ANNUAL REPORT 2020 - AmMetLife Takaful

ANNUALREPORT2020

Investment-Linked FundsFor the Financial Year Ended 31 March 2020

AmMetLife Takaful Berhad (201101002936)

A PIDM member


ANNUAL REPORT

2020THIS PAGE ISINTENTIONALLY

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ANNUAL REPORT

2020

Corporate Profile 04

Investment-Linked Funds Objectives 05

Investment Market Review 07

Investment Outlook 13

Investment Strategy 17

Fund Performance 21

Sectoral and Category Breakdown 27

Comparative Performance Table 33

Summary of Financial Information 37

Contents

4 AmMetLife Takaful Berhad Annual Report For The Investment-Linked Funds Financial Year Ended 31 March 2020

Corporate Profile

AmMetLife Takaful is a strategic partnership

between AMMB Holdings Berhad (“AmBank Group”)

and MetLife International Holdings LLC (“MetLife”).

AmMetLife Takaful offers a comprehensive range of

takaful products distributed through a combination

of over 200 AmBank and AmMetLife branded

branch offices, in addition to the strength of its

authorised takaful 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 takaful solutions

provider in Malaysia.

Together with a deep and respectful knowledge

of Shariah principles and values, we are focused

on meeting our customers’ diverse needs with

innovative solutions at different stages of their

lives, making it easier and simpler for families and

individuals to achieve financial security and pursue

more from life.

AmMetLife Takaful Berhad Annual Report For The Investment-Linked Funds Financial Year Ended 31 March 2020


ANNUAL REPORT

2020

Investment-LinkedFunds Objectives


1. AmMetLife Takaful Equity Fund The Fund aims to provide the certificate holder with capital growth over a medium to long-term period by investing in a

portfolio of Shariah compliant securities with superior growth potential.

Returns to certificate holders will be obtained via growth in unit price of the Fund.

2. AmMetLife Takaful Sukuk Fund The Fund aims to provide the certificate holder with an opportunity to gain higher than average income earned from Islamic

fixed deposits, over a medium to long term investment horizon, mainly through investment in a diversified portfolio of Islamic fixed income securities.


3. AmMetLife Takaful Balanced Fund To achieve moderate capital growth over a medium to long-term time period by investing in a portfolio of Shariah

compliant investments.


4. AmMetLife Takaful Balanced Plus Fund The Fund aims to provide the Certificate Holder with an opportunity to gain potentially higher than Shariah-compliant fixed

deposits, over a medium to long term investment horizon, through investing in Shariah-compliant collective investment schemes (“CIS”).


Investment-Linked Funds Objectives



ANNUAL REPORT

2020

InvestmentMarket Review


Equity Market ReviewFor the period under review, 1 Apr 2019 to 31 March 2020, FBM Hijrah Shariah Index (FBMHS) was down 11.24%.

FBMHS Index started the first quarter of period under review on a positive note, largely due to the positive earnings surprises from Telekom Malaysia and Tenaga Nasional Bhd and the unexpected mega merger of Axiata Group Bhd and Telenor Group while the easing of trade war as US President Trump and China President Xi, have agreed to a temporary truce to restart the trade talk helped as well.

Moving into the 3rd quarter 2019, FBMHS was on the red as US-China trade war escalated further. Firstly, US announced 10% tariff on US$300b of Chinese imports effective 1 Sep, which later on, US raised tariff on existing US$250b of Chinese imports from 25% to 30% effective 1 Oct. In retaliation, China allowed the Yuan to break the psychological 7.00 Yuan to a dollar to close at 7.16 and retaliated new tariff of 5-10% on US75b of US imports. Back at home, disappointing 2Q2019 corporate results releases also attributed to weak market performance.

The equity market started the 4th quarter of 2019 in red as risk appetite was dampened on string of disappointing U.S. economic data, notably weak manufacturing and lackluster job data, which raise fears of an economic recession. Calm returned to equity market towards later the quarter as U.S. and China reaching an agreement on a phase one trade deal, reducing uncertainty in the market.

Moving into 2020, markets were gripped by fear of the outbreak of Covid-19 which caused FMBS to register -11.56% for the quarter. COVID-19 pandemic spread like wildfire globally and as at end-Mar, 750k cases has been reported globally with no sign of easing. This pandemic caused the markets to fear of recession as US initial jobless claims to skyrocket to 3.3m, all time high while government from all over the world have imposed lockdown to ease the infection rate. The decline in oil priced did not help either as Brent crude oil price plunged 55.0% M-o-M to close at US$23/bbl. Saudi Arabia (SA) and Russia could not see eye to eye on the proposal by the former to cut OPEC+ oil production by a further 1.5 million barrels per day (mbpd) in order to tackle weak oil prices impacted by the COVID-19 epidemic.

Sukuk Market ReviewAt the May 2019 Monetary Policy Committee (MPC) meeting, Bank Negara Malaysia (BNM) lowered the Overnight Policy Rate (OPR) by 25bps to 3.00%. Widely regarded as pre-emptive easing against global and domestic growth risks, the rate cut has largely been priced in, with a post-cut mini rally in the MGS market that saw govvies’ yields falling by 1-4 bps across the curve. However, in a surprise move outside of a policy meeting, BNM on 8 November 2019 cut the Statutory Reserve Requirement (SRR) by 50bps to 3.00% (effective 16 November 2019) while at the same time stating that the SRR cut is not a signal of further cuts to the OPR.

In April 2019 FTSE Russell placed Malaysia on its watch list for potential removal from its World Government Bond Index over market accessibility concerns. BNM took implemented measures in to improve market accessibility and in September 2019 TSE Russell maintained Malaysia’s position in the watch list in order to assess if the improvements were sufficient. Local govvies initially sold down on the new of the announcement but subsequently recovered on strong local support.

MGS/GII yields increased declined significantly across the curve as a result of the BNM rate cute, lower US Treasury yields and concerns over the impact of the US China trade war. The 15-20Y part of the yield curve saw the biggest drop in yields as investors sought to extend duration whilst still being invested in parts of the yield that are relatively liquid. Foreign holdings in MGS/GII increased from MYR 162b at the start of 2018 to MYR 177b at the end of 2019.

Malaysian corporate bond yields declined on the back of lower MGS/GII yields and the relatively low volume of primary corporate issuances in 2019.

After hiking the Fed Fund Rate by 100 bps (4 hikes of 25 bps each) in 2018 the Federal Reserve reversed course and cut the Fed Funds Rate by 75 bps (3 hikes of 25bps each) in 2019. Monetary policy easing was spurred by the US-China trade war and the Fed has characterized its cuts as a midscale adjustment rather than a complete policy stance reversal. US Treasury yields declined significantly during the first 8 months of 2019 with the UST 10-year yield declining from 2.70% to 1.46%. Progress on the US China trade war and expectation of sustained economic growth brought yields back up in the last quarter of 2019 and the 10-year Treasury ended 2019 at 1.87%.

Investment Market ReviewAmMetLife Takaful Equity Fund, Balanced Fund, Sukuk Fund, and Balanced Plus Fund

9AmMetLife Takaful Berhad Annual Report For The Investment-Linked Funds Financial Year Ended 31 March 2020


The spread between the 10-year US Treasury and 10 year MGS/GII was around 145bps at the end of 2019, above its 5-year average and the ample domestic liquidity will support MGS/GII yields.

~by AmFunds Management Berhad

Balanced Plus Market ReviewDana Al-IlhamThe start of 2Q19 saw regional markets rally on the back of positive US-China trade talks prospects and improved global outlook. However, this quickly turned sour by the month of May following the abrupt end of negotiations to the US-China trade deal with the US raising tariffs on imports from China to 25% on USD200bn of goods effective 10th May 2019. This was followed by steps to stifle China’s technology sector with what was effectively a ban on American firms from supplying parts to Chinese telecommunications giant Huawei Technologies. China retaliated with higher tariffs of up to 25% on US60bn of US goods effective 1 June 2019, with the Chinese leadership hinting at further retaliatory measures against the US. Regional markets rebounded in the month of June, with news of US and China restarting their trade talks post the G20 meeting held in Japan at the end of the month. Contrary to regional markets, the Malaysian equity market struggled to perform early 2Q2019, dampened by news of the potential exclusion of Malaysia from the FTSE Russel’s World Government Bond Index (WBGI) after their review come September, weaker Malaysian Ringgit, cut in the OPR of 25bps, and corporate results reporting that was not very inspiring.

The first two months of 3Q19 saw regional markets correct largely due to an escalation in the trade war and fear of increasing recession risks sparked by the further collapse in global bond yields. President Trump announced an additional 10% tariff on a further USD300bn in Chinese imports starting 1 Sept 2019, followed by the US designating China as a “currency manipulator”. By the end of 3Q2019, global and regional equity markets reversed some of the losses amid renewed optimism as US and China return to the negotiation tables again. However, markets lost some momentum later in the month following a drone attack on Saudi’s oil facilities and an impeachment inquiry launched against the US President Trump. The Malaysian equity market remained weak in light of the external headwinds faced. Domestically, the Malaysian ringgit depreciated by about 1.34% for the 3Q2019, given its

correlation with the China’s CNY which depreciated 4.1% against the USD. Brent crude oil prices declined by 8.67% for the 3Q2019 on concerns of slowing global growth and demand. The June 2019 results season reported was uninspiring yet again with more downgrades in earnings by consensus. Investor sentiment domestically weakened following the end to Axiata and Telenor Asia merger talks due to “complexities”, which led to profit taking activities. FTSE Russell’s decision to defer Malaysia’s exclusion from the World Global Bond Index (WGBI) and keeping it on the watch list was a relief but could be a case of kicking the can down the road, with the next review in March 2020.

Global equity markets ended the year with solid gains in general, as the US agreed to a Phase 1 trade deal with China, and cancelled tariffs on US$160bn of Chinese goods due to take effect on 15 Dec 2019. While details of the deal were hard to come by, the agreement in principle lifted a cloud that had been hanging the global economy all year. In addition, the decisive win by the ruling Conservative Party in the UK elections, almost guarantees the UK will leave the EU on 31 January, albeit with a 23-month transitory period, providing clarity on Brexit. Domestically, Malaysian equities continued to be one of the worst performers in the region. During the 4Q2019, the Budget 2020 announced measures aimed at promoting jobs, FDIs and structural reforms, rather than the traditional mega infrastructure pump-priming, and offered tax incentives that should benefit the electronic and manufacturing sectors. Malaysian equities were also subject to foreign outflows due to various index rebalancing activities. In November 2019, the MSCI Emerging Market Index saw an estimated net outflow of USD300-400m. Results reporting for 3Q2019 was uninspiring, which will likely see the KLCI earnings for 2019 report another year of negative growth (2018: -2.8%).

The start of 1Q2020 began with initial bouts of optimism with the phase 1 US-China trade deal having been signed. However, the month of January was plagued by persistent bushfires in Australia, heightened geopolitical risk after US ordered an airstrike that killed Iran’s General Qassem Soleimani, Iran’s missiles striking a US military base in Iraq in retaliation, a passenger plane shot down in the aftermath, volcanoes erupting in the Philippines, and the outbreak of the COVID-19. In response to the virus outbreak, China locked down 10 cities (70 million people), extended the Chinese New Year holiday and banned package travel to stem the contagion. 4Q2019

Investment Market Review (Cont’d)


corporate earnings reported during the month disappointed, resulting in 2019 KLCI earnings declining by 9%, the second consecutive year of negative earnings growth. February ended with political upheaval as the Pakatan Harapan government saw the departure of Bersatu from their coalition, to find support from Barisan Nasional and PAS political parties. Investors endured a week of uncertainty, with Tun Mahathir resigning as the Prime Minister to then being appointed as interim PM, and then finally the appointment by the King of Tan Sri Muhyiddin Yassin as Malaysia’s Prime Minister. Global equity markets corrected in the months of February and March as global recessionary pressures strengthened with the alarming rise in infections from COVID-19 outside of China, especially in the US and Europe. Industrial shutdowns wreaked havoc on supply chains whilst social distancing continues to depress consumption. Oil prices recorded a historical decline as OPEC and Russia failed to come to an agreement on extended production cuts. Malaysia was not spared from the COVID-19 outbreak, resulting in the need for the government to implement a Movement Control Order (MCO) on the population of Malaysia effective 18 March 2020 until 31 March 2020, before an extended MCO date till 14 April, in an effort to slow the spread of COVID-19. The Malaysian government announced a stimulus package worth RM250bn to help cushion the economic fallout from this pandemic.

The FBM KLCI closed the year under review at 1,350.89 points, down 17.81%. The broader FBM Emas (FBMEmas) Index closed the period under review down by 19.52%. The MSCI Asia Pacific ex-Japan Index declined by 18.4% in USD terms.

~by Eastspring Investments Berhad

Principal DALI Equity Growth FundThe Fund rose by 1.53% in April 2019, outperforming the benchmark by 0.26%. Outperformance came from underweight on Utilities and overweight in Islamic Bank. Year-to-date (YTD), the fund has outperformed the Benchmark by 1.34%.

The Fund rose by 2.82% in June 2019, underperforming the benchmark by 0.04%. Underperformance came from underweight on utilities and overweight in financials. Year-to-date (YTD), the fund has outperformed the Benchmark by 0.37%.

The Fund declined by 0.37% in September 2019, outperforming the benchmark by 0.84%. Cash holdings plus 0verweight on basic materials and industrials and underweight in utilities contributed positively. Year-to-date (YTD), the fund has outperformed the Benchmark by 0.90%.

The Fund rose by 2.97% in December 2019, underperforming the benchmark by 0.10%. Underperformance came from underweight on consumer goods and overweight in financials. Year-to-date (YTD), the fund has outperformed the Benchmark by 0.95%.

The fund declined by 9.97% in March, underperforming the benchmark by 0.83%. On an YTD the fund declined by 16.71%, underperforming the benchmark by 1.29%. Underperformance was mainly driven by the Funds overweight position in Oil and Gas, Industrial and Technology sector.

Principal Islamic Lifetime Sukuk FundIn April, the Fund reported a return of 0.90% outperformed its benchmark by 61bps. The Government Investment Issues (“GII”) yield curve closed mixed to higher between -4bps to +5bps with the 7-, 10- and 15- year traded higher by 4bps, 5bps and 3 bps to 3.77%, 3.86% and 4.17% respectively.

In June, the Fund’s performance was 0.78%, underperforming its benchmark by 6bps. The Government Investment Issues (“GII”) yield curve moved lower between 9bps to 25bps across all tenures.

In September, the Fund’s performance was -0.11% underperforming its benchmark by 37bps. During the month, after the significant tightening seen in August, market decides to pocket in the gain before the FTSE Russell decision.

In December, the Fund’s performance for the month of December was 0.44% outperformed its benchmark by 2bps. During the month, overall Government Investment Issues (“GII “) yield curve shifted 4 – 8bps lower as handful of local investors buying on government sukuk that will turn on-the-run in 2020.

In March, the Fund reported a return of -2.64% underperformed its benchmark by 1.44%. During the month, the overall sovereign yield curve bearish steepened as risk-off sentiment continued to weigh on MYR assets arising from the Covid-19 virus outbreak, weak MYR and plunging oil prices. Credit spreads widened across the entire rating spectrum as risk off held back the demand for credit. AAA-rated Issuers led the spreads repricing by widening as much as 16 – 32bps while AA- and single A-rated issuers widened by 11-21bps and 3-31bps, respectively.

~by CIMB-Principal Asset Management Berhad




AmIslamic Growth FundFor the period under review, 1 Apr 2019 to 31 March 2020, FBM Emas Shariah Index (FBMS) was down 11.25% to close at 10,105 points. FBMS hit the high of 12,334 points on 07 Apr 2019 and was the lowest, at 9,120, points on 19 March 2020.

FBMS Index started the first quarter of period under review on a positive note, registering 4.46% return in 2nd quarter 2019, largely due to the positive earnings surprises from Telekom Malaysia and Tenaga Nasional Bhd and the unexpected mega merger of Axiata Group Bhd and Telenor Group while the easing of trade war as US President Trump and China President Xi, have agreed to a temporary truce to restart the trade talk helped as well.

Moving into the 3rd quarter 2019, FBMS was on the red, down -3.86% as US-China trade war escalated further. Firstly, US announced 10% tariff on US$300b of Chinese imports effective 1 Sep, which later on, US raised tariff on existing US$250b of Chinese imports from 25% to 30% effective 1 Oct. In retaliation, China allowed the Yuan to break the psychological 7.00 Yuan to a dollar to close at 7.16 and retaliated new tariff of 5-10% on US75b of US imports. Back at home, disappointing 2Q2019 corporate results releases also attributed to weak market performance.

The equity market started the 4th quarter of 2019 in red as risk appetite was dampened on string of disappointing U.S. economic data, notably weak manufacturing and lackluster jobs data, which raise fears of an economic recession. Calm returned to equity market towards later the quarter as U.S. and China reaching an agreement on a phase one trade deal, reducing uncertainty in the market. FBMS gained 1.62% for the quarter.

Moving into 2020, markets were gripped by fear of the outbreak of Covid-19 which caused FMBS to register -14.95% for the quarter. COVID-19 pandemic spread like wildfire globally and as at end-Mar, 750k cases has been reported globally with no sign of easing. This pandemic caused the markets to fear of recession as US initial jobless claims to skyrocket to 3.3m, all time high while government from all over the world have imposed lockdown to ease the infection rate. The decline in oil priced did not help either as Brent crude oil price plunged 55.0% M-o-M to close at US$23/bbl. Saudi Arabia (SA) and Russia could not see eye to eye on the proposal by the former to cut OPEC+ oil production by a further 1.5 million barrels per day (mbpd) in order to tackle weak oil prices impacted by the COVID-19 epidemic.

~source: AmIslamic Funds Management Sdn Bhd


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ANNUAL REPORT

2020

Investment Outlook


Equity Market OutlookThe COVID-19 is still far from reaching its peak (if the experts’ prediction of the infection curve is correct) and is rapidly spreading that could lead to a global complete lockdown. This has continued to dampen the short-term outlook of the global economy significantly. Equities market has turned highly volatile due to the likelihood of significant negative impact on corporate earnings leading to credit default events. Although the governments and global central banks have been proactive in introducing extensive policies, those could only serve to cushion the economic downturn if the outbreak worsens.

At the same time, the Malaysian government has unveiled an RM250bil economic stimulus package to mitigate the economic downturn caused by the COVID-19 outbreak. The unprecedented MCO in many countries (total lockdown in some cases) would moderate the economic activities significantly, and the earnings pressure is not limited to local corporates only but global businesses as well. Due to the wide economic impact, we believe the recovery would take a longer period hence investment calls going forward to be based on a longer-term horizon.

Sukuk Market OutlookBond market sentiments should remain positive due to BNM policy remaining dovish as growth risks are tilted to the downside in 2020 and into 1H2021 which would likely require further OPR cuts in 2020. The quantum of further cuts in OPR rate would depend on a) factors surrounding the COVID-19 pandemic as well as b) any restart of US-China and/or US-EU trade-tensions. Market liquidity remains ample and demand for fixed income instruments is expected to remain strong despite any concerns on MGS/GII supply.


Balanced Plus Market OutlookDana Al-IlhamThe start of 2020 is already marred with geo-political tensions, natural disasters, and a viral outbreak. Depending on how long this COVID-19 outbreak continues, we would expect global growth to be affected by the muted consumption and manufacturing activities.

The black swan event of the change of government in Malaysia will add to the drag on the economy, already weighed down

by the COVID-19 outbreak, and weaker outlook for the commodity-related sectors. BNM released their 2019 Annual Report and with it their revised down GDP growth forecast for 2020 of -2.0% to +0.5%, highlighting the impact of COVID-19 causing global demand destruction, the subsequent supply shocks, and then demand shock to the economy. This could lead to excess capacity and unemployment issues.

With the risk of a global recession for 2020, we remain cautious as we believe the impact on the economy will be felt over the next few quarters. In this instance a V-shape recovery doesn’t seem likely and it is a matter of how deep a U-shape recovery it will be. Nevertheless, we would look to accumulate fundamentally sound stocks on weakness.


