MANULIFE INVESTMENT SYARIAH INDEX 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 Shariah Adviser’s Report 12
7 Statement Of Comprehensive Income 13
8 Statement Of Financial Position 14
9 Statement Of Changes In Equity 15
10 Statement Of Cash Flows 16
11 Summary Of Signi cant Accounting Policies 17
12 Notes To The Financial Statements 22
13 Corporate Information 38
MANULIFE INVESTMENT SYARIAH INDEX FUND
1 GENERAL INFORMATION
1.1 THE TRUST
The Fund commenced operations on 4 January 2002 and will continue its operations until terminated as provided under Clause 12 of the Deed.
1.2 FUND TYPE / CATEGORY
Index Tracking / Equity Index (Islamic)
1.3 BASE CURRENCY
Ringgit Malaysia (RM)
1.4 OBJECTIVE OF THE FUND
The Fund is an Islamic equity index-tracking fund. Its primary investment objective is to track the performance of the FTSE Bursa Malaysia Emas Shariah Index (FBMSHA). The Fund also aims to generate annual distribution.
Note: Any material change to the Fund’s investment objective would require Unit Holders’ approval.
1.5 DISTRIBUTION POLICY
Income distribution (if any) is annually.
1.6 PERFORMANCE BENCHMARK
The performance of the Fund is measured against the FTSE Bursa Malaysia EMAS Shariah Index (FBMSHA) (obtainable via Bursa Malaysia’s website: www.bursamalaysia.com).
1.7 CHARACTERISTIC AND GENERAL COMPOSITION OF THE FBMSHA
The FBMSHA comprises constituents of the FTSE Bursa Malaysia EMAS Index (FBMEMAS) that are Shariah-compliant according to the Securities Commission's SAC (Shariah Advisory Council) screening methodology and FTSE’s screens of free oat, liquidity and inevitability.
The index has been designed to provide investors with a broad benchmark for Shariah-compliant investment. The index was developed with a base value of 100 as of 31 March 2006. Each component Shariah-compliant security is weighted by means of free- oat adjusted market capitalisation so that it will in uence the index in proportion to its relative market importance. Shariah-compliant securities are free- oat weighted to ensure that only the investable opportunity set is included within the index, and are also liquidity screened to ensure that the index is tradable. Bursa Malaysia de nes this methodology based on its own rules and therefore, any error or adherence thereof may a ect the accuracy and completeness in the calculation of the FBMSHA Investors may obtain more information about the FBMSHA’s calculation mode and rules from Bursa Malaysia’s website.
The FBMSHA is a useful summary measure of current expectation of future outlook. The FBMSHA gives a big-picture view of the movement in prices of the key Shariah-compliant securities and more o en than not, serves as a broad indicator of the economic performance of the country mainly because it represents the breadth and depth of Shariah-compliant securities which are involved in the various sectors of the economy.
1 MANULIFE INVESTMENT SYARIAH INDEX FUND
1.8 INVESTMENT STYLE AND STRATEGY
The Fund Manager employs an index sampling approach to track the performance of the FBMSHA. The Fund typically invests up to 98% of its assets in the top-tier Shariah-compliant securities of the target index (covering nearly 80% of FBMSHA’s market capitalisation) and in a representative sample of the remaining constituents. The Fund holds a range of Shariah- compliant equities, predominantly in FBMSHA stocks that in aggregate, approximate the full FBMSHA in terms of key characteristics, including industry weightings and market capitalisation. Islamic liquid assets such as Islamic money market instruments and Islamic deposits are only used to maintain liquidity position. The Fund’s portfolio composition is rebalanced when necessary to take into account changes in weightings or corporate activities in order to minimise tracking errors.
During the six months nancial period under review, the Fund remained guided by its investment objective to track the performance of the FTSE Bursa Malaysia Emas Shariah Index by investing predominantly in the index-linked stocks.
2 MANULIFE INVESTMENT SYARIAH INDEX FUND
2 MANAGER’S REPORT
2.1 FUND PERFORMANCE
For the six months nancial period ended 31 December 2020, the Fund’s return increased by 9.17%. The Fund marginally underperformed its benchmark return, the FBMSHA, which increased by 9.30%. The Fund’s marginal underperformance was mainly due to cash position.
The graph below compares the 6-month performance of the Fund against its benchmark return:
Fund Performance vs. Benchmark Index Return 12% 10% 8% 6% 4% 2% 0% Jun Jul Aug Sep Oct Nov Dec 20 20 20 20 20 20 20 Manulife Investment Syariah Index Fund Return Benchmark Index Return
Source: Lipper, MorningStar & RIMES
Fund Size
The Fund’s total NAV decreased to RM32.81mil from RM34.48mil during the six-month 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 15% 10% 5% 0% -5% -10% -15% -20% -25% Jun-17 Jun-16 Jun-18 Jun-19 Sep-17 Dec-17 Sep-16 Sep-18 Sep-19 Dec-15 Dec-16 Dec-18 Dec-19 Mar-17 Mar-16 Mar-18 Mar-19 Jun-20 Jun-20 Sep-20 Mar-20 Manulife Investment Syariah Index Fund Return Benchmark Index Return
Source: Lipper, Morningstar, Bloomberg & RIMES
3 MANULIFE INVESTMENT SYARIAH INDEX FUND
(b) Average Total Return of the Fund:
Fund Benchmark For the nancial period ended 31 December 2020 (% p.a.) (% p.a.) 1 year 11.19 10.14 3 years 1.16 (0.36) 5 years 1.81 0.55 Commencement Date: 4 January 2002 Source: Lipper, Morningstar & RIMES
(c) Annual Total Return of the Fund:
Fund Benchmark For the nancial period ended: (% p.a.) (% p.a.) 31 December 2020 11.19 10.14 31 December 2019 4.89 3.85 31 December 2018 (11.25) (13.52) 31 December 2017 11.22 10.72 31 December 2016 (4.98) (6.14) Commencement Date: 4 January 2002 Source: Lipper, Morningstar & RIMES
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:
Daily Total Fund’s = {[End NAV (Ex-distribution) - Beginning NAV + Return Dividend Distribution] / Beginning NAV} X 100%
Total Fund’s Return = Total fund's return for the period is derived from geometrically linking together the daily total fund's returns.
The linking formula is = [(1+ R 1 ) X (1+ R 2 ) X …(1+ R n )]-1 where: R 1 is the rst daily return for the period,
R 2 is the second daily return for the period, and R n is the last daily return for the period.
Average Total Return = Annualised Total Return [(1+ Total fund's return for the period (Actual number of days in a period/number of days during the period) -1] X 100%
4 MANULIFE INVESTMENT SYARIAH INDEX FUND
The following table shows other nancial and performance data of the Fund for the past three nancial periods:
Fund Data 31 December 2020 31 December 2019 31 December 2018 Net Asset Value (RM) 32,805,382 36,683,469 40,621,456 Units in Circulation (’000) 48,506 58,395 67,828 NAV (RM per unit) 0.6763 0.6282 0.5989 Highest / Lowest NAV 0.6986 / 0.6272 0.6445 / 0.6101 0.6660 / 0.5773 (RM per unit) Total Fund Return (%) 9.17 (1.04) (3.88) NAV Return (%) 9.17 (1.04) (3.88) Income Return (%) - - - Management Expenses 0.45 0.45 0.77 Ratio (%) Portfolio Turnover Ratio 0.11 0.07 0.20 (times)
NOTES
(i) Management Expenses Ratio (MER)
MER is computed based on the total fees and expenses excluding transaction costs incurred by the Shariah-compliant unit trust fund divided by the average fund size of the Shariah-compliant 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. This would include the annual management fee, the annual trustee fee and any other fees deducted / deductible directly from the unit trust fund;
Recovered = All expenses recovered from/ charged to the unit trust fund, as a expenses result of the expenses incurred by the operation of the unit trust fund, expressed as a xed amount. This should not include expenses that would otherwise be incurred by an individual investor (e.g. brokerage, taxes and levies); and
Average = The NAV of the unit trust fund, including unit trust net income value value of of the fund, less expenses on an accrued basis, in respect of the the unit period covered by the management expenses ratio, calculated on a trust fund daily basis.
The MER for the nancial period remaines consistent with previous nancial period.
5 MANULIFE INVESTMENT SYARIAH INDEX FUND
(ii) Portfolio Turnover Ratio (PTR)
PTR can be calculated based on the ratio of the average sum of acquisitions and disposals of the Shariah-compliant unit trust fund for the nancial period to the average value of the Shariah-compliant unit trust fund for the nancial period calculated on a daily basis.
[Total acquisitions of the fund for the period + Total disposals of the fund for the nancial period]/2
Average value of the unit trust fund calculated on a daily basis
The PTR for the nancial period is higher as compared to the previous nancial period mainly due to the increase in trading activities.
The Manager wishes to highlight that past performance of the Fund is not an indication of its future performance.
The price of units and the investment returns may go down, as well as up.
2.2 ASSET ALLOCATION
Asset allocation for the past three nancial periods:
% of Net Asset Value
Sector Allocation 31 December 2020 31 December 2019 31 December 2018
Healthcare 17.37 8.83 9.82 Consumer Products & Services 12.20 13.89 13.57 Telecommunications & Media 12.32 13.86 13.95 Utilities 11.15 15.40 17.26 Industrial Products & Services 10.93 9.66 11.87 Plantation 10.60 12.31 12.12 Technology 5.60 3.15 2.80 Energy 4.73 6.48 5.44 Transportation & Logistics 3.59 4.19 3.56 Construction 3.27 4.85 3.55 Property 2.15 2.86 3.74 Islamic Real Estate Investment 1.28 0.50 - Trusts (i-REITs) Financial Services 1.18 1.16 - Total Shariah-compliant 96.37 97.14 97.68 Investments Islamic Deposits With Licensed 4.37 2.96 2.57 Financial Institutions Other Assets & Liabilities (0.74) (0.10) (0.25)
As at 31 December 2020, the Fund was 96.37% invested. The Fund’s investments track closely the FTSE Bursa Malaysia Emas Shariah Index sector weightings, with Healthcare, Consumer Products and Telecommunications & Media sectors being the largest weights.
