AmMetLife Insurance Berhad headquarters located at · AmMetLife Insurance Berhad headquarters located at ... we project that the world economy would ... and MetLife International

AmMetLife Insurance Berhad headquarters located atMenara 1 Sentrum, No.201 Jalan Tun Sambanthan, 50470 Kuala Lumpur.

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Contents

Chairman’s Message 04

Corporate Profile 06

Investment-Linked Funds Objective 07

Investment Market Review 11

Investment Outlook 23

Investment Strategy 29

Fund Performance 33

Sectoral and Category Breakdown 45

Comparative Performance Table 55

Summary of Financial Information 63

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AmmetLife insurAnce BerhAd investment-Linked funds | AnnuAL report

For the Financial Year Ended 31 March 2016

Chairman’s Message

Dear Valued Policy Holders,

On the global front, we project that the world economy would

grow at a pace of 3.1% in 2016, with the U.S. economy to

remain as the bright spot, while euro’s recovery will remain

modest following the ‘Brexit’ referendum in the United

Kingdom, which has raised the level of uncertainty. However,

the risk of a potential global economic recession remains low,

which is comforting at this time.

As for the economy in Malaysia, it is expected to grow at a

credible 4% this year. This is supported by healthy government

spending, relief from rising oil prices and domestic activities,

complemented with a more stable currency and signs of

improving business sentiment. The recalibrated Budget 2016

has also provided some impetus to domestic consumption, as

well as increasing emphasis on building affordable homes and

implementation of infrastructure projects. Despite the potential

headwinds in the economy, there are still some opportunities,

such as the SME sector, the growth of which has consistently

outpaced that of GDP.

At AmMetLife, we have placed great emphasis on growing

our investment-linked portfolios for the financial year ended

31 March 2016.The total net asset value of our investment-

linked funds is RM 100.13 million, a year-on-year growth in

NAV of 3.63%. Our best performing investment-linked fund

for this financial year was AmMetLife Precious Metals Fund,

giving a commendable return of 7.88% for the year, driven by

We want to build enduring relationships with you and provide expertise and solutions to meet your evolving needs.



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the search for yields in a well-diversified universe of precious

metals-related securities.

As customers are at the heart of everything we do, it is

important that we continuously find new and exciting

opportunities to add value to our offerings and services.

With a strong focus on customer centricity, AmMetLife’s

primary goal is to be the preferred life insurance provider for

Malaysians from all walks of life. In line with this, we have

embarked on a multi-channel strategy to deliver products and

services to the growing consumer base in Malaysia. We will

continue to strengthen our agency force and work closely

with AmBank branches nationwide to broaden our reach and

widen the penetration rate which is currently below 50%.

This goes to show that there is large consumer base without

life insurance protection in Malaysia.

In our efforts to broaden our reach and align our business

objectives, AmMetLife has activated a transformation initiative

in mid-2015 to enhance our support system for better and

superior quality interaction with our customers. With the

rapid advancement in technology where information is easily

available on smart devices, it is crucial that we keep our

customers constantly updated. As a life insurance provider,

we too must enrich ourselves with knowledge of the diverse

needs of our customers to enable the development of clear

and transparent financial solutions. We would like to assure

all our customers that we remain committed to help you

reach your financial goals.

We would like to take this opportunity to thank you for your

trust and confidence in our products and services. We want

to build enduring relationships with you and provide expertise

and solutions to meet your evolving needs.

Thank you.

Tan Sri Azman HashimChairmanAmBank Group

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Corporate Profile

AmMetLife is a strategic partnership between AMMB

Holdings Berhad (“AmBank Group”) and MetLife

International Holdings LLC (“MetLife”). AmMetLife

offers a comprehensive range of life assurance and

wealth protection solutions distributed through a

combination of over 170 AmBank and AmMetLife

branded branch offices, in addition to the strength of

its authorised life insurance agents nationwide.

The strategic partnership combines the international

expertise and financial strength of MetLife with the

local strength and reach of AmBank Group to create a

customer-centric and modern life assurance solutions

provider in Malaysia.

We are focused on meeting our customers’ diverse

needs with innovative solutions at different stages of

their lives, making it easier and simpler for families

and individuals to achieve financial security and

pursue more from life.



Investment-LinkedFunds Objective

AMMeTLIFe InSurAnCe BerHAd InveSTMenT-LInked FundS | AnnuAL rePOrT


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Investment-Linked Funds Objective

1. AmMetLife equity Fund

The Fund aims to provide the Policyholder with capital appreciation, over the medium to long-term investment horizon, mainly

through investments in Malaysian securities with superior growth potential.

Returns will be obtained via growth in unit price rather than income distribution.

2. AmMetLife Bond Fund

The Fund aims to provide the Policyholder with an opportunity to gain higher than the average income earned from fixed deposits,

over the long-term investment horizon, mainly through investments in a diversified portfolio of fixed income securities.


3. AmMetLife Balanced Fund

The Fund aims to provide the Policyholder with an opportunity to gain higher than the average income earned from fixed deposits

with a lower level of risk as compared to equity funds, over the medium-term investment horizon via exposure in Malaysian

equities and/or equity-related securities and fixed income and/or fixed income-related securities.


4. AmMetLife dana Teguh

The Fund aims to provide the Policyholder with an opportunity to gain higher than the average income earned from fixed deposits

with a lower level of risk as compared to equity funds, over the medium-term investment horizon, via exposure in Shariah-

approved Malaysian equities and/or equity-related securities and Islamic debt and/or debt-related securities.


5. AmMetLife dividend Fund

The Fund aims to provide the Policyholder with total returns primarily through investments in equities and/or equity-related

securities of companies that offer sustainable dividend payments and attractive yields, emphasising on medium to long-term

capital appreciation opportunities.


6. AmMetLife Oasis Islamic equity Fund

The Fund seeks to achieve capital appreciation over the medium to long-term via investments in:

1. AmOasis Global Islamic Equity Fund, a Collective Investment Scheme (CIS) managed by AmFunds Management Berhad.

2. Shariah-approved equities listed on Bursa Malaysia.


7. AmMetLife Global emerging Market Fund

The Fund seeks to achieve capital appreciation over the long-term horizon through investing mainly in:

1. AmGlobal Emerging Market Opportunities Fund, a Collective Investment Scheme (CIS) managed by AmFunds

Management Berhad.

2. Equities listed on Bursa Malaysia.




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8. AmMetLife Global Agribusiness Fund

The Fund seeks to achieve capital appreciation over the long-term horizon through investing mainly in a Target Fund: AmGlobal

Agribusiness Fund, a Collective Investment Scheme (CIS) managed by AmFunds Management Berhad that invests in global

agribusiness equities from agricultural commodities to consumer products. Agribusiness is a generic term that refers to the various

businesses involved in food production.


9. AmMetLife Precious Metals Fund

The Fund seeks to achieve capital appreciation over the medium to long-term horizon through investing mainly in a Target Fund:

AmPrecious Metals Fund, a Collective Investment Scheme (CIS) managed by AmFunds Management Berhad that invests in a

portfolio of global Shariah-observant equities and equity-related securities of companies engaged in activities related to gold,

silver, platinum or other precious metals.


10. AmMetLife Tactical Bond Fund

The Fund seeks to achieve moderate capital appreciation over the medium to long-term horizon through investing mainly in a

Target Fund: AmTactical Bond Fund, a Collective Investment Scheme (CIS) managed by AmFunds Management Berhad, where the

Target Fund aims to provide income and to a lesser extent, capital appreciation, by investing primarily in bonds.


11. AmMetLife Asia Pacific reITS Fund

The Fund seeks to achieve moderate capital appreciation over the medium to long-term horizon, investing mainly in a Target Fund:

AmAsia Pacific REITS Fund, a Collective Investment Scheme (CIS) managed by AmFunds Management Berhad, where the Target

Fund aims to provide regular income and to a lesser extent, capital appreciation over the medium to long-term by investing in real

estate investment trusts (REITS).



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InvestmentMarket review



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Investment Market review

AmMetLife equity Fund, Balanced Fund, dana Teguh, dividend Fund, Bond Fund

equity Market reviewThe market started the year under review on a positive note,

following the strong regional performance. Sentiment was also

supported by the stabilizing ringgit and oil prices. But all of the

gains were given up towards the end of the month on the back

of heavy profit taking. Equity market consolidated in the absence

of strong new positive catalysts from still-unresolved Greek debt

talks and continuing weak economic data out of China. For the

month of April, the FTSE Bursa Malaysia KLCI (“FBM KLCI”) eased

0.68% or 12.51 points to close at 1,818.27 points.

The negative market sentiments continued in May on concerns

over news related to 1MDB and poor first quarter 2015 corporate

results. However, there was a muted reaction to the 11th

Malaysia Plan announcement. Internationally, the equities market

was also lower on concerns over the US Federal Reserve (“Feds”)

rate tightening, despite the announcement of weak US economic

growth during the first quarter of 2015. Additionally, the over-

valuation of Chinese equities and stalled Greece talks over its

sovereign debts with its creditors negatively affected market

globally. Hawkish comments from the US Feds had also impacted

emerging market currencies as the safe-haven currency, US dollar,

rebounded. FBM KLCI ended the month down 3.89% to close at

1,747.52 points, or 70.75 points lower.

The bearish trajectory continued in June, as both the Malaysian

Ringgit and FBM KLCI Index fell sharply due to the concerns over

possible Fitch Ratings downgrade of Malaysia by end of June.

Malaysian Ringgit also fell by 2% to RM3.74 to 1 US Dollar. The

negative sentiments further deteriorated over possible Greek

loan default. The weak China economic numbers and sharp fall

in Shanghai stock market also contributed to the sharp fall in the

index. For the month, the FBM KLCI fell 2.34% or 40.88 points

to close 1,706.64 point.

Local equity market was under tremendous selling pressure in

July due to both negative domestic and international news. The

negative news started with the sharp drop in Chinese A-shares,

followed by the Greek bailout news. The sentiments were further

dampened by negative domestic news and the fall in Ringgit

to below RM3.80. This resulted in the FBM KLCI temporarily

falling below the 1,700 points psychological support level. The

Malaysian cabinet reshuffling, resulting in changes in UMNO’s

senior leadership team, and the decline in oil prices below US$60/

barrel, created more uncertainties to the market. For the month,

FBM KLCI ended 1,723.14 points, 16.50 points or 0.97% higher.

The global equity market was beaten down significantly in August

and FBM KLCI was of no exception, down 6.41% or 110.40

points in August to close at 1,612.74 points. The sell down was

led by the devaluation of Chinese currency due to the concern

over weak China exports. This led to the fall in the currencies

across the region. Malaysian Ringgit was not spared, plunging

to a new 17-year low against the US Dollar, becoming the worst

performing currency among the Asian currencies in August. The

fall in oil price to below USD40 per barrel also raised concerns on

Malaysia’s oil revenue and its ability to sustain its GDP above 5%.

The regional equity market performance was weak generally in

September due to the fear of further weakening of the Chinese

economy and expectations of US interest hikes. FBM KLCI initially

performed in line with weak regional markets, but rebounded

strongly on the back of news that the Government would be

allocating RM20bn to the Government’s investment vehicle,

ValueCap, to buy up good value stocks. However, China’s weaker-

than-expected September economics numbers pushed the index

to giving up much of its gains. For the month, the FBM KLCI

gained 0.51% or 8.30 points, to close at 1,621.04 points.

October was a recovery month for Malaysia as the FBM KLCI

rebounded and managed to stay above the 1,700 support level

for a while before profit-taking activities during the last week of

the month pushed it lower. A hawkish statement from the US

Feds after its October 26-27 meeting, about a possible rate hike

in December, undercut the supportive sentiment from China’s

interest-rate cut and Banks’ Reserve Requirement cut. The tone of

the 2017 Malaysian Budget was moderately expansionary, with

the Federal Government continuing its agenda of balancing the

‘capital’ and ‘people’ economy. For the month, the FBM KLCI rose

44.67 points or 2.76% to close at 1,665.71.

Malaysian shares were marginally strong in November, contributed

by the rebound in the Malaysian Ringgit as well as positive



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sentiments from the sale of Edra power assets to a Chinese

consortium. Malaysia’s economy expanded 4.7% annually in

the third quarter of 2015, a slight moderation from the 4.9%

recorded in the second quarter. Bank Negara Malaysia (“BNM”)

maintained the Overnight Policy Rate (OPR) at 3.25%. The move

was expected by investors, and marked the eighth consecutive

meeting in which BNM has left the OPR unchanged. For the

month of November, the FBM KLCI was up 0.39% or 6.45 points

to 1,672.16 points.

The first two weeks of December 2015 saw Malaysian shares

falling, and the index touched its low of 1,622.84 points on

15 December due to concerns over global growth stemming

from a sharp slide in oil prices and nervousness ahead of a

probable Federal Reserve rate increase. However, equity market

found stability after touching its low, boosted by a rebound in

global crude oil prices. Equity markets continued its rebound

progressively towards the end of the year, partly contributed by

the relief rally in crude oil and gains on Wall Street. The FBM KLCI

ended the month up 1.22% to settle at 1,692.51 points.

Going into the New Year, the market succumbed to initial selling

pressure due to weak oil price. This again raised concerns over the

country’s revenue forecasted by the Government earlier. Oil price

fell to below USD30 per barrel in January 2016. Weak Chinese

economic data also negatively affected sentiments globally,

pushing the FBM KLCI to touch its low of 1,618.83 levels. However,

the index rebounded post Statutory Reserves Requirements cut

towards month-end to close at 1,667.80 or 1.46%.

February was a month of consolidation for the local bourse as

well as regional equity indices. The FBM KLCI traded within a tight

range of 13.05 points during the month. Global crude oil prices

and the Ringgit also traded sideways. The December quarter

reporting season broadly came in line with expectations, with

beneficiaries of the weak Ringgit and cheap crude oil transporters

announcing positive surprises. A few of the construction and

property developers announced better results while the number

of oil and gas companies reporting milder profits, declined. Banks

as well as plantation companies continued to disappoint. Petronas

also announced weak FY15 results and gave a cautious outlook

with an announcement of cuts to its capital and operating

expenditure of RM15-20bn, a 20-30% decline from 2015, in its

bid to weather the weak oil price environment. The FBM KLCI

ended the month 0.78% lower.

The FBM KLCI performed strongly in the month of March in line

with the rest of the region as a delay in the Fed Fund rate hike

and a rebound in oil prices saw funds flowing back into emerging

markets. The Ringgit strengthened to the RM3.90 to the US

Dollar, while Brent Crude Oil touched $43.10 per barrel. The

construction sector was abuzz with news of contract awards for

the MRT and Pan Borneo Highway. The FBM KLCI ended FY2016

on a high of 1,717.58 points, 3.80% higher than the previous

month, and 113.20 points, or 6.18% lower than 31 March 2015

(1,830 points).

Fixed Income Market review2015 saw major capital market turmoil with heavy negative

pressure on Asia Pacific currencies and assets sparked by China’s

policy move to devalue the yuan and still continuing cycle

of economic stimulus and capital market stabilising moves.

Domestically, Malaysia’s ringgit plunging to as low as RM4.30

per USD, the lowest since 1998. The plunge was largely in line

with regional currencies but more apparent for the Ringgit due to

concerns that the authorities are running out of ammunitions to

defend its currency amid shrinking reserves, slumping oil prices,

an unexpected yuan devaluation and a political scandal.

Amidst the gloom and worries of a return of some form of capital

control and a Ringgit peg, both the Central Bank Governor as well

as the Prime Minister reaffirmed Malaysia’s commitment not to

re-introduce a Ringgit peg nor capital controls. The Government

also reaffirmed its view that the current MYR level is not reflective

of the country’s sound fundamentals which includes sustained

positive growth momentum, a diversified economy, continued

trade and current account surpluses as well as a healthy and

resilient banking system.

Bank Negara Malaysia (“BNM”) kept its Overnight Policy Rate

(“OPR”) unchanged at 3.25% in its Monetary Policy Committee

(“MPC”) meeting. BNM reiterated concerns on the heightened

downside risk posed by the uncertain external environment as

well as domestic developments. Nonetheless, BNM’s assessment

of domestic growth remains largely unchanged such that it

expects growth to stay intact and to range between 4.5% - 5.5%

this year.

BNM released its Annual Report for 2015, highlighting its

expectations of slower domestic growth, which is projected to

grow by 4.0 – 4.5% in 2016 primarily driven by domestic demand

and sustained mainly through private consumption. Meanwhile,

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Investment Market review (Cont’d)

inflation is expected to range between 2.5 – 3.5% in 2016.

Separately, it was also the first time BNM released information

on the composition of foreign holdings in MGS/GII and the

breakdown is as follows:

• AssetManagers:44%

• CentralBanks/Governments:29%

• PensionFunds:13%

• Banks:10%

• InsuranceCompanies:2%

• Nominees/Custodians:1%

• Others:1%

Lastly, S&P affirmed Malaysia’s A-/Stable rating premised on its

expectations that the 1MDB issues and the upcoming change in

BNM leadership will not diminish the effectiveness of policymaking

either in the executive branch or at the central bank. S&P also

believes the government has taken sufficient offsetting measures

to compensate for lost hydrocarbon-related fiscal revenue. In

addition, the country’s strong external position and fairly diverse

economy can absorb some weakness in the oil and gas sector.

- by AmFunds Management Berhad

AmMetLife Oasis Islamic equity Fund Market reviewFeeder Fund: AmOasis Global Islamic equity Fund

Target Fund: Oasis Crescent Global equity Fund

The global economy continues to undergo a number of structural

changes, including those taking place in China, where the

government is pursuing a host of supply-side reforms. One

by-product of this is that China requires far smaller volumes

of raw commodities within its aggregate production process,

which has dealt a structural blow to prices across almost the

entire commodity complex. Emerging market economies that

have historically relied on commodity exports for the bulk of

their dollar earnings, or to prop up public budgets face even

further uncertainty. Adding a layer of complexity to the dynamic

economic climate are the various monetary policy divergences

across the so-called advanced economies. In the United States

(US), monetary policy has already begun to tighten, leading to

a stronger dollar which has played its own important role in the

suppression of global commodity prices.

However, overall global monetary conditions remain loose on

the back of further easing in Europe and Japan, and significant

capacity for government support in China should provide for a

continued orderly transition towards a consumer-led economy.

Furthermore, the US Federal Reserve’s monetary policy committee

is expected to follow a relatively shallow hiking cycle over the

medium term, which should offset some global growth pressures

in the near term.


AmMetLife Global emerging Market Fund Market review Feeder Fund: AmGlobal emerging Markets Opportunities

Fund

Target Fund: Schroders ISF Global emerging Market

Opportunities Fund

Global equities recorded negative returns over the one-year

period. Stronger economic data in the US, the first monthly asset

purchases in the Eurozone and further monetary policy easing in

Japan initially served to boost equity markets. In this environment,

speculation over the timing of a first Federal Reserve (Fed) rate

hike, which eventually took place in December 2015, dominated

news flow. However, positive sentiment gave way to volatile

returns from August 2015, initially owing to growth and policy

concerns in China and some heavy oil price declines. Uncertainty

was exacerbated by fears of a recession in the US, primarily due to

deterioration in the manufacturing sector. However, these fears

dissipated and global equities recouped some of their negative

returns as the European Central Bank announced a larger than

anticipated stimulus package, and expectations for further Fed

rate hikes were delayed, resulting in some dollar weakness.

Despite a rebound in February 2016 and March 2016, emerging

markets faced the headwind of a stronger US dollar and declining

commodity prices. The MSCI Emerging Markets (EMs) declined in

value and underperformed the MSCI World index.

Emerging EMEA markets in general held-up better than other

emerging market peers. Hungary posted a very strong gain, with

all three index stocks up sharply. Russia was the only other index

market to record a positive return, with Sberbank leading the

market higher amid hopes for further interest rate cuts. Turkey

finished in negative territory but outperformed. An indecisive

general election in June led to months of uncertainty and coalition

negotiations failed. The AKP won a second election in November

2015, which served to boost confidence. However, the country’s

large and poorly funded current account deficit contributed to



15



significant volatility in both the currency and equity markets

amid expectations for a tightening of global interest rates.

Furthermore, Turkey’s decision to join the US-led coalition in Syria,

and the shooting down of a Russian warplane on its border with

Syria led to a sharp rise in geopolitical risk. The UAE and Qatar

were both firmly down, negatively impacted by the heavy decline

in energy prices through the period. The UAE outperformed,

with large index stock Emaar properties providing support,

whilst Qatar finished slightly behind the index. The small Czech

market finished largely in line with the benchmark as underlying

economic indicators remained relatively firm. Poland lagged.

Macroeconomic data in general was strong with politics the

main headwind. A surprise win for the opposition PiS candidate

in a May presidential election was followed by a PIS victory in

October 2015 parliamentary elections. Local equities sold-off as

polls shifted towards PIS, given the party’s plans for higher fiscal

spending, which were expected to be funded by sector specific

taxes and a higher budget deficit. South Africa underperformed,

with the country’s large current account causing some unease in

the face of expectations for tighter global liquidity, and the rand

experienced a sharp decline relative to the US dollar. Heightened

risk of a sovereign debt downgrade to non-investment grade

was a further headwind. In Egypt, security concerns weighed on

sentiment, notably the downing of a commercial airliner after

take-off from Sharm El Sheik airport, which has implications for

the tourist sector. Greece was the weakest index country, recording

a sharp drawdown. The Syriza government called a referendum

at the end of June and introduced capital controls after a bailout

deal could not be agreed with Eurogroup creditors. A third bailout

deal was finally agreed but this involves major concessions from

the Greek government. Furthermore, the imposition of capital

controls resulted in banks requiring a significant recapitalisation.

Latin American markets rallied sharply towards the end of the

period but all finished in negative territory. Mexico was the

most resilient, with momentum in the domestic economy aided

consumer stocks in particular. The more defensive Chilean market

also outperformed. Copper price declines and both tax and labour

market reforms were the key headwinds to absolute returns. Peru

finished ahead of the benchmark with large index stock Credicorp

providing support. During the period MSCI announced that it was

considering Peru for downgrade to its frontier market index, a

decision it delayed until June 2016. It was a relatively volatile

period for Brazilian equities and the real, which succumbed to

sizeable declines through much of the period, before staging

a major rally in March 2016. Underlying macroeconomic data

continued to deteriorate whilst the “lava jato” corruption

scandal, which emanated from Petrobras, engulfed politics. This

contributed to rising expectations that President Rousseff may be

impeached, a move which would likely deliver significant policy

change. Colombia performed broadly in line with the benchmark

but local equities registered significant negative returns. This was

primarily attributable to oil price weakness, given oil represents

a significant share of government revenues. That said, economic

indicators have not deteriorated as rapidly as forecast.

Emerging Asian equities returns tended to the weak side over the

period. Korea held up better than regional peers. The economy is

well placed to weather an environment of tighter global liquidity

given its large current account surplus position. Malaysia faced

the challenges of low oil prices and a political scandal centred on

the country’s prime minister. However, the market has recently

rebounded as corruption allegations have eased and the oil price

has shown some improvement. The Philippines outperformed,

with the country’s current account surplus proving supportive

in the prevailing environment. Indonesia came under pressure

earlier in the period. However, inflation eased, enabling the

central bank to cut interest rates, and concerns over tighter

liquidity diminished. In Thailand, the local market declined in

value, modestly underperforming. The growth outlook remained

subdued and the government took some measures to stimulate

the economy, largely focused around infrastructure investment.

Meanwhile the military remained in power and although martial

law was lifted in April 2015, a draft constitution was rejected,

meaning elections will likely be delayed. India underperformed

by a small margin as a recent rebound in commodities prices,

concerns over forthcoming public sector wage rises and a number

of pieces of disappointing macroeconomic data weighed on

sentiment. Moreover, delays to reforms, owing to the BJP’s lack of

a majority in the Upper House, weighed on sentiment. China was

the weakest regional market. After the liquidity driven rally early

in the period, the authorities sought to tame the market volatility

and a correction ensued, which then prompted further rounds

of interest and bank reserve ratio requirement cuts, as well as

the injection of liquidity into the banking sector, in an effort to

calm markets. Meanwhile the underlying economy showed signs

of deceleration, with Q4 GDP growth easing to 6.8% year-on-

year. An apparent and unexpected shift in currency policy led

to further risk aversion and foreign exchange reserves recorded

some substantial falls. After several months of uncertainty, the

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People’s Bank of China Governor Zhou commented that the

central bank was not seeking to devalue the Chinese yuan in

trade-weighted terms. Meanwhile, the authorities opened the

domestic bond market to foreign investors. This was perceived as

a positive step towards the further opening up of China’s capital

markets. The market recovered somewhat from mid-February as

stronger credit growth signaled policy support, although equities

closed firmly down in absolute terms.


AmMetLife Global Agribusiness Fund Market reviewFeeder Fund: AmGlobal Agribusiness Fund

Target Fund: dWS Global Agribusiness Fund

The sell-off in risk assets, currencies, and commodities that

occurred in the second half of 2015 and reached a low in January

2016 has started to revert since. Easing monetary policy in several

markets through Europe and Asia, in combination with tightening

policy in the U.S., had led to overall USD strength. These factors

and a more benign global demand environment put significant

pressure on many commodities. Crude oil fell below $30 a barrel

mid-January to the lowest levels since 2003 and has recovered to

above $40 since. That being said, agricultural grains and oilseeds

appear to have decoupled and did not participate in the recent

volatility. In fact, corn, soy and sugar prices are flat over one year.

Farmers continue to have visibility into growing demand for grains

and oilseeds given increasing protein consumption globally. The

OECD projects that global meat consumption will grow by an

annual rate of 1.4% through 2024, and at this point the absolute

consumption levels on a per capita basis for developing countries

will still be less than half of the developed markets. As the

demand for meat products grows, production of coarse grains

and soybean meal, which constitute the largest portions of feed

rations increases at a faster rate.


AmMetLife Precious Metals Fund Market reviewFeeder Fund: AmPrecious Metals Fund

Target Fund: dWS noor Precious Metals Securities Fund

Gold began to see meaningful appreciation during the month

of January 2016 as global economic uncertainty contributed

to heightened volatility in financial markets, pushing investors

toward safe haven assets, further underscored by the inflow of

capital to Gold ETFs. This was followed by an impressive February

2016 run as the metal logged double-digit gains and largely

held its ground through quarter-end. Gold is shining as a safe-

haven asset amidst global economic slowdown, financial market

instability, and currency debasement fueled by unprecedented

central bank action. Market expectation of a US Fed rate rise has

dropped significantly for most of 2016. Concerns remain over

US dollar strength and weak economic data out of China that

continues to point toward economic slowdown.

Global economic Concerns

Obstacles for further Fed rate hikes had already begun to appear

in January 2016 as currency distortion and QE uncertainty created

more questions than answers. Of note was the BOJ’s decision

to adopt a negative interest rate policy, which we interpreted

as another move to sterilize extraordinary currency flows and

currency market distortion as a consequence of QE.

During February 2016, we saw massive inflows to gold ETFs,

indicating to us that currency market distortion continues and

that QE has only served to exacerbate market conditions by

creating further uncertainty around central banks and their ability

to implement effective monetary policy. The BOJ’s sudden and

unexpected move was also short-lived as the market began to

reconsider competitive currency devaluation as well. This intended

weakening of the JPY lasted merely a day, at which point the JPY

resumed its appreciation to the USD, by almost 7% for the month

of February. In our opinion, this was highly significant because

it illustrates the unintended consequences and risk of persistent

and ineffective QE.

Gold held its ground in March 2016, finding support as a safe-

haven asset amidst financial market instability and currency

debasement fueled by unprecedented central bank action.

Underscoring our opinion that further Fed rate hikes would be

on hold due to associated upward pressure from higher yield

differentials on the USD, Janet Yellen reduced the number of rate

hikes from 4 down to 2 during the March 2016 FOMC meeting.

unintended effects of Qe linger

The counter-intuitive, and more importantly, unintended effects of

additional QE on currency markets are adding to market uncertainty

and skepticism around the efficacy of quantitative easing.

Given the magnitude of the QE that has been introduced over the

last 7 years, we maintain the view that gold is not a commodity



17



but a currency. The year 2015 marked the advent of negative

interest rates. We maintain that while gold doesn’t pay you a

yield, it doesn’t charge you interest either. We cannot emphasize

enough the BOJ’s decision to adopt a negative interest rate

policy. We mentioned previously that we believed the negative

interest rate move was an attempt to sterilize extraordinary

currency flows and currency market distortion as a consequence

of QE. Subsequent and unintended appreciated of the JPY is an

illustration of a failed monetary strategy.

Another anomaly created by QE is the lack of growth. As

weaker than expected growth continues in the US, and as

global monetary policy continues to adopt more aggressive QE

measures, we believe that growth is likely to continue to weaken.

Capital flight from NON-OECD economies (like China) continue

to pull down global growth while persistent USD strength is likely

to further weigh on US GDP. We believe this continues to be

reflected in the 2YR-10YR spread, which continued to narrow by

about 19pts throughout February. As short-term rates rise from

the Fed hike, longer-term rates continue to drop amid weaker

growth expectations.

uSd strength persists

USD strength raises the cost of debt service for non-dollar

borrowers. Any further currency weakness to the USD, whether

due to relatively weaker growth or (in the case of Emerging

Markets) a combination of both weaker growth and capital flight,

would cause the risk of default to rise. As mentioned in our prior

monthly, there are some estimates (Bloomberg) that foreign

holders of dollar denominated debt have raised from 1.4 trillion

dollars 15 years ago to over 9.2 trillion today. Just as importantly,

commodity producers in the energy and metals and mining space

are beginning to default on debt.

Despite positive economic data coming from the US economy,

we believe that the US Fed has no choice but to postpone

further rate hikes due to the associated upward pressure that

already higher US yield differentials apply to the USD. The spread

between the US 10 year, Eur and Asia already heavily favor the

US. In our opinion, should the US continue to raise rates, the USD

would likely appreciate, exacerbating capital flight pressure while

also deteriorating the trade deficit.

elusive economic growth

In our view, economic growth in Japan, emerging markets, and

now Europe will likely remain elusive as rates have already been

very low with little to no growth to show for it. Should the USD

continue to strengthen due to high yield differentials, a reduction

in exports will weigh on lower than expected US GDP as a result?

USD strength typically benefits those countries that export goods

and services denominated in USD. The problem is the duration

of that trade. Should borrowing requirements of the exporting

nations not drop significantly enough, or if inflation starts to

materialize more significantly as a consequence of weaker

respective currencies to the USD, the all-too-often solution

by central banks tends to be capital controls, often expressed

through higher rates. The higher interest rate response is typically

implemented as a last resort, when the currency devaluation gets

out of control.

Unfortunately we’ve seen this before, especially in emerging

markets, the rate rise intended to cap further currency weakness

exacerbates an economic slow-down that the weaker currency

was originally trying to offset. If the country is a commodity

producing nation like Russia, growth is hit twice, first by the

higher rate, and second by the falling commodity price.

Contributors to the performance of the fund: The following Gold

and PGM equities contributed positively to performance: Sibanye

Gold Ltd. (4.59% of the fund) up 165.50%, Randgold Resources

Limited (9.68% of the fund) up 50.96%, and Goldcorp Inc.

(9.47% of the fund) up 42.14%.

Detractors to the performance of the fund: The following Gold

and PGM equities detracted from performance: B2Gold Corp.

(0.44% of the fund) down -27.43%, Alamos Gold Inc. (0.15%

of the fund) down -3.96%, and AuRico Metals Inc (0.11% of the

fund) up 34.24%.


AmMetLife Tactical Bond Fund Market reviewTarget Fund: AmTactical Bond Fund

In April 2015, trade, growth and economic activity numbers while

still somewhat mixed, showed early signs of improvement in the

region. At the same time, central bank and policy action was

more diverse in the month of April 2015 versus a general regional

dovishness in March 2015. In Malaysia, exports contracted for a

second month in a row with Feb 2015 print at -9.7%YoY (Jan

2015: -0.6%YoY). The weakness in exports was broad-based

major trading partners with contraction year-on-year, in 7 out of

18




the top 9. For the remaining 2 trading partners, exports grew at

a significantly lower pace to the US (Feb 2015: 8.2%YoY, Jan

2015: 18.1%) and Thailand (Feb 2015: 0.1%YoY, Jan 2015:

12.5%YoY). In terms of goods categories, the weakness was

also broad-based, in particular Crude Petroleum (Feb 2015:

-20.9%YoY, Jan 2015: 6.0%YoY) and Liquefied Neutral Gas

(“LNG”) (Feb 2015: -13.8%YoY, Jan 2015: -0.1%YoY). Imports

rebounded but was still weak at 0.4% for Feb 2015 (Jan 2015:

-5.2%), with the composition largely unchanged at 60.3% for

Intermediate Goods, 14.2% for Capital Goods and 8.1% for

Consumer Goods. Trade balance ended at RM4.52billion for Feb

2015 (consensus expectation: RM8.50billion, revised Jan 2015:

RM8.96billion).

In May 2015, activity data in the region was mixed but export

data saw improvement in many markets. In Malaysia, GDP

growth proved resilient with the print for1Q2015 at 5.6%YoY

(expectation: 5.5%, revised 4Q2014: 5.8%YoY). The growth

was supported by Private Spending at 8.8%YoY (4Q2014:

7.6%YoY) and Investment at 7.9%YoY (4Q2014: 4.3%YoY) but

the Export sector was weak at - 0.6%YoY (4Q2014: +1.9%YoY).

However, 2Q2015 GDP growth is expected to be lower due to

GST implementation (effective 1 Apr 2015) that is expected to

dampen Private Spending.

In June 2015, activity data in the region remains mixed skewing

towards weakness, at the same time export data disappointed

in many markets led by weaker electrical & electrical sector and

also lower crude oil and petroleum product prices. In Malaysia,

industrial production was subdued in Apr 2015 at 4.0%YoY

but only slightly below market expectation of 4.5%YoY (revised

Mar 2015: 7.1%YoY). The underlying data showed weaker

mining (Apr 2015: 3.9%YoY, Mar 2015: 9.9%YoY) due to the

drop in natural gas production and also weaker manufacturing

at 4.1%YoY (Mar 2015: 6.3%YoY) with electrical & electronic

products decelerated to 4.0%YoY (Mar 2015: 13.0%YoY) but

offset by rebound in food, beverages & tobacco to +5.5%YoY

(Mar 2015: -4.9%YoY).

In July 2015, data released show activity data in the region remains

mixed skewing towards weakness, at the same time export data

disappointed in many markets still led by weaker electrical &

electrical sector (though there are some notable exceptions such

as Singapore) and also lower crude oil and petroleum product

prices. Negative pressure on currencies (manifested in lower

forex reserves) is also rising in the region, as expectations US Fed

hike later this year are crystalising. In Malaysia, inflation picks-up

further in Jun 2015 with CPI growth at 2.5%YoY (expectation:

2.4%YoY, May 2015: 2.1%YoY), as broad based price increase

in GST-related CPI components were roughly unchanged, while

fuel-related deflation is waning (transport Jun 2015: -1.4%YoY

vs -4.7%YoY and -4.8%YoY in May and Apr 2015, respectively).

Foreign reserves weakened to just above the psychological

USD100b level (Jun 2015: USD100.5b, May 2015: USD105.5b).

The fall in reserves is a seen as a sign of currency pressure and

government intervention in the forex market.

In August 2015, the month continues to show export data

disappointing in many markets still led by weaker electrical &

electrical sector (though there are some notable exceptions such as

Singapore) and also lower crude oil and petroleum product prices.

At the same time, activity data in the region skewing towards

weakness. The month saw major capital market turmoil with heavy

negative pressure on Asia Pacific currencies and assets sparked

by China’s policy move to devalue the yuan and still continuing

cycle of economic stimulus and capital market stabilising moves.

In Malaysia, Malaysia reported its 2Q15 GDP where the economy

grew by a better than expected 4.9% YoY (Consensus: 4.5%). The

slowdown in 2Q15 growth from the 5.6% in 1Q15 was largely

expected due to the effect from the implementation of GST

beginning April. Despite the pre-emptive boost in consumption

in 1Q15 as a result of the GST, private consumption continue to

hold steady at 6.4% in 2Q15 with normalization expected in the

coming quarters. Meanwhile, Malaysia’s current surplus came in

at a relatively healthy RM7.7billion or 2.7% of GDP. On currency,

Malaysia’s ringgit plunging to as low as RM4.30 per USD, the

lowest since 1998. The plunge was largely in line with regional

currencies but more apparent for the Ringgit due to concerns

that the authorities are running out of ammunitions to defend

its currency amid shrinking reserves, slumping oil prices, an

unexpected yuan devaluation and a political scandal. Amidst the

gloom and worries of a return of some form of capital control

and a Ringgit peg, both the Central Bank Governor as well as

the Prime Minister reaffirmed Malaysia’s commitment not to re-

introduce a Ringgit peg nor capital controls. The Government

also reaffirmed its view that the current MYR level is not reflective

of the country’s sound fundamentals which includes sustained

positive growth momentum, a diversified economy, continued

trade and current account surpluses as well as a healthy and

resilient banking system.



19



In September 2015, export data disappointing in many markets

but with some glimmers of possible improvement in coming

months, with improvement industrial activity and higher imports

in markets such as India, Malaysia and to some extent Indonesia.

In Malaysia, August 2015 Purchasing Managers Index (“PMI”)

at 47.2points (July 2015: 47.7points) indicated contraction

a fifth month in-a-row attributed by economists to weak

domestic rather than external demand. At the same time, data

for July 2015 still showed a promising picture of trade with an

improvement in imports at 5.9%YoY (expectation: -0.8%YoY,

June 2015: -1.5% Year-Over-Year (“YoY”) that bodes well

for future exports given the continued large composition of

intermediate and capital goods in the measure. At the same time

exports moderated but continued to grow at 3.5%YoY for July

2015 (expectation: 3.2%YoY, June 2015: 5.0%YoY), with trade

narrowing but still in surplus at +RM2.38billion for July 2015

(expectation: RM6.30billion, June 2015: RM7.98billion). During

the month Malaysia’s foreign reserves actually saw marginal

increase at USD95.7billion at 28 August 2015 (14 August 2015:

USD94.5billion) and USD95.3billion at 15 September 2015, as

the MYR continued weaken significantly during the month

(USDMYR: 4.4570 @ 29 September 2015 versus 4.1925 @ 31

August 2015). The increase in foreign reserves suggests the

central bank refraining from intervention during this period or

alternatively the repatriation of funds by Government-linked

Corporations (“GLCs”).

In October 2015, export data continues to disappoint in many

markets but with Malaysia being the notable exception while in

India there is some glimmer of possible improvement in coming

months, with improvement industrial activity. However, the

overriding theme of the data in the month is one of domestic

weakness, likely due to the weak external sector beginning to

wear down the previously resilient of consumer demand in the

region. In Malaysia, trade figures continue to beat expectations

with Exports for August 2015 growing 4.1%YoY (expectation:

1.3%YoY revised July 2015: 3.4%YoY) signaling a potential

U-shaped recovery in the external sector. Better exports came

from metal products at 41.7%YoY (July 2015: 37.0%YoY),

electrical & electronics at 16.7%YoY (July 2015: 12.1%YoY) and

machinery & appliances at 12.3%YoY (July 2015: 23.3%YoY).

Risks to recovery remain from a weaker than expected growth

in China. Imports fell sharply in August 2015 at - 6.1%YoY (July

2015: 5.9%YoY), mainly due to lower petrochemicals and crude

oil imports. It is a reversal of a jump in imports in July and remains

in 2-month zig-zag pattern signaling a 2-month order period for

Malaysian manufacturers.

In November 2015, Gross Domestic Product (“GDP”) numbers

for the 3rd quarter of 2015 released across the region showed

resilience in growth in large part due to more competent

economic management by financial and economic authorities.

However, there is a general trend of weakening in domestic

demand as fiscal consolidation measures coupled with still

weak external sector beginning to take its toll. In Malaysia, the

central bank left the policy rate unchanged at 3.25% for an

eighth consecutive bi-monthly meeting. The stance taken by

Bank Negara in its Monetary Policy Statement (“MPS”) remains

neutral with a slight dovish bias. The MPS stated that “at the

current level of the Overnight Policy Rate (“OPR”), the stance

of monetary policy remains accommodative and supportive

of economic activity”, but the Monetary Policy Committee

(“MPC”) recognises “that there are heightened risks in the global

economic and financial environment”. GDP for 3Q 2015 printed

at 4.7%YoY, moderating from growth of 4.9%YoY in 2Q 2015,

but within consensus expectation. The lower growth in 3Q 2015

was largely anticipated and mainly due to weaker consumer

spending following various prices hikes in the quarter and also

to lower government spending in line with the government’s

continued commitment to fiscal consolidation. From the supply-

side perspective, the data shows that the construction sector

provided most of the growth in the quarter.

In December 2015, PMI and Industrial Production (“IP”) numbers

for October and November 2015 mainly showed contraction. The

contractions were mainly due to weaker domestic demand with

most countries in the region continuing to show export resilience.

In Malaysia, IP was lower at 4.2% in October from 5.1% in

September, due to lower activity in the Mining sector at -1.4% YoY

(September: +4.4% YoY), while Manufacturing and Electricity was

higher at +6.2% YoY (September: +5.6% YoY) and +4.3% YoY

(September: +2.6% YoY) respectively, moderating the drag from

weaker Mining. PMI numbers showed contraction in economic

activity for a 9th month in-a-row at 48.0pts for December 2015

(Nov 2015: 47.0points). There was a slight rebound in the index

with new export orders marginally expanding, but overall new

orders remained in contraction dragged down by the domestic

sector. Inflation for Nov 2015 with Consumer Price Index (“CPI”)

at 2.6%YoY is higher than market expectation but only slightly

higher than the previous month (expectation: 2.3%YoY, October

20




2015: 2.5%YoY). Higher alcohol & tobacco prices at 20.7%YoY

(September 2015: 13.3%) with contribution of 2.17% to the

index, offset slower food inflation at 4.1%YoY (September 2015:

4.7%YoY) with contribution of 30.33% to the index.

In January 2016, data from the region was mixed with the

general theme being lower inflation pressure from falling global

crude oil prices and the interrelated factor of global demand

weakness negatively impacting the exports sector. In Malaysia,

PMI numbers showed contraction in economic activity for a

9th month in-a-row at 48.0pts for December 2015 (November

2015: 47.0points). There was a slight rebound in the index with

new export orders marginally expanding, but overall new orders

remained in contraction dragged down by the domestic sector.

There was export weakness in November 2015 at 6.3%YoY

(expectation: 12.0%YoY, October 2015: 16.7%YoY). Weakness

in exports was pretty broad-based, with sharply lower growth in

shipments of electrical and electronics (+0.6%YoY in November

vs. +22.7%YoY in October), chemicals and chemical products

(+5.7% vs. +18.4%), machinery appliances (+17.4% vs. +55%),

rubber products (+12.9% vs. +25.7%), optical and scientific

equipment (+16.4% vs. +37.4%), and manufactures of metal

(+56.6% vs. +120%). Exports of Liquefied Neutral Gas (“LNG”)

also contracted more than the previous month (-20.5% vs.

-16.1%) while the pace of shrinking in crude oil eased (-2.6%

vs. -8.7%). Import growth rebounded at 9.1%YoY for November

2015 (expectation: 12.0%, revised October 2015: -0.4%YoY)

led by higher growth of consumption imports (+43.8%YoY) and

slight growth in intermediate imports (1.4%YoY) which helped

to offset the slowdown in imports of capital goods (+2%YoY).

As a consequence, trade balance narrowed but remained in large

surplus at RM10.24billion (expectation: RM12.00billion, revised

October 2015: RM12.17billion) with imports remaining well

below exports in absolute terms.

In February 2016, full-year GDP readings are being released and

generally indicate continued resilience of the region surprising

market expectations but with continued signs of weakness

in the data. The general theme for the region continues to be

lower inflation pressure from falling global crude oil prices and

the interrelated factor of global demand weakness negatively

impacting the exports sector, as well as signs of domestic

demand weakness. In Malaysia, reflecting the still sluggish global

economic outlook, exports for December 2015 decelerated

markedly at 1.4%YoY versus market expectation of 4.1%YoY

and a clear disappointment after the promising spike in October

2015 to 16.7YoY and a major drop from 6.3% in November

2015. Imports growth also decelerated at 3.2%YoY (expectation:

4.1%YoY, November 2015: 9.1%YoY) reflecting the multiple

factors of MYR weakness, lower commodities prices, and

possibly weakening domestic demand. Overall, trade surplus

narrowed to RM7.99billion (November 2015: RM10.24billion).

However, MYR weakness in 2H2015 helped lift full-year trade

surplus to RM94.3billion for the year versus RM82.5billion in

2014. Malaysia’s 4Q2015 GDP printed at 4.5% YoY, beating

strongly market expectation of 4.1% YoY but moderating from

4.7% YoY in 3Q2015. Full-year 2015 GDP works out to be

5.0% and beating market expectation of a 4.9% reading, while

also coming within official government’s estimate of 4.5-5.5%

(estimate for 2016 GDP is 4.0-4.5%). From the expenditure-

based perspective, the strong 4Q growth was driven by a) better

than expected exports at 3.7% YoY (3Q2015: 3.2%YoY), as well

as b) still resilient private consumption at 4.9%YoY (3Q2015:

4.1%YoY) offsetting weakness in investment spending in the

quarter at 2.8%YoY (3Q2015: 4.2%YoY). While GDP growth has

surprised expectations, QoQ, growth momentum is waning in

2015 versus 2014 and expected continued challenges of weak

commodity prices and weak consumer sentiment weigh on the

2016 growth outlook. Fitch has affirmed Malaysia’s rating at A-/

Stable on 23 February 2016, citing fiscal discipline and stabilizing

macroeconomic conditions despite falling global crude oil prices.

