AmMetLife Investment-Linked Funds Annual Report 2015 · Investment Strategy 31 Fund Performance 37...

AmMetLife Insurance Berhad Investment-Linked Funds | Annual Report

For the Financial Year Ended 31 March 2015

A N N U A L R E P O R T 2 0 1 5

Investment-Linked FundsFor the Financial Year Ended 31 March 2015

AmMetLife Insurance Berhad (15743-P)

(Formerly known as AmLife Insurance Berhad) A PIDM member



AmMetLife Insurance Berhad headquarters located atMenara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur.



Contents

Chairman’s Message 04

Corporate Profile 06

Investment-Linked Funds Objectives 07

Investment Market Review 11

Investment Outlook 23

Investment Strategy 31

Fund Performance 37

Sectoral and Category Breakdown 51

Comparative Performance Table 61

Summary of Financial Information 69

4



Chairman’s Message

Dear Valued Policyholders,

Global economy entered into 2015 with a set of issues

that will influence its performance. To begin with, the US

economic growth is expected to improve in 2015. Hence the

probability for the US Federal Reserve to raise the policy rate

is becoming higher. Next we have the economic growth in

China projected to be the slowest since 1990 with the risk

of falling into hard landing. The other two BRIC economies

experiencing problems are Russia and Brazil. Then we have

the low inflation in the Eurozone area which eventually paved

way for quantitative easing in an attempt to boost demand

and head off deflation. Falling oil prices will continue to

weigh on oil exporting countries’ economic performance.

Finally, an escalation of the geopolitical tensions in Russia and

Ukraine and in West Asia could have a negative influence on

the economic performance.

For the coming financial year 2016 (FY2016), the Malaysian

economic growth is expected to grow at a moderate pace

of 4.5%–5.5% from 6.0% in 2014. The outlook reflects

some slowdown in domestic demand in the course of

tighter fiscal and monetary conditions. Private consumption

will be moderate underpinned by rising living cost. Despite

headwinds from the oil and gas sector, fixed investment will

continue to expand moderately, driven by new and ongoing

infrastructure projects. Exports are expected to weaken due

to lower commodity prices and weak demand for palm oil

and petroleum products. Inflation is projected to stay around

2.5%–2.7%, reflecting the impact from the implementation

of the Goods and Services tax since 1 April 2015 and the

5





weak Ringgit, partially offset by softer global commodity

prices and demand.

Business and economic conditions are expected to remain

challenging, while compliance requirements increasing

over the longer term. Over the medium-term, we foresee

the banking sector experiencing slower loans growth and

narrower net interest spreads while asset quality may come

under pressure.

We have placed great emphasis on growing our investment-

linked portfolios for this year. For the financial year ended

31 March 2015 (FY2015), the total net asset value of our

investment linked funds is RM100.92 million, a year-on-year

growth in NAV of 8.2%. Our best performing investment-

linked fund for this financial year was AmMetLife Asia Pacific

REITS Fund, giving a commendable return of 15.3% for

the year, driven by the search for yields in a well-diversified

universe of Asia Pacific real estate equities.

We are also happy to state that effective 1 December 2014,

our Fund Manager, AmInvestment Management Sdn Bhd,

has been merged with AmInvestment Services Berhad and is

now housed under a single entity known as AmInvestment

Services Berhad. The funds’ investment objectives and

strategies remain unchanged.

With the birth of a new brand – AmMetLife, a fresh and vibrant

“Live Ready” brand campaign was launched nationwide on

12 August 2014. The campaign underscores AmMetLife’s

philosophy that “Customers are at the heart of everything we

do”, realised by delivering clear, transparent financial security

and stability to Malaysians. We remain committed to help you

reach your financial goals.

We would like to take this opportunity to thank you for your

trust and confidence in our products and services, and we

are ever ready to build enduring relationships with you and

provide expertise and solutions to meet your evolving needs.

Thank you.

Tan Sri Azman HashimChairmanAmBank Group

6



Corporate Profile

AmMetLife is a strategic partnership between AMMB

Holdings Berhad (“AmBank Group”) and MetLife

International Holdings LLC (“MetLife”). AmMetLife

offers a comprehensive range of life assurance and

wealth protection solutions distributed through a

combination of over 175 AmBank and AmMetLife

branded branch offices, in addition to the strength of

its authorised life insurance agents nationwide.

The strategic partnership combines the international

expertise and financial strength of MetLife with the

local strength and reach of AmBank Group to create a

customer-centric and modern life assurance solutions

provider in Malaysia.

We are focused on meeting our customers’ diverse

needs with innovative solutions at different stages of

their lives, making it easier and simpler for families

and individuals to achieve financial security and

pursue more from life.





Investment-LinkedFunds Objective

8



Investment-Linked Funds Objectives

1. AmMetLife Equity Fund

The Fund aims to provide the Customer with capital growth, over a medium to long-term investment horizon, mainly through

investments in Malaysian securities with superior growth potential.

Returns will be obtained via growth in unit price rather than income distribution.

2. AmMetLife Bond Fund

The Fund aims to provide the Customer with an opportunity to gain higher than average income earned from fixed deposits, over

a to long-term investment horizon, mainly through investments in a diversified portfolio of fixed income securities.


3. AmMetLife Balanced Fund

The Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed deposits

with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon.


4. AmMetLife Dana Teguh

The Fund aims to provide the Customer with an opportunity to gain higher than the average income earned from fixed deposits

with a lower level of risk as compared to wholly equity funds, over a medium-term investment horizon, via exposure in Syariah-

compliant Malaysian equities and/or equity-related securities and fixed income securities.


5. AmMetLife Dividend Fund

The Fund aims to provide policyholders total returns primarily through investment in equity and equity-related securities

of companies that offers sustainable dividend payments and attractive yields, emphasizing on long term capital appreciation

opportunities.

Returns will obtain via growth in unit price rather than income distribution.

6. AmMetLife Oasis Islamic Equity Fund

The Fund seeks to achieve moderate capital and income appreciation over a medium to long term by investing in shares of global

Syariah-compliant companies via investments in:

1. AmOasis Global Islamic Equity Fund (Unit Trust – AmInvestment).

2. Equity exposure into Syariah approved counters listed in Bursa Malaysia.


7. AmMetLife Global Emerging Market Fund

The Fund seeks to achieve long-term capital appreciation through investing mainly in:

1. AmGlobal Emerging Market Opportunities Fund (Unit Trust – AmInvestment Services Berhad).

2. Equity exposure into counters listed in Bursa Malaysia.

9





8. AmMetLife Global Agribusiness Fund

The Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmGlobal Agribusiness Fund

(Unit Trust - AmInvestment Services Berhad), that invests in a portfolio of quoted equities of agribusiness. Agribusiness is a generic

term that refers to the various businesses involved in food production.

9. AmMetLife Precious Metals Fund

The Fund seeks to achieve long-term capital appreciation through investing mainly in a Target Fund, AmPrecious Metals Fund (Unit

Trust – AmInvestment Services Berhad), that invests in a portfolio of global Syariah observant equity and equity-related securities

of companies engaged in activities related to gold, silver, platinum or other precious metals.

10. AmMetLife Tactical Bond Fund

The Fund seeks to achieve moderate capital appreciation over the medium to long term horizon through investing mainly in a

Target Fund: AmTactical Bond Fund, a Collective Investment Scheme (CIS) managed by AmInvestment Services Berhad, where the

Target Fund aims to provide income and to a lesser extent, capital appreciation, by investing primarily in bonds.


11. AmMetLife Asia Pacific REITS Fund

The Fund seeks to achieve moderate capital appreciation over the medium to long term horizon, investing mainly in a Target Fund:

AmAsia Pacific REITS Fund, a Collective Investment Scheme (CIS) managed by AmInvestment Services Berhad, where the Target

Fund aims to provide regular income and to a lesser extent, capital appreciation over the medium to long-term by investing in real

estate investment trusts (REITS).


12. AmMetLife Commodity Stable Capital Guaranteed Fund

The Fund seeks to provide capital growth over the tenure of the Fund whilst providing capital protection at the Maturity Date.



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11

InvestmentMarket Review

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Investment Market Review

AmMetLife Equity Fund, Balanced Fund, Dana Teguh, Dividend Fund, Bond Fund

Equity Market ReviewAsia equities dropped substantially and it was the worst monthly

performance since last June’s initial ‘taper tantrum’. Several

Emerging Market Central Banks (notably Turkey, India and South

Africa) hiked interest rates to backstop currencies and bolster

investor confidence. In addition, there were concerns about

China’s economic momentum and financial stability and US

economic health. China’s HSBC flash PMI for January surprised

on the downside at 49.6 (the first sub-50 reading in six months).

US non-farm payroll also indicated softening domestic economic

momentum. The KLCI closed 3.3% lower at 1,804 points. Selling

pressure was also seen in developed and emerging markets

during the month with the MSCI Asia ex-Japan Index falling

5.1% in January.

Weak US and China economic data continue to affect market

sentiment in February. However, by third week of February most

of Asian markets have recovered the losses. People Republic

of China (PBOC) affirmed its tightening bias and activity albeit

economic data pointed to further slowdown. Asia’s most

prominent local macro development was also the Chinese

Yuan’s abrupt depreciation which was its biggest drop since

China’s 1994 devaluation. The depreciation of Yuan was to

discourage ‘hot money’ inflows and set the stage for expected

foreign exchange regime liberalization rather than an export-

minded monetary easing. Indeed the PBOC in recent weeks

has been absorbing liquidity through open market operations,

which would be counterproductive. However, KLCI rebounded

somewhat from the selloff in January, in line with Wall Street and

regional markets. Second and third liner stocks were particularly

active and enjoyed strong interest. The KLCI ended the month

1.8% higher at 1,836 points.

March started on a cautious note as Russia’s decision to

speedily absorb the Crimea following the March 16 sovereignty

referendum kept investors guessing as to the extent of potential

economic repercussions. In addition, Janet Yellen’s first FOMC

meeting as Chair, triggered a modest asset market stumble as

the Committee not only maintained the established US$10bn/

meeting pace of asset-purchase ‘tapering’, but indicated its short-

term target interest rate may rise earlier or faster than previously

anticipated. However the index gained towards end of the month

as expectations of policy easing in China and improving sentiment

towards EMs generally made for a strong return of cross-border

flows to Asian equities. The KLCI ended the month 0.7% higher

at 1,849 points.

April was basically a sideways market for the KLCI as investors

continued to focus on the small cap stocks. However, closer to

the month-end, we saw some signs of profit taking in the overall

small cap sector and some penny stocks declined sharply. Ukraine

potential crisis continue to affect the market sentiment despite

US economic numbers gain traction. Besides that China economic

data continued to disappoint investors as well. As a result, US and

regional markets were also sideways in April. The KLCI ended the

month 1.2% higher at 1,871, with buying support coming in the

past few days.

However, the positive momentum did not continue in May

although there were two positive key economic data released. The

strong data failed to excite the market in general. Bank Negara

Malaysia maintained the overnight policy rate (OPR) at 3.00%

for the 18th consecutive meeting since July 2011. However, the

central bank sent a strong signal that rate hikes are on the cards

in view of the firmer growth prospects, above-average inflation,

and the signs of continued build-up of financial imbalances.

Real GDP recorded a stronger-than-expected growth of 6.2%

YoY in 1Q2014 (+5.1% in 4Q2013), lifted by robust domestic

demand and improving exports. Private consumption growth was

encouraging despite rising domestic cost pressures, while overall

investment growth remained firm due to the execution of ETP

projects.

On the other hand, corporate results released during the month

were not inspiring and has dampened market sentiment. The

KLCI ended the month a marginal 2 points or 0.1% higher at

1,873 points.

June was a decent month as the KLCI again squeezed out several

new all-time high days. The annual installment of Invest Malaysia

was held on June 9–10 to a record attendance. Unfortunately,

there were no major announcements to excite the market.

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As expected, the FOMC (Federal Open Market Committee)

tapered its asset purchase program by another $10 billion, evenly

split between US treasuries and agency MBS. This will reduce the

purchases of treasuries in July to $20 billion (from $25 billion) and

the purchases of agency MBS to $15 billion (from $20billion. The

FOMC was more confident about the post-winter reacceleration

of the economy and said that growth in economic activity has

rebounded in recent months, labour market indicators generally

showed further improvement and business fixed investment

resumed its advance. However, the GDP growth forecast for 2014

was revised downward, with a central tendency of 2.1–2.3%,

down from 2.8–3.0% in March.

However, tapering is no longer a major market mover and unless

there is a major change to the economic outlook, the pace of

tapering is expected to remain $10 billion/meeting. Investors are

watching when FOMC will start its rate hiking.

The imminent issue which was the concern last month was the

situation in Iraq. However, US published encouraging set of May

economic numbers. US Institute for Supply Management (ISM)

Manufacturing Index expanded to 55.4 in May from a reading

of 54.9 in April. Surprisingly strong U.S. sales from automakers

in May bolstered the upbeat view on the factory sector and

suggested manufacturing poised for further growth. Auto sales

surged 11.4% from a year earlier to a seasonally adjusted annual

16.77 million unit rate, the strongest pace since February 2007,

according to research firm Auto Data. This has helped to push

sentiment in June globally.

The KLCI ended the month 9 points or 0.5% higher to close at

1,882 points.

July was an erratic month as the KLCI scaled new all-time highs

early in the month only to come under slight selling pressure

towards month end amid the escalating geopolitical tension in

the Ukraine and the Middle East, the US equity market marked

another high over the month, buoyed by solid economic data

(Q2 GDP, payrolls, job openings and CPI). The July FOMC meeting

confirmed another incremental step down in asset purchases

and market expect the program to wind up around October.

The committee also acknowledged that economic activity has

rebounded from the Q1 contraction, but it is still looking for signs

that the slack in the labour market is easing and a pick-up in

housing growth.

However, towards the final week of July, US stocks tumbled. The

Dow and S&P 500 were posting their first monthly drop since

January, as investors are worried about Europe’s economy due

to the sanctions against Russia, an Argentine default and a jump

in U.S. labor costs prompted concerns about corporate margins.

Chicago’s PMI was also significantly below expectations, dropping

10 points to 52.6.

China’s 2Q growth recovery was better than market expectations

due to a slew of stimulus measures focusing on increasing

spending on railway and social housing using its own money.

The major corporate development during the month was the

potential CIMB, RHB and MBSB merger after Bank Negara gave

the green light to proceed with negotiations at Board level. The

shocking loss of flight MH17, just a few months after MH370,

was the other major headline. Results released during the month

were decent as out of 12 companies we cover that released

results, seven were in line, three above and only two below. The

KLCI ended the month 11 points or 0.6% lower to close at 1,871

points.

August was another erratic month as the KLCI saw heavy selling

pressure early in the month but slowly clawed back all the losses

on the back of Wall Street’s strength. US market reached its all-

time high at the end of August as US investors welcome a series

of good economic numbers.

However, Malaysia corporate results released during the month

were again disappointing, but the impact on overall share prices

was muted. The KLCI ended the month 5 points or 0.3% lower

to close at 1,866 points. The broader market underperformed

the KLCI as the FBM Emas fell 0.7% MoM to 12,995 points.

Small cap underperformed too as the FBM Small cap fell 2.4% to

18,605 points while the FBM ACE was down 2% to 6,904 points.

Export growth slowed in June slowed due to the moderation

in both E&E and non-E&E shipments. Real GDP growth rose

further to 6.4% YoY in 2Q2014 (vs. 6.2% in 1Q2014). On a qoq

seasonally adjusted basis, the economy grew by 1.8% (+0.8%

in 1Q2014). Net exports lifted overall GDP growth. However,

domestic demand moderated but private consumption growth

remained strong.

September was a weak month, with the KLCI sliding to its six-

month lows as investors digested August’s poor results season.

The weak market sentiment also affected by news over slowing

economy in Europe and China whilst economic data in US was

weaker than economists’ expectations. The Chinese government’s

14



refused from ramping up credit supply are increasingly being

tested by a run of data showing that the world’s second-biggest

economy is sliding into a deeper slowdown, dragged by a cooling

housing sector. Export growth has been unsteady, and a cooling

housing market is undermining already softening domestic

demand. Prices for Chinese steel and iron ore futures have

slumped to record lows, while oil, copper, rubber and other raw

materials have also skidded on fears of slowing China demand,

which is rapidly leaving the United States as the only major driver

of world economic growth.

Smaller cap stocks resumed their outperformance after August

short breather. The KLCI ended the month 20 points or 1.1%

lower to close at 1,846 points. The broader market also ended

the month lower but managed to outperform the KLCI, with

the FBM Emas falling 0.5% MoM to 12,925 points. The FBM

Small cap index rose 0.3% to 18,666 points while the FBM ACE

climbed 0.5% to 7,279 points. Average daily value traded on

Bursa in September declined 15% MoM to RM2.14 billion.

October was a very volatile month, with concerns about a whole

host of issues weighing down on global markets including the

weakening economies of Europe and Japan, the conflict in Iraq

and Ukraine as well as the Ebola health scare. Wall Street led

global markets into a sharp fall and also dragged markets up

when it rebounded. The Kuala Lumpur Composite Index (“KLCI”)

fell below the 1,800 point psychological support level for the

second time this year but managed to recoup all of its losses and

change.

November was another relatively volatile month as the KLCI gave

back much of the sharp rebound enjoyed in October despite Wall

Street’s continued strength before pushing higher again towards

the end of the month. The major results season in November

was a disappointment and that dampen market sentiment.

Nonetheless, the KLCI managed to stay above the 1,800 point

psychological support despite the volatility. For the month, the

KLCI slipped 1.9% or 35 points to close at 1,820 points.

Volatility in market remained in the month of December as

the KLCI plummeted to a new 52-week low of 1,671 before

rebounding on the back of window dressing activities. Despite

Wall Street’s continued strength to new all-time highs, the KLCI

appears to be dancing to its own tune at the moment. There

were concerns over the weak oil price which will affect negatively

Malaysia’s GDP in 2015 hence government’s ability to stick to its

plan and depreciating Ringgit. For the month, the KLCI plunged

60 points to close the year at 1,861 points.

Fixed Income Market ReviewDuring the period under review, the local bond market saw

yields declined, where the yield curve flattened. Buying interest

for local bonds returned gradually on expectations that foreign

fund outflow are less compared to 2013, but concerns over the

potential Overnight Policy Rate (OPR) hike in 2014 somewhat

depressed the buying interest.

Back in 2014, there was an adjustment in the electricity tariff

which accounted for 2.88% of total Consumer Price Index (CPI),

which was not expected to have a significant impact on headline

inflation for 2014. Nevertheless, Malaysia’s headline inflation

rate continued to edge higher to 3.2% in 2014 from 2.1% in

2013. This is largely attributed to the second-round price effects

from the earlier subsidy cuts (i.e. fuel subsidy cuts and increase in

electricity tariffs). In line with higher inflation expectations, Bank

Negara Malaysia (BNM) raised the overnight policy rate (OPR) to

3.25% in July 2014 (from 3.00%), citing the need to manage the

financial imbalances. BNM said the “normalisation” of monetary

policy was needed to ward off risks of financial and economic

imbalances that undermine growth. It said that its new stance

remained supportive of the economy, which it saw showing

continued strength in exports and private sector activity.

In October 2014, the government also announced Budget 2015

which strives to strike a balance between ensuring a sustainable

domestic growth whilst maintaining fiscal discipline. Total

expenditure for Budget 2015 is RM273.9 billion, which is RM9.

8 billion (3.7%) higher than the initial budget for 2014, with

RM223.4 billion for Operating Expenditure and RM50.5 billion for

Development Expenditure purposes. Other key highlights include

(1) Gross Domestic Product (GDP) projected to grow 5.5%–6.0%

in 2014 and 5.0%–6.0% in 2015; (2) headline inflation projected

to be around 3.4% in 2014 and increase to 4.0%–5.0% in 2015;

and (3) government seeks to lower fiscal deficit to 3.0% of GDP

in 2015 from 3.5% in 2014. Malaysia also abolished subsidies for

RON95 petrol and diesel effective December 1, with retail prices

to be fixed according to a managed float. This announcement

came on the back of a significant decline in global crude prices.

Meanwhile, Malaysia closed the year with an unexpectedly rosy

4th Quarter of 2014 GDP figures. GDP growth strengthened to

5.8% year-on-year (YoY) which is not only better than 3rd Quarter

Investment Market Review (Cont’d)

15





of 2014 growth of 5.6% but significantly above consensus

expectation of 5.0%. Again, stronger private sector investment

and consumption cushioned the economy amidst slower

net exports and public sector investment. Overall, Malaysia’s

economy grew at its fastest pace in four years at 6.0% in 2014,

accelerating from 4.7% in 2013.

In January 2015, the Bank Negara (BNM) monetary policy

meeting committee (MPC) kept its OPR unchanged at 3.25% for

the third consecutive time, in line with market expectations. In its

statement, BNM turned cautious on the global economy outlook,

highlighting that “volatility in international financial markets has

increased amid shift in global liquidity and heightened uncertainty

particularly with regards to global growth prospects and the

decline in commodity prices.” Nevertheless, BNM still expects the

domestic economy to remain on a steady growth path despite

lower energy and commodity prices, underpinned by growth in

domestic demand while investment activity is projected to remain

resilient, thus cushioning the lower oil and gas-related investment

activity. Given as such, the BNM views the current monetary policy

stance to be still accommodative and appropriate at this juncture.

Prime Minister Dato’ Sri Najib Tun Razak addressed the impact of

plunging oil prices on the economy on the 20th January with a

revised 2015 Budget which is based on a lower and more realistic

oil price assumption of USD55 per barrel. The key takeaways are

as follows:

• 2015GDPgrowthexpectationsloweredto4.5–5.5%

(from 5.0 – 6.0% previously)

• 2015inflationforecastloweredto2.5%–3.5%

(from 4.0%–5.0% previously)

• 2015fiscaldeficittargetwidenedto3.2%ofGDP

(from 3.0% previously)

Operating expenditure was to be cut by RM5.5 billion while

development expenditure will be kept unchanged at RM48.5

billion.

The local bond market strengthened further in 1st Quarter of

2015 on the back of weaker crude oil prices that may hamper

GDP growth in 2015. An earlier expectation of a rate hike in 2015

has diminished, re-igniting buying interest for local bonds.

- by AmInvestment Services Berhad

AmMetLife Oasis Islamic Equity Fund Market ReviewFeeder Fund: AmOasis Global Islamic Equity

Target Fund: Oasis Crescent Global Equity Fund

The global economy has continued to be characterised by clear

policy divergences in the first quarter of 2015, with further easing

in the Euro area and Japan causing major currency devaluations

in these regions. By contrast anticipation of higher interest rates

in the US has caused the dollar to surge during the quarter, which

is expected to keep inflation and growth more contained in the

near term. A number of emerging economies have responded

to declining inflation and growth expectations by easing of

monetary conditions, as a restructuring of the Chinese economy

continues to weigh on import demand and hence commodity

prices. Although geopolitical uncertainties are perceived to be

elevated, the decision by OPEC to maintain oil production at

elevated levels is expected to drive global growth to 3.6% in

2015, through substantially lower oil prices and hence greater

purchasing power amongst net oil importing economies.


AmMetLife Global Emerging Market Fund Market Review Feeder Fund: AmGlobal Emerging Markets Opportunities

Target Fund: Schroders ISF Global Emerging Market

Opportunities

Global equities generated solid gains over the year ending

March 2015. The US was one of the strongest markets as macro

data improved and the Federal Reserve (Fed) scaled back its

quantitative easing programme, completing its final taper in

October. Speculation continued as to when the first rate rise will

take place; however expectations were recently pushed back to

December as economic data moderated and the Fed lowered its

key rate expectations and expressed concern over the strong US

dollar. European equities were negative as economic indicators in

the region continued to deteriorate. This prompted the European

Central Bank (ECB) to take a series of measures to ease monetary

policy, culminating in the launch of sovereign quantitative easing

in March – under which the central bank pledged to purchase

$60 billion of assets per month. Meanwhile, the price of oil fell

48.9%, largely in late 2014, due to rising supply in the face

of relatively lackluster global demand. A strong US dollar also

characterised the period, and was negative for emerging markets.

16



The MSCI Emerging Markets (EM) index posted a negative return

and lagged its developed world peers.

At the start of the period, our core markets were Brazil, China,

Hungary, South Korea, Qatar and the UAE. In July 2014 we

added Turkey, given attractive valuations and supportive earnings

revisions, despite ongoing sensitivity to US monetary policy

adjustments and the risk associated with its poor funded current

account deficit. At the same time we removed Hungary given

concerns over high external debt and a deteriorating EPS outlook.

We added India to the core list in October 2014. Although

the market appeared fully valued at the time, the underlying

economy and earnings showed signs of improvement amid

ongoing optimism towards the government’s reform agenda.

included Thailand owing to improving EPS growth and reasonable

valuations. We removed Brazil as a result of political uncertainty

ahead of the election. In November we removed Qatar given rich

valuations. In January 2015 we removed Thailand and added

Hungary in March.

The best performing market on our core list was India, which

rallied strongly as Narendra Modi’s BJP party won a general

election, becoming the first single party for over twenty years to

win a majority. This is expected to enable the government to push

through much needed reforms. Thailand also recorded a strong

return. Despite some uncertainty following a military coup in May

2014, the market rebounded on the back of renewed stability

at a political level. Chinese equities were firmly up. Although

growth has slowed to 7% year on year (YoY), performance was

bolstered by a liquidity driven rally towards the end of the period

as the securities regulator announced it would permit mainland

mutual funds to invest in Hong Kong stocks via the Shanghai-

Hong Kong Connect scheme. Qatar posted a positive return,

supported sharp gains in Gulf International Services. Hungary

delivered a negative return, largely owing to poor performance

from pharmaceutical company, Gedeon Richter, which saw its

sales in Russia hit by trouble depreciation. Korean equities fell

as GDP growth moderated and the government took measures

to boost the economy. Local equities also came under pressure

due to corporate governance concerns. In the UAE the market

was impacted by negative sentiment stemming from heavy oil

price declines. It was a relatively volatile period for the Turkish

market given the country’s high current account deficit and a

large external debt. However, lower oil prices are positive for the

country and spurred a rebound in the local market. However,

gains were undone by friction between the central bank and

President Erdogan, which undermined the credibility and

independence of the central bank, and contributed to pressure

on the lira. Brazil was the worst performing core market. The re-

election of President Dilma Rousseff in October was followed by a

drop in the local market, amid concerns over her administration’s

ability to combat slowing growth and above target inflation.

The appointment of a new finance minister has spurred a return

to more orthodox policy making whilst the central bank has

raised rates to tackle inflation and also abandoned its currency

intervention programme. However, near term macro data

remained weak.


AmMetLife Global Agribusiness Fund Market ReviewFeeder Fund: AmGlobal Agribusiness

Target Fund: DWS Global Agribusiness

Global equity markets posted decent gains in the year through

March 31st 2015, led by double digit gains for the US, softness

in Europe and very divergent developments within Emerging

Markets, which overall were unchanged. The year was marked

by rising tensions over the Russia-Ukrainian conflict, the spread

of the Ebola virus in Africa, outbreaks of violence in the Middle

East, a sharply falling oil price and the strengthening of the US

Dollar. The US equity market was supported by good economic

and employment data, rising corporate profits and the absence

of any inflation concerns. The European equity markets were

affected by continued tensions in Eastern Europe and, later in the

period under review, by the Greek government-debt crisis and

resulting contentious bailout negotiations with the Eurozone.

Within Emerging Markets, India was among the best performers

boosted by the election of reform candidate Narenda Modi

whereas Russia and its currency, the Ruble, dropped sharply due

to Western sanctions and the sharp drop in the price for oil, its

main export product.



17





AmMetLife Precious Metals Fund Market ReviewFeeder Fund: AmPrecious Metals

Target Fund: DWS Noor Precious Metals Securities Fund

Gold and precious metals equities looked to be performing in line

with the US Dollars (USD) moving into the first quarter of 2015,

but quickly resumed their fall, ongoing since the second quarter

of 2014, as USD strength prevailed and downward pressure from

the sell-off in oil took its toll. We began to see capital expenditure

in the oil space be curtailed. Growth remained elusive in Europe

and Japan, and slower growth in China and other emerging

markets aggravated capital flight into Organization for Economic

Co-operation & Development (OECD) markets (i.e. the U.S.). We

remain convinced that the yield differentials, particularly between

the US vs Europe and Japan, will continue to drive USD strength

and will likely prove to be a near-term headwind for Gold.

Global Economic Concerns

Gold and the USD traded together moving into 2015: the Dollar

Index Spot (DXY) (trade weighted dollar) was up by 5% to its

trade partners and gold was up over 8%, marking an unusual

move as the dollar and gold typically have an inverse relationship.

This unusual positive correlation between gold and the DXY were

short-lived as the DXY continued to strengthen against its trading

partners while gold contracted by more than 5% by the end

of February. We attribute this move to a resumption of a more

normal relationship.

With that in mind, capital flight increased ahead of the European

Central Bank (ECB) Quantitative Easing (QE) plan expected

to commence on March 9, 2015. ECB President Mario Draghi

announced a QE strategy lasting from March 2015 to September

2016 and amounting to over $1 trillion worth of bond purchases.

Amidst the backdrop of a massive QE program, it is our view that

gold and the USD will be part of a broader safe-haven trade as

yields in Europe, most notably with the Swiss Franc (CHF), have

turned negative owing to capital flight out of the Euro (EUR).

Ordinarily, we would argue that the QE would be more definitive

for a risk-on trade. While we do anticipate some risk-on trading

to take place as the QE commences, we have taken note of

the massive one-day move of the CHF to the USD (+17.6%)

and the EUR (+18.8%) which came on the back of the Swiss

National Bank abandoning its peg to the EUR. The removal of

this peg, which had been in place since 2011, resulted in an

immediate realization of pent-up demand for CHF. In our view,

the broader implication of the move in the CHF and other non-

European Union (EU) member countries (like Denmark, Iceland,

and Sweden) reflects their status as “destination currencies” as

capital flight ensues from the Euro. These non-EU currencies are

in such high demand that bond appreciation has actually driven

yields into negative territory. We believe this is significant in that

it illustrates markedly strong demand for safe haven.

Since the introduction of Abenomics in March of 2013, we have

been cognizant of the fact that gold does not pay a yield. Since

that time, QE in the United States (US) has come to an end, an

additional round of QE has been introduced in Japan, and an

overly-telegraphed (i.e. no surprise to the market) QE strategy

was recently introduced in the EU. We believe that this latest QE

package will be less effective owing to very low yields within the

EU and negative yields for other non-EU, European currencies.

Upon consideration of a negative and ultra-low yield environment

in Europe that stands in stark contrast to much higher yields in

the US, we believe the Euro is a one-way trade (i.e. down for

the next several quarters). In fact, in consideration of negative

yield in non-EU currencies, the 0 yield in Gold is relatively better

and, therefore, part of a broader safe-haven trade consisting of

Dollars, Gold, and non-EU currencies.


AmMetLife Tactical Bond Fund Market ReviewTarget Fund: AmTactical Bond Fund

In April 2014, after spooking the market with a potential rate

hike timeline by mid-2015, the US Federal Reserve Chairman,

Janet Yellen, worked to restore investor confidence with a dovish

speech where she reassured markets that the Fed was not bringing

forward US rate hikes because it still has work to do to achieve

its dual mandate. This brought some relief to the market which

found further confidence when China released its 1Q2014 GDP

figure which showed an increase of 7.4% YoY, beating market

expectation of 7.3%, thereby tempering fears of a hard landing

scenario. On the domestic front, Malaysia’s headline inflation

held steady at 3.5% in March, indicating stabilization after seven

consecutive months of increase. Malaysia also reported stronger

foreign reserves in the month of April which grew by 0.7% MoM

USD131.1 billion. Elsewhere, industrial production growth was

6.7% YoY in February while export growth continued to sustain

at a strong double-digit rate of 12.3% YoY in February (+12.2%

18



in January). BNM also released its annual report where it revised

its GDP target to 4.5–5.5% for 2014 compared to the Ministry

Of Finance’s target of 5.0–5.5%. BNM’s conservative lower end

of the GDP target is to allow for unexpected downside risks from

further fiscal consolidation measures as well as disappointments

in global growth.

In May 2014, while Bank Negara Malaysia once again kept the

Overnight Policy Rate unchanged at 3.00% as expected, the tone

of its Monetary Policy Statement has turned relatively hawkish

compared to previous MPC statements, stating that “the degree

of monetary accommodation may need to be adjusted” if

needed, so as to address risks posed by the build-up in economic

and financial imbalances in the local economy. The change in

BNM’s tone was followed by the improved economic outlook

for Malaysia in 2014 following the recent release of the strong

1Q 6.2%YoY GDP numbers which surprised the market that had

earlier a consensus expectation of only 5.7%YoY. The growth

was driven by better Exports that rose 7.9%YoY versus 5.7% in

4Q2013 and also Government Spending that grew a very strong

11.2%YoY.

In June 2014, several market liberalization measures were

announced by our Prime Minister, Datuk Seri Najib Tun Razak

during Invest Malaysia 2014. These include the removal of

mandatory requirement for corporate bond credit ratings,

allowing foreign credit rating agencies and unit trust management

companies to operate in Malaysia and allowing the trade ability of

unrated bonds and sukuk. Meanwhile, Malaysia’s unemployment

rate fell to below 3.0% for the first time since June 2013, coming

in at 2.9% in April compared to 3.0% in March. On the inflation

front, the CPI index eased further to an increase of 3.2% YoY, in

May compared to 3.4% in April.

In July 2014, Bank Negara Malaysia raised the Overnight Policy

Rate by 25bps to 3.25%, in line with market expectations. This

came on the back of a stronger economic growth outlook, above

long-run average inflation and concerns over the continued build-

up in economic and financial imbalances, which was highlighted

by BNM in the previous MPC meeting. Nonetheless from the

recent MPC statement, BNM appeared to leave the option open

for further policy rate normalization although this would largely

be dependent on the trend of economic data coming in over the

next few months, especially if signs of inflationary pressure as

well as whether risks posed by growing financial imbalances are

contained.

In August 2014, Malaysia reported its 2Q2014 GDP growth figures

which came in at a higher-than-expected +6.4% YoY versus

consensus expectation of +5.8%. This beat our neighboring

peers such as Indonesia (2Q +5.1%), Thailand (2Q +0.4%) and

comparable to Philippines (2Q +6.4%). Malaysia’s 2Q2014 GDP

growth was the fastest since 1Q2013 and was boosted primarily

by net exports as exports grew (+14.2% YoY) faster than imports

(+8.6% YoY) during the quarter. Meanwhile, private investments

increased on the back of a better global outlook with investments

in the services and manufacturing sectors remaining firm.

However, private consumption continues to moderate to a softer

pace of +6.5% compared to +7.1% in 1Q2014. Finally, private

spending remains supported by stable employment conditions

and wage growth. On the inflation front, Consumer price index

continues to moderate downwards, coming in at 3.2% YoY in

July (June: +3.3%). The moderate inflation is primarily attributed

to the price of food & nonalcoholic beverages, which rose a

softer 3.1% YoY (June: +3.5%). Lastly, foreign holdings of MGS

continue to rise steadily. For the month of July, foreign net inflows

in MGS totaled RM6.7b, bringing total foreign holdings to

RM154b (June: RM147.3b), the highest on record and increasing

the % of foreign ownership to 48.4% (June: 46.7%). Notably,

total foreign holdings of MGS are again approaching the peak

of 49.5% recorded in May 2013 before the start of QE tapering.

In September 2014, the region continues to see weak exports;

with global cyclical inventory destocking that began since June

2014 and should continue until the end of the year with a

potential pick-up in exports that could begin in December 2014.

However, stronger than expected 2nd Quarter Gross Domestic

Product (GDP) numbers (data released August 2014) in several

markets should support domestic demand in the face of this

negative trade data. In Malaysia, exports growth continued to

be modest at 1.73% Year of Year (YoY) for August 2014 (July

2014: 0.81%YoY, June 2014: 7.9%YoY versus May: 16.2%YoY)

with electrical/electronic and crude oil and exports still weak

compared with May 2014, before global-destocking. During the

month Bank Negara kept Overnight Policy Rate (OPR) unchanged

at 3.25% with the central bank shifting its policy language to a

mild dovish bias to “ensure the sustainability of growth prospects

of the Malaysian economy,” versus mild hawkish language in the

prior policy statement. Malaysia’s trade balance for August 2014

is still in surplus at RM3.86 billion (July 2014: RM3.64 billion) but

far weaker than the RM8 billion–RM10 billion plus levels seen in

April, March and February 2014. However, strong 2nd Quarter of


19





2014 GDP print of 6.4%YoY (expectation: 5.8%, 1st Quarter of

2014: 6.2%) reported in August 2013 should support domestic

sector resilience in the second half of the year.

In October 2014, in-line with the mildly better external economic

data, Malaysia’s Industrial Production for August 2014 beat

expectations at 6.5%YoY (expectation: 5.1%YoY, July: 0.6%YoY)

driven by manufacturing growth of 7.4%YoY (July: 3.2%YoY)

and growth in electricity output 8.4%YoY (July: 5.0%YoY).

Inflation stepped-down as expected to 2.6%YoY for September

2014 from 3.3%YoY in August 2014 (expectation: 2.6%YoY),

given the base effect from the timing of fuel price hike last year

in September 2013 versus the most recent fuel price hike in

October 2014. For Indonesia, the Bank Indonesia reference rate

was left unchanged for an 11th consecutive monthly meeting

at 7.50% at its monetary policy meeting on 7 October 2014.

The rate level is considered tight, with the need to be vigilant on

inflationary pressures and for currency stability in anticipation to

an end to US monetary easing. The Bank Indonesia (BI’s) inflation

target remains at 4.5%±1% for 2014 with the latest September

2014 Consumer Price Index (CPI) growth reading at 4.53%YoY.

The national current account position continues to be stated as

a policy driver for the central bank. In activity data, the HSBC

Indonesia Manufacturing Purchasing Managers Index (PMI)

returned to contractionary territory at 49.2 points in October

2014 after venturing into expansion for September 2014 at 50.7

points, largely in-line with weaker regional growth expectations.

In November 2014, the region generally saw weaker 3rd Quarter

of 2014 GDP numbers driven in part by weak external sector and

government fiscal consolidation that dragged down domestic

demand. However, most economies in the region displayed

stability and resilience mainly due to prudent and effective policy

moves by financial and economic authorities. Meanwhile, there

is also a disinflationary trend likely due to moderating global

commodity prices. In Malaysia, Bank Negara Malaysia (BNM)

left policy rate unchanged at its 6 November 2014 meeting. The

central bank maintained its mild dovish bias. GDP growth in 3rd

Quarter of 2015 printed within market expectations, at 5.6%YoY

(expectation: 5.6%YoY, 2nd Quarter of 2014: 6.5%YoY). The

weakness partly due to high base effect with 3rd Quarter of

2013 GDP at a relatively high RM 200.6 billion (2nd Quarter of

2013: RM193.2 billion, 3rd Quarter of 2014: RM211.7 billion).

On the demand side, there was a drop in Investment 1.1%YoY

versus 7.2%YoY in 2nd Quarter of 2014 and a drop in Exports

to 2.8%YoY versus 8.8%YoY in 2nd Quarter of 2014. However,

we can see evidence of higher Government Expenditure at

5.3%YoY versus -0.5%YoY in 2nd Quarter of 2014. By sector

there was weaker YoY growth in Agriculture 4.0%, Mining

and Manufacturing versus 2nd Quarter of 2014. Inflation for

October 2014 was significantly lower than expected at 2.8%YoY

(expectation: 3.0%YoY, September: 2.6%YoY). The change in CPI

was unsurprisingly driven by Transport +5.3%YoY (September:

+0.5%YoY) which is weighted 14.9% in the CPI index. The

subdued inflation can be attributed to the current general

disinflation effect globally that had dampened the impact of the

recent petrol price hike.

In December 2014, the region generally saw weaker trade data

this month driven large by continued weakness in China and

European Union even as there is some recovery in US import

demand. In Malaysia, CPI saw a step-up to 3.0%YoY in November

2014 (expectation 2.7%, October 2014: 2.8%) due largely to the

12% excise duty hike on Tobacco on 1 November 2014. Exports

contracted more than expected by -3.1%YoY for the month of

October 2014 (expectation: -0.3%, September 2014: +2.0%),

on weak global demand and base effect from the strong uptick

a year ago. However, imports are still strong at 9.1%YoY for

October 2014 (expectation: -0.3%, September 2014: 1.1%), with

intermediate goods still a major component of at 64.3%, capital

goods at 12.1%, while consumer goods is still a small component

at 6.8%. Even so, trade surplus narrowed to RM1.196 billion in

October 2014 from RM9.33 billion in September 2014. IP posted

stronger than expected in October 2014 at 5.0%YoY growth

(expectation: 4.1%, September 2014: 5.4%) on strong mining

sector improvement on better crude oil and gas production.

In January 2015, the economies in the region did not move in lock-

step in January 2015, as the more resilient economies showed

their strength in the volatile global growth environment. Also,

increasingly sophisticated economic and financial policymakers

react with varying policies to shore up their economies. In

Malaysia, there was better than expected improvement in trade

balance for November 2014, at a surplus of RM11.13 billion

(expectation: RM4.10 billion, revised prior: RM1.15 billion), but

mainly due to weakening imports for November 2014 at 0.1%YoY

(expectation: 8.3%YoY, prior: 9.1%YoY). This raises concerns of

potentially weaker growth in December 2014 and January 2015.

Exports rebounded somewhat at 2.1%YoY for November 2014

(expectation: -0.7%YoY, revised prior: -3.2%YoY).

20



In February 2015, the economies in the region generally posted

better-than-expected 4th Quarter of 2014 growth. However,

economists’ expectations for 2015 remain cautious in-line with

regional policymakers which are generally in a dovish to neutral

stance. Another trend running through the Asia Pacific economies

last month was unambiguous disinflation/deflation that should

provide some support for domestic demand in the face of expected

growth weakness for the year ahead. In Malaysia, 4th Quarter of

2014 GDP beat expectations strongly at 5.8%YoY (expectation:

5.0%, 3rd Quarter of 2014: 5.6%). This translate to full year

2014 growth of 6.0% (2013: 4.7%) that is very strong indeed,

beating consensus expectation of 5.9% and comes-in at the very

upper-limit of BNM’s estimate of 5.5–6.0% for the year. By sector,

there is continued weakening and subdued growth in Agriculture

and Manufacturing, but other sectors such as Construction and

Services have rebounded. The stand-out top performing sector

of the economy in 4th Quarter of 2014 is undoubtedly mining

that grew 9.6%YoY. On an expenditure basis, Private Spending

at 7.80%YoY (3rd Quarter of 2014: 6.70%) and Investment at

4.30%YoY (3rd Quarter of 2014: 1.10%) rebounded significantly.

Even though growth in Government Spending at 2.70%YoY (3rd

Quarter of 2014: 5.30%) moderated, this is a credit positive and

in-line with the necessary fiscal consolidation to preserve the

country’s credit profile.


AmMetLife Asia Pacific REITS Fund Market ReviewTarget Fund: AmAsia Pacific REITS Fund

In 2QCY2014, Yellen emphasized on the US Fed’s dovish position;

the US 10-year yield moved below 2.5%, the lowest in almost a

year; the World Bank and IMF cut US growth estimates to 2%.

In 3QCY2014, conflict in the Middle East intensified while China

eased home purchase restriction rules in certain cities. Comment

from Mario Draghi spurred speculation that the ECB was closer

to quantitative easing. During the last 2 quarters, Australia REIT

performances were driven by corporate restructuring and M&A;

in Singapore the REITS staged a recovery in 1QCY2014 but

performance was flattish in 2Q2014 followed by some selling

pressure moving into 3QCY2014 as renewed concerns on higher

interest rates affected investor sentiment; in Japan performance

was to some extent driven by positive sentiment arising from

government policy once the consumption tax hike hurdle was

out of the way.

In November and December 2014, Singapore Real Estate

Investment Trusts (REIT) performance was driven by China cutting

its rates and a decline in the 10-year MAS bond yields while Japan

performance was driven by an 18-month delay in the second

consumption tax hike in addition to a call for a snap election.

Australia REIT performance continued to be chased by investors

looking for yields with the 10-year bond yields compressing.

January 2015 saw some policy stimuli announcements being

made by China (loosening its lending and deposit ratio); Japan

approving USD29 billion in economic stimulus spending and

Europe finally announcing Quantitative Easing (QE). Additional

policy announcements were made in February 2015, with China

cutting its RRR by 50 basis points (bps), Singapore MAS loosening

its policy on the SGD by lowering the slope of the NEER curve.

The Singapore government also extended the tax transparency

regulation for REITS, removing the risk of the incidence of

corporate taxes on REITS providing a minimum of 95% income

is distributed. Japanese REITS underperformed the TOPIX due to

murky prospects of long term interest rates.

In March 2015, the Norwegian Government Pension Fund Global

announced Tokyo and Singapore as targeted Asian property

markets. Australia REITS -2.1%, underperforming the ASX200.

Singapore REITS +0.29%, due to long term interest rates spiking

during the month. Japanese REITS -2% on US rate hike risk and

expectations of domestic economic recovery. However hotel REITS

were notable outperformers, in line with in-house theme picks.


AmMetLife Commodity Stable CGF Market ReviewThe Dow Jones-UBS Commodity Excess Return (DJUBS) Index fell

5.14% in March MoM (Month-on-Month) with the YoY (Year-on-

Year) performance dipping by 27.06%. Meanwhile, the MLCX

Enhanced Benchmark A01 Excess Return (MLCXA01E) Index has

lost 4.94% in March to MoM whilst the YoY performance has

also suffered a loss 28.27%. Subsequently, the MLCX AmBank

Commodity Alpha (MLCXAMB) Index captured the performance

differential between the two sub-indices and rose 0.20% MoM

at March 2015 month end. Annually, the YoY performance of the

index has been positive with a gain of 2.37%.

Investment Market Review (Cont’d)Investment Market Review (Cont’d)

21





Underlying Indices Performance Details

Performance Since Inception

Date MLCXAMB MLCXA01E DJUBS

Commencement 169.9859 275.6397 145.1062

31 March 2012 3.82% 1.58% -2.21%

30 September 2012 2.51% 5.10% 2.34%

31 March 2013 3.14% -2.10% -5.26%

30 September 2013 3.58% -9.10% -12.40%

31 March 2014 3.33% -4.04% -7.29%

30 September 2014 4.72% -14.17% -18.20%

31 March 2015 5.78% -28.27% -32.38%

Month-on-Month Performance


Commencement – – –

30 September 2014 -0.02% -6.25% -6.23%

31 October 2014 0.06% -0.75% -0.81%

30 November 2014 0.20% -3.87% -4.07%

31 December 2014 0.76% -6.87% -7.63%

31 January 2015 -0.07% -3.41% -3.34%

28 February 2015 -0.13% 2.44% 2.57%

31 March 2015 0.20% -4.94% -5.14%

Year-on-Year Performance


Commencement – – –

31 March 2012 2.11% -14.47% -16.31%

31 March 2013 -0.65% -3.62% -3.12%

31 March 2014 0.18% -1.99% -2.15%

31 March 2015 2.37% -25.24% -27.06%

22



Oct

-10

Nov

-10

Dec-

10Ja

n-11

Feb-

11M

ar-1

1Ap

r-11

May

-11

Jun-

11Ju

l-11

Aug-

11Se

p-11

Oct

-11

Nov

-11

Dec-

11Ja

n-12

Feb-

12M

ar-1

2Ap

r-12

May

-12

Jun-

12Ju

l-12

Aug-

12Se

p-12

Oct

-12

Nov

-12

Dec-

12Ja

n-13

Feb-

13M

ar-1

3Ap

r-13

May

-13

Jun-

13Ju

l-13

Aug-

13Se

p-13

Oct

-13

Nov

-13

Dec-

13Ja

n-14

Feb-

14M

ar-1

4Ap

r-14

May

-14

Jun-

14Ju

l-14

Aug-

14Se

p-14

Oct

-14

Nov

-14

Dec-

14Ja

n-15

Feb-

15M

ar-1

5

106.0%

105.0%

104.0%

103.0%

102.0%

101.0%

100.0%

99.0%

Performance of MLCXAMB Since Inception


(Source: Bloomberg) - by AmBank (M) Berhad

23





InvestmentOutlook

24



Investment Outlook


Equity Market OutlookAs we look into 2015, we believe that it will be a volatile year

with regions exhibiting highly uneven growth patterns. For 2015,

the story will be normalization, reflating the economy, fighting

deflation and monetary easing for US, Japan, Europe and China

respectively. Slightly elevated valuations in most regions imply that

stock upside will be dependent on earnings delivery. Deflationary

forces from Japan and Europe will probably force the Fed to

delay hiking rates towards end 2015; hence our view of 2 halves,

whereby we believe the markets will continue their uptrend in the

first half while volatility will set in towards the later half of 2015.

China’s economy is slowing but there will be no hard landing.

Valuations are decent and hence, we are comfortable with China.

On the commodities front, rising supply and moderate demand

will keep prices subdued. However, we need to note that all the

above variables are dynamic and non-stationary. We need to be

nimble and to review our outlook regularly to alter our tactical

allocation if necessary.

US

The Fed will probably end its zero interest rate policy towards end

2015 and will become the focus of attention among investors.

A rising USD on the back of a deflating Europe and softer China

will act as a de facto tightening in monetary condition which will

siphon away some growth, hence our view that the rate increase

will be back ended. Moreover, lower oil prices will lead to lower

inflation.

The good news is that falling oil prices will also boost consumer

spending. Oil price has fallen by 30% and with net oil imports

at 1.2% of US’s GDP (source CSFB), this could boost growth by

about 0.4%. Coupled with the fact that the wages and salaries

component of the employment cost index has increased above

2% (highest since 2009) suggesting some form of purchasing

power increase.

The ratio of vacancies to unemployed has broken above its post-

09 trend, hence unemployment rate should continue to fall and

would probably go below 5.5% (full employment technically)

before end 2015.

While we are comfortable with the macro outlook, valuations

are not cheap despite a 10% CAGR EPS growth over the next

2 years. However, US equities are in competition with other

regional equities/asset classes and therefore, need to be valued

on a relative basis. It is in this respect that we believe that there is

further upside in the US equities.

Europe

Recent data give us grounds for cautious optimism outlook on

the economy. The third quarter GDP showed the euro area (both

with and without Germany) growing at 0.6% Q-on-Q and 0.8%

Y-on-Y.

Euro core inflation is undershooting the ECB’s 2% target but the

good news is that it has stabilized at close to 1%. Compared to

the ECB, the Federal Reserve and Bank of Japan have embarked

on huge, unprecedented and sustained expansions of their

balance sheets and yet, the core inflation in these economies is

not really that distinguishable!