Principal DALI Equity Growth FundIn April, the FTSE Bursa Malaysia Kuala Lumpur Shariah Index (FBMS) rose by 1.27%, which were largely driven by rebound in construction, technology and energy sectors. Positive news flow continues to buoy the construction sector as the revival of Bandar Malaysia project has lifted sentiment and expectation that the shelved High-Speed Rail and MRT3 projects may be revived soon. Sustained rebound in crude oil prices have also seen the revival of job flows to oil & gas service providers. Additionally, news that China had also recently agreed to purchase a min of 1.9m tonnes of CPO over 5 years’ worth c.RM4.5bn in addition to the earlier purchase contracts signed for 1.62m tonnes for RM3.64bn provide support to plantation names such as FGV and Sime Plantation which closed higher by 5.93% and 2.79% respectively. Meanwhile on regulatory uncertainty, we believe risk is receding for telco, airport and utilities as much of the negatives have been priced in while the formalization of regulatory changes in the months to come would lift investors’ sentiment.

In June, Domestic factors which also helped to boost the market include dissipating concern over regulatory risk particularly for airport operator MAHB following the release of the latest consultation paper on the implementation of Regulatory Asset Base (RAB) framework. We also observed improving investors’ risk appetite for small and mid-cap stocks judging by FBM Small Cap Index’s gain of 3.6% in Jun (YTD 15%). Malaysia’s Nikkei Manufacturing PMI fell again in June to 47.8 from 48.8 in May, largely dragged by weak external demand. While Malaysia is

Investment OutlookAmMetLife Takaful Equity Fund, Balanced Fund, Sukuk Fund and Balanced Plus Fund



expected to be a medium-term beneficiary of trade diversion arising from trade war between US and China, adverse impact from supply chain disruption and weaker end demand will hurt Malaysia’s near-term export. With benign inflation (median forecast 1.1% in 2019), BNM has further room to cut its OPR should the need arise. On that score, earnings of banks (make up 1/3 of KLCI weight) will be at risk going forward. On the other hand, we expect government fiscal spending to pick up going forward following the recent revival of mega projects such as ECRL and LRT3. Most recently, the RM32bn Penang Transport Master Plan will likely be sanctioned to proceed, which is a positive for the construction sector.

In September, with dampened consumer and business sentiment expected to prevail, we believe corporate earnings growth will remain weak due to slower private consumption and investment. All eyes will be on Budget 2020 which will be revealed by the government on 11 Oct. Although government’s fiscal space is constrained, we expect the federal government to kick start infrastructure spending again to boost the economy. Investment decision may be made on mega projects such as MRT3 and PTMP. To balance the budget, the government may announce further asset monetization initiatives involving sale of non-strategic assets. While no new taxes are expected to be introduced, digital tax is expected to be implemented. There may also be concern that tax incentives for certain industries such as glove may be curtailed while sin tax hike on NFOs cannot be ruled out.

In December, the FTSE Bursa Malaysia Kuala Lumpur Shariah Index (“FBMS”) ended the year on a better performance as compared to the KLCI. FBMS closed the year gaining 3.85%. Besides this, market sentiment was also buoyed by the phase 1 trade deal between US and China. Top three contributors towards the KLCI’s gains were Sime Plantation (+9.4%), Petronas Gas (+8.5%) and IOI (+6.0%). Despite on-going trade tension, we expect growth to be sustained at a moderate rate going into 2020. This will be underpinned by more growth-oriented Budget 2020 (higher fiscal deficit, resumption of mega infrastructure projects) and accommodative monetary policy. Externally, the rebound in PMI to 50 in Dec 19 after hitting a low of 46.8 in Dec 18 bodes well for exports outlook particularly in the electronics and electrical (E&E) segment. Furthermore, the plantation sector will also be boosted by improving supply and demand dynamics which have led to CPO prices surging past RM3, 000 per MT. Given a modest consensus earnings growth

expectation of 7.3% in 2020, we believe earnings upside risks outweigh downside risks. While political and regulatory risks remain elevated, we do not believe that this will deteriorate further. Recent by-election loss of the ruling government will potentially be the catalyst for more market friendly policies going forward.

In March, the FTSE Bursa Malaysia Kuala Lumpur Shariah Index (“FBMS”) declined 8.29%, as concerns over the Covid-19 outbreak intensified which was further exacerbated by the sharp 47% fall in Brent crude oil price following the breakdown in talks between Saudi Arabia and Russia to extend the OPEC+ production cut agreement. The Malaysian government has enforced an initial 2-week movement control order (MCO) since 18 Mar which was extended until 14 April as the number of new Covid-19 infections spiked. To mitigate the economic impact of Covid-19 and MCO, an RM250bn stimulus package was announced with the primary focus of strengthening the domestic economy. While the stimulus package amounts to 17% of GDP, direct government spending is only RM25bn which is equivalent to 1.7% of GDP. As such, the fiscal deficit is expected to expand from an earlier 3.2% target to just 4.0% as the government looks to partly fund its spending with budget re-allocation and higher dividends from government-linked companies such as Petronas.

CIMB Principal Islamic Lifetime Sukuk FundIn April, inflation returned to positive after two months of declines at 0.2% Y-o-Y (February: -0.4%) versus consensus expectation of 0.3%. The rebound was mainly lifted by smaller contraction in transport prices and slightly quicker gain in food prices. In the 2018 BNM annual report, the Central Bank downgraded 2019 growth to 4.3 – 4.8% (2018: 4.7%), below MoF’s forecast of 4.9% in October 2018. Most of the downgrade came from smaller contribution from net export (2019: flat, 2018 1%) and domestic demand (2019: 4.1%, 2018: 5.2%). The seemingly dovish tone in BNM’s Annual Report has steered market expectations towards a potential cut in Overnight Policy Rate (“OPR”) in the upcoming Monetary Policy Committee (“MPC”) meetings. Hence, all eyes will be on the upcoming MPC meeting on 7th May as increasingly more investors are pricing in prospects of accommodative policy stance with 25bps cut in OPR.

In June, the domestic bond market is expected to be further supported as increasingly the market is calling for further policy

Investment Outlook (Cont’d)


Investment Outlook (Cont’d)

rate cut. Government securities’ yields have further rallied in June despite the potential exclusion from FTSE Russell’s WGBI Index. This, on top of the dovish global market backdrop including the Fed should see the domestic market supported in near term. Malaysia’s Consumer Price Index (“CPI”) remained steady at 0.2% for the third straight month in May 2019. As for the country’s exports, it rose by 2.5% in the month of May amid a surge in palm oil shipments, though the pace of growth was slower than expected. Despite this rebound, Malaysia’s exports are expected to be affected by overall lower growth on the global trade front with overall projections expected to be lower. Investors will be watching closely the statement released from the upcoming monetary policy meeting which will be held on 9 July 2019.

In September, the Government Investment Issues (“GII”) yield curve bear steepened. Credit spreads widened across for all with the exception of the single A, 7 year onwards segment due to partially more primary issuance flushing the market. Protracted trade tensions between the US and China, sluggish growth in both Europe and Japan coupled with Brexit uncertainty as well as continued unrest in Hong Kong have continued to weigh down global growth. These uncertainties have kept the global government bond yields down. Meanwhile, the domestic bonds took the FTSE Russell news positively as the threat of exclusion from World Government Bond Index (“WGBI”) will now be delayed to the next review cycle in March 2020. Bank Negara Malaysia maintained the Overnight Policy Rate (“OPR”) unchanged at 3.00% and the monetary policy committee considers the current monetary policy stance remains “accommodative and supportive of economic activity”.

In December, trading interest was sporadic as investors were mostly away from desk for the festive seasons. In the last FOMC meeting of 2019, Federal Reserve kept rate at 1.75% with officials agreed that the current interest rate stance is likely to remain unchanged for a period of time, despite raising concerns that low interest rates could exacerbate imbalances in the financial sector. Locally, Marco data was scant in December with only the release of MGS/GII auction calendar for 2020. With a fiscal target of 3.2% of GDP in 2020, we think the supply profile is manageable. During the month, credit spreads movement were mixed with tenor shorter than 7-year mostly traded tighter while tenors longer than 7-year wider (+7 to -12bps). This is likely due to repricing from credit spreads from the primary market in December 2019.

In March, global central banks and governments stepped up monetary and fiscal easing to combat the outbreak of Covid-19 virus. Domestically, Prime Minister also unveiled a budget stimulus package amounting to RM250 billion (equivalent to 17% GDP) to sustain private consumption and confidence, among other things. Direct injection from the Federal Government amounted to RM25 billion or 1.7% of GDP. Policymakers projected for the stimulus package to add 1.5% to GDP. The Ministry of Finance highlighted that 2020 budget deficit would be capped at 4% of GDP by reallocation of budget within Ministries and higher dividends from GLCs. On monetary side, Bank Negara Malaysia (“BNM”) reduced the Overnight Policy Rate (“OPR”) by 5bps to 2.50% citing weakening global economic conditions. BNM also cut the Statutory Reserve Ratio (“SRR”) by 1% to free up RM30 billion banking liquidity and introduced the 6-month loan moratorium to SMEs and consumer loans (excluding credit card balances). Market is pricing for further OPR cut by BNM during this crisis.

~ by CIMB-Principal Asset Management Berhad

AmIslamic Growth FundThe COVID-19 is still far from reaching its peak (if the experts’ prediction of the infection curve is correct) and is rapidly spreading that could lead to a global complete lockdown. This has continued to dampen the short-term outlook of the global economy significantly. Equities market has turned highly volatile due to the likelihood of significant negative impact on corporate earnings leading to credit default events. Although the governments and global central banks have been proactive in introducing extensive policies, those could only serve to cushion the economic downturn if the outbreak worsens.

At the same time, the Malaysian government has unveiled an RM250bil economic stimulus package to mitigate the economic downturn caused by the COVID-19 outbreak. The unprecedented MCO in many countries (total lockdown in some cases) would moderate the economic activities significantly, and the earnings pressure is not limited to local corporates only but global businesses as well. Due to the wide economic impact, we believe the recovery would take a longer period hence investment calls going forward to be based on a longer-term horizon.




ANNUAL REPORT

2020

Investment Strategy


Equity Investment StrategyDuring this highly uncertain period, we would continue to maintain our defensive strategy. As we focus on high dividend-paying stocks to be defensive, strong cash flow and net cash position of the company is also a must for our consideration in this current market stock selection. Sectors that we will continue to focus on will be, namely plantation, consumer (non-discretionary), certain oil & gas players involved mainly in maintenance, selective construction and technology players and REITs. Gloves and selective Telco’s maybe a tactical play to ride through this period.

Sukuk Fund Investment StrategyAs we expect continued BNM easing to stimulate the economy, we will still maintain our overweight duration to express the expectations of further rate cuts and the fact that interest rates will remain low for the foreseeable future.

Focus will be on acquiring corporate bonds that have lagged MGS yield movement and which will provide yield pickup in a low interest rate environment. We will however implement more vigilant credit surveillance on corporate bonds in view of the economic downturn and its impact on business earnings as well as consumer confidence.

For government bonds which have rallied before the OPR cut, we will trim positions to realize the capital gains after the sharp drop in yields and look into attractive re-entry levels on relative value play along the yield curve.


Balanced Plus Investment Strategy

Dana Al-IlhamThe Fund built up its positions in the selected oversold property stocks and healthcare sectors while also reduced exposure in the materials and energy sectors as commodity prices fell. Our overweight positions in the financial and consumer discretionary sectors dragged the Fund’s performance during the period under review due to declining interest rates and slower consumer spending.

We will stay defensive in view of the headwinds brought about by the COVID-19 pandemic, sharp decline in global crude oil prices, weak domestic economy as well as rising domestic political uncertainty. We will focus on accumulating fundamentally

sound stocks on weakness for longer term growth. We like well managed companies backed by healthy balance sheets and strong cash flow with decent and sustainable earnings growth, preferably trading at attractive valuations.


Principal DALI Equity Growth FundIn April, post announcement on the revival of ECRL and Bandar Malaysia, we are hopeful that more pro-growth government policies will be forthcoming, bottoming of earnings estimates and very underweight positioning by foreign investors may provide some impetus for the market to rebound. Hence, we reiterated our neutral call on Malaysia and maintained the high asset allocation with low beta investment strategy. We accumulated and added alpha in Islamic banks and selective large caps that are exhibiting improving fundamentals (ie consumer products and services) whilst reduced our overweight position on construction and oil and gas sectors and small caps.

In June, we maintained our neutral stance on Malaysia. We continued with our stock picking and rotational strategy where we have added growth companies with yield support. Preferences were on construction, utilities and telecommunication sectors. We remained cautious on the technology sector (which is vulnerable to re-escalation of us-china trade war) and plantation (as muted CPO prices could potentially lead to downward earnings revision.

In September, we maintained NEUTRAL on Malaysia while await policy clarity post Budget 2020 announcement. With expectation of further OPR cuts over the next 18 months, we focused on dividend investment theme, favoring high dividend yielders with earnings resilience. We also accumulated selective growth stocks on weakness within the utilities, telecommunication, oil and gas and construction sectors. Our thematic opportunistic trade in the glove and technology sectors has performed well, we were cognizant of diminishing returns and have sold into strength.

In December, we upgraded Malaysia to Overweight as we turn constructively more positive going into 2020. We believed earnings downside risk has narrowed significantly following recent cuts which is further supported by undemanding valuation now. We have taken a barbell approach on high

Investment StrategyAmMetLife Takaful Equity Fund, Balanced Fund, Sukuk Fund and Balanced Plus Fund



yield sectors like REITs and utilities and increasing on cyclical growth sectors like banks, plantation, oil and gas, and the technology sectors.

In March, on the back of rising market risk premium and volatility, we remained steadfast with high cash holding and defensive equity portfolio structure in order to preserve capital. We have taken the opportunity to reduce cyclical stocks on rebound and this would tilt our barbell approach more towards capital preservation/defensive bias. With high cash level, we were looking out to identify the turning point (flattening of epidemic curve) for Covid-19 new cases to reposition the portfolios. Focus was on high yield and growth stocks but we have been more selective on quality names with resilient earnings and track record.

Principal Islamic Lifetime Sukuk FundWe continue to prefer the credit segment for better yield pickup.

We will also look to opportunistically trade in benchmark GII as

and when valuations turn attractive.

In June, we have aimed to be fully invested and continue to

overweight on corporate sukuk with preference on primary

issuances for yield pick-up. Overall, we continue to overweight

on the corporate segment and look for opportunistic trading

in govvies.

Overall, we continue to overweight on the corporate segment

and look to opportunistically trade in the sovereign segment. For

corporates, we continue to anchor the portfolio yields by cherry

picking on issuers with stronger financial metrics and relatively

higher yielding, preferably from the primary issuances.

Overall with much uncertainty ahead, we expect market to be

volatile in the near term and are inclined to be cautious and

prefer to be defensive. Credit selection remains key for portfolio

returns and we have ‘cherry-picked’ issuers with stronger and

more resilient credit metrics in this economic condition.

~by CIMB-Principal Asset Management Berhad

AmIslamic Growth FundDuring this highly uncertain period, we would continue to

maintain our defensive strategy. As we focus on high dividend-

paying stocks to be defensive, strong cash flow and net cash

position of the company is also a must for our consideration

in this current market stock selection. Sectors that we will

continue to focus on will be, namely plantation, consumer

(non-discretionary), and certain oil & gas players involved.


Investment Strategy (Cont’d)



LEFT BLANK



ANNUAL REPORT

2020

Fund Performance


Fund Performance

AmMetLife Takaful Equity Fund

Since Inception PerformanceAmMetLife Takaful Equity Fund vs BenchmarkPerformance since 19 March 2012 – 31 March 2020

Full Year PerformanceAmMetLife Takaful Equity Fund vs BenchmarkPerformance since 1 April 2019 – 31 March 2020

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Mar

-20

Perf

orm

ance

(%)

Month

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

AmMetLife Takaful Equity

FTSE BM Hijrah

Apr

-19

May

-19

Jun-

19

Jul-1

9

Aug

-19

Sep-

19

Oct

-19

Nov

-19

Dec

-19

Jan-

20

Feb-

20

Mar

-20

Perf

orm

ance

(%)

Month

10.00

5.00

0.00

-5.00

-10.00

-15.00


FTSE BM Hijrah



AmMetLife Takaful Sukuk Fund

Since Inception PerformanceAmMetLife Takaful Sukuk Fund vs BenchmarkPerformance since 19 March 2012 – 31 March 2020

Full Year PerformanceAmMetLife Takaful Sukuk Fund vs BenchmarkPerformance since 1 April 2019 – 31 March 2020

Fund Performance (Cont’d)

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Mar

-20

Perf

orm

ance

(%)

Month

40.00

30.00

20.00

10.00

0.00

-10.00

AmMetLife Takaful Sukuk

MBB Al-Mudharabah (GIA) 12mth

Apr

-19

May

-19

Jun-

19

Jul-1

9

Aug

-19

Sep-

19

Oct

-19

Nov

-19

Dec

-19

Jan-

20

Feb-

20

Mar

-20

Perf

orm

ance

(%)

Month

10.00

8.00

6.00

4.00

2.00

0.00





AmMetLife Takaful Balanced Fund

Since Inception PerformanceAmMetLife Takaful Balanced Fund vs BenchmarkPerformance since 19 March 2012 – 31 March 2020

Full Year PerformanceAmMetLife Takaful Balanced Fund vs BenchmarkPerformance since 1 April 2019 – 31 March 2020

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Mar

-20

Perf

orm

ance

(%)

Month

60.00

50.00

40.00

30.00

20.00

10.00

0.00

–10.00

AmMetLife Takaful Balanced

60% FBM Hijrah & 40% MBB Al-Mudharabah (GIA) 12mth

Apr

-19

May

-19

Jun-

19

Jul-1

9

Aug

-19

Sep-

19

Oct

-19

Nov

-19

Dec

-19

Jan-

20

Feb-

20

Mar

-20

Perf

orm

ance

(%)

Month

6.00

4.00

2.00

0.00

-2.00

-4.00

-6.00

-8.00






AmMetLife Takaful Balanced Plus Fund

Since Inception PerformanceAmMetLife Takaful Balanced Plus Fund vs BenchmarkPerformance since 1 October 2013 – 31 March 2020

Full Year PerformanceAmMetLife Takaful Balanced Plus Fund vs BenchmarkPerformance since 1 April 2019 – 31 March 2020

Nov

-13

Mar

-14

Jul-1

4

Nov

-14

Mar

-15

Jul-1

5

Nov

-15

Mar

-16

Jul-1

6

Nov

-16

Mar

-17

Jul-1

7

Nov

-17

Mar

-18

Jul-1

8

Nov

-18

Mar

-19

Jul-1

9

Nov

-19

Mar

-20

Perf

orm

ance

(%)

Month

25.00

20.00

15.00

10.00

5.00

0.00

-5.00

AmMetLife Takaful Balanced Plus

50% FBM Hijrah & 50% Maybank 12Months GIA

Apr

-19

May

-19

Jun-

19

Jul-1

9

Aug

-19

Sep-

19

Oct

-19

Nov

-19

Dec

-19

Jan-

20

Feb-

20

Mar

-20

Perf

orm

ance

(%)

Month

10.00

7.00

4.00

1.00

-2.00

-5.00

-8.00





LEFT BLANK



ANNUAL REPORT

2020

Sectoral andCategory Breakdown


Sectoral and Category Breakdown

AmMetLife Takaful Equity FundDetails of portfolio composition of AmMetLife Takaful Equity Fund as at 31 March 2020 are as follows:

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 % % % % %

Construction 7.87 14.01 10.37 13.16 12.27Consumer Products & Services 1.97 11.63 9.09 1.84 –Energy 11.66 13.84 – – –Financial Services 3.28 – – – –Health Care 8.37 10.14 – – –Industrial Products & Services 9.42 10.93 15.31 16.18 19.34Infrastructure – – 2.14 2.37 3.89Plantation 3.17 3.33 9.89 6.22 7.26Property 1.09 2.17 – 4.07 0.93Real Estate Investment Trusts 2.90 – – – –Technology 9.18 8.05 3.67 2.78 4.50Telecommunications & Media 6.83 2.38 – – –Trading/Services – – 35.84 41.11 44.32Transportation & Logistics 1.55 2.39 – – –Utilities 13.54 8.83 – – –Special Investment Account/Cash 19.18 12.33 13.69 12.28 7.49