Fitch viewed the macroeconomic assumptions as “broadly

realistic” with oil price estimated at USD30–35/ barrel (“bbl”) and

GDP growth forecast at 4–4.5%


AmMetLife Asia Pacific reITS Fund Market reviewTarget Fund: AmAsia Pacific reITS Fund

In July, Yellen reiterated the Fed being on track to raise rates this

year while US initial jobless claims fell to the lowest level since

Nov 1973. This caused long term interest rates in Japan and the

US to rise sharply. A distribution of 1.8 cents was paid in August.

Volatility from the impending Fed rate decision mid-September

worsened with the RMB devaluation. Regional REITS were not

spared in the global selling rout. However, a rebound in equities

at the end of the month helped reduce negative performances.

Central banks in Norway, Taiwan, Hungary and India cut interest

rates during the month of September. The US Fed did not raise



21



interest rates as expected although Yellen reiterated they are on

course to hike later this year. Chinese industrial company profits

declined 8.8% YoY. However, Tokyo August 2015 office vacancies

fell to 4.72%, Australia home price index +9.8% YoY and foreign

visitors to Japan in August +63.8% YoY (with Chinese visitors

+133% YoY).

In October, China cut its reserve rate for the 6th time by 25bps;

Bank of Japan left its monetary policy framework unchanged.

The Japan Real Estate Investment Trust (“REIT”) index +3.3%

on rising investor risk appetite; the Australia REIT index +5.0%

as REITS with a retail focus performed on strong specialty sales

while Singapore REITS +3.3% as sentiment on China recovered

and investors chased depressed valuations.

Japan fell back into a technical recession in November while

Australian building approvals +24.1%. Despite the less

than encouraging macro data, the Japan REIT index +1.6%,

outperforming the broader index as well as the real estate index.

The Australia REIT index -2.9%, Singapore REITS -4.0% although

most REITS had reported 3Q15 earnings growth which was in line

with expectations at +6.0% YoY and +2% qoq.

The US Federal Reserve finally commenced its interest rate hike

cycle, starting with a 25bps increase mid-December 2015. Oil

prices hit an 11-year low during the month at USD36.05 per

barrel while the Bank of Japan doubled its limit on REIT purchases

from 5% to 10%. The Japan REIT index -0.3%; Australia REITS

drove portfolio performance with the REIT index +2.4% whilst

Singapore REITS +0.3%.

China reported Gross Domestic Product (“GDP”) +6.8% came in

slightly lower than the forecast of +6.9% in January 2016. In the

same month, Japan announced a negative interest rate strategy.

Australia REITS +1.1% on 10 year bond yields compressing 20bps.

Japan REITS +1.9%, boosted by Bank of Japan (“BOJ”) buying as

well as its announcement. Singapore REITS 4Q15 results - large

cap industrial REITS, suburban retail and office landlords sustained

single-digit positive rental reversions; hospitality continued to

disappoint with challenges from oversupply.

In February 2016, China surprised the market with a 50bps Reserve

Requirement Ratio (“RRR”) cut at month end. Japan’s negative

interest rate policy did not deter the Yen from appreciating 6.5%.

Saudi Arabia announced a freeze on oil output. During the

month, Australia REITS +2.0%; Japan REITS +5.2%, Singapore

REITS +4.5%.

AmAsia Pacific REITS +3.48% in Apr 2016 vs. the benchmark

+5.10%. Equity weighting was 84.0%; running yield was 5.1%.

Japanese Yen hit a high against the USD with investors using it

as a haven asset. Crude oil +20% to USD46/bbl. An earthquake

on Kyushu Island, Japan was the strongest in 5 years. Australia

REITS +4.3%. Japan REITS +1.7%, hospitality REITS saw some

correction due to the earthquake. Singapore REITS +1.6%,

reporting 1QCY16 results. Most REITS in the portfolio reporting

stable financials and operational statistics.



LEFT BLANK

Investment Outlook



24



Investment Outlook


equity Market Outlook

uS

As we move into 2016, we see a modest global growth of 2.5%,

similar to 2015. While we believe that there is still positive earnings

growth in the US, consensus expectation of 8% might be too

optimistic. US non-financial margins have been coming under

pressure since mid-2014 as tailwinds from muted wage growth

and low interest rates are turning into headwinds, coupled with

a strengthening USD.

Wage growth has been quite muted in this recovery. However,

majority of market observers are suggesting that the economy

is moving closer to full capacity (expected at 4–4.5%). With

unemployment rate falling towards cycle lows, employment

growth of 2% and wage growths rising around 0.5% from its

trough towards 2.5%, profit margins are more likely to fall. This

would present a challenging environment for earnings growth

unless top line growth continues to exceed mid-single digit.

Federal Reserve Chair Janet Yellen hiked rates by 25 bps and

basically delivered a four-pronged message;

• The economy is performing well and on the path of

sustainable improvement

• Reasonably confident that inflation will rise over the

medium term

• Thepaceoffuturerate increasewillbegradualanddata

dependent (forecasted at 1.375% by end 2016)

• Emphasized that gradual does not mean mechanical –

evenly timed, equally sized rate hike

Rate hikes are meant to create room for easing into the next

recession but not to control inflation as it will be muted.

Fundamentally, we believe that rate hikes make little difference

to the equity market as the current average debt duration of S&P

500 companies is 9.9 years and 85% of companies have fixed

rate debt. It is the emotional aspect of subsequent hikes that will

affect equity performance as valuations are rich.

Historically, higher rates don’t necessarily result in negative

equity returns. It depends on valuations and the strength of the

economic recovery. We still expect market volatility as investors

decide on whether US have entered into a sustained and stable

economic recovery, strong enough to maintain earnings growth

to justify the rich valuation.

europe

We maintain our view to overweight Europe (on a relative basis)

based on a growth-policy that is equity supportive. M1 continues

to point to resilient economic activities while the composite PMI is

healthy at 54.2, despite the tough market environment.

While we are aware that valuations have risen and there isn’t

much room for multiple expansion, earnings outlook from

a brighter macro environment provides better upside in the

developed market space. Low oil prices, a dovish ECB and a

weaker euro will continue to create tailwinds for the economy.

The key reason why composite PMI has held up well is because

of pent-up domestic demand. Domestic demand has been the

major source of growth which has made the region more resilient

against external headwinds. Moreover, household savings ratio at

20.4% versus 5.6% in US is already high; therefore consumers

theoretically do not need to save the gains from the fall in oil prices.

With 75% of lending done via the banking system, the improvement

in the credit transmission mechanism has definitely helped the

domestic demand recovery. We believe that loan growth should

continue and banks risk appetite to lending will improve.

China

Growth will continue to face downward pressures going into

2016. Despite the rate cut of 150 bps since end 2014, credit

growth has been disappointing due to banks’ cautiousness

arising from stressed assets and the crackdown on corruption.

Consumer/services sector and disruptive technological sectors

have done well while the old economy is facing a value trap.

We still expect lower rates to help minimize the downside risk

as the government tries to rebalance the economy towards a

consumption spending nation. The good news is that November’s

macro data suggest some stabilization but we await more data

points to change our underweight position.

Earnings have been downgraded for 2 years in a row, caused

by weak energy/material prices, soft retail sales and negative

residential sales. We believe that low base effects will kick in for

2016 and growth sectors include IT, financial services, healthcare,



25



environmental plays and property. However, valuations are above

mean and hence, there is little room for missteps going forward.

Malaysia

While we believe it will be a challenging year in 2016, there are

certain bright spots looming in the horizon. We suspect that

the Malaysian Ringgit might have found a base unless oil prices

weaken further from USD35 – USD40 per barrel. Sentiment in the

Malaysian Ringgit might improve with:

• Theresolutionofissuessurrounding1MDB

• Sustainedcurrentaccountsurplus

• China’sinvestmentsintoMalaysia

Malaysia’s economic challenges are numerous and would require

fundamental restructuring. Consumer confidence is low and

domestic demand growth prospects is not encouraging at the

moment due to GST and rising job layoffs. The consumer also

faces a period of reduced spending due to high household debts.

Coupled with the potential risk of rising sovereign contingent

liability realization and reputational damage arising from events

surrounding 1MDB, we turn more cautious over the near term.

Fixed Income Market OutlookGlobal bond markets are expected to continue to perform strongly

on the back of Janet Yellen’s relatively dovish speech where she

spelled out what the US Federal Reserve (“Fed”) need to see

before conditions are met for future rate hikes. Furthermore, she

continues to stress on the Fed’s data dependence stance and the

importance for interest rates to be raised at a cautious pace. This

resulted in a broad strengthening of Emerging Market currencies

as well as other risk assets.

On the local front, domestic issues that have weighed on the

economy over the past year such as the weak Ringgit, soft global

commodity prices and declining global oil price has somewhat

dissipated amidst expectations of a slower Fed rate hike as well as

stabilization in global commodity prices especially crude oil price.


AmMetLife Oasis Islamic equity Fund Market OutlookFeeder Fund: AmOasis Global Islamic equity Fund


Global equity markets have remained volatile over the year due

to continued growth concerns in developing economies and

potential monetary policy normalization in the US. However,

global growth uncertainty has likely resulted in the US Fed

being more cautious about the speed and timing of interest rate

increases while at the same time the European Central Bank

(ECB) and Bank of Japan (BoJ) have continued to pump liquidity

into the system, resulting in equity markets bouncing back from

their lows. In our view, the volatility during the earlier part of the

year has been a reminder of the abnormal liquidity conditions

that are currently present and the potential increase in volatility as

monetary conditions eventually normalize. We believe investors

have started to become more cognizant of risk, which is evident

from the widening of credit spreads – particularly those of high

yield bonds. Companies which do not have healthy balance

sheets or strong cash flows have started to witness pressure on

both cost and availability of funding. These dynamics emphasize

the importance of investing in companies with strong competitive

advantages, healthy balance sheets and the ability to generate

sustainable cash flows and return on equity (ROE) through the

economic cycle.

Over the short to medium term, the equity risk premium remains

elevated across global equity markets due to abnormally low bond

yields which are providing support to equity valuations. However,

we need to be cognizant that record low bond yields (in some

cases even negative bond yields) are unlikely to sustain over the

long-term. With equity markets already trading relatively in line

with their long-term average valuations and liquidity conditions

likely to eventually tighten, equity markets are likely to remain

volatile. Given this backdrop, the market should start showing

even greater distinction between high quality and low quality

companies. Given that we are at the very beginning of the cycle

where cost and availability of funding are both getting tougher,

especially for poorer quality companies, we have continued

to ensure that the companies in our portfolios have strong

competitive advantages and the ability to deliver sustainably

strong cash flows and ROE through the economic cycle. These

companies have strong balance sheets and significantly higher

free cash flow yields than the market, ensuring their sustainability

during tough times while having the ability to consistently return

cash to shareholders through dividends and share repurchases.

The strong balance sheets also provide very valuable optionality

of being able to take advantage of distressed assets during tough

market conditions.


26



Investment Outlook (Cont’d)

AmMetLife Global emerging Market Fund Market Outlook Feeder Fund: AmGlobal emerging Markets Opportunities

Fund


Opportunities Fund

Since 20 January 2016, the MSCI Emerging Markets (EMs) Index

has returned 20% and outperformed developed markets by 9%

provoking debate as to whether this is the start of a more sustained

move higher by EMs. Recent strong stock market performance

has primarily been driven by US dollar weakness, with the dollar

depreciating year-to-date by around 6% on a trade-weighted

basis. This in turn has contributed to a recovery in commodity

prices. The result has been significant market rotation, with those

markets perceived most vulnerable to a withdrawal of global US

dollar liquidity among the strongest performers, together with

several commodity producers. However, the longevity of the rally

looks questionable. Global growth and hence trade demand

continues to be lackluster. EM’s earnings growth in US dollar terms,

which is related to the outlook for the US dollar and China given

strong trade ties, is yet to show any strong signs of improvement.

The nature of the recent market rally is also not convincing and

has several hallmarks of a bear market rally. The more cyclical

materials and energy sectors have outperformed and low quality,

weak growth stocks have, generally speaking, been among

the strongest performers. So there has been a sharp reversal of

the quality/growth trade which has dominated in recent years,

despite little change in the underlying macroeconomic backdrop.

Relentless negative sentiment towards EMs and attractive

valuations, particularly in relative terms, mean EMs could continue

to outperform developed peers but we are skeptical that this is

the start of a sustained move higher in absolute returns. With this

in mind, our portfolio characteristics are broadly unchanged and

we maintain a somewhat cautious stance.

Our core markets at the start of March 2016 are Brazil, China,

Hungary, Russia, South Korea, and Turkey.

In Brazil, economic fundamentals continue to deteriorate but

valuations are reasonable and expectations for political/policy

change have increased. In China, valuations and growth are

reasonable whilst policy is supportive, despite some ongoing

currency concerns. The macroeconomic environment in Hungary

continues to be firm whilst we have identified a strong stock

opportunity. South Korea has a robust current account position

and the market offers attractive valuations, despite some earnings

risk. In Russia, although geopolitical concerns are ongoing and

there is some earnings risk, valuations are cheap and there are

signs of some stabilisation in economic data. Turkey’s economy is

susceptible to tighter global liquidity whilst the policy/geopolitical

risks remain. However, earnings and valuations are attractive.

We are currently also finding strong bottom-up ideas in the non-

core markets, notably Taiwan, India and Mexico but also Georgia,

Pakistan and Kuwait.


AmMetLife Global Agribusiness Fund Market Outlook Feeder Fund: AmGlobal Agribusiness Fund


The confluence of several factors has impacted performance

of the equities in the strategy in recent months; however, that

has not changed the attractiveness of the agribusiness category.

According to the FAO, global trade in food has grown almost

threefold in value over the past decade, and rates of growth

are projected to continue to rise, with some regions becoming

increasing net exporters and others increasing net importers. By

2050 the world’s population may reach 9.7 billion, urbanization

will likely have accelerated dramatically, and these consumers will

demand higher caloric foods. To match this demand, significant

investments still need to be made. We believe that the temporary

dislocation in the markets provide an attractive opportunity to

invest in the global agri-value chain.

Overall, the decline in nutrient pricing has now more than offset the lower commodity prices and farm input affordability is back in-line with historical averages. Globally, farmers are also benefiting from reduced land rental rates as well as lower electricity, gas, and oil inputs, providing further cost structure relief. In contrast to many of the companies in the basic materials sector, the agribusiness value-chain has retained a strong balance sheet, and capital projects are either completed or nearing completion lowering the aggregate cost of production for these enterprises. Supply discipline could be observed during the last quarter of 2015 for all nutrients. Furthermore, a substitute for these yield enhancing nutrients is yet to be created, and a lack of application will result in lower production. Similar to 2015 we expect that the managements of these businesses will return more capital to shareholders through buybacks and dividends, as they see this period of lower prices as temporary. Additionally, we expect further industry consolidation as many companies are trading at bottom-of-the-cycle valuations attracting corporate and financial interest.



27



Supply chain managers should start to benefit from the opening

of the Argentinian market and several climate dislocations that

are currently impacting crop growing (Brazil, South Africa).

Despite historically higher valuation in the downstream segment

of our value chain, we have identified interesting companies that

either is in cost cutting mode or in the midst of product portfolio

restructuring or stable growing interesting new food categories.

Emerging markets became much more competitive which is

positive for the agribusiness theme but might cause short term

growth slowdown for some food multinationals.

Stability in crop prices and lower energy has improved prospective

returns for farmers in 2016. Farmers are also benefiting from

lower nutrient inputs following delayed purchases in the fall

application season. As a result, we continue to expect strong

planting globally. If farmers are going to plant it requires, at a

minimum, the purchase of seeds and the application of some

nutrients and chemicals. We believe that as spring demand picks

up during April and May 2016 to more normal levels. We could

see an improvement in the prices for several of the agricultural

inputs, which may also provide a catalyst for the nutrient equities.

Furthermore lower oil and diesel prices help to bring down cost on

the farm level and increase affordability to buy non-discretionary

input. More recently we observed a demand increase followed

by price increases for nutrients. We would expect that trend to

continue during 2016.


AmMetLife Precious Metals Fund Market OutlookFeeder Fund: AmPrecious Metals Fund


We expect investor demand for gold to resume as risk aversion

increases. As we have said in the past, the only thing that has

been growing steadily since the global financial crisis has been

debt. In order to efficiently pay down debt, both growth and

inflation are required; both have proven quite elusive despite

massive amounts of QE. We remain convinced that the US Fed

may want to continue to raise rates, but will most likely be unable

to do so and will have to delay further rate hikes. There is a one

way trade to the USD which is eroding the balance of payments

of the US, and weighing on GDP. With mounting debt and elusive

growth, we remain positive on Gold and believe it has further

upside as a safe-haven asset.

Gold and precious metals equities are continuing to benefit not

only from the gold price finding support, but also due to falling

input costs and currency tailwinds. We believe that more prudent

capital deployment and increased operating efficiency will lead

to the long-anticipated earnings leverage and positive ROIC for

precious metal equity investors. We believe this will result in a re-

rating of the gold and precious metals equity sector. We believe

that such a re-rating will result in an expansion of the Sharia

compliant universe providing greater selection and diversification

benefit for the DWS Noor Gold and Precious Metals Fund. We

also believe in this environment, headwinds to gold created by

extraordinary USD strength will eventually become tailwinds

to gold and subsequently gold equities. This will also serve to

enhance the overall selection of Sharia compliant gold and

precious metal equities.


AmMetLife Tactical Bond Fund Market OutlookTarget Fund: AmTactical Bond Fund

Global bond markets continue to perform strongly on the back of

Janet Yellen’s relatively dovish speech where she spelled out what the

US Federal Reserve (“Fed”) need to see before conditions are met for

future rate hikes. Furthermore, she continues to stress on the Fed’s

data dependence stance and the importance for interest rates to be

raised at a cautious pace. This resulted in a broad strengthening of

Emerging Market currencies as well as other risk assets.

On the local front, domestic issues that have weighed on the

economy over the past year such as the weak Ringgit, soft global

commodity prices and declining global oil price has somewhat

dissipated amidst expectations of a slower Fed rate hike as well

as stabilization in global commodity prices especially crude oil

price. The current backdrop is expected to sustain in the near

term with market expecting the Ringgit to hover around 3.80 –

3.90 to the US Dollar. The overall improvement in risk sentiment

is expected to benefit the local bond market with yields having

declined significantly across the board over the past two weeks.

With the domestic economy expected to grow at a slower pace of

4.0 – 4.5% in 2016 coupled with expectations of well contained

inflationary environment, BNM is expected to maintain its current

accommodative monetary policy stance. Given as such, the

Overnight Policy Rate (“OPR”) is likely to remain at its current rate

of 3.25% for 2016. Nevertheless, should the domestic economic

activity and external growth outlook deteriorate significantly and

28



Investment Outlook (Cont’d)

more than expected, then we believe there is room for BNM to

cut the OPR to support domestic growth


AmMetLife Asia Pacific reITS Fund Market OutlookTarget Fund: AmAsia Pacific reITS FundGlobal earnings expectations are bottoming but profit growth looks to be lackluster. This is underpinned by a negative and falling OECD leading indicator. As concerning as this may be, the rate of deterioration is mild and points to a sub-trend growth rate over the next 2 quarters. US private sector credit growth has grown in the past 5 years while job gains have been robust and wages strengthening. Recent USD weakness will also contribute to manufacturing PMI improvements even as the negative drag from capital expenditure resulting from weak oil prices diminishes.

The market has priced in the US Fed’s more dovish stance,

assuming that there will be at the very best 2 rate hikes by year-

end. The RBA cut interest rates in early May following a weak

economic data print.

A rising tide lifts all boats and we see this as the case in Australia

and Japan, where, as articulated before, a low interest rate

environment will continue to drive demand for yield, causing

yield compression. However, we remain discerning where quality

is concerned. Thus we continue to monitor reporting season in

Singapore and operational updates in Australia for confirmation

or revision to the strategy, if need be.




Investment Strategy



30



Investment Strategy


equity Investment Strategy

While valuation for Malaysia isn’t steep, it is premised on a

5% earnings growth. The reporting season has highlighted

more disappointments, with cautious guidance given by the

corporates. Despite this, it should be noted that foreign equity

ownership is still relatively low, whilst earnings expectations for

2016 remains low. A defensive posturing for yield and selective

trading would be the theme for 2016, as it is believed the market

will be range bound.

At the time of writing (FBM KLCI 1700), the upside is capped at

1750 (+2 SD above mean) while the downside is at 1642/1610 (-1

SD and -2 SD below mean respectively). There are no clear sector

winners and it would be a stock pickers market, as investors look

for more clarity as we head into 2017.

Fixed Income Investment Strategy

The current backdrop is expected to sustain in the near term with

market expecting the Ringgit to hover around 3.80 – 3.90 to the

US Dollar.

The overall improvement in risk sentiment is expected to benefit

the local bond market with yields having declined significantly

across the board over the past two weeks. With the domestic

economy expected to grow at a slower pace of 4.0 – 4.5% in

2016 coupled with expectations of well contained inflationary

environment, BNM is expected to maintain its current

accommodative monetary policy stance. Given as such, the

Overnight Policy Rate (“OPR”) is likely to remain at its current rate

of 3.25% for 2016. Nevertheless, should the domestic economic

activity and external growth outlook deteriorate significantly and

more than expected, then we believe there is room for BNM to

cut the OPR to support domestic growth.

For Balanced Fund and dana Teguh

In view of our market outlook above, we will keep the asset allocation

in the fixed income to its minimal and overweight equities.


AmMetLife Oasis Islamic equity Fund Investment StrategyFeeder Fund: AmOasis Global Islamic equity Fund


We have maintained our investment philosophy of investing

in high quality companies which have strong competitive

advantages and the ability to leverage off those competitive

advantages to deliver a higher level of sustainable Return on

Equity (ROE) through the economic cycle.

We believe that companies which have healthy balance sheets

and strong cash flows have the ability to sustain themselves

during challenging economic environments while delivering real

earnings growth over the long-term. Our portfolio trades at a

significant discount to the global equity market across various

measures and provides sustainably higher ROE through the

economic cycle.

This should result in real wealth creation for our clients over

the long term. Furthermore, given the current interest rate

environment, we believe earnings for large-cap cash flush

companies are understated due to almost negligible returns on

their cash balances. As economic conditions and interest rates

start to normalize, these companies stand to benefit while

higher leveraged companies will struggle as their funding costs

increase. Companies in our portfolio have a sustainable long term

competitive advantage in a form of a lower weighted average

cost of capital due to their strong free cash flow generations.


AmMetLife Global emerging Market Fund Investment StrategyFeeder Fund: AmGlobal emerging Markets Opportunities

Fund


Opportunities Fund

Our core markets at the beginning of the period were UAE,

Turkey, South Korea, India, Hungary and China.

In April 2015, we added Thailand to the core market list because

in our view, reasonable valuations and improving economics

offset ongoing political uncertainty. We removed India, owing



31



to rich valuations, and Thailand, given slowing growth and

ongoing political uncertainty, in July 2015. Russia was added in

November 2015, given cheap valuations and signs that the weak

economy was stabilising. The UAE was removed in January 2016

owing to deterioration in the macroeconomic backdrop, which

stemmed from energy price weakness. Greece was included in

January. Valuations were cheap and the bank recapitalisation had

successfully completed. We added Turkey in early March 2016.

Valuations and earnings growth were attractive despite ongoing

sensitivity to the global liquidity environment and geopolitical risks.


AmMetLife Global Agribusiness Fund Investment StrategyFeeder Fund: AmGlobal Agribusiness Fund


Lower commodities could be a tailwind for food processing

with inputs such as oil/gas, transportation, packaging and soft

commodities. The climate event of El Nino turning potentially

into a La Nina during 2016 have to be taken into consideration,

giving the strong accuracy of forecasting this phenomenon

so far. We would expect higher crop price volatility and trade

disturbances as a result to continue and potentially worsen in

2016. On a country level, most relevant has been the opening

export market for crop in Argentina that temporarily increased

supply. Some of our holdings did or should continue to benefit

from this release of stored inventory.

Our views have not dramatically changed on a bottom up

view with food demand still growing at a steady 2.5–2.7%,

the capex reductions even more visible in 2016 and no value

destructive M&A in the pipeline. No changes have been made

to our assessment of global supply of crops. El Nino did occur

in a strong way and some impairment has been observed in

several countries such as South Africa, South East Asia and Brazil

that should have a slight negative impact on supply. However,

global commodities’ sentiment, lower oil price and weaker EM

currencies did not encourage a rebound in crop prices. We have

not changed our geographical exposure with the portfolio’s

geographical allocation being a residual of the stock selection

process. Many EM offer interesting and in some cases historically

low valuation, and with recent currency and commodity

improvement we are more optimistic going into the remainder

of 2016. Agribusiness upstream companies still have lagged the

global materials rebound although fundamentals, balance sheet

and free cash flow have or soon will significantly improve for

many of our holdings. La Nina could become a bigger risk to

global crop yield towards the end of this year, putting a halt

on a three year increase in some of the row crop commodity

inventories. We have experienced dramatic production shortfalls

already for sugar during the beginning of 2016.


AmMetLife Precious Metals Fund Investment StrategyFeeder Fund: AmPrecious Metals Fund


Our positioning reflected the market’s aversion toward

companies overspending – our focus was on Gold and Precious

Metals names that were more determined to control their cash

outlays (mainly growth capital expenditures) and, thus, had a

more conservative business model than the industry average,

being able to generate relatively superior free cash flows (or less

negative FCFs), and had lower debt. Cash discipline continued to

be an important element of our overall strategy, as companies

had difficulties delivering on their promises to reduce operating

and capital costs. Extensive research continues to be done on

names that will serve to pivot the fund to a more aggressive

stance; however, Shari’a compliance remains at the forefront of

the investment management process. The fund cannot invest

in names that stand to benefit the most from a turnaround

in sentiment because those companies have a high degree of

financial leverage.


AmMetLife Tactical Bond Fund Investment StrategyTarget Fund: AmTactical Bond FundFor the financial period under review, the Fund invested primarily in corporate bonds and government securities. The Manager analyses the general economic and market conditions. The Manager also analyses and compares securities in terms of expected returns against assumed risk by analyzing credit rating and duration of the securities. The Manager also considers securities with a more favorable or improving credit or industry outlook that provide potential capital appreciation. The Fund’s investment is subject to active tactical duration management, where duration of the Fund is lengthened or shortened according

to interest rate outlook.


32



Investment Strategy (Cont’d)

AmMetLife Asia Pacific reITS Fund Investment StrategyTarget Fund: AmAsia Pacific reITS Fund

For the financial period under review, the Fund achieved its

investment objective, where 70% to 98% of the Fund’s Net

Asset Value (“NAV”) was invested in REITs listed in the Asia Pacific

region, being Australia, Hong Kong, Japan, Malaysia, Singapore

and Thailand. In addition to country diversification, the Fund also

diversified its sector exposure in residential, retail, commercial

and industrial REITs. The Fund holds between 2% to 30% of its

NAV in liquid assets. These strategies will continue to be applied

going forward.

The Manager employs an active allocation strategy, which means

the asset allocation decisions will be made after reviewing the

macroeconomic trends and sector outlook of the respective

countries in the Asia Pacific region. The Manager will be targeting

REITs with strong track records in generating regular income

returns and which have potential for capital growth. In evaluating

the suitability of a REIT, the Manager, amongst other factors, will

review the track record, portfolio of assets, financial status, and

income distribution policy and cost factors of the REITs.

In an adverse market condition, the Manager may switch its asset

allocation to lower risk assets such as liquid assets to preserve

the Fund’s capital. During this period, the Fund’s investment may

differ from the stipulated investment strategy.




Fund PerformanceFund Performance



34



Fund Performance

AmMetLife equity Fund

Since Inception Performance

AmMetLife equity Fund vs Benchmark

Performance since 27 February 2004 – 31 March 2016

Full Year Performance

AmMetLife equity Fund vs Benchmark

Performance since 1 April 2015 – 31 March 2016

Perf

orm

ance

(%)

Month

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

Mar

-04

Nov

-04

Jul-0

5

Mar

-06

Nov

-06

Jul-0

7

Mar

-08

Nov

-08

Jul-0

9

Mar

-10

Nov

-10

Jul-1

1

Mar

-12

Nov

-12

Jul-1

3

Mar

-14

Nov

-14

Jul-1

5

Mar

-16

AmMetLife EquityFBMKLCI

Perf

orm

ance

(%)

Month

6.00

3.00

0.00

-3.00

-6.00

-9.00

-12.00

-15.00

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16




35



AmMetLife Bond Fund


AmMetLife Bond Fund vs Benchmark



AmMetLife Bond Fund vs Benchmark


Perf

orm

ance

(%)

Month

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

Mar

-04

Nov

-04

Jul-0

5

Mar

-06

Nov

-06

Jul-0

7

Mar

-08

Nov

-08

Jul-0

9

Mar

-10

Nov

-10

Jul-1

1

Mar

-12

Nov

-12

Jul-1

3

Mar

-14

Nov

-14

Jul-1

5

Mar

-16

AmMetLife Bond

MBB 12mth Tier 1

Perf

orm

ance

(%)

Month

5.00

4.00

3.00

2.00

1.00

0.00

-1.00

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

AmMetLife Bond

MBB 12mth Tier 1

36



Fund Performance (Cont’d)

AmMetLife Balanced Fund


AmMetLife Balanced Fund vs Benchmark



AmMetLife Balanced Fund vs Benchmark


Perf

orm

ance

(%)

Month

2.00

0.00

-2.00

-4.00

-6.00

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

AmMetLife Balanced

50% FBMKLCI & 50% MBB 12mth Tier 1

Perf

orm

ance

(%)

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

Month

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

AmMetLife Balanced




37



AmMetLife dana Teguh


AmMetLife dana Teguh vs Benchmark

Performance since inception 27 February 2004 – 31 March 2016


AmMetLife dana Teguh vs Benchmark


Perf

orm

ance

(%)

Month

4.00

3.00

2.00

1.00

0.00

-1.00

-2.00

-3.00

-4.00

-5.00

-6.00

-7.00

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

AmMetLife Dana Teguh

50% FBM Emas Syariah & 50% MBB 12mth GIA Tier 1

Perf

orm

ance

(%)

140.00

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Month



38




AmMetLife Oasis Islamic equity Fund


AmMetLife Oasis Islamic equity Fund vs Benchmark



AmMetLife Oasis Islamic equity Fund vs Benchmark


Apr-0

7

Sep-

07

Feb-

08

Jul-0

8

Dec-

08

May

-09

Oct

-09

Mar

-10

Aug-

10

Jan-

11

Jun-

11

Nov

-11

Apr-1

2

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Perf

orm

ance

(%)

Month

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

AmMetLife Oasis Islamic Equity

Dow Jones Islamic Market Index

Perf

orm

ance

(%)

Month

9.00

6.00

3.00

0.00

-3.00

-6.00

-9.00

-12.00

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

AmMetLife Oasis Islamic EquityDow Jones Islamic Market Index



39



AmMetLife Global emerging Market Fund


AmMetLife Global emerging Market Fund vs Benchmark

Performance since 1 June 2008 – 31 March 2016


AmMetLife Global emerging Market Fund vs Benchmark


Perf

orm

ance

(%)

Month

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

-60.00

Jun-

08

Sep-

08

Dec-

08

Mar

-09

Jun-

09

Sep-

09

Dec-

09

Mar

-10

Jun-

10

Sep-

10

Dec-

10

Mar

-11

Jun-

11

Sep-

11

Dec-

11

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15

Dec-

15

Mar

-16

AmMetLife Global Emerging Market

MSCI Emerging Markets Index

Perf

orm

ance

(%)

Month

10.00

5.00

0.00

-5.00

-10.00

-15.00

-20.00

-25.00

-30.00

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16



40




AmMetLife Precious Metals FundAp

r-15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Perf

orm

ance

(%)

Month

25.00

20.00

15.00

10.00

5.00

0.00

-5.00

-10.00

-15.00

-20.00

-25.00

-30.00

AmMetLife Precious Metals

FTSE Gold Mines Index


AmMetLife Precious Metals Fund vs Benchmark

Performance since 1 September 2008 – 31 March 2016


AmMetLife Precious Metals Fund vs Benchmark


Perf

orm

ance

(%)

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00

-60.00

-80.00

Sep-

08

Dec-

08

Mar

-09

Jun-

09

Sep-

09

Dec-

09

Mar

-10

Jun-

10

Sep-

10

Dec-

10

Mar

-11

Jun-

11

Sep-

11

Dec-

11

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15

Dec-

15

Mar

-16

Month





41



AmMetLife Global Agribusiness Fund


AmMetLife Global Agribusiness Fund vs Benchmark



AmMetLife Global Agribusiness Fund vs Benchmark


Perf

orm

ance

(%)

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Month

AmMetLife Global Agribusiness

MSCI World Free Index

Perf

orm

ance

(%)

Month

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

0.00

-12.00

-8.00

-4.00

-16.00

4.00

8.00



42




AmMetLife dividend Fund


AmMetLife dividend Fund vs Benchmark

Performance since 27 October 2011 – 31 March 2016


AmMetLife dividend Fund vs Benchmark


Perf

orm

ance

(%)

Month

Oct

-11

Feb-

12

Jun-

12

Oct

-12

Feb-

13

Jun-

13

Oct

-13

Feb-

14

Jun-

14

Oct

-14

Feb-

15

Jun-

15

Oct

-15

Feb-

16

0.00

10.00

20.00

30.00

40.00

50.00

-10.00

AmMetLife Dividend

FBMKLCI

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Perf

orm

ance

(%)

Month

0.00

-9.00

-6.00

-3.00

-12.00

-15.00

6.00

3.00

AmMetLife DividendFBMKLCI



43



Fund Performance

AmMetLife Asia Pacific reITS Fund


AmMetLife Asia Pacific reITS Fund vs Benchmark



AmMetLife Asia Pacific reITS Fund vs Benchmark


44




AmMetLife Tactical Bond Fund


AmMetLife Tactical Bond Fund vs Benchmark



AmMetLife Tactical Bond Fund vs Benchmark


Perf

orm

ance

(%)

Sep-

13

Nov

-13

Jan-

14

Mar

-14

May

-14

Jul-1

4

Sep-

14

Nov

-14

Jan-

15

Mar

-15

May

-15

Jul-1

5

Sep-

15

Nov

-15

Jan-

16

Mar

-16

Month

0.00

2.00

4.00

6.00

8.00

10.00

12.00

-4.00

-2.00

AmMetLife Tactical Bond

RAM Quantum ALL MGS Index

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Perf

orm

ance

(%)

Month

0.00

-1.00

-2.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00





Sectoral and CategoryBreakdown



46



Sectoral and Category Breakdown

AmMetLife equity FundDetails of portfolio composition of AmMetLife Equity Fund as at 31 March 2016 are as follows:

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %

Construction 4.55 2.91 7.72 3.23 8.25

Consumer products – 3.07 – – –

Finance 23.94 24.83 11.34 5.54 7.58

Industrial products 11.65 8.84 13.03 17.47 4.57

Infrastructure 1.70 3.80 1.31 3.15 –

Plantations 3.44 0.97 – 4.06 5.72

Properties – – 2.97 – –

REITS – – – – 6.84

Technology 4.05 4.19 – – –

Trading/Services 38.10 44.47 45.85 27.22 43.71

Repurchase agreements/Cash 12.57 6.91 17.77 39.33 23.33

100.00 100.00 100.00 100.00 100.00

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %

Malaysia Unit Trusts 9.67 9.75 9.56 7.11 9.40

Corporate Bonds 79.58 82.63 68.18 65.70 79.06

Malaysian Government Securities – – – – –


100.00 100.00 100.00 100.00 100.00

AmMetLife Bond Fund Details of portfolio composition of AmMetLife Bond Fund as at 31 March 2016 are as follows:



47



AmMetLife Balanced FundDetails of portfolio composition of AmMetLife Balanced Fund as at 31 March 2016 are as follows:

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %

Construction 5.03 3.03 0.45 – 7.61


Finance 15.16 16.59 9.00 5.18 7.27


Infrastructure 0.80 2.85 0.94 – –

Plantations 2.52 – – 3.41 5.38

Properties – – 3.02 – –

REITS – – 0.62 – 6.16

Technology 2.52 3.73 – – –


Corporate Bonds 20.56 26.44 24.71 26.95 27.08

Malaysia Unit Trusts – – 9.18 – –


100.00 100.00 100.00 100.00 100.00

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %

Construction 5.50 5.51 9.19 3.14 11.45



Infrastructure 0.99 3.53 1.39 2.69 –

Plantations 3.55 1.47 – – 4.85

Properties – 1.88 3.21 – –

Technology 3.07 4.63 – – –


Corporate Bonds 11.98 13.64 19.97 22.52 18.31



100.00 100.00 100.00 100.00 100.00

AmMetLife dana TeguhDetails of portfolio composition of AmMetLife Dana Teguh as at 31 March 2016 are as follows:

48



AmMetLife Oasis Islamic equity FundDetails of portfolio composition of AmMetLife Oasis Islamic Equity Fund as at 31 March 2016 are as follows:

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %

Construction – – – – 8.55

Consumer products – – – – –

Industrial products – – – – 2.88

Infrastructure – – – – 6.38

Plantations – – – – 3.84

Properties – – – – –

Trading/Services – – – – 24.42

Warrant – – – – –



100.00 100.00 100.00 100.00 100.00

AmOasis Global Islamic equity Fund (“Target Fund”) Sector Allocation*

Note: Source of Target Fund’s sector allocation from AmInvest*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %

Basic Materials 7.00 8.00 4.00 5.00 9.00

Communication 20.00 20.00 18.00 21.00 19.00

Consumer, Cyclical 15.00 11.00 8.00 7.00 8.00

Consumer, Non Cyclical 5.00 8.00 9.00 6.00 6.00

Energy 7.00 8.00 10.00 11.00 12.00

Healthcare 18.00 19.00 22.00 22.00 19.00

Industrials 4.00 3.00 6.00 8.00 6.00

Property 1.00 1.00 1.00 1.00 1.00

Technology 23.00 22.00 22.00 17.00 18.00

Utilities – – – 2.00 2.00

Sectoral and Category Breakdown (Cont’d)



49



AmMetLife Precious Metals FundDetails of portfolio composition of AmMetLife Precious Metals Fund as at 31 March 2016 are as follows:


AmPrecious Metals Fund (“Target Fund”) Sector Allocation*

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %



100.00 100.00 100.00 100.00 100.00

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %

Gold 69.28 70.14 73.46 79.78 71.75

Platinum – – – – –

Precious Metals & Minerals 18.99 15.15 13.09 16.12 12.92

Silver 9.71 12.60 6.77 – –

Diversified Metals & Mining – – 6.60 – –

Cash and other assets 1.96 2.09 0.05 4.07 15.31

50



AmMetLife Global Agribusiness FundDetails of portfolio composition of AmMetLife Global Agribusiness Fund as at 31 March 2016 are as follows:

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %



100.00 100.00 100.00 100.00 100.00

AmGlobal Agribusiness Fund (“Target Fund”) Sector Allocation*

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %

Agricultural Products 24.50 22.70 19.10 23.60 25.20

Breweries 3.10 3.20 3.70 – –

Construction/ Farm Machinery – – – 2.20 2.40

Distillers & Vintners – – – – –

Diversified Banks – – 3.20 2.10 2.00

Diversified Chemicals 2.10 3.20 3.70 1.70 –

Fertilizers & Agricultural Chemicals 38.30 39.90 38.20 43.00 40.30

Food Distributors 4.20 2.00 1.50 – –

Food Retails 2.60 2.90 2.90 1.10 6.40

Hypermarkets & Super Center – – – 2.40 1.50

Life Sciences Tools & Service – – – 2.10 2.80

Marine Ports & Services 1.60 1.40 1.70 1.50 1.80

Other Sectors 1.30 3.30 4.30 4.50 –

Packaged Foods & Meat 17.70 16.70 19.50 15.10 12.70

Railroads – – 1.30 1.30 0.80

Restaurants 1.70 2.80 0.90 – –

Cash & Others Sectors – – – -0.60 4.10

Not Classified 1.40 0.90 – – –

Soft Drinks 1.20 1.00 – – –





51



AmMetLife Global emerging Markets FundDetails of portfolio composition of AmMetLife Global Emerging Markets Fund as at 31 March 2016 are as follows:

AmGlobal emerging Market Opportunities Fund (“Target Fund”) Sector Allocation*

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %



100.00 100.00 100.00 100.00 100.00

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %

Consumer Discretionary 14.15 12.97 15.87 10.26 19.49

Consumer Staples 3.56 5.11 3.37 9.98 1.08

Derivatives – – – – -0.01

Energy 3.62 3.71 10.12 5.00 11.57

Financials 31.81 33.68 34.12 40.74 27.82

Health Care 2.07 3.72 0.90 1.20 -

Industrials 5.72 3.98 2.59 4.48 5.06

Information Technology 21.64 24.10 18.14 13.77 12.87

Liquid Assets 9.80 – – – –

Materials 3.40 1.94 3.29 3.26 6.51

Telecommunication Services 4.23 3.86 3.63 7.74 –

Utilities – 1.18 – 0.24 2.25

Others Net Asset – – – – 13.36

Cash – 5.75 7.97 3.33 –


52



AmMetLife Asia Pacific reITS FundDetails of portfolio composition of AmMetLife Asia Pacific REITS Fund as at 31 March 2016 are as follows:

AmAsia Pacific reITS Fund (“Target Fund”) Sector Allocation*

FY 2016 FY 2015 FY 2014 % % %

Malaysia Unit Trusts 93.87 91.50 88.62

Repurchase agreements/Cash 6.13 8.50 11.38

100.00 100.00 100.00

FY 2016 FY 2015 FY 2014 % % %

Cash and others 14.95 – –

Fixed Deposit/Negotiable Instruments/Cash – 15.20 13.90

Real Estate 2.34 84.80 86.10

REITs 80.25 – –

Utilities 2.46 – –


AmMetLife dividend FundDetails of portfolio composition of AmMetLife Dividend Fund as at 31 March 2016 are as follows:

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 % % % % %

Construction 5.44 3.89 4.96 – –


Finance 25.53 24.41 13.88 12.60 13.29


Infrastructure 1.71 4.13 4.99 4.61 5.92

Plantations 2.73 0.48 – – 5.46

Properties – 0.00 7.41 3.06 –

REITS – – 4.53 4.08 16.56

Technology 3.58 5.30 – – –



100.00 100.00 100.00 100.00 100.00




53



FY 2016 FY 2015 FY 2014 % % %

Malaysia Unit Trusts 91.97 90.63 86.64

Repurchase agreements/Cash 8.03 9.37 13.36

100.00 100.00 100.00

FY 2016 FY 2015 FY 2014 % % %

Bond 95.79 93.10 84.47

Cash 4.21 6.90 15.53

AmTactical Bond Fund (“Target Fund”) Sector Allocation*

AmMetLife Tactical Bond FundDetails of portfolio composition of AmMetLife Tactical Bond Fund as at 31 March 2016 are as follows:



LEFT BLANK

ComparativePerformance Table



56



Comparative Performance TableFund Performance as at 31 March 2016

I Year 3 Years 5 Years Since Launch

Average Compounded Annual return % Annual return %

AmMetLife Equity Fund 0.70 7.02 4.52 5.94

AmMetLife Bond Fund 3.00 2.83 3.58 4.18

AmMetLife Balanced Fund 1.35 5.04 3.26 5.72

AmMetLife Dana Teguh 2.00 9.51 6.44 6.55

AmMetLife Oasis Islamic Equity Fund (4.04) 6.29 4.41 1.44

AmMetLife Global Emerging Market Fund (5.43) 1.20 (1.06) 0.36

AmMetLife Precious Metals Fund 8.10 (9.71) (13.29) (8.27)

AmMetLife Global Agribusiness Fund (10.97) (0.57) (0.27) 2.05

AmMetLife Dividend Fund 0.50 7.89 – 7.92

AmMetLife Asia Pacific REITS Fund 6.23 – – 7.49

AmMetLife Tactical Bond Fund 6.23 – – 3.64



57



net Asset value, number of units and unit PriceAs at 31 March 2016

AmMetLife equity FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:

*Above prices and net asset value per unit are not shown as ex–distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

AmMetLife Bond Fund Performance details of the Fund for the financial years ended 31 March 2016 are as follows:

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012

unit Prices (rM)

Highest NAV per unit for the year 1.0216 1.0197 0.9946 0.8265 0.8317

Lowest NAV per unit for the year 0.8888 0.8684 0.8253 0.7529 0.7070

net Asset value (nAv) and units in Circulation (uIC) as at the end of the Year*

Total NAV (RM million) 20.3461 19.3462 14.5438 12.2637 14.5937

UIC (in million) 20.1536 19.2958 14.6327 14.8900 18.6334

NAV per unit (RM) 1.0096 1.0026 0.9939 0.8236 0.7832

Total return for the Year (%)

Total Return¹ 0.70 0.88 20.68 5.16 (3.23)

Capital growth 0.70 0.88 20.68 5.16 (3.23)

Income distributions – – – – –

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012

unit Prices (rM)





UIC (in million) 14.4607 15.5323 21.5938 21.6261 16.2856

NAV per unit (RM) 0.8232 0.7992 0.7740 0.7571 0.7311


Total Return¹ 3.00 3.26 2.23 3.56 5.91

Capital growth 3.00 3.26 2.23 3.56 5.91


58



AmMetLife Balanced FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:


AmMetLife dana Teguh Performance details of the Fund for the financial years ended 31 March 2016 are as follows:


FY 2016 FY 2015 FY 2014 FY 2013 FY 2012

unit Prices (rM)





UIC (in million) 22.6014 22.5725 24.6747 26.9555 26.2568

NAV per unit (RM) 0.9842 0.9711 0.9790 0.8491 0.8193


Total Return¹ 1.35 (0.81) 15.30 3.64 (2.25)

Capital growth 1.35 (0.81) 15.30 3.64 (2.25)


FY 2016 FY 2015 FY 2014 FY 2013 FY 2012

unit Prices (rM)





UIC (in million) 17.8878 16.9101 12.1007 15.6696 16.6728

NAV per unit (RM) 1.0829 1.0617 1.0063 0.8246 0.7875


Total Return¹ 2.00 5.51 22.03 4.71 (0.67)

Capital growth 2.00 5.51 22.03 4.71 (0.67)


net Asset value, number of units and unit Price (Cont’d)

As at 31 March 2016



59



AmMetLife Oasis Islamic equity FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:

AmMetLife Global emerging Markets Fund Performance details of the Fund for the financial years ended 31 March 2016 are as follows:



FY 2016 FY 2015 FY 2014 FY 2013 FY 2012

unit Prices (rM)





UIC (in million) 6.9363 7.2363 8.5410 7.2475 9.8279

NAV per unit (RM) 0.5684 0.5923 0.5285 0.4733 0.4424


Total Return¹ -4.04 12.07 11.66 6.98 (3.41)

Capital growth -4.04 12.07 11.66 6.98 (3.41)


FY 2016 FY 2015 FY 2014 FY 2013 FY 2012

unit Prices (rM)





UIC (in million) 1.8000 1.7536 1.7201 1.5360 1.4608

NAV per unit (RM) 0.5141 0.5436 0.5139 0.4960 0.4940


Total Return¹ -5.43 5.78 3.61 0.40 (8.89)

Capital growth -5.43 5.78 3.61 0.40 (8.89)


60



AmMetLife Precious Metals FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:

AmMetLife Global Agribusiness Fund Performance details of the Fund for the financial years ended 31 March 2016 are as follows:



FY 2016 FY 2015 FY 2014 FY 2013 FY 2012

unit Prices (rM)





UIC (in million) 14.6769 15.8907 13.9612 13.8346 12.0202

NAV per unit (RM) 0.2603 0.2408 0.2815 0.3536 0.4293


Total Return¹ 8.10 (14.46) (20.39) (17.63) (19.14)

Capital growth 8.10 (14.46) (20.39) (17.63) (19.14)


FY 2016 FY 2015 FY 2014 FY 2013 FY 2012

unit Prices (rM)





UIC (in million) 3.4758 3.2309 3.0205 2.7952 2.6083

NAV per unit (RM) 0.5829 0.6547 0.6189 0.5929 0.5594


Total Return¹ -10.97 5.78 4.39 5.99 (5.30)

Capital growth -10.97 5.78 4.39 5.99 (5.30)



As at 31 March 2016



61



AmMetLife dividend FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:

AmMetLife Asia Pacific reITS FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:


FY 2016 FY 2015 FY 2014 FY 2013 FY 2012

unit Prices (rM)





UIC (in million) 20.1110 18.1690 15.0299 11.3857 10.4925

NAV per unit (RM) 0.7003 0.6968 0.6283 0.5577 0.5189


Total Return¹ 0.50 10.90 12.66 7.48 –

Capital growth 0.50 10.90 12.66 7.48 –



FY 2016 FY 2015 FY 2014

unit Prices (rM)

Highest NAV per unit for the year 0.6113 0.5669 0.5000

Lowest NAV per unit for the year 0.5457 0.4907 0.4750


Total NAV (RM million) 0.9213 0.6857 0.5809

UIC (in million) 1.5349 1.2136 1.1849

NAV per unit (RM) 0.6002 0.5650 0.4903


Total Return¹ 6.23 15.24 –

Capital growth 6.23 15.24 –

Income distributions – – –

62



AmMetLife Tactical Bond FundPerformance details of the Fund for the financial years ended 31 March 2016 are as follows:


As at 31 March 2016


FY 2016 FY 2015 FY 2014

unit Prices (rM)

Highest NAV per unit for the year 0.5576 0.5153 0.5008

Lowest NAV per unit for the year 0.5026 0.4869 0.4807


Total NAV (RM million) 0.5451 0.4635 0.4912

UIC (in million) 0.9958 0.8995 0.9949

NAV per unit (RM) 0.5474 0.5153 0.4937


Total Return¹ 6.23 – –

Capital growth 6.23 – –

Income distributions – – –



Summary ofFinancial Information

Statement by the Manager 64

Independent Auditors’ Report 65

Statements of Assets and Liabilities 67

Statements of Income and Expenditure 73

Statements of Changes in Net Asset Value 79

Notes to the Financial Information 85



64



Statement By The Manager

In the opinion of the Manager, the accompanying financial information of the Investment-linked Funds of AmMetLife Insurance Berhad

comprising the AmMetLife Equity Fund, AmMetLife Bond Fund, AmMetLife Balanced Fund, AmMetLife Dana Teguh, AmMetLife

AmOasis Islamic Equity Fund, AmMetLife Asia Pacific REITS Fund, AmMetLife Global Emerging Market Fund, AmMetLife Tactical Bond

Fund, AmMetLife Precious Metals Fund, AmMetLife Global Agribusiness Fund, AmMetLife Commodity Stable Capital Guaranteed Fund

(matured on 12 October 2015) and AmMetLife Dividend Fund set out on pages 67 to 130 have been prepared in accordance with the

accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked Insurance/Takaful

Business issued by Bank Negara Malaysia.

