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ILP Annual Report 2018.Pdf CONTENTS Page GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT 3 FUND PROFILE 4 GLOBAL AND LOCAL ECONOMIC REVIEW 7 EQUITY AND FIXED INCOME MARKET REVIEW 9 MARKET OUTLOOK AND INVESTMENT STRATEGY 10 FUND PERFORMANCE REPORT 12 SOFT COMMISSION RECEIVED FROM BROKERS 26 STATEMENT BY DIRECTORS 27 INDEPENDENT AUDITORS’ REPORT 28 STATEMENTS OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2018 30 STATEMENTS OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2017 31 STATEMENTS OF INCOME AND EXPENDITURE FOR FINANCIAL YEAR ENDED 31 DECEMBER 2018 32 STATEMENTS OF INCOME AND EXPENDITURE FOR FINANCIAL YEAR ENDED 31 DECEMBER 2017 33 STATEMENTS OF CHANGES IN NET ASSET VALUE FOR FINANCIAL YEAR ENDED 31 DECEMBER 2018 34 STATEMENTS OF CHANGES IN NET ASSET VALUE FOR FINANCIAL YEAR ENDED 31 DECEMBER 2017 34 CASH FLOW STATEMENTS FOR FINANCIAL YEAR ENDED 31 DECEMBER 2018 35 CASH FLOW STATEMENTS FOR FINANCIAL YEAR ENDED 31 DECEMBER 2017 36 NOTES TO THE FINANCIAL STATEMENTS 37 DETAILS OF INVESTMENTS 41 COMPARATIVE PERFORMANCE TABLE 53 SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD | ILP ANNUAL REPORT • 2018 P a g e | 2 GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT It is my pleasure to present the 2018 Annual Report of Takaful Malaysia’s Investment-Linked Funds consisting of the Ittizan Fund, Istiqrar Fund, myEquity Index Fund, myGrowth Fund, myBlue Chips Fund, myDividend Fund and myBalanced Fund for the year ended 31 December 2018. In 2018, the Malaysian equity index FTSE Bursa Malaysia KLCI (FBMKLCI) hit the peak of 1,895.18 pts pre-General Election 14 (GE-14) before scaling down to 1,663.86 pts post GE-14. A rebound in September 2018 has resulted in the index to hit above the 1,800 pts level before closing the year at 1,690.58 pts to record a full year loss of -5.91%. During the year, the Malaysian stock market was hindered by multiple challenges, domestically and globally. Locally, an unexpected government change following the GE-14 resulted in changes in the Government policies as well as the cancellation and downscaling of mega infrastructure projects. Externally, trade tensions between the United States (US) and its trading partners continue to simmer, with a risk of a full blown trade war between the US and China. Malaysia GDP growth has been slowing down with 9M18 GDP growth recorded at +4.7% (9M17: +5.9%); dragged by softer growth in goods and services exports, given the moderating global economic and trade growth amid the downside risk of further escalation in the trade war between the US and China. During the Budget 2019 tabled on 2 November 2018, the official 2018 real GDP growth forecast was lowered to +4.8% from a range of +5.5% to +6.0% previously. International Monetary Fund (IMF) forecasted the global GDP growth of 2018 at 3.7% as the economy may have witnessed an increasing trend in some major economies. The downside risks to global growth have been on the rise following the trade disputes between the US and China whilst the potential for upside surprises declined. Most major economies continued to tighten their monetary policies on the back of the rising US and global interest rates as well as the closing stages of quantitative easing in major central banks. On the investment front we continued to adopt prudent and vigilant investment strategies in managing risks and returns resourcefully in advance of the ongoing uncertainties in the financial market. Despite the challenges, we are pleased to report that the myEquity Fund, myGrowth Fund, myDividend Fund and myBlueChips Fund have outperformed by +130 bps to +569 bps of their benchmarks, whilst the FTSE Bursa Malaysia EMAS Shariah Index (FBMS) recorded a negative return of -13.5%. By rank, the outperformance was led by the index tracking fund, myEquity fund surpassing its benchmark by +569 bps followed by myBlueChips Fund and myDividend Fund outperforming their benchmark returns by +438 bps and +279 bps respectively. You may find out more information about the funds, including the financial performance in the following pages. The market outlook for the year 2019 is expected to continue to be challenging on the back of the prevailing uncertainties and headwinds at the global as well as domestic levels. Hence, the equity market is also anticipated to remain volatile. Investors would be focusing on the implementation of the structural reforms which is expected to weaken consumer sentiment and dampen profit margins of certain sectors. The positives, including Petronas spending will remain intact, in addition to the continuity of some key infrastructure projects and recovery of exporters on a stronger global economy. We are of the view that the market downside is fairly limited, given the strong domestic liquidity, lower political risk and fiscal concerns being addressed. Any upward movement of interest rate would be positive for new investments in sukuk and deposit instruments. However, there would be limited trading opportunities to realize gains from existing holdings as the increase in interest rate would result in the drop of market