100.00 100.00 100.00 100.00 100.00

AmMetLife Takaful Sukuk FundDetails of portfolio composition of AmMetLife Takaful Sukuk Fund as at 31 March 2020 are as follows:

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 % % % % %

Corporate debt securities 82.90 84.77 92.48 81.20 92.37Malaysian Unit Trust 3.58 7.79 – – –Malaysian Government Securities 1.47 – – – –Special Investment Account/Cash 12.04 7.44 7.52 18.80 7.63

100.00 100.00 100.00 100.00 100.00

Malaysian Unit Trust - AmBon Islam Fund

FY 2020 %

Cash, Other Assets & Liabilities 9.15 Corporate Sukuk 85.87 Malaysian Government Bonds 4.98

100.00

** Note: Source of “Malaysian Unit Trust” sector allocation from AmFunds Management Berhad.



AmMetLife Takaful Balanced FundDetails of portfolio composition of AmMetLife Takaful Balanced Fund as at 31 March 2020 are as follows:

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 % % % % %

Consumer Products & Services 1.64 7.10 7.02 1.20 –Construction 4.81 12.33 7.92 9.85 8.08Energy 6.01 10.01 – – –Financial Services 1.36 – – – –Health Care 8.91 7.65 – – –Industrial Products & Services 5.64 8.94 12.48 11.42 11.27Infrastructure – – 1.57 1.96 1.47Plantation 3.11 2.92 7.14 5.12 4.40Property 1.07 2.16 – 3.02 0.62Real Estate Investment Trusts 2.94 – – – –Technology 5.59 6.49 3.53 3.12 2.50Telecommunications & Media 4.88 1.64 – – –Trading/Services – – 26.79 32.15 30.06Transportation & Logistics 1.05 1.89 – – –Utilities 4.72 5.08 – – –Corporate Debt securities 25.88 19.84 18.98 18.17 7.49Malaysian Unit Trust 8.62 – – – –Special Investment Account/Cash 13.78 13.96 14.56 13.98 34.11

100.00 100.00 100.00 100.00 100.00

Malaysian Unit Trust - AmDynamic Sukuk - Class A

FY 2020 %

Corporate Sukuk 79.15 Money Market Deposit 19.18 Malaysian Government Bonds 1.68 Cash, Other Assets & Liabilities (0.01)

100.00

** Note: Source of “Malaysian Unit Trust” sector allocation from AmFunds Management Berhad.

Sectoral and Category Breakdown (Cont’d)



AmMetLife Takaful Balanced Plus FundDetails of portfolio composition of AmMetLife Takaful Balanced Plus Fund as at 31 March 2020 are as follows:

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 % % % % %

Malaysian Unit Trust 89.17 84.24 87.49 88.27 86.80 Special Investment Account/Cash 10.83 15.76 12.51 11.73 13.20

100.0 100.0 100.00 100.00 100.00

Malaysian Unit Trust - Principal DALI Equity Growth Fund

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 % % % % %

Construction – – 7.78 8.28 8.15Consumer – – 4.90 0.17 –Consumer Discretionary 2.10 3.83 – – –Consumer Staples 14.29 13.61 – – –Communications Services 11.12 9.37 – – –Energy 10.38 9.23 – – –Financial 1.41 2.12 1.55 3.91 3.83Health Care 8.99 4.76 – – –Industrials 12.07 15.49 16.50 13.08 16.28Information Technology 2.77 2.42 – – –IPC – – 0.79 6.09 5.29Materials 3.84 8.94 – – –Plantations – – 12.64 10.17 6.16Properties – – 6.87 3.68 0.25Real Estate 6.98 6.50 0.34 0.79 0.71Sukuk 0.04 0.03 0.03 0.02 0.02Technology – – 1.74 0.92 1.50Trading/Services – – 41.11 44.81 43.96 Utilities 13.75 13.70 – – – Cash 12.25 10.00 5.75 8.08 13.85

100.00 100.00 100.00 100.00 100.00

** Note: Source of “Malaysian Unit Trust” sector allocation from Principal Asset Management.

Malaysian Unit Trust - Principal Islamic Lifetime Sukuk Fund

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 % % % % %

Sukuk 74.20 95.05 91.69 85.60 93.10 Cash 25.80 4.95 8.31 14.40 6.90

100.00 100.00 100.00 100.00 100.00

** Note: Source of “Malaysian Unit Trust” sector allocation from Principal Asset Management.




Malaysian Unit Trust - Eastspring Investments Dana al-Ilham

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 % % % % %

Automotive 1.94 5.12 1.95 1.99 2.45Banking & Finance 6.74 5.57 4.06 3.55 3.88Building Materials – – – 2.24 –Cash & cash equivalents 17.18 15.91 14.41 11.11 18.79Conglomerate 2.83 6.44 3.48 12.04 10.96Construction 2.51 1.70 6.11 1.55 5.99Consumer 8.75 8.61 7.76 2.64 –Health Care 13.58 7.25 8.33 13.18 11.52Manufacturing 1.50 4.13 3.24 1.68 0.61Oil & Gas 10.08 13.98 16.21 9.64 5.48Plantation/Natural Resources 4.42 5.79 5.63 9.88 5.09Power/Utilities 8.27 8.16 9.76 7.59 10.60Property 7.38 4.93 4.63 5.30 5.19Technology 5.84 6.31 8.83 4.94 8.23Telecommunication 8.98 6.10 5.60 11.10 9.40Transportation – – – 1.57 1.81

100.00 100.00 100.00 100.00 100.00

** Note: Source of “Malaysian Unit Trust” sector allocation from Eastspring Investment.

Malaysian Unit Trust - AmIslamic Growth

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 % % % % %

Construction – – 9.50 – 13.55Cash, Other Assets & Liabilities 11.55 10.40 (0.16) 12.74 14.92Consumer Discretionary – 5.77 – 1.96 –Consumer Products – – 4.81 – –Consumer Staples 2.08 7.84 – 9.10 –Energy 14.47 13.65 – 1.05 –Financials – – 2.59 2.60 –Health Care 10.55 10.17 – 4.73 –Industrials 16.72 25.84 12.42 30.67 8.73Information Technology 4.99 6.24 – – –Infrastructure – – 2.15 – 4.89Local Collective Investment Scheme 2.89 2.71 – – –Materials 5.09 4.86 – 3.32 –Money Market Deposit 5.21 – 11.91 – –Plantations – – 11.01 – 9.29Properties – – – – 1.60Real Estate 6.69 – – 2.10 –Technology – – 4.84 6.43 0.95Telecomunication Services 5.81 2.64 – 16.76 –Trading/Services – – 40.93 – 46.07 Utilities 13.95 9.88 – 8.54 –

100.00 100.00 100.00 100.00 100.00

** Note: Source of “Malaysian Unit Trust” sector allocation from AmFunds Management.



LEFT BLANK



ANNUAL REPORT

2020

ComparativePerformance Table


Comparative Performance TableFund Performance as at 31 March 2020

1 Year 3 Years 5 Years Since Launch

Annual

Average Compounded

Return (%) Annual Return (%)

AmMetLife Takaful Equity Fund (7.31) (2.44) (0.95) 3.14

AmMetLife Takaful Sukuk Fund 3.73 4.23 3.80 3.39

AmMetLife Takaful Balanced Fund (4.04) (0.02) 0.57 3.49

AmMetLife Takaful Balanced Plus Fund (7.02) (2.53) (0.77) 0.59



Net Asset Value, Number of Units and Unit PriceAs at 31 March 2020

AmMetLife Takaful Equity FundPerformance details of the Fund for the financial years ended 31 March 2020 are as follows:

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016

Unit Prices (RM) Highest NAV per unit for the year 0.7433 0.7751 0.7998 0.6912 0.6843Lowest NAV per unit for the year 0.5881 0.6548 0.6898 0.6363 0.6013

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million) 11.5127 11.2222 11.9753 10.2676 9.1787UIC (in million) 17.9738 16.2423 15.4497 14.8842 13.8399NAV per unit (RM) 0.6405 0.6910 0.7751 0.6898 0.6632

Total Return for the Year (%)Total Return1 (7.31) (10.85) 12.37 4.01 (1.28) Capital growth (7.31) (10.85) 12.37 4.01 (1.28)Income distributions – – – – –

* Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year

Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

AmMetLife Takaful Sukuk FundPerformance details of the Fund for the financial years ended 31 March 2020 are as follows:

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016


Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million) 7.1933 5.2807 4.9356 4.8446 4.5661 UIC (in million) 11.0155 8.3876 8.2572 8.4010 8.1968NAV per unit (RM) 0.6530 0.6295 0.5977 0.5767 0.5571

Total Return for the Year (%)Total Return1 3.73 5.32 3.64 3.52 2.80 Capital growth 3.73 5.32 3.64 3.52 2.80 Income distributions – – – – –




Net Asset Value, Number of Units and Unit Prices (Cont’d)As at 31 March 2020

AmMetLife Takaful Balanced FundPerformance details of the Fund for the financial years ended 31 March 2020 are as follows:

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016


Net Asset Value (NAV) andUnits in Circulation (UIC) as at the end of the Year*Total NAV (RM million) 10.2833 10.0110 10.0707 8.6305 7.9961UIC (in million) 15.6251 14.5980 13.6534 13.1063 12.6104NAV per unit (RM) 0.6581 0.6858 0.7376 0.6585 0.6341

Total Return for the Year (%)Total Return1 (4.04) (7.02) 12.01 3.85 (0.86) Capital growth (4.04) (7.02) 12.01 3.85 (0.86) Income distributions – – – – –



AmMetLife Takaful Balanced Plus FundPerformance details of the Fund for the financial years ended 31 March 2020 are as follows:

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016

Unit Prices (RM) Highest NAV per unit for the year 0.5835 0.5866 0.6007 0.5609 0.5514 Lowest NAV per unit for the year 0.5000 0.5403 0.5581 0.5345 0.5083

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*Total NAV (RM million) 2.9805 2.8371 2.7387 2.6068 2.3230 UIC (in million) 5.7384 5.0789 4.7122 4.6477 4.2576 NAV per unit (RM) 0.5194 0.5586 0.5812 0.5609 0.5456

Total Return for the Year (%)Total Return1 (7.02) (3.89) 3.62 2.80 1.07 Capital growth (7.02) (3.89) 3.62 2.80 1.07 Income distributions – – – – –



Summary ofFinancial Information



ANNUAL REPORT

2020

Statement by the Manager 38

Independent Auditors’ Report 39

Statements of Assets and Liabilities 41

Statements of Income and Expenditure 43

Statements of Changes in Net Asset Value 45

Notes to the Financial Information 46

Summary ofFinancial Information


In the opinion of the Manager, the accompanying financial information of the Investment-linked Funds of AmMetLife Takaful Berhad comprising the AmMetLife Takaful Equity Fund, AmMetLife Takaful Sukuk Fund, AmMetLife Takaful Balanced Fund and AmMetLife Takaful Balanced Plus Fund set out on pages 41 to 62 have been prepared in accordance with the accounting policies as described in Note 2.2 to the financial information and the Policy Document on Investment-linked Business (BNM/RH/PD 029-36) issued by Bank Negara Malaysia.

On behalf of AmMetLife Takaful Berhad, Pathmanathan Perumal

Kuala Lumpur, Malaysia 30 June 2020

Summary of Financial Information

Statement by the Manager



Report on the audit of the financial informationOpinionWe have audited the financial information of AmMetLife Takaful Equity Fund, AmMetLife Takaful Sukuk Fund, AmMetLife Takaful Balanced Fund and AmMetLife Takaful Balanced Plus Fund (collectively referred to as "the Funds"), which comprise the statements of assets and liabilities as at 31 March 2020, and the statements of income and expenditure, statements of changes in net asset value of the Funds for the year then ended, and notes to the financial information, as set out on pages 41 to 62.

In our opinion, the accompanying financial information of the Funds as at 31 March 2020 are prepared, in all material respects, in accordance with the accounting policies as described in Note 2.2 to the financial information and the Policy Document on Investment-linked Business issued by Bank Negara Malaysia.

Basis for OpinionWe conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Information section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of MatterWe draw attention to Note 2.1 to the financial information of the Funds, which describes the basis of accounting. The financial information of the Funds are prepared to assist the Funds in complying with the Policy Document on Investment-linked Business issued by Bank Negara Malaysia. As a result, the financial information of the Funds may not be suitable for another purpose. Our report is intended solely for the unitholders of the Funds, as a body and should not be distributed to or used by parties other than the unitholders of the Funds. Our opinion is not modified in respect of this matter.

Independence and Other Ethical ResponsibilitiesWe are independent of the Funds in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.

Information Other than the Financial Information and Auditors’ Report ThereonThe Manager of the Funds (the “Manager”) is responsible for the other information. The other information comprises the information contained in the Annual Report of the Funds, but does not include the financial information of the Funds and our auditors’ report thereon. The Annual Report is expected to be made available to us after the date of our auditors' report.

Our opinion on the financial information of the Funds does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial information of the Funds, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial information of the Funds or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the Manager and take appropriate action.

Responsibilities of the Manager for the Financial InformationThe Manager is responsible for the preparation of financial information of the Funds in accordance with the accounting policies as described in Note 2.2 to the financial information and the Policy Document on Investment-linked Business issued by Bank Negara Malaysia. The Manager is also responsible for such internal control as the Manager determine is necessary to enable the preparation of financial information of the Funds that are free from material misstatement, whether due to fraud or error.


Independent Auditors’ Report


Responsibilities of the Manager for the Financial Information (Cont’d)

In preparing the financial information of the Funds, the Manager is responsible for assessing the Funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to liquidate the Funds or to cease operations, or have no realistic alternative but to do so.

Auditors’ Responsibilities for the Audit of the Financial InformationOur objectives are to obtain reasonable assurance about whether the financial information of the Funds as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial information.

As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the financial information of the Funds, whether due to fraud or error, design

and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit 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.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager.

• Conclude on the appropriateness of the Manager’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial information of the Funds or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Funds to cease to continue as a going concern.

We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Ernst & Young Yeo Beng Yean202006000003 (LLP0022760-LCA) & AF 0039 No. 03013/10/2020 J Chartered Accountants Chartered Accountant Kuala Lumpur, Malaysia 30 June 2020

Independent Auditors’ Report (Cont’d)



2020

AmMetLife AmMetLife AmMetLife AmMetLife Takaful Takaful Takaful Takaful Equity Fund Sukuk Fund Balanced Balanced Fund Plus Fund Note RM RM RM RM

Assets Investments 3

Fair value throughprofit or loss (“FVTPL”):

Shariah-approved equities 8,970,647 – 5,016,335 –Unit Trust Fund 333,636 257,776 1,188,515 2,657,631Corporate debt securities – 6,069,146 2,661,288 –

Deferred tax assets 101,478 – 60,355 47,329Tax recoverable – – – 1,221Other receivables 248,972 308,372 101,511 72,220Cash and cash equivalents 2,045,876 636,030 1,634,464 209,776

Total assets 11,700,609 7,271,324 10,662,468 2,988,177

LiabilitiesProvision for taxation 98,297 42,151 88,197 7,269Deferred tax liabilities – 5,224 – –Other payables 111,134 10,915 304,076 333

Total liabilities 209,431 58,290 392,273 7,602

Net asset value of funds (“NAV”) 11,491,178 7,213,034 10,270,195 2,980,575

EquityUnitholders’ capital 10,566,355 6,002,220 8,767,888 3,041,517Undistributed income/(accumulated loss) 924,823 1,210,814 1,502,307 (60,942)

Unitholders’ account 4 11,491,178 7,213,034 10,270,195 2,980,575

Units in circulation 17,973,789 11,015,463 15,625,095 5,738,379

NAV per unit 0.6393 0.6548 0.6573 0.5194

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


Statements of Assets and Liabilities

As at 31 March 2020


Statements of Assets and Liabilities (Cont’d)

As at 31 March 2020

2019

AmMetLife AmMetLife AmMetLife AmMetLife Takaful Takaful Takaful Takaful Equity Fund Sukuk Fund Balanced Balanced Fund Plus Fund Note RM RM RM RM

Assets Investments 3

Fair value throughprofit or loss (“FVTPL”):

Shariah-approved equities 9,838,685 – 6,627,526 –Unit Trust Fund – 411,464 – 2,389,860Corporate debt securities – 4,476,406 1,986,226 –

Loans and receivables (“LAR”):Islamic investment account 1,216,000 553,000 1,186,000 –

Deferred tax assets – – – 20,122Tax recoverable – – – 1,196Other receivables 337,586 61,291 385,077 15,629 Cash and cash equivalents 11,160 1,858 7,862 423,073

Total assets 11,403,431 5,504,019 10,192,691 2,849,880

LiabilitiesProvision for taxation 28,299 40,143 48,201 11,695Deferred tax liabilities 49,823 7,494 31,347 –Other payables 23,584 171,905 20,525 559

Total liabilities 101,706 219,542 100,073 12,254

Net asset value of funds (“NAV”) 11,301,725 5,284,477 10,092,618 2,837,626

EquityUnitholders’ capital 9,456,494 4,269,465 8,149,951 2,679,065Undistributed income 1,845,231 1,015,012 1,942,667 158,561

Unitholders’ account 4 11,301,725 5,284,477 10,092,618 2,837,626

Units in circulation 16,242,339 8,387,620 14,597,964 5,078,950

NAV per unit 0.6958 0.6300 0.6914 0.5587

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



1 April 2019 to 31 March 2020

AmMetLife AmMetLife AmMetLife AmMetLife Takaful Takaful Takaful Takaful Equity Fund Sukuk Fund Balanced Balanced Fund Plus Fund RM RM RM RM

Net investment income: Profit from deposit with Islamic financial institutions 61,216 15,088 69,196 8,714Profit from corporate debt securities – 252,713 91,701 – Distribution from unit trusts – 19,741 – 74,815Dividend income 293,136 – 154,904 11,627

354,352 287,542 315,801 95,156

Unrealised capital gain of investments 309,341 57,167 259,991 10,512Gain on disposal of investments 1,569,587 18,393 1,044,970 –

Total income 2,233,280 363,102 1,620,762 105,668

Loss on disposal of investments (861,579) – (534,910) –Unrealised capital loss of investments (2,200,596) (85,775) (1,405,928) (350,596)Management expenses (182,316) (65,999) (161,345) (4,622)

Total outgo (3,244,491) (151,774) (2,102,183) (355,218)

(Deficit)/excess of income over outgo before taxation (1,011,211) 211,328 (481,421) (249,550)

Taxation 90,803 (15,526) 41,061 30,047

Net (loss)/income for the year (920,408) 195,802 (440,360) (219,503)

Distributable income brought forward 1,845,231 1,015,012 1,942,667 158,561

Distributable income/(accumulated losses) carried forward 924,823 1,210,814 1,502,307 (60,942)


Statements of Income and Expenditure

For The Financial Year Ended 31 March 2020


Statements of Income and Expenditure (Cont’d)

For the Financial Year Ended 31 March 2020

1 April 2018 to 31 March 2019


Net investment income: Profit from deposit with Islamic financial institutions 49,718 25,853 37,685 8,919Profit from corporate debt securities – 215,753 90,085 – Distribution from unit trusts – – – 31,136Dividend income 229,121 – 158,098 66,747

278,839 241,606 285,868 106,802

Unrealised capital gain of investments 536,844 111,206 426,836 1,411Gain on disposal of investments 1,148,870 20,519 902,857 –

Total income 1,964,553 373,331 1,615,561 108,213

Loss on disposal of investments (1,304,344) (1,035) (830,460) –Unrealised capital loss of investments (1,913,942) (22,609) (1,423,477) (226,012)Management expenses (165,534) (54,244) (146,430) (4,339)

Total outgo (3,383,820) (77,888) (2,400,367) (230,351)

(Deficit)/excess of income over outgo before taxation (1,419,267) 295,443 (784,806) (122,138)

Taxation 118,628 (29,439) 66,051 11,915

Net (loss)/income for the year (1,300,639) 266,004 (718,755) (110,223)

Distributable income brought forward 3,145,870 749,008 2,661,422 268,784

Distributable income carried forward 1,845,231 1,015,012 1,942,667 158,561



2020


Net asset value at the beginning of the year 11,301,725 5,284,477 10,092,618 2,837,626Amount received from units created 1,904,171 2,090,012 1,423,208 643,376Amount paid for units cancelled (794,310) (357,257) (805,271) (280,924)Net (loss)/income for the year (920,408) 195,802 (440,360) (219,503)

Net asset value at end of the year 11,491,178 7,213,034 10,270,195 2,980,575

2019


Net asset value at the beginning of the year 11,951,270 4,931,138 10,137,138 2,834,161Amount received from units created 1,402,549 201,908 1,241,788 360,219Amount paid for units cancelled (751,455) (114,573) (567,553) (246,531)Net (loss)/income for the year (1,300,639) 266,004 (718,755) (110,223)

Net asset value at end of the year 11,301,725 5,284,477 10,092,618 2,837,626


Statements of Changes in Net Asset Value

For The Financial Year Ended 31 March 2020



Notes to the Financial Information

1. The manager and its principal activities The investment-linked funds of AmMetLife Takaful Berhad ("the Manager") comprise AmMetLife Takaful Equity Fund,

AmMetLife Takaful Sukuk Fund, AmMetLife Takaful Balanced Fund and AmMetLife Takaful Balanced Plus Fund (collectively known as "the Funds").

