pmb shariah growth fund · 2020. 11. 2. · interim report - pmb shariah growth fund >>>...

PMB SHARIAH GROWTH FUND

ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021

Islamic Fund Management Company (IFMC)

>>> ANNUAL REPORT - PMB SHARIAH GROWTH FUND >>>

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Dear Unitholder,

MOVING TOWARDS ELECTRONIC COMMUNICATION. We wish to inform that you have been automatically enrolled to receive funds’ reports via electronic medium effective 31 March 2018. You will receive a notification by SMS/email when the funds’ report is ready for download on our website at www.pmbinvestment.com.my. Please note that the report will be available to view and download from our website until next financial report.Please inform us in writing if you do not wish to receive the documents electronically. Should you have any queries or need further clarification, please do not hesitate to contact our Investor Relation Careline at 03-4145 3900 or email at [email protected] Thank you.


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Dear Valued Customer

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Effective from 15 November 2013, the Personal Data Protection Act 2010

(PDPA) was introduced to regulate the personal data processed in

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Please note that PMB INVESTMENT BERHAD may amend this Personal

Data Protection Notice at any time without prior notice and will notify you

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If you would like to obtain further information, please do not hesitate to contact us at Customer Care Line 03-4145 3900.


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MANAGER PMB INVESTMENT BERHAD (A member of Pelaburan MARA Berhad)

HEAD OFFICE 2nd Floor, Wisma PMB,

No.1A, Jalan Lumut, 50400 Kuala Lumpur. Tel: (03) 4145 3800 Fax: (03) 41453901 E-mail: [email protected]

Website: www.pmbinvestment.com.my

BOARD OF DIRECTORS Dato’ Sri Hj Abd Rahim bin Hj Abdul Prof. Dr. Faridah binti Hj Hassan Mansoor bin Ahmad

Nik Mohamed Zaki bin Nik Yusoff Najmi bin Haji Mohamed (effective until 13 October 2020) YM Tengku Ahmad Badli Shah bin Raja Hussin

Isnami bin Ahmad Mohtar (Appointed on 12 October 2020)

CHIEF EXECUTIVE OFFICER Najmi bin Haji Mohamed (effective until 30 September 2020) COMPANY SECRETARIES

Mohd Shah Bin Hashim (BC/M/148)

INVESTMENT COMMITTEE MEMBERS Mansoor bin Ahmad

Nik Mohamed Zaki bin Nik Yusoff

Prof. Dr. Mohamed Aslam bin Mohamed Haneef

TRUSTEE AMANAHRAYA TRUSTEES BERHAD

SHARIAH ADVISER BIMB SECURITIES SDN BHD

AUDITORS JAMAL, AMIN & PARTNERS (effective until 17 March 2021)

MESSRS. AFRIZAN, TARMILI, KHAIRUL AZHAR (effective from 15 April 2021)

CORPORATE INFORMATION


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TABLE OF CONTENTS

1. FUND INFORMATION 6

1.1 FUND NAME 6

1.2 DATE OF LAUNCH 6

1.3 FUND CATEGORY/TYPE 6

1.4 FUND INVESTMENT OBJECTIVE 6

1.5 FUND PERFORMANCE BENCHMARK 6

1.6 FUND DISTRIBUTION POLICY 6

1.7 UNIT HOLDINGS AS AT 28 FEBRUARY 2021 6

2. FUND PERFORMANCE DATA 7 – 8

2.1 PORTFOLIO COMPOSITION 7

2.2 PERFORMANCE DETAILS 8

3. MANAGER’S REPORT 9 – 27

3.1 FUND PERFORMANCE 9

3.2 INCOME DISTRIBUTION/UNIT SPLIT 9

3.3 POLICY AND INVESTMENT STRATEGY 10

3.4 ASSET ALLOCATION OF THE FUND 10

3.5 ECONOMIC REVIEW 11


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TABLE OF CONTENTS 3.6

3.7

EQUITY MARKET REVIEW

MONEY MARKET REVIEW

13

16

3.8 INTEREST OF UNIT HOLDERS 17

3.9 SOFT COMMISSIONS AND REBATES 17

4. TRUSTEE’S REPORT 28 5. SHARIAH ADVISER’S REPORT 29 6. STATEMENT BY MANAGER 30 7 AUDITOR’S REPORT 31 – 34

8. FINANCIAL STATEMENT 35 – 63 9. BUSINESS INFORMATION NETWORK 64 – 66 10. INFORMATION OF INVESTOR RELATION 67

11. INVESTOR PROFILE UPDATE FORM 68


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1. FUND INFORMATION

1.1 FUND NAME

PMB SHARIAH GROWTH FUND – PMB SGF.

1.2 DATE OF RELAUNCH 15 January 2013.

1.3 FUND CATEGORY/TYPE Equity (Shariah)/Growth.

1.4 FUND INVESTMENT OBJECTIVE To provide investors with an opportunity to achieve capital growth over the

medium to long term period by investing in Shariah-compliant securities.

1.5 FUND PERFORMANCE BENCHMARK

FTSE Bursa Malaysia EMAS Shariah Index (FBMSHA).

1.6 FUND DISTRIBUTION POLICY The distribution is incidental. The distribution of income, if any, will be made in the form of cash or additional units.

1.7 UNIT HOLDINGS AS AT 28 FEBRUARY 2021

Size of Holdings No. of Unit Holders % No. of Units

Held %

5,000 and below 6,702 68.60 10,662,276.21 15.59

5,001 - 10,000 1,438 14.72 10,327,879.97 15.10

10,001 - 50,000 1,468 15.02 29,025,377.96 42.44

50,001 - 500,000 159 1.63 15,758,758.90 23.04

500,001 and above 3 0.03 2,615,479.00 3.83

Total 9,770 100.00 68,389,772.04 100.00

* Note: Excluding manager’s unit


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2. FUND PERFORMANCE DATA 2.1 PORTFOLIO COMPOSITION

2.2 PERFORMANCE DETAIL

* Source: Lipper

^ The distribution is in the form of unit. Unit split (if any) are not eligible for income distribution for the current financial year.

Past performance is not necessarily indicative of future performance, unit prices and investment returns may fluctuate.

FINANCIAL YEAR ENDED 28 / 29 FEB

SECTOR 2021 2020 2019 Main Market % % %

Consumer Products & Services 3.21 10.55 21.88

Industrial Products & Services 20.40 5.27 18.26

Construction - 4.50 -

Property - - 4.21

Technology 46.28 4.48 22.35

Energy - 17.10 12.27

Healthcare 6.21 5.39 10.25

Utilities - 5.30 -

Ace Market Construction 4.43 - -

Industrial Products & Services 8.01 - -

Technology 6.18 - -

Islamic Deposit / Cash / Others 5.28 47.41 10.78

Total 100.00 100.00 100.00

FINANCIAL YEAR ENDED 28 / 29 FEB

2021 2020 2019 Net Asset Value (NAV) - xD (RM’000) 133,349 113,005 86,633

Unit in circulation (’000) 68,390 100,298 76,437

NAV per unit - xD (RM) 1.9498 1.1267 1.1334

NAV per unit - xD: Highest (RM) 2.2091 1.2930 1.5128

NAB Seunit - xD: Lowest (RM) 0.8016 1.0910 1.0895

Total Return * (%) 88.14 4.70 (25.45)

- Capital Growth * (%) 73.05 (0.59) (25.45)

- Income Return (%) 15.09 5.29 -

Gross Distribution per unit (sen) ^17.00 ^6.00 -

Net Distribution per unit (sen) ^17.00 ^6.00 - Management Expenses Ratio (MER) ¹

(%) 1.61 1.61 1.59

Portfolio Turnover Ratio (PTR) ²

(times) 1.74 1.48 1.04


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¹ The MER for the financial period ending 28 February 2021 was maintained

at 1.61% as the total expenditure and the average Fund size grew at almost similar quantum of 18.8% and 18.5% respectively.

² The PTR for the financial period ending 28 February 2021 rose to 1.74

times from 1.48 times in the previous year corresponding period. The higher PTR was due to 39.0% growth in average purchase and sales

activities while the average Fund size grew at a smaller pace of 18.5%. The increase in purchase and sale activities throughout the financial period was in-line with the volatile investment landscape caused by the Covid-19 pandemic.

* AVERAGE TOTAL RETURN (28 /29 FEB)

1-year 3-year 5-year PMB SGF 88.14% 13.65% 12.28%

BENCHMARK 16.71% (1.12%) 1.16%

* ANNUAL TOTAL RETURN (28 /29 FEB)

2021 2020 2019 2018 2017 PMB SGF 88.14% 4.70% (25.45%) 21.00% 0.47%

BENCHMARK 16.71% (5.21%) (12.63%) 8.39% 1.13%

* Source: Lipper

Past performance is not necessarily indicative of future performance,

unit prices and investment returns may fluctuate.


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3. MANAGER’S REPORT

We are pleased to present the Manager’s report of PMB SGF for the financial year ended 28 February 2021 (1 March 2020 until 28 February 2021).

3.1 FUND PERFORMANCE

PMB Shariah Growth Fund has met its objective, which is to achieve capital growth over the medium to long term. Based on data from Lipper,

the Fund’s return for the 10, 5 and 3-year period recorded an increase of 202.32%, 78.54% and 46.86% respectively. For the 1-year period ended 28 February 2021, the Fund’s return rose 88.14%.

Fund’s performance measured against benchmark FBMSHA for 5-year

financial year ended 28 February 2021 is as follows:-

The graph illustrates the movement of the Fund’s return against the benchmark. For the 5-year period ended 28 February 2021, the Fund’s NAV/unit increased 78.54% whereas its benchmark only increased by

5.96%.

For the period under review ended 28 February 2021, NAV/unit increased by RM0.9931 or 88.14% to RM2.1198 (cD) from RM1.1267 (xD) as at 29 February 2020.

3.2 INCOME DISTRIBUTION/UNIT SPLIT

The Fund has declared an income distribution of 17.0 sen (net) per unit in the form of new units for the financial year ended 28 February 2021.

The Fund did not carry out any unit split exercise during the financial year ended 28 February 2021.


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3.3 POLICY AND INVESTMENT STRATEGY

The Fund shall invest primarily in a diversified portfolio among any Shariah-compliant securities of the top 300 companies in terms of market capitalization listed on Bursa Malaysia, except:-

a) those companies that have been classified as PN17 companies by Bursa Malaysia – this is to mitigate the risk of investing in a potential insolvent company; and

b) those companies that are expected to register earnings per

share growth below 10% per annum. The fund will maintain equity exposure within range of 80% to 99.5% of its NAV.

During the financial year ending 28 February 2021, the fund manager executed buy and sell activities for the fund based on relative strength analysis on companies listed on Bursa Malaysia that were expected to register at least 10% growth in terms of corporate earnings. The equity

exposure of the Fund was maintained between 80% and 95% throughout the period under review.

3.4 ASSET ALLOCATION OF THE FUND Comparison of investment components based on NAV is as follows:-

ASSET ALLOCATION

28 Feb 2021 (%)

29 Feb 2020 (%)

Change (%)

Investment Exposure Average

(%) Shariah-compliant Equity 94.72 52.59 42.13 73.66

Islamic Deposits/ cash/

others 5.28 47.41 (42.13) 26.34

As at 28 February 2021, 94.72% of the Fund’s NAV was invested in equity

market while the balance of 5.28% was held in Islamic deposits and/or other permitted investments.


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3.5 ECONOMIC REVIEW The economy registered a negative growth of 3.4% in the fourth quarter (3Q 2020: -2.6%), largely attributable to the imposition of the Conditional Movement Control Order (CMCO) on a number of states since mid-October. For 2020 as a whole, the economy contracted by 5.6%. The

restrictions on mobility, especially on inter-district and inter-state travel, weighed on economic activity during the fourth quarter. Nevertheless, the continued improvement in external demand provided support to growth. Consequently, except for manufacturing, all economic sectors continued to

record negative growth. On the expenditure side, moderating private consumption and public investment activities weighed on domestic demand. On a quarter-on-quarter seasonally-adjusted basis, the economy registered a decline of 0.3% (3Q 2020: 18.2%).

For the quarter, headline inflation declined to -1.5% in part reflecting the larger decline in retail fuel prices as compared to the corresponding period last year. Core inflation moderated to 0.8% due mainly to lower inflation for communication services and rental..

The ringgit appreciated by 3.6% against the US dollar during the fourth quarter of 2020, driven mainly by non-resident portfolio inflows as investors’ risk appetite continued to improve. Positive investor sentiment during the quarter was driven by news of successful vaccine trials and the

rollout of vaccination programmes in major economies, as well as greater clarity on US policy direction following the outcome of the US presidential election. Taken together, these factors formed the basis of a more positive investor outlook for the recovery of the global health crisis, which

strengthened expectations for the eventual normalisation of economic activity. From 1 January to 8 February 2021, the ringgit has depreciated by 1.2% against the US dollar, in line with broad-based weakening in major and regional currencies, following the strengthening of US dollar amidst

enhanced prospects for an economic rebound in the US. Concerns over the rise in COVID-19 infections and its implications for domestic economic activity also weighed on investor sentiments. Portfolio investments recorded a smaller net outflow of RM6.9 billion in the fourth quarter (3Q

2020: -RM23.1 billion), while net FDI recorded an inflow of RM6.1 billion (3Q 2020: -RM0.8 billion). In the near term, the risk of heightened exchange rate volatility remains as lingering uncertainties surrounding the momentum of the global economic recovery will continue to have a bearing on investor sentiments.

Net financing to the private sector continued to expand at 4.4% on an annual basis. Total outstanding loans grew by 3.7% (3Q 2020: 4.7%) supported by continued growth in the household and business segments. Total loan disbursements to both businesses and household increased

during the quarter. Business loan repayments were also higher, with its growth outpacing that of disbursements. Loan demand remained forthcoming especially in the household segment.

While near-term growth in 2021 will be affected by the re-introduction of

stricter containment measures, the impact, however, will be less severe than that experienced in 2020. The growth trajectory is projected to improve from the second quarter onwards. The improvement will be driven by the recovery in global demand, where the International Monetary Fund

(IMF) has revised upwards their 2021 global growth forecast by 0.3 percentage points to 5.5%.