On behalf of AmMetLife Insurance Berhad

Ch’ng Sok Heang

Kuala Lumpur, Malaysia

14 June 2016



65



Independent Auditors’ report

report on the financial informationWe have audited the financial information of the Investment-Linked funds of AmMetLife Insurance Berhad (“the Manager”) (“the

Funds”) which comprise the Statements of Assets and Liabilities as at 12 October 2015 (“maturity date”) of AmMetLife Commodity

Stable Capital Guaranteed Fund and as at 31 March 2016 of AmMetLife Equity Fund, AmMetLife Bond Fund, AmMetLife Balanced

Fund, AmMetLife Dana Teguh , AmMetLife AmOasis Islamic Equity Fund, AmMetLife Asia Pacific REITS Fund, AmMetLife Global

Emerging Market Fund, AmMetLife Tactical Bond Fund, AmMetLife Precious Metals Fund, AmMetLife Global Agribusiness Fund,

AmMetLife Commodity Stable Capital Guaranteed Fund and AmMetLife Dividend Fund, the Statement of Income and Expenditure

and Statement of Changes in Net Asset Value from 1 April 2015 to maturity date of AmMetLife Commodity Stable Capital Guaranteed

Fund, the Statements of Income and Expenditure and Statements of Changes in Net Asset Value for the year ended 31 March 2016

for AmMetLife Equity Fund, AmMetLife Bond Fund, AmMetLife Balanced Fund, AmMetLife Dana Teguh, AmMetLife AmOasis Islamic

Equity Fund, AmMetLife Asia Pacific REITS Fund, AmMetLife Global Emerging Market Fund, AmMetLife Tactical Bond Fund, AmMetLife

Precious Metals Fund, AmMetLife Global Agribusiness Fund and AmMetLife Dividend Fund, and a summary of significant accounting

policies and other explanatory information (“financial information”), as set out on pages 67 to 130 .

directors’ responsibility for the financial information

The directors of the Manager are responsible for the preparation of financial information in accordance with the accounting policies

as described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by

Bank Negara Malaysia. The directors are also responsible for such internal control as the directors determine is necessary to enable the

preparation of financial information that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial information based on our audit. We conducted our audit in accordance

with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and

perform the audit to obtain reasonable assurance about whether the financial information are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial information. The

procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial information,

whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation

of financial information in accordance with the accounting policies as described in Note 2.2 to the financial information and the

Guidelines on lnvestment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal

control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting

estimates made by the Manager, as well as evaluating the overall presentation of the financial information.

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

Opinion

As discussed in Note 1 to the financial information, the AmMetLife Commodity Stable Capital Guaranteed Fund had matured on 12

October 2015. Consequently, the financial information of this fund has been prepared on a basis other than going concern. The assets

of the Fund have been stated at their respective reasonable values and all liabilities of the Fund, including estimated expenses upon

maturity of the Fund, have been recognised

In our opinion, the financial information have been prepared, in all material respects, in accordance with the accounting policies as

described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank

Negara Malaysia.

66



Other Matters

This report is made solely to the unitholders of the Funds, as a body, in accordance with the Guidelines on Investment-Linked Insurance/

Takaful Business issued by Bank Negara Malaysia and for no other purpose. We do not assume responsibility to any other person for

the content of this report.

ernst & Young Megat Iskandar Shah Bin Mohamad norAF: 0039 No. 3083/07/17(J)Chartered Accountants Chartered Accountant

Kuala Lumpur, Malaysia14 June 2016

Independent Auditors’ report (Cont’d)



67



Summary of Financial Information

Statements of Assets and LiabilitiesAs at 31 March 2016

AmMetLife equity Fund AmMetLife Bond Fund

2016 2015 2016 2015 note rM rM rM rM

Assets

Investments 3 17,789,025 17,743,960 10,625,405 12,517,869

Deferred tax assets 4 – – 34,926 23,014

Other receivables 172,499 530,521 220,780 170,079

Cash and bank balances 3,064,757 1,317,419 1,237,428 53,201 Total assets 21,026,281 19,591,900 12,118,539 12,764,163

Liabilities

Provision for taxation 39,016 91,290 196,123 204,952

Deferred tax liabilities 4 90,472 121,447 – –

Other payables 550,653 32,945 18,081 145,049 Total liabilities 680,141 245,682 214,204 350,001

net asset value of funds (“nAv”) 20,346,140 19,346,218 11,904,335 12,414,162

represented by:

Unitholders’ contribution 15,240,432 14,407,216 8,351,373 9,216,161

Undistributed income 5,105,708 4,939,002 3,552,962 3,198,001 unitholders’ capital 5 20,346,140 19,346,218 11,904,335 12,414,162

units in circulation 5 20,153,579 19,295,796 14,460,749 15,532,298

nAv per unit (rM) 5 1.0096 1.0026 0.8232 0.7992

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

68



AmMetLife Balanced Fund AmMetLife dana Teguh

2016 2015 2016 2015 note rM rM rM rM

Assets

Investments 3 17,100,984 21,881,350 11,648,083 17,549,355


Cash and bank balances 5,430,621 1,968 8,139,513 3,400 Total assets 22,713,772 22,238,501 19,903,875 18,293,404

Liabilities

Provision for taxation 112,868 212,385 157,007 192,628

Deferred tax liabilities 4 28,167 72,960 52,749 119,007



represented by:


Undistributed income 6,236,086 5,946,017 5,577,611 5,203,128 unitholders’ capital 5 22,243,302 21,919,363 19,370,004 17,953,218


nAv per unit (rM) 5 0.9842 0.9711 1.0829 1.0617


Statements of Assets and Liabilities (Cont’d)

As at 31 March 2016



69



AmMetLife AmOasis Islamic AmMetLife Asia Pacific equity Fund reITS Fund

2016 2015 2016 2015 note rM rM rM rM

Assets

Investments 3 3,642,122 3,988,807 864,835 672,241

Tax recoverable 35 200 – –

Other receivables 31,872 15,835 13,739 197

Cash and bank balances 322,750 409,675 61,286 62,462 Total assets 3,996,779 4,414,517 939,860 734,900

Liabilities

Provision for taxation – – 930 361

Deferred tax liabilities 4 44,458 65,008 8,127 6,552


net asset value of funds (“nAv”) 3,942,629 4,286,395 921,290 685,731

represented by:

Unitholders’ contribution 3,442,694 3,625,140 783,464 599,005

Undistributed income 499,935 661,255 137,826 86,726 unitholders’ capital 5 3,942,629 4,286,395 921,290 685,731


nAv per unit (rM) 5 0.5684 0.5923 0.6002 0.5650


70



AmMetLife Global emerging AmMetLife Market Fund Tactical Bond Fund

2016 2015 2016 2015 note rM rM rM rM

Assets

Investments 3 864,077 885,544 501,385 421,026

Tax recoverable – – – 67

Other receivables 20,177 705 5,941 9,131

Cash and bank balances 53,470 87,925 50,059 43,529 Total assets 937,724 974,174 557,385 473,753

Liabilities

Provision for taxation 1,440 979 185 –

Deferred tax liabilities 4 1,949 6,616 2,646 880


net asset value of funds (“nAv”) 925,335 953,246 545,141 463,478

represented by:

Unitholders’ contribution 909,764 886,459 499,399 447,653

Undistributed income 15,571 66,787 45,742 15,825 unitholders’ capital 5 925,335 953,246 545,141 463,478

units in circulation 5 1,799,970 1,753,586 995,790 899,484

nAv per unit (rM) 5 0.5141 0.5436 0.5474 0.5153



As at 31 March 2016



71



AmMetLife Precious AmMetLife Global Metals Fund Agribusiness Fund

2016 2015 2016 2015 note rM rM rM rM

Assets

Investments 3 3,094,720 3,535,402 2,044,060 2,135,006

Deferred tax assets 4 279,301 300,037 – –

Tax recoverable 15,687 16,566 – –


Cash and bank balances 496,762 807 922 2,080 Total assets 3,888,104 3,862,143 2,047,629 2,158,790

Liabilities

Provision for taxation – – 4,088 4,026

Deferred tax liabilities 4 – – 8,327 29,762



represented by:


(Accumulated losses)/ Undistributed income (3,343,045) (3,586,382) 89,285 334,546 unitholders’ capital 5 3,819,735 3,826,810 2,025,933 2,115,274


nAv per unit (rM) 5 0.2603 0.2408 0.5829 0.6547


72



AmMetLife Commodity Stable AmMetLife Capital Guaranteed Fund dividend Fund

12.10.2015 31.03.2015 2016 2015 note rM rM rM rM

Assets

Investments 3 – 4,991,936 12,823,073 11,550,834

Other receivables 4,381,557 223 21,856 438,025

Cash and bank balances 402 37,179 1,861,177 827,377 Total assets 4,381,959 5,029,338 14,706,106 12,816,236

Liabilities

Provision for taxation – 20,248 20,953 31,994

Deferred tax liabilities 4 – 17,568 67,697 100,331

Other payables – 693,337 533,334 24,659 Total liabilities – 731,153 621,984 156,984


represented by:


Undistributed income 141,056 57,282 2,795,182 2,713,984 unitholders’ capital 5 4,381,959 4,298,185 14,084,122 12,659,252


nAv per unit (rM) 5 0.5200 0.5101 0.7003 0.6968



As at 31 March 2016



73




2016 2015 2016 2015 note rM rM rM rM

Net investment income:

Interest income 6 45,697 62,640 666,147 755,156

Dividend income 7 520,530 426,217 50,325 13,372

566,227 488,857 716,472 768,528

Gain on disposal of investments 263,676 900,163 11,241 32,592 Total income 829,903 1,389,020 727,713 801,120

Management expenses (282,242) (254,624) (116,303) (138,740)

Net unrealised capital loss (387,179) (950,293) (214,169) (152,894) Total outgo (669,421) (1,204,917) (330,472) (291,634)

Excess of income over outgo before taxation 160,482 184,103 397,241 509,486

Taxation 8 6,224 (1,001) (42,280) (53,957)

Excess of income over outgo after taxation 166,706 183,102 354,961 455,529

Undistributed income brought forward 4,939,002 4,755,900 3,198,001 2,742,472

Undistributed income carried forward 5,105,708 4,939,002 3,552,962 3,198,001



Statements of Income and expenditureFor the financial year ended 31 March 2016

74




2016 2015 2016 2015 note rM rM rM rM


Interest income 6 549,444 521,616 309,462 250,213

Dividend income 7 404,702 424,903 365,466 240,384

954,146 946,519 674,928 490,597

Gain on disposal of investments 195,946 1,469,678 792,295 1,296,801 Total income 1,150,092 2,416,197 1,467,223 1,787,398


Net unrealised capital loss (559,928) (2,336,664) (828,250) (660,696) Total outgo (845,185) (2,637,677) (1,070,859) (858,038)

Excess/(deficit) of income over outgo before taxation 304,907 (221,480) 396,364 929,360

Taxation 8 (14,838) 27,006 (21,881) (70,905)

Excess/(deficit) of income over outgo after taxation 290,069 (194,474) 374,483 858,455 Undistributed income brought forward 5,946,017 6,140,491 5,203,128 4,344,673

Undistributed income carried forward 6,236,086 5,946,017 5,577,611 5,203,128


Statements of Income and expenditure (Cont’d)

For the financial year ended 31 March 2016



75




AmMetLife AmOasis AmMetLife Asia Pacific Islamic equity Fund reITS Fund

2016 2015 2016 2015 note rM rM rM rM


Interest income 6 10,007 10,143 2,341 1,852

Dividend income 7 – – 32,497 26,213

10,007 10,143 34,838 28,065

Gain on disposal of investments 71,579 69,383 8,706 2,085

Net unrealised capital gain – 429,013 19,691 77,779 Total income 81,586 508,539 63,235 107,929

Management expenses (60) (11,897) (9,676) (9,785)

Net unrealised capital loss (256,868) – – – Total outgo (256,928) (11,897) (9,676) (9,785)

(Deficit)/excess of income over outgo before taxation (175,342) 496,642 53,559 98,144

Taxation 8 14,022 (40,683) (2,459) (6,538)

(Deficit)/excess of income over outgo after taxation (161,320) 455,959 51,100 91,606

Undistributed income/ (losses) brought forward 661,255 205,296 86,726 (4,880)

Undistributed income carried forward 499,935 661,255 137,826 86,726

76



AmMetLife Global AmMetLife Tactical emerging Market Fund Bond Fund

2016 2015 2016 2015 note rM rM rM rM


Interest income 6 2,181 2,269 1,245 1,509

Dividend income 7 2,544 2,307 17,117 24,792

4,725 4,576 18,362 26,301

Gain on disposal of investments 5,852 – 429 –

Net unrealised capital gain – 65,641 22,071 5,549 Total income 10,577 70,217 40,862 31,850


Loss on disposal of investments – – – (2,980)

Net unrealised capital loss (58,345) – – – Total outgo (65,818) (10,059) (9,045) (12,275)


Taxation 8 4,025 (5,432) (1,900) (326)

(Deficit)/excess of income over outgo after taxation (51,216) 54,726 29,917 19,249 Undistributed income/(losses) brought forward 66,787 12,061 15,825 (3,424)

Undistributed income carried forward 15,571 66,787 45,742 15,825






77




2016 2015 2016 2015 note rM rM rM rM


Interest income 6 22,627 14,090 7,442 6,663

22,627 14,090 7,442 6,663

Net unrealised capital gain 259,199 – – 127,309 Total income 281,826 14,090 7,442 133,972


Loss on disposal of investments – (2,448) – –

Net unrealised capital loss – (651,472) (267,938) – Total outgo (15,943) (673,906) (273,543) (11,524)

Excess/(deficit) of income over outgo before taxation 265,883 (659,816) (266,101) 122,448

Taxation 8 (22,546) 51,187 20,840 (10,717)

Excess/(deficit) of income over outgo after taxation 243,337 (608,629) (245,261) 111,731 Undistributed (losses)/income brought forward (3,586,382) (2,977,753) 334,546 222,815

Undistributed (losses)/income carried forward (3,343,045) (3,586,382) 89,285 334,546


78




1 April 2015 to 1 April 2014 12 October 2015 31 March 2015 2016 2015 note rM rM rM rM


Interest income 6 551 387 32,850 41,061

Dividend income 7 1,029 2,223 374,947 375,552 1,580 2,610 407,797 416,613

Gain on disposal of investments 330,826 – 274,039 403,835

Net unrealised capital gain – 174,523 – 599,644 Total income 332,406 177,133 681,836 1,420,092


Net unrealised capital loss (219,594) – (407,933) – Total outgo (239,689) (29,534) (608,722) (167,434)

Excess of income over outgo before taxation 92,717 147,599 73,114 1,252,658

Taxation 8 (8,943) (13,993) 8,084 (83,562)

Excess of income over outgo after taxation 83,774 133,606 81,198 1,169,096 Undistributed income/(losses) brought forward 57,282 (76,324) 2,713,984 1,544,888

Undistributed income carried forward 141,056 57,282 2,795,182 2,713,984






79



2016 2015 rM rM

Net asset value at the beginning of the year 19,346,218 14,543,771

Amounts received from units created 8,011,603 9,690,938

Amounts paid for units cancelled (7,178,387) (5,071,593) 20,179,434 19,163,116

Net realised gain after taxation 522,910 1,057,372

Net unrealised capital loss after taxation (356,204) (874,270) Net asset value at the end of the year 20,346,140 19,346,218



Statements of Changes in net Asset valueFor the financial year ended 31 March 2016

AmMetLife equity Fund

2016 2015 rM rM




Net realised gain after taxation 557,218 599,360


AmMetLife Bond Fund

80



2016 2015 rM rM




Net realised gain after taxation 805,204 1,955,256

Net unrealised capital loss after taxation (515,135) (2,149,730) Net asset value at the end of the year 22,243,302 21,919,363


Statements of Changes in net Asset value (Cont’d)


2016 2015 rM rM




Net realised gain after taxation 1,136,475 1,466,295


AmMetLife dana Teguh

AmMetLife Balanced Fund



81



2016 2015 rM rM


Amounts received from units created 983,849 741,116



Net unrealised capital (loss)/gain after taxation (236,318) 394,693 Net asset value at the end of the year 3,942,629 4,286,395

2016 2015 rM rM

Net asset value at the beginning of the year 685,731 580,944


Amounts paid for units cancelled (527,565) (363,095) 870,190 594,125


Net unrealised capital gain after taxation 18,116 71,556 Net asset value at the end of the year 921,290 685,731


AmMetLife AmOasis Islamic equity Fund

AmMetLife Asia Pacific reITS Fund

82






AmMetLife Tactical Bond Fund

AmMetLife Global emerging Market Fund

2016 2015 rM rM




Net realised gain/(loss) after taxation 2,462 (5,664)

Net unrealised capital (loss)/gain after taxation (53,678) 60,390 Net asset value at the end of the year 925,335 953,246

2016 2015 rM rM





Net unrealised capital gain after taxation 20,305 5,105 Net asset value at the end of the year 545,141 463,478



83



2016 2015 rM rM


Amounts received from units created 806,682 1,366,592

Amounts paid for units cancelled (1,057,094) (861,183) 3,576,398 4,435,439


Net unrealised capital gain/(loss) after taxation 238,463 (599,354) Net asset value at the end of the year 3,819,735 3,826,810

2016 2015 rM rM



Amounts paid for units cancelled (358,979) (406,861) 2,271,194 2,003,543




AmMetLife Global Agribusiness Fund

AmMetLife Precious Metals Fund

84





AmMetLife Commodity Stable Capital Guaranteed Fund

1 April 2015 to 1 April 2014 to 12 October 2015 31 March 2015 rM rM


Amounts paid for units cancelled – (4,214) 4,298,185 4,164,579


Net unrealised capital (loss)/gain after taxation (202,026) 160,561 Net asset value at the maturity date/end of the year 4,381,959 4,298,185


2016 2015 rM rM









85



1. The Manager and its principal activity

The investment-linked funds of AmMetLife Insurance Berhad (“the Manager”) comprise the AmMetLife Equity Fund, AmMetLife

Bond Fund, AmMetLife Balanced Fund, AmMetLife Dana Teguh, AmMetLife AmOasis Islamic Equity Fund, AmMetLife Asia Pacific

REITS Fund, AmMetLife Global Emerging Market Fund, AmMetLife Tactical Bond Fund, AmMetLife Precious Metals Fund, AmMetLife

Global Agribusiness Fund, AmMetLife Commodity Stable Capital Guaranteed Fund (matured on 12 October 2015) and AmMetLife

Dividend Fund (collectively referred to as “the Funds”).

The Manager is a public limited liability company incorporated and domiciled in Malaysia and licensed under the Financial Services

Act 2013. Its principal activity is the underwriting of life and investment-linked insurance business.

There has been no significant changes in the nature of the principal activities of the Manager during the financial year ended 31

March 2016.

The financial information were authorised for issue by the Board of Directors of the Manager in accordance with a resolution on

14 June 2016.

2. Significant accounting policies

2.1 Basis of Preparation

The financial information of the Funds have been prepared in accordance with the accounting policies as described in Note

2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara

Malaysia (“BNM”).

The financial information have been prepared under the historical cost convention except as disclosed in the significant

accounting policies in Note 2.2 to the financial information.

The financial information are presented in Ringgit Malaysia (“RM”).

The Statements of Assets and Liabilities, Statements of Income and Expenditure and Statements of Changes in Net Asset

Value of AmMetLife Commodity Stable Capital Guaranteed Fund have been prepared for the period from 1 April 2015 to 12

October 2015 being the dates of the maturity of the said Fund. Consequently, the financial information of the Fund has been

prepared on a basis other than going concern. The assets of the Fund has been stated at their respective recoverable values

and all liabilities of the Fund, including the estimated expenses upon maturity of the Fund, has been recognised.

2.2 Summary of significant accounting policies

(a) Management fee

Management fee is charged based on the Funds’ daily net assets value, at the following rates:

(i) AmMetLife Equity Fund 1.50% per annum

(ii) AmMetLife Bond Fund 1.00% per annum

(iii) AmMetLife Balanced Fund 1.50% per annum

(iv) AmMetLife Dana Teguh 1.50% per annum

(v) AmMetLife AmOasis Islamic Equity Fund 1.50% per annum

(vi) AmMetLife Asia Pacific REITS Fund 1.50% per annum

(vii) AmMetLife Global Emerging Market Fund 1.50% per annum

(viii) AmMetLife Tactical Bond Fund 1.00% per annum

(ix) AmMetLife Precious Metals Fund 1.50% per annum

(x) AmMetLife Global Agribusiness Fund 1.50% per annum

(xi) AmMetLife Commodity Stable Capital Guaranteed Fund 0.50% per annum

(xii) AmMetLife Dividend Fund 1.50% per annum


notes to the Financial Information31 March 2016

86



notes to the Financial Information (Cont’d)

(b) Financial instruments – initial recognition and subsequent measurement

(i) date of recognition

All financial assets and liabilities are initially recognised on the trade date, i.e. the date that the Funds become

a party to the contractual provisions of the instrument. This includes “regular way trades” purchases or sales

of financial assets that require delivery of assets within the time frame generally established by regulation or

convention in the market place.

(ii) Initial measurement of financial instruments

Financial assets are classified as financial assets at fair value through profit or loss, financial assets available-for-

sale, financial assets held-to-maturity or loans and receivables, as appropriate. Financial liabilities of the Funds

are classified as financial liabilities at fair value through profit or loss or at amortised cost, as appropriate. The

Funds determine the classification of its financial assets and financial liabilities at initial recognition.

The classification of financial instruments at initial recognition depends on the purpose and the management’s

intention for which the financial instruments were acquired and their characteristics. All financial instruments

are measured initially at their fair value plus transaction costs, except in the case of financial assets and

financial liabilities recorded at fair value through profit or loss, which is measured at fair value.

The Funds classify the investment into financial assets at fair value through profit or loss (“FVTPL”) or loans

and receivable (“LAR”).

(iii) Subsequent measurement

The subsequent measurement of financial instruments depends on their classification as described below:

1. Financial assets at fair value through profit or loss (“FVTPL”)

Financial assets at FVTPL are recorded in the Statements of Assets and Liabilities at fair value. Changes

in fair value are recognised in the Statements of Income and Expenditure. Interest and dividend income

or expense are recorded as “Net Investment Income” or “Interest expense”, as appropriate and in

accordance with the terms of the contract, or when the right to the payment has been established.

Included in this classification are fixed income securities, collective investment schemes and equities.

2. Loans and receivables (“LAR”)

LAR include non–derivative financial assets with fixed or determinable payments that are not quoted in

an active market.

After initial measurement, the amounts are subsequently measured at amortised cost using the effective

interest rate (“EIR”), less allowance for impairment. Amortised cost is calculated by taking into account

any discount or premium on acquisition and fees and costs that are an integral part of the EIR.

(iv) Financial liabilities at amortised cost

Financial liabilities of the Funds, that are not designated at FVTPL, are classified as financial liabilities at amortised

cost, where the substance of the contractual arrangement results in the Funds having an obligation either to

deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of

a fixed amount of cash or another financial asset for a fixed number of own equity instruments.

After initial measurement, these are subsequently measured at amortised cost using the EIR. Amortised cost

is calculated by taking into account any discount or premium on the issue and costs that are an integral part

of the EIR.



87



(c) derecognition of financial assets and financial liabilities

(i) Financial assets

A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets)

is derecognised when:

– The rights to receive cash flows from the asset have expired

– The Funds have transferred its rights to receive cash flows from the asset or have assumed an obligation

to pay the received cash flows in full without material delay to a third party under a “pass–through”

arrangement; and either:

– The Funds have transferred substantially all the risks and rewards of the asset, or

– The Funds have neither transferred nor retained substantially all the risks and rewards of the asset, but

have transferred control of the asset.

When the Funds have transferred their rights to receive cash flows from an asset or have entered into a

pass–through arrangement, and have neither transferred nor retained substantially all the risks and rewards

of the asset nor transferred control of the asset, the asset is recognised to the extent of the Funds continuing

involvement in the asset. In that case, the Funds also recognise an associated liability. The transferred asset

and the associated liability are measured on a basis that reflects the rights and obligations that the Funds

have retained.

(ii) Financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired.

Where an existing financial liability is replaced by another from the same lender on substantially different

terms, or the terms of an existing liability are substantially modified, such an exchange or modification

is treated as a derecognition of the original liability and the recognition of a new liability. The difference

between the carrying value of the original financial liability and the consideration paid is recognised in profit

or loss.

(d) determination of fair value

The fair value of financial assets such as equity securities, that are actively traded in organised financial markets is

determined by reference to quoted prices for assets at the close of business on the reporting date.

For investment in unit, real estate investment trusts, fair value is determined by reference to published net asset

values. Investments in equity that do not have quoted market price in an active market and whose fair value cannot

be reliaby measured will be stated at cost less impairment losses.

For financial instruments where there is no active market such as unquoted fixed income securities i.e. uquoted

bond, fair value is obtained from Bond Pricing Agency Malaysia Sdn. Bhd. (“BPAM”).

If the fair value cannot be measured reliaby, financial instruments are measured at cost, being the fair value of the

consideration paid for the acquisition of the instruments or the amount received on issuing the financial liability. All

transaction costs directly attributable to the acquisition are also included in the cost of the investment.

The fair value of Negotiable Instruments of Deposit (“NID”) are based on broker quotes, whereas the fair value of

fixed/yield bearing deposits is the principal itself.

88



(e) Impairment of financial assets

The Funds assess at each reporting date whether there is any objective evidence that a financial asset or a group

of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only

if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial

recognition of the asset (an incurred “loss event”) and that loss event (or events) has an impact on the estimated

future cash flows of the financial asset or the group of financial assets that can be reliably estimated.

Financial assets carried at amortised cost

Evidence of impairment may include indications that the borrower or a group of borrowers is experiencing significant

financial difficulty, the probability that they will enter bankruptcy or other financial reorganisation, default or

delinquency in interest or principal payments and where observable data indicates that there is a measurable decrease

in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.

For financial assets carried at amortised cost, the Funds first assess individually whether objective evidence of

impairment exists for financial assets that are individually significant, or collectively for financial assets that are not

individually significant. If the Funds determine that no objective evidence of impairment exists for an individually

assessed financial asset, it includes the asset in a group of financial assets with similar credit risk characteristics and

collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an

impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.

If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the

difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding

future expected credit losses that have not yet been incurred). The carrying amount of the asset is reduced through

the use of an allowance account and the amount of the loss is recognised in the Statements of Income and

Expenditure. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate

of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest

income is recorded as part of “Interest income”. LAR together with the associated allowance are written off when

there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the

Funds. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an

event occurring after the impairment was recognised, the previously recognised impairment loss is increased or

reduced by adjusting the allowance account. If a future write–off is later recovered, the recovery is credited to the

“Impairment losses on LAR” to the extent that the carrying amount of the asset does not exceed its amortised cost

at the reversal date.

The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. If LAR have

variable interest rates, the discount rate for measuring any impairment loss is the current EIR. If the Funds have

reclassified trading assets to LAR, the discount rate for measuring any impairment loss is the new EIR determined at

the reclassification date. The calculation of the present value of the estimated future cash flows of a collateralised

financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the

collateral, whether or not foreclosure is probable.

(f) Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the Statements of Assets and

Liabilities if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is

an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is generally

not the case with master netting agreements, therefore, the related assets and liabilities are presented gross in the

Statements of Assets and Liabilities.




89



(g) Impairment of non-financial assets

The Funds assess at each reporting date whether there is an indication that an asset may be impaired. If any indication

exists, or when annual impairment testing for an asset is required, the Funds estimate the asset’s recoverable

amount. An asset’s recoverable amount is the higher of an asset’s or cash–generating unit’s (“CGU”) fair value less

costs to sell and its value in use. Where the carrying amount of an asset or CGU exceeds its recoverable amount. An

asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated

future cash flows are discounted to their present value using a pre–tax discount rate that reflects current market

assessment of the time value of money and the risks specific to the asset. In determining fair value less costs to sell,

an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share

prices for publicly traded entities or other available fair value indicators.

For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication

that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists,

the Funds estimate the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed

only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last

impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its

recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no

impairment loss been recognised for the asset in prior years. Such reversal is recognised in the Statements of Income

and Expenditure.

(h) net creation of units

Net creation of units represents premiums paid by policyholders as payment for a new contract or subsequent

payments to increase the amount of that contract less switching costs, if any, within funds. Net creation of units is

recognised on a receipt basis.

(i) net cancellation of units

Net cancellation of units represents cancellation of units arising from surrenders and withdrawals. Net cancellation

is recognised upon surrendering of the related insurance contract.

(j) Other revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Funds and the revenue

can be reliably measured. The following specific recognition criteria must be met before revenue is recognised.

(i) Interest income

Interest and financing income and expense are recognised in profit or loss using the effective interest

method. Once a financial asset or a group of similar financial assets has been written down as a result of

an impairment loss, interest income is recognised using the rate of interest used to discount the future cash

flows for the purpose of measuring the impairment loss.

(ii) realised gains and losses on investments

On disposal of investments, the difference between the net disposal proceeds and the carrying amount of

investment is credited or charged to Statements of Income and Expenditure.

(iiI) dividend income

Dividend income represents gross dividends from quoted and unquoted investments and is recognised

when the right to receive payment is established.

90



(k) Income tax

Income tax on the profit and loss comprises current and deferred tax. Current tax is the expected amount of income

taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted

on the date of the Statements of Assets and Liabilities.

Deferred tax is provided for, using the liability method, on temporary differences at the date of Statements of Assets

and Liabilities between the tax bases of assets and liabilities and their carrying amounts in the financial information.

In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are

recognised for all deductible temporary differences, to the extent that it is probable that taxable profits will be

available against which the deductible temporary differences can be utilised.

Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the

liability is settled, based on tax rates that have been enacted or substantively enacted at the date of Statements

of Assets and Liabilities. Deferred tax is recognised as income or an expense in the Statements of Income and

Expenditure, except when it arises from a transaction which is recognised directly in unitholders’ capital, in which

case, the deferred tax is also recognised in unitholders’ capital.

(l) Provisions

Provisions are recognised when the Funds have a present obligation as a result of a past event and it is probable

that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable

estimate of the amount can be made. Provisions are reviewed at each Statements of Assets and Liabilities date and

adjusted to reflect the current best estimate. Where the effect of the time value of money is material, provisions

are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where

discounting is used, the increase in the provision due to the passage of time is recognised as finance cost.

(m) Foreign currencies transactions

(i) Functional and presentation currency

The financial statements are presented in Ringgit Malaysia (“RM”) which is also the functional and

presentation currency of the Funds.

(ii) Foreign currency transaction

Transactions in foreign currencies are initially recorded in the functional currency rate prevailing at the dates

of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the

functional currency rate of exchange ruling at the reporting date. All differences are taken to profit or loss.

Non-monetary items denominated in foreign currencies that are measured at historical cost are translated

using the exchange rates as at the dates of initial transactions.

Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at

the date when the fair value was determined. All foreign exchange differences are taken to profit or loss,

except for differences relating to items where gains or losses are recognised directly in equity, in which case,

the gain or loss is recognised net of the exchange component in equity.

(n) Cash and cash equivalents

Cash and cash equivalents consist of cash and bank balances, excluding fixed and call deposits.




91



2016 2015 rM rM

Quoted equity securities 17,789,025 17,743,960

FvTPL:

Quoted equity securities

Cost 16,658,127 16,225,883

Net unrealised gain 1,130,898 1,518,077

Fair value 17,789,025 17,743,960

Total investments at FvTPL 17,789,025 17,743,960

Total investments 17,789,025 17,743,960

3. Investments

(i) AmMetLife equity Fund

92



2016

no. of Cost Fair value Fair value as units rM rM % of nAv

FvTPL:


Construction

Gamuda Berhad 63,700 289,439 313,404 1.54%

Gamuda Berhad – Warrants 10,616 2,654 11,678 0.06%

Ikhmas Jaya Group Berhad 603,000 358,620 428,130 2.10%

YTL Corporation Berhad 104,900 171,685 172,036 0.85%

Finance

Bursa Malaysia Berhad 46,500 402,689 413,850 2.03%

CIMB Group Holdings Berhad 200,000 912,901 970,000 4.77%

Malayan Banking Berhad 194,212 1,769,486 1,751,792 8.61%

Public Bank Berhad 92,400 1,676,387 1,735,272 8.53%

Industrial Products

Kossan Rubber Industries Berhad 45,800 314,575 277,090 1.36%

Petronas Chemicals Group Berhad 49,600 303,614 332,816 1.64%

Petronas Gas Berhad 24,600 549,514 541,200 2.66%

SKP Resources Berhad 343,400 300,443 442,986 2.18%

Top Glove Corporation Berhad 52,700 300,546 264,554 1.30%

V.S Industry Berhad 418,600 454,237 502,320 2.47%

V.S Industry Berhad – Warrants 29,850 – 9,552 0.05%

Infrastructure Project Co.

Digi.Com Berhad 69,900 364,182 345,306 1.70%

Plantations

Genting Plantation Berhad 17,900 180,063 200,480 0.99%

Kuala Lumpur Kepong Berhad 20,800 476,252 499,200 2.45%

Technology

Inari Amertron Berhad 128,200 399,849 412,804 2.03%

Prestariang Berhad 139,700 381,495 412,115 2.03%

3. Investments (Cont’d)

(i) AmMetLife equity Fund (Cont’d)

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2016 are as detailed below:




93



2016


FvTPL: (Cont’d)

Quoted equity securities (Cont’d)

Trading & Services

AirAsia Berhad 230,000 311,295 420,900 2.07%

Axiata Group Berhad 68,700 473,655 404,643 1.99%

Berjaya Auto Berhad 188,000 400,306 407,960 2.01%

Dialog Group Berhad 192,320 263,318 307,712 1.51%

Genting Berhad 43,000 358,812 421,400 2.07%

Genting Malaysia Berhad 132,700 547,323 602,458 2.96%

IHH Healthcare Berhad 59,300 315,255 389,008 1.91%

Malaysia Airports Holdings Berhad 46,900 270,166 318,920 1.57%

Maxis Berhad 31,900 214,871 202,565 1.00%

MISC Berhad 36,000 286,831 320,400 1.57%

Only World Group Holdings Berhad 120,000 296,071 288,000 1.42%

Sapurakencana Petroleum Berhad 98,100 201,978 182,466 0.90%

Scicom (MSC) Berhad 47,480 75,216 113,477 0.56%

Sime Darby Berhad 113,700 921,379 903,915 4.44%

Telekom Malaysia Berhad 58,400 369,085 385,440 1.89%

Tenaga Nasional Berhad 127,100 1,441,241 1,771,774 8.71%

Westports Holdings Berhad 75,400 302,695 311,402 1.53%

Total investments at FvTPL 16,658,127 17,789,025 87.43%

(i) AmMetLife equity Fund (Cont’d)

94



2016 2015 rM rM

Unquoted corporate bonds 9,473,950 10,387,024

Unquoted unit and property trust funds 1,151,455 1,225,845

Deposits with licensed financial institutions – 905,000 10,625,405 12,517,869

FvTPL:

unquoted corporate bonds

Cost 9,989,900 10,763,296

Net unrealised loss (515,950) (376,272)

Fair value 9,473,950 10,387,024

unquoted unit and property trust funds

Cost 1,072,074 1,137,267

Net unrealised gain 79,381 88,578

Fair value 1,151,455 1,225,845


LAr:

Deposits with licensed financial institutions – 905,000



(ii) AmMetLife Bond Fund




95



2016


FvTPL: unquoted corporate bonds

Abu Dhabi Commercial Bank-BG due 22/11/2017 1,000,000 1,020,300 1,013,200 8.51%

Special Power Vehicle Berhad due 19/05/2016 625,000 1,004,250 637,963 5.36%

Prominic Berhad due 05/05/2016 500,000 503,100 500,495 4.20%

Encorp Systembilt Sdn Bhd due 16/11/2018 1,300,000 1,292,720 1,304,641 10.96%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 1,300,000 1,335,880 1,350,271 11.34%

Prominic Berhad due 05/05/2016 400,000 408,800 400,396 3.36%

RHB Bank Berhad Hybrid Tier 1 due 29/03/2019 1,300,000 1,550,900 1,402,323 11.78%

Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd due 02/12/2026 400,000 389,800 386,580 3.25%

Sime Darby Berhad due 24/03/2026 1,500,000 1,500,000 1,499,970 12.60%

Tanjung Bin Energy Issuer Berhad due 15/09/2013 900,000 984,150 978,111 8.22%

9,989,900 9,473,950 79.58%


AmBond Fund 846,757 934,253 1,001,629 8.41%

AmDynamic Bond Fund 230,111 137,820 149,826 1.26%

1,072,074 1,151,455 9.67%


The weighted average effective interest rates per annum are as follows:

2016 2015 % %

Unquoted corporate bonds – secured 4.98% 4.98%

Unquoted corporate bonds – unsecured 5.12% 4.83%

Deposits with licensed financial institutions –% 3.70%

(ii) AmMetLife Bond Fund (Cont’d)


96



2016 2015 rM rM



Deposits with licensed financial institutions – 1,773,000 17,100,984 21,881,350

FvTPL:


Cost 11,571,741 13,019,179

Net unrealised gain 956,249 1,303,374

Fair value 12,527,990 14,322,553


Cost 5,177,165 6,177,165


Fair value 4,572,994 5,785,797


LAr:

Deposits with licensed financial institutions – 1,773,000



(iii) AmMetLife Balanced Fund




97



2016


FvTPL:


Construction

Gamuda Berhad 61,200 302,592 301,104 1.35%


IJM Corporation Berhad 68,000 230,168 240,040 1.08%



Finance





Industrial Products









Digi.Com Berhad 36,200 178,812 178,828 0.80%

Plantations



Technology



(iii) AmMetLife Balanced Fund (Cont’d)


98



2016


FvTPL: (Cont’d)


Trading & Services

AirAsia Berhad 169,700 229,908 310,551 1.40%




Genting Berhad 23,600 188,303 231,280 1.04%




Maxis Berhad 26,600 175,389 168,910 0.76%

MISC Berhad 33,200 261,699 295,480 1.33%






Tenaga Nasional Berhad 88,000 988,676 1,226,720 5.52%

Uzma Berhad 55,200 102,852 98,256 0.44%

11,571,741 12,527,990 56.32%






99



2016


FvTPL: (Cont’d)


Abu Dhabi Commercial Bank-BG due 22/11/2017 1,000,000 1,020,300 1,013,200 4.56%

Special Power Vehicle Berhad due 19/05/2016 1,062,500 1,707,225 1,084,536 4.88%

Encorp Systembilt Sdn Bhd due 16/11/2018 500,000 497,200 501,785 2.26%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 1,900,000 1,952,440 1,973,473 8.87%

5,177,165 4,572,994 20.56%


2016 2015 % %

Unquoted corporate bonds – secured 4.98% 4.98%





100



2016 2015 rM rM



Unquoted unit and property trust funds 613,899 593,485

Deposits with licensed financial institutions – 2,908,000 11,648,083 17,549,355

FvTPL:


Cost 7,878,310 10,072,437


Fair value 8,713,033 11,654,493


Cost 2,521,790 2,521,790


Fair value 2,321,151 2,393,377


Cost 588,637 559,532


Fair value 613,899 593,485


LAr:

Deposits with licensed financial institutions - 2,908,000



(iv) AmMetLife dana Teguh




101



2016


FvTPL:


Construction

Gamuda Berhad 72,100 359,541 354,732 1.83%




Industrial Products









Digi.Com Berhad 38,900 199,075 192,166 0.99%

Plantations



Technology



(iv) AmMetLife dana Teguh (Cont’d)


102



2016


FvTPL: (Cont’d)


Trading & Services





Maxis Berhad 34,600 236,602 219,710 1.13%

MISC Berhad 22,000 182,992 195,800 1.01%






Uzma Berhad 117,500 236,172 209,150 1.08%


7,878,310 8,713,033 44.98%






103



2016


FvTPL: (Cont’d)


Special Power Vehicle Berhad due 19/05/2016 375,000 602,550 382,778 1.98%

Encorp Systembilt Sdn Bhd due 16/11/2018 1,000,000 994,400 1,003,570 5.18%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 900,000 924,840 934,803 4.83%

2,521,790 2,321,151 11.98%


AmBon Islam Fund 501,511 588,637 613,899 3.17%



2016 2015 % %




104



2016 2015 rM rM


FvTPL:


Cost 3,086,392 3,176,209


Fair value 3,642,122 3,988,807




(v) AmMetLife AmOasis Islamic equity Fund


2016


FvTPL:


AmOasis Global Islamic Equity 3,165,686 3,086,392 3,642,122 92.38%





105



2016 2015 rM rM


FvTPL:


Cost 763,252 590,348


Fair value 864,835 672,241

Total investments at FvTPL 864,835 672,241

Total investments 864,835 672,241


2016


FvTPL:


AmAsia Pacific REITS 1,226,021 763,252 864,835 93.87%

Total investments at FvTPL 763,252 864,835 93.87%

(vi) AmMetLife Asia Pacific reITS Fund

106




(vii) AmMetLife Global emerging Market Fund


2016


FvTPL:


AmCash Management 92,904 92,904 92,904 10.04%

AmGlobal Emerging Market Opportunities 745,382 746,817 771,173 83.34%

839,721 864,077 93.38%



2016 2015 rM rM


FvTPL:


Cost 839,721 802,843


Fair value 864,077 885,544





107



2016 2015 rM rM


FvTPL:


Cost 468,312 410,025


Fair value 501,385 421,026



2016


FvTPL:


AmTactical Bond 484,430 468,312 501,385 91.97%



(viii) AmMetLife Tactical Bond Fund

108



2016 2015 rM rM


Deposits with licensed financial institutions – 713,535 3,094,720 3,535,402

FvTPL:


Cost 6,585,985 6,572,330

Net unrealised loss (3,491,265) (3,750,463)

Fair value 3,094,720 2,821,867


LAr:

Deposits with licensed financial institutions – 713,535



(ix) AmMetLife Precious Metals Fund


2016


FvTPL:


AmPrecious Metals 8,111,980 6,585,985 3,094,720 81.02%



2016 2015 % %





109



2016 2015 rM rM


Deposits with licensed financial institutions 146,226 205,535 2,044,060 2,135,006

FvTPL:


Cost 1,793,742 1,557,441


Fair value 1,897,834 1,929,471


LAr:

Deposits with licensed financial institutions 146,226 205,535


(x) AmMetLife Global Agribusiness Fund


2016


FvTPL:


AmGlobal Agribusiness 1,968,912 1,793,742 1,897,834 93.68%


2016 2015 % %

Deposits with licensed financial institutions 3.40% 3.40%


110



12 October 2015 31 March 2015 rM rM

Structured product – 4,934,688

Unquoted unit and property trust funds – 57,248 – 4,991,936

FvTPL:

Structured product

Cost – 4,715,094

Net unrealised gain – 219,594

Fair value – 4,934,688


Cost/Fair value – 57,248

Total investments at FvTPL – 4,991,936

Total investments – 4,991,936


(xi) AmMetLife Commodity Stable Capital Guaranteed Fund


2016 2015 rM rM


FvTPL:


Cost 11,976,855 10,296,683


Fair value 12,823,073 11,550,834



(xii) AmMetLife dividend Fund



111



2016


FvTPL:


Construction

Gamuda Berhad 48,900 241,372 240,588 1.71%




Finance





Industrial Products









Digi.Com Berhad 48,800 234,886 241,072 1.71%

Plantations


Technology



(xii) AmMetLife dividend Fund (Cont’d)


112



2016


FvTPL: (Cont’d)


Trading & Services

AirAsia Berhad 161,300 218,621 295,179 2.10%



Genting Berhad 30,100 255,538 294,980 2.09%




Maxis Berhad 22,300 148,535 141,605 1.01%

MISC Berhad 25,200 195,494 224,280 1.59%









(xii) AmMetLife dividend Fund (Cont’d)





113



4. deffered Taxation The deferred tax liability/(asset) relate to unrealised capital gain/(losses) on investments of the respective Funds.