6 MANULIFE INVESTMENT SYARIAH INDEX FUND
2.3 MARKET REVIEW
During the six-month nancial period under review (1st July 2020 to 31st December 2020), global markets started o on a bull run fuelled by liquidity and optimism on economic data, which pointed towards a recovery and renewed hopes of Covid-19 vaccine discovery, ignoring the rise in Covid-19 infections across the US and other countries. The Purchasing Managers’ Indices (PMIs) for both manufacturing and services in the U.S. stood at its highest levels since early 2019, indicating private sector output growth. Meanwhile in Europe, Industrial Production showed a strong rebound in May and June, albeit remaining below pre-crisis levels. Retail sales in Europe and the UK also recovered to pre-crisis levels in June and July. Over in Asia, China’s factory de ation eased in July, driven by a rise in global oil prices and as industrial activities returned towards pre-Covid levels, adding to signs of recovery in the world’s second-largest economy.
Towards the end of the period, the rally began to falter as investors weighed uncertainties ahead of the U.S. presidential elections and congressional stalemate over new stimulus measures to combat the economic fallout from Covid-19. However, the speedbump proved to be temporary in nature, as markets returned to new high in November with the conclusion of the U.S. presidential election and more importantly, three consecutive announcements of vaccine success by P zer, Moderna and Astra Zeneca. Markets turned to full risk-on mode, with a rapid shi in fund ows from growth stocks to value sectors, which would bene t from the reopening trades such as the nancials, travels and retails. In December, key U.S. indices propelled to all-time highs upon the Congress and President Donald Trump nally passing the USD900bn Coronavirus relief package, providing critical support to individuals and business- es until March 2021.
For Malaysia, the benchmark FBM KLCI ended the period under review in a positive territory, in line with the global markets. The rally was mainly driven by the meteoric rise of glovemak- ers, which poised to be the biggest bene ciary of the Covid-19 pandemic with record earnings forecasts. In July, Bank Negara Malaysia (BNM) cut the Overnight Policy Rate (OPR) by another 25bps to a record low of 1.75%, a pre-emptive move by the central bank. Political uncertainties continued to weigh on the market however, with Prime Minister Tan Sri Muhyiddin’s position being repeatedly challenged by the Opposition and dissidents within his coalition. Towards the end of the period, the healthcare sector su ered a steep sell-down in the wake of Covid-19 vaccine success, but it was replaced by the strong rally in the nancial, construction and property sectors.
The FBM KLCI registered a gain of 8.4% for the nancial period under review. The broader market outperformed with the FBM Small Cap and FBM Mid 70 rising 31.3% and 17.0% respectively. Meanwhile the FBM EMAS Shariah Index gained 9.3%. Against the regional markets, the FBM KLCI underperformed the MSCI Asia ex-Japan Index which registered a gain of 29.9%.
2.4 MARKET OUTLOOK AND INVESTMENT STRATEGY
Global markets could be volatile being in uenced by con icting positive and negative news. While we will see approval of more Covid-19 vaccines, sentiment may be dampened by new virus variants and reinstatement of lockdown in countries which are experiencing higher daily infection cases. Hence, the path to normalisation of economic activities would be a bumpy one. Meanwhile, with Democrats e ectively gaining control of the Congress following the Georgia runo election, we are likely to see bigger stimulus measures coming out from the US, though the positive sentiment could be tempered by possibility of higher taxes and risk of higher in ation.
For Malaysia, the direction of the market would also hinge on the ongoing political uncertainty and the pandemic situation which is not geing any beer. While we believe the worst of the economic downturn is behind us, the risk is that expectation of earnings recovery for this year does not come true. Hence, we will have to be cognisant of whether the earnings, particularly for “economic reopening stocks”, can support the heightened valuation. We could see sector rotational play with investors initially buying into companies which have more certainty in earnings improvement. When valuation of these companies become rich, they will then switch to those where the recovery is more backloaded but with more aractive valuation.
For Manulife Investment Shariah Index Fund, our strategy remains to track the performance of the FTSE Bursa Malaysia Emas Shariah Index, by investing predominantly in FBMSHA stocks.
7 MANULIFE INVESTMENT SYARIAH INDEX FUND
2.5 BREAKDOWN OF UNIT HOLDINGS BY SIZE AS AT 31 DECEMBER 2020
The following table presents the distribution of the Fund’s unit holders according to size of unit holdings:
No. of Unit No. of Units % % Size of Holdings Holders Held (’000) 5,000 and below 709 30.77 1,950 4.02 5,001 to 10,000 421 18.27 3,059 6.31 10,001 to 50,000 927 40.24 21,522 44.37 50,001 to 500,000 247 10.72 21,975 45.30 Above 500,001 - - - - Manager’s stock - - - - Total 2,304 100.00 48,506 100.00
2.6 STATE OF AFFAIRS
NOTIFICATION OF CHANGES
A new First Supplemental Master Prospectus dated 13 November 2020 was issued to make the following general and administrative updates:
• Inclusion of the disclosure in relation to liquidity risk management; • Amendment to the information on purchasing and redeeming units for beer clarity on online transactions and other bank charges that may incurred; • Amendment to the name of client trust account to “MANULIFE INVESTMENT MANAGEMENT (M) BERHAD - CLIENT TRUST ACCOUNT”; • Change to the Board of Directors of the Manager, retirement of Datuk Seri Panglima Mohd Annuar Bin Zaini and appointment of Vibha Hamsi Coburn, replacing Lee Sang Hui; and • Update to the address of Bintulu branch.
The First Supplemental Master Prospectus dated 13 November 2020 is available in the website: www.manulifeinvestment.com.my.
8 MANULIFE INVESTMENT SYARIAH INDEX FUND
3 POLICY ON STOCKBROKING REBATES AND SOFT COMMISSIONS
The Management Company did not retain any rebates.
For the six months nancial period ended 31 December 2020, the Manager and its Fund Manager did not receive any rebates or so commissions.
9 MANULIFE INVESTMENT SYARIAH INDEX FUND
4 STATEMENT BY THE MANAGER
We, Edmond Cheah Swee Leng and Chong Soon Min, being two of the Directors of Manulife Investment Management (M) Berhad (the “Manager”), do hereby state that, in the opinion of the Manager, the unaudited nancial statements comprising the statement of comprehensive income, statement of nancial position, statement of changes in equity, statement of cash ows, summary of signi cant accounting policies and notes to the nancial statements, are drawn up in accordance with the provisions of the Deeds and give a true and fair view of the nancial position of the Fund as at 31 December 2020 and of its nancial performance, changes in equity and cash ows of the Fund for the six months nancial period ended 31 December 2020 in accordance with the Malaysian Financial Reporting Standards (“MFRS”) and the International Financial Reporting Standards (“IFRS”).
For and on behalf of the Manager MANULIFE INVESTMENT MANAGEMENT (M) BERHAD
EDMOND CHEAH SWEE LENG DIRECTOR
CHONG SOON MIN DIRECTOR
Kuala Lumpur 22 February 2021
10 MANULIFE INVESTMENT SYARIAH INDEX FUND
5 TRUSTEE'S REPORT TO THE UNIT HOLDERS OF MANULIFE INVESTMENT SYARIAH INDEX FUND
We have acted as Trustee for Manulife Investment Syariah Index Fund (“the Fund”) for the nancial period ended 31 December 2020. To the best of our knowledge, Manulife Investment Management (M) Berhad (“the Manager”) has managed the Fund in the nancial period under review in accordance with the following:
1. Limitations imposed on the investment powers of the Manager under the deed, securities laws and Guidelines on Unit Trust Funds;
2. Valuation and pricing of the Fund are carried out in accordance with the deed and any regulatory requirement; and
3. Creation and cancellation of units are carried out in accordance with the deed and any regulatory requirement.
For Maybank Trustees Berhad [Company No.: 196301000109 (5004-P)]
BERNICE K M LAU Head, Operations
22 February 2021
11 MANULIFE INVESTMENT SYARIAH INDEX FUND
6 SHARIAH ADVISER’S REPORT TO THE UNIT HOLDERS OF MANULIFE INVESTMENT SYARIAH INDEX FUND
We hereby con rm the following:
To the best of our knowledge, a er having made all reasonable inquiries, Manulife Investment Management (M) Berhad has operated and managed the Fund during the nancial period/year covered by these nancial statements in accordance with the Shariah principles and complied with the applicable guidelines, rulings and decisions issued by the Securities Commission Malaysia pertaining to Shariah maers; and
The assets of the Fund comprises of instruments that have been classi ed as Shariah compliant by Shariah Advisory Council (“SAC”) of the Securities Commission Malaysia. As for the instruments which are not classi ed as Shariah-compliant by the SAC of the Securities Commission Malaysia, we have reviewed the said instruments and con rm that these instruments are Shariah-compliant.
