2008 Fund Performance Report 2008 · of PT Bank Internasional Indonesia and a 20% stake in MCB Bank in Pakistan for US$742m. Second was the successful demerger of Telekom Malaysia

2008

2008FundPerformanceReport

Contents

Message from Chairman

Fund Objectives

Stock Market Review

Stock Market Outlook and Strategy

Asia Pacific Growth Fund (APGF)

Active Bond Fund (Bond)

Active Balanced Fund (Balanced)

Dana Imbang (Dana Imbang)

Statement of Assets and Liabilities

Statement of Income and Expenditure

Statement of Changes in Net Asset Value

Cash Flow Statement

Notes to Financial Statements

Statement by Manager

Report of the Auditors

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2

3

4

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2008 Fund Performance Report

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Dear Valued Policyholder,

On behalf of AXA AFFIN Life Insurance Berhad, we are pleased to share with you the overview performance of your investment with us for the financial year ended 31st December 2008.

2008 was indeed a very challenging year for investment markets. Although 2008 saw the KLCI breaking through the 1,500 point at the beginning of the year, the rest of the year saw the investment markets braving through one storm after another. First, there was the shock of Bear Stearns collapse, followed by the shocking general election results, then the inflationary impact of high oil prices and lastly the infamous collapse of Lehman Brothers that led to the onset of the global financial crisis. Despite such heavy battering, our local market remained resilient and did not fall as sharply as the other regional markets. The Malaysian equity market ended the year with only 38.9% loss compared to significantly higher loss suffered by our more illustrious neighbouring markets of Hong Kong and Singapore which experienced loss in the region of 49%.

The markets turmoil did not spare our four investment-linked funds – Active Bond, Active Balanced, Dana Imbang and Asia Pacific Growth. However, under careful and diligent management, the funds have maintained performance that outperformed their respective benchmarks since the launch of the funds in September 2006 except for Dana Imbang.

Since inception in September 2006, Active Bond has grown +13.98% versus benchmark’s growth of +6.38%, Active Balanced has maintained a positive growth of +2.78% versus benchmark’s growth of +1.15% while Asia Pacific Growth suffered a lower drop of -18.99% versus benchmark’s drop of -20.47%. Dana Imbang has shown a marginal drop of -1.31% versus benchmark’s marginal growth of 2.08%.

Looking ahead into 2009, the global financial crisis has since expanded into a full blown global economic recession. Nevertheless, we remain confident in Malaysia’s economy and believe we will ride out the storm. We will continue to manage and invest prudently in industries and companies that will benefit from the economic recovery projected in the latter part of 2009.

We would like to express our sincere appreciation for the trust and confidence that you place in us and we will endeavour to deliver financial solutions that meet your financial goals.

Yours sincerely,AXA AFFIN Life Insurance Berhad

JEN (B) TAN SRI DATO SERI ABDUL RAHMAN BIN ABDUL HAMIDChairman

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The Active Bond Fund aims to provide a steady stream of income through investment in money market and private debt securities with limited exposure to equities.

Investor Profile• Conservative risk-reward temperament• Seek stable annual income• Medium term investor

The Active Balanced Fund aims to provide a steady income and capital growth over the medium to long-term period.

Investor Profile• Conservative to moderate risk-reward temperament• Preference for receiving regular income and a respectable measure of capital growth• Medium to long-term investor

The Dana Imbang aims to provide a steady income and capital growth over the medium to long-term period by investing in a portfolio of investments that complies with Syariah requirements.

Investor Profile• Conservative to moderate risk-reward temperament• Preference for receiving regular income and a respectable measure of capital growth• Medium to long-term investor

The Asia Pacific Growth Fund aims to seek high capital growth over the medium to long-term period through investments in situational and high growth stocks.

Investor Profile• Seeking medium to long-term capital growth• Wish to participate in the upside of Regional (i.e Asia Pacific) stock markets excluding

Japan markets• Can withstand extended periods of market highs and lows in pursuit of capital growth• Medium to long-term investment horizon

Fund Objectives Stock Markets Review

Stock Markets Review

The KLCI started the year breaking through the 1,500 point level at the beginning of the year before succumbing to profit taking and panic selling throughout the year as the global markets went into a rout on recurring U.S. subprime and global recession concerns, domestic political uncertainties and plunging commodity prices. We also saw panic selling in March as a result of the collapse of Bear Stearns and the shocking general election results. KLCI rebounded slightly in April, aided by strong CPO prices. The KLCI, however, fell below the 1,000-point mark in September, post the collapse of Lehman Brothers. With chronic negative news flow and risk aversion weighing on the global markets, the KLCI ended the year at 876.75 points, down 38.9%.

The biggest news of the year was the shocking general election which saw the opposition took control of five states and UMNO being denied the two-thirds majority in parliament. On the first trading day after the election, the KLCI plunged more than 10% and triggered, for the first time, the 10% circuit breaker. In second quarter and third quarter of the year, high oil prices led to concerns over inflation. The market took a beating again as investor worries over the impact of inflation on margin squeeze. The bond market was badly affected as countries around the world increased interest rates to curb high inflation. However, in Malaysia, Bank Negara was behind the curve in hiking interest rates given that slower growth and exports slowdown may eventually tame inflation.

There were two major corporate exercises in 2008. First was Maybank’s US$2.2bn acquisition of PT Bank Internasional Indonesia and a 20% stake in MCB Bank in Pakistan for US$742m. Second was the successful demerger of Telekom Malaysia into two separately listed entities – domestic fixes line business under Telekom Malaysia and mobile phone business under TM International. Earnings expectations and sentiment took a hit in June with steep petrol and electricity price hikes, as well as windfall taxes on the plantations and IPP sectors. As crude oil price took a nose dive due to falling demand, local pump prices were reduced gradually between August and December.

On the economic front, 3Q08 GDP was 4.7% amidst a sharp deterioration in the global economy. Growth was supported by continued expansion in private and public consumption. December exports, however, contracted by 20.1% due to weakness in electronics and non electronics. Separately, rising cost pressure as a result of higher commodity and food prices was one of the dominating themes this year. Headline inflation peaked at 8.5% in July and August, mainly due to substantial increases in transport and food prices. Come December, headline inflation moderated to 4.4% mainly due to reduction in local pump prices and more moderate increases in food prices. As inflation moderated, Bank Negara switched their attention to growth by easing monetary policy as downside risks to growth heightened. In November, Bank Negara reduced Overnight Policy Rate to 3.25% from 3.5%.

Funds Objectives

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Year 2008 was a year that saw the world economy and global financial markets suffered their biggest deleveraging and debt-deflation cycle since the Great Depression in the 1930s. On hindsight, most market participants, had underestimated the speed and scale of the deleveraging process in the financial sector, and the destructive feedback loops they took hold on the real economy. The global central banks were initially too pre-occupied with inflation and did not lower interest rates early and aggressive enough to contain the impending deflationary threat from the sub-prime mortgage collapse. The collapse of Lehman Brothers in mid September triggered a dramatic spike in risk aversions across the board. The loss of trust in the financial system and sharp drop in risky asset prices quickly undermined consumer and business confidence and pushed the real global economy past a tipping point.

The global financial crisis in 2008 is likely to be a watershed event marking the beginning of a structural shift in the global economic landscape. There are few major challenging issues for investors to grapple with as we head into 2009 and beyond.

Firstly, the de-leveraging pressure in the global financial system today is centred on the U.S. consumers, whose over-leveraged spending has been the key growth driver for the U.S. and the rest of the world for many years, accounting for more than 70% of the U.S. economy and close to 20% of the global economy. The U.S. policy makers had in the past been able to sustain such leveraged domestic spending by making debt cheaper and more easily available. But the Federal Reserve has lowered interest rate to near zero. Coupled with a continuing fall in asset values (notably housing), it is highly probable that the U.S. consumer spending will go into a prolonged retrenchment. This will potentially be a huge negative shock to global growth, leading to a lower growth trajectory not just for 2009 but in the years beyond. Such an outcome will have far-reaching implications for corporate profits, inflation and financial markets.

Secondly, there is increasing prospect of price deflation. Disinflation has been the key fundamental characteristic of the world economy over the past two decades thanks to competitive pricing pressure from globalization and integration of the developing world’s massive cheap labour pool into the global economy. It does not take much of a negative growth shock from a contracting consumer spending in the U.S. to tip the already low global inflation into price deflation. In general, once deflationary expectations set in, delayed spending by consumers will result in a negative feedback loop via further price declines and weaker spending (as shown by the Japanese experience in the 1990s). This will also increase the real debt burdens and further depresses the debtor class.

Stock Markets Outlook and Strategy

Still, Asia will not be unscathed. Its export-oriented economic growth model will be seriously undermined by the anticipated retrenchment in the U.S. consumer spending. But unlike the West, the expected growth slump in Asia is likely to be cyclical, not structural. With a still under-leveraged banking system, many developing Asian economies will continue to benefit from rising credit penetration (further helped by continuous monetary easing), rapid infrastructure development, China’s massive policy stimulus and its spill over effect on the rest of Asia. More importantly, the expected slump in the U.S. consumer demand for Asian exports would likely serve as a key catalyst for the long-awaited shift in Asian economic growth models from export-driven to domestic-consumption driven. Such a structural change is inevitable for Asia and should eventually place it on a higher growth trajectory than the industrialized world for years to come. We therefore remain confident of Asia’s superior long-term economic growth prospects to support an attractive risk-adjusted return on capital profile for Asian equities within the global equity asset class in the long run.

For 2009, we expect the Singapore market to continue its recovery, although it is likely to remain volatile. In terms of sector, we continue to like resource plays, selected China–related stocks and will continue to pick stocks on a bottom–up basis when we see value. At the same time, we will trim our position in some stocks where the risk-reward trade-off is not attractive.

Thailand has limited policy capacity to respond to the problems of sharply slowing growth. Fiscal policy has been paralyzed by the on-going political crisis which has seen three new prime ministers in the last four months. Poor execution will make it difficult to realize fiscal deficit target, and implement the supplementary budget and the mega-projects, notwithstanding all the promises. Without fiscal support, growth will slow sharply as external headwinds strengthen and domestic demand remains depressed. Thailand is fast being eclipsed by other regional markets with stronger growth and more focused government policy initiatives.

The Indonesian stock market seems to have stabilized. We note, however, that the market’s turnover remained very weak, which could be suggesting that sentiment is far from normal. The volatile Rupiah exchange rate remains a concern among investors. We are still cautious and would selectively add cheap and good quality stocks that match our investment criteria. We prefer selected names in banking, plantation, mining and consumer sectors.

The Philippines equity market remained weak in December. In our opinion, the market is likely to remain volatile and vulnerable to bad news that might arise from the U.S. or Europe. As the market has been oversold, we expect a recovery in the near term on bargain hunting. At current level, valuations remain attractive and we remain optimistic on the market on a longer-term horizon. In terms of sectors, we continue to like bank and properties while telecoms are also becoming more attractive. In addition, we also like certain companies which we consider attractive from a bottom-up perspective.



6 7

The market is encouraged by the South Korean government’s efforts to stabilise the won and to improve the economic environment. But as an export-driven economy, Korea will continue to suffer from the global slowdown. Exports to the U.S., Europe and China will stay weak in the next few quarters. Domestic consumption remains depressed. Corporate earnings will continue to show weaknesses. While most stocks are selling at very attractive levels reflecting the weak macroeconomic environment, we expect the market to remain volatile. Companies with high gearing or poor earnings visibility will likely underperform and the more defensive names will likely outperform.

The effects of global recession have depressed China’s near term growth outlook. While China’s growth forecasts were lowered, a soft landing is still the most likely scenario as fiscal stimulus takes time to lift growth next year. The market is currently trading at PER of 11x current earnings. As the long-term secular growth story remains intact, China is definitely one of the more attractive regional markets for investments once the deleveraging cycle ends and the financial crisis blows over.

The Hong Kong market is trading at PER of 13x 2009 earnings at the lower end of its historical band. Nonetheless, range trading is the best scenario for Hong Kong until mid-2009 due to a lack of catalyst on the domestic front and lack of clarity on how deep the global economic recession will be.

The global economic slowdown has buffeted Taiwan’s exported oriented economy. With the wild ride unfinished, it is difficult to invest as consensus earnings growth would be negative for FY 08 and 09 unless one looks beyond a 12 months horizon. The major positives of Taiwanese companies are relatively lower debt to equity ratio and high dividend yield which provides some support for the index. The warmer Taiwan and Mainland China relationship should generate some economic spin-off, despite signs of deceleration in China. There must be, however, realism in allowing a time lag for policy implementation to filter through the economy. We see opportunities emerging in the larger capitalization companies in Taiwan, despite their valuation premium over smaller cap stocks. These stocks would most likely be the early beneficiaries when risk appetite returns to the capital markets.


• Performance Table• Portfolio Composition By Category of Investments• Portfolio Composition By Sector• Portfolio Composition By Country• Portfolio Composition• Performance of Asia Pacific Growth Fund (APGF) Against The KLCI Since Inception

Performance Table2008

Net Asset Value (NAV) (RM/unit)Units in circulationTotal NAV (RM)Highest NAV (RM/unit)Lowest NAV (RM/unit)Total Annual Return (%) -36.1Kuala Lumpur Composite Index Return (%) -39.3

Portfolio Composition Category of Investments2008

Equity 89%Fixed Income -Deposits & Cash 11%



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Portfolio Composition By Sector (as a percentage of total equity)

Portfolio Composition By Country Allocation

Currency Breakdown 2008%

Hong Kong Dollar 22.7 Indonesion Rupiah 7.2 Korean Won 4.3 Malaysian Ringgit 31.8 Philippine Peso 1.3

Construction 7%Trading/Services 8%

Telecommunications 5%

Technology 6%

REIT 1%

Property 6%

Plantation 10%

Pharmaceutical 1%Oil & Gas 3%

Mining 9%

Manufacturing 2%

Consumer Products 3%Diversified 2%Energy & Water 0%ETF 7%

Finance 21%

Industrial Products 8%Infrastructure 1%

Indonesia 9%

Hong Kong/China 25%

Taiwan 6%

Thailand 8%

Singapore 16%

Korea 5%

Malaysia 29%

Philippines 2%

%Singapore Dollar 14.5 Thailand Baht 6.9 New Taiwan Dollar 10.6 US Dollar 0.6

Portfolio Composition

Equities

No. ofUnits Held

CostRM

MarketValue

RM

% of NetAssetValue

Constructions

Chip Eng Seng 356,000 413,295 163,353 0.90 EEI Corporation 500,000 151,743 27,733 0.15 Gamuda Bhd 150,000 384,653 283,500 1.56 GS Engineering & Construction 105 55,115 16,769 0.09 WCT Berhad 120,000 170,080 182,400 1.00 WCT Berhad-Warrant 24,000 6,000 5,640 0.03 YTL Corporation Berhad 72,000 541,177 507,600 2.79

1,122,105 1,722,063 1,186,995 6.52

Consumer Products

Hyundai Motor Co Ltd 395 104,056 42,961 0.24 PT Astra Intl 90,000 337,381 302,087 1.66 PT Ramayana Lestari Sentosa 810,000 259,938 128,852 0.71Shinsegae Co Ltd 28 61,869 37,161 0.20

900,423 763,244 511,062 2.81

Diversified

Hutchison Whampoa Ltd 10,000 250,620 173,844 0.96 Keppel Corp Ltd 18,000 341,827 188,228 1.04

28,000 592,447 362,072 2.00

Energy & Water

Korea Electric Power Corp. 550 89,151 44,827 0.25 550 89,151 44,827 0.25

ETF

IShares MSCI China Tracker 177,000 2,049,602 1,093,004 6.02 177,000 2,049,602 1,093,004 6.02

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Equities

No. ofUnits Held

CostRM

MarketValue

RM

% of NetAssetValue

Finance

Bangkok Bank PCL - Foreign 40,000 392,152 277,556 1.53 BOC Hong Kong Holdings Ltd 50,000 315,492 196,442 1.08 Bumiputra-Commerce Holdings Ltd 27,500 265,325 160,875 0.89 Cathay Financial Holdings Co. 13,650 101,069 52,582 0.29 Cheung Kong Holdings Ltd 4,000 202,411 131,200 0.72 China Construction Bank Ltd ‘H’ 177,000 372,508 336,613 1.85 China Life Insurance Co, Ltd ‘H’ 50,000 636,133 526,902 2.90 DBS Group Holdings Ltd 20,000 723,008 406,693 2.24 Ind & Comm BK Of China ‘H’ 122,000 217,941 222,735 1.23 KB Financial 670 191,823 62,171 0.34 Krung Thai Bank 600,000 341,230 227,635 1.25 Malayan Banking Berhad 53,750 492,172 274,125 1.51 Metropolitan Bank & Trust 78,000 262,745 130,927 0.72 RHB Capital Bhd 77,000 390,042 300,300 1.65 Shinhan Financial Group Ltd 460 83,397 37,618 0.21

1,314,030 4,987,447 3,344,374 18.41

Industrial Products

China Sky Chemical Fibre Bhd 242,000 371,046 166,565 0.92 Evergreen Fibreboard Bhd 78,000 93,729 42,120 0.23 Hiap Teck Venture Bhd 65,000 113,983 44,200 0.24 Java Inc Bhd 195,000 514,383 98,475 0.54 Mediatek Inc 6,060 225,614 141,023 0.78 Sembcorp Industries 64,000 348,368 358,585 1.97 Sembcorp Marine 30,000 176,493 121,718 0.67 Sino Techfibre Limited 282,000 207,664 125,993 0.69 Ta Ann Holdings Bhd 46,000 264,357 165,600 0.91

1,008,060 2,315,636 1,264,279 6.95

Infrastructure

YTL Power International Bhd 82,000 144,311 155,800 0.86 82,000 144,311 155,800 0.86

Equities

No. ofUnits Held

CostRM

MarketValue

RM

% of NetAssetValue

Manufacturing

China Zaino International 110,000 126,124 47,818 0.26 Delta Electronics 14,994 165,111 100,485 0.55 Hongguo International 195,000 269,731 94,187 0.52

319,994 560,965 242,489 1.33

Mining

Banpu Public Co 33,000 568,154 751,197 4.14 Bumi Resources 1,250,000 423,826 361,900 1.99 Indo Tambangraya Megah 40,000 79,338 133,625 0.74 Straits Asia Resources 154,000 306,280 290,094 1.60