The Manager is a public limited liability company incorporated and domiciled in Malaysia and licensed under the Islamic Financial Services Act 2013 to carry out its principal activities. The registered office and principal place of business of the Company are located at 22nd Floor, Bangunan AmBank Group, No. 55 Jalan Raja Chulan, 50200 Kuala Lumpur and Level 23, Menara 1 Sentrum, No 201, Jalan Tun Sambanthan, 50470 Kuala Lumpur respectively.

The principal activities of the Manager is that of managing family takaful business including group takaful and investment-linked business.

There have been no significant changes in the nature of the principal activities of the Manager.

The Funds' activities are conducted strictly in accordance with the requirements of the Shariah principles and monitored by the Shariah Committee of the Manager.

The financial information were authorised for issue by the Board of Directors of the Manager in accordance with a resolution of the directors on 30 June 2020.

2. Significant accounting policies

2.1 Basis of preparation The financial information of the Funds have been prepared in accordance with the accounting policies described in Note 2.2

to the financial information and the Policy Document on Investment-linked Business (BNM/RH/PD 029-36) issued by Bank Negara Malaysia.

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").

(a) Revenue recognition Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the

funds and the amount of the revenue can be measured reliably.

(i) Profit income is recognised on an accrual basis.(ii) Dividend income is recognised on a declared basis when the right to receive payment is established.(iii) Realised gains or losses on disposal of investments are recognised in the statements of income and expenditure

as the difference between the net disposal proceeds and the carrying amount of the investments.

(b) Management FeeManagement fee is charged based on the Funds' daily net asset value, at the following rates: AmMetLife Takaful Equity Fund 1.50% p.a. AmMetLife Takaful Sukuk Fund 1.00% p.a AmMetLife Takaful Balanced Fund 1.50% p.a.

AmMetLife Takaful Balanced Plus Fund 1.50% p.a.



(c) Taxation Income tax in the statements of income and expenditure comprises current and deferred tax. Current tax is the

expected amount of income taxes payable in respect of the taxable income for the year and is measured using the tax rates that have been enacted at the date of the statement of assets and liabilities.

Deferred tax is provided for using the liability method. 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 the tax rates that have been enacted or substantively enacted at the date of the 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.

(d) Investments – financial assets Investments are recognised in the statements of assets and liabilities when the Funds have become a party to the

contractual obligations of the financial assets.

A financial asset is recognised initially, at its fair value plus, in the case of a financial asset not at fair value through profit or loss ("FVTPL"), transaction costs that are directly attributable to the acquisition of the financial asset.

The Funds classify the investments into financial assets at FVTPL and loans and receivables.

(i) Financial assets at FVTPL Subsequent to the initial recognition, financial assets at FVTPL are re-measured at fair value. Fair value adjustments

and realised gains/losses due to derecognition are recognised in the statements of income and expenditure. Transaction costs in respect of financial assets at FVTPL are expensed as they are incurred.

(ii) Loans and Receivables (“LAR”) Financial assets with fixed or determinable payments that are not quoted in an active market are classified

as LAR.

Subsequent to initial recognition, LAR are measured at amortised cost using the effective profit rate method. Gains and losses are recognised in the statements of income and expenditure when the LAR are derecognised or impaired, and through the amortisation process.

(e) Financial liabilities at amortised cost Financial liabilities of the Funds, that are not designated at fair value through profit or loss, 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 the Funds' equity instruments.

After initial measurement, these financial instruments are subsequently measured at amortised cost using the effective profit rate method. Amortised cost is calculated by taking into account any discount or premium on the issue and costs that are an integral part of the effective profit rate method.

Notes to the Financial Information (Cont’d)


(f) 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 the 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 the statements of income and expenditure.

(g) Determination of fair valueThe fair value for financial instruments traded in active markets at reporting date is based on their quoted market price or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs.

For financial instruments not traded in an active market, the fair value is determined by using appropriate valuation techniques. Valuation techniques include the discounted cash flow method, comparison to similar instruments for which market observable prices exist, option pricing models, credit models and other relevant valuation models.

(h) 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.

If, in a subsequent year, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed. Any subsequent reversal of an impairment loss is recognised in the statements of income and expenditure, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date.

(i) Cash and cash equivalents Cash and cash equivalents consist of cash at bank. It excludes deposits with which are held for investment purpose.




3. Investments The composition, costs and fair values of the investments in Malaysia as at 31 March 2020 and 31 March 2019 are as detailed below:

(i) AmMetLife Takaful Equity Fund

2020

Fair value No. of units Cost Fair value as % of NAV RM RM

(a) FVTPL

Quoted shariah approved equities

ConstructionEconpile Holdings Bhd 319,500 260,103 129,397 1.13%Gabungan AQRS Bhd 210,000 258,074 165,900 1.44%Gamuda Bhd 151,383 539,644 428,413 3.73%IJM Corporation Bhd 114,700 174,158 182,373 1.59%

Industrial ATA IMS Berhad 161,000 254,970 132,020 1.15% Press Metal Aluminium Holdings Berhad 58,000 244,723 190,820 1.66%Petronas Chemicals Group Bhd 71,600 338,431 361,580 3.15%Sunway Berhad 140,390 238,368 217,604 1.89%Dufu Technology Corp Bhd 55,300 171,015 181,937 1.58%

Healthcare Hartalega Holdings Bhd 48,300 238,951 332,304 2.89%Kossan Rubber Industries Bhd 45,400 216,515 232,902 2.03%Supermax Corporation Bhd 99,800 155,627 168,662 1.47%Top Glove Corporation Bhd 35,600 193,456 229,620 2.00%

PlantationSime Darby Plantation Berhad 73,800 397,683 364,572 3.17%

TechnologyFrontken Corp Bhd 131,400 224,068 237,834 2.07%Globetronics Technology Bhd 114,200 260,010 185,004 1.61%Inari Amertron Bhd 69,700 124,137 86,428 0.75%KESM Industries Berhad 28,500 254,617 183,825 1.60%MI Technovation Berhad 95,800 168,385 187,768 1.63%UWC Bhd 98,000 168,713 176,400 1.54%



(i) AmMetLife Takaful Equity Fund (Cont’d)

2020


(a) FVTPL (Cont’d) Quoted shariah approved equities (Cont’d)

EnergyDayang Enterprise Holdings Bhd 149,200 165,039 171,580 1.49%Deleum Berhad 220,600 231,174 103,682 0.90%Dialog Group Bhd 71,500 248,370 217,360 1.89%Serba Dinamik Holdings Berhad 189,610 135,096 217,649 1.89%Wah Seong Corporation Bhd 239,391 253,906 126,877 1.10%Yinson Holdings Berhad 105,900 524,051 505,143 4.40%

Property Malaysian Resources Corporation Bhd 320,700 243,557 125,073 1.09%

Telecommunications Axiata Group Bhd 72,414 373,723 237,518 2.07%Digi.Com Bhd 76,900 385,652 334,515 2.91%Telekom Malaysia Bhd 57,100 208,120 214,125 1.86%

Logistic MMC Corporation Bhd 295,800 176,816 178,959 1.56%

Utilities Malakoff Corporation Bhd 432,300 348,274 348,002 3.03%Tenaga Nasional Bhd 62,700 745,713 753,655 6.56%Mega First Corporation Bhd 103,100 456,543 456,733 3.97%

Financial BIMB Holdings Bhd 65,000 298,311 211,250 1.84%Syarikat Takaful Malaysia Keluarga Berhad 51,200 310,832 166,400 1.45%

ConsumerNTPM Holdings Bhd 604,700 258,515 226,763 1.97%

5,240,488 10,245,340 8,970,647 78.06%

Quoted unit trust funds

Axis Real Estate Investment Trust 182,315 327,412 333,636 2.90%

5,422,803 10,572,752 9,304,283 80.96%





2019


(a) FVTPL


ConstructionAhmad Zaki Resources Bhd 458,200 229,287 238,264 2.11% Econpile Holdings Bhd 730,400 340,491 368,852 3.26%Gabungan AQRS Bhd 176,900 220,713 235,277 2.08%Gamuda Bhd 74,500 281,742 214,560 1.90%IJM Corporation Bhd 109,300 219,237 242,646 2.15%JAKS Resources Bhd 353,300 240,244 272,041 2.41%

Industrial ATA IMS Berhad 161,000 254,970 275,310 2.44% HSS Engineers Berhad 190,500 219,263 226,695 2.01%Press Metal Aluminium Holdings Berhad 58,000 244,723 261,580 2.31%Tong Herr Resources Bhd 59,500 216,013 211,225 1.87%Uchi Technologies Bhd 94,100 283,496 251,247 2.22%

PlantationsFGV Holdings Bhd 182,400 247,806 215,232 1.90%Genting Plantations Bhd 14,900 161,104 157,940 1.40%

TechnologyFrontken Corp Bhd 231,800 171,382 229,482 2.03%Inari Amertron Bhd 148,050 228,864 232,439 2.06%Pentamaster Corporation Bhd 62,400 217,768 219,024 1.94%Vitrox Corp Bhd 30,900 230,743 221,862 1.96%

EnergyDeleum Berhad 185,600 218,958 202,304 1.79%Hibiscus Petroleum Berhad 362,300 381,644 387,661 3.43%Serba Dinamik Holdings Berhad 84,300 172,020 317,811 2.81%Uzma Bhd 261,500 238,099 240,580 2.13%Yinson Holdings Berhad 88,000 397,044 404,800 3.58%





2019


(a) FVTPL (Cont’d) Quoted shariah approved equities (Cont’d)

Healthcare Duopharma Biotech Bhd 293,700 361,404 375,936 3.33%IHH Healthcare Berhad 89,700 519,031 517,569 4.58%Top Glove Corporation Bhd 53,000 138,309 244,860 2.17%


Telecommunications Time Dotcom Bhd 30,700 269,197 267,090 2.36%

Logistic MISC Bhd 40,000 273,492 267,600 2.37%

Utilities Taliworks Corp Bhd 372,300 304,150 331,346 2.93%Tenaga Nasional Bhd 52,100 600,104 659,586 5.84%

ConsumerAEON Co. (M) Bhd 141,400 218,566 207,858 1.84%Bermaz Auto Berhad 118,300 236,767 267,358 2.37%DRB-Hicom Bhd 117,000 223,122 222,300 1.97%Fraser & Neave Holdings Berhad 8,000 244,211 278,720 2.47%QL Resources Bhd 47,750 179,029 328,520 2.91%

5,756,500 9,215,897 9,838,685 87.05%



(ii) AmMetLife Takaful Sukuk Fund

2020


(a) FVTPL

Unquoted Islamic corporate debt securities

First Resources Limiteddue 27/10/2021 200,000 200,588 203,654 2.82%

Teknologi Tenaga Perlis Consortiumdue 31/07/2023 200,000 201,940 205,956 2.86%

Asian Finance Bank Bhddue 10/12/2024 200,000 193,380 207,134 2.87%

Rantau Abang Capital Berhaddue 12/05/2031 200,000 206,440 215,890 2.99%

Lebuhraya Duke Fasa 3 Sdn Bhddue 23/08/2035 200,000 219,460 212,824 2.95%

Southern Power Generation Sdn Berhaddue 31/10/2029 200,000 201,760 210,616 2.92%

Danga Capital Berhaddue 26/01/2033 500,000 503,150 533,395 7.39%

Sime Darby Berhaddue 24/03/2026 400,000 413,040 431,696 5.98%

Ambank Islamic Berhaddue 18/10/2023 400,000 400,000 412,132 5.71%

Westports Malaysia Sdn Berhaddue 30/04/2026 400,000 417,560 426,700 5.92%

Jimah East Power Sdn Berhaddue 04/12/2028 500,000 535,300 542,820 7.53%

Danum Capital Berhaddue 14/02/2034 500,000 500,000 519,465 7.20%

RHB Islamic Bank Berhaddue 21/05/2024 500,000 500,000 502,465 6.97%

Edra Solar Sdn Bhddue 09/10/2037 200,000 200,000 194,514 2.70%

Edra Energy IMTNdue 05/07/2035 400,000 483,840 464,524 6.44%

TNB Northern Energy Berhaddue 29/11/2033 300,000 321,180 307,002 4.26%

TG Excellence Berhaddue 27/02/2025 100,000 100,000 98,306 1.36%





2020


(a) FVTPL (Cont’d)

Unquoted Islamic corporatedebt securities (Cont’d)

Government of Malaysiadue 09/07/2029 100,000 108,650 105,604 1.46%

Lembaga Pembiayaan PerumahanSektor Awamdue 13/02/2035 300,000 300,000 274,449 3.80%

5,800,000 6,006,288 6,069,146 84.13%

Unquoted unit trust funds

AmBon Islam Fund 209,013 255,333 257,776 3.57%

6,009,013 6,261,621 6,326,922 87.70%




2019


(a) FVTPL

Unquoted Islamic corporate debt securities

WCT Holdings Berhaddue 23/10/2023 200,000 200,856 200,242 3.79%

First Resources Limiteddue 27/10/2021 200,000 200,588 202,220 3.83%

Teknologi Tenaga Perlis Consortiumdue 31/07/2023 200,000 201,940 203,478 3.85%

Asian Finance Bank Bhddue 10/12/2024 200,000 193,380 203,650 3.85%

Rantau Abang Capital Berhaddue 12/05/2031 200,000 206,440 211,852 4.01%

Kesturi RM2300 Million Sukukdue 1/12/2028 200,000 198,800 201,624 3.82%

Lebuhraya Duke Fasa 3 Sdn Bhddue 23/08/2035 200,000 219,460 219,170 4.15%

Southern Power Generation Sdn Berhaddue 31/10/2029 200,000 201,760 210,076 3.98%

Danga Capital Berhaddue 26/01/2033 500,000 503,150 522,125 9.88%

SIME Darby Berhaddue 24/03/2026 400,000 413,040 424,644 8.04%

Ambank Islamic Berhaddue 18/10/2023 400,000 400,000 403,824 7.64%

Westports Malaysia Sdn Berhaddue 30/04/2026 400,000 417,560 422,136 7.99%

Jimah East Power Sdn Berhaddue 04/12/2028 500,000 535,300 542,190 10.26%

Danum Capital Berhaddue 14/02/2034 500,000 500,000 509,175 9.64%

4,300,000 4,392,274 4,476,406 84.71%


AmBon Islam Fund 329,013 401,926 411,464 7.79%

4,629,013 4,794,200 4,887,870 92.49%



(iii) AmMetLife Takaful Balanced Fund

2020


(a) FVTPL

Quoted Shariah approved equities

ConstructionEconpile Holdings Bhd 212,400 172,914 86,022 0.84%Gabungan AQRS Bhd 104,200 125,388 82,318 0.80%Gamuda Bhd 76,453 281,351 216,362 2.11%IJM Corporation Bhd 69,300 105,224 110,187 1.07%

Industrial ATA IMS Berhad 94,300 149,938 77,326 0.75%Petronas Chemicals Group Bhd 43,200 204,272 218,160 2.12%Press Metal Aluminium Holdings Berhad 53,100 224,834 174,699 1.70% Dufu Technology Corp Bhd 33,400 103,289 109,886 1.07%

PlantationsSime Darby Plantation Berhad 64,800 349,209 320,112 3.12%

TechnologyFrontken Corp Bhd 59,600 101,643 107,876 1.05%Globetronics Technology Bhd 49,900 113,612 80,838 0.79%KESM Industries Berhad 25,700 229,552 165,765 1.61%MI Technovation Berhad 57,900 101,769 113,484 1.10%UWC Bhd 59,200 101,917 106,560 1.04%

EnergyDayang Enterprise Holdings Bhd 90,200 99,776 103,730 1.01%Wah Seong Corporation Bhd 104,721 111,070 55,502 0.54%Yinson Holdings Berhad 96,100 497,940 458,397 4.46%

Healthcare IHH Healthcare Berhad 37,900 216,351 195,564 1.90%Hartalega Holdings Bhd 43,800 225,018 301,344 2.93%Kossan Rubber Industries Bhd 41,100 196,045 210,843 2.05%Top Glove Corporation Bhd 32,300 175,556 208,335 2.03%


Telecommunications Axiata Group Bhd 66,945 340,676 219,580 2.14%Digi.Com Bhd 64,800 325,170 281,880 2.74%




(iii) AmMetLife Takaful Balanced Fund (Cont’d)

2020



Quoted Shariah approved equities (Cont’d)

Logistic MMC Corporation Bhd 178,800 106,879 108,174 1.05%

Utilities Malakoff Corporation Berhad 256,400 217,612 206,402 2.01%Tenaga Nasional Bhd 23,200 266,801 278,864 2.72%

Financial BIMB Holdings Bhd 42,900 198,811 139,425 1.36%

ConsumerNTPM Holdings Bhd 449,400 193,586 168,525 1.64%

2,814,519 5,750,773 5,016,335 48.82%

Quoted unit trust funds

Axis Real Estate Investment Trust 165,293 295,017 302,486 2.95%


AmDynamic Sukuk Fund 637,569 929,448 886,029 8.63%

802,862 1,224,465 1,188,515 11.57%

Unquoted corporate bonds

Projek Lebuhraya Usahasama Berhaddue 12/01/2038 600,000 620,160 633,834 6.17%

Sarawak Hidro Sdn Bhddue 11/08/2026 1,000,000 1,004,000 1,032,310 10.05%

TNB Northern Energy Berhaddue 29/11/2033 300,000 321,180 307,002 2.99%

TG Excellence Berhaddue 27/02/2025 700,000 700,000 688,142 6.70%

2,600,000 2,645,340 2,661,288 25.91%

6,217,381 9,620,578 8,866,138 86.31%





2019


(a) FVTPL


ConstructionAhmad Zaki Resources Bhd 310,100 155,196 161,252 1.60%Econpile Holdings Bhd 431,900 201,339 218,110 2.16%Gabungan AQRS Bhd 156,800 195,635 208,544 2.07%Gamuda Bhd 66,000 248,983 190,080 1.88%IJM Corporation Bhd 96,900 194,381 215,118 2.13%JAKS Resources Bhd 313,200 212,976 241,164 2.39%

Industrial ATA IMS Berhad 115,300 183,329 197,163 1.95%HSS Engineers Berhad 126,700 145,830 150,773 1.49%Press Metal Aluminium Holdings Berhad 40,800 171,901 184,008 1.82% Tong Herr Resources Bhd 52,700 191,326 187,085 1.85%Uchi Technologies Bhd 65,800 197,066 175,686 1.74%

PlantationsFGV Holdings Bhd 162,401 212,929 191,633 1.90%Genting Plantation Bhd 9,500 102,718 100,700 1.00%

TechnologyFrontken Corp Bhd 143,800 99,029 142,362 1.41%Inari Amertron Bhd 129,200 208,042 202,844 2.01%Pentamaster Corporation Bhd 55,500 193,688 194,805 1.93%Vitrox Corp Bhd 15,300 116,767 109,854 1.09%