The other point to note is that the vast majority of the European

economy is driven by food and energy. With declining food and

energy prices, we doubt anybody would be complaining about

lower food and energy bills. This should boost consumption and

corporate earnings even though wages are stagnant.

China

Recently, we saw encouraging home price stabilization and

peaking housing inventory in the 10 largest cities. While the

non-manufacturing PMI continues its downtrend, we suspect

that growth slowdown could be plateauing. Looking ahead, we

expect some pick up in housing sales, accelerated fiscal spending

(infrastructure) and more monetary easing to increase the supply

of credit. We have been arguing that monetary condition has been

too tight and recent easing has acted as a catalyst for the market

to rebound. All in all, while economic growth at 7% might not

be that inspiring compared to recent years, the downside risks

should also be limited, assuming correct policy implementation.

From what we can decipher from recent government

announcements, increasing domestic consumption, deepening

reforms, creating jobs and maintaining stability have been the

key objectives in achieving steady growth. The main rationale is

that the leadership believes that the new normal GDP pace is

25





approximately 7% and the economy’s ability to generate jobs

has improved in recent years, making it unnecessary to push for

excessive growth to absorb labor supply.

We believe that the recent rally in Chinese stocks has largely

been due to mean reversion from depressed levels rather than

overshooting. Therefore, any correction would be an opportunity

to add exposure. Over the next 6 months, we expect the mean

reversion process has further upside and downward pressure

would occur only if the following conditions rear its head:

• Extended/richvaluation

• Monetarytightening

• Globalgrowthslump

Fixed Income Market OutlookAs the central banks across the world continue to surprise

the market on the dovish side, the International Monetary

Fund warned the world’s leading economies to “prepare for a

prolonged period of lower growth rates” which some economists

have labeled “secular stagnation”. China, for example, is still

struggling to avoid a sharp contraction in the growth of potential

output while the United States is showing signs of slowing

growth with Q12015 GDP of 0.2% YoY, way below consensus

expectation of 1% growth.

As two of Malaysia’s biggest trade partners, any significant

contraction in the economic growth of both countries will

likely put a constraint on the Government’s target to reduce its

budget deficit, which is essential to providing room for boosting

government spending in periods of slower growth. Furthermore,

Malaysia’s shrinking trade surplus is a constant worry as the

Government tries to avoid a twin deficit scenario.

While the consensus expectation is for the first hike to happen

in September 2015 and at a gradual pace, the impact to interest

rates in general is on the uptrend over the medium to long term.

However, in the short term, volatility in bond yields, currencies

and even the equity market are expected to spike and Malaysia

will likely face the brunt of it, being part of the Emerging Markets.

Locally, the stabilizing crude oil prices have alleviated some of the

pressure on the Government’s finance but the persistently high

household debt will likely constrain consumption growth amid

subdued retail spending in the face higher prices from the twin

effect of GST and a weaker Ringgit. We continue to watch the

following key trends to which will impact the decision of policy

makers in the near term:

• Moderatinginflation–Thefallincrudeoilpricescontinue

to impact inflation positively. As of March 2015, Malaysia’s

YoY CPI growth remained below 1%. However, moving

forward, the full impact of the GST (in effect as of 1

April 2015) is expected to be felt in the form of a spike in

inflation, but with expectation that will smoothen out past

six months.

• Privatesectorinvestment–Privatesectorinvestment(which

rose 13.9% in 2014) has been supporting Malaysia’s GDP

growth since the introduction of the ETP Programme and

is expected to continue to do so albeit at a slightly slower

pace (high single digit growth). The focus for private sector

investment continues to be in the manufacturing and

services sectors which are more resilient when compared to

the resources sector.

• Exports–Malaysia’sexportswillbepressuredbydeclining

crude oil prices. Crude oil and refined petroleum products

cumulatively account for 13.6% of overall exports.

However, key to Malaysia’s export performance in the near

future will be natural gas and palm oil prices which have

proven resilient and/or yet to reflect the fall in crude oil

prices.

• Ringgitweakness–TherecentdepreciationoftheRinggit

has benefitted our manufacturers and in particular the

E&E sector. With increased competitiveness and greater

demand driven electronic products such sensors used in the

auto industry, smart phones and tablets, there are optimism

that the gains from the E&E sector will offset the weakness

from the resources sector.

While we continue to monitor the impact of the factors outlined

above, we reiterate our view that BNM remain well tilted towards

maintaining the sustainability of Malaysia’s growth, rather than

inflation. We also note that the continuous drop in Malaysia’s FX

reserves, due to sizable capital outflows have given fears to the

possibility of some upheaval in the capital markets. Nevertheless,

there are some evidences that long term foreign money remain

sticky as the market looks beyond the short term impact of lower

crude oil prices and the weakening Ringgit, to factor in the

fundamental strength of the Malaysian economy which according

to Bank Negara will still grow a respectable 4.5%–5.5%.


26



AmMetLife Oasis Islamic Equity Fund Market OutlookFeeder Fund: AmOasis Global Islamic Equity


Global equity markets have not moved much from the prior

quarter. However, the volatility has increased significantly.

Emerging Market equities have continued to lag the Developed

Market peers with overhangs such as the depressed oil price,

devalued currencies, political and social risks. On the opposite

side of the coin the economic prospects of the Developed

Markets have improved and consequently attracted inflows.

Emerging Market companies in aggregate have continued to

gear up their balance sheets in contrast to Developed Market and

with the inevitable turn in the rate cycle, demand for good quality

counters with strong balance sheets are likely to accelerate.


AmMetLife Global Emerging Market Fund Market Outlook Feeder Fund: AmGlobal Emerging Markets Opportunities


Opportunities

US dollar strength remains one of the key headwinds for GEMs

who historically have tended to struggle versus developed markets

in a dollar strengthening environment. The outlook for the USD

remains uncertain given the dollar has already strengthened

significantly and the US authorities may wish to temper further

appreciation given ramifications for the economy’s competitive

position. That said, we believe a dollar strength trend could

continue for some time yet, not least given ongoing divergent

monetary policy in the developed world. More recently, the

prospect of a delay to the first interest rate hike has led the

USD to stabilise. Lower commodity prices and the potential for

progress towards a re-synchronization of global growth should

support GEM exporters in particular, although commodity

exports are likely to continue to be weighed on by the economic

transition underway in China. There is a case to be made that

the headwinds facing GEMs have been priced in and the level

of investor bearishness has become overstated; the MSCI EM

index has been range bound since 2010 and has now exceeded

its previous longest stretch of underperformance versus the MSCI

World since the 52 month period at the end of the 1990s. This

has led valuations to be attractive and GEMs are trading at the

largest discount to the S&P 500 for over 10 years. Overall then,

we note the recent rebound in GEMs and remain constructive

on the outlook for GEMs, albeit we do not believe this are the

start of a more prolonged bull run given too many uncertainties

remain. Our portfolio is fully invested with a beta just below 1 but

we remain net underweight the more cyclical sectors.


AmMetLife Global Agribusiness Fund Market Outlook Feeder Fund: AmGlobal Agribusiness


As the northern hemisphere planting season approaches farmers

are making their final decisions as to the type of crop that are

going farm, which will ultimately determine the seeds they will

purchase as well as the nutrient mix and crop chemicals that will

be applied. We have discussed before that the majority of these

farmers have very strong balance sheets, and even in the current

agricultural commodity environment are expected to deliver

strong cash receipts.

In the U.S. it is expected that farmers will plant approximately

89 million acres of corn, down marginally (2%) from the record

levels last year. Soybean acres should increase slightly; however,

larger gains are expected in barley, sorghum, and sunflowers.

These planting intentions bode well for the seed industry and

the nutrient and chemical manufacturers as corn seeds command

premiums due to the significant embedded technology, and this

crop is significantly more fertilizer intensive. Furthermore, from a

global perspective farmers look to be in a better condition than

they have over the past few months. Specifically, the most recent

currency depreciation in Brazil, Argentina, and Russia has not

been accompanied by declining commodity prices. As a result,

farmers in these regions may see margin growth as their costs are

in local currencies and their outputs are priced in dollars.

Not all regions in the United States are looking equal for farmers

this year. California is experiencing its fourth consecutive year

of drought, and lawmakers in the state recently had to approve

$1 billion in drought spending. Record low rainfall and limited

snow over the winter have left reservoirs less than half full.

Approximately 80% of California’s water supply goes toward

its $48 billion dollar industry which focuses on dairy and meat,

specialty crops and vegetables. Globally, countries like Australia

and New Zealand which produce a similar mix of crops will likely

need to be called on if production is impacted.

Investment Outlook (Cont’d)

27





On the consumer side there has been another round of mergers

and acquisitions, this time involving Warren Buffet and 3G in a

Heinz/Kraft merger. The market responded very favorably to this

acquisition as management indicated that significant synergies

could be achieved through large cost cutting programs and by

leveraging their clout with retailers. Interestingly, both Heinz and

Kraft are exposed to very limited category growth areas which

tend to reflect broader developed market food growth rates.

While we see value in this type of combination it is clear that many

of these national brands are facing large underlying problems.

Competition from both private label and organic food is drawing

consumers away from these companies. The consumer remains

split with a large segment focusing on value, and another who is

willing to pay significantly more for health and nutrition products.

Our investments in Panera, Ebro Foods, TreeHouse, ConAgra, The

Fresh Market, Select Harvest and Noodles to name a few, could

take part in this continuing trend.


AmMetLife Precious Metals Fund Market OutlookFeeder Fund: AmPrecious Metals


In our view, elusive growth in Japan, emerging markets, and

now Europe will likely remain elusive as rates have already been

very low with little to no growth to show for it. We believe that

should the Fed raise rates, we will likely see even more significant

appreciation of the USD relative to other currencies. This additional

USD strength will work to blow out the balance of payments and

choke off much-needed, burgeoning economic growth. USD

strength will be beneficial to those countries that export in USD,

but the problem lies with the duration of that trade. If borrowing

requirements of exporting nations do not drop significantly

enough, or if inflation starts to materialize more significantly as a

consequence of currency devaluation, capital controls may have to

be implemented. Additionally, many emerging market exporters

(i.e. Russia) are experiencing a massive drop in commodity export

prices (i.e. oil) where currency devaluation has weighed on Gross

Domestic Product (GDP). In such cases of devaluation amidst

falling export prices, the net effect is a much weaker economy

as hard currency receipts are scarce and borrowing requirements

require higher yields to attract capital.

USD strength is also a problem for the US economy, as weaker

exports will weigh on much-needed economic growth. US

economic growth is already coming into question in the

aftermath of falling oil prices. Although lower prices at the pump

support consumption, we do not fully understand the broader

implications the weaker oil price will have in the US, which has

seen oil production almost double over the past 6 years. Should

oil prices remain at current subdued levels, we could begin to

see production declines and hydrocarbon-related job losses.

Additionally, too much USD strength accompanied by massive

capital flight from the EUR and Emerging markets may prompt the

U.S. to reconsider additional QE. Should new QE be introduced

by the US Fed after its recent culmination, we believe that a faith

crisis would ensue in the markets with central banks around the

world and that FIAT currency would come under massive pressure.

Gold

The latter half of 2014 presented a challenging environment for

the entire gold and precious metals complex, putting an abrupt

end to the recovery we observed in 1H 2014. In November

2014, short-term headwinds remained strong for gold as Japan

and Europe, battling with elusive growth, continued to act

or contemplate further QE. Gold was hit further by the OPEC

decision not to cut production on November 27 and the resulting

sell-off in crude (oil had sold off by more than 10% the day after

the OPEC meeting), as well as continued USD strength. We saw

an end to QE in the US, capital flight challenges, substantially

reduced yields in the EU periphery markets, and trade imbalances

among the US and its trading partners, all signaling an increase

in risk aversion moving into 2015 where we began to see capital

expenditure in the oil space be curtailed.

Capital flight increased ahead of the ECB QE plan expected

to commence on March 9, 2015. ECB President Mario Draghi

announced a massive QE strategy lasting from March 2015 to

September 2016 and amounting to over $1 trillion worth of

bond purchases. Amidst this backdrop, it is our view that gold

and the USD will be part of a broader safe-haven trade as yields in

Europe, most notably with the CHF, have turned negative owing

to capital flight. Ordinarily, we would argue that QE would be

more definitive for a risk-on trade. While we do anticipate some

risk-on trading to take place, we have taken note of the massive

one-day move of the CHF to the USD (+17.6%) and the EUR

(+18.8%), which came on the back of the Swiss National Bank

abandoning its peg to the EUR (in place since 2011) and resulted

in an immediate realization of pent-up demand for CHF. In our

view, the broader implication of the move in the CHF and other

non-EU member countries (like Denmark, Iceland, and Sweden)

28



reflects their status as “destination currencies” as capital flight

ensues from the Euro. These non-EU currencies are in such

high demand that bond appreciation has actually driven yields

into negative territory, which we believe is significant in that it

illustrates markedly strong demand for safe haven.

With that in mind, we believe that this latest overly-telegraphed

(i.e. no surprise to the market) QE package will be less effective

owing to very low yields within the EU and negative yields for

other non-EU, European currencies. Upon consideration of a

negative and ultra-low yield environment in Europe, the 0 yield

in Gold is relatively better and, therefore, part of a broader safe-

haven trade consisting of Dollars, Gold, and non-EU currencies.

Gold Equities

Gold and precious metals equities faced significant headwinds

in the latter half of 2014, as the entire gold and precious metals

complex struggled to find direction. Risk-on, risk-off trading

persisted amidst improving US economic data. As expected, the

Fed ended QE in October. This was met with a weaker EUR and a

material increase to stimulus in Japan, which had been contracting

since the 2nd quarter. The BOJ announced a substantial increase

to their stimulus program and increased pension allocations to

equities on October 31, at which point prospects of the first

rate hike began to weigh on Gold. Gold ETF outflows continued

as dollar safe haven demand increased relative to EUR and JPY

weakness. In January 2015, Gold and precious metals equities

looked to be performing in line with the USD, but quickly

resumed their fall, ongoing since the second quarter of 2014, as

USD strength prevailed and downward pressure from the sell-off

in oil took its toll.


AmMetLife Tactical Bond Fund Market OutlookTarget Fund: AmTactical Bond Fund

The scenario of a two speed global economy continue to play

out as the US Fed Reserve remain on track to hike interest rate

in the 2H2015 while the rest of the world remain largely dovish.

The People’s Bank of China (PBOC) in China for example has

just announced interest rate cuts of 25 basic point (bp) to the

benchmark deposit and lending rate effective 1 March 15. Not

only is this earlier than market expectation, but there are further

expectations that the PBOC will continue with the monetary

loosening by cutting the benchmark interest rate twice and the

RRR three times for the rest of the year.

The anticipated monetary policies by the two largest economies

would invariably have some impact on Malaysia’s economy.

Already facing high levels of household debt, weak global trade

and declining crude oil prices, Malaysia’s policymakers have

recently acknowledge greater challenges in terms of future Gross

Domestic Product (GDP) growth. The following factors will be key

trends to watch out for in the next six months:

• Moderatinginflation–Thefallincrudeoilpriceshasalready

impacted inflation positively. As of January 2015, Malaysia’s

Consumer Price Index (CPI) has dropped to 1% YoY which

indirectly benefitted consumers in terms of boosting real

purchasing power. While the imminent implementation of

the Goods and Services Tax (GST) next month will push up

inflation, it is expected to smoothen out past six months.

• Private sector investment – Private sector investment (which

rose 11% in 2014) has been supporting Malaysia’s GDP

growth since the introduction of the Economic Transformation

Programme (ETP) Programme and is expected to continue to

do so albeit at a slightly slower pace (high single digit growth).

The focus for private sector investment continues to be in the

manufacturing and services sectors which are more resilient

when compared to the resources sector.

• Exports – Malaysia’s exports will be pressured by declining

crude oil prices. Crude oil and refined petroleum products

cumulatively account for 13.6% of overall exports. However,

key to Malaysia’s export performance in the near future will

be natural gas and palm oil prices which have proven resilient

and/or yet to reflect the fall in crude oil prices.

• Ringgitweakness–TherecentdepreciationoftheRinggithas

benefitted our manufacturers and in particular the Electrical

and Electronics (E&E”) sector. With increased competitiveness

and greater demand for electronic products such as sensors

used in the auto industry, smart phones and tablets, there are

optimism that the gains from the E&E sector will offset the

weakness from the resources sector.

While near term challenges persist, Bank Negara Malaysia

(“BNM”) still expects the Malaysian economy to remain on a

steady growth with domestic demand and private investment

remaining the key growth driver. For now, the Government’s

economic growth forecast of 4.5–5.5% remains intact in spite of

the headwinds mentioned above.

While we monitor the impact of the factors outlined above, we


29





reiterate our view that BNM remain well tilted towards maintaining

the sustainability of Malaysia’s growth, rather than inflation. As

more Central Banks join the monetary easing bandwagon, the

prospect of an interest rate cut by BNM has also increased with

JP Morgan the first to call for an interest rate cut, as soon as

2nd Quarter of 2015. In the coming months, the global markets

will continue to see whether crude oil prices have bottomed

and stabilized around the USD50 – USD60 range, what further

measures will China introduce to support its economic growth

and when will US finally hike rates. These events will continue

to influence the direction of Malaysia’s policy makers and hence

capital markets.


AmMetLife Asia Pacific REITS Fund Market OutlookTarget Fund: AmAsia Pacific REITS Fund

The recent US payroll data suggest greater likelihood that the Fed

could delay its rate hike to 2016. Monetary conditions remain

conducive for equities which supports a pro-risk stance. Eurozone

on the other hand is likely to benefit from lower oil prices, weaker

currency, easing austerity and negative to mildly positive credit

growth are reasons for near term optimism although a longer

term concern is deflation. China 1Q15 GDP was the lowest since

2010 but came in line with consensus expectations given it is part

of the normalization process. Key objectives of the government

are deepening reform, job creation and maintaining stability.

Policy easing and outright cuts are expected to reverse the tight

monetary environment. The country allocation of the portfolio

largely reflects country weighting in the fund benchmark. The low

interest rate environment in Australia is making higher yielding

asset classes such as REITS attractive to investors. In Japan, like

Australia, the low interest rate environment is driving demand

for higher yielding asset classes. However there is also a growth

angle arising from economic recovery boosted by monetary and

fiscal policy. Singapore continues to be a portfolio mainstay not

just for its weighting but also for its relative stability as a market.

In addition, it is leveraged in global economic recovery given

the exposure of its economy to external economic activity. This

strategy is expected to continue to be adopted given the outlook

on respective countries, barring any unforeseen circumstances

which may substantially shift the macro landscape. Market

corrections will present opportunities in accumulating positions

where growth is expected to be sustainable.


AmMetLife Commodity Stable CGF Market Outlook Looking back over the past year, commodity markets have

continued to barrel lower, with the pace of declines increasing

as global growth reaches a critical point in time, and as the

US Federal Reserve begins to unwind its Quantitative Easing

programme which had propped up commodity prices through

cheap liquidity in the past few years.

The year was capped off by a dramatic slump in crude oil

prices which led to the continuing trend of falling commodity

prices throughout most of 2014 and early 2015. Crude oil fell,

heading for its worst year since 2008 amid a global supply glut,

dragging commodities to a fourth straight annual drop. West

Texas Intermediate crude dropped 2.3 percent to $52.89 a barrel

and the Bloomberg Commodity Index, which tracks 22 products

from crude to copper, decreased 0.8 percent for a 16 percent

slide in 2014. Crude’s 45 percent tumble this year, spurred by the

largest U.S. output in three decades and OPEC’s refusal to cut

production, has caused a major stir in global markets as investors

begin to re-evaluate asset prices.

Over in the grains space, the Russian Ruble crisis rippled through

the global wheat market. As Russia’s currency extended a plunge

to a record low against the dollar at the end of 2014 due to

economic sanctions relating to its insurgency in Ukraine, the

nation slowed grain exports to preserve domestic stockpiles and

keep domestic prices in check. With Russia being the 4th largest

wheat exporter in the world, this led to concerns on the rate of

global supply, which subsequently saw wheat futures jumping

to the highest since May. 2015 began with an expanding global

grain glut drove crop prices to the lowest since 2010, with wheat

futures off to the worst start to a year in four decades. Farmers

collected a record global wheat harvest, U.S. government data

show, and the International Grains Council raised its outlook for

the world’s corn crop. Thailand is preparing unload built-up rice

supplies on an already oversupplied market, and rains are aiding

Brazil’s soybeans. Most raw materials are mired in bear markets,

with the Bloomberg Commodity Index down for a seventh

straight monthly loss, the longest streak since 2009. A collapse

in oil is cutting production costs, and encouraging more output

even amid global surpluses.

In the agricultural sector, palm oil climbed for nine days towards

30



the end of 2014 to head for the longest run of gains in more than

a decade as flooding in Malaysia hurt prospects for harvesting,

compounding a seasonal slowdown in production in the largest

grower after Indonesia.

In the metals space, gold and silver fell, slumping to the lowest

since 2010, as the dollar strengthened after the Bank of Japan

unexpectedly boosted stimulus and the Federal Reserve ended

asset purchases. Gold erased 2014’s advance on October 30, after

U.S. gross domestic product beat estimates. Gold ended October

with a 5.5 percent drop, the most since September 2013. Gold

rose 70 percent from December 2008 to June 2011 as the Fed

bought debt and held borrowing costs near zero percent using its

asset-purchase programme.

According to market players, due to the fact that energy accounts

for as much as half the cost to produce food and metals, all sorts

of commodities will keep dropping due to lower oil prices. With

ample inventories and slowing economies like China, eroding

demand, corn may drop another 3 percent, cotton 6.5 percent

and gold as much as 5 percent.

(Source: Bloomberg)

- by AmBank (M) Berhad


31





InvestmentStrategy

32



Investment Strategy


Equity Investment Strategy

2015 will not be smooth sailing as we believe performance might

be front loaded due to expected rising Treasury yields towards

the later half of the year, USD strengthening and commodity

price weakness. Persistent macro worries will impede PER

multiple expansions and as such, countries with above mean PER,

namely, Indonesia, Thailand and Philippines, will lag. Countries

with lower inflationary pressures from commodity imports, such

as India, Korea and China, will benefit. However, for India, PE

multiples are above mean. With high ROEs, falling commodity

prices, good demographics, better political outlook, falling

current account deficit and monetary easing expected, its high

PE multiples will be supported for now.

Valuations aside, we are also wary of certain political issues:

Indonesia

Jokowi’s administration might not have the public mandate in

parliament to embark on wide-ranging reforms and could be

spending a lot of energy convincing political opponents of the

merits of such reforms.

Thailand

It is not clear on the type of legislative and governing system cum

2016. Secondly, much needed infrastructure investments have

been delayed and this will affect her competitiveness. It is unclear

whether earlier expectations of political and infrastructure

reforms will be pursued with vigour.

Korea

The key concern is dealing with competitiveness against China

(low to mid-end products) and Japan (high-end with Yen

weakness). The conglomerates’ reluctance to increase dividend

payout ratio despite encouragement by the government has also

led to investors’ disappointment. Korea Inc has to embark on

better programmes to foster better corporate governance and to

encourage a more vibrant SME supply chain like Taiwan.

Looking at the consensus earnings expectation, the 2015

downgrades in Asia Pacific ex Japan occurred across every country

except for Singapore, India and Taiwan. All in all, while 2015 will

not be smooth sailing, there are sufficient positives with regards

macro data, deflationary forces from lower commodity and oil

prices to boost consumption and earnings. We doubt there will

be much earnings downgrade except for Korea, Thailand and

Malaysia.

Malaysia

Despite decent GDP growth for the past three years, earnings

growth has been hugely disappointing with low single digit

numbers. As such, despite the market pull back recently,

valuations are only at neutral territory.

The ETP was formulated to bring Malaysia to a high-income nation

but addressing human capital productivity and knowledge-based

transformation is not an overnight issue as much still needs to be

done. Issues such as fuel subsidy removal while necessary, is more

tactical in nature and longer term issues need to be addressed,

less we lose out to our neighbours in attracting FDI. FDI outflows

have exceeded inflows and will affect the balance of payments

especially with lower oil prices and unpredictable large error and

omission in the accounts.

While oil price is weak, we believe that downside is limited based

on oil future contracts. The risk of fiscal reduction increases if

Tapis crude oil price falls below USD65 as government revenues

will be harder hit and cannot be fully offset by fuel subsidy

removal. While the government has the flexibility to postpone

some development projects, perhaps it is better to tighten the

operational issues on expenditure as highlighted by the Auditor

General reports. The key message here is that with lower oil price,

prudent planning and better operational execution are necessary

to keep Malaysia’s fiscal health in check. Failure to do this could

also lead to an exodus of foreigners in MGS, which is worrying.

With GST implementation, subsidy reduction and possible

delayed fiscal implementation, earnings visibility is uncertain.

Based on consensus numbers, expectation over the next 2 years

is 9% per annum(p.a.) growth. With no room for PER expansion,

earnings delivery is key.

Our strategy for 2015 would be to focus on more stable earnings

growth companies such as construction and healthcare. We would

also add weights to dividend-plays like Telco and to focus on

reform beneficiaries such as Tenaga (electric tariff rationalization).

33





While Malaysia is less expensive than her ASEAN neighbours

except Singapore, our key concern is continued earnings

disappointment. Top line delivery would be labored as explained

above coupled with the fact that we are impacted by lower terms

of trade via oil and commodity exports. For now, we expect year-

end 2015 KLCI target at 1850, but we have to stress that visibility

at this point is poor.

Fixed Income Investment Strategy

With expectations of a moderate inflation outlook, slower

economic growth forecast and less optimism this year, we think

the Overnight Policy Rate is likely to stay at its present level of

3.25%. Should economic data show further weaknesses, we do

not discount the possibility of BNM cutting interest rate.

Structurally, we remain cautious as both the local and global

markets are still susceptible to market volatility especially in

anticipation of the US Federal Reserve raising interest rates

sometime in the near future as well as a weakening Ringgit

outlook.

Given expectations of market volatility ahead, we advocate

reinvesting and participating in new issuances to capitalize on

more attractive yields and tactical stance.

For Balanced Fund and Dana Teguh

In view of our market outlook above, we will keep the asset

allocation in the fixed income to its minimal and overweight

equities.


AmMetLife Oasis Islamic Equity Fund Investment StrategyFeeder Fund: AmOasis Global Islamic Equity


We have maintained our investment in high quality companies

that have strong competitive advantages, and the ability to

leverage off those competitive advantages to deliver a higher

level of sustainable Return on Equity (ROE) through the economic

cycle. We believe that companies which have healthy balance

sheets and strong cash flows have the ability to sustain themselves

during challenging economic environments while delivering real

earnings growth over the long-term. Our portfolios trade at a

significant discount to the global equity market across various

measures and provide sustainably higher ROE through the

economic cycle which will deliver real wealth creation for our

clients over the long term.


AmMetLife Global Emerging Market Fund Investment StrategyFeeder Fund: AmGlobal Emerging Markets Opportunities


Opportunities

Our core markets at the start of April 2015 are China, Hungary,

India, South Korea, Thailand, Turkey and the UAE. We have re-

added Thailand after the quarterly model moved it to overweight

owing to improvement in its risk and growth scores.

In China, valuations are attractive and the stable economic

background, combined with a promising reform agenda is

supportive. In Hungary, valuations are attractive whilst the

market offers strong earnings growth. The Indian market is

fully valued but the underlying economy shows signs of further

improvement, whilst there is continued optimism towards the

government’s reform agenda. Despite some ESG concerns, the

South Korean market is attractively valued and the market is a

perceived beneficiary of improving global growth. Elsewhere,

Turkey enjoys attractive valuations, although the market is likely

sensitive to US monetary policy given its wide and poorly funded

current account deficit. We also remain cognizant of political

risks in Turkey, ahead of a general election in June 2015. In the

UAE, we believe the equity market appears to have been overly

impacted by the drop in oil prices and fundamentals generally

remain robust. Thailand offers reasonable valuations and the

economy is improving, despite ongoing political uncertainty.


AmMetLife Global Agribusiness Fund Investment StrategyFeeder Fund: AmGlobal Agribusiness


Over the last 12 months, the Global Agribusiness strategy

benefited from strong performance in our consumer oriented sub

themes: organic food (SunOpta, Royal Wessanen ), ingredients

(Senomyx, Frutarom), private label (Conagra, TreeHouse), and

premier processors (Hillshire, Post Holdings). While organic

food describes the increasing trend to quality awareness, health

aspects and sustainability characters of food, private label deals

more with the lower end of this bifurcated developed world

34



food segment. Private label, or own brands are well known

to European consumers but experience a growth category for

the more brand aware US consumers. The companies selected

for organic food benefitted from better than by the market

expected growth rate with cost and asset base optimization

at the same time. In ingredients (being fueled by increasing

super market penetration and resulting increased packaged

food consumption), we owned very specific companies that

either operate in a biotech/food tech environment (Senomyx)

or that gained market share through consolidating the sector

(Fruatarom). Within private label, Conagra offered restructuring

potential for a company that operates in private label, branded

food as well as food services. Treehouse performed well by being

in the right growth category and doing a good job in integrating

previous acquisitions. Premier processors, which we define as

high quality processors expanding into new global categories

and markets, such as animal protein producer Hillshire (takeover)

and the third largest US cereal producer Post (valuation discount

to peers) helped the performance furthermore.

In our upstream segment, US nitrogen performed very well with

CF industries and Agrium both benefitting from lower natural

gas input costs and stablizing Urea prices as output variables.

Also the potash and phosphate market recovered with increased

demand (potash) and better than expected pricing (phosphate).

Offsetting the performance was weakness in land quality and

operators, a subtheme focused on yield improvement strategies

complemented by increasing farm value appraisals and here

specifically our exposure to Brazil and small positions in Ukrainian

farm operators (SLC and Kernel). Land operators strive to improve

yields and scale economies on existing plots of land via optimising

input factors. A valuation discount to net asset values could be

observed and has been the investment driver and rationale for last

year. Certain new agribusiness technologies such as Agri biotech

(Syngenta, KWS Saat) did not perform to our expectations due

to delayed success of new product introductions and slight

misses on margin targets. It can be generally observed that a

large amount of negative performance was not due to our theme

selection but had been derived from securities with emerging

market exposure in Brazil, China, Russia, and Ukraine as well

as selected Western European securities, across all subthemes.

The strategy experienced several mergers and acquisitions in

2014 including companies that we owned such as Safeway,

Annie’s, Hilshire, Olam International, and Nutreco. Subsequently

we sold these holdings with price performance matching our

target prices. There were also attempted consolidations within

the U.S. nitrogen market, global beverages, global cocoa, and

organic food. Most of these transactions highlight the valuation

attractiveness that has been presented with financing rates close

to historic low levels globally.

Towards the end of the period we have seen an upward shift in

key soft commodity prices, downward inflections in key input

costs such as oil and gas, interesting affordability of nutrients

for farmers, increasing global trade, and diverging consumption

trends. Across the value chain of food we have seen the retention

of attractive valuations where constituent companies have just

finished large scale capital expenditure programs that lead to

increased production and hence revenues and higher free cash

flow generation with increases in dividends and buybacks during

the last 12 months.


AmMetLife Precious Metals Fund Investment StrategyFeeder Fund: AmPrecious Metals


Gold remains range-bound as part of the broader, safe-

haven trade

For now the ECB will print money to buy bonds; however, should

there be a more material demand for capital, there is concern

that rates will have to rise to attract that capital. If this happens,

it could lead to a market correction that would likely have a

contrarian effect on ECB QE. We are watching the situation

closely and are ever-mindful that QE over the past 6 years has

proven less effective with each subsequent stimulus package

that has been introduced. With that said, we are highly skeptical

of the efficacy of the most recent round of QE introduced in

Europe. We believe this will take a quarter or so before the

market begins to question the efficacy of stimulus. Gold will wait

on the sidelines and remain range-bound as part of the broader,

safe-haven trade.

By creating more uncertainty as currency weakness in Europe

and Asia ensues and amidst mounting capital flight challenges

compounded by a strengthening USD, we expect an increase in

risk aversion and a renewed interest in Gold as a non-fiat, safe

haven currency. Additionally, as we expect volatility to increase

given the current imbalances we see among the USD and its

Investment Strategy (Cont’d)

35





trading partners, we anticipate an environment that will prove

a very good buying opportunity for gold and precious metals

equities.

For the Noor Fund, we are focusing on Shariah compliant

companies that could exhibit higher returns on capital. We intend

to exercise the flexibility we have to expand our holdings within

the Shariah compliant universe as volatility continues, positioning

ourselves defensively.


AmMetLife Tactical Bond Fund Investment StrategyTarget Fund: AmTactical Bond Fund

For the financial period under review, The Fund invested primarily

in corporate bonds. The Manager analyses the general economic

and market conditions. The Manager also analyses and compares

securities in terms of expected returns against assumed risk by

analyzing credit rating and duration of the securities, where the

Manager selects securities that would deliver better returns for

a given level of risk. In addition, the Manager may also consider

securities with a more favorable or improving credit or industry

outlook that provide potential capital appreciation. The Fund’s

investment is subject to active tactical duration management,

where duration of the Fund is monitored and modified according

to interest rate outlook without any portfolio maturity limitation.


AmMetLife Asia Pacific REITS Fund Investment StrategyTarget Fund: AmAsia Pacific REITS Fund

For the financial year under review, the Fund achieved its

investment objective, where 70% to 98% of the Fund’s Net

Asset Value (NAV) was invested in REITS listed in the Asia Pacific

region, being Australia, Hong Kong, Japan, Malaysia, Singapore

and Thailand. In addition to country diversification, the Fund also

diversified its sector exposure in residential, retail, commercial

and industrial REITS. The Fund holds between 2% to 30% of its

NAV in liquid assets. These strategies will continue to be applied

going forward.

The Investment Manager employs an active allocation strategy,

which means the asset allocation decisions will be made after

reviewing the macroeconomic trends and sector outlook of the

respective countries in the Asia Pacific region. The Investment

Manager will be targeting REITS with strong track records in

generating regular income returns and which have potential

for capital growth. In evaluating the suitability of a REIT, the

Investment Manager, amongst other factors, will review the

track record, portfolio of assets, financial status, and income

distribution policy and cost factors of the REITS.

In an adverse market condition, the Investment Manager may

switch its asset allocation to lower risk assets such as liquid

assets to preserve the Fund’s capital. During this year, the Fund’s

investment may differ from the stipulated investment strategy.


AmMetLife Commodity Stable CGF Investment StrategyThe MLCX AmBank Commodity Alpha Index (Bloomberg

Code: MLCXAMB Index) tracks a long/short investment in

commodity futures. This long short investment is the MLCXA01

Excess Return Index. It uses a combination of a long and short

investment to generate alpha returns with a net delta exposure

of near zero. The long leg rolls farther out on the curve than

traditional benchmarks and employs weighting and roll window

improvements to enhance returns. There will be no coupon

payment in year 3 and year 4 (2% and 3% was paid in year 1 and

year 2 respectively) and the final coupon in in year 5 will depend

on the performance of the MLCXAMB Index.

- by AmBank (M) Berhad




LEFT BLANK





FundPerformance

38



Since Inception Performance

AmMetLife Equity Fund vs Benchmark

Performance since 27 February 2004 – 31 March 2015

Fund Performance

AmMetLife Equity Fund

Full Year Performance

AmMetLife Equity Fund vs Benchmark

Performance since 1 April 2014 – 31 March 2015

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

9.00

6.00

3.00

0.00

-3.00

-6.00

-9.00

-12.00

AmMetLife EquityFBMKLCI

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Perf

orm

ance

(%)

Month

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00


39





AmMetLife Bond Fund


AmMetLife Bond Fund vs Benchmark



AmMetLife Bond Fund vs Benchmark


Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

6.00

4.00

2.00

0.00

-2.00

AmMetLife BondMBB 12mth Tier 1

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Perf

orm

ance

(%)

Month

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

AmMetLife Bond

MBB 12mth Tier 1

40




AmMetLife Balanced Fund vs Benchmark



AmMetLife Balanced Fund vs Benchmark


Fund Performance (Cont’d)

AmMetLife Balanced FundPe

rfor

man

ce (%

)

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Month

AmMetLife Balanced

50% FBMKLCI & 50% MBB 12mth Tier 1

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

4.00

2.00

0.00

-2.00

-4.00

-6.00

-8.00

-10.00

AmMetLife Balanced50% FBMKLCI & 50% MBB 12mth Tier 1

41






AmMetLife Dana Teguh vs Benchmark

Performance since inception 27 February 2004 – 31 March 2015


AmMetLife Dana Teguh vs Benchmark


Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

6.00

4.00

2.00

0.00

-2.00

-4.00

-6.00

AmMetLife Dana Teguh50% FBM Emas Syariah & 50% MBB 12mth Tier 1

Perf

orm

ance

(%)

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Month

AmMetLife Dana Teguh

50% FBM Emas Syariah & 50% MBB 12mth Tier 1


42




AmMetLife Oasis Islamic Equity Fund vs Benchmark



AmMetLife Oasis Islamic Equity Fund vs Benchmark


Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

20.00

15.00

10.00

5.00

0.00

-5.00

AmMetLife Oasis Islamic EquityDow Jones Islamic Market Index

Apr-0

7

Sep-

07

Feb-

08

Jul-0

8

Dec-

08

May

-09

Oct

-09

Mar

-10

Aug-

10

Jan-

11

Jun-

11

Nov

-11

Apr-1

2

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Perf

orm

ance

(%)

Month

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

AmMetLife Oasis Islamic Equity

Dow Jones Islamic Market Index


AmMetLife Oasis Islamic Equity Fund

43






AmMetLife Global Emerging Market Fund vs Benchmark

Performance since 1 June 2008 – 31 March 2015


AmMetLife Global Emerging Market Fund vs Benchmark


Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

12.00

10.00

8.00

6.00

4.00

2.00

0.00

-2.00

-4.00

-6.00

AmMetLife Global Emerging Market

MSCI Emerging Markets Index

Jun-

08

Mar

-09

Dec-

09

Sep-

10

Jun-

11

Mar

-12

Dec-

12

Sep-

13

Jun-

14

Mar

-15

Perf

orm

ance

(%)

Month

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

-60.00



AmMetLife Global Emerging Market Fund

44




AmMetLife Precious Metals Fund vs Benchmark

Performance since 1 September 2008 – 31 March 2015


AmMetLife Precious Metals Fund vs Benchmark


Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

20.00

10.00

0.00

-10.00

-20.00

-30.00

AmMetLife Precious MetalsFTSE Gold Mines Index

Perf

orm

ance

(%)

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00

-60.00

Sep-

08

Dec-

08

Mar

-09

Jun-

09

Sep-

09

Dec-

09

Mar

-10

Jun-

10

Sep-

10

Dec-

10

Mar

-11

Jun-

11

Sep-

11

Dec-

11

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Month

AmMetLife Precious Metals

FTSE Gold Mines Index


AmMetLife Precious Metals Fund

45






AmMetLife Global Agribusiness Fund vs Benchmark



AmMetLife Global Agribusiness Fund vs Benchmark


Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

10.00

8.00

6.00

4.00

2.00

0.00

-2.00

-4.00

AmMetLife Global Agribusiness

MSCI World Free Index

Perf

orm

ance

(%)

40.00

30.00

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

Sep-

08

Dec-

08

Mar

-09

Jun-

09

Sep-

09

Dec-

09

Mar

-10

Jun-

10

Sep-

10

Dec-

10

Mar

-11

Jun-

11

Sep-

11

Dec-

11

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Month



AmMetLife Global Agribusiness Fund

46




AmMetLife Dividend Fund vs Benchmark

Performance since 27 October 2011 – 31 March 2015


AmMetLife Dividend Fund vs Benchmark



AmMetLife Dividend FundAp

r-14

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

12.00

9.00

6.00

3.00

0.00

-3.00

-6.00

AmMetLife DividendFBMKLCI

Oct

-11

Dec-

11

Feb-

12

Apr-1

2

Jun-

12

Aug-

12

Oct

-12

Dec-

12

Feb-

13

Apr-1

3

Jun-

13

Aug-

13

Oct

-13

Dec-

13

Feb-

14

Apr-1

4

Jun-

14

Aug-

14

Oct

-14

Dec-

14

Feb-

15

Perf

orm

ance

(%)

Month

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

AmMetLife Life Dividend

FBMKLCI

47






AmMetLife Commodity Stable Capital Guaranteed Fund

Performance since 11 October 2010 – 31 March 2015

Oct

-10

Feb-

11

Jun-

11

Oct

-11

Feb-

12

Jun-

12

Oct

-12

Feb-

13

Jun-

13

Oct

-13

Feb-

14

Jun-

14

Oct

-14

Feb-

15

Perf

orm

ance

(%)

Month

3.00

2.00

1.00

0.00

-1.00

-2.00

-3.00

-4.00

-5.00

-6.00

AmMetLife Commodity Stable


48




AmMetLife Asia Pacific REITS Fund vs Benchmark



AmMetLife Asia Pacific REITS Fund vs Benchmark


Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

16.00

14.00

12.00

10.00

8.00

6.00

4.00

2.00

0.00

Bloomberg Asia REIT Index

Perf

orm

ance

(%)

16.00

12.00

8.00

4.00

0.00

-4.00

Sep-

13

Oct

-13

Nov

-13

Dec-

13

Jan-

14

Feb-

14

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Month

Bloomberg Asia REIT Index


AmMetLife Asia Pacific REITS Fund

REITS

REITS

49






AmMetLife Tactical Bond Fund vs Benchmark



AmMetLife Tactical Bond Fund vs Benchmark


Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Perf

orm

ance

(%)

Month

6.00

5.00

4.00

3.00

2.00

1.00

0.00

-1.00

-2.00

AmMetLife Tactical Bond

RAM Quantum ALL MGS Index

Perf

orm

ance

(%)

8.00

6.00

4.00

2.00

0.00

-2.00

-4.00

Sep-

13

Oct

-13

Nov

-13

Dec-

13

Jan-

14

Feb-

14

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Month

AmMetLife Tactical Bond

RAM Quantum ALL MGS Index

AmMetLife Tactical Bond Fund




LEFT BLANK





51

Sectoral and CategoryBreakdown

52



Sectoral and Category Breakdown

AmMetLife Equity FundDetails of portfolio composition of AmMetLife Equity Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Construction 2.91 7.72 3.23 8.25 11.23

Consumer products 3.07 – – – –

Finance 24.83 11.34 5.54 7.58 7.32

Foreign stock – – – – –

Industrial products 8.84 13.03 17.47 4.57 4.01

Infrastructure 3.80 1.31 3.15 – –

Plantations 0.97 – 4.06 5.72 3.83

Properties – 2.97 – – 4.54

REITS – – – 6.84 –

Technology 4.19 – – – –

Trading/Services 44.47 45.85 27.22 43.71 12.78

Warrant – – – – –

Repurchase agreements/Cash 6.91 17.77 39.33 23.33 56.29

100.00 100.00 100.00 100.00 100.00

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Malaysia Unit Trusts 9.75 9.56 7.11 9.40 8.07

Corporate Bonds 82.63 68.18 65.70 79.06 8.86

Malaysian Government Securities – – – – 43.95


100.00 100.00 100.00 100.00 100.00

AmMetLife Bond Fund Details of portfolio composition of AmMetLife Bond Fund as at 31 March 2015 are as follows:

53





AmMetLife Balanced FundDetails of portfolio composition of AmMetLife Balanced Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Construction 3.03 0.45 – 7.61 7.81


Finance 16.59 9.00 5.18 7.27 6.83

Foreign stock – – – – –


Infrastructure 2.85 0.94 – – –

Plantations – – 3.41 5.38 3.41

Properties – 3.02 – – 3.74

REITS – 0.62 – 6.16 –




Corporate Bonds 26.44 24.71 26.95 27.08 11.72

Malaysia Unit Trusts – 9.18 – – 5.94


100.00 100.00 100.00 100.00 100.00

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Construction 5.51 9.19 3.14 11.45 11.30



Infrastructure 3.53 1.39 2.69 – –

Plantations 1.47 – – 4.85 –

Properties 1.88 3.21 – – 3.97




Corporate Bonds 13.64 19.97 22.52 18.31 –



100.00 100.00 100.00 100.00 100.00

AmMetLife Dana TeguhDetails of portfolio composition of AmMetLife Dana Teguh as at 31 March 2015 are as follows:

54



AmMetLife Oasis Islamic Equity FundDetails of portfolio composition of AmMetLife Oasis Islamic Equity Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Construction – – – 8.55 10.21

Consumer products – – – – –

Industrial products – – – 2.88 –

Infrastructure – – – 6.38 –

Plantations – – – 3.84 –

Properties – – – – 2.93

Trading/Services – – – 24.42 9.97




100.00 100.00 100.00 100.00 100.00

AmOasis Global Islamic Equity Fund (“Target Fund”) Sector Allocation*

Note: Source of Target Fund’s sector allocation from AmInvest*As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Basic Materials 8.00 4.00 5.00 9.00 14.00

Communication 20.00 18.00 21.00 19.00 17.00

Consumer, Cyclical 11.00 8.00 7.00 8.00 8.00

Consumer, Non Cyclical 8.00 9.00 6.00 6.00 5.00

Energy 8.00 10.00 11.00 12.00 10.00

Financial – – – – 3.00

Healthcare 19.00 22.00 22.00 19.00 15.00

Industrials 3.00 6.00 8.00 6.00 8.00

Property 1.00 1.00 1.00 1.00 –

Technology 22.00 22.00 17.00 18.00 17.00

Utilities – – 2.00 2.00 3.00

Sectoral and Category Breakdown (Cont’d)

55





AmMetLife Precious Metals FundDetails of portfolio composition of AmMetLife Precious Metals Fund as at 31 March 2015 are as follows:


AmPrecious Metals Fund (“Target Fund”) Sector Allocation*

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %



100.00 100.00 100.00 100.00 100.00

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Diamond – – – –

Gold 70.14 73.46 79.78 71.75 74.05

Platinum – – – – –

Precious Metals & Minerals 15.15 13.09 16.12 12.92 21.08

Silver 12.60 6.77 – – –

Diversified Metals & Mining – 6.60 – – –

Cash and other assets 2.09 0.05 4.07 15.31 4.84

56




AmMetLife Global Agribusiness FundDetails of portfolio composition of AmMetLife Global Agribusiness Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %



100.00 100.00 100.00 100.00 100.00

AmGlobal Agribusiness Fund (“Target Fund”) Sector Allocation*

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Agricultural Products 22.70 19.10 23.60 25.20 29.70

Breweries 3.20 3.70 – – –

Construction/ Farm Machinery – – 2.20 2.40 2.30

Distillers & Vintners – – – – 3.50

Distributors – – – – –

Diversified Banks – 3.20 2.10 2.00 2.70

Diversified Chemicals 3.20 3.70 1.70 – –

Fertilizers & Agricultural Chemicals 39.90 38.20 43.00 40.30 19.80

Food Distributors 2.00 1.50 – – –

Food Retails 2.90 2.90 1.10 6.40 9.20

Gas Utilities – – – – –

Hypermarkets & Super Center – – 2.40 1.50 –

Life Sciences Tools & Service – – 2.10 2.80 –

Marine – – – –

Marine Ports & Services 1.40 1.70 1.50 1.80 –

Other Sectors 3.30 4.30 4.50 – 7.10

Packaged Foods & Meat 16.70 19.50 15.10 12.70 14.40

Paper Products – – – – –

Pharmaceuticals – – – – –

Railroads – 1.30 1.30 0.80 –

Restaurants 2.80 0.90 – – 2.80

Speciality Chemicals – – – – –

Cash & Others Sectors – – -0.60 4.10 2.50

Not Classified 0.90 – – – 6.00

Soft Drinks 1.00 – – – –


57





AmMetLife Global Emerging Market FundDetails of portfolio composition of AmMetLife Global Emerging Market Fund as at 31 March 2015 are as follows:

AmGlobal Emerging Market Opportunities Fund (“Target Fund”) Sector Allocation*

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %



100.00 100.00 100.00 100.00 100.00

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %

Consumer Discretionary 12.97 15.87 10.26 19.49 12.77

Consumer Staples 5.11 3.37 9.98 1.08 –

Derivatives – – – -0.01 –

Energy 3.71 10.12 5.00 11.57 13.18

Financials 33.68 34.12 40.74 27.82 36.22

Health Care 3.72 0.90 1.20 – –

Industrials 3.98 2.59 4.48 5.06 6.90

Information Technology 24.10 18.14 13.77 12.87 2.79

Materials 1.94 3.29 3.26 6.51 8.91

Not Classified – – – – –

Telecommunication Services 3.86 3.63 7.74 – 3.81

Utilities 1.18 – 0.24 2.25 2.06

Others Net Asset – – – 13.36 –

Cash 5.75 7.97 3.33 – 13.35


58




AmMetLife Commodity Stable Capital Guaranteed FundDetails of portfolio composition of AmMetLife Commodity Stable Capital Guaranteed Fund as at 31 March 2015 are as follows:

AmMetLife Dividend FundDetails of portfolio composition of AmMetLife Dividend Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 % % % % %


Structured Instrument 98.12 98.11 98.10 98.24 98.27


100.00 100.00 100.00 100.00 100.00

FY 2015 FY 2014 FY 2013 FY 2012 % % % %

Construction 3.89 4.96 – –

Consumer products 2.00 – – –

Finance 24.41 13.88 12.60 13.29

Industrial products 8.88 3.89 10.13 6.11

Infrastructure 4.13 4.99 4.61 5.92

Plantations 0.48 – – 5.46

Properties 0.00 7.41 3.06 –

REITS – 4.53 4.08 16.56

Technology 5.30 – – –

Trading/Services 44.23 41.11 9.15 24.59

Repurchase agreements/Cash 6.68 19.24 56.37 28.07

100.00 100.00 100.00 100.00

59





AmMetLife Asia Pacific REITS FundDetails of portfolio composition of AmMetLife Asia Pacific REITS Fund as at 31 March 2015 are as follows:

AmAsia Pacific REITS Fund (“Target Fund”) Sector Allocation*

AmTactical Bond Fund (“Target Fund”) Sector Allocation*

AmMetLife Tactical Bond FundDetails of portfolio composition of AmMetLife Tactical Bond Fund as at 31 March 2015 are as follows:

FY 2015 FY 2014 % %

Malaysia Unit Trusts 91.50 88.62

Repurchase agreements/Cash 8.50 11.38

100.00 100.00

FY 2015 FY 2014 % %

Real Estate 84.80 86.10

Fixed Deposit/Negotiable Instruments/Cash 15.20 13.90

FY 2015 FY 2014 % %

Malaysia Unit Trusts 90.63 86.64

Repurchase agreements/Cash 9.37 13.36

100.00 100.00

FY 2015 FY 2014 % %

Bond 93.10 84.47

Cash 6.90 15.53






LEFT BLANK





61

ComparativePerformance Table

62



Comparative Performance TableFund Performance as at 31 March 2015

I Year 3 Years 5 Years Since Launch

Average Compounded Annual Return % Annual Return %

AmMetLife Equity Fund 0.88 8.58 8.37 6.41

AmMetLife Bond Fund 3.26 3.01 3.78 4.28

AmMetLife Balanced Fund (0.81) 5.83 5.73 6.10

AmMetLife Dana Teguh 5.51 10.47 9.07 6.95

AmMetLife Oasis Islamic Equity Fund 12.07 10.22 7.49 2.14

AmMetLife Global Emerging Market Fund 5.78 3.24 0.18 1.23

AmMetLife Precious Metals Fund (14.46) (17.53) (13.35) (10.51)

