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Interim Report

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Interim Report MANULIFE INVESTMENT -HW FLEXI FUND CONTENTS PAGE 1 General Information 1 2 Manager’s Report 3 3 Policy On Stockbroking Rebates And So Commissions 9 4 Statement By The Manager 10 5 Trustee’s Report 11 6 Statement Of Comprehensive Income 12 7 Statement Of Financial Position 13 8 Statement Of Changes In Equity 14 9 Statement Of Cash Flows 15 10 Summary Of Signicant Accounting Policies 16 11 Notes To The Financial Statements 21 12 Corporate Information 36 MANULIFE INVESTMENT -HW FLEXI FUND 1 GENERAL INFORMATION 1.1 THE TRUST The Fund commenced operations on 26 July 2007 and will continue its operations until terminated as provided under Clause 48.2 of the Deed. 1.2 FUND TYPE / CATEGORY Growth / Mixed Assets 1.3 BASE CURRENCY Ringgit Malaysia (RM) 1.4 OBJECTIVE OF THE FUND The Fund seeks to provide Unit Holders with long-term capital appreciation. Note: Any material change to the Fund’s investment objective would require Unit Holders’ approval. 1.5 DISTRIBUTION POLICY Income distribution (if any) is incidental. 1.6 PERFORMANCE BENCHMARK 50% FTSE Bursa Malaysia Top 100 Index (FBM 100) + 50% Maybank 12-Month xed deposit (FD) rate. Note: The composite benchmark provides a balanced gauge on the asset allocation of the Fund which can invest up to 98% in equities or xed income instruments. The composite benchmark is only used as a reference for performance gauge purpose. The risk prole of the Fund is not the same as the risk prole of this benchmark. The benchmark information is available in www.manulifeinvestment.com.my. 1.7 INVESTMENT STYLE AND STRATEGY The Fund invests in a diversied portfolio of Malaysian equities as well as xed income instruments (which includes money market instruments). Liquid assets such as money market instruments and deposits (excluding structured deposits) are used to maintain liquidity position and as a short-term alternative should the equity or bond markets become extremely volatile. The Fund may invest in the investments directly or via collective investment schemes (CISs). The Fund may invest up to 98% of its net asset value (NAV) in a single asset class of equities or xed income instruments. This allows the Fund the exibility to switch to equities when the stock market is bullish and to bonds and/or money market instruments when the stock market is bearish. At any one time, the asset mix may also comprise all asset classes. The Fund will maintain at least 2% of its NAV in liquid assets. In addition, any active and frequent trading strategy will depend on investment opportunities or valuations. Strategy on equity investment broadly consist of the following considerations: • account information gathered during company visits, key earnings drivers and earnings revision trends, industry fundamentals, balance sheet structure, valuations, and competency of management; • industry and business medium- to long-term outlook; • management track record/ quality; • treatment towards minority shareholders by management and controlling shareholders; • nancial strength and gearing levels; • earnings and cash-ow volatility; • expected future earnings growth; • expected future dividend yield; and • share price valuation 1 MANULIFE INVESTMENT -HW FLEXI FUND In terms of the individual xed income securities, the Fund follows a strict selection process to ensure only appropriate xed income securities are invested in with respect to the investment objective. The selection of xed income securities will depend largely on their credit quality. Focus will be on the respective issuers whether they have strong ability to meet their nancial obligations and oer highest safety for timely payment of interest and principal. For non-investment grade xed income securities, the Fund Manager will assess and consider the ability of the issuers to meet their nancial obligations and make timely payment of interest and principal in order to protect investors’ interest; while delivering the expected returns to the Fund and meet the Fund’s investment objective. Strategy on individual xed income securities investment broadly consist of the following considerations: • predominantly in short-term bonds, money market instruments and deposits (excluding structured deposits). The short-term nature of these investments allows the Fund Manager to easily switch to equities during conducive stock market or bullish periods • issuer’s and/or guarantor’s industry and business medium- to long-term outlook; • issuer’s and/or guarantor’s nancial strength and gearing levels; • issuer’s and/or guarantor’s cash-ow quality and volatility; • issuer’s and/or guarantor’s expected future cash-ow and ability to pay interest and principal; • issuer’s