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3.5 ECONOMIC REVIEW (CONT.) Growth will also be supported by a turnaround in public and private sector expenditure amid continued support from policy measures including

PENJANA, KITA PRIHATIN, 2021 Budget and PERMAI, and higher production from existing and new facilities in the manufacturing and mining sectors. The vaccine roll-out which will commence this month is also expected to lift sentiments.

In line with earlier assessments, the average headline inflation was at -1.2% in 2020 due mainly to the substantially lower global oil prices. For 2021, headline inflation is projected to average higher, primarily due to higher global oil prices. Underlying inflation is expected to remain subdued

amid continued spare capacity in the economy. The outlook, however, is subject to global oil and commodity price developments.

(Source: Bank Negara Malaysia’s Website)

Gross Domestic Product (GDP) Growth For Fourth Quarter 2020


Consumer Price Index (CPI) CPI declined 0.2% in January 2021 to 122.1 as against 122.4 in the same

month of the preceding year. The decrease in the overall index was attributed by the decline in Transport (-5.1%)

Industrial Production Index (IPI) IPI grew 1.2% in January 2021 as compared to the same month of the

previous year. The growth of IPI in January 2021 was driven by the Manufacturing index with an increase of 3.5%. Meanwhile, Mining and Electricity index dropped 4.5% and 4.6% respectively.

Balance of Trade For 12-month period ended January 2021, trade surplus stood at RM1561

billion, an expansion of RM18.5 billion (+13.4%) when compared to the same period a year ago. Total trade for 12-month period ended January 2021, which was valued at RM1,783.5 billion, a decrease of RM49.1 billion (-2.7%) when compared to RM1,832.6 billion at the same period a year

ago. For the same period, total export shrunk 1.6% to RM969.8 billion while total import shrunk 4.0% to RM813.7 billion.

(Source: Department of Statistics Malaysia, Official Portal)

Sector 2020 2020 2019 Sector 2020 2020 2019 Production Q4 Q3 Q4 Expenditure Q4 Q3 Q4

Agriculture -0.7% -0.7% 5.7% Private Final Consumption

-3.4% -2.1% 8.1%

Construction -13.9% -12.4% 1.0% Government Final Consumption

2.7% 6.9% 1.3%

Services -4.9% -4.0% 6.1% Gross Fixed Capital Formation

-11.9% -11.6% -0.7%

Manufacturing 3.0% 3.3% 3.0% Export -1.8% -4.7% -3.1%

Mining & Quarrying

-10.6% -6.8% -2.5% Import -3.3% -7.8% -2.3%

GDP -3.4% -2.7% 3.6% GDP -3.4% -2.7% 3.6%


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3.6 EQUITY MARKET REVIEW

For the 12-month ended 28 February 2021, the main benchmark for the Malaysian Shariah-compliant equity, FBM Shariah Index, decreased by

1,858.00 points or 16.71% to 12,979.15 while the main benchmark for the Malaysian stock market, FBM KLCI, had rose by 95.11 points or 6.41% to 1,577.75.

During that period, the FBM Shariah Index recorded its highest level of 13,646.60 on 6 August 2020 and its lowest of 9,120.49 on 19 March 2020.

Meanwhile, FBM KLCI posted its highest level of 1,684.58 on 11 December 2020 while the lowest level of 1,219.72 was recorded on 19 March 2020. The movement range for the FBM Shariah Index during the stipulated financial period was 4,526.11 points as compared to 1,213.14

points during the same period in the previous year.

In March 2020, FBMKLCI tumbled 8.9% month-on-month (MoM) to close at 1,350.89 (rebounding off low of 1,220). The FBMKLCI Index started the month on a weaker tone due to (a) the rising number of COVID-19 infections across the region had reduced investors’ appetite for riskier

assets, (b) oil prices tanked after Organisation of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia, failed to reach agreement with the world’s No. 2 oil producer Russia to deepen production cuts and later on Saudi Arabia initiated a price war, (c) World Health Organisation (WHO) termed the coronavirus outbreak a pandemic, and (d) The Dow Jones

Industrial Average closed 2,352.60 points lower, or 9.99%, at 21,200.62 on 12 March, its worst drop since the 1987 ―Black Monday‖ market crash, when it collapsed by more than 22%. By mid-month, FBMKLCI rallied on the news that (a) U.S. Federal Reserve pledged an unlimited quantitative

easing to stabilise the economy, (b) U.S. Senate approved the $2 trillion fiscal stimulus package for the economy, (c) Malaysia has unveiled a landmark comprehensive rescue plan worth a total of RM250 billion, and (d) Securities Commission (SC) and Bursa Malaysia have suspended

short selling until 30th April.

The FBMKLCI ended April 56.89 points or 4.2% MoM higher at 1,407.78. Bursa Malaysia rebounded throughout April as investors pinned their hopes on the easing lockdowns in major global economies and the prospect of daily life returning to normalcy. Other factors that helped

market higher were (a) government announced an additional stimulus of RM10 billion under PRIHATIN Package for SMEs, (b) Bank Negara Malaysia (BNM) had also introduced some relief measures including a six-month moratorium for borrowers which will enable them to defer their loan payments to banks, over that period, (c) SC and Bursa Malaysia have

extended the temporary suspension of short-selling from 30 April to 30 June, 2020 and (d) OPEC+ had agreed to cut global crude production by 9.7 million bpd from 1 May and will be extended through end-June.

The FBMKLCI increased 4.7% in May to close at 1,473.25, wrapping up a positive month, on a high note following positive sentiment from Wall

Street gains, hopes for a vaccine discovery, the possibility for more fiscal stimulus around the world and more business activities opening across the globe. This was despite renewed rumblings of a U.S. trade war against China and political tensions in Hong Kong. The rally on Bursa Malaysia

was dominated by the glove, health and sanitiser-related stocks. The Malaysian economy narrowly escaped a contraction in the first quarter 2020 with a 0.7% growth, beating worse market predictions earlier.


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3.6 EQUITY MARKET REVIEW (CONT.) In June, the FBMKLCI rose 1.9% MoM to close at 1,500.97. Malaysian shares continued their good run in the first two weeks of June, fueled by liquidity and optimism over economic revival as global COVID-19 lockdowns ease. This was in tandem with global market trends. The stimulus measures and the prevailing low-interest-rate environment helped

to drive the rally. The other factors that affected the performance of the local stock market were: (a) IMF, World Bank, ADB and S&P predicted Malaysia Gross Domestic Product (GDP) to contract in 2020, (b) Prime Minister announced the 4th stimulus package (PENJANA) worth RM35 billion, (c) S&P Global Ratings had revised its outlook on Malaysia to

negative, and (d) the CMCO ended on 9 June and the recovery movement control order (RMCO) was slated to take place from 10 June to 31 August. The RMCO will allow for more activities to be carried out, and (e) SC and Bursa Malaysia have suspended short selling until 31 December 2020.

In July, the FBMKLCI index gained 102.78 points or 6.9% to end at 1,603.75 on a MoM basis from 1,500.97 in the previous month. The rises were mainly supported by glove-linked stocks amid the resurgence of new COVID-19 cases globally, but gains were capped by the targeted moratorium extension announcement, hurting the finance-linked counters

most. The FBM KLCI was increasingly skewed towards the glove sector as glove stocks become the second and third most valuable counters on the index. Investors remained trapped in a state of uncertainty as few positive catalysts gave investors the impetus to sustain a rally. On 7 July 2020, the

Monetary Policy Committee (MPC) of BNM reduced the Overnight Policy Rate (OPR) by 25 basis points to 1.75%.

In August, the FBMKLCI index fell 78.54 points or 4.9% to end at 1,525.21 on a MoM basis from 1,603.75 in the previous month. Amid rising volatility in glove-related stocks, a rocky banking sector, and late sell-off at month-

end had dragged the local index lower. It was a two-tier market with pandemic-related stocks performing well, while stocks in other sectors slipped into the negative territory. Locally, the increased volatility in glove stocks was driven by news such as the rollout of the Sputnik V vaccine by Russia, the potential windfall tax on glove producer, and U.S. said it was

considering fast-tracking an experimental coronavirus vaccine developed in the U.K. for use in the U.S. The weak corporate earnings results announced throughout August and few positive catalysts had also negatively impacted the market performance. On 14 August 2020, BNM

announced the second quarter 2020 GDP contracted by 17.1%.

The FBMKLCI closed at 1,504.82, a decline of 20.39 points or -1.3% MoM. Stocks ended lower in September as retailers continued to reduce trading positions due to the end of the six-month loan moratorium. However, rubber glove and healthcare-related stocks rose on a spike in local

COVID-19 transmissions. FBMKLCI also continued to slide into the red amid deteriorating market sentiment as lingering political uncertainty, unresolved U.S. fiscal talks, and the tech war between U.S. – China. On the political front, YB Dato’ Seri Anwar Ibrahim, the leader of the

opposition, announced on 23 September 2020 that it had the majority to form a new Government with the realignment of some current Government MPs. Gabungan Rakyat Sabah (GRS), a coalition of parties supporting the Federal Government, won the Sabah State Election.


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3.6 EQUITY MARKET REVIEW (CONT.)

The government unveiled another economic stimulus package, KITA PRIHATIN, worth of RM10 billion, aiming to bolster the economic recovery

amid the still on-going COVID-19. Meanwhile, the World Bank forecasted Malaysia 2020 real GDP growth to a contraction of 4.9% from the previously estimated 3.1% decline. FTSE Russell retained Malaysia on Watchlist of FTSE World Government Bond Index, for possible

reclassification from Market Accessibility Level 2 to 1.

In October, FBMKLCI continued to slide into the red amid deteriorating market sentiment. The FBMKLCI closed at 1,466.89, a decline by 37.93 points or -2.5% MoM. Domestically - The political uncertainties, upcoming budget announcement, the enforcement of CMCO in Klang Valley and

Sabah, and rising daily COVID-19 cases continued to hamper the market sentiment. Investors stayed on the sideline and took profit on glove stocks. Externally -Stalemate in U.S. fiscal talks, U.S. presidential election in November, Brexit trade deal negotiations, and more lockdowns were being introduced in some of the European countries, continued to affect the

market performance.

FBMKLCI extended its rise to a fresh three-month high in November, helped by recovery optimism following strong economic data from Japan and China, Joe Biden won U.S presidential election and positive COVID-19 vaccine developments. Locally, the government allocated RM322.5

billion under Budget 2021 whereby RM69 billion will be allocated for Development Expenditures in 2021, an increase of 38% from 2020. In the third quarter, Malaysia’s GDP growth rebounded significantly to -2.7% from -17.1% (2Q2020). On the final day, FBMKLCI finished down 44.88

points or 2.8% after the final hour dive against a confluence of factors including MSCI rebalancing pressures, lower crude oil prices and equity losses as investors weighed Malaysia’s corporate financial results amid COVID-19 driven economic weakness. Despite the late selling pressure at

month-end, the FBMKLCI closed at 1,562.71, rose by 95.82 points or 6.5% MoM.

In December, FBMKLCI closed at 1,627.21, increasing by 64.50 points or 4.1% MoM. The rally was fueled by, among others, the passing of Budget 2021, the US$900 billion rescue package bill signed by President Donald

Trump, a signed Brexit deal, and more vaccine roll-out news. The finance sector led the FBMKLCI higher as investors picked up banking stocks, which were the proxy to the recovery in the economy. Brent surged above US$50 a barrel for the first time since early March, fueled by hopes of a faster demand recovery as countries start to roll out COVID-19 vaccines.

Meanwhile, glove makers continued to dominate the top losers list as investors took profit amid the rolling out of COVID-19 vaccines. Fitch Ratings has downgraded Malaysia’s sovereign rating and Petroliam Nasional Berhad’s long-term foreign and local-currency issuer default ratings (IDR) from A- to BBB+, with an improved outlook from negative to

stable.


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3.6 EQUITY MARKET REVIEW (CONT.)

The FBMKLCI dropped 60.81 points or 3.7% MoM in January 2021 due to continuous selling in most heavyweight’s names. Locally, the risk

sentiment was pressured by (a) the lifting of the ban on short selling by the SC from 1 January, (b) the steep rise in new COVID-19 cases, (c) re-imposition of the movement control order (MCO 2.0) to all states, save for Sarawak, until 4 February, (d) the King has declared a state of emergency

until 1 August 2021, (e) the government announced the fifth instalment of fiscal stimulus, named Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI), amounting to RM15 billion, and (f) the MPC of BNM kept the OPR unchanged at 1.75%. In Washington, Joe Biden was inaugurated as the 46th president. He has unveiled a recovery plan worth US$1.9 trillion

and signed several executive orders to aid the fight against the coronavirus.

The FBMKLCI rose 11.35 points or 0.7% MoM, in February 2021 due to rising oil prices, vaccine roll-outs, the expectation of an additional stimulus package in the U.S. and monetary policy support in major economies that

will boost economic recovery. However, the arrival of the COVID-19 vaccine on Malaysian shores had somewhat dented sentiment on rubber glove counters. Among the domestic factors that affected the local market were (a) the Malaysian economy experienced a contraction of 3.4% in

4Q2020 and 5.6% in 2020, (b) The Yang di-Pertuan Agong had stated that Parliament may convene during the emergency, (c) Prime Minister, Tan Sri Muhyiddin Yassin took his first vaccine jab to kick-start a nationwide immunization exercise, (d) Prime Minister announced "MyDigital — the

Malaysia Digital Economy Blueprint, and (e) SC and Bursa Malaysia Bhd will be extending the temporary suspension of intraday short selling (IDSS) and intraday short selling by propriety day traders (PDT short sale) to 29 August 2021.

In this volatile market sentiment, the NAV/unit rose by 88.14% within a 12-

month period ended 28 February 2021.

3.7 MONEY MARKET REVIEW

On 21-22 January 2020, the MPC of BNM in a surprise move announced that it is slashing the OPR by 25 basis points to 2.75% to secure the improving economic growth trajectory amid price stability. BNM announced

yet another OPR cut on 2-3 March 2020 – by another 25 basis points to 2.5% and just two months after that the OPR was further reduced to 2% (50 bps) on 4-5 May 2020 to encourage borrowing amid the COVID-19 pandemic. On 6-7 July, the OPR cut was slashed by 25 basis points to

1.75% and maintained in the meetings held on 9-10 September, 2-3 November 2020 and 19-20 January 2021. It showed that how real the impact of COVID-19 is on the Malaysian economy. The current OPR is the lowest since 2004.