AmMetLife Global Agribusiness Fund 5.78 5.38 2.97 4.18

AmMetLife Commodity Stable Capital Guaranteed Fund 3.24 1.98 – 0.45

AmMetLife Dividend Fund 10.90 10.33 – 10.17

AmMetLife Asia Pacific REITS Fund 15.24 – – 8.29

AmMetLife Tactical Bond Fund 4.38 – – 1.98

63





Net Asset Value, Value of Units and Unit PriceAs at 31 March 2015

AmMetLife Equity FundPerformance details of the Fund for the financial years ended 31 March 2015 are as follows:

*Above prices and net asset value per unit are not shown as ex–distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

AmMetLife Bond Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:

*Above prices and net asset value per unit are not shown as ex-distribution as there was no income distribution declared by the fund for the financial year Note: 1.Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011

Unit Prices (RM)

Highest NAV per unit for the year 1.0197 0.9946 0.8265 0.8317 0.8280

Lowest NAV per unit for the year 0.8684 0.8253 0.7529 0.7070 0.6329

Net Asset Value (NAV) and Units in Circulation (UIC) as at the end of the Year*

Total NAV (RM million) 19.3462 14.5438 12.2637 14.5937 11.4753

UIC (in million) 19.2958 14.6327 14.8900 18.6334 14.1793

NAV per unit (RM) 1.0026 0.9939 0.8236 0.7832 0.8093

Total Return for the Year (%)

Total Return¹ 0.88 20.68 5.16 (3.23) 20.65

Capital growth 0.88 20.68 5.16 (3.23) 20.65

Income distributions – – – – –

FY 2015 FY 2014 FY 2013 FY 2012 FY 2011

Unit Prices (RM)





UIC (in million) 15.5323 21.5938 21.6261 16.2856 16.4615

NAV per unit (RM) 0.7992 0.7740 0.7571 0.7311 0.6903


Total Return¹ 3.26 2.23 3.56 5.91 3.96

Capital growth 3.26 2.23 3.56 5.91 3.96


64



AmMetLife Balanced FundPerformance details of the Fund for the financial years ended 31 March 2015 are as follows:


AmMetLife Dana Teguh Performance details of the Fund for the financial years ended 31 March 2015 are as follows:


FY 2015 FY 2014 FY 2013 FY 2012 FY 2011

Unit Prices (RM)





UIC (in million) 22.5725 24.6747 26.9555 26.2568 20.9280

NAV per unit (RM) 0.9711 0.9790 0.8491 0.8193 0.8382


Total Return¹ (0.81) 15.30 3.64 (2.25) 14.04

Capital growth (0.81) 15.30 3.64 (2.25) 14.04


FY 2015 FY 2014 FY 2013 FY 2012 FY 2011

Unit Prices (RM)





UIC (in million) 16.9101 12.1007 15.6696 16.6728 8.8919

NAV per unit (RM) 1.0617 1.0063 0.8246 0.7875 0.7928


Total Return¹ 5.50 22.03 4.71 (0.67) 15.27

Capital growth 5.50 22.03 4.71 (0.67) 15.27


Net Asset Value, Value of Units and Unit Price (Cont’d)

As at 31 March 2015

65





AmMetLife Oasis Islamic Equity FundPerformance details of the Fund for the financial years ended 31 March 2015 are as follows:

AmMetLife Global Emerging Market Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:



FY 2015 FY 2014 FY 2013 FY 2012 FY 2011

Unit Prices (RM)





UIC (in million) 7.2363 8.5410 7.2475 9.8279 9.4007

NAV per unit (RM) 0.5923 0.5285 0.4733 0.4424 0.4580


Total Return¹ 12.08 11.66 6.98 (3.41) 10.95

Capital growth 12.08 11.66 6.98 (3.41) 10.95


FY 2015 FY 2014 FY 2013 FY 2012 FY 2011

Unit Prices (RM)





UIC (in million) 1.7536 1.7201 1.5360 1.4608 1.3331

NAV per unit (RM) 0.5436 0.5139 0.4960 0.4940 0.5422


Total Return¹ 5.78 3.61 0.40 (8.89) 0.63

Capital growth 5.78 3.61 0.40 (8.89) 0.63


66



AmMetLife Precious Metals FundPerformance details of the Fund for the financial years ended 31 March 2015 are as follows:

AmMetLife Global Agribusiness Fund Performance details of the Fund for the financial years ended 31 March 2015 are as follows:



FY 2015 FY 2014 FY 2013 FY 2012 FY 2011

Unit Prices (RM)





UIC (in million) 15.8907 13.9612 13.8346 12.0202 8.5518

NAV per unit (RM) 0.2408 0.2815 0.3536 0.4293 0.5309


Total Return¹ (14.45) (20.39) (17.63) (19.14) 7.71

Capital growth (14.45) (20.39) (17.63) (19.14) 7.71


FY 2015 FY 2014 FY 2013 FY 2012 FY 2011

Unit Prices (RM)





UIC (in million) 3.2309 3.0205 2.7952 2.6083 2.2156

NAV per unit (RM) 0.6547 0.6189 0.5929 0.5594 0.5907


Total Return¹ 5.79 4.39 5.99 (5.30) 4.42

Capital growth 5.79 4.39 5.99 (5.30) 4.42



As at 31 March 2015

67





AmMetLife Commodity Stable Capital Guaranteed FundPerformance details of the Fund for the financial years ended 31 March 2015 are as follows:

AmMetLife Dividend FundPerformance details of the Fund for the financial years ended 31 March 2015 are as follows:



FY 2015 FY 2014 FY 2013 FY 2012 FY 2011

Unit Prices (RM)





UIC (in million) 8.4261 8.4356 8.4356 9.4236 9.5188

NAV per unit (RM) 0.5102 0.4942 0.4803 0.4810 0.4799


Total Return¹ 3.24 2.89 (0.15) 0.23 –

Capital growth 3.24 2.89 (0.15) 0.23 –


FY 2015 FY 2014 FY 2013 FY 2012

Unit Prices (RM)

Highest NAV per unit for the year 0.6968 0.6290 0.5577 0.5273

Lowest NAV per unit for the year 0.6015 0.5566 0.5065 0.4973


Total NAV (RM LLC) 12.6593 9.4440 6.3501 5.4439

UIC (in million) 18.1690 15.0299 11.3857 10.4925

NAV per unit (RM) 0.6968 0.6283 0.5577 0.5189


Total Return¹ 10.89 12.66 7.48 –

Capital growth 10.89 12.66 7.48 –

Income distributions – – – –

68



AmMetLife Asia Pacific REITS FundPerformance details of the Fund for the financial years ended 31 March 2015 are as follows:

AmMetLife Tactical Bond FundPerformance details of the Fund for the financial years ended 31 March 2015 are as follows:



FY 2015 FY 2014

Unit Prices (RM)

Highest NAV per unit for the year 0.5669 0.5000

Lowest NAV per unit for the year 0.4907 0.4750


Total NAV (RM million) 0.6857 0.5809

UIC (in million) 1.2136 1.1849

NAV per unit (RM) 0.5650 0.4903


Total Return¹ 15.24 –

Capital growth 15.24 –

Income distributions – –

FY 2015 FY 2014

Unit Prices (RM)

Highest NAV per unit for the year 0.5153 0.5008

Lowest NAV per unit for the year 0.4869 0.4807


Total NAV (RM million) 0.4635 0.4912

UIC (in million) 0.8995 0.9949

NAV per unit (RM) 0.5153 0.4937


Total Return¹ – –

Capital growth – –

Income distributions – –


As at 31 March 2015

69





69

Summary ofFinancial Information

Statement by the Manager 70

Independent Auditors’ Report 71

Statements of Assets and Liabilities 73

Statements of Income and Expenditure 79

Statements of Changes in Net Asset Value 85

Notes to the Financial Information 91

70



Statement By The Manager

In the opinion of the Manager, the accompanying financial information of the Investment-linked Funds of AmMetLife Insurance Berhad

(formerly known as AmLife Insurance Berhad) comprising the AmMetLife Equity Fund (formerly known as AmAssurance Equity Fund),

AmMetLife Bond Fund (formerly known as AmAssurance Bond Fund), AmMetLife Balanced Fund (formerly known as AmAssurance

Balanced Fund), AmMetLife Dana Teguh (formerly known as AmAssurance Dana Teguh), AmMetLife AmOasis Islamic Equity Fund

(formerly known as AmAssurance AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS Fund (formerly known as AmLife Asia

Pacific REITS Fund), AmMetLife Global Emerging Market Fund (formerly known as AmAssurance Global Emerging Market Fund),

AmMetLife Tactical Bond Fund (formerly known as AmLife Tactical Bond Fund), AmMetLife Precious Metals Fund (formerly known

as AmAssurance Precious Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as AmAssurance Global Agribusiness

Fund), AmMetLife Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance AmCommodity Stable CG Fund)

and AmMetLife Dividend Fund (formerly known as AmAssurance Dividend Fund) set out on pages 73 to 137 have been prepared in

accordance with the accounting policies as described in Note 2.2 to the financial information and the Guidelines on Investment-linked

Insurance/Takaful Business issued by Bank Negara Malaysia.

On behalf of AmMetLife Insurance Berhad

(formerly known as AmLife Insurance Berhad)

Ramzi Albert Toubassy

Kuala Lumpur, Malaysia

20 May 2015

71





Independent Auditors’ Report

Report on the financial informationWe have audited the financial information of the Investment-Linked funds of AmMetLife Insurance Berhad (“the Manager”) (“the

Funds”) which comprise the Statements of Assets and Liabilities as at 31 March 2015 of AmMetLife Equity Fund (formerly known as

AmAssurance Equity Fund), AmMetLife Bond Fund (formerly known as AmAssurance Bond Fund), AmMetLife Balanced Fund (formerly

known as AmAssurance Balanced Fund), AmMetLife Dana Teguh (formerly known as AmAssurance Dana Teguh), AmMetLife AmOasis

Islamic Equity Fund (formerly known as AmAssurance AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS Fund (formerly

known as AmLife Asia Pacific REITS Fund), AmMetLife Global Emerging Market Fund (formerly known as AmAssurance Global

Emerging Market Fund), AmMetLife Tactical Bond Fund (formerly known as AmLife Tactical Bond Fund), AmMetLife Precious Metals

Fund (formerly known as AmAssurance Precious Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as AmAssurance

Global Agribusiness Fund), AmMetLife Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance AmCommodity

Stable CG Fund) and AmMetLife Dividend Fund (formerly known as AmAssurance Dividend Fund), the Statements of Income and

Expenditure and Statements of Changes in Net Asset Value for the year ended 31 March 2015 for AmMetLife Equity Fund (formerly

known as AmAssurance Equity Fund), AmMetLife Bond Fund (formerly known as AmAssurance Bond Fund), AmMetLife Balanced

Fund (formerly known as AmAssurance Balanced Fund), AmMetLife Dana Teguh (formerly known as AmAssurance Dana Teguh),

AmMetLife AmOasis Islamic Equity Fund (formerly known as AmAssurance AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS

Fund (formerly known as AmLife Asia Pacific REITS Fund), AmMetLife Global Emerging Market Fund (formerly known as AmAssurance

Global Emerging Market Fund), AmMetLife Tactical Bond Fund (formerly known as AmLife Tactical Bond Fund), AmMetLife Precious

Metals Fund (formerly known as AmAssurance Precious Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as

AmAssurance Global Agribusiness Fund), AmMetLife Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance

AmCommodity Stable CG Fund) and AmMetLife Dividend Fund (formerly known as AmAssurance Dividend Fund), and a summary of

significant accounting policies and other explanatory information (“financial information”), as set out on pages 73 to 137.

Directors’ responsibility for the financial information

The directors of the Manager are responsible for the preparation of financial information in accordance with the accounting policies

as described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by

Bank Negara Malaysia. The directors are also responsible for such internal control as the directors determine is necessary to enable the

preparation of financial information that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial information based on our audit. We conducted our audit in accordance

with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and

perform the audit to obtain reasonable assurance about whether the financial information are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial information. The

procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial information,

whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation

of financial information in accordance with the accounting policies as described in Note 2.2 to the financial information and the

Guidelines on lnvestment-Linked Insurance/Takaful Business issued by Bank Negara Malaysia 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 Funds’ internal

control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting

estimates made by the Manager, as well as evaluating the overall presentation of the financial information.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial information have been prepared, in all material respects, in accordance with the accounting policies as

72



described in Note 2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank

Negara Malaysia.

Other Matters

This report is made solely to the unitholders of the Funds, as a body, in accordance with the Guidelines on Investment-Linked Insurance/

Takaful Business issued by Bank Negara Malaysia and for no other purpose. We do not assume responsibility to any other person for

the content of this report.

Ernst & Young Megat Iskandar Shah Bin Mohamad NorAF: 0039 No. 3083/07/15(J)Chartered Accountants Chartered Accountant

Kuala Lumpur, Malaysia20 May 2015

Independent Auditors’ Report (Cont’d)

73





Summary of Financial Information

Statements of Assets and LiabilitiesAs at 31 March 2015

AmMetLife Equity Fund AmMetLife Bond Fund

2015 2014 2015 2014 Note RM RM RM RM

Assets

Investments 3 17,743,960 14,766,318 12,517,869 16,809,385

Deferred tax assets 4 – – 23,014 13,951

Other receivables 530,521 23,601 170,079 184,996

Cash and bank balances 1,317,419 926 53,201 52,848 Total assets 19,591,900 14,790,845 12,764,163 17,061,180

Liabilities

Provision for taxation 91,290 14,266 204,952 141,932

Deferred tax liabilities 4 121,447 197,470 – –

Other payables 32,945 35,338 145,049 205,800 Total liabilities 245,682 247,074 350,001 347,732

Net asset value of funds (“NAV”) 19,346,218 14,543,771 12,414,162 16,713,448

Represented by:

Unitholders’ contribution 14,407,216 9,787,871 9,216,161 13,970,976

Undistributed income 4,939,002 4,755,900 3,198,001 2,742,472 Unitholders’ capital 5 19,346,218 14,543,771 12,414,162 16,713,448

Units in circulation 5 19,295,796 14,632,663 15,532,298 21,593,784

NAV per unit (RM) 5 1.0026 0.9939 0.7992 0.7740

The accompanying notes form an integral part of the financial information.

74



AmMetLife Balanced Fund AmMetLife Dana Teguh

2015 2014 2015 2014 Note RM RM RM RM

Assets

Investments 3 21,881,350 24,170,882 17,549,355 12,286,190


Cash and bank balances 1,968 785 3,400 475 Total assets 22,238,501 24,583,974 18,293,404 12,440,128

Liabilities

Provision for taxation 212,385 53,237 192,628 68,867

Deferred tax liabilities 4 72,960 259,894 119,007 171,863



Represented by:


Undistributed income 5,946,017 6,140,491 5,203,128 4,344,673 Unitholders’ capital 5 21,919,363 24,157,637 17,953,218 12,176,875


NAV per unit (RM) 5 0.9711 0.9790 1.0617 1.0063


Statements of Assets and Liabilities (Cont’d)

As at 31 March 2015

75





AmMetLife AmOasis Islamic AmMetLife Asia Pacific Equity Fund REITS Fund

2015 2014 2015 2014 Note RM RM RM RM

Assets

Investments 3 3,988,807 4,528,964 672,241 509,424

Tax recoverable 200 6,562 – –

Other receivables 15,835 66,386 197 16,275

Cash and bank balances 409,675 280 62,462 65,411 Total assets 4,414,517 4,602,192 734,900 591,110

Liabilities

Provision for taxation – – 361 47

Deferred tax liabilities 4 65,008 30,687 6,552 329


Net asset value of funds (“NAV”) 4,286,395 4,513,925 685,731 580,944

Represented by:

Unitholders’ contribution 3,625,140 4,308,629 599,005 585,824

Undistributed income/ (Accumulated losses) 661,255 205,296 86,726 (4,880) Unitholders’ capital 5 4,286,395 4,513,925 685,731 580,944


NAV per unit (RM) 5 0.5923 0.5285 0.5650 0.4903


76



AmMetLife Global Emerging AmMetLife Market Fund Tactical Bond Fund

2015 2014 2015 2014 Note RM RM RM RM

Assets

Investments 3 885,544 900,362 421,026 421,809

Tax recoverable – – 67 –

Other receivables 705 696 9,131 14,620

Cash and bank balances 87,925 403 43,529 65,019 Total assets 974,174 901,461 473,753 501,448

Liabilities

Provision for taxation 979 797 – 51

Deferred tax liabilities 4 6,616 1,365 880 436


Net asset value of funds (“NAV”) 953,246 883,932 463,478 491,182

Represented by:

Unitholders’ contribution 886,459 871,871 447,653 494,606

Undistributed income/ (Accumulated losses) 66,787 12,061 15,825 (3,424) Unitholders’ capital 5 953,246 883,932 463,478 491,182

Units in circulation 5 1,753,586 1,720,080 899,484 994,931

NAV per unit (RM) 5 0.5436 0.5139 0.5153 0.4937



As at 31 March 2015

77





AmMetLife Precious AmMetLife Global Metals Fund Agribusiness Fund

2015 2014 2015 2014 Note RM RM RM RM

Assets

Investments 3 3,535,402 3,456,063 2,135,006 1,904,036

Deferred tax assets 4 300,037 247,919 – –

Tax recoverable 16,566 17,497 – –


Cash and bank balances 807 129,015 2,080 916 Total assets 3,862,143 3,977,473 2,158,790 1,912,531

Liabilities

Provision for taxation – – 4,026 3,493

Deferred tax liabilities 4 – – 29,762 19,578



Represented by:


(Accumulated losses)/ Undistributed income (3,586,382) (2,977,753) 334,546 222,815 Unitholders’ capital 5 3,826,810 3,930,030 2,115,274 1,869,293


NAV per unit (RM) 5 0.2408 0.2815 0.6547 0.6189


78



AmMetLife Commodity Stable AmMetLife Capital Guaranteed Fund Dividend Fund

2015 2014 2015 2014 Note RM RM RM RM

Assets

Investments 3 4,991,936 4,851,547 11,550,834 9,499,910

Tax recoverable – – – 3,597

Other receivables 223 231 438,025 11,236

Cash and bank balances 37,179 222 827,377 4,636 Total assets 5,029,338 4,852,000 12,816,236 9,519,379

Liabilities

Provision for taxation 20,248 20,217 31,994 –

Deferred tax liabilities 4 17,568 3,606 100,331 52,361



Represented by:


Undistributed income/ (Accumulated losses) 57,282 (76,324) 2,713,984 1,544,888 Unitholders’ capital 5 4,298,185 4,168,793 12,659,252 9,444,021


NAV per unit (RM) 5 0.5101 0.4942 0.6968 0.6283



As at 31 March 2015

79






2015 2014 2015 2014 Note RM RM RM RM

Net investment income:

Interest income 6 62,640 68,210 755,156 917,300

Dividend income 7 426,217 211,548 13,372 28,713

488,857 279,758 768,528 946,013

Gain on disposal of investments 900,163 591,948 32,592 50,086

Net unrealised capital gain – 2,034,694 – – Total income 1,389,020 2,906,400 801,120 996,099

Management expenses (254,624) (201,813) (138,740) (180,296)

Net unrealised capital loss (950,293) – (152,894) (373,411) Total outgo (1,204,917) (201,813) (291,634) (553,707)

Excess of income over outgo before taxation 184,103 2,704,587 509,486 442,392

Taxation 8 (1,001) (218,060) (53,957) (51,856)

Excess of income over outgo after taxation 183,102 2,486,527 455,529 390,536

Undistributed income brought forward 4,755,900 2,269,373 2,742,472 2,351,936

Undistributed income carried forward 4,939,002 4,755,900 3,198,001 2,742,472



Statements of Income and ExpenditureFor the financial year ended 31 March 2015

80




2015 2014 2015 2014 Note RM RM RM RM


Interest income 6 521,616 527,721 250,213 225,667

Dividend income 7 424,903 301,604 240,384 132,349

946,519 829,325 490,597 358,016

Gain on disposal of investments 1,469,678 409,264 1,296,801 558,846

Net unrealised capital gain – 2,860,799 – 1,971,108 Total income 2,416,197 4,099,388 1,787,398 2,887,970


Net unrealised capital loss (2,336,664) – (660,696) – Total outgo (2,637,677) (317,590) (858,038) (170,376)

(Deficit)/Excess of income over outgo before taxation (221,480) 3,781,798 929,360 2,717,594

Taxation 8 27,006 (309,101) (70,905) (222,541)

(Deficit)/Excess of income over outgo after taxation (194,474) 3,472,697 858,455 2,495,053 Undistributed income brought forward 6,140,491 2,667,794 4,344,673 1,849,620

Undistributed income carried forward 5,946,017 6,140,491 5,203,128 4,344,673


Statements of Income and Expenditure (Cont’d)

For the financial year ended 31 March 2015

81






AmMetLife AmOasis AmMetLife Asia Pacific Islamic Equity Fund REITS Fund

1 April 2014 to 17 September 2013 2015 2014 31 March 2015 to 31 March 2014 Note RM RM RM RM


Interest income 6 10,143 37,264 1,852 577

Dividend income 7 – – 26,213 –

10,143 37,264 28,065 577

Gain on disposal of investments 69,383 – 2,085 –

Net unrealised capital gain 429,013 468,352 77,779 4,113 Total income 508,539 505,616 107,929 4,690

Management expenses (11,897) (21,945) (9,785) (9,195) Total outgo (11,897) (21,945) (9,785) (9,195)

Excess/(Deficit) of income over outgo before taxation 496,642 483,671 98,144 (4,505)

Taxation 8 (40,683) (40,449) (6,538) (375)

Excess/(Deficit) of income over outgo after taxation 455,959 443,222 91,606 (4,880)

Undistributed income/ (losses) brought forward 205,296 (237,926) (4,880) –

Undistributed income/ (losses) carried forward 661,255 205,296 86,726 (4,880)

82



AmMetLife Global AmMetLife Tactical Emerging Market Fund Bond Fund

1 April 2014 to 17 September 2013 2015 2014 31 March 2015 31 March 2014 Note RM RM RM RM


Interest income 6 2,269 5,978 1,509 638

Dividend income 7 2,307 1,888 24,792 –

4,576 7,866 26,301 638

Net unrealised capital gain 65,641 35,938 5,549 5,453 Total income 70,217 43,804 31,850 6,091


Loss on disposal of investments – – (2,980) – Total outgo (10,059) (11,638) (12,275) (9,028)


Taxation 8 (5,432) (3,353) (326) (487)

Excess/(Deficit) of income over outgo after taxation 54,726 28,813 19,249 (3,424) Undistributed income/(losses) brought forward 12,061 (16,752) (3,424) –

Undistributed income/(losses) carried forward 66,787 12,061 15,825 (3,424)




83






2015 2014 2015 2014 Note RM RM RM RM


Interest income 6 14,090 6,994 6,663 11,528

14,090 6,994 6,663 11,528

Net unrealised capital gain – – 127,309 84,879 Total income 14,090 6,994 133,972 96,407


Loss on disposal of investments (2,448) (245,908) – –

Net unrealised capital loss (651,472) (849,271) – – Total outgo (673,906) (1,111,409) (11,524) (14,148)

(Deficit)/Excess of income over outgo before taxation (659,816) (1,104,415) 122,448 82,259

Taxation 8 51,187 87,054 (10,717) (7,713)

(Deficit)/Excess of income over outgo after taxation (608,629) (1,017,361) 111,731 74,546 Undistributed (losses)/income brought forward (2,977,753) (1,960,392) 222,815 148,269

Undistributed (losses)/income carried forward (3,586,382) (2,977,753) 334,546 222,815


84




2015 2014 2015 2014 Note RM RM RM RM


Interest income 6 387 – 41,061 59,221

Dividend income 7 2,223 2,259 375,552 304,673 2,610 2,259 416,613 363,894

Gain on disposal of investments – – 403,835 193,523

Net unrealised capital gain 174,523 156,852 599,644 563,730 Total income 177,133 159,111 1,420,092 1,121,147

Management expenses (29,534) (28,880) (167,434) (128,790) Total outgo (29,534) (28,880) (167,434) (128,790)

Excess of income over outgo before taxation 147,599 130,231 1,252,658 992,357

Taxation 8 (13,993) (12,549) (83,562) (72,838)

Excess of income over outgo after taxation 133,606 117,682 1,169,096 919,519 Undistributed (losses)/income brought forward (76,324) (194,006) 1,544,888 625,369

Undistributed income/(losses) carried forward 57,282 (76,324) 2,713,984 1,544,888




85





2015 2014 RM RM

Net asset value at the beginning of the year 14,543,771 12,263,704

Amounts received from units created 9,690,938 5,762,935

Amounts paid for units cancelled (5,071,593) (5,969,395) 19,163,116 12,057,244

Net realised gain after taxation 1,057,372 614,609

Net unrealised capital (loss)/gain after taxation (874,270) 1,871,918 Net asset value at the end of the year 19,346,218 14,543,771



Statements of Changes in Net Asset ValueFor the financial year ended 31 March 2015

AmMetLife Equity Fund

2015 2014 RM RM




Net realised gain after taxation 599,360 738,412

Net unrealised capital loss after taxation (143,831) (347,876) Net asset value at the end of the year 12,414,162 16,713,448

AmMetLife Bond Fund

86



2015 2014 RM RM





Net unrealised capital (loss)/gain after taxation (2,149,730) 2,631,935 Net asset value at the end of the year 21,919,363 24,157,637


Statements of Changes in Net Asset Value (Cont’d)


2015 2014 RM RM





Net unrealised capital (loss)/gain after taxation (607,840) 1,813,271 Net asset value at the end of the year 17,953,218 12,176,875


AmMetLife Balanced Fund

87





2015 2014 RM RM


Amounts received from units created 741,116 2,035,198



Net unrealised capital gain after taxation 394,693 430,883 Net asset value at the end of the year 4,286,395 4,513,925

1 April 2014 to 17 September 2013 31 March 2015 to 31 March 2014 RM RM

Net asset value at the beginning of the year 580,944 –

Amounts received from units created 376,276 619,712

Amounts paid for units cancelled (363,095) (33,888) 594,125 585,824

Net realised gain/(loss) after taxation 20,050 (8,664)

Net unrealised capital gain after taxation 71,556 3,784 Net asset value at the end of the year 685,731 580,944


AmMetLife AmOasis Islamic Equity Fund

AmMetLife Asia Pacific REITS Fund

88



2015 2014 RM RM

Net asset value at the beginning of the year 883,932 761,916



Net realised loss after taxation (5,664) (4,250)




1 April 2014 to 17 September 2013 31 March 2015 to 31 March 2014 RM RM

Net asset value at the beginning of the year 491,182 –



Net realised gain/(loss) after taxation 14,144 (8,440)



AmMetLife Tactical Bond Fund

AmMetLife Global Emerging Market Fund

89





2015 2014 RM RM


Amounts received from units created 1,366,592 959,846

Amounts paid for units cancelled (861,183) (904,090) 4,435,439 4,947,391


Net unrealised capital loss after taxation (599,354) (781,329) Net asset value at the end of the year 3,826,810 3,930,030

2015 2014 RM RM



Amounts paid for units cancelled (406,861) (429,481) 2,003,543 1,794,747




AmMetLife Global Agribusiness Fund

AmMetLife Precious Metals Fund

90



2015 2014 RM RM


Amounts paid for units cancelled (4,214) – 4,164,579 4,051,111



2015 2014 RM RM



Amounts paid for units cancelled (1,459,199) (510,739) 11,490,156 8,524,502






AmMetLife Dividend Fund


91





1. The Manager and its principal activity

The investment-linked funds of AmMetLife Insurance Berhad (formerly known as AmLife Insurance Berhad) (“the Manager”)

comprise the AmMetLife Equity Fund (formerly known as AmAssurance Equity Fund), AmMetLife Bond Fund (formerly known

as AmAssurance Bond Fund), AmMetLife Balanced Fund (formerly known as AmAssurance Balanced Fund), AmMetLife Dana

Teguh (formerly known as AmAssurance Dana Teguh), AmMetLife AmOasis Islamic Equity Fund (formerly known as AmAssurance

AmOasis Islamic Equity Fund), AmMetLife Asia Pacific REITS Fund (formerly known as AmLife Asia Pacific REITS Fund), AmMetLife

Global Emerging Market Fund (formerly known as AmAssurance Global Emerging Market Fund), AmMetLife Tactical Bond Fund

(formerly known as AmLife Tactical Bond Fund), AmMetLife Precious Metals Fund (formerly known as AmAssurance Precious

Metals Fund), AmMetLife Global Agribusiness Fund (formerly known as AmAssurance Global Agribusiness Fund), AmMetLife

Commodity Stable Capital Guaranteed Fund (formerly known as AmAssurance AmCommodity Stable CG Fund) and AmMetLife

Dividend Fund (formerly known as AmAssurance Dividend Fund) (collectively referred to as “the Funds”).

The Manager is a public limited liability company incorporated and domiciled in Malaysia and licensed under the Financial Services

Act 2013. Its principal activity is the underwriting of life and investment-linked insurance business.

There has been no significant changes in the nature of the principal activities of the Manager during the financial year ended

31 March 2015.

The financial information were authorised for issue by the Board of Directors of the Manager in accordance with a resolution on

20 May 2015.

2. Significant accounting policies

2.1 Basis of Preparation

The financial information of the Funds have been prepared in accordance with the accounting policies as described in Note

2.2 to the financial information and the Guidelines on Investment-Linked Insurance/Takaful Business issued by Bank Negara

Malaysia (“BNM”).

The financial information have been prepared under the historical cost convention except as disclosed in the significant

accounting policies in Note 2.2 to the financial information.

The financial information are presented in Ringgit Malaysia (“RM”).

2.2 Summary of significant accounting policies

(a) Management fee

Management fee is charged based on the Funds’ daily net assets value, at the following rates:

(i) AmMetLife Equity Fund 1.50% per annum

(ii) AmMetLife Bond Fund 1.00% per annum

(iii) AmMetLife Balanced Fund 1.50% per annum

(iv) AmMetLife Dana Teguh 1.50% per annum

(v) AmMetLife AmOasis Islamic Equity Fund 1.50% per annum

(vi) AmMetLife Asia Pacific REITS Fund 1.50% per annum

(vii) AmMetLife Global Emerging Market Fund 1.50% per annum

(viii) AmMetLife Tactical Bond Fund 1.00% per annum

(ix) AmMetLife Precious Metals Fund 1.50% per annum

(x) AmMetLife Global Agribusiness Fund 1.50% per annum

(xi) AmMetLife Commodity Stable Capital Guaranteed Fund 0.50% per annum

(xii) AmMetLife Dividend Fund 1.50% per annum


Notes to the Financial Information31 March 2015

92



Notes to the Financial Information (Cont’d)

(b) Financial instruments – initial recognition and subsequent measurement

(i) Date of recognition

All financial assets and liabilities are initially recognised on the trade date, i.e. the date that the Funds

become a party to the contractual provisions of the instrument. This includes “regular way trades” purchases

or sales of financial assets that require delivery of assets within the time frame generally established by

regulation or convention in the market place.

(ii) Initial measurement of financial instruments

Financial assets are classified as financial assets at fair value through profit or loss, financial assets available-

for-sale, financial assets held-to-maturity or loans and receivables, as appropriate. Financial liabilities of

the Funds are classified as financial liabilities at fair value through profit or loss or at amortised cost, as

appropriate. The Funds determine the classification of its financial assets and financial liabilities at initial

recognition.

The classification of financial instruments at initial recognition depends on the purpose and the management’s

intention for which the financial instruments were acquired and their characteristics. All financial instruments

are measured initially at their fair value plus transaction costs, except in the case of financial assets and

financial liabilities recorded at fair value through profit or loss, which is measured at fair value.

The Funds classify the investment into financial assets at fair value through profit or loss (“FVTPL”) or loans

and receivable (“LAR”).

(iii) Subsequent measurement

The subsequent measurement of financial instruments depends on their classification as described below:

1. Financial assets at fair value through profit or loss (“FVTPL”)

Financial assets at FVTPL are recorded in the Statements of Assets and Liabilities at fair value. Changes

in fair value are recognised in the Statements of Income and Expenditure. Interest and dividend income

or expense are recorded as “Net Investment Income” or “Interest expense”, as appropriate and in

accordance with the terms of the contract, or when the right to the payment has been established.

Included in this classification are fixed income securities, collective investment schemes and equities.

2. Loans and receivables (“LAR”)

LAR include non–derivative financial assets with fixed or determinable payments that are not quoted in

an active market.

After initial measurement, the amounts are subsequently measured at amortised cost using the effective

interest rate (“EIR”), less allowance for impairment. Amortised cost is calculated by taking into account

any discount or premium on acquisition and fees and costs that are an integral part of the EIR.

(iv) Financial liabilities at amortised cost

Financial liabilities of the Funds, that are not designated at FVTPL, are classified as financial liabilities at amortised

cost, where the substance of the contractual arrangement results in the Funds having an obligation either to

deliver cash or another financial asset to the holder, or to satisfy the obligation other than by the exchange of

a fixed amount of cash or another financial asset for a fixed number of own equity instruments.

After initial measurement, these are subsequently measured at amortised cost using the EIR. Amortised cost

is calculated by taking into account any discount or premium on the issue and costs that are an integral part

of the EIR.

93





(c) Derecognition of financial assets and financial liabilities

(i) Financial assets

A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets)

is derecognised when:

– The rights to receive cash flows from the asset have expired

– The Funds have transferred its rights to receive cash flows from the asset or have assumed an obligation

to pay the received cash flows in full without material delay to a third party under a “pass–through”

arrangement; and either:

– The Funds have transferred substantially all the risks and rewards of the asset, or

– The Funds have neither transferred nor retained substantially all the risks and rewards of the asset, but

have transferred control of the asset.

When the Funds have transferred their rights to receive cash flows from an asset or have entered into a

pass–through arrangement, and have neither transferred nor retained substantially all the risks and rewards

of the asset nor transferred control of the asset, the asset is recognised to the extent of the Funds continuing

involvement in the asset. In that case, the Funds also recognise an associated liability. The transferred asset

and the associated liability are measured on a basis that reflects the rights and obligations that the Funds

have retained.

(ii) Financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired.

Where an existing financial liability is replaced by another from the same lender on substantially different

terms, or the terms of an existing liability are substantially modified, such an exchange or modification

is treated as a derecognition of the original liability and the recognition of a new liability. The difference

between the carrying value of the original financial liability and the consideration paid is recognised in profit

or loss.

(d) Determination of fair value

The fair value of financial assets such as equity securities, that are actively traded in organised financial markets is

determined by reference to quoted prices for assets at the close of business on the reporting date.

For investment in unit, real estate investment trusts, fair value is determined by reference to published net asset

values. Investments in equity that do not have quoted market price in an active market and whose fair value cannot

be reliaby measured will be stated at cost less impairment losses.

For financial instruments where there is no active market such as unquoted fixed income securities i.e. uquoted

bond, fair value is obtained from Bond Pricing Agency Malaysia Sdn. Bhd. (“BPAM”).

If the fair value cannot be measured reliaby, financial instruments are measured at cost, being the fair value of the

consideration paid for the acquisition of the instruments or the amount received on issuing the financial liability. All

transaction costs directly attributable to the acquisition are also included in the cost of the investment.

The fair value of Negotiable Instruments of Deposit (“NID”) are based on broker quotes, whereas the fair value of

fixed/yield bearing deposits is the principal itself.

94



(e) Impairment of financial assets

The Funds assess at each reporting date whether there is any objective evidence that a financial asset or a group

of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only

if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial

recognition of the asset (an incurred “loss event”) and that loss event (or events) has an impact on the estimated

future cash flows of the financial asset or the group of financial assets that can be reliably estimated.

Financial assets carried at amortised cost

Evidence of impairment may include indications that the borrower or a group of borrowers is experiencing significant

financial difficulty, the probability that they will enter bankruptcy or other financial reorganisation, default or

delinquency in interest or principal payments and where observable data indicates that there is a measurable decrease

in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.

For financial assets carried at amortised cost, the Funds first assess individually whether objective evidence of

impairment exists for financial assets that are individually significant, or collectively for financial assets that are not

individually significant. If the Funds determine that no objective evidence of impairment exists for an individually

assessed financial asset, it includes the asset in a group of financial assets with similar credit risk characteristics and

collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an

impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.

If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the

difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding

future expected credit losses that have not yet been incurred). The carrying amount of the asset is reduced through

the use of an allowance account and the amount of the loss is recognised in the Statements of Income and

Expenditure. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate

of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest

income is recorded as part of “Interest income”. LAR together with the associated allowance are written off when

there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the

Funds. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an

event occurring after the impairment was recognised, the previously recognised impairment loss is increased or

reduced by adjusting the allowance account. If a future write–off is later recovered, the recovery is credited to the

“Impairment losses on LAR” to the extent that the carrying amount of the asset does not exceed its amortised cost

at the reversal date.

The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. If LAR have

variable interest rates, the discount rate for measuring any impairment loss is the current EIR. If the Funds have

reclassified trading assets to LAR, the discount rate for measuring any impairment loss is the new EIR determined at

the reclassification date. The calculation of the present value of the estimated future cash flows of a collateralised

financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the

collateral, whether or not foreclosure is probable.

(f) Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the Statements of Assets and

Liabilities if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is

an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is generally

not the case with master netting agreements, therefore, the related assets and liabilities are presented gross in the

Statements of Assets and Liabilities.


95





(g) Impairment of non-financial assets

The Funds assess at each reporting date whether there is an indication that an asset may be impaired. If any indication

exists, or when annual impairment testing for an asset is required, the Funds estimate the asset’s recoverable

amount. An asset’s recoverable amount is the higher of an asset’s or cash–generating unit’s (“CGU”) fair value less

costs to sell and its value in use. Where the carrying amount of an asset or CGU exceeds its recoverable amount. An

asset is considered impaired and is written down to its recoverable amount. 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

assessment of the time value of money and the risks specific to the asset. In determining fair value less costs to sell,

an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share

prices for publicly traded entities or other available fair value indicators.

For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication

that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists,

the Funds estimate the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed

only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last

impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its

recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no

impairment loss been recognised for the asset in prior years. Such reversal is recognised in the Statements of Income

and Expenditure.

(h) Net creation of units

Net creation of units represents premiums paid by policyholders as payment for a new contract or subsequent

payments to increase the amount of that contract less switching costs, if any, within funds. Net creation of units is

recognised on a receipt basis.

(i) Net cancellation of units

Net cancellation of units represents cancellation of units arising from surrenders and withdrawals. Net cancellation

is recognised upon surrendering of the related insurance contract.

(j) Other revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Funds and

the revenue can be reliably measured. The following specific recognition criteria must be met before revenue is

recognised.

(i) Interest income

Interest and financing income and expense are recognised in profit or loss using the effective interest

method. Once a financial asset or a group of similar financial assets has been written down as a result of

an impairment loss, interest income is recognised using the rate of interest used to discount the future cash

flows for the purpose of measuring the impairment loss.

(ii) Realised gains and losses on investments

On disposal of investments, the difference between the net disposal proceeds and the carrying amount of

investment is credited or charged to Statements of Income and Expenditure.

(iiI) Dividend income

Dividend income represents gross dividends from quoted and unquoted investments and is recognised

when the right to receive payment is established.

96



(k) Income tax

Income tax on the profit and loss comprises current and deferred tax. Current tax is the expected amount of income

taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted

on the date of the Statements of Assets and Liabilities.

Deferred tax is provided for, using the liability method, on temporary differences at the date of Statements of Assets

and Liabilities between the tax bases of assets and liabilities and their carrying amounts in the financial information.

In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are

recognised for all deductible temporary differences, to the extent that it is probable that taxable profits will be

available against which the deductible temporary differences can be utilised.

Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the

liability is settled, based on tax rates that have been enacted or substantively enacted at the date of Statements

of Assets and Liabilities. Deferred tax is recognised as income or an expense in the Statements of Income and

Expenditure, except when it arises from a transaction which is recognised directly in unitholders’ capital, in which

case, the deferred tax is also recognised in unitholders’ capital.

(l) Provisions

Provisions are recognised when the Funds have a present obligation as a result of a past event and it is probable

that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable

estimate of the amount can be made. Provisions are reviewed at each Statements of Assets and Liabilities date and

adjusted to reflect the current best estimate. Where 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. Where

discounting is used, the increase in the provision due to the passage of time is recognised as finance cost.

(m) Foreign currencies transactions

(i) Functional and presentation currency

The financial statements are presented in Ringgit Malaysia (“RM”) which is also the functional and

presentation currency of the Funds.

(ii) Foreign currency transaction

Transactions in foreign currencies are initially recorded in the functional currency rate prevailing at the dates

of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the

functional currency rate of exchange ruling at the reporting date. All differences are taken to profit or loss.

Non-monetary items denominated in foreign currencies that are measured at historical cost are translated

using the exchange rates as at the dates of initial transactions.

Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at

the date when the fair value was determined. All foreign exchange differences are taken to profit or loss,

except for differences relating to items where gains or losses are recognised directly in equity, in which case,

the gain or loss is recognised net of the exchange component in equity.

(n) Cash and cash equivalents

Cash and cash equivalents consist of cash and bank balances, excluding fixed and call deposits.


97





2015 2014 RM RM

Quoted equity securities 17,743,960 12,142,443

Deposits with licensed financial institutions – 2,623,875 17,743,960 14,766,318

FVTPL:

Quoted equity securities

Cost 16,225,883 9,674,073

Net unrealised gain 1,518,077 2,468,370

Fair value 17,743,960 12,142,443

Total investments at FVTPL 17,743,960 12,142,443

LAR:

Deposits with licensed financial institutions – 2,623,875

Total investments 17,743,960 14,766,318

3. Investments

(i) AmMetLife Equity Fund

98



2015

No. of Cost Fair value Fair value as Units RM RM % of NAV

FVTPL:


Construction

Gamuda Berhad 37,000 170,441 188,700 0.98%

IJM Corporation Berhad 26,400 179,493 190,080 0.98%

YTL Corporation Berhad 104,900 171,685 175,183 0.91%

Consumer Products

British American Tobacco (Malaysia) Berhad 5,600 391,788 384,496 1.99%

QL Resources Berhad 51,300 173,589 201,096 1.04%

Finance

Bursa Malaysia Berhad 51,300 407,975 440,154 2.28%

CIMB Group Holdings Berhad 164,098 1,118,594 1,020,690 5.28%

Malayan Banking Berhad 155,794 1,444,496 1,453,558 7.51%

Public Bank Berhad 96,300 1,747,143 1,818,144 9.40%

Industrial

DRB-Hicom Berhad 49,300 96,544 97,121 0.50%

Kossan Rubber Industries Berhad 68,800 305,466 390,096 2.02%

Petronas Gas Berhad 20,600 458,313 474,212 2.45%

SKP Resources Berhad 305,300 197,438 257,978 1.33%

V.S Industry Berhad 62,700 157,933 266,475 1.38%

WELLCALL Holdings Berhad 99,800 178,812 199,600 1.03%

Infrastructure Project Co.

Digi.Com Berhad 115,100 618,589 725,130 3.75%

Plantations

Kuala Lumpur Kepong Berhad 3,900 86,649 88,842 0.46%

Sarawak Oil Palms Berhad 19,000 112,135 96,710 0.50%

Technology

Elsoft Research Berhad 243,000 372,844 434,970 2.25%

Inari Amertron Berhad 52,200 151,567 172,782 0.89%

Malaysia Pacific Industries Berhad 27,400 148,351 191,800 0.99%

3. Investments (Cont’d)

(i) AmMetLife Equity Fund (Cont’d)

The composition, costs and fair values of the FVTPL investments in Malaysia as at 31 March 2015 are as detailed below:


99





2015


FVTPL: (Cont’d)

Quoted equity securities (Cont’d)

Trading & Services

AirAsia Berhad 68,700 169,521 163,506 0.85%

Astro Malaysia Holdings Berhad 61,500 182,091 196,800 1.02%

Axiata Group Berhad 134,600 943,888 952,968 4.93%

Berjaya Auto Berhad 131,500 400,598 497,070 2.57%

Dialog Group Berhad 206,420 250,144 326,144 1.69%

Engtex Group Berhad 148,800 192,036 147,312 0.76%

Genting Malaysia Berhad 101,100 406,805 427,653 2.21%

IHH Healthcare Berhad 71,300 353,592 428,513 2.21%

Malaysia Airports Holdings Berhad 61,320 428,837 429,240 2.22%

Maxis Berhad 80,100 544,902 575,919 2.98%

MISC Berhad 24,100 187,002 204,609 1.06%

MY E.G. Services Berhad 68,100 164,552 189,999 0.98%

Scicom (MSC) Berhad 148,180 234,741 294,878 1.52%

Sime Darby Berhad 61,900 590,597 573,813 2.97%

Sunway Berhad 100,000 335,406 365,000 1.89%

Telekom Malaysia Berhad 61,100 365,918 444,197 2.30%

Tenaga Nasional Berhad 119,500 1,354,963 1,716,020 8.87%

Uzma Berhad 94,800 177,236 197,184 1.02%

Westports Holdings Berhad 85,900 253,209 345,318 1.78%

Total investments at FVTPL 16,225,883 17,743,960 91.72%

The weighted average effective interest rates are as follows:

Weighted average effective interest rate per annum

2015 2014 % %

Deposits with licensed financial institutions – 2.90%

(i) AmMetLife Equity Fund (Cont’d)

100



2015 2014 RM RM

Unquoted corporate bonds 10,387,024 11,496,596

Unquoted unit and property trust funds 1,225,845 1,611,407

Deposits with licensed financial institutions 905,000 3,701,382 12,517,869 16,809,385

FVTPL:

Unquoted corporate bonds

Cost 10,763,296 11,729,915

Net unrealised loss (376,272) (233,319)

Fair value 10,387,024 11,496,596

Unquoted unit and property trust funds

Cost 1,137,267 1,552,472

Net unrealised gain 88,578 58,935

Fair value 1,225,845 1,611,407


LAR:

Deposits with licensed financial institutions 905,000 3,701,382



(ii) AmMetLife Bond Fund


101





2015


FVTPL: Unquoted corporate bonds

Abu Dhabi Commercial Bank-BG due 22/11/2017 1,000,000 1,020,300 1,023,360 8.24%

Gulf Investment Corporation due 01/03/2016 500,000 500,000 505,795 4.07%

Special Power Vehicle Berhad due 19/05/2016 625,000 1,004,250 732,331 5.90%

Prominic Berhad due 05/05/2016 1,000,000 1,006,200 1,003,430 8.08%

Encorp Systembilt Sdn Bhd due 16/11/2018 1,300,000 1,292,720 1,306,513 10.52%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 1,300,000 1,335,880 1,370,733 11.04%

Gulf Investment Corporation due 01/03/2016 700,000 721,280 708,113 5.70%

Prominic Berhad due 05/05/2016 400,000 408,800 401,372 3.23%

RHB Bank Berhad Hybrid Tier 1 due 29/03/2019 1,300,000 1,550,900 1,437,605 11.58%

Binariang GSM Sdn Bhd due 28/12/2015 1,491,696 1,533,166 1,508,732 12.15%

Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd due 02/12/2026 400,000 389,800 389,040 3.13%

10,763,296 10,387,024 83.67%


AmBond Fund 909,137 999,447 1,082,601 8.72%

AmDynamic Bond Fund 230,111 137,820 143,244 1.15%

1,137,267 1,225,845 9.87%




2015 2014 % %

Unquoted corporate bonds – secured 4.98% 4.98%

Unquoted corporate bonds – unsecured 4.83% 4.82%

Deposits with licensed financial institutions 3.70% 2.90%

(ii) AmMetLife Bond Fund (Cont’d)


102



2015 2014 RM RM



Quoted unit and property trust funds – 151,000

Unquoted unit and property trust funds – 2,218,693

Deposits with licensed financial institutions 1,773,000 1,052,421 21,881,350 24,170,882

FVTPL:


Cost 13,019,179 11,218,670


Fair value 14,322,553 14,776,048


Cost 6,177,165 6,177,165


Fair value 5,785,797 5,972,720

Quoted unit and property trust funds

Cost – 154,710

Net unrealised loss – (3,710)

Fair value – 151,000


Cost – 2,319,247

Net unrealised loss – (100,554)

Fair value – 2,218,693


LAR:

Deposits with licensed financial institutions 1,773,000 1,052,421



(iii) AmMetLife Balanced Fund


103





2015


FVTPL:


Construction

Gamuda Berhad 42,400 203,587 216,240 0.99%


Consumer Products


Finance


CIMB Group Holdings Berhad 123,748 853,137 769,713 3.51%

Hong Leong Bank Berhad 24,700 360,626 352,222 1.61%

Malayan Banking Berhad 100,127 916,833 934,185 4.26%


Industrial Products



SKP Resources Bhd 350,000 221,256 295,750 1.35%




Digi.Com Berhad 99,000 547,620 623,700 2.85%

Technology




(iii) AmMetLife Balanced Fund (Cont’d)


104



2015


FVTPL: (Cont’d)


Trading & Services

AirAsia Berhad 88,500 217,552 210,630 0.96%








Maxis Berhad 29,700 195,889 213,543 0.97%

MISC Berhad 25,800 199,932 219,042 1.00%




Sunway Berhad 113,000 379,481 412,450 1.88%


Tenaga Nasional Bhd 92,600 998,358 1,329,736 6.07%

Uzma Berhad 55,200 102,852 114,816 0.52%


13,019,179 14,322,553 65.34%




105





2015


FVTPL: (Cont’d)


Abu Dhabi Commercial Bank-BG due 22/11/2017 1,000,000 1,020,300 1,023,360 4.67%

Gulf Investment Corporation due 01/03/2016 1,000,000 1,000,000 1,011,590 4.62%

Special Power Vehicle Berhad due 19/05/2016 1,062,500 1,707,225 1,244,963 5.68%

Encorp Systembilt Sdn Bhd due 16/11/2018 500,000 497,200 502,505 2.29%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 1,900,000 1,952,440 2,003,379 9.14%

6,177,165 5,785,797 26.40%



2015 2014 % %

Unquoted corporate bonds – secured 4.98% 4.98%





106



2015 2014 RM RM



Unquoted unit and property trust funds 593,485 567,813

Deposits with licensed financial institutions 2,908,000 1,510,273 17,549,355 12,286,190

FVTPL:


Cost 10,072,437 5,553,382


Fair value 11,654,493 7,755,034


Cost 2,521,790 2,521,790


Fair value 2,393,377 2,453,070


Cost 559,532 552,453


Fair value 593,485 567,813


LAR:

Deposits with licensed financial institutions 2,908,000 1,510,273



(iv) AmMetLife Dana Teguh


107





2015


FVTPL:


Construction

Gamuda Berhad 34,300 162,425 174,930 0.97%

Hock Seng Lee Berhad 200,000 334,848 362,000 2.02%


Consumer Products


Industrial Products

DRB-Hicom Berhad 68,600 134,339 135,142 0.75%






Digi.Com Berhad 72,700 370,477 458,010 2.55%

Time Dotcom Berhad 27,300 126,879 161,616 0.90%

Plantations



Properties

Tambun Indah Land Berhad 183,700 388,501 330,660 1.84%

Technology


Globetronics Technology Berhad 31,500 142,726 165,690 0.92%


Vitrox Corporation Berhad 26,600 89,484 87,248 0.49%

(iv) AmMetLife Dana Teguh (Cont’d)


108



2015


FVTPL: (Cont’d)


Trading & Services





KPJ Healthcare Berhad 31,100 132,815 132,486 0.74%

Maxis Berhad 71,300 483,223 512,647 2.86%

MISC Berhad 38,000 309,163 322,620 1.80%


Pos Malaysia Berhad 35,100 177,929 185,679 1.03%



Sunway Berhad 117,400 393,732 428,510 2.39%



Uzma Berhad 86,200 160,982 179,296 1.00%


10,072,437 11,654,493 64.92%




109





2015


FVTPL: (Cont’d)


Special Power Vehicle Berhad due 19/05/2016 375,000 602,550 439,398 2.45%

Encorp Systembilt Sdn Bhd due 16/11/2018 1,000,000 994,400 1,005,010 5.60%

Sistem Penyuraian Trafik KL Barat Sdn Bhd due 28/12/2018 900,000 924,840 948,969 5.29%

2,521,790 2,393,377 13.33%


AmBon Islam Fund 477,730 559,532 593,485 3.31%



2015 2014 % %





110



2015 2014 RM RM


Deposits with licensed financial institutions – 473,719 3,988,807 4,528,964

FVTPL:


Cost 3,176,209 3,671,661


Fair value 3,988,807 4,055,245


LAR:

Deposits with licensed financial institutions – 473,719




2015 2014 % %

Deposits with licensed financial institutions –% 2.93%


(v) AmMetLife AmOasis Islamic Equity Fund


2015


FVTPL:


AmOasis Global Islamic Equity 3,286,485 3,176,209 3,988,807 93.06%



111





2015 2014 RM RM

Unquoted unit and property trust funds 672,241 509,424 672,241 509,424

FVTPL:


Cost 590,348 505,311


Fair value 672,241 509,424

Total investments at FVTPL 672,241 509,424

Total investments 672,241 509,424


2015


FVTPL:


AmAsia Pacific REITS 992,530 590,348 672,241 98.03%

Total investments at FVTPL 590,348 672,241 98.03%

(vi) AmMetLife Asia Pacific REITS Fund

112



2015 2014 RM RM

Unquoted unit and property trust funds 885,544 790,362

Deposits with licensed financial institutions – 110,000 885,544 900,362

FVTPL:


Cost 802,843 773,302


Fair value 885,544 790,362


LAR:

Deposits with licensed financial institutions – 110,000



(vii) AmMetLife Global Emerging Market Fund



2015 2014 % %



2015


FVTPL:


AmCash Management 90,086 90,086 90,086 9.45%

AmGlobal Emerging Market Opportunities 716,887 712,757 795,458 83.45%



113





2015 2014 RM RM

Unquoted unit and property trust funds 421,026 421,809 421,026 421,809

FVTPL:


Cost 410,025 416,356


Fair value 421,026 421,809



2015


FVTPL:


AmTactical Bond 427,394 410,025 421,026 90.84%



(viii) AmMetLife Tactical Bond Fund

114



2015 2014 RM RM


Deposits with licensed financial institutions 713,535 – 3,535,402 3,456,063

FVTPL:


Cost 6,572,330 6,555,055

Net unrealised loss (3,750,463) (3,098,992)

Fair value 2,821,867 3,456,063


LAR:

Deposits with licensed financial institutions 713,535 –




2015 2014 % %

Deposits with licensed financial institutions 3.40% –%


(ix) AmMetLife Precious Metals Fund


2015


FVTPL:


AmPrecious Metals 8,069,392 6,572,330 2,821,867 73.74%



115





2015 2014 RM RM


Deposits with licensed financial institutions 205,535 226,123 2,135,006 1,904,036

FVTPL:


Cost 1,557,441 1,433,192


Fair value 1,929,471 1,677,913


LAR:

Deposits with licensed financial institutions 205,535 226,123


(x) AmMetLife Global Agribusiness Fund


2015


FVTPL:


AmGlobal Agribusiness 1,746,127 1,557,441 1,929,471 91.22%




2015 2014 % %


116



2015 2014 RM RM

Structured product 4,934,688 4,760,165

Unquoted unit and property trust funds 57,248 91,382 4,991,936 4,851,547

FVTPL:

Structured product

Cost 4,715,094 4,715,094


Fair value 4,934,688 4,760,165


Cost/Fair value 57,248 91,382



2015


FVTPL:

Structured product

Floating Rate Negotiable Instrument of Deposit Due 12/10/15 5,045,920 4,715,094 4,934,688 114.81%


AmIncome Fund 57,248 57,248 57,248 1.33%



(xi) AmMetLife Commodity Stable Capital Guaranteed Fund


117





2015 2014 RM RM


Quoted unit and property trust funds – 430,350

Deposits with licensed financial institutions – 1,823,730 11,550,834 9,499,910

FVTPL:


Cost 10,296,683 6,590,459

Net unrealised gain 1,254,151 655,371

Fair value 11,550,834 7,245,830

Quoted unit and property trust funds

Cost – 431,214

Net unrealised loss – (864)

Fair value – 430,350


LAR:

Deposits with licensed financial institutions – 1,823,730


(xii) AmMetLife Dividend Fund

118



2015


FVTPL:


Construction

Gamuda Berhad 24,100 111,330 122,910 0.97%



Consumer Products


Finance





Industrial Products







Digi.Com Berhad 81,100 366,692 510,930 4.04%

Plantations


Properties

Tambun Indah Land Berhad 100 159 180 0.00%

Technology





(xii) AmMetLife Dividend Fund (Cont’d)



119





2015


FVTPL: (Cont’d)


Trading & Services

AirAsia Berhad 56,800 148,983 135,184 1.07%







Maxis Berhad 46,000 308,803 330,740 2.61%

MISC Berhad 15,100 108,171 128,199 1.01%



SEG International Bhd 87,000 122,263 124,410 0.98%


Sunway Berhad 92,300 306,513 336,895 2.66%







2015 2014 % %


(xii) AmMetLife Dividend Fund (Cont’d)

120



4. Deffered Taxation The deferred tax liability/(asset) relate to unrealised capital gain/(losses) on investments of the respective Funds.


