersetuju untuk melanjutkan tarikh akhir 1 Mac bagi memberi masa tambahan untuk mencapai kesepakatan. Ini menangguhkan kenaikan tarif yang seterusnya dan meninggikan sentimen risiko untuk menutup bulan, menyebabkan kedudukan Emas tergugat. Tarikan bullion semakin lemah apabila kadar mengukuh dan Dolar juga semakin mantap. Jualan teknikal mungkin memainkan peranan dalam pengunduran Emas dari paras tinggi pada pertengahan Februari, dengan $1,350/oz menandakan anggaran harga Emas tertinggi dalam tempoh 5 tahun dan mungkin mendorong beberapa pengambilan untung oleh pelabur Emas. Situasi sama dilihat pada bulan Mac, apabila kenaikan Emas terhenti pada pertengahan bulan disebabkan oleh pengukuhan USD. Pemangkin utama untuk situasi ini, pada pandangan kami, ialah perkembangan berita yang semakin positif berhubung proses perjanjian perdagangan antara A.S. dan China.
Sengketa perdagangan telah menjadi faktor utama yang melemahkan sentimen sejak tarif pertama diumumkan, menggagalkan naratif “pelarasan pertumbuhan global” dan memacu permintaan untuk aset selamat seperti Emas. Perkembangan berita positif berhubung pertikaian perdagangan menggalakkan sentimen peningkatan risiko dan mendorong pergerakan ke arah aset berisiko dan jauh daripada Emas. Di samping itu, hasil 10 tahun melantun ke paras terendah tahun semasa untuk menutup suku tersebut, menyumbang kepada trend bearish untuk pegangan Emas. Kami terus melihat trajektori harga yang agak hambar ke hadapan. Punca utamanya adalah gabungan risiko yang berpotensi menjelma, contohnya perkembangan sengketa perdagangan antara AS dan China yang mendorong sentimen peningkatan risiko dan pengukuhan Dolar berikutan perbezaan makroekonomi antara A.S. dan negara-negara lain di seluruh dunia.
Ulasan Pasaran Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019140
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019141
Paladium dijual tinggi pada bulan Mac, tetapi masih kekal >12% pada tahun ini. Jualan itu bersifat teknikal dan tampaknya dicetuskan oleh komen daripada CEO syarikat perlombongan Paladium bahawa tindakan harga baru-baru ini telah mencipta gelembung pasaran. Kami terus menaruh keyakinan terhadap Paladium kerana asas pasaran sedia ada masih positif. Keadaan bekalan dan permintaan kekal dalam defisit dan kebolehan pengeluar untuk bertindak balas tetap terhad selepas margin rendah tahun demi tahun mendorong pengurangan perbelanjaan modal.
- Sumber: Deutsche Asset Management Investment GmbH (pengurus pelaburan Dana Sasaran)- oleh AmFunds Management Berhad
Dana AmMetLife Tactical Bond Dana Sasaran Dana AmTactical BondUlasan PasaranDalam Laporan Tahunan BNM, jangkaan pertumbuhan KDNK rasmi kerajaan tahun 2019 telah turun kepada 4.3-4.8% daripada titik anggaran 4.9% pada bulan November 2018 untuk Belanjawan 2019 (2018: 4.7%). Inflasi utama akan mencatatkan purata 0.7-1.7% pada 2019 (2018: 1.0%). Walau bagaimanapun, inflasi teras dijangka stabil berlatarbelakangkan pengembangan aktiviti ekonomi yang stabil dan ketiadaan tekanan permintaan berlebihan.
Sentimen pasaran bon bertambah baik selepas Fed, dalam mesyuaratnya pada bulan Mac, membayangkan bahawa mereka akan menghentikan seketika kenaikan kadar yang selanjutnya bagi tempoh selebihnya tahun 2019 ekoran ramalan kemerosotan ekonomi global. Akibatnya, hasil jangka panjang UST menurun lebih daripada hasil jangka pendek pada Mac 2019. Ini membawa kepada penyongsangan lengkung hasil UST dalam segmen 3 bulan dan 10 tahun. Penyongsangan lengkung dan kemerosotan hasil secara umumnya juga didorong oleh peningkatan pemotongan kadar pada 2019. Konsensus harga kini mempunyai kebarangkalian 60% untuk mengalami sekurang-kurangnya satu pemotongan kadar pada tahun 2019 disebabkan kebimbangan mengenai kelembapan ekonomi global.
Selepas berbulan-bulan dana asing bersih mengalir keluar dari pasaran bon Malaysia, dana asing meningkatkan tumpuannya
kepada bon kerajaan Malaysia setelah sentimen yang semakin tinggi terhadap Pasaran Baru Muncul tersebar ke pasaran bon Malaysia walaupun terdapat sedikit kelewatan.
- oleh AmFunds Management Berhad
Dana AmMetLife Asia Pacific REITS Dana Sasaran Dana AmAsia Pacific REITSUlasan PasaranKebanyakan ketidaktentuan pasaran pada 2Q18 boleh dikaitkan dengan perang perdagangan/tarif yang berterusan antara AS dan China; pada bulan April, AS mengancam untuk mengenakan tarif tambahan USD100 bilion ke atas produk dari China, dan China membalas dengan mengenakan tarif ke atas 25% import makanan bernilai USD3 bilion dari Amerika Syarikat. Rizab Persekutuan mengekalkan kadar yang tidak berubah pada April manakala harga minyak mentah Brent diniagakan lebih tinggi apabila Trump membuat keputusan untuk menarik diri daripada perjanjian nuklear AS-Iran. Prestasi pasaran ASEAN tertekan oleh kebimbangan ekoran pengukuhan USD.
Prestasi pada bulan Julai dan Ogos 2018 terus terikat dengan perkembangan berita mengenai perang perdagangan AS-China dan risiko kelembapan ekonomi di China serta RMB yang kian lemah akibat daripada situasi ini. Untuk memburukkan suasana, terdapat kebimbangan bahawa krisis ekonomi di Turki akan membawa kesan penularan yang ketara. Pasaran ASEAN menarik nafas lega berikutan penjualan dalam 1H18 manakala krisis kejatuhan nilai mata wang Rupiah Indonesia dan Peso Filipina menunjukkan tanda-tanda kembali pulih. Pasaran ekuiti AS merekodkan prestasi positif pada bulan Ogos hasil pendapatan kukuh yang dilaporkan pada 2Q18. Harga minyak mentah Brent naik semula, menutup tirai bulanan pada AS $77/bbl, (+ 4.3% m.o.m) berlatarbelakangkan kebimbangan eksport minyak Iran dengan sekatan AS yang berkuat kuasa mulai November. September menyaksikan peningkatan tarif AS-China, yang dilakukan secara berperingkat dan ini dialu-alukan oleh pasaran global.
Pasaran tidak menentu yang didorong oleh ketidakpastian makro dan pertikaian perdagangan AS-China berlanjutan ke dalam 4Q18 apabila kebimbangan mengenai kelemahan ekonomi global dan pengukuhan Dolar AS memberi tekanan kepada ekuiti Asia. Pemulihan dalam pasaran ekuiti global
Ulasan Pasaran Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019142
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
pada bulan November membantu memberi kelegaan singkat dengan Pengerusi Rizab Fed memberi bayangan kenaikan kadar yang lebih perlahan pada tahun 2019 serta pandangan optimistik untuk menyelesaikan perselisihan perdagangan AS-China. Pihak Fed menaikkan kadar faedah tambahan sebanyak 25bps pada bulan Disember; Melihat ke depan, plot titik menunjukkan 2 kenaikan kadar pada 2019. Makro melonjak berikutan harga minyak mentah yang menjunam ke paras USD50/bbl serta hubungan AS-China yang semakin tegang dengan penangkapan CFO Huawei dan dua orang warga China yang didakwa menggodam sistem kerajaan dan ketenteraan Amerika Syarikat. Brexit ditangguhkan oleh PM May.
Pada hujung Januari, nada Fed berubah lebih dovish apabila ia membuat keputusan untuk bersikap lebih “sabar” dengan kenaikan kadar tambahan. Selera risiko serantau pula berkurangan disebabkan cabaran makroekonomi yang lebih besar, iaitu risiko geopolitik (ketegangan perdagangan AS-China, Brexit). Lengkung hasil kelihatan mendatar sebagai tindak balas kepada risiko pertumbuhan global yang lebih perlahan akibat cabaran yang dinyatakan di atas. Ini menyebabkan para pelabur mencari perlindungan dalam pelaburan yang lebih defensif termasuk REITs.
Pasaran ekuiti global terus meningkat pada bulan Februari dengan didorong oleh pandangan optimistik terhadap penyelesaian dalam pertikaian perdagangan AS dan China. Momentum pembelian juga disokong oleh minit mesyuarat FOMC Januari yang sekali lagi mengesahkan sikap dovish bank pusat. Indeks Perindustrian Dow Jones mencatat keuntungan 3.7% manakala Indeks Harga Euro Stoxx 50 meningkat sebanyak 4.4%. Harga minyak mentah Brent terus bertambah baik pada bulan Februari dengan peningkatan 6.7% m/m kepada USD66/bbl, yang didorong terutamanya oleh pengeluaran Januari OPEC sebanyak 30.88mmbpd, paras terendah dalam tempoh empat tahun yang lepas.
Peristiwa makro yang berlaku pada Mac 2019 termasuklah pemotongan unjuran pertumbuhan OECD bagi tahun 2019 kepada 3.3% (-20 bps); data menunjukkan ekonomi AS meningkat 2.9% pada 2018. Berhubung dengan rundingan perdagangan AS-China, Amerika Syarikat akan mengekalkan tarif ke atas China bagi memastikan agar perjanjian perdagangan dapat dilaksanakan. Lengkung hasil AS untuk 3 bulan 10 tahun terbalik buat kali pertama sejak 2007 ekoran komen dovish oleh Pengerusi Fed Powell. Di Eropah, ECB kembali ke mod pelonggaran hanya 2 bulan selepas menamatkan pelonggaran kuantitatif selama 4 tahun manakala pemimpin EU bersetuju untuk menangguhkan Brexit sehingga 12 April 2019 selepas perjanjian draf Brexit ditolak beberapa kali oleh Parlimen.
Pada bulan April, IMF mengurangkan pertumbuhan global daripada 3.5% kepada 3.3% buat kali ketiga dalam tempoh 6 bulan dan paling rendah sejak krisis 2009. Kebanyakan pengunduran adalah dari Eropah tetapi terdapat peningkatan kecil terhadap KDNK China. Dari aspek yang lain, sektor pembuatan ISM AS melonjak +0.9 dari paras terendah 2 tahun kepada 55.3 manakala Brexit ditangguhkan sehingga 31 Oktober. Ekonomi UK meningkat 0.3% Disember-Februari berbanding 3 bulan sebelumnya. Ekonomi China mencatatkan +6.4% y-o-y pada suku pertama; seiring dengan arah aliran menaik, sektor pembuatan PMI pulih daripada penguncupan 3 bulan (+1.3 kepada 50.5), kedua-duanya lebih baik daripada yang dijangkakan.
- oleh AmFunds Management Berhad
Ulasan Pasaran Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019142
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019143
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
Tinjauan Pelaburan
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019144
Tinjauan Pasaran EkuitiKami berpendapat bahawa pasaran mungkin akan kembali pulih dalam jangka masa terdekat berdasarkan:1. Peningkatan usaha-usaha kerajaan tempatan untuk
memulihkan semula ekonomi yang berpotensi mengembalikan
minat pelabur dalam sektor pembinaan;
2. nilai RM yang susut kebelakangan ini akan membawa manfaat kepada pengeksport, terutamanya pemain industri sarung tangan;
3. prestasi terburuk YTD Malaysia di rantau ini akan kelihatan menarik apabila mod peningkatan risiko kembali bermula, seterusnya berpotensi menarik lebih banyak aliran masuk asing;
4. bank-bank tertentu seperti CIMB telah mencapai tahap penilaian yang menarik dan
5. ramalan harga minyak yang lebih kukuh akan terus memberi manfaat kepada Malaysia secara keseluruhannya, khususnya kepada pemain industri minyak & gas.
Kami akan meneliti musim keputusan bulan Mei yang akan datang untuk mencari pemenang yang berpotensi.
Tinjauan Pasaran Pendapatan TetapKami yakin pasaran bon tempatan akan kekal bullish walaupun pasaran dilihat turun naik pada bulan April kerana kami menjangka BNM mampu mengekalkan prospek pertumbuhannya yang memberangsangkan. Pasaran dipenuhi kecairan, selaras dengan pemulihan stabil dalam hasil bon kerajaan berikutan penjualan baru-baru ini selepas FTSE Russell mengumumkan bahawa penyedia indeks berpotensi mengeluarkan Malaysia daripada Indeks Bon Kerajaan Dunia disebabkan kebimbangan mengenai kriteria akses pasaran. Bon korporat dijangka terus berdaya tahan berikutan kekurangan bekalan utama, manakala pemburuan hasil oleh pelabur akan terus mengurangkan hasil bon yang menjana hasil lebih tinggi.
- oleh AmFunds Management Berhad
Dana AmMetLife Oasis Islamic Equity Dana Pengantara Dana AmOasis Global Islamic EquityDana Sasaran Dana Oasis Crescent Global EquityTinjauan PasaranBerikutan perubahan dalam panduan dasar kewangan ekonomi utama dunia, syarat-syarat kewangan kembali longgar. Bersama-sama Rizab Persekutuan AS (Fed), Bank Pusat Eropah (ECB) telah membayangkan penangguhan kenaikan kadar, dan telah mengumumkan bahawa ia akan melancarkan satu siri operasi pembiayaan semula jangka panjang yang disasarkan (TLTRO) pada bulan September untuk menangkis ketegangan kredit. Bank of England di tengah-tengah kemelut Brexit juga menyatakan hasratnya untuk menggantung seketika pengetatan kadarnya. Walaupun ketidaktentuan mengenai isu Brexit terus menghantui prospek pertumbuhan UK, Kesatuan Eropah telah bersetuju untuk memberikan UK tempoh lanjutan berhubung keputusannya untuk keluar dari EU.
Tindakan bank pusat baru-baru ini telah menyokong jangkaan kelembapan global tetapi ini telah mewujudkan momentum positif dalam seluruh pasaran kewangan global dan memberikan rangsangan kepada aktiviti ekonomi yang akan datang. Dalam jangka pendek, keteguhan dalam ekuiti dan kredit mungkin berterusan dalam beberapa pasaran disebabkan oleh momentum dan beberapa tahap teknikal yang dilepasi dalam ekuiti. Dengan langkah-langkah untuk mencegah lengkung hasil daripada terus mendatar dan pengetatan piawaian pinjaman, data ekonomi yang kian lemah dilihat membawa cabaran risiko. Walau bagaimanapun, dengan kecairan yang meningkat melalui normalisasi dasar monetari dan risiko geopolitik yang menurun, keyakinan seharusnya dipulihkan selepas peristiwa penting, seterusnya menjadi pendorong untuk pertumbuhan yang mampan.
WEIGHTED
HIGHQUALITY TRADING AT A DISCOUNT TO THE MARKET AT LOW
RISK
ROAE PE EV/EBIT-DA DY FCF
YIELD*ND/
EBITDA* BETA
OASIS CRESCENT GLOBAL EQUITY MODEL PORTFOLIO
26.4 15.7 9.2 3.2 6.0 0.5 0.9
DJIM INDEX 17.8 20.8 12.7 2.0 4.3 0.4 1.0
Sumber: Oasis Research; Bloomberg: Mac 2019
- Sumber: Oasis Crescent Global Equity- oleh AmFunds Management Berhad
Tinjauan PelaburanDana AmMetLife Equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019144
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019145
Dana AmMetLife Global Emerging Market Dana Pengantara Dana Global Emerging Market OpportunitiesDana SasaranDana Schroders ISF Global Emerging Market OpportunitiesTinjauan PasaranSejak mesyuarat strategi kami pada bulan April, perubahan utama adalah ketidakpastian yang semakin tinggi berhubung prospek perjanjian perdagangan AS-China. Pada pandangan kami, mereka perlu mencapai kata sepakat demi kepentingan kedua-dua pihak. Walaupun kita mungkin melihat tindakan nekad-siaga (brinkmanship) yang bersifat sementara, kami tetap menyarankan penyelesaian yang wajar bagi menamatkan pertikaian tersebut. Tindakan nekad-siaga mempunyai risikonya yang tersendiri, manakala kos yang perlu ditanggung oleh AS dan China ekoran daripada tindakan yang sudah dilaksanakan akan mula dirasakan pada bulan-bulan yang akan datang memandangkan jangka masa untuk penyelesaian itu kini dilanjutkan.
Pertumbuhan ekonomi China dijangka menurun kepada 6.3% tahun ini tetapi rangsangan kerajaan, walaupun tidak sepadan dengan episod terdahulu dari aspek struktur atau skala, seharusnya menyederhanakan penurunan tersebut. Data terkini menunjukkan bahawa tanda-tanda impak ini sudah berlaku, tetapi sebahagiannya telah terganggu oleh Tahun Baharu Cina. Sepanjang tahun yang berkenaan, kesan rangsangan fiskal dan monetari seharusnya memupuk dan menyokong pertumbuhan. Kenyataan daripada pihak berkuasa China pada bulan lalu telah membayangkan penamatan terhadap ledakan rangsangan dasar, namun peningkatan kenaikan tarif baru-baru ini mungkin bermakna bahawa langkah-langkah sokongan semakin dipertingkatkan.
Penilaian EM dalam agregat telah meningkat sebagai fungsi prestasi pasaran dan semakan semula pendapatan negatif, dan kini berada pada paras sederhana hingga melebihi neutral. Untuk nisbah harga-kepada-pendapatan ke hadapan, dagangan EM hampir menyamai purata jangka panjang. Jadi, pasaran telah menjangkakan pemulihan dalam aktiviti ekonomi, tetapi semakan EPS melambatkan pergerakan dalam penilaian dan masih belum berubah positif, seterusnya menghasilkan risiko jangka masa terdekat. Berbanding dengan pasaran maju, penilaian kelihatan menarik dengan Indeks MSCI Emerging Markets didagangkan pada diskaun harga-kepada-pendapatan melebihi 21% kepada MSCI World.
Memandangkan jangkaan asas kami mengenai penyelesaian yang akhirnya mungkin akan dicapai berhubung pertikaian perdagangan AS-China, kami mengekalkan tinjauan neutral hingga sederhana tinggi untuk pasaran sehingga akhir tahun ini. Terdapat sokongan berterusan berikutan peralihan dovish oleh bank-bank pusat utama. Sementara itu, tanda-tanda impak rangsangan Cina mula dicerminkan dalam data makroekonomi. Walaupun dolar AS lebih berdaya tahan berbanding jangkaan kami pada awal tahun ini, kami terus menjangkakan sedikit penyusutan dalam tempoh 12-24 bulan yang akan datang, memandangkan terdapat jangkaan perbezaan pertumbuhan yang lebih sempit antara AS dan Eurozone. Kelemahan dolar seharusnya menyokong EM, mengurangkan tekanan makroekonomi dan menguntungkan mata wang dan hasil.
Beberapa perubahan indeks berlaku pada akhir bulan Mei. Argentina kembali memasuki Indeks MSCI Emerging Markets apabila negara ini diklasifikasikan semula daripada Frontier, manakala Arab Saudi akan dimasukkan ke dalam senarai ini buat kali pertama. Di samping itu, faktor kemasukan saham permodalan besar China A akan meningkat daripada 5% kepada 10%. Ini adalah peringkat pertama dalam proses tiga langkah yang akan melonjakkan faktor kemasukan kepada 20% menjelang November. Saham permodalan besar Chi Next juga akan ditambah kepada Indeks MSCI Emerging Markets buat kali pertama, dengan faktor kemasukan 10%.
- Sumber: Schroders Investment Management Limited (pengurus pelaburan Dana Sasaran)- oleh AmFunds Management Berhad
Dana AmMetLife Global Agribusiness Dana Pengantara Dana Global AgribusinessDana Sasaran Dana DWS Global AgribusinessTinjauan PasaranSelama lebih lima tahun, pasaran bijirin yang lemah secara keseluruhannya telah mengekang pendapatan petani, yang diterjemahkan sebagai persaingan yang lebih tinggi dalam kalangan pembekal petani (baja, biji benih, jentera dan lain-lain) untuk mengaut bahagian yang lebih besar daripada pecahan sektor yang semakin mengecil. Hal ini terus menarik sektor teras ke belakang. Sengketa perdagangan antara AS dan China membawa kepada penurunan harga kacang soya. Peningkatan
Tinjauan Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019146
tarif perdagangan yang selanjutnya dilihat sebagai faktor negatif yang jelas bagi sektor perladangan AS dan memberi manfaat kepada petani SA.
Walau bagaimanapun, dalam tempoh dua setengah tahun kebelakangan ini, kami telah menyaksikan beberapa perkembangan harga yang memberangsangkan untuk harga baja; namun walaupun tanpanya, dana pelaburan yang lebih meluas menyediakan peluang lain dalam sektor kelompok kecil: penghantaran makanan, pertanian jitu, bahan makanan haiwan bernilai tinggi, pengeluar protein (ayam, daging dan daging khinzir) atau akuakultur kurang berkorelasi atau berkorelasi negatif dengan industri Perniagaan Agro tradisional dan oleh itu harus dilaksanakan secara bebas daripada harga komoditi bijirin. Setakat ini, kami mengekalkan pendekatan yang seimbang dan lebih luas kepada tema Perniagaan Agro secara menyeluruh.