For ZICO Shariah Advisory Services Sdn Bhd
DR. AIDA OTHMAN Designated Person Responsible For Shariah Maers Relating to the Fund
22 February 2021
12 MANULIFE INVESTMENT SYARIAH INDEX FUND
7 STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 DECEMBER 2020
Note 2020 2019 RM RM
INVESTMENT INCOME/(LOSS) Pro t income from Islamic deposits with licensed nancial institutions at amortised cost 7,971 16,028 Gross dividend income 416,360 452,541 Net gain/(loss) on nancial assets at fair value through pro t or loss 6 2,931,706 (687,274)
3,356,037 (218,705)
EXPENSES Manager’s fee 3 129,155 143,366 Trustee’s fee 4 13,776 15,292 Auditors’ remuneration 3,099 2,916 Tax agent’s fee 1,443 1,357 Other expenses 7,198 8,286 Transaction costs 28,635 18,303 183,306 189,520
PROFIT/(LOSS) BEFORE TAXATION 3,172,731 (408,225)
TAXATION 5 - -
PROFIT/(LOSS) AFTER TAXATION AND TOTAL COMPREHENSIVE INCOME/(LOSS) 3,172,731 (408,225)
Pro t/(Loss) a er taxation is made up as follows:
Realised 968,594 400,559 Unrealised 2,204,137 (808,784) 3,172,731 (408,225)
The accompanying summary of signi cant accounting policies and notes to the nancial statements form an integral part of these nancial statements.
13 MANULIFE INVESTMENT SYARIAH INDEX FUND
8 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020
Note 31.12.2020 31.12.2019 RM RM ASSETS Cash and cash equivalents 7 1,484,330 1,129,368 Financial assets at fair value through pro t or loss 6 31,613,770 35,634,745 Amount due from Manager 3,201 - Amount due from stockbrokers 36,718 - Dividends receivable 67,934 11,963
TOTAL ASSETS 33,205,953 36,776,076
LIABILITIES Amount due to Manager - Manager’s fee 21,120 23,382 - Cancellation of units 61,780 55,803 Amount due to Trustee 2,253 2,494 Amount due to stockbrokers 305,211 - Other payables 8 10,207 10,928 TOTAL LIABILITIES 400,571 92,607
NET ASSET VALUE (“NAV”) OF THE FUND 32,805,382 36,683,469
EQUITY Unit holders’ capital 17,743,487 25,011,227 Retained earnings 15,061,895 11,672,242 32,805,382 36,683,469
NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS 2 32,805,382 36,683,469
NUMBER OF UNITS IN CIRCULATION 10 48,505,914 58,395,200
NAV PER UNIT 0.6763 0.6282
The accompanying summary of signi cant accounting policies and notes to the nancial statements form an integral part of these nancial statements.
14 MANULIFE INVESTMENT SYARIAH INDEX FUND
9 STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 DECEMBER 2020
Unit holders’ Retained capital earnings Total RM RM RM
BALANCE AS AT 1 JULY 2020 22,592,602 11,889,164 34,481,766 Movement in unit holders’ contribution: Creation of units 1,576,930 - 1,576,930 Cancellation of units (6,426,045) - (6,426,045) Total comprehensive income - 3,172,731 3,172,731
BALANCE AS AT 31 DECEMBER 2020 17,743,487 15,061,895 32,805,382
Unit holders’ Retained capital earnings Total RM RM RM
BALANCE AS AT 1 JULY 2019 28,397,996 12,080,467 40,478,463 Movement in unit holders’ contribution: Creation of units 455,279 - 455,279 Cancellation of units (3,842,048) - (3,842,048) Total comprehensive loss - (408,225) (408,225) BALANCE AS AT 31 DECEMBER 2019 25,011,227 11,672,242 36,683,469
The accompanying summary of signi cant accounting policies and notes to the nancial statements form an integral part of these nancial statements.
15 MANULIFE INVESTMENT SYARIAH INDEX FUND
10 STATEMENT OF CASH FLOWS FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 DECEMBER 2020
Note 2020 2019 RM RM CASH FLOWS FROM OPERATING ACTIVITIES Purchase of Shariah-compliant investments (1,157,988) (1,355,833) Sale of Shariah-compliant investments 6,233,758 3,848,869 Dividends received 377,109 468,206 Pro t income received 7,971 16,027 Manager’s fee paid (129,715) (144,494) Trustee’s fee paid (13,836) (15,413) Audit fee paid (6,148) (5,800) Payment for other fees and expenses (10,243) (6,987)
Net cash generated from operating activities 5,300,908 2,804,575
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from creation of units 1,622,058 1,230,400 Payments for cancellation of units (6,448,055) (4,103,345)
Net cash used in nancing activities (4,825,997) (2,872,945)
Net increase/(decrease) in cash and cash equivalents 474,911 (68,370) Cash and cash equivalents at beginning of the nancial period 1,009,419 1,197,738
Cash and cash equivalents at end of the nancial period 7 1,484,330 1,129,368
Cash and cash equivalents comprise: Islamic deposits with licensed nancial institutions 1,433,470 1,084,393 Bank balance in a licensed bank 50,860 44,975 7 1,484,330 1,129,368
The accompanying summary of signi cant accounting policies and notes to the nancial statements form an integral part of these nancial statements.
16 MANULIFE INVESTMENT SYARIAH INDEX FUND
11 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 DECEMBER 2020
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the nancial statements. The policies have been consistently applied to all the nancial period presented, unless otherwise stated.
A BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
The unaudited nancial statement of the Fund have been prepared in accordance with the Malaysian Financial Reporting Standards (“MFRS”) and the International Financial Reporting Standards (“IFRS”). The nancial statements have been prepared under the historical cost convention, as modi ed by the revaluation of nancial assets and nancial liabilities (including derivative instruments) at fair value through pro t or loss.
The preparation of nancial statements in conformity with MFRS and IFRS requires the use of certain critical accounting estimates and assumptions that a ect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the nancial statements, and the reported amounts of revenues and expenses during the reported nancial year. It also requires the Manager to exercise judgement in the process of applying the Fund’s accounting policies. Although these estimates and judgement are based on the Manager’s best knowledge of current events and actions, actual results may di er. There are no signi cant areas of judgement or complexity that have signi cant e ect on the amounts recognised in the nancial statements. There are no critical accounting estimates and assumptions used in the preparation of the nancial statements of the Fund for the nancial year ended 31 December 2020.
(i) Amendments to published standard and interpretations that are e ective and relevant
The Fund has applied the following amendments and interpretations for the rst time for the nancial period beginning on 1 July 2020:
• Amendments to the de nition of material (Amendments to MFRS 101 and MFRS 108) e ective 1 January 2020
The amendments clarify the de nition of materiality and use a consistent de nition throughout MFRSs and the Conceptual Framework for Financial Reporting.
The de nition of ‘material’ has been revised as “Information is material if omiing, misstating or obscuring it could reasonably be expected to in uence decisions that the primary users of general purpose nancial statements make on the basis of those nancial statements, which provide nancial information about a speci c reporting entity.”
The amendments also:
- Clarify that an entity assess materiality in the context of the nancial statements as a whole.
- Explain the concept of obscuring information in the new de nition. Information is obscured if it have the e ect similar as omiing or misstating of that information. For example, material transaction is scaered throughout the nancial statements, dissimilar items are inappropriately aggregated, or material information is hidden by immaterial information.
- Clarify the meaning of ‘primary users of general purpose nancial statements’ to whom those nancial statements are directed, by de ning them as ‘existing and potential investors, lenders and other creditors’ that must rely on general purpose nancial statements for much of the nancial information they need.
17 MANULIFE INVESTMENT SYARIAH INDEX FUND
• The Conceptual Framework for Financial Reporting (“Framework”) (e ective 1 January 2020)
The Framework was revised with the primary purpose to assist the International Accounting Standards Board (“IASB”) to develop IFRS that are based on consistent concepts and enable preparers to develop consistent accounting policies where an issue is not addressed by an IFRS.
Key changes include:
• increasing the prominence of stewardship in the objective of nancial reporting • reinstating prudence as a component of neutrality • de ning a reporting entity, which may be a legal entity, or a portion of an entity • revising the de nitions of an asset and a liability • removing the probability threshold for recognition and adding guidance on derecognition • adding guidance on di erent measurement basis, and • stating that pro t or loss is the primary performance indicator and that, in principle, income and expenses in other comprehensive income should be recycled where this enhances the relevance or faithful representation of the nancial statements.
The adoption of the amendments to published standards and revised Framework did not have any impact on the current year/period or any prior period and is not likely to affect future periods.
(ii) Standards, amendments and interpretations that have been issued but not yet effective and have not been early adopted
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2020, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Fund.
B FINANCIAL ASSETS AND FINANCIAL LIABILITIES
(i) Classification
The Fund classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value through profit or loss and • those to be measured at amortised cost
The Fund classifies its investments based on both the Fund’s business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Fund is primarily focused on fair value information and uses that information to assess the assets’ performance and to make decisions. The Fund has not taken the option to irrevocably designate quoted Shariah-compliant equities as fair value through other comprehensive income. The contractual cash flows of the Fund’s sukuk are solely principal and profit. However, these Shariah-compliant securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale.
The collection of contractual cash flows is only incidental to achieving the Fund’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss.
The Fund classifies cash and cash equivalents, amount due from Manager, amount due from stockbrokers and dividends receivable as financial assets at amortised cost as these financial assets are held to collect contractual cash flows consisting of the amounts outstanding.
The Fund classifies amount due to Manager, amount due to Trustee, amount due to stockbrokers and other payables as other financial liabilities measured at amortised cost.
18 MANULIFE INVESTMENT SYARIAH INDEX FUND
(ii) Recognition and initial measurement
Regular purchases and sales of financial assets are recognised on the trade-date, the date on which the Fund commits to purchase or sell the assets. Shariah-compliant investments are initially recognised at fair value. Transaction cost are expensed in the statement of comprehensive income.
Financial liabilities are recognised in the statement of financial position when, and only when, the Fund become a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership.
Financial liabilities are derecognised when they are extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or has expired.
Unrealised gains or losses arising from changes in the fair value of the financial assets at fair value through profit or loss are presented in the statement of comprehensive income within net gain or loss on financial assets at fair value through profit or loss in the financial period which they arise.