1,477,000 1,377,599 1,536,816 8.47

Oil & Gas

CNOOC Ltd 60,000 189,018 194,383 1.07 CNPC Hong Kong 200,000 273,171 215,683 1.19 Tianjin Tianlian Public 340,000 268,083 62,378 0.34

600,000 730,273 472,445 2.60

Pharmaceutical

Sihuan Pharmaceutical 70,000 128,328 106,503 0.59 70,000 128,328 106,503 0.59

Plantation

IOI Corporation Bhd 145,000 722,240 516,200 2.84 Kuala Lumpur Kepong Bhd 55,000 655,466 489,500 2.70 PT Astra Agro 93,000 185,346 289,965 1.60 Sampoerna Agro 500,000 188,766 189,302 1.04 TSH Resources Bhd 90,000 163,599 121,500 0.67

883,000 1,915,417 1,606,467 8.85



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Equities

No. ofUnits Held

CostRM

MarketValue

RM

% of NetAssetValue

Properties

Capitaland Bhd 40,000 308,922 300,431 1.65 Filinvest Land Inc 2,960,000 254,730 84,249 0.46 Hang Lung Properties Ltd 8,000 108,616 60,284 0.33 Henderson Land Development 5,000 125,186 64,213 0.35 Keppel Land 45,000 184,571 184,750 1.02 Shimao Property 90,000 324,914 216,668 1.19 UEM Land Holdings Bhd 90,000 167,370 48,150 0.27

3,238,000 1,474,309 958,744 5.27

REITAtrium Real Estate Investment Trust 265,000 272,950 161,650 0.89

265,000 272,950 161,650 0.89

Technology

Asustek Computer Inc 13,196 120,351 51,251 0.28 AU Optronics 10,708 46,338 27,914 0.15 Hon Hai Precision 18,400 335,725 124,670 0.69 Quanta Computer 21,012 109,189 76,728 0.42 Samsung Electronics 306 702,377 379,997 2.09 Samsung Electronics-PFD NV 45 83,481 31,968 0.18 Taiwan Semiconductor 65,653 476,587 307,643 1.69

129,320 1,874,048 1,000,170 5.50

Telecommunications

China Mobile (HK) Ltd 16,000 545,454 557,017 3.07 PT Telekomunikasi Ser 40,000 151,994 87,810 0.48 SK Telecom Co Ltd 209 170,445 120,275 0.66 Taiwan Mobile Co Ltd 11,400 47,201 58,593 0.32

67,609 915,094 823,696 4.53

Equities

No. ofUnits Held

CostRM

MarketValue

RM

% of NetAssetValue

Trading/Services

Freight Management 41,600 38,826 23,088 0.13 Malaysian Airlines System Bhd 45,000 177,247 137,700 0.76 Malaysian Airlines System - Bhd PA 10,000 10,000 73,000 0.04 Resorts World Bhd 135,000 490,473 305,100 1.68 Sealink International Bhd 208,000 260,000 114,400 0.63 Tanjong PLC 40,000 587,538 532,000 2.93 Tenaga Nasional Berhad 20,000 205,477 125,000 0.69

499,600 1,769,560 1,310,288 6.86

Total Equities 12,181,691 23,682,443 16,115,980 88.71

Performance of Asia Pacific Growth Fund (APGF) Against The KLCI Since Inception (as at 9 August 2006)

Asia Pacific Growth Fund (APGF) vs Benchmark vs KLCI

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

9-Au

g-06

6-Se

p-06

4-Oc

t-06

1-N

ov-0

6

29-N

ov-0

6

27-D

ec-0

6

24-Ja

n-07

21-F

eb-0

7

21-M

ar-0

7

18-A

pr-0

7

16-M

ay-0

7

13-Ju

n-07

11-Ju

l-07

8-Au

g-07

5-Se

p-07

3-Oc

t-07

31-O

ct-0

7

28-N

ov-0

7

26-D

ec-0

7

23-Ja

n-08

20-F

eb-0

8

19-M

ar-0

8

16-A

pr-0

8

14-M

ay-0

8

11-Ju

n-08

9-Ju

l-08

6-Au

g-08

3-Se

p-08

1-Oc

t-08

29-O

ct-0

8

26-N

ov-0

8

24-D

ec-0

8

Asia Pacific Growth Fund (APGF) KLCI Benchmark



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• Performance Table• Portfolio Composition By Category of Investments• Portfolio Composition• Performance of Active Bond Fund (Bond) Against The KLCI Since Inception


Net Asset Value (NAV) (RM/unit)Units in circulationTotal NAV (RM)Highest NAV (RM/unit)Lowest NAV (RM/unit)Total Annual Return (%) 1.0Kuala Lumpur Composite Index Return (%) -39.3


Fixed Income 16%Equity 10%Deposits & Cash 74%

Active Bond Fund (Bond)Portfolio Composition

Equities

No. ofUnits Held

CostRM

MarketValue

RM

% of NetAssetValue

Construction

Malaysian Resources Corp Bhd 100,000 99,291 70,500 1.11 100,000 99,291 70,500 1.11

Finance

AMMB Holdings Bhd 25,000 76,521 61,750 0.97

25,000 76,521 61,750 0.97

Infrastructure


Plantation

IOI Corporation Bhd 15,000 73,731 53,400 0.84 15,000 73,731 53,400 0.84

Property

Sunway City Bhd 60,000 136,082 105,000 1.68 60,000 136,082 105,000 1.68

REIT

Atrium Real Estate Investment Trust 105,000 108,150 64,050 1.00 Axis Real Estate 62,000 111,600 69,440 1.10 Tower Real Estate 100,000 129,519 88,000 1.33

267,000 349,269 221,490 3.43

Trading/Services

Sealink International Bhd 47,000 58,750 25,850 0.41 47,000 58,750 25,850 0.41

Total Equities 570,375 890,789 645,103 10.15


16 17

Performance of Active Bond Fund (Bond) Against The KLCI Since Inception (as at 9 August 2006)

Active Bond Fund (Bond) vs Benchmark vs KLCI

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

9-Au

g-06

6-Se

p-06

4-Oc

t-06

1-N

ov-0

6

29-N

ov-0

6

27-D

ec-0

6

24-Ja

n-07

21-F

eb-0

7

21-M

ar-0

7

18-A

pr-0

7

16-M

ay-0

7

13-Ju

n-07

11-Ju

l-07

8-Au

g-07

5-Se

p-07

3-Oc

t-07

31-O

ct-0

7

28-N

ov-0

7

26-D

ec-0

7

23-Ja

n-08

20-F

eb-0

8

19-M

ar-0

8

16-A

pr-0

8

14-M

ay-0

8

11-Ju

n-08

9-Ju

l-08

6-Au

g-08

3-Se

p-08

1-Oc

t-08

29-O

ct-0

8

26-N

ov-0

8

24-D

ec-0

8

Active Bond Fund (Bond)) KLCI Benchmark



• Performance Table• Portfolio Composition By Category of Investments• Portfolio Composition By Sector• Portfolio Composition• Performance of Active Balanced Fund (Balanced) Against The KLCI Since Inception




Equity 54%Fixed Income 0%Deposits & Cash 46%


Trading/Services 21%

Property 10%

Plantation 12%

Trust 1%

Industrial Products 10%

Constructions 27%

Consumer Products 3%

Finance 16%


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Equities

No. ofUnits Held

CostRM

MarketValue

RM

% of NetAssetValue

ConstructionsGamuda Bhd 90,000 186,798 170,100 2.40 IJM Corp Bhd 76,000 202,790 212,800 3.00 Malaysian Resources Bhd 200,000 175,588 141,000 1.99 Muhibbah Engineering Bhd 100,000 161,567 99,000 1.40 Pintaras Jaya Bhd 37,000 46,653 38,850 0.55 WCT Berhad 109,181 202,454 165,955 2.34 YTL Corporation Berhad 26,000 180,817 183,300 2.59 WCT Berhad-Warrant 7,644 1,911 1,796 0.03

645,825 1,158,578 1,012,801 14.30

Consumer Products

UMW Holdings Bhd 25,000 146,365 128,750 1.82 25,000 146,365 128,750 1.82

Finance

AMMB Holdings Bhd 90,000 262,415 222,300 3.14 Bumiputra-Commerce Holdings Bhd 25,100 230,152 146,835 2.07 RHB Capital Bhd 60,000 293,549 234,000 3.30

175,100 786,117 603,135 8.51

Industrial Products

CB Industrial Product Hldgs Bhd 14,000 49,701 23,800 0.34 Evergreen Fibreboard Bhd 50,000 58,366 27,000 0.38 Java Inc Bhd 55,000 165,812 27,775 0.39 KNM Group Bhd 250,000 165,127 101,250 1.43 Lingui Development Bhd 90,000 149,503 54,000 0.76 Lion Industries Bhd 60,000 136,943 40,500 0.57 Malaysia Steel Works KL Bhd 64,000 74,589 41,280 0.58 Ta Ann Holdings Bhd 20,600 131,295 74,160 1.05

603,600 931,335 389,765 5.50

Equities

No. ofUnits Held

CostRM

MarketValue

RM

% of NetAssetValue

PlantationIOI Corporation Bhd 65,000 297,394 231,400 3.27 Kuala Lumpur Kepong Bhd 20,000 231,269 178,000 2.51 TSH Resources Bhd 25,000 34,660 33,750 0.48

110,000 563,323 443,150 6.26

Property

Eastern & Oriental Bhd 57,200 87,623 24,596 0.35 Hunza Properties Bhd 15,000 34,626 19,050 0.27 IGB Corp Bhd 120,000 211,996 165,600 2.34 Sunway City Bhd 85,000 221,849 148,750 2.10 UEM Land Bhd 62,500 109,779 33,438 0.47

339,700 665,872 391,434 5.53

REIT

Atrium Real Estate Investment Trust 89,000 91,670 54,290 0.77 89,000 91,670 54,290 0.77

Trading/Services

Astro All Asia Networks Plc 27,500 96,416 60,775 0.86 Freight Management Hldgs Bhd 83,000 77,458 46,065 0.65 MBM Resources Bhd 25,000 78,285 57,000 0.80 Resorts World Bhd 91,000 301,091 205,660 2.90 Sealink International Bhd 65,000 81,250 35,750 0.50 Tanjong PLC 20,500 293,554 272,650 3.85 Tenaga Nasional Bhd 20,000 130,874 125,000 1.76

332,000 1,058,926 802,900 11.32

Total Equities 2,320,225 5,402,186 3,826,225 54.01


20 21


Performance of Active Balanced Fund (Balanced) Against The KLCI Since Inception (as at 9 August 2006)

Active Balanced Fund (Balanced) vs Benchmark vs KLCI

-15%

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Active Balanced Fund (Balanced) KLCI Benchmark


• Performance Table• Portfolio Composition By Category of Investments• Portfolio Composition By Sector• Portfolio Composition• Performance of Dana Imbang (Dana Imbang) Against The KLCI Since Inception




Equity 53%Fixed Income -Deposits & Cash 47%



Infrastructure 5%

Trading/Services 8%

Property 15%

Plantation 14%

Trust 7%

Construction 24%

Consumer Products 10%

Industrial Products 17%

22 23



Equities

No. ofUnits Held

CostRM

MarketValue

RM

% of NetAssetValue

Constructions

Gamuda Bhd 95,000 195,694 179,550 3.17 IJM Corp Bhd 30,000 77,714 84,000 1.48 Malaysian Resources Bhd 200,000 183,501 141,000 2.49 Muhibbah Engineering Bhd 103,500 158,516 102,465 1.81 WCT Berhad 102,737 213,341 156,160 2.76 Zelan Bhd 70,000 139,317 61,600 1.09 WCT Berhad-Warrant 7,995 1,989 1,869 0.03

609,232 970,073 726,645 12.83

Consumer Products

PPB Group Bhd 20,000 165,586 186,000 3.29 UMW Holdings Bhd 20,000 117,983 103,000 1.82

40,000 283,569 289,000 5.11

ETF

MYETF DJ Islamic Titans 25 350,000 339,659 213,500 3.77 350,000 339,659 213,500 3.77

Industrial ProductsCB Industrial Product Hldg Bhd 14,000 49,701 23,800 0.42 Evergreen Fibreboard Bhd 50,000 58,366 27,000 0.48 Java Inc Bhd 48,000 150,929 24,240 0.43 Jaya Tiasa Holdings 60,000 243,437 112,200 1.98 KNM Group 211,500 169,100 85,658 1.51 Lion Industries Bhd 80,000 188,247 54,000 0.95 Malaysia Steel Works KL Bhd 58,666 68,374 37,840 0.67 Ta Ann Holdings Bhd 38,100 265,564 137,160 2.42

560,266 1,193,717 501,897 8.86

Infrastructure


Equities

No. ofUnits Held

CostRM

MarketValue

RM

% of NetAssetValue

Plantation

IOI Corporation Bhd 60,000 278,778 213,600 3.78 Kim Loong Resources 14,000 26,907 21,000 0.37 Kuala Lumpur Kepong 18,000 211,198 160,200 2.83 TSH Resources 25,000 34,730 33,750 0.60

117,000 551,614 428,550 7.58

Properties

Eastern & Oriental Bhd 50,050 76,669 21,522 0.38 Hunza Properties Bhd 23,000 53,093 29,210 0.52 IJM Land Bhd 100,000 75,266 65,000 1.15 KLCC Property Bhd 25,000 72,497 70,000 1.24 Sunrise Bhd 90,000 188,097 128,700 2.27 Sunway City Bhd 60,000 130,513 105,000 1.86 UEM Land Bhd 75,000 130,279 40,125 0.71

423,050 726,415 459,557 8.13

Trading/Services

Freight Management Hldgs Bhd 75,000 69,992 41,625 0.74 MBM Resources Bhd 22,000 68,891 50,160 0.89 Tenaga Nasional Bhd 25,000 180,405 156,250 2.76

122,000 319,288 248,035 4.39

Total Equities 2,293,298 4,510,605 3,003,508 53.08


24 25

Performance of Dana Imbang (Dana Imbang) Against The KLCI Since Inception (as at 9 August 2006)

Dana Imbang (Dana Imbang) vs Benchmark vs KLCI

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Dana Imbang (Dana Imbang) KLCI Benchmark


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26 27



Statement of Assets and Liabilities as at 31 December 2008

Note

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Investments: 3Malaysian Government

securities - 1,005,000 - -Equity securities, quoted in

Malaysia 4,640,573 423,612 3,771,935 2,790,009Equity securities, quoted

outside Malaysia 10,220,753 - - -Unit trust, quoted in Malaysia 161,650 221,490 54,290 213,500Unit trust, quoted outside

Malaysia 1,093,003 - - -Fixed and call deposits 1,283,683 4,646,837 3,196,049 2,701,070

17,399,662 6,296,939 7,022,274 5,704,579

Deferred tax assets 4 605,317 22,223 126,077 120,592Interest and dividend receivable 146,614 29,474 68,766 43,770Amount due from Manager - 289,697 8,150 -Cash and bank balances 1,091,492 69,181 9,702 1,133

1,843,423 410,575 212,695 165,495Total assets 19,243,085 6,707,514 7,234,969 5,870,074

Other payables (313,303) (259,583) (47,726) (29,307)Amount due to Manager (467,187) - - (72,905)Current tax liabilities (295,795) (65,314) (103,608) (102,945)Total liabilities (1,076,285) (324,897) (151,334) (205,157)Net asset value of fund 18,166,800 6,382,617 7,083,635 5,664,917

Represented by:Policyholders’ capital 5 22,004,259 5,566,670 7,140,981 5,704,975(Accumulated losses)/

undistributed income carried forward (3,837,459) 815,947 (57,346) (40,058)

18,166,800 6,382,617 7,083,635 5,664,917Units in circulation 5 22,413,129 5,596,992 6,896,624 5,731,579Net asset value per unit 0.8105 1.1404 1.0271 0.9883

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

Statement of Assets and Liabilities as at 31 December 2007

Note

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Investments: 3Malaysian Government

securities - 1,535,085 - -Equity securities, quoted in

Malaysia 8,217,213 - 3,366,475 2,986,836Equity securities, quoted

outside Malaysia 10,328,888 - - -Real estate investment trust,

quoted in Malaysia 265,000 105,000 89,000 -Unit trust, outside Malaysia 1,449,804 - - -Unquoted corporate debt

securities - 502,044 502,044 -Fixed and call deposits 4,504,647 3,510,253 3,831,135 4,054,724

24,765,552 5,652,382 7,788,654 7,041,560

Deferred tax assets 4 - 1,078 - -Interest and dividend receivable - 39,194 33,933 77,770Amount due from Manager - 4,706 - -Cash and bank balances 3,138,876 94,804 215,633 11,375

3,138,876 139,782 249,566 89,145Total assets 27,904,428 5,792,164 8,038,220 7,130,705

Other payables (41,812) (3,276) (10,186) (9,268)Amount due to Manager (57,766) - (99,504) (23,562)Current tax liabilities (316,334) (53,528) (92,175) (83,115)Deferred tax liabilities 4 (184,098) - (52,996) (54,930)Total liabilities (600,010) (56,804) (254,861) (170,875)Net asset value of fund 27,304,418 5,735,360 7,783,359 6,959,830

Represented by:Policyholders’ capital 5 21,659,299 5,043,630 6,002,481 5,305,112Undistributed income carried

forward 5,645,119 691,730 1,780,878 1,654,71827,304,418 5,735,360 7,783,359 6,959,830

Units in circulation 5 21,535,815 5,080,850 5,850,829 5,290,270Net asset value per unit 1.2679 1.1288 1.3303 1.3156



28 29



Statement of Income and Expenditure for the Financial Year ended 31 December 2008

Note

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Investment income:Interest income 84,332 226,306 139,897 112,925Dividend income 698,950 46,950 161,486 110,163

Net realised gains on disposal of investments - 117,457 2,885 179,127

Total income 783,282 390,713 304,268 402,215

Amortisation of premiums - (1,273) (3,494) -Unrealised capital loss on

investments (9,693,638) (242,536) (2,238,420) (2,194,027)Unrealised foreign exchange

losses (373,122) - - -Net realised loss on disposal of

investments (801,022) - - -Management fees (175,777) (30,394) (60,016) (50,145)Total expenses (11,043,558) (274,203) (2,301,930) (2,244,172)