- Sumber: Deutsche Asset Management (Asia) Limited (pengurus Dana Sasaran)- oleh AmFunds Management Berhad
Dana AmMetLife Precious Metals Dana Pengantara Dana Precious Metals SecuritiesDana Sasaran Dana Deutsche Noor Precious Metals SecuritiesTinjauan PasaranPersekitaran kadar semasa selama ini dilihat sangat kukuh untuk Emas. Kadar faedah nominal di Amerika Syarikat masih berada di paras terendah dalam sejarah manakala kadar sebenar berada di tahap terendah sejak tahun 1980-an.
Dalam jangka masa pendek, ketidakpastian pasaran yang semakin tinggi akan mengekalkan harga Emas apabila permintaan para pelabur untuk aset selamat dapat memenuhi penawaran tetap secara relatif.
Untuk jangka masa panjang, kami memasuki era kadar nominal negatif yang belum pernah berlaku sebelum ini yang telah menyingkirkan halangan utama untuk pegangan Emas (“ia tidak membayar hasil”), seterusnya memperkukuh kes asas untuk kenaikan jangka panjang terhadap harga Emas.
Kami percaya Emas mewakili cara yang paling bersih dan paling berkesan untuk mendapatkan pendedahan aset selamat
dan kami akan terus melihat sokongan terhadap logam kuning ini selagi pasaran masih diselubungi ketidakpastian.- Sumber: Deutsche Asset Management Investment GmbH (pengurus pelaburan Dana Sasaran)- oleh AmFunds Management Berhad
Dana AmMetLife Tactical Bond Dana SasaranDana AmTactical BondTinjauan PasaranTinjauan untuk pasaran bon tempatan menggambarkan suasana yang semakin bullish selepas nada BNM lebih berhati-hati dalam kenyataan dasar monetari terkininya yang menjurus ke arah risiko penurunan dalam pertumbuhan luaran dan domestik. Ia berkata “penzahiran risiko penurunan disebabkan ketegangan perdagangan yang belum diselesaikan, ketidakpastian yang semakin meningkat dalam persekitaran global dan domestik, dan kelemahan yang berpanjangan dalam sektor yang berkaitan dengan komoditi akan terus melambatkan pertumbuhan”. Bahasa itu dianggap lebih dovish berbanding bahasa yang digunakan dalam mesyuarat MPC yang lalu, yang membawa kepada jangkaan bahawa BNM dilihat mungkin perlu mengurangkan OPR dalam masa terdekat ini. Pandangan ini selanjutnya disahkan oleh penerbitan Laporan Tahunan BNM yang menurunkan ramalan KDNK 2019 kepada 4.3% - 4.8%.
- oleh AmFunds Management Berhad
Dana AmMetLife Asia Pacific REITS Dana Sasaran Dana AmAsia Pacific REITSTinjauan PasaranNada lebih dovish oleh Rizab Persekutuan AS dijangka terus mendorong minat pelabur dalam saham pemberi dividen seperti REITs. Jurang hasil yang kian luas antara hasil dividen saham dan hasil bon jangka panjang boleh menjadi pencetus untuk kenaikan harga.
Selanjutnya, walaupun terdapat kemajuan yang dicapai dalam rundingan perdagangan antara Amerika Syarikat dan China, kami menjangkakan pergerakan pasaran akan terus terbelenggu sehinggalah penyelesaian dicapai dan dengan itu, kami menjangkakan para pelabur akan mencari perlindungan dalam sektor yang lebih stabil.
- oleh AmFunds Management Berhad
Tinjauan Pelaburan (Sambungan)
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019146
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019147
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
Strategi Pelaburan
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019148
Strategi Pelaburan EkuitiPasaran akan datang mungkin akan kekal tidak menentu; oleh itu, pilihan kami akan tertumpu kepada pendekatan yang bersifat defensif. Sebahagian besar portfolio kami terdiri daripada saham berasaskan pendapatan seperti stok yang memberi hasil tinggi dan REITs sambil kami mencari alfa yang memuaskan. Sektor yang terus menjadi keutamaan kami ialah kewangan, pengguna (barangan keperluan), dan pemain industri minyak & gas yang terlibat dalam penyelenggaraan, pengeksport, pembinaan, pemain teknologi terpilih dan REITs.
Strategi Pelaburan Pendapatan TetapDengan penurunan kadar yang dijangka meningkat tahun ini, kami mengekalkan kewajaran tinggi terhadap tempoh portfolio berbanding penanda aras. Dengan penangguhan Fed dan nada BNM yang dovish, hasil bon sekurang-kurangnya akan kekal disokong dalam tempoh terdekat ini.
Peningkatan MGS/GII telah mengakibatkan peluasan sebaran kredit, memandangkan hasil bon korporat kekurangan pemampatan yang dilihat dalam hasil bon kerajaan. Oleh itu, pilihan kami lebih berat kepada bon korporat berbanding bon kerajaan untuk pengambilan hasil yang lebih baik. Bon kerajaan akan menjadi segmen pilihan untuk perdagangan jangka pendek disebabkan kecairan yang lebih baik.
Untuk Dana Balanced dan Dana TeguhMelihat kepada jangkaan pasaran di atas, kami akan mengekalkan ekuiti minimum dan ekuiti berwajaran tinggi dalam peruntukan aset pendapatan tetap.
- oleh AmFunds Management Berhad
Dana AmMetLife Oasis Islamic Equity Dana Pengantara Dana AmOasis Global Islamic EquityDana Sasaran Dana Oasis Crescent Global EquityStrategi PelaburanObjektif Dana Oasis Crescent Global Equity adalah untuk mencapai pertumbuhan modal dan pendapatan jangka sederhana hingga panjang dengan melabur dalam saham, termasuk saham keutamaan, dalam syarikat dan saham atau unit dalam skim pelaburan kolektif dan amanah pelaburan harta tanah (“REITS”) yang tersenarai dan didagangkan di
bursa saham antarabangsa dan di pasaran, yang dinyatakan dalam Prospektus dan yang mematuhi Syariah mengikut garis panduan yang ditetapkan oleh Lembaga Penasihat Syariah Pengurus Pelaburan.
Tujuan Dana Oasis Crescent Global Equity adalah untuk melindungi kekayaan sebenar dan meningkatkan taraf hidup semua pelabur. Dana ini menyasarkan untuk menyediakan pulangan yang diselaraskan dengan risiko yang menarik kepada pelanggan kami, yang dipacu oleh pemilihan instrumen kami berdasarkan kualiti dan nilai, serta memastikan bahawa portfolio dipelbagaikan dengan sewajarnya. Salah satu ciri penting falsafah kami adalah untuk memberikan perlindungan penurunan yang signifikan berbanding dengan pasaran berdasarkan kriteria pemilihan kualiti dan penilaian kami. Ini adalah salah satu pemacu utama kejayaan dan pencapaian kekayaan dalam jangka masa panjang
Kami telah mengekalkan falsafah pelaburan kami untuk melabur dalam syarikat-syarikat berkualiti tinggi dengan kelebihan daya saing yang kuat serta keupayaan untuk memanfaatkan kelebihan daya saing untuk menghasilkan Pulangan Ekuiti (ROE) yang lebih tinggi melalui kitaran ekonomi. Kami percaya bahawa syarikat-syarikat yang mempunyai lembaran imbangan yang sihat dan aliran tunai yang kukuh mampu bertahan dalam mengharungi persekitaran ekonomi yang mencabar di samping menjana pertumbuhan pendapatan sebenar sepanjang tempoh jangka panjang. Portfolio kami menjalankan perdagangan pada diskaun yang ketara dengan pasaran ekuiti global dalam pelbagai langkah dan menyediakan ROE yang lebih tinggi secara berterusan melalui kitaran ekonomi. Hal ini akan memacu penciptaan kekayaan sebenar untuk pelanggan kami dalam jangka masa panjang.
Selain itu, melihat pada persekitaran kadar faedah semasa, kami percaya pendapatan bagi syarikat aliran tunai besar-besaran mengalami penurunan disebabkan oleh pulangan yang hampir diabaikan terhadap baki tunai mereka. Memandangkan keadaan ekonomi dan kadar faedah mula normal, syarikat-syarikat ini mendapat faedah manakala syarikat-syarikat dengan leveraj yang lebih tinggi terpaksa bertungkus-lumus apabila kos pembiayaan mereka meningkat. Syarikat-syarikat dalam portfolio kami mempunyai kelebihan daya saing jangka panjang yang mampan dalam bentuk modal purata wajaran yang lebih rendah dibantu oleh penjanaan aliran tunai yang kukuh.
Strategi PelaburanDana AmMetLife Equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019148
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019149
Persekitaran semasa adalah ideal untuk memilih saham, kerana kami seringkali dapat membeli syarikat berkualiti tinggi dengan diskaun yang ketara kepada nilai pasarannya.
SHARPE RATIO SORTINO RATIO
OASIS CRESCENT GLOBAL EQUITY FUND 0.31 0.43
AVERAGE SHARIAH GLOBAL EQUITY PEER GROUP -0.04 -0.05
Sumber: Oasis Research; Bloomberg: Disember 2000 – Mac 2019
Penilaian portfolio Dana Oasis Crescent Global Equity kekal menarik berbanding Indeks DJIM pada kebanyakan metrik sambil mengekalkan beta yang lebih rendah daripada indeks. Syarikat-syarikat dalam portfolio kami mempunyai lembaran imbangan yang kukuh, yang sepatutnya menyokong peningkatan nilai.
- Sumber: Oasis Crescent Global Equity - oleh AmFunds Management Berhad
Dana AmMetLife Global Emerging Market Dana Pengantara Dana Global Emerging Market OpportunitiesDana Sasaran Dana Schroders ISF Global Emerging Market OpportunitiesStrategi PelaburanPasaran teras kami pada permulaan tempoh ini ialah Korea Selatan, Greece, Hungary dan Rusia. Pada bulan April, kami memasukkan Poland ke dalam senarai kami. Tinjauan untuk pertumbuhan ekonomi adalah kukuh dan kami mengenal pasti beberapa peluang bawah-ke-atas yang kuat. Kami juga telah berjaya mengurangkan risiko di Rusia dengan mengecilkan saiz kedudukan berwajaran tinggi. Langkah ini dibuat susulan pengumuman sekatan baharu AS di negara ini. Kami memasukkan Brazil ke dalam peruntukan pasaran utama kami pada bulan Julai. Berikutan penjualan, penilaian adalah menarik, walaupun terdapat ketidakpastian berkaitan dengan pilihan raya. Kami tidak membuat sebarang perubahan lain kepada peruntukan pasaran utama kami dalam tempoh yang berkenaan.
- Sumber: Schroders Investment Management Limited (pengurus pelaburan Dana Sasaran)- oleh AmFunds Management Berhad
Dana AmMetLife Global AgribusinessDana Pengantara Dana Global AgribusinessDana Sasaran Dana DWS Global AgribusinessStrategi PelaburanPertanian telah berkembang menjadi pasaran pertumbuhan dinamik di seluruh dunia, kerana populasi dunia yang semakin meningkat perlu mendapat bekalan makanan yang mencukupi manakala luas kawasan per kapita yang ditanam semakin berkurangan. Pengurusan dana memanfaatkan peluang semua sektor penting dalam industri pertanian dan melabur dengan cara yang fleksibel di sepanjang rantaian nilai pertanian – dari “Biji Benih hingga Pasar Raya” dengan fokus terhadap bidang-bidang berikut: perlindungan biji benih dan tanaman, baja, peralatan pertanian, logistik pertanian, pemprosesan dan pengedaran, pengeluaran makanan serta teknologi pertanian.
Dana Khusus dan Risiko Kelas AsetPeluang- Jangkaan kenaikan permintaan makanan akibat
pertumbuhan penduduk dan lebih banyak diet kaya protein dalam Pasaran Baru Muncul.
- Keperluan untuk meningkatkan kecekapan dalam Perniagaan Agro mmapu meningkatkan pelaburan sepanjang keseluruhan rantaian nilai.
Risiko- Peraturan perindustrian global yang lebih ketat.- Trend asas yang kian lemah. (pertumbuhan penduduk dan /
atau trend lebih banyak diet kaya protein)
Risiko AmPeluang- Dana ekuiti: keuntungan pasaran, sektor dan syarikat.
Risiko- Turun naik harga pasaran berasaskan pasaran, industri
dan syarikat.- Kemungkinan risiko kadar tukaran.- Nilai saham dana jatuh di bawah harga pembelian asal
oleh pelanggan.- Disebabkan komposisi atau teknik yang digunakan oleh
pengurus, dana ini menampilkan tahap ketidakstabilan yang agak tinggi. Dengan kata lain, harga unit turun naik dengan ketara dalam mana-mana arah dalam tempoh masa yang singkat.
- Sumber: Deutsche Asset Management (Asia) Limited (pengurus Dana Sasaran)- oleh AmFunds Management Berhad
Strategi Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019150
Dana AmMetLife Precious Metals Dana Pengantara Dana Precious Metals SecuritiesDana Sasaran Dana Deutsche Noor Precious Metals SecuritiesStrategi PelaburanKomen daripada pegawai-pegawai Rizab Persekutuan menunjukkan bahawa kitaran pengetatan mungkin lebih tidak menentu pada masa depan. Ketidakpastian ini berpunca sebahagiannya daripada peningkatan kemasukan dan pentingnya data makroekonomi yang diperhatikan (sebagai tambahan kepada ramalan, yang telah digunakan selama ini). Di samping itu, Fed telah melaksanakan perubahan retorik yang memberi tumpuan kepada kenaikan kadar masa depan yang lebih perlahan disebabkan persekitaran yang menjadi lebih tidak menentu. Faktor-faktor ini bergabung untuk menurunkan jangkaan tentang kadar masa depan, yang seharusnya memberi manfaat kepada Emas.
Selain itu, tekanan inflasi kian hangat. Ukuran inflasi sebenar dan jangkaan merosot pada separuh kedua tahun 2018 dan kini berada di bawah sasaran 2% Fed. Inflasi berterusan yang rendah dan konsisten mengurangkan keperluan Fed untuk menaikkan kadar dan boleh menyumbang kepada penangguhan dalam kitaran kenaikan kadar.
Kami terus mengekalkan dana yang dilaburkan dalam syarikat-syarikat yang mempunyai pasukan pengurusan yang kuat dan berupaya untuk melaksanakan tugas dalam kestabilan persekitaran operasi serta mempunyai profil risiko kewangan dan operasi yang lebih rendah berbanding purata. Kami percaya pendekatan ini akan menghasilkan alfa melalui kitaran harga keseluruhan. Walau bagaimanapun, pendekatan ini menyebabkan dana kurang terdedah kepada firma dengan tahap operasi dan leveraj kewangan yang tinggi. Oleh itu, dana mungkin memaparkan prestasi kurang baik dalam jangka masa pendek, terutamanya semasa tempoh ketidaktentuan harga Emas yang melambung. Kami percaya bahawa pendekatan kami bukan sekadar mampu menampung kekurangan penggearan kepada harga Emas dalam persekitaran turun naik yang tinggi melalui penarafan semula syarikat tertentu. Memandangkan firma portfolio menunjukkan peningkatan dalam tahap pengeluaran keseluruhan dan fleksibiliti kewangan yang mengiringi penamatan kitaran perbelanjaan modal besar capex, kami percaya para pelabur akan memberikan respons
dengan meningkatkan penilaian relatif terhadap pesaingnya, seterusnya memacu alfa.
- Sumber: Deutsche Asset Management Investment GmbH (pengurus pelaburan Dana Sasaran)- oleh AmFunds Management Berhad
Dana AmMetLife Tactical Bond Dana Sasaran Dana AmTactical BondStrategi PelaburanDengan penurunan kadar yang dijangka meningkat tahun ini, kami mengekalkan kewajaran tinggi terhadap tempoh portfolio berbanding penanda aras. Dengan penangguhan Fed dan nada BNM yang dovish, hasil bon sekurang-kurangnya akan kekal disokong dalam tempoh terdekat ini.
Peningkatan MGS/GII telah mengakibatkan peluasan sebaran kredit, memandangkan hasil bon korporat kekurangan pemampatan yang dilihat dalam hasil bon kerajaan. Oleh itu, pilihan kami lebih berat kepada bon korporat berbanding bon kerajaan untuk pengambilan hasil yang lebih baik. Bon kerajaan akan menjadi segmen pilihan untuk perdagangan jangka pendek disebabkan kecairan yang lebih baik.
- oleh AmFunds Management Berhad
Dana AmMetLife Asia Pacific REITS Dana Sasaran Dana AmAsia Pacific REITSStrategi PelaburanSentimen pelabur dalam sektor REITS telah berubah apabila kadar faedah tidak dijangka terus ditingkatkan oleh bank pusat global. Ini berpunca daripada nada lebih dovish Pengerusi Fed Powell, seterusnya memacu pulangan sektor dalam 4Q18 terutamanya Singapura di mana kadar faedah mengikuti pola yang sama seperti Amerika Syarikat. Reserve Bank of Australia juga telah menunjukkan nada yang lebih dovish ekoran kelembapan ekonomi Australia serta pasaran perumahan. Bank of Japan tidak mungkin akan menaikkan kadar faedahnya dalam masa terdekat kerana CPI masih jauh daripada kadar sasaran 2% yang ingin dicapainya.
Strategi Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019150
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019151
Kami terus melabur dalam tiga pasaran teras, Australia, Singapura dan Jepun sebagai tambahan kepada pasaran lain iaitu Malaysia, Hong Kong dan Thailand. Pembinaan perkembangan komersial lebih berhati-hati sejak krisis kewangan global, yang membawa kepada situasi serantau di mana bekalan baharu yang disalurkan telah diserap dengan baik oleh penyewa, dengan teknologi dan ruang kerja bersama beransur-ansur menjadi kategori yang semakin penting. 3 pasaran teras bakal menghadapi isu bekalan baharu yang terhad dalam tempoh 2 hingga 3 tahun akan datang, yang akan menyokong kadar sewa pejabat di bandar-bandar utama Singapura, Hong Kong, Tokyo, Sydney dan Melbourne.
Begitu juga di ruang perindustrian, gudang-gudang logistik mendapat permintaan yang baik berikutan pertumbuhan e-dagang serta dorongan korporat untuk menyelaraskan rantaian bekalan mereka melalui penggunaan kemudahan yang lebih moden dan cekap.
Oleh itu, kami kekal positif dan melabur dalam REITs pejabat dan industri di Australia dan Jepun di mana kami berpendapat wujud peluang pertumbuhan yang berterusan.
Di Singapura, minat yang semakin mendalam terhadap REITs telah merancakkan penyenaraian IPO terutamanya REITs yang disenaraikan di SGX tetapi memegang aset yang terletak di lokasi lain, contohnya di Amerika Syarikat. Ini memberi kita peluang pelaburan baharu serta kepelbagaian daripada nama-nama peneraju yang mengalami peningkatan dan tampil dengan nilai yang menarik. Di samping itu, prospek bagi segmen pejabat terus positif dengan bekalan baharu yang dilihat terhad dalam tempoh 2 hingga 3 tahun akan datang, yang menguatkan jangkaan pertumbuhan sewa.