Dividend income from nancial assets at fair value through pro t or loss is recognised in the statement of comprehensive income as part of gross dividend income when the Fund’s right to receive payments is established.
Quoted Shariah-compliant securities in Malaysia are valued at the last done market price quoted on Bursa Malaysia Securities Bhd (“Bursa Securities”) at the date of the statement of nancial position.
If a valuation based on the market price does not represent the fair value of the quoted Shariah-compliant securities, for example during abnormal market conditions or when no market price is available, including in the event of a suspension in the quotation of the quoted Shariah-compliant securities for a period exceeding 14 days, or such shorter period as agreed by the Trustee, then the quoted Shariah-compliant securities are valued as determined in good faith by the Manager, based on the methods or bases approved by the Trustee a er appropriate technical consultation.
Islamic deposits with licensed nancial institutions are stated at cost plus accrued pro t calculated on the e ective pro t method over the period from the date of placement to the date of maturity of the respective Islamic deposits.
Financial assets at amortised cost and other nancial liabilities are subsequently carried at amortised cost using the e ective pro t method.
(iii) Impairment
The Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management considers both historical analysis and forward looking information in determining any expected credit loss. Management considers the probability of default to be close to zero as these Shariah-compliant instruments have a low risk of default and the counterparties have a strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance has been recognised based on 12 months expected credit losses as any such impairment would be wholly insigni cant to the Fund.
(iv) Signi cant increase in credit risk
A signi cant increase in credit risk is de ned by Manager as any contractual payment which is more than 30 days past due.
(v) De nition of default and credit-impaired nancial assets
Any contractual payment which is more than 90 days past due is considered credit-im- paired.
19 MANULIFE INVESTMENT SYARIAH INDEX FUND
(vi) Write-o
The Fund writes o nancial assets, in whole or in part, when it has exhausted all practical recovery e orts and has concluded there is no reasonable expectation of recovery. The assessment of no reasonable expectation of recovery is based on unavailability of debtor’s sources of income or assets to generate sucient future cash ows to repay the amount. The Fund may write o nancial assets that are still subject to enforcement activity. Subsequent recoveries of amounts previously wrien o will result in impairment gains. There are no write-o s/recoveries during the six months nancial period.
C INCOME RECOGNITION
Profit income from Islamic deposits placed with licensed financial instituitions is recognised on time proportionate basis using the effective profit rate method on an accrual basis.
Profit income is calculated by applying the effective profit rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective profit rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance).
Dividend income on quoted Shariah-compliant investments is recognised on the ex-dividend date.
Realised gains or losses on disposal of quoted Shariah-compliant securities is calculated based on the difference between the net disposal proceeds and the carrying amount of Shariah-compliant investments, determined on a weighted average cost basis.
D EXPENSES
Expenses are accounted for on an accrual basis and charged to the statement of comprehensive income. Expenses arising from net disposal of investments are recognised as transaction costs (Note J to the financial statements).
E AMOUNTS DUE FROM/TO STOCKBROKERS
Amounts due from and to stockbrokers represent receivables for Shariah-compliant investments sold and payables for Shariah-compliant investments purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively.
These amounts are recognised initially at fair value and subsequently measured at amortised cost. At each reporting date, the Fund shall measure the loss allowance on the amount due from the stockbroker at an amount equal to the lifetime expected credit losses if the credit risk has increased signi cantly since initial recognition. If, at the reporting date, the credit risk has not increased signi cantly since initial recognition, the Fund shall measure the loss allowance at an amount equal to 12-month expected credit losses.
Signi cant nancial diculties of the stockbroker, probability that the stockbroker will enter bankruptcy or nancial reorganisation, and default in payments are considered indicators that a loss allowance may be required.
If credit risk increases to the point that it is considered to be credit impaired, profit income will be calculated based on the gross carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined by the Manager as any contractual payment which is more than 30 days past due.
F CASH AND CASH EQUIVALENTS
For the purpose of statement of cash flows, cash and cash equivalents comprise cash at bank and Islamic deposits held in highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value.
G FUNCTIONAL AND PRESENTATION CURRENCY
Items included in the financial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates (the “functional currency”). The financial statements are presented in Ringgit Malaysia (“RM”), which is the Fund's functional and presentation currency.
20 MANULIFE INVESTMENT SYARIAH INDEX FUND
H FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value is price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants and the measurement date. The information presented herein represents the estimates of fair value as at the date of the statement of nancial position.
Where available, quoted and observable market prices are used as the measure of fair values. Where such quoted and observable market prices are not available, fair values are estimated based on a range of methodologies and assumptions regarding risk characteris- tics of various nancial instruments, discount rates, estimates of future cash ows and other factors. Changes in the uncertainties and assumptions could materially a ect these estimates and the resulting fair value estimates.
A range of methodologies and assumptions has been used in deriving the fair values of the Fund’s nancial instruments as at the date of statement of nancial position. The total fair value of each nancial instrument is not materially di erent from the total carrying value.
The fair values are based on the following methodologies and assumptions:
(a) Short-term Islamic deposits with licensed nancial institutions
For Islamic deposits and placements with licensed nancial institutions with maturities of less than three months, the carrying value is a reasonable estimate of fair value. For Islamic deposits and placements with maturities of three months and above, the estimated fair value is based on discounted cash ows using prevailing Islamic interbank money market rates at which similar Islamic deposits and placements would be made with nancial institutions of similar credit risk and remaining period to maturity.
(b) Shariah-compliant quoted investments
The estimated fair value is based on quoted and observable market prices.
(c) Other short-term nancial instruments
Other short-term nancial instruments comprise amount due from/to Manager, dividends receivable, amount due to Trustee, amount due from/to stockbrokers and other payables. The carrying values of the assets and liabilities are assumed to approximate their fair values due to the short tenure of less than one year.
I TAXATION
Current tax expense is determined according to the Malaysian tax laws at the current rate based upon the taxable pro t earned during the six months nancial period.
J TRANSACTION COSTS
Transaction costs are costs incurred to acquire or dispose of nancial assets or liabilities at fair value through pro t or loss. They include fees and commissions paid to agents, advisors, brokers and dealers. Transaction costs, when incurred, are immediately recognised in the statement of comprehensive income as expenses.
21 MANULIFE INVESTMENT SYARIAH INDEX FUND
12 NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 DECEMBER 2020
1 INFORMATION ON THE FUND
Manulife Investment Syariah Index Fund (the “Fund”) was established pursuant to a Master Deed dated 26 December 2002, as amended and supplemented by subsequent Supplemental Deeds (hereina er referred to as the “Deed”) between Manulife Investment Management (M) Berhad (the “Manager”) and Maybank Trustees Berhad (the “Trustee”).
The principal activity of the Fund is to invest in “Investments” as de ned under Clause 1 of the Deed, which includes Shariah-compliant stocks and securities of companies listed on Bursa Malaysia Berhad, unquoted sukuk and short-term Islamic money market investments. The Fund commenced operations on 4 January 2002 and will continue its operations until terminated as provided under Clause 12 of the Deed.
The main objective of the Fund is to track the performance of the FTSE Bursa Malaysia EMAS Shariah Index (“FBMSHA”). The Fund also aims to generate annual distribution.
The Manager of the Fund, a company incorporated in Malaysia, is a wholly-owned subsidiary of Manulife Holdings Berhad, a public limited liability company, incorporated and domiciled in Malaysia, and listed on the main market of Bursa Malaysia. Its principal activities are the management of unit trusts and private retirement schemes, fund management activities and nancial planning.
The nancial statements were authorised for issue by the Manager on 22 February 2021.
2 NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS
The unit holders’ contributions to the Fund meet the criteria to be classi ed as equity instruments under MFRS 132 “Financial Instruments: Presentation”. Those criteria include:
• the units entitle the holder to a proportionate share of the Fund’s net asset value; • the units are the most subordinated class and class features are identical; • there is no contractual obligations to deliver cash or another nancial asset other than the obligation on the Fund to repurchase; and • the total expected cash ows from the units over their lifespan are based substantially on the pro t or loss of the Fund.
The outstanding units are carried at the redemption amount that is payable at each nancial period if the unit holders exercise the right to put the units back to the Fund.
Units are created and cancelled at prices based on the Fund’s net asset value per unit at the time of creation or cancellation. The Fund’s net asset value per unit is calculated by dividing the net assets aributable to unit holders with the total number of outstanding units.
3 MANAGER’S FEE
In accordance with the Deed, the Manager is entitled to a fee of 0.75% per annum (2019: 0.75% per annum) of the net asset value of the Fund before deducting Trustee’s fee and Manager’s fee for the day, calculated on a daily basis.
There will be no further liability to the Manager in respect of Manager’s fee other than the amount recognised above.
4 TRUSTEE’S FEE
In accordance with the Deed, the Trustee is entitled to a fee of 0.08% per annum (2019: 0.08% per annum) of the net asset value of the Fund before deducting Trustee’s fee and Manager’s fee for the day, calculated on a daily basis.
There will be no further liability to the Trustee in respect of Trustee’s fee other than the amount recognised above.