2016 2015 rM rM

At beginning of the year 121,447 197,470

Recognised in the Statement of Income and Expenditure (Note 8) (30,975) (76,023) At end of the year 90,472 121,447

2016 2015 rM rM

At beginning of the year (23,014) (13,951)

Recognised in the Statement of Income and Expenditure (Note 8) (11,912) (9,063) At end of the year (34,926) (23,014)


2016 2015 rM rM




2016 2015 rM rM




114



2016 2015 rM rM

At beginning of the year 6,552 329

Recognised in the Statement of Income and Expenditure (Note 8) 1,575 6,223 At end of the year 8,127 6,552


2016 2015 rM rM


Recognised in the Statement of Income and Expenditure (Note 8) (20,550) 34,321 At end of the year 44,458 65,008

2016 2015 rM rM




2016 2015 rM rM

At beginning of the year 880 436

Recognised in the Statement of Income and Expenditure (Note 8) 1,766 444 At end of the year 2,646 880


4. deffered Taxation (Cont’d)





115




2016 2015 rM rM

At beginning of the year (300,037) (247,919)

Recognised in the Statement of Income and Expenditure (Note 8) 20,736 (52,118) At end of the year (279,301) (300,037)

2016 2015 rM rM




12 October 2015 31 March 2015 rM rM


Recognised in the Statement of Income and Expenditure (Note 8) (17,568) 13,962 At end of the period/year – 17,568


2016 2015 rM rM




116



5. unitholders’ Capital



2016 2015

no. of no. of units rM units rM

Amount received for creations during the year 3,327,781 8,011,603 5,981,485 9,690,938

Amount paid for cancellations due to surrenders during the year (2,469,998) (7,178,387) (1,318,352) (5,071,593)

857,783 833,216 4,663,133 4,619,345 Unitholders’ capital brought forward 19,295,796 19,346,218 14,632,663 14,543,771

Excess of income over outgo after taxation – 166,706 – 183,102

20,153,579 20,346,140 19,295,796 19,346,218

Net asset value per unit at 31 March 1.0096 1.0026

2016 2015




(1,071,549) (864,788) (6,061,486) (4,754,815) Unitholders’ capital brought forward 15,532,298 12,414,162 21,593,784 16,713,448


14,460,749 11,904,335 15,532,298 12,414,162





117



2016 2015




28,960 33,870 (2,102,232) (2,043,800) Unitholders’ capital brought forward 22,572,456 21,919,363 24,674,688 24,157,637

Excess/(deficit) of income over outgo after taxation – 290,069 – (194,474)

22,601,416 22,243,302 22,572,456 21,919,363



2016 2015




977,674 1,042,303 4,809,354 4,917,888 Unitholders’ capital brought forward 16,910,096 17,953,218 12,100,742 12,176,875


17,887,770 19,370,004 16,910,096 17,953,218



118



2016 2015


Amount received for creations during the year 741,555 712,024 411,104 376,276

Amount paid for cancellations due to surrenders during the year (420,292) (527,565) (382,433) (363,095)

321,263 184,459 28,671 13,181 Unitholders’ capital brought forward 1,213,613 685,731 1,184,942 580,944


1,534,876 921,290 1,213,613 685,731



2016 2015


Amount received for creations during the year 1,001,694 983,849 668,947 741,116


(299,972) (182,446) (1,304,776) (683,489) Unitholders’ capital brought forward 7,236,273 4,286,395 8,541,049 4,513,925

(Deficit)/excess of income over outgo after taxation – (161,320) – 455,959

6,936,301 3,942,629 7,236,273 4,286,395


5. unitholders’ Capital (Cont’d)





119




2016 2015


Amount received for creations during the year 200,337 136,798 1,190,620 129,571

Amount paid for cancellations due to surrenders during the year (153,953) (113,493) (1,157,114) (114,983)

46,384 23,305 33,506 14,588 Unitholders’ capital brought forward 1,753,586 953,246 1,720,080 883,932


1,799,970 925,335 1,753,586 953,246


2016 2015


Amount received for creations during the year 275,995 294,449 282,711 222,547

Amount paid for cancellations due to surrenders during the year (179,689) (242,703) (378,158) (269,500)

96,306 51,746 (95,447) (46,953) Unitholders’ capital brought forward 899,484 463,478 994,931 491,182


995,790 545,141 899,484 463,478



120



2016 2015


Amount received for creations during the year 2,288,349 806,682 4,688,605 1,366,592

Amount paid for cancellations due to surrenders during the year (3,502,173) (1,057,094) (2,759,111) (861,183)

(1,213,824) (250,412) 1,929,494 505,409 Unitholders’ capital brought forward 15,890,719 3,826,810 13,961,225 3,930,030

Excess/(deficit) of income over outgo after taxation – 243,337 – (608,629)

14,676,895 3,819,735 15,890,719 3,826,810


2016 2015


Amount received for creations during the year 440,894 514,899 1,483,710 541,111

Amount paid for cancellations due to surrenders during the year (195,979) (358,979) (1,273,374) (406,861)

244,915 155,920 210,336 134,250 Unitholders’ capital brought forward 3,230,882 2,115,274 3,020,546 1,869,293


3,475,797 2,025,933 3,230,882 2,115,274



5. unitholders’ Capital (Cont’d)





121



12 October 2015 31 March 2015


Amount paid for cancellations due to surrenders during the period/year – – (9,500) (4,214)

– – (9,500) (4,214) Unitholders’ capital brought forward 8,426,071 4,298,185 8,435,571 4,168,793


8,426,071 4,381,959 8,426,071 4,298,185

Net asset value per unit at 12 October/31 March 0.5200 0.5101

2016 2015




1,942,013 1,343,672 3,139,032 2,046,135 Unitholders’ capital brought forward 18,168,967 12,659,252 15,029,935 9,444,021

Excess of income over outgo after taxation – 81,198 – 1,169,096

20,110,980 14,084,122 18,168,967 12,659,252




122



6. Interest Income


2016 2015 2016 2015 rM rM rM rM

Interest income from: Deposits with licensed financial institutions 45,697 62,640 43,974 81,141

Corporate bonds – – 622,173 674,015

45,697 62,640 666,147 755,156


2016 2015 2016 2015 rM rM rM rM


Corporate bonds 461,223 464,355 178,229 177,663

549,444 521,616 309,462 250,213


2016 2015 2016 2015 rM rM rM rM



2016 2015 2016 2015 rM rM rM rM





123




2016 2015 2016 2015 rM rM rM rM



1 April 2015 to 1 April 2014 to 12 October 2015 31 March 2015 2016 2015 rM rM rM rM

Interest income from: Deposits with licensed financial institutions 551 387 32,850 41,061

124



7. dividend Income


2016 2015 2016 2015 rM rM rM rM

Gross dividends from: Quoted equity securities in Malaysia 520,530 426,217 – –

Unquoted unit and property trust funds in Malaysia – – 50,325 13,372

520,530 426,217 50,325 13,372


2016 2015 2016 2015 rM rM rM rM

Gross dividends from: Quoted equity securities in Malaysia 404,702 417,103 336,361 233,305

Quoted unit and property trust funds in Malaysia – 7,800 – –

Unquoted unit and property trust funds in Malaysia – – 29,105 7,079

404,702 424,903 365,466 240,384

AmMetLife Asia Pacific AmMetLife Global reITS Fund emerging Market Fund

2016 2015 2016 2015 rM rM rM rM

Gross dividends from: Unquoted unit and property trust funds in Malaysia 32,497 26,213 2,544 2,307




125



AmMetLife Tactical AmMetLife Commodity Stable Bond Fund Capital Guaranteed Fund

1 April 2015 to 1 April 2014 to 2016 2015 12 October 2015 31 March 2015 rM rM rM rM

Gross dividends from: Unquoted unit and property trust funds in Malaysia 17,117 24,792 1,029 2,223


2016 2015 rM rM

Gross dividends from: Quoted equity securities in Malaysia 374,947 368,142

Quoted unit and property trust funds in Malaysia – 7,410

374,947 375,552

126



8. Taxation


2016 2015 2016 2015 rM rM rM rM

Malaysian income tax: Current year’s provision 24,751 77,024 54,192 63,020

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (30,975) (76,023) (11,912) (9,063)

Tax expense for the year (6,224) 1,001 42,280 53,957


2016 2015 2016 2015 rM rM rM rM

Malaysian income tax: Current year’s provision 59,631 159,928 88,139 123,761

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (44,793) (186,934) (66,258) (52,856)

Tax expense for the year 14,838 (27,006) 21,881 70,905


2016 2015 2016 2015 rM rM rM rM

Malaysian income tax: Current year’s provision 6,528 6,362 884 315

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (20,550) 34,321 1,575 6,223

Tax expense for the year (14,022) 40,683 2,459 6,538




127




2016 2015 2016 2015 rM rM rM rM

Malaysian income tax: Current year’s provision 642 181 134 (118)

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (4,667) 5,251 1,766 444

Tax expense for the year (4,025) 5,432 1,900 326



Malaysian income tax: Current period’s/year’s provision 26,511 31 24,550 35,592

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (17,568) 13,962 (32,634) 47,970

Tax expense for the period/year 8,943 13,993 (8,084) 83,562


2016 2015 2016 2015 rM rM rM rM

Malaysian income tax: Current year’s provision 1,810 931 595 533

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) 20,736 (52,118) (21,435) 10,184

Tax expense for the year 22,546 (51,187) (20,840) 10,717

The tax charge on the Funds relates to investment income received and gain on disposal of investments during the year/period, at the preferential tax rate of 8% (2015: 8%) in accordance with the method prescribed under the Income Tax Act, 1967 for life insurance business.

128




2016 2015 2016 2015 rM rM rM rM

Excess of income over outgo before taxation 160,482 184,103 397,241 509,486

Taxation at Malaysian tax charge of 8% 12,839 14,728 31,779 40,759

Income not subject to tax (41,642) (34,097) 1,197 2,097

Expenses not deductible for tax purposes 22,579 20,370 9,304 11,101

(6,224) 1,001 42,280 53,957


2016 2015 2016 2015 rM rM rM rM

Excess/(deficit) of income over outgo before taxation 304,907 (221,480) 396,364 929,360

Taxation at Malaysian tax charge of 8% 24,393 (17,718) 31,709 74,349

Income not subject to tax (32,376) (33,368) (29,237) (19,231)


14,838 (27,006) 21,881 70,905


2016 2015 2016 2015 rM rM rM rM


Taxation at Malaysian tax charge of 8% (14,027) 39,731 4,285 7,851

Income not subject to tax – – (2,600) (2,097)

Expenses not deductible for tax purposes 5 952 774 784

(14,022) 40,683 2,459 6,538

A reconciliation of income tax expense applicable to the excess/(deficit) of income over outgo before taxation at the income tax rate applicable to the investment-linked funds, to income tax expense at the effective income tax rate, is as follows:

8. Taxation (Cont’d)




129




2016 2015 2016 2015 rM rM rM rM


Taxation at Malaysian tax charge of 8% (4,419) 4,813 2,545 1,566

Income not subject to tax (204) (185) (1,369) (1,983)

Expenses not deductible for tax purposes 598 804 724 743

(4,025) 5,432 1,900 326


2016 2015 2016 2015 rM rM rM rM

Excess/(deficit) of income over outgo before taxation 265,883 (659,816) (266,101) 122,448

Taxation at Malaysian tax charge of 8% 21,271 (52,785) (21,288) 9,796

Expenses not deductible for tax purposes 1,275 1,598 448 921

22,546 (51,187) (20,840) 10,717



Excess of income over outgo before taxation 92,717 147,599 73,114 1,252,658

Taxation at Malaysian tax charge of 8% 7,417 11,808 5,849 100,213

Income not subject to tax (82) (178) (29,996) (30,044)


8,943 13,993 (8,084) 83,562

130



9. Comparitives

The current period financial information for AmMetLife Commodity Stable Capital Guaranteed Fund have been prepared for the period from 1 April 2015 to 12 October 2015. Therefore, the current year Statements of Income and Expenditure and Statements of Changes in Net Asset Value and related notes of AmMetLife Commodity Stable Capital Guaranteed Fund is not comparable.





LEFT BLANK

AmMetLife Insurance Berhad headquarters located atMenara 1 Sentrum, No.201 Jalan Tun Sambanthan, 50470 Kuala Lumpur.

HALAMAN INI SENGAJA DIBIARKAN

KOSONG

Isi Kandungan

Mesej Pengerusi 136

Profil Korporat 138

Objektif Dana Berkaitan Pelaburan 139

Ulasan Pasaran Pelaburan 143

Tinjauan Pelaburan 155

Strategi Pelaburan 161

Prestasi Dana 165

Pecahan Mengikut Sektor dan Kategori 177

Jadual Perbandingan Prestasi 187

Ringkasan Maklumat Kewangan 195

136

AmmetLife insurAnce BerhAd dAnA BerKAitAn PeLABurAn | LAPOrAn tAhunAn

Bagi Tahun Kewangan Berakhir 31 Mac 2016

Mesej Pengerusi

Pemegang Polisi Yang Dihargai,

Di peringkat global, kami menjangkakan ekonomi dunia akan

berkembang pada kadar 3.1% pada 2016, dengan penumpuan

pada ekonomi Amerika Syarikat, sementara pemulihan euro

akan kekal sederhana berikutan referendum ‘Brexit’ di United

Kingdom, yang telah meningkatkan tahap ketidakpastian.

Walaubagaimanapun, risiko kemungkinan kemelesetan ekonomi

global masih rendah, dan adalah menenangkan pada masa ini.

Ekonomi Malaysia dijangka berkembang pada kadar 4%

pada tahun ini, disokong oleh perbelanjaan kerajaan yang

sihat, kelegaan daripada kenaikan harga minyak dan aktiviti

domestik, ditambah lagi dengan kestabilan mata wang dan

tanda-tanda sentimen perniagaan yang semakin bertambah

baik. Bajet 2016 yang dikalibrasi semula juga telah memberi

dorongan kepada penggunaan domestik, serta meningkatkan

penekanan kepada pembinaan rumah-rumah mampu milik

yang berpatutan dan pelaksanaan projek-projek infrastruktur.

Meskipun dengan kemungkinan halangan-halangan dalam

ekonomi, masih terdapat beberapa peluang, seperti sektor

SME yang telah secara konsisten mengatasi pertumbuhan

Keluaran Dalam Negara Kasar.

Di AmMetLife, kami telah memberi penumpuan yang sepenuhnya untuk mengembangkan portfolio berkaitan pelaburan kami untuk tahun ini. Bagi tahun kewangan berakhir 31 Mac 2016, jumlah nilai aset bersih dana berkaitan pelaburan kami adalah RM 100.13 juta, pertumbuhan tahun ke tahun Nilai Aset Bersih sebanyak 3.63%. Dana berkaitan pelaburan kami yang terbaik untuk tahun kewangan ini adalah Dana AmMetLife Precious Metals yang telah memberikan pulangan yang memberangsangkan sebanyak 7.88%, didorong oleh pencarian hasil dalam persekitaran sekuriti berkaitan logam yang berharga.

Kami mahu membina hubungan yang berkekalan dengan anda dan juga menyediakan kepakaran dan penyelesaian untuk memenuhi keperluan anda.

137





Pelanggan adalah tumpuan utama bagi segala yang kami

lakukan dan adalah amat penting untuk kami sentiasa mencari

peluang-peluang yang menarik untuk meningkatkan nilai

buat penawaran produk dan perkhidmatan kami. Dengan

fokus utama terhadap kepentingan pelanggan, matlamat

utama AmMetLife adalah untuk menjadi penyedia insurans

hayat pilihan untuk rakyat Malaysia dari semua lapisan

masyarakat. Selaras dengan ini, kami mempunyai strategi

pelbagai saluran untuk menyampaikan produk-produk dan

perkhidmatan kepada segmen pengguna yang semakin

meningkat di Malaysia. Kami akan terus mengukuhkan

pasukan agensi kami dan bekerja rapat dengan cawangan-

cawangan AmBank di seluruh negara untuk meluaskan

jangkauan kami dan meningkatkan kadar penembusan

perlindungan insurans hayat yang kini di bawah 50%. Ini

menunjukkan bahawa terdapat asas pengguna yang besar

tanpa perlindungan insurans hayat di Malaysia.

Dalam usaha kami untuk meluaskan capaian kami dan juga menyelaraskan objektif-objektif perniagaan, AmMetLife telah memulakan inisiatif-inisiatif transformasi pada pertengahan 2015 untuk meningkatkan sistem sokongan kami untuk interaksi yang lebih baik dan berkualiti unggul dengan semua pelanggan. Dengan kemajuan pesat dalam teknologi di mana maklumat boleh didapati dengan mudah melalui peranti pintar, ia adalah penting untuk kami memastikan bahawa semua pelanggan sentiasa menerima maklumat terkini. Sebagai penyedia insurans hayat, kami juga harus sentiasa menambah pengetahuan mengenai keperluan pelanggan-pelanggan untuk membolehkan penyediaan penyelesaian kewangan yang jelas dan telus. Kami ingin memberi jaminan kepada semua pelanggan bahawa kami adalah komited untuk membantu anda mencapai matlamat kewangan anda.

Kami ingin mengambil kesempatan ini untuk mengucapkan

terima kasih atas kepercayaan dan keyakinan anda terhadap

produk dan perkhidmatan AmMetLife. Kami mahu membina

hubungan yang berkekalan dengan anda dan juga menyediakan

kepakaran dan penyelesaian untuk memenuhi keperluan anda.

Terima kasih.

Tan Sri Azman HashimPengerusiAmBank Group

138



Profil Korporat

AmMetLife merupakan perkongsian strategik antara

AMMB Holdings Berhad (“Kumpulan AmBank ”)

dan Metlife International Holdings LLC (“MetLife”).

AmMetLife menawarkan pelbagai insurans hayat dan

perlindungan dana kewangan yang komprehensif

yang diedarkan melalui rangkaian Kumpulan AmBank

yang mempunyai lebih daripada 170 cawangan

AmBank dan AmMetLife di seluruh negara, tambahan

lagi dengan kekuatan pasukan ejen insurans hayat

yang sah di seluruh Malaysia.

Perkongsian strategik ini menggabungkan kepakaran

antarabangsa dan kekukuhan kewangan MetLife dan

kekuatan dan jangkauan tempatan AmBank Group

untuk menjadi syarikat insurans yang mesra pelanggan

dan moden di Malaysia. Kami memberi tumpuan bagi

memenuhi keperluan pelanggan kami yang pelbagai

dengan memberi penyelesaian yang inovatif di

pelbagai peringkat kehidupan mereka, menjadikannya

ia lebih mudah dan senang untuk seisi keluarga dan

individu untuk mencapai jaminan kewangan dan

meneruskan kehidupan yang lebih baik.



Objektif DanaBerkaitan Pelaburan

AMMeTLIfe InSurAnce BerHAD DAnA BerKAITAn PeLABurAn | LAPOrAn TAHunAn


140



Objektif Dana Berkaitan Pelaburan

1. Dana AmMetLife equity

Dana ini bertujuan untuk memberikan Pemegang Polisi dengan peningkatan modal, bagi tempoh pelaburan jangka masa sederhana

ke panjang, terutamanya melalui pelaburan di dalam sekuriti Malaysia dengan potensi pertumbuhan yang menggalakkan.

Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

2. Dana AmMetLife Bond

Dana ini bertujuan untuk memberikan Pemegang Polisi peluang untuk mendapatkan pendapatan yang lebih tinggi berbanding

pendapatan purata yang diperoleh menerusi pendapatan tetap, bagi tempoh pelaburan jangka masa panjang, terutamanya

melalui pelaburan dalam pelbagai portfolio sekuriti berpendapatan tetap.


3. Dana AmMetLife Balanced


pendapatan purata yang diperoleh daripada deposit tetap dengan tahap risiko lebih rendah berbanding dengan dana ekuiti, bagi

tempoh pelaburan jangka masa sederhana melalui pendedahan kepada ekuiti dan/atau sekuriti berkaitan ekuiti Malaysia dan

pendapatan tetap dan/atau sekuriti berkaitan pendapatan tetap.


4. AmMetLife Dana Teguh


pendapatan purata yang diperoleh daripada deposit tetap dengan tahap risiko lebih rendah berbanding dengan dana ekuiti, bagi

tempoh pelaburan jangka masa sederhana, melalui pendedahan kepada ekuiti patuh Syariah Malaysia dan/atau sekuriti berkaitan

ekuiti dan hutang Islam dan/atau sekuriti berkaitan hutang.


5. Dana AmMetLife Dividend

Dana ini bertujuan untuk memberikan Pemegang Polisi pulangan keseluruhan terutamanya melalui pelaburan dalam ekuiti dan/

atai sekuriti berkaitan ekuiti syarikat-syarikat yang menawarkan pembayaran dividen yang mampan dan hasil yang menarik,

dengan memberi penekanan kepada peluang peningkatan modal dalam jangka masa sederhana ke panjang.


6. Dana AmMetLife Oasis Islamic equity

Dana ini bertujuan untuk mencapai peningkatan modal dalam jangka masa sederhana ke panjang melalui pelaburan dalam:

1. Dana AmOasis Global Islamic Equity, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds

Management Berhad.

2. Ekuiti-ekuiti patuh Syariah yang tersenarai di Bursa Malaysia.


141





7. Dana AmMetLife Global emerging Market

Dana ini bertujuan untuk mencapai peningkatan modal dalam jangka masa panjang melalui pelaburan dalam:

1. Dana AmGlobal Emerging Market Opportunities, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds

Management Berhad.

2. Ekuiti-ekuiti yang tersenarai di Bursa Malaysia.


8. Dana AmMetLife Global Agribusiness

Dana ini bertujuan untuk mencapai peningkatan modal dalam jangka masa panjang terutamanya melalui pelaburan dalam Dana

Sasaran: Dana AmGlobal Agribusiness, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds Management

Berhad yang melabur dalam ekuiti perniagaan agro global dari komoditi pertanian kepada produk pengguna. Perniagaan agro

adalah istilah umum yang merujuk kepada pelbagai perniagaan yang berkaitan dengan pengeluaran produk makanan.


9. Dana AmMetLife Precious Metals

Dana ini bertujuan untuk mencapai peningkatan modal dalam jangka masa sederhana ke panjang terutamanya melalui pelaburan

dalam Dana Sasaran: Dana AmPrecious Metals, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds

Management Berhad yang melabur dalam portfolio ekuiti patuh Syariah global dan sekuriti berkaitan ekuiti syarikat-syarikat yang

terbabit dalam kegiatan berkaitan emas, perak, platinum atau logam berharga lain.


10. Dana AmMetLife Tactical Bond

Dana ini bertujuan untuk mencapai peningkatan modal sederhana dalam jangka masa sederhana ke panjang terutamanya melalui

pelaburan dalam Dana Sasaran: Dana AmTactical Bond, sebuah Collective Investment Scheme (CIS) yang diuruskan oleh AmFunds

Management Berhad, di mana Dana Sasaran bermatlamat untuk memberikan pendapatan dan sebahagian kecilnya, peningkatan

modal, dengan melabur terutamanya di dalam bon.


11. Dana AmMetLife Asia Pacific reITS

Dana ini bertujuan untuk mencapai peningkatan modal sederhana dalam jangka masa sederhana ke panjang terutamanya

melalui pelaburan dalam Dana Sasaran: Dana AmAsia Pacific REITS, sebuah Collective Investment Scheme (CIS) yang diuruskan

oleh AmFunds Management Berhad, di mana Dana Sasaran bermatlamat untuk memberikan pendapatan tetap dan sebahagian

kecilnya, peningkatan modal dalam jangka masa sederhana ke panjang dengan melabur dalam amanah pelaburan hartanah (REITs).



KOSONG

ulasan PasaranPelaburan



144



ulasan Pasaran Pelaburan

Dana AmMetLife equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond

ulasan Pasaran ekuitiDalam tempoh tinjauan, pasaran bermula dengan sentimen

positif, berikutan prestasi serantau yang kukuh. Kestabilan harga

ringgit dan minyak juga terus menyokong sentimen tersebut.

Walau bagaimanapun, menghampiri akhir bulan, pengambilan

untung yang berat telah mengakibatkan pengurangan

keuntungan. Ketiadaan pemangkin positif kukuh yang baru

akibat rundingan hutang Greek yang masih belum diselesaikan

dan data ekonomi lemah yang berterusan daripada China telah

menyatukan ekuiti pasaran Bagi bulan April, FTSE Bursa Malaysia

KLCI ( “FBM KLCI”) susut 0.68% atau 12.51 mata untuk ditutup

pada 1,818.27 mata.

Pada bulan Mei, berita 1MDB dan keputusan korporat suku

pertama 2015 yang lemah dan membimbangkan meneruskan

sentimen pasaran yang negatif. Walau bagaimanapun, tiada

tindak balas diperhatikan kepada pengumuman Rancangan

Malaysia ke-11. Di peringkat antarabangsa, kebimbangan

pengetatan kadar oleh Rizab Persekutuan AS (“Feds”) dan

pengumuman pertumbuhan ekonomi AS yang lemah pada

suku pertama 2015 menampakkan pasaran ekuiti yang lebih

rendah. Selain itu, penilaian ekuiti China yang berlebihan dan

rundingan hutang berdaulat Greek dengan pemiutangnya yang

terhenti telah menjejaskan pasaran global secara negatif. Dolar

AS meningkat semula tetapi komen agresif dari Feds AS telah

memberi kesan kepada mata wang pasaran baru muncul. FBM

KLCI mengakhiri bulan 3.89% ke bawah untuk ditutup pada

1,747.52 mata, atau 70.75 mata lebih rendah.

Pada bulan Jun, trajektori menurun berterusan kerana

kebimbangan terhadap kemungkinan penurunan Penarafan

Fitch Malaysia menyebabkan Ringgit Malaysia dan Indeks FBM

KLCI jatuh mendadak pada akhir bulan tersebut. Ringgit Malaysia

juga jatuh sebanyak 2% kepada RM3.74 untuk 1 Dolar AS.

Kemungkinan kegagalan pinjaman Greek telah merosotkan

sentimen negatif dengan lebih lagi. Indeks jatuh mendadak

berikutan angka ekonomi China yang lemah dan kejatuhan

mendadak dalam pasaran saham Shanghai. Bagi bulan tersebut,

FBM KLCI turun 2.34% atau 40.88 mata untuk ditutup pada

1,706.64 mata.

Berita tempatan dan antarabangsa yang negatif telah

menyebabkan tekanan jualan yang besar bagi pasaran ekuiti

tempatan pada bulan Julai. Berita negatif bermula dengan

kejatuhan mendadak dalam saham Chinese A, diikuti dengan

berita bantuan kewangan untuk Greek. Berita negatif dalam

negeri dan kejatuhan dalam Ringgit ke bawah RM3.80 terus

melemahkan sentimen negatif yang sedia ada. FBM KLCI

jatuh ke bawah 1,700 mata tahap sokongan psikologi buat

sementara waktu. Perubahan dalam pasukan kepimpinan kanan

UMNO berikutan rombakan kabinet Malaysia, dan penurunan

harga minyak di bawah AS$60/tong, mencipta lebih banyak

ketidaktentuan kepada pasaran. Bagi bulan itu, FBM KLCI ditutup

pada 1,723.14 mata, 16.50 mata atau 0.97% lebih tinggi.

Pada bulan Ogos, pasaran ekuiti global menurun dengan ketara

dan FBM KLCI tidak terkecuali dengan penurunan 6.41% atau

110.40 mata untuk ditutup pada 1,612.74 mata. Penurunan

nilai mata wang China berikutan kebimbangan ke atas eksport

China yang lemah telah menjejaskan aktiviti penjualan yang

seterusnya membawa kepada kejatuhan dalam mata wang

serantau. Ringgit Malaysia juga tidak terkecuali, menjunam ke

paras terendah yang baru dalam 17 tahun berbanding Dolar

Amerika Syarikat, menjadikannya mata wang yang mempunyai

prestasi paling teruk di kalangan mata wang Asia pada bulan

Ogos. Kejatuhan harga minyak di bawah USD40 setong telah

menimbulkan kebimbangan kepada hasil pendapatan Malaysia

daripada minyak dan keupayaannya untuk mengekalkan KDNK

melebihi 5%.

Penyusutan ekonomi China yang membimbangkan dan jangkaan

kenaikan faedah AS secara umumnya melemahkan lagi prestasi

pasaran ekuiti serantau pada bulan September. Prestasi FBM

KLCI yang pada mulanya sejajar dengan pasaran serantau yang

lemah, meningkat semula berikutan berita bahawa kerajaan

akan memperuntukkan RM20bn kepada ValueCap, pemandu

pelaburan Kerajaan untuk membeli saham-saham bernilai baik.

Walau bagaimanapun, indeks menurun berikutan nombor

ekonomi September China yang lemah daripada yang dijangka.

Bagi bulan September, FBM KLCI meningkat 0.51% atau 8.30

mata, untuk ditutup pada 1,621.04 mata.

Indeks FBM KLCI pulih pada bulan Oktober dan berjaya kekal

melepasi paras sokongan 1,700 untuk seketika sebelum

menurun pada minggu terakhir berikutan aktiviti pengambilan

untung. Sentimen positif berikutan pemotongan kadar faedah

145





di China dan Keperluan Rizab Bank lemah berikutan kenyataan

kemungkinan kenaikan kadar pada bulan Disember oleh Feds

AS selepas mesyuarat 26-27 Oktober. Bajet Malaysia 2017

berkembang dengan sederhana, dengan Kerajaan Persekutuan

meneruskan agendanya untuk mengimbangi ekonomi ‘modal’

dan ‘orang’. Bagi bulan tersebut, Indeks FBM KLCI meningkat

44.67 mata atau 2.76% untuk ditutup pada 1,665.71.

Pada bulan November, peningkatan Ringgit Malaysia dan

sentimen positif daripada penjualan aset kuasa Edra kepada

sebuah konsortium China mengukuhkan sedikit saham-saham

Malaysia. Ekonomi Malaysia berkembang 4.7% secara tahunan

pada suku ketiga 2015 berbanding 4.9% yang dicatatkan pada

suku kedua. Bank Negara Malaysia (“BNM”) mengekalkan Kadar

Dasar Semalaman (OPR) pada 3.25%. Langkah itu dijangka oleh

pelabur, dan menandakan mesyuarat kelapan berturut-turut di

mana BNM tidak mengubah OPR. Bagi bulan November, FBM

KLCI meningkat 0.39% atau 6.45 mata kepada 1,672.16 mata.

Pada dua minggu pertama Disember 2015, penurunan mendadak

harga minyak dan kegemuruhan terhadap kemungkinan kenaikan

kadar Rizab Persekutuan menyaksikan saham-saham Malaysia

jatuh dan indeks mencecah paras rendah 1,622.84 mata pada

15 Disember. Walau bagaimanapun, pasaran ekuiti mencapai

kestabilan berikutan pemulihan harga minyak mentah global.

Pasaran ekuiti terus memulih secara beransur-ansur ke arah akhir

tahun, sebahagiannya disumbangkan oleh peningkatan bantuan

bagi minyak mentah dan keuntungan di Wall Street. FBM KLCI

mengakhiri bulan dengan kenaikan 1.22% untuk ditutup pada

1,692.51 mata.

Pada tahun baru, pasaran mengalah kepada tekanan jualan

berikutan harga minyak yang lemah. Kebimbangan terhadap

pendapatan negara yang diramalkan oleh Kerajaan sebelum

ini timbul sekali lagi. Pada Januari 2016, harga minyak jatuh di

bawah USD30 setong. FBM KLCI mencecah paras rendah ke tahap

1,618.83 disebabkan sentimen negatif secara global berikutan

data ekonomi China yang lemah. Walau bagaimanapun, indeks

melonjak berikutan pemotongan Keperluan Rizab Berkanun

pada penghujung bulan untuk tutup pada 1,667.80 atau 1.46%

lebih rendah.

Bursa tempatan dan indeks ekuiti serantau disatukan pada

bulan Februari. FBM KLCI diniagakan dalam julat kecil 13.05

mata pada bulan itu. Harga minyak mentah dunia dan Ringgit

juga tidak menentu pada bulan tersebut. Pengumuman kejutan

positif oleh benefisiari Ringgit yang lemah dan pengangkut

minyak mentah yang murah tiba sejajar dengan jangkaan

meluas pada musim laporan suku Disember. Beberapa pemaju

pembinaan dan hartanah mengumumkan keputusan yang lebih

baik manakala bilangan syarikat-syarikat minyak dan gas yang

melaporkan keuntungan lebih ringan, menurun. Bank-bank dan

syarikat-syarikat perladangan terus mengecewakan. Petronas

turut mengumumkan keputusan TK15 lemah dan berhati-

hati dengan tinjauan yang diberikan dengan mengumumkan

potongan RM15-20bn kepada modal dan perbelanjaan operasi,

penurunan sebanyak 20-30% berbanding 2015, dalam usaha

untuk mengharungi persekitaran harga minyak yang lemah. FBM

KLCI mengakhiri bulan 0.78% lebih rendah.

Kelewatan dalam kenaikan kadar Dana Fed dan pemulihan harga

minyak mengukuhkan prestasi Indeks FBM Emas Shariah pada

bulan Mac selaras dengan negara lain di rantau ini dan seterusnya

menyaksikan dana mengalir kembali ke dalam pasaran baru

muncul. Ringgit meningkat kepada RM3.90 untuk Dolar AS,

manakala Minyak Mentah Brent menyentuh $43.10 setong.

Sektor pembinaan sibuk dengan berita anugerah kontrak bagi

MRT dan Lebuhraya Pan Borneo. FBM KLCI mengakhiri TK2016

dengan tinggi pada 1,717.58 mata, 3.80% lebih tinggi daripada

bulan sebelumnya, dan 113.20 mata atau 6.18% lebih rendah

daripada 31 Mac 2015 (1,830 mata).

ulasan Pasaran Pendapatan TetapTahun 2015 menyaksikan kegawatan pasaran modal besar

dengan tekanan negatif yang berat ke atas mata wang dan aset

Asia Pasifik yang dicetuskan oleh langkah dasar China untuk

menurunkan nilai Yuan China dan kitaran rangsangan penstabilan

ekonomi dan pasaran modal yang masih berterusan. Ringgit

Malaysia menjunam serendah RM4.30 = 1USD, pencapaian

yang paling rendah sejak 1998. Kejatuhan ini lebih ketara

bagi Ringgit berbanding mata wang serantau disebabkan oleh

kebimbangan bahawa pihak berkuasa telah kehabisan cara untuk

mempertahankan mata wang di tengah-tengah pengurangan

rizab, kejatuhan harga minyak, penurunan nilai Yuan yang tidak

dijangka dan skandal politik.

Gabenor Bank Pusat dan Perdana Menteri mengesahkan

komitmen Malaysia untuk tidak memperkenalkan semula

tambatan Ringgit atau kawalan modal. Kerajaan juga

menegaskan pandangannya bahawa tahap MYR semasa

tidak mencerminkan asas kukuh negara ini yang merangkumi

momentum pertumbuhan positif berterusan, ekonomi yang

pelbagai, perdagangan berterusan dan lebihan akaun semasa

serta sistem perbankan yang kukuh dan berdaya tahan.

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ulasan Pasaran Pelaburan (Bersambung)

Bank Negara Malaysia (“BNM”) mengekalkan Kadar Dasar

Semalaman (“OPR”) pada 3.25% di mesyuarat Jawatankuasa

Dasar Monetari. BNM menegaskan kebimbangan mengenai risiko

kemerosotan yang mungkin timbul dari persekitaran luar yang

tidak menentu dan juga perkembangan dalam negeri. Walau

bagaimanapun, penilaian BNM mengenai pertumbuhan domestik

kekal tidak berubah dan menjangka pertumbuhan untuk kekal

utuh dan berada di antara 4.5%–5.5% pada tahun ini.

Laporan Tahunan 2015 BNM menonjolkan jangkaan pertumbuhan

domestik yang lebih perlahan, dan dijangka berkembang sebanyak

4.0–4.5% pada tahun 2016 didorong terutamanya oleh permintaan

dalam negeri dan dikekalkan terutamanya melalui penggunaan

persendirian. Sementara itu, inflasi dijangka berkisar antara 2.5–

3.5% pada tahun 2016. Ini juga merupakan kali pertama BNM

mengeluarkan maklumat mengenai komposisi pegangan asing

dalam MGS/GII dan pecahan adalah seperti berikut:

• PengurusAset:44%

• BankPusat/Kerajaan:29%

• DanaPencen:13%

• Bank-bank:10%

• SyarikatInsurans:2%

• Calon-calon/Penjaga:1%

• Lain-lain:1%

Akhir sekali, S&P mengesahkan penarafan berdaulat A-/Stabil

Malaysia berdasarkan jangkaan bahawa isu-isu 1MDB dan

perubahan yang akan datang dalam kepimpinan BNM tidak

akan mengurangkan keberkesanan dasar sama ada di cawangan

eksekutif atau di bank pusat. S&P juga percaya kerajaan telah

mengambil langkah-langkah pengimbangan yang mencukupi

untuk mengimbangi kehilangan pendapatan fiskal hidro

karbon. Di samping itu, kelemahan dalam sektor minyak dan

gas diimbangi oleh kedudukan luaran negara yang kukuh dan

ekonomi yang pelbagai.

- oleh AmFunds Management Berhad

ulasan Pasaran Dana AmMetLife Oasis Islamic equity Dana Sasaran: Dana AmOasis Global Islamic equity

Dana Sasaran Akhir: Dana Oasis crescent Global equity

Struktur ekonomi global terus mengalami beberapa perubahan,

termasuk di China, di mana pelbagai penbaharuan penawaran

sedang dilaksanakan oleh kerajaan. Kesan daripada perubahan

ini adalah bahawa China memerlukan jumlah komoditi mentah di

dalam proses pengeluaran agregat yang jauh lebih kecil, yang telah

mengalami tamparan harga di hampir seluruh kompleks komoditi.

Ekonomi pasaran baru muncul yang bergantung kepada eksport

komoditi untuk sebahagian besar daripada pendapatan mereka, atau

untuk menaikkan belanjawan awam menghadapi ketidakpastian

yang lebih jauh. Kepelbagaian dasar monetari di seluruh negara-

negara yang dianggap maju menambahkan lagi kerumitan kepada

ekonomi. Di Amerika Syarikat (AS), dolar yang lebih kukuh telah

memainkan peranan penting dalam penurunan harga komoditi

global berikutan dasar monetary yang telah mula diketatkan.

Walau bagaimanapun, kelonggaran di Eropah dan Jepun

mengekalkan keadaan monetari global, dan kapasiti yang

besar untuk sokongan kerajaan di China harus menyediakan

peralihan teratur yang berterusan ke arah ekonomi pengguna.

Tambahan pula, jawatankuasa dasar monetari Rizab Persekutuan

AS dijangka mengikuti kitaran peningkatan kadar yang kecil

dalam jangka sederhana, yang boleh mengimbangi tekanan

pertumbuhan global dalam tempoh terdekat.


ulasan Pasaran Dana AmMetLife Global emerging Market Dana Sasaran: Dana AmGlobal emerging Markets

Opportunities

Dana Sasaran Akhir: Dana Schroders ISf Global emerging

Market Opportunities

Ekuiti global mencatatkan pulangan negatif sepanjang tempoh

satu tahun. Pasaran ekuiti pada awalnya ditingkatkan oleh

data ekonomi yang lebih kukuh di Amerika Syarikat, pembelian

aset bulanan yang pertama di zon Euro dan pelonggaran dasar

monetari di Jepun. Dalam persekitaran ini, spekulasi mengenai

masa kenaikan kadar Rizab Persekutuan (Fed) pertama, yang

akhirnya berlaku pada bulan Disember 2015, menguasai aliran

berita. Walau bagaimanapun, pulangan yang tidak menentu dari

Ogos 2015 menurunkan sentiment positif yang sedia ada kerana

kebimbangan pertumbuhan dan polisi di China dan penurunan

harga minyak yang mendadak. Ketidakpastian diburukkan lagi

oleh kebimbangan kemelesetan di Amerika Syarikat, terutamanya

disebabkan oleh kemerosotan dalam sektor pembuatan.

Pengumuman Bank Pusat Eropah mengenai pakej rangsangan

yang lebih besar daripada yang dijangkakan dan kelemahan

dolar yang disebabkan oleh kenaikan kadar Fed yang tertangguh

menghilangkan kebimbangan tersebut dan membolehkan ekuiti

global mengaut semula pulangan negatif mereka. Walaupun

147





terdapat pemulihan pada bulan Februari 2016 dan Mac 2016,

pasaran baru muncul menghadapi cabaran berikutan dolar AS

yang lebih kukuh dan kejatuhan harga komoditi. Nilai MSCI

Emerging Markets (EM) merosot dan menyebabkan kekurangan

prestasi indeks MSCI World.

Pasaran baru muncul EMEA secara umumnya lebih berdaya

tahan berbanding rakan-rakan pasaran baru muncul yang lain.