Net income before taxation (10,260,276) 116,510 (1,997,662) (1,841,957)

Taxation 6 777,698 7,707 159,438 147,181

Net income after taxation/undistributed income carried forward (9,482,578) 124,217 (1,838,224) (1,694,776)

Undistributed income brought foward 5,645,119 691,730 1,780,878 1,654,718

(Accumulated losses)/undistributed income carried forward (3,837,459) 815,947 (57,346) (40,058)


Statement of Income and Expenditure for the Financial Period from 9 August 2006 (Date of Commencement) to 31 December 2007

Note

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Investment income:Interest income 328,687 304,192 165,443 146,782Dividend income 603,182 5,540 105,776 89,093

Net realised gains on disposal of investments 3,271,227 489,405 1,030,335 917,633

Unrealised capital gain on investments 2,347,017 - 662,459 686,633

Total income 6,550,113 799,137 1,964,013 1,840,141

Amortisation of premiums - (41,771) (3,456) -Unrealised capital loss on

investments - (3,150) - -Unrealised foreign exchange losses (219,843) - - -Management fees (181,010) (10,036) (31,025) (44,352)Total expenses (400,853) (54,957) (34,481) (44,352)

Net income before taxation 6,149,260 744,180 1,929,532 1,795,789

Taxation 6 (504,141) (52,450) (148,654) (141,071)

Net income after taxation/undistributed income carried forward 5,645,119 691,730 1,780,878 1,654,718



30 31



Statement of Changes in Net Asset Value for the Financial Year ended 31 December 2008

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Net asset value at beginning of the financial year 27,304,418 5,735,360 7,783,359 6,959,830

Movement due to units created and cancelled during the financial period:

Net creation of units 578,941 538,633 1,273,642 508,863Net cancellation of units (233,981) (15,593) (135,142) (109,000)

344,960 523,040 1,138,500 399,863

Net income for the financial year:Net realised (loss)/income (578,355) 345,608 221,122 323,721Unrealised gain/(loss) on

investments, net of tax (8,904,223) (221,391) (2,059,346) (2,018,507)(9,482,578) 124,217 (1,838,224) (1,694,776)

Net asset value at end of the financial year 18,166,800 6,382,617 7,083,635 5,664,917

Statement of Changes in Net Asset Value for the Financial Period from 9 August 2006 (Date of Commencement) to 31 December 2007

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Movement due to units created and cancelled during the financial period:

Net creation of units 21,726,638 5,063,751 6,085,431 5,373,681Net cancellation of units (67,339) (20,121) (82,950) (68,569)

21,659,299 5,043,630 6,002,481 5,305,112

Net income for the financial period:Net realised income 3,688,119 733,057 1,174,596 1,023,016Unrealised gain/(loss) on

investments, net of tax 1,957,000 (41,327) 606,282 631,7025,645,119 691,730 1,780,878 1,654,718

Net asset value at end of the financial period 27,304,418 5,735,360 7,783,359 6,959,830


32 33

Cash Flow Statement

Cash Flow Statement

Cash Flow Statement for the Financial Year ended 31 December 2008

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

CASH FLOW FROM OPERATING ACTIVITIES

Proceeds from disposal of investments 12,382,675 3,466,186 3,958,511 3,266,069

Purchase of investments (19,105,530) (3,100,511) (6,086,246) (5,297,645)Decrease/(increase) in fixed

and call deposits 3,220,964 (1,136,584) 635,086 1,353,654Increase in receivables - (284,991) (8,150) -Increase in payables 271,491 256,307 37,540 20,039Interest income received 84,332 247,785 195,419 69,155Dividend income received 552,336 35,191 71,131 187,933Payment of fund expenses 233,644 (30,394) (159,520) (799)Tax paid (32,256) (1,652) (8,202) (8,511)Net cash outflow from operating

activities (2,392,344) (548,663) (1,344,431) (410,105)

CASH FLOW FROM FINANCING ACTIVITIES

Cash proceeds from units created 578,941 538,633 1,273,642 508,863Cash paid on units cancelled (233,981) (15,593) (135,142) (109,000)

Net cash inflow from financing activities 344,960 523,040 1,138,500 399,863

Net increase in cash and cash equivalents (2,047,384) (25,623) (205,931) (10,242)

Cash and cash equivalents at beginning of the financial year 3,138,876 94,804 215,633 11,375

Cash and cash equivalents at end of the financial year 1,091,492 69,181 9,702 1,133

Cash and cash equivalents comprise:Cash and bank balances 1,091,492 69,181 9,702 1,133

Cash Flow Statement for the Financial Period from 9 August 2006 (Date of Commencement) to 31 December 2007

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

CASH FLOW FROM OPERATING ACTIVITIES

Proceeds from disposal of investments 21,807,669 5,943,411 5,865,500 4,808,547

Purchase of investments (36,670,173) (7,641,056) (8,133,681) (6,191,116)Increase in fixed and call deposits (4,504,647) (3,510,253) (3,831,135) (4,054,724)Increase in receivables - (4,706) - (68,000)Increase in payables 99,578 3,276 109,690 32,830Interest income received 328,687 264,998 131,510 146,782Dividend income received 603,182 5,540 105,776 79,323Payment of fund expenses (181,010) (10,036) (31,025) (44,352)Tax paid (3,709) - (3,483) (3,027)Net cash outflow from operating

activities (18,520,423) (4,948,826) (5,786,848) (5,293,737)

CASH FLOW FROM FINANCING ACTIVITIES

Cash proceeds from units created 21,726,638 5,063,751 6,085,431 5,373,681Cash paid on units cancelled (67,339) (20,121) (82,950) (68,569)

Net cash inflow from financing activities 21,659,299 5,043,630 6,002,481 5,305,112

Net increase in cash and cash equivalents 3,138,876 94,804 215,633 11,375

Cash and cash equivalents at end of the financial period 3,138,876 94,804 215,633 11,375

Cash and cash equivalents comprise:Cash and bank balances 3,138,876 94,804 215,633 11,375

Cash Flow Statement

34 35



1 PRINCIPAL ACTIVITIES AND GENERAL INFORMATION

The principal activities of Asia Pacific Growth Fund (“APGF Fund”), Active Bond Fund (“Bond Fund”), Active Balanced Fund (“Balanced Fund”) and Dana Imbang (“Dana Imbang”) (hereinafter referred to collectively as “the Funds”) are to invest in authorised investments.

The Asia Pacific Growth Fund (“APGF Fund”) which commenced on 9 August 2006, seeks high capital growth over the medium to long-term period through investments in situational and high growth stocks.

The Active Bond Fund (“Bond Fund”) which commenced on 9 August 2006, aims to provide a steady stream of income through investment in money market and private debt securities with limited exposure to equities.

The Active Balanced Fund (“Balanced Fund”) which commenced on 9 August 2006, aims

to provide a steady income and capital growth over the medium to long-term period. The Dana Imbang (“Dana Imbang”) which commenced on 9 August 2006, aims to provide

a steady income and capital growth over the medium to long-term period by investing in a portfolio of investments that complies with Syariah requirements.

The Manager of the Funds is AXA AFFIN Life Insurance Berhad, a company incorporated in Malaysia, whose principal activity consist of the underwriting of life insurance business, including investment-linked business.

The financial statements were authorised for issued by the Board of Directors of the Manager in accordance with their resolution dated 19 March 2009.

2 SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements.

(a) Basis of preparation

The financial statements of the Funds have been prepared under the historical cost convention except for investments are stated are fair values as disclosed in the significant accounting policies.

The financial statements comply with Financial Reporting Standards (“FRS”), the MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities, the Insurance Act, 1996 and Guidelines/Circulars issued by Bank Negara Malaysia (BNM).

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(a) Basis of preparation (Continued)

Standards that are relevant and applicable to the Funds but not yet effective

The following standards will be effective for annual period beginning on or after 1 January 2010. The Funds will apply these standards from financial periods beginning on 1 January 2010. The Funds has applied the transitional provision in the respective standards which exempts entities from disclosing the possible impact arising from the initial application of the standard on the financial statements of the Funds.

FRS 139 Financial Instruments: Recognition and Measurement. FRS 7 Financial Instruments: Disclosures (b) Use of estimates and judgements

The preparation of financial statements in conformity with FRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported year. It also requires Directors to exercise their judgement in the process of applying the Company’s accounting policies. Although these estimates and judgement are based on the Directors’ best knowledge of current events and actions, actual results may differ.

However, the Directors are of the opinion that there are currently no areas where assumptions and estimates that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year and no accounting policies which requires significant judgement to be exercised.

(c) Foreign currency

Functional and presentation currency

These financial statements are presented in Ringgit Malaysia (RM), which is the Fund’s functional currency.

Foreign currency transactions

Transactions in foreign currencies are retranslated to the functional currency using the exchange rates prevailing at the dates of the transaction.

Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and expenditure.


36 37



(d) Investments

Quoted investments are valued at the market price quoted on any stock exchange as at the last transacted price available on the relevant stock exchange on the valuation date. If no traded price is available, the last available closing price as at the valuation date will be used. The unrealised gains and losses as a result of marking to market the quoted investments are recognised in the statement of income and expenditure.

Unquoted investments are stated at cost adjusted for the amortisation of premiums or accretion of discounts, at the date of purchase using the effective yield method. The carrying values of the unquoted investments are subsequently revalued to reflect its fair value by using the quotation from brokers. The unrealised gains and losses on revaluation of the unquoted investments are recognised in the statement of income and expenditure.

Investment in unit trusts, mutual funds or other such collective investments will be priced using the last published price available on valuation date.

(e) Receivables

Receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from another entity is established.

Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.

(f) Payables

Payables are measured initially and subsequently at cost. Payables are recognised when there is a contractual obligation to deliver cash or another financial asset to another entity.

(g) Net creation of units

Net creation of units represents premiums paid by policyholders as payment for new contract or subsequent payments to increase the amount of that contract. Net creation of units is recognised on a receipt basis.

(h) Net cancellation of units

Net cancellation of units represents cancellation of units arising from surrenders and withdrawals by policyholders. Cancellation is recognised upon surrendering of the related insurance contract.


(i) Income recognition

Interest income, including the amount of amortisation of premiums and accretion of discounts, is recognised on a time proportion basis that takes into account the effective yield of the asset.

Dividend income is recognised when the right to receive payment is established.

Gains or losses arising from disposal of investments are credited or charged to the statement of income and expenditure.

(j) Income taxes

Current tax expense is determined according to the tax laws of the jurisdiction in which the Funds operate and include all taxes based upon the taxable profits.

Deferred tax is recognised in full, using the liability method, on temporary differences arising between the amounts attributed to assets and liabilities for tax purpose and their carrying amounts in the financial statements. However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences or unused tax losses can be utilised.

Deferred tax is determined using tax rates (and tax laws) that have been enacted or substantially enacted by the date of the statement of assets and liabilities, and are expected to apply when the related deferred tax assets is realised or the deferred tax liability is settled.

(k Cash and cash equivalents

Cash and cash equivalents consist of cash and bank balances, excluding fixed and call deposits, that are readily convertible to know amounts of cash and which are subject to an assignment risk of change in value.

(l) Management fee

Management fee is calculated based on the Net Asset Value of the Fund on valuation date.


38 39


3. INVESTMENTS

2008

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Malaysian Government securitiesat cost - 1,040,250 - -

Amortisation of premium - (35,250) - -- 1,005,000 - -

Equity securities, quoted inMalaysia at cost 6,858,446 541,520 5,310,516 4,171,244

Unrealised capital loss (2,217,873) (117,907) (1,538,581) (1,381,235)4,640,573 423,613 3,771,935 2,790,009

Equity securities, quoted outsideMalaysia at cost 14,501,446 - - -

Unrealised capital gain (3,907,571) - - -Unrealised foreign exchange loss (373,122) - - -

10,220,753 - - -

Unit trust, quoted in Malaysiaat cost 272,950 349,269 91,670 339,659

Unrealised capital loss (111,300) (127,779) (37,380) (126,159)161,650 221,490 54,290 213,500

Unit trust, outside Malaysiaat cost 2,049,602 - - -

Unrealised capital loss (956,599) - - -Unrealised foreign exchange loss - - - -

1,093,003 - - -

Fixed and call deposits with licensed banks 1,283,683 4,646,836 3,196,049 2,701,070

Total investments 17,399,662 6,296,939 7,022,274 5,704,579

3. INVESTMENTS (Continued)

2007

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Malaysian Government securitiesat cost - 1,573,400 - -

Amortisation of premium - (38,315) - -- 1,535,085 - -

Equity securities, quoted inMalaysia at cost 6,905,460 - 2,701,346 2,300,203

Unrealised capital gain 1,311,753 - 665,129 686,6338,217,213 - 3,366,475 2,986,836

Equity securities, quoted outsideMalaysia at cost 9,464,709 - - -

Unrealised capital gain 1,069,684 - - -Unrealised foreign exchange loss (205,505) - - -

10,328,888 - - -

Real estate investment trust, quotedin Malaysia at cost 272,950 108,150 91,670 -

Unrealised capital loss (7,950) (3,150) (2,670) -265,000 105,000 89,000 -

Unit trust, outside Malaysiaat cost 1,490,611 - - -

Unrealised capital loss (26,469) - - -Unrealised foreign exchange loss (14,338) - - -

1,449,804 - - -

Unquoted corporate debt securitiesat cost - 505,500 505,500 -

Amortisation of premium - (3,456) (3,456) -- 502,044 502,044 -

Fixed and call deposits with licensed banks 4,504,647 3,510,253 3,831,135 4,054,724

Total investments 24,765,552 5,652,382 7,788,654 7,041,560


40 41

3. INVESTMENTS (Continued)

The maturity structure of Malaysian government securities and fixed and call deposits is as follows:

2008

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Investments maturing within 12 months 1,283,683 5,651,836 3,196,049 2,701,070

The maturity structure of Malaysian government securities, unquoted corporate debt securities and fixed and call deposits is as follows:

2007

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Investments maturing within 12 months 4,504,647 4,530,528 4,333,179 4,054,724

Investments maturing after 12 months - 1,016,854 - -

4,504,647 5,547,382 4,333,179 4,054,724

4. DEFERRED TAXATION ASSETS/LIABILITIES

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority.

The following amounts, determined after appropriate offsetting, are shown in the

statement of assets and liabilities:

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

2008Subject to income tax (before/

after offsetting):Deferred tax assets arising from

investments 605,317 22,223 126,077 120,592

Deferred tax assets/(liabilities):At the beginning of the financial

year (184,098) 1,078 (52,996) (54,930)(Charged)/credited to statement

of income and expenditure (Note 6):- investments 789,415 21,145 179,073 175,522

At end of the financial year 605,317 22,223 126,077 120,592

2007Subject to income tax (before/

after offsetting):Deferred tax assets arising from

investments - 1,078 - -Deferred tax liabilities arising

from investments (184,098) - (52,996) (54,930)

Deferred tax assets/(liabilities):(Charged)/credited to statement

of income and expenditure (Note 6):- investments (184,098) 1,078 (52,996) (54,930)

At end of the financial period (184,098) 1,078 (52,996) (54,930)



42 43

5. POLICYHOLDERS’ CAPITAL

APGF Fund Bond FundRM Units RM Units

2008At the beginning of the financial

year 21,659,299 21,535,815 5,043,630 5,080,850Net creation of units 578,941 1,107,214 538,633 529,780Net cancellation of units (233,981) (229,900) (15,592) (13,638)At end of the financial year 22,004,259 22,413,129 5,566,670 5,596,992

Balanced Fund Dana ImbangRM Units RM Units

2008At the beginning of the financial

year 6,002,481 5,850,829 5,305,112 5,290,270Net creation of units 1,273,642 1,163,157 508,863 533,956Net cancellation of units (135,142) (117,362) (109,000) (92,647)At end of the financial year 7,140,981 6,896,624 5,704,975 5,731,579

APGF Fund Bond FundRM Units RM Units

2007At date of commencementNet creation of units 21,726,638 21,571,359 5,063,751 5,087,606Net cancellation of units (67,339) (35,544) (20,121) (6,756)At end of the financial period 21,659,299 21,535,815 5,043,630 5,080,850

Balanced Fund Dana ImbangRM Units RM Units

2007At date of commencementNet creation of units 6,085,431 5,879,531 5,373,681 5,307,879Net cancellation of units (82,950) (28,702) (68,569) (17,609)At end of the financial period 6,002,481 5,850,829 5,305,112 5,290,270



This page is intentionally left blank.

44 45

6. TAXATION

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

2008Current tax for the financial year 11,717 13,438 19,635 28,341Deferred tax (Note 4):Origination and reversal of

temporary differences (789,415) (21,145) (179,073) (175,522)Taxation (777,698) (7,707) (159,438) (147,182)

The explanation of the relationship between taxation and income before taxation is as follows:

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

2008Net income before taxation (10,260,276) 116,510 (1,997,662) (1,841,957)

Tax calculated at the Malaysian tax rate of 8% (820,822) 9,321 (159,813) (147,357)

Tax effects of:Expenses/(income) not

deductible for tax purposes 43,124 (17,028) 375 176Taxation (777,698) (7,707) (159,438) (147,181)


6. TAXATION (Continued)

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

2007Current tax for the financial period 320,043 53,528 95,658 86,141Deferred tax (Note 4):Origination and reversal of

temporary differences 184,098 (1,078) 52,996 54,930 Taxation 504,141 52,450 148,654 141,071

The explanation of the relationship between taxation and income before taxation is as

follows:

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

2007Net income before taxation 6,149,260 744,180 1,929,532 1,795,789

Tax calculated at the Malaysian tax rate of 8% 491,941 59,534 154,363 143,663

Tax effects of:Expenses/(income) not

deductible for tax purposes 12,200 (7,084) (5,709) (2,592)Taxation 504,141 52,450 148,654 141,071


46 47

7. FINANCIAL INSTRUMENTS

Interest rate risk The Funds’ core investment activities are not inherently exposed to interest rate risk.

In dealing with this risk, the Manager of the Funds adopts an approach of focusing on achieving a desired overall interest rate profile, which may change over time, based on longer term view of interest rates and economic conditions.