2015 2014 RM RM

At beginning of the year 197,470 34,694

Recognised in the Statement of Income and Expenditure (Note 8) (76,023) 162,776 At end of the year 121,447 197,470

2015 2014 RM RM

At beginning of the year (13,951) 11,584

Recognised in the Statement of Income and Expenditure (Note 8) (9,063) (25,535) At end of the year (23,014) (13,951)


2015 2014 RM RM




2015 2014 RM RM





121





2015 2014 RM RM

At beginning of the year 329 –

Recognised in the Statement of Income and Expenditure (Note 8) 6,223 329 At end of the year 6,552 329


2015 2014 RM RM

At beginning of the year 30,687 (6,781)

Recognised in the Statement of Income and Expenditure (Note 8) 34,321 37,468 At end of the year 65,008 30,687


2015 2014 RM RM




2015 2014 RM RM

At beginning of the year 436 –

Recognised in the Statement of Income and Expenditure (Note 8) 444 436 At end of the year 880 436


122



4. Deffered Taxation (Cont’d)


2015 2014 RM RM

At beginning of the year (247,919) (179,978)

Recognised in the Statement of Income and Expenditure (Note 8) (52,118) (67,941) At end of the year (300,037) (247,919)

2015 2014 RM RM




2015 2014 RM RM




2015 2014 RM RM





123





2015 2014

No. of No. of Units RM Units RM

Amount received for creations during the year 5,981,485 9,690,938 3,580,109 5,762,935

Amount paid for cancellations due to surrenders during the year (1,318,352) (5,071,593) (3,837,480) (5,969,395)

4,663,133 4,619,345 (257,371) (206,460) Unitholders’ capital brought forward 14,632,663 14,543,771 14,890,034 12,263,704

Excess of income over outgo after taxation – 183,102 – 2,486,527

19,295,796 19,346,218 14,632,663 14,543,771

Net asset value per unit at 31 March 1.0026 0.9939

5. Unitholders’ Capital


2015 2014




(6,061,486) (4,754,815) (32,304) (53,305) Unitholders’ capital brought forward 21,593,784 16,713,448 21,626,088 16,376,217

Excess of income over outgo after taxation – 455,529 – 390,536

15,532,298 12,414,162 21,593,784 16,713,448



124



2015 2014




(2,102,232) (2,043,800) (2,280,830) (2,205,202) Unitholders’ capital brought forward 24,674,688 24,157,637 26,955,518 22,890,142

(Deficit)/Excess of income over outgo after taxation – (194,474) – 3,472,697

22,572,456 21,919,363 24,674,688 24,157,637


5. Unitholders’ Capital (Cont’d)



2015 2014




4,809,354 4,917,888 (3,568,845) (3,240,581) Unitholders’ capital brought forward 12,100,742 12,176,875 15,669,587 12,922,403

Excess of income over outgo after taxation – 858,455 – 2,495,053

16,910,096 17,953,218 12,100,742 12,176,875



125





2015 2014


Amount received for creations during the year/period 411,104 376,276 1,207,395 619,712

Amount paid for cancellations due to surrenders during the year/period (382,433) (363,095) (22,453) (33,888)

28,671 13,181 1,184,942 585,824 Unitholders’ capital brought forward 1,184,942 580,944 – –

Excess/(Deficit) of income over outgo after taxation – 91,606 – (4,880)

1,213,613 685,731 1,184,942 580,944



2015 2014


Amount received for creations during the year 668,947 741,116 3,658,529 2,035,198


(1,304,776) (683,489) 1,293,522 640,524 Unitholders’ capital brought forward 8,541,049 4,513,925 7,247,527 3,430,179


7,236,273 4,286,395 8,541,049 4,513,925



126



2015 2014


Amount received for creations during the year 1,190,620 129,571 246,638 149,658

Amount paid for cancellations due to surrenders during the year (1,157,114) (114,983) (62,600) (56,455)

33,506 14,588 184,038 93,203 Unitholders’ capital brought forward 1,720,080 883,932 1,536,042 761,916


1,753,586 953,246 1,720,080 883,932


2015 2014


Amount received for creations during the year/period 282,711 222,547 1,148,974 512,693

Amount paid for cancellations due to surrenders during the year/period (378,158) (269,500) (154,043) (18,087)

(95,447) (46,953) 994,931 494,606 Unitholders’ capital brought forward 994,931 491,182 – –

Excess/(Deficit) of income over outgo after taxation – 19,249 – (3,424)

899,484 463,478 994,931 491,182






127





2015 2014


Amount received for creations during the year 4,688,605 1,366,592 2,703,945 959,846

Amount paid for cancellations due to surrenders during the year (2,759,111) (861,183) (2,577,338) (904,090)

1,929,494 505,409 126,607 55,756 Unitholders’ capital brought forward 13,961,225 3,930,030 13,834,618 4,891,635

Deficit of income over outgo after taxation – (608,629) – (1,017,361)

15,890,719 3,826,810 13,961,225 3,930,030



2015 2014


Amount received for creations during the year 1,483,710 541,111 544,918 566,988

Amount paid for cancellations due to surrenders during the year (1,273,374) (406,861) (319,527) (429,481)

210,336 134,250 225,391 137,507 Unitholders’ capital brought forward 3,020,546 1,869,293 2,795,155 1,657,240


3,230,882 2,115,274 3,020,546 1,869,293



128



2015 2014


Amount paid for cancellations due to surrenders during the year (9,500) (4,214) – –

(9,500) (4,214) – – Unitholders’ capital brought forward 8,435,571 4,168,793 8,435,571 4,051,111


8,426,071 4,298,185 8,435,571 4,168,793


2015 2014



Amount paid for cancellations due to surrenders during the year (1,743,279) (1,459,199) (675,982) (510,739)

3,139,032 2,046,135 3,644,235 2,174,399 Unitholders’ capital brought forward 15,029,935 9,444,021 11,385,700 6,350,103

Excess of income over outgo after taxation – 1,169,096 – 919,519

18,168,967 12,659,252 15,029,935 9,444,021






129





6. Interest Income


2015 2014 2015 2014 RM RM RM RM

Interest income from: Deposits with licensed financial institutions 62,640 68,210 81,141 126,946

Corporate bonds – – 674,015 790,354

62,640 68,210 755,156 917,300


2015 2014 2015 2014 RM RM RM RM


Corporate bonds 464,355 464,451 177,663 188,617

521,616 527,721 250,213 225,667


1 April 2014 to 17 September 2013 2015 2014 31 March 2015 to 31 March 2014 RM RM RM RM

Interest income from: Deposits with licensed financial institutions 10,143 37,264 1,852 577



Interest income from: Deposits with licensed financial institutions 2,269 5,978 1,509 638

130




2015 2014 2015 2014 RM RM RM RM



2015 2014 2015 2014 RM RM RM RM

Interest income from: Deposits with licensed financial institutions 387 – 41,061 59,221

6. Interest Income (Cont’d)


131





7. Dividend Income


2015 2014 2015 2014 RM RM RM RM

Gross dividends from: Quoted equity securities in Malaysia 426,217 211,548 – –

Unquoted unit and property trust funds in Malaysia – – 13,372 28,713

426,217 211,548 13,372 28,713


2015 2014 2015 2014 RM RM RM RM

Gross dividends from: Quoted equity securities in Malaysia 417,103 277,057 233,305 114,755

Quoted unit and property trust funds in Malaysia 7,800 5,300 – –

Unquoted unit and property trust funds in Malaysia – 19,247 7,079 17,594

424,903 301,604 240,384 132,349

AmMetLife Asia Pacific AmMetLife Global REITS Fund Emerging Market Fund

1 April 2014 to 17 September 2013 31 March 2015 to 31 March 014 2015 2014 RM RM RM RM

Gross dividends from: Unquoted unit and property trust funds in Malaysia 26,213 – 2,307 1,888

26,213 – 2,307 1,888

132



AmMetLife Tactical AmMetLife Commodity Stable Bond Fund Capital Guaranteed Fund

1 April 2014 to 17 September 2013 31 March 2015 to 31 March 2014 2015 2014 RM RM RM RM

Gross dividends from: Unquoted unit and property trust funds in Malaysia 24,792 – 2,223 2,259

24,792 – 2,223 2,259

AmMetLife Dividend Fund

2015 2014 RM RM

Gross dividends from: Quoted equity securities in Malaysia 368,142 277,348

Quoted unit and property trust funds in Malaysia 7,410 27,325

375,552 304,673

7. Dividend Income (Cont’d)


133





8. Taxation


2015 2014 2015 2014 RM RM RM RM

Malaysian income tax: Current year’s provision 77,024 55,284 63,020 77,391

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (76,023) 162,776 (9,063) (25,535)

Tax expense for the year 1,001 218,060 53,957 51,856


2015 2014 2015 2014 RM RM RM RM

Malaysian income tax: Current year’s provision 159,928 80,237 123,761 64,705

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (186,934) 228,864 (52,856) 157,836

Tax expense for the year (27,006) 309,101 70,905 222,541



Malaysian income tax: Current year’s/period’s provision 6,362 2,981 315 46

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) 34,321 37,468 6,223 329

Tax expense for the year/period 40,683 40,449 6,538 375

134





Malaysian income tax: Current year’s/period’s provision 181 478 (118) 51

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) 5,251 2,875 444 436

Tax expense for the year/period 5,432 3,353 326 487


2015 2014 2015 2014 RM RM RM RM

Malaysian income tax: Current year’s provision 31 – 35,592 27,739

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) 13,962 12,549 47,970 45,099

Tax expense for the year 13,993 12,549 83,562 72,838


2015 2014 2015 2014 RM RM RM RM

Malaysian income tax: Current year’s provision 931 (19,113) 533 922

Deferred tax: Relating to origination and reversal of temporary differences (Note 4) (52,118) (67,941) 10,184 6,791

Tax expense for the year (51,187) (87,054) 10,717 7,713

The tax charge on the Funds relates to investment income received and gain on disposal of investments during the year/period, at the preferential tax rate of 8% (2014: 8%) in accordance with the method prescribed under the Income Tax Act, 1967 for life insur-ance business.

8. Taxation (Cont’d)


135






2015 2014 2015 2014 RM RM RM RM

Excess of income over outgo before taxation 184,103 2,704,587 509,486 442,392

Taxation at Malaysian tax charge of 8% 14,728 216,367 40,759 35,391

Income not subject to tax (34,097) (14,452) 2,097 2,041

Expenses not deductible for tax purposes 20,370 16,145 11,101 14,424

1,001 218,060 53,957 51,856


2015 2014 2015 2014 RM RM RM RM

(Deficit)/Excess of income over outgo before taxation (221,480) 3,781,798 929,360 2,717,594

Taxation at Malaysian tax charge of 8% (17,718) 302,544 74,349 217,407

Income not subject to tax (33,368) (18,850) (19,231) (8,496)


(27,006) 309,101 70,905 222,541




Taxation at Malaysian tax charge of 8% 39,731 38,694 7,851 (360)

Income not subject to tax – – (2,097) –

Expenses not deductible for tax purposes 952 1,755 784 735

40,683 40,449 6,538 375

A reconciliation of income tax expense applicable to the excess/(deficit) of income over outgo before taxation at the income tax rate applicable to the investment-linked funds, to income tax expense at the effective income tax rate, is as follows:

136






Taxation at Malaysian tax charge of 8% 4,813 2,573 1,566 (235)

Income not subject to tax (185) (151) (1,983) –

Expenses not deductible for tax purposes 804 931 743 722

5,432 3,353 326 487


2015 2014 2015 2014 RM RM RM RM

(Deficit)/Excess of income over outgo before taxation (659,816) (1,104,415) 122,448 82,259

Taxation at Malaysian tax charge of 8% (52,785) (88,352) 9,796 6,581

Expenses not deductible for tax purposes 1,598 1,298 921 1,132

(51,187) (87,054) 10,717 7,713


2015 2014 2015 2014 RM RM RM RM

Excess of income over outgo before taxation 147,599 130,231 1,252,658 992,357

Taxation at Malaysian tax charge of 8% 11,808 10,419 100,213 79,390

Income not subject to tax (178) (180) (30,044) (16,855)


13,993 12,549 83,562 72,838

8. Taxation (Cont’d)


137





9. Comparitives

The prior period financial information for AmMetLife Asia Pacific REITS Fund and AmMetLife Tactical Bond Fund have been prepared from the date of launch of the funds of 17 September 2013 to 31 March 2014. Therefore, the current year Statements of Income and Expenditure and Statements of Changes in Net Asset Value and related notes of AmMetLife Asia Pacific REITS Fund and AmMetLife Tactical Bond Fund are not comparable.

AmMetLife Insurance Berhad (15743-P)(Formerly known as AmLife Insurance Berhad)

Level 7, Menara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur, Malaysia

T 1300 88 8800 E [email protected] ammetlife.com

AmMetlife Insurance Berhad Dana Berkaitan Pelaburan | Laporan Tahunan

Bagi Tahun Kewangan Berakhir 31 Mac 2015

L A P O R A N T A H U N A N 2 0 1 5

Dana Berkaitan PelaburanBagi Tahun Kewangan Berakhir 31 Mac 2015

AmMetLife Insurance Berhad (15743-P)

(Dahulunya dikenali sebagai AmLife Insurance Berhad) Ahli PIDM



Ibu pejabat AmMetLife Insurance Berhad bertempat diMenara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur.



Isi Kandungan

Mesej Pengerusi 142

Profil Korporat 144

Objektif Dana Berkaitan Pelaburan 145

Ulasan Pasaran Pelaburan 149

Tinjauan Pelaburan 163

Strategi Pelaburan 171

Prestasi Dana 177

Pecahan Mengikut Sektor dan Kategori 191

Jadual Perbandingan Prestasi 201

Ringkasan Maklumat Kewangan 209

142



Mesej Pengerusi

Pemegang Polisi Yang Dihargai,

Ekonomi global memasuki 2015 dengan beberapa isu yang

mempengaruhi prestasinya. Buat permulaan, pertumbuhan

ekonomi Amerika Syarikat (AS) dijangka akan bertambah

baik pada 2015. Justeru, kebarangkalian Rizab Persekutuan

AS untuk menaikkan kadar polisi menjadi semakin tinggi.

Kemudian kita mendapati bahawa pertumbuhan ekonomi

di China diunjur akan bergerak paling perlahan sejak 1990

dengan risiko kemelesetan. Dua lagi ekonomi BRIC yang

mengalami masalah adalah Rusia dan Brazil. Ini ditambah

pula dengan kadar inflasi rendah di kawasan zon Eropah yang

kemudiannya memberi ruang untuk peringanan kuantitatif

dalam percubaan untuk mempertingkatkan permintaan dan

menghalang deflasi. Kejatuhan harga minyak akan terus

memberi kesan kepada prestasi ekonomi negara pengeksport.

Akhir sekali, ketegangan geopolitik yang meningkat di Rusia

dan Ukraine dan di Asia Barat mungkin akan memberikan

pengaruh negatif pada prestasi ekonomi.

Untuk tahun kewangan 2016 (TK2016) akan datang,

pertumbuhan ekonomi Malaysia dijangka akan berkembang

dengan sederhana pada kadar 4.5%–5.5% berbanding

6.0% pada 2014. Tinjauan menunjukkan pengurangan

permintaan domestik akibat daripada keadaan fiskal dan

kewangan yang lebih ketat. Penggunaan persendirian akan

sederhana disebabkan kos sara hidup yang meningkat.

Walaupun terdapat cabaran daripada sektor minyak dan gas,

pelaburan tetap akan terus berkembang secara sederhana,

didorong oleh projek-projek infrastruktur yang baru dan yang

sedang berjalan. Bahan eksport dijangka akan berkurangan

143





akibat harga komoditi yang lebih rendah dan permintaan

rendah untuk minyak kelapa sawit dan produk petroleum.

Kadar inflasi diunjurkan kekal dalam lingkungan 2.5%–

2.7%, menunjukkan kesan pelaksanaan cukai barangan dan

perkhidmatan (GST) sejak 1 April 2015 serta nilai Ringgit

yang rendah yang sebahagian kesannya ditangani dengan

kelemahan harga dan permintaan komoditi global.

Persekitaran perniagaan dan ekonomi dijangka kekal mencabar

manakala keperluan-keperluan kepada pematuhan dijangka

terus meningkat untuk tempoh jangka panjang. Untuk jangka

masa sederhana, kami mengunjurkan sektor perbankan akan

mengalami pertumbuhan pinjaman yang lebih perlahan dan

tebaran faedah bersih yang semakin sempit manakala kualiti

aset berkemungkinan mengalami tekanan.

Kami telah memberikan tumpuan yang besar dalam

mengembangkan portfolio berkaitan pelaburan pada tahun

ini. Bagi tahun kewangan berakhir 31 Mac 2015 (TK2015),

nilai aset bersih keseluruhan pelaburan berkaitan dana adalah

berjumlah RM100.92 juta, dengan NAB tahun ke tahun

mencatatkan perningkatan 8.2%. Dana berkaitan pelaburan

dengan prestasi terbaik untuk tahun kewangan ialah Dana

AmMetLife Asia Pacific REITS yang memberikan pulangan

membanggakan 15.3%. Kejayaan ini didorong usaha

pencarian pulangan dalam ekuiti-ekuiti hartanah di rantau

Asia Pasifik yang pelbagai.

Kami juga gembira untuk melaporkan bahawa berkuat kuasa

1 Disember 2014, syarikat pengurus dana, AmInvestment

Management Sdn Bhd, telah digabungkan dengan

AmInvestment Services Berhad dan kini menjadi satu entiti

yang dikenali sebagai AmInvestment Services Berhad.

Bagaimanapun objektif dan strategi pelaburan dana-dana

kekal sama.

Dengan kelahiran jenama baru AmMetLife, satu kempen

penjenamaan yang segar dan bersemangat “Live Ready” telah

dilancarkan di seluruh negara pada 12 Ogos 2014. Kempen

ini memperkenalkan falsafah AmMetLife iaitu “Pelanggan

adalah nadi dalam setiap yang kami lakukan”, yang mana

ia diterjemahkan menerusi penyediaan penyelesaian sekuriti

kewangan yang jelas dan telus serta stabil kepada rakyat

Malaysia. Kami kekal komited untuk membantu anda

mencapai matlamat kewangan anda.

Kami juga mahu mengambil kesempatan ini untuk

merakamkan penghargaan kepada anda di atas keyakinan

dan kepercayaan terhadap produk-produk dan perkhidmatan

kami, dan kami sedia menjalin perhubungan yang berkekalan

serta menyediakan kepakaran dan penyelesaian yang akan

memenuhi keperluan anda yang sentiasa berubah.

Tan Sri Azman HashimPengerusiAmBank Group

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Profil Korporat

AmMetLife merupakan perkongsian strategik antara

AMMB Holdings Berhad (“Kumpulan AmBank ”)

dan Metlife International Holdings LLC (“MetLife”).

AmMetLife menawarkan pelbagai insurans hayat dan

perlindungan dana kewangan yang komprehensif

yang diedarkan melalui rangkaian Kumpulan AmBank

yang mempunyai hampir 175 pejabat cawangan

AmBank dan AmMetLife di seluruh negara, tambahan

lagi dengan kekuatan pasukan ejen insurans hayat

yang sah di seluruh Malaysia.

Perkongsian strategik ini menggabungkan kepakaran

antarabangsa dan kekukuhan kewangan MetLife

dan kekuatan dan jangkauan tempatan AmBank

Group untuk menjadi syarikat insurans yang mesra

pelanggan dan moden di Malaysia.

Kami memberi tumpuan bagi memenuhi keperluan

pelanggan kami yang pelbagai dengan memberi

penyelesaian yang inovatif di pelbagai peringkat

kehidupan mereka, menjadikannya ia lebih mudah

dan senang untuk seisi keluarga dan individu untuk

mencapai jaminan kewangan dan meneruskan

kehidupan yang lebih baik.





145

Objektif DanaBerkaitan Pelaburan

146



Objektif Dana Berkaitan Pelaburan

1. Dana AmMetLife Equity

Dana bertujuan menyediakan Pelanggan dengan pertumbuhan modal bagi tempoh pelaburan jangka sederhana dan panjang,

terutama melalui pelaburan di dalam sekuriti Malaysia dengan potensi pertumbuhan yang menggalakkan.

Pulangan akan diperoleh melalui peningkatan harga unit dan bukannya pengagihan pendapatan.

2. Dana AmMetLife Bond

Dana bertujuan menyediakan Pelanggan satu peluang untuk mendapatkan pendapatan yang lebih tinggi berbanding pendapatan

purata yang diperoleh menerusi deposit tetap, selama satu tempoh pelaburan jangka masa panjang, terutama melalui pelaburan

dalam pelbagai portfolio sekuriti berpendapatan tetap.


3. Dana AmMetLife Balanced


purata yang diperoleh daripada deposit tetap dengan tahap risiko lebih rendah berbanding dengan dana ekuiti penuh, bagi satu

tempoh pelaburan jangka masa sederhana.


4. AmMetLife Dana Teguh


purata yang diperoleh daripada deposit tetap dengan tahap risiko lebih rendah berbanding dengan dana ekuiti penuh, bagi satu

tempoh pelaburan jangka sederhana menerusi pendedahakan kepada ekuiti patuh Syariah Malaysia dan/atau ekuiti berkaitan

sekuriti dan sekuriti berpendapatan tetap.


5. Dana AmMetLife Dividend

Dana bertujuan untuk menyediakan pemegang polisi pulangan keseluruhan terutama melaui pelaburan dalam ekuiti dan ekuiti

berkaitan sekuriti syarikat-syarikat yang menawarkan pembayaran dividen yang mampan dan hasil yang menarik, dengan

penekanan kepada peluang peningkatan modal jangka panjang.


6. Dana AmMetLife Oasis Islamic Equity

Dana berusaha mencapai peningkatan modal dan pendapatan sederhana dalam jangka masa sederhana hingga panjang dengan

melakukan pelaburan dalam saham syarikat-syarikat patuh Syariah global melalui pelaburan dalam:

1. Dana AmOasis Global Islamic Equity (Unit Amanah – AmInvestment)

2. Pendedahan ekuiti dalam kaunter-kaunter patuh Syariah yang tersenarai di Bursa Malaysia.


7. Dana AmMetLife Global Emerging Market

Dana berusaha mencapai peningkatan modal jangka panjang menerusi pelaburan terutama dalam:

1. Dana AmGlobal Emerging Market Opportunities (Unit Amanah– AmInvestment Services Berhad).

2. Pendedahan kepada ekuiti kaunter-kaunter yang tersenarai di Bursa Malaysia.

147





8. Dana AmMetLife Global Agribusiness

Dana berusaha mencapai peningkatan modal jangka panjang menerusi pelaburan terutama dalam Dana Sasaran, Dana AmGlobal

Agribusiness Fund (Unit Amanah - AmInvestment Services Berhad), yang melabur dalam portfolio ekuiti perniagaan agro.

Perniagaan agro ialah istilah umum yang merujuk kepada pelbagai perniagaan yang berkaitan dengan pengeluaran produk

makanan.

9. Dana AmMetLife Precious Metals

Dana berusaha mencapai peningkatan modal jangka panjang menerusi pelaburan terutama dalam Dana Sasaran, Dana AmPrecious

Metals (Unit Amanah – AmInvestment Services Berhad), yang melabur dalam ekuiti patuh Syariah dan ekuiti berkaitan sekuriti

syarikat-syarikat yang terbabit dalam kegiatan berkaitan emas, perak, platinum atau logam berharga lain.

10. Dana AmMetLife Tactical Bond

Dana berusaha mencapai peningkatan modal sederhana dalam jangka masa sederhana hingga panjang menerusi pelaburan

terutama dalam Dana Sasaran: Dana AmTactical Bond, satu Collective Investment Scheme (CIS) yang diuruskan oleh AmInvestment

Services Berhad, yang mana Dana Sasaran mensasarkan untuk memberikan pendapatan dan tidak ketinggalan, peningkatan

modal, dengan melabur terutama di dalam bon.


11. Dana AmMetLife Asia Pacific REITS

Dana berusaha mencapai peningkatan modal sederhana dalam jangka masa sederhana hingga panjang menerusi pelaburan

terutama dalam Dana Sasaran: AmAsia Pacific REITS, satu Collective Investment Scheme (CIS) yang diuruskan oleh AmInvestment

Services Berhad, yang mana Dana Sasaran mensasarkan untuk memberikan pulangan berterusan dan tidak ketinggalan

peningkatan modal dalam jangka masa sederhana hingga panjang dengan melabur dalam amanah pelaburan hartanah (REITS).


12. Dana AmMetLife Commodity Stable Capital Guaranteed

Dana berusaha memberikan pertumbuhan modal sepanjang tempoh Dana di samping menyediakan perlindungan modal pada

Tarikh Matang.



HALAMAN INI SENGAJA DIBIARKAN

KOSONG





149

Ulasan PasaranPelaburan

150



Ulasan Pasaran Pelaburan

Dana AmMetLife Equity, Dana Balanced, Dana Teguh, Dana Dividend, Dana Bond

Ulasan Pasaran EkuitiEkuiti-ekuiti Asia susut dengan nyata dan ia adalah prestasi

bulanan terburuk sejak ‘taper tantrum’ pada permulaan Jun.

Beberapa Bank Pusat Pasaran Baru Muncul (terutama Turki, India

dan Afrika Selatan) menaikkan kadar faedah bagi menaikkan mata

wang dan mengukuhkan keyakinan pelabur. Selain itu, terdapat

kebimbangan mengenai momentum ekonomi dan kestabilan

kewangan China serta keteguhan ekonomi AS. HSBC flash PMI

China bagi Januari mengejutkan dengan kejatuhan pada 49.6

(kali pertama di bawah bacaan 50 dalam enam bulan). Bayaran

gaji bukan perladangan AS turut menunjukkan penurunan

momentum ekonomi domestik. KLCI diturup 3.3% lebih rendah

pada 1,804 mata. Tekanan jualan juga dilihat di pasaran-pasaran

maju dan baru muncul pada bulan sama dengan Indeks MSCI

Asia tidak termasuk Jepun susut 5.1% pada Januari.

Data ekonomi AS dan China yang lemah terus memberikan kesan

kepada sentimen pasaran pada bulan Februari. Bagaimanapun,

menjelang minggu ketiga Februari, sebahagian besar pasaran

Asia telah pulih daripada kerugian. People Republic of China

(PBOC) menegaskan ia cenderung untuk mengetatkan dasar dan

aktiviti walaupun data ekonominya menunjukkan kelembapan

berterusan. Perkembangan makro yang penting kepada Asia

ialah penyusutan mendadak mata wang Yuan iaitu kejatuhan

terbesar sejak penurunan nilai di China pada 1994. Penyusutan

nilai Yuan bertujuan untuk mengelak kemasukan ‘wang panas’. Ia

juga menjadi pentas kepada liberalisasi regim tukaran wang asing

berbanding mempermudahkan dasar kewangan berdasarkan

eksport. Jelas PBOC dalam tempoh beberapa minggu telah

menyerap kecairan dengan pembabitan di pasaran terbuka

yang sebenarny tidak produktif. Bagaimanapun, KLCI kembali

pulih daripada jualan besar-besaran pada Januari, selari dengan

pemulihan di Wall Street dan pasaran-pasaran serantau. Saham-

saham peringkat kedua dan ketiga lebih aktif dan mendapat

perhatian kukuh. KLCI ditutup pada akhir bulan berkenaan 1.8%

lebih tinggi pada 1,836 mata.

Bulan Mac bermula agak berhati-hati selepas keputusan Rusia

yang dengan pantas menerima kemasukan Crimea selepas

referendum kemerdekaan pada 16 Mac yang menyebabkan

pelabur tertanya-tanya sejauh mana kesan ekonomi akibat

tindakan itu. Ditambah pula Janet Yellen mempengerusikan

mesyuarat FOMC pertamanya, menyebabkan jualan pasaran

selepas Jawatankuasa bukan saja mengekalkan kadar penarikan

pembelian aset AS$10 bilion tetapi membayangkan akan

kenaikan sasaran kadar faedah jangka pendek lebih awal atau

lebih pantas daripada yang dijangkakan. Bagaimanapun, indeks

meningkat pada akhir bulan dengan jangkaan kelonggaran dasar

di China dan pemulihan sentimen terhadap EMs membuka jalan

kepada kemasukan kukih aliran merentas sempadan kepada

ekuiti Asia. KLCI mengakhiri bukan berkenaan 0.7% lebih tinggi

pada 1,849 mata.

Pada bulan April pasaran bergerak tidak menentu untuk KLCI

apabila pelabur-pelabur meneruskan tumpuan kepada saham-

saham bermodal kecil. Bagaimanapun, menghampiri akhir

bulan, kita menyaksikan tanda-tanda pengambilan untung

secara keseluruhan membabitkan sektor bermodal kecil dan

saham murah susut secara mendadak. Krisis di Ukraine terus

mempengaruhi sentimen pasaran walaupun perangkaan

ekonomi AS menunjukkan peningkatan. Selain itu, perangkaan

China terus mengecewakan pelabur-pelabur. Disebabkan itu,

pasaran AS dan serantau bergerak tidak menentu pada April.

KLCI mengakhiri bulan berkenaan 1.2% lebih tinggi pada 1,871

dibantu sokongan belian sepanjang beberapa hari.

Bagaimanapun, momentum positif itu tidak berlanjutan pada Mei

walaupun dua data ekonomi positif telah diumumkan Data yang

kukuh itu gagal menyokong pasaran secara keseluruhan. Bank

Negara Malaysia mengekalkan kadar dasar semalaman (OPR)

pada 3.00% pada mesyuaratnya yang ke-18 sejak Julai 2011.

Bagaimanapun, bank pusat telah memberikan petunjuk kukuh

bahawa kenaikan kadar akan berlaku selepas mengambil kira

unjuran pertumbuhan lebih kukuh, inflasi lebih tinggi daripada

kebiasaan serta peningkatan berterusan ketidakseimbangan

kewangan.

GDP sebenar yang direkodkan adalah lebih tinggi daripada

unjuran pada 6.2% YoY untuk 1Q2014 (+5.1% pada 4Q2013),

didorong peningkatan domestik yang kukuh dan pemulihan

dalam eksport. Pertumbuhan penggunaan persendirian adalah

menggalakkan walaupun berhadapan tekanan peningkatan kos

domestik manakala pertumbuhan pelaburan keseluruhan kekal

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kukuh didorong pelaksanaan projek-projek ETP.

Bagaimanapun, prestasi korporat yang diumumkan pada bulan

berkenaan kurang menggalakkan dan melemahkan sentimen

pasaran. KLCI mengakhiri bulan berkenaan hanya 2 mata atau

0.1% lebih tinggi pada 1,873 mata.

Bulan Jun adalah bulan yang agak baik apabila KLCI mencapai

beberapa tahap tertinggi baru. Acara Invest Malaysia yang

diadakan pada 9–10 Jun turut mencatatkan rekod kehadiran.

Bagaimanapun, tiada pengumuman penting untuk pasaran

dibuat pada acara itu.

Seperti dijangka, FOMC (Federal Open Market Committee)

mengurangkan program pembelian asetnya sebanyak $10

bilion lagi, dibahagikan sama rata antara Perbendaharaan AS

dan agensi MBS. Ini mengurangkan pembelian perbendaharaan

pada Julai kepada $20 bilion (daripada $25 bilion) dan pembelian

agensi MBS kepada $15 bilion (daripada $20 bilion). FOMC lebih

yakin kelembapan ekonomi pasca musim sejuk dan berkata

pertumbuhan aktiviti ekonomi telah kembali pulih sejak beberapa

bulan lalu, pasaran buruh menunjukan pemulihan tambahan dan

pelaburan dalam perniagaan kekal mencatatkan peningkatan.

Bagaimanapun, unjuran pertumbuhan GDP bagi 2014 telah

disemak turun dengan jangkaan 2.1–2.3%, lebih rendah

berbanding 2.8–3.0% pada Mac.

Bagaimanapun, pengurangan pembelian aset bukan lagi

penggerak pasaran kecuali berlaku perubahan besar kepada

unjuran ekonomi, kadar pengurangan dijangka kekal pada $10

bilion/mesyuarat. Pelabur-pelabur juga memerhatikan bila FOMC

akan mula meningkatkan kadar.

Isu utama yang mendapat perhatian bulan lalu adalah keadaan di

Iraq. Bagaimanapun, AS telah menerbitkan perangkaan ekonomi

yang menggalakkan. Indeks Pembuatan US Institute for Supply

Management (ISM) berkembang kepada 55.4 pada Mei daripada

54.9 pada April. Agak mengejutkan juga, jualan kenderaan AS

lebih kukuh pada Mei telah mengukuhkan pandangan terhadap

sektor pembuatan dan membayangkan sektor pengeluaran

dijangka mencatatkan pertumbuhan tambahan. Jualan kenderaan

meningkat 11.4% berbanding tahun sebelumnya kepada 16.77

juta unit, kadar terpantas sejak Februari 2007, menurut firma

penyelidikan Auto Data. Ini membantu meningkatkan sentimen

global pada bulan Jun.

KLCI mengakhiri bulan berkenaan 9 mata atau 0.5% lebih tinggi

pada 1,882 mata.

Julai ialah bulan yang tidak menentu apabila KLCI mencapai

kadar teringgi baru pada awal bulan berkenaan tetapi terpaksa

berdepan tekanan jualan pada akhir bulan didorong ketegangan

geopolitik di Ukraine dan Timur Tengah, pasaran ekuiti AS

mencatatkan kadar tertinggi baru pada bulan berkenaan,

didorong data ekonomi kukuh (GDP Q2, bayaran gaji, peluang

jawatan, dan CPI). Mesyuarat FOMC pada Julai mengesahkan

pengurangan pembelian aset dan pasaran menjangkakan program

itu akan ditamatkan menjelang Oktober. Jawatankuasa itu turut

mengakui aktiviti ekonomi kembali pulih berbanding penyusutan

pada Q1, tetapi peka bahawa tanda-tanda penyusutan dalam

pasaran kerja semakin berkurangan dan peningkatan dalam

pertumbuhan perumahan.

Bagaimanapun, pada minggu terakhir Julai, saham AS merudum.

The Dow dan S&P 500 merekodkan kejatuhan bulanan pertama

sejak Januari, didorong kebimbangan pelabur terhadap ekonomi

Eropah berikutan sekatan terhadap Rusia, kegagalan membayar

hutang Argentina serta peningkatan kos buruh AS akan

menyebabkan pengurangkan keuntungan korporat. PMI Chicago

just jauh di bawah jangkaan, susut 10 mata kepada 52.6.

Pemulihan pertumbuhan China bagi 2Q adalah lebih baik

berbanding jangkaan pasaran, didorong oleh beberapa langkah

rangsangan yang menumpukan kepada peningkatan kepada

perbelanjaan untuk sistem rel dan perumahan awam dengan

penggunaan wang sendiri.

Perkembangan korporat utama untuk bulan berkenaan ialah

cadangan penggabungan CIMB, RHB dan MBSB selepas Bank

Negara memberikan kebenaran untuk rundingan di peringkat

Lembaga Pengarah. Kehilangan mengejut pesawat MH17,

beberapa bulan selepas pesawat MH370, menjadi tajuk utama.

Keputusan korporat yang diumumkan pada bulan berkenaan

adalah agak baik yang mana daripada 12 syarikat di dalam

liputan kami, tujuh syarikat mencatatkan keputusan korporat

dalam jangkaan, tiga lebih baik manakala hanya dua di bawah

jangkaan. KLCI mengakhiri bulan berkenaan 11 mata atau 0.6%

lebih rendah untuk ditutup pada 1,871 mata.

Ogos ialah bulan yang tidak menentu yang mana KLCI

menyaksikan jualan besar-besaran pada awal bulan berkenaan

tetapi semua kerugian dapat diraih semula, didorong kekukuhan

di Wall Street. Pasaran AS mencapai tahap tertinggi pada akhir

Ogos selepas pelabur menyambut baik perangkaan ekonomi

yang sihat.

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Bagaimanapun, keputusan korporat Malaysia yang diumumkan

pada bukan berkenaan adalah mendukacitakan. Tetapi kesan

kepada keseluruhan harga saham hampir tidak berubah. KLCI

mengakhiri bulan berkenaan 5 mata atau 0.3% lebih rendar

pada 1,866 mata. Pasaran keseluruhan KLCI ditutup lebih rendah

dengan FBM Emas susut 0.7% berbanding bulan terdahulu

kepada 12,995 mata. Syarikat modal kecil turut susut dengan

FBM Small Cap susut 2.4% kepada 18,605 mata manakala FBM

ACE jatuh 2% kepada 6,904 mata.

Pertumbuhan eksport turut mengecil pada Jun didorong

kesederhanaan dalam eksport E&E serta bukan E&E.

Pertumbuhan GDP sebenar meningkat kepada 6.4% YoY pada

2Q2014 (berbanding 6.2% pada 1Q2014). Selepas mengambil

kira perubahan sukuan-ke-sukuan, ekonomi Malaysia tumbuh

sebanyak 1.8% (+0.8% pada 1Q2014). Eksport bersih

meningkatkan pertumbuhan keseluruhan GDP. Bagaimanapun,

permintaan domestik menyederhana tetapi pertumbuhan

permintaan swasta kekal kukuh.

September ialah bulan yang lemah dengan KLCI menyusut

ke tahap terendah dalam enam bulan apabila pelabur mula

mengambil kira pencapaian korporat yang mendukacitakan

pada bulan berkenaan. Sentimen pasaran yang lemah turut

dipengaruhi oleh berita kelembapan ekonomi Eropah dan China

manakala data ekonomi AS adalah lebih lemah daripada jangkaan

pakar ekonomi. Keputusan kerajaan China untuk meningkatkan

penyaluran kredit terus dicabar selepas data terkini menunjukkan

ekonomi kedua terbesar di dunia itu mengalami kelembapan

yang lebih besar, diburukkan lagi dengan kelemahan dalam sektor

perumahan. Pertumbuhan eksport kekal tidak menentu, dan

langkah untuk menstabilkan pasaran perumahan memburukkan

keadaan berikutan permintaan domestik yang semakin lemah.

Harga niaga hadapan untuk keluli dan bijih besi menjunam ke

paras terendah manakala minyak, tembaga dan bahan asas

lain turut susut berikutan kebimbangan yang dicetuskan oleh

kelembapan permintaan China. Ini secara langsung menjadikan

Amerika Syarikat sebagai satu-satunya pemacu pertumbuhan

ekonomi dunia.

Saham berwajaran kecil kembali mencatatkan peningkatan

selepas susut pada Ogos. KLCI mengakhiri bulan berkenaan 20

mata atau 1.1% lebih rendah untuk ditutup pada 1,846 mata.

Pasaran keseluruhan turut ditutup lebih rendah tetapi lebih tinggi

berbanding KLCI, dengan FBM Emas susut 0.5% berbanding

bulan terdahulu kepada 12,925 mata. Indeks FBM Small Cap

meningkat 0.3% kepada 18,666 mata manakala FBM ACE naik

0.5% kepada 7,279 mata. Nilai purata dagangan harian di Bursa

pada September mengurang 15% berbanding bulan terdahulu

kepada RM2.14 bilion.

Oktober ialah bulan yang tidak menentu dengan kebimbangan

terhadap pelbagai isu mendorong kejatuhan pasaran global. Ini

termasuk kelemahan ekonomi negara-negara Eropah dan Jepun,

konflik di Iraq dan Ukraine selain kebimbangan penyebaran

penyakit Ebola. Wall Street mencatatkan kejatuhan besar tetapi

pada masa sama memulihkan pasaran-pasaran lain apabila

ia kembali meningkat. KLCI susut di bawah paras sokongan

psikologi 1,800 mata untuk kali kedua tahun ini tetapi berjaya

meraih semua kerugian.

November juga bulan yang tidak menentu dengan KLCI

mengembalikan sebahagian peningkatan besar yang dicatakan

pada bulan Oktober walaupun Wall Street terus mengukuh

sebelum terus meningkat pada akhir bulan. Keputusan korporat

pada November yang mendukacitakan terus melemahkan

sentimen pasaran. Bagaimanapun, KLCI berjaya kekal di atas

paras sokongan psikologi 1,800 mata walaupun dalam keadaan

pasaran yang tidak menentu. Untuk bulan berkenaan, KLCI susut

1.9% atau 35 mata untuk ditutup pada 1,820 mata.

Ketidaktentuan pasaran berlarutan pada bulan Disember apabila

KLCI menjunam ke paras terendah dalam tempoh 52 minggu

kepada 1,671 mata sebelum kembali pulih dengan sokongan

aktiviti pembelian “window dressing”. Walaupun Wall Street

meneruskan pengukuhan ke paras rekod tertinggi, KLCI seperti

mengambil haluan tersendiri. Kebimbangan harga minyak lemah

yang akan memberi kesan kepada GDP Malaysia pada 2015

termasuk keupayaan kerajaan meneruskan pelan fiskal dan

penurunan nilai Ringgit. Untuk bulan berkenaan, KLCI menjunam

60 mata untuk ditutup pada 1,861 mata.

Ulasan Pasaran Pendapatan TetapSepanjang tempoh kajian, pasaran bon termpatan menyaksikan

penyusutan hasil yang mana keluk hasil mendatar. Minat belian

terhadap bon tempatan pulih secara berperingkat berikutan

jangkaan pengaliran keluar dana asing adalah lebih rendah

berbanding 2013, tetapi kebimbangan mengenai kenaikan Kadar

Dasar Semalaman (OPR) pada 2014 mengekang minat belian.

Pada 2014, penyesuaian tarif elektrik yang merakumi 2.88%

daripada Indeks Harga Pengguna (CPI), dijangka tidak

Ulasan Pasaran Pelaburan (Bersambung)

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memberikan kesan besar kepada kadar inflasi pada 2014.

Bagaimanapun, kadar inflasi Malaysia meningkat kepada 3.2%

pada 2014 berbanding 2.1% pada 2013. Ini disebabkan susulan

kesan pemotongan subsidi (iaitu subsidi minyak dan kenaikan

tarif elektrik). Berikutan jangkaan inflasi yang lebih tinggi, Bank

Negara Malaysia (BNM) menaikkan OPR kepada 3.25% pada Julai

2014 (daripada 3.00%), bagi menguruskan ketidakseimbangan

kewangan. BNM berkata dasar kewangan pernormalan

diperlukan bagi mengelak risiko ketidakseimbangan kewangan

dan ekonomi yang akan mempengaruhi pertumbuhan. Ia berkata

langkah baru itu kekal menyokong ekonomi yang mana negara

menyaksikan pengukuhan berterusan dalam eksport dan aktiviti

sektor swasta.

Pada Oktober 2014, kerajaan turut membentangkan Bajet

2015 yang mensasarkan untuk mencapai keseimbangan bagi

memastikan pertumbuhan domestik mampan dan mengekalkan

disiplin fiskal. Perbelanjaan keseluruhan dalam Bajet 2015

berjumlah RM273.9 bilion, iaitu RM9.8 bilion (3.7%) lebih

tinggi berbanding bajet 2014, yang mana RM223.4 bilion

diperuntukkan untuk Perbelanjaan Mengurus dan RM50.5 bilion

untuk Perbelanjaan Pembangunan. Antara pengumuman penting

lain ialah (1) GDP diunjurkan tumbuh kepada 5.5%–6.0% pada

2014 dan 5.0%–6.0% pada 2015; (2) inflasi diunjurkan dalam

lingkungan 3.4% pada 2014 dan meningkat kepada 4.0%–

5.0% pada 2015; dan (3) kerajaan mahu mengurangkan defisit

fiskal kepada 3.0% daripada GDP pada 2015 berbanding 3.5%

pada 2014. Malaysia turut memansuhkan subsidi petrol RON95

dan diesel berkuat kuasa 1 Disember dengan harga runcit bahan

bakar ini ditetapkan berdasarkan mekanisme kawalan terapung.