EnergyDeleum Berhad 123,400 145,580 134,506 1.33%Hibiscus Petroleum Berhad 226,000 236,177 241,820 2.40%Serba Dinamik Holdings Berhad 63,600 134,770 239,772 2.38%Uzma Bhd 185,700 169,083 170,844 1.69%Yinson Holdings Berhad 46,800 211,249 215,280 2.13%

Healthcare Duopharma Biotech Bhd 181,900 229,611 232,832 2.31%IHH Healthcare Berhad 55,000 313,966 317,350 3.14%Top Glove Corporation Bhd 46,600 119,356 215,292 2.13%




(iii) AmMetLife Takaful Balanced Fund (Cont’d)

2019



Quoted shariah approved equities (Cont’d)


Telecommunications Time Dotcom Bhd 18,900 168,219 164,430 1.63%

Logistic MISC Bhd 28,300 193,407 189,327 1.88%

Utilities Taliworks Corp Bhd 240,733 197,990 214,252 2.12%Tenaga Nasional Bhd 23,200 266,801 293,712 2.91%

ConsumerAEON Co. (M) Bhd 87,700 135,572 128,919 1.28%Bermaz Auto Berhad 84,800 171,995 191,648 1.90%DRB-Hicom Bhd 102,900 195,553 195,510 1.94%QL Resources Bhd 28,240 123,755 194,291 1.93%

4,080,374 6,249,859 6,627,526 65.67%

Unquoted corporate bonds

Projek Lebuhraya Usahasama Berhaddue 12/01/2038 600,000 620,120 623,904 6.18%

Sarawak Hidro Sdn Bhddue 11/08/2026 1,000,000 1,004,000 1,009,480 10.00%

Kesturi RM2300 Million Sukukdue 1/12/2028 350,000 347,900 352,842 3.50%

1,950,000 1,972,020 1,986,226 19.68%

6,030,374 8,221,879 8,613,752 85.35%



(iv) AmMetLife Takaful Balanced Plus Fund

2020



Eastspring Investments Dana Al-Ilham 1,358,523 950,300 684,152 22.95%Principal DALI Equity Growth 548,977 725,418 481,892 16.17%Principal Islamic Lifetime Sukuk 617,564 806,717 820,063 27.51%AmIslamic Growth 1,635,470 766,805 671,524 22.53%

4,160,534 3,249,240 2,657,631 89.16%

2019



CIMB Islamic DALI Equity Growth 472,321 641,816 506,659 17.86%CIMB Islamic Sukuk 482,767 632,924 635,756 22.40%Eastspring Investments Dana Al-Ilham 1,197,320 859,279 762,932 26.89%AmIslamic Growth 1,082,467 507,365 484,513 17.07%

3,234,875 2,641,384 2,389,860 84.22%



4. Unitholders’ Capital

(i) AmMetLife Takaful Equity Fund


2020 2019

No. of No. of Units RM Units RM

Amount received from units created 2,970,621 1,904,171 1,707,529 1,402,549

Amount paid for units cancelled (1,239,171) (794,310) (914,857) (751,455) 1,731,450 1,109,861 792,672 651,094 Unitholders’ capital brought forward 16,242,339 11,301,725 15,449,667 11,951,270

Excess/(deficit) of income over outgo after taxation – (920,408) – (1,300,639) 17,973,789 11,491,178 16,242,339 11,301,725

Net asset value per unit at 31 March 0.6393 0.6958

2020 2019


Amount received from units created 3,169,648 2,090,012 301,466 201,908

Amount paid for units cancelled (541,805) (357,257) (171,067) (114,573) 2,627,843 1,732,755 130,399 87,335 Unitholders’ capital brought forward 8,387,620 5,284,477 8,257,221 4,931,138

Excess/(deficit) of income over outgo after taxation – 195,802 – 266,004 11,015,463 7,213,034 8,387,620 5,284,477





(iv) AmMetLife Takaful Balanced Plus Fund

2020 2019


Amount received from units created 2,365,646 1,423,208 1,739,657 1,241,788

Amount paid for units cancelled (1,338,515) (805,271) (795,101) (567,553) 1,027,131 617,937 944,556 674,235 Unitholders’ capital brought forward 14,597,964 10,092,618 13,653,408 10,137,138

Excess/(deficit) of income over outgo after taxation – (440,360) – (718,755) 15,625,095 10,270,195 14,597,964 10,092,618


2020 2019


Amount received from units created 1,170,530 643,376 1,161,928 360,219

Amount paid for units cancelled (511,101) (280,924) (795,215) (246,531) 659,429 362,452 366,713 113,688 Unitholders’ capital brought forward 5,078,950 2,837,626 4,712,237 2,834,161

Excess/(deficit) of income over outgo after taxation – (219,503) – (110,223) 5,738,379 2,980,575 5,078,950 2,837,626





5. Comparative figures

Certain comparative figures have been reclassified in order to conform to changes in the current year’s presentation. These reclassifications have no financial impact on the statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows of the Company.



LEFT BLANK

ammetlifetakaful.com


Level 23, Menara 1 Sentrum, No. 201, Jalan Tun Sambanthan, 50470 Kuala Lumpur, Malaysia

T 1300 22 9777 E [email protected]

LAPORANTAHUNAN

2020

Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2020


Ahli PIDM


LAPORAN TAHUNAN

2020MUKASURAT INISENGAJA DIBIARKAN

KOSONG


LAPORAN TAHUNAN

2020

Profil Korporat 68

Objektif Dana Berkaitan Pelaburan 69

Ulasan Pasaran Pelaburan 71

Tinjauan Pelaburan 77

Strategi Pelaburan 83

Prestasi Dana 87

Pecahan Sektor dan Kategori 93

Jadual Perbandingan Prestasi 99

Ringkasan kepada Maklumat Kewangan 103

Kandungan

68 AmMetLife Takaful Berhad Laporan Tahunan Bagi Dana Berkaitan Pelaburan Tahun Kewangan Berakhir 31 Mac 2020

Profil Korporat

AmMetLife Takaful merupakan perkongsian strategik

antara AMMB Holdings Berhad (“Kumpulan AmBank”)

dan MetLife International Holdings LLC (“MetLife”).

AmMetLife Takaful menawarkan pelbagai produk takaful

yang komprehensif yang diedarkan melalui rangkaian

Kumpulan AmBank yang mempunyai lebih daripada 200

cawangan AmBank dan AmMetLife di seluruh negara,

tambahan lagi dengan kekuatan pasukan ejen takaful

yang sah di seluruh Malaysia.

Perkongsian strategik ini menggabungkan kepakaran

antarabangsa dan kekukuhan kewangan MetLife dan

kekuatan dan jangkauan tempatan Kumpulan AmBank

untuk menjadi syarikat takaful yang mesra pelanggan dan

moden di Malaysia.

Berserta dengan pengetahuan yang tinggi dan mendalam

mengenai prinsip-prinsip dan nilai-nilai Shariah, 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.




LAPORAN TAHUNAN

2020

Objektif DanaBerkaitan Pelaburan


1. Dana AmMetLife Takaful Equity Dana ini bertujuan untuk memberikan pertumbuhan modal kepada pemegang sijil dalam jangka sederhana hingga panjang

dengan melabur dalam portfolio sekuriti patuh Syariah dengan potensi pertumbuhan yang menggalakkan.

Pulangan kepada pemegang sijil akan diperoleh melalui peningkatan harga unit Dana.

2. Dana AmMetLife Takaful Sukuk Dana ini bertujuan untuk memberikan peluang kepada pemegang sijil untuk memperoleh pendapatan yang lebih tinggi

berbanding pendapatan purata yang diperoleh daripada deposit tetap Islam, dalam tempoh pelaburan jangka sederhana hingga panjang, terutamanya melalui pelaburan dalam pelbagai portfolio sekuriti pendapatan tetap Islam.


3. Dana AmMetLife Takaful Balanced Dana ini bertujuan untuk mencapai pertumbuhan modal sederhana dalam jangka sederhana hingga panjang dengan

melabur dalam portfolio pelaburan patuh Syariah.


4. Dana AmMetLife Takaful Balanced Plus Dana ini bertujuan untuk memberikan peluang kepada Pemegang Sijil untuk memperoleh potensi pendapatan lebih tinggi

berbanding pendapatan yang diperoleh daripada deposit tetap patuh Syariah dalam tempoh pelaburan jangka sederhana hingga panjang, dengan melabur dalam skim pelaburan kolektif patuh Syariah (“CIS”).


Objektif Dana Berkaitan Pelaburan




LAPORAN TAHUNAN

2020

UlasanPasaran Pelaburan


Ulasan Pasaran EkuitiBagi tempoh tinjauan, 1 Apr 2019 sehingga 31 Mac 2020, Indeks FBM Hijrah Syariah (FBMHS) mencatatkan kejatuhan sebanyak 11.24%.

Indeks FBMHS memulakan suku pertama tempoh tinjauan dengan catatan positif, sebahagian besarnya disebabkan oleh kejutan pendapatan positif daripada Telekom Malaysia dan Tenaga Nasional Bhd serta penggabungan mega yang tidak dijangka antara Axiata Group Bhd dengan Telenor Group sementara perang perdagangan AS-China yang semakin reda menyaksikan Presiden AS Trump dan Presiden China Xi, telah bersetuju dengan gencatan senjata sementara dan memulakan semula rundingan perdagangan.

Memasuki suku ke-3 2019, FBMHS berada di kedudukan membimbangkan berikutan perang perdagangan AS-China yang semakin memuncak. Pertama, AS telah mengumumkan pengenaan tarif sebanyak 10% terhadap sejumlah AS$300b produk import China mulai dari 1 Sep, malah kemudiannya, AS telah menaikkan tarif terhadap sejumlah AS$250b produk import China sedia ada daripada 25% kepada 30% mulai dari 1 Okt. China pula membalas dengan membenarkan Yuan memecah kebiasaan pertukaran 7.00 Yuan kepada satu dolar sehingga kadar 7.16 Yuan kepada satu dolar di samping mengenakan tarif baharu sebanyak 5-10% terhadap sejumlah AS75b produk import AS. Di pasaran tempatan, prestasi korporat yang mengecewakan pada 2Q2019 juga dikaitkan dengan prestasi pasaran yang lemah.

Pasaran ekuiti memulakan suku ke-4 2019 dengan amaran memandangkan selera risiko berkurangan akibat rentetan data ekonomi AS yang mengecewakan, terutamanya data perkilangan yang lemah dan data pekerjaan yang kurang memuaskan, yang menimbulkan kebimbangan terhadap kemelesetan ekonomi. Pasaran ekuiti kembali tenang pada suku seterusnya apabila AS dan China menemui titik kesepakatan dalam perjanjian perdagangan fasa satu, seterusnya mengurangkan ketidakpastian dalam pasaran.

Menuju ambang tahun 2020, pasaran dilihat tersepit di tengah-tengah ketakutan penularan wabak Covid-19 yang telah merekodkan kejatuhan FMBS sehingga -11.56% pada suku tersebut. Penularan pandemik COVID-19 ini tersebar dengan begitu pantas dan meluas di serata dunia dan sehingga penghujung bulan Mac, 750 ribu kes jangkitan telah dilaporkan

di seluruh dunia tanpa tanda-tanda ia akan berakhir. Pandemik ini menyaksikan pasaran diselubungi kebimbangan terhadap kemelesetan, memandangkan tuntutan manfaat pengangguran awal di AS melonjak sehingga 3.3 juta, catatan tertinggi sepanjang masa sementara kerajaan di seluruh dunia telah mengenakan perintah sekatan pergerakan bagi mengurangkan kadar jangkitan. Penurunan harga minyak juga tidak membantu memandangkan harga minyak mentah Brent merosot 55.0% M-o-M dan ditutup pada AS$23/bbl. Arab Saudi (SA) dan Rusia tidak menemui kata sepakat berhubung dengan cadangan Arab Saudi untuk mengurangkan pengeluaran minyak OPEC+ selanjutnya sebanyak 1.5 juta barel setiap hari (mbpd) bagi tujuan menyelesaikan kemelut harga minyak yang lemah berikutan impak daripada pandemik COVID-19.

Ulasan Pasaran SukukPada Mei 2019, dalam mesyuarat Jawatankuasa Dasar Monetari (MPC), Bank Negara Malaysia (BNM) telah menurunkan Kadar Dasar Semalaman (OPR) sebanyak 25bps kepada 3.00%. Dipandang secara meluas sebagai pelonggaran awal terhadap risiko pertumbuhan global dan domestik, kesan penurunan kadar telah ditunjukkan, dengan kenaikan mini pasca penurunan dalam pasaran MGS yang menyaksikan hasil kerajaan turun sebanyak 1-4 bps di keluk. Walau bagaimanapun, dalam langkah mengejutkan di luar mesyuarat dasar, BNM menurunkan Keperluan Rizab Berkanun (SRR) sebanyak 50bps kepada 3.00% pada 8 November 2019 (berkuat kuasa dari 16 November 2019) dan pada masa yang sama menyatakan bahawa penurunan SRR bukanlah isyarat penurunan selanjutnya terhadap OPR.

Pada April 2019 FTSE Russell meletakkan Malaysia dalam senarai pemerhatiannya untuk kemungkinan penyingkiran daripada Indeks Bon Kerajaan Dunia atas alasan kebimbangan kebolehcapaian pasaran. BNM mengambil langkah-langkah yang dilaksanakan untuk meningkatkan kebolehcapaian pasaran dan pada September 2019, TSE Russell mengekalkan kedudukan Malaysia dalam senarai pemerhatian untuk menilai sama ada peningkatan tersebut memuaskan. Kerajaan tempatan pada mulanya mencatatkan kemerosotan berikutan pengumuman baharu tersebut, tetapi kemudian pulih atas sokongan tempatan yang kukuh.

Hasil MGS/GII menurun dengan ketara di sepanjang keluk akibat daripada penurunan kadar BNM, hasil Perbendaharaan

Ulasan Pasaran PelaburanDana AmMetLife Takaful Equity, Balanced, Sukuk dan Balanced Plus



AS yang lebih rendah serta kebimbangan mengenai impak perang perdagangan China-AS. Bahagian 15-20Y pada keluk hasil menyaksikan kejatuhan hasil terbesar apabila pelabur bertindak untuk melanjutkan tempoh sementara dana masih dilaburkan pada bahagian hasil yang agak cair. Pegangan asing dalam MGS/GII meningkat daripada MYR 162b pada awal 2018 kepada MYR 177b pada akhir 2019.

Hasil bon korporat Malaysia menurun disebabkan oleh hasil MGS/GII yang lebih rendah dan jumlah terbitan korporat utama yang agak rendah pada tahun 2019.

Setelah menaikkan Kadar Dana Fed sebanyak 100 bps (masing-masing merekodkan 4 kenaikan sebanyak 25 bps) pada tahun 2018, Rizab Persekutuan (Fed) membalikkan aliran dan mengurangkan Kadar Dana Fed sebanyak 75 bps (masing-masing merekodkan 3 kenaikan sebanyak 25bps) pada tahun 2019. Pelonggaran dasar monetari didorong oleh perang perdagangan AS-China dan Fed telah menyifatkan penurunan kadar sebagai penyesuaian skala tengah dan bukannya pembalikan pegangan dasar yang menyeluruh. Hasil Perbendaharaan AS merudum dengan ketara dalam tempoh 8 bulan pertama tahun 2019 dengan hasil 10-tahun UST mencatatkan penurunan daripada 2.70% kepada 1.46%. Perang perdagangan AS-China yang bertambah baik serta jangkaan pertumbuhan ekonomi yang terjamin telah meningkatkan kembali hasil pada suku terakhir tahun 2019 dan Perbendaharaan 10-tahun telah menutup tahun 2019 pada kadar 1.87%.

Tebaran antara Perbendaharaan AS 10-tahun dengan MGS/GII 10-tahun adalah sekitar 145bps pada akhir tahun 2019, melebihi purata nilai 5-tahun dan kecairan domestik yang mencukupi akan menyokong hasil MGS/GII.

~oleh AmFunds Management Berhad

Ulasan Pasaran Dana AmMetLife Takaful Balanced PlusDana Al-IlhamPermulaan 2Q19 menyaksikan pasaran serantau meningkat berikutan prospek rundingan perdagangan AS-China yang positif serta prospek global yang lebih baik. Walau bagaimanapun, pasaran kembali mencatatkan kejatuhan pada bulan Mei berikutan rundingan perjanjian perdagangan AS-China yang berakhir secara drastik dengan AS menaikkan

tarif terhadap produk import China kepada 25% pada produk berjumlah USD200bn mulai dari 10 Mei 2019. Langkah Ini diikuti dengan langkah-langkah untuk menyekat sektor teknologi China dengan larangan yang berkesan terhadap syarikat-syarikat AS daripada membekalkan komponen kepada syarikat telekomunikasi raksasa China, Huawei Technologies. China membalas dengan mengenakan tarif lebih tinggi sehingga 25% terhadap sejumlah US60bn produk AS mulai dari 1 Jun 2019, dengan pucuk pimpinan China mengisyaratkan tindak balas lebih lanjut terhadap AS. Pasaran serantau menunjukkan pemulihan pada bulan Jun, dengan berita AS dan China memulakan semula rundingan perdagangan mereka selepas mesyuarat G20 yang diadakan di Jepun pada akhir bulan. Berbeza dengan pasaran serantau, pasaran ekuiti Malaysia menghadapi kesukaran untuk mencapai sasaran pada awal 2Q2019, lebih sukar apabila dilatari berita mengenai kemungkinan penyingkiran Malaysia daripada Indeks Bon Kerajaan Dunia FTSE Russel (WBGI) setelah tinjauan dilakukan pada bulan September, Ringgit Malaysia yang lebih lemah, penurunan OPR sebanyak 25bps, dan laporan hasil korporat yang tidak begitu memuaskan.

Dua bulan pertama 3Q19 menyaksikan pasaran mencatatkan penurunan ketara terutamanya disebabkan oleh perang perdagangan yang semakin buruk serta ketakutan peningkatan risiko kemelesetan yang disebabkan oleh kejatuhan hasil bon global. Presiden Trump mengumumkan tarif tambahan 10% selanjutnya terhadap USD300bn produk import China mulai dari 1 September 2019, diikuti oleh AS yang menggelar China sebagai "pemanipulasi mata wang". Menjelang akhir 3Q2019, pasaran ekuiti global dan serantau berjaya menebus beberapa siri kerugian di tengah-tengah keyakinan baharu ketika AS dan China kembali ke meja rundingan. Walau bagaimanapun, pasaran kehilangan momentum pada akhir bulan berikutan serangan dron di kemudahan minyak Saudi dan siasatan pendakwaan yang dilancarkan terhadap Presiden AS, Trump. Pasaran ekuiti Malaysia kekal lemah berikutan kemelut faktor luaran yang dihadapi. Di dalam negara, ringgit Malaysia menyusut sekitar 1.34% pada 3Q2019, memandangkan korelasi dengan CNY China yang menyusut 4.1% berbanding USD. Harga minyak mentah Brent menurun sebanyak 8.67% pada 3Q2019 disebabkan kebimbangan kelembapan pertumbuhan dan permintaan global. Musim hasil bulan Jun 2019 dilaporkan tidak memberangsangkan lagi, dengan lebih kejatuhan perolehan secara konsensus. Sentimen pelabur dalam negara

Ulasan Pasaran Pelaburan (Sambungan)


semakin lemah berikutan berakhirnya rundingan penggabungan antara Axiata dengan Telenor Asia kerana "kerumitan", yang menyebabkan aktiviti ambil untung. Keputusan FTSE Russell untuk menangguhkan penyingkiran Malaysia daripada World Global Bond Index (WGBI) dan meletakkannya dalam senarai pemerhatian dilihat sebagai satu kelegaan tetapi berpotensi menjadi kes penyingkiran, dengan tinjauan berikutnya pada bulan Mac 2020.