Interest-bearing: Contractual repricing or maturity date

(whichever is earlier)

2008

1 year or less

RM

1 to 2 years

RM

Total carrying amount

RM

Weighted average

effective interest

rate%

APGF FundFixed and call deposits 1,283,683 - 1,283,683 3.20

Bond FundMalaysian Government securities 1,005,000 - 1,005,000 5.65Fixed and call deposits 4,646,837 - 4,646,837 3.20

5,651,837 - 5,651,837

Balanced FundFixed and call deposits 3,196,049 - 3,196,049 3.20

Dana ImbangFixed and call deposits 2,701,070 - 2,701,070 3.13

Credit risk Credit risk is the risk of loss due to the inability or unwillingness of a counter-party to meet

the payment obligations of principal and/or interest. The Manager of the Funds manages the credit risk by imposing counter-party limits at fund level.

Liquidity risk Liquidity risk is the risk of the Funds being unable to meet their obligations at reasonable

cost or at any time. The risk is managed by monitoring the projected and actual cash inflows and outflows and by ensuring that a reasonable amount of financial assets are kept in liquid instruments at all times.

Interest-bearing: Contractual repricing or maturity date

(whichever is earlier)

2007

1 year or less

RM

1 to 2 years

RM

Total carrying amount

RM

Weighted average

effective interest

rate%

APGF FundFixed and call deposits 4,504,647 - 4,504,647 3.32

Bond FundMalaysian Government securities 514,810 1,020,275 1,535,085 3.85Unquoted corporate debt

securities 502,044 - 502,044 5.14Fixed and call deposits 3,510,253 - 3,510,253 3.35

4,527,107 1,020,275 5,547,382

Balanced FundUnquoted corporate debt

securities 502,044 - 502,044 5.14Fixed and call deposits 3,831,135 - 3,831,135 3.33

4,333,179 - 4,333,179

Dana ImbangFixed and call deposits 4,054,724 - 4,054,724 3.18



48 49

7. FINANCIAL INSTRUMENTS (Continued)

Fund management risk The selection of securities which make up the investments of the Funds is subjective

and the securities selected may perform better or worse than overall market. This risk is managed by having a professional and experienced Investment Manager.

Market risk Market risk arises when the value of the securities fluctuate in response to the general

market and economic conditions. The market risk is managed through portfolio diversification and asset allocation whereby the securities’ exposure will be reduced in the event of anticipated weakness in the market.

The Funds’ market risk exposure on quoted equity securities, REITS and foreign unit trust are analysed by industry as follows:

2008

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RMConstruction 1,186,995 70,500 1,012,801 726,645 Consumer Products 511,062 - 128,750 289,000 Diversified 362,072 - - -Energy and Water 44,827 - - -Electronics (ETF) 1,093,004 - - - Finance 3,344,374 61,750 603,135 -Industrial Products 1,264,279 - 389,765 501,897 Infrastructure 155,800 107,112 - 136,325 Manufacturing 242,489 - - -Mining 1,536,816 - - -Oil & Gas 472,445 - - -Pharmaceutical 106,503 - - -Plantation 1,606,467 53,400 443,150 428,550 Properties 958,744 105,000 391,434 459,557 Technology 1,000,170 - - -Telecommunications 823,696 - - -Trading/Services 1,244,588 25,850 802,900 248,035 Trust (REIT) 161,650 221,490 54,290 213,500

16,115,979 645,102 3,826,225 3,003,509



2007

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RMBasic Material 584,746 - - 124,800Construction 1,728,208 - 470,300 462,457Consumer Products 618,739 - 85,800 -Diversified 329,384 - 642,365 -Energy and Water 494,198 - - -Electronics 1,148,330 - - -Finance 3,387,503 - 279,200 -Industrial Products 1,492,091 - - 656,500Infrastructure 496,000 - 139,008 114,208Manufacturing 326,274 - - -Oil & Gas 332,295 - - -Plantation 1,870,470 - 625,192 649,241Properties 697,732 - 148,730 148,730Technology 765,899 - 17,850 20,230Telecommunications 1,791,972 - - -Trading/Services 1,544,085 - 958,030 810,670Trust 1,714,804 105,000 89,000 -Utilities 938,175 - - -

20,260,905 105,000 3,455,475 2,986,836

This space is intentionally left blank.

50 51


AXA AFFIN LIFE INSURANCE BERHAD(Incorporated in Malaysia)

Asia Pacific Growth Fund (“APGF Fund”)Active Bond Fund (“Bond Fund”)Active Balanced Fund (“Balanced Fund”)Dana Imbang (“Dana Imbang”)

STATEMENT BY MANAGER

We, Jen (B) Tan Sri Dato Seri Abdul Rahman Bin Abdul Hamid and David Matthews, two of the directors of AXA AFFIN Life Insurance Berhad, state that, in the opinion of the Manager of the above Funds, the accompanying financial statements set out on pages 26 - 49 give a true and fair view of the financial position of the Funds as at 31 December 2008 and of their financial performance, changes in net asset value and cash flows for the financial year ended 31 December 2008 in accordance with the Malaysian Accounting Standards Board (“MASB”) Approved Accounting Standards in Malaysia for Entities Other Than Private Entities.

Signed on behalf of the Manager

JEN (B) TAN SRI DATO SERI ABDUL RAHMAN DAVID MATTHEWSBIN ABDUL HAMID DIRECTORCHAIRMAN

Kuala Lumpur19 March 2009



AXA AFFIN LIFE INSURANCE BERHAD(Company No. 723739W)

INDEPENDENT AUDITORS’ REPORT TO THE POLICYHOLDERS OFAXA ASIA PACIFIC GROWTH FUND (“APGF”)AXA ACTIVE BOND FUND (“BOND FUND”)AXA ACTIVE BALANCED FUND (“BALANCE FUND”)AXA DANA IMBANG (“DANA IMBANG”)(THEREINAFTER REFERRED TO COLLECTIVELY AS “THE FUNDS”)

REPORT ON THE FINANCIAL STATEMENTS

We have audited the financial statements of the Funds, which comprise the statements of assets and liabilities as at 31 December 2008, the statements of income and expenditure, the statements of changes in net asset value and cash flow statements of the Funds for the financial year then ended and a summary of significant accounting policies and other explanatory notes, as set out on pages 26 - 49.

Manager’s Responsibility for the Financial Statements

The Manger of the Funds is responsible for the preparation and fair presentation of these financial statements in accordance with MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgement, including the assessment of risks of material misstatement of the financial statements,


whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements have been properly drawn up in accordance with MASB Approved Accounting Standards in Malaysia for Entities Other than Private so as to give a true and fair view of the financial position of the Funds as of 31 December 2008 and of their financial performance, changes in net asset value and cash flows for the financial year then ended.

OTHER MATTERS

This report is made solely to the policyholders’ of the Funds, as a body, and for no other purpose. We do not assume responsibility to any other person for the content of this report.

PRICEWATERHOUSECOOPERS (No. AF: 1146) Chartered Accountants

Kuala Lumpur19 March 2009

53

KANDUNGAN

Perutusan Pengerusi

Objektif Dana

Penilaian Pasaran Saham

Tinjauan Pasaran Saham dan Strategi





Penyata Aset dan Liabiliti

Penyata Pendapatan dan Perbelanjaan

Penyata Perubahan dalam Aset Nilai Bersih

Penyata Aliran Tunai

Nota-Nota untuk Penyata Kewangan

Laporan Para Pengarah

Laporan Juruaudit

1

2

3

4

7

14

17

21

26

28

30

32

34

52

53

Laporan Prestasi Dana 2008


1

Mukasurat ini sengaja dibiarkan kosong

Perutusan Pengerusi

Perutusan Pengerusi

Pemegang Dana Yang Dihargai,

Bagi pihak AXA AFFIN Life Insurance Berhad, kami dengan sukacitanya membentangkan prestasi keseluruhan pelaburan anda bersama kami bagi tahun kewangan berakhir 31hb Disember 2008.

Tahun 2008 amat mencabarkan bagi pasaran pelaburan. Meskipun tahun 2008 menyaksikan KLCI mencecah paras 1,500 mata di awal tahun, tempoh selebihnya melihat pasaran pelaburan mengharungi cabaran demi cabaran. Keruntuhan Bear Stearns telah disusuli oleh keputusan pilihanraya umum yang mengejutkan. Ini diikuti oleh kesan inflasi terhadap harga minyak yang tinggi dan akhirnya keruntuhan Lehman Brothers yang membawa kepada krisis kewangan global. Di sebalik tamparan hebat ini, pasaran tempatan kami kekal teguh dan tidak jatuh seteruk pasaran serantau yang lain. Pasaran ekuiti Malaysia mengakhiri tahun dengan kerugian 38.9% sahaja berbanding kehilangan lebih tinggi yang dialami oleh pasaran jiran lebih besar seperti Hong Kong dan Singapura yang mengalami kerugian 49% di dalam rantau.

Kucar-kacir di dalam pasaran turut menjejaskan empat dana berkait pelaburan kami iaitu Active Bond, Active Balanced, Dana Imbang and Asia Pacific Growth. Bagaimanapun, di bawah pengurusan yang berhati-hati, semua dana kecuali Dana Imbang berjaya mengekalkan prestasi yang melebihi tanda aras masing-masing semenjak pelancaran dana dalam bulan September 2006.

Sejak dilancarkan dalam bulan September 2006, Active Bond telah meningkat sebanyak +13.98% berbanding tanda aras pertumbuhan +6.38%, Active Balanced mengekalkan pertumbuhan positif sebanyak +2.78% berbanding tanda aras pertumbuhan +1.15% sementara Asia Pacific Growth jatuh sebanyak -18.99% berbanding tanda aras kejatuhan -20.47%. Dana Imbang menunjukkan kejatuhan marginal sebanyak -1.31% berbanding tanda aras pertumbuhan marginal 2.08%.

Memandang ke hadapan pada tahun 2009, krisis kewangan global kini telah berkembang menjadi kemelesetan ekonomi global yang ketara. Bagaimanapun, kami kekal yakin dengan ekonomi Malaysia dan pasti akan dapat mengatasi kelembapan ini. Kami akan terus mengurus dan melabur di dalam industri dan syarikat-syarikat yang diyakini memanfaatkan apabila ekonomi dijangka pulih dalam bahagian kemudian tahun 2009.

Kami merakamkan setulus penghargaan di atas kepercayaan dan keyakinan yang anda berikan dan kami akan terus berusaha untuk menyampaikan penyelesaian kewangan yang memenuhi matlamat kewangan anda.

Yang ikhlas,AXA AFFIN Life Insurance Berhad

JEN (B) TAN SRI DATO SERI ABDUL RAHMAN BIN ABDUL HAMIDPengerusi

2 3

Active Bond Fund bertujuan untuk menyediakan aliran pendapatan yang tetap melalui pelaburan di dalam pasaran wang dan sekuriti hutang swasta dengan pendedahan terhad kepada ekuiti.

Profil Pelabur• Menerima nisbah risiko-ganjaran yang konservatif • Inginkan pendapatan tahunan yang stabil• Pelabur jangka sederhana

Active Balanced Fund menyasarkan penjanaan pendapatan secara tetap dan pertumbuhan modal dalam tempoh sederhana hingga-panjang.

Profil Pelabur• Menerima nisbah risiko-ganjaran yang konservatif hingga sederhana• Memilih untuk mendapat pendapatan secara tetap dan pertumbuhan modal yang agak

ketara• Pelabur jangka sederhana hingga-panjang

Dana Imbang bertujuan untuk menjana pendapatan secara stabil dan pertumbuhan modal dalam tempoh sederhana hingga-panjang dengan melabur di dalam portfolio pelaburan yang mematuhi keperluan Syariah.

Profil Pelabur• Menerima nisbah risiko-ganjaran yang konservatif hingga sederhana• Memilih untuk mendapat pendapatan secara tetap dan pertumbuhan modal yang agak

ketara• Pelabur jangka sederhana hingga-panjang

Asia Pacific Growth Fund menyasarkan pertumbuhan modal yang tinggi dalam tempoh sederhana hingga-panjang melalui pelaburan di dalam saham situasi dan berpertumbuhan tinggi.

Profil Pelabur• Inginkan pertumbuhan modal tempoh sederhana hingga-panjang• Ingin terlibat di dalam perubahan di pasaran saham Serantau (i.e Asia Pasifik) tidak

termasuk pasaran Jepun• Boleh bertahan untuk tempoh yang lama apabila berhadapan dengan turun-naik pasaran

dalam usaha mendapatkan pertumbuhan modal• Tempoh pelaburan sederhana hingga-panjang

Objektif Dana

Objektif Dana



KLCI memulakan tahun melebihi paras tinggi 1,500 mata sebelum pasaran global menjadi kucar-kacir dan berlakunya jualan panik untuk mengaut keuntungan sepanjang tahun. Ini disebabkan oleh masalah subprima di US dan kemelesetan global yang berlanjutan, ketidakstabilan politik dalam negeri dan kejatuhan harga komoditi. Bulan Mac turut menyaksikan jualan panik berikutan keruntuhan Bear Stearns dan keputusan pilihanraya umum yang mengejutkan. Harga minyak sawit mentah (CPO) yang kukuh membantu KLCI bingkas kembali pada bulan April. Bagaimanapun, KLCI jatuh di bawah paras 1,000 mata pada bulan September, selepas keruntuhan Lehman Brothers. Ditambah dengan berita negatif dan pelbagai risiko yang membebankan pasaran global, KLCI mengakhiri tahun pada 876.75 mata, penurunan 38.9%.

Berita terhangat tahun ini adalah keputusan pilihanraya umum yang menyaksikan pihak pembangkang menguasai lima negeri dan UMNO gagal memegang dua pertiga majoriti di parlimen. Hari pertama dagangan selepas pilihanraya, KLCI menjunam lebih 10% dan buat pertama kalinya mencetuskan penampan kejatuhan 10%. Dalam suku tahun kedua dan ketiga, harga minyak yang tinggi menimbulkan kerisauan terhadap inflasi. Pasaran sekali lagi menerima pukulan hebat apabila pelabur mula mempersoalkan margin yang mengecil. Pasaran bon terjejas dengan ketara apabila negara-negara di seluruh dunia meningkatkan kadar untuk mengawal kenaikan inflasi. Di Malaysia, Bank Negara kurang menyokong kenaikan kadar faedah ini kerana kelembapan pertumbuhan dan eksport masih berkemungkinan untuk mengurangkan inflasi.

Terdapat dua latihan korporat utama dalam 2008. Pertama adalah pengambilalihan PT Bank Internasional Indonesia bernilai AS$2.2 bilion dan pegangan 20% dalam MCM Bank di Pakistan bernilai AS$742 juta. Kedua merupakan pengasingan Telekom Malaysia menjadi dua entiti tersenarai yang berasingan – perniagaan talian tetap domestik di bawah Telekom Malaysia dan perniagaan telefon mudah alih di bawah TM International. Jangkaan dan sentimen pendapatan tergugat pada bulan Jun dengan kenaikan harga petrol dan elektrik di samping cukai yang dikenakan ke atas sektor perladangan dan IPP. Ekoran permintaan yang berkurangan, harga minyak mentah kemudiannya turun dan harga pam beransur-ansur turun antara bulan Ogos dan Disember.

Dari segi ekonomi, KDNK S308 adalah 4.7% di dalam suasana ekonomi global yang merosot. Pertumbuhan disokong oleh peluasan berterusan dalam penggunaan swasta dan awam. Bagaimanapun, eksport bulan Disember turun 20.1% disebabkan sektor elektronik dan bukan elektronik yang lemah. Di samping itu, kenaikan tekanan kos ekoran harga komoditi dan makanan yang lebih tinggi merupakan salah satu tema utama pada tahun ini. Inflasi tertinggi sebanyak 8.5% pada bulan Julai dan Ogos terutamanya disebabkan oleh peningkatan ketara dalam harga pengangkutan dan makanan. Kadar inflasi turun kepada 4.4% pada bulan Disember, terutamanya disebabkan oleh pengurangan harga pam tempatan dan pertambahan lebih sederhana bagi harga makanan. Berikutan penyusutan inflasi, Bank Negara mengalihkan perhatian kepada pertumbuhan dan memudahkan lagi dasar kewangan bagi mengawal kenaikan risiko pertumbuhan. Pada bulan November, Bank Negara mengurangkan Kadar Dasar Semalaman kepada 3.25% daripada 3.5%.

4 5

Tahun 2008 menyaksikan ekonomi dunia dan pasaran kewangan global mengalami proses pengurangan dan deflasi hutang paling teruk semenjak Great Depression dalam tahun 1930an. Kebanyakan peserta pasaran tidak menjangkakan kelajuan dan skala proses pengurangan beban hutang di dalam sektor kewangan serta kesannya yang membinasakan ke atas ekonomi. Bank pusat global pada mulanya terlalu sibuk mengawal inflasi dan gagal menurunkan kadar faedah lebih awal untuk menangani kemunculan ancaman deflasi ekoran keruntuhan gadai janji subprima. Kejatuhan Lehman Brothers pada pertengahan bulan September mencetuskan kesedaran dramatik terhadap risiko. Keyakinan terhadap sistem kewangan mulai hilang dan harga aset berisiko jatuh mendadak. Ini telah menggugat keyakinan pengguna dan perniagaan, seterusnya meningkatkan ketidakstabilan ekonomi global.

Krisis kewangan global dalam 2008 dilihat sebagai titik permulaan perubahan terhadap perganjakan struktur di dalam ekonomi global. Terdapat beberapa isu utama yang mencabarkan untuk ditangani para pelabur dalam memasuki tahun 2009 dan seterusnya.

Pertama, tekanan pengurangan beban hutang di dalam sistem kewangan global hari ini berpusat kepada pengguna AS di mana perbelanjaan berlebihan mereka merupakan pemacu pertumbuhan utama bagi AS dan seluruh dunia, mewakili lebih 70% ekonomi AS dan hampir 20% ekonomi global. Pembuat dasar AS sebelum ini mampu mengekalkan perbelanjaan berlebihan domestik sebegini dengan menawarkan hutang pada kadar lebih rendah. Bagaimanapun Federal Reserve telah mengurangkan kadar faedah kepada hampir sifar. Ditambah dengan kejatuhan nilai aset (terutamanya perumahan) secara berterusan, kemungkinan besar pengguna AS akan terus berjimat. Ini berpotensi untuk menjejaskan pertumbuhan global secara negatif, seterusnya menurunkan kadar pertumbuhan bukan sahaja dalam 2009 malahan pada tahun-tahun seterusnya. Kesudahan sebegini akan menjejaskan keuntungan korporat, inflasi dan pasaran kewangan.