22 MANULIFE INVESTMENT SYARIAH INDEX FUND
5 TAXATION 2020 2019 RM RM
Current taxation - -
Numerical reconciliation between pro t/(loss) before taxation multiplied by the Malaysian statutory tax rate and tax expenses of the Fund is as follows:
2020 2019 RM RM
Pro t/(Loss) before taxation 3,172,731 (408,225)
Tax calculated at Malaysian tax rate of 24% (2019: 24%) 761,455 (97,974)
Tax e ect in respect of: - Expenses not deductible for tax purposes 11,149 9,306 - Restriction on tax deductible expenses for unit trust funds 32,844 36,179 - Investment (income)/loss not subject to tax (805,448) 52,489
Tax expenses - -
6 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
31.12.2020 31.12.2019 RM RM Financial assets at fair value through pro t or loss - Quoted Shariah-compliant investments 31,613,770 35,634,745
2020 2019 RM RM Net gain/(loss) on nancial assets at fair value through pro t or loss - Realised 727,569 121,510 - Unrealised 2,204,137 (808,784) 2,931,706 (687,274)
23 MANULIFE INVESTMENT SYARIAH INDEX FUND
Fair value as at 31.12.2020 expressed as Fair value percentage QUOTED SHARIAH- Cost of as at of value of COMPLIANT INVESTMENTS Quantity shares 31.12.2020 Fund Units RM RM % 31.12.2020
MAIN MARKET
CONSTRUCTION Ekovest Berhad 80,150 75,388 41,678 0.13 Gamuda Berhad 145,540 591,468 566,150 1.72 IJM Corporation Berhad 207,820 564,438 359,529 1.10 JAKS Resources Berhad 98,800 42,438 68,666 0.21 WCT Holdings Berhad 70,083 151,319 37,144 0.11 602,393 1,425,051 1,073,167 3.27
CONSUMER PRODUCTS & SERVICES
Aeon Co. (M) Berhad 42,500 66,206 45,475 0.14 Airasia X Berhad 156,800 272,706 138,768 0.42 Bermaz Auto Berhad 42,500 85,765 61,625 0.19 DRB-Hicom Berhad 55,600 147,717 115,648 0.35 Euro Holdings Berhad 18,200 42,379 52,780 0.16 Fraser & Neave Holdings Berhad 6,800 171,180 218,144 0.66 Guan Chong Berhad 22,300 67,346 59,541 0.18 MBM Resources Berhad 9,500 27,544 32,205 0.10 MR DIY Group (M) Berhad 126,500 396,198 394,680 1.21 Nestle (Malaysia) Berhad 4,000 438,979 555,600 1.69 Padini Holdings Berhad 25,200 45,202 72,576 0.22 Petronas Dagangan Berhad 22,900 490,382 490,060 1.49 PPB Group Berhad 44,540 640,846 824,881 2.51 QL Resources Berhad 70,500 278,353 408,900 1.25 Sime Darby Berhad 230,741 477,154 533,012 1.63 878,581 3,647,957 4,003,895 12.20
ENERGY
Dayang Enterprise Holdings Berhad 32,800 39,029 38,704 0.11 Dialog Group Berhad 302,090 573,526 1,042,210 3.18 Hibiscus Petroleum Berhad 73,500 31,238 42,630 0.13 Sapura Energy Berhad 598,700 707,407 74,838 0.23 Serba Dinamik Holdings Berhad 79,440 86,860 139,814 0.43 Velesto Energy Berhad 279,386 95,726 39,114 0.12 Yinson Holdings Berhad 30,100 104,398 173,075 0.53 1,396,016 1,638,184 1,550,385 4.73
FINANCIAL SERVICES
Bursa Malaysia Berhad 33,900 226,781 281,370 0.86 Syarikat Takaful Malaysia Keluarga Berhad 21,600 124,416 104,544 0.32 55,500 351,197 385,914 1.18
24 MANULIFE INVESTMENT SYARIAH INDEX FUND
Fair value as at 31.12.2020 expressed as Fair value percentage QUOTED SHARIAH- Cost of as at of value of COMPLIANT INVESTMENTS Quantity shares 31.12.2020 Fund Units RM RM %
HEALTH CARE
Duopharma Biotech Berhad 9,300 34,147 31,434 0.09 Hartalega Holdings Berhad 97,500 298,980 1,183,650 3.61 IHH Healthcare Berhad 196,800 1,000,983 1,082,400 3.30 Kossan Rubber Industries Berhad 83,700 101,938 376,650 1.15 KPJ Healthcare Berhad 157,800 153,716 157,800 0.48 Pharmaniaga Berhad 6,400 32,446 32,000 0.10 Supermax Corporation Berhad 106,748 72,127 641,555 1.95 Top Glove Corporation Berhad 358,500 480,832 2,194,020 6.69 1,016,748 2,175,169 5,699,509 17.37
INDUSTRIAL PRODUCTS & SERVICES
ATA IMS Berhad 25,700 59,059 61,166 0.19 Boustead Holdings Berhad 48,200 31,253 30,125 0.09 Cahya Mata Sarawak Berhad 36,300 101,008 76,956 0.23 Comfort Gloves Berhad 21,800 65,923 65,182 0.20 Dufu Technology Corporation Berhad 14,200 23,554 46,292 0.14 Hiap Teck Venture Berhad 65,100 30,291 29,946 0.09 Loe Chemical Titan Holding Berhad 38,300 186,601 106,091 0.32 Petronas Chemical Group Berhad 187,400 1,323,835 1,392,382 4.24 Press Metal Aluminium Holdings Berhad 123,780 326,825 1,038,514 3.17 Rubberex Corporation M Berhad 21,500 33,725 30,100 0.09 Scientex Berhad 13,200 39,830 167,376 0.51 SKP Resources Berhad 32,700 33,691 70,305 0.21 Sunway Berhad 105,481 117,138 169,824 0.52 Thong Guan Industries Berhad 15,400 26,910 38,962 0.12 Uchi Technologies Berhad 18,110 23,108 47,086 0.15 V.S. Industry Berhad 83,050 83,159 215,100 0.66 850,221 2,505,910 3,585,407 10.93
ISLAMIC REAL ESTATE INVESTMENT TRUSTS (i-REITs)
AXIS Real Estate Investment Trust 71,575 126,582 145,297 0.44 KLCC Real Estate Investment Trust 39,000 303,913 276,120 0.84 110,575 430,495 421,417 1.28
PLANTATION
Boustead Plantations Berhad 53,500 33,207 32,635 0.10 FGV Holdings Berhad 125,800 396,048 161,024 0.49 Genting Plantations Berhad 25,900 212,787 255,115 0.78 IOI Corporation Berhad 209,900 917,667 917,263 2.80 Jaya Tiasa Holdings Berhad 52,200 72,250 46,980 0.14 Kuala Lumpur Kepong Berhad 30,794 669,741 729,202 2.22 Sime Darby Plantation Berhad 236,041 1,260,247 1,177,845 3.59 Sarawak Oil Palms Berhad 8,900 35,718 35,600 0.11 Ta Ann Holdings Berhad 14,700 45,541 44,541 0.14 TSH Resources Berhad 66,400 76,360 76,360 0.23 824,135 3,719,566 3,476,565 10.60
25 MANULIFE INVESTMENT SYARIAH INDEX FUND
Fair value as at 31.12.2020 expressed as Fair value percentage QUOTED SHARIAH- Cost of as at of value of COMPLIANT INVESTMENTS Quantity shares 31.12.2020 Fund Units RM RM %
PROPERTY
Eco World Development Group Berhad 61,900 26,636 30,331 0.09 IOI Properties Group Berhad 121,395 254,732 188,162 0.57 Mah Sing Group Berhad 107,400 56,385 93,438 0.28 Matrix Concepts Holdings Berhad 18,337 36,814 32,457 0.10 Malaysian Resources Corporation Berhad 148,900 192,623 70,728 0.22 Sime Darby Property Berhad 231,041 329,681 153,642 0.47 SP Setia Berhad 84,667 276,486 83,820 0.26 UEM Sunrise Berhad 103,933 181,588 51,447 0.16 877,573 1,354,945 704,025 2.15
TECHNOLOGY
D&O Green Technologies Berhad 43,000 29,498 98,040 0.30 Datasonic Group Berhad 69,500 17,893 36,488 0.11 Frontken Corporation Berhad 61,600 27,221 218,680 0.67 GHL Systems Berhad 27,000 27,481 51,300 0.16 Globetronic Technology Berhad 27,166 38,066 73,348 0.22 Inari Amertron Berhad 144,275 164,740 398,199 1.21 MI Technovation Berhad 16,250 22,822 64,025 0.20 Malaysian Paci c Industries Berhad 5,600 64,310 145,376 0.44 MY E.G. Service Berhad 138,778 155,786 266,454 0.81 Pentamaster Corporation Berhad 41,050 137,613 207,302 0.63 Unisem (M) Berhad 7,200 47,672 44,496 0.14 UWC Berhad 10,300 20,451 100,940 0.31 Vitrox Corporation Berhad 8,900 52,720 130,830 0.40 600,619 806,273 1,835,478 5.60
TELECOMMUNICATIONS & MEDIA
Axiata Group Berhad 307,326 1,529,242 1,149,399 3.50 Digi.Com Berhad 242,900 1,095,841 1,005,606 3.07 Maxis Berhad 181,300 1,079,607 915,565 2.79 Telekom Malaysia Berhad 130,054 624,667 703,592 2.14 Time Dotcom Berhad 20,200 90,587 267,852 0.82 881,780 4,419,944 4,042,014 12.32
TRANSPORTATION & LOGISTICS
GD Express Carrier Berhad 118,700 52,228 47,480 0.14 MISC Berhad 114,600 742,543 787,302 2.40 MMC Corporation Berhad 53,900 52,218 48,510 0.15 Westports Holdings Berhad 68,800 240,382 295,840 0.90 356,000 1,087,371 1,179,132 3.59
26 MANULIFE INVESTMENT SYARIAH INDEX FUND
Fair value as at 31.12.2020 expressed as Fair value percentage QUOTED SHARIAH- Cost of as at of value of COMPLIANT INVESTMENTS Quantity shares 31.12.2020 Fund Units RM RM %
UTILITIES
Malako Corporation Berhad 161,500 235,760 144,543 0.45 Mega First Corporation Berhad 19,200 115,248 132,480 0.40 Petronas Gas Berhad 37,300 642,399 640,814 1.95 Ranhill Holdings Berhad 38,137 36,596 34,514 0.11 Tenaga Nasional Berhad 259,550 2,990,314 2,704,511 8.24 515,687 4,020,317 3,656,862 11.15
UNLISTED SECURITY
UTILITIES