value. While 2019 poses new challenges, the coming year also holds various opportunities for our team to strive for sound returns to the participants. I would like to express my sincere gratitude for your unwavering support and look forward to charting another great year of success. Dato’ Sri Mohamed Hassan Kamil Group Chief Executive Officer SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD | ILP ANNUAL REPORT • 2018 P a g e | 3 FUND PROFILE ITTIZAN Investment To achieve reasonable returns and capital growth opportunities via selected Objective investments in Shariah approved shares listed in Bursa Malaysia and sukuk. Investment Invest in a balanced asset allocation comprising of Shariah-compliant equity, Strategy sukuk and money market. At least 30% and a maximum of 70% in Malaysian shares approved by the Asset Shariah Advisory Council of the Securities Commission; Allocation The balance in cash, long and short term sukuk and other liquid Islamic investments. Performance 70% FBM Emas Shariah Index (“FBMSI”) and 30% one-month return Maybank Benchmark General Investment Account rate (“GIA”). ISTIQRAR To achieve a relatively stable pattern of investment returns over medium term Investment through selected investments in Shariah approved shares listed in Bursa Objective Malaysia and sukuk. Investment Invest in a balanced asset allocation comprising mainly of sukuk with smaller Strategy exposure in Shariah-compliant equity. A maximum of 35% in Malaysian shares approved by the Shariah Advisory Asset Council of the Securities Commission; Allocation At least 65% and a maximum 100% in cash, long and short term sukuk and other liquid Islamic investments. Performance 30% FBM Emas Shariah Index (“FBMSI”) and 70% one-month return at Benchmark Maybank General Investment Account rate (“GIA”). myEQUITY INDEX FUND Investment To achieve returns that tracks the performance of the FBM Emas Shariah Index. Objective Invest mainly in the top 40 of the Index component stocks; closely tracking the Investment movement of the Benchmark in the medium to long term; Strategy Constant rebalancing of the component stocks to closely track the benchmark performance. 90% - 95% in Malaysian shares approved by the Shariah Advisory Council of the Asset Securities Commission; Allocation The balance in Islamic money market instruments. Performance FBM Emas Shariah Index (“FBMSI”). Benchmark SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD | ILP ANNUAL REPORT • 2018 P a g e | 4 myGROWTH FUND Investment To achieve capital growth opportunities and dividend income through selective Objective investments in Shariah approved shares listed in Bursa Malaysia. Invest primarily in selected Shariah-compliant equities that comprise of a diversified portfolio of index-linked companies, blue-chip stocks and companies with growth prospects and attractive dividend yields that are listed on Bursa Investment Malaysia; Strategy Active portfolio management – constant review on asset allocation and stocks holding. Stock / portfolio turnover would be practically high in search for opportunities in capital gain and dividend yield stocks. At least 50% and a maximum of 95% in Malaysian shares approved by the Asset Shariah Advisory Council of the Securities Commission; Allocation The balance in cash, long and short term sukuk and other liquid Islamic investments. Performance FBM Emas Shariah Index (“FBMSI”). Benchmark myBLUE CHIPS FUND Investment To achieve consistent capital growth in the long run through investments in Objective Shariah-compliant Blue Chips Shares. Invest primarily in Shariah-compliant equities with higher market capitalisation to Investment achieve long term capital growth; Strategy Active portfolio management - constant review on asset allocation and stock holding in search of stocks that meet the objective of the Fund. At least 40% and a maximum of 90% in Malaysian shares approved by the Asset Shariah Advisory Council of the Securities Commission; Allocation The balance in Islamic money market instruments. Performance FBM Emas Shariah Index (“FBMSI”). Benchmark myDIVIDEND FUND To achieve dividend income in the long term through selective investments in high Investment dividend yield shares that provide a minimum annual gross dividend of 4.00%. Objective To achieve capital growth through selective investments in Blue Chips Shares that could potentially provide capital growth in the long run. Invest primarily in dividend yield stocks that provide a minimum annual gross dividend of 4.00% as well as blue-chip stocks that could potentially grow in the long run; Investment At all times, exposure in stocks that yield a minimum of 4% annual gross dividend Strategy shall be at least 50% of the equity exposure; Constant review on asset allocation and stock holding in search of stocks that comply with the objectives of the Fund. At least 40% and a maximum of 90% in Malaysian shares approved by the Asset Shariah Advisory Council of the Securities Commission; Allocation At least 50% of the equity exposure is in dividend yield shares; The balance in Islamic money market instruments.
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