Kedua, prospek berlakunya deflasi harga semakin bertambah. Sepanjang dua dekad yang lalu, disinflasi merupakan ciri utama di dalam ekonomi dunia. Ini disokong oleh tekanan terhadap harga kompetitif ekoran globalisasi dan penyepaduan tenaga kerja murah dari negara-negara membangun ke dalam ekonomi global. Pertumbuhan yang terjejas telah menyusutkan perbelanjaan pengguna di AS, seterusnya menolak inflasi global menjadi deflasi harga. Secara umumnya, apabila jangkaan deflasi wujud, pengguna akan mula berjimat dan melambatkan perbelanjaan mereka dan ini akan memburukkan lagi keadaan apabila harga semakin turun dan perbelanjaan semakin lemah (seperti yang dialami Jepun dalam tahun 1990an). Ini juga akan menambahkan beban hutang sebenar dan terus memberatkan kelas penghutang.

Tinjauan Pasaran Saham & Strategi


Asia turut akan terlibat. Penjimatan perbelanjaan di kalangan pengguna AS akan menjejaskan pertumbuhan ekonomi berorientasikan eksport dengan ketara. Bagaimanapun, bukan seperti di Barat, kemerosotan pertumbuhan dijangka berlaku di Asia mungkin bersifat kitar dan bukannya struktur. Berbekalkan sistem perbankan yang masih stabil, banyak ekonomi membangun di Asia boleh terus memanfaatkan penyusupan kredit yang kian meningkat (disokong oleh kemudahan kewangan yang berterusan), pembangunan infrastruktur yang pesat, dasar stimulus China dan kesan limpahannya di seluruh Asia. Yang paling penting, jangkaan penurunan dalam permintaan pengguna AS untuk eksport Asia mungkin bertindak sebagai pemangkin utama yang akan menganjakkan model pertumbuhan ekonomi Asia daripada pertumbuhan berorientasikan eksport kepada pertumbuhan berorientasikan penggunaan domestik. Perubahan struktur sebegini tidak dapat dielakkan dan boleh membantu meningkatkan pertumbuhan Asia agar lebih cemerlang dalam dunia perindustrian untuk bertahun-tahun lamanya. Kami yakin dengan kebolehan dan prospek jangka panjang pertumbuhan ekonomi di Asia untuk menghasilkan pulangan yang baik bagi ekuiti Asia di dalam kelas aset ekuiti global.

Bagi tahun 2009, kami menjangkakan pasaran Singapura akan terus pulih, meskipun tidak stabil sepenuhnya. Dari segi sektor, kami terus mengutamakan sumber, stok berkaitan China terpilih dan akan terus memilih stok bernilai tinggi menggunakan konsep dari bawah ke atas. Dalam pada itu, kami akan mengurangkan pegangan dalam stok tertentu sekiranya ganjaran yang dijangka tidak menarik.

Thailand memiliki keupayaan dasar yang terhad untuk menangani masalah kemerosotan pertumbuhan. Dasar fiskal telah dilumpuhkan oleh krisis politik berpanjangan yang telah melihat pelantikan tiga perdana menteri baru dalam masa empat bulan. Pelaksanaan yang lembap akan menyukarkan pencapaian sasaran defisit fiskal dan pelaksanaan belanjawan tambahan serta projek besar. Tanpa sokongan fiskal, pertumbuhan akan merosot. Keadaan bertambah buruk apabila cabaran luar semakin bertambah sementara permintaan domestik kekal menyusut. Thailand kini kurang menyerlah berbanding pasaran serantau lain yang mempunyai kadar pertumbuhan lebih tingi serta dasar kerajaan yang lebih tertumpu.

Pasaran saham Indonesia kelihatan stabil. Bagaimanapun, pusing ganti pasaran kekal lemah yang mungkin menggambarkan ketidakstabilan sentimen semasa. Kadar pertukaran Rupiah yang turun naik terus membimbangkan pelabur. Kami masih berhati-hati dan akan menambah stok murah berkualiti tinggi yang memenuhi ciri pelaburan kami seperti nama-nama terpilih dalam sektor perbankan, perladangan, perlombongan dan pengguna.

Pasaran ekuiti Filipina kekal lemah pada bulan Disember. Pada pendapat kami, ketidakstabilan pasaran akan berterusan, dan sebarang perkembangan buruk di AS atau Eropah mungkin menjejaskan pasaran. Kami menjangkakan pemulihan pasaran akan berlaku dalam tempoh terdekat. Buat masa ini, penilaian kekal menarik dan kami optimistik tentang keadaan jangka panjang pasaran. Dari segi sektor, kami akan terus mengutamakan bank dan hartanah di samping telekomunikasi. Kami juga berminat di dalam syarikat tertentu yang dianggap menarik dari perspektif bawah ke atas.


6 7

Usaha kerajaan Korea Selatan telah menggalakkan kestabilan pasaran dan memperbaiki persekitaran ekonomi. Bagaimanapun, sebagai ekonomi yang berorientasikan eksport, Korea akan terus terjejas oleh kemerosotan global ini. Eksport ke AS, Eropah dan China akan kekal lemah dalam beberapa suku akan datang. Begitu juga dengan penggunaan domestik dan pendapatan korporat. Meskipun kebanyakkan stok dijual pada harga yang menarik, ini menunjukkan kelemahan persekitaran ekonomi mikro dan kami menjangkakan pasaran akan kekal turun naik. Syarikat yang mempunyai pendapatan rendah mungkin menurun dari segi prestasi sementara syarikat yang lebih stabil berkemungkinan mencapai prestasi yang tinggi.

Kesan daripada kemelesetan global telah melemahkan prospek pertumbuhan jangka pendek di China. Meskipun ramalan pertumbuhan China telah diturunkan, penguncupan ekonomi mungkin tetap berlaku memandangkan rangsangan fiskal mengambil masa sebelum membuahkan hasil pada tahun depan. Buat masa ini, pasaran didagangkan pada nisbah PE (Harga:Perolehan) 11X perolehan semasa. Selagi pertumbuhan jangka panjang kekal stabil, Cina kekal sebagai salah satu pasaran serantau yang menarik untuk pelaburan apabila krisis kewangan dan pengurangan beban hutang berakhir kelak.

Pasaran Hong Kong didagangkan pada PE (Harga:Perolehan) 13X perolehan 2009. Bagaimanapun, dagangan berangkai kekal sebagai langkah terbaik untuk Hong Kong sehingga pertengahan 2009 kerana ia kekurangan pemangkin di peringkat domestik. Di samping itu, keseriusan kemelesetan ekonomi global masih belum diketahui sepenuhnya.

Kelembapan ekonomi global telah menjejaskan ekonomi Taiwan yang berorientasikan eksport. Ketidakstabilan yang melanda menyukarkan pelaburan kerana konsensus pertumbuhan perolehan akan menjadi sifar bagi TK 08 dan 09 kecuali jika dilihat selepas tempoh 12 bulan. Kelebihan utama syarikat Taiwan adalah nisbah hutang kepada ekuiti yang lebih rendah dan dividen tinggi yang boleh mengukuhkan indeks. Perhubungan lebih baik antara Taiwan dan Tanah Besar China diharapkan menjana sesuatu hasil ekonomi meskipun terdapat tanda-tanda kemerosotan di China. Bagaimanapun kita perlu bersikap realistik dan harus memberi masa untuk dasar dilaksanakan sepenuhnya di segenap sudut ekonomi. Syarikat permodalan besar di Taiwan dilihat sebagai berpotensi meskipun dengan premium penilaian tinggi berbanding stok modal lebih kecil. Stok-stok inilah yang bakal laris dahulu apabila pasaran modal kembali aktif.



• Jadual Prestasi• Pembahagian Portfolio Mengikut Kategori Pelaburan• Pembahagian Portfolio Mengikut Sektor• Pembahagian Portfolio Mengikut Negara• Pembahagian Portfolio• Prestasi Asia Pacific Growth Fund (APGF) Berbanding KLCI Sejak Dimulakan

Jadual Prestasi2008

Nilai Aset Bersih (NAV) (RM/unit)Unit di dalam edaranJumlah NAV (RM)NAV Tertinggi (RM / unit)NAV Terendah (RM / unit)Jumlah Pulangan Tahunan (%) -36.1Pulangan Indeks Komposit Kuala Lumpur (%) -39.3

Pembahagian Portfolio Mengikut Kategori Pelaburan2008

Ekuiti 89%Pendapatan Tetap -Tunai & Deposit 11%


8 9


Pembahagian Portfolio Mengikut Sektor (sebagai peratusan jumlah ekuiti)

Pembahagian Portfolio Mengikut Pembahagian Negara

Pecahan Matawang 2008%

Dolar Hong Kong 22.7 Rupiah Indonesia 7.2 Won Korea 4.3 Ringgit Malaysia 31.8 Peso Filipina 1.3

Pembinaan 7%Perdagangan/ Perkhidmatan 8%

Telekomunikasi 5%

Teknologi 6%

REIT 1%

Hartanah 6%

Perladangan 10%

Farmasi 1%Minyak & Gas 3%

Perlombongan 9%

Pengilangan 2%

Barangan pengguna 3%Pelbagai 2%Tenaga & Bekalan 0%ETF 7%

Kewangan 21%

Barangan Perindustrian 8%Prasarana 1%

Indonesia 9%

Hong Kong/China 25%

Taiwan 6%

Thailand 8%

Singapura 16%

Korea 5%

Malaysia 29%

Filipina 2%

%Dolar Singapura 14.5 Baht Thai 6.9 Dolar Taiwan Baru 10.6 Dolar AS 0.6

Pembahagian Portfolio

Ekuiti

Jumlah Unit

DipegangKosRM

NilaiPasaran

RM

% NilaiAset

Bersih

Pembinaan

Chip Eng Seng 356,000 413,295 163,353 0.90 EEI Corporation 500,000 151,743 27,733 0.15 Gamuda Bhd 150,000 384,653 283,500 1.56 GS Engineering & Construction 105 55,115 16,769 0.09 WCT Berhad 120,000 170,080 182,400 1.00 WCT Berhad-Warrant 24,000 6,000 5,640 0.03 YTL Corporation Berhad 72,000 541,177 507,600 2.79

1,122,105 1,722,063 1,186,995 6.52

Barangan Pengguna

Hyundai Motor Co Ltd 395 104,056 42,961 0.24 PT Astra Intl 90,000 337,381 302,087 1.66 PT Ramayana Lestari Sentosa 810,000 259,938 128,852 0.71Shinsegae Co Ltd 28 61,869 37,161 0.20

900,423 763,244 511,062 2.81

Pelbagai

Hutchison Whampoa Ltd 10,000 250,620 173,844 0.96 Keppel Corp Ltd 18,000 341,827 188,228 1.04

28,000 592,447 362,072 2.00

Tenaga & Air

Korea Electric Power Corp. 550 89,151 44,827 0.25 550 89,151 44,827 0.25

ETF

IShares MSCI China Tracker 177,000 2,049,602 1,093,004 6.02 177,000 2,049,602 1,093,004 6.02


10 11

Ekuiti

Jumlah Unit

DipegangKosRM

NilaiPasaran

RM

% NilaiAset

Bersih

Kewangan

Bangkok Bank PCL - Foreign 40,000 392,152 277,556 1.53 BOC Hong Kong Holdings Ltd 50,000 315,492 196,442 1.08 Bumiputra-Commerce Holdings Ltd 27,500 265,325 160,875 0.89 Cathay Financial Holdings Co. 13,650 101,069 52,582 0.29 Cheung Kong Holdings Ltd 4,000 202,411 131,200 0.72 China Construction Bank Ltd ‘H’ 177,000 372,508 336,613 1.85 China Life Insurance Co, Ltd ‘H’ 50,000 636,133 526,902 2.90 DBS Group Holdings Ltd 20,000 723,008 406,693 2.24 Ind & Comm BK Of China ‘H’ 122,000 217,941 222,735 1.23 KB Financial 670 191,823 62,171 0.34 Krung Thai Bank 600,000 341,230 227,635 1.25 Malayan Banking Berhad 53,750 492,172 274,125 1.51 Metropolitan Bank & Trust 78,000 262,745 130,927 0.72 RHB Capital Bhd 77,000 390,042 300,300 1.65 Shinhan Financial Group Ltd 460 83,397 37,618 0.21

1,314,030 4,987,447 3,344,374 18.41

Barangan Perindustrian

China Sky Chemical Fibre Bhd 242,000 371,046 166,565 0.92 Evergreen Fibreboard Bhd 78,000 93,729 42,120 0.23 Hiap Teck Venture Bhd 65,000 113,983 44,200 0.24 Java Inc Bhd 195,000 514,383 98,475 0.54 Mediatek Inc 6,060 225,614 141,023 0.78 Sembcorp Industries 64,000 348,368 358,585 1.97 Sembcorp Marine 30,000 176,493 121,718 0.67 Sino Techfibre Limited 282,000 207,664 125,993 0.69 Ta Ann Holdings Bhd 46,000 264,357 165,600 0.91

1,008,060 2,315,636 1,264,279 6.95

Prasarana



Ekuiti

Jumlah Unit

DipegangKosRM

NilaiPasaran

RM

% NilaiAset

Bersih

Pengilangan

China Zaino International 110,000 126,124 47,818 0.26 Delta Electronics 14,994 165,111 100,485 0.55 Hongguo International 195,000 269,731 94,187 0.52

319,994 560,965 242,489 1.33

Perlombongan

Banpu Public Co 33,000 568,154 751,197 4.14 Bumi Resources 1,250,000 423,826 361,900 1.99 Indo Tambangraya Megah 40,000 79,338 133,625 0.74 Straits Asia Resources 154,000 306,280 290,094 1.60

1,477,000 1,377,599 1,536,816 8.47

Minyak & Gas

CNOOC Ltd 60,000 189,018 194,383 1.07 CNPC Hong Kong 200,000 273,171 215,683 1.19 Tianjin Tianlian Public 340,000 268,083 62,378 0.34

600,000 730,273 472,445 2.60

Farmasi

Sihuan Pharmaceutical 70,000 128,328 106,503 0.59 70,000 128,328 106,503 0.59

Perladangan

IOI Corporation Bhd 145,000 722,240 516,200 2.84 Kuala Lumpur Kepong Bhd 55,000 655,466 489,500 2.70 PT Astra Agro 93,000 185,346 289,965 1.60 Sampoerna Agro 500,000 188,766 189,302 1.04 TSH Resources Bhd 90,000 163,599 121,500 0.67

883,000 1,915,417 1,606,467 8.85


12 13


Ekuiti

Jumlah Unit

DipegangKosRM

NilaiPasaran

RM

% NilaiAset

Bersih

Hartanah

Capitaland Bhd 40,000 308,922 300,431 1.65 Filinvest Land Inc 2,960,000 254,730 84,249 0.46 Hang Lung Properties Ltd 8,000 108,616 60,284 0.33 Henderson Land Development 5,000 125,186 64,213 0.35 Keppel Land 45,000 184,571 184,750 1.02 Shimao Property 90,000 324,914 216,668 1.19 UEM Land Holdings Bhd 90,000 167,370 48,150 0.27

3,238,000 1,474,309 958,744 5.27

REITAtrium Real Estate Investment Trust 265,000 272,950 161,650 0.89

265,000 272,950 161,650 0.89

Teknologi

Asustek Computer Inc 13,196 120,351 51,251 0.28 AU Optronics 10,708 46,338 27,914 0.15 Hon Hai Precision 18,400 335,725 124,670 0.69 Quanta Computer 21,012 109,189 76,728 0.42 Samsung Electronics 306 702,377 379,997 2.09 Samsung Electronics-PFD NV 45 83,481 31,968 0.18 Taiwan Semiconductor 65,653 476,587 307,643 1.69

129,320 1,874,048 1,000,170 5.50

Telekomunikasi

China Mobile (HK) Ltd 16,000 545,454 557,017 3.07 PT Telekomunikasi Ser 40,000 151,994 87,810 0.48 SK Telecom Co Ltd 209 170,445 120,275 0.66 Taiwan Mobile Co Ltd 11,400 47,201 58,593 0.32

67,609 915,094 823,696 4.53

Ekuiti

Jumlah Unit

DipegangKosRM

NilaiPasaran

RM

% NilaiAset

Bersih

Perdagangan/Perkhidmatan

Freight Management 41,600 38,826 23,088 0.13 Malaysian Airlines System Bhd 45,000 177,247 137,700 0.76 Malaysian Airlines System - Bhd PA 10,000 10,000 73,000 0.04 Resorts World Bhd 135,000 490,473 305,100 1.68 Sealink International Bhd 208,000 260,000 114,400 0.63 Tanjong PLC 40,000 587,538 532,000 2.93 Tenaga Nasional Berhad 20,000 205,477 125,000 0.69

499,600 1,769,560 1,310,288 6.86

Jumlah Ekuiti 12,181,691 23,682,443 16,115,980 88.71

Prestasi Asia Pacific Growth Fund (APGF) Berbanding KLCI Sejak Dimulakan (sehingga pada 9 Ogos 2006)

Asia Pacific Growth Fund (APGF) vs Benchmark vs KLCI

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

9-Au

g-06

6-Se

p-06

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t-06

1-N

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6

29-N

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6

27-D

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24-Ja

n-07

21-F

eb-0

7

21-M

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18-A

pr-0

7

16-M

ay-0

7

13-Ju

n-07

11-Ju

l-07

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g-07

5-Se

p-07

3-Oc

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n-08

20-F

eb-0

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19-M

ar-0

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8

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n-08

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3-Se

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1-Oc

t-08

29-O

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24-D

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8

Asia Pacific Growth Fund (APGF) KLCI Benchmark


14 15


• Jadual Prestasi• Pembahagian Portfolio Mengikut Kategori Pelaburan• Pembahagian Portfolio• Prestasi Active Bond Fund (Bond) Berbanding KLCI sejak Dimulakan

Jadual Prestasi2008

Nilai Aset Bersih (NAV) (RM/unit)Unit di dalam edaranJumlah NAV (RM)NAV Tertinggi (RM/unit)NAV Terendah (RM/unit)Jumlah Pulangan Tahunan (%) 1.0Pulangan Indeks Komposit Kuala Lumpur (%) -39.3