GD Express Carrier Berhad 14,837 - - -
TOTAL QUOTED SHARIAH- COMPLIANT INVESTMENTS 8,980,665 27,582,379 31,613,770 96.37
ACCUMULATED UNREALISED GAIN ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 4,031,391
TOTAL FAIR VALUE OF FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 31,613,770
Fair value as at 31.12.2019 expressed as Fair value percentage QUOTED SHARIAH- Cost of as at of value of COMPLIANT INVESTMENTS Quantity shares 31.12.2019 Fund Units RM RM % 31.12.2019
MAIN MARKET
CONSTRUCTION Ekovest Berhad 94,550 88,932 74,222 0.20 Gadang Holdings Berhad 40,700 35,210 28,287 0.08 Gamuda Berhad 184,900 754,465 721,110 1.97 George Kent (M) Berhad 28,800 103,798 26,640 0.07 IJM Corporation Berhad 268,020 738,806 581,603 1.59 JAKS Resources Berhad 44,800 34,263 56,896 0.16 Kerjaya Prospek Group Berhad 27,000 36,772 35,370 0.10 Muhibbah Engineering (M) Berhad 30,600 70,272 75,276 0.21 Sunway Construction Group Berhad 40,300 80,955 76,973 0.21 Vizione Holdings Berhad 40,857 36,408 35,750 0.10 WCT Holdings Berhad 69,390 151,319 60,369 0.16 869,917 2,131,200 1,772,496 4.85
27 MANULIFE INVESTMENT SYARIAH INDEX FUND
Fair value as at 31.12.2019 expressed as Fair value percentage QUOTED SHARIAH- Cost of as at of value of COMPLIANT INVESTMENTS Quantity shares 31.12.2019 Fund Units RM RM %
CONSUMER PRODUCTS & SERVICES
Aeon Co. (M) Berhad 55,500 86,458 78,810 0.21 Airasia X Berhad 192,700 335,144 327,590 0.89 Bermaz Auto Berhad 54,500 109,981 114,450 0.31 DRB-Hicom Berhad 71,900 191,022 171,121 0.47 Fraser & Neave Holdings Berhad 8,700 219,010 303,108 0.83 Guan Chong Berhad 28,900 87,278 89,012 0.24 Lii Hen Industries Berhad 8,800 23,573 27,016 0.07 Magni-tech Industries Berhad 15,666 31,681 40,262 0.11 MBM Resources Berhad 11,200 32,473 43,232 0.12 Nestle (Malaysia) Berhad 5,200 567,666 764,400 2.08 Padini Holdings Berhad 30,700 55,067 99,468 0.27 Petronas Dagangan Berhad 24,600 533,360 568,260 1.55 PPB Group Berhad 56,640 803,822 1,067,098 2.91 QL Resources Berhad 60,600 354,138 492,678 1.34 Sime Darby Berhad 298,441 617,397 662,539 1.81 UMW Holdings Berhad 55,400 308,578 248,746 0.68 979,447 4,356,648 5,097,790 13.89
ENERGY
Dayang Enterprise Holdings Berhad 32,800 39,029 82,328 0.22 Dialog Group Berhad 385,690 686,891 1,330,630 3.63 Hibiscus Petroleum Berhad 95,100 40,418 89,394 0.24 Malaysia Marine And Heavy Engineering Holdings Berhad 33,200 24,186 28,884 0.08 Petron Malaysia Re ning & Marketing Berhad 6,200 25,715 31,124 0.08 Sapura Energy Berhad 739,900 874,245 199,773 0.54 Serba Dinamik Holdings Berhad 92,640 95,138 203,808 0.56 Velesto Energy Berhad 320,986 109,980 121,975 0.33 Wah Seong Corporation Berhad 31,100 35,544 37,320 0.10 Yinson Holdings Berhad 39,400 136,654 255,312 0.70 1,777,016 2,067,800 2,380,548 6.48
FINANCIAL SERVICES
Bursa Malaysia Berhad 43,700 292,340 266,133 0.73 Syarikat Takaful Malaysia Keluarga Berhad 27,700 159,552 157,890 0.43 71,400 451,892 424,023 1.16
HEALTH CARE
Hartalega Holdings Berhad 124,300 332,519 681,164 1.86 IHH Healthcare Berhad 251,300 1,271,059 1,374,611 3.75 Kossan Rubber Industries Berhad 54,200 132,020 225,472 0.61 KPJ Healthcare Berhad 200,600 195,408 189,567 0.52 Supermax Corporation Berhad 68,500 94,740 95,215 0.26 Top Glove Corporation Berhad 143,100 389,152 672,570 1.83 842,000 2,414,898 3,238,599 8.83
28 MANULIFE INVESTMENT SYARIAH INDEX FUND
Fair value as at 31.12.2019 expressed as Fair value percentage QUOTED SHARIAH- Cost of as at of value of COMPLIANT INVESTMENTS Quantity shares 31.12.2019 Fund Units RM RM %
INDUSTRIAL PRODUCTS & SERVICES
Cahya Mata Sarawak Berhad 45,700 127,164 103,739 0.28 Cypark Resources Berhad 26,250 33,299 37,538 0.10 Dufu Technology Corporation Berhad 8,800 29,193 28,512 0.08 Loe Chemical Titan Holding Berhad 48,100 234,348 115,921 0.32 Petronas Chemical Group Berhad 239,000 1,696,596 1,756,650 4.79 Pestech International Berhad 28,300 35,313 37,073 0.10 Press Metal Berhad 160,080 409,403 744,372 2.03 Sam Engineering & Equipment 3,400 25,166 26,996 0.07 Scientex Incorporated Berhad 17,100 51,598 161,595 0.44 SKP Resources Berhad 42,200 43,479 57,392 0.16 Sunway Berhad 133,481 148,232 240,266 0.65 Thong Guan Industries Berhad 8,900 31,104 29,993 0.08 Uchi Technologies Berhad 23,310 29,744 64,802 0.18 V.S. Industry Berhad 104,550 104,687 140,097 0.38 889,171 2,999,326 3,544,946 9.66
PLANTATION
FGV Holdings Berhad 162,600 511,903 247,152 0.67 Genting Plantations Berhad 33,800 277,692 357,604 0.97 IOI Corporation Berhad 267,800 1,169,852 1,234,558 3.37 Jaya Tiasa Holdings Berhad 61,600 85,261 64,064 0.17 Kuala Lumpur Kepong Berhad 39,300 853,708 974,640 2.66 Sime Darby Plantation Berhad 301,141 1,613,292 1,641,218 4.47 866,241 4,511,707 4,519,236 12.31
PROPERTY
IOI Properties Group Berhad 156,895 329,225 194,550 0.53 Iskandar Waterfront City Berhad 41,800 45,056 36,784 0.10 Matrix Concepts Holdings Berhad 22,837 45,849 43,619 0.12 MKH Berhad 19,300 22,068 33,582 0.09 Malaysian Resources Corporation Berhad 181,700 235,054 132,641 0.36 Sime Darby Property Berhad 296,941 423,716 271,701 0.74 SP Setia Berhad 109,067 356,166 174,507 0.48 UEM Sunrise Berhad 133,733 233,653 94,282 0.26 YNH Property Berhad 24,600 66,516 66,912 0.18 986,873 1,757,303 1,048,577 2.86
ISLAMIC REAL ESTATE INVESTMENT TRUSTS (i-REITs)
AXIS Real Estate Investment Trust 102,600 181,520 181,602 0.50
29 MANULIFE INVESTMENT SYARIAH INDEX FUND
Fair value as at 31.12.2019 expressed as Fair value percentage QUOTED SHARIAH- Cost of as at of value of COMPLIANT INVESTMENTS Quantity shares 31.12.2019 Fund Units RM RM % TECHNOLOGY
D&O Green Technologies Berhad 55,300 37,936 47,005 0.13 Datasonic Group Berhad 45,500 23,428 67,340 0.18 Frontken Corporation Berhad 79,400 35,087 181,825 0.50 GHL Systems Berhad 20,900 31,908 28,215 0.08 Globetronic Technology Berhad 35,166 49,276 81,937 0.22 Inari Amertron Berhad 183,175 205,232 311,398 0.85 MI Equipment Holdings Berhad 19,950 28,018 38,105 0.10 Malaysian Paci c Industries Berhad 7,200 82,684 82,368 0.22 MY E.G. Service Berhad 180,600 202,178 198,660 0.54 UWC Berhad 8,800 26,209 28,160 0.08 Vitrox Corporation Berhad 11,500 68,121 91,080 0.25 647,491 790,077 1,156,093 3.15
TELECOMMUNICATIONS & MEDIA
Axiata Group Berhad 387,126 1,956,235 1,602,702 4.37 Digi.Com Berhad 308,900 1,396,440 1,377,694 3.76 Maxis Berhad 231,200 1,383,165 1,229,984 3.35 Time Dotcom Berhad 26,100 117,045 240,642 0.66 Telekom Malaysia Berhad 165,554 795,448 632,416 1.72 1,118,880 5,684,333 5,083,438 13.86
TRANSPORTATION & LOGISTICS
GD Express Carrier Berhad 138,800 61,072 37,476 0.10 MISC Berhad 121,400 777,130 1,013,690 2.76 MMC Corporation Berhad 70,500 68,300 69,443 0.19 POS Malaysia Berhad 30,900 101,156 45,732 0.12 Westports Holdings Berhad 89,200 311,658 375,532 1.02 450,800 1,319,316 1,541,873 4.19
UTILITIES
Malako Corporation Berhad 193,100 294,041 167,997 0.46 Petronas Gas Berhad 65,500 1,128,495 1,088,610 2.97 Ranhill Holdings Berhad 43,860 42,508 46,930 0.13 Tenaga Nasional Berhad 327,450 3,773,952 4,341,987 11.84 629,910 5,238,996 5,645,524 15.40
TOTAL QUOTED SHARIAH- COMPLIANT INVESTMENTS 10,231,746 33,905,016 35,634,745 97.14
ACCUMULATED UNREALISED GAIN ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 1,729,729
TOTAL FAIR VALUE OF FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 35,634,745
30 MANULIFE INVESTMENT SYARIAH INDEX FUND
7 CASH AND CASH EQUIVALENTS 31.12.2020 31.12.2019 RM RM
Islamic deposits with licensed nancial institutions 1,433,470 1,084,393 Bank balance in a licensed bank 50,860 44,975 1,484,330 1,129,368
Weighted average rates of return are as follows:
31.12.2020 31.12.2019 % % Short-term Islamic deposits with licensed nancial institutions 1.80 2.95
The Islamic deposits have an average maturity of 4 days (31.12.2019: 3 days).