Peningkatan ketara ketiga-tiga saham indeks mencatatkan

keuntungan yang sangat kuat bagi Hungary. Rusia adalah satu-

satunya pasaran indeks lain untuk merakamkan pulangan yang

positif, dengan Sberbank menerajui pasaran dengan harapan

untuk penurunan kadar faedah. Turki tutup dalam lingkungan

negatif walaupun mengatasi prestasi. Pilihan raya umum

yang meragukan pada Jun membawa kepada keadaan yang

tidak menentu pada bulan tersebut dan gabungan rundingan

gagal. Keyakinan meningkat berikutan kemenangan pilihan

raya AKP buat kali kedua pada bulan November 2015. Walau

bagaimanapun, defisit akaun semasa yang besar dan kurang

dibiayai menyumbang kepada ketidaktentuan dalam kedua-

dua mata wang dan ekuiti pasaran di tengah-tengah jangkaan

pengetatan kadar faedah global. Tambahan pula, risiko geopolitik

meningkat dengan keputusan Turki untuk menyertai gabungan

yang diketuai AS di Syria, dan penembakan sebuah kapal terbang

perang Rusia di sempadan dengan Syria. Penurunan harga tenaga

pada tempoh tersebut telah memberi kesan negatif kepada UAE

dan Qatar. UAE mengatasi prestasi dengan sokongan oleh saham

indeks besar hartanah Emaar, manakala Qatar mengakhiri di

belakang indeks. Pasaran kecil Czech berakhir sejajar dengan

penanda aras berikutan penunjuk ekonomi yang kekal kukuh dan

Poland ketinggalan. Data makroekonomi kukuh secara umumnya

disebabkan terutamanya oleh politik. Kemenangan mengejut

untuk calon pembangkang PIS dalam pilihan raya presiden

pada bulan Mei diikuti dengan kemenangan PIS pada pilihan

raya parlimen Oktober 2015. Ekuiti tempatan dijual dengan

cepat berikutan tinjauan pilihan raya yang memihak kepada PIS,

memandangkan rancangan parti itu untuk perbelanjaan fiskal

yang lebih tinggi, yang dijangka akan dibiayai oleh sektor cukai

tertentu dan defisit bajet yang lebih tinggi. Kebimbangan kecairan

global yang lebih ketat bagi akaun semasa yang besar dan nilai

rand yang menurun dengan mendadak berbanding dolar AS

menyebabkan Afrika Selatan kurang berprestasi. Ketinggian risiko

penurunan taraf hutang berdaulat ke gred bukan pelaburan juga

merupakan halangan selanjutnya. Di Mesir, penembakan jatuh

sebuah pesawat komersial selepas berlepas dari lapangan terbang

Sharm El Sheikh menyebabkan kebimbangan keselamatan

dan memberi implikasi kepada sektor pelancongan. Greek

merekodkan kejatuhan mendadak dan adalah negara indeks

yang paling lemah. Kerajaan Syriza memperkenalkan kawalan

modal selepas perjanjian bantuan tidak dapat dipersetujui

dengan pemiutang Eurogroup di referendum pada akhir bulan

Jun. Perjanjian bantuan ketiga akhirnya dipersetujui tetapi ini

melibatkan banyak konsesi daripada kerajaan Greek. Tambahan

pula, pengenalan kawalan modal menyebabkan bank-bank

memerlukan permodalan semula yang ketara.

Pasaran Latin Amerika meningkat dengan mendadak pada

penghujung tempoh tetapi berakhir dalam persekitaran negatif.

Mexico adalah yang paling berdaya tahan, dengan momentum

dalam ekonomi domestik membantu saham pengguna khususnya.

Prestasi pasaran Chile yang defensif juga turut meningkat.

Penurunan harga tembaga dan reformasi kedua-dua pasaran

cukai dan buruh merupakan halangan utama untuk pulangan

mutlak. Peru mengakhiri melebihi penanda aras dengan sokongan

daripada saham indeks besar Credicorp. Dalam tempoh tersebut,

MSCI mengumumkan bahawa ia sedang mempertimbangkan

Peru bagi penurunan indeks pasaran frontier, satu keputusan

yang ditangguhkan sehingga Jun 2016. Ia adalah satu tempoh

yang agak tidak menentu bagi ekuiti dan hartanah Brazil, dengan

beberapa penurunan dalam tempoh itu, sebelum menurun

dengan mendadak pada Mac 2016. Data makroekonomi terus

merosot manakala skandal rasuah “lava Jato”, yang berpunca

daripada Petrobas, melanda bidang politik. Ini telah menyumbang

kepada peningkatan jangkaan bahawa Presiden Rousseff boleh

dicabar, satu langkah yang mungkin akan membawa perubahan

dasar yang ketara. Prestasi Colombia sejajar dengan penanda

aras tetapi ekuiti tempatan mencatatkan pulangan negatif

yang ketara. Ini terutamanya disebabkan oleh kelemahan harga

minyak, memandangkan minyak mewakili sebahagian besar

daripada hasil kerajaan. Dengan itu, petunjuk ekonomi tidak

merosot dengan mendadak seperti yang diramalkan.

Pulangan ekuiti Asia baru muncul lemah sepanjang tempoh.

Korea lebih stabil daripada rakan-rakan serantau. Ekonomi adalah

stabil untuk mengharungi persekitaran mudah tunai global yang

lebih ketat berikutan lebihan akaun semasa yang besar. Malaysia

menghadapi cabaran harga minyak yang rendah dan skandal politik

yang melibatkan Perdana Menteri. Walau bagaimanapun, pasaran

baru-baru ini meningkat semula kerana dakwaan rasuah telah

berkurangan dan harga minyak telah menunjukkan peningkatan.

Prestasi Filipina meningkat, dengan sokongan daripada lebihan

148




akaun semasa negara. Indonesia mengalami tekanan lebih awal

dalam tempoh tersebut. Walau bagaimanapun, penyusutan

inflasi membolehkan bank pusat untuk mengurangkan kadar

faedah, dan kebimbangan terhadap mudah tunai yang lebih

ketat berkurangan. Di Thailand, pasaran tempatan susut nilai,

dan berprestasi rendah. Prospek pertumbuhan kekal rendah

dan kerajaan mengambil beberapa langkah untuk merangsang

ekonomi, sebahagian besarnya tertumpu kepada pelaburan

infrastruktur. Sementara itu pihak tentera kekal berkuasa dan

walaupun undang-undang ketenteraan telah ditarik balik pada

April 2015, draf perlembagaan telah ditolak, bermakna pilihan

raya mungkin akan memakan masa. India kurang berprestasi

dengan margin yang kecil berikutan peningkatan semula dalam

harga komoditi baru-baru ini, kebimbangan akan kenaikan

gaji sektor awam dan beberapa data makroekonomi yang

mengecewakan mempengaruhi sentimen. Selain itu, kelewatan

reformasi, yang disebabkan oleh kekurangan majoriti bagi BJP

di Dewan Atas, mempengaruhi sentimen. China merupakan

pasaran serantau yang paling lemah. Selepas kebangkitan

yang didorong mudah tunai pada awal tempoh tersebut, pihak

berkuasa cuba untuk menstabilkan turun naik pasaran diikuti

pembetulan, yang mendorong pemotongan kadar faedah dan

keperluan nisbah rizab bank, serta suntikan mudah tunai ke

dalam sektor perbankan, sebagai usaha untuk menenangkan

pasaran. Sementara itu ekonomi asas menunjukkan tanda-

tanda penurunan, dengan pertumbuhan KDNK Q4 berkurangan

kepada 6.8% tahun ke tahun. Dasar mata wang yang tidak

dijangka menyebabkan pengelakan risiko yang lebih lanjut dan

rizab pertukaran asing mencatatkan beberapa penurunan yang

besar. Selepas beberapa bulan yang tidak menentu, Gabenor

Zhou dari People’s Bank of China berkata bahawa bank pusat

tidak berhasrat untuk menurunkan nilai yuan China dari segi

wajaran perdagangan. Sementara itu, pihak berkuasa membuka

pasaran bon dalam negeri kepada pelabur asing. Ini dilihat

sebagai langkah positif ke arah pembukaan pasaran modal

China. Pasaran pulih daripada pertengahan bulan Februari

dengan pertumbuhan kredit lebih kuat menandakan sokongan

dasar, walaupun ekuiti ditutup dengan penurunan secara mutlak.


ulasan Pasaran Dana AmMetLife Global Agribusiness Dana Sasaran: Dana AmGlobal Agribusiness

Dana Sasaran Akhir: Dana DWS Global Agribusiness

Penjualan aset berisiko, mata wang dan komoditi yang berlaku

pada separuh tahun kedua 2015 mula pulih selepas menurun

pada Januari 2016. Pelonggaran dasar monetari di beberapa

pasaran Eropah dan Asia dan pengetatan dasar di Amerika

Syarikat, telah membawa kepada kekuatan USD secara

keseluruhan. Faktor-faktor ini dan persekitaran permintaan

global yang lebih jinak meletakkan tekanan yang besar ke atas

kebanyakan komoditi. Harga minyak mentah turun di bawah $30

setong pada pertengahan bulan Januari kepada paras terendah

sejak tahun 2003 dan telah pulih ke atas $40 selepas itu. Bijirin

pertanian dan minyak bijirin nampaknya telah dipisahkan dan

tidak mengambil bahagian dalam ketidaktentuan yang berlaku

baru-baru ini. Malah, harga jagung, kacang soya dan gula kekal

rata melebihi satu tahun.

Para petani dapat melihat pertumbuhan permintaan untuk bijirin

dan minyak bijirin berikutan peningkatan penggunaan protein

secara global. OECD menjangkakan bahawa penggunaan global

daging akan berkembang pada kadar tahunan sebanyak 1.4%

sehingga 2024, dan pada ketika itu tahap penggunaan mutlak

pada dasar per kapita untuk negara-negara membangun masih

akan berkurangan separuh daripada pasaran maju. Pengeluaran

bijirin kasar dan kacang soya yang merupakan bahagian terbesar

daripada makanan haiwan meningkat pada kadar yang lebih

cepat berikutan peningkatan permintaan untuk produk daging.


ulasan Pasaran Dana AmMetLife Precious Metals Dana Sasaran: Dana AmPrecious Metals

Dana Sasaran Akhir: Dana DWS noor Precious Metals SecuritiesHarga emas mula meningkat pada bulan Januari 2016 berikutan ketidaktentuan ekonomi global yang menyumbang kepada ketidakstabilan dalam pasaran kewangan. Keadaan ini seterusnya menolak pelabur untuk melabur dalam aset yang selamat, dan didorong oleh aliran masuk modal ke Gold ETF. Ini diikuti dengan prestasi memberangsangkan pada Februari 2016 apabila logam ini mencatatkan keuntungan dua angka dan mengekalkan prestasi tersebut sehingga akhir suku. Emas merupakan aset selamat dalam suasana kelembapan ekonomi global, ketidakstabilan pasaran kewangan, dan penurunan nilai mata wang yang tidak disangka oleh bank pusat. Jangkaan pasaran untuk kenaikan kadar oleh AS Fed telah menurun dengan ketara bagi tempoh 2016. Kebimbangan berterusan terhadap kekuatan dolar AS dan data ekonomi yang lemah daripada China terus menunjukkan ke arah kelembapan ekonomi.

149





Kebimbangan ekonomi Global

Pada bulan Januari 2016, halangan untuk kenaikan kadar Fed

sudah mula muncul kerana penyelewengan mata wang dan

ketidaktentuan QE mewujudkan lebih banyak persoalan daripada

jawapan. BOJ membuat keputusan untuk menerima pakai dasar

kadar faedah negatif, yang kami tafsirkan sebagai satu lagi

langkah untuk menjaga aliran mata wang luar biasa dan herotan

pasaran mata wang akibat daripada QE.

Pada bulan Februari 2016, kami melihat aliran masuk ETF emas

secara besar-besaran. Ini menunjukkan bahawa herotan pasaran

mata wang sedang berterusan dan QE telah hanya memburukkan

lagi keadaan pasaran dengan mewujudkan ketidakpastian

di sekitar bank-bank pusat dan keupayaan mereka untuk

melaksanakan dasar monetari yang berkesan. Langkah secara

tiba-tiba dan tidak dijangka BOJ juga tidak kekal lama apabila

pasaran mula menimbang semula penurunan nilai mata wang

kompetitif. Kelemahan JPY yang disengajakan ini berlangsung

hanya untuk sehari, di mana JPY bangkit semula kepada USD,

hampir 7% bagi bulan Februari. Pada pendapat kami, ini adalah

sangat penting kerana ia menggambarkan akibat yang tidak

diingini dan risiko QE yang berterusan dan tidak berkesan.

Emas kekal bertahan pada Mac 2016 dan mendapat sokongan

sebagai aset selamat dalam suasana ketidakstabilan pasaran

kewangan dan penurunan nilai mata wang yang tidak disangka

oleh bank pusat. Kami berpendapat bahawa kenaikan kadar

Fed akan ditangguhkan lagi kerana tekanan menaik daripada

perbezaan perolehan yang lebih tinggi pada USD. Janet Yellen

mengurangkan jumlah kadar kenaikan dari 4 ke 2 semasa

mesyuarat FOMC pada Mac 2016.

Kesan-kesan yang tidak diingini daripada Qe yang

berlarutan

Intuisi yang bertentangan, dan kesan-kesan yang tidak diingini

daripada QE tambahan di pasaran mata wang menambah

ketidaktentuan pasaran dan keraguan terhadap keberkesanan

pelonggaran kuantitatif. Memandangkan magnitud QE yang

telah diperkenalkan sejak 7 tahun lalu, kami mengekalkan

pandangan bahawa emas bukan komoditi tetapi mata wang.

Tahun 2015 menandakan kedatangan kadar faedah negatif.

Kami mengekalkan pendapat bahawa emas tidak membayar

hasil dan juga tidak mengenakan kadar faedah. Kami tidak

boleh menekankan dengan secukupnya keputusan BOJ

untuk menerima pakai dasar kadar faedah negatif. Kami telah

menyatakan sebelum ini bahawa kami percaya langkah kadar

faedah negatif adalah satu usaha untuk menjaga aliran mata

wang luar biasa dan herotan pasaran mata wang akibat daripada

QE. JPY berikutnya dan peningkatan yang tidak disengajakan

adalah gambaran strategi kewangan yang gagal.

Kekurangan pertumbuhan adalah satu lagi keluarbiasaan

yang dicipta oleh QE. Kami percaya bahawa pertumbuhan

akan semakin terbantut berikutan pertumbuhan lemah yang

berterusan di Amerika Syarikat, dan pengambilan langkah-

langkah agresif QE oleh dasar kewangan global. Pengeluaran

modal daripada ekonomi BUKAN OECD (seperti China) terus

membantutkan pertumbuhan global manakala kekuatan USD

yang berterusan mungkin memberi tekanan kepada KDNK AS.

Kami percaya ini terus dapat dilihat dalam sebaran 2YR-10YR,

yang mengecil sebanyak kira-kira 19 mata sepanjang bulan

Februari. Oleh kerana kadar jangka pendek meningkat daripada

kenaikan Fed, kadar jangka panjang terus jatuh di tengah-tengah

jangkaan pertumbuhan yang lemah.

Kekuatan uSD berterusan

Kekuatan USD meninggikan kos khidmat hutang bagi peminjam

bukan dolar. Kelemahan mata wang yang berterusan lagi kepada

USD, sama ada kerana pertumbuhan yang agak lemah atau (dalam

kes Pasaran Baru Muncul) gabungan kedua-dua pertumbuhan

lemah dan pengeluaran modal, akan meningkatkan risiko

kegagalan pembayaran hutang. Seperti yang dinyatakan dalam

bulanan lepas, terdapat beberapa anggaran (Bloomberg) yang

pemegang asing hutang berdenominasikan dolar telah meningkat

daripada 1.4 trilion dolar 15 tahun yang lalu kepada lebih 9.2

trilion hari ini. Kegagalan membayar hutang oleh pengeluar

komoditi dalam tenaga dan logam dan ruang perlombongan

sedang bermula.

Walaupun ekonomi AS mengeluarkan data ekonomi yang positif,

kami percaya bahawa Rizab Persekutuan AS tidak mempunyai

pilihan tetapi untuk menangguhkan kenaikan kadar selanjutnya

kerana tekanan menaik disebabkan perbezaan perolehan US

yang sudah lebih tinggi dikenakan kepada USD. Penyebaran di

antara 10 tahun AS, Eur dan Asia telah banyak memihak kepada

AS. Pada pendapat kami, USD akan terus meningkat sekiranya AS

terus menaikkan kadar, memburukkan lagi tekanan pengeluaran

modal dan juga merosotkan defisit perdagangan.

Pertumbuhan ekonomi yang sukar difahami

Pada pandangan kami, pertumbuhan ekonomi di Jepun, pasaran

baru muncul, dan kini Eropah mungkin akan kekal sukar difahami

kerana kadar yang telah sedia adalah amat rendah dengan kadar

pertumbuhan yang hampir boleh diabaikan. Sekiranya USD terus

150




kukuh disebabkan oleh perbezaan hasil yang tinggi, pengurangan

dalam eksport akan menjejaskan KDNK AS lebih daripada yang

dijangkakan. Kekuatan USD biasanya memberi manfaat kepada

negara-negara yang mengeksport barangan dan perkhidmatan

dalam mata wang USD. Masalahnya ialah tempoh perdagangan

tersebut. Sekiranya keperluan pinjaman daripada negara-negara

pengeksport tidak menurun dengan ketara, atau jika inflasi mula

berlaku akibat daripada mata wang yang lemah kepada USD,

penyelesaian yang sering dilakukan oleh bank-bank pusat adalah

kawalan modal melalui kadar yang lebih tinggi. Pengenalan kadar

faedah yang lebih tinggi biasanya dilaksanakan sebagai langkah

terakhir, apabila penurunan nilai mata wang tidak dapat dikawal.

Malangnya kami telah melihat keadaan begini, terutamanya

dalam pasaran baru muncul, kenaikan kadar yang bertujuan

untuk mengehadkan kelemahan mata wang selanjutnya

memburukkan lagi keadaan ekonomi yang sedang dibaik pulih

pada asalnya. Jika negara tersebut adalah sebuah negara yang

menghasilkan komoditi seperti Rusia, pertumbuhan akan dicabar

dua kali, pertama dengan kadar yang lebih tinggi, dan yang

kedua oleh kejatuhan harga komoditi.

Penyumbang kepada prestasi dana: Ekuiti Emas dan PGM berikut

menyumbang secara positif kepada prestasi: Sibanye Gold Ltd.

(4.59% daripada dana) naik 165.50%, Randgold Resources

Limited (9.68% daripada dana) naik 50.96%, dan Goldcorp Inc.

(9.47% daripada dana) naik 42.14%.

Penjejas kepada prestasi dana: Ekuiti Emas dan PGM berikut

memberikan prestasi yang kurang: B2Gold Corp. (0.44% daripada

dana) turun -27.43%, Alamos Gold Inc. (0.15% daripada dana)

turun -3.96%, dan AuRico Metals Inc (0.11% daripada dana)

naik 34.24%.


ulasan Pasaran Dana AmMetLife Tactical Bond Dana Sasaran: Dana AmTactical Bond

Pada bulan April 2015, nombor perdagangan, pertumbuhan dan

aktiviti ekonomi menunjukkan tanda-tanda awal peningkatan

di rantau ini. Pada masa yang sama, terdapat pelbagai tindakan

bank pusat dan dasar pada bulan April 2015 berbanding tindakan

serantau yang kurang agresif pada Mac 2015. Di Malaysia,

eksport menurun bagi bulan kedua berturut-turut dengan

cetakan Feb 2015 pada -9.7% tahun ke tahun (Jan 2015: -0.6%

YoY). Kelemahan dalam eksport adalah rakan perdagangan

utama yang meluas dengan penurunan tahun-ke-tahun, dalam

7 daripada 9 teratas. Bagi 2 rakan perdagangan yang selebihnya,

eksport meningkat pada kadar yang jauh lebih rendah kepada

Amerika Syarikat (Feb 2015: 8.2% YoY, Jan 2015: 18.1%) dan

Thailand (Feb 2015: 0.1% YoY, Jan 2015: 12.5% YoY). Dari segi

kategori barang, kelemahan juga adalah meluas, terutamanya

Petroleum Mentah (Feb 2015: -20.9% Yoy, Jan 2015: 6.0% YoY)

dan Gas Neutral Cair (“LNG”) (Feb 2015: -13.8% YoY, Jan 2015:

-0.1% YoY). Import meningkat tetapi masih lemah pada 0.4%

untuk Feb 2015 (Jan 2015: -5.2%), dengan sebahagian besar

komposisi yang tidak berubah pada 60.3% untuk Barangan

Pengantara, 14.2% untuk Barangan Modal dan 8.1% untuk

Barangan Pengguna. Imbangan perdagangan berakhir pada

RM4.52 bilion untuk Feb 2015 (jangkaan sepakat: RM8.50 bilion,

disemak semula Jan 2015: RM8.96 bilion).

Pada bulan Mei 2015, data aktiviti di rantau ini adalah bercampur-

campur tetapi data eksport menyaksikan peningkatan dalam

kebanyakan pasaran. Di Malaysia, pertumbuhan KDNK terbukti

berdaya tahan dengan cetakan untuk 1Q2015 pada 5.6%

YoY (jangkaan 5.5%, disemak semula 4Q2014 5.8% YoY).

Pertumbuhan ini disokong oleh Perbelanjaan Persendirian pada

8.8% YoY (4Q2014: 7.6% YoY) dan Pelaburan pada 7.9% YoY

(4Q2014: 4.3% YoY) tetapi sektor Eksport adalah lemah pada

-0.6% YoY (4Q2014: + 1.9% YoY). Walau bagaimanapun,

pertumbuhan KDNK 2Q2015 dijangka lebih rendah kerana

pelaksanaan GST (berkuatkuasa 1 Apr 2015) yang dijangka akan

mengurangkan Perbelanjaan Persendirian.

Pada bulan Jun 2015, data aktiviti di rantau ini kekal bercampur

tetapi lebih bersandar ke arah kelemahan, dan pada masa yang

sama data eksport mengecewakan di kebanyakan pasaran

berikutan kelemahan sektor elektrik dan elektronik dan harga

minyak mentah dan produk petroleum yang juga lebih rendah. Di

Malaysia, pengeluaran perindustrian agak lemah pada April 2015

pada 4.0% YoY tetapi hanya sedikit di bawah jangkaan pasaran

sebanyak 4.5% YoY (disemak semula Mac 2015: 7.1% YoY).

Data asas menunjukkan perlombongan yang lemah (Apr 2015:

3.9% YoY, Mac 2015: 9.9% YoY) disebabkan oleh kejatuhan

dalam pengeluaran gas asli dan kelemahan pengeluaran pada

4.1% YoY (Mac 2015: 6.3% YoY) dengan barangan elektrik dan

elektronik menurun kepada 4.0% YoY (Mac 2015: 13.0% YoY)

tetapi diimbangi oleh pemulihan dalam makanan, minuman &

tembakau kepada + 5.5% YoY (Mac 2015: -4.9% YoY).

Pada bulan Julai 2015, data yang dikeluarkan menujukkan

aktiviti data di rantau ini masih bercampur tetapi lebih bersandar

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ke arah kelemahan, dan pada masa yang sama data eksport

mengecewakan di kebanyakan pasaran dan masih disebabkan

oleh sektor elektrik dan elektronik yang lemah (walaupun

terdapat beberapa pengecualian ketara seperti Singapura) dan

harga minyak mentah dan produk petroleum yang juga lebih

rendah. Tekanan negatif ke atas mata wang (digambarkan dalam

rizab tukaran mata wang asing yang lebih rendah) juga semakin

meningkat di rantau ini, sementara jangkaan kenaikan US Fed

lewat tahun ini semakin menjadi kenyataan. Di Malaysia, inflasi

meningkat lagi pada bulan Jun 2015 dengan pertumbuhan

CPI pada 2.5% YoY (jangkaan: 2.4% YoY, Mei 2015: 2.1%

YoY), kenaikan harga meluas komponen CPI berkaitan GST

tidak berubah, manakala deflasi berkaitan bahan api menyusut

(pengangkutan Jun 2015: -1.4% YoY berbanding -4.7% YoY

dan -4.8% YoY pada bulan Mei dan Apr 2015, masing-masing).

Rizab luar negara jatuh hanya di atas paras psikologi USD100b

(Jun 2015: USD100.5b, Mei 2015: USD105.5b). Kejatuhan rizab

dilihat sebagai tanda tekanan mata wang dan campur tangan

kerajaan dalam pasaran tukaran mata wang asing.

Bulan Ogos 2015 terus menunjukkan data eksport yang

mengecewakan di kebanyakan pasaran dan masih disebabkan

terutamanya oleh sektor elektrik dan elektronik yang lemah

(walaupun terdapat beberapa pengecualian yang ketara seperti

Singapura) dan harga minyak mentah dan produk petroleum juga

lebih rendah. Pada masa yang sama, data aktiviti di rantau ini

masih lemah. Bulan Ogos menyaksikan ketidakstabilan pasaran

modal yang besar dengan tekanan negatif yang berat ke atas mata

wang dan aset Asia Pasifik yang dicetuskan oleh langkah dasar

China untuk menurunkan nilai yuan dan rangsangan ekonomi

serta penstabilan pasaran modal yang masih berterusan. Malaysia

melaporkan KDNK 2Q15 di mana ekonomi berkembang dengan

lebih baik daripada yang dijangkakan 4.9% YoY (Konsensus:

4.5%). Kelembapan dalam pertumbuhan 2Q15 daripada 5.6%

pada 1Q15 sebahagian besarnya dijangkakan disebabkan oleh

pelaksanaan GST yang bermula pada bulan April. Walaupun

rangsangan awal dalam penggunaan di 1Q15 akibat GST,

penggunaan persendirian terus stabil pada 6.4% di 2Q15 dan

pemulihan dijangka berlaku pada suku-suku akan datang.

Lebihan semasa Malaysia adalah pada RM7.7billion atau 2.7%

daripada KDNK. Ringgit Malaysia menjunam kepada serendah

RM4.30 setiap USD, yang paling rendah sejak 1998. Kejatuhan

ini sebahagian besarnya sejajar dengan mata wang serantau

tetapi lebih ketara bagi Ringgit disebabkan oleh kebimbangan

bahawa pihak berkuasa kehabisan cara untuk mempertahankan

mata wang di tengah-tengah pengecutan rizab, kejatuhan

harga minyak, penurunan nilai yuan yang tidak dijangka dan

skandal politik. Gabenor Bank Pusat dan Perdana Menteri

mengesahkan komitmen Malaysia untuk tidak memperkenalkan

semula tambatan Ringgit atau kawalan modal. Kerajaan juga

menegaskan pandangannya bahawa tahap MYR semasa

tidak mencerminkan asas kukuh negara ini yang merangkumi

momentum pertumbuhan positif berterusan, ekonomi yang

pelbagai, perdagangan berterusan dan lebihan akaun semasa

serta sistem perbankan yang kukuh dan berdaya tahan.

Walaupun data eksport yang mengecewakan pada bulan

September 2015, kelihatan peningkatan yang mungkin berlaku

dalam beberapa bulan akan datang, dengan peningkatan aktiviti

perindustrian dan import yang lebih tinggi di pasaran seperti

India, Malaysia dan sedikit sebanyak Indonesia. Di Malaysia,

Indeks Purchasing Managers Ogos 2015 (“PMI”) pada 47.2

mata (Julai 2015: 47.7 mata) menunjukkan penguncupan lima

bulan berturut-turut disebabkan oleh ekonomi permintaan

domestik yang lemah berbanding dengan permintaan luaran.

Pada masa yang sama, data bagi bulan Julai 2015 menunjukkan

peningkatan dalam perdagangan dengan peningkatan dalam

import pada kadar 5.9% YoY (jangkaan: -0.8% YoY, Jun 2015:

-1.5% YoY) yang merupakan petanda baik bagi eksport masa

depan memandangkan komposisi besar barangan pengantara

dan modal. Pada masa yang sama, eksport kembali tenang tetapi

terus berkembang pada kadar 3.5% YoY untuk bulan Julai 2015.

(jangkaan: 3.2% YoY, Jun 2015: 5.0% YoY), dengan penurunan

perdagangan tetapi masih dalam lebihan di + RM2.38 bilion bagi

Julai 2015 (jangkaan: RM6.30 bilion, Jun 2015: RM7.98 bilion).

Rizab luar negara menyaksikan peningkatan marginal pada

USD95.7 bilion pada 28 Ogos 2015 (14 Ogos 2015: USD94.5

bilion) dan USD95.3 bilion pada 15 September 2015, dan MYR

terus jatuh dengan ketara pada bulan tersebut di (USDMYR:

4.4570 @ 29 September 2015 berbanding 4,1925 @ 31 Ogos

2015). Peningkatan rizab asing mencadangkan bank pusat tidak

bercampur tangan dalam tempoh ini atau sebagai penghantaran

balik dana oleh Syarikat Berkaitan Kerajaan (“GLC”).

Pada bulan Oktober 2015, data eksport terus mengecewakan

di kebanyakan pasaran kecuali Malaysia manakala di India

peningkatan dalam aktiviti perindustrian menunjukkan

kemungkinan pertumbuhan dalam beberapa bulan akan

datang, dengan aktiviti industri penambahbaikan. Kelemahan

domestik amat ketara pada bulan ini, mungkin disebabkan oleh

kelemahan sektor luaran yang mula menjejaskan permintaan

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pengguna yang berdaya tahan di rantau sebelum ini. Di Malaysia,

angka perdagangan terus mengatasi jangkaan dengan Eksport

bagi Ogos 2015 berkembang 4.1% YoY (jangkaan: 1.3% YoY

disemak semula Julai 2015: 3.4% YoY) memberi isyarat potensi

pemulihan dalam sektor luaran. Eksport yang lebih baik dating

daripada produk logam pada 41.7% YoY (Julai 2015: 37.0%

YoY), barangan elektrik dan elektronik di 16.7% YoY (Julai 2015:

12.1% YoY) dan mesin & peralatan pada 12.3% YoY (Julai 2015:

23.3% YoY) . Risiko pemulihan kekal berikutan pertumbuhan

yang lebih lemah daripada jangkaan di China. Import jatuh

mendadak pada bulan Ogos 2015 di -6.1% YoY (Julai 2015:

5.9% YoY), terutamanya disebabkan oleh import petrokimia dan

minyak mentah yang lebih rendah. Ia adalah perubahan import

yang bertentangan berbanding peningkatan bulan Julai dan kekal

dalam corak turun naik selama 2 bulan yang seterusnya memberi

isyarat tempoh pesanan 2 bulan untuk pengilang di Malaysia.

Pada bulan November 2015, data Keluaran Dalam Negara Kasar

( “KDNK”) bagi suku ke-3 2015 yang dikeluarkan di seluruh

rantau ini menunjukkan pertumbuhan yang berdaya tahan

disebabkan oleh pengurusan ekonomi yang lebih cekap oleh

pihak berkuasa kewangan dan ekonomi. Walau bagaimanapun,

terdapat satu aliran permintaan domestik yang semakin lemah

disebabkan langkah-langkah konsolidasi fiskal dan sektor luaran

yang masih lemah. Di Malaysia, bank pusat mengekalkan kadar

dasar pada 3.25% untuk mesyuarat dwi bulanan berturut-

turut yang kelapan. Pendirian yang diambil oleh Bank Negara

dalam Pernyataan Dasar Monetari (“MPS”) kekal neutral dan

tidak agresif. MPS menyatakan bahawa “pada paras semasa

Kadar Dasar Semalaman (“OPR”), pendirian dasar monetari

kekal akomodatif dan menyokong aktiviti ekonomi”, tetapi

Jawatankuasa Dasar Monetari (“MPC”) mengakui “bahawa

terdapat risiko yang tinggi dalam persekitaran ekonomi dan

kewangan global”. KDNK bagi 3Q 2015 dicatat pada 4.7% YoY,

menyederhana daripada pertumbuhan 4.9% YoY pada 2Q 2015,

tetapi berada dalam konsensus jangkaan. Pertumbuhan yang lebih

rendah pada 3Q 2015 sememangnya dijangka dan disebabkan

terutamanya oleh perbelanjaan pengguna yang lebih lemah

berikutan pelbagai kenaikan harga dan juga untuk pengurangan

perbelanjaan kerajaan yang sejajar dengan komitmen berterusan

kerajaan untuk konsolidasi fiskal. Dari perspektif pengeluaran,

data menunjukkan bahawa sebahagian besar pertumbuhan

disumbang oleh sektor pembinaan pada suku tersebut.

Pada bulan Disember 2015, angka PMI dan Pengeluaran

Perindustrian (“IP”) menunjukkan penguncupan untuk bulan

Oktober dan November 2015 terutamanya. Pengecutan

disebabkan terutamanya oleh permintaan dalam negeri yang

lemah dan eksport kebanyakan negara di rantau ini yang terus

berdaya tahan. Di Malaysia, IP adalah lebih rendah pada 4.2%

pada bulan Oktober daripada 5.1% pada bulan September,

disebabkan oleh aktiviti yang lebih rendah dalam sektor

Perlombongan pada -1.4% YoY (September: +4.4% YoY),

manakala Pengilangan dan Elektrik lebih tinggi pada +6.2% YoY

(September: +5.6% YoY) dan +4.3% YoY (September: +2.6%

YoY) masing-masing, mengimbangkan pengecutan dari sektor

Perlombongan. Angka PMI menunjukkan penguncupan aktiviti

ekonomi bagi bulan ke-9 berturut-turut pada 48.0 mata untuk

Disember 2015 (Nov 2015: 47.0 mata). Terdapat pemulihan kecil

dalam indeks dengan peningkatan tempahan eksport baru, tetapi

pesanan baru secara keseluruhan kekal menurun disebabkan oleh

sektor domestik. Inflasi untuk Nov 2015 dengan Indeks Harga

Pengguna (“CPI”) pada 2.6% YoY adalah lebih tinggi daripada

jangkaan pasaran tetapi hanya lebih tinggi sedikit daripada bulan

sebelumnya (jangkaan: 2.3% YoY, Oktober 2015: 2.5% YoY).

Harga alkohol & tembakau yang lebih tinggi pada 20.7% YoY

(September 2015: 13.3%) dengan sumbangan 2.17% kepada

indeks, mengimbangi inflasi makanan yang lebih perlahan pada

4.1% YoY (September 2015: 4.7% YoY) dengan sumbangan

30.33% kepada indeks.

Pada bulan Januari 2016, data dari rantau ini adalah bercampur-

campur dengan tekanan inflasi yang lebih rendah secara

umumnya disebabkan penurunan harga minyak mentah global

dan kelemahan permintaan global yang memberikan kesan

negatif terhadap sektor eksport. Di Malaysia, nombor PMI

menunjukkan penguncupan aktiviti ekonomi bagi bulan ke-9

berturut-turut pada 48.0 mata untuk Disember 2015 (November

2015: 47.0 mata). Terdapat pemulihan kecil dalam indeks

dengan perkembangan eksport baru, tetapi pesanan baru secara

keseluruhan kekal menurun disebabkan oleh sektor domestik.

Terdapat kelemahan eksport pada bulan November 2015 pada

kadar 6.3% YoY (jangkaan: 12.0% YoY, Oktober 2015: 16.7%

YoY). Kelemahan dalam eksport agak meluas, dengan penurunan

mendadak dalam penghantaran elektrik dan elektronik (+0.6%

tahun ke tahun pada November berbanding +22.7% YoY pada

bulan Oktober), kimia dan bahan kimia (+5.7% berbanding

+18.4%), perkakasan mesin (+17.4% berbanding +55%), produk

getah (+12.9% berbanding +25.7%), barangan optik dan saintifik

(+16.4% berbanding +37.4%), dan pengilangan logam (+56.6%

berbanding +120%). Eksport Gas Neutral Cecair (“LNG”)

juga lebih menguncup daripada bulan sebelumnya (-20.5%

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berbanding -16.1%) manakala kadar pengecutan minyak mentah

susut (-2.6% berbanding -8.7%). Pertumbuhan import meningkat

semula pada 9.1% YoY pada bulan November 2015 (jangkaan:

12.0%, disemak semula Oktober 2015: -0.4% YoY) disebabkan

terutamanya oleh pertumbuhan yang lebih tinggi daripada import

barangan penggunaan (+43.8% YoY) dan pertumbuhan kecil

dalam import barangan pengantara (1.4% YoY) yang membantu

mengimbangi kelembapan dalam import barangan modal (+ 2%

YoY). Akibatnya, imbangan perdagangan mengecil tetapi kekal

dalam lebihan besar pada RM10.24 bilion (jangkaan: RM12.00

bilion, disemak semula Oktober 2015: RM12.17 bilion) dengan

import kekal di bawah eksport secara keseluruhannya.

Pada bulan Februari 2016, bacaan KDNK setahun penuh secara

amnya menunjukkan jangkaan pasaran mengejut dengan daya

tahan yang berterusan di rantau ini tetapi dengan tanda-tanda

kelemahan yang berterusan dalam data. Tekanan inflasi yang

lebih rendah secara umumnya disebabkan penurunan harga

minyak mentah global dan kelemahan permintaan global yang

memberikan kesan negatif kepada sektor eksport, serta tanda-

tanda kelemahan permintaan domestik. Melihatkan prospek

ekonomi global yang masih lembap, eksport di Malaysia

untuk Disember 2015 menurun dengan ketara pada 1.4%

YoY berbanding jangkaan pasaran sebanyak 4.1% YoY dan

kekecewaan yang jelas selepas kenaikan pada Oktober 2015 ke

16.7 YoY dan penurunan daripada 6.3% pada November 2015.

Pertumbuhan import juga menurun pada 3.2% YoY (jangkaan:

4.1% YoY, November 2015: 9.1% YoY) mencerminkan pelbagai

faktor kelemahan MYR, harga komoditi yang lebih rendah,

dan kelemahan permintaan dalam negeri. Secara keseluruhan,

lebihan dagangan mengecil kepada RM7.99 bilion (November

2015: RM10.24 bilion). Walau bagaimanapun, kelemahan MYR

dalam 2H2015 membantu meningkatkan lebihan dagangan

setahun penuh kepada RM94.3 bilion berbanding RM82.5

bilion pada 2014. KDNK 4Q2015 Malaysia dicatat pada kadar

4.5% YoY, menewaskan jangkaan pasaran pada 4.1% YoY

tetapi menyederhana daripada 4.7% YoY dalam 3Q2015. KDNK

setahun penuh 2015 adalah 5.0% dan menewaskan jangkaan

pasaran 4.9%, di samping termasuk dalam anggaran rasmi

kerajaan sebanyak 4.5-5.5% (anggaran untuk KDNK 2016

adalah 4.0-4.5%). Dari perspektif berdasarkan perbelanjaan,

pertumbuhan 4Q yang kuat didorong oleh a) eksport yang lebih

baik daripada jangkaan pada 3.7% YoY (3Q2015: 3.2% YoY),

serta b) penggunaan persendirian yang masih berdaya tahan

pada 4.9% YoY (3Q2015: 4.1% YoY) mengimbangi kelemahan

dalam perbelanjaan pelaburan suku tahunan pada 2.8% YoY

(3Q2015: 4.2% YoY). Walaupun pertumbuhan KDNK memberi

harapan mengejut, dari suku ke suku, momentum pertumbuhan

menyusut pada 2015 berbanding 2014 dan cabaran dijangka

berterusan berikutan harga komoditi dan sentimen pengguna

yang lemah menjejaskan prospek pertumbuhan 2016. Fitch

telah mengesahkan penarafan Malaysia pada A-/Stabil pada 23

Februari 2016, berasaskan disiplin fiskal dan kestabilan keadaan

makroekonomi walaupun harga minyak mentah global jatuh.

Fitch melihat andaian makroekonomi sebagai “secara umumnya

realistik” dengan harga minyak dianggarkan pada USD30-35/

tong dan unjuran pertumbuhan KDNK pada 4-4.5%.


ulasan Pasaran Dana AmMetLife Asia Pacific reITS Dana Sasaran: Dana AmAsia Pacific reITS

Pada bulan Julai, Yellen menegaskan Fed berada di landasan

yang betul untuk menaikkan kadar tahun ini manakala tuntutan

pengangguran awal AS jatuh kepada paras terendah sejak

November 1973. Ini menyebabkan peningkatan kadar faedah

jangka panjang dengan ketara di Jepun dan Amerika Syarikat.

Pengagihan sebanyak 1.8 sen telah dibayar pada bulan Ogos.

Ketidaktentuan keputusan kadar oleh Fed pada pertengahan

September bertambah buruk dengan penurunan nilai RMB. REIT

serantau juga tidak terkecuali dalam kekalahan jualan global.

Walau bagaimanapun, pemulihan dalam ekuiti pada akhir bulan

membantu mengurangkan prestasi negatif. Bank-bank pusat di

Norway, Taiwan, Hungary dan India mengurangkan kadar faedah

pada bulan September. Fed AS tidak menaikkan kadar faedah

seperti yang dijangkakan walaupun Yellen mengulangi mereka

akan menaikkan kadar pada akhir tahun ini. Keuntungan syarikat

perindustrian China merosot 8.8% YoY. Walau bagaimanapun,

kekosongan pejabat Ogos Tokyo 2015 jatuh kepada 4.72%, indeks

harga rumah Australia +9.8% YoY dan pelawat asing ke Jepun

pada Ogos + 63.8% YoY (dengan pelawat Cina +133% YoY).

Pada bulan Oktober, China mengurangkan kadar rizab untuk

kali ke-6 sebanyak 25 mata asas; Bank of Japan tidak mengubah

rangka kerja dasar monetari. Indeks Japan Real Estate Investment

Trust (“REIT”) +3.3% ke atas peningkatan selera risiko pelabur;

indeks Australia REIT +5.0% berikutan REIT dengan tumpuan

runcit menunjukkan prestasi di atas jualan khusus yang kuat

manakala Singapura REITs +3.3% dengan pemulihan sentimen di

China pulih dan pelabur mengejar penilaian tertekan.

154



Pada bulan November, Jepun jatuh kembali ke dalam kemelesetan

teknikal manakala kelulusan bangunan Australia +24.1%.

Walaupun data makro kurang memberangsangkan, indeks Jepun

REIT +1.6%, mengatasi indeks yang lebih meluas serta indeks

hartanah. Indeks Australia REIT -2.9%, REITs Singapura -4.0%

walaupun kebanyakan REIT telah melaporkan pertumbuhan

pendapatan 3Q15 yang seiring dengan jangkaan di + 6.0% YoY

dan +2% QoQ.

Rizab Persekutuan AS akhirnya memulakan kitaran kenaikan

kadar faedah, bermula dengan peningkatan 25 mata asas

pada pertengahan Disember 2015. Pada bulan tersebut, harga

minyak menurun mencecah tahun ke-11 pada USD36.05 setong

manakala Bank of Japan menggandakan had pembelian REIT

daripada 5% kepada 10%. Indeks Jepun REIT -0.3%; Australia

REITs memacu prestasi portfolio dengan indeks REIT +2.4%

manakala REIT Singapura +0.3%.

Pada bulan Januari, China melaporkan Keluaran Dalam Negara Kasar (“KDNK”) +6.8%, rendah sedikit daripada ramalan +6.9%. Pada bulan yang sama, Jepun mengumumkan strategi kadar faedah yang negatif. Australia REITs +1.1% ke atas kadar hasil bon 10 tahun dengan pengecilan 20 mata asas. REIT Jepun +1.9%, didorong oleh pembelian Bank of Japan (“BOJ”) serta pengumumannya. Keputusan 4Q15 Singapura REITs – REIT industri bermodal besar, peruncitan pinggir bandar dan tuan tanah pejabat mengekalkan kenaikan kadar sewa satu angka yang positif; hospitaliti terus mengecewakan dengan cabaran daripada pengeluaran lebihan.

Pada bulan Februari 2016, China mengejutkan pasaran dengan

pengurangan 50 mata asas Nisbah Keperluan Rizab (“RRR”) pada

akhir bulan. Dasar kadar faedah negatif Jepun tidak menghalang

Yen dari meningkat 6.5%. Arab Saudi mengumumkan

pembekuan pengeluaran minyak. Pada bulan itu, REITs Australia

+2.0%; REITs Jepun +5.2%, REITs Singapura +4.5%.

AmAsia Pacific REITs +3.48% pada Apr 2016 berbanding penanda

aras +5.10%. Wajaran ekuiti adalah 84.0%; hasil berterusan

adalah 5.1%. Yen Jepun mencecah paras tertinggi berbanding

USD dengan pelabur menggunakannya sebagai aset selamat.

Minyak mentah +20% kepada USD46/tong. Gempa bumi di

Pulau Kyushu, Jepun adalah yang terkuat dalam 5 tahun. Australia

REITs +4.3%. REIT Jepun +1.7%, REIT hospitaliti menyaksikan

beberapa pembetulan berikutan gempa bumi. Keputusan

1QCY16 melaporkan REIT Singapura +1.6%. Kebanyakan REIT

dalam portfolio dilaporkan mempunyai kewangan & statistik

operasi yang stabil.





Tinjauan Pelaburan



156



Tinjauan Pelaburan


Tinjauan Pasaran ekuiti

AS

Ketika kami melangkah ke 2016, kami melihat pertumbuhan

global yang sederhana sebanyak 2.5%, sama dengan tahun

2015. Jangkaan pertumbuhan sebanyak 8% mungkin terlalu

optimis walaupun kami percaya terdapat pertumbuhan

pendapatan positif di Amerika Syarikat. Margin bukan kewangan

AS berada di bawah tekanan sejak pertengahan 2014 sebagai

akibat daripada pertumbuhan gaji yang rendah dan kadar faedah

yang tidak menentu, ditambah pula dengan pengukuhan USD.

Pertumbuhan gaji adalah agak rendah dalam pemulihan ini. Walau

bagaimanapun, kebanyakan pemerhati pasaran mencadangkan

bahawa ekonomi sedang mencapai kapasiti penuh (dijangka

pada 4 - 4.5%). Margin keuntungan mempunyai kecenderungan

untuk menurun berikutan kejatuhan kadar pengangguran ke

tahap yang amat rendah, pertumbuhan pekerjaan sebanyak 2%

dan pertumbuhan gaji yang hanya meningkat sekitar 0.5% ke

arah 2.5%. Ini akan mewujudkan persekitaran yang mencabar

bagi pertumbuhan pendapatan kecuali jika pertumbuhan utama

terus melebihi pertengahan satu digit.

