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United Income Plus Fund United Income Plus Fund Interim Report 31 January 2021 UNITED INCOME PLUS FUND Unaudited Interim Report and Financial Statements For the Financial Period Ended 31 January 2021 TABLE OF CONTENTS PAGE NO (A) MANAGER’S REPORT 2 (B) TRUSTEE’S REPORT 10 (C) STATEMENT BY MANAGER 11 (D) FINANCIAL STATEMENTS UNAUDITED STATEMENT OF FINANCIAL POSITION 12 UNAUDITED STATEMENT OF COMPREHENSIVE INCOME 13 UNAUDITED STATEMENT OF CHANGES IN NET ASSET VALUE 15 UNAUDITED STATEMENT OF CASH FLOWS 16 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 18 (E) CORPORATE INFORMATION 48 1 (A) MANAGER’S REPORT Dear Unitholders, We are pleased to present you the Manager’s report and the unaudited accounts of United Income Plus Fund (the “Fund”) for the financial period from 1 August 2020 to 31 January 2021. (1) Key Data of the Fund 1.1 Fund name United Income Plus Fund (the "Fund") 1.2 Fund category Fixed Income 1.3 Fund type Income & Growth 1.4 Investment The Fund seeks to provide investors with income and capital appreciation objective over the medium to long term by investing primarily in fixed income securities with the remaining investing in equities and equity-related securities. 1.5 Performance With effect from 13 August 2015, the performance benchmark of the Fund benchmark has been changed as follows: • 70% 12 month fixed deposit rate by Malayan Banking Berhad; (available at www.maybank2u.com.my) • 30% FTSE Bursa Malaysia Kuala Lumpur Composite Index ("FBM KLCI") (available at www.bursamalaysia.com) Prior to that, the performance benchmark of the Fund was: • 35% Quantshop All MGS Index; (available at www.quantshop.com) • 35% JP Morgan Asia Credit Investment Grade Index; (available at www.jpmorgan.com) • 15% FBM KLCI; and (available at www.bursamalaysia.com) • 15% MSCI AC Asia Pacific ex Japan. (available at www.msci.com) 1.6 Duration The Fund was launched on 9 February 2015 and shall exist for as long as it appears to the Manager and Trustee that it is in the interests of the unit holders for it to continue. In some circumstances, the unit holders can resolve at a meeting to terminate the Fund. 1.7 Distribution policy Subject to the availability of income, distribution will be paid on a quarterly basis. Distribution declared will be automatically reinvested into the Unit Holders’ accounts in the form of additional Units in the Fund at no cost. 1.8 Breakdown of unit As at 31 January 2021 holdings by size Size of holding No. of No. of units held unit holders • 5,000 and below 1 1,181.51 • 5,001 to 10,000 4 36,800.39 • 10,001 to 50,000 6 140,807.09 • 50,001 to 500,000 13 2,069,947.33 • 500,001 and above 9 134,893,266.30 Total 33 137,142,002.62 2 (2) Performance Data of the Fund 2.1 Portfolio Details of portfolio composition of the Fund for the three unaudited composition financial periods are as follows: Sectors, category of investments As at 31 As at 31 As at 31 Jan & cash holdings Jan Jan 2020 2019 2021 (%) (%) (%) Consumer Products 5.36 4.98 3.05 CIS 13.14 9.23 -- Finance 32.77 28.55 47.32 Industrial Products -- -- 12.21 Technology 6.41 2.61 6.68 Trading/ Services 11.39 12.56 10.77 Telecommunication Services 8.35 6.76 -- Infrastructure 8.27 7.40 11.77 Health Care -- 2.17 -- Construction 1.32 -- 7.43 Properties 2.59 1.49 -- Materials 1.54 -- -- Energy 3.87 -- -- Utilities -- 1.91 -- Cash 4.99 22.34 0.77 Total 100.00 100.00 100.00 2.2 Performance Performance details of the Fund for the three unaudited financial periods details are as follows: As at As at As at 31 Jan 2021 31 Jan 2020 31 Jan 2019 Net Asset Value 77,755,661 43,323,234 39,834,150 (“NAV”) (RM) NAV per unit (RM) 0.5670 0.5482 0.5104 Units in circulation 137,142,003 79,034,459 78,047,908 Highest NAV per unit 0.5801 0.5522 0.5348 (RM) Lowest NAV per unit 0.5556 0.5437 0.5020 (RM) Total return (%) 2.23 1.23 -0.44 • Capital growth 1.16 -0.29 -2.00 • Income 1.07 1.52 1.66 distribution (%) Gross distribution 0.60 # 0.83 0.80 (sen per unit) Net distribution 0.60 # 0.83 0.80 (sen per unit) 3 2.2 Performance Management expense 0.71 0.73 0.83 details ratio ("MER") (%) (continued) Portfolio turnover ratio 0.72 0.38 0.60 ("PTR") (times) Notes: # Date of distribution is shown in part 2.7 - Income distribution / Unit splits. 