The global economy continues to recover, led by improvements in manufacturing and export activity. However, the recent resurgences of COVID-19 cases and the subsequent containment measures have affected economic activity in several major economies. The expedited roll-

out of mass vaccination programmes, together with ongoing policy support, are expected to lift global growth prospects going forward. Financial conditions also remain supportive.


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3.7 MONEY MARKET REVIEW (Cont.) The overall outlook remains subject to downside risks, primarily if there is further resurgence of COVID-19 infections and delays in mass inoculation against COVID-19.

For Malaysia, the resurgence in COVID-19 cases and the introduction of

targeted containment measures has affected the recovery momentum in the fourth quarter of 2020. As a result, growth for 2020 is expected to be near the lower end of the earlier forecasted range. For 2021, while near-term growth will be affected by the re-introduction of stricter containment

measures, the impact will be less severe than that experienced in 2020. The growth trajectory is projected to improve from the second quarter onwards. The improvement will be driven by the recovery in global demand, turnaround in public and private sector expenditure amid

continued support from policy measures, and higher production from existing and new manufacturing and mining facilities. The roll-out of vaccines in the coming months will also lift sentiments. Downside risks to the outlook remain, stemming mainly from ongoing uncertainties

surrounding the dynamics of the pandemic and potential challenges that might affect the roll-out of vaccines both globally and domestically.

In line with earlier assessments, the average headline inflation is expected to be negative in 2020 due mainly to the substantially lower global oil

prices. For 2021, headline inflation is projected to average higher, primarily due to higher global oil prices. Underlying inflation is expected to remain subdued amid continued spare capacity in the economy. The outlook, however, is subject to global oil and commodity price developments.

The MPC considers the stance of monetary policy to be appropriate and accommodative. Given the uncertainties surrounding the pandemic, the stance of monetary policy going forward will be determined by new data and information, and their implications on the overall outlook for inflation

and domestic growth. The Bank remains committed to utilise its policy levers as appropriate to create enabling conditions for a sustainable economic recovery.


3.8 INTEREST OF UNIT HOLDERS For the financial year under review, there is no circumstances that

materially affect any interest of the unit holders other than business transaction in accordance with the limitations imposed under the Deeds, Securities Commission’s Guidelines, the Capital Markets and Services Act 2007 and other applicable laws during the financial year then ended.

3.9 SOFT COMMISSIONS AND REBATES During the 1-year financial period ended 28 February 2021, the Fund

Manager received services from one of the stockbroking institutions that indirectly assists in the decision-making process pertaining to the fund's

investment. The services received are in the form of advisory services on Shariah matters. In addition, the FM also received soft commission from brokers in term of software and computer hardware related to fund’s investment, stock market and economic matters.


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3. LAPORAN PENGURUS

Bagi tempoh kewangan berakhir 28 Februari 2021 (1 Mac 2020 hingga 28

Februari 2021).

3.1 PRESTASI DANA PMB Shariah Growth Fund telah mencapai objektifnya, iaitu untuk memperolehi pertumbuhan modal dalam jangka sederhana hingga

panjang. Berdasarkan data daripada sumber Lipper, pulangan Dana untuk jangkamasa 10, 5, dan 3-tahun masing-masing mencatat

peningkatan sebanyak 202.32%, 78.54% dan 46.86%. Untuk tempoh setahun berakhir 28 Februari 2021, pulangan Dana meningkat 88.14%.

Dana berbanding tanda aras sejak bagi tempoh 5-tahun adalah seperti berikut:-

Graf di atas mencerminkan pergerakan pulangan Dana untuk jangkamasa 5-tahun berakhir 28 Februari 2021. Sepanjang tempoh tersebut, NAB/unit

Dana meningkat 78.54% manakala penanda aras hanya naik sebanyak 5.96%.

Sepanjang tempoh setahun kewangan berakhir 28 Februari 2021, NAB/unit Dana meningkat sebanyak RM0.9931 atau 88.14% kepada RM2.1198 (cD) daripada RM1.1267 (xD) pada 29 Februari 2020.

3.2 PENGAGIHAN PENDAPATAN/TERBITAN UNIT PECAHAN Dana ini telah mengisytiharkan agihan pendapatan sebanyak 17.0 sen

(bersih) seunit dalam bentuk unit baru bagi tahun kewangan berakhir 28 Februari 2021.

Tiada sebarang unit pecahan dicadangkan sepanjang tempoh 6-bulan

berakhir 28 Februari 2021.

3.3 POLISI DAN STRATEGI PELABURAN Dana ini dilabur dalam portfolio yang pelbagai di kalangan mana-mana

sekuriti patuh Syariah oleh 300 syarikat teratas dari segi modal pasaran yang tersenarai di Bursa Malaysia dengan pengecualian berikut:

a) Syarikat-syarikat yang telah diklasifikasikan sebagai syarikat PN17 oleh Bursa Malaysia – ini adalah untuk mengurangkan risiko melabur dalam syarikat berpotensi muflis; dan

b) Syarikat-syarikat yang dijangka mencatatkan pertumbuhan pendapatan sesaham di bawah 10% setahun.

Dana melabur di antara 80% dan 99.5% dalam ekuiti.


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3.3 POLISI DAN STRATEGI PELABURAN( SAMB) Untuk tempoh setahun berakhir 28 Februari 2021, pengurus dana

melaksanakan aktiviti penjualan dan pembelian ekuiti di dalam portfolio Dana berdasarkan analisa ―relative strength‖pada syarikat yang tersenarai

di Bursa Malaysia yang dijangka mencatat pertumbuhan sekurang-kurangnya 10% dari segi pendapatan korporat. Pendedahan ekuiti Dana dikekalkan antara 80% dan 95% sepanjang tempoh kajian.

3.4 PERUMPUKAN ASET DANA

Pecahan seunit mengikut kelas aset adalah seperti berikut:-

PECAHAN SEUNIT MENGIKUT KELAS ASET

28 Feb 2021 (%)

29 Feb 2020 (%)

Perubahan

Peratus Mata

Purata Pendedahan

Pelaburan (%)

Ekuiti Patuh Syariah 94.72 52.59 42.13 73.66

Deposit Islam dan lain-lain 5.28 47.41 (42.13) 26.34

Pada 28 Februari 2021, pegangan ekuiti patuh-Syariah Dana ialah sebanyak 94.72%. Baki 5.28% berada dalam deposit Islam dan

pelaburan-pelaburan lain yang dibenarkan.


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3.5 SUASANA EKONOMI NEGARA

Ekonomi mencatatkan pertumbuhan negatif sebanyak 3.4% pada suku keempat (S3 2020: -2.6%), terutamanya berikutan pelaksanaan Perintah Kawalan Pergerakan Bersyarat (PKPB) di beberapa negeri semenjak

pertengahan bulan Oktober. Pada tahun 2020 secara keseluruhan, ekonomi menguncup sebanyak 5.6%. Sekatan pergerakan, terutamanya perjalanan antara daerah dan antara negeri, menjejaskan kegiatan ekonomi pada suku keempat. Walau bagaimanapun, permintaan luaran

yang terus bertambah baik telah menyokong pertumbuhan. Kesannya, kesemua sektor ekonomi kecuali perkilangan terus mencatatkan pertumbuhan negatif. Dari segi perbelanjaan, aktiviti penggunaan swasta dan pelaburan awam yang sederhana menjejaskan permintaan dalam

negara. Pada asas suku tahunan terlaras secara bermusim, ekonomi mencatatkan penurunan sebanyak 0.3% (S3 2020: 18.2%).

Pada suku tersebut, inflasi keseluruhan menurun kepada -1.5% mencerminkan sebahagiannya penurunan harga bahan api runcit yang lebih besar berbanding dengan tempoh yang sama pada tahun

sebelumnya. Inflasi teras menjadi sederhana sedikit kepada 0.8% disebabkan terutamanya oleh inflasi yang lebih rendah untuk perkhidmatan komunikasi dan sewa.

Ringgit menambah nilai sebanyak 3.6% berbanding dengan dolar AS pada suku keempat 2020, dipacu terutamanya oleh aliran masuk portfolio bukan pemastautin apabila kesanggupan pelabur mengambil risiko terus

meningkat. Sentimen pelabur yang positif pada suku itu didorong oleh berita kejayaan ujian penggunaan vaksin dan program pemvaksinan yang mula dilaksanakan di negara-negara utama, serta hala tuju dasar di AS yang semakin jelas susulan keputusan pilihan raya presiden AS. Secara

kolektif, faktor-faktor ini membentuk asas prospek pelaburan yang lebih positif untuk pemulihan krisis kesihatan global, lantas memperkukuh jangkaan kegiatan ekonomi akhirnya akan kembali normal. Dari 1 Januari hingga 8 Februari 2021, ringgit menurun nilai sebanyak 1.2% berbanding

dengan dolar AS. Hal ini adalah sejajar dengan penurunan nilai mata wang utama dan serantau secara keseluruhan, berikutan pengukuhan dolar AS dalam keadaan prospek pemulihan ekonomi AS bertambah baik. Kebimbangan mengenai peningkatan kes jangkitan COVID-19 dan kesannya terhadap kegiatan ekonomi dalam negara juga mempengaruhi

sentimen pelabur. Pelaburan portfolio mencatatkan aliran keluar bersih yang lebih kecil sebanyak RM6.9 bilion pada suku keempat (S3 2020: -RM23.1 bilion), sementara FDI bersih mencatatkan aliran masuk sebanyak RM6.1 bilion (S3 2020: -RM0.8 bilion). Bagi tempoh jangka

pendek, masih wujud risiko bahawa volatiliti kadar pertukaran akan meningkat. Hal ini disebabkan oleh ketidakpastian yang berlarutan berhubung dengan momentum pemulihan ekonomi global yang akan terus mempengaruhi sentimen pelabur.

Pembiayaan bersih kepada sektor swasta terus berkembang pada asas tahunan sebanyak 4.4%. Jumlah pinjaman terkumpul meningkat 3.7% (S3

2020: 4.7%) disokong oleh pertumbuhan yang berterusan dalam segmen isi rumah dan perniagaan. Jumlah pengeluaran pinjaman untuk sektor perniagaan dan isi rumah meningkat pada suku tersebut. Pertumbuhan pembayaran balik pinjaman perniagaan juga lebih tinggi, iaitu mengatasi

pengeluaran pinjaman. Permintaan terhadap pinjaman terus menggalakkan terutamanya dalam segmen isi rumah.


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3.5 SUASANA EKONOMI NEGARA (SAMB.)

Walaupun pertumbuhan jangka pendek pada tahun 2021 akan dipengaruhi oleh pelaksanaan semula langkah-langkah pembendungan yang lebih ketat, namun kesannya tidak seteruk yang dialami pada tahun

2020. Trajektori pertumbuhan diunjurkan bertambah baik dari suku kedua dan seterusnya. Peningkatan ini akan didorong oleh pemulihan permintaan global, apabila Tabung Kewangan Antarabangsa (IMF) telah menaikkan unjuran pertumbuhan global tahun 2021 sebanyak 0.3 mata peratusan kepada 5.5%. Pertumbuhan ini juga akan disokong oleh

perubahan perbelanjaan sektor awam dan swasta berikutan sokongan yang berterusan daripada langkah-langkah dasar termasuk PENJANA, KITA PRIHATIN, Belanjawan 2021 dan PERMAI, serta pengeluaran yang lebih tinggi daripada fasiliti perkilangan dan perlombongan yang sedia ada

dan baharu. Pemberian vaksin yang akan bermula pada bulan ini juga diharapkan dapat meningkatkan sentimen.

Sejajar dengan penilaian sebelum ini, purata inflasi keseluruhan adalah -1.2% pada tahun 2020 disebabkan terutamanya oleh harga minyak dunia yang ketara lebih rendah. Bagi tahun 2021, purata inflasi keseluruhan

diunjurkan lebih tinggi, terutamanya disebabkan oleh kenaikan harga minyak dunia. Inflasi asas dijangka kekal rendah dalam keadaan lebihan kapasiti yang berterusan dalam ekonomi. Walau bagaimanapun, prospek pertumbuhan ini bergantung pada perkembangan harga minyak dunia dan

komoditi.

Pertumbuhan Keluaran Dalam Negara Kasar Malaysia untuk Suku kempat

2020

(Sumber: Laman sesawang Bank Negara Malaysia)

Indeks Harga Pengguna (IHP)

IHP menurun 0.2% pada bulan Januari 2021 kepada 122.1 berbanding 122.4 pada bulan yang sama tahun sebelumnya. Penurunan IHP keseluruhan ini adalah disebabkan oleh penurunan indeks Pengangkutan

(-5.1%).

Aktiviti 2020 2020 2019 komponen 2020 2020 2019 Ekonomi S4 S3 S4 Perbelanjaan S4 S3 S4

Pertanian -0.7% -0.7% 5.7% Penggunaan Akhir Swasta

-3.4% -2.1% 8.1%

Pembinaan -13.9% -12.4% 1.0%

Penggunaan

Akhir Kerajaan

2.7% 6.9% 1.3%

Perkhidmatan -4.9% -4.0% 6.1% Pembentukan Modal Tetap

Kasar

-11.9% -11.6% -0.7%

Pembuatan 3.0% 3.3% 3.0% Eksport -1.8% -4.7% -3.1%

Perlombongan -10.6% -6.8% -2.5% Import -3.3% -7.8% -2.3%

KDNK -3.4% -2.7% 3.6% KDNK -3.4% -2.7% 3.6%


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3.5 SUASANA EKONOMI NEGARA (SAMB.)

Indeks Pengeluaran Perindustrian (IPP)

IPP berkembang 1.2% pada bulan Januari 2021 berbanding bulan yang sama pada tahun sebelumnya. Pertumbuhan IPP pada bulan Januari

2021 dipacu oleh indeks Pembuatan dengan peningkatan 3.5%. Sementara itu, indeks Perlombongan dan Elektrik masing-masing menguncup 4.5% dan 4.6%.

Perdagangan Luar Negara Untuk tempoh 12-bulan berakhir Januari 2021, imbangan dagangan

Malaysia mencecah nilai RM156.1 bilion berkembang RM18.5 bilion (+13.4%) berbanding tempoh yang sama tahun lepas. Jumlah

perdagangan untuk tempoh 12-bulan berakhir Januari 2021 bernilai RM1,783.5 bilion menguncup RM49.1 bilion (-2.7%) berbanding RM1,832.6 bilion yang dicatatkan dalam tempoh yang sama tahun lepas. Untuk tempoh yang sama, jumlah eksport menguncup 1.6% kepada

RM969.8 bilion manakala jumlah import turut menguncup sebanyak 4.0%, kepada RM813.70 bilion.