Pendapatan Tetap 16%Ekuiti 10%Tunai & Deposit 74%

Active Bond Fund (Bond)Pembahagian Portfolio

Ekuiti

Jumlah Unit

DipegangKos

(RM)

Nilai Pasaran

(RM)

% Nilai Aset

Bersih

Pembinaan

Malaysian Resources Corp Bhd 100,000 99,291 70,500 1.11 100,000 99,291 70,500 1.11

Kewangan

AMMB Holdings Bhd 25,000 76,521 61,750 0.97

25,000 76,521 61,750 0.97

Prasarana


Perladangan

IOI Corporation Bhd 15,000 73,731 53,400 0.84 15,000 73,731 53,400 0.84

Hartanah

Sunway City Bhd 60,000 136,082 105,000 1.68 60,000 136,082 105,000 1.68

REIT

Atrium Real Estate Investment Trust 105,000 108,150 64,050 1.00 Axis Real Estate 62,000 111,600 69,440 1.10 Tower Real Estate 100,000 129,519 88,000 1.33

267,000 349,269 221,490 3.43


Sealink International Bhd 47,000 58,750 25,850 0.41 47,000 58,750 25,850 0.41

Jumlah Ekuiti 570,375 890,789 645,103 10.15


16 17


Prestasi Active Bond Fund (Bond) Berbanding KLCI Sejak Dimulakan (sehingga pada 9 Ogos 2006)

Active Bond Fund (Bond) vs Benchmark vs KLCI

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

9-Au

g-06

6-Se

p-06

4-Oc

t-06

1-N

ov-0

6

29-N

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6

27-D

ec-0

6

24-Ja

n-07

21-F

eb-0

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21-M

ar-0

7

18-A

pr-0

7

16-M

ay-0

7

13-Ju

n-07

11-Ju

l-07

8-Au

g-07

5-Se

p-07

3-Oc

t-07

31-O

ct-0

7

28-N

ov-0

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26-D

ec-0

7

23-Ja

n-08

20-F

eb-0

8

19-M

ar-0

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16-A

pr-0

8

14-M

ay-0

8

11-Ju

n-08

9-Ju

l-08

6-Au

g-08

3-Se

p-08

1-Oc

t-08

29-O

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8

26-N

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24-D

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8

Active Bond Fund (Bond)) KLCI Benchmark


• Jadual Prestasi• Pembahagian Portfolio Mengikur Kategori Pelaburan• Pembahagian Portfolio Mengikut Sektor• Pembahagian Portfolio• Prestasi Active Balanced Fund (Balanced) Berbanding KLCI Sejak Dimulakan

Jadual Prestasi2008

Nilai Aset Bersih (NAV) (RM/unit)Unit di dalam edaranJumlah NAV (RM)NAV Tertinggi (RM/unit)NAV Terendah (RM/unit)Jumlah Pulangan Tahunan (%) -23.4Pulangan Indeks Komposit Kuala Lumpur (%) -39.3


Ekuiti 54%Pendapatan Tetap 0%Tunai & Deposit 46%


Perdagangan/ Perkhidmatan 21%

Hartanah 10%

Perladangan 12%

Amanah 1%

Barangan Perindustrian 10%

Pembinaan 27%

Barangan Pengguna 3%

Kewangan 16%


18 19



Ekuiti

Jumlah Unit

DipegangKosRM

NilaiPasaran

RM

% NilaiAset

Bersih

PembinaanGamuda Bhd 90,000 186,798 170,100 2.40 IJM Corp Bhd 76,000 202,790 212,800 3.00 Malaysian Resources Bhd 200,000 175,588 141,000 1.99 Muhibbah Engineering Bhd 100,000 161,567 99,000 1.40 Pintaras Jaya Bhd 37,000 46,653 38,850 0.55 WCT Berhad 109,181 202,454 165,955 2.34 YTL Corporation Berhad 26,000 180,817 183,300 2.59 WCT Berhad-Warrant 7,644 1,911 1,796 0.03

645,825 1,158,578 1,012,801 14.30

Barangan Pengguna

UMW Holdings Bhd 25,000 146,365 128,750 1.82 25,000 146,365 128,750 1.82

Kewangan

AMMB Holdings Bhd 90,000 262,415 222,300 3.14 Bumiputra-Commerce Holdings Bhd 25,100 230,152 146,835 2.07 RHB Capital Bhd 60,000 293,549 234,000 3.30

175,100 786,117 603,135 8.51

Barangan Perindustrian

CB Industrial Product Hldgs Bhd 14,000 49,701 23,800 0.34 Evergreen Fibreboard Bhd 50,000 58,366 27,000 0.38 Java Inc Bhd 55,000 165,812 27,775 0.39 KNM Group Bhd 250,000 165,127 101,250 1.43 Lingui Development Bhd 90,000 149,503 54,000 0.76 Lion Industries Bhd 60,000 136,943 40,500 0.57 Malaysia Steel Works KL Bhd 64,000 74,589 41,280 0.58 Ta Ann Holdings Bhd 20,600 131,295 74,160 1.05

603,600 931,335 389,765 5.50

Ekuiti

Jumlah Unit

DipegangKosRM

NilaiPasaran

RM

% NilaiAset

Bersih

Perladangan IOI Corporation Bhd 65,000 297,394 231,400 3.27 Kuala Lumpur Kepong Bhd 20,000 231,269 178,000 2.51 TSH Resources Bhd 25,000 34,660 33,750 0.48

110,000 563,323 443,150 6.26

Hartanah

Eastern & Oriental Bhd 57,200 87,623 24,596 0.35 Hunza Properties Bhd 15,000 34,626 19,050 0.27 IGB Corp Bhd 120,000 211,996 165,600 2.34 Sunway City Bhd 85,000 221,849 148,750 2.10 UEM Land Bhd 62,500 109,779 33,438 0.47

339,700 665,872 391,434 5.53

REIT

Atrium Real Estate Investment Trust 89,000 91,670 54,290 0.77 89,000 91,670 54,290 0.77


Astro All Asia Networks Plc 27,500 96,416 60,775 0.86 Freight Management Hldgs Bhd 83,000 77,458 46,065 0.65 MBM Resources Bhd 25,000 78,285 57,000 0.80 Resorts World Bhd 91,000 301,091 205,660 2.90 Sealink International Bhd 65,000 81,250 35,750 0.50 Tanjong PLC 20,500 293,554 272,650 3.85 Tenaga Nasional Bhd 20,000 130,874 125,000 1.76

332,000 1,058,926 802,900 11.32

Jumlah Ekuiti 2,320,225 5,402,186 3,826,225 54.01


20 21


Prestasi Active Balanced Fund (Balanced) Berbanding KLCI Sejak Dimulakan (sehingga pada 9 Ogos 2006)

Active Balanced Fund (Balanced) vs Benchmark vs KLCI

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

9-Au

g-06

6-Se

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Active Balanced Fund (Balanced) KLCI Benchmark


• Jadual Prestasi• Pembahagian Portfolio Mengikut Kategori Pelaburan• Pembahagian Portfolio Mengikut Sektor• Pembahagian Portfolio• Prestasi Dana Imbang (Dana Imbang) Berbanding KLCI Sejak Dimulakan

Jadual Prestasi2008

Nilai Aset Bersih (NAV) (RM/unit)Unit di dalam edaranJumlah NAV (RM)NAV Tertinggi (RM/unit)NAV Terendah (RM/unit)Jumlah Pulangan Tahunan (%) -25.5Pulangan Indeks Komposit Kuala Lumpur (%) -39.3


Ekuiti 53%Pendapatan Tetap -Tunai & Deposit 47%


Prasarana 5%

Perdagangan/Perkhidmatan 8%

Hartanah 15%

Perladangan 14%

Amanah 7%

Pembinaan 24%

Barangan Pengguna 10%

Barangan Perindustrian 17%


22 23



Ekuiti

Jumlah Unit

DipegangKosRM

NilaiPasaran

RM

% NilaiAset

Bersih

Pembinaan

Gamuda Bhd 95,000 195,694 179,550 3.17 IJM Corp Bhd 30,000 77,714 84,000 1.48 Malaysian Resources Bhd 200,000 183,501 141,000 2.49 Muhibbah Engineering Bhd 103,500 158,516 102,465 1.81 WCT Berhad 102,737 213,341 156,160 2.76 Zelan Bhd 70,000 139,317 61,600 1.09 WCT Berhad-Warrant 7,995 1,989 1,869 0.03

609,232 970,073 726,645 12.83

Barangan Pengguna

PPB Group Bhd 20,000 165,586 186,000 3.29 UMW Holdings Bhd 20,000 117,983 103,000 1.82

40,000 283,569 289,000 5.11

ETF

MYETF DJ Islamic Titans 25 350,000 339,659 213,500 3.77 350,000 339,659 213,500 3.77

Barangan PerindustrianCB Industrial Product Hldgs Bhd 14,000 49,701 23,800 0.42 Evergreen Fibreboard Bhd 50,000 58,366 27,000 0.48 Java Inc Bhd 48,000 150,929 24,240 0.43 Jaya Tiasa Holdings 60,000 243,437 112,200 1.98 KNM Group 211,500 169,100 85,658 1.51 Lion Industries Bhd 80,000 188,247 54,000 0.95 Malaysia Steel Works KL Bhd 58,666 68,374 37,840 0.67 Ta Ann Holdings Bhd 38,100 265,564 137,160 2.42

560,266 1,193,717 501,897 8.86

Prasarana


Ekuiti

Jumlah Unit

DipegangKosRM

NilaiPasaran

RM

% NilaiAset

Bersih

Perladangan

IOI Corporation Bhd 60,000 278,778 213,600 3.78 Kim Loong Resources 14,000 26,907 21,000 0.37 Kuala Lumpur Kepong 18,000 211,198 160,200 2.83 TSH Resources 25,000 34,730 33,750 0.60

117,000 551,614 428,550 7.58

Hartanah

Eastern & Oriental Bhd 50,050 76,669 21,522 0.38 Hunza Properties Bhd 23,000 53,093 29,210 0.52 IJM Land Bhd 100,000 75,266 65,000 1.15 KLCC Property Bhd 25,000 72,497 70,000 1.24 Sunrise Bhd 90,000 188,097 128,700 2.27 Sunway City Bhd 60,000 130,513 105,000 1.86 UEM Land Bhd 75,000 130,279 40,125 0.71

423,050 726,415 459,557 8.13


Freight Management Hldgs Bhd 75,000 69,992 41,625 0.74 MBM Resources Bhd 22,000 68,891 50,160 0.89 Tenaga Nasional Bhd 25,000 180,405 156,250 2.76

122,000 319,288 248,035 4.39

Jumlah Ekuiti 2,293,298 4,510,605 3,003,508 53.08


24 25

Prestasi Dana Imbang (Dana Imbang) Berbanding KLCI Sejak Dimulakan(sehingga pada 9 Ogos 2006)

Dana Imbang (Dana Imbang) vs Benchmark vs KLCI

-15%

-10%

-5%

0%

5%

10%

15%

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30%

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40%

45%

50%

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65%

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Dana Imbang (Dana Imbang) KLCI Benchmark



26 27



Penyata Aset dan Liabiliti sehingga pada 31 Disember 2008

Nota

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Pelaburan: 3Sekuriti Kerajaan Malaysia - 1,005,000 - -Sekuriti ekuiti, disenaraikan

di Malaysia 4,640,573 423,612 3,771,935 2,790,009Sekuriti ekuiti, disenaraikan

di luar Malaysia 10,220,753 - - -Amanah pelaburan hartanah,

disenaraikan di Malaysia 161,650 221,490 54,290 213,500Saham amanah, di luar Malaysia 1,093,003 - - -Deposit tetap dan panggilan 1,283,683 4,646,837 3,196,049 2,701,070

17,399,662 6,296,939 7,022,274 5,704,579

Aset cukai tertunda 4 605,317 22,223 126,077 120,592Faedah dan dividen bolehterima 146,614 29,474 68,766 43,770Amaun terhutang daripada

pengurus dana - 289,697 8,150 -Tunai dan baki di bank 1,091,492 69,181 9,702 1,133

1,843,423 410,575 212,695 165,495Jumlah aset 19,243,085 6,707,514 7,234,969 5,870,074

Liabiliti:Perlubayar lain (313,303) (259,583) (47,726) (29,307)Amaun terhutang kepada

pengurus dana(467,187) - - (72,905)

Liabiliti cukai semasa (295,795) (65,314) (103,608) (102,945)Jumlah liabiliti (1,076,285) (324,897) (151,334) (205,157)Nilai aset bersih dana 18,166,800 6,382,617 7,083,635 5,664,917

Diwakili oleh:Modal pemegang polisi 5 22,004,259 5,566,670 7,140,981 5,704,975(Kerugian terkumpul)/

pendapatan tidak diagih (3,837,459) 815,947 (57,346) (40,058)18,166,800 6,382,617 7,083,635 5,664,917

Unit di dalam edaran 22,413,129 5,596,992 6,896,624 5,731,579Nilai aset bersih se unit 0.8105 1.1404 1.0271 0.9883

Nota yang dilampirkan adalah sebahagian penting daripada penyata kewangan ini.

Penyata Aset dan Liabiliti sehingga pada 31 Disember 2007

Nota

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Pelaburan: 3Sekuriti Kerajaan Malaysia - 1,535,085 - -Sekuriti ekuiti, disenaraikan di Malaysia 8,217,213 - 3,366,475 2,986,836Sekuriti ekuiti, disenaraikan di luar Malaysia 10,328,888 - - -Amanah pelaburan hartanah, disenaraikan di Malaysia 265,000 105,000 89,000 -Saham amanah, di luar Malaysia 1,449,804 - - -Sekuriti hutang korporat tidak disenarai - 502,044 502,044 -Deposit tetap dan panggilan 4,504,647 3,510,253 3,831,135 4,054,724

24,765,552 5,652,382 7,788,654 7,041,560

Aset cukai tertunda 4 - 1,078 - -Faedah dan dividen bolehterima - 39,194 33,933 77,770Amaun terhutang daripada pengurus dana

- 4,706 - -

Tunai dan baki di bank 3,138,876 94,804 215,633 11,3753,138,876 139,782 249,566 89,145

Jumlah aset 27,904,428 5,792,164 8,038,220 7,130,705Perlubayar lain (41,812) (3,276) (10,186) (9,268)Amaun terhutang kepada

pengurus dana (57,766) - (99,504) (23,562)Liabiliti cukai semasa (316,334) (53,528) (92,175) (83,115)Liabiliti cukai tertunda 4 (184,098) - (52,996) (54,930)Jumlah liabiliti (600,010) (56,804) (254,861) (170,875)Nilai aset bersih dana 27,304,418 5,735,360 7,783,359 6,959,830

Diwakili oleh:Modal pemegang polisi 5 21,659,299 5,043,630 6,002,481 5,305,112Pendapatan tidak diagih di

bawa ke hadapan 5,645,119 691,730 1,780,878 1,654,71827,304,418 5,735,360 7,783,359 6,959,830

Unit di dalam edaran 5 21,535,815 5,080,850 5,850,829 5,290,270Nilai aset bersih se unit 1.2679 1.1288 1.3303 1.3156



28 29



Penyata Pendapatan dan Perbelanjaan untuk Tempoh Kewangan berakhir 31 Disember 2008

Nota

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Pendapatan pelaburan: 4Pendapatan faedah 84,332 226,306 139,897 112,925Pendapatan dividen 698,950 46,950 161,486 110,163

Untung direalisasi bersih atas pelupusan pelaburan - 117,457 2,885 179,127

Jumlah pendapatan 783,282 390,713 304,268 402,215

Pelunasan premium - (1,273) (3,494) -Rugi modal tidak direalisasi

atas pelaburan (9,693,638) (242,536) (2,238,420) (2,194,027)Rugi tukaran asing tidak

direalisasi (373,122) - - -Rugi direalisasi bersih atas

pelupusan perlaburan (801,022) - - -Yuran Pengurusan (175,777) (30,394) (60,016) (50,145)Jumlah perbelanjaan (11,043,558) (274,203) (2,301,930) (2,244,172)

Pendapatan bersih sebelum cukai (10,260,276) 116,510 (1,997,662) (1,841,957)

Cukai 6 777,698 7,707 159,438 147,181

Pendapatan bersih selepas cukai/pendapatan tidak diagih di bawa ke hadapan (9,482,578) 124,217 (1,838,224) (1,694,776)

Pendapatan tidak diagih di bawa ke hadapan 5,645,119 691,730 1,780,878 1,654,718

(Kerugian terkumpul)/pendapatan tidak diagih di bawa ke hadapan (3,837,459) 815,947 (57,346) (40,058)


Penyata Pendapatan dan Perbelanjaan untuk Tempoh Kewangan dari 9 Ogos 2006 (Tarikh Dimulakan) sehingga 31 Disember 2007

Note

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Pendapatan pelaburan:Pendapatan faedah 328,687 304,192 165,443 146,782Pendapatan dividen 603,182 5,540 105,776 89,093

Untung direalisasi bersih atas pelupusan pelaburan 3,271,227 489,405 1,030,335 917,633

Untung modal tidak direalisasi atas pelaburan 2,347,017 - 662,459 686,633

Jumlah pendapatan 6,550,113 799,137 1,964,013 1,840,141

Pelunasan premium - (41,771) (3,456) -Rugi modal tidak direalisasi

atas pelaburan - (3,150) - -Rugi tukaran asing tidak direalisasi (219,843) - - -Yuran Pengurusan (181,010) (10,036) (31,025) (44,352)Jumlah perbelanjaan (400,853) (54,957) (34,481) (44,352)

Pendapatan bersih sebelum cukai 6,149,260 744,180 1,929,532 1,795,789

Cukai 6 (504,141) (52,450) (148,654) (141,071)

Pendapatan bersih selepas cukai/Pendapatan tidak diagih di

bawa ke hadapan 5,645,119 691,730 1,780,878 1,654,718



30 31

Penyata Perubahan dalam Nilai Aset Bersih


Penyata Perubahan dalam Nilai Aset Bersih untuk Tempoh Kewangan berakhir 31 Disember 2008

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Nilai aset bersih pada permulaan tahun kewangan 27,304,418 5,735,360 7,783,359 6,959,830