- oleh AmFunds Management Berhad
Strategi Pelaburan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019152
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019HALAMAN INI
SENGAJA DIBIARKAN KOSONG
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019152
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019153
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
Pretasi Dana
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019154
Pretasi Dana
Dana AmMetLife Equity
Prestasi Sejak Permulaan
Dana AmMetLife Equity berbanding Penanda ArasPrestasi sejak 27 Februari 2004 – 31 Mac 2019
Prestasi Setahun Penuh
Dana AmMetLife Equity berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
Mac
-04
Mac
-05
Mac
-06
Mac
-07
Mac
-08
Mac
-09
Mac
-10
Mac
-11
Mac
-12
Mac
-13
Mac
-14
Mac
-15
Mac
-16
Mac
-17
Mac
-18
Mac
-19
Pres
tasi
(%)
Bulan
150.00
120.00
90.00
60.00
30.00
0.00
-30.00
AmMetLife EquityFBMKLCI
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
Pres
tasi
(%)
Bulan
3.00
0.00
-3.00
-6.00
-9.00
-12.00
-15.00
AmMetLife EquityFBMKLCI
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019154
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019155
Dana AmMetLife Bond
Prestasi Sejak Permulaan
Dana AmMetLife Bond berbanding Penanda ArasPrestasi sejak 27 Februari 2004 – 31 Mac 2019
Prestasi Setahun Penuh
Dana AmMetLife Bond berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
Mac
-04
Mac
-05
Mac
-06
Mac
-07
Mac
-08
Mac
-09
Mac
-10
Mac
-11
Mac
-12
Mac
-13
Mac
-14
Mac
-15
Mac
-16
Mac
-17
Mac
-18
Mac
-19
Pres
tasi
(%)
Bulan
90.00
70.00
50.00
30.00
10.00
-10.00
AmMetLife BondMBB 12mth FD rates
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
Pres
tasi
(%)
Bulan
6.00
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
AmMetLife BondMBB 12mth FD rates
Pretasi Dana (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019156
Pretasi Dana (Sambungan)
Dana AmMetLife Balanced
Prestasi Sejak Permulaan
Dana AmMetLife Balanced berbanding Penanda ArasPrestasi sejak 27 Februari 2004 – 31 Mac 2019
Prestasi Setahun Penuh
Dana AmMetLife Balanced berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
Mac
-04
Mac
-05
Mac
-06
Mac
-07
Mac
-08
Mac
-09
Mac
-10
Mac
-11
Mac
-12
Mac
-13
Mac
-14
Mac
-15
Mac
-16
Mac
-17
Mac
-18
Mac
-19
Pres
tasi
(%)
150.00
120.00
90.00
60.00
30.00
0.00
-30.00
Bulan
AmMetLife Balanced50% FBMKLCI & 50% MBB 12mth FD rates
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
Pres
tasi
(%)
Bulan
9.00
6.00
3.00
0.00
-3.00
-6.00
AmMetLife Balanced50% FBMKLCI & 50% MBB 12mth FD rates
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019156
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019157
AmMetLife Dana Teguh
Prestasi Sejak Permulaan
AmMetLife Dana Teguh berbanding Penanda ArasPrestasi sejak inception 27 Februari 2004 – 31 Mac 2019
Prestasi Setahun Penuh
AmMetLife Dana Teguh berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
Pretasi Dana (Sambungan)M
ac-0
4
Mac
-05
Mac
-06
Mac
-07
Mac
-08
Mac
-09
Mac
-10
Mac
-11
Mac
-12
Mac
-13
Mac
-14
Mac
-15
Mac
-16
Mac
-17
Mac
-18
Mac
-19
Pres
tasi
(%)
180.00
150.00
120.00
90.00
60.00
30.00
0.00
-30.00
Bulan
AmMetLife Dana Teguh50% FBM Emas Syariah & 50% MBB 12mth GIA
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
Pres
tasi
(%)
Bulan
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
AmMetLife Dana Teguh50% FBM Emas Syariah & 50% MBB 12mth GIA
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019158
Pretasi Dana (Sambungan)
Dana AmMetLife Oasis Islamic Equity
Prestasi Sejak Permulaan
Dana AmMetLife Oasis Islamic Equity berbanding Penanda ArasPrestasi sejak 1 April 2007 – 31 Mac 2019
Prestasi Setahun Penuh
Dana AmMetLife Oasis Islamic Equity berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
Apr
-07
Mac
-08
Feb-
09
Jan-
10
Dis
-10
Nov
-11
Okt
-12
Sep-
13
Ogo
s-14
Jul-1
5
Jul-1
6
Mei
-17
Apr
-18
Mac
-19
Pres
tasi
(%)
Bulan
90.00
60.00
30.00
0.00
-30.00
-60.00
AmMetLife Oasis Islamic EquityDow Jones Islamic Market Index
Pres
tasi
(%)
Bulan
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
AmMetLife Oasis Islamic EquityDow Jones Islamic Market Index
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019158
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019159
Dana AmMetLife Global Emerging Market
Prestasi Sejak Permulaan
Dana AmMetLife Global Emerging Market berbanding Penanda ArasPrestasi sejak 1 Jun 2008 – 31 Mac 2019
Prestasi Setahun Penuh
Dana AmMetLife Global Emerging Market berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
Jun-
08
Feb-
09
Okt
-09
Jun-
10
Feb-
11
Okt
-11
Jun-
12
Feb-
13
Okt
-13
Jun-
14
Feb-
15
Okt
-15
Jun-
16
Feb-
17
Okt
-17
Jun-
18
Feb-
19
Pres
tasi
(%)
Bulan
60.00
40.00
20.00
0.00
-20.00
-40.00
-60.00
AmMetLife Global Emerging MarketMSCI Emerging Markets Index
Pres
tasi
(%)
Bulan
4.00
0.00
-4.00
-8.00
-12.00
-16.00
-20.00
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
AmMetLife Global Emerging Market
MSCI Emerging Markets Index
Pretasi Dana (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019160
Pretasi Dana (Sambungan)
Dana AmMetLife Precious Metals
Prestasi Sejak Permulaan
Dana AmMetLife Precious Metals berbanding Penanda ArasPrestasi sejak 1 September 2008 – 31 Mac 2019
Prestasi Setahun Penuh
Dana AmMetLife Precious Metals berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
Pres
tasi
(%)
80.00
60.00
40.00
20.00
0.00
-20.00
-40.00
-60.00
-80.00
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
Sep-
16
Mac
-17
Sep-
17
Mac
-18
Sep-
18
Mac
-19
Bulan
AmMetLife Precious Metals
FTSE Gold Mines Index
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
Pres
tasi
(%)
Bulan
15.00
10.00
5.00
0.00
-5.00
-10.00
-15.00
-20.00
-25.00
AmMetLife Precious Metals
FTSE Gold Mines Index
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019160
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019161
Dana AmMetLife Global Agribusiness
Prestasi Sejak Permulaan
Dana AmMetLife Global Agribusiness berbanding Penanda ArasPrestasi sejak 1 September 2008 – 31 Mac 2019
Prestasi Setahun Penuh
Dana AmMetLife Global Agribusiness berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
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
Sep-
16
Mac
-17
Sep-
17
Mac
-18
Sep-
18
Mac
-19
Pres
tasi
(%)
90.00
60.00
30.00
0.00
-30.00
-60.00
Bulan
AmMetLife Global AgribusinessMSCI World Index
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
Pres
tasi
(%)
Bulan
16.00
12.00
8.00
4.00
0.00
-4.00
-8.00
-12.00
AmMetLife Global Agribusiness
MSCI World Index
Pretasi Dana (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019162
Pretasi Dana (Sambungan)
Dana AmMetLife Dividend
Prestasi Sejak Permulaan
Dana AmMetLife Dividend berbanding Penanda ArasPrestasi sejak 27 Oktober 2011 – 31 Mac 2019
Prestasi Setahun Penuh
Dana AmMetLife Dividend berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
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
Jun-
16
Okt
-16
Feb-
17
Jun-
17
Okt
-17
Feb-
18
Jun-
18
Okt
-18
Feb-
19
Pres
tasi
(%)
Bulan
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
AmMetLife Dividend
FBMKLCI
Pres
tasi
(%)
Bulan
4.00
2.00
0.00
-2.00
-4.00
-6.00
-8.00
-10.00
-12.00
-14.00
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
AmMetLife Dividend
FBMKLCI
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019162
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019163
Dana AmMetLife Asia Pacific REITS
Prestasi Sejak Permulaan
Dana AmMetLife Asia Pacific REITS berbanding Penanda ArasPrestasi sejak 17 September 2013 – 31 Mac 2019
Prestasi Setahun Penuh
Dana AmMetLife Asia Pacific REITS berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
Pres
tasi
(%)
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
Sep-
13
Dis
-13
Mac
-14
Jun-
14
Sep-
14
Dis
-14
Mac
-15
Jun-
15
Sep-
15
Dis
-15
Mac
-16
Jun-
16
Sep-
16
Dis
-16
Mac
-17
Jun-
17
Sep-
17
Dis
-17
Mac
-18
Jun-
18
Sep-
18
Dis
-18
Mac
-19
Bulan
S&P Pan Asia REITs Index
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
Pres
tasi
(%)
Bulan
18.00
15.00
12.00
9.00
6.00
3.00
0.00
-3.00
-6.00
S&P Pan Asia REITs Index
Pretasi Dana (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019164
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
Pretasi Dana (Sambungan)
Dana AmMetLife Tactical Bond
Prestasi Sejak Permulaan
Dana AmMetLife Tactical Bond berbanding Penanda ArasPrestasi sejak 17 September 2013 – 31 Mac 2019
Prestasi Setahun Penuh
Dana AmMetLife Tactical Bond berbanding Penanda ArasPrestasi sejak 1 April 2018 – 31 Mac 2019
Sep-
13
Dis
-13
Mac
-14
Jun-
14
Sep-
14
Dis
-14
Mac
-15
Jun-
15
Sep-
15
Dis
-15
Mac
-16
Jun-
16
Sep-
16
Dis
-16
Mac
-17
Jun-
17
Sep-
17
Dis
-17
Mac
-18
Jun-
18
Sep-
18
Dis
-18
Mac
-19
Pres
tasi
(%)
30.00
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
Bulan
AmMetLife Tactical Bond
Quantshop ALL MGS Index
Apr
-18
Mei
-18
Jun-
18
Jul-1
8
Ogo
s-18
Sep-
18
Okt
-18
Nov
-18
Dis
-18
Jan-
19
Feb-
19
Mac
-19
Pres
tasi
(%)
Bulan
8.00
6.00
4.00
2.00
0.00
-2.00
AmMetLife Tactical BondQuantshop ALL MGS Index
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019164
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019165
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
Pecahan MengikutSektor dan Kategori
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019166
Pecahan Mengikut Sektor dan Kategori
Dana AmMetLife EquityButiran komposisi portfolio Dana AmMetLife Equity pada 31 Mac 2019 adalah seperti berikut:
Dana AmMetLife Bond FundButiran komposisi portfolio Dana AmMetLife Bond pada 31 Mac 2019 adalah seperti berikut:
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Pembinaan 0.47 6.02 9.02 4.55 2.91
Perkhidmatan & Produk Pengguna 16.77 0.99 – – 3.07
Tenaga 5.45 – – – –
Perkhidmatan Kewangan 31.00 25.16 22.97 23.94 24.83
Penjagaan Kesihatan 0.84 – – – –
Perkhidmatan & Produk Perindustrian 9.71 14.38 9.24 11.65 8.84
Infrastruktur – – 1.96 1.70 3.80
Perladangan 1.18 2.93 3.01 3.44 0.97
Hartanah – – 2.59 – –
Amanah Pelaburan Harta Tanah (REIT) 4.07 1.61 1.53 – –
Teknologi 4.01 3.24 5.88 4.05 4.19
Telekomunikasi & Media 5.82 – – – –
Perdagangan/Perkhidmatan – 28.41 35.15 38.10 44.47
Utiliti 5.28 – – – –
Perjanjian Pembelian Semula/Tunai 15.39 17.26 8.66 12.57 6.91
100.00 100.00 100.00 100.00 100.00
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Amanah Saham Malaysia 0.23 0.24 0.21 9.67 9.75
Bon Korporat 75.22 85.64 83.98 79.58 82.63
Sekuriti Kerajaan Malaysia 6.25 6.67 – – –
Perjanjian Pembelian Semula/Tunai 18.31 7.45 15.81 10.74 7.62
100.00 100.00 100.00 100.00 100.00
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019166
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019167
Dana AmMetLife BalancedButiran komposisi portfolio Dana AmMetLife Balanced pada 31 Mac 2019 adalah seperti berikut:
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Pembinaan 0.01 5.14 8.14 5.03 3.03
Perkhidmatan & Produk Pengguna 12.29 1.00 – – 2.01
Tenaga 4.05 – – – –
Perkhidmatan Kewangan 18.72 19.36 13.68 15.16 16.59
Saham Asing – – – – –
Perkhidmatan & Produk Perindustrian 6.71 12.68 7.04 8.55 7.71
Infrastruktur – – 1.27 0.80 2.85
Perladangan 1.20 2.63 2.13 2.52 –
Hartanah – – 2.60 – –
Amanah Pelaburan Harta Tanah (REIT) 3.45 – 0.93 – –
Teknologi 3.91 3.61 5.65 2.52 3.73
Telekomunikasi & Media 4.64 – – – –
Perdagangan/Perkhidmatan – 22.04 26.46 21.75 29.54
Utiliti 3.29 – – – –
Bon Korporat 28.63 16.16 22.69 20.56 26.44
Amanah Saham Malaysia – – – – –
Perjanjian Pembelian Semula/Tunai 13.11 17.37 9.41 23.12 8.11
100.00 100.00 100.00 100.00 100.00
Pecahan Sektor dan Kategori (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019168
AmMetLife Dana TeguhButiran komposisi portfolio AmMetLife Dana Teguh pada 31 Mac 2019 adalah seperti berikut:
Pecahan Sektor dan Kategori (Sambungan)
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Pembinaan 0.01 6.39 9.60 5.50 5.51
Perkhidmatan & Produk Pengguna 8.82 0.99 – – 2.03
Tenaga 5.63 – – – –
Perkhidmatan Kewangan 2.99 1.96 1.47 – –
Perkhidmatan & Produk Perindustrian 10.43 14.76 8.25 8.88 8.43
Infrastruktur – – 1.96 0.99 3.53
Perladangan 1.68 4.08 3.08 3.55 1.47
Hartanah – – 4.16 – 1.88
Amanah Pelaburan Harta Tanah (REIT) 1.85 1.22 – – –
Teknologi 3.98 3.38 6.78 3.07 4.63
Telekomunikasi & Media 5.63 – – – –
Perdagangan/Perkhidmatan – 25.16 27.25 22.99 38.92
Utiliti 6.61 – – – –
Bon Korporat 39.88 18.20 19.60 11.98 13.64
Amanah Saham Malaysia 3.05 3.25 3.35 3.17 3.38
Perjanjian Pembelian Semula/Tunai 9.45 20.60 14.50 39.87 16.59
100.00 100.00 100.00 100.00 100.00
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019168
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019169
Dana AmMetLife Oasis Islamic EquityButiran komposisi portfolio Dana AmMetLife Oasis Islamic Equity pada 31 Mac 2019 adalah seperti berikut:
Peruntukan Sektor* Dana AmOasis Global Islamic Equity (“Dana Sasaran”)
Nota: Sumber peruntukan sektor Dana Sasaran daripada Oasis Crescent Capital (Pty) Ltd (Pengurus Pelaburan Dana Sasaran)*Sebagai peratusan daripada NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
Pecahan Sektor dan Kategori (Sambungan)
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Amanah Saham Malaysia 94.17 93.67 93.12 92.38 90.69
Perjanjian Pembelian Semula/Tunai 5.83 6.33 6.88 7.62 9.31
100.00 100.00 100.00 100.00 100.00
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Bahan Asas 8.00 4.00 6.00 7.00 8.00
Perkhidmatan Komunikasi 22.00 16.00 19.00 20.00 20.00
Budi Bicara Pengguna 9.00 – – – –
Barangan Asas Pengguna 4.00 – – – –
Pengguna, Berkitar – 14.00 13.00 15.00 11.00
Pengguna, Tidak Berkitar – 5.00 6.00 5.00 8.00
Tenaga 8.00 7.00 7.00 7.00 8.00
Penjagaan Kesihatan 23.00 23.00 20.00 18.00 19.00
Perindustrian – 5.00 4.00 4.00 3.00
Teknologi Maklumat 25.00 – – – –
Hartanah – 1.00 1.00 1.00 1.00
Harta Tanah 1.00 – – – –
Teknologi – 25.00 24.00 23.00 22.00
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019170
Dana AmMetLife Precious MetalsButiran komposisi portfolio Dana AmMetLife Precious Metals pada 31 Mac 2019 adalah seperti berikut:
Nota: Sumber peruntukan sektor Dana Sasaran daripada Deutsche Investment Management America Inc (Pengurus Pelaburan Dana Sasaran)*Sebagai peratusan daripada NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
Peruntukan Sektor* Precious Metals Securities (“Dana Sasaran”)
Pecahan Sektor dan Kategori (Sambungan)
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Amanah Saham Malaysia 87.55 84.53 84.27 81.02 79.80
Perjanjian Pembelian Semula/Tunai 12.45 15.47 15.73 18.98 20.20
100.00 100.00 100.00 100.00 100.00
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Emas 76.41 83.75 81.61 69.28 70.14
Logam & Mineral Berharga 8.78 6.66 7.61 18.99 15.15
Perak 11.51 7.25 10.03 9.71 12.60
Pelbagai Logam & Perlombongan – – – – –
Tunai dan aset lain 3.25 2.30 0.71 1.96 2.09
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019170
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019171
Dana AmMetLife Global AgribusinessButiran komposisi portfolio Dana AmMetLife Global Agribusiness pada 31 Mac 2019 adalah seperti berikut:
Peruntukan Sektor* Dana AmGlobal Agribusiness (“Dana Sasaran”)
Nota: Sumber peruntukan sektor Dana Sasaran daripada Deutsche Asset Management Investment GmbH (Pengurus Pelaburan Dana Sasaran)*Sebagai peratusan daripada NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Amanah Saham Malaysia 93.78 91.09 92.14 93.68 90.29
Perjanjian Pembelian Semula/Tunai 6.22 8.91 7.86 6.32 9.71
100.00 100.00 100.00 100.00 100.00
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Produk Pertanian 10.80 16.30 14.60 24.50 22.70
Jentera Pertanian & Perladangan 7.00 – 4.20 – –
Kilang Minuman Keras – 3.10 2.10 3.10 3.20
Pelbagai Bahan Kimia 5.80 3.90 5.50 2.10 3.20
Baja & Kimia Pertanian 18.50 23.20 31.70 38.30 39.90
Pengedar Makanan – – – 4.20 2.00
Peruncitan Makanan 2.50 3.10 4.50 2.60 2.90
Perisian & Perkhidmatan Internet – 7.20 – – –
Peruncitan Internet 3.20 – – – –
Pelabuhan & Perkhidmatan Marin – – – 1.60 1.40
Sektor-sektor Lain 11.30 10.20 5.40 1.30 3.30
Makanan & Daging Berbungkus 26.50 17.00 16.60 17.70 16.70
Produk Peribadi 3.60 3.80 3.30 – –
Landasan Keretapi – 3.00 – – –
Restoran – – – 1.70 2.80
Bahan Kimia Khusus 4.90 6.10 4.80 – –
Tunai & Aset-aset Lain 2.90 – – – –
Tidak Diklasifikasikan – – – 1.40 0.90
Minuman Ringan – – – 1.20 1.00
Tembakau 2.90 – 5.90 – –
Pecahan Sektor dan Kategori (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019172
Dana AmMetLife Global Emerging MarketButiran komposisi portfolio Dana AmMetLife Global Emerging Market pada 31 Mac 2019 adalah seperti berikut:
Peruntukan Sektor* Global Emerging Market Opportunities (“Dana Sasaran”)
Nota: Sumber peruntukan sektor Dana Sasaran daripada Schroder Investment Management Ltd (Pengurus Pelaburan Dana Sasaran)*Sebagai peratusan daripada NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
Pecahan Sektor dan Kategori (Sambungan)
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Amanah Saham Malaysia 92.04 83.94 94.09 93.38 90.97
Perjanjian Pembelian Semula/Tunai 7.96 16.06 5.91 6.62 9.03
100.00 100.00 100.00 100.00 100.00
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Budi Bicara Pengguna 16.08 13.44 10.20 14.15 12.97
Barangan Asas Pengguna 5.84 4.14 2.38 3.56 5.11
Perkhidmatan Komunikasi 5.16 – – – –
Tenaga 13.64 10.58 9.57 3.62 3.71
Kewangan 17.75 23.09 27.14 31.81 33.68
Penjagaan Kesihatan 1.69 – 1.00 2.07 3.72
Perindustrian 1.38 2.61 6.72 5.72 3.98
Teknologi Maklumat 20.32 27.46 21.79 21.64 24.10
Aset Cair 7.38 2.29 3.33 9.80 –
Bahan-bahan 10.26 12.17 8.51 3.40 1.94
Harta Tanah 0.51 0.27 1.93 – –
Perkhidmatan Telekomunikasi – 2.89 6.36 4.23 3.86
Utiliti – 1.07 1.06 – 1.18
Tunai – – – – 5.75
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019172
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019173
Dana AmMetLife DividendButiran komposisi portfolio Dana AmMetLife Dividend pada 31 Mac 2019 adalah seperti berikut:
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Pembinaan 0.51 6.61 9.24 5.44 3.89
Perkhidmatan & Produk Pengguna 17.03 0.99 – – 2.00
Tenaga 5.86 – – – –
Perkhidmatan Kewangan 29.20 26.46 23.22 25.53 24.41
Perkhidmatan & Produk Perindustrian 11.20 15.16 9.33 12.24 8.88
Infrastruktur – – 1.98 1.71 4.13
Perladangan 1.45 3.17 3.12 2.73 0.48
Hartanah – – 2.67 – –
Amanah Pelaburan Harta Tanah (REIT) 4.13 0.94 1.53 – –
Teknologi 4.15 3.41 6.05 3.58 5.30
Telekomunikasi & Media 6.18 – – – –
Perdagangan/Perkhidmatan – 30.91 34.52 39.82 44.23
Utiliti 5.48 – – – –
Perjanjian Pembelian Semula/Tunai 14.81 12.34 8.34 8.95 6.68
100.00 100.00 100.00 100.00 100.00
Pecahan Sektor dan Kategori (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019174
Dana AmMetLife Asia Pacific REITSButiran komposisi portfolio Dana AmMetLife Asia Pacific REITs pada 31 Mac 2019 adalah seperti berikut:
Peruntukan Sektor* AmAsia Pacific REITS – Kelas B (MYR)
Nota: Sumber peruntukan sektor Dana Sasaran daripada AmFunds Management Berhad*Sebagai peratusan daripada NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.