Pasaran ekuiti global menutup tahun ini dengan keuntungan yang kukuh pada umumnya, kerana AS bersetuju dengan perjanjian perdagangan Fasa 1 dengan China, dan membatalkan tarif terhadap produk China bernilai AS$160bn yang akan berkuat kuasa pada 15 Disember 2019. Walaupun perincian perjanjian tersebut sukar dicapai, secara prinsipnya ia mengangkat beban yang menyekat pergerakan ekonomi global sepanjang tahun. Di samping itu, kemenangan penentuan yang diperoleh Parti Konservatif yang memegang tampuk kerajaan dalam pilihan raya UK, hampir menjamin UK akan meninggalkan EU pada 31 Januari, walaupun dengan tempoh peralihan 23 bulan, memberi kejelasan mengenai Brexit. Di dalam negara, ekuiti Malaysia terus direkodkan sebagai salah satu sektor terburuk di rantau ini. Semasa 4Q2019, Bajet 2020 mengumumkan langkah-langkah yang bertujuan untuk mempromosikan pekerjaan, FDI dan reformasi struktur, dan bukannya menyokong infrastruktur mega tradisional, serta menawarkan insentif cukai yang dapat menguntungkan sektor elektronik dan pembuatan. Ekuiti Malaysia juga tertakluk pada aliran keluar asing berikutan pelbagai aktiviti pengimbangan semula indeks. Pada bulan November 2019, Indeks MSCI Pasaran Baru menyaksikan aliran keluar bersih yang dianggarkan bernilai USD300-400 juta. Laporan hasil untuk 3Q2019 tidak memberangsangkan, yang berkemungkinan menyaksikan perolehan KLCI 2019 melaporkan satu lagi tahun pertumbuhan negatif (2018: -2.8%).

1Q2020 bermula dengan semangat optimis awal dengan perjanjian perdagangan AS-China fasa 1 yang telah ditandatangani. Namun, bulan Januari menyaksikan pelbagai kemelut global, daripada krisis kebakaran hutan yang berlarutan di Australia, peningkatan risiko geopolitik setelah AS mengarahkan serangan udara yang mengorbankan Jeneral Iran Qassem Soleimani, peluru berpandu Iran yang menyerang pangkalan tentera AS di Iraq sebagai serang balas, akibatnya sebuah pesawat penumpang ditembak jatuh, letusan gunung berapi di Filipina, dan penularan wabak baharu COVID-19.

Sebagai respons dalam menangani wabak virus tersebut, China mengumumkan sekatan pergerakan di 10 buah bandar (dengan kapasiti penduduk 70 juta orang), melanjutkan cuti Tahun Baru Cina serta menyekat perjalanan untuk membendung penularan jangkitan. Pendapatan korporat 4Q2019 yang dilaporkan pada bulan tersebut dilihat mengecewakan, menyebabkan perolehan KLCI 2019 menurun sebanyak 9%, menjadi tahun kedua pertumbuhan pendapatan negatif berturut-turut. Bulan Februari berakhir dengan pergolakan politik apabila kerajaan Pakatan Harapan menyaksikan parti Bersatu yang menarik diri daripada gabungan, untuk mendapatkan sokongan daripada parti politik Barisan Nasional dan PAS. Pelabur menghadapi tempoh ketidaktentuan selama seminggu, yang menyaksikan Tun Dr. Mahathir meletakkan jawatan sebagai Perdana Menteri, kemudian dilantik sebagai PM interim, dan akhirnya pelantikan Tan Sri Muhyiddin Yassin sebagai Perdana Menteri Malaysia oleh YDP Agong. Pasaran ekuiti global diperbetulkan pada bulan Februari dan Mac ketika tekanan kemelesetan global semakin memuncak dengan peningkatan jangkitan COVID-19 yang luar biasa di luar China, terutamanya di AS dan Eropah. Penutupan industri menyebabkan gangguan pada rantaian bekalan memandangkan penjarakan sosial terus menjadi tekanan kepada sektor penggunaan. Harga minyak mencatatkan penurunan bersejarah kerana Pertubuhan Negara-Negara Pengeksport Minyak (OPEC) dan Rusia gagal mencapai kesepakatan mengenai pengurangan pengeluaran minyak yang dilanjutkan. Malaysia tidak terlepas daripada penularan wabak COVID-19, yang menyebabkan kerajaan terpaksa melaksanakan Perintah Kawalan Pergerakan (MCO) terhadap penduduk Malaysia yang berkuat kuasa dari 18 Mac 2020 sehingga 31 Mac 2020, sebelum tempoh MCO ini dilanjutkan sehingga 14 April, dalam usaha membendung penularan COVID-19. Kerajaan Malaysia mengumumkan pakej rangsangan ekonomi bernilai RM250bn untuk membantu menampung kemerosotan ekonomi yang berpunca daripada pandemik ini.

FBM KLCI menutup tahun tinjauan pada 1,350.89 mata, turun 17.81%. Indeks FBM Emas (FBMEmas) yang lebih luas menutup tempoh tinjauan dengan penurunan sebanyak 19.52%. Indeks MSCI Asia Pasifik kecuali Jepun merosot sebanyak 18.4% dalam USD.

~oleh Eastspring Investments Berhad




Dana Principal DALI Equity GrowthDana meningkat sebanyak 1.53% pada bulan April 2019, mengatasi penanda aras sebanyak 0.26%. Prestasi yang memberangsangkan ini didorong oleh wajaran rendah dalam sektor utiliti dan wajaran tinggi dalam sektor Perbankan Islam. Year-to-date (YTD), dana mengatasi Penanda Aras sebanyak 1.34%.

Dana meningkat sebanyak 2.82% pada bulan Jun 2019, 0.04% lebih rendah berbanding penanda aras. Prestasi yang lemah ini berpunca daripada wajaran rendah dalam sektor utiliti dan wajaran tinggi dalam sektor kewangan. Year-to-date (YTD), dana mengatasi Penanda Aras sebanyak 0.37%.

Dana merekodkan penurunan sebanyak 0.37% pada bulan September 2019, mengatasi penanda aras sebanyak 0.84%. Pegangan tunai bersama wajaran tinggi dalam sektor bahan asas dan industri serta wajaran rendah dalam sektor utiliti telah menyumbang secara positif. Year-to-date (YTD), dana mengatasi Penanda Aras sebanyak 0.90%.

Dana meningkat sebanyak 2.97% pada bulan Disember 2019, 0.10% lebih rendah berbanding penanda aras. Prestasi yang lemah ini berpunca daripada wajaran rendah dalam sektor produk pengguna dan wajaran tinggi dalam sektor kewangan. Year-to-date (YTD), dana mengatasi prestasi Penanda Aras sebanyak 0.95%.

Dana turun 9.97% pada bulan Mac, 0.83% lebih rendah berbanding penanda aras. Pada tempoh YTD, dana mencatatkan kejatuhan sebanyak 16.71%, lebih rendah berbanding penanda aras sebanyak 1.29%. Prestasi yang lemah didorong oleh kedudukan Dana dengan wajaran tinggi dalam sektor Minyak dan Gas, Industri dan Teknologi.

Dana Principal Islamic Lifetime SukukPada bulan April, Dana melaporkan pulangan sebanyak 0.90%, mengatasi penanda aras sebanyak 61bps. Keluk hasil Terbitan Pelaburan Kerajaan ("GII") ditutup bercampur dengan catatan lebih tinggi sekitar -4bps hingga +5bps dengan perdagangan 7-tahun, 10-tahun dan 15-tahun didagangkan lebih tinggi sebanyak 4bps, 5bps dan 3 bps masing-masing kepada 3.77%, 3.86% dan 4.17%.

Pada bulan Jun, prestasi Dana dicatatkan pada 0.78%, lebih rendah berbanding penanda aras sebanyak 6bps. Keluk hasil Terbitan Pelaburan Kerajaan ("GII") jatuh lebih rendah antara 9bps hingga 25bps untuk semua tempoh pelaburan.

Pada bulan September, prestasi Dana dicatatkan pada -0.11%, lebih rendah berbanding penanda aras sebanyak 37bps. Pada bulan tersebut, setelah pengetatan ketara yang dilihat pada bulan Ogos, pasaran memutuskan untuk mengaut keuntungan sebelum keputusan FTSE Russell diumumkan.

Pada bulan Disember, prestasi Dana dicatatkan pada 0.44%, lebih tinggi berbanding penanda arasnya sebanyak 2bps. Dalam bulan tersebut, keluk hasil Terbitan Pelaburan Kerajaan ("GII") turun 4 - 8bps lebih rendah apabila segelintir pelabur tempatan membeli sukuk kerajaan yang akan terus bergerak pada tahun 2020.

Pada bulan Mac, Dana melaporkan pulangan sebanyak -2,64%, lebih rendah berbanding penanda aras sebanyak 1.44%. Dalam bulan tersebut, keluk hasil berdaulat keseluruhan menurun dengan ketara kerana sentimen risk-off (toleransi risiko rendah) mempengaruhi aset dalam MYR yang didorong oleh penularan virus Covid-19, MYR yang lemah serta harga minyak yang merudum. Tebaran kredit meluas di seluruh spektrum penarafan kerana risk-off (toleransi risiko rendah) merencatkan permintaan kredit. Penerbit bertaraf AAA memacu kenaikan harga tebaran dengan perluasan sebanyak 16 -32bps sementara penerbit dengan taraf AA dan A masing-masing mencatatkan perluasan sebanyak 11-21bps dan 3-31bps.

~oleh CIMB-Principal Asset Management Berhad

Dana AmIslamic GrowthUntuk tempoh tinjauan, 1 Apr 2019 hingga 31 Mac 2020, Indeks FBM Emas Syariah (FBMS) turun 11.25% dan ditutup pada 10,105 mata. FBMS mencapai tahap tertinggi 12,334 mata pada 07 Apr 2019 manakala tahap terendah, adalah 9,120 mata pada 19 Mac 2020.

Indeks FBMS memulakan suku pertama tempoh tinjauan dengan catatan positif, mencatatkan pulangan 4.46% pada suku ke-2 2019, sebahagian besarnya disebabkan oleh kejutan pendapatan positif daripada Telekom Malaysia dan



Tenaga Nasional Bhd serta penggabungan mega yang tidak dijangka antara Axiata Group Bhd dengan Telenor Group sementara perang perdagangan AS-China yang semakin reda menyaksikan Presiden AS Trump dan Presiden China Xi, telah bersetuju dengan gencatan senjata sementara dan memulakan semula rundingan perdagangan.

Memasuki suku ke-3 2019, FBMS berada di kedudukan membimbangkan, mencatatkan kejatuhan -3.86% berikutan perang perdagangan AS-China yang semakin memuncak. Pertama, AS telah mengumumkan pengenaan tarif sebanyak 10% terhadap sejumlah AS$300b produk import China mulai dari 1 Sep, malah kemudiannya, AS telah menaikkan tarif terhadap sejumlah AS$250b produk import China sedia ada daripada 25% kepada 30% mulai dari 1 Okt. China pula membalas dengan membenarkan Yuan memecah kebiasaan pertukaran 7.00 Yuan kepada satu dolar sehingga kadar 7.16 Yuan kepada satu dolar di samping mengenakan tarif baharu sebanyak 5-10% terhadap sejumlah AS75b produk import AS. Di pasaran tempatan, prestasi korporat yang mengecewakan pada 2Q2019 juga dikaitkan dengan prestasi pasaran yang lemah.

Pasaran ekuiti memulakan suku ke-4 2019 dengan amaran memandangkan selera risiko berkurangan lantaran rentetan data ekonomi A.S. yang mengecewakan, terutamanya data perkilangan yang lemah dan data pekerjaan yang kurang memuaskan, yang menimbulkan kebimbangan terhadap kemelesetan ekonomi. Pasaran ekuiti kembali tenang

pada suku seterusnya apabila AS dan China menemui titik kesepakatan dalam perjanjian perdagangan fasa satu, seterusnya mengurangkan ketidakpastian dalam pasaran. FBMS mencatatkan keuntungan 1.62% pada suku tersebut.

Menuju ambang tahun 2020, pasaran dilihat tersepit di tengah-tengah ketakutan penularan wabak Covid-19 yang telah merekodkan kejatuhan FMBS sehingga -14.95% pada suku tersebut. Penularan pandemik COVID-19 ini tersebar dengan begitu pantas dan meluas di serata dunia dan sehingga penghujung bulan Mac, 750 ribu kes jangkitan telah dilaporkan di seluruh dunia tanpa tanda-tanda ia akan berakhir. Pandemik ini menyaksikan pasaran diselubungi kebimbangan terhadap kemelesetan, memandangkan tuntutan manfaat pengangguran awal di AS melonjak sehingga 3.3 juta, catatan tertinggi sepanjang masa sementara kerajaan di seluruh dunia telah mengenakan perintah sekatan pergerakan bagi mengurangkan kadar jangkitan. Penurunan harga minyak juga tidak membantu memandangkan harga minyak mentah Brent merosot 55.0% M-o-M dan ditutup pada AS$23/bbl. Arab Saudi (SA) dan Rusia tidak menemui kata sepakat berhubung dengan cadangan Arab Saudi untuk mengurangkan pengeluaran minyak OPEC+ selanjutnya sebanyak 1.5 juta barel setiap hari (mbpd) bagi tujuan menyelesaikan kemelut harga minyak yang lemah berikutan impak daripada pandemik COVID-19.

~sumber: AmIslamic Funds Management Sdn Bhd





LAPORAN TAHUNAN

2020

Tinjauan Pelaburan


Tinjauan Pasaran EkuitiGelombang COVID-19 masih jauh dari kemuncaknya (jika ramalan pakar mengenai pola jangkitan adalah betul) dan penularannya begitu pantas dan boleh menyebabkan sekatan pergerakan global sepenuhnya. Hal ini terus membantutkan prospek ekonomi global jangka pendek dengan ketara. Pasaran ekuiti menjadi sangat tidak menentu akibat impak negatif yang ketara pada perolehan korporat, seterusnya menjadi punca peristiwa keingkaran kredit. Walaupun kerajaan dan bank pusat global bertindak secara proaktif dalam memperkenalkan dasar yang meluas, langkah ini hanya dapat membantu meredakan kemerosotan ekonomi sekiranya wabak bertambah buruk.

Pada masa yang sama, kerajaan Malaysia telah melancarkan pakej rangsangan ekonomi bernilai RM250 bilion untuk mengurangkan impak kemerosotan ekonomi yang disebabkan oleh wabak COVID-19. Sekatan pergerakan yang tidak pernah dilaksanakan sebelum ini di kebanyakan negara (sekatan menyeluruh di sesetengah negara) akan memperlahankan aktiviti ekonomi dengan ketara, dan tekanan perolehan tidak hanya terhad kepada syarikat tempatan, malah juga perniagaan global. Lantaran impak yang meluas terhadap ekonomi, kami percaya bahawa proses pemulihan akan mengambil masa yang lebih lama. Justeru, panggilan pelaburan seterusnya akan bergantung pada lingkungan jangka masa yang lebih panjang.

Tinjauan Pasaran SukukSentimen pasaran bon kekal positif memandangkan polisi BNM yang terus bersifat dovish berikutan risiko pertumbuhan yang cenderung untuk mencatatkan penurunan pada tahun 2020 sehingga ambang 1H2021 yang mungkin memerlukan penurunan OPR selanjutnya pada tahun 2020. Jumlah penurunan kadar OPR selanjutnya akan bergantung pada a) faktor-faktor yang menyelubungi pandemik COVID-19 dan b) pencetus semula ketegangan perdagangan AS-China dan/atau AS-EU. Kecairan pasaran kekal utuh dan permintaan untuk instrumen pendapatan tetap dijangka kekal kukuh walaupun terdapat kebimbangan mengenai bekalan MGS/GII.


Tinjauan Pasaran Dana AmMetLife Takaful Balanced PlusDana Al-IlhamPermulaan tahun 2020 menyaksikan pasaran sudah pun dilanda ketegangan geo-politik, bencana alam, dan wabak virus. Bergantung pada berapa lama wabak COVID-19 ini akan berlanjutan, kami menjangkakan pertumbuhan global akan dipengaruhi oleh aktiviti penggunaan dan pembuatan yang terjejas.

Kejadian luar jangka perubahan pucuk pimpinan di Malaysia akan menambahkan kemelut kemerosotan ekonomi, yang dikeruhkan oleh wabak COVID-19, dan prospek sektor berkaitan komoditi menjadi lebih lemah. BNM menerbitkan Laporan Tahunan 2019, justeru unjuran pertumbuhan KDNK disemak semula untuk tahun 2020 antara -2.0% hingga + 0.5%, dan menekankan impak COVID-19 yang menyebabkan kemerosotan permintaan global, kejutan penawaran berikutnya, dan kemudiannya kejutan permintaan terhadap ekonomi. Hal ini boleh membawa kepada kapasiti berlebihan dan isu pengangguran.

Dengan risiko kemelesetan global pada tahun 2020, kami terus berhati-hati kerana kami percaya impak ekonomi akan dirasai dalam beberapa suku tahun akan datang. Dalam hal ini, pemulihan lengkuk V nampaknya tidak mungkin dan ia bergantung pada sejauh mana pemulihan lengkuk U boleh dicapai. Walaupun begitu, kami akan mengumpul stok yang bagus pada asasnya dalam keadaan ekonomi yang lemah.


Dana Principal DALI Equity GrowthPada bulan April, Indeks Syariah FTSE Bursa Malaysia Kuala Lumpur (FBMS) meningkat 1.27%, sebahagian besarnya didorong oleh pemulihan sektor pembinaan, teknologi dan tenaga. Aliran berita positif terus menyokong sektor pembinaan kerana penyambungan semula projek Bandar Malaysia telah meningkatkan sentimen dan harapan bahawa projek Kereta Api Berkelajuan Tinggi dan MRT3 yang tergendala dapat disambung semula tidak lama lagi. Peningkatan harga minyak mentah yang berterusan juga menyaksikan peningkatan semula aliran pekerjaan kepada penyedia perkhidmatan minyak & gas. Selain itu, berita bahawa China juga baru-baru ini bersetuju dengan pembelian Minyak Sawit Mentah (CPO) minimum

Tinjauan PelaburanDana AmMetLife Takaful Equity, Balanced, Sukuk dan Balanced Plus



sebanyak 1.9 juta tan selama 5 tahun bernilai RM4.5bn sebagai tambahan kepada kontrak pembelian sebelumnya yang ditandatangani untuk 1.62 juta tan dengan harga RM3.64bn memberikan sokongan kepada syarikat-syarikat perladangan seperti FGV dan Sime Plantation yang ditutup tinggi, masing-masing sebanyak 5.93% dan 2.79%. Sementara itu, berhubung dengan ketidakpastian peraturan, kami percaya risiko semakin berkurangan untuk sektor telekomunikasi, penerbangan dan utiliti kerana kebanyakan faktor negatif telah ditunjukkan dalam harga pasaran, manakala formalisasi perubahan peraturan pada bulan-bulan mendatang akan meningkatkan sentimen pelabur.

Pada bulan Jun, faktor-faktor Domestik yang juga membantu mendorong pasaran termasuk kehilangan kebimbangan terhadap risiko peraturan bagi pengendali lapangan terbang MAHB setelah pengeluaran kertas kerja perundingan terbaru mengenai pelaksanaan rangka kerja Regulatory Asset Base (RAB). Kami juga memerhatikan peningkatan selera risiko pelabur untuk saham modal kecil dan sederhana berdasarkan kenaikan Indeks FBM Small Cap sebanyak 3.6% pada bulan Jun (YTD 15%). PMI Pembuatan Nikkei Malaysia jatuh sekali lagi pada bulan Jun daripada 48.8 mata pada bulan Mei kepada 47.8 mata, sebahagian besarnya disebabkan oleh permintaan luaran yang lemah. Walaupun Malaysia dijangka menjadi penerima keuntungan jangka sederhana daripada peralihan perdagangan yang berlaku berikutan perang perdagangan antara AS dengan China, kesan buruk daripada gangguan rantaian bekalan dan permintaan akhir yang lemah akan merugikan eksport Malaysia dalam jangka pendek. Dengan inflasi rendah (unjuran median 1.1% pada tahun 2019), BNM mempunyai ruang lebih besar untuk mengurangkan OPR sekiranya perlu. Berdasarkan skor tersebut, perolehan bank (merangkumi 1/3 daripada wajaran KLCI) akan berisiko pada masa hadapan. Sebaliknya, kami menjangkakan perbelanjaan fiskal kerajaan akan meningkat berikutan penyambungan semula projek mega seperti ECRL dan LRT3 baru-baru ini. Baru-baru ini, Pelan Induk Pengangkutan Pulau Pinang bernilai RM32 bilion berkemungkinan akan dipersetujui untuk diteruskan, yang merupakan berita positif untuk sektor pembinaan.