Pengumuman ini dibuat ketika kejatuhan besar harga minyak

mentah global.

Malaysia mengakhiri tahun berkenaan dengan GDP suku

keempat yang lebih baik. GDP mengukuh kepada 5.8% YoY

yang bukan saja lebih baik berbanding pertumbuhan suku ketiga

2014 iaitu 5.6% tetapi mengatasi unjuran 5.0%. Sekali lagi,

pelaburan sektor swasta lebih kukuh dan perbelanjaan berjaya

mengimbangi penurunan eksport bersih dan pelaburan sektor

awam. Secara keseluruhan, ekonomi Malaysia tumbuh pada

kadar terpantas dalam tempoh empat tahun iaitu 6.0% pada

2014 berbanding 4.7% pada 2013.

Pada Januari 2015, mesyuarat jawatankuasa monetari BNM

(MPC) mengekalkan OPR pada 3.25% untuk kali ketiga berturut-

turut sejajar jangkaan pasaran. Dalam kenyataannya, BNM agak

berhati-hati dengan unjuran ekonomi global, sambil menekankan

“ketidaktentuan di pasaran kewangan antarabangsa telah

meningkat disebabkan perubahan dalam kecairan global dan

ketidaktentuan terutama mengenai prospek pertumbuhan global

serta penurunan harga komoditi.” Bagaimanapun, BNM masih

menjangkakan ekonomi domestik akan kekal pada landasan

pertumbuhan walaupun berhadapan harga tenaga dan komoditi

yang rendah. Ia didorong pertumbuhan permintaan domestik

manakala aktiviti pelaburan dijangka kekal kukuh, sekali gus

dapat mengimbangi penurunan aktiviti pelaburan berkaitan

minyak dan gas. BNM juga berpendapat dasar monetari semasa

kekal menyokong aktiviti ekonomi ketika ini.

Perdana Menteri Dato’ Sri Najib Tun Razak mengumumkan

semakan Bajet 2015 bagi menangani kesan kejatuhan harga

minyak terhadap ekonomi negara pada 20 Januari. Bajet yang

disemak semula dibuat berdasarkan unjuran harga minyak lebih

rendah dan realistik iaitu AS$55 setong. Antara pengumuman

penting lain adalah:

• UnjuranpertumbuhanGDP2015diturunkankepada

4.5–5.5% (daripada 5.0–6.0% sebelum ini)

• Unjuraninflasi2015diturunkankepada2.5%–3.5%

(daripada 4.0%–5.0% sebelum ini)

• Defisitfiskal2015disasarkanmelebarkepada3.2%

daripada GDP (daripada 3.0% sebelum ini)

Perbelanjaan operasi dikurangkan sebanyak RM5.5 bilion tetapi

perbelanjaan pembangunan kekal pada RM48.5 bilion.

Pasaran bon tempatan meneruskan pengukuhan pada suku

pertama 2015 didorong kelemahan harga minyak mentah yang

memberikan kesan kepada pertumbuhan GDP pada 2015.

Jangkaan kenaikan kadar feadah pada 2015 juga telah pudar,

sekali gus meningkatkan minat belian terhadap bon tempatan.

- oleh AmInvestment Services Berhad

Ulasan Pasaran Dana AmMetLife Oasis Islamic Equity Dana Sasaran: AmOasis Global Islamic Equity

Dana Sasaran Akhir: Dana Oasis Crescent Global Equity

Ekonomi global dikategorikan berdasarkan perbezaan dasar yang

jelas dalam suku pertama 2015, dengan tindakan “easing” di

zon Eropah dan Jepun menyebabkan penurunan nilai mata wang

di rantau-rantau ini. Manakala, unjuran peningkatan kadar di

AS menyebabkan dolar meningkat pada suku sama, sekali gus

154



membolehkan inflasi dan pertumbuhan dikawal dalam tempoh

terdekat. Berikutan penurunan inflasi dan jangkaan pertumbuhan,

beberapa ekonomi baru muncul bertindak memudahkan

dasar monetari ketika penstrukturan semula ekonomi China

terus memberi kesan kepada permintaan import, sekali gus

mempengaruhi harga komoditi. Walaupun ketidaktentuan

geopolitik berjaya ditangani, keputusan OPEC mengekalkan

pengeluaran minyak pada paras tinggi dijangka memacu

pertumbuhan global kepada 3.6% pada 2015, didorong harga

minyak yang jauh rendah, sekali gus meningkatkan keupayaan

membeli di kalangan Negara ekonomi pengimport minyak bersih.


Ulasan Pasaran Dana AmMetLife Global Emerging Market Dana Sasaran: AmGlobal Emerging Markets Opportunities

Dana Sasaran Akhir: Schroders ISF Global Emerging

Market Opportunities

Ekuiti-ekuiti global mencatatkan perolehan kukuh untuk

tahun kewangan berakhir Mac 2015. AS ialah pasaran paling

kukuh dengan data makro mencatatkan pemulihan dan Rezab

Persekutuan (Fed) mengurangkan program “quantitative

easing”, tindakan terakhir pengurangan pada Oktober. Spekulasi

seterusnya ialah bila kenaikan kadar akan berlaku. Bagaimanapun,

unjuran ia berlaku berubah ke Disember selepas data ekonomi

yang mendatar. Fed bertindak mengurangkan jangkaan kenaikan

kadar serta kebimbangannya mengenai nilai USD yang tinggi.

Ekuiti Eropah kekal negatif berikutan kemerosotan berterusan

petunjuk-petunjuk ekonominya. Ini mendorong European

Central Bank (ECB) mengambil beberapa tindakan permudah

dasar monetari termasuk pengenalan “sovereign quantitative

easing” pada Mac yang mana bank pusat berjanji akan membeli

$60 bilion aset setiap bulan. Pada masa sama, harga minyak

merudum 48.9% pada akhir 2014 disebabkan bekalan berlebihan

ketika persekitaran permintaan yang lemah. Mata wang USD

yang kukuh mempengaruhi tempoh berkenaan serta memberi

kesan negatif terhadap pasaran-pasaran baru muncul. Indeks

MSCI Emerging Markets (EM) mencatatkan pulangan negatif dan

ketinggalan berbanding negara-negara maju.

Pada permulaan tempoh, pasaran utama kami ialah Brazil, China,

Hungary, Korea Selatan, Qatar dan UAE. Pada Julai 2014 kami

telah memasukkan Turki berikutan penilaian yang menarik dan

semakan perolehan yang baik walaupun terdapat penyesuaian

kepada dasar monetari AS dan risiko defisit akaun semasa yang

tidak dibiayai dengan baik. Pada masa sama, kami mengeluarkan

Hungary berikutan kebimbangan terhadap hutang luar yang

tinggi dan kemerosatan unjuran EPS. Kami memasukkan India

kepada senarai utama pada Oktober 2014. Walaupun pasaran

kelihatan seperti telah dinilai sepenuhnya, ekonomi asas

dan pendapatan menunjukkan tanda-tanda pemulihan serta

penerimaan terhadap agenda reformasi kerajaan. Kami juga

memasukkan Thailand berikutan pertumbuhan EPS yang semakin

baik dan penilaian yang munasabah. Kami mengeluarkan Brazil

disebabkan ketidaktentuan politik menjelang pilihan raya. Pada

November kami mengeluarkan Qatar disebabkan penilaian

yang terlalu tinggi. Pada Januari 2015 kami telah mengeluarkan

Thailand dan memasukkan Hungary pada Mac.

Pasaran yang mencatatkan prestasi terbaik ialah India yang

meningkat selepas parti pimpinan Narendra Modi, BJP

memenangi pilihan raya umum dan menjadi parti tunggal dalam

lebih 20 tahun untuk memenangi pilihan raya dengan sokongan

majoriti. Ini dijangka membantu kerajaan untuk melaksanakan

perubahan yang sangat diperlukan. Thailand turut mencatatkan

pulangan kukuh. Walaupun wujud kebimbangan berikutan

rampasan kuasa tentera pada Mei 2014, pasaran di negara itu

kembali pulih berikutan kestabilan politik yang dicapai. Ekuiti di

China juga mengukuh.Walaupun pertumbuhan perlahan kepada

7% YoY, prestasinya didorong sokongan kecairan menjelang

akhir tempoh ketika pengawal selia sekuriti mengumumkan ia

akan membenarkan dana bersama untuk melabur dalam saham

Hong Kong menerusi skim Shanghai-Hong Kong Connect. Qatar

mencatatkan pulangan positif, disokong peningkatan besar Gulf

International Services. Hungary memberikan pulangan negatif,

sebahagian besar disebabkan persembahan lemah syarikat

farmaseutikal Gedeon Richter yang menyaksikan jualannya di

Rusia berdepan pengurangan nilai berganda. Ekuiti Korea susut

selepas pertumbuhan GDP mendatar dan kerajaan mengambil

langkah meningkatkan ekonomi. Ekuiti-ekuiti tempatan juga

mengalami tekanan berikutan kebimbangan tadbir urus korporat.

Di UAE pasaran terjejas berikutan sentimen negatif berikutan

kejatuhan harga minyak. Ia juga tempoh yang tidak menentu

untuk pasaran Turki berikutan defisit akuan semasa yang tinggi

serta hutang luar yang besar. Bagaimanapun, harga minyak yang

rendah memberi kesan positif kepada negara itu dan membantu

memulihkan pasaran tempatan. Bagaimanapun, peningkatan

itu terhakis berikutan pertelingkahan di antara bank pusat dan

Presiden Erdogan yang menjejaskan kredibiliti dan kebebasan


155





bank pusat. Ini sekali gus memberikan tekanan kepada mata wang

lira. Brazil ialah pasaran utama yang mencatatkan prestasi paling

buruk. Pemilihan semula Presiden Dilma Rousseff pada Oktober

disusuli kejatuhan di pasaran tempatan berikutan kebimbangan

terhadap keupayaan pentadbirannya menangani pertumbuhan

yang semakin rendah dan peningkatan inflasi. Pelantikan menteri

kewangan yang baru membantu kepada kembalinya negara itu

kepada dasar lebih ortodoks manakala bank pusat menaikkan

kadar faedah bagi menangai inflasi. Ia juga menghentikan

program campur tangan mata wang. Bagaimanapun data makro

jangka masa terdekat kekal lemah.


Ulasan Pasaran Dana AmMetLife Global Agribusiness Dana Sasaran: AmGlobal Agribusiness

Dana Sasaran Akhir: DWS Global Agribusiness

Pasaran-pasaran ekuiti global mencatatkan perolehan agak

baik untuk tahun semakan sehingga 31 Mac 2015, dibantu

pendapatan dua angka dari AS, penurunan di Eropah dan

perkembangan berbeza di pasaran-pasaran baru muncul. Tahun

ini diingati kerana peningkatan ketegangan hasil konflik Rusia-

Ukraine, penyebaran virus Ebola di Africa, keganasan di Timur

Tengah, kejatuhan mendadak harga minyak dan pengukuhan

USD. Pasaran ekuiti AS disokong data ekonomi dan penggajian

yang baik, peningkatan keuntungan korporat dan ketiadaan

kebimbangan tekanan inflasi. Ekuiti-ekuiti pasaran-pasaran

Eropah dipengaruhi ketegangan di Eropah Timur dan pada akhir

tempoh semakan, krisis hutang kerajaan Greek serta rundingan

bantuan dengan zon Euro. Di kalangan pasaran-pasaran baru

muncul, India mencatatkan prestasi terbaik, disokong pemilihan

Narenda Modi manakala Rusia dan mata wangnya, Ruble,

susut dengan mendadak berikutan sekatan Barat. Keadaan itu

diburukkan dengan kejatuhan harga minya yang menjadi eksport

utama negara itu.


Ulasan Pasaran Dana AmMetLife Precious Metals Dana Sasaran: AmPrecious Metals

Dana Sasaran Akhir: Dana DWS Noor Precious Metals Securities

Ekuiti emas dan logam berharga mencatatkan prestasi yang

sejajar dengan USD pada suku pertama 2015, tetapi kembali

susut sepertimana lanjut daripada suku kedua 2014 apabila

USD mengukuh dan tekanan jualan minyak berlebihan mula

memberi kesan. Kami mula melihat pengurangan perbelanjaan

modal sektor minyak. Pertumbuhan sukar dicapai di Eropah dan

Jepun dan pertumbuhan lebih perlahan di China dan pasaran

baru muncul lain menyukarkan kemasukan modal ke pasaran

Organization for Economic Co-operation & Development (OECD)

(iaitu AS). Kami percaya perbezaan hasil terutama di antara AS

berbanding Eropah dan Jepun akan terus memacu pengukuhan

USD dan bakal menjadi cabaran kepada emas dalam tempoh

terdekat.

Kebimbangan Ekonomi Global

Emas dan USD diniagakan bersama memasuki 2015: Dollar

Index Spot (DXY) (trade weighted dollar) naik sehingga 5%

kepada rakan dagangnya manakala emas naik sehingga 8%,

satu pergerakan yang aneh berikutan dolar dan emas selalunya

bergerak dalam arah berbeza. Hubungan positif antara emas

dan DXY bagaimanapun tidak kekal lama apabila DXY terus

mengukuh berbanding rakan dagangnya manakala emas susut

lebih 5% menjelang akhir Februari. Kami percaya ini berikutan

kembalinya kepada hubungan yang lebih normal (antara emas

dan USD).

Pengaliran modal meningkat berikutan jangkaan Bank Pusat

Eropah (ECB) melaksanakan pelan Quantitative Easing (QE)

pada 9 Mac 2015. Presiden ECB Mario Draghi mengumumkan

satu strategi QE yang akan bermula pada Mac 2015 sehingga

September 2016, membabitkan pembelian bon bernilai lebih

$1 trilion. Berikutan program QE ini, kami berpendapat emas

dan USD akan menjadi barang dagangan yang lebih selamat

berikutan perolehan di Eropah, terutama Swiss Franc (CHF), telah

bertukar negatif akibat pengaliran keluar Euro (EUR).

Kebiasaannya, kami akan bertelingkah bahawa QE adalah

lebih mutlak terhadap risiko dagangan. Walaupun kami

menjangkakan terdapat sedikit risiko terhadap dagangan

sebaik QE bermula, kami mengiktiraf pergerakan besar CHF

dalam satu hari berbanding USD (+17.6%) dan EUR (+18.8%)

selepas Swiss National Bank menggugurkan penetapan kepada

EUR. Pengguguran penetapan ini, yang dilaksanakan sejak

2011, menyebabkan peningkatan permintaan untuk CHF. Kami

berpendapat kesan lebih besar selepas pergerakan dalam CHF

serta negara bukan Kesatuan Eropah (EU) lain (seperti Denmark,

Iceland, dan Sweden) membayangkan status negara-negara ini

sebagai “destinasi mata wang” apabila modal mengalir keluar

156



dari Euro. Permintaan untuk mata wang bukan EU adalah sangat

tinggi sehingga peningkatan bon menyebabkan pulangan

negatif. Kami percaya ini adalah penting kerana ini menunjukkan

permintaan kukuh untuk destinasi pelaburan selamat.

Sejak pengenalan Abenomics pada Mac 2013, kami sedar bahawa

emas tidak memberikan sebarang pulangan. Bagaimanapun

sejak itu, QE di AS sudah berakhir, QE diperkenalkan di Jepun,

serta strategi QE baru diperkenalkan di EU. Kami percaya pakej

QE terbaru akan kurang berkesan berikutan hasil yang sangat

rendah di EU dan hasil negatif untuk mata wang Eropah bukan

EU. Mengambil kira kedua-dua persekitaran di Eropah yang jauh

berbeza berbanding hasil yang lebih tinggi di AS, kami percaya

Euro menawarkan dagangan sehala (iaitu rendah untuk beberapa

suku). Malah, hasil negatif membabitkan mata wang bukan EU,

hasil 0 bagi emas adalah secara umumnya lebih baik, menjurus

kepada dagangan membabitkan dolar, emas dan mata wang

negara bukan EU.


Ulasan Pasaran Dana AmMetLife Tactical Bond Dana Sasaran: AmTactical Bond Fund

Pada April 2014 selepas mengejutkan pasaran dengan

kemungkinan kenaikan kadar faedah menjelang pertengahan

2015, Pengerusi Rezab Persekutuan AS, Janet Yellen berusaha

mengembalikan keyakinan pelabur menerusi ucapan yang

bertujuan menyakinkan pasaran bahawa FED tidak akan

menaikkan kadar faedah sehingga dua mandatnya tercapai. Ini

melegakan pasaran serta dibantu pengumuman pertumbuhan

GDP 7.4% YoY oleh China untuk 1Q2014, mengatasi jangkaan

7.3% pasaran, sekali gus mengurangkan kebimbangan kejatuhan

besar ekonomi. Di Malaysia, inflasi kekal pada 3.5%, sekali gus

menunjukkan kembalinya kestabilan selepas peningkatan tujuh

bulan berturut-turut. Malaysia juga melaporkan rezab asing yang

lebih kukuh pada April, meningkat 0.7% bulan ke bulan kepada

AS$131.1 bilion. Pengeluaran industri meningkat 6.7% YoY pada

Februari manakala pertumbuhan eksport kekal mampan dengan

peningkatan dua angka iaitu 12.3% YoY pada Februari (+12.2%

pada Januari). BNM turut mengumumkan dalam laporan

tahunannya, semakan sasaran GDP kepada 4.5–5.5% untuk

2014 berbanding sasaran Kementerian Kewangan 5.0–5.5%.

Sasaran GDP BNM yang lebih konservatif bertujuan memberikan

ruang kepada kemungkinan risiko penurunan yang disebabkan

pengenalan tindakan fiskal tambahan dan pertumbuan global

yang mendukacitakan.

Pada Mei 2014, pada masa Bank Negara Malaysia mengekal

Kadar Dasar Semalaman pada 3.00% seperti yang dijangkakan,

Kenyataan Dasar Monetari lebih keras berbanding kenyataan

MPC terdahulu dengan penekakan kepada “kadar penyesuaian

monetari mungkin perlu diubah” jika perlu bagi menangani

risiko-risiko yang wujud berikutan ketidakseimbangan kewangan

dan ekonomi tempatan. Perubahan nada BNM disusuli unjuran

ekonomi lebih baik untuk Malaysia bagi 2014 selepeas

pengumuman perangkaan GDP 1Q yang lebih kukuh iaitu

6.2% YoY yang mana ia mengejutkan pasaran yang sebelum

ini menjangkakan hanya pertumbuhan 5.7%. Pertumbuhan ini

didorong oleh eksport yang meningkat 7.9% YoY berbanding

5.7% pada 4Q2013 selain perbelanjaan kerajaan yang meningkat

11.2% YoY.

Pada Jun 2014, beberapa tindakan liberalisasi pasaran diumumkan

Perdana Menteri Datuk Seri Najib Tun Razak pada Invest Malaysia

2014. Ini termasuk penghapusan keperluan mandatori untuk

penarafan bon kredit korporat, sekali gus membolehkan agensi-

agensi penarafan asing dan syarikat pengurusan unit amanah

untuk beroperasi di Malaysia selain membenarkan keupayaan

mendagangkan bon dan sukuk yang tidak diberikan penarafan.

Kadar pengangguran susut kepada kurang daripada 3.0% untuk

kali pertama sejak Jun 2013, iaitu 2.9% pada April berbanding

3.0% pada Mac. Inflasi pula yang diukur oleh indeks CPI menurun

kepada 3.2% YoY pada Mei berbanding 3.4% pada April.

Pada Julai 2014 Bank Negara Malaysia menaikkan Kadar Dasar

Semalaman sebanyak 25 bps kepada 3.25%, sejajar dengan

jangkaan pasaran. Kenaikan ini dilakukan selaras dengan

unjuran pertumbuhan ekonomi yang lebih kukuh, purata

inflasi jangka panjang yang sederhana serta kebimbangan

berterusan ketidakseimbangan ekonomi dan kewangan seperti

yang dinyatakan BNM dalam mesyuarat MPC terdahulu.

Bagaimanapun, kenyataan MPC terkini menunjukkan BNM

mengambil pendekatan terbuka terhadap dasar kadar walaupun

ini bergantung kepada tren data ekonomi untuk beberapa bulan

akan datang, terutama tanda-tanda tekanan inflasi selain kawalan

terhadap peningkatan risiko ketidakseimbangan kewangan.

Pada Ogos 2014, Malaysia melaporkan GDP untuk 2Q2014 yang

lebih tinggi daripada jangkaan iaitu +6.4% YoY berbanding

jangkaan +5.8%. Angka ini mengatasi pertumbuhan di negara


157





jiran Indonesia (2Q +5.1%), Thailand (2Q +0.4%) dan hampir

menyamai Filipina (2Q +6.4%). Angka pertumbuhan GDP

2Q2014 Malaysia itu adalah yang terpantas sejak 1Q2013 dan

dipacu oleh peningkatan eksport bersih yang naik (+14.2% YoY)

lebih pantas berbanding import (+8.6% YoY) sepanjang suku

berkenaan. Pelaburan swasta meningkat didorong unjuran global

yang lebih baik dengan pelaburan dalam sektor perkhidmatan

dan pembuatan kekal kukuh. Bagaimanapun, perbelanjaan

swasta terus mendatar pada +6.5% berbanding +7.1% pada

1Q2014. Perbelanjaan swasta bagaimanapun kekal menyokong

pengwujudan pekerjaan dan pertumbuhan upah. Indeks harga

pengguna yang mengukur inflasi terus mendatar pada 3.2%

YoY pada Julai (Jun: +3.3%). Kadar inflasi yang sederhana itu

disebabkan harga makanan dan minuman bukan alkohol yang

meningkat lebih rendah 3.1% YoY (Jun: +3.5%). Pegangan

asing bagi MGS terus mencatatkan peningkatan. Bagi Julai,

kemasukan bersih asing bagi MGS berjumlah RM6.7 bilion, sekali

gus menjadikan keseluruhan pegangan asing kepada RM154

bilion (Jun: RM147.3 bilion), rekod tertinggi dan meningkatkan

% pemilikan asing kepada 48.4% (Jun: 46.7%). Keseluruhan

pegangan asing dalam MGS semakin mencapai paras tertinggi

49.5% yang dicatatkan pada Mei 2013 sebelum permulaan

pengurangan QE.

Pada September 2014, rantau ini berterusan mencatatkan

kelemahan eksport; berikutan pusingan pengurangan stok yang

bermula sejak Jun 2014 serta dijangka berterusan sehingga akhir

tahun dengan potensi peningkatan eksport dijangka bermula

pada Disember 2014. Bagaimanapun, angka GDP suku kedua

(data dikeluarkan pada Ogos 2014) membabitkan beberapa

pasaran sepatutnya akan menyokong permintaan domestik ketika

berhadapan data dagangan negatif. Di Malaysia, pertumbuhan

eksport terus mendatar pada 1.73% YoY untuk Ogos 2014 (Julai

2014: 0.81% YoY, Jun 2014: 7.9% YoY berbanding Mei: 16.2%

YoY) dengan elektrikal/elektronik dan minyak mentah serta

eksport kekal lemah berbanding Mei 2014, sebelum penghabisan

stok global. Pada bulan berkenaan Bank Negara mengekalkan

OPR pada 3.25% dengan bank pusat lebih cenderung kepada

“memastikan kamampanan prospek pertumbuhan ekonomi

Malaysia,” berbanding kenyataan dasar sebelum ini. Imbangan

dagangan Malaysia terus mencatatkan lebihan untuk Ogos 2014

berjumlah RM3.86 bilion (Julai 2014: RM3.64 bilion) tetapi jauh

lebih lemah berbanding paras RM8 bilion–RM10 bilion yang

dicatatkan pada April, Mac dan Februari 2014. Bagaimanapun

pertumbuhan GDP suku kedua iaitu 6.4% YoY (unjuran: 5.8%,

suku pertama 2014: 6.2%) yang dilaporkan pada Ogos 2013

mampu menyokong sektor domestik untuk separuh tahun kedua

tahun berkenaan.

Pada Oktober 2014, selaras dengan data ekonomi luar yang

sedikit lebih baik, Pengeluaran Industri Malaysia untuk Ogos 2014

mengatasi jangkaan pada 6.5% YoY (unjuran: 5.1% YoY, Julai:

0.6% YoY) dipacu pertumbuhan pembuatan sebanyak 7.4%

YoY (Julai: 3.2% YoY) dan peningkatna penggunaan elektrik

sebanyak 8.4% YoY (Julai: 5.0% YoY). Inflasi menurun seperti

dijangkakan kepada 2.6% YoY pada September 2014 daripada

3.3% YoY pada Ogos 2014 (unjuran: 2.6% YoY), dipengaruhi

kesan asas kenaikan harga minyak tahun lalu pada September

2013 berbanding kenaikan terbaru minyak pada Oktober 2014.

Di Indonesia, kadar rujukan Bank Indonesia kekal tidak berubah

untuk bulan ke-11 berturut-turut pada 7.50% selepas mesyuarat

dasar monetari pada 7 Oktober 2014. Paras kadar itu dianggap

ketat bagi mengawal tekanan inflasi dan kestabilan mata wang

berikutan unjuran berakhirnya permudahan monetari AS. Sasaran

inflasi Bank Indonesia (BI”s) kekal pada 4.5%±1% untuk 2014

dengan CPI terbaru bagi September 2014 meningkat pada 4.53%

YoY. Kedudukan akaun semasa nasional terus dinyatakan sebagai

dasar penentu bank pusat. Data aktiviti the HSBC Indonesia

Manufacturing Purchasing Managers Index (PMI) mencatatkan

49.2 mata pada Oktober 2014 selepas berkembang pada

September 2014 pada 50.7 mata, selaras unjuran pertumbuhan

serantau yang lebih lemah.

Pada November 2014, rantau ini secara umum menyaksikan

GDP suku ketiga yang lemah disebabkan permintaan luar yang

lemah dan konsolidasi fiskal kerajaan yang mengurangkan

permintaan domestik. Bagaimanapun, kebanyakan ekonomi

serantau menunjukkan kestabilan dan ketahanan berikutan

dasar yang berhemah dan berkesan oleh pihak berkuasa

kewangan dan ekonomi. Pada masa salam tren “disinflationary”

dijangkakan berikutan harga komoditi global yang mendatar. Di

Malaysia, BNM mengekalkan kadar dasar pada mesyuarat pada

6 November 2014. Pertumbuhan GDP untuk suku ketiga 2015

mengikut unjuran pasaran pada 5.6% YoY (unjuran: 5.6% YoY,

suku kedua 2014: 6.5% YoY). Kelemahan ini sebahagiannya

disebabkan kesan asas tinggi pada suku ketiga 2013 dengan GDP

pada berada pada paras agak tinggi iaitu RM 200.6 bilion (suku

kedua 2013: RM193.2 bilion, suku ketiga 2014: RM211.7 bilion).

Mengenai permintaan, terdapat penurunan dalam pelaburan

sebanyak 1.1% YoY berbanding 7.2% YoY pada suku kedua

158



2014 dan kemerosotan eksport kepada 2.8% YoY berbanding

8.8% YoY pada suku kedua 2014. Bagaimanapun, kami melihat

bukti perbelanjaan kerajaan yang lebih tinggi iaitu 5.3% YoY

berbanding -0.5% YoY pada suku kedua 2014. Sektor yang

mencatatkan pertumbuhan YoY yang lemah adalah pertanian

4.0%, Perlombongan dan Pembuatan berbanding suku kedua

2014. Inflasi untuk Oktober 2014 lebih rendah berbanding

jangkaan pada 2.8% YoY (unjuran: 3.0% YoY, September: 2.6%

YoY). Perubahan dalam CPI didorong oleh pengangkutan +5.3%

YoY (September: +0.5% YoY) yang merangkumi 14.9% indeks

CPI. Inflasi yang rendah disumbang oleh kesan “disinflation”

global yang mengurangkan impak kenaikan harga petrol.

Pada Disember 2014, rantau ini menyaksikan data perdagangan

yang lemah pada bukan berkenaan didorong kelemahan

berterusan China dan Kesatuan Eropah walaupun terdapat

pemulihan dalam permintaan AS. Di Malaysia, CPI meningkat

kepada 3.0% YoY pada November 2014 (unjuran 2.7%, Oktober

2014: 2.8%) sebahagian besar disebabkan kenaikan duti

eksais 12% untuk tembakau pada 1 November 2014. Eksport

menyusut lebih tinggi daripada jangkaan iaitu sebanyak -3.1%

YoY untuk Oktober 2014 (unjuran: -0.3%, September 2014:

+2.0%), berikutan permintaan global yang lemah dan kesan asas

peningkatan besar setahun lalu. Bagaimanapun, import kekal

kukuh pada 9.1% YoY pada Oktober 2014 (unjuran: -0.3%,

September 2014: 1.1%), dengan barangan keperluan menjadi

komponen utama pada 64.3%, barangan modal pada 12.1%,

manakala barangan konsumer kekal kecil pada 6.8%. Lebihan

dagangan mengecil kepada RM1.196 bilion pada Oktober 2014

daripada RM9.33 bilion pada September 2014. IP mencatatkan

angka lebih kukuh untuk Oktober 2014 dengan pertumbuhan

5.0% YoY (unjuran: 4.1%, September 2014: 5.4%) didorong

pemulihan kukuh sektor perlombongan dibantu pengeluaran

minyak mentah dan gas.

Pada Januari 2015, ekonomi di rantau ini tidak mencatatkan

pergerakan pada Januari 2015 dengan ekonomi yang lebih

daya pemulihan menunjukkan kekuatan masing-masing di

dalam persekitaran pertumbuhan global yang tidak menentu.

Ekonomi yang lebih maju dan penggubal dasar kewangan

memperkenalkan pelbagai dasar bagi meningkatkan ekonomi

masing-masing. Di Malaysia, terdapat permulihan yang lebih baik

daripada jangkaan dalam imbangan dagangan untuk November

2014 dengan lebihan sebanyak RM11.13 bilion (unjuran:

RM4.10 bilion, dikaji semula: RM1.15 bilion), tetapi disebabkan

penyusutan import pada November 2014 pada 0.1% YoY

(unjuran: 8.3% YoY, sebelumnya: 9.1% YoY). Ini meningkatkan

kebimbangan pertumbuhan yang lemah pada Disember 2014

dan Januari 2015. Export kembali pulih pada 2.1% YoY untuk

November 2014 (unjuran: -0.7% YoY, disemak semula: -3.2%

YoY).

Pada Februari 2015, ekonomi serantau mencatatkan angka

pertumbuhan lebih baik daripada jangkaan bagi suku keempat

2014. Bagaimanapun, ahli ekonomi menjangkakan 2015 yang

lebih berhati-hati sejajar dengan penggubal dasar serantau yang

secara umum berpandangan tidak agresif hingga neutral. Satu

lagi tren yang dirasai ekonomi-ekonomi rantau Asia Pasifik bulan

lalu ialah “unambiguous disinflation/deflation” yang sepatutnya

memberikan sedikit sokongan kepada pemintaan domestik ketika

berhadapan jangkaan pertumbuhan yang lemah untuk tahun

mendatang. Di Malaysia, GDP suku keempat 2014 mengatasi

jangkaan iaitu pada 5.8% YoY (unjuran: 5.0%, suku ketiga

2014: 5.6%). Ini membolehkan pertumbuhan untuk tahun 2014

meningkat 6.0% (2013: 4.7%) iaitu kenaikan yang sangat kukuh

dan mengatasi jangkaan 5.9% serta pada peringkat atas unjuran

BNM sebanyak 5.5–6.0% untuk tahun berkenaan. Mengikut

sektor, terdapa penyusutan berterusan dan pertumbuhan lemah

dalam sektor pertanian dan pembuatan, tetapi sektor-sektor

lain seperti pembinaan dan perkhidmatan kembali pulih. Sektor

yang cemerlang pada suku keempat 2014 ialah perlombongan

yang meningkat 9.6% YoY. Sementara itu, perbelanjaan swasta

meningkat kepada 7.80% YoY (suku ketiga 2014: 6.70%)

dan pelaburan pada 4.30% YoY (suku ketiga 2014: 1.10%).

Walaupun pertumbuhan dicatatkan membabitkan perbelanjaan

kerajaan mendatar iaitu sebanyak 2.70% YoY (suku ketiga 2014:

5.30%), ia adalah positif kredit dan selaras dengan konsolidasi

fiskal bagi mengekalkan profil kredit negara.


Ulasan Pasaran Dana AmMetLife Asia Pacific REITS Dana Sasaran: Dana AmAsia Pacific REITS

Pada 2QCY2014, Yellen menekankan babawa pendirian mendatar

Fed AS; pergerakan hasil 10 tahun di bawah 2.5%, kadar

terendah dalam setahun; Bank Dunia dan IMF mengurangkan

unuran pertumbuhan AS kepada 2%. Pada 3QCY2014, konflik

di Timur Tengah meningkat manakala China mengurangkan

sekatan pembelian rumah di beberapa bandar tertentu. Komen


159





daripada Mario Draghi meningkatkan spekulasi bahawa ECB

semakin hampir kepada langkah “quantitative easing”. Untuk

dua suku terakhir, prestasi REIT Australia didorong penstrukturan

korporat dan M&A; di Singapura REITS mencatatkan pemulihan

pada 1QCY2014 tetapi prestasinya mendatar pada 2Q2014

disusuli tekanan jualan memasuki 3QCY2014 berikutan

kebimbangan kadar faedah lebih tinggi menjejaskan sentiment

pelabur; di Jepun prestasi sedikit sebanyak dipacu sentiment

positif berikutan dasar kerajaan mengakhiri halangan kenaikan

cukai penggunaan.

Pada November dan Disember 2014, prestasi Singapura Real

Estate Investment Trusts (REIT) dipacu pengurangan kadar oleh

China serta penurunan hasil bon 10 tahun MAS manakala prestasi

Jepun dipacu kelewatan 18 bulan kenaikan cukai penggunaan

selain permintaan untuk diadakan pilihan raya segera. Prestasi

REIT Australia terus mendapat perhatian pelabur dengan hasil bon

10 tahun semakin mampat. Januari 2015 menyaksikan beberapa

dasar penggalak dibuat oleh China (memudahkan pinjaman dan

nisbah deposit); Jepun meluluskan stimulus ekonomi berjumlah

AS$29 bilion dan Eropah akhirnya mengumumkan Quantitative

Easing (QE). Pengumuman dasar tambahan di buat pada

Februari 2015 dengan China mengurangkan RRR sebanyak 50

asas mata (bps), MAS Singapura melonggarkan dasar terhadap

SGD dengan menurunkan keluk NEER. Kerajaan Singapura juga

meluaskan peraturan ketelusan cukai untuk merangkumi REITS,

menyingkirkan risiko insiden cukai korporat untuk REITS dengan

syarat sekurang-kurangnya 95% pendapatan diagihkan. REITS

Jepun mencatatkan prestasi lebih buruk berbanding TOPIX

disebabkan prospek kadar faedah jangka panjang yang tidak

menentu.

Pada Mac 2015 Norwegian Government Pension Fund Global

mengumunkan Tokyo dan Singapura sebagai sasaran hartanah

Asia. REITS Australia mencatatkan -2.1%, lebih rendah berbanding

ASX200. REITS Singapura +0.29% disebabkan kadar faedah

jangka panjang meningkat sepanjang bulan. REITS Jepun -2%

didorong risiko kenaikan kadar di AS dan jangkaan pemulihan

ekonomi domestik. Bagaimanapun REITS hotel jelas sebagai yang

mencatatkan prestasi lebih baik, selaras tema pilihan dalaman.


Ulasan Pasaran AmMetLife Commodity Stable CGF Indeks Dow Jones-UBS Commodity Excess Return (DJUBS) susut

5.14% pada Mac bulan ke bulan (MoM) dengna pencapaian YoY

mengurang sebanyak 27.06%. Manakala indeks MLCX Enhanced

Benchmark A01 Excess Return (MLCXA01E) susut 4.94% pada

Mac berbanding MoM manakala berbanding pencapaian YoY, ia

mengalami kerugian 28.27%. Indeks MLCX AmBank Commodity

Alpha (MLCXAMB) mencatatkan prestasi berbeza berbanding

kedua-dua indeks dan meningkat 0.20% MoM pada akhir

Mac 2015. Secara tahunan, indeks prestasi YoY kekal dengan

keuntungan 2.37%.

160



Butiran Prestasi Asas Indeks

Prestasi Sejak Permulaan

Tarikh MLCXAMB MLCXA01E DJUBS

Permulaan 169.9859 275.6397 145.1062

31 Mac 2012 3.82% 1.58% -2.21%

30 September 2012 2.51% 5.10% 2.34%

31 Mac 2013 3.14% -2.10% -5.26%

30 September 2013 3.58% -9.10% -12.40%

31 Mac 2014 3.33% -4.04% -7.29%

30 September 2014 4.72% -14.17% -18.20%

31 Mac 2015 5.78% -28.27% -32.38%

Prestasi Bulanan


Permulaan – – –

30 September 2014 -0.02% -6.25% -6.23%

31 Oktober 2014 0.06% -0.75% -0.81%

30 November 2014 0.20% -3.87% -4.07%

31 Disember 2014 0.76% -6.87% -7.63%

31 Januari 2015 -0.07% -3.41% -3.34%

28 Februari 2015 -0.13% 2.44% 2.57%

31 Mac 2015 0.20% -4.94% -5.14%

Prestasi Tahunan


Permulaan – – –

31 Mac 2012 2.11% -14.47% -16.31%

31 Mac 2013 -0.65% -3.62% -3.12%

31 Mac 2014 0.18% -1.99% -2.15%

31 Mac 2015 2.37% -25.24% -27.06%


161





Okt

-10

Nov

-10

Dis-

10Ja

n-11

Feb-

11M

ac-1

1Ap

r-11

Mei

-11

Jun-

11Ju

l-11

Ogo

s-11

Sep-

11O

kt-1

1N

ov-1

1Di

s-11

Jan-

12Fe

b-12

Mac

-12

Apr-1

2M

ei-1

2Ju

n-12

Jul-1

2O

gos-

12Se

p-12

Okt

-12

Nov

-12

Dis-

12Ja

n-13

Feb-

13M

ac-1

3Ap

r-13

Mei

-13

Jun-

13Ju

l-13

Ogo

s-13

Sep-

13O

kt-1

3N

ov-1

3Di

s-13

Jan-

14Fe

b-14

Mac

-14

Apr-1

4M

ei-1

4Ju

n-14

Jul-1

4O

gos-

14Se

p-14

Okt

-14

Nov

-14

Dis-

14Ja

n-15

Feb-

15M

ac-1

5

106.0%

105.0%

104.0%

103.0%

102.0%

101.0%

100.0%

99.0%

Prestasi MLCXAMB Sejak Permulaan

(Sumber: Bloomberg) - oleh AmBank (M) Berhad




KOSONG

163





Tinjauan Pelaburan

164



Tinjauan Pelaburan


Jangkaan Pasaran EkuitiSambil kita melihat kepada tahun 2015, kami percaya ia akan

menjadi tahun yang tidak menentu dengan rantau-rantau

menunjukkan paten yang sangat berbeza. Kisah untuk 2015

ialah kembali kepada penormalan untuk AS, pengembangan

pengeluaran ekonomi bagi Jepun, menangani deflasi di Eropah

dan permudahan kewangan di China. Penilaian sedikit tinggi

di sebahagian besar rantau menunjukkan kenaikan saham

akan bergantung kepada catatan keuntungan. Kuasa-kuasa

“deflationary” dari Jepun dan Eropah dijangka akan memaksa

Fed untuk melambatkan peningkatan kadar ke akhir tahun 2015;

justeru pandangan kami ialah kami percaya pasaran akan terus

mencatatkan kenaikan pada separuh pertama dan ketidaktentuan

akan dirasai pada peringkat akhir separuh tahun kedua.

Ekonomi China mencatatkan kelembapan tetapi tidak akan

mengalami kejatuhan sukar. Penilaiannya masih bersesuaian dan

kami selesa dengan China. Mengenai komoditi, peningkatan

bekalan dan pemintaan yang mendatar akan menyebabkan

harga terus lemah. Bagaimanapun kita perlu sedar bahawa semua

pengbolehubah di atas adalah dinamik dan tidak statik. Kami

perlu peka dan menilai unjuran dengan kerap bagi mengubah

peruntukan taktikal jika perlu.

AS

Fed akan mengakhiri dasar kadar faedah sifar menjelang akhir

2015 dan ia akan menjadi focus di kalangan pelabur-pelabur.

Peningkatan AS$ dibantu deflasi di Eropah dan ekonomi China

yang lebih lemah akan menjadi factor untuk mengetatkan

persekitaran monetari yang sekali gus menjejaskan sedikit

pertumbuhan. Justeru pandangan kami ialah kenaikan kadar

akan berlaku. Lebih-lebih lagi harga minyak yang rendah akan

menyebabkan inflasi yang rendah.

Berita yang baik ialah kejatuhan harga minyak akan meningkatkan

perbelanjaan konsumer. Harga minyak telah susut sebanyak

30% dan dengan import minyak bersih pada 1.2% daripada

GDP AS (sumber CSFB), ini mampu meningkatkan pertumbuhan

sebanyak kira-kira 0.4%. Dengan komponen upah dan gaji indek

kos penggajian meningkat melebihi 2% (tertinggi sejak 2009)

membayangkan terdapat peningkatan kuasa beli.

Nisbah kekosongan berbanding pengangguran telah melepasi

pasca tren 09 membayangkan bahawa kadar pengangguran

akan terus menurun dan berkemungkinan lebih rendah daripada

5.5% (secara teknikal penggajian penuh) sebelum akhir 2015.

Walaupun kami selesa dengan unjuran makro, penilaian-penilaian

mendapati ia bukan murah walaupun pertumbuhan 10% CAGR

EPS untuk tempoh 2 tahun akan datang. Bagaimanapun, equiti-

equiti AS sedang bersaing the ekuiti dan kelas aset rantau lain.

Justeru, ia perlu dinilai berdasarkan asas relatif. Dalam aspek ini,

kami percaya terdapat ruang peningkatan bagi ekuiti AS.

Eropah

Data terkini memberi kami asas terhadap unjuran optimistik

tetapi berhati-hati terhadap ekonomi rantau ini. GDP suku

ketiga menunjukkan kawasa euro (dengan dan tanpa Jerman)

berkembang pada at 0.6% suku ke suku dan 0.8% YoY.

Inflasi teras Euro adalah lebih rendah berbanding sasaran 2%

ECB tetapi berita yang baik adalah ia telah kembali stabil dan

menghampiri 1%. Berbanding dengan ECB, Rezab Persekutuan

dan Bank of Jepun telah melaksanakan program pengembangan

kunci kira-kira yang besar serta tidak pernah dilakukan sebelum

ini tetapi inflasi teras ekonomi-ekonomi terbabit tidak ketara.

Satu lagi perkara yang perlu diberi perhatian ialah sebahagian

besar ekonomi Eropah dipacu oleh makanan dan tenaga. Dengan

penurunan harga makanan dan tenaga, kami sangsi akan ada

pihak yang akan merungut mengenai bil makanan dan tenaga

yang rendah. Ini juga akan meningkatkan penggunaan dan

keuntungan korporat walaupun upah adalah mendatar.

China

Baru-baru ini kita melihat penstabilan harga rumah dan

peningkatan inventori rumah di 10 bandar terbesar yang

menggalakkan. Walaupun PMI bukan pembuatan terus menurun,

kami mengesyaki kelembapan pertumbuhan berkemungkinan

mencapai peringkat mendatar. Pada masa hadapan, kami

menjangkakan peningkatan dalam jualan rumah, perbelanjaan

fiskal digandakan (membabitkan infrastruktur) dan dasar

permunah monetari bagi meningkatan pembiayaan kredit. Kami

berpendapat persekitaran monetari terlalu ketat dan tindakan

permudah baru-baru ini akan menjadi pemangkin kepada

pemulihan pasaran. Secara umum, pertumbuhan ekonomi

165





sebanyak 7% mungkin tidak terlalu membangkitkan kekaguman

berbanding beberapa tahun lalu, risiko penurunan adalah terhad

jika dasar yang betul dapat dilaksanakan.

Daripada apa yang dapat kami telah daripada pengumuman-

pengumuman kerajaan, peningkatan pembelian domestik,

meningkatkan reformasi, mewujudkan pekerjaan dan

mengekalkan kestabilan menjadi objektif bagi mencapai

pertumbuhan yang mampan. Bagaimanapun rasional

kepimpinan yang percaya kadar GDP normal baru ialah kira-

kira 7% dan keupayaan ekonomi dalam mewujudkan peluang

pekerjaan adalah semakin baik sejak beberapa tahun lalu. Justeru

tiada keperluan bagi memacu pertumbuhan keterlaluan bagi

menyerap bekalan buruh.

Kami percaya peningkatan dalam saham China baru-baru ini

sebahagian besar didorong pembalikan daripada paras yang

mendukacitakan berbanding peningkatan mengatasi unjuran.

Justeru, sebarang pembetulan dilihat sebagai peluang untuk

meningkatkan pendedahan. Untuk tempoh 6 bulan akan datang,

kami menjangkakan proses pembalikan berpotensi mencatatkan

peningkatan dan tekanan penurunan hanya akan berlaku jika

persekitaran-persekitaran berikut berlaku:

• Sambungan/penilaiantinggi

• Mengetatkandasarmonetari

• Kejatuhanpertumbuhanglobal

Jangkaan Pasaran Pendapatan Tetap Ketika bank pusat di seluruh dunia terus mengambil pendekatan

menyokong, International Monetary Fund memberi amaran

ekonomi-ekonomi utama dunia untuk “bersedia untuk tempoh

kadar pertumbuhan rendah yang berpanjangan” yang mana

dilabel sesetengah ahli ekonomi sebagai “secular stagnation”.

China, contohnya, masih bergelut bagi mengelak pengecutan

besar membabitkan pertumbuhan potensi pengeluaran manakala

Amerika Syarikat sudah menunjukkan tanda-tanda pertumbuhan

yang lebih perlahan dengan GDP Q12015 berada pada 0.2%

YoY, jauh lebih rendah berbanding unjuran pertumbuhan 1%.

Sebagai dua rakan dagang terbesar Malaysia, pengecutan ketara

membabitkan kedua-dua ekonomi ini akan memberikan tekanan

kepada kerajaan dalam mencapai sasaran pengurangan defist

belanjawan yang penting dalam memberikan ruang kepada

kerajaan meningkatkan perbelanjaan ketika tempoh-tempoh

pertumbuhan yang perlahan. Selain itu, lebihan dagangan

Malaysia yang semakin mengecil membimbangkan kerajaan serta

mengelak berlakunya defisit berganda.

Walaupun terdapat konsensus bahawa peningkatan kadar

pertama akan berlaku pada September 2015 dan pada kadar

yang beransur-ansur, kesan kadar faedah secara umum

akan meningkat bagi tempoh masa sederhana dan panjang.

Bagaimanapun, dalam tempoh terdekat, ketidaktentuan hasil

bon, mata wang dan pasaran ekuiti dijangka akan meningkat

dan Malaysia, yang menjadi sebahagian daripada pasaran baru

muncul, besar kemungkinan akan merasai kesannya.

Kestabilan harga minyak mentah mengurangkan tekanan

terhadap kewangan kerajaan tetapi hutang isi rumah yang

tinggi akan mengekang pertumbuhan perbelanjaan dalam

suasana perbelanjaan runcit yang berhadapan harga tinggi yang

berpunca daripada pelaksanaan GST serta mata wang Ringgit

yang lemah. Kami akan terus memberi perhatian kepada tren-

tren utama yang akan memberi kesan kepada penggubal dasar

dalam tempoh terdekat.

• Inflasimenyederhana – Kejatuhan hargaminyakmentah

terus memberikan kesan positif kepad inflasi. Sehingga

Mac 2015, pertumbuhan CPI YoY Malaysia kekal di bawah

1%. Bagaimanapun, kesan sepenuhnya daripada GST

(berkuat kuasa 1 April 2015) dijangka akan dirasai dengan

peningkatan inflasi tetapi dijangka akan kembali pulih

selepas 6 bulan.

• Pelaburan sektor swasta – Pelaburan sektor swasta

(yang meningkat 13.9% pada 2014) telah menyokong

pertumbuhan GDP Malaysia sejak pengenalan Program ETP

dan ia dijangka akan terus memberi kesan sama walaupun

berkemungkinan pada kadar lebih perlahan (pertumbuhan

satu angka tinggi). Fokus pelaburan sektor swasta kekal

dalam sektor pembuatan dan perkhidmatan yang lebih

berdaya maju berbanding sektor sumber.

• Eksport – Eksport Malaysia akan mengalami tekanan

dengan penurunan harga minyak mentah. Minyak mentah

dan produk petroleum secara bersama merangkumi 13.6%

daripada keseluruhan eksport negara. Bagaimanapun apa

yang menjadi perkara utama kepada prestasi eksport

Malaysia dalam tempoh terdekat ialah harga gas asli dan

minyak kelapa sawit yang telah menunjukkan ketahanan

dan/atau belum menggambarkan kejatuhan harga

minyak mentah

• Kelemahan Ringgit – Kejatuhan nilai Ringgit memberi

manfaat kepada pengeluar kita terutama dalam sektor

E&E. Dengan peningkatan persaingan dan permintaan

166



lebih tinggi produk elektronik terutama sensor yang

digunakan dalam industri auto, telefon pintar dan “tablet”,

keuntungan yang diraih daripada sektor E&E mampu

mengimbangi kelemahan daripada sektor sumber.

Ketika kami terus memantau semua faktor-faktor di atas, kami

berpegang kepada pandangan bahawa BNM akan meneruskan

kecenderungan dalam mengekalkan pertumbuhan mampan

Malaysia berbanding inflasi. Kami juga memberi perhatian

terhadap kejatuhan berterusan rezab FC Malaysia disebabkan

pengaliran keluar modal telah meningkatkan kebimbangan akan

ketidaktentuan di pasaran modal. Bagaimanapun, terdapat bukti

dasar pelaburan asing jangka panjang akan kekal menyokong

pasaran serta melepasi impak jangka masa terdekat yang

berpunca daripada harga minyak mentah yang rendah serta

kejatuhan nilai Ringgit dan mengambil kira kekuatan asas

ekonomi Malaysia yang menurut Bank Negara masih mampu

berkembang antara 4.5%–5.5%.