Pecahan Sektor dan Kategori (Sambungan)
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Amanah Saham Malaysia 86.45 73.25 90.85 93.87 91.50
Perjanjian Pembelian Semula/Tunai 13.55 26.75 9.15 6.13 8.50
100.00 100.00 100.00 100.00 100.00
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Tunai dan Lain-lain 1.51 (1.19) 1.35 14.95 –
Deposit Tetap/Instrumen Boleh Niaga/Tunai – – – – 15.20
Penjagaan Kesihatan – – 1.49 – –
Deposit Pasaran Wang 18.33 14.86 17.54 – –
Harta Tanah – 86.33 77.59 2.34 84.80
REITs 80.16 – – 80.25 –
Utiliti – – 2.03 2.46 –
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019174
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019175
Peruntukan Sektor* AmTactical Bond – Kelas B (MYR)
Dana AmMetLife Tactical BondButiran komposisi portfolio Dana AmMetLife Tactical Bond pada 31 Mac 2019 adalah seperti berikut:
Nota: Sumber peruntukan sektor Dana Sasaran daripada AmFunds Management Berhad*Sebagai peratusan daripada NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Amanah Saham Malaysia 88.96 92.24 92.15 91.97 90.63
Perjanjian Pembelian Semula/Tunai 11.04 7.76 7.85 8.03 9.37
100.00 100.00 100.00 100.00 100.00
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015 % % % % %
Bon Korporat 61.41 75.68 86.76 95.79 93.10
Bon Korporat Asing 20.86 – – – –
Deposit Pasaran Wang 2.09 – – – –
Bon Kerajaan Malaysia 13.31 14.41 – – –
Tunai dan Lain-lain 2.33 9.91 13.24 4.21 6.90
Pecahan Sektor dan Kategori (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019176
HALAMAN INI SENGAJA DIBIARKAN
KOSONGDana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019176
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019177
Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2019
LAPORAN TAHUNAN
2019
JadualPerbandingan Prestasi
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019178
Jadual Perbandingan PrestasiPrestasi Dana pada 31 Mac 2019
I Tahun 3 Tahun 5 Tahun Sejak Pelancaran
Purata Kompaun Pulangan Tahunan % Pulangan Tahunan %
Dana AmMetLife Equity (7.00) 2.70 1.93 5.28
Dana AmMetLife Bond 4.80 3.85 3.56 4.11
Dana AmMetLife Balanced (3.75) 3.28 2.06 5.22
AmMetLife Dana Teguh (1.50) 2.92 3.25 5.81
Dana AmMetLife Oasis Islamic Equity 4.28 3.58 3.63 1.97
Dana AmMetLife Global Emerging Market (4.03) 9.17 5.41 2.72
Dana AmMetLife Precious Metals 8.61 0.74 (1.12) (5.79)
Dana AmMetLife Global Agribusiness 6.60 6.49 2.61 3.28
Dana AmMetLife Dividend (7.44) 2.93 3.98 5.87
Dana AmMetLife Asia Pacific REITS 15.46 8.02 9.06 7.77
Dana AmMetLife Tactical Bond 5.03 4.39 4.75 4.04
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019178
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019179
Nilai Aset Bersih, Jumlah Unit dan Harga UnitPada 31 Mac 2019
Dana AmMetLife EquityButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 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 nilai aset bersih seunit dan bersih daripada semua yuran
Dana AmMetLife BondButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 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 nilai aset bersih seunit dan bersih daripada semua yuran
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 1.1920 1.2146 1.0646 1.0216 1.0197
NAB terendah seunit bagi tahun 1.0658 1.0596 0.9663 0.8888 0.8684
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 32.7688 27.4472 22.4706 20.3461 19.3462
UDE (dalam juta) 29.9702 23.3447 21.1743 20.1536 19.2958
NAB seunit (RM) 1.0935 1.1758 1.0612 1.0096 1.0026 Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ (7.00) 10.80 5.11 0.70 0.88
Pertumbuhan modal (7.00) 10.80 5.11 0.70 0.88
Pengagihan pendapatan – – – – –
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 0.9219 0.8797 0.8520 0.8241 0.7992
NAB terendah seunit bagi tahun 0.8763 0.8520 0.8234 0.7993 0.7738
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 11.6071 10.3783 10.6700 11.9043 12.4142
UDE (dalam juta) 12.5890 11.7957 12.5241 14.4607 15.5323
NAB seunit (RM) 0.9219 0.8797 0.8520 0.8232 0.7992 Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ 4.80 3.25 3.50 3.00 3.26
Pertumbuhan modal 4.80 3.25 3.50 3.00 3.26
Pengagihan pendapatan – – – – –
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019180
Dana AmMetLife BalancedButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 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 nilai aset bersih seunit dan bersih daripada semua yuran
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 1.1408 1.1608 1.0332 0.9860 1.0026
NAB terendah seunit bagi tahun 1.0552 1.0309 0.9573 0.9036 0.8708
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 33.6761 26.5720 23.4425 22.2433 21.9194
UDE (dalam juta) 31.0643 23.5920 22.7392 22.6014 22.5725
NAB seunit (RM) 1.0841 1.1263 1.0309 0.9842 0.9711
Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ (3.75) 9.25 4.74 1.35 (0.81)
Pertumbuhan modal (3.75) 9.25 4.74 1.35 (0.81)
Pengagihan pendapatan – – – – –
AmMetLife Dana Teguh Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 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 nilai aset bersih seunit dan bersih daripada semua yuran
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 1.2152 1.2569 1.1340 1.0948 1.0617
NAB terendah seunit bagi tahun 1.1319 1.1310 1.0611 0.9946 0.9333
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 23.3447 20.7810 19.3195 19.3700 17.9532
UDE (dalam juta) 19.7708 17.3367 17.0814 17.8878 16.9101
NAB seunit (RM) 1.1807 1.1987 1.1310 1.0829 1.0617
Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ (1.50) 5.99 4.44 2.00 5.51
Pertumbuhan modal (1.50) 5.99 4.44 2.00 5.51
Pengagihan pendapatan – – – – –
Nilai Aset Bersih, Jumlah Unit dan Harga Unit (Sambungan)
Pada 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019180
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019181
Dana AmMetLife Oasis Islamic EquityButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 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 nilai aset bersih seunit dan bersih daripada semua yuran
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 0.6633 0.6567 0.6618 0.6224 0.5953
NAB terendah seunit bagi tahun 0.5816 0.6050 0.5558 0.5525 0.5100
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 3.5354 3.6121 4.1535 3.9426 4.2864
UDE (dalam juta) 5.5966 5.9629 6.3387 6.9363 7.2363
NAB seunit (RM) 0.6317 0.6058 0.6553 0.5684 0.5923
Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ 4.28 (7.55) 15.29 (4.04) 12.07
Pertumbuhan modal 4.28 (7.55) 15.29 (4.04) 12.07
Pengagihan pendapatan – – – – –
Dana AmMetLife Global Emerging MarketButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 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 nilai aset bersih seunit dan bersih daripada semua yuran
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 0.7042 0.7271 0.6496 0.5792 0.5658
NAB terendah seunit bagi tahun 0.6187 0.6403 0.5016 0.4873 0.5143
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 4.0594 3.0306 1.1770 0.9253 0.9532
UDE (dalam juta) 6.0691 4.3478 1.8222 1.8000 1.7536
NAB seunit (RM) 0.6689 0.6970 0.6459 0.5141 0.5436
Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ (4.03) 7.91 25.64 (5.43) 5.78
Pertumbuhan modal (4.03) 7.91 25.64 (5.43) 5.78
Pengagihan pendapatan – – – – –
Nilai Aset Bersih, Jumlah Unit dan Harga Unit (Sambungan)
Pada 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019182
Dana AmMetLife Precious MetalsButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 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 nilai aset bersih seunit dan bersih daripada semua yuran
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 0.2683 0.3003 0.3393 0.2689 0.3027
NAB terendah seunit bagi tahun 0.2247 0.2448 0.2500 0.2021 0.2231
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 3.5752 3.3177 4.1296 3.8197 3.8268
UDE (dalam juta) 13.4342 13.5443 14.5436 14.6769 15.8907
NAB seunit (RM) 0.2661 0.2450 0.2839 0.2603 0.2408
Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ 8.61 (13.70) 9.07 8.10 (14.46)
Pertumbuhan modal 8.61 (13.70) 9.07 8.10 (14.46)
Pengagihan pendapatan – – – – –
Dana AmMetLife Global AgribusinessButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 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 nilai aset bersih seunit dan bersih daripada semua yuran
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 0.7440 0.7177 0.6846 0.6959 0.6773
NAB terendah seunit bagi tahun 0.6410 0.6571 0.5584 0.5506 0.5785
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 2.5233 2.3152 2.2642 2.0259 2.1153
UDE (dalam juta) 3.5851 3.5065 3.3927 3.4758 3.2309
NAB seunit (RM) 0.7039 0.6603 0.6674 0.5829 0.6547
Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ 6.60 (1.06) 14.50 (10.97) 5.78
Pertumbuhan modal 6.60 (1.06) 14.50 (10.97) 5.78
Pengagihan pendapatan – – – – –
Nilai Aset Bersih, Jumlah Unit dan Harga Unit (Sambungan)
Pada 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019182
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019183
Dana AmMetLife DividendButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 adalah seperti berikut:
Dana AmMetLife Asia Pacific REITsButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 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 nilai aset bersih seunit dan bersih daripada semua yuran
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 0.8363 0.8522 0.7404 0.7083 0.6968
NAB terendah seunit bagi tahun 0.7404 0.7365 0.6720 0.6196 0.6015
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 17.0505 15.9615 14.8032 14.0841 12.6593
UDE (dalam juta) 22.3274 19.3455 20.0619 20.1110 18.1690
NAB seunit (RM) 0.7637 0.8251 0.7379 0.7003 0.6968
Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ (7.44) 11.82 5.37 0.50 10.90
Pertumbuhan modal (7.44) 11.82 5.37 0.50 10.90
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 nilai aset bersih seunit dan bersih daripada semua yuran
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 0.7565 0.6896 0.6835 0.6113 0.5669
NAB terendah seunit bagi tahun 0.6545 0.6530 0.5906 0.5457 0.4907
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 6.1101 3.3038 1.3032 0.9213 0.6857
UDE (dalam juta) 8.0768 5.0429 1.9066 1.5349 1.2136
NAB seunit (RM) 0.7565 0.6552 0.6835 0.6002 0.5650
Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ 15.46 (4.14) 13.88 6.23 15.24
Pertumbuhan modal 15.46 (4.14) 13.88 6.23 15.24
Pengagihan pendapatan – – – – –
Nilai Aset Bersih, Jumlah Unit dan Harga Unit (Sambungan)
Pada 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019184
Dana AmMetLife Tactical BondButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2019 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 nilai aset bersih seunit dan bersih daripada semua yuran
TK 2019 TK 2018 TK 2017 TK 2016 TK 2015
Harga Seunit (RM)
NAB tertinggi seunit bagi tahun 0.6227 0.5941 0.5854 0.5576 0.5153
NAB terendah seunit bagi tahun 0.5928 0.5839 0.5458 0.5026 0.4869
Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*
Jumlah NAB (RM juta) 1.7032 0.9704 0.7058 0.5451 0.4635
UDE (dalam juta) 2.7351 1.6367 1.2088 0.9958 0.8995
NAB seunit (RM) 0.6227 0.5929 0.5839 0.5474 0.5153
Jumlah Pulangan bagi Tahun (%)
Jumlah Pulangan¹ 5.03 1.54 6.67 6.23 4.38
Pertumbuhan modal 5.03 1.54 6.67 6.23 4.38
Pengagihan pendapatan – – – – –
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
Nilai Aset Bersih, Jumlah Unit dan Harga Unit (Sambungan)
Pada 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019184
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019185
Investment-Linked FundsFor the Financial Year Ended 31 March 2019
ANNUAL REPORT
2019
Ringkasan kepadaMaklumat KewanganPernyataan oleh Pengurus 186
Laporan Juruaudit Bebas 187
Penyata Aset dan Liabiliti 190
Penyata Pendapatan dan Perbelanjaan 196
Penyata Perubahan dalam Nilai Aset Bersih 202
Nota-nota kepada Maklumat Kewangan 208
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019186
Penyataan oleh Pengurus
Pada pendapat Pengurus, maklumat kewangan Dana-dana Berkaitan Pelaburan AmMetLife Insurance Berhad yang disertakan terdiri daripada Dana AmMetLife Equity, Dana AmMetLife Bond, Dana AmMetLife Balanced, Dana AmMetLife Dana Teguh, Dana AmMetLife Oasis 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 seperti yang termaktub dalam muka surat 190 hingga 251 telah disediakan menurut polisi perakaunan seperti yang diterangkan dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia.
Bagi pihak AmMetLife Insurance Berhad
Lee Jiau Jiunn
Kuala Lumpur, Malaysia13 Jun 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019186
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019187
Laporan Juruaudit BebasLaporan mengenai maklumat kewangan
PendapatKami telah mengaudit maklumat kewangan Dana AmMetLife Equity, Dana AmMetLife Bond, Dana AmMetLife Balanced, Dana AmMetLife Dana Teguh, Dana AmMetLife Oasis 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 (kesuluruhannya dirujuk sebagai "Dana-dana"), yang terdiri daripada penyata aset dan liabiliti pada 31 Mac 2019, dan penyata pendapatan dan perbelanjaan, penyata perubahan dalam nilai aset bersih Dana-dana bagi tahun yang berakhir ketika itu, dan ringkasan polisi perakaunan yang penting, seperti yang termaktub dalam muka surat 190 hingga 251.
Pada pendapat kami, maklumat kewangan Dana-dana yang disertakan bagi tahun berakhir 31 Mac 2019 telah disediakan, dalam segala aspek penting, menurut polisi-polisi perakaunan seperti yang diterangkan dalam Nota 2.2 kepada maklumat kewangan serta Garis Panduan Perniagaan Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia.
Asas Pendapat KamiKami telah menjalankan audit menurut piawaian pengauditan yang diluluskan di Malaysia dan Piawaian Pengauditan Antarabangsa. Tanggungjawab kami di seksyen piawaian-piawaian tersebut telah dihuraikan secara lanjut dalam laporan kami di bahagian Tanggungjawab Juruaudit terhadap Pengauditan Maklumat Kewangan. Kami percaya bahawa bukti audit yang kami perolehi adalah mencukupi dan bersesuaian untuk memberi asas yang munasabah bagi pendapat kami.
Penekanan ke atas Sesuatu Perkara - Asas Perakaunan dan Sekatan ke atas Pengedaran dan PenggunaanKami ingin memberi perhatian kepada Nota 2.1 kepada maklumat kewangan Dana-dana, yang menerangkan asas perakaunan. Maklumat kewangan Dana-dana disediakan untuk membantu Dana-dana mematuhi Garis Panduan Perniagaan Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia. Oleh itu, maklumat kewangan Dana-dana mungkin tidak bersesuaian untuk tujuan yang lain. Laporan kami hanya untuk para pemegang unit Dana-dana, sebagai suatu badan dan tidak sepatutnya diedar kepada atau diguna oleh pihak-pihak selain daripada para pemegang unit Dana-dana. Pendapat kami tidak diubah berkaitan perkara ini.
Kebebasan dan Tanggungjawab Beretika yang LainKami bebas daripada Dana-dana selaras dengan Undang-undang Kecil (berhubungan dengan Etika Profesional, Tatacara dan Amalan) Institut Akauntan Malaysia ("Undang-undang Kecil") dan Lembaga Piawaian Etika Antarabangsa bagi Kod Etika Akauntan untuk Akauntan Profesional ("Kod IESBA"), dan kami telah memenuhi tanggungjawab beretika kami yang lain menurut Undang-undang Kecil dan Kod IESBA.
Maklumat selain daripada Maklumat Kewangan dan Laporan Juruaudit mengenainyaPara pengarah kepada Pengurus (“para pengarah”) bertanggungjawab ke atas lain-lain maklumat. Lain-lain maklumat tersebut merangkumi maklumat yang terkandung dalam Laporan Tahunan Dana-dana tetapi tidak termasuk maklumat kewangan Dana-dana dan laporan juruaudit mengenainya.
Pendapat kami tentang maklumat kewangan Dana-dana tidak merangkumi lain-lain maklumat dan kami tidak memberi sebarang bentuk kesimpulan yang pasti berkaitannya.
Berhubungan dengan pengauditan kami ke atas maklumat kewangan Dana-dana, tanggungjawab kami adalah membaca lain-lain maklumat dan mempertimbangkan sama ada terdapatnya percanggahan material antara lain-lain maklumat dengan maklumat kewangan Dana-dana atau dengan pengetahuan kami yang diperoleh semasa pengauditan ataupun selain ini disalah nyatakan secara material.
Sekiranya, berdasarkan kerja yang telah kami laksanakan, kami menyimpulkan bahawa terdapatnya salah nyata material terhadap lain-lain maklumat, kami dikehendaki melaporkan fakta tersebut. Kami tidak mempunyai apa-apa untuk dilaporkan berkaitan perkara ini.
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019188
Laporan Juruaudit Bebas (Sambungan)
Tanggungjawab Para Pengarah kepada Pengurus ke atas Maklumat KewanganPara pengarah bertanggungjawab terhadap penyediaan maklumat kewangan Dana-dana yang memberi pandangan yang benar dan adil selaras dengan polisi-polisi perakaunan yang dihuraikan dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia. Para pengarah juga bertanggungjawab ke atas kawalan dalaman tertentu sebagaimana yang ditentukan oleh para pengarah sebagai perlu untuk membolehkan penyediaan maklumat kewangan Dana-dana yang bebas daripada salah nyata material, sama ada disebabkan penipuan atau kesilapan.
Dalam menyediakan maklumat kewangan Dana-dana, para pengarah bertanggungjawab menilai kemampuan Dana-dana untuk diteruskan sebagai usaha berterusan, mendedahkan, sebagaimana yang berkenaan, perkara berkaitan dengan usaha berterusan dan menggunakan dasar perakaunan usaha berterusan melainkan para pengarah ingin membubarkan Dana-dana atau menamatkan operasi, atau tidak mempunyai pilihan lain yang realistik kecuali berbuat demikian.
Tanggungjawab Juruaudit terhadap Pengauditan Maklumat KewanganObjektif kami adalah untuk memperolehi jaminan yang munasabah sama ada maklumat kewangan Dana-dana secara keseluruhannya adalah bebas daripada salah nyata material, sama ada disebabkan penipuan atau kesilapan, serta menerbitkan laporan juruaudit yang mengandungi pendapat kami. Jaminan yang munasabah merupakan kepastian tahap tinggi, tetapi bukan merupakan jaminan bahawa pengauditan yang dijalankan menurut piawaian pengauditan yang diluluskan di Malaysia dan Piawaian Pengauditan Antarabangsa akan selalunya dapat mengesan salah nyata material ketika kewujudannya. Salah nyata boleh timbul daripada penipuan atau kesilapan dan dianggap material jika, secara individunya atau keseluruhannya, ianya boleh dengan munasabahnya dijangka mempengaruhi keputusan ekonomi para pengguna yang bersandarkan maklumat kewangan ini.
Sebagai sebahagian daripada pengauditan yang menurut piawaian pengauditan yang diluluskan di Malaysia dan Piawaian Pengauditan Antarabangsa, kami mengamalkan pengadilan profesional dan mengekalkan kesangsian profesional sepanjang pengauditan. Kami juga:• Mengenalpastidanmenaksir risikosalahnyatamaterialmaklumatkewanganDana-dana,samaadadisebabkanpenipuanatau
kesilapan, merangka dan melaksanakan tatacara pengauditan berdasarkan risiko tersebut, dan mendapatkan bukti pengauditan yang mencukupi dan sesuai untuk dijadikan asas pendapat kami. Risiko kegagalan mengesan salah nyata material yang disebabkan penipuan adalah lebih tinggi daripada yang disebabkan kesilapan, kerana penipuan boleh melibatkan persubahatan, pemalsuan, ketinggalan fakta yang disengajakan, salah nyataan, atau pengatasan kawalan dalaman.
• Mendapatkanpemahamankawalandalamanyangadakaitandenganpengauditansupayadapatmerangkatatacarapengauditanyang bersesuaian dengan keadaan tersebut, tetapi bukan dengan tujuan menyatakan pendapat berkaitan keberkesanan kawalan dalaman Dana-dana.
• Menilai kesesuaian polisi-polisi perakaunan yang digunakan dan kemunasabahan anggaran perakaunan dan pendedahanberkaitan yang dibuat oleh para pengarah.
• Menyimpulkan kesesuaian penggunaan dasar perakaunan usaha berterusan oleh para pengarah dan, berdasarkan buktipengauditan yang diperoleh, sama ada wujudnya ketidakpastian material berkaitan peristiwa-peristiwa atau keadaan-keadaan yang menimbulkan keraguan ketara tentang kemampuan Dana-dana untuk diteruskan sebagai usaha berterusan. Jika kami menyimpulkan wujudnya keraguan material, kami dikehendaki melaporkan dalam laporan juruaudit kami mengenai pendedahan berkaitan yang terdapat dalam maklumat kewangan Dana-dana atau, jika pendedahan tersebut tidak mencukupi, pendapat kami akan diubah. Kesimpulan kami adalah berdasarkan bukti pengauditan yang diperoleh sehingga tarikh laporan juruaudit kami. Walau bagaimanapun, peristiwa-peristiwa atau keadaan-keadaan yang akan berlaku pada masa akan datang boleh menyebabkan Dana-dana untuk menamatkan terus usaha yang berterusan.
• Menilai pembentangan, struktur dan kandungan keseluruhan maklumat kewangan Dana-dana, termasuk pendedahan-pendedahan, dan sama ada maklumat kewangan mewakili urus niaga dasaran dan peristiwa-peristiwa dengan cara yang menghasilkan pembentangan adil.
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019188
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019189
Laporan Juruaudit Bebas (Sambungan)
Kami berkomunikasi dengan para pengarah kepada pengurus tentang, antara perkara-perkara lain, skop yang dirancangkan dan pemasaan pengauditan dan penemuan pengauditan yang penting, termasuk sebarang kekurangan ketara dalam kawalan dalaman yang kami kenal pasti ketika pengauditan kami.
Ernst & Young Ahmad Hammami Bin MuhyidinAF: 0039 No. 03313/07/2019 JAkauntan-akauntan Bertauliah Akauntan Bertauliah
Kuala Lumpur, Malaysia13 Jun 2019
Ini adalah terjemahan Bahasa Malaysia untuk maklumat kewangan Dana-dana berkaitan pelaburan AmMetLife Insurance Berhad yang telah
diaudit, yang pada asalnya telah disediakan di dalam Bahasa Inggeris. Terjemahan ini telah dibuat untuk membolehkan ahli-ahli Dana-dana
berkaitan pelaburan AmMetLife Insurance Berhad yang fasih dalam Bahasa Malaysia untuk memahami sepenuhnya maklumat kewangan
berkenaan. Para pembaca dinasihatkan supaya merujuk kepada versi Bahasa Inggeris untuk maklumat kewangan dana-dana dan pendapat
juruaudit yang telah disahkan.