Pada bulan September, dengan sentimen pengguna dan perniagaan yang lemah dijangkakan akan berlaku, kami percaya pertumbuhan perolehan korporat akan kekal lemah disebabkan oleh penggunaan persendirian dan pelaburan

yang lebih perlahan. Semua tumpuan akan diberikan pada Bajet 2020 yang akan diumumkan oleh kerajaan pada 11 Oktober. Walaupun ruang fiskal kerajaan kini terhad, kami menjangkakan kerajaan persekutuan akan memulakan perbelanjaan infrastruktur semula untuk memacu ekonomi. Keputusan pelaburan mungkin dibuat bagi projek mega seperti MRT3 dan PTMP. Untuk menyeimbangkan belanjawan, kerajaan akan mengumumkan inisiatif pengewangan aset termasuk penjualan aset bukan strategik. Walaupun tiada cukai baharu dijangka akan diperkenalkan, cukai digital dijangka akan dilaksanakan. Mungkin juga terdapat kebimbangan bahawa insentif cukai untuk industri tertentu seperti sarung tangan mungkin dikurangkan sementara kenaikan cukai mudarat (sin tax) pada NFO tidak dapat dielakkan.

Pada bulan Disember, Indeks Syariah FTSE Bursa Malaysia Kuala Lumpur (“FBMS”) menutup tahun ini dengan prestasi lebih baik berbanding KLCI. FBMS menutup tahun dengan keuntungan 3.85%. Selain itu, sentimen pasaran juga didorong oleh perjanjian perdagangan fasa 1 antara AS dengan China. Tiga penyumbang terbesar terhadap laba KLCI ialah Sime Plantation (+9.4%), Petronas Gas (+8.5%) dan IOI (+6.0%). Walaupun dengan ketegangan perdagangan yang berterusan, kami berharap pertumbuhan ekonomi dapat bertahan pada kadar sederhana sehingga tahun 2020. Hal ini akan disokong oleh Bajet 2020 yang lebih berorientasikan pertumbuhan (defisit fiskal yang lebih tinggi, penyambungan semula projek infrastruktur mega) serta dasar monetari yang bersifat akomodatif. Secara luaran, lonjakan PMI kepada 50 mata pada 19 Disember setelah merekodkan paras rendah 46.8 pada 18 Disember memberi impak yang baik terhadap prospek eksport terutamanya dalam segmen elektronik dan elektrik (E&E). Selain itu, sektor perladangan juga akan didorong dengan meningkatkan dinamik penawaran dan permintaan yang memacu lonjakan harga CPO melebihi RM3,000 per MT. Memandangkan jangkaan pertumbuhan perolehan konsensus sederhana sebanyak 7.3% pada tahun 2020, kami percaya risiko ke atas bagi perolehan akan mengatasi risiko ke bawahnya. Walaupun risiko politik dan peraturan tetap meningkat, kami percaya bahawa ia akan menjadi lebih baik. Kekalahan kerajaan pemerintah dalam pilihan raya kecil baru-baru ini berpotensi menjadi pemangkin kepada dasar yang lebih mesra pasaran pada masa hadapan.

Tinjauan Pelaburan (Sambungan)



Pada bulan Mac, Indeks Syariah FTSE Bursa Malaysia Kuala Lumpur ("FBMS") merosot sebanyak 8.29%, kerana kebimbangan terhadap wabak Covid-19 yang semakin meningkat dan kejatuhan mendadak harga minyak mentah Brent sebanyak 47% berikutan ketidaksefahaman dalam perbincangan antara Arab Saudi dengan Rusia untuk melanjutkan perjanjian pengurangan pengeluaran OPEC+. Kerajaan Malaysia telah menguatkuasakan perintah kawalan pergerakan (MCO) awal selama 2 minggu sejak 18 Mac yang dilanjutkan sehingga 14 April apabila jumlah jangkitan baharu Covid-19 meningkat dengan ketara. Untuk mengurangkan kesan ekonomi akibat Covid-19 dan MCO, pakej rangsangan bernilai RM250bn diumumkan dengan fokus utama untuk memperkukuhkan ekonomi domestik. Walaupun pakej rangsangan mencecah 17% daripada KDNK, ia hanya melibatkan perbelanjaan langsung kerajaan sebanyak RM25bn yang bersamaan dengan 1.7% daripada KDNK. Oleh yang demikian, defisit fiskal dijangka akan berkembang berbanding sasaran 3.2% sebelumnya, kepada hanya 4.0% kerana kerajaan ingin membiayai sebahagian perbelanjaannya dengan peruntukan semula bajet dan dividen yang lebih tinggi daripada syarikat berkaitan kerajaan seperti Petronas.

Dana CIMB Principal Islamic Lifetime SukukPada bulan April, inflasi kembali positif setelah penurunan selama dua bulan pada 0.2% Y-o-Y (Februari: -0.4%) berbanding jangkaan konsensus sebanyak 0.3%. Peningkatan semula ini didorong oleh penguncupan harga pengangkutan yang lebih kecil dan kenaikan harga makanan yang lebih pantas. Dalam laporan tahunan BNM 2018, Bank Pusat menurunkan pertumbuhan 2019 kepada 4.3 - 4.8% (2018: 4.7%), kurang daripada unjuran sebanyak 4.9% oleh MoF pada Oktober 2018. Sebilangan besar penurunan didorong oleh sumbangan yang lebih kecil daripada eksport bersih (2019: datar, 2018 1%) dan permintaan domestik (2019: 4.1%, 2018: 5.2%). Rentak dovish yang dilihat dalam Laporan Tahunan BNM telah mendorong jangkaan pasaran ke arah potensi penurunan Kadar Dasar Semalaman ("OPR") dalam mesyuarat Jawatankuasa Dasar Monetari ("MPC") yang akan datang. Oleh yang demikian, semua pihak akan tertumpu pada mesyuarat MPC yang akan berlangsung pada 7 Mei kerana semakin ramai pelabur menetapkan harga berdasarkan prospek pegangan dasar akomodatif dengan penurunan OPR sebanyak 25bps.

Pada bulan Jun, pasaran bon domestik diharap dapat disokong lebih lanjut kerana pasaran menuntut lebih lagi penurunan kadar dasar. Hasil sekuriti kerajaan terus meningkat pada bulan Jun walaupun terdapat kemungkinan pengecualian daripada senarai Indeks WGBI FTSE Russell. Hal ini, berlatarkan pasaran global yang bersifat dovish termasuk Fed akan menyaksikan pasaran domestik disokong dalam masa terdekat. Indeks Harga Pengguna Malaysia (“CPI”) kekal stabil pada 0.2% untuk bulan ketiga berturut-turut pada Mei 2019. Bagi eksport negara, peningkatan 2.5% dicatatkan pada bulan Mei di tengah-tengah lonjakan penghantaran minyak sawit, walaupun pergerakan pertumbuhannya lebih lambat berbanding jangkaan. Walaupun dengan pemulihan ini, eksport Malaysia dijangka dipengaruhi oleh pertumbuhan keseluruhan yang lebih rendah di peringkat perdagangan global dengan unjuran keseluruhan yang lebih rendah. Pelabur akan meneliti kenyataan yang dikeluarkan daripada mesyuarat dasar monetari yang akan diadakan pada 9 Julai 2019.

Pada bulan September, keluk hasil Terbitan Pelaburan Kerajaan ("GII") menunjukkan peningkatan. Tebaran kredit meluas untuk semua kecuali segmen tunggal A, 7 tahun ke atas, sebahagian besarnya disebabkan terbitan utama yang membebankan pasaran. Ketegangan perdagangan yang berlarutan antara AS dengan China, pertumbuhan yang perlahan di kedua-dua kuasa Eropah dan Jepun di samping ketidakpastian Brexit serta rusuhan yang berterusan di Hong Kong terus merencatkan pertumbuhan global. Situasi ketidaktentuan ini terus menjatuhkan hasil bon kerajaan global. Sementara itu, bon domestik melihat berita FTSE Russell secara positif kerana ancaman penyingkiran daripada Indeks Bon Kerajaan Dunia ("WGBI") kini akan ditunda ke pusingan tinjauan berikutnya pada bulan Mac 2020. Bank Negara Malaysia mengekalkan Kadar Dasar Semalaman ("OPR") pada kadar 3.00% dan jawatankuasa dasar monetari menganggap pendirian dasar monetari semasa tetap "akomodatif dan menyokong aktiviti ekonomi".

Pada bulan Disember, faedah perdagangan bersifat sporadik kerana pelabur kebanyakannya tidak aktif menjelang musim perayaan. Dalam mesyuarat FOMC 2019 yang lepas, Rizab Persekutuan mengekalkan kadar 1.75% dengan para pegawai bersetuju bahawa kedudukan kadar faedah semasa cenderung tidak berubah untuk jangka waktu tertentu, walaupun timbul kebimbangan bahawa kadar faedah yang rendah boleh memburukkan lagi ketidakseimbangan dalam sektor kewangan.



Di pasaran tempatan, data Marco dilihat rendah pada bulan Disember dengan hanya menerbitkan kalendar lelong MGS/GII bagi tahun 2020. Dengan sasaran fiskal 3.2% daripada KDNK pada tahun 2020, kami berpendapat profil penawaran boleh diuruskan. Pada bulan tersebut, pergerakan tebaran kredit bersama dengan jangka lebih pendek daripada 7 tahun kebanyakannya didagangkan lebih ketat sementara tenor lebih panjang daripada 7 tahun didagangkan lebih meluas (+7 hingga -12bps). Hal ini mungkin disebabkan oleh penentuan semula harga daripada tebaran kredit di pasaran utama pada bulan Disember 2019.

Pada bulan Mac, bank dan kerajaan pusat global meningkatkan pelonggaran monetari dan fiskal untuk memerangi wabak virus Covid-19. Di dalam negara, Perdana Menteri juga melancarkan pakej rangsangan dengan anggaran berjumlah RM250 bilion (bersamaan 17% KDNK) untuk mengekalkan penggunaan persendirian dan keyakinan, di samping objektif lain. Suntikan langsung daripada Kerajaan Persekutuan berjumlah RM25 bilion atau 1.7% daripada KDNK. Penggubal dasar membuat unjuran bagi pakej rangsangan tersebut untuk menambah 1.5% ke dalam KDNK. Kementerian Kewangan menekankan bahawa defisit bajet 2020 akan dihadkan pada kadar 4% daripada KDNK dengan peruntukan semula perbelanjaan dalam Kementerian dan dividen yang lebih tinggi dari GLC. Dari segi monetari, Bank Negara Malaysia (“BNM”) menurunkan Kadar Dasar Semalaman (“OPR”) sebanyak 5bps kepada 2.50% dengan alasan keadaan ekonomi global yang semakin lemah. BNM juga menurunkan nisbah Rizab Berkanun (“SRR”) sebanyak 1% untuk membebaskan kecairan perbankan sehingga RM30 bilion dan memperkenalkan moratorium pinjaman selama 6 bulan untuk pinjaman PKS dan pinjaman pengguna (tidak termasuk baki kad kredit). Pasaran dihargakan untuk penurunan OPR selanjutnya oleh BNM semasa krisis ini.

~ oleh CIMB-Principal Asset Management Berhad

Dana AmIslamic GrowthGelombang COVID-19 masih jauh dari kemuncaknya (jika ramalan pakar mengenai pola jangkitan adalah betul) dan penularannya begitu pantas dan boleh menyebabkan sekatan pergerakan global sepenuhnya. Hal ini terus membantutkan prospek ekonomi global jangka pendek dengan ketara. Pasaran ekuiti menjadi sangat tidak menentu akibat impak negatif yang ketara pada perolehan korporat, seterusnya menjadi punca peristiwa keingkaran kredit. Walaupun kerajaan dan bank pusat global bertindak secara proaktif dalam memperkenalkan dasar yang meluas, langkah ini hanya dapat membantu meredakan kemerosotan ekonomi sekiranya wabak bertambah buruk.

Pada masa yang sama, kerajaan Malaysia telah melancarkan pakej rangsangan ekonomi bernilai RM250 bilion untuk mengurangkan impak kemerosotan ekonomi yang disebabkan oleh wabak COVID-19. Sekatan pergerakan yang tidak pernah dilaksanakan sebelum ini di kebanyakan negara (sekatan menyeluruh di sesetengah negara) akan memperlahankan aktiviti ekonomi dengan ketara, dan tekanan perolehan tidak hanya terhad kepada syarikat tempatan, malah juga perniagaan global. Lantaran impak yang meluas terhadap ekonomi, kami percaya bahawa proses pemulihan akan mengambil masa yang lebih lama. Justeru, panggilan pelaburan seterusnya akan bergantung pada lingkungan jangka masa yang lebih panjang.




MUKASURAT INISENGAJA DIBIARKAN

KOSONG




LAPORAN TAHUNAN

2020

Strategi Pelaburan


Strategi Pelaburan EkuitiDalam tempoh yang tidak menentu ini, kami akan terus mengekalkan strategi bertahan. Sementara kami memberi tumpuan pada saham pembayaran dividen tinggi untuk bertahan, aliran tunai dan kedudukan tunai bersih syarikat yang kukuh juga mesti dititikberatkan dalam pemilihan saham pasaran semasa. Sektor-sektor yang akan terus menjadi tumpuan kami, adalah seperti perladangan, pengguna (bukan budi bicara), pemain industri minyak & gas tertentu yang terlibat terutamanya dalam penyelenggaraan, pemain industri pembinaan dan teknologi terpilih serta REIT. Syarikat sarung tangan dan telekomunikasi terpilih mungkin menjadi pemain taktik sepanjang tempoh ini.

Strategi Pelaburan Dana SukukOleh kerana kami menjangkakan pelonggaran BNM yang berterusan untuk merangsang ekonomi, kami masih akan mengekalkan jangka masa melebihi penanda aras untuk menzahirkan jangkaan penurunan kadar faedah selanjutnya dan hakikat bahawa kadar faedah akan kekal rendah dalam masa hadapan sejauh yang dapat dilihat.

Tumpuan diletakkan pada memperoleh bon korporat yang telah menyebabkan kelembapan pergerakan hasil MGS dan yang akan memberikan tambahan hasil dalam persekitaran kadar faedah rendah. Walau bagaimanapun, kami akan melaksanakan pengawasan kredit yang lebih berhati-hati terhadap bon korporat memandangkan kemerosotan ekonomi dan kesannya terhadap pendapatan perniagaan serta keyakinan pengguna.

Untuk bon kerajaan yang mengukuh sebelum penurunan OPR, kami akan mengurangkan kedudukan untuk merealisasikan kenaikan modal setelah penurunan hasil yang ketara dan melihat tahap kemasukan semula yang menarik pada permainan nilai relatif sepanjang keluk hasil.


Strategi Pelaburan Dana AmMetLife Takaful Balanced Plus

Dana Al-IlhamDana ini membina kedudukannya di saham hartanah dan sektor penjagaan kesihatan terpilih di samping mengurangkan pendedahan dalam sektor bahan dan tenaga ketika harga

komoditi merudum. Kedudukan kami dengan wajaran tinggi dalam sektor kewangan dan budi bicara pengguna melemahkan prestasi Dana dalam tempoh tinjauan akibat penurunan kadar faedah dan perbelanjaan pengguna yang lebih perlahan.

Kami akan terus bertahan memandangkan kesan-kesan negatif yang disebabkan oleh wabak COVID-19, penurunan ketara harga minyak mentah global, ekonomi domestik yang lemah serta ketidakpastian politik dalam negara yang semakin memuncak. Kami akan menumpukan pada pengumpulan saham yang bagus pada asasnya dalam keadaan ekonomi yang lemah. Kami tertarik dengan syarikat yang diuruskan dengan baik serta disokong oleh kunci kira-kira yang teguh dan aliran tunai yang kukuh, serta pertumbuhan perolehan yang baik dan mampan, lebih baik apabila didagangkan dengan penilaian yang menarik.


Dana Principal DALI Equity GrowthPada bulan April, setelah pengumuman mengenai penyambungan semula projek ECRL dan Bandar Malaysia, kami berharap lebih banyak dasar kerajaan yang bersifat pro-pertumbuhan akan dilaksanakan, anggaran penurunan perolehan dan kedudukan wajaran yang sangat rendah oleh pelabur asing dapat memberi sedikit dorongan kepada pasaran untuk pulih. Justeru, kami mengulangi permintaan neutral kami terhadap Malaysia dan mengekalkan peruntukan aset yang tinggi dengan strategi pelaburan beta rendah. Kami mengumpul dan menambahkan alfa di bank-bank Islam dan syarikat modal besar terpilih yang menunjukkan peningkatan asas (iaitu produk dan perkhidmatan pengguna) di samping mengurangkan kedudukan kami yang berwajaran tinggi pada sektor pembinaan, minyak dan gas serta sektor modal rendah.

Pada bulan Jun, kami mengekalkan pendirian neutral kami terhadap Malaysia. Kami meneruskan strategi kutipan saham dan penggiliran kami dan kami telah meningkatkan sokongan hasil kepada syarikat-syarikat pertumbuhan. Keutamaan diberikan kepada sektor pembinaan, utiliti dan telekomunikasi. Kami terus berhati-hati dengan sektor teknologi (yang terdedah kepada cetusan semula perang perdagangan AS-China) dan perladangan (memandangkan harga CPO yang ditutup boleh membawa kepada penyemakan semula pendapatan menurun).

Strategi PelaburanDana AmMetLife Takaful Equity, Balanced, Sukuk dan Balanced Plus



Pada bulan September, kami mengekalkan pendirian NEUTRAL terhadap Malaysia sementara menunggu kejelasan dasar selepas pengumuman Bajet 2020. Dengan jangkaan penurunan OPR selanjutnya dalam tempoh 18 bulan akan datang, kami memfokuskan tema pelaburan dividen, memihak kepada penghasil dividen tinggi dengan daya tahan perolehan. Kami juga mengumpulkan saham pertumbuhan terpilih dalam keadaan ekonomi yang lemah dalam sektor utiliti, telekomunikasi, minyak dan gas serta pembinaan. Perdagangan oportunistik tematik kami dalam sektor sarung tangan dan teknologi telah menunjukkan prestasi yang baik, kami menyedari pengurangan pulangan dan telah mencatatkan jualan yang kukuh.

Pada bulan Disember, kami menaikkan taraf Malaysia kepada Wajaran Tinggi memandangkan kami berubah menjadi lebih positif menjelang tahun 2020. Kami percaya risiko ke bawah bagi perolehan telah berkurang dengan ketara berikutan penurunan baru-baru ini yang selanjutnya disokong oleh penilaian yang tidak memerlukan banyak usaha. Kami telah mengambil pendekatan barbel bagi sektor hasil tinggi seperti REIT dan utiliti dan lebih banyak lagi pada sektor pertumbuhan pusingan seperti bank, perladangan, minyak dan gas, serta sektor teknologi.

Pada bulan Mac, berikutan peningkatan premium risiko serta turun naik pasaran, kami tetap teguh dengan pegangan tunai yang tinggi dan struktur portfolio ekuiti berdaya tahan untuk mengekalkan modal. Kami telah mengambil peluang untuk mengurangkan stok pusingan pada pemulihan dan langkah ini akan mendorong pendekatan barbel kami ke arah pemeliharaan modal/bias bertahan. Dengan tahap tunai yang tinggi, kami berusaha untuk mengenal pasti titik perubahan (mendatarkan keluk wabak) bagi kes baharu Covid-19 untuk mengubah kedudukan portfolio. Tumpuan diberikan pada saham hasil tinggi dan saham pertumbuhan tetapi kami lebih memilih nama-nama berkualiti dengan perolehan dan rekod prestasi yang berdaya tahan.

Dana Principal Islamic Lifetime SukukKami terus mengutamakan segmen kredit untuk kutipan hasil yang lebih baik. Kami juga akan berdagang dalam penanda aras GII secara oportunis apabila penilaian menjadi menarik.