(Sumber data: Portal Rasmi Jabatan Perangkaan Malaysia)

3.6 SUASANA BURSA SAHAM TEMPATAN Bagi tempoh 12-bulan berakhir 28 Februari 2021, penanda aras utama

ekuiti patuh Syariah Malaysia iaitu Indeks FBM Shariah meningkat 1,858.00 mata atau 16.71% kepada 12,979.15 manakala penanda aras utama Bursa Malaysia iaitu FBM KLCI menokok 95.11 mata atau 6.41% kepada 1,577.75. .

Bagi tempoh tersebut, Indeks FBM Shariah mencatat paras tertinggi

13,646.60 pada 6 Ogos 2020 dan paras terendah 9,120.49 pada 19 Mac 2020. Sementara itu, FBM KLCI mencatat paras tertinggi 1,684.58 pada 11 Disember 2020 manakala paras terendah pula ialah 1,219.72 yang dicatat pada 19 Mac 2020. Julat pergerakan Indeks FBM Shariah untuk

tempoh tersebut ialah 4,526.11 mata berbanding 1,213.14 mata pada tempoh yang sama tahun sebelumnya.

Pada bulan Mac 2020, FBMKLCI jatuh 8.9% bulan ke bulan (MoM) untuk ditutup pada 1.350.89 (melantun dari paras terendah 1,220). Indeks

FBMKLCI bermula lemah ekoran (a) peningkatan jumlah jangkitan COVID-19 di rantau ini telah mengurangkan keinginan pelabur keatas aset berisiko, (b) harga minyak merosot setelah Pertubuhan Negara-Negara Pengeksport Petroleum (OPEC) yang dipimpin oleh Arab Saudi, gagal

mencapai kesepakatan dengan pengeluar minyak No. 2 dunia Rusia untuk meningkatkan pemotongan pengeluaran dan kemudiannya Arab Saudi memulakan perang harga, (c) Pertubuhan Kesihatan Sedunia (WHO) isytihar wabak koronavirus sebagai pandemik, dan (d) Dow Jones

Industrial Average ditutup 2.352.60 mata lebih rendah, atau 9.99%, pada 21,200.62 pada 12 Mac, penurunan terburuk sejak peristiwa "Black Monday" 1987, ketika ia jatuh lebih dari 22%. Menjelang pertengahan bulan, FBMKLCI melantun kembali didokong oleh (a) Rizab Persekutuan

A.S. akan melaksanakan pelonggaran kuantitatif tanpa had untuk menstabilkan ekonomi, (b) Senat A.S. meluluskan pakej rangsangan fiskal $2 trilion, (c) Malaysia telah mengumumkan rancangan penyelamatan bernilai keseluruhan RM250 bilion, dan (d) Suruhanjaya Sekuriti (SC) dan

Bursa Malaysia telah menggantung penjualan singkat sehingga 30 April.


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3.6 SUASANA BURSA SAHAM TEMPATAN (SAMB.)

Pada April, FBMKLCI menokok 56.89 mata atau 4.2% MoM lebih tinggi pada 1,407.78. Bursa Malaysia kembali pulih sepanjang bulan April

ekoran para pelabur menaruh harapan yang perintah kawalan pergerakan akan dilonggarkan di negara ekonomi global utama dan prospek kehidupan harian kembali normal. Faktor lain yang membantu pasaran lebih tinggi adalah (a) kerajaan mengumumkan rangsangan tambahan

sebanyak RM10 bilion di bawah Pakej PRIHATIN untuk IKS, (b) Bank Negara Malaysia (BNM) juga telah memperkenalkan beberapa langkah pelepasan termasuk moratorium enam bulan untuk peminjam yang membolehkan mereka menangguhkan pembayaran pinjaman kepada

bank, dalam tempoh tersebut, (c) SC dan Bursa Malaysia telah melanjutkan penangguhan sementara jualan singkat dari 30 April hingga 30 Jun, 2020 dan (d) OPEC + telah bersetuju untuk mengurangkan pengeluaran minyak mentah global sebanyak 9.7 juta tong sehari bermula

1 Mei dan akan dilanjutkan hingga akhir Jun.

FBMKLCI meningkat 4.7% pada bulan Mei untuk ditutup pada 1,473.25, mengakhiri bulan pada paras tertinggi ekoran dirangsang oleh sentimen positif dari kenaikan Wall Street, harapan penemuan vaksin, kemungkinan

rangsangan fiskal tambahan di seluruh dunia dan pembukaan lebih banyak aktiviti perniagaan di seluruh pelosok dunia. Ini berlaku walaupun terdapat ujudnya ketegangan perang perdagangan di antara A.S. dan China serta ketegangan politik di Hong Kong. Rali di Bursa Malaysia

dikuasai oleh saham berkaitan sarung tangan, kesihatan dan sanitasi. Ekonomi Malaysia berjaya mengelak dari menguncup pada suku pertama 2020 dengan pertumbuhan 0.7%, mengatasi ramalan pasaran yang jauh lebih teruk.

Pada bulan Jun, FBMKLCI meningkat 1.9% MoM untuk ditutup pada 1,500.97. Saham Malaysia meneruskan pergerakan menaik dalam dua minggu pertama bulan Jun, didorong oleh kecairan dan optimisme terhadap kebangkitan semula ekonomi apabila kawalan pergerakan global

ekoran COVID-19 dilonggarkan. Ini seiring dengan tren pasaran global. Langkah-langkah rangsangan dan persekitaran kadar faedah yang rendah membantu mendorong kenaikan. Faktor lain yang mempengaruhi prestasi pasaran saham tempatan adalah (a) IMF, Bank Dunia, ADB dan S&P meramalkan Keluaran Dalam Negara Kasar (KDNK) Malaysia akan

menguncup pada tahun 2020, (b) Perdana Menteri mengumumkan pakej rangsangan ke-4 (PENJANA) bernilai RM35 bilion, (c) S&P Global Ratings telah menyemak semula tinjauannya terhadap Malaysia kepada negatif, (d) PKPB berakhir pada 9 Jun dan PKP Pemulihan (PKPP) bermula dari

10 Jun hingga 31 Ogos. PKPP membenarkan lebih banyak aktiviti dijalankan, dan (e) Penggantungan jualan singkat dilanjutkan sehingga 31 Disember 2020.

Pada bulan Julai, indeks FBMKLCI meningkat 102.78 mata atau 6.9%

MoM untuk berakhir pada 1,603.75 daripada 1,500.97 pada bulan sebelumnya. Kenaikan ini disokong terutamanya oleh saham berkaitan sarung tangan di tengah-tengah peningkatan kes baru COVID-19 di seluruh dunia, tetapi keuntungan dibatasi oleh pengumuman pelanjutan

moratorium yang disasarkan, yang menjejaskan kaunter berkaitan kewangan. FBMKLCI semakin cenderung ke arah sektor sarung tangan kerana saham sarung tangan menjadi kaunter kedua dan ketiga paling bernilai kepada indeks.


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3.6 SUASANA BURSA SAHAM TEMPATAN (SAMB.) Pelabur terus dibelenggu oleh keadaan tidak menentu kerana hanya sedikit pemangkin positif untuk mendorong para pelabur untuk mengekalkan kenaikan. Pada 7 Julai 2020, Jawatankuasa Dasar Monetari

(MPC) BNM menurunkan Kadar Dasar Semalaman (OPR) sebanyak 25 mata asas kepada 1.75%. Pada bulan Ogos, indeks FBMKLCI jatuh 78.54 mata atau 4.9% pada

asas MoM untuk berakhir pada 1,525.21 berbanding paras 1,603.75 bulan sebelumnya. Turun naik harga saham berkaitan sarung tangan, kegoyahan sektor perbankan, dan ditambah penjualan di saat akhir pada hujung bulan telah menyeret indeks tempatan lebih rendah. Pasaran

dikategori kepada dua peringkat dengan saham yang berkaitan dengan pandemik berprestasi baik, sementara saham di sektor lain merosot ke wilayah negatif. Di peringkat tempatan, turun naik harga saham sarung tangan didorong oleh berita seperti perkembangan vaksin Sputnik V oleh

Rusia, kemungkinan cukai ―durian runtuh‖ dikenakan keatas pengeluar sarung tangan, dan AS mengatakan bahawa mereka sedang mempertimbangkan untuk menyegerakan penggunaan vaksin koronavirus yang dibangunkankan di UK untuk penggunaan di AS. Hasil pendapatan

korporat yang diumumkan sepanjang bulan Ogos masih lemah dan hanya terdapat beberapa pemangkin positif turut memberi kesan negatif terhadap prestasi pasaran. Pada 14 Ogos 2020, BNM mengumumkan KDNK suku kedua 2020 menguncup sebanyak 17.1%.

FBMKLCI ditutup pada 1,504.82, penurunan 20.39 mata atau -1.3% MoM. Pasaran berakhir lebih rendah pada bulan September kerana pelabur runcit terus mengurangkan pegangan menjelang berakhirnya tempoh

moratorium pinjaman enam bulan. Walau bagaimanapun, saham berkaitan sarung tangan dan kesihatan meningkat ekoran lonjakan jangkitan COVID-19 tempatan. FBMKLCI juga terus lemah di tengah sentimen pasaran yang semakin merosot kerana ketidakpastian politik,

perbincangan fiskal A.S. yang tidak dapat dimuktamadkan, dan perang teknologi antara A.S. - China. Berkaitan politik, YB Dato’ Seri Anwar Ibrahim, pemimpin pembangkang, mengumumkan pada 23 September 2020 bahawa mereka mempunyai majoriti untuk membentuk Kerajaan baru dengan beralihnya sokongan beberapa Ahli Parlimen Kerajaan.

Gabungan Rakyat Sabah (GRS), gabungan parti yang menyokong Kerajaan Persekutuan, memenangi Pilihan Raya Negeri Sabah. Sementara itu, Bank Dunia meramalkan pertumbuhan KDNK Malaysia 2020. menguncup 4.9% daripada negatif 3.1% yang diunjurkan

sebelumnya. FTSE Russell pula mengekalkan Malaysia dalam Senarai Pemantauan Indeks Bon Kerajaan Dunia FTSE, dengan kemungkinan pengkelasan semula dari Kebolehcapaian Pasaran Tahap 2 kepada 1.

Pada bulan Oktober, FBMKLCI terus mengalami kejatuhan di tengah kemerosotan sentimen pasaran. FBMKLCI ditutup pada 1,466.89, penurunan sebanyak 37.93 mata atau -2.5% MoM. Di dalam negara - Ketidakpastian politik, pengumuman bajet di bulan November,

penguatkuasaan PKPB di Lembah Klang dan Sabah, dan peningkatan kes COVID-19 setiap hari terus mengganggu sentimen pasaran. Pelabur terus berada diluar pasaran dan mengambil keuntungan dari saham berasaskan sarung tangan.


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3.6 SUASANA BURSA SAHAM TEMPATAN (SAMB.) Di peringkat antarabangsa- Kebuntuan dalam perbincangan dasar fiskal A.S., pilihan raya presiden A.S. pada bulan November, rundingan

perjanjian perdagangan Brexit, dan pengumuman sekatan pergerakan di berapa negara Eropah, terus mempengaruhi prestasi pasaran.

FBMKLCI melonjak ke paras tertinggi bagi tempoh tiga bulan pada bulan November, dibantu oleh optimisme tentang pemulihan berikutan data

ekonomi yang kukuh dari Jepun dan China, Joe Biden menang pemilihan presiden A.S, dan perkembangan positif vaksin COVID-19. Di peringkat tempatan, kerajaan memperuntukkan RM322.5 bilion di bawah Belanjawan 2021 di mana RM69 bilion akan diperuntukkan untuk

Perbelanjaan Pembangunan pada tahun 2021, meningkat 38% dari tahun 2020. Pada suku ketiga, pertumbuhan KDNK Malaysia meningkat semula dengan ketara kepada -2.7% daripada -17.1% (S22020). Pada hari terakhir, FBMKLCI turun 44.88 mata atau 2.8% selepas tekanan jualan

disaat akhir disebabkan pelbagai faktor seperti tekanan pengimbangan semula MSCI, penurunan harga minyak mentah dan kerugian ekuiti ketika para pelabur menilai keputusan korporat Malaysia di tengah kelemahan ekonomi yang didorong oleh COVID-19. Walaupun terdapat tekanan

jualan lewat pada akhir bulan, FBMKLCI ditutup pada 1,562.71, meningkat 95.82 mata atau 6.5% MoM.

Di bulan Disember, FBMKLCI ditutup pada 1,627.21, meningkat 64.50 mata atau 4.1% MoM. Peningkatan ini didorong oleh diantaranya, Belanjawan 2021 diluluskan, bil pakej ransangan bernilai AS$900 bilion

ditandatangani oleh Presiden Donald Trump, perjanjian Brexit ditandatangani, dan berita-berita positif berkaitan vaksin. Sektor kewangan menerajui FBMKLCI lebih tinggi apabila pelabur menumpu kegiatan pembelian ke atas saham-saham perbankan, yang menjadi

proksi kepada pemulihan ekonomi. Brent melonjak melepasi paras AS$50 setong untuk pertama kalinya sejak awal Mac, didorong oleh harapan permintaan kembali pulih lebih cepat ekoran kebanyakkan negara bakal memulakan penyuntikan vaksin COVID-19. Sementara itu,

saham syarikat pembuat sarung tangan terus mendominasi senarai kerugian berikutan pengambilan untung oleh pelabur ekoran pengeluaran vaksin COVID-19. Fitch Ratings pula telah menurunkan penarafan kedaulatan Malaysia dan penarafan jangka panjang terbitan mata wang

asing dan tempatan (IDR) Petroliam Nasional Berhad dari A- ke BBB+ dengan tinjauan yang lebih baik dari negatif ke stabil.