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019190
Ringkasan kepada Maklumat Kewangan
Penyata-penyata Aset dan Liabiliti
Pada 31 Mac 2019
Dana AmMetLife Equity Dana AmMetLife Bond
2019 2018 2019 2018 Nota RM RM RM RM
Aset
Pelaburan 3 27,725,314 22,709,193 10,367,862 10,324,347
Aset cukai tertunda 4 – – – 17,066
Lain-lain belum terima 590,232 473,186 153,129 186,401
Tunai dan baki di bank 4,959,283 4,678,596 1,353,799 53,774 Jumlah aset 33,274,829 27,860,975 11,874,790 10,581,588
Liabiliti
Peruntukan cukai 80,549 118,502 232,003 186,284
Liabiliti cukai tertunda 4 48,919 249,816 16,934 –
Lain-lain belum bayar 376,514 45,442 18,750 17,043 Jumlah liabiliti 505,982 413,760 267,687 203,327
Nilai aset bersih dana ("NAB") 32,768,847 27,447,215 11,607,103 10,378,261
Diwakili oleh:
Caruman pemegang unit 26,280,375 18,720,260 6,813,996 6,098,692
Pendapatan belum agih 6,488,472 8,726,955 4,793,107 4,279,569 Modal pemegang unit 5 32,768,847 27,447,215 11,607,103 10,378,261
Unit dalam edaran 5 29,970,231 23,344,659 12,588,965 11,795,727
NAB seunit (RM) 5 1.0934 1.1757 0.9220 0.8798
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019190
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019191
Dana AmMetLife Balanced Dana AmMetlife Dana Teguh
2019 2018 2019 2018 Nota RM RM RM RM
Aset
Pelaburan 3 29,261,528 21,955,658 21,139,237 16,500,663
Lain-lain belum terima 695,719 424,648 487,227 321,276
Tunai dan baki di bank 4,334,392 4,587,723 2,054,346 4,258,583 Jumlah aset 34,291,639 26,968,029 23,680,810 21,080,522
Liabiliti
Peruntukan cukai 160,629 162,011 175,084 151,745
Liabiliti cukai tertunda 4 72,483 192,361 55,355 113,386
Lain-lain belum bayar 382,414 41,649 105,638 34,385 Jumlah liabiliti 615,526 396,021 336,077 299,516
Nilai aset bersih dana ("NAB") 33,676,113 26,572,008 23,344,733 20,781,006
Diwakili oleh:
Caruman pemegang unit 25,390,308 17,111,079 16,157,392 13,253,239
Pendapatan belum agih 8,285,805 9,460,929 7,187,341 7,527,767 Modal pemegang unit 5 33,676,113 26,572,008 23,344,733 20,781,006
Unit dalam edaran 5 31,064,333 23,592,015 19,770,765 17,336,705
NAB seunit (RM) 5 1.0841 1.1263 1.1808 1.1987
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Aset dan Liabiliti (Sambungan)
Pada 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019192
Dana AmMetLife Dana AmMetLife Oasis Islamic Equity Asia Pacific REITS
2019 2018 2019 2018 Nota RM RM RM RM
Aset
Pelaburan 3 3,329,144 3,383,640 5,689,287 2,555,849
Cukai boleh pulih 7,700 6,612 – –
Aset cukai tertunda 4 19,357 32,542 – –
Lain-lain belum terima – 1,533 471,679 743,431
Tunai dan baki di bank 204,300 207,603 600 16,585 Jumlah aset 3,560,501 3,631,930 6,161,566 3,315,865
Liabiliti
Peruntukan cukai – – 6,167 438
Liabiliti cukai tertunda 4 – – 38,917 4,933
Lain-lain belum bayar 25,132 19,788 6,402 6,661 Jumlah liabiliti 25,132 19,788 51,486 12,032
Nilai aset bersih dana ("NAB") 3,535,369 3,612,142 6,110,080 3,303,833
Diwakili oleh:
Caruman pemegang unit 2,576,324 2,815,174 5,239,518 3,123,965
Pendapatan belum agih 959,045 796,968 870,562 179,868 Modal pemegang unit 5 3,535,369 3,612,142 6,110,080 3,303,833
Unit dalam edaran 5 5,596,589 5,962,878 8,076,841 5,042,910
NAB seunit (RM) 5 0.6317 0.6058 0.7565 0.6551
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Aset dan Liabiliti (Sambungan)
Pada 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019192
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019193
Dana AmMetLife Dana AmMetLife Global Emerging Market Tactical Bond
2019 2018 2019 2018 Nota RM RM RM RM
Aset
Pelaburan 3 3,969,520 2,707,293 1,515,085 895,082
Lain-lain belum terima 217,258 309,761 105,605 21,178
Tunai dan baki di bank 413 50,624 95,042 63,172 Jumlah aset 4,187,191 3,067,678 1,715,732 979,432
Liabiliti
Peruntukan cukai 3,159 1,166 693 378
Liabiliti cukai tertunda 4 12,162 28,701 5,919 2,801
Lain-lain belum bayar 112,445 7,215 5,941 5,825 Jumlah liabiliti 127,766 37,082 12,553 9,004
Nilai aset bersih dana ("NAB") 4,059,425 3,030,596 1,703,179 970,428
Diwakili oleh:
Caruman pemegang unit 3,895,590 2,701,024 1,542,814 874,724
Pendapatan belum agih 163,835 329,572 160,365 95,704 Modal pemegang unit 5 4,059,425 3,030,596 1,703,179 970,428
Unit dalam edaran 5 6,069,132 4,347,776 2,735,128 1,636,696
NAB seunit (RM) 5 0.6689 0.6970 0.6227 0.5929
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Aset dan Liabiliti (Sambungan)
Pada 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019194
Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness
2019 2018 2019 2018 Nota RM RM RM RM
Aset
Pelaburan 3 3,130,012 2,804,365 2,570,397 2,328,372
Aset cukai tertunda 4 212,963 248,956 – –
Cukai boleh pulih 57,970 47,798 – –
Lain-lain belum terima – 26,101 9,094 29,840
Tunai dan baki di bank 188,815 199,874 958 788 Jumlah aset 3,589,760 3,327,094 2,580,449 2,359,000
Liabiliti
Peruntukan cukai – – 6,013 4,019
Liabiliti cukai tertunda 4 – – 40,822 29,275
Lain-lain belum bayar 14,519 9,375 10,266 10,463 Jumlah liabiliti 14,519 9,375 57,101 43,757
Nilai aset bersih dana ("NAB") 3,575,241 3,317,719 2,523,348 2,315,243
Diwakili oleh:
Caruman pemegang unit 6,769,608 6,803,554 2,012,937 1,958,591
(Kerugian terkumpul)/ Pendapatan belum agih (3,194,367) (3,485,835) 510,411 356,652 Modal pemegang unit 5 3,575,241 3,317,719 2,523,348 2,315,243
Unit dalam edaran 5 13,434,242 13,544,270 3,585,079 3,506,537
NAB seunit (RM) 5 0.2661 0.2450 0.7038 0.6603
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Aset dan Liabiliti (Sambungan)
Pada 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019194
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019195
Dana AmMetLife Dividend
2019 2018 Nota RM RM
Aset
Pelaburan 3 14,525,670 13,991,677
Lain-lain belum terima 110,386 272,338
Tunai dan baki di bank 2,713,149 1,959,493 Jumlah aset 17,349,205 16,223,508
Liabiliti
Peruntukan cukai 54,035 65,883
Liabiliti cukai tertunda 4 46,214 170,452
Lain-lain belum bayar 198,422 25,697 Jumlah liabiliti 298,671 262,032
Nilai aset bersih dana ("NAB") 17,050,534 15,961,476
Diwakili oleh:
Caruman pemegang unit 13,093,828 10,720,714
Pendapatan belum agih 3,956,706 5,240,762 Modal pemegang unit 5 17,050,534 15,961,476
Unit dalam edaran 5 22,327,440 19,345,529
NAB seunit (RM) 5 0.7637 0.8251
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Aset dan Liabiliti (Sambungan)
Pada 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019196
Dana AmMetLife Equity Dana AmMetLife Bond
2019 2018 2019 2018 Nota RM RM RM RM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 172,746 80,548 576,584 545,841
Pendapatan dividen 7 943,480 735,583 555 2,483
1,116,226 816,131 577,139 548,324
Laba atas pelupusan pelaburan – 1,222,399 – 8,255
Laba modal tidak terealisasi bersih – 1,028,119 134,820 –
Pendapatan yang lain – – – 1 Jumlah pendapatan 1,116,226 3,066,649 711,959 556,580
Belanja pengurusan (435,197) (362,818) (113,452) (105,941)
Rugi daripada pelupusan pelaburan (647,150) – (5,250) –
Rugi modal tidak terealisasi bersih (2,511,211) – – (79,286) Jumlah belanja (3,593,558) (362,818) (118,702) (185,227)
(Defisit)/lebihan pendapatan daripada belanja sebelum pencukaian (2,477,332) 2,703,831 593,257 371,353
Pencukaian 8 238,849 (186,485) (79,719) (39,639)
(Defisit)/lebihan pendapatan daripada belanja selepas pencukaian (2,238,483) 2,517,346 513,538 331,714
Pendapatan belum agih dibawa ke depan 8,726,955 6,209,609 4,279,569 3,947,855
Pendapatan belum agih dihantar ke depan 6,488,472 8,726,955 4,793,107 4,279,569
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Ringkasan kepada Maklumat Kewangan
Penyata-penyata Pendapatan dan Perbelanjaan
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019196
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019197
Dana AmMetLife Balanced Dana AmMetLife Dana Teguh
2019 2018 2019 2018 Nota RM RM RM RM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 540,126 335,707 473,360 276,576
Pendapatan dividen 7 670,701 547,293 350,081 390,146 1,210,827 883,000 823,441 666,722
Laba atas pelupusan pelaburan – 1,023,963 – 759,399
Laba modal tidak terealisasi bersih – 762,506 – 51,179
Pendapatan yang lain – 2 – 1 Jumlah pendapatan 1,210,827 2,669,471 823,441 1,477,301
Belanja pengurusan (401,703) (338,172) (272,311) (258,938)
Rugi daripada pelupusan pelaburan (557,394) – (181,612) –
Rugi modal tidak terealisasi bersih (1,548,114) – (744,637) –
Jumlah belanja (2,507,211) (338,172) (1,198,560) (258,938)
(Defisit)/lebihan pendapatan daripada belanja sebelum pencukaian (1,296,384) 2,331,299 (375,119) 1,218,363
Pencukaian 8 121,260 (171,399) 34,693 (86,972)
(Defisit)/lebihan pendapatan daripada belanja selepas pencukaian (1,175,124) 2,159,900 (340,426) 1,131,391 Pendapatan belum agih dibawa ke depan 9,460,929 7,301,029 7,527,767 6,396,376
Pendapatan belum agih dihantar ke depan 8,285,805 9,460,929 7,187,341 7,527,767
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Pendapatan dan Perbelanjaan (Sambungan)
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019198
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Dana AmMetLife Dana AmMetLife Oasis Islamic Equity Asia Pacific REITS
2019 2018 2019 2018 Nota RM RM RM RM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 5,484 7,113 10,526 4,082
Pendapatan dividen 7 21,519 197,119 245,752 29,260 27,003 204,232 256,278 33,342
Laba atas pelupusan pelaburan – – 61,079 817
Laba modal tidak terealisasi bersih 164,816 – 424,800 –
Pendapatan yang lain 9,541 10,778 4 1 Jumlah pendapatan 201,360 215,010 742,161 34,160
Belanja pengurusan (8,106) (8,025) (11,754) (8,227)
Rugi atas pelupusan pelaburan (19,080) (7,744) – –
Rugi modal tidak terealisasi bersih – (533,510) – (131,440) Jumlah belanja (27,186) (549,279) (11,754) (139,667)
Lebihan/(defisit) pendapatan daripada belanja sebelum pencukaian 174,174 (334,269) 730,407 (105,507)
Pencukaian 8 (12,097) 42,732 (39,713) 10,123
Lebihan/(defisit) pendapatan daripada belanja selepas pencukaian 162,077 (291,537) 690,694 (95,384)
Pendapatan belum agih dibawa ke depan 796,968 1,088,505 179,868 275,252
Pendapatan belum agih dihantar ke depan 959,045 796,968 870,562 179,868
Penyata-penyata Pendapatan dan Perbelanjaan (Sambungan)
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019198
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019199
Dana AmMetLife Dana AmMetLife Global Emerging Market Tactical Bond
2019 2018 2019 2018 Nota RM RM RM RM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 9,519 4,602 2,245 1,980
Pendapatan dividen 7 1,945 2,671 32,007 29,573 11,464 7,273 34,252 31,553
Laba atas pelupusan pelaburan 15,401 – 1,695 2,103
Laba modal tidak terealisasi bersih – 80,826 38,974 –
Pendapatan yang lain 10,067 4,596 – – Jumlah pendapatan 36,932 92,695 74,921 33,656
Belanja pengurusan (10,490) (8,246) (6,827) (6,271)
Rugi modal tidak terealisasi bersih (206,724) – – (16,741) Jumlah belanja (217,214) (8,246) (6,827) (23,012)
(Defisit)/lebihan pendapatan daripada belanja sebelum pencukaian (180,282) 84,449 68,094 10,644
Pencukaian 8 14,545 (6,834) (3,433) 1,012
(Defisit)/lebihan pendapatan daripada belanja selepas pencukaian (165,737) 77,615 64,661 11,656 Pendapatan belum agih dibawa ke depan 329,572 251,957 95,704 84,048
Pendapatan belum agih dihantar ke depan 163,835 329,572 160,365 95,704
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Pendapatan dan Perbelanjaan (Sambungan)
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019200
Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness
2019 2018 2019 2018 Nota RM RM RM RM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 5,288 6,182 6,780 6,584 5,288 6,182 6,780 6,584
Laba atas pelupusan pelaburan – – 18,138 –
Laba modal tidak terealisasi bersih 449,910 – 144,345 –
Pendapatan yang lain 7,665 9,513 6,264 6,573 Jumlah pendapatan 462,863 15,695 175,527 13,157
Belanja pengurusan (13,141) (12,674) (8,227) (7,976)
Rugi atas pelupusan pelaburan (132,433) (384,946) – –
Rugi modal tidak terealisasi bersih – (187,278) – (33,232) Jumlah belanja (145,574) (584,898) (8,227) (41,208)
Lebihan/(defisit) pendapatan daripada belanja sebelum pencukaian 317,289 (569,203) 167,300 (28,051)
Pencukaian 8 (25,821) 45,283 (13,541) 2,132
Lebihan/(defisit) pendapatan daripada belanja selepas pencukaian 291,468 (523,920) 153,759 (25,919) (Rugi)/pendapatan belum agih dibawa ke depan (3,485,835) (2,961,915) 356,652 382,571
(Rugi)/pendapatan belum agih dihantar ke depan (3,194,367) (3,485,835) 510,411 356,652
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Pendapatan dan Perbelanjaan (Sambungan)
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019200
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019201
AmMetLife Dividend Fund
2019 2018 Nota RM RM
Pendapatan pelaburan bersih:
Pendapatan faedah 6 83,894 41,146
Pendapatan dividen 7 519,381 468,145 603,275 509,291
Laba atas pelupusan pelaburan – 827,355
Laba modal tidak terealisasi bersih – 710,809 Jumlah pendapatan 603,275 2,047,455
Belanja pengurusan (238,453) (227,257)
Rugi atas pelupusan pelaburan (231,985) –
Rugi modal tidak terealisasi bersih (1,552,978) – Jumlah belanja (2,023,416) (227,257)
(Defisit)/lebihan pendapatan daripada belanja sebelum pencukaian (1,420,141) 1,820,198
Pencukaian 8 136,085 (126,345)
(Defisit)/lebihan pendapatan daripada belanja selepas pencukaian (1,284,056) 1,693,853 Pendapatan belum agih dibawa ke depan 5,240,762 3,546,909
Pendapatan belum agih dihantar ke depan 3,956,706 5,240,762
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Penyata-penyata Pendapatan dan Perbelanjaan (Sambungan)
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019202
Ringkasan kepada Maklumat Kewangan
Penyata-penyata Perubahan dalam Nilai Aset Bersih
Bagi tahun kewangan berakhir 31 Mac 2019
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
2019 2018 RM RM
Nilai aset bersih pada awal tahun 27,447,215 22,470,571
Amaun diterima daripada penerbitan unit 18,110,320 11,142,198
Amaun dibayar bagi pembatalan unit (10,550,205) (8,682,900) 35,007,330 24,929,869
Laba terealisasi bersih selepas pencukaian 71,831 1,571,476
(Rugi)/laba modal belum terealisasi bersih selepas pencukaian (2,310,314) 945,870 Nilai aset bersih pada akhir tahun 32,768,847 27,447,215
Dana AmMetLife Equity
2019 2018 RM RM
Nilai aset bersih pada awal tahun 10,378,261 10,670,049
Amaun diterima daripada penerbitan unit 5,524,517 3,730,927
Amaun dibayar bagi pembatalan unit (4,809,213) (4,354,429) 11,093,565 10,046,547
Laba terealisasi bersih selepas pencukaian 412,718 406,288
Laba/(rugi) modal belum terealisasi bersih selepas pencukaian 100,820 (74,574) Nilai aset bersih pada akhir tahun 11,607,103 10,378,261
AmMetLife Bond Fund
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019202
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019203
2019 2018 RM RM
Nilai aset bersih pada awal tahun 26,572,008 23,442,455
Amaun diterima daripada penerbitan unit 17,257,820 9,369,120
Amaun dibayar bagi pembatalan unit (8,978,591) (8,399,467) 34,851,237 24,412,108
Laba terealisasi bersih selepas pencukaian 253,112 1,460,019
(Rugi)/laba modal belum terealisasi bersih selepas pencukaian (1,428,236) 699,881 Nilai aset bersih pada akhir tahun 33,676,113 26,572,008
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
2019 2018 RM RM
Nilai aset bersih pada awal tahun 20,781,006 19,319,513
Amaun diterima daripada penerbitan unit 9,420,205 7,118,683
Amaun dibayar bagi pembatalan unit (6,516,052) (6,788,581) 23,685,159 19,649,615
Laba terealisasi bersih selepas pencukaian 346,180 1,084,306
(Rugi)/laba modal belum terealisasi bersih selepas pencukaian (686,606) 47,085 Nilai aset bersih pada akhir tahun 23,344,733 20,781,006
Dana AmMetLife Dana Teguh
Dana AmMetLife Balanced
Penyata-penyata Perubahan dalam Nilai Aset Bersih (Sambungan)
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019204
2019 2018 RM RM
Nilai aset bersih pada awal tahun 3,612,142 4,153,455
Amaun diterima daripada penerbitan unit 767,498 594,384
Amaun dibayar bagi pembatalan unit (1,006,348) (844,160) 3,373,292 3,903,679
Laba terealisasi bersih selepas pencukaian 10,446 199,292
Laba/(rugi) modal belum terealisasi bersih selepas pencukaian 151,631 (490,829) Nilai aset bersih pada akhir tahun 3,535,369 3,612,142
2019 2018 RM RM
Nilai aset bersih pada awal tahun 3,303,833 1,303,203
Amaun diterima daripada penerbitan unit 5,388,850 3,473,654
Amaun dibayar bagi pembatalan unit (3,273,297) (1,377,640) 5,419,386 3,399,217
Laba terealisasi bersih selepas pencukaian 299,878 25,541
Laba/(rugi) modal belum terealisasi bersih selepas pencukaian 390,816 (120,925) Nilai aset bersih pada akhir tahun 6,110,080 3,303,833
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Dana AmMetLife Oasis Islamic Equity
Dana AmMetLife Asia Pacific REITS
Penyata-penyata Perubahan dalam Nilai Aset Bersih (Sambungan)
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019204
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019205
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Dana AmMetLife Tactical Bond
Dana AmMetLife Global Emerging Market
2019 2018 RM RM
Nilai aset bersih pada awal tahun 3,030,596 1,176,955
Amaun diterima daripada penerbitan unit 1,847,618 2,317,524
Amaun dibayar bagi pembatalan unit (653,052) (541,498) 4,225,162 2,952,981
Laba terealisasi bersih selepas pencukaian 24,448 3,255
(Rugi)/laba modal belum terealisasi bersih selepas pencukaian (190,185) 74,360 Nilai aset bersih pada akhir tahun 4,059,425 3,030,596
2019 2018 RM RM
Nilai aset bersih pada awal tahun 970,428 705,801
Amaun diterima daripada penerbitan unit 1,447,430 799,751
Amaun dibayar bagi pembatalan unit (779,340) (546,780) 1,638,518 958,772
Laba terealisasi bersih selepas pencukaian 28,805 27,058
Laba/(rugi) modal belum terealisasi bersih selepas pencukaian 35,856 (15,402) Nilai aset bersih pada akhir tahun 1,703,179 970,428
Penyata-penyata Perubahan dalam Nilai Aset Bersih (Sambungan)
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019206
2019 2018 RM RM
Nilai aset bersih pada awal tahun 3,317,719 4,129,638
Amaun diterima daripada penerbitan unit 704,681 508,585
Amaun dibayar bagi pembatalan unit (738,627) (796,584) 3,283,773 3,841,639
Rugi terealisasi bersih selepas pencukaian (122,449) (351,625)
Laba/(rugi) modal belum terealisasi bersih selepas pencukaian 413,917 (172,295) Nilai aset bersih pada akhir tahun 3,575,241 3,317,719
2019 2018 RM RM
Nilai aset bersih pada awal tahun 2,315,243 2,264,212
Amaun diterima daripada penerbitan unit 441,078 422,072
Amaun dibayar bagi pembatalan unit (386,732) (345,122) 2,369,589 2,341,162
Laba terealisasi bersih selepas pencukaian 20,961 4,655
Laba/(rugi) modal belum terealisasi bersih selepas pencukaian 132,798 (30,574) Nilai aset bersih pada akhir tahun 2,523,348 2,315,243
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
Dana AmMetLife Global Agribusiness
Dana AmMetLife Precious Metals
Penyata-penyata Perubahan dalam Nilai Aset Bersih (Sambungan)
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019206
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019207
Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.