8 OTHER PAYABLES
31.12.2020 31.12.2019 RM RM
Auditors’ remuneration 2,751 2,916 Tax agent’s fee 4,143 4,058 Sundry payables and accruals 3,313 3,954 10,207 10,928
9 SHARIAH INFORMATION OF THE FUND
The Shariah Adviser con rmed that the investment portfolio of the Fund is Shariah-compliant, which comprises:
(a) Equity securities listed on Bursa Malaysia Securities Berhad which have been classi ed as Shariah-compliant by the Shariah Advisory Council ("SAC") of the Securities Commission Malaysia or the relevant Shariah Supervisory Board of an approved Islamic Index for the nancial period under review;
(b) Liquid assets in the local market which are placed in Shariah-compliant investments and/or instruments.
10 UNITS IN CIRCULATION
31.12.2020 31.12.2019 No. of units No. of units
At beginning of the nancial period 55,664,180 63,798,000 Add: Creation of units 2,346,583 734,198 Less: Cancellation of units (9,504,849) (6,136,998)
At end of the nancial year 48,505,914 58,395,200
31 MANULIFE INVESTMENT SYARIAH INDEX FUND
11 BROKERS’ TRANSACTIONS
The details of transactions with brokers by value of trades are as follows:
Percentage Percentage of total Value of of total Brokerage brokerage Name of brokers trades trades fees fees RM % RM % 2020
CLSA Securities Malaysia Sdn Bhd 3,343,476 43.48 6,399 32.71 Citigroup Global Markets Malaysia Sdn Bhd 2,256,798 29.35 6,880 35.16 Instinet Paci c Limited 2,054,526 26.72 6,200 31.69 Maybank Investment Bank Berhad 22,809 0.29 46 0.24 CGS-CIMB Securities Sdn Bhd 12,253 0.16 40 0.20 7,689,862 100.00 19,565 100.00
2019
Instinet Paci c Limited 2,024,140 40.81 5,768 44.98 Citigroup Global Markets Malaysia Sdn Bhd 1,891,706 38.14 4,315 33.65 CLSA Securities Malaysia Sdn Bhd 833,976 16.81 2,320 18.09 Credit Suisse Securities (Malaysia) Sdn Bhd 210,253 4.24 422 3.28 4,960,075 100.00 12,825 100.00
As at each nancial period, there were no transactions with related parties.
12 UNITS HELD BY THE MANAGER AND PARTIES RELATED TO THE MANAGER
The related parties and their relationship with the Fund are as follows:
Related parties Relationship Manulife Investment Management (M) The Manager Berhad Manulife Financial Corporation (“Manulife”) Ultimate holding company of the Manager Manulife Holdings Berhad Immediate holding company of the Manager Directors of Manulife Investment Directors of the Manager Management (M) Berhad Subsidiaries and associates of Manulife Subsidiaries and associate companies as disclosed in its nancial statements of the ultimate holding company of the Manager
Units held by party related to the Manager:
DIRECTOR OF THE MANAGER As at: WONG BOON CHOY ** No. of units RM 31.12.2020 97,380 65,858
31.12.2019 94,284 59,229
32 MANULIFE INVESTMENT SYARIAH INDEX FUND
* The units are held legally.
In addition to the related party disclosure mentioned elsewhere in the nancial statements, there were no other signi cant related party transactions and balances.
The Manager is of the opinion that all transactions with the related party have been entered into at agreed terms between the related parties.
13 MANAGEMENT EXPENSES RATIO (“MER”)
2020 2019 % % MER 0.45 0.45
MER represents expenses including Manager’s fee, Trustee’s fee, auditors’ remuneration, tax agent’s fee and other expenses (excluding SST on transaction costs and withholding tax) expressed as an annual percentage of the Fund’s average net asset value calculated on a daily basis.
14 PORTFOLIO TURNOVER RATIO (“PTR”)
2020 2019 % % PTR (times) 0.11 0.07
PTR represents the average of total acquisitions and disposals of Shariah-compliant investments in the Fund for the nancial period over the Fund’s average net asset value calculated on a daily basis.
15 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Fund is exposed to a variety of risks which include market risk (including price risk and interest rate risk), credit risk, liquidity risk, reclassi cation of Shariah status risk and capital risk.
Financial risk management is carried out through internal control processes adopted by the Manager and adherence to all rules and regulations as stipulated by the Securities Commission’s Guidelines on Unit Trust Funds.
Market risk
(a) Price risk
Price risk arises mainly from uncertainty about future prices of Shariah-compliant investments. It represents the potential loss the Fund may su er through holding market positions in the face of price movements. The Manager manages the risk of unfavourable changes in prices by continuous monitoring of the performance and risk pro le of the Shariah-compliant investment portfolio.
The table below shows the assets of the Fund which are exposed to price risk.
31.12.2020 31.12.2019 RM RM
Financial assets at fair value through pro t or loss - Quoted Shariah-compliant investments 31,613,770 35,634,745
33 MANULIFE INVESTMENT SYARIAH INDEX FUND
The following table summarises the sensitivity of the Fund’s pro t or loss a er taxation and net asset value to price risk movement as at the end of each reporting period. The analysis is based on the assumptions that the market price of quoted Shariah-compliant investments uctuates by 5% with all other variables being held constant and that fair value of the Fund’s quoted Shariah-compliant investments move according to the historical correlation of the index. Disclosures below are shown in absolute terms, changes and impact could be positive or negative.
Impact on Changes in pro t or loss Impact on net As at: price a er taxation asset value % RM RM 31.12.2020
Financial assets at fair value through pro t or loss - Quoted Shariah-compliant investments 5 1,580,689 1,580,689
31.12.2019
Financial assets at fair value through pro t or loss - Quoted Shariah-compliant investments 5 1,781,737 1,781,737
(b) Interest rate risk
Interest rate risk is the risk that the value of a nancial instrument will uctuate due to changes in market interest rate.
The Fund’s exposure to the interest risk is mainly con ned to Islamic deposits with nancial institutions. The Manager overcomes this exposure by way of maintaining Islamic deposits on short-term basis. Therefore, the Fund’s exposure to interest rate uctuation is minimal.
The above interest rate is a general economic indicator that will have an impact on the management of the Fund regardless whether it is a Shariah-compliant unit trust fund or otherwise. It does not in any way suggest that the Fund will invest in conventional nancial instruments. All the investments carried out for the Fund are in accordance with Shariah requirements.
Credit risk
Credit risk is the risk that one party to a nancial instrument will cause a nancial loss to the other party by failing to discharge an obligation. The Manager manages the credit risk by undertaking credit evaluation to minimise such a risk.
Credit risk arising from placement of Islamic deposits in licensed nancial institutions is managed by ensuring that the Fund will only place Islamic deposits in reputable licensed nancial institutions.
For amount due from stockbrokers, the selement terms are governed by the relevant rules and regulations as prescribed by Bursa Malaysia Berhad.
The selement terms of the proceeds from the creation of units receivable by the Manager are governed by the Securities Commission’s Guidelines on Unit Trust Funds.
34 MANULIFE INVESTMENT SYARIAH INDEX FUND
The maximum exposure to credit risk before any credit enhancements in the carrying amount of the nancial assets is as set out below:
Neither Past Due Nor Impaired Amount Cash and Amount due from cash due from stock- Dividends As at equivalents Manager brokers receivable Total RM RM RM RM RM 31.12.2020
AAA 1,433,470 - - - 1,433,470 Not rated 50,860 3,201 36,718 67,934 158,713 1,484,330 3,201 36,718 67,934 1,592,183
31.12.2019
AAA 1,084,393 - - - 1,084,393 Not rated 44,975 - - 11,963 56,938 1,129,368 - - 11,963 1,141,331
Liquidity risk
Liquidity risk is the risk that the Fund will encounter diculty in meeting its nancial obligations. The Manager manages this risk by maintaining a sucient level of Islamic liquid assets to meet anticipated payments and cancellations of units by unit holders. The Islamic liquid assets comprise cash at bank, Islamic deposits with licensed nancial institutions and other Shariah-compliance instruments which are capable of being converted into cash within 7 days.