FBMKLCI turun 60.81 mata atau 3.7% MoM pada Januari 2021 ekoran penjualan berterusan kebanyakan saham berwajaran tinggi. Di peringkat tempatan, sentimen risiko ditekan oleh (a) penarikan balik larangan

penjualan singkat oleh SC mulai 1 Januari, (b) kenaikan mendadak kes baru COVID-19, (c) perlaksanaan semula perintah kawalan pergerakan (PKP 2.0) ke semua negeri, kecuali Sarawak, hingga 4 Februari, (d) Agong telah mengisytiharkan keadaan darurat hingga 1 Ogos 2021, (e)

kerajaan mengumumkan pakej rangsangan fiskal ke-lima, yang dinamakan Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI), berjumlah RM15 bilion, dan (f) MPC BNM mengekalkan OPR pada 1.75%. Di Washington, Joe Biden dilantik sebagai Presiden ke-46. Dia

telah mencadangkan pelan rancangan pemulihan bernilai AS$1.9 trilion dan menandatangani beberapa perintah eksekutif untuk memerangi koronavirus.


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3.6 SUASANA BURSA SAHAM TEMPATAN (SAMB.) FBMKLCI menokok 11.35 mata atau 0.7%, MoM, pada Februari 2021

disebabkan kenaikan harga minyak, suntikan vaksin, jangkaan pakej rangsangan tambahan di A.S., dan sokongan dasar monetari di negara ekonomi utama yang akan meningkatkan pemulihan ekonomi. Walau bagaimanapun, kedatangan vaksin COVID-19 di Malaysia memberi

sentimen negatif ke atas kaunter sarung tangan. Antara faktor domestik yang mempengaruhi pasaran tempatan adalah (a) ekonomi Malaysia mengalami penguncupan 3.4% pada S42020 dan 5.6% pada tahun 2020, (b) Yang di-Pertuan Agong telah menyatakan bahawa Parlimen boleh

bersidang semasa darurat, ( c) Perdana Menteri, Tan Sri Muhyiddin Yassin menerima suntikan vaksin pertamanya untuk memulakan program imunisasi di seluruh negara, (d) Perdana Menteri mengumumkan "MyDigital - Pelan Pembangunan Ekonomi Digital Malaysia, dan (e) SC

dan Bursa Malaysia Bhd akan memperpanjang penangguhan sementara jual beli ―intraday‖ (IDSS) dan penjualan singkat ―intraday‖ oleh pedagang harian ―propriety‖ (penjualan singkat PDT) hingga 29 Ogos 2021.

Dalam keadaan pasaran yang tidak menentu ini, nilai NAB/unit Dana meningkat 88.14% bagi tempoh 1-tahun kewangan berakhir 28 Februari

2021.

3.7 SUASANA PASARAN WANG TEMPATAN SEMASA Pada 21-22 Januari 2020, MPC BNM mengumumkan pemotongan OPR

sebanyak 25 mata asas kepada 2.75% demi untuk memastikan peningkatan pertumbuhan ekonomi di tengah kestabilan harga. BNM mengumumkan pemotongan OPR sekali lagi pada 2-3 Mac 2020 -

sebanyak 25 mata asas kepada 2.5% dan hanya dua bulan selepas itu OPR terus dikurangkan menjadi 2% (50 mata asas) pada 4-5 Mei 2020 untuk mendorong aktiviti pinjaman di tengah-tengah pandemik COVID-19. Pada 6-7 Julai 2020, OPR dikurangkan lagi sebanyak 25 mata asas

kepada 1.75% dan dikekalkan dalam mesyuarat-mesyuarat yang bersidang pada 9-10 September, 2-3 November 2020 dan 19-20 Januari 2021. Ini menunjukkan betapa COVID-19 memberi kesan terhadap ekonomi Malaysia. OPR semasa adalah yang terendah sejak 2004.

Pertumbuhan ekonomi global terus pulih, didorong oleh aktiviti perkilangan dan eksport yang bertambah baik. Walau bagaimanapun, penularan semula kes COVID-19 baru-baru ini dan langkah-langkah pembendungan yang dilaksanakan seterusnya telah menjejaskan kegiatan ekonomi di beberapa ekonomi utama. Pelaksanaan program

pemvaksinan secara meluas yang dipercepatkan, bersama-sama dengan sokongan dasar yang berterusan, dijangka meningkatkan prospek pertumbuhan global pada masa hadapan. Keadaan kewangan juga terus memberikan sokongan. Prospek keseluruhan terus bergantung pada

risiko pertumbuhan ekonomi menjadi lebih rendah terutamanya jika jangkitan COVID-19 menular semula dan inokulasi melawan COVID-19 secara meluas ditangguhkan.

Bagi Malaysia, penularan semula kes COVID-19 dan pelaksanaan

langkah-langkah pembendungan bersasar telah menjejaskan momentum pemulihan pada suku keempat tahun 2020. Akibatnya, pertumbuhan bagi tahun 2020 dijangka berada pada paras lebih rendah dalam julat unjuran sebelum ini. Trajektori pertumbuhan diunjurkan bertambah baik mulai

suku kedua tahun 2021 dan seterusnya.


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3.7 SUASANA PASARAN WANG TEMPATAN SEMASA (SAMB) Keadaan yang bertambah baik ini akan didorong oleh permintaan global

yang kembali pulih, perbelanjaan sektor awam dan swasta yang meningkat semula berikutan sokongan yang berterusan daripada langkah-langkah dasar serta pengeluaran yang lebih tinggi daripada fasiliti perkilangan dan perlombongan yang sedia ada dan baharu. Pemberian

vaksin pada bulan-bulan yang akan datang juga akan meningkatkan sentimen. Risiko terhadap prospek pertumbuhan menjadi rendah masih wujud. Hal ini berpunca terutamanya daripada ketidakpastian yang berterusan mengenai pandemik dan cabaran yang akan dihadapi yang

boleh menjejaskan pemberian vaksin di dalam dan luar negara.

Sejajar dengan penilaian sebelum ini, purata inflasi keseluruhan dijangka negatif pada tahun 2020 terutamanya disebabkan oleh harga minyak dunia yang ketara lebih rendah. Bagi tahun 2021, purata inflasi keseluruhan diunjurkan meningkat disebabkan terutamanya oleh harga

minyak dunia yang dijangka lebih tinggi. Inflasi asas diunjurkan kekal rendah dalam keadaan lebihan kapasiti yang berterusan dalam ekonomi. Walau bagaimanapun, prospek ini bergantung pada perkembangan harga minyak dunia dan komoditi.

MPC menyifatkan pendirian dasar monetari adalah wajar dan akomodatif. Berikutan keadaan pandemik yang terus tidak menentu, pendirian dasar monetari pada masa hadapan akan ditentukan oleh data dan maklumat baharu serta kesannnya kepada prospek keseluruhan inflasi dan

pertumbuhan dalam negara. BNM terus komited untuk menggunakan alat-alat dasarnya yang bersesuaian bagi mewujudkan keadaan yang menyokong pemulihan ekonomi yang berterusan.

(Sumber: Laman sesawang Bank Negara Malaysia)

3.8 KEPENTINGAN PEMEGANG-PEMEGANG UNIT Sepanjang tempoh kajian, tiada sebarang kejadian yang menjejaskan

kepentingan Pemegang-Pemegang Unit selain daripada urusniaga-

urusniaga yang dijalankan selaras dengan Surat Ikatan Amanah, Garispanduan Tabung Unit Amanah, Akta Pasaran Modal dan Perkhidmatan 2007 dan undang-undang lain yang berkuatkuasa.

3.9 REBAT DAN KOMISEN RINGAN Sepanjang tempoh setahun kewangan berakhir 28 Februari 2021,

Pengurus Dana menerima perkhidmatan daripada salah sebuah institusi broker saham yang membantu proses membuat keputusan berkaitan pelaburan dana secara tidak langsung. Perkhidmatan yang diterima

adalah dalam bentuk khidmat nasihat berkaitan hal-hal Syariah. Sebagai tambahan, Pengurus Dana juga telah menerima komisen ringan daripada syarikat broker saham dalam bentuk perisian dan perkakasan komputer yang berkaitan dengan pengurusan pelaburan dana dan pengurusan

pasaran saham dan ekonomi.

Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan

Bahasa Inggeris.


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4. TRUSTEE’S REPORT To the Unit Holders of PMB SHARIAH GROWTH FUND We, AMANAHRAYA TRUSTEES BERHAD, have acted as Trustee of PMB

SHARIAH GROWTH FUND for the financial year ended 28 February 2021. In our

opinion, PMB INVESTMENT BERHAD, the Manager, has operated and managed

PMB SHARIAH GROWTH FUND in accordance with the limitations imposed on the

investment powers of the management company under the Deed, securities laws

and the applicable Guidelines on Unit Trust Funds during the financial year then

ended.

We are also of the opinion that:

(a) Valuation and pricing is carried out in accordance with the Deed and any

regulatory requirement;

(b) Creation and cancellation of units are carried out in accordance with the

Deed and any regulatory requirement; and

(c) The distribution of income made by PMB SHARIAH GROWTH FUND as

declared by the Manager is appropriate and reflects the investment

objective of PMB SHARIAH GROWTH FUND.

Yours faithfully

AMANAHRAYA TRUSTEES BERHAD

ZAINUDIN BIN SUHAIMI Chief Executive Officer Kuala Lumpur, Malaysia 18 May 2021


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5. SHARIAH ADVISER’S REPORT TO THE UNIT HOLDERS OF PMB SHARIAH GROWTH FUND (“Fund”) We hereby confirm the following:

1. To the best of our knowledge, after having made all reasonable enquiries,

PMB Investment Berhad has operated and managed the Fund for the

period covered by these financial statements namely, the year ended 28

February 2021, in accordance with Shariah principles and complied with

the applicable guidelines, rulings or decisions issued by the Securities

Commission Malaysia pertaining to Shariah matters; and

2. The asset of the Fund comprises instruments that have been classified as

Shariah compliant.

For and on behalf of the Shariah Adviser, BIMB SECURITIES SDN BHD

IR. DR. MUHAMAD FUAD ABDULLAH Designated Shariah Person KUALA LUMPUR 21 May 2021


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6. STATEMENT BY MANAGER To the Unit Holders of PMB SHARIAH GROWTH FUND We, ISNAMI BIN AHMAD MOHTAR and NIK MOHAMED ZAKI BIN NIK ZAKI,

being two of the directors of PMB INVESTMENT BERHAD, do hereby state that

in the opinion of the Manager, the financial statements give a true and fair view on

the financial position of the Fund as 28 February 2021 and of its statement of

comprehensive income, changes in equity and cash flows of the Fund for the

financial year ended 28 February 2021 in accordance with Malaysian Financial

Reporting Standards (MFRSs), International Financial Reporting Standards

(IFRSs) and modified in accordance with the Guidelines on Unit Trust Funds by

the Securities Commission Malaysia.

For and on behalf of

PMB INVESTMENT BERHAD As Manager of PMB SHARIAH AGGRESSIVE FUND

ISNAMI BIN AHMAD MOHTAR Director

NIK MOHAMED ZAKI BIN NIK YUSOFF Director KUALA LUMPUR 07 May 2021


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7. AUDITOR’S REPORT To the Unit Holders of PMB SHARIAH GROWTH FUND Report on the Audit of the Financial Statements Opinion

We have audited the financial statements of PMB SHARIAH GROWTH FUND, which comprise the statement of financial position as at 28 February 2021, and statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statement, including a summary of significant accounting policies and other explanatory notes.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at 28 February 2021 and of its financial performance and its cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and modified in accordance with the Guidelines on Unit Trust Funds, issued by the Securities Commission of Malaysia.

We also have verified the computation of the Management Expenses Ratio and Portfolio Turnover Ratio as disclosed in notes 16 and 17 of the financial statements are reasonable. The schedule has been drawn primarily from the accounting records and other records of the Fund which have been subjected to tests and other audit procedures during our review of the Fund’s financial statements for the financial year ended 28 February 2021. In our opinion, the information as a whole, have been presented fairly if deemed in all aspects in respect of the financial statements.

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

Independence and Other Ethical Responsibilities We are independent of the Fund in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (―By-Laws‖) and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (―IESBA Code‖) and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.

Information Other than the Financial Statements and Auditor’s Report Thereon The Manager of the Fund is responsible for the other information. The other information comprises the Manager’s Report and Statement by Manager, but does not include the financial statements of the Fund and our auditors’ report thereon. Our opinion on the financial statements of the Fund does not cover the other information and we do not express any form of assurance conclusion thereon.


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Auditors’ Report to the Unit holders of PMB SHARIAH GROWTH FUND (CONT.) Information Other than the Financial Statements and Auditor’s Report Thereon (Cont.)

In connection with our audit of the financial statements of the Fund, our

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

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Manager for the Financial Statements

The Manager of the Fund is responsible for the preparation of financial statements of the Fund that give a true and fair view in accordance with

Malaysian Financial Reporting Standards, International Financial Reporting Standards and the Guidelines on Unit Trust Funds, issued by the Securities Commission of Malaysia. The Manager is also responsible for such internal control as the Manager determine is necessary to enable the preparation of

financial statements of the Fund that are free from material misstatement, whether due to fraud or error. The Trustee is responsible for ensuring that the Manager maintains proper

accounting and other records as are necessary to enable true and fair presentation of these financial statements. In preparing the financial statements of the Fund, the Manager is responsible for

assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial

statements of the Fund as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia

and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these

financial statements. As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise professional judgement and

maintain professional scepticism throughout the audit. We also:


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Auditors’ Report to the Unit holders of PMB SHARIAH GROWTH FUND (CONT.) Auditors’ Responsibility for the Audit of the Financial Statements (Cont.)

• Identify and assess the risks of material misstatement of the financial statements of the Fund, whether due to fraud or error, design and perform

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

intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to

design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s

internal control.

• Evaluate the appropriateness of accounting policies used and the

reasonableness of accounting estimates and related disclosures made by the Manager.

• Conclude on the appropriateness of the Manager’s use of the going concern basis of accounting and, based on the audit evidence obtained,

whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the

financial statements of the Fund or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Fund to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial

statements of the Fund, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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


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Other Matters

a) The financial statement of the Company for the financial year ended 29 February 2020 were audited by another firm of chartered accountant whose report dated 27 April 2020 experessed an unmodified opinion on these financial statements.

b) This report is made solely to the unitholders of the Fund, as a body, in

accordance with the Guidelines on Unit Trust Funds, issued by the Securities Commission of Malaysia and for no other purposes. We do

not assume responsibility to any other person for the contents of this report.