Jangkaan Pasaran Dana AmMetLife Oasis Islamic Equity Dana Sasaran: AmOasis Global Islamic Equity

Dana Sasaran Akhir: Dana Oasis Crescent Global Equity

Pasaran-pasaran ekuiti global tidak menunjukkan pergerakan

yang besar berbanding suku sebelumnya. Bagaimanapun,

ketidaktentuan telah meningkat dengan mendadak. Ekuiti-ekuiti

pasaran baru muncul terus ketinggalan berbanding pasaran

maju, diburukkan dengan harga minyak yang mendukacitakan,

penilaian semula mata wang, risiko politik dan sosial. Pada

masa sama, prospek ekonomi pasaran maju telah menunjukkan

pemulihan dan menarik kemasukan aliran. Syarikat-syarikat

di pasaran baru muncul secara agregat terus meningkatkan

kunci kira-kira, dan berbeza di pasaran maju dan dengan kadar

pusingan pemulihan yang dijangkakan, permintaan untuk

kaunter yang berkualiti dengan kunci kira-kira kukuh dijangka

akan meningkat.


Jangkaan Pasaran Dana AmMetLife Global Emerging Market Dana Sasaran: AmGlobal Emerging Markets Opportunities



Kekukuhan USD menjadi salah satu halangan untuk GEMs

yang secara tradisi lebih cenderung untuk bergelut berbanding

pasaran-pasaran maju dalam persekitaran dolar yang mengukuh.

Unjuran USD kekal tidak menentu berikutan mata wang

itu telah mengukuh dengan nyata dan pihak berkuasa AS

berkemungkinan mahu mengelak peningkatan berterusan

berikutan kesannya terhadap daya saing ekonomi negara itu.

Bagaimanapun, kami percaya aliran pengukuhan dolar akan

berterusan untuk sedikit masa lagi terutama dengan perbezaan

dasar monetari membabitkan negara maju. Kebelakangan ini,

prospek melambatkan kenaikan kadar telah mendorong kepada

kestabilan USD. Harga komoditi yang rendah dan potensi

perkembangan terhadap “re-synchronization” pertumbuhan

global akan menyokong pengeksport GEM walaupun eksport

komoditi terus mengalami tekanan berikutan perubahan

ekonomi yang sedang berlaku di China. Perlu dinyatakan cabaran

yang dihadapi GEMs telah diambil kira dalam penentuan harga

dan paras kelembapan pelabur telah menjadi keterlaluan; Indeks

MSCI EM kekal dalam lingkungan sejak 2010 dan kini telah

mengatasi tempoh kelembapan paling panjang sebelumnya

berbanding indeks MSCI World selama 52 bulan pada akhir

1990-an. Ini mendorong kepada penilaian yang menarik dan

GEMs diniagakan pada diskaun terbesar berbanding S&P 500

untuk tempoh lebih 10 tahun. Secara keseluruhan, kami sedar

pemantulan dalam GEMs baru-baru ini dan unjuran GEMS kekal

konstruktif, walaupun kami tidak menjangka ini ialah permulaan

kepada “bull run” berpanjangan berikutan terlalu banyak

ketidaktentuan. Portfolio kami dilaburkan sepenuhnya pada beta

di bawah 1 tetapi kekal “underweight” untuk sektor-sektor yang

lebih berkitar (cyclical).


Jangkaan Pasaran Dana AmMetLife Global Agribusiness Dana Sasaran: AmGlobal Agribusiness


Dengan musim penanaman di hemisfera utara semakan hampir,

petani sedang membuat keputusan jenis tanaman yang akan

dipilih, seterusnya menentukan jenis benih yang akan dibeli selaun

campuran nutrien dan kimia tanaman yang akan digunakan.

Kami telah membincangkannya sebelum ini bahawa sebahagian

besar petani mempunyai kunci kira-kira yang sangat kukuh dan

walaupun dalam persekitaran pertanian komoditi semasa masih

manpu mencapai keuntungan yang kukuh.

Tinjauan Pelaburan (Bersambung)

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Di AS, dijangka petani akan menyemai kira-kira 89 juta ekar

dengan jagung, sedikit rendah (2%) daripada paras teringgi tahun

lalu. Ekar tanaman kayang soya akan meningkat sedikit walaupun

peningkatan yang lebih nyata dijangkakan untuk barli, sorgum

dan bunga matahari. Semua tanaman ini akan memberikan kesan

positif kepada industri biji benih dan nutrien dan pengeluar kimia

berikutan benih jagung mendapat harga premium disebabkan

teknologi tinggi yang digabungkan. Tanaman ini juga pembajaan

yang intensif. Selain itu, daripada perspektif global, petani

berada pada kedudukan yang lebih baik berbanding beberapa

bulan lalu. Penurunan nilai mata wang di Brazil, Argentina, dan

Rusia tidak diikuti dengan kejatuhan harga komoditi. Justeru,

petani-petani di rantau-rantau ini akan menikmati pertumbuhan

keuntungan berikutan kos mereka adalah dalam mata wang

tempatan manakala harga hasil pengeluaran mereka ditetapkan

dalam dolar.

Bagaimanapun bukan semua kawasan di AS yang beroperasi

dalam suasana sama tahun ini. California sedang mengalami

musim kering untuk tahun keempat berturut-turut dan

penggubal undang-undang di negeri itu telah meluluskan

perbelanjaan kemarau berjumlah $1 bilion. Taburan hujan

yang mencapai rekod terendah dan salji terhad semasa musim

sejuk menyebabkan empangan hanya separuh penuh. Kira-kira

80% daripada bekalan air California disalurkan kepada industri

tenusu dan daging, tanaman khusus serta sayuran yang bernilai

$48 bilion. Negara seperti Australia dan New Zealand yang

mengeluarkan tanaman bercampur mungkin terpaksa membantu

jika pengeluaran terjejas.

Kepada pengguna, penggabungan dan pengambilalihan terus

mendapat perhatian dan kali ini membabitkan Warren Buffet dan

3G dalam penggabungan Heinz/Kraft. Pasaran menyabut baik

pengambilalihan ini berikutan kenyataan pengurusan bahawa

sinergi besar dapat dicapai menerusi program pengurangan

kos yang besar serta keupayaan mengguna pakai kuasa kuasa

runding dengan peruncit. Apa yang menarik, kedua-dua Heinz

dan Kraft terdedah kepada sektor pertumbuhan yang sangat

terhad yang cenderung terhadap kadar pertumbuhan pasaran

makanan maju yang lebih besar. Walaupun kami melihat nilai

dalam penggabungan seperti ini, ia adalah jelas banyak jenama

kebangsaan berhadapan masalah-masalah tersembunyi yang

besar. Persaingan daripada label persendirian dan makanan

organik menjauhkan pengguna daripada syarikat-syarikat

ini. Pengguna berbelah bahagi dengan sebahagian besar

memfokuskan kepada nilai manakala selebihnya sanggup untuk

membayar lebih bagi mendapatkan produk nutrien dan kesihatan.

Pelaburan kami antaranya dalam Panera, Ebro Foods, TreeHouse,

ConAgra, The Fresh Market, Select Harvest dan Noodles boleh

terbabit dalam tren yang berterusan ini.


Jangkaan Pasaran Dana AmMetLife Precious Metals Dana Sasaran: AmPrecious Metals

Dana Sasaran Akhir: Dana DWS Noor Precious

Metals Securities

Mengikut pandangan kami, pertumbuhan elusif di Jepun,

pasaran-pasaran baru muncul dan kini Eropah, akan kekal elusif

berikutan kadar terlalu rendah dengan hampir tiada ruang

untuk menunjukkan pertumbuhan. Kami percaya sekiranya Fed

menaikkan kadar, kita akan menyaksikan peningkatan lebih besar

nilai USD berbanding mata wang-mata wang lain. Pengukuhan

tambahan USD akan merosakkan imbangan bayaran dan

menjejaskan pertumbuhan ekonomi yang sangat diperlukan.

Kekukuhan USD akan memberi manfaat kepada negara-negara

yang mengeksport dalam USD, tetapi masalahnya terletak pada

tempoh dagangan berkenaan. Jika keperluan pinjaman negara-

negara pengeksport tidak menurun secukupnya, atau inflasi

semakin nyata berikutan kejatuhan nilai mat wang, kawalan

modal mungkin perlu dilaksanakan. Selain itu, banyak negara

pengeksport baru muncul (contohnya Rusia) sedang mengalami

kejatuhan besar harga eksport komoditi (seperti minyak) yang

mana penilaian semula mata wang memberi tekanan kepada

GDP. Dalam kes-kes penyusutan ketika kejatuhan harga

eksport, kesan utama ialah ekonomi yang lebih lemah berikutan

penerimaan pembayaran dalam mata wang sukar didapati dan

keperluan untuk meminjam akan memerlukan hasil yang tinggi

bagi menarik kemasukan modal.

Pengukuhan USD juga menjadi masalah kepada ekonomi AS

berikutan eksport yang lemah akan memberi tekanan kepada

pertumbuhan ekonomi. Pertumbuhan ekonomi AS sudah mula

dipersoalkan selepas kejatuhan harga minyak. Walaupun harga

rendah di pam menyokong pembelian pengguna, kami belum

dalam memahami implikasi menyeluruh daripada harga minyak

yang rendah terhadap AS yang telah menyaksikan pengeluaran

minyak meningkat sekali ganda dalam tempoh 6 tahun.

Sekiranya harga minyak kekal pada paras lemah semasa, kami

menjangkakan kejatuhan pengeluaran dan kehilangan pekerjaan

dalam sektor berkaitan hidrokarbon. Selain itu pengukuhan

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berlebihan USD bersama pengaliran keluar modal dari EUR dan

pasaran baru muncul mungkin mendorong AS untuk menimbang

semula QE tambahan. Sekiranya QE baru diperkenalkan oleh

Fed AS selepas penamatan baru-baru ini, kami percaya krisis

kepercayaan akan menjelma dalam pasaran dengan bank pusat

di serata dunia dan mata wang FIAT akan berhadapan tekanan

yang besar.

Emas

Enam bulan akhir 2014 menghidangkan persekitaran yang

mencabar untuk keseluruhan sektor emas dan logam berharga,

sekali gus menamatkan pemulihan yang dilihat sepanjang 1H

2014. Pada November 2014, cabaran jangka pendek kekal

mencabar untuk emas pada ketika Jepun dan Eropah berhadapan

cabaran mencapai pertumbuhan yang elusif serta terus bertindak

atau menimbang QE tambahan. Emas juga merasai kesan

keputusan OPEC untuk tidak mengurangkan pengeluaran pada

27 November dan jualan besar-besar minyak mentah (jualan

minyak meningkat lebih 10% sehari selepas mesyuarat OPEC),

dan pengukuhan berterusan USD. Kami melihat penamatan

QE di AS, aliran keluar modal, pengurang hasil yang besar

membabitkan pasaran EU, dan ketidakseimbangan dagangan

antara AS dan rakan dagangannya, semua ini menjurus kepada

peningkatan risiko pada 2015 yang mana kita sudah mula

menyaksikan perbelanjaan sektor minyak mula dikurangkan.

Pengaliran keluar modal sebelum pelaksanaan pelan QE

ECB yang bermula pada 9 Mac 2015. Presiden ECB Mario

Draghi mengumumkan strategi QE besar-besar bermula Mac

2015 hingga September 2016 membabitkan lebih $1 trilion

pembelian bon. Dengan berlatarbelakangkan senario ini,

adalah menjadi pandangan kami bahawa emas dan USD akan

menjadi sebahagian sasaran untuk pelaburan dagangan selamat

terutama dengan hasil di Eropah, terutama dengan CHF, telah

menjadi negatif berikutan aliran keluar modal. Kebiasaannya,

kami akan bertelingkah bahawa QE adalah lebih mutlak terhadap

risiko dagangan. Walaupun kami menjangkakan terdapat sedikit

risiko terhadap dagangan sebaik QE bermula, kami mengiktiraf

pergerakan besar CHF dalam satu hari berbanding USD (+17.6%)

dan EUR (+18.8%) selepas Swiss National Bank menggugurkan

penetapan kepada EUR. Pengguguran penetapan ini, yang

dilaksanakan sejak 2011, menyebabkan peningkatan permintaan

untuk CHF. Kami berpendapat kesan lebih besar selepas

pergerakan dalam CHF serta negara bukan Kesatuan Eropah

(EU) lain (seperti Denmark, Iceland, dan Sweden) membayangkan

status negara-negara ini sebagai “destinasi mata wang” apabila

modal mengalir keluar dari Euro. Permintaan untuk mata wang

bukan EU adalah sangat tinggi sehingga peningkatan bon

menyebabkan pulangan negatif. Kami percaya ini adalah penting

kerana ini menunjukkan permintaan kukuh untuk destinasi

pelaburan selamat.

Kami percaya dengan perkembangan terbaru ini (iaitu bukan satu

kejutan kepada pas¬aran) pakej QE ini akan kurang berkesan

disebabkan hasilnya yang sangat rendah di kalangan EU dan

negatif untuk mata wang negara Eropah bukan EU. Dengan

mengambil kira hasil negatif dan sangat rendah persekitaran

Eropah, hasil 0 bagi emas secara relatifnya adalah lebih baik dan

tumpuan dagangan selamat akan membabitkan USD, emas dan

mata wang negara bukan EU.

Ekuiti Emas

Ekuiti emas dan logam berharga berhadapan cabaran pada akhir

2014 apabila keseluruhan pasaran emas dan logam berharga

gagal mencari hala tuju. Dagangan “risk-on, risk-off” berlanjutan

sejajar data ekonomi AS yang lebih baik. Seperti dijangkakan Fed

menamatkan QE oada Oktober. Ini disusuli dengan penurunan

EUR dan peningkatan nyata bagi merangsang ekonomi Jepun

yang telah menguncup sejak suku kedua. BOJ mengumumkan

tambahan besar kepada program rangsangan serta peningkatan

peruntukan pencen bagi ekuiti pada 31 Oktober yang mana

prospek kenaikan kadar mula memberi tekanan terhadap emas.

Aliran keluar ETF emas berterusan berikutan pemintaan kepada

dolar berbanding kelemahan EUR dan JPY. Pada Januari 2015,

prestasi ekuiti emas dan logam berharga lain dilihat selari dengan

prestasi USD, tetapi dengan pantas susut dan ia telah berterusan

sejak suku kedua 2014 terutama dengan pengukuhan berterusan

USD serta tekanan akibat jualan besar-besar minyak yang mula

memberi kesan kepada emas.


Jangkaan Pasaran Dana AmMetLife Tactical Bond Dana Sasaran: Dana AmTactical Bond

Senario ekonomi global yang bergerak pada dua kelajuan berbeza

akan beterusan berikutan Fed AS kekal pada landasan untuk

menaikkan kadar faedah pada 2H2015 manakala sebahagian

lain dunia kekal lembab. People’s Bank of China (PBOC) di China

contohnya mengumumkan pemotongan kadar faedah sebanyak

25 asas mata (bp) berbanding penanda aras deposit dan kadar

pinjaman berkuat kuasa 1 Mac 2015. Bukan sahaja tindakan


169





ini lebih awal daripada jangkaan pasaran, terdapat beberapa

andaian bahawa PBOC akan terus melaksanakan dasar monetari

yang longgar dengan mengurangkan kadar faedah penanda aras

sebanyak dua kai dan RRR sebanyak tiga kali untuk bagi tahun

berkenaan.

Dasar monetari membabitkan dua ekonomi terbesar dunia

memberikan kesan kepada ekonomi Malaysia. Selain berhadapan

dengan hutang isi rumah yang tinggi, dagangan global yang

lemah dan kejatuhan harga minyak mentah, penggubal dasar

Malaysia mengakui akan cabaran lebih besar pertumbuhan

GDP pada masa hadapan. Faktor-faktor berikut akan diberikan

perhatian untuk tempoh enam bulan akan datang:

• Inflasimenyederhana–Kejatuhanhargaminyakmentahterus

memberikan kesan positif kepada inflasi. Sehingga Januari

2015, indeks CPI susut kepada 1% YoY yang secara tidak

langsung menguntungkan konsumer dalam meningkatkan

kuasa beli sebenar. Walaupun pelaksanaan GST bulan

hadapan akan meningkatkan inflasi ia dijangka akan kembali

pulih selepas 6 bulan.

• Pelaburan sektor swasta – Pelaburan sektor swasta (yang

meningkat 11% pada 2014) telah menyokong pertumbuhan

GDP Malaysia sejak pengenalan Program ETP dna ia dijangka

akan terus memberi kesan sama walaupun berkemungkinan

pada kadar lebih perlahan (pertumbuhan satu angka tinggi).

Fokus pelaburan sektor swasta kekal dalam sektor pembuatan

dan perkhidmatan yang lebih berdaya maju berbanding sektor

sumber.

• Eksport–EksportMalaysiaakanmengalamitekanandengan

penurunan harga minyak mentah. Minyak mentah dan

produk petroleum secara bersama merangkumi 13.6%

daripada keseluruhan eksport negara. Bagaimanapun apa

yang menjadi perkara utama kepada prestasi eksport Malaysia

dalam tempoh terdekat ialah harga gas asli dan minyak kelapa

sawit yang telah menunjukkan ketahanan dan/atau belum

menggambarkan kejatuhan harga minyak mentah.

• KelemahanRinggit–KejatuhannilaiRinggitmemberimanfaat

kepada pengeluar kita terutama dalam sektor E&E. Dengan

peningkatan persaingan dan permintaan lebih tinggi produk

elektronik terutama sensor yang digunakan dalam industri

auto, telefon pintar dan “tablet”, keuntungan yang diraih

daripada sektor E&E mampu mengimbangi kelemahan

daripada sektor sumber.

Walaupun cabaran tempoh terdekat terus mencabar, BNM

masih menjangkakan ekonomi Malaysia akan terus mencatatkan

pertumbuhan mampan dengan permintaan domestik dan

pelaburan swasta menjadi pemacu utama pertumbuhan.

Pada ketika ini, unjuran pertumbuhan ekonomi kerajaan pada

4.5–5.5% kekal tidak berubah walaupun berhadapan cabaran-

cabaran yang dinyatakan di atas.

Ketika kami terus memantau semua faktor-faktor di atas, kami

berpegang kepada pandangan bahawa BNM akan meneruskan

kecenderungan dalam mengekalkan pertumbuhan mampan

Malaysia berbanding inflasi. Dengan lebih banyak bank pusat turut

serta dalam melaksanakan pemudahan monetari, kemungkinan

pemotongan kadar faedah oleh BNM turut meningkat dengan

JP Morgan menjadi firma pertama meminta pemotongan kadar

faedah seawal suku kedua 2015. Untuk bulan-bulan akan datang,

pasaran-pasaran global akan terus melihat sama ada kejatuhan

harga minyak telah berakhir dan kembali stabil di antara USD50

– USD60, tindakan lanjut yang bakal diperkenalkan oleh China

untuk menyokong pertumbuhan ekonomi dan bila AS akan

melaksanakan kenaikan kadar. Semua peristiwa ini akan terus

mempengaruhi hala tuju penggubal dasar dan pasaran modal

Malaysia.


Jangkaan Pasaran Dana AmMetLife Asia Pacific REITS Dana Sasaran: Dana AmAsia Pacific REITS

Data penggajian AS terbaru meningkatkan kecenderungkan Fed

akan melambatkan kenaikan ke 2016. Persekitaran monetari

kekal kondusif untuk ekuiti yang menyokong pandangan “pro-

risk”. Zon Euro bagaimanapun akan meraih manfaat daripada

harga minyak yang rendah, mata wang yang lemah, pengurangan

pendekatan jimat cermat dan pertumbuhan kredit negatif

kepada sedikit positif adalah dorongan kepada pandangan

lebih optimistik untuk jangka masa terdekat walaupun wujud

kebimbangan terhadap deflasi jangka panjang. GDP 1Q15 China

adalah terendah sejak 2010 tetapi masih dalam unjuran berikutan

ia sebahagian daripada proses “normalization” Objektif-objektif

utama kerajaan ialah meluaskan reformasi, mewujudkan

pekerjaan dan mengekalkan kestabilan. Dasar permudah

dan pemotongan langsung dijangka mengubah persekitaran

monetari yang ketat sebelum ini. Peruntukan portfolio selalunya

dijadikan “weighting” kepada penanda aras sesebuah negara.

Persekitaran kadar faedah rendah di Australia menjadikan kelas

aset seperti REITS yang menjana hasil tinggi mendapat perhatian di

kalangan pelabur. Di Jepun, seperti juga di Australia, persekitaran

170



rendah kadar faedah mendorong permintaaan kepada kelas aset

dengan hasil tinggi. Terdapat juga peningkatan yang disebabkan

oleh pemulihan ekonomi yang dipacu oleh dasar monetari dan

fiskal. Singapura kekal sebagai sasaran portfolio bukan hanya

kerana “weighting” tetapi juga kestabilan pasaran. Ia juga

meraih manfaaft daripada pemulihan ekonomi global berikutan

pendedahannya kepada aktiviti ekonomi luar. Strategi ini dijangka

berterusan untuk setiap negara kecuali berlaku sesuatu di luar

jangkaan yang mengubah landskap makro. Pembetulan pasaran

juga mempersembahkan peluang untuk membuat pelaburan

yang mana pertumbuhan dijangkakan mampan.


Jangkaan Pasaran AmMetLife Commodity Stable CGF Jika dilihat pada tahun-tahun lalu, pasaran komoditi berterusan

rendah dengan kadar kejatuhan meningkat sejajar dengan

pertumbuhan global. Dan dengan Fed AS mula menamatkan

Program QE yang telah menaikkan harga komoditi berikutan

kehadiran kecaiaran murah sejak beberapa tahun lalu.

Tahun ini diakhiri dengan kejatuhan besar harga minyak mentah

yang mendorong kepada tren kejatuhan harga komoditi untuk

keseluruhan 2014 dan awal 2015. Minyak mentah susut ke

tahap terburuk sejak 2008 berikutan lebih pengeluaran menarik

kejatuhan komoditi untuk tahun keempat berturut-turut. Minyak

mentah West Texas Intermediate jatuh 2.3% kepada $52.89

setong Indeks Bloomberg Commodity Index yang memantau

22 barangan susut 0.8% untuk kejatuhan 16% pada 2014.

Kejatuhan 45% minyak mentah tahun ini, didorong pengeluaran

tertinggi oleh AS dalam tiga dekad dan keengganan OPEC

untuk menggurangkan pengeluaran mengejutkan pasaran. Ini

mendorong pelabur untuk menilai semula harga-harga aset.

Untuk bijirin, krisis Ruble Rusia menjejaskan pasaran gandum

global. Dengan kejatuhan berterusan mata wang Rusia ke

paras terendah berbanding dolar pada akhir 2014, disebabkan

sekatan ekonomi yang dikaitkan dengan persengketaan di

Ukraine, negara itu memperlahankan eksport gandum dengan

tujuan meningkatkan simpanan dan mengekalkan harga pasaran

tempatan. Dengan Rusia sebagai pengeksport gandum keempat

terbesar di dunia, ini meningkatkan kebimbangan bekalan

global. Ini sekali gus meningkat niaga hadapan gandum ke tahap

tertinggi sejak Mei. Peningkatan lebihan gandum pada permulaan

2015 mendorong kejatuhan harga komoditi ini ke tahap terendah

sejak 2010. Niaga hadapan gandum bermula pada paras

terburuk dalam empat dekad. Petani merekodkan tuaian gandum

tertinggi baru berdasarkan data kerajaan AS. International Grains

Council meningkatkan unjuran hasil jagung dunia. Thailand pula

bersedia melepaskan bekalan tambahan dalam pasaran yang

sememangnya terlebih bekalan manakala hujan telah membantu

pengeluaran kacang soya di Brazil. Kebanyakan bahan mentah

berada dalam pasaran lemah. Bloomberg Commodity Index susut

untuk tujuh bulan berturut-turut, tempoh terpanjang sejak 2009.

Kejatuhan minyak disebabkan pengurangan kos dan sekali gus

menggalakkan pengeluaran tambahan dalam pasaran global

yang sememangnya berhadapan lebihan.

Dalam sektor pertanian, minyak kepada sawit naik sebanyak

9 hari pada akhir 2014, peningkatan paling panjang dalam

sedekad berikutan banjir di Malaysia menjejaskan penuaian

selain pengurangan pengeluaran mengikut musim di negara itu.

Emas dan perak susut ke tahap terendah sejak 2010 sejajar

pengukuhan dolar selepas Bank of Japan meningkatkan

program rangsangan secara mengejut dan Rezab Persekutuan

menamatkan pembelian aset. Emas memadamkan peningkatan

pada 2014 pada 30 Oktober, selepas GDP AS mengatasi jangkaan.

Emas mengakhiri Oktober dengan kejatuhan sebanyak 5.5%,

kejatuhan terbesar sejak September 2013. Emas meningkat

70% dari Disember 2008 hingga Jun 2011 apabila Fed membeli

hutang dan mengekalkan kos pinjaman pada kadar hampir sifar

menerusi program pembelian aset.

Menurut mereka yang terlibat di pasaran, disebabkan kos tenaga

merangkumi hampir separuh kos bagi mengeluarkan makanan

dan logam, semua komoditi akan terus susut disebabkan harga

minyak rendah. Dengan inventori berlebihan dan kelembapan

ekonomi seperti di China dan penurunan permintaan, jagung

mungkin akan susut sebanyak 3% lagi, kapas 6.5% dan emas 5%.

(Sumber: Bloomberg)

- oleh AmBank (M) Berhad


171





Strategi Pelaburan

172



Strategi Pelaburan


Strategi Pelaburan Ekuiti

2015 bukan tahun yang mudah. Kami percaya prestasinya adalah

pelaburan tekanan pangkal disebabkan jangkaan peningkatan

hasil Perbendaharaan pada bahagian kedua tahun ini,

pengukuhan USD dan kelemahan harga komoditi. Kebimbangan

makro yang berpanjangan akan menjejaskan pengembangan

PER dan kerana itu, negara dengan PER di atas purata (mean)

iaitu Indonesia, Thailand dan Filipina akan ketinggalan. Negara

dengan tekanan inflasi berikutan import komoditi seperti India,

Korea dan China, akan meraih manfaat. Bagaimanapun, untuk

India, gandaan PE adalah di atas purata. Dengan ROE yang

tinggi, kejatuhan harga komoditi, demografik yang baik, unjuran

politik lebih baik, penurunan defisit akaun semasa dan langkah

permudah monetari, PE tinggi berganda akan mampu disokong

ketika ini.

Kami juga bimbang dengan beberapa isu politik.

Indonesia

Pentadbiran Jokowi mungkin tidak mempunyai mandat umum

di parlimen untuk melaksanakan pelbagai perubahan dan

berkemungkinan menghabiskan tenaga untuk menyakinkan

pembangkang akan kebaikan perubahan-perubahan ini.

Thailand

Tidak jelas jenis sistem perundangan dan pentadbiran menjelang

2016. Kedua, kebanyakan pelaburan infrastruktur telah ditunda

dan akan menjejaskan daya saingnya. Adalah tidak jelas sama

ada perubahan politik dan infrastruktur akan dilaksanakan

dengan bersungguh-sungguh seperti yang dijangka sebelumnya.

Korea

Kebimbangan utama ialah daya saingnya berbanding China

(produk kategori bawah hingga pertengahan) dan Jepun

(produk tinggi selain kelemahan Yen). Keengganan konglomerat

untuk meningkatkan nisbah pembayaran dividen oleh kerajaan

mendukacitakan pelabur. Korea Inc harus melaksanakan program

yang lebih baik bagi menggalakkan tadbir urus korporat yang

lebih baik serta menggalakkan rantaian bekalan SME yang lebih

bertenaga seperti di Taiwan.

Berdasarkan unjuran pendapatan, penurunan gred pada 2015

di Asia Pasifik kecuali Jepun berlaku di hampir semua negara

kecuali Singapura, India dan Taiwan. Secara keseluruhan, 2015

bukan tahun yang mudah walaupun terdapat tanda-tanda

positif seperti data makro, tekanan deflasi disebabkan harga

komoditi dan minyak yang rendah akan memacu penggunaan

dan pendapatan. Kami tidak menjangkakan penurunan gred

pendapatan kecuali untuk Korea, Thailand dan Malaysia.

Malaysia

Walaupun pertumbuhan GDP yang selesa sejak tiga tahun lalu,

pertumbuhan pendapatan sangat mendukacitakan pada satu

angka yang rendah. Walaupun terdapat pemulihan pasaran,

penilaian hanya berada dalam kawasan neutral.

ETP direncana untuk menjadikan Malaysia negara berpendapatan

tinggi tetapi menangani transformasi pengeluaran modal insan

dan berasaskan pengetahuan bukan mudah kerana banyak

yang perlu dilakuan. Isu-isu seperti penghapusan subsidi

minyak walaupun perlu, adalah berbentuk taktikal dan isuisu

jangka panjang perlu ditangani atau berhadapan kemungkinan

kehilangan FDI yang akan mengalir ke negara-negara jiran.

Aliran keluar FDI mengatasi kemasukan dan akan menjejaslan

imbangan bayaran terutama dengan harga minyak yang rendah

serta pengakuan kesilapan dan pengakuan di dalam akaun.

Dengan harga minyak yang lemah, kami percaya peningkatan

adalah terhada berdasarkan kontrak hadapan minyak. Risiko

pengurangan fiskal meningkat jika harga minyak mentah Tapis

susut di bawah USD65 yang mana perolehan kerajaan akan

terjejas teruk dan tidak dapat diatasi dengan penghapusan

subsidi. Walaupun kerajaan boleh menunda beberapa projek

pembangunan, adalah lebih baik mengetatkan isu operasi

berkaitan perbelanjaan seperti yang dinyatakan dalam laporan

Ketua Audit Negara. Mesej utama ialah dengan persekitaran

harga minyak rendah, perancangan berhemah dan pelaksanaan

operasi yang lebih baik diperlukan bagi memastikan kesihatan

fiskal Malaysia. Kegagalan melakukan semua ini akan mendorong

kepada penghijrahan warga asing dalam MGS.

Dengan pelaksanaan GST, pengurangan subsidi dan penundaan

pelaksanaan fiskal, unjuran pendapatan menjadi tidak menentu.

Berdasarkan persetujuan, jangkaan untuk tempoh dua tahun

akan datang ialah pertumbuhan 9% setahan. Dengan tiada

ruang kepada peluasan PER, pendapatan menjadi kunci utama.

173





Strategi kami untuk 2015 akan difokuskan kepada syarikat

dengan pertumbuhan pendapatan stabil seperti pembinaan

dan penjagaan kesihatan. Kami juga akan memilih syarikat yang

memberikan dividen baik seperti telekomunikasi dan yang akan

meraih manfaat daripada reformasi seperti Tenaga (rasionalisasi

tarif elektrik).

Walaupun Malaysia lebih murah berbanding jiran ASEAN lain

kecuali Singapura, kebimbangan utama kami ialah pendaptan

yang mendukacitakan. Penghasilan peringkat atas dijangka sukar

disebabkan kita menerima kesan daripada terma yang rendah

daripada eksport minyak dan dan komoditi. Untuk ketika ini,

kami menjangkakan menjelang akhir tahun 2015 sasaran KLCI

ialah pada 1850, tetapi kami harus menekankan bahawa visibiliti

masa hadapan ketika ini sangat lemah.

Strategi Pelaburan Pendapatan Tetap

Dengan jangkaan inflasi yang sederhana, pertumbuhan ekonomi

yang perlahan dan kurang keghairan tahun ini, kami percaya

OPR dijangka kekal pada tahap 3.25%. Jika data ekonomi

terus menunjukkan kelemahan tambahan, kami tidak menolak

kemungkinan BNM akan mengurangkan kadar faedah.

Kami juga berhati-hati aspek struktur bagi pasaran tempatan

dan global yang masih merasai ketidaktentuan terutama dengan

jangkaan peningkatan kadar faedah oleh Fed AS pada masa

terdekat serta unjuran kejatuhan Ringgit.

Berdasarkan ujuran tidak menentu ini, kami cenderung untuk

melabur dalam terbitan baru bagi meraih hasil lebih menarik

serta mengambil tindakan taktikal.

Untuk Dana Balanced dan Dana Teguh

Dengan mengambil kira unjuran pasaran di atas, kami akan

mengekalkan peruntukan aset dalam perndapatan tetap ke

tahap minimum dan lebih kepada ekuiti.


Strategi Pelaburan Dana AmMetLife Oasis Islamic Equity Dana Sasaran: AmOasis Global Islamic Equity

Dana Sasaran Akhir: Oasis Crescent Global Equity

Kami telah mengekalkan pelaburan dalam syarikat-syarikat

berkualiti tinggi yang mempunyai daya saing kukuh, serta

mampu mencatatkan Pulangan atas Ekuiti (ROE) tinggi serta

mampan ketika melalui kitaran ekonomi Kami percaya syarikat-

syarikat dengan kunci kira-kira dan aliran tunai kukuh dapat

kekal mampan ketika persekitaran ekonomi yang mencabar

dan mencatatkan pertumbuhan pendapatan sebenar untuk

tempoh jangka panjang. Portfolio dagangan kami didagang pada

diskaun yang besar berbanding pasaran ekuiti global dan mampu

menjana ROE tinggi yang mampan dalam kitaran ekonomi serta

mewujudkan kekayaan sebenar kepada pelanggan kami untuk

tempoh jangka panjang.


Strategi Pelaburan Dana AmMetLife Global Emerging Market Dana Sasaran: AmGlobal Emerging Markets

Opportunities



Pasaran utama kami ketika ia bermula pada April 2015 ialah

China, Hungary, India, Korea Selatan, Thailand, Turki dan UAE.

Kami telah memasukkan semula Thailand selepas model sukuan

menunjukkan “overweight” berikutan pemulihan dalam angka

risiko dan pertumbuhan.

Di China, penilaian adalah menarik dan ekonomi yang stabil,

digabungkan dengan agenda perubahan yang menggalakkan.

Di Hungary, penilaiannya adalah menarik dengan pasaran

menawarkan pertumbuhan pendapatan yang kukuh. Pasaran

India dinilai sepenuhnya tetapi ekonomi asas menunjukkan

tanda-tanda pemulihan tambahan serta penerimaan berterusan

kepada agenda reformasi kerajaan. Walaupun wujud sedikit

kebimbangan terhadap ESG, pasaran Korea Selatan sangat

menarik dan akan meraih manfaat daripada pemulihan

pertumbuhan global. Turki menikmati penilaian yang menarik

walaupun pasaran di negara itu peka terhadap dasar monetari AS

berikutan defisit akaun semasa yang tidak dibiaya dengan baik.

Kami juga peka akan risiko politik di Turki sebelum pilihan raya

umum pada Jun 2015. Di UAE, kami percaya pasaran ekuiti telah

merasai impak keterlaluan daripada kejatuhan harga minyak dan

fundamentalnya tetap kukuh. Thailand menawarkan penilaian

yang munasabah dan ekonominya semakin pulih walaupun

terdapat ketidaktentuan politik.


Strategi Pelaburan Dana AmMetLife Global AgribusinessDana Sasaran: AmGlobal Agribusiness

174




Sejak 12 bulan lalu, strategi Global Agribusiness meraih manfaat

daripada prestasi tema-tema di bawah sektor konsumer seperti:

makanan organik (SunOpta, Royal Wessanen ), campuran

(Senomyx, Frutarom), jenama persendirian (Conagra, TreeHouse),

dan pemprosesan perdana (Hillshire, Post Holdings). Pada ketika

makanan organik menunjukkan aliran terhadap kesedaran

kualiti, aspek kesihatan dan kelestarian makanan selain jenama

persendirian yang memehuhi pasaran lebih rendah daripada

segmen makanan dunia yang lebih maju. Jenama persendirian

atau jenama sendiri terkenal di kalangan konsumer Eropah

tetapi menikmati pertumbuhan untuk konsumer AS yang lebih

peka jenama. Syarikat-syarikat terpilih untuk makanan organik

meraih manfaat daripada pertumbuhan pasaran yang lebih baik

daripada jangkaan selain pada masa sama, mengoptimumkan kos

dan aset asas. Segmen campuran (dijana dengan peningkatan

penembusan pasan di pasar raya dan peningkatan pengambilan

makanan paket), kami memiliki syarikat-syarikat yang spesifik

sama ada beroperasi dalam persekitaran biotekonologi atau

teknologi makanan (Senomyx) atau meraih pasaran menerusi

penyepaduan sektor (Fruatarom). Bagi jenama persendirian,

Conagra menawarkan potensi penstrukturan untuk syarikat

jenama peribadi, makanan ternamadan penyedia perkhidmatan

makanan. Treehouse mencatatkan prestasi yang baik berikutan

berada dalam kategori pertumbuhan selain menggabungkan

pengambilalihan lalu dengan berkesan. Pemprosesan perdana

yang ditakrifkan kami sebagai pemprosesan berkualiti tinggi telah

berkembang ke dalam kategori baru global dan pasaran seperti

pengeluar protein haiwan Hillshire (pengambilalihan) dan Post

pengeluar bijirin ketiga terbesar di AS (penilaian pada diskaun

berbanding syarikat sama) membantu dalam peningkatkan

prestasi.

Untuk segmen huluan kami, US nitrogen mencatatkan prestasi

sangat baik dengan CF Industries dan Agrium kedua-duanya

meraih manfaat kos input rendah berikutan harga gas yang

rendah serta penstabilan harga Urea sebagai hasil pengeluaran.

Juga pasaran potash dan fosfat telah pulih dengna peningkatan

permintaan (potash) dan harga yang lebih baik bagi fosfat.

Yang menjejaskan prestasi ialah kelemahan yang berpunca

daripada kualiti tanah dan operator. Fokus kepada segmen sub

tema dengan strategi peningkatan hasil dengan meningkatkan

nilai penaksiran ladang terutama membabitkan pendedahan

kami di Brazil dan ladang di Ukrainian menerusi pengusaha

(SLC dan Kernel). Operator tanah berusaha meningkatkan hasil

dan skala ekonomi menggunakan tanah sedia ada dengan

mengoptimumkan faktor-faktor input. Pemberian diskaun

penilaian kepada aset nilai bersih dilakukan dan telah menjadi

pemacu kepada pelaburan tahun lalu. Teknologi perniagaan

pertanian tertentu baru seperti bioteknologi pertanian (Syngenta,

KWS Saat) tidak mencatatkan prestasi seperti yang dijangkakan

disebabak kelewatan pengenalan produk baru serta tersasar

sedikit daripada sasaran keuntungan. Boleh dilihat bahawa

sebahagian besar prestasi yang negatif bukan disebabkan

tema yang dipilih tetapi berpunca daripada sekuriti dengan

pendedahan kepada pasaran baru muncul di Brazil, China, Rusia,

dan Ukraine selain sekuriti tertentu di Eropah Barat merangkumi

semua sub tema. Beberapa penggabungan dan pengambilalihan

pada 2014 termasuk syarikat-syarikat yang kami miliki seperti

Safeway, Annie’s, Hilshire, Olam International, dan Nutreco.

Seterusnya kami menjual pegangan dalam syarikat ini pada harga

yang menyamai harga sasaran. Terdapat juga usaga penyepaduan

membabitkan pasaran nitrogen AS, minuman global, koko

global, dan makanana organik. Kebanyakan transaksi-transaksi

ini menunjukkan penilaian yang menarik serta kadar pembiayaan

yang hampir mencecah paras terendah global.

Pada peringkat akhir tempoh semakan, kami melihat peningkatan

harga komoditi utama, penurunan kos input utama seperti minyak

dan gas, harga baik daripada petani untuk nutrien, peningkatan

dagangan global dan pencapahan tren penggunaan. Kami

melihat pengekalan menarik penilaian syarikat-syarikat yang baru

menamatkan program perbelanjaan modal besar-besaran kerana

ia membawa kepada peningkatan pengeluaran dan pendapatan,

penjanaan bebas tunai tinggi serta kenaikan pembayaran dividen

serta pembelian balik saham sepanjang 12 bulan lalu.


Strategi Pelaburan Dana AmMetLife Precious Metals Dana Sasaran: Dana AmPrecious Metals

Dana Sasaran Akhir: Dana DWS Noor Precious Metals

Securities

Emas kekal dalam lingkungan yang menjadi dan sebahagian

dagangan selamat yang lebih luas

Untuk ketika ini ECB akan mencetak wang bagi membeli bon.

Bagaimanapun, jika terdapat permintaan untuk modal yang

lebih nyata, terdapat kebimbangan kadar perlu dinaikkan

untuk menarik modal. Jika ini berlaku, ia akan menyebabkan

Strategi Pelaburan (Bersambung)

175





pembetulan pasaran yang akan memberi kesan berbeza

terhadap QE ECB. Kami memantau situasi ini dan peka bawah

QE yang dilaksanakan sejak 6 tahun lalu telah membuktikan ia

kurang efektif berbanding pakej rangsangan yang diperkenalkan

sebelum ini. Kami skeptikal mengenai efikasi QE yang baru

diperkenalkan di Eropah. Kami percaya ia akan mengambil

masa tiga bulan untuk pasaran mula mempersoalkan kebaikan

rangsangan ini. Emas akan kekal dalam lingkungan tetap dan

menjadi dagangan selamat yang lebih luas.

Dengan kelemahan mata wang Eropah dan Asia serta pengaliran

keluar modal dan pengukuhan USD, kami menjangkakan

peningkatan pemindahan risiko dan minat baru untuk emas

sebagai mata wang yang selamat. Kami juga menjangkakan

ketidaktentuan akan meningkat disebabkan imbangan semasa

membabitkan AS dan rakan dagangnya. Kami menjangka ia akan

mewujudkan peluang belian yang baik untuk emas dan ekuiti

logam berharga.

Untuk Dana Noor, kami menumpukan kepada syarikat-syarikat

yang patuh Syariah yang dapat mempamerkan pulangan

modal tinggi. Kami fleksibel dalam pengembangkan pegangan

membabitkan ekuiti patuh Syariah dan mengambil kedudukan

lebih bertahan dalam persekitaran tidak menentu yang

berterusan.


Strategi Pelaburan Dana AmMetLife Tactical Bond Dana Sasaran: Dana AmTactical Bond

Untuk tahun kewangan yang disemak, dana ini melabur

terutamanya dalam bon korporat. Pengurus akan menganalisis

persekitaran ekonomi dan pasaran. Pengurus juga menganalisis

dan membandingkan sekuriti berdasarkan jangkaan pulangan

berbanding risiko dengan menganalisis penarafan kredit dan

tempoh sekuriti yang mana pengurus akan memilih sekuriti yang

dapat memberikan pulangan setimpal dengan paras risiko. Selain

itu, pengurus boleh menimbangkan sekuriti dengan kredit baik

atau semakin pulih atau industri yang berpotensi menawarkan

peningkatan modal. Pelaburan dana tertakluk kepada

pengurusan tempoh yang mana jangka masa dana dipantau

dan diubah mengikut unjuran kadar faedah tanpa had terhadap

tempoh matang portfolio.


Strategi Pelaburan Dana AmMetLife Asia Pacific REITS Dana Sasaran: Dana AmAsia Pacific REITS

Untuk tahun kewangan yang disemak, dana ini mencapai objektif

pelaburan yang mana 70% hingga 98% nilai aset bersih (NAB)

dana dilaburkan dalam REITS tersenarai di rantau Asia Pasifik iaitu

Australia, Hong Kong, Jepun, Malaysia, Singapura dan Thailand.

Dana juga mempelbagaikan sektor pendedahan dalam REITS

kediaman, runcit, komersial dan industri. Dana memiliki antara

2% hingga 30% daripada NAB dalam bentuk aset cair. Strategi

ini akan terus digunakan pada masa hadapan.

Pengurus pelaburan melaksanakan strategi peruntukan yang aktif

yang mana keputusan pembahagian aset dibuat selepas penilaian

tren makro ekonomi dan unjuran sektor di setiap negara Asia

Pasifik. Pengurus pelaburan akan menumpukan kepada REITS

dengan rekod kukuh dalam menjana pendapatan berterusan

dan potensi pertumbuhan modal. Dalam menilai kestabilan

sesuatu REIT, pengurus pelaburan antara lain akan melihat rekod

lampau, portfolio aset, status kewangan, dan dasar pengagihan

pendapatan serta faktor kos REITS. Dalam keadaan pasaran yang

negatif, pengurus pelaburan boleh menukar pengagihan ast

kepada aset yang rendah risiko seperti aset cair bagi melindungi

modal dana. Untuk tahun ini, pelaburan dana mungkin berbeza

berbanding apa yang dinyatakan dalam strategi pelaburan.


Strategi Pelaburan AmMetLife Commodity Stable CGF MLCX AmBank Commodity Alpha Index (Bloomberg Code:

MLCXAMB Index) memantau pelaburan jangka pendek/panjang

dalam niaga hadapan komoditi. Pelaburan panjang pendek

ini adalah MLCXA01 Excess Return Index. Ia menggunakan

kombinasi pelaburan panjang dan pendek untuk menjana

pulangan alpha dengan pendedahan delta bersih hampir sifar.

Jangkauan panjangnya mencapai lengkungan lebih jauh daripada

penanda aras tradisional dan menggunakan penambahbaikan

pemberat dan roll window untuk meningkatkan pulangan. Tidak

ada pembayaran kupon pada tahun ketiga dan keempat (2% dan

3% dibayar masing-masing pada tahun pertama dan kedua) dan

kupon akhir dalam tahun ke-5 akan bergantung pada prestasi

MLCXAMB Index.