The following table analyses the Fund’s nancial assets and nancial liabilities into relevant maturity groupings based on the remaining period at the statement of nancial position date to the contractual maturity date. The amounts in the following table are the contractual undiscounted cash ows. Within one No maturity year date As at Total RM RM RM 31.12.2020 Financial assets
Cash and cash equivalents 1,433,470 50,860 1,484,330 Financial assets at fair value through pro t or loss - 31,613,770 31,613,770 Amount due from Manager 3,201 - 3,201 Amount due from stockbrokers 36,718 - 36,718 Dividends receivable 67,934 - 67,934 1,541,323 31,664,630 33,205,953
Financial liabilities
Amount due to Manager - Manager’s fee 21,120 - 21,120 - Cancellation of units 61,780 - 61,780 Amount due to Trustee 2,253 - 2,253 Amount due to stockbrokers 305,211 - 305,211 Other payables 10,207 - 10,207 400,571 - 400,571
35 MANULIFE INVESTMENT SYARIAH INDEX FUND
Within one No maturity year date As at Total RM RM RM 31.12.2019 Financial assets
Cash and cash equivalents 1,084,393 44,975 1,129,368 Financial assets at fair value through pro t or loss - 35,634,745 35,634,745 Dividends receivable 11,963 - 11,963 1,096,356 35,679,720 36,776,076
Financial assets
Amount due to Manager - Manager’s fee 23,382 - 23,382 - Cancellation of units 55,803 - 55,803 Amount due to Trustee 2,494 - 2,494 Amount due to stockbrokers - - - Other payables 10,928 - 10,928 92,607 - 92,607
Reclassi cation of Shariah status risk
This risk refers to the risk that the currently held Shariah-compliant investments in the portfolio of Islamic funds may be reclassi ed to be Shariah non-compliant in the periodic review of the securities by the Shariah Advisory Council (“SAC”) of the Securities Commis- sion Malaysia. If this occurs, the Manager will take the necessary steps to dispose of such securities.
There may be opportunity loss to the Fund due to the Fund not being allowed to return the excess capital gains derived from the disposal of the Shariah non-compliant equities. The value of the Fund may also adversely a ected in the event of a disposal of Shariah-non compliant equities at a price lower than the investment cost.
Capital risk
The capital of the Fund is represented by equity consisting of unit holders’ capital of RM17,743,487 (31.12.2019: RM25,011,227) and retained earnings of RM15,061,895 (31.12.2019: RM11,672,242). The amount of equity can change signi cantly on a daily basis as the Fund is subject to daily subscriptions and redemptions at the discretion of unit holders. The Fund’s objective when managing capital is to safeguard the Fund’s ability to continue as a going concern in order to provide returns for unit holders and bene ts for other stakeholders, and to maintain a strong capital base to support the development of the investment activities of the Fund.
Fair value estimation
The Fund classi es fair value measurements using a fair value hierarchy that re ects the signi cance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
• Inputs for the asset and liability that are not based on observable market data (that is, unobservable inputs) (level 3).
Financial assets at fair value through pro t or loss consisting of RM31,613,770 (31.12.2019: RM35,634,745) is classi ed within level 1.
36 MANULIFE INVESTMENT SYARIAH INDEX FUND
16 SIGNIFICANT EVENT DURING THE FINANCIAL PERIOD
The worsening of the macro -economic outlook as a consequence of the Covid-19 pandemic, both domestically and globally, has result in the deterioration of the Fund's net asset value per unit as of the date of this report. This is mainly due to the decrease in the fair value of the Fund's investments at fair value through pro t or loss.
The Manager is monitoring the situation closely and will be actively managing the portfolio to achieve the Fund's objective.
37 MANULIFE INVESTMENT SYARIAH INDEX FUND
13 CORPORATE INFORMATION
MANAGER Manulife Investment Management (M) Berhad Registration No.: 200801033087 (834424-U) 13th Floor, Menara Manulife No. 6, Jalan Gelenggang Damansara Heights 50490 Kuala Lumpur
BOARD OF DIRECTORS Dato’ Md Agil Bin Mohd Na (Independent) Edmond Cheah Swee Leng (Independent) Gianni Fiacco (Non-Independent) Vibha Hamsi Coburn (Non-Independent) Wong Boon Choy (Non-Independent) Chong Soon Min (Jason) (Non-Independent Executive)
INVESTMENT COMMITTEE Dato’ Dr Zaha Rina Binti Zahari (Independent) Dato’ Md Agil Bin Mohd Na (Independent) Edmond Cheah Swee Leng (Independent) Wong Boon Choy (Non-Independent) Chong Soon Min (Jason) (Non-Independent)
INVESTMENT MANAGER Manulife Investment Management (M) Berhad Registration No.: 200801033087 (834424-U) 10th Floor, Menara Manulife No. 6, Jalan Gelenggang Damansara Heights 50490 Kuala Lumpur
TRUSTEE OF THE FUND Maybank Trustees Berhad Registration No.: 196301000109 (5004-P) 8th Floor, Menara Maybank 100, Jalan Tun Perak 50050 Kuala Lumpur
AUDITORS PricewaterhouseCoopers PLT Registration No: LLP0014401-LCA & AF 1146 Level 10, 1 Sentral, Jalan Travers Kuala Lumpur Sentral P O Box 10192 50706 Kuala Lumpur
TAX CONSULTANTS Deloie Tax Services Sdn Bhd Registration No.: 197701005407 (36421-T) Level 16, Menara LGB 1, Jalan Wan Kadir Taman Tun Dr Ismail 60000 Kuala Lumpur
SHARIAH ADVISER ZICO Shariah Advisory Services Sdn. Bhd Registration No: 200701011429 (769433-D) Level 7-6, Menara Milenium Jalan Damanlela Pusat Bandar Damansara 50490 Kuala Lumpur
38 MANULIFE INVESTMENT SYARIAH INDEX FUND
HEAD OFFICE Manulife Investment Management (M) Berhad Registration No.: 200801033087 (834424-U) 13th Floor, Menara Manulife No. 6, Jalan Gelenggang Damansara Heights 50490 Kuala Lumpur Tel: (03) 2719-9228 Fax: (03) 2094-7654 E-mail : MY [email protected] Website: www.manulifeinvestment.com.my
BRANCH OFFICES
Kota Bharu 1st Floor, Lot 10900 Wisma Seri Setia Jalan Dusun Muda, Sek 26 15200 Kota Bharu Kelantan Tel: (09) 747-2388 Fax: (09) 747-2588
Sungai Petani Lot 88, No. 17, 2nd Floor Jalan Perdana Heights 2/2 Perdana Heights 08000 Sungai Petani Kedah Darul Aman Tel: (04) 423-3233 Fax: (04) 423-3233
Penang 1-2-18, Elit Avenue, Jalan Mayang Pasir 3, 11950 Bayan Baru, Penang Tel: (04) 611-9944 / 618-0044 Fax: (04) 618-0505
Ipoh No. 1, 1A & 1B Pusat Perdagangan Canning 2 Pusat Perdagangan Canning 31400 Ipoh Perak Darul Ridzuan Tel: (05) 541-6839 Fax: (05) 541-6627
Dataran Sunway 26-2 & 28-2, Jalan PJU 5/8 Dataran Sunway Kota Damansara 47810 Petaling Jaya Selangor Darul Ehsan Tel: (03) 6140-8101 / 6140-8102 Fax: (03) 6140-8103
Shah Alam 30-1, Block 5, Jalan Setia Prima (S) U13/S, Setia Alam, Seksyen U13, 40170 Shah Alam Selangor Darul Ehsan Tel: (03) 3362-6668 Fax: (03) 3362-6662
39 MANULIFE INVESTMENT SYARIAH INDEX FUND
Klang No. 3-1 & 3-2, Jalan Mahogani 5/K507, Bandar Botanic, 41200 Klang Selangor Darul Ehsan Tel: (03) 3318-6088 Fax: (03) 3318-4011
Kuala Lumpur 2nd Floor, Menara Manulife No. 6, Jalan Gelenggang Damansara Heights 50490 Kuala Lumpur Tel: (03) 2719-9204
Seremban 160-2, Taipan Senawang Jalan Taman Komersil Senawang 1 Taman Komersil Senawang 70450 Seremban Negeri Sembilan Tel: (06) 671-5019 Fax: (06) 678-0016
Melaka No. 87-01 & 87-02 Jalan Melaka Raya 25 Taman Melaka Raya 1 75000 Melaka Tel: (06) 281-3866 Fax: (06) 282-0587
Johor Bahru No. 1-01, Jalan Setia Tropika 1/15 Taman Setia Tropika 81200 Johor Bahru Johor Darul Takzim Tel: (07) 234-5871 Fax: (07) 234-4620
Kuching No. 63 & 65, 2nd Floor Jalan Tun Jugah 93350 Kuching Sarawak Tel: (082) 593-380 Fax: (082) 593-382
Miri Lot. 3554, 1st & 2nd Floor Block 5 MCLD Jalan Miri Pujut 101 Commercial Centre 98000 Miri Sarawak Tel: (085) 325-770 Fax: (085) 326-262
Bintulu No. 2, Lot 3288 1st Floor Parkcity Commerce Square Jalan Tun Ahmad Zaidi 97000 Bintulu Sarawak Tel: (086) 343-288 Fax: (086) 343-289
40 MANULIFE INVESTMENT SYARIAH INDEX FUND
Sibu No. 1 & 3, 1st Floor, Lorong 1, Jalan Tun Abang Haji Openg 96000 Sibu Sarawak Tel: (084) 320-469 Fax: (084) 320-476
Kota Kinabalu Lot J-55-2, Block J, 2nd Floor, Signature Oce, KK Times Square, O Jalan Coastal Highway, 88100 Kota Kinabalu Sabah Tel: (088) 486-671 / 486-672 Fax: (088) 486-670
Sandakan Taman Nasalim Shoplot Lot 88, 1st Floor, Phase 7A Jalan Lintas Utara 90000 Sandakan Sabah Tel: (089) 220-220 / 229-045 Fax: (089) 226-868
41 THIS PAGE IS INTENTIONALLY LEFT BLANK