AFRIZAN TARMILI KHAIRUL AZHAR AF: 1300

Chartered Accountants (Malaysia)

MUHAMMAD AKBAR ISMAHADI Chartered Accountant 03311/07/2021 J Partner

07 May 2021 Kuala Lumpur


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8. FINANCIAL STATEMENT

STATEMENT OF FINANCIAL POSITION

AS AT 28 FEBRUARY 2021

NOTE 2021 2020

ASSETS RM RM

INVESTMENT 4

Quoted Shariah-compliant shares in Malaysia

125,851,735 93,297,793

Cash and cash equivalents 5 10,251,613 21,390,041

136,103,348 114,687,834

OTHER ASSETS

Amount owing by Manager 6 8,380,116 1,505,898

Amount owing by stockbroking companies

- 2,917,826

Profit receivable from Islamic deposits

700 6,351

Dividend receivable 38,000 60,972

Tax receivable 7,643 7,643

8,426,459 4,498,690

TOTAL ASSETS 144,529,807 119,186,524

LIABILITIES

Amount owing by Stockbroking

companies - 512,362

Amount owing to Trustee 5,263 4,921

Distribution 7 11,626,261 6,017,865

Other payables and accruals 4,290 4,490

TOTAL LIABILITIES 11,635,814 6,539,638

EQUITY

Unit holders’ capital 8 73,095,206 128,856,153

Retained profit /(loss) 59,798,787 (16,209,267)

TOTAL EQUITY 132,893,993 112,646,886

TOTAL EQUITY AND LIABILITIES 144,529,807 119,186,524

UNITS IN CIRCULATION 8 68,389,772 100,297,750

NET ASSET VALUE PER UNIT (RM) 9 1.9432 1.1231


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STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021

NOTE

2021

.2020

RM RM

INVESTMENT INCOME

Profit from Islamic deposits 197,017 384,390

Hibah from Al-Wadiah savings 1,785 1,841

Dividends income 1,442,818 1,660,596

Profit from sale of investment 57,567,384 6,603,340

Unrealised profit/(loss) on changes in fair value of investment

10 31,491,951 (1,220,485)

90,700,955 7,429,682

EXPENSES

Management fee 11 1,892,531 1,602,070

Trustee fee 12 63,084 53,403

Audit fee 3,250 3,250

Tax agent’s fee 1,000 1,000

Stockbroking fee and other transaction costs

13 1,033,230 761,881 622,038

Sales and services taxation 52,076 38,543 32,203 Administrative expenses 21,469 13,404

3,066,640 2,473,551

PROFIT BEFORE TAXATION 87,634,315 4,956,131

Taxation 14 - -

PROFIT AFTER TAXATION 87,634,315 4,956,131

PROFIT TAXATION IS MADE UP AS FOLLOWS:

REALISED PROFIT 56,142,364 6,176,616

UNREALISED PROFIT /(LOSS) 10 31,491,951 (1,220,485)

87,634,315 4,956,131


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STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021

NOTE Unit holders’

Capital Retained

Profit /(loss) Total

Equity RM RM RM

Balance as at 1 March 2019 101,441,324 (15,147,533) 86,293,791

Realised Profit - 6,176,616 6,176,616

Unrealised Loss 10 - (1,220,485) (1,220,485)

Creation of units 8 44,477,954 - 44,477,954

Cancellation of units 8 (17,063,125) - (17,063,125)

Distribution 7 - (6,017,865) (6,017,865)

Balance as at 29 February 2020 128,856,153 (16,209,267) 112,646,886

Balance as at 1 March 2020 128,856,153 (16,209,267) 112,646,886

Realised Profit - 56,142,364 56,142,364

Unrealised Loss 10 - 31,491,951 31,491,951

Creation of units 8 137,431,133 - 137,431,133

Cancellation of units 8 (193,192,080) - (193,192,080)

Distribution 7 - (11,626,261) (11,626,261)

Balance as at 28 February 2021 73,095,206 56,798,787 132,893,993


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STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021

2021 2020 RM RM

CASH FLOWS FROM INVESTING AND OPERATING ACTIVITIES

Proceeds from sale of investments 250,221,221 149,226,196

Puchase of investments (191,310,363) (162,587,183)

Dividend received 1,465,790 1,599,624

Profit from Islamic deposit 202,668 379,384


Management fee paid (1,882,275) (1,553,182)

Trustee fee paid (62,743) (51,773)

Payment for audit fee (3,250) (3,250)

Payment of tax agent fee (1,200) (1,200)

Payment of other expenses (1,106,775) (813,828)

Net cash generated from (used in) investing and operating activities

57,524,858 (13,803,371)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from creation of units 123,595,875 43,097,919

Payment of cancellation of units (192,259,161) (16,842,880)

Net cash (used in) / generated from financing activities

(68,663,286) 26,255,039

NET (DECREASE) /INCREASE /IN CASH AND CASH EQUIVALENTS

(11,138,428) 12,451,668

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

21,390,041 8,938,373

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

10,251,613 21,390,041

CASH AND CASH EQUIVALENTS COMPRISE

Al-Wadiah Savings 5,087,709 771,260

Islamic deposits with licensed financial

institution in Malaysia

5,163,904 20,618,781

10,251,613 21,390,041


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NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021 1. THE FUND, THE MANAGER AND PRINCIPAL ACTIVITIES

PMB Shariah Growth Fund is managed by PMB INVESTMENT BERHAD, was launched on 28 December 1972 under the name of Kumpulan Modal Bumiputera – Dana Pertumbuhan. On 18 October 2012, this Fund changed its name to ASM Shariah Growth Fund as stated in the Tenth

Supplementary Deed on dated 29 November 2012 and has registered with the Securities Commission Malaysia on 12 December 2012. Pursuant to the Master Prospectus dated on 28 April 2014, this Fund once again

changed its name from ASM Shariah Growth Fund to PMB Shariah Growth Fund in line with the change of Manager’s name from ASM Investment Services Berhad to PMB Investment Berhad. The Fund will

continue to operate until it is terminated or dissolved in accordance with the provision of the Deed of Trust and the Capital Markets and Services Act 2007.

The main activity of PMB Shariah Growth Fund is invest in a marketable

securities transaction in which the investment is made in the "Permitted Investments" as defined under Clause No. 1 of the Deed of Trust and subject to approval by the Securities Commission Malaysia and in

accordance with Shariah Principles from time to time. This includes securities listed on Bursa Malaysia and in money market instruments approved by the Shariah Principles.

The Manager is a company incorporated in Malaysia and wholly owned by

Pelaburan MARA Berhad. The principal activity of the Manager is management of Unit Trust Funds and Corporate Funds.

2. OBJECTIVE AND POLICIES OF FINANCIAL RISK MANAGEMENT

This Unit Trust Fund operations are exposed to several risks including equity market risk, stock specific risk, equity-related securities risk,

Shariah status reclassification risk and liquidity risk. Financial risk management is carried out through the system of internal control and investment restrictions outlined in the Guidelines on Unit Trust Funds by the Securities Commission Malaysia and based on Shariah Principles.

(a) Equity Market Risk The performance of the Fund is subject to the volatility of the stock

market which is influenced by the changes in the economic and political climate, profit rate, international stock market performance and regulatory policies. The movement of the value in the underlying

investment portfolio will affect the Net Asset Value (NAV) of the Fund. Any downward movement of the value will negatively impact the NAV of the Fund.

The table below shows the impact on the net asset value (NAV) of

the Fund at the reporting date due to the possible change in equity price with all other variables held constant:

Quoted Shariah Compliant Shares

Changes in equity price

Impact on distributed

net asset value RM % RM

125,851,735 +5 / -5 6,292,587 / (6,292,587)


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FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021 2. OBJECTIVE AND POLICIES OF FINANCIAL RISK MANAGEMENT (CONT)

(b) Stock Specific Risk Prices of a particular stock may fluctuate in response to the

circumstances affecting individual companies such as adverse financial performance, news of a possible merger or loss of key

personnel of a company. Any adverse price movements of such stock will adversely affect the Fund’s Net Asset Value (―NAV‖).

(c) Equity-related Securities Risk

The value of the Shariah-compliant equity-related securities depends on the value of the underlying equities that the Shariah-compliant securities are related to. Any upward movement in the value of the

underlying Shariah-compliant equities may result an upward movement of the value of the respective Shariah-compliant equity-related securities, and vice versa. Hence, the movement of the value of the Shariah-compliant equity-related securities will affect the value

of the Fund. The fund may also invest in Shariah-compliant equity-related securities such as Shariah-compliant warrants, that have an expiry date and may experience time decay and the erosion of value accelerates as the instrument advances to its expiry date. If the

Shariah-compliant warrant is not exercised on or before the expiry date, the Shariah-compliant warrant will have no value and negatively impact the Net Asset Value (―NAV‖) of the Fund.

(d) Shariah Status Reclassification Risk This risk refers to the risk that the currently held Shariah-compliant equity securities in the portfolio of Shariah-compliant funds may be

reclassified as Shariah non-compliant in the periodic review of the securities by the SAC of the SC, the Shariah Adviser or the Shariah Supervisory Boards of relevant Islamic indices. If this occurs, the Manager will take the necessary steps to dispose of such securities.

Opportunity loss could occur due to the restriction on the Fund to retain the excess capital gains derived from the disposal of the

reclassified Shariah non-compliant securities. In such an event, the Fund is required:

(i) to dispose of such securities with immediate effect or within one (1) calendar month if the value of the securities exceeds or is

equal to the investment cost on the last trading day before the effective date of reclassification of the list of Shariah-compliant securities (―Reclassification‖) by the SAC of the SC or date review (―Review) by the Shariah Adviser or the Shariah

Supervisory Boards of relevant Islamic indices. The Fund is allowed to keep dividends received and capital gains from the disposal of the securities up to the last trading day before the effective date of Reclassification or Review. However, any

dividends received and excess capital gains from the disposal of the Shariah non-compliant securities after the effective date of Reclassification or Review should be channeled to baitulmal and/or charitable bodies approved by the Shariah Adviser; or


(41)


FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021

2. OBJECTIVE AND POLICIES OF FINANCIAL RISK MANAGEMENT (CONT)

(d) Shariah Status Reclassification Risk (Cont.) (ii) to hold such securities if the value of the said securities is below

the investment cost on the last trading day before the effective date of Reclassification or Review until the total subsequent dividends received (if any) and the market price of the securities

is equal to the cost of investment at which time disposal has to take place within one (1) calendar month, capital gains (if any) from the disposal of the securities should be channelled to baitulmal and/or charitable bodies approved by the Shariah

Adviser; or

(ii) to dispose of such securities at a price lower than the investment

cost which will result in a decrease in the Fund’s value.

(e) Liquidity Risk

Liquidity risk refers to the ease of liquidating an asset depending on the asset’s volume traded in the market. If the Fund hold assets that

are illiquid, or are difficult to dispose of, the value of the Fund will be negatively affected when it has to sell such assets at unfavourable prices.

The Fund maintains sufficient level of Islamic liquid assets, after

consultation with the Trustee, to meet anticipated payments and cancellations of units by unit holders. Islamic liquid assets comprise cash, Islamic deposits with licensed financial institutions and other Shariah-compliant instruments which are capable of being converted

into cash within 7 days.

The table below summaries the Fund’s financial liabilities into relevant maturity grouping based on the remaining period as at the statement of financial position date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash

flows. 2021

BETWEEN Less than

1 month 1 month to 1 year

Total

Amount owing to Trustees 5,263 - 5,263 Distribution 11,626,261 - 11,626,261 Other payables and accruals - 4,290 4,290

Contractual cash outflows 11.631.524 4,290 11,636,014


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FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021 2. OBJECTIVE AND POLICIES OF FINANCIAL RISK MANAGEMENT (CONT)

(e) Liquidity Risk (Cont.) 2020

BETWEEN Less than

1 month 1 month

to 1 year

Total

Amount owing to stockbroking companies

512,362 - 512,362

Amount owing to Trustee 4,921 - 4,921

Distribution 6,017,865 - 6,017,865

Other payables and accruals - 4,490 4,490

Contractual cash outflows 6,535,148 4,490 6,539,638

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Preparation The financial statements of the Fund are prepared under the historical

cost convention and modified to include other bases of valuation as disclosed in other sections under significant accounting policies, and in compliance with Malaysian Financial Reporting Standards (―MFRSs‖), International Financial Reporting Standards (―IFRSs‖) and

Guidelines on Unit Trust Funds by the Securities Commission of Malaysia.

The Fund has not yet adopted the following MFRS, that have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective:- Effective date

MFRS 9

Annual Improvements to MFRS Standards 2018–2020

1 January 2022

Interest Rate Benchmark Reform-Phase 2 (Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16)

1 January 2021

The adoption of the above standards is not expected to have any material impact on the Fund’s financial statements.

The preparation of financial statement in conformity with the MFRS and IFRS requires the use of certain critical accounting estimates and

assumptions that affect the reported amount of assets and liabilities

and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and

expenses during the reported financial year. It also requires the Manager to exercise their judgement in process of applying the

Fund’s accounting policies. Although these estimates and judgment are based on the Manager best knowledge of current events and

actions, actual results may be differ.


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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

(b) Quoted Shariah-compliant Shares and Shariah – compliant Warrants Quoted Shariah-compliant shares and Shariah-compliant warrants

are valued based on bid price at the close of the market on Bursa

Malaysia at the reporting date. This is to comply with Malaysian Financial Reporting Standards – MFRS 9.

However, this unit trust is subject to the Trust Deed whereby quoted Shariah-compliant shares and Shariah-compliant warrants are valued at the market closing price on Bursa Malaysia at the reporting date.

Accordingly, for any unit trust transactions at this reporting date, the actual sale and purchase price of the unit trust is set out in note 9.

(c) Dividend Income The amount of dividend from investment is determined on an accrual basis once the company's share price is recorded "XD" (without

dividend) on Bursa Malaysia. The single tier system was introduced effective 1 January 2008 and single-tier dividend distributed by a

resident company are exempt from tax in Malaysia.

(c) Profit from Islamic Deposit The profit from Islamic deposits is on accrual basis. The profit received by Fund derived from Malaysia and credited by any bank or financial institution licensed under the Financial Services Act 2013 or

Islamic Financial Services Act 2013 are exempt from tax according Income Tax 1967 (ITA 1967).

(d) Profit /(Loss) from Sale of Investment

Costs incurred to determine profit/ (loss) from sale of investment are based on the weighted average cost. Pursuant to ITA 1967, profit

from realisation of investments will not be treated as income of the Fund and are not subject to tax.