2019 2018 RM RM
Nilai aset bersih pada awal tahun 15,961,476 14,803,212
Amaun diterima daripada penerbitan unit 5,074,761 2,332,544
Amaun dibayar bagi pembatalan unit (2,701,647) (2,868,133) 18,334,590 14,267,623
Laba terealisasi bersih selepas pencukaian 144,684 1,039,908
(Rugi)/laba modal belum terealisasi bersih selepas pencukaian (1,428,740) 653,945 Nilai aset bersih pada akhir tahun 17,050,534 15,961,476
Dana AmMetLife Dividend
Penyata-penyata Perubahan dalam Nilai Aset Bersih (Sambungan)
Bagi tahun kewangan berakhir 31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019208
1. Pengurus dan aktiviti utamanya Dana-dana berkaitan pelaburan AmMetLife Insurance Berhad ("Pengurus") terdiri daripada Dana AmMetLife Equity, Dana
AmMetLife Bond, Dana AmMetLife Balanced, Dana AmMetLife Dana Teguh, Dana AmMetLife Oasis 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 (keseluruhannya dirujuk sebagai "Dana").
Pengurus ialah sebuah syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia dan dilesenkan di bawah Akta Perkhidmatan Kewangan 2013. Aktiviti utamanya ialah perniagaan pengunderaitan insurans hayat dan berkaitan pelaburan.
Tidak terdapat perubahan ketara dalam aktiviti utama Pengurus semasa tahun kewangan berakhir 31 Mac 2019.
Maklumat kewangan telah dibenarkan keluarannya oleh Lembaga Pengarah Pengurus menurut resolusi pada 13 Jun 2019.
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 Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia ("BNM").
Maklumat kewangan ini telah disediakan di bawah konvensyen kos sejarah kecuali seperti yang dinyatakan dalam polisi perakaunan yang penting di Nota 2.2 kepada maklumat kewangan.
Maklumat kewangan Dana-dana telah disediakan atas dasar usaha berterusan.
Maklumat kewangan dibentangkan dalam Ringgit Malaysia ("RM").
2.2 Ringkasan polisi perakaunan yang penting(a) Yuran pengurusan
Yuran Pengurusan dicaj berdasarkan nilai aset bersih harian 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) Dana AmMetLife Dana Teguh 1.50% setahun(v) Dana AmMetLife Oasis 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 Dividend 1.50% setahun
Ringkasan kepada Maklumat Kewangan
Nota-nota kepada Maklumat Kewangan
31 Mac 2019
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019208
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019209
(b) Instrumen kewangan - pengiktirafan awal dan pengukuran berikutan (i) Tarikh pengiktirafan
Semua aset dan liabiliti kewangan pada mulanya diiktirafkan 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 dalam pasaran.
(ii) Pengukuran awal instrumen kewangan Aset kewangan di antara skop MFRS 139, Instrumen Kewangan ("MFRS 139") diklasifikasikan sebagai aset kewangan pada nilai saksama melalui keuntungan atau kerugian, aset kewangan sedia untuk dijual, 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, sewajarnya. Dana-dana menentukan klasifikasi aset-aset kewangan dan liabiliti-liabiliti kewangannya pada pengiktirafan awal.
Klasifikasi instrumen kewangan pada pengiktirafan awal bergantung kepada tujuan dan niat pengurusan memperoleh instrumen kewangan serta ciri-cirinya. Semua instrumen kewangan diukur pada awalnya pada nilai saksama, ditambah kos transaksi, kecuali dalam kes aset kewangan dan liabiliti kewangan yang direkodkan pada nilai saksama melalui untung atau rugi.
Dana-dana mengklasifikasikan pelaburan ke dalam aset kewangan pada nilai saksama melalui untung atau rugi ("FVTPL") atau pinjaman dan belum terima ("LAR").
(iii) Pengukuran berikutan Pengukuran berikutan instrumen kewangan bergantung kepada klasifikasinya seperti yang dinyatakan di bawah:1. FVTPL
Aset-aset kewangan pada FVTPL direkodkan dalam Penyata-penyata Aset dan Liabiliti pada nilai saksama. Perubahan dalam nilai saksama diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan. Pendapatan atau belanja faedah dan dividen direkodkan sebagai "Pendapatan pelaburan bersih" atau "Belanja 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. LARLAR termasuk aset kewangan bukan derivatif dengan pembayaran tetap atau yang boleh ditentukan, di mana harganya tidak disiarkan di pasaran aktif.
Selepas pengukuran awal, amaun tersebut seterusnya diukur pada kos terlunas dengan menggunakan kadar faedah efektif ("EIR"), tolak peruntukan untuk rosotnilai. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium pada masa perolehan dan yuran serta kos yang merupakan sebahagian penting EIR.
(iv) Liabiliti kewangan pada kos terlunas Liabiliti kewangan Dana-dana, yang tidak ditetapkan pada FVTPL, diklasifikasikan sebagai liabiliti kewangan pada kos terlunas, di mana kandungan pengaturan 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 berikutnya diukur pada kos terlunas menggunakan kaedah EIR. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium di atas penerbitan dan kos yang merupakan sebahagian besar EIR.
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019210
(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 dengan sepenuhnya tanpa kelewatan material kepada pihak ketiga di bawah pengaturan “serah semua”;
– Dana-dana telah memindahkan sebahagian besar risiko dan ganjaran aset; atau– Dana-dana belum memindahkan mahupun menahan sebahagian besar daripada semua risiko dan
ganjaran aset, tetapi telah memindahkan kawalan aset.
Apabila Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset atau telah terlibat dalam pengaturan serah semua, dan tidak memindahkan mahupun menahan sebahagian besar daripada kesemua risiko dan ganjaran aset ataupun memindahkan kawalan aset, aset tersebut diiktiraf setakat penglibatan berterusan Dana-dana 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 ditahan oleh Dana-dana.
(ii) Liabiliti kewangan Liabiliti kewangan dinyahiktiraf apabila tanggungjawab di bawah liabiliti dilepaskan, dibatalkan atau luput. Sekiranya liabiliti kewangan sedia ada digantikan dengan yang lain daripada peminjam yang sama berdasarkan terma-terma yang besar perbezaannya, atau terma liabiliti sedia ada diubah secara besar, pertukaran atau perubahan sedemikian dianggap sebagai penyahiktirafan liabiliti asal dan pengiktirafan liabiliti yang baru. Perbezaan antara nilai dibawa liabiliti kewangan asal dan pertimbangan yang dibayar diiktiraf dalam keuntungan atau kerugian.
(d) Penentuan nilai saksama Nilai saksama aset kewangan seperti sekuriti ekuiti, yang didagangkan secara aktif di pasaran kewangan teratur ditentukan dengan merujuk kepada harga yang disiarkan bagi aset pada penutup dagangan pada tarikh laporan.
Bagi pelaburan dalam amanah saham, amanah saham harta tanah, nilai saksama ditentukan dengan merujuk kepada nilai aset bersih yang disiarkan. Pelaburan dalam ekuiti yang tidak mempunyai harga pasaran yang disiarkan di pasaran aktif dan yang nilai saksamanya tidak boleh diukur dengan tepat akan dinyatakan pada kos ditolak kerugian rosotnilai.
Bagi instrumen kewangan yang tiada pasaran aktif seperti sekuriti pendapatan tetap tak disebut iaitu bon tak disebut, nilai saksama diperoleh 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 ke dalam kos pelaburan.
Nilai saksama Instrumen Deposit Boleh Niaga ("NID") adalah berdasarkan siaran harga broker, manakala nilai saksama deposit tetap/berhasil ialah prinsipalnya sendiri.
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019210
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019211
(e) Rosotnilai aset kewanganDana-dana menaksir pada setiap tarikh laporan sama ada terdapat sebarang bukti objektif bahawa sesuatu aset kewangan atau sekumpulan aset kewangan telah terjejas. Suatu aset kewangan atau sekumpulan aset kewangan dianggap terjejas sekiranya, dan hanya sekiranya, terdapat bukti objektif rosotnilai akibat satu atau lebih kejadian yang telah berlaku selepas pengiktirafan awal aset tersebut (“peristiwa kerugian” yang telah berlaku) dan peristiwa (atau peristiwa-peristiwa) kerugian tersebut memberi impak kepada anggaran aliran tunai masa depan aset kewangan atau kumpulan aset kewangan yang boleh dianggarkan secara boleh percaya.
Bukti rosotnilai boleh termasuk tanda-tanda bahawa peminjam atau sekumpulan peminjam sedang mengalami masalah kewangan besar, kemungkinan bahawa mereka akan diisytiharkan muflis atau penyusunan semula kewangan yang lain, keingkaran atau delinkuensi dalam pembayaran faedah atau prinsipal dan jika data yang boleh dilihat menunjukkan bahawa terdapat pengurangan yang boleh diukur dalam anggaran aliran tunai masa depan, seperti perubahan dalam tunggakan atau keadaan ekonomi yang berkaitan dengan keingkaran.
(i) Aset kewangan yang dibawa pada kos terlunasBagi aset kewangan yang dibawa pada kos terlunas, Dana-dana pada mulanya menilai secara individu sama ada bukti objektif rosotnilai wujud bagi aset kewangan yang signifikan secara individu, atau secara kolektif bagi aset kewangan yang tidak signifikan secara individu. Sekiranya Dana-dana menentukan bahawa tiada bukti objektif rosotnilai 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 yang dinilai secara individu bagi kemerosotan dan yang mana kerugian rosotnilai diiktiraf atau terus diiktiraf, tidak dimasukkan dalam penilaian rosotnilai secara kolektif.
Sekiranya terdapat bukti objektif bahawa kerugian rosotnilai telah berlaku, amaun rugi diukur sebagai perbezaan antara amaun dibawa aset tersebut dan nilai semasa anggaran aliran tunai masa hadapan (tidak termasuk jangkaan kerugian kredit masa depan yang belum berlaku). Amaun dibawa aset tersebut dikurangkan melalui penggunaan akaun peruntukan dan amaun rugi diiktiraf dalam Penyata-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 depan bagi tujuan mengukur kerugian rosotnilai. 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, dalam tahun berikutnya, amaun anggaran kerugian rosotnilai meningkat atau berkurangan disebabkan oleh peristiwa yang berlaku selepas rosotnilai tersebut diiktiraf, kerugian rosotnilai yang diiktiraf sebelumnya akan ditingkatkan atau dikurangkan dengan menyelaraskan akaun peruntukan. Sekiranya hapus kira masa hadapan dipulihkan kemudiannya, pemulihan tersebut dikreditkan ke “Kerugian Rosotnilai atas LAR" setakat mana amaun dibawa aset tidak melebihi kos terlunasnya pada tarikh penarikbalikan.
Nilai semasa anggaran aliran tunai masa depan didiskaunkan pada EIR asal aset kewangan. Sekiranya LAR mempunyai kadar faedah boleh ubah, kadar diskaun bagi mengukur sebarang kerugian rosotnilai ialah EIR semasa. Sekiranya Dana-dana telah mengklasifikasikan semula aset dagangan kepada LAR, kadar diskaun bagi mengukur sebarang kerugian rosotnilai ialah EIR baru yang ditentukan pada tarikh klasifikasi semula. Pengiraan nilai semasa anggaran aliran tunai masa depan 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) Mengofset instrumen kewanganAset-aset kewangan dan liabiliti kewangan diofset dan amaun bersih dilaporkan dalam Penyata-penyata Aset dan Liabiliti sekiranya, dan hanya sekiranya, pada masa ini terdapat hak di sisi undang-undang yang boleh dikuatkuasakan untuk mengofset amaun-amaun yang diiktiraf dan terdapat niat untuk menyelesaikan secara bersih, atau untuk merealisasikan aset tersebut dan menyelesaikan liabiliti secara serentak. Ini pada amnya tidak berlaku bagi perjanjian-perjanjian induk penghasilan bersih, oleh itu, aset dan liabiliti yang berkaitan dibentangkan kasar dalam Penyata-penyata Aset dan Liabiliti.
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019212
(g) Rosotnilai aset bukan kewangan Dana-dana menaksir pada setiap tarikh laporan sama ada terdapat tanda bahawa sesuatu aset mungkin terjejas. Sekiranya sebarang tanda wujud, atau apabila ujian rosotnilai tahunan bagi sesuatu aset diperlukan, Dana-dana menganggarkan amaun boleh pulih aset tersebut. Amaun boleh pulih sesuatu aset adalah nilai saksama aset atau unit penjanaan tunai ("CGU") tolak kos untuk menjual atau nilai gunaannya, yang mana lebih tinggi. Jika amaun dibawa aset atau CGU melebihi amaun boleh pulihnya, aset tersebut dianggap terjejas dan diturun nilai kepada amaun boleh pulihnya. Dalam menaksir nilai gunaan, anggaran aliran tunai masa depan 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 sesuai digunakan. Pengiraan ini disokong oleh gandaan penilaian, harga saham disebut bagi entiti-entiti dagangan awam atau penanda nilai saksama lain yang ada.
Bagi aset tidak termasuk muhibah, pentaksiran dibuat pada setiap tarikh laporan sama ada terdapatnya sebarang tanda yang kerugian rosotnilai yang telah diiktiraf sebelumnya mungkin tidak lagi wujud atau mungkin telah berkurangan. Sekiranya terdapat tanda sedemikian, Dana-dana menganggarkan amaun boleh pulih aset atau CGU tersebut. Kerugian rosotnilai yang telah diiktiraf sebelumnya hanya dibalikkan sekiranya terdapat perubahan terhadap anggapan-anggapan yang digunakan untuk menentukan amaun boleh pulih aset sejak kerugian rosotnilai yang terakhir diiktiraf. Penarikbalikan tersebut adalah terhad agar amaun dibawa aset tidak melebihi amaun boleh pulihnya, mahupun melebihi amaun dibawa yang akan ditentukan, bersih daripada susut nilai atau pelunasan, sekiranya tiada kerugian kemerosotan diiktiraf bagi aset tersebut dalam tahun-tahun terdahulu. Pembalikan sedemikian diiktiraf 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 berikutannya untuk meningkatkan amaun kontrak itu tolak kos penukaran, sekiranya ada, dalam dana-dana. Penerbitan bersih unit diiktiraf berdasarkan penerimaan.
(i) Pembatalan bersih unit Pembatalan 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 berkebarangkalian bahawa manfaat ekonomi akan mengalir kepada Dana-dana dan hasil tersebut boleh diukur secara tepat. Kriteria pengiktirafan spesifik berikut harus dipenuhi sebelum hasil diiktiraf.
(i) Pendapatan faedah Faedah dan pendapatan dan belanja pembiayaan diiktiraf dalam untung atau rugi menggunakan kaedah faedah efektif. Apabila sesuatu aset kewangan atau sekumpulan aset kewangan yang serupa telah diturun nilai akibat kerugian kemerosotan, pendapatan faedah diiktiraf menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa depan untuk tujuan mengukur kerugian rosotnilai.
(ii) Laba dan rugi pelaburan terealisasi Pada pelupusan pelaburan, perbezaan antara hasil pelupusan bersih dan amaun dibawa pelaburan dikreditkan atau dicaj kepada Penyata-penyata Pendapatan dan Perbelanjaan.
(iii) Pendapatan dividen Pendapatan dividen mewakili dividen kasar daripada pelaburan-pelaburan disebut dan tak disebut dan diiktiraf apabila hak untuk menerima pembayaran ditetapkan.
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019212
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019213
(k) Cukai pendapatanCukai pendapatan atas untung dan rugi terdiri daripada cukai semasa dan tertunda. Cukai semasa ialah jangkaan amaun cukai pendapatan yang harus dibayar berkenaan dengan untung boleh cukai bagi tahun ini dan diukur menggunakan kadar cukai berkanun pada tarikh laporan.
Cukai tertunda diperuntukkan, menggunakan kaedah liabiliti, atas perbezaan sementara pada tarikh laporan antara asas cukai aset dan liabiliti dan amaun dibawanya dalam maklumat kewangan. Pada dasarnya, liabiliti cukai tertunda diiktiraf bagi semua perbezaan sementara boleh cukai dan aset cukai tertunda diiktiraf bagi semua perbezaan sementara boleh potong, setakat adanya kemungkinan bahawa untung boleh cukai akan wujud, lantas membolehkan perbezaan sementara boleh potong digunakan.
Cukai tertunda diukur pada kadar cukai yang dijangka akan dikenakan dalam tempoh ketika aset tersebut direalisasikan atau liabiliti diselesaikan, berdasarkan kadar cukai berkanun atau berkanun secara substantif pada tarikh laporan. Cukai tertunda diiktiraf sebagai pendapatan atau perbelanjaan dalam Penyata Pendapatan dan Perbelanjaan, kecuali apabila ia timbul daripada transaksi yang telah diiktiraf secara terus dalam modal para pemegang unit, yang mana dalam kes ini, cukai tertunda juga diiktiraf dalam modal para pemegang unit.
(l) PeruntukanPeruntukan diiktiraf apabila Dana-dana mempunyai obligasi semasa akibat peristiwa terdahulu dan berkemungkinan bahawa aliran keluar sumber yang membawa manfaat-manfaat ekonomi diperlukan untuk menyelesaikan obligasi tersebut, dan anggaran boleh percaya amaun boleh dibuat. Peruntukan dikaji semula pada setiap tarikh laporan 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 dalam peruntukan yang disebabkan oleh peredaran masa diiktiraf sebagai kos kewangan.
(m) Urus niaga-urus niaga mata wang asingMaklumat kewangan ini dibentangkan dalam Ringgit Malaysia ("RM") yang juga mata wang fungsian dan pembentangan Dana-dana.
Urus niaga-urus niaga dalam mata wang asing pada mulanya direkodkan pada kadar semasa mata wang fungsian pada tarikh urus niaga. Aset dan liabiliti monetari berdenominasi mata wang asing ditukarkan semula pada kadar pertukaran mata wang fungsian pada tarikh laporan. Semua perbezaan dibawa ke Penyata-penyata Pendapatan dan Perbelanjaan. Butiran bukan monetari berdenominasi mata wang asing yang diukur pada kos sejarah ditukarkan menggunakan kadar pertukaran pada tarikh urus niaga-urus niaga awal.
Butiran bukan monetari yang diukur pada nilai saksama dalam mata wang asing ditukarkan menggunakan kadar pertukaran pada tarikh apabila nilai saksama ditentukan. Semua perbezaan pertukaran asing dibawa ke Penyata-penyata Pendapatan dan Perbelanjaan kecuali bagi perbezaan yang berkaitan dengan butiran yang mana untung atau rugi diiktiraf secara langsung dalam modal para pemegang unit, yang mana dalam hal ini, untung atau rugi diiktiraf bersih daripada komponen pertukaran dalam modal para pemegang unit.
(n) Tunai dan kesetaraan tunaiTunai dan kesetaraan tunai terdiri daripada tunai dan baki di bank, tidak termasuk deposit tetap dan panggilan.