- oleh AmBank (M) Berhad




KOSONG





Prestasi Dana

178




Dana AmMetLife Equity berbanding Penanda Aras

Prestasi sejak 27 Februari 2004 – 31 Mac 2015

Prestasi Dana

Dana AmMetLife Equity

Prestasi Setahun Lengkap

Dana AmMetLife Equity berbanding Penanda Aras

Prestasi sejak 1 April 2014 – 31 Mac 2015

Mac

-04

Sep-

04

Mac

-05

Sep-

05

Mac

-06

Sep-

06

Mac

-07

Sep-

07

Mac

-08

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Sep-

12

Mac

-13

Sep-

13

Mac

-14

Sep-

14

Mac

-15

Pres

tasi

(%)

Bulan

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00


Apr-1

4

Mei

-14

Jun-

14

Jul-1

4

Ogo

s-14

Sep-

14

Okt

-14

Nov

-14

Dis-

14

Jan-

15

Feb-

15

Mac

-15

Pres

tasi

(%)

Bulan

9.00

6.00

3.00

0.00

-3.00

-6.00

-9.00

-12.00


179





Dana AmMetLife Bond


Dana AmMetLife Bond berbanding Penanda Aras



Dana AmMetLife Bond berbanding Penanda Aras


Mac

-04

Sep-

04

Mac

-05

Sep-

05

Mac

-06

Sep-

06

Mac

-07

Sep-

07

Mac

-08

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Sep-

12

Mac

-13

Sep-

13

Mac

-14

Sep-

14

Mac

-15

Pres

tasi

(%)

Bulan

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

AmMetLife Bond

MBB 12mth Tier 1

Apr-1

4

Mei

-14

Jun-

14

Jul-1

4

Ogo

s-14

Sep-

14

Okt

-14

Nov

-14

Dis-

14

Jan-

15

Feb-

15

Mac

-15

Pres

tasi

(%)

Bulan

6.00

4.00

2.00

0.00

-2.00

AmMetLife BondMBB 12mth Tier 1

180




Dana AmMetLife Balanced berbanding Penanda Aras



Dana AmMetLife Balanced berbanding Penanda Aras


Prestasi Dana (Bersambung)

Dana AmMetLife BalancedPr

esta

si (%

)

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

Mac

-04

Sep-

04

Mac

-05

Sep-

05

Mac

-06

Sep-

06

Mac

-07

Sep-

07

Mac

-08

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Sep-

12

Mac

-13

Sep-

13

Mac

-14

Sep-

14

Mac

-15

Bulan

AmMetLife Balanced

50% FBMKLCI & 50% MBB 12mth Tier 1

Apr-1

4

Mei

-14

Jun-

14

Jul-1

4

Ogo

s-14

Sep-

14

Okt

-14

Nov

-14

Dis-

14

Jan-

15

Feb-

15

Mac

-15

Pres

tasi

(%)

Bulan

4.00

2.00

0.00

-2.00

-4.00

-6.00

-8.00

-10.00

AmMetLife Balanced50% FBMKLCI & 50% MBB 12mth Tier 1

181






Dana AmMetLife Dana Teguh berbanding Penanda Aras



Dana AmMetLife Dana Teguh berbanding Penanda Aras


Dana AmMetLife Dana TeguhPr

esta

si (%

)

120.00

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

Mac

-04

Sep-

04

Mac

-05

Sep-

05

Mac

-06

Sep-

06

Mac

-07

Sep-

07

Mac

-08

Sep-

08

Mac

-09

Sep-

09

Mac

-10

Sep-

10

Mac

-11

Sep-

11

Mac

-12

Sep-

12

Mac

-13

Sep-

13

Mac

-14

Sep-

14

Mac

-15

Bulan


50% FBM Emas Syariah & 50% MBB 12mth Tier 1

Apr-1

4

Mei

-14

Jun-

14

Jul-1

4

Ogo

s-14

Sep-

14

Okt

-14

Nov

-14

Dis-

14

Jan-

15

Feb-

15

Mac

-15

Pres

tasi

(%)

Bulan

6.00

4.00

2.00

0.00

-2.00

-4.00

-6.00

AmMetLife Dana Teguh50% FBM Emas Syariah & 50% MBB 12mth Tier 1

182




Dana AmMetLife Oasis Islamic Equity berbanding Penanda Aras



Dana AmMetLife Oasis Islamic Equity berbanding Penanda Aras



Dana AmMetLife Oasis Islamic EquityAp

r-07

Sep-

07

Feb-

08

Jul-0

8

Dis-

08

Mei

-09

Okt

-09

Mac

-10

Ogo

s-10

Jan-

11

Jun-

11

Nov

-11

Apr-1

2

Sep-

12

Feb-

13

Jul-1

3

Dis-

13

Mei

-14

Okt

-14

Mac

-15

Pres

tasi

(%)

Bulan

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

AmMetLife Oasis Islamic Equity

Dow Jones Islamic Market Index

Apr-1

4

Mei

-14

Jun-

14

Jul-1

4

Ogo

s-14

Sep-

14

Okt

-14

Nov

-14

Dis-

14

Jan-

15

Feb-

15

Mac

-15

Pres

tasi

(%)

Bulan

20.00

15.00

10.00

5.00

0.00

-5.00

AmMetLife Oasis Islamic EquityDow Jones Islamic Market Index

183






Dana AmMetLife Global Emerging Market berbanding Penanda Aras

Prestasi sejak 1 Jun 2008 – 31 Mac 2015


Dana AmMetLife Global Emerging Market berbanding Penanda Aras


Dana AmMetLife Global Emerging MarketJu

n-08

Mac

-09

Dis-

09

Sep-

10

Jun-

11

Mac

-12

Dis-

12

Sep-

13

Jun-

14

Mac

-15

Pres

tasi

(%)

Bulan

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

-60.00



Apr-1

4

Mei

-14

Jun-

14

Jul-1

4

Ogo

s-14

Sep-

14

Okt

-14

Nov

-14

Dis-

14

Jan-

15

Feb-

15

Mac

-15

Pres

tasi

(%)

Bulan

12.00

10.00

8.00

6.00

4.00

2.00

0.00

-2.00

-4.00

-6.00



184




Dana AmMetLife Precious Metals berbanding Penanda Aras

Prestasi sejak 1 September 2008 – 31 Mac 2015


Dana AmMetLife Precious Metals berbanding Penanda Aras



Dana AmMetLife Precious Metals

Pres

tasi

(%)

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00

-60.00

Sep-

08

Dis-

08

Mac

-09

Jun-

09

Sep-

09

Dis-

09

Mac

-10

Jun-

10

Sep-

10

Dis-

10

Mac

-11

Jun-

11

Sep-

11

Dis-

11

Mac

-12

Jun-

12

Sep-

12

Dis-

12

Mac

-13

Jun-

13

Sep-

13

Dis-

13

Mac

-14

Jun-

14

Sep-

14

Dis-

14

Mac

-15

Bulan

AmMetLife Precious Metals

FTSE Gold Mines Index

Apr-1

4

Mei

-14

Jun-

14

Jul-1

4

Ogo

s-14

Sep-

14

Okt

-14

Nov

-14

Dis-

14

Jan-

15

Feb-

15

Mac

-15

Pres

tasi

(%)

Bulan

20.00

10.00

0.00

-10.00

-20.00

-30.00

AmMetLife Precious MetalsFTSE Gold Mines Index

185






Dana AmMetLife Global Agribusiness berbanding Penanda Aras



Dana AmMetLife Global Agribusiness berbanding Penanda Aras


Dana AmMetLife Global AgribusinessPr

esta

si (%

)

40.00

30.00

20.00

10.00

0.00

-10.00

-20.00

-30.00

-40.00

-50.00

Sep-

08

Dis-

08

Mac

-09

Jun-

09

Sep-

09

Dis-

09

Mac

-10

Jun-

10

Sep-

10

Dis-

10

Mac

-11

Jun-

11

Sep-

11

Dis-

11

Mac

-12

Jun-

12

Sep-

12

Dis-

12

Mac

-13

Jun-

13

Sep-

13

Dis-

13

Mac

-14

Jun-

14

Sep-

14

Dis-

14

Mac

-15

Bulan



Apr-1

4

Mei

-14

Jun-

14

Jul-1

4

Ogo

s-14

Sep-

14

Okt

-14

Nov

-14

Dis-

14

Jan-

15

Feb-

15

Mac

-15

Pres

tasi

(%)

Bulan

10.00

8.00

6.00

4.00

2.00

0.00

-2.00

-4.00



186




Dana AmMetLife Dividend berbanding Penanda Aras

Prestasi sejak 27 Oktober 2011 – 31 Mac 2015


Dana AmMetLife Dividend berbanding Penanda Aras



Dana AmMetLife DividendAp

r-14

Mei

-14

Jun-

14

Jul-1

4

Ogo

s-14

Sep-

14

Okt

-14

Nov

-14

Dis-

14

Jan-

15

Feb-

15

Mac

-15

Pres

tasi

(%)

Bulan

12.00

9.00

6.00

3.00

0.00

-3.00

-6.00

AmMetLife DividendFBMKLCI

Okt

-11

Dis-

11

Feb-

12

Apr-1

2

Jun-

12

Ogo

s-12

Okt

-12

Dis-

12

Feb-

13

Apr-1

3

Jun-

13

Ogo

s-13

Okt

-13

Dis-

13

Feb-

14

Apr-1

4

Jun-

14

Ogo

s-14

Okt

-14

Dis-

14

Feb-

15

Pres

tasi

(%)

Bulan

50.00

40.00

30.00

20.00

10.00

0.00

-10.00

AmMetLife Dividend

FBMKLCI

187






Dana AmMetLife Commodity Stable Capital Guaranteed

Prestasi sejak 11 Oktober 2010 – 31 Mac 2015

Dana AmMetLife Commodity Stable Capital GuaranteedO

kt-1

0

Feb-

11

Jun-

11

Okt

-11

Feb-

12

Jun-

12

Okt

-12

Feb-

13

Jun-

13

Okt

-13

Feb-

14

Jun-

14

Okt

-14

Feb-

15

Pres

tasi

(%)

Bulan

3.00

2.00

1.00

0.00

-1.00

-2.00

-3.00

-4.00

-5.00

-6.00

AmMetLife Commodity Stable

188




Dana AmMetLife Asia Pacific REITS berbanding Penanda Aras



Dana AmMetLife Asia Pacific REITS berbanding Penanda Aras



Dana AmMetLife Asia Pacific REITS

189






Dana AmMetLife Tactical Bond berbanding Penanda Aras



Dana AmMetLife Tactical Bond berbanding Penanda Aras


Dana AmMetLife Tactical Bond




KOSONG





Pecahan MengikutSektor dan Kategori

192



Pecahan Mengikut Sektor dan Kategori

Dana AmMetLife EquityButiran komposisi Dana AmMetLife Equity setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Pembinaan 2.91 7.72 3.23 8.25 11.23

Produk konsumer 3.07 – – – –

Kewangan 24.83 11.34 5.54 7.58 7.32

Saham asing – – – – –

Produk industri 8.84 13.03 17.47 4.57 4.01

Infrastruktur 3.80 1.31 3.15 – –

Perladangan 0.97 – 4.06 5.72 3.83

Harta – 2.97 – – 4.54

REITS – – – 6.84 –

Teknologi 4.19 – – – –

Perdagangan/Perkhidmatan 44.47 45.85 27.22 43.71 12.78

Waran – – – – –

Perjanjian Pembelian Semula/Tunai 6.91 17.77 39.33 23.33 56.29

100.00 100.00 100.00 100.00 100.00

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Unit Amanah Malaysia 9.75 9.56 7.11 9.40 8.07

Bon Korporat 82.63 68.18 65.70 79.06 8.86

Sekuriti Kerajaan Malaysia – – – – 43.95


100.00 100.00 100.00 100.00 100.00

Dana AmMetLife Bond Butiran komposisi Dana AmMetLife Bond setakat 31 Mac 2015 adalah seperti berikut:

193





Dana AmMetLife BalancedButiran komposisi Dana AmMetLife Balanced setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Pembinaan 3.03 0.45 – 7.61 7.81


Kewangan 16.59 9.00 5.18 7.27 6.83

Saham asing – – – – –

Produk industri 7.71 10.65 10.32 3.91 2.34

Infrastruktur 2.85 0.94 – – –

Perladangan – – 3.41 5.38 3.41

Harta – 3.02 – – 3.74

REITS – 0.62 – 6.16 –



Waran – – – – –

Bon Korporat 26.44 24.71 26.95 27.08 11.72

Unit Amanah Malaysia – 9.18 – – 5.94


100.00 100.00 100.00 100.00 100.00

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Pembinaan 5.51 9.19 3.14 11.45 11.30


Produk industri 8.43 9.44 11.02 4.20 6.51

Infrastruktur 3.53 1.39 2.69 – –

Perladangan 1.47 – – 4.85 –

Harta 1.88 3.21 – – 3.97



Waran – – – – –

Bon Korporat 13.64 19.97 22.52 18.31 –



100.00 100.00 100.00 100.00 100.00

Dana AmMetLife Dana TeguhButiran komposisi Dana AmMetLife Dana Teguh setakat 31 Mac 2015 adalah seperti berikut:

194



Dana AmMetLife Oasis Islamic EquityButiran komposisi Dana AmMetLife Oasis Islamic Equity setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Pembinaan – – – 8.55 10.21

Produk konsumer – – – – –

Produk industri – – – 2.88 –

Infrastruktur – – – 6.38 –

Perladangan – – – 3.84 –

Harta – – – – 2.93

Perdagangan/Perkhidmatan – – – 24.42 9.97

Waran – – – – –



100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmOasis Global Islamic Equity (“Dana Sasaran”)

Nota: Sumber peruntukan sektor Dana Sasaran adalah dari AmInvest*Sebagai peratusan dari NAB. Sila ambil perhatian bahawa pendedahan aset bagi dana adalah tertakluk kepada perubahan kerap setiap hari.

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Bahan Asas 8.00 4.00 5.00 9.00 14.00

Komunikasi 20.00 18.00 21.00 19.00 17.00

Pengguna, Berkitar 11.00 8.00 7.00 8.00 8.00

Pengguna, Tidak Berkitar 8.00 9.00 6.00 6.00 5.00

Tenaga 8.00 10.00 11.00 12.00 10.00

Kewangan – – – – 3.00

Penjagaan Kesihatan 19.00 22.00 22.00 19.00 15.00

Industri 3.00 6.00 8.00 6.00 8.00

Hartanah 1.00 1.00 1.00 1.00 –

Teknologi 22.00 22.00 17.00 18.00 17.00

Utiliti – – 2.00 2.00 3.00

Pecahan Mengikut Sektor dan Kategori (Bersambung)

195





Dana AmMetLife Precious MetalsButiran komposisi Dana AmMetLife Precious Metals setakat 31 Mac 2015 adalah seperti berikut:


Peruntukan Sektor* Dana AmPrecious Metals (“Dana Sasaran”)

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %



100.00 100.00 100.00 100.00 100.00

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Berlian – – – –

Emas 70.14 73.46 79.78 71.75 74.05

Platinum – – – – –

Logam Berharga & Mineral 15.15 13.09 16.12 12.92 21.08

Perak 12.60 6.77 – – –

Pelbagai Logam & Perlombongan – 6.60 – – –

Tunai dan aset lain 2.09 0.05 4.07 15.31 4.84

196




Dana AmMetLife Global AgribusinessButiran komposisi Dana AmMetLife Global Agribusiness setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %



100.00 100.00 100.00 100.00 100.00

Peruntukan Sektor* Dana AmGlobal Agribusiness (“Dana Sasaran”)

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Produk Pertanian 22.70 19.10 23.60 25.20 29.70

Kilang Minuman Keras 3.20 3.70 – – –

Jentera Pembinaan/ Perladangan – – 2.20 2.40 2.30

Penyulingan & Pembuatan Wine – – – – 3.50

Pengedar – – – – –

Pelbagai Bank – 3.20 2.10 2.00 2.70

Pelbagai Kimia 3.20 3.70 1.70 – –

Baja & Kimia Pertanian 39.90 38.20 43.00 40.30 19.80

Pengedar Makanan 2.00 1.50 – – –

Peruncitan Makanan 2.90 2.90 1.10 6.40 9.20

Utiliti Gas – – – – –

Pasaraya Besar & Pusat Membeli Belah – – 2.40 1.50 –

Peralatan & Perkhidmatan Sains Hayat – – 2.10 2.80 –

Marin – – – –

Pelabuhan & Perkhidmatan Marin 1.40 1.70 1.50 1.80 –

Sektor lain 3.30 4.30 4.50 – 7.10

Pembungkusan Makanan & Daging 16.70 19.50 15.10 12.70 14.40

Produk Kertas – – – – –

Farmasi – – – – –

Landasan Keretapi – 1.30 1.30 0.80 –

Restoran 2.80 0.90 – – 2.80

Kimia Khusus – – – – –

Tunai & Sektor Lain – – -0.60 4.10 2.50

Tidak diklasifikasikan 0.90 – – – 6.00

Minuman Ringan 1.00 – – – –


197





Dana AmMetLife Global Emerging MarketButiran komposisi Dana AmMetLife Global Emerging Market setakat 31 Mac 2015 adalah seperti berikut:

Peruntukan Sektor* Dana AmGlobal Emerging Market Opportunities (“Dana Sasaran”)

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %



100.00 100.00 100.00 100.00 100.00

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %

Barangan Bukan Keperluan Pengguna 12.97 15.87 10.26 19.49 12.77

Barangan Asas Pengguna 5.11 3.37 9.98 1.08 –

Derivatif – – – -0.01 –

Tenaga 3.71 10.12 5.00 11.57 13.18

Kewangan 33.68 34.12 40.74 27.82 36.22

Penjagaan Kesihatan 3.72 0.90 1.20 – –

Industri 3.98 2.59 4.48 5.06 6.90

Teknologi Maklumat 24.10 18.14 13.77 12.87 2.79

Bahan-bahan 1.94 3.29 3.26 6.51 8.91

Tidak diklasifikasikan – – – – –

Perkhidmatan Telekomunikasi 3.86 3.63 7.74 – 3.81

Utiliti 1.18 – 0.24 2.25 2.06

Aset Bersih Lain – – – 13.36 –

Tunai 5.75 7.97 3.33 – 13.35


198




Dana AmMetLife Commodity Stable Capital GuaranteedButiran komposisi Dana AmMetLife Commodity Stable Capital Guaranteed setakat 31 Mac 2015 adalah seperti berikut:

Dana AmMetLife DividendButiran komposisi Dana AmMetLife Dividend setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011 % % % % %


Instrumen Yang Berstruktur 98.12 98.11 98.10 98.24 98.27


100.00 100.00 100.00 100.00 100.00

TK 2015 TK 2014 TK 2013 TK 2012 % % % %

Pembinaan 3.89 4.96 – –

Produk konsumer 2.00 – – –

Kewangan 24.41 13.88 12.60 13.29

Produk industri 8.88 3.89 10.13 6.11

Infrastruktur 4.13 4.99 4.61 5.92

Perladangan 0.48 – – 5.46

Harta 0.00 7.41 3.06 –

REITS – 4.53 4.08 16.56

Teknologi 5.30 – – –

Perdagangan/Perkhidmatan 44.23 41.11 9.15 24.59

Perjanjian Pembelian Semula/Tunai 6.68 19.24 56.37 28.07 100.00 100.00 100.00 100.00

199





Dana AmMetLife Asia Pacific REITSButiran komposisi Dana AmMetLife Asia Pacific REITS setakat 31 Mac 2015 adalah seperti berikut:

Peruntukan Sektor* Dana AmAsia Pacific REITS (“Dana Sasaran”)

Peruntukan Sektor* Dana AmTactical Bond (“Dana Sasaran”)

Dana AmMetLife Tactical BondButiran komposisi Dana AmMetLife Tactical Bond setakat 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 % %

Unit Amanah Malaysia 91.50 88.62

Perjanjian Pembelian Semula/Tunai 8.50 11.38

100.00 100.00

TK 2015 TK 2014 % %

Hartanah 84.80 86.10

Deposit Tetap/Instrumen Boleh Niaga/Tunai 15.20 13.90

TK 2015 TK 2014 % %

Unit Amanah Malaysia 90.63 86.64

Perjanjian Pembelian Semula/Tunai 9.37 13.36

100.00 100.00

TK 2015 TK 2014 % %

Bon 93.10 84.47

Tunai 6.90 15.53






KOSONG





JadualPerbandingan Prestasi

202



Jadual Perbandingan PrestasiPrestasi Dana setakat 31 Mac 2015

I Tahun 3 Tahun 5 Tahun Sejak Penerbitan

Purata Kompaun Pulangan Tahunan % Pulangan Tahunan %

Dana AmMetLife Equity 0.88 8.58 8.37 6.41

Dana AmMetLife Bond 3.26 3.01 3.78 4.28

Dana AmMetLife Balanced (0.81) 5.83 5.73 6.10

Dana AmMetLife Dana Teguh 5.51 10.47 9.07 6.95

Dana AmMetLife Oasis Islamic Equity 12.07 10.22 7.49 2.14

Dana AmMetLife Global Emerging Market 5.78 3.24 0.18 1.23

Dana AmMetLife Precious Metals (14.46) (17.53) (13.35) (10.51)

Dana AmMetLife Global Agribusiness 5.78 5.38 2.97 4.18

Dana AmMetLife Commodity Stable Capital Guaranteed 3.24 1.98 – 0.45

Dana AmMetLife Dividend 10.90 10.33 – 10.17

Dana AmMetLife Asia Pacific REITS 15.24 – – 8.29

Dana AmMetLife Tactical Bond 4.38 – – 1.98

203





Nilai Aset Bersih, Jumlah Unit dan Harga UnitSetakat 31 Mac 2015

Dana AmMetLife EquityButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

*Harga dan nilai aset bersih setiap unit di atas tidak dipaparkan sebagai tanpa pengagihan kerana tiada pengagihan pendapatan diisytiharkan oleh dana bagi tahun kewanganNota: 1. Jumlah pulangan ialah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan nilai aset bersih setiap unit dan bersih daripada segala yuran

Dana AmMetLife Bond Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:


TK 2015 TK 2014 TK 2013 TK 2012 TK 2011

Harga Unit (RM)

NAB setiap unit tertinggi bagi tahun 1.0197 0.9946 0.8265 0.8317 0.8280

NAB setiap unit terendah bagi tahun 0.8684 0.8253 0.7529 0.7070 0.6329

Nilai Aset Bersih (NAB) dan Unit dalam Edaran (UIC) setakat penghujung Tahun*

Jumlah NAB (RM juta) 19.3462 14.5438 12.2637 14.5937 11.4753

UIC (juta) 19.2958 14.6327 14.8900 18.6334 14.1793

NAB setiap unit (RM) 1.0026 0.9939 0.8236 0.7832 0.8093

Jumlah Pulangan Bagi Tahun (%)

Jumlah Pulangan¹ 0.88 20.68 5.16 (3.23) 20.65

Pertumbuhan Modal 0.88 20.68 5.16 (3.23) 20.65

Pengagihan Pendapatan – – – – –

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011

Harga Unit (RM)





UIC (juta) 15.5323 21.5938 21.6261 16.2856 16.4615



Jumlah Pulangan¹ 3.26 2.23 3.56 5.91 3.96

Pertumbuhan Modal 3.26 2.23 3.56 5.91 3.96


204



Dana AmMetLife BalancedButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

Dana AmMetLife Dana Teguh Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011

Harga Unit (RM)





UIC (juta) 22.5725 24.6747 26.9555 26.2568 20.9280



Jumlah Pulangan¹ (0.81) 15.30 3.64 (2.25) 14.04

Pertumbuhan Modal (0.81) 15.30 3.64 (2.25) 14.04


TK 2015 TK 2014 TK 2013 TK 2012 TK 2011

Harga Unit (RM)





UIC (juta) 16.9101 12.1007 15.6696 16.6728 8.8919



Jumlah Pulangan¹ 5.50 22.03 4.71 (0.67) 15.27



Nilai Aset Bersih, Jumlah Unit dan Harga Unit (Bersambung)

Setakat 31 Mac 2015



205





Dana AmMetLife Oasis Islamic EquityButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

Dana AmMetLife Global Emerging Market Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011

Harga Unit (RM)





UIC (juta) 7.2363 8.5410 7.2475 9.8279 9.4007



Jumlah Pulangan¹ 12.08 11.66 6.98 (3.41) 10.95



TK 2015 TK 2014 TK 2013 TK 2012 TK 2011

Harga Unit (RM)





UIC (juta) 1.7536 1.7201 1.5360 1.4608 1.3331



Jumlah Pulangan¹ 5.78 3.61 0.40 (8.89) 0.63





206



Dana AmMetLife Precious MetalsButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

Dana AmMetLife Global Agribusiness Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011

Harga Unit (RM)





UIC (juta) 15.8907 13.9612 13.8346 12.0202 8.5518



Jumlah Pulangan¹ (14.45) (20.39) (17.63) (19.14) 7.71

Pertumbuhan Modal (14.45) (20.39) (17.63) (19.14) 7.71


TK 2015 TK 2014 TK 2013 TK 2012 TK 2011

Harga Unit (RM)





UIC (juta) 3.2309 3.0205 2.7952 2.6083 2.2156



Jumlah Pulangan¹ 5.79 4.39 5.99 (5.30) 4.42




Setakat 31 Mac 2015



207





Dana AmMetLife Commodity Stable Capital GuaranteedButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

Dana AmMetLife DividendButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014 TK 2013 TK 2012 TK 2011

Harga Unit (RM)





UIC (juta) 8.4261 8.4356 8.4356 9.4236 9.5188



Jumlah Pulangan¹ 3.24 2.89 (0.15) 0.23 –

Pertumbuhan Modal 3.24 2.89 (0.15) 0.23 –


TK 2015 TK 2014 TK 2013 TK 2012

Harga Unit (RM)

NAB setiap unit tertinggi bagi tahun 0.6968 0.6290 0.5577 0.5273

NAB setiap unit terendah bagi tahun 0.6015 0.5566 0.5065 0.4973


Jumlah NAB (RM juta) 12.6593 9.4440 6.3501 5.4439

UIC (juta) 18.1690 15.0299 11.3857 10.4925

NAB setiap unit (RM) 0.6968 0.6283 0.5577 0.5189


Jumlah Pulangan¹ 10.89 12.66 7.48 –

Pertumbuhan Modal 10.89 12.66 7.48 –

Pengagihan Pendapatan – – – –



208



Dana AmMetLife Asia Pacific REITSButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

Dana AmMetLife Tactical BondButiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2015 adalah seperti berikut:

TK 2015 TK 2014

Harga Unit (RM)

NAB setiap unit tertinggi bagi tahun 0.5669 0.5000

NAB setiap unit terendah bagi tahun 0.4907 0.4750


Jumlah NAB (RM juta) 0.6857 0.5809

UIC (juta) 1.2136 1.1849

NAB setiap unit (RM) 0.5650 0.4903


Jumlah Pulangan¹ 15.24 –

Pertumbuhan Modal 15.24 –

Pengagihan Pendapatan – –

TK 2015 TK 2014

Harga Unit (RM)

NAB setiap unit tertinggi bagi tahun 0.5153 0.5008

NAB setiap unit terendah bagi tahun 0.4869 0.4807


Jumlah NAB (RM juta) 0.4635 0.4912

UIC (juta) 0.8995 0.9949

NAB setiap unit (RM) 0.5153 0.4937


Jumlah Pulangan¹ – –

Pertumbuhan Modal – –

Pengagihan Pendapatan – –


Setakat 31 Mac 2015



209





Ringkasan kepadaMaklumat Kewangan

Pernyataan oleh Pengurus 210

Laporan Juruaudit Bebas 211

Penyata Aset dan Liabiliti 213

Penyata Pendapatan dan Perbelanjaan 219

Penyata Perubahan di dalam Nilai Aset Bersih 225

Nota-nota kepada Maklumat Kewangan 231

210



Pernyataan oleh Pengurus

Pada pendapat Pengurus, maklumat kewangan Dana-dana Berkaitan Pelaburan AmMetLife Insurance Berhad (dahulu dikenali sebagai

AmLife Insurance Berhad) yang disertakan yang terdiri daripada Dana AmMetLife Equity (dahulu dikenali sebagai Dana AmAssurance

Equity), Dana AmMetLife Bond (dahulu dikenali sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu dikenali

sebagai Dana AmAssurance Balanced), Dana AmMetLife Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh), Dana

AmMetLife AmOasis Islamic Equity (dahulu dikenali sebagai Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia Pacific

REITS (dahulu dikenali sebagai Dana AmLife Asia Pacific REITS), Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai

Dana AmAssurance Global Emerging Market), Dana AmMetLife Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond),

Dana AmMetLife Precious Metals (dahulu dikenali sebagai Dana AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness

(dahulu dikenali sebagai Dana AmAssurance Global Agribusiness), Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu

dikenali sebagai Dana AmAssurance AmCommodity Stable CG) dan Dana AmMetLife Dividend (dahulu dikenali sebagai Dana

AmAssurance Dividend) yang dibentangkan di mukasurat 213 hingga 277 telah disediakan menurut polisi-polisi perakaunan seperti

yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan

yang diterbitkan oleh Bank Negara Malaysia.

Bagi pihak AmMetLife Insurance Berhad

(dahulu dikenali sebagai AmLife Insurance Berhad)

Ramzi Albert Toubassy


20 Mei 2015

211





Laporan Juruaudit Bebas

Laporan mengenai maklumat kewanganKami telah mengaudit maklumat kewangan dana-dana berkaitan pelaburan AmMetLife Insurance Berhad (“Pengurus”) (“Dana-

dana”) yang merangkumi Penyata-penyata Aset dan Liabiliti pada 31 Mac 2015 Dana AmMetLife Equity (dahulu dikenali sebagai Dana

AmAssurance Equity), Dana AmMetLife Bond (dahulu dikenali sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu

dikenali sebagai Dana AmAssurance Balanced), Dana AmMetLife Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh),

Dana AmMetLife AmOasis Islamic Equity (dahulu dikenali sebagai Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia

Pacific REITS (dahulu dikenali sebagai Dana AmLife Asia Pacific REITS), Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai

Dana AmAssurance Global Emerging Market), Dana AmMetLife Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond), Dana

AmMetLife Precious Metals (dahulu dikenali sebagai Dana AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness (dahulu

dikenali sebagai Dana AmAssurance Global Agribusiness), Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu dikenali

sebagai Dana AmAssurance AmCommodity Stable CG) dan Dana AmMetLife Dividend (dahulu dikenali sebagai Dana AmAssurance

Dividend), Penyata-penyata Pendapatan dan Perbelanjaan serta Penyata-penyata Perubahan di dalam Nilai Aset Bersih bagi tahun berakhir

31 Mac 2015 untuk Dana AmMetLife Equity (dahulu dikenali sebagai Dana AmAssurance Equity), Dana AmMetLife Bond (dahulu dikenali

sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu dikenali sebagai Dana AmAssurance Balanced), Dana AmMetLife

Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh), Dana AmMetLife AmOasis Islamic Equity (dahulu dikenali sebagai

Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia Pacific REITS (dahulu dikenali sebagai Dana AmLife Asia Pacific REITS),

Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai Dana AmAssurance Global Emerging Market), Dana AmMetLife

Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond), Dana AmMetLife Precious Metals (dahulu dikenali sebagai Dana

AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness (dahulu dikenali sebagai Dana AmAssurance Global Agribusiness),

Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu dikenali sebagai Dana AmAssurance AmCommodity Stable CG) dan

Dana AmMetLife Dividend (dahulu dikenali sebagai Dana AmAssurance Dividend), serta ringkasan polisi-polisi perakaunan yang penting

dan maklumat penerangan lain (“maklumat kewangan”), seperti yang dibentangkan pada mukasurat 213 hingga 277.

Tanggungjawab para pengarah ke atas maklumat kewangan

Para pengarah Pengurus bertanggungjawab ke atas penyediaan maklumat kewangan menurut polisi-polisi perakaunan seperti yang

dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang

diterbitkan oleh Bank Negara Malaysia. Para pengarah adalah juga bertanggungjawab ke atas sebarang kawalan dalamanan yang

ditentukan oleh pengarah Pengurus sebagai perlu untuk membolehkan penyediaan maklumat kewangan yang bebas daripada salah

nyata yang penting, sama ada disebabkan oleh penipuan atau kesilapan.

Tanggungjawab juruaudit

Tanggungjawab kami adalah untuk menyatakan pendapat ke atas maklumat kewangan ini berdasarkan audit kami. Kami telah

melaksanakan audit kami menurut piawaian pengauditan yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami mematuhi

keperluan etika dan merancang serta melaksanakan audit tersebut untuk memperoleh keyakinan yang munasabah mengenai sama

ada maklumat kewangan ini bebas daripada salah nyata yang penting.

Audit melibatkan pelaksanaan prosedur-prosedur untuk memperoleh bukti audit mengenai amaun dan pendedahan dalam

maklumat kewangan. Prosedur yang dipilih bergantung pada pertimbangan kami, termasuk penilaian risiko salah nyata yang penting

dalam maklumat kewangan, sama ada disebabkan oleh penipuan atau kesilapan. Dalam membuat penilaian risiko tersebut, kami

mempertimbangkan kawalan dalaman yang relevan kepada penyediaan maklumat kewangan Dana-dana menurut polisi-polisi

perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful

Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia bagi merangka prosedur audit yang bersesuaian dengan keadaan,

tetapi bukan bertujuan untuk menyatakan pendapat mengenai keberkesanan kawalan dalaman Dana-dana. Audit juga melibatkan

penilaian kesesuaian polisi-polisi perakaunan yang telah digunakan dan kewajaran anggaran-anggaran perakaunan yang telah dibuat

oleh Pengurus, serta penilaian keseluruhan pembentangan maklumat kewangan.

212



Kami percaya bahawa bukti audit yang telah kami perolehi adalah mencukupi dan bersesuaian untuk memberikan asas untuk pendapat

audit kami.

Pendapat

Pada pendapat kami, maklumat kewangan tersebut telah disediakan, dalam semua perkara yang penting, menurut polisi-polisi

perakaunan seperti yang dinyatakan di dalam Nota 2.2 kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful

Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia.

Perkara-perkara lain

Laporan ini dibuat khusus untuk para pemegang unit Dana-dana, sebagai satu badan, menurut Garis Panduan Perniagaan Insurans/

Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank Negara Malaysia dan bukan untuk tujuan lain. Kami tidak bertanggungjawab

ke atas mana-mana pihak lain bagi isi kandungan laporan ini.

Ernst & Young Megat Iskandar Shah Bin Mohamad NorAF: 0039 No. 3083/07/15(J)Akauntan Bertauliah Akauntan Bertauliah


20 Mei 2015

Ini adalah terjemahan Bahasa Malaysia untuk penyata kewangan dana-dana berkaitan pelaburan AmMetLife Insurance Berhad yang telah diaudit, yang pada asalnya telah disediakan dalam Bahasa Inggeris. Terjemahan ini telah dibuat untuk membolehkan Pemegang Unit Dana-dana yang fasih dalam Bahasa Malaysia untuk memahami sepenuhnya maklumat kewangan berkenaan. Para pembaca dinasihatkan supaya merujuk kepada versi Bahasa Inggeris untuk penyata kewangan dan juruaudit yang telah disahkan.

Laporan Juruaudit Bebas (Bersambung)

213





Ringkasan kepada Maklumat Kewangan

Penyata-penyata Aset dan Liabiliti Pada 31 Mac 2015

Dana AmMetLife Equity Dana AmMetLife Bond

2015 2014 2015 2014 Nota RM RM RM RM

Aset

Pelaburan 3 17,743,960 14,766,318 12,517,869 16,809,385

Aset cukai tertangguh 4 – – 23,014 13,951

Lain-lain belum terima 530,521 23,601 170,079 184,996

Tunai dan baki di bank 1,317,419 926 53,201 52,848 Jumlah aset 19,591,900 14,790,845 12,764,163 17,061,180

Liabiliti

Peruntukan cukai 91,290 14,266 204,952 141,932

Liabiliti cukai tertangguh 4 121,447 197,470 – –

Lain-lain belum bayar 32,945 35,338 145,049 205,800 Jumlah liabiliti 245,682 247,074 350,001 347,732

Nilai aset bersih dana (“NAB”) 19,346,218 14,543,771 12,414,162 16,713,448

Diwakili oleh:

Sumbangan pemegang unit 14,407,216 9,787,871 9,216,161 13,970,976

Pendapatan tidak teragih 4,939,002 4,755,900 3,198,001 2,742,472 Modal pemegang unit 5 19,346,218 14,543,771 12,414,162 16,713,448

Unit dalam edaran 5 19,295,796 14,632,663 15,532,298 21,593,784

NAB seunit (RM) 5 1.0026 0.9939 0.7992 0.7740

Nota-nota yang disertakan membentuk sebahagian penting maklumat kewangan ini.

214



Dana AmMetLife Balanced Dana AmMetLife Dana Teguh

2015 2014 2015 2014 Nota RM RM RM RM

Aset

Pelaburan 3 21,881,350 24,170,882 17,549,355 12,286,190


Tunai dan baki di bank 1,968 785 3,400 475 Jumlah aset 22,238,501 24,583,974 18,293,404 12,440,128

Liabiliti

Peruntukan cukai 212,385 53,237 192,628 68,867

Liabiliti cukai tertangguh 4 72,960 259,894 119,007 171,863



Diwakili oleh:


Pendapatan tidak teragih 5,946,017 6,140,491 5,203,128 4,344,673 Modal pemegang unit 5 21,919,363 24,157,637 17,953,218 12,176,875


NAB seunit (RM) 5 0.9711 0.9790 1.0617 1.0063


Penyata-penyata Aset dan Liabiliti (Bersambung)

Pada 31 Mac 2015

215





Dana AmMetLife AmOasis Dana AmMetLife Islamic Equity Asia Pacific REITS

2015 2014 2015 2014 Nota RM RM RM RM

Aset

Pelaburan 3 3,988,807 4,528,964 672,241 509,424

Cukai boleh pulih 200 6,562 – –

Lain-lain belum terima 15,835 66,386 197 16,275

Tunai dan baki di bank 409,675 280 62,462 65,411 Jumlah aset 4,414,517 4,602,192 734,900 591,110

Liabiliti

Peruntukan cukai – – 361 47

Liabiliti cukai tertangguh 4 65,008 30,687 6,552 329


Nilai aset bersih dana (“NAB”) 4,286,395 4,513,925 685,731 580,944

Diwakili oleh:

Sumbangan pemegang unit 3,625,140 4,308,629 599,005 585,824

Pendapatan tidak teragih/ (Kerugian terkumpul) 661,255 205,296 86,726 (4,880) Modal pemegang unit 5 4,286,395 4,513,925 685,731 580,944


NAB seunit (RM) 5 0.5923 0.5285 0.5650 0.4903


216



Dana AmMetLife Global Dana AmMetLife Emerging Market Tactical Bond

2015 2014 2015 2014 Nota RM RM RM RM

Aset

Pelaburan 3 885,544 900,362 421,026 421,809

Cukai boleh pulih – – 67 –

Lain-lain belum terima 705 696 9,131 14,620

Tunai dan baki di bank 87,925 403 43,529 65,019 Jumlah aset 974,174 901,461 473,753 501,448

Liabiliti

Peruntukan cukai 979 797 – 51

Liabiliti cukai tertangguh 4 6,616 1,365 880 436


Nilai aset bersih dana (“NAB”) 953,246 883,932 463,478 491,182

Diwakili oleh:

Sumbangan pemegang unit 886,459 871,871 447,653 494,606

Pendapatan tidak teragih/ (Kerugian terkumpul) 66,787 12,061 15,825 (3,424) Modal pemegang unit 5 953,246 883,932 463,478 491,182

Unit dalam edaran 5 1,753,586 1,720,080 899,484 994,931

NAB seunit (RM) 5 0.5436 0.5139 0.5153 0.4937



Pada 31 Mac 2015

217





Dana AmMetLife Dana AmMetLife Precious Metals Global Agribusiness

2015 2014 2015 2014 Nota RM RM RM RM

Aset

Pelaburan 3 3,535,402 3,456,063 2,135,006 1,904,036

Aset cukai tertangguh 4 300,037 247,919 – –

Cukai boleh pulih 16,566 17,497 – –


Tunai dan baki di bank 807 129,015 2,080 916 Jumlah aset 3,862,143 3,977,473 2,158,790 1,912,531

Liabiliti

Peruntukan cukai – – 4,026 3,493

Liabiliti cukai tertangguh 4 – – 29,762 19,578



Diwakili oleh:


(Kerugian terkumpul)/ Pendapatan tidak teragih (3,586,382) (2,977,753) 334,546 222,815 Modal pemegang unit 5 3,826,810 3,930,030 2,115,274 1,869,293


NAB seunit (RM) 5 0.2408 0.2815 0.6547 0.6189


218



Dana AmMetLife Commodity Dana AmMetLife Stable Capital Guaranteed Dividend

2015 2014 2015 2014 Nota RM RM RM RM

Aset

Pelaburan 3 4,991,936 4,851,547 11,550,834 9,499,910

Cukai boleh pulih – – – 3,597

Lain-lain belum terima 223 231 438,025 11,236

Tunai dan baki di bank 37,179 222 827,377 4,636 Jumlah aset 5,029,338 4,852,000 12,816,236 9,519,379

Liabiliti

Peruntukan cukai 20,248 20,217 31,994 –

Liabiliti cukai tertangguh 4 17,568 3,606 100,331 52,361



Diwakili oleh:


Pendapatan tidak teragih/ (Kerugian terkumpul) 57,282 (76,324) 2,713,984 1,544,888 Modal pemegang unit 5 4,298,185 4,168,793 12,659,252 9,444,021


NAB seunit (RM) 5 0.5101 0.4942 0.6968 0.6283



Pada 31 Mac 2015

219






2015 2014 2015 2014 Nota RM RM RM RM

Pendapatan pelaburan bersih:

Pendapatan faedah 6 62,640 68,210 755,156 917,300

Pendapatan dividen 7 426,217 211,548 13,372 28,713

488,857 279,758 768,528 946,013

Perolehan daripada pelupusan pelaburan 900,163 591,948 32,592 50,086

Perolehan modal tidak terealisasi bersih – 2,034,694 – – Jumlah pendapatan 1,389,020 2,906,400 801,120 996,099

Perbelanjaan pengurusan (254,624) (201,813) (138,740) (180,296)

Kerugian modal tidak terealisasi bersih (950,293) – (152,894) (373,411) Jumlah perbelanjaan (1,204,917) (201,813) (291,634) (553,707)

Lebihan pendapatan daripada perbelanjaan sebelum cukai 184,103 2,704,587 509,486 442,392

Cukai 8 (1,001) (218,060) (53,957) (51,856)

Lebihan pendapatan daripada perbelanjaan selepas cukai 183,102 2,486,527 455,529 390,536

Pendapatan tidak teragih dibawa ke hadapan 4,755,900 2,269,373 2,742,472 2,351,936

Pendapatan tidak teragih dihantar ke hadapan 4,939,002 4,755,900 3,198,001 2,742,472



Penyata-penyata Pendapatan dan PerbelanjaanBagi tahun kewangan berakhir 31 Mac 2015

220




2015 2014 2015 2014 Nota RM RM RM RM



Pendapatan dividen 7 424,903 301,604 240,384 132,349

946,519 829,325 490,597 358,016

Perolehan daripada pelupusan pelaburan 1,469,678 409,264 1,296,801 558,846

Perolehan modal tidak terealisasi bersih – 2,860,799 – 1,971,108 Jumlah pendapatan 2,416,197 4,099,388 1,787,398 2,887,970


Kerugian modal tidak terealisasi bersih (2,336,664) – (660,696) – Jumlah perbelanjaan (2,637,677) (317,590) (858,038) (170,376)

(Defisit)/Lebihan pendapatan daripada perbelanjaan sebelum cukai (221,480) 3,781,798 929,360 2,717,594

Cukai 8 27,006 (309,101) (70,905) (222,541)

(Defisit)/Lebihan pendapatan daripada perbelanjaan selepas cukai (194,474) 3,472,697 858,455 2,495,053 Pendapatan tidak teragih dibawa ke hadapan 6,140,491 2,667,794 4,344,673 1,849,620

Pendapatan tidak teragih dihantar ke hadapan 5,946,017 6,140,491 5,203,128 4,344,673


Penyata-penyata Pendapatan dan Perbelanjaan (Bersambung)

Bagi tahun kewangan berakhir 31 Mac 2015

221







1 April 2014 17 September 2013 hingga hingga 2015 2014 31 Mac 2015 31 Mac 2014 Nota RM RM RM RM


Pendapatan faedah 6 10,143 37,264 1,852 577

Pendapatan dividen 7 – – 26,213 –

10,143 37,264 28,065 577

Perolehan daripada pelupusan pelaburan 69,383 – 2,085 –

Perolehan modal tidak terealisasi bersih 429,013 468,352 77,779 4,113 Jumlah pendapatan 508,539 505,616 107,929 4,690

Perbelanjaan pengurusan (11,897) (21,945) (9,785) (9,195) Jumlah perbelanjaan (11,897) (21,945) (9,785) (9,195)

Lebihan/(Defisit) pendapatan daripada perbelanjaan sebelum cukai 496,642 483,671 98,144 (4,505)

Cukai 8 (40,683) (40,449) (6,538) (375)

Lebihan/(Defisit) pendapatan daripada perbelanjaan selepas cukai 455,959 443,222 91,606 (4,880)

Pendapatan/(kerugian) tidak teragih dibawa ke hadapan 205,296 (237,926) (4,880) –

Pendapatan/(kerugian) tidak teragih dihantar ke hadapan 661,255 205,296 86,726 (4,880)

222



Dana AmMetLife Dana AmMetLife Global Emerging Market Tactical Bond

1 April 2014 17 September 2013 hingga hingga 2015 2014 31 Mac 2015 31 Mac 2014 Nota RM RM RM RM


Pendapatan faedah 6 2,269 5,978 1,509 638

Pendapatan dividen 7 2,307 1,888 24,792 –

4,576 7,866 26,301 638

Perolehan modal tidak terealisasi bersih 65,641 35,938 5,549 5,453 Jumlah pendapatan 70,217 43,804 31,850 6,091


Kerugian atas pelupusan pelaburan – – (2,980) – Jumlah perbelanjaan (10,059) (11,638) (12,275) (9,028)


Cukai 8 (5,432) (3,353) (326) (487)

Lebihan/(Defisit) pendapatan daripada perbelanjaan selepas cukai 54,726 28,813 19,249 (3,424) Pendapatan/(kerugian) tidak teragih dibawa ke hadapan 12,061 (16,752) (3,424) –

Pendapatan/(kerugian) tidak teragih dihantar ke hadapan 66,787 12,061 15,825 (3,424)




223






2015 2014 2015 2014 Nota RM RM RM RM



14,090 6,994 6,663 11,528

Perolehan modal tidak terealisasi bersih – – 127,309 84,879 Jumlah pendapatan 14,090 6,994 133,972 96,407


Kerugian atas pelupusan pelaburan (2,448) (245,908) – –

Kerugian modal tidak terealisasi bersih (651,472) (849,271) – – Jumlah perbelanjaan (673,906) (1,111,409) (11,524) (14,148)

(Defisit)/Lebihan pendapatan daripada (659,816) (1,104,415) 122,448 82,259 perbelanjaan sebelum cukai

Cukai 8 51,187 87,054 (10,717) (7,713)

(Defisit)/Lebihan pendapatan daripada perbelanjaan selepas cukai (608,629) (1,017,361) 111,731 74,546 (Kerugian)/pendapatan tidak teragih dibawa ke hadapan (2,977,753) (1,960,392) 222,815 148,269

(Kerugian)/pendapatan tidak teragih dihantar ke hadapan (3,586,382) (2,977,753) 334,546 222,815


224




2015 2014 2015 2014 Nota RM RM RM RM


Pendapatan faedah 6 387 – 41,061 59,221

Pendapatan dividen 7 2,223 2,259 375,552 304,673 2,610 2,259 416,613 363,894

Perolehan daripada pelupusan pelaburan – – 403,835 193,523

Perolehan modal tidak terealisasi bersih 174,523 156,852 599,644 563,730 Jumlah pendapatan 177,133 159,111 1,420,092 1,121,147

Perbelanjaan pengurusan (29,534) (28,880) (167,434) (128,790) Jumlah perbelanjaan (29,534) (28,880) (167,434) (128,790)

Lebihan pendapatan daripada perbelanjaan sebelum cukai 147,599 130,231 1,252,658 992,357

Cukai 8 (13,993) (12,549) (83,562) (72,838)

Lebihan pendapatan daripada perbelanjaan selepas cukai 133,606 117,682 1,169,096 919,519 (Kerugian)/pendapatan tidak teragih dibawa ke hadapan (76,324) (194,006) 1,544,888 625,369

Pendapatan/(kerugian) tidak teragih dihantar ke hadapan 57,282 (76,324) 2,713,984 1,544,888




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2015 2014 RM RM

Nilai aset bersih pada awal tahun 14,543,771 12,263,704

Amaun diterima daripada penerbitan unit 9,690,938 5,762,935

Amaun dibayar bagi pembatalan unit (5,071,593) (5,969,395) 19,163,116 12,057,244

Pendapatan terealisasi bersih selepas cukai 1,057,372 614,609

(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (874,270) 1,871,918 Nilai aset bersih pada akhir tahun 19,346,218 14,543,771



Penyata-penyata Perubahan di dalam Nilai Aset Bersih Bagi tahun kewangan berakhir 31 Mac 2015

Dana AmMetLife Equity

2015 2014 RM RM




Pendapatan terealisasi bersih selepas cukai 599,360 738,412

Kerugian modal tidak terealisasi bersih selepas cukai (143,831) (347,876) Nilai aset bersih pada akhir tahun 12,414,162 16,713,448

Dana AmMetLife Bond

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2015 2014 RM RM





(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (2,149,730) 2,631,935 Nilai aset bersih pada akhir tahun 21,919,363 24,157,637


Penyata-penyata Perubahan di dalam Nilai Aset Bersih (Bersambung)


2015 2014 RM RM





(Kerugian)/perolehan modal tidak terealisasi bersih selepas cukai (607,840) 1,813,271 Nilai aset bersih pada akhir tahun 17,953,218 12,176,875

Dana AmMetLife Dana Teguh

Dana AmMetLife Balanced

227





2015 2014 RM RM


Amaun diterima daripada penerbitan unit 741,116 2,035,198



Perolehan modal tidak terealisasi selepas cukai 394,693 430,883 Nilai aset bersih pada akhir tahun 4,286,395 4,513,925

1 April 2014 17 September 2013 hingga hingga 31 Mac 2015 31 Mac 2014 RM RM

Nilai aset bersih pada awal tahun 580,944 –

Amaun diterima daripada penerbitan unit 376,276 619,712

Amaun dibayar bagi pembatalan unit (363,095) (33,888) 594,125 585,824

Pendapatan/(kerugian) terealisasi bersih selepas cukai 20,050 (8,664)

Perolehan modal tidak terealisasi selepas cukai 71,556 3,784 Nilai aset bersih pada akhir tahun 685,731 580,944


Dana AmMetLife AmOasis Islamic Equity

Dana AmMetLife Asia Pacific REITS

228



2015 2014 RM RM

Nilai aset bersih pada awal tahun 883,932 761,916



Kerugian terealisasi bersih selepas cukai (5,664) (4,250)


1 April 2014 17 September 2013 hingga hingga 31 Mac 2015 31 Mac 2014 RM RM

Nilai aset bersih pada awal tahun 491,182 –



Pendapatan/(kerugian) terealisasi bersih selepas cukai 14,144 (8,440)



Dana AmMetLife Tactical Bond

Dana AmMetLife Global Emerging Market



229





2015 2014 RM RM


Amaun diterima daripada penerbitan unit 1,366,592 959,846

Amaun dibayar bagi pembatalan unit (861,183) (904,090) 4,435,439 4,947,391


Kerugian modal tidak terealisasi bersih selepas cukai (599,354) (781,329) Nilai aset bersih pada akhir tahun 3,826,810 3,930,030

2015 2014 RM RM



Amaun dibayar bagi pembatalan unit (406,861) (429,481) 2,003,543 1,794,747




Dana AmMetLife Global Agribusiness

Dana AmMetLife Precious Metals

230



2015 2014 RM RM


Amaun dibayar bagi pembatalan unit (4,214) – 4,164,579 4,051,111



2015 2014 RM RM



Amaun dibayar bagi pembatalan unit (1,459,199) (510,739) 11,490,156 8,524,502




Dana AmMetLife Dividend

Dana AmMetLife Commodity Stable Capital Guaranteed



231





1. Pengurus dan aktiviti utamanya

Dana-dana berkaitan pelaburan AmMetLife Insurance Berhad (dahulu dikenali sebagai AmLife Insurance Berhad) (“Pengurus”)

terdiri daripada Dana AmMetLife Equity (dahulu dikenali sebagai Dana AmAssurance Equity), Dana AmMetLife Bond (dahulu

dikenali sebagai Dana AmAssurance Bond), Dana AmMetLife Balanced (dahulu dikenali sebagai Dana AmAssurance Balanced),

Dana AmMetLife Dana Teguh (dahulu dikenali sebagai Dana AmAssurance Dana Teguh), Dana AmMetLife AmOasis Islamic Equity

(dahulu dikenali sebagai Dana AmAssurance AmOasis Islamic Equity), Dana AmMetLife Asia Pacific REITS (dahulu dikenali sebagai

Dana AmLife Asia Pacific REITS), Dana AmMetLife Global Emerging Market (dahulu dikenali sebagai Dana AmAssurance Global

Emerging Market), Dana AmMetLife Tactical Bond (dahulu dikenali sebagai Dana AmLife Tactical Bond), Dana AmMetLife Precious

Metals (dahulu dikenali sebagai Dana AmAssurance Precious Metals), Dana AmMetLife Global Agribusiness (dahulu dikenali sebagai

Dana AmAssurance Global Agribusiness), Dana AmMetLife Commodity Stable Capital Guaranteed (dahulu dikenali sebagai Dana

AmAssurance AmCommodity Stable CG) dan Dana AmMetLife Dividend (dahulu dikenali sebagai Dana AmAssurance Dividend)

(secara bersama dirujuk sebagai “Dana-dana”).

Pengurus adalah sebuah syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia serta dilesenkan di

bawah Akta Perkhidmatan Kewangan 2013. Aktiviti utamanya adalah perniagaan pengunderaitan insurans hayat dan berkaitan

pelaburan.

Tiada perubahan ketara dalam aktiviti-aktiviti utama Pengurus semasa tahun kewangan berakhir 31 Mac 2015.

Maklumat kewangan ini telah diluluskan untuk penerbitan oleh Lembaga Pengarah Pengurus menurut satu resolusi pada 20 Mei 2015.

2. Polisi perakaunan yang penting

2.1 Asas Penyediaan

Maklumat kewangan Dana-dana telah disediakan menurut polisi perakaunan seperti yang dinyatakan di dalam Nota 2.2

kepada maklumat kewangan dan Garis Panduan Perniagaan Insurans/Takaful Berkaitan Pelaburan yang diterbitkan oleh Bank

Negara Malaysia (“BNM”).

Maklumat kewangan ini telah disediakan di bawah konvensyen kos sejarah kecuali seperti yang dinyatakan di dalam polisi

perakaunan yang penting di dalam Nota 2.2 kepada maklumat kewangan.

Maklumat kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”).

2.2 Ringkasan polisi perakaunan yang penting

(a) Yuran pengurusan

Yuran pengurusan dicaj berdasarkan kepada nilai aset bersih Dana-dana, pada kadar-kadar berikut:

(i) Dana AmMetLife Equity 1.50% setahun

(ii) Dana AmMetLife Bond 1.00% setahun

(iii) Dana AmMetLife Balanced 1.50% setahun

(iv) Dana AmMetLife Dana Teguh 1.50% setahun

(v) Dana AmMetLife AmOasis Islamic Equity 1.50% setahun

(vi) Dana AmMetLife Asia Pacific REITS 1.50% setahun

(vii) Dana AmMetLife Global Emerging Market 1.50% setahun

(viii) Dana AmMetLife Tactical Bond 1.00% setahun

(ix) Dana AmMetLife Precious Metals 1.50% setahun

(x) Dana AmMetLife Global Agribusiness 1.50% setahun

(xi) Dana AmMetLife Commodity Stable Capital Guaranteed 0.50% setahun

(xii) Dana AmMetLife Dividend 1.50% setahun


Nota-nota kepada Maklumat Kewangan31 Mac 2015

232



Nota-nota kepada Maklumat Kewangan (Bersambung)

(b) Instrumen kewangan – pengiktirafan permulaan dan ukuran berikutnya

(i) Tarikh pengiktirafan

Semua aset dan liabiliti kewangan pada mulanya diiktiraf pada tarikh dagangan, iaitu tarikh Dana-dana

menjadi pihak kepada peruntukan kontrak instrumen tersebut. Ini termasuk pembelian atau penjualan

“dagangan lazim” aset kewangan yang memerlukan penghantaran aset dalam tempoh masa yang secara

amnya ditetapkan oleh peraturan atau konvensyen di dalam pasaran.