(f) Unrealised Profit/(loss) Unrealised profit/(loss) represent profit/(loss) as a result of changes in Fair Market Value of quoted Shariah - compliant shares using the Bid price at the reporting date as compared to the previous financial period.

(g) Creation and Cancellation of Units

Proceeds from creation of units and payment of cancellation of units are based on the market value of the units comprising the share of capital and the portion of income at the date of the invention or

disposition.

(h) Transaction Cost

Transaction cost are cost incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and

commissions paid to brokers and dealers. Transaction costs, when incurred, are immediately recognised in profit or loss as an expenses.


(44)

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021


(i) Distribution Equalisation

Distribution equalisation is accounted for on the date of issue and depreciation based on the average amount of distributable income included in the unit price and disposals.

(j) Cash and Cash Equivalents

Cash and cash equivalents comprise of Islamic deposits and Al-Wadiah savings with banks and licensed financial institutions where such savings are based on Shariah Principles.

(k) Functional and presentation currency

The financial statements are presented in Ringgit Malaysia, the currency of the primary economic environment in which the Company operates (its functional currency).

(l) Financial Instruments

(i) Recognition and Initial Measurement Recognition and Initial MeasurementA financial asset or a financial liability is recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the instrument.

A financial asset or a financial liability is recognised in the

statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without significant financing component) or a financial liability is initially measured at

fair value plus or minus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at the transaction price.

An embedded derivative is recognised separately from the host contract where the host contract is not a financial asset, and accounted for separately if, and only if, the derivative is not closely related to the economic characteristics and risks of the host

contract and the host contract is not measured at fair value through profit or loss. The host contract, in the event an embedded derivative is recognised separately, is accounted for in accordance with policy applicable to the nature of the host

contract.

(ii) Financial Instrument Categories and Subsequent Measurement

Financial assets

Categories of financial assets are determined on initial recognition

and are not reclassified subsequent to their initial recognition unless the Fund changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following

the change of the business model.


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(l) Financial Instruments (Cont.)

a) Amortised cost (AC)

Amortised cost category comprises financial assets that are held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual

terms give rise on specified dates to cash flows that are solely payments of principal and profit on the principal amount outstanding. The financial assets are not designated as fair value through profit or loss. Subsequent

to initial recognition, these financial assets are measured at amortised cost using the effective profit method. The amortised cost is reduced by impairment losses. Profit income, foreign exchange gains and losses and impairment

are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

Profit income is recognised by applying effective profit rate to the gross carrying amount except for credit impaired

financial assets where the effective profit rate is applied to the amortised cost.

b) Fair value through other comprehensive income (FVOCI)

(i) Debt investments

Fair value through other comprehensive income category comprises debt investment where it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the debt

investment, and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and profit on the principal amount outstanding. The debt investment is not designated as at fair value

through profit or loss. Profit income calculated using the effective profit method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in other comprehensive income.

On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss.

Profit income is recognised by applying effective profit rate to the gross carrying amount except for credit impaired financial assets where the effective profit rate is applied to the amortised cost.


(46)





(ii) Financial instrument categories and subsequent measurement (Cont.)

Financial assets (Cont.)

b) Fair value through other comprehensive income (FVOCI)

(ii) Equity investments

This category comprises investment in equity that is not held for trading, and the Fund irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income. This election is made on

an investment-by-investment basis. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of investment.

Other net gains and losses are recognised in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are not reclassified to profit or loss.

c) Fair value through profit or loss (FVPL)

All financial assets not measured at amortised cost or fair value through other comprehensive income as described above are measured at fair value through profit or loss. This

includes derivative financial assets (except for a derivative that is a designated and effective hedging instrument). On initial recognition, the Fund may irrevocably designate a financial asset that otherwise meets the requirements to be

measured at amortised cost or at fair value through other comprehensive income as at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets categorised as fair value through profit or loss are subsequently measured at their fair value. Net gains or losses, including any profit or dividend income, are recognised in the profit or loss.

All financial assets, except for those measured at fair value through profit or loss and equity investments measured at fair value through other comprehensive income, are subject to impairment assessment.


(47)






Financial Liabilities

a) Amortised cost (AC)

Other financial liabilities not categorised as fair value through profit or loss are subsequently measured at amortised cost

using the effective profit method.

Profit expense and foreign exchange gains and losses are recognised in the profit or loss. Any gains or losses on derecognition are also recognised in the profit or loss.

b) Provision Provision is recognised only when the Fund has a present obligation (legal and constructive) as a result of a past event,

it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be estimated reliably.

Provision is reviewed at each reporting date and adjusted to

reflect the current best estimate. If it is no longer probable

that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate,

the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

((iii) Derecognition

A financial asset or part of it is derecognised when, and only when, the contractual rights to the cash flows from the financial

asset expired or transferred, or control of the asset is not retained or substantially all of the risks and rewards of ownership of the financial asset are transferred to another party. On derecognition of a financial asset, the difference between the

carrying amount of the financial asset and the sum of consideration received (including any new asset obtained less any new liability assumed) is recognised in profit or loss.

A financial liability or a part of it is derecognised when, and only

when, the obligation specified in the contract is discharged,

cancelled or expired. A financial liability is also derecognised when its terms are modified and the cash flows of the modified liability are substantially different, in which case, a new financial liability based on modified terms is recognised at fair value.


(48)





Financial Liabilities (Cont.)

((iii) Derecognition (Cont.)

On derecognition of a financial liability, the difference between

the carrying amount of the financial liability extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is

recognised in profit or loss. (iv) Offsetting

Financial assets and financial liabilities are offset and the net

amount presented in the statement of financial position when, and only when, the Fund currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and liability simultaneously.

(v) Unitholders’ Contribution

The Unitholders’ contributions to the Fund meet the definition of puttable instruments classified as equity under the MFRS 132.

Instruments classified as equity are measured at cost and are

not remeasured subsequently.

Distribution equalisation is accounted for at the date of creation

and cancellation of units of the Fund. It represents the average amount of distributable income or loss included in the creation and cancellation prices of units.


(49)


FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

(m) Impairment of Assets (i) Financial assets

Unless specifically disclosed below, the Fund generally applied

the following accounting policies retrospectively. Nevertheless, as permitted by MFRS 9, Financial Instruments, the Fund elected not to restate the comparatives.

The Fund recognised loss allowances for expected credit losses

on financial assets measured at amortised cost, debt investments

measured at fair value through other comprehensive income, contract assets and lease receivables. Expected credit losses are a probability-weighted estimate of credit losses.

The Fund measure loss allowances at an amount equal to lifetime expected credit loss, except for debt securities that are determined

to have low credit risk at the reporting date, cash and bank balance and other debt securities for which credit risk has not increased significantly since initial recognition, which are measured at 12-month expected credit loss. Loss allowances for

trade receivables, contract assets and lease receivables are always measured at an amount equal to lifetime expected credit loss.

When determining whether the credit risk of a financial asset has

increased significantly since initial recognition and when estimating expected credit loss, the Fund consider reasonable and

supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Fund’s historical experience and informed credit assessment and including forward-looking information, where available.

Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of the asset, while 12-month expected credit losses are the portion of expected credit losses that result from default events that are

possible within the 12 months after the reporting date. The maximum period considered when estimating expected credit losses is the maximum contractual period over which the Fund are exposed to credit risk.

The Fund estimate the expected credit losses on trade receivables using a provision matrix with reference to historical credit loss experience.

An impairment loss in respect of financial assets measured at amortised cost is recognised in profit or loss and the carrying

amount of the asset is reduced through the use of an allowance account.


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(m) Impairment of Assets (Cont.) (i) Financial assets (Cont.)

An impairment loss in respect of debt investments measured at

fair value through other comprehensive income is recognised in profit or loss and the allowance account is recognised in other comprehensive income.

At each reporting date, the Fund assess whether financial assets

carried at amortised cost and debt securities at fair value through

other comprehensive income are credit impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

The gross carrying amount of a financial asset is written off (either

partially or fully) to the extent that there is no realistic prospect of recovery. This is generally the case when the Fund determines that the obligor does not have assets or sources of income that could generate sufficient cash flows to pay the amounts subject to

the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Fund’s procedures for recovery amounts due.

(ii) Other Assets

The carrying amounts of other assets (except for inventories, contract assets, lease receivables, deferred tax asset, assets arising from employee benefits, investment property measured at

fair value and non-current assets (or disposal groups) classified as held for sale) are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is

estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each period at the same time.

For the purpose of impairment testing, assets are grouped

together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating units. Subject to an operating segment ceiling test, for the purpose of goodwill

impairment testing, cash-generating units to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes.

The recoverable amount of an asset or cash-generating unit is the

greater of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money

and the risks specific to the asset or cash-generating unit.


(51)



(m) Impairment of Assets (ii) Other assets (Cont.)

An impairment loss is recognised if the carrying amount of an

asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment

losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (group of cash-generating units) and then to reduce the carrying amounts of the other assets

in the cash-generating unit (groups of cash-generating units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at the end of each reporting period

for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount since the last impairment loss was recognised. An impairment loss is reversed

only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses are credited to profit

or loss in the financial year in which the reversals are recognised.

(n) Fair Value of financial instruments

Fair value is defined as the price that would be received to sell an assets or paid to transfer a liability in an orderly transaction

between market participantly at the measurement date (i.e. exit price), the carrying values of the financial instruments recorded at the date of reporting approximate their fair values.

4. INVESTMENT

Details are as follows:

2021 2020 Note RM RM

Quoted Shariah – compliant shares @ cost

94,230,339 93,168,348

Surplus 31,621,396 129,445

Market Value 125,851,735 93,297,793

Islamic deposits 5 5,163,904 20,618,781

Total Investments 131,015,639 113,916,574

The list of investments are as in Schedule A.


(52)


FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021 5. CASH AND CASH EQUIVALENTS

Islamic deposits include fixed deposits based on Shariah Principles in licensed financial institutions as follows:-

2021 2020 NOTE RM RM

Islamic deposits with

licensed financial

institutions in Malaysia

4 5,163,904 20,618,781

Al – Wadiah savings 5,087,709 771,260

10,251,613 21,390,041

Islamic deposits include fixed deposits based on Shariah Principles in licensed financial institutions as follows

2021 RM

2020 RM

Islamic Banks 5,163,905 8,466,968

Investment Banks - 12,151,813

5,163,905 20,618,781

Average profit rate during the financial year and the average maturity of the

deposits on the closing date are as follows:

Average

Profit rate %

Average Maturity Period

Days 2021 Islamic Banks 1.65 4 2020

Islamic Banks 2.72 10 Investment Banks 2.68 7

6. AMOUNT OWING BY MANAGER

2021 2020

RM RM

Creation of unit receivable 9,691,184 1,873,792

Cancellation of unit receivable (1,153,164) (220,246)

Management fee accrued (157,904) (147,648)

8,380,116 1,505,898


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7. DISTRIBUTION

The Manager with the approval of the Trustee has declared an income distribution of 17.00 sen (gross) (17.00 sen net) per unit to be distributed in the form of units for the financial year ended 28 Februrary 2021 [2020: Income distribution of 6.00 sen (gross) (6.00 sen net) per unit to be

distributed in the form of units for the financial year ended 29 Februrary 2020].

Distribution to unitholders is as follows:

2021 RM

2020 RM

Dividends income 1,442,818 1,660,596

Profits from Islamic deposits 197,017 384,390


Profits from sales of investments 57,567,384 6,603,340

Undistributed profit for the year (44,516,103) (159,229)

14,692,901 8,490,938

Expenses 3,066,640 2,473,551

Taxation - -

11,626,261 6,017,387

Unit in circulation 68,389,772 100,297,750

Gross distribution per unit (sen) 17.00 6.00

Net distribution per unit (sen) 17.00 6.00

8. UNIT HOLDERS’ CAPITAL

2021 2020

Unit RM Unit RM

Balance brought forward

100,297,750 128,856,153 76,437,000 101,441,324

Creation of

units during the period

86,563,838 137,431,133 37,880,149 44,477,954

186,861,588 266,287,286 114,317,149 145,919,278

Cancellation

of units during the period

(118,471,816) (193,192,080) (14,019,399) (17,063,125)

Balance

carried forward 68,389,772 73,095,206 100,297,750 128,856,153


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FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021 9. NET ASSET VALUE

Net Asset Value is derived after deducting the total liabilities of the Fund from the Fund’s total assets.

To comply with MFRS 9 in preparing these Financial Statements, quoted Shariah-compliant shares and Shariah-compliant warrants have been valued at the bid price at the market close on Bursa Malaysia at the reporting date as compared to the Deed of Trust which sets market value at

the last quoted price on Bursa Malaysia for the determination of the selling price and purchase of unit trusts at that date.

Accordingly, on 28 February 2021 and 29 February 2020 the adjustment of

the net asset value per unit for the purpose of distributing to the unit holders of the unit trust as at the above dates is as follows:-

2021 2020

RM RM/Unit RM RM/Unit

Net asset value per unit for the distribution of unit trust

133,348,792 1.9498 113,004,849 1.1267

Net asset value difference when

complying with MFRS 9

454,799 0.0066 357,963 0.0036

Net asset value per unit attributable to the unit holders as disclosed in

the Financial Statements

132,893,993 1.9432 112,646,886 1.1231

10. UNREALISED PROFIT/(LOSS) ON CHANGES IN FAIR VALUE OF INVESTMENTS 2021

RM 2020

RM

Unrealised profit on quoted Shariah - compliant shares

31,621,396 129,445

Total unrealised profit 31,621,396 129,445

Less: Unrealised profit of previous year

129,445

1,349,930

31,491,951 (1,220,485)

11. MANAGEMENT FEE

The fee paid to the Manager, PMB INVESTMENT BERHAD is computed on a

daily basis at 1.5% per annum on the Net Asset Value before deducting

Management fee and Trustee fee for that particular day.


(55)


12. TRUSTEE FEE The fee paid to the Trustee, AMANAHRAYA TRUSTEES BERHAD is computed

on a daily basis at 0.05% per annum on the Net Asset Value before deducting Management fee and Trustee fee for that particular day.

13. TRANSACTIONS WITH BROKER/DEALER (01/03/2020 – 28/02/2021) Broker/Dealer

Transaction Value

RM

%

Commission & Fee

RM

%

AmInvestment Bank Bhd. 55,002,105 12.55 128,597 12.45

Maybank Investment Bank Bhd

49,189,739 11.23 116,065 11.23

KAF Equities Sdn. Bhd. 37,872,042 8.64 82,884 8.02

Alliance Investment Bank Bhd.