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019214
2019 2018 RM RM
Sekuriti ekuiti disebut 26,391,110 22,267,521
Dana amanah saham dan hartanah disebut 1,334,204 441,672
27,725,314 22,709,193
FVTPL:
Sekuriti ekuiti disebut
Kos 25,844,458 19,103,788
Laba tidak terealisasi bersih 546,652 3,163,733
Nilai saksama 26,391,110 22,267,521
Dana amanah saham dan hartanah disebut
Kos 1,269,367 482,705
Laba/(rugi) tidak terealisasi bersih 64,837 (41,033)
Nilai saksama 1,334,204 441,672
Jumlah pelaburan pada FVTPL 27,725,314 22,709,193
Jumlah pelaburan 27,725,314 22,709,193
3. Pelaburan
(i) Dana AmMetLife Equity
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019214
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019215
3. Pelaburan (Sambungan)
(i) Dana AmMetLife Equity (Sambungan)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Sekuriti ekuiti disebut
Pembinaan
Gamuda Berhad – Waran 10,616 2,654 2,389 0.01%
IJM Corporation Berhad 68,300 228,557 151,626 0.46%
Produk Pengguna & Perkhidmatan
Bermaz Auto Berhad 600,800 1,348,597 1,357,808 4.14%
British American Tabacco Malaysia Berhad 12,100 411,202 437,294 1.33%
Genting Berhad 162,800 1,295,378 1,080,992 3.30%
Genting Malaysia Berhad 184,800 891,930 591,360 1.80%
MyNews Holdings Berhad 25,200 29,687 34,524 0.11%
Padini Holdings Berhad 187,200 733,227 672,048 2.05%
Panasonic Manufacturing Malaysia Berhad 13,700 542,007 516,490 1.58%
Sime Darby Berhad 76,862 129,040 171,402 0.52%
UMW Holdings Berhad 110,700 652,126 634,311 1.94%
Tenaga
Dialog Group Berhad 190,300 319,113 603,251 1.84%
Hibiscus Petroleum Berhad 131,000 158,481 140,170 0.43%
Serba Dinamik Holdings Berhad 276,600 968,464 1,042,782 3.18%
Perkhidmatan Kewangan
AEON Credit Service (M) Berhad 39,400 665,687 661,920 2.02%
CIMB Group Holdings Berhad 240,462 1,378,793 1,238,379 3.78%
Hong Leong Bank Berhad 75,900 1,426,557 1,540,770 4.70%
Malayan Banking Berhad 323,973 2,886,092 3,003,230 9.16%
Public Bank Berhad 124,700 2,502,303 2,888,052 8.81%
RHB Bank Berhad 145,100 785,700 827,070 2.52%
Penjagaan Kesihatan
Hartalega Holdings Berhad 59,600 248,131 275,948 0.84%
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019216
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL: (Sambungan)
Sekuriti ekuiti disebut (Sambungan)
Produk Perindustrian & Perkhidmatan
ATA IMS Berhad 472,900 790,767 808,659 2.47%
Petronas Chemicals Group Berhad 184,100 1,402,645 1,686,356 5.15%
Uchi Technologies Berhad 257,300 754,295 686,991 2.10%
Perladangan
Sime Darby Plantation Berhad 76,862 389,614 385,847 1.18%
Teknologi
Frontken Corporation Berhad 422,900 280,290 418,671 1.28%
Inari Amertron Berhad 61,950 63,569 97,262 0.30%
MY E.G. Services Berhad 565,100 665,592 796,791 2.43%
Telekomunikasi & Media
Axiata Group Berhad 303,182 1,480,827 1,258,205 3.84%
Time Dotcom Berhad 74,700 653,999 649,890 1.98%
Utiliti
Tenaga Nasional Berhad 136,700 1,759,134 1,730,622 5.28%
25,844,458 26,391,110 80.54%
Dana amanah saham dan hartanah disebut
KLCC Real Estate Investment Trust 82,200 643,512 637,872 1.95%
Pavillion Real Estate Investment Trust 382,600 625,855 696,332 2.12%
1,269,367 1,334,204 4.07%
Jumlah pelaburan pada FVTPL 27,113,825 27,725,314 84.61%
Nota-nota kepada Maklumat Kewangan (Sambungan)
3. Pelaburan (Sambungan)
(i) Dana AmMetLife Equity (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019216
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019217
2019 2018 RM RM
Sekuriti kerajaan Malaysia 724,892 692,587
Bon korporat tak disebut 8,730,293 8,887,733
Dana amanah saham dan hartanah tak disebut 26,677 25,027
Simpanan di institusi kewangan berlesen 886,000 719,000
10,367,862 10,324,347
FVTPL:Sekuriti kerajaan Malaysia
Kos 695,975 695,975
Laba/(rugi) tidak terealisasi bersih 28,917 (3,388)
Nilai saksama 724,892 692,587
Bon korporat tak disebut
Kos 8,548,940 9,097,980
Laba/(rugi) tidak terealisasi bersih 181,353 (210,247)
Nilai saksama 8,730,293 8,887,733
Dana amanah saham dan hartanah tak disebut
Kos 25,267 24,712
Laba tidak terealisasi bersih 1,410 315
Nilai saksama 26,677 25,027
Jumlah pelaburan pada FVTPL 9,481,862 9,605,347
LAR:
Simpanan di institusi kewangan berlesen 886,000 719,000
Jumlah pelaburan 10,367,862 10,324,347
3. Pelaburan (Sambungan)
(ii) Dana AmMetLife Bond
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019218
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Sekuriti kerajaan Malaysia 700,000 695,975 724,892 6.25%
Bon korporat tak disebut
Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd matang pada 02/12/2026 400,000 389,800 403,716 3.48% Sime Darby Berhad pada 24/03/2026 1,500,000 1,500,000 1,592,415 13.72% Tanjung Bin Energy Issuer Berhad matang pada 15/09/2031 900,000 984,150 1,023,921 8.82%Sarawak Energy Berhad matang pada 25/04/2036 500,000 500,300 521,360 4.49% Manjung Island Energy Berhad matang pada 25/11/2025 1,000,000 1,013,700 1,013,770 8.73% Sarawak Hidro Sdn Berhad matang pada 11/08/2026 300,000 301,200 302,844 2.61%Hong Leong Financial Group Berhad matang pada 26/06/2023 500,000 500,000 503,065 4.33%UEM Sunrise Berhad matang pada 31/10/2023 500,000 501,100 507,450 4.37%Edra Energy Sdn Berhad matang pada 05/01/2027 1,500,000 1,534,500 1,529,205 13.17%Edra Energy Sdn Berhad matang pada 05/01/2032 800,000 821,440 821,632 7.08% Telekom Malaysia Berhad matang pada 31/10/2028 500,000 502,750 510,915 4.40%
8,548,940 8,730,293 75.22%
Dana amanah saham dan hartanah tak disebut
Dana AmBond 15,762 18,962 19,767 0.17%Dana AmDynamic Bond 10,416 6,305 6,910 0.06%
25,267 26,677 0.23%
Jumlah pelaburan pada FVTPL 9,270,182 9,481,862 81.69%
Nota-nota kepada Maklumat Kewangan (Sambungan)
3. Pelaburan (Sambungan)
(ii) Dana AmMetLife Bond (Sambungan)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019218
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019219
2019 2018 % %
Sekuriti kerajaan Malaysia 4.93 4.93Bon korporat tak disebut – tidak bercagar 5.20 4.97Simpanan di institusi kewangan berlesen 3.40 3.50
2019 2018 RM RM
Sekuriti ekuiti disebut 18,459,761 17,660,512
Dana amanah saham dan hartanah disebut 1,161,630 –
Bon korporat tak disebut 9,640,137 4,295,146
29,261,528 21,955,658
FVTPL:
Sekuriti ekuiti disebut
Kos 17,694,991 15,193,912
Laba tidak terealisasi bersih 764,770 2,466,600
Nilai saksama 18,459,761 17,660,512
Dana amanah saham dan hartanah disebut
Kos 1,121,605 –
Laba tidak terealisasi bersih 40,025 –
Nilai saksama 1,161,630 –
Bond korporat tak disebut
Kos 9,538,900 4,357,240
Laba/(rugi) tidak terealisasi bersih 101,237 (62,094)
Nilai saksama 9,640,137 4,295,146
Jumlah pelaburan pada FVTPL 29,261,528 21,955,658
Jumlah pelaburan 29,261,528 21,955,658
(iii) Dana AmMetLife Balanced
3. Pelaburan (Sambungan)
(ii) Dana AmMetLife Bond (Sambungan)
Purata wajaran kadar faedah efektif tahunan ialah seperti berikut:
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019220
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Sekuriti ekuiti disebut
Pembinaan
Gamuda Berhad - Waran 10,200 2,550 2,295 0.01%
Produk Pengguna & Perkhidmatan
Bermaz Auto Berhad 425,700 940,959 962,082 2.86%
British American Tabacco (M) Berhad 12,400 421,575 448,136 1.33%
Genting Berhad 111,900 875,836 743,016 2.21%
Genting Malaysia Berhad 76,100 360,867 243,520 0.72%
MyNews Holdings Berhad 25,400 29,923 34,798 0.10%
Padini Holdings Berhad 186,200 737,691 668,458 1.98%
Panasonic Manufacturing Malaysia Berhad 10,900 429,865 410,930 1.22%
Sime Darby Berhad 80,678 142,158 179,912 0.53%
UMW Holdings Berhad 78,300 461,001 448,659 1.33%
Tenaga
Dialog Group Berhad 162,500 272,524 515,125 1.53%
Hibiscus Petroleum Berhad 130,000 157,271 139,100 0.41%
Serba Dinamik Holdings Berhad 188,200 648,901 709,514 2.11%
Perkhidmatan Kewangan
AEON Credit Service (M) Berhad 28,600 481,727 480,480 1.43%
CIMB Group Holdings Berhad 173,744 993,262 894,782 2.66%
Hong Leong Bank Berhad 42,200 759,067 856,660 2.54%
Malayan Banking Berhad 169,621 1,503,703 1,572,387 4.67%
Public Bank Berhad 93,200 1,862,821 2,158,512 6.41%
RHB Bank Berhad 59,700 324,459 340,290 1.01%
3. Pelaburan (Sambungan)
(iii) Dana AmMetLife Balanced (Sambungan)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019220
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019221
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL: (Sambungan)
Sekuriti ekuiti disebut (Sambungan)
Produk Perindustrian & Perkhidmatan
ATA IMS Berhad 331,700 542,647 567,207 1.68%
Petronas Chemicals Group Berhad 135,500 1,010,896 1,241,180 3.69%
Uchi Technologies Berhad 168,700 487,308 450,429 1.34%
Perladangan
Sime Darby Plantation Berhad 80,678 429,220 405,004 1.20%
Teknologi
Frontken Corporation Berhad 422,900 281,494 418,671 1.24%
Inari Amertron Berhad 61,400 67,425 96,398 0.29%
MY E.G. Services Berhad 568,200 682,727 801,161 2.38%
Telekomunikasi & Media
Axiata Group Berhad 215,812 1,044,421 895,620 2.66%
Time Dotcom Berhad 76,600 670,617 666,420 1.98%
Utiliti
Tenaga Nasional Berhad 87,600 1,072,076 1,109,015 3.29%
17,694,991 18,459,761 54.82%
3. Pelaburan (Sambungan)
(iii) Dana AmMetLife Balanced (Sambungan)
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019222
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL: (Sambungan)
Dana amanah saham dan hartanah disebut
KLCC Real Estate Investment Trust 82,500 652,948 640,200 1.90%
Pavillion Real Estate Investment Trust 286,500 468,657 521,430 1.55%
1,121,605 1,161,630 3.45%
Bon korporat tak disebut
Tanjung Bin Energy Issuer Berhad matang pada 15/09/2028 1,900,000 1,907,600 1,918,012 5.70%
Hong Leong Financial Group Berhad matang pada 26/06/2023 2,000,000 2,000,000 2,012,260 5.98%
Sarawak Hidro Sdn Berhad matang pada 11/08/2026 1,500,000 1,604,850 1,644,195 4.88%
Edra Energy Sdn Berhad matang pada 05/01/2027 500,000 511,500 509,735 1.51%
Perbadanan Kemajuan Negeri Selangor matang pada 17/01/2022 1,000,000 1,001,200 1,001,360 2.97%
Telekom Malaysia Berhad matang pada 31/10/2028 2,500,000 2,513,750 2,554,575 7.59%
9,538,900 9,640,137 28.63%
Jumlah pelaburan pada FVTPL 28,355,496 29,261,528 86.89%
2019 2018 % %
Bon korporat tak disebut - tidak bercagar 4.75 5.02
Purata wajaran kadar faedah efektif tahunan ialah seperti berikut:
3. Pelaburan (Sambungan)
(iii) Dana AmMetLife Balanced (Sambungan)
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019222
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019223
2019 2018 RM RM
Sekuriti ekuiti disebut 10,686,606 11,788,466
Dana amanah saham dan hartanah disebut 430,680 254,535
Bon korporat tak disebut 9,309,222 3,783,081
Dana amanah saham dan hartanah tak disebut 712,729 674,581
21,139,237 16,500,663
FVTPL:
Sekuriti ekuiti disebut
Kos 10,162,829 10,314,812
Laba tidak terealisasi bersih 523,777 1,473,654
Nilai saksama 10,686,606 11,788,466
Dana amanah saham dan hartanah disebut
Kos 436,629 278,230
Rugi tidak terealisasi bersih (5,949) (23,695)
Nilai saksama 430,680 254,535
Bon korporat tak disebut
Kos 9,175,950 3,826,840
Laba/(rugi) tidak terealisasi bersih 133,272 (43,759)
Nilai saksama 9,309,222 3,783,081
Dana amanah saham dan hartanah tak disebut
Kos 671,896 663,452
Laba tidak terealisasi bersih 40,833 11,129
Nilai saksama 712,729 674,581
Jumlah pelaburan pada FVTPL 21,139,237 16,500,663
Jumlah pelaburan 21,139,237 16,500,663
3. Pelaburan (Sambungan)
(iv) Dana AmMetLife Dana Teguh
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019224
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Sekuriti ekuiti disebut
Pembinaan
Gamuda Berhad – Waran 12,016 3,004 2,704 0.01%
Produk Pengguna & Perkhidmatan
Bermaz Auto Berhad 420,800 949,943 951,008 4.07%
Padini Holdings Berhad 138,300 612,501 496,497 2.13%
Sime Darby Berhad 77,934 137,118 173,793 0.74%
UMW Holdings Berhad 76,500 450,711 438,345 1.88%
Tenaga
Dialog Group Berhad 168,800 283,082 535,096 2.29%
Hibiscus Petroleum Berhad 96,000 116,139 102,720 0.44%
Serba Dinamik Holdings Berhad 179,500 618,858 676,715 2.90%
Perkhidmatan Kewangan
BIMB Holdings Berhad 161,900 667,116 697,789 2.99%
Produk Pengguna & Perkhidmatan
ATA IMS Berhad 259,700 424,697 444,087 1.90%
Petronas Chemicals Group Berhad 177,600 1,382,637 1,626,816 6.97%
Uchi Technologies Berhad 135,900 393,081 362,853 1.55%
Perladangan
Sime Darby Plantation Berhad 77,934 414,002 391,229 1.68%
Teknologi
Frontken Corporation Berhad 312,600 206,305 309,474 1.33%
Inari Amertron Berhad 46,200 47,698 72,534 0.31%
MY E.G. Services Berhad 388,600 453,156 547,926 2.35%
Telekomunikasi & Media
Axiata Group Berhad 200,221 1,027,066 830,916 3.56%
Time Dotcom Berhad 55,500 486,559 482,850 2.07%
3. Pelaburan (Sambungan)
(iv) Dana AmMetLife Dana Teguh (Sambungan)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019224
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019225
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL: (Sambungan)
Sekuriti ekuiti disebut (Sambungan)
Utiliti
Tenaga Nasional Berhad 121,900 1,489,156 1,543,254 6.61%
10,162,829 10,686,606 45.78%
Dana amanah saham dan hartanah disebut
KLCC Real Estate Investment Trust 55,500 436,629 430,680 1.84%
Bon korporat tak disebut
Sarawak Hidro Sdn Berhad matang pada 11/08/2026 1,900,000 1,907,600 1,918,012 8.22%
Tanjung Bin Energy Issuer Berhad matang pada 15/09/2028 3,500,000 3,744,650 3,836,455 16.43%
Edra Energy Sdn Berhad matang pada 05/01/2027 500,000 511,500 509,735 2.18%
Perbadanan Kemajuan Negeri Selangor matang pada 17/01/2022 1,000,000 1,001,200 1,001,360 4.29%
Telekom Malaysia Berhad matang pada 31/10/2028 2,000,000 2,011,000 2,043,660 8.75%
9,175,950 9,309,222 39.88%
Dana amanah saham dan hartanah tak disebut
Dana AmBon Islam 569,910 671,896 712,729 3.05%
Jumlah pelaburan pada FVTPL 20,447,304 21,139,237 90.55%
2019 2018 % %
Bon korporat tak disebut - tidak bercagar 4.77 4.76
Purata wajaran kadar faedah efektif tahunan ialah seperti berikut:
3. Pelaburan (Sambungan)
(iv) Dana AmMetLife Dana Teguh (Sambungan)
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019226
2019 2018 RM RM
Dana amanah saham dan hartanah tak disebut 3,329,144 3,383,640
FVTPL:
Dana amanah saham dan hartanah tak disebut
Kos 3,571,105 3,790,418
Rugi tidak terealisasi bersih (241,961) (406,778)
Nilai saksama 3,329,144 3,383,640
Jumlah pelaburan pada FVTPL 3,329,144 3,383,640
Jumlah pelaburan 3,329,144 3,383,640
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Dana amanah saham dan hartanah tak disebut:
AmOasis Global Islamic Equity 3,747,348 3,571,105 3,329,144 94.17%
Jumlah pelaburan pada FVTPL 3,571,105 3,329,144 94.17%
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
3. Pelaburan (Sambungan)
(v) Dana AmMetLife Oasis Islamic Equity
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019226
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019227
2019 2018 RM RM
Dana amanah saham dan hartanah tak disebut 5,282,198 2,420,040
Simpanan di institusi kewangan berlesen 407,089 135,809
5,689,287 2,555,849
FVTPL:
Dana amanah saham dan hartanah tak disebut
Kos 4,795,740 2,358,382
Laba tidak terealisasi bersih 486,458 61,658
Nilai saksama 5,282,198 2,420,040
Jumlah pelaburan pada FVTPL 5,282,198 2,420,040
LAR:
Simpanan di institusi kewangan berlesen 407,089 135,809
Jumlah pelaburan 5,689,287 2,555,849
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Dana amanah saham dan hartanah tak disebut
AmAsia Pacific REITS 6,543,852 4,795,740 5,282,198 86.45%
Jumlah pelaburan pada FVTPL 4,795,740 5,282,198 86.45%
2019 2018 % %
Simpanan di institusi kewangan berlesen 3.40 3.40
Purata wajaran kadar faedah efektif tahunan ialah seperti berikut:
3. Pelaburan (Sambungan)
(vi) Dana AmMetLife Asia Pacific REITS
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019228
2019 2018 RM RM
Dana amanah saham dan hartanah tak disebut 3,736,460 2,543,844
Simpanan di institusi kewangan berlesen 233,060 163,449
3,969,520 2,707,293
FVTPL:
Dana amanah saham dan hartanah tak disebut
Kos 3,584,425 2,185,085
Laba tidak terealisasi bersih 152,035 358,759
Nilai saksama 3,736,460 2,543,844
Jumlah pelaburan pada FVTPL 3,736,460 2,543,844
LAR:
Simpanan di institusi kewangan berlesen 233,060 163,449
Jumlah pelaburan 3,969,520 2,707,293
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Dana amanah saham dan hartanah tak disebut
AmGlobal Emerging Market Opportunities 2,604,167 3,584,425 3,736,460 92.04% Jumlah pelaburan pada FVTPL 3,584,425 3,736,460 92.04%
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
2019 2018 % %
Simpanan di institusi kewangan berlesen 3.40 3.40
Purata wajaran kadar faedah efektif tahunan ialah seperti berikut:
3. Pelaburan (Sambungan)
(vii) Dana AmMetLife Global Emerging Market
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019228
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019229
2019 2018 RM RM
Dana amanah saham dan hartanah tak disebut 1,515,085 895,082
FVTPL:
Dana amanah saham dan hartanah tak disebut
Kos 1,441,099 860,070
Laba tidak terealisasi bersih 73,986 35,012
Nilai saksama 1,515,085 895,082
Jumlah pelaburan pada FVTPL 1,515,085 895,082
Jumlah pelaburan 1,515,085 895,082
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Dana amanah saham dan hartanah tak disebut
AmTactical Bond 1,392,158 1,441,099 1,515,085 88.96%
Jumlah pelaburan pada FVTPL 1,441,099 1,515,085 88.96%
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
3. Pelaburan (Sambungan)
(viii) Dana AmMetLife Tactical Bond
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019230
2019 2018 RM RM
Simpanan di institusi kewangan berlesen 3,130,012 2,804,365
FVTPL:
Dana amanah saham dan hartanah tak disebut
Kos 5,792,048 5,916,311
Rugi tidak terealisasi bersih (2,662,036) (3,111,946)
Nilai saksama 3,130,012 2,804,365
Jumlah pelaburan pada FVTPL 3,130,012 2,804,365
Jumlah pelaburan 3,130,012 2,804,365
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Dana amanah saham dan hartanah tak disebut
AmPrecious Metals 7,856,457 5,792,048 3,130,012 87.55%
Jumlah pelaburan pada FVTPL 5,792,048 3,130,012 87.55%
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
3. Pelaburan (Sambungan)
(ix) Dana AmMetLife Precious Metals
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019230
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019231
2019 2018 RM RM
Dana amanah saham dan hartanah tak disebut 2,366,352 2,108,847
Simpanan di institusi kewangan berlesen 204,045 219,525 2,570,397 2,328,372
FVTPL:
Dana amanah saham dan hartanah tak disebut
Kos 1,856,074 1,742,914
Laba tidak terealisasi bersih 510,278 365,933
Nilai saksama 2,366,352 2,108,847
Jumlah pelaburan pada FVTPL 2,366,352 2,108,847
LAR:
Simpanan di institusi kewangan berlesen 204,045 219,525
Jumlah pelaburan 2,570,397 2,328,372
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Dana amanah saham dan hartanah tak disebut
AmGlobal Agribusiness 1,983,531 1,856,074 2,366,352 93.78%
Jumlah pelaburan pada FVTPL 1,856,074 2,366,352 93.78%
2019 2018 % %
Simpanan di institusi kewangan berlesen 3.40 3.40
Purata wajaran kadar faedah efektif tahunan ialah seperti berikut:
3. Pelaburan (Sambungan)
(x) Dana AmMetLife Global Agribusiness
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019232
2019 2018 RM RM
Sekuriti ekuiti disebut 13,822,004 13,841,107
Dana amanah saham dan hartanah disebut 703,666 150,570 14,525,670 13,991,677
FVTPL:
Sekuriti ekuiti disebut
Kos 13,279,803 11,696,436
Laba tidak terealisasi bersih 542,201 2,144,671
Nilai saksama 13,822,004 13,841,107
Dana amanah saham dan hartanah disebut
Kos 668,191 164,587
Laba/(rugi) tidak terealisasi bersih 35,475 (14,017)
Nilai saksama 703,666 150,570
Jumlah pelaburan pada FVTPL 14,525,670 13,991,677
Jumlah pelaburan 14,525,670 13,991,677
3. Pelaburan (Sambungan)
(xi) Dana AmMetLife Dividend
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019232
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019233
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL:
Sekuriti ekuiti disebut
Pembinaan
Gamuda Berhad – Waran 8,150 2,038 1,834 0.01%
IJM Corporation Berhad 38,400 128,206 85,248 0.50%
Produk Pengguna & Perkhidmatan
Bermaz Auto Berhad 310,200 696,645 701,052 4.11%
British American Tabacco (M) Berhad 6,900 234,443 249,366 1.46%
Genting Berhad 82,800 676,943 549,792 3.22%
Genting Malaysia Berhad 94,800 459,044 303,360 1.78%
MyNews Holdings Berhad 15,800 18,614 21,646 0.13%
Padini Holdings Berhad 97,100 377,119 348,589 2.04%
Panasonic Manufacturing Malaysia Berhad 7,700 303,656 290,290 1.70%
Sime Darby Berhad 49,167 82,150 109,642 0.64%
UMW Holdings Berhad 57,700 339,954 330,621 1.94%
Tenaga
Dialog Group Berhad 126,900 212,864 402,273 2.36%
Hibiscus Petroleum Berhad 70,000 84,684 74,900 0.44%
Serba Dinamik Holdings Berhad 138,400 474,550 521,768 3.06%
Perkhidmatan Kewangan
AEON Credit Service (M) Berhad 20,800 351,510 349,440 2.05%
CIMB Group Holdings Berhad 124,811 714,229 642,777 3.77%
Hong Leong Bank Berhad 32,600 598,689 661,780 3.88%
Malayan Banking Berhad 166,724 1,442,155 1,545,531 9.06%
Public Bank Berhad 63,800 1,203,521 1,477,608 8.67%
RHB Bank Berhad 52,800 286,982 300,960 1.77%
3. Pelaburan (Sambungan)
(xi) Dana AmMetLife Dividend (Sambungan)
Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2019 dinyatakan di bawah:
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019234
2019
Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB
FVTPL: (Sambungan)
Sekuriti ekuiti disebut (Sambungan)
Produk Perindustrian & Perkhidmatan
ATA IMS Berhad 241,200 400,287 412,452 2.42%
Petronas Chemicals Group Berhad 105,100 791,782 962,716 5.65%
Uchi Technologies Berhad 200,400 570,095 535,068 3.14%
Perladangan
Sime Darby Plantation Berhad 49,167 248,039 246,818 1.45%
Teknologi
Frontken Corporation Berhad 238,800 157,069 236,412 1.39%
Inari Amertron Berhad 34,300 35,206 53,851 0.32%
MY E.G. Services Berhad 296,500 349,330 418,065 2.45%
Telekomunikasi & Media
Axiata Group Berhad 171,339 838,090 711,057 4.17%
Time Dotcom Berhad 39,400 345,080 342,780 2.01%
Utiliti
Tenaga Nasional Berhad 73,800 856,829 934,308 5.48%
13,279,803 13,822,004 81.06%
Dana amanah saham dan hartanah disebut
KLCC Real Estate Investment Trust 42,200 330,077 327,472 1.92%
Pavillion Real Estate Investment Trust 206,700 338,114 376,194 2.21%
668,191 703,666 4.13%
Jumlah pelaburan pada FVTPL 13,947,994 14,525,670 85.19%
3. Pelaburan (Sambungan)
(xi) Dana AmMetLife Dividend (Sambungan)
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019234
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019235
4. Cukai tertunda Liabiliti/(aset) cukai tertunda adalah berkaitan dengan laba/(rugi) modal tidak terealisasi atas pelaburan dana-dana masing-masing.