1 MER is lower against previous financial period mainly due to increase in average fund size. 2 PTR is higher against previous financial period mainly due to increase in trading activities. Average total return As at 31 January 2021 (%) (Annualised) Since commencement (2 March 2015) 6.76 1 year 6.81 3 year 5.05 5 year 5.07 Annual total return Financial year ended 31 July The Fund (%) 2020 5.76 2019 10.17 2018 0.28 2017 2.89 2016 10.52 Since commencement (2 March 8.48 2015) - 31 July 2015 Note: Past performance is not necessarily indicative of future performance and that unit prices and investment returns may go down, as well as up. All performance figures have been extracted from Bloomberg. 2.3 Has the Fund The Fund registered a return of 47.31% since commencement, achieved its outperforming the benchmark return of 13.12%. The Fund achieved its investment investment objective of providing investors with income and capital objective? appreciation. The Fund declared an income distribution of 0.60 sen per unit for the financial period under review. 2.4 Performance For the financial period under review, the Fund registered a return of review 2.23%, outperforming the benchmark return of -0.05%. The outperformance was due to stock selection within the equity portion of the portfolio. For the period under review, the net asset value ("NAV") per unit of the Fund increased by 1.16% from RM 0.5604 to RM 0.5669. 4 2.4 Performance The line chart below shows comparison between the performance of the review Fund and its benchmark from the commencement date of the Fund to 31 (continued) January 2021. Source: UOBAM(M) as at 31 January 2021. 1-month 3-month 6-month 12-month Since commencement The Fund -0.72% 2.44% 2.23% 6.81% 47.31% Benchmark* -1.01% 2.36% -0.05% 2.17% 13.12% Source: UOBAM(M), Lipper and Bloomberg as at 31 January 2021. * The benchmark of the Fund is 70% 12 month fixed deposit rate by Malayan Banking Berhad (obtainable via www.maybank2u.com.my) and 30% FBM KLCI (obtainable via www.bursamalaysia.com) with effect from 13 August 2015. * Prior to that, the benchmark of the Fund was 35% Quantshop All MGS Index (obtainable via www.quantshop.com); 35% JP Morgan Asia Credit Investment Grade Index (obtainable via www.jpmorgan.com); 15% FBM KLCI (obtainable via www.bursamalaysia.com) and 15% MSCI AC Asia Pacific ex Japan (obtainable via www.msci.com). Note: Past performance is not necessarily indicative of future performance and that unit prices and investment returns may go down, as well as up. All performance figures have been extracted from Bloomberg. 2.5 Strategies and Equity policies employed We focused on global market leaders to form the core of the equity holdings. Given the rollout of COVID-19 vaccines, we have shifted some of our exposure to the Asian markets and increased our exposure into the recovery sectors including financials, consumer and commodities. Among the top contributors to the portfolio performance included Mr DIY, Tencent Music and TSMC. Fixed Income We invested mainly in Ringgit corporate bonds and Asia credits. We favoured Ringgit corporate debts as we expected the market to be supported by demand from local investors due to ample market liquidity and expectations of a prolonged low interest rate environment. In addition, we also invested in Asia credits, especially investment grade issues, that offer relatively attractive yields compared to developed markets. 5 2.6 Asset allocation This table below shows the asset allocation of the Fund for the financial period ended 31 January are as follows: Assets As at 31 As at 31 Jan Changes Jan 2020 2021 (%) (%) (%) Equities 24.67 19.91 4.76 Fixed income securities 70.34 57.75 12.59 Cash 4.99 22.34 -17.35 Total 100.00 100.00 -- Reason for the differences in asset allocation As at 31 January 2021, the asset allocation of the Fund stood at 24.67% in equities, 70.34% in fixed income securities and 4.99% in cash. The increase in fixed income securities exposure was due to the attractive valuation in the corporate debt segment. 2.7 Income For the financial period under review, the Fund has declared the following distribution/ income distribution: Unit splits Distribution Date Gross/Net Cum - Ex - NAV Distribution NAV per per unit per unit unit (RM) (RM) (RM) 15 October 2020 0.0030 0.5622 0.5592 26 January 2021 0.0030 0.5766 0.5736 Total 0.0060 The Fund did not carry out any unit split exercise during the financial period under view. 2.8 State of affairs There has been neither significant change to the state of affairs of the Fund nor any circumstances that materially affect any interests of the unit holders during the financial period under review.
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