35,254,230 8.05 90,748 8.78

Affin Hwang Investment Bank

Bhd. 31,713,644 7.24 77,782 7.53

Hong Leong Investment Bank Bhd.

30,578,179 6.98 73,602 7.12

Public Investment Bank Bhd. 29,947,617 6.83 62,298 6.03

Macquarie Capital Securities (M) Sdn. Bhd.

28,668,191 6.54 67,186 6.50

CGS – CIMB Securities Sdn.

Bhd 27,680,852 6.32 61,293 5.93

RHB Investment Bank Bhd. 27,116,553 6.19 63,768 6.17

MIDF Amanah Investment Bank Bhd.

26,275,709 6.00 61,888 5.99

BIMB Securities Sdn Bhd 24,222,834 5.53 69,283 6.71

Kenanga Investment Bank

Bhd 23,864,659 5.45 57,948 5.61

TA Securities Holdings Bhd. 10,715,042 2.45 19,888 1.93

Total Transaction 438,101,396 100.00 1,033,230 100.00


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FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021 14. TAXATION

2021 RM

2020

RM

Taxation for the period - - Taxes are imposed at a rate of 24% on dividend chargeable income less allowance allowed at 10%.

The reconciliation between tax expense and accounting profit multiplied by 24% tax rates for the financial period ended 28 February 2021 are as follows:-

2021 RM

2020

RM

Profit / (Loss) before taxation 87,634,315 4,956,131

Taxation at the rate of 24% 21,032,236 1,189,471

Tax effect of income not subject to tax (21,768,229) (1,783,123)

Tax effect of expenses not allowed 735,993 593,652

Taxation for the period - -

15. MANAGER’S AND DIRECTORS’ INTERESTS

The details of the interests of the Manager and Directors of the Company in the Fund are as follows:-

2021 2020

(a) Unit Holding

PMB INVESTMENT

BERHAD

Nil Nil

Directors

Nil

Nil

(b) Expenses

Management fee paid and accrued

RM1,892,531 RM1,602,070

Transactions between Fund, Manager’s and related parties are based on normal business transactions. The holding of the Manager’s unit is based

on beneficial holdings.


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16. MANAGEMENT EXPENSES RATIO (MER)

MER is calculated as follows:- 2021 2020

MER =

Fees + Expenses incurred x 100

Average net asset value of the Fund calculated on a daily basis

1.61%

1.61%

The ratio of total fees and expenses of the Fund over the daily average net

asset value of the Fund for the financial year then ended is reasonable. The ratio of total fees and expenses of the Fund over the daily average net asset value of the Fund for the financial year then ended is reasonable. 17. PORTFOLIO TURNOVER RATIO (PTR)

PTR is calculated as follows:

2021 2020

PTR =

(Total acquisition + Total disposals)/2

Average net asset value of the

Fund calculated on a daily basis

1.74 times

1.48 times

The turnover ratio of the average amount of the purchase cost and the sale of investments over the daily average net asset value of the Fund for

the financial year then ended is reasonable.

18. FINANCIAL INSTRUMENTS

a) Classification of financial instruments The table below provides an analysis of financial instruments categories as follows:

i) Amortised Cost (AC)

ii) Fair Value Through Profit or Loss (FVPL)

iii) Fair Value Through Other Comprehensive Income (FVOCI)


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FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021 18. FINANCIAL INSTRUMENTS (CONT.)

a) Classification of financial instruments (Cont.)

2021 Carrying

Amount

AC

FVPL

MFRS 9 RM RM RM

Financial Assets

Quoted Shariah – compliant

shares in Malaysia

125,851,735

-

125,851,735

Amount owing

by Manager 8,380,116 8,380,116

Amount owing

by stockbroking companies

- -

-

Profit receivable from Islamic

deposits

700 700 -

Dividend

receivable 38,000

38,000

-

Al-Wadiah

savings 10,251,613 10,251,613

-

144,522,164 18,670,429 125,851,735

2021 Carrying

Amount

AC MFRS 9 RM RM

Financial Liabilities


Distribution 11,626,261 11,626,261


11,635,814 11,635,814


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18. FINANCIAL INSTRUMENTS (CONT.) a) Classification of financial instruments (Cont.)

2020 Carrying Amount

AC

FVPL

MFRS 139 RM RM RM

Financial Assets

Quoted Shariah –

compliant shares in Malaysia

93,297,793

-

93,297,793

Amount owing by

Manager 1,505,898 1,505,898

-

Amount owing by

stockbroking companies

2,917,826

2,917,826

-

Profit receivable from Islamic

deposits

6,351 6,351

-

Dividend

receivable 60,972 60,972 -

Al-Wadiah savings 21,390,041 21,390,041 -

119,178,881 25,881,088 93,,297,793

Carrying Amount

AC

2020 MFRS 9

RM RM

Financial Liabilities Amount owing to stockbroking

companies

512,362 512,362


Distribution 6,017,865 6,017,865


6,539,638 6,539,638


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19. SIGNIFICANT EVENT DURING THE FINANCIAL YEAR

The worsening of the macro-economic outlook as a result of COVID-19, both domestically and globally, has impacted the Fund’s performance during the financial year.

The Manager continues monitoring the situation closely and will be managing the portfolio to achieve the Fund’s objective.

20. APPROVAL OF FINANCIAL STATEMENT

The financial statements have been approved for issue by Manager on the date of these financial statements.


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SCHEDULE A

LIST OF INVESTMENTS AS AT 28 FEBRUARY 2021

RM RM % A

QUOTED SHARIAH-COMPLIANT SHARES

MAIN MARKET

CONSTRUCTION

1 GDB Holdings Bhd 6,830,000 4,407,981 5,907,950 4.45

Total 4,407,981 5,907,950 4.45

CONSUMER PRODUCT & SERVICES 1 Poh Huat Resources

Holdings Bhd

2,591,000 4,440,868 4,275,150 3.22

Total 4,440,868 4,275,150 3.22

HEALTH CARE 1 Duopharma Biotech Bhd 1,300,000 4,989,319 3,991,000 3.00

2 Pharmaniaga Bhd 1,000,000 5,225,426 4,250,000 3.20

Total 10,214,745 8,241,000 6.20

INDUSTRIAL PRODUCTS & SERVICES 1 Kejuruteraan Asastera

Bhd

3,170,000 3,258,104 4,786,700 3.60

2 Press Metal Aluminium

Holdings Bhd

550,000 4,780,090 5,225,000 3.93

3 P.I.E. Industrial Bhd 1,429,600 4,690,597 4,817,752 3.63

4 Rubberex Corporation

(M) Bhd

2,500,000 5,375,364 3,225,000 2.43

5 SKP Resources Bhd 1,800,000 3,978,956 4,104,000 3.09

6 V.S. Industry Bhd 1,900,000 4,881,946 5,662,000 4.26

Total 26,965,057 27,820,452 20.94

PERCENTAGE NUMBER OF AT AT OF NET NO. NAME OF INVESTMENT SHARES COST FAIR VALUE ASSET VALUE


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SCHEDULE A LIST OF INVESTMENTS AS AT 28 FEBRUARY 2021

RM RM % A

QUOTED SHARIAH-COMPLIANT SHARES

MAIN MARKET

TECHNOLOGY

1 Awanbiru Technology

Bhd

4,600,000 3,810,030 4,531,000 3.41

2 D&O Green Technologies

Bhd

2,000,000 2,527,512 8,040,000 6.05

3 Frontken Corporation Bhd 1,444,300 3,894,351 7,524,803 5.66

4 GHL Systems Bhd 3,000,000 4,208,951 5,250,000 3.95

5 Globetronics Technology

Bhd

1,700,000 3,988,724 4,845,000 3.65

6 Greatech Technology

Bhd

1,350,000 5,557,263 8,221,500 6.19

7 Malaysian Pacific

Industries Bhd

133,000 4,003,418 4,921,000 3.70

8 Mi Technovation Bhd 1,830,000 4,096,146 8,418,000 6.33

9 Pentamaster Corporation

Bhd

750,000 2,938,039 4,717,500 3.55

10 UWC Bhd 1,140,000 1,449,073 7,341,600 5.52

11 Vitrox Corporation Bhd 350,000 3,002,817 6,020,000 4.53

Total 39,476,324 69,830,403 52.54

ACE MARKET

TECHNOLOGY 1 Supercomnet

Technologies Bhd

2,200,000 4,898,706 4,004,000 3.01

Total 4,898,706 4,004,000 3.01

INDUSTRIAL PRODUCTS AND SERVICES 1 Solarvest Holdings Bhd 2,467,000 3,826,658 5,772,780 4.34

Total 3,826,658 5,772,780 4.34

B QUOTED SHARIAH –COMPLIANT WARRANTS

ACE MARKET

INDUSTRIAL PRODUCTS AND SERVICES

1 Solarvest Holdings Bhd-

WA

616,750 - - -

Total Quoted Shariah –Compliant Share 94,230,339 125,851,735 94.70

Unrealized Profit 31,621,396 125,851,735



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SCHEDULE A

LIST OF INVESTMENTS AS AT 28 FEBRUARY 2021

RM RM %

B ISLAMIC DEPOSITS

1 CIMB Islamic Bank Bhd Commodity Murabahah

5,163,904 5,164,605 3.89

Total Islamic Deposit 5,163,904 5,164,605 3.89

131,016,340 98.59



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9. BUSINESS INFORMATION NETWORK REGIONAL OFFICES Head Office 2nd Floor, Wisma PMB,

No.1A, Jalan Lumut,

50400, Kuala Lumpur.

Tel: (03) 4145 3800 Fax: (03) 41453901

E-mail: [email protected] Central Region 1st Floor , Wisma PMB

No. 1A, Jalan Lumut 50400 Kuala Lumpur Tel: (03) 4145 3800 Fax: (03) 4145 3901

H/P: (013) 7948058 (Suhaila Ridzuan)

E-mail: [email protected]

Northern Region No. 46 1/F Jalan Todak 2 Pusat Bandar Seberang Jaya 13700 Perai, Pulau Pinang Tel: (04) 3909036 Fax: (04) 3909041

H/P: (013) 2710392 (Suhaila Malzuki)

E-mail: [email protected] [email protected]

Eastern Region Lot D103, Tingkat 1, Mahkota Square Jalan Mahkota, 25000 Kuantan, Pahang Tel: (09) 5158545 Fax: (09) 5134545

H/P: (017) 7710117 (Ameer Khalifa Mohd Azman)


[email protected]

Southern Region No. 17-01, Jalan Molek 1/29

Taman Molek, 81100 Johor Bahru Tel: (07) 3522120 Fax: (07) 3512120

H/P: (012) 2070440 (Ahmad Zaki Omar)


[email protected]

mailto:[email protected]


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REGIONAL OFFICES Sarawak No. 59, Tingkat Satu, Jalan Tun Jugah 93350 Kuching, Sarawak

Tel: (082) 464402 Fax: (082) 464404

H/P: (013) 8230645 (John Nyaliaw)

E-mail: [email protected] [email protected] Sabah Lot 16-4, Block C, Level 3 Harbour City, Sembulan 88100 Kota Kinabalu, Sabah Tel: (088) 244129 Fax: (088) 244419

H/P: (013) 8808273 (Hadjira@Azeera Mangguna)


STATE SALES OFFICE: Kedah No. 65, 1st Floor, Kompleks Sultan Abdul Hamid, Persiaran SSAH 1A, 05050 Alor Setar, Kedah Tel: (04) 7724000

E-mail: [email protected] Kelantan

Tingkat 1, Lot 1156, Seksyen 11,

15100 Kota Bharu, Kelantan Tel: (09) 7421791

H/P: (019) 9894866 (Rosnani Ibrahim)


AGENCY OFFICES Kuala Lumpur Abdul Samad Ashaari Al-Fateh, Suite 1402, Level 14, G Tower 199, Jalan Tun Razak

50400 Kuala Lumpur

H/P: (019) 2206085

E-mail: [email protected] Amir Md Yusof

No. 55-1, Jln 3/23A, Off Jln Genting Klang, Tmn Danau Kota, 53300 Kuala Lumpur

H/P: (011) 16776969



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Kuala Lumpur Ahmad Sanusi Husain Tingkat 16, Menara TH 1 Sentral,

Jalan Rakyat, Kuala Lumpur Sentral, 50470 Kuala Lumpur

H/P: (019) 2348786


Melaka

Datuk Md. Ramly Mohamad

No. 253-A, Jalan TMR 3, Taman Melaka Raya

75000 Melaka

Tel: (06) 2815051 Fax: (06) 2815046 H/P: (012) 6093859

E-mail: [email protected] Terengganu

Mohd Nazri Othman No. 472-C, Tingkat 1, Jalan Kamaruddin

20400 Kuala Terengganu, Terenggganu

Tel: (09) 6271820 H/P: (019) 9847878


Kedah

Mohd Azrik Sapee CEO POD 1, Tingkat 4, Wisma Ria

08000 Sungai Petani, Kedah

H/P: (017) 4219195


Institutional Unit Trust Agents: Financial Institutions For Autodebit Services:

iFast Capital Sdn. Bhd.

TA Investment Management Berhad

KAF Investment Funds Berhad

Affin Bank Berhad

Bank Simpanan Nasional

CIMB Bank Berhad

Malayan Banking Berhad/Maybank Islamic Berhad

RHB Bank Berhad/RHB Islamic Bank Berhad

Corporate Unit Trust Adviser (CUTA):

Genexus Advisory Sdn. Bhd


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10. INFORMATION OF INVESTOR RELATION

CUSTOMER SERVICES

You may communicate with us via:-

Investor Relation Careline : (03) 4145 3900

E-mail : [email protected]

Our Customer Service Personnel would assist your queries on our unit

trust funds.

NOTES TO PROSPECTIVE INVESTORS

This report in not an offer to sell units.

Prospective investor should read and understand the contents of the

Prospectus. If you are in doubt, please consult your investment

adviser on this scheme.

Past performance of the Fund is not an indication of future

performance and unit prices and investment returns may fluctuate.


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11. INVESTOR PROFILE UPDATE FORM

Talian Mesra Pelabur: + 603 4145 3900

pmb shariah growth fund · 2020. 11. 2. · interim report - pmb shariah growth fund >>>...

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