and/or guarantor’s ratings by RAM or MARC or a recognised global credit rating agency; • duration and interest rate sensitivity; • collateral type and value, and claims priority; and • price and yield-to-maturity. The Fund may invest up to 25% of its NAV in foreign equities and/or equity-related instruments of companies which are domiciled in/ listed in or have signicant operations* in the Asia-Pacic region, including but not limited to Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. *Signicant operations means the revenue, earnings, production facilities, assets and/or investments of a company are based in/ derived from the Asia-Pacic region. The level of signicance will be determined by the Fund Manager on a case-by- case basis based on his/ her research and judgement. During the six months nancial period under review, the Fund maintained its objective of providing long-term capital appreciation. 2 MANULIFE INVESTMENT -HW FLEXI FUND 2 MANAGER’S REPORT 2.1 FUND PERFORMANCE For the six months nancial period ended 28 February 2021, the Fund’s return increased by 12.25%. The Fund outperformed its benchmark return, which increased by 2.47%. The Fund’s outperformance was due to the Fund’s positions in the Covid-19 pandemic beneciaries for most of the period namely Healthcare and Technology. Towards the end of the period, the Fund subsequently redeployed some of its holdings into recovery beneciar- ies as news ow of positive Covid-19 vaccine development gained traction. The graph below compares the 6-month performance of the Fund against its benchmark return: Fund Performance vs. Benchmark 20% 15% 10% 5% 0% -5% -10% Aug Oct Nov Dec Jan Feb 20 20 20 20 21 21 Manulife Investment-HW Flexi Fund Return Benchmark Source: Lipper Fund Size The Fund’s total NAV increased to RM372.02mil from RM307.98mil during the six months nancial period under review. Fund Returns (a) The graph below compares the 5-year performance of the Fund against its benchmark return: Fund Performance vs. Benchmark Index Return 320% 270% 220% 170% 120% 70% 20% -30% Jul Apr Dec Aug May Jan Oct Jun Feb 07 09 10 12 14 16 17 19 21 Manulife Investment-HW Flexi Fund Return Benchmark Source: Lipper 3 MANULIFE INVESTMENT -HW FLEXI FUND (b) Average Total Return of the Fund: Fund Benchmark For the nancial period ended 28 February 2021 (% p.a.) (% p.a.) 1 year 36.82 6.32 3 years 8.25 (0.59) 5 years 10.23 1.72 Commencement Date: 16 August 2007 Source: Lipper (c) Annual Total Return of the Fund: Fund Benchmark For the nancial period ended: (% p.a.) (% p.a.) 28 February 2021 36.82 6.32 29 February 2020 (3.78) (4.62) 28 February 2019 (3.64) (3.14) 28 February 2018 18.27 7.05 28 February 2017 8.51 3.58 Commencement Date: 16 August 2007 Source: Lipper BASES OF CALCULATION 1. Net Asset Value (NAV) Net Asset Value of the Fund is determined by deducting the value of all the Fund’s liabilities from the value of all the Fund’s assets, at the valuation point. 2. Net Asset Value per unit Net Asset Value per unit is the net asset value of the Fund divided by the total number of units in circulation, at the valuation point. 3. Fund’s Return Fund’s return can be calculated based on the computation methods as follows: Total Fund’s Return = [(NAV Return*Series of Income Return)-1] x 100% NAV Return = {[End NAV (Ex-distribution)/Beginning NAV]-1} x 100% Income Return = (Gross Distribution/Ex-NAV price) x 100% Average Total Return = (NAV Return*Series of Income Return) (365.25/n) x100 - 100, where n = number of days between beginning and end dates. 4 MANULIFE INVESTMENT -HW FLEXI FUND The following table shows other nancial and performance data of the Fund for the past three nancial periods: Fund Data 28 February 2021 29 February 2020 28 February 2019 NAV (RM) 372,023,654 253,469,864 297,661,253 Units in Circulation (’000) 971,197 856,750 929,391 NAV (RM per unit) 0.3831 0.2959 0.3203 Highest / Lowest NAV 0.3675 / 0.2465 0.3175 / 0.2959 0.3261 / 0.3033 (RM per unit) Total Fund Return (%) 36.82 (3.78) (3.64) NAV Return (%) 36.82 (3.78) (3.64) Income Return (%) - - - Management Expenses 0.85 0.80 0.79 Ratio (%) Portfolio Turnover Ratio 0.47 0.40 0.24 (times) NOTES (i) Management Expenses Ratio (MER) MER is computed based on the total fees and expenses excluding transaction costs incurred by the unit trust fund divided by the average fund size of the unit trust fund calculated on a daily basis. Fees of the unit trust fund + Recovered expenses of the unit trust fund x 100 Average value of the unit trust fund calculated on a daily basis Where: Fees = All ongoing fees deducted / deductible directly from the unit trust fund in respect of the period covered by the management expenses ratio, expressed as a xed amount, calculated on a daily basis.
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