Pada bulan Jun, kami meletakkan sasaran untuk pelaburan penuh dan terus menumpukan pelaburan pada sukuk korporat dengan keutamaan pada terbitan utama untuk kutipan hasil. Secara keseluruhan, kami terus menumpukan pelaburan pada segmen korporat dan mengambil peluang perdagangan oportunis dalam kerajaan.

Secara keseluruhan, kami terus menumpukan pelaburan pada segmen korporat dan berhasrat untuk berdagang secara oportunis dalam segmen berdaulat. Bagi syarikat korporat, kami terus menyokong hasil portfolio dengan memilih pengeluar dengan kemampuan kewangan yang lebih kukuh dan hasil yang lebih tinggi, mendahulukan terbitan utama.

Secara keseluruhan, dengan pelbagai ketidakpastian pada masa hadapan, kami menjangkakan pasaran akan turun naik dalam tempoh terdekat dan cenderung untuk berhati-hati dan memilih untuk bertahan. Pemilihan kredit terus menjadi kunci bagi pulangan portfolio dan kami telah memilih pengeluar dengan kemampuan kredit yang lebih kukuh dan berdaya tahan dalam keadaan ekonomi ini.

~oleh CIMB-Principal Asset Management Berhad

Dana AmIslamic GrowthDalam tempoh yang tidak menentu ini, kami akan terus mengekalkan strategi bertahan. Sementara kami memberi tumpuan pada saham pembayaran dividen tinggi untuk bertahan, aliran tunai dan kedudukan tunai bersih syarikat yang kukuh juga mesti dititikberatkan dalam pemilihan saham pasaran semasa. Sektor yang akan terus kami tumpukan, termasuklah perladangan, pengguna (bukan budi bicara), serta pemain sektor minyak & gas tertentu yang terlibat.


Strategi Pelaburan (Sambungan)



KOSONG




LAPORAN TAHUNAN

2020

Prestasi Dana


Prestasi Dana

Dana AmMetLife Takaful Equity

Prestasi Sejak PermulaanDana AmMetLife Takaful Equity berbanding Penanda ArasPrestasi sejak 19 Mac 2012 – 31 Mac 2020

Prestasi Setahun PenuhDana AmMetLife Takaful Equity berbanding Penanda ArasPrestasi sejak 1 April 2019 – 31 Mac 2020

Mac

-12

Sep-

12

Mac

-13

Sep-

13

Mac

-14

Sep-

14

Mac

-15

Sep-

15

Mac

-16

Sep-

16

Mac

-17

Sep-

17

Mac

-18

Sep-

18

Mac

-19

Sep-

19

Mac

-20

Pret

asi (

%)

Bulan

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00

-10.00


FTSE BM Hijrah

Apr

-19

Mei

-19

Jun-

19

Jul-1

9

Ogo

s-19

Sep-

19

Okt

-19

Nov

-19

Dis

-19

Jan-

20

Feb-

20

Mac

-20

Pret

asi (

%)

Bulan

10.00

5.00

0.00

-5.00

-10.00

-15.00


FTSE BM Hijrah



Dana AmMetLife Takaful Sukuk

Prestasi Sejak PermulaanDana AmMetLife Takaful Sukuk berbanding Penanda ArasPrestasi sejak 19 Mac 2012 – 31 Mac 2020

Prestasi Setahun PenuhDana AmMetLife Takaful Sukuk berbanding Penanda ArasPrestasi sejak 1 April 2019 – 31 Mac 2020

Prestasi Dana (Sambungan)

Mac

-12

Sep-

12

Mac

-13

Sep-

13

Mac

-14

Sep-

14

Mac

-15

Sep-

15

Mac

-16

Sep-

16

Mac

-17

Sep-

17

Mac

-18

Sep-

18

Mac

-19

Sep-

19

Mac

-20

Pret

asi (

%)

Bulan

40.00

30.00

20.00

10.00

0.00

-10.00



Apr

-19

Mei

-19

Jun-

19

Jul-1

9

Ogo

s-19

Sep-

19

Okt

-19

Nov

-19

Dis

-19

Jan-

20

Feb-

20

Mac

-20

Pret

asi (

%)

Bulan

10.00

8.00

6.00

4.00

2.00

0.00





Dana AmMetLife Takaful Balanced

Prestasi Sejak PermulaanDana AmMetLife Takaful Balanced berbanding Penanda ArasPrestasi sejak 19 Mac 2012 – 31 Mac 2020

Prestasi Setahun PenuhDana AmMetLife Takaful Balanced berbanding Penanda ArasPrestasi sejak 1 April 2019 – 31 Mac 2020

Mac

-12

Sep-

12

Mac

-13

Sep-

13

Mac

-14

Sep-

14

Mac

-15

Sep-

15

Mac

-16

Sep-

16

Mac

-17

Sep-

17

Mac

-18

Sep-

18

Mac

-19

Sep-

19

Mac

-20

Pret

asi (

%)

Bulan

60.00

50.00

40.00

30.00

20.00

10.00

0.00

–10.00



Apr

-19

Mei

-19

Jun-

19

Jul-1

9

Ogo

s-19

Sep-

19

Okt

-19

Nov

-19

Dis

-19

Jan-

20

Feb-

20

Mac

-20

Pret

asi (

%)

Bulan

6.00

4.00

2.00

0.00

-2.00

-4.00

-6.00

-8.00






Dana AmMetLife Takaful Balanced Plus

Prestasi Sejak PermulaanDana AmMetLife Takaful Balanced Plus berbanding Penanda ArasPrestasi sejak 1 Oktober 2013 – 31 Mac 2020

Prestasi Setahun PenuhDana AmMetLife Takaful Balanced Plus berbanding Penanda ArasPrestasi sejak 1 April 2019 – 31 Mac 2020

Nov

-13

Mac

-14

Jul-1

4

Nov

-14

Mac

-15

Jul-1

5

Nov

-15

Mac

-16

Jul-1

6

Nov

-16

Mac

-17

Jul-1

7

Nov

-17

Mac

-18

Jul-1

8

Nov

-18

Mac

-19

Jul-1

9

Nov

-19

Mac

-20

Pret

asi (

%)

Bulan

25.00

20.00

15.00

10.00

5.00

0.00

-5.00



Apr

-19

Mei

-19

Jun-

19

Jul-1

9

Ogo

s-19

Sep-

19

Okt

-19

Nov

-19

Dis

-19

Jan-

20

Feb-

20

Mac

-20

Pret

asi (

%)

Bulan

10.00

7.00

4.00

1.00

-2.00

-5.00

-8.00





KOSONG




LAPORAN TAHUNAN

2020

Pecahan Sektordan Kategori


Pecahan Sektor dan Kategori

Dana AmMetLife Takaful EquityButiran komposisi portfolio Dana AmMetLife Takaful Equity pada 31 Mac 2020 adalah seperti berikut:

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016 % % % % %

Pembinaan 7.87 14.01 10.37 13.16 12.27Perkhidmatan & Produk Pengguna 1.97 11.63 9.09 1.84 –Tenaga 11.66 13.84 – – –Perkhidmatan Kewangan 3.28 – – – –Penjagaan Kesihatan 8.37 10.14 – – –Perkhidmatan & Produk Perindustrian 9.42 10.93 15.31 16.18 19.34Infrastruktur – – 2.14 2.37 3.89Perladangan 3.17 3.33 9.89 6.22 7.26Hartanah 1.09 2.17 – 4.07 0.93Amanah Pelaburan Hartanah (REIT) 2.90 – – – –Teknologi 9.18 8.05 3.67 2.78 4.50Telekomunikasi & Media 6.83 2.38 – – –Perdagangan/Perkhidmatan – – 35.84 41.11 44.32Pengangkutan & Logistik 1.55 2.39 – – –Utiliti 13.54 8.83 – – –Akaun Pelaburan Khas/Tunai 19.18 12.33 13.69 12.28 7.49

100.00 100.00 100.00 100.00 100.00

Dana AmMetLife Takaful SukukButiran komposisi portfolio Dana AmMetLife Takaful Sukuk pada 31 Mac 2020 adalah seperti berikut:

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016 % % % % %

Sekuriti Hutang Korporat 82.90 84.77 92.48 81.20 92.37Amanah Saham Malaysia 3.58 7.79 – – –Sekuriti Kerajaan Malaysia 1.47 – – – –Akaun Pelaburan Khas/Tunai 12.04 7.44 7.52 18.80 7.63

100.00 100.00 100.00 100.00 100.00

Amanah Saham Malaysia - Dana AmBon Islam

TK 2020 %

Tunai, Aset & Liabiliti Lain 9.15 Sukuk Korporat 85.87 Bon Kerajaan Malaysia 4.98

100.00

**Nota: Sumber peruntukan sektor "Amanah Saham Malaysia" daripada AmFunds Management Berhad.



Dana AmMetLife Takaful BalancedButiran komposisi portfolio Dana AmMetLife Takaful Balanced pada 31 Mac 2020 adalah seperti berikut:

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016 % % % % %

Perkhidmatan & Produk Pengguna 1.64 7.10 7.02 1.20 –Pembinaan 4.81 12.33 7.92 9.85 8.08Tenaga 6.01 10.01 – – –Perkhidmatan Kewangan 1.36 – – – –Penjagaan Kesihatan 8.91 7.65 – – –Perkhidmatan & Produk Perindustrian 5.64 8.94 12.48 11.42 11.27Infrastruktur – – 1.57 1.96 1.47Perladangan 3.11 2.92 7.14 5.12 4.40Hartanah 1.07 2.16 – 3.02 0.62Amanah Pelaburan Hartanah (REIT) 2.94 – – – –Teknologi 5.59 6.49 3.53 3.12 2.50Telekomunikasi & Media 4.88 1.64 – – –Perdagangan/Perkhidmatan – – 26.79 32.15 30.06Pengangkutan & Logistik 1.05 1.89 – – –Utiliti 4.72 5.08 – – –Sekuriti Hutang Korporat 25.88 19.84 18.98 18.17 7.49Amanah Saham Malaysia 8.62 – – – –Akaun Pelaburan Khas/Tunai 13.78 13.96 14.56 13.98 34.11

100.00 100.00 100.00 100.00 100.00

Amanah Saham Malaysia - AmDynamic Sukuk - Kelas A

TK 2020 %

Sukuk Korporat 79.15 Deposit Pasaran Wang 19.18 Bon Kerajaan Malaysia 1.68 Tunai, Aset & Liabiliti Lain (0.01)

100.00

**Nota: Sumber peruntukan sektor "Amanah Saham Malaysia" daripada AmFunds Management Berhad.

Pecahan Sektor dan Kategori (Sambungan)



Dana AmMetLife Takaful Balanced PlusButiran komposisi portfolio Dana AmMetLife Takaful Balanced Plus pada 31 Mac 2020 adalah seperti berikut:

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016 % % % % %

Amanah Saham Malaysia 89.17 84.24 87.49 88.27 86.80 Akaun Pelaburan Khas/Tunai 10.83 15.76 12.51 11.73 13.20

100.0 100.0 100.00 100.00 100.00

Amanah Saham Malaysia - Dana Principal DALI Equity Growth

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016 % % % % %

Pembinaan – – 7.78 8.28 8.15Pengguna – – 4.90 0.17 –Budi Bicara Pengguna 2.10 3.83 – – –Barangan Asas Pengguna 14.29 13.61 – – –Perkhidmatan Komunikasi 11.12 9.37 – – –Tenaga 10.38 9.23 – – –Kewangan 1.41 2.12 1.55 3.91 3.83Penjagaan Kesihatan 8.99 4.76 – – –Perindustrian 12.07 15.49 16.50 13.08 16.28Teknologi Maklumat 2.77 2.42 – – –IPC – – 0.79 6.09 5.29Bahan-bahan 3.84 8.94 – – –Perladangan – – 12.64 10.17 6.16Hartanah – – 6.87 3.68 0.25Harta Tanah 6.98 6.50 0.34 0.79 0.71Sukuk 0.04 0.03 0.03 0.02 0.02Teknologi – – 1.74 0.92 1.50Perdagangan/Perkhidmatan – – 41.11 44.81 43.96 Utiliti 13.75 13.70 – – – Tunai 12.25 10.00 5.75 8.08 13.85

100.00 100.00 100.00 100.00 100.00

**Nota: Sumber peruntukan sektor "Amanah Saham Malaysia" daripada Principal Asset Management.

Amanah Saham Malaysia - Dana Principal Islamic Lifetime Sukuk

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016 % % % % %

Sukuk 74.20 95.05 91.69 85.60 93.10 Tunai 25.80 4.95 8.31 14.40 6.90

100.00 100.00 100.00 100.00 100.00

**Nota: Sumber peruntukan sektor "Amanah Saham Malaysia" daripada Principal Asset Management.




Amanah Saham Malaysia - Eastspring Investments Dana Al-Ilham

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016 % % % % %

Automotif 1.94 5.12 1.95 1.99 2.45Perbankan & Kewangan 6.74 5.57 4.06 3.55 3.88Bahan Binaan – – – 2.24 –Tunai & Tunai Setara 17.18 15.91 14.41 11.11 18.79Konglomerat 2.83 6.44 3.48 12.04 10.96Pembinaan 2.51 1.70 6.11 1.55 5.99Pengguna 8.75 8.61 7.76 2.64 –Penjagaan Kesihatan 13.58 7.25 8.33 13.18 11.52Perkilangan 1.50 4.13 3.24 1.68 0.61Minyak & Gas 10.08 13.98 16.21 9.64 5.48Perladangan/Sumber Asli 4.42 5.79 5.63 9.88 5.09Tenaga/Utiliti 8.27 8.16 9.76 7.59 10.60Hartanah 7.38 4.93 4.63 5.30 5.19Teknologi 5.84 6.31 8.83 4.94 8.23Telekomunikasi 8.98 6.10 5.60 11.10 9.40Pengangkutan – – – 1.57 1.81

100.00 100.00 100.00 100.00 100.00

**Nota: Sumber peruntukan sektor "Amanah Saham Malaysia" daripada Eastspring Investments.

Amanah Saham Malaysia - AmIslamic Growth

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016 % % % % %

Pembinaan – – 9.50 – 13.55Tunai, Aset & Liabiliti Lain 11.55 10.40 (0.16) 12.74 14.92Budi Bicara Pengguna – 5.77 – 1.96 –Produk Pengguna – – 4.81 – –Barangan Asas Pengguna 2.08 7.84 – 9.10 –Tenaga 14.47 13.65 – 1.05 –Kewangan – – 2.59 2.60 –Penjagaan Kesihatan 10.55 10.17 – 4.73 –Perindustrian 16.72 25.84 12.42 30.67 8.73Teknologi Maklumat 4.99 6.24 – – –Infrastruktur – – 2.15 – 4.89Skim Pelaburan Kolektif Tempatan 2.89 2.71 – – –Bahan-bahan 5.09 4.86 – 3.32 –Deposit Pasaran Wang 5.21 – 11.91 – –Perladangan – – 11.01 – 9.29Hartanah – – – – 1.60Harta Tanah 6.69 – – 2.10 –Teknologi – – 4.84 6.43 0.95Perkhidmatan Telekomunikasi 5.81 2.64 – 16.76 –Perdagangan/Perkhidmatan – – 40.93 – 46.07 Utiliti 13.95 9.88 – 8.54 –

100.00 100.00 100.00 100.00 100.00

**Nota: Sumber peruntukan sektor "Amanah Saham Malaysia" daripada AmFunds Management.



KOSONG




LAPORAN TAHUNAN

2020

JadualPerbandingan Prestasi


Jadual Perbandingan PrestasiPrestasi Dana pada 31 Mac 2020

1 Tahun 3 Tahun 5 Tahun Sejak Pelancaran

Pulangan

Purata Kompaun

Tahunan (%) Pulangan Tahunan (%)

Dana AmMetLife Takaful Equity (7.31) (2.44) (0.95) 3.14

Dana AmMetLife Takaful Sukuk 3.73 4.23 3.80 3.39

Dana AmMetLife Takaful Balanced (4.04) (0.02) 0.57 3.49

Dana AmMetLife Takaful Balanced Plus (7.02) (2.53) (0.77) 0.59



Nilai Aset Bersih, Jumlah Unit dan Harga SeunitPada 31 Mac 2020

Dana AmMetLife Takaful EquityButiran prestasi Dana untuk tahun kewangan berakhir 31 Mac 2020 adalah seperti berikut:

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016

Harga Seunit (RM) NAB tertinggi seunit bagi tahun 0.7433 0.7751 0.7998 0.6912 0.6843NAB terendah seunit bagi tahun 0.5881 0.6548 0.6898 0.6363 0.6013

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*Jumlah NAB (RM juta) 11.5127 11.2222 11.9753 10.2676 9.1787UDE (dalam juta) 17.9738 16.2423 15.4497 14.8842 13.8399NAB seunit (RM) 0.6405 0.6910 0.7751 0.6898 0.6632

Jumlah Pulangan bagi Tahun (%)Jumlah Pulangan¹ (7.31) (10.85) 12.37 4.01 (1.28) Pertumbuhan modal (7.31) (10.85) 12.37 4.01 (1.28)Pengagihan pendapatan – – – – –

* Harga dan nilai aset bersih setiap unit di atas tidak ditunjukkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewangan

Nota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih seunit dan selepas ditolak semua yuran

Dana AmMetLife Takaful SukukButiran prestasi Dana untuk tahun kewangan berakhir 31 Mac 2020 adalah seperti berikut:

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016


Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*Jumlah NAB (RM juta) 7.1933 5.2807 4.9356 4.8446 4.5661 UDE (dalam juta) 11.0155 8.3876 8.2572 8.4010 8.1968NAB seunit (RM) 0.6530 0.6295 0.5977 0.5767 0.5571

Jumlah Pulangan bagi Tahun (%)Jumlah Pulangan¹ 3.73 5.32 3.64 3.52 2.80 Pertumbuhan modal 3.73 5.32 3.64 3.52 2.80 Pengagihan pendapatan – – – – –




Nilai Aset Bersih, Jumlah Unit dan Harga Seunit (Sambungan)Pada 31 Mac 2020

Dana AmMetLife Takaful BalancedButiran prestasi Dana untuk tahun kewangan berakhir 31 Mac 2020 adalah seperti berikut:

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016


Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*Jumlah NAB (RM juta) 10.2833 10.0110 10.0707 8.6305 7.9961UDE (dalam juta) 15.6251 14.5980 13.6534 13.1063 12.6104NAB seunit (RM) 0.6581 0.6858 0.7376 0.6585 0.6341

Jumlah Pulangan bagi Tahun (%)Jumlah Pulangan¹ (4.04) (7.02) 12.01 3.85 (0.86) Pertumbuhan modal (4.04) (7.02) 12.01 3.85 (0.86) Pengagihan pendapatan – – – – –



Dana AmMetLife Takaful Balanced PlusButiran prestasi Dana untuk tahun kewangan berakhir 31 Mac 2020 adalah seperti berikut:

TK 2020 TK 2019 TK 2018 TK 2017 TK 2016

Harga Seunit (RM) NAB tertinggi seunit bagi tahun 0.5835 0.5866 0.6007 0.5609 0.5514 NAB terendah seunit bagi tahun 0.5000 0.5403 0.5581 0.5345 0.5083

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UDE) pada akhir Tahun*Jumlah NAB (RM juta) 2.9805 2.8371 2.7387 2.6068 2.3230 UDE (dalam juta) 5.7384 5.0789 4.7122 4.6477 4.2576 NAB seunit (RM) 0.5194 0.5586 0.5812 0.5609 0.5456

Jumlah Pulangan bagi Tahun (%)Jumlah Pulangan¹ (7.02) (3.89) 3.62 2.80 1.07 Pertumbuhan modal (7.02) (3.89) 3.62 2.80 1.07 Pengagihan pendapatan – – – – –






LAPORAN TAHUNAN

2020

Ringkasan kepadaMaklumat Kewangan


Sila rujuk muka surat 37 hingga 62 untuk Ringkasan kepada Maklumat Kewangan.

Ringkasan kepada Maklumat Kewangan



5. Comparative figures

Certain comparative figures have been reclassified in order to conform to changes in the current year’s presentation. These reclassifications have no financial impact on the statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows of the Company.



KOSONG

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Documents

ANNUAL REPORT 2020 - AmMetLife Takaful