(ii) Ukuran permulaan instrumen kewangan

Aset-aset kewangan diklasifikasikan sebagai aset kewangan pada nilai saksama melalui keuntungan atau

kerugian, aset kewangan sedia untuk dijual, aset kewangan dipegang sehingga matang atau pinjaman

dan belum terima, sewajarnya. Liabiliti-liabiliti kewangan Dana-dana diklasifikasikan sebagai liabiliti-liabiliti

kewangan pada nilai saksama melalui keuntungan atau kerugian atau pada kos terlunas, sewajarnya. Dana-dana

menentukan klasifikasi aset-aset kewangan dan liabiliti-liabiliti kewangannya pada pengiktirafan permulaan.

Klasifikasi instrumen kewangan pada pengiktirafan permulaan bergantung kepada tujuan dan niat

pengurusan yang mana instrumen kewangan tersebut diperolehi serta sifat-sifatnya. Semua instrumen

kewangan diukur pada mulanya pada nilai saksamanya tambah kos transaksi, kecuali dalam kes aset-aset

kewangan dan liabiliti-liabiliti kewangan yang direkodkan pada nilai saksama melalui keuntungan atau

kerugian, yang diukur pada nilai saksama.

Dana-dana mengklasifikasikan pelaburan ke dalam aset kewangan pada nilai saksama melalui keuntungan

atau kerugian (“FVTPL”) atau pinjaman dan belum terima (“LAR”).

(iii) Ukuran berikutnya

Ukuran berikutnya instrumen kewangan bergantung kepada klasifikasinya seperti yang dinyatakan di bawah:

1. Aset kewangan pada nilai saksama melalui keuntungan atau kerugian (“FVTPL“)

Aset-aset kewangan atau liabiliti-liabiliti kewangan direkodkan di dalam Penyata Aset dan Liabiliti pada

nilai saksama. Perubahan di dalam nilai saksama diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan.

Pendapatan atau perbelanjaan faedah dan dividen direkodkan sebagai “Pendapatan Pelaburan Bersih”

atau “Perbelanjaan faedah”, sewajarnya dan menurut terma kontrak, atau apabila hak pembayaran telah

ditetapkan.

Termasuk di dalam klasifikasi tersebut adalah sekuriti pendapatan tetap, skim pelaburan kolektif dan ekuiti.

2. Pinjaman dan belum terima (“LAR”)

LAR termasuk aset kewangan bukan derivatif dengan pembayaran tetap atau boleh ditentukan dengan

harga yang dipaparkan di dalam pasaran aktif.

Selepas ukuran permulaan, amaun seterusnya diukur pada kos terlunas menggunakan kadar faedah

efektif (“EIR”), tolak peruntukan untuk kemerosotan. Kos terlunas dikira dengan mengambil kira sebarang

diskaun atau premium atas pemerolehan dan yuran serta kos yang merupakan sebahagian penting EIR.

(iv) Liabiliti kewangan pada kos terlunas

Liabiliti-liabiliti kewangan Dana-dana, yang tidak ditetapkan pada FVTPL, diklasifikasikan sebagai liabiliti kewangan

pada kos terlunas, di mana kandungan aturan berkontrak menyebabkan Dana-dana berkewajipan sama ada untuk

memberikan wang tunai atau aset kewangan yang lain kepada pemegang, atau untuk memenuhi kewajipan

tersebut selain daripada dengan pertukaran satu amaun tunai yang tetap atau aset kewangan yang lain untuk

sejumlah tetap instrumen ekuiti sendiri.

Selepas ukuran permulaan, ini seterusnya diukur pada kos terlunas menggunakan EIR. Kos terlunas dikira

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dengan mengambil kira sebarang diskaun atau premium di atas penerbitan dan kos yang merupakan

sebahagian besar EIR.

(c) Penyahiktirafan aset kewangan dan liabiliti kewangan

(i) Aset kewangan

Aset kewangan (atau, di mana berkaitan, sebahagian daripada aset kewangan atau sebahagian daripada

sekumpulan aset kewangan yang serupa) dinyahiktiraf apabila:

– Hak-hak untuk menerima aliran tunai daripada aset telah luput

– Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset-aset atau telah

mengambil alih kewajipan untuk membayar aliran-aliran tunai yang diterima sepenuhnya tanpa

kelewatan material kepada pihak ketiga di bawah aturan “serah semua”; dan sama ada:

– Dana-dana telah memindahkan sebahagian besar risiko dan ganjaran aset, atau

– Dana-dana belum memindahkan mahupun menyimpan sebahagian besar semua dan ganjaran aset,

tetapi telah memindahkan kawalan aset.

Apabila Dana-dana telah memindahkan haknya untuk menerima aliran tunai daripada aset atau telah terlibat

dalam aturan serah semua, dan tidak memindahkan mahupun menyimpan semua risiko dan ganjaran aset

atau pun memindahkan kawalan aset, aset tersebut diiktiraf setakat penglibatan berterusan Dana-dana di

dalam aset tersebut. Dalam kes ini, Dana-dana juga mengiktiraf liabiliti yang berkaitan. Aset yang telah

dipindahkan dan liabiliti yang berkaitan diukur pada dasar yang menunjukkan hak dan kewajipan yang telah

disimpan oleh Dana-dana.

(ii) Liabiliti kewangan

Liabiliti kewangan dinyahiktiraf apabila tanggungjawab di bawah liabiliti dilepaskan, dibatalkan atau luput.

Di mana liabiliti kewangan sedia ada digantikan dengan yang lain daripada peminjam yang sama pada

terma-terma yang berbeza secara besar, atau terma liabiliti sedia ada yang diubah secara besar, pertukaran

atau perubahan sedemikian dianggap sebagai penyahiktirafan liabiliti asal dan pengiktirafan liabiliti yang

baru. Perbezaan di antara nilai dibawa liabiliti kewangan asal dan pertimbangan yang dibayar diiktiraf di

dalam keuntungan atau kerugian.

(d) Penentuan nilai saksama

Nilai saksama aset kewangan seperti sekuriti ekuiti, yang didagangkan secara aktif di dalam pasaran kewangan teratur

ditentukan dengan merujuk kepada harga yang disiarkan bagi aset pada penutup dagangan pada tarikh laporan.

Bagi pelaburan di dalam unit, saham amanah hartanah, nilai saksama ditentukan dengan merujuk kepada nilai aset

bersih yang diterbitkan. Pelaburan di dalam ekuiti yang tidak mempunyai harga pasaran yang disiarkan di dalam

pasaran aktif dan yang mana nilai saksama tidak boleh diukur dengan tepat akan dinyatakan pada kos ditolak

kerugian kemerosotan.

Bagi instrumen kewangan yang mana tiada pasaran aktif seperti sekuriti pendapatan tetap tidak tersiar harga iaitu

bon tidak tersiar harga, nilai saksama didapatkan daripada Bond Pricing Agency Malaysia Sdn. Bhd. (“BPAM”).

Sekiranya nilai saksama tidak boleh diukur dengan tepat, instrumen kewangan diukur pada kos, yang merupakan

nilai saksama pertimbangan yang dibayar bagi pemerolehan instrumen tersebut atau amaun yang diterima

atas penerbitan liabiliti kewangan tersebut. Semua kos transaksi yang boleh dikaitkan secara langsung kepada

pemerolehan tersebut juga dimasukkan di dalam kos pelaburan.

Nilai saksama Instrumen Deposit Boleh Niaga (“NID”) adalah berdasarkan kepada siaran harga broker, manakala

nilai saksama deposit tetap/berhasil adalah pokoknya sendiri.

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(e) Kemerosotan aset kewanganDana-dana menilai pada setiap tarikh laporan sama ada terdapat sebarang bukti objektif bahawa sesuatu aset kewangan atau sekumpulan aset kewangan telah merosot. Suatu aset kewangan atau sekumpulan aset kewangan dianggap merosot sekiranya, dan hanya sekiranya, terdapat bukti objektif kemerosotan akibat satu atau lebih kejadian yang telah berlaku selepas pengiktirafan permulaan aset tersebut (“kejadian kerugian” yang telah berlaku) dan kejadian (atau kejadian-kejadian) kerugian tersebut memberi impak ke atas anggaran aliran tunai masa hadapan aset kewangan atau kumpulan aset kewangan yang boleh dianggarkan secara tepat.

Aset-aset kewangan yang dibawa pada kos terlunasBukti kemerosotan boleh termasuk tanda-tanda bahawa peminjam atau sekumpulan peminjam sedang mengalami masalah kewangan, kemungkinan bahawa mereka akan diisytiharkan muflis atau penyusunan semula kewangan yang lain, keingkaran atau delinkuensi dalam pembayaran faedah atau pokok dan di mana data yang boleh dilihat menunjukkan bahawa terdapat pengurangan yang boleh diukur di dalam anggaran aliran tunai masa hadapan, seperti perubahan di dalam tunggakan atau keadaan ekonomi yang berkaitan dengan keingkaran.

Bagi aset-aset kewangan yang dibawa pada kos terlunas, Dana-dana pada mulanya menilai secara individu sama ada bukti objektif kemerosotan wujud bagi aset kewangan yang signifikan secara individu, atau secara kolektif bagi aset-aset kewangan yang tidak signifikan secara individu. Sekiranya Dana-dana menentukan bahawa tiada bukti objektif kemerosotan wujud bagi aset kewangan yang telah dinilai secara individu, ia memasukkan aset tersebut ke dalam sekumpulan aset kewangan dengan sifat-sifat risiko kredit yang serupa dan menilainya secara kolektif bagi kemerosotan. Aset-aset yang dinilai secara individu bagi kemerosotan dan yang mana kerugian kemerosotan diiktiraf atau terus diiktiraf, tidak dimasukkan di dalam penilaian kemerosotan secara kolektif.

Sekiranya terdapat bukti objektif bahawa kerugian kemerosotan telah berlaku, amaun kerugian diukur sebagai perbezaan di antara amaun dibawa aset tersebut dan nilai semasa anggaran aliran tunai masa hadapan (tidak termasuk jangkaan kerugian kredit masa hadapan yang belum berlaku). Amaun dibawa aset tersebut dikurangkan melalui penggunaan akaun peruntukan dan amaun kerugian diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan. Pendapatan faedah terus diakru pada amaun dibawa yang telah dikurangkan dan diakru menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan bagi tujuan mengukur kerugian kemerosotan. Pendapatan faedah direkodkan sebagai sebahagian daripada “Pendapatan faedah”. LAR bersama dengan peruntukan yang berkaitan dihapus kira apabila tiada prospek realistik pemulihan masa hadapan dan semua cagaran telah terealisasi atau telah dipindahkan ke Dana-dana.

Sekiranya, di dalam tahun seterusnya, amaun anggaran kerugian kemerosotan meningkat atau berkurang disebabkan oleh kejadian yang berlaku selepas kemerosotan tersebut diiktiraf, kerugian kemerosotan yang diiktiraf terdahulu ditingkatkan atau dikurangkan dengan menyelaraskan akaun peruntukan. Sekiranya hapus kira masa hadapan dipulihkan kemudian, pemulihan tersebut dikreditkan ke “Kerugian kemerosotan di atas LAR” setakat mana amaun dibawa aset tidak melebihi kos terlunasnya pada tarikh pembalikan.

Nilai semasa anggaran aliran tunai masa hadapan didiskaunkan pada EIR asal aset kewangan. Sekiranya LAR mempunyai kadar faedah boleh ubah, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR semasa. Sekiranya Dana-dana telah mengklasifikasikan semula aset dagangan kepada LAR, kadar diskaun bagi mengukur sebarang kerugian kemerosotan adalah EIR baru yang ditentukan pada tarikh klasifikasi semula. Pengiraan nilai semasa anggaran aliran tunai masa hadapan aset kewangan bercagar menunjukkan aliran tunai yang mungkin terhasil daripada perampasan harta tolak kos bagi mendapatkan dan menjual cagaran tersebut, sama ada perampasan harta berkemungkinan atau tidak.

(f) Pengimbangan instrumen kewanganAset-aset kewangan dan liabiliti-liabiliti kewangan diimbangi dan amaun bersih dilaporkan di dalam Penyata Aset dan Liabiliti sekiranya, dan hanya sekiranya, pada masa ini terdapat hak undang-undang yang boleh dikuatkuasakan untuk mengimbangi amaun-amaun yang diiktiraf dan terdapat niat untuk menyelesaikan secara bersih, atau untukmerealisasikan aset tersebut dan menyelesaikan liabiliti secara serentak. Ini pada amnya tidak berlaku bagi perjanjian


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perjanjian induk penghasilan bersih, oleh itu, aset-aset dan liabiliti-liabiliti yang berkaitan dibentangkan kasar di dalam Penyata Aset dan Liabiliti.

(g) Kemerosotan aset bukan kewanganDana-dana menilai pada setiap tarikh laporan sama ada terdapat tanda bahawa sesuatu aset mungkin merosot. Sekiranya sebarang tanda wujud, atau apabila ujian kemerosotan tahunan bagi sesuatu aset diperlukan, Dana-dana menganggarkan amaun boleh pulih aset tersebut. Amaun boleh pulih sesuatu aset adalah Nilai saksamaet atau unit penjanaan tunai (“CGU”) tolak kos untuk menjual atau nilai gunaannya, yang mana lebih tinggi. Di mana amaun dibawa aset atau CGU melebihi amaun boleh pulihnya, aset tersebut dianggap merosot dan dikira turun kepada amaun boleh pulihnya.

Dalam menilai nilai gunaan, anggaran aliran tunai masa hadapan didiskaun kepada nilai semasanya menggunakan kadar diskaun pra-cukai yang menunjukkan penilaian pasaran semasa nilai masa wang dan risiko yang spesifik kepada aset tersebut. Dalam menentukan nilai saksama ditolak kos untuk menjual, satu model penilaian yang wajar digunakan. Pengiraan ini disokong oleh gandaan penilaian, harga saham tersiar harga bagi entiti-entiti dagangan awam atau penanda nilai saksama lain yang ada.

Bagi aset-aset tidak termasuk ihsan, penilaian dibuat pada setiap tarikh laporan sama ada terdapat sebarang tanda yang kerugian kemerosotan yang telah diiktiraf terdahulu mungkin tidak lagi wujud atau mungkin telah berkurangan. Sekiranya terdapat tanda sedemikian, Dana-dana menganggarkan amaun boleh pulih aset atau CGU tersebut. Kerugian kemerosotan yang telah diiktiraf terdahulu dibalikkan hanya sekiranya terdapat perubahan di dalam anggapan-anggapan yang digunakan untuk menentukan amaun boleh pulih aset sejak kerugian kemerosotan yang terakhir diiktiraf. Pembalikan tersebut adalah terhad agar amaun dibawa aset tidak melebihi amaun boleh pulihnya, mahupun melebihi amaun dibawa yang mungkin akan ditentukan, bersih daripada susut nilai, tiada kerugian kemerosotan diiktiraf bagi aset tersebut di dalam tahun-tahun terdahulu. Pembalikan sedemikian diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan.

(h) Penerbitan bersih unit Penerbitan bersih unit mewakili premium yang dibayar oleh para pemegang polisi sebagai pembayaran bagi kontrak baru atau pembayaran berikutnya untuk meningkatkan amaun kontrak itu tolak kos penukaran, sekiranya ada, di dalam dana-dana. Penerbitan bersih unit diiktiraf berdasarkan penerimaan.

(i) Pembatalan bersih unitPembatalan bersih unit mewakili pembatalan unit yang timbul daripada serahan dan pengeluaran. Pembatalan bersih diiktiraf semasa serahan kontrak insurans yang berkaitan.

(j) Pengiktirafan hasil yang lain Hasil diiktiraf selagi ia berkemungkinan bahawa manfaat ekonomi akan mengalir kepada Dana-dana dan hasil tersebut boleh diukur secara tepat. Kriteria pengiktirafan berikut harus dipenuhi sebelum hasil diiktiraf.

(i) Pendapatan faedah Pendapatan dan perbelanjaan faedah dan pembiayaan diiktiraf di dalam keuntungan atau kerugian menggunakan kaedah faedah efektif. Apabila sesuatu aset kewangan atau sekumpulan aset kewangan yang serupa telah dikira turun akibat kerugian kemerosotan, pendapatan faedah diiktiraf menggunakan kadar faedah yang digunakan untuk mendiskaun aliran tunai masa hadapan untuk tujuan mengukur kerugian kemerosotan.

(ii) Keuntungan dan kerugian pelaburan terealisasi Pada pelupusan pelaburan, perbezaan di antara hasil kutipan pelupusan bersih dan amaun dibawa pelaburan dikreditkan atau dicaj kepada Penyata Pendapatan dan Perbelanjaan.

(iIi) Pendapatan dividen Pendapatan dividen mewakili dividen kasar daripada pelaburan-pelaburan tersiar harga dan tidak tersiar harga dan diiktiraf apabila hak untuk menerima pembayaran ditetapkan.

236




(k) Cukai pendapatan

Cukai pendapatan ke atas keuntungan dan kerugian terdiri daripada cukai semasa dan tertangguh. Cukai semasa

adalah jangkaan amaun cukai pendapatan yang harus dibayar berkenaan dengan keuntungan boleh cukai bagi

tahun ini dan diukur menggunakan kadar cukai berkanun pada tarikh Penyata Aset dan Liabiliti.

Cukai tertangguh diperuntukkan, menggunakan kaedah liabiliti, atas perbezaan sementara pada tarikh Penyata

Aset dan Liabiliti di antara asas cukai aset dan liabiliti dan amaun dibawanya di dalam maklumat kewangan. Pada

dasarnya, liabiliti cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh cukai dan aset cukai tertangguh

diiktiraf bagi semua perbezaan sementara boleh potong, setakat mana ia berkemungkinan bahawa keuntungan

boleh cukai akan tersedia yang mana perbezaan sementara boleh potong boleh digunakan.

Cukai tertangguh diukur pada kadar cukai yang dijangka akan dikenakan di dalam tempoh yang amaun aset

tersebut direalisasikan atau liabiliti diselesaikan, berdasarkan kepada kadar cukai berkanun atau berkanun secara

substantif pada tarikh Penyata Aset dan Liabiliti. Cukai tertangguh diiktiraf sebagai pendapatan atau perbelanjaan

di dalam Penyata Pendapatan dan Perbelanjaan, kecuali apabila ia timbul daripada transaksi yang telah diiktiraf

secara terus di dalam modal para pemegang unit, yang mana dalam kes ini, cukai tertangguh juga diiktiraf di dalam

modal para pemegang unit.

(l) Peruntukan

Peruntukan diiktiraf apabila Dana-dana mempunyai obligasi semasa akibat kejadian terdahulu dan ia berkemungkinan

bahawa alir keluar sumber yang membawa manfaat-manfaat ekonomi diperlukan untuk menyelesaikan obligasi

tersebut, dan anggaran tepat amaun boleh dibuat. Peruntukan dikaji semula pada setiap tarikh Penyata Aset dan

Liabiliti dan diselaraskan untuk menunjukkan anggaran terbaik semasa. Di mana kesan nilai masa wang adalah

penting, peruntukan didiskaun menggunakan kadar pra-cukai semasa yang menunjukkan, sewajarnya, risiko yang

spesifik kepada liabiliti. Di mana pendiskaunan digunakan, peningkatan di dalam peruntukan disebabkan oleh

peredaran masa diiktiraf sebagai kos kewangan.

(m) Transaksi matawang asing

(i) Matawang fungsi dan pembentangan

Penyata-penyata kewangan ini dibentangkan dalam Ringgit Malaysia (“RM”) yang juga matawang fungsi

dan pembentangan Dana-dana.

(ii) Transaksi matawang asing

Transaksi dalam matawang asing pada mulanya direkodkan pada kadar semasa matawang fungsi pada

tarikh transaksi. Aset-aset dan liabiliti-liabiliti monetari berdenominasi matawang asing ditukarkan semula

pada kadar pertukaran matawang fungsi pada tarikh laporan. Semua perbezaan dibawa ke keuntungan dan

kerugian. Butiran bukan monetari berdenominasi matawang asing yang diukur pada kod sejarah ditukarkan

menggunakan kadar pertukaran pada tarikh transaksi awal.

Butiran bukan monetari diukur pada nilai saksama dalam matawang asing ditukarkan menggunakan kadar

pertukaran pada tarikh apabila nilai saksama ditentukan. Semua perbezaan pertukaran asing dibawa ke

keuntungan atau kerugian, kecuali bagi perbezaan yang berkaitan dengan butiran yang mana keuntungan

atau kerugian diiktiraf secara langsung di dalam ekuiti, yang mana dalam hal ini, keuntungan atau kerugian

diiktiraf bersih daripada komponen pertukaran di dalam ekuiti.

(n) Tunai dan tunai setara

Tunai dan tunai setara terdiri daripada tunai dan baki di bank, tidak termasuk deposit tetap dan panggilan.

237





2015 2014 RM RM

Sekuriti ekuiti tersiar harga 17,743,960 12,142,443

Deposit dengan institusi kewangan berlesen – 2,623,875 17,743,960 14,766,318

FVTPL:

Sekuriti ekuiti tersiar harga

Kos 16,225,883 9,674,073

Keuntungan tidak terealisasi bersih 1,518,077 2,468,370

Nilai saksama 17,743,960 12,142,443

Jumlah pelaburan pada FVTPL 17,743,960 12,142,443

LAR:

Deposit dengan institusi kewangan berlesen – 2,623,875

Jumlah pelaburan 17,743,960 14,766,318

3. Pelaburan

(i) Dana AmMetLife Equity

238



2015

Nilai saksama Jumlah Kos Nilai saksama sebagai % Unit RM RM daripada NAB

FVTPL:


Pembinaan

Gamuda Berhad 37,000 170,441 188,700 0.98%



Produk Pengguna



Kewangan


CIMB Group Holdings Berhad 164,098 1,118,594 1,020,690 5.28%

Malayan Banking Berhad 155,794 1,444,496 1,453,558 7.51%


Perindustrian

DRB-Hicom Berhad 49,300 96,544 97,121 0.50%






Syarikat Projek Infrastruktur

Digi.Com Berhad 115,100 618,589 725,130 3.75%

Perladangan



Teknologi




3. Pelaburan (Bersambung)

(i) Dana AmMetLife Equity (Bersambung)

Komposisi, kos dan nilai saksama pelaburan FVTPL di Malaysia pada 31 Mac 2015 dinyatakan di bawah:


239





2015


FVTPL: (Bersambung)

Sekuriti ekuiti tersiar harga (Bersambung)

Perdagangan & Perkhidmatan

AirAsia Berhad 68,700 169,521 163,506 0.85%









Maxis Berhad 80,100 544,902 575,919 2.98%

MISC Berhad 24,100 187,002 204,609 1.06%




Sunway Berhad 100,000 335,406 365,000 1.89%


Tenaga Nasional Berhad 119,500 1,354,963 1,716,020 8.87%

Uzma Berhad 94,800 177,236 197,184 1.02%


Jumlah pelaburan pada FVTPL 16,225,883 17,743,960 91.72%

Purata wajaran kadar faedah efektif adalah seperti berikut:

Purata wajaran kadar faedah efektif setahun

2015 2014 % %

Deposit dengan institusi kewangan berlesen – 2.90%

(i) Dana AmMetLife Equity (Bersambung)

240



2015 2014 RM RM

Bon korporat tidak tersiar harga 10,387,024 11,496,596

Unit tidak tersiar harga dan dana amanah hartanah 1,225,845 1,611,407

Deposit dengan institusi kewangan berlesen 905,000 3,701,382 12,517,869 16,809,385

FVTPL:

Bon Korporat tidak tersiar harga

Kos 10,763,296 11,729,915

Kerugian tidak terealisasi bersih (376,272) (233,319)

Nilai saksama 10,387,024 11,496,596

Unit tidak tersiar harga dan dana amanah hartanah

Kos 1,137,267 1,552,472

Keuntungan tidak terealisasi bersih 88,578 58,935

Nilai saksama 1,225,845 1,611,407


LAR:

Deposit dengan institusi kewangan berlesen 905,000 3,701,382



(ii) Dana AmMetLife Bond


241





2015


FVTPL: Bon korporat tidak tersiar harga

Abu Dhabi Commercial Bank-BG matang pada 22/11/2017 1,000,000 1,020,300 1,023,360 8.24%

Gulf Investment Corporation matang pada 01/03/2016 500,000 500,000 505,795 4.07%

Special Power Vehicle Berhad matang pada 19/05/2016 625,000 1,004,250 732,331 5.90%

Prominic Berhad matang pada 05/05/2016 1,000,000 1,006,200 1,003,430 8.08%

Encorp Systembilt Sdn Bhd matang pada 16/11/2018 1,300,000 1,292,720 1,306,513 10.52%

Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 1,300,000 1,335,880 1,370,733 11.04%

Gulf Investment Corporation matang pada 01/03/2016 700,000 721,280 708,113 5.70%

Prominic Berhad matang pada 05/05/2016 400,000 408,800 401,372 3.23%

RHB Bank Berhad Hybrid Tier 1 matang pada 29/03/2019 1,300,000 1,550,900 1,437,605 11.58%

Binariang GSM Sdn Bhd matang pada 28/12/2015 1,491,696 1,533,166 1,508,732 12.15%

Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd matang pada 02/12/2026 400,000 389,800 389,040 3.13%

10,763,296 10,387,024 83.67%


Dana AmBond 909,137 999,447 1,082,601 8.72%

Dana AmDynamic Bond 230,111 137,820 143,244 1.15%

1,137,267 1,225,845 9.87%




2015 2014 % %

Bon korporat tidak tersiar harga – terjamin 4.98% 4.98%

Bon korporat tidak tersiar harga – tidak terjamin 4.83% 4.82%

Deposit dengan institusi kewangan berlesen 3.70% 2.90%

(ii) Dana AmMetLife Bond (Bersambung)


242



2015 2014 RM RM



Unit tersiar harga dan dana amanah hartanah – 151,000

Unit tidak tersiar harga dan dana amanah hartanah – 2,218,693

Deposit dengan institusi kewangan berlesen 1,773,000 1,052,421 21,881,350 24,170,882

FVTPL:


Kos 13,019,179 11,218,670


Nilai saksama 14,322,553 14,776,048

Bon korporat tidak tersiar harga

Kos 6,177,165 6,177,165


Nilai saksama 5,785,797 5,972,720

Unit tersiar harga dan dana amanah hartanah

Kos – 154,710

Kerugian tidak terealisasi bersih – (3,710)

Nilai saksama – 151,000


Kos – 2,319,247

Kerugian tidak terealisasi bersih – (100,554)

Nilai saksama – 2,218,693


LAR:

Deposit dengan institusi kewangan berlesen 1,773,000 1,052,421



(iii) Dana AmMetLife Balanced


243





2015


FVTPL:


Pembinaan

Gamuda Berhad 42,400 203,587 216,240 0.99%


Produk Pengguna


Kewangan



Hong Leong Bank Berhad 24,700 360,626 352,222 1.61%



Produk Perindustrian







Digi.Com Berhad 99,000 547,620 623,700 2.85%

Teknologi




(iii) Dana AmMetLife Balanced (Bersambung)


244



2015


FVTPL: (Bersambung)



AirAsia Berhad 88,500 217,552 210,630 0.96%








Maxis Berhad 29,700 195,889 213,543 0.97%

MISC Berhad 25,800 199,932 219,042 1.00%




Sunway Berhad 113,000 379,481 412,450 1.88%


Tenaga Nasional Berhad 92,600 998,358 1,329,736 6.07%

Uzma Berhad 55,200 102,852 114,816 0.52%


13,019,179 14,322,553 65.34%




245





2015


FVTPL: (Bersambung)


Abu Dhabi Commercial Bank-BG matang pada 22/11/2017 1,000,000 1,020,300 1,023,360 4.67%

Gulf Investment Corporation matang pada 01/03/2016 1,000,000 1,000,000 1,011,590 4.62%

Special Power Vehicle Berhad matang pada 19/05/2016 1,062,500 1,707,225 1,244,963 5.68%

Encorp Systembilt Sdn Bhd matang pada 16/11/2018 500,000 497,200 502,505 2.29%

Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 1,900,000 1,952,440 2,003,379 9.14%

6,177,165 5,785,797 26.40%



2015 2014 % %

Bon korporat tidak tersiar harga – terjamin 4.98% 4.98%





246



2015 2014 RM RM



Unit tidak tersiar harga dan dana amanah hartanah 593,485 567,813

Deposit dengan institusi kewangan berlesen 2,908,000 1,510,273 17,549,355 12,286,190

FVTPL:


Kos 10,072,437 5,553,382


Nilai saksama 11,654,493 7,755,034


Kos 2,521,790 2,521,790


Nilai saksama 2,393,377 2,453,070


Kos 559,532 552,453


Nilai saksama 593,485 567,813


LAR:

Deposit dengan institusi kewangan berlesen 2,908,000 1,510,273



(iv) Dana AmMetLife Dana Teguh


247





2015


FVTPL:


Pembinaan

Gamuda Berhad 34,300 162,425 174,930 0.97%

Hock Seng Lee Berhad 200,000 334,848 362,000 2.02%


Produk Pengguna



DRB-Hicom Berhad 68,600 134,339 135,142 0.75%






Digi.Com Berhad 72,700 370,477 458,010 2.55%

Time Dotcom Berhad 27,300 126,879 161,616 0.90%

Perladangan



Hartanah

Tambun Indah Land Berhad 183,700 388,501 330,660 1.84%

Teknologi


Globetronics Technology Berhad 31,500 142,726 165,690 0.92%


Vitrox Corporation Berhad 26,600 89,484 87,248 0.49%

(iv) Dana AmMetLife Dana Teguh (Bersambung)


248



2015


FVTPL: (Bersambung)







KPJ Healthcare Berhad 31,100 132,815 132,486 0.74%

Maxis Berhad 71,300 483,223 512,647 2.86%

MISC Berhad 38,000 309,163 322,620 1.80%


Pos Malaysia Berhad 35,100 177,929 185,679 1.03%



Sunway Berhad 117,400 393,732 428,510 2.39%



Uzma Berhad 86,200 160,982 179,296 1.00%


10,072,437 11,654,493 64.92%




249





2015


FVTPL: (Bersambung)


Special Power Vehicle Berhad matang pada 19/05/2016 375,000 602,550 439,398 2.45%

Encorp Systembilt Sdn Bhd matang pada 16/11/2018 1,000,000 994,400 1,005,010 5.60%

Sistem Penyuraian Trafik KL Barat Sdn Bhd matang pada 28/12/2018 900,000 924,840 948,969 5.29%

2,521,790 2,393,377 13.33%


Dana AmBon Islam 477,730 559,532 593,485 3.31%



2015 2014 % %





250



2015 2014 RM RM


Deposit dengan institusi kewangan berlesen – 473,719 3,988,807 4,528,964

FVTPL:


Kos 3,176,209 3,671,661


Nilai saksama 3,988,807 4,055,245


LAR:

Deposit dengan institusi kewangan berlesen – 473,719




2015 2014 % %

Deposit dengan institusi kewangan berlesen –% 2.93%


(v) Dana AmMetLife AmOasis Islamic Equity

2015


FVTPL:


AmOasis Global Islamic Equity 3,286,485 3,176,209 3,988,807 93.06%




251





2015 2014 RM RM

Unit tidak tersiar harga dan dana amanah hartanah 672,241 509,424 672,241 509,424

FVTPL:


Kos 590,348 505,311



Jumlah pelaburan pada FVTPL 672,241 509,424

Jumlah pelaburan 672,241 509,424


2015


FVTPL:


AmAsia Pacific REITS 992,530 590,348 672,241 98.03%

Jumlah pelaburan pada FVTPL 590,348 672,241 98.03%

(vi) Dana AmMetLife Asia Pacific REITS

252



2015 2014 RM RM

Unit tidak tersiar harga dan dana amanah hartanah 885,544 790,362

Deposit dengan institusi kewangan berlesen – 110,000 885,544 900,362

FVTPL:


Kos 802,843 773,302




LAR:

Deposit dengan institusi kewangan berlesen – 110,000



(vii) Dana AmMetLife Global Emerging Market



2015 2014 % %


2015


FVTPL:


AmCash Management 90,086 90,086 90,086 9.45%

AmGlobal Emerging Market Opportunities 716,887 712,757 795,458 83.45%




253





2015 2014 RM RM

Unit tidak tersiar harga dan dana amanah hartanah 421,026 421,809 421,026 421,809

FVTPL:


Kos 410,025 416,356





2015


FVTPL:


AmTactical Bond 427,394 410,025 421,026 90.84%



(viii) Dana AmMetLife Tactical Bond

254



2015 2014 RM RM


Deposit dengan institusi kewangan berlesen 713,535 – 3,535,402 3,456,063

FVTPL:


Kos 6,572,330 6,555,055

Kerugian tidak terealisasi bersih (3,750,463) (3,098,992)

Nilai saksama 2,821,867 3,456,063


LAR:

Deposit dengan institusi kewangan berlesen 713,535 –




2015 2014 % %

Deposit dengan institusi kewangan berlesen 3.40% –%


(ix) Dana AmMetLife Precious Metals

2015


FVTPL:


AmPrecious Metals 8,069,392 6,572,330 2,821,867 73.74%




255





2015 2014 RM RM


Deposit dengan institusi kewangan berlesen 205,535 226,123 2,135,006 1,904,036

FVTPL:


Kos 1,557,441 1,433,192


Nilai saksama 1,929,471 1,677,913


LAR:

Deposit dengan institusi kewangan berlesen 205,535 226,123


(x) Dana AmMetLife Global Agribusiness


2015


FVTPL:


AmGlobal Agribusiness 1,746,127 1,557,441 1,929,471 91.22%




2015 2014 % %


256



2015 2014 RM RM

Produk berstruktur 4,934,688 4,760,165

Unit tidak tersiar harga dan dana amanah hartanah 57,248 91,382 4,991,936 4,851,547

FVTPL:

Produk berstruktur

Kos 4,715,094 4,715,094


Nilai saksama 4,934,688 4,760,165


Kos/Nilai saksama 57,248 91,382



2015


FVTPL:

Produk berstruktur

Instrumen Deposit Boleh Niaga Kadar Terapung matang pada 12/10/15 5,045,920 4,715,094 4,934,688 114.81%


Dana AmIncome 57,248 57,248 57,248 1.33%



(xi) Dana AmMetLife Commodity Stable Capital Guaranteed


257





2015 2014 RM RM


Unit tersiar harga dan dana amanah hartanah – 430,350

Deposit dengan institusi kewangan berlesen – 1,823,730 11,550,834 9,499,910

FVTPL:


Kos 10,296,683 6,590,459

Keuntungan tidak terealisasi bersih 1,254,151 655,371

Nilai saksama 11,550,834 7,245,830

Unit tersiar harga dan dana amanah hartanah

Kos – 431,214

Kerugian tidak terealisasi bersih – (864)

Nilai saksama – 430,350


LAR:

Deposit dengan institusi kewangan berlesen – 1,823,730


(xii) Dana AmMetLife Dividend

258



2015


FVTPL:


Pembinaan

Gamuda Berhad 24,100 111,330 122,910 0.97%



Produk Pengguna


Kewangan












Digi.Com Berhad 81,100 366,692 510,930 4.04%

Perladangan


Hartanah

Tambun Indah Land Berhad 100 159 180 0.00%

Teknologi





(xii) Dana AmMetLife Dividend (Bersambung)



259





2015


FVTPL: (Bersambung)



AirAsia Berhad 56,800 148,983 135,184 1.07%







Maxis Berhad 46,000 308,803 330,740 2.61%

MISC Berhad 15,100 108,171 128,199 1.01%



SEG International Bhd 87,000 122,263 124,410 0.98%


Sunway Berhad 92,300 306,513 336,895 2.66%







2015 2014 % %


(xii) Dana AmMetLife Dividend (Bersambung)

260



4. Cukai Tertangguh Liabiliti/(aset) cukai tertangguh adalah berkaitan dengan keuntungan/(kerugian) modal tidak terealisasi di atas pelaburan Dana- dana masing-masing.


2015 2014 RM RM

Pada awal tahun 197,470 34,694

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (76,023) 162,776 Pada akhir tahun 121,447 197,470

2015 2014 RM RM

Pada awal tahun (13,951) 11,584

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (9,063) (25,535) Pada akhir tahun (23,014) (13,951)


2015 2014 RM RM




2015 2014 RM RM





261





2015 2014 RM RM

Pada awal tahun 329 –

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 6,223 329 Pada akhir tahun 6,552 329


2015 2014 RM RM

Pada awal tahun 30,687 (6,781)

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 34,321 37,468 Pada akhir tahun 65,008 30,687


2015 2014 RM RM




2015 2014 RM RM

Pada awal tahun 436 –

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) 444 436 Pada akhir tahun 880 436


262



4. Cukai Tertangguh (Bersambung)


2015 2014 RM RM

Pada awal tahun (247,919) (179,978)

Diiktiraf di dalam Penyata Pendapatan dan Perbelanjaan (Nota 8) (52,118) (67,941) Pada akhir tahun (300,037) (247,919)

2015 2014 RM RM




2015 2014 RM RM




2015 2014 RM RM





263





2015 2014

Jumlah Jumlah Unit RM Unit RM

Amaun diterima bagi penerbitan semasa tahun tersebut 5,981,485 9,690,938 3,580,109 5,762,935

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,318,352) (5,071,593) (3,837,480) (5,969,395)

4,663,133 4,619,345 (257,371) (206,460) Modal para pemegang unit dibawa ke hadapan 14,632,663 14,543,771 14,890,034 12,263,704

Lebihan pendapatan daripada perbelanjaan selepas cukai – 183,102 – 2,486,527

19,295,796 19,346,218 14,632,663 14,543,771

Nilai aset bersih seunit pada 31 Mac 1.0026 0.9939

5. Modal Para Pemegang Unit


2015 2014




(6,061,486) (4,754,815) (32,304) (53,305) Modal para pemegang unit dibawa ke hadapan 21,593,784 16,713,448 21,626,088 16,376,217

Lebihan pendapatan daripada perbelanjaan selepas cukai – 455,529 – 390,536

15,532,298 12,414,162 21,593,784 16,713,448



264



2015 2014




(2,102,232) (2,043,800) (2,280,830) (2,205,202) Modal para pemegang unit dibawa ke hadapan 24,674,688 24,157,637 26,955,518 22,890,142

(Defisit)/Lebihan daripada perbelanjaan selepas cukai – (194,474) – 3,472,697

22,572,456 21,919,363 24,674,688 24,157,637


5. Modal Para Pemegang Unit (Bersambung)



2015 2014




4,809,354 4,917,888 (3,568,845) (3,240,581) Modal para pemegang unit dibawa ke hadapan 12,100,742 12,176,875 15,669,587 12,922,403

Lebihan pendapatan daripada perbelanjaan selepas cukai – 858,455 – 2,495,053

16,910,096 17,953,218 12,100,742 12,176,875



265





2015 2014


Amaun diterima bagi penerbitan semasa tahun/tempoh tersebut 411,104 376,276 1,207,395 619,712

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun/tempoh tersebut (382,433) (363,095) (22,453) (33,888)

28,671 13,181 1,184,942 585,824 Modal para pemegang unit dibawa ke hadapan 1,184,942 580,944 – –

Lebihan/(Defisit) daripada perbelanjaan selepas cukai – 91,606 – (4,880)

1,213,613 685,731 1,184,942 580,944



2015 2014


Amaun diterima bagi penerbitan semasa tahun tersebut 668,947 741,116 3,658,529 2,035,198


(1,304,776) (683,489) 1,293,522 640,524 Modal para pemegang unit dibawa ke hadapan 8,541,049 4,513,925 7,247,527 3,430,179


7,236,273 4,286,395 8,541,049 4,513,925



266



2015 2014


Amaun diterima bagi penerbitan semasa tahun tersebut 1,190,620 129,571 246,638 149,658

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,157,114) (114,983) (62,600) (56,455)

33,506 14,588 184,038 93,203 Modal para pemegang unit dibawa ke hadapan 1,720,080 883,932 1,536,042 761,916


1,753,586 953,246 1,720,080 883,932


2015 2014


Amaun diterima bagi penerbitan semasa tahun/tempoh tersebut 282,711 222,547 1,148,974 512,693

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun/tempoh tersebut (378,158) (269,500) (154,043) (18,087)

(95,447) (46,953) 994,931 494,606 Modal para pemegang unit dibawa ke hadapan 994,931 491,182 – –

Lebihan/(Defisit) daripada perbelanjaan selepas cukai – 19,249 – (3,424)

899,484 463,478 994,931 491,182






267





2015 2014


Amaun diterima bagi penerbitan semasa tahun tersebut 4,688,605 1,366,592 2,703,945 959,846

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (2,759,111) (861,183) (2,577,338) (904,090)

1,929,494 505,409 126,607 55,756 Modal para pemegang unit dibawa ke hadapan 13,961,225 3,930,030 13,834,618 4,891,635

Defisit pendapatan daripada perbelanjaan selepas cukai – (608,629) – (1,017,361)

15,890,719 3,826,810 13,961,225 3,930,030



2015 2014


Amaun diterima bagi penerbitan semasa tahun tersebut 1,483,710 541,111 544,918 566,988

Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,273,374) (406,861) (319,527) (429,481)

210,336 134,250 225,391 137,507 Modal para pemegang unit dibawa ke hadapan 3,020,546 1,869,293 2,795,155 1,657,240


3,230,882 2,115,274 3,020,546 1,869,293



268



2015 2014


Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (9,500) (4,214) – –

(9,500) (4,214) – – Modal para pemegang unit dibawa ke hadapan 8,435,571 4,168,793 8,435,571 4,051,111


8,426,071 4,298,185 8,435,571 4,168,793


2015 2014



Amaun dibayar bagi pembatalan disebabkan oleh serahan semasa tahun tersebut (1,743,279) (1,459,199) (675,982) (510,739)

3,139,032 2,046,135 3,644,235 2,174,399 Modal para pemegang unit dibawa ke hadapan 15,029,935 9,444,021 11,385,700 6,350,103

Lebihan pendapatan daripada perbelanjaan selepas cukai – 1,169,096 – 919,519

18,168,967 12,659,252 15,029,935 9,444,021






269





6. Pendapatan Faedah


2015 2014 2015 2014 RM RM RM RM

Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 62,640 68,210 81,141 126,946

Bon korporat – – 674,015 790,354

62,640 68,210 755,156 917,300


2015 2014 2015 2014 RM RM RM RM


Bon korporat 464,355 464,451 177,663 188,617

521,616 527,721 250,213 225,667


1 April 2014 17 September 2013 hingga hingga 2015 2014 31 Mac 2015 31 Mac 2014 RM RM RM RM

Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 10,143 37,264 1,852 577



Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 2,269 5,978 1,509 638

270




2015 2014 2015 2014 RM RM RM RM



2015 2014 2015 2014 RM RM RM RM

Pendapatan faedah daripada: Deposit dengan institusi kewangan berlesen 387 – 41,061 59,221

6. Pendapatan Faedah (Bersambung)


271





7. Pendapatan Dividen


2015 2014 2015 2014 RM RM RM RM

Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia 426,217 211,548 – –

Unit tidak tersiar harga dan dana amanah hartanah di Malaysia – – 13,372 28,713

426,217 211,548 13,372 28,713


2015 2014 2015 2014 RM RM RM RM

Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia 417,103 277,057 233,305 114,755

Unit tersiar harga dan dana amanah hartanah di Malaysia 7,800 5,300 – –

Unit tidak tersiar harga dan dana amanah hartanah di Malaysia – 19,247 7,079 17,594

424,903 301,604 240,384 132,349

Dana AmMetLife Dana AmMetLife Asia Pacific REITS Global Emerging Market

1 April 2014 17 September 2013 hingga hingga 31 Mac 2015 31 Mac 014 2015 2014 RM RM RM RM

Dividen kasar daripada: Unit tidak tersiar harga dan dana amanah hartanah di Malaysia 26,213 – 2,307 1,888

26,213 – 2,307 1,888

272



Dana AmMetLife Dana AmMetLife Commodity Tactical Bond Stable Capital Guaranteed

1 April 2014 17 September 2013 hingga hingga 31 Mac 2015 31 Mac 2014 2015 2014 RM RM RM RM

Dividen kasar daripada: Unit tidak tersiar harga dan dana amanah hartanah di Malaysia 24,792 – 2,223 2,259

24,792 – 2,223 2,259

Dana AmMetLife Dividend

2015 2014 RM RM

Dividen kasar daripada: Sekuriti ekuiti tersiar harga di Malaysia 368,142 277,348

Unit tersiar harga dan dana amanah hartanah di Malaysia 7,410 27,325

375,552 304,673

7. Pendapatan Dividen (Bersambung)


273





8. Cukai


2015 2014 2015 2014 RM RM RM RM

Cukai pendapatan Malaysia: Peruntukan tahun semasa 77,024 55,284 63,020 77,391

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (76,023) 162,776 (9,063) (25,535)

Perbelanjaan cukai bagi tahun tersebut 1,001 218,060 53,957 51,856


2015 2014 2015 2014 RM RM RM RM

Cukai pendapatan Malaysia: Peruntukan tahun semasa 159,928 80,237 123,761 64,705

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (186,934) 228,864 (52,856) 157,836

Perbelanjaan cukai bagi tahun tersebut (27,006) 309,101 70,905 222,541



Cukai pendapatan Malaysia: Peruntukan tahun/tempoh semasa 6,362 2,981 315 46

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) 34,321 37,468 6,223 329

Perbelanjaan cukai bagi tahun/tempoh tersebut 40,683 40,449 6,538 375

274





Cukai pendapatan Malaysia: Peruntukan tahun/tempoh semasa 181 478 (118) 51

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) 5,251 2,875 444 436

Perbelanjaan cukai bagi tahun/tempoh tersebut 5,432 3,353 326 487


2015 2014 2015 2014 RM RM RM RM

Cukai pendapatan Malaysia: Peruntukan tahun semasa 31 – 35,592 27,739

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) 13,962 12,549 47,970 45,099

Perbelanjaan cukai bagi tahun tersebut 13,993 12,549 83,562 72,838


2015 2014 2015 2014 RM RM RM RM

Cukai pendapatan Malaysia: Peruntukan tahun semasa 931 (19,113) 533 922

Cukai tertangguh: Berkaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (52,118) (67,941) 10,184 6,791

Perbelanjaan cukai bagi tahun tersebut (51,187) (87,054) 10,717 7,713

Caj cukai ke atas Dana-dana adalah berkaitan dengan pendapatan pelaburan yang diterima dan keuntungan di atas pelupusan pelaburan semasa tahun/tempoh tersebut, pada kadar cukai keutamaan 8% (2014: 8%) menurut kaedah yang telah ditetapkan di bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat.

8. Cukai (Bersambung)


275






2015 2014 2015 2014 RM RM RM RM

Lebihan pendapatan daripada perbelanjaan sebelum cukai 184,103 2,704,587 509,486 442,392

Cukai pada caj cukai Malaysia 8% 14,728 216,367 40,759 35,391

Pendapatan tidak tertakluk kepada cukai (34,097) (14,452) 2,097 2,041

Perbelanjaan tidak boleh potong untuk tujuan cukai 20,370 16,145 11,101 14,424

1,001 218,060 53,957 51,856


2015 2014 2015 2014 RM RM RM RM

(Defisit)/Lebihan pendapatan daripada perbelanjaan sebelum cukai (221,480) 3,781,798 929,360 2,717,594

Cukai pada caj cukai Malaysia 8% (17,718) 302,544 74,349 217,407

Pendapatan tidak tertakluk kepada cukai (33,368) (18,850) (19,231) (8,496)


(27,006) 309,101 70,905 222,541




Cukai pada caj cukai Malaysia 8% 39,731 38,694 7,851 (360)

Pendapatan tidak tertakluk kepada cukai – – (2,097) –

Perbelanjaan tidak boleh potong untuk tujuan cukai 952 1,755 784 735

40,683 40,449 6,538 375

Satu penyesuaian perbelanjaan cukai pendapatan yang dikenakan kepada lebihan/(defisit) pendapatan berbanding daripada perbelanjaan sebelum cukai pada kadar cukai pendapatan yang dikenakan kepada dana-dana berkaitan pelaburan, kepada perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif, adalah seperti berikut:

276






Cukai pada caj cukai Malaysia 8% 4,813 2,573 1,566 (235)

Pendapatan tidak tertakluk kepada cukai (185) (151) (1,983) –

Perbelanjaan tidak boleh potong untuk tujuan cukai 804 931 743 722

5,432 3,353 326 487


2015 2014 2015 2014 RM RM RM RM

(Defisit)/Lebihan pendapatan daripada perbelanjaan sebelum cukai (659,816) (1,104,415) 122,448 82,259

Cukai pada caj cukai Malaysia 8% (52,785) (88,352) 9,796 6,581

Perbelanjaan tidak boleh potong untuk tujuan cukai 1,598 1,298 921 1,132

(51,187) (87,054) 10,717 7,713


2015 2014 2015 2014 RM RM RM RM

Lebihan pendapatan daripada perbelanjaan sebelum cukai 147,599 130,231 1,252,658 992,357

Cukai pada caj cukai Malaysia 8% 11,808 10,419 100,213 79,390

Pendapatan tidak tertakluk kepada cukai (178) (180) (30,044) (16,855)


13,993 12,549 83,562 72,838

8. Cukai (Bersambung)


277





9. Perbandingan

Maklumat kewangan tempoh terdahulu bagi Dana AmMetLife Asia Pacific REITS dan Dana AmMetLife Tactical Bond telah disediakan dari tarikh pelancaran dana-dana tersebut pada 17 September 2013 hingga 31 Mac 2014. Oleh itu, Penyata-penyata Pendapatan dan Perbelanjaan dan Penyata-penyata Perubahan di dalam Nilai Aset Bersih tahun semasa serta nota-nota yang berkaitan dengan Dana AmMetLife Asia Pacific REITS dan Dana AmMetLife Tactical Bond tidak boleh dibandingkan.

AmMetLife Insurance Berhad (15743-P)(Dahulunya dikenali sebagai AmLife Insurance Berhad)

Tingkat 7, Menara AmMetLife, No.1 Jalan Lumut, 50400 Kuala Lumpur, Malaysia

T 1300 88 8800 E [email protected] ammetlife.com

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