Pergerakan akibat unit dibentuk dan dibatalkan semasa tempoh kewangan:

Pembentukan bersih unit 578,941 538,633 1,273,642 508,863Pembatalan bersih unit (233,981) (15,593) (135,142) (109,000)

344,960 523,040 1,138,500 399,863

Pendapatan bersih untuk tahun kewangan:

Pendapatan/(Rugi) bersih direalisasi (578,355) 345,608 221,122 323,721Untung/(Rugi) tidak direalisasi atas

pelaburan, bersih cukai (8,904,223) (221,391) (2,059,346) (2,018,507)(9,482,578) 124,217 (1,838,224) (1,694,776)

Nilai aset bersih pada akhir tempoh kewangan 18,166,800 6,382,617 7,083,635 5,664,917


Penyata Perubahan di dalam Nilai Aset Bersih untuk Tempoh Kewangan Dari 9 Ogos 2006 (Tarikh Dimulakan) sehingga 31 Disember 2007

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Pergerakan akibat unit dibentuk dan dibatalkan semasa tempoh kewangan:

Pembentukan bersih unit 21,726,638 5,063,751 6,085,431 5,373,681Pembatalan bersih unit (67,339) (20,121) (82,950) (68,569)

21,659,299 5,043,630 6,002,481 5,305,112

Pendapatan bersih untuk tempoh kewangan:

Pendapatan bersih direalisasi 3,688,119 733,057 1,174,596 1,023,016Untung/(Rugi) tidak direalisasi atas

pelaburan, bersih cukai 1,957,000 (41,327) 606,282 631,7025,645,119 691,730 1,780,878 1,654,718

Nilai aset bersih pada akhir tempoh kewangan 27,304,418 5,735,360 7,783,359 6,959,830

32 33



Penyata Aliran Tunai untuk Tempoh Kewangan berakhir 31 Disember 2008

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

ALIRAN TUNAI DARI AKTIVITI OPERASI

Hasil dari pelupusan pelaburan 12,382,675 3,466,186 3,958,511 3,266,069Belian pelaburan (19,105,530) (3,100,511) (6,086,246) (5,297,645)Peningkatan deposit tetap dan

panggilan 3,220,964 (1,136,584) 635,086 1,353,654Peningkatan bolehterima - (284,991) (8,150) -Peningkatan perlubayar 271,491 256,307 37,540 20,039Pendapatan faedah diterima 84,332 247,785 195,419 69,155Pendapatan dividen diterima 552,336 35,191 71,131 187,933Pembayaran perbelanjaan dana 233,644 (30,394) (159,520) (799)Cukai dibayar (32,256) (1,652) (8,202) (8,511)Aliran tunai bersih dari aktiviti

operasi (2,392,344) (548,663) (1,344,431) (410,105)

ALIRAN TUNAI DARI AKTIVITI PEMBIAYAAN

Hasil tunai dari pembentukan unit 578,941 538,633 1,273,642 508,863Tunai dibayar atas pembatalan unit (233,981) (15,593) (135,142) (109,000)

Aliran masuk tunai bersih dari aktiviti pembiayaan (2,047,384) (25,623) (205,931) (10,242)

Peningkatan bersih tunai dan setara tunai 3,138,876 94,804 215,633 11,375

Tunai dan setara tunai pada akhir tempoh kewangan 1,091,492 69,181 9,702 1,133

Tunai dan setara tunai merangkumi:Tunai dan baki di bank 1,091,492 69,181 9,702 1,133


Penyata Aliran Tunai untuk Tempoh Kewangan dari 9 Ogos 2006 (Tarikh Dimulakan) sehingga 31 Disember 2007

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

ALIRAN TUNAI DARI AKTIVITI OPERASI

Hasil dari pelupusan pelaburan 21,807,669 5,943,411 5,865,500 4,808,547Belian pelaburan (36,670,173) (7,641,056) (8,133,681) (6,191,116)Peningkatan deposit tetap dan panggilan (4,504,647) (3,510,253) (3,831,135) (4,054,724)Peningkatan bolehterima - (4,706) - (68,000)Peningkatan perlubayar 99,578 3,276 109,690 32,830Pendapatan faedah diterima 328,687 264,998 131,510 146,782Pendapatan dividen diterima 603,182 5,540 105,776 79,323Pembayaran perbelanjaan dana (181,010) (10,036) (31,025) (44,352)Cukai dibayar (3,709) - (3,483) (3,027)Aliran tunai bersih dari aktiviti

operasi (18,520,423) (4,948,826) (5,786,848) (5,293,737)

ALIRAN TUNAI DARI AKTIVITI PEMBIAYAAN

Hasil tunai dari pembentukan unit 21,726,638 5,063,751 6,085,431 5,373,681Tunai dibayar atas pembatalan unit (67,339) (20,121) (82,950) (68,569)

Aliran masuk tunai bersih dari aktiviti pembiayaan 21,659,299 5,043,630 6,002,481 5,305,112

Peningkatan bersih tunai dan setara tunai 3,138,876 94,804 215,633 11,375

Tunai dan setara tunai pada akhir tempoh kewangan 3,138,876 94,804 215,633 11,375

Tunai dan setara tunai merangkumi:Tunai dan baki di bank 3,138,876 94,804 215,633 11,375

34 35



1. AKTIVITI UTAMA DAN MAKLUMAT AM

Aktiviti utama Asia Pacific Growth Fund (“APGF Fund”), AXA Active Bond Fund (“Bond Fund”), Active Balance Fund (“Balanced Fund”) dan Dana Imbang (“Dana Imbang”) (selepas ini dirujuk secara kolektif sebagai “Dana-dana”) adalah melabur di dalam pelaburan yang dibenarkan.

Asia Pacific Growth Fund (“APGF Fund”) yang telah dimulakan pada 9 Ogos 2006 menyasarkan pertumbuhan modal yang tinggi dalam tempoh sederhana hingga-panjang melalui pelaburan di dalam saham situasi dan berpertumbuhan tinggi.

Active Bond Fund (“Bond Fund”) yang telah dimulakan pada 9 Ogos 2006, bertujuan untuk menyediakan aliran pendapatan yang tetap melalui pelaburan di dalam pasaran wang dan sekuriti hutang swasta dengan pendedahan terhad kepada ekuiti.

Active Balanced Fund (“Balanced Fund”) yang telah dimulakan pada 9 Ogos 2006, menyasarkan penjanaan pendapatan secara tetap dan pertumbuhan modal dalam tempoh sederhana hingga-panjang.

Dana Imbang (“Dana Imbang”) yang telah dimulakan pada 9 Ogos 2006, bertujuan untuk menjana pendapatan secara tetap dan pertumbuhan modal dalam tempoh sederhana hingga-panjang dengan melabur di dalam portfolio pelaburan yang mematuhi keperluan Syariah.

Pengurus Dana adalah AXA AFFIN Life Insurance Berhad, sebuah syarikat yang ditubuhkan di Malaysia, di mana aktiviti utamanya merangkumi perniagaan tajajamin insurans hayat, termasuk perniagaan berkaitan-pelaburan.

Penyata kewangan ini telah diluluskan untuk dikeluarkan oleh Lembaga Pengarah Pengurus selaras dengan resolusi bertarikh 19 March 2009

2. POLISI PENTING PERAKAUNAN

Polisi perakaunan berikut telah digunakan secara konsisten apabila berurusan dengan perkara yang dianggap penting berkaitan dengan penyata kewangan.

(a) Asas penyediaan Penyata kewangan dana telah disediakan dibawah kos konvenion bersejarah kecuali

bagi pelaburan yang telah dinyatankan ninal adil seperti yang telah didedahkan dalam Polisi Perakaunan Penting.

Penyata Kewangan ini mematuhi Piawaiaan Lapuran Perakaunan di Malaysia (“FRS”), yang diluluskan olen Entiti Yang Lain Dari Entiti Persendirian yang diterbitkan oleh Lembaga Piawaian Perakaunan Malaysia (MASB), akta insurans, 1996 dan garispanduan/ pegedaran yang dikeluarkan oleh Bank Negara Malaysia (BMN).

2. POLISI PENTING PERAKAUNAN (Sambungan)

(a) Asas penyediaan (Sambungan) Piawaiaan yang releven dan berkenan kepada Dana tetapi belum efektif

Piawaiaan berikut akan diaktifkan bagi tahun bermula pada atau selepas 1 January 2010. Dana akan menggunakan piawaiaan ini bagi tahun kewangan yang bermula 1 Januai 2010. Dana ini telah mengunakan peruntukkan peralihan dalam taraf tertentu yang mengecualikan entiti daripada membongkarkan kemungkinan impak yang akan muncul daripada pengunaan piawaiaan am keatas penyata kewangan Dana.

FRS 139 – Instrumen Kewangan: Perakuan dan Pengiraan FRS 7 – Instrumen Kewangan: Pendedahan

Penyata kewangan ini telah disediakan berdasarkan kos lampau kecuali untuk pelaburan dan pelaburan lain sebagaimana yang dinyatakan di dalam nota polisi perakaunan.

(b) Penggunaan anggaran dan pertimbangan Penyediaan penyata kewangan sejajar dengan keakuran FRS memerlukan

penggunaan anggaran dan anggapan perakaunan kritikal tertentu yang memberi kesan ke atas jumlah aset dan liabiliti yang dilaporkan dan pemberitahuan aset dan liabiliti luar jangka pada tarikh penyata kewangan, dan laporan jumlah pendapatan dan perbelanjaan semasa tahun laporan. Ia juga memerlukan Pengarah untuk membuat pertimbangan mereka semasa melaksanakan polisi perakuanan Syarikat. Sungguhpun kesemua anggaran dan pertimbangan adalah berdasarkan pengetahuan terbaik Pengarah berhubung tindakan dan peristiwa semasa, keputussan sebenar mungkin berbeza.

Bagaimanapun, Pengarah berpendapat bahawa di mana anggaran dan anggapan telah dibuat, ia tidak mempunyai risiko ketara untuk menyebabkan pelarasan material perlu dibuat ke atas jumlah aset dan liabiliti dinyatakan dalam tahun akan datang dan tiada polisi perakaunan yang memerlukan pertimbangan ketara perlu dilaksanakan.

(c) Matawang asing Pengunaan dan Penyampaian Matawang Penyata in disampaikan dalam Ringgit Malaysia (RM), yang merupakan pengunaan

matawang Dana ini.

Urusniaga matawang asing Urusniaga di dalam matawang asing dinyatakan-semula kepada matawang digunakan

pada kadar tukaran semasa tarikh urusniaga.

Segala untung atau rugi yang timbul daripada penyelesaian urusniaga seperti ini dan daripada penterjemahaan matawang asing tahun terakhir untuk aset wang dan liabiliti yang dinyatakan dalam matawang asing, dinyatakan dalam penyata pendapatan dan perbelanjaan.


36 37


(d) Pelaburan Pelaburan disenarai adalah dinilaikan pada harga pasaran yang disebut di mana-

mana bursa saham pada harga urusniaga terakhir yang diperolehi dari bursa saham berkaitan pada tarikh penilaian. Jika tiada harga dagangan diperolehi, harga penutupan terakhir yang ada pada tarikh penilaian akan digunakan. Untung dan rugi tidak direalisasi hasil tandaan untuk memasarkan pelaburan disenarai dinyatakan di dalam penyata pendapatan dan perbelanjaan.

Pelaburan tidak disenarai dinyatakan pada kos diselaraskan untuk pelunasan premium atau diskaun terakru, pada tarikh pembelian menggunakan kaedah pulangan berkesan. Nilai yang dibawa oleh pelaburan tidak disenarai kemudiannya dinilai-semula untuk mencerminkan nilai wajar dengan menggunakan sebutharga dari broker. Untung dan rugi tidak direalisasi ke atas penilaian-semula pelaburan tidak disenarai dinyatakan di dalam penyata pendapatan dan perbelanjaan.

Pelaburan di dalam saham amanah, dana bersama atau lain-lain pelaburan kolektif akan menggunakan harga terbitan terakhir yang diperolehi pada tarikh penilaian.

(e) Bolehterima Bolehterima pada awalnya dinyatakan pada kos mereka semasa hak kontrak untuk

menerima tunai atau lain-lain aset kewangan daripada entiti lain telah ditetapkan.

Selepas penyataan awal, bolehterima dinyatakan pada kos ditolak peruntukan untuk hutang ragu.

(f) Perlubayar Perlubayar dikira pada awal dan seterusnya pada kos. Perlubayar dinyatakan apabila

terdapat tanggungjawab kontrak untuk membayar tunai atau lain-lain aset kewangan kepada entiti lain.

(g) Pembentukan bersih unit Pembentukan bersih unit mewakili premium dibayar oleh pemegang polisi sebagai

bayaran untuk kontrak baru atau bayaran seterusnya untuk meningkatkan jumlah kontrak tersebut. Pembentukan bersih unit dinyatakan atas dasar penerimaan.

(h) Pembatalan bersih unit Pembatalan bersih unit mewakili pembatalan unit akibat penyerahan dan pengeluaran

oleh pemegang polisi. Pembatalan dinyatakan apabila kontrak insurans berkaitan diserahkan.


(i) Penyataan pendapatan Pendapatan faedah, termasuk jumlah pelunasan premium dan diskaun terakru,

dinyatakan berdasarkan tempoh masa tertentu yang mengambilkira kesan pulangan ke atas aset.

Pendapatan dividen dinyatakan apabila hak menerima pembayaran telah ditetapkan.

Untung atau rugi akibat pelupusan pelaburan dikredit atau dicaj kepada penyata pendapatan dan perbelanjaan.

(j) Cukai pendapatan Perbelanjaan cukai semasa ditentukan berdasarkan bidang kuasa undang-undang

cukai di mana Dana-dana beroperasi dan merangkumi kesemua cukai berdasarkan untung boleh cukai.

Cukai tertunda dinyatakan sepenuhnya, menggunakan kaedah liabiliti, ke atas perbezaan sementara yang timbul di antara jumlah yang berkaitan dengan aset dan liabiliti untuk tujuan percukaian dan jumlah pembawaan mereka di dalam penyata kewangan. Bagaimanapun, cukai tertunda tidak boleh diambilkira sekiranya ia terhasil daripada penyataan awal sesebuah aset atau liabiliti di dalam urusniaga selain daripada gabungan perniagaan yang pada masa urusniaga dibuat tidak memberi kesan ke atas perakaunan mahupun untung atau rugi bolehcukai.

Cukai tertunda dinyatakan pada nilai di mana kemungkinan terdapatnya untung bolehcukai masa hadapan yang boleh diperolehi ke atas perbezaan sementara bolehtolak atau rugi cukai tidak digunakan boleh digunapakai.

Cukai tertunda ditentukan menggunakan kadar cukai (dan undang-undang cukai) yang telah diwartakan atau diwartakan sebahagiannya pada tarikh penyata aset dan liabiliti, dan dijangka akan dikuatkuasa apabila aset cukai tertunda berkaitan direalisasi atau liabiliti cukai tertunda telah diselesaikan.

(k) Tunai dan setara tunai Tunai dan setara tunai merangkumi tunai dan baki di bank, tidak termasuk depositi

tetap dan panggilan yang sedia ditukar untuk mengetahui nilai tunai dan yang tertakluk kepada asignmen risiko yang boleh menukarkan nilai.

(l) Yuran pengurusan Yuran pengurusan dikira berdasarkan Nilai Aset Bersih Dana-dana pada tarikh

penilaian.



38 39

3. PELABURAN

2008

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Sekuriti Kerajaan Malaysiapada kos - 1,040,250 - -

Pelunasan premium - (35,250) - -- 1,005,000 - -

Sekuriti ekuiti, disenaraikan diMalaysia pada kos 6,858,446 541,520 5,310,516 4,171,244

Untung modal tidak direalisasi (2,217,873) (117,907) (1,538,581) (1,381,235)4,640,573 423,613 3,771,935 2,790,009

Sekuriti ekuiti, disenaraikan di luarMalaysia pada kos 14,501,446 - - -

Untung modal tidak direalisasi (3,907,571) - - -Rugi tukaran asing tidak

direalisasi (373,122) - - -10,220,753 - - -

Amanah pelaburan hartanah, disenaraikan di Malaysiapada kos 272,950 349,269 91,670 339,659

Rugi modal tidak direalisasi (111,300) (127,779) (37,380) (126,159)161,650 221,490 54,290 213,500

Saham amanah, di luarMalaysia pada kos 2,049,602 - - -

Rugi modal tidak direalisasi (956,599) - - -Rugi tukaran asing tidak

direalisasi - - - -1,093,003 - - -

Deposit tetap dan panggilan dengan bank berlesen 1,283,683 4,646,836 3,196,049 2,701,070

17,399,662 6,296,939 7,022,274 5,704,579


3. PELABURAN (Sambungan)

2007

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Sekuriti Kerajaan Malaysiapada kos - 1,573,400 - -

Pelunasan premium - (38,315) - -- 1,535,085 - -

Sekuriti ekuiti, disenaraikan diMalaysia pada kos 6,905,460 - 2,701,346 2,300,203

Untung modal tidak direalisasi 1,311,753 - 665,129 686,6338,217,213 - 3,366,475 2,986,836

Sekuriti ekuiti, disenaraikan di luarMalaysia pada kos 9,464,709 - - -

Untung modal tidak direalisasi 1,069,684 - - -Rugi tukaran asing tidak direalisasi

(205,505) - - -

10,328,888 - - -

Amanah pelaburan hartanah, disenaraikan di Malaysiapada kos 272,950 108,150 91,670 -

Rugi modal tidak direalisasi (7,950) (3,150) (2,670) -265,000 105,000 89,000 -

Saham amanah, di luar Malaysiapada kos 1,490,611 - - -

Rugi modal tidak direalisasi (26,469) - - -Rugi tukaran asing tidak

direalisasi (14,338) - - -1,449,804 - - -

Sekuriti hutang korporat tidakdisenarai pada kos - 505,500 505,500 -

Pelunasan premium - (3,456) (3,456) -- 502,044 502,044 -

Deposit tetap dan panggilan dengan bank berlesen 4,504,647 3,510,253 3,831,135 4,054,724

Jumlah pelaburan 24,765,552 5,652,382 7,788,654 7,041,560


40 41

3. PELABURAN (Sambungan)

Struktur kematangan sekuriti kerajaan Malaysia serta deposit tetap dan panggilan adalah seperti berikut:

2008

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Pelaburan matang dalam tempoh 12 bulan 1,283,683 5,651,836 3,196,049 2,701,070

Struktur kematangan sekuriti kerajaan Malaysia, hutang korporat tidak disenarai serta deposit tetap dan panggilan adalah seperti berikut:

2007

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

Pelaburan matang dalam tempoh 12 bulan 4,504,647 4,530,528 4,333,179 4,054,724

Pelaburan matang selepas 12 bulan - 1,016,854 - -

4,504,647 5,547,382 4,333,179 4,054,724


4. ASET/LIABILITI CUKAI TERTUNDA

Aset dan liabiliti cukai tertunda diimbangi apabila terdapat hak kuatkuasa undang-undang untuk mengimbangi aset cukai semasa dengan liabiliti cukai semasa dan apabila cukai tertunda tertakluk kepada pihak berkuasa cukai yang sama.