Pengerusi Rizab Persekutuan Janet Yellen menaikkan kadar faedah

sebanyak 25 mata asas dan pada dasarnya menyampaikan mesej

serampang empat mata;

• Ekonomi menunjukkan prestasi yang baik dan berada

dalam jalan peningkatan mampan

• Berkeyakinanbahawainflasiakanmeningkatdalamjangka

masa sederhana

• Tahap peningkatan kadar masa hadapan akan berlaku

secara beransur dan bersandarkan data (diramalkan pada

1.375% pada akhir 2016)

• Menekankan bahawa secara beransur-ansur tidak

bermakna mekanikal – penetapan masa yang sama rata,

peningkatan kadar yang bersaiz sama

Kenaikan kadar bertujuan terutamanya untuk mengurangkan

kesan kemelesetan ekonomi akan datang tetapi bukan untuk

mengawal inflasi kerana ia tidak akan berkesan. Pada dasarnya,

kami percaya bahawa kenaikan kadar membawa sedikit perbezaan

kepada pasaran ekuiti kerana tempoh hutang purata semasa

S&P 500 syarikat adalah 9.9 tahun dan 85% daripada syarikat

mempunyai hutang kadar tetap. Kenaikan kadar berikutnya yang

akan memberi kesan kepada prestasi ekuiti kerana penilaian yang

kaya ditambah dengan sentimen persekitaran yang negatif.

Dari segi sejarah, kadar yang lebih tinggi tidak semestinya

memberi pulangan ekuiti negatif. Ia bergantung kepada penilaian

dan kekuatan pemulihan ekonomi. Kami masih menjangka

ketidakstabilan pasaran sementara pelabur membuat keputusan

sama ada ekonomi AS telah pulih dan stabil sehingga cukup kuat

untuk mengekalkan pertumbuhan pendapatan agar penilaian

yang kaya dapat diwajarkan.

eropah

Secara relatifnya, kami akan memberi perhatian yang lebih kepada

Eropah kerana dasar pertumbuhan Eropah yang menyokong

ekuiti. Walaupun pasaran mengharungi persekitaran yang sukar,

M1 terus menunjukkan aktiviti ekonomi yang berdaya tahan

manakala komposit PMI adalah kukuh pada 54.2.

Walaupun kami sedar bahawa penilaian telah meningkat

dan tidak ada banyak ruang untuk pengembangan pelbagai,

prospek pendapatan dari persekitaran makro yang lebih cerah

menyediakan peningkatan yang lebih baik dalam ruang pasaran

maju. Ekonomi akan terus menghadapi rintangan berikutan

harga minyak yang rendah, ECB yang kurang menyakinkan dan

euro yang lemah.

Permintaan domestik yang terpendam adalah sebab utama

mengapa komposit PMI telah bertahan dengan baik. Permintaan

domestik telah menjadi sumber utama pertumbuhan yang

menjadikan rantau ini lebih berdaya tahan terhadap cabaran

luaran. Secara teorinya, pengguna tidak perlu menyimpan

keuntungan daripada kejatuhan harga minyak kerana simpanan

isi rumah yang tinggi sebanyak 20.4% berbanding 5.6% di

Amerika Syarikat.

Dengan 75% daripada pemberian pinjaman dilakukan melalui

sistem perbankan, peningkatan dalam mekanisme penghantaran

kredit telah banyak membantu pemulihan permintaan dalam negeri.

Kami percaya bahawa pertumbuhan pinjaman perlu diteruskan

dan selera risiko bank terhadap pinjaman akan meningkat.

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china

Pertumbuhan kredit mengecewakan kerana sikap berhati-hati

bank yang timbul daripada aset-aset tertunggak dan tindakan

keras ke atas rasuah walaupun kadar menurun sebanyak 150

mata asas menjelang 2016. Sektor pengguna/perkhidmatan

dan teknologi yang menimbulkan gangguan telah bertumbuh

dengan baik manakala bidang-bidang ekonomi lama sedang

menghadapi masalah nilai yang terperangkap. Kami masih

mengharapkan kadar yang lebih rendah untuk membantu

mengurangkan risiko penurunan sementara kerajaan cuba untuk

mengimbangi semula ekonomi ke arah menjadi sebuah negara

perbelanjaan pengguna. Data makro November merupakan

berita baik dan mencadangkan beberapa penstabilan tetapi kami

sedang menanti untuk mata data yang lebih untuk mengubah

kedudukan kami yang rendah.

Harga tenaga/bahan yang lemah, jualan runcit yang kurang dan

jualan kediaman yang negatif telah mengurangkan perolehan

selama 2 tahun berturut-turut. Kami percaya bahawa kesan

asas yang rendah akan bermula untuk 2016 dan sektor-sektor

pertumbuhan termasuk IT, perkhidmatan kewangan, penjagaan

kesihatan, alam sekitar dan harta benda. Walau bagaimanapun,

penilaian berada di atas nilai min dan oleh itu, ruang untuk salah

langkah pada masa hadapan adalah minimum. “Underweight”.

Malaysia

Terdapat beberapa tanda harapan cerah walaupun kami

percaya ia akan menjadi tahun yang mencabar pada 2016.

Kami mengesyaki bahawa nilai Ringgit Malaysia mungkin

telah mendatar melainkan jika harga minyak terus menurun

dari USD35 - USD40 setong. Sentimen dalam Ringgit Malaysia

mungkin bertambah baik dengan:

• Penyelesaianisu-isu1MDB

• Lebihanakaunsemasayangberterusan

• PelaburanChinakeMalaysia

Ekonomi Malaysia memerlukan penstrukturan asas disebabkan

oleh cabaran-cabaran yang perlu diharungi. GST dan kenaikan

pemberhentian kerja tidak menggalakkan prospek pertumbuhan

permintaan domestik pada masa ini. Keyakinan pengguna pula

semakin lemah dan mereka terpaksa mengurangkan perbelanjaan

kerana hutang isi rumah yang semakin tinggi. Kami lebih berhati-

hati pada masa ini berikutan potensi risiko kesedaran liabiliti luar

jangka yang semakin meningkat dan kerosakan reputasi yang

timbul daripada peristiwa-peristiwa sekitar 1MDB.

Tinjauan Pasaran Pendapatan TetapBerikutan ucapan Janet Yellen di mana beliau menyatakan

perkara yang perlu diambil kira oleh Rizab Persekutuan AS

(“Fed”) sebelum memenuhi syarat untuk kenaikan kadar pada

masa depan, pasaran bon global dijangka terus menunjukkan

prestasi yang kukuh. Tambahan pula, beliau terus menekankan

pendirian Fed terhadap kebergantungan data dan kepentingan

untuk kadar faedah dinaikkan pada kadar yang lebih berhati-

hati. Ini menyebabkan pengukuhan meluas mata wang Pasaran

Baru Muncul dan aset-aset berisiko yang lain.

Isu-isu domestik yang telah memberi kesan kepada ekonomi

sepanjang tahun lalu seperti Ringgit yang lemah, harga komoditi

global yang rendah dan harga minyak global yang berkurangan

telah lenyap di tengah-tengah jangkaan kenaikan kadar Fed yang

lebih perlahan serta penstabilan dalam komoditi global harga

harga minyak terutamanya minyak mentah.


Tinjauan Pasaran Dana AmMetLife Oasis Islamic equity Dana Sasaran: Dana AmOasis Global Islamic equity


Pasaran ekuiti global kekal tidak menentu sepanjang tahun ini

berikutan kebimbangan pertumbuhan ekonomi membangun yang

berterusan dan potensi normalisasi dasar monetari di Amerika

Syarikat. Walau bagaimanapun, ketidaktentuan pertumbuhan

global telah menyebabkan Fed AS menjadi lebih berhati-hati

mengenai kelajuan dan masa kenaikan kadar faedah dan pada

masa yang sama pasaran ekuiti kembali meningkat semula dari

paras terendah berikutan penyuntikan kemudahan tunai oleh Bank

Pusat Eropah (ECB) dan Bank of Japan (BoJ) ke dalam sistem. Pada

pandangan kami, ketidakstabilan pada awal tahun adalah satu

peringatan kepada keadaan kemudahan tunai yang tidak normal

pada masa kini dan potensi peningkatan ketidakstabilan apabila

keadaan monetari akhirnya normal. Kami percaya pelabur telah

mula sedar akan risiko yang sedia ada, dibuktikan oleh sebaran

kredit yang meluas - terutamanya bon yang memberikan hasil

yang tinggi. Syarikat-syarikat yang tidak mempunyai kunci kira-kira

yang sihat atau aliran tunai yang kukuh telah mula menyaksikan

tekanan ke atas kos dan pembiayaan yang sedia ada. Dinamik

ini menekankan kepentingan melabur dalam syarikat yang

mempunyai kelebihan daya saing yang kuat, kunci kira-kira yang

sihat dan keupayaan untuk menjana aliran tunai dan pulangan ke

atas ekuiti (ROE) yang berterusan melalui kitaran ekonomi.

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Tinjauan Pelaburan (Bersambung)

Premium risiko ekuiti kekal tinggi di seluruh pasaran ekuiti global

dalam tempoh jangka masa pendek ke sederhana disebabkan

oleh kadar hasil bon rendah luar biasa yang menyediakan

sokongan kepada penilaian ekuiti. Walau bagaimanapun, kita

perlu sedar bahawa hasil bon rendah yang direkod (walaupun

hasil bon negatif) tidak mungkin kekal dalam jangka masa

panjang. Dengan pasaran ekuiti diniagakan dengan purata

penilaian jangka panjang mereka dan kemudahan tunai yang

mungkin diperketatkan, pasaran ekuiti dijangka kekal tidak

menentu. Memandangkan keadaan ini, pasaran perlu mula

menunjukkan perbezaan yang lebih besar antara syarikat-

syarikat yang berkualiti tinggi dan rendah. Memandangkan

kita berada di awal-awal kitaran di mana kos dan keupayaan

pembiayaan semakin sukar, terutamanya bagi syarikat-syarikat

berkualiti rendah, kami terus memastikan bahawa syarikat-

syarikat dalam portfolio kami mempunyai kelebihan daya saing

yang kuat dan keupayaan untuk menyampaikan aliran tunai dan

ROE yang berterusan melalui kitaran ekonomi. Syarikat-syarikat

ini mempunyai lembaran imbangan yang kukuh dan hasil aliran

tunai yang jauh lebih tinggi daripada pasaran, untuk memastikan

kemampanan mereka dalam masa yang sukar serta mempunyai

keupayaan untuk mengembalikan tunai kepada pemegang

saham melalui dividen dan pembelian balik saham secara

konsisten. Lembaran imbangan yang kukuh juga menyediakan

pilihan untuk mengambil kesempatan ke atas aset bermasalah

semasa keadaan pasaran yang sukar.


Tinjauan Pasaran Dana AmMetLife Global emerging Market Dana Sasaran: Dana AmGlobal emerging Markets

Opportunities



Sejak 20 Januari 2016, Indeks MSCI Emerging Markets (EM)

telah mengembalikan 20% dan mengatasi pasaran membangun

sebanyak 9% memprovokasi perbahasan sama ada ini adalah

permulaan langkah yang lebih kukuh oleh EM. Prestasi pasaran

saham baru-baru ini meningkat didorong oleh kelemahan dolar

Amerika Syarikat, dengan penyusutan nilai dolar tahun terkini di

sekitar 6% berasaskan wajaran perdagangan. Ini seterusnya telah

menyumbang kepada pemulihan dalam harga komoditi. Hasilnya

ialan putaran pasaran yang ketara, dengan pasaran yang dianggap

paling terdedah kepada pengeluaran mudah tunai dolar AS global

di kalangan pasaran yang berprestasi, bersama-sama dengan

beberapa pengeluar komoditi. Walau bagaimanapun, jangka

hayat prestasi ini tidak menentu dan kemungkinan besar boleh

dipersoalkan. Pertumbuhan global dan permintaan perdagangan

terus menjadi suram. Pertumbuhan pendapatan EM dari segi

dolar AS masih belum menunjukkan apa-apa tanda kemajuan.

Sifat peningkatan pasaran baru-baru ini juga tidak meyakinkan

dan mempunyai beberapa ciri peningkatan jangka masa pendek.

Bahan-bahan berkitar dan sektor tenaga telah meningkatkan

prestasi dan saham yang berkualiti rendah dan mempunyai

pertumbuhan yang lemah, secara umumnya, adalah antara yang

berprestasi kuat. Kualiti perdagangan/pertumbuhan yang telah

menguasai pada tahun-tahun kebelakangan ini telah menurun

dengan mendadak, walaupun asas makroekonomi hanya

mempunyai perubahan yang kecil. Sentimen negatif terhadap

EM dan penilaian menarik yang berterusan secara relatifnya

bermakna EM boleh terus mengatasi rakan-rakan pasaran

maju tetapi kami ragu-ragu bahawa ini adalah permulaan satu

langkah pulangan mutlak tinggi yang berterusan. Disebabkan

ini, ciri-ciri portfolio kami secara amnya tidak berubah dan kami

mengekalkan pendirian yang agak berhati-hati.

Pasaran utama kami pada awal Mac 2016 ialah Brazil, China,

Hungary, Russia, Korea Selatan, dan Turki.

Di Brazil, asas ekonomi terus merosot tetapi penilaian yang

munasabah dan harapan untuk perubahan politik/dasar telah

meningkat. Di China, penilaian dan pertumbuhan adalah

munasabah manakala dasar memberi sokongan, walaupun

terdapat beberapa kebimbangan mata wang yang berterusan.

Persekitaran ekonomi makro di Hungary terus kukuh dan kami

telah mengenal pasti peluang saham yang kuat. Korea Selatan

mempunyai kedudukan akaun semasa yang kukuh dan pasaran

menawarkan penilaian yang menarik, walaupun terdapat

beberapa risiko pendapatan. Di Rusia, walaupun terdapat

kebimbangan geopolitik dan beberapa risiko pendapatan yang

berterusan, penilaian adalah rendah dan terdapat tanda-tanda

penstabilan dalam data ekonomi. Ekonomi Turki terdedah

kepada kemudahan tunai global yang lebih ketat manakala risiko

polisi/geopolitik kekal. Walau bagaimanapun, pendapatan dan

penilaian adalah menarik.

Kami juga sedang mencari idea bawah ke atas yang kukuh dalam

pasaran bukan teras, terutamanya Taiwan, India dan Mexico

tetapi juga Georgia, Pakistan dan Kuwait.


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Tinjauan Pasaran Dana AmMetLife Global Agribusiness Dana Sasaran: Dana AmGlobal Agribusiness


Gabungan beberapa faktor telah memberi kesan kepada

prestasi ekuiti dalam beberapa bulan kebelakangan ini; walau

bagaimanapun, ia tidak pernah daya tarikan kategori perniagaan

tani. Menurut FAO, perdagangan makanan global telah

berkembang hampir tiga kali ganda dalam nilai sepanjang dekad

yang lalu, dan kadar pertumbuhan dijangka terus meningkat,

dengan beberapa kawasan menjadi pengeksport bersih dan

pengimport bersih yang meningkat. Pada tahun 2050 bilangan

penduduk dunia boleh mencapai 9.7 bilion, urbanisasi mungkin

telah meningkat secara mendadak, dan pengguna akan

menuntut makanan berkalori tinggi. Pelaburan yang besar perlu

dibuat untuk memenuhi permintaan ini. Kami percaya bahawa

kepincangan pasaran buat sementara waktu memberi peluang

menarik untuk melabur dalam rantaian nilai pertanian global.

Secara keseluruhan, penurunan dalam harga nutrien kini

mengimbangi harga komoditi yang rendah dan kemampuan

input lading kembali selaras dengan purata sejarah. Di peringkat

global, petani juga mendapat manfaat daripada pengurangan

kadar sewa tanah dan elektrik yang lebih rendah, gas, dan input

minyak, memberikan lagi bantuan struktur kos. Berbanding

syarikat-syarikat dalam sektor bahan asas, rantaian nilai

perniagaan tani telah mengekalkan lembaran imbangan yang

kukuh, dan projek-projek modal sama ada siap atau hampir siap

dan seterusnya mengurangkan kos agregat pengeluaran bagi

perusahaan-perusahaan ini. Disiplin bekalan boleh diperhatikan

pada suku terakhir 2015 untuk semua nutrien. Tambahan pula,

pengganti untuk meningkatkan hasil nutrien masih belum dicipta,

dan kekurangan aplikasi akan menyebabkan pengeluaran yang

lebih rendah. Sama dengan 2015 kami menjangkakan bahawa

pengurusan perniagaan ini akan mengembalikan lebih banyak

modal kepada pemegang saham melalui pembelian balik dan

dividen, apabila mereka melihat tempoh harga yang lebih rendah

ini buat sementara waktu sahaja. Selain itu, kami menjangkakan

penggabungan industri kerana banyak syarikat yang tersenarai

sedang berniaga pada kitaran penilaian rendah yang menarik

minat korporat dan kewangan.

Pengurus rantaian bekalan akan mendapat manfaat daripada

pembukaan pasaran Argentina dan beberapa kehelan iklim yang

kini memberi kesan kepada pertumbuhan tanaman (Brazil, Afrika

Selatan). Walaupun sejarah penilaian yang lebih tinggi dalam

segmen rantaian nilai kami, kami telah mengenal pasti syarikat-

syarikat yang menarik yang sama ada dalam proses memotong

kos atau di tengah-tengah penyusunan semula portfolio produk

atau mengembangkan kategori makanan baru yang menarik.

Pasaran baru muncul menjadi lebih berdaya saing dan adalah

satu perkara positif untuk perniagaan tani tetapi mungkin

menyebabkan kelembapan pertumbuhan jangka pendek untuk

beberapa syarikat multinasional makanan.

Kestabilan harga tanaman dan tenaga yang lebih rendah telah

meningkatkan pulangan kepada petani pada 2016. Petani juga

mendapat manfaat daripada input nutrien yang lebih rendah

berikutan kelewatan pembelian pada musim luruh. Hasilnya,

kami terus menjangkakan penanaman peringkat global. Petani

akan memerlukan sekurang-kurangnya pembelian benih dan

penggunaan beberapa nutrien dan bahan kimia jika ingin

menanam. Kami percaya apabila permintaan meningkat pada

musim bunga di April dan Mei 2016 ke tahap normal, kita boleh

melihat peningkatan dalam harga untuk beberapa input pertanian,

yang juga boleh menjadi pemangkin bagi ekuiti nutrien.

Harga minyak dan diesel yang lebih rendah membantu untuk

menurunkan kos di ladang dan meningkatkan kemampuan

untuk membeli input yang tidak boleh dibudi bicara. Baru-baru

ini kami memerhatikan peningkatan permintaan diikuti oleh

kenaikan harga bagi nutrien. Kami menjangkakan aliran itu

untuk diteruskan pada 2016.


Tinjauan Pasaran Dana AmMetLife Precious Metals Dana Sasaran: Dana AmPrecious Metals

Dana Sasaran Akhir: Dana DWS noor Precious

Metals Securities

Kami menjangka permintaan pelabur untuk emas akan

bersambung semula dengan peningkatan pengelakan risiko.

Seperti yang telah kami nyatakan, hutang adalah satu-satunya

perkara yang telah berkembang dengan kukuh sejak krisis

kewangan global. Dalam usaha untuk membayar hutang dengan

efisien, pertumbuhan dan inflasi diperlukan yang terbukti agak

sukar difahami walaupun dengan sejumlah besar QE. Kami

tetap yakin bahawa Rizab Persekutuan AS mungkin mahu terus

menaikkan kadar, tetapi kemungkinan besar kadar kenaikan

selanjutnya perlu dilambatkan. Terdapat satu cara perdagangan

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Tinjauan Pelaburan (Bersambung)

untuk USD yang semakin menghakis baki pembayaran di

Amerika Syarikat, dan memberi kesan yang berat ke atas KDNK.

Dengan hutang yang semakin meningkat dan pertumbuhan

yang sukar difahami, kami kekal positif pada Emas dan percaya ia

mempunyai faedah lain sebagai aset selamat.

Ekuiti emas dan logam berharga sedang memberi manfaat

berterusan bukan sahaja daripada sokongan harga emas, tetapi

juga disebabkan oleh kejatuhan kos input dan keadaan mata wang.

Kami percaya bahawa penggunaan modal yang lebih berhemat

dan peningkatan kecekapan operasi akan membawa kepada

pendapatan yang lama dijangka dan ROIC positif untuk pelabur

ekuiti logam berharga. Kami percaya ini akan menyebabkan

penarafan semula sektor ekuiti emas dan logam berharga.

Kami percaya bahawa penarafan semula akan menyebabkan

pengembangan pematuhan Syariah dan seterusnya menyediakan

pelbagai pemilihan dan faedah kepelbagaian untuk DWS Noor Gold

dan Dana Precious Metals. Kami juga percaya dalam persekitaran

ini, halangan kepada emas yang dicipta oleh kekuatan USD yang

luar biasa akhirnya akan berfaedah kepada pertumbuhan emas dan

ekuiti emas. Ini juga akan meningkatkan pemilihan keseluruhan

ekuiti dan logan berharga yang patuh Syariah.


Tinjauan Pasaran Dana AmMetLife Tactical Bond Dana Sasaran: Dana AmTactical Bond

Berikutan ucapan Janet Yellen di mana beliau menyatakan

perkara yang perlu diambil kira oleh Rizab Persekutuan AS

(“Fed”) sebelum memenuhi syarat untuk kenaikan kadar pada

masa depan, pasaran bon global dijangka terus menunjukkan

prestasi yang kukuh. Tambahan pula, beliau terus menekankan

pendirian Fed terhadap kebergantungan data dan kepentingan

untuk kadar faedah dinaikkan pada kadar yang lebih berhati-

hati. Ini menyebabkan pengukuhan meluas mata wang Pasaran

Baru Muncul dan aset-aset berisiko yang lain.

Isu-isu domestik yang telah memberi kesan kepada ekonomi

sepanjang tahun lalu seperti Ringgit yang lemah, harga komoditi

global yang rendah dan harga minyak global yang berkurangan

telah lenyap di tengah-tengah jangkaan kenaikan kadar Fed

yang lebih perlahan serta penstabilan dalam komoditi global

harga harga minyak terutamanya minyak mentah. Keadaan

semasa dijangka kekal dalam tempoh terdekat dengan pasaran

menjangkakan Ringgit berlegar sekitar 3.80-3.90 kepada Dolar

Amerika Syarikat. Dengan pulangan yang menurun dengan ketara

secara menyeluruh dalam tempoh dua minggu yang lalu, sentimen

risiko yang lebih positif dijangka memberi manfaat kepada

pasaran bon tempatan. BNM dijangka akan mengekalkan dasar

monetari akomodatif semasa berikutan ekonomi domestik yang

dijangka berkembang pada kadar yang lebih perlahan sebanyak

4.0 - 4.5% pada 2016 dan jangkaan inflasi yang terkawal. Bagi

tahun 2016, Kadar Dasar Semalaman (“OPR”) dijangka kekal

pada kadar semasa sebanyak 3.25%. Namun begitu, terdapat

kemungkinan untuk BNM mengurangkan OPR bagi menyokong

pertumbuhan domestik sekiranya aktiviti ekonomi domestik dan

prospek pertumbuhan luar merosot dengan ketara.


Tinjauan Pasaran Dana AmMetLife Asia Pacific reITS Dana Sasaran: Dana AmAsia Pacific reITS

Jangkaan pendapatan global berada pada paras terendah

tetapi pertumbuhan keuntungan kelihatan seperti tidak

memberangsangkan. Ini diperkukuhkan penunjuk utama

OECD yang negatif dan menurun. Walaupun begitu, kadar

kemerosotan adalah sederhana dan menunjukkan kepada aliran

pertumbuhan dalam tempoh 2 suku akan datang. Pertumbuhan

kredit sektor swasta AS telah berkembang dalam 5 tahun

yang lepas manakala peluang pekerjaan telah meningkat dan

kadar upah diperkukuhkan. Kelemahan USD baru-baru ini

akan menyumbang kepada penambahbaikan PMI walaupun

pengurangan negatif daripada perbelanjaan modal yang terhasil

daripada harga minyak yang lemah berkurangan.

Harga pasaran sekarang berdasarkan pendirian Rizab Persekutuan

AS yang kurang agresif, dengan andaian bahawa akan ada

sekurang-kurangnya 2 kenaikan kadar menjelang akhir tahun.

RBA mengurangkan kadar faedah pada awal Mei berikutan data

ekonomi yang lemah.

Di Australia dan Jepun, di mana, persekitaran kadar faedah yang

rendah akan terus memacu permintaan bagi hasil, menyebabkan

pemampatan hasil. Walau bagaimanapun, kami tetap berhati-

hati dengan kualiti. Oleh itu, kami terus memantau musim

pelaporan di Singapura dan laporan terbaru operasi di Australia

untuk pengesahan atau semakan strategi, jika perlu.




Strategi Pelaburan



162



Strategi Pelaburan


Strategi Pelaburan ekuiti

Walaupun kadar penilaian untuk Malaysia tidak berubah secara

mendadak, ia adalah berdasarkan pertumbuhan pendapatan 5%.

Lebih kekecewaan telah ditekankan pada musim laporan ini, dan

syarikat-syarikat korporat amat berwaspada dengan bimbingan

yang diberikan. Walaupun begitu, pemilikan ekuiti asing adalah

masih rendah, manakala jangkaan pendapatan bagi 2016 kekal

rendah. Tema bagi 2016 adalah pendirian defensif untuk kadar

hasil dan perdagangan terpilih, dan pasaran dipercayai akan

berada dalam jajaran ketat.

Pada masa penulisan (FBM KLCI 1700), kenaikan dihadkan pada

1750 (+2 SD di atas min) manakala penurunan adalah pada

1642/1610 (-1SD dan -2SD di bawah min masing-masing).

Sementara para pelabur mencari penjelasan ketika menuju

ke dalam 2017, tiada pemenang sektor yang jelas dan ia akan

menjadi pasaran pemilihan saham.

Strategi Pelaburan Pendapatan Tetap

Keadaan semasa dijangka kekal dalam tempoh terdekat dengan

pasaran menjangkakan Ringgit berlegar sekitar 3.80-3.90 kepada

Dolar Amerika Syarikat.

Dengan pulangan yang menurun dengan ketara secara

menyeluruh dalam tempoh dua minggu yang lalu, sentimen

risiko yang lebih positif dijangka memberi manfaat kepada

pasaran bon tempatan. BNM dijangka akan mengekalkan dasar

monetari akomodatif semasa berikutan ekonomi domestik yang

dijangka berkembang pada kadar yang lebih perlahan sebanyak

4.0 - 4.5% pada 2016 dan jangkaan inflasi yang terkawal. Bagi

tahun 2016, Kadar Dasar Semalaman (“OPR”) dijangka kekal

pada kadar semasa sebanyak 3.25%. Namun begitu, terdapat

kemungkinan untuk BNM mengurangkan OPR bagi menyokong

pertumbuhan domestik sekiranya aktiviti ekonomi domestik dan

prospek pertumbuhan luar merosot dengan ketara.

untuk Dana Balanced dan Dana Teguh

Dengan mengambil kira tinjauan pasaran di atas, kami akan

mengekalkan peruntukan aset dalam pendapatan tetap ke tahap

minimum dan lebih kepada ekuiti.


Strategi Pelaburan Dana AmMetLife Oasis Islamic equity Dana Sasaran: Dana AmOasis Global Islamic equity


Kami telah mengekalkan pelaburan dalam syarikat-syarkat

berkualiti tinggi yang mempunyai daya saing yang kukuh, serta

mampu mencatatakan Pulangan atas Ekuiti (ROE) tinggi serta

mampan ketika melalui kitaran ekonomi.

Kami percaya syarikat-syarikat dengan lembaran imbangan dan

aliran tunai kukuh dapat kekal mampan ketika persekitaran

ekonomi yang mencabar dan mencatatkan pertumbuhan

pendapatan sebenar untuk tempoh jangka panjang. Portfolio

kami didagangkan pada diskaun yang besar berbanding pasaran

ekuiti global dan mampu menjana ROE tinggi yang mampan

dalam kitaran ekonomi.

Ini sepatutnya menyebabkan penciptaan kekayaan sebenar

untuk pelanggan kami dalam jangka masa panjang. Tambahan

pula, dengan persekitaran kadar faedah semasa, kami percaya

pendapatan bagi syarikat-syarikat tunai bermodal besar kurang

kerana pulangan yang hampir boleh diabaikan atas baki tunai

mereka. Sementara keadaan ekonomi dan kadar faedah mula

kembali normal, syarikat-syarikat ini akan mendapat manfaat

manakala syarikat-syarikat yang menggunakan modal kewangan

lebih tinggi akan bergelut berikutan peningkatan kos pembiayaan

mereka. Syarikat-syarikat dalam portfolio kami mempunyai

kelebihan daya saing jangka panjang yang berterusan dalam

bentuk kos purata wajaran yang lebih rendah daripada modal

kerana generasi aliran tunai mereka yang kuat.


Strategi Pelaburan Dana AmMetLife Global emerging Market Dana Sasaran: Dana AmGlobal emerging Markets

Opportunities



Pasaran utama kami pada awal tempoh ialah UAE, Turki, Korea

Selatan, India, Hungary dan China.

163





Pada bulan April 2015, kami menambah Thailand ke senarai

pasaran teras kerana pada pandangan kami, penilaian yang

munasabah dan ekonomi yang meningkat mengimbangi

ketidaktentuan politik yang sedang berlangsung. Kami

mengeluarkan India, oleh kerana penilaian yang kaya, dan

Thailand, memandangkan pertumbuhan perlahan dan

ketidaktentuan politik yang berterusan pada bulan Julai 2015.

Rusia telah ditambah pada November 2015, berdasarkan

penilaian murah dan tanda-tanda bahawa ekonomi yang

lemah semakin stabil. UAE telah dikeluarkan pada Januari 2016

kerana kemerosotan dalam latar belakang makroekonomi,

yang berpunca daripada kelemahan harga tenaga. Greek telah

dimasukkan pada bulan Januari. Penilaian adalah murah dan

permodalan semula bank telah berjaya diselesaikan. Kami telah

menambah Turki pada awal Mac 2016. Penilaian dan pendapatan

pertumbuhan adalah menarik walaupun sensitiviti berterusan

berikutan persekitaran mudah tunai global dan risiko geopolitik.


Strategi Pelaburan Dana AmMetLife Global AgribusinessDana Sasaran: Dana AmGlobal Agribusiness


Komoditi yang lebih rendah boleh mendorong pemprosesan

makanan dengan input seperti minyak/gas, pengangkutan,

pembungkusan dan komoditi lembut. Potensi El Nino untuk

beralih menjadi La Nina dalam 2016 perlu diambil kira,

memberikan ketepatan peramalan fenomena tersebut setakat

ini. Kami menjangkakan turun naik harga tanaman dan

gangguan perdagangan yang lebih tinggi untuk berterusan

dan berpotensi menjadi lebih teruk pada tahun 2016. Pada

peringkat negara, pembukaan pasaran eksport untuk tanaman

di Argentina meningkatkan bekalan buat sementara waktu.

Beberapa daripada pegangan dalam syarikat kami telah atau

harus mendapat manfaat daripada pelepasan inventori yang

disimpan ini.

Pendapat kami tidak berubah secara dramatik dengan permintaan

makanan masih berkembang pada 2.5–2.7%, pengurangan

perbelanjaan modal lebih jelas pada 2016 dan tidak mempunyai

nilai yang merosakkan M&A dalam perancangan. Penilaian kami

terhadap bekalan tanaman global tidak berubah. El Nino telah

menyebabkan kemerosotan di beberapa negara seperti Afrika

Selatan, Asia Tenggara dan Brazil yang mungkin memberi kesan

negatif terhadap bekalan. Walau bagaimanapun, sentimen

komoditi global, harga minyak yang lebih rendah dan kelemahan

mata wang EM tidak menggalakkan pemulihan harga tanaman.

Kami tidak mengubah pendedahan geografi dengan peruntukan

geografi portfolio sebagai sisa daripada proses pemilihan saham.

Kebanyakan EM menawarkan penilaian yang menarik dan rendah,

dan dengan peningkatan mata wang dan komoditi baru-baru

ini kami lebih optimistik bagi 2016 selebihnya. Syarikat-syarikat

perniagaan tani masih ketinggalan dalam pemulihan bahan global

walaupun, kunci kira-kira dan aliran tunai bebas tidak lama lagi

akan meningkat bagi kebanyakan syarikat pegangan kami. La

Nina boleh menjadi risiko yang lebih besar untuk hasil tanaman

global menjelang akhir tahun ini, menyebabkan perhentian

kepada peningkatan tiga tahun di beberapa inventori komoditi

tanaman. Kami telah mengalami kekurangan pengeluaran gula

yang dramatik pada awal 2016.


Strategi Pelaburan Dana AmMetLife Precious Metals Dana Sasaran: Dana AmPrecious Metals

Dana Sasaran Akhir: Dana DWS noor Precious Metals

Securities

Kedudukan kami mencerminkan pengelakkan pasaran terhadap

syarikat-syarikat yang berbelanja lebih - fokus kami adalah kepada

nama-nama Emas dan Logam Berharga yang lebih berazam untuk

mengawal perbelanjaan tunai mereka (terutamanya perbelanjaan

modal pertumbuhan) dan oleh itu, mempunyai model perniagaan

yang lebih konservatif daripada purata dalam industri, yang

mampu menjana aliran tunai percuma (atau FCF yang kurang

negatif), dan mempunyai hutang yang lebih rendah. Disiplin tunai

terus menjadi elemen penting dalam strategi keseluruhan kami,

kerana syarikat-syarikat menghadapi kesukaran menunaikan janji

mereka untuk mengurangkan kos operasi dan modal. Kajian

menyeluruh terus dilakukan ke atas nama-nama yang akan

berkhidmat untuk memangsi dana kepada pendirian yang lebih

agresif; bagaimanapun, pematuhan Syariah adalah yang paling

utama dalam proses pengurusan pelaburan. Dana tidak boleh

melabur dalam nama-nama yang akan mendapat manfaat paling

besar daripada pemulihan dalam sentimen kerana syarikat-

syarikat mempunyai tahap kewangan yang tinggi.


164



Strategi Pelaburan Dana AmMetLife Tactical Bond Dana Sasaran: Dana AmTactical Bond

Bagi tempoh kewangan yang ditinjau, Dana ini melabur

terutamanya dalam bon korporat dan sekuriti kerajaan.

Pengurus akan menganalisis persekitaran ekonomi dan pasaran

umum. Pengurus juga menganalisis dan membandingkan

sekuriti berdasarkan jangkaan pulangan terhadap risiko yang

diambil dengan menganalisis penarafan kredit dan tempoh

sekuriti. Pengurus juga menimbangkan sekuriti dengan kredit

baik atau industri yang berpotensi menawarkan peningkatan

modal. Pelaburan Dana adalah tertakluk kepada pengurusan

tempoh taktikal aktif, di mana tempoh Dana dipanjangkan atau

dipendekkan mengikut prospek kadar faedah.


Strategi Pelaburan Dana AmMetLife Asia Pacific reITS Dana Sasaran: Dana AmAsia Pacific reITS

Bagi tempoh kewangan yang ditinjau, Dana mencapai objektif

pelaburannya, di mana 70% kepada 98% daripada Nilai Aset

Bersih (“NAB”) Dana telah melabur dalam REITs tersenarai di

rantau Asia Pasifik, iaitu Australia, Hong Kong, Jepun, Malaysia,

Singapura dan Thailand. Selain kepelbagaian negara, Dana juga

mempelbagaikan sektor pendedahan dalam REIT kediaman,

runcit, perdagangan dan perindustrian. Dana memegang di

antara 2% hingga 30% daripada NABnya dalam aset cair.

Strategi ini akan terus digunakan pada masa depan.

Pengurus menggunakan strategi peruntukan yang aktif, yang

bermakna keputusan peruntukan aset akan dibuat selepas

mengkaji aliran makroekonomi dan tinjauan sektor negara

masing-masing di rantau Asia Pasifik. Pengurus akan mensasarkan

REIT yang mempunyai rekod prestasi yang kukuh dalam menjana

pulangan pendapatan yang tetap dan yang mempunyai potensi

untuk pertumbuhan modal. Dalam menilai kesesuaian REIT,

Pengurus akan menyemak rekod prestasi, portfolio aset, status

kewangan, dan dasar pengagihan pendapatan dan faktor-faktor

kos REIT.

Dalam keadaan pasaran yang buruk, Pengurus boleh menukar

peruntukan aset kepada aset berisiko rendah seperti aset cair

untuk memelihara modal Dana. Dalam tempoh ini, pelaburan Dana

mungkin berbeza daripada strategi pelaburan yang ditetapkan.


Strategi Pelaburan (Bersambung)



Prestasi Dana



166



Prestasi Dana

Dana AmMetLife equity

Prestasi Sejak Permulaan

Dana AmMetLife equity berbanding Penanda Aras

Prestasi sejak 27 februari 2004 – 31 Mac 2016

Prestasi Setahun Penuh

Dana AmMetLife equity berbanding Penanda Aras

Prestasi sejak 1 April 2015 – 31 Mac 2016

Pres

tasi

(%)

Bulan

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

Mac

-04

Nov

-04

Jul-0

5

Mac

-06

Nov

-06

Jul-0

7

Mac

-08

Nov

-08

Jul-0

9

Mac

-10

Nov

-10

Jul-1

1

Mac

-12

Nov

-12

Jul-1

3

Mac

-14

Nov

-14

Jul-1

5

Mac

-16


Pres

tasi

(%)

Bulan

6.00

3.00

0.00

-3.00

-6.00

-9.00

-12.00

-15.00

Apr-1

5

Mei

-15

Jun-

15

Jul-1

5

Ogo

s-15

Sep-

15

Okt

-15

Nov

-15

Dis-

15

Jan-

16

Feb-

16

Mac

-16


167





Dana AmMetLife Bond


Dana AmMetLife Bond berbanding Penanda Aras



Dana AmMetLife Bond berbanding Penanda Aras


Pres

tasi

(%)

Bulan

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

Mac

-04

Nov

-04

Jul-0

5

Mac

-06

Nov

-06

Jul-0

7

Mac

-08

Nov

-08

Jul-0

9

Mac

-10

Nov

-10

Jul-1

1

Mac

-12

Nov

-12

Jul-1

3

Mac

-14

Nov

-14

Jul-1

5

Mac

-16

AmMetLife Bond

MBB 12mth Tier 1

Pres

tasi

(%)

Bulan

5.00

4.00

3.00

2.00

1.00

0.00

-1.00

Apr-1

5

Mei

-15

Jun-

15

Jul-1

5

Ogo

s-15

Sep-

15

Okt

-15

Nov

-15

Dis-

15

Jan-

16

Feb-

16

Mac

-16

AmMetLife Bond

MBB 12mth Tier 1

168



Prestasi Dana (Bersambung)

Dana AmMetLife Balanced


Dana AmMetLife Balanced berbanding Penanda Aras



Dana AmMetLife Balanced berbanding Penanda Aras


Pres

tasi

(%)

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

Bulan

Mac

-04

Sep-

04

Mac

-05

Sep-

05

Mac

-06

Sep-

06

Mac

-07

Sep-

07

Mac

-08

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Sep-

12

Mac

-13

Sep-

13

Mac

-14

Sep-

14

Mac

-15

Sep-

15

Mac

-16

AmMetLife Balanced


Pres

tasi

(%)

Bulan

2.00

0.00

-2.00

-4.00

-6.00

Apr-1

5

Mei

-15

Jun-

15

Jul-1

5

Ogo

s-15

Sep-

15

Okt

-15

Nov

-15

Dis-

15

Jan-

16

Feb-

16

Mac

-16

AmMetLife Balanced


169







AmMetLife Dana Teguh berbanding Penanda Aras

Prestasi sejak inception 27 februari 2004 – 31 Mac 2016


AmMetLife Dana Teguh berbanding Penanda Aras


Pres

tasi

(%)

140.00

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

Mac

-04

Sep-

04

Mac

-05

Sep-

05

Mac

-06

Sep-

06

Mac

-07

Sep-

07

Mac

-08

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Sep-

12

Mac

-13

Sep-

13

Mac

-14

Sep-

14

Mac

-15

Sep-

15

Mac

-16

Bulan



Pres

tasi

(%)

Bulan

4.00

3.00

2.00

1.00

0.00

-1.00

-2.00

-3.00

-4.00

-5.00

-6.00

-7.00

Apr-1

5

Mei

-15

Jun-

15

Jul-1

5

Ogo

s-15

Sep-

15

Okt

-15

Nov

-15

Dis-

15

Jan-

16

Feb-

16

Mac

-16



170




Dana AmMetLife Oasis Islamic equity


Dana AmMetLife Oasis Islamic equity berbanding Penanda Aras



Dana AmMetLife Oasis Islamic equity berbanding Penanda Aras


Apr-0

7

Sep-

07

Feb-

08

Jul-0

8

Dis-

08

Mei

-09

Okt

-09

Mac

-10

Ogo

s-10

Jan-

11

Jun-

11

Nov

-11

Apr-1

2

Sep-

12

Feb-

13

Jul-1

3

Dis-

13

Mei

-14

Okt

-14

Mac

-15

Ogo

s-15

Jan-

16

Pres

tasi

(%)

Bulan

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

AmMetLife Oasis Islamic Equity

Dow Jones Islamic Market Index

Pres

tasi

(%)

Bulan

9.00

6.00

3.00

0.00

-3.00

-6.00

-9.00

-12.00

Apr-1

5

Mei

-15

Jun-

15

Jul-1

5

Ogo

s-15

Sep-

15

Okt

-15

Nov

-15

Dis-

15

Jan-

16

Feb-

16

Mac

-16

AmMetLife Oasis Islamic EquityDow Jones Islamic Market Index

171





Dana AmMetLife Global emerging Market


Dana AmMetLife Global emerging Market berbanding Penanda Aras

Prestasi sejak 1 Jun 2008 – 31 Mac 2016


Dana AmMetLife Global emerging Market berbanding Penanda Aras


Pres

tasi

(%)

Bulan

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

-60.00

Jun-

08

Sep-

08

Dis-

08

Mac

-09

Jun-

09

Sep-

09

Dis-

09

Mac

-10

Jun-

10

Sep-

10

Dis-

10

Mac

-11

Jun-

11

Sep-

11

Dis-

11

Mac

-12

Jun-

12

Sep-

12

Dis-

12

Mac

-13

Jun-

13

Sep-

13

Dis-

13

Mac

-14

Jun-

14

Sep-

14

Dis-

14

Mac

-15

Jun-

15

Sep-

15

Dis-

15

Mac

-16



Pres

tasi

(%)

Bulan

10.00

5.00

0.00

-5.00

-10.00

-15.00

-20.00

-25.00

-30.00

Apr-1

5

Mei

-15

Jun-

15

Jul-1

5

Ogo

s-15

Sep-

15

Okt

-15

Nov

-15

Dis-

15

Jan-

16

Feb-

16

Mac

-16



172




Dana AmMetLife Precious Metals


Dana AmMetLife Precious Metals berbanding Penanda Aras

Prestasi sejak 1 September 2008 – 31 Mac 2016


Dana AmMetLife Precious Metals berbanding Penanda Aras


Pres

tasi

(%)

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00

-60.00

-80.00

Sep-

08

Dis-

08

Mac

-09

Jun-

09

Sep-

09

Dis-

09

Mac

-10

Jun-

10

Sep-

10

Dis-

10

Mac

-11

Jun-

11

Sep-

11

Dis-

11

Mac

-12

Jun-

12

Sep-

12

Dis-

12

Mac

-13

Jun-

13

Sep-

13

Dis-

13

Mac

-14

Jun-

14

Sep-

14

Dis-

14

Mac

-15

Jun-

15

Sep-

15

Dis-

15

Mac

-16

Bulan



Apr-1

5

Mei

-15

Jun-

15

Jul-1

5

Ogo

s-15

Sep-

15

Okt

-15

Nov

-15

Dis-

15

Jan-

16

Feb-

16

Mac

-16

Pres

tasi

(%)

Bulan

25.00

20.00

15.00

10.00

5.00

0.00

-5.00

-10.00

-15.00

-20.00

-25.00

-30.00



173





Dana AmMetLife Global Agribusiness


Dana AmMetLife Global Agribusiness berbanding Penanda Aras



Dana AmMetLife Global Agribusiness berbanding Penanda Aras


Pres

tasi

(%)

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Sep-

12

Mac

-13

Sep-

13

Mac

-14

Sep-

14

Mac

-15

Sep-

15

Mac

-16

Bulan



Pres

tasi

(%)

Bulan

Apr-1

5

Mei

-15

Jun-

15

Jul-1

5

Ogo

s-15

Sep-

15

Okt

-15

Nov

-15

Dis-

15

Jan-

16

Feb-

16

Mac

-16

0.00

-12.00

-8.00

-4.00

-16.00

4.00

8.00



174




Dana AmMetLife Dividend


Dana AmMetLife Dividend berbanding Penanda Aras

Prestasi sejak 27 Oktober 2011 – 31 Mac 2016


Dana AmMetLife Dividend berbanding Penanda Aras


Pres

tasi

(%)

Bulan

Okt

-11

Feb-

12

Jun-

12

Okt

-12

Feb-

13

Jun-

13

Okt

-13

Feb-

14

Jun-

14

Okt

-14

Feb-

15

Jun-

15

Okt

-15

Feb-

16

0.00

10.00

20.00

30.00

40.00

50.00

-10.00

AmMetLife Dividend

FBMKLCI

Apr-1

5

Mei

-15

Jun-

15

Jul-1

5

Ogo

s-15

Sep-

15

Okt

-15

Nov

-15

Dis-

15

Jan-

16

Feb-

16

Mac

-16

Pres

tasi

(%)

Bulan

0.00

-9.00

-6.00

-3.00

-12.00

-15.00

6.00

3.00

AmMetLife DividendFBMKLCI

175





Dana AmMetLife Asia Pacific reITS


Dana AmMetLife Asia Pacific reITS berbanding Penanda Aras



Dana AmMetLife Asia Pacific reITS berbanding Penanda Aras


176




Dana AmMetLife Tactical Bond


Dana AmMetLife Tactical Bond berbanding Penanda Aras



Dana AmMetLife Tactical Bond berbanding Penanda Aras


Pres

tasi

(%)

Sep-

13

Nov

-13

Jan-

14

Mac

-14

Mei

-14

Jul-1

4

Sep-

14

Nov

-14

Jan-

15

Mac

-15

Mei

-15

Jul-1

5

Sep-

15

Nov

-15

Jan-

16

Mac

-16

Bulan

0.00

2.00

4.00

6.00

8.00

10.00

12.00

-4.00

-2.00



Apr-1

5

Mei

-15

Jun-

15

Jul-1

5

Ogo

s-15

Sep-

15

Okt

-15

Nov

-15

Dis-

15

Jan-

16

Feb-

16

Mac

-16

Pres

tasi

(%)

Bulan

0.00

-1.00

-2.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00





Pecahan MengikutSektor dan Kategori



178



Pecahan Sektor dan Kategori

Dana AmMetLife equityButiran komposisi portfolio Dana AmMetLife Equity pada 31 Mac 2016 adalah seperti berikut:

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %

Pembinaan 4.55 2.91 7.72 3.23 8.25

Produk pengguna – 3.07 – – –

Kewangan 23.94 24.83 11.34 5.54 7.58

Produk perindustrian 11.65 8.84 13.03 17.47 4.57

Infrastruktur 1.70 3.80 1.31 3.15 –

Perladangan 3.44 0.97 – 4.06 5.72

Hartanah – – 2.97 – –

REITS – – – – 6.84

Teknologi 4.05 4.19 – – –

Perdagangan/Perkhidmatan 38.10 44.47 45.85 27.22 43.71

Perjanjian pembelian semula/Tunai 12.57 6.91 17.77 39.33 23.33

100.00 100.00 100.00 100.00 100.00

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %

Unit Amanah Malaysia 9.67 9.75 9.56 7.11 9.40

Bon Korporat 79.58 82.63 68.18 65.70 79.06

Sekuriti Kerajaan Malaysia – – – – –


100.00 100.00 100.00 100.00 100.00

Dana AmMetLife Bond Butiran komposisi portfolio Dana AmMetLife Bond pada 31 Mac 2016 adalah seperti berikut:

179





Dana AmMetLife BalancedButiran komposisi portfolio Dana AmMetLife Balanced pada 31 Mac 2016 adalah seperti berikut:

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %

Pembinaan 5.03 3.03 0.45 – 7.61


Kewangan 15.16 16.59 9.00 5.18 7.27


Infrastruktur 0.80 2.85 0.94 – –

Perladangan 2.52 – – 3.41 5.38

Hartanah – – 3.02 – –

REITS – – 0.62 – 6.16

Teknologi 2.52 3.73 – – –


Bon Korporat 20.56 26.44 24.71 26.95 27.08

Unit Amanah Malaysia – – 9.18 – –


100.00 100.00 100.00 100.00 100.00

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %

Pembinaan 5.50 5.51 9.19 3.14 11.45



Infrastruktur 0.99 3.53 1.39 2.69 –

Perladangan 3.55 1.47 – – 4.85

Hartanah – 1.88 3.21 – –

Teknologi 3.07 4.63 – – –


Bon Korporat 11.98 13.64 19.97 22.52 18.31



100.00 100.00 100.00 100.00 100.00

AmMetLife Dana TeguhButiran komposisi portfolio AmMetLife Dana Teguh pada 31 Mac 2016 adalah seperti berikut:

180



Dana AmMetLife Oasis Islamic equityButiran komposisi portfolio Dana AmMetLife Oasis Islamic Equity pada 31 Mac 2016 adalah seperti berikut:

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %

Pembinaan – – – – 8.55

Produk pengguna – – – – –

Produk perindustrian – – – – 2.88

Infrastruktur – – – – 6.38

Perladangan – – – – 3.84

Hartanah – – – – –

Perdagangan/Perkhidmatan – – – – 24.42

Waran – – – – –



100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmOasis Global Islamic equity (“Dana Sasaran”)

Nota: Sumber peruntukan sektor Dana Sasaran daripada AmInvest*Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan yang kerap setiap hari.