(i) Dana AmMetLife Equity
2019 2018 RM RM
Pada awal tahun 249,816 167,567
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) (200,897) 82,249 Pada akhir tahun 48,919 249,816
2019 2018 RM RM
Pada awal tahun (17,066) (12,354)
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) 34,000 (4,712) Pada akhir tahun 16,934 (17,066)
(ii) Dana AmMetLife Bond
2019 2018 RM RM
Pada awal tahun 192,361 129,736
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) (119,878) 62,625 Pada akhir tahun 72,483 192,361
(iii) Dana AmMetLife Balanced
2019 2018 RM RM
Pada awal tahun 113,386 109,292
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) (58,031) 4,094 Pada akhir tahun 55,355 113,386
(iv) Dana AmMetLife Dana Teguh
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019236
2019 2018 RM RM
Pada awal tahun 4,933 15,448
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) 33,984 (10,515) Pada akhir tahun 38,917 4,933
(vi) Dana AmMetLife Asia Pacific REITS
2019 2018 RM RM
Pada awal tahun (32,542) 10,139
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) 13,185 (42,681) Pada akhir tahun (19,357) (32,542)
2019 2018 RM RM
Pada awal tahun 28,701 22,235
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) (16,539) 6,466 Pada akhir tahun 12,162 28,701
(vii) Dana AmMetLife Global Emerging Market
2019 2018 RM RM
Pada awal tahun 2,801 4,140
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) 3,118 (1,339) Pada akhir tahun 5,919 2,801
(viii) Dana AmMetLife Tactical Bond
Nota-nota kepada Maklumat Kewangan (Sambungan)
4. Cukai tertunda (Sambungan)
(v) Dana AmMetLife Oasis Islamic Equity
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019236
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019237
2019 2018 RM RM
Pada awal tahun (248,956) (233,973)
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) 35,993 (14,983) Pada akhir tahun (212,963) (248,956)
2019 2018 RM RM
Pada awal tahun 29,275 31,933
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) 11,547 (2,658) Pada akhir tahun 40,822 29,275
(x) Dana AmMetLife Global Agribusiness
2019 2018 RM RM
Pada awal tahun 170,452 113,588
Diiktiraf dalam Penyata-penyata Pendapatan dan Perbelanjaan (Nota 8) (124,238) 56,864 Pada akhir tahun 46,214 170,452
(xi) Dana AmMetLife Dividend
4. Cukai tertunda (Sambungan)
(ix) Dana AmMetLife Precious Metals
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019238
5. Modal para pemegang unit
(i) Dana AmMetLife Equity
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 9,240,328 18,110,320 4,559,620 11,142,198
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (2,614,756) (10,550,205) (2,389,232) (8,682,900) 6,625,572 7,560,115 2,170,388 2,459,298 Modal para pemegang unit dibawa ke hadapan 23,344,659 27,447,215 21,174,271 22,470,571
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai – (2,238,483) – 2,517,346 29,970,231 32,768,847 23,344,659 27,447,215
Nilai aset bersih seunit pada 31 Mac 1.0934 1.1757
(ii) Dana AmMetLife Bond
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 2,602,754 5,524,517 1,920,282 3,730,927
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,809,516) (4,809,213) (2,648,652) (4,354,429) 793,238 715,304 (728,370) (623,502) Modal para pemegang unit dibawa ke hadapan 11,795,727 10,378,261 12,524,097 10,670,049
Lebihan pendapatan daripada perbelanjaan selepas cukai – 513,538 – 331,714 12,588,965 11,607,103 11,795,727 10,378,261
Nilai aset bersih seunit pada 31 Mac 0.9220 0.8798
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019238
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019239
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 9,377,581 17,257,820 3,217,133 9,369,120
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,905,263) (8,978,591) (2,364,292) (8,399,467) 7,472,318 8,279,229 852,841 969,653 Modal para pemegang unit dibawa ke hadapan 23,592,015 26,572,008 22,739,174 23,442,455
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai – (1,175,124) – 2,159,900 31,064,333 33,676,113 23,592,015 26,572,008
Nilai aset bersih seunit pada 31 Mac 1.0841 1.1263
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 4,510,597 9,420,205 2,817,584 7,118,683
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (2,076,537) (6,516,052) (2,562,284) (6,788,581) 2,434,060 2,904,153 255,300 330,102 Modal para pemegang unit dibawa ke hadapan 17,336,705 20,781,006 17,081,405 19,319,513
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai – (340,426) – 1,131,391 19,770,765 23,344,733 17,336,705 20,781,006
Nilai aset bersih seunit pada 31 Mac 1.1808 1.1987
(iv) Dana AmMetLife Dana Teguh
Nota-nota kepada Maklumat Kewangan (Sambungan)
5. Modal para pemegang unit (Sambungan)
(iii) Dana AmMetLife Balanced
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019240
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 5,532,098 5,388,850 3,559,172 3,473,654
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (2,498,167) (3,273,297) (422,857) (1,377,640) 3,033,931 2,115,553 3,136,315 2,096,014 Modal para pemegang unit dibawa ke hadapan 5,042,910 3,303,833 1,906,595 1,303,203
Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai – 690,694 – (95,384) 8,076,841 6,110,080 5,042,910 3,303,833
Nilai aset bersih seunit pada 31 Mac 0.7565 0.6551
(vi) Dana AmMetLife Asia Pacific REITS
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 584,959 767,498 898,002 594,384
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (951,248) (1,006,348) (1,273,843) (844,160) (366,289) (238,850) (375,841) (249,776) Modal para pemegang unit dibawa ke hadapan 5,962,878 3,612,142 6,338,719 4,153,455
Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai – 162,077 – (291,537) 5,596,589 3,535,369 5,962,878 3,612,142
Nilai aset bersih seunit pada 31 Mac 0.6317 0.6058
5. Modal para pemegang unit (Sambungan)
(v) Dana AmMetLife Oasis Islamic Equity
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019240
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019241
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 2,851,153 1,847,618 2,665,491 2,317,524
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,129,797) (653,052) (139,905) (541,498) 1,721,356 1,194,566 2,525,586 1,776,026 Modal para pemegang unit dibawa ke hadapan 4,347,776 3,030,596 1,822,190 1,176,955
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai – (165,737) – 77,615 6,069,132 4,059,425 4,347,776 3,030,596
Nilai aset bersih seunit pada 31 Mac 0.6689 0.6970
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 1,490,711 1,447,430 779,028 799,751
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (392,279) (779,340) (351,150) (546,780) 1,098,432 668,090 427,878 252,971 Modal para pemegang unit dibawa ke hadapan 1,636,696 970,428 1,208,818 705,801
Lebihan pendapatan daripada perbelanjaan selepas cukai – 64,661 – 11,656 2,735,128 1,703,179 1,636,696 970,428
Nilai aset bersih seunit pada 31 Mac 0.6227 0.5929
(viii) Dana AmMetLife Tactical Bond
5. Modal para pemegang unit (Sambungan)
(vii) Dana AmMetLife Global Emerging Market
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019242
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 1,871,632 704,681 2,329,233 508,585
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,981,660) (738,627) (3,328,588) (796,584) (110,028) (33,946) (999,355) (287,999) Modal para pemegang unit dibawa ke hadapan 13,544,270 3,317,719 14,543,625 4,129,638
Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai – 291,468 – (523,920) 13,434,242 3,575,241 13,544,270 3,317,719
Nilai aset bersih seunit pada 31 Mac 0.2661 0.2450
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 364,350 441,078 351,855 422,072
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (285,808) (386,732) (238,010) (345,122) 78,542 54,346 113,845 76,950 Modal para pemegang unit dibawa ke hadapan 3,506,537 2,315,243 3,392,692 2,264,212
Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai – 153,759 – (25,919) 3,585,079 2,523,348 3,506,537 2,315,243
Nilai aset bersih seunit pada 31 Mac 0.7038 0.6603
(x) Dana AmMetLife Global Agribusiness
5. Modal para pemegang unit (Sambungan)
(ix) Dana AmMetLife Precious Metals
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019242
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019243
6. Pendapatan faedah
2019 2018
Jumlah Jumlah Unit RM Unit RM
Amaun diterima bagi penerbitan semasa tahun tersebut 4,237,332 5,074,761 1,266,274 2,332,544
Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,255,421) (2,701,647) (1,982,681) (2,868,133) 2,981,911 2,373,114 (716,407) (535,589) Modal para pemegang unit dibawa ke hadapan 19,345,529 15,961,476 20,061,936 14,803,212
(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai – (1,284,056) – 1,693,853 22,327,440 17,050,534 19,345,529 15,961,476
Nilai aset bersih seunit pada 31 Mac 0.7637 0.8251
Dana AmMetLife Equity Dana AmMetLife Bond
2019 2018 2019 2018 RM RM RM RM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 172,746 80,548 37,641 42,702
Bon korporat – – 538,943 503,139
172,746 80,548 576,584 545,841
Dana AmMetLife Balanced Dana AmMetLife Dana Teguh
2019 2018 2019 2018 RM RM RM RM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 181,190 75,042 136,781 91,006
Bon korporat 358,936 260,665 336,579 185,570
540,126 335,707 473,360 276,576
5. Modal para pemegang unit (Sambungan)
(xi) Dana AmMetLife Dividend
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019244
Dana AmMetLife Dana AmMetLife Oasis Islamic Equity Asia Pacific REITS
2019 2018 2019 2018 RM RM RM RM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 5,484 7,113 10,526 4,082
Dana AmMetLife Dana AmMetLife Global Emerging Market Tactical Bond
2019 2018 2019 2018 RM RM RM RM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 9,519 4,602 2,245 1,980
Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness
2019 2018 2019 2018 RM RM RM RM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 5,288 6,182 6,780 6,584
Dana AmMetLife Dividend
2019 2018 RM RM
Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 83,894 41,146
6. Pendapatan faedah (Sambungan)
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019244
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019245
7. Pendapatan dividen
Dana AmMetLife Equity Dana AmMetLife Bond
2019 2018 2019 2018 RM RM RM RM
Dividen kasar daripada: Sekuriti ekuiti disebut di Malaysia 901,455 709,725 – –
Dana amanah saham dan hartanah disebut di Malaysia 42,025 25,858 – –
Dana amanah saham dan hartanah tak disebut di Malaysia – – 555 2,483
943,480 735,583 555 2,483
Dana AmMetLife Balanced Dana AmMetLife Dana Teguh
2019 2018 2019 2018 RM RM RM RM
Dividen kasar daripada: Sekuriti ekuiti disebut di Malaysia 648,988 529,498 326,322 336,004
Dana amanah saham dan hartanah disebut di Malaysia 21,713 17,795 15,315 9,780
Dana amanah saham dan hartanah tak disebut di Malaysia – – 8,444 44,362
670,701 547,293 350,081 390,146
Dana AmMetLife Dana AmMetLife Oasis Islamic Equity Asia Pacific REITS
2019 2018 2019 2018 RM RM RM RM
Dividen kasar daripada: Dana amanah saham dan hartanah tak disebut di Malaysia 21,519 197,119 245,752 29,260
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019246
Dana AmMetLife Dana AmMetLife Global Emerging Market Tactical Bond
2019 2018 2019 2018 RM RM RM RM
Dividen kasar daripada: Dana amanah saham dan hartanah tak disebut di Malaysia 1,945 2,671 32,007 29,573
Dana AmMetLife Dividend
2019 2018 RM RM
Dividen kasar daripada: Sekuriti ekuiti disebut di Malaysia 500,123 453,291
Dana amanah saham dan hartanah disebut di Malaysia 19,258 14,854
519,381 468,145
7. Pendapatan dividen (Sambungan)
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019246
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019247
8. Cukai
Dana AmMetLife Equity Dana AmMetLife Bond
2019 2018 2019 2018 RM RM RM RM
Cukai pendapatan Malaysia: Peruntukan tahun semasa (37,952) 104,236 45,719 44,351
Cukai tertunda: Berkaitan dengan pengasalan dan penarikbalikan perbezaan sementara (Nota 4) (200,897) 82,249 34,000 (4,712)
(Kredit)/belanja cukai bagi tahun tersebut (238,849) 186,485 79,719 39,639
Dana AmMetLife Balanced Dana AmMetLife Dana Teguh
2019 2018 2019 2018 RM RM RM RM
Cukai pendapatan Malaysia: Peruntukan tahun semasa (1,382) 108,774 23,338 82,878
Cukai tertunda: Berkaitan dengan pengasalan dan penarikbalikan perbezaan sementara (Nota 4) (119,878) 62,625 (58,031) 4,094
(Kredit)/belanja cukai bagi tahun tersebut (121,260) 171,399 (34,693) 86,972
Dana AmMetLife Dana AmMetLife Oasis Islamic Equity Asia Pacific REITS
2019 2018 2019 2018 RM RM RM RM
Cukai pendapatan Malaysia: Peruntukan tahun semasa (1,088) (51) 5,729 392
Cukai tertunda: Berkaitan dengan pengasalan dan penarikbalikan perbezaan sementara (Nota 4) 13,185 (42,681) 33,984 (10,515)
Belanja/(kredit) cukai bagi tahun tersebut 12,097 (42,732) 33,984 (10,123)
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019248
Dana AmMetLife Dana AmMetLife Global Emerging Market Tactical Bond
2019 2018 2019 2018 RM RM RM RM
Cukai pendapatan Malaysia: Peruntukan tahun semasa 1,994 368 315 327
Cukai tertunda: Berkaitan dengan pengasalan dan penarikbalikan perbezaan sementara (Nota 4) (16,539) 6,466 3,118 (1,339)
(Kredit)/belanja cukai bagi tahun tersebut (14,545) 6,834 3,433 (1,012)
Dana AmMetLife Dividend
2019 2018 RM RM
Cukai pendapatan Malaysia: Peruntukan tahun semasa (11,847) 69,481
Cukai tertunda: Berkaitan dengan pengasalan dan penarikbalikan perbezaan sementara (Nota 4) (124,238) 56,864
(Kredit)/belanja cukai bagi tahun tersebut (136,085) 126,345
Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness
2019 2018 2019 2018 RM RM RM RM
Cukai pendapatan Malaysia: Peruntukan tahun semasa (10,172) (30,300) 1,994 526
Cukai tertunda: Berkaitan dengan pengasalan dan penarikbalikan perbezaan sementara (Nota 4) 35,993 (14,983) 11,547 (2,658)
Belanja/(kredit) cukai bagi tahun tersebut 25,821 (45,283) 13,541 (2,132)
Kadar cukai ke atas dana-dana adalah berkaitan dengan pendapatan pelaburan yang diterima dan keuntungan atas pelupusan pelaburan semasa tahun/tempoh tersebut, pada kadar cukai keutamaan 8% menurut kaedah yang telah ditetapkan di bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat.
8. Cukai (Sambungan)
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019248
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019249
Dana AmMetLife Equity Dana AmMetLife Bond
2019 2018 2019 2018 RM RM RM RM
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai (2,477,332) 2,703,831 593,257 371,353
Cukai pada kadar cukai Malaysia sebanyak 8% (198,187) 216,306 47,461 29,708
Pendapatan tidak tertakluk kepada cukai (75,478) (58,846) 23,182 1,456
Perbelanjaan tidak boleh potong untuk tujuan cukai 34,816 29,025 9,076 8,475
(238,849) 186,485 79,719 39,639
Dana AmMetLife Balanced Dana AmMetLife Dana Teguh
2019 2018 2019 2018 RM RM RM RM
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai (1,296,384) 2,331,299 (375,119) 1,218,363
Cukai pada kadar cukai Malaysia sebanyak 8% (103,711) 186,504 (30,010) 97,469
Pendapatan tidak tertakluk kepada cukai (49,685) (42,159) (26,468) (31,212)
Perbelanjaan tidak boleh potong untuk tujuan cukai 32,136 27,054 21,785 20,715
(121,260) 171,399 (34,693) 86,972
Satu penyesuaian perbelanjaan cukai pendapatan yang dikenakan kepada lebihan/(defisit) pendapatan berbanding 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 (Sambungan)
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019250
Dana AmMetLife Dana AmMetLife Global Emerging Market Tactical Bond
2019 2018 2019 2018 RM RM RM RM
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai (180,282) 84,449 68,094 10,644
Cukai pada kadar cukai Malaysia sebanyak 8% (14,423) 6,756 5,448 852
Pendapatan tidak tertakluk kepada cukai (961) (582) (2,561) (2,366)
Perbelanjaan tidak boleh potong untuk tujuan cukai 839 660 546 502
(14,545) 6,834 3,433 (1,012)
Dana AmMetLife Dana AmMetLife Oasis Islamic Equity Asia Pacific REITS
2019 2018 2019 2018 RM RM RM RM
Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai 174,174 (334,269) 730,407 (105,507)
Cukai pada kadar cukai Malaysia sebanyak 8% 13,934 (26,742) 58,433 (8,441)
Pendapatan tidak tertakluk kepada cukai (2,485) (16,632) (19,660) (2,340)
Perbelanjaan tidak boleh potong untuk tujuan cukai 648 642 940 658
12,097 (42,732) 39,713 (10,123)
8. Cukai (Sambungan)
Nota-nota kepada Maklumat Kewangan (Sambungan)
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019250
AmMetLife Insurance Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2019251
Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness
2019 2018 2019 2018 RM RM RM RM
Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai 317,289 (569,203) 167,300 (28,051)
Cukai pada kadar cukai Malaysia sebanyak 8% 25,383 (45,536) 13,384 (2,244)
Pendapatan tidak tertakluk kepada cukai (613) (761) (501) (526)
Perbelanjaan tidak boleh potong untuk tujuan cukai 1,051 1,014 658 638
25,821 (45,283) 13,541 (2,132)
Dana AmMetLife Dividend
2019 2018 RM RM
(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai (1,420,141) 1,820,198
Cukai pada kadar cukai Malaysia sebanyak 8% (113,611) 145,616
Pendapatan tidak tertakluk kepada cukai (41,550) (37,452)
Perbelanjaan tidak boleh potong untuk tujuan cukai 19,076 18,181
(136,085) 126,345
8. Cukai (Sambungan)
Nota-nota kepada Maklumat Kewangan (Sambungan)
ammetlife.com
AmMetLife Insurance Berhad (15743-P)
Tingkat 20, Menara 1 Sentrum, No. 201, Jalan Tun Sambanthan, 50470 Kuala Lumpur, MalaysiaT 1300 88 8800 E customercare@ammetlife.com
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