Jumlah berikut, ditentukan selepas diseimbangkan dengan sewajarnya, ditunjukkan di dalam penyata aset dan liabiliti:

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

2008Tertakluk kepada cukai

pendapatan (sebelum/selepas diseimbangkan):

Aset cukai tertunda terhasil dari pelaburan 605,317 22,223 126,077 120,592

Aset/(Liabiliti) cukai tertunda:Pada permulaan tahun kewangan (184,098) 1,078 (52,996) (54,930)(Dicaj)/Dikredit di dalam penyata

pendapatan dan perbelanjaan (Nota 5):- pelaburan 789,415 21,145 179,073 175,522

Pada akhir tahun kewangan 605,317 22,223 126,077 120,592

2007Tertakluk kepada cukai

pendapatan (sebelum/selepas diseimbangkan):

Aset cukai tertunda terhasil dari pelaburan - 1,078 - -

Liabiliti cukai tertunda terhasil dari pelaburan (184,098) - (52,996) (54,930)

Aset/(Liabiliti) cukai tertunda:(Dicaj)/Dikredit di dalam penyata

pendapatan dan perbelanjaan (Nota 6):- pelaburan (184,098) 1,078 (52,996) (54,930)

Pada akhir tempoh kewangan (184,098) 1,078 (52,996) (54,930)


42 43

5. MODAL PEMEGANG POLISI

APGF Fund Bond FundRM Unit RM Unit

2008Pada permulaan tahun

kewangan 21,659,299 21,535,815 5,043,630 5,080,850Pembentukan bersih unit 578,941 1,107,214 538,633 529,780Pembatalan bersih unit (233,981) (229,900) (15,592) (13,638)Pada akhir tahun kewangan 22,004,259 22,413,129 5,566,670 5,596,992

Balanced Fund Dana ImbangRM Unit RM Unit

2008Pada permulaan tahun

kewangan 6,002,481 5,850,829 5,305,112 5,290,270Pembentukan bersih unit 1,273,642 1,163,157 508,863 533,956Pembatalan bersih unit (135,142) (117,362) (109,000) (92,647)Pada akhir tahun kewangan 7,140,981 6,896,624 5,704,975 5,731,579

APGF Fund Bond FundRM Unit RM Unit

2007Pada tarikh permulaanPembentukan bersih unit 21,726,638 21,571,359 5,063,751 5,087,606Pembatalan bersih unit (67,339) (35,544) (20,121) (6,756)Pada akhir tempoh kewangan 21,659,299 21,535,815 5,043,630 5,080,850

Balanced Fund Dana ImbangRM Unit RM Unit

2007Pada tarikh permulaanPembentukan bersih unit 6,085,431 5,879,531 5,373,681 5,307,879Pembatalan bersih unit (82,950) (28,702) (68,569) (17,609)Pada akhir tempoh kewangan 6,002,481 5,850,829 5,305,112 5,290,270




44 45

6. CUKAI

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

2008Cukai semasa untuk tahun

kewangan 11,717 13,438 19,635 28,341Cukai tertunda (Nota 4):Punca dan pembalikan

perbezaan sementara (789,415) (21,145) (179,073) (175,522)Cukai (777,698) (7,707) (159,438) (147,182)

Penerangan mengenai hubungan di antara cukai dan pendapatan sebelum cukai adalah seperti berikut:

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

2008Pendapatan bersih sebelum

cukai (10,260,276) 116,510 (1,997,662) (1,841,957)

Cukai dikira pada kadar cukai Malaysia sebanyak 8% (820,822) 9,321 (159,813) (147,357)

Kesan cukai untuk:Perbelanjaan tidak boleh ditolak

untuk tujuan cukai 43,124 (17,028) 375 176Cukai (777,698) (7,707) (159,438) (147,181)

6. CUKAI (Sambungan)

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

2007Cukai semasa untuk tempoh

kewangan 320,043 53,528 95,658 86,141Cukai tertunda (Nota 4):Punca dan pembalikan

perbezaan sementara 184,098 (1,078) 52,996 54,930 Cukai 504,141 52,450 148,654 141,071

Penerangan mengenai hubungan di antara cukai dan pendapatan sebelum cukai adalah seperti berikut:

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RM

2007Pendapatan bersih sebelum

cukai 6,149,260 744,180 1,929,532 1,795,789

Cukai dikira pada kadar cukai Malaysia sebanyak 8% 491,941 59,534 154,363 143,663

Kesan cukai untuk:Perbelanjaan tidak boleh ditolak

untuk tujuan cukai 12,200 (7,084) (5,709) (2,592)Cukai 504,141 52,450 148,654 141,071



46 47

7. INSTRUMEN KEWANGAN

Risiko kadar faedah Aktiviti pelaburan utama Dana-dana terdedah kepada risiko kadar faedah. Untuk

menangani risiko ini, Pengurus Dana telah mengambil pendekatan untuk mencapai profil kadar faedah keseluruhan yang diingini, yang mungkin berubah dari masa ke semasa, berdasarkan unjuran jangka panjang kadar faedah dan keadaan ekonomi.

Menghasilkan-faedah: Harga semula berkontrak

atau tarikh matang (yang mana lebih awal)

2008

1 tahun atau

kurangRM

1 ke 2 tahun

RM

Jumlah nilai

dibawaRM

Purata wajarankaedah faedahberkuatkuasa

%

APGF FundDeposit tetap dan panggilan 1,283,683 - 1,283,683 3.20

Bond FundSekuriti Kerajaan Malaysia 1,005,000 - 1,005,000 5.65Deposit tetap dan panggilan 4,646,837 - 4,646,837 3.20

5,651,837 - 5,651,837

Balanced FundDeposit tetap dan panggilan 3,196,049 - 3,196,049 3.20

Dana ImbangDeposit tetap dan panggilan 2,701,070 - 2,701,070 3.13

Risiko kredit Risiko kredit adalah risiko kerugian akibat ketidakupayaan atau keengganan pihak

berkaitan untuk memenuhi kewajipan pembayaran prinsipal dan/atau faedah. Pengurus Dana menguruskan risiko kredit dengan mengenakan had ke atas pihak berkaitan di peringkat dana.

Risiko kecairan Risiko kecairan adalah risiko di mana Dana-dana tidak berkemampuan untuk memenuhi

kewajipan meraka pada kos sewajarnya atau pada bila-bila masa. Risiko ini diuruskan dengan mengawasi aliran masuk dan aliran keluar tunai yang diunjurkan dan yang sebenar serta memastikan bahawa sejumlah aset kewangan yang sewajarnya telah dikekalkan di dalam instrumen kecairan pada setiap masa.

Menghasilkan-faedah: Harga semula berkontrak atau

tarikh matang (yang mana lebih awal)

2007

1 tahun atau

kurangRM

1 ke 2 tahun

RM

Jumlah nilai

dibawaRM

Purata wajarankaedah faedahberkuatkuasa

%

APGF FundDeposit tetap dan panggilan 4,504,647 - 4,504,647 3.32

Bond FundSekuriti Kerajaan Malaysia 514,810 1,020,275 1,535,085 3.85Sekuriti hutang korporat

tidak disenarai 502,044 - 502,044 5.14Deposit tetap dan panggilan 3,510,253 - 3,510,253 3.35

4,527,107 1,020,275 5,547,382

Balanced FundSekuriti hutang korporat

tidak disenarai 502,044 - 502,044 5.14Deposit tetap dan panggilan 3,831,135 - 3,831,135 3.33

4,333,179 - 4,333,179

Dana ImbangDeposit tetap dan panggilan 4,054,724 - 4,054,724 3.18



48 49

7. INSTRUMEN KEWANGAN (Sambungan)

Risiko pengurusan Dana-Dana Pemilihan sekuriti yang membentuk pelaburan Dana-Dana adalah subjektif dan sekuriti

yang dipilih mungkin menghasilkan prestasi yang lebih baik atau lebih buruk daripada keseluruhan pasaran. Risiko ini diuruskan dengan memiliki Pengurus Pelaburan yang profesional dan berpengalaman.

Risiko pasaran Risiko pasaran akan timbul apabila nilai sekuriti berubah mengikut pasaran umum

dan keadaan ekonomi. Risiko pasaran diuruskan melalui kepelbagaian portfolio dan pembahagian aset di mana pendedahan sekuriti akan dikurangkan apabila dijangka akan berlaku kelemahan pasaran.

Pendedahan risiko pasaran Dana-Dana atas sekuriti ekuiti yang disenarai, REITs dan amanah saham asing dianalisa mengikut industri seperti berikut:

2008

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RMPembinaan 1,186,995 70,500 1,012,801 726,645 Barangan Pengguna 511,062 - 128,750 289,000 Kepelbagaian 362,072 - - -Tenaga dan Air 44,827 - - -Elektronik 1,093,004 - - - Kewangan 3,344,374 61,750 603,135 -Barangan Perindustrian 1,264,279 - 389,765 501,897 Prasarana 155,800 107,112 - 136,325 Pengilangan 242,489 - - -Perlombongan 1,536,816 - - -Minyak & Gas 472,445 - - -Farmasi 106,503 - - -Perladangan 1,606,467 53,400 443,150 428,550 Hartanah 958,744 105,000 391,434 459,557 Teknologi 1,000,170 - - -Telekommunikasi 823,696 - - -Perdagangan/Perkhidmatan 1,244,588 25,850 802,900 248,035 Amanah (REIT) 161,650 221,490 54,290 213,500

16,115,979 645,102 3,826,225 3,003,509



2007

APGF Fund

RM

Bond Fund

RM

Balanced Fund

RM

Dana Imbang

RMBahan Asas 584,746 - - 124,800Pembinaan 1,728,208 - 470,300 462,457Barangan Pengguna 618,739 - 85,800 -Kepelbagaian 329,384 - 642,365 -Tenaga dan Air 494,198 - - -Elektronik 1,148,330 - - -Kewangan 3,387,503 - 279,200 -Barangan Perindustrian 1,492,091 - - 656,500Prasarana 496,000 - 139,008 114,208Pengilangan 326,274 - - -Minyak & Gas 332,295 - - -Perladangan 1,870,470 - 625,192 649,241Hartanah 697,732 - 148,730 148,730Teknologi 765,899 - 17,850 20,230Telekommunikasi 1,791,972 - - -Perdagangan/Perkhidmatan 1,544,085 - 958,030 810,670Amanah 1,714,804 105,000 89,000 -Utiliti 938,175 - - -

20,260,905 105,000 3,455,475 2,986,836

Bahagian ini sengaja dibiarkan kosong

50 51


AXA AFFIN LIFE INSURANCE BERHAD(Disyarikatkan di Malaysia)

Asia Pacific Growth Fund (“APGF Fund”)Active Bond Fund (“Bond Fund”)Active Balanced Fund (“Balanced Fund”)Dana Imbang (“Dana Imbang”)

KENYATAAN PENGURUS

Kami, Jen (B) Tan Sri Dato Seri Abdul Rahman Bin Abdul Hamid dan Edward Kong Tek Fah, dua orang pengarah AXA AFFIN Life Insurance Berhad, menyatakan bahawa, pada pendapat Pengurus Dana-dana di atas, penyata kewangan yang dilampirkan pada muka surat 26 - 49 mencerminkan pandangan yang benar dan adil mengenai kedudukan Dana-dana sehingga pada 31 Disember 2008 dan bahawa keputusan mereka, perubahan di dalam nilai aset bersih dan aliran tunai untuk tempoh kewangan dari 1 Januari 2008 (tarikh dimulakan) hingga 31 Disember 2008 adalah selaras dengan Standard Perakaunan yang Diluluskan di Malaysia untuk Entiti Selain Dari Entiti Persendirian, Lembaga Piawaian Perakaunan Malaysia (“MASB”).

Bagi pihak Pengurus

JEN (B) TAN SRI DATO SERI ABDUL RAHMAN DAVID MATTHEWSBIN ABDUL HAMID PENGARAHPENGERUSI

Kuala Lumpur19 Mac 2009


Laporan Juruaudit

AXA AFFIN LIFE INSURANCE BERHAD(No Syarikat. 723739W)

LAPORAN JURUAUDIT BEBAS KEPADA PEMEGANG-PEMEGANG POLISI Asia Pacific Growth Fund (“APGF Fund”)Active Bond Fund (“Bond Fund”)Active Balanced Fund (“Balanced Fund”)Dana Imbang (“Dana Imbang”)(selepas ini dirujuk secara kolektif sebagai “Dana-dana”)

LAPORAN PENYATA KEWANGAN

Kami telah mengaudit penyata kewangan Dana-Dana yang merangkumi penyata aset dan liabiliti pada 31 Disember 2008, penyata pendapatan dan perbelanjaan, penyata perubahan dalam nilai aset bersih dan penyata aliran tunai Dana-Dana bagi tahun kewangan tersebut serta ringkasan dasar-dasar perakaunan penting dan nota-nota keterangan yang dibentangkan di muka surat 26 - 49.

Tanggungjawab Pengurus terhadap Penyata Kewangan

Pengurus Dana-Dana bertanggungjawab untuk menyedia dan membentangkan penyata kewangan secara adil, selaras dengan Piawaian Perakaunan di Malaysia yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia (MASB) bagi Entiti Selain daripada Entiti Persendirian. Tanggungjawab ini termasuk merangka, menjalankan dan mengekalkan kawalan dalaman yang berkaitan dalam menyediakan penyata kewangan yang adil dan bebas daripada salah tafsir penting ekoran pemalsuan atau kesilapan; memilih dan menggunakan dasar perakaunan yang sesuai dan membuat anggaran perakaunan yang munasabah dalam keadaan tersebut.

Tanggungjawab Juruaudit

Kami bertanggungjawab untuk memberikan pendapat kami tentang penyata kewangan ini berdasarkan audit yang kami lakukan selaras dengan piawaian audit yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami merancang dan menjalankan audit untuk mendapatkan jaminan munasabah bahawa penyata kewangan ini tidak mengandungi kesilapan penting.

Sesuatu audit melibatkan prosedur yang bertujuan mendapatkan bukti audit berhubung amaun dan pendedahan yang dibuat di dalam penyata kewangan. Prosedur yang dipilih bergantung kepada penilaian kami termasuk penilaian risiko kesilapan penting dalam penyata kewangan ekoran pemalsuan atau kesilapan. Dalam menilai risiko tersebut, kami

Laporan Juruaudit

52 Laporan Juruaudit

mengambil kira kawalan dalaman yang berkaitan dengan penyediaan dan pembentangan penyata kewangan Dana-Dana untuk merangka prosedur audit yang sesuai dalam keadaan tersebut dan tidak bertujuan untuk meyatakan pendapat kami terhadap keberkesanan kawalan dalaman Dana-Dana. Audit yang dijalankan juga merangkumi penilaian dasar perakaunan yang digunakan dan anggaran berkaitan yang dibuat oleh Pengurus, serta penilaian pembentangan penyata kewangan secara keseluruhan.

Kami percaya audit kami memberikan asas yang wajar untuk membentuk pendapat kami. Pada pendapat kami, penyata kewangan ini telah disediakan selaras dengan Piawaian Perakaunan di Malaysia yang diluluskan oleh MASB untuk Entiti Selain daripada Entiti Persendirian bagi memberikan pandangan yang adil dan benar mengenai kedudukan kewangan Dana-Dana pada 31 Disember 2008 serta prestasi kewangan, perubahan dalam nilai aset bersih dan aliran tunai bagi tahun kewangan tersebut.

Pendapat

Pada pendapat kami, penyata kewangan telah di tulis selaras dengan piawaian Perakaunan yang Diluluskan di Malaysia untuk Entiti Selain Dari Entiti Persendirian, Lembaga Piawaian Perakaunan Malaysia (“MASB”) untuk memberi pendapat yang adil dan saksama kedudukan kewangan Dana pada 31 Disember 2008 dan perlaksanaan kewangan, segala pertukaran dalam nilai aset dan aliran wang tunai bagi ttahun yang berakhir.

PERKARA LAIN

Laporan ini disediakan hanya untuk pemegang-pemegang polisi Dana-Dana, sebagai sebuah badan dan bukan untuk tujuan lain. Kami tidak bertanggungjawab kepada mana-mana pihak berhubung kandungan laporan ini.

PRICEWATERHOUSECOOPERS (No. AF: 1146) Akauntan Berkanun

Kuala Lumpur19 Mac 2009

AXA AFFIN Life Insurance Berhad (AXA AFFIN)Incorporated in February 2006, AXA AFFIN Life Insurance Berhad (AXA AFFIN) is a joint venture company between AXA Asia Pacific Holdings Ltd and AFFIN Holdings Berhad. AXA is an international Group with a global presence across 50 countries and has a workforce of more than 175,000 employees. Recognized globally for their financial protection and wealth management expertise, AXA is focused on helping individuals manage risk and achieve their financial goals. In Malaysia, AXA AFFIN will strive to build close and lasting relationship with its customers. Every day we offer our customers care, support and advice with the highest standard of professional ethics, to help them realise their dreams.

AXA AFFIN Life Insurance Berhad (723739W)

8th Floor, Chulan TowerNo. 3, Jalan Conlay50450 Kuala LumpurTel : 03 2117 6688 Fax : 03 2117 3698Toll Free 1 300 88 1616www.axa.com.my

Documents

2008 Fund Performance Report 2008 · of PT Bank Internasional Indonesia and a 20% stake in MCB Bank in Pakistan for US$742m. Second was the successful demerger of Telekom Malaysia