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %

Bahan Asas 7.00 8.00 4.00 5.00 9.00

Komunikasi 20.00 20.00 18.00 21.00 19.00

Pengguna, Berkitar 15.00 11.00 8.00 7.00 8.00

Pengguna, Tidak Berkitar 5.00 8.00 9.00 6.00 6.00

Tenaga 7.00 8.00 10.00 11.00 12.00

Penjagaan Kesihatan 18.00 19.00 22.00 22.00 19.00

Perindustrian 4.00 3.00 6.00 8.00 6.00

Hartanah 1.00 1.00 1.00 1.00 1.00

Teknologi 23.00 22.00 22.00 17.00 18.00

Utiliti – – – 2.00 2.00

Pecahan Sektor dan Kategori (Bersambung)

181





Dana AmMetLife Precious MetalsButiran komposisi portfolio Dana AmMetLife Precious Metals pada 31 Mac 2016 adalah seperti berikut:


Peruntukan Sektor* Dana AmPrecious Metals (“Dana Sasaran”)

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %



100.00 100.00 100.00 100.00 100.00

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %

Emas 69.28 70.14 73.46 79.78 71.75

Platinum – – – – –

Logam Berharga & Mineral 18.99 15.15 13.09 16.12 12.92

Perak 9.71 12.60 6.77 – –

Pelbagai Logam & Perlombongan – – 6.60 – –

Tunai dan aset lain 1.96 2.09 0.05 4.07 15.31

182



Dana AmMetLife Global AgribusinessButiran komposisi portfolio Dana AmMetLife Global Agribusiness pada 31 Mac 2016 adalah seperti berikut:

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %



100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmGlobal Agribusiness (“Dana Sasaran”)

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %

Produk Pertanian 24.50 22.70 19.10 23.60 25.20

Kilang Minuman Keras 3.10 3.20 3.70 – –

Jentera Pembinaan/ Perladangan – – – 2.20 2.40

Penyulingan & Pembuatan Wain – – – – –

Pelbagai Bahan Bank – – 3.20 2.10 2.00

Pelbagai Bahan Kimia 2.10 3.20 3.70 1.70 –

Baja & Kimia Pertanian 38.30 39.90 38.20 43.00 40.30

Pengedar Makanan 4.20 2.00 1.50 – –

Peruncit Makanan 2.60 2.90 2.90 1.10 6.40

Pasaraya Besar & Pusat Membeli Belah – – – 2.40 1.50

Peralatan & Perkhidmatan Sains Hayat – – – 2.10 2.80

Pelabuhan & Perkhidmatan Marin 1.60 1.40 1.70 1.50 1.80

Sektor lain 1.30 3.30 4.30 4.50 –

Makanan Berbungkus & Daging 17.70 16.70 19.50 15.10 12.70

Landasan Keretapi – – 1.30 1.30 0.80

Restoran 1.70 2.80 0.90 – –

Tunai & Sektor Lain – – – -0.60 4.10

Tidak diklasifikasikan 1.40 0.90 – – –

Minuman Ringan 1.20 1.00 – – –



183





Dana AmMetLife Global emerging MarketButiran komposisi portfolio Dana AmMetLife Global Emerging Market pada 31 Mac 2016 adalah seperti berikut:

Peruntukan Sektor* Dana AmGlobal emerging Market Opportunities (“Dana Sasaran”)

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %



100.00 100.00 100.00 100.00 100.00

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %

Budi Bicara Pengguna 14.15 12.97 15.87 10.26 19.49

Barangan Asas Pengguna 3.56 5.11 3.37 9.98 1.08

Derivatif – – – – -0.01

Tenaga 3.62 3.71 10.12 5.00 11.57

Kewangan 31.81 33.68 34.12 40.74 27.82

Penjagaan Kesihatan 2.07 3.72 0.90 1.20 -

Perindustrian 5.72 3.98 2.59 4.48 5.06

Teknologi Maklumat 21.64 24.10 18.14 13.77 12.87

Aset Cair 9.80 – – – –

Bahan-bahan 3.40 1.94 3.29 3.26 6.51

Perkhidmatan Telekomunikasi 4.23 3.86 3.63 7.74 –

Utiliti – 1.18 – 0.24 2.25

Aset Bersih Lain – – – – 13.36

Tunai – 5.75 7.97 3.33 –


184



Dana AmMetLife Asia Pacific reITSButiran komposisi portfolio Dana AmMetLife Asia Pacific REITS pada 31 Mac 2016 adalah seperti berikut:

Peruntukan Sektor* Dana AmAsia Pacific reITS (“Dana Sasaran”)

TK 2016 TK 2015 TK 2014 % % %

Unit Amanah Malaysia 93.87 91.50 88.62

Perjanjian pembelian semula/Tunai 6.13 8.50 11.38

100.00 100.00 100.00

TK 2016 TK 2015 TK 2014 % % %

Tunai dan lain-lain 14.95 – –

Deposit Tetap/Instrumen Boleh Niaga/Tunai – 15.20 13.90

Hartanah 2.34 84.80 86.10

REITs 80.25 – –

Utiliti 2.46 – –


Dana AmMetLife DividendButiran komposisi portfolio Dana AmMetLife Dividend pada 31 Mac 2016 adalah seperti berikut:

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012 % % % % %

Pembinaan 5.44 3.89 4.96 – –


Kewangan 25.53 24.41 13.88 12.60 13.29


Infrastruktur 1.71 4.13 4.99 4.61 5.92

Perladangan 2.73 0.48 – – 5.46

Hartanah – 0.00 7.41 3.06 –

REITS – – 4.53 4.08 16.56

Teknologi 3.58 5.30 – – –



100.00 100.00 100.00 100.00 100.00


185





TK 2016 TK 2015 TK 2014 % % %

Unit Amanah Malaysia 91.97 90.63 86.64

Perjanjian pembelian semula/Tunai 8.03 9.37 13.36

100.00 100.00 100.00

TK 2016 TK 2015 TK 2014 % % %

Bon 95.79 93.10 84.47

Tunai 4.21 6.90 15.53

Peruntukan Sektor* Dana AmTactical Bond (“Dana Sasaran”)

Dana AmMetLife Tactical BondButiran komposisi portfolio Dana AmMetLife Tactical Bond pada 31 Mac 2016 adalah seperti berikut:



KOSONG

JadualPerbandingan Prestasi



188



Jadual Perbandingan PrestasiPrestasi Dana pada 31 Mac 2016

1 Tahun 3 Tahun 5 Tahun Sejak Pelancaran

Purata Kompaun Pulangan Tahunan % Pulangan Tahunan %

Dana AmMetLife Equity 0.70 7.02 4.52 5.94

Dana AmMetLife Bond 3.00 2.83 3.58 4.18

Dana AmMetLife Balanced 1.35 5.04 3.26 5.72

AmMetLife Dana Teguh 2.00 9.51 6.44 6.55

Dana AmMetLife Oasis Islamic Equity (4.04) 6.29 4.41 1.44

Dana AmMetLife Global Emerging Market (5.43) 1.20 (1.06) 0.36

Dana AmMetLife Precious Metals 8.10 (9.71) (13.29) (8.27)

Dana AmMetLife Global Agribusiness (10.97) (0.57) (0.27) 2.05

Dana AmMetLife Dividend 0.50 7.89 – 7.92

Dana AmMetLife Asia Pacific REITS 6.23 – – 7.49

Dana AmMetLife Tactical Bond 6.23 – – 3.64

189





Dana AmMetLife equityButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:

*Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih daripada semua yuran

Dana AmMetLife Bond Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:


TK 2016 TK 2015 TK 2014 TK 2013 TK 2012

Harga Seunit (rM)

NAB tertinggi seunit bagi tahun 1.0216 1.0197 0.9946 0.8265 0.8317

NAB terendah seunit bagi tahun 0.8888 0.8684 0.8253 0.7529 0.7070

nilai Aset Bersih (nAB) dan unit dalam edaran (uDe) pada akhir Tahun*

Jumlah NAB (RM juta) 20.3461 19.3462 14.5438 12.2637 14.5937

UDE (dalam juta) 20.1536 19.2958 14.6327 14.8900 18.6334

NAB seunit (RM) 1.0096 1.0026 0.9939 0.8236 0.7832

Jumlah Pulangan Bagi Tahun (%)

Jumlah Pulangan¹ 0.70 0.88 20.68 5.16 (3.23)

Pertumbuhan Modal 0.70 0.88 20.68 5.16 (3.23)

Pengagihan Pendapatan – – – – –

TK 2016 TK 2015 TK 2014 TK 2013 TK 2012

Harga Seunit (rM)





UDE (dalam juta) 14.4607 15.5323 21.5938 21.6261 16.2856

NAB seunit (RM) 0.8232 0.7992 0.7740 0.7571 0.7311


Jumlah Pulangan¹ 3.00 3.26 2.23 3.56 5.91

Pertumbuhan Modal 3.00 3.26 2.23 3.56 5.91


nilai Aset Bersih, Jumlah unit dan Harga unitPada 31 Mac 2016

190



Dana AmMetLife BalancedButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:


AmMetLife Dana Teguh Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:


TK 2016 TK 2015 TK 2014 TK 2013 TK 2012

Harga Seunit (rM)





UDE (dalam juta) 22.6014 22.5725 24.6747 26.9555 26.2568

NAB seunit (RM) 0.9842 0.9711 0.9790 0.8491 0.8193


Jumlah Pulangan¹ 1.35 (0.81) 15.30 3.64 (2.25)

Pertumbuhan Modal 1.35 (0.81) 15.30 3.64 (2.25)


TK 2016 TK 2015 TK 2014 TK 2013 TK 2012

Harga Seunit (rM)





UDE (dalam juta) 17.8878 16.9101 12.1007 15.6696 16.6728

NAB seunit (RM) 1.0829 1.0617 1.0063 0.8246 0.7875


Jumlah Pulangan¹ 2.00 5.51 22.03 4.71 (0.67)

Pertumbuhan Modal 2.00 5.51 22.03 4.71 (0.67)


nilai Aset Bersih, Jumlah unit dan Harga unit (Bersambung)

As at 31 Mac 2016

191





Dana AmMetLife Oasis Islamic equityButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:

Dana AmMetLife Global emerging MarketButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:



TK 2016 TK 2015 TK 2014 TK 2013 TK 2012

Harga Seunit (rM)





UDE (dalam juta) 6.9363 7.2363 8.5410 7.2475 9.8279

NAB seunit (RM) 0.5684 0.5923 0.5285 0.4733 0.4424


Jumlah Pulangan¹ -4.04 12.07 11.66 6.98 (3.41)

Pertumbuhan Modal -4.04 12.07 11.66 6.98 (3.41)


TK 2016 TK 2015 TK 2014 TK 2013 TK 2012

Harga Seunit (rM)





UDE (dalam juta) 1.8000 1.7536 1.7201 1.5360 1.4608

NAB seunit (RM) 0.5141 0.5436 0.5139 0.4960 0.4940


Jumlah Pulangan¹ -5.43 5.78 3.61 0.40 (8.89)



192



Dana AmMetLife Precious MetalsButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:

Dana AmMetLife Global Agribusiness Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:



TK 2016 TK 2015 TK 2014 TK 2013 TK 2012

Harga Seunit (rM)





UDE (dalam juta) 14.6769 15.8907 13.9612 13.8346 12.0202

NAB seunit (RM) 0.2603 0.2408 0.2815 0.3536 0.4293


Jumlah Pulangan¹ 8.10 (14.46) (20.39) (17.63) (19.14)

Pertumbuhan Modal 8.10 (14.46) (20.39) (17.63) (19.14)


TK 2016 TK 2015 TK 2014 TK 2013 TK 2012

Harga Seunit (rM)





UDE (dalam juta) 3.4758 3.2309 3.0205 2.7952 2.6083

NAB seunit (RM) 0.5829 0.6547 0.6189 0.5929 0.5594


Jumlah Pulangan¹ -10.97 5.78 4.39 5.99 (5.30)




Pada 31 Mac 2016

193





Dana AmMetLife DividendButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:

Dana AmMetLife Asia Pacific reITSButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:


TK 2016 TK 2015 TK 2014 TK 2013 TK 2012

Harga Seunit (rM)





UDE (dalam juta) 20.1110 18.1690 15.0299 11.3857 10.4925

NAB seunit (RM) 0.7003 0.6968 0.6283 0.5577 0.5189


Jumlah Pulangan¹ 0.50 10.90 12.66 7.48 –

Pertumbuhan Modal 0.50 10.90 12.66 7.48 –



TK 2016 TK 2015 TK 2014

Harga Seunit (rM)

NAB tertinggi seunit bagi tahun 0.6113 0.5669 0.5000

NAB terendah seunit bagi tahun 0.5457 0.4907 0.4750


Jumlah NAB (RM juta) 0.9213 0.6857 0.5809

UDE (dalam juta) 1.5349 1.2136 1.1849

NAB seunit (RM) 0.6002 0.5650 0.4903


Jumlah Pulangan¹ 6.23 15.24 –

Pertumbuhan Modal 6.23 15.24 –

Pengagihan Pendapatan – – –

194



Dana AmMetLife Tactical BondButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2016 adalah seperti berikut:


Pada 31 Mac 2016


TK 2016 TK 2015 TK 2014

Harga Seunit (rM)

NAB tertinggi seunit bagi tahun 0.5576 0.5153 0.5008

NAB terendah seunit bagi tahun 0.5026 0.4869 0.4807


Jumlah NAB (RM juta) 0.5451 0.4635 0.4912

UDE (dalam juta) 0.9958 0.8995 0.9949

NAB seunit (RM) 0.5474 0.5153 0.4937


Jumlah Pulangan¹ 6.23 – –

Pertumbuhan Modal 6.23 – –

Pengagihan Pendapatan – – –



ringkasan kepadaMaklumat Kewangan

Pernyataan oleh Pengurus 196

Laporan Juruaudit Bebas 197

Penyata Aset dan Liabiliti 199

Penyata Pendapatan dan Perbelanjaan 205

Penyata Perubahan di dalam Nilai Aset Bersih 211

Nota-nota kepada Maklumat Kewangan 217



196



Pernyataan oleh Pengurus

Pada pendapat Pengurus, maklumat kewangan Dana-dana Berkaitan Pelaburan AmMetLife Insurance Berhad yang disertakan yang

terdiri daripada Dana AmMetLife Equity, Dana AmMetLife Bond, Dana AmMetLife Balanced, AmMetLife Dana Teguh, Dana AmMetLife

AmOasis Islamic Equity, Dana AmMetLife Asia Pacific REITS, Dana AmMetLife Global Emerging Market, Dana AmMetLife Tactical Bond,

Dana AmMetLife Precious Metals, Dana AmMetLife Global Agribusiness, Dana AmMetLife Commodity Stable Capital Guaranteed

(matang pada 12 Oktober 2015) dan Dana AmMetLife Dividend seperti yang termaktub dalam muka surat 199 hingga 262 telah

disediakan menurut dasar perakaunan seperti yang diterangkan dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan

Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia.

Bagi pihak AmMetLife Insurance Berhad

ch’ng Sok Heang

Kuala Lumpur, Malaysia

14 Jun 2016

197





Laporan Juruaudit Bebas

Laporan mengenai maklumat kewanganKami telah mengaudit maklumat kewangan untuk dana-dana berkaitan pelaburan AmMetLife Insurance Berhad (“Pengurus”) (“Dana-

dana”) yang terdiri daripada Penyata-penyata Aset dan Liabiliti pada 12 Oktober 2015 (“tarikh matang”) bagi Dana AmMetLife

Commodity Stable Capital Guaranteed dan pada 31 Mac 2016 bagi Dana AmMetLife Equity, Dana AmMetLife Bond, Dana AmMetLife

Balanced, AmMetLife Dana Teguh, Dana AmMetLife AmOasis Islamic Equity, Dana AmMetLife Asia Pacific REITS, Dana AmMetLife

Global Emerging Market, Dana AmMetLife Tactical Bond, Dana AmMetLife Precious Metals, Dana AmMetLife Global Agribusiness,

dan Dana AmMetLife Dividend, Penyata-penyata Pendapatan dan Perbelanjaan dan Penyata-penyata Perubahan dalam Nilai Aset

Bersih dari 1 April 2015 hingga tarikh matang Dana AmMetLife Commodity Stable Capital Guaranteed, Penyata-penyata Pendapatan

dan Perbelanjaan dan Penyata-penyata Perubahan dalam Nilai Aset Bersih bagi tahun berakhir 31 Mac 2016 untuk Dana AmMetLife

Equity, Dana AmMetLife Bond, Dana AmMetLife Balanced, AmMetLife Dana Teguh, Dana AmMetLife AmOasis Islamic Equity, Dana

AmMetLife Asia Pacific REITS, Dana AmMetLife Global Emerging Market, Dana AmMetLife Tactical Bond, Dana AmMetLife Precious

Metals, Dana AmMetLife Global Agribusiness dan Dana AmMetLife Dividend, dan ringkasan polisi-polisi perakaunan yang penting dan

maklumat penerangan lain (“maklumat kewangan”), seperti yang dibentangkan dalam muka surat 199 hingga 262.

Tanggungjawab para pengarah terhadap maklumat kewangan

Para pengarah kepada Pengurus bertanggungjawab atas penyediaan maklumat kewangan menurut dasar-dasar perakaunan seperti

yang diterangkan dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan

yang dikeluarkan oleh Bank Negara Malaysia. Para pengarah juga bertanggungjawab atas kawalan dalaman tertentu sebagaimana

yang ditentukan oleh para pengarah sebagai perlu untuk membolehkan penyediaan maklumat kewangan yang bebas daripada salah

nyata matan, sama ada disebabkan oleh penipuan atau kesilapan.

Tanggungjawab juruaudit

Tanggungjawab kami adalah untuk menyatakan pendapat berkenaan maklumat kewangan ini berdasarkan audit kami. Kami telah

menjalankan audit kami menurut piawaian pengauditan yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami mematuhi

keperluan etika dan merancang serta menjalankan audit untuk mendapatkan pengesahan yang wajar mengenai sama ada maklumat

kewangan tersebut bebas daripada salah nyata yang penting.

Audit melibatkan pelaksanaan prosedur-prosedur untuk memperoleh bukti audit mengenai amaun dan pendedahan dalam maklumat

kewangan. Prosedur yang dipilih bergantung kepada pertimbangan kami, yang termasuk penilaian risiko-risiko bagi salah nyata

matan maklumat kewangan, sama ada disebabkan oleh penipuan atau kesilapan. Dalam membuat penilaian risiko-risiko tersebut,

kami menganggap bahawa kawalan dalaman relevan dengan penyediaan maklumat kewangan Dana-dana menurut dasar-dasar

perakaunan seperti yang diterangkan dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful

Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia dengan tujuan merangka prosedur audit yang wajar mengikut

keadaannya, tetapi bukan bertujuan menyatakan pendapat mengenai keberkesanan kawalan dalaman Dana-dana tersebut. Audit

juga merangkumi penilaian kewajaran dasar-dasar perakaunan yang digunakan dan kewajaran anggaran perakaunan yang dibuat

oleh Pengurus, serta penilaian keseluruhan pembentangan maklumat kewangan tersebut.

Kami percaya bahawa bukti audit yang kami perolehi mencukupi dan wajar untuk memberikan asas kepada pendapat audit kami.

Pendapat

Seperti yang dinyatakan dalam Nota 1 kepada maklumat kewangan, Dana AmMetLife Commodity Stable Capital Guaranteed telah

matang pada 12 Oktober 2015. Oleh itu, maklumat kewangan dana ini telah disediakan atas dasar selain dasar usaha berterusan.

Aset Dana telah dinyatakan pada nilai wajar masing-masing dan semua liabiliti Dana, termasuk anggaran perbelanjaan sewaktu

kematangan Dana, telah diiktiraf.

198



Pada pendapat kami, maklumat kewangan tersebut telah disediakan, dalam segala aspek penting, menurut dasar-dasar perakaunan

seperti yang diterangkan dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan

Pelaburan yang dikeluarkan oleh Bank Negara Malaysia.

Lain-lain perkara

Laporan ini telah dibuat hanya untuk pemegang unit Dana, sebagai satu badan, menurut Garis Panduan Perniagaan Insurans/Takaful

Berkaitan Pelaburan yang dikeluarkan oleh Bank Negara Malaysia dan bukan untuk tujuan lain. Kami tidak bertanggungjawab kepada

mana-mana individu untuk kandungan laporan ini.

ernst & Young Megat Iskandar Shah Bin Mohamad norAF: 0039 No. 3083/07/17(J)Akauntan Berkanun Akauntan Berkanun

Kuala Lumpur, Malaysia14 Jun 2016

Ini adalah terjemahan Bahasa Malaysia untuk penyata kewangan dana-dana berkaitan pelaburan AmMetLife Insurance Berhad yang telah diaudit yang pada asalnya telah disediakan dalam Bahasa Inggeris. Terjemahan ini telah dibuat untuk membolehkan Pemegang Unit Dana-dana yang fasih dalam Bahasa Malaysia untuk memahami sepenuhnya maklumat kewangan berkenaan. Para pembaca dinasihatkan supaya merujuk kepada versi Bahasa Inggeris untuk penyata kewangan dan juruaudit yang telah disahkan.

Laporan Juruaudit Bebas (Bersambung)

199





Dana AmMetLife equity Dana AmMetLife Bond

2016 2015 2016 2015 nota rM rM rM rM

Aset

Pelaburan 3 17,789,025 17,743,960 10,625,405 12,517,869

Aset cukai tertangguh 4 – – 34,926 23,014

Lain-lain belum terima 172,499 530,521 220,780 170,079

Tunai dan baki di bank 3,064,757 1,317,419 1,237,428 53,201 Jumlah aset 21,026,281 19,591,900 12,118,539 12,764,163

Liabiliti

Peruntukan cukai 39,016 91,290 196,123 204,952

Liabiliti cukai tertangguh 4 90,472 121,447 – –

Lain-lain belum bayar 550,653 32,945 18,081 145,049 Jumlah liabiliti 680,141 245,682 214,204 350,001

nilai aset bersih dana (“nAB”) 20,346,140 19,346,218 11,904,335 12,414,162

Diwakili oleh:

Sumbangan pemegang unit 15,240,432 14,407,216 8,351,373 9,216,161

Pendapatan tidak teragih 5,105,708 4,939,002 3,552,962 3,198,001 Modal pemegang unit 5 20,346,140 19,346,218 11,904,335 12,414,162

unit dalam edaran 5 20,153,579 19,295,796 14,460,749 15,532,298

nAB seunit (rM) 5 1.0096 1.0026 0.8232 0.7992

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

ringkasan kepada Maklumat Kewangan

Penyata-penyata Aset dan Liabiliti Pada 31 Mac 2016

200



Dana AmMetLife Balanced AmMetLife Dana Teguh

2016 2015 2016 2015 nota rM rM rM rM

Aset

Pelaburan 3 17,100,984 21,881,350 11,648,083 17,549,355


Tunai dan baki di bank 5,430,621 1,968 8,139,513 3,400 Jumlah aset 22,713,772 22,238,501 19,903,875 18,293,404

Liabiliti

Peruntukan cukai 112,868 212,385 157,007 192,628

Liabiliti cukai tertangguh 4 28,167 72,960 52,749 119,007



Diwakili oleh:


Pendapatan tidak teragih 6,236,086 5,946,017 5,577,611 5,203,128 Modal pemegang unit 5 22,243,302 21,919,363 19,370,004 17,953,218


nAB seunit (rM) 5 0.9842 0.9711 1.0829 1.0617


Penyata-penyata Aset dan Liabiliti (Bersambung)

Pada 31 Mac 2016

201





Dana AmMetLife Dana AmMetLife AmOasis Islamic equity Asia Pacific reITS

2016 2015 2016 2015 nota rM rM rM rM

Aset

Pelaburan 3 3,642,122 3,988,807 864,835 672,241

Cukai boleh pulih 35 200 – –

Lain-lain belum terima 31,872 15,835 13,739 197

Tunai dan baki di bank 322,750 409,675 61,286 62,462 Jumlah aset 3,996,779 4,414,517 939,860 734,900

Liabiliti

Peruntukan cukai – – 930 361

Liabiliti cukai tertangguh 4 44,458 65,008 8,127 6,552


nilai aset bersih dana (“nAB”) 3,942,629 4,286,395 921,290 685,731

Diwakili oleh:

Sumbangan pemegang unit 3,442,694 3,625,140 783,464 599,005

Pendapatan tidak teragih 499,935 661,255 137,826 86,726

Modal pemegang unit 5 3,942,629 4,286,395 921,290 685,731


nAB seunit (rM) 5 0.5684 0.5923 0.6002 0.5650


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Dana AmMetLife Dana AmMetLife Global emerging Market Tactical Bond

2016 2015 2016 2015 nota rM rM rM rM

Aset

Pelaburan 3 864,077 885,544 501,385 421,026

Cukai boleh pulih – – – 67

Lain-lain belum terima 20,177 705 5,941 9,131

Tunai dan baki di bank 53,470 87,925 50,059 43,529 Jumlah aset 937,724 974,174 557,385 473,753

Liabiliti

Peruntukan cukai 1,440 979 185 –

Liabiliti cukai tertangguh 4 1,949 6,616 2,646 880


nilai aset bersih dana (“nAB”) 925,335 953,246 545,141 463,478

Diwakili oleh:

Sumbangan pemegang unit 909,764 886,459 499,399 447,653

Pendapatan tidak teragih 15,571 66,787 45,742 15,825 Modal pemegang unit 5 925,335 953,246 545,141 463,478

unit dalam edaran 5 1,799,970 1,753,586 995,790 899,484

nAB seunit (rM) 5 0.5141 0.5436 0.5474 0.5153



Pada 31 Mac 2016

203





Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness

2016 2015 2016 2015 nota rM rM rM rM

Aset

Pelaburan 3 3,094,720 3,535,402 2,044,060 2,135,006

Aset cukai tertangguh 4 279,301 300,037 – –

Cukai boleh pulih 15,687 16,566 – –


Tunai dan baki di bank 496,762 807 922 2,080 Jumlah aset 3,888,104 3,862,143 2,047,629 2,158,790

Liabiliti

Peruntukan cukai – – 4,088 4,026

Liabiliti cukai tertangguh 4 – – 8,327 29,762



Diwakili oleh:

Caruman pemegang unit 7,162,780 7,413,192 1,936,648 1,780,728

(Kerugian terkumpul)/ Pendapatan tidak teragih (3,343,045) (3,586,382) 89,285 334,546 Modal pemegang unit 5 3,819,735 3,826,810 2,025,933 2,115,274


nAB seunit (rM) 5 0.2603 0.2408 0.5829 0.6547


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Dana AmMetLife commodity Dana AmMetLife Stable capital Guaranteed Dividend

12.10.2015 31.03.2015 2016 2015 nota rM rM rM rM

Aset

Pelaburan 3 – 4,991,936 12,823,073 11,550,834

Lain-lain belum terima 4,381,557 223 21,856 438,025

Tunai dan baki di bank 402 37,179 1,861,177 827,377 Jumlah aset 4,381,959 5,029,338 14,706,106 12,816,236

Liabiliti

Peruntukan cukai – 20,248 20,953 31,994

Liabiliti cukai tertangguh 4 – 17,568 67,697 100,331

Lain-lain belum bayar – 693,337 533,334 24,659 Jumlah liabiliti – 731,153 621,984 156,984


Diwakili oleh:


Pendapatan tidak teragih 141,056 57,282 2,795,182 2,713,984 Modal pemegang unit 5 4,381,959 4,298,185 14,084,122 12,659,252


nAB seunit (rM) 5 0.5200 0.5101 0.7003 0.6968



Pada 31 Mac 2016

205






2016 2015 2016 2015 nota rM rM rM rM

Pendapatan pelaburan bersih:

Pendapatan faedah 6 45,697 62,640 666,147 755,156

Pendapatan dividen 7 520,530 426,217 50,325 13,372

566,227 488,857 716,472 768,528

Perolehan daripada pelupusan pelaburan 263,676 900,163 11,241 32,592 Jumlah pendapatan 829,903 1,389,020 727,713 801,120

Perbelanjaan pengurusan (282,242) (254,624) (116,303) (138,740)

Kerugian modal tidak terealisasi bersih (387,179) (950,293) (214,169) (152,894) Jumlah perbelanjaan (669,421) (1,204,917) (330,472) (291,634)

Lebihan pendapatan daripada perbelanjaan sebelum cukai 160,482 184,103 397,241 509,486

Cukai 8 6,224 (1,001) (42,280) (53,957)

Lebihan pendapatan daripada perbelanjaan selepas cukai 166,706 183,102 354,961 455,529

Pendapatan tidak teragih dibawa ke hadapan 4,939,002 4,755,900 3,198,001 2,742,472

Pendapatan tidak teragih dihantar ke hadapan 5,105,708 4,939,002 3,552,962 3,198,001



Penyata-penyata Pendapatan dan PerbelanjaanBagi tahun kewangan berakhir 31 Mac 2016

206




2016 2015 2016 2015 nota rM rM rM rM




954,146 946,519 674,928 490,597

Perolehan daripada pelupusan pelaburan 195,946 1,469,678 792,295 1,296,801 Jumlah pendapatan 1,150,092 2,416,197 1,467,223 1,787,398


Kerugian modal tidak terealisasi bersih (559,928) (2,336,664) (828,250) (660,696) Jumlah perbelanjaan (845,185) (2,637,677) (1,070,859) (858,038)

Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai 304,907 (221,480) 396,364 929,360

Cukai 8 (14,838) 27,006 (21,881) (70,905)

Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai 290,069 (194,474) 374,483 858,455 Pendapatan tidak teragih dibawa ke hadapan 5,946,017 6,140,491 5,203,128 4,344,673

Pendapatan tidak teragih dihantar ke hadapan 6,236,086 5,946,017 5,577,611 5,203,128


Penyata-penyata Pendapatan dan Perbelanjaan (Bersambung)

Bagi tahun kewangan berakhir 31 Mac 2016

207







2016 2015 2016 2015 nota rM rM rM rM



Pendapatan dividen 7 – – 32,497 26,213

10,007 10,143 34,838 28,065

Perolehan daripada pelupusan pelaburan 71,579 69,383 8,706 2,085

Perolehan modal tidak terealisasi bersih – 429,013 19,691 77,779 Jumlah pendapatan 81,586 508,539 63,235 107,929

Perbelanjaan pengurusan (60) (11,897) (9,676) (9,785)

Kerugian modal tidak terealisasi bersih (256,868) – – – Jumlah perbelanjaan (256,928) (11,897) (9,676) (9,785)

(Defisit)/lebihan pendapatan daripada perbelanjaan sebelum cukai (175,342) 496,642 53,559 98,144

Cukai 8 14,022 (40,683) (2,459) (6,538)

(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai (161,320) 455,959 51,100 91,606

Pendapatan/(kerugian) tidak teragih dibawa ke hadapan 661,255 205,296 86,726 (4,880)

Pendapatan tidak teragih dihantar ke hadapan 499,935 661,255 137,826 86,726

208




2016 2015 2016 2015 nota rM rM rM rM




4,725 4,576 18,362 26,301

Perolehan daripada pelupusan pelaburan 5,852 – 429 –

Perolehan modal tidak terealisasi bersih – 65,641 22,071 5,549 Jumlah pendapatan 10,577 70,217 40,862 31,850


Kerugian atas pelupusan pelaburan – – – (2,980)

Kerugian modal tidak terealisasi bersih (58,345) – – – Jumlah perbelanjaan (65,818) (10,059) (9,045) (12,275)


Cukai 8 4,025 (5,432) (1,900) (326)

(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai (51,216) 54,726 29,917 19,249 Pendapatan/(kerugian) tidak teragih dibawa ke hadapan 66,787 12,061 15,825 (3,424)

Pendapatan tidak teragih dihantar ke hadapan 15,571 66,787 45,742 15,825




209






2016 2015 2016 2015 nota rM rM rM rM



22,627 14,090 7,442 6,663

Perolehan modal tidak terealisasi bersih 259,199 – – 127,309 Jumlah pendapatan 281,826 14,090 7,442 133,972


Kerugian atas pelupusan pelaburan – (2,448) – –

Kerugian modal tidak terealisasi bersih – (651,472) (267,938) – Jumlah perbelanjaan (15,943) (673,906) (273,543) (11,524)

Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai 265,883 (659,816) (266,101) 122,448

Cukai 8 (22,546) 51,187 20,840 (10,717)

Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai 243,337 (608,629) (245,261) 111,731 (Kerugian)/pendapatan tidak teragih dibawa ke hadapan (3,586,382) (2,977,753) 334,546 222,815

(Kerugian)/pendapatan tidak teragih dihantar ke hadapan (3,343,045) (3,586,382) 89,285 334,546


210




1 April 2015 hingga 1 April 2014 hingga 12 Oktober 2015 31 Mac 2015 2016 2015 nota rM rM rM rM


Pendapatan faedah 6 551 387 32,850 41,061

Pendapatan dividen 7 1,029 2,223 374,947 375,552 1,580 2,610 407,797 416,613

Perolehan daripada pelupusan pelaburan 330,826 – 274,039 403,835

Perolehan modal tidak terealisasi bersih – 174,523 – 599,644 Jumlah pendapatan 332,406 177,133 681,836 1,420,092


Kerugian modal tidak terealisasi bersih (219,594) – (407,933) – Jumlah perbelanjaan (239,689) (29,534) (608,722) (167,434)

Lebihan pendapatan daripada perbelanjaan sebelum cukai 92,717 147,599 73,114 1,252,658

Cukai 8 (8,943) (13,993) 8,084 (83,562)

Lebihan pendapatan daripada perbelanjaan selepas cukai 83,774 133,606 81,198 1,169,096 Pendapatan/(kerugian) tidak teragih dibawa ke hadapan 57,282 (76,324) 2,713,984 1,544,888

Pendapatan tidak teragih dihantar ke hadapan 141,056 57,282 2,795,182 2,713,984




211





2016 2015 rM rM

Nilai aset bersih pada awal tahun 19,346,218 14,543,771

Amaun diterima daripada penerbitan unit 8,011,603 9,690,938

Amaun dibayar bagi pembatalan unit (7,178,387) (5,071,593) 20,179,434 19,163,116

Pendapatan terealisasi bersih selepas cukai 522,910 1,057,372

Kerugian modal belum terealisasi bersih selepas cukai (356,204) (874,270) Nilai aset bersih pada akhir tahun 20,346,140 19,346,218


Dana AmMetLife equity

2016 2015 rM rM




Pendapatan terealisasi bersih selepas cukai 557,218 599,360


Dana AmMetLife Bond


Penyata-penyata Perubahan di dalam nilai Aset Bersih Bagi tahun kewangan berakhir 31 Mac 2016

212



2016 2015 rM rM




Pendapatan terealisasi bersih selepas cukai 805,204 1,955,256

Kerugian modal belum terealisasi bersih selepas cukai (515,135) (2,149,730) Nilai aset bersih pada akhir tahun 22,243,302 21,919,363


2016 2015 rM rM




Pendapatan terealisasi bersih selepas cukai 1,136,475 1,466,295



Dana AmMetLife Balanced

Penyata-penyata Perubahan di dalam nilai Aset Bersih (Bersambung)


213





2016 2015 rM rM


Amaun diterima daripada penerbitan unit 983,849 741,116



(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (236,318) 394,693 Nilai aset bersih pada akhir tahun 3,942,629 4,286,395

2016 2015 rM rM

Nilai aset bersih pada awal tahun 685,731 580,944


Amaun dibayar bagi pembatalan unit (527,565) (363,095) 870,190 594,125


Perolehan modal tidak terealisasi bersih selepas cukai 18,116 71,556 Nilai aset bersih pada akhir tahun 921,290 685,731


Dana AmMetLife AmOasis Islamic equity

Dana AmMetLife Asia Pacific reITS

214




Dana AmMetLife Tactical Bond

Dana AmMetLife Global emerging Market

2016 2015 rM rM




Pendapatan/(kerugian) terealisasi bersih selepas cukai 2,462 (5,664)

(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (53,678) 60,390 Nilai aset bersih pada akhir tahun 925,335 953,246

2016 2015 rM rM





Perolehan modal tidak terealisasi bersih selepas cukai 20,305 5,105 Nilai aset bersih pada akhir tahun 545,141 463,478



215





2016 2015 rM rM


Amaun diterima daripada penerbitan unit 806,682 1,366,592

Amaun dibayar bagi pembatalan unit (1,057,094) (861,183) 3,576,398 4,435,439


Perolehan/(kerugian) modal tidak terealisasi bersih selepas cukai 238,463 (599,354) Nilai aset bersih pada akhir tahun 3,819,735 3,826,810

2016 2015 rM rM



Amaun dibayar bagi pembatalan unit (358,979) (406,861) 2,271,194 2,003,543


(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (246,503) 117,125 Nilai aset bersih pada akhir tahun 2,025,933 2,115,274


Dana AmMetLife Global Agribusiness

Dana AmMetLife Precious Metals

216



Dana AmMetLife commodity Stable capital Guaranteed

1 April 2015 hingga 1 April 2014 hingga 12 Oktober 2015 31 Mac 2015 rM rM


Amaun dibayar bagi pembatalan unit – (4,214) 4,298,185 4,164,579


(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (202,026) 160,561 Nilai aset bersih pada tarikh matang/akhir tahun 4,381,959 4,298,185


2016 2015 rM rM





(Kerugian)/perolehan modal belum terealisasi bersih selepas cukai (375,299) 551,673 Nilai aset bersih pada akhir tahun 14,084,122 12,659,252




217





1. Pengurus dan aktiviti utamanya

Dana-dana berkaitan pelaburan AmMetLife Insurance Berhad (“Pengurus”) terdiri daripada Dana AmMetLife Equity, Dana

AmMetLife Bond, Dana AmMetLife Balanced, AmMetLife Dana Teguh, Dana AmMetLife AmOasis Islamic Equity, Dana AmMetLife

Asia Pacific REITS, Dana AmMetLife Global Emerging Market, Dana AmMetLife Tactical Bond, Dana AmMetLife Precious Metals,

Dana AmMetLife Global Agribusiness, Dana AmMetLife Commodity Stable Capital Guaranteed (matang pada 12 Oktober 2015)

dan Dana AmMetLife Dividend (keseluruhannya dirujuk sebagai “Dana”).

Pengurus adalah sebuah syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia dan dilesenkan di bawah

Akta Perkhidmatan Kewangan 2013. Aktiviti utamanya adalah perniagaan pengunderaitan insurans hayat dan berkaitan pelaburan.

Tidak terdapat perubahan ketara dalam aktiviti utama Pengurus semasa tahun kewangan berakhir 31 Mac 2016.

Maklumat kewangan telah dibenarkan keluarannya oleh Lembaga Pengarah Pengurus menurut resolusi pada 14 Jun 2016.

2. Polisi perakaunan yang penting

2.1 Asas Penyediaan

Maklumat kewangan Dana-dana telah disediakan menurut polisi perakaunan seperti yang dinyatakan dalam Nota 2.2 kepada

maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara

Malaysia (“BNM”).

Maklumat kewangan ini telah disediakan di bawah konvensyen kos sejarah kecuali seperti yang dinyatakan di dalam polisi

perakaunan yang penting di dalam Nota 2.2 kepada maklumat kewangan.

Maklumat kewangan dibentangkan dalam Ringgit Malaysia (“RM”).

Penyata Aset dan Liabiliti, Penyata Pendapatan dan Perbelanjaan dan Penyata Perubahan dalam Nilai Aset Bersih Dana

AmMetLife Commodity Stable Capital Guaranteed telah disediakan untuk tempoh 1 April 2015 hingga 12 Oktober 2015,

yang merupakan tarikh matang bagi Dana tersebut. Oleh itu, maklumat kewangan Dana tersebut telah disediakan atas dasar

bukan usaha berterusan. Aset-aset Dana ini yang telah dinyatakan pada nilai boleh pulihnya semua liabiliti Dana tersebut,

termasuk anggaran perbelanjaan pada kematangan Dana, telah teriktiraf.

2.2 ringkasan polisi perakaunan yang penting

(a) Yuran pengurusan

Yuran pengurusan dicaj berdasarkan kepada nilai aset bersih Dana-dana, pada kadar berikut:

(i) Dana AmMetLife Equity 1.50% setahun

(ii) Dana AmMetLife Bond 1.00% setahun

(iii) Dana AmMetLife Balanced 1.50% setahun

(iv) AmMetLife Dana Teguh 1.50% setahun

(v) Dana AmMetLife AmOasis Islamic Equity 1.50% setahun

(vi) Dana AmMetLife Asia Pacific REITS 1.50% setahun

(vii) Dana AmMetLife Global Emerging Market 1.50% setahun

(viii) Dana AmMetLife Tactical Bond 1.00% setahun

(ix) Dana AmMetLife Precious Metals 1.50% setahun

(x) Dana AmMetLife Global Agribusiness 1.50% setahun

(xi) Dana AmMetLife Commodity Stable Capital Guaranteed 0.50% setahun

(xii) Dana AmMetLife Dividend 1.50% setahun


nota-nota kepada Maklumat Kewangan31 Mac 2016

218



nota-nota kepada Maklumat Kewangan (Bersambung)

(b) Instrumen kewangan – pengiktirafan permulaan dan ukuran berikutnya (i) Tarikh pengiktirafan

Semua aset dan liabiliti kewangan pada mulanya diiktiraf pada tarikh dagangan, iaitu tarikh Dana-dana menjadi pihak kepada peruntukan kontrak instrumen tersebut. Ini termasuk pembelian atau penjualan “dagangan lazim” aset kewangan yang memerlukan penghantaran aset dalam tempoh masa yang secara amnya ditetapkan oleh peraturan atau konvensyen di dalam pasaran.

(ii) ukuran permulaan instrumen kewangan Aset kewangan diklasifikasikan sebagai aset kewangan pada nilai saksama melalui keuntungan atau kerugian, aset kewangan sedia untuk dijual, aset kewangan dipegang sehingga matang atau pinjaman dan belum terima, sewajarnya. Liabiliti-liabiliti kewangan Dana-dana diklasifikasikan sebagai liabiliti-liabiliti kewangan pada nilai saksama melalui keuntungan atau kerugian atau pada kos terlunas, sebagaimana sewajarnya. Dana-dana menentukan klasifikasi aset-aset kewangan dan liabiliti-liabiliti kewangannya pada pengiktirafan permulaan.

Klasifikasi instrumen kewangan pada pengiktirafan permulaan bergantung kepada tujuan dan niat pengurusan yang mana instrumen kewangan dan ciri-cirinya. Semua instrumen kewangan diukur pada mulanya pada nilai saksama, ditambah kos transaksi, kecuali dalam kes aset kewangan dan liabiliti-liabiliti kewangan yang direkodkan pada nilai saksama melalui keuntungan atau kerugian, yang diukur pada nilai saksama.

Dana-dana mengklasifikasikan pelaburan ke dalam aset kewangan pada nilai saksama melalui keuntungan atau kerugian (“FVTPL”) atau pinjaman dan belum terima (“LAR”).

(iii) ukuran berikutnya Ukuran berikutnya instrumen kewangan bergantung kepada klasifikasinya seperti yang dinyatakan di bawah:1. Aset kewangan pada nilai saksama melalui keuntungan atau kerugian Aset-aset kewangan pada FVTPL direkodkan dalam Penyata Aset dan Liabiliti pada nilai saksama. Perubahan

dalam nilai saksama diiktiraf dalam Penyata Pendapatan dan Perbelanjaan. Pendapatan atau perbelanjaan faedah dan dividen direkodkan sebagai “Pendapatan Pelaburan Bersih” atau “Perbelanjaan faedah”, sebagaimana yang wajar dan menurut terma kontrak, atau apabila hak pembayaran telah ditentukan.

Termasuk dalam klasifikasi ini ialah sekuriti pendapatan tetap, skim pelaburan kolektif dan ekuiti.

2. Pinjaman dan belum terima (“LAr”) LAR termasuk aset kewangan bukan derivatif dengan pembayaran tetap atau boleh ditentukan dengan harga yang dipaparkan di dalam pasaran aktif.

Selepas ukuran permulaan, amaun seterusnya diukur pada kos terlunas menggunakan kadar faedah efektif (“EIR”), tolak peruntukan untuk kemerosotan. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium atas pemerolehan dan yuran serta kos yang merupakan sebahagian penting EIR.

(iv) Liabiliti kewangan pada kos terlunas Liabiliti-liabiliti kewangan Dana-dana, yang tidak ditetapkan pada FVTPL, diklasifikasikan sebagai liabiliti kewangan pada kos terlunas, di mana kandungan aturan berkontrak menyebabkan Dana-dana berkewajipan sama ada untuk memberikan wang tunai atau aset kewangan yang lain kepada pemegang, atau untuk memenuhi kewajipan tersebut selain daripada dengan pertukaran satu amaun tunai yang tetap atau aset kewangan yang lain untuk sejumlah tetap instrumen ekuiti sendiri.

Selepas ukuran permulaan, ini seterusnya diukur pada kos terlunas menggunakan EIR. Kos terlunas dikira dengan mengambil kira sebarang diskaun atau premium di atas penerbitan dan kos yang merupakan sebahagian besar EIR.

2. Polisi perakaunan yang penting (Bersambung)

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(c) Penyahiktirafan aset kewangan dan liabiliti kewangan (i) Aset kewangan

Aset kewangan (atau, di mana berkaitan, sebahagian daripada aset kewangan atau sebahagian daripada sekumpulan aset kewangan yang serupa) dinyahiktiraf apabila:

– Hak-hak untuk menerima aliran tunai daripada aset telah luput– Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset-aset atau telah

mengambil alih kewajipan untuk membayar aliran-aliran tunai yang diterima sepenuhnya tanpa kelewatan material kepada pihak ketiga di bawah aturan “serah semua”; dan sama ada:

– Dana-dana telah memindahkan sebahagian besar risiko dan ganjaran aset, atau– Dana-dana belum memindahkan mahupun menyimpan sebahagian besar semua dan ganjaran aset,

tetapi telah memindahkan kawalan aset.

Apabila Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset atau telah terlibat dalam aturan serah semua, dan tidak memindahkan mahupun menyimpan semua risiko dan ganjaran aset atau pun memindahkan kawalan aset, aset tersebut diiktiraf setakat penglibatan berterusan Dana-dana di dalam aset tersebut. Dalam kes ini, Dana-dana juga mengiktiraf liabiliti yang berkaitan. Aset yang telah dipindahkan dan liabiliti yang berkaitan diukur pada dasar yang menunjukkan hak dan kewajipan yang telah disimpan oleh Dana-dana.

(ii) Liabiliti kewangan Liabiliti kewangan dinyahiktiraf apabila tanggungjawab di bawah liabiliti dilepaskan, dibatalkan atau luput. Di mana liabiliti kewangan sedia ada digantikan dengan yang lain daripada peminjam yang sama pada terma-terma yang berbeza secara besar, atau terma liabiliti sedia ada yang diubah secara besar, pertukaran atau perubahan sedemikian dianggap sebagai penyahiktirafan liabiliti asal dan pengiktirafan liabiliti yang baru. Perbezaan di antara nilai dibawa liabiliti kewangan asal dan pertimbangan yang dibayar diiktiraf di dalam keuntungan atau kerugian.

(d) Penentuan nilai saksama Nilai saksama aset kewangan seperti sekuriti ekuiti, yang didagangkan secara aktif di dalam pasaran kewangan teratur ditentukan dengan merujuk kepada harga yang disiarkan bagi aset pada penutup dagangan pada tarikh laporan.

Bagi pelaburan di dalam unit, saham amanah hartanah, nilai saksama ditentukan dengan merujuk kepada nilai aset bersih yang diterbitkan. Pelaburan di dalam ekuiti yang tidak mempunyai harga pasaran yang disiarkan di dalam pasaran aktif dan yang mana nilai saksama tidak boleh diukur dengan tepat akan dinyatakan pada kos ditolak kerugian kemerosotan.

Bagi instrumen kewangan yang mana tiada pasaran aktif seperti sekuriti pendapatan tetap tidak tersiar harga iaitu bon tidak tersiar harga, nilai saksama didapatkan daripada Bond Pricing Agency Malaysia Sdn. Bhd. (“BPAM”).

Sekiranya nilai saksama tidak boleh diukur dengan tepat, instrumen kewangan diukur pada kos, yang merupakan nilai saksama pertimbangan yang dibayar bagi pemerolehan instrumen tersebut atau amaun yang diterima atas penerbitan liabiliti kewangan tersebut. Semua kos transaksi yang boleh dikaitkan secara langsung kepada pemerolehan tersebut juga dimasukkan di dalam kos pelaburan.

Nilai saksama Instrumen Deposit Boleh Niaga (“NID”) adalah berdasarkan kepada siaran harga broker, manakala nilai saksama deposit tetap/berhasil adalah pokoknya sendiri.

(e) Kemerosotan aset kewanganDana-dana menilai pada setiap tarikh laporan sama ada terdapat sebarang bukti objektif bahawa sesuatu aset kewangan atau sekumpulan aset kewangan telah merosot. Suatu aset kewangan atau sekumpulan aset kewangan dianggap merosot sekiranya, dan hanya sekiranya, terdapat bukti objektif kemerosotan akibat satu atau lebih kejadian yang telah berlaku selepas pengiktirafan permulaan aset tersebut (“kejadian kerugian” yang telah berlaku) dan

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kejadian (atau kejadian-kejadian) kerugian tersebut memberi impak ke atas anggaran aliran tunai masa hadapan aset kewangan atau kumpulan aset kewangan yang boleh dianggarkan secara tepat.

Aset kewangan yang dibawa pada kos terlunasBukti kemerosotan boleh termasuk tanda-tanda bahawa peminjam atau sekumpulan peminjam sedang mengalami masalah kewangan, kemungkinan bahawa mereka akan diisytiharkan muflis atau penyusunan semula kewangan yang lain, keingkaran atau delinkuensi dalam pembayaran faedah atau pokok dan di mana data yang boleh dilihat menunjukkan bahawa terdapat pengurangan yang boleh diukur di dalam anggaran aliran tunai masa hadapan, seperti perubahan di dalam tunggakan atau keadaan ekonomi yang berkaitan dengan keingkaran.

Bagi aset-aset kewangan yang dibawa pada kos terlunas, Dana-dana pada mulanya menilai secara individu sama ada bukti objektif kemerosotan wujud bagi aset kewangan yang signifikan secara individu, atau secara kolektif bagi aset-aset kewangan yang tidak signifikan secara individu. Sekiranya Dana-dana menentukan bahawa tiada bukti objektif kemerosotan wujud bagi aset kewangan yang telah dinilai secara individu, ia memasukkan aset tersebut ke dalam sekumpulan aset kewangan dengan sifat-sifat risiko kredit yang serupa dan menilainya secara kolektif bagi kemerosotan. Aset-aset yang dinilai secara individu bagi kemerosotan dan yang mana kerugian kemerosotan diiktiraf atau terus diiktiraf, tidak dimasukkan di dalam penilaian kemerosotan secara kolektif.

Sekiranya terdapat bukti objektif bahawa kerugian kemerosotan telah berlaku, amaun kerugian diukur sebagai perbezaan di antara amaun dibawa aset tersebut dan nilai semasa anggaran aliran tunai masa hadapan (tidak termasuk jangkaan kerugian kredit masa hadapan yang belum berlaku). Amaun dibawa aset tersebut dikurangkan melalui penggunaan akaun peruntukan dan amaun kerugian diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan. Pendapatan faedah terus diakru pada amaun dibawa yang telah dikurangkan dan diakru menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan bagi tujuan mengukur kerugian kemerosotan. Pendapatan faedah direkodkan sebagai sebahagian daripada “Pendapatan faedah”. LAR bersama dengan peruntukan yang berkaitan dihapus kira apabila tiada prospek realistik pemulihan masa hadapan dan semua cagaran telah terealisasi atau telah dipindahkan ke Dana-dana.

Sekiranya, di dalam tahun seterusnya, amaun anggaran kerugian kemerosotan meningkat atau berkurang disebabkan oleh kejadian yang berlaku selepas kemerosotan tersebut diiktiraf, kerugian kemerosotan yang diiktiraf terdahulu ditingkatkan atau dikurangkan dengan menyelaraskan akaun peruntukan. Sekiranya hapus kira masa hadapan dipulihkan kemudian, pemulihan tersebut dikreditkan ke “Kerugian kemerosotan di atas LAR” setakat mana amaun dibawa aset tidak melebihi kos terlunasnya pada tarikh pembalikan.

Nilai semasa anggaran aliran tunai masa hadapan didiskaunkan pada EIR asal aset kewangan. Sekiranya LAR mempunyai kadar faedah boleh ubah, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR semasa. Sekiranya Dana-dana telah mengklasifikasikan semula aset dagangan kepada LAR, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR baru yang ditentukan pada tarikh klasifikasi semula. Pengiraan nilai semasa anggaran aliran tunai masa hadapan aset kewangan bercagar menunjukkan aliran tunai yang mungkin terhasil daripada perampasan harta tolak kos bagi mendapatkan dan menjual cagaran tersebut, sama ada perampasan harta berkemungkinan atau tidak.

(f) Pengimbangan instrumen kewanganAset-aset kewangan dan liabiliti-liabiliti kewangan diimbangi dan amaun bersih dilaporkan di dalam Penyata Aset dan Liabiliti sekiranya, dan hanya sekiranya, pada masa ini terdapat hak undang-undang yang boleh dikuatkuasakan untuk mengimbangi amaun-amaun yang diiktiraf dan terdapat niat untuk menyelesaikan secara bersih, atau untukmerealisasikan aset tersebut dan menyelesaikan liabiliti secara serentak. Ini pada amnya tidak berlaku bagi perjanjianperjanjian induk penghasilan bersih, oleh itu, aset-aset dan liabiliti-liabiliti yang berkaitan dibentangkan kasar di dalam Penyata Aset dan Liabiliti.

(g) Kemerosotan aset bukan kewanganDana-dana menilai pada setiap tarikh laporan sama ada terdapat tanda bahawa sesuatu aset mungkin merosot.



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Sekiranya sebarang tanda wujud, atau apabila ujian kemerosotan tahunan bagi sesuatu aset diperlukan, Dana-dana menganggarkan amaun boleh pulih aset tersebut. Amaun boleh pulih sesuatu aset adalah Nilai saksamaet atau unit penjanaan tunai (“CGU”) tolak kos untuk menjual atau nilai gunaannya, yang mana lebih tinggi. Di mana amaun dibawa aset atau CGU melebihi amaun boleh pulihnya, aset tersebut dianggap merosot dan dikira turun kepada amaun boleh pulihnya.

Dalam menilai nilai gunaan, anggaran aliran tunai masa hadapan didiskaun kepada nilai semasanya menggunakan kadar diskaun pra-cukai yang menunjukkan penilaian pasaran semasa nilai masa wang dan risiko yang spesifik kepada aset tersebut. Dalam menentukan nilai saksama ditolak kos untuk menjual, satu model penilaian yang wajar digunakan. Pengiraan ini disokong oleh gandaan penilaian, harga saham tersiar harga bagi entiti-entiti dagangan awam atau penanda nilai saksama lain yang ada.

Bagi aset-aset tidak termasuk ihsan, penilaian dibuat pada setiap tarikh laporan sama ada terdapat sebarang tanda yang kerugian kemerosotan yang telah diiktiraf terdahulu mungkin tidak lagi wujud atau mungkin telah berkurangan. Sekiranya terdapat tanda sedemikian, Dana-dana menganggarkan amaun boleh pulih aset atau CGU tersebut. Kerugian kemerosotan yang telah diiktiraf terdahulu dibalikkan hanya sekiranya terdapat perubahan di dalam anggapan-anggapan yang digunakan untuk menentukan amaun boleh pulih aset sejak kerugian kemerosotan yang terakhir diiktiraf. Pembalikan tersebut adalah terhad agar amaun dibawa aset tidak melebihi amaun boleh pulihnya, mahupun melebihi amaun dibawa yang mungkin akan ditentukan, bersih daripada susut nilai, tiada kerugian kemerosotan diiktiraf bagi aset tersebut di dalam tahun-tahun terdahulu. Pembalikan sedemikian diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan.

(h) Penerbitan bersih unit Penerbitan bersih unit mewakili premium yang dibayar oleh para pemegang polisi sebagai pembayaran bagi kontrak baru atau pembayaran berikutnya untuk meningkatkan amaun kontrak itu tolak kos penukaran, sekiranya ada, di dalam dana-dana. Penerbitan bersih unit diiktiraf berdasarkan penerimaan.

(i) Pembatalan bersih unitPembatalan bersih unit mewakili pembatalan unit yang timbul daripada serahan dan pengeluaran. Pembatalan bersih diiktiraf semasa serahan kontrak insurans yang berkaitan.

(j) Pengiktirafan hasil yang lain Hasil diiktiraf selagi ia berkemungkinan bahawa manfaat ekonomi akan mengalir kepada Dana-dana dan hasil tersebut boleh diukur secara tepat. Kriteria pengiktirafan berikut harus dipenuhi sebelum hasil diiktiraf.

(i) Pendapatan faedah Pendapatan dan perbelanjaan faedah dan pembiayaan diiktiraf di dalam keuntungan atau kerugian menggunakan kaedah faedah efektif. Apabila sesuatu aset kewangan atau sekumpulan aset kewangan yang serupa telah dikira turun akibat kerugian kemerosotan, pendapatan faedah diiktiraf menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan untuk tujuan mengukur kerugian kemerosotan.

(ii) Keuntungan dan kerugian pelaburan terealisasi Pada pelupusan pelaburan, perbezaan di antara hasil kutipan pelupusan bersih dan amaun dibawa pelaburan dikreditkan atau dicaj kepada Penyata Pendapatan dan Perbelanjaan.

(iii) Pendapatan dividen Pendapatan dividen mewakili dividen kasar daripada pelaburan-pelaburan tersiar harga dan tidak tersiar harga dan diiktiraf apabila hak untuk menerima pembayaran ditetapkan.

(k) cukai pendapatan Cukai pendapatan ke atas keuntungan dan kerugian terdiri daripada cukai semasa dan tertangguh. Cukai semasa

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adalah jangkaan amaun cukai pendapatan yang harus dibayar berkenaan dengan keuntungan boleh cukai bagi tahun ini dan diukur menggunakan kadar cukai berkanun pada tarikh Penyata Aset dan Liabiliti.

Cukai tertangguh diperuntukkan, menggunakan kaedah liabiliti, atas perbezaan sementara pada tarikh Penyata Aset dan Liabiliti di antara asas cukai aset dan liabiliti dan amaun dibawanya di dalam maklumat kewangan. Pada dasarnya, liabiliti cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh cukai dan aset cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh potong, setakat mana ia berkemungkinan bahawa keuntungan boleh cukai akan tersedia yang mana perbezaan sementara boleh potong boleh digunakan.

Cukai tertangguh diukur pada kadar cukai yang dijangka akan dikenakan di dalam tempoh yang amaun aset tersebut direalisasikan atau liabiliti diselesaikan, berdasarkan kepada kadar cukai berkanun atau berkanun secara substantif pada tarikh Penyata Aset dan Liabiliti. Cukai tertangguh diiktiraf sebagai pendapatan atau perbelanjaan di dalam Penyata Pendapatan dan Perbelanjaan, kecuali apabila ia timbul daripada transaksi yang telah diiktiraf secara terus di dalam modal para pemegang unit, yang mana dalam kes ini, cukai tertangguh juga diiktiraf di dalam modal para pemegang unit.

(l) PeruntukanPeruntukan diiktiraf apabila Dana-dana mempunyai obligasi semasa akibat kejadian terdahulu dan ia berkemungkinan bahawa alir keluar sumber yang membawa manfaat-manfaat ekonomi diperlukan untuk menyelesaikan obligasi tersebut, dan anggaran tepat amaun boleh dibuat. Peruntukan dikaji semula pada setiap tarikh Penyata Aset dan Liabiliti dan diselaraskan untuk menunjukkan anggaran terbaik semasa. Di mana kesan nilai masa wang adalah penting, peruntukan didiskaun menggunakan kadar pra-cukai semasa yang menunjukkan, sewajarnya, risiko yang spesifik kepada liabiliti. Di mana pendiskaunan digunakan, peningkatan di dalam peruntukan disebabkan oleh peredaran masa diiktiraf sebagai kos kewangan.

(m) Transaksi matawang asing (i) Matawang fungsi dan pembentangan

Penyata-penyata kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”) yang juga matawang fungsi dan pembentangan Dana-dana.

(ii) Transaksi matawang asing Transaksi dalam matawang asing pada mulanya direkodkan pada kadar semasa matawang fungsi pada tarikh transaksi. Aset-aset dan liabiliti-liabiliti monetari berdenominasi matawang asing ditukarkan semula pada kadar pertukaran matawang fungsi pada tarikh laporan. Semua perbezaan dibawa ke keuntungan dan kerugian. Butiran bukan monetari berdenominasi matawang asing yang diukur pada kod sejarah ditukarkan menggunakan kadar pertukaran pada tarikh transaksi awal.

Butiran bukan monetari diukur pada nilai saksama dalam matawang asing ditukarkan menggunakan kadar pertukaran pada tarikh apabila nilai saksama ditentukan. Semua perbezaan pertukaran asing dibawa ke keuntungan atau kerugian, kecuali bagi perbezaan yang berkaitan dengan butiran yang mana keuntungan atau kerugian diiktiraf secara langsung di dalam ekuiti, yang mana dalam hal ini, keuntungan atau kerugian diiktiraf bersih daripada komponen pertukaran di dalam ekuiti.

(n) Tunai dan tunai setaraTunai dan tunai setara terdiri daripada tunai dan baki di bank, tidak termasuk deposit tetap dan panggilan.



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2016 2015 rM rM

Sekuriti ekuiti tersiar harga 17,789,025 17,743,960

fVTPL:

Sekuriti ekuiti tersiar harga

Kos 16,658,127 16,225,883

Keuntungan tidak terealisasi bersih 1,130,898 1,518,077

Nilai saksama 17,789,025 17,743,960

Jumlah pelaburan pada fVTPL 17,789,025 17,743,960

Jumlah pelaburan 17,789,025 17,743,960

3. Pelaburan

(i) Dana AmMetLife equity

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2016

nilai saksama Jumlah Kos nilai saksama sebagai % unit rM rM daripada nAB

fVTPL:


Pembinaan

Gamuda Berhad 63,700 289,439 313,404 1.54%

Gamuda Berhad – Waran 10,616 2,654 11,678 0.06%



Kewangan





Produk Perindustrian







V.S Industry Berhad – Waran 29,850 – 9,552 0.05%

Syarikat Projek Infrastruktur

Digi.Com Berhad 69,900 364,182 345,306 1.70%

Perladangan



Teknologi



3. Pelaburan (Bersambung)

(i) Dana AmMetLife equity (Bersambung)

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2016 dinyatakan di bawah:


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2016


fVTPL: (Bersambung)

Sekuriti ekuiti tersiar harga (Bersambung)

Perdagangan & Perkhidmatan

AirAsia Berhad 230,000 311,295 420,900 2.07%




Genting Berhad 43,000 358,812 421,400 2.07%




Maxis Berhad 31,900 214,871 202,565 1.00%

MISC Berhad 36,000 286,831 320,400 1.57%








Jumlah pelaburan pada fVTPL 16,658,127 17,789,025 87.43%

(i) Dana AmMetLife equity (Bersambung)

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2016 2015 rM rM

Bon korporat tidak tersiar harga 9,473,950 10,387,024

Unit tidak tersiar harga dan dana amanah hartanah 1,151,455 1,225,845

Deposit dengan institusi kewangan berlesen – 905,000 10,625,405 12,517,869

fVTPL:

Bon korporat tidak tersiar harga

Kos 9,989,900 10,763,296

Kerugian tidak terealisasi bersih (515,950) (376,272)

Nilai saksama 9,473,950 10,387,024

unit tidak tersiar harga dan dana amanah hartanah

Kos 1,072,074 1,137,267

Keuntungan tidak terealisasi bersih 79,381 88,578

Nilai saksama 1,151,455 1,225,845


LAr:

Deposit dengan institusi kewangan berlesen – 905,000



(ii) Dana AmMetLife Bond


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2016


fVTPL: Bon korporat tidak tersiar harga

Abu Dhabi Commercial Bank-BG matang pada 22/11/2017 1,000,000 1,020,300 1,013,200 8.51%

Special Power Vehicle Berhad matang pada 19/05/2016 625,000 1,004,250 637,963 5.36%

Prominic Berhad matang pada 05/05/2016 500,000 503,100 500,495 4.20%

Encorp Systembilt Sdn Bhd matang pada 16/11/2018 1,300,000 1,292,720 1,304,641 10.96%

Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 1,300,000 1,335,880 1,350,271 11.34%

Prominic Berhad matang pada 05/05/2016 400,000 408,800 400,396 3.36%

RHB Bank Berhad Hibrid Tahap 1 matang pada 29/03/2019 1,300,000 1,550,900 1,402,323 11.78%

Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd matang pada 02/12/2026 400,000 389,800 386,580 3.25%

Sime Darby Berhad matang pada 24/03/2026 1,500,000 1,500,000 1,499,970 12.60%

Tanjung Bin Energy Issuer Berhad matang pada 15/09/2013 900,000 984,150 978,111 8.22%

9,989,900 9,473,950 79.58%


Dana AmBond 846,757 934,253 1,001,629 8.41%

Dana AmDynamic Bond 230,111 137,820 149,826 1.26%

1,072,074 1,151,455 9.67%


Purata wajaran kadar faedah efektif tahunan adalah seperti berikut:

2016 2015 % %

Bon korporat tidak tersiar harga – terjamin 4.98% 4.98%

Bon korporat tidak tersiar harga – tidak terjamin 5.12% 4.83%

Deposit dengan institusi kewangan berlesen –% 3.70%

(ii) Dana AmMetLife Bond (Bersambung)


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2016 2015 rM rM



Deposit dengan institusi kewangan berlesen – 1,773,000 17,100,984 21,881,350

fVTPL:


Kos 11,571,741 13,019,179

Keuntungan tidak terealisasi bersih 956,249 1,303,374

Nilai saksama 12,527,990 14,322,553


Kos 5,177,165 6,177,165


Nilai saksama 4,572,994 5,785,797


LAr:

Deposit dengan institusi kewangan berlesen – 1,773,000



(iii) Dana AmMetLife Balanced


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2016


fVTPL:


Pembinaan

Gamuda Berhad 61,200 302,592 301,104 1.35%





Kewangan














Digi.Com Berhad 36,200 178,812 178,828 0.80%

Perladangan



Teknologi



(iii) Dana AmMetLife Balanced (Bersambung)


230



2016


fVTPL: (Bersambung)



AirAsia Berhad 169,700 229,908 310,551 1.40%




Genting Berhad 23,600 188,303 231,280 1.04%




Maxis Berhad 26,600 175,389 168,910 0.76%

MISC Berhad 33,200 261,699 295,480 1.33%







Uzma Berhad 55,200 102,852 98,256 0.44%

11,571,741 12,527,990 56.32%




231





2016


fVTPL: (Bersambung)


Abu Dhabi Commercial Bank-BG matang pada 22/11/2017 1,000,000 1,020,300 1,013,200 4.56%

Special Power Vehicle Berhad matang pada 19/05/2016 1,062,500 1,707,225 1,084,536 4.88%

Encorp Systembilt Sdn Bhd matang pada 16/11/2018 500,000 497,200 501,785 2.26%

Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 1,900,000 1,952,440 1,973,473 8.87%

5,177,165 4,572,994 20.56%


2016 2015 % %

Bon korporat tidak tersiar harga – terjamin 4.98% 4.98%





232



2016 2015 rM rM



Unit tidak tersiar harga dan dana amanah hartanah 613,899 593,485

Deposit dengan institusi kewangan berlesen – 2,908,000 11,648,083 17,549,355

fVTPL:


Kos 7,878,310 10,072,437


Nilai saksama 8,713,033 11,654,493


Kos 2,521,790 2,521,790


Nilai saksama 2,321,151 2,393,377


Kos 588,637 559,532


Nilai saksama 613,899 593,485


LAr:

Deposit dengan institusi kewangan berlesen - 2,908,000



(iv) AmMetLife Dana Teguh


233





2016


fVTPL:


Pembinaan

Gamuda Berhad 72,100 359,541 354,732 1.83%













Digi.Com Berhad 38,900 199,075 192,166 0.99%

Perladangan



Teknologi



(iv) AmMetLife Dana Teguh (Bersambung)


234



2016


fVTPL: (Bersambung)







Maxis Berhad 34,600 236,602 219,710 1.13%

MISC Berhad 22,000 182,992 195,800 1.01%






Uzma Berhad 117,500 236,172 209,150 1.08%


7,878,310 8,713,033 44.98%




235





2016


fVTPL: (Bersambung)


Special Power Vehicle Berhad matang pada 19/05/2016 375,000 602,550 382,778 1.98%

Encorp Systembilt Sdn Bhd matang pada 16/11/2018 1,000,000 994,400 1,003,570 5.18%

Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 900,000 924,840 934,803 4.83%

2,521,790 2,321,151 11.98%


Dana AmBon Islam 501,511 588,637 613,899 3.17%


(iv) AmMetLife Dana Teguh (Bersambung)

2016 2015 % %




236



2016 2015 rM rM


fVTPL:


Kos 3,086,392 3,176,209


Nilai saksama 3,642,122 3,988,807




(v) Dana AmMetLife AmOasis Islamic equity

2016


fVTPL:


AmOasis Global Islamic Equity 3,165,686 3,086,392 3,642,122 92.38%




237





2016 2015 rM rM


fVTPL:


Kos 763,252 590,348



Jumlah pelaburan pada fVTPL 864,835 672,241

Jumlah pelaburan 864,835 672,241


2016


fVTPL:


AmAsia Pacific REITS 1,226,021 763,252 864,835 93.87%

Jumlah pelaburan pada fVTPL 763,252 864,835 93.87%

(vi) Dana AmMetLife Asia Pacific reITS

238




(vii) Dana AmMetLife Global emerging Market

2016


fVTPL:


AmCash Management 92,904 92,904 92,904 10.04%

AmGlobal Emerging Market Opportunities 745,382 746,817 771,173 83.34%

839,721 864,077 93.38%



2016 2015 rM rM


fVTPL:


Kos 839,721 802,843






239





2016 2015 rM rM


fVTPL:


Kos 468,312 410,025





2016


fVTPL:


AmTactical Bond 484,430 468,312 501,385 91.97%



(viii) Dana AmMetLife Tactical Bond

240



2016 2015 rM rM


Deposit dengan institusi kewangan berlesen – 713,535 3,094,720 3,535,402

fVTPL:


Kos 6,585,985 6,572,330

Kerugian tidak terealisasi bersih (3,491,265) (3,750,463)

Nilai saksama 3,094,720 2,821,867


LAr:

Deposit dengan institusi kewangan berlesen – 713,535



(ix) Dana AmMetLife Precious Metals

2016


fVTPL:


AmPrecious Metals 8,111,980 6,585,985 3,094,720 81.02%



2016 2015 % %




241





2016 2015 rM rM


Deposit dengan institusi kewangan berlesen 146,226 205,535 2,044,060 2,135,006

fVTPL:


Kos 1,793,742 1,557,441


Nilai saksama 1,897,834 1,929,471


LAr:

Deposit dengan institusi kewangan berlesen 146,226 205,535


(x) Dana AmMetLife Global Agribusiness


2016


fVTPL:


AmGlobal Agribusiness 1,968,912 1,793,742 1,897,834 93.68%


2016 2015 % %

Deposit dengan institusi kewangan berlesen 3.40% 3.40%


242



12 Oktober 2015 31 Mac 2015 rM rM

Produk struktur – 4,934,688

Unit tidak tersiar harga dan dana amanah hartanah – 57,248 – 4,991,936

fVTPL:

Produk berstruktur

Kos – 4,715,094

Keuntungan tidak terealisasi bersih – 219,594

Nilai saksama – 4,934,688


Kos/Nilai saksama – 57,248

Jumlah pelaburan pada fVTPL – 4,991,936

Jumlah pelaburan – 4,991,936


(xi) Dana AmMetLife commodity Stable capital Guaranteed

2016 2015 rM rM


fVTPL:


Kos 11,976,855 10,296,683


Nilai saksama 12,823,073 11,550,834



(xii) Dana AmMetLife Dividend


243





2016


fVTPL:


Pembinaan

Gamuda Berhad 48,900 241,372 240,588 1.71%




Kewangan














Digi.Com Berhad 48,800 234,886 241,072 1.71%

Perladangan


Teknologi



(iv) Dana AmMetLife Dividend (Bersambung)


244



2016


fVTPL: (Bersambung)



AirAsia Berhad 161,300 218,621 295,179 2.10%



Genting Berhad 30,100 255,538 294,980 2.09%




Maxis Berhad 22,300 148,535 141,605 1.01%

MISC Berhad 25,200 195,494 224,280 1.59%









(xii) Dana AmMetLife Dividend (Bersambung)



245





4. cukai Tertangguh Liabiliti/(aset) cukai tertangguh adalah berkaitan dengan keuntungan/(kerugian) modal tidak terealisasi di atas pelaburan Dana- dana masing-masing.


2016 2015 rM rM

Pada awal tahun 121,447 197,470

Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (30,975) (76,023) Pada akhir tahun 90,472 121,447

2016 2015 rM rM

Pada awal tahun (23,014) (13,951)

Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (11,912) (9,063) Pada akhir tahun (34,926) (23,014)


2016 2015 rM rM




2016 2015 rM rM




246



2016 2015 rM rM

Pada awal tahun 6,552 329

Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 1,575 6,223 Pada akhir tahun 8,127 6,552


2016 2015 rM rM


Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (20,550) 34,321 Pada akhir tahun 44,458 65,008

2016 2015 rM rM




2016 2015 rM rM

Pada awal tahun 880 436

Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 1,766 444 Pada akhir tahun 2,646 880


4. cukai Tertangguh (Bersambung)



247






2016 2015 rM rM

Pada awal tahun (300,037) (247,919)

Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 20,736 (52,118) Pada akhir tahun (279,301) (300,037)

2016 2015 rM rM




12 Oktober 2015 31 Mac 2015 rM rM


Diiktiraf dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (17,568) 13,962 Pada akhir tahun – 17,568


2016 2015 rM rM




248



5. Modal Para Pemegang unit



2016 2015

Jumlah Jumlah unit rM unit rM

Amaun diterima bagi penerbitan semasa tahun tersebut 3,327,781 8,011,603 5,981,485 9,690,938

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (2,469,998) (7,178,387) (1,318,352) (5,071,593)

857,783 833,216 4,663,133 4,619,345 Modal para pemegang unit dibawa ke hadapan 19,295,796 19,346,218 14,632,663 14,543,771

Lebihan pendapatan daripada perbelanjaan selepas cukai – 166,706 – 183,102

20,153,579 20,346,140 19,295,796 19,346,218

Nilai aset bersih seunit pada 31 Mac 1.0096 1.0026

2016 2015




(1,071,549) (864,788) (6,061,486) (4,754,815) Modal para pemegang unit dibawa ke hadapan 15,532,298 12,414,162 21,593,784 16,713,448


14,460,749 11,904,335 15,532,298 12,414,162



249





2016 2015




28,960 33,870 (2,102,232) (2,043,800) Modal para pemegang unit dibawa ke hadapan 22,572,456 21,919,363 24,674,688 24,157,637

Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai – 290,069 – (194,474)

22,601,416 22,243,302 22,572,456 21,919,363



2016 2015




977,674 1,042,303 4,809,354 4,917,888 Modal para pemegang unit dibawa ke hadapan 16,910,096 17,953,218 12,100,742 12,176,875


17,887,770 19,370,004 16,910,096 17,953,218



250



2016 2015


Amaun diterima bagi penerbitan semasa tahun tersebut 741,555 712,024 411,104 376,276

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (420,292) (527,565) (382,433) (363,095)

321,263 184,459 28,671 13,181 Modal para pemegang unit dibawa ke hadapan 1,213,613 685,731 1,184,942 580,944


1,534,876 921,290 1,213,613 685,731



2016 2015


Amaun diterima bagi penerbitan semasa tahun tersebut 1,001,694 983,849 668,947 741,116


(299,972) (182,446) (1,304,776) (683,489) Modal para pemegang unit dibawa ke hadapan 7,236,273 4,286,395 8,541,049 4,513,925

(Defisit)/lebihan pendapatan daripada perbelanjaan selepas cukai – (161,320) – 455,959

6,936,301 3,942,629 7,236,273 4,286,395


5. Modal Para Pemegang unit (Bersambung)



251






2016 2015


Amaun diterima bagi penerbitan semasa tahun tersebut 200,337 136,798 1,190,620 129,571

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (153,953) (113,493) (1,157,114) (114,983)

46,384 23,305 33,506 14,588 Modal para pemegang unit dibawa ke hadapan 1,753,586 953,246 1,720,080 883,932


1,799,970 925,335 1,753,586 953,246


2016 2015


Amaun diterima bagi penerbitan semasa tahun tersebut 275,995 294,449 282,711 222,547

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (179,689) (242,703) (378,158) (269,500)

96,306 51,746 (95,447) (46,953) Modal para pemegang unit dibawa ke hadapan 899,484 463,478 994,931 491,182


995,790 545,141 899,484 463,478



252



2016 2015


Amaun diterima bagi penerbitan semasa tahun tersebut 2,288,349 806,682 4,688,605 1,366,592

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (3,502,173) (1,057,094) (2,759,111) (861,183)

(1,213,824) (250,412) 1,929,494 505,409 Modal para pemegang unit dibawa ke hadapan 15,890,719 3,826,810 13,961,225 3,930,030

Lebihan/(defisit) pendapatan daripada perbelanjaan selepas cukai – 243,337 – (608,629)

14,676,895 3,819,735 15,890,719 3,826,810


2016 2015


Amaun diterima bagi penerbitan semasa tahun tersebut 440,894 514,899 1,483,710 541,111

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (195,979) (358,979) (1,273,374) (406,861)

244,915 155,920 210,336 134,250 Modal para pemegang unit dibawa ke hadapan 3,230,882 2,115,274 3,020,546 1,869,293


3,475,797 2,025,933 3,230,882 2,115,274



5. Modal Para Pemegang unit (Bersambung)



253





12 Oktober 2015 31 Mac 2015


Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tempoh/tahun tersebut – – (9,500) (4,214)

– – (9,500) (4,214) Modal para pemegang unit dibawa ke hadapan 8,426,071 4,298,185 8,435,571 4,168,793


8,426,071 4,381,959 8,426,071 4,298,185

Nilai aset bersih seunit pada 12 Oktober/31 Mac 0.5200 0.5101

2016 2015




1,942,013 1,343,672 3,139,032 2,046,135 Modal para pemegang unit dibawa ke hadapan 18,168,967 12,659,252 15,029,935 9,444,021

Lebihan pendapatan daripada perbelanjaan selepas cukai – 81,198 – 1,169,096

20,110,980 14,084,122 18,168,967 12,659,252




254



6. Pendapatan faedah


2016 2015 2016 2015 rM rM rM rM

Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 45,697 62,640 43,974 81,141

Bon korporat – – 622,173 674,015

45,697 62,640 666,147 755,156


2016 2015 2016 2015 rM rM rM rM


Bon korporat 461,223 464,355 178,229 177,663

549,444 521,616 309,462 250,213


2016 2015 2016 2015 rM rM rM rM



2016 2015 2016 2015 rM rM rM rM



255






2016 2015 2016 2015 rM rM rM rM


Dana AmMetLife commodity Stable Dana AmMetLife capital Guaranteed Dividend

1 April 2015 hingga 1 April 2014 hingga 12 Oktober 2015 31 Mac 2015 2016 2015 rM rM rM rM

Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 551 387 32,850 41,061

256



7. Pendapatan Dividen


2016 2015 2016 2015 rM rM rM rM

Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia 520,530 426,217 – –

Unit tidak tersiar harga dan dana amanah hartanah di Malaysia – – 50,325 13,372

520,530 426,217 50,325 13,372


2016 2015 2016 2015 rM rM rM rM

Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia 404,702 417,103 336,361 233,305

Unit tersiar harga dan dana amanah hartanah di Malaysia – 7,800 – –

Unit tidak tersiar harga dan dana amanah hartanah di Malaysia – – 29,105 7,079

404,702 424,903 365,466 240,384

Dana AmMetLife Dana AmMetLife Asia Pacific reITS Global emerging Market

2016 2015 2016 2015 rM rM rM rM

Dividen kasar daripada: Unit tidak tersiar harga dan dana amanah hartanah di Malaysia 32,497 26,213 2,544 2,307


257





Dana AmMetLife Dana AmMetLife commodity Tactical Bond Stable capital Guaranteed

1 April 2015 hingga 1 April 2014 hingga 2016 2015 12 Oktober 2015 31 Mac 2015 rM rM rM rM

Dividen kasar daripada: Unit tidak tersiar harga dan dana amanah hartanah di Malaysia 17,117 24,792 1,029 2,223


2016 2015 rM rM

Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia 374,947 368,142

Unit tersiar harga dan dana amanah hartanah di Malaysia – 7,410

374,947 375,552

258



8. cukai


2016 2015 2016 2015 rM rM rM rM

Cukai pendapatan Malaysia: Peruntukan tahun semasa 24,751 77,024 54,192 63,020

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (30,975) (76,023) (11,912) (9,063)

Perbelanjaan cukai bagi tahun tersebut (6,224) 1,001 42,280 53,957


2016 2015 2016 2015 rM rM rM rM

Cukai pendapatan Malaysia: Peruntukan tahun semasa 59,631 159,928 88,139 123,761

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (44,793) (186,934) (66,258) (52,856)

Perbelanjaan cukai bagi tahun tersebut 14,838 (27,006) 21,881 70,905


2016 2015 2016 2015 rM rM rM rM

Cukai pendapatan Malaysia: Peruntukan tahun semasa 6,528 6,362 884 315

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (20,550) 34,321 1,575 6,223

Perbelanjaan cukai bagi tahun tersebut (14,022) 40,683 2,459 6,538


259





Dana AmMetLife Global Dana AmMetLife emerging Market Tactical Bond

2016 2015 2016 2015 rM rM rM rM

Cukai pendapatan Malaysia: Peruntukan tahun semasa 642 181 134 (118)

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (4,667) 5,251 1,766 444

Perbelanjaan cukai bagi tahun tersebut (4,025) 5,432 1,900 326



Cukai pendapatan Malaysia: Peruntukan tempoh/tahun semasa 26,511 31 24,550 35,592

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (17,568) 13,962 (32,634) 47,970

Perbelanjaan cukai bagi tempoh/tahun tersebut 8,943 13,993 (8,084) 83,562


2016 2015 2016 2015 rM rM rM rM

Cukai pendapatan Malaysia: Peruntukan tahun semasa 1,810 931 595 533

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) 20,736 (52,118) (21,435) 10,184

Perbelanjaan cukai bagi tahun tersebut 22,546 (51,187) (20,840) 10,717

Caj cukai ke atas Dana-dana adalah berkaitan dengan pendapatan pelaburan yang diterima dan keuntungan di atas pelupusan pelaburan semasa tahun/tempoh tersebut, pada kadar cukai keutamaan 8% (2015: 8%) menurut kaedah yang telah ditetapkan di bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat.

260




2016 2015 2016 2015 rM rM rM rM

Lebihan pendapatan daripada perbelanjaan sebelum cukai 160,482 184,103 397,241 509,486

Cukai pada caj cukai Malaysia sebanyak 8% 12,839 14,728 31,779 40,759

Pendapatan tidak tertakluk kepada cukai (41,642) (34,097) 1,197 2,097

Perbelanjaan tidak boleh potong untuk tujuan cukai 22,579 20,370 9,304 11,101

(6,224) 1,001 42,280 53,957


2016 2015 2016 2015 rM rM rM rM

Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai 304,907 (221,480) 396,364 929,360

Cukai pada caj cukai Malaysia sebanyak 8% 24,393 (17,718) 31,709 74,349

Pendapatan tidak tertakluk dikenakan cukai (32,376) (33,368) (29,237) (19,231)


14,838 (27,006) 21,881 70,905


2016 2015 2016 2015 rM rM rM rM


Cukai pada caj cukai Malaysia sebanyak 8% (14,027) 39,731 4,285 7,851

Pendapatan tidak tertakluk dikenakan cukai – – (2,600) (2,097)

Perbelanjaan tidak boleh potong untuk tujuan cukai 5 952 774 784

(14,022) 40,683 2,459 6,538

Satu penyesuaian perbelanjaan cukai pendapatan yang dikenakan kepada lebihan/(defisit) pendapatan berbanding daripada perbelanjaan sebelum cukai pada kadar cukai pendapatan yang dikenakan kepada dana-dana berkaitan pelaburan, kepada perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif, adalah seperti berikut:

8. cukai (Bersambung)


261





Dana AmMetLife Global Dana AmMetLife emerging Market Tactical Bond

2016 2015 2016 2015 rM rM rM rM


Cukai pada caj cukai Malaysia sebanyak 8% (4,419) 4,813 2,545 1,566

Pendapatan tidak tertakluk dikenakan cukai (204) (185) (1,369) (1,983)

Perbelanjaan tidak boleh potong untuk tujuan cukai 598 804 724 743

(4,025) 5,432 1,900 326


2016 2015 2016 2015 rM rM rM rM

Lebihan/(defisit) pendapatan daripada perbelanjaan sebelum cukai 265,883 (659,816) (266,101) 122,448

Cukai pada caj cukai Malaysia sebanyak 8% 21,271 (52,785) (21,288) 9,796

Perbelanjaan tidak boleh potong untuk tujuan cukai 1,275 1,598 448 921

22,546 (51,187) (20,840) 10,717



Lebihan pendapatan daripada perbelanjaan sebelum cukai 92,717 147,599 73,114 1,252,658

Cukai pada caj cukai Malaysia sebanyak 8% 7,417 11,808 5,849 100,213

Pendapatan tidak tertakluk dikenakan cukai (82) (178) (29,996) (30,044)


8,943 13,993 (8,084) 83,562

262



9. Perbandingan

Maklumat kewangan tempoh semasa bagi Dana AmMetLife Commodity Stable Capital Guaranteed telah disediakan bagi tempoh dari 1 April 2015 hingga 12 Oktober 2015. Oleh itu, Penyata-penyata Pendapatan dan Perbelanjaan dan Penyata-penyata Perubahan di dalam Nilai Aset Bersih tahun semasa serta nota-nota yang berkaitan dengan Dana AmMetLife Commodity Stable Capital Guaran-teed tidak